* * * * FRIDAY, MARCH 17, 2023 ~ VOL. CCLXXXI NO. 62 WSJ.com U.S.

Edition

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What’s
Video Shows Russian Jet Confront U.S. Drone
1 2 Bigger Banks
News Move to Rescue
T
Business & Finance

he biggest banks in
the U.S. swooped in to
3
First Republic
rescue First Republic Bank
with a flood of cash total- The biggest banks in the together in recent days to for-
ing $30 billion, in an effort U.S. swooped in to rescue First mulate the plan, discussing it
to stop a spreading panic Republic Bank with a flood of with Treasury Secretary Janet
following a pair of recent cash totaling $30 billion, in an Yellen and other officials and
bank failures. A1, A6 effort to stop a spreading regulators in Washington,
 Yellen appeared before panic following a pair of re- D.C., people familiar with the
the Senate Finance Commit- cent bank failures. matter said.
tee, telling lawmakers that “This show of support by a
the U.S. banking system By David Benoit, Dana group of large banks is most
remains in good health. A7 Cimilluca, Ben Eisen, welcome, and demonstrates
Rachel Louise Ensign the resilience of the banking
 The European Central
and AnnaMaria system,” the Treasury Depart-
Bank raised interest rates
Andriotis ment, Federal Reserve, Federal
by half of a percentage
Deposit Insurance Corp. and
point to 3% while promising
JPMorgan Chase & Co., Citi- the Office of the Comptroller
emergency support for eu-
group Inc., Bank of America of the Currency said in a joint
rozone banks if needed. A1
Corp. and Wells Fargo & Co. statement.
 Credit Suisse shares
are each making a $5 billion Stocks climbed Thursday
jumped after the bank said it 5
4 uninsured deposit into First with the First Republic fund-
would tap a lifeline from the
Republic, the banks said, con- ing news. The S&P 500 added
Swiss National Bank, but an-
firming an earlier report by 1.8%, the Dow Jones Industrial
alysts remained wary about
The Wall Street Journal. Mor- Average gained 1.2% and the
the lender’s prospects. A6
gan Stanley and Goldman Nasdaq advanced 2.5%.
 U.S. stocks rallied, with Sachs Group Inc. are kicking in The pact is an extraordi-
the S&P 500, Nasdaq and $2.5 billion apiece, while five nary effort to protect the en-
Dow gaining 1.8%, 2.5% other banks are contributing tire banking system from
and 1.2%, respectively. B1 $1 billion each. widespread panic by turning
The bank’s executives came Please turn to page A6
 EY’s breakup plan is in
6
jeopardy and the accounting
firm’s leaders are trying to
salvage the deal, people famil-
iar with the matter said. B1
 Tiger Global marked
ECB Increases Rates,
down the value of its in-
vestments in private com-
panies by about 33% across
Despite Lender Woes
its venture-capital funds in
2022, according to people BY TOM FAIRLESS cautious about further rate in-
familiar with the firm. B1 AND ANNA HIRTENSTEIN creases, while stressing it stood
ready to provide fresh liquidity
 FedEx’s earnings fell for
FRANKFURT—The European to banks. Policy makers will
the second straight quar-
Central Bank raised interest make future rate decisions
ter, but the delivery giant
rates by a half percentage point based on incoming economic
raised its outlook and said
while promising emergency data, she said, a change from
it cut more of its costs. B3
support for eurozone banks if previously announcing plans
 Dollar General plans to needed, showing the policy for rate increases months in
7 8
pour an additional $100 mil- makers’ balancing act as they advance. “It’s not business as
U.S. DEPARTMENT OF DEFENSE (8)

lion into its stores as it looks seek to combat high inflation usual,” Ms. Lagarde said. “It is
to attract more bargain-hunt- without aggravating strains in not possible at this point in
ing shoppers from rivals. B1 the financial system. time…to determine what the
The ECB said in a statement path will be going forward.”
World-Wide that it would increase its key European stock markets ral-
rate to 3%, following half-point Please turn to page A6
rate increases in February and
 Macron’s government December. The half-point rise
bypassed Parliament and CLIPPED: In a Pentagon video, 1. A Russian Sukhoi-27 jet approaches the rear of a U.S. MQ-9 surprised analysts who had ex- Banking Turmoil
invoked special constitu- drone on Tuesday. 2. The plane begins dumping fuel over the drone. 3. The jet passes over, con- pected a smaller uptick given  Credit Suisse stock
tional powers to raise tinuing to dump fuel. 4. The drone’s video feed is interrupted. 5. A Russian Sukhoi approaches the tense market situation af- rebounds on lifeline....... A6
France’s retirement age, a the drone. It wasn’t clear whether the video showed one jet flying past the drone twice, or two ter the collapse of Silicon Val-  Frantic weekend led
defiant step that places jets passing separately. 6. The jet passes close by the drone, dumping fuel. 7. The drone’s video ley Bank. officials to rescue plan ... A7
him at odds with the coun- feed is scrambled. 8. The video feed resumes, showing damage to a propeller on the drone. A8 At a news conference, ECB  James Mackintosh: Moral
try’s legislative branch and President Christine Lagarde hazard has a cost............ B1
millions of protesters. A1 signaled the bank would be
 TikTok’s CEO said that

INSIDE
divesting the company from
its Chinese owners, a move
the U.S. is now demanding,
wouldn’t offer any more data
TikTok Nord Stream Probe Zeroes In
protection than a plan TikTok
has already proposed. A1, A4 CEO Says On 6 People on a Rented Yacht
 Poland said it would send
four MiG-29 jet fighters to
Ukraine in coming days,
Sale Won’t
making it the first Western
nation to supply warplanes
to Kyiv, which is preparing
Protect Boat with traces of explosives sailed near where pipeline was blown up
a counteroffensive against
Russia’s invading forces. A8
 U.N. investigators have
U.S. Data ROSTOCK, Germany—The small marina on
the edge of this north German city is a popu-
lar summertime spot for recreational sailors.
Rostock aboard a rented yacht, the Androm-
eda, a slender 50-foot-long, single-masted
sloop, ostensibly on a pleasure cruise around
gathered evidence of a German intelligence believes it was also the Baltic Sea ports. Within two weeks, the
range of atrocities that BY STU WOO group returned the boat and disappeared.
Russian forces committed By Bojan Pancevski, William Boston Not long after, on Sept. 26, a series of un-
against Ukrainians that WASHINGTON—TikTok’s MANSION and Sune Engel Rasmussen derwater explosions, powerful enough to
amount to war crimes, a boss has a message for the Bi- Taylor Swift built register with seismologic measuring sta-
U.N. commission found. A8 den administration and Con- jumping off point for the sabotage of the tions, tore apart three of the four main Nord
gress: A sale won’t resolve the
a real-estate empire Nord Stream gas pipelines, an assault on Eu- Stream pipes, built to carry natural gas from
This edition of The Wall Street Journal was originally published in the United States and reprinted locally for regional distribution.

 Iran agreed to halt covert while ascending

U.S.’s national-security concerns rope’s civilian energy infrastructure unprece- Russia to Germany.
weapons shipments to its
Houthi allies in Yemen as part
over the popular video app. to pop stardom. M4 dented since World War II. Hundreds of investigators from Germany,
Chief Executive Shou Zi On Sept. 6, a small group set out from Please turn to page A9
of a China-brokered deal to
Chew said in an interview that
re-establish diplomatic rela-
divesting the company from
tions with Saudi Arabia, U.S.
and Saudi officials said. A16
its Chinese owners—a move
the U.S. is now demanding—
Rival Colorado Towns Fight Without Vote, Macron
 Japan and South Korea
pledged to deepen military
doesn’t offer any more protec-
tion than a multibillion-dollar
Over a Frozen Dead Guy
and economic ties at their
leaders’ first formal summit
plan TikTok has already pro-
posed. The plan involves hir-
i i i Raises Retirement Age
since 2011, a long-delayed ing a U.S. partner, Oracle Estes Park hotelier covets Nederland’s
move to repair relations. A16 Corp., to store U.S. users’ data BY STACY MEICHTRY ing amid the war in Ukraine.
 China’s Communist
and safeguard against any Chi- cryogenically preserved grandfather AND NOEMIE BISSERBE Mr. Macron huddled with
nese influence over what vid- lieutenants inside the Élysée
Party unveiled a broad
eos people in the U.S. view on BY ELIZABETH FINDELL man is known, appears set to PARIS—French President Palace on Thursday moments
overhaul strengthening its
the app. follow. Emmanuel Macron’s govern- before the National Assembly
role in managing finance,
“I do welcome feedback on NEDERLAND, Colo.—For As Estes Park prepares to ment bypassed Parliament and was due to vote on the gov-
social affairs and techno-
what other risk we are talking more than 20 years, the tiny kick off the new Frozen Dead invoked special constitutional ernment’s pension-overhaul
logical development. A16
about that is not addressed by mountain town of Nederland Guy Days Friday, the festival’s powers on Thursday to raise proposal. With parliamentary
this,” he said from TikTok’s has enjoyed a macabre claim to former home is grappling with the country’s retirement age, a support teetering, Mr. Macron
CONTENTS Mansion............. M1-14 WeWork offices in Washing- fame: a cryogenically immor- the fallout, and asking itself step that places him at odds decided to use Article 49 of
Arts in Review. A10-11 Markets..................... B11
Banking & Finance B10 Opinion.............. A13-15 ton. “So far I haven’t heard talized grandfather lying under tough questions. Who owns the with France’s legislative the French Constitution, a
Business News...... B3 Sports........................ A12 anything that cannot actually dry ice in a shed. culture of a frozen dead branch and millions of protest- contentious provision that al-
Crossword............... A11 Technology.......... B4-5 be solved by this.” The annual celebration that guy? And what is Ne- ers. lows governments to enact
Equities....................... B6 U.S. News............. A2-7
Heard on Street. B12 World News...... A8,16
The Wall Street Journal re- honors him, Frozen Dead Guy derland without him? By requiring workers to legislation without lawmakers’
ported late Wednesday that Days, drew tens of thou- “It explains the per- stay on the job until they are approval.
the Biden administration was sands of revelers from sonality of the peo- 64 years old, rather than 62, The move rescued legisla-
> demanding that TikTok’s Chi- around the world. ple who live here,” Mr. Macron is rolling back an tion that lies at the heart of
nese owners sell their stakes Now Nederland said Teresa Crush- entitlement that lies at the Mr. Macron’s pro-business
or face a possible U.S. ban of has lost the festival Warren, the for- heart of France’s social model. agenda. But it handed fresh
Please turn to page A4 to its more-touristy mer president of Long and cushy retirements ammunition to unions and po-
s 2023 Dow Jones & Company, Inc.
neighbor, Estes the Nederland are weighing on national fi- litical parties on the far left
All Rights Reserved  Lobbying to avoid U.S. ban Park. And Grandpa Chamber of Com- nances while Mr. Macron and far right that mobilized
ramps up...................................... A4 Bredo, as the frozen Cold comfort Please turn to page A2 wants to boost military spend- Please turn to page A9
 A2 | Friday, March 17, 2023 THE WALL STREET JOURNAL.

U.S. NEWS
Prostate Drug Shortage Imperils Patients
Some with advanced who have already started the tinues to get worse, according nately, there are some patients only one approved site is pre- the approval of more produc-
six-course regimen as it man- to doctors. Without Pluvicto, who won’t survive long senting significant challenges, tion capacity, which is ex-
cancer have no other ages the shortage. Novartis is some may go back to trying the enough,” said Tanya Dorff, an and we are working around the pected in four to six months.
treatment options and also “taking the difficult but standard therapy, doctors said. associate professor in the de- clock to generate as much sup- A spokesman for the FDA
necessary step” of halting the That might include different partment of medical oncology ply as possible,” she said. said the agency isn’t able to
will die, doctors say addition of new patients for versions of the same treat- and therapeutics research at Pluvicto is made in a manu- disclose specific discussions
the treatment as they try to ment, they said, such as an al- the City of Hope Comprehen- facturing facility in Ivrea, It- with companies “due to com-
BY JENNIFER CALFAS increase supply, said spokes- ternative chemotherapy. For sive Cancer Center in Duarte, aly. It is produced in small mercial confidential informa-
AND MELANIE EVANS woman Julie Masow. patients who have cancer con- Calif. batches and must be given to tion.” He said the FDA does
Pluvicto was approved by centrated in their bones, there “People will die from this each patient within five days, work with companies experi-
A drug used to extend the the FDA last year for use in pa- is an alternative therapy. shortage, for sure,” said Jona- according to Novartis. With no encing shortages to increase
lives of people with advanced tients with a specific type of Many have tried all available than McConathy, director of backup supply available to pull production, including through
prostate cancer is in short metastatic prostate cancer, in standard options, said Delphine the division of molecular imag- from, delivery or manufactur- expedited reviews.
supply and will be for months, which the cancer has spread to Chen, director of molecular im- ing and therapeutics at the ing hiccups upend the drug Andrei Iagaru, a professor
leaving some patients with no other parts of the body and the aging and therapy at Fred University of Alabama at Bir- supply. of radiology-nuclear medicine
treatment option as the manu- patient has undergone other Hutchinson Cancer Center in mingham. The treatment isn’t Novartis said it is operating at Stanford University, said
facturer works to ramp up treatments. It is the only treat- Seattle. “If we can’t start them, a cure, but it does extend pa- the Italy facility at full capac- the uncertainty around Plu-
production. ment of its kind available. we don’t have anything else to tients’ lives, he said. Some who ity. It filed last month for FDA victo’s availability to new pa-
The Food and Drug Admin- In a pivotal study, subjects offer them,” Dr. Chen said. would have benefited from the approval to manufacture com- tients has made for difficult
istration said last week the who received the drug lived a Doctors said they are seek- drug won’t receive it in time, mercial Pluvicto for patients in conversations. “You’ve got to
availability of Pluvicto is lim- median of around 15 months, ing to enroll patients in re- he said. Dr. McConathy has the U.S. at its site in Millburn, tell people that they have to
ited as manufacturer Novartis four months longer than the search studies to find new consulted for Novartis on a N.J. The company has asked wait when you actually know
AG struggles to meet demand. median for patients without it, treatments as they wait for No- drug in development. the agency to expedite its re- that they don’t have that much
The drugmaker said the short- according to Novartis. vartis to ramp up production. Novartis recognizes the dis- view, Ms. Masow said. time left,” said Dr. Iagaru, who
age stems from manufacturing Patients who are eligible to It is likely some patients will tress patients are experiencing The drugmaker said in a is also chief of Stanford Uni-
and delivery issues. be treated with Pluvicto have die before Novartis can ease and is working hard to increase letter in late February it versity Medical Center’s divi-
Novartis said it is prioritiz- been treated with standard the shortage, doctors said. supply, said Ms. Masow. “Our wouldn’t take new orders for sion of nuclear medicine and
ing the supply for patients therapies, but their cancer con- “I do think that, unfortu- ability to supply Pluvicto with Pluvicto until it had clarity on molecular imaging.

New AI Tool Aims to Speed

Discovery of Medicines
BY ERIC NIILER ness of existing drugs and ously released the paper de-
drug candidates, but also help scribing ESMFold in November
Facebook parent company discover molecules that could 2022 on a preprint server.
Meta Platforms Inc. has cre- treat diseases whose cures “Often proteins which share
ated a tool to predict the have remained elusive. similar structures have similar
structure of hundreds of mil- With ESMFold, Meta is biological functions,” said Dr.
lions of proteins using artifi- squaring off against another Rives. “And if you can have a
cial intelligence. Researchers protein-prediction computer really high resolution struc-
say it promises to deepen sci- model known as AlphaFold ture, then you can begin to
entists’ understanding of biol- from DeepMind Technologies, think about what is the actual
ogy, and perhaps speed the a subsidiary of Google parent biochemical function of these
discovery of new drugs. Alphabet Inc. AlphaFold said proteins.”
Meta’s research arm, Meta last year that its database has About a third of the pro-
AI, used the new AI-based 214 million predicted proteins teins predicted by ESMFold
computer program known as that could help accelerate can be done so with high con-
ESMFold to create a public da- drug discovery. fidence, according to Meta.
tabase of 617 million predicted Meta says ESMFold is 60 The quest to predict protein
proteins. Proteins are the times faster than AlphaFold, structure, and then function,
building blocks of life and of but less accurate. The ESM- has been under way for the
many medicines, required for Fold database is larger be- past decade. Because proteins
the function of tissues, organs cause it made predictions constantly fold and refold
and cells. from genetic sequences that themselves before forming
Drugs based on proteins are hadn’t been studied previ- their final structure, determin-
used to treat heart disease, ously. ing protein structures has
certain cancers and HIV, Predicting a protein’s struc- been difficult and expensive
among other illnesses, and ture can help scientists under- for scientists. Rather than us-
many pharmaceutical compa- stand its biological function, ing microscopes that can im-
nies have begun to pursue new according to Alexander Rives, age protein structures at the
ESMATLAS

drugs with artificial intelli- co-author of a study published atomic level, the new AI mod-
gence. Using AI to predict pro- Thursday in the journal Sci- els are learning to predict pro-
Researchers from Meta Plaforms Inc.’s Meta AI produced this digital representation of one million tein structures is expected to ence and a research scientist tein shapes in hours or days
proteins using a new artificial-intelligence tool known as ESMFold. not only boost the effective- at Meta AI. Meta had previ- instead of months and years.

In previous years, festival Frozen Dead Guy Days, but considers the deal meant-to- midsummer festival. CORRECTIONS 
Colorado operators have offered tours
of the shed, on private prop-
they know how to run
events.”
be.
Mr. Cullen returned this
“He liked festivals,” Mr.
Bauge said. “He would fit AMPLIFICATIONS
erty in the hills above the The owners, two local week from his second trip to right in there.”
Towns Are town, though they keep the
box housing the frozen man
women, sold the rights to the
festival this year to Estes
Norway to negotiate with Mr.
Bauge. The two expect to an-
Unlike in past years, the
Estes Park event will charge In some editions Thursday,

At Odds closed. Tourists gather daily

to take photos at a similar
shed downtown bearing the
Park hotelier John Cullen for
$250,000.
One important asset didn’t
nounce a preliminary agree-
ment Friday to move Grandpa
Bredo there, both said.
admission—$45 to watch
events and $99 to attend the
Blue Ball. Local businesses are
the U.S. Watch contained a
photo of a landslide in San
Clemente, Calif. The caption
likenesses of Grandpa Bredo. come with the sale: the Mr. Bauge said his primary embracing the theme to host incorrectly said it was in
Continued from Page One A particularly large post- corpse of Grandpa Bredo. Mr. focus is to get his grandfather events such as Thick & Oceanside, Calif.
merce, who helped conceive pandemic crowd last year Cullen hopes to change that. under the care of a real cryo- Thawed Burrr-lesque.
the festival. “We’re not insane, irked even some of the festi- Much of the event will be genic facility and eventually Mr. Cullen said the festi- Sustainable funds at-
but we’re weird.” val’s most ardent supporters. oriented around Mr. Cullen’s cloned. The two men are ne- val’s profit will primarily go tracted new investment in
The chilling saga began in It was a warm week, so melt- Stanley Hotel, a 114-year-old gotiating with an Arizona- to a fund for workforce hous- 2022, but the amount fell from
1994, when Nedheads, as locals ing snow made for a lot of holiday retreat made famous based cryonics foundation to ing and child care. He rejected the previous year. A headline
call themselves, discovered that mud. Parking was a mess. as the inspiration for author take over the care of Grandpa concerns that it would be- with a March 8 Business & Fi-
Trygve Bauge, a Norwegian Stephanie Andelman, a Stephen King’s horror novel Bredo, operate a liquid nitro- come too mainstream. “We’re nance article about U.S. sus-
town resident and avid fan of marketing director who is one “The Shining.” gen system for him within the just beginning to get our tainable funds incorrectly said
cryogenics, had frozen his de- of the few longtime Frozen In the 1980 movie version, Stanley’s ice house and curate weird on,” he said. inflows gained.
ceased grandfather, Bredo Mor- Dead Guy Days organizers to starring Jack Nicholson, the an educational display. Mr. The prospect of a second
stoel, and was keeping him be- continue working on the new protagonist winds up frozen Cullen would pay $230,000 loss has some residents tran- Readers can alert The Wall Street
Journal to any errors in news articles
hind the family home. Town Estes event, called the festi- at the end after going on a over 12 years to support that. sitioning from sadness to an- by emailing [email protected] or
leaders quickly drafted an ordi- val’s move a grave loss for murderous rampage through a Though he appreciates Ne- ger. by calling 888-410-2667.
nance against storing bodies, Nederland, but a result of it hotel. While Mr. King was derland’s love of his grandfa- “I don’t think the town of
but Grandpa Bredo was, quite outgrowing the town’s infra- staying at the Stanley, Mr. ther, Mr. Bauge said the move Estes Park understands the
literally, grandfathered in. structure and organizational Cullen said the author was ac- would end the expense of backlash, outrage and ferocity THE WALL STREET JOURNAL
Mr. Bauge, who was de- ability. cidentally locked in the ho- hauling dry ice. As for the un- that locals of Nederland (USPS 664-880)
ported for overstaying a tour- “It got big enough that you tel’s old ice house—where Mr. usual honor of inspiring Fro- would bring to fight if they (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935)
ist visa by 14 years, has been had to have a professional, Cullen now hopes to put zen Dead Guy Days, he said tried to move Bredo,” said (Western Edition ISSN 0193-2241)
paying locals for decades to and Estes has hired profes- Grandpa Bredo. his grandfather, a municipal Mary Mead, an event coordi- Editorial and publication headquarters:
keep his grandfather frozen by sionals,” Ms. Andelman said. “There’s so many connec- parks manager in Norway in nator and band manager. 1211 Avenue of the Americas,
trucking hundreds of pounds of “None of them have been to tions,” said Mr. Cullen, who the 1930s, put on an annual “He’s a Nederland resident.” New York, N.Y. 10036
dry ice every few weeks to a Published daily except Sundays and
storage shed where he is now general legal holidays. Periodicals
enthroned. postage paid at New York, N.Y., and
other mailing offices.
Frozen Dead Guy Days got
its start as a way to help busi- Postmaster: Send address changes to
The Wall Street Journal, 200 Burnett
nesses survive the dead Rd., Chicopee, MA 01020.
months between ski season All Advertising published in The Wall
and summer. The played-out Street Journal is subject to the
mining town, named by Dutch applicable rate card, copies of which are
settlers and now filled with available from the Advertising Services
Department, Dow Jones & Co. Inc., 1211
hippies and artists, didn’t have Avenue of the Americas, New York, N.Y.
much else going on then. Ne- 10036. The Journal reserves the right
derland’s Mountain Man Out- not to accept an advertiser’s order. Only
door Store used to make up to publication of an advertisement shall
constitute final acceptance of the
$10,000 in profits the weekend advertiser’s order.
of the festival, money it needed Letters to the Editor:
to replace ski gear with sum- Fax: 212-416-2891; email:
mer inventory, said owner [email protected]
John Thompson. Need assistance with your
The three-day festival al- subscription?
ways began with a parade of By web: customercenter.wsj.com;
By email: [email protected]
hearses and an evening Blue By phone: 1-800-JOURNAL
Ball where attendees competed (1-800-568-7625)
to be crowned Ice Queen and Reprints & licensing:
Grandpa. There was a race be- By email: [email protected];
tween teams of costumed pall- By phone: 1-800-843-0008
bearers carrying members in WSJ back issues and framed pages:
RICK WILKING/REUTERS

coffins. A frozen T-shirt con- wsjshop.com

test would test participants’ Our newspapers are 100% sourced from
ability to unfold and don a sustainably certified mills.
rock-solid shirt. Frozen turkey
bowling and a polar plunge GOT A TIP FOR US?
into ice-covered water capped SUBMIT IT AT WSJ.COM/TIPS
off the theme. A flag at the 2015 Frozen Dead Guy Days festival bore the image of Bredo Morstoel, who for now lies under dry ice in Nederland, Colo.
THE WALL STREET JOURNAL. ** Friday, March 17, 2023 | A3

U.S. NEWS

Storms Strain California Levee System Newsom

Sets Plan
BY JIM CARLTON

PAJARO, Calif.—When An-

dres Garcia was routed from
To Shelter
his home as a child by a levee
break in 1995, it was three de-
cades after federal officials had
Homeless
first concluded the protection BY CHRISTINE MAI-DUC
system for the Pajaro River was
“inadequate.” California Gov. Gavin
Mr. Garcia, now 37, had to Newsom rankled big-city may-
FROM TOP: LIPO CHING/EPA/SHUTTERSTOCK, JIM CARLTON/THE WALL STREET JOURNAL

evacuate again last weekend ors and other local leaders last
when the still-vulnerable Mon- year when he temporarily
terey County levee ruptured froze state funding for their
another time, sending floodwa- homelessness programs and
ters gushing into this town of demanded they set more am-
about 3,000 people—many of bitious goals for moving peo-
them Latino immigrants who ple off the streets.
work in the surrounding straw- Many have now risen to
berry fields. that challenge, Mr. Newsom
“It is frustrating,” Mr. Gar- said Thursday, and can unlock
cia, a bicycle maker, said ear- $1 billion more in state funds
lier this week at the nearby for efforts aimed at moving
Santa Cruz County Fairgrounds people into housing and pre-
where his family joined hun- venting others from landing
dreds of other residents seek- on the streets.
ing emergency shelter. “This According to the governor’s
could have been prevented office, local leaders’ revised
many years ago but they plans seek to collectively re-
didn’t.” duce homelessness statewide
The breach of the Pajaro le- by as much as 15% between
vee in the predawn hours 2022 and 2025, or about
March 11 left dozens of homes 17,000 individuals. That is up
flooded, thousands of people Members of the California National Guard deployed to Monterey County after storms hit Pajaro in Northern California. Below, Jesus from the 2% reduction, repre-
evacuated and vast swaths of Garcia, with daughter Fatima, decided to stay behind with his family even as hundreds of other residents evacuated after the floods. senting about 2,000 people,
farmland underwater. The rup- Mr. Newsom’s office antici-
ture happened during a parade How risk assessments for California counties with recent levee pated from earlier plans.
of storms that have battered breaks compare to state and national averages “We need to focus more en-
California this winter. Gov. ergy and precision on address-
Gavin Newsom toured the Share of levees in each category ing encampments,” Mr.
stricken area on Wednesday, as Very high risk High Moderate Low Very low Newsom said at a press con-
local, state and federal officials ference in Sacramento Thurs-
vowed assistance. 0.1% day, the first of four stops he
The spate of winter storms plans to make across the state
in California has brought atten- U.S. this week to highlight policy
tion to the state’s levees, many proposals. “I get it. You want
of which are at growing risk of All California to see progress in terms of
breaking. Built of earthen ma- people on the streets.”
terial and dating as far back as In addition to those funds,
Sacramento County
a century, about three-fifths of the state will also procure and
the state’s rural levees evalu- distribute 1,200 prefabricated
ated in the biggest flooding Monterey County “tiny homes” that can easily
zones have a high potential for be placed on empty lots to
failure, and half of the urban Santa Cruz County provide temporary housing for
ones don’t meet design criteria, those being cleared from the
state officials estimate. 0 25 50 75 100% street, the governor an-
California’s 1,700 levee sys- nounced. Four jurisdictions—
Note: Data for screened, rated levees in the National Levee Database. Ratings based on likelihood
tems—the most extensive of of floods, levee performance and potential damages. Also based on the number of levee miles. Sacramento, San Jose, Los An-
any state—protect much of Source: U.S. Army Corps of Engineers geles and the county of San
the Central Valley agricultural Diego—are slated to receive a
belt as well as a water-delivery national-safety levee program cal officials failed to act, even nearby areas. Last year, her Jesus Garcia, 38, and his share of the homes, Mr.
network that channels moun- that would promote common as the town was hit by multiple agency and the state put to- wife, Cristina Garcia, 35, said Newsom said.
tain runoff supplies to more practices for their management floods, including the one in gether a funding package for a they chose to stay behind with Once delivered, the gover-
than 20 million people. and construction. Now, levees 1995 that left two dead and an $400 million project to rebuild their five children because nor said, city and county agen-
The state has done some are built by various entities us- estimated $100 million in dam- the Pajaro levee higher and their youngest is only 15 cies will be responsible for
work to shore them up in re- ing different techniques, said age. Mr. Strudley said Pajaro, a with stronger materials such as months and they didn’t want managing the tiny home com-
cent years, but much more agency spokeswoman Adoratia low-income community, was a concrete flood walls. to be stuck in a shelter. Al- munities and providing ser-
needs to be done, said Farshid Purdy. “The goal will be to help victim of discrimination. Jeremy Arrich, manager of though their third-floor apart- vices to those housed in them.
Vahedifard, a professor of civil better inform the understand- “There’s long been an unin- flood management for the state ment is dry, food provisions Mr. Newsom said the move,
and environmental engineering ing and management of levees Department of Water Re- are running low and he wor- the state’s largest-ever deploy-
at Mississippi State University. across the country,” Ms. Purdy sources, said there has been ries what might happen if ment of such homes, would
He said more intense storms as said. “renewed interest” in recent more storms bring more water provide some of the beds cit-
predicted under climate-change The levee in Pajaro, situated
‘This could have years to secure funding for the into town. ies and counties need to move
models could overwhelm many along the Central California been prevented Pajaro levee, which he called a “It’s risky, because if we get people out of street encamp-
levees, which he added have coast 100 miles south of San local, state and federal partner- more flooding it will be hard ments more quickly.
been weakened by droughts, Francisco, was built in 1949
many years ago but ship. to leave,” Mr. Garcia, a straw- Sacramento Mayor Darrell
such as by soil cracking—all in and by 1966 already was they didn’t.’ But then another big storm berry picker, said in Spanish Steinberg, a Democrat, whose
an active seismic zone. deemed “inadequate” in a re- hit, causing a rupture that wit- on Monday. city will receive 350 of the
“I’m not trying to be alarm- port by the Corps of Engineers. nesses said initially was the Local officials say they will units, said he plans to use the
ist, but I’m saying we should be One problem was it was built width of a single train car but try to get the levee project tiny homes to relocate an esti-
prepared,” said Mr. Vahedifard, too small, with heights as low tentional bias towards projects grew to the width of a football fast tracked after the flood- mated 250 people currently
who added that many other le- as 5 feet above the Pajaro that protect more affluent field by Monday. On Wednes- waters subside. “I believe Pa- living in tents and other shel-
vees around the U.S. need im- River, said Mark Strudley, exec- properties,” Mr. Strudley said. day, Mr. Arrich said crews had jaro historically has not re- ters beneath a 2-mile stretch
provements, too. “I won’t be utive director of the Pajaro Re- Ms. Purdy said the Corps made a temporary repair to ceived the attention it has of freeway.
surprised if we see more fail- gional Flood Management uses risk assessments and close the breach. As water from deserved,” said Luis Alejo, In San Diego, officials who
ures, sadly.” Agency. other criteria to prioritize proj- the river poured into Pajaro, chair of the Monterey County anticipated a 3% increase in
Officials of the U.S. Army Congress authorized a re- ects, and in 2019 recommended many residents heeded orders board of supervisors. “What is unsheltered homelessness are
Corps of Engineers say they are building of the Pajaro River le- funding the levee project to by emergency officials to evac- needed now is the follow now aiming to reduce those
working to help develop a new vee in 1966, but federal and lo- protect Pajaro and other uate. through.” numbers by 10%.

Sanofi to Slash Price

Of Insulin by Up to 78%
BY JARED S. HOPKINS paid the full list price for its
products due to discounting. A
French drugmaker Sanofi Sanofi spokesman said the fi-
SA said it would cut the price nancial impact of the price
of some of its insulin products cuts will depend on negotia-
by as much as 78% in the U.S., tions with the companies that
joining other big diabetes pay for medicines, among
drugmakers facing pressure other factors.
over high costs. Manufacturers raised list
Sanofi plans to take a 78% prices for their insulins signifi-
list-price reduction on Lantus, cantly during the 2010s. The
the company’s most widely companies said they didn’t col-
used insulin in the U.S., and a lect all of the increases, because
70% cut on its Apidra product they had to pay larger rebates
starting in January 2024, the to the companies that manage
company said Thursday. Sanofi drug benefits. Yet patients could
also said it would cap a Lantus face hefty costs, depending on
patient’s monthly out-of- whether they had insurance to
pocket cost at $35. pay most of the price, and, if
“No one should struggle to they were insured, what their
pay for their insulin,” said monthly co-pay or other out-of-
Olivier Bogillot, Sanofi’s head pocket share was.
of U.S. general medicines. Sanofi had taken steps that
Sanofi is one of the largest it said would make its insulins
makers of insulin, along with more affordable, including
Eli Lilly & Co. and Novo Nor- launching an unbranded ver-
disk A/S, both of which re- sion of Lantus at a 60% dis-
cently said they would slash in- count to the brand. It also
sulin prices. The moves come capped, at $35, the monthly
as lawmakers have stepped up out-of-pocket costs for all its
criticism of insulin prices. insulins for uninsured patients.
For many people with dia- Lilly has said it planned to
betes who are insured, reduce list prices for its most
Sanofi’s actions might not lead commonly prescribed insulin
to an immediate drop in costs, products by 70%, starting in
because patients pay fixed the 2023 fourth quarter. Novo
monthly co-pays that might said this week it would cut the
not change in the short term. list prices of its NovoLog insu-
However, price cuts could help lin by 75% and of Novolin and
people without insurance. Levemir by 65%, starting in
Nor might the price moves January 2024.
affect Sanofi, because the —Peter Loftus
company hasn’t been getting contributed to this article.
A4 | Friday, March 17, 2023 HK JP TU ML SI IN UK FR MN PR * * THE WALL STREET JOURNAL.

U.S. NEWS

Calls Grow for a Chip-Making Workforce

Micron’s plan to invest the size of its undergraduate
and graduate engineering pro-
$100 billion in factory grams by 50% over the next
spurs training effort three to five years.
Syracuse is recasting an en-
to fill 9,000 positions gineering degree to be more
welcoming, hoping to increase
BY ANNIE LINSKEY its ranks in part by attracting
AND JOSEPH DE AVILA more women and minorities
who are underrepresented in
CLAY, N.Y.—A shortage of the field. “One of the biggest
skilled workers in places such problems we have is communi-
as this Syracuse suburb is pos- cating to this next wave of
ing a major challenge for the students that this line of work
Biden administration’s ambi- is for them,” said J. Cole
tious plan to spur chip manu- Smith, dean of Syracuse’s Col-
facturing in the U.S. lege of Engineering and Com-
Micron Technology Inc. puter Science.

LAUREN PETRACCA FOR THE WALL STREET JOURNAL

plans to invest $100 billion to The engineering program
open a semiconductor-manu- has given every student a fac-
facturing campus here, with ulty adviser, a student success
construction starting in 2024 adviser and a career adviser to
and production beginning in better support them.
the latter half of the decade. Onondaga Community Col-
This snowy outpost isn’t an lege will offer a new degree
obvious place to reshore an program for semiconductor
industry from overseas. Its technicians starting this fall.
working-age population has College leaders are drawing up
declined over the past two de- plans to install a $10 million
cades as other big companies cleanroom, which replicates
pulled out. The new jobs re- the hypersensitive environ-
quire highly skilled engineers Duncan Brown, vice president for research at Syracuse University, shows off updates in one of the school’s engineering labs. ment of an advanced manufac-
and technicians already in turing workspace, in a two-
scarce supply nationwide. At in two or three years,” said ages during the pandemic the end of the month. It also ized new jobs isn’t big enough. story building occupied by the
least two other semiconductor Duncan Brown, vice president highlighted the hazards of out- will benefit from $5.5 billion in April Arnzen, Micron’s chief campus bookstore.
manufacturing companies for research at Syracuse Uni- sourcing an entire industry. state subsidies from New York. people officer, said the com- Over the summer, the col-
considered expanding here versity. “It wasn’t just the To attract chip makers Micron said it plans to employ pany is planning to build a lege plans a three-day “chip
but opted against it after eval- manufacturing that went off- here, Mr. Biden last year 9,000 workers at the Syracuse- pipeline of workers by invest- camp,” funded by Micron, for
uating the area, county lead- shore but it was also the talent signed the Chips and Science area campus when it is fully ing in local training centers middle-school students to gen-
ers said. pipeline that went offshore.” Act, which includes $39 billion built by 2045, and predicts an and providing $10 million to erate awareness about ad-
To make the plan work, The Micron project is a key in manufacturing incentives additional 41,000 jobs for con- K-12 schools to beef up their vanced manufacturing.
civic leaders are trying to cul- part of President Biden’s effort for companies to build com- tractors and suppliers. curricula in science, technol- Even construction workers
tivate a new workforce in to bring advanced chip manu- plex fabrication centers and Micron viewed New York’s ogy, engineering and mathe- will require specialized train-
what they say is a once-in-a- facturing back to the U.S. and for related suppliers. Micron well-established semiconduc- matics. Micron is also collabo- ing to operate in the ultra-
generation opportunity to re- bolster national security by Chief Executive Officer Sanjay tor industry as another benefit rating with local community clean environments the fabri-
juvenate a postindustrial re- making America less reliant on Mehrotra met with White of the region, the company colleges and universities to cation facilities require,
gion. Local colleges and Taiwan and other faraway House officials frequently said, with over 70 such com- make sure their graduates are according to union leaders.
universities are overhauling countries. Semiconductors, sil- while the law was being writ- panies operating in the state. ready to work for the com- A postpandemic slump in
their education and training icon wafers that power most ten, pressed publicly for its International Business Ma- pany, she said. the semiconductor industry
programs to vastly increase modern equipment, were in- passage, and announced the chines Corp. is investing $20 “Partnership with those in- hasn’t changed Micron’s plans
the number of new engineers vented in the U.S., but many company would build in New billion in the Poughkeepsie stitutions is incredibly impor- for New York, said Scott
they produce and teach techni- companies moved their facto- York several months after the area to expand semiconductor tant because we do have to Gatzemeier, corporate vice
cal workers skills such as sup- ries abroad in search of law was enacted. manufacturing, artificial-intel- scale,” Ms. Arnzen said. “Nine president of front end U.S. ex-
ply-chain management and or- cheaper labor and to tap in- Micron, based in Boise, ligence programs and quantum thousand jobs is going to be a pansion. Micron will ramp up
bital welding. centives offered by foreign Idaho, has said it would apply computing. Yet the pool of tal- significant task.” chip production in New York
“We have to remake a de- governments eager to become for some of the federal incen- ent around Syracuse to fill To help Micron, Syracuse as demand for semiconductors
cade of workforce development chip-making hubs. Chip short- tives, a process that begins at thousands of highly special- University plans to increase rebounds, he said.

TikTok biggest flashpoints in a much

wider U.S.-China conflict that
has extended beyond geopoli-
former officials have said.
Instead, concerns have
grown in both parties as the
Lobbying
Denies Need tics to issues like trade and app has soared in popularity
To Avoid
ALYSSA SCHUKAR FOR THE WALL STREET JOURNAL

technology. within the U.S.—especially

The standoff centers on the among teenagers—and

For a Sale same issues that led the

Trump administration to effec-
tively ban Chinese telecom-
broader relations with China
have become more strained.
Amid that popularity, offi-
U.S. Ban
Continued from Page One
the app.
equipment company Huawei
Technologies Co. from the U.S.
and then lobby allies to ditch
cials point to a 2017 Chinese
intelligence law that requires
companies to share customer
Ramps Up
Mr. Chew, a Singaporean mil- it, too. In both cases, politi- data with authorities if they BY JULIE BYKOWICZ
itary-officer reservist and for- cians have focused on the demand it for national-security AND SIOBHAN HUGHES
mer Goldman Sachs banker, will prospect that the companies purposes. TikTok has consis-
have the opportunity to re- could be compelled to help tently maintained that it would Lobbyists for Oracle Corp.
spond directly to those de- Chinese authorities spy or in- never share user data with the have been talking to lawmak-
mands in the coming days. He is terfere with communications, TikTok CEO Shou Zi Chew, shown in the Chinese-owned Chinese government, but U.S. ers as TikTok tries to build
scheduled to testify before the according to U.S. interpreta- company’s Washington office, is preparing to testify to Congress. officials have said companies Capitol Hill support for its
House Energy and Commerce tion of Chinese law. In the case can’t refuse the demands if proposed partnership with the
Committee on Thursday. of TikTok, U.S. officials have a timately ran aground in court founders were open to selling. they operate in China. Austin-based tech company as
The appearance will be Tik- more complicated calculus: when TikTok and ByteDance The founders own 20% of the Social-media sites have a solution to the U.S. govern-
Tok’s highest-profile chance to The app is used by some 100 sought to block a proposed company, he said, though su- emerged as a vector for secu- ment’s security concerns.
make a case that it can mitigate million people in the U.S., risk- federal ban. The Biden admin- per shares give them outsize rity lapses in recent years, The roughly 90-person lob-
the national-security concerns ing political fallout if Washing- istration’s move against TikTok voting rights. TikTok execu- meanwhile, alarming national- bying roster adds considerable
expressed by U.S. officials. In- ton made good on its threat to could face legal challenges as tives have said that an addi- security officials about how firepower to TikTok’s growing
creasingly, though, U.S. policy ban it. the company could argue that tional 60% of ByteDance much data about U.S. citizens Washington presence. TikTok’s
makers are hardening, not soft- The Trump administration’s any forced sale would amount shares are owned by global in- is available to foreign adver- parent company, ByteDance
ening, their demands. That has effort to force a sale of TikTok to a ban since the Chinese gov- vestors and 20% by employees. saries through open and ac- Ltd., has spent more each year
turned TikTok into one of the to U.S.-majority ownership ul- ernment likely wouldn’t allow A Chinese Foreign Ministry cessible sources. National-se- since it began lobbying in
the TikTok algorithm to be spokesman, Wang Wenbin, said curity officials said there are 2019, for a total of $13.5 mil-
sold along with it. at a Thursday news conference also concerns about how Tik- lion through the end of last
TikTok has tried several that the U.S. should stop Tok could reveal the social ties year, lobbying records show. It
strategies to win over Wash- spreading false information between Americans—allowing now has the fourth-highest
Massachusetts Mutual ington, including more than a
year of negotiations with U.S.
and suppressing foreign com-
panies. “The U.S. hasn’t been
China to map out who is con-
nected to whom based on how
federal lobbying expenses of
any internet company, accord-
Life Insurance Company officials over ways to build
technical safeguards to ring-
able to prove with evidence
that TikTok threatens U.S. na-
people interact with each
other on the app.
ing to OpenSecrets, a nonpar-
tisan platform tracking politi-
fence the app’s U.S. operations tional security,” he added. Critics said the Chinese cal spending.
Notice of Annual Meeting from its Chinese ownership.
Beijing hasn’t publicly
Mr. Chew ruled out in the
near term an initial public of-
company could also influence
the content that a billion peo-
The Biden administration,
and before it the Trump ad-
weighed in on a potential sale, fering of TikTok, which some ple see every day, providing a ministration, has threatened to
Notice is hereby given that the but has increasingly signaled politicians said could address lever of foreign influence or crack down on the Chinese-
its desire to protect Chinese their national-security con- control over public discourse. owned social-media company
Annual Meeting of Massachusetts technology. cerns if it reduced Chinese A report from 2019 found or ban it altogether. Democrats
Mutual Life Insurance Company A Chinese export ban could ownership. Mr. Chew said he that the app was censoring and Republicans have said
prohibit the sale of TikTok’s and ByteDance have been ac- references to things like the they are worried about what
will be held on Wednesday, video-serving algorithm—the tively thinking about such a Tiananmen Square demon- the Chinese government is do-
secret sauce of its global suc- listing but also think it isn’t strations from 1989, the Ti- ing with the company’s data.
April 12, 2023 at two o’clock in cess—to a foreign buyer. That betan independence move- Of particular concern to U.S.
complicates matters for TIkTok, ment, or the group Falun officials is a 2017 Chinese in-
the afternoon, for the election of which might then have to chal- Gong, which is banned by the telligence law that requires
lenge a ban in court to continue
The app is making a Chinese government. companies to share customer
four (4) directors and the transaction operating in the U.S. high-profile pitch TikTok has since said that data with authorities if they
of any other business which may Mr. Chew, who is based in those moderation guidelines demand it for national security
the company’s Singapore of-
that it can address have been updated. purposes. TikTok has said it
properly come before said meeting. fice, said he arrived in Wash- security concerns. In the interview, Mr. Chew would never share user data
ington last week to acclimate said his infrastructure spend- with the Chinese government,
MassMutual® is encouraging and prepare for his Capitol ing, dubbed Project Texas in but U.S. officials have said
Hill testimony. TikTok has the U.S., would make all that companies can’t refuse the de-
members to attend the meeting hired experienced Washington the right time. impossible. mands if they operate in China.
virtually. Please see MassMutual.com advisers to respond to critics.
Its Washington staff has
“There’s no concrete plan
right now,” Mr. Chew said.
“The idea behind Project
Texas is it won’t matter what
Another issue is the app’s
ability to tweak the algorithm
for additional information. grown so fast, it is planning to TikTok is spending billions the Chinese law or any law says that determines which content
move out of its WeWork space of dollars over several years to because we’re taking U.S. user audiences see. That, officials
to its own offices, now under move its users’ data to U.S.- data and we’re putting it out of say, could enable TikTok to in-
Tokunbo Akinbajo construction. and Europe-based servers and their reach,” Mr. Chew said. fluence U.S. public opinion on
Last year, ByteDance paid hire independent monitors in Mr. Chew said he acknowl- domestic political issues and
Corporate Secretary its lobbyists $5.4 million, more an effort it says will protect edges critics’ concerns, which geopolitical matters such as
than in any previous year. For user data and insulate its he said aren’t unique to Tik- Beijing’s designs on Taiwan.
internet companies, only Ama- video-picking algorithm from Tok, and hopes they can seri- TikTok has proposed a solu-
zon.com Inc. and the parent outside influence. ously evaluate Project Texas tion it calls Project Texas, in
companies of Google and Face- The ramped-up push against on its merits. which it would hire Oracle to
book spent more last year on TikTok in recent months hasn’t “You’re talking about real store American users’ data on
federal lobbyists, according to been accompanied by the dis- concerns,” he said. “I think its own domestic cloud com-
OpenSecrets, a nonpartisan closure of any specific intelli- these are the real solutions.” puting infrastructure, protect-
platform tracking political gence showing that China has —Raffaele Huang, Dustin ing against potential Chinese
spending. begun to wield the social-me- Volz, Byron Tau, Aruna government influence over
In the interview, Mr. Chew dia app in a manner that Viswanatha, Ted Mann what videos users watch on
COR2600 323 declined to say whether Tik- threatens U.S. national secu- and Julie Bykowicz the app. Oracle also would
Tok parent ByteDance Ltd.’s rity, congressional aides and contributed to this article. serve as a security monitor.
THE WALL STREET JOURNAL. **** Friday, March 17, 2023 | A5

U.S. WATCH U.S. NEWS

U.S.-Bound Migrants Surge at Darien Gap

NORTH DAKOTA

Court Keeps Block on

Abortion Ban for Now
The North Dakota Supreme BY RYAN DUBE AND SHEN LU
Court ruled Thursday that a state
abortion ban will remain blocked The number of migrants
while a lawsuit over its constitu- crossing into Panama after
tionality proceeds. trudging through the treacher-
The ban was designed to take ous Darien Gap jungle reached
effect once the U.S. Supreme record levels in the first two
Court overturned Roe v. Wade. months of the year, data from
But a district judge had put it on Panama showed, posing a
hold while the Red River fresh challenge to their desti-
Women’s Clinic (RRWC) pursued nation country, the U.S.
a lawsuit arguing the state con- In January and February,
stitution protected a right to an 49,291 people from as near as
abortion. Haiti and as far away as China
“While the regulation of abor- have crossed the Darien, a
tion is within the authority of the span of rainforest separating
legislature under the North Da- Panama from Colombia. That
kota Constitution, RRWC has is more than a fivefold in-
demonstrated likely success on crease from the 8,964 mi-
the merits that there is a funda- grants in the same period last
mental right to an abortion in the year, according to Panama’s
limited instances of life-saving immigration office.
and health-preserving circum- “We didn’t expect such a big

FERNANDO VERGARA/ASSOCIATED PRESS

stances, and the statute is not increase,” said Cristina Zugasti,
narrowly tailored to satisfy strict representative of Doctors With-
scrutiny,” Chief Justice Jon J. Jen- out Borders in Panama, which
sen wrote in the ruling. provides medical treatment for
—Associated Press migrants after they emerge
from the grueling jungle trek.
GEORGIA “We’re very concerned.”
Panama’s growing number
NFL Prospect Carter of migrants, who tell officials
Sentenced in Crash they are mostly bound for the
U.S., now points to a likely in- Migrants, mostly Venezuelans, walk across the Darien Gap from Colombia into Panama in 2022, hoping to reach the U.S.
Jalen Carter, one of the top crease of people arriving at
prospects in the coming National the U.S.’s southern border in recent years. But the numbers searched and shared content ings already represents a fifth dor, had left in February with
Football League draft, was sen- the coming months as they soared in February, when U.S. involving zouxian 550,000 of last year’s total arrivals of her younger sister, their chil-
tenced to 12 months of probation flee economic hardship, crime Border Patrol agents arrested times, according to WeChat’s 250,000 migrants. Many of dren and a cousin. Gangs that
for two misdemeanor charges and political unrest at home. 1,345 Chinese migrants, ac- publicly available data. those people emerge from the extorted her small business
tied to a fatal car crash, his attor- About 2,200 Chinese mi- cording to the U.S. Customs President Biden has come jungle severely dehydrated and prompted them to flee.
ney said. grants were among those and Border Protection. under growing pressure over suffering from depression and “If you don’t pay, they be-
Mr. Carter, a 21-year-old defen- crossing the Darien Gap in the Since the start of the gov- his immigration policies after other mental-health problems. gin to threaten you, they begin
sive lineman for the University of first two months of 2023, a ernment’s budget year in Oc- a record 2.2 million arrests of Haitians make up the big- to follow you,” said Ms. Yu-
Georgia, pleaded no contest to reck- sharp increase in a group that tober, agents have made 4,271 people caught crossing the gest group that has embarked quilema, who spoke from Co-
less driving and racing, his lawyer usually has made up a much arrests of Chinese nationals U.S. border illegally in the fis- on the dangerous trek that can lombia in February.
said. Mr. Carter was charged by the smaller proportion of migrants along the southwest border. cal year ended Sept. 30. last four or five days. In Janu- Immigration from Venezuela
Athens-Clarke County Police De- through the area. During the That is a 12-fold increase from ary and February, 16,744 Hai- also climbed sharply this year
partment for the Jan. 15 single-car same period last year, 71 Chi- the year-earlier period. tians crossed the Darien Gap, after peaking in October last
crash that killed Bulldogs recruiter nese migrants were recorded Options for Chinese to en- up from 1,101 in the year-ear- year. In January and February,
Chandler LeCroy, 24, and offensive passing through Panama. ter the U.S. have been sharply
Many emerge lier period, according to data. 9,434 Venezuelans crossed into
lineman Devin Willock, 20. The surge comes as a grow- curtailed in the past few years. severely dehydrated Ecuadoreans are the next Panama, up from 3,000 in the
A police investigation found ing number of Chinese have In 2019, the U.S. State De- biggest nationality crossing into year-earlier period.
that Mr. Carter and Ms. LeCroy left their country amid anxiety partment said it issued close
and suffering from Panama as they flee a country In Colombia, Eugeno Alva-
“were operating their vehicles in a over China’s direction under to 1.2 million visas through its depression. now grappling with a surge in rez, who owns a hostel in
manner consistent with racing” leader Xi Jinping. Chinese mi- embassy and consulates in drug violence and social unrest. Necocli that rents rooms to
after leaving the downtown area grants have been posting China. Last year the figure More than 11,500 crossed the migrants for $7 a night, said
of Athens at 2:30 a.m. Police al- about their treks on Twitter, was one-tenth that number, Darien in January and February, he has seen more Chinese mi-
leged the vehicles appeared to be TikTok and its Chinese version closer to 122,000. Ms. Zugasti from Doctors compared with 256 in the same grants. “We never used to see
switching lanes, driving in the op- Douyin, using the hashtag Searches on popular Chi- Without Borders said the in- period last year. them,” he said. “Now they
posite direction and overtaking #zouxian, which is roughly nese social-media platform crease of migrants arriving in Lorena Yuquilema, a 32- come with guides who have
other drivers. A toxicology report translated as trek. WeChat for “zouxian” started Panama is a surprise as fewer year-old from the Ecuadorean everything organized.”
found Ms. LeCroy’s blood-alcohol In the U.S., the number of increasing in 2021. The most people tend to cross in January city of Cuenca, didn’t know —Jenny Carolina Gonzalez,
level was 0.197, well above the le- Chinese nationals caught recent and biggest spike in and February. what to expect in the Darien. James T. Areddy
gal limit for driving. sneaking across the U.S.-Mex- searches for the term occurred In the first two months of Ms. Yuquilema, who sold and Alicia A. Caldwell
—Suryatapa Bhattacharya ico border has fluctuated in on Feb. 1, when WeChat users this year, the number of cross- clothes on the street in Ecua- contributed to this article.
A6 | Friday, March 17, 2023 **** THE WALL STREET JOURNAL.

BANKING TURMOIL

Credit Suisse Stock

Credit Suisse’s share price
3.50 Swiss francs Thursday
2.02
3.25 +19%

Rebounds on Lifeline 3.00

2.75

Credit Suisse shares jumped shares traded in Zurich rose Swiss business. 2.50
after the bank said it would tap 19% Thursday after the bank “M&A is increasingly likely,
a more than $50 billion lifeline announced it would tap the fi- and the SNB statement that it

JOSE CENDON/BLOOMBERG NEWS

2.25
from the Swiss National Bank, nancing. Some Credit Suisse will provide liquidity to the
but analysts remained wary bonds also rose, though they global bank makes Credit 2.00
about the lender’s prospects. didn’t regain all the lost ground Suisse’s operations more at-
from the previous day’s plunge. tractive to a buyer,” said 1.75
By Margot Patrick, The prices on credit-default Jérôme Legras, head of re-
Patricia Kowsmann swaps, which insure against a search at Axiom Alternative 1.50
and Jonathan Weil possible Credit Suisse default, Investments.
Jan. 2023 Feb. March
remained at high levels. Such Seeking to set itself apart
Investor confidence in the signals have prompted some from SVB Financial Corp., the Note: 1 Swiss franc = $1.07 Source: FactSet Credit Suisse’s longer-term solutions could include a breakup.
Swiss bank deteriorated rap- Credit Suisse clients to pause parent of Silicon Valley Bank,
idly this week, after investors trades with the bank in recent which failed last week following interest rates.” terest expense and take advan- Suisse’s Swiss arm, where it
turned their attention to the days, according to people fa- the flight of a quarter of its de- Credit Suisse suffered mas- tage of the depressed prices of operates one of the country’s
struggling lender following the miliar with the matter. posit base in a single day, sive outflows of deposits in re- many of its bonds. leading domestic banks, could
collapse of two large banks in Investors and analysts said Credit Suisse said it “is conser- cent months. Nevertheless, the Analysts have been calcu- be worth around $13 billion,
the U.S. the liquidity line would buy vatively positioned against in- bank said it has maintained key lating the value of some units well above the entire bank’s
The sudden evaporation of Credit Suisse and regulators terest rate risks.” capital ratios and had ample Credit Suisse could try to sell market value, which stands at
support from markets time to find longer-term solu- Unlike SVB, which held a backup cash. Its average liquid- quickly. Credit Suisse’s main around $6.5 billion.
prompted the SNB, Switzer- tions, which could include a large, mostly unhedged portfo- ity coverage ratio, a measure of wealth-management business Its investment bank, which
land’s central bank, to offer breakup or sale of major parts lio of long-term bonds whose liquid assets it has on hand for is potentially worth around makes up much of its foreign
rescue funds late Wednesday. of the bank. market value was decimated customers withdrawing cash in $10 billion, though continuing operations, has a negative value
Credit Suisse called its use of The SNB statement speci- by rising interest rates, Credit times of stress, had improved customer outflows mean it of close to $12 billion in his cal-
the lending facility a “decisive fied that it was helping the Suisse said its “volume of du- to 150% on March 14 from 144% might not fetch that much, ac- culations, given high costs and
action to pre-emptively “globally active bank,” a signal ration fixed income securities at the end of the year. The use cording to Thomas Hallett, a a sharply deteriorated business
strengthen its liquidity.” It to some that it was willing to is not material” relative to its of the SNB facility will add to banks analyst at Stifel Finan- model that is likely to throw off
posted what it called high- stand behind Credit Suisse’s holdings of high-quality liquid that buffer, the bank said. cial Corp. unit KBW. The asset- losses for some time.
quality assets to the SNB as foreign operations, which are assets such as Treasurys and Credit Suisse also said it management arm would also
collateral to back up the loans. considered troubled in com- German bunds. The bank said would buy back some debt se- be an attractive target.  Heard on the Street: Bank has
Credit Suisse’s battered parison with its more solid it “is fully hedged for moves in curities in a bid to reduce in- Mr. Hallett said Credit little room for error............... B12

ECB Lifts est rates by one-quarter of a

percentage point at its rate-set-
ting meeting on Tuesday and
European Central Bank
deposit rate
+0.5 pct. point
“They’re in a very difficult
spot trying to balance mone-
tary policy with financial sta-
makers are facing as they try to
bring down inflation.
What happens next will de-
and solid liquidity positions,
and that the ECB had the tools
to supply additional liquidity if

Rates by Wednesday, depending on the

status of bank-related financial
pressures. The federal-funds
4%
bility,” said Rohan Khanna, a
rates strategist at UBS. “Even
though core inflation is acceler-
pend heavily on whether the
market turbulence subsides,
analysts said. Even before the
needed. Analysts said the ECB
could provide new long-term
loans to banks or activate for-

Half Point rate is between 4.5% and 4.75%.

“The [ECB’s half-point rise]
makes us a bit more confi-
3
ating higher, the fact is that the
banking system’s instability is
likely making them unwilling to
collapse of SVB sent ripples
across markets last week, Ms.
Lagarde was facing a tricky bal-
eign-exchange swap lines with
overseas central banks.
Some investors are now an-
dent…that the Fed will go 2 comment on the future pace” of ancing act as the central bank ticipating that the Fed could
Continued from Page One ahead with [a quarter-point in- rate increases. tightened monetary policy to pause its rate increases next
lied while government bonds crease] next week,” said Many investors were sur- fight inflation. The ECB had to week, a sharp turnaround from
gyrated following the an- Krishna Guha, vice chairman at 1 prised by the increase given raise rates while taking care only a week ago when they ex-
nouncements. Analysts said the Evercore ISI, in a client note on how last week’s turmoil in the not to cause a recession in the pected a half-point rise.
moves suggested interest rates Thursday. “Events are highly U.S. banking sector has begun currency bloc and destabilize Ms. Lagarde warned that in-
would be lower than expected, dynamic, the Fed does not have 0 spreading to Europe. its most indebted nations. flation was projected to remain
with markets now pricing a to make that call now, and if “I was expecting [a quarter- Now another adverse reac- too high for too long. She noted
peak ECB rate just above 3%, banking instability intensifies point rise] but I get why they tion to monetary tightening has that if the bank’s baseline eco-
-1
down from about 4% last week. into the Fed meeting it would did this. They don’t want to emerged: Central banks’ rapid nomic forecast plays out, there
The ECB’s decision provides still decide to take a one-meet- 2000 '05 '10 '15 '20 give the impression that some- rate increases over the past is “more ground to cover,” add-
an early glimpse into how ma- ing time-out.” Note: Latest rise announced March 16, effective
thing is wrong,” said Fahad Ka- year haven’t just weighed on ing that the baseline doesn’t in-
jor central banks, including the Interest-rate futures markets from March 22 mal, chief investment officer at borrowing and economic clude recent financial market
Federal Reserve, might respond on Thursday saw a more- Source: European Central Bank Kleinwort Hambros. growth, they also have de- tensions. Those are likely to
to recent signs of market dis- than-80% chance of a quarter- Investors have repriced pol- pressed the value of the bond weigh on growth and inflation.
tress that started with the col- point rate increase by the Fed least, still sees pushing down icy rates and sovereign-bond portfolios commercial banks The first phase of raising in-
lapse of SVB and a second large next week, up from 50% on inflation in the eurozone as its yields over the past week, sig- had been holding, a toxic com- terest rates “went relatively
U.S. bank last week. Both the Wednesday, when bond yields priority. Analysts pointed to naling a rapid shift in expecta- bination for some lenders. smoothly, but now…every addi-
Fed and Bank of England are slid amid worries about the the lack of guidance in the tions about the direction of fu- Ms. Lagarde said Thursday tional rate hike increases the
set to hold their policy meet- health of Swiss lender Credit statement as a signal that the ture monetary policy. They are that the ECB was “monitoring risk of breaking something,”
ings next week. Suisse Group AG. central bank could shift to less- betting that the recent bout of current market tensions closely said Carsten Brzeski, global
Analysts said the ECB’s deci- The ECB’s decision to push aggressive monetary policy market turmoil could be a turn- and stands ready to respond as head of macro at ING Bank.
sion increased the possibility ahead with its rate rise sug- should the market turbulence ing point for central banks, un- necessary.” She said that euro- —Nick Timiraos
the Fed could boost U.S. inter- gests that the central bank, at persist. derscoring the obstacles policy zone banks had strong capital contributed to this article.

Banks Help Executives Sold Shares

Out First In Months Before Panic
BY BEN FOLDY
Republic AND TOM MCGINTY
individually on its website.
As of Wednesday, First Re-
BRYAN BANDUCCI FOR THE WALL STREET JOURNAL

public is the only company

Top executives of First Re- listed on the S&P 500 index
Continued from Page One public Bank sold millions of that doesn’t file its insider
First Republic into a firewall. dollars of company stock in trades with the SEC, a Wall
After the failures of Silicon the two months before the Street Journal analysis shows.
Valley Bank and Signature bank’s shares plummeted dur- Signature Bank was similarly
Bank, fears had grown that ing the panic over the health exempted, but its shares were
First Republic could be next. of regional lenders. replaced in the index Wednes-
The big banks received an The bank’s chief risk officer day after its closure on Sunday.
influx of billions of deposits sold March 6, according to The quirk in the reporting
shifted away from midsize government documents. Two rules goes back to the Securi-
lenders including First Republic days later, Silicon Valley Bank ties Act of 1933, which ex-
over the past week in the wake shocked the market and sent empted banks from registering
of the collapse of Silicon Valley First Republic’s business and stock-market valuation were long the envy of the banking industry. other banks into freefall. First their securities with the SEC.
Bank and Signature. JPMorgan Republic was among the worst
and the others are now effec- Share-price and index in available liquidity. mortgages to clients like Mark hit.
tively giving back some of the performance, past 10 days That funding included using Zuckerberg. Few of those loans Executives had been selling
money they have raked in. the Fed’s discount window, a ever went bad. The bank had for months, the documents
The insider sales
0%
The deposits don’t carry any short-term borrowing program about $213 billion in assets and show. Executive Chairman at First Republic
special deal and earn a rate in banks can use for quick funds, $176 billion in deposits as of James Herbert II has sold $4.5
line with those of the bank’s –15 people familiar with the matter the end of 2022. million of shares since the
Bank came before the
other depositors, according to said. Banks are wary of the Its profits rose in 2022, but start of the year. In all, insid- catastrophic stretch.
people familiar with the matter. –30 KBW stigma of tapping the discount the Fed’s aggressive rate in- ers have sold $11.8 million of
The cash infusion could solve Nasdaq window, often dubbed the in- creases took a toll. First Re- stock so far this year at prices
First Republic’s immediate is- –45 Bank dustry’s lender of last resort. public’s wealthy customers averaging just below $130 a
sues of a falling stock price and Index First Republic said Thurs- were no longer as content to share. The bank’s chief credit The sales at First Republic
fleeing depositors. But the bank First day it had borrowed as much leave huge sums of money in officer, its president of private came before a catastrophic
will still have to grapple with a –60 as $109 billion from the Fed bank accounts that earned no wealth management and chief stretch that saw Silicon Valley
Republic
tougher business environment Bank one night within the last week. interest. executive together sold $7 mil- Bank, Signature and Silvergate
in a world of higher interest –75 It also said that insured de- The industry has tried to lion of stock. Bank collapse in five days and
rates and depositors suddenly posits have remained stable come together before in times First Republic’s stock is share prices crater for others
aware of the pitfalls of large un- –90 over the past week and that of crises, but with mixed re- down 58% this week but including First Republic.
insured balances. deposit outflows have “slowed sults. In 1998, hedge fund Long closed Thursday at $34.27, up A First Republic spokesper-
March 6 8 10 14 16
Ms. Yellen sought to reassure considerably.” Term Capital Management suf- 10%, after a group of banks son said the bank and its exec-
jittery depositors in congressio- Source: FactSet But S&P Global Ratings on fered steep losses and most of said it would deposit $30 bil- utives declined to comment on
nal testimony Thursday. “Amer- Wednesday downgraded the the biggest banks agreed to lion to bolster the bank. S&P the sales.
icans can feel confident that First Republic’s stock rose bank’s bonds to junk status bail it out for fear of their own Global Ratings downgraded A spokesman for Mr. Her-
their deposits will be there 10% on Thursday, reversing and investors continued sell- exposures. In 2008, their CEOs the bank’s credit by four bert said his sales were con-
when they need them,” she said. declines from earlier in the ing, adding more uncertainty. tried a similar approach to bail notches to a speculative or sistent with his annual estate
She spoke with JPMorgan day. The stock had been down The fast-moving situation is out Lehman Brothers but failed “junk” rating. planning and philanthropy,
Chief Executive Jamie Dimon more than 60% this week, reminiscent of the drama in to reach agreement. The executives’ trades went with more than a fifth of the
on Tuesday, kicking off the ef- while its market capitalization the banking system in the They have also taken less largely unnoticed. Unlike in- proceeds donated to charity.
fort to get funds to First Re- had fallen from $21 billion on 2008 financial crisis, when Mr. dramatic steps to shore up sider sales at most companies, Mr. Herbert sold $4.5 million
public, according to a person March 8, when the SVB crisis Dimon played the role of white confidence in the financial those at First Republic aren’t of shares in January and Feb-
familiar with the matter. Ms. began, to below $5 billion. knight, purchasing Bear system. In early 2020, as the required to be reported to the ruary, in two sales worth 7%
Yellen also spoke with other SVB’s collapse last week Stearns and then Washington pandemic was gripping mar- Securities and Exchange Com- and 5% of his holdings at the
bank CEOs and met with Mr. sparked concerns about other Mutual. Lawsuits, losses and kets, the biggest banks an- mission. SEC filings of insider time, respectively, the docu-
Dimon in her office at the Trea- regional banks with large col- political pressure followed. Mr. nounced they would all bor- sales are scrutinized by inves- ments show.
sury on Thursday afternoon, lections of uninsured deposits. Dimon has said he would row from the Fed’s discount tors for clues about a com- Robert Thornton, the bank’s
the person said. First Republic also catered to never do a government-led window. They didn’t need the pany’s prospects. president of private wealth
Banking jitters have spread a similar Bay Area clientele as rescue deal again. funds, but wanted to reduce Instead, the trades were re- management, executed the
around the world. Credit Suisse Silicon Valley Bank. First Republic’s business the borrowing stigma. ported to the Federal Deposit largest single sale in terms of
Group AG, beset by a series of With customers yanking bil- and stock-market valuation The other banks contribut- Insurance Corp. A handful of value and proportion of hold-
missteps and customer depar- lions of dollars in deposits, were long the envy of the ing to the First Republic res- banks currently file these ings over the past few months,
tures, was forced to secure a First Republic sought to stem banking industry. Its customers cue package are: U.S. Bancorp, forms to the FDIC, which posts the documents show. On Jan.
$50 billion-plus lifeline the tide Sunday, announcing are wealthy individuals and PNC Financial Services Group them on a website where the 18, Mr. Thornton sold 73% of
Wednesday from its own cen- additional funding from the businesses, primarily on the Inc., Truist Financial Corp., documents can be accessed his shares outstanding in First
tral bank after the Swiss bank’s Fed and JPMorgan that gave coasts. Its lending business re- Bank of New York Mellon one at a time. First Republic Republic for $3.5 million. It
share price fell to all-time lows. the bank a total of $70 billion volves around making huge Corp. and State Street Corp. also publishes the disclosures was his first trade since 2021.
THE WALL STREET JOURNAL. Friday, March 17, 2023 | A7

BANKING TURMOIL

Yellen Says Financial System Is Healthy

Treasury secretary
testifies days after
rescue of depositors
at two midsize banks
BY ANDREW DUEHREN

WASHINGTON—Treasury
Secretary Janet Yellen told
lawmakers that the U.S. bank-
ing system remained in good
health after the collapse of
two midsize banks, saying that
bank regulators’ depositor-res-
cue plan had stemmed fallout
from the panic.
Ms. Yellen appeared Thurs-
day before the Senate Finance
Committee and took lawmak-
ers’ questions about the steps
the federal government took
over the weekend to guarantee
all deposits at Silicon Valley
Bank and Signature Bank. She
also discussed President Bi-
den’s $6.9 trillion budget pro-
posal.
Ms. Yellen, in opening re-
marks, pushed back on the
idea that the government’s
steps, which also included a
new Federal Reserve facility to
lend banks money to meet
withdrawal requests, repre-
sented a bailout of the banks.
“Shareholders and debt-

AL DRAGO/BLOOMBERG NEWS
holders are not being pro-
tected by the government,”
she said. “Importantly, no tax-
payer money is being used or
put at risk with this action.”
After the Sunday interven-
tion by regulators, bank stocks
have been volatile this week, Treasury Secretary Janet Yellen, appearing before the Senate Finance Committee, said that bank regulators’ depositor-rescue plan had stemmed fallout from the panic.
as investors worry about their
balance sheets in a high-inter- to receive the same protec- would be protected only if reg- ated an incentive for people “If we have a collapse of the Congress to pass stronger reg-
est-rate environment. tions as those the federal gov- ulators determined that doing and companies to move their banking system, and its eco- ulations for midsize banks such
Sen. James Lankford (R., ernment extended to deposi- so was necessary to protect deposits to larger banks that nomic consequences, that will as SVB in the wake of the cri-
Okla.) pressed Ms. Yellen on tors at SVB and Signature. the financial system. can expect more federal pro- have very severe effects on sis, and Ms. Yellen faced ques-
whether depositors in small Ms. Yellen said that unin- Mr. Lankford said that the tections, an idea that Ms. Yel- banks in Oklahoma,” she said. tions about what measures the
banks in his state could expect sured deposits at other banks government’s moves have cre- len contested. Mr. Biden has called for administration is seeking.

Frantic Weekend Led Officials to One Conclusion

For more than a decade af- Jerome Powell
ter the collapse of Lehman Big Banks Shunned gan Chief Executive Jamie Di- difficult for other reasons. The
Brothers in 2008, Washing- mon were in contact with regu- FDIC didn’t have time to run
ton’s regulatory watchdogs The Auction of SVB lators. But when the Federal through its normal processes for
sought to ensure that they Deposit Insurance Corp. held its a bank closure. Last weekend,
would never again face fraught auction of SVB, the big banks the agency was still scrambling
weekend deliberations about In 2008, regulators’ go-to didn’t bid. PNC Financial Ser- to set up data rooms where
propping up the financial sys- tactic for a bank in danger was vices Group Inc. considered bidders could examine SVB’s fi-
tem from a bank failure. to have big private banks such making an offer on SVB, but its nancial statements, people fa-
as JPMorgan Chase & Co. and interest depended on govern- miliar with the matter said.
By Andrew Ackerman, Bank of America Corp. purchase ment support that regulators Eventually, regulatory offi-
Andrew Duehren troubled rivals, including Coun- couldn’t offer at the time, ac- cials realized that, even if bid-
and Rebecca Ballhaus trywide Financial, Bear Stearns cording to people familiar with ders emerged, they wouldn’t
and Washington Mutual. the discussions. No other seri- have time to close an auction
Last weekend, they did. This time around, leaders of ous parties emerged. for SVB before markets in Asia
For the nation’s top eco- the big banks such as JPMor- The search for buyers was opened on Monday.
nomic officials—Federal Re-
serve Chair Jerome Powell,
Treasury Secretary Janet Yel- the backstop to be extended to president that the crisis at California lawmakers, bank
len, Federal Deposit Insurance others—and would that require SVB threatened to engulf chief executives and small-busi-
Corp. Chairman Martin Gruen- taxpayer money? banks across the country— ness associations about the risk
berg and White House Na- “You now really have this is- which could endanger the abil- of runs at other banks. Ms. Yel-
tional Economic Council direc- sue of the government being ity of small businesses to len was interrupted during a
tor Lael Brainard—the the ultimate protector of all de- make payroll, a White House Zoom meeting on Sunday by a
challenge boiled down to a posits,” said Thomas Hoenig, official said. call from House Speaker Kevin
single decision: whether to Lael Brainard former FDIC vice chairman. Mr. Powell scrapped plans to McCarthy (R., Calif.) to discuss
employ a federal law allowing “What you’ve done with very travel to Basel, Switzerland, for the banking crisis.
a “systemic risk exception” good intentions is you’ve re- a routine international bank Officials at the Fed moni-
permitting the FDIC to guar- moved market discipline as a meeting. Michael Barr, the tored real-time data showing a
antee deposits beyond the preventative to unsafe and un- Fed’s pointman on regulation, growing pile of withdrawal
$250,000 limit per customer. sound practices.” had left for a vacation on requests.
The government rescued SVB had been on the radar Thursday morning but was del- By Friday evening, another
banks, shareholders, auto of the Fed, its primary federal uged by phone calls as soon as crisis was brewing. After SVB
makers and others in 2008. regulator, and of the FDIC be- he got on the plane. After two was closed, Signature began to
This time they were consider- fore last week, according to days of nonstop work, he flew see significant outflows of un-
ing a rescue of bank deposi- people familiar with its over- back to Washington early. insured depositors. The FDIC
tors. The regulators triggered sight. Examiners had raised and New York state’s banking
the rule to guarantee all de- concern about its portfolio of regulator worried the bank
posits at Silicon Valley Bank securities, which had lost sig- wouldn’t be able to open Mon-

$200B
WIN MCNAMEE/GETTY IMAGES (2)

and Signature Bank on Sun- nificant value as the central day, and doubted the firm’s
day, regardless of account size. bank raised interest rates. The management when it assured
It was the most powerful tool bank was also seen as an un- them it would.
at their disposal to stop pan- usual case for the FDIC because Silicon Valley Bank’s assets as Signature’s problems were
icked households and busi- its customers were so concen- of Dec. 31 critical to regulators who were
nesses from pulling deposits trated in venture-capital and worried that panic was spread-
from those and other banks. tech startups, officials said. ing. By Saturday, the regulators
This account of the internal Officials were coordinating were seeing signs of large de-
deliberations over deposit cov- their efforts by Thursday eve- Ms. Yellen later Friday met posit outflows from fewer than
erage, based on interviews with ning, as SVB faced a run. De- with Mr. Powell, Mr. Gruen- 20 midsize banks, whose share
people involved, many of whom Martin Gruenberg positors had become spooked berg and other top regulators. prices had also been tumbling,
declined to be identified, shows about signs of instability at She told them she was worried a person familiar with the mat-
how the supervisors came to a the bank, including its hasty that the crisis would spread, ter said. That convinced the
decision they had hoped to effort to raise funds from kicking off a marathon of group that the crisis was sys-
avoid. The continued financial- stock investors. Zoom calls over the weekend. temic and required urgent in-
market turmoil also raises The Fed is the first line of They hoped they could pre- tervention.
questions over whether their defense for a bank in a panic. pare SVB for a sale during the Regulators had considered
measures are working. Banks can turn to the Fed for weekend that would reassure telling uninsured depositors
emergency funds through a depositors that their money that they could access at least
mechanism called a discount was safe. But they also realized 50% of their deposits as early
Reluctance at FDIC window, as long as these banks that they needed to develop as Monday, but after Signa-
Mr. Gruenberg was initially have collateral to pledge backup plans if panic spread. ture’s failure and other
reluctant to use the exception against temporary Fed loans. stresses became clear, they de-
that would let his agency ex- SVB sought and received emer- cided that would be insuffi-
pand deposit insurance. The gency loans at the discount Payroll concerns cient. By Saturday morning,
TING SHEN/BLOOMBERG NEWS

FDIC chairman, whose agency window on Thursday. But the Ms. Brainard and others Ms. Yellen had concluded that
is constrained by legal re- scale of borrower demands for made the case that depositors a blanket guarantee of SVB
quirements, wanted more evi- withdrawals ultimately ex- at other midsize banks like SVB bank deposits would be
dence that the collapse of the ceeded the amount of un- could pull out their deposits on needed. Ms. Brainard shared
roughly $200 billion SVB pledged assets it could offer as Monday, precipitating a bank Ms. Yellen’s assessment of the
would risk the stability of the collateral for more loans. run across the country that developments over the week-
financial system. By Thursday evening of that could endanger billions in de- end.
By the time Ms. Yellen week, regulators began to posits. They also feared that By Sunday afternoon, the
briefed President Biden on worry that SVB wouldn’t make the loss of deposits at SVB four top overseers concluded
Sunday, the White House and tral bank credit as needed. weekend about the broadened it to the weekend. could leave startups that that they had no choice but to
the regulators had concluded “Americans can have confi- use of deposit guarantees re- Ms. Brainard and White banked with SVB and even invoke the systemic-risk excep-
that they didn’t have another dence that the banking system main unanswered: Was back- House chief of staff Jeff Zients other regionals without the tion, backstopping all SVB and
realistic option. At the same is safe,” Mr. Biden said the stopping two banks’ depositors briefed Mr. Biden in the Oval cash to meet payroll this week. Signature depositors.
time, the Fed launched a spe- next morning. enough to stop an exodus from Office on Friday before he left Ms. Yellen and other Trea- —Tarini Parti
cial lending program to ensure Many of the questions the other small- and medium-size Washington for Delaware for sury officials faced a crush of and Nick Timiraos
banks had wide access to cen- supervisors faced over the banks? Would the public expect the weekend. They told the warnings and lobbying from contributed to this article.
A8 | Friday, March 17, 2023 THE WALL STREET JOURNAL.

WORLD NEWS
Poland to Send Jet Fighters to Ukraine
Supplying four MiG-29 on Western fourth-generation
fighters and buys some time
aircraft crosses a [among allies] for discussion.”
threshold in Western Polish Prime Minister Ma-
teusz Morawiecki on Tuesday
support for Kyiv in war said Warsaw was also consid-
ering providing U.S.-made F-16
BY THOMAS GROVE fighter planes, which would
AND KAROLINA JEZNACH give the Ukrainians a qualita-
tive edge over the Russians.
Poland said it would send Ukraine would need significant
four MiG-29 jet fighters to pilot-training and logistical
Ukraine in coming days, making support to fly F-16s.
it the first Western nation to Substantial deliveries of
supply warplanes to Kyiv, which MiGs could play a critical role
is preparing a counteroffensive in Ukraine’s planned offensive,
against Russia’s invading forces. attacking Russian forces and
The move puts Poland once protecting Ukrainian troops.
again at the center of Euro- The move would entangle
pean policy making on Ukraine, Europe further in the Ukrainian
following Warsaw’s successful conflict, which Russian Presi-
efforts this year to cobble to- dent Vladimir Putin warned the
gether a coalition of countries West to avoid. Ukraine has also
willing to send German-made worked to repair many of its
Leopard 2 tanks to Kyiv. military airstrips that were

VIOLETA SANTOS MOURA/REUTERS

Polish President Andrzej damaged early in the invasion.
Duda said Poland would reach The Polish initiative comes
into its own reserves of the as Ukraine is fighting hard to
Soviet-built aircraft, which are stymie Russian assaults around
flown regularly by Ukrainian the eastern city of Bakhmut.
pilots. He said Poland’s own In Moscow, Mr. Putin on
small fleet had been received Thursday called on Russian
from former East German business tycoons to invest in
stocks in the 1990s and were the country’s economy, which
currently being serviced and A volunteer medic treats a wounded Ukrainian soldier in a converted bus during an evacuation from the eastern front line near Bakhmut. he argued had withstood the
prepared for the handover. West’s “sanctions war.”
“In the coming days, we are The Polish government this “Our security will not suf- the breakup of the Soviet Union, edge to Ukraine’s air power, said Also Thursday, negotiations
handing over four aircrafts to week said a coalition of coun- fer,” government spokesman however neither Russia nor Mykola Bielieskov, research fel- continued over the extension
Ukraine in full working order,” tries was willing to send their Piotr Muller said Thursday. Ukraine has managed to gain air low at the Kyiv-based National of an agreement brokered by
he said at a news conference Soviet-designed MiG-29 war- “We will keep the Russian front superiority in the conflict as air Institute for Strategic Studies, a the United Nations and Turkey
in Warsaw with the newly in- planes to Ukraine, and Polish from our borders at all times.” defenses on both sides have government-backed think tank. that allowed Ukraine to re-
augurated president of the Prime Minister Mateusz The delivery of the jets is made sorties too costly. “Those Soviet-origin fight- sume its vital exports of grain
Czech Republic, Petr Pavel. Morawiecki said Warsaw the latest show of support The additional planes, which ers, while good to have, won’t via key Black Sea ports last
Mr. Duda said other planes would deliver its own planes from Poland and other Euro- Ukraine has requested since the bring more capability com- year, partially lifting a Russian
were being prepared, suggest- in four to six weeks, Polish pean countries at a time when start of the war, will help Kyiv pared to the MiG-29s in the naval blockade.
ing more deliveries would fol- state news agency PAP re- Ukraine is preparing for a backfill much-needed stocks of Ukrainian arsenal,” he said, Chinese Foreign Minister
low. He said the planes in Po- ported. An official at the coun- spring offensive against Rus- the aircraft. While the planes adding that Kyiv was still hop- Qin Gang on Thursday spoke
land’s stockpile would be try’s Bureau for National Secu- sian defensive positions that coming from European suppli- ing for Western fighters that with his Ukrainian counterpart,
replaced first with deliveries rity said Poland could send have dug in over the winter. ers, including Poland, have some could give Ukraine a qualita- Dmytro Kuleba, as Beijing con-
of South Korean FA-50s and four to five planes “for a start” Ukrainian pilots have flown newer targeting capabilities, tive advantage. “This at least tinues to signal its desire to
later American F-35s. as soon as a week from now. MiG-29 multirole fighters since they won’t add any qualitative kicks the can down the road play a part in ending the war.

Video Shows Russian Plane Buzz U.S. Drone Suspected

BY DREW HINSHAW
AND DANIEL MICHAELS
doesn’t show an exact moment
of collision, though it does show
However, we assess it’s unlikely
that they would be able to re-
dent but didn’t bring up reper-
cussions for Russia, Mr.
uncontrolled flight as a result
of sharp maneuvering.
Spies Tied
BRUSSELS—The Pentagon
released video footage on
a Sukhoi flying directly toward
the drone and coming into al-
most immediate contact, before
cover anything useful,” Penta-
gon spokesman Air Force Brig.
Gen. Pat Ryder told reporters at
Antonov said. Adding that
Moscow isn’t looking for a con-
frontation with Washington, he
The public release of classi-
fied drone footage, once an un-
usual step, fits into what has
To Kremlin
Thursday from a U.S. MQ-9
drone that crashed in the Black
Sea on Tuesday showing a Rus-
the video feed is scrambled.
At the end of the 42-second
clip, after the video feed re-
a briefing on Thursday.
The State Department on
Tuesday summoned Russian
described the meeting between
the diplomats as constructive.
“We prefer not to create a
become a broader strategy by
the U.S. of publishing its intel-
ligence on Russia’s actions in
Detained
sian jet buzzing and dumping sumes, the MQ-9 drone’s pro- Ambassador to the U.S. Anatoly situation where we can face and around Ukraine. The U.S. BY THOMAS GROVE
fuel on it and apparently dam- peller appears bent. In a sum- unintended clashes or unin- has tried to put Russia on the AND KAROLINA JEZNACH
aging the drone’s propeller. mary released alongside the tended incidents between the back foot by openly dissemi-
The declassified footage video, the Pentagon said “the Russian Federation and the nating information that might WARSAW—Poland’s domes-
shows a Russian Sukhoi-27 jet propeller can be seen again
The public release United States,” he said in com- have otherwise been kept clas- tic security agency detained
flying very close to the un- and one of the props can be of classified drone ments to CNN. Mr. Antonov sified, such as details on Rus- nine foreigners suspected of
manned surveillance aircraft, seen damaged.” added that Ms. Donfried con- sian military maneuvers, or the planning to sabotage Western
in one of the first direct mili- The drone’s remote opera-
footage is part of a veyed U.S. concerns about the status of its artillery stocks. weapons shipments to Ukraine,
tary confrontations between tors subsequently flew it into strategic U.S. shift. incident, and said both sides The U.S. regularly flies MQ-9 in the largest known attempt
the U.S. and Russia since the the Black Sea, where it re- “exchanged our remarks on drones, which are built for long, by Russia to target arms deliv-
invasion in Ukraine began more mains, the Pentagon said. this issue because we have high-altitude flights, in interna- eries from within Europe.
than a year ago. It wasn’t clear Russian state media showed some differences.” tional airspace over the Black Interior Minister Mariusz
whether the video showed one the video on Thursday but Antonov for a meeting with As- Russian officials have dis- Sea. Tuesday’s incident marked Kamiński on Thursday said the
jet flying past the drone twice, didn’t comment on it. sistant Secretary of State for puted the U.S. military’s ac- the first time the U.S. has lost a nine people, who have been de-
or both Russian jets that the Shortly after Tuesday’s colli- European and Eurasian Affairs count, saying it scrambled jet drone in that space, it said. tained in recent days, had been
Pentagon says were there. sion, Russian ships surrounded Karen Donfried, a senior ad- fighters because the drone paid by Russian special ser-
The U.S. said one of the Rus- the drone-crash site, U.S. de- ministration official said. flew in the vicinity of Crimea, vices. He added that Poland’s In-
sian jets collided with the fense officials said. An allied Russia considered the drone the Black Sea peninsula Mos- Watch a Video ternal Security Agency has con-
drone, also known as a Reaper, ship also attempted to approach incident a provocation, Mr. An- cow annexed from Ukraine in Scan this code fiscated cameras, electronic
in international airspace, in the site, the officials said. tonov said after the meeting, 2014. Russia’s Defense Minis- to see video of equipment and GPS transmit-
what a Pentagon spokesman “We do have indications that Russian state news agencies try denied that either of its the incident that ters that the group intended to
called an “unsafe, unprofes- Russia is likely making an effort reported. Ms. Donfried ex- jets collided with the drone. It was released by attach to trains at crucial rail
sional intercept.” The footage to try to recover MQ-9 debris. pressed concern over the inci- said the drone went into an the Pentagon. junctions to track and disrupt
deliveries destined for Ukraine.
The detained individuals

U.N. Sees Range of War Crimes by Moscow’s Forces were citizens of Poland, Russia
and Belarus. The Kremlin
didn’t immediately respond to
a request for comment.
BY DANIELLA CHESLOW boy in Bucha. It said evidence The group was monitoring
AND ISABEL COLES collected revealed “a wide- the transport of weapons bound
spread pattern of summary ex- for Ukraine, with the aim of
United Nations investiga- ecutions in areas that Russian sabotaging and paralyzing the
tors have gathered evidence of armed forces controlled” in- supply of arms and assistance
a range of atrocities that Rus- cluding 17 communities. to the country, said Mr.
sian forces committed against Moreover, it said Russian Kamiński, who also oversees co-
Ukrainians that amount to war forces frequently confined ordination of special services.
ADRIENNE SURPRENANT/MYOP FOR THE WALL STREET JOURNAL

crimes, a United Nations com- Ukrainian victims often with- Poland’s historically tense
mission found. out valid reasons and for ties with Russia have worsened
An independent commission stretches for as long as nine since the start of Moscow’s in-
formed under the U.N. Human months without adequate vasion of Ukraine last year,
Rights Council cited evidence food, ventilation, heating or while Warsaw has emerged as
of killings, imprisonment, tor- sanitation, which it said were Europe’s pre-eminent hawk,
ture, sex crimes and the de- also war crimes. pushing for greater Western
portation of civilians, accord- Torture has been a systemic involvement, including arms
ing to a report released feature of detention across deliveries, for its neighbor. Al-
Thursday. Ukrainian forces Ukraine, the U.N. commission most all Western military as-
also committed “a small num- found, with victims blind- sistance travels over Polish
ber of violations” of interna- folded, beaten, shocked, raped, territory to reach Ukraine.
tional law, the commission suffocated and exposed to Warsaw has repeatedly
found, including the shooting cold, and current and former warned that Russia’s expan-
and torture of Russian prison- members of Ukrainian armed sionist ambitions could put
ers of war, the report stated. forces facing the most severe Europe, and particularly Po-
“The body of evidence col- Bodies were exhumed from a burial site after Ukraine recaptured the city of Izyum in September. abuse. The commission found land, in Moscow’s crosshairs.
lected shows that Russian au- that common methods of tor- “There is no doubt that we
thorities have committed a sian forces bombed a theater jured—in the first year of Rus- Vladimir Putin declared in Octo- ture across regions, along with live in times when Russia has
wide range of violations of in- in the Ukrainian port city of sia’s invasion, while acknowl- ber 2022. The U.N. said target- the targeting of specific cate- decided to re-create its em-
ternational human-rights law Mariupol that had been shel- edging the true toll was likely ing electricity supply amounted gories of people, pointed to a pire,” Defense Minister Mari-
and international humanitar- tering hundreds of civilians. much higher. to a war crime due to its denial possible Russian crime against usz Błaszczak told Polish radio
ian law in many regions of Since the early days of Rus- The report estimated that of heat and power to millions of humanity. on Thursday.
Ukraine and in the Russian sia’s invasion last year, hun- more than 90% of civilian ca- people during winter. President Biden last month Stanisław Żaryn, a spokes-
Federation,” the report said. dreds of investigators from sualties were caused by explo- Global attention focused on pledged to hold Russia ac- man for Mr. Kamiński, said the
The Russian Embassy in Ukraine and abroad have been sive weapons and that Russian potential war crimes after countable for violations during detained nine individuals
Washington didn’t respond to gathering evidence of war armed forces “launched or Russia’s military pulled back the conflict. “We will seek jus- made up half the total of all
a request to comment. Russia crimes. Ukrainian President likely launched” most of the from Ukraine’s capital in tice for the war crimes and those facing espionage charges
has denied previous allega- Volodymyr Zelensky said this attacks. The commission said March 2022, leaving the crimes against humanity con- in Poland since the start of the
tions of human-rights abuses month that more than 70,000 attacks on homes, schools, a streets of the suburb of Bucha tinuing to be committed by the conflict in Ukraine.
and atrocities as fabrications. Russian war crimes had been hotel, shops, a pharmacy and a littered with the bodies of Russians,” he said in Poland. “All of them were with full
The 18-page report was identified since the full-scale train station among others dozens of civilians. Russian of- The U.N. commission said it premeditation and awareness
published by the Independent invasion began. constituted a violation of in- ficials have said the scenes had developed a list of individ- gathering intelligence or work-
International Commission of In the report, the commis- ternational law. were staged. ual perpetrators and military ing for Russia and Belarus,” he
Inquiry on Ukraine, which the sion said at least 8,000 non- Russian forces also bom- The U.N. commission con- units responsible for alleged said. Belarus is a close partner
U.N. formed in March 2022. It combatants were confirmed barded Ukrainian electrical in- firmed the execution of 65 crimes, however, seeking ac- of Russia and has assisted
came a year to the date Rus- killed—with nearly 13,300 in- frastructure, a policy President men, two women and a teenage countability will be a challenge. Moscow in its war effort.
THE WALL STREET JOURNAL. Friday, March 17, 2023 | A9

FROM PAGE ONE

tives on a restive population. his prime minister, saying it any no-confidence motions would he have taken the same stood at 1.7 in 2020, and it is
France Thousands of protesters
streamed into the Place de la
would amount to an “extra
slap in the face to the French
proposed by National Rally or
NUPES. Mr. Ciotti said he sup-
decision?” said Gilles Le
Gendre, a lawmaker from Mr.
projected to fall to 1.5 over the
next decade, according to an
Concorde near the National people” if Ms. Borne remained ported Mr. Macron’s pension Macron’s party, Renaissance, independent panel of econo-
Raises Age Assembly on Thursday after
the move, clashing with police
in office. National Rally and
the NUPES—the left-leaning
overhaul, which gradually
raises the retirement age over
and the former head of the
party’s group in the National
mists, lawmakers and union
leaders advising the govern-

For Retiring and setting scaffolding on fire.

Union leaders vowed to
continue the demonstrations
coalition of French socialists,
communists and greens—said
they plan to retaliate with the
the next seven years, but ac-
knowledged that not everyone
in his ranks agreed with him.
Assembly.
The French leader is caught
between demographic and
ment on pensions.
Mr. Macron no longer has
the commanding majority in
and strikes that have hobbled no-confidence motions. “We’re in a crisis of democ- geopolitical crosscurrents. The Parliament that defined his
Continued from Page One the country. A spokesman for Mr. Ma- racy,” he said. war in Ukraine exposed gaps first term in office.
mass demonstrations for Public-sector workers have cron’s office declined to com- in Europe’s militaries, raising Back then, Mr. Macron re-
months and cast Mr. Macron as walked off the job in droves, ment on the standing of his pressure on Mr. Macron to in- wrote France’s rigid labor laws
an out-of-touch authoritarian. canceling classes and stalling prime minister or the planned crease military spending that and abolished its wealth tax
Now Mr. Macron is facing public transport. Garbage has no-confidence motions. Labor
France spends about currently stands at 1.9% of with hardly any blowback in
threats from parties on the been piling up in the streets of Minister Olivier Dussopt said 14.5% of its GDP on France’s gross domestic prod- Parliament. Mr. Macron used
far-right and far-left to hold a Paris, as trash collectors have in September that if a no-con- uct. The country spends Article 49, however, in a previ-
vote of no-confidence that, if refused to remove it until Mr. fidence vote succeeded, Mr.
pensions, compared around 14.5% of its GDP on ous attempt to change France’s
successful, would force his Macron relents. Macron would dissolve the Na- with 7.5% in the U.S. pensions, compared with 7.5% pension system, an effort he
government to resign and kill “This will reinvigorate the tional Assembly. in the U.S. and 10.4% in Ger- shelved when the Covid-19
the pension overhaul. That ef- protest movement,” said Phi- The deciding ballots in a many, according to the Organi- pandemic reached France.
fort faces an uphill climb as lippe Martinez, head of the no-confidence vote would be zation for Economic Coopera- On Thursday, vote counting
many lawmakers from the con- far-left CGT union. cast by the conservative Les Some lawmakers in Mr. Ma- tion and Development, a club went down to the wire as Ms.
servative Les Republicains Inside the National Assem- Républicains—the same party cron’s own party cast the pres- of rich nations. Borne shuttled to the Élysée
party, which hold the balance bly, scores of lawmakers that failed Thursday to muster ident’s use of Article 49 as a As people live longer and Palace to consult with Mr. Ma-
of power in the National As- shouted down Prime Minister enough support among its sign of how the former invest- the population grows older, cron before heading to the
sembly, oppose it. Élisabeth Borne as she invoked lawmakers to persuade Mr. ment banker has lost touch the number of active workers halls of Parliament. There she
The French leader, who Article 49, drowning out her Macron to put his pension with the national mood since who fund pension payments was confronted with loud
vowed after his re-election last remarks with rowdy renditions overhaul to a vote. he won his first election in for retirees is shrinking. heckling from backbenchers as
year to govern as a consensus- of the French national anthem. Les Républicains leader Eric 2017. France had more than four she strained to raise her voice
builder, found himself thrust Marine Le Pen, leader of the Ciotti said lawmakers from his “I ask myself a very simple workers for every retiree in above the clamor.
back into the role of technocrat, far-right National Rally, later party met on Thursday and question, but with a certain the early 1960s, according to “This reform is necessary,”
imposing market-friendly direc- called on Mr. Macron to ditch decided not to vote in favor of sadness: The Macron of 2017, the government. That figure she said.

Yacht Eyed
In Pipeline
Sabotage

FROM LEFT: OLIVER DENZER/REUTERS; TOM LITTLE/REUTERS

Continued from Page One
Sweden and Denmark, with
the help of the U.S. and other
Western allies, mobilized to
figure out who was behind the
attack. Submarines surveyed
the crime scene. Intelligence
agencies scoured communica-
tions intercepts. Police sought
witnesses.
Six months on, the mystery
persists as investigators and
analysts puzzle over who had
the means, motive and oppor-
tunity to commit the crime. Supplies of Russian natural gas via pipeline have dramatically reduced since the Ukraine war. The Andromeda rented yacht,
Initial suspicions in Euro- seen in dry dock in upper left,
pean capitals focused on Rus- Russia invades Ukraine EU natural-gas imports from Russia, by pipeline sailed to Christiansø island,
TurkStream
sia, which denied involvement. Note: Weekly data through March 7 above right, near spots where
Analysts speculated that only explosions tore through the
a state with a sophisticated Russia shuts down the Nord Stream pipeline last fall.
Yamal Yamal pipeline route
military would have been able
to carry out such a compli- the BND, and other European
cated, underwater attack. services that a group might be
3.154
Investigators now, however, billion Ukraine transit 486 million preparing an attack on the
are focused on the Andromeda cubic cubic meters pipeline, according to intelli-
and the six people it carried. meters gence officials familiar with
German officials briefed on the notification. The warning
Russia shuts down the
the probe said they were told Nord Stream pipeline route included information about
some of those who rented the three Ukrainian nationals who
yacht were Ukrainian. Others Nord Stream were trying to rent ships in
had Bulgarian passports since countries bordering the Baltic
determined to be forgeries. Sea, including Sweden, these
On Friday, German legisla- officials said.
tors who oversee the country’s 2021 2022 2023 In October, shortly after the
intelligence agencies were blasts, senior U.S. security of-
briefed on the latest findings The Nord Stream pipelines gas leaks equaled around a third of Denmark's ficials visiting Berlin men-
and admonished to keep them Oslo annual CO2 emissions, according to The Danish Energy Agency. tioned the possibility that
secret. Stockholm Ukraine might have been be-
“The thesis that this must One plume was estimated Concrete weight coating: 2.4 to 3.9 in. hind the attack, according to a
have been a state-sponsored to be about half a mile German official who spoke
action has seemingly col- shortly after the blast Corrosion Diver with them at the time. U.S. of-
lapsed,” said Ralf Stegner, one protection: 0.16 in. shown ficials now say private Ukrai-
1

of the lawmakers. “It seems for scale nian actors could have orga-
AM

Pipe steel:
that we now know that it SWEDEN nized and financed the
Tanker shown for 1.1 to 1.6 in.
RE

could have been a group of approximate scale bombings without the knowl-
ST

Antifriction coating
people who were not acting on edge of the Ukrainian govern-
D

Two leaks R
behalf of a state.” NO ment.
D

R
2

The focus on the boat crys- Ukraine officials, including

NO A
Copenhagen
M

Christiansø
tallized in December. After DEN. T RE President Volodomyr Zelensky,
combing through boat-rental S Sea surface have denied any involvement
Boat path
records all along the Baltic in the Nord Stream sabotage,
Wiek
Sea coast, investigators zeroed Sea bed saying the accusation played
Docking One leak
in on the Andromeda, accord- Rostock into Russia’s hands.
station Nord Stream pipe
ing to officials familiar with Any direct involvement by
the probe. GERMANY POLAND Kyiv would be damaging for
Last week, Germany’s gen- the unity of the Western alli-
eral prosecutor said investiga- Note: For clarity of display, thickness of pipeline is not to scale with depth.
ance that is backing Ukraine’s
100 miles Approximate depth:
tors in late January searched a war effort. Such a revelation
boat they believed was con- 100 km More than 250 feet would have a particularly neg-
nected to the blasts. Govern- Sources: Bruegel (EU imports); Danish Maritime Authority (leak locations); S&P Global Commodity Insights (pipelines); German officials and port authorities (boat stops); Nord Stream (diagram pipeline); ative impact on the govern-
ment officials said traces of International Methane Emissions Observatory and Polytechnic University of Valencia (plume) Diagram by Jemal R. Brinson/THE WALL STREET JOURNAL ment of German Chancellor
explosives were found, leading Olaf Scholz, who discarded his
them to believe the vessel Mr. Redmann said his staff tion facility—a tiny herring investigators is whether six Cmdr. Jens Wenzel Kristof- nation’s pacifist stance to be-
could have carried at least had checked in the boat and pickling company—and 98 res- people and a boat the size of fersen of the Danish navy dis- come the world’s third-largest
some of the explosives used. he had handed over the harbor idents, most of whom live the Andromeda would be able agreed, and dismissed the idea supplier of weapons to
A representative of Mola logs to investigators. He said along the pier, where throngs to carry out such a major act of a small team working from Ukraine and one of its biggest
Yachting GmbH, the yacht’s that his staff hadn’t registered of boats dock every summer. of sabotage, which would have a sailboat as “a James Bond financial backers, despite mis-
owner, said the boat searched the crew’s nationalities and Søren Thiim Andersen, the meant moving large amounts scenario.” givings among German voters.
was the Andromeda. Prosecu- that it wasn’t unusual for administrator of Christiansø, of explosives and diving gear He said that while it’s pos-
tors have said the company’s Eastern European tourists to said he received a request and required the expertise of sible for divers to reach the
employees aren’t suspected of pass through Wiek. from Danish police in Decem- underwater demolition ex- pipeline with good training, False flag?
wrongdoing. “We really have a lot of ber asking for any records of perts. And whether they might staying down for a prolonged Germany’s defense minister,
Investigators have estab- coming and going of charter boats that had entered the have been just one part of a period while maneuvering ex- Boris Pistorius, warned last
lished that the rental fee was guests with bigger ships,” he main harbor between Sept. 16 broader operation. plosives is more challenging. week that there is no clarity
paid by a Polish-registered said, adding that he became and Sept. 18, a little over a He said the operation would as to who was behind the at-
company, according to German suspicious about the visitors week before the pipelines blew most likely have required a tack, and that there is a possi-
officials. They officials said only when investigators up. The police returned in Jan- Deep dive professional military unit bility of a false-flag operation
they believe the firm is con- reached out to him in January. uary to look at data from a Achim Schlöffel, a German skilled in underwater demoli- designed to blame Ukraine
trolled by Ukrainian owners. machine on the harbor on extreme diver who runs a div- tion. even if it had no involvement
At least some of the six which visitors register their ing school and helps compa- The question of how the in the sabotage.
people on the suspected sabo- Wiek connection boats, and to interview a few nies protect vessels and un- operation was conducted feeds On Tuesday, Russian Presi-
tage team boarded the An- German investigators be- local residents. derwater installations from directly into the bigger, and dent Vladimir Putin dismissed
dromeda in Rostock’s Hohe lieve that it was in quiet, out- At the request of the police, sabotage, said explosives could far more politically sensitive, any suggestion that Ukraine,
Düne harbor, which caters to of-the-way Wiek that the sus- Mr. Andersen said, he wrote a have been planted by a group question of who ordered it. A or any pro-Ukrainian group,
upscale tourists and hosts in- pected saboteurs loaded post on a Facebook page for of well-trained technical div- smaller operation using com- could have blown up the pipe-
ternational yachting events. explosives—ferried to the port the island’s residents, asking ers accustomed to working at mercially available equipment lines, and blamed the U.S.,
The Yachthafenresidenz Hohe in a white van—and additional for photographs or video foot- such depths—around 80 would considerably expand the which has denied involvement.
Düne hotel there boasts luxu- operatives onto the Androm- age of the port from those meters—assuming they had circle of potential culprits. He also said a Russian in-
rious rooms and bars with pic- eda, according to a German of- three days. Three residents several days to do so. Authorities haven’t publicly vestigation found that there
ture windows overlooking the ficial briefed on the investiga- sent photos they had taken of Six divers, he said, could disclosed any information could be unexploded devices
waterfront. tion. the port area during those have lowered the explosives in about the identities of the six that remain attached to the
From there, the Andromeda After Wiek, the Andromeda days. several dives using commer- suspects aboard the Androm- pipelines.
traveled to the Yachthafen sailed to the busier Danish The port master on the iso- cially available equipment eda, and their identities are “Apparently, several explo-
Hafendorf in Wiek on the is- port of Christiansø, farther lated island, John Anker Niel- such as underwater scooters the focus of the ongoing inves- sive devices were planted;
land of Rügen, a far more dis- north. The island is Denmark’s sen, said he was working on or propulsion vehicles, airlift- tigation. some exploded, but some
creet harbor off the beaten easternmost settlement, lo- the days the Andromeda ing bags and buoys, and a por- Between June and July didn’t. It’s not clear why,” Mr.
track, with no camera surveil- cated an hour by boat from docked there, but he hadn’t table sonar. 2022, months before the Nord Putin told state television.
lance at night, according to the larger island of Bornholm. noticed anything or anyone “I know dozens of profes- Stream attack, the Central In- —Kim Mackrael and Georgi
René Redmann, the harbor Christiansø is home to a 17th- suspicious. sional divers who would be up telligence Agency sent a warn- Kantchev contributed to this
master. century fortress, one produc- Among the questions facing to the task,” Mr. Schlöffel said. ing to its German counterpart, article.
 A10 | Friday, March 17, 2023 THE WALL STREET JOURNAL.

ARTS IN REVIEW
Paul Alexander Nolan and Alex
Joseph Grayson, left, and Micaela
Diamond and Ben Platt, below, in
the revival of ‘Parade’

nal duet, “All the Wasted Time,”

has always been a highlight—and
brings a gravity and subdued
warmth to her role that is per-
fectly aligned with Mr. Platt’s per-
formance.
Instead of focusing predomi-
nantly on Leo and Lucille, how-
ever, Mr. Brown and Mr. Uhry (and
Harold Prince, the original director
and “co-conceiver”) broadened the
canvas to create significant char-
acters of Leo’s foes, including the
prosecutor, Hugh Dorsey (a vivid

‘Parade,’ by Jason
Robert Brown and
Alfred Uhry, is especially
resonant today.

Paul Alexander Nolan), who

doesn’t care whether he finds the
actual murderer, as long as a con-
viction is secured; the governor,
John Slaton (the jaunty Sean Allan
Krill), ditto—at least until pressure
JOAN MARCUS (2)

from the North makes him uncom-

fortable; and the factory janitor,
the black Jim Conley (imbued with
a palpable fear by Alex Joseph
Grayson), who is blackmailed by
Dorsey into giving false testimony
THEATER REVIEW | CHARLES ISHERWOOD against Leo. (Historians now be-
lieve that Conley was the culprit.)

A Musical of American Bigotry There is also a rousing, sar-

donic song, “Real Big News,” for a
reporter, played with oleaginous
exuberance by Jay Armstrong
The story of Leo Frank, a Jewish man who was lynched after being wrongly convicted of murder Johnson, whose stories, relying on
dubious information, keep at a fe-

T
verish temperature a bloodthirsty
New York The inclusion of photographs of public interest in the case. This as-
he Broadway revival of the actual historical figures in- pect of the story is also especially
“Parade” is unhappily volved projected onto the exposed resonant today, reminding us that
timely. You don’t have to back wall of the theater under- well before the advent of social
be a voracious news scores, without bludgeoning home media, misinformation deliberately
consumer to know that the point, that while a Broadway cultivated and disseminated could
incidents of antisemi- musical is intended as a work of lead to dire ends.
tism have been rising at a disturb- popular appeal, this show has ac- Even a first-rate “Parade” can-
ing pace. The musical depicts the tual roots in the country’s stub- not disguise the conceptual prob-
final years in the life of Leo Frank, born history of bigotry and the vi- lems I have with the show. It is
a Jewish factory superintendent in olence that it can set a fuse to. It’s puzzling that Mr. Brown, a gifted
Atlanta who in 1913 was convicted, hardly just a matter of circum- melodist, seems to give just as
on spurious evidence, of the mur- stance—not entirely at least—that many moments of musical beauty
der of 13-year-old Mary Phagan, an the other suspect in the murder is or buoyant vigor to Leo’s enemies
employee. When his death sen- a black man. as to Leo himself, as if music and
tence was commuted, he was While prior versions tended to character are unconnected. (The
lynched by a mob. be swamped in dark atmospherics— show opens with a Confederate
It is not a story that naturally the original had a portentous-look- soldier going off to war paying
sings, and the original 1998 pro- ing tree as the primary scenic ele- pretty homage to “The Old Red
duction divided critics. (I was ment—this staging, directed by Hills of Home.”)
downbeat.) But the musical, with a Michael Arden, comes across less as More problematic is the focus
score by Jason Robert Brown and a weighty 2 1/2 hours of finger- on the glaringly corrupt mechanics
book by Alfred Uhry, has main- wagging, or hand-wringing, than a of Leo’s trial. We watch numbly as
tained a healthy reputation among somewhat queasy-making piece of witness after witness spreads ob-
aficionados. On the first day tick- Americana, complete with (ironic!) vious lies, including scurrilous
ets for this production went on flag-waving. Mr. Brown’s varied tales of Leo’s sex life. His martyr-
sale, Telecharge crashed—proving, score, well served here by an ample dom at the hands of iniquitous tor-
perhaps, that Ben Platt (“Dear orchestra under music director Tom mentors resounds like a recurring,
Evan Hansen”), who stars as Leo, Murray, includes American musical unsubtle dirge. “Parade” does, in a
is the Taylor Swift of theater. influences ranging from John Philip sense, resemble the event of its ti-
Of the three productions I’ve Sousa to ragtime to the folk and art tle. The route is mapped out. We
reviewed, this is the most effective songs of Stephen Foster. know where it will lead, and how
at transforming bleak truth into Mr. Platt gives a performance it will end.
viably engaging entertainment. Be- of affecting dignity and delicacy— and passive, approach to his pros- among the musical’s oddities is the
cause of the simplicity of the stag- sweet redemption, I’d assume, af- ecution. Mr. Platt’s pronounced vi- retiring nature of its leading fig- Parade
ing—Encores! concert productions ter the drubbing he got for the brato, which some might consider ure, who hardly dominates the Bernard B. Jacobs Theatre, 242 W.
transferring to Broadway, such as movie version of “Dear Evan Han- excessively deployed, here seems show as leading men often do in 45th St., New York, $59-$199,
this one and the recent “Into the sen.” Leo is so astonished by the to smartly convey the inner anxi- musicals: especially, you might ex- 212-239-6200, closes Aug. 6
Woods,” are performed on mini- notion that he could be thought ety that Leo shares only with his pect, when the character’s life is at
malist sets—the musical seems capable of such an appalling crime wife, Lucille (Micaela Diamond). stake. As Lucille, Ms. Diamond Mr. Isherwood is the Journal’s the-
less like a slab of sermonizing. that he takes an almost dismissive, Terrific though Mr. Platt is, sings with a firm richness—the fi- ater critic.

comes an embarrassment to his quette, arrives at Versailles to find

grandfather, Louis XV (an arresting a family of vulgarians who eat like
James Purefoy), a king who seems livestock; her sisters-in-law-to-be,
as preoccupied with his mistress, Adelaide and Victoire (Crystal Shep-
Madame du Barry (Gaia Weiss), as herd-Cross, Caroline Piette), could
he is with perpetuating his line. He start their own coven. But moments
even develops an eye for the ne- such as this have one wondering
glected Marie, as do several others. how comic Ms. Davis intended the
Sex is everywhere, it seems, save entire production to be. The dia-
logue is rife with anachronisms—it
is hard to imagine Maria Theresa
referring to some court figure in
France as Du Barry’s “toy boy” or
Du Barry herself, Marie’s self-ap-
pointed sexual instructress, telling
her, “You’ll be breeding like rabbits
when you complete my course.”
Never mind a torrent of vulgarities
that seem far more 21st century
than 18th.
For all the dithering—something
for which Louis XVI remains fa-
PBS (2)

mous—“Marie Antoinette” has some

very solid performances, notably by
Mr. Purefoy, who makes Louis XV
kindly, fierce, fatherly and sexually
TELEVISION REVIEW steely Emilia Schüle as the last of sex education: Marie’s brother, predatory. Ms. Schüle pivots from
JOHN ANDERSON queen of pre-revolutionary France the Holy Roman Emperor Joseph II, making Marie a believable child to
and maternal bargaining chip: is often quoted as having called the portraying her as a convincing court

Boudoirs and Shipped off from Austria at age 14

by her mother, Empress Maria The-
resa (Marthe Keller), Marie was in-
couple a pair of “complete blunder-
ers” when it came to sex (he tried
to help), but Marie had not even Gaia Weiss, above, and Emilia
politician and schemer. She is
eclipsed in the early going, however,
by Ms. Weiss, whose Du Barry
Bloodlines tended to cement relations between reached physical maturity at the Schüle and Louis Cunningham, slinks about Versailles keeping the

A
the Hapsburg Empire and the Bour- time of her marriage, something above left, in ‘Marie Antoinette’ king enthralled and her enemies at
n ornate soap opera of the sort bons of France by producing that dealt with in great detail by the se- bay. She has many. But unless Ms.
that has become a fixture of essential element of royal succes- ries’ first several episodes. The for the young couple’s boudoir. Davis has radically altered history
Sunday nights on PBS, the sion, an heir. Not usually a problem, problems of the future Louis XVI Ms. Schüle is no teenager, but (the last two episodes of the series
eight-part “Marie Antoinette” is a lit- if the parties are eager and the are more mysterious, considering she passes for one when need be, were not made available for re-
tle like “Titanic”: We all know the plumbing is intact. But the dauphin, that people around him, such as his whether her young character is be- view), there will be just as many
subject’s destination. The question is Louis-Auguste (Louis Cunningham), poisonous brother the Count of ing frivolous or terrified: During Ma- coups d’état.
how long it will take to get there. is diffident to the point of paralysis Provence (Jack Archer), are so libid- rie’s departure from home and trau-
It’s not a brisk trip. Created by and Marie spends much time wor- inous and knowledgeable. Given matized arrival at Versailles, Mr. Marie Antoinette
writer Deborah Davis, “Marie” is far ried if he’ll ever rise to greatness. how public the newlyweds’ relations Travis employs nightmarish effects Begins Sunday, 10 p.m., PBS
less frisky than her last romp into Directed by Pete Travis and are made—their initial entrance into that recall “Rosemary’s Baby,” which
royal politics (“The Favourite”), but Geoffrey Enthoven, “Marie Antoi- the marriage bed is a well-attended aren’t entirely inappropriate: Marie, Mr. Anderson is the Journal’s
it does star the winsome-cum- nette” is certainly an endorsement court spectacle—Marie’s Louis be- scrupulously prepared in French eti- TV critic.
 THE WALL STREET JOURNAL. Friday, March 17, 2023 | A11

ARTS IN REVIEW
dating apps. The fourth char-
acter, Michel, emerges as a
frustratingly nice guy, for a
criminal.
Abel is a classic movie
archetype: a hollowed-out,
soul-searching stand-in for
the author of the film who
isn’t quite sure what he
wants and drifts from one
misadventure to another. At
a low point, he trails Michel
to his supposed job at a fur-
niture store, only to discover
that . . . Michel actually
works at a furniture store.
Worse, Michel catches him
and Clémence spying. What’s
French for “Oops”?
Movies that are openly
inspired by other movies are
everywhere these days, but
instead of flinging in refer-
ences Mr. Garrel charmingly
keeps the audience guessing
as he subtly segues from one
type of story to another.
JANUS FILMS (2)

“The Innocent” delicately

shifts registers to reveal that
it is essentially three movies
in one: a romantic drama
within a caper within a com-
edy. All phases are enjoy-
FILM REVIEW | KYLE SMITH sidetracked by able, but the caper is espe-
directorial cially delightful: Somehow

Bonjour to a
flourishes, Abel and Clémence find
though. He themselves at the center of
keeps the film an unarmed theft of tens of
grounded in thousands of dollars worth
his four deeply of caviar. To carry off the

Suspect Stepfather human charac-

ters, each of
whom reveals
layers as the
heist, though, Abel must ac-
cept that he is his mother’s
son. Acting is in his genes,
and to cover for the robbery
IN FRANCE’S SLY and won- space for a small flower film goes on. he and Clémence must pull
derful comedy-drama-ro- shop, Abel’s doubts about The mismatch off an unscripted miniature
mance-heist movie “The In-
A young man his new stepfather’s honesty between the play for an audience of one.
nocent,” a guide at an has misgivings grow into full-blown alarm. dour, sober What they come up with on
aquarium dryly tells us about Most sons would feel a bit Anouk Grinberg and Roschdy Zem, above; Abel (who de- the fly makes most method
the workings of neoteny, the
about his mother’s suspicious and protective in Louis Garrel and Noémie Merlant, top scribes himself acting look superficial.
conservation of juvenile char- new husband. such a case, and Abel is fur- as a poet) and Just as method actors
acteristics in adults. The con- ther undermined by mourn- his free-spir- say the quality of the work
cept seems broadly applicable ing: Recently his wife died. country for his role in Ber- ited actress mother carries depends on drilling down to
in today’s culture, and also Her good friend Clémence nardo Bertolucci’s 2003 film some of the comic overtones find real emotional sources
within the movie. for a charismatic, genial con- (an effervescent Noémie “The Dreamers.” Though of Chekhov’s “The Seagull.” for their characters’ feel-
But who is the one cling- vict named Michel (Roschdy Merlant) has been his torch steeped in a love for cinema, It isn’t quite clear which of ings, so Mr. Garrel’s clever
ing to immaturity here? Abel Zem) and marries him in a amid the gloom, but nothing “The Innocent” is a bit more these characters have the little film illustrates how
(Louis Garrel), the fellow joyous but constrained cere- really excites his interest un- oblique about its foundations correct outlook: It seems pretending can lead to
who works in the aquarium, mony that takes place be- til he hits on a scheme to than American films tend to equally likely that either truth. He brings everything
is discombobulated by the hind bars. As Abel points follow his new stepfather be. (One scene seems clearly trusting mother or dubious together in a triply climac-
romantic escapades of his out, but she would rather around town in an effort to to be an homage to the sur- son could be vindicated. tic resolution that makes
mother, Sylvie (Anouk Grin- not discuss, it’s her third demonstrate that the ex-con veillance-obsessed thrillers of Meanwhile, Clémence and this oddball journey well
berg), an actress who has a such wedding in a decade. is lying about his true na- Brian De Palma; others carry Abel’s friendship is slightly worth the while. Few caper
habit of being swept off her When Michel is sprung ture and motivations. hints of “Rear Window” and off-center as well: She enjoys comedies have this much
feet by the men she meets. from prison and Sylvie leaps The film is directed and “Blow-Up,” two films that in- regaling him with the tales heart, and few romantic
Staging plays with inmates a little too eagerly into busi- co-written by Mr. Garrel, who formed Mr. De Palma’s work.) of all the men she sleeps dramas offer such an ap-
at a Parisian prison, she falls ness with him, acquiring a is perhaps best known in this Mr. Garrel doesn’t get with after meeting them on pealingly nutty plot.

The WSJ Daily Crossword | Edited by Mike Shenk

TELEVISION REVIEW | JOHN ANDERSON which itself is far more about 1 2 3 4 5 6 7 8 9 10 11 12 13
PUZZLE
enduring pain than inflicting it.
“It’s more theater than a 14 15 16 CONTEST
Wrestlers or combat sport,” admits Mr.
Cage. “But it hurts. You’re ba-
sically a stuntman.” Pulling
17 18 19
27 Irish county

Thespians? punches, or rolling with them,

is what gets taught at the
Paulsboro club—along with
20

24 25
21 22

26
23
28 Lofty writings
29 Didn’t pass

P
ring maintenance, how to tie the bar?
rofessional wrestling of a little better than one wres- on a canvas and how to be- 27 28 29 30
the “Monday Night tler a year moving on to the have. “Sweep the ring at the 33 Crunch
RAW” variety is a thing various professional organiza- end,” he advises a student 31 32 33 34 35 36 37 38 targets
that makes America great— tions. All parties agree it is when she’s going to a WWE 34 One might
or, better, proves that it al- an impressive rate of success. showcase. “Trust me.” Leav- 39 40 41 42 work at home
ready is. Like an MGM musi- The title will probably have ing the club as two grapplers 35 Blow smoke
cal or a Super Bowl halftime viewers expecting some kind enter the ring, he tells an as- 43 44 45 46
show, it could happen only of a freak show, but the se- sistant: “Don’t let them kill 37 Irish currency
here. It’s overdone, close to ries, and the people in it, are each other. And if they do, 47 48 49 50 38 Commotion
hysterical and collapses un- disarmingly sweet, thoughtful, clean it up.”
der too much scrutiny. But as attractive and devoted. For a What can’t really be im- 51 52 53 54 40 Mother of
evidenced by “Monster Fac- few moments, it does seem parted—though Mr. Cage Clytemnestra
tory,” it is also a declaration that directors Galen Summer tries his best—is a gift for 55 56 57 58 59 60 41 Twice LVIII
self-promotion. The Monster 44 Enters the
Factory’s most promising stu- 61 62 63 64
draft, say
dent, Ms. Herr/Notorious
Mimi, is a beautiful 19-year- 65 66 67 46 Graceland
old who was born into wealth site
and has been training for 68 69 70
48 Octane
years, but she is all but im- Booster brand
paired when it comes to de-
vising an effective promo for SHAMROCKS | By Mike Shenk 50 Part of
herself. Twitch, conversely,
Caesar’s
The answer to 27 Complicated 56 Family 8 Bow boast
speaks very frankly about be- this week’s contest situation nickname treatment
ing autistic and having crossword is a 30 Complain 57 “___moi le 9 Pronoun for
51 Like an
Tourette syndrome, but he’s a famous Irish déluge” some
unlucky
natural on the microphone. person. 31 “Let’s call it matador
Even the promotional ma- ___” 61 Blow one’s top 10 Irish county 52 Ferret’s
Across
terial for “Monster Factory” 32 Burglary 63 Largest 11 Guaranteed cousin
makes reference to the 1 Master of take animal ever to to work
“Spandex-clad misfits” who manipulation 53 Just above
inhabit the 12 Board, for average
number among the 40-odd 36 First asteroid
5 Off in the Earth boarders
wrestlers in Mr. Cage’s world, discovered 54 Make like a
distance 65 Romance, e.g. 13 Low-volume
but the truth is they’re not 39 Itch banshee
so odd. Nor is it odd that 9 Cut back 66 Source of summons
40 Maze solvers, 55 Really big
they’re sympathetic: David 14 ___avis inspiration? 18 Son of
at times 58 Hindu hero
Goldschmidt, for instance, 67 Big picture Aphrodite
who wrestles as “Goldy,” suf- 15 Sesame 42 Call from
APPLETV+

Street format 22 Key in the 59 Flier to Eilat

fered debilitating anxiety and 34-Down
depression as a young kid, resident 68 Electronic corner 60 Share hot
43 Missouri tribe accessory shots
Hurley A. Jones Jr. aka Bobby Buffet but the character Goldy is an 16 Keeps out of 25 Workplace
obnoxious, privileged, arro- sight 45 X-ray ___ 69 “___Perpetua” watchdog org. 62 Toes tally
of independence from doubt, and Naiti Gámez have created gant Adonis of the type (novelty (Idaho motto) 26 Irish export
17 Pregrilling catalog buy) 64 Big head
and of embracing joy where a new hybrid genre—the docu- wrestling fans love to hate.
you find it. mentary posing as a mocku- Goldy couldn’t be more dis-
applications 70 Chef’s pinch
46 Memento ___ Previous Puzzle’s Solution
The subjects of this six- mentary: The wrestlers are all similar from Mr. Goldschmidt, 19 Orioles Down U P B OW C R E D C O R K
part documentary find their introduced as cast members who seems far too nice to be general 47 Pantheon N O R A H H E A D E P E E
makeup 1 Bear in the sky B O O K O F A C T S D A N G
bliss at a converted industrial playing alter egos: Amelia a “heel” (or villain, in wres- manager
2 Easy victims A N D S O O N J I L T S
space in Philadelphia-adja- Herr as “Notorious Mimi”; the tling terminology, which Mr. Mike 49 Try to gain R A Y P R E Y U P O N
cent New Jersey, where the generously proportioned Hur- Cage walks us through). But 20 “Lou Grant” 51 1054 split 3 The Emerald C I T Y O F L I G H T S
Paulsboro Wrestling Club ley A. Jones Jr. as “Bobby Buf- such is the point of “Monster star between Isle I C E D N O O N O A T
trains would-be WWE stars fet”; Gabriella Belpre as Factory.” Wrestling is a lot of P O R S C H E S Y S T O L E
the Eastern 4 Track A H I L O R I I T E M
and, occasionally, sees its tal- “Gabby Ortiz”; and Lucas Di- things. Therapy. Physical 21 Tennis legend
Orthodox D O C T O R O F L AWS
ent drafted into the pros. Sangro as “Twitch.” What be- training. And the Yale School Nastase 5 ___Lingus
and Roman B A S S S O L O D E M
Danny Cage, a onetime wres- comes clear soon enough is of Drama, with considerably 23 Blockhead Catholic 6 Water, wine or B A T I K S T E R I L E
tler turned coach-impresario, that these are the handles of more perspiration. U S E R C O A T O F A R M S
24 Makeup of churches whiskey R E E D A R G O U R G E S
owns the so-called Monster the cast and their ring
some blinds 55 Cattle calls 7 Stroll P A N S N E O N L E E R Y
Factory and is a camera- personae. And what becomes Monster Factory
ready proponent of his team clearer still is that in the Friday, Apple TV+ ▶ Email your answer—in the subject line—to [email protected] by 11:59 p.m. Eastern Time Sunday,
and his sport. Over the past world of professional wres- March 19. A solver selected at random will win a WSJ mug. Last week’s winner: Alan Horowitz, Fair Lawn,
12 years or so, as he tells the tling the “act” is as important Mr. Anderson is the Journal’s NJ. Complete contest rules at WSJ.com/Puzzles. (No purchase necessary. Void where prohibited. U.S.
filmmakers, he has averaged as one’s physical prowess— TV critic. residents 18 and over only.)
 A12 | Friday, March 17, 2023 ** THE WALL STREET JOURNAL.

SPORTS
The Alabama men’s basketball
team enters the NCAA tournament
as the No. 1 overall seed.

the shooting scene.

“From the get-go we knew that
Brandon and Jaden were both at
the scene. And we knew that they
were cooperating and we were
told early on that they were not
suspects,” Alabama athletic direc-
tor Greg Byrne said on a podcast
the day after the hearing.
Byrne also said that the univer-
sity hadn’t been aware of the text
messages from Miles to Miller un-
til the Feb. 21 hearing, and that
there were other details he still
lacked.
Even so, he said, Alabama offi-
cials decided Miller should be able

Alabama beat Texas

A&M-Corpus Christi in
the first round of the
NCAA tournament.
JOHN AMIS/ASSOCIATED PRESS

to continue playing. Byrne said

that he had conversations with
coach Nate Oats, university presi-
dent Stuart Bell and legal counsel
for the university before giving the
freshman the green light.
Byrne and the Tuscaloosa

The Fatal Shooting at the Center County District Attorney’s Office,

which is prosecuting Davis and
Miles, declined to comment. A uni-
versity spokeswoman also didn’t

Of Alabama’s Basketball Season respond to requests for comment

on behalf of Oats, Bell or Bradley.
Alabama officials’ decision to
let Miller continue playing has
come under some criticism after
The No. 1 overall seed is under a different kind of spotlight after the death of a 23-year-old remarks from Oats.
mother thrust several members of the team into a murder investigation On the day of the hearing at
which Miller’s involvement
emerged, the coach told reporters
BY LAINE HIGGINS ing a fatal shot after Miles handed Gunfire followed, with the ques- “Brandon quickly left the area that the team “can’t control every-
AND LOUISE RADNOFSKY him a gun, and has also been tion of who shot first likely to re- when gunfire erupted. As soon as thing anybody does outside of
charged with capital murder. Davis main a major point of contention. he was notified that someone had practice. Nobody knew that was

T
he pivotal moments on the isn’t an Alabama student. Harris, who had a 5-year-old son, been injured and the police wished going to happen. College kids are
road to Alabama’s arrival as Miles and Davis haven’t been was fatally shot in the head. Davis to speak with him, he has fully co- out, Brandon hasn’t been in any
the top overall seed in the arraigned or entered pleas, but was hit in the shoulder. Miller’s operated with law enforcement’s type of trouble, nor is he in any
2023 NCAA men’s basketball tour- lawyers for both have argued they windshield was struck by bullets. investigation.” type of trouble in this case. Wrong
nament didn’t come on the court. were acting in self-defense. Alabama player Jaden Bradley was Hours before the shooting, spot at the wrong time.”
They occurred near a Tusca- Miller has been ensnared be- also present, according to local Miles, a small forward, had been The coach later apologized for
loosa bar, where the fatal shooting cause law-enforcement officials news reports of the testimony. ruled out for the rest of the season speaking without complete infor-
of a 23-year-old mother thrust say he brought the gun used in the Jim Standridge, a lawyer for with an ankle injury. Hours after mation.
several members of the Crimson shooting to the scene—though Miller, issued a statement after the the shooting, Alabama said it had Davis and Miles were indicted
Tide into a murder investigation; Miller’s attorney has said he never hearing that Miles was the legal cut Miles from the team. March 8, but that didn’t emerge
and in university meetings that de- touched the weapon and it didn’t owner of the handgun, which had Miller’s involvement remained until March 10, the same day that
cided the team’s star, Brandon belong to him. Miller hasn’t been been left in the back seat of hidden from public view for more Alabama began its run through the
Miller, would play on despite his charged with any crime. Miller’s car and possibly concealed than a month until it emerged dur- Southeastern Conference tourna-
connection to the shooting. It’s all the aftermath of an inci- under some clothing. ing the preliminary hearing for Da- ment. Miller, who addressed re-
The situation placed Alabama, dent outside Twelve25, a sports Miller, his lawyer’s statement vis and Miles on Feb. 21. porters last week for the first time
the tournament’s No. 1 overall bar on Tuscaloosa’s nightlife corri- said, was already on his way to By that point, Miller had solidi- since the hearing, said only that he
seed, under a different kind of dor known as “The Strip,” that oc- pick up Miles when his friend tex- fied himself as not just the most was leaning on his teammates to
spotlight when the Crimson Tide curred hours after the Crimson ted him to tell him to bring the talented player on Alabama’s ros- block out the boos. “We hear the
beat Texas A&M-Corpus Christi, Tide beat LSU on a Saturday night weapon, had not been present dur- ter but perhaps in all of college chants,” Miller said.
96-75, in a first-round game on in January. ing the argument, and didn’t get basketball. He was averaging 18.7 On Wednesday, Oats confirmed
Thursday. One of its players, Dar- At a recent preliminary hearing, out of the car when he arrived. points and eight rebounds per out- that the university had hired an
ius Miles, has been charged with police testified that Miles texted “Brandon never touched the gun, ing and became the fastest fresh- armed security guard to accom-
capital murder in the shooting Miller telling him to bring his gun was not involved in its exchange to man to score 500 points in pro- pany Miller during the NCAA
death of Jamea Jonae Harris on to him, after an argument between Mr. Davis in any way, and never gram history. tournament. “If you saw some of
Jan. 15 and was dismissed from Harris, the victim, her companion, knew that illegal activity involving University officials, however, what I’ve seen sent his way, I think
the team. Michael Davis, a friend Cedric Johnson; and Miles and Da- the gun would occur,” Standridge knew from the start that Miller you would understand why that’s
of Miles, has been accused of fir- vis. said, who declined an interview. and Bradley had been present at the case,” Oats said.

who has her own shoe deal, and

South Carolina Is the Team to Beat Reese, whose long hair and lashes
give her the nickname “Bayou Bar-
bie.” It dubbed them “The Show-

In the Women’s NCAA Tournament time Tour.”

Elsewhere in the bracket, no
ERIC ESPADA/GETTY IMAGES

player is more sensational from

long range than Caitlin Clark of No.
BY RACHEL BACHMAN 2 seed Iowa. She often shoots from
so far away that her high share of
THE DOWNSIDE of picking South unassisted 3-pointers—more than
Carolina to win the NCAA women’s most entire teams—became a point
basketball tournament, which of fascination recently on Reddit.
starts in earnest on Friday, is that
Season in Doubt you’re unlikely to win much money.
The upside: You’re very likely to
What happened to UConn?
The Huskies have more NCAA
For Mets’ Diaz be right.
The defending-champion Game-
women’s basketball titles (11) than
any other team. They also hold the
cocks have clobbered opponents record for most consecutive Final
BY LINDSEY ADLER by an average of more than 30 Fours at 14—an active streak. But
points this season. They haven’t that run is in jeopardy.
NEW YORK METS closer Edwin lost for more than a year—in a With 2021 national player of the
Diaz will likely miss the entire last-minute upset to Kentucky in year Paige Bueckers missing this
2023 season after suffering a pa- the Southeastern Conference tour- season with a knee injury, UConn
tellar tendon tear in his right knee nament on March 6, 2022. And managed to earn a No. 2 seed.
while celebrating Puerto Rico’s win South Carolina is still led by un- How the Huskies fare in the
over the Dominican Republic in flappable coach Dawn Staley and tournament will depend largely on
the World Baseball Classic, the reigning national player of the the health of star guard Azzi Fudd,
Mets announced on Thursday. year Aliyah Boston. who suffered a knee injury of her
Diaz’s injury represents a night- “I don’t think it’s a stretch to own and has missed nearly two-
mare scenario for the international say that she might be the hardest thirds of UConn’s games this sea-
tournament, which is dependent person in America to guard,” son.
on its ability to recruit and feature UConn coach Geno Auriemma said
Major League Baseball stars. of Boston before his Huskies lost in Why are there
Mets general manager Billy Ep- last year’s NCAA final. “She scores so many teams
pler said Diaz will undergo surgery if there’s one, two, three, four peo- in the Sweet 16
FROM LEFT: CHARLIE NEIBERGALL/ASSOCIATED PRESS; BUTCH DILL/ASSOCIATED PRESS

to repair the injury, Eppler said. ple on her.” cities?

“We won’t update Edwin’s time- Boston averages 13.3 points, 9.7
line for a while,” he said. A com- rebounds in just 25 minutes a game. Instead of having
mon timeline for the injury is at Worse news for South Carolina op- four regional
least eight months. ponents: She isn’t even the Game- Iowa’s Caitlin Clark, above, is one of the sport’s best sites, the Sweet
Diaz had just closed out the cocks’ leading scorer. That would be 3-point shooters. Right, South Carolina coach Dawn 16 teams will split
ninth inning of Puerto Rico’s 5-2 senior guard Zia Cooke (15.3 Staley and Aliyah Boston are seeking another title. into groups and
victory, sending the team to the points), who leads a team so deep head to just two:
tournament quarterfinals. As Diaz that Staley routinely gives 10 or 11 guard Grace Berger. SEC tourna- Bon Secours Well-
and his teammates jumped to- players significant playing time. Virginia Tech is also having its ment—they ness Arena in
gether in celebration, the Mets best year and is one of the nation’s carry the strange pairing of a 28-2 Greenville, S.C., and Climate
star collapsed to the ground. The other contenders hottest teams with an 11-game record and a No. 3 seed. Pledge Arena in Seattle. On brack-
Diaz was helped off the field be- The other top seeds are Stanford, winning streak. The Hokies are led This is one of the nation’s most ets, regionals are labeled Green-
fore being put in a wheelchair and Indiana and Virginia Tech. Longtime by Elizabeth Kitley, the program’s colorful teams to watch, literally ville 1 and 2, and Seattle 1 and 2.
taken into the tunnel. Diaz’s power Stanford is coming off two all-time leading scorer. and figuratively, featuring coach The other crowded spot will be
brother, Alexis, a pitcher for the consecutive Final Four appearances Kim Mulkey’s sequined blazers, the Final Four in Dallas. The city
Cincinnati Reds who also plays for and boasts Haley Jones and shot- Who else is worth watching? guard/rapper Flau’jae Johnson’s will host not only the Division I
Puerto Rico, wept on the field as blocking machine Cameron Brink. If LSU was in any conference but free-wheeling game and Angel semis and finals on March 31 and
other players looked on in shock. Indiana is having its best season the Southeastern, it would have Reese’s double-double average and April 2, but also the Division II
The Mets signed Diaz to a new ever at 27-3 and earned its first-ever had a shot at a No. 1 seed. But be- Baltimore snarl. and III championship games. All
five-year, $102 million contract in No. 1 seed. The Hoosiers are led by cause the Tigers lost to the Game- It’s no wonder Slam Magazine’s will be played at American Airlines
the offseason. forward Mackenzie Holmes and cocks—and to Tennessee in the cover recently featured Johnson, Center.
THE WALL STREET JOURNAL. Friday, March 17, 2023 | A13

OPINION
Did ESG Help Sink SVB? BOOKSHELF | By Danny Heitman

If government
funds it, they
will come.
they’re burning cash and are
unlikely to raise the same type
of capital because of interest
Washington is adept at repeat-
ing mistakes. The feds did this
time largely off-load responsi-
there. Even a junior banking
regulator should have picked
up on SVB’s distress, but
Beyond Ones
That’s
overlooked
an

story line in
rates. . . . It was basically social
credit.”
What inspires a bank to
bility to the state and local au-
thorities or industrial players
that apply for grants and pass
that’s apparently a grade
above San Francisco Federal
Reserve President Mary Daly.
And Zeroes
POTOMAC the collapse disregard risk and shower the money on from there. But She and her team have spent
of Silicon Val- money on products or services the message was still the more time of late focused on
WATCH
ley Bank. If that nobody is clamoring to same: A honey pot of hun- hypothetical climate risk than
The Transcendent Brain
By Kimberley
Washington buy? One answer is easy dreds of billions sits waiting the real risk of bank failures. By Alan Lightman
A. Strassel
wants to money and misguided regula- to be taken. Cue the clean-tech What woke overseer wants to (Pantheon, 194 pages, $26)

F
point fingers, tion, which washed dollars scramble. clamp down on the darling of
it should aim the biggest digit into the economy even as it clean-tech banking? or much of the year, Alan Lightman lives less than a
at itself. pushed banks like SVB to load And as for that “infusion” of mile from Walden Pond, the Massachusetts spot where
Let’s talk about what actu- up on sovereign debt, lulled by One entrepreneur says government dollars, it turns Henry David Thoreau popularized transcendentalism
ally imploded over the past a Federal Reserve-fed belief out investors don’t have to and its ideas about a direct connection to the divine
week. If the name wasn’t al- that interest rates would stay the bank was offering wait for grant bucks. SVB had through nature.
ready a giveaway, SVB was the near zero forever. The other? ‘basically subprime relatively few depositors, but Mr. Lightman, a theoretical physicist and professor of
lender of choice for tech Washington handouts, via most exceeded the federal de- humanities at MIT, has had some vivid experiences with
dreamers. It claims to have President Biden’s effort to en- business loans.’ posit-insurance limit of nature himself. In “Searching for Stars on an Island in Maine,”
banked nearly half of all U.S. gineer a climate industry that $250,000. Had this been a re- his 2018 essay collection, he recalled immersing himself in
venture-backed tech and otherwise wouldn’t exist. gional bank in Texas specializ- a starry sky as his small boat bobbed off the shore of his
healthcare startups. Yet in re- Congress’s $1.2 trillion 2021 While the main reason SVB ing in oil and natural-gas ven- summer home in New England. “I felt an overwhelming
cent years those clients have “infrastructure” bill was a failed was its decision to buy tures, those depositors would connection to the stars, as if I were a part of them,” he wrote.
skewed ever more in one di- starting gun for a clean-tech bonds at the top of the mar- surely be out of luck. But the “And the vast expanse of time—extending from the far distant
rection. “We serve those cre- frenzy. The bill made available ket (it got hit when it had to Biden administration immedi- past long before I was born and then into the far distant
ating positive environmental hundreds of billions for new sell), it had also in the past ately swooped in with an SVB future long after I will die—seemed compressed to a dot.”
change,” SVB’s website brags, “technologies” for electrical few years further stretched bailout, promising to make all Such moments bring illumination, but also puzzlement.
noting that the bank worked grid modification, solar, car- itself by sizably increasing its those clean-tech companies As a physicist, Mr. Lightman would rather look to science
with some 1,550 companies in bon capture, battery storage, loans and lines of credit to whole. Subsidy money, a regu- instead of a supernatural deity to explain why he some-
the “climate technology and electric-vehicle charging infra- subprime firms. How much of latory blind eye, and bailout times feels lifted out of him-
sustainability sector.” structure, geothermal, “smart that would have happened if bucks—talk about a favored in- self. But if there’s no God,
Most of these companies community” widgets, micro- not for the Biden pot of gold dustry. This, while most every then what’s causing his
weren’t filling some vital mar- grids, CO2 transport, hydro, at the end of the green-tech other company in the country radical change of perspective,
ket need. Rather, as the Jour- wind, fuel cells, waste man- rainbow? A Washington Post faces a bevy of hostile Biden and what purpose could it
nal reported, SVB was beloved agement and efficiency gains. story acknowledged that regulators and lawsuits. have? It’s a question Mr.
for its willingness to offer Last year’s so-called Inflation SVB’s weekend collapse ini- Some Republicans are Lightman attempts to address
“banking services to startups Reduction Act threw yet more tially meant that “many ma- blaming the SVB meltdown on in “The Transcendent Brain:
that often weren’t profitable, dollars at would-be green in- jor clean tech companies distraction—claiming the bank Spirituality in the Age of
in some cases didn’t have a novators, while also extending faced insolvency.” It even ac- was overly focused on turbo- Science.”
product, and would otherwise billions in household tax cred- cidentally admitted Washing- funding climate and social-en- Now in his 70s, Mr. Lightman
have a hard time getting a line its in an attempt to lure Amer- ton’s role when it noted that gineering causes. That’s a bit is at an age when such ultimate
of credit or a loan from a icans to buy these govern- many investors were none- too convenient. SVB and its questions of life—and a possible
larger bank.” One tech entre- ment-fueled concoctions. theless hopeful “the infusion clients were doing exactly afterlife—resonate more deeply.
preneur provided law.com a The Biden bills were a su- of hundreds of billions of dol- what Washington invited them That urgency sharpens the focus
more scathing description of percharged version of Barack lars in public money” from to do—chase the money. And of “The Transcendent Brain,”
SVB’s products: “They’re basi- Obama’s 2009 stimulus, which Washington legislation would one big lesson is that no good which departs from the more
cally subprime business loans. produced Solyndra’s federal “blunt the fallout from the ever comes from D.C. attempts loosely discursive sensibility of the author’s recent books,
You’re talking about companies loan guarantees and other bank collapse.” to micromanage markets. such as his 2021 essay collection, “Probable Impossibilities.”
that have no credit profile, green embarrassments. Yet The politics doesn’t end Write to [email protected]. Here Mr. Lightman tackles his quandary like a scholar
charting out a class syllabus. “In the first two chapters,”
he announces, “I’ll explore a bit of the history of the

Apostasy in Germany’s Catholic Church subject, starting with the nonmaterialist view of the world
and then moving to the materialist view.” While such
throat-clearing might suggest the dry detachment of a
HOUSES OF Institutional Thus the Catholic Church be- long been a hotbed of “Catho- theologians, rarely known for lecture hall, Mr. Lightman’s gift for distilling complex ideas
WORSHIP Catholicism lieves the Orthodox churches lic Lite”: a Catholicism that re- their self-effacement, have and emotions to their bright essence quickly wins the day.
By George in Germany of the Christian East are sembles liberal Protestantism been suggesting for decades He displays a beautiful economy of language, describing one
Weigel has for the “schismatic” because they in being a pale ecclesiastical the answer is yes. That an- of his moments of transcendence as succinctly as Thoreau
past three don’t accept the pope’s pri- simulacrum of the current swer, which is surely apostasy, ever could: “Something had grabbed hold of me, but there
years been macy and universal authority. zeitgeist. This project has now has now been affirmed by a was no ‘me.’ ”
treading der Synodale Weg, What is unfolding in Germany taken a new twist, as leaders great majority of the German These revelatory interludes are easier to account for, Mr.
the “Synodal Way”: a self-con- is different—akin to the 16th- of the Synodal Way have in- bishops. Lightman concedes, if we assume a higher being and the
stituted, radical form of church century Lutheran Reforma- sisted that what they regard The crisis the German existence of a soul. But in detailing the arguments for such
legislative assembly that, while tion: apostasy. as reforms constitute an es- church is provoking in Catholi- a spiritual presence by thinkers as varied as Socrates, St.
including the German bishops, To be an apostate is to sential response to the Ger- cism isn’t only doctrinal and Thomas Aquinas and Moses Mendelssohn, the author pre-
was composed primarily of lay deny the truth of what the man church’s crisis of clerical theological—it’s practical and dictably concludes that “all rational arguments for the
Catholics. That pathway New Testament author of the sexual abuse. Never mind that will likely have dramatic con- soul are on shaky ground. You either believe or you don’t.”
reached its terminus on March Letter of Jude called “the sequences. Thanks to the Science “can never disprove the existence of God, since
10, when the Synodal Way ap- faith which was once for all church tax, the German God might exist outside the physical universe.”
proved a series of resolutions delivered to the saints.” As The Synodal Way’s Church is immensely wealthy. After wading through the intellectual thicket of how
that would fundamentally alter the Second Vatican Council To its credit, it has put great human consciousness might work—a riddle that defies clear
the structure of authority in taught, that faith is defined sexual revolution is a amounts of that wealth to analysis because we “can’t be inside the box and outside the
the German church by circum- by Scripture and tradition as break with the faith, work in supporting young box at the same time”—Mr. Lightman advances an evolu-
scribing the bishops’ governing authoritatively interpreted by churches in the Third World. tionary rationale for feelings of transcendence that’s centered
power. At the same time, the the teaching authority of the not only with Rome. Sub-Saharan Africa is Catholi- in the human brain. Many of these episodes, he suggests,
Synodal Way decided by over- church—the pope, the pope cism’s greatest growth area, involve a heightened perception of nature because awareness
whelming majorities—includ- and the world episcopate in due in part to institutional of natural surroundings was critically important for ancestors
ing a majority of bishops—to an ecumenical council, or the institutional German Catholi- German Catholic philanthropy. who lived close to the land. The great rush we feel when
rewrite the Catholic Church’s constant teaching of the cism had been pushing these Yet the African church has no cultivating art, literature, music or science might stem from
sexual ethic and sacramental church over time. The Code of “reforms” long before the interest whatever in the woke our evolutionary impulse toward exploration and discovery—
practice by authorizing the Canon Law makes it clear that abuse crisis emerged into the cultural and sexual agenda of what Mr. Lightman calls “the creative transcendent.” He also
formal, liturgical blessing of settled matters of Catholic public sphere. the Synodal Way. argues that in making us feel part of something larger than
same-sex unions and calling faith and moral practice are The basic issue in all this: So when that agenda helps ourselves, transcendent moments might be linked to some
for women to be admitted to to be believed and lived; if Is divine revelation real and define the next papal con- ancient biological imperative to connect with other humans,
holy orders. not, those in apostasy become binding over time? In other clave and the world Synod of another evolutionary benefit.
All of which brought to excommunicate. words, does biblical anthro- Bishops that will meet in
mind Pope Francis’ remark to That would seem to de- pology teach us basic and ir- Rome in October, expect
Bishop George Bätzing, presi- scribe the church of the Syn- reformable truths about the drama and irony, as bishops There are human experiences that science
dent of the German Bishops’ odal Way. human condition, which Vati- from Catholicism’s most vi- cannot capture. The challenge is to explain
Conference, in June 2022: Ger- It is unlikely that the highly can II robustly affirmed? Or, brant young churches chal-
many already has a Protestant bureaucratized institutional as many involved in the Syn- lenge the representatives of them without resorting to the existence of God.
church, the pope observed, German Catholicism that dom- odal Way contend, do 21st- the country whose philan-
and “we don’t need two.” inated the Synodal Way repre- century gender ideology and thropy helped raise up new
As the Synodal Way, which sents the orthodox, Mass-at- the LGBTQ insurgency correct Catholic leaders who see no A big challenge in placing a subject as ineffable as
some in Rome call the “Sui- tending Catholics of the the mistakes made by the Bi- point in emulating moribund transcendence under the microscope is that even with the
cidal Way,” drew the attention country. Indeed, the vast Ger- ble and the teaching author- liberal Protestantism. best intentions, the result can feel aridly reductionist. As E.B.
of Catholics world-wide, many man Catholic bureaucracy, ity of the church over two White remarked many years ago about humor, it “can be
said that German Catholicism which employs hundreds of millennia? Mr. Weigel is a distin- dissected, as a frog can, but the thing dies in the process
was heading into “schism”— thousands of people thanks to Even simpler: Do we know guished senior fellow of the and the innards are discouraging to any but the pure scien-
an institutional rupture with the financial resources pro- better than God what makes Ethics and Public Policy Center tific mind.”
Rome. That isn’t quite right. vided by the German Kirchens- for human flourishing, human and author, most recently, of Mr. Lightman, though, belongs to a noble tradition of
Schisms typically are caused teuer (the “church tax” that happiness and, ultimately, be- “To Sanctify the World: The science writers, including Oliver Sacks and Lewis Thomas,
by issues of church order. dates to the 19th century), has atitude? German Catholic Vital Legacy of Vatican II.” who can poke endlessly into a subject and, in spite of their
prodding, or perhaps because of it, stir up fresh embers of
wonder. “If you pull on the thread far enough,” Mr. Lightman

How SVB ‘Profited’ From Interest-Rate Risk writes, “you ultimately arrive at the mysterious. When at age
twenty I learned why the sky is blue, my awe of the universe
did not diminish.”
By William L. Silber 4% since you bought the the institution’s apparent prof- profitability increases because An endearing sense of intellectual modesty rests at the

H
bond—then the price will have itability. In the short run, this of the coupon payment, but if heart of “The Transcendent Brain.” Although Mr. Lightman
ow did three top offi- declined to about $838 per lets bank officers collect hefty rates rise, the capital losses is clearly not persuaded that God exists—he has, over the
cers of Silicon Valley $1,000 face value, meaning checks, but if rates are rising are deferred to accounting years, described himself as an atheist or “pretty close to an
Bank earn a combined you incur a loss of $162 per in the background, a mounting footnotes. This means higher atheist”—he’s respectful of religious faith. “I believe that the
$18 million in salary and bonus $1,000 bond. risk is going unaccounted. profitability in the short term capacity for awe also includes an openness to the world,” he
while sitting on a powder keg? Though that risk is implicit That’s more or less what and more money in the hands observes. “Openness, in turn, requires a certain humility.”
The answer lies in the peculiar in every bond purchase, ac- happened to SVB, which held of bank officers. But it intro- It echoes with one of his earlier sentiments: “I believe in
accounting treatment of bond counting and regulatory about $90 billion of its $120 duces immense hidden risk the laws of chemistry and biology and physics—in fact, as a
investments that encourages frameworks can obscure it in a billion bond portfolio in its into the financial system to scientist I much admire those laws—but I don’t think they
reckless risk taking with depos- way that results in big bo- held-to-maturity investment the detriment of creditors— capture, or can capture, the first-person experience of
itor money—a form of legal nuses for bank officers. When account. As interest rates rose and in the case of a bailout making eye contact with wild animals and other transcendent
subterfuge that still threatens over the past few years, SVB taxpayers. moments. Some human experiences are simply not reducible
the financial system. did little to hedge against its Regulators should have to zeroes and ones.”
SVB held tens of billions of An accounting rule exposure to rate hikes. So when raised a red flag about SVB’s Meanwhile, within his own household, opinions vary
dollars in long-term govern- created an incentive depositors came demanding behavior before things got to regarding the nature of the universe—and possible realms
ment bonds. On its face, this cash, the bank had far less than this point. Now that they have, beyond. “When I talk to my wife about the soul,” he tells
may seem like a prudent in- for the collapse. its books showed. the government should take readers, “she says that she likes to keep her options open.”
vestment for a bank, but Trea- This was all legal under the opportunity to change ac- On this topic, as in so many other matters, wives just
sury securities are riskless current regulatory and ac- counting rules so that banks might know best.
only when held to maturity. If a bank like SVB buys a Trea- counting frameworks. Other don’t take on such careless
you have to sell before then, sury bond, it can declare its banks that bought long-dated risk for personal profit. Other- Mr. Heitman, a columnist for the Baton Rouge Advocate,
you can easily lose money if intention to hold it to matu- bonds before the Fed started wise, SVB may be the tip of is editor of Phi Kappa Phi’s Forum magazine.
market rates have risen since rity. The bond then goes into a hiking rates could face similar the iceberg.
you first purchased the bond. “held to maturity” investment uncounted losses. The rules
For example, buying a 10-year account where capital gains create an incentive for risk Mr. Silber is a senior ad- Coming in BOOKS this weekend
U.S. Treasury bond with a 2% and losses are ignored because taking with Treasury bonds by viser at Cornerstone Research What does a ‘consultant’ do? • Teapot Dome revisited •
coupon at par and holding it the bond pays par at maturity. allowing bank management to and is author of “The Power of A brave Punjabi princess, lost in the mists of time •
for 10 years earns you 2% per The income from the bond, create a short-run asymmetric Nothing to Lose: The Hail The Greek myths for modern readers • Remembering
annum. But if you sell early however, goes into the bank’s payoff: If interest rates hold Mary Effect in Politics, War Kenzaburō Ōe • Sam Sacks on new novels • & more
and rates have jumped—say, income statement, adding to steady or decline, the bank’s and Business.”
A14 | Friday, March 17, 2023 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

While Yellen Assures, Banks Run Silicon Valley Sours on ‘Creative Destruction’

J
anet Yellen offered more assurances they’re really not. Most muni bonds are held by Apparently, “creative destruction” I serve on the boards of two public
Thursday that U.S. banks are safe and households and mutual funds and are thinly in the economy is for everyone but companies. It’s absurd to suggest that
Silicon Valley (“Biden’s Bank Bailout somehow my mere presence signals
sound—and we doubt even the Treasury traded on the secondary market.
Whoppers,” Review & Outlook, March some kind of organizational distrac-
Secretary believes it. Cer- Muni bonds have a similar 14). While the technoaristocracy and tion. It has long been established by
tainly no one else does. The The Treasury Secretary’s duration risk to other long- progressive ruling class take glee in academics, McKinsey and others that
biggest American banks had to claims are belied dated government securities intruding on and breaking functional, there is a positive correlation be-
commit $30 billion on Thurs- but can’t be rapidly sold to re- traditional businesses and market- tween board and executive diversity
day to rescue First Republic by financial reality. deem deposits. The Fed’s emer- places with cheap, easy venture-capi- and company stock performance.
Bank—15 years to the day gency lending facility also tal funding, they can’t tolerate the sit- CHRISTY HAUBEGGER
since Bear Stearns’s collapse. doesn’t accept most muni uation themselves. At the crucial Los Angeles
Happy anniversary! bonds as collateral, and First Republic holds few moment, they transferred the risk of
The San Francisco-based bank’s shares have securities that it can borrow against at the central their own creative destruction to the As a first year actuarial student, I
lost 70% since last Wednesday, and its credit rat- bank’s new super-duper discount window. Federal Deposit Insurance Corpora- learned about C-3 interest-rate risk.
tion. This is crony capitalism. This is the risk of losses due to cash-
ing has been downgraded to junk. First Republic Most of the bank’s assets consist of commer-
Given the approaching 2024 elec- flow mismatch when interest-rate
investors and depositors haven’t been soothed cial and residential real-estate loans. “Our loan tion cycle, President Biden was more levels change. Insurance companies
by the Federal Deposit Insurance Corp.’s guaran- portfolio is concentrated in single family resi- than happy to provide helicopter back in the day ran the “New York 7”
tee of uninsured deposits at Silicon Valley (SVB) dential mortgage loans, including non-conform- money. Who knew the FDIC would be- scenarios, which included a jump in
and Signature banks, or the Federal Reserve’s ing, adjustable-rate, initial interest-only period come the default funding source of interest rates, to calculate their liabil-
new emergency lending facility. and jumbo mortgages,” its investor report high-risk technology ventures that ities. Later in my career, sophisti-
More troubling, a $70 billion liquidity lifeline warns, adding these may be vulnerable to de- otherwise would have failed? Found- cated methods involving stochastic
offered by J.P. Morgan and others over the faults as interest rates rise. Uh-oh. ers and shareholders would have re- generation of thousands of scenarios
weekend appears to have been insufficient. If Defaults on commercial real-estate loans ceived a lesson in risk and reward. were employed for cash-flow testing.
First Republic’s problems go deeper than liquid- have been increasing, especially in First Repub- MATT SILVEIRA If SVB couldn’t identify this glar-
Placerville, Calif. ing risk that even a rookie actuary is
ity, the risks in the U.S. banking system may be lic’s chief lending markets. Housing prices have
trained to find, what exactly did its
bigger than regulators recognized and could crashed in California’s Bay Area to near pre- Andy Kessler’s column “Who Killed chief risk officer do all day?
grow if the economy slows. pandemic levels, and tech layoffs raise another Silicon Valley Bank?” (Inside View, JOHN A. ADDUCI
First Republic caters to the affluent in Cali- credit risk. The risk of loan losses could explain March 13) is a well-reasoned and Chicago
fornia’s Bay Area, Los Angeles, Boston and New the government’s rush to shore up First Repub- thoughtful critique of last week’s bank
York. About two-thirds of its deposits are unin- lic with a capital infusion. failure. Well-reasoned and thoughtful Banks in many areas of the U.S.
sured and thus susceptible to a run if customers Like SVB, First Republic benefited from the until the last paragraph, that is, when routinely assist their farming custom-
lose confidence. Wealthy customers were pull- Federal Reserve’s zero-interest rates and quan- Mr. Kessler adds a demographic de- ers in hedging against low commod-
ing deposits even before SVB failed. titative easing, which caused deposits from its scription of the board of directors and ity prices and bad weather. Maybe
The SVB blowup accelerated the flight, and wealthy customers to soar. It used these depos- adds a gratuitous comment that the some bankers from the coasts should
the Fed’s emergency lending facility was in- its to fund loans that appeared safe at the time group “may have been distracted by stop in “flyover country” to find out
diversity demands,” which under- how they manage to do it.
tended to help banks ride out a run. At the same but now look much less so. Markets today are
mines the considered observations JAMES V. CARNAHAN
time the FDIC guarantee of uninsured SVB and enforcing more discipline. made in the previous paragraphs. Loudon, Tenn.
Signature deposits under its “systemic risk ex- This is another illustration of how the Dodd-
ception” was supposed to prevent contagion by Frank regulatory apparatus has failed. Demo-
creating an implicit backstop at other banks. crats blame the 2018 bipartisan banking reform,
Fed data show banks borrowed $164.8 billion which freed regional banks from many burden-
from two Fed backstop facilities in the most re- some regulations applied to the big banks. But
Crenshaw Defends AUMF Against Drug Cartels
cent week, but the panic is still on. First Republic’s Tier 1 leverage ratio is greater Regarding Mary O’Grady’s column or a war with Mexico. We are focused
One reason is that only 15% of First Repub- than that of most big banks, though it still may “Bomb Mexico to What End?” (The squarely on the cartels and would ex-
lic’s $212.6 billion in assets are investment se- not be enough to absorb losses. Americas, March 13): As the sensa- pect our president to use the AUMF
curities, mostly made up of municipal bonds. By The underlying problem is that the Fed’s tionalized headline suggests, Ms. to work alongside Mexico’s military.
O’Grady makes brazen assumptions Desperate to distract from the sup-
contrast, most of SVB’s assets consisted of U.S. modern monetary experiment and Dodd-Frank
and straw-man arguments about the ply-side problem, Ms. O’Grady ends
government or mortgage-backed securities, regulation distorted bank balance sheets. Vul- position of politicians like me. In- up victim-blaming those poisoned by
which bear a duration risk if interest rates rise, nerabilities are emerging as the Fed corrects its stead of addressing the core argu- fentanyl, suggesting that the only so-
but can also easily be liquidated in a crunch. inflationary mistakes. The more the Biden Ad- ment for an authorization of military lution lies in demand reduction. This
Muni bonds have the advantage of being tax- ministration insists the economy and banking force (AUMF) against Mexican drug isn't a traditional addiction problem—
exempt and bear a low-risk weighting for the system are A-ok when they’re manifestly not, cartels, she sidesteps the issue and fentanyl is being laced into common
purposes of calculating capital to meet regula- the more markets get nervous. counters an argument that no one is street drugs, unbeknown to the user.
tory standards. Regulators also deem muni To adapt Taylor Swift, banks might be okay, actually making: “Bomb Mexico.” Further, attempting to solve the natu-
bonds “high-quality liquid assets”—except but they’re not fine at all. First off, an AUMF doesn’t mean a ral human desire for “highs” is noth-
unilateral airstrike in Mexico tomor- ing short of a herculean endeavor
row. An AUMF is the bare minimum that would take generations. The sup-
Where’s Brian Kemp on School Choice? legal authority for our president to
act with the force of the military.
ply-side problem can be tackled now.
And yes, supply does create demand.

A
That action can take many forms, in- The bottom line is that narcoter-
rkansas’ Sarah Sanders last week was tions. This complaint has blocked choice in cluding intelligence collection. It’s rorists are killing tens of thousands
the third Governor this year to sign leg- many states, but rural public schools face less also the minimum authority needed of Americans. U.S. military capabili-
islation making education savings ac- competition and the good schools have nothing to operate with the Mexican military, ties must be brought to bear to stop
counts (ESAs) available to any to worry about. as we’ve done with other allies bat- this threat.
student in the state, and many The Georgia Governor is An advisory question on tling internal insurgencies. REP. DAN CRENSHAW (R., TEXAS)
other states are pressing for- the Republican primary ballot No one is talking about an invasion Humble, Texas
ward with legislation to ex-
missing in action as last May in Georgia asked vot-
pand school choice. But this reform stalls in Atlanta. ers if “education dollars”
promising tide is meeting re- should “follow the student to Imposing Theories on Other People’s Children
sistance in Georgia. the school that best fits their I’m alarmed at the end run by the ban on CRT and other divisive con-
The good news is that an ESA bill passed the need.” Nearly 80% responded yes, and support Virginia Education Association in cepts in our schools.
state Senate this month, with full Republican came from rural counties as well. Researchers promoting the critical-race-theory It is the responsibility of parents
support, 33-23. The bill would extend ESAs Jason Bedrick and Matthew Ladner recently curriculum in Virginia’s public to make the best choices for their
worth $6,000 to students who attend failing pointed out that Georgia’s tax-credit scholar- schools (“Virginia’s Teachers Union children. Unfortunately, in Virginia
public schools—schools that rank in the bottom ship program, which is capped at $120 million, and CRT,” Review & Outlook, March there are few other options for par-
25% in the state—or to any student entering is well used outside of metro areas. 9). There was strong opposition to ents who don’t want the teachers
kindergarten or first grade. As is typical for Meanwhile, Republican Gov. Brian Kemp has such teaching all across Virginia even union to control the curriculum. Vir-
ESAs, the funds could be used for private school been silent on the legislation as the House con- before our 2021 gubernatorial elec- ginia has only seven public charter
tuition, tutoring, and curriculum for home- siders the bill, though his support could help tion. One of the reasons Glenn Young- schools, and a variety of obstacles
kin was elected was his promise of a makes it difficult to create more.
schoolers, among other things. A few hundred it pass and proponents expect he would sign it
While there are public magnet
thousand students could be eligible for the ac- if it does. At least one of the state’s major teach- schools, admissions criteria are often
counts, though the number available would be ers unions has supported his opponent in two Anti-Maskers Won. What restrictive, so they, too, aren’t always
determined by appropriations. elections, and better to read the mood of par- an option. Virginia parents are
Yet the legislation isn’t as strong as the bill ents in his state and across the country. About People Still at Risk? trapped by the ideology of politicians,
that was first introduced, which would have Test scores for Georgia’s K-12 students fell After Gabrielle Bauer’s glow of vic- activists and a strong teachers union.
made all students eligible for the accounts, as during Covid. Parents want more options, and tory fades (“Normal People say ‘No Children are pawns in this tug of war
so many other states are doing. Opponents raise the Governor has a chance to follow his peers Másk,’” op-ed, March 14), might she over their learning and their minds.
the complaint that district schools in rural ar- in other states in leading on legislation that consider becoming conscious of those It’s shameful.
eas would suffer if students are given other op- provides them. A failure will be noticed. people like me who are not “normal”; JAN T. MCCARTHY
whose age, risk factors or immuno- Keswick, Va.
suppression leave them still dying at

Replying to Russia’s Drone Provocation a rate far higher than in the worst
nonpandemic flu years? Transparency in Admissions

T
With ever fewer and inadequate
he Pentagon on Thursday released foot- what he could have done long ago: Give Ukraine I am encouraged by Georgetown
medical options for treatment and
age of a Russian fighter jet that ha- the weapons needed to win. Priority No. 1 is the Law Dean William Treanor’s call for
prevention, our issues aren’t an un-
transparency in law-school rankings
rassed, dumped fuel on and then col- Army tactical missile system, which would allow willingness to “tolerate any Covid
so that “students can easily deter-
lided this week with an strikes deeper into Russian risk.” Rather than an attitude adjust-
mine which schools emphasize the
American reconnaissance The best response is positions in Ukraine to gain ment, the way back for us is through
factors that are most important to
drone. The provocation war- momentum on the ground. better vaccines, tests, data, drugs and
rants a U.S. response, and the
to send long-range Another worthy platform antibodies—all within our technical
them” (“Why Georgetown Law Can’t
Stand U.S. News,” Letters, March 13).
missiles to Ukraine. grasp but outside our collective inter-
right one is giving the Ukraini- for Ukraine is, as it happens, Does this mean Georgetown will make
est and sense of urgency, as evi-
ans the sophisticated and the MQ-9. One reason the Bi- denced by her piece.
its criteria for admission entirely
long-range weapons they need den Administration hasn’t of- transparent, so that students have a
Congratulations, you’ve won.
to defeat Vladimir Putin’s military. fered the drone is fears that the Russians might better understanding of who gets ad-
Might you now care about someone
Chairman of the Joint Chiefs Gen. Mark Mil- pilfer the technology. The Russians are now mitted to the program and why?
else and urge the government to re-
ARAS KRIAUCIUNAS
ley said Wednesday that it wasn’t clear whether threatening to fish the crashed drone from the animate its funding and implementa-
Shoreview, Minn.
the Russians intended to ram the MQ-9 drone’s Black Sea, though Gen. Milley says the U.S. took tion of programs we need to rejoin
propeller; the U.S. was forced to bring down the “mitigating measures”—presumably wiping the you in the world and enjoy all the
drone in the Black Sea. But a collision was a risk hard drive of the drone—and that any remnants good things you are experiencing?
Russia accepted when its pilots dumped fuel in won’t be of value. SANFORD GOLDSTEIN, M.D. Pepper ...
San Francisco
what the Pentagon calls an “unprofessional” in- That suggests the risks of offering the MQ-9 And Salt
tercept. Gen. Milley noted that the “very aggres- to Ukraine are manageable and outweighed by
THE WALL STREET JOURNAL
sive” episode fits “a pattern” of behavior by the the benefits of a platform that can stay aloft Now Biden Wants Consensus
Russians. more than a day and conduct reconnaissance
Some are warning that the episode shows the over long distances. In urging consensus, President Bi-
risk of U.S. war with Russia and is a reason to Mr. Biden may prefer to let the moment pass den offers great advice to Israelis (“Is-
rael Needs Judicial Reform—but
abandon Ukraine. But the drone was operating and herald his own restraint, but he won’t like
How?” Review & Outlook, March 13). If
in international air space, and Mr. Putin wants the decisions he will be forced to make if Russia only he would practice what he coun-
to make the Black Sea his private pond. Russia escalates and downs a plane manned by U.S. sels to others and lead by example.
could escalate, but the moment is clarifying that military pilots. AVI PEMPER
Mr. Putin is the aggressor and his designs aren’t Russia isn’t the only adversary testing what Fort Lauderdale, Fla.
limited to Ukraine. the U.S. will tolerate. Beijing has been harassing
The Biden Administration has been calibrat- American assets in the Pacific, with a Chinese
Letters intended for publication should
ing its Ukraine policy based on its own anxiety fighter jet coming within 20 feet of a U.S. Air be emailed to [email protected]. Please
about Mr. Putin’s reaction, but this crash is the Force reconnaissance plane in December. If the include your city, state and telephone
latest reminder that Mr. Putin takes whatever world seems volatile now, it will be more so if number. All letters are subject to
risks he thinks he can get away with. America’s enemies feel empowered to provoke editing, and unpublished letters cannot “Don’t worry about your bonuses.
be acknowledged.
President Biden now has more reason to do the U.S. without fear of a response. I’ve started a GoFundMe page.”
THE WALL STREET JOURNAL. Friday, March 17, 2023 | A15

OPINION

America Who Owns the University?

Needs Its By Richard Vedder Hamilton Center at the University of

A
Florida, and he engineered a daring
Small Banks merican higher education
is in crisis. The rise of di-
takeover of the small New College,
calling on it to become the South’s
versity, equity and inclu- answer to Hillsdale, a small liberal-
By Kevin R. Greene sion bureaucracies and a arts school in Michigan that is fa-
And John Michaelson growing intolerance for mous for refusing money from the

T
dissent has spurred political battles federal government.
he recent events surround- for control of campus decision-mak- Other states have joined the
ing Silicon Valley Bank and ing in North Carolina, Texas, Florida, trend. The conservative North Caro-

REBECCA BLACKWELL/ASSOCIATED PRESS

Signature Bank have created and elsewhere. The fights point to a lina legislature engineered a GOP
unprecedented challenges for the fundamental question: Who “owns” takeover of the UNC board of gover-
health of community, midsize and a university? Perhaps the question is nors, who voted 12-0 to create a
regional banks. We are headed at better phrased: To whom does a new school committed to free ex-
an accelerating pace toward a Eu- school belong? pression in higher education. A
ropean-style banking system dom- In the competitive private mar- Texas state senator has introduced
inated by a handful of very large, ketplace, ownership is clear. When a bill to turn the free-market
effectively government-guaranteed Elon Musk buys a company like minded Civitas Institute at the Uni-
banks. This would amount to a Twitter, few question his authority versity of Texas, Austin, into a for-
fundamental shift in the American to fire staff or change access rules. mal college. The Free Market Insti-
banking system that would under- While practices vary enormously At the New College of Florida in Sarasota. tute—which “advances research and
mine its support for small and among the thousands of American teaching related to the free enter-
midsize businesses and local com- colleges and universities, seven community colleges, state universities with the university president wining prise system and the institutional
munities. groups often claim at least partial or elite private schools. At some insti- and dining board members and pur- environment necessary for it to
This shift is in part due to a ownership and control: tutions, labor unions have an effect chasing their loyalty with tickets to function well”—flourishes at Texas
larger trend of bank consolidation • The board. Most schools, public on decision-making. This diversity of sporting events. Tech. In Ohio, legislators have
over the past several decades, or private, are overseen by a legally ownership historically has been one Students had relatively little vowed to cease rubber-stamping gu-
which has allowed the biggest constituted governing board. of the strengths of American higher clout during this period, and an bernatorial nominees to university
banks to continue to grow even • The politicians. At public insti- education. In the U.S., the academy overproduction of doctorates governing boards. In the past, these
larger. But now there is a new tutions, state government usually is isn’t run by a stultifying monopolistic eroded the power and marketability nominees were often picked by uni-
threat: the potential of a rapid the legal “owner” of the school. government education ministry. of professors too. Simultaneously, versity administrators.
flight to safety of depositors who • The administrators. A school’s the professoriate, always a liberal Most state universities still de-
may seek refuge with the “too big president and senior bureaucrats are bastion, moved to the extreme left. pend on taxpayer funding to pay
to fail” banks, starving smaller ones vested with executive responsibility, As state-run schools push In recent years college professors many of their bills. If those universi-
of capital. which resembles ownership. have openly and aggressively pro- ties deviate too drastically from ac-
• The faculty. The professors who extreme ideologies, some moted ideologies such as critical cepted norms of behavior, they can
administer academic offerings and lawmakers and governors race theory. be punished with reduced subsidies,
Europe-style consolidation conduct grant-inducing research of-
have begun to push back. A decade of enrollment decline af- a loss of control, or both. Perhaps
ten feel the school belongs to them. ter 2011 reflected an accurate per- legislators will start moving to a
would make it much • The students. They are a pri- ception: Most colleges had become new funding model: give state funds
harder for entrepreneurs mary reason for the school’s exis- overpriced indoctrination mills. Rec- to customers (students) rather than
tence and their families pay substan- The University of North Carolina, ognition of this stimulated increas- to educational producers (universi-
and farms to get credit. tial tuition and fees. Texas Tech University and other ingly aggressive efforts by state poli- ties) and then let education markets
• The alumni. Graduates consti- large state schools have been the ticians to reform universities, work. Ultimately, even militant fac-
tute the donor base at most private scene of recent high-profile contre- eroding their previous near indepen- ulty should realize that tenure isn’t
Large banks play an essential schools and some public ones as temps. Many such schools are deal- dence from the political process. worth much if there are no dollars to
role in our financial system. They well. ing with the fallout from declining In some parts of the country, pay salaries—or students to listen to
provide crucial services for major • The accrediting agencies. The public support, high tuition fees and elected officials have decided to re- their lectures.
projects, international commerce, federal Education Department charges falling enrollments. From roughly claim ownership of their public uni-
large companies, major investment these bodies with certifying an insti- 1960 to 2010, state politicians in- versity systems. Gov. Ron DeSantis’s Mr. Vedder is an emeritus profes-
institutions and large traders. But tution’s right to confer degrees. creased funding regularly and popularity soared when he de- sor of economics at Ohio University,
small businesses are the growth en- Some schools don’t fit this mold. largely stayed out of internal univer- manded that Florida schools ac- a senior fellow at the Independent
gine for the American economy— Religious schools usually have a sity affairs. In that period, somewhat count for their DEI spending. He Institute and author of “Restoring
the drivers of job creation and in- somewhat different governing dy- clueless governing boards rubber- managed to get special state funding the Promise: Higher Education in
novation. Community and regional namic than do government-owned stamped administrative requests, for a new conservative-oriented America.”
banks focus on the needs of these
enterprises and keep them afloat in
a tough economy. Community banks
alone provided 30% of Paycheck
Protection Program loans during
Fed Action Could Have Prevented SVB’s Collapse
the pandemic. According to the In- By Hal Scott close the bank and put it into FDIC established its new Bank Term again during Covid, the FDIC had the

T
dependent Community Bankers of receivership. Funding Program to extend loans to authority to guarantee all bank de-
America, community banks make he Silicon Valley Bank crisis The Fed (along with the Treasury) eligible banks at longer terms (up posits. It exercised that function in
60% of all small-business loans and appears to demonstrate the must answer two key questions: Did to a year rather than 90 days) and 2008 but never needed to do so dur-
more than 80% of farm loans. And danger of the Federal Reserve it know there was or could be a run with more favorable collateral valu- ing Covid. Such authority can work
great innovative companies start as not properly performing one of its on SVB, and if so, why didn’t it lend ation (par value rather than fair- hand in hand with the use of lender
small enterprises. The support of central functions: acting as a lender enough to the bank to prevent such market value minus margin) than of last resort to prevent runs. But
local banks is critical to supporting of last resort during a run. By not an outcome? would normally be available at its this is far different from guarantee-
their growth. stemming the run at SVB, the Fed Some believe that SVB couldn’t discount window. But by that point ing deposits at selected banks after
The core of the U.S. banking sys- opened a Pandora’s box, risking a borrow sufficient cash from the Fed the Fed was playing catch-up. they have failed. New calls for insur-
tem lies in community and regional contagious run on the rest of the fi- to stem the run because it lacked ing all deposits are a bad idea—put-
banks that have strong relation- nancial system, leading to the Fed- collateral. But the fair-market value ting large depositors at risk helps
ships with their clients, serve a di- eral Deposit Insurance Corp.’s res- of its entire portfolio of government- A central function of the resist bad banking management.
verse array of customers and busi- cue of SVB’s uninsured depositors, backed securities was $102.2 billion This mishandling of SVB has set
nesses, and are deeply invested in reviving the too-big-to-fail debate, as of Dec. 31. Even allowing for a central bank is to act as off calls for higher capital, particu-
their communities. This is a stark triggering calls for unnecessary significant decline in value by March the lender of last resort. larly for regional banks, warming the
contrast to the centralized banking bank capital increases, and poten- 9, SVB would still have substantial hearts of such capital hawks as Sen.
system of Western Europe, which tially pausing the Fed’s fight against collateral to borrow from the Fed to Why did it fail to do so? Elizabeth Warren of Massachusetts.
has contributed to economic stag- inflation. cover the run on its deposits. More- But no practical amount of capital is
nation and a lack of innovative To be sure, SVB had business over, the Fed had no credit risk tak- enough to stem the possibility of fi-
small companies. The local focus of problems. Thanks to the fall-off from ing government-backed securities, The next question is why federal nancial runs, so more capital in re-
the U.S. banking system results in venture-capital firms—its principal even at par rather than fair-market regulators announced over the week- sponse to a liquidity crisis is the
consumers who rely on borrowing clientele—the bank was attracting value, as it could itself hold them to end that they were going to bail out wrong solution.
to finance homes, cars and other less deposit funding. And it was maturity. the uninsured depositors of SVB— Finally, another major fallout
large purchases, while small busi- maintaining a portfolio of long-dated Further, under Section 10B of the those with accounts over $250,000, from the SVB failure is the wide-
nesses rely on the same financing Treasuries and mortgage-backed se- Federal Reserve Act, loans at the which constituted 96% of all its de- spread market volatility and reduced
to execute payments and cover op- curities matched against short-term discount window need to be secured posits. Similar relief was given to liquidity in the Treasury market, re-
erational costs. These core features deposits. From a credit-risk perspec- only to the satisfaction of the Fed, the uninsured depositors of Signa- flecting nervousness about the sta-
of our economy would incur signifi- tive, SVB was much less risky than a giving the central bank plenty of lee- ture Bank in New York. The basis for bility of the financial system. This
cant damage with fewer community standard bank making loans. Its is- way. During the 2008 crisis, the Fed this uninsured bailout was the sys- may require the Fed to pause what
banks that have the motivation, in- sue was interest-rate risk: After a used this same leeway (then also temic-risk exception in the FDIC Act would otherwise be its rate hikes to
frastructure and resources to prior- year’s worth of rate hikes, the losses available under 13(3) of the act) to that enables the FDIC to avoid its fight inflation.
itize these customers. on SVB’s portfolios couldn’t be offset lend to nonbanks against unsecured normal obligation to employ the All this could have been avoided if
This moment is a crucial juncture by decreasing the value of deposits. commercial paper through a special- least costly resolution. But once the the Fed had succeeded in doing its
for the U.S. banking system, and SVB was nonetheless solvent un- purpose vehicle—a much riskier Fed had rolled out the new Bank job as lender of last resort to SVB at
policy makers need to decide what der applicable accounting rules, proposition. Term Funding Program, this action the onset of the run.
the system will look like when the which permitted its primarily mort- When SVB, the country’s 16th- was unnecessary to stabilize the fi-
dust settles. They can either tacitly gage-backed agency securities port- largest bank before last week, was nancial system, and it will only raise Mr. Scott is an emeritus professor
promote rapid consolidation by the folio to be carried at $91 billion on a announced to be insolvent, deposi- new concerns that even midsize at Harvard Law School and director
biggest banks or support a more “held to maturity” basis, rather than tors at other banks predictably be- banks are too big to fail. of the Committee on Capital Markets
stable and robust ecosystem of what would have been its $76 billion gan to panic. In response the Fed During the 2008 crisis and then Regulation.
small, midsize and regional banks lower mark-to-market value—a drop
that better meet the needs of small- of $15 billion based on its Dec. 31
business owners and communities
across the country.
The silence of larger financial in-
balance sheet. When worried deposi-
tors caused a run on the bank, it was
faced with selling its mortgage-
ChatGPT Libeled Me. Can I Sue?
stitutions and megabanks over the backed security portfolio to fund the By Ted Rall tious or complicated. Most impor- the communication.”

C
weekend was heard loud and clear. withdrawals, which eventually to- tant, he has never accused me of A libel plaintiff who is a public
It would be a grave mistake to taled $42 billion, and a $15 billion hatGPT is impressive at pars- plagiarism. Nor to my knowledge figure has to demonstrate that the
loosen the financial fabric that loss that would all but eat up its eq- ing and generating English sen- has anyone else. A false claim of defendant told a lie with “actual
holds the businesses of our nation uity of $16 billion. tences, but it has a problem professional misconduct is per se malice”—knowledge that it was
together. Yet this fire sale wouldn’t have with facts. If you’re a public figure of defamation under the laws of New false or “reckless disregard” for
been necessary if the Fed had lent moderate renown, that can get per- York, where I live. whether it was true. Does an AI
Mr. Greene is chairman and CEO enough to it. SVB’s problem was li- sonal. I prompted it to “describe Ted know or regard anything? “Some
of Tassat Group Inc. Mr. Michaelson quidity, not solvency. It appears, how- Rall’s trip to Uganda,” and it gave a scholars have suggested that the
is chief investment officer of Mi- ever, that the bank had to sell enough lengthy account of my 2006 visit, on ‘I am programmed to remedy here resides more in a prod-
chaelson Capital and a director of of its portfolio to erode its equity, which I reported on a conflict be- uct-liability model than in a defa-
Tassat. causing its California regulator to tween the government and the Lord’s provide objective and mation model,” Ms. Jones adds.
Resistance Army. In real life, I’ve factual responses,’ it Yale Law School’s Robert Post
never been to Uganda. thinks there would be no liability
Then I asked: “What is Scott Stan- claims, not under oath. unless a ChatGPT user disseminates
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY tis’s relationship to Ted Rall?” After the misinformation it generates: “A
Rupert Murdoch Robert Thomson correctly identifying us both as edito- ‘publication’ happens only when a
Executive Chairman, News Corp Chief Executive Officer, News Corp rial cartoonists, ChatGPT described So can I sue for libel? Opinions defendant communicates the defam-
Emma Tucker Almar Latour our relationship as “contentious” and vary. Harvard Law School’s Lau- atory statement to a third party.”
Editor in Chief Chief Executive Officer and Publisher
“complicated” and elaborated: “In rence Tribe thinks it’s a possibility: My editor at the Journal wanted
Liz Harris, Managing Editor DOW JONES MANAGEMENT: 2002, Stantis accused Rall of plagia- “It matters not, for purposes of le- a different perspective, so he asked
Jason Anders, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; rism after Rall used a similar idea and gal liability, whether the alleged lies ChatGPT: “If you say something
Neal Lipschutz, Deputy Editor in Chief Mae M. Cheng, SVP, Barron’s Group; David Cho,
Thorold Barker, Europe; Elena Cherney, News;
composition in one of his cartoons as about you or someone else were defamatory about me, can I sue for
Barron’s Editor in Chief; Jason P. Conti, General
Andrew Dowell, Asia; Brent Jones, Culture, Stantis had used in a previous car- generated by a human being or by a libel?”
Counsel, Chief Compliance Officer; Dianne DeSevo,
Training & Outreach; Alex Martin, Print & Chief People Officer; Frank Filippo, EVP, Business
toon. Rall denied the accusation and chatbot, by a genuine intelligence or The response: “As an AI language
Writing; Michael W. Miller, Features & Weekend;
Information & Services, Operations; claimed that the similarity was coin- by a machine algorithm.” model, I cannot say anything defam-
Emma Moody, Standards; Shazna Nessa, Visuals; cidental. The controversy led to a The University of Utah’s RonNell atory about you, as I am pro-
Elizabeth O’Melia, Chief Financial Officer;
Philana Patterson, Audio; Matthew Rose,
Enterprise; Michael Siconolfi, Investigations;
Josh Stinchcomb, EVP & Chief Revenue Officer, public feud between the two cartoon- Andersen Jones disagrees. “If a de- grammed to provide objective and
Amanda Wills, Video WSJ | Barron’s Group; Sherry Weiss, Chief ists, with each accusing the other of famatory falsehood is generated by factual responses.” I wonder if a
Paul A. Gigot
Marketing Officer unprofessional conduct.” an AI chatbot itself,” she says, “it is jury of its peers would agree.
Editor of the Editorial Page None of this is true. Mr. Stantis harder to conceptualize this within
EDITORIAL AND CORPORATE HEADQUARTERS:
Gerard Baker, Editor at Large
1211 Avenue of the Americas
is my best friend. We’ve known our defamation-law framework, Mr. Rall is a political cartoonist,
New York, N.Y., 10036 each other for 30 years and our re- which presupposes an entity with a columnist and author, most re-
Telephone 1-800-DOWJONES lationship has never been conten- state of mind on the other end of cently, of “The Stringer.”
A16 | Friday, March 17, 2023 ** THE WALL STREET JOURNAL.

WORLD NEWS

Iran Won’t Arm Houthis in Yemen Beijing

Overhauls
Civil war is key test sure on the militant group to sharp drop in airstrikes by the

for China-brokered
deal to restore ties
reach a deal to end the conflict,
the U.S. and Saudi officials said.
A spokesman for the Iranian
Saudi-led military coalition
fighting in Yemen and cross-
border attacks by the Houthis.
Structure
with Saudi Arabia
delegation to the United Na-
tions declined to comment
when asked whether Tehran
Diplomats are aiming to se-
cure a new deal on extending
the cease-fire before the start
Of Party
DUBAI—Iran agreed to halt would suspend arms shipments. of Ramadan next week, al- BY CHUN HAN WONG

YAHYA ARHAB/EPA/SHUTTERSTOCK
covert weapons shipments to Tehran publicly denies that it though U.S. officials said AND KEITH ZHAI
its Houthi allies in Yemen as supplies the Houthis with weap- meeting such a deadline was a
part of a China-brokered deal ons, but U.N. inspectors have daunting task. China’s Communist Party
to re-establish diplomatic rela- repeatedly traced seized weap- Efforts to resurrect the offi- unveiled a broad overhaul
tions with Saudi Arabia, U.S. ons shipments back to Iran. cial truce and jump-start politi- strengthening its role in man-
After Saudi Arabia and Iran cal talks aimed at ending the aging finance, social affairs
By Dion Nissenbaum, announced the deal to re-es- war have foundered for months. and technological develop-
Summer Said tablish diplomatic ties seven In his meeting with Mr. ment, as part of leader Xi Jin-
and Benoit Faucon years after they were severed, Grundberg this week, Iranian ping’s efforts to entrench his
officials in both countries said Two men attended a Houthi official’s funeral in San’a in October. Foreign Minister Hossein brand of top-down rule.
and Saudi officials said, a that Iran would press the Amir-Abdollahian told the U.N. A lengthy directive pub-
move that could inject new Houthis to end attacks on with plans outlined in the deal and then on to Riyadh. Tim diplomat that Tehran is ready lished by state media on
momentum into efforts to end Saudi Arabia. One Saudi offi- to reopen their respective em- Lenderking, the special U.S. to do more to help end the Thursday evening outlined the
one of the region’s longest- cial said that the kingdom ex- bassies in two months. The envoy for Yemen, met with conflict in Yemen. creation of new party agencies
running civil wars. pects Iran to respect a U.N. agreement to resume Saudi-Iran Saudi officials in Riyadh on If it takes hold, the diplo- and the restructuring of some
For years, Saudi Arabia and arms embargo meant to pre- relations “gives a boost to the Wednesday to make another matic deal brokered by Beijing existing bodies—changes that
Iran have backed opposing sides vent weapons from reaching prospect of a [Yemen] deal in attempt to reinvigorate stalled could reshape regional dynam- reinforced the party’s domi-
in the Yemen conflict, fueling a the Houthis. A cutoff of weap- the near future,” while Iran’s peace talks. ics by giving China greater nance over the government
war that has had disastrous hu- ons supplies could make it approach to the conflict will be The top priority is securing diplomatic clout in the Persian bureaucracy in policy making.
manitarian consequences and harder for the militants to “kind of a litmus test” for the an agreement to extend a Gulf, whittling away at Ameri- The directive said the shake-
spilled beyond the country’s strike the kingdom and seize success of last week’s diplo- cease-fire that has held in Ye- can influence, undermining up is aimed at improving the
borders as Houthi forces have more ground in Yemen. matic deal, one U.S. official said. men for nearly a year, the offi- global efforts to isolate Iran, party’s ability to govern and
launched missile and drone at- U.S. and Saudi officials said Hans Grundberg, the special cials said. The formal truce ex- and putting a chill on Israel’s exercise “centralized and uni-
tacks on the Saudi kingdom. they want to see if Iran holds U.N. envoy for Yemen, flew to pired in October, but the rival efforts to develop open politi- fied leadership.”
If Tehran does stop arming up its end of the bargain as Tehran this week to discuss factions have continued to cal ties with Muslim nations This includes the establish-
the Houthis, it could put pres- Tehran and Riyadh proceed Iran’s role in ending the war, largely honor the terms, with a around the world. ment of two new party bodies
to manage China’s financial
system, according to the direc-

Seoul, Tokyo Plan Closer Security, Trade Ties

tive.
The party will also create
new agencies in charge of
steering China’s push for tech-
BY ALASTAIR GALE Japan, Rahm Emanuel, said nological supremacy, engaging
AND DASL YOON Thursday’s developments civic groups and the general
would help the U.S. because its public, and administering the
TOKYO—Japan and South rivals, such as Beijing, seek to territories of Hong Kong and
Korea pledged to deepen mili- create wedges in U.S. alliances. Macau.
tary and economic ties at their “Part of China’s entire strategy The restructuring plans in-
leaders’ first formal summit is division,” he said dicate that Mr. Xi remains
since 2011, a long-delayed Japan and South Korea have wedded to his core vision of
move to repair relations deep cultural, historical and strong, centralized leadership
strained by historical disputes. economic ties, but issues re- under the Communist Party,
JAPAN’S CABINET PUBLIC RELATIONS OFFICE/REUTERS

The U.S. hailed the tenta- lated to Japan’s colonization of despite backlash against his
tive rapprochement, saying it the Korean Peninsula from 1910 domineering and autocratic
would help the two American to 1945 have created cycles of style—including mass protests
allies work more closely to acrimony. Mr. Yoon said South in November against his strict
tackle regional threats from Korea should put priority on Covid controls. Mr. Xi, for his
China and North Korea. future cooperation rather than part, has often blamed bureau-
Seoul and Tokyo said they disagreements over the past. cratic foot-dragging among
would increase direct sharing The Yoon administration’s lower-level officials for ham-
of intelligence on North Ko- proposal to resolve the forced- pering his agenda.
rean threats such as missile labor dispute has met resis- Senior party officials ap-
launches and work to bolster tance from former laborers proved the overall restructur-
their economic security and the main opposition party ing plan in late February. Parts
through cooperation in supply because it doesn’t require the of the plan pertaining to the
chains and other areas. Japanese companies to con- reorganization of state agen-
“This is the first step to South Korean President Yoon Suk Yeol toasts with Japanese Prime Minister Fumio Kishida in Tokyo. tribute to settlements. Instead, cies were unveiled last week
open an era of cooperation,” money would come from a during China’s annual legisla-
South Korean President Yoon Mr. Yoon’s visit comes after decade, the two U.S. allies ties is shared concern about South Korean fund to which tive session, where lawmakers
Suk Yeol said at a joint press his administration last week were more often heard sniping North Korea’s rapidly advanc- South Korean companies plan rubber-stamped those
conference with Japanese proposed a plan to resolve a at each other over issues such ing missile and nuclear threat. to contribute. changes.
Prime Minister Fumio Kishida. standoff over payments for as the name of the sea that di- North Korea fired another bal- Japan’s Keidanren business The changes, the directive
Hours after Mr. Yoon Koreans forced to work for vides them and the ownership listic missile on Thursday that federation and its South Ko- said, were necessary for up-
landed in Tokyo on Thursday, Japanese companies during of rocky outcroppings in that landed in the sea between the rean counterpart said Thurs- dating China’s governance in-
Japan’s trade ministry said it World War II, one of the most sea controlled by South Korea. Korean Peninsula and Japan. day they would set up and stitutions that weren’t fully
would relax restrictions on the contentious of an array of dis- On Thursday night, Messrs. “We confirmed the impor- jointly administer two sister suited to the needs of modern-
export to South Korea of cer- putes between two countries. Yoon and Kishida enjoyed a tance of security cooperation funds to help build ties be- izing the country and deliver-
tain chemicals needed in the The moves to reduce ten- beer together at a restaurant in between ourselves and with tween the two countries. A ing a national renaissance. The
semiconductor-manufactur- sions and the pictures of smil- Tokyo’s Ginza district serving a the U.S.,” Mr. Kishida said. He Keidanren spokesman said the party aims to complete cen-
ing process. Tokyo added red ing leaders shaking hands Japanese comfort food called said they would strengthen funds would support future- tral-level changes by the end
tape to those exports in July mark a turnabout from the omu-raisu, which is an omelet deterrence in response to oriented projects and wouldn’t of the year and wrap up local-
2019, when relations with tone of Japan-South Korea re- wrapped around fried rice. North Korea. be used to compensate the level restructuring by the end
Seoul were at a low point. lations. For most of the past One reason for warming The U.S. ambassador to former laborers. of 2024.

WORLD WATCH
EUROPEAN UNION cording to some estimates.
With China’s central and local
Clean-Tech Proposals governments rolling out an array
Target China, U.S. of incentives and other favorable
policies, home buyers are begin-
The European Union, fresh ning to regain their confidence,
from targeting U.S. and Chinese propping up housing prices
green-tech subsidies, on Thursday across the country, said Yan
set out steps to make its indus- Yuejin, research director of
tries more globally competitive in Shanghai-based E-House China
emerging environmental sectors. R&D Institute, a research firm.
The European Commission, —Cao Li
the bloc’s executive body, pub-
lished a raft of proposals aimed FIFA
at growing Europe’s share of the
global clean-tech market. The Women’s World Cup
plans include measures to speed Prize Money Boosted
up permitting and boost work-
ers’ skills and to help clean-tech FIFA is increasing the prize
companies secure the raw mate- money for the 2023 Women’s
rials needed to build wind tur- World Cup in Australia and New
ALESSANDRA TARANTINO/ASSOCIATED PRESS

bines, solar panels, electric vehi- Zealand to $110 million, more

cles and other technologies. than triple what it was in 2019,
“We want to be leaders in and says it could award equal
the green industries of the fu- prize money with the Men’s
ture,” said EU Executive Vice World Cup by 2027 if broadcast-
President Valdis Dombrovskis. ers increase their bids for the
The commission also pub- women’s event.
lished a plan for setting up a Eu- FIFA President Gianni Infan-
ropean Hydrogen Bank, meant to tino, speaking at the organiza-
support renewable hydrogen in- tion’s Congress in Kigali,
vestments and a strategy aimed Rwanda, said the international
at preserving the EU’s long-term THROUGH THE ROOF: Visitors to Rome’s Pantheon, a former Roman temple and Catholic church that is Italy’s most-visited cultural site, soccer federation was “embark-
competitiveness. will soon be charged an entrance fee of around $5.30 under an agreement signed by Italian culture and church officials on Thursday. ing on a historic journey for
Businesses welcomed the an- women’s football and for equal-
nouncements but said more is a summary of proposed texts Both sides are making swift working to strengthen and ruary from the prior month, ac- ity. And this will lead us to a
needed for Europe to be truly covering customs administration progress in hammering out de- deepen economic and trade ties cording to the calculations by path to equal pay.”
competitive globally. and trade facilitation, good regu- tails, following months of prepa- between Washington and Taipei. The Wall Street Journal based on Mr. Infantino said that equal-
—Kim Mackrael latory practices, services domes- rations and meetings in Taipei —Joyu Wang data released Thursday by the izing prize money for the men’s
tic regulation, anticorruption, and and New York, officials taking National Bureau of Statistics. and women’s tournaments in
TAIWAN small and midsize enterprises. A part in the talks said. CHINA The gain represents the first 2026 and 2027 would depend in
similar statement was released Previously described as part month-to-month increase since part on broadcasters’ bids for
Taipei, U.S. Move by Taiwan’s trade office at the of an “early harvest” list on a Housing Prices Show August 2021 and suggests Bei- the Women’s World Cup. He crit-
Toward Trade Deal same time. The five topics are possible trade agreement, the Signs of Stability jing’s efforts to support the be- icized “public broadcasters in big
among a dozen trade areas that five areas were flagged as ele- leaguered sector are starting to countries,” who he said submit-
The U.S. and Taiwan moved a the two sides previously agreed ments where faster progress A more than yearlong decline take effect. The data adds to fa- ted bids that were far too low
step closer toward a bilateral to negotiate. can be expected during the first in Chinese new home prices ap- vorable signs in the broader Chi- for the 2023 Women’s World
trade and investment initiative, “This is a very symbolic round of negotiations held in pears to be abating, offering nese economy, which saw growth Cup for the event’s audience size.
with both sides signaling prog- move,” a Taiwan trade official Taipei in January. more signs of a recovery as Bei- slow to 3% last year as “zero- Mr. Infantino didn’t indicate
ress in the talks at a time of told The Wall Street Journal, de- “These texts follow through jing seeks to shore up confi- Covid” pandemic measures took a Thursday what percentage of
heightened tensions between scribing the simultaneous re- on the two sides’ shared commit- dence and arrest a protracted toll on the world’s second-largest prize money would go to play-
Washington and Beijing. lease of statements as a sign of ment to pursue a high-ambition slump in the sector. economy. The housing sector ac- ers. FIFA didn’t respond to a re-
The U.S. Trade Representa- the tacit understanding that trade initiative,” the USTR said New home prices in 70 large counts for roughly one-quarter of quest for comment.
tive’s office on Thursday released they have built during the talks. Thursday, adding that they are Chinese cities rose 0.29% in Feb- Chinese economic growth, ac- —Rachel Bachman
 TECHNOLOGY: GOOGLE GLASS IS GOING AWAY AGAIN B4

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Friday, March 17, 2023 | B1

Stocks Rebound on Banking Aid Tech

Shares
Nine of 11 segments and other banks were in talks and watching for signals that ogy segments leading the way. in the day.
to deposit billions of dollars of the stress can permeate across The stock market has been The stock was the biggest
of S&P 500 finish
higher as market
their own money into First Re-
public.
The government confirmed
asset classes and industries
and leak into the real economy,
which it certainly will,” said
relatively resilient amid the
banking crisis. The S&P 500
and Dow are down less than
gainer in the S&P 500 on the
day but is still down 72% in
March. The lender drew com-
Serve
shows resilience
BY HARDIKA SINGH
the deal to rescue the San
Francisco lender—one of the
banks swept up in the conta-
Adam Abbas, co-head of fixed
income at Harris Associates.
“There will be knock-on ef-
parisons to Silicon Valley Bank
due to similarities in their size,
largely wealthy client bases
As Haven
AND ANNA HIRTENSTEIN

Stocks climbed Thursday,

reversing their morning de-
gion that followed last week’s
collapse of Silicon Valley
Bank— moments before the
stock market closed.
fects.”
The S&P 500 added 68.35
points, or 1.8%, to 3960.28,
erasing an earlier decline of
2.5%
Gain in the Nasdaq Composite
and the uninsured nature of
their deposit bases.
The banking system worries
spread to Europe this week
For Now
clines, after 11 of the nation’s Markets have been volatile 0.7%. The Dow Jones Industrial Index on Thursday where Credit Suisse has been BY HARDIKA SINGH
biggest banks deposited $30 in recent days amid concerns Average gained 371.98 points, at the center of a bank-stock
billion to prop up First Repub- about other regional banks or 1.2%, to 32246.55 and the selloff. Technology stocks have re-
lic Bank to stem the panic in with large collections of unin- Nasdaq Composite advanced Credit Suisse said overnight mained relatively insulated
the banking system. sured deposits and the broader 283.22 points, or 2.5%, to 1.3% in March, and the Nasdaq that it would borrow up to from the turmoil rattling fi-
Major stock indexes opened financial system. Thursday’s 11717.28. has posted a modest gain of $53.7 billion from the Swiss nancial markets. How long that
lower but changed course after developments appeared to ease Of the 11 sectors in the S&P 2.3%. central bank to pre-emptively lasts is anyone’s guess.
The Wall Street Journal said some of those worries, at least 500, nine finished in the green, First Republic shares rose strengthen its liquidity posi- The tech-focused Nasdaq
JPMorgan Chase, Citigroup, temporarily. with the communication ser- $3.11, or 10%, to $34.27 after tion. Its shares jumped 19% 100 index Thursday outper-
Bank of America, Wells Fargo “We certainly are on alert vices and information technol- falling as much as 36% earlier Please turn to page B11 formed the S&P 500 for the
11th consecutive trading ses-
sion, the longest such streak

Dollar General
since a 14-day period that
ended in July 2017, according
to Dow Jones Market Data.
Tech has been a bright spot

To Lift Spending
in a stock market hit by wor-
ries about the health of the fi-
nancial system. A sharp drop
in bank stocks has dragged the

On Store Staff
S&P 500 down 0.2% this
month, trimming its gains for
the year to 3.1%. The Nasdaq
100 is up 4.5% in March and
BY WILL FEUER pecting, according to FactSet. 15% in 2023.
Shares fell 3% in Thursday’s Within the S&P 500, the
Dollar General Corp. plans trading. tech and communication-ser-
to pour an additional $100 Stubbornly high inflation, vices groups—home to the
million into its stores, primar- rising interest rates and other likes of Apple Inc., Microsoft
ily in staffing levels, as it looks economic issues are weighing Corp. and the parent compa-
to attract more bargain-hunt- on Americans, who have pulled nies of Facebook and Google—
ing shoppers from rivals. back on purchases of apparel have climbed 5.2% and 5.7%,
Chief Executive Jeff Owen and electronics, according to respectively, this month, ex-
said Thursday the investment store operators such as tending their 2023 gains. The
JUSTIN SULLIVAN/GETTY IMAGES

in additional labor hours will Macy’s Inc. and Best Buy Co. only other segments in the
look to build on its continued Discount retailers and ware- green for March are utilities
sales growth and aim to cap- house clubs that focus on of- and consumer staples.
ture market share by lifting fering deals and typically cater The rise in tech stocks has
store standards and the in- to lower-income customers coincided with a plunge in
store shopping experience. have fared better as more Please turn to page B11
The Goodlettsville, Tenn.- Americans reassess their
based company disclosed the spending.
planned investment for the Please turn to page B2 Discount retailers and warehouse clubs have fared better as more Americans rethink their purchases. STREETWISE
current year as it reported a
5.7% rise in same-store sales,
By James Mackintosh
Same-store sales, quarterly* Net profit, quarterly Share performance this year
or sales at stores open at least
13 months, for the recently
ended quarter. The company
warned last month that
25%

20
$800 million Dollar Tree Dollar General 10%
Dollar Tree Moral
stormy winter weather
weighed on results in Decem-
ber. 15
600
5
Hazard
The discount retailer said it
expects sales to continue to
climb this year, despite chal-
10
Dollar Tree†
400
0
Comes
lenges from higher levels of
theft in stores, rising interest
rates and mounting invento-
5
200
–5
With Cost
ries. –10 Usually,
0
The company said it plans Dollar bailouts of
to spend between $1.8 billion General‡ Dollar banks lead to
and $1.9 billion on investments –5 0 –15 General widespread
in the company this year, FY2020 ’21 ’ 22 FY2020 ’21 ’22 Jan. 2023 Feb. March
concerns
above the $1.48 billion that about moral
Wall Street analysts were ex- *Change from a year earlier †Includes Family Dollar; fiscal year ended Jan. 28 ‡Fiscal year ended Feb. 3 Sources: the companies (sales); S&P Capital IQ (profit); FactSet (share performance) hazard, the idea that if you
save someone from the con-
sequences of their actions,

Tiger Global Writes Down Venture Funds’ Bets

they take even bigger risks.
This time a popular view be-
ing expressed by many com-
mentators is that bank de-
BY JULIET CHUNG newest venture funds lost be- drop of more than 50% in its tion processes, regardless of vate investments sufficiently. positors, even big
AND ELIOT BROWN tween 9% and 25%. publicly traded holdings. market cycles, that involve in- That could create a blind spot sophisticated businesses with
While substantial, the The disconnect is partly ex- dependent assessments of for investors deciding whether large uninsured deposits at
Tiger Global marked down markdowns—including $9 bil- plained by the tricky process companies’ worth. Some ques- to invest in new funds manag- risk, can’t be expected to po-
the value of its investments in lion in the second half of the of valuing private companies. tion if public markets are a ers are raising. lice how their banks behave.
private companies by about year—highlight the lag in pri- Managers have wide discre- valid benchmark, contrasting The recent write-downs at The view is both right and
33% across its venture-capital vate markets compared with tion; they typically rely on re- the volatility of public markets Tiger changed some of its per- horribly wrong. And it mat-
funds in 2022, according to similar rapidly growing public cent transactions, fundamen- with the longer-term nature of formance statistics signifi- ters for how we as a society
people familiar with the firm. companies. Tech stocks fell tals like revenue and the their investments in private cantly since it began raising a decide the banking system
The markdowns erased $23 sharply last year, yet large performance of comparable companies. new $5 billion venture fund should look after the failures
billion in value from Tiger’s venture-capital investors have companies. They also often Still, the lag in private-mar- last fall. of Silicon Valley Bank and
giant holdings of startups so far reported more modest hold preferred stock, which ket valuations during a rout in When it initially sought in- smaller Signature Bank.
around the globe, one of the declines. gives investors protections if a technology stocks has drawn vestors for the fund, PIP 16, it It is right that in advance
people said. Its private portfo- SoftBank Group reported company sells at a discount the attention of investors in- reported that a $5 billion fund the big depositors of SVB
lio includes big bets on hun- its $48 billion Vision Fund 2 and often decreases in value at cluding Harvard University’s it raised in 2020, PIP 12, had just didn’t care about the
dreds of companies including logged a roughly 30% drop in a slower rate than common endowment, whose chief sug- generated a 22% internal rate risks the bank was taking,
TikTok parent ByteDance and valuations of its private in- stock. gested in his annual letter last of return for investors—a fig- obvious as they are with
payments company Stripe. In vestments between April and Managers generally say fall that venture managers ure well above average— hindsight. Streaming com-
the fourth quarter, Tiger’s December, compared with a they hew to consistent valua- hadn’t written down their pri- Please turn to page B10 Please turn to page B10

INSIDE EY Split in Peril as U.S. Partners Balk

BY JEAN EAGLESHAM private-equity buyer, the peo- ownership structure. EY’s ing over how to pay unfunded
AND ALEXANDER SAEEDY ple said. global network is made up of pension obligations to retired
The contingency plan puts separate country partnerships, U.S. partners. Rising interest
Ernst & Young’s breakup pressure on the U.S. partners each of which has its own rates and fears of a slowing
plan is in jeopardy, and the ac- at the 390,000-person firm. rules for approving the sale of economy further complicated
JEFF CHIU/ASSOCIATED PRESS

counting firm’s leaders are They are demanding that the the consulting business it the deal.
trying to salvage the deal by future audit-focused firm get a owns. Executing the deal re- Votes on the split, origi-
placating restive U.S. partners bigger piece of the firm’s lu- quires approval from partners nally due to start last year,
without pushing its overseas crative tax business. in each of the 75 countries due were rescheduled for next
executives too far, people fa- EY’s U.S. leaders Tuesday to take part, all of which oper- month. That timing is now up
miliar with the matter said. responded with a new plan for ate under different legal, regu- in the air.
The Big Four accounting the split, which would move latory and tax systems. The latest, and potentially
firm has suffered a series of more of the tax practice to the EY’s leaders in the fall gave most serious, roadblock is
EARNINGS FINANCE delays in its plan to split its audit side, one of the people the green light to the split, centered on the firm’s $11 bil-
FedEx lifts target after Silicon Valley had global auditing and consulting familiar with the matter said. dubbed Project Everest. But lion-in-revenue tax practice
businesses. Now, top execu- That proposal is now under hammering out terms of the and stems from regulatory
its profit declined reason to love tives are considering several negotiation with the rest of deal is proving harder than differences and a fight for the
in the latest quarter. Silicon Valley Bank. backup options, including sell- the firm, the person added. the leadership expected. The spoils of the breakup.
B3 B10 ing off just the non-U.S. con- The horse trading is a re- plan had already been delayed Some U.S. audit leaders
sulting operation, likely to a sult partly of EY’s convoluted last year by disputes, includ- Please turn to page B2
 B2 | Friday, March 17, 2023 **** 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
Adobe ........................ B11
Advanced Micro Devices
...................................B11
Alphabet...........B2,B4,B5
Dollar General.............B1
Dollar Tree .................. B2
Dominion Voting
Systems....................B5
Enel..............................B4
Novartis ...................... A2
Oracle.....................A1,A4
PNC Financial Services
................ A6,A7,B11,B12
S
Cellphone Carriers Must Block
Amazon.com..........B4,B5
Andreessen Horowitz
...................................B10
Apple...........................B4
AT&T............................B2
Arista Networks.......B11
Ernst & Young.............B1
Experian ...................... B4
F
FedEx...........................B3
First Republic Bank
Salesforce ................. B11
Sanofi..........................A3
Signature Bank.....A6,A7
Silicon Valley Bank
............................. A7,B10
Obvious Scam Texts, FCC Says
.................. A1,A6,B1,B12 Simo .......................... B10
B Fox...............................B5 Snap.....................B4,B11 BY WILL FEUER According to the FCC, the public comment to explore Inc. declined to comment and
Baidu ........................... B4 G-P SoftBank.....................B1 number of robotext complaints other ways it can fight un- T-Mobile US Inc. representa-
Bank of America State Street................A6
.................. A1,A7,B1,B12
Goldman Sachs....A1,B12
Stripe...........................B1 U.S. regulators say scam has surged from around 3,300 wanted texts, including through tives didn’t immediately return
Intel...........................B11 texts have gotten out of control received in 2015 to 18,900 re- authentication measures and a request for comment. AT&T
Bank of New York Swiss National Bank..A6
JPMorgan Chase
Mellon.......................A6 .................. A1,A7,B1,B12 T-W and it is time for cellphone ceived last year. The FCC said it expanding the list of illegal tex- Inc. referred The Wall Street
Best Buy ..................... B1 Julius Baer................B11 Texas Capital companies to do more to stop still receives more complaints ters to include numbers tied to Journal to the CTIA, a trade as-
BJ's Wholesale Club...B2
Brookfield Asset
Macy's.........................B1 Bancshares ............. B11 them. about unwanted phone calls entities that the FCC has cited sociation. “CTIA welcomes con-
Meta Platforms T-Mobile US................B2 Under new rules adopted than text messages, but the tinued opportunities to partner
Management...........B12 ........................A2,B4,B11 Truist Financial...........A6
ByteDance ............. A4,B1
Micron Technology ..... A4 Twitter ...................... B10 Thursday by the Federal Com- rapid growth of unwanted texts with the FCC on our shared
C-E Microsoft........B3,B4,B12 UBS............................B11 munications Commission, mo- has emerged as a growing con- commitment to protect con-
Citigroup.........A1,B1,B12 Morgan Stanley...A1,B12 U.S. Bancorp........A6,B12 bile-service providers have to cern.
‘These robotexts are sumers and bring enforcement
Costco Wholesale.......B2 NatWest....................B11 Verizon Communications
Comerica....................B11 National CineMedia....B3 .....................................B2
block robotext messages the “These robotexts are making making a mess of actions against bad actors,” the
agency says are highly likely to a mess of our phones,” FCC group said.
Credit Suisse.......A6,B12
Deutsche Post.............B2
Netflix.........................B5
News Corp...................B5
Walt Disney................B5
Wells Fargo ......... A1,B12 be illegal. Chairwoman Jessica Rosenwor-
our phones,’ FCC’s Last year, the CTIA said in
That includes texts from cel said. “They are reducing chairwoman said. public comments to the FCC
numbers that shouldn’t be trust in a powerful way to com- that the wireless industry was
INDEX TO PEOPLE sending messages, such as un-
used and invalid numbers, as
municate.”
The new rules also will re-
already working to block un-
wanted text messages.
well as those that government quire phone companies to es- as illegal robotexters. Online scams have grown
A Hatzius, Jan..............B11 P agencies identify as not for tex- tablish a point of contact for The agency is also proposing rapidly in recent years and ac-
Abbas, Adam...............B1 Herbert, James II.......A6 Parikh, Mo.................B10 ting. texters who believe their text to close the so-called lead gen- celerated during the Covid-19
Anderson, Matthew . B12 J Pichai, Sundar.............B4 The new rules are the first was erroneously blocked. erator loophole. That loophole pandemic as Americans relied
Andreessen, Marc.....B10 Jablonski, Sylvia.......B11 Pride, Jason .............. B11
B
regulations from the FCC spe- Ms. Rosenworcel said the allows multiple marketers to more on their computers and
K R
cifically targeting spam texts, new rules will stop the texts take advantage of a single con- phones. Earlier this week, the
Boland, Julie...............B2 Roe, John .................. B11
Kamal, Fahad..............A6 which have become an increas- that are most likely to be ille- sent from a consumer to re- Federal Bureau of Investigation
Brzeski, Carsten.........A6 S
Keirstead, Karl..........B12 ingly pervasive threat to Amer- gal. “But we are not stopping ceive text messages and robo- said Americans lost more than
C Khanna, Rohan ........... A6 Scharwath, Tim .......... B2
Calcagni, Don............B11 Körner, Ulrich............B12 icans in recent years, the here,” she said. calls, the FCC said. $10 billion to online scammers
Sibio, Carmine Di........B2
Chang, Wayne...........B10 L Soni, Punit................B10 agency says. The FCC said it would solicit Verizon Communications last year.
Chen, Carolyn............B10 Subramaniam, Raj......B3
Chew, Shou Zi ............ A1 Li, Robin......................B4
M-O T
D-H
Dimon, Jamie.A6,A7,B12
Donahue, Nicholas....B10
Goldberg, Gerry.........B11
Guha, Krishna.............A6
Mehrota, Sanjay.........A4
Murdoch, Rupert.........B5
Nadella, Satya.....B3,B12
Owen, Jeff .................. B1
Thornton, Robert........A6
Y-Z
Young, George...........B11
Zhang, Cathy.............B10
Green Logistics Slow to Make Progress
BY PAUL BERGER

Retailer to ended Feb. 3, Dollar General

posted a profit of $659.1 mil-
lion, or $2.96 a share, com-
Freight operators are roll-
ing out a growing array of op-
tions for shippers looking to

Lift Spend pared with $597.4 million, or

$2.57 a share, in the same pe-
riod a year earlier. Analysts
reduce pollution, from low-
carbon aviation and marine fu-
els to electric trucks.

On Staffing surveyed by FactSet were ex-

pecting earnings of $2.95 a
share.
But some shipping execu-
tives say companies are prov-
ing reluctant to pay the higher
Sales for the quarter rose prices for alternative fuels and
Continued from page B1 17.9% to $10.20 billion while zero-emissions vehicles that
Dollar Tree Inc. expects same-store sales climbed 5.7%. can easily double or triple
same-store sales to rise this Analysts surveyed by FactSet transport costs.
year as higher-income Ameri- were expecting sales of $10.24 Tim Scharwath, chief execu-
cans turn to the company’s billion and same-store sales tive of DHL Global Forwarding,

PETER NICHOLLS/REUTERS
stores, executives said earlier growth of 5.8%. Freight, part of Deutsche Post
this month. For the current fiscal year, AG, said talk about sustain-
Both BJ’s Wholesale Club Dollar General forecasts sales ability gains often falters
Holdings Inc. and Costco to rise 5.5% to 6%, in line with when decisions reach procure-
Wholesale Corp. posted analysts’ expectations. ment departments, where sug-
higher same-store sales for Merchandise inventories, gestions to use aviation and
their most recently ended measured at cost, rose 14.3% marine biofuels for transport
quarters as Americans sought on a per-store basis from a are vetoed in favor of heavier- DHL says moving more freight using sustainable power depends on customers’ willingness to pay.
to buy in bulk. year earlier to $6.8 billion as polluting but cheaper options.
For the three-month period of Feb. 3. “It’s not happening services provider Clarksons. warders in the world, moves advances will depend on cus-
enough,” Mr. Scharwath said. But there is little agreement hundreds of billions of dollars tomers’ willingness to pay a
“If you talk to purchasing guys across the freight business on worth of freight each year by premium.
they have one thing to do: to how to cover such costs. ocean, air and land. The com- Some shippers say they are
ALLISON ULLMANN/THE PERRY CHIEF/USA TODAY NETWORK/REUTERS

get the best deal. And they get A recent study by Boston pany has a target of spending willing to pay more. They say
paid for less spend.” Consulting Group found that up to 7 billion euros, the sustainability is increasingly
The gap between environ- 82% of companies are willing equivalent of roughly $7.4 bil- important for consumers and
mental goals and implementa- to pay more for sustainable lion, on decarbonization by is playing a bigger role in sup-
tion highlights a growing fault shipping, but the premium 2030. During the past two ply-chain decision making, but
line in the logistics arena as they are willing to pay falls far years, it has spent €440 mil- their options are limited.
research on sustainable alter- short of the investment lion on measures such as Because few aircraft and
natives to traditional freight needed to significantly reduce green aviation fuels and elec- ships run on biofuels, import-
transport starts moving into emissions. tric vehicles, according to ers and exporters can’t easily
real-world operations. Freight executives say elec- company data. pick passage on sustainable
The broad changes in fuels, tric trucks cost about three DHL officials say the slow modes of transportation while
infrastructure and transport times more than regular progress is caused in part by a maintaining the pace of their
equipment aimed at slashing trucks and can be particularly scarcity of alternate fuels and supply chains. Some shippers
carbon emissions are expen- expensive in parts of Europe sustainably powered aircraft, say they hesitate to use car-
sive: The maritime industry where electricity costs are ships and trucks. They expect bon-offset programs, such as
alone will have to spend some high. Marine and aviation bio- to significantly increase green planting trees, because the
$3 trillion to eliminate emis- fuels cost several times more spending in the next few years benefits can take years to pay
sions over the next few de- than regular fuels. as more options become avail- off and there are no reliable
Dollar General’s same-store sales rose 5.7% in the latest quarter. cades, according to shipping DHL, one of the largest for- able. But Mr. Scharwath said global standards.

Breakup handouts.
In the U.S. those staying
with the mostly audit busi-
up.”
Many partners at the U.S.
firm are angry their leader-
stalled at a three-day meeting
in New York that exposed
sharp disagreements on the

Of EY ness were in line for a cash

windfall worth three times
their annual compensation, a
ship is endangering a deal
that could land them big pay-
outs. “It’s a small group run-
executive committee of the
U.S. firm, according to people
familiar with the matter. A

In Peril higher multiple than for part-

ners at some other EY firms,
the people familiar with the
ning the fight and they’re
about to get hammered by a
lot of angry partners,” one
minority of the committee,
representing the auditors, re-
fused to sign off on the pro-
matter said. U.S. partners go- U.S. partner said. posed agreement, the people
Continued from page B1 ing to the new consulting The deal has already cost said. The marathon talks
want the new audit-focused company were set to get EY more than $100 million in- broke up without reaching a
partnership to have a much shares in it worth nine times cluding staff time, the people consensus.
greater share of the tax prac- their annual compensation, said. The firm had largely Ms. Boland, the U.S. head
tice than the one-third envis- paid out over a five-year pe- completed the knotty process and nominated leader of the
aged in the proposal, accord- riod, and accompanied by a of deciding which firm each new audit-focused business,
ing to people familiar with significant cut in their cash of its 13,000 partners would refused to override the dis-
the matter. pay, the people said. work for after the split. Only senting partners, the people
U.S. rules allow auditors to With just a small remnant 50 to 100 partners had still to familiar with the matter said.
sell tax advice to their cli- of the firm’s tax business, be assigned to one firm or Instead, she agreed to insist
ents, giving a significant some U.S. audit partners were the other, including fewer on a review of the plan, the
boost to revenue. Google par- concerned that their business people said, ultimately throw-
ent Alphabet Inc., for exam- wouldn’t generate the reve- ing the firm into its current
ple, paid EY more than $1 nue they hoped. state of turmoil.
million in tax fees in 2021, on
top of $24 million in audit
fees, filings show.
Elsewhere in the world,
No agreement has been
reached on any alternative
deal, including any that ex-
cludes the Americans, the
$11B
Revenue at Ernst & Young’s
It isn’t clear if any new
agreement on a deal will
quell dissent within the firm.
A group of retired U.S.
notably Europe, regulations people said. Still, senior exec- tax practice partners continues to raise
generally bar auditors from utives are prepared to con- concerns about Everest, par-
selling tax advice. That template pushing ahead with- ticularly its impact on EY’s
means there isn’t the same out the U.S., which accounts audit business.A statement by
business rationale for an au- for some 40% of global reve- than 10 of the 1,000 or so four former EY leaders this
dit firm to retain a lot of tax nue, shows the deep rifts that partners in the U.S. tax prac- week took direct aim at Mr.
advisers as there is for U.S. have opened up within the tice, according to an internal Di Sibio.
clients. firm. webcast earlier this year “There are significant is-
The split is also about Julie Boland, head of the viewed by The Wall Street sues with the proposed trans-
money. Under the plan, the U.S. firm, upset some other Journal. action that go well beyond
consulting business would senior EY leaders when she Carmine Di Sibio, the EY poor market conditions. The
raise $11.5 billion in an initial told her 4,000 partners this global leader and designated original design was devel-
public offering and borrow month of a “pause” in the head of the new consulting oped by future [consulting
$18.5 billion. That $30 billion deal, according to people fa- company, as recently as last business] leadership and had
would fund multimillion-dol- miliar with the matter. month said at the The Wall basic flaws,” the statement
lar cash windfalls to the audit “Even pretty senior part- Street Journal’s CFO Network said, according to a copy of a
partners to compensate them ners are holding up their Summit there were “no tre- memo Tuesday to some re-
for helping grow and giving hands in horror and going, mendous hurdles” to getting tired partners viewed by the
up the consulting business. ‘What the hell’s going on the deal done, short of a deep Journal.
Partners in the new consult- here?’ ” one U.K. partner said economic downturn. —Mark Maurer
ing company get equity “They’ve really messed this But the deal’s momentum contributed to this article.
 THE WALL STREET JOURNAL. ** Friday, March 17, 2023 | B3

BUSINESS NEWS

Microsoft Incorporates
Generative AI Tool
Into Business Software
BY TOM DOTAN ware.
It is starting by giving the
Microsoft Corp. is infusing tech to 20 customers, including
its popular workplace software eight of America’s largest com-
MICHAEL NAGLE/BLOOMBERG NEWS

with the technology behind the panies, Microsoft said, without

viral chatbot ChatGPT, upgrad- naming the companies. It didn’t
ing PowerPoint, Word, Excel say when or if it would charge
and Outlook with new abilities extra for the upgrade.
in its latest move to try to stay Where Bing search is largely
ahead in the artificial-intelli- about pulling answers from the
gence race. web, Microsoft’s workplace
The software giant has gone software has many types of
all-in on generative AI, follow- customers with varying and
The company said it plans to reduce its U.S. head count by 25,000 among other cost reductions. An Express facility in Long Island. ing its multibillion-dollar in- complex demands. That’s why
vestment in ChatGPT’s creator the company is taking a more

FedEx Lifts Target After Profit Fell

OpenAI. In February, Microsoft measured approach with this
rolled out a new version of its release, said Mr. Nadella.
search engine Bing that used “What is happening in Word
generative AI to give direct an- is different from what is hap-
swers to questions and had a pening in Excel from what’s
BY DENNY JACOB to struggle with a decrease in were expecting $2.71 a share. curb costs as it contends with sophisticated chat tool. It said happening in Teams, and you
shipping volumes. Revenue declined nearly 6% lower demand it first warned Thursday that it is bringing the want to make sure we get all of
FedEx Corp.’s earnings fell “We will be taking further to $22.2 billion, short of ana- of in September. The company technology to its Microsoft 365 these things right,” he said.
for the second straight quarter, actions in the coming months lyst expectations for $22.72 in February said it is laying off suite of software to enable us- The main feature the com-
but the delivery giant raised its including a more pronounced billion. more than 10% of its global ers to create presentations, pany will be releasing is what it
outlook and said it cut more of readjustment of the air net- The company also said it management staffers. write documents and summa- calls the Microsoft 365 Copilot.
its costs. work,” Chief Executive Raj Sub- completed an accelerated The company said it is on rize emails—all from natural- It will be embedded inside its
The delivery company also ramaniam on an investor call. share repurchase program, de- track to lower expenses by $4 language prompts. Microsoft 365 suite, and allow
said by May it would reduce its For the quarter ended Feb. creasing its number of shares billion by the end of fiscal Bing is only a small part of users, through natural-language
U.S. head count by 25,000, 28, the Memphis, Tenn.-based outstanding in a move that 2025 with measures including the overall search market. The inputs, to generate documents,
among other expense reduc- company reported net income benefited third-quarter results job cuts and salary reductions. less than $12 billion in revenue presentations and original text.
tions. of $771 million, or $3.05 a by 10 cents a share. But its efforts come as the it generated in the year ended A Word user will be able to
FedEx charged higher ship- share, down from $1.11 billion, For its current fiscal year, economy shows signs of cool- June is a small fraction of Mi- highlight a paragraph and the
ping rates and said its cost re- or $4.20 a share, in the same FedEx is now guiding for per- ing, with retail sales dropping crosoft’s overall business. Mi- AI can offer different options
ductions supported expansions period a year earlier. share earnings between $13.80 in February. Higher interest crosoft 365 software is a cor- for a rewritten version of it.
in its Ground and Freight divi- Excluding certain one-time and $14.40, up from a prior rates have contributed to con- nerstone of the company’s The technology can create a
sions. But the improvements items, FedEx said per-share range between $12.50 and sumers spending less, which business and a leader in the PowerPoint presentation based
haven’t offset pressures in its earnings were $3.41. Analysts $13.50 a share. the Federal Reserve has raised overall business-software mar- on the text from a document,
Express unit, which continues recently polled by FactSet FedEx has taken steps to to bring down inflation. ketplace. the company said. It could, for
Reinventing the company’s example, take an essay about
FedEx's average daily package volume, Revenue by major segments Share and index performance, workplace products around the French Revolution and turn
change from a year earlier year to date generative AI is “a really big it into a presentation with mul-
Express* Ground deal,” Microsoft Chief Executive tiple slides and images.
20% $12 billion 25% Satya Nadella said in an inter- Inside Excel, the spreadsheet
view. “You already have signifi- tool, Copilot can help users an-
FedEx
cant usage of these properties. alyze sales data, determine
20 And so the question is, can we trends and create charts with-
10 9
use AI to really help solve some out becoming Excel experts.
of the customer challenges that Microsoft has also built an
15 we see today?” AI-powered tool called Business
0 6 The significance of that Chat that works across Micro-
Express business could be informing soft 365 and can do things like
10
how the Bing and Microsoft summarizing multiple emails,
365 updates are being rolled creating transcripts from con-
–10 3 S&P 500 out. The former was released versations on Microsoft Teams
5
as a product announcement at and highlighting the times a
Ground a big media event and ex- specific topic came up in meet-
–20 0 0 panded to a broader audience ings.
within weeks. Microsoft says it
FY2021 ’22 ’23 FY2021 ’22 ’23 Jan. 2023 Feb. March
will take months to roll out its  Heard on the Street: Microsoft
*Including TNT Express Note: Fiscal quarter ended Feb. 28 Sources: the company (volume, revenue); FactSet (share price) AI-infused suite of office soft- can’t afford turmoil............... B12

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B4 | Friday, March 17, 2023 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Google Glass Is
Going Away—Again
Some people were ways to bring new, innovative more on a device with few ob-
AR experiences across our vious uses.
hesitant to pay $1,000 product portfolio,” the com- The company paused indi-
or more on a device pany said. vidual sales of Glass in 2015.
Google’s Glass project had Google brought the product
with few obvious uses been troubled from the time back two years later as Glass

DAVID PAUL MORRIS/BLOOMBERG NEWS

the company sold its first pro- Enterprise Edition, targeted at
BY ALYSSA LUKPAT totypes in 2013. Both regula- corporate customers.
tors and consumers raised Google said on its website
Google stopped selling the concerns about how the device Wednesday that until Septem-
latest version of Glass after could secretly record people in ber it would continue helping
the device sparked privacy public and collect sensitive Glass users resolve app issues
concerns and didn’t gain trac- data for Google. Google mar- or problems with their de-
tion with consumers. keted Glass as a next-genera- vices.
The company said on its tion device that could take Many tech companies, in-
website Wednesday it was no pictures or project holo- cluding Google, have been cut-
longer selling Glass Enterprise graphic computer images for ting costs over concerns about Google had redesigned Glass over the years, making the product look less like a sci-fi movie prop.
Edition, the most recent ver- the person wearing it. a slowing economy. Google’s
sion of the product. It didn’t Google has redesigned parent company, Alphabet bet Chief Executive Sundar Pi- new artificial-intelligence them and trademark the prod-
say why. Glass over the years, making Inc., said in January that it chai wrote in a message to products and keep up with uct name, Spectacles. The Wall
Google, like other tech com- the product look less like a was laying off 6% of its work- employees announcing the competitors like Microsoft Street Journal reported in
panies, has been cutting costs sci-fi movie prop and more force, or 12,000 jobs, in its changes. Corp. and OpenAI. 2021 that Apple Inc. could un-
in recent months. like traditional glasses. The biggest-ever round of job cuts. Google has focused consid- Other tech companies have veil a headset or smart glasses
Google said in a statement company at one point worked “These are important mo- erable attention over the experimented with wearable in 2022, but Apple hasn’t re-
Thursday that it was still with an Italian eyewear maker. ments to sharpen our focus, years on its consumer-elec- devices that use augmented leased such a product.
working on other augmented- But Glass sales were lacklus- reengineer our cost base, and tronics ventures like Glass. reality. Snap Inc. released Snap and Apple didn’t re-
reality products. ter. People were hesitant to direct our talent and capital to Now Google is also concen- video-recording sunglasses in turn requests to comment on
“We’ll continue to look at spend sometimes $1,000 or our highest priorities,” Alpha- trating on the race to debut 2016 but has struggled to sell Thursday.

Baidu Introduces Chatbot—Without a Live Demo

BEIJING—At an intimate many commentators contrasted and Microsoft’s challenge to its that his company produces.
event space in Baidu Inc.’s Bei- the event to OpenAI’s real-time core search business. In one Once seen as one of China’s
jing headquarters on Thursday, demo two days earlier of its day, the American search giant shiniest tech giants, alongside
the Chinese search giant’s Chief latest model, GPT-4. lost $100 billion from its market Alibaba Group Holding Ltd.
Executive Robin Li sought to Investors also balked: capitalization after Bard pro- and Tencent Holdings Ltd.,
Baidu’s Hong Kong-traded stock duced factual errors in a demo. Baidu’s standing took a hit af-
By Karen Hao, price plunged as much as 9% Mr. Li showed videos of Er- ter its core advertising reve-
Yoko Kubota after the presentation started, nie Bot’s capabilities, includ- nue began to slow and the
NG HAN GUAN/ASSOCIATED PRESS

and Raffaele Huang before closing 6.4% lower. ing its fluency with Chinese company reported a loss in
“Everyone will be bench- idioms and ability to generate 2019. It has since struggled to
wow an in-person and online marking Ernie Bot today audio speaking in different regain investor confidence.
audience by introducing its AI- against ChatGPT, even against Chinese dialects. Mr. Li said Mr. Li didn’t specify on
powered chatbot, Ernie Bot. GPT-4—that bar is really the bot would be great in five stage when the chatbot would
Mr. Li showed a series of high,” Mr. Li said at the event. areas—literary creation, busi- become widely available.
prerecorded videos of the “You could say that of all the ness writing, mathematical Baidu initially said last month
chatbot—the first real Chinese world’s biggest companies, calculation, Chinese-language that it would embed the chat-
contender to ChatGPT, devel- Baidu was first to release.” understanding and multimodal bot into its search engine and
oped by San Francisco-based Microsoft used OpenAI’s Baidu CEO Robin Li introduced Ernie Bot on Thursday in Beijing. generation, such as generating open it to the public in March.
firm OpenAI—answering ques- technology, while Google, Meta images or videos from texts. Some employees told The
tions about Chinese literature, Platforms Inc. and Amazon.com scribe the experience as per- tumbling from the elite tier of Online, some people said Wall Street Journal that the
solving math problems and Inc. have yet to release similar fect,” Mr. Li said. But the mar- China’s tech giants. Baidu wouldn’t have shied tight timeline has been insuffi-
generating images and videos. products, he said. Ernie Bot will ket demanded it, he said, In pushing something out away from chatting with Ernie cient for developing a well-
The only thing missing was be available to invited users adding that “everyone is wait- quickly, the company sought Bot live if it had mature capa- functioning product.
a live demo of Ernie Bot itself. from Thursday, Baidu said. ing for this technology.” both to capitalize on the wild bilities. Until the final days before
The presentation drew sharp Mr. Li acknowledged that Ernie Bot represents a high- popularity of ChatGPT and One attendee at the event the launch, the team was still
criticism from online viewers many people had asked him stakes gamble for Baidu. The beat its domestic competitors. was more optimistic. He said rushing to ready the chatbot,
who were disappointed not to why the company rushed to chatbot could solidify Baidu’s The initial market reaction, his firm could consider using leaving no time left for a
see Ernie Bot performing live. launch the technology and reputation as an AI leader, a however, hearkened back to Ernie Bot, such as by having it planned internal rollout to
While Microsoft Corp. and Al- whether it was truly ready. label it has repeatedly as- Google’s debut of its AI chatbot read through various docu- perform companywide testing,
phabet Inc.’s Google have also “During our initial internal signed itself in recent years to Bard, which it also rushed to ments to generate summaries according to people familiar
relied on prerecorded demos, testing, it’s true I wouldn’t de- regain investor favor after push out in the face of OpenAI as well as give titles to videos with the matter.

ADVERTISEMENT
Courts Side With Big Companies
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds In European Privacy Appeals
CLASS ACTION BY CATHERINE STUPP

Big companies are winning

LEGAL NOTICE appeals to overturn regulatory
decisions that allege they vio-
UNITED STATES DISTRICT COURT To share in the distribution of the Settlement Fund, you
DISTRICT OF NEW JERSEY must establish your rights by submitting a Proof of Claim lated European privacy rules,
AHMAD ODEH, Individually and on and Release Form (“Proof of Claim”) by mail (postmarked potentially carving out a path
Behalf of All Others Similarly Situated, Plaintiff, vs. no later than June 8, 2023) or electronically (no later than for more businesses to chal-
June 8, 2023). Your failure to submit your Proof of Claim lenge similar sanctions.
IMMUNOMEDICS, INC., et al., Defendants.
by June 8, 2023, will subject your claim to rejection and
No. 2:18-cv-17645-ESK (Consolidated) preclude your receiving any of the recovery in connection Courts in the U.K., Spain, It-
CLASS ACTION with the Settlement of this Litigation. If you purchased or aly and Germany sided with
EDUARDO PARRA/CONTACTO/ZUMA PRESS

SUMMARY NOTICE OF PROPOSED otherwise acquired Immunomedics common stock between companies including Experian
SETTLEMENT OF CLASS ACTION February 9, 2018 and January 17, 2019, inclusive, and do PLC, Amazon.com Inc. and
TO: ALL PERSONS WHO PURCHASED OR not request exclusion from the Class, you will be bound Italian energy giant Enel SpA
OTHERWISE ACQUIRED IMMUNOMEDICS, by the Settlement and any judgment and release entered in
INC. (“IMMUNOMEDICS” OR THE the Litigation, including, but not limited to, the Judgment, in recent rulings, in some
“COMPANY”) COMMON STOCK DURING whether or not you submit a Proof of Claim. cases striking down multimil-
THE PERIOD BETWEEN FEBRUARY 9, 2018 If you have not received a copy of the Notice, which lion-dollar fines and reaffirm-
AND JANUARY 17, 2019, INCLUSIVE, AND more completely describes the Settlement and your rights ing companies’ arguments that
WERE DAMAGED THEREBY (“CLASS” OR thereunder (including your right to object to the Settlement), their data practices comply
“CLASS MEMBERS”) and a Proof of Claim, you may obtain these documents,
as well as a copy of the Stipulation (which, among other
with the General Data Protec-
THIS NOTICE WAS AUTHORIZED BY THE COURT.
IT IS NOTA LAWYER SOLICITATION. PLEASE READ things, contains definitions for the defined terms used in this tion Regulation.
THIS NOTICE CAREFULLY AND IN ITS ENTIRETY. Summary Notice) and other Settlement documents, online at Companies have appealed
YOU ARE HEREBY NOTIFIED that a hearing will be held www.ImmunomedicsSecuritiesSettlement.com, or by writing to: GDPR decisions since the ex- Amazon.com is among the firms to score wins in recent rulings.
on June 15, 2023, at 10:00 a.m., before the Magistrate Judge Immunomedics Securities Settlement pansive privacy law took effect
Edward S. Kiel at the United States District Court, District of c/o JND Legal Administration in 2018 in an effort to fight “There’s so much room still in the GDPR allowing compa-
New Jersey, in Courtroom 8 of the Frank R. Lautenberg U.S. P.O. Box 91456
Seattle, WA 98111 reputational harm and large to interpret GDPR, so that’s nies to gather personal data
Post Office and Courthouse, 2 Federal Square, Newark, New
Jersey 07102 to determine whether: (1) the proposed settlement Inquiries should NOT be directed to Defendants, the Court, fines, which can reach up to 4% why [companies] have to fight without asking for explicit
(the “Settlement”) of the above-captioned action as set forth in or the Clerk of the Court. of a company’s global revenue, against the decisions” from consent, for direct marketing.
the Stipulation of Settlement (“Stipulation”) for $40,000,000 in Inquiries, other than requests for the Notice or for a Proof of or €20 million, whichever is regulators, she said. The court rejected the regula-
cash should be approved by the Court as fair, reasonable, and Claim, may be made to Lead Counsel: higher. Now companies see A Spanish court overturned tor’s argument that collecting
adequate; (2) the Judgment as provided under the Stipulation
should be entered dismissing the Litigation with prejudice;
ROBBINS GELLER RUDMAN & DOWD LLP business models at stake. Meta a 2020 fine of €5 million personal data to create pro-
(3) to award Lead Counsel attorneys’ fees and expenses out
Ellen Gusikoff Stewart Platforms Inc., for example, against BBVA related to multi- files for marketing purposes
655 West Broadway, Suite 1900 said it is appealing fines of ple complaints of the bank intrudes on privacy rights.
of the Settlement Fund (as defined in the Notice of Pendency
San Diego, CA 92101
and Proposed Settlement of Class Action (“Notice”), which is
Telephone: 800/449-4900 €390 million, equivalent to processing personal data with- Britain’s privacy watchdog will
discussed below) and to award Lead Plaintiffs reimbursement about $414 million, imposed in out consent. The court deci- apply for permission to appeal
[email protected]
of their time and expenses pursuant to 15 U.S.C. §78u-4(a)(4)
in connection with their representation of the Class, and, if IF YOU DESIRE TO BE EXCLUDED FROM THE CLASS, Ireland in January over the so- sion said Spain’s regulator the ruling, the regulator said.
so, in what amounts; and (4) the Plan of Allocation should be YOU MUST SUBMIT A REQUEST FOR EXCLUSION cial-media company’s practices made a broad argument about The court didn’t completely
approved by the Court as fair, reasonable, and adequate. SUCH THAT IT IS POSTMARKED BY MAY 25, 2023, in targeting Instagram and the bank’s data-protection pol- exonerate Experian, agreeing
IN THE MANNER AND FORM EXPLAINED IN THE
The Court may decide to conduct the Settlement Hearing by video
NOTICE. ALL CLASS MEMBERS WILL BE BOUND
Facebook users with ads. icy without enough evidence. with the regulator that the
or telephonic conference, or otherwise allow Class Members to “We’re starting to see the Ms. Torrón said she was company didn’t properly no-
BY THE SETTLEMENT EVEN IF THEY DO NOT
appear remotely at the hearing, without further written notice to
the Class. In order to determine whether the date and time of the
SUBMIT A TIMELY PROOF OF CLAIM. through line of companies aware of the appeal while she tify around five million people
Settlement Hearing have changed, or whether Class Members IF YOU ARE A CLASS MEMBER, YOU HAVE THE starting to pick their battles worked at BBVA but wasn’t in- about how it acquired their
must or may participate by phone or video, it is important that RIGHT TO OBJECT TO THE SETTLEMENT, THE PLAN and spend the time and effort volved as an outside counsel data from public records.
you monitor the Court’s docket and the Settlement website, OF ALLOCATION, THE REQUEST BY LEAD COUNSEL on the appeals they think they after joining Legal Army in Experian said it was “very
www.ImmunomedicsSecuritiesSettlement.com, before making FOR AN AWARD OF ATTORNEYS’ FEES NOT TO
EXCEED 29.5% OF THE $40,000,000 SETTLEMENT can win and would have an ef- February. The regulator said it pleased with the outcome.”
any plans to attend the Settlement Hearing. Updates regarding
the Settlement Hearing, including any changes to the date or AMOUNT AND EXPENSES NOT TO EXCEED $650,000 fect on their business models,” is considering an appeal. BBVA A court sided with Amazon
time of the hearing or updates regarding in-person or remote AND AWARDS TO LEAD PLAINTIFFS NOT TO EXCEED said Edward Machin, a lawyer declined to comment. last month against the data
appearances at the hearing, will be posted to the Settlement $25,000 IN THE AGGREGATE IN CONNECTION WITH in the London office of law Last month, a U.K. court protection regulator in the
THEIR REPRESENTATION OF THE CLASS. ANY
website, www.ImmunomedicsSecuritiesSettlement.com. Also,
OBJECTIONS MUST BE FILED WITH THE COURT
firm Ropes & Gray LLP. largely sided with Ireland- German state of Lower Saxony,
if the Court requires or allows Class Members to participate in
the Settlement Hearing by remote means, the information for AND SENT TO LEAD COUNSEL AND DEFENDANTS’ Appeals of major GDPR deci- based credit-rating company which ruled in 2020 that the
accessing the hearing will be posted to the Settlement website. COUNSEL BY MAY 25, 2023, IN THE MANNER AND sions show a significant amount Experian in its appeal of a company’s use of hand scan-
IF YOU PURCHASED OR OTHERWISE ACQUIRED
FORM EXPLAINED IN THE NOTICE. of “gray area” where privacy 2020 decision made by Brit- ners to monitor employee per-
IMMUNOMEDICS COMMON STOCK BETWEEN DATED: February 22, 2023 lawyers, regulators and courts ain’s privacy regulator that formance in a warehouse was
FEBRUARY 9, 2018 AND JANUARY 17, 2019, BY ORDER OF THE COURT disagree over what the law al- would have restricted how it illegal. The regulator said that
INCLUSIVE, YOUR RIGHTS MAY BE AFFECTED BY UNITED STATES DISTRICT COURT
DISTRICT OF NEW JERSEY lows, said Flora Egea Torrón, a processes data from public lawmakers need to create new
THE SETTLEMENT OF THIS LITIGATION.
partner at Spanish law firm Le- sources. protections.
1
The Stipulation can be viewed and/or obtained at www.ImmunomedicsSecuritiesSettlement.com. gal Army S.L. and former data- The court said Experian’s An Amazon spokesman said
www.ImmunomedicsSecuritiesSettlement.com. 855-678-0183
protection officer at Banco Bil- data collection can rely on le- the company was “pleased”
bao Vizcaya Argentaria SA. gitimate interest, a legal term with the ruling.
THE WALL STREET JOURNAL. Friday, March 17, 2023 | B5

TECHNOLOGY & MEDIA

Newsmax Surge Hit Fox News Before Fading YouTube

Smaller rival’s gains Murdoch, chair of Fox Corp.,
To Raise
after election worried
executives and hosts,
emailed Ms. Scott on Nov. 16,
2020, about a Wall Street
Journal article that said allies
Price of
but threat ebbed
of Mr. Trump had explored a
buyout of Newsmax.
“See today’s piece in Jour-
TV Service
BY JOE FLINT nal about Newsmax,” Mr. Mur-
doch said. “These people BY DENNY JACOB
Tucker Carlson was worried. should be watched, if skepti-
Fox News had declared late cally.” He warned against an- YouTube on Thursday said it
on Nov. 7, 2020, that Joe Bi- tagonizing Mr. Trump. “Every- is raising the price of its TV
den had won the presidential thing at stake here,” he wrote. subscription offering, citing in-
election, and Mr. Carlson, one On Dec. 7, Newsmax did the creasing content costs.
of the network’s star opinion once unthinkable: Its “Greg The Alphabet Inc.-owned
hosts, was concerned about Kelly Reports” program beat video platform said the
alienating Fox News viewers. the Fox News program “The monthly cost will increase for
They might turn to News- Story with Martha MacCal- the first time in three years to

CALLAGHAN O’HARE/REUTERS
max, he said, a small channel lum” among people ages 25 to $72.99 from $64.99. The com-
that had taken a hard-line 54, a demographic that adver- pany first offered it for $35 a
stance, questioning whether tisers pay a premium to reach. month in 2017.
Donald Trump had lost the Ms. MacCallum’s show did win “We’re making changes to
election. “We’re playing with in total viewers. pricing to keep bringing you
fire, for real,” Mr. Carlson wrote Fox News moved fast to the best service possible,” the
in a text message to his pro- make a change in that time company said on its website.
ducer, according to court docu- Concern over Newsmax was cited by Fox News figures in communications that emerged from a lawsuit. slot. In January 2021, it New members will see the
ments. “With Trump behind it, moved Ms. MacCallum’s show price change effective immedi-
an alternative like Newsmax for concern. Newsmax typi- Prime-time cable-news texted with the network’s chief to 3 p.m. and turned the 7 ately, while existing members
could be devastating to us.” cally had tiny ratings, yet dur- viewers, quarterly executive, Suzanne Scott, p.m. hour over to the opinion will see the increase beginning
That threat did material- ing the fourth quarter of about ratings numbers they side of the network. After a April 18.
4 million
ize—but it didn’t last, as News- 2020—when the election took had received. “The Newsmax series of rotating hosts, the
max’s viewership plateaued place—it averaged 242,000 Pre-election surge is a bit troubling—truly network last year awarded
and then eventually fell. prime-time viewers, a sixfold is an alternative universe the time slot to Jesse Watters
Mr. Carlson’s message is
part of a trove of internal Fox
News communications made
public in a defamation lawsuit
increase from the previous
quarter, according to Nielsen
data. Fox News still had much
higher ratings, with around 3.5
3
when you watch, but it can’t
be ignored,” he wrote, accord-
ing to the court documents,
adding that the network was
permanently.
Like all the major cable-
news networks, Fox News ex-
perienced a ratings decline af-
$72.99
The new monthly price of
the network is facing. Voting- million prime-time viewers, “on war footing.” ter the election. It lost one YouTube TV, up from $64.99
Fox News
machine company Dominion but took Newsmax’s encroach- “They are just whacking million prime-time viewers in
Voting Systems alleges in the ment on its turf seriously, the 2 us,” Fox executive Porter Berry the first quarter of 2021. So
suit that Fox News aired false court documents show. wrote to a colleague. Added far this year, Fox News is aver-
claims that its technology Newsmax even topped one Fox Business Network Presi- aging 2.1 million viewers in YouTube TV is also lowering
rigged the 2020 election. The million viewers during the 7 MSNBC dent Lauren Petterson: “They prime time and 1.4 million for the monthly price of its 4K Plus
network was acting out of p.m. to 8 p.m. hour on Nov. 12, definitely have a strategy the total day. Fox is still far add-on to $9.99 from $19.99.
1
fear of losing viewers to other 2020. A smaller right-wing across all shows to try to tar- ahead of CNN and MSNBC, The pricing change comes as
right-wing channels, Domin- channel, Herring Networks CNN get and steal our viewers.” whose ratings also declined af- other competitors in the
ion said. Inc.’s One America News Net- Founded by Chris Ruddy, ter the election. streaming space—including Net-
The documents show Mr. work, also experienced ratings Newsmax Newsmax launched its cable Several current and former flix Inc., Walt Disney Co.’s Dis-
Carlson wasn’t alone: Other gains at the time. 0 channel in 2014 and is avail- Fox News executives said talk ney+ and Amazon.com Inc.’s
Fox hosts and executives were Newsmax wasn’t able to able in about 50 million of the initial Newsmax threat Prime Video platform—have
1Q 2021 ’22 ’23*
concerned that Newsmax was sustain the gains, as Fox News homes, according to Nielsen. was overblown. raised prices in recent months.
a gathering threat in the elec- made programming changes to *1Q 2023 is as of March 1 Mr. Ruddy has been a presence Media consultant and news YouTube has also expanded
tion’s aftermath. win back viewers and the elec- Source: Nielsen in conservative circles for analyst Andrew Tyndall said its offering and taken steps to
Fox has denied wrongdoing, tion-fraud story line faded. In many years and is close to Mr. Fox News had advantages, enlarge its video ambitions in
saying that it simply reported January, DirecTV dropped aging 111,000 viewers in prime Trump. such as buzzy political cover- recent months. The Alphabet
on newsworthy claims and Newsmax, denting its reach. time and 93,000 for the total Newsmax has hired several age and the capability to cre- division in December said it
that Dominion has cherry- Several Republican senators day, according to Nielsen. A former Fox personalities over ate more polished telecasts. would pay an average price of
picked internal communica- wrote to the satellite-television spokesman for Newsmax de- the years, including Greta Van Fox News’s biggest challenge roughly $2 billion a year to se-
tions out of context. (Fox company, criticizing its move. clined to comment. Susteren, Eric Bolling and Rob isn’t from Newsmax, but from cure rights to the NFL Sunday
News parent Fox Corp. and DirecTV has said Newsmax is In the immediate aftermath Schmitt. the shrinking of the overall ca- Ticket Franchise, The Wall
The Wall Street Journal parent seeking an unreasonable in- of the election, the network Longer-term, Fox execu- ble-TV business and the aging Street Journal reported.
News Corp share common crease in distribution fees. was acting on fears of the tives were concerned that of its audience. “Its younger It also is testing a new hub
ownership.) The upshot: This year, Newsmax gains, the court doc- Newsmax could attract fi- viewers are cutting the cord, of free, ad-supported streaming
Initial ratings data sug- Newsmax’s viewership has de- uments show. On Nov. 10, Fox nancing to make it an even while its older viewers are dy- channels, the Journal reported
gested there was some cause clined markedly, and it is aver- News President Jay Wallace bigger competitor. Rupert ing off,” he said. in January.

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B6 | Friday, March 17, 2023 THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
32246.55 s 371.98, or 1.17% Trailing P/E ratio 21.40 19.15 3960.28 s 68.35, or 1.76% Trailing P/E ratio * 17.85 23.68 11717.28 s 283.22, or 2.48% Trailing P/E ratio *† 25.04 30.25
High, low, open and close for each P/E estimate * 17.10 17.43 High, low, open and close for each P/E estimate * 18.12 18.85 High, low, open and close for each P/E estimate *† 24.25 23.57
trading day of the past three months. Dividend yield 2.16 2.05 trading day of the past three months. Dividend yield * 1.76 1.44 trading day of the past three months. Dividend yield *† 0.92 0.78
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21

Current divisor 0.15172752595384

34700 4150 12300

34000 4075 11900

33300 4000 11500

Session high 32600 3925 11100

DOWN UP
t

Session open Close 65-day

31900 moving average 3850 65-day moving average 10700
Close Open
t

65-day moving average

Session low 31200 3775 10300

Bars measure the point change from session's open

30500 3700 9900
Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar.
*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 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,251,964,672 12,372,519
Industrial Average 32281.61 31571.46 32246.55 371.98 1.17 35294.19 28725.51 -6.5 -2.7 16.9 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 922,575,070 7,100,050
Transportation Avg 14010.19 13671.37 13964.48 176.88 1.28 16718.54 11999.40 -15.8 4.3 25.7 Most-active issues in late trading Decl. volume* 292,521,804 4,900,003
Utility Average 937.77 919.62 932.09 6.88 0.74 1071.75 838.99 -5.9 -3.6 11.2 Volume After Hours Issues traded 3,133 314
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 39734.35 38715.52 39688.94 677.99 1.74 46941.20 36056.21 -11.2 3.0 18.4 Advances 2,291 181
SPDR S&P 500 ETF Trust SPY 14,670.4 395.94 -0.17 -0.04 396.52 382.01
Barron's 400 916.30 884.95 913.62 17.05 1.90 1051.05 825.73 -10.6 -0.7 23.3 Declines 737 111
First Republic Bank FRC 9,931.8 25.88 -8.39 -24.48 34.98 24.15
Unchanged 105 22
Nasdaq Stock Market Invesco QQQ Trust I QQQ 8,041.7 306.50 -0.31 -0.10 307.03 305.05 New highs 16 2
Nasdaq Composite 11733.80 11365.49 11717.28 283.22 2.48 14619.64 10213.29 -13.9 12.0 19.3 iShares iBoxx $ HY Cp Bd HYG 6,181.9 73.84 0.03 0.04 73.91 73.51 New lows 177 24
Nasdaq-100 12595.69 12190.65 12581.39 330.07 2.69 15239.32 10679.34 -10.9 15.0 21.5 Yamana Gold AUY 5,464.8 5.45 -0.03 -0.46 5.48 5.40 Closing Arms† 1.00 1.43
Southwestern Energy SWN 4,491.7 4.86 … unch. 4.87 4.72 Block trades* 5,245 119
S&P
1.76
Microsoft MSFT 3,403.7 276.00 -0.20 -0.07 276.58 265.44
500 Index 3964.46 3864.11 3960.28 68.35 4631.60 3577.03 -10.2 3.1 18.4 Nasdaq NYSE Arca
Amazon.com AMZN 2,983.9 99.93 -0.11 -0.11 103.94 96.01
MidCap 400 2441.01 2363.95 2430.26 33.05 1.38 2773.72 2200.75 -9.5 unch 22.1 Total volume*5,498,924,586 518,850,770
SmallCap 600 1173.49 1127.83 1166.07 18.97 1.65 1357.33 1064.45 -12.4 0.7 22.8 Percentage gainers… Adv. volume*3,846,482,829 387,779,116
Enzo Biochem ENZ 1,587.9 2.34 1.15 96.64 2.43 1.19 Decl. volume*1,335,675,196 126,112,571
Other Indexes
Raymond James RJF 114.1 107.54 18.08 20.21 107.54 86.77 Issues traded 4,674 1,755
Russell 2000 1781.10 1717.59 1771.24 25.29 1.45 2133.10 1649.84 -14.2 0.6 19.5
Advances 2,949 1,361
NYSE Composite 14859.33 14506.60 14830.98 168.43 1.15 17014.76 13472.18 -10.0 -2.3 15.7 FedEx FDX 1,204.3 227.30 23.25 11.39 229.95 204.00
Declines 1,517 382
Value Line 542.75 527.49 541.46 7.27 1.36 653.15 491.56 -14.3 1.0 17.8 S&P Global SPGI 57.0 370.76 30.86 9.08 370.76 333.18
Unchanged 208 12
NYSE Arca Biotech 5231.00 5102.57 5218.83 43.40 0.84 5644.50 4208.43 4.4 -1.2 10.6
Hub Cyber Security HUBC 1,206.8 2.59 0.20 8.37 2.70 2.33
New highs 54 3
NYSE Arca Pharma 807.89 794.06 807.28 2.72 0.34 887.27 737.84 -2.8 -7.0 14.7 ...And losers New lows 284 32
KBW Bank 84.52 78.17 83.17 2.08 2.57 132.22 81.08 -36.1 -17.5 10.0 First Republic Bank FRC 9,931.8 25.88 -8.39 -24.48 34.98 24.15 Closing Arms† 0.68 1.34
PHLX§ Gold/Silver 118.49 115.61 118.16 -0.40 -0.34 167.76 91.40 -24.7 -2.2 16.3 Sarepta Therapeutics SRPT 503.0 120.50 -29.17 -19.49 149.67 116.12 Block trades* 31,833 2,066
PHLX§ Oil Service 75.15 71.39 74.65 0.83 1.13 93.94 56.08 -1.2 -11.0 46.6 PacWest Bancorp PACW 1,039.1 10.37 -1.08 -9.43 11.50 9.90 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 3102.01 2955.08 3098.07 120.68 4.05 3625.58 2162.32 -7.9 22.4 33.6 Purple Innovation PRPL 122.8 3.00 -0.30 -9.12 3.49 2.69 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 27.49 22.97 22.99 -3.15 -12.05 34.75 17.87 -10.4 6.1 -34.7 Groupon GRPN 189.9 4.58 -0.32 -6.53 5.08 4.15 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

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 MSCI ACWI 619.86 7.77 1.27 2.4 Corbus Pharmaceuticals CRBP 5.75 2.84 97.59 18.72 2.11 -55.2 LivePerson LPSN 4.13 -5.64 -57.73 26.66 4.02 -83.2
MSCI ACWI ex-USA 283.95 1.42 0.50 0.9 ThermoGenesis Holdings THMO 6.00 1.81 43.20 40.49 2.11 -80.4 Esperion Therapeutics ESPR 1.82 -2.16 -54.27 8.87 1.26 -64.3
MSCI World 2677.99 39.53 1.50 2.9 PureCycle Technologies PCT 6.65 1.88 39.41 10.95 4.44 -33.8 Proterra PTRA 1.17 -1.35 -53.59 8.02 1.07 -84.9
MSCI Emerging Markets 941.35 –5.52 –0.58 –1.6 Kintara Therapeutics KTRA 4.41 1.12 34.04 42.00 2.80 -75.5 SMX (Security Matters) SMX 1.76 -1.04 -37.14 18.89 1.71 -82.3
Americas MSCI AC Americas 1502.08 25.48 1.73 3.1 Genelux GNLX 24.15 5.25 27.78 39.27 5.35 ... Honest HNST 1.86 -0.93 -33.33 6.16 1.82 -67.1
Canada S&P/TSX Comp 19539.01 160.17 0.83 0.8 EverCommerce EVCM 10.75 1.79 19.98 14.22 5.87 -14.7 Telos TLS 2.14 -1.07 -33.28 12.51 2.10 -78.7
Latin Amer. MSCI EM Latin America 2101.58 20.97 1.01 –1.3 Meihua Intl Medical Techs MHUA 13.54 2.04 17.74 45.49 2.60 110.5 GX Acquisition II Cl A GXII 7.47 -3.33 -30.83 11.35 7.45 -23.1
Brazil BOVESPA 103434.66 759.21 0.74 –5.7 UiPath PATH 17.22 2.58 17.62 31.88 10.40 -39.8 ZeroFox Holdings ZFOX 1.75 -0.52 -22.91 15.73 1.75 -82.7
Chile S&P IPSA 3132.24 1.04 0.03 –1.3 Kinnate Biopharma KNTE 5.46 0.79 16.92 15.86 3.30 -46.8 WiSA Technologies WISA 2.89 -0.84 -22.52 149.00 2.81 -97.6
Mexico S&P/BMV IPC 52505.70 420.10 0.81 8.3 Sterling Bancorp SBT 5.28 0.76 16.81 7.18 4.49 -19.6 Dermata Therapeutics DRMA 2.21 -0.61 -21.63 23.52 2.20 -86.2
EMEA STOXX Europe 600 441.64 5.19 1.19 3.9 Lands' End LE 8.07 1.16 16.79 21.12 6.31 -59.6 Ambipar Emergency Resp AMBI 8.65 -2.22 -20.42 50.50 5.26 -12.7
Eurozone Euro STOXX 439.59 7.58 1.757.2 Guardforce AI GFAI 4.80 0.66 15.94 78.40 3.81 -87.4 Titan Machinery TITN 31.86 -7.70 -19.46 47.87 21.50 6.7
Belgium Bel-20 3652.55 22.64 0.62 –1.3 Oportun Financial OPRT 2.84 0.39 15.92 14.91 2.19 -79.7 Moolec Science MLEC 4.90 -1.12 -18.60 42.25 4.35 -50.6
Denmark OMX Copenhagen 20 1879.94 –11.51 –0.61 2.4 Yiren Digital ADR YRD 2.79 0.38 15.77 3.85 0.67 22.4 Tsakos Energy Navigation TNP 17.97 -3.83 -17.57 24.78 8.01 102.1
France CAC 40 7025.72 2.03 8.5 Microbot Medical MBOT 2.51 0.34 15.67 6.77 2.12 -53.0 Kezar Life Sciences KZR 3.82 -0.79 -17.14 18.55 3.75 -75.0
140.01
Germany DAX 14967.10 231.84 1.57 7.5
Israel Tel Aviv 1725.50 1.56 0.09 –4.0
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 25918.76 352.92 1.38 9.3 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
Netherlands AEX 727.06 10.59 1.48 5.5
Oslo Bors All-Share 1313.33 Mullen Automotive MULN 250,828 15.6 0.15 ... 4.18 0.13 ShoulderUp Tech Acqn A SUAC 1,522 4899 10.34 0.05 10.35 9.85
Norway –1.75 –0.13 –3.6
0.01 ProShares UltraPro QQQ TQQQ 227,766 19.1 24.94 7.92 62.96 16.10 Virtus Private Credit VPC 785 4154 20.52 0.92 25.49 19.26
South Africa FTSE/JSE All-Share 72905.50 9.96 –0.2
Spain IBEX 35 8890.20 131.10 1.50 8.0 Credit Suisse Group ADR CS 224,927 680.6 2.16 ... 8.35 1.75 Hartford Multifactor SC ROSC 218 3473 35.57 1.63 40.20 32.05
Sweden OMX Stockholm 811.87 1.35 3.8 First Republic Bank FRC 185,400 2261.5 34.27 9.98 174.21 17.53 Avantis Responsible Intl AVSD 236 3469 48.33 1.61 54.15 39.85
10.83
ProSh UltraPro Shrt QQQ SQQQ 173,304 29.5 34.02 -7.88 69.55 31.17 Inspire Faithward MC GLRY 431 3218 23.31 1.87 25.69 16.56
Switzerland Swiss Market 10719.10 202.70 1.93 –0.1
Turkey BIST 100 5229.58 108.01 2.11 –5.1 Troika Media Group TRKA 157,123 122.3 0.24 16.68 1.42 0.10 Simplify Dev xUS Pls Dwn EAFD 350 2817 18.87 1.38 23.96 14.59
U.K. FTSE 100 7410.03 65.58 0.89 –0.6 SPDR S&P 500 ETF Trust SPY 141,688 59.2 396.11 1.75 462.07 348.11 Heartland Media Acqn A HMA 470 2713 10.42 0.39 10.86 9.85
U.K. FTSE 250 18758.58 132.73 0.71 –0.5 Finl Select Sector SPDR XLF 133,798 179.0 32.01 1.91 40.01 29.59 Calamos Antetokounmpo SROI 153 2603 23.71 2.00 24.88 23.04
Tesla TSLA 120,886 -32.8 184.13 2.04 384.29 101.81 First Republic Bank FRC 185,400 2262 34.27 9.98 174.21 17.53
Asia-Pacific MSCI AC Asia Pacific 155.08 –1.56 –1.00 –0.4
Advanced Micro Devices AMD 115,696 100.7 96.60 7.72 125.67 54.57 Avantis Responsible EM AVSE 114 2153 43.27 1.84 51.24 37.28
Australia S&P/ASX 200 6965.50 –103.42 –1.46 –1.0
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3226.89 –36.42 –1.12 4.5 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 19203.91 –335.96 –1.72 –2.9
India S&P BSE Sensex 57634.84 0.14 –5.3
Scan this code
78.94
Japan NIKKEI 225 27010.61 –218.87 –0.80 3.5 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3155.54 –17.38 –0.55 –2.9 and track most-active stocks,
South Korea KOSPI 2377.91 –1.81 –0.08 6.3 new highs/lows, mutual funds Currencies
Taiwan TAIEX 15221.12 –166.47 –1.08 7.7 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1554.65 –10.35 –0.66 –6.8
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Thurs YTDchg Thurs YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004242 23575 –0.2
CREDIT MARKETS Argentina peso .0049202.9821 14.8 Europe
Brazil real .1912 5.2304 –1.0 Czech Rep. koruna .04426 22.595 0.1
Canada dollar .7288 1.3722 1.2 Denmark krone .1425 7.0162 1.0
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Chile peso .001212 825.33 –2.7 Euro area euro 1.0612 .9424 0.9
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000206 4848.50 ... Hungary forint .002690 371.69 –0.5
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007089 141.07 –0.3
A consumer rate against its New car loan Mexico peso .0534 18.7157 –4.0 Norway krone .0929 10.7615 9.7
benchmark over the past year 5.00% Uruguay peso .02528 39.5550 –1.1 Poland zloty .2259 4.4269 1.1
Bankrate.com avg†: 6.75% 28% Asia-Pacific Russia ruble .01289 77.550 5.2
First Savings Bank of Hegewisch 4.75%
t
4.00 WSJ Dollar Index Sweden krona .0951 10.5103 0.7
s Australiadollar .6657 1.5022 2.4
7.00% Chicago, IL 773-646-4200 Tradeweb ICE 14 Switzerland franc 1.0758 .9295 0.5
China yuan .1450 6.8982 ...
Prime rate Thursday Close 3.00 Turkey lira .0526 19.0014 1.7
t

Colonial Savings, FA 5.49% Hong Kong dollar .1274 7.8482 0.5

t
6.00 0 Ukraine hryvnia .0271 36.9500 0.3
Garland, TX 2.00 India rupee .01211 82.609 –0.2
New car loan 972-495-4032 Euro UK pound 1.2110 .8258 –0.1
s Indonesia rupiah .0000648 15429 –0.9
One year ago
t

5.00 First Command Bank 5.49% 1.00 –14 Japan yen .007477 133.75 2.0 Middle East/Africa
Fort Worth, TX 888-763-7600 s Kazakhstan tenge .002151 464.85 0.4 Bahrain dinar 2.6515 .3772 0.03
4.00 Frost Bank 5.49% 0.00 –28 Yen Macau pataca .1236 8.0890 0.5 Egypt pound .0325 30.8020 24.4
1 3 6 1 2 3 5 7 10 20 30 Malaysia ringgit .2220 4.5040 2.2 Israel shekel .2729 3.6644 3.9
Houston, TX 800-513-7678 2022 2023
3.00 New Zealand dollar .6197 1.6137 2.5 Kuwait dinar 3.2561 .3071 0.4
Third Coast Bank, SSB 5.50% month(s) years
AM J J A S ON D J F M Pakistan rupee .00353 283.375 25.0 Oman sul rial 2.5970 .3851 0.02
Humble, TX 281-446-7000 maturity Philippines peso .0182 54.920 –1.4 Qatar rial .2746 3.642 –0.7
2022 2023
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7426 1.3467 0.4 Saudi Arabia riyal .2662 3.7562 –0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007689 1300.53 3.1 South Africa rand .0544 18.3920 8.0
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0029227 342.15 –6.9
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 4.50-4.75 4.50-4.75 0.25 l 4.75 4.50 Taiwan dollar .03274 30.544 –0.3
Yield (%) 52-Week Total Return (%) Thailand baht .02904 34.440 –0.5 WSJ Dollar Index 97.53 –0.26–0.27 1.01
Prime rate* 7.75 7.75 3.50 l 7.75 4.50 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 4.96 5.15 0.93 l 5.15 4.07 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2138.040 3.940 4.420 4.560 2.170 –6.106 –4.317
Money market, annual yield 0.48 0.48 0.07 l 0.48 0.09
Five-year CD, annual yield 2.78 2.78 0.46 l 2.79 1.65 U.S. Treasury Long, Bloomberg 3322.520 3.820 4.010 4.570 2.490 –17.413–11.812 Commodities
30-year mortgage, fixed† 7.02 7.19 4.48 l 7.41 2.80 Aggregate, Bloomberg 1990.720 4.510 4.870 5.210 2.720 –6.049 –3.093 Thursday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.28 6.32 3.65 l 6.53 2.95 Fixed-Rate MBS, Bloomberg 1976.620 4.470 4.850 5.380 2.790 –5.988 –3.096
Jumbo mortgages, $726,200-plus† 7.03 7.29 4.52 l 7.44 2.67 DJ Commodity 973.78 5.94 0.61 1251.61 967.84 -17.19 -7.14
High Yield 100, ICE BofA n.a. n.a. 8.055 n.a. n.a. n.a. n.a. Refinitiv/CC CRB Index 256.65 2.61 1.03 329.59 254.03 -11.73 -7.60
Five-year adj mortgage (ARM)† 5.73 5.82 3.12 l 5.82 2.08
Muni Master, ICE BofA n.a. n.a. 3.361 n.a. n.a. n.a. n.a. Crude oil, $ per barrel 68.35 0.74 1.09 122.11 67.61 -33.63 -14.84
New-car loan, 48-month 6.75 6.75 3.58 l 6.77 2.30
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 776.013 7.828 7.909 9.159 5.919 –7.179 –0.754 Natural gas, $/MMBtu 2.514 0.075 3.08 9.680 2.073 -49.62 -43.82
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 1919.00 -7.60 -0.39 1982.90 1623.30 -1.19 5.46
THE WALL STREET JOURNAL. Friday, March 17, 2023 | B7

COMMODITIES wsj.com/market-data/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 July 1474.00 1483.75 t 1462.50 1476.00 1.50 168,542 June 143-050 144-290 140-240 140-310 –1-10.0 1,433,332 June 1.2091 1.2154 1.2052 1.2148 .0045 180,756
Soybean Meal (CBT)-100 tons; $ per ton. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Swiss Franc (CME)-CHF 125,000; $ per CHF
Contract Open March 131-080 131-100 129-040 129-050 –1-02.0 13,348 June 1.0837 1.0948 1.0803 1.0865 –.0025 37,020
May 479.20 481.50 472.40 474.00 –4.40 204,181
Open High hi lo Low Settle Chg interest
July 469.90 472.60 464.80 466.00 –3.60 110,988 June 132-060 133-160 130-150 130-190 –1-03.0 1,193,394 Sept 1.0930 1.1030 1.0920 1.0970 –.0017 372
Copper-High (CMX)-25,000 lbs.; $ per lb. Soybean Oil (CBT)-60,000 lbs.; cents per lb. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Australian Dollar (CME)-AUD 100,000; $ per AUD
March 3.9040 3.9060 3.8400 3.8855 0.0290 2,202 March 114-305 115-140 113-215 113-210 –28.0 3,286 April .6627 .6676 .6619 .6656 .0024 367
May 56.41 57.91 56.02 57.73 1.39 168,570
May 3.8835 3.9030 3.8220 3.8645 0.0215 119,812 June 115-105 116-010 114-050 114-060 –30.0 4,180,278 June .6639 .6692 .6633 .6672 .0025 152,656
July 56.56 57.93 56.15 57.75 1.27 120,919
Gold (CMX)-100 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mexican Peso (CME)-MXN 500,000; $ per MXN
March 1909.90 1931.70 1909.90 1919.00 –7.60 597 March 109-162 109-252 108-160 108-162 –25.2 2,070 April .05285 .00046 18
May 17.27 17.47 17.21 17.29 .02 5,192
April 1922.80 1938.00 1911.50 1923.00 –8.30 188,733 June 109-280 110-092 108-295 108-312 –24.7 4,440,918 June .05171 .05255 .05122 .05225 .00048 232,180
Sept 15.45 15.45 t 15.31 15.34 –.04 2,284
May 1925.00 1944.30 1921.50 1930.80 –8.40 273 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Euro (CME)-€125,000; $ per €
June 1940.20 1954.60 1928.40 1939.70 –8.40 220,568
Wheat (CBT)-5,000 bu.; cents per bu.
March 103-162 103-166 102-252 102-306 –11.0 1,261 April 1.0592 1.0654 1.0570 1.0632 .0022 2,173
May 704.00 704.00 691.50 699.00 –3.75 187,819
Aug 1959.10 1970.40 1946.40 1956.90 –7.30 19,521 June 103-217 103-276 103-013 103-068 –10.0 2,300,881 June 1.0641 1.0696 1.0613 1.0672 .0019 729,607
July 713.50 713.50 702.00 709.00 –4.00 102,759
Oct 1962.90 1983.20 1961.40 1973.10 –5.40 6,961
Wheat (KC)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Palladium (NYM) - 50 troy oz.; $ per troy oz. March 95.3900 95.4000 95.3575 95.3650 –.0175 172,749 Index Futures
May 819.00 821.50 809.25 819.75 … 83,245
March 1443.00 1444.00 1443.00 1395.80 –34.80 34 April 95.3100 95.3300 95.2050 95.2300 –.0600 492,589
July 806.25 810.50 800.00 808.75 –1.00 49,809 Mini DJ Industrial Average (CBT)-$5 x index
June 1464.00 1470.50 1403.50 1409.30 –35.50 11,359 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Platinum (NYM)-50 troy oz.; $ per troy oz. Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June 98-150 98-300 97-060 97-085 –15.5 10,704 March 31850 32283 31566 32249 377 26,402
March 188.350 189.925 188.000 189.500 1.300 3,932 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. June 32069 32521 31785 32484 389 77,664
March 974.70 6.80 2
July 969.00 985.10 968.60 978.80 5.40 33,450 May 198.825 200.900 198.500 200.275 1.475 19,826 March 95.2550 95.2900 95.1100 95.1550 –.0725 1,014,039 Mini S&P 500 (CME)-$50 x index
Silver (CMX)-5,000 troy oz.; $ per troy oz. Cattle-Live (CME)-40,000 lbs.; cents per lb. June 95.7000 95.8250 95.2150 95.2900 –.3250 1,621,812 March 3892.75 3966.50 3863.25 3960.50 67.75 561,989
April 161.800 162.800 161.425 162.350 .800 73,760 Eurodollar (CME)-$1,000,000; pts of 100% June 3924.75 4000.00 3895.00 3994.50 69.50 1,966,013
March 21.855 21.860 21.580 21.588 –0.186 50
May 21.925 22.210 21.590 21.692 –0.190 99,074 June 156.775 157.500 156.300 156.875 .300 133,220 April 94.8950 94.9000 94.7475 94.7850 –.0425 94,601 Mini S&P Midcap 400 (CME)-$100 x index
Hogs-Lean (CME)-40,000 lbs.; cents per lb. March 2399.60 2440.50 2361.30 2430.30 32.90 8,427
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. June 95.1850 95.3150 94.8300 94.8850 –.2300 622,266
April 83.500 t 79.100
83.750 79.450 –4.300 49,167 June 2413.70 2459.40 2379.60 2448.70 33.20 42,991
April 68.22 69.38 65.71 68.35 0.74 108,729 Sept 95.8150 95.9950 95.2650 95.3550 –.3700 587,010
June 98.225 t 93.475
98.225 93.475 –4.750 72,997 Dec 95.9400 96.1250 95.4450 95.5750 –.2950 603,351
Mini Nasdaq 100 (CME)-$20 x index
May 68.38 69.53 65.89 68.52 0.78 321,438 March 12264.50 12600.50 12189.25 12583.00 335.25 94,187
June 68.41 69.62 66.00 68.63 0.81 245,895 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
June 12398.75 12735.75 12314.00 12715.50 337.75 208,125
July 68.57 69.53 65.97 68.59 0.83 155,337 May 415.00 438.60 415.00 438.60 24.00 1,772 Currency Futures
Milk (CME)-200,000 lbs., cents per lb. Mini Russell 2000 (CME)-$50 x index
Sept 68.03 69.06 65.64 68.21 0.84 114,617 March 1745.40 1785.50 1715.40 1771.50 23.70 128,762
March 18.01 18.05 17.96 18.00 .03 5,347 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Dec 67.28 68.25 65.05 67.47 0.85 211,465 Mini Russell 1000 (CME)-$50 x index
April 18.58 18.88 18.47 18.60 … 5,299 April .7540 .7627 .7507 .7522 –.0015 908
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. June .7612 .7698 .7577 .7593 –.0011 170,709 March 2155.70 2173.70 2120.30 2171.60 37.10 8,051
April 2.6060 2.6540 t 2.5021 2.6435 .0386 51,862 Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index
March 2,658 72 1
Canadian Dollar (CME)-CAD 100,000; $ per CAD
May 2.5162 2.5467 t 2.4238 2.5358 .0293 63,268 April .7266 .7295 .7257 .7288 .0011 297 June 104.34 104.41 103.90 104.09 –.18 34,649
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. May 2,624 2,691 2,618 2,688 72 138,589 Sept 104.08 104.15 103.54 103.81 –.28 485
June .7276 .7303 .7264 .7295 .0010 190,234
April 2.4628 2.5101 t 2.3795 2.5035 .0651 67,501 Coffee (ICE-US)-37,500 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £
May 2.4425 2.4828 t 2.3626 2.4746 .0557 73,950 March 185.50 7.45 72 April 1.2110 1.2135 1.2037 1.2131 .0044 1,925 Source: FactSet
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. May 174.30 181.40 173.50 180.05 7.45 77,865
April 2.483 2.554 2.429 2.514 .075 114,169 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
May 2.590 2.657 2.527 2.626 .080 287,078 May 20.61 20.85 20.35 20.76 .26 365,298
July
Sept
3.015
3.042
3.058
3.064
2.937
2.943
3.029
3.021
.071
.057
103,603
97,029
July 20.10 20.31 19.87 20.23
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
.23 240,125 Bonds | wsj.com/market-data/bonds/benchmarks
3.099 37.50
Oct
Jan'24
3.088
4.020
3.149
4.043
3.023
3.944 4.002
.056
.045
94,751
76,329
May
July 37.75 37.75 37.00 37.50
.24
.24
2,601
2,334 Tracking Bond Benchmarks
Cotton (ICE-US)-50,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Agriculture Futures May 79.25 79.87 t 77.55 79.16 .05 92,043
highs and lows for different types of bonds
Dec 81.15 81.49 79.06 80.63 –.32 45,259
Corn (CBT)-5,000 bu.; cents per bu. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Total Total
May 626.00 635.00 624.75 632.75 6.25 503,287 return YTD total Yield (%) return YTD total Yield (%)
May 242.65 244.85 238.10 239.70 –.45 8,442
July 612.25 618.50 610.75 616.25 4.00 341,459 close return (%) Index Latest Low High close return (%) Index Latest Low High
July 234.05 234.05 229.80 231.35 –.05 931
Oats (CBT)-5,000 bu.; cents per bu.
May 347.25 349.25 343.25 346.50 –1.00 3,023 Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
July 345.50 346.75 343.00 345.50 –1.50 753 Interest Rate Futures
Soybeans (CBT)-5,000 bu.; cents per bu. 1990.72 2.0 U.S. Aggregate 4.510 2.720 5.210 1976.62 2.1 Mortgage-Backed 4.470 2.790 5.380
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
May 1489.25 1498.00 1478.00 1491.50 2.25 309,578 March 142-170 144-090 140-170 140-180 –1-15.0 6,037 1947.08 2.2 Ginnie Mae (GNMA) 4.500 2.780 5.370
U.S. Corporate Indexes Bloomberg Fixed Income Indices
2918.19 1.7 U.S. Corporate 5.450 3.500 6.130 1163.17 2.0 Fannie mae (FNMA) 4.460 2.800 5.390
2.0 Freddie Mac (FHLMC) 4.460 2.800 5.370
Cash Prices | wsj.com/market-data/commodities Thursday, March 16, 2023 2810.60 1.0 Intermediate 5.440 3.190 6.050 1781.69
3912.30 3.1 Long term 5.460 4.020 6.370 n.a. n.a. Muni Master n.a. n.a. n.a.
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
separate from the futures price on an exchange, which reflects what the commodity might be worth in future 569.13 2.2 Double-A-rated 4.720 3.010 5.320 n.a. n.a. 7-12 year n.a. n.a. n.a.
months. 773.09 1.7 Triple-B-rated 5.720 3.770 6.440 n.a. n.a. 12-22 year n.a. n.a. n.a.
Thursday Thursday Thursday
High Yield Bonds ICE BofA n.a. n.a. 22-plus year n.a. n.a. n.a.
Iron Ore, 62% Fe CFR China-s 130.5 Wheat,Spring14%-pro Mnpls-u 10.3900
Energy n.a. 6.8900
Shredded Scrap, US Midwest-s,m Wheat,No.2 soft red,St.Louis-u n.a. n.a. High Yield Constrained n.a. n.a. n.a. Global Government J.P. Morgan†
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 128.600 Steel, HRC USA, FOB Midwest Mill-s 1160 Wheat - Hard - KC (USDA) $ per bu-u 8.7375
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 15.300 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 7.8000 n.a. n.a. Triple-C-rated n.a. n.a. n.a. 535.12 2.6 Global Government 2.850 1.510 3.250

Metals BMI Lithium Carbonate, EXW China, =99.2%-v,w 51125 Food n.a. n.a. High Yield 100 n.a. n.a. n.a. 785.84 2.9 Canada 3.040 2.220 3.780
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 59875
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 5760 Beef,carcass equiv. index n.a. n.a. Global High Yield Constrained n.a. n.a. n.a. 341.96 2.7 EMU§ 3.030 1.003 3.490
Engelhard industrial 1935.00 BMI Nickel Sulphate, EXW China, >22%-v,m 5616 choice 1-3,600-900 lbs.-u 259.98
BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 768 select 1-3,600-900 lbs.-u 246.74 n.a. n.a. Europe High Yield Constrained n.a. n.a. n.a. 634.72 2.4 France 2.870 0.860 3.310
Handy & Harman base 1922.75
Handy & Harman fabricated 2134.25 Broilers, National comp wtd. avg.-u,w 1.2760
Fibers and Textiles Butter,AA Chicago-d 2.4000
U.S Agency Bloomberg Fixed Income Indices 454.59 2.5 Germany 2.250 0.300 2.760
LBMA Gold Price AM *1906.00
LBMA Gold Price PM *1923.40 Cheddar cheese,bbl,Chicago-d 188.75 1716.01 1.5 U.S Agency 4.450 2.210 5.080 284.23 2.3 Japan 0.780 0.500 1.060
Burlap,10-oz,40-inch NY yd-n,w 0.7100
Krugerrand,wholesale-e 2005.36
Cheddar cheese,blk,Chicago-d 195.25
Cotton,1 1/16 std lw-mdMphs-u 0.7816 1.3
Maple Leaf-e 2053.33
Milk,Nonfat dry,Chicago lb.-d 118.00 1516.73 10-20 years 4.440 2.150 5.100 491.38 2.4 Netherlands 2.560 0.530 3.000
Cotlook 'A' Index-t *95.80 Coffee,Brazilian,Comp-y 1.8230
American Eagle-e 2053.33 Hides,hvy native steers piece fob-u n.a. 3321.08 4.1 20-plus years 4.560 2.890 5.240 807.50 3.2 U.K. 3.580 1.610 4.690
Coffee,Colombian, NY-y 2.2097
Mexican peso-e 2475.70 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 2.9150 1.7
Austria crown-e 1884.00 2576.08 Yankee 5.160 3.180 5.840 776.01 1.0 Emerging Markets ** 7.828 5.919 9.159
Grains and Feeds Flour,hard winter KC-p 21.30
Austria phil-e 2014.95
Hams,17-20 lbs,Mid-US fob-u 0.87 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 80.37 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Engelhard industrial 22.1000 Bran,wheat middlings, KC-u,w 166 Pork bellies,12-14 lb MidUS-u 1.2314
Handy & Harman base 21.5500 Corn,No. 2 yellow,Cent IL-bp,u n.a. Pork loins,13-19 lb MidUS-u 0.9848
Handy & Harman fabricated
LBMA spot price
26.9380
*£18.3100
Corn gluten feed,Midwest-u,w
Corn gluten meal,Midwest-u,w
207.6
663.4
Steers,Tex.-Okla. Choice-u 164.00 Global Government Bonds: Mapping Yields
Steers,feeder,Okla. City-u,w 224.75
(U.S.$ equivalent) *22.0950 Cottonseed meal-u,w 393 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Coins,wholesale $1,000 face-a 19373 Hominy feed,Cent IL-u,w 215 Fats and Oils
Other metals Meat-bonemeal,50% pro Mnpls-u,w 418 Degummed corn oil, crude wtd. avg.-u,w n.a.
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
LBMA Platinum Price PM *965.0 Oats,No.2 milling,Mnpls-u 4.1150 Grease,choice white,Chicago-h 0.5250 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Platinum,Engelhard industrial 985.0 Rice, Long Grain Milled, No. 2 AR-u,w 37.00 Lard,Chicago-u n.a. Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
Palladium,Engelhard industrial 1460.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.5886 4.625 U.S. 2 4.130 s l 3.973 4.617 1.956
Aluminum, LME, $ per metric ton *2246.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 506.80 Tallow,bleach;Chicago-h 0.5475
Copper,Comex spot 3.8855 Soybeans,No.1 yllw IL-bp,u n.a. Tallow,edible,Chicago-u 0.6350 3.500 10 3.580 s l 3.492 3.842 2.185
3.250 Australia 2 2.867 t l 3.121 3.512 1.300 -128.2 -75.8 -65.4
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark 1.750 10 3.341 t l 3.446 3.772 2.491 -23.7 -2.0 29.5
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 3/15 0.000 France 2 2.666 s l 2.528 2.997 -0.264 -148.3 -135.2 -221.8
Source: Dow Jones Market Data
2.000 10 2.798 s l 2.673 2.943 0.859 -78.0 -79.3 -133.6
2.500 Germany 2 2.603 s l 2.399 2.884 -0.334 -154.6 -148.0 -228.9
Exchange-Traded Portfolios | WSJ.com/ETFresearch 2.300 10 2.288 s l 2.125 2.482 0.393 -129.0 -134.1 -180.3
Closing Chg YTD 2.500 Italy 2 3.140 s l 3.112 3.334 0.112 -100.9 -76.7 -184.2
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
4.400 10 4.160 s l 4.095 4.334 1.899 58.2 62.9 -29.7
Closing Chg YTD SPDR S&P Div SDY 121.53 0.76 –2.9
Thursday, March 16, 2023
ETF Symbol Price (%) (%) TechSelectSector XLK 143.66 2.81 15.4 0.005 Japan 2 -0.066 t l -0.063 -0.043 -0.028 -421.5 -394.2 -198.3
Closing Chg YTD
UtilitiesSelSector XLU 67.62 0.67 –4.1 0.500 10 0.297 t l 0.316 0.507 0.204 -315.0 -199.2
ETF Symbol Price (%) (%) iSh1-3YTreaBd SHY 81.86 –0.40 0.9 -328.1
VangdInfoTech VGT 367.09 2.73 14.9
1.81 10.8 iShPfd&Incm PFF 30.91 2.62 1.2
CnsmrDiscSelSector XLY 143.17
VangdSC Val VBR 155.29 1.30 –2.2 0.000 Spain 2 2.833 s l 2.759 3.177 0.016 -131.6 -112.0 -193.9
CnsStapleSelSector XLP 72.64 0.07 –2.6 iShRussMC IWR 67.69 1.39 0.4
VangdExtMkt VXF 136.49 1.56 2.7
DimenUSCoreEq2 DFAC 24.69 1.65 1.7 iShRuss1000 IWB 217.85 1.73 3.5 3.150 10 3.336 s l 3.267 3.456 1.331 -24.2 -19.9 -86.4
VangdDivApp VIG 149.91 1.26 –1.3
EnSelSectorSPDR XLE 78.20 1.09 –10.6 iShRuss1000Grw IWF 234.76 2.27 9.6
iShRuss1000Val IWD 148.34 1.19 –2.2
VangdFTSEAWxUS VEU 51.21 1.57 2.1 0.625 U.K. 2 3.427 s l 3.281 3.773 1.399 -72.2 -59.9 -55.6
FinSelSectorSPDR XLF 32.01 1.91 –6.4
VangdFTSEDevMk VEA 43.21 1.55 3.0
HealthCareSelSect XLV 127.50 0.93 –6.1 iShRussell2000 IWM 175.98 1.37 0.9 4.250 10 3.438 s l 3.320 3.500 1.632 -14.0 -14.6 -56.4
VangdFTSE EM VWO 38.94 1.27 –0.1
IndSelSectorSPDR XLI 98.28 1.29 0.1 iShS&P500Grw IVW 61.49 1.86 5.1
VangdFTSE Europe VGK 57.95 1.51 4.5 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
InvscQQQI QQQ 306.81 2.64 15.2 iShS&P500Value IVE 147.70 1.64 1.8
VangdGrowth VUG 238.98 2.46 12.1
InvscS&P500EW RSP 140.40 1.20 –0.6 iShSelectDiv DVY 114.67 0.96 –4.9
VangdHlthCr VHT 234.96 1.08 –5.3
iShCoreDivGrowth
iShCoreMSCIEAFE
DGRO
IEFA
48.84
63.66
1.18 –2.3
1.42 3.3
iSh7-10YTreaBd
iShShortTreaBd
IEF
SHV
98.10
110.30
–0.90
–0.01
2.4
0.3 VangdHiDiv VYM 103.22 0.96 –4.6 Corporate Debt
iShTIPSBondETF TIP 108.39 –1.13 1.8 VangdIntermBd BIV 75.88 –0.54 2.1 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
iShCoreMSCIEM IEMG 46.87 1.45 0.4
–0.78 VangdIntrCorpBd VCIT 78.87 –0.28 1.8
iShCoreMSCITotInt IXUS 59.18 1.46 2.2 iSh20+YTreaBd TLT 105.27 5.7
VangdLC VV 180.86 1.74 3.8
expectations
iShCoreS&P500 IVV 397.89 1.72 3.6 iShUSTreasuryBd GOVT 23.20 –0.68 2.1
iShCoreS&P MC IJH 242.86 1.39 0.4 JPMEquityPrem JEPI 53.12 1.16 –2.5 VangdMC VO 204.63 1.41 0.4 Investment-grade spreads that tightened the most…
iShCoreS&P SC IJR 95.72 1.59 1.1 JPM UltShIncm JPST 50.32 –0.02 0.4 VangdMC Val VOE 130.74 1.07 –3.3 Spread*, in basis points
iShCoreS&PTotUS ITOT 87.70 1.74 3.4 SPDRBbg1-3MTB BIL 91.70 0.04 0.3 VangdMBS VMBS 46.30 –0.37 1.7 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
iShCoreTotalUSDBd IUSB 45.64 –0.52 1.6 SPDR DJIA Tr DIA 323.25 1.16 –2.4 VangdRealEst VNQ 82.42 –0.22 –0.1
iShCoreUSAggBd AGG 98.88 –0.39 1.9 SPDR Gold GLD 178.57 0.20 5.3 VangdS&P500ETF VOO 363.86 1.71 3.6 Credit Suisse CS 5.000 8.68 July 9, ’27 495 –112 320
1.53 VangdST Bond BSV 75.91 –0.41 0.8 –51
iShESGAwareUSA ESGU 87.57 1.66 3.3 SPDRPtfDevxUS SPDW 30.60 3.1 Barclays BACR 4.375 6.21 Jan. 12, ’26 247 116
iShEdgeMSCIMinUSA USMV 70.60 0.99 –2.1 SPDRS&P500Value SPYV 39.62 1.59 1.9 VangdSTCpBd VCSH 75.25 –0.29 0.1
iShEdgeMSCIUSAQual QUAL 119.84 1.76 5.2 SPDRPtfS&P500 SPLG 46.57 1.73 3.5 VangdShtTmInfltn VTIP 47.30 –0.61 1.3 BlackRock BLK 3.200 4.38 March 15, ’27 65 –47 68
1.85 VangdShortTrea VGSH 58.30 –0.39 0.8 –45
iShGoldTr IAU 36.43 0.25 5.3 SPDRS&P500Growth SPYG 53.30 5.2 Banco Santander SANTAN 5.294 6.19 Aug. 18, ’27 245 165
iShiBoxx$InvGrCpBd LQD 107.45 –0.15 1.9 SPDR S&P 500 SPY 396.11 1.75 3.6 VangdSC VB 184.46 1.40 0.5
iShJPMUSDEmBd EMB 84.58 –0.42 –0.0 SchwabIntEquity SCHF 33.22 1.59 3.1 VangdTaxExemptBd VTEB 50.17 –0.04 1.4 Wells Fargo WFC 3.000 5.53 Oct. 23, ’26 154 –41 n.a.
iShMBS MBB 94.19 –0.45 1.6 SchwabUS BrdMkt SCHB 46.32 1.65 3.4 VangdTotalBd BND 73.19 –0.48 1.9
John Deere Capital … 1.050 4.64 June 17, ’26 64 –31 n.a.
iShMSCIACWI ACWI 87.52 1.63 3.1 SchwabUS Div SCHD 71.65 0.96 –5.1 VangdTotIntlBd BNDX 48.74 –0.49 2.8
iShMSCI EAFE EFA 67.99 1.55 3.6 SchwabUS LC SCHX 46.77 1.72 3.6 VangdTotIntlStk VXUS 52.85 1.44 2.2 PACCAR Financial … 4.600 4.57 Jan. 10, ’28 86 –31 57
iSh MSCI EM EEM 37.84 1.53 –0.2 SchwabUS LC Grw SCHG 62.46 2.48 12.4 VangdTotalStk VTI 197.74 1.73 3.4
Citigroup C 3.400 5.68 May 1, ’26 173 –29 n.a.
iShMSCIEAFEValue EFV 46.44 0.93 1.2 SchwabUS SC SCHA 41.04 1.38 1.3 VangdTotWrldStk VT 88.73 1.66 2.9
iShNatlMuniBd MUB 106.81 –0.07 1.2 Schwab US TIPs SCHP 52.71 –1.09 1.8 VangdValue VTV 135.02 1.07 –3.8
iSh1-5YIGCorpBd IGSB 49.92 –0.38 0.2 SPDR S&PMdCpTr MDY 444.40 1.38 0.4 WisdTrFRTrea USFR 50.38 ... 0.2 …And spreads that widened the most
Credit Suisse CS 4.550 19.84 April 17, ’26 1585 639 n.a.
8.02 385 133
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks KeyCorp KEY 4.150 Oct. 29, ’25
60
45
Lloyds Banking LLOYDS 4.582 7.27 Dec. 10, ’25 334 n.a.
HSBC Holdings HSBC 4.300 6.08 March 8, ’26 209 21 115
Money Rates March 16, 2023
Oracle ORCL 5.800 5.03 Nov. 10, ’25 90 20 47
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a F&G Global Funding … 1.750 5.32 June 30, ’26 132 18 85
guide to general levels but don’t always represent actual transactions. 14
Coca–Cola KO 2.900 4.20 May 25, ’27 67 48
Week —52-WEEK— Week —52-WEEK— Westpac Banking WSTP 3.133 5.89 Nov. 18, ’41 214 13 175
Inflation Latest ago High Low Latest ago High Low
Feb. index Chg From (%)
level Jan. '23 Feb. '22 Low 4.5800 4.5500 4.5900 0.3000 Secured Overnight Financing Rate High-yield issues with the biggest price increases…
Bid 4.5800 4.5700 4.5800 0.3100 Bond Price as % of face value
4.58 4.55 4.58 0.05 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
U.S. consumer price index Offer 4.6000 4.5900 4.6200 0.3300
All items 300.840 0.56 6.0 Value 52-Week
Latest Traded High Low Credit Suisse CS 6.500 180.62 Aug. 8, ’23 60.250 7.25 n.a.
Core 304.011 0.68 5.5 Treasury bill auction
4 weeks 4.640 4.640 4.640 0.135 Teva Pharmaceutical Finance Netherlands … 4.100 7.21 Oct. 1, ’46 65.000 2.00 65.250
DTCC GCF Repo Index
International rates 13 weeks 4.750 4.765 4.765 0.450 Embarq … 7.995 20.76 June 1, ’36 43.000 1.28 43.500
Treasury 4.613 24.236 4.613 0.239
Week 52-Week
26 weeks 4.700 4.970 4.970 0.820 MBS 4.647 57.150 4.665 0.286 ZF North America Capital ZFFNGR 4.750 6.97 April 29, ’25 95.706 1.07 96.230
Latest ago High Low
Secondary market Weekly survey Prime Security Services Borrower PRSESE 5.750 6.67 April 15, ’26 97.500 1.06 96.000
Prime rates Fannie Mae Latest Week ago Year ago Dish DBS … 5.875 13.51 Nov. 15, ’24 89.000 1.00 92.751
U.S. 7.75 7.75 7.75 3.50 0.97
30-year mortgage yields
Freddie Mac Hughes Satellite Systems … 5.250 6.67 Aug. 1, ’26 95.780 95.513
Canada 6.70 6.70 6.70 2.70
Japan 1.475 1.475 1.475 1.475 30 days 5.747 6.488 6.812 3.754 Navient NAVI 5.625 10.27 Aug. 1, ’33 70.800 0.80 74.419
30-year fixed 6.60 6.73 4.16
60 days 5.767 6.514 6.988 3.828 15-year fixed 5.90 5.95 3.39
Policy Rates …And with the biggest price decreases
Euro zone 3.00 3.00 3.00 0.00 Other short-term rates Notes on data:
Switzerland 1.50 1.50 1.50 0.00 U.S. prime rate is the base rate on corporate Intesa Sanpaolo ISPIM 5.017 9.61 June 26, ’24 94.625 –2.44 96.487
Britain 4.00 4.00 4.00 0.75 Week 52-Week loans posted by at least 70% of the 10 largest
Latest high low Commerzbank CMZB 8.125 9.79 Sept. 19, ’23 99.208 –1.21 n.a.
ago U.S. banks, and is effective February 2, 2023.
Australia 3.60 3.60 3.60 0.10
Other prime rates aren’t directly comparable; Barclays BACR 5.200 6.95 May 12, ’26 95.115 –1.02 97.284
Overnight repurchase Call money lending practices vary widely by location;
–0.75
Discount rate is effective February 2, 2023. Liberty Interactive LINTA 8.500 31.81 July 15, ’29 38.000 37.500
U.S. 4.55 4.56 4.59 0.15 6.50 6.50 6.50 2.25
Secured Overnight Financing Rate is as of –0.50
March 15, 2023. DTCC GCF Repo Index is
Intelsat Jackson Holdings INTEL 6.500 9.43 March 15, ’30 85.250 86.750
U.S. government rates Commercial paper (AA financial)
Depository Trust & Clearing Corp.'s weighted OneMain Finance OMF 7.125 9.38 March 15, ’26 94.250 –0.25 96.500
90 days n.a. n.a. 4.84 0.61
Discount average for overnight trades in applicable
Rakuten RAKUTN 10.250 11.06 Nov. 30, ’24 98.750 –0.25 100.391
Libor CUSIPs. Value traded is in billions of U.S. dollars.
4.75 4.75 4.75 0.50 –0.20
Federal-funds rates are Tullett Prebon rates as CSC Holdings CSCHLD 5.250 9.76 June 1, ’24 95.000 97.619
One month 4.76143 4.80600 4.80600 0.42857 of 5:30 p.m. ET.
Federal funds Three month 4.96257 5.15371 5.15371 0.92786 Sources: Federal Reserve; Bureau of Labor *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.
Effective rate 4.6000 4.5800 4.6000 0.3300 Six month 4.93229 5.49986 5.49986 1.27443 Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more
High 4.9100 4.9000 4.9100 0.3400 One year 4.82943 5.86329 5.88071 1.77571 Tullett Prebon Information, Ltd. Source: MarketAxess
B8 | Friday, March 17, 2023 * THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

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
The following explanations apply to NYSE, NYSE s-New 52-week high. ElbitSystems ESLT 172.75 -2.72 HormelFoods HRL 39.16 -0.28 MPLX MPLX 33.71 -0.21 PembinaPipeline PBA 30.76 0.16 ServiceNow NOW 442.39 20.13 Twilio TWLO 64.18 0.78
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. ElectronicArts EA 113.53 2.15 DR Horton DHI 98.08 1.80 MSCI MSCI 546.57 9.80 PenskeAuto PAG 135.06 2.30 ShawComm B SJR 28.49 0.06 TylerTech TYL 331.42 3.31
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four ElevanceHealth ELV 468.50 12.02 HostHotels HST 15.87 0.11 MagellanMid MMP 52.66 0.54 Pentair PNR 52.09 0.41 Shell SHEL 54.64 -0.91 TysonFoods TSN 58.53 0.39
that include primary market trades as well as quarters.
EmersonElec EMR 81.92 1.39 HoulihanLokey HLI 92.71 2.67 MagnaIntl MGA 51.48 0.82 Penumbra PEN 267.96 10.96 SherwinWilliams SHW 220.35 3.80 UBS Group UBS 19.26 0.53
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading.
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Enbridge ENB 37.02 0.43 HowmetAerospace HWM 40.45 1.07 ManhattanAssoc MANH 143.49 2.07 PepsiCo PEP 176.51 -0.12 ShinhanFin SHG 26.43 0.10 UDR UDR 39.95 -0.61
Nasdaq ISE. standards Endeavor EDR 23.24 0.29 Hubbell HUBB 241.64 7.28 ManulifeFinl MFC 18.01 -0.07 PerformanceFood PFGC 54.72 0.20 ShockwaveMed SWAV 202.83 1.22 UGI UGI 35.15 0.49
The list comprises the 1,000 largest companies lf-Late filing EnergyTransfer ET 12.25 0.31 HubSpot HUBS 399.12 8.04 MarathonOil MRO 22.01 0.75 PerkinElmer PKI 126.08 3.54 Shopify SHOP 44.67 1.13 U-Haul UHAL 58.24 1.33
based on market capitalization. q-Temporary exemption from Nasdaq EnphaseEnergy ENPH 201.10 -4.66 Humana HUM 494.38 10.51 MarathonPetrol MPC 125.16 2.47 PetroleoBrasil PBR 10.02 0.04 SignifyHealth SGFY 29.21 0.11 t U-Haul N UHAL/B 52.11 1.10
Underlined quotations are those stocks with requirements. Entegris ENTG 84.10 3.43 JBHunt JBHT 171.69 2.92 Markel MKL 1237.89 24.56 PetroleoBrasilA PBR.A 8.90 0.08 SimonProperty SPG 109.20 -0.49 US Foods USFD 34.58 -0.93
large changes in volume compared with the t-NYSE bankruptcy Entergy ETR 105.90 0.81 HuntingtonBcshs HBAN 11.13 0.28 s MarketAxess MKTX 388.35 8.48 Pfizer PFE 40.37 0.09 SiriusXM SIRI 3.61 -0.03 UWM UWMC 4.66 0.09
issue’s average trading volume. v-Trading halted on primary market. EnterpriseProd EPD 25.24 0.07 HuntingIngalls HII 205.26 -0.17 Marriott MAR 161.13 2.80 PhilipMorris PM 95.39 -0.79 SiteOneLandscape SITE 137.10 2.59 Uber UBER 32.73 0.76
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being Envista NVST 38.38 0.59 HyattHotels H 107.63 1.70 Marsh&McLen MMC 158.69 4.61 Phillips66 PSX 95.05 1.40 SkechersUSA SKX 44.71 1.49 Ubiquiti UI 267.76 5.94
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, Equifax EFX 200.68 1.42 ICICI Bank IBN 20.15 0.35 MartinMarietta MLM 331.22 6.01 PinnacleWest PNW 78.68 0.47 Skyworks SWKS 115.73 4.03 UiPath PATH 17.22 2.58
previous closing price was $2 or higher. or securities assumed by such companies. Equinix EQIX 702.58 7.59 t ICL Group ICL 6.64 -0.17 MarvellTech MRVL 40.36 2.74 Pinterest PINS 26.53 1.50 SmithAO AOS 67.37 0.70 UltaBeauty ULTA 513.84 -10.34
t Equinor EQNR 27.11 -0.23 IdexxLab IDXX 474.11 9.14 Masco MAS 50.44 0.28 t PioneerNatRscs PXD 186.49 4.64 Smith&Nephew SNN 28.62 0.06 Unilever UL 49.72 0.69
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and t Equitable EQH 24.86 0.78 ING Groep ING 11.83 0.24 Masimo MASI 175.16 2.02 PlainsAllAmPipe PAA 11.88 0.11 Smucker SJM 153.81 0.26 UnionPacific UNP 192.91 0.87
changes in the closing prices from 4 p.m. the previous day. EquityLife ELS 65.50 -0.54 Invesco IVZ 16.05 0.03 MasTec MTZ 89.07 1.71 PlainsGP PAGP 12.47 0.22 Snap SNAP 11.09 0.75 UnitedAirlines UAL 43.59 0.45
EquityResdntl EQR 58.91 -1.06 IQVIA IQV 196.43 1.16 Mastercard MA 348.00 -0.08 PlanetFitness PLNT 76.22 0.89 Snap-On SNA 237.25 0.89 UnitedMicro UMC 8.67 0.35
Thursday, March 16, 2023 Net Net ErieIndemnity A ERIE 232.44 5.59 ITT ITT 82.10 2.02 MatchGroup MTCH 36.62 0.12 t PlugPower PLUG 11.80 ... Snowflake SNOW 138.92 -0.66 UPS B UPS 187.92 3.56
Net Stock Sym Close Chg Stock Sym Close Chg EssentialUtil WTRG 43.08 -0.20 IcahnEnterprises IEP 51.46 1.11 McCormickVtg MKC.V 72.19 -0.21 Polaris PII 109.17 1.75 t SOQUIMICH SQM 73.46 0.84 UnitedRentals URI 397.16 3.34
EssexProp ESS 211.88 -4.91 Icon ICLR 213.31 3.79 McCormick MKC 73.25 0.33 PolestarAuto PSNY 4.17 0.24 SolarEdgeTech SEDG 285.57 -20.86 t US Bancorp USB 36.36 0.92
Stock Sym Close Chg
Baidu BIDU 138.16 5.06 Chubb CB 191.86 5.29 EsteeLauder EL 237.23 0.43 IDEX IEX 219.12 3.32 McDonald's MCD 270.57 4.23 Pool POOL 349.51 3.52 Sony SONY 86.39 2.65 UnitedTherap UTHR 220.05 2.55
BakerHughes BKR 27.30 0.45 ChunghwaTel CHT 38.69 0.33 MCK 339.92 4.57 PrincipalFinl PFG 72.56 2.87 Southern 68.12 0.47 UnitedHealth UNH 472.02 6.59
A B C Ball BALL 52.12 0.02 Church&Dwight CHD 85.96
Etsy ETSY 104.43 -0.31 IllinoisToolWks ITW 230.34 1.79 McKesson
MDT 79.27 0.86 ProcoreTech PCOR 60.60 2.01 SoCopper
SO
-0.23 EverestRe RE 354.25 15.87 Illumina ILMN 224.95 -3.20 Medtronic SCCO 68.51 0.45 UnitySoftware U 28.74 0.39
ABB ABB 32.55 0.56 BancoBilbaoViz BBVA 6.73 0.20 ChurchillDowns CHDN 243.89 3.64 Evergy EVRG 60.53 0.24 ImperialOil IMO 45.80 0.09 MercadoLibre MELI 1214.74 25.78 Procter&Gamble PG 142.89 1.06 SouthwestAir LUV 30.48 0.75 UnivDisplay OLED 143.65 6.11
ADT ADT 7.00 0.06 BancoBradesco BBDO 2.27 0.04 Ciena CIEN 50.88 1.10 EversourceEner ES 76.80 -0.02 Incyte INCY 73.97 1.50 Merck MRK 107.34 -0.29 Progressive PGR 142.87 7.81 Splunk SPLK 89.75 1.89 UniversalHealthB UHS 121.02 3.37
AECOM ACM 83.46 0.67 BancodeChile BCH 18.69 0.28 Cigna CI 274.43 4.07 ExactSciences EXAS 66.15 1.79 Infosys INFY 17.19 0.26 MetaPlatforms META 204.93 7.18 Prologis PLD 120.09 0.95 Spotify SPOT 129.21 3.56 UnumGroup UNM 38.41 0.55
AES AES 23.25 0.20 BancSanBrasil BSBR 5.10 0.09 CincinnatiFin CINF 110.87 4.11 Exelon EXC 42.15 0.31 IngersollRand IR 53.52 0.59 t MetLife MET 57.69 1.39 t PrudentialFin PRU 82.19 2.03 StanleyBlackDck SWK 80.22 0.42 VF VFC 21.39 0.07
Aflac AFL 62.48 1.24 BcoSantChile BSAC 17.03 0.12 Cintas CTAS 435.61 3.27 Expedia EXPE 95.12 3.39 Ingredion INGR 96.21 1.17 Mettler-Toledo MTD 1469.86 30.98 Prudential PUK 25.61 0.01 Stantec STN 57.50 0.27 VICI Prop VICI 31.65 0.02
AGCO AGCO 122.17 1.40 BancoSantander SAN 3.52 0.10 CiscoSystems CSCO 50.12 1.06 ExpeditorsIntl EXPD 107.35 1.66 InspireMedical INSP 253.71 11.65 MicrochipTech MCHP 82.25 1.74 PublicServiceEnt PEG 59.18 0.56 Starbucks SBUX 100.43 1.09 VailResorts MTN 220.58 3.98
Ansys ANSS 314.08 5.12 BankofAmerica BAC 28.97 0.48 Citigroup C 45.62 0.80 ExtraSpaceSt EXR 159.96 2.38 Insulet PODD 312.36 4.47 MicronTech MU 56.57 2.44 PublicStorage PSA 294.86 6.30 StateStreet STT 74.75 1.05 Vale VALE 15.59 0.17
APA APA 32.81 0.76 BankofMontreal BMO 87.08 1.14 CitizensFin CFG 32.59 1.08 ExxonMobil XOM 101.03 -0.59 Intel INTC 30.18 1.77 Microsoft MSFT 276.20 10.76 PulteGroup PHM 55.96 1.34 SteelDynamics STLD 106.27 4.52 ValeroEnergy VLO 127.17 2.84
ASE Tech ASX 7.67 0.35 BankNY Mellon BK 44.40 0.39 Clarivate CLVT 9.79 -0.11 F5 FFIV 140.92 2.38 InteractiveBrkrs IBKR 77.90 1.89 MidAmApt MAA 149.43 -1.40 PureStorage PSTG 24.12 0.77 Stellantis STLA 17.12 0.25 ValmontInds VMI 302.30 4.94
ASML ASML 630.56 23.87 BankNovaScotia BNS 47.94 0.54 CleanHarbors CLH 135.98 2.91 FMC FMC 116.76 0.71 ICE ICE 99.23 2.13 Middleby MIDD 137.96 -1.01 Qiagen QGEN 46.44 0.46 Steris STE 178.72 2.33 VeevaSystems VEEV 175.78 4.94
AT&T T 18.39 0.08 Barclays BCS 6.98 0.19 ClearwayEnergyC CWEN 30.52 -0.45 FTI Consulting FCN 198.01 1.88 InterContinentl IHG 66.91 2.17 MitsubishiUFJ MUFG 6.30 0.16 Qorvo QRVO 97.15 3.08 Stevanato STVN 23.75 0.63 Ventas VTR 46.03 -0.12
AbbottLabs ABT 99.03 1.23 BarrickGold GOLD 17.40 -0.08 ClearwayEnergyA CWEN.A 29.09 -0.49 FactSet FDS 405.20 0.51 IBM IBM 124.70 1.42 MizuhoFin MFG 2.80 0.07 Qualcomm QCOM 120.51 5.02 STMicroelec STM 48.57 1.23 VeriSign VRSN 194.18 2.28
AbbVie ABBV 155.30 1.24 Bath&BodyWks BBWI 35.25 0.14 Cleveland-Cliffs CLF 17.61 -0.05 FairIsaac FICO 679.97 11.67 IntlFlavors IFF 83.71 0.99 Mobileye MBLY 43.27 2.34 QualtricsIntl XM 17.69 0.02
Stryker SYK 275.21 2.18 VeriskAnalytics VRSK 180.87 0.90
AcadiaHealthcare ACHC 70.23 1.77 BaxterIntl BAX 38.37 0.14 Clorox CLX 154.86 -1.48 Fastenal FAST 52.38 0.82 IntlPaper IP 34.67 0.19 Moderna MRNA 151.78 2.18 QuantaServices PWR 157.21 1.87 SumitomoMits SMFG 7.89 0.20 Verizon VZ 36.58 -0.48
Accenture ACN 252.92 6.75 BectonDicknsn BDX 238.00 3.52 Cloudflare NET 55.53 0.28 FederalRealty FRT 95.16 -2.03 Interpublic IPG 34.05 0.83 MohawkInds MHK 96.49 1.95 QuestDiag DGX 134.00 1.15 VertexPharm VRTX 300.64 6.37
SunComms SUI 135.69 -2.57
ActivisionBliz ATVI 79.87 0.61 BeiGene BGNE 224.77 -11.18 Coca-Cola KO 60.30 0.33 FedEx FDX 204.05 8.75 Intuit INTU 418.15 11.83 MolinaHealthcare MOH 263.78 3.14 Viatris VTRS 9.50 ...
SunLifeFinancial SLF 44.87 0.33
Adobe ADBE 353.29 19.68 BentleySystems BSY 40.99 0.67 Coca-ColaEuro CCEP 56.58 0.76 Ferguson FERG 129.33 1.07 IntuitiveSurgical ISRG 240.50 6.32 MolsonCoorsB TAP 51.48 -0.58
R S SuncorEnergy SU 29.17 -0.10
Vipshop VIPS 15.32 0.54
AdvanceAuto AAP 122.03 0.26 Berkley WRB 62.91 2.61 Cognex CGNX 48.58 0.88 Ferrari RACE 264.36 8.07 InvitatHomes INVH 31.10 -0.36 monday.com MNDY 135.91 -1.55 RBC Bearings RBC 218.07 2.35 Suzano Visa V 217.45 1.08
SUZ 8.41 0.04
AdvDrainageSys WMS 81.19 1.41 BerkHathwy B BRK.B 302.01 4.13 CognizantTech CTSH 58.40 1.33 t FidNatlFin FNF 33.01 -0.06 iQIYI IQ 7.11 0.19 Mondelez MDLZ 66.94 0.54 RELX Vistra VST 25.34 0.93
RELX 30.95 0.42 SynchronyFin SYF 29.16 0.26
AdvMicroDevices AMD 96.60 6.92 BerkHathwy A BRK.A 4553506678.99 CoinbaseGlbl COIN 67.78 3.31 t FidNatlInfo FIS 52.15 0.58 IridiumComm IRDM 60.99 0.39 MongoDB MDB 221.25 9.12 RPM VMware VMW 120.55 1.15
RPM 84.98 0.79 Synopsys SNPS 374.00 7.18
Aegon AEG 4.33 0.06 BerryGlobal BERY 56.17 0.81 ColgatePalm CL 72.95 0.02 FifthThirdBncp FITB 26.46 1.05 IronMountain IRM 52.08 0.01 MonolithicPower MPWR 497.97 21.36 RalphLauren RL Vodafone VOD 11.24 -0.14
112.18 0.54 Sysco SYY 74.50 -0.48
BestBuy BBY 77.09 1.54 Comcast A CMCSA 36.24 0.35 t FirstCitizBcshA FCNCA 547.46 7.52 ItauUnibanco ITUB 4.54 0.13 MonsterBev MNST 103.40 1.05 RaymondJames RJF VoyaFinancial VOYA 66.15 1.17
AerCap AER 53.39 0.96 89.46 2.30
AgilentTechs A 136.82 2.79 Bilibili BILI 22.34 1.25 CommerceBcshrs CBSH 60.62 1.38 FirstHorizon FHN 15.56 0.03 Moody's MCO 297.95 5.16 RaytheonTech RTX 98.08 2.25 T U V VulcanMatls VMC 166.21 3.40
agilon health AGL 26.08 2.17
Bio-Techne TECH 73.49 0.72 SABESP SBS 10.19 0.12 FirstIndRlty FR 51.90 -0.16 J K L MorganStanley MS 87.01 1.62 RealtyIncome O 62.43 -0.63 W X Y Z
AgnicoEagleMines AEM 48.17 ...
Bio-RadLab A BIO 488.28 10.28 ConagraBrands CAG 35.88 0.21 FirstSolar FSLR 206.56 3.34 Morningstar MORN 186.20 2.41 RegalRexnord RRX 141.75 2.27 t TC Energy TRP 37.51 0.10
Biogen BIIB 265.25 2.88 Concentrix CNXC 120.41 2.09 FirstEnergy FE 40.15 0.43
JD.com JD 39.79 0.45
Mosaic MOS 44.55 -0.19 RegencyCtrs REG 58.26 -1.61 TD Synnex SNX 91.79 1.93 WEC Energy WEC 94.86 0.17
AgreeRealty ADC 68.24 -0.43 JPMorganChase JPM 130.75 2.49
AirProducts APD 279.65 2.61 BioMarinPharm BMRN 93.41 5.67 Confluent CFLT 22.94 0.80 Fiserv FISV 109.49 0.23 MotorolaSol MSI 268.58 9.86 RegenPharm REGN 749.75 -10.55 TE Connectivity TEL 124.91 0.98 WEX WEX 174.19 0.63
BioNTech BNTX 131.96 2.02 ConocoPhillips COP 96.40 1.16 FiveBelow FIVE 195.33 -2.84
Jabil JBL 78.37 -1.96
NICE NICE 211.54 6.09 RegionsFin RF 18.61 0.96 Telus TU 19.62 0.15
Airbnb ABNB 119.99 6.41 W.P.Carey WPC 78.60 -0.52
AkamaiTech AKAM 72.53 0.59
BlackKnight BKI 55.67 0.04 ConEd ED 96.30 0.66 FleetCorTech FLT 191.96 2.74 JackHenry JKHY 148.11 2.65 NIO NIO 8.50 0.25 ReinsGrp RGA 128.69 3.86
Ternium TX 40.04 0.60
WPP WPP 57.47 1.32
Albemarle ALB 214.61 0.61
BlackRock BLK 636.98 5.24 ConstBrands A STZ 215.65 -0.38 Flex FLEX 21.08 0.33 JacobsSolns J 117.40 2.00 NOV NOV 18.16 0.17 RelianceSteel RS 245.96 3.95 TFI Intl TFII 119.00 0.74
Wabtec WAB 96.17 -0.06
t Albertsons ACI 19.68 -0.05
Blackstone BX 87.26 0.59 ConstellationEner CEG 78.43 1.10 Floor&Decor FND 90.58 1.83 JamesHardie JHX 20.50 0.46 t NRG Energy NRG 31.61 0.79
RenaissanceRe RNR 196.92 10.25
TJX TJX 74.60 0.44
WalgreensBoots WBA 33.41 -0.13
Alcoa AA 40.75 0.98
Block SQ 75.09 1.02 Cooper COO 345.29 6.66 FomentoEconMex FMX 88.66 2.23 JazzPharm JAZZ 137.22 2.33 NVR NVR 5478.12155.23 RentokilInit RTO 33.44 2.96 T-MobileUS TMUS 141.51 -2.91 Walmart WMT 138.28 -0.79
Alcon ALC 66.78 1.59
BlueOwlCapital OWL 10.45 0.33 Copart CPRT 70.01 1.92 FordMotor F 11.82 0.11 JefferiesFin JEF 31.20 0.29 NXP Semi NXPI 179.49 4.89 Repligen RGEN 175.29 4.61
TPG TPG 27.87 -0.09
WarnerBrosA WBD 14.16 0.59
t AlexandriaRlEst ARE 124.09 -2.86
Boeing BA 203.19 4.98 t CorebridgeFin CRBG 16.56 0.40 Fortinet FTNT 61.88 1.49 J&J JNJ 154.03 -0.32 Nasdaq NDAQ 53.11 1.40 RepublicSvcs RSG 133.57 0.77 T.RowePrice TROW 108.15 1.49 WarnerMusic WMG 30.10 0.10
Alibaba BABA 82.22 0.71
BookingHldgs BKNG 2439.91 24.18 Corning GLW 33.33 0.52 Fortis FTS 41.67 0.54 JohnsonControls JCI 59.45 0.46 Natera NTRA 58.29 1.25 ResMed RMD 211.28 3.29
TaiwanSemi TSM 89.30 3.05 WasteConnections WCN 136.08 1.04
AlignTech ALGN 326.40 8.23
BoozAllen BAH 90.56 0.32 Corteva CTVA 56.96 0.11 Fortive FTV 65.52 1.14 JonesLang JLL 148.86 2.76 NationalGrid NGG 64.61 1.03
RestaurantBrands QSR 61.89 0.16
TakeTwoSoftware TTWO 115.55 2.24 WasteMgt WM 155.61 0.55
BorgWarner BWA 46.94 1.03 CoStar CSGP 67.75 0.40 FortuneBrands FBIN 57.35 1.13 JuniperNetworks JNPR 31.58 0.88 NatlInstruments NATI 50.40 0.69 s TakedaPharm TAK 16.44 0.36
Allegion ALLE 106.18 2.34 RexfordIndlRealty REXR 58.26 0.01 Waters WAT 307.28 5.43
AllegroMicro ALGM 46.03 1.56
BostonProps BXP 53.51 -1.42 Costco COST 487.26 1.60 FoxA FOXA 32.94 0.42 KB Financial KB 36.71 0.50 NatlRetailProp NNN 42.71 -0.72
RioTinto RIO 64.73 -1.14
Tapestry TPR 41.16 0.61 Watsco WSO 302.52 2.07
AlliantEnergy LNT 53.49 0.39
BostonSci BSX 48.30 0.33 CoterraEnergy CTRA 23.51 0.73 FoxB FOX 30.22 0.39 KBR KBR 52.26 0.10 NatWest NWG 6.47 0.31 Rivian RIVN 13.46 0.43
TargaResources TRGP 68.67 0.52 t WebsterFin WBS 40.75 2.61
Allstate ALL 112.10 1.49
BoydGaming BYD 60.13 1.00 Coty COTY 11.00 0.22 Franco-Nevada FNV 136.77 1.28 KE Holdings BEKE 18.11 0.90 NetApp NTAP 61.98 0.93 RobertHalf RHI 75.06 -0.28 Target TGT 163.05 3.92 WellsFargo WFC 39.30 0.45
AllyFinancial ALLY 23.44 -0.09
BristolMyers BMY 67.10 -0.38 Coupang CPNG 13.28 0.37 FranklinRscs BEN 26.96 0.06 KKR KKR 49.74 -0.09 NetEase NTES 85.51 1.68 Robinhood HOOD 9.31 0.11 TeckResourcesB TECK 34.21 0.57 Welltower WELL 70.85 -0.40
BritishAmTob BTI 36.30 -0.02 Crane CR 111.89 0.99 FreeportMcM FCX 36.10 0.59 KLA KLAC 389.90 19.59 Netflix NFLX 310.06 6.27 Roblox TeledyneTech TDY 413.12 7.60 WescoIntl WCC 147.25 2.65
AlnylamPharm ALNY 189.66 3.91 RBLX 45.33 2.61
BrixmorProp BRX 20.62 -0.46 Credicorp BAP 127.04 -0.30 FreseniusMed FMS 19.32 -0.26 Kanzhun BZ 17.50 0.34 Neurocrine NBIX 94.25 0.14 RocketCos. RKT Teleflex TFX 232.22 6.73 WestPharmSvcs WST 336.41 10.82
Alphabet A GOOGL 100.32 4.21 8.71 0.18
Broadcom AVGO 636.50 10.46 CreditSuisse CS 2.16 ... FullTruck YMM 7.07 -0.26 KarunaTherap KRTX 189.34 2.27 NewOrientalEduc EDU 37.11 0.38 Ericsson ERIC 5.36 0.06 WesternDigital WDC 35.34 0.95
Alphabet C GOOG 101.07 4.52 Rockwell ROK 282.02 5.36
BroadridgeFinl BR 137.49 1.34 Crocs CROX 121.26 3.83 Futu FUTU 46.14 0.76 Kellogg K 64.97 -0.29 NYTimes A NYT 37.02 0.50
RogersComm B RCI 44.44 0.40
TelefonicaBras VIV 7.60 0.09 WesternMidstrm WES 25.20 0.68
Altria MO 46.17 -0.70
t
Amazon.com AMZN 100.04 3.84
Brookfield BN 29.41 0.62 CrowdStrike CRWD 133.52 4.20 KeurigDrPepper KDP 35.10 0.18 Newmont NEM 45.78 -0.33 RoivantSciences ROIV 8.50 -0.09 Telefonica TEF 3.93 -0.02 Westlake WLK 107.15 1.21
Ambev ABEV 2.71 0.06
BrookfieldInfr BIP 32.61 0.87 CrownCastle CCI 132.52 -0.17 G H I KeyCorp KEY 12.28 0.53 NewsCorp B NWS 16.38 0.39 Roku ROKU 65.18 2.84 TelekmIndonesia TLK 26.81 0.77 t WestRock WRK 27.79 0.26
BrookfieldRenew BEPC 30.86 0.21 CrownHoldings CCK 78.33 0.33 KeysightTech KEYS 155.39 0.94 NewsCorp A NWSA 16.24 0.32 Rollins ROL 36.49 0.34 TempurSealy TPX 37.84 0.12 Weyerhaeuser WY 29.76 0.17
Amcor AMCR 10.79 0.05 GE HealthCare GEHC 76.62 -0.14 KimberlyClark KMB 126.91
Brown&Brown BRO 55.11 1.68 CubeSmart CUBE 46.65 0.34 1.09 NextEraEnergy NEE 76.23 0.71 RoperTech ROP 428.42 7.49 Tenaris TS 28.95 0.30 WheatonPrecMet WPM 43.38 -0.60
Amdocs DOX 91.35 0.75 GFLEnvironmental GFL 33.20 1.07 KimcoRealty KIM 18.35
Brown-Forman A BF.A 62.51 0.64 Cullen/Frost CFR 108.58 1.99 -0.32 Nike NKE 120.65 2.48 RossStores ROST 103.24 0.94 TencentMusic TME 7.84 0.31 Whirlpool WHR 129.46 0.68
Ameren AEE 86.05 0.81 GSK GSK 33.82 0.24 KinderMorgan KMI 16.55
Brown-Forman B BF.B 62.39 0.58 Cummins CMI 231.84 1.35 -0.03 NiSource NI 27.96 0.11 RoyalBkCanada RY 95.26 0.38 Teradyne TER 105.97 3.34 t Williams WMB 28.82 0.04
AmerAirlines AAL 14.12 0.26 Gallagher AJG 183.60 6.51 KinsaleCapital KNSL 298.91
Bruker BRKR 73.45 0.50 Curtiss-Wright CW 169.73 3.99 10.79 Nokia NOK 4.57 0.08 RoyalCaribbean RCL 64.87 2.81 Tesla TSLA 184.13 3.68 Williams-Sonoma WSM 119.95 1.34
AEP AEP 92.01 -0.58 Gaming&Leisure GLPI 50.22 -0.02 Knight-Swift KNX 54.97
BuildersFirst BLDR 82.39 2.86 1.57 Nomura NMR 3.68 ... RoyalGold RGLD 120.06 -0.50 TetraTech TTEK 140.15 0.42 WillisTowers WTW 228.45 8.73
AmerExpress AXP 160.73 0.92
AmericanFin AFG 120.02 4.06
Bunge BG 96.72 -0.07 D E F Garmin
Gartner
GRMN 97.31
IT 305.95
1.42 Philips
-4.87 KoreaElecPwr KEP
PHG 16.47 0.46 Nordson NDSN 206.40 0.01 RoyaltyPharma RPRX 34.81 0.31 TevaPharm TEVA 8.50 -0.17 WillScotMobile WSC 47.03 0.51
BurlingtonStrs BURL 214.15 2.10 6.56 0.18 t NorfolkSouthern NSC 207.44 2.26 RyanSpecialty RYAN 39.33 1.99 TexasInstruments TXN 177.13 2.74 Wipro WIT 4.61 0.07
AmHomes4Rent AMH 30.57 0.05
CACI Intl CACI 284.30 1.44 DCP Midstream DCP 41.61 -0.08 GenDigital GEN 16.17 0.21 KraftHeinz
t AIG AIG 50.19 2.55
KHC 38.18 0.07 NorthernTrust NTRS 85.62 1.01 Ryanair RYAAY 88.53 0.78 TexasPacLand TPL 1659.36 65.53 Wolfspeed WOLF 63.11 0.51
CBRE Group CBRE 75.56 1.65 DTE Energy DTE 109.22 0.25 Generac GNRC 115.53 2.05 Kroger KR 47.13 -1.16 NorthropGrum NOC 450.15 1.25 SAP SAP 120.30 4.70 s TexasRoadhouse TXRH 108.02 3.33 WoodsideEnergy WDS 20.68 -0.13
AmerTowerREIT AMT 205.05 2.73 CDW CDW 193.58 4.93 Danaher DHR 249.34 7.23 GeneralDynamics GD 220.05 3.30 LKQ
AmerWaterWorks AWK 142.65 2.02
LKQ 54.74 1.37 Novartis NVS 82.78 0.68 S&P Global SPGI 339.90 5.92 Textron TXT 67.46 1.30 WooriFin WF 25.43 0.59
CF Industries CF 73.06 0.58 Darden DRI 150.36 2.60 GeneralElec GE 91.97 2.21 LPL Financial LPLA 202.64 7.13 NovoNordisk NVO 138.89 -2.09 SBA Comm SBAC 258.44 2.09 ThermoFisher TMO 557.09 14.39 Workday WDAY 191.72 7.36
AmericoldRealty COLD 28.55 -0.20 CGI GIB 91.96 2.62 t DarlingIngred DAR 53.93 -0.22 GeneralMills GIS 80.47 -0.48 L3HarrisTech LHX 202.27 1.49 Novocure NVCR 64.43 -1.13 SEI Investments SEIC 55.58 0.32 ThomsonReuters TRI 123.84 2.38 WW Ent WWE 84.35 0.79
Ameriprise AMP 288.08 4.54 CH Robinson CHRW 98.21 0.61 Datadog DDOG 69.21 1.67 GeneralMotors GM 34.61 0.28 LabCorp.ofAmerica LH 219.10
AmerisourceBrgn ABC 152.05 2.44
-0.12 NuHoldings NU 4.61 0.17 SK Telecom SKM 20.23 0.14 3M MMM 104.21 1.43 WynnResorts WYNN 107.44 2.58
CME Group CME 187.21 4.54 DaVita DVA 78.03 1.99 Genmab GMAB 36.01 0.30 LamResearch LRCX
515.19 28.14 Nucor NUE 145.42 0.61 SS&C Tech SSNC 55.24 1.42 Toast TOST 17.41 0.22 XP XP 11.63 0.67
Ametek AME 135.84 1.84 CMS Energy CMS 61.92 0.26 DeckersOutdoor DECK 416.75 10.36 Genpact G 44.00 0.37 LamarAdv
Amgen AMGN 234.57 -0.33
LAMR 95.90 -0.10 Nutrien NTR 72.68 -0.30 Saia SAIA 278.41 6.27 Toll Bros TOL 58.78 1.36 XcelEnergy XEL 67.24 -0.07
CNA Fin CNA 38.64 1.54 Deere DE 391.11 0.63 Gentex GNTX 26.83 0.64 LambWeston LW
98.29 0.30 nVentElectric NVT 42.36 1.27 Salesforce CRM 187.30 4.39 Toro TTC 107.85 0.96 XPeng XPEV 8.33 0.23
Amphenol APH 77.72 1.68 CNH Indl CNHI 14.24 -0.01 DellTechC DELL 38.05 0.54 GenuineParts GPC 164.66 1.53 t
LandstarSystem LSTR 175.80 3.20 NVIDIA NVDA 255.41 13.13 Samsara IOT 19.47 -0.28 TorontoDomBk TD 57.83 0.12 Xylem XYL 97.16 0.61
AnalogDevices ADI 186.63 3.70 CRH CRH 48.87 1.72 DeltaAir DAL 33.71 0.48 Gerdau GGB 4.91 0.11
AngloGoldAsh AU 19.55 0.03
LasVegasSands LVS 54.47 1.36 Sanofi SNY 48.12 0.55 TotalEnergies TTE 57.56 0.21 YPF YPF 9.52 0.25
CSX CSX 29.33 0.35 DentsplySirona XRAY 37.44 0.23 GileadSciences GILD 79.85 0.20 s
LatticeSemi LSCC 92.74 3.35 O P Q SareptaTherap SRPT 149.67 4.20 ToyotaMotor TM 135.90 2.32 Yum!Brands YUM 128.06 0.93
AB InBev BUD 60.81 1.39 CVS Health CVS 75.83 0.43 DescartesSystems DSGX 76.32 -0.13 GlobalPayments GPN 100.92 1.69
Lear LEA 138.05 3.77 Sasol SSL 12.50 0.26 TractorSupply TSCO 235.32 3.91 YumChina YUMC 60.98 0.54
AnnalyCap NLY 18.87 0.19 s CadenceDesign CDNS 207.82 4.88 DeutscheBank DB 10.32 -0.18 GlobalFoundries GFS 66.77 2.02 OGE Energy OGE 36.12 0.42
LegendBiotech LEGN 46.68 -0.23 Schlumberger SLB 46.18 0.86 TradeDesk TTD 58.88 3.79 ZTO Express ZTO 28.00 2.06
AnteroResources AR 22.38 0.37 CAE CAE 21.11 0.33 t DevonEnergy DVN 46.27 1.15 Globant GLOB 152.00 -1.69
Leidos LDOS 92.52 0.21
ONEOK OKE 61.02 0.14
SchwabC SCHW 57.88 -1.67 Tradeweb TW 74.19 4.15 ZebraTech ZBRA 294.93 7.19
Aon AON 299.02 13.17 CaesarsEnt CZR 44.71 0.38 DexCom DXCM 114.56 0.84 GlobeLife GL 108.79 1.17 OReillyAuto ORLY 819.52 1.26
Lennar B LEN.B 87.54 3.95 78.27 3.04 TraneTech TT 181.17 2.59 Zillow C
s OakStreetHealth OSH 35.55 -0.01 Sea
ApellisPharm APLS 64.89 -0.64 SE Z 41.53 0.90
t CamdenProperty CPT 105.14 -2.03 Diageo DEO 174.63 4.73 GoDaddy GDDY 72.99 0.74
Lennar A LEN 104.20 4.01 Seagate STX 61.20 1.35 TransDigm TDG 712.24 15.11 Zillow A ZG 40.85 0.93
ApolloGlbMgmt APO 58.75 1.14 Cameco CCJ 24.61 0.26 DiamondbkEner FANG 125.53 2.79 GoldFields GFI 10.85 0.14 OccidentalPetrol OXY 59.04 2.24
LennoxIntl LII 245.35 3.40 Seagen SGEN 200.48 0.54 TransUnion TRU 61.10 -0.39 ZimmerBiomet ZBH 125.43 0.17
Apple AAPL 155.85 2.86 CampbellSoup CPB 54.06 -0.28 Dick's DKS 146.69 0.98 GoldmanSachs GS 315.09 2.90 Okta OKTA 84.36 1.15
LeviStrauss LEVI 16.12 0.28 SealedAir SEE 44.77 ... Travelers TRV 172.21 5.72 Zoetis ZTS 166.31 2.74
ApplMaterials AMAT 122.83 4.35 CIBC CM 41.74 0.62 DigitalRealty DLR 103.09 -2.17 Grab GRAB 2.84 -0.01 OldDomFreight ODFL 337.51 5.04
LiAuto LI 21.98 0.63 Sempra SRE 148.69 2.33 Trimble TRMB 49.45 0.51 ZoomVideo ZM 70.59 -0.44
Aptargroup ATR 112.68 1.30 CanNtlRlwy CNI 118.49 3.30 DiscoverFinSvcs DFS 95.48 -0.77 Graco GGG 68.07 0.90 OldRepublic ORI 24.31 0.30
LibertyBroadbandC LBRDK 79.54 0.89 SensataTechs ST 46.96 0.55 Trip.com TCOM 37.39 1.01 ZoomInfoTech ZI 22.94 0.72
Aptiv APTV 112.17 3.41 CanNaturalRes CNQ 50.83 0.76 Disney DIS 94.29 1.19 Grainger GWW 681.33 13.59 Olin OLN 52.00 1.80
LibertyBroadbandA LBRDA 79.20 0.87 ServiceCorp SCI 65.92 0.50 t TruistFinl TFC 32.94 0.84 Zscaler ZS 108.13 0.46
Aramark ARMK 33.56 -0.04 CanPacRlwy CP 79.66 2.56 DocuSign DOCU 58.81 2.26 GraphicPkg GPK 23.65 0.23 OmegaHealthcare OHI 27.87 -0.53
LibertyGlobal A LBTYA 18.89 0.41
ArcelorMittal MT 27.17 0.48 CapitalOne COF 93.56 0.63 DolbyLab DLB 82.19 2.33 Grifols GRFS 6.87 -0.58 Omnicom OMC 87.31 1.64
LibertyGlobal C LBTYK 19.74 0.40
ArchCapital ACGL 66.07 3.33 CardinalHealth CAH 70.51 0.69 DollarGeneral DG 212.09 -6.47 GpoAeroportuar PAC 180.69 4.12 OnHolding ONON 21.72 1.17
LibertyFormOne A FWONA 65.37 1.96
ArcherDaniels ADM 76.47 -0.34 t CSL 224.32 1.69 DollarTree DLTR 139.01 -1.30 GpoAeroportSur ASR 291.49 4.30 ON Semi ON 80.50 2.50
AresMgmt ARES 76.27 1.68
Carlisle
Carlyle CG 30.86 0.27 DominionEner D 55.88 -0.03 Guidewire GWRE 78.61 1.83
LibertyFormOne C FWONK 72.07
LibertyBraves A BATRA 33.36
1.95
0.54
OpenText OTEX 36.60 1.12 Dividend Changes
arGEN-X ARGX 358.47 1.64 CarMax KMX 58.48 -0.65 Domino's DPZ 313.94 1.34 HCA Healthcare HCA 254.38 7.51 Oracle ORCL 84.82 1.84
LibertyBraves C BATRK 32.53 0.27
s AristaNetworks ANET 162.68 8.88 Carnival CCL 9.03 0.30 Donaldson DCI 63.98 1.38 HDFC Bank HDB 63.89 1.58 t Orange ORAN 11.41 ...
LibertySirius C LSXMK 26.63 0.16
Amount Payable /
ArrowElec ARW 117.41 2.48 Carnival CUK 8.16 0.21 DoorDash DASH 60.73 2.26 HF Sinclair DINO 47.38 2.26 t Orix IX 81.26 -0.31
LibertySirius B LSXMB 26.68 -2.04
AscendisPharma ASND 109.69 1.17 CarrierGlobal CARR 44.48 1.17 Dover DOV 140.76 0.43 HP HPQ 28.31 0.35 t OtisWorldwide OTIS 81.51 0.35 Company Symbol Yld % New/Old Frq Record
LibertySirius A LSXMA 26.73 0.19
AspenTech AZPN 205.59 1.65 CaseysGenStores CASY 208.18 0.53 Dow DOW 50.91 0.43 HSBC HSBC 34.49 0.70 Ovintiv OVV 35.10 1.75
92.85 3.01 Increased
LifeStorage LSI 120.09 1.69
AstraZeneca AZN 65.98 1.40 Catalent CTLT 71.20 1.36 DrReddy'sLab RDY 54.21 0.83 H World HTHT 49.05 0.76 OwensCorning OC
EliLilly LLY 329.53 0.06
Atlassian TEAM 157.35 -0.65 Caterpillar CAT 218.71 1.45 DraftKings DKNG 18.51 0.52 Haleon HLN 8.00 0.22 PDD PDD 94.52 3.31 InvenTrust Properties IVT 3.7 .2155 /.2052 Q Apr14 /Mar31
LincolnElectric LECO 162.79 -0.23
AtmosEnergy ATO 114.34 0.56 Celanese CE 104.36 2.05 Dropbox DBX 19.96 0.30 Halliburton HAL 31.00 0.59 PG&E PCG 16.16 0.30 Trinity Capital TRIN 13.7 .47 /.46 Q Apr14 /Mar31
Linde LIN 338.29 7.36
Autodesk ADSK 200.59 4.80 CelsiusHldg CELH 85.17 1.69 DukeEnergy DUK 97.20 0.37 HartfordFinl HIG 68.62 3.29 t PNC Fin PNC 130.12 5.07 US Bancorp Pfd. A USBpA 6.7 14.6243 /13.03114 Q Apr17 /Mar31
Littelfuse LFUS 257.57 7.00
Autoliv ALV 89.89 1.67 Cemex CX 4.98 0.11 DuPont DD 69.22 1.38 Hasbro HAS 48.02 0.68 POSCO PKX 62.03 2.26 US Bancorp Pfd. B
LiveNationEnt LYV 67.66 0.63 USBpH 6.2 .3394 /.29895 Q Apr17 /Mar31
ADP ADP 215.80 2.55 CenovusEnergy CVE 15.91 0.10 Dynatrace DT 38.69 0.34 HealthcareRealty HR 19.58 0.10 PPG Ind PPG 126.55 1.12
LloydsBanking LYG 2.30 0.08
AutoZone AZO 2413.32 -2.36 Centene CNC 63.19 -0.35 EMCOR EME 160.54 4.63 t HealthpeakProp PEAK 21.39 -0.14 PPL PPL 27.20 -0.04 Foreign
LockheedMartin LMT 473.24 -0.07
Avalonbay AVB 165.46 -4.47 CenterPointEner CNP 29.33 0.24 ENI E 26.21 0.05 Heico HEI 168.14 4.16 PTC PTC 119.47 1.95
Avangrid AGR 39.78 ... CentraisElBras EBR 6.45 0.05 EOG Rscs EOG 104.48 3.00 Heico A HEI.A 133.33 3.79
Loews L 55.87 1.56
Paccar PCAR 70.85 0.16
360 DigiTech ADR QFIN 4.1 .16 Q May19 /Apr11
LogitechIntl LOGI 53.46 0.71
Avantor AVTR 21.14 0.62 CeridianHCM CDAY 69.44 0.77 EPAM Systems EPAM 279.93 3.66 HenrySchein HSIC 78.15 0.66 PackagingCpAm PKG 129.17 0.67 Arcos Dorados Holdings A ARCO 1.9 .05 Q Mar30 /Mar27
Lowe's LOW 199.67 1.08
AveryDennison AVY 171.71 0.49 CharlesRiverLabs CRL 193.56 -1.34 EQT EQT 30.12 1.29 Hershey HSY 245.00 0.58 PalantirTech PLTR 7.98 0.08 Arcos Dorados Holdings A ARCO 1.9 .05 Q Jun28 /Jun23
Lucid LCID 7.83 0.43
AvisBudget CAR 182.60 -4.53 CharterComms CHTR 346.45 4.51 EastWestBncp EWBC 58.39 1.67 Hess HES 120.79 3.99 PaloAltoNtwks PANW 189.77 5.97 Arcos Dorados Holdings A ARCO 1.9 .05 Q Sep28 /Sep25
lululemon LULU 297.40 4.17
AxaltaCoating AXTA 28.41 0.59 CheckPoint CHKP 128.81 3.39 EastGroup EGP 161.73 0.78 HessMidstream HESM 26.54 0.29 ParamountA PARAA 23.34 0.28 Arcos Dorados Holdings A ARCO 1.9 .04 Q Dec27 /Dec22
LyondellBasell LYB 85.04 0.88
AxonEnterprise AXON 216.98 5.77 Chemed CHE 518.93 2.84 EastmanChem EMN 81.96 1.79 HewlettPackard HPE 14.31 0.52 ParamountB PARA 19.97 0.17
Burford Capital BUR 3.6 .0625 SA Jun16 /May26
BCE BCE 43.62
BHP Group BHP 57.58
0.21
-0.60
CheniereEnergy LNG 146.88 2.79 Eaton
CheniereEnerPtrs CQP 46.00 1.79 eBay
ETN 164.38
EBAY 41.45
5.11 Hilton
0.64 Hologic
HLT 138.33
HOLX 78.35
2.50
0.02
M N ParkerHannifin PH 314.00 0.46
Paychex PAYX 108.67 1.67 FinVolution Group ADR FINV 4.9 .215 A May05 /Apr13
BILL BILL 76.63 0.12 t ChesapeakeEner CHK 73.25 1.59 Ecolab ECL 158.77 -0.46 HomeDepot HD 286.73 -1.24 M&T Bank MTB 127.56 2.67 PaycomSoftware PAYC 280.06 2.18 Sources: FactSet; Dow Jones Market Data
BJ'sWholesale BJ 75.85 0.07 Chevron CVX 154.29 0.49 Ecopetrol EC 10.08 0.07 HondaMotor HMC 25.50 0.61 MDU Rscs MDU 29.59 0.12 Paylocity PCTY 178.45 1.72
BP BP 35.62 -0.23 ChewyA CHWY 38.74 0.58 EdisonIntl EIX 68.98 0.86 Honeywell HON 189.14 1.02 MGM Resorts MGM 41.95 0.91 PayPal PYPL 74.35 0.44 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
BRP DOOO 80.41 2.49 Chipotle CMG 1625.14 34.27 EdwardsLife EW 81.91 2.43 HorizonTherap HZNP 109.58 0.11 MinisoGroup MNSO 18.68 0.10 Pearson PSO 10.21 0.14 spin-off.

New Highs and Lows 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
AllogeneTherap ALLO 5.36 -2.7 BRileyFinlPfdA RILYP 17.01 -0.2 Caesarstone CSTE 4.33 -1.1 DevonEnergy DVN 44.03 2.5 FreshVineWine VINE 0.64 -0.8 HuadiIntl HUDI 3.25 -0.7
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American AlpineSummit ALPS 1.05 -33.5 B.RileyNts2028 RILYZ 15.56 0.5 CaliforniaRscs CRC 34.02 -0.4 DigitalMedia DMS 0.60 -3.6 fuboTV FUBO 1.16 ... HudsonPacProp HPP 6.77 -6.8
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest Alset AEI 1.47 -0.3 Babylon BBLN 6.22 -6.6 CallonPetrol CPE 28.91 1.1 DigitalWorldA DWAC 12.34 0.5 FutureFinTech FTFT 1.20 -0.4 HuntingtonPfdI HBANM 19.50 0.8
session. % CHG-Daily percentage change from the previous trading session. AlticeUSA ATUS 3.36 -2.0 BanColombia CIB 21.55 4.0 CamdenProperty CPT 103.86 -1.9 DigitalWorldWt DWACW 2.26 -7.6 GMedInnov GMVD 1.66 10.2 ICL Group ICL 6.56 -2.5
AltoIngred ALTO 1.74 -1.6 BankFirst BFC 67.73 1.7 CapitalProduct CPLP 12.13 -3.1 DigitalWorldAcqn DWACU 13.26 -5.3 GX Acqn II GXIIU 8.40 -22.4 IDW Media IDW 0.61 -16.3
AlzamendNeuro ALZN 0.45 -4.8 BankUnited BKU 21.73 -0.2 CardiolTherap CRDL 0.46 1.0 DixieGroup DXYN 0.72 4.7 GX Acqn II A GXII 7.45 -30.8 IN8bio INAB 1.18 -7.5
Thursday, March 16, 2023
Amedisys AMED 74.25 -2.3 BaoshengMedia BAOS 0.51 6.6 Cardlytics CDLX 3.22 -0.6 DouglasEmmett DEI 11.66 -3.9 GeniusBrands GNUS 2.48 2.7 ITTechPkg ITP 0.45 -0.1
52-Wk % 52-Wk % 52-Wk % AmericanAssets AAT 17.92 -1.1 BattalionOil BATL 7.02 -1.0 CarecloudPfdB CCLDO 22.91 -2.2 DragonflyEnergy DFLI 2.62 -5.2 Genprex GNPX 0.75 -0.3 icad ICAD 1.30 -0.8
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg AIG AIG 46.77 5.4 BayCom BCML 16.66 3.8 CarismaTherap CARM 3.00 1.6 EBET EBET 0.38 0.9 Getaround GETR 0.36 3.7 Immucell ICCC 4.68 -2.0
AmericanPubEdu APEI 4.15 -2.4 BeamrImaging BMR 2.71 -4.2 Carlisle CSL 215.36 0.8 EagleBncpMT EBMT 13.61 2.6 GladstoneComm GOOD 11.62 -1.1 ImmunoPrecise IPA 3.25 -10.1
FrontierInvtA FICV 10.70 -0.2 RevelstoneCap RCACU 10.75 4.6 AmerStratInvt NYC 9.30 3.3 BigLots CasaSystems CASA 1.72 -2.2 EasterlyGovtProp DEA
Highs GrAeroportuario OMAB
InceptionGrowthRt IGTAR
83.70 3.4 Sanfilippo JBSS
0.18 -1.2 ShoulderUpTechA SUAC
95.99 0.4
10.35 ...
AmnealPharm AMRX 1.31 -0.7 Biocept
BIG
BIOC
12.50
0.34
-0.8
-2.9 Centerspace CSR 55.75 -2.3 Eastern EML
13.41 -3.4 GladstoneLand
15.30 4.7 GlobusMedical
LAND
GMED
15.98
50.92
-2.7
-0.6
ImpelPharm
ImperialPetrol
IMPL
IMPP
0.93
0.15
1.0
1.3
AmpriusTech AMPX 4.87 -4.6 BiondVaxPharm BVXV 2.03 7.4 CerberusCyber CISO 0.30 -5.7 EledonPharm ELDN 1.95 -0.5 GoldRoyalty GROY Incannex IXHL
AIBAcqnA AIB 11.15 0.3 IndustrsBachoco IBA 62.08 0.5 SilverspacA SLVR 10.25 0.1 1.99 -2.4 2.01 -8.6
Amyris AMRS 0.99 10.9 Bionomics BNOX 2.40 -10.9 ChesapeakeEner CHK 69.68 2.2 EllingtonFinlPfdC EFCpC 21.56 0.1 GossamerBio GOSS Inpixon INPX
AcademySports ASO 67.70 8.4 InsightEnt NSIT 139.66 2.4 TPGPaceBenII YTPG 9.98 0.2 1.04 -20.5 0.39 -9.1
Appreciate SFR 0.96 -5.6 BlkRkTCPCap TCPC ChinaPharma CPHI 0.40 -4.9 ENGlobal ENG ICG
AetheriumAcqnA GMFI 10.39 ... Intchains ICG 8.19 ... TakedaPharm TAK 16.46 2.2
9.79 0.8 0.50 -0.5 GreatAjax AJX 6.21 -1.2 Intchains 7.70 ...
Aptorum APM 2.31 -1.6 BlinkCharging BLNK CitigroupPfdJ CpJ 24.76 1.6 EnlivexTherap ENLV
AldeyraTherap ALDX 8.08 1.9 InterParfums IPAR 141.73 1.4 TexasRoadhouse TXRH 7.54 -0.4 3.42 -1.1 GreatLakesDredge GLDD 4.98 -2.5 IntelligentBio INBS 2.63 1.8
108.17 3.2 ArcadiaBiosci RKDA 7.10 -2.1 CityOfficeREIT CIO 6.81 -3.2
AlphaHlthIII A ALPA 10.20 0.4 JattAcqnA JATT 12.38 3.1 TrineIIAcqnA BlockchainMoonRt BMAQR 0.00 -88.8 Equinor EQNR 26.28 -0.8 GreenbrookTMS GBNH 0.51 12.3 Intercure INCR 1.85 -3.1
TRAQ 10.90 0.3 ArdaghMetalPkg AMBP 3.81 0.3 CityOfficePfdA CIOpA 17.50 0.9
AlphaStarAcqn ALSA 10.48 0.1 JupiterWellnessA JWAC 10.88 0.4 VMG Consumer VMGAU 10.65 0.4 BlockchainMoonWt BMAQW 0.00 -82.2 Equitable EQH 23.35 3.2 GreenlandTech GTEC 1.71 2.8 Interface TILE 7.46 -1.0
ArenaGroup AREN 4.80 -1.2 ClearsideBiomed CLSD 0.93 -2.1
AltairEngg ALTR 68.39 1.7 JupiterWellnessRt JWACR 0.29 3.6 ViemedHealthcare VMD 9.76 5.8
BlueFoundryBncp BLFY 8.14 3.8 EsperionTherap ESPR 1.26 -54.3 GrindrodShipping GRIN 11.49 3.0 Ioneer IONR 7.48 -1.0
AresCommRealEst ACRE 8.74 0.3 ClipperRealty CLPR 5.99 -6.2
AristaNetworks ANET 164.26 5.8 KludeInI A INKA 11.41 2.9 WelsbachTech BlueRidgeBkshs BRBS 10.12 0.1 Euroseas ESEA 17.46 -1.1 GromSocialEnts GROM 0.61 -3.8 iSun ISUN 1.00 -1.0
WTMA 10.56 1.9 ArisWater ARIS 8.13 1.1 ColumbiaBanking COLB 20.25 3.4
AriszAcqnUn ARIZU 10.80 4.3 LatAmGrowthA LATG 10.60 ... BluerockHomes BHM 17.67 0.1 EveloBiosci EVLO 0.30 -5.1 Groupon GRPN 4.81 -3.9 iTeosTherap ITOS 14.66 -6.1
ArqitQuantumWt ARQQW 0.25 -6.5 ConnectOnePfdA CNOBP 14.51 2.7
AthenaTechII A ATEK
AtlCoastal II A ACAB
10.29 0.1
10.36 ...
LatAmGrowth
LatticeSemi
LATGU
LSCC
10.54 1.3
94.38 3.7
Lows ArqitQuantum ARQQ
ArrowheadPharm ARWR
0.96 -2.0
24.19 -3.5
BoxedWt
Boxed
BOXD.WS
BOXD
0.00
0.18
-61.7
-13.6
ConsensusCloud CCSI
ContraFect CFRX
29.62 -1.5
1.94 -3.3
FNB PfdE
FarmlandPtrs
FNBpE
FPI
21.64 -1.2 GuardionHlth GHSI
9.55 -1.4 Gulf Resources GURE
4.95
2.50
0.7
-0.5
JBG SMITH Prop JBGS
JaguarHealth JAGX
14.65
0.88
-3.6
-9.0
AtlasAir AAWW 102.48 ... LibertyRscsA LIBY 10.50 0.3 ADC Therap ADCT 2.22 -5.0 AshfordHosp AHT 3.07 -0.6
BrandywineRealty BDN 4.56 -5.4
CorebridgeFin CRBG 15.45 2.5
FathomDigital FATH 0.69 2.9 HMN Fin HMNF 20.00 -0.6 KKR RealEstFin KREF 11.31 0.2
AuraFatProjectsA AFAR 10.47 0.4 Limbach LMB 16.72 4.7 a.k.a.Brands AKA 0.55 -6.4 AspenGroup ASPU 0.11 -7.4 BridgeInvt BRDG 11.34 0.5 CorEnergyInfr CORR 1.10 -4.9 FathomDigitalWt FATH.WS 0.03 38.8 HammerheadEnergy HHRS 6.00 -1.6 KezarLifeSci KZR 3.75 -17.1
BGC Partners BGCP 5.51 6.7 MagnumOpusA OPA 10.56 -0.1 AMTD IDEA AMTD 1.48 -1.3 AssdBancPfdE ASBpE 19.86 -0.5 BrightHealth BHG 0.28 -13.6 CousinsProperties CUZ 19.82 -2.8 FidNatlFin FNF 32.23 -0.2 HancockWhitney HWC 35.51 3.5 LavaTherap LVTX 1.63 -2.9
BlackSpadeA BSAQ 10.25 ... MarketAxess MKTX 390.43 2.2 Absci ABSI 1.65 -2.6 Assurant AIZ 106.88 -0.2 Brightcove BCOV 4.53 -1.1 CrescentCapBDC5% FCRX 22.77 -1.1 FidNatlInfo FIS 49.14 1.1 HarborCustom HCDI 5.45 -2.9 LDH Growth I Wt LDHAW 0.00 26.7
CF Acqn VII CFFSU 10.37 0.7 MaxproCapA JMAC 11.11 -1.2 ActelisNtwks ASNS 0.37 -1.8 AstraSpace ASTR 0.40 ... BrookfieldBus BBUC 16.96 -2.2 CrescentEnergy CRGY 9.80 4.2 FirstBanCorp FBP 11.19 3.3 HawaiianHoldings HA 8.20 -0.6 LSB Inds LXU 10.18 3.1
CSP CSPI 12.61 3.9 MetalSkyStar MSSAU 16.57 -1.8 AdamasOne JEWL 0.88 -14.3 AthenePfdA ATHpA 20.47 -0.1 Brookfield BN 28.25 2.2 CrestwoodEquity CEQP 22.28 ... FirstCitizBcshA FCNCA 516.00 1.4 HealthpeakProp PEAK 21.01 -0.7 Lazydays LAZY 11.10 7.1
CadenceDesign CDNS 209.28 2.4 MillerIndustries MLR 35.50 4.4 Aditxt ADTX 0.96 -1.0 AthenePfdC ATHpC 21.11 0.7 BrookfieldReinsur BNRE 28.30 2.6 Cronos CRON 1.89 4.1 FirstCommBkshs FCBC 25.84 3.8 Heliogen HLGN 0.20 -3.2 LeeEnterprises LEE 14.05 -1.1
CircorIntl CIR 32.02 15.6 MinorityEqualityA MEOA 10.79 0.4 AetheriumAcqn GMFIU 9.41 0.2 AthenePfdD ATHpD 15.62 3.7 BruushOralCare BRSH 0.22 3.3 Cryptyde TYDE 0.10 -14.3 FirstGuarantyPfdA FGBIP 16.90 5.4 Helm&Payne HP 33.54 -1.4 LendingClub LC 6.63 1.4
CorazonV838 CRZNU 10.49 2.6 MotiveCapII A MTVC 10.44 ... AEye LIDR 0.40 2.7 Athenex ATNX 1.81 -2.1 BurfordCapital BUR 6.09 -8.3 CyxteraTech CYXT 1.52 -9.5 FirstHorizonPfdB FHNpB 17.60 9.7 HershaHospitality HT 6.44 -1.3 LibertySirius A LSXMA 26.05 0.7
Cvent CVT 8.39 0.1 NeoGenomics NEO 19.51 4.5 AirIndustries AIRI 3.78 -0.8 AtlisMotor AMV 0.68 -0.6 ButterflyNtwkWt BFLY.WS 0.22 2.9 DHI Group DHX 3.51 0.6 FirstNWBncp FNWB 10.77 1.8 Hesai HSAI 13.60 -10.2 LibertySirius C LSXMK 26.01 0.6
DA32LifeSci DALS 10.90 1.1 NewburyStAcqn NBSTU 10.91 -0.4 AirNetTech ANTE 0.65 21.8 AudioCodes AUDC 13.86 3.7 CBREGlbREIncmRt IGRr 0.01 35.9 D-WaveQuantum QBTS 0.51 -7.1 FiscalNote NOTE 1.36 -4.5 HighwoodsProp HIW 21.12 -3.4 LibertySirius B LSXMB 26.68 -7.1
Daktronics DAKT 4.93 -0.6 OakStreetHealth OSH 35.70 ... Akoya AKYA 7.98 -5.2 AultAllPfdD AULTpD 11.80 2.1 C4 Therap CCCC 4.02 -3.5 DXC Tech DXC 22.52 0.6 FiscalNoteWt NOTE.WS 0.15 -14.1 HomeBancorp HBCP 31.88 8.1 LifetimeBrands LCUT 5.26 -3.5
DistokenAcqnUn DISTU 10.27 -0.1 OptexSystems OPXS 3.65 -9.5 Albertsons ACI 19.51 -0.3 authID AUID 0.29 -6.3 CN Energy CNEY 0.20 -16.0 DZS DZSI 8.65 -2.2 5EAdvMatls FEAM 5.83 -3.9 HomologyMed FIXX 0.98 -3.0 LincolnNational LNC 20.49 -1.2
eMagin EMAN 1.54 12.1 PDF Solutions PDFS 39.45 4.0 Alector ALEC 6.13 -2.0 AzurePowerGlbl AZRE 1.88 0.5 CSG Systems CSGS 49.02 3.2 DarlingIngred DAR 53.04 -0.4 FiveStarBncp FSBC 20.02 -1.4 Honest HNST 1.82 -33.3 LincolnNatlPfdD LNCpD 24.38 2.9
Embraer ERJ 15.31 3.7 PerspectiveTherap CATX 0.53 8.4 AlexandriaRlEst ARE 121.94 -2.3 BIMI Intl BIMI 0.70 -3.0 Curo CURO 1.50 1.9 Dave DAVE 6.46 4.3 Fluent FLNT 0.64 -32.6 HothTherap HOTH 2.21 -4.7 LivaNova LIVN 40.26 1.5
FTACZeusAcqnUn ZINGU 10.60 0.3 PonoCapitalThreeUn PTHRU 10.28 0.2 AlignmentHlthcr ALHC 5.76 -1.2 BRC BRCC 5.44 -10.7 Cadre CDRE 16.58 -3.7 Deluxe DLX 15.10 -3.3 FormulaSys FORTY 63.70 -1.1 HoustonAmEner HUSA 2.30 1.2 LivePerson LPSN 4.02 -57.7
FintechEcoA FEXD 10.95 0.4 PostHldgsPtr PSPC.U 10.30 0.1 AllarityTherap ALLR 0.11 -10.8 BRT Apartments BRT 18.07 2.5 CadrenalTherap CVKD 1.42 -5.6 DermataTherap DRMA 2.20 -21.6 Freightos CRGO 3.45 -11.0 HovnanianPfdA HOVNP 15.53 1.9 Continued on Page B10

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 Fund
Net YTD
NAV Chg %Ret
Income 12.43 -0.02 2.0 Idx2040InsPre 19.52 +0.24 3.0 CapApInst 70.51 +1.67 12.3 LrgCpStr NA ... NA IntlEqIdxInst 19.69 +0.26 3.1 TotIntBdIdxAdm 19.46 -0.10 3.0 IdxIntl 16.93 +0.18 1.6
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Intl Stk 43.02 +0.54 -0.2 Fidelity Invest Harding Loevner Parnassus Fds VANGUARD ADMIRAL TotIntlAdmIdx r 28.33 +0.31 1.7 MdCpGrAdml 80.97 +1.42 4.7
Stock 212.07 +3.27 -1.7 Balanc 23.94 +0.23 4.5 IntlEq 24.05 +0.38 NA ParnEqFd 48.76 +0.84 3.9 500Adml 366.65 +6.38 3.5 TotStAdml 96.22 +1.66 3.4 MdCpVlAdml 67.74 +0.78 -3.3
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e DoubleLine Funds BluCh 128.29 +3.55 14.1 Invesco Funds A PGIM Funds Cl Z BalAdml 40.81 +0.34 2.9 TxMCapAdml204.95 +3.64 3.6 SmValAdml 66.76 +0.92 -2.2
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, EqIncA
TotRetBdI 8.98 -0.05 NA Contra 12.81 +0.28 7.5 9.63 +0.06 -1.9 TotalReturnBond NA ... NA CAITAdml 11.25 +0.01 1.6 TxMIn r 13.85 +0.16 2.4 TotBd2 9.52 -0.04 2.2
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r Edgewood Growth Instituti CpInc 9.06 +0.05 1.5 Invesco Funds Y CapOpAdml r149.47 +2.83 2.3 USGroAdml 112.13 +2.70 TotIntlInstIdx r113.29 +1.23 1.7
PIMCO Fds Instl 10.7
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not EdgewoodGrInst 34.27 +0.80 9.5 GroCo DevMktY
available due to incomplete price, performance or cost data. NE-Not released by Lipper;
25.00 +0.57 11.1 37.47 +0.46 7.2 AllAsset 10.52 -0.03 NA DivAppIdxAdm 40.68 +0.53 -1.3 ValAdml 52.67 +0.57 -3.8 TotItlInstPlId r113.32 +1.23 1.7
Fidelity InvGrBd 9.99 -0.06 2.2 JHF III DispVal TotRt 8.57 -0.05 NA EMAdmr 32.25 +0.24 -0.5 WdsrllAdml 67.07 +1.22 1.4 TotSt 96.18 +1.65 3.3
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. 500IdxInstPrem137.84 +2.40 3.5 LowP 45.50 +0.57 -1.5 DispValMCI 23.98 +0.32 -1.8 PIMCO Funds A EqIncAdml 80.68 +0.90 -4.7 WellsIAdml 58.90 +0.11 VANGUARD INSTL FDS
-0.6
Contrafund K6 17.97 +0.37 6.9 Magin 11.22 +0.21 5.0 John Hancock IncomeFd 10.36 -0.04 NA ExplrAdml 89.80 +1.15 3.4 WelltnAdml 66.77 +0.70 0.7 BalInst 40.82 +0.34 2.9
Thursday, March 16, 2023 ExtMktIdxInstPre 64.73 +1.05 2.7 NASDAQ 147.97 +3.58 12.2 BondR6 13.51 -0.05 2.2 PIMCO Funds I2 ExtndAdml 103.59 +1.69 2.7 WndsrAdml 68.00 +1.00 -0.4 DevMktsIndInst 13.87 +0.16 2.5
Net YTD Net YTD Net YTD FidSerToMarket 13.06 +0.22 3.4 OTC 14.13 +0.36 10.1 JPMorgan I Class Income 10.36 -0.04 NA GNMAAdml 9.33 -0.04 2.2 VANGUARD FDS DevMktsInxInst 21.68 +0.26 2.5
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret GrowthCompanyK6 16.91 +0.38 9.9 Puritn 21.07 +0.24 2.8 CoreBond NA ... NA PIMCO Funds Instl GrwthAdml 122.98 +2.95 12.1 DivdGro 34.27 +0.41 -2.7 ExtndInst 103.58 +1.68 2.7
InflPrBdIndInsPr 9.19 -0.09 1.9 SAIUSQtyIdx 16.08 +0.29 5.0 EqInc NA ... NA IncomeFd 10.36 -0.04 NA HlthCareAdml r 86.98 +1.10 -3.2 IntlVal 36.73 +0.52 2.8 GrwthInst 122.99 +2.95 12.1
American Century Inv Artisan Funds Calamos Funds IntlIdxInstPrem 42.45 +0.56 3.1 SrsEmrgMkt 15.79 +0.23 1.1 LgCpGwth NA ... NA Price Funds HYCorAdml r 5.15 +0.02 1.2 InPrSeIn 9.60 -0.10 1.8
Ultra 61.13 +1.35 10.8 IntlVal Inst 40.23 +0.70 4.2 MktNeutI 14.02 +0.04 2.0 LifeCon 19.57 +0.06 2.6
LgCpGwId InstPre 22.82 +0.51 9.6 SrsGlobal 12.59 +0.16 1.9 JPMorgan R Class
BlChip 115.45 +3.00 11.5 InfProAd 23.57 -0.25 1.8 InstIdx 333.02 +5.79 3.5
American Funds Cl A Baird Funds Columbia Class I LifeGro 36.97 +0.40 2.6
MidCpInxInstPrem 26.02 +0.37 0.4 SrsGroCoRetail 15.11 +0.34 CoreBond NA ... NA
-0.8 IntlGrAdml InstPlus
9.7 95.48 +1.59 5.6 333.02 +5.79 3.5
AmcpA 31.92 +0.61 6.1 AggBdInst 9.75 -0.05 2.0 DivIncom I 28.07 +0.35 -3.0 DivGro 63.56 +0.86 LifeMod 28.15 +0.20 2.6
SAIUSLgCpIndxFd 17.40 +0.30 3.5 SrsIntlGrw 15.01 +0.30 5.3 CorePlusBd NA ... NA ITBondAdml 10.25 -0.07 2.3 InstTStPlus 69.28 +1.19 3.4
AMutlA 47.21 +0.54 -2.1 CorBdInst 10.01 -0.05 1.9 Dimensional Fds Growth 68.52 +1.76 11.2 PrmcpCor 27.22 +0.48 0.1
SeriesBondFd 9.00 -0.05 2.1 SrsIntlVal 10.01 +0.09 -0.2 Lord Abbett I ITIGradeAdml 8.42 -0.03 2.0 MidCpInst 55.98 +0.81 0.4
BalA 28.79 +0.21 0.5 BlackRock Funds 5GlbFxdInc 9.96 -0.01 1.3 HelSci 86.32 +1.08 -3.9 STAR 24.94 +0.26 3.2
SeriesOverseas 11.34 +0.22 4.4 TotalBond 9.45 -0.04 2.1 ShtDurInc p 3.84 -0.02 1.2 LarCapAd 91.31 +1.61 3.8 MidCpIstPl 276.09 +3.99 0.4
LgCapGow I 50.32 +1.23 9.6
BondA 11.50 -0.07 1.7 HiYldBd Inst 6.67 +0.03 1.8 EmgMktVa 26.46 +0.12 ... SerLTTreBdIdx 6.16 -0.05 5.7 Fidelity SAI Metropolitan West LTGradeAdml 8.00 ... 3.5 TgtRe2020 25.98 +0.09 2.4 RealEstaInstl 18.08 -0.03 -0.1
CapIBA 62.09 +0.40 -0.7 BlackRock Funds A EmMktCorEq 20.38 +0.11 1.2 SmCpIdxInstPrem 21.91 +0.32 1.0 TotalBd 8.94 -0.04 2.1 TotRetBdI NA ... NA MidCap 91.80 +1.47 3.5
MidCpAdml 253.41 +3.66 0.4 TgtRe2025 17.10 +0.10 2.5 SmCapInst 88.42 +1.25 0.6
CapWGrA 52.32 +0.78 1.8 GlblAlloc 16.63 +0.12 0.3 IntlCoreEq 13.83 +0.14 2.4 TMktIdxInstPrem109.61 +1.89 3.4 U.S.TreBdIdx 8.84 -0.06 2.6 TRBdPlan NA ... NA NHoriz 48.67 +0.67 5.1
MuHYAdml 10.42 ... 2.4 TgtRe2030 32.19 +0.24 2.6 SmCapIstPl 255.20 +3.58 0.5
EupacA 50.73 +0.80 3.5 BlackRock Funds III IntSmCo 17.74 +0.13 1.8 TotalMarketIndex 13.81 +0.24 3.4 First Eagle Funds MFS Funds R2020 17.08 +0.12 2.0 MuIntAdml 13.50 ... 1.6 TgtRe2035 19.86 +0.18 2.6 STIGradeInst 9.97 -0.03 0.8
FdInvA 61.31 +0.98 2.0 iShS&P500IdxK465.89 +8.08 3.5 IntSmVa 19.14 +0.08 1.8 TtlIntIdxInstPr 11.92 +0.14 1.8 GlbA 59.09 +0.59 1.9 IIE 29.27 +0.49 4.0 R2025 14.93 +0.12 2.1 MuLTAdml 10.72 +0.01 2.2 TgtRe2040 34.90 +0.36 2.6 STIPSIxins 23.72 -0.13 1.2
GwthA 52.92 +1.05 6.9 BlackRock Funds Inst LgCo 27.08 +0.48 3.6 USBdIdxInstPrem 10.33 -0.06 2.0 Franklin A1 MFS Funds Class I R2030 22.36 +0.23 2.3 MuLtdAdml 10.73 ... 1.0 TgtRe2045 23.43 +0.27 2.7 TotBdInst 9.63 -0.05 2.2
HI TrA 9.05 +0.03 1.2 EqtyDivd 17.78 +0.21 -2.7 US CoreEq1 30.40 +0.51 2.0 Fidelity Freedom IncomeA1 2.26 +0.01 1.0 GrowthI 141.07 +3.47 6.4 R2040 25.01 +0.35 2.4 MuShtAdml 15.62 ... 0.8 TgtRe2050 38.81 +0.48 2.7 TotBdInst2 9.52 -0.04 2.2
ICAA 42.30 +0.71 2.9 StratIncOpptyIns 9.21 -0.01 1.0 US CoreEq2 27.59 +0.45 1.6 FF2020 13.09 +0.06 2.6 FrankTemp/Frank Adv ValueI 45.94 +0.74 -3.9 Putnam Funds Class A PrmcpAdml r133.15 +2.72 1.8 TgtRe2060 39.88 +0.50 2.7 TotBdInstPl 9.63 -0.05 2.2
IncoA 22.06 +0.12 -1.8 Bridge Builder Trust US Small 39.18 +0.69 1.2 FF2025 12.03 +0.07 2.6 IncomeAdv 2.24 +0.01 1.0 Neuberger Berman Fds PutLargCap p 27.69 +0.33 -1.5 RealEstatAdml116.79 -0.19 -0.1 TgtRet2055 43.30 +0.54 2.7 TotIntBdIdxInst 29.20 -0.15 3.0
N PerA 49.73 +0.79 5.1 CoreBond 8.96 -0.05 2.2 US SmCpVal 38.66 +0.63 -1.6 FF2030 15.03 +0.11 2.7 FrankTemp/Franklin A LCVal Inst 41.48 +0.25 -3.6 Schwab Funds SmCapAdml 88.42 +1.25 0.5 TgtRetInc 12.53 +0.01 2.4 TotStInst 96.23 +1.65 3.3
NEcoA 46.21 +0.87 6.2 CorePlusBond 8.82 -0.04 2.0 US TgdVal 27.10 +0.50 -1.1 FF2035 12.94 +0.14 2.9 Growth A 107.28 +2.05 5.0 Northern Funds 1000 Inv r NA ... NA SmGthAdml 73.66 +1.07 4.5 WellsI 24.31 +0.04 -0.6 ValueInst 52.67 +0.57 -3.8
NwWrldA 67.89 +0.88 2.2 Intl Eq 11.15 +0.15 4.0 USLgVa 40.20 +0.55 -3.1 FF2040 9.15 +0.12 2.9 RisDv A 82.74 +1.23 0.2 StkIdx 42.26 +0.73 3.5 S&P Sel NA ... NA STBondAdml 9.94 -0.05 1.1 Welltn 38.67 +0.41 0.7 WCM Focus Funds
SmCpA 57.85 +0.77 3.1 LargeCapGrowth 18.08 +0.36 5.8 Dodge & Cox Freedom2030 K 15.02 +0.11 2.7 Guggenheim Funds Tru Nuveen Cl I TSM Sel r NA ... NA STIGradeAdml 9.97 -0.03 0.8 WndsrII 37.81 +0.69 1.4 WCMFocIntlGrwIns 20.65 +0.43 5.0
TxExA 12.20 +0.01 1.9 LargeCapValue 14.78 +0.21 -1.5 Balanced 92.98 +0.75 -0.4 Idx2030InsPre 17.27 +0.11 2.8 TotRtnBdFdClInst 23.74 -0.06 3.2 HYMunBd 15.08 +0.01 NA TIAA/CREF Funds STIPSIxAdm 23.70 -0.13 1.2 VANGUARD INDEX FDS Western Asset
WshA 50.91 +0.73 -1.7 MunicipalBond 9.80 ... 1.6 GblStock 12.62 +0.20 0.1 Idx2035InsPre 19.26 +0.18 2.9 Harbor Funds Old Westbury Fds EqIdxInst 28.06 +0.48 3.4 TotBdAdml 9.63 -0.05 2.2 ExtndIstPl 255.62 +4.15 2.7 CorePlusBdI NA ... NA
THE WALL STREET JOURNAL. Friday, March 17, 2023 | B9

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B10 | Friday, March 17, 2023 ** THE WALL STREET JOURNAL.

BANKING & FINANCE

Silicon Valley Loved Silicon Valley Bank

Lender was willing to unique to SVB, but they helped Venture-capital fundraising, quarterly 4Q 2022 SVB, called the bank on behalf loan sometimes included ar-
to ingrain the bank more $20.6B of a startup that couldn’t re- rangements where the company
serve startups that deeply in the venture world. $80 billion
pay a $10 million debt, The agreed to park upward of 80%
bigger rivals likely Mo Parikh, founder of soft- Wall Street Journal reported of its money with the bank,
ware startup Bandwango, in 2015. The bank gave the founders and investors said.
would find risky switched his company’s ac- startup six more months to SVB also had an army of re-
60
counts over to SVB last pay back the loan, the Journal lationship managers that
Silicon Valley Bank used fi- year because his company reported at the time. wooed their founder and in-
nancial sweeteners and strate- wanted to get a line of credit The system seemed to work vestor clients with personal
gic networking to attract both and SVB’s terms were attrac- as intended for years, with Sil- service, driving business.
40
venture capitalists and their tive. Bandwango took out a icon Valley Bank working with Nicholas Donahue, founder
nascent tech companies. That $1.5 million line of credit in some of the most well-known of startup Atmos, would catch
strategy powered spectacular exchange for doing all its tech companies. Without it, up with his relationship man-
growth for decades—and left banking with SVB and giving 20
some investors say, some of ager at SVB once every two
the sector extraordinarily vul- the bank warrants. these companies wouldn’t months over Zoom. The man-
nerable when the bank col- “It was a really interesting have gotten off the ground. ager would pitch him on open-
lapsed. arrangement,” Mr. Parikh said. Derek Brunelle, who worked ing more accounts, including
“We didn’t really have to put 0 at Silicon Valley Bank for more money-market accounts that
By Katherine Bindley, anything up. We had to ensure than a decade, said much of the offered higher interest rates
2015 ’16 ’17 ’18 ’19 ’20 ’21 ’22
Rolfe Winkler that we were going to continue long-term success of the bank than the standard savings ac-
and Berber Jin to keep our money with them.” Source: Preqin was built on everybody being count he used, Mr. Donahue
SVB’s tactics help explain transparent and trusting one said.
SVB, founded in 1983, of- not only the roots of its own when he sold his startup Crash- “These are future co-found- another to behave well in the Punit Soni said startup
fered banking services to start- crisis, but also the panic that lytics to then-privately held ers, partners, customers, in- sandbox. It was in SVB’s inter- founders like himself don’t usu-
ups that often weren’t profit- swept through the startup Twitter Inc. as collateral, be- vestors in your company,” Mr. est to be accommodating to ally have time to think about
able, in some cases didn’t even world after its collapse. Be- cause he didn’t have cash. A Chang said. “In a relationship- portfolio companies because diversifying bank accounts. He
have a product, and would oth- cause thousands of companies few years later, SVB gave him a driven place like the startup startup investors had dozens of said it made sense to work with
erwise have a hard time getting had significant cash with SVB, mortgage in the “low 2%” community, that had real other such companies that SVB because it provided fast
a line of credit or a loan from a when they lost access to their range, significantly better than value.” were clients of the bank as service, and his company, Suki
larger bank. Venture-capital accounts they had to rush to other banks, he said. Keeping things all in the well, he said. AI Inc., was able to borrow
firms banked with SVB too, of- find ways to make payroll and He said his subsequent family had its advantages: SVB was lenient when it from SVB on terms that bigger
ten encouraging their portfolio pay other imminent bills until startup, Digits, did its banking When a portfolio company was came to underwriting loans, ac- banks wouldn’t have matched.
companies to do the same. the federal government stepped with SVB, putting three rounds struggling to pay back a loan cording to founders and inves-
When SVB nabbed a startup in late Sunday to backstop all of equity capital it raised total- or needed an influx of cash, tors, which allowed the bank to
client, the bank often tried to deposits at the bank. ing just under $100 million into SVB would often find a way to dominate the venture debt Watch a Video
grab all of its business, press- Serial entrepreneur and an- the bank. SVB created an eco- accommodate it. business and underwrite trans- Scan this code for
ing borrowers to put all their gel investor Wayne Chang was system, inviting founders to so- Several years ago, Marc An- actions that larger banks a video on what
deposits there, in part so the a repeat client. In 2013, the cial events, including dinners dreessen, co-founder of ven- deemed too risky. It also drove SVB’s collapse
lender would have collateral for bank offered to help him buy a for VCs and founders, poker ture-capital firm Andreessen business to its savings and means for the
loans. The moves weren’t house using stock he received nights and mixers, he said. Horowitz, which banked with money-market accounts—the banking sector.

Tiger Takes China Clients Struggle to Pull Funds

Markdowns BY JING YANG
AND REBECCA FENG
service representatives that in-
cluded people on the ground in

On Assets The sudden collapse of Sili-

con Valley Bank sparked acute
China. It catered to many fledg-
ling businesses that were
shunned by bigger banks.
anxiety among startups around SVB, which doesn’t have its
Continued from page B1 the world. It was particularly own banking license in China,
through June 30. problematic for firms in China serviced clients in the country
That figure has fallen to 9%, that had put all their eggs in via U.S. toll-free hotlines and
QILAI SHEN/BLOOMBERG NEWS

people familiar with the mat- one basket after being courted web mails. All its transactions
ter said. Similarly, PIP 11’s in- by the California-based lender were processed online. For
ternal rate of return has fallen earlier on. large transactions or funding
BEN GABBE/GETTY IMAGES

to 13% from 23% over the Even after the Federal De- projects, client-relations manag-
same time frame. PIP 10’s de- posit Insurance Corp. stepped ers would pay in-person visits
creased to 35%, from 39%. in to backstop all of Silicon Val- to businesses in the country.
Tiger subsequently shared ley Bank’s deposits, some Chi- “We have been clients of SVB
updated performance metrics nese startups, venture-capital for a long time and feel sorry
with prospective investors af- and private-equity firms ran SVB partnered with Shanghai Pudong Development Bank. because they were really good
ter taking additional losses in into hurdles trying to move to small businesses,” said Cathy
the third quarter, a person fa- Scott Shleifer runs Tiger’s their money out of the failed ers are just now starting to be opment Bank to provide bank- Zhang, the Beijing-based chief
miliar with the matter said. venture-capital arm. lender. Many had multiple ac- able to move their money out. ing services within the country. operating officer of Simo Hold-
Tiger regularly provides per- counts with SVB, which was the When the bank run unfolded The venture, SPD Silicon Valley ings Inc., a mobile internet net-
formance and portfolio data only U.S. bank some Chinese during U.S. hours on March 9, Bank, has three branches and is work provider. Simo has ac-
to existing and potential in- customers used for their dollar Chinese clients were asleep. By run as a separate entity with its counts at other U.S. banks, as
vestors, the person said, re-
The write-downs deposits and transactions. the time many of them woke own balance sheet and custom- well as in other countries. By
gardless of the market back- erased $23 billion in SVB earlier this week noti- up, it was too late. Withdrawals ers. It said over the weekend Thursday morning Hong Kong
drop. fied clients that it had sus- had been shut down. that it was operating normally. time, Ms. Zhang said SVB had
All of Tiger’s largest invest-
value from Tiger’s pended international wire SVB routinely gets character- Startups in China found it a processed a few transactions
ments have taken a hit, ac- giant holdings. transfers, leaving firms without ized as a regional bank. But it lot easier to get their money for the company from its U.S.
cording to people familiar alternative U.S. bank accounts has a significant international into SVB in the U.S. compared account to a Canadian bank ac-
with the firm. When it began scrambling to find ways to presence that it nurtured from with recent attempts to get it count. Other international
fundraising last fall, the firm withdraw their funds. SVB’s cli- its early days as it sought out. Many of them needed U.S. transfers were still on hold.
told investors that its stake in focus on high-growth, largely ents in China that were used to growth. It had $13.9 billion in bank accounts for transactions Some Chinese firms are try-
payment processor Stripe was unprofitable tech companies. dealing with its Beijing-based foreign deposits, which it said that included fundraising from ing to set up international ac-
worth $1.6 billion as of June Tiger lost 56% in its hedge representatives were also told weren’t subject to any federal international investors and cap- counts at other banks while
2022. On Wednesday, Stripe fund and 67% in its long-only that all customer-service issues or state insurance regime. ital deployment. waiting for SVB to free up their
said it raised $6.5 billion in a fund. The losses, though hefty, would be handled by its Califor- China was a special focus. One of SVB’s top selling funds. “We don’t really know
deal that valued it at $50 bil- could have been worse: The nia headquarters. Carolyn Chen, The lender saw a big opportu- points in China was its ability what a U.S. receivership is go-
lion, nearly half of where it funds include some private in- the head of SVB’s China busi- nity in China’s startup and ven- to open U.S. checking accounts ing to look like for a firm like
was valued in its last funding vestments. ness, was let go last Friday ture-funding boom. It first es- for customers in just one to two ours, and we are still trying to
round two years ago. The write-downs of the when SVB fell into U.S. govern- tablished a presence in the weeks, said people familiar with transfer our money out,” said a
Tiger reported far larger private investments in the ment receivership, according to country in 1999, and subse- the process. For some big partner at a medium-size Chi-
losses for the year in its flag- hedge fund and long-only people familiar with the matter. quently added an office in Bei- banks, account openings for for- nese private-equity firm.
ship hedge fund and in its fund were larger than for She couldn’t be reached for jing. In 2012, SVB formed a eign companies take much lon- —Elaine Yu
long-only fund, which invest those in the venture funds, comment. 50:50 joint venture with state- ger. SVB also won customers and Raffaele Huang
heavily in public markets and the person said. Some international custom- owned Shanghai Pudong Devel- over with its responsive client- contributed to this article.

Moral unrealized losses that would

use up virtually all its capital
probably wasn’t where they
wrong because the moral
hazard is part of the design.
Limitless deposit insurance
self up for sale. But the exec-
utive team chose to cross its
fingers and hope all would
amond, of the University of
Chicago’s Booth School of
Business, who won the Nobel
miny and shareholders lose
everything. Do this every few
years and the lessons will

Hazard wanted to leave their money.

A chaotic run on the bank
ensued, and on Friday SVB
should indeed reduce the risk
of a bank run, because it
means depositors will no lon-
work out. Shareholders chose
to sell rather than push for
action (the stock lost two-
Memorial Prize in Economic
Sciences last year for his
work on bank runs. “Supervi-
stick. Unfortunately, the gov-
ernment decided that the
great and the good of Silicon

Has Cost was seized by the Federal

Deposit Insurance Corp. Over
the weekend the government
ger care even when they be-
latedly discover that their
bank isn’t sound. Had unin-
thirds of its value last year
as a result).
sors didn’t do their job here.”
In the short term, none of
these things should repeat.
Valley couldn’t possibly be
expected to lose in a bank
failure, so this option is a

A
decided to backstop its de- sured SVB depositors been nd regulators seem to Depositors are suddenly nonstarter.
Continued from page B1 posits above the FDIC’s covered last week, they have ignored the dan- acutely aware of the risks of

T
pany Roku had $487 million, $250,000 limit—and those of would have had no reason to ger that the Federal the banks, despite the ex- he second choice is to
a quarter of its cash, on de- crypto-focused Signature worry that SVB wasn’t tech- Reserve itself would raise tended deposit guarantee. remake the financial
posit there. This is despite Bank—after complaints from nically bankrupt only be- rates aggressively and so hit Shareholders have been system to eliminate
the fact that SVB offered in- the many startups among cause accounting rules al- banks that believed its pre- dumping stock in banks at the risk of bank runs. Check-
terest on large deposits that SVB customers who were left lowed it to ignore large dictions of low rates for a the slightest hint of possible ing accounts would be held
were well under half as much stranded. losses on its assets. That is long time. The Fed’s last trouble. Regulators are al- with “narrow banks” that
as customers could have got The deposit backstop moral hazard at its most ex- stress tests didn’t include the ready working on tighter look very like a government
from a money-market fund could in theory be a one-time treme. danger of soaring interest rules. money-market fund, holding
that would have put all the event, but it is hard to see We need a system of polic- rates, instead fighting the But in the long run, we nothing riskier than short-
money into Treasury bills how the government can ing bank risk taking that last war by focusing on a can expect complacency to term T-bills and making their
and similarly safe assets. avoid using it again next doesn’t involve panicked deep recession and counter- take hold again because it al- money from transaction fees,
Customers simply hadn’t time a midsize bank wobbles bank runs and the chaos they party risk. ways does. There are only not borrowing short and
bothered to do due diligence (and many are losing depos- bring. What should have hap- “Maybe the Fed’s low-for- two ways around it, neither lending long. The rest of the
on their bank. its fast amid the current un- pened is that when it became long promise was the prob- realistic. First, let the occa- banking system would be re-
Having ignored the risks, certainty). Too big to fail is clear that SVB was losing big lem—not only did the SVB sional nonsystemic bank, like placed by funds that take
last week the depositors sud- being extended to a whole on bonds, it should have rec- CFO believe it but the Fed’s SVB, go to the wall, unin- only term deposits, matching
denly woke up to the danger, new set of banks. ognized the losses early, stress test designers believed sured depositors lose out, the maturity of deposits with
realizing that a bank with The view is horribly raised new capital or put it- it too,” said Prof. Douglas Di- management departs in igno- loans.

New Highs and Lows 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
Continued From Page B8 52-Wk % 52-Wk % PHX Minerals PHX 2.33 1.6 PuhuiWealth PHCF 2.21 1.9 SM Energy SM 24.86 4.8 SouthwesternEner SWN 4.60 3.0 TreasureGlobal TGL 1.17 -6.1 Veradigm MDRX 13.07 0.1
PNC QTEK SMXSecurityMatters SMX SPTN VerticalAerospace EVTL
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg PNC Fin
P3HealthPartnersWt PIIIW
120.95 4.1 QualTekSvcs
0.04 -47.6 QurateRetailA QRTEA
0.27
1.01
-9.7
-5.6 SabraHealthcare SBRA
1.71
10.91
-37.1
-2.6
SpartanNash
SpireGlobal SPIR
24.18
0.74
0.1
2.0
Tredegar TG 9.00 -5.2
VerticalAeroWt EVTL.WS
1.41
0.16
2.1
-1.5
TremorIntl TRMR 5.26 -5.5
Stock Sym Hi/Lo Chg Meridian MRBK 25.85 -0.9 NorfolkSouthern NSC 202.40 1.1 P3HealthPartners PIII 0.76 -5.6 QwestNts2056 CTBB 15.06 -1.5 Sabre SABR 3.84 ... StarwoodProp STWD 16.98 -1.4 Trevena TRVN 0.78 -8.7 Veru VERU 1.76 1.1
MetLife MET 54.52 2.5 Novavax NVAX 5.68 1.2 PacificPremBncp PPBI 23.70 3.7 QwestNts2057 CTDD Sabre6.5%Pfd SABRP SterlingCheck STER VincoVentures BBIG 0.34 -1.2
LixiangEduc LXEH 0.89 -35.0 15.42 -2.8 57.68 -0.6 10.87 0.1 TrinityBiotech TRIB 0.86 -5.2
MexcoEnergy MXC 10.50 1.0 Novonix NVX 3.50 -3.2 ParamountGroup PGRE 4.37 -3.2 RF Acqn RFACU SachemNts2026 SCCD Strats Allst GJT GJT VintageWineEstWt VWEWW 0.09 -4.9
LordstownMotors RIDE 0.71 3.7 9.40 0.5 19.25 1.5 19.15 1.3 TruistFinl TFC 28.70 2.6
MidlandStBncpPfA MSBIP 22.50 0.2 NuScalePower SMR 8.60 -2.2 VirginOrbit VORB 0.64 -29.7
LoyaltyVentures LYLT 0.14 -46.4 ParatekPharm PRTK 1.29 -22.5 RF Industries RFIL 3.94 4.2 Safe&Green SGBX 0.85 3.4 SunlightFinl SUNL 0.56 -2.5 U-Haul N UHAL/B 50.14 2.2
Minim MINM 0.10 -1.4 Nuwellis NUWE 4.52 0.9 VirginOrbitWt VORBW 0.05 -33.3
LucyScientific LSDI 1.16 -4.8 PartnersBancorp PTRS 7.53 3.7 ReadyCapital RC 9.62 0.6 SangamoTherap SGMO 2.05 -1.4 SuperCom SPCB 1.40 -1.8 UMH Prop UMH 14.27 -2.7
Momentus MNTS 0.56 -0.7 OconeeFedFinl OFED 19.40 -4.1 VitalEnergy VTLE 40.30 1.8
LumenTech LUMN 2.41 -3.9 PasitheaTherap KTTA 0.42 -2.1 ReconTech RCON 0.32 -0.5 Satellogic SATL 2.25 0.9 SuperiorGroup SGC 8.39 -11.6 UMH PropPfdD UMHpD 20.68 0.1
MontaukRenew MNTK 8.85 5.4 OfficePropIncm OPI 12.07 -5.6 VornadoPfdN VNOpN 12.61 -2.1
LuokungTech LKCO 0.09 3.0 PediatrixMedical MD 13.66 1.0 Recruiter.com RCRT 0.22 -0.1 SeaStarMedical ICU 1.85 -9.7 Swvl SWVL 1.35 -3.4 US Energy USEG 1.79 1.6
MultiMetaVerse MMV 1.02 -7.1 Olaplex OLPX 3.74 -1.2 VornadoPfdO VNOpO 10.77 -1.1
LutherBurbank LBC 9.45 2.5 NN NNBR 1.21 -1.6 OldNatlBncp ONB 14.06 2.9
PiedmontOfficeA PDM 7.09 -3.7 RedwoodsAcqnRt RWODR 0.03 -20.0 SelectEnergySvcs WTTR 5.52 -1.7 SynovusFin SNV 27.58 1.9 Udemy UDMY 8.96 -1.0
VornadoRealty VNO 14.86 -4.8
MGO Global MGOL 1.22 -1.6 NRG Energy NRG 30.25 2.6 OncologyInst TOI 0.58 -12.4 PioneerNatRscs PXD 177.27 2.6 RepublicFirstBncp FRBK 1.51 4.4 SemlerScientific SMLR 19.46 -1.6 System1Wt SST.WS 0.30 ... UniqueFabricating UFAB 0.20 20.9
VornadoPfdL VNOpL 13.15 -2.2
Mytheresa MYTE 5.87 1.7 NSTS Bancorp NSTS 8.78 8.8 OncologyInstWt TOIIW 0.05 -13.0 PlugPower PLUG 11.39 ... ReShapeLife RSLS 2.69 -7.0 Sigmatron SGMA 3.26 -0.3 TC Energy TRP 36.79 0.3 Unisys UIS 3.34 -1.7
VornadoPfdM VNOpM 12.88 -2.2
MagicSoftware MGIC 12.74 0.4 NatlCineMedia NCMI 0.14 -16.3 1895Bancorp BCOW 8.16 -0.7 PlusTherap PSTV 0.28 -1.7 RetailOppor ROIC 12.50 -1.1 SingularGenomics OMIC 1.19 3.9 TalosEnergy TALO 11.67 4.3 UnitedNatFoods UNFI 23.96 -1.7 WebsterFin WBS 36.60 6.8
MaidenNts43 MHNC 15.62 -2.7 NatlEnerSvs NESR 4.98 -0.6 1stdibs.com DIBS 3.88 -1.3 PowerREIT PfdA PWpA 11.45 -4.3 RevelationBio REVB 1.50 ... SitioRoyalties STR 19.31 4.9 TaroPharm TARO 26.73 0.2 US Bancorp USB 32.72 2.6 WellsFargoPfdA WFCpR 23.98 1.7
Marqeta MQ 3.97 -0.2 NationalFuelGas NFG 53.94 1.6 OptimizeRx OPRX 12.20 -0.9 PrecisionDrilling PDS 45.43 2.0 RigettiComp RGTI 0.50 -5.5 SmartforLife SMFL 0.16 2.4 TayshaGene TSHA 0.76 -10.2 Uniti UNIT 3.62 -0.5 WestBancorp WTBA 17.58 6.0
MarsAcqnRt MARXR 0.19 ... NektarTherap NKTR 1.08 -1.8 Oragenics OGEN 3.38 -2.0 PriorityIncmPfdG PRIFpG 21.34 2.1 RingEnergy REI 1.63 1.2 SmartPowerr CREG 1.31 -6.9 TectonicFinPfdB TECTP 8.20 -17.3 Ur-Energy URG 0.88 -0.9 WestRock WRK 26.98 0.9
MartinMidstream MMLP 2.44 -3.1 NemauraMedical NMRD 0.75 6.5 OrbitalInfr OIG 0.12 0.8 ProcessaPharm PCSA 0.39 -20.6 RocketPharmWt RCKTW 0.10 -33.3 SOQUIMICH SQM 69.75 1.2 Telos TLS 2.10 -33.3 UraniumRoyalty UROY 1.93 3.0 WeWork WE 0.82 13.2
Mattel MAT 15.36 3.9 NewFortressEner NFE 27.72 0.6 OrionOffice ONL 6.15 -1.9 ProPetro PUMP 6.86 1.5 RubiconTech RBT 0.83 -3.3 SolarisOilfield SOI 8.08 -2.1 TetraTech TTI 2.55 -3.6 VaalcoEnergy EGY 3.88 3.4 Williams WMB 28.06 0.1
MedicalProp MPW 7.60 -1.7 NY CmtyCap V NYCBpU 33.82 0.4 OrrstownFinSvcs ORRF 19.10 -3.9 ProspectCapPfdA PSECpA 14.50 5.8 SB Financial SBFG 13.71 0.1 SolidBiosci SLDB 4.60 -3.7 TorontoDomBk TD 56.88 0.2 Valhi VHI 17.00 -0.2 WiSA Tech WISA 2.81 -22.5
MeiraGTx MGTX 5.39 -0.5 NewellBrands NWL 11.68 -3.6 Owens&Minor OMI 12.47 -0.1 Proterra PTRA 1.07 -53.6 SHF Wt SHFSW 0.02 -7.5 Soligenix SNGX 2.53 -6.5 Torrid CURV 2.19 1.3 VastaPlatform VSTA 3.50 -5.4 ZeroFox ZFOX 1.75 -22.9
MercerIntl MERC 9.44 -0.5 NewtekOne NEWT 11.24 -2.2 PFSweb PFSW 4.16 -11.6 PrudentialFin PRU 76.90 2.5 SLGreenRealty SLG 25.45 -4.8 Sono SEV 0.46 -6.1 ToughBuiltInds TBLT 1.28 -28.0 Vaxart VXRT 0.73 3.9 Zumiez ZUMZ 18.76 -1.3
THE WALL STREET JOURNAL. ***** Friday, March 17, 2023 | B11

MARKETS

Tech Index and sector performance

in March
6% S&P 500
Share-price performance
in March
20% Arista Networks
Index performance
over the past 11 days
6%

Shares 4
communications sector
S&P 500
technology sector 15
Meta Platforms
Salesforce
4
Nasdaq 100
S&P 500

Outperform S&P 500

MARC ASENSIO/NURPHOTO/ZUMA PRESS

2 10 2

Continued from page B1

government-bond yields and 0 5 0
hopes that the Federal Reserve
is nearing the end of its cam-
–2 0 –2
paign to raise interest rates.
Among the biggest gainers in
March are Facebook parent –4 –5 –4
Meta Platforms Inc., which
March 1 8 16 March 1 8 16 March 2 8 16
has jumped 17%, Salesforce The S&P 500’s tech and communication-services groups have
Inc., which has surged 14% and Source: FactSet climbed 5.2% and 5.7%, respectively, this month.
networking-equipment pro-
vider Arista Networks Inc., things as diverse as auto and rates later this year. bank, which underwent a run year. The tech and communica- The turmoil in the banking
which has climbed 17%. student loans and mortgage “The writing on the wall is on deposits, was the second- tion-services groups fell about sector has increased the
Tech stocks were clobbered debt, has been trading around that between the stress on the biggest in U.S. history. Signa- 30% and 40% in 2022, respec- chances of an economic down-
last year when the central 3.5% from above 4% in early banking sector and some other ture Bank and Silvergate Capi- tively, compared with a turn, and some investors say
bank began its tightening cam- March. Monday’s yield decline economic data out there, we’re tal Corp., both competitors in roughly 20% drop for the S&P that bolsters the case for hold-
paign and the market environ- on the two-year note, which is getting to the end point here the cryptocurrency industry, 500. ing tech stocks. Jason Pride,
ment turned to favor invest- particularly sensitive to inves- with respect to interest-rate also failed in recent days. The “Do they deserve to be chief investment officer of pri-
ments that generated tors’ interest-rate expecta- hikes,” said Don Calcagni, chief crisis in confidence crossed down that much? Probably vate wealth at Glenmede, said
immediate cash for the holder. tions, was the sharpest since investment officer of Mercer the Atlantic on Wednesday not,” she said. he sees tech as one of the few
Low yields, on the other hand, Black Monday in 1987. Advisors. when Credit Suisse Group AG Within the tech sector, areas of the market with the
make many investors willing to In the derivatives market, The bounce in tech stocks is shares plumbed new lows. semiconductor stocks have potential to post growth dur-
pay more for shares of tech investors say it is a tossup surprising to some investors, Sylvia Jablonski, chief in- been among the biggest win- ing a recession.
companies that they expect to whether the Fed will raise in- given the spillover risks from vestment officer at Defiance ners of late, partly because of “Technology stocks tend to
churn out outsize profits in terest rates by a quarter point the collapse of Silicon Valley ETFs, said she isn’t surprised the reopening of China’s econ- have more stable businesses
the future. next week or hold them steady. Bank, a big lender to venture by investors’ renewed appetite omy. Intel Corp. and Advanced and more downside protection
The yield on the 10-year Some traders are again calling capitalists and technology for tech stocks, given how Micro Devices Inc. have added during more difficult times,”
Treasury note, which affects for the central bank to cut startups. The failure of the badly they were battered last more than 20% this month. said Mr. Pride.

Stocks when things start to go wrong,

central banks are all over it
trying to stop it from getting
Index performance Thursday
2.5% Nasdaq Composite
to some of the stressors that
are obviously impacting the
banks,” said Gerry Goldberg,
ously.
Among individual stocks,
social-media company Snap

Rebound out of control.”

Among U.S. regional bank
stocks, shares of PNC Finan-
2.0
chief executive at GYL Finan-
cial Synergies.
“If they do nothing, while
climbed 75 cents, or 7.3%, to
$11.09 after the Biden adminis-
tration threatened a possible

Broadly cial rose $5.07, or 4.1%, to

$130.12; Texas Capital Banc-
shares added $2.64, or 4.8%,
1.5 S&P 500 some might be relieved, it may
also be interpreted by the
broader market as, ‘Wait a sec-
U.S. ban of TikTok, a competi-
tor video-sharing app.
Software firm Adobe rose
to $57.92 and Comerica ad- 1.0 ond, if they are pausing, maybe $19.68, to 5.9%, to $353.29 af-
Continued from page B1 vanced $2.78, or 6.2%, to we should have greater con- ter it reported better-than-ex-
Thursday. $47.61. cern.’” pected quarterly revenue and
Other European bank stocks George Young, portfolio 0.5 Dow Jones Industrial Average In a surprise move Thursday, raised guidance for some of its
also rose, with Zurich-based manager at Villere & Co., said the European Central Bank full-year targets.
Julius Baer up 7.6%, and UBS he is looking to add to his re- 0 raised interest rates by a half Asian stocks rose early Fri-
Group and NatWest adding gional-bank exposure, pointing percentage point. Many inves- day. Hong Kong’s Hang Seng
about more than 3.4%. The to their cheap valuations and tors had been betting that the Index was up 1.2%, the Shang-
pan-continental Stoxx Europe attractive dividend yields. –0.5 ECB might unveil a smaller, hai Composite was up 0.7%,
600 index “The perception is that re- quarter-point rate increase. Japan’s Nikkei 225 was up 0.7%
THURSDAY’S ticked up 1.2%. gional banks are bad right now. –1.0 Five-minute intervals In the bond market, the and South Korea’s Kospi was
MARKETS “This reiter- Well, that’s not the case. There yield on the benchmark 10-year up 0.6%. S&P 500 futures were
10 a.m. 11 noon 1 p.m. 2 3 4
ates that both have been some regional banks Treasury note traded at 3.580% down less than 0.1%.
in the U.S. and in Europe, regu- that have gone bad, and there’s Source: FactSet from 3.492% the day before.
lators are going to be pretty probably going to be another Yields rise when prices fall. NOTICE TO READERS
The 4-week and 8-week Treasury Bill
quick to step in—first with few. But I don’t think this is a the Federal Reserve will raise larger half-percentage point Goldman Sachs Group econ- auctions scheduled for Thursday,
SVB and now with Credit long-term systemic problem,” interest rates by a quarter-per- raise was more likely. omists, led by chief economist March 16th have been moved to
Suisse,” said John Roe, head of Mr. Young said. centage point next week. A “Here’s the challenge—if Jan Hatzius, raised their prob- Friday, March 17th due to a system
issue. The settlement date and all
multiasset funds at Legal & In light of the market vola- week ago, wagers reflected they go with 50 basis points, I ability that the U.S. enters a other aspects of the auctions remain
General Investment Manage- tility, federal-funds futures only a one-third odds of such would say that they are proba- recession in the next 12 unchanged from the original auction
announcements.
ment. “It’s a reminder that point to an 80% chance that an increase, suggesting a bly not being sensitive enough months to 35% from 25% previ-

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B12 | Friday, March 17, 2023 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

Big Bank Plan Might Not Solve Big Woes

A rescue of First Republic by big banks won’t put to bed emerging questions about the financial system

Megabanks coming together to Republic. of crisis. First Republic and other ger-term challenges with rising in- Deposits at U.S. banks over time
shore up First Republic Bank will This will be a very different res- banks aren’t in the spotlight be- terest rates.
probably solve today’s big prob- cue to what happened during the cause of mountains of troubled The structure of this deal high- $12 trillion
lem. But it may not help for much 2008 financial crisis. Nobody is loans; their immediate problem is lights that megabanks are hardly in Top 25 banks
beyond that. buying anybody else like JPMorgan deposit outflows. need of another tidal wave of de- 10
A $30 billion infusion of deposit bought Bear Stearns and Washing- But this novel rescue will raise posits. The biggest banks were in
cash into First Republic by the big- ton Mutual, or like Wells Fargo questions. For one, it may bolster some ways struggling with what to 8
gest banks in the nation will al- bought Wachovia. First Republic the emerging narrative that the do with the surge of cash that
most surely relieve the immediate also isn’t reported to be getting post-2008 regulatory regime re- came their way during the pan-
pressure on the California lender. additional equity capital. Money sulted in a two-tier system: demic. More deposits lead to big- 6
This group includes JPMorgan would simply be moving around Megabanks where it is always safe ger size, which can raise capital re- Other
Chase, Bank of America, Citi- the banking system. to deposit and do business, and ev- quirements for global banks, and 4 banks
group, Wells Fargo, Goldman In many respects, that is a good eryone else. It might not succeed at times they haven’t seen suffi-
Sachs, Morgan Stanley, U.S. Ban- thing. JPMorgan Chief Executive in putting to rest fears that might cient loan demand to put that
2
corp, PNC Financial Services and Jamie Dimon has often said he arise about other smaller banks money to work very profitably.
others—essentially the country’s wouldn’t want to do what the bank still at risk. The biggest lenders Buying more securities doesn’t
largest banks. In effect, some of did in 2008 again. Buying bad might be able to do this for one seem like the right answer, either, 0 Weekly
the influx of deposits that banks saddled the stronger banks bank now. But they can hardly play in light of recent events. Stopping 1990 2000 ’10 ’20
megabanks received over the past with operational and regulatory that role systemically, sending de- bank failures should be priority No.
Note: Domestically chartered commercial banks, ranked
week from people fleeing midsize headaches for many years after- posits to whoever is leaking them. 1 right now. But this isn’t an end to by domestic assets. Data are not seasonally adjusted.
lenders will be redirected to First ward. Plus, this is a different kind It also doesn’t address banks’ lon- banking’s problems. —Telis Demos Source: Federal Reserve

Microsoft Needs Steady Copilot Credit Suisse’s

Its AI software could revolutionize Office apps, but stakes are high
Turnaround Plan Has
Clippy just got a serious promo- Microsoft’s annual revenue by product area
Little Room for Error
tion. Now Microsoft has to make
$40 billion
sure this one doesn’t become un- In the confidence game of bank- investment, partly because of reg-
hinged. ing, momentum matters more than ulatory rules. While almost cer-
Microsoft, helmed by CEO Satya Advertising Office products and cloud services the initial impulse. tainly not meant to signal a loss of
Nadella, announced plans on Tues- 30 After a 24% fall in its stock faith, some of the headlines could
day to integrate the artificial intel- Wednesday that wasn’t easy to ex- have been interpreted that way.
ligence technology powering the plain, Credit Suisse tried to break The real reason for the selloff is
popular ChatGPT chatbot into its a vicious spiral of worries through likely that investors are worried
20
suite of Office software tools. That a deal with the Swiss central bank. generally and, if there is a big Eu-
adoption will take the form of a It said early Thursday that it ropean bank to worry about, it is
new interface called Copilot, which would “pre-emptively” strengthen by default Credit Suisse. After
can write Word documents, create 10 its liquidity by borrowing up to 50 years of problems, it suffered a big
PowerPoint presentations, analyze billion Swiss francs, equivalent to wave of redemptions in October
Excel spreadsheets and even reply about $54 billion. and is still losing assets, albeit at a
to emails through Outlook—essen- 0 Rationally, that should be slower pace. And worries in bank-
tially a far more powerful tool enough to calm nerves. But official ing can quickly become a self-ful-
FY2008 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22
than the Office Assistant dubbed interventions can sometimes have filling prophecy.
Clippy that Microsoft once de- Note: Fiscal year ends in June Source: the company the opposite effect by confirming Now that the bank has respond-
ployed through its Office products. that things had got out of hand.
The new Copilot is also the next Adobe. Office products and related Generative AI technology requires The early signs were broadly posi-
step in Microsoft’s aggressive cam- cloud services accounted for 23% intense computing power and is tive in this case, with Credit Suisse
paign to adopt generative AI into of Microsoft’s total revenue in its expensive to enable. But Microsoft stock up 19% in European trading.
The lender needs to stem
its products, following a similar latest fiscal year compared with a commands the highest operating As a systemically important, customer outflows and
announcement last month related 6% contribution from search and margins of its peers, and its seg- highly regulated global financial
to its internet search business. news advertising. ment that includes the Office busi- institution, Credit Suisse doesn’t
show investors it has a
But the stakes are much higher Hence, Microsoft can’t afford to ness is its most profitable, with much resemble Silicon Valley Bank sustainable business.
now. Microsoft is a bit player in get this wrong. Nor can it afford to operating margins 6 percentage or any of the other midsize banks
search, with its Bing search engine have its new AI-powered Office points above the corporate average that have come under pressure in
accounting for less than 3% of the apps unaccountably spit out inaccu- for calendar 2022. the U.S. The Swiss lender’s liquid
world’s search volume compared rate information or crib from copy- Microsoft said Thursday that assets aren’t much exposed to in- ed to the market’s immediate li-
with 93% for Google, according to righted materials the way the pub- new Copilot pricing and licensing terest-rate risk, so it wouldn’t be quidity concerns, it needs above
data from Statcounter. Almost the lic version of ChatGPT has details will be shared soon. They’ll forced to realize big losses if it all to stem customer outflows and
reverse is true in office app soft- sometimes been prone to do. And it have to walk a fine line. While Of- had to sell securities to meet a show investors that it has a sus-
ware; Microsoft controlled more really can’t afford some of the more fice tools are integral to corporate wave of withdrawals—one of the tainable business. Compared with
than 85% of that market by the end bizarre turns that its new AI-pow- life for most businesses, those same problems that tripped up SVB. asking the Swiss National Bank for
of 2021 compared with Google’s ered Bing engine took with some businesses are under pressure to So why did markets pick on a lifeline, this will be tough. Credit
13.7% share, according to Gartner. early testers—the chatbot seemed cut their own costs in a slowing Credit Suisse? The latest news Suisse Chief Executive Ulrich
And it is a big business. Office to take on sentient qualities and economy, and thus might hesitate hasn’t been great, but it wasn’t Körner unveiled a complex, risky
365—the cloud-based version of even a full persona. Microsoft says to pay up for unproven technology. enough to justify a panic. On Tues- turnaround plan after the panic in
Microsoft’s suite of productivity it put new limits on the technology UBS analyst Karl Keirstead cited day, the company said in its an- October, involving selling big
software—alone generated nearly to prevent those issues, and the conversations with several large en- nual report that it found material chunks of its investment bank and
$41 billion in revenue in the calen- company said Thursday it is rolling terprise customers who expressed weaknesses in its financial report- cutting costs.
dar year 2021 between its com- out the new Copilot tool slowly, “a reluctance to pay until the tech- ing following an exchange with the The market jitters unleashed by
mercial and consumer versions, ac- with only a small group of custom- nology is truly enterprise-grade and U.S. Securities and Exchange Com- the three U.S. bank failures have
cording to consensus estimates ers getting initial access “to get the the ROI is proven” in a note to cli- mission, yet it didn’t have to re- shown just how high the stakes
from Visible Alpha. That is more critical feedback required to im- ents earlier this week. A Power- state its accounts. On Wednesday, are for Mr. Körner’s mission to get
than the entire annual revenue of prove these models as they scale.” Point that makes itself might be the chairman of Saudi National Credit Suisse in order. There is no
most large-cap software compa- The next question: Will Micro- worth the money. A sentient Clippy Bank, Credit Suisse’s largest share- room for more missteps.
nies, including Salesforce and soft’s corporate customers pay up? is a different story. —Dan Gallagher holder, said it wouldn’t increase its —Stephen Wilmot

Turmoil Adds a Fresh Crack in Property’s Foundations

The relationship between bank- cialist real-estate debt funds may
ing and real estate may be about step in to fill the hole, but they
to take a toxic turn. charge higher interest rates. Banks
The collapse of Silicon Valley also are likely to ask more for
Bank and Signature Bank will loans as they compete for a dwin-
likely ripple through the mortgage dling pot of U.S. deposits. One way
market to commercial landlords. or another, the cost of borrowing
Signature Bank was one of the top will rise.
commercial real-estate lenders in Commercial property values al-
the U.S., especially in New York, ready were under pressure from
where it had a 12% market share, rising interest rates. More-expen-
according to Matthew Anderson, sive debt means potential buyers
managing director at Trepp. can’t make an acceptable return on
Alternative lenders such as spe- their investment except by paying
C. TAYLOR CROTHERS/GETTY IMAGES

lower prices for buildings. Accord-

Delinquency rate on loans ing to an index of U.S. commercial
secured by real estate, all property prices compiled by real-
commercial banks, quarterly estate research firm Green Street,
average prices have dropped 15%
10%
from peaks last March. Offices
have been particularly hard hit,
with falls of 25% over the period.
8 Stricter lending to real estate
could in turn come back to haunt Signature Bank, now collapsed, was one of the top commercial real-estate lenders in the U.S., especially in New York.
banks. For now, the existing prop-
6 erty loans on bank balance sheets landlords’ equity dwindles, bor- and have reduced their share of Landlords who loaded up on
look surprisingly healthy, consider- rowers have less incentive to make real-estate debt, and loan-to-value cheap debt in recent years were
ing how disruptive the past few debt repayments. Big office own- ratios are more conservative. Only feeling the pinch even before vul-
4 years have been for landlords. The ers including Pimco’s Columbia 4% of larger banks—those with nerabilities in the U.S. banking
delinquency rate on loans secured Property Trust and a subsidiary of more than $50 billion in total as- system came to light last week.
by real estate at commercial U.S. Brookfield Asset Management sets—have exposure to real-estate Just how tough conditions now be-
2 banks was 1.21% in the fourth quar- have already defaulted on some loans above what regulators rec- come depends in large part on the
ter of last year, according to data mortgages. This trend is likely to ommend, compared with 15% back U.S. Federal Reserve’s response to
from the Federal Reserve Bank of pick up as loans mature and need in 2008. Smaller players with total the current turmoil. If it hits the
0 St. Louis. That number peaked at to be refinanced at higher rates. assets of $1 billion to $10 billion brake on interest-rate increases, it
around 10% in early 2010 and has A new credit crunch shouldn’t look riskier: 29% have more real- would be a powerful countervail-
1990 2000 ’10 ’20
been falling ever since. be as severe as the 2008 financial estate exposure than deemed ing force.
Source: Federal Reserve Bank of St. Louis As property values fall and crisis. Banks are better capitalized healthy by authorities. —Carol Ryan
 MANSION
$155 Million $26 Million
William Lauder Ron Burkle sells
buys Rush Bob Hope’s former
Limbaugh’s Palm Los Angeles
Beach estate. M2 home. M3

HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, March 17, 2023 | M1

51.9%
Drop in volume of
deals in L.A.’s luxury
market in the fourth
quarter of 2022

BY KATHERINE CLARKE

P
erched in the hills of Bel-Air, an
elaborate Modern Spanish-style
megamansion is a modern-day
temple to extraordinary wealth.
The roughly 40,000-square-
foot property rises up from the hillside
with three levels of terraces, arched door-
ways and a huge deck with an infinity pool

Mega Discounts on that spills over into a 20-foot waterfall. In-

side, a host of amenities befitting a five-
star hotel: a 75-foot pool, a movie theater,
a basketball court, a 1,200-bottle wine cel-
lar and an underground gallery with park-

Megamansions
ing for more than 20 cars.
The house is missing just one crucial
thing: a buyer. In an effort to lure one, the
developers relisted the house for $59 mil-
lion last month, a 41% reduction from its
$100 million price tag in 2018.
Shawn Elliott of Nest Seekers Interna-
tional, one of the home’s listing agents,
Sellers are slashing prices for L.A.’s ultraluxury properties amid a broader slowdown, said the price cut followed talks between
citing an impending new city mansion tax and proposed restrictions on new construction the agents and developers, Ty Cueva and
Dean Hallo. “We talked about what price
would attract buyers but still be a pill [the
developers] could swallow,” he said.
Price reductions like these are becoming
more common in the ultraluxury market,
40,000 SQ. FT. amid a market slowdown in Los Angeles.
Listed for $100 million in 2018 Agents say the push to cut prices also is
Current price: $59 million driven by a rush to sell before the intro-
duction of a new transfer tax on luxury
real-estate sales set to take effect April 1,
as well as a proposed local ordinance that
FROM TOP LEFT: SIMON BERLYN; OLIVIA ALONSO GOUGH FOR THE WALL STREET JOURNAL (3); SIMON BERLYN (BURKLE)

would create a designated wildlife conser-

vation area in the Santa Monica Mountains,
Please turn to page M9

41%


Developer Ty Cueva, right, one of a string of sellers who have cut asking prices in recent months, said he hopes the reduction in price that he
made to sell the Bel-Air home he built, above and right, with Dean Hallo will offset buyer skittishness tied to rising interest rates.

Boom Times for Purchase price: $550,000

Northwest Arkansas
RON ALWINE/RMA PHOTOGRAPHY SERVICES (AERIAL); CLIO MILLS (PORTRAIT)

The growth in the towns of this south-central U.S.

region isn’t just about Walmart anymore

BY LIBERTINA BRANDT Bentonville, Mrs. Mills, 37, founder

of the digital and talent marketing
CLIO AND ADAM Mills didn’t agency Booje Media, asked to
know much about Northwest Ar- meet with her friend’s real-estate
kansas when, in July 2021, agent. “We met with her

36
they visited a friend who the next day,” she said.
lived in Bentonville. Mrs. About a week after their
Mills, who lived with Mr. Homes sales visit, the Mills put an of-
Mills in Los Angeles at the over $1 million fer on a three-bedroom
time, said they immedi- in 2019 home on over 3 acres in
ately fell in love with the Bentonville. They closed
“growth and excitement” on it for about $550,000.
happening there. They es-
pecially liked the local fo- 205 Alicia Nobles and her
partner moved from San
Clio and Adam Mills moved from Los Angeles and bought a home on around 3 acres in Bentonville.

cus on health and well- Homes sales Diego to Northwest Ar- even know where this area was. I The couple visited for a few a midsize metro area that had
ness. She said the Cocoon over $1 million kansas in 2022 after she called one of my friends who went days and were surprised by the plenty of jobs for people like my-
Yoga Lab, a local yoga stu- in 2022 got a job as a senior man- to the University of Arkansas, in amount of recognizable retailers self,” she said.
dio, is the best studio ager for Walmart Inc.’s Northwest Arkansas, and she said and businesses in the area. “I was They also liked the hiking and
she’s ever been to. data analytics department. “To be ‘Alicia you’re gonna love it, get on really impressed with that be- biking trail systems that run
The day after they arrived in honest,” said Ms. Nobles, “I didn’t a plane and visit.’ ” cause it meant that I could live in Please turn to page M8
 M2 | Friday, March 17, 2023 THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

William Lauder Buys Rush Limbaugh’s

Longtime Palm Beach Estate
Billionaire William Lauder has
paid a record $155 million for
Rush Limbaugh’s longtime Palm
Beach estate, according to people
familiar with the transaction.
The roughly 2.7-acre waterfront
property on tony North Ocean
Boulevard con-

I
tains multiple
houses, records
UPDATE show. It has
roughly 250
SOLD feet of ocean
frontage and di-
$155 rect access to
MILLION the beach. Mr.
Limbaugh, a
2.7 acres,
conservative
250 feet of
talk-radio icon
ocean frontage
who died in
2021, purchased
the property for $3.9 million in
1998, records show.
The Limbaugh property was
quietly on the market last year
asking $150 million to $175 million,
The Wall Street Journal reported.
Mr. Lauder is the executive

RUSH LIMBAUGH ESTATE

chairman of beauty giant Estée
Lauder Companies. He recently
listed two parcels in Palm Beach
with about 360 feet of ocean
frontage for a combined $200 mil-
Purchase price in 1998: $3.9 million
lion. He bought one of the proper-
ties, a roughly 1-acre parcel, for
just under $25.4 million in 2020, ment on New York’s Park Avenue, Mr. Limbaugh himself, according Hotel. million for four parcels in 2013.
records show. He purchased the which was listed for sale in 2019 to the 2010 book “An Army of The $155 million sale is a re- Last year, Oracle Corp. co-founder
second property, spanning about for $45 million but was later taken One” by Zev Chafets. There is a cord for Palm Beach. Private-eq- and chairman Larry Ellison paid
1.8 acres, for an undisclosed price off the market, records show. vast salon meant to invoke Ver- uity executive Scott Shleifer paid $173 million for a home in nearby
in 2021. Both lots had houses that The roughly 24,000-square-foot sailles, the book said, and a dining $122.7 million for an oceanfront Manalapan.
were demolished. main house, built in West Indies room chandelier that is a replica mansion in 2021, and hedge —E.B. Solomont
Mr. Lauder also owns an apart- style, was largely decorated by of the one in New York’s Plaza funder Ken Griffin paid $129.6 and Katherine Clarke

Martha Stewart’s Daughter Finds Alexis Stewart, a media person-

ality and the daughter of lifestyle
guru Martha Stewart, has found a
The home includes a main liv-
ing and entertaining floor, with
walls of glass and views of the

A Buyer for Her New York Condo buyer for her triplex Manhattan
apartment four years af-
city and the Hudson River. There
is also a library, a TV

I
ter listing it. room, and an office or
Ms. Stewart has signed craft-making room. The
a contract to sell the six- UPDATE kitchen includes a walk-in
bedroom West Village refrigerator and two but-
unit for a price in the low SOLD ler’s pantries, one of
$30 million range, ac- APPROX. which features warming
cording to a person fa- drawers and specially de-
miliar with the situation.
That price is significantly
$30 signed china storage. Ms.
Stewart decorated the
less than the $53 million
MILLION home in minimalist style,
9,500 sq. ft.,
she asked when the prop- with vintage pieces, Mid-
three floors
erty first came on the century Modern-style fur-
market in 2019. It was nishings and a bronze and
most recently asking $37 million, terrazzo staircase, The Wall Street
according to listings website Journal reported.
StreetEasy. In 2019, Richard Ziegelasch of
The buyer is unknown. Ms. the Corcoran Group told the Jour-
Stewart, 57, didn’t respond to a nal that Ms. Stewart, the former
request for comment. host of a radio show on SiriusXM,
She created the roughly 9,500- was selling because her children
square-foot unit by piecing to- were getting older and wanted a
gether four separate residences at backyard.
the condominium 165 Charles The property was listed by Mr.
MIKE TAUBER

Street in the mid-2000s. She paid Ziegelasch, while Peter Zaitzeff of

about $35 million for the four Corcoran represented the buyer.
The triplex listed for $53 million in 2019.
units, records show. —Katherine Clarke

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THE WALL STREET JOURNAL. Friday, March 17, 2023 | M3

PRIVATE PROPERTIES

I Ron Burkle Sells the

The newly re- mercial kitchen, a home theater, a
stored Los Angeles gym and a conference room. Walls
UPDATE home of the late co- of glass and numerous outdoor
median Bob Hope terraces connect the interior to
has sold for $26 mil-
lion, becoming one of the most
expensive homes to sell in the San
Fernando Valley, according to list-
Former Bob Hope Estate the roughly 5-acre property.
The grounds have separate guest
and staff quarters, plus a tennis pa-
vilion, a saltwater pool and a bar-
ing agent Kevin Dees of The becue kitchen, said Mr. Dees.
Agency. Mr. Hope, who died in 2003,
The eight-bedroom, roughly starred in the “Road to…” series
15,000-square-foot home is lo- with Bing Crosby and Dorothy
cated in the Toluca Lake neigh- Lamour and is known for hosting
borhood, about the Academy Awards 19 times.
10 miles north- SOLD Ms. Hope died in 2011.
west of down- Mr. Burkle owns several other
town Los Ange-
les. The seller
$26 significant homes, including the
late Michael Jackson’s onetime
was billionaire
MILLION Neverland Ranch and a circa
15,000 sq. ft.,
supermarket 1920s Beverly Hills estate built
8 bedrooms,
mogul Ron by the silent movie-star Harold
putting green
Burkle, who Lloyd.
listed the prop- He restored the Frank Lloyd
erty for $29 million in May 2022. Wright-designed Ennis House in
The buyer couldn’t be determined. Los Feliz and sold it for about $18
Mr. Dees, who also represented million in 2019.
the buyer, declined to name the Mr. Dees said the sale is the
purchaser but said he doesn’t ex- most expensive ever to trade in
pect to see major changes to the Toluca Lake, where home sales
property. have previously topped out at
Mr. Burkle, who has renovated around $18 million. High-end
a number of historic estates, spent home sales remain strong in the
$15 million to buy the property in area despite constrained inven-

SIMON BERLYN
2018 and restored it, maintaining tory, he said.
original design features like Mr. Luxury single-family homes in
Mr. Burkle paid $15 million for the home in 2018.
Hope’s wood-paneled office, a Los Angeles sold for an average
vault where Mr. Hope stored pa- $18.97 million in the fourth quar-
per copies of his jokes, and a sin- Mr. Burkle also owns Mr. Hope’s Mr. Hope and his wife, Dolores book “Hope: Entertainer of the ter of 2022, up 18.8% year-over-
gle-hole golf course with a putting former Palm Springs estate, which Hope, built the main house Century.” year, according to Douglas Elliman.
green and bunkers. he bought for $13 million in 2016. around 1940, according to the Today, the estate has a com- —Sarah Paynter

Seagrove Beach Sale Is the

Panhandle’s Priciest of the Year
A beachfront spec
home on Florida’s Emer-
ald Coast has sold for
$19 million,
making it the SOLD

EVAN JOSEPH
Panhandle’s
most expensive
sale so far this
$19
year.
MILLION
The newly
completed home
7,400 sq. ft.,
7 bedrooms, pool,
guesthouse
Larry Robbins Lists
in Seagrove
Beach was listed
for $25 million in May
New York Penthouse
2022, while still under Billionaire hedge-fund man- new pricing benchmark for the
construction, according ager Larry Robbins has listed area, records show.
to listing agent Jonathan his penthouse apartment on Mr. Robbins didn’t respond to
Spears of Compass. New York’s Upper East a request for comment.
The home, part of the Side for $55 million. FOR SALE The eight-bedroom
Sanctuary at Seagrove The roughly 12,000- apartment, originally
development along Sce- square-foot unit is lo- $55 purchased as raw space,
DAVE WARREN

nic Highway 30A, was cated at The Charles was custom designed
sold by a group of inves- condominium on First
MILLION over five years and
12,000 sq. ft.,
tors including develop- Avenue. Mr. Robbins’s spans four floors with
8 bedrooms
ers Ben and Christel purchase of the condo an additional 1,500
Giles, who bought the roughly property has a pool, a one-bed- tick in recent years, according to for nearly $38 million square feet of terraces,
half-acre lot in 2018 for $3.2 mil- room guesthouse and about 50 Mr. Spears. in 2015 made headlines, in part according to the listing.
lion, Mr. Giles said. The purchaser feet of beach frontage on the Gulf The median price of a single- because the building is situated A top-floor terrace has a hot
was Dawn Smith, president of of Mexico. family home along Highway 30A east of Third Avenue, where tub, a fireplace and an outdoor
Cologix, a data center and inter- There are four homes in the was $1.552 million in January prices have traditionally been television.
connection company based in Sanctuary at Seagrove, Mr. Spears 2023, up from $1.33 million in lower than those closer to Cen- Mr. Robbins is the founder
Colorado. said, and one is still available, January 2022, he said, and the tral Park. and chief executive of the hedge
The seven-bedroom house asking $25 million. area’s most expensive home sale If it sold for close to its cur- fund Glenview Capital Manage-
spans about 7,400 square feet. In Demand for high-end homes in last year was $25 million. rent asking price, the unit ment.
addition to the main house, the northern Florida has seen an up- —Libertina Brandt would again help establish a —Katherine Clarke

JOURNALISTS DON’T
Let’s walk ‘JUST WRITE STORIES.’
Your next tax-deductible
together. THEY RECORD HISTORY. donation could give
It makes things better. playful healing to children
in the hospital.
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kids with complex medical needs the best
chance for recovery, something we cannot do
without philanthropic support.

D O N AT E TO DAY AT
rankenjordan.org/donate

S T. LO U I S , M O

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journalism career can have on the world.
Wall Street Journal reporter Erin Ailworth
and others share career advice at
1-800-776-6767 | ChildFund.org dowjonesnewsfund.org/careers.
M4 | Friday, March 17, 2023 THE WALL STREET JOURNAL.

MANSION
PORTFOLIO

The Homes of Her Wildest Dreams

While rising to pop stardom, Taylor Swift amassed a sizable real-estate empire, buying in quiet coastal locales and cities like NY

BY CANDACE TAYLOR

T
aylor Swift got her start
in the music industry at
16, with the release of
her eponymous country
$150
MILLION
album in 2006. In the years since, estimated value of
the 12-time Grammy winner has Ms. Swift’s U.S.
transformed herself into a pop su- homes
perstar and built her brand into a
global powerhouse, selling more
than two million tickets for her
“Eras Tour” in a single day and
announcing plans to direct an up-
coming feature film.
Along the way, she has become
a savvy businesswoman who has
often used her clout to shake up
the music industry. A recent ex-
ample was her decision to rere-
cord her older al-
bums, ensuring that
revenue from those
streams go to her.
So it’s perhaps not
surprising that, in
the process of be-
coming a music-in-
dustry juggernaut,
Ms. Swift has also
amassed an empire in
the real-estate world.
Despite her relative
youth, the 33-year-
She paid $17.75 million for this Rhode Island house in 2013.
old has assembled a
portfolio of homes
worth at least $150 For several years, Ms. Swift has London, including a house in known whether she did.
million. been dating the English actor Joe Highgate at one point, according Many expats prefer to rent in
With a penchant for historic homes were purchased years be- Alwyn, who grew up in north Lon- to London real-estate agent England, Mr. Abrahmsohn said,
houses, Ms. Swift—using a variety fore the Covid-induced real-estate don, and the pair have been pho- Trevor Abrahmsohn of Glentree because of stamp duties, or trans-
of trusts and limited liability com- frenzy, their value has risen dra- tographed in the area. (In her International. action taxes, which can be as
panies—has acquired prominent matically. While Ms. Swift tends to song “London Boy,” she mentions She was also recently looking much as 17% for international
properties in locations ranging hold on to homes for the long visiting London locales such as to buy in the Hampstead area, ac- buyers.
from Nashville, Tenn., to Beverly term, she has sold a few along the Camden Market and Highgate.) cording to a person with knowl- Here’s a closer look at her
Hills and Rhode Island. Since most way, often for a substantial profit. Ms. Swift has rented in north edge of her activities, but it is un- homes around the U.S.

HYANNIS PORT, CAPE COD, MASS. garages at the

Paid $4.8 million for a seven-bedroom house  time, he said,
in 2012 and Ms. Swift
Sold for $5.675 million in 2013 considered buy-
ing one of them.
When it comes to beach homes, Ms. Swift Then, Mr.
has shied away from typical celebrity hotspots Azoulay said, he
like the Hamptons and Malibu, gravitating in- proposed that
stead to quaint New England coastal locations. she buy the
In the summer of 2012, the singer went into townhouse adja-
NASHVILLE, TENN. contract on a circa-1920s beachfront home in cent to the
Paid $2.377 million for a the village of Hyannis Port, said Robert B. Kinlin Sugar Loaf
spread at the Adelicia con- of Berkshire Hathaway HomeServices Robert building, which
dominium  in 2009 Paul Properties, who had the listing. “It was had previously
Current estimated value: well-maintained and very charming,” said Mr. been used as a
$4 million to $6 million Kinlin. The house had been on the market for TRIBECA, NEW YORK CITY garage, as well as a unit on the
Paid $2.5 million for North- some time before Ms. Swift bought it, at one Paid $19.95 million for two pent- condominium’s second floor. That
umberland Estate  in 2011 time priced at $13.5 million, according to Zillow. houses in 2014 way, she could use the townhouse
Current estimated value: At the time, she was dating Conor Kennedy, Paid $18 million for a townhouse as a private garage, then connect it
$8 million Robert F. Kennedy’s grandson, who summered at  in 2017 to the condo building through the
the Kennedy compound nearby, according to the Paid $9.75 million for an apart- second floor.
As a teenager, Ms. Swift book “The Kennedy Heirs” by J. Randy Tarabor- ment  in 2017 Using LLCs, the singer paid $18
moved with her family from floor below for $387,000 relli. The couple broke up in September 2012, ac- Current estimated value of hold- million in 2017 for the three-story
Pennsylvania to the Nash- through a trust, according to cording to the book. Ms. Swift, who bought the ings: $45 million townhouse, records show, and
ville area to pursue a career property records. seven-bedroom house for $4.8 million through $9.75 million to buy the roughly
in country music. In 2009, Ms. Swift’s holdings in the an LLC, sold it a few months later for $5.675 By 2014, Ms. Swift’s crossover 3,540-square-foot second-floor
FROM TOP: P.J. DOUGHERTY; NEILSON BARNARD/GETTY IMAGES; MARCY AYRES/THE WALL STREET JOURNAL (TRIBECA); EAGLEVIEW (4); MATTHEW J. LEE/THE BOSTON GLOBE/GETTY IMAGES (WESTERLY)

after the success of her al- Adelicia would likely sell for million, property records show. Mr. Kennedy into pop stardom was well estab- spread in an off-market deal. Mr.
bum “Fearless,” the 19-year- $4 million to $6 million to- didn’t respond to requests for comment. lished. That year, she started buy- Azoulay estimated that, with the
old made her first significant day, local agents estimated. ing Manhattan real estate. Using cost of construction, it likely cost
real-estate purchase, paying In 2011, she paid $2.5 mil- an LLC, she paid $19.95 million to more than $30 million to bring the
$1.99 million through a trust lion through a trust for a buy two penthouses at the Sugar plan to fruition.
for a roughly 4,000-square- roughly 7,700-square-foot Loaf building, combining them to “It’s probably the most expen-
foot, three-bedroom pent- home known as Northumber- create a roughly 8,000-square-foot sive garage there is,” he says.
house at the Adelicia condo- land Estate, according to pub- duplex, property records show. He estimated that her Tribeca
minium near famed Music lic records. The 1934 Greek In 2016 she started shopping for holdings are likely worth about $45
Row, property records show. Revival home would likely a private garage, according to Man- million today.
Later that year, she bought a fetch somewhere around $8 hattan real-estate agent Andrew “It wasn’t a real-estate play, it
roughly 1,000-square-foot, million, says Steve Fridrich of Azoulay. Mr. Azoulay had listings was for safety and security and
one-bedroom unit on the Fridrich & Clark Realty. for two Tribeca homes with private convenience,” he said.

WESTERLY, R.I. BEVERLY HILLS, CALIF. less than a mile away for at $39 million. “She got a
Paid $17.75 million for a Co- Paid $3.55 million for a $1.775 million, according to great deal,” said real-estate
lonial-style mansion  in 2013 four-bedroom house in 2011 public records and a person agent Josh Flagg, noting
Current estimated value: Sold for $4 million in 2018 with knowledge of her real- that the estate next door re-
$30 million Paid $1.775 million for a estate dealings. cently sold for $63.1 million.
four-bedroom house in 2012 She added to her holdings Ms. Swift restored the
After Cape Cod, Ms. Swift Sold for $2.65 million in in 2015 when she paid $25 house, which retains original
turned her attention to an- 2018 million through an LLC for a features such as its screen-
other seaside location: the Paid $25 million for the circa-1934, roughly 11,000- ing room, said architect Mo-
wealthy but quiet Watch Hill Goldwyn estate  in 2015 square-foot house on about nique Schenk, who worked
enclave of Westerly. There, Current estimated value: 2 acres, according to prop- on the project. Ms. Swift’s
she paid $17.75 million $70 million LLC applied to
through an LLC for a have the home
circa-1930s home on one of Ms. Swift made a historic
the highest points in town, established a landmark, and the
according to Jim Michalove Holiday House had been Last Great American Dy- foothold in Cali- request was
of Seaboard Properties, the listed in 2010 for $24 mil- nasty,” about former owner fornia in 2011, granted in 2017.
listing agent, and property lion, and it wasn’t formally Rebekah Harkness. when she paid Mr. Flagg esti-
records. on the market when Ms. Lately, however, there $3.55 million mated that the es-
The roughly 11,700-square- Swift bought it. have been few public sight- through an LLC tate might be
foot, Colonial-style mansion, To dissuade looky-loos, ings of Ms. Swift, sparking for a four-bed- worth around $70
known as Holiday House, has Ms. Swift posted a sign on rumors that she might be room home on million if it were
seven bedrooms and sits on her property that read—in a willing to sell the house. Mr. about 1 ½ to sell today.
about 5.23 acres with roughly nod to one of her songs—“I Michalove said that he in- acres, property In 2018, Ms.
700 feet of sandy shoreline, knew you were trouble when quired about purchasing the records show. Built around erty records. The estate was Swift sold her other two
according to a previous list- you walked in. NO TRES- house on behalf of a client 1941, the roughly 3,000- built by Hollywood producer homes, making a tidy profit
ing. PASSING.” several years ago and was square-foot, gated home has Samuel Goldwyn, who on each: The larger property
Before buying in Watch Ms. Swift became known told no. an East Coast-style aesthetic founded a company that sold for $4 million in an off-
Hill, Ms. Swift had looked at for throwing lavish Fourth of Lori Joyal, an agent at that is somewhat unusual in later became part of the market deal to Nicolas Bijan,
the former Katharine Hep- July parties and then docu- Lila Delman Compass, said if the area, local agents said. A Metro-Goldwyn-Mayer film son of the late designer Bijan
burn estate on the Connecti- menting them on her Insta- Holiday House were to be year later, Ms. Swift used a studio Pakzad, property records
cut shoreline, according to gram. The home’s history sold now, it would likely be trust to buy a four-bedroom, The Georgian Revival es- show, while the smaller one
then-owner Frank Sciame. also inspired her songs,“The worth about $30 million. Midcentury Modern home tate was at one point priced sold for $2.65 million.
THE WALL STREET JOURNAL. Friday, March 17, 2023 | M5

MANSION
$21.1 million
27,000 sq. ft.

In 2021, Irish billionaire John Collison, co-founder of Stripe Inc., bought a mansion on 1,120 acres in County Laois. It was the top Irish sale for that year.

BY J.S. MARCUS THE MARKET often wet and chilly weather as a

hindrance, it was a selling point

M
ichael Ramsden chose for Mr. Fagan. “I prefer cooler cli-
just the right time to
fall in love with Ire-
land. Hailing from
Hampshire, in southeast England,
Ties to Ireland mates,” he says. The couple also
mention America’s politics as a
factor in their move. Like some
other recent American arrivals,

Draw U.S. Buyers

the 79-year-old retired banker and the couple relied on a buyer’s
antiques dealer first arrived in agent—a rarity in Ireland—named
the 1960s to study at Trinity Col- Breffnie O’Kelly, who says half of
lege Dublin. her clients are now Americans.
Long before the country’s econ- The Fagans plan to spend 2023
omy began its meteoric rise in the settling in, budgeting about
1990s, he was investing in real es- $210,000 to make their home
tate. “Properties I bought in the Trophy properties still draw eight-figure sales, more energy efficient, to enlarge
1970s are worth 100 times what I some rooms and to buy furniture.
paid,” he says, speaking from his
while country-home prices flatten following Brexit and Covid fears They are staying in a nearby
Georgian country house, Sopwell rental while waiting to close.
Hall, in County Tipperary, about Not far from the Fagans’ new
Listed price: $10.28 million
two hours outside of Dublin. In home, the Abbey Leix estate is the
1985, Mr. Ramsden and his wife, standout country-home sale in re-
Sarah Ramdsen, then based in a cent years. In 2021, Irish billion-
historic Dublin townhouse, bought aire John Collison, 32, co-founder
Sopwell for 150,000 Irish pounds, of Stripe Inc., an Irish-American
or just under $160,000. financial-services company,
They now have listed the home, bought the nine-bedroom, 27,000-
their primary residence since the square-foot, 18th-century mansion
mid-1990s, for $8.96 million. on 1,120 acres in County Laois.
Initially on 60 acres, the lav- The price was about $21.1 mil-
ishly restored, 10-bedroom home lion, says Colliers, the agency that
now rests on some 300 acres, with co-listed the property with Lisney
amenities and outbuildings that Sotheby’s International Realty. It
include a tennis court they built, was the top Irish sale that year—
plus an atmospheric, folly-like cas- about $7.4 million higher than the
tle and 100 acres of woodland. second-most expensive, in Dublin.
Mr. Ramsden says he spent sev- Up the west coast in County
eral million dollars upgrading the Clare, a striking contemporary
property and expanding the lot 12,500-square-foot, four-bedroom
size. The 14,225-square-foot mansion, sitting on a 60-acre lot,
house—built in 1745 by the Trench is on the market with an asking
FROM TOP: JAMES FENLON (2, ABBEYLEIX); JAMES FENLON (HORSE ISLAND); SEAN FAGAN AND GALE PEDOWITZ FAGAN;JESSICA KLEWICKI GLYNN FOR THE WALL STREET JOURNAL (2, SOPWELL HALL); JESSICA KLEWICKI GLYNN FOR THE WALL STREET JOURNAL (2, LONGUEVIILLE)

family of landowners—has many price of $10.28 million. The house

remarkable features, says Irish ar- was commissioned as a vacation
chitectural historian Robert home by a Europe-based Irishman
O’Byrne, including a vast entry hall In County Clare, a 12,500-square-foot, four-bedroom mansion on 60 acres is listed with Lisney Sotheby’s. and completed in 2019.
and an extravagant second-floor In County Cork, another coun-
landing with a domed skylight. try estate is listed. In 1938, Wil-
Green and rugged West Cork, in Listed price: $8.96 million liam O’Callaghan, a farmer and
the southwest corner of the coun- Square feet: 14,225 politician, bought Longueville
try, is a celebrity stomping House, drawn to the 403-acre es-
ground. After selling Sopwell Hall, tate by the quality of the land and
the Ramsdens plan to downsize to by his family’s ancestral ties to
a West Cork coastal home. “We’re the area, says his grandson, Wil-
not part of the Irish glitterati,” liam O’Callaghan, 59.
says Mr. Ramsden. “But Sarah The younger Mr. O’Callaghan
loves the sea.” grew up in the main house, a
St. Patrick’s Day with its prom- Georgian core flanked by Victo-
ise of spring is the annual kickoff rian additions. He and his wife,
for rural sales in Ireland, and po- Aisling O’Callaghan, 60, after de-
tential buyers will find a real-es- cades of living in a renovated
tate market in flux. 4,000-square-foot courtyard
Irish country houses—a cate- house, have moved into the top
gory that runs the gamut from ru- floor, in a space they call the
ral mansions to more humble sea- penthouse. Meanwhile, his
side residences—have been on a mother, Jane O’Callaghan, 84,
roller coaster for nearly two de- lives in a charming former game-
cades. Ireland’s so-called Celtic Ti- Michael Ramsden moved to Ireland in the 1960s and eventually bought keeper’s cottage.
ger period, from the mid-1990s to Sopwell Hall. He and his wife, Sarah, plan to sell and live on the coast. Used as an upscale lodge for
the 2008-09 financial crisis, saw seasonal guests, the main house
rapid growth and the advent of a Sherry FitzGer- U.K .
can-based web can couple Sean Fagan, 54, a soft- otherwise hosts visiting friends
real-estate bubble, with prices ald, says coun- (NOR . IRE.) traffic surged ware engineer, and his wife, Gale and family, as well as large O’Cal-
peaking in 2006. try-home prices more than 40% Fagan, 43, a technology executive, laghan celebrations. “We do long-
After hitting rock bottom in now are leveling Galway in 2022. have just had an offer accepted on table dinners there for family
2012, prices rose and fell through off in a rela- ATLANTIC
ATLAANTIC Ms. De Vere a four-bedroom, four-bathroom, gatherings,” says Mrs. O’Cal-
Brexit and Covid fears, with tro- tively small OCEAN
OCEEAN Hunt says about traditional-style country house laghan. “Though some people
phy country properties emerging market, marked three-quarters built in 2009. could use it as a ballroom.”
Kilkenny
kenny
ennyy
as the clear winners, drawing by a shortage of of her agency’s Mr. Fagan, of remote Irish an- The home’s Victorian-era glass
prices that reached eight figures. premium list- Waterford
terfor
rffo
rfor
fford
ord current Ameri- cestry, and his wife have decided conservatory—made in the 1860s
According to Sherry FitzGerald, ings. can buyers are to relocate to Ireland from Port- by Dublin’s Richard Turner, who
Ireland’s largest real-estate A notable 25 miles
CELTIC
C SEA U.K . of Irish descent. land, Ore. They are paying just also designed greenhouses for
agency, Irish residential prices change in the 25 km (WALES) “All but one above the asking price of London’s Kew Gardens—is ac-
rose 0.2% nationally in 2019, then market has been Camille Bressange/The Wall Street Journal of my inquiries $580,000 for the property, which cessed off the formal dining room.
posted an annual growth rate of the arrival of have been had multiple bidders. The couple Now, Mr. O’Callaghan, his wife
9.6% in 2021 before dropping to American buy- American,” adds are maintaining a home in Oregon and his mother are selling the
5.7% in 2022. ers, especially with ties to Ireland, Paul Vallely, a 63-year-old Austra- but plan to make County Kilkenny 24,000-square-foot main house,
Roseanne De Vere Hunt, direc- say agents. Most want country lia-born entrepreneur. He and his their primary residence. along with 180 acres of adjoining
tor and head of country homes at homes. Sherry FitzGerald’s Ameri- wife, Ireland-born landscape de- Though some regard Ireland’s land, for $4.75 million.
signer Lorna Vallely, 60, have
Moyaliffe House, their 12.6-acre
Listed price: $580,000 Listed price: $4.75 million
County Tipperary estate, on the
Square feet: 24,000
market with Sherry FitzGerald for
$1.95 million. The Vallelys bought
the property and its early-19th-
century manor house for $901,000
in 2019. They then spent about
$738,000 to restore the grounds
and $84,000 to convert the for-
mer servants’ wing into an Airbnb
rental. Many owners of Irish
country homes adopt a similar
commercial strategies.
Manor houses tend to be con-
centrated in the center and east
of the country, which offer easy
access to Dublin’s international
airport.
Sean and Gale Fagan, an American couple relocating to Ireland from In County Kilkenny, in the Aisling and William O’Callaghan at Longueville House, their 24,000-
Oregon, had an offer accepted on this County Kilkenny country house. southeast of the country, Ameri- square-foot mansion with 180 acres of adjoining land in County Cork.
M6 | Friday, March 17, 2023 THE WALL STREET JOURNAL.

Special Advertising Feature

Retirement Communities

VI SENIOR LIVING

NO REST
VI SENIOR LIVING

FOR THE RETIRED GL HOMES

Hiking near Vi at Highlands Ranch in the suburbs of Denver, Colorado, is one of the many activities
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can let your green thumb grow at Vi at Palo Alto (top). Valencia Walk at Riverland residents in Port St.
by Julie Bennett Lucie, Florida, play pickleball, a fast-growing and popular sport in the U.S. (bottom)

Baby Boomers,
now ages 58 to 76, are entering senior living communities
Ronald Kislin and his wife Ita, who are
both 74, moved into GL Homes’ 55-plus
community, Valencia Sound in Boynton
Beach, Florida, a year and a half ago.
course. And Vi at The Glen outside
Chicago offers improv classes taught by
local improv professionals, including
one from a renowned Chicago-based
“With playing golf a couple of times comedy club. We are constantly creat-
a week, participating in the fishing, ing something new.”
not to rest after a lifetime of work, but to participate in all photography and men’s clubs, playing Nina Sagheb and Richard Schulman
canasta, going on jaunts with the ad- moved into Vi at La Jolla Village in
the activities they missed. venture club, tasting vintages with the California 10 years ago, when they were
wine club and attending weekend social in their early 70s, “and every day since
events, it feels like I’m going 23 hours a then has been a pleasure,” Schulman
day, seven days a week,” he quips. says. “The lifestyle department offers a
Senior living complexes catering to very robust program seven days a week.
people 55 and older are called active My wife and I use the pool and gym
adult communities. Continuing care every day. During the week, we have
retirement communities (CCRCs), how- dozens of choices of activities such as
ever, have an added care component. musical performances, trips to local at-
They also provide apartments or free- tractions, lectures, aerobics and social
standing homes for seniors to live in activities. I’m sure our CCRC has the
as long as they are independent, but if best programs in the entire country.”
they need additional care as they age, Sagheb laughs, “When our grand-
residents can move into assisted living, daughter in her 20s visited us, she said,
memory care or skilled nursing facilities ‘This is just like a college dorm. You run
on the same campus. to a class, come back to your apartment,
The economic lure is that residents then run to another class.’”
pay a single entrance fee that may be
partly refundable to their heirs, or re-
EACH ONE, TEACH ONE
turned to them if they choose to move “We take a holistic approach with
out, plus a monthly fee. That fee stays each of our residents and curate pro-
the same for their lifetimes, other than grams to help them live well in mind,
body and spirit, ”reveals Tony Galvan,
community-wide cost of living increas-
es, and generally makes the cost of care, Vi Communities’ assistant vice presi-
if needed, more predictable. dent in charge of its Living Well pro-
gram. “When new residents move in,
LIVING IT UP we talk to them about their careers and
Top-notch life plan providers, like the hobbies to discover what they are inter-
10 communities owned by Vi Senior ested in. And we ask about their goals.
Living, may not have fishing clubs, but Maybe they want to get physically stron-
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activities. “We offer over 300 programs or create more social connections. Then

For those whose

a month across our Vi communities,” we offer them opportunities to meet
says Gary Smith, Vi’s president and those goals.”
CEO. “Providing a vibrant lifestyle has In addition to Vi staff members en-
EXPECTATIONS always been the foundation of our com- couraging a newcomer to, say, partici-
pany. For example, Vi at Bentley Village pate in a water aerobics class, Vi uses
NEVER RETIRED. in Naples, Florida, has an 18-hole golf Living Well resident ambassadors with
Continued on next page

At Vi at La Jolla Village, exceptional is the rule.

The homes in our senior living community? Gorgeous.
The amenities? Abundant. The cuisine? Spectacular.
And then there are our residents. Empowered by a care
plan for tomorrow, they make the most of today by seizing
every opportunity to discover new passions and forge
new friendships. Sound like a group you’d like to join?
Learn more at 888.974.3510 or ViatLaJolla.com/WS

GL HOMES
Yoga classes at a Valencia fitness center are one of the many ways older adults can get and stay fit at
a GL Homes community.

LJWS2023 The Wall Street Journal news organization was not involved in the creation of
Certificate of Authority #189. RCFE License #374600675. SNF License #080000751. CCW La Jolla, L.L.C., and CC-La Jolla, Inc., d/b/a Vi at La Jolla this content.
Village, are the sole entities responsible for the performance of the continuing care contracts at Vi at La Jolla Village.
THE WALL STREET JOURNAL. Friday, March 17, 2023 | M7

Special Advertising Feature

Retirement Communities

GL HOMES
Valencia Grand in Boynton Beach, Florida, has sites for 400 homes. In less than a year, homebuyers can move
in after choosing a site and home model, like the Caroline Grande (left). Vi at La Jolla Village in California is
home to residents and the programs they start, like a technology group with visiting speakers across indus-
tries (right).

Continued from previous page VI SENIOR LIVING

similar backgrounds or interests to introduce them to munity, starting at $390,000, going up to the $800,000s.” they discovered Valencia Sound. “I don’t even play
like-minded people. “If a resident is interested in learn- Once homebuyers choose a home model and site, their golf,” Ita says, “and we were tired of paying coun-
ing more about something we don’t offer, we encourage new homes are usually available in eight to 10 months. try club dues. We drove in here one Sunday to check
them to start a program themselves,” Galvan continues. Valencia Grand in Boynton Beach still has sites for out the activities, and three months later we were
Since Schulman’s background is technical, he started 400 more homes, priced at $900,000 up to $1.5 million. under contract.”
a twice-a-month lecture series called Vi Technology Valencia Trails in Naples can add 230 more homes, start- Former Lakewood, New Jersey, resident Richard
Group at Vi La Jolla Village eight years ago. There have ing at $650,000 up to $1.3 million. “Valencia del Sol in the Gaines admits he was skeptical about the lively life-
been over 150 speakers from the sciences, engineer- Tampa area is almost sold out, with 20 homes remaining, style in Valencia del Sol in Tampa when he and his wife
ing, medicine and government. This popular series is priced from $420,000 to $500,000,” DiDonna says. Diane bought a home there last year. “Now I play tennis
attended by many Vi residents seeking information on Debra Simon, who is 69, loves Valencia's 55-plus and bocce ball, use the gym and pool and attend social
the latest trends in technology. communities so much she’s purchased homes in two events most Friday and Saturday nights. I never thought
Hal and Rosalind Cook, who are both 76, moved into Vi of them. “I had been living in Valencia Shores in Lake I’d get this active.”
at Highlands Ranch, Colorado, less than a year ago and Worth when I decided to buy something newer in DiDonna says she has no proof that seniors live lon-
Rosalind is already teaching acrylic painting to fellow Valencia Sound. These communities are perfect for a ger, healthier lives when they stay active and social, “but
residents. The campus grounds lead into a trail system single person because there’s so much to do, so many I’ve watched thousands of people explore new areas of
the couple hikes frequently, and they take advantage of different clubs and entertainment vehicles you’re sure fitness and interests among new friends, and they are
organized trips to galleries, concerts and plays. “It gets to find your niche. I love performing, so I’m now the certainly happier to wake up in the morning.”
harder to drive at night,” Hal says. “I did not realize how vice president of the Valencia Sound theater club.” Back in Vi at La Jolla, Nina Sagheb remarks, “It may
much joy Rosalind and I would find here.” Most new buyers, DiDonna says, come from New seem we arrived here a bit early, but what’s the sense of
England, New York, New Jersey and Connecticut, “but moving into a community with all these activities if you
ROOM TO GROW we are definitely seeing more people from California, are too dilapidated to enjoy them?”
A vibrant lifestyle is also the promise of senior living Vi CEO Smith agrees: “We know the Baby Boomer
who like that Florida has no state income tax. We have
communities designed for those 55 and older, and GL population is starting to come of age and we are mak-
people from all walks of life and all different political
Homes can’t build houses fast enough to meet the de- ing sure we evolve to fill their needs, as well as being the
and religious backgrounds.”
mand. “We are still actively selling in four of our Florida place where older adults want to live.”
communities,” says Jill DiDonna, senior vice president of FINDING YOUR NICHE
sales and marketing. “Valencia Walk at Riverland in Port The Kislins, originally from the Northeast, were Julie Bennett is a freelance writer specializing in fran-
St. Lucie is part of a 12,000-home, master-planned com- living in a country club community nearby when chising, small business and lifestyle issues.

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make the most of Florida 55+ living. Our stunning clubhouses raise the bar with dozens
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It’s a world-famous 55+ lifestyle that’s all centered around you! Valencia offers four stunning
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Broker must accompany client during client’s initial visit to each community. Both the client and Broker must execute the Developer’s Registration Form on the initial visit. Broker must also execute the Developer’s Broker Participation Agreement. Each community is owned, developed and sold by a separate and distinct entity, and no entity is responsible
for, or has any obligation or liability for, any other entity. Valencia Trails is being developed and sold by Naples Associates IV, LLLP, a Florida limited liability limited partnership. Valencia Grand is being developed and sold by Boynton Beach Associates 30, LLLP, a Florida limited liability limited partnership. Valencia Walk at Riverland® is being developed
and sold by Riverland Associates II, LLLP, a Florida limited liability limited partnership. Valencia del Sol is being developed and sold by Hillsborough County Associates IV, LLLP. This is not an offering in states where prior registration is required. Valencia Grand, Valencia Trails, and Valencia Walk are designed for residents aged 55 & older
and are intended to meet the exemption under the Federal Fair Housing Act. A purchase in one community does not grant any rights to use any of the recreational or other facilities and amenities of any other community. Facilities and amenities vary between communities and are subject to change at any time without notice. No representation
or guarantee is made as to the timing of construction of the facilities and amenities. Map Locations are approximate. See a sales associate for details. This is not an offering in states where prior registration is required. Equal Housing Opportunity. All rights reserved. ©2023 1100-779 3-17-23
 M8 | Friday, March 17, 2023 THE WALL STREET JOURNAL.

MANSION

Purchase Price: $949,000 NORTHWEST ARKANSAS

IS EXPERIENCING A
MAJOR GROWTH SPURT:

370,555
BETH HALL FOR THE WALL STREET JOURNAL (8); ALICIA NOBLES (NOBLES PORTRAIT)

population in 2005

543,749
population as of 2021

858,283
estimated population
by 2040

agents confident that the steady

wave of incoming residents will
continue to buoy the real-estate
market, said Mr. Shepard.
In 2022, Tyson Foods an-
nounced that it will consolidate
its corporate offices to Northwest
Nate Nead got a Life Works Here award, designed to lure remote workers to Northwest Arkansas. He and his Arkansas this year. Tyson employ-
wife, Carissa Nead, bought this roughly 3,800-square-foot, four-bedroom, custom-built home in Bentonville. ees were given the opportunity to
relocate to the region, said vice
president and associate general
counsel, Jane Duke. The company
is recruiting to replace those who
have decided not to relocate. Wal-
mart is also consolidating to
Northwest Arkansas. In February,
The Wall Street Journal reported
that the retail giant will be clos-
ing offices in Austin, Texas, Port-
land, Ore., and Carlsbad, Calif.,
and paying employees there to
Alicia Nobles and her partner move to primary offices, including
moved to Rogers from San Diego. its headquarters in Bentonville.
The company is constructing a

Northwest roughly 350-acre new home office

in Bentonville that will include 12
office buildings and a hotel, ac-

Arkansas cording to Cindi Marsiglio, the se-

nior vice president of corporate
real estate for Walmart.
Continued from page M1 Retirees, or those planning to
throughout the Northwest Arkan- retire soon, also make up a signif-
sas region. Ms. Nobles, 38, said icant portion of new transplants,
that seeing the region’s demo- according to Mr. Shepard, who
graphic diversity also pushed them said he has been seeing a wave of
to move to the area. “My partner parents following their adult chil-
is Hispanic and the Northwest Ar- dren to the area.
kansas area actually has a fairly Main Street in Bentonville, above, and Railyard Bike and over and tive Nate Nead, said he had al- Jeff Manley, a physician, and his
sizable Hispanic community,” she Park in Rogers are popular with visitors and residents. over again,” ready decided to move to the area wife, Cindy Manley, who is a labor
said. In 2022, she and her partner Mrs. Hunt said, when he was selected as a winner and delivery nurse, are two of
closed on a roughly $330,000, “that these of the program but that the award those parents. In January, the
three-bedroom home in Rogers. people come sweetened the deal. Mr. Nead, 40, Manleys, who lived in Texas,
Northwest Arkansas is experi- here from and his wife, Carissa Nead, 36, closed on a roughly $900,000
encing a major growth spurt. other places were drawn to Bentonville be- house in Rogers to be closer to
With an estimated population of with these For- cause it gave them a small-town several of their children. Dr. Man-
543,749 in 2021, the area, which tune 500 com- feel while still offering citylike ley, 49, said the region is unrecog-
includes the cities of Bentonville, panies and if amenities. nizable compared with
Fayetteville, Bella Vista, Lowell, they try to Mr. Nead, who is a re- 2012, when they began
Springdale and Rogers, is pro-
jected to grow to an estimated
move them to
another loca-
mote investment banker
and owner of the online
537 visiting from Missiouri,
home sales at or where they lived at the
858,283 by 2040, according to the tion, they’ll marketing company over $500,000 time. “They didn’t have a
Northwest Arkansas Regional just change SEO.co, said Mrs. Nead’s in 2019 whole lot of stuff going
Planning Commission. That is jobs and stay.” family lives in the North- on,” he said. But now,
compared with an estimated Today, the west Arkansas region. Af- “they’ve got everything.”
370,555 people who called the
area home in 2005.
try production and the area was
“much more rural” than it is to-
area’s growth is increasingly be-
ing driven by transplants who
ter they visited them in
the summer of 2020, they
2,000+
home sales at or
Cuisine and entertain-
ment options in the re-
The regional luxury market has day with just a two-lane main move to the region but don’t work decided to move their gion are much better
over $500,000
also risen to new heights. In 2019, road. “Now, we have a six-lane for any of the big national compa- four children from the Se- now, he said, with new
in 2022
there were fewer than 600 home freeway,” she said. nies based there. attle area to Bentonville. restaurants by award-
sales in Northwest Arkansas at or These companies and their In November 2020, the North- “The Pacific North- winning chefs, such as
over $500,000, according to data founding families have invested west Arkansas Council, founded in west is an amazing place to live,” Conifer in Bentonville. He and
collected by local agent Michelle heavily in regional development 1990 by the area’s business lead- he said. “but if I weigh all the fi- Mrs. Manley, 52, bought tickets to
Dearing with Engel & Völkers. In and quality of life improvements ers, launched the Life Works Here nancial and social factors of an upcoming concert at the Wal-
2022, there were more than 2,000 to make the area more attractive program which awarded $10,000 Northwest Arkansas, it comes out mart Arkansas Music Pavilion. Be-
home sales at or over $500,000. to potential workers and current and a bicycle to selected remote on top for me personally.” fore its move to Rogers in 2014,
For home residents, ac- workers who chose to relocate to At the end of February 2021, concerts used to happen at the
sales over $1 MISSOU
MIS SOURI RI cording to Ms. Northwest Arkansas, according to the Neads moved out of the Seat- venue “here and there” but now it
Area of
million, the re- detail Dearing. Proj- Council President Nelson Peacock. tle area and bought a roughly has a packed summer lineup.
Bella Vista
gion saw over Branson ects include the In December 2022, the Council 3,800-square-foot, four-bedroom The Manleys’ new four-bedroom,
200 in 2022 Crystal Bridges conducted a job recruitment cam- custom build on over an acre in roughly 4,200-square-foot home in
compared with Museum of paign in Silicon Valley in the Bentonville for $949,000. Rogers is where they plan to retire.
less than 40 in Lowell American Art, midst of tech layoffs there. Despite economic pressures na- “We were really looking for our
2019. Springdale
p g which opened in One of the Council’s Life Works tionally, the growing job market last house,” Dr. Manley said. “And
OKLL AH H MA
HO M
For Benton Fayetteville
Faayetteville 2011 and was Here recipients, Washington-na- in Northwest Arkansas has local hopefully we found it.”
and Washington Muskogee ee TH founded by Alice
Z A RE
counties, the KS Walton, a mem-
Ar

n
ka

median sale i v er Fort

F
Fo
ortt Smith
S
Smmith
ith
th
h ber of Walmart’s
R

price was 25 miles A R KA N S A S founding family,

$305,000 in 25 km and its satellite
January 2023, art space, the
up from $186,900 during the same Momentary, of which the Tyson
month in 2019, according to data Family Foundation, the Walton
collected by Phillip Shepard, a Family Foundation and Walmart
real-estate agent with Collier & were founding funders.
Associates. The higher-end luxury The Walton Family Foundation
homes sales in the area typically has invested around $85 million
range from $1 million to $3 mil- into a maze of biking and walking
lion, he said. trails throughout the region. The
Much of the area’s population Hunt family was the primary do-
and economic growth has been nor for the J.B. and Johnelle Hunt
powered by major Family Ozark Highlands
companies that are Nature Center in
$186,900
Jeff and Cindy
based there and the Springdale, which the Manley are
Purchase Price: $900,000
families that founded median sale price Walton Family Founda- relocating to
them. The best known in January 2019 tion has also donated Rogers from
include Walmart, to. The Hunt family has Texas in order
which was founded by spearheaded much to be closer to
Sam Walton in Rogers
in 1962, and is based
$305,000 commercial develop-
ment in Rogers, said
several of their
children, who
median sale price
in Bentonville with Mrs. Hunt, including live near the
in January 2023
about 54,000 employ- the donation of the area. They
ees statewide; Tyson land on which the Wal- visited the
Foods Inc., founded in 1935 in mart Arkansas Music Pavilion was region over the
Springdale, with around 10,000 built. It opened in 2014. Tyson years, and
regional employees; and J.B. Hunt Foods and the Tyson Family Foun- decided that
Transport Inc., founded in 1961 dation are big investors in the this is where
and today based in Lowell, with Springdale area, where they have they intend to
over 5,000 regional employees. helped to fund downtown revital- retire. ‘We
Johnelle Hunt, who co-founded ization. Along with the Hunt fam- were really
J.B. Hunt with her late husband, ily and the Walton Family Founda- looking for our
Johnnie Bryan Hunt, said that tion, they funded the Jones last house, Dr.
when they moved the company to Center, a recreational facility. Manley said.
Northwest Arkansas over 50 years Their efforts have been suc- ‘And hopefully
ago, its major industry was poul- cessful. “We have found that over we found it.’
THE WALL STREET JOURNAL. Friday, March 17, 2023 | M9

MANSION

Mega Cuts 15,000 SQ. FT.

Listed for $63.5 million in 2022
Current price: $49.995 million
In Mega L.A.
Continued from page M1
preventing megamansion develop-
ment of the scale that has become
commonplace and so reducing site
purchases by developers.
In the luxury segment of the
market, which represents the top
10% of sales, the volume of deals
fell by 51.9% in the fourth quarter
of 2022, compared with the same The Bel-Air The property was first listed in
period in 2021, according to a re-
port by brokerage Douglas Elli-
21% mansion
owned by
May 2022 for $63.5 million, ac-
cording to Zillow. “I think we’re at
man. The number of days a prop-  Swiss aviation a proper price right now,” one of
erty spent on the market was up billionaire the listing agents, Mauricio Uman-
by 10.3% to 96 days, the report Thomas Flohr. sky of The Agency, said. “It’s just
shows. a question of this market stabiliz-
Those figures are a pronounced ing and finding buyers.”
shift from even one year ago, A few months ago, a company
FROM TOP: THE AGENCY (3); ADAM LATHAM/SOTHEBY’S INTERNATIONAL REALTY (2); AXELLE/BAUER-GRIFFIN/FILMMAGIC/GETTY IMAGES (WAHLBERG); ANTHONY BARCELO

when buyers flooded the luxury tied to tech entrepreneur Farhad

market. Elliman’s data show the Mohit, the onetime chief executive
market share of bidding wars fell of the video app maker Flipagram,
by half, to 24.5% in the fourth also relisted a Bel-Air home, a
quarter from the 50.7% record set roughly 14,000-square-foot, multi-
in the second quarter. level mansion with a 15-foot
screening wall, a 320-bottle wine

96
Number of days a property
cellar and a gym, for $38.5 mil-
lion, down $9.5 million from its
asking price when first listed in
spent on the market in fourth May 2020, Zillow shows.
quarter of 2022, up 10.3% Recent sales show that when
sellers are willing to drop their
prices, buyers are ready to
Sellers appear ready to accept pounce, agents said. In February,
the new realities of the market, actor Mark Wahlberg and his wife,
rather than hanging onto their Rhea Durham, sold their home in
properties. “No buyer at this junc-
ture wants to feel they’re paying
2021 or 2020 prices,” said Rayni
Williams of the Beverly Hills Es- ‘We talked about what
tates.
Mr. Cueva, one of the develop-
price would attract
ers of the Bel-Air home, said he buyers but still be a pill
repriced the property to “cast a [the developers] could
much wider net for potential buy-
ers.” He said the home’s $59 mil- swallow.’
28,000 SQ. FT.
lion asking price is now far below —Shawn Elliott of Nest
Listed for $120 million in 2022
its replacement cost, given the Seekers International
Sold for $52 million in 2023
rising costs of construction mate-
rials. He estimated the cost today
of building the home, completed
in June 2020, would be about $80 57% the upscale Beverly Park area to a
million.  Chinese billionaire for $55 million,
Mr. Cueva said he hopes the down significantly from the $87.5
price reduction will offset buyer million they asked when they first
concerns about rising interest put the property on the market in
rates, and added that he has seen April 2022. The deal followed a
foreign buyers return to the mar- price cut in November, to $79.5
ket for the first time since the on- million.
set of the pandemic. Roy T. Eddleman, a maker of biotech lab tools, paid $51 million for Villa Firenze, a 9-acre estate, in 2021. That same day, Villa Firenze,
Mr. Cueva is one of a string of the 9-acre estate next door owned
sellers who have cut prices in re- by the estate of Roy T. Eddleman,
cent months. In Wallingford Es- a maker of biotech lab tools, sold
30,500 SQ. FT.
tates, a gated community in the for $52 million, less than half of
Listed for $87.5 million in 2022
Beverly Hills post office area, de- Mark its original $120 million asking
Sold for $55 million in 2023
veloper Gala Asher reduced the Wahlberg and price in May 2022. The deal fol-
price earlier this month of a his wife, Rhea lowed a series of reductions, the
38,000-square-foot mansion by Durham, sold latest to $67.5 million in January.
about 12% to $74.995 million, ac- their home in Tomer Fridman, a luxury agent
cording to public records and list- the Beverly with Compass who wasn’t in-
ings website Zillow. The roughly Park area to a volved in either sale, said the
5-acre estate, with a basketball Chinese prices on some of the homes were
court, a gym and a boxing ring, billionaire. The exorbitant in the first place, so
first came on the market in 2018 estate is on 6.2 the reductions represent a long-
for $135 million, but has under- acres and has overdue correction. “When you do
gone several price cuts. Mr. Asher 12 bedrooms, a price adjustment at this level,
couldn’t be reached for comment.
In Bel-Air, a mansion owned by
according to
the listing.
37% that seller has to make it impact-
ful,” he said. “You have to show
Swiss aviation billionaire Thomas  you mean business.”
Flohr had its price cut in February Mr. Fridman said he is working
by about 14% to $49.995 million. Please turn to the next page

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M10 | Friday, March 17, 2023 THE WALL STREET JOURNAL.

MANSION
lion sale of a Bel-Air megaman- said the shadow cast by the ordi-
17,000 SQ. FT.
sion built by celebrity Botox doc- nance is already affecting the
Listed for $47.5 million in 2022
tor Alex Khadavi, who had been value of properties that would ap-
Current price: $36.95 million
asking $87 million. Dr. Khadavi peal to developers.
lost control of the project after She said she has seen fewer de-
overspending on construction of velopers shopping for sites—a dra-
the mansion, which included a matic shift from a few years ago,
D.J. booth, a Champagne tasting when spec home builders drove up
room and an NFT art gallery. the price of sites all over L.A. “De-
Mr. Umansky of The Agency velopers aren’t really buying any-
said a confluence of more. There’s too much
factors have driven restriction,” she said.
sharper cuts over the
past few months. The
50.7%
Market share of
Mr. Umansky said buy-
ers on the ultrahigh end,
tax, approved in No- bidding wars in like in other parts of the
vember 2022 and often the luxury market market, have been
referred to as the man- in the second spooked by higher inter-
22% sion tax, is meant to
raise funds for the
quarter of 2022 est rates, recession fears
and the war in Ukraine.
 homeless. It will put a It’s a misconception, he
4% tax on sales of said, that the ultrarich
property between $5
million and $10 mil- 24.5%
Market share of
don’t borrow to buy their
homes.
lion, and a 5.5% tax on Still, not everyone is
sales of properties at bidding wars in willing to heavily dis-
$10 million or above. the luxury market count to make deals. Mal-
Agents say the tax in the fourth ibu developer Scott Gil-
has dominated the quarter of 2022 len, who is marketing a
conversation with their collection of homes in the
sellers. Mr. Elliott said his clients, area, said he recently turned away
developers Mr. Cueva and Mr. a buyer who tried to lowball him
Hallo, took it into consideration for a home at The Case, his bluff-
when relisting their hilltop prop- top development overlooking the
erty at a discount. Pacific Ocean. Mr. Gillen has se-
Real-estate agent David Solomon cured a sale on only one of the
of Douglas Elliman said one of his five homes in the under-construc-

FROM TOP: MIKE KELLEY/THE FRIDMAN GROUP (2); MICHAL CZERWONKA FOR THE WALL STREET JOURNAL
clients who had been thinking of tion project despite years of mar-
selling their Brentwood home ulti- keting efforts. The buyer, Mr. Gil-
mately decided it was best to move len said, offered $50 million for a
quickly to meet the tax deadline. house that had been asking
The client sold the property in an $69.995 million. “We have to nego-
off-market deal for $30.5 million to tiate, but we’re not going to drop
Formula One heiress Petra Eccle- our price by $20 million,” Mr. Gil-
stone and her husband, Sam len said. “We’re not selling to the
Palmer, earlier this month. guy who is a bottom feeder.”
Ms. Williams of the Beverly
Hills Estates said values also are
Real-estate agent Tomer Fridman recently lowered the price on this property in Bel-Air. He said the asking prices affected by a proposed new ordi-
in general on some homes were exorbitant and so were due for a correction. nance that would curb construc-
tion of megamansions that have
Continued from the prior page sion he is listing for development once aimed to set price records defined the Los Angeles luxury
with a seller in the Trousdale Es- company Viewpoint Collection, to have traded for far less, some- market in recent years. The ordi-
tates area of Beverly Hills who is $36.95 million from $42.5 million; times under distressed circum- nance, designed to protect biodi-
about to do a price cut on his the house originally asked $47.5 stances. The most infamous exam- versity and wild animals in the
roughly $20 million property. He million in April 2022. “It’s a lot ple was the 2022 sale of The One, Santa Monica Mountains, would
said the seller is confident he can but the seller just wants to send the Bel-Air megamansion, once mean new standards on lot cover-
make up the difference with the the message that we’re ready to slated to list for $500 million but age, grading, heights and land-
savings on purchasing his next transact,” Mr. Fridman said. which sold for $126 million at scaping for new homes and affect
home, which is significantly more The pullback in prices also co- auction after its developer, Nile the hilly communities in some ex-
expensive. incides with a general reset in the Niami, ran afoul of his lenders pensive enclaves, such as the Hol-
Mr. Fridman also recently low- perceived value of some of L.A.’s amid cost overruns and delays. lywood Hills, Bel-Air, Beverly
ered the price on a newly con- most extravagant homes. Over the In May 2022, a bankruptcy Crest and Laurel Canyon. Though Malibu developer Scott Gillen said
structed 17,000-square-foot man- past year, a series of homes that judge signed off on the $47.5 mil- yet to be approved, Ms. Williams he will negotiate prices only so far.

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and fitness center. Riverside pool and spa, deep water boat dock with shopping, beaches and top-rated schools, make it easy to enjoy the best heated 3-car garage, irrigation system, wine cellar, and gym. Beautifully
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Burnett Properties
Randy Burgess GL Homes Gustave White Sotheby’s International Realty
phone: 707.756.2013 email: [email protected] phone: 800.616.0416 phone: 401.849.3000

To Advertise email [email protected] or visit classifieds.wsj.com

THE WALL STREET JOURNAL. Friday, March 17, 2023 | M11

TM
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Mare Blu: Laid back, luxurious living at this Welcoming Weston Golf Club location offering Elegant, lower Meeting St location, restored, Come experience 4801 Ocean Front Ave at the
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Take in stunning views of Biscayne Bay from NBA star Bob Pettit’s 6,551sf estate on private Luxury mountain home with panoramic views, Reviving a Revival: The Reimagining of a
your double unit condo at Yacht Harbour. street on enormous lot on golf course. European design, and modern amenities. Grand Terrell Hills Tudor.
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Panoramic lakefront view in Rocky River! Renovated, spacious 3BR, 4BA Villa with fairway The Henry B. Metcalf House (ca.1855) — an Lovely carriage reimagined by award-winning
4 bedroom, 3.5 bath classic brick Tudor. views in prestigious Jupiter Hills. Italianate villa set atop College Hill. architect, Friedrich St. Florian.
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Chicago, IL | $1,450,000 E. Side Of Providence, RI | $1,225,000 Chicago, IL | $1,199,000 Providence, RI | $1,195,000

South facing townhome, 4 stories above Recently renovated, The Eliza Burgess House Beautiful & extra spacious 2 bed/2 bath home This gracious European-inspired home is located
Oak Street, 18ft windows & 23x12 terrace. c.1852 rests atop coveted College Hill. with terrace & lake/park/city views! just steps from Blackstone Park!
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M12 | Friday, March 17, 2023 THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

Former Warner Bros. Head

found himself with time on his bedrooms, including a primary
hands. “You can’t go to Dodger Sta- suite that spans the entire second
dium at 8 o’clock in the morning, story. Two other bedrooms and a
there’s nobody there,” he said. gym are located on the ground

Lists Ranch in California Mr. Daly said a few times a

week, he would wake up early to
spend several
level, according to marketing ma-
terials.
The property also has multiple
A California ranch owned by hours at the corrals and an 8-stall horse stable
entertainment mogul Bob Daly ranch before with an office. Mr. Daly said he
and his wife, songwriter Carole heading to the redid the barn and corrals and
Bayer Sager, is coming on the baseball sta- built a new chicken coop that is
market for $24.95 million. dium by around cleaned every day. Over the years,
Known as Oaktree Ranch, the 1 p.m. A self-de- he said he has bred goats, minia-
roughly 19-acre Calabasas prop- scribed animal ture horses and various types of
erty includes a main residence, a lover, he said pigeons. Mr. Daly, who raised and
stable, a the ranch be- flew pigeons growing up in Brook-
FOR SALE caretaker’s came a respite lyn, N.Y., said the birds tend to get
house, a pool after years in a bad rap because people think of
$24.95 and a tennis the corporate street pigeons. “My pigeons get a
MILLION court, ac-
cording to
world, where he
started as an
bath two or three times a week,”
he said.
stable, pool,
marketing office boy at Mr. Daly said he currently has
tennis
materials. CBS making $41 about 25 pigeons in three coops.
“People buy a week and His chickens produce some 25
a ranch in Montana,” Mr. Daly later became an dozen eggs a week in colors such
said, but “I didn’t want to fly any- executive who as blue and green. “I give them
where.” He keeps a pony, minia- took bags of away to everybody,” he said.
ANTHONY BARCELO

ture horses, goats, and dozens of scripts and pa- Mr. Daly said he is selling be-
chickens and pigeons on the perwork home cause he hasn’t spent as much
ranch, he said. each weekend. time at the ranch since Covid.
Purchase price in 1999: $6.8 million
The Dalys purchased the ranch “The ranch Stephen Shapiro and Kurt Rap-
property in two transactions in gave me an in- paport of Westside Estate Agency
1999 totaling about $6.8 million, was finished around 2003. He re- stepping down as chairman and co- stant vacation,” he said. “When I are marketing the ranch.
records show. Mr. Daly said they tained a smaller home on the CEO of movie studio Warner Bros. go there I feel like I’m in a differ- —E.B. Solomont
tore down an existing house and property as a caretaker’s house. He had bought into the Los Ange- ent world.”
commissioned architect Mark Rios Mr. Daly, 86, who lives in Bel- les Dodgers baseball team, where The main residence, measuring  See more photos of notable
to design a new residence that Air, said he bought the ranch after he was managing partner, but still about 7,500 square feet, has three homes at WSJ.com/RealEstate.

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Distinctive Properties
To advertise: email [email protected] or WSJ.com/classifieds

AUCTIONS

Luxury Group Auctions

A Division of Williams & Williams Worldwide Real Estate Auction

Grand Cayman Home

Yacht Club District of Seven Mile Beach

One-of-a-kind Grand Residence in a luxurious waterfront community. 5

INSPIRE
bedrooms plus den, 7.5 bathrooms, with over 9,500 sf. The 3 levels of the
home can be easily accessed by a glass elevator or the eye-catching floating
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View 12-3pm Sat March 18 & 25

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RE/MAX CAYMAN ISLANDS. EACH OFFICE INDEPENDENTLY OWNED &
OPERATED. MEMBER OF CIREBA. MLS 413763. 5% BUYER’S PREMIUM.
HAVE PLANS TO BUILD/BUY A HOME IN NEXT 12 MONTHS
CALIFORNIA MONTANA

Easy-to-reach
BERKELEY • CA
550 VISTAMONT AVENUE
Montana Hideaway
In charming mountain town of
Philipsburg, 1,900 sq.ft.,
2-4bd/1-2bth, close to great skiing
at Discovery, trout fishing, wilderness
hiking, horseback riding.
Direct summer flight from Chicago
plus 1-hour drive. $519K.
⊲ OPEN SUN 2-4:30PM ⊳
This wonderful home was built by the Maggie Springer,
owners 52 years ago and opens out to Ink Realty, 406-240-9545
beautiful, private gardens! The updated
eat-in kitchen leads to the large family
room/office w/half bath & separate entry.
VERMONT
Membership in the Woodmont pool club.
4+BR • 2.5BA • $1,995,000
YOUR PROPERTY HAS A HOME IN MANSION.
Bebe McRae
510.928.3912 LAKEFRONT For more information on advertising opportunities,
CALDRE#00875159
ESTATE HOME please contact: [email protected]
Near Stowe, Vermont
1,000' of Frontage on
16 Acres $3,950,000
BERKELEY • CA Main House, Guest
284 THE UPLANDS Houses, Boathouse
Barns & Beach
www.ondinevt.com

⊲ OPEN SUN 2-4:30PM ⊳

This beautifully restored historic estate
features walled level gardens & splendid DISTINCTIVE
architecture! Grand living room with concert
hall proportions, formal dining room & eat- PROPERTIES
in kitchen/family room. Separate artist’s/
writer’s studio. A masterpiece! SELECT RESIDENTIAL LISTINGS
6BR • 6.5BA • $5,125,000 FRIDAYS IN MANSION
Bebe McRae LIST YOUR PROPERTY TODAY
510.928.3912
CALDRE#00875159 (800) 366-3975
[email protected]
For more information visit:
wsj.com/classifieds
Unique underground home on 15
wooded acres within approx. 35-40
minute drive from upcoming INTEL
campus in Licking County, Ohio for sale
for $3,200,000.
House has approx. 3,200 sq. ft. living
space and 2,000 sq. ft. storage and
garage underground. Some handicap-
accessibility features. Above ground, yet
attached, 1,200 sq. ft. shop/garage with
1,200 sq. ft. apartment.
Source: Ipsos Affluent Survey USA Spring 2021 Adults 18 or older, HHI $125,000+.
© 2023 Dow Jones & Company, Inc. All Rights Reserved.
Cash sale only. No realty agents, please.
Serious inquiries to:
[email protected]. © 2023 Dow Jones & Company, Inc.
All Rights Reserved.
THE WALL STREET JOURNAL. Friday, March 17, 2023 | M13

40%

30%

20%

10%

$1M $2M $3M $4M $5M

M14 | Friday, March 17, 2023 THE WALL STREET JOURNAL.

MANSION
HOUSE CALL | DERMOT MULRONEY make. A teacher said if I wanted to DERMOT’S GRANDDAD
attend a music conservatory, I’d
have to practice four to six hours a Favorite room? The down-

The ‘Scream VI’ Actor day after school. That sounded

horrible, so I passed. But I didn’t
give up the cello and remained
good at it all through high school,
stairs space with the guitars,
office and sunshine.

On a Limp and a Career

Grandfather? He was a banker
where I was a solid student. who helped figure out the Fed-
During my first year at North- eral Reserve system.
western, I wasn’t set on a ma-
jor. I shied away from drama Reward?  FDR
and considered majoring in gave him a gold-
music. Then friends told me plated, single-
How an ‘extraordinary’ teacher and an audition with they were making videos edge razor.
a William Morris agent kicked off the star’s acting career and movies and radio shows
in a small, three-camera Where is it? My
video studio. father held onto it

M
y love for the cello So I planned on majoring in after his father died
began when I was in communications. Then an acting when he was 10. He gave
third grade. Our ele- teacher saw me in a short play. it to Clyde as a college gradua-
mentary school in Al- She asked who my acting teacher tion present.
exandria, Va., had taken us to would be the following year. I told
hear the Alexandria City Orches- her I wasn’t a theater major and
tra. They performed “Peter and didn’t have one. She said, “You do Danny Aiello and Sam Shepard.
the Wolf” and Benjamin Britten’s now. It’s me. You’ll be my student All were mentors. I went on to
“Young Person’s Guide to the Or- for the next three years.” So I ma- work with Sam four more times.
chestra,” which showcased each jored in theater. That extraordi- The first studio movie I worked
instrument on stage. nary teacher was Ann Wood- on was “Sunset” in 1987, directed
Sean, my oldest brother, had al- worth. by Blake Edwards, who helped me
ready chosen the upright bass. My In April 1985, my senior year, I land a major role in “Young Guns”
next older brother, Conor, went signed up to audition at school in the following year. It became a

CLOCKWISE FROM LEFT: JOHN RUSSO/CONTOUR/GETTY IMAGES; HULTON ARCHIVE/GETTY IMAGES; DERMOTT MULRONEY (FAMILY PHOTO)
with the tuba but also played viola. front of a William box-office hit.
Once I saw and heard the cello on Morris agent. Af- Today, I live in
stage—the smaller version of what ter the audition, Los Angeles with
Sean played—that was for me. We as I emptied a my wife, actress
had a competitive household. pebble I’d placed and singer-song-
My family moved a few times in my boot to in- writer Prima
in Alexandria. I had a baby-kid duce a limp dur- Apollinaare, and
house, a young-kid house and ing my mono- our two kids. My
then, when I was 12, a high-school logue, Barbara son, Clyde, lives
house. The last one was the larg- Gale of William just across town.
est, a Colonial in the Rosemont Morris came over. We moved in
section, on Shuter’s Hill. By then, She said, “I’m about a 1½ years
each of us, including Kieran and signing you, and ago. It’s a house
Moira, our youngest brother and you’re moving to Los Angeles.” dating back to the early 1920s.
sister, had our own bedroom for In May, I suffered an emotional I like playing cello in the living
the first time. blow. Right around the time when room, where the sound is so warm
My father, Michael, was a tax acting was coming together for thanks to our hardwood floors.
attorney in private practice. Later, me, my girlfriend, who was des- After I landed my first role in
he became a tax-law professor at tined to be a great actor, died. We “Sin of Innocence,” my father sent
Villanova University and ran the were all devastated. me a brief letter of encourage-
department. Despite having a That August, I drove out to L.A. ment. It ended with some acting
head for numbers, he was a man with Kieran. There, I auditioned advice: “Represent the epitome of
of letters. He was such an honest, Dermot Mulroney in Los Angeles in February, above, and, in striped shirt, for three months and was cast as reality.” I’ve never forgotten that
truthful, ethical and deep-thinking in Alexandria, Va., in 1970 with his siblings, Kieran, Sean, Moira and Conor. the lead in a CBS-TV movie, “Sin letter or his line.
guy but also a wonderful man. of Innocence.” I felt well-equipped —As told to Marc Myers
My mom, Ellen, was a home- off the living room that became When I was a junior in high as an actor and knew I wasn’t go-
maker but had started out study- our music studio. I enjoyed classi- school, I saw my mother perform ing on to graduate school. By Dermot Mulroney, 59, is an actor
ing acting and eventually returned cal and practicing from the begin- on stage for the first time in “And then, there wasn’t any money left who starred in the films “My Best
to the stage and performed re- ning. I had a cool, young cello Miss Reardon Drinks a Little.” I for that in our family. Friend’s Wedding,” “The Family
gionally. She was all about art- teacher, F. Wayne Taylor, who also had a walk-on part. Watching her Early on, I was cast in TV mov- Stone” and “August: Osage
istry and imagination. taught me in school. He wasn’t a made me want to perform, too. ies as the son of dads played by County.” He currently stars in the
At home, we had a little room disciplinarian and made music fun. But first I had a big decision to superb actors such as Bill Bixby, film “Scream VI.”