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

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

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What’s Trump Liable

News For Sex Abuse,
B
Business & Finance

oeing struck a deal to

sell as much as $40 bil-
Defamation
lion in 737 MAX jets to Ryan- Federal jury orders who said she was inspired to
air, a victory for the plane come forward by the #MeToo
maker as it works to re-en- the former president movement, clasped her law-
ergize its business and patch to pay $5 million to yers’ hands as the verdict was
up relations with the Euro- announced. “This victory is
pean discount airline. A1 columnist in civil case not just for me but for every
woman who has suffered be-
 Home prices fell in more
BY JAMES FANELLI cause she was not believed,”
parts of the U.S. than they
AND CORINNE RAMEY she said in a statement.
have in over a decade during
Joe Tacopina, the lead law-
the first quarter, when nearly
A federal jury found Donald yer for Mr. Trump, shook hands
a third of metro areas posted
Trump liable for sexually with her after the judge dis-
annual price declines. A2
abusing and defaming E. Jean missed the jury, which con-
 China’s export growth Carroll and ordered him to pay sisted of six men and three
slowed in April as global $5 million in damages, after a women. Ms. Carroll smiled as
trade cooled, underlining civil trial in which the advice she left the courthouse and was
the importance of domestic columnist alleged the former escorted quickly into an SUV.
spending as the main engine president raped her in a Man- In a social-media post, Mr.
for the country’s economy. A9 hattan department store Trump, 76, called the verdict a
nearly 30 years ago. disgrace. “I HAVE ABSO-
 Tucker Carlson said he is
The jury, following a two- LUTELY NO IDEA WHO THIS
starting a new show on Twit-
week civil trial, didn’t find WOMAN IS,” he said. Mr. Ta-
ter, putting him on a potential
that Mr. Trump committed copina said he would appeal.
collision course with Fox News,
rape but found it more likely The verdict, delivered Tues-
which ousted him while keep-
than not that he sexually day after three hours of deliber-
JUSTIN LANE/EPA/SHUTTERSTOCK

ing him under contract. A1

abused Ms. Carroll in a dress- ations, is a rebuke to Mr. Trump

.
 Saudi Arabia’s Aramco ing room of Bergdorf Good- as he seeks the 2024 Republican
posted a 19% drop in quar- man, sometime around 1996. presidential nomination while

ly
terly profit due to lower en- Jurors also found that Mr. being dogged by legal troubles.
ergy prices, but announced an Trump defamed Ms. Carroll in He is facing New York criminal
additional dividend payout. B1 comments he made denying charges connected to his pay-
 EV startup Rivian reported
narrower losses for the first
quarter as it slashed spend-
on
E. Jean Carroll leaves the federal courthouse in Manhattan after the jury’s verdict.
her allegations, which she first
made publicly in 2019.
Ms. Carroll, 79 years old,
ment of hush money to a porn
star before the 2016 election, as
Please turn to page A4
ing and stood by its produc-

Boeing Gets Lift From Big Jet Deal

us ,

Panel Urges
tion target for the year. B1
l

 Goldman agreed to pay

e
al a

$215 million to settle a class-

action lawsuit that alleged it
systematically discriminated Earlier
ci on

BY ANDREW TANGEL

Screening
against female employees. B2 numbers, will use the new Mr. O’Leary said Tuesday at a its earlier levels of profitabil-
AND BENJAMIN KATZ planes to significantly grow its news conference at Boeing’s ity. In recent months the U.S.
 Major U.S. stock indexes
market share on the continent headquarters in Arlington, Va., plane maker has signed signif-
retreated, with the S&P

For Breast
Boeing struck a deal to sell over the next decade, execu- after describing the plane icant jet deals with United Air-
500, Nasdaq and Dow in-
as much as $40 billion in 737 tives said. maker’s management as “head- lines, Air India and two Saudi
er s

dustrials losing 0.5%, 0.6%

MAX jets to Ryanair, a victory For Boeing, the deal marks a less chickens” last year. “We Arabian carriers, Riyadh Air
and 0.2%, respectively. B11

Cancer
for the plane maker as it works turnaround in the relationship have occasional rows and occa- and Saudia.
m er

 FTX founder Bankman- to re-energize its business and between Boeing and one of its sional splits and we come to- Ryanair’s Mr. O’Leary said
Fried asked a federal judge patch up relations with the Eu- biggest customers. A year ago, gether and kiss and make up.” half of the jets would replace
to dismiss most of the crim- ropean discount airline. Ryanair Group Chief Executive The companies valued the earlier 737 models currently in
inal case against him. B5 BY BRIANNA ABBOTT Ryanair said it agreed to Michael O’Leary publicly criti- deal at $40 billion under cur- service, while the others
purchase 150 of Boeing’s 737 cized the manufacturer’s com- rent list prices, though buyers would support the carrier’s
m rp

World-Wide Women as young as 40 MAX 10 jets, the longest ver- mercial-jet arm over delays in typically receive steep dis- growth in Europe. The MAX
should get checked for breast sion of the narrow-body air- delivering aircraft Ryanair had counts in such deals. The 10s carry more passengers,
cancer every two years, a gov- craft, with options to buy up ordered and for failing to close Ryanair deal is another boost burn less fuel and run more
 A federal jury found ernment-backed panel of ex- to 150 more. The Irish airline, this follow-up order. for Boeing as executives seek quietly than the older 737s
Donald Trump liable for perts recommended, lowering Europe’s biggest by passenger “It’s a bit like a marriage,” to return the manufacturer to Please turn to page A6
co Fo

sexually abusing and defam- the starting age by a decade

ing E. Jean Carroll and or- but stopping short of the an-
INSIDE Carlson to Launch New Show
dered him to pay $5 million nual screening some doctors
in damages, after a civil trial recommend.
in which the writer alleged Women 40 to 74 years old

On Twitter, Sets Up Fox Clash

the former president raped should get screened every
her nearly 30 years ago. A1 other year, the U.S. Preventive
 Biden and McCarthy re- Services Task Force said Tues-
mained at odds after a day. It previously recom-
BRENDAN SMIALOWSKI/AFP/GETTY IMAGES

meeting at the White House, mended that screening every

making little progress toward other year start at 50 and that BY TALAL ANSARI ending his decade-plus time at
women in their 40s decide AND KEACH HAGEY the news network. Fox News
heading off a government
default but setting plans when to start screening in con- parent Fox Corp. and News
n-

for a new round of talks. A4 sultation with doctors. The task Tucker Carlson said he is Corp, the parent of The Wall
force said its draft guidance for launching a new show on Twit- Street Journal’s publisher,
 Federal prosecutors women at average risk could ter, putting him on a potential share common ownership.
have filed criminal charges save about 20% more lives than collision course with Fox News, Earlier Tuesday, Mr. Carl-
TUCKER CARLSON
no

against George Santos, the its previous recommendation which ousted him last month son’s lawyer, Bryan Freedman,
congressman who assumed and could help address the while keeping him under con- sent a letter to Fox executives
office this year after lying higher rates of breast-cancer tract. alleging that Fox News had
about his biography during his deaths for Black women. “Starting soon, we’ll be breached its contract with Mr.
campaign, according to people “Women in their 40s are U.S. NEWS bringing a new version of the Tucker Carlson in post Tuesday Carlson and requesting that the
familiar with the matter. A3 developing breast cancer more Biden, McCarthy show we’ve been doing for the company preserve documents,
than ever before,” said John last 6½ years to Twitter,” Mr. the tweet accompanying the according to people familiar
 Women as young as 40
Wong, a member of the task
remain at loggerheads Carlson said in a video posted video. with the matter. Axios earlier
should get checked for breast after debt-limit talks at
force and chief of the division to the social-media platform The announcement comes reported on the letter. Mr.
cancer every two years, a
panel of experts recom- of clinical decision making at White House. A4 Tuesday. after Fox News parted ways Freedman didn’t respond to re-
Please turn to page A2 “We’re back,” he wrote in with Mr. Carlson last month, Please turn to page A2
mended, lowering the starting
age by a decade but stopping

China Has Rival

short of the annual screening
some doctors recommend. A1 Chic Clothes
 Putin fired a rhetorical
Get Tiny—for
As Factory Floor
broadside at Washington and
the West, condemning allied
military support for Ukraine
as Russia held a muted Videogames
Victory Day celebration. A6 i i i
 Israeli airstrikes killed
three Palestinian militant Top fashion school Companies look to find a backup for
commanders and 12 others
makes garb for manufacturing and India is making its case
who were mostly civilians in
an attack in the Gaza Strip,
the Israeli military and Pal- Roblox characters Western companies are dian government has pushed
desperately looking for a to make the business envi-
estinian officials said. A7
BY SARAH E. NEEDLEMAN backup to China as the ronment more friendly than
 Former Pakistani Prime world’s factory floor, a strat- in the past. It scored a coup
Minister Imran Khan was NEW YORK—Parsons egy widely termed “China with the decision by Apple
arrested on corruption School of Design student Zhe- plus one.” to significantly expand
charges, sparking protests nyu Yang once dreamed of iPhone production in India,
across the country. A7 crafting chic ensembles for tall By Philip Wen, including expediting the
and lanky fashionistas. Now, Vibhuti Agarwal manufacturing of its most
CONTENTS Opinion.............. A15-17
Arts in Review... A13 Personal Journal A11-12
he’s learning to make attire and Greg Ip advanced model.
Business News... B2,3,5 Property Report... B6 for the truly petite—video- Signs that India is chang-
Crossword.............. A14 Sports....................... A14 game avatars. India is making a con- ing are visible at the sprawl-
Finance & Markets B11 Technology............... B4 Among the apparel he is de- certed push to be the plus ing industrial parks in Sripe-
Heard on Street.. B12 U.S. News............. A2-5
Markets Digest..... B9 World News... A6-7,9
signing is a sporty gladiator- one. rumbudur, a city in the
style outfit draped in armor, Only India has a labor southern state of Tamil
the sort of thing a digital ava- force and an internal market Nadu. Foreign manufacturers
> tar could wear straight from comparable in size to here have long churned out
the battlefield to brunch. China’s; India’s population cars and appliances for the
“You can make crazier looks may be the world’s largest, Indian market. They’re now
for less money in the digital according to the United Na- Please turn to page A10
s 2023 Dow Jones & Company, Inc.
world,” said Mr. Yang. “Fabrics tions. Western governments
All Rights Reserved are expensive.” see democratic India as a  Chinese export data add to
Please turn to page A10 natural partner, and the In- trade concern............................. A9
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A2 | Wednesday, May 10, 2023 * *** THE WALL STREET JOURNAL.

U.S. NEWS
Banks, Consumers Face Rising Check Fraud
BY GINGER ADAMS OTIS mercial payment systems. But on any check if alerted within
FDIC protection is generally 24 hours. The third, dated Jan.
It took California business- for extraordinary cases, such 30, proved problematic. By the
woman Jennifer Krempp one as when a bank fails. time it posted to Mrs. Krempp’s
day to realize someone had When a criminal steals a account, it had been altered
stolen and fraudulently cashed personal or business check is- and made out to a new name,
several checks she mailed on sued from an account at one for a new amount.
behalf of her family plumbing bank and fraudulently alters it, Mrs. Krempp said she noti-
company. then deposits it in another fied Chase immediately and
Three months later, she is bank, it usually falls to the de- produced business records
still waiting to get all her positing bank to make restitu- showing the original amount
money back. “I’m out almost tion. There are exceptions, and payee. But the investiga-
SANDY HUFFAKER FOR THE WALL STREET JOURNAL

$5,000 on one check,” said said Mr. Mann, who isn’t affili- tion was slow, she said. More
Mrs. Krempp, 47 years old, ated with Mann Plumbing. than once, she received mes-
who with her husband runs Banks can decline to cover sages from Chase asking her for
Mann Plumbing out of El Ca- a stolen check if a customer information she had already
jon, about 17 miles northeast takes too long to report it. provided, and telling her the
of San Diego. They can also deny a claim if case or her account might be
She isn’t the only one anx- investigators suspect the cus- closed unless she responded,
ious to recoup the money—so tomer was negligent or in- according to Mrs. Krempp. Each
is her bank, JPMorgan Chase. volved in the fraud. time, she was able to push
Both Mrs. Krempp and Chase In Mrs. Krempp’s case, crim- through paperwork with the
have had to wait for the insti- inals got hold of several checks help of her local branch.
tution that cashed her stolen she mailed Feb. 1. On Feb. 3, Chase declined to comment
check to determine whether Mrs. Krempp spotted an oddity on Mrs. Krempp’s case, citing
her case was indeed fraud. Jennifer Krempp is still waiting to get all her money back, months after the initial fraud. when two altered checks hit customer privacy.
A Chase spokesman said her account. She and her hus- On April 28, she got a notice
the bank has been working check in one of two ways: ei- $789 million in 2016, according Crimes Enforcement Network, band went to the local branch from Chase saying the bank
across the industry and with ther fraudulently endorsing it to a 2020 survey released by or FinCEN, part of the Treasury and raised a red flag. She put a was still following up on her
trade associations to find bet- or changing it through a pro- the American Bankers Associa- Department—almost double the stop payment on all the checks claim, but time was running
ter ways to resolve fraud cases cess known as washing. Wash- tion, a Washington, D.C.-based 350,000 reports filed in 2021. she had mailed earlier in the out. “If we haven’t heard any-
and help victims get their ing allows thieves to change trade group. That was followed FinCEN in February issued week. A third check still got thing from the depositing bank
money back faster from the fi- the amount of money and the by debit-card fraud losses, an alert about the rise in through and hit her account within 90 days of your claim
nancial institutions that de- recipient, then deposit the which accounted for 44%, or check fraud in conjunction Feb. 6, she said. submission, we will close your
posited their checks. check with another bank. $1.2 billion, in 2018. The figures with the U.S. Postal Inspection Chase was able to reimburse claim and your funds will not
Check fraud is on the rise It can take weeks or months are the most recent available, Service, the law-enforcement $7,000 for the first stolen check be recovered,” it said.
as criminal gangs become in- for the banks to determine according to the ABA. arm of the postal service. within two weeks, thanks to a Mrs. Krempp said at that
creasingly sophisticated. whether a fraud claim is legiti- Theft of checks mailed Many consumers mistak- speedy determination of fraud point she started to think about
Here’s how it usually works: A mate and if the client should through the U.S. Postal Service enly think the Federal Deposit from the depositing bank. The getting a lawyer. A few days
bank customer writes a check get his or her money back. has jumped over the past 18 Insurance Corp. protects them second was credited within 24 later, the bank reached out
and drops it in the mail. In 2018, check fraud made months. In 2022, banks filed against fraud, said Ronald hours because Mrs. Krempp re- again and told Mrs. Krempp the

.
Fraudsters fish it out of a up 47%, or $1.3 billion, of 680,000 check-fraud reports, Mann, a professor at Columbia ported it within that period. money would be returned
mailbox and, often, alter the banks’ fraud losses—up from according to the Financial Law School who studies com- Banks generally can halt payout within 10 days, she said.

ly
Carlson on Home Prices in First Quarter
To Launch Fell in Nearly a Third of Cities
us ,

New Show
l

BY NICOLE FRIEDMAN Median sales price of existing prices are falling the fastest. In
e
al a

single-family homes much of the rest of the U.S.,

Home prices fell in more 1Q 2023 limited inventory continues to
Continued from Page One parts of the U.S. than they have $371,200 drive prices higher.
ci on
MARY ALTAFFER/ASSOCIATED PRESS

quests for comment. in over a decade during the first -0.2% from a year earlier Nationwide, the median sin-
At the time of his exit, Mr. quarter, when nearly a third of $400,000 gle-family existing-home sale
Carlson was in the middle of a metro areas posted annual price price fell 0.2% in the first quar-
multiyear contract with Fox declines, the National Associa- ter from a year earlier to
News. In recent days, Mr. Carl- tion of Realtors said Tuesday. 300,000 $371,200, the first year-over-
er s

son has been negotiating with During the peak of the hous- year price decline since the
Fox to try to get out of it, peo- ing boom, home prices surged first quarter of 2012, NAR said.
200,000
m er

ple familiar with the discus- in practically every corner of First-time home buyers Kris
sions said. the U.S. Now, the housing mar- Vierhaus and Travis Carter
Twitter responded to an Fox News still had Mr. Carlson under contract when he was ousted. ket is split down the middle of viewed a three-bedroom home
emailed request for comment the country, with prices still 100,000 in San Mateo, Calif., in Decem-
with an auto-reply of a poop casting false claims by hosts wouldn’t be used against him rising in many parts of the ber but thought it was over-
m rp

emoji. Chief Executive Elon and guests that the company in employment disputes, one Midwest, South and Northeast priced. In February, when the
Musk tweeted Tuesday that he had rigged the 2020 presiden- of the people familiar with the while sliding in Western states. 0 house was still on the market,
wants “to be clear that we have tial election in favor of Demo- matter said. The hardest-hit housing mar- 1Q 2Q 3Q 4Q 1Q they put in an offer and bought
not signed a deal of any kind crat Joe Biden. Mr. Musk appeared on Mr. kets were concentrated in Cali- 2022 ’23 it for about 4% under the list-
whatsoever. Tucker is subject During the Dominion legal Carlson’s show in its final fornia and the Mountain West. Note: 1Q 2023 is preliminary. ing price. “By the time we
co Fo

to the same rules & rewards of battle, private messages sent week. Mr. Musk didn’t respond San Francisco posted a 14.5% Source: National Association of Realtors closed, it was confirmed that
all content creators.” by Mr. Carlson to colleagues to a request for comment. median single-family existing- people were going to get asking
Mr. Carlson’s first public were made public. In some, he Mr. Carlson’s new version of home sale-price decline from a 31% of the 221 metro areas [price] or below,” Ms. Vierhaus
comments on his departure mocked claims made on air by his show will employ staffers year earlier, and San Jose me- tracked by NAR, the highest said. “The aggressive offers, or
also came in a video posted on guests and said he hated for- who worked on his Fox News dian prices fell 13.7%. Pandemic percentage in 11 years. the fighting over things, was
Twitter. In that April 26 video, mer President Donald Trump. telecast, one of the people fa- boomtowns Austin, Texas, and “Generally speaking, home just not happening anymore.”
he called most debates on tele- The messages in which he miliar with the matter said. Boise, Idaho, also posted price prices are lower in expensive Median prices rose by more
vision irrelevant and said there showed disregard for Fox exec- During his time at Fox News, declines of more than 10%. markets and higher in afford- than 10% from a year earlier in
are few places where truth is utives and colleagues were a Mr. Carlson became the high- Home sales have fallen na- able markets,” said Lawrence 7% of the 221 metro areas, a
told. “See you soon,” he said at major factor in his ouster, the est-rated host in prime-time ca- tionwide over the past year be- Yun, NAR’s chief economist. deceleration from the fourth
the end. Journal has reported. ble news. His rise to national cause higher mortgage rates But given the inventory short- quarter, when 18% of metro ar-
Mr. Carlson was ousted from The letter from Mr. Freed- prominence began after he co- have weighed on home-buying age, price declines could be eas reported double-digit-per-
Fox News on April 24, less than man alleged that Fox execu- hosted the CNN show “Cross- demand and supply has been short-lived, he said. centage growth, NAR said.
n-

a week after Fox Corp. agreed tives told Mr. Carlson that the fire,” as the main voice repre- limited. The effect on home Western markets that were In the first quarter, the typi-
to pay $787.5 million to settle a communications he turned senting the political right. prices has been mixed, but the already expensive or where cal monthly mortgage payment
legal dispute with Dominion over as part of the discovery —Victoria Albert, Joe Flint number of places where prices prices climbed the most during for a single-family home rose to
Voting Systems, which had ac- in the companies’ defamation and Alexa Corse are falling has risen. Prices de- the pandemic-driven housing $1,859, a 33% increase from
no

cused the network of broad- litigation with Dominion contributed to this article. clined on an annual basis in boom are now the ones where $1,397 a year earlier, NAR said.

CORRECTIONS 
Earlier Test Breast-cancer trends for U.S. women
Routine screenings Incidences Deaths
scientific studies and modeling
data from the Cancer Interven-
tion and Surveillance Modeling AMPLIFICATIONS
For Cancer 10,000 per 100,000 eligible people*

7,500
160 per 100,000 people 40 per 100,000 people Network to weigh different
screening intervals, harms, as
well as start and end dates.
Readers can alert The Wall Street
Journal to any errors in news
articles by emailing
[email protected] or by calling

Is Urged 5,000
140 30 There wasn’t a clinical trial
that compared yearly screening
to screening every two years,
888-410-2667.

120 20
the task force’s Dr. Wong said. THE WALL STREET JOURNAL
Continued from Page One 2,500 The task force found that an-
(USPS 664-880)
Tufts Medical Center. “Screen- nual screening could con- (Eastern Edition ISSN 0099-9660)
ing women starting at age 40 vey some benefit but a bigger (Central Edition ISSN 1092-0935)
0 100 10 (Western Edition ISSN 0193-2241)
can reduce their chances of increase in potential harms.
dying from breast cancer.” 1Q 2017 ’18 ’19 ’20 ’21 ’22 1980 ’90 2000 ’10 ’19 1980 ’90 2000 ’10 ’20 Those harms can include Editorial and publication headquarters:
1211 Avenue of the Americas,
About 70% of women 40 *21-85 years old false positives that can lead to New York, N.Y. 10036
and older had a mammogram Note: Incidence and death rates are age-adjusted Sources: Trilliant Health (screening rates); American Cancer Society (incidence and death rates) anxiety, invasive testing or a
Published daily except Sundays and general
within the prior two years, ac- loss of faith in the test, doc- legal holidays. Periodicals postage paid at
cording to 2019 survey data grams starting at 40. Some conflicting guidance on when whether to continue screening, tors said. The scan also carries New York, N.Y., and other mailing offices.
from the federal Centers for doctors and medical organiza- and how often women should the group said. some risk of radiation expo- Postmaster: Send address changes to
Disease Control and Preven- tions wanted the guidance to get scanned. The previous guid- Nearly half of women have sure or overtreatment of low- The Wall Street Journal, 200 Burnett Rd.,
Chicopee, MA 01020.
tion. The rate was about 60% go further. ance from the task force, 16 vol- dense breasts, which increases risk cancers.
for women between 40 and 49. “I’m glad that the task force unteer preventive-medicine and the risk for breast cancer and The draft recommendations All Advertising published in The Wall
Street Journal is subject to the applicable
The draft guidance revives has come around on thinking primary-care experts, was makes mammograms harder to don’t apply to women at rate card, copies of which are available
a debate about when and how that women should start among the most conservative. read. The Food and Drug Ad- higher risk because they have from the Advertising Services Department,
often to screen for breast can- Dow Jones & Co. Inc., 1211 Avenue of the
screening at 40,” said Dr. Starting mammograms at 40 ministration said in March it had breast cancer before or Americas, New York, N.Y. 10036. The
cer, as the task force and doc- Debra Monticciolo, division is a particularly important step would require mammography because of genetic risk factors, Journal reserves the right not to accept an
tors balance the advantages of chief of Breast Imaging at for Black women because they centers to tell women if they a signal on past biopsies or a advertiser’s order. Only publication of an
advertisement shall constitute final
frequent screening with poten- Massachusetts General Hospi- often develop aggressive can- have dense breast tissue by history of high-dose radiation acceptance of the advertiser’s order.
tial risks such as false posi- tal in Boston. “We really were cers at young ages, the task later next year. to their chest at a young age.
Letters to the Editor:
tives. Some breast-cancer doc- disappointed that they did not force said. Black women are Memorial Sloan Kettering Those women should also Fax: 212-416-2891; email: [email protected]
tors and medical groups said recommend annual screening.” 40% more likely to die of breast Cancer Center in New York of- speak to their doctors about Need assistance with your subscription?
mammograms should be an- Breast cancer is the second- cancer than white women de- fers supplemental screening to their screening regime, the By web: customercenter.wsj.com;
nual, and insurers are required leading cause of women’s cancer spite similar screening rates. women with dense breasts, task force said. By email: [email protected]
By phone: 1-800-JOURNAL
to cover them. The American death in the U.S. after lung can- The task force called for more said Maxine Jochelson, chief All women should discuss (1-800-568-7625)
Cancer Society recommends cer, according to the American research on the causes and of breast-imaging services their risk level with a doctor by Reprints & licensing:
women get annual screens be- Cancer Society. It is most fre- ways to reduce the disparity. there. She recommends age 25, said Dr. Natasha Monga, By email: [email protected];
tween 45 and 54, after which quently diagnosed among The task force said there women get yearly mammo- a breast-imaging radiologist at By phone: 1-800-843-0008
they can decide to switch to women between 65 and 74 wasn’t enough evidence on grams starting at 40. the Ohio State University Com- WSJ back issues and framed pages:
every other year. years old, but incidence has in- screening women 75 and older, “For women who get more prehensive Cancer Center. wsjshop.com
The influential task force’s creased for women 40 to 49 or to recommend whether aggressive cancers, waiting Many women over 50 don’t Our newspapers are 100% sourced from
sustainably certified mills.
new recommendation, which years old about 2% a year from women with dense breast tis- two years to find them is a get screened at all, said Otis
will be open for public com- 2015 to 2019, the task force said. sue should get additional recipe for more advanced can- Brawley, a cancer epidemiolo-
ment through June 5, could Mammograms can help doc- screening with an ultrasound cers,” Dr. Jochelson said. gist at Johns Hopkins Univer- GOT A TIP FOR US?
lead more doctors and pa- tors find cancers early, but or MRI. Women over 75 should To update the guidance, the sity. “We could still save a lot SUBMIT IT AT WSJ.COM/TIPS
tients to embrace mammo- medical groups have released decide with their doctor task force members analyzed of lives there,” Dr. Brawley said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * Wednesday, May 10, 2023 | A3

U.S. NEWS

Santos A Little
Charged Buddy Is
Top Dog
In Federal This Buddy Holly no longer

Criminal has to sigh, “That’ll be the day.”

A petit basset griffon Ven-
déen named for the late rock ’n’

Probe roll legend won best in show at

the Westminster Kennel Club
dog show Tuesday night in New
BY JIMMY VIELKIND York, a first for his rabbit-hunt-
AND SADIE GURMAN ing breed.
Buddy Holly bested six other
Federal prosecutors filed finalists to garner the most
criminal charges against prestigious dog show award in
George Santos, the embattled the U.S. PBGVs, as they are
New York congressman who as- known for short, are the 154th
sumed office this year after ly- most prevalent purebreds in the
ing about his biography during country, according to recent
his campaign, according to peo- rankings from the American
ple familiar with the matter. Kennel Club.
Details of the criminal “Buddy Holly is the epitome
charges, which have been filed of a show dog,” handler and co-
under seal, couldn’t immedi- owner Janice Hayes said.

MARY ALTAFFER/ASSOCIATED PRESS

ately be determined, but Mr. Originally from France, the
Santos has been under federal small hounds were traditionally
investigation since at least De- rabbit-hunters.
cember. He also faces scrutiny Buddy Holly—so named be-
from a number of other enti- cause “he’s a buddy,” breeder
ties, including local prosecu- Gavin Robertson said—has also
tors in New York and the lived and competed in his native
House Ethics Committee. Mr. U.K. and in Ireland and Australia.
Santos has faced accusations —Associated Press
he engaged in unlawful activ-
ity during his 2022 campaign
and failed to disclose required

Cities Scramble Amid Migrant Influx

information.
Mr. Santos’s spokeswoman
didn’t respond to a request to
comment on the reports. He de-
clared a bid for re-election last
month, though some Republi- BY JOE BARRETT Midtown Manhattan again last relief funds just approved in

.
can leaders in New York have AND JIMMY VIELKIND week after a reprieve that the state budget as migrants
said they aren’t supporting his lasted several months, accord- are resettled in New York City

ly
campaign. Officials declared states of ing to city officials and com- and surrounding communities.
A spokeswoman for the U.S. emergency in New York City munity activists who provide Last month, Ms. Lightfoot
attorney’s office in Brooklyn, and Chicago on Tuesday after aid. Court decisions have es- sent an open letter to Mr. Ab-
which has been leading the in-
vestigation, declined to com-
ment.
CNN earlier reported news
Texas Gov. Greg Abbott re-
sumed busing migrants to
northern cities ahead of the ex-
piration later this week of a
on tablished a right to shelter in
New York City, and officials
estimate they will spend $4.3
billion through July 2024 pro-
bott, imploring him not to re-
sume the buses, saying: “We
simply have no more shelters,
spaces, or resources to accom-
of the charges. major pandemic-related restric- viding care to newcomers. modate an increase of individu-
us , JOE BARRETT/THE WALL STREET JOURNAL

The freshman Republican tion on immigration. Almost 61,000 asylum seek- als at this level, with little coor-
l

has admitted misleading vot- Busloads of migrants, mostly ers have been assessed by the dination or care, that does not
e
al a

ers about his past, including from Texas, began arriving in city since last spring, and pose a risk to them or others.”
about his education and pro- cities hundreds of miles from around 37,500 migrants were Mr. Abbott replied that Ms.
the border last year, and offi- currently in city care as of last Lightfoot should call on Presi-
ci on

cials have been scrambling to Wednesday, a City Hall spokes- dent Biden to control the border.
provide housing and services woman said. The migrants have Mr. Biden has ordered 1,500
Republicans in New for the new arrivals in Chicago, swelled the population in the U.S. troops to help secure the
York have called for New York and Washington, D.C. city’s network of homeless border ahead of the expected
In Chicago, migrants are shelters and prompted the ad- uptick in migrants after the ex-
Mr. Santos to step
er s

sleeping on the floors of police ministration of Mayor Eric Ad- piration this Thursday of Title
down. stations while they wait for Venezuelan newcomers Jorge Vargas, his wife, Guadalupe, and ams, a Democrat, to open 122 42, a Trump administration pol-
m er

room in shelters. On Tuesday, their children are among those who have been staying at a Chicago emergency shelters and eight icy implemented during the
Democratic Mayor Lori Light- police station while they wait for space at a shelter to open up. relief centers in converted ho- pandemic that allows the gov-
foot said a bus of 48 migrants tels and office buildings. ernment to expel migrants at
fessional experience. He has had arrived from Texas earlier who said last week that Texas city officials. Some 2,000 Late last Thursday night, the southern border before they
said he hasn’t committed any in the day after several months was sending migrants to more have been added to han- the city started sheltering mi- have a chance to ask for asylum.
m rp

crimes. without one. In New York City, “sanctuary cities” to “provide dle the migrant crisis and all grants in the gym of the for- One day in Chicago last
Mr. Santos’s financial dis- where officials have opened 122 much-needed relief to our of them are full. mer police academy on Man- week, Jorge Vargas, his wife,
closures and loans to his cam- emergency shelters and the sys- overrun border communities.” “Most of these people ar- hattan’s East Side. On Friday, Guadalupe, and their three chil-
paign totaling more than tem is operating at record lev- As of this month, about rive with only the clothes on Mr. Adams said the city would dren were sleeping on the floor
$625,000 have received in- els, the former police academy 8,100 people have arrived in their back—T-shirts, shorts send hundreds of migrants to of a police station, along with
co Fo

creased scrutiny by watchdog has been pressed into service. Chicago on such buses or on and flip-flops—and when they two hotels in counties in the two other families. They each
groups and the House Ethics “We should all understand commercial flights with tickets arrived in February like that, lower Hudson Valley. Rockland had a blanket and a few other
Committee. He has also faced that this crisis will likely paid for by private chari- it doesn’t work in Chicago,” County Executive Ed Day, a donated items, but little more.
questions about a sudden deepen before we see it get ties. Migrant support groups said Nan Warshaw, founder of Republican, declared an emer- Mr. Vargas, who worked in con-
surge in income in recent better, so as we move forward, say thousands more have ar- an all-volunteer group called gency over the city’s plans to struction and odd jobs in Vene-
years, which he has defended the City of Chicago will have to rived by Greyhound buses and Refugee Community Connec- send 340 people to a hotel in zuela, said he calls in every day
as legitimate. bring additional locations on- other means. tion, which is helping to feed Orangeburg, saying it would to see about a space in a shel-
The House Ethics Committee line to prepare for the arrival Some migrants choose their and clothe migrants sleeping strain schools, food pantries ter but so far no luck. He is
said in March that it was inves- of more individuals and fami- destinations because they in police stations. On Monday, and social services. thankful for the volunteers
tigating whether Mr. Santos lies and to relieve Chicago Po- have relatives with whom they there were 403 migrants stay- New York Gov. Kathy Hochul bringing food and other items,
“engaged in unlawful activity lice Department districts,” Ms. can stay, but many arrive with ing at the stations, including on Tuesday issued a statewide but worries about the health of
with respect to his 2022 con- Lightfoot’s office said. few resources and end up in 127 children, according to the emergency declaration that will his family, including one of the
gressional campaign; failed to Thousands of migrants have shelters. Chicago has about group’s latest count. let her deploy an additional children who has a cold. “We
n-

properly disclose required in- arrived in the three cities on 3,000 beds in its traditional Buses with migrants started 500 National Guard personnel want to have a quiet life, with
formation on statements filed buses chartered by Mr. Abbott, homeless system, according to arriving at a bus terminal in and quickly spend $1 billion of peace for our children,” he said.
with the House; violated federal
conflict of interest laws in con-
no

nection with his role in a firm

providing fiduciary services;
and/or engaged in sexual mis-
Texas Mall Shooter Had Legally
conduct towards an individual
seeking employment in his con-
gressional office.”
Obtained Weapons, Officials Say
Asked for comment on the BY ADOLFO FLORES Army and was terminated be-
news that Mr. Santos had been fore he could finish basic train-
indicted, House Speaker Kevin Authorities said Tuesday ing.
McCarthy (R., Calif.) said he that the gunman they said was Mr. Garcia had eight weapons
would follow the same process responsible for killing eight with him when he arrived at the
he has for other lawmakers people at an outlet mall in Al- sprawling outdoor mall, Mr. Sib-
who faced charges. “If a per- len, Texas, legally obtained the ley said, three on his person and
son is indicted, they are not weapons he used and had neo- five in his car. The Bureau of Al-
on committees,” he said, and if Nazi ideation, but they don’t cohol, Tobacco, Firearms and
a lawmaker is convicted, he believe he targeted a specific Explosives found that all of the
JOE RAEDLE/GETTY IMAGES

will ask them to resign. “In group of people. weapons were obtained legally.
America, you are innocent un- Hank Sibley, North Texas Investigators were still try-
til proven guilty,” Mr. McCar- regional director for the Texas ing to determine what Mr. Gar-
thy said. Department of Public Safety, cia’s motive was, and Mr. Sibley
Republicans in New York, said it appeared to him that said it was too early to say if
including several members of Mauricio Garcia targeted the the attack was an act of domes-
the congressional delegation, Allen Premium Outlets as a lo- tic terrorism fueled by racist
have called for Mr. Santos to cation and not anyone specifi- Hank Sibley of the Texas beliefs.
step down. Democrats in New cally. Among the dead were Department of Public Safety Mr. Garcia wore patches and
York have already set their women, men and children, had tattoos that indicated his
sights on the seat, which cov- some of them of Asian descent. who led a person to safety, neo-Nazi and white-supremacy
ers parts of Queens and Nas- Seven people were wounded. and was fatally shot while beliefs, Mr. Sibley said, adding
sau County. “He was very random, and helping others, he said. that investigators were trying
Josh Lafazan, a Democratic the people he killed, it didn’t In addition to Mr. LeCour, to get into his computer and
county legislator who unsuc- matter the age, same [with] seven other people were killed social-media accounts.
cessfully sought his party’s race or sex, he just shot people, in Saturday’s shooting. Cindy A social-media profile au-
nomination for the seat in which is horrific in itself,” said Cho and Kyu Song Cho and one thorities said they are examin-
2022, has been raising funds Mr. Sibley at a news confer- of their sons, James, 3, were ing features photos of the mall
to challenge Mr. Santos. Tom ence. The shooting only lasted among the victims. Their other and contains a screenshot of
Suozzi has discussed a poten- about three minutes, he said. son, William, who had turned 6, Google Maps for Allen Premium
tial bid with local officials, po- Brian Harvey, police chief was the only one who survived Outlets, showing its busiest
litical operatives said. for the city of Allen, com- the shooting, according to a Go- times on a Saturday was from 3
Mr. Lafazan said the loom- mended but declined to name FundMe created for him. Two to 3:30 p.m. The shooting oc-
ing charges demonstrated that one of his officers who was at girls aged 8 and 11 from Sachse, curred at about 3:30 p.m. The
Mr. Santos broke the public the mall on another call when Texas, Elio Cumana-Rivas, 32, profile also had white suprema-
trust and should be expelled the shooting started and fa- of Dallas and Aishwarya cist postings and pictures of a
from the House. tally shot Mr. Garcia. Officials Thatikonda, 26, of McKinney, wedding in which the groom
Mr. Suozzi said he would said the death and injury toll Texas, also were killed. and members of the wedding
closely monitor events as they would have been much higher Mr. Garcia, 33, had no crimi- party wore Nazi uniforms.
unfolded. had it not been for the officer. nal history and at one point had “The big question that
—Byron Tau, Natalie Chief Harvey also noted the a Texas private-security license, we’re dealing with right now
Andrews and James Fanelli actions of Christian LeCour, a since expired, Mr. Sibley said. is what’s his motive? Why did
contributed to this article. 23-year-old security guard In 2008, Mr. Garcia joined the he do this?” Mr. Sibley said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A4 | Wednesday, May 10, 2023 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ** THE WALL STREET JOURNAL.

U.S. NEWS

No Major
Breakthrough
On Debt Cap
Biden, McCarthy still In remarks after the meeting,
Mr. Biden insisted the nation
at loggerheads after wouldn’t default, while adding
talks at White House, that the “politics, posturing and
gamesmanship” will continue in
but ideas are floated coming weeks. He said negotia-

ANNA MONEYMAKER/GETTY IMAGES

tors should discuss “how to
BY ANDREW RESTUCCIA lower the deficit to put our fis-
AND NATALIE ANDREWS cal house in order, but…we need
to take the threat of default off
WASHINGTON—President the table.”
Biden and House Speaker Kevin Mr. Biden said he was open
McCarthy remained at logger- to the idea, proposed by Repub-
heads after a meeting at the licans, of clawing back some un-
White House on Tuesday, mak- spent Covid-19 aid funds. The
ing little progress in averting a president added that he and his House Speaker Kevin McCarthy, left, and Senate Minority Leader Mitch McConnell after meeting with President Biden on Tuesday.
first-ever default by the federal advisers are exploring whether
government but setting plans it’s possible to invoke the 14th with top congressional officials and to align any deal with the discussing spending cuts, but den later this week in which he
for a new round of talks. Amendment to unilaterally is- earlier and expressed frustra- annual spending process. Mr. Bi- Mr. McCarthy declined, Mr. will criticize Republicans over
House Republicans have de- sue debt. But he said he doesn’t tion with the lack of progress. den said he hadn’t ruled out a Schumer said. the debt-ceiling drama.
manded deep spending cuts in view that option as a quick fix “I didn’t see any new move- short-term extension. White House and congressio- The Tuesday afternoon meet-
exchange for raising the debt to a potential default because ment,” Mr. McCarthy said in Democratic lawmakers said nal staff will now launch a se- ing in the Oval Office included
ceiling. Mr. Biden and Demo- the legality of such a move is lengthy remarks to reporters af- they were disappointed with the ries of negotiations to try to Messrs. McCarthy and Schumer
crats in Congress maintain that disputed and it would be liti- ter leaving the meeting. GOP’s stance but were encour- reach consensus on government as well as Senate Minority
the federal borrowing limit gated in court. The amendment The California Republican aged that talks would continue. spending. The congressional Leader Mitch McConnell (R.,
should be raised without pre- states that the validity of U.S. again played down the chances “The bottom line is very sim- leaders will meet again with Mr. Ky.) and House Minority Leader
conditions and have called the debt authorized by law “shall of passing a short-term exten- ple: There are large differences Biden on Friday. Hakeem Jeffries (D., N.Y.). It
GOP stance irresponsible as a not be questioned.” sion of the debt ceiling, an idea between the parties,” Senate Expectations heading into marked the president’s first
June deadline looms. Neither “I don’t think that solves our that has been discussed by both Majority Leader Chuck Schumer the meeting Tuesday were low. substantial conversation with
side has presented a path for- problem now,” he said of invok- Biden administration and con- (D., N.Y.) said. During the meet- The White House had been re- Mr. McCarthy about the debt
ward that could win enough ing the amendment. gressional aides as an option for ing, Mr. Biden asked Mr. McCar- luctant to label the meeting a ceiling since February.
support to pass both chambers Mr. McCarthy criticized the giving negotiators more time to thy to take the threat of a de- negotiation, and has already —Sam Goldfarb

.
of Congress. president for not sitting down hash out their disagreements fault off the table before scheduled a speech by Mr. Bi- contributed to this article.

ly
Nominees Key as Senate Map Favors Republicans on
BY SIOBHAN HUGHES losing,” said Mike Berg, the 2024 Senate race ratings Mr. Huizenga said in an inter- Mr. Rosendale is a polarizing
communications director for Toss up view earlier this year, citing in figure in the House, where he
WASHINGTON—The Senate the National Republican Sena- part a previous effort within voted multiple times against el-
us ,

seats up for grabs in 2024 lean torial Committee, the Senate 15 5 3 2 9 his home county’s Republican evating Rep. Kevin McCarthy
l

heavily in Republicans’ favor, Republicans’ campaign arm. He party to initiate a primary (R., Calif.) to speaker. A spokes-
e
al a

Solid Dem. Lean Dem. Likely Rep. Solid Rep.

with Democrats defending far said NRSC Chairman Steve challenge against him. “It’s go- woman for Mr. Rosendale
more competitive states. Now, Daines (R., Mont.) “is working AK ME ing to be hard attracting good didn’t respond to a request to
GOP leaders want to make sure hard to recruit candidates who candidates for all offices, and comment.
ci on

they get strong candidates to can win both a primary and a VT NH we need to work through that Mr. Daines has focused on
Competitive races
run—or risk another disap- general election.” and figure it out in a hurry.” recruiting an alternative in
pointing election and two more Mr. Trump plans to make WA MT ND MN WI MI NY CT MA Montana, such as Tim Sheehy,
years in the minority. endorsements in key races, Ohio a military veteran who founded
In 2022, Republicans aides said. He has disputed In Ohio, state Sen. Matt an aerial firefighting company.
er s

OR ID SD IA IL IN OH PA DE NJ RI Dolan, a co-owner of the

thought a “red wave” fueled by that his endorsements have
economic anxiety would carry hurt the party’s chances. Cleveland Guardians baseball Pennsylvania
CA NV WY NE* MO KY WV NC VA MD
m er

the party to power in the Sen- Of the 34 seats being de- team, has more campaign cash In Pennsylvania, Mr. Daines
ate, but the GOP fell short, as cided in November 2024, Re- for 2024 than any other Re- has focused on recruiting Da-
candidates lost races in battle- publicans are defending 11 UT CO KS AR TN AL SC publican running for Senate. vid McCormick, a former
ground states including Ari- seats compared with 23 for But businessman Bernie hedge-fund executive who lost
zona, Georgia, New Hampshire the Democratic caucus. None Not up for election Moreno drew encouraging a GOP Senate primary in 2022,
m rp

AZ NM OK LA MS GA
and Pennsylvania. Senate Mi- of the Republican seats are words from Mr. Trump, who over GOP Rep. Doug Mastriano,
nority Leader Mitch McConnell considered highly competitive, said on social media that Mr. who lost the 2022 gubernato-
HI TX FL
(R., Ky.) pointedly cited “candi- compared with eight of the Moreno “would not be easy to rial race by about 15 points to
date quality” for some of the Democratic seats, according to beat.” They are challenging for Democrat Josh Shapiro. Repub-
defeats, which left Democrats the nonpartisan Cook Political *Two seats are up for election in Nebraska. the seat held by Democrat licans worry that if Mr. Mastri-
co Fo

with a 51-49 majority. Report. Source: Cook Political Report Rosie Ettenheim/THE WALL STREET JOURNAL Sen. Sherrod Brown. ano wins the Senate nomina-
Headed into the next elec- A person close to Mr. tion he would be a long shot to
tion, GOP leaders want to McConnell said Senate Republi- Jim Justice, a former Demo- The antitax Club for Growth, Montana oust Democratic Sen. Bob
make sure they don’t blow it cans “will be looking for the crat, said he would run for the meanwhile, is backing Mr. Another top target is Mon- Casey, who is up in 2024.
again, in the face of reluctance best candidate in every single Senate seat currently held by Mooney, who has called Mr. tana, where Republicans are “They’re showing serious
from some popular Republi- race,” pointing to West Vir- Democratic Sen. Joe Manchin. Justice a RINO candidate—a looking to oust Democratic interest,” Mr. Daines said
cans to run and the continued ginia, Montana, Ohio and Penn- Mr. Manchin hasn’t said Republican in name only. Sen. Jon Tester. about Messrs. Sheehy and Mc-
influence of former President sylvania as the party’s best op- whether he would run again in Rep. Matt Rosendale (R., Cormick.
Donald Trump, who is seeking portunities to flip Democratic a state that Mr. Trump won by Michigan Mont.), who lost to Mr. Tester Mr. Sheehy didn’t respond
the White House again. Many seats. Mr. McConnell made nearly 40 points in 2020. In Michigan, GOP Rep. Bill in 2018, has been working the to an email seeking comment.
candidates aligned with Mr. similar comments to CNN that National Republican groups Huizenga is looking at a possi- phones to test support for a In his most recent public com-
Trump and his false claims of were published Monday. favor Mr. Justice over Rep. ble run for Senate to fill the run, said David McIntosh, the ments earlier this spring, Mr.
election fraud won GOP races Alex Mooney as their nominee. seat being vacated by retiring president of the Club for McCormick said he was consid-
n-

in 2022 over more-establish- West Virginia Mr. Justice has the backing of Democratic Sen. Debbie Stabe- Growth, which supports fiscal ering running for Senate.
ment candidates but lost in Party leaders believe they Mr. Daines as well as the Sen- now. conservatives and has con- —Alex Leary
the general election. scored a win when West Vir- ate Leadership Fund, which is “Michigan, to be frank, is a ducted its own polling showing and Eliza Collins
“Republicans are tired of ginia’s Republican governor, affiliated with Mr. McConnell. mess politically right now,” support for Mr. Rosendale. But contributed to this article.
no

Trump sexual abuse, the jury was re-

quired to find by a preponder-
ance of the evidence that he
U.S. District Judge Lewis Kap-
lan, who presided over the
trial, told them they were al-

Found engaged in sexual contact with

Ms. Carroll by force. For a
rape finding, the jury would
lowed to discuss the case but
warned them about going pub-
lic for safety reasons.

Liable have needed to conclude that

Mr. Trump physically forced
sexual intercourse with her.
“My advice to you is not to
identify yourselves—not now,
not for a long time,” he said,
Ms. Carroll’s defamation ordering them not to identify
Continued from Page One claim stemmed from an Octo- other members of the jury.
well as other criminal investiga- ber 2022 social-media post in Ms. Carroll’s 2022 com-
tions, related to the pressuring which Mr. Trump called her plaint was one of the most
of Georgia officials after the account a “Hoax and a lie.” He prominent lawsuits filed under
2020 election, his actions on wrote, “E. Jean Carroll is not a New York law called the
the day of the Jan. 6, 2021, Cap- telling the truth, is a woman Adult Survivors Act, which
itol attack and his handling of who I had nothing to do with, opened a yearlong window in
classified documents at his didn’t know, and would have which people who say they
JANE ROSENBERG/REUTERS

Mar-a-Lago residence. He is fac- no interest in knowing her if I were sexually assaulted as

ing civil-fraud allegations from ever had the chance.” adults could file lawsuits, no
the New York attorney general While jurors were deciding matter when the alleged inci-
and another civil lawsuit from only on Ms. Carroll’s allega- dents occurred.
Ms. Carroll, who was a longtime tions, the trial became a Two of Ms. Carroll’s friends
Elle magazine columnist and at broader examination of Mr. testified at trial that she told
one time a writer for “Saturday Trump’s treatment of women, them each separately about
Night Live.” A sketch of the judge instructing the jury after closing arguments as E. Jean Carroll watches. resurfacing derogatory com- what happened soon after the
Mr. Trump has denied ments he made in the past. alleged attack. Ms. Carroll said
wrongdoing in all of these mat- she published the same year, the wall and shoved me so hard able, saying it shared striking Two women testified at the she chose to remain silent for
ters. He chose not to testify in “What Do We Need Men For?” my head banged,” she recalled. similarities to a 2012 “Law & trial in support of Ms. Carroll, decades but came forward af-
the Carroll trial—or attend any The writer, who continues to Ms. Carroll testified in Order: Special Victims Unit” saying they were sexually as- ter the New York Times ran a
of the proceedings in person— self-publish a column on Sub- graphic detail about the al- episode in which a character saulted by him in a similar series of stories of women ac-
but in a videotaped deposition stack, testified over three days, leged rape. The attack lasted a describes a rape fantasy in the manner years ago. Mr. Trump cusing former movie-studio
under oath he accused Ms. Car- telling jurors that she and Mr. few minutes before she broke lingerie section of Bergdorf has denied their allegations. head Harvey Weinstein of sex-
roll of making up her allega- Trump, then a prominent New free from him, but “it left me Goodman. Ms. Carroll testified Jurors saw a video that be- ual misconduct. He was later
tions for publicity and political York City figure and real-estate unable to ever have a romantic she was aware of the episode came public in 2016 in which convicted of sex crimes.
reasons, calling it “the most ri- mogul, struck up a rapport af- life again,” she said. but never saw it. Mr. Trump told an “Access Hol- Ms. Carroll said she decided
diculous, disgusting story.” His ter bumping into one another Ms. Carroll sparred with Mr. Trump’s lawyer noted lywood” host how women let to sue Mr. Trump in part be-
lawyers argued Ms. Carroll’s al- at Bergdorf Goodman around Mr. Tacopina on the witness Ms. Carroll had joked on Face- stars “grab them by the pussy.” cause he repeatedly called her
legations contained inconsis- 1996. The playful banter con- stand as he tried to raise book about having sex with “That’s what you said, cor- a liar in public and on social
tencies, and that she had not tinued in the lingerie section, doubts about her account, ask- Mr. Trump for money and said rect?” Roberta Kaplan, a law- media, making her a target of
behaved like a rape victim at she said, but ended once the ing her why she didn’t scream she was a fan of “The Appren- yer for Ms. Carroll, asked Mr. vitriol from some of his sup-
the time of the alleged incident two entered a dressing room or go to the police. “Women tice,” the reality television Trump during the deposition. porters. “He lied and shattered
or in the years since. for what she thought was so like me were taught and show in which Mr. Trump “Well, historically, that’s true my reputation, and I am here
Ms. Carroll’s allegations Mr. Trump could try on a see- trained to keep our chins up served as the host. “It was a with stars,” he said, later add- to try to get my life back,” she
first became public in a 2019 through bodysuit as a gag. and to not complain,” she said. very good television show,” ing he considered himself one. said.
New York magazine article “He immediately shut the Mr. Tacopina called Ms. she told jurors. Jurors were dismissed after —Alex Leary
that was an excerpt of a book door and shoved me up against Carroll’s account inconceiv- To find Mr. Trump liable for a court clerk read the verdict. contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Wednesday, May 10, 2023 | A5

U.S. NEWS

Feinstein NYC Schools Modify Reading Curriculum

Returning BY BEN CHAPMAN port found that systematic
phonics instruction was an es-

To Senate The nation’s largest school

system is transforming how it
teaches students to read, as
sential part of effective read-
ing programs.
That work provided the ba-

This Week classrooms across the U.S.

confront a literacy crisis that
saw test scores hit record lows
sis for the “science of read-
ing,” a body of research that
emphasizes the decoding of
BY NATALIE ANDREWS during the pandemic. words using letters and pho-
New York City Schools nics and was combined with
Sen. Dianne Feinstein (D., Chancellor David Banks said whole-language teaching to
Calif.) is set to return to the the broader decline in scores create balanced literacy pro-
Capitol this week, according to has played out in New York, grams widely used in New
her spokesman, after a with many students at city York City and elsewhere. Now
monthslong absence from the high schools struggling to read New York and other districts
Senate during which Demo- more complex words, such as are switching direction again,
crats struggled to advance “phenomenon.” They are grad- to further embrace the science
some nominees. uating unprepared for college of reading—but with fewer el-
Mrs. Feinstein, 89 years old, and the workforce, he said, ements of the whole-language
underwent treatment for shin- and lacking in basic literacy approach.

JEENAH MOON FOR THE WALL STREET JOURNAL (2)

gles in February and has been skills needed for adulthood. Some of the city’s schools,
absent from the Senate since To address the issue, the such as The Brooklyn Brown-
then, missing dozens of votes. city this fall will adopt manda- stone School, in the Bedford-
She hadn’t provided a timeline tory, phonics-based reading Stuyvesant neighborhood, al-
for returning to Washington, fu- curricula for its 800 elemen- ready use the lessons being
eling speculation about her tary schools, in a move to in- rolled out.
plans and calls from some Dem- struction that favors decoding Last week, students in a
ocrats for her to resign. Her words using letters and a rig- first-grade class there sounded
spokesman said she plans to orous approach to phonics. Mr. out words such as “neat” and
vote on Wednesday, as the Sen- Banks announced the plan “hippo” in a lesson led by
ate will consider some Biden Tuesday. teacher Jocelyn Testa.
administration nominations. It is the first time the one Nine-year-old Terrance
Her absence from the Judi- million student district has Mims, a fourth-grader, felt
ciary Committee has held up mandated how teachers will good about the approach.
some nominees from getting conduct reading lessons, Mr. First-grade teacher Jocelyn “When you sound out letters in
votes in the panel, and several Banks said. The change marks Testa, above, instructs a word, it kinda helps you pro-
weeks ago she said she was will- a shift from a teaching ap- students at Brooklyn nounce it better,” he said. “You
ing to give up her position on proach known as balanced lit- Brownstone School in can break it down, and get a
the panel to a different Demo- eracy, which encouraged the Brooklyn, N.Y. Phonics is part vision of how you say it.”
crat to allow nominees to move use of cues and word memori- of the reading approach at the Brooklyn Brownstone’s
forward, though Republicans zation rather than the sound- school, left. New York City first-grade students have seen
said they would block that. ing out of words based on this fall will adopt mandatory, a 48% gain on reading bench-
Democrats also lost votes their letters. The city has fa- phonics-based reading marks since the beginning of

.
on GOP efforts to repeal Biden vored balanced literacy for the curricula for its 800 the school year, thanks to the
administration regulations, last 20 years. use of uniform lessons based on

ly
elementary schools. The
such as a rule on truck emis- Mr. Banks said the balanced change marks a shift from a the science of reading, said
sions, though President Biden literacy method intended to teaching approach known as principal Alexander Brunner.
could veto the regulatory re- quickly build students’ familiar- balanced literacy. The Teachers College Read-
peals.
“I’m glad that my friend Di-
anne is back in the Senate and
ready to roll up her sleeves
ity with words and foster a love
of reading, but that it ultimately
led the city to a dead end.
“We’re all working really hard
onStatistics. Like other large, ur-
ban districts, New York City
also saw setbacks. Reading
understanding of letter sounds.
The endeavor will cost up to
$35 million and begin with
ognition in reading, rather
than decoding and phonics,
which until then had domi-
ing and Writing Project pro-
vides professional development
for a curriculum based in bal-
anced literacy in about 150 New
and get to work,” Senate Ma- on the wrong track,” Mr. Banks, scores for fourth grade on the roughly half the schools imple- nated U.S. classrooms. York City schools. The project
us ,

jority Leader Chuck Schumer a former city teacher and prin- federal tests during the pan- menting the new lessons this By the 1970s, the whole-word estimates about 15% of Ameri-
l

(D., N.Y.) said Tuesday. “After cipal, said in an interview last demic fell to their lowest point fall. The rest will adopt the new movement evolved into what is can elementary schools use
e
al a

talking with her multiple week. “My goal is to get us back since 2003. According to state curricula the following year. now known as the whole-lan- some part of the curriculum.
times over the past few weeks, on the right track.” exams, 49% of the city’s stu- National debates over how guage approach, said Dr. Snow, New York City teachers
it’s clear she’s back where she Nationwide, 33% of fourth- dents in grades three through best to teach reading date to with the addition of elements union President Michael Mul-
ci on

wants to be and ready to de- graders scored proficient or eight in 2022 could read at at least the 1950s, said Cathe- intended to build students’ rela- grew said the shift to mandat-
liver for California.” higher on reading tests admin- grade level. rine Snow, a professor at the tionships with reading. ing how reading lessons for
After Mrs. Feinstein’s return istered by the federal govern- Under the plan conceived by Harvard Graduate School of But the reading wars kindergarten through grade
was public, Mr. Schumer started ment in 2022, down from 35% Mr. Banks, city elementary Education. During that decade, weren’t done. Battles over in- five will be conducted could
the confirmation process for a in 2019. A majority of states schools will be given their the “whole-word” approach to struction re-intensified in the provide welcomed structure
er s

Washington, D.C., circuit court saw reading declines during choice of three different curri- reading first emerged in 1990s, with Congress conven- and directions to teachers, but
judge, where Mrs. Feinstein’s the pandemic, according to the cula, each with a strong focus schools, she said. It relied on ing a National Reading Panel only if it comes with adequate
m er

vote will likely be needed. National Center for Education on the decoding of words and the use of cues and word rec- to study the issue. Its 2000 re- training and follow-up support.

U.S. WATCH
m rp
co Fo
n-
NASA/ESA/CSA/AFP/GETTY IMAGES

no

LIKE FATHER, LIKE SON

NEVER BEFORE SEEN: An image captured by the James Webb Space Telescope released Tuesday
shows for the first time the inner asteroid belts that encircle the nearby star Fomalhaut.
PIERRE-AUGUSTE RENOIR
Iconic artist. Sentimental subject. Virtuosic palette.
FED NEW MEXICO ILLINOIS
A delightful portrait of childhood innocence,
Lending a Top Focus U.S. Licenses Site for Man Killed, Trooper Pierre-Auguste Renoir’s Portrait de Coco
In Talks Over Rates Spent Nuclear Fuel Wounded in Gunfire et Fleurs is distinguished as one of the
Impressionist master’s most personal works.
A top Federal Reserve official U.S. nuclear regulators li- A New Mexico motorist was
said changes in lending condi- censed a multibillion-dollar com- killed early Tuesday and a state
Known for his luxuriant still lifes and
tions and their potential effects plex to temporarily store tons of trooper was wounded in an ex- captivating figurative paintings, Renoir’s
on economic activity and hiring spent fuel in New Mexico from change of gunfire along an inter- portraits of his own children are among the
would be a top focus as officials commercial nuclear-power plants state highway in southern Illi- artist’s most sought-after. By juxtaposing
determine whether they have around the nation. nois, police said. floral blooms with his young son, Renoir
raised rates enough to bring in- The Nuclear Regulatory Com- Illinois State Police said a emphasizes the delicate beauty of childhood
flation down. mission issued its decision Tues- trooper stopped at about 3 a.m.
while showcasing his painterly skill and
In a speech Tuesday, New day. Democratic Gov. Michelle Lu- along Interstate 64 to assist a
York Fed President John Wil- jan Grisham and the state’s stranded person on the right genius with color. Oil on canvas. Circa 1905. Signed “Renoir” (lower
liams cited the lag between congressional delegation oppose shoulder of eastbound lanes. The right). Canvas: 161/8”h x 103/4”w. Frame: 211/4”h x 153/4”w. #31-7041
when the Fed raises interest putting the storage complex in the officer encountered motorist
rates and when those actions state, saying they fear New Mex- Brandon L. Griffin, 23, of Albu-
slow down the economy in cau- ico will become the nation’s dump- querque, and a female passenger. Scan to read more
tioning that it will take time for ing ground for spent nuclear fuel. After a second state trooper about this painting
the central bank’s rapid rate in- New Mexico approved legisla- arrived, state police said, “an al-
creases to slow down economic tion in March aimed at stopping tercation occurred during which
activity to combat high inflation. the project. The fight is expected gunfire was exchanged between
The central bank raised its to end up in court, with state Griffin and a responding officer.”
benchmark federal-funds rate by lawmakers saying their new law Mr. Griffin was pronounced
a quarter percentage point last requires Holtec International, the dead at the scene, while a 16-
week to a range between 5% energy company that wants to year veteran trooper was shot
and 5.25%. build the facility, to acquire con- and hospitalized with non-life-
Mr. Williams, who is a top ad- struction permits from the state. threatening injuries, police said.
viser to Fed Chair Jerome Powell, New Jersey-based Holtec has The other trooper and the fe- 622 Royal Street, New Orleans, LA • 877-677-2801 • [email protected] • msrau.com
didn’t say whether he thought argued that the New Mexico male passenger weren’t injured,
further rate increases would be measure requiring consent is pre- police said. State police said the Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
necessary this year in his pre- empted by federal law and that a agency’s internal investigators Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
pared remarks. Until now, his pre- court fight would only delay the are handling the case.
vious remarks have hinted at the economic boon that would come The shooting happened about
prospect of additional increases. from building the complex. 80 miles southeast of St. Louis.
—Nick Timiraos —Associated Press —Associated Press
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A6 | Wednesday, May 10, 2023 THE WALL STREET JOURNAL.

WORLD NEWS
Putin Slams West’s Support of Kyiv FBI
Disables
At muted Victory Day
event, president says
rivals seek ‘destruction’ Russian
of the motherland
BY ANN M. SIMMONS
Malware
BY ARUNA VISWANATHA
Russian President Vladimir AND DUSTIN VOLZ
Putin fired a rhetorical broad-
side at Washington and the West U.S. authorities said they
on Tuesday, condemning allied disabled a piece of malware
military support for Ukraine as Russia’s intelligence agency has
Moscow faces mounting battle- allegedly used for two decades
field losses more than a year af- to steal documents from NATO-
ter invading its neighbor. allied governments and others,
Speaking to a crowd on in an operation that highlights
Moscow’s Red Square at the the FBI’s increasing efforts to
country’s annual Victory Day go beyond arresting hackers.
parade commemorating the The operation hobbled one of
defeat of Nazi Germany in Russia’s most well-known and
World War II, Mr. Putin de- oldest cyber espionage groups,
clared, “An actual war has once officials and security experts
SERGEI BOBYLEV/TASS/ZUMA PRESS

again been unleashed against said, a vaunted hacking team

our motherland,” saying the that has been linked to devas-
West sought Russia’s “disinte- tating thefts of U.S. secrets.
gration and destruction.” In an affidavit filed in federal
The Kremlin has sought to court in Brooklyn and unsealed
recast the war in Ukraine as a Tuesday, a Federal Bureau of
contest between Russia and Investigation agent said the bu-
the West, which has supplied reau identified a long-running
Kyiv with increasingly power- cyber-espionage campaign by
ful weapons and ammunition, A Victory Day parade was held Tuesday in Moscow’s Red Square, marking the 78th anniversary of defeating the Nazis in World War II. officers in a unit of Russia’s
as well as billions of dollars in Federal Security Service, or
financial support as it fights battle for the eastern city of fighting on the front lines and Moscow-based Levada polling parade after last week’s drone FSB, to take documents from
to expel Moscow from remain- Bakhmut that has become a those working to provide sup- center, which describes itself attacks, which damaged the other governments’ defense
ing occupied territories. symbol of Kyiv’s resistance to plies and rescue the wounded. as independent, found that roof of a building in the Krem- and foreign ministries, journal-
Tuesday’s celebrations, Russia’s attacks. The city also “The security of the country 75% Russians support the mili- lin complex. Their presence ists and others, and route them
which included a military pa- has been at the heart of public rests on you today, the future tary actions in Ukraine. was also significant as Mr. Pu- through infected computers in
rade, were more muted than discord between the Russian of our statehood and our peo- Foreign leaders weren’t for- tin seeks to maintain a foot- the U.S. to cover their tracks.
last year’s, and came days after military and Yevgeny Prigo- ple depends on you,” he said. mally invited to attend this hold in Central Asia and the Security researchers have

.
a drone attack on the Kremlin zhin, a close ally of Mr. Putin Mr. Putin has long tried to year’s parade, the Kremlin South Caucasus, traditionally sometimes referred to the
and other strikes on infrastruc- and the leader of the Russian harness the wave of patriotism said. But the heads of seven Russia’s sphere of influence. group of hackers as “Turla,”

ly
ture in Russia that have ex- paramilitary Wagner Group. connected to the Great Patri- former Soviet republics Former Soviet republics in who are known to use a mal-
posed the country’s vulnerabil- In the past week, Mr. Prigo- otic War, as World War II is showed up in Moscow on Mon- the region have refused to ware called “Snake.”
ity and rattled many Russians. zhin has threatened to with- commonly known in Russia, to day for what were described back Moscow’s invasion, in- FBI agents identified U.S.
At least 20 cities canceled pa-
rades and other public celebra-
tions. Others scaled them back.
The Kremlin has found itself
draw his forces unless the Rus-
sian Defense Ministry supplied
the arms and ammunition his
group needs to continue its
on
bolster his position and rally
support. The conflict, in which
some 27 million Soviet citi-
zens died, touched the lives of
as working visits. The leaders
of Belarus, Kazakhstan, Kyr-
gyzstan, Tajikistan, Turkmeni-
stan, Uzbekistan and Armenia
stead remaining neutral. Many
are seeking greater ties with
China and have absorbed a
flood of Russian men who fled
computers infiltrated with the
Snake malware, including in Or-
egon, South Carolina and Con-
necticut, and obtained court
on the back foot in recent campaign in Bakhmut. Over the virtually every Russian family. joined Mr. Putin on the tribune to escape Mr. Putin’s military approval to issue commands to
us ,

months, dogged by what West- weekend, he agreed to fight “During the Great Patriotic alongside Lenin’s Mausoleum mobilization. the malware to permanently
l

ern defense officials say are on, but on Tuesday he said his War, our heroic ancestors on Red Square, from where disable it on those computers,
e
al a

tens of thousands of military units hadn’t received the ammu- proved that there is nothing they watched the procession. officials said. The operation
casualties coupled with Mos- nition promised by Moscow. He stronger, more powerful and Some analysts suggested Watch a Video was conducted on Monday, offi-
cow’s failure to cow Ukraine didn’t provide further details. more reliable than our unity,” that the participation of these Scan this code cials said, and it is the latest
ci on

into submission or thwart West- Meanwhile, Mr. Putin he said. “There is nothing in leaders provided some assur- for a video on example of the FBI using an ob-
ern nations’ support for Kyiv. praised Russia’s armed forces, the world stronger than our ance to Russian authorities how the war hit scure legal authority to proac-
The quagmire facing Rus- telling the crowd on Red Square love for the motherland.” that Ukraine likely wouldn’t Russia’s arms tively disrupt Russian or Chi-
sia’s army is highlighted in the that he is proud of soldiers An April survey from the target Red Square during the exports. nese cyberattacks by essentially
infiltrating their systems. In-
er s

vestigators tracked the group’s

Missiles Relentlessly Strike Ukrainian Cities

daily activities to an FSB facil-
m er

ity in Ryazan, outside Moscow.

U.S. officials said they be-
lieved the action would make
BY YAROSLAV TROFIMOV ern practice, proclaiming May it difficult for Russia to recon-
9 to be Europe Day, a holiday of stitute the malware. “U.S. law
m rp

Russia fired a barrage of European unity and peace that enforcement has neutralized
cruise missiles at Ukrainian has been promoted by the Eu- one of Russia’s most sophisti-
cities on Tuesday, just hours ropean Union since the 1960s. cated cyber-espionage tools,”
before the European Commis- In a trip laden with symbol- said Deputy Attorney General
sion president arrived in Kyiv. ism, European Commission Lisa Monaco.
co Fo

In one of the larger salvos in President Ursula von der In one of the efforts de-
recent months, Russia fired 25 Leyen, a former German de- scribed in the affidavit, the
Kalibr, Kh-101 and Kh-555 cruise fense minister, arrived Tues- group allegedly used the mal-
ANDRIY ANDRIYENKO/SOPA IMAGES/ZUMA PRESS

missiles before dawn, according day in war-torn Kyiv to mark ware between 2015 and 2017 to
to Ukraine’s military. All except Europe Day with Mr. Zelensky. try to infiltrate a computer at
two of these missiles were in- Ukraine last year was granted the foreign-affairs ministry of
tercepted, with debris causing formal EU membership candi- an unidentified NATO-member
damage to several homes and date status, though it isn’t ex- state. The FBI collected and
vehicles in the Kyiv region, Dni- pected to join the bloc soon. decrypted communications be-
pro and other areas, it said. “Kyiv is the ideal place to tween the U.S.-based computer
Fierce fighting continued in celebrate Europe Day. Every with the malware and the for-
the eastern city of Bakhmut, day, the brave people of Ukraine eign-affairs ministry, and it
where the Wagner paramilitary defend the very values that are found that the Turla operators
n-

force, which has been storming the core of the European were using it to exfiltrate what
the area for more than 10 Union,” Mr. Zelensky said as he they believed were internal
months, was slowly advancing welcomed Ms. von der Leyen. United Nations and NATO doc-
into the last neighborhoods A woman in Komyshevakha stands next to her building, which was damaged by Russian shelling. Tuesday’s Russian missile uments, the affidavit said.
no

held by Ukrainian troops. Wag- attack on Kyiv followed a Rus- The action comes as secu-
ner’s chief, Yevgeny Prigozhin, ficials to obfuscate the execu- vivors, said the blast occurred Union always had a separate sian attempt to hit the Ukrai- rity companies have described
said a Himars missile strike tions of Ukrainian POWs. In inside the building, denying celebration the following day nian capital with a swarm of how Russian government hack-
launched by Ukraine on Tues- July, dozens of Ukrainian Russian claims of a Himars because the Nazi capitulation Iranian-made suicide drones, ers have increased their cyber-
day killed many Ukrainian POWs captured in the south- strike. Moscow didn’t allow came into effect shortly after which also were shot down. espionage attacks against
prisoners of war held by his ern city of Mariupol died when the International Committee of midnight Moscow time. Ukraine’s ability to protect the Ukraine and its allies.
men. The claim couldn’t be in- their barracks blew up in the the Red Cross to visit the site. Ukraine’s President Volodymyr capital’s skies recently in- A representative of Russia’s
dependently verified. Russian-run Olenivka camp. While Western allies cele- Zelensky this week moved to creased, as it deployed the U.S.- Embassy in Washington didn’t
In the past, such claims Ukrainian and Western offi- brate victory over Nazi Ger- align the Ukrainian World War made Patriot system and other respond to a request for
have been used by Russian of- cials, as well as Ukrainian sur- many on May 8, the Soviet II remembrance day with West- more advanced air defenses. comment.

FROM PAGE ONE

Boeing still under development.

Boeing airplanes have been
subject to greater scrutiny by
be subject to shareholder ap-
proval at its annual general
meeting on Sept. 14, due to the
the 737 MAX, and has sought
to avoid becoming embroiled
in a price war. An Airbus

Deal Boosts the Federal Aviation Adminis-

tration in the wake of two
crashes of earlier 737 MAX
transaction’s size and scale.
In addition to expanding its
fleet and replacing older 737
spokesman declined to com-
ment further.
Mr. O’Leary said the airline

MAX Jets models in 2018 and 2019.

Those accidents took 346
lives, prompted various
aircraft, Ryanair is expecting
to use the new jets to replace
a handful of Airbus aircraft
wasn’t interested in opening
any new trans-Atlantic routes
with its new MAX 10 jets. But
LINDSEY WASSON/REUTERS

changes to the jets and led to currently operated in its Aus- he said the planes would en-
Continued from Page One stricter oversight of how the trian unit, Ryanair’s Chief Fi- able Ryanair to expand opera-
they are due to replace start- aircraft maker designs and nancial Officer Neil Sorahan tions outside Europe in coun-
ing in 2027, he said. produces commercial planes. said in an interview. Ryanair tries including Morocco, Israel
The airline said it plans to Since the crashes, Boeing had previously said it could and Jordan.
carry 300 million passengers has dealt with various manu- use those aircraft to build a The order is a boost for
annually by 2034, up about facturing stumbles and deliv- more substantial Airbus oper- Boeing’s MAX 10, which has
80% from last year’s total. It ery delays while vowing to im- Ryanair said it agreed to buy 150 of Boeing’s 737 MAX 10 planes. ation within its fleet. become a critical new model
expects much of that growth prove its operations. “There’s a significant differ- for the U.S. manufacturer as
will be from lapping up busi- Recently, the company has Boeing commercial chief, made during the pandemic. ence in pricing between where airlines shift to longer models
ness from rivals and lifting its been dealing with a manufac- Stan Deal, said the manufac- The issues experienced by the Airbus would be and where we that can seat more passengers.
share of the European market turing defect on certain 737 turer had great confidence in plane makers have led to per- are in this deal,” Mr. Sorahan The aircraft is Boeing’s main
to 30% from 20% now. MAXs. Fixes are expected to its supplier that was responsi- sistent delivery delays of new said in response to whether the response to Airbus’s rival A321
Boeing CEO David Calhoun delay Boeing’s ability to hand ble for the recent 737 defect. aircraft and put pressure on European plane maker factored design that has been winning
said Tuesday that Boeing ex- over many of the jets to cus- “There’ll be some residual ac- their plans to increase produc- in as an option for the contract. orders from Boeing operators
pected the MAX 10 would win tomers ahead of the busy sum- tivity that we do that is im- tion rates. “Boeing [is] keen to keep their looking to replace popular but
regulatory approval in 2024. mer travel season. portant from a quality man- Ryanair said the MAX 10 largest customer in Europe. aging 757 fleets.
The 737 MAX 10 has been Mr. O’Leary said the recent agement system,” he said. jets it was ordering would ar- We’re the main Boeing opera- Ryanair is eyeing Portugal,
delayed due to regulatory is- 737 problems will prompt the “We’ll get better as we get rive between 2027 and 2033. tor in the backyard of Airbus, Italy, Germany and Scandina-
sues. Its future was in doubt airline, Boeing’s biggest cus- through this issue.” The phased delivery will allow and I think that’s important to via for expansion within Eu-
last year as its certification tomer in Europe, to cut some Airlines have been jostling Ryanair to create more than our friends here in D.C.” rope. Mr. O’Leary added that
faced a legal deadline that fed- of its flights this month, in to secure new orders from 10,000 new jobs for pilots, Airbus Chief Commercial the airline was ready to return
eral lawmakers eventually June and in July, but added: Boeing and Airbus as both cabin crew and engineers, the Officer Christian Scherer has to Ukraine once the war with
lifted for the jet and for a “It’s reasonably small. We companies battle to retool company said. said that Airbus is seeing Russia has ended and the air-
smaller version of the plane won’t cancel any routes.” their supply chains after cuts Ryanair said the deal would strong pricing for its rival to space is reopened.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Wednesday, May 10, 2023 | A7

WORLD NEWS

Demonstrations
Erupt in Pakistan
After Khan Arrest
BY SAEED SHAH

ABDUL MAJEED/AGENCE FRANCE-PRESSE/GETTY IMAGES

ISLAMABAD, Pakistan—The
arrest of former Pakistani
Prime Minister Imran Khan on
corruption charges sparked
demonstrations on Tuesday, in
an escalation of the confronta-
tion between the popular op-
position politician and the
country’s civilian and military
leaders.
Protests by Mr. Khan’s sup-
PTI/REUTERS

porters erupted across the

country, as demonstrators
clashed with police, blocking
roads, amid dozens of arrests. Police fired tear gas at supporters of Imran Khan, seen in court on Tuesday, during a protest in Peshawar after the former prime minister’s arrest on corruption charges.
The authorities partially re-
stricted access to Twitter, from floods, terrorism and the of office. in riot gear. He was then party called for demonstra- from Imran Khan’s party that
Facebook and YouTube, digi- threat of bankruptcy as it runs The former cricket star- driven away, with security per- tions to remain peaceful. their leader was beaten during
tal-rights groups said, in an dangerously low on foreign-ex- turned politician was removed sonnel hanging off the vehicle. The former prime minister the arrest.
apparent attempt to quell vid- change reserves as it seeks to from office in April 2022 after “This is the law of the jun- accuses the government of ob- “This is not political victim-
eos of the protests and hinder reach a bailout deal with the he lost the backing of the gle,” said Iftikhar Durrani, a fuscating over the date of na- ization,” Mr. Khan, the interior
their organizers. International Monetary Fund. country’s powerful military spokesman for Mr. Khan’s tional elections, due by Octo- minister, said Tuesday. “This
Mr. Khan’s ousting from of- Its inflation rate stands at and failed to win a confidence party. “This country is heading ber. Regional ballots this year is the rule of law.”
fice just over a year ago trig- over 30%. vote in Parliament. Pakistan towards authoritarianism. We haven’t taken place in the pe- Mr. Khan, in cases brought
gered spiraling instability in Mr. Khan was detained on has had four military dictator- are fearful for the life of Imran riod required under the con- against him by the govern-
nuclear-armed Pakistan and Tuesday as he arrived at an Is- ships, the most recent ended Khan.” stitution. His party says the ment, faces allegations from
his arrest threatens to exacer- lamabad court to appear for a in 2008, but even when not Protesters backing the for- government and the military terrorism to blasphemy to cor-
bate the political and economic hearing in another case. The formally in power, the army mer prime minister took aim plan to jail and disqualify Mr. ruption. His latest arrest re-
turmoil. The former prime government has brought doz- still seeks to control policy, at the military in the hours af- Khan from politics before they lates to an accusation that he
minister has campaigned re- ens of cases against Mr. analysts say. ter his detention, breaching hold an election—or kill him. was given land in return for
lentlessly for new elections, Khan—allegations that he says Video footage showed Mr. the gates of the army’s head- Rana Sanaullah Khan, Paki- showing favor to a property
drawing big crowds on the are politically motivated. Khan, who currently leads quarters in the city of Rawal- stan’s interior minister, said tycoon, the government said.
streets and a wave of support Tuesday’s arrest was the first opinion polls in Pakistan, being pindi and also the home of the the opposition leader was ar- Mr. Khan has previously de-

.
across the South Asian nation. time Mr. Khan had been de- bundled into a pickup truck top general in the eastern rested under anticorruption nied the allegation and other
The country is also reeling tained since being thrown out Tuesday by security personnel province of Punjab. Mr. Khan’s laws. He denied allegations charges brought against him.

ly
Israeli Airstrikes Kill Senior Militants, Civilians in Gaza on
GAZA CITY—Israeli air- Hamas, the U.S.-designated The Israeli military said the
strikes killed three Palestinian terrorist group that rules the three Islamic Jihad command-
us ,

militant commanders and 12 Gaza Strip, and Islamic Jihad ers killed were Tareq Izzedine,
l

others who were mostly civil- confirmed the deaths of three who directed the group’s West
e
al a

ians in a surprise attack in the Islamic Jihad commanders in Bank operations from Gaza;
Gaza and their families. Both Khalil al-Bahitini, a senior Is-
By Dov Lieber, groups vowed to respond. lamic Jihad military com-
ci on

Aaron Boxerman “The blood of the martyrs mander; and the group’s mili-
and Anas Baba will increase our will. We will tary secretary, Jihad Ghannam.
not leave our positions, and The Israeli military said all
Gaza Strip on Tuesday, the Is- the resistance will continue three had been involved in
raeli military and Palestinian with God’s help,” Islamic Ji- rocket fire or attacks on Israelis
er s

officials said, threatening a new had’s armed wing said. in recent weeks.
round of escalating violence. Egypt, Qatar and the United Out of 15 Palestinians killed,
m er

Palestinian officials said the Nations are working with the eight were women and chil-
strikes killed a total of 15 peo- Israeli and Palestinian leader- dren, while a ninth, Jamal
ple, including wives and chil- ship to calm the situation, Khaswan, was a top physician
MOHAMMED SALEM/REUTERS

dren of the commanders along U.N., Egyptian and Hamas offi- at al-Wafa Hospital in Gaza
with several other civilians. At cials said. City, Palestinian health offi-
m rp

least 22 people were injured in Israeli military spokesman cials said. Dr. Khaswan—who
attacks that included targets Rear Adm. Daniel Hagari wrote also held Russian citizenship—
in densely populated areas in in a tweet Tuesday morning was killed alongside his wife
the heart of Gaza City. that “at this stage, we have and son, leaving two other
On Tuesday afternoon, Is- achieved our intended goals children orphaned, Russia’s
co Fo

raeli aircraft struck what the Mourners carried the body of senior Palestinian Islamic Jihad commander Khalil al-Bahitini on Tuesday. and struck those who have led envoy to the Palestinians said.
military said was a car ferrying terrorism in recent months.” Israeli security officials said
militants with antitank weap- the Israeli-Palestinian conflict in Israelis and two foreigners have greater force,” Israeli Prime “With our best planners, in- the military understood the
ons to a shooting post. Two years. More than 100 Palestin- been killed in Palestinian at- Minister Benjamin Netanyahu tel and capabilities, we try to militant commanders’ families
Palestinians were killed, the ians have been killed by Israeli tacks, all of them civilians ex- said Tuesday evening. He said create an attack that will mini- were likely with them in the
Palestinian health ministry said. forces or civilians since January, cept for one police officer. he had ordered the operation mize [civilian casualties],” targeted apartments. They said
The airstrikes represented including militants and civilians, “Our principle is distinct and last week in response to over Rear Adm. Hagari told report- the military had postponed the
the latest round of violence in according to a count by The clear: anyone who harms us, 100 rockets fired into southern ers Tuesday evening. “We do strikes multiple times to avoid
one of the deadliest periods in Wall Street Journal. At least 16 we’ll harm them, and with Israel by Islamic Jihad militants. not try to harm civilians.” higher civilian death tolls.

Erdogan Rival Vows Closer Ties to the West

n-

FURKAN TEMIR FOR THE WALL STREET JOURNAL

BY JARED MALSIN of turning Ankara into a sig- tory. Mr. Erdogan has dis- Turkey to a parliamentary sys-
AND ELVAN KIVILCIM nificant regional power broker. played a Rasputin-like ability tem of government, restore in-
no

Mr. Kilicdaroglu said he to survive in the bare-knuckle dependence to institutions

ISTANBUL—Turkey’s top would maintain Turkish in- world of Turkish politics since such as the central bank, and
opposition candidate for presi- vestments in Russia but would rising from Istanbul’s dock- release political prisoners.
dent, Kemal Kilicdaroglu, said comply with Western deci- lands to the presidential pal- Amid a rise in anti-immigrant
he would steer Turkey closer sions with regard to sanction- ace, crushing a military coup sentiment in Turkey, he has
to NATO and the West if he ing Russia, leaving Moscow attempt and a series of chal- promised to push millions of
wins Sunday’s election. more isolated than before. lengers in past elections. Syrian and Afghan refugees
If Mr. Kilicdaroglu prevails, “Turkey is a member of the Mr. Kilicdaroglu, in con- from the country, raising con-
he said, he would breathe new Western alliance and NATO and trast, led the Turkish opposi- cerns among human-rights ad-
life into Turkey’s democratic Putin also knows this well,” he tion to a series of defeats as vocates. Mr. Erdogan also has
checks and balances after said. “Turkey must comply leader of the Republican Peo- vowed to return at least a mil- Kemal Kilicdaroglu vows to reduce the cost of living, return Turkey
years in which incumbent with decisions taken by NATO.” ple’s Party, or CHP, but he lion Syrians to their country. to a parliamentary system and restore independence to institutions.
President Recep Tayyip Erdo- stuck with the task.
gan jailed political opponents Mr. Kilicdaroglu has also
and reshaped the state to be- worked to overcome what is
come the most powerful Turk-
Kemal Kilicdaroglu seen as one of the main weak-
ish leader in a century. holds a slight edge nesses in his candidacy: a
Mr. Kilicdaroglu said he widespread perception that he
over Recep Tayyip
would strengthen Turkey’s
role as linchpin of the North Erdogan in polls.
lacks charisma and political
cunning. Drawing huge crowds
Got extra funds?
Atlantic Treaty Organization to his rallies and swiftly end-
after Mr. Erdogan sought to
build a closer relationship
ing a revolt in which his coali-
tion splintered in March, the
Synchrony Bank helps you
with Russian President Vladi-
mir Putin. He also aims to re-
Mr. Kilicdaroglu, the 74-
year-old leader of Turkey’s
leader has surprised some with
the verve of his campaign.
save more so you can
vive Turkey’s bid to join the largest opposition party, holds Mr. Kilicdaroglu’s critics are
European Union. at least a slight lead over Mr. many, including within his own
The election could prove to
be a historic moment, he said.
“There are 5.3 million
young people who will go to
Erdogan in most recent polls,
though often short of the 50%
threshold he would need for a
first-round victory on Sunday,
political alliance, where his
top coalition partner, center-
right leader Meral Aksener, ac-
cused him of imposing his can-
DO MORE
the ballot box for the first making a runoff against Mr. didacy on the rest of the
time and cast their votes and Erdogan likely. coalition and pushing aside

4.15
they want freedom and de- Mr. Erdogan has dominated candidates who had stronger
HIGH YIELD SAVINGS
mocracy,” Mr. Kilicdaroglu said
in an interview on Saturday.
“This fact is very important
Turkish politics for two de-
cades through his support
among conservative and reli-
poll numbers against Mr. Erdo-
gan. Mr. Kilicdaroglu rejected
the criticism and Ms. Aksener
Open an
account today at
synchronybank.com
%
APY*
for us, for Turkey, for the EU gious voters, but his power has since endorsed him.
of which we are trying to be a base is thinning. Voter discon- Mr. Erdogan in recent days
member, and also for Western tent is high with Turkey’s has amped up his rhetoric.
civilization,” he said. struggling economy, allega- “We will not allow Kilic- no minimum balance
Mr. Erdogan, who has led tions of corruption and abuse daroglu, who walks with ter-
the country since 2003, sought of power, and concerns about rorist organizations, to divide *ANNUAL PERCENTAGE YIELD (APY): APY is accurate as of 4/12/23. APY is subject to
to play all sides in the Russian the government’s handling of this homeland,” Mr. Erdogan change at any time without notice. Offer applies to personal accounts only. Fees may
invasion of Ukraine. He has the earthquakes in February told a vast crowd of support- reduce earnings. For High Yield Savings accounts, the rate may change after the account
worked to maintain a close re- that reduced cities to rubble. ers on Sunday. is opened. Visit synchronybank.com for current rates, terms and account requirements.
lationship with Mr. Putin while Still, Mr. Kilicdaroglu faces Mr. Kilicdaroglu is cam-
selling weapons to Ukraine, in a stiff challenge in converting paigning on promises to bring © 2023 Synchrony Bank
an attempt to further his goal discontent into electoral vic- down the cost of living, return
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A8 | Wednesday, May 10, 2023 THE WALL STREET JOURNAL.

Our friend and colleague, Evan Gershkovich, was detained in Russia on

March 29 during a reporting trip and accused of espionage. The Wall Street
Journal and the U.S. government vehemently deny the allegation and have
called for his immediate release.

Evan’s Journal colleagues will be sharing stories of their work with him
each week.

To show support for Evan, please follow the latest updates at WSJ.com/Evan
and add the hashtag #IStandWithEvan across social media.

.
ly
on
us ,
l
e
al a
ci on

There’s no doubt that Evan is an excellent reporter. What really sets

him apart are his willingness and his ability to go and talk to people. He
has a very easy manner and is able to connect to people and understand
er s

the essence of the story. He takes readers beyond all of the language
m er

that politicians and leaders use, all of the language that’s focused on
big movements, clashes and geopolitics. Evan is a really compassionate
person. He’s interested in looking at how these big events impact
m rp

ordinary people in Russia.

He is always trying to get everybody’s opinion, trying to make sure

we’re as fair as possible in everything that we’re doing. For me,
co Fo

that’s what I enjoy about working with Evan. He is good fun, kind and
smart, but he is also extremely focused on producing the fairest and
best possible journalism. He has confidence in his reporting, as he
should because he’s an excellent reporter, but also has an openness
to hear ideas from other people. He’s always interested in making
his stories the best stories possible so that readers will get a deeper
understanding of the place that he’s reporting from.
n-

I’m sorry to have my friend and colleague in this situation. I’m sorry for
our readers who are missing out on his great reporting. Evan is not the
kind of guy who wants to be the story. He wants to tell the story about
no

Russia, about what’s happening in Russia, and I can’t wait for him to
get out and start telling that story again.

James Marson
WSJ Correspondent

#IStandWithEvan

©2023 Dow Jones & Co, Inc. All rights reserved. 6DJ9398
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Wednesday, May 10, 2023 | A9

WORLD NEWS

Chinese Export Data

Add to Trade Concern
BY JASON DOUGLAS fair, focused on services. That
contrasts with previous epi-
SINGAPORE—Chinese ex- sodes of strong growth in China
port growth slowed in April as that had potent consequences
global trade cooled, underlin- for global demand for raw ma-
ing the importance of domestic terials, machinery and energy.
spending as the main engine China’s post-Covid recovery
for the world’s second-largest “may have limited positive
economy after three years of spillover effects for the rest of

TARINA RODRIGUEZ FOR THE WALL STREET JOURNAL

strict Covid-19 controls. the world,” said Ting Lu, chief
The figures add to signs of China economist at Nomura in
softness in global trade as Hong Kong.
spending slows in the U.S. and Exports from China rose
Europe. Consumers and busi- 8.5% in April compared with a
nesses are confronting steep- year earlier, China’s General
ening interest rates, persistent Administration of Customs
inflation and pockets of insta- said on Tuesday, a weaker pace
bility in the banking sector. than the 14.8% year-over-year
Many economists expect re- jump recorded in March, when
cessions in advanced econo- Chinese trade got a lift thanks
mies this year. to surging trade with Russia
The global slowdown means amid Western sanctions over
trade is unlikely to play such a Moscow’s invasion of Ukraine. After seeking refuge in Colombia, Rebeca Herrera and Franklin Barrios left in April for Panama to try to make it to the U.S.
pivotal role in driving China’s April’s export increase ben-

Venezuelan Migrants Look to U.S.

economy as it did during the efited from a comparison with
first years of the pandemic, weak figures in April 2022,
when Western consumers flush when Shanghai was locked
with stimulus checks spent big down in an effort to control an
on new computers, sports gear outbreak of the fast-spreading BY JUAN FORERO Venezuelans say. legal ports of entry. Venezue- government removed from the
Omicron variant. When com- AND KEJAL VYAS “It feels like we just can’t lans traveling to the southwest Migration Colombia website as
pared with March in month- get settled in anywhere,” Ms. border do so by foot or bus it reviews its figures, showed

8.5%
over-month terms, exports METETÍ, Panama—Five Herrera said after the family from South America because there were a million Venezue-
from China to the rest of the months ago, the Barrios family emerged in April from the Da- they can’t access visas to hop- lans without documentation or
world in April shrank 6.4%, to fled economic calamity in Ven- rien jungle between Colombia scotch the region by plane. in the process of accessing pa-
$295 billion. ezuela along with 7.2 million and Panama, putting them Most Venezuelans in Co- pers.
China’s April export growth, Taken together, the data sug- fellow citizens. In April, they 2,800 miles from the U.S. “So, lombia are staying put, having Migration authorities and
compared with 14.8% in March gest China’s export engine is be- picked up again, this time we thought, ‘We’ll just go [to started businesses or found Colombia’s Foreign Ministry
ginning to sputter, in line with from the country that had the U.S.] directly.’ ” steady work, advocates for the declined requests for an inter-
softness in overseas sales by taken them in, Colombia. More than 2.5 million Vene- migrants say. A Colombia Mi- view to discuss policy under
other key exporting nations in Unable to get the documen- zuelans have settled in Colom- gration agency report from the new government.

.
and home-office equipment to Asia. April exports from South tation they needed to legalize bia since Venezuela began a On a recent day at the mi-
tide them through long spells Korea were 14% lower compared their status, Franklin Barrios long slide that saw its economy grant camp in Panama where

ly
working from home.
Instead, China’s consumers
with a year earlier. Exports
from Taiwan were down by an
and Rebeca Herrera joined
thousands of other Venezuelans
contract by 80% under Presi-
dent Nicolás Maduro, whose
More Venezuelans his family was stuck unable to
afford bus fare to Costa Rica,
are tipped to power growth as annual 13% in April, though that leaving Colombia and trying to 10-year rule has been marked are leaving Colombia Mr. Barrios, who is 40, re-
people resume eating out,
traveling and shopping after a
painful several years of spo-
radic lockdowns that hit jobs
marked an improvement from a
19% drop in March.
“The downturn in Chinese
exports may still have some
on make it to the U.S., migrant ad-
vocates and the Venezuelan
travelers themselves say.
As a pandemic-era policy al-
by rights abuses, mismanage-
ment and corruption. Thou-
sands of those Venezuelans
have in recent months opted to
because of growing
obstacles there.
counted how he couldn’t open
a bank account or get his 4-
year-old son, David, into a
school. High inflation cut into
and daily life. way to run before bottoming lowing U.S. authorities to move on, groups that work the $100 he earned each
us ,

The question for many out later this year,” Zichun quickly expel migrants on pub- with migrants say, along with month for construction work.
l

economists is whether a con- Huang, China economist at lic-health grounds expires at the Venezuelans who left their October showed that 1.6 mil- Then, thugs stole his wallet
e
al a

sumer-led recovery is sustain- Capital Economics, told clients end of Thursday, people from country directly for the U.S. lion were authorized to live and cellphone.
able. Unemployment is stub- in a note on Tuesday. across Latin America are trek- Nearly 95,000 Venezuelans and work in the country. “You just look for stability.
bornly high in China, The world’s second-largest king in record numbers to make made their way to the U.S. in But Venezuelan migrants, You just want your kid to have
ci on

especially among young peo- economy grew an annual 4.5% it to the American Southwest the first six months of fiscal advocacy groups and academ- a future,” Mr. Barrios said. “If
ple, and high savings suggest in the first three months of the border and declare asylum. 2023 through March 31, only ics who track migration say they don’t let us in as a family
households are wary of splurg- year and is expected to notch a Among the largest number behind Mexico, Cuba and Nica- there is a noticeable policy unit, then so be it. We’re just
ing too much too soon. faster pace of growth in the sec- are Venezuelans who left Co- ragua. Nearly 42,000 of the shift in Colombia now that going to have to leave that in
For the global economy, ond quarter, putting it on course lombia because of growing ob- Venezuelans were appre- President Gustavo Petro, a the hands of God.”
er s

weak import data published to match or exceed the govern- stacles there. The end of the hended at the southwest bor- leftist former guerrilla, is in —Jenny Carolina Gonzalez
Tuesday imply China’s revival ment’s target of around 5% ex- Title 42 border policy has only der, with a further 19,000 pro- office. And the October gov- and Ryan Dube
m er

will be primarily a domestic af- pansion for the year as a whole. provided more motivation, the cessed through that border’s ernment report, which the contributed to this article.

WORLD WATCH
m rp

GIVE HER
A BREAK
co Fo
n-
KIM HONG-JI/REUTERS

no

OH, WHAT A FEELING: Novice monks react after getting their heads shaved during an event
to celebrate the coming Vesak Day, Buddha’s birthday, at Jogye temple in Seoul.

CHINA TUNISIA SUDAN

Canadian Diplomat Naval Guard Kills 3 Death Toll Rises
Expelled in Reprisal Near Synagogue Amid Peace Talks
China said Tuesday that it A Tunisian naval guard shot The death toll from the ongo-
would expel a Canadian diplomat and killed a colleague and two ing clashes in Sudan has risen to
in Shanghai and warned of further civilians Tuesday as he tried to 604 people, including civilians, the
potential retaliation in response to reach a synagogue on the Medi- U.N. health agency said Tuesday.
Ottawa’s expulsion of a Chinese terranean island of Djerba dur- The new figures come as repre-
diplomat who allegedly targeted ing an annual Jewish pilgrimage, sentatives of the warring parties
the Hong Kong-based family the Tunisian Interior Ministry are holding talks in Saudi Arabia.
members of a Canadian lawmaker. said. The attacker was slain by More than 5,100 people also
China’s Foreign Ministry said security guards, and 10 people were wounded in connection with
it was taking the countermea- were injured. the fighting, said World Health
sures because it firmly opposed The civilians killed were Organization spokesperson Tarik
Canada’s decision on Monday to
kick out a Toronto-based Chi-
French and Tunisian, the Tunisian
Foreign Ministry said. It wasn’t
Jasarevic. On Monday, the Suda-
nese Doctors’ Syndicate, which
COMFORTMAT™
nese diplomat named Zhao Wei. clear if they were pilgrims at- tracks only civilian casualties, said
The ministry identified the tending ceremonies at the 2,500- the fatalities reached 487.
Canadian diplomat as Jennifer year-old Ghriba temple. The conflict started on April Sitting down and relaxing? That’s a
Lynn Lalonde and said that she Those injured include six se- 15, after months of escalating myth to most moms. This Mother’s Day,
had until May 13 to leave the curity agents and four civilians, tensions between the military,
country. the Interior Ministry said. It led by Gen. Abdel-Fattah Burhan, celebrate the hard-working mom in your
“We advise the Canadian side didn’t specify how they were in- and a rival paramilitary group
to immediately stop unreasonable jured or whether they were all called the Rapid Support Forces, life with the gift of anti-fatigue support
provocations,” said Foreign Minis- shot by the attacker, who wasn’t or RSF, commanded by Gen. Mo- and comfort she needs – and thank her
try spokesman Wang Wenbin on publicly identified. hamed Hamdan Dagalo.
Tuesday. “If the Canadian side The assailant, a guard affili- The fighting has turned urban for all that she does too! Shop Now
does not listen to advice and acts ated with the National Guard areas into battlefields and dis-
recklessly, China will resolutely and naval center in the port town of placed nearly 700,000 people in
forcefully retaliate, and all conse- Aghir on Djerba, first killed a col- addition to the 3.7 million who
quences arising from this must be league with his service weapon were internally displaced within the
borne by the Canadian side.” and then seized ammunition and country before the conflict began,
In response to China’s action, headed toward the Ghriba syna- said the U.N. migration agency. Auto. Home. Pet. Find Your Fit. 1-800-441-6287
Prime Minister Justin Trudeau gogue, the ministry said. On Monday, the Saudi For-
said: “We will not be intimidated. When he reached the site, he eign Ministry said talks between
We will continue to do everything opened fire on security units, delegations were expected to
necessary to keep Canadians pro- who fired back, killing him before continue for a few more days. Made in USA © 2023 MacNeil IP LLC
tected from foreign interference.” he reached the entrance, the The talks are part of a diplo-
China has denied any such in- ministry said. The motive for the matic initiative proposed by the
terference. attack was under investigation. kingdom and the U.S.
—Brian Spegele —Associated Press —Associated Press
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A10 | Wednesday, May 10, 2023 THE WALL STREET JOURNAL.

FROM PAGE ONE

India’s
Push to Be
‘Plus One’
Continued from Page One
being joined by multinational
corporations making goods
from solar panels and wind
turbines to toys and footwear,
all looking for an alternative
to China.
In 2021 Denmark’s Vestas,
one of the world’s largest

FROM TOP: OLA; AIJAZ RAHI/ASSOCIATED PRESS

wind-turbine manufacturers,
built two new factories in
Sriperumbudur. Its six assem-
bly lines now assemble hub
cells, power trains and other
components, stacked high in a
storage yard to be shipped
across the world.
Forecasts that India would
soon become the second-larg-
est market for turbines
sparked Vestas’s expansion.
But it was also a conscious ef- Above, an Ola Electric factory in India that makes electric scooters; below, U.S. Treasury Secretary Janet Yellen, center, on a visit to India in February.
fort to diversify away from
China, which hosted the bulk Indian exports, 12-month total Manufacturing value-added, percentage of GDP*
of its regional production, es-
pecially after repeated lock- $50 billion 35%
downs under Beijing’s zero-
Covid policy, said Charles Machinery
40 30
McCall, who oversaw the ex-
pansion as senior director of Textiles
Vestas Assembly India. “We 30 and allied 25 China
don’t want all our eggs in one products
Vietnam
basket in China.” 20 Transport 20
Some of Vestas’s suppliers Bangladesh
equipment
have joined it. American con- Mexico
tract manufacturer TPI Com- 10 Electronics 15
posites molds 260-foot-long items India

.
turbine blades that regularly
0 10
draw attention as they are

ly
shuttled along surrounding 2015 ’20 ’23 2005 ’10 ’15 ’20
highways. It has expanded sig- *Value added refers to a value of an industry's output minus value of its inputs. Sources: CEIC Data (exports); World Bank (manufacturing)
nificantly in India even as it
reduces operations in China.
Eventually, 85% of Vestas’s
suppliers will be in India, said
Mr. McCall, who recently left
Technology Market Research.
Foreign direct investment
into India averaged $42 billion
annually from 2020 to 2022, a
on
its existing plant near the In-
dian city of Chennai. It aims to
boost iPhone production to
around 20 million units annu-
and supplier to Apple.
Since 2014, Salcomp’s In-
dian workforce has increased
sixfold to 12,000 and it aims to
united goal integrated across
agencies to make Make in In-
dia happen faster,” he said.
In March 2020, India intro-
actually shrunk since Make in
India was launched, to 14% in
2021—far below that of Mex-
ico, Vietnam and Bangladesh.
the company. doubling in under a decade, ally by 2024 and roughly tri- hire 25,000 people in the next duced “production-linked in- Arvind Subramanian, who
us ,

China still towers over ev- according to central-bank fig- ple the number of workers to two years. With 200 buses to centives” that directly subsi- was Mr. Modi’s chief economic
l

ery other country in global ures. as many as 100,000, according transport workers and plans dize targeted products, adviser from 2014 to 2018,
e
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manufacturing, a position it Since China declared a “no to people familiar with the to build dormitories for 15,000 starting with mobile phones said for every company such
cemented when multinationals limits” friendship with Russia matter, The Wall Street Jour- people, the company’s campus and components, pharmaceuti- as Apple that has embraced
flooded in after it joined the on the eve of the invasion of nal has reported. is massive by Indian stan- cals and medical devices. India, several report bad expe-
ci on

World Trade Organization in Ukraine last year, the U.S. and An Apple spokesman de- dards, though not yet by Chi- Some companies have riences. Even Apple’s invest-
2001. But a growing list of fac- its allies have stepped up ef- clined to comment. nese standards. The facility found the process to claim the ment “wouldn’t have hap-
tors has prompted companies forts to reduce dependence on India has made progress churns out about 100 million production-linked incentives pened without the push from
to search for a backup. First, China. Through “friendshor- overcoming some barriers to units every year, compared to be burdensome. South Ko- China,” he said.
there were rising labor costs ing,” the U.S. is “strengthening business. In 2014 Indian Prime with its China facility which rean technology giant Sam- Amazon.com closed some of
er s

in China and pressure from integration with our many Minister Narendra Modi un- produces about 180 million sung Electronics has been in its Indian ventures last fall.
the Chinese government to trusted trading partners—in- veiled “Make in India,” an ef- units. discussions with authorities “We continue to develop and
m er

transfer technology to Chinese cluding India,” Treasury Sec- fort to boost manufacturing. over the amount of the rebate. grow the local e-commerce
competitors. Then there were retary Janet Yellen said on a India has digitized many gov- A Samsung India spokesman ecosystem,” Amazon said in a
President Donald Trump’s tar- visit there in February. ernment services and acceler- said the company is commit- statement.
iffs on Chinese imports in No company better embod- ated construction of railroads,
Indian officials ted to being a partner of India China’s experience suggests
2018, Covid lockdowns from ies the bet on India as the next airports, container shipping hope Apple’s and working to make the plan creating lots of moderately
m rp

2020 through last year, and China than Apple. Over the ports, and electricity genera- a success. paid jobs for less-educated ru-
now a push by Western gov- past 15 years, the company tion. Mr. Goyal pointed to In-
presence will spur Labor shortages are emerg- ral workers, especially women,
ernments to decouple their built up a state-of-the-art sup- dia’s rise on the World Bank’s others to come. ing in India’s manufacturing requires manufacturing.
economies from China. ply chain almost entirely in ease of doing business rank- hubs, local officials and busi-
Many countries are compet- China to make its laptops, ings and the World Intellectual nesses say. That’s because, un-
Scooter market
co Fo

ing to be the “plus one,” with iPhones and accessories. Its Property Organization’s global like in China, many workers
Vietnam, Mexico, Thailand and presence helped the entire innovation index and a grow- For all this progress, it isn’t are reluctant to relocate long In Tamil Nadu, a home-
Malaysia in particular conten- manufacturing sector in ing number of free trade pacts clear it’s enough to set India distances in search of work. grown unicorn, Ola Electric,
tion. China. The California-based as evidence “we have now apart. Jules Shih, a Chennai- China encouraged foreign embodies those hopes. India is
India must still overcome company has assembled taken…integrating ourselves based director of Taiwan’s companies to locate supply the world’s largest market for
entrenched problems that lower-end iPhone models in with other countries far more trade promotion agency, chains in special economic two-wheeled motorcycles and
have kept it a bit player in India since 2017 and began seriously.” TAITRA, said India has be- zones with reduced tariffs on scooters, and Ola has made a
global supply chains. Its labor making its newest, flagship India introduced tax and come an easier place to do imported components and ma- splash with its brightly
force remains mostly poor and iPhone 14 here within weeks of customs rebates for exports in business, but in many respects chinery. By contrast, “Make in painted scooters catering to
unskilled, infrastructure is un- its launch last year. J.P. Mor- 2015 and overhauled them in still lags behind other coun- India” sought to replace im- demand for electric vehicles.
derdeveloped and the business gan estimates a quarter of all 2021. The customs rebates tries. It can take longer to get ports with domestically manu- Ola is making half a million
climate, including regulations, Apple iPhones will be made in were “the trigger point for the land and approvals to set up a factured products by raising electric scooters a year from
can be burdensome. Manufac- India by 2025. entire electronic industry,” factory in India and getting vi- import tariffs. Those tariffs its new plant. It plans to qua-
n-

turing remains small relative Indian officials hope Ap- said Sasikumar Gendham, sas for expatriate technicians, discourage industries that im- druple factory floor space, in-
to the size of India’s economy. ple’s presence will spur others managing director of Finland’s managers and engineers is port many components. cluding two acres reserved for
to come. “Very often you have Salcomp, the world’s largest time consuming, Mr. Shih said. Manufacturing’s share of an indoor forest. The company
anchor companies who set the maker of smartphone chargers “We feel they don’t have a Indian economic output has says it will start making elec-
Making progress
no

trend,” commerce and indus- tric cars from early 2024.

Nonetheless, after decades try minister Piyush Goyal said The airy plant has an al-
of disappointment, it is mak- in an interview. “We believe most all-female workforce,
ing progress. Its manufactured that this will send a strong from security guards to work-
exports were barely a tenth of signal…to other companies in ers wielding spray guns of
China’s in 2021, but they ex- Europe, America and Japan.” paint, to those who test-ride
ceeded all other emerging Apple has been pushing the final product. “Initially,
markets except Mexico’s and suppliers to diversify beyond their parents were hesitant to
Vietnam’s, according to World China after many faced pro- let them work in factories,”
Bank data. duction disruptions during said Jayaraman G., Ola’s asso-
KAREN DIAS/BLOOMBERG NEWS

The biggest gains have been Covid lockdowns. Meanwhile, ciate director of corporate af-
in electronics, where exports geopolitical tensions have fairs. “No more. In the last one
have tripled since 2018 to $23 been growing between the U.S. year, they saw how the situa-
billion in the year through and China, as well as between tion changed financially—from
March. India has gone from Beijing and Taiwan, where paying for the education of
making 9% of the world’s Foxconn Technology Group, their siblings to helping build
smartphone handsets in 2016 Apple’s main manufacturer, is two- or three-room apart-
to a projected 19% this year, based. Foxconn is set to ex- ments. It’s a proud moment
according to Counterpoint pand production of iPhones at Employees test mobile phones at a unit of Foxconn Technology, in Sriperumbudur, India, in 2019. for their families.”

interested in making dapper permodels are required. the chest. also have to be wary of bub- challenging,” said Kyle Li, the
Digital duds for those digital muses
than actual models.
Roblox’s classic blocky ava-
tars lack necks, fingers and
Rebecca Minkoff,
founder of the eponymous
co- bles.”
Making money as a Roblox
instructor, since the software
they must use is relatively
The more-than-a-century- noses, and they walk without brand known for its handbags, fashion designer isn’t easy. new and evolving.
Personas old Parsons School boasts big-
name fashion-industry alumni,
bending their knees or ankles.
That doesn’t mean they can’t
apparel and footwear, recently
launched a collection on Rob-
Millions of tops, handbags,
shoes and other swag for ava-
Student MJ Gomez-Saave-
dra, not a gamer herself, had
including Marc Jacobs, Tom
Get Hip Ford, Anna Sui and Donna
Karan, and it is where the first
look hip.
Fashion is a big part of
Roblox, which had more than
lox. She said designers will
have greater job security if
they learn how to do the same.
tars are for sale, along with
vehicles, weapons and pets.
Roblox takes a 30% cut of each
never heard of Roblox before
the course.
But when she told her teen-
few seasons of the hit reality 66 million daily users as of “I don’t think this is going transaction. age cousin about it, “he was
Continued from Page One show “Project Runway” were March. Luxury brands such as to go away,” she said, adding Designers can try things in flipping out,” she said. “He
Younger generations are in- filmed. Gucci, Ralph Lauren, and Bur- that retro videogame charac- the digital world that may not thought it was the coolest
creasingly using avatars to Parsons added an avatar- berry have Roblox versions of ters such as Nintendo’s over- fly in the physical world. For thing ever.”
represent themselves in the design course called “Collab: their wares. alls-wearing Mario could use a the Roblox class, Parsons stu- Ms. Gomez-Saavedra said
digital realm, and half of Gen Roblox” this semester through Players can shop for ready- makeover. “It would be fun to dent Lea Melendez made a she had fun making a top out
Zers change their avatars’ a partnership with Roblox, to-wear clothing and accesso- customize his outfit,” she said. bubblegum-pink crop top with of a Roblox material called
clothing at least weekly, ac- which operates in the so- ries in its marketplace or One company without gravity-defying puffy sleeves. black lava rock for a lizardlike
cording to a study by Parsons called metaverse with thou- within games. Some goods are clothing on Roblox is French In real life, the sleeves avatar with scales and a tail.
and videogame-company sands of games and occasional free, while others cost Robux, luxury conglomerate LVMH, would fall down the arms. She now sees digital fashion
Roblox. concerts. Its users, many still the platform’s virtual cur- whose Chairman and CEO Ber- “But in Roblox, you don’t have as a viable career path.
“We dress in the physical in high school or younger, ap- rency, which can be purchased nard Arnault sounded caution to worry about that,” she said. Mr. Yang had some jitters.
world and we dress in the dig- pear as avatars they can dress with real money. Pieces range about flocking to the meta- The course’s students are Would his gladiator outfit res-
ital world,” Ben Barry, Par- up in countless ways. The new in price from 50 Robux (about verse during an earnings call working in groups to create onate with the platform’s
sons’ dean of fashion, said in a course teaches students how 40 cents) for a tie-dye bucket with analysts last year. three bespoke avatar ensem- young users?
recent panel discussion. “We to make digital clothing for hat to 5,000 Robux (about “We want real products bles. Their creations will go on “I don’t know what a first-
are in a new era,” he added. those figures on the Roblox $40) for a swanky black selling for real,” he said. sale on Roblox. grader will like,” he said. “It’s
So these days, some aspir- platform. No scissors, measur- sleeveless dress with a sun- “We’re not in the business of “The work that goes into a completely different social
ing fashion designers are more ing tape or pouty-lipped su- glasses-wearing lion across selling virtual shoes, and we making those three pieces is circle that you have to tackle.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

PERSONAL JOURNAL.
© 2023 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Wednesday, May 10, 2023 | A11

Brittany Malone, who works at

Mazda Toyota Manufacturing, gets
son Quinton Jr. ready for daycare.

going to be so cool,” says Mr. Dil-

lon, who retired this year after a
24-year career at Toyota, one of
the earliest pioneers of on-site
child care in manufacturing.
Yet on-site daycare can be cost-
prohibitive for companies and in-
convenient for workers, he says.
The money, he argues, is often bet-
ter spent on subsidizing families
in need of care, which in turn sup-
ports local child-care providers.

Recruiting tool
Myriah Sweeney, group manager
for people and property services
at Toyota in the U.S., says on-site
child care is expensive, costing ap-
proximately $15 million to build a
center for around 140 children.
Still, she says, it is a valuable re-
cruiting tool at its Indiana and
WES FRAZER FOR THE WALL STREET JOURNAL (2)

Kentucky plants. An estimated 2%

to 3% of workers there use it at
any given time, and 10% have at
some point in the past five years.
“It’s not necessarily a good fi-
nancial decision, but we know it’s
the right thing to do,” she says.
Executives at Mazda Toyota
Manufacturing went another route
at the joint venture’s new Green-
brier, Ala., plant after analyzing
the costs. It opted to offer workers
$3,000 in annual child-care subsi-
dies through Tootris, a company
with a network of 200,000 state-li-

Child-Care Woes Hold Back censed providers.

Tootris also helps more infor-

.
mal, often home-based providers
get licensed and matches them

ly
Companies and Employees
with workers in need. That is im-
portant since around 75% of the
child-care market is invisible and
on
Daycare at work, long a white-collar benefit, is proving tough to pull off with other workers
unadvertised, says Eric Cutler,
Tootris’s senior director of child-
care initiatives.
Mark Brazeal, MTM’s vice presi-
dent of administration,
us ,

BY TE-PING CHEN

M
ees with older children because of forces account for says the company cal-
l

trouble recruiting staff. Even with about 5% of the em- culated it would make
e
al a

ore companies that subsidized rates, few of its lower- ployer-sponsored cen- a return on its child-
rely on hourly shift wage staff have children at the cen- ters his company oper- care investment—up to
workers are trying ter, Ms. Holly says. Given the lim- ates. That percentage $1 million a year—if it
ci on

to fix the child- ited reach, the hospital is exploring is now on the rise. cut attrition by 1%.
care needs of their ways to help families find more Since the subsidies be-
employees by pro- care options in their communities. gan, 60% of workers
viding it themselves. So far, few Issues with with dependents have
have cracked the code. A lack of skilled labor on-site daycare signed up for the pro-
er s

Working against these compa- Many business leaders and policy Plastic-film maker gram, and 14% use the
nies is a lack of care, especially in makers say child care is key to lur- i2M recently consid- subsidies at any given
m er

rural areas where many manufac- ing younger workers, especially ered on-site child care time. Attrition, mean-
turers and other blue-collar em- women, into manufacturing and to boost recruitment while, has dropped 11%
ployers operate, some companies other industries facing a lack of and reduce absentee- for men and 20% for
say. Affordability, even with em- skilled hourly labor. A February re- ism at its Mountain women. The company
ployer subsidies, is often a hurdle. port by ReadyNation, a coalition of Top, Pa., factory. Too says a wage increase
m rp

So is providing care for parents business leaders, estimates that in- many absences can this past year may also
who work nights or frequently sufficient child care in the U.S. shut down production be a factor.
changing shifts. costs $122 billion a year in lost lines and cost the Brittany Malone, 33
Many of Huntsville Hospital’s earnings, productivity and revenue. company thousands of dollars, Ms. Malone signs sons Landen and years old, joined MTM’s produc-
18,000 staff throughout northern The Biden administration is also i2M CEO Alex Grover says. Quinton Jr. into daycare. She joined tion line last summer for the bet-
co Fo

Alabama and southern Tennessee pushing the issue with the recently Ms. Grover was surprised that MTM for better hours and pay. ter hours and pay—$5 more an
are mothers who work long shifts. passed Chips Act, requiring recipi- many production workers didn’t hour than what she earned as a
So it has provided daycare a block ents of the new $53 billion chip- want on-site daycare. Like many she suspects, is that shifts often hairstylist. Soon after, the father
away from its main hospital for making subsidy program to submit manufacturers, her company re- run into hours when the child-care of her young children, who had
decades, spending $400,000 a year plans for ensuring accessible care. cruits from a wide area—in i2M’s center is closed. cared for them during the day,
to charge below-market rates. Such workers typically have case, a radius of around 25 miles. “In manufacturing, we have to died. She now uses the subsidy to
It has capacity for 120 children, fewer child-care options than Many of its more than 200 em- really look at the true reasons why pay for a care provider near her
and its waiting list is often 50 chil- white-collar employees, many of ployees prefer care closer to home we’re having some of these is- home, whom she encouraged to
dren long. It would be expensive, whom can work from home and so that family or friends can pick sues,” she says. join Tootris’s network.
and difficult, to find room for more, earn more than hourly employees, their children up if needed. Tony Dillon, former general As a hairstylist, she was on
says Jennifer Holly, the hospital’s child-care industry executives and Ms. Grover says she opted to manager of human resources and food stamps. At MTM, she is sav-
vice president of human resources. researchers say. work with a local child-care pro- safety at Toyota’s Princeton, Ind., ing money and able to afford long-
“We’re landlocked,” she says of the Stephen Kramer, chief executive vider in late 2021 instead, charg- plant agrees. overdue dental work.
n-

hospital’s limited space. of Bright Horizons, one of the ing a subsidized $25 daily fee. Five “There’s glitter in being able to “My life has changed dramati-
The hospital recently scrapped country’s largest child-care provid- families use the offering, she says. say, we’re building an on-site [cen- cally,” says Ms. Malone. “We can
its summer programs for employ- ers, says shift and hourly work- One reason for the low number, ter], here’s an artist depiction, it’s do a lot of different things now.”
no

Meetings and Email Calendly, the Atlanta-based

scheduling-software maker, re-
stricted core meeting hours to be-
tween noon and 5 p.m., reserving

Eat Up Work Time the rest of the day for focused work
time, after noticing that meetings
were stretching into some of its fur-
ther-flung employees’ evenings and
BY RAY A. SMITH phone or in other, impromptu con- early mornings. About two years in,

I
versations with co-workers. In all, “we’ve found our people continue to
f you ever wonder why it can feel the average employee spent 57% of embrace it,” said Calendly Chief Ex-
there’s no time to accomplish their time using office software for ecutive Tope Awotona.
anything at work, consider this: communication—in meetings, email, Too often, meetings are scheduled
Many of us spend the equivalent of chat. The remainder of time, 43%, without clarity on what they are sup-
two workdays a week in meetings they used for creating things, such posed to achieve, said Rita J. King,
and on email. as building spreadsheets or writing executive vice president of work-
That is one of the findings in new presentations. place-consulting firm Science House.
data from Microsoft that examined Both workers and bosses com- “The key is to not invite someone to
the activity of millions of workers plain that digital overload is hurting a meeting unless you are absolutely
who use the company’s business ap- innovation and productivity, a senti- certain that they belong there, and
plications. The data is part of the ment echoed in numerous workplace you can tell them why,” she said.
software maker’s annual study of studies. In a separate Microsoft sur- Microsoft, which holds a large
workplace-productivity trends, which vey of 31,000 people worldwide, stake in OpenAI, the startup behind
provides the latest, and one of the nearly two out of three said they ChatGPT, is baking generative AI fea-
largest, measures of how people ac- struggled to find time and energy to tures into core workplace tools such
tually spend their workdays. do their actual job. Those people as Outlook and PowerPoint to re-
Microsoft, along with Google, were more than three times as likely move what its leaders have called
Slack and Zoom, is among the big- as others polled to say innovation the “drudgery” of some work tasks. A
gest sellers of workplace-communi- and strategic thinking were a chal- communications. Based on an aver- majority of workers surveyed by the
cations tools, and its report puts lenge for them. (The company didn’t age salary of $66,967, the lost time company said they think AI would
numbers to the crush of data, break down how sentiments differed
Two out of three people translates to a cost of $12,506 for help lessen their workloads, although
emails, meetings and notifications in different countries or industries.) surveyed say they struggle an employee annually, according to nearly half said they worry the tech-
that many people say consumes “People feel quite overwhelmed, a the report conducted on behalf of nology could imperil their job security.
their time on the job and distracts sense of feeling like they have two
to find time and energy Grammarly, a proofreading-software Kimani Bonner, who works re-
from actual work. jobs, the job they were hired to do, to do their actual job. company. motely from Nashville, Tenn., as a
Researchers found that the 25% but then they have this other job of Time spent communicating on- project manager for a software com-
most active users of its apps—in communicating, coordinating and col- line has soared alongside remote pany, is in as many as 10 back-to-
ILLUSTRATION BY MATT CHASE

other words, people who use Micro- laborating,” said Jared Spataro, who and hybrid work. Slack and Dropbox, back meetings a day.
soft’s business software for much leads Microsoft’s modern-work team collaborating isn’t necessarily improv- among other companies, have tried He blocks time on his online cal-
of their online work activity—spent and who spearheaded the research. ing workplace communications. tackling communications overload endar for heads-down work. He also
an average of 8.8 hours a week Granted, communicating and going In a 2022 Harris Poll survey of by prescribing dedicated times for makes lists of what he needs to get
reading and writing emails and 7.5 to meetings are a big part of the job more than 1,200 workers and exec- meetings and focus time. Some are done during his focus-time hours.
hours logging meetings. for many workers, especially manag- utives, bosses estimated that their also shortening meeting times and Those habits “saved me from
Those figures don’t include time ers. Yet, many workers and bosses teams lost an average 7.47 hours a raising the bar for calling a meeting working 60 to 70 hours a week,” he
spent instant messaging, on the say all of the time spent talking and week—nearly an entire day—to poor in the first place. said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A12 | Wednesday, May 10, 2023 NY THE WALL STREET JOURNAL.

PERSONAL JOURNAL.
BY JACOB PASSY

A
line charging fliers to use a
plane’s lavatory. “That just
couple of major doesn’t work from a busi-
European air- ness perspective,” he says.
lines, including
Air France, are Twitter’s
telling travelers advantage
not to contact For travelers, changes to
the company through Twitter threaten to upend
Twitter. an important channel for
Twitter has long pro- customer service. Twitter
vided a fast way for frus- accounts for roughly 63% of
trated fliers to reach airline social mentions involving
customer-service desks—a airlines, according to an
service many people used analysis conducted by Em-
last summer as hold times plifi for the Journal. Insta-
on the phone stretched for gram makes up less than 9%
hours. Airlines themselves of mentions involving an
encouraged customers to airline, while Facebook
reach them via Twitter. posts represent around 3%
But in late April, Air of mentions. Emplifi’s anal-
France said it would no lon- ysis also included mentions
ger respond to customer- in news articles, blogs and
service inquiries made posts to online forums.
through the social-media Twitter’s popularity as a
platform, directing custom- customer-service platform
ers to other avenues. In can be attributed in large
early May, Air France’s sis- part to its relative simplic-
ter airline, KLM, said it was ity, Mr. Zablan says. Unlike
also discontinuing customer platforms such as Insta-
service via Twitter. It noted gram or TikTok, customers
that direct messages on the don’t need to worry about
social-media site no longer creating content to get a
load in its protected cus- company’s attention. And
tomer-care system. companies can respond
Travel executives say the quickly on Twitter.
changes were needed given how
the social-media platform interacts
with airlines’ internal sites under
the new management of Elon
Why Certain Airlines Other social-media platforms
are “not really set up for the same
kind of response to individual
comments as Twitter is,” says Ro-
Musk. These executives also have
concerns about how Twitter veri-
fies businesses.
“We no longer offer customer
Are Avoiding Twitter land Rust, a marketing professor
at University of Maryland’s Robert
H. Smith School of Business.
Mr. Nigam notes that airlines
service by private message on this Platform had been a customer-service workaround for frustrated fliers engage with travelers on social-
platform at the moment, but our media platforms other than Twit-
commercial teams are still avail- ter in other parts of the world. In

.
able via the usual channels, includ- vidual users costs between $8 and “The verification mechanism is a The cost for companies looking Asia, WeChat and WhatsApp are
ing other social networks,” an Air $11 monthly, while organizations mechanism of trust within the to access Twitter’s API can total more popular, while in Europe

ly
France spokeswoman told The must pay $1,000 a month plus $50 community that the actual brand tens of thousands of dollars a Facebook Messenger is used as
Wall Street Journal in an email. monthly for every affiliate account, is associated with.” month, says Mark Zablan, chief ex- frequently as Twitter, he says.
She noted that the airline will according to Twitter’s website. Most major airlines, including ecutive of Emplifi, a customer-ex- Most airlines allow travelers to
continue to maintain its profile on
Twitter despite the change.
Twitter responded to a request
for comment to its public-relations
on
Most major carriers are verified
on Twitter, sporting the gold check
mark that companies can pay for
on the platform. As of Monday,
the largest U.S. carriers, continue
to address customer complaints
via Twitter.
Air France attributed its decision
perience platform. add their social-media handles to
their passenger profiles with the
airline. If an airline has verified a
person’s social-media handle in ad-
email with an automatic reply of a some airlines’ profiles didn’t fea- to changes Twitter had made re-
Travel executives say the vance, their customer-service rep-
us ,

poop-shaped emoji. ture the badge, including Air garding access to its application changes are due to how resentatives will have more access
l

France, Spirit Airlines and Singa- programming interface, or API. Web to their flight details when corre-
Twitter interacts with
e
al a

Check mark change-up pore Airlines. Not being verified developers use that interface to an- sponding over social media.
Previously, Twitter would verify on Twitter raises the risk of im- alyze data and to create tools that airlines’ internal sites. Travelers should also download
ILLUSTRATION BY DAN PAGE

accounts at no charge, with veri- postors spoofing companies’ ac- can connect the social-media site their airlines’ mobile apps, most of
ci on

fied accounts receiving the blue counts, potentially to defraud cus- with internal operations platforms. which feature tools that allow users
check mark. Last year, the com- tomers, marketing analysts say. In February, Twitter said it was to chat with customer-service
pany ushered in a new system “A lot of brands have been hi- removing free access to its API as Shashank Nigam, founder and agents. These apps provide real-
where most users and companies jacked,” says Ari Lightman, a digi- part of efforts to monetize the site. CEO of airline marketing-strategy time updates regarding flights, and
would need to pay for verification. tal media and marketing professor Twitter also began charging com- company SimpliFlying, compared can be a quicker way to get answers
er s

The subscription service for indi- at Carnegie Mellon University. panies and users for verification. the new fees to a hypothetical air- to questions during disruptions.
m er

Some Buy Now, Pay Later Users

m rp

Are Having Purchases Rejected

co Fo

BY IMANI MOISE accessible alternative to rates to tamp down inflation,

S
credit cards. Their application making it harder to offer
ome users of buy now, process is quicker and easier consumers zero-interest in-
pay later apps might than applying for a traditional stallment plans.
face something new credit card. They have also In response, companies
when they try to use the pay- been a way for people to ac- have started cutting costs
ment method: rejection. cess credit without denting and getting pickier to avoid
Higher interest rates and their FICO scores. Those who future loan losses.
recession concerns are chal- don’t make payments on For borrowers ages 18-24,
lenging the business model schedule can face fees. Pay- the delinquency rate of
behind services such as Af- ment plans that last longer BNPL plans has been rising,
firm, Klarna and Sezzle, which than the standard six weeks reaching a high of 5.7% in
say they are tightening credit can come with interest rates 2021, according to the most
n-

standards to focus on making as high as 30%. recent industry report by

a profit, rather than growth. Regulators and consumer the Consumer Financial Pro-
Some customers say they advocates have warned that tection Bureau. The average
have been caught off guard BNPL plans might encourage delinquency rate for con-
no

by unexpected denials or consumers to take on too sumer loans tracked by the

lower spending limits when much debt. Federal Reserve that year
they try to make was below 2%.
purchases. New custom-
In one instance ers with lower
detailed in a report credit scores and
in the Consumer existing custom-
Financial Protec- ers with a history
tion Bureau con- of late payments
sumer-complaint are more likely to
database, Klarna be rejected, ac-
cited problems cording to com-
verifying personal pany disclosures.
details as the rea- “We will lend a
son for declining a little less some-
transaction by an times, especially
existing customer to new consum-
with active Klarna ers, supporting
payment plans. them to make the
“What informa- right decisions for
tion was suddenly unverifi- Klarna and similar services them and for Klarna in chang-
able?” the complaint read. let shoppers split the cost ing economic circumstances,”
Klarna said it can’t com- of purchases into payments. the Swedish fintech company
ment on customer cases said in its annual report.
without a customer’s consent. When Ashaki Ayoka, a 32- Affirm began implement-
The company’s FAQs page year-old voice actor in Los ing tougher credit require-
for declined transactions says Angeles, received a denial ments about a year ago and
each purchase request is con- from Klarna last fall, she has stepped up scrutiny sev-
sidered separately, and the considered it an intervention. eral times since, at the ex-
company sometimes blocks Klarna rejected her attempt pense of hitting some of its
payments to protect custom- to purchase two small Telfar growth targets, executives
ers from potential fraud. bags for a combined $300 said.
Services such as Klarna after she had bought a large “Increasing consumer de-
and Affirm let shoppers split one for $257 earlier that day. mand is certainly there,”
the cost of purchases into “When I got rejected by Chief Executive Max Levchin
DANIEL HARVEY GONZALEZ/IN PICTURES/GETTY IMAGES

four or more payments, often Klarna, I thought well maybe said during a conference call
for little to no interest. The that is a sign I need to stop with analysts in February.
services surged in popularity doing this whole four-pay- Mr. Levchin said if the com-
during the pandemic’s online ment thing,” she said. pany was “careless” it could
shopping boom. Loans made BNPL providers have had grow more quickly, but it has
by five major BNPL competi- to slow down lending more decided some applications
tors swelled to $24.2 billion in than traditional lenders be- are too risky to take on.
2021 from $2 billion in 2019, cause unlike banks with de- In December, Sezzle
according to the most recent posits, they need to borrow launched a service it says
CFPB industry report. But the from other lenders and in- helps lower transaction costs
businesses have yet to make vestors to make loans. That and avoid loan losses: Pay-in-
an annual profit in the U.S. funding has become more Full. A customer gets retail
BNPL companies market expensive as the Federal Re- perks, but the customer buys
themselves as a transparent, serve has raised interest now and pays now.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Wednesday, May 10, 2023 | A13

ARTS IN REVIEW
ERIN BAIANO (2)

DANCE REVIEW

Balanchine and Beyond at the Ballet

New York City Ballet’s spring season includes works by the famed choreographer and newer pieces of varying inventiveness

BY ROBERT GRESKOVIC Emilie Gerrity paired with Peter

N
Walker in the cast I caught. The

.
New York ballet—which, unusual for Bal-
ew York City Ballet’s anchine, features an all-male corps

ly
annual spring gala de ballet—proved lively, with its
took place on May 4, incisive attack inspired by the
about midway through sometimes hammering music.
the company’s current
six-week season. For
the occasion, two world premieres
preceded a performance of resi-
on
In a promising vein—since
NYCB’s dancers will have his guid-
ing, artistic hand around regularly
when he becomes the company’s
dent choreographer and artistic artist in residence this fall—the
us ,

adviser Justin Peck’s winning “The troupe gave especially vibrant per-
l

Times Are Racing” (2017). In re- formances of Alexei Ratmansky’s

e
al a

marks from the stage during the 2010 “Namouna, A Grand Diver-
gala, individual speakers trum- tissement” (to Édouard Lalo). His
peted the troupe’s yearlong cele- 58-minute suite, featuring seven
ci on

bration of its 75th anniversary prominent dancers as well as an

that will start this fall. energetic ensemble of 16 women
Ballets by the renowned George and eight men, entertained and as-
Balanchine (1904-1983), a co- tonished from start to finish this
founder of NYCB, dominated the season, with especially memorable
er s

spring run’s first half. Some of performing from various casts.

these time-tested works got im- Standout impact came from Unity
m er

pressive performances while oth- Phelan, Ashley Laracey, Roman

ers were wanting in impact. Mejia, Georgina Pazcoguin, Sara
Among the showings that expertly Mearns, Daniel Ulbricht and Ms.
honored Balanchine were Indiana Nadon.
Woodward’s and Joseph Gordon’s As for the newest entries to
m rp

lyrical and piquant lead perfor- NYCB’s active repertory—proudly

mances in “La Source” (1968), proclaimed in the gala speeches
whose nymph-like women embody and on the cover of its program as
the spirit of the flowing spring embodying “Invention”—neither
evoked in the enchanting Léo De- Christopher Wheeldon’s “From You Dancers performing ‘From You Within Me,’ above; Mira Nadon and Emilie Gerrity in ‘Kammermusik No. 2,’ top
co Fo

libes score. But Erica Pereira did Within Me,” to Arnold Schoen-
lackluster work as the featured berg’s sometimes shimmering
ballerina in Balanchine’s “Square “Verklärte Nacht,” nor Alysa heaving huddle of his dancers, contrast with Mr. Frerer’s mean- Racing,” to recorded music by Dan
Dance” (1957) to Arcangelo Corelli Pires’s “Standard Deviation,” to an blends into Ms. Manning’s paint- dering, jazzy, saxophone-dominant Deacon, is programmed during the
and Antonio Vivaldi; similarly, Isa- intermittently boisterous, commis- stroked curtains, and at times score. Her choreography focuses run to close the bill that includes
bella LaFreniere appeared more re- sioned score by Jack Frerer, feels blurry when bathed in Mary on angled arms with clasped the newest works, which it does
strained than authoritative as the amounted to effectively inventive Louise Geiger’s dusky and shad- hands, which when held behind with palpable authority and en-
featured ballerina in Balanchine’s showcases. owy lighting. While the choreog- the backs of the dancers make ergy. One of his signature sneaker
“Raymonda Variations,” his playful Painter Kylie Manning pro- rapher’s dance-making has the them appear handcuffed. The ballets, the challenging work pro-
1961 showcase of solo and duo vided Mr. Wheeldon’s 32-minute, feel of the paintings’ sweeping work’s distinct, boxy positions vides NYCB’s dancers with more
dancing to Alexander Glazunov. 12-dancer effort with curtains at pigment strokes, the movements formed by the bare arms of the 12- than enough invention to entertain
A number of Balanchine ballets front and back, each suggesting are more atmospheric than arrest- dancer ensemble have more vivid and engage audiences. With both
are due to return for the anniver- horizonless expanses of rough ter- ing. There are featured moments impact than the mostly ballet- Mr. Ratmansky and Mr. Peck in
n-

sary year after various hiatuses. rain, or perhaps choppy seas, for Ms. Mearns, whose presence standard moves for the bare legs place for NYCB’s 75th, their inspi-
This season, “Kammermusik No. 2” reminiscent of bleak surfaces on here brings more credit to her im- of Tiler Peck and Ms. Nadon, the ration and direction should sustain
(from 1978, to Paul Hindemith), uninhabited planets. Her mostly pressive physical abilities than to two leading women. Dana Os- the company’s dancers in both the
not seen since 2019, returned in a scarlet costuming of unisex tights Mr. Wheeldon’s inventions. borne’s flat gray or blue costuming short and long run.
no

strong staging led with gamboling looks like slack skin. Mr. Wheel- Ms. Pires’s 23-minute “Standard gives focus to the choreography’s
and darting emphases from Mira don’s swirling and coiling chore- Deviation” sets up recurring, regu- arm and leg moves but little more. Mr. Greskovic writes about dance
Nadon alongside Aarón Sanz and ography, which evolves from a lar geometric arrangements that Justin Peck’s “The Times Are for the Journal.

ric nurse; Tayo Michaels (Mr. about imposing the signifying subti-
Henry), was a six-figure insurance tles. But it isn’t really enough to
executive; Hour Nazari (Ms. Sepi- cause major confusion. The more
TELEVISION REVIEW deh) was in need of a life goal; the dramatic disruption—and a distinct
JOHN ANDERSON privileged Daniel Lennix (Brian J. asset to the series—is the startling
Smith) might have been looking to shift in tone from episode to epi-

‘Class of ’09’ fatten his résumé so he could par-

lay his family connections into a run
sode. The personal lives of the char-
acters can grow emotionally mori-

Imagines
for elective office. bund. But the action sequences, and
the confrontations between Mr.
Henry’s Tayo and the homegrown

The FBI’s AI The series toggles

among past, present
terrorists he’s trying to stop, are
grippingly violent and intelligently so

Dilemma
(at least in the first four episodes,
which were the only ones made
and future as it follows available for review).
a group of FBI agents. Whether “Class of ’09” is operat-
ing at peak efficiency depends on
who is on screen. Ms. Mara always
broadcasts at a low frequency, but
The stylistic tweak in this eight- Poet represents a great wishy-
part series is a toggling among The washy middle ground, so perhaps
Brian Tyree Henry and Past (2009), The Present (2023) that’s apt. Mr. Henry, conversely, is
FX NETWORKS

Kate Mara in the series and The Future (2034), with the uni- quietly fierce and a captivating
from Tom Rob Smith fying conflict being the show’s Big presence throughout. Ms. Sepideh
Question: Will the bureau adopt a makes Hour a more complex char-
“Minority Report”-style policing pol- acter than was likely on the page,

H
icy based on artificial intelligence which is what screenwriters hope
ollywood and its offspring ties, trial separations. But there’s al- have to be the FBI? The problems that identifies criminals before they will happen. (The writer here is nov-
have cozied up to the FBI—of- ways a reunion, with the FBI being that the show’s dramatized institu- commit any crimes? Hour, the data elist Tom Rob Smith, of “American
ten to their mutual satisfac- portrayed as an agency in which tion faces, and creates for itself, genius, invented the system; Tayo, Crime Story.”) And with artificial in-
tion—since “G-Men” of 1935. Under wayward people are an aberration, could be the product of any imagi- who will become director of the bu- telligence at the center of much
fire for its catalog of gangster films, and the stalwart agents of fiction nary police body in the ever-expand- reau, endorses it (for various rea- current debate, “Class of ’09” seems
Warner Brothers simply flipped the keep the faith. It may be a problem- ing world of secret-government sons); Poet, the conscience of the particularly topical. Or did AI figure
script: James Cagney went from atic symbiosis, but it never seems crime series and futuristic fiction. piece, questions it. The specificity of all that out ahead of time?
public enemy to federal investigator, to totally collapse, not even in The narrative wrinkle in “Class of time can get a little sloppy since no
J. Edgar Hoover’s infant agency got “Class of ’09.” ’09” is how it tracks the careers of one looks very different from decade Class of ’09
the star treatment, and the studio The FX on Hulu series, which several FBI agents who have been to decade (Mr. Henry never ages; Begins Wednesday, Hulu
looked righteous while raking it in. stars Kate Mara, Brian Tyree Henry recruited from different walks of Ms. Sepideh changes her hair; Ms.
Yes, the relationship has had its and Sepideh Moafi, is far from a life: Ms. Mara’s Ashley Poet (“Every- Mara takes on some gray) and the Mr. Anderson is the Journal’s
ups and downs—suspicions, infideli- glorification of the FBI. But did it one calls me Poet”) was a psychiat- producers get a bit lackadaisical TV critic.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A14 | Wednesday, May 10, 2023 THE WALL STREET JOURNAL.

SPORTS
We interrupt these JASON GAY

A Scoring Season for the Ages

amusingly Florida-cen-
tric hockey and bas-
ketball playoffs—the
Panthers and Heat,
who saw this tropic
thunder coming—to pivot to the
soccer pitch. Erling Haaland is obliterating records and keeping Man City on the path of a historic year
Specifically, I want to pivot to
the most thrilling human currently
on two cleats, I mean boots: dic man stroll around a field with-
Erling Haaland. out the ball.”
Or just Haaland—the Erling’s He is Shaq in full kit. The soc-
long been extraneous. He’s a 6- cer romantics may never be as
foot-4 Norwegian who celebrates moved by Haaland’s shock and awe
goals by falling to the ground in a as they are Lionel Messi or Kylian
meditative Lotus pose, but also Mbappé in full bloom, but that’s
says he enjoys the fearsome nick- expected. Terminators are seldom
name “Terminator.” a romantic experience.
We will also accept That Guy, As the season’s gone on, Haa-
because you can’t miss Haaland land has offered more.
out there—the unmistakable, pony- He’s still scoring in buckets, but
tailed blond sequoia in Manchester he’s widened his repertoire, post-
City sky blue who looks like he es- ing some brilliant assists (includ-
caped from a Gronkowski extended ing two to De Bruyne in a 4-1 rout
family reunion. of Arsenal) and showing magna-
He’s the English Premier nimity the other day versus Leeds,
League’s breakout superstar, and when he handed over a penalty
he’s building a case as one of the kick to teammate Ilkay Gundogan.
most exciting young athletes on (Gundogan, on the verge of a hat
earth, in any sport, a true get to trick, missed the penalty, and both
the television and watch him, now he and Haaland drew the wrath of
sensation. Man City manager Pep Guardiola,
Let me repeat: Get to the televi- who’d asked Haaland to take it.)
sion and watch Haaland, now. Or Call it an amusing hiccup in this
any screen of your choice. Man- brilliant debut. In Man City, Haa-
chester City’s next Premier League land joined what was already one
game is on May 14 against Everton. of the richest, most stacked teams
Why the fuss? Pretty simple. It’s in the universe—a club recently ac-
because Haaland scores. And cused of breaching financial regu-
scores and scores and scores and lations by the Premier League it-
scores. And scores again. Then he self. City is always a hothouse, but
scores one more goal, just in case Haaland’s managed to endure the
you missed the last one. It’s hon- accompanying stresses and blend
estly bigger news when Haaland into Guardiola’s precise offense—“a
doesn’t score—that’s what hap- jackhammer on a tray of surgical

.
pened Tuesday, when Real Madrid instruments,” as Robinson ele-
impressively kept the big man gantly put it.

ly
quiet during a 1-1 tie in the opener He isn’t an expensive accouter-
of its Champions League semifinal. ment. He is a star of stars, and if
Last week, Haaland scored his City is to win its first Champions
35th goal in his 32nd Premier
League game, breaking the 31-year-
old league’s record with four
games still left to play. He’s scored
on
Manchester City striker Erling Haaland has had plenty of opportunities to celebrate after scoring this season.

It isn’t supposed to go like this. Maybe that’s why this whole situa- five goals in a Champions League
League title and capture this his-
toric treble, he will be the essential
figure.
Let me finish with a little story.
more goals than several EPL clubs, The EPL tends to rattle and steam- tion has looked so smooth. There match versus RB Leipzig. It’s hon- A couple of nights ago, I was at my
us ,

and he’s a central reason the al- roll new players as they adapt to was Premier League sequencing in estly bigger news when Haaland son’s Little League game when one
l

ready-very good Man City has a its physical style and global spot- his DNA. doesn’t score. of his teammates hit a home run.
e
al a

very good crack at the “treble”— light. Had Haaland needed a season From the start, Haaland poured He does all of this despite The kid sprinted around the bases
winning the Premier League, “to adjust” upon his heavily hyped it on. He scored two goals in his rarely touching the ball. Haaland until he crossed home plate,

MARTIN RICKETT/ZUMA PRESS

Champions League, and FA Cup in arrival from Germany’s Borussia Man City debut versus West Ham, isn’t a football artiste—he is a reached his celebrating colleagues,
ci on

the same season—an achievement Dortmund—the kid who once added a third in his third game blunt force object, a finisher who dropped to the ground in a cross-
that hasn’t been unlocked since Da- scored nine goals in an under-20 against Newcastle, then logged feasts on pretty assists by team- legged stance, and closed his eyes.
vid Beckham’s Manchester United World Cup game—few would have back-to-back hat tricks versus mates like Kevin De Bruyne. As the He was doing the celebration in
did it in 1999. been shocked. Lots of newbies do. Crystal Palace and Nottingham For- Journal’s Joshua Robinson put it a Little League game.
Craziest part of all? Haaland is Haaland actually was born in est. He was the fastest Premier earlier this season: “To observe Er- Haaland’s celebration.
er s

just 22—and in his first-ever Pre- England—in July 2000, when his League player to 10 goals, then the ling Haaland playing soccer…is The Terminator is everywhere.
mier League campaign. father, Alfie, was playing for Leeds. fastest to 20. He notched a wicked mostly to watch a very large Nor- Catch him as soon as you can.
m er

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 24 Barack’s first
m rp

chief of staff
14 15 16
27 Cupful in
17 18 19
Cambridge
29 Narc’s agcy.
co Fo

20 21 22
30 Nose bag fill
23 24 25 26 27 32 Designer
Maya
28 29 30 31 32
34 Get-up-and-
33 34 35 36 go
MARTIN RICKETT/ZUMA PRESS

37 38 39 40 41 35 Nae sayer
37 It may include
42 43 data
44 45 46 47 48 49 50 51 38 Most gangly
n-

39 “___Know
52 53 54 55 56 Me” (George
Strait song) Lamont Marcell Jacobs, right, edged Fred Kerley, left, to win the 100-meter gold in Tokyo.
57 58 59 60
no

40 Condo grp.
61 62 63 64

65 66 67
41 Some
raggedy dolls
World’s Fastest Men Will Face Off
42 Botanical BY RACHEL BACHMAN Jacobs responded with In- nagging thigh injury. Kerley
68 69 70 accessory stagram stories captioned, went on to win the final in
The two fastest men in “The lion doesn’t turn around 9.86 seconds, leading an
45 How Marie the world have been engag- when a small dog barks,” and, American sweep of the med-
WEATHER-BEATEN | By Dave Rus Kondo folds ing in a tart verbal rematch “Easy run today so as not to als. Marvin Bracy-Williams
Across 28 Weather with 56 ___Domingo 3 Apothecary clothes of their Tokyo Olympics scare small dogs,” according was second, followed by Tray-
a twist cup 46 Clumsy fellow showdown on social media in to NBC Sports. von Bromell—who is also rac-
1 USN big shot 57 Ship on which recent weeks. Now, the race A later Instagram story in- ing in Florence.
(47-Across)
Captain 4 Movie magic 48 Recipe is actually going to happen in cluded an image of him beat- High-profile sprint match-
4 Pooch from 31 Shopping in letters
Corcoran amount real life—and one man will ing Kerley at the Olympics. ups are relatively infrequent
Wales skivvies, say sings “My 5 Foe for Frodo 49 Approximate have a home-field advantage. The caption read: “Whenever outside of world champion-
9 Steamer (44-Across) gallant crew, American Fred Kerley, the you want and wherever you ships and Olympic Games,
good 6 Backside lunch time
trunk 33 A ton reigning world champion in want, but remember that partly because of the risk of
closers morning” 7 Gifts from 50 Fish-eating the 100 meters, will face Ital- when it mattered more it defeat, and partly due to a
36 Empire ended mammals ian Lamont Marcell Jacobs, ended like this.” lack of appearance fees to
14 Sentimental 60 Words before parents
in 1572 the reigning Olympic gold Kerley and Jacobs, both 28 spread among stars.
nonsense date or trap 8 Shining 51 Find hilarious, medalist, in the 100 meters years old, have raced one an- Marco Sicari, the organizer
37 Existential perhaps
15 Rapacity 61 Weather in example at a June 2 Diamond League other only twice. Jacobs of the Diamond League meet
ecological meet in Florence, Italy. came out ahead both times. in Florence, declined to reveal
concern, and winter 9 Accelerate 54 Puts into piles
16 Jeff The race will be their first Neither won when they ran what meet organizers were
what’s (19-Across)
Bagwell, for 10 Respecting 55 Essential meeting since Tokyo in 2021. together in a pre-Olympics paying the men to appear.
15 seasons happening 62 Less suitable quality That’s when Jacobs, in a sur- Diamond League race in Mo- But, he said, “it’s not over
with the for young 11 Pounds, e.g. prise, won the gold in a per- naco in 2021, where Jacobs what we’ve usually been in-
17 Weather cross- 58 ___-do-well
audiences 12 A medium sonal-best 9.80 seconds, edg- finished third and Kerley vesting on top athletes.”
with an eye referenced (17-Across) might detect 59 Cologne coin ing out Kerley to become the sixth. Then Jacobs came out He added: “We are really
(62-Across) answers first Italian man to win the on top in Tokyo. really happy to present this
65 Stand in front one 61 Grasp
19 Tuning fork 42 Electric car Olympic 100 meters. Jacobs Kerley has the faster per- very emotional matchup be-
of an artist 13 Fifth note was born to an Italian mother sonal best—a 9.76 in a prelim- tween two of the most inter-
material from Nissan 63 Green
(61-Across) 66 Hackneyed 18 Steed steerer in El Paso, Texas, and moved inary heat at the 2022 world esting athletes we’ve been
43 One might stir 64 Components to Italy as a child. championships. He also had a seeing in at least the last
20 Cash on things up 67 Mme., in 22 Dove sound of some IRAs The two men have traded strong start to this season, three years.”
hand? Madrid barbs in interviews and on winning the 200 meters in Kerley won last year’s 100-
44 Weather- Previous Puzzle’s Solution
21 Where you 68 Admission P UM P T I P P E R V E T
social media in recent weeks. the Diamond League season meter Diamond League race
influencing Kerley, appearing on the opener in Doha, Qatar, last in Rome, in 9.92 seconds. The
might find phenomenon 69 Packs O N C E O N E I D A I V E
MO N E Y MA R K E T R I A “Sprint Culture” video podcast weekend in 19.92 seconds. stadium there is under reno-
hot rods (31-Across) A L E A F E N S I G N S weeks ago, scoffed at Ja- When Kerley was asked vation, so this year’s Diamond
70 POTUS from U NM E L T E D N I C E cobs’s recent runner-up per- last week about a potential League meet is being held in
23 Flight part 47 Oven for G O A P OWE R O U T L E T
MO formance in 6.50 seconds at matchup with Jacobs, he said, Florence.
25 Fruit that’s baking naan H A R D N O R T H
(28-Across) Down H A R P E R S B A Z A A R the 60 meters in the Euro- “If it happens, I’ll be there and Sicari acknowledged that
tart until A E R I E T S A R pean indoor championships, I’ll definitely win. I don’t know social media played a role in
frozen 52 Variety 1 Horrified T A L K I N G S H O P TWO “Indoor is indoor,” Kerley if he’ll show up.” making the meeting happen.
A G E E T A C I T U R N
26 Gave 53 Dawn 2 Golden rule P A S S A D O S T P A T
said. “The real dogs come and Last summer, Jacobs “If we were in the social-me-
permission to direction words I V S B U S I N E S S E N D play outdoor.” Asked whether pulled out of the semifinals dia era between Ali and Fra-
N E O E E L P O T K L UM Jacobs is a real dog, Kerley of the 100 meters at the zier, they probably would use
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. S S N S T O A T S S Y N C replied, “I don’t think so.” world championships with a also the social media.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Wednesday, May 10, 2023 | A15

OPINION
Ukraine vs. the Axis of Illegitimacy BOOKSHELF | By Steven Poole

C h urch i l l ’s
“bodyguard
of lies” will
and the Norwegian air force
academy, from whom I borrow
the above points, recently
China’s rise with trade, fi-
nance, student exchange etc.,
albeit also without any illusion
at global society, which is still
embodied primarily in the U.S.
and Europe. Mr. Putin hardly
Sell Me
have been
working
overtime in
the runup to
stressed the obvious about
Russia’s leaders: “They don’t
fear NATO. They know we’re
defensive.”
about the need to counter
China’s military or the inevita-
ble conflict (still coming) be-
tween its ruling party and
disguises his need to be
treated as an important per-
sonage. Beijing’s hysterical re-
action whenever a Nancy
A Story
BUSINESS
WORLD U k ra i n e ’s
anticipated
This is important not only
in respect to Russia but in re-
middle class over political
power.
Pelosi or Kevin McCarthy
shakes hands with Taiwan’s
For the Culture
By Holman W.
spring offen- lation to China and Taiwan. “Realists” who today insist elected president comes with a By Marcus Collins
Jenkins, Jr.
sive. Hang- Ukraine doesn’t pose a threat on Russia or China’s legiti- subtext. That subtext is a plea- (PublicAffiairs, 294 pages, $29)

E
ing on every to Russian security but to the mate or strategic interests are cum-demand that the U.S. help
hint about where and how it Putin regime’s legitimacy. Tai- missing the point. There’s no suppress the growing separat- arlier this year, Anheuser-Busch sent personalized
might begin is undoubtedly a wan doesn’t threaten China’s stable solution to either re- ism of the Taiwanese elector- cans of Bud Light to the transgender influencer Dylan
fool’s errand. Even more so security. It only threatens, by gime’s problems that Western ate before its lands both the Mulvaney, who then promoted the product on social
given a plethora of opportu- example, the Communist U.S. and China in hot water. media. A backlash ensued. The company swiftly pivoted,
nities created by a front Party’s monopoly on power. Mr. Putin’s war hasn’t gone releasing a new ad about “the American spirit” featuring the
twice as long as the Western Some have quibbled with As Kyiv’s offensive as planned. His regime’s ram- brand’s signature Clydesdale. It’s an incident that illustrates
front in World War I, yet Joe Biden’s democracy vs. au- shackle nature is shining how people drink a particular beer not only for its unique
sparsely manned on both thoritarianism framing, but looms, Xi sides with through, in the antics of Wag- balance of hops and barley, but for what they believe the
sides, allowing any number he’s right about a baseline re- Putin because he ner boss Yevgeny Prigozhin, in brand says about them.
of possibilities for break- ality. China’s regime rushed to the ensaddened military Vic- In “For the Culture: The Power Behind What We Buy,
through and maneuver. Russia’s side because it per- can’t justify his rule. tory Day parade on Tuesday. What We Do, and Who We Want to Be,” Marcus Collins tells
Spare a moment instead for ceived a moment of geopoliti- But Mr. Putin likely now be- a happier story of earlier times. Mr. Collins, a marketer and
the bigger picture. Contrary cal danger for antidemocratic lieves an endless if modulated business-school professor, recounts once helping Budweiser
to the justifications of Vladi- governments. We might even appeasement or diplomacy war, even without progress on seem cool again—in the face of encroachment from craft beers
mir Putin and his Western give the global conflict that can provide. Accommodating the ground, is his least bad and the hipster’s choice, Pabst Blue Ribbon—by rejigging
echo chamber, Mr. Putin started in Ukraine a nickname: Russian interests vis-à-vis option. This is what Ukraine’s Budweiser’s multicity music festival into a single-site weekend
shows by his behavior he World War Legitimacy. NATO membership for offensive needs to change. concert aimed at an audience of “makers”: people for whom
knows NATO is no threat to The talk after the Cold War Ukraine or even the Kremlin’s It needs to show that Rus- self-expression and creativity are paramount. It didn’t hurt
Russia. He denudes his ultra- about the “end of history” desire for Crimea would solve sia can’t hold what it has oc- that the rapper Jay-Z helped
vulnerable Kaliningrad sec- wasn’t so wrong after all. nothing. The next morning cupied, that the Kremlin’s program the lineup. In this
tor—surrounded by NATO on Hopes for the spread of de- Mr. Putin’s basic regime inse- army will be pushed back way, the author tells us,
four sides—of forces to send mocracy along with the infor- curity would still hang over whenever Ukraine and its al- Budweiser “catalyzed collec-
them to Ukraine. He is blasé mation revolution were impa- him. lies make a concerted effort tive behavior by leveraging
about Finland joining the alli- tient but not unrealistic. What For decades China’s biggest to push it back. Only then the sway of culture.”
ance, though it extends by are China’s great internet wall fear was a Taiwanese declara- will an aging, passive and in- But what is culture, exactly?
830 miles the border he must and Russia’s garish state TV tion of independence produc- creasingly withdrawn Mr. Pu- Mr. Collins calls it the operating
defend against NATO. He monopoly if not attempts to ing a crisis for which Beijing tin (as keen observers de- system by which we live, and
hasn’t rushed forces to his counter the ease of knowing had no good options. Yet now scribe him) bestir himself includes identity, shared
newly vulnerable frontier. how other societies live and the regime is telling us its le- and flail around for another language, social norms and
The truth was evident from are governed in an increas- gitimacy will have to rest on solution. His next-best solu- cultural production—art, movies,

.
day one. Mr. Putin exposed the ingly globalized society? reclaiming Taiwan because, tion is some kind of cease- fashion and branded products.
cream of his army on Xi Jinping accuses the U.S. with the prosperity machine fire arrangement that re- To help develop this picture he

ly
Ukraine’s roads knowing NATO of thwarting China’s rise, but sputtering, the ruling Commu- lieves pressure on him hauls in the big guns of social
air power could reduce it to glance back through the last nists have no good answers domestically to keep finding psychology, anthropology and
scrap in an afternoon. Justin 11,500 issues or so of this for why they still rule. bodies and materiel to throw even French philosophy: Roland
Bronk, an expert at London’s
Royal United Services Institute
newspaper. You will find sup-
port in every edition for aiding
on Don’t underestimate the un-
dertone of extortion directed
into a war that everyone sees
is failing.
Barthes, for example, makes an appearance to buttress the
argument that speakers and authors are never in full control
of the meaning of their words.
Marshaling such forces in an elegantly friendly writing

GOP Should Yield on the Debt Ceiling style, Mr. Collins presents a polemic against the marketing
us ,

language of microdemographic “segments” (e.g., minivan

l

drivers) or made-up “personas” (his own satirical example:

e
al a

The threat of more than a billion dollars in to hold two opposed ideas in target is to reduce the annual “Tiffany is a twenty-five-year-old single woman living in
a debt-ceiling additional interest payments. the mind at the same time deficit enough so that U.S. Chicago, Illinois. She works at a start-up and binge watches
crisis has be- Driving off the fiscal cliff and still retain the ability to debt grows no faster than the ‘Married at First Sight’ on Netflix while scrolling through
ci on

come more this time would be far worse. function.” The challenge for U.S. economy. TikTok and Instagram after a run and a shower once work
immediate. A Interest rates would skyrocket, Congress and the president is According to estimates is over.”) Such stereotypes, the author argues, miss our
May 1 memo probably plunging the U.S. into to meet this test. On one from the Committee for a Re- irreducible differences. “Real people,” he reminds us, “are
POLITICS from Phillip recession. And because U.S. hand, the likely consequences sponsible Federal Budget, nei- complex and messy.”
Swagel, direc- debt is the linchpin of the of default are unacceptable. ther Mr. Biden’s budget pro- In reality, the author tells us, we belong to “tribes” of
& IDEAS
er s

tor of the global economy, the effects of On the other, our long-term posal for fiscal 2024 nor the shared beliefs and passions (skateboarders, say, or heavy-
By William
Congressio- higher interest rates and fiscal trajectory isn’t sustain- House Republicans’ debt-ceil- metal fans); many members of these tribes will gather in
A. Galston
m er

nal Budget Of- slower growth would ripple able. Our political leaders ing bill comes close to meeting larger “congregations” (alternative-sports fans, festival-
fice, informed around the world and boost must find a way of reconciling this target. Relative to current goers). To these congregations, brands should preach a
Congress that because tax re- China’s effort to displace the these truths to reach a practi- policy, Mr. Biden’s proposal “gospel” about their own values. (It is ironic that many
ceipts were running below dollar as the world’s reserve cal result. would reduce the accumula- brands champion the value of nonconformity to persuade
previous estimates, there is a currency. tion of additional debt over customers to adopt their uniform.) With this rhetorical
m rp

“significantly greater risk” Several senior Republican the next decade by $3 trillion, scheme, the author continues the tradition of commerce
that the Treasury will run out economists and budget experts Their demands could but the ratio of debt to gross borrowing the language of religious virtue.
of funds by early June and be have been working feverishly domestic product would rise Some of Mr. Collins’s case studies illustrate win-win
unable to meet its obligations to persuade House Republi- be met during budget from 98% to 110%. The House situations in which a surge in profits follows a socially
fully. If that happens, “the gov- cans that these risks are real talks, to which Biden bill goes further, reducing new positive campaign, as when Nike made the NFL quarter-
co Fo

ernment will have to delay and shouldn’t be run, but they debt by $4.8 trillion, but the back Colin Kaepernick the star of a 2018 campaign with the
making payments for some ac- have reportedly encountered a said he was open. debt-to-GDP ratio still would tagline “Believe in something. Even if it means sacrificing
tivities, default on its debt ob- wall of resistance. Some repre- rise to 106%. everything.” Most endearing is the author’s account of
ligations, or both.” That same sentatives believe that the These numbers underscore some of his own marketing failures. Hired a few years ago
day, Treasury Secretary Janet consequences of running out Like many observers, I be- the basic structure of Amer- to rejuvenate the soft drink Sprite—old tagline: “Obey your
Yellen wrote to Congress urg- of funds are being exaggerated lieve that the disagreements ica’s fiscal plight: Neither thirst”—his team made an ad with an updated slogan,
ing swift action, and President for political purposes, while between the parties are too party’s policy agenda can get “Only for the thirsty.” They had somehow overlooked that
Biden invited the top four others believe unchecked gov- deep to resolve between now the job done alone, and al- “thirsty” is now internet slang for being lustful or sex-
leaders of Congress to the ernment spending is an even and June. I hope that party though temporary tactical vic- starved. Twitter had a field day, and the ad was pulled within
White House to discuss fiscal worse threat. leaders can agree to suspend tories are possible, neither 24 hours. This, the author comments wryly, is a good example
issues. Meanwhile, the White (not increase) the debt ceiling party can force its preferences of failing to understand how cultural meanings have shifted.
The source of the current House and Treasury are ex- until Sept. 30, allowing discus- on the other. Progress will
impasse is straightforward. ploring emergency options, all sions of the debt ceiling and come through agreement, or
In marketing, it’s no longer about demographic
n-

The House Republican majority legally and politically fraught, the budget to proceed simulta- not at all.
insists that it won’t raise the that they could implement neously. Mr. Biden has said This is hard, but not impos- segments, but about ‘tribes.’ What’s wrong
debt ceiling without an agree- without congressional ap- that he is willing to discuss sible. In the mid-1990s, fiscal
ment to cut spending signifi- proval. Paying some obliga- fiscal policy as part of the bud- peace treaties between Presi- with brands preaching a ‘gospel’ about values?
no

cantly and has passed a bill to tions but not others would get negotiations, but only sep- dent Bill Clinton and House
accomplish this goal, while the raise technical difficulties and arately from debt-ceiling talks. Speaker Newt Gingrich pro-
president demands a “clean” invite legal challenges. Invok- Republicans should care more duced four consecutive budget It may be a déformation professionnelle of those who preach
vote to increase the debt ceil- ing the 14th Amendment to about the substance of budget surpluses. More than a decade the power of marketing and brands, however, to imply, as Mr.
ing without preconditions. continue issuing debt above cuts than about the legislative ago, in a negotiation led by Collins does, that there is nothing to differentiate between
The consequences of not the legal ceiling would create context in which they occur. then Vice President Biden, a competing products, and that marketing is the sole driver of
raising the ceiling in time are legal ambiguities about the Long-term budget talks debt-ceiling increase came success. If this were true, then brands such as Apple and Nike
serious, perhaps catastrophic. status of this new debt and need a goal that is both feasi- with spending restraints. We are wasting the billions of dollars they spend on R&D every
During the previous debt-ceil- likely would result in higher ble and meaningful. A bal- can argue about the merits of year and would be better off coasting on their excellent ads.
ing controversy in 2011, which interest rates to compensate anced budget would require these deals, but one thing is A broader question that hovers over the book is: When is it
was resolved only at the brink, purchasers for the added risk. spending cuts and tax in- clear: The consequences of acceptable to use the techniques of propaganda? The author
S&P downgraded the U.S.’s F. Scott Fitzgerald once creases that neither Congress failing to reach an agreement mentions the “father of public relations” Edward Bernays,
bond rating, raising interest wrote that “the test of a first- nor the American people would have been worse, just as who was also Sigmund Freud’s nephew, but does not cite
rates and costing taxpayers rate intelligence is the ability would accept. A more practical they are today. Bernays’s writing or his successes—promoting smoking among
women, for example. In “Propaganda” (1928), Bernays wrote:
“The conscious and intelligent manipulation of the organized

An Ex-Liberal Saw New York Fall and Rise habits and opinions of the masses is an important element
in democratic society. Those who manipulate this unseen
mechanism of society constitute an invisible government
By Steven Malanga sanitation budgets to boost san welfare reforms in 1996. cuse it but with a different which is the true ruling power of our country.”

T
welfare spending, officials had Poverty fell and work partici- goal,” Siegel wrote in City Jour- Mr. Collins has less authoritarian ambitions, but he can
he “riot ideology” that sparked an exodus of New pation rates surged. Siegel ad- nal. “The first version of the seem to view people as predictably malleable in a similar
Fred Siegel described in York’s middle class. The worse vised and occasionally wrote riot ideology assumed that not way: Those who associate with a brand’s values are more
his 1997 book, “The Fu- things got, the more the city speeches for Mr. Giuliani, but only cities but also whites could likely to buy from it, so brands should seek to “activate
ture Once Happened Here,” invested in addressing the sup- he understood that victory be reformed; the new version their tribes”—as if we don’t already have enough warring
played a significant role in the posed underlying causes of wasn’t permanent. assumed that America is inher- factions on social media and elsewhere. What if these potent
decline of America’s cities in crime rather than re-establish- In the evolution of modern ently racist beyond redemption techniques of persuasion are used by bad actors?
the 1970s and ’80s. Siegel, who ing order. Siegel, who defined liberalism Siegel, himself an and that the black inner city Mr. Collins certainly understands the problem, noting
died Sunday at 78, wrote that ex-liberal, saw a type of snob- needs to segregate itself from how the rise of ISIS was helped by its sophisticated media
the riot ideology rested on the bery. His 2014 history of con- the larger society.” strategy. The author also devotes a moving final chapter to
assumption that “the sins of Fred Siegel’s ideas temporary American liberalism What followed was another the murder of George Floyd and the Black Lives Matter
racism” justified violence and informed Giuliani’s was called “The Revolt Against era of sharply rising levels of movement, arguing that racial stereotypes are an example of
criminality—and that only fed- the Masses.” The Obama ad- crime, disorder and property a cultural operating system gone wrong. But his proposed
eral spending could solve reforms in the 1990s. ministration, especially, was destruction. A new generation remedy is simply to tell better stories—to use all the tricks
those problems. staffed by people “who believe of middle-class urbanites is of the manipulation trade in a more ethical fashion.
As a New Yorker, Siegel had they deserve more power be- fleeing places like San Fran- Perhaps a more humanistic answer is to insist that we
witnessed the city’s rapid de- cities not by their government- cause they act on behalf of cisco, Chicago and New York. are not merely meat puppets who can be deterministically
terioration under Mayor John dependent populations but by people’s best interests—even if While victory isn’t perma- controlled by the right advertising—as Mr. Collins some-
Lindsay, whose “faith in a free their achievements, called this the darn fools don’t know it.” nent, neither is defeat. Fred times implies when he switches from speaking of influ-
market of morals” led to a “rewarding failure.” The takeover of the Demo- Siegel saw New York at its encing behavior to driving behavior. Indeed, those who
vast expansion of crime and New York’s revival began cratic Party by an antidemo- worst and helped explain how push culture forward and create new narratives for the rest
social disorder. Siegel and with Rudy Giuliani’s 1993 elec- cratic elite presaged the return it got there. He also helped set of us—including the author’s beloved Jay-Z, the writers of
other conservative intellectu- tion as mayor. Other cities cop- of riot ideology. the agenda that lifted New Netflix’s “Stranger Things” and so forth—are more than herd
als at the Manhattan Institute ied New York’s success, creat- Siegel saw it coming in the York back to its best. animals. They are making something new via the mysterious
argued that the sharp rise in ing sharp declines in crime and wake of the 2014 death of Mi- process of creation. Perhaps the product is, after all,
urban chaos wasn’t inevitable a resurgence in urban neigh- chael Brown in Ferguson, Mo. Mr. Malanga is senior edi- sometimes more important than the messaging.
or irreversible. borhoods and downtowns. “A new riot ideology has taken tor of City Journal, where a
In fact, disorder was a Congress enacted a federal hold, one similarly intoxicated longer version of this article Mr. Poole is the author of “Rethink: The Surprising History
choice. By cutting police and crime bill in 1994 and biparti- with violence and willing to ex- appears. of New Ideas.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A16 | Wednesday, May 10, 2023 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Trump Loses a Sexual Abuse Suit King Charles’s Britannia Still Rules the Waves

D
oes it matter politically now that a jury kissing them. It’s like a magnet. Just kiss. I don’t Regarding Dominic Green’s op-ed Because of the language’s facility, the
has found Donald Trump liable for bat- even wait. And when you’re a star, they let you “King Charles Begins His Reign Amid culture is dominant. The sun has not,
Discontent and Doldrums” (May 6): and may not ever, set on the soft
tery and defamation against a woman do it. You can do anything. Grab them by the
Far-called our navies melt away; power of the empire.
who said he assaulted her p—. You can do anything.’ On dune and headland sinks the fire; Come Nineveh; come Tyre? Not for
sometime in the 1990s? In a A jury finds for That’s what you said. Cor- Lo, all our pomp of yesterday a while. Along with language, the Brit-
better world it would matter, E. Jean Carroll but rect?” Is one with Nineveh and Tyre! ish brought a political and legal sys-
but in the debased and polar- Mr. Trump: “Well, histori- So wrote Rudyard Kipling on the tem that emphasizes individual rights
ized American politics of will GOP voters care? cally, that’s true with stars.” occasion of Queen Victoria’s diamond and due process, not only to North
2023, it may not. Q: “It’s true with stars that Jubilee in 1897. On this occasion of America and the Pacific island-nations,
It’s impossible to know what they can grab women by the King Charles III’s coronation, I say, but also to many African and South
really happened in the dressing room of the Berg- p—?” “Not so fast.” The British Empire is Asian nations. Whether those systems
dorf Goodman department store when Donald Mr. Trump: “Well, that’s what, if you look not dead, it’s not even past. have been, and are being, adminis-
Trump met E. Jean Carroll. There were no wit- over the last million years I guess that’s been Political domination of the em- tered unevenly is beside the point. The
pire’s former colonies is no more, but systems are there, and available as a
nesses, Ms. Carroll can’t recall the exact year it largely true. Not always, but largely true. Unfor-
the cultural influence is manifest. If framework to provide justice and pro-
happened, and she waited until 2019 to go public tunately or fortunately.” not the largest by the sheer numbers tect life, liberty and property. They
with her story. Mr. Trump denies it happened and Question: “And you consider yourself to be of people who speak it, read it and have often done so in a manner supe-
said Ms. Carroll isn’t his “type.” a star?” write it, English is the language of di- rior to whatever they replaced.
We also know Ms. Carroll was coaxed to file Mr. Trump: “I think you can say that, yeah.” plomacy, air commerce, most interna- BOB REAGAN
a civil lawsuit by longtime opponents of Mr. A modicum of restraint, or twinge of regret tional business and now, the internet. Dallas
Trump, including lawyer George Conway. And about the accusation against him, might have
her suit was financed by another Trump oppo- put some doubt in the jury’s mind. Yet even
nent, LinkedIn founder Reid Hoffman. It’s plau- when it’s in his legal interest, Mr. Trump can’t
sible that the former President abused and de- stop from justifying his crude behavior. This is Sanctuary City Hypocrisy Comes Crashing
famed Ms. Carroll. It’s also plausible that he the Donald Trump whose words and actions so
Your editorial “Chicago’s Sanctuary manufactured by the right.
was falsely accused. often subverted his own Presidency. City Awakening” (May 2) points out From economics and education to
Yet it’s no small matter that the jury sorted Yet if most Republicans dismiss the verdict the hypocrisy: Left-wing politicians safety and, soon, healthcare, the left
the testimony and found against Mr. Trump on as one more political assault, Mr. Trump’s op- enact progressive policies to demon- enacts policies that hurt the ones its
the preponderance of evidence standard that ponents and the press have themselves to strate their “compassion” until they spokesmen say they are trying to
applies in civil litigation. (The criminal statute blame. They also show no restraint. This law- are affected directly. For a while, help. Mayors Lori Lightfoot and Eric
of limitations that requires proof beyond a rea- suit, like the two impeachments and the recent soft-on-crime policies adversely af- Adams and other Democratic leaders
sonable doubt has long expired.) The jury re- Alvin Bragg indictment that stretches the law, fect poor and minority communities, have demonstrated that they recog-
jected Ms. Carroll’s claim that Mr. Trump raped seems less an attempt to get at the truth than not the affluent, liberal, white bas- nize a problem only when their class
her. But they found it more likely than not that to find some way, any way, to disqualify him tions that supported the policies. is affected.
he sexually assaulted her and lied about it. The from ever becoming President again. Voters Covid rules that shut down schools KEN DROPEK
hurt those already falling behind be- Houston
jury awarded her a more than token civil pen- don’t like being told that a man they elected
cause of the failing public school sys-
alty of $5 million. should be disqualified by members of the oppo- tem, supported by Democrats and Perhaps Mayor Lightfoot, as she
As is so often the case, Mr. Trump didn’t help site party or the press.

.
teachers unions. All this while liberal leaves office in Chicago, should send
himself with his videotaped deposition. Nearby Character matters in a President, however, elites sent their children to private a letter to President Biden asking him

ly
we excerpt part of Mr. Trump’s exchange with and Republicans will want their presidential schools that remained open. As we to stop the illegal immigrants at the
a lawyer for Ms. Carroll in which Mr. Trump nominee to win in 2024 and then to govern suc- see now, in sanctuary cities run by Texas border. She must feel that
claims that Ms. Carroll had somehow said on cessfully. The Carroll lawsuit, compounded by Democrats, an open-border policy is Texas, not Chicago, a proud sanctuary
on
CNN that she found rape to be “sexy.” He also the liability judgment, is the kind of tempest
reinforced the attitude he expressed in his “Ac- that is Mr. Trump’s constant companion.
cess Hollywood” tape that emerged in October There may be more judicial challenges to
endorsed until its effects are felt. As
long as it remained a border-state
problem, however, Democrats had
told America the crisis had been
city, should foot the entire bill for
these people.
JIM KING
Northbrook, Ill.
2016 that as a famous man he could get away come for Mr. Trump. GOP voters will have to de-
us ,

with grabbing and kissing women. cide if sticking it to Mr. Trump’s enemies is
l

Question: “And you say—and again this has worth putting the country through that kind of
Your Yard Needs More Than ‘No Mow May’
e
become very famous—in this video, ‘I just start Oval Office tumult for four more years.
al a

The concept of “No Mow May’’ is a ies have native plants available for
very short-term solution to the very sale, and with a little research the
China Targets a Canadian Lawmaker
ci on

long-term problem of pollinator de- homeowner can plan a native garden

T
cline (“Turf Wars Grow Over Lawn that will provide food for pollinators
he Communist Party in the era of Xi Jin- action to expel the diplomat responsible for or- Care,” Page One, April 29). Plants and birds all summer. Plus, most na-
ping has increasingly sought to extend chestrating this intimidation campaign,” he need time to grow, and pollinators tive plants add more beauty and vi-
its political coercion far beyond China’s said in a statement last week. need food and shelter from early sual interest to a backyard than any
er s

shores. The latest example comes from Canada, spring to late fall. amount of grass can do.
Eight days after the Globe and Mail’s scoop
Like Doug Tallamy, the University NEIL A. RINGQUIST
which on Monday expelled a Chinese diplomat and Mr. Chong’s statement, Canada declared
m er

of Delaware professor, I believe that a Glen Ellyn, Ill.

allegedly involved in a scheme to target a law- Mr. Zhao persona non grata and expelled him. better solution is to turn a portion of
maker and his family. “We will not tolerate any form of foreign in- the yard into a dedicated natural area Over the years we have left a fair
Reporters from Canada’s Globe and Mail terference in our internal affairs,” said Minis- for native prairie plants. This idea portion of our 1-acre lot unmowed. As
broke the story when they obtained a nine-page, ter of Foreign Affairs Mélanie Joly. Yet Can- has been advocated for years by the a result, this year, in addition to an
m rp

top-secret report from Canadian intelligence ada did tolerate it for nearly two years and Morton Arboretum in Lisle, Ill., as abundance of Texas bluebonnets, we
dated July 2021. The paper reported on May 1 acted only when China’s malign activities be- well as national organizations. have a similar abundance of at least
that China had sought to use “incentives and came public. More and more small plant nurser- 18 other varieties of wildflowers.
punishment” to influence lawmakers, business Beijing wasted no time retaliating on Tues- When these have gone to seed, we
executives and Chinese communities in Canada. day by expelling Canadian diplomat Jennifer will mow them down, scattering the
The Two Debate-Dodgers
co Fo

seed, and look forward to their re-

One target was Michael Chong, a Conservative Lynn Lalonde. Foreign Ministry Spokesperson
newed beauty next spring. These
Member of Parliament who in 2021 sponsored Wang Wenbin said Canada’s claims about for- Who Are After Your Vote wildflowers are in addition to the
a resolution declaring that China’s treatment eign interference were “unfounded” and “politi- I agree with Peggy Noonan: “Of flowers and rose bushes that are in
of Uyghurs amounts to genocide. cally driven manipulation designed to slander Course Trump Is Afraid to Debate” flower beds. Our flowers and trees at-
Beijing wanted to find out if Mr. Chong had and denigrate China.” (Declarations, May 6). The good tract about 15 varieties of birds, not
family “who may be located” in China “for fur- But if the intelligence report is right, then news, however, is that if the former to mention butterflies.
ther potential sanctions,” the intelligence re- China started this, and its alleged behavior fits president skips the debates, he will REV. WAYNE RENNING
port said, according to the Globe and Mail. Ca- a pattern of extraterritorial harassment and in- be doing American voters a great ser- Mount Pleasant, Texas
nadian intelligence concluded that Beijing timidation to stifle critics of China. Ethnic Chi- vice. The other candidates can put
“almost certainly meant to make an example” nese emigrants with family in China are partic- forth their positions for the voters to
of Mr. Chong and “deter others from taking” po- ular targets. The Australian Strategic Policy hear and consider. The Haunting Faces From
If Mr. Trump attends the debates,
sitions critical of China. Zhao Wei, a Chinese Institute, a think tank, issued a report in Febru- Ukraine’s Stand at Azovstal
n-

they will become a circus sideshow,

diplomat in Canada, played a role in the intimi- ary that describes how China has increasingly with his constant interruptions and To me, the most impressive aspect
dation effort, the Globe and Mail reports. used “a range of economic and non-economic nicknames for other candidates. Let of the Azovstal captivity (“A New Ma-
Mr. Chong, who has family in Hong Kong, tools to punish, influence and deter foreign gov- the voters watch a serious debate sada Is Born in the Ukraine War” by
said he learned about the scheme only when the ernments in its foreign relations.”
no

among candidates who won’t alienate Bernard-Henri Lévy, Houses of Wor-

Globe and Mail broke the news. The Canadian This overseas coercion is a threat to free all the independent swing voters ship, May 5) emerged when a small
government failed to “inform me that a diplo- speech and democracy, and it merits a unified needed to win in 2024. group of women and a baby were al-
mat was targeting my family” or to “take any Western response. JOE COFIELD lowed to leave. The three women
North Kingstown, R.I. were sallow, too thin, their faces de-
spairing, in the photo published at
Teachers Strike for Climate Justice I can’t be the only one who finds it the time. One woman held the baby,
laughable that while the Democratic about 5 or 6 months old. The baby

T
National Committee has no plans to was plump, eyes bright and smiling.
eachers unions once focused on the de- ilies with private school vouchers? hold primary debates that would From the accompanying story,
tails of compensation and tenure, but Instead, the union wants the first week of force President Biden to the stage, wherein the women got some food
these days they’re a vanguard of school each year to focus on creating a “posi- Ms. Noonan writes a column accusing from Ukrainian soldiers outside, and
broader progressive politics. tive school culture,” what- Mr. Trump of cowardice. Instead of from the photograph, I realized that
This week’s illustration is the The Oakland union’s ever that means, rather than taking the opportunity to highlight the women had agreed that any avail-
teachers union strike that is demands go far beyond instruction. It is also de- that our current president hasn’t had able food would be given to the baby.
holding children hostage in manding a “Climate Justice an unscripted public appearance with The women had agreed to starve so
the name of climate and pay and work conditions. Day for standards-based the American public or media in what that the baby would live. I realized
housing for the homeless. teach-ins, workshops, action, seems like years, Ms. Noonan dis- from this photo in the Journal that
tracts and deflects with speculation this is a people who deserve to win, to
The strike by the 3,000- and field trips.” Maybe kids
about the former president. prevail over the barbarians who hold
member Oakland Education Association in Cal- can’t read, but they can be unemployed cli- DANIEL T. OPPENHEIMER them captive. The photo dramatized a
ifornia is heading into its fifth day, and the im- mate warriors. Boca Raton, Fla. terrible dilemma and a virtuous deci-
passe isn’t over pay. The district has offered The Oakland union is taking cues from the sion—humanity in all its drama.
a record raise that would immediately increase National Education Association. “When we ex- EILEEN POLLOCK
salaries by 22% plus a $5,000 bonus. Most pand the continuum of bargaining, we build Kerrigan, Keep Us Posted Baltimore
workers would love that increase, especially power, and go on the offense in order to fight Now we learn that God is helping
if performance doesn’t matter. for social and racial justice, for our kids, for Mike Kerrigan solve TV murder mys-
The Oakland Unified School District has lost our schools, for our communities, and for the teries (“Did My Prayer Solve a Fic-
Pepper ...
students for five consecutive years as families future,” the NEA states on its website. tional Murder?” op-ed, May 6). I And Salt
have fled to suburbs with higher-performing Tired of being criticized for prioritizing their think it would be more appropriate
THE WALL STREET JOURNAL
and safer schools. This has resulted in a finan- own interests over those of children, unions are for the Journal to alert us when God
cial squeeze, which was only partly mitigated now pretending to promote what they call the starts giving Mr. Kerrigan stock tips.
by federal pandemic aid. The district has had “common good.” Yet in doing so they are sub- DENNIS FRIED
to close schools to reduce costs. stantiating the Supreme Court’s landmark Osprey, Fla.
Yet the union’s demands go far beyond Janus decision (2018), which held that govern-
teacher pay or working conditions. For in- ment collective-bargaining implicates workers’ CORRECTION
stance, the union wants the district to repur- First Amendment rights.
pose vacant school buildings for homeless The district is rightly refusing to bargain U.S. food prices declined 63% be-
housing and to landscape school yards with over issues unrelated to wages and working con- tween 1870 and 1900. The figure was
drought-resistant trees. ditions. Even Oakland’s NAACP branch is prod- misstated in the May 8 op-ed “The
‘Gilded Age’ Myth, Then and Now.”
The union also wants reparations for black ding teachers to get back to work. “Education
students to remedy alleged historic injustices. is critical to ending intergenerational poverty,”
Letters intended for publication should
How about instead remedying the enormous it said in a statement on Monday, adding “all be emailed to [email protected]. Please
learning deficits the union has caused by pro- students, including the most vulnerable, should include your city, state and telephone
tecting bad teachers and closing schools during be learning and thriving in school.” number. All letters are subject to “And before leaving virtual class
the pandemic? Perhaps the district could ex- The union apparently believes drought-re- editing, and unpublished letters cannot today, be sure and hit that
be acknowledged.
tend the school year, or, better yet, provide fam- sistant plants are more important. like button!”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Wednesday, May 10, 2023 | A17

OPINION

The Deep State Is All Too Real DEI Brings

By David Bernhardt And buried it was, never mind
Kafka to My

T
here are two competing
conceptions of American
that the laptop’s contents were gen-
uine, as Hunter has admitted. To
make matters worse, the House Ju-
Law School
governance: the version diciary and Intelligence committees
students are taught in have since uncovered that Joe Bi- By Scott Gerber
the classroom, and the den’s presidential campaign helped

F
one that exists in the real world. organize the letter. In other words, a Ada, Ohio
Grade-school civics teaches that group of primarily career intelli- ranz Kafka’s “The Trial” tells
Washington is designed to operate gence officials that ought to be dis- the story of Josef K., a man ar-
under a system of checks and bal- interested in political matters en- rested, prosecuted and killed
ances, constrained by the Constitu- dorsed a partisan ruse to affect a by an inaccessible authority, with the
tion and empowered by the consent presidential election. nature of his crime revealed neither
of the governed. In practice, how- Fortunately, there are signs of to him nor to the reader. I’m Josef K.
ever, power has become concen- hope. A president with sufficient po- Around 1 p.m. on Friday, April 14,
trated in the executive branch and litical will can make the bureaucracy Ohio Northern University campus se-
largely wielded by unaccountable accountable under current laws. In curity officers entered my classroom
career bureaucrats. The notion of a 2020 President Trump issued the with my students present and es-
“deep state” isn’t a conspiratorial Schedule F executive order convert- corted me to the dean’s office. Armed
talking point but a manifest politi- ing senior policy-influencing career town police followed me down the
cal reality. bureaucrats into at-will employees. hall. My students appeared shocked
The separation of powers is an While the order would apply only to and frightened. I know I was. I was
animating principle of our nation’s a small portion of the total federal immediately barred from teaching,
founding documents. As the Consti- workforce, it would cover the most banished from campus, and told that
tution outlines, the U.S. has three powerful career bureaucrats. Mr. Bi- if I didn’t sign a separation agree-
distinct and coequal branches of den rescinded this order two days ment and release of claims by April
government: a legislature that after taking office, but a future pres- 21, ONU would commence dismissal
passes laws, an executive branch ident could bring it back. proceedings against me. The grounds:

DAVID KLEIN
that implements them, and a judi- The high court also announced “Collegiality.” The specifics: None.
ciary that interprets them. This last month that it will hear argu- Josef K. never learns what he’s al-
built-in division is meant to restrain ments next term in Loper Bright En- leged to have done wrong. The of-
government overreach and prevent terprises v. Raimondo—a case that fenses I’ve allegedly committed ha-
abuses of power. The president and So has much of the government’s government I often saw career bu- will reconsider Chevron deference. If ven’t been revealed to me, either. But
members of Congress regularly democratic accountability. The fed- reaucrats push their preferred pol- the justices overturn the precedent, I have an educated guess.
stand for election to ensure the gov- eral government has 2.2 million ci- icy passions irrespective of agen- or at least significantly pare it back, Like many universities, ONU is ag-
ernment is accountable to the gov- vilian employees, but only 4,000 of cies’ rules, federal regulations or the executive agencies will no longer get gressively pursuing “diversity, equity
erned, and the judiciary serves in them are political appointees the law. This included career employees to administer and interpret the law. and inclusion” initiatives. I have ob-
good behavior to ensure that justice president can remove at will. Career needlessly limiting recreational ac- Such a ruling would go a long way in jected publicly as vice chairman of
is dispensed impartially. bureaucrats, who aren’t elected by tivities in national parks, imposing restoring essential constitutional the University Council, an elected
the American people or appointed by unneeded burdens on historic pres- checks and balances. faculty governance body, and in
the president, therefore make many ervation and inappropriately re- The Supreme Court has also made newspaper op-eds and on television,
Congress and the courts major policy decisions. Civil-service stricting activities in the name of it easier to sue over separation-of- to DEI efforts that don’t include

.
protections make removing these species preservation. The list goes powers violations. In Axon v. FTC, viewpoint diversity and would lead to
have shirked their duty, employees incredibly difficult—and on, as does our nation’s departure which the court decided last month, illegal discrimination in employment

ly
letting bureaucrats make they know it. from representative democracy. all nine justices agreed that Ameri- and admissions.
The system presumes career em- Such behavior is especially trou- cans can immediately sue agencies
and interpret the laws. ployees will implement the law and bling when the bureaucracy is out of over separation-of-powers violations

While this sounds nice in theory,

the federal government typically
on
presidential directives irrespective
of their personal preferences. To
their credit, many do. During my
time in the Interior Department, I
step with America. While recent
elections show the American people
are closely divided politically, the
federal workforce isn’t. Democrats
without first having to spend years
spinning their wheels in administra-
tive proceedings. In a concurrence,
Justice Clarence Thomas added that
Ohio Northern University
is trying to banish me for
lack of ‘collegiality’ but
doesn’t honor it in practice. Con- saw many career employees faith- outnumber Republicans by nearly 2 the court should re-examine whether
us ,

gress has delegated much of its law- fully work for the American people. to 1 among career federal employees, agencies can constitutionally impose won’t say what I’ve done.
l

making authority to the executive Unfortunately a great number of creating an imbalance that makes it fines without a jury trial. A case ad-
e
al a

branch since the 1930s. Federal their colleagues don’t. I vividly recall very difficult to advance policies dressing that very issue, SEC v.
agencies now issue regulations that asking one Interior Department em- that partisan bureaucrats oppose. Jarkesy, may come before the high The same week I was led out of my
have the force and effect of the law. ployee, whose remit included work America saw how our partisan court next year. classroom by police and campus se-
ci on

“Administrative judges”—executive- on an endangered mouse species, bureaucracy works when the New The government doesn’t operate curity, I published an op-ed defending
branch employees—routinely preside what her job was. She enthusiasti- York Post reported on Hunter Bi- the way Americans are taught in ele- Justice Clarence Thomas’s right to
over trial-like proceedings without cally replied: “I speak for the mice! I den’s laptop in October 2020. mentary school. But between pend- have friends—even rich ones. The
juries, letting agencies act as both speak for the mice!” She was well- Though the story credibly docu- ing court cases and potential execu- week before that, I gave a TV inter-
prosecutor and judge. meaning, but “speaking for the mented that the Biden family had tive-led reforms, the theoretical view in which I criticized DEI pro-
er s

Under the Supreme Court’s Chev- mice” wasn’t in her job description. benefited from profitable influence checks and balances and democratic grams that discriminate against
ron doctrine, courts generally defer Her job was to apply the provisions peddling with foreign interests, 51 accountability may soon become white men in the name of “racial and
m er

to the executive branch’s interpreta- of the Endangered Species Act faith- former intelligence officials publicly much closer to reality. social justice” and for being indiffer-
tion of the law—both in regulatory fully—both the protections and limi- claimed the laptop had “all the clas- ent to the type of diversity higher ed-
and enforcement proceedings. Many tations Congress wrote into the stat- sic earmarks of a Russian informa- Mr. Bernhardt served as interior ucation should value most: viewpoint
of the Constitution’s checks and bal- ute. She instead appeared to be an tion operation.” The media, along secretary, 2019-21, and is author of diversity. The week prior, I published
ances, from the separation of powers advocate fighting for a cause. with tech platforms like Facebook the new book “You Report to Me: Ac- op-eds in a national newspaper and
m rp

to the right to jury trial, have fallen Many career bureaucrats take and Twitter, then used the letter to countability for the Failing Adminis- an Ohio one making the same points.
by the wayside. this view. During my 12 years in justify burying the story. trative State.” I requested during a University
Council meeting earlier this semester
that ONU’s DEI program address

Biden’s Border Bungling Is a Gift to Trump viewpoint diversity. The administra-

co Fo

tion responded, brusquely, that view-

point diversity is “not part of our di-
Donald Trump dem- numbered more than 162,000 at the Under current law, refugees are country would be to back a biparti- versity, belonging and inclusion
onstrated in 2016 southwest border in March. That permitted to enter the country il- san legislative extension of Title 42 plan.”
that a Republican represents a 25% rise over the pre- legally and then request asylum. authority and urge fellow Democrats While my opinions obviously ruf-
presidential candi- vious month and is more than three The rationale is that people who to do the same. Republican Sen. fled some feathers on campus, I
date can run suc- times the March average for appre- are legitimately fleeing for their Thom Tillis of North Carolina and wasn’t a pariah. My teaching evalua-
cessfully on border hensions under the Obama and lives shouldn’t have to worry Sen. Kyrsten Sinema, an independent tions are excellent, and my fall 2023
security. So why are Trump administrations. Illegal bor- about entering the U.S. at official from Arizona who typically votes courses filled to capacity on the first
UPWARD
MOBILITY Democrats, terrified der crossings in the past fiscal year checkpoints. During the Obama with Democrats, have authored a bill day of registration this spring.
that he might win surpassed 2.3 million, the most administration, more economic that would allow the U.S. to continue But this semester, for no apparent
By Jason L.
back his old job ever, and the backlog of nearly migrants in search of work began expelling illegal immigrants without reason, ONU launched an “investiga-
Riley
next year, tempting 850,000 asylum cases waiting to be to take advantage of our lenient an asylum hearing for two more tion” into me, without saying what it
n-

fate? adjudicated is unprecedented. system. When caught here ille- years. Sen. Joe Manchin (D., W.Va.) was about. My lawyers and I asked
Joe Biden’s overall job approval gally, or after turning themselves and Sen. John Cornyn (R., Texas) are for specifics multiple times. ONU re-
dipped to a new low of 36% in an in, they would claim to be refu- co-sponsors. Progressives will com- fused to provide them. Now, rather
ABC News/Washington Post survey Illegal immigration helped gees fleeing physical danger back plain, but several Senate Democrats than level with me, ONU is demand-
no

released on Sunday. His handling of home. Many were then released up for re-election next year—Jon ing that I gamble the remainder of
immigration polls even worse. Ac- decide the 2016 election. into the U.S. to live and work Tester of Montana, Sherrod Brown my career at a table where the ad-
cording to a Global Strategy Group Why not try to avoid a while their asylum claims were of Ohio, Jacky Rosen of Nevada—are ministration holds all the cards. With
survey taken last month, 58% of adjudicated, a process that can sympathetic to the idea. my sudden free time, I rack my brain
voters in seven battleground states repeat in 2024? take years. All the Republicans vying to face to think of rules I might have broken.
disapprove of how he is handling The Trump administration’s im- Mr. Biden in next year’s election Perhaps decency is a sacrifice ONU
the border, while just 32% approve. plementation of Title 42, for what- stand to benefit politically from his is willing to make to grease the
Global Strategy Group is a Demo- All of this is poised to worsen ever reason initially, had the added immigration missteps, but none wheels of the DEI agenda. It looks
cratic polling firm. considerably in the short run. The benefit of helping to curb the abuse more so than Donald Trump. The like the law is, too. As my Academic
The administration has been tell- president plans to follow through of U.S. asylum policies. Given the former president’s successful eleva- Freedom Alliance-provided lawyer in-
ing itself that illegal immigration this month on his promise to current situation, Mr. Biden is obli- tion of the issue on the campaign formed ONU, the attempt on April 14
isn’t a pressing issue but rather a fe- shelve a rule known as Title 42 gated to come up with a viable al- trail arguably did more than any- to intimidate me into signing the re-
tish of hard-hearted GOP governors that allowed border agents to de- ternative. Instead, we’ve gotten an thing else to rally supporters and lease of claims with only a week’s no-
in border states and Fox News view- port illegal immigrants without al- announcement that 1,500 troops put him in the White House, and tice is an unambiguous violation of
ers who are already lost to the Dem- lowing them to apply for asylum. will be sent to the border—not as a the southern border is less secure federal age-discrimination law, which
ocratic Party. Department of Home- Title 42 is a health-emergency show of force but to help process today than when Mr. Trump left of- requires that workers over 40 be
land Security Secretary Alejandro measure that was implemented by claims after people enter the coun- fice. Even without ever delivering given a minimum of 21 days to con-
Mayorkas has stated repeatedly that the Trump administration during try unlawfully. Mr. Biden is effec- on a border wall paid for by Mex- sider such offers. I’m 62.
the border is secure. Yet U.S. Cus- Covid. With the pandemic behind tively sending an army of pencil ico, his handling of illegal immigra- Moreover, insufficient “collegial-
toms and Border Protection data us, the White House has argued pushers. tion has been one of Mr. Trump’s ity” isn’t listed as adequate cause in
continue to give the opposite impres- that Title 42 has outlived its use- The better course of action for few political strengths. Democrats ONU’s faculty handbook for dismiss-
sion, as do images of hordes of mi- fulness. The reality is that a hu- the president, his party and the are foolish to play to it. ing a tenured faculty member. The
grants crossing the Rio Grande and manitarian crisis has replaced the American Association of University
entering the country illegally. public-health emergency, and Title Professors notified ONU in an April

Notable & Quotable: Trump

The latest figures available from 42 is one of the few policies pre- 19 letter, and again on May 2, that
DHS show that apprehensions, a venting a total meltdown of border “an absence of collegiality ought
proxy measure for unlawful entries, enforcement. never, by itself, constitute a basis
From Donald Trump’s deposition Jean Carroll said that she loved being for nonreappointment, denial of ten-
in a lawsuit filed by E. Jean Carroll, sexually assaulted by you? ure, or dismissal for cause.” The uni-
in which Mr. Trump was found liable Mr. Trump: Well, based on her in- versity president informed AAUP
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY Tuesday for sexual abuse and defa- terview with [CNN’s] Anderson Coo- that “ONU will not be providing a
Rupert Murdoch Robert Thomson mation: per, I believe that’s what took place. response.”
Executive Chairman, News Corp Chief Executive Officer, News Corp And we can define that. You’ll have to All of this is happening during the
Emma Tucker Almar Latour Attorney for Ms. Carroll: I was cu- show that. I’m sure you’re going to most successful year of my profes-
Editor in Chief Chief Executive Officer and Publisher
rious when I read this. So I looked up show that. But she was interviewed sional life. In addition to my teaching,
Liz Harris, Managing Editor DOW JONES MANAGEMENT: the word “swoon” in the dictionary, by Anderson Cooper, and I think she which students appear to love—and,
Jason Anders, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; and under the dictionary, it means said that rape was sexy—which it’s more than anything else, I love teach-
Neal Lipschutz, Deputy Editor in Chief Mae M. Cheng, SVP, Barron’s Group; David Cho,
Thorold Barker, Europe; Elena Cherney, News;
“to faint with extreme emotion.” not, by the way. But I think she said ing—one of the world’s most presti-
Barron’s Editor in Chief; Jason P. Conti, General
Andrew Dowell, Asia; Brent Jones, Culture, That’s not what you meant here? that rape was sexy, and it was—she gious university presses is publishing
Counsel, Chief Compliance Officer; Dianne DeSevo,
Training & Outreach; Alex Martin, Print & Chief People Officer; Frank Filippo, EVP, Business
Mr. Trump: Well, sort of that’s actually said things that were very my 10th book this summer, and I was
Writing; Michael W. Miller, Features & Weekend;
Information & Services, Operations; what she said I did to her. She fainted strange, and then she was a different reappointed to the Ohio Advisory
Emma Moody, Standards; Shazna Nessa, Visuals; with great emotion. She actually indi- person after the—when he said “We’ll Committee to the U.S. Commission on
Elizabeth O’Melia, Chief Financial Officer;
Philana Patterson, Audio; Matthew Rose,
Enterprise; Michael Siconolfi, Investigations;
Josh Stinchcomb, EVP & Chief Revenue Officer, cated that she loved it. Okay? She take a break right now. We’re going Civil Rights. But as I learned as I was
Amanda Wills, Video WSJ | Barron’s Group; Sherry Weiss, Chief loved it until commercial break. In to take a break right now,” he didn’t marched out of my classroom by men
Paul A. Gigot
Marketing Officer fact, I think she said it was sexy, like what she was saying. He was in uniform, dissenting from DEI can
Editor of the Editorial Page didn’t she? She said it was very sexy very upset with what—and then she turn anyone into Josef K.
EDITORIAL AND CORPORATE HEADQUARTERS:
Gerard Baker, Editor at Large
1211 Avenue of the Americas
to be raped. Didn’t she say that? came back, and she was a much dif-
New York, N.Y., 10036 Attorney: So, sir, I just want to ferent woman in the second half, so Mr. Gerber is a law professor at
Telephone 1-800-DOWJONES confirm: It’s your testimony that E. to speak. Ohio Northern University.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A18 | Wednesday, May 10, 2023 THE WALL STREET JOURNAL.

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

TECHNOLOGY: LINKEDIN CUTS MORE THAN 700 JOBS B4

BUSINESS & FINANCE

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* * * **

DJ TRANS g 0.41%
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WSJ $ IDX À 0.20%

Wednesday, May 10, 2023 | B1

2–YR. TREAS. yield 4.022% NIKKEI (Midday) 29113.33 g 0.44% See more at WSJ.com/Markets

EV Makers’ Results Reveal Pain

Saudi Aramco’s quarterly
net profit
200 billion Saudi riyals
119.54B

Rivian reports loss; Quarterly net losses vehicle output this year. Wall facturer.
Street analysts are looking for “Prototypes are easy, pro- 150
Lucid, Fisker shares fall $0 billion FISKER LUCID RIVIAN
signs that these EV startups duction is hard and achieving
as companies lower can rein in spending while also positive cash flow is excruciat-
accelerating vehicle output. ing,” Tesla Chief Elon Musk
production targets –0.5 1Q 2023
–$120M Lucid, Fisker and Rivian tweeted on Monday in re- 100
were among a host of EV sponse to Lucid’s financial re-
BY SEAN MCLAIN –1.0 startups to go public over the sults.
past two years as investors Tesla in 2018 struggled to 50
–$780M
Electric-vehicle startup Riv- placed bets on finding the next accelerate output of the Model
ian Automotive reported nar- –1.5 Tesla. Now, their share prices 3, its first mass-market vehi-
rower losses in the first quar- continue to get hammered as cle, a period Mr. Musk de-
0
ter as it slashed spending and cash reserves dwindle and scribed as “production hell.”
stood by its vehicle production –2.0 –$1.35B larger legacy automakers join Rivian reported negative 2020 ’21 ’22 ’23
target for the year. the EV race. free cash flow of $1.8 billion Note: 1 Saudi riyal = $0.2667
The adjusted per-share loss Rivian raised nearly $12 bil- for the quarter, compared with Source: S&P Capital IQ
beat analysts’ expectations, –2.5 lion in its public debut in late $1.7 billion in the preceding
helping to send shares up 5% 2021, shortly after it started three-month period. That left
Aramco’s
2020 ’21 ’22 ’23
after hours. Sources: S&P Capital IQ; the companies building its first vehicles. But it with $11.2 billion in cash
At the same time, its cash its valuation deflated as the and cash equivalents at the
burn accelerated, underlining do in terms of continuing to fronting dwindling cash piles company missed production end of March.
a key challenge facing young
auto companies like Rivian.
drive our production ramp and
drive costs down,” said Rivian
as the companies straining to
ramp up factory operations
targets, beset by supply-chain
snags and factory setbacks.
Investors are closely moni-
toring Rivian’s spending, after
Profit Falls
Absent new funding, they face Chief Executive RJ Scaringe. and get more vehicles into the Similar struggles have hit the startup burned through
a limited timeline in which to
turn a profit before running
Rivian, along with two
other EV startups, Fisker and
hands of customers.
Shares of both Lucid and
nearly all the EV startups, re-
flecting the difficulty of trans-
$6.6 billion last year.
“Cash burn remains a fo-
With Oil
out of money. Lucid Group, that reported Fisker sank Tuesday after they forming from an innovative cus,” Wells Fargo analyst Colin
“We have a lot of work to earnings this week, are con- dialed back expectations for upstart to a large-scale manu- Please turn to page B4 Prices
BY SUMMER SAID

.
NextEra Energy AND BENOIT FAUCON

ly
DUBAI—Saudi Arabia’s na-
tional oil company posted a 19%

Places a Huge
drop in quarterly profit due to
on lower energy prices, but an-
nounced an additional dividend
payout that underscores the

Bet on Hydrogen
kingdom’s dependence on oil
revenues to run its economy.
us ,

Saudi Arabian Oil Co., known

l

as Aramco, said Tuesday that

e
al a

BY KATHERINE BLUNT miliar playbook for NextEra, it made a net profit of 119.54
ZACK WITTMAN FOR THE WALL STREET JOURNAL

which grew from a regional billion Saudi riyals, equivalent

NextEra Energy grew into a utility by capitalizing on tax to roughly $31.88 billion, in the
ci on

clean-energy powerhouse by in- credits that spurred the build- first three months of the year,
vesting early in wind and solar out of wind and solar farms. down from $39.47 billion in the
farms. Now, it is staking its This time around, the com- same period last year, when it
growth on hydrogen, a much- pany played a crucial role lob- benefited from soaring oil
hyped energy source whose bying lawmakers to define the prices after Russia invaded
er s

economics are unproven. size of new hydrogen tax cred- Ukraine.

The new strategy is a huge its, say people familiar with the Oil prices are at lower levels
m er

bet for the Florida-based busi- matter. It is pushing the federal in recent months amid fears
ness, which has become the government to adopt its pre- that a slowing global economy
most valuable power company ferred criteria for what types of would crimp demand and due
in the U.S., in part because it hydrogen should be eligible to NextEra is developing a hydrogen pilot project in Florida that is slated to begin operating this year. to a gusher of cheaper Russian
outperformed its financial tar- receive tax credits. crude supplies.
m rp

gets: Its 2022 profit was up NextEra is placing its bet as NextEra Energy annual Share and index performance over The weaker quarterly results
roughly 70% from a decade ago. it becomes more challenging to net profit the past five years were partially offset by lower
Over the past two decades, develop renewable-energy proj- NextEra Energy taxes and an increase in other
$6 billion 125%
NextEra’s market capitalization ects. Federal and local permit- +88% Please turn to page B2
has soared to more than $150 ting for such projects is time-
co Fo

billion from roughly $11 billion. consuming, supply-chain snarls 5

100
NextEra now says it sees the
potential to invest more than
$20 billion in so-called green
have slowed progress and op-
position is mounting in com-
munities around the country.
4
$3.2B 75
Retailers
hydrogen after the passage of
the Inflation Reduction Act,
which provides significant tax
The $20 billion the company
has said it is prepared to spend
on hydrogen would represent
3
50
Leave
credits for such projects. There
is a limited market for green
hydrogen currently, and Next-
roughly its combined net in-
come from the past five years.
Rebecca Kujawa, chief execu-
2

1
25
Cities for
Era is hoping the new law, cou-
pled with an increasing push to
cut carbon emissions, will si-
tive of NextEra Energy Re-
sources, the company’s renew-
able-energy-development arm, 0 0 Weekly
S&P 500 Utilities Sector
+37% Suburbs
n-

multaneously create supply and said the company is already 2012 ’14 ’16 ’18 ’20 ’22 2019 ’20 ’21 ’22 ’23
BY KATE KING
demand. fielding interest from prospec-
Despite the risks, it is a fa- Please turn to page B2 Sources: S&P Capital IQ, the company (profit); FactSet (performance) More retailers in city office
districts are relocating their
no

businesses to the suburbs,

ChatGPT Causes a Stock-Market Ruckus

where visits to shopping cen-
ters are rising as fewer people
commute to downtown work-
places.
BY CHARLEY GRANT prompts from users. the potential of AI is one rea- Executive Tim Cook said last tive AI will revolutionize busi- With average office usage
Big technology companies son big tech companies are week on a conference call with nesses from media production rates still only around half of
The rise of artificial intelli- are investing billions of dol- among this year’s strongest analysts. to customer service to grocery where they stood before the
gence is taking the tech world lars in the technology. Start- performers. Apple isn’t alone. There delivery. pandemic in many major cities,
by storm. The technology also ups are raising cash and trying There is little doubt that have been more than 300 Even Coca-Cola told inves- many bars, restaurants and
is making waves on Wall to develop business models generative AI chatbots are mentions of “generative AI” on tors it is experimenting with other retailers that cater to the
Street. using AI at a rapid pace. popular. ChatGPT reached 100 company conference calls the technology. five-day-a-week office crowd
It is early days for so-called Investors are gauging the million users in two months, worldwide so far this year, ac- Some investors wonder have been reeling.
generative AI, a form of artifi- extent to which AI’s arrival the fastest app on record, ana- cording to data from Alpha- whether generative AI is the Pedestrian foot traffic in
cial intelligence that can con- will upend companies, indus- lysts at Goldman Sachs said in Sense. latest tech with the potential U.S. urban downtowns was
jure original ideas in the form tries and contemporary busi- a research note. The phrase barely garnered to disrupt entire industries. down about 25% in April com-
of text, video or other media. ness practices—and placing In comparison, TikTok took a mention before 2023. The dawn of online streaming pared with the same month in
But the tool has caused a stir bets accordingly. That has sent nine months to reach that Major health systems are spelled the end of home-video- 2019, according to real-estate
in companies, schools, govern- stocks swinging wildly in both milestone, while Instagram experimenting with AI to see rental companies such as software provider MRI Spring-
ments and the general public directions: Chip maker took 30. whether the technology can Blockbuster, while cameras on board. Nordstrom’s announce-
for its ability to process mas- Nvidia’s shares are surging, “We view AI as huge, and help boost the productivity of phones helped render photo ment last week that it was
sive amounts of information while shares of study-materi- we’ll continue weaving it in their medical staffs. processing obsolete and closing two stores in San Fran-
and generate sophisticated als company Chegg have our products on a very Entrepreneurs and venture- helped spark Apple’s rise and cisco was the latest sign of re-
content in response to plummeted. Enthusiasm for thoughtful basis,” Apple Chief capital investors hope genera- Please turn to page B11 Please turn to page B6

INSIDE Shorting Banks Brings Rewards, Backlash

BY MATT WIRZ AND BEN FOLDY bank customers into with- April without significantly equation.”
drawing deposits all at once. moving share prices, according Short sellers typically bor-
Short selling is back in Lawyers representing the to stock data provider Ortex. row securities for a fee and
vogue on Wall Street, reward- banking industry called last The inverse held in May when immediately sell them, plan-
ing some who bet against week for regulators to ban shorts declined and regional- ning to repurchase them at
banks while triggering a back- short sales of financial-com- bank stocks lost about 10%. lower prices in the future, re-
lash. pany shares. Porter Collins, a co-founder turn them to lenders and
Short selling, or betting The Securities and Ex- of Seawolf Capital, said his pocket the price difference.
that securities prices will fall, change Commission isn’t con- fund opened short positions Other short sellers buy op-
surged over the past year as sidering a ban, a spokesman on banks such as First Repub- tions or swaps that will gain
many investors braced for for the agency said. A shorts lic Bank last year as interest value if prices of stocks or
market turbulence. The ap- ban enacted in 2008 by the rates rose, pushing down bonds they reference decline.
BUSINESS NEWS HEARD ON THE proach helped hedge funds SEC failed to stop the selloff prices of bonds that the banks When Silicon Valley Bank
Manufacturer Tempur STREET beat major stock indexes last and made it harder to trade in held. and Credit Suisse failed in
year for the first time since some stocks, according to re- “Anything and everything March, hedge funds such as
Sealy agrees to buy As the Switch shows 2008. search by the Federal Reserve was right in front of you on Beach Point Capital Manage-
retailer Mattress Firm its age, Nintendo will Controversy erupted in re- Bank of New York. the financial statements as to ment, Converium Capital,
for $4 billion. B3 need a new console. B12 cent weeks, with critics alleg- Short sales of financial why these banks have failed,” ISO-MTS and Saba Capital
ing that traders are spooking stocks jumped about 11% in he said. “It was just a math Please turn to page B2
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B2 | Wednesday, May 10, 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
Agricultural Bank of
B11
Coca-Cola.....................B1
Coinbase......................B5
Microsoft...................B11
N
Goldman Sachs Agrees to Settle
Women’s Bias Suit for $215 Million
China.......................B11 NextEra Energy...........B1
Alphabet....................B11 Customers Bancorp....B2 Nintendo....................B12
Amazon.com ............. B12 E Nordstrom...................B1
Apple......................B1,B4 Expedia Group.............B6 Nvidia..........................B1
Applesway Investment
F P
Group.........................B6
Fisker ................... B1,B11 PacWest BancorpB2, BY DAVE SEBASTIAN detailed some of the settle- March of this year. agement, said in a statement
Arbor Realty Trust ..... B6 B11
Ford Motor..................B4 ment terms. An independent First filed in 2010, the law- released late Monday.
B Fox...............................A1 PayPal Holdings........B11
Bank of China...........B11 R Goldman Sachs has agreed expert would also do pay-eq- suit alleged that Goldman dis- The Wall Street Journal re-
G to pay $215 million to settle a uity studies to address any criminated against women in ported last week that the bank
Bank of Hawaii...........B2 Rivian Automotive ..... B1
Berkshire Residential General Motors...........B4 class-action lawsuit with a gender pay gaps. terms of compensation, pro- was having settlement discus-
Goldman Sachs...........B2 S
Investments..............B6 large group of former and cur- In addition, Goldman will motion, performance evalua- sions aimed at ending the law-
H Saudi Aramco..............B1
Blackstone...................B6
Shopify......................B12
rent female employees, ending improve certain communica- tions and business opportuni- suit. A trial for the case had
Booking Holdings........B6 Hengfeng Bank.........B11 a long-running case that al- tions to employees at the vice- ties. The suit also alleged that been scheduled to start in
SPDR S&P Regional
C I Banking ETF............B11 leged the Wall Street bank president level about career female employees were paid June in the Southern District
CF Industries Holdings Industrial and T systematically discriminated development and the criteria less than their equally ranked of New York.
B2 Commercial Bank of Tesla.......................B1,B4 against women. it uses for promotions. male counterparts and had “I have been proud to sup-
Chegg...........................B1 China.......................B11 Tides Equities.............B6 For the next three years, The settlement covers fewer opportunities to move port this case without hesita-
China Bohai Bank.....B11 L Twitter........................A1 the U.S. bank will have an in- about 2,800 women who have up ranks. tion over the last nearly 13
China CITIC Bank......B11
LoanCore Capital.........B6 W dependent expert analyze how held associate or vice-presi- “After more than a decade years and believe this settle-
China Galaxy Securities
B11
Lucid Group ........ B1, B11 Western Alliance it evaluates its employees’ dent positions at the bank’s of vigorous litigation, both ment will help the women I
China International M Bancorp...................B11 performance, and how it ele- U.S. investment-banking, in- parties have agreed to resolve had in mind when I filed the
Capital.....................B11 Magna Steyr...............B4 Z vates staffers from junior to vestment-management and se- this matter,” Jacqueline Ar- case,” Shanna Orlich, one of
China Zheshang Bank Metropolitan Bank......B2 Zions Bancorp.............B2 senior positions, according to curities divisions from around thur, Goldman Sachs’s global the women who sued the firm,
a statement late Monday that the early 2000s until late head of human capital man- said.

INDEX TO PEOPLE 30% Percentage of shares Short interest by industry sectors†

A K Roslansky, Ryan..........B4 sold short for heavily Consumer discretionary 5.8%
Abbott, Mike...............B4 Kim, Tracy...................B6 S shorted regional banks* Healthcare 4.3
Arthur, Jacqueline......B2 L Scaringe, RJ................B1
First Republic Bank Energy 3.6
B Shell, Jeff....................B4 25
Langan, Colin .............. B1 Real estate 3.4
Bankman-Fried, Sam..B5 Smigiel, Jim..............B11
M Consumer staples 3.3
C Steinberg, Aaron ........ B2
Mateyo, George........B11 PacWest
Carlson, Tucker...........A1 T Bancorp
Industrials 3.1
McNally, Chris.............B4
Collins, Porter.............B1 Telsey, Dana................B6 20 Materials 2.5
Murdoch, Lachlan ....... B5
G Musk, Elon.............A2,B1 Tuckner, Todd............B11 Utilities 2.4
Gamble, Hadley...........B4 O-R W Financials 1.7
Metropolitan
H-I Wehrle, Diane.............B6
Orlich, Shanna ............ B2 Bank
Hunsaker, Ben.............B2 Petersson, Toni...........B3 Y 15
Ishan Wahi..................B5 Rawlinson, Peter........B4 Youngwood, Sarah....B11 Bank of Zions Customers SouthState Western Atlantic Valley
Hawaii Bancorporation Bancorp Corporation Alliance Union National

.
Bancorporation Bankshares Bancorp

NextEra sidered green as a result of cost

ly
and technology hurdles that 10
some energy experts say might

Bets on continue to stymie the fuel’s

adoption even with federal sup-
port. Green hydrogen produc-
on 5

Hydrogen tion doesn’t yet exist at scale,

and its high costs will fall only
after the build-out of large
us ,

projects.
l

Continued from page B1 Ben Cook, a portfolio man- 0

e
al a

tive hydrogen customers. She ager at Hennessy Funds who

Feb. 2023 May F M F M F M F M F M F M F M F M F M
said the company sees the po- has for years invested in Next-
tential to develop more than 15 Era, said he is guarded in his
ci on

*As of May 5 †As of mid-April Source: S&P Global Market Intelligence

gigawatts of renewable-energy optimism that green hydrogen
projects to support the hydro-
gen-production facilities. A
gigawatt of electricity can
will become a lucrative busi-
ness for the company because
of uncertainty around future
Shorting ons Bancorp, Customers Ban-
corp and SouthState Corp.
Still, financials were one of
dropped on bonds from banks
such as UBS Group and
Deutsche Bank. He thought
low interest rates sent equity
and debt prices mostly up and
traders adopted aphorisms
power several hundred thou- demand for the fuel. “You have
Banks Is the least shorted industries at the banks were exposed to like “don’t fight the Fed.”
er s

sand homes. to hope that when you build it, the end of April, averaging fallout from commodity infla- The meme-stock rally of
“I’m very excited about how they will come,” he said. “We 1.7%, or half the short interest tion caused by war in Ukraine 2020 added insult to injury.
m er

this could shape our business

and our industry over the long
term,” Ms. Kujawa said. “It’s an
are so early in this process.”
NextEra, as well as a number
of other power companies and
Mixed Bag on technology stocks, accord-
ing to data from S&P.
Shorts on technology stocks
and from the potential col-
lapse of Credit Suisse.
By early March, credit-de-
Amateur traders championed
companies like GameStop and
Eastman Kodak, punishing
enormous growth opportunity.” industrial hydrogen consumers, and Treasurys, another popu- fault swaps on European banks short-selling hedge funds that
NextEra and CF Industries are pushing for a looser stan- Continued from page B1 lar bearish bet, soared in comprised one-quarter of all expected their stocks to fall.
m rp

Holdings, a fertilizer producer, dard that would allow for the Management LP benefited March as investors sought short bets in his $3 billion as- Many investors who spe-
last week announced plans to production of green hydrogen from trades they had previ- safety from the banking rout. set-backed bond portfolio. The cialized in shorting scaled
develop a 100-megawatt green using power drawn from the ously made against European Macro hedge funds that portfolio gained roughly 1% back or shut down their opera-
hydrogen facility in Oklahoma, electricity grid—some of which bank bonds, people familiar shorted Treasurys because overall in March, after Silicon tions. Even when correct—
as well as 450 megawatts of re- is generated using fossil fuels— with the firms said. More re- they expected interest rates to Valley Bank and Credit Suisse GameStop and Kodak stocks
co Fo

newable energy alongside it. and buying renewable-energy cently, funds like Seawolf and continue rising took heavy failed, according to a person are down about 75% from 2021
NextEra also is developing a certificates, or RECs, to offset Lake Cornelia Research Man- losses. familiar with the matter. highs—their analysis was of-
hydrogen pilot project in Flor- associated emissions annually. agement have been profiting “We’re definitely seeing Hedge funds lost about 0.7% ten overpowered by market
ida that is expected to begin NextEra pledged to invest from short selling shares of more activity on the short side on average that month, ac- ebullience.
operating this year. heavily in hydrogen before the U.S. regional banks. than over the past decade,” cording to data from Hedge Now that monetary policy
Green hydrogen, which is passage of the Inflation Reduc- The short interest, or per- said Aaron Steinberg, head of Fund Research, as the bank is tightening, investors in-
produced using renewable en- tion Act. NextEra last summer centage of shares sold short, prime services sales at Persh- turmoil caused stock and bond creasingly want shorts to
ergy to split water molecules in set a goal to cut its green- has been highest for First Re- ing, a Bank of New York Mel- prices to swing wildly. cushion themselves against
a process known as electrolysis, house-gas emissions to near public Bank and PacWest Ban- lon unit that supports hedge Hedge funds originally got volatility caused by geopoli-
has for years been touted as a zero by 2045 without carbon corp, exceeding 15%, according funds. their name for using shorts to tics, macroeconomics and
carbon-free fuel that can help offsets or RECs. The company to data from S&P Global Mar- Beach Point Capital Man- hedge, or offset, potential global climate change. Hedge
reduce emissions across a is planning to build large solar ket Intelligence. Short interest agement fund manager Ben losses from “long” bets that funds lost a modest 4% last
range of industries. projects and convert many of also jumped for a handful of Hunsaker started buying de- prices will rise. Such “long- year, according to data from
n-

But only a fraction of hydro- its gas-fired power plants in others, including Metropoli- rivatives about a year ago that short” funds gradually lost Hedge Fund Research, while
gen produced in the U.S. is con- Florida to run on hydrogen. tan Bank, Bank of Hawaii, Zi- would gain value if prices popularity post-2008, when the S&P 500 index fell 18%.
no

Aramco’s “The Best Solution to Hearing What People Say on TV” Newsweek

Profit Falls SAVE

As Oil Cools $
50
Reg. $24999 | SALE $19999
Continued from page B1
income. Free cash flow was
$30.9 billion and the quarterly
dividend was maintained at
$19.5 billion.
By contrast, major U.S. oil
TASNEEM ALSULTAN/BLOOMBERG NEWS

companies posted higher prof-

its in the first quarter on the
back of rising oil and gas out-
puts. Exxon Mobil’s quarterly
net income doubled and Chev-
ron’s was up 5%.
Aramco, majority-owned by
the Saudi government, said it
would introduce an additional
dividend tied to its annual fi-
nancial performance, basing it The oil company’s performance is tied to Saudi national ambitions. An Aramco computer model.
Can’t Hear
on the company’s free cash
flow. Aramco shares rose by 7% In April, Saudi Arabia and its nanced largely by its sovereign- The IMF and some analysts es-
Voices On TV?
in early trade before trimming allies announced another oil- wealth fund chaired by the timate Saudi Arabia needs oil
some gains on the local stock production cut as crude prices crown prince. prices at more than $80 a bar- The AccuVoice® AV157 Speaker uses
exchange. fell, demonstrating how Crown Last month, Saudi Arabia rel to balance its budget. The patented hearing aid technology to create
Aramco in March reported a Prince Mohammed bin Salman put a second 4% stake of government reported a deficit 12 levels of dialogue clarity.
record annual profit of $161 bil- continues to pursue a national- Aramco—valued at nearly $78 of 2.9 billion Saudi riyals,
Flat-screen TVs use tiny speakers with tinny sound. So many people
lion in 2022, the largest ever by ist energy policy aimed at fund- billion at the time—under the equivalent to $773.33 million, have to use closed-captioning to watch a movie or sporting event.
an energy firm, cementing the ing an expensive makeover of control of the Public Invest- in the first quarter as spending Our patented hearing aid technology lifts voices out of the soundtrack
kingdom’s dominance as the his kingdom. ment Fund. increased. and clarifies them. The result is remarkable. The AV157 has 12 levels
world’s most important oil pro- Prince Mohammed, the king- Aramco is one of the most Brent crude, the interna- of voice boost – in case you need extra clarity. Only 17" wide, it fits
ducer. dom’s day-to-day ruler, is half- valuable companies globally, tional benchmark, has been just about anywhere. Hookup is simple – one connecting cord.
The oil boom in part fueled way through an ambitious plan with a market cap of about $2 trending down since late last
Saudi Arabia’s willingness to to use his country’s gusher of trillion, briefly capturing the year on global recession fears.
pursue foreign policies and eco- oil revenue to transform its top spot from Apple last year. On Tuesday, oil prices were
nomic interests at odds with economy, rework its physical Its performance helped boost down 0.7% at $74.87 a barrel.
the U.S. Last year, Saudi Arabia, landscape and upend its con- Saudi economic growth. Mazen Al-Sudairi, head of Great Sound. Made Simple.
the de facto leader of the Or- servative culture. As oil prices The International Monetary research at Riyadh-based Al Ra- 866-367-9869
ganization of the Petroleum Ex- hit $100 a barrel last year fol- Fund said last week that Saudi jhi Capital, said the additional 60-Day Home Trial | Free Shipping
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requests to pump more oil to Ukraine, the kingdom acceler- 3.1% this year, from almost 9% Tuesday was positive news for AVAILABLE AT ZVOX.COM, AMAZON AND WALMART.COM
help tame surging crude prices. ated those efforts, which are fi- in 2022, as oil prices weaken. the budget.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. NY Wednesday, May 10, 2023 | B3

BUSINESS NEWS

Tempur Sealy to Buy

Mattress Firm Chain

MIKALA COMPTON/AMERICAN-STATESMAN/USA TODAY NETWORK/REUTERS

Deal for $4 billion pay about $2.7 billion in cash under majority owner Stein-
and about $1.3 billion in hoff International.
aims to boost sales as stock, based on 34.2 million The retailer paused those
consumer demand for shares issued at $37.62 each plans earlier this year due to
to Mattress Firm investors. market volatility and contin-
pricey items weakens The transaction, which in- ued to explore strategic op-
cludes repaying Mattress tions.
BY EMON REISER Firm’s debt, is expected to Mattress Firm, with around
close in the second half of $4.2 billion in annual sales,
Mattress maker Tempur 2024. would operate as a separate
Sealy International has agreed Chief Executive Scott business unit within Tempur
to buy retailer Mattress Firm Thompson said Tuesday dur- Sealy, and Tempur Sealy’s
Group in a $4 billion deal after ing a call with investors that board would expand to in-
two years of discussions be- the company has been en- clude two Mattress Firm di-
tween the companies. gaged in talks to buy Mattress rectors.
The transaction would sig- Firm, which filed for Chapter Combined, the mattress
nificantly boost Tempur 11 bankruptcy in 2018, for at brands would include 3,000
Sealy’s sales at a time when least two years. bricks-and-mortar stores, 30
inflated costs for materials, “I doubt there’s anyone in e-commerce platforms, 71 The retail company, which filed for bankruptcy in 2018, has been in sale talks for at least two years.
logistics and labor have bedding who would be sur- manufacturing facilities, four
weighed on the industry and prised with this transaction,” research and development fa- along with its first-quarter re- Analysts polled by FactSet polled by FactSet expected
as home improvement spend- Mr. Thompson said on the cilities and 21,000 employ- sults. had expected sales of $1.24 $91 million.
ing, initially boosted by the call. ees. The Lexington, Ky.-based billion. Tempur Sealy shares closed
pandemic, has waned. Mattress Firm in 2022 filed Tempur Sealy announced company posted a sales de- Its net income fell nearly up about 0.4% in trading on
Tempur Sealy said it would for an initial public offering the acquisition agreement crease of 2.5% to $1.21 billion. 35% to $85.3 million. Analysts Tuesday.

Oatly Names New CEO and Narrows Quarterly Loss

BY JESSE NEWMAN fee shops and grocery stores Oatly’s quarterly losses chain back on firmer footing; Ya Foods in which the contract the company unable to fully
worldwide with quirky brand- –$75.6M renewing Oatly’s focus on in- manufacturer would assume capitalize on the demand it
$0 million
Oatly Group is shaking up ing and ads that took on the novation; and enabling the property leases at Oatly’s pro- created, while competitors
leadership of the oat-milk dairy industry. company to take steps to drive duction plants in Utah and from more-established food
company, naming a successor In 2021, Oatly’s initial pub- profitable growth. Texas and acquire a majority companies were able to gain
to Chief Executive Toni Peters- lic offering won the company a –25 Oatly said Tuesday that its of the assets used in opera- ground.

.
son as it continues to post valuation of roughly $10 bil- revenue rose nearly 18% to tions at those facilities. Oatly Oatly has said the company
quarterly losses. lion. $195.6 million for the quarter said the deal was part of the experienced robust global

ly
Oatly said Jean-Christophe But Oatly struggled to add –50 ended March 31, driven by in- company’s shift toward an “as- growth and opened three man-
Flatin, the company’s global enough production capacity to creases in prices for the com- ufacturing facilities in the
president, will become CEO ef- satisfy demand, and the com- pany’s products in some re- span of a year.
fective June 1.
The Malmö, Sweden, com-
pany said Mr. Petersson, who
has been CEO since 2012, will
pany’s board members became
concerned with its stock per-
formance and manufacturing
troubles, The Wall Street Jour-
on–75

–100
gions and volumes sold.
The company reported a
net loss of $75.6 million, or 13
cents a share, narrower than a
Shares of the oat-
milk company have
Oatly said in March that it
had secured $425 million in
new financing. Mr. Petersson
said at the time that with
become co-chairman alongside nal has reported. year-earlier loss of $87.5 mil-
declined by about Oatly’s operations more stable
us ,

Eric Melloul, the company’s The Journal reported a year lion, or 15 cents a share. Ana- 90% since its IPO. and its business plan fully
l

current board chairman, on ago that Oatly was lining up a –125 lysts surveyed by FactSet had funded, the company was well-
e
al a

that date. successor to Mr. Petersson, expected a loss of 13 cents a positioned to capitalize on
2020 ’21 ’22 ’23
Oatly hired Mr. Flatin last and that Mr. Flatin was seen share. strong demand for its prod-
year after he spent more than as a likely eventual CEO at the Source: S&P Capital IQ Oatly said it is working to- set-light” supply-chain strat- ucts.
ci on

30 years at candy company company. ward achieving profitability in egy. On Tuesday, Oatly said the
Mars. Oatly’s shares have fallen company under our new lead- 2024, which the company de- After entering the U.S. mar- financing actually totaled
Changes to Oatly’s top about 90% since its IPO. Its ership,” Mr. Petersson said fined as positive adjusted ket, Oatly struggled to build $430 million, and the company
ranks come after a rocky few shares rose on Tuesday after during a conference call. earnings before interest, taxes, and run factories, miscalculat- announced a separate deal to
years for the company. Oatly the company announced its In a written statement, Mr. depreciation and amortization ing budgets, time lines and raise an additional $35 mil-
er s

spawned a global fervor over leadership changes. Petersson said Mr. Flatin had on a full-year basis. equipment needs, the Journal lion, pending shareholder ap-
oat milk, rapidly increasing “I have the utmost confi- already strengthened the com- In January, Oatly an- reported last year. proval and consent from lend-

alexa
m er

sales as it expanded into cof- dence in the future of this pany by putting its supply nounced a partnership with Ya The troubled expansion left ers.

FREE INSIDE THE

m rp
co Fo

OUT
TODAY
n-
no

THE
JEWELRY
ISSUE
‘Yellowstone’ star
Kelsey Asbille
goes from grit
to glamour
3NYP101
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B4 | Wednesday, May 10, 2023 * *** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

LinkedIn Cuts Jobs in Shift Startups Scoop Up

Microsoft-owned
platform to end China-
its recent earnings report.
In 2021, LinkedIn said it
Cast-Off Workers
was closing the version of its
focused app amid site that operated in China, BY ANGUS LOTEN hiring spree last year. Last
marking the end of the last summer, Pandion raised $40
growth slowdown major American social-media Startups are recruiting a million in a funding round.
network operating openly in growing number of laid-off Mr. Ruffin said that, as for
BY NEWLEY PURNELL

NG HAN GUAN/ASSOCIATED PRESS

the country. software developers, data sci- many other startups, the size
AND RACHEL LIANG The company said at the entists and engineers, luring of paychecks isn’t a deciding
time that it made the decision them away from larger em- factor for most laid-off work-
HONG KONG—Microsoft’s after “facing a significantly ployers—and bigger pay- ers Pandion has interviewed
LinkedIn said it is closing more challenging operating checks—with a chance to build recently. In wage negotiations,
down its China-focused jobs environment and greater com- software capabilities from the he said, “you hit some number
app and cutting 716 positions pliance requirements in ground up, tech recruiters and and there’s always somebody
globally, citing slower revenue China.” investors say. bigger with deeper pockets
growth and changing cus- Microsoft’s Bing search en- Other startup perks include who can offer more.”
tomer behavior as it becomes The U.S. company said it faced fierce competition in China. gine and its cloud-based busi- permanent remote- or hybrid- Instead, Mr. Ruffin says,
the latest U.S. tech company to ness-software businesses re- work models and equity stakes “We’ve been able to attract
trim its workforce amid eco- media in China in 2021, but cluded those from Facebook main in China, and its with more upside potential some pretty high-quality tal-
nomic pressures. has struggled against local parent Meta Platforms, Google Windows operating system than those offered by mature ent because what we’re doing
LinkedIn Chief Executive competition. The app will be parent Alphabet and Micro- still dominates in the country. companies’ stock options. is different.”
Ryan Roslansky said in a letter phased out by Aug. 9 amid soft. More than 350,000 peo- In late 2021, LinkedIn intro- Pandion Pro, a three-year-old By one count, large tech
to employees Monday that “fierce competition and a chal- ple have lost their jobs at tech duced InCareer to China, a e-commerce delivery startup, in companies last year laid off an
teams globally will be reorga- lenging macroeconomic cli- companies since early 2022, simplified version of LinkedIn recent weeks hired three work- estimated 165,000 workers,
nized, and that with customer mate,” Mr. Roslansky said. with some 191,000 job losses without social feeds. ers who were laid off by Face- with an additional 191,000
demand changing, the com- Parent company Microsoft this year, according to data The online recruitment book parent Meta Platforms, fired so far this year, accord-
pany would use more vendors. last month said its growth was tracker Layoffs.fyi. market in China has been said Scott Ruffin, Pandion ing to Layoffs.fyi.
The professional network- subdued in the previous quar- Companies last year began dominated by domestic play- founder and chief executive. Ruth Ebeling, a managing
ing service’s product and engi- ter as economic concerns feeling the effects of inflation ers in the past years. Accord- Of some 65 new hires in the director and partner at man-
neering teams in China will be cooled consumer demand and and rising interest rates. Some ing to iResearch, a local con- past year, roughly 15% were agement consulting company
discontinued, while corporate, corporate orders for the com- also said they had added too sulting firm, the three biggest laid-off workers from Meta, Boston Consulting Group, esti-
sales and marketing functions pany’s software and cloud ser- many workers in recent years. companies—51job.com, Zha- Tesla, Amazon.com and Google, mated that at least 40% of
in the country will be down- vices. Revenue for the three LinkedIn, which has 20,000 opin and Liepin.com—com- among other large tech em- tech workers who have found
sized, he said. months through March rose employees globally, saw reve- manded more than 70% of the ployers, Mr. Ruffin said. The new jobs after being laid off
The China jobs app, called 7% from a year earlier. nue for the three months market share as of 2021, the Seattle-based company cur- within the past nine months
InCareer, was introduced by U.S. tech-industry job cuts through March rise 8% from a latest year for which data is rently has more than 85 full- are now working at startups
LinkedIn after it exited social in recent months have in- year earlier, Microsoft said in available. time workers, following its first or other small tech employers.

Ex-Apple

.
Executive

ly
on To Aid GM
Tech Push
BY MIKE COLIAS
us ,
l

General Motors has hired

e
al a

a former Apple executive to

lead a newly formed software
unit, the latest in the auto
ci on

maker’s efforts to reduce its

reliance on Silicon Valley for
in-car tech.
Mike Abbott, vice presi-
dent of Apple’s cloud ser-
er s

vices, will join GM later this

month as executive vice pres-
m er

ident of software, in charge of

developing both in-vehicle
features and enterprise solu-
tions, the automaker said
Tuesday. He will report di-
m rp

rectly to GM Chief Executive

Mary Barra.
Mr. Abbott has been at Ap-
ple since 2018, where he most
CAITLIN O’HARA/REUTERS

recently led a team responsi-

co Fo

ble for the development of

core infrastructure for all of
Apple’s cloud-based services,
including iCloud iMessage,
GM said.
Lucid Group late Monday posted a disappointing first quarter, with a net loss of about $780 million. It also burned through about half of its cash reserves in the period. The hire follows GM’s dis-
closure last month that it

EV Makers’ than the 10,020 it made in the

final quarter of last year, after
a previously announced slow-
of 2021, a few months after an
IPO that eventually sent its
market valuation to near $90
swers remain on Lucid’s (long)
trek to business scale,” Ever-
core analyst Chris McNally
Ocean SUV, to a customer last
week, after starting produc-
tion on the vehicle last year.
would no longer offer Apple
CarPlay—an app that projects
an iPhone-like interface on

Results down in production of a deliv-

ery van it sells to Amazon.
Rivian said it remained on
billion, briefly surpassing that
of Ford Motor. The sleek se-
dan, which can travel up to
wrote in an investor note.
Lucid, based in Newark, Ca-
lif., said its production target
The EV, priced from about
$37,500 to about $69,000, is
built by contract manufacturer
the car’s touch screen—on
some future models.
GM said it would soon be-

Show Pain
n-

track to hit its target of 500 miles on a single charge, for this year would come in at Magna Steyr in Austria. gin offering its own multime-
50,000 vehicles this year. The starts in the high $80,000 the low end of its previous Fisker on Tuesday cut its dia setup that would provide
electric-truck maker said it range. guidance of between 10,000 to production forecast for the customers with more built-in
shut down production to pre- Lucid late Monday posted a 14,000 vehicles, a target that year, to between 32,000 and functionality, and analysts
no

Continued from page B1 pare to produce vehicles with disappointing first quarter, already had been well below 36,000 vehicles, from a previ- viewed the move as a way to
Langan said Monday in a note a new, cheaper battery and with a net loss of about $780 analysts’ forecasts. ous target of 42,400. wrest back from Apple the
previewing Rivian’s earnings. electric motor. million, compared with a loss The lower output forecast Shares of Fisker were off main interface used in the ve-
Rivian’s stock valuation had Part of the problem is that of about $81 million in the from Lucid reflects a dimmer 7% at Tuesday’s close. hicle.
fallen to $12.4 billion ahead of a large portion of Rivian’s ex- same period a year earlier. outlook for demand, as higher Fisker’s cash reserves fell to Traditional automakers are
earnings, from a high of isting orders for the R1T It also burned through interest rates and other eco- about $653 million, down targeting billions of dollars in
around $130 billion in the pickup truck and R1S SUV about half of its cash reserves nomic challenges weigh on about $85 million from the future revenue from offering
weeks following its November were placed before the com- in the quarter, and executives luxury-car buyers, said Lucid end of last year. more digital services and fea-
2021 IPO. pany raised prices to help off- said it had enough of a cush- Chief Executive Peter Rawlin- tures in the car. They are also
The company has endured a set rising raw-material costs. ion to fund operations until son. trying to fend off big technol-
number of stumbles, particu- As a result, the company is the second quarter of next “We’d much prefer the Watch a Video ogy firms that have been ex-
larly on the factory floor selling many vehicles at a loss. year. number to be higher and, as Scan this code panding their own in-vehicle
where it has struggled to ex- Lucid has experienced simi- Lucid shares fell about 5.6% you can imagine, we are push- for a video on products, often through part-
pand production. lar troubles trying to sustain Tuesday. ing like crazy,” he said. tech giants’ nerships with the car compa-
Rivian produced 9,395 vehi- its early momentum. It began “Another quarter gone by Fisker made the first deliv- battle for the nies.
cles in the first quarter, less selling its Air sedan in the fall and more questions than an- ery of its sole model, the car dashboard. GM has said it expects to
generate $20 billion to $25
billion in annual revenue from

CNBC Anchor Quits After Charging Harassment digital services and features
by 2030, up from roughly $2
billion in recent years. Volks-
wagen, Mercedes-Benz, Jeep
BY JOSEPH DE AVILA appropriate relationship with a ent’s name has been released maker Stellantis and other
company employee. “I’m truly and her privacy violated,” Su- automakers also have out-
CNBC International anchor sorry I let my Comcast and zanne McKie, the lawyer, said lined big plans for making
Hadley Gamble, who accused NBCUniversal colleagues in a statement at the time. money from in-car tech and
former NBCUniversal Chief Ex- down,” he said. Ms. McKie and a representa- subscriptions.
ecutive Jeff Shell of sexual ha- A day later, a lawyer for Ms. tive for Mr. Shell didn’t respond The auto industry’s soft-
rassment and sex discrimina- Gamble said she had filed a sex- to requests for comment. ware push is related to its
tion, is leaving the network, ual harassment and discrimina- Mr. Shell lost out on over pivot to electric vehicles.
CNBC said. tion complaint. CNBC is owned $40 million in compensation Many new automakers are
“Gamble has been a distin- for being terminated for cause. developing new EV models
guished journalist for more Comcast disclosed last from scratch, which allows
than a decade for CNBC, under- month that Mr. Shell’s stock them to more easily build in a
taking highly visible and chal-
Jeff Shell’s stock options and grants, which centralized software back-
lenging assignments, and de- options and grants were valued at $43.3 million bone that can operate more
ALEXANDER RYUMIN/TASS/ZUMA PRESS

veloping deep expertise in the when he was fired, were for- vehicle controls and be up-
Middle East and beyond,” a
were forfeited and feited and canceled. dated remotely, like a smart-
CNBC spokesperson said Tues- canceled. Ms. Gamble, a CNBC anchor phone. Such remote updates
day. “We wish her every suc- and senior international corre- have been a hallmark of
cess in her future endeavors.” spondent, covers energy, geo- Tesla’s vehicles for more than
Her departure comes af- politics and financial markets, a decade.
ter Mr. Shell was terminated by Comcast’s NBCUniversal. according to her company bi- Mr. Abbott also was a gen-
last month following an inves- “The investigation into Mr. ography. Her contract wasn’t eral partner at venture-capi-
tigation into a complaint that Shell arose from a complaint expected to be renewed, The tal firm Kleiner Perkins Cau-
the chief executive engaged in by my client of sexual harass- Wall Street Journal has re- field & Byers, now Kleiner
inappropriate conduct. ment and sex discrimination. ported. Perkins, and worked as an en-
Mr. Shell said in a statement Given these circumstances it is Comcast didn’t respond to a Hadley Gamble, shown in 2021, accused former NBCUniversal CEO gineer at Twitter earlier in
at the time that he had an in- very disappointing that my cli- request for comment. Jeff Shell of sexual harassment and discrimination. his career.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Wednesday, May 10, 2023 | B5

BUSINESS & FINANCE

Bankman-Fried Seeks to Toss Charges

Lawyers call case requirements of underlying which is under new manage- government agreed to release
criminal statutes. ment, of acting as an agent of Mr. Bankman-Fried but issued
flawed, say DOJ Mr. Bankman-Fried was ar- the Justice Department while what is known as a warrant of
rushed to indict after rested in the Bahamas in De- publicly vilifying Mr. Bank- surrender specifying that he
cember, a month after FTX man-Fried. Federal prosecu- could be tried only on seven
the collapse of FTX filed for bankruptcy, and tors aren’t collecting and re- counts in the original indict-
charged with stealing billions viewing documents themselves ment, not including the cam-
BY JAMES FANELLI from the company’s customers but rather sending FTX re- paign-finance charge, his law-
while lying to investors and quests for material, the law- yers said. Continuing to

DAVID DEE DELGADO/REUTERS

FTX founder Sam Bankman- lenders to his crypto-invest- yers said, allowing the com- prosecute him on the charge
Fried asked a New York fed- ment firm Alameda Research. pany to produce whatever it violates the rules of the extra-
eral judge to dismiss most of Rather than wait for the regu- wants. The arrangement raises dition treaty between the two
the criminal case against him, latory and civil process to play concerns that FTX isn’t hand- countries, the lawyers said.
saying the Justice Department out, the Manhattan U.S. attor- ing over exculpatory material, Since the initial indictment,
brought flawed charges in a ney’s office swooped in, his the lawyers said. prosecutors have brought ad-
rush to indict him after the lawyers said in a filing. Mr. Bankman-Fried has ditional charges against Mr.
collapse of the crypto ex- “In sum, the government’s pleaded not guilty and is un- Bankman-Fried, including con-
change. haste and apparent willingness der home detention at his par- Sam Bankman-Fried says the terms of his extradition were violated. spiring to commit bank fraud
Lawyers for Mr. Bankman- to proceed without having all ents’ California house while he and conspiring to bribe Chi-
Fried, in a series of motions the relevant facts and infor- awaits trial in October. obtaining the dismissal of paign-finance law in a scheme nese government officials. His
Monday night, requested that mation has produced an in- A spokesman for the U.S. charges before trial. to mask the true source of po- lawyers say those charges
many of the counts against dictment that is not only im- attorney’s office didn’t re- Prosecutors initially litical donations. should be tossed out too.
their client be tossed out, ar- properly brought but legally spond to a request to com- charged Mr. Bankman-Fried After his arrest, Mr. Bank- Three former members of
guing that some charges vio- flawed and should be dis- ment. Federal prosecutors are with eight counts, including man-Fried consented to his ex- Mr. Bankman-Fried’s inner cir-
lated the terms of his extradi- missed,” they said. expected to file a response to several fraud charges, a tradition from the Bahamas, cle at FTX and Alameda have
tion from the Bahamas while The former chief executive’s the motions later this month. money-laundering conspiracy allowing for his transfer to pleaded guilty and are cooper-
others didn’t meet the legal lawyers also accused FTX, Defendants face a high bar for and conspiring to violate cam- U.S. custody. The Bahamian ating with the government.

Ex-Coinbase Staffer Gets

Prison in Insider Case
BY JAMES FANELLI retta Preska said Mr. Wahi re- his lawyers, Andrew St. Lau-
peatedly provided tips, despite rent, said.
A former Coinbase em- being aware his actions were Assistant U.S. Attorney
ployee was sentenced to two illegal. Noah Solowiejczyk told the

.
years in prison for his role in “It was a stream of inside judge that Coinbase had a
EVAN AGOSTINI/ASSOCIATED PRESS

what federal prosecutors information doled out over a clear insider-trading policy.

ly
called the first-ever insider- 10-month period,” she said, “It’s not like this defendant
trading case involving crypto- adding that Mr. Wahi, who is wasn’t informed of what the
currency. from India, tried to flee the potential consequences were,”
on Ishan Wahi, 32 years old,
previously pleaded guilty in a
New York federal court to two
counts of conspiracy to com-
country when he learned he
was under investigation. She
ordered him to surrender to
prison no later than June 21.
he said.
Prosecutors had sought a
sentence within the federal
guidelines of more than three
mit wire fraud for tipping off Mr. Wahi told the judge years to nearly four years in
us ,

The reimagined spectacle will feature more diverse models, without winged ‘Angels.’ The 2018 show. his brother and a friend to that he was sorry for his ac- prison, saying that such a pun-
l

confidential information that tions. “I made a huge mistake ishment would deter others
e
al a

Victoria’s Secret to Revive

he gained at his job at the that will follow me for the rest from illegally trading on in-
crypto exchange. The tip re- of my life,” he said. sider information.
cipients, co-defendants in the His lawyers had sought a Mr. Wahi’s brother, Nikhil
ci on

case, used the information to sentence of 10 months in Wahi, previously pleaded

Fashion Show as a Movie trade on digital tokens, mak-

ing nearly $1.5 million in prof-
its, according to federal prose-
cutors from the Manhattan
prison, saying that in part his
actions took place during a
time when the rules and regu-
lations around the crypto in-
guilty to one count of conspir-
ing to commit wire fraud and
is currently serving a 10-month
prison sentence. The third de-
er s

BY ALYSSA LUKPAT Millions of people used to Victoria’s Secret remains U.S. attorney’s office. dustry were unclear. fendant in the case, Sameer
tune in to watch supermodels among the top lingerie brands In handing down the sen- “It’s not an excuse but it is Ramani, remains at large, ac-
Victoria’s Secret is rein-
m er

strut in lingerie while pop in the U.S., even as it tries to tence, U.S. District Judge Lo- partly an explanation,” one of cording to prosecutors.
venting its lingerie-clad fash- stars sang next to them on the reverse decades of its provoc-
ion show as a feature-length catwalk. Then consumer tastes ative marketing. The com-
film with more diverse mod- shifted to more natural looks, pany’s sales have slumped in
els, years after the company and the company was criti- recent years as people have
m rp

had been criticized for glorify-

ing skinny body types.
cized for marketing to the
male gaze and not everyday
turned to brands emphasizing
comfort and inclusivity. Leslie THIS LAMP IS A SIGHT FOR SORE EYES
The lingerie seller is reviv- women. Wexner, who made Victoria’s
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cle for the first time since based in Ohio, aired its last stepped down from parent “I couldn’t read the paper anymore. I would The first light source
co Fo

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Fox Says It Settled Dominion Underlighting

is overrated
In your lamps, the new
light source
(SHOWN),
Gun Metal
Bronze and
Brushed Silver

Lawsuit to Avoid Trial Rancor “retrofit” CFL and LED bulbs

do not produce the same
amount of task light as ordinary
15”

BY JOE FLINT that it was covering news- ouster of popular Fox News bulbs. Just as we’ve gotten
AND WILL FEUER worthy claims by associates prime time host Tucker Carl- older and our eyesight
of then-President Donald son, Mr. Murdoch declined to has declined, OUR LIGHT
Fox Corp. Chief Executive Trump and that its broad- comment on the specifics of US PATENTS
Seeing is Believing
Lachlan Murdoch said Fox casts should be protected by what led to that decision, say-
HAS FAILED US. The patented KIS lamp and
10,378,698
News’s settlement of Domin- the First Amendment. ing only that the change in the 10,422,488
Lamplight projects a massive
ion Voting Systems’ defama- Mr. Murdoch said rulings by lineup doesn’t reflect a shift in amount of illumination on
tion lawsuit for $787.5 million Delaware Superior Court Judge programming for the network. YOU NEED: your reading material. Reader
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a divisive trial and multiyear company’s ability to defend it- The network parted ways for 3 years.
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helped rig the election for share common ownership. that was driven by the airing
Joe Biden, while Fox argued Asked about the recent of the Super Bowl in February.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B6 | Wednesday, May 10, 2023 * *** THE WALL STREET JOURNAL.

THE PROPERTY REPORT

Nuveen Buys Affordable-Housing Portfolio
Acquisition of New
York City-focused
holding lifts its assets
in sector to $6.4 billion
BY WILL PARKER

Nuveen, the asset-manage-

ment arm of Teachers Insur-
ance and Annuity Association
of America, is acquiring a
more-than-12,000-unit afford-
able-housing portfolio in one
of the largest multifamily-
housing deals this year.
The properties are largely
concentrated in the New York
City area, including several
large apartment buildings in
the Bronx, Brooklyn and
Queens. Other buildings are lo-
cated in Maryland, Massachu-
setts, Texas and other states,

GARY HERSHORN/GETTY IMAGES

Nuveen said on Tuesday. The
portfolio includes developable
land and existing buildings in
need of rehabilitation that
could eventually produce an
additional 8,000 low-income
apartments, Nuveen said.
Nuveen declined to share
the price paid for the build- The properties are largely concentrated in the New York City area, including several large apartment buildings in the Bronx, Brooklyn and Queens boroughs.
ings, but said the deal is part
of more than $3 billion in re- part because tenant subsidies a mix of housing vouchers and TIAA manages retirement than 10,000 affordable units in Nuveen will manage the
cent acquisitions, inclusive of shore up rent collections, Nu- tax credits. Most units rent to plans for more than five mil- major Southern and Midwest Omni properties in its Impact
debt, that have doubled the veen said. While a possible re- tenants making 60% or less of lion active and retired employ- cities. Housing portfolio, a fund for
size of the company’s afford- cession portends a downward the area median income, the ees across several fields. Nu- Some of the properties have longer-term holdings, the
able-housing assets under trend for market-rate apart- company said. The seller is veen’s assets under expiring affordability agree- company said.
management to $6.4 billion. ments, rents at affordable-hous- Omni Holding Company, a New management total $1.1 trillion. ments that Nuveen said it Construction of new afford-

.
The sale comes as investors ing properties aren’t usually York-based affordable-housing Nuveen’s buy is the second plans to extend. “We want to able housing, meanwhile, has
have begun to turn away from lowered during such periods, a operator co-founded by retired supersize affordable-housing continue to hold those and been strained by rising inter-

ly
market-rate apartments be- Nuveen investor report notes. baseball player Mo Vaughn. sale to happen recently. A divi- preserve those,” said Pamela est rates. Some developers last
cause of declining rent growth. Nuveen’s latest acquisition Omni is selling nearly all of its sion of Goldman Sachs, along West, portfolio manager of im- fall said they were pausing
Affordable housing provides consists largely of govern- affordable-housing portfolio in with partners, in April spent pact investing in Nuveen’s plans to build until they could
a reliable return for investors in ment-subsidized buildings with on
the transaction, Nuveen said. nearly $1.2 billion to buy more Real Estate Impact Group. secure cheaper financing.

Bonds Backed by Apartments Are Under Pressure

us ,
l
e
al a

BY KONRAD PUTZIER shorter terms and floating in- Annual commercial these at-risk apartment loans. that void. These securities gages.
AND WILL PARKER terest rates that make it eas- The loans are in danger of were popular with bond in- CLO lenders, rather than
ci on

real-estate CLO issuance

ier for owners to sell or refi- default because the buildings vestors because they offered bondholders, are most in dan-
$50 billion
Defaults are rising for a nance their buildings after a they back earn insufficient or higher yields at the same ger of losses if defaults rise,
niche mortgage bond used few years. barely enough money to time interest rates were low, said Donald Belanger, a se-
primarily to fund apartment- But some of the same 40 cover debt payments, Trepp analysts said. nior director at Fitch Ratings.
building purchases, another characteristics that made said. Surging apartment rents That is because these compa-
er s

sign that rising interest rates these loans attractive to Defaults remain rare but kicked off a buying frenzy in nies typically keep the most
are upending the property property owners also made 30 have become more common 2021 as investors bought junior 15% to 20% of bonds
m er

sector. them riskier and more vul- since last year. About 1.4% of more multifamily properties they create, meaning they are
This product, known as nerable to sudden changes in 20 commercial real estate CLOs than in any year in history. last in line to get paid. The
collateralized loan obliga- borrowing rates. Last year’s were delinquent as of April Many took out securitized list of the 10 biggest issuers
tions, or CLOs, are mortgages surge in interest rates, a soft- 30, according to data com- loans. Commercial real-estate includes affiliates of Arbor
packaged into bonds that are ening rental market and ris- 10 pany CRED iQ, up from 0.4% CLO issuance rose to a record Realty Trust, Berkshire Res-
m rp

sold to investors. These mort- ing expenses mean many last July. Ms. Parelskin said $45.4 billion in 2021 from idential Investments, Loan-
gages helped fuel the rise in landlords no longer earn she expects a lot more de- just $8.7 billion in 2020, ac- Core Capital and Blackstone,
0
housing costs across Sunbelt enough money to pay back faults in the months to come cording to CRED iQ. according to CRED iQ.
states such as Arizona, Texas their loans. 2014 ’17 ’20 ’23* because property CLOs are Now, borrowers are getting One of the biggest apart-
and Nevada, facilitating the “The market has really *As of April 30 more volatile than other squeezed from multiple sides, ment buyers to use CLOs was
co Fo

purchase of buildings where changed for these people,” Source: CRED-iQ.com types of mortgages. said Patti Unti, managing di- Los Angeles-based Tides Eq-
property owners saw oppor- said Selina Parelskin, chief Property CLOs trace their rector at Waterfall Asset uities. The company snapped
tunities to raise rents. executive of Beacon Default stifled in part by low rent roots to the aftermath of the Management. The interest up $1.7 billion of apartment
Rental apartments ac- Management, a company that collections, according to loan global financial crisis. Follow- rates on their loans have properties in 2021 alone. The
counted for two-thirds of the helps lenders foreclose. documents. Laguna later sold ing the crash, banks became surged and hedges protecting buildings are mostly located
CLOs issued in 2021 and 81% Applesway Investment the properties to Miami- more conservative, eschewing against even higher rates are in Southwest markets such as
of those issued in 2022, ac- Group lost two properties based Fifteen Group in risky property deals and starting to expire. Phoenix and Las Vegas where
cording to real-estate data tied to CLOs last month after March, according to data pro- lending less money as a share At the same time, con- rents were booming until re-
firm Trepp. defaulting on floating-rate vider MSCI Real Assets. of a building’s value, brokers struction and insurance costs cently.
The mortgages associated loans. Downtown Los Angeles Nearly $88 billion in secu- say. That meant investors have risen, meaning many But for at least a handful
with CLOs appeal to property landlord Laguna Point ritized mortgages are at risk looking to buy buildings that renovation projects are run- of Tides’s investments, higher
owners because they can put missed payments on a loan of default, and 42% of them were vacant or in need of ex- ning out of money. Expiring interest rates and falling
down less equity and take on packaged into a CLO after a are backed by apartment tensive repairs needed an al- loans are harder to refinance rents are combining to push
n-

more debt than with bank plan to increase rents by buildings, Trepp estimates. ternative source of money. because many lenders are re- down profit, according to
mortgages. They also have $700 a month per unit was CLOs make up the majority of CLOs popped up to help fill luctant to dole out new mort- loan records.
no

Airbnb Posts Higher Profit, Retailers Change in U.S. downtown

foot traffic from 2019
0%
runs Telsey Advisory Group.
One of these retailers is Dig,
a fast-casual eatery founded in

Revenue, but a Mixed Outlook Head to the

New York City in 2011. Until
Weekday the pandemic, the restaurant
–10
Weekend largely catered to office lunch

BY KONRAD PUTZIER
Suburbs –20

–30
crowds in Manhattan, Boston
and Philadelphia, said Chief Ex-
ecutive Tracy Kim.
The business was hit by the
Airbnb reported higher rev- Continued from page B1 pandemic and shift to remote
–40
enue and profit in the first tailers’ discontent with declin- work, and a few of its locations
quarter, but customers re- ing sales and rising property in New York closed perma-
–50
served fewer-than-expected crime in big cities. nently. Now, Dig is opening
stays and the company gave a “I think we’re in for quite a –60
restaurants primarily in the
mixed outlook for the second challenging time for down- suburbs and in residential
quarter, spooking investors. towns and for retail in down- neighborhoods of larger cities,
GABBY JONES/BLOOMBERG NEWS

–70 Monthly
The short-term rental com- towns,” said Diane Wehrle, rather than office districts.
pany recorded a quarterly marketing and insights direc- 2021 ’22 ’23 Over the past few weeks the
profit of $117 million, beating tor for MRI Springboard. Source: MRI Springboard company has opened locations
analysts’ expectations of $90 Some restaurants and retail in Stamford, Conn., Bridgewa-
million. Airbnb recorded a loss businesses are now moving Corp. said its portfolio is more ter, N.J., and in the Washing-
of $19 million in the first quar- from their once-bustling urban than 98% leased. ton, D.C., neighborhood
ter of 2022. locations to the nearby burbs. Even high-end enclosed Georgetown. Dig plans to open
The company said it expects Several restaurant chains have malls, which were hard hit by three more this year, one in
average daily rates to fall Airbnb said growth in nights booked would trail revenue growth. expanded beyond office corri- the pandemic, are showing Brooklyn, N.Y., and two in the
slightly in the second quarter dors since the pandemic, in- signs of improvement. Foot D.C. suburbs.
compared to a year earlier and Last week, travel-site opera- ing prices more transparent cluding salad shop Sweet- traffic at Simon Property “There is a permanent part
that growth in nights booked tors Booking Holdings and Ex- and marketing cheaper listings. green, which closed several Group’s malls is higher this of the work base that’s never
would be slower than revenue pedia Group reported increases Last week, Chief Executive locations in Los Angeles, Bos- year compared with 2022 going to return to the office
growth. in gross bookings of 44% and Brian Chesky announced a new ton and New York City last while overall occupancy was five days a week,” Ms. Kim
Shares fell 11% in after-hours 20%, respectively. tool to make it easier for cus- year. 94.4% in the first quarter, just said. “We just want to be
trading. The stock closed on Airbnb recorded $1.8 billion tomers to search for and book a While the firm said it isn’t shy of prepandemic levels, ac- where the mouths are, whether
Tuesday at $127.07, up roughly in revenue in the first quarter, room in a shared home, which abandoning cities, as of last cording to the company. they’re at home or in the of-
50% so far this year. up 20% from a year earlier and typically costs less than book- summer, half of Sweetgreen’s The swelling crowds at sub- fice.”
In a sign that travelers are roughly in line with analysts’ ing an entire place. footprint was in the suburbs, urban stores, in part, are com- Some smaller business own-
willing to spend on trips, the expectations. In a recent note, Robert Mol- up from 35% at the end of ing at the expense of city retail- ers whose livelihoods are
company’s gross booking For the second quarter of lins, an analyst at Gordon Has- 2019, the company reported. ers. In the second half of last linked to urban downtowns are
value—the total amount cus- 2023, the company projected kett, wrote that he also views Suburban landlords said de- year, urban retail availability left hoping that workers will
tomers pay for bookings on revenue of $2.35 billion to the focus on rooms as a re- mand from retailers was strong surpassed suburban availability return. Beehive Shoeworks, un-
Airbnb—increased 19% to $20.4 $2.45 billion, roughly in line sponse to a new short-term- during the first months of this for the first time since at least der the L tracks in downtown
billion. Analysts had expected with analysts’ estimates of rental law in New York City year, even with high inflation 2013, according to real-estate Chicago, recently filed for a
bookings of $20.09 billion, ac- $2.42 billion, according to that requires hosts to stay in and rising interest rates. Shop- firm CBRE. Asking rent growth hardship accommodation on a
cording to FactSet. The in- FactSet. the home with their guests. ping-center owner Site Cen- in the suburbs also outpaced ur- $500,000 Small Business Ad-
crease was driven by a 19% rise Also expected to weigh on Airbnb said it bought $2 bil- ters reported record-high leas- ban areas last year. ministration loan it took out
in the number of nights booked its average daily rate is its bid lion of its own stock over the ing in the first quarter, while “You’re seeing retailers of during the pandemic.
while the average daily rate to win over more cost-con- past nine months and that its owner Phillips Edison reported all types look to go to some of —Peter Grant
paid for stays was flat, the scious customers. The company board has authorized up to a new high for occupancy. Re- these suburban centers,” said and Joe Barrett
company said. is increasingly focused on mak- $2.5 billion in additional buys. tail Opportunity Investments retail analyst Dana Telsey, who contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Wednesday, May 10, 2023 | B7

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures Cattle-Live (CME)-40,000 lbs.; cents per lb. June 1.2622 1.2651 1.2590 1.2635 .0004 226,838 Mini S&P 500 (CME)-$50 x index
June 162.600 164.150 161.875 163.925 1.500 107,946 Swiss Franc (CME)-CHF 125,000; $ per CHF June 4150.50 4153.00 4131.00 4134.00 –18.75 2,255,778
Contract Open Sept 4188.50 4190.50 4169.25 4172.00 –18.75 25,546
Open High hi lo Low Settle Chg interest Aug 160.200 161.875 159.900 161.550 1.475 106,514 June 1.1295 1.1302 1.1234 1.1289 –.0006 42,757
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Sept 1.1375 1.1412 1.1345 1.1400 –.0005 459 Mini S&P Midcap 400 (CME)-$100 x index
Copper-High (CMX)-25,000 lbs.; $ per lb. June 2461.60 2462.10 2439.90 2452.50 –9.20 38,097
May 3.9095 3.9095 3.8740 3.8890 –0.0290 2,350 May 75.650 76.450 75.650 76.275 .650 3,751 Australian Dollar (CME)-AUD 100,000; $ per AUD
Sept 2471.20 –9.00 n.a.
June 83.300 t
84.700 82.725 84.400 1.100 78,596 May .6779 .6788 .6749 .6766 –.0023 609
July 3.9240 3.9240 3.8810 3.9015 –0.0280 120,323 Mini Nasdaq 100 (CME)-$20 x index
Lumber: British Columbia (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June .6792 .6798 .6757 .6775 –.0023 167,324
Gold (CMX)-100 troy oz.; $ per troy oz. June 13338.50 13347.00 13250.50 13264.75 –87.50 257,039
May 2026.60 2037.30 2025.90 2036.20 9.90 174 May 357.00 357.90 339.00 344.00 –14.00 155 Mexican Peso (CME)-MXN 500,000; $ per MXN Sept 13489.25 13490.50 13398.75 13411.25 –87.50 3,722
Lumber: Chicago (CME)-27,500 bd. ft., $ per 1,000 bd. ft. May .05636 .05636 s .05610 .05617 .00005 16 Mini Russell 2000 (CME)-$50 x index
June 2028.40 2045.10 2026.40 2042.90 9.70 341,145
May 458.00 458.00 445.50 447.50 –13.50 194 June .05573 .05593 s .05565 .05582 .00005 248,629 June 1761.10 1762.70 1741.40 1755.10 –5.90 539,642
July 2037.00 2054.30 2037.00 2052.90 9.70 1,404
July 514.00 519.00 509.50 510.50 –3.00 4,325 Euro (CME)-€125,000; $ per € Sept 1778.10 1778.10 1757.80 1771.10 –5.40 3,931
Aug 2048.40 2064.40 2046.10 2062.40 9.60 123,107
Milk (CME)-200,000 lbs., cents per lb. May 1.1000 1.1009 1.0946 1.0970 –.0040 1,292 Dec 1785.60 1789.10 1775.10 1787.90 –5.00 82
Oct 2065.80 2083.00 2065.80 2081.70 9.70 11,146
May 16.47 16.51 t 16.35 16.40 –.06 5,134 June 1.1030 1.1031 1.0967 1.0992 –.0041 775,301 Mini Russell 1000 (CME)-$50 x index
Dec 2084.90 2102.00 2083.70 2100.00 9.80 30,686
June 2261.30 2268.90 2260.30 2261.60 –9.80 7,446
Palladium (NYM) - 50 troy oz.; $ per troy oz. June 17.11 17.11 16.85 16.88 –.16 6,207
Index Futures U.S. Dollar Index (ICE-US)-$1,000 x index
May 1587.70 16.30 1 Cocoa (ICE-US)-10 metric tons; $ per ton. June 101.21 101.64 101.16 101.40 .24 32,185
June 1557.00 1590.50 1533.50 1579.70 16.30 9,531 May 3,235 3,242 s 3,235 3,229 50 394 Mini DJ Industrial Average (CBT)-$5 x index Sept 100.86 101.26 100.86 101.08 .25 897
Platinum (NYM)-50 troy oz.; $ per troy oz. July 2,943 3,008 s 2,933 2,999 45 132,082 June 33684 33726 33539 33637 –48 92,964
May 1117.10 28.30 1 Coffee (ICE-US)-37,500 lbs.; cents per lb. Sept 33955 33983 33801 33906 –44 868 Source: FactSet
July 1083.30 1117.80 1076.00 1116.00 28.30 66,774 May 187.70 189.30 184.55 188.00 1.10 292
Silver (CMX)-5,000 troy oz.; $ per troy oz. July 184.20 187.05 183.70 186.50 2.55 79,503
May 25.500 25.715 25.445 25.698 0.062 747 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
July 25.790 25.930 25.570 25.898 0.064 123,021 July 26.06 26.43 25.93 26.19 .10 397,599 Cash Prices | wsj.com/market-data/commodities Tuesday, May 9, 2023
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Oct 25.69 26.06 25.57 25.84 .11 238,438
June 72.84 73.78 71.34 73.71 0.55 279,508 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
July 72.72 73.69 71.28 73.62 0.55 279,052 July 42.80 42.80 42.80 42.80 –.09 508 separate from the futures price on an exchange, which reflects what the commodity might be worth in future
Aug 72.48 73.45 71.07 73.39 0.58 183,812 March'24 42.04 42.04 42.04 42.04 –.11 2,102 months.
Sept 72.21 73.08 70.74 73.02 0.60 129,692 Cotton (ICE-US)-50,000 lbs.; cents per lb. Tuesday Tuesday Tuesday
Oct 71.77 72.65 70.35 72.59 0.61 162,467 July 83.18 83.18 80.40 80.99 –2.31 86,827 Iron Ore, 62% Fe CFR China-s n.a. Wheat,No.2 soft red,St.Louis-u 6.3850
Dec 70.88 71.80 69.56 71.75 0.64 224,538 Dec 82.85 82.85 80.51 81.01 –1.99 67,211 Energy Shredded Scrap, US Midwest-s,m n.a. Wheat - Hard - KC (USDA) $ per bu-u 9.2125
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Coal,C.Aplc.,12500Btu,1.2SO2-r,w 81.350 Steel, HRC USA, FOB Midwest Mill-s n.a. Wheat,No.1soft white,Portld,OR-u 7.2000
June 2.3639 2.3936 2.3220 2.3902 .0125 72,239 May 275.00 275.00 265.00 266.30 –12.30 7 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 15.750 Battery/EV metals
July 2.3655 2.3949 2.3256 2.3919 .0125 46,654 July 259.90 259.95 246.35 247.45 –12.50 7,897 BMI Lithium Carbonate, EXW China, =99.2%-v,w 26850 Food
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Metals
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 30800 Beef,carcass equiv. index
June 2.4451 2.4840 2.4121 2.4799 .0183 84,688 Interest Rate Futures Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 5148
July 2.4155 2.4420 2.3726 2.4392 .0176 72,597 choice 1-3,600-900 lbs.-u 279.33
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Engelhard industrial 2030.00 BMI Nickel Sulphate, EXW China, >22%-v,m 4966 select 1-3,600-900 lbs.-u 257.92
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
June 138-120 139-030 137-180 137-230 –15.0 1,460,942 Handy & Harman base 2030.20 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 705 Broilers, National comp wtd. avg.-u,w 1.4152
June 2.249 2.297 2.184 2.267 .029 198,244
July 2.416 2.463 2.360 2.427 .015 290,380
Sept 138-190 139-160 138-010 138-050 –15.0 683 Handy & Harman fabricated 2253.52 Fibers and Textiles Butter,AA Chicago-d 2.3950
Aug 2.499 2.548 2.447 2.511 .013 81,074
Treasury Bonds (CBT)-$100,000; pts 32nds of 100% LBMA Gold Price AM *n.a. Cheddar cheese,bbl,Chicago-d 151.50
June 130-000 130-160 129-180 129-220 –6.0 1,175,885 LBMA Gold Price PM *n.a. Burlap,10-oz,40-inch NY yd-n,w 0.7500 Cheddar cheese,blk,Chicago-d 161.25
Sept 2.492 2.541 2.443 2.505 .012 141,140
Sept 130-060 130-220 129-250 129-290 –6.0 4,973 Krugerrand,wholesale-e 2127.41 Cotton,1 1/16 std lw-mdMphs-u 0.7974 Milk,Nonfat dry,Chicago lb.-d 118.00
Oct 2.588 2.642 2.546 2.608 .010 110,644
Treasury Notes (CBT)-$100,000; pts 32nds of 100% Maple Leaf-e 2178.31 Cotlook 'A' Index-t *n.a. Coffee,Brazilian,Comp-y 1.8789
Jan'24 3.762 3.812 3.730 3.788 .005 81,227
June 115-070 115-155 115-015 115-060 .5 4,434,088 American Eagle-e 2178.31 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.2833
Sept 116-025 116-095 115-280 116-005 1.0 47,546 Mexican peso-e 2626.38 Wool,64s,staple,Terr del-u,w 3.62 Eggs,large white,Chicago-u 0.7750
Agriculture Futures
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Austria crown-e 1998.49 Grains and Feeds Flour,hard winter KC-p 22.95
Corn (CBT)-5,000 bu.; cents per bu. June 109-302 110-035 109-245 109-292 .2 4,998,339 Austria phil-e 2137.59 Hams,17-20 lbs,Mid-US fob-u 0.81
May 654.75 654.75 639.50 642.25 –14.25 2,361 Barley,top-quality Mnpls-u n.a.
Sept 110-182 110-230 110-122 110-170 .5 83,936 Silver, troy oz. Hogs,Iowa-So. Minnesota-u 75.11
July 595.00 595.00 581.00 584.75 –11.75 540,474 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Bran,wheat middlings, KC-u,w 138
Engelhard industrial 25.7500 Pork bellies,12-14 lb MidUS-u 0.9402
Oats (CBT)-5,000 bu.; cents per bu. June 103-060 103-082 103-019 103-047 –.6 2,930,300 Corn,No. 2 yellow,Cent IL-bp,u 6.0400 Pork loins,13-19 lb MidUS-u 1.0928
Handy & Harman base 25.5330
May 329.00 –1.50 2
Sept 103-274 103-296 103-234 103-265 –.3 10,345 Corn gluten feed,Midwest-u,w 175.0 Steers,Tex.-Okla. Choice-u n.a.
Handy & Harman fabricated 31.9160
July 334.75 340.00 331.75 337.25 –2.00 3,341
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Corn gluten meal,Midwest-u,w 570.5 Steers,feeder,Okla. City-u,w 248.25
LBMA spot price *n.a.
Soybeans (CBT)-5,000 bu.; cents per bu. May 94.9550 94.9550 94.9500 94.9500 –.0025 400,677 Cottonseed meal-u,w 365
(U.S.$ equivalent) *n.a.
May 1467.75 1467.75 1448.75 1451.75 –17.00 482
July 94.9300 94.9350 94.8950 94.9050 –.0150 262,902
Hominy feed,Cent IL-u,w 208 Fats and Oils
Coins,wholesale $1,000 face-a 23543
July 1432.25 1432.50 1410.50 1414.25 –19.50 277,305
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Meat-bonemeal,50% pro Mnpls-u,w 455
Soybean Meal (CBT)-100 tons; $ per ton. Other metals Oats,No.2 milling,Mnpls-u 3.8725 Degummed corn oil, crude wtd. avg.-u,w n.a.
June 97-275 98-040 97-255 97-280 .5 7,258 LBMA Platinum Price PM *n.a.
420.40 420.40 t 417.80 416.40 –9.10 328 37.25 Grease,choice white,Chicago-h 0.5300

.
May Rice, Long Grain Milled, No. 2 AR-u,w
Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. Platinum,Engelhard industrial 1092.0 Lard,Chicago-u n.a.
July 426.90 426.90 418.80 419.00 –7.90 185,158 Sorghum,(Milo) No.2 Gulf-u n.a.
95.2275 15,351

ly
Feb Palladium,Engelhard industrial 1585.0
Soybean Oil (CBT)-60,000 lbs.; cents per lb. SoybeanMeal,Cent IL,rail,ton48%-u,w 432.10 Soybean oil,crude;Centl IL-u,w 0.5708
June 94.9400 94.9500 94.9050 94.9150 –.0150 1,449,218
May 52.72 –.62 883 Aluminum, LME, $ per metric ton *n.a. Soybeans,No.1 yllw IL-bp,u 14.2500 Tallow,bleach;Chicago-h 0.5650
Eurodollar (CME)-$1,000,000; pts of 100% Copper,Comex spot 3.8890 Tallow,edible,Chicago-u n.a.
July 53.65 53.97 52.79 53.04 –.61 194,714 Wheat,Spring14%-pro Mnpls-u 10.4775
May 94.6600 94.6600 94.6375 94.6450 –.0050 67,422
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
June 94.5950 94.6050 94.5700 94.5750 –.0050 561,041
May
Sept

May
July
15.35

628.00
653.25
15.45
Wheat (CBT)-5,000 bu.; cents per bu.
628.00
653.75
15.23

624.75
633.00
18.01
15.38

630.50 –10.50
–.15
–.03

27
643.50 –10.50 214,883
40
3,765 on Currency Futures
Japanese Yen (CME)-¥12,500,000; $ per 100¥
May .7422 .7429 .7395 .7405 –.0002 893
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
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 5/8
Source: Dow Jones Market Data

Wheat (KC)-5,000 bu.; cents per bu. June .7449 .7469 .7433 .7444 –.0002 184,584
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks
us ,

May 900.00 905.00 900.00 906.50 15.50 18 Canadian Dollar (CME)-CAD 100,000; $ per CAD
l

July 845.00 858.00 832.25 856.25 12.00 99,979 May .7471 .7483 .7461 .7477 –.0004 342
e
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June .7483 .7489 .7466 .7482 –.0004 156,188
Money Rates
al a

May 203.925 206.100 203.225 205.925 2.500 6,185 British Pound (CME)-£62,500; $ per £ May 9, 2023
Aug 224.050 226.550 223.125 226.125 3.025 30,540 May 1.2613 1.2641 1.2581 1.2625 .0004 595
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
ci on

guide to general levels but don’t always represent actual transactions.

Exchange-Traded BANKRATE.COM® MMA, Savings and CDs Inflation Week
Latest ago
—52-WEEK—
High Low
Week
Latest ago
—52-WEEK—
High Low
Portfolios Average Yields of Major Banks Tuesday, May 9, 2023
March index Chg From (%)
March Federal funds Libor
level Feb. '23
WSJ.com/ETFresearch MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR '22 Effective rate 5.1000 4.8400 5.1000 0.8300 One month 5.10571 5.09386 5.10571 0.84314
Type
er s

High 5.4000 5.1500 5.4000 0.9500 Three month 5.33914 5.33629 5.33914 1.39986
National average U.S. consumer price index Low 5.0800 4.8000 5.0800 0.8000 Six month 5.38986 5.43286 5.49986 1.93200
Largest 100 exchange-traded funds, latest Savings 0.32 0.23 0.24 1.15 1.14 1.37 1.25 1.10 1.06 All items 301.836 0.33 5.0 Bid 5.0800 4.8300 5.0800 0.8200 One year 5.29800 5.43529 5.88071 2.58829
session
5.1200 4.8500 5.1200 0.8400
m er

Jumbos 0.78 0.26 0.26 1.26 1.22 1.49 1.35 1.21 1.17 Core 305.476 0.48 5.6 Offer
Secured Overnight Financing Rate
Tuesday, May 9, 2023 Weekly change International rates Treasury bill auction 5.06 4.81 5.06 0.69
Closing Chg YTD
ETF Symbol Price (%) (%) Savings 0.02 0.00 0.00 0.05 0.01 0.02 0.03 0.00 0.01 4 weeks 5.840 3.830 5.840 0.490
Week 52-Week Value 52-Week
Jumbos 0.02 0.01 0.00 0.04 0.01 0.02 0.01 0.00 0.02 13 weeks 5.140 5.120 5.140 0.900 Latest Traded High Low
CnsmrDiscSelSector XLY 147.65 –0.03 14.3 Latest ago High Low 26 weeks 4.890 4.900 4.970 1.385
m rp

CnsStapleSelSector XLP 76.71 –0.31 2.9

DimenUSCoreEq2 DFAC 25.23 –0.47 3.9 Prime rates DTCC GCF Repo Index
EnSelSectorSPDR XLE 80.26 0.04 –8.2 Consumer Savings Rates U.S. 8.25 8.00 8.25 4.00
Secondary market Treasury 5.101 19.586 5.128 0.700
FinSelSectorSPDR XLF 32.26 –0.37 –5.7
Canada 6.70 6.70 6.70 3.20 Fannie Mae MBS 5.142 60.150 5.147 0.770
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HealthCareSelSect XLV 132.41 –0.67 –2.5
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InvscQQQI QQQ 321.64 –0.63 20.8
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InvscS&P500EW RSP –0.37
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loans posted by at least 70% of the 10 largest
iShCoreDivGrowth DGRO 49.91 –0.42 –0.2
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iShCoreMSCIEAFE IEFA 68.80 –0.43 11.6 Euro zone 3.50 3.50 3.50 0.00 U.S. banks, and is effective May 4, 2023. Other
Switzerland 2.00 2.00 2.00 0.00 prime rates aren’t directly comparable; lending
iShCoreMSCIEM IEMG 48.60 –0.63 4.1 Bank Yield Bank Yield Other short-term rates practices vary widely by location; Discount rate
iShCoreMSCITotInt IXUS 63.22 –0.44 9.2 Phone number Minimum (%) Phone number Minimum (%)
Britain 4.25 4.25 4.25 1.00 is effective May 4, 2023. Secured Overnight
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iShCoreS&P SC IJR 92.38 –0.59 –2.4 Overnight repurchase Corp.'s weighted average for overnight trades in
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VangdLC VV 187.50 –0.44 7.6 Presidential Bank, FSB 0.10 First Internet Bank of Indiana 4.70
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VangdMC VO 206.11 –0.30 1.1
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VangdMBS VMBS 46.32 –0.15 1.8 Three-month CD Five-year CD
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VangdS&P500ETF VOO 377.54 –0.43 7.5 Charles Schwab Bank
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VangdSC VB 184.63 –0.26 0.6 America First FCU 4.50 Barclays Bank 4.50 every Wednesday MENOMONIE, WI LAND FOR SALE
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VangdTotIntlStk VXUS 56.30 –0.46 8.9 compounding and rate stated for the lowest required opening deposit to earn interest. CD For more information visit: Features 11 acres of Green Space
VangdTotalStk VTI 204.07 –0.41 6.7 figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of wsj.com/classifieds
VangdTotWrldStk VT 92.83 –0.41 7.7 which may be checks. Rates are subject to change. BHHS North Properties
VangdValue VTV 137.74 –0.38 –1.9 © 2022 Dow Jones & Company, Inc. Kevin Farley (715) 839-7606
Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 MLS# 1570501
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B8 | Wednesday, May 10, 2023 NY 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. EngGr-Cmg C CIG.C 4.12 0.10 Exelon EXC 42.62 -0.15 HubSpot HUBS 447.73
2.83 LincolnElectric LECO 169.22 -0.28 MolsonCoorsB TAP 64.52 0.05 Olin OLN 54.66 -0.11
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. ConagraBrands CAG 37.81 0.07 Expedia EXPE 93.26 0.78 Humana HUM 530.20
-5.76 Linde LIN 364.70 -0.97 Mondelez MDLZ 77.89 -0.22 OmegaHealthcare OHI 29.13 0.04
listed securities. Prices are composite quotations dd-Indicates loss in the most recent fourConfluent CFLT 22.45 -0.23 ExpeditorsIntl EXPD 115.52 -1.03 JBHunt JBHT 175.91
-2.38 Littelfuse LFUS 254.82 -4.72 MongoDB MDB 250.28 3.35 Omnicom OMC 91.67 -0.31
that include primary market trades as well as quarters. ConocoPhillips COP 101.53 0.63 ExtraSpaceSt EXR 156.43 -0.55 HuntingtonBcshs HBAN 9.80
0.05 LiveNationEnt LYV 77.63 -0.19 MonolithicPower MPWR 401.38 -17.24 OnHolding ONON 33.62 -0.75
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. ConEd ED 98.77 -0.24 ExxonMobil XOM 109.14 0.03 HuntingIngalls HII 194.48
0.25 LloydsBanking LYG 2.30 -0.01 MonsterBev MNST 58.69 -0.35 OpenText OTEX 41.67 0.24
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing ConstBrands A STZ 225.46 -2.74 F5 FFIV 134.76 -0.28 HyattHotels H 119.08
1.30 LockheedMartin LMT 452.04 1.08 Moody's MCO 305.93 -0.01 Oracle ORCL 96.14 -0.65
Nasdaq ISE. standards ConstellationEner CEG 78.95 0.24 FMC FMC 110.50 -1.46 ICICI Bank IBN 22.89
-0.18 Loews L 58.62 -0.19 MorganStanley MS 84.37 -0.06 Orange ORAN 12.82 -0.08
The list comprises the 1,000 largest companies lf-Late filing Cooper COO 385.29 -0.82 FactSet FDS 402.01 -0.66 ICL Group ICL 5.99
-0.19 LogitechIntl LOGI 63.93 -0.60 Morningstar MORN 187.54 0.35 Orix IX 86.21 1.02
based on market capitalization. q-Temporary exemption from Nasdaq Copart CPRT 79.50 0.08 FairIsaac FICO 737.24 0.83 IdexxLab IDXX 479.37
-6.16 Lowe's t
LOW 207.12 3.07 Mosaic MOS 37.17 -0.65 OtisWorldwide OTIS 85.45 -0.31
Underlined quotations are those stocks with requirements. CorebridgeFin CRBG 16.80 0.07 Fastenal FAST 54.46 0.12 ING Groep ING 12.29
-0.16 Lucid LCID 7.28 -0.43 MotorolaSol MSI 286.57 1.67 Ovintiv OVV 34.78 -0.19
large changes in volume compared with the t-NYSE bankruptcy Corning GLW 31.16 -0.31 FederalRealty FRT 92.69 -1.69 Invesco IVZ 16.19
-0.10 lululemon LULU 381.44 -0.42 NICE NICE 188.54 0.02 OwensCorning OC 105.72 -0.29
issue’s average trading volume. v-Trading halted on primary market. Corteva CTVA 57.10 -0.49 FedEx FDX 228.63 -2.10 IQVIA IQV 186.01
-3.81 LyondellBasell LYB 91.27 -0.48 NIO NIO 8.16 -0.11 PDD PDD 61.41 -0.55
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or beingCoStar CSGP 74.00 -0.30 Ferguson FERG 144.39 3.57 ITT ITT 82.30
-1.49 NNN REIT NNN 44.22 -0.51 PG&E PCG 17.28 -0.13
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, Costco COST 500.79 1.73 Ferrari RACE 294.19 -2.78 IcahnEnterprises IEP 37.97
1.37 M N NRG Energy NRG 31.30 -0.01 PNC Fin PNC 115.70 -1.29
previous closing price was $2 or higher. or securities assumed by such companies. CoterraEnergy CTRA 24.84 -0.02 FidNatlFin FNF 34.24 -0.04 Icon ICLR 187.16
-2.65 NVR NVR 5875.45 21.98 POSCO PKX 70.01 -0.06
Coty COTY 11.72 -0.39 FidNatlInfo FIS 55.65 -0.31 IDEX -2.48 M&T Bank
IEX 208.16 MTB 116.73 0.50 NXP Semi NXPI 165.09 -2.96 PPG Ind PPG 137.14 -0.92
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Coupang CPNG 17.39 -0.39 FifthThirdBncp FITB 24.67 -0.38 MGM Resorts MGM 43.39 -0.05 Nasdaq
0.26 IllinoisToolWks ITW 228.25 NDAQ 54.56 -0.36 PPL PPL 28.54 -0.05
changes in the closing prices from 4 p.m. the previous day. Credicorp BAP 145.42 -1.70 s FirstCitizBcshA FCNCA 1093.86 3.67 Illumina -1.44 MPLX
ILMN 194.26 MPLX 34.00 0.06 NationalGrid NGG 73.10 0.17 PTC PTC 129.12 -0.47
Crocs CROX 116.91 0.16 FirstIndRlty FR 53.54 -0.57 ImperialOil 0.54 MSCI
IMO 47.32 MSCI 472.87 -0.01 NatlInstruments NATI 58.07 0.05 Paccar PCAR 73.33 0.55
CrowdStrike CRWD 129.94 -2.47 FirstSolar FSLR 178.00 0.54 t Incyte -1.02 MagellanMid MMP 55.33 1.06 NatWest
INCY 64.77 NWG 6.62 -0.02 PackagingCpAm PKG 133.35 -2.68
Tuesday, May 9, 2023 Net Net t CrownCastle CCI 117.05 0.68 FirstEnergy FE 38.91 -0.18 Infosys 0.01 MagnaIntl
INFY 15.27 MGA 53.13 -1.48 NetApp
Stock Sym Close Chg Stock Sym Close Chg CrownHoldings CCK 83.41 -0.96 NTAP 63.75 -0.25 PalantirTech PLTR 9.55 1.81
Net FirstService FSV 143.54 0.56 IngersollRand IR 0.03 ManhattanAssoc MANH 168.91 -0.59 NetEase
58.97 NTES 87.33 -3.81 PaloAltoNtwks PANW 195.84 4.32
Stock Sym Close Chg ArchCapital ACGL 76.61 0.47 Brown-Forman B BF.B 63.80 -0.83 CubeSmart CUBE 46.02 -0.39 Fiserv FISV 119.39 -0.11 Ingredion 0.02 ManulifeFinl MFC 19.90 -0.08 Netflix
INGR 108.41 NFLX 332.14 0.93 PanAmerSilver PAAS 17.90 ...
Cummins CMI 221.04 -2.70 FiveBelow FIVE 199.07 2.39 s InspireMedical INSP 288.25
5.93 MarathonOil MRO 22.90 0.08 Neurocrine NBIX 97.24 -0.66 ParamountA PARAA 18.90 -0.73
ADM ADM 75.02 -0.38 Bruker BRKR 76.26 -0.89
A B C ARES 80.50 -1.46 s BuildersFirst BLDR 114.65 0.98
FleetCorTech FLT 230.93 1.11 Insulet 0.74 MarathonPetrol MPC 110.94 2.23 NewFortressEner NFE 30.32 -0.36 ParamountB PARA 16.53 -0.46
PODD 319.72
AresMgmt
ARGX 401.52 -4.48 Bunge 89.30 -0.91
D E F Flex FLEX 20.92 0.09 Intel INTC 30.10
-0.67 Markel MKL 1368.72 -5.23 NewOrientalEduc EDU 39.45 -2.50 ParkerHannifin PH 339.11 4.27
ABB ABB 36.57 0.43 arGEN-X BG Floor&Decor FND 91.73 -0.12 MarketAxess MKTX 299.77 1.00 NY CmntyBcp NYCB 10.02 0.05 Paychex
-0.32 InteractiveBrkrs IBKR 77.99 PAYX 107.25 0.92
AECOM ACM 80.15 -2.35 AristaNetworks ANET 138.52 0.45 BurlingtonStrs BURL 175.40 -7.04 DCP Midstream DCP 41.54 0.04 s FomentoEconMex FMX 99.52 0.45 ICE ICE 106.21
-1.01 Marriott MAR 178.99 1.04 NYTimes A NYT 39.18 -0.72 PaycomSoftware PAYC 268.74 -5.64
AES 22.27 0.56 ArrowElec ARW 117.76 -0.12 CACI Intl CACI 304.52 0.57 DTE Energy DTE 113.32 0.32 11.86 -0.16 InterContinentl IHG
AES FordMotor F 0.72 Marsh&McLen MMC 179.38 -0.82
70.06 PCTY 169.58 -3.97
Newmont NEM 48.15 -0.14 Paylocity
Aflac AFL 67.42 -0.22 AspenTech AZPN 169.08 -2.57 CBRE Group CBRE 73.38 0.24 Danaher DHR 235.16 -4.08 Fortinet FTNT 66.40 0.32 IBM IBM 121.17
-0.57 MartinMarietta MLM 398.69 2.33
AIZ 130.57 -1.08 CDW CDW 167.76 1.63 Darden NewsCorp B NWS 17.08 -0.20 t PayPal PYPL 65.91 -9.61
AGCO AGCO 127.29 0.33 Assurant DRI 150.33 0.09 Fortis FTS 45.75 -0.07 IntlFlavors IFF 90.31
-6.83 MarvellTech MRVL 39.99 -1.02 PSO 10.34 0.11
AstraZeneca AZN 75.08 -0.25 t CF Industries CF 67.79 0.21 DarlingIngred DAR 58.34 0.73 NewsCorp A NWSA 16.93 -0.21 Pearson
AMC Ent AMC 5.54 -0.36 Fortive FTV 64.53 -0.27 IntlPaper IP 32.12
-0.26 Masco MAS 53.76 -0.14
Atlassian TEAM 133.15 3.14 CGI A GIB 102.09 0.70 Datadog DDOG 79.59 1.05 NextEraEnergy NEE 75.58 -0.48 PembinaPipeline PBA 32.77 0.36
Ansys ANSS 293.65 -0.68 FortuneBrands FBIN 65.61 -0.28 Interpublic IPG 35.84
-0.29 Masimo MASI 184.25 -3.44
AtmosEnergy ATO 118.50 0.64 CH Robinson CHRW 101.59 -1.37 DaVita DVA 100.72 11.51 Nike NKE 125.10 -1.78 PenskeAuto PAG 140.48 0.77
APA APA 33.16 0.08 FoxB FOX 29.12 -0.44 Intuit INTU 427.68
0.79 MasTec MTZ 90.02 1.96 NiSource PNR 58.42 -0.14
Autodesk ADSK 192.73 0.74 CME Group CME 184.63 -1.06 s DeckersOutdoor DECK 496.91 2.25 NI 28.45 ... Pentair
ASE Tech ASX 6.97 -0.11 FoxA FOXA 31.68 -0.49 IntuitiveSurgical ISRG 301.55
-1.54 Mastercard MA 382.94 -2.57
Autoliv ALV 87.35 -0.01 CMS Energy CMS 61.19 ... Deere DE 381.44 1.19 Nokia NOK 4.07 -0.05 s Penumbra PEN 314.87 4.18
ASML ASML 643.05 -11.94 Franco-Nevada FNV 160.42 1.07 InvitatHomes INVH 34.05-0.07 t MatchGroup MTCH 31.91 -0.57 s PepsiCo PEP 194.14 0.79
ADP ADP 213.66 -0.61 CNA Fin CNA 40.20 0.09 DellTechC DELL 45.98 -0.04 FranklinRscs BEN 25.12 -0.24 IridiumComm IRDM 63.16
Nomura NMR 3.55 0.03
AT&T T 17.02 -0.10 s -0.18 Mattel MAT 18.18 0.23 Nordson
AutoZone AZO 2726.51 16.97 CNH Indl CNHI 14.22 -0.21 DeltaAir DAL 34.20 ... FreeportMcM FCX 36.66 0.10 IronMountain IRM 55.78 NDSN 216.79 -1.06 PerformanceFood PFGC 61.70 0.53
AbbottLabs ABT 110.25 -0.65 -0.21 McCormickVtg MKC.V 88.33 0.26
Avalonbay AVB 179.32 -1.04 CRH CRH 49.35 0.07 DentsplySirona XRAY 40.92 -0.40 FreseniusMed FMS 23.18 -0.02 ItauUnibanco ITUB 5.29
0.10 McCormick
NorfolkSouthern NSC 208.30 1.22 PerkinElmer PKI 124.82 -3.18
AbbVie ABBV 146.83 -0.62 Avangrid MKC 88.45 0.16 NorthernTrust NTRS
AGR 40.71 -0.05 CSX CSX 32.02 0.14 DescartesSystems DSGX 77.98 0.66 72.14 -0.88 PetroleoBrasil PBR 11.01 0.15
AcadiaHealthcare ACHC 68.68 -0.22 Avantor s McDonald's MCD 296.66 -0.03
AVTR 20.37 0.28 CVS Health CVS 69.97 0.29 DeutscheBank DB 10.63 -0.02 G H I J K L NorthropGrum NOC 442.31 0.07 PetroleoBrasilA PBR.A 9.89 0.09
Accenture ACN 263.48 -1.34 AveryDennison AVY 170.13 -1.71 CadenceDesign CDNS 204.03 -1.53 McKesson MCK 388.72 20.16 Novartis PFE 38.48 -0.19
DevonEnergy DVN 49.17 -1.83 NVS 104.70 -0.21 Pfizer
ActivisionBliz ATVI 75.51 -0.04 AvisBudget CAR 161.41 -1.09 CAE CAE 22.12 -0.13 DexCom Medpace MEDP 204.93 -4.59 NovoNordisk NVO 168.53 0.09 PhilipMorris PM 95.65 0.09
DXCM 119.65 -0.53 GE HealthCare GEHC 76.37 -3.05 JD.com JD 35.62 -0.28
Adobe ADBE 342.65 -1.41 AxaltaCoating AXTA 30.73 0.15 CaesarsEnt CZR 45.42 0.15 s GFLEnvironmental GFL 37.39 0.86 JPMorganChase JPM 136.41 -0.66 Medtronic MDT 89.60 -0.59 Novocure Phillips66 PSX 93.98 0.02
Diageo DEO 185.38 -1.93 NVCR 70.02 0.64
AdvanceAuto AAP 125.52 -0.23 AxonEnterprise AXON 226.88 5.02 CamdenProperty CPT 110.57 -0.29
DiamondbkEner FANG 132.91 0.32 GSK GSK 36.45 -0.32 Jabil JBL 77.76 -0.62 MercadoLibre MELI 1248.05 -36.45 NuHoldings NU 5.82 -0.10 PinnacleWest PNW 79.85 0.03
AdvDrainageSys WMS 86.65 -0.42 BCE MRK 117.43 -0.95 Nucor
BCE 47.86 -0.17 Cameco CCJ 28.52 1.05 Dick's DKS 141.05 0.01 GXO Logistics GXO 53.17 -0.03 JackHenry JKHY 152.22 -1.98 Merck NUE 140.17 -1.45 Pinterest PINS 21.47 -0.12
AdvMicroDevices AMD 95.06 0.02 BHP Group BHP 60.48 -0.39 CampbellSoup CPB 54.60 0.14
DigitalRealty DLR 96.61 -0.76 s Gallagher AJG 216.08 0.76 JacobsSolns J 118.76 1.47 MetaPlatforms META 233.37 0.10 Nutrien NTR 63.84 -0.66 PioneerNatRscs PXD 211.24 -1.11
Aegon AEG 4.40 -0.01 BILL BILL 96.31 -1.04 CIBC CM 41.23 -0.38 DiscoverFinSvcs DFS 96.69 -0.15 Gaming&Leisure GLPI 50.94 -0.42 JamesHardie JHX 23.30 -0.07 t MetLife MET 52.79 -0.90 nVentElectric NVT 41.70 0.28 PlainsAllAmPipe PAA 12.66 -0.02
AerCap AER 56.00 0.97 BJ'sWholesale BJ GRMN 103.96 0.40 JazzPharm JAZZ 135.43 -3.25 Mettler-Toledo MTD 1376.20 -17.72 NVIDIA PAGP 13.31 0.05
AgilentTechs A 127.35 -5.10 BP
73.98 -0.92 CanNtlRlwy CNI 120.30 -0.59 Disney DIS 102.18 -0.79 Garmin NVDA 285.71 -5.80 PlainsGP
BP 36.99 -0.04 CanadianNatRscs CNQ 57.03 -0.12 DocuSign DOCU 49.43 0.13 Gartner IT 304.43 0.25 JefferiesFin JEF 30.20 -0.03 MicrochipTech MCHP 72.71 -1.56 PlanetFitness PLNT 70.26 -1.76
agilon health AGL 26.01 0.14 Baidu BIDU 119.48 -3.01 CdnPacKC CP 80.88 -0.14 DolbyLab
AgnicoEagleMines AEM 59.95 0.58 BakerHughes BKR 28.19 0.08 CapitalOne COF 89.01 -0.06 DollarGeneral DG 220.61 0.61
DLB 84.12 0.20 GenDigital GEN 17.00 -0.05 J&J JNJ 161.05 -1.26 MicronTech MU 60.93 0.06
MSFT 307.00 -1.65
O P Q PolestarAuto PSNY 3.97 -0.15
Generac GNRC 111.77 1.30 JohnsonControls JCI 62.98 -0.11 Microsoft Pool POOL 350.98 -2.20
AgreeRealty ADC 67.04 -0.68 Ball BALL 57.03 -0.67 s CardinalHealth CAH 84.35 0.20 DollarTree DLTR 155.17 -0.37 GeneralDynamics GD 211.20 0.49 JonesLang JLL 132.39 0.68 MidAmApt MAA 150.80 -1.15 OGE Energy OGE 37.59 0.04 Primerica PRI 179.93 -2.29
AirProducts APD 279.94 -15.64 BancoBilbaoViz BBVA 6.93 -0.09 Carlisle CSL 210.81 -1.11 DominionEner D 56.50 ... GeneralElec GE 101.00 0.08 JuniperNetworks JNPR 29.10 0.20 Middleby MIDD 145.73 -0.03 ONEOK OKE 63.86 0.34 PrincipalFinl PFG 70.51 -0.89
Airbnb ABNB 127.07 1.42 BancoBradesco BBDO 2.62 0.02 Carlyle CG 26.03 -0.09 Domino's DPZ 308.64 -0.30 GeneralMills GIS 89.59 -0.28 KB Financial KB 37.27 -0.25 MitsubishiUFJ MUFG 6.39 0.08 ON Semi ON 78.81 -1.71 ProcoreTech PCOR 56.19 0.82
AkamaiTech AKAM 78.88 -0.47 BancodeChile BCH 22.52 0.10 CarMax KMX 72.53 -0.22 Donaldson DCI 63.64 -0.26 GeneralMotors GM 33.28 -0.38 KBR KBR 58.77 0.44 MizuhoFin MFG 3.00 0.04 s OReillyAuto ORLY 953.46 6.82 Procter&Gamble PG 153.71 -1.59
Albemarle ALB 195.17 9.29 BancSanBrasil BSBR 5.82 0.13 Carnival CCL 10.65 0.04 DoorDash DASH 67.30 0.53 Genmab GMAB 39.58 -0.79 KE Holdings BEKE 15.85 -0.10 Mobileye MBLY 40.07 1.03 OccidentalPetrol OXY 58.96 ... Progressive PGR 135.70 1.61
Albertsons ACI 20.52 -0.18 BcoSantChile BSAC 19.73 0.15 Carnival CUK 9.57 0.06 Dover DOV 142.63 -1.40 t Genpact G 39.60 0.32 KKR KKR 49.01 -0.30 Moderna MRNA 133.77 2.02 Okta OKTA 76.03 -3.22 Prologis PLD 125.92 -1.45
Alcoa AA 36.51 -0.31 BancoSantander SAN 3.48 ... CarrierGlobal CARR 42.78 0.18 Dow DOW 53.67 -0.48 Gentex GNTX 28.17 -0.50 KLA KLAC 375.75 -7.77 MohawkInds MHK 98.63 -1.26 OldDomFreight ODFL 312.15 0.51 PrometheusBio RXDX 194.40 0.18
Alcon ALC 74.31 -0.60 BanColombia CIB 24.43 -0.57 CaseysGenStores CASY 233.10 2.99 Doximity DOCS 33.38 -0.96 GenuineParts GPC 173.22 0.61 Kanzhun BZ 17.89 -0.52 MolinaHealthcare MOH 292.80 -2.18 OldRepublic ORI 25.36 -0.07 Continued on Page B10
AlexandriaRlEst ARE 121.23 -1.12 BankofAmerica BAC 27.66 -0.03 t Catalent CTLT 35.04 -0.42 DrReddy'sLab RDY 60.37 -0.08 Gerdau GGB 5.00 0.05 KarunaTherap KRTX 218.01 1.91
Alibaba BABA 82.22 -1.09 BankofMontreal BMO 87.89 -0.34 Caterpillar CAT 213.49 -1.30 DraftKings DKNG 24.38 0.20 GileadSciences GILD 78.80 0.21 Kellogg K 70.46 -0.67
AlignTech ALGN 302.74 -3.33 BankNY Mellon BK 41.54 0.04 Celanese CE 104.54 -1.47 Dropbox DBX 21.20 -0.22 GlobalPayments GPN 106.72 2.04 Kenvue KVUE 26.28 -0.23
Allegion ALLE 107.85 0.23 BankNovaScotia BNS 49.22 -1.10 CelsiusHldg CELH 107.12 0.23 DukeEnergy DUK 98.05 -0.85
AllegroMicro ALGM 36.76 -0.87 Barclays BCS 7.77 -0.05 s Cemex CX 6.74 0.19 DuPont
AlliantEnergy LNT 54.40 -0.36 BarrickGold GOLD 19.78 -0.07 CenovusEnergy CVE 16.45 0.22 Dynatrace
DD 64.27 -0.50
GlobalFoundries GFS 54.23 -5.57 KeurigDrPepper KDP 32.71 -0.14
GlobeLife GL 108.67 0.38 KeyCorp KEY 9.72 0.04 Dividend Changes
DT 44.29 0.33 GoDaddy GDDY 69.24 -0.81 KeysightTech KEYS 143.00 -0.13
Allstate ALL 118.42 2.30 Bath&BodyWks BBWI 32.24 -0.37 Centene CNC 67.62 -0.66 EMCOR EME 166.36 -0.11 GoldFields GFI 16.65 -0.16 KimberlyClark KMB 143.92 -0.82
AllyFinancial ALLY 25.28 0.22 Bausch+Lomb BLCO 18.40 0.12 CenterPointEner CNP 30.21 -0.04 ENI Amount Payable /
E 29.70 -0.17 GoldmanSachs GS 324.77 -1.74 KimcoRealty KIM 18.16 -0.34
AlnylamPharm ALNY 207.83 -2.13 BaxterIntl BAX 43.08 -2.53 CentraisElBras EBR 6.97 0.28 EOG Rscs EOG 113.77 -0.59 Grab GRAB 3.19 -0.15 KinderMorgan KMI 16.85 -0.05
Company Symbol Yld % New/Old Frq Record
Alphabet C GOOG 107.94 -0.30 BectonDicknsn BDX 249.65 -1.85 CeridianHCM CDAY 57.81 -0.82 t EPAM Systems EPAM 231.34 -0.48 Graco GGG 77.85 -0.44 KinrossGold KGC 5.32 0.01
Alphabet A GOOGL 107.35 -0.42 BeiGene BGNE 245.68 -8.24 CharlesRiverLabs CRL 187.48 -2.40 EQT EQT 32.32 0.18 Grainger GWW 684.51 6.29 KinsaleCapital KNSL 331.90 -1.83
Increased
Altria MO 46.44 -0.17 s BentleySystems BSY 46.31 4.24 CharterComms CHTR 339.00 -11.50 EastWestBncp EWBC 44.88 -0.05 GraphicPkg GPK 25.72 -0.21 Knight-Swift KNX 56.61 -0.70 Armada Hoffler Properties AHH 6.5 .195 /.19 Q Jul06 /Jun28
Amazon.com AMZN 106.62 0.79 Berkley WRB 58.95 0.24 CheckPoint CHKP 121.51 -0.94 EastGroup EGP 170.97 -0.30 Grifols GRFS 8.35 0.79 Philips PHG 20.75 -0.17 Cabot Corp CBT 2.2 .40 /.37 Q Jun09 /May26

.
Ambev ABEV 2.86 -0.01 BerkHathwy A BRK.A 4990002000.00 Chemed CHE 546.34 -6.07 EastmanChem EMN 80.13 -0.62 GpoAeroportuar PAC 181.46 2.11 KoreaElecPwr KEP 7.27 0.04 KKR KKR 1.3 .165 /.155 Q Jun06 /May22
Amcor AMCR 10.31 -0.15 BerkHathwy B BRK.B 324.87 -1.27 CheniereEnergy LNG 149.58 0.39 Eaton ETN 170.55 0.67 GpoAeroportSur ASR 285.98 5.09 KraftHeinz KHC 40.88 -0.20 ManpowerGroup MAN 3.9 1.47 /1.36 SA Jun15 /Jun01

ly
Amdocs DOX 88.83 -1.49 BerryGlobal BERY 59.41 0.68 CheniereEnerPtrs CQP 45.71 0.71 eBay EBAY 45.81 -0.40 Guidewire GWRE 78.58 0.88 Kroger KR 49.16 0.01
Ameren AEE 88.84 -0.30 BestBuy BBY 72.65 0.19 ChesapeakeEner CHK 78.09 -0.23 Ecolab ECL 172.85 0.02 HCA Healthcare HCA 274.05 -3.73 LKQ LKQ 57.20 0.02 Reduced
AmericaMovil AMX 20.97 0.01 Bilibili BILI 19.41 -0.57 Chevron CVX 159.12 -0.46 Ecopetrol EC 9.11 0.04 HDFC Bank HDB 65.99 -1.13 LPL Financial LPLA 192.50 -0.65
AmerAirlines AAL 14.47 0.11 Bio-Techne TECH 81.08 -1.19 ChewyA CHWY 33.01 -0.40 EdisonIntl EIX 73.63 0.24 HF Sinclair DINO 39.37 0.34 L3HarrisTech LHX 188.87 1.61 Bridge Investment BRDG 7.5 .15 /.17 Q Jun16 /Jun02
AEP AEP 91.10 -0.21 Bio-RadLab A BIO 366.86 -11.53 Chipotle CMG 2032.66 -0.18 EdwardsLife EW 88.70 -0.32 HP HPQ 30.29 0.10 LabCorp.ofAmerica LH 222.78 0.21 PacWest Bancorp PACW 16.4 .01 /.25 Q May31 /May15
AmerExpress AXP 153.38 0.34 Biogen BIIB 314.00 -0.37 ChoiceHotels CHH 126.00 -3.79 ElbitSystems ESLT 192.50 0.31 HSBC HSBC 37.98 -0.21 LamResearch LRCX 515.77 -11.02
AmericanFin AFG 115.91 0.10 BioMarinPharm BMRN 95.61 -0.33 Chubb
AmHomes4Rent AMH 35.22 0.10 t BioNTech
AIG AIG 53.10 -0.65 BlackKnight BKI
AmerTowerREIT AMT 193.52 0.31 BlackRock
AmerWaterWorks AWK 147.88 0.41 Blackstone
AmericoldRealty COLD 30.38 -0.14 Block
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BNTX 104.68 -3.37 ChunghwaTel CHT 41.36 0.18 ElevanceHealth ELV 460.48 -4.71
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BLK 635.57 -7.57 ChurchillDowns CHDN 292.77 0.70 Enbridge
CIEN 43.15 -0.69 Endeavor
CI 262.79 -1.90 EnergyTransfer ET
ENB 39.84 0.18
EDR 24.92 -0.26
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HTHT 42.01 -1.99 LamarAdv
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LAMR 94.76 0.20 Foreign
8.66 -0.23 LambWeston LW 112.18 0.02 Alcon
Halliburton HAL 30.10 0.15 LandstarSystem LSTR 177.62 -1.70
HartfordFinl HIG 70.45 0.01 Lantheus LNTH 97.32 2.50
HAS 59.65 0.18 LasVegasSands LVS 62.37 0.17
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BPP 5.75% Pfd.
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AmerisourceBrgn ABC 168.25 0.04 Boeing BA 201.88 4.62 Cintas CTAS 461.54 1.30 Entegris ENTG 78.24 -1.21 Heico HEI 171.57 2.57 LegendBiotech LEGN 67.87 -0.87 Companhia Siderurg ADR SID 23.2 .1175 May10 /May11
Ametek AME 144.41 -0.61 Booking BKNG 2634.91 -4.56 CiscoSystems CSCO 46.47 0.13 Entergy ETR 106.97 0.06 Heico A HEI.A 134.98 0.46 Leidos LDOS 80.29 1.22
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LEN 114.36 -0.33 Companhia Siderurg ADR 23.2 .12652 May10 /May11
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Amgen AMGN 234.43 -0.19 BoozAllen BAH 92.38 0.93 Citigroup C 46.52 0.16 EnterpriseProd EPD 25.52 0.16 HenrySchein HSIC 74.83 -4.97 s Lennar A
APH 75.19 -0.16 BorgWarner BWA 44.51 -0.52 CitizensFin CFG 26.05 0.29 Equifax LEN.B 100.23 -0.30 Esports Ent 10% Pfd. A GMBLP 19.8 .08 M May31 /May15
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AngloGoldAsh AU 27.82 -0.44 s BostonSci BSX 53.09 -0.03 Cleveland-Cliffs CLF 15.04 -0.06 Equinor EQNR 29.44 -0.19 HessMidstream HESM 28.42 0.10 LiAuto LI 24.77 0.02 Pentair PNR 1.5 .22 Q Aug04 /Jul21
AB InBev BUD 63.51 -1.17 s BoydGaming BYD 70.95 0.67 Clorox CLX 168.13 0.92 Equitable EQH 22.84 -0.74 HewlettPackard HPE 14.16 -0.03 LibertyBroadbandC LBRDK 77.31 -2.69 Tsakos Energy Pfd D
NLY 18.73 -0.28 BristolMyers BMY 68.00 -0.41 Cloudflare
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s Aon AON 334.92 2.39 BritishAmTob BTI 35.52 0.07 Coca-Cola KO 63.39 -0.53 EquityResdntl EQR 62.36 -0.62 Hologic HOLX 83.67 0.57 LibertyGlobal A LBTYA 18.70 -0.29 Tsakos Energy Pfd E TNPpE 9.3 .57813 Q May30 /May24
ApellisPharm APLS 89.47 -1.91 BrixmorProp BRX 20.81 -0.37 Coca-ColaEuro CCEP 65.90 0.61 ErieIndemnity A ERIE 230.34 -2.70 HomeDepot HD 290.58 2.65 LibertyGlobal C LBTYK 19.54 -0.26
ApolloGlbMgmt APO 62.26 0.43 Broadcom AVGO 618.51 -10.55 Cognex CGNX 49.54 -0.07 EssentialUtil WTRG 42.41 -0.43 HondaMotor HMC 26.97 0.18 LibertyFormOne C FWONK 72.00 -1.83 Special
Apple AAPL 171.77 -1.73 BroadridgeFinl BR 152.55 -0.01 CognizantTech CTSH 61.63 -0.01 EssexProp ESS 216.31 -2.32 Honeywell HON 197.13 0.18 LibertyFormOne A FWONA 64.54 -1.64 Devon Energy DVN 10.3 .52 Jun30 /Jun15
ApplMaterials AMAT 113.84 -1.91 BrookfieldAsset BAM 33.29 0.34 CoinbaseGlbl COIN 60.21 2.11 EsteeLauder EL 201.26 -4.75 HorizonTherap HZNP 110.87 0.03 LibertyBraves A BATRA 38.63 -0.46 FS KKR Capital FSK 13.6 .05 Aug30 /Aug16
Applovin APP 17.33 -0.29 Brookfield BN 32.19 0.33 ColgatePalm CL 80.64 -0.11 Etsy ETSY 92.71 -0.07 HormelFoods HRL 40.16 -0.48 LibertyBraves C BATRK 37.86 -0.34
Aptargroup ATR 120.58 -0.92 BrookfieldInfr BIP 35.71 0.15 Comcast A CMCSA 39.62 -0.97 EverestRe RE 382.87 -0.35 DR Horton DHI 108.99 0.49 LibertySirius C LSXMK 27.76 -1.24 Sources: FactSet; Dow Jones Market Data
Aptiv APTV 93.37 -0.60 BrookfieldRenew BEPC 35.39 0.21 t CommerceBcshrs CBSH 50.49 -0.43 Evergy EVRG 62.16 0.11 HostHotels HST 17.50 0.08 LibertySirius A LSXMA 27.83 -1.30
HowmetAerospace HWM 44.76 0.95 LifeStorage LSI 138.17 0.02 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
er s

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To advertise: 800-366-3975 or WSJ.com/classifieds

NOTICE OF SALE BANKRUPTCIES BUSINESS OPPORTUNITIES COMMERCIAL REAL ESTATE

co Fo

New Active Threat Cybersecurity System

SILVER CREEK INDUSTRIES, LLC
Chapter 11 Debtor
Patent for Sale. Developed by an elite team of
SMEs within the federal service, army special Development Opportunity
UCC PUBLIC SALE NOTICE United States Bankruptcy Court – Riverside Division
PLEASE TAKE NOTICE THAT Newmark (“Newmark”) on behalf of 54 THOMPSON SME LLC (“Secured Party”) will Case No. 6:23-bk-11677-SY
operations, navy special operations and homeland Downtown New Haven Crown & College St.
THEMARKETPLACE

offer for sale at public auction 100% of the limited liability company interests (the “Membership Interests”) held by security sectors. It’s a one of a kind technology.
FOR SALE AS A GOING CONCERN – Operating
Schools, airports, large corporations, police and Immediate Proximity to
SOHO Thompson Realty Mezz LLC, RO Thompson Holdings Mezz LLC and SOHO-RT Mezz LLC (collectively, “Pledgor”) business, with its principal place of business located
in each of SOHO Thompson Realty LLC, RO Thompson Holdings LLC and SOHO-RT LLC (collectively, the “Pledged sheriff’s departments have shown great interest. Yale Medical School and University
in Perris, California, and is engaged in the modular
Entity”), as set forth in those Membership Interests Pledge and Security Agreement made as of July 26, 2019 and This is a billion dollar market and a once in a Prior approval exists for 106 residential units
construction of buildings, including for schools. The
November 29, 2021, respectively (collectively, the “Pledge Agreement”), together with certain rights and property lifetime opportunity for the right business mogul
representing, relating to, or arising from the Membership Interests (collectively, the “Collateral”). Debtor’s assets consist primarily of the following: Call The Proto Group - Lou Proto at 203-234-6371
Based upon information provided by SOHO Thompson Realty Mezz LLC, SOHO-RT Mezz LLC and RO Thompson accounts receivable; inventory; leased machinery and or public company (318-549-0271)
equipment; a real property lease which is believed or email at [email protected]
Holdings Mezz LLC (collectively, “Borrower”), it is the understanding of Secured Party (but without any recourse to,
or representation or warranty of any kind by, Secured Party as to accuracy or completeness) that (i) the Membership to be substantially below market; and substantial
Interests constitute the principal asset of Pledgor (ii) Pledged Entity owns the condominium units in the building backlog of business. Offers must be received by 3:00 COMMERCIAL REAL ESTATE
located at 52-54 Thomson Street, New York, New York commercial condominium units 1, 2, 3, 4 and 5, storage units p.m. PST on May 24, 2023 and comply with Bankruptcy
B-1, B-3 and B-4 and residential unit 6W and the undivided interest in the common elements appurtenant thereto Court Order requirements. Auction scheduled for May
NOTICE IS HEREBY GIVEN that, pursuant to: (a)
NOTICE OF SALE
(the “Property”), and (iii) Borrower is debtor under a mezzanine loan in the original principal amount of $4,000,000.00 25, 2023 at 10:00 a.m. PST. For more information
(the “Loan”), which Loan is in default. regarding the sale or sale procedures, contact Robert Section 9-610 of the Uniform Commercial Code
The Sale will take place on June 14, 2023 at 2:30 p.m. Eastern Time by Matthew D. Mannion, Licensed Auctioneer, E. Opera Esq of Winthrop Golubow Hollander, LLP (“UCC”) as adopted in the State of New York, (b) the
DCA# 1434494 and/or William Mannion, Licensed Auctioneer, DCA# 796322, of Mannion Auctions, LLC in compliance Pledge Agreement, dated as of March 30, 2018 (the
(949) 720-4130, [email protected], or for “2018 Pledge Agreement”), among Charif Souki, in his NOTICE OF UCC PUBLIC AUCTION SALE
with New York Uniform Commercial Code Section 9-610. The sale will be conducted virtually via online video access to diligence materials, J. Michael Issa of B. PLEASE TAKE NOTICE, that in accordance with
n-

conference. The URL address and password will be provided to all registered participants. individual capacity (the “Borrower”), Charif Souki, as
Riley, missa@brileyfin.com. Trustee of the Souki Family 2016 Trust (the “Trust”), applicable provisions of the Uniform Commercial Code of
The Collateral will be sold as a single unit and is offered AS IS, WHERE IS, WITH ALL FAULTS. Secured Party makes the States of New Jersey and New York (as applicable),
no guarantee, representation or warranty, express or implied, as to any matter pertaining to the Collateral, and the Strudel Holdings LLC (“Strudel”), AVR AH LLC (“AVR,”
collectively with the Borrower, the Trust and Strudel, Salman Capital Funding, LLC, a New Jersey limited
sale of the Collateral will be made without recourse to, and without representation or warranty by, Secured Party. The liability company (the “Secured Party”), will sell at
Collateral includes unregistered securities under the Securities Act of 1933, as amended (the “Securities Act”), and and in such capacities, the “Pledgors”), and Wilmington
public auction all limited liability company interests
Secured Party reserves the right to restrict participation in the Sale to prospective bidders that represent that the BUSINESS OPPORTUNITIES Trust, National Association, as administrative agent
held by Brian J. McIntyre, Anthony D. Shafer, Stephen J.
Collateral will not be sold, assigned, pledged, disposed of, hypothecated or otherwise transferred without the prior (the “Administrative Agent,” and together with the McIntyre and Mindy A. Wolk (“Pledgor”), in 97-99.5 Iron
no

registration in accordance with the Securities Act and the securities laws of all other applicable jurisdictions, unless lenders party to the Loan Agreements referred to Exchange LLC, a New Jersey limited liability company
an exemption from such registration is available. below, the “Secured Parties”), and (c) the Pledge (such entity, the “Pledged Entity”; such interests,
Agreement, dated as of April 27, 2017 (the “2017 the “Equity Interests”). The Equity Interests secure
PLEASE TAKE NOTICE that there are specific requirements for any potential bidder in connection with obtaining
information, bidding on the Collateral and purchasing the Collateral (collectively, the “Requirements”), including
alliance mortgage fund Pledge Agreement,” and together with the 2018 Pledge indebtedness owing by Pledgor to Secured Party in a
without limitation (1) complying with the requirements applicable to the sale of the collateral set forth in the Agreement, the “Pledge Agreements”), among the principal amount of not less than $3,866,705.00 plus
Intercreditor Agreement dated January 31, 2020 (as amended, the “ICA”), among Secured Party and the holders of the
subordinate mortgage loan (“Subordinate Senior Loan”) and senior mortgage loan (the “Senior Loan”), including but
not limited to, that such bidder must be a “Qualified Transferee,” and the winning bidder must deliver a replacement
7%-8% Return
Pledgors and the Administrative Agent, the Secured
Parties will offer for sale to the public (the “Auction”) all
right, title and interest of, in and to the pledged shares
unpaid interest, attorneys’ fees and other charges
including the costs to sell the Equity Interests (“Debt”).
The public auction sale will be held at 3:00 p.m.
guarantees from a “Replacement Guarantor” and that the Property be managed by a “Qualified Manager” (each
as such terms are defined in the ICA), and (2) complying with the Pledged Entity’s governing documents and the
REAL ESTATE SECURED consisting of (i) the capital stock of Ajax Holdings LLC
(“Ajax Holdings”) owned by Strudel and (ii) the capital
(EST) on June 13, 2023 (“Public Sale”) by virtual
bidding via Zoom via the following Zoom meeting
documents governing the Loan, Subordinate Senior Loan and Senior Loan and other qualifications and requirements
(including but not limited to the Terms of Sale relating to the sale of the Collateral (the “Terms of Sale”)).
FIXED INCOME FUND stock of Ajax Holdings owned by the Trust (the “Pledged
Interests”), in each case that secure the Borrower’s
link: https://bit.ly/GreenStUCC (case sensitive),
meeting ID: 821 9031 6950, passcode: 375830 (or by
An online datasite for the Sale (the “Datasite”) is available at RealINSIGHT Marketplace which will include certain SEEKING RIA’S & obligations under (a) the Loan Agreement, dated as of
March 30, 2018 (the “2018 Loan Agreement”), among
telephone at +16465588656 (US), using same meeting
ID and passcode). The Public Sale will be conducted by
relevant information that Secured Party possesses concerning the Borrower, Pledgor, the Property and the Loan
(collectively, the “Disclosed Materials”) as well as the Terms of Sale. Access to such information will be conditioned ACCREDITED INVESTORS Borrower, the Trust, Strudel, AVR, Ajax, the lenders
party thereto and the Administrative Agent and (b) the
auctioneer Matthew D. Mannion, of Mannion Auctions,
LLC, New York City Division of Consumer Affairs
upon execution of a confidentiality agreement which can be found on the Datasite or provided by Newmark. To
participate in the auction, prospective bidders must confirm their ability to satisfy the Requirements in the manner CALL: Loan Agreement, dated as of April 27, 2017 (the “2017 Licensed Auctioneer, License No. 1434494.
At the Public Sale, Secured Party reserves the right

866-700-0600
described in the Terms of Sale, and following such confirmation, such qualified participants will be provided a URL and Loan Agreement,” and together with the 2018 Loan
Agreement, the “Loan Agreements”) among Borrower, to: (i) credit bid up to the amount of the Debt; (ii) set
password enabling access to the video conference for the Sale. No information provided, whether in the Datasite or minimum price(s) for the Equity Interests; (iii) reject
otherwise, shall constitute a representation or warranty of any kind with respect to such information, the Collateral or the Trust, Strudel, AVR, the lenders party thereto and
the Administrative Agent. The Pledged Interests are bids, in whole or in part; (iv) cancel or adjourn the Public
the Sale. Participants are encouraged to review all Disclosed Materials and perform such due diligence as they deem ALLIANCE PORTFOLIO being sold on an “AS IS WHERE IS” basis pursuant to Sale, in whole or in part; and (v) establish the terms and
necessary in advance of the Sale. 120 Vantis Dr., Ste. 515 • Aliso Viejo, CA 92656 conditions of the Public Sale (“Terms of Public Sale”).
Secured Party reserves the right to credit bid, set a minimum reserve price, reject all bids and terminate or adjourn the following terms and conditions.
www.AlliancePortfolio.com Secured Party’s understanding, without making
ADVERTISE
the sale to another time, without further notice. All bids (other than credit bids of Secured Party) must be for cash TERMS AND CONDITIONS OF THE AUCTION any representation or warranty as to accuracy or
RE Broker • CA DRE • 02066955 Broker License ID 1. Subject to executing confidentiality agreements and
with no financing conditions and the successful bidder must deliver immediately available good funds (1) for the completeness, is that the principal asset of the Pledged
Required Deposit (as defined in the Terms of Sale) on the date of the Sale, and (2) for the balance of the purchase meeting bidder qualifications as the Secured Parties Entity is the real property located at 97 Green
price for the Collateral on the closing date prescribed by the Terms of Sale. The winning bidder must pay all transfer
taxes, stamp duties and similar taxes incurred in connection with the purchase of the Collateral.
deem appropriate, parties interested in bidding at the
Auction may obtain additional information and detail
Street, Jersey City New Jersey, 07302, 99 Green Street,
Jersey City New Jersey, 07302, and 99.5 TODAY
Any interested bidders must contact John Daniels at (312) 224-3260 or [email protected] no less than 12:00 TO PUT YOUR NAME ON OUR concerning the Pledged Interests (the “Bid Procedures”)
by contacting CBRE Capital Markets, Inc. (“CBRE”),
Green Street, Jersey City New Jersey, 07302.
Prospective and winning bidder(s) will be required
P.M. (New York Time) on June 13, 2023, in order to receive instructions on how to register as a Qualified Bidder and
how to place the Required Deposit. TRUST DEED EMAIL LIST as provided below. The Bid Procedures will provide to represent in writing to Secured Party that they will
additional information about the bidding process, adhere to the Terms of Public Sale and are purchasing
(818) 340-5115 including bidder qualifications, deposit information, the Equity Interests for their own account, not acquiring

MK INVESTMENT
Auction participation and determination of the winning
bid.
them with a view toward the sale or distribution
thereof and will not resell the Equity Interests unless (800) 366-3975
2. The Auction will be held on June 27, 2023 at 12:00 pursuant to a valid registration under applicable federal
SERVICES, INC. P.M. (EST) at the offices of Orrick, Herrington &
Sutcliffe LLP, located at 51 West 52nd Street, New York,
and/or state securities laws, or a valid exemption
from the registration thereunder. The Equity Interests
For more information
AVIATION Cal Dept of Real Estate Lic #02141734 New York 10019, with an option to attend the Auction have not been registered under such securities laws
and cannot be sold by the winning bidder(s) without
visit:
remotely via a designated Zoom link that will be made
available to qualified bidders on request. registration or application of a valid exemption. The
Equity Interests will be offered for sale at the Public
wsj.com/classifieds
3. The Pledged Interests are being sold on an “AS
PUBLIC NOTICES IS WHERE IS” basis, without recourse, warranty or Auction “as-is, where-is”, and there are no express or
guaranty, whether express or implied. The Secured implied warranties or representations relating to title,
Parties do not and will not make any representations possession, quiet enjoyment, merchantability, fitness,

Pilot Shortage? This notice is not an offer to purchase or a solicitation

of an offer to sell Equity Shares. See the letter of offer
or warranties with respect to the Pledged Interests,
and the sale of the Pledged Interests is specifically
subject to all taxes, liens (other than those of the
or the like as to the Equity Interests. THIS NOTICE
DOES NOT CONSTITUTE AN OFFER TO SELL, NOR THE
SOLICITATION OF AN OFFER TO BUY, THE DISPOSITION
referred to below. Composite Offer for Equity Shares ASSETS TO OR FROM ANYONE IN ANY JURISDICTION
Secured Parties), claims, assessments, liabilities
Supply Chain Excuses? of R Systems International Limited. BCP Asia II Topco
II Pte. Ltd. (Acquirer) along with Blackstone Capital
Partners Asia II L.P. (PAC) announces that 13,549,804
and encumbrances, if any, that may exist against the
Pledged Interests under the UCC or other applicable law.
IN WHICH SUCH AN OFFER OR SOLICITATION IS NOT
AUTHORIZED.
Parties interested in bidding on the Equity Interests
4. The Secured Parties reserve the right to determine must contact Greg Corbin, Rosewood Realty Group,

Jet Card Frustration? Equity Shares (or approximately 11.45% of the

outstanding Equity Shares) of R Systems International
Limited (Company) were tendered in the previously
which bidders qualify for participation in the Auction,
reject any bid or all bids at the Auction, to announce
such other terms at the Auction as may be commercially
152 W 57th St 5th floor, New York, NY 10019, (212)
359-9904, [email protected] (the “Broker”). Upon
execution of a standard non-disclosure agreement,
announced composite offer (i.e., an open offer cum reasonable in the Secured Parties’ discretion or to accept additional documentation and information will be

EXECUTIVE FLIGHT MANAGEMENT

delisting offer) to buy up to 57,173,476 Equity Shares of non-conforming bids. Further, the Secured Parties available. Interested parties who do not contact Broker
the Company at a price of Rs. 262 per Equity Share and reserve the right to cancel, postpone or adjourn the and register before the Public Sale will not be permitted
consequently delist the Equity Shares of the Company Auction by announcement made at the Auction, either to participate in bidding at the Public Sale. Additional
TRANS AMERICAN CHARTER LTD. from BSE Limited and National Stock Exchange of India
Limited. The delisting offer has not been successful and,
before or after the commencement of bidding, without
written notice or further publication. The Secured
Parties reserve the right to credit bid any portion of their
information can be found at https://www.rosewoodrg.
com/
accordingly, the open offer will be completed at a price
(630) 536 1610 of Rs. 245 per Equity Share for the tendered shares and
public shareholders who have tendered Equity Shares
secured indebtedness then outstanding under the Loan
Agreements at the Auction. The Secured Parties reserve
the right to implement such other terms or conditions
may withdraw such shares at their option in accordance

www.efmtac.com with the letter of offer (available on the official at the Auction or regarding the Auction procedures as
the Secured Parties, in their sole discretion, determine

SHOWROOM
website of the Securities and Exchange Board of India
(sebi.gov.in)) within the five working day withdrawal to be commercially reasonable under the circumstances.
period, which will open on Thursday, May 11, 2023 and All inquiries concerning this Notice of Sale and the
close on Wednesday, May 17, 2023 (India Standard terms and conditions of the sale (including requirements
to be a “qualified bidder”) should be made to: Joanne
37 years of Time). Upon the purchase of the tendered shares
pursuant to the open offer (assuming no withdrawals)
and the sale shares pursuant to the share purchase
Au of CBRE Capital Markets at CBREuccsales@cbre.
com. Any person making any inquiry or request must:
(i) disclose the person or entity on whose behalf
(800) 366-3975
[email protected]
agreement dated November 16, 2022 (as amended
such information is being sought, (ii) execute the
individual solutions. by the amendment agreement to the share purchase
confidentiality agreement, which can be reviewed at For more information visit: © 2023 Dow Jones & Company, Inc.
agreement dated March 21, 2023) between Acquirer
and the promoters and members of the promoter group the website https://tinyurl.com/AHUCCSale(case wsj.com/classifieds All Rights Reserved.
of the Company, Acquirer will hold 74,679,773 Equity sensitive), and (iii) maintain the confidentiality of the
Shares (or approximately 63.13% of the outstanding information provided. © 2023 Dow Jones & Company, Inc.
Equity Shares) of the Company. All Rights Reserved.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Wednesday, May 10, 2023 | B9

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
33561.81 t 56.88, or 0.17% Trailing P/E ratio 22.37 18.28 4119.17 t 18.95, or 0.46% Trailing P/E ratio * 18.37 22.58 12179.55 t 77.36, or 0.63% Trailing P/E ratio *† 26.75 28.96
High, low, open and close for each P/E estimate * 17.73 17.39 High, low, open and close for each P/E estimate * 18.48 18.25 High, low, open and close for each P/E estimate *† 25.75 22.86
trading day of the past three months. Dividend yield 2.08 2.20 trading day of the past three months. Dividend yield * 1.68 1.49 trading day of the past three months. Dividend yield *† 0.84 0.82
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

34400 4175 12100

65-day moving average 11900

33800 4100

33200 4025 11700

32600 65-day moving average 3950 11500

Session high
DOWN UP 65-day moving average
t

Session open Close

32000 3875 11300
Close Open
t

Session low 31400 3800 11100

Bars measure the point change from session's open

30800 3725 10900
Feb. Mar. Apr. May Feb. Mar. Apr. May Feb. Mar. Apr. May
*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* 875,127,332 8,268,325
Industrial Average 33656.40 33509.72 33561.81 -56.88 -0.17 34589.77 28725.51 4.4 1.3 11.3 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 358,676,050 5,149,307
Transportation Avg 14023.82 13845.32 13958.30 -57.64 -0.41 15640.70 11999.40 -3.5 4.2 18.8 Most-active issues in late trading Decl. volume* 494,527,371 3,088,662
Utility Average 961.31 951.95 959.18 -0.14 -0.01 1061.77 838.99 -2.5 -0.8 7.9 Volume After Hours Issues traded 3,080 314
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 41163.44 41002.38 41047.86 -172.05 -0.42 43441.80 36056.21 2.5 6.6 11.4 Advances 1,202 143
Upstart Holdings UPST 6,721.8 19.33 5.24 37.19 21.76 13.99
Barron's 400 903.30 896.10 899.72 -2.30 -0.26 1023.20 825.73 -1.9 -2.2 13.1 Declines 1,753 144
Airbnb ABNB 4,575.4 113.29 -13.78 -10.84 127.50 112.20
Unchanged 125 27
Nasdaq Stock Market SPDR S&P 500 ETF Trust SPY 4,447.7 410.91 -0.02 -0.004 432.99 384.18 New highs 49 7
Nasdaq Composite 12216.13 12174.06 12179.55 -77.36 -0.63 13128.05 10213.29 3.8 16.4 10.1 Affirm Holdings AFRM 4,331.2 11.44 -0.86 -6.99 13.75 10.82 New lows 76 5
Nasdaq-100 13254.81 13193.88 13201.11 -90.53 -0.68 13667.18 10679.34 6.9 20.7 12.7 Rivian Automotive RIVN 4,291.4 14.68 0.82 5.92 14.87 13.52 Closing Arms† 0.83 0.54
Farfetch Cl A FTCH 3,500.9 4.12 0.01 0.24 4.12 4.08 Block trades* 4,250 93
S&P

.
-0.46
Merus MRUS 3,274.8 20.00 -0.30 -1.48 20.30 20.00
500 Index 4130.35 4116.65 4119.17 -18.95 4305.20 3577.03 3.0 7.3 12.0 Nasdaq NYSE Arca

ly
Freeport-McMoRan FCX 3,048.2 36.67 0.01 0.03 36.79 36.65
MidCap 400 2453.81 2433.65 2444.86 -9.01 -0.37 2726.61 2200.75 2.3 0.6 13.4 Total volume*4,126,782,968 194,415,726
SmallCap 600 1131.82 1119.73 1126.23 -7.01 -0.62 1315.82 1064.45 -3.5 -2.7 13.5 Percentage gainers… Adv. volume*1,746,192,160 58,481,265
Upstart Holdings UPST 6,721.8 19.33 5.24 37.19 21.76 13.99 Decl. volume*2,322,031,872 135,242,695
Other Indexes
Russell 2000
NYSE Composite
Value Line
1756.09 1737.70
15393.16 15297.09 15352.81 -38.46
542.22 537.57
1749.68

539.98
-4.79

-2.24
-0.27
-0.25
-0.41
on 2021.35 1649.84
16122.58 13472.18
606.49 491.56
-0.7
2.2
-2.6
-0.7
1.1
0.7
9.6
10.6
9.3
Syneos Health Cl A
Nerdy Cl A
Compass Cl A
SYNH
NRDY
COMP
111.4
176.2
76.4
45.00
3.61
3.13
6.55
0.51
0.33
17.04
16.45
11.79
51.36
3.97
3.20
38.45
3.10
2.80
Issues traded
Advances
Declines
Unchanged
4,633
1,877
2,531
225
1,727
400
1,299
28
NYSE Arca Biotech 5282.56 5221.84 5271.43 -1.85 -0.04 5644.50 4208.43 19.7 -0.2 -0.6
IAC IAC 61.8 58.95 5.27 9.82 59.50 53.68
New highs 87 18
us ,

NYSE Arca Pharma 892.45 886.25 887.76 -4.69 -0.53 892.45 737.84 9.3 2.3 11.6 ...And losers New lows 188 7
l

KBW Bank 75.51 73.81 75.10 0.03 0.03 116.53 71.96 -30.9 -25.5 1.8 92.2 15.35 -4.85 -24.01 20.20 14.41 Closing Arms† 0.99 0.58
e
Cutera CUTR
al a

PHLX§ Gold/Silver 140.83 139.33 140.06 -0.09 -0.06 144.37 91.40 9.1 15.9 4.7 Jackson Financial JXN 263.1 28.48 -6.05 -17.52 34.53 26.00 Block trades* 21,720 867
PHLX§ Oil Service 75.51 73.93 74.81 0.09 0.12 93.94 56.08 6.9 -10.8 35.0 Twilio Cl A TWLO 1,740.5 48.40 -7.60 -13.57 56.92 46.40 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 2983.68 2960.01 2967.84 -56.57 -1.87 3230.86 2162.32 2.3 17.2 18.7 Airbnb ABNB 4,575.4 113.29 -13.78 -10.84 127.50 112.20 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 17.86 17.22 17.71 0.73 4.30 34.02 15.78 -46.3 -18.3 -14.1 Emergent Biosoltns EBS 61.8 8.89 -0.81 -8.35 9.70 8.70 Arms of less than 1 indicates buying demand; above 1

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

International Stock Indexes Percentage Gainers... Percentage Losers

er s

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
m er

World MSCI ACWI 651.11 –3.01 –0.46 7.6 Shengfeng Development SFWL 8.80 4.44 101.83 12.45 2.94 ... Ohmyhome OMH 12.52 -13.46 -51.81 27.13 3.80 ...
MSCI ACWI ex-USA 303.54 –1.50 –0.49 7.9 TScan Therapeutics TCRX 3.40 1.15 51.14 6.03 1.45 70.9 Trevena TRVN 1.77 -1.34 -43.09 12.22 0.58 -75.3
MSCI World 2815.29 –12.09 –0.43 8.2 Y-mAbs Therapeutics YMAB 9.23 2.46 36.34 20.48 2.70 -8.0 PRA Group PRAA 23.95 -10.44 -30.36 43.34 18.72 -38.8
MSCI Emerging Markets 982.24 –7.20 –0.73 2.7 Jayud Global Logistics JYD 3.91 0.90 29.90 10.00 2.80 ... Nuwellis NUWE 3.21 -1.24 -27.87 185.00 3.20 -95.1
m rp

Americas MSCI AC Americas 1564.04 –6.678 –0.43 7.3 Voyager Therapeutics VYGR 10.76 2.45 29.48 11.49 4.61 77.9 MoneyLion ML 14.26 -5.44 -27.61 81.90 7.50 -64.3
Canada S&P/TSX Comp 20585.73 0.58 0.003 6.2 Latham Group SWIM 3.31 0.75 29.30 12.05 2.12 -70.8 Coherus BioSciences CHRS 5.91 -2.23 -27.40 14.11 5.58 -30.6
Latin Amer. MSCI EM Latin America 2278.20 5.291 0.23 7.0 Cuentas CUEN 6.90 1.56 29.21 21.45 1.95 -32.0 CPI Card Group PMTS 30.20 -10.80 -26.34 45.95 12.79 88.2
Brazil BOVESPA 107113.66 1071.51 1.01 –2.4 Oragenics OGEN 3.60 0.80 28.57 24.00 2.60 -76.9 Mallinckrodt MNK 4.03 -1.43 -26.19 31.00 0.10 ...
Chile S&P IPSA 3231.15 –33.53 –1.03 1.8 Oportun Financial OPRT 5.53 1.21 28.01 12.79 2.19 -53.3 Enanta Pharmaceuticals ENTA 25.52 -8.81 -25.66 76.36 23.03 -54.7
co Fo

Mexico S&P/BMV IPC 55452.73 419.61 0.76 14.4 Novavax NVAX 9.52 2.07 27.79 76.77 5.61 -82.3 Kiromic Biopharma KRBP 3.41 -0.86 -20.14 22.80 2.59 -71.9
EMEA STOXX Europe 600 465.41 –1.53 –0.33 9.5 Neuronetics STIM 2.80 0.60 27.27 6.95 1.98 18.6 CytoMed Therapeutics GDTC 3.55 -0.86 -19.50 4.80 3.21 ...
Eurozone Euro STOXX 457.36 –2.402 –0.52 11.6 Longeveron LGVN 4.00 0.84 26.58 9.34 2.50 -49.0 AXS 1.5X PYPL Bull Daily PYPT 16.47 -3.98 -19.46 54.77 16.47 ...
Belgium Bel-20 3767.41 –38.55 –1.01 1.8 Aris Water Solutions ARIS 9.08 1.87 25.94 23.58 6.69 -43.2 GD Culture Group GDC 5.03 -1.11 -18.08 44.00 1.80 -74.1
Denmark OMX Copenhagen 20 2080.18 –13.35 –0.64 13.3 United Homes Group UHG 12.27 2.37 23.94 29.00 8.07 24.9 Atara Biotherapeutics ATRA 2.44 -0.53 -17.85 9.34 2.19 -57.1
7397.17 –0.59 14.3 Palantir Technologies PLTR 9.55 1.81 23.39 11.62 5.92 31.0 ECARX Holdings ECX 5.10 -1.10 -17.74 11.32 3.02 -47.9
France CAC 40 –43.74
Germany DAX 15955.48 2.65 0.02 14.6
Israel Tel Aviv 1770.73 –16.08 –0.90 –1.5
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 27383.53 –42.70 –0.16 15.5 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 748.38 –4.30 –0.57 8.6
Norway Oslo Bors All-Share 1369.05 –13.41 –0.97 0.5 Palantir Technologies PLTR 222,933 460.5 9.55 23.39 11.62 5.92 Hartford Schroders Cmd HCOM 1,248 15714 15.67 0.26 28.25 14.72
Mobiquity Technologies MOBQ 162,453 7591.5 0.27 74.97 2.47 0.13 Cuentas CUEN 1,725 6170 6.90 29.21 21.45 1.95
South Africa FTSE/JSE All-Share 77776.87 –795.46 –1.01 6.5
n-

Spain IBEX 35 9183.20 –28.10 –0.31 11.6 Tesla TSLA 88,697 -40.5 169.15 -1.54 314.67 101.81 Invsc S&P 500 EW Tech RYT 1,877 3459 257.28 -0.77 283.21 213.47
838.78 –1.08 7.3 Ideanomics IDEX 82,340 36.4 0.05 -1.23 0.89 0.02 Valuence Merger I Cl A VMCA 2,635 3287 10.62 0.24 11.05 9.97
Sweden OMX Stockholm –9.15
7.6
ProSh UltraPro Shrt QQQ SQQQ 70,408 -49.2 29.20 1.96 69.55 28.55 Beard Energy Cl A BRD 1,686 3273 10.41 0.10 10.50 9.88
Switzerland Swiss Market 11546.04 –49.21 –0.42
Turkey BIST 100 4536.20 –25.74 –0.56 –17.7 Advanced Micro Devices AMD 68,588 11.9 95.06 0.02 109.57 54.57 SPDR S&P Glbl Nat Rscs GNR 5,695 2619 55.74 -0.55 63.90 47.17
no

U.K. FTSE 100 7764.09 –14.29 –0.18 4.2 PayPal Holdings PYPL 68,411 461.1 65.91 -12.73 103.03 65.85 Nuveen Growth Opps ETF NUGO 1,213 2608 20.30 0.30 20.87 16.35
U.K. FTSE 250 19277.04 –175.46 –0.90 2.2 ProShares UltraPro QQQ TQQQ 64,241 -59.8 27.89 -1.93 39.38 16.10 FT Horizon Mgd Vol Dom HUSV 248 2463 32.79 0.14 34.46 29.28
Faraday Future FFIE 58,064 -2.5 0.24 -7.93 7.85 0.15 Janus Henderson Mtg-Bkd JMBS 4,169 2422 46.28 -0.22 49.37 43.31
Asia-Pacific MSCI AC Asia Pacific 162.36 –0.28 –0.17 4.3
Direxion Dly SCOND 3 BL SOXL 56,899 -25.0 13.94 -4.85 26.28 6.21 Genesis Unicorn Cap Cl A GENQ 175 2372 10.67 0.28 11.49 9.92
Australia S&P/ASX 200 7264.10 –12.39 –0.17 3.2
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3357.67 –37.33 –1.10 8.7 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 19867.58 –429.45 –2.12 0.4
61761.33 1.5
Scan this code
India S&P BSE Sensex –2.92 –0.005
Japan NIKKEI 225 29242.82 292.94 1.01 12.1 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3242.95 –14.71 –0.45 –0.3 and track most-active stocks,
South Korea KOSPI 2510.06 –3.15 –0.13 12.2 new highs/lows, mutual funds Currencies
Taiwan TAIEX 15727.70 28.13 0.18 11.2 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1564.66 2.41 0.15 –6.2
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Tues YTDchg Tues YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004261 23471 –0.7
CREDIT MARKETS Argentina peso .0044228.0584 29.0 Europe
Brazil real .2006 4.9853 –5.7 Czech Rep. koruna .04683 21.354 –5.4
Canada dollar .7471 1.3385 –1.2 Denmark krone .1472 6.7915 –2.2
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001265 790.69 –6.8 Euro area euro 1.0962 .9123 –2.4
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000219 4561.00 –5.93 Hungary forint .002951 338.84 –9.3
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007283 137.30 –3.0
A consumer rate against its 5-year CDs Mexico peso .0563 17.7744 –8.8 Norway krone .0946 10.5720 7.8
benchmark over the past year 5.00% Uruguay peso .02584 38.7050 –3.2 Poland zloty .2408 4.1531 –5.2
Bankrate.com avg†: 2.81% 16% Asia-Pacific Russia ruble .01287 77.700 5.4
t WSJ Dollar Index .0980 10.2004 –2.3
First Internet Bank of Indiana 4.49% 4.00 s
Australiadollar .6761 1.4791 0.8
Sweden krona
4.50% Indianapolis, IN 888-873-3424 Tradeweb ICE 8 Switzerland franc 1.1232 .8903 –3.8
China yuan .1445 6.9205 0.3
Federal-funds Tuesday Close 3.00 Turkey lira .0512 19.5252 4.5
.1275 7.8417 0.5
t

Barclays Bank 4.50% Hong Kong dollar

target rate One year ago Ukraine hryvnia .0271 36.9500 0.3
t

3.50 0 Euro India rupee .01218 82.101 –0.8

Wilmington, DE 888-720-8756 2.00 s UK pound 1.2621 .7923 –4.1
Indonesia rupiah .0000678 14752 –5.2
t 2.50 CFG Community Bank 4.50% 1.00 –8 s Japan yen .007394 135.24 3.1 Middle East/Africa
Five-year CD yields Baltimore, MD 888-205-8388 Yen Kazakhstan tenge .002253 443.90 –4.1 Bahrain dinar 2.6529 .3770 –0.03
1.50 Popular Direct 4.50% 0.00 –16 Macau pataca .1238 8.0805 0.4 Egypt pound .0324 30.8988 24.8
Malaysia ringgit .2247 4.4495 1.0 Israel shekel .2728 3.6659 4.0
Miami Lakes, FL 800-274-5696 1 3 6 1 2 3 5 7 10 20 30 2022 2023
0.50 New Zealand dollar .6335 1.5785 0.2 Kuwait dinar 3.2623 .3065 0.2
GTE Financial Credit Union 4.54% month(s) years
J J A S ON D J FMAM Pakistan rupee .00351 284.500 25.5 Oman sul rial 2.5974 .3850 ...
Tampa, FL 888-871-2690 maturity Philippines peso .0179 55.812 0.2 Qatar rial .2746 3.641 –0.7
2022 2023
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7534 1.3274 –1.0 Saudi Arabia riyal .2666 3.7503 –0.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007540 1326.25 5.1 South Africa rand .0537 18.6391 9.5
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0031445 318.02 –13.5
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 5.00-5.25 4.75-5.00 0.75 l 5.25 5.00 Taiwan dollar .03253 30.740 0.3
Yield (%) 52-Week Total Return (%) Thailand baht .02965 33.730 –2.6 WSJ Dollar Index 95.75 0.19 0.20 –0.84
Prime rate* 8.25 8.00 4.00 l 8.25 5.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 5.34 5.34 1.40 l 5.34 4.90 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2154.470 3.810 3.740 4.560 2.700 –0.787 –4.283
Money market, annual yield 0.52 0.52 0.07 l 0.52 0.21
Five-year CD, annual yield 2.81 2.76 0.94 l 2.81 1.97 U.S. Treasury Long, Bloomberg 3286.400 3.910 3.770 4.570 3.060 –6.316–11.946 Commodities
30-year mortgage, fixed† 6.96 6.98 5.26 l 7.41 3.45 Aggregate, Bloomberg 2007.840 4.410 4.330 5.210 3.300 –0.433 –3.222 Tuesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.26 6.26 4.60 l 6.53 3.20 Fixed-Rate MBS, Bloomberg 1986.570 4.500 4.430 5.380 3.300 –0.950 –3.545
Jumbo mortgages, $726,200-plus† 7.07 7.12 5.19 l 7.44 3.49 DJ Commodity 982.34 -1.12 -0.11 1251.61 956.11 -14.96 -6.33
High Yield 100, ICE BofA 3248.021 8.027 7.981 8.753 6.441 3.785 3.953 Refinitiv/CC CRB Index 264.12 0.12 0.05 329.59 254.03 -11.10 -4.91
Five-year adj mortgage (ARM)† 5.74 5.75 3.76 l 5.82 2.51
Muni Master, ICE BofA 571.286 3.118 3.167 3.936 2.419 4.282 0.245 Crude oil, $ per barrel 73.71 0.55 0.75 122.11 66.74 -26.11 -8.16
New-car loan, 48-month 7.03 6.98 4.43 l 7.03 2.73
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 786.639 7.736 7.703 9.159 6.775 1.852 –0.827 Natural gas, $/MMBtu 2.267 0.029 1.30 9.680 1.991 -69.30 -49.34
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. 2036.20 9.90 0.49 2048.00 1623.30 10.67 11.90
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B10 | Wednesday, May 10, 2023 * THE WALL STREET JOURNAL.

NEW HIGHS AND LOWS WSJ.com/newhighs

52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk %

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest
session. % CHG-Daily percentage change from the previous trading session. TactileSystems TCMD 21.70 13.3 BRT Apartments BRT 16.43 -4.0 CrownCastle CCI 114.43 0.6 HallmarkFin HALL 4.11 -6.0 NCS Multistage NCSM 18.67 -0.4 Soligenix SNGX 0.90 -12.6
TaylorMorrison TMHC 44.02 0.7 Bally's BALY 14.75 -3.3 CumulusMedia CMLS 2.57 0.8 HalozymeTherap HALO 29.85 1.0 NauticusRobot KITT 2.06 -1.9 SonderWt SONDW 0.03 -8.5
Toll Bros TOL 65.52 0.9 BankUnited BKU 16.44 -0.4 Cushman&Wkfd CWK 7.16 1.6 HancockNts2060 HWCPZ 21.82 -2.4 Nautilus NLS 1.12 -1.7 SoundFinBancorp SFBC 35.50 -0.8
Tuesday, May 9, 2023 TransDigm TDG 815.85 4.7 BassettFurniture BSET 14.01 -0.9 DISH Network DISH 6.39 -11.1 Hanesbrands HBI 4.13 -3.0 NewellBrands NWL 9.68 -1.5 SouthernStBcsh SSBK 20.00 0.1
TriPointe TPH 29.92 0.2 BayCom BCML 15.10 0.3 Dave DAVE 4.67 -6.4 HomeTrustBcshs HTBI 18.52 -0.9 Newmark NMRK 5.07 -3.9 SpiritAirlines SAVE 15.61 -0.8
52-Wk % 52-Wk % 52-Wk % TScanTherap TCRX 6.03 51.1 BenchmarkElec BHE 20.58 -0.1 DieboldNixdorf DBD 0.36 -9.1 Hongli HLP 2.23 -2.5 Nuwellis NUWE 3.20 -27.9 SterlingBancorp SBT 4.47 1.7
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg 26CapAcqnA ADER 10.99 2.0 Biolase BIOL 0.19 -3.4 DimeComPfdA DCOMP 13.75 -1.3 HorizonBancorp HBNC 7.93 -1.8 OP Bancorp OPBK 8.03 -2.3 Strattec STRT 18.40 -0.5
26CapAcqn ADERU 10.71 0.6 BioNTech BNTX 101.98 -3.1 DistokenAcqnWt DISTW 0.01 -39.0 HudsonPacProp HPP 4.41 -7.5 OfficePropNts2050 OPINL 11.23 5.2 SummitFin SMMF 17.34 0.9
EnelChile ENIC 3.07 2.0 MarsAcqn MARXU 10.50 -0.1
0.45 -10.4
Highs Enstar ESGR
EverestConsolA MNTN
253.27
10.53
1.4
0.2
MarsAcqn
MasoniteIntl
MARX
DOOR
11.00 0.5
101.72 -0.4
USGoldMining
USGoldMiningWt
USGO
USGOW
16.34 19.1 BlueApron
2.93 55.6 BluejayDiag
APRN
BJDX
0.41 -6.8 EPAM Systems
0.27 -10.6 ESSA Bancorp
EPAM 223.65 -0.2 HudsonPacificPfdC HPPpC
ESSA 13.26 -0.2 Hydrofarm HYFM
7.75
1.17
-1.5
-1.6
Olaplex
OldPointFinl
OLPX
OPOF
3.27 -6.8 Synlogic
16.25 -1.9 TTEC
SYBX
TTEC 32.05 0.3
Abcam ABCM 18.38 -1.5 VahannaTechI VHNAU 10.58 0.3 Brainsway BWAY 1.42 -2.7 EagleBancorp EGBN 18.76 -4.1 IF Bancorp IROQ 14.70 -2.8 OncologyInst TOI 0.43 ... T2Biosystems TTOO 0.26 -3.5
EvolvTech EVLV 4.25 2.5 McDonald's MCD 298.86 ...
AchieveLifeSci ACHV 8.88 0.8 Vaxcyte PCVX 54.84 4.8 BridgewaterPfdA BWBBP 14.50 -6.0 EagleBncpMT EBMT 11.51 -2.2 InvoBioScience INVO 0.31 -3.4 OneLiberty OLP 19.35 -2.5 TalosEnergy TALO 10.69 -15.5
FifthWallIII A FWAC 10.30 ... MeritMedical MMSI 85.39 -0.3
AimfinityUn AIMBU 10.40 0.1 VeriskAnalytics VRSK 212.61 0.6 BrighthousePfdA BHFAP 20.65 -4.1 EchoStar SATS 14.67 -3.4 iMediaBrands IMBI 0.17 4.7 OutfrontMedia OUT 14.31 -0.1 TandemDiabetes TNDM 32.38 -2.2
FinStrategiesA FXCO 10.74 0.2 MiMedx MDXG 6.01 2.1
AlchemyInv1 ALCYU 10.14 ... VitaCoco COCO 24.48 4.7 BrookfieldFinNts BNJ 14.30 -0.5 EmpireStateReal250 FISK 4.96 8.1 iMediaBrandsNts IMBIL 3.49 6.3 PRA Group PRAA 18.72 -30.4 TaskUs TASK 11.03 -2.7
FirstCitizBcshA FCNCA 1107.64 0.3 Morphic MORF 58.83 6.7
Aon AON 336.42 0.7 VividSeats SEAT 9.86 11.4 BrookfieldFinNts BNH 14.72 -1.2 EnantaPharma ENTA 23.03 -25.7 Incyte INCY 64.62 -1.6 PacificPremBncp PPBI 17.53 -1.0 TimberlandBncp TSBK 22.11 1.0
FomentoEconMex FMX 99.78 0.5 MountainI A MCAA 11.13 ...
AquestiveTherap AQST 2.42 3.6 VividSeatsWt SEATW 3.05 37.7 BrookfieldPropPfd BPYPP 14.00 -1.4 Enservco ENSV 0.33 -7.5 IndLogistics ILPT 1.80 -4.7 PartnersBancorp PTRS 5.83 -4.0 Trinseo TSE 14.65 -10.3
GFLEnvironmental GFL 37.55 2.4 NewGold NGD 1.48 2.8
Arcellx ACLX 45.05 3.7 VoyagerTherap VYGR 11.49 29.5 BPP 5.75%Pfd3A BPYPN 11.05 -1.6 Equillium EQ 0.48 -11.8 Ingevity NGVT 57.52 -1.9 PayPal PYPL 65.85 -12.7 TrustcoBank TRST 27.40 -1.4
Gallagher AJG 216.86 0.4 NorthAmConstr NOA 19.70 1.6
ArcturusTherap ARCT 29.24 1.5 6.68 2.2 BrookfieldPropPf2A BPYPO 12.26 -2.0 EquityBcshs EQBK 20.55 0.5 Inogen INGN 10.86 -5.7 PeoplesBncpNC PEBK 20.72 -2.1 TwoHarbors TWO 11.67 -0.8
GreenBrickPtrs GRBK 51.96 3.8 NorthernStrII A NSTB 10.11 0.1 WisdomTree WT
CFBK 15.04 -2.4 EvansBancorp EVBN 24.13 -1.2 Interface TILE 6.88 -2.0 30.60 -6.3 TysonFoods TSN 48.31 -3.8
AresAcqnA AAC 10.43 0.5 GreenlightCapRe GLRE 10.69 4.6 NorthernStarII NSTB.U 10.09 0.1 XenonPharm XENE 43.57 2.4 CF Bankshares PeoplesFinSvcs PFIS
CF 66.25 0.3 FARO Tech FARO 12.66 -3.4 Intergroup INTG 35.61 -3.8 14.44 -0.2 UGI UGI 29.30 -1.7
Assertio ASRT 7.33 11.5 HNR Acqn HNRA 11.53 -0.3 Nuvalent NUVL 40.74 5.4 XerisBiopharma XERS 2.73 13.8 CF Industries PetMedExpress PETS
CSGS 48.18 0.9 FarmersBancp FMAO 19.30 -2.7 IntrepidPotash IPI 19.47 -1.3 UGI Un UGIC 70.85 -3.4
AutoZone AZO 2737.12 0.6 Hookipa HOOK 2.01 26.8 OReillyAuto ORLY 954.44 0.7 YottaAcqn YOTA 10.40 0.4 CSG Systems PhenomeX CELL 0.86 -4.2
CVBF 11.43 -0.5 FathomDigital FATH 0.40 -6.9 InvestcpCredit ICMB 3.22 ... U Power UCAR 3.66 3.9
AxonPrimeInfrA APMI 11.15 0.1 Harmonic HLIT 16.28 20.0 OakWoodsAcqnUn OAKUU 10.32 0.1 CVB Fin PlugPower PLUG 7.91 -13.8
US Cellular USM 14.75 -4.6
BWX Tech
BentleySystems BSY
BWXT 67.24
46.97
2.4
10.1
HarrowHealth
Harsco
HROW
HSC
28.17
9.56
2.9
-0.5
OcularTherapeutix OCUL
OlemaPharm OLMA
6.87 2.3
7.42 10.7
Lows Capri
CapstoneGreen
CPRI
CGRN
36.77 -1.3 FinWiseBancorp
1.12 0.8 FirstBusFinSvcs
FINW
FBIZ
7.74 -2.4 iSun ISUN
24.67 -0.2 KKR RealEstFin KREF
0.51
9.98
-5.5
...
PolarPower
PrincetonBncp
POLA
BPRN
1.00 -1.0
24.52 -0.4
Ubiquiti UI 182.33 -3.8
ACRESCmclPfdD ACRpD 17.20 -1.6 UnitedBancorpOH UBCP 12.00 -1.4
BetterWorld BWAC 10.82 0.3 HeritageInsurance HRTG 4.77 11.7 Opera OPRA 13.16 2.9 Catalent CTLT 33.05 -1.2 FirstComSC FCCO 16.86 -2.6 KKRRealEstFinPfdA KREFpA 15.70 0.3 ProgressAcqnWt PGRWW 0.00 -93.9
Adtran ADTN 7.90 2.1 UnitedFire UFCS 24.25 -10.1
BioRestorativeTher BRTX 5.25 -2.5 HitekGlobal HKIT 7.37 -0.3 ProofAcqnIA PACI 10.46 ... Celularity CELU 0.41 -7.8 FirstFinBkshs FFIN 25.88 -0.3 KaryopharmTherap KPTI 2.36 -0.4 ProvidentFin PROV 12.60 0.2
AFC Gamma AFCG 10.77 -2.6 UnivElectro UEIC 8.19 -4.8
Birks BGI 9.90 3.9 HorizonSpaceI HSPO 10.30 0.3 Penumbra PEN 317.77 1.3 CelularityWt CELUW 0.05 -34.1 FirstInternetBncp INBK 9.97 -4.4 KemperDeb2062 KMPB 17.05 -3.3 QualTekSvcs QTEK 0.20 1.1
5.04 -8.0 UplandSoftware UPLD 3.02 -5.6
BostonSci BSX 53.52 -0.1 Hovnanian HOV 79.84 2.8 PepsiCo PEP 194.67 0.4 AN2 Therap ANTX CntlValCmntyBk CVCY 13.08 -1.6 FirstInterBanc FIBK 21.03 -1.7 Knightscope KSCP 0.49 -3.2 QuinStreet QNST 6.90 -6.2 Valhi
VHI 14.16 0.5
BostonSciPfdA BSXpA 128.61 0.7 ICU Medical ICUI 212.43 13.6 PonoCapitalThreeUn PTHRU 10.90 5.2 Arko ARKO 6.89 -8.8 Cerus CERS 2.13 -2.3 FirstMerchants FRME 25.07 -1.2 LCNB LCNB 14.25 -1.2 RVL Pharm RVLP 0.72 7.8 VerdeCleanFuelsA VGAS 4.60 -7.6
BoydGaming BYD 71.69 1.0 IDEAYA Bio IDYA 22.38 14.6 PowellIndustries POWL 52.81 0.5 ArkoWt ARKOW 1.06 -16.4 ChemungFinl CHMG 34.38 -0.2 FirstMidBcshs FMBH 22.25 -1.9 Lazard LAZ 28.15 ... Ranpak PACK 2.66 4.1 VerticalAeroWt EVTL.WS 0.10 -20.3
BridgetownA BTWN 10.15 0.3 Immunome IMNM 6.25 8.5 PulteGroup PHM 68.73 -0.1 ASGN ASGN 64.07 -2.6 Chimerix CMRX 1.11 ... FreelineTherap FRLN 0.24 -1.2 LexariaBioscience LEXX 0.71 -22.9 RealGoodFood RGF 3.55 -0.6 Victoria'sSecret VSCO 25.81 -3.0
BuildersFirst BLDR 115.50 0.9 InozymePharma INZY 7.13 9.5 QuadroAcqnOneA QDRO 10.40 1.0 ASP Isotopes ASPI 0.49 -8.8 ChurchillCapVII CVII.U 9.68 -0.4 FreshTracks FRTX 0.45 -6.4 LexariaBioWt LEXXW 0.10 -43.5 RegionsFinPfdE RFpE 14.53 -0.9 ViewRay VRAY 0.90 -4.7
BurfordCapital BUR 13.85 0.9 InspireMedical INSP 288.57 2.1 RadianGroup RDN 24.99 0.2 Adamis ADMP 0.07 -1.5 Cinedigm CIDM 0.27 3.1 FrontierComms FYBR 18.04 -1.9 LumentFinPfdA LFTpA 17.40 -0.5 Renasant RNST 24.06 -5.7 VornadoPfdL VNOpL 11.77 -2.5
CardinalHealth CAH 85.93 0.2 InterDigital IDCC 81.95 -1.3 RadNet RDNT 29.36 -0.7 AdaptHealth AHCO 10.21 -6.4 CitiTrends CTRN 15.31 -1.0 FultonFin FULT 9.91 -1.8 MSP Recovery LIFW 0.42 -15.1 RoseHillAcqnWt ROSEW 0.02 -38.8 Walker&Dunlop WD 61.06 -0.5
CasellaWaste CWST 92.40 0.7 InvestcorpIndiaA IVCA 10.86 0.1 ReataPharm RETA 106.69 0.6 Aditxt ADTX 0.57 -7.8 CtznCmntyBcp CZWI 8.00 -4.6 FVCBankcorp FVCB 8.61 -0.1 Mytheresa MYTE 4.33 0.2 SBA Comm SBAC 229.48 0.4 Wang&Lee WLGS 1.60 -5.9
Cemex CX 6.77 2.9 iRadimed IRMD 49.30 -1.7 RestaurantBrands QSR 73.47 1.2 AirTransportSvcs ATSG 14.39 5.7 Citizens CIA 1.69 -2.9 Genasys GNSS 2.44 -16.2 MaravaiLifeSci MRVI 11.89 -13.0 SB Financial SBFG 12.50 0.2 WashTrBcp WASH 23.75 -2.1
ClearOne CLRO 2.27 71.9 JacksonAcqn RJAC.U 10.55 0.5 RevanceTherap RVNC 37.98 2.8 Akoya AKYA 6.22 3.7 CityOfficeREIT CIO 4.59 -2.1 GenerationInWt GIPRW 0.30 -25.0 Marcus&Millichap MMI 27.49 -5.2 SignaSports SSU 2.80 -16.2 WestBancorp WTBA 15.25 -1.0
Coca-Cola Femsa KOF 91.23 0.5 Jiayin JFIN 5.77 9.9 RigelResource RRAC.U 10.60 0.6 Alexander's ALX 169.01 -2.4 CityOfficePfdA CIOpA 15.02 -1.1 Genpact G 39.14 0.8 MarinSoftware MRIN 0.59 -4.1 SagaComm SGA 21.10 -0.6 WestNewEngBncp WNEB 5.72 -1.8
CoreMoldingTech CMT 20.22 4.8 KB Home KBH 45.76 0.4 RxSight RXST 19.79 -0.8 AlphaTeknova TKNO 1.72 -2.2 Co-Diagnostics CODX 1.31 -3.6 GladstoneComm GOOD 11.05 -1.0 MatchGroup MTCH 31.66 -1.8 SallyBeauty SBH 10.93 0.1 WheelerREIT WHLR 0.75 -18.0
Corvel CRVL 212.60 0.1 KrystalBiotech KRYS 92.33 4.8 SageTherap SAGE 52.00 -1.6 AmeriServFin ASRV 2.78 -2.1 CodorusValleyBncp CVLY 16.00 -1.2 GladstoneLand LAND 14.95 -2.8 Mativ MATV 16.10 -0.8 SatixFyComms SATX 0.39 -2.4 WideOpenWest WOW 7.50 -3.6
CraneNXT CXT 50.33 1.9 LamfGlbI A LGVC 10.86 -0.6 Salesforce CRM 203.80 1.7 Ashland ASH 87.40 -1.8 CommerceBcshrs CBSH 50.16 -0.8 Globant GLOB 136.27 -2.8 MetLife MET 52.45 -1.7 SharpsTech STSS 0.76 21.2 WintrustFinPfd WTFCM 19.14 -1.5
Crawford A CRD.A 9.86 -1.5 Lennar A LEN 116.18 -0.3 SeabridgeGold SA 16.18 1.5 AspenInsPfd AHLpD 17.57 -1.3 CommScope COMM 4.35 -4.8 GranitePointPfdA GPMTpA 15.76 -2.0 micromobility.com MCOM 0.71 -7.9 ShuttlePharm SHPH 1.14 -6.2 Wolfspeed WOLF 39.42 -1.1
CytoMedTherap GDTC 4.80 -19.5 EliLilly LLY 435.60 -1.0 SelectiveIns SIGI 104.37 -1.2 AspiraWomenHlth AWH 0.27 -0.5 CommWestBcshs CWBC 10.81 -1.4 GreatAjax AJX 5.43 1.1 MiddlefieldBanc MBCN 23.38 -3.8 SimmonsFirstNat SFNC 14.89 -3.0 Yellow YELL 1.41 -8.4
DeckersOutdoor DECK 498.07 0.5 Limbach LMB 20.60 17.8 Servotronics SVT 13.17 -2.2 AtaraBiotherap ATRA 2.19 -17.8 CompassMinerals CMP 30.36 -1.0 GreenlandTech GTEC 1.13 -5.4 Missfresh MF 0.52 -20.9 SimonPropPfdJ SPGpJ 56.01 -3.9 YoshiharuGlbl YOSH 0.82 3.6
EdgewellPersonal EPC 45.51 5.5 LongboardPharm LBPH 9.75 1.4 ShengfengDevt SFWL 12.45 101.8 AuburnNatlBncp AUBN 21.37 -0.8 ComputerPrograms CPSI 22.06 -10.8 GreenLightBioWt GRNAW 0.03 -26.8 Momentus MNTS 0.38 -1.3 SingingMachine MICS 1.02 -4.4 ZappEV ZAPP 3.02 -3.0
EdifyAcqn EACPU 10.42 1.0 MI Homes MHO 69.71 2.5 SolenoTherap SLNO 4.50 2.9 AudioCodes AUDC 9.30 -1.6 ComputerTask CTG 6.05 -4.6 HF Foods HFFG 3.46 2.0 Mosaic MOS 36.77 -1.7 SocketMobile SCKT 1.47 -2.6 ZiffDavis ZD 64.32 -0.8
89bio ETNB 18.33 3.9 MarinusPharm MRNS 9.48 1.3 StandexInt SXI 137.48 1.6 BP Prudhoe BPT 5.50 -5.0 Concentrix CNXC 84.03 -1.7 HallofFameResort HOFV 6.89 -0.7 MultiWays MWG 0.83 -1.9 SolidPower SLDP 1.93 -7.2 ZynerbaPharm ZYNE 0.34 0.8

Biggest 1,000 Stocks | WSJ.com/stocks Stock

Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
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Sym Close Chg Stock
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Sym Close Chg Stock
Net
Sym Close Chg
Continued From Page B8 Net Net SmithAO AOS 69.32 -0.99 Synopsys SNPS 366.95 -4.79TenetHealthcare THC 70.20 0.50 UBS Group UBS 19.60 -0.06 Verizon VZ 37.57 -0.26 WesternMidstrm WES 25.75 0.21
Net Stock Sym Close Chg Stock Sym Close Chg Smith&Nephew SNN 31.55 -0.22 Sysco SYY 75.98 -0.10 Teradyne TER 90.29 -1.13 UDR UDR 40.75 -0.52 VertexPharm VRTX 344.83 0.74 Westlake WLK 118.14 -0.49
Stock Sym Close Chg RenaissanceRe RNR 210.52 0.85 SEI Investments SEIC 58.33 -0.58
Smucker SJM 157.26 0.15 Tesla TSLA 169.15 -2.64 t UGI UGI 29.59 -0.51 Viatris VTRS 9.74 -0.08 WestRock WRK 27.68 -0.50
PrudentialFinl PRU 81.50 -1.07 RentokilInit RTO 40.11 0.37 SK Telecom SKM 20.48 -0.07
Snap SNAP 8.27 -0.15 T U V TetraTech TTEK 143.98 3.16 U-Haul UHAL 61.35 -0.84 Vipshop VIPS 14.77 -0.24 Weyerhaeuser WY 29.96 0.21
Snap-On SNA 257.38 -2.49 TevaPharm TEVA 9.10 0.04 U-Haul N UHAL/B 54.10 -0.62 Visa V 233.26 1.03 WheatonPrecMet WPM 51.92 0.08
Prudential PUK 29.73 -0.58 Repligen RGEN 157.92 1.33 SS&C Tech SSNC 55.35 -0.44 TC Energy TRP 41.99 0.06
Snowflake SNOW 163.87 3.45 TexasInstruments TXN 163.00 -1.22 US Foods USFD 38.45 -0.04 Vistra VST 24.60 1.22 Whirlpool WHR 135.94 -0.93
PublicServiceEnt PEG 63.71 0.22 RepublicSvcs RSG 146.99 1.15 STAG Indl STAG 34.92 -0.38 TD Synnex SNX 88.01 0.19
SOQUIMICH SQM 70.43 1.43 TexasPacLand TPL 1393.61 -6.07 UWM UWMC 5.83 -0.02 VMware VMW 121.82 -0.94 Williams WMB 29.45 -0.11
PublicStorage PSA 299.29 1.95 ResMed RMD 231.13 -1.57 Saia SAIA 284.06 -3.66 TE Connectivity TEL 121.15 -1.49
SolarEdgeTech SEDG 286.26 -5.42 TexasRoadhouse TXRH 107.55 -0.16 Uber UBER 38.19 -0.64 Williams-Sonoma WSM 115.17 -1.37
s PulteGroup PHM 67.73 -0.05 s RestaurantBrands QSR 73.37 0.89 s Salesforce CRM 201.18 3.28 Telus TU 20.55 -0.13 Vodafone VOD 11.87 -0.07
RexfordIndlRealty REXR 55.71 -0.71 Samsara IOT 19.24 0.30
Sony SONY 93.90 1.46 Textron TXT 65.35 -0.36 t Ubiquiti UI 185.08 -7.32 VoyaFinancial VOYA 70.55 -0.08 WillisTowers WTW 228.87 -0.33
PureStorage PSTG 23.11 0.36 Southern SO Ternium TX 38.81 0.14 WillScotMobile WSC 44.70
-0.03 Sanofi SNY 55.11
74.69 0.12
TFII 106.08 0.09 ThermoFisher TMO 534.66 -7.92 UiPath PATH 13.85 0.44 VulcanMatls VMC 193.11 0.28
0.43
Qiagen QGEN 45.04 -1.03 RioTinto RIO 63.84 0.18 SoCopper SCCO 79.04 TFI Intl Wipro WIT
RitchieBros RBA 57.74 0.56 SareptaTherap SRPT 125.37 -1.44
0.09
TIM TIMB 13.55 -0.31 ThomsonReuters TRI 123.39 2.03 UltaBeauty ULTA 509.09 -6.64 4.65 0.03
Qorvo QRVO 93.14 -1.03 SouthwestAir LUV 29.63 WoodsideEnergy WDS 22.93
Qualcomm QCOM 105.77 -2.54 Rivian RIVN 13.86 -0.01 Sasol SSL 12.64 -0.23 Splunk SPLK 84.88
0.04
TJX TJX 78.59 0.23 3M MMM 100.80 -1.54 Unilever UL 54.82 -0.50
W X Y Z Woodward WWD 109.10
-0.19
RobertHalf RHI 66.87 -0.30 Schlumberger SLB 47.17 0.56
-0.92
T-MobileUS TMUS 142.03 -2.15 Toast TOST 19.46 0.11 UnionPacific UNP 200.59 0.65 0.42
QualtricsIntl XM 17.89 ... Spotify SPOT 143.70 WooriFin WF
0.20 SchwabC SCHW 47.94 0.31
-0.83 s Toll Bros TOL 64.80 0.56 UnitedAirlines UAL 46.36 0.50 WEC Energy WEC 94.42 -0.61 26.93 -0.05
QuantaServices PWR 171.00 2.12 Robinhood HOOD 9.11 StanleyBlackDck SWK 81.71 TPG TPG 27.15 -0.11 Workday WDAY 178.43
-4.09 UnitedMicro UMC
-2.50 8.07 -0.12 WEX WEX 176.41 -0.01 -1.17
QuestDiag DGX 133.65 -1.08 Roblox RBLX 36.19 -0.09 Sea SE 84.00 -0.33 Stantec STN 61.30 0.18 T.RowePrice TROW 105.16 -1.18 TopBuild BLD 210.25
UPS B UPS 173.01 -1.38 WW Ent WWE 105.78 -0.56
W.P.Carey WPC 72.28 -0.92
RocketCos. RKT 8.27 -0.15 Seagate STX 57.31 1.02 Starbucks SBUX 106.71 -0.46 TaiwanSemi TSM 85.06 -0.48 Toro TTC 105.63 -0.06
UnitedRentals URI 340.67 1.26 WynnResorts WYNN 111.70 -1.06
WPP WPP 56.29 -0.25
R S Rockwell ROK 277.76 -3.34 Seagen SGEN 200.00 1.77 StateStreet STT 68.98 -0.09 TakeTwoSoftware TTWO 124.60 -1.09 TorontoDomBk TD 60.79 -0.74
US Bancorp USB 29.91 0.17 Wabtec WAB 99.00 -0.35 XP XP 15.13 0.26
RogersComm B RCI 49.27 -0.18 Sempra SRE 155.71 0.78 SteelDynamics STLD 97.52 -0.36 TakedaPharm TAK 17.11 0.08 TotalEnergies TTE 61.09 -0.37
UnitedTherap UTHR 209.60 -0.86 XcelEnergy XEL 69.11 -0.21
RBC Bearings RBC 220.09 -3.56 RoivantSciences ROIV 9.37 0.41 SensataTech ST 40.88 -0.46 Tapestry TPR 38.29 -0.16 ToyotaMotor TM 140.85 3.04 WalgreensBoots WBA 31.44 -0.22
Stellantis STLA 16.30 -0.11 UnitedHealth UNH 490.38 -2.24 Walmart WMT 152.98 0.26 XPeng XPEV 10.09 -0.46
RELX RELX 30.98 0.49 Roku ROKU 55.42 -0.29 ServiceCorp SCI 66.01 0.45 Steris STE 187.12 -1.86 TargaResources TRGP 71.18 -0.07 TractorSupply TSCO 241.71 1.01 UnitySoftware U
28.28 -0.07 Xylem XYL 106.80 -0.54
R1 RCM RCM 16.23 0.05 Rollins ROL 41.57 0.03 ServiceNow NOW 441.39 2.40 Target TGT 157.42 0.92 TradeDesk TTD 64.12 -0.55 UnivDisplay OLED 135.72 WarnerBrosA WBD 13.41 -0.05
Stevanato STVN 27.37 -1.03 -3.55 YPF YPF 11.74 0.22
RPM RPM 79.75 -0.78 RoperTech ROP 457.55 -0.70 Shell SHEL 60.84 -0.02 TeckResourcesB TECK 45.71 1.44 Tradeweb TW 72.11 -0.32 UniversalHealthB UHS 143.14 WarnerMusic WMG 25.76 -2.73
STMicroelec STM 42.18 -0.59 -0.05 Yum!Brands YUM 137.61 1.08
RalphLauren RL 110.72 -1.02 RossStores ROST 104.08 -0.75 SherwinWilliams SHW 229.35 -1.58 Stryker SYK 283.65 -4.62 TeledyneTech TDY 410.58 -2.87 TraneTech TT 177.81 1.06 UnumGroup UNM 44.31 -0.47
WasteConnections WCN 142.76 1.11 YumChina YUMC 61.89 0.06

.
RaymondJames RJF 86.35 0.21 RoyalBkCanada RY 96.77 -1.44 ShinhanFin SHG 26.80 -0.19 SumitomoMits SMFG 8.35 0.11 Teleflex TFX 251.99 -7.19 s TransDigm TDG 808.41 36.11 VF VFC 22.01 -0.20 WasteMgt WM 169.46 0.43 ZTO Express ZTO 28.35 0.05
RaytheonTech RTX 96.27 0.73 RoyalCaribbean RCL 76.96 -1.39 ShockwaveMed SWAV 285.30 10.34 SunComms SUI 134.21 -1.44 Ericsson ERIC 5.33 -0.13 TransUnion TRU 64.93 -0.29 VICI Prop VICI 32.95 -0.02 Waters WAT 276.76 -19.74 ZebraTech ZBRA 270.16 -7.70

ly
RealtyIncome O 62.22 -0.54 RoyalGold RGLD 140.92 -0.24 Shopify SHOP 63.89 -0.49 SunLifeFinancial SLF 48.71 -0.09 TelefonicaBras VIV 8.14 -0.04 Travelers TRV 183.75 1.18 VailResorts MTN 242.37 3.04 Watsco WSO 336.60 0.33 Zillow C Z 47.49 -0.76
RegalRexnord RRX 128.81 -1.10 RoyaltyPharma RPRX 33.99 -1.53 Sibanye-Stillwater SBSW 8.38 -1.29 SuncorEnergy SU 29.66 -0.34 Telefonica TEF 4.36 -0.02 Trimble TRMB 47.29 -0.26 Vale VALE 14.10 0.20 WellsFargo WFC 38.54 0.16 Zillow A ZG 46.62 -0.76
RegencyCtrs REG 58.88 -0.80 RyanSpecialty RYAN 43.16 -0.13 SimonProperty SPG 106.49 -1.51 Sunoco SUN 43.65 0.01 TelekmIndonesia TLK 27.80 -0.03 Trip.com TCOM 32.48 -0.67 ValeroEnergy VLO 108.40 1.02 Welltower WELL 78.32 1.99 ZimmerBiomet ZBH 136.05 -1.39
RegenPharm REGN 754.88 2.76 Ryanair RYAAY 98.35 2.12 SiriusXM SIRI 3.42 -0.18 SuperMicroComp SMCI 132.25 -4.38 TempurSealy TPX 37.75 0.13 TruistFinl TFC 28.60 -0.15 VeevaSystems VEEV 175.23 -2.27 WescoIntl WCC 130.73 0.85 Zoetis ZTS 184.37 -0.50
RegionsFin RF 16.30 -0.10 SAP SAP 134.68 -1.10 SiteOneLandscape SITE 153.69 -0.02 Suzano SUZ 8.29 -0.08 10xGenomics TXG 53.23 -1.25 Twilio TWLO 56.00 1.16 Ventas VTR 46.86 -0.58 WestFraserTimber WFG 75.79 -0.95 ZoomVideo ZM 63.56 0.63
ReinsGrp RGA 147.63 -0.67 S&P Global SPGI 355.27 0.09 SkechersUSA SKX 52.71 0.30 Symbotic SYM 27.88 -0.22 Tenaris TS 27.46 -0.19 TylerTech TYL 387.84 0.56 VeriSign VRSN 217.97 -1.90 WestPharmSvcs WST 361.73 -5.35 ZoomInfoTech ZI 20.44 -0.67
RelianceSteel RS 243.18 2.45 t SBA Comm SBAC 234.12

Bonds | wsj.com/market-data/bonds/benchmarks
0.99 Skyworks SWKS 99.82 on -5.42 SynchronyFin SYF 27.46 0.06 TencentMusic TME 6.94 -0.37 t TysonFoods TSN 48.82 -1.91 s VeriskAnalytics VRSK 211.40 1.28 WesternDigital WDC 33.60 -0.58 Zscaler ZS 110.05 2.13

Corporate Debt
us ,

Tracking Bond Benchmarks Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
l

Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week expectations
e
al a

highs and lows for different types of bonds Investment-grade spreads that tightened the most…
Total Total
Spread*, in basis points
return YTD total Yield (%) return YTD total Yield (%)
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Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
close return (%) Index Latest Low High close return (%) Index Latest Low High
Mortgage-Backed Bloomberg Fixed Income Indices Comerica CMA 3.800 13.24 July 22, ’26 951 –37 465
Broad Market Bloomberg Fixed Income Indices
1986.57 2.5 Mortgage-Backed 4.500 3.300 5.380 Apple AAPL 3.200 4.11 May 13, ’25 8 –16 21
2007.84 2.9 U.S. Aggregate 4.410 3.300 5.210
U.S. Corporate Indexes Bloomberg Fixed Income Indices 1957.39 2.7 Ginnie Mae (GNMA) 4.550 3.320 5.370 Credit Suisse CS 4.550 7.24 April 17, ’26 351 –14 340
1169.08 2.5 Fannie mae (FNMA) 4.490 3.300 5.390 5.800 Nov. 10, ’25 –13
er s

2956.57 3.0 U.S. Corporate 5.260 4.150 6.130 Oracle ORCL 4.62 60 n.a.
2862.02 2.8 Intermediate 5.140 3.850 6.050 1791.87 2.6 Freddie Mac (FHLMC) 4.500 3.300 5.370 2.875 4.02 May 10, ’26 30 –13
Shell International Finance RDSALN 42
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3924.31 3.4 Long term 5.480 4.690 6.370 571.29 2.7 Muni Master 3.118 2.419 3.936 –10
Australia and New Zealand Banking ANZ 3.700 4.45 Nov. 16, ’25 42 n.a.
575.77 3.2 Double-A-rated 4.560 3.610 5.320 409.06 2.8 7-12 year 2.715 2.325 3.794 –9
International Business Machines IBM 3.450 4.41 Feb. 19, ’26 68 70
784.83 3.1 Triple-B-rated 5.550 4.480 6.440 459.27 3.7 12-22 year 3.499 2.991 4.428 –8
Tyco Electronics TEL 4.500 4.34 Feb. 13, ’26 61 47
High Yield Bonds ICE BofA 431.84 4.8 22-plus year 4.212 3.674 5.131
m rp

482.17 4.1 High Yield Constrained 8.647 7.022 9.623 Global Government J.P. Morgan† …And spreads that widened the most
449.53 6.9 Triple-C-rated 14.679 12.585 16.916 534.90 2.5 Global Government 2.900 1.990 3.250 KeyCorp KEY 4.150 9.05 Aug. 8, ’25 502 57 215
3248.02 4.3 High Yield 100 8.027 6.441 8.753 785.06 2.8 Canada 3.120 2.720 3.780 Duke University DUKUNI 2.757 4.88 Oct. 1, ’50 105 18 n.a.
419.55 3.4 Global High Yield Constrained 8.778 7.184 9.945 339.64 2.0 EMU§ 3.185 1.569 3.490 Sumitomo Mitsui Financial SUMIBK 1.474 5.22 July 8, ’25 118 15 123
co Fo

318.99 3.3 Europe High Yield Constrained 7.448 5.487 8.508 630.26 1.7 France 3.020 1.390 3.310 JPMorgan Chase JPM 4.950 5.54 June 1, ’45 160 8 143
U.S Agency Bloomberg Fixed Income Indices 451.38 1.8 Germany 2.400 0.770 2.760 7
General Motors GM 6.250 6.80 Oct. 2, ’43 290 n.a.
1733.88 2.5 U.S Agency 4.350 2.780 5.080 284.41 2.4 Japan 0.790 0.530 1.060
HSBC Holdings HSBC 5.250 6.23 March 14, ’44 230 7 213
1533.01 2.4 10-20 years 4.340 2.710 5.100 487.12 1.6 Netherlands 2.710 1.080 3.000
Bank of America BAC 4.250 5.43 Oct. 22, ’26 171 6 140
3343.29 4.8 20-plus years 4.540 3.560 5.240 777.49 -0.6 U.K. 4.040 1.820 4.680
John Deere Capital … 4.150 4.24 Sept. 15, ’27 73 6 66
2618.87 3.3 Yankee 4.910 3.780 5.840 786.64 2.4 Emerging Markets ** 7.736 6.775 9.159
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds High-yield issues with the biggest price increases…
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan Bond Price as % of face value
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week

Global Government Bonds: Mapping Yields Carnival CCL 6.650 11.76 Jan. 15, ’28 82.000 0.75 n.a.
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Xerox XRXCRP 6.750 9.82 Dec. 15, ’39 75.100 0.59 76.400
n-

selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Prime Security Services Borrower PRSESE 5.250 5.86 April 15, ’24 99.457 0.20 99.547
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Sprint S 7.875 5.74 Sept. 15, ’23 100.699 0.15 100.750
Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
3.875 U.S. 2 4.022 s l 4.009 3.970 2.618 QVC QVCN 4.850 12.48 April 1, ’24 93.750 0.13 87.750
no

3.500 10 3.520 s l 3.518 3.382 3.080 0.12

Barclays BACR 5.200 6.25 May 12, ’26 97.158 97.575
3.250 Australia 2 3.235 s l 3.196 2.845 2.775 -77.3 -79.9 16.9 0.06
ADT Security ADT 4.875 7.13 July 15, ’32 85.000 n.a.
4.500 10 3.463 s l 3.410 3.194 3.562 -5.5 -10.3 43.5
0.000 France 2 2.809 s l 2.800 2.669 0.225 -119.9 -119.6 -238.2 …And with the biggest price decreases
3.000 10 2.933 s l 2.915 2.703 1.624 -58.4 -59.8 -150.4 –1.44
Dish DBS … 7.750 35.37 July 1, ’26 49.938 56.000
2.800 Germany 2 2.632 s l 2.619 2.552 0.234 -137.6 -137.6 -237.2 –1.23
Bausch Health BHCCN 11.000 18.07 Sept. 30, ’28 76.240 82.063
2.300 10 2.348 s l 2.330 2.186 1.091 -117.0 -118.3 -203.6
Occidental Petroleum OXY 6.200 6.13 March 15, ’40 100.750 –0.86 102.500
2.500 Italy 2 3.325 s l 3.302 3.082 1.041 -68.2 -69.3 -156.5
OneMain Finance OMF 7.125 8.74 March 15, ’26 96.000 –0.75 97.000
4.400 10 4.269 s l 4.238 4.027 3.145 75.2 72.6 1.8
0.005 Japan 2 -0.028 s l -0.040 -0.065 -0.043 -403.6 -403.5 -264.9 Venture Global Calcasieu Pass VENTGL 4.125 5.99 Aug. 15, ’31 87.985 –0.62 88.000
0.500 10 0.425 s l 0.413 0.459 0.251 -309.3 -310.0 -287.7 Telecom Italia Capital TITIM 7.721 8.53 June 4, ’38 93.200 –0.47 93.609
0.000 Spain 2 2.970 s l 2.968 2.798 0.682 -103.8 -102.8 -192.4 4.500 8.34 April 1, ’25 93.415 –0.47
Deutsche Bank DB n.a.
3.150 10 3.434 s l 3.412 3.219 2.210 -8.4 -10.1 -91.7 –0.41
Ford Motor Credit … 4.134 6.81 Aug. 4, ’25 94.547 94.750
0.625 U.K. 2 3.861 s l 3.782 3.363 1.392 -14.7 -21.3 -121.4
*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.
4.250 10 3.857 s l 3.781 3.433 1.959 33.9 26.8 -116.9
Note: Data are for the most active issue of bonds with maturities of two years or more
Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close Source: MarketAxess

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
GrowthCompanyK6 18.08 -0.07 17.5 SrsGlobal 13.49
-0.05 9.2 JPMorgan R Class LgCapGow I 53.82-0.23 17.2 PrmcpAdml r 141.36 -0.71 8.0 Welltn 39.93 -0.08 4.5
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. InflPrBdIndInsPr 9.31 -0.02 3.2 SrsGroCoRetail -0.07 17.3 CoreBond
16.15 10.35 -0.01 3.6 MidCap 93.67-0.45 5.6 RealEstatAdml 116.41 -0.53 0.6 WndsrII 38.96 -0.15 4.5
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s IntlIdxInstPrem 46.05 -0.12 11.8 SrsIntlGrw -0.06 12.4 CorePlusBd
16.03 7.28 -0.01 3.6 NHoriz 49.17-0.11 6.1 SmCapAdml 88.44 -0.28 1.0 VANGUARD INDEX FDS
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- LgCpGwId InstPre 24.01 -0.11 15.3 SrsIntlVal 10.84
+0.02 8.1 Lord Abbett I R2025 15.39-0.05 5.3 SmGthAdml 74.97 -0.16 6.5 ExtndIstPl 255.42 -0.43 3.0
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes MidCpInxInstPrem 26.42 -0.08 1.9 TotalBond -0.01 3.2 BdDebentr
9.49 6.92 -0.01 1.5 R2030 23.13-0.08 5.8 STBondAdml 10.03 -0.01 2.4 IdxIntl 18.07 -0.07 8.7
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SAIUSLgCpIndxFd 18.13 -0.08 7.9 Fidelity SAI ShtDurInc p 3.85 -0.01 2.1 R2040 26.06-0.11 6.7 STIGradeAdml 10.09 ... 2.4 MdCpGrAdml 81.21 -0.16 5.2
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not SeriesBondFd 9.05 -0.01 3.1 TotalBd 8.99 -0.01 3.3 Metropolitan West Schwab Funds STIPSIxAdm 24.01 -0.01 2.6 MdCpVlAdml 68.50 -0.29 -1.7
tracked. NS-Fund didn’t exist at start of period. SeriesOverseas 12.32 -0.05 13.4 U.S.TreBdIdx 8.87 -0.01 3.3 TotRetBdI 9.23 -0.01 3.5 1000 Inv r NA ... NA TotBdAdml 9.67 -0.01 3.1 SmValAdml 65.91 -0.25 -2.9
SerLTTreBdIdx 6.06 -0.03 4.5 Fidelity Selects TRBdPlan 8.66 -0.01 3.5 S&P Sel NA ... NA TotIntBdIdxAdm 19.49 -0.02 3.4 TotBd2 9.56 -0.01 3.1
SmCpIdxInstPrem 21.68 -0.06 -0.1 Softwr 22.66 -0.08 15.3 MFS Funds TSM Sel r NA ... NA TotIntlAdmIdx r 30.22 -0.13 8.7 TotIntlInstIdx r 120.87 -0.49 8.7
Tuesday, May 9, 2023 TMktIdxInstPrem 113.34 -0.47 7.2 Tech 22.29 -0.23 25.0 IIE 31.93 -0.13 13.5 TIAA/CREF Funds TotStAdml 99.32 -0.41 7.1 TotItlInstPlId r 120.90 -0.49 8.7
Net YTD Net YTD Net YTD TotalMarketIndex 14.31 -0.06 7.2 First Eagle Funds MFS Funds Class I EqIdxInst 29.08 -0.12 7.1 TxMCapAdml 212.51 -0.88 7.8 TotSt 99.30 -0.41 7.1
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret TtlIntIdxInstPr 12.75 -0.05 8.9 GlbA NA ... NA GrowthI 149.05 -0.70 12.4 IntlEqIdxInst 21.34 -0.06 11.7 TxMIn r 14.91 -0.05 10.7 VANGUARD INSTL FDS
AB Funds - ADV Baird Funds IntlCoreEq 14.86 -0.04 10.2 USBdIdxInstPrem 10.38 -0.02 3.0 Franklin A1 ValueI 47.14 -0.11 -0.9 VANGUARD ADMIRAL USGroAdml 118.07 -0.51 16.5 BalInst 41.48 -0.12 5.5
IncomeA1 2.27 -0.01 2.3 Neuberger Berman Fds 500Adml 380.43 -1.72 7.9 ValAdml 53.74 -0.21 -1.3 DevMktsIndInst 14.94 -0.04 10.8
LgCpGrAdv 78.96 -0.35 12.9 AggBdInst 9.79 -0.01 3.0 IntSmCo 18.90 -0.06 8.6 Fidelity Freedom BalAdml 41.47 -0.12 5.5 DevMktsInxInst 23.34 -0.08 10.8
American Century Inv CorBdInst 10.06 -0.01 3.0 IntSmVa 20.63 -0.01 9.8 FF2020 13.47 -0.03 5.6 FrankTemp/Frank Adv LCVal Inst 42.75 -0.17 -0.7 WdsrllAdml 69.11 -0.27 4.5
IncomeAdv 2.25 -0.01 2.4 Northern Funds CAITAdml 11.31 -0.01 2.5 ExtndInst 103.50 -0.18 3.0
Ultra 64.95 -0.43 17.7 BlackRock Funds LgCo 28.10 -0.13 7.9 FF2025 12.41 -0.04 5.9
CapOpAdml r 155.30 -0.91 6.3
WellsIAdml 59.41 -0.11 1.1
GrwthInst 129.52 -0.61 18.3
American Funds Cl A HiYldBd Inst 6.77 -0.01 4.3 US CoreEq1 31.14 -0.12 4.9 FF2030 15.55 -0.04 6.3 FrankTemp/Franklin A StkIdx 43.85 -0.20 7.8 WelltnAdml 68.95 -0.13 4.5
Growth A 110.56 -0.66 8.2 Old Westbury Fds
DivAppIdxAdm 42.17 -0.18 2.8 InPrSeIn 9.72 -0.01 3.4
AmcpA 33.28 -0.09 10.6 BlackRock Funds III US CoreEq2 28.18 -0.12 4.2 FF2035 13.45 -0.04 6.9
EMAdmr 33.37 -0.23 3.0
WndsrAdml 69.54 -0.24 1.8
InstIdx 344.19 -1.56 7.9
AMutlA 48.88 -0.15 1.4 iShS&P500IdxK 483.36 -2.18 7.9 US Small 38.19 -0.16 -1.0 FF2040 9.57 -0.03 7.6 RisDv A 85.86 -0.40 4.2 LrgCpStr 15.55 -0.09 6.7 VANGUARD FDS
Guggenheim Funds Tru Parnassus Fds EqIncAdml 82.01 -0.28 -2.4 InstPlus 344.19 -1.56 7.9
BalA 29.56 -0.07 3.1 BlackRock Funds Inst US SmCpVal 37.08 -0.17 -5.2 Freedom2030 K 15.54 -0.05 6.3 ExplrAdml 90.54 -0.33 4.2 DivdGro 35.53 -0.10 1.0
InstTStPlus 71.40 -0.29 7.1
26.06 -0.11 -4.5 Idx2030InsPre 17.84 TotRtnBdFdClInst 23.71 -0.03 3.7 ParnEqFd 50.93 -0.19 8.7
BondA 11.56 -0.02 2.7 EqtyDivd 18.73 -0.07 3.0 US TgdVal -0.05 6.2 ExtndAdml 103.50 -0.18 3.0 IntlVal 39.05 -0.22 9.3 MidCpInst 56.39 -0.18 1.5
40.86 -0.14 -1.0 Idx2035InsPre 19.99 Harbor Funds PGIM Funds Cl Z
CapIBA 64.23 -0.18 2.7 StratIncOpptyIns 9.23 -0.01 1.9 USLgVa -0.07 6.8 GNMAAdml 9.34 -0.01 2.8 LifeCon 19.96 -0.04 5.1 MidCpIstPl 278.10 -0.89 1.5
Idx2040InsPre 20.37 CapApInst 75.70 -0.42 20.6 TotalReturnBond 11.93 -0.01 3.3
CapWGrA 55.07 -0.14 7.2 Bridge Builder Trust Dodge & Cox -0.07 7.4 GrwthAdml 129.51 -0.61 18.2 LifeGro 38.49 -0.13 6.8 RealEstaInstl 18.02 -0.08 0.6
Harding Loevner PIMCO Fds Instl
EupacA 54.48 -0.30 11.1 CoreBond 9.00 -0.01 2.9 Balanced 94.15 -0.30 1.9 Fidelity Invest HlthCareAdml r 91.03 -0.46 4.7 LifeMod 29.07 -0.08 5.9 SmCapInst 88.44 -0.28 1.0
FdInvA 64.13 -0.14 6.7 CorePlusBond 8.87 -0.01 3.0 GblStock 13.29 -0.07 5.4 Balanc 24.73 -0.07 8.3 IntlEq 25.58 -0.22 9.2 AllAsset 10.82 -0.01 3.6
HYCorAdml r 5.21 -0.01 3.2 PrmcpCor 28.64 -0.13 5.4 SmCapIstPl 255.27 -0.80 1.0
GwthA 55.23 -0.12 11.6 Intl Eq 11.97 -0.04 11.7 Income 12.44 -0.01 3.0 BluCh 135.72 -0.81 20.7 Invesco Funds A TotRt 8.61 -0.02 3.1 InfProAd 23.85 -0.04 3.3 STAR 25.67 -0.10 6.3 STIGradeInst 10.09 ... 2.4
HI TrA 9.14 -0.01 3.1 LargeCapGrowth 18.92 -0.07 10.7 Intl Stk 46.67 -0.16 8.3 Contra 13.62 -0.03 14.3 EqIncA 9.77 -0.03 ... PIMCO Funds A IntlGrAdml 99.41 -1.23 10.0 TgtRe2020 26.65 -0.06 5.1 STIPSIxins 24.02 -0.02 2.5
ICAA 44.16 -0.16 7.4 LargeCapValue 15.13 -0.05 1.3 Stock 214.01 -0.97 0.3 CpInc 9.20 -0.01 3.9 Invesco Funds Y IncomeFd 10.45 -0.01 3.1 ITBondAdml 10.37 -0.01 3.9 TgtRe2025 17.63 -0.05 5.7 TotBdInst 9.67 -0.01 3.1
IncoA 22.72 -0.04 1.2 MunicipalBond 9.86 ... 2.5 DoubleLine Funds GroCo 26.76 -0.11 18.9 DevMktY 39.02 -0.26 11.6 PIMCO Funds I2 ITIGradeAdml 8.52 -0.01 3.7 TgtRe2030 33.29 -0.10 6.1 TotBdInst2 9.56 -0.01 3.1
N PerA 52.50 -0.23 11.0 Calamos Funds TotRetBdI 8.96 -0.01 3.5 InvGrBd 10.04 -0.02 3.3 JHF III DispVal Income 10.45 -0.01 3.2 LarCapAd 94.72 -0.41 8.1 TgtRe2035 20.60 -0.07 6.5 TotBdInstPl 9.67 -0.01 3.1
NEcoA 47.74 -0.20 9.7 MktNeutI 14.25 -0.01 3.7 Edgewood Growth Instituti LowP 46.84 -0.07 1.4 DispValMCI 24.55 -0.04 0.5 PIMCO Funds Instl LTGradeAdml 7.97 -0.01 3.9 TgtRe2040 36.31 -0.12 6.8 TotIntBdIdxInst 29.25 -0.02 3.5
NwWrldA 71.60 -0.41 7.7 Columbia Class I EdgewoodGrInst 35.68 -0.20 14.0 Magin 11.70 -0.02 9.4 John Hancock IncomeFd 10.45 -0.01 3.2 MidCpAdml 255.26 -0.82 1.5 TgtRe2045 24.45 -0.09 7.1 TotStInst 99.34 -0.40 7.1
SmCpA 59.85 -0.24 6.7 DivIncom I 28.55 -0.13 -0.8 Fidelity NASDAQ 153.96 -0.97 16.7 BondR6 13.55 -0.02 3.1 Price Funds MuHYAdml 10.52 ... 3.9 TgtRe2050 40.57 -0.15 7.3 ValueInst 53.73 -0.21 -1.3
TxExA 12.28 -0.01 2.9 Dimensional Fds 500IdxInstPrem 143.07 -0.65 7.9 OTC 14.96 -0.09 16.6 JPMorgan I Class BlChip 123.66 -0.64 19.5 MuIntAdml 13.58 -0.01 2.6 TgtRe2060 41.69 -0.15 7.4 WCM Focus Funds
WshA 52.65 -0.21 1.7 5GlbFxdInc 10.02 ... 1.9 Contrafund K6 19.04 -0.05 13.2 Puritn 21.73 -0.07 6.5 CoreBond 10.34 -0.01 3.6 DivGro 65.79 -0.24 2.9 MuLTAdml 10.81 -0.01 3.5 TgtRet2055 45.27 -0.16 7.4 WCMFocIntlGrwIns 21.73 -0.09 10.5
Artisan Funds EmgMktVa 28.19 -0.15 6.9 ExtMktIdxInstPre 64.82 -0.11 3.0 SAIUSQtyIdx 16.92 -0.08 10.5 EqInc 21.71 -0.09 -3.2 Growth 73.23 -0.35 18.9 MuLtdAdml 10.75 ... 1.6 TgtRetInc 12.74 -0.03 4.5 Western Asset
IntlVal Inst 43.26 -0.09 12.1 EmMktCorEq 21.30 -0.15 5.9 FidSerToMarket 13.50 -0.05 7.2 SrsEmrgMkt 16.47 -0.13 5.4 LgCpGwth 48.94 -0.17 9.4 HelSci 91.50 -0.42 1.9 MuShtAdml 15.63 ... 1.2 WellsI 24.52 -0.05 1.1 CorePlusBdI 9.53 -0.02 3.2
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * Wednesday, May 10, 2023 | B11

FINANCE & MARKETS

Stocks Drop Amid Debt-Ceiling Worries

Inflation reports Index performance Tuesday

on Wednesday 0.1%

and Thursday remain 0

market focal points
–0.1
BY HANNAH MIAO Dow Jones
–0.2 Industrial
The S&P 500 slipped as in- Average
vestors awaited key inflation –0.3
data and worries about the U.S.
debt ceiling loomed over mar-

ANDREJ SOKOLOW/DPA/ZUMA PRESS

–0.4
kets.
The S&P 500 fell 0.5%. The S&P 500
Dow Jones Industrial Average –0.5
eased 0.2%, or
TUESDAY’S about 57 –0.6
MARKETS points. The Nasdaq
Nasdaq Com- Composite
–0.7
posite fell 0.6%. 10 a.m. 11 noon 1 p.m. 2 3 4
Investors have been watch-
ing for progress on talks about Source: FactSet Shares of electronic-vehicle makers Fisker and Lucid fell after they reported results.
raising the federal borrowing
limit as the U.S. confronts the The government could be- mists are forecasting a 5% in- the path of inflation. tential effects of changes in action, shares of Lucid and
risk of defaulting on its obliga- come unable to pay all of its crease for April from a year “It’s a wait-and-see mode lending conditions would be a Fisker fell after electric-vehicle
tions for the first time. bills on time as soon as June 1 ago, in line with the previous that investors find themselves top focus for Fed officials as makers reported quarterly re-
if the debt ceiling isn’t raised, month’s reading, which eased in with CPI and PPI this week,” they determine whether they sults. PayPal fell 13% after the
Treasury Secretary Janet Yellen to its lowest level in nearly two said Jim Smigiel, chief invest- have raised rates enough. payments giant late Monday
AUCTION RESULTS has projected. years. ment officer at SEI. “If we have Small and midsize lenders cut its outlook for annual ad-
Here are the results of Tuesday's Treasury auction.
All bids are awarded at a single price at the market- “We’ve got this debt over- Inflation data could factor a hotter-than-expected or have been under scrutiny since justed operating margin.
clearing yield. Rates are determined by the difference
between that price and the face value. hang,” said George Mateyo, into the Federal Reserve’s deci- cooler-than-expected CPI, you the collapse of several banks in Brent crude-oil prices recov-
THREE-YEAR NOTES chief investment officer at Key sion making regarding interest can expect to see a bigger reac- recent months, leading to vola- ered to finish up 0.6% at $77.44
Applications $128,065,108,800 Private Bank. “Until a deal gets rates, which influences appetite tion than usual in the market.” tility in regional bank stocks. a barrel.
Accepted bids $50,897,713,300
" noncompetitively $109,460,000
done, there’s going to be some for U.S. equities. Traders are The benchmark 10-year U.S. PacWest on Tuesday rose 2.3% Europe’s Stoxx 600 fell 0.3%.
" foreign noncompetitively $0 building consternation within betting the Fed could cut inter- Treasury yield ticked up 0.002 after falling earlier in the ses- Early Wednesday, Japan’s Nik-
Auction price (rate) 99.802937
(3.695%)
the markets.” est rates later this year as infla- percentage point to 3.520% on sion. Western Alliance fell kei 225 was down 0.4%, Hong
Interest rate 3.625% Market participants also tion shows signs of abating. Tuesday. 1.4%. The SPDR S&P Regional Kong’s Hang Seng Index was
Bids at clearing yield accepted 67.23%
Cusip number 91282CHB0
braced for the latest consumer- The latest producer-price index Federal Reserve Bank of New Banking ETF eased less than down 0.7% and the Shanghai
The notes, dated May 15, 2023, mature on May 15, price index due for release scheduled to come out Thurs- York President John Wil- 1%. Composite was down 1.2%. S&P
2026. Wednesday morning. Econo- day will also offer clues about liams said Tuesday that the po- In earnings-related market 500 futures rose 0.1%.

.
China’s State-Owned Banks, Brokers Are Hot UBS

ly
BY REBECCA FENG AND CAO LI on To Shuffle
While investors in the U.S.
are fretting about bank stocks,
over in China banks and bro-
Executives
us ,

kers are among the market’s

After Deal
l

hottest trades.
e
al a

China Citic Bank’s shares

jumped 10% on Monday in BY MARGOT PATRICK
Shanghai, the maximum daily
ci on

rise permitted in mainland UBS said it would integrate

China’s market. Further gains Credit Suisse with a freshly
on Tuesday took their in- composed executive team that
crease to 15% this week, lead- includes Credit Suisse’s chief
ing a rally in the sector that executive and a new chief fi-
er s

has also included sizable gains nancial officer.

in Bank of China, Industrial The Swiss banking giant said
m er

and Commercial Bank of it is evaluating all options for

China and Agricultural Bank Credit Suisse’s Swiss business,
of China—all state-owned which some politicians in the
lenders. country want to be spun off
State-owned brokerage into a separate unit or divested.
m rp

China International Capital The bank merger is one of the

Corp. rose 10% on Tuesday in largest ever by assets.
Shanghai, while China Galaxy Credit Suisse CEO Ulrich
Securities gained 9.3%, Wind Körner will be in charge of op-
data shows. Their Hong Kong- erational continuity and client
LAM YIK/BLOOMBERG NEWS

co Fo

listed shares rose by a smaller focus, UBS said Tuesday. UBS

amount. Chief Financial Officer Sarah
The magnitude and timing Youngwood is set to leave when
of the price increases have left the two banks’ deal completes
some investors and analysts in in a few weeks, to be succeeded
China scratching their heads, by Todd Tuckner, a UBS vet-
since the latest gains came eran working in its wealth-
months after the shares of Bank of China’s shares have risen by more than 44% since the start of the year. Its large peers are up by double-digit percentages. management division.
other state-owned enterprises Ms. Youngwood was in the
started to surge in price. Chi- vestors to reconsider how they Share-price performance, its in percentage terms during care about banks’ profitability, job for just a year. She joined
nese state-owned oil produc- value these shares, calling for year to date the first quarter. But after the said Kinger Lau, chief China UBS after a 24-year career at
ers, telecommunications com- a new valuation system “with recent rally, their stock prices equity strategist at Goldman JPMorgan Chase, where she
70%
panies, property developers Chinese characteristics.” That are now eclipsing the perfor- Sachs. “I think that really fits was CFO for consumer and
n-

and chip makers all have followed Chinese leader Xi 60

PetroChina mance of the wider market. the bill of state-owned enter- community banking. UBS al-
jumped in the stock market Jinping’s call in October for China Citic Bank Bank of China’s shares have prise reform generating higher ready had swapped out its CEO,
this year. state-owned enterprises to 50 China Mobile risen by more than 44% since profitability and higher share- Ralph Hamers, and rehired for-
“There may be a spillover “get stronger, do better and the start of the year, while the holder returns,” Mr. Lau said. mer CEO Sergio Ermotti to
no

effect from the broader state- grow bigger.” 40 shares of the three other larg- The Shanghai Stock Ex- manage the Credit Suisse inte-
owned sector rally. Investors The CSRC chairman’s est banks are all up by double change is hosting a seminar gration.
looked around and asked— speech was aimed at boosting 30 digits. China’s benchmark designed to encourage the re- UBS is paying around $3.25
what SOEs can I buy that are the valuation of these compa- Shanghai Composite Index is valuation of central SOEs on billion in stock for Credit Suisse
not yet overbought?” said Qi nies’ shares, Winnie Wu, chief 20 around 9% higher. May 11. after the smaller bank lost cus-
Wang, chief executive of China equity strategist at Bank Others pointed to the im- On the same day, the ex- tomer and investor confidence.
10
MegaTrust Investment, a fund of America, wrote in a recent proving earnings outlook for change will host a roundtable The Swiss government engi-
specializing in Chinese A- research note. Chinese banks after three discussion on new exchange- neered the takeover, making
0
shares. The Shanghai Stock Ex- lenders cut deposit rates last traded funds that reference an UBS one of the world’s largest
The wider rally in the change, which is dominated by –10 week, a move that will bolster index of state-owned compa- banks by assets and a more-
shares of Chinese state-owned large-cap state-owned compa- their margins. China nies. complex institution for global
Jan. Feb. March April May
companies is partly the result nies, mapped out a three-year Zheshang Bank, Hengfeng Demand for these ETFs has regulators to supervise. UBS
of a speech by the country’s action plan in December, with Source: FactSet Bank and China Bohai Bank helped drive the rally in the has said it sees the purchase as
top securities regulator last one of its priorities being to all reduced the amount they shares of state-owned banks, a chance to gain more rich cus-
November, analysts said. help the valuations of compa- China’s four biggest banks will pay depositors. Katherine Lei, an analyst cov- tomers abroad and be a stron-
Yi Huiman, chairman of the nies owned by the central gov- reported slower net profits The fact that regulators al- ering China’s banking sector at ger force in Switzerland.
China Securities Regulatory ernment to “return to appro- last year, and their quarterly lowed some banks to reduce JPMorgan, wrote in a research UBS on Tuesday said it
Commission, encouraged in- priate levels.” profits rose by low single dig- deposit rates shows that they note on Tuesday. would take a phased approach
to the acquisition. It said Credit
Suisse would be merged into

ChatGPT chatbots, have risen 96% so

far this year.
Google parent Alphabet
be the impact of all that
spending to these companies
on revenues and profits?” His
Share-price and index performance
over the past six months
225 UBS and consolidated, but that
the two banks would operate
independently for the foresee-

Causes
100% 200
shed $100 billion in market fund owns shares of Microsoft, Nvidia able future. Some new policies
value in a single day earlier Alphabet and Nvidia. S&P 500 will make sure UBS can effec-
this year after its chatbot Bard The flurry of investor inter- technology 175 tively oversee Credit Suisse,

Ruckus
50 sector
underwhelmed investors, est has pushed valuations UBS said. UBS has said before
though those losses quickly higher. Chegg that it anticipates saving bil-
150
reversed. Nvidia trades at 164 times lions of dollars in annual costs
Alphabet shares are up 22% its past 12 months of earnings, 0 across the two banks through
125
Continued from page B1 this year. according to FactSet. Micro- the integration.
Kodak’s decline. soft and Alphabet trade at 33 Credit Suisse stumbled
Artificial intelligence is “al- times and 24 times, respec- –50 100 through financial losses and
most certainly overhyped in tively. scandals for years before cus-
its initial implementation,”
said Michael Green, chief
strategist at Simplify Asset
Management. “But the longer-
96%
Rise in shares of chatbot-chip
Portfolio managers said the
race to understand the impli-
cations of AI’s emergence is
essential, both to invest in the
–100
Dec. 2022 ’23
75

50
tomers started fleeing last fall.
Concerns about its financial
health grew this year as banks
in the U.S. started teetering,
term ramifications are proba- maker Nvidia this year technology’s winners and to and it is now surviving on cen-
bly greater than we can imag- avoid its eventual losers. Mentions of ‘generative AI’ on company 25 tral-bank liquidity lines.
ine.” Shares of Chegg fell 48% conference calls worldwide, quarterly UBS wealth-management
Microsoft has added nearly last week after the study-ma- 0 0 0 head Iqbal Khan and invest-
$500 billion in market value Those moves might prove terials company said that the ment bank head Rob Karofsky
2021 ’22 ’23
since the tech giant an- ephemeral as the technology’s rise of ChatGPT was harming will continue in those roles for
nounced a $10 billion invest- power becomes clearer, said its ability to attract new cus- *Second quarter 2023 is as of May 8 Sources: FactSet (performance); AlphaSense (mentions) the enlarged group, as will
ment in startup OpenAI, devel- Daniel Morgan, senior portfo- tomers. UBS’s Swiss president, Sabine
oper of ChatGPT, in January. lio manager at Synovus Trust. “You just don’t know all the cer at Boardman Bay Capital saw that Uber was coming out Keller-Busse, and asset-man-
Shares of Nvidia, which makes “The most difficult thing to knock-on effects,” said Will Management. “If this really is of the iPhone to hammer the agement president Suni Har-
chips needed to power the ascertain is, what is going to Graves, chief investment offi- an iPhone moment, nobody taxi industry.” ford.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B12 | Wednesday, May 10, 2023 THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

This Strategy Beat Top Funds—Don’t Try It

Malkiel’s monkeys can probably outperform Sohn’s gurus
Please don’t feed or throw ob- warns, “past performance is no agers had enough demonstrable tled “The Surprising Alpha From Treasury bills. About half of all
jects at the fund managers. guarantee of future results.” skill to outweigh their funds’ costs. Malkiel’s Monkey” that picked sev- positive returns were generated by
David Einhorn and Stanley Heard’s dart-throwers literally just Messrs. Einhorn and Drucken- eral virtual portfolios of 30 stocks 83 companies between 1926 and
Druckenmiller, both scheduled got lucky, so we have repeated our miller, who manage more exclusive each year from 1964 through 2012, 2019, or less than one-third of 1%
speakers at Tuesday’s Sohn Invest- throws in honor of the 50th anni- and flexible hedge funds, are the including some selected at random of all stocks tracked. To match the
ment Conference, each have earned versary of Prof. Malkiel’s classic crème de la crème, vastly outearn- from the 1,000 largest U.S. compa- monkey portfolios, one would have
billions of dollars through invest- and will tally up the results next ing mere mutual-fund managers. nies. They beat a market-capital- to pick many stocks randomly each
ing. Heard on the Street’s colum- May. Our darts landed on 10 long Tuesday’s picks and pans by the ization-weighted index by a re- year and then keep repeating the
nists are paid peanuts by compari- and two short picks. Whether or Sohn speakers have three other spectable margin. process, still possibly failing to
son, but that didn’t stop us from not we beat the Sohn pros again, a advantages: For those not paying The study’s portfolios in part buy and hold rare big winners.
making monkeys out of the confer- mountain of evidence explains why to attend the virtual conference, did so well because they were reg- The only way to guarantee find-
ence’s hedge-fund luminaries five we could: S&P Dow Jones Indices they are free so there is no drag ularly reweighted and picked a lot ing those needles in a haystack is
years ago. Inspired by Prof. Burton calculates that more than 93% of from fees; they represent the of smaller companies. Both the paying for the whole haystack—an
Malkiel’s book “A Random Walk stock mutual funds lagged behind stars’ very best ideas; and, be- small-capitalization and equal- index fund. You would beat most
Down Wall Street” in which he a simple index over the decade cause of their reputations, the weighting effects can lead to extra fund managers but only match the
quipped that “a blindfolded mon- through 2022. stocks often have an initial move returns over time. The smallest market. The man who inspired all
key throwing darts at a newspa- That might be too generous. In due to publicity. However re- three Heard dart picks have mar- the monkey jokes, Dr. Malkiel, en-
per’s financial pages could select a a sobering study released more spected Heard on the Street might ket values of $82 million, $240 dorsed that simple strategy in an
portfolio that would do just as well than 15 years ago designed to be, nobody would buy a stock be- million and $350 million. email last week when informed of
as one carefully selected by the ex- weed out mere luck, academics cause one of our darts happened But don’t try this at home: A re- the return of Heard’s contest, say-
perts,” our dart-picked stocks beat Laurent Barras, Olivier Scaillet and to land on it. search paper by Hendrik Bessem- ing: “Of course, as you know, I do
the Sohn Conference’s picks by a Russ Wermers looked at thousands Should they? Eleven years ago, binder shows most stocks tracked not favor investing by throwing
bruising 22 percentage points. of mutual funds between 1975 and analysts at Research Affiliates and over decades don’t produce any re- darts. I want investors to hold ev-
As the mutual-fund boilerplate 2006 and determined 0.6% of man- Towers Watson ran an analysis ti- turn at all in excess of risk-free erything.” —Spencer Jakab

Nintendo Needs
A New Console Soon

.
ly
Nintendo’s Switch is one of the around 10%. But achieving even
bestselling videogame consoles on
this modest target won’t be easy.

PARAMOUNT/EVERETT COLLECTION
ever, but it is showing its age. The Nintendo might need to cut prices
Japanese game giant needs to and release more megahit games
quickly find a successor to satisfy to help sell the consoles.
gamers and its investors. Fortunately, “The Legend of
us ,

Nintendo shipped nearly 18 mil- Zelda: Tears of the Kingdom” to be

l

lion of the consoles for the fiscal released this week will likely be an
e
al a

year ended March, bringing its total instant hit. The popularity of “The
sales to 125.6 million units since its Super Mario Bros. Movie” at the
launch in 2017. That puts the home box office will also provide a boost
ci on

and hand-held console ahead of to earnings this quarter. The Tom Cruise’s ‘Top Gun: Maverick’ racked up a global box office of nearly $1.5 billion.
Wii, its previous runaway success. movie already has grossed more

Theaters’ Fate Can’t Rest on a Star

But the downward trend is clear: than $1 billion globally.
It shipped 22% fewer Switch con- Selling videogames is Nin-
soles than the previous year. At the tendo’s bread and butter. It will
er s

peak, it sold almost 29 million need to make the most of its

units during the fiscal year ended Switch while it can. The company
m er

in March 2021, receiving a big hasn’t indicated if it is going to Tom Cruise saved movie theaters Summer gross domestic box office ent and picking up awards.
power-up from stay-at-home gam- launch a new console this fiscal last summer. The industry can’t af- Mr. Gamble noted Apple has two
$5 billion
ers during the pandemic. The slow- year. Its Wii U, meant to follow ford to depend on him again. films in this year’s pipeline. And
ing sales are affecting its results. up on the success of the Wii, was As the summer movie season Amazon affirmed the importance
Nintendo said Tuesday that reve- a flop that dragged on Nintendo’s kicks off, hopes are high for a box of theaters with “Air,” the Ben Af-
m rp

nue for the fiscal year ended March results, spurring two consecutive office that looks much closer to the 4 fleck-helmed movie about the de-
fell 6% from a year earlier, years of losses. The encore to prepandemic norm. “The Super Ma- velopment of Nike’s Air Jordan
while its operating profit the Switch has to be rio Bros. Movie” gave the season a sneaker, which racked up nearly
dropped 15%. compelling. More strong prelude by grossing more 3 $82 million in global box office
Sales will further de- than most companies than $1 billion worldwide since its ahead of its debut on Prime Video
co Fo

celerate the current fis- who want to keep the April 5 release, while “Guardians of by the end of this week.
cal year: Nintendo said it good times rolling, lev- the Galaxy Vol. 3” gave the actual 2 The health of the movie-theater
expects to ship 15 mil- eling up at Nintendo is season a decent start with a $114 industry will depend on strong
lion units of the con- fraught with peril and million domestic debut this past performances by a number of
sole. It expects requires exquisite weekend. Taking in the most recent 1 films, rather than huge perfor-
Top
overall corporate timing. weekend’s tally, the domestic box of- title mances by a few. Last summer saw
revenue to drop —Jacky Wong fice this year is tracking about 25% eight movies pass the $100 million
below the same point in 2019, ac- 0 mark domestically compared with
cording to Box Office Mojo. At this an average of 12 in the years 2015
2010 ’15 ’20
time last year, that gap was 43%. to 2019. In a report last week,
Of course, this time last year Source: Box Office Mojo Doug Creutz of TD Cowen pro-
was about a month before the de- jected 11 releases that will cross
but of Mr. Cruise’s “Top Gun: Mav- ber of theatrical releases of 2019. that threshold this summer.
n-

erick.” That smash hit went on to But things are looking much better He expects this year’s “high sum-
rack up a global box office of nearly this summer—and for the year in mer”—the 13-week period begin-
$1.5 billion. It accounted for 21% of general. In his first-quarter earn- ning with the first weekend in
the summer season’s total domestic ings call on Friday, Cinemark Chief May—to see domestic box office re-
no

box office. That sort of concentra- Executive Sean Gamble said 110 ceipts rise 6% from last year but fall
RICHARD A. BROOKS/AGENCE FRANCE-PRESSE/GETTY IMAGES

tion is rare. The Christopher Nolan wide releases are slated for this full about 18% below the 2017 to 2019
thriller “Tenet” took 27% of the year. That is below the annual pipe- average. This summer’s releases in-
summer box office in 2020, but line of 130 releases that was typical clude the most recent “Guardians”
that was virtually the only major before the pandemic, but is more plus “The Flash” from Warner Bros.,
movie playing in a theater circuit than 30% above last year’s number. a “Little Mermaid” reboot from Dis-
hobbled by the pandemic. Exclud- There are several factors at ney and the first “Indiana Jones”
ing that, the last movie to account work. Wall Street’s recently soured sequel in 15 years. It includes the
for more than 20% of the summer view of streaming created a strong latest outing in Mr. Cruise’s “Mis-
season’s total take was “The Em- incentive for media companies sion Impossible” franchise, which
pire Strikes Back”—in 1980, accord- such as Paramount, Disney, War- reportedly includes an expensive
ing to Box Office Mojo. ner Bros. Discovery and Comcast’s submarine sequence added late in
The fact that 2022’s domestic NBCUniversal to use theatrical re- production. That probably didn’t
box office closed 35% below the leases to help maximize returns. help with Paramount’s now well-
prepandemic norm shows the limits And tech giants such as Apple and known cash struggles, but at least
of one or two huge hits when the Amazon that run streaming ser- Mr. Cruise won’t need to save the
rest of the pipeline is thin. Last vices are finding theatrical re- entire theatrical industry again.
‘The Legend of Zelda: Tears of the Kingdom’ will likely be an instant hit. year saw a little over half the num- leases useful—in winning over tal- —Dan Gallagher

PayPal Is Growing, but Not Like It Used To

PayPal beat its revenue growth tions, in the first quarter. That was though notably that was 2 per- growth from 1.25 percentage point that the company has a “high-class
target in the first quarter and 1.5 percentage points higher than centage points faster than in the expansion to 1 percentage point. problem” with unbranded pay-
raised its forecast for the year. But the company’s guidance, and Pay- fourth quarter. Here, PayPal is Revenue is still anticipated to in- ments, because it is “winning in
the company’s changing focus is Pal raised its full-year 2023 reve- competing more fiercely than ever, crease quickly enough to help ad- that market faster than we antici-
sending investors for a loop. nue growth forecast. often consumer by consumer, with justed earnings per share rise a bit pated.”
The payments company’s But the bad news is this shift in a growing array of players includ- faster than previously anticipated, Evolution in the unbranded
growth, which slowed after a growth drivers is pressuring Pay- ing fast-coming Apple Pay and of- at 20% year over year versus 18% business, like expanding overseas
surge early in the pandemic, is be- Pal’s operating margin growth. ferings from Google, Shopify, Am- in the prior guidance. But with un- and a new offering for small- and
ing fueled by a couple standouts. PayPal earns more when a con- azon.com and more. Growth also branded Braintree growth likely to midsize businesses, can drive
First, by so-called unbranded, be- sumer clicks a branded PayPal or has been hit by a broader slow- moderate at some point, investors’ higher margins in the future. It
hind-the-scenes payment process- Venmo button to pay. Unbranded down in e-commerce shopping confidence in continuing strong also will help with the rollout of
ing. This is PayPal’s business as processing volume, where PayPal’s postpandemic. earnings growth may still hinge on the company’s enhanced branded
the software and services provider Braintree unit competes with other As for higher rates, they are margins. This helps explain why checkout button functionality that
that works with merchants to en- fast-growing payments processors great for margins, as it basically PayPal shares closed down 13% on is aimed at making it even more
able them to accept a variety of such as Adyen and Stripe, grew means free additional revenue on Tuesday. competitive with the likes of Apple
payment types. Another major 30% year over year on a currency- the same business. But the issue PayPal isn’t necessarily on the Pay.
other driver is interest rates, neutral basis in the first quarter. here is that the Federal Reserve wrong track, given the broad di- But those things are still to
which help the company earn This is an enterprise business, may soon stop raising rates, or rection of the e-commerce market. come—and Mr. Schulman may not
more on the cash that users leave where signing a chunky new client even start cutting them. This But it is a different track than it be around for all of that transition.
in PayPal and Venmo accounts. can greatly accelerate growth, and means PayPal is going to face once was, when user growth and He told analysts that the plan is
The good news is these two where digital upstarts are eating tougher margin comparisons later branded payments expansion were still to announce his replacement
trends helped propel revenue share from older incumbents. this year. the lodestars. Departing Chief Ex- before year-end. PayPal investors
growth to 10.4% year over year, Meanwhile, branded checkout All told, PayPal lowered its fore- ecutive Dan Schulman told ana- will remain in wait-and-see mode.
adjusting for currency fluctua- payment volume grew 6.5%, cast for 2023 adjusted margin lysts on the Monday earnings call —Telis Demos