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What’s Inflation Clouds Rate-Cut Path House

News Stock market drops December gain of 3.4%. That
marked the lowest reading
CPI release day since Septem-
ber 2022, according to Dow
Consumer-price index,
change from a year earlier
Impeaches
Business & Finance
as consumer prices
in January came in
since June.
Still, the consumer-price in-
dex was higher than the pre-
Jones Market Data.
The yield on the 10-year
Treasury note rose to 4.315%,
10% Core*
3.9%
Mayorkas
above expectations
 Inflation eased again in
January but came in above BY JUSTIN LAHART
dicted 2.9%, a disappointment
for investors who hope the Fed
will cut rates sooner rather
bringing it to its highest level
since the end of November.
For many investors, Tues-
8
By Just
AND NICK TIMIRAOS
Wall Street’s expectations,
clouding the Fed’s path to
interest-rate cuts and poten-
tially giving the central bank
Inflation eased again in
January but came in above
than later. Rate cuts tend to
help stock prices by boosting
economic activity and reduc-
ing competition from bonds
day represented a realization:
Disinflation was easy in 2023,
when inflation fell from 6.4%
at the start of the year to 3.4%
6
One Vote
4
breathing space to wait until Wall Street’s expectations, for investor dollars. in December. That this hap- GOP bid to remove
the middle of the year. A1 clouding the Federal Reserve’s The release gave a nasty jolt pened without the widely an- Homeland Security
 Major U.S. stock indexes path to rate cuts and poten- to markets. Stocks fell sharply ticipated rise in unemploy- 2
fell after the release of the in- tially giving the central bank and bond yields rose. The Dow ment or even recession came Overall chief on border issue
flation data, with the S&P 500 breathing space to wait until Jones Industrial Average slid Please turn to page A2 3.1% faces Senate defeat
and Dow both retreating 1.4% the middle of the year. more than 500 points, or about 0
and the Nasdaq sliding 1.8%. B1 The Labor Department re- 1.4%, its worst one-day decline  Cost of car ownership
2015 '20
ported Tuesday that consumer since March. For all three ma- squeezes budgets............. A2 BY MICHELLE HACKMAN
 Walmart is in talks to buy
prices rose 3.1% in January jor U.S. stock indexes, it was  Stocks sink after inflation *Excludes food and energy items AND LINDSAY WISE
smart-television manufac-
from a year earlier, versus a their worst performance on a setback.................................... B1 Source: Labor Department via St. Louis Fed
turer Vizio for more than $2
WASHINGTON——The Re-
billion, according to people
publican-led House impeached
familiar with the matter. B1
Homeland Security Secretary
 Pete Distad, a former top
Apple executive, is among the
The Feathered and Fun-Loving Toast Mardi Gras Alejandro Mayorkas on a
largely party-line vote Tuesday,
leading candidates for CEO at succeeding on their second try
the new sports streaming ven- after an embarrassing defeat
ture from Disney’s ESPN, Fox last week.
and Warner Bros. Discovery. B1 With the 214-213 vote, May-
orkas became the first sitting
 Copilot testers said Micro-
cabinet official to be im-
soft’s artificial-intelligence
peached. The GOP has been
assistant for its bestselling
pursuing the impeachment for
software is useful, but often
more than a year, alleging that
doesn’t live up to its price. B1
Mayorkas has willfully refused
 Instacart will cut about 250 to enforce the nation’s immi-
employees, or roughly 7% of gration laws, pointing to the re-
staff, as the grocery-delivery cord number of illegal crossings
firm focuses on profitability. B2 at the southern border in the
last few years.
 Oil refiner Phillips 66 named
Mayorkas has called those al-
former Cenovus executive
legations false and has defended
Robert W. Pease to its board,
his record. The GOP effort is ex-
bending to pressure from ac-
pected to hit a dead end in the
tivist investor Elliott. B3
Democratic-controlled Senate,
 Lyft shares soared as much where a two-thirds majority
as 60% in after-hours trading would be needed to remove him
after its earnings release ac- from office.
cidentally added an extra zero Republicans have sought to
to a key profitability metric. B4 highlight their disapproval of
President Biden’s immigration
 MSCI will drop dozens of
record and intend to use their
companies from its benchmark
criticism on this issue as a
China index after a prolonged
brickbat in this year’s election.
selloff in that market. B13
KEVIN MCGILL/ASSOCIATED PRESS

Former President Donald

 BlackRock launched a pro- Trump, the front-runner for the
gram to let individual inves- GOP presidential nomination in
tors have a say in how their 2024, has promised a crack-
proxy votes are cast. B8 down on illegal border crossings
if elected and has broad sway
World-Wide among GOP lawmakers, often
guiding the party on the issue.
CARNIVAL COLORS: Amid parades and street parties, revelers danced and took selfies in Jackson Square in New Orleans All Republicans voted in fa-
 House Republicans im- during Mardi Gras celebrations on Tuesday, the last day before Ash Wednesday and the start of the Christian period of Lent. Please turn to page A4
peached Homeland Security
Secretary Alejandro Mayor-

Israeli Offensive Looms Senate Passes Aid

kas on a largely party-line
vote, succeeding on their
second try after an embar-
rassing defeat last week. A1
 The Senate passed a $95.3
billion package backed by Bi-
den that contains a fresh
round of aid for Ukraine and
Over Crisis in Rafah For Ukraine, Israel
BY SIOBHAN HUGHES potentially including provisions
funds for Israel and Taiwan,
AND LINDSAY WISE tightening the U.S. southern
overcoming Republican objec-
tions but facing an uncertain War drove more than a million people into a corner of Gaza, border, to stand a chance of be-
WASHINGTON—The Senate coming law.
future in the House. A1
where aid bottlenecks leave them short of food and water passed a $95.3 billion package The passage in the Demo-
 Democrat Tom Suozzi won backed by President Biden that cratic-controlled chamber
a special election for the U.S. BY MARGHERITA STANCATI AND ABEER AYYOUB Families shelter from rain and cold beneath contains a fresh round of aid comes at a critical moment for
House in New York, a signal plastic sheets strung up along roadsides. for Ukraine and funds for Israel Ukraine, which has been run-
that his party can withstand JERUSALEM—Rafah, on Gaza’s southern Tents from international donors have been and Taiwan, overcoming Re- ning short of supplies and mili-
GOP attacks on immigration edge, is now a city of tents, and the epicen- sold for $500 on the black market by fami- publican objections but facing tary forces after a failed coun-
in swing districts. A3 ter of one of the worst humanitarian disas- lies desperate to raise money for food. Peo- an uncertain future in the GOP- teroffensive against Russia last
ters in years. ple make fires with plastic refuse to bake run House. year. Twenty-two Republicans
 The Biden administration
Yet a deadly mix of war, politics and lo- flatbread. The Senate’s 70-29 vote joined almost all Democrats in
is considering changes to its
gistics is choking off emergency aid, and the Four months into Israel’s invasion of marked a victory for propo- supporting the bill. Three mem-
Covid-19 recommendations,
scale of suffering has raised international Gaza, many residents say they haven’t re- nents of a muscular role for the bers of the Democratic caucus
which suggest the ill isolate
pressure on Israel ahead of an anticipated ceived any aid. “We have to buy every single U.S. in foreign affairs, for the who have expressed concerns
for at least five days, following
offensive. thing. We pay so much money just for food moment elbowing aside isola- Please turn to page A4
the adoption of new timelines
More than 1.3 million civilians, which each day. We don’t have cooking gas. When tionist forces in Congress. The
by Oregon and California. A3
amounts to over half of the Gaza Strip’s Please turn to page A8 bill’s passage puts the spotlight  Kremlin keeps POWs’
 In Pakistan, a coalition gov- population, have fled fighting in the Pales- on House Speaker Mike John- families in the dark......... A6
ernment led by the party of tinian enclave and crowded into Rafah, nor-  Gaps remain in cease-fire negotiations... A5 son (R., La.), who has indicated  Ukraine cites Arab ties to
former Prime Minister Nawaz mally home to about 300,000 residents.  Abbas frustrates West’s Gaza plan........... A5 the measure will need changes, Russia, Starlink.................. A6
Sharif was announced, a shar-
ing arrangement that excludes
the party of jailed opposi-
tion leader Imran Khan. A5
More People Are Unattached— INSIDE Texas Oil Driller Banks
 CIA Director Burns ended That’s Good for Valentine’s Day
negotiations with top Mid-
i i i Big Deal, With Regrets
SAEED KHAN/AGENCE FRANCE-PRESSE/GETTY IMAGES

east officials without mak-

ing major strides toward a
deal between Israel and Self-gifting is on the rise as consumers
BY BENOÎT MORENNE Exxon Mobil. Stephens loved
Hamas that would free hos-
tages and pause fighting in enjoy empowerment of treating themselves running the company, where
Autry Stephens, one of the many employees spent their
the Gaza Strip. A5
BY SUZANNE KAPNER tailers and could help reverse last Texas wildcatters, is about whole careers. “I’ll miss the
 Ukrainian officials pre- sagging Valentine’s Day sales. to become one of the richest people there,” he said. “It was
sented fresh claims that Rus- This Valentine’s Day, more Larger companies such as Tar- men in the world. He isn’t sure kind of a little family.”
sian forces are using satel- people are saying “I love get and Etsy to smaller jewel- how he feels about it. In the end, what persuaded
lite internet terminals made you”—to themselves. ers and lingerie sellers are On Monday, he said he the 85-year-old billionaire to
by Elon Musk’s SpaceX. A6 Self-gifting is on the rise switching up marketing mes- would sell Endeavor Energy cash out was a cancer diagno-
for Cupid’s holiday as more sages and creating special col- Resources, the company that sis. The treatment left Stephens
 Died: David Bouley, 70,
consumers grow tired of re- lections to emphasize self- sprang from a well Stephens physically diminished and
haute cuisine chef. A4
ceiving duds from their gifting. SPORTS drilled 45 years ago, to Dia- ready to sell. “That was a big
spouse or signif- Lena Parsell, an art director The U.S. women’s mondback Energy in a $26 bil- factor in this decision,” he said.
CONTENTS Opinion................ A13-15 icant other, en- in Philadelphia, received a lion stock-and-cash deal. Most The tie-up concludes a 62-
Arts in Review..... A11 Personal Journal A9-10
joy the em- pair of gray wool
soccer league is paying of the proceeds will go to him year career that spanned the
Business& FinanceB2-3,8 Property Report.... B6
Crossword................ A12 Sports.......................... A12 powerment of socks from her up to lure top foreign and his family, yet Stephens rise of the Organization of the
Heard on Street.. B14 Technology................ B4 treating them- Blooming solo husband for Christ- players. A12 was somber. “There is certainly Petroleum Exporting Coun-
Markets...................... B13 U.S. News.............. A2-4 selves or celebrate mas that were so some sadness on my part,” Ste- tries, the feared decline of U.S.
Markets Digest...... B9 World News......... A5-7
the single life. It’s yet another bulky and itchy that they be- phens said Sunday, hours be- crude production and its resur-
way Feb. 14 is getting a make- came a magnet for her cat, BUSINESS & FINANCE fore the sale was announced. gence with the shale boom.
> over when nearly half the U.S. who bit her toes when she The oilman for years held Stephens is joining the ranks
Walmart is in talks to
adult population is unmarried wore them around the house. out on selling Endeavor, long of private oil companies that
and many say they aren’t “My husband is amazing,
buy smart-TV maker viewed as one of the gems of are cashing in on shale riches,
looking for a romantic rela- but he has trouble figuring Vizio for more than $2 the Permian Basin in West including CrownRock, which is
s 2024 Dow Jones & Company, Inc.
tionship. out my taste,” Parsell says. billion. B1 Texas and New Mexico, turning led by Timothy Dunn and
All Rights Reserved The trend is a boon for re- Please turn to page A8 down oil behemoths including Please turn to page A2
A2 | Wednesday, February 14, 2024 * *** THE WALL STREET JOURNAL.

U.S. NEWS
Cost of Car Ownership Squeezes Budgets
BY JOE PINSKER Already, more Americans base. The average transaction Mutual Insurance Companies.
are feeling the strain. In the price on a new vehicle rose “There’s also a lag between
One place Americans still fourth quarter of last year, from $39,813 in January 2021 insurance pricing and eco-
can’t get relief from inflation 7.7% of auto loans transi- to $47,358 last month. nomic conditions, which is
is behind the wheel. tioned to delinquency on an “This has been the biggest why auto insurance costs
Many of the costs related annualized basis, according to climb in prices in the shortest have suffered from higher-
to car ownership continued to the New York Fed—the high- period of time that we’ve than-expected inflation,” he
outpace the consumer-price est rate in 13 years. seen,” said Jessica Caldwell, said.
index last month. Car insur- “It’s been challenging for an analyst at Edmunds, an The rising cost of mainte-
ance premiums rose 20.6% in consumers over the past few online car-shopping guide. nance and body work is also

BRANDON BELL/GETTY IMAGES

January from a year earlier. A years when it comes to car Higher car prices are one driving up insurance rates.
trip to the mechanic, the ownership,” said Greg Bran- of the factors pushing up car That fender bender may cost
price of a parking space, and non, the director of automo- insurance premiums. Premi- 7.9% more than a year ago,
highway tolls are also up, off- tive research at AAA. ums are also rising because of given the surge in the price of
setting the savings from one The total annual cost of all the new technology now in repairs.
of the big exceptions, falling owning a new car, including cars, which can be expensive The highest cost of car
gas prices. expenses such as gas and in- to replace. ownership last year was de-
The ballooning costs for surance, climbed to $12,182 in Lower gas prices are one bright spot as car costs keep rising. “Cars have become more preciation. Your car loses
that car in the driveway can 2023, up from $10,728 in sophisticated, driving up their value each year you drive it.
squeeze budgets. Transporta- 2022, according to the latest rates, which raise the cost of self rose a mellow 0.7% year- values and the costs of fixing AAA estimated that depre-
tion is Americans’ second-big- estimates from AAA. borrowing money to buy a over-year, according to Labor them,” said Neil Alldredge, ciation cost a driver $4,538 in
gest expense, after housing, A big part of that increase car. Department data. But that president and chief executive 2023 if he or she drove 15,000
and one that is hard to cut. is due to higher interest The price of a new car it- was from an already high of the National Association of miles, versus $3,656 in 2022.

Inflation Core consumer-price index,

change from previous month
0.8% January
Consumer-price index
for select items in
January, change
Hospital services
Airfares
Furniture & bedding
Cumulative change in
consumer prices since
January 2016
prices was up 19.6% this Janu-
ary from four years earlier,
just before the pandemic hit.

Clouds Rate 0.6

+0.4%
from December
Major appliances
Shelter
30% RECESSION
In contrast, prices were up
8.9% in the four years ended
January 2020.

Outlook 0.4
Eating out
Groceries
All items
20
Economists generally ex-
pect inflation to cool this year,
though they caution the pro-
cess could be bumpy. Cooling
Continued from Page One New vehicles (unchanged) 10 prices for newly signed leases,
as a pleasant surprise and led 0.2 for example, should eventually
Apparel
some to hope the path all the Gasoline (all types) translate into lower shelter
way back to the Fed’s 2% tar- 0 0 costs.
Used cars and trucks
get would also be relatively “I can tell inflation has got-
2021 ’22 ’23 ’24 -3% -2 -1 0 1 2016 ’20 ’24
easy. Although January’s re- ten better,” said Mike Poore, of
port is just one month’s data, Henderson, Ky. “That’s defi-
Consumer-price index for select items, change from a year earlier
it raises the risk that the path nitely a good thing. It’s a
could be uneven. 60% 20% shame it’s not happening
January 2024
Interest-rate futures, which quicker.”
before Tuesday’s report indi- 40 New vehicles 15
cated the central bank would +0.7%
probably begin cutting rates by 20 10 Cost of groceries
its May meeting, now suggest Used cars January 2024 A Bank of America Institute
a June start date is more likely. 0 and trucks 5 Shelter analysis of customer data
–3.5% +6% found households tended to
-20 All items 0 make far more transactions a
Gasoline
Next move for Fed (all types) Household month for food and drinks at
Investors’ belief that Fed -5 restaurants and bars, for gro-
-40
–6.4% energy
cuts were imminent has 2020 ’21 ’22 ’23 ’24 2020 ’21 ’22 ’23 ’24 –2.4% ceries and for gasoline than
helped fuel the rally in stocks. they do for other items. Labor
The Dow on Monday had hit 15% 10% Department figures show that
its 12th record close of 2024. prices in all three of those fre-
But Tuesday’s inflation re- Eating out quent-transaction categories
port underscores why Fed of- 10
+5.1% 5 Personal care are higher, relative to before
ficials have been dismissive of
Pet food
+3.5% the pandemic, than prices
such expectations. Some Fed 5 0 overall.
officials have suggested that +4.8% Apparel Research from University of
the pace of improvement over 0 Groceries -5 +0.1% California, Berkeley economist
the past six months might Ulrike Malmendier and three
overstate underlying progress +1.2% co-authors found that prices
in containing price pressures. -5 -10 for items that people buy more
Officials have said they 2020 ’21 ’22 ’23 ’24 2020 ’21 ’22 ’23 ’24 often play an outsize role in
aren’t ready to entertain rate framing their inflation expec-
Note: Core CPI excludes food and energy items. Data for core CPI, MoM change for select items in January and cumulative change since 2016 are seasonally adjusted.
cuts at their next meeting, Sources: Labor Department (Core CPI, select items in January change from December, change since 2016, YoY change
tations. “In terms of what gets
March 19-20, because they in gasoline); Labor Department via the St. Louis Fed (YoY change in CPI for select items, except gasoline) Kurt Wilberding/THE WALL STREET JOURNAL ingrained in people’s brains,
want to see more evidence it’s stuff that they purchase
that inflation is returning to Core prices, which exclude Department’s, and analysts Some Fed officials have said of why so many people remain frequently,” she said.
their 2% target. food and energy items in an ef- said that could continue in they are looking for evidence down on the economy. An Other research Malmendier
Fed Chair Jerome Powell fort to better track inflation’s January. The figures released that a slowdown in price pres- analysis conducted by Gold- has conducted examines the
has said officials want to see underlying trend, were up 3.9% Tuesday calculate medical sures is broadening beyond man Sachs economists sug- scarring effects of inflation ep-
more evidence that inflation is in January. That was equal to care and airfares differently, goods such as used cars, which gests that frustration with isodes, which can have persis-
returning to its 2% goal, December’s gain, which was and those categories were es- have seen prices decline over high price levels might have tent, and potentially costly, ef-
which is measured against a the lowest since mid-2021. pecially strong in January. the past year. Tuesday’s figure contributed to low confidence fects on people’s financial
separate gauge to be released From a month earlier, over- The Labor Department’s mea- showed the opposite: Price de- readings that persisted in the decisions. She is heartened by
later this month by the Com- all prices were up a seasonally sure also puts a much higher clines accelerated for goods early 1980s even after inflation the fact that inflation has re-
merce Department. adjusted 0.3%, and core prices weight on shelter costs, while price increases acceler- had slipped sharply. treated relatively quickly from
“It’s not that the data aren’t were up 0.4%—larger gains which for both owners and ated for services. “It does seem like it takes a the 9.1% it hit in June 2022—a
good enough. It’s that there’s than economists expected. renters are derived from And prices are still far while for confidence to re- contrast to the experience of
really six months of data,” rents. Shelter costs accounted above where they were before cover, in part because people the late 1970s and early 1980s,
Powell said in an interview on for 0.23 percentage point of the pandemic—especially for are focused on levels rather when inflation remained ele-
CBS earlier this month. “It Two inflation gauges the monthly gain in overall items that most consumers than changes,” Goldman chief vated for years.
doesn’t need to be better than The Fed’s preferred mea- prices in January. Shelter buy often, like groceries. economist Jan Hatzius said. “I’m a little less worried
what we’ve seen, or even as sure of inflation has been costs were up 0.6% month The sting of those past The Labor Department’s about long-lasting effects than
good. It just needs to be good.” running cooler than the Labor over month. price increases might be part measure of overall consumer I was in 2022,” she said.

CORRECTIONS 
AMPLIFICATIONS Oil Driller deavor’s, and both companies’
operations are centered on the
Midland Basin.
deavor to grow its oil and gas
production by 25%.
Stephens rode the booms

Readers can alert The Wall Street

Journal to any errors in news Banks Deal, “Most of my employees will
have a job, good job with Dia-
mondback, so I’d say that
and busts of the business, and
his company came close to the
edge in 2008 and 2014 when
SERGIO FLORES FOR THE WALL STREET JOURNAL

articles by emailing
[email protected] or by calling
888-410-2667.
With Regrets would be the No. 1 factor,” he
said. He said one of his proud-
est achievements was “creating
crude prices tumbled. Starting
in 2016, Endeavor refocused on
drilling horizontal wells, a
THE WALL STREET JOURNAL jobs, and trying my darnedest technique that, combined with
Continued from Page One to make them permanent.” fracking, unleashed gushers of
(USPS 664-880)
(Eastern Edition ISSN 0099-9660) agreed to a sale to Occidental Stephens grew up in a oil from the Permian basin.
(Central Edition ISSN 1092-0935) Petroleum for nearly $11 billion farming community in De The merger with Endeavor
(Western Edition ISSN 0193-2241) in December. The frenzy of Leon, in central Texas. He is a coup for Diamondback, a
Editorial and publication headquarters: deals reshaped the oil patch, graduated from the University driller with a market capital-
1211 Avenue of the Americas,
New York, N.Y. 10036 consolidating the scrappy drill- of Texas at Austin as a petro- ization of about $27 billion
Published daily except Sundays and general ers who set off the shale boom leum engineer and thought he before the deal was an-
legal holidays. Periodicals postage paid at among larger producers seek- Autry Stephens and his family own almost all of Endeavor. would travel to exotic locales, nounced. Several years ago,
New York, N.Y., and other mailing offices. ing premium acreage. such as the oil-rich Lake Mar- Endeavor received a good of-
Postmaster: Send address changes to Endeavor is one of the last such as Dunn and T. Boone ested in the family business. acaibo in Venezuela. “I just fer to be acquired by Shell,
The Wall Street Journal, 200 Burnett
Rd., Chicopee, MA 01020.
giant, privately held drillers. It Pickens, Stephens’s parsimony Greth said her priority is fo- couldn’t see myself sitting be- Stephens said. Endeavor also
All Advertising published in The Wall
has the largest remaining in- is talked about among Midland cusing on her young children, hind a desk,” he said. had on-and-off conversations
Street Journal is subject to the applicable ventory of top-tier oil acreage executives. The octogenarian fa- and it had been an honor to Instead he joined Humble about a sale with Pioneer Nat-
rate card, copies of which are available of any private Permian com- vors Southwest Airlines flights work with her father. “His am- Oil—a forebear of Exxon. He ural Resources. He didn’t offer
from the Advertising Services Department,
Dow Jones & Co. Inc., 1211 Avenue of the
pany, according to energy-an- and drives an bition, value took a two-year break to join specifics as to why the en-
Americas, New York, N.Y. 10036. The alytics firm Flow Partners, sit- old Toyota Land system and in- the U.S. Army Corps of Engi- gagements with Exxon, Shell
Journal reserves the right not to accept ting on about 350,000 net Cruiser. For tegrity is un- neers, serving as a lieutenant or Pioneer didn’t lead to a
an advertiser’s order. Only publication of
acres and producing about years he didn’t ‘I think we matched,” she and platoon leader responsible sale. Exxon said last year it
an advertisement shall constitute final
acceptance of the advertiser’s order. 200,000 barrels of oil a day. take any distri- might have sold said. for fuel installations. He then would acquire Pioneer.
Letters to the Editor: The merger with Diamondback bution and he Few Permian worked as a reservoir engineer “Oil people are always over-
Fax: 212-416-2891; email: would create a juggernaut only recently out early,’ he companies are for a Midland bank. He drilled optimistic, so I think we might
[email protected] that will compete with the started taking as coveted as his first well in 1979 at 41 in have sold out early,” he said of
Need assistance with your subscription? likes of ConocoPhillips and cash out of the
said of the Endeavor. Six Midland County, throwing his the merger with Diamondback.
By web: customercenter.wsj.com;
By email: [email protected] Exxon in the Permian. company, ac- merger. months ago, life savings into the venture, a “But we’ll still have an interest
By phone: 1-800-JOURNAL Stephens and his family cording to peo- Exxon ap- move that he said “wasn’t very in—you know, the oil business.”
(1-800-568-7625) own almost all of Endeavor, ple familiar with proached to dis- smart.” In 1996, Stephens The windfall from En-
Reprints & licensing: and they are expected to re- the matter. cuss a potential founded Big Dog Drilling. De- deavor’s sale is poised to make
By email: [email protected];
By phone: 1-800-843-0008 ceive virtually all of the fruits Stephens said he was diag- sale, Stephens said, but the spite its name, the company Stephens and his family among
WSJ back issues and framed pages: of the sale, which includes $8 nosed with cancer about a year conversations didn’t pan out. started with just one small the 100 richest people in the
wsjshop.com billion in cash, according to ago. While his daughter Lyndal Endeavor started a sales rig. world. When asked how he
Our newspapers are 100% sourced from people familiar with the mat- Greth sits on Endeavor’s board, process in December, Stephens He started Endeavor in planned to use the proceeds,
sustainably certified mills. ter. Before the announcement, Stephens said he thought put- said. ConocoPhillips was a bid- 2000 and placed his personal the billionaire was surprised
Stephens had a fortune pegged ting her in charge of the com- der, but Endeavor had more assets in the new company. by the question. “I just haven’t
GOT A TIP FOR US? at nearly $15 billion. pany would be a burden as she cultural affinities with Dia- Five years later, he acquired thought about it,” he said.
SUBMIT IT AT WSJ.COM/TIPS While his fortune dwarfs is raising children. He has a son, mondback, he said. Its office is the U.S. assets of French com- —Collin Eaton
those accumulated by oil titans who Stephens said wasn’t inter- down the street from En- pany Perenco, allowing En- contributed to this article.
 THE WALL STREET JOURNAL. * * * * * Wednesday, February 14, 2024 | A3

U.S. NEWS

CDC Is
Discussing
Updates
To Covid
Guidelines
The Biden administration is
considering changes to its
Covid-19 recommendations,
which suggest Americans iso-
late for at least five days when
ill, following the adoption of
new timelines by Oregon and
California.

By Stephanie Armour,
Betsy McKay and
Brianna Abbott

The Centers for Disease

Control and Prevention has
been reviewing possible
changes to the isolation rec-
ommendations and hasn’t
ruled out reducing or altering
the recommended number of
days during which those with
Covid-19 should isolate, admin-
istration officials said.

ANDREW KELLY/REUTERS
There has been no final deci-
sion on whether to change the
guidance, and the review is part
of a process to remain current
with the risk and spread of dis-
ease, the officials said. The pos-
sibility of a guidance change Snow falls during a major winter storm in New York City. The fast-moving storm snarled commutes, caused power outages and led to school closings.

Nor’easter Brings Snow, Cancels Flights

was reported earlier by the
Washington Post.
Oregon and California broke
from CDC guidance by saying
that people no longer need to
isolate for a specific minimum
time frame. The CDC’s current BY GARETH VIPERS than a foot of snow fell in New York City schools were hit,” said National Weather Approximately 100,000
guidance says people who test AND JOSEPH DE AVILA Connecticut and about 9 closed and classes held re- Service forecaster David Roth. homes and businesses in
positive for the virus should inches landed in areas of New motely, local authorities said. In New York, some resi- Pennsylvania were without
stay home for at least five days. A major winter storm Jersey. Schools in Boston and Provi- dents were surprised by Tues- power Tuesday afternoon, ac-
Oregon said in May that peo- rolled across the Northeast on About 3 inches of snow fell dence, R.I., were also shut for day’s storm coming after a cording to PowerOutage.us,
ple should stay home until they Tuesday, causing about 1,200 on New York’s Central Park, less the day. In Philadelphia, warm February weekend. which tracks outages. PPL
haven’t had a fever for 24 hours flight cancellations, snarling than initially forecast but still classes were delayed by at “This is the most weird Electric Utilities said heavy
without fever-reducing medi- commutes and dumping sev- the most since January 2022. least two hours. winter we’ve had,” said Hair- snow caused extensive dam-
cine and symptoms are improv- eral inches of snow. Roughly 1,200 flights The strong Nor’easter old Nova, 38, of the Bronx. age across its territory in
ing. The state calls for masking The storm dropped nearly 7 within, into or out of the U.S. moved fast, forecasters said, “It’s crazy.” Pennsylvania, and it had
for 10 days around other peo- inches of snow on parts of had been canceled, according and dumped large amounts of More than 250 road traffic crews working to bring power
ple. California’s new guidance New York City, while parts of to FlightAware. LaGuardia, wet snow across a wide area accidents were reported to back online.
from January also doesn’t man- Long Island got about 9 Boston Logan, Newark Liberty before dissipating. New Jersey State Police, Gov. —Talal Ansari
date isolation for everyone af- inches, according to the Na- and John F. Kennedy airports “This isn’t a prolonged Phil Murphy said in a local ra- and Erin Ailworth
ter infection. The administra- tional Weather Service. More were particularly affected. snowstorm, more a big, quick dio interview Tuesday. contributed to this article.
tion at the time of the state
changes said it was also review-

Democrat Wins
ing possible changes, one of the
administration officials said.
“There are no updates to

Special Election
Covid guidelines to announce
at this time,” a CDC spokes-
man said Tuesday. “We will
continue to make decisions

To Replace Santos
based on the best evidence
and science to keep communi-
ties healthy and safe.”
Nearly everyone in the U.S.
has been vaccinated or infected
by the virus that causes BY JIMMY VIELKIND late Tuesday, Suozzi led Pilip
Covid-19, diminishing its threat. AND ERIN AILWORTH by 8 percentage points, ac-
Most have shed pandemic pre- cording to the AP.
STEFAN JEREMIAH/ASSOCIATED PRESS

cautions, though some schools Democrat Tom Suozzi won “This race was centered on
and workplaces have main- a special election Tuesday in immigration and the econ-
tained a five-day isolation rule New York, flipping a seat in omy—much like the issues all
in line with federal guidance. the House from the GOP and across our country,” Suozzi
Many people haven’t kept up sending a signal that his party told supporters Tuesday night.
with regular booster shots. can withstand Republican at- “We, you, won this race, be-
The U.S. is in the middle of tacks on immigration in swing cause we addressed the issues
another Covid-19 winter, more districts far from the border. and we found a way to bind
than four years after the virus Suozzi defeated Republican our divisions.”
emerged and went on to kill Mazi Pilip, the Associated Suozzi used his own experi- Tom Suozzi told supporters Tuesday night that ‘we found a way to bind our divisions.’
some 1.1 million Americans. Press said, to reclaim his seat ence—he previously served in
While Covid-19 wastewater lev- representing New York’s Third Congress for six years—to cast at a debate last week. “My op-
els, a signal of circulating virus, Congressional District. The Pilip as unqualified for the of- ponent is unvetted and unpre-
remain high, there have been campaigns and outside politi- fice. That resonated with pared.” Pilip responded by at-
less severe disease and death cal-action committees spent some voters who said they tacking Suozzi as in line with
compared with the past few more than $20 million on ads wanted a departure from San- Biden and “the squad” of out-
years, federal data show. and organizing, part of which tos, who made up family and spoken House progressives.
There were some 20,800 centered on the record-setting career details during his ear- Suozzi and Democrats at-
new Covid-19 hospital admis- number of illegal crossings at lier campaign. tacked Pilip as an extremist
sions in the week ended Feb. 3, the border—already a point of Susan Barnett, 78 years old, and tied her to Republican po-
CDC data show, down from scrutiny for President Biden said she voted for Suozzi. sitions against abortion rights.
early January. Death data now and down-ballot Democrats “The other young lady has no Pilip said she personally op-
lag behind, with federal data in- heading into November. qualifications,” Barnett said. poses abortion but wouldn’t
dicating some 2,300 people Special elections often fea- The largely suburban district vote for a national ban. She
died in the week ended Jan. 13, ture lower voter turnout than covers parts of Long Island’s also said Suozzi hasn’t solved
around the most recent peak. general elec- Nassau County, problems during his long
Relaxed isolation guidance tions, so the including its stints in office.
would bring Covid-19 recom- lessons of the North Shore, as The Senate immigration bill
mendations more in line with result are lim- Suozzi’s victory well as parts of would have set a higher bar for
those for the flu and respira- ited. But it will cut into an northeast asylum claims and created new
tory syncytial virus. RSV is cur- brings immedi- Queens. Pilip limits on the number of immi-
rently on the decline, while flu ate implications already narrow held rallies in grants seeking asylum to pre-
remains elevated with increases for the House of that New York vent the system from getting
in some parts of the U.S. Representa-
GOP majority in City borough overwhelmed. It failed a pre-
Michael Osterholm, director tives. Suozzi the House. near a tent liminary vote in that chamber
of the Center for Infectious Dis- will succeed city—just out- after former President Donald
ease Research and Policy at the disgraced for- side the district Trump, the front-runner for
University of Minnesota, said mer Rep. boundary—set the Republican presidential
public-health officials should fo- George Santos, a Republican up by city officials to care for a nomination, urged lawmakers
cus on recommending measures who was expelled from the thousand migrants. to oppose it. In a statement,
for older Americans and young House in December, to fill one Suozzi, a former Nassau Pilip called the bill “an abso-
children who are at highest risk of four vacancies in the cham- County executive who pre- lute nonstarter for me.”
of severe illness and death from ber. Suozzi will cut into an al- ceded Santos in the congres- Lawrence Levy, executive
Covid-19. Those include improv- ready narrow GOP majority in sional seat, also called for se- dean of the National Center
ing vaccination rates and mak- the chamber, where the party curing the border and attacked for Suburban Studies at
ing Paxlovid, a Covid-19 treat- breakdown is currently 219 Re- Pilip for critiquing Biden’s bor- Hofstra University, said the
ment, more available. publicans and 212 Democrats. der approach without provid- immigration clash in the dis-
Suozzi beat back criticism ing an alternative. She said she trict has risen above issues of
from Pilip over the Biden ad- would push to hire more bor- abortion rights, inflation and
ministration’s stewardship of der-patrol agents, build a wall the war in Israel.
ERIC LEE/THE WASHINGTON POST/GETTY IMAGES

the southern border and the and tighten requirements for Levy said the race was a test
way New York City’s Demo- asylum. for whether Democrats could
cratic mayor, Eric Adams, has Suozzi endorsed a biparti- blunt GOP messaging on immi-
handled more than 177,000 san deal that would have es- gration, which he said Republi-
migrants who have come to tablished a new asylum pro- cans sought to use as a syn-
the city since 2022. GOP super cess at the border to deliver onym for crime. A loss would
PACs such as the Congressio- fast case resolutions and swift have sent “shivers through the
nal Leadership Fund spent deportations for migrants who Democrats nationwide,” Levy
millions on immigration- don’t qualify. “I’ve always said before the race was called.
themed attack ads. worked across party lines to —Joseph De Avila
Masks and Covid-19 test kits. With 84% of votes counted get things done,” Suozzi said contributed to this article.
A4 | Wednesday, February 14, 2024 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

Foreign Aid Saturday that he would encour-

age Russia to attack U.S. allies
in the North Atlantic Treaty Or-
cial media. “Now he says he
won’t pass our ukraine funding
bill [because] it doesn’t include

Bill Passes ganization that don’t contribute

sufficiently to military defense.
Biden said Tuesday of
a border deal…honestly.”
Proponents of the Senate
bill, who included both

The Senate Trump’s remarks: “It’s dumb,

it’s shameful, it’s dangerous,
it’s un-American.”
Schumer and Sen. Mitch
McConnell of Kentucky, the
chamber’s GOP leader, cele-
Trump’s campaign didn’t re- brated the victory as a win for
Continued from page A1 spond to a request for comment. U.S. security and the nation’s
about Israel’s military opera- Some Republican lawmakers role in the world.
MANDEL NGAN/AGENCE FRANCE-PRESSE/GETTY IMAGES

tions in Gaza voted “no.” are continuing to demand “History settles every ac-
“With this bill, the Senate de- tighter control of the U.S. bor- count,” said McConnell. Today,
clares that American leadership der as a condition for any aid, he said, “history will record
will not waver, will not falter, just a week after Republicans, that the Senate did not blink.”
will not fail,” said Senate Major- including Johnson, rejected a Republican opponents in the
ity Leader Chuck Schumer (D., bipartisan compromise devised Senate described continued aid
N.Y.), shortly after final passage by Sens. James Lankford (R., for the war efforts as folly, ar-
Tuesday morning. Schumer said Okla.), Kyrsten Sinema (I., Ariz.) guing that the U.S. doesn’t have
he believed a strong majority of and Chris Murphy (D., Conn.). the resources to keep support-
the House would support the Johnson criticized the Senate ing Kyiv—or that Putin would
bill if lawmakers were given a aid bill on Monday for lacking prevail anyway.
vote, while pressing Johnson to border provisions and made “If you’re concerned about
move quickly. That sentiment clear it is unlikely to get a vote the Ukrainian people, you
was echoed by Biden, who on Senate Majority Leader Chuck Schumer left a news conference Tuesday after the Ukraine vote. in its current form, but he has ought to do everything you can
Tuesday called the moment an kept his options open. In brief to bring this war to an end,”
“inflection point” and urged and $13.8 billion to help Ukraine Israel finance other weaponry, The Senate bill’s chances are comments on Tuesday, he said: said Sen. Ron Johnson (R.,
Johnson to “let the full House buy weapons and munitions and $9.15 billion to provide uncertain in the House because “National security begins with Wis.). He said Putin is “an evil
speak its mind.” from the U.S. It also includes food, water and other humani- of the greater power of Ukraine border security. We have said war criminal. But he will not
The new aid package pro- $7.85 billion to help sustain tarian aid in hot spots including skeptics and influence of Re- that all along.” lose, he’s not going to lose.”
vides about $60 billion related Ukraine’s government—a reduc- Gaza, the West Bank and publican presidential front-run- Democrats said Republicans President Volodymyr Zel-
to Ukraine, marking the largest tion from the $11.8 billion re- Ukraine. It provides $2.4 billion ner Donald Trump, who has op- already had their chance on the ensky of Ukraine thanked sen-
single infusion of aid to the quested by the Biden adminis- to support U.S. operations re- posed more Ukraine aid and border and failed, and should ators Tuesday for their sup-
country since the Russian inva- tration—and a prohibition on lated to attacks by the Houthis recently suggested turning the now just vote on the Senate port. The aid, he said, “helps
sion in early 2022. using the funds to cover pen- on shipping in the Red Sea and aid package into a loan. He has bill. “The speaker said he to save human lives from Rus-
That includes some $20 bil- sions for Ukrainians. $2 billion in foreign-military fi- taken a skeptical view of U.S. wouldn’t pass ukraine funding sian terror.”
lion to replenish U.S. stockpiles The bill also includes $14.1 nancing for the Indo-Pacific— commitments overseas, has without a border deal and we —Ken Thomas, Tarini Parti,
drawn down during earlier billion for Israel, both for mis- money seen as aimed at helping praised President Vladimir Pu- got a deal and then he killed Isabel Coles and Alex Leary
rounds of support to Ukraine, sile-defense systems and to help Taiwan buy weapons. tin of Russia and said at a rally the deal,” said Murphy on so- contributed to this article.

House GOP with a thin 219-212 majority

with all members present.
House Majority Leader Steve
Committee.
In a statement after the
vote, Biden, a Democrat, said:
the Senate passed a $95.3 bil-
lion package for Ukraine, Is-
rael and Taiwan that excluded
nearly 250,000 migrants caught
crossing the border illegally.
The House impeachment

Impeaches Scalise (R., La.) last week had

been absent for cancer treat-
ment, but he returned this week
“History will not look kindly
on House Republicans for their
blatant act of unconstitutional
border-policy changes, a mea-
sure that heads to the House.
Johnson said next to war,
managers will present the ar-
ticles of impeachment to the
Senate later this month after

Mayorkas and helped bolster GOP ranks.

In the impeachment resolu-
partisanship that has targeted
an honorable public servant in
impeachment “is arguably the
most serious authority given to
the current recess, according
to the office of Senate Major-
ALEX BRANDON/ASSOCIATED PRESS

tion, Republicans accused order to play petty political the House and we have treated ity Leader Chuck Schumer (D.,
Mayorkas of demonstrating a games.” this matter accordingly.” N.Y.). Senators would be
Continued from Page One “willful and systemic refusal Republican leaders held the In an opinion article in The sworn in as jurors in the trial
vor of impeachment except for to comply with the law” and vote just as their majority is set Wall Street Journal last week, the next day, and Senate Pres-
three: Reps. Ken Buck of Colo- “breaching the public trust.” to shrink even further, with Gallagher, one of the three ident Pro Tem Patty Murray
rado, Tom McClintock of Cali- Bipartisan critics of the effort Democrat Tom Suozzi winning GOP dissenters, said Mayor- (D., Wash.) would preside.
fornia and Mike Gallagher of said the charges amounted to a closely watched special elec- kas’s performance “has been a Schumer said that House
Wisconsin. Two Democrats and policy disagreements or per- tion Tuesday night in New York disgrace” but said impeach- Republicans failed to produce
two Republicans didn’t vote. formance failings, but not im- to replace expelled Republican Alejandro Mayorkas ment would “set a dangerous any evidence that Mayorkas
The effort last week to im- peachable crimes. Rep. George Santos. new precedent that would be has committed any crime.
peach Mayorkas fell one vote “With today’s vote, Con- Republicans continued the La.) called the Senate’s deal— used against future Republi- “This is a new low,” he said.
short of passage, with the gress has taken decisive action impeachment effort after re- which paired aid for Ukraine can administrations.” Mayorkas is the first sit-
same three Republicans voting to defend our constitutional jecting an effort in the Senate with changes to border pol- The border has become a ting cabinet official to be im-
and all Democrats against the order and hold accountable a to craft a bipartisan border icy—dead on arrival, eventu- central concern for Congress peached. Secretary of War
move that time as well. The public official who has violated deal to address many of the ally leading most Republicans and the White House as arrests William Belknap resigned just
unexpected defeat highlighted his oath of office,” said Rep. same issues House conserva- in the House and Senate to of migrants hit records in re- ahead of his impeachment
the party’s lack of wiggle room Mark Green (R., Tenn.), chair- tives are raising. House criticize the bill as insuffi- cent months. Border Patrol vote in 1876, and he was ac-
on contentious legislation, man of the Homeland Security Speaker Mike Johnson (R., cient. On Tuesday morning, agents in December arrested quitted in the Senate.

U.S.WATCH

Hope
is what we do.
ROGELIO V. SOLIS/ASSOCIATED PRESS

GROUNDBREAKING LAWMAKER: Former State Rep. Alyce Clarke inspected her official
portrait in the Mississippi State Capitol in Jackson on Tuesday. Clarke, a Democrat, is the
first woman and the first African-American to have a portrait displayed in the state Capitol.

WASHINGTON OHIO OBITUARY

SEC Anticipates Bribery Case David Bouley,
Climate-Rule Suits Allegations Denied Famed Chef, 70
Securities and Exchange Two fired executives of David Bouley, the award-
Commission head Gary Gen- FirstEnergy and a former top winning and frenetic chef
sler said possible lawsuits state utilities regulator pleaded whose idiosyncratic haute cui-
challenging the agency’s pro- not guilty Tuesday to state sine and crusty breads pleased
posed climate-disclosure rule charges related to a $60 mil- critics and the public during a
would be “part of our democ- lion bribery scheme that cen- career chasing sleek delicious-
racy,” but added that the SEC tered on securing a legislative ness, has died. He was 70.
is working to craft a rule that bailout for two Ohio nuclear Bouley died of a heart at-
holds up to judicial scrutiny. power plants with the help of tack Monday at his home in
The SEC has yet to release a powerful House speaker. Kent, Conn., according to Lisa
a final version of climate regu- Former FirstEnergy CEO Queen, his literary agent.
lations first proposed nearly Chuck Jones and Senior Vice Along with Daniel Boulud,
two years ago. But the wide- President Michael Dowling Alain Ducasse and Jean-
ranging proposal—which would forcefully pushed back after Georges Vongerichten, Bouley
require companies to report on Republican Attorney General was part of a culinary van-
climate-related risks and car- Dave Yost announced their in- guard in the 1980s that cre-
bon emissions—has been criti- dictments Monday, disputing ated the New American style
cized even from within the fact patterns laid out in the and turned fine dining into an
agency and is expected to face state’s 50-page indictment and expressive art form, leading
legal challenges. claiming a lack of evidence. to the rise of rock-star chefs.
Gensler, who spoke at Yale They and Sam Randazzo, a “He is as responsible as
Law School on Tuesday, sug- former chair of the Public any chef for the high Gothic
gested that the agency’s be- Utilities Commission of Ohio style of the ’80s,” Grub
At ChildFund, hope is about helping kids everywhere grow ing forced to defend the rule who is also federally charged, Street wrote in 2017.
in court is part of the process. were indicted by a Summit Bouley spent much of his
up healthy, educated, skilled and – above all – safe. Hope is “That’s part of our democracy. County grand jury Friday on a career cooking in the Tribeca
We live in a great democ- combined 27 criminal counts, neighborhood of Manhattan,
about keeping children safe wherever they are: at home,
racy,” Gensler said. “That’s including bribery, theft, tam- starting with Montrachet
in school, online. Hope is about what the public wants.” pering with records and when it opened in 1985 and
Gensler said that he is fo- money laundering. then his own restaurant, Bou-
all of us – including children cused on making regulations The indictments marked the ley, two years later.
– writing our story together. Because we need each other. that can stand up to legal latest development in what Other restaurants he
challenges. has been labeled the largest worked in include Danube,
Many public companies al- corruption case in Ohio history. Bouley Bakery, Upstairs at
ChildFund.org ready provide investors with Former House Speaker Larry Bouley, Bouley at Home, Se-
some sort of climate-related Householder was convicted of cession and Brushstroke, a
disclosures, but the SEC rule racketeering last year and sen- collaborative effort with the
is meant to make that re- tenced to 20 years in federal Tsuji Culinary Institute in
porting more consistent. prison for leading the scheme. Osaka, Japan.
—Richard Vanderford —Associated Press —Associated Press
THE WALL STREET JOURNAL. Wednesday, February 14, 2024 | A5

WORLD NEWS
Sharif’s Party Forms Coalition in Pakistan
Opposition leader allegations of rigging. clined to comment on the rig- of coming to power. Inflation
Questions of legitimacy ging allegations. The interim is running at a punishing 30%.
Khan’s organization likely will linger over the new government, which oversaw There has been a surge in ter-
says election rigging administration. The govern- the election period, says that rorist attacks since the take-
ment will need to stabilize the those with complaints should over of neighboring Afghani-
deprived it of win fragile economy, which is sur- take them to the election com- stan by the Taliban in 2021.
viving on a bailout from the mission and the courts. But the coalition appears to

ARIF ALI/AGENCE FRANCE-PRESSE/GETTY IMAGES

BY SAEED SHAH International Monetary Fund. Shehbaz Sharif, who is 72 be unsteady from the start.
Candidates associated with years old, has been a loyal po- The second largest party in
ISLAMABAD, Pakistan—A Khan’s Pakistan Tehreek-e-In- litical lieutenant to his older the partnership, the Pakistan
coalition government led by saf party took at least 90 of brother. The party says that if Peoples Party, said it wouldn’t
the party of a former prime the 265 seats being contested, it had won a majority on its serve in the cabinet and it
minister was announced Tues- according to the official re- own, Nawaz Sharif would have would support the administra-
day after elections last week sults. Party officials said their been prime minister again, tion on a case-by-case basis in
failed to show a winner with a effort was hindered by not be- but the younger brother is Parliament.
single majority. The new coali- ing allowed to campaign in a better at managing a coalition. Khan’s party has made
tion excludes the party of large parts of the country or Shehbaz Sharif appealed clear it won’t cooperate with
jailed opposition leader Imran use its well-known cricket-bat for an end to political infight- any new government formed
Khan which won the most symbol on the paper ballot. Shehbaz Sharif will serve as Pakistan’s prime minister under ing, sitting at a news confer- by its rivals.
seats in the Feb. 8 contest. Khan’s party says it has the a new coalition government announced on Tuesday. ence with the other coalition Pakistan’s Western allies
Under the deal, Shehbaz right to form the new admin- partners. “Because of the hole have raised concerns about the
Sharif, younger brother of istration. But the official re- other parties, says it has the in 2022, supported Sharif’s the economy has fallen into, election, with the European
three-term Prime Minister sult still left Pakistan Tehreek- numbers for a majority but party in the election, according tough decisions are needed Union saying there was a lack
Nawaz Sharif, will serve again e-Insaf short of a majority in they will need to prove it to politicians from both sides. and these can’t be made with- of a level playing field and the
as prime minister, his party Parliament. Khan’s party says when the new Parliament con- The military admits it inter- out consensus,” he said. “Let’s U.S. calling for an investigation
said. The party, Pakistan Mus- that vote rigging deprived it venes in the weeks ahead. fered in politics in the past, forgive and forget.” into claims of electoral inter-
lim League-N, took the second of dozens more seats. Pakistan’s powerful military, but says it no longer does so. The new administration will ference and fraud. Washington
most seats in this month’s The coalition, which in- which Khan’s party says was The Election Commission, need to start negotiations for has indicated that it will work
election, which was marred by cludes most of the country’s behind his ousting from power in charge of the election, de- a fresh IMF loan within days with the new administration.

Talks Over Cease-Fire, Hostages Fail to Bridge Gaps

BY JARED MALSIN tian officials said. The Israeli zones previously cleared by
AND SUMMER SAID officials reiterated the govern- the Israeli offensive. Opera-
ment’s view that Hamas’s terms tions also are continuing in
Central Intelligence Agency for the deal are unrealistic, they Khan Younis, where Halevi
Director William Burns ended said. Hamas officials didn’t par- said Israel is working to de-
negotiations with top Mideast ticipate in the talks in Cairo. stroy Hamas’s infrastructure.
officials Tuesday without mak- A U.S. official said there Israel’s military has said it
ing major strides toward a was no breakthrough or break- believes senior Hamas leaders
deal between Israel and Hamas down in the negotiations. are sheltering in tunnels under
that would free hostages and Egyptian officials said the Khan Younis and other cities in
pause fighting in the Gaza talks would continue through Gaza. The military on Tuesday
Strip, according to officials fa- diplomatic and security chan- screened footage that it claimed

MOHAMMED ABED/AGENCE FRANCE-PRESSE/GETTY IMAGES

miliar with the talks. nels in the coming days. showed Hamas’s leader in Gaza,
Burns held talks with David Tuesday’s talks were held as Yahya Sinwar, traversing a
Barnea, the head of Israel’s Israel is preparing to expand Khan Younis tunnel with family.
Mossad intelligence agency, as its military operations into the The video is from the early days
well as Egyptian intelligence city of Rafah on Gaza’s border of the war, the military said.
chief Abbas Kamel and Qatari with Egypt, where more than a South Africa’s government
Prime Minister Sheikh Mo- million Palestinian civilians are said Tuesday that it made an
hammed bin Abdulrahman al- sheltering. A ground assault in urgent request to the Interna-
Thani, the officials said. Rafah likely would worsen the tional Court of Justice to con-
The talks were part of an humanitarian crisis. sider whether Israel’s plans to
intensifying effort by the Bi- During the negotiations, Is- extend its operations in Rafah
den administration to achieve raeli officials warned that if require the court to use its
a cease-fire in Gaza and stop a Hamas doesn’t accept Israel’s power to prevent further
conflict that has reduced terms for a temporary cease- harm to Palestinians in Gaza.
much of the enclave to ruins fire, Israel’s military would Last month, the United Na- A Palestinian family packs to leave the Gaza city of Rafah as Israel says it is preparing to strike.
and pushed the Middle East to proceed with an offensive in tions court ordered Israel to
the brink of a regional war. Rafah, according to officials take measures to stop the de-
A team of Israeli security of- familiar with the talks. struction of the enclave’s Pal-
ficials led by Barnea left Cairo Israel’s top commander, Lt. estinian community and allow
on Tuesday without closing any Gen. Herzi Halevi, said Tues- the entry of humanitarian aid,
of the major gaps in the negoti- day that his forces would ex- but didn’t order a cease-fire.
ations, including the duration of pand to new areas of opera- The Israeli government de-
a cease-fire and the ratio of Pal- tions. He said Israeli forces are clined to comment. Representa-
estinian prisoners to be re- returning to areas in northern tives for the ICJ didn’t respond
leased for each hostage, Egyp- Gaza, as militants stream into to a request for comment.

Abbas Is Clinging to Power,

Frustrating West’s Gaza Plan
RAMALLAH, West Bank— zation leader, at the signing.
Whenever Mahmoud Abbas is Today, Abbas, who didn’t re-
quizzed about who he wants spond to a request to be inter-
as his successor, the 88-year- viewed, is regarded more as a
old president of the Palestin- dead weight by Western na-
ian Authority gives his stan- tions and their allies. He in-
dard reply: no one yet. creasingly is undermined by
CHRISTOPHE ENA/PRESS POOL

Hamas, which violently opposes

By Omar Abdel-Baqui, his pursuit of Palestinian state-
Summer Said and hood through dialogue with the
Fatima AbdulKarim West and, at times, Israel.
For years, that dynamic has
His father lived to over 100, posed a conundrum for Western
so why fret about finding a re- nations: Support elections with

SOUTH SEA TREASURE

placement, an Egyptian offi- President Mahmoud Abbas is the chance Hamas wins, or con-
cial recalls Abbas responding refusing to give up power. tinue to back an unpopular
to the longstanding succession ruler who hasn’t faced a general
question. “He is convinced he against a role for the author- election for 18 years. Oct. 7 and PEARL & DIAMOND BRACELET
has another 20 years to go,” ity in Gaza after the war but the subsequent surge in support
said a former Abbas staffer. hasn’t set out an alternative. for Hamas changed that calcula-
Abbas has ruled the Palestin- In public, the U.S. says a revi- tion, Mideast analysts say, mak- Captivating brilliance. Timeless design. Rare pearls.
ian Authority as leader of Fa- talized Palestinian Authority ing an overhaul of the Palestin- Dazzling and elegant, this bracelet features six exquisite
tah, its largest party, for nearly should govern the West Bank ian Authority a priority. 13.5mm South Sea pearls. Hailing from the warm waters
two decades and hasn’t faced and Gaza, and that Abbas’s office One workaround discussed by
of the South Pacific, these pearls are among the rarest
general elections since 2006. has ideas for changes that are a U.S. and Arab negotiators is to
His poll ratings are on the floor, “step in the right direction.” In push Abbas to appoint a new and most valuable, treasured for their impressive size
with 90% of Palestinians calling private, Western and Arab offi- prime minister with more execu- and radiant luster. Delicate florets of diamonds totaling
for his resignation and the au- cials say revitalization means re- tive power, say Egyptian officials. 24.10 carats surround the pearls, elevating their brilliance.
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His insistence on staying in Talks among Palestinian fac- Palestinian Authority’s first
power is snarling plans for Gaza, tions, Arab states and the U.S. prime minister in 2003, backed
where the U.S. and its Arab al- have included discussions about by the U.S., which sought a closer
lies want the Palestinian Au- potential successors, say people partner than it had in Arafat. Scan to watch a
thority, which controls parts of involved in the situation. After Arafat’s death, when video of this bracelet
the Israeli-occupied West Bank, Abbas is refusing to accept Abbas became president in
to govern in place of Hamas af- reforms that would diminish his 2005 after Hamas boycotted
ter the war with Israel. power and make a Palestinian elections, he stripped power
In the months before the Authority takeover acceptable from the prime minister’s office.
Oct. 7 Hamas attacks on Is- to Israelis and Gazans, say Arab Although Abbas says he
rael, the Palestinian Authority officials. A spokesman for Abbas won’t be replaced through
was fighting for its life, crack- denied that the president is elections, he has told Arab and
ing down on political rivals blocking progress, and blamed U.S. officials that he would be
and militants, who challenged Israel’s occupation of the West open to forming a new govern-
its flimsy grip on power. Bank and U.S. support for Israel ment with Mohammad Mus-
And while the authority is for the lack of stability in the tafa, a former Palestinian econ-
the only candidate Western and Palestinian territories. omy minister and World Bank
Arab officials have for the her- Abbas is diplomatic but not executive, who isn’t viewed as 622 Royal Street, New Orleans, LA • 877-677-2801 • [email protected] • msrau.com
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and replacing Hamas, there are former Israeli deputy foreign Arab officials. His rise as a se- Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
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jamin Netanyahu has spoken the Palestine Liberation Organi- Palestinians, analysts say.
 A6 | Wednesday, February 14, 2024 * *** THE WALL STREET JOURNAL.

WORLD NEWS

Ukraine Cites
Arab Ties to
Russia, Starlink
Ukrainian officials pre- forces have had no similarly se-
sented fresh claims that Rus- cure communications system.
sian forces are using satellite SpaceX didn’t respond to a
internet terminals made by request for comment on Tues-
Elon Musk’s SpaceX, a day af- day. Musk has denied previous
ter the billionaire expressed reports that Moscow is buying
skepticism that Ukraine could Starlink systems. “To the best
SVET JACQUELINE FOR THE WALL STREET JOURNAL

prevail in the war with Russia. of our knowledge, no Starlinks

have been sold directly or in-
By Ian Lovett, directly to Russia,” Musk
Micah Maidenberg wrote in a Sunday post on X.
and Drew FitzGerald Moreover, responding to re-
ports in Ukrainian media that
Russian forces have pur- Russia was obtaining Starlink
chased satellite internet termi- terminals in Dubai, Starlink
nals made by SpaceX in “Arab posted on X last week that the
countries” and used them at devices can’t be obtained there.
the front line, according to Neither Musk nor Starlink
Ukrainian officials, potentially has responded directly to ques-
Yevheniya Synelnyk hasn’t heard from her brother since shortly after he was captured by the Russians 18 months ago. undercutting a major battle- tions about whether the de-
field advantage for Kyiv’s army. vices could be gotten in other

Kremlin Keeps POWs’ Families in Dark

Meanwhile, in a forum on countries and used in Russian-
his social-media platform X, occupied parts of Ukraine.
Musk said The Russian
“there is no way defense minis-
in hell” Russian try didn’t re-
BY IAN LOVETT Human-rights workers say bring the prisoners home. The Russian Ministry of De- President Vladi- Moscow has spond to a re-
AND IEVGENIIA SIVORKA they are being denied access The plane crash has created fense didn’t respond to re- mir Putin will bought satellite quest for
to POW camps where Ukraini- a difficult situation for Kyiv. quests for comment about the lose the war. comment.
KYIV, Ukraine—Yevheniya ans are held. When prisoners Moscow says the plane was treatment of POWs. On Tuesday, internet Access to
Synelnyk hadn’t heard from her are returned to Ukraine, they heading to a prisoner exchange Danielle Bell, head of the Ukraine’s mili- Starlink has
brother, Artem, since a 30-sec- are gaunt, complaining of star- when it was shot by Ukrainian U.N. human-rights monitoring tary-intelli-
terminals in been a politi-
ond phone call shortly after he vation and torture in Russia. forces, killing 65 Ukrainian mission in Ukraine, said her gence agency, ‘Arab countries.’ cally charged is-
was taken into Russian captivity Under the Geneva Conven- prisoners. Russian officials say team has regular access to the known as HUR, sue since early
18 months ago. So when Rus- tion, prisoners of war must be they recovered metal frag- facilities in Ukraine where posted an audio in the war,
sian officials said a plane with treated humanely. According ments indicating the plane was Russian POWs are held. She recording that when Musk de-
65 Ukrainian prisoners of war to United Nations human- hit by U.S.-made Patriot mis- documented some abuses it said was intercepted from cided to make the service avail-
was shot down last month, she rights monitors, Ukrainian siles, and have released video when Russian prisoners were Russian radio communica- able in Ukraine. Last year, when
was gripped with fear. Could prisoners’ lack of contact with of debris they say was found at captured, but not after they tions. In the recording, two SpaceX said it could no longer
Artem have been on board? the outside world is unusual. the site. U.S. officials said it reached the POW camps, she men can be heard speaking in fund access for Kyiv, the Penta-
More than two weeks later, For prisoners’ families, the was possible some Ukrainian said. The Russian prisoners Russian about how to get gon agreed to pay to keep the
she still isn’t sure if her agony of waiting is com- prisoners were on board. also can send letters and text Starlink, SpaceX’s satellite in- service running. Private donors,
brother—or any other Ukrai- pounding the economic and Ukrainian officials say Mos- messages to their families. ternet system. governments and other organi-
nian prisoner—was on the physical strains of life during cow didn’t warn them that a U.N. monitors have been “Arabs bring everything to zations also pay for terminals.
plane, or where he might be. wartime. Analysts say making plane would be transporting able to visit Ukrainian POWs us: wires, Wi-Fi, router…,” SpaceX can track Starlink us-
“There is no information life unbearable for civilians, prisoners near the border, as in Russian custody only once, says one of the men, who HUR ers within geographic areas, but
about whether he’s alive,” said including with frequent mis- is customary, but haven’t de- in August 2022. Bell’s team in- says are Russian troops. The distinguishing Ukrainian cus-
Synelnyk, 32 years old. sile and artillery strikes on nied shooting it down. Offi- terviews Ukrainian POWs men say the devices each cost tomers from unauthorized Rus-
Two years into the full- nonmilitary targets, is part of cials also say Russia has re- when they return from captiv- 200,000 Russian rubles, or sian troops poses a challenge.
scale invasion, families of the a longstanding Kremlin strat- fused to repatriate Ukrainian ity. They almost always re- about $2,200.
roughly 6,000 Ukrainian pris- egy, designed to kneecap re- bodies or provide any other count stories of torture. Starlink, which is more se-
oners of war are facing a sistance to Russian forces. evidence of who was on board. “To have zero access— cure than cell or radio signals, Watch a Video
near-total information black- Many relatives, like Synel- As a result, Ukrainian offi- none—from our side, this is is considered so vital to Ukrai- Scan this code
out about the status of their nyk, have gone more than a cials say they still aren’t sure new,” Bell said. “The Ukrainian nian operations that the Penta- for Musk’s claim
loved ones, which Ukrainian year without word from their which—if any—Ukrainian pris- prisoners are rarely able to gon struck a deal with SpaceX there is ‘no way
officials say is part of an ef- loved ones, and are protesting oners were on the plane, and send letters. There’s a lack of last year to fund access for in hell’ Putin will
fort to sow discord in Ukraine. to press Ukrainian officials to can’t offer clarity to relatives. access to the outside world.” Kyiv’s forces. Until now, Russian lose the war.

WORLD WATCH
RAJESH SACHAR/ASSOCIATED PRESS

Farmers ran for cover after Indian police fired tear gas to disperse crowds marching to New Delhi.

INDIA NORTH KOREA RUSSIA

Farmers March Pyongyang Tests Blinken Speaks to
Toward the Capital Cruise Missiles Detained American
Indian police on Tuesday North Korea on Wednes- Secretary of State Antony
used tear gas and detained day fired multiple cruise mis- Blinken said he had spoken
some farmers who clashed siles into the sea in its fifth by phone Monday with Paul
with them and tried to break test of such weapons since Whelan, a former U.S. Marine
barricades blocking their way January, South Korea’s mili- held in Russia since 2018, and
to New Delhi to demand guar- tary said, extending a streak said Tuesday the Biden ad-
anteed crop prices in a repeat in weapons demonstrations ministration will keep work-
of 2021 protests, when they that’s elevating tensions in ing until Whelan and other
camped on the capital’s out- the region. wrongfully detained Ameri-
skirts for more than a year. South Korea’s Joint Chiefs cans, including Wall Street
Police dropped tear gas of Staff said the South Korean Journal reporter Evan Gersh-
canisters on the farmers from and U.S. militaries were ana- kovich, are freed.

WE DON’T
a drone at one of the border lyzing the launches that were Whelan was convicted on
points in northern Haryana detected in waters northeast espionage charges he has de-
state that leads to New Delhi, of the eastern coastal city of nied, after a secret trial in

PLAY FAVORITES
where tens of thousands of Wonsan. The South Korean 2020. He has since been the
farmers are headed on trac- military didn’t immediately subject of prisoner-swap talks
tors and trucks. provide the exact numbers of between Russia and the U.S.
Police have sealed multiple missiles fired or how far they “Our intensive efforts to
entry points into the capital flew. It wasn’t immediately bring Paul home continue ev-
We mean it. From compact coupes to heavy-duty pickups and everything with barriers. The government clear either whether the mis- ery single day, and they will
has banned large gatherings siles were fired from land or until he and Evan Gershkovich
in between, there’s a laser-measured FloorLiner waiting for you. in the capital. from sea assets. and every other American
Whether your car is new or used, you’ll find thousands The demonstration comes Experts say North Korea is wrongfully detained is back
more than two years after ramping up pressure in an with their loved ones,” Blinken
of options that are ready to ship to you. Prime Minister Narendra election year in South Korea said at the Wilson Center, a
Modi withdrew controversial and the U.S. with a long-term Washington think tank.
agriculture laws that had focus of forcing Washington Gershkovich was detained
triggered the earlier protests to accept the idea of the by Russia’s Federal Security
The farmers are asking for North as a nuclear power and Service on March 29 while on
legislation that will guarantee extract security and economic a reporting trip in the city of
Auto. Home. Pet. Find Your Fit. 1-800-441-6287 a minimum support price for
all farm produce. India pro-
concessions from a position
of strength.
Yekaterinburg. He is being
held on an allegation of espi-
tects agricultural producers The U.S., South Korea and onage that he, the Journal
against any sharp fall in farm Japan have been strengthen- and the U.S. government ve-
prices by announcing a mini- ing their combined military hemently deny.
mum purchase price for cer- exercises and sharpening Russia has said that it is
© 2024 MacNeil IP LLC
Made in USA tain essential crops at the be- their nuclear-deterrence acting in accordance with its
ginning of the sowing season. strategies. own laws.
—Associated Press —Associated Press —Brett Forrest
THE WALL STREET JOURNAL. * * NY Wednesday, February 14, 2024 | A7

WORLD NEWS

Shipbuilding Feeds China’s Ambitions

Country’s shipyards nese ships from reaching the carrier. A dry dock used for the
island and discharging equip- carrier was earlier occupied by
are ready for a ment and thousands of troops. a containership being built for
protracted war, but Each side would try to take en- CMA CGM, the CSIS analysis
emy ships off the board to pre- showed, suggesting that re-
U.S. lags far behind vent those ships from firing sources were being shared be-
their missiles. tween the commercial and mil-
BY NIHARIKA MANDHANA Both sides would need to itary side of operations.
quickly get damaged ships re- “All these countries that are
China emerged as a global paired and able to use their buying ships from China are
power by turning itself into firepower. The U.S. would paying them to build the ship-
the world’s factory floor. It is struggle, not least because yards they would need to re-
expanding that power—and its modern shipyard workers need pair their fleet in wartime,”
military might—by becoming to be trained. said Shugart of the Center for
the world’s shipyard. China’s advantage is visible a New American Security. “It’s
More than half of the on an island near Shanghai, at kind of hard to watch.”
world’s commercial shipbuild- the mouth of the river Yangtze. CMA CGM didn’t respond to
ing output last year came from Two immense shipyards are lo- a request for comment. Ever-
China. Most of what China cated on the island, known as green said that its vessels were
doesn’t build comes from Changxing, concentrating a being built by the commercial
South Korea and Japan. Eu- great deal of ship-making department of China State

CFOTO/DDP/ZUMA PRESS
rope accounts for just 5%; the power in one place. Shipbuilding Corp., which it
U.S., next to nothing. Changxing Island is being said was separate from the
“The scale [of China’s ship- transformed into a colossal military department. Ever-
building] is just almost hard to “shipbuilding base,” wrote the green’s shipbuilding contracts
fathom,” said Thomas Shugart, Center for Strategic and Inter- are of a purely civil commer-
an adjunct senior fellow at the national Studies in a May re- cial nature, it said.
Center for a New American Se- A large ship is under construction at Haixiwan Shipbuilding in Qingdao, China. port. The buildup started with China’s navy fields 370 bat-
curity whose research focuses the relocation of the Jiangnan tle force ships, more than the
on maritime competition. produces any significant num- Ship deliveries by builder Numbers of Chinese and shipyard from central Shang- U.S. Navy, and is expected to
This shipbuilding empire is ber of commercial oceangoing country/region U.S. navy battle force ships† hai through 2005 to 2008, fol- grow to 435 by 2030. Its ship-
a symbol of China’s historic ships. Several shipyards have lowed by the transfer of a sec- yards are building increasingly
transformation from an in- only one big customer, the 100% 500 ond shipyard, Hudong sophisticated warships, such as
ward-looking continental na- Navy, and those shipyards are Other Zhonghua, still under way. the Renhai-class surface com-
tion to a maritime power—and often battling backlogs, worker Europe China U.S. The shipyards belong to batant. They have also built
a pivotal strategic asset for shortages, a paucity of suppli- 80 Japan 400 subsidiaries of state-owned the world’s largest coast guard
Beijing as President Xi Jinping ers and cost overruns. China State Shipbuilding Corp., and fishing fleets, and an ex-
tries to reshape the world or- “China benefits from a mas- whose clients range from the tensive merchant marine.
der in peacetime and prepares sive commercial shipbuilding 60 S. Korea 300 Chinese navy to foreign ship- The U.S. Navy is expected in
to prevail in war. workload,” Rear Adm. Thomas ping lines. French shipping gi- the next several years to stay at
Giant Chinese shipbuilding J. Anderson said to a congres- ant CMA CGM signed a $3 bil- the present 292 hulls or
firms that crank out container- sional subcommittee in May, 40 200 lion deal last year with it for shrink—retiring more ships
ships, oil tankers and bulk car- when he was the program ex- 16 containerships, after order- than it commissions—before it
China
riers for shipping lines from ecutive officer for ships in the ing 22 vessels two years before starts to grow again. The logis-
China, the West and even Tai- U.S. Navy. Meanwhile, he said, 20 100 that. Taiwan’s Evergreen Ma- tics support and sealift fleet
wan are often the same ones the U.S. government largely rine is also a big customer. that helps the military is aging.
building warships for China’s goes it alone, bearing all the Satellite images from May The U.S. Navy has superior
0 0
navy. With their order books costs of the ships and associ- obtained from Maxar Technol- platforms, such as a large
full for years to come, the ated infrastructure. 2002 ’10 ’20 ’23* 2000 ’05 ’10 ’15 ’20 ’25 ’30 ogies show Jiangnan’s vast fa- number of aircraft carriers.
shipyards have expanded, In a protracted conflict, *as of January 2024. †China figures are for end of calendar year; U.S. figures are for end of fiscal year. cility. Around two dozen ships But naval strategists increas-
trained enormous pools of China’s shipyards would give Note: Figures may not add to 100 due to rounding. are visible, some new, others ingly argue that fleet size also
workers and built sprawling its navy a significant upper Sources: Clarksons Research (deliveries); Congressional Research Service (navy ships) apparently in for refurbish- matters.
supply chains. hand. They would be able to ment or repairs. There are Carlos Del Toro, the U.S.
China’s military planners quickly accelerate production, maintenance delays and new shown: Wars can last a long what appear to be container- Navy secretary, said he is look-
have leveraged all that to replace lost ships and repair ones are behind schedule. time, and fighting them re- ships, destroyers and China’s ing hard at shipbuilding. He
build up the world’s largest damaged ones. That is a capa- There isn’t enough trained la- quires industry. The U.S.’s third aircraft carrier. has directed a review of the
navy, in hull count—a force bility U.S. shipyards brought to bor, dry docks are in short weapons factories have strug- Satellite images of Jiangnan causes of U.S. shipbuilding
central to Xi’s ambitions to World War II, building Allied supply, and in the case of some gled to keep up with Ukraine’s analyzed by CSIS in recent problems and is seeking rec-
project power overseas, pro- vessels faster than German U- critical components, only a battlefields. Its munition mak- years captured an Evergreen ommendations for a shipbuild-
tect sea lanes that connect boats could sink them. handful of vendors are still ers—and shipyards—aren’t vessel docked alongside three ing industrial base “that pro-
China to the world and absorb Today, the U.S.’s shipyards standing. ready for a war with China. Chinese warships and, in an- vides combat capabilities that
Taiwan. struggle to keep up with This is especially troubling, If the U.S. intervened in a other instance, the identifiable our warfighters need, on a
The U.S.’s once-robust ship- peacetime demand. Subma- U.S. strategists said, in light of conflict over Taiwan, U.S. green of an Evergreen hull schedule that is relevant,” ac-
building industry no longer rines are bogged down by what the Ukraine conflict has forces would need to stop Chi- next to the Chinese aircraft cording to the Navy.

The world’s most extraordinary

wildlife are relying on us to survive.
Thank you for becoming a friend.
A8 | Wednesday, February 14, 2024 * * THE WALL STREET JOURNAL.

FROM PAGE ONE

Rafah
Braces for
Next Crisis
Continued from Page One
we find wood, we make a fire
to cook lentils or pasta,” said
Suha Arafat, 47 years old.
Aid deliveries are hindered
by the war’s intensity, the clo-
sure of Gaza’s borders by Is-
rael and Egypt, and strict in-
spections and restrictions by
Israel on what goods can enter
Gaza and where they can go.
The aid shortfall is made
worse by the size of the dis-
placed population and the un-

SAID KHATIB/AGENCE FRANCE-PRESSE/GETTY IMAGES

preparedness of the United
Nations for the scale of need.
Assistance is further ham-
pered by anarchy and perva-
sive looting.
Israel, Egypt and the U.N.
each say they are doing the
best they can to facilitate
emergency deliveries and have
blamed each other for the cri-
sis. Israel, which is seeking to
destroy Hamas, said the Pales-
tinian Islamist militant group Palestinians receiving donated food in the city of Rafah in Gaza. More than 1.3 million civilians have fled other parts of Gaza to take shelter there.
is seizing some of the aid.
Fear is growing that the Is- Kitchen, a Washington-based manitarian convoys at both received a late-night call from were affiliated with Hamas communications equipment,
raeli military will launch a nonprofit that provides meals locations. the Israeli military instructing and that a dozen Unrwa em- generators and other equip-
ground offensive against in crisis zones. “We are feeding our en- U.N. staff to evacuate northern ployees took part in the Oct. 7 ment. Israel officials say the
Hamas in the Rafah area. The When Bloch arrived in Ra- emy,” said Rachel Touito, one Gaza ahead of aerial bombing. attacks. Unrwa fired workers gear might end up in the
U.S. and European countries fah in December, he said, the of the protest organizers. The only U.N. agency with a allegedly involved. The U.S. hands of Hamas.
worry such a battle would town had trees. Almost all of Gaza-wide network was the and other Western donors The U.N. is pressing Israel
cause mass fatalities, squeeze them have since been chopped U.N. Relief and Works Agency. have suspended funding, rais- to allow it to build a protec-
already scarce aid and leave down for firewood. “By the Overwhelmed Unrwa, the largest U.N. opera- ing fears about the conse- tive wall from Kerem Shalom
displaced Palestinians with time I left, people were dig- Before Oct. 7, the U.N. had tion in Gaza, runs schools, quences. to Rafah to protect aid con-
nowhere to go. The war has so ging up the roots of those an emergency plan for a war healthcare facilities and other “If Unrwa stops, the re- voys from criminal gangs. This
far killed more than 28,000 trees to cook with, to make a in Gaza. It mapped out shel- services. It quickly pivoted to sponse stops,” said Scott An- week, men armed with knives
people in Gaza, most of them cup of tea,” he said. ters and matched various emergency-aid delivery. derson, who is overseeing and sticks assaulted truck
women and children, accord- tasks to international agencies “We had to rethink com- Unrwa’s aid distribution in drivers for the first time on
ing to Palestinian health au- and aid groups. pletely, restart from scratch Gaza. “If we are not paying the route.
thorities. The figures don’t Hard border U.N. staff planned to man- our operations in the south,” staff, I don’t know how any-
distinguish between civilians After the Oct. 7 attack, Is- age its humanitarian response said Andrea De Domenico, body will be delivering aid.”
and combatants. rael blocked all goods and aid from Gaza City in the north, who heads the U.N. Office for Before the war, most hu- ‘Still bombing’
The deepening humanitar- from entering the Gaza Strip. where a bunker stored food the Coordination of Humani- manitarian aid and commer- To avoid getting hit in the
ian crisis and the death toll Following U.S. pressure, Israel and communications equip- tarian Affairs in Gaza and the cial goods for Gaza entered via crossfire between Israel’s mili-
are fueling frustration in the allowed food, water, some ment. The plan’s worst-case West Bank. “The only thing Israel. Aid now has to go tary and Hamas, the U.N. and
Biden administration. Presi- medical and shelter supplies scenario estimated around we could do was to piggyback through Egypt, which was ill- aid groups share their move-
dent Biden has broadly sup- and limited amounts of fuel. 500,000 displaced people. on Unrwa’s presence.” equipped for the job. ments with both sides. Even
ported Israel in the war, but Around 170 relief trucks en- The plan collapsed on Oct. Israel recently alleged that The U.N. and other aid so, the Israeli military has hit
he has become increasingly ter Gaza daily through Rafah 11, when senior U.N. officials 10% of Unrwa staff in Gaza groups are dependent on the humanitarian assets, including
critical of how Israel is waging and the nearby crossing of Egyptian Red Crescent, or a truck carrying food last
its campaign and is pressing Kerem Shalom on the Israel Daily number of trucks entering Gaza through each crossing ERC, a local affiliate of the In- week. The Israeli military said
for a cease-fire deal. side of the border. Before the ternational Committee of the it was reviewing the incident.
The war has divided Demo- war, an average of 500 com- 300
Rafah Red Cross, which oversees the Missions to northern Gaza
cratic voters whom Biden mercial trucks and 100 aid movement of the bulk of hu- require Israeli military ap-
Kerem Shalom
needs for his re-election bid. A trucks a day passed into the 250 manitarian goods from Egypt proval. More than half of re-
battle for Rafah could further enclave. to the Gaza border. quests since the beginning of
alienate left-leaning voters an- Getting aid into Gaza is just The ERC struggled with the this year have been denied,
200
gry over the level of civilian part of the problem. The U.N., size of the task, but the Egyp- the U.N. said, sharply limiting
suffering. which oversees the humani- tian government wants it to aid in the north. Israeli au-
Rafah is the last bastion of tarian effort, has limited ca- 150 stay in the lead, Israeli and thorities didn’t respond to re-
Hamas, and its militants are pabilities within the U.N. officials said. The ERC ac- quests for comment.
sheltering among civilians strip. Moving the aid to other 100 knowledges it is short of Extensive blackouts of mo-
there, according to Israel. parts of Gaza is dangerous be- warehouses and trained staff. bile-phone and internet con-
Hamas, which the U.S. has cause of the war. At night, The U.N. has limited say on nections have left aid groups
designated a terrorist organi- criminal gangs hit aid trucks. 50 which goods should be given dependent on a limited num-
zation, triggered the war with On a recent day, a convoy priority, which makes it ber of satellite phones.
the Oct. 7 attack on Israel, of U.N. aid trucks left Rafah 0 harder for the U.N. to meet its World Central Kitchen’s
killing about 1,200 people and before dawn for the northern Nov. 2023 Dec. Jan. ’24 Feb. target of sending 100 trucks of main facility in Gaza provides
taking around 250 hostages. part of Gaza. The trucks food a day into Gaza. Israeli around 30,000 hot meals and
The U.S. has urged Israel waited hours at an Israeli Israel’s proposed evacuation plan for Rafah and U.N. officials say dona- meal kits in Rafah every day.
not to launch a major assault army checkpoint. By mid- tions from Arab countries, dis- Getting food beyond Rafah is a
in Rafah without a plan to morning, a crowd looted four tributed in Gaza by the Pales- struggle. Moving even a few
safeguard refugees. Israel of the six trucks. Looting is so tinian Red Crescent Society, miles can take hours because
wants the U.S. and Gulf Arab common that the U.N. has Ashdod port often take precedence. of combat and checkpoints.
countries to fund tent cities in coined the euphemism, spon- “We do not reject any- In Rafah, Noha Saadawi is
southwestern Gaza so people taneous self-distribution. Mediterranean Sea Beit Hanoun thing,” said Khaled Zayed, a desperate for diapers for her
can shelter there before Israeli Israel is under international Sheikh Ajlin senior ERC official. He said 1-year-old baby, the youngest
forces move into Rafah. pressure to do more to relieve many donor countries are of her three children. The only
Gaza City
Most of the humanitarian the crisis in Gaza, where most sending goods to Egypt with- ones she can find cost the
aid to Gaza passes through of its 2.3 million people are 2 Sharm Park out a plan for their storage or equivalent of $55 a package.
Rafah, where the U.N. and displaced and without ade- distribution. She can’t find baby formula,
1
nongovernmental organiza- quate access to medical care. Delays at the Egyptian but on the black market she
.
Rd

tions run operations. With At the same time, Israeli checkpoints and at the cross- can buy a kilo of powdered
id

ZA
sh

only a trickle of commercial Prime Minister Benjamin Ne- ings with Gaza means it often milk. It is labeled as a human-
Ra

GA
Al

goods entering Gaza, these or- tanyahu is facing criticism takes two weeks for humani- itarian donation but sells for
ISRAEL
ganizations remain the only from his far-right allies for al- tarian goods to reach the the equivalent of $10.
means for filling basic needs. lowing any aid. “The minimal 2 Al Mawasi
Khan Younis strip. Security and political re- Israeli airstrikes, part of a
Finding clean water and aid we committed to is an im- quirements on both sides of special-forces operation that
food is a daily struggle. Most portant condition for the con- Rafah the Gaza border, first by Egyp- freed two hostages, killed doz-
people often go a full day tinuation of the war, because tian and then by Israeli au- ens of civilians in Rafah on
without eating, according to if there is a large humanitar- thorities, mean that goods Monday, according to Pales-
residents and the World Food ian collapse, we can’t continue Rafah crossing have to be unloaded and re- tinian health authorities.
Program. Flour costs as much the war,” he said last week. Kerem Shalom crossing loaded in new trucks at least Some humanitarian organiza-
EGYPT
as 10 times its prewar price, Israel in December re- four times. tions, including World Central
residents said. Many people opened its Kerem Shalom Israel says it doesn’t limit Kitchen, are pulling staff from
are making bread with grains crossing into Gaza to allow 1 Displaced Palestinians to be concentrated in the western area of the the amount of aid within per- Gaza in response.
used to feed animals. the U.N. and NGOs to increase enclave, within the coastal strip. mitted categories and blames Saadawi fears what might
“I’ve never seen anything aid. More recently, Israel al- 2 Setting up close to 15 camp villages, areas included are south of Al the U.N. and other aid groups come next. “We don’t know
as desperate, complex and lowed flour shipments for Mawasi and Sharm Park, each with 25,000 tents. for lacking the capacity to de- where we would go,” she said.
challenging,” said Sam Bloch, Gaza to be unloaded in its liver more. The U.N. says it —Carrie Keller-Lynn
director of emergency re- port of Ashdod. Protesters Sources: U.N. Relief and Works Agency for Palestine Refugees in the Near East (trucks); Egyptian could expand operations if Is- and Menna Farouk
sponse at World Central have repeatedly blocked hu- officials familiar with the Israeli proposal (evacuation plan); Google Earth (satellite image) rael allowed more trucks, contributed to this article.

Buy ways,” she says.

Last year, 39% of U.S. con-
sumers said they bought
whole fam or just you.” In
Etsy’s “gift mode,” shoppers
can select “myself” as the re-
running social-media ads with
the message, “From You, To
You.” The company is offering
through Feb. 14 to urge its
male customers to buy for
themselves. “Treat yourself
dating,” says Amanda Hernan-
dez, a 29-year-old nurse who
lives in Passaic Park, N.J., and

Yourself themselves a Valentine’s Day

gift, according to a poll of
more than 1,000 people by
cipient and “Valentine’s Day”
as the occasion.
Online lingerie seller Adore
a special treat for single shop-
pers—a mystery gift that in-
cludes leather-treatment
with goods made just for you,”
its website says.
Lately, Valentine’s Day is
threw a Galentine party this
year. “I like going to muse-
ums, bars and other events on

A Valentine market-research firm Circana.

Marshal Cohen, Circana’s
chief industry adviser, says
Me is touting more buy-for-
yourself items in its Valen-
tine’s Day line up, including a
products emblazoned with the
words, “Love yourself…and
your bag this Valentine’s Day.”
being reinterpreted to reflect
the growing number of sin-
gles. According to the Census
my own instead of waiting for
friends or a romantic partner
to be available.”
the trend is a carry-over from red, lacy push-up bra that car- Founder Mathias Moslund Bureau, 49.2% of U.S. adults Alina Wilson bought herself
Continued from Page One the Covid years. “People were ries the tagline on social me- says he changed tack after last were unmarried in 2023, com- a bracelet and earrings years
“Sometimes he really nails it,” getting practical gifts during dia, “Forget gifts for others, year’s more traditional Valen- pared with 41.9% in 1993. ago when going through a dif-
like when he commissioned a the pandemic like vacuum this is the gift you need for tine’s Day marketing fell flat. The Pew Research Center ficult time at work. “Any time
portrait of Parsell and their cleaners, so they started buy- you this Valentine’s Day.” “All of my girlfriends have found 56% of single Americans I was nervous, I would look at
daughter. Other times he falls ing romantic things for them- That self-gifting message boyfriends so I feel left out on in a 2022 study said they the bracelet and it would help
short, such as when he bought selves.” Retailers are hoping has performed better on Face- Valentine’s Day,” says Anna weren’t looking for a relation- me stay grounded,” recalls the
her kitchen towels. “Or he’ll self-gifting will reignite Valen- book and Instagram than oth- Rusborg, a 19-year-old stu- ship or casual dates. That was 52-year-old owner of a medi-
say, ‘I didn’t know what to get tine’s Day. U.S. discretionary ers aimed at buying gifts for dent, who lives in Copenhagen up from 50% in 2019. cal spa and wellness center in
you, so just pick out some- general merchandise sales fell romantic partners, says Ran- and is treating herself to a Nearly a third of Valen- Lake Oswego, Ore.
thing for yourself.’” 4% in dollars and 6% in units jan Roy, Adore Me’s vice presi- vintage Louis Vuitton Speedy tine’s Day diners last year For Valentine’s Day, Wilson
That is what she is doing during the two weeks ended dent of strategy. These days, Bag from Collector’s Cage. “I were solo or in groups of is treating herself to a dia-
this Valentine’s Day. She de- Feb. 18, 2023, compared with “people are looking for micro know I’ll find love someday, three or more, according to mond tennis bracelet. “I’m not
signed a custom ring from the same period the prior indulgences—small ways to but buying a bag for myself OpenTable, an online restau- going to turn down a gift from
jeweler Bario Neal of 18-karat year, according to Circana. splurge on themselves.” makes me feel independent.” rant reservation service. And my partner,” she says. “But
gold with an aquamarine Target is advertising heart- Collector’s Cage, which Women aren’t the only tar- “Galentine” celebrations that buying for myself makes me
stone, which is her mother’s themed T-shirts and sweat- sells previously owned de- gets. Bevel, which makes fête female friendships are feel great. You can’t love an-
and daughter’s birthstone. shirts for Valentine’s Day, signer handbags online and at grooming products for men, now widespread. other person unless you love
“It’s about love in all different which it says are “fit for the two stores in Copenhagen, is offered a discount promotion “I’ve been doing more solo yourself.”
 PERSONAL JOURNAL.
© 2024 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Wednesday, February 14, 2024 | A9

BY ANDREA PETERSEN

A
Baton Rouge, La.
t a biomedical center
here, there’s a man
scarfing down Frosted
Flakes and tater tots
while hooked up to an
IV. His job? To help the
government figure out what you
should eat.
That man, Kevin Elizabeth, a
28-year-old tech worker, is one of
500 Americans who will be living
at scientific facilities around the
country for six weeks, eating pre-
cisely selected meals and undergo-
ing hundreds of medical tests. He
is part of a new study, costing
$189 million, that is one of the
most ambitious nutrition-research
projects the National Institutes of
Health has ever undertaken.
If the study succeeds, it could
help Americans get healthier and
cut through years of confusion
about nutrition guidance.
Chronic diseases linked to our
diets are on the rise. Sometimes-
conflicting advice hasn’t helped—
remember the low-fat craze?—and
has resulted in little improvement
in our health. The percentage of
U.S. adults ages 20 and over with
obesity is 41.9%, according to Cen-
ters for Disease Control and Pre-
vention data collected from 2017 to
2020. That is up from 30.5% in 1999
to 2000. About 15% of American
adults have diabetes, up from 10.3%
in 2001 to 2004, CDC data show.
The NIH study will involve
10,000 participants in total, some  Kevin Elizabeth, top right, is
of whom are signing up for in-
tense measures, like monitors that
follow them and make sure they
don’t eat smuggled food, or spe-
Finding the Right Foods living at a scientific facility for six
weeks—eating precisely selected
meals and undergoing medical
tests—to help scientists determine
cial eyeglass attachments to re-
cord what they eat.
If all goes according to plan, in
a few years you’ll be able to walk
into your doctor’s office, get a few
That Work Best for You what people should eat.

the sites’ daily menus have consis-

tent proportions of fats, carbs,
simple medical tests, answer ques- Scientists investigate how different people respond to different diets protein and other components.
tions about your health and life- Staffers monitor participants
style, and receive personalized who are staying at Pennington
diet advice, says Holly Nicastro, sure the results apply broadly. the sugary milk left behind in the his Baton Rouge home, his schedule Biomedical to make sure they are
coordinator for the NIH’s Nutri- “We might be able to fine-tune cereal bowl. Scientists at the facil- hasn’t changed much in the study. sticking to the plans. Someone
tion for Precision Health study. diets,” said Alice H. Lichtenstein, ity here, Pennington Biomedical But he misses his fiancée, who’s a watches them eat their study
director of the Cardiovascular Nu- Research Center, part of the Loui- nurse elsewhere at Pennington Bio- meals and encourages them to eat
A diet plan, just for you trition Team at Tufts University, siana State University System, medical, and their two cats. the whole thing. Escorts accom-
Scientists agree broadly on what who isn’t involved in the NIH study. want to know exactly how much Elizabeth was on day 13 of the pany participants to the gym and
constitutes a healthy diet—heavy “So it will work out better if one he’s eating of his carefully de- largely ultra-processed diet when on walks to prevent any sneaky
on veggies, fruit, whole grains and person in the family gets a little signed meal. he had his blood drawn around his vending-machine dashes.
lean protein—but more research is more protein and somebody else He wore a heart-rate monitor, Frosted Flakes breakfast. The diet And then there’s the bathroom.
showing that different people re- gets a little more fat and another a device to record his physical ac- resembled what Elizabeth typically Some participants elsewhere in the
spond differently to gets a little more tivity, and a continuous glucose eats at home (a lot of convenience NIH study are using a new “smart”
the same foods, carbohydrate.” monitor to measure blood sugar. foods like frozen pizza), though he toilet paper device to collect stool
such as bread or With more cus- An IV stuck out of his hand. Nine said he felt more tired than usual, samples. The researchers are par-
bananas. Researchers tomized guidance, times over the next four hours, a especially during exercise. ticularly interested in how the
Elizabeth and his hope they can nutrition research- technician drew Elizabeth’s blood three diets affect the gut micro-
fellow participants ers hope that more to measure his body’s response to Camera glasses biome—and how that influences
spend two weeks predict what a Americans will see the meal, including his insulin One novel tool being used in the how people respond to a diet.
each on three differ- results—like blood- and glucose levels, along with study: small cameras that attach On that Tuesday morning at
ent diets. One is
specific diet will sugar levels drop- dozens of other metrics. Elizabeth to eyeglasses and start recording Pennington Biomedical, Elizabeth
high fat and low do for a person. ping or blood pres- gave samples of urine, stool and when the wearer chews. The cam- was lying down in a hospital bed
carb; another is low sure improving— saliva. Scientists had already col- eras were designed to ensure that with a clear plastic hood covering
on added sugars and and stick to lected specimens of his hair and people accurately report what his head. He was instructed not to
heavy on vegetables, healthier diets. nails, and put him through a they eat. move or talk. Biomedical engineer
CHRISTIANA BOTIC FOR THE WALL STREET JOURNAL

along with fruit, fish, poultry, “There can be this public per- DEXA scan, a full-body X-ray that The glasses have been a tough Isabella Reed was conducting a
eggs and dairy; a third is high in ception out there that ‘Oh, every- quantifies the amounts of fat, sell. “A lot of the participants are test to measure Elizabeth’s resting
ultra-processed foods and added one knows what you’re supposed bone and muscle. wondering if it captures other metabolic rate, basically the num-
sugars. to eat, but it doesn’t work for me.’ “I thought it would be nice if I things,” said Catherine Cham- ber of calories he burns just by be-
The study’s scientists will take But if this is for me and based on could do something meaningful pagne, professor of dietary assess- ing alive and awake. A TV was on.
the data they are collecting to cre- me,” people might be more likely for, like, science and, personally, ment and nutrition counseling at “They can’t watch the Food Net-
ate algorithms that, they hope, can to follow the plan, Nicastro said. just to learn more about diet and Pennington Biomedical and Louisi- work,” said Reed, who said even
predict what a particular diet will how it affects me personally,” said ana State. looking at food can change the test
do for any one of us. They’re re- Carefully crafted meals Elizabeth, who works in technol- Study workers periodically results. Anything scary is out, too;
cruiting participants with a range Elizabeth was encouraged to con- ogy at a company that rents out blend the meals into a giant being freaked out can burn calo-
of ages, ethnicities, backgrounds sume every last morsel of his heavy equipment to businesses. smoothie and have them analyzed ries. “We watch a lot of Hallmark
and health conditions to make Frosted Flakes breakfast, down to Since he works remotely from by an outside lab, to make sure all movies and HGTV,” she said.

Easing Children Out pared,” said Lucina, 52, an executive

vice president at Northern Trust.
Lucina said the experience was a
main reason she became a financial

Of the Financial Nest adviser. She has three daughters,

and recently asked the oldest to
complete her own college financial-
aid form.
BY VERONICA DAGHER Hampshire for a gig as the assistant She tells clients that even if they

P
to a professional ice-hockey team’s have good intentions, it can feel to
arents are cutting the financial mascot in St. Paul, Minn. He also the children as if their parents are
cord with their adult kids later works at an M&M’s store. withholding money to punish them.
than ever. They hope it isn’t Nancy occasionally gives $50. By “Assure them that love is not
awkward. this June, Reid will no longer get contingent on finances,” she said.
They have been paying the any financial help. He hasn’t needed
phone bill and covering rent for far to hit up his mom for rent money in Create an exit strategy
longer than in prior generations. the past few months. “I want to There are times when financial help
Some help with down payments to chart my own path in life,” he said. is necessary. With a health issue or
buy homes. Others put a roof over Taking such a gradual approach addiction, parents often use a spe-
their kids’ heads well into their 30s and framing the conversation around cial-needs trust, where funds typi-
to help them save because they gaining financial independence give An emotional decision “Letting go is often harder for cally go directly to treatment. Others
can’t cover rising costs of living. it a positive spin, said Rocky Fittizzi, Many adult children are living at parents these days because we opt to help temporarily after a layoff.
That comes with a price. More a wealth-strategies adviser at Bank home to save money. The cost of need to feel needed as much as we But financial advisers said par-
than a quarter of parents who are of America Private Bank. food and rent have jumped, and the want to feel wanted,” said Bobbi ents need to set boundaries.
helping their children financially said share of 25-to-29 year-olds with Rebell, the founder of Financial Ashley Kaufman’s parents told
it caused them to postpone retire- student loans rose to 43% in 2022 Wellness Strategies, which gives her she would need to move out of
ment, according to a recent Credit Reasons parents say they are from 28% in 1992. The rise was workshops for parents about how their Manhattan apartment once
Karma survey. More than half had supporting their children even bigger for those between 30 to teach their children to be finan- she saved $100,000 for a down
to cut back on expenses and about Duty as a parent and 34, according to a recent report cially responsible. payment on her own place.
a third took on debt. by the Pew Research Center. The cybersecurity consultant hit
Feeling stretched, they are nego- 50% Some 20% of men and 12% of Semi-tough love her goal by the time she was 25,
tiating the terms of separation. women between 25 and 34 years Pam Lucina was in her first year of but she wasn’t sure she was ready
ERICKA BURCHETT/THE WALL STREET JOURNAL, ISTOCK (3)

Nancy Clark and her then-28- High cost of living old lived at home last year, a far law school 30 years ago when her to move out. She enjoyed seeing
year-old son, Reid Clark, had just sat 42 larger portion than two decades ago, father told her she was off the pay- her younger siblings regularly and
down to dinner in June 2022 when according to Census Bureau data. roll. Her parents had paid for her playing with the family dog, she
the conversation turned to when he Unfriendly job market
During the pandemic, layoffs and undergraduate education. Assuming said. Her parents encouraged her to
would move out. The topic had money strains forced some adult they would pay for law school too, go to some open houses anyway.
come up before, but this time they 33 children and their parents to live to- she had chosen a pricey one. Kaufman, the stepdaughter of Re-
set a date: one year later. gether and share finances, said She graduated with $40,000 in bell from Financial Wellness Strate-
Nancy, now 60, said she remem- Rising rents Arne Boudewyn at Insights Squared student debt and couldn’t afford to gies, is now 27. She bought her
bers thinking: “I know that becom- 23
Consulting Group, a family wealth contribute to her 401(k) for about apartment around two years ago
ing financially independent needs to consulting company. five years. and is happy to be building equity.
feel a little painful.” Worries over losing the close “I know that my parents sacri- “I’m glad my parents gave me a
Note: Shows the share of parents who support their
Reid set off on his own last June. children that cited each reason.
bonds forged during those years may ficed to give me what they did and little nudge,” she said.
He ditched a job managing his fam- Source: Credit Karma via Qualtrics survey of 1,249 U.S. add to the stress of ending monetary I’m grateful for all of their past sup- —Julia Carpenter
ily’s three ice-cream shops in New adults above the age of 18, conducted Nov. 20-26, 2023 help, financial advisers said. port, but I wish I had been more pre- contributed to this article.
A10 | Wednesday, February 14, 2024 THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

Five Strategies for Improving Meetings

New technology, including virtual-reality tools, and old school walk-and-talks are being adopted by businesses

BY RAY A. SMITH AND LINDSAY ELLIS

E
beyond hybrid video meetings
while simultaneously respecting
veryone hates meetings. workers’ desire for flexibility in
There are too many of where they live and work from.
them. They drag on. Or “There are some times where we
they could have been an need you to be in-person in some
email. But meetings are form or fashion, but we’re not go-
an important way peo- ing to make you commute to an
ple collaborate and push ideas for- office every week,” just to attend a
ward. So how can companies make meeting, says CEO Drew Houston.
them better? Technology and new
ideas promise to change corporate The Skills Prep
meetings in the coming years. Because teams want to maximize
Here are five ways meetings rare in-person confabs, premeeting
could look and feel different in the preparation is getting super-
future. charged. Virtual-reality tools
equipped with artificial intelli-
The High-Tech Meeting gence can help workers re-
With hybrid work here to stay, ceive real-time feedback when they
more office meeting rooms will be practice presentations or for tough
equipped with artificial intelli- one-on-one conversations.
gence, holograms, virtual reality Young professionals are using
and other immersive technologies these tools at Hofstra University
that allow remote workers to feel in Hempstead, N.Y., to polish their
like they are in the same room as soft skills. “They get feedback on
their in-office colleagues. word fillers, and the speed at
New technologies could address which they speak, the cadence,”
some of the challenges that come says Janet A. Lenaghan, dean of
with hybrid video meetings. “They Hofstra’s Frank G. Zarb School of
are looking in but they can’t see Business. One executive M.B.A.
everybody or they don’t know student—who is already in the
who’s speaking,” says Nilesh Par- workforce—has asked to bring
mar, business area director of work colleagues to the school’s lab
places, U.S., for Arcadis, a global to get a taste of the AI-assisted
design and consulting firm. To ad- technology, she added.
dress these sorts of concerns, Ar- bile app used for outdoor set agenda for a planned meeting be the usual one-hour confab held Wearing one of Hofstra’s vir-
cadis is using a new strategy with activities such as hiking. to a shareable online document at in the typical conference room set- tual-reality Meta Quest 2 headsets,
some clients: motion detection Weekly walk-and-talks are ac- least a week prior. Doing so, com- ting. Instead, they’ll take place at users can practice delivering diffi-
cameras that automatically pan to tively encouraged at AllTrails, says panies can reduce the number of hotels, resorts or co-working cult feedback to an underperform-
whoever is speaking in the room. Schneidermann. The mostly re- meetings by 30%, says executive spaces, span multiple days, and in- ing colleague—portrayed by a
“You’re literally having a one- mote company makes a point of coach and author Keith Ferrazzi. clude a mix of bonding over work moody avatar—or other trial sce-
to-one conversation and then the having employees come into its As a result, more workers will and as well as pleasure. narios like giving a presentation in
camera will pan back out and then San Francisco office on Wednes- have a chance to express their At cloud-storage company a hotel ballroom or facing a skep-
take the whole room in again,” days to connect in person rather thoughts, he says. In a traditional Dropbox, which has been “virtual tical client. The school is using
says Parmar. Technological than on screen. Managers and em- meeting, “some people aren’t as first,” or remote about 90% of the software from companies includ-
glitches are bound to happen on ployees have had one-on-one effective in the spur of a moment time since the pandemic, teams of ing Ovation and VirtualSpeech.
occasion with these newer tech- meetings while walking from the in a room. Some people are talked staffers aim to meet up once every The technology listens to users’
nologies, such as a slight delay in company’s office in the Union over, maybe because they are three months. The meetings last delivery. Then comes AI-generated
the camera coordinating how soon Square neighborhood to China- women, or they are a minority. two to 2½ days and include work- feedback. Get to the point. Cut the
it pans to the speaker. But Parmar town, North Beach or the Embar- For whatever reason, some people shops and strategy
says if there is such a moment, cadero. When one party is remote, just don’t get a shot,” says Fer- sessions as well as
the camera will automatically pan they are encouraged to grab their razzi. This method assumes every- cultural and tour-
out to show the whole room. headphones and take a walk out- one will feel comfortable putting ist activities, says
The company also has some cli- doors wherever they are, says Sch- their thoughts in writing with a company spokes-
ents using virtual reality to make neidermann. “It is a nice way to their names attached. Ferrazzi ad- person. So a
participants feel they are physically recharge, but still be productive.” vises clearly communicating to team’s quarterly
experiencing the same room even if In addition to the one-on-ones, employees beforehand the bene- meeting in San
they are in different locations. “You the company conducts group fits of contributing to the share- Francisco, for ex-
just put on your glasses, sit on meetings held while hiking trails able document, mainly that it en- ample, includes a
your sofa, and you’re in the conver- at state or national parks or local hances the chance of diverse walking tour of
sation like everybody’s in the con- wilderness areas, every first Fri- views being heard on important Chinatown and a
versation,” says Parmar. day of the month. corporate decisions. trip to see graffiti
Meanwhile, some technology Time will get saved because murals in the
companies are even starting to of- The Pregamer there will be no need for the oblig- city’s Mission Dis-
fer holograph meetings, with par- In the future, there will be fewer atory information update that typ- trict, the spokes-
ticipants as holograms, design con- meetings and they’ll go faster, in ically starts a meeting, says Fer- person says.
sultants and executive coaches say. large part due to a new corporate razzi. With that info already in a One potential
concept: pregaming. one-page document accompanying issue with this
The Walk-and-Talk Colleagues will add their the editable document, partici- model is some employees might “ums.” The word “unacceptable”
A new one-on-one meeting will at- thoughts, ideas or feedback on the pants can just cut to the chase. prefer going to a meeting and be- might put a colleague on edge.
tempt to shift the work Fewer people would ing done with it rather than hav- Some programs allow users to
environment from in- have to attend since ing to spend more time with col- change the audience from an en-
doors to the outdoors. they have already leagues on nonbusiness. That thusiastic crowd applauding to a
The walk-and-talk aims weighed in. hasn’t been much of a hurdle for group in business attire looking at
to reduce the amount of “You can land the Dropbox, says Allison Vendt, global their phones, yawning and asking
time spent looking at— plane in the meeting head of Virtual First, a team at tough questions.
or being distracted by— rather than needing Dropbox focused on its remote- It will be challenging to know
screens, as well as sit- another meeting,” says work operating model. But the when to invest in this technology,
ting passively. This Ferrazzi. company has learned that offering which Lenaghan says is develop-
strategy extends the ap- a flexible approach to the quar- ing quickly. Hofstra spent about
preciation for midday The Retreat terly gatherings is important. For $100,000 on software licensing
breaks outdoors many At some companies, in- example, she said, a team could fees and has purchased 12 head-
workers discovered person staff meetings decide to gather in a co-working sets for students. Spending large
while working remotely will be less frequent, space with the goal of tackling a periods of time with virtual real-
during the pandemic, once every three critical project instead of an off- ity can also be dizzying to some
PETE RYAN (3)

according to Ron Sch- months rather than site multiday meeting with a lot of users, but the campus’s software
neidermann, chief exec- weekly or monthly. activities and programs. is available on a desktop, Len-
utive of AllTrails, a mo- These meetings won’t This retreat model goes a step aghan says.

Some Dogs ceived complaints from some pas-

sengers, including those with
allergies, about the animals.
west customers and have flown
with Milo twice.
This December, when Chang and
End Up on Dog owners say United Airlines
has developed the strictest reputa-
two of his children were flying to
California to attend a family mem-

An Airline’s tion for its policy of banning furry

companions judged not to fit com-
fortably in a kennel, even if they be-
ber’s funeral, Milo was turned away
at the check-in desk, Chang says.
Milo’s carrier still had the tag from
No-Fly List have well in the air.
Moskowitz had chosen Maci be-
the family’s last flight attached.
Chang’s brother-in-law drove to
cause she wanted a small dog she the airport to get Milo so that the
BY JACOB PASSY could bring on trips. Her first flight family could still make their flight.

T
with Maci in November went off Chang says he is now re-evaluating
RUE OR FALSE: There’s a no- without a hitch. But since the New- his allegiance to Southwest.
fly list for dogs and your pet ark incident, Moskowitz, an adver- “Now if there’s another airline
might be on it. tising professional in New York City, where the time may be a little bit
Travelers like Megan Moskowitz has hesitated to try flying with more convenient or the price may
say it absolutely exists. When Maci again. be a little bit lower, then we’re fly-
Moskowitz tried to fly with her dog, “It seems like such a gamble,” ing with them,” he says.
an English cocker spaniel named she says. A Southwest spokeswoman said
Maci, to visit family in Indiana, she in an email that the airline’s “pet-
says United Airlines agents at New- Teddy makes the list added to their file. fee to fly with their friendly policy is in line with” Federal
ark Liberty International Airport
wouldn’t let Maci on the plane.
Gabriela Garcia-Orth says she never
used to encounter any difficulty fly-
“It was confusing,”
Garcia-Orth says. Air carriers pets.
Some airlines al-
Aviation Administration guidelines.
Some travelers say that the un-
She says the agents took photos ing with her 8-year-old Pomeranian, “But I didn’t want to were given low larger pets to be predictability with their pets has
of Maci and informed her that Maci Teddy. The marketing professional get into it because I transported in a complicated making plans. Rachael
was permanently banned from trav- who lives in New Jersey estimates didn’t want to esca- more leeway in plane’s baggage hold, Breder is training her 2-year-old
eling with the airline.
United declined to comment be-
the two have flown more than a
dozen times together.
late the situation.”
2021 to keep but have limitations
based on an animal’s
Pembroke Welsh corgi named Ches-
apeake, or Chessy, to compete in dog
yond pointing to the section of its In November, Garcia-Orth and her Understanding pets off planes. size. Others, including agility competitions. On the last trip
website that details its policies on husband tried to fly back to Newark the rules United, have discon- she took on United with Chessy,
flying with pets. The Transportation from Houston with Teddy after a In general, airlines re- tinued this service in Breder says agents told her they
Department granted airlines more wedding. The family arrived at the quire an animal to be recent years for most were flagging her account because
leeway in 2021 to keep pets off airport hours early as a precaution small enough to be comfortable in a travelers. Some airlines prohibit cer- of Chessy’s size.
planes if they aren’t service animals. after having paid United’s $125 fee carrier that can fit underneath the tain breeds of dogs from flying in Breder, an account manager for a
Pet owners have tangled with to travel with a dog. But a United seat in front of a passenger. Many the baggage compartment. propane company who lives in Sell-
airlines in recent years as carriers employee told them their 10-pound airlines stipulate that the pet must United isn’t the only airline that ersville, Pa., hopes to enter Chessy
have cracked down on people trav- dog wouldn’t be allowed to fly. be able to stand up and turn around pet owners have had issues getting into competitions across the U.S.,
eling with animals. Airlines said Garcia-Orth says the couple in the carrier without touching the their pets on board. and maybe one day take her to
more people traveling with pets led pleaded with the United agent to let sides to fly. Jimmy Chang is a YouTuber from compete overseas. That is, if she
GETTY IMAGES

to an uptick in incidents involving them travel home. The agent Airlines usually limit the number Denver who owns a Miniature can find a reliably amenable airline.
these animals, including bites, urina- obliged, she says, but they were told of pets they allow in the cabin, and Schnauzer named Milo. Chang says “There’s travel that I want to do
tion and defecation. They also re- that a note about Teddy was being passengers are typically charged a he and his family are regular South- with her,” she says.
 THE WALL STREET JOURNAL. Wednesday, February 14, 2024 | A11

ARTS IN REVIEW

Ben Mendelsohn and John (Charles Berling, Jérôme Robart),

Malkovich, left, and Maisie Williams, who had the sense to relocate out
above, in the Apple TV+ series. of Nazi-occupied France.
In a sense, Chanel and Dior
represent the two sides of the
for peace to one of her society ac- French franc during the occupa-
quaintances—Winston Churchill— tion, especially after Catherine is
thus making her a collaborator. Al- arrested by the Gestapo, tortured
beit one who seems capable of and sent to Ravensbrück. Chris-
wriggling out of anything. tian explores every angle at his
And Dior? When we meet his disposal to learn her whereabouts
TELEVISION REVIEW | JOHN ANDERSON younger self, he is working as a and even tries to persuade the Re-
designer of dresses for the house sistance at one point to bomb the
of Lucien Lelong (John Malkovich, deportation train she may or may

Couture Amid War in one of his more eccentric per-

formances), who is taking the un-
heroic approach of keeping his
workers employed while awaiting
not be on. The editing, mostly by
the formidable Aaron Kuhn, is not
what one would call “seamless”
(the usual compliment to editors);
‘The New Look’ follows Christian Dior and Coco Chanel in 1940s France the departure of the Nazis from the effect sought is to slam us
Paris (which, everyone says, is im- back and forth between the miser-
minent). Christian, burdened by ies of someone like Catherine and
‘INSPIRED BY TRUE EVENTS” is his nervous way to the stage only rotten, and a lot delusional. Cer- guilt and life, needs to work to the ethics-challenged egomania of
less a boast than a disclaimer at after a tarot-card reading—the ba- tain accounts will tell you that support his sister, Catherine Chanel. “This is war!” Coco de-
the beginning of “The New Look,” sic question: If Chanel closed her Chanel closed her house in 1939 to (Maisie Williams), and finance the clares regarding the Wertheimers
the “look” being the French fash- fashion house before the Nazis spite her striking workers, rather various Resistance fighters taking and one thinks, “No. It’s not.”
ion revolution incited by Christian marched in, why did you continue than on any principle. “The New up residence in his apartment. Mr. There are many interesting ac-
Dior in the wake of World War II, designing for Nazi wives and girl- Look” will tell you that she used Mendelsohn is a tad old for the cents in “The New Look,” Mr. Mal-
and the “true events”—i.e., who friends? To which Dior responds, the German Aryan Laws to grab part, but Dior in 1943 is a dour fig- kovich’s being the most interplane-
did what during the Nazi occupa- and we are carried back to the her company back from the Jewish ure, weary beyond his years, para- tary, but even Ms. Binoche is
tion—having always been more Paris of 1943. partners who controlled it, and lyzed by moral conflict, supersti- suspect and she’s French—though
gray than anything even Dior Is Chanel the hero of this fell in love with a particularly un- tion and fear for his sister while the hurdle she has to jump is hav-
would have designed. “There is story? Hardly, though Mr. Kessler trustworthy Nazi operative, Hans yearning to design “the most beau- ing possession of such good Eng-
the truth,” Dior (Ben Mendelsohn) and his crew couldn’t have main- Von Dincklage, or “Spatz” (the re- tiful women’s clothes that have lish and then having to speak it
tells an audience of rapturous stu- tained our interest with a Coco liably devilish Claes Bang), who ever existed.” Coco, meanwhile, is with a heavy French accent. It’s a
dents at the Sorbonne in 1955. who was entirely rotten. Ms. will entangle her in an SS scheme angling to steal her company back back flip with a half twist. She
“But there is always another truth Binoche’s character is just a little to carry a secret Third Reich plea from the Wertheimer brothers does succeed in making Coco, who
that lives behind it.” Think of “The is a moral bankrupt, eminently
New Look” as the haute-couture watchable, and Emily Mortimer as
version of “The Sorrow and the Elsa Lombardi—illegitimate child of
Pity.” English royalty, global house guest
This 10-part series, created by and, ultimately, a Coco victim—is
Todd A. Kessler (“Bloodline”), is also first-rate. Likewise Mr. Men-
hardly as grim as the 1969 Marcel delsohn, a marvelous actor capable
Ophuls film, but it does explore a of being quite scary (see: “Animal
similarly treacherous moral terri- Kingdom”) but who makes Dior a
tory—how is one to behave under character lovable in his anguish, an
Nazis? At the same time, it tells artist who just wants to imagine
the story of two pivotal designers and create in a world where such
of French fashion: Coco Chanel dreams seem evanescent. (A scene
(Juliette Binoche), who had revo- in which Dior hires as his new
lutionized style after World War I; model a young girl out of work
and Dior, who mostly is trying to “because the government closed
survive World War II. It is a pecu- the brothels” is heartbreaking.)
liar construction inasmuch as the The introductory titles to “The
two principals almost never meet, New Look” are rather lofty, one
though each is aware of the other. thinks. “When the war ended,” we
“Christian Dior ruined French cou- are told, “an unknown fashion de-
ture and I’m coming back to save signer would emerge as the
it,” Chanel says, after her eight- French icon of hope. This is the
year exile in Switzerland, and dur- story of how creation helped re-
ing a tantrum over Dior’s adoring turn spirit and life to the world.”
audience at the Sorbonne. There, a By the end, you believe it.
student asks Dior—who has made
The New Look
Begins Wednesday, Apple TV+
APPLE TV+ (3)

Juliette Binoche and Claes Bang,

right, in the historical drama from Mr. Anderson is the Journal’s TV
creator Todd A. Kessler. critic.

FILM REVIEW | KYLE SMITH with episodes of “Jessica Jones,”

“Orange Is the New Black” and “Suc-

‘Madame Web’: Spider-Sisters Silliness cession,” steers the script in increas-

ingly ludicrous directions in the sec-
ond half. Cassie, appointing herself
surrogate mother to the
‘MADAME WEB,” yet another cine- thought might cure congenital illness three girls, nevertheless
matic disquisition on arachno-hu- in her yet-to-be-born child. Seems dumps them with Ben
man commingling, comes up with a like a longshot, but everything works Parker while she goes
cute euphemism for dead I hadn’t perfectly until Constance’s associate, down to the Amazon rain-
heard before: room temp. Unfaze- Ezekiel (Tahar Rahim), double- forest to figure out what
able Queens paramedic Cassie (Da- crosses her and steals the rare bug. powers she has. Luckily
kota Johnson) is gutsy and re- Those bitten by the spider take to enough—like winning the
sourceful, and no one is going to go skittering up trees and across the Powerball lucky—she im-
room temp on her watch. Except leaf canopy while exhibiting superior mediately runs into the
herself, when she plunges off a strength and wearing costumes that Basil Exposition of the
bridge while rescuing someone in a look like the downtown versions of jungle, a fellow who
car and spends three minutes in the famous Spider-Man outfit. knows what her mom did
cardiac arrest. Visions of her future Back in Queens, 30 years later— 30 years ago, recognizes
come to her while she’s effectively this is the rare feature that func- Cassie and can explain ev-
dead: fireworks, tions as a period erything. One of her pow-
explosions, a giant S piece set in 2003, al- ers turns out to be the
that viewers might though the quartet ability to occupy several
assume stands for ei- This superhero of screenwriters can’t places simultaneously, be-
ther spider or spinoff. spinoff follows a come up with much cause that’s how webs
It turns out to be nei- in the way of differ- work, or something. Cue
ther, not that the ac- paramedic with ences from today ex- an absurd confrontation
tual meaning is cept pay phones and with Ezekiel involving the
interesting.
vaguely arachnid a glimpse of a Block- neon Pepsi-Cola sign
Not much else powers. buster Video outlet— (overlooking the East
here grabs the atten- Cassie has a thriving River in Queens), which is
tion, either. “Madame career in ambulance fated to kill him.  Dakota Johnson in writer- to New York landmarks what this
Web,” which is pro- work alongside her Ezekiel, who has the powers of a director S.J. Clarkson’s entry in the film is to superhero epics.
duced by Sony via its longstanding partner, Ben Parker (Adam Scott). dark Spider-Man, is among the least Sony Spidey-verse. The good news for the talented
licensing rights to Marvel’s Spider- Yes (groan), that’s Peter Parker’s scary villains seen on screen since Ms. Johnson, who has a habit of
People, isn’t as awful as “Morbius,” a Uncle Ben. His sister, Mary (Emma Willem Dafoe’s cackling pleasure- of teen girls who, according to Eze- getting stuck in bad movies such as
fellow spin-off in the Spidey-verse. Roberts), is about to give birth. Su- cruise bomber in “Speed 2: Cruise kiel’s dreams, will grow into Spider- the “Fifty Shades” trilogy, is that
But even though it starts out lik- perpowers may be the thing the au- Control,” and his thuddingly porten- Women and kill him. Each girl repre- “Madame Web” seems unlikely to
able, it gets sillier as it goes along dience loves most to see, but super- tous dialogue—“Every day that goes sents a different race or ethnicity occupy more of her time with se-
and winds up as camp. coincidences merely indicate lazy by, my appointment with death gets and all are, like Cassie, missing their quels. It collapses so pathetically
Ms. Johnson is charismatic as screenwriting. The nefarious Ezekiel closer”—undoes all of the good will moms: Julia (Sydney Sweeney, who that studio executives might as well
usual in the title role of Cassie, is also nearby, using stolen NSA cre- built up by Ms. Johnson’s plucky, must have signed up for this sham- have dialed 911 to rescue it. But
whose mother, Constance (Kerry dentials and a hired data nerd (an winsome performance. bles before she became a star in her with Ms. Johnson herself, on a re-
SONY PICTURES

Bishé), a scientist, went to the Ama- utterly wasted Zosia Mamet, who Cassie—short for Cassandra, the own right), Anya (Isabela Merced) cent episode of “Saturday Night
zon jungle in the late stages of her spends the movie barking at com- prophet of Greek drama—uses her and Mattie (Celeste O’Connor). Live,” joining the chorus of those
pregnancy in 1973 in search of a rare puter monitors) to help him target own visions of the near-future to get Writer-director S.J. Clarkson, pre- ridiculing it, it’s going to be declared
rumored spider whose venom she three young women he believes are the jump on Ezekiel, locating the trio viously a television director credited room temp on arrival.
A12 | Wednesday, February 14, 2024 THE WALL STREET JOURNAL.

SPORTS
The Brilliant NFL Coach Who
BY ANDREW BEATON Niners did on the opening posses-
AND JOSHUA ROBINSON sion, the chance to get the ball
third was too good to pass up. But
Las Vegas

S
that decision was still a surprise to
an Francisco 49ers’ coach Kyle
Shanahan knows better than
anyone else what it’s like to
watch a lead evaporate late in the
Can’t Stop Losing Big Games the Kansas City sideline.
“That’s crazy,” defensive tackle
Chris Jones remembered thinking.
It wound up playing right into
Super Bowl. Kyle Shanahan is one of the game’s smartest coaches, but three Super Kansas City’s hands. San Francisco
He’d felt it seven years ago as Bowl letdowns are raising doubts about whether he can win the big one quarterback Brock Purdy led a drive
offensive coordinator of the Atlanta for a field goal. Then Mahomes re-
Falcons when the New England Pa- plied with a touchdown.
triots stormed back from a 28-3 The irony is that the Chiefs are
deficit in the biggest comeback in the reason this new rule exists at
Super Bowl history. Shanahan expe- all. After they beat the Bills in a
rienced it once more four years ago postseason overtime thriller two
as head coach of the Niners, when years ago, when Buffalo didn’t get a
his team coughed up a fourth-quar- chance with the ball in overtime, it
ter lead to the Kansas City Chiefs. sparked such outrage that the NFL
Then on Sunday night, it hap- rewrote its rulebook.
pened again. On Monday morning, Chiefs
In their Super Bowl rematch, the coach Andy Reid said they had
49ers led the Chiefs three separate spent time preparing this exact sce-
times—including by 10 points in the nario with the team’s analytics
first half and later with seconds left staff—and would have opted to kick
in regulation—until Patrick Ma- off. “We had it all mapped out and
homes sprang to life and snatched we were able to cover it with the
the Lombardi Trophy out of San guys, so everybody knew,” he said.
Francisco’s grasp. It was yet an- Shanahan has faced other tacti-
other crushing blow for Shanahan, cal questions in big games over the
who has become all too familiar years. Even after the Patriots had
with landing on the wrong side of winnowed the Falcons lead down to
epic comebacks. 28-20 in 2017, Atlanta’s offense
And yet Shanahan, who became brought the ball back to New Eng-
the Niners coach in 2017, is also re- land’s 22-yard line, where a high-
garded as one of the brightest probability field goal could have
minds in football. Taking over a made it a two-score game late in
club that won just two games the the fourth quarter. Then, after a
year before he was hired, he has run went nowhere, Shanahan called
now reached the NFC Champion- two straight pass plays that back-
ship game or the Super Bowl in fired spectacularly. One produced a
four of the past five seasons. Most San Francisco 49ers coach Kyle Shanahan walks off the field after losing Super Bowl LVIII to the Kansas City 12-yard sack, the other ended with
franchises would dream of the Chiefs, the third time that the team he coached has let slip a lead with a chance to lift the Lombardi Trophy. a holding penalty, forcing a punt.
49ers’ success. But Shanahan em- Brady and the Pats got the ball
bodies one of the central paradoxes Ryan into an MVP. And Shanahan’s That chance came on Sunday. tions about how the Niners handled back, scored a touchdown, executed
of the NFL: Even brilliant coaches use of tightly packed formations The 49ers built up a 10-0 lead in the NFL’s new postseason overtime on the 2-point conversion and put
can spend their careers banging flummoxed defenses around the the first half and seemed in control. rules. Since the change in 2022, it away in overtime.
their heads against a wall. country. So when the Niners hired The advantage could have been both teams have a chance to pos- Still, none of that means Shana-
The lack of a title remains the him, they were betting on a coach- even bigger had star running back sess the ball even if the side that han’s reputation as a coach with a
glaring absence on Shanahan’s oth- ing wunderkind. Christian McCaffrey not fumbled receives the opening kickoff scores tendency to fall at the highest hur-
erwise glittering resume. He has By the 2019 season, it was al- the ball in Kansas City territory on a touchdown. Some teams view dle is set forever. In fact, he doesn’t
now been on the losing side in ready paying off. He had taken San the game’s opening possession. that as a reason to win the toss and have to look far to find someone
three Super Bowls, two of which Francisco all the way to the Super But by the time the game was defer in order to know precisely who faced doubts that he could
happened to be the only ones to go Bowl, where the team led Mahomes over, after Mahomes hit receiver whether they need a field goal or a come through when it counted, be-
into overtime. and the Chiefs 20-10 midway Mecole Hardman for the game-win- touchdown when their turn comes. fore shedding that reputation.
“I don’t care how you lose,” Sha- through the fourth quarter. Then in ning touchdown in overtime, the But a few 49ers players sounded Take the Philadelphia Eagles,
nahan said on Sunday. “When you the span of just over five minutes, Chiefs were the ones storming the completely unaware that this new who were arguably the NFL’s most
lose Super Bowls, especially ones Kansas City scored 21 unanswered field in celebration. Again. regulation had been implemented. successful losers, reaching five NFC
you think you can pull off, it hurts.” points to make the final score of The question now is whether “I assumed you just want the Championship games and one Su-
Shanahan, the son of Mike Sha- 31-20 look like a romp. Shanahan’s record in the biggest ball because you score a touchdown per Bowl from 2001 to 2008 with-
nahan, who won two Super Bowls Throughout that spell, his 49ers games is the equivalent of a cold and win, but I guess that’s not the out winning a title. The team’s
in charge of John Elway’s Denver have been one of the most reliably run at the blackjack table or the case,” fullback Kyle Juszczyk said mustachioed coach was seen as one
Broncos, has established himself as excellent teams in football. Over the symptom of strategic miscues in afterward. “I don’t totally know the of those frustrated geniuses who
one the game’s premier offensive past three seasons, only the Chiefs critical spots. strategy there.” might never win it all.

KIRBY LEE/REUTERS
innovators over the past decade. In and the Dallas Cowboys have more “We had our chances,” Shana- The Niners won the toss and But nobody thinks about Andy
Atlanta, he turned the team’s of- regular season wins. It made per- han said. “Needed to score a couple elected to take the football, with Reid that way these days. That’s
fense into the highest-scoring unit fect sense that Shanahan would get touchdowns, but we didn’t.” Shanahan later explaining that if because the former frustrated ge-
in the league and quarterback Matt another shot at a Super Bowl. The outcome also raised ques- the Chiefs matched whatever the nius just won his third Super Bowl.

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 30 Sonoma
runner
U.S. Women’s Soccer Has a Plan to
14 15 16
31 “Feels so-o-o
good!”
Fix World Cup Woes—With Dollars
17 18 19
33 Exacta, e.g. BY RACHEL BACHMAN exceeds $2 million—about day-in, day-out against play-
20 21 22 one-third of the $6 million in ers of equally high quality.”
34 Field WHEN THE FOUR-TIME women’s transfer fees paid Bay FC, one of two new
23 24 25 26 requiring champion U.S. team crashed out globally last year. clubs in the now 14-team
constant out of the Women’s World League leaders say the in- league, is part of a wave of
27 28 29 30 31 practice Cup in the round of 16 last fusion will improve competi- prominent new ownership.
year, things looked grim for tion and sharpen American The club is majority-owned
32 33 34 35 36 35 Before, in the game in America. players—just as the U.S. team by investment firm Sixth
ballades The U.S. team looked aim- heads for a crucial summer Street and co-founded with
37 38 39 40 41 42 less. The National Women’s showdown at the Olympics. four former U.S. team stars
37 Research Soccer League where most Several forces have com- including Brandi Chastain.
43 44 45 46 setting team members played looked bined to boost spending in Sixth Street CEO and Bay FC
38 Suffer globally underfunded and the NWSL. In November, it co-chair, Alan Waxman, last
47 48 49 50 51 overmatched. England and signed a broadcast-rights year said the firm was com-
39 “The Stepford Spain, fueled by players deal worth $60 million a mitting $125 million to launch
52 53 54 55 56 57 Wives” author trained in the newly monied year—up from a paltry $1.5 the team, including a $53 mil-
women’s sides of Europe’s top
58 59 60 61 62 41 Trillion: Prefix clubs, charged into the final.
44 Whoop it up It looked like America was
63 64 65 getting left behind.
46 “The Prince Now, six short months
66 67 68 of Tides” later, stateside soccer leaders
actor are turning to a trusted
69 70 71 American strategy to reverse
49 Stomachs the trend. They’re throwing
money at the problem.
PASSION PLAY | By Kathy Lowden 50 Fermented
The U.S. Soccer Federation
soy sauce hired trophy-collecting Chel-
Across 29 “The Light 63 Time of a 8 Like many
We Carry” 1929 gangland lumberjack 51 Gut courses sea FC Women coach Emma
1 Carpenter’s writer “massacre” shirts Hayes to lead the U.S. women
leveler Michelle 53 Put up last November by offering
66 Tag at a tag 9 Matches up about $1.6 million a year—or
5 Lock parts 32 Fit for farming sale 54 Craft at a triple the salary of her prede-
10 ___de toilette camp cessor Vlatko Andonovski.
10 “The Pat
36 “Those Sweet 67 Like many dad Last month, the NWSL’s Bay FC paid a record transfer fee for Racheal Kundananji.
McAfee 11 Reliably loyal 55 “Ad ___per
Words” singer jokes Washington Spirit lured the
Show” aspera”
Jones 12 Stick with a coach of the FC Barcelona million for its previous deal. lion league franchise fee and
channel 68 Wang of (Kansas
spring women’s team that supplied Soon after that, the NWSL millions more for construc-
37 Dragon’s den wedding motto)
14 Southern eight players to Spain’s World announced it was upping the tion of a training facility and
gowns 13 Colo. neighbor 56 Düsseldorf
quick bread 40 “Barracuda” Cup squad, quadrupling Jona- salary cap to $2.75 million, a talent acquisition.
band 69 Ripe denials tan Giráldez Costas’s salary, nearly 40% increase from last Bay FC pursued players
15 Casanova’s 18 More pleasant according to a person familiar season. with an ambitious pitch: to
home 42 Longing 70 Poke fun at 58 Nicholas II, with the situation. Bay FC has made the big- build the club into a global
19 Equatorial
16 Chemistry for one And the NWSL has started gest offseason splash, before brand. A handful of the
43 TV station, 71 Trident- African nation
class model spraying cash to attract play- it kicks off on March 16. In world’s top clubs unfettered
e.g. shaped letters 59 “___girl!” ers from across the pond. On addition to Kundananji, it by salary caps still spend
25 Colorado
17 French, e.g. 45 Some TikTok Down neighbor 62 Invitation Tuesday, San Jose, Calif.- landed Venezuelan midfielder more than NWSL teams,
targets letters based NWSL expansion team Deyna Castellanos from Man- Waxman said, “But that
20 Native of 1 Playful pixie 26 Orchestra Bay FC announced the sign- chester City and Nigerian for- doesn’t mean that we can’t
Shiraz 47 Foil part tuner 64 Invite ing of 23-year-old Zambian ward Asisat Oshoala, a six- pick our spots.”
2 It might follow striker Racheal Kundananji. time African women’s player Across the country, de-
21 City 30 miles 48 Take turns a pair of hips 28 City on the 65 Science Her move from Madrid CFF of the year and Barcelona’s fending NWSL champion NJ/
north- Rio Grande expounder Bill
52 1970s 3 Con commanded a world record top scorer last season. NY Gotham FC has paid to
northwest of
environmental Previous Puzzle’s Solution for a women’s transfer fee, at Attracting elite interna- sign a core of U.S. players, in-
Cooperstown €735,000 or nearly $800,000, tional players, Rushton said, cluding Crystal Dunn, Rose
disaster site 4 Have in mind P A L A S A P G R A T I S
22 Bagel A D O MO D E R E MA S T according to a person familiar will pull in more overseas Lavelle, Lynn Williams and
near Niagara 5 Torrential
go-with D I S D A N E S E D I B L E with the deal. That tops the fans, which will increase rev- Midge Purce.
Falls Tropical S A T O N A T L A S L A A €450,000 ($486,000) that enue, raise the salary cap and The surge in spending has
23 Pic on a pec Punch brand C O D R O A S T H A MM Chelsea reportedly paid Span- allow teams to spend more. prompted a phenomenon that
57 Ewe said it! S C A R A B T E AM
I O U S R O B E T O O T S ish club Levante for Colom- Also, Rushton said, “it al- used to be exclusive to the
ABBIE PARR/ASSOCIATED PRESS

24 Distinctive 58 20-20, e.g. 6 Eagerly bian forward Mayra Ramírez. lows the U.S. women’s na- men’s game: transfer rumors.
C D S P A N A S H E S H O
upper lip enjoyed, as S E E T O E T T A M C E D Overall there have been 21 tional team players who are “Watching that in the
curve 60 Make blank flattery D O S E S C R A M S inbound player transfers to playing here to play with a women’s game, just seeing
T R A S H P Y L E A C R
27 Hole in one’s 61 Quick salon 7 1972 missile Y A P B R E E D R U B E S the NWSL during the current higher-quality player and a the buzz surrounding some of
shoe offerings pact P H A S E I R I D E B A Y H window, compared with six in higher-caliber player, right? the players...has been really
E A R T A G O T I S I R E 2023. Total transfer spending That naturally is going to im- fun,” Gotham GM Yael Aver-
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. A L T E R S I S M S T E D of NWSL clubs so far in 2024 prove their game by playing buch West said.
THE WALL STREET JOURNAL. Wednesday, February 14, 2024 | A13

OPINION
New Sports App Won’t Last Long BOOKSHELF | By Robert W. Merry

Craving a
bundle of ca-
Maybe one day our per-
sonal AI negotiating agents
telligence and e-commerce,
which brings us to the first
new “sports” app will offer
less and less sports unless its
A Liberal
Of His Time
ble channels will solve these problems. In reason the new app has a min- backers are ready to outbid
whose only the meantime, if the new imal life expectancy. With its Apple, Amazon, YouTube
commonal- app’s September launch even divided parentage and broad- and—gulp—Disney’s own
ity is that, comes off, its half-life will be cast orientation, it will be forthcoming and franchise-re-
sometimes, measured in years at most for hard-pressed to support defining ESPN app. In turn, its
BUSINESS
WORLD they might
host a sport-
reasons I will get to. And first
it will have to survive the law-
sports betting, which all now
see as a test case of interac-
customers will find that what
they’re increasingly paying for
True Believer
By Holman W.
ing event yers and regulators because of tive home entertainment. is “Simpsons” reruns. By James Traub
Jenkins, Jr.
you want to the way it plays fast and loose Even family-friendly Disney Last week’s media sensa- Basic, 528 pages, $35

W
watch? with the underlying distribu- has made its peace with sports tion was hard to justify. At
That’s what Disney, Fox tion and content deals its pro- wagering as a way to get best, the new app is a stopgap hen Hubert Humphrey arrived in the U.S. Senate in
and Warner Brothers Discov- moters signed in the cable young consumers who are al- to corral some of the sports January 1949, the 37-year-old didn’t exactly take the
ery are getting together to of- era. fans fleeing cable. Then again, place by storm. As James Traub relates in his compel-
fer, a bundle of channels that But the app is also an op- the real strategy may lie else- ling biography, “True Believer: Hubert Humphrey’s Quest for a
occasionally feature sports. tion that some consumers But the gambit will where. Sports was once the More Just America,” the Minnesota Democrat—with his liber-
Call it a dog’s breakfast of a may find useful, at least for a glue that held together the ca- alism on his sleeve and his open hostility to the chamber’s
cable bundle, including the while. For its key organizer, pay off if it helps old ble package. Now sports is Southern oligarchs—struck some colleagues as “a self-
all-sports channel ESPN, plus Disney, the announcement is Hollywood stem its prized streaming content be- righteous ideologue and pedant who didn’t know when to sit
your local Fox and ABC affili- being taken as a sign that Dis- cause it can’t be binged. You down and shut up.” Humphrey later recalled that he had
ates, which sometimes show a ney’s stock may be done re- streaming losses. have to wait for the game; never “felt so unwanted.”
ballgame or racing event pricing itself for the death of baseball season ends, but Then in stepped Lyndon Johnson, also a Senate freshman
when they aren’t showing lo- cable. Punished shareholders football season begins, etc. but a veteran of the House and a virtuoso legislator. “God-
cal news, soaps or “The Simp- can perhaps begin to hope for ready addicted to social media Expect the new app damn it, Hubert,” admonished Johnson, “why can’t you be
sons.” Included too: the cable growth again. and videogames to pay atten- quickly to be bundled with something but a gramophone for the NAACP? . . . You’re
mainstays TBS and TNT with The same week saw review- tion to three-hour sports con- Disney’s marquee streaming spending so much time making speeches that there is no time
their holiday “Star Wars” ers finding fault with the tests and their associated com- property, Disney+. Expect it left to get anything done.”
marathons and “Big Bang clunkiness and questionable mercials. Disney just took a to be bundled with Warner’s Johnson later offered to
Theory” reruns, though each usability of Apple’s new Vision $1.5 billion stake in Epic Max (formerly HBO). The work with Humphrey while
also occasionally shows a Pro headset—in fact, every- Games, of “Fortnite” fame. mission: reduce deadly continuing to shun the Senate’s
baseball, basketball or Nascar thing but its sound and pic- Next time CEO Bob Iger strikes “churn,” or customers con- other “bomb throwers,” as
event. ture quality. a deal for a Taylor Swift con- stantly signing up for and Johnson called firebrand liber-
In other words, a bunch of The week also saw the cog- cert film, expect it to be of- dropping the subscription als. Thus began Humphrey’s
victims of cable’s decline try- noscenti savoring a new in- fered in interactive form, so services that old Hollywood senatorial education and his
ing to get paid for their ex- sight from Mark Zuckerberg. subscribers can wander virtu- is betting its future on. understanding that, as Mr.
pensive sports contracts. A As foreshadowed in a column ally backstage and get beat up Survival is the name of the Traub writes, social relation-
gimmicky cable replacement last year, Mr. Zuckerberg now by Ms. Swift’s bodyguards. game vs. industry leader Net- ships, not ideological convic-
app, it won’t solve the real sees the metaverse primarily Not only is the new sports flix. If their expiring sports tions, were the coin of the Sen-
problem of sports fans: how to as a venue for interacting not app poorly suited for interac- rights can help stabilize their ate’s realm.
get the contests they want. It with real people but with arti- tivity, however, it’s also streaming revenues and sub- The liberal credo remained a
won’t solve the problem faced ficial intelligence. doomed because its underly- scriber acquisition costs for fundamental element of Hum-
by the sports leagues: how to The future is coming into ing sports rights will immedi- the next couple of years, that phrey’s persona, though, and his
package their content for opti- view, and it will be a melding ately begin expiring, starting might be justification enough career was marked by a constant
mal fan viewing and revenue. of entertainment, artificial in- this year with the NBA. The for the dog’s breakfast app. struggle to mesh his convictions with legislative compromises
and the imperatives of presidential ambition. That delicate
byplay forms a significant leitmotif in Mr. Traub’s narrative of

Trump Thinks NATO Is Optional an irrepressible politician rising from boyhood poverty to his
eventual status as what the author calls “the incarnation of
mid-twentieth-century American liberalism.”
Judging from troops are running out of vital would create. Since the end of “strong and committed NATO Mr. Traub, a journalist and author whose books include
recent media military supplies. Along the the Cold War, European coun- ally.” biographies of John Quincy Adams and Judah Benjamin, has
chatter, the front, Russian forces are now tries have shrunk their armed Other European leaders are rendered here a sensitive, vivid and sometimes poignant por-
2024 presi- firing artillery shells at five to forces and dismantled their less confident. Norbert Rött- trait of a political crusader who thrived with progressivism
dential elec- 10 times the rate the Ukraini- defense-industrial base. Euro- gen, a leading defense voice in but saw his presidential dreams dashed as his brand of poli-
tion boils ans can. Ukrainian forces are pean leaders have acknowl- Germany’s Parliament, said ev- tics “abruptly lost its appeal to the majority of Americans.”
down to a so short of ammunition that edged that they won’t meet eryone should watch the video Humphrey grew up in Doland, S.D., where his father was
POLITICS
contest be- they are being told to save their target of producing a of Mr. Trump’s statement to the local pharmacist and where young Hubert developed an
& IDEAS
tween creep- their fire for large contingents million 155mm artillery shells understand that “Europe may idealized sense of small-town America as the national
By William
ing dementia of Russian attackers, allowing for Ukraine by March. Even soon have no choice but to de- essence. There was no cynicism in the Humphrey household
A. Galston
and raging smaller groups to advance. though the U.S. has allowed its fend itself.” Left unstated was but plenty of political passion. The father’s hero was the
psychopathy. Air-defense systems are being own military production ca- the harsh reality that at pres- feisty prairie populist William Jennings Bryan, and young
But something larger is at depleted, exposing urban civil- pacities to weaken, the U.S. is ent Europe can’t do so, and Hubert tapped into his vein of civic regard for the poor and
stake—the future of the West. ians to Russian drones and still the indispensable nation becoming self-sufficient would disadvantaged.
President Biden believes missiles. The Russians are when it comes to weapons. take time and wrenching re- That populist spirit intensified when America’s agricultural
that the security of Europe de- slowly degrading Ukrainian ductions in the Continent’s so- economy collapsed in the 1920s and masses of farmers lost
pends on halting Vladimir Pu- defenses in and around the cial programs. An abrupt shift their holdings to local banks that were themselves in precari-
tin’s aggression against front-line cities of Avdiivka Biden doesn’t, and in American policy would cre- ous straits. When the Humphrey home was repossessed, the
Ukraine. Donald Trump is in- and Kupyansk. ate crises across Europe. family moved into far more modest rental quarters, and
different at best to Ukraine’s Michael Kofman, a Russia that makes the 2024 I assume that after serving young Hubert augmented the family income by selling news-
fate. Mr. Biden believes that expert at the Carnegie Endow- election more than a as president for four years, papers and performing odd jobs. “I never had a day I didn’t
the North Atlantic Treaty Or- ment for International Peace, Mr. Trump is aware of Article work,” he recalled.
ganization is the linchpin of says that without additional clash of personalities. 5 of NATO’s founding charter, He followed his father into the pharmacy business and
American and European secu- American aid, the Ukrainians which states that an armed at- later pursued an academic career in Louisiana and Minnesota.
rity, while Mr. Trump sees it could hold out for part of tack against a NATO member But he soon gravitated toward politics and excelled instantly.
as welfare for wealthy coun- 2024 at most, after which This is why Mr. Trump’s re- “shall be considered an attack His “furious energies,” writes Mr. Traub, “burst forth in a kind
tries that should be able to de- “they will start to lose slowly.” cent comments are ringing against them all.” But he of frenzy, a fervent mixture of patriotic ardor, personal ambi-
fend themselves. Writing recently in the alarm bells throughout Eu- doesn’t seem to care. For him, tion, and sheer metabolism.” Wherever he went, he attacked
Last fall, congressional Re- Journal, German Chancellor rope. Speaking of NATO coun- the charter is just a piece of the status quo and spun out visions of civic improvement.
publicans insisted on linking Olaf Scholz declared that a tries that haven’t yet met the paper. He will defend NATO As the mayor of Minneapolis in the mid-1940s, he smashed
continued aid for Ukraine to Russian victory in Ukraine target of spending 2% of their members against attack only if entrenched organized-crime interests and joined Eleanor Roo-
policy changes, secured by would “dramatically change gross domestic product on de- he deems them worthy and sevelt, Arthur Schlesinger Jr. and others in founding Ameri-
legislation, at the southern the face of Europe” and “deal fense, he said, “No, I would only if he calculates it to be in cans for Democratic Action, a leading voice for anticommunist
border. After laboring for four a severe blow to the liberal not protect you” against the America’s self-interest. liberalism. Humphrey led the way toward a fusion of Minne-
months, Senate negotiators world order” by providing a Russians. “I would encourage For Mr. Biden, NATO is a sota Democrats and the state’s Farmer-Labor Party to upend
produced a bill to do this, blueprint for other authoritar- them to do whatever the hell solemn compact based on the Republicans’ longtime state dominance. But when the new
which earned a thumbs-down ian leaders who are contem- they want.” common interests and shared party fell under the sway of communists, Humphrey led a
from Mr. Trump and was plating forcible seizures of Jens Stoltenberg, NATO’s values. For Mr. Trump, it’s a campaign to purge it of such unwelcome ideologues.
killed in less than four days. territory. Mr. Scholz empha- secretary-general, issued a financial transaction. He
The former president wants an sized Europe’s financial and firm but measured response: doesn’t regard Europe’s de-
issue, not a solution. Although military contributions to “Any suggestion that allies fense as a vital American in- Hubert Humphrey’s political ambitions were
the Senate recently approved Ukraine’s defense but also will not defend each other un- terest. If he is elected to a sec- dashed as his brand of politics abruptly lost
aid for Ukraine by a bipartisan stressed—rightly—that the dermines all of our security, ond term, we will find out
70-29 vote, the bill, which con- commitment to Ukraine must including that of the U.S., and whether “America First” its appeal to the majority of Americans.
tains no border reforms, faces remain firm on both sides of puts American and European means “America Alone.” This
dim prospects in the House. the Atlantic. soldiers at increased risk.” He is one of many reasons the
Let’s be clear about the Europe can dig deeper, but said he was confident that choice Americans will make in The cleansed party became the state’s most powerful polit-
consequences of failing to re- it can’t fill the military gap whoever wins the November November is much more than ical force and the vehicle for Humphrey’s triumphant 1948
new aid for Kyiv. Ukrainian that the end of American aid election, the U.S. will remain a a clash of personalities. senatorial campaign, waged while he also led his party in suc-
cessfully fighting for a strong civil-rights platform at that
year’s National Democratic Convention. Humphrey’s fiery 10-

Reagan’s Free-Market Moon Shot minute oration there helped cement his image as a rising star
of the American left. Indeed, it was in the area of civil
rights—“the great unfinished business of the Democratic
By Rainer Zitelmann asset—the vitality of our free technology. In 2010, I didn’t by Elon Musk’s SpaceX. There Party,” as Mr. Traub writes—that Humphrey’s most passionate

Y
enterprise system.” think I was doing anything are now thousands of private convictions meshed most impressively with the parliamentary
ou’ve probably heard of That October he signed the revolutionary. I was just goingcompanies in the global space skills he would hone at Lyndon Johnson’s elbow.
John F. Kennedy’s 1962 Commercial Space Launch Act, back in time to the 1980s.” sector. According to the latest In fact it was Johnson, after becoming president and a fer-
“moon shot” speech, but which enabled private enter- In recent decades, unfortu- space investment quarterly re- vent advocate of a strong 1964 civil-rights bill, who insisted
perhaps not Ronald Reagan’s prises to commercialize space nately, the trend in the U.S. port from venture-capital firm that Humphrey serve as Senate floor manager for the land-
equally visionary 1984 speech and space technology. and many other countries has Space Capital, over the past 10 mark legislation. The senator from Minnesota adroitly busted
in which he predicted a great Thanks to visionaries like been toward less capitalism years, investors have poured up a Southern filibuster, aligned himself with Republican
future for private space travel. Peter Marquez, Reagan’s vi- $298 billion into 1,832 unique moderates and ushered the legislation into the statute books.
After the moon-landing suc- sion became a reality. Mr. space companies. In his book It was, writes Mr. Traub, “the great legislative achievement of
cesses, American space travel Marquez was the National Se- “The Space Economy,” Space Humphrey’s life.”
no longer made such rapid curity Council’s director of Capital’s founder, Chad Ander- It also was the zenith of his career. As vice president dur-
progress. It became clear that space policy for both the son, predicts: “The Space ing Johnson’s 1965-69 term, with the Vietnam War increas-
the state was too sluggish to Economy is on track to be- ingly looking like a fiasco, Humphrey was subjected to endless
CRISTOBAL HERRERA-ULASHKEVICH/SHUTTERSTOCK

overcome the next big chal- coming the dominant source public humiliations from a president who wouldn’t counte-
lenges. Thus Reagan, in his ra- In 1984 he foresaw the of growth across the global nance even the most measured and cautious words of warn-
dio address that Jan. 28, economy.” ing. Urban and antiwar riots undermined the Democrats’
promised “to encourage Amer- space economy, which The first people on Mars political standing in much of the country. Humphrey’s 1968
ican industry to move quickly has overshadowed likely will be sent by private and 1972 presidential bids ended in defeat. On top of that, the
and decisively into space.” companies, not government youth counterculture seemed to single him out with particular
“Obstacles to private-sector the space program. space agencies. Reagan was venom for trading his maverick audacity for establishment
space activities will be re- right that the future of the caution. As Mr. Traub puts it: “The habits of small-town
moved, and we’ll take appro- space economy lies in the free America in 1930 made him a figure of ridicule in 1968.”
priate steps to spur private George W. Bush and Obama enterprise system. He doubt- Along the way, Humphrey placed himself at the vanguard
enterprise in space,” he said. administrations. “When I was less would be proud of Mr. of policymaking in a wide range of areas, including civil
“We expect space-related in- writing the National Space Musk and other American pio- rights, voting rights, job training, urban development, welfare
vestments to grow quickly in Policy,” Mr. Marquez said, “I A SpaceX Falcon 9 rocket. neers for showing that capital- expansion and school funding. While the liberal impulse was
future years, creating many kept a copy of Reagan’s first ism isn’t the problem but the to keep going, granting the federal government still greater
new jobs and greater prosper- space policy on my desk. It and more government, which solution, on Earth and in increments of power to bolster the welfare state, the Ameri-
ity for all Americans. Compa- emphasized what commercial increasingly restricts freedom space. can people said no and gave the country Richard Nixon and
nies interested in putting pay- industry could do. Since then, of entrepreneurship through Ronald Reagan. Hubert Humphrey was a man of his time dur-
loads into space, for example, we had gone away from all regulations. But in the space Mr. Zitelmann is author of ing the heyday of American liberalism—and faded inevitably
should have ready access to these things that were suppos- industry things have gone in “The Power of Capitalism,” when it died.
private sector launch services. edly hard and fast rules of the the other direction. More and “In Defense of Capitalism,”
. . . So, we’re going to bring American ethos: trust indus- more private companies are and “How Nations Escape Mr. Merry is the author, most recently, of “President McKinley:
into play America’s greatest try, trust capitalism, trust dominating space travel, led Poverty.” Architect of the American Century.”
A14 | Wednesday, February 14, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Senate Rejects American Retreat Biden’s White House Doth Protest Too Much

T
he Senate’s 70-29 predawn vote Tues- floor he said the bill offered too much economic Regarding your editorial “A Tip- bias. He would then be condemned
day approving U.S. aid for Ukraine, Is- and budget support for Ukraine. Yet Republi- ping Point on Biden’s Decline” (Feb. for having brought charges that may
10): My mother died from Alzheimer’s have influenced the election but were
rael and Taiwan was a rare bipartisan cans managed to cut President Biden’s financial
disease at 93. She showed the same rejected by a jury verdict.
accomplishment in Washing- aid request by nearly $4 bil-
ton. This is a victory for Amer- Twenty-two Republicans lion, to $7.9 billion. Europe is
level of impairment as President Bi- Not ready to acknowledge in his
den at his age. We had to take away published report that Washington ju-
ican security that would but-
tress U.S. defenses and hold
vote to help allies. Next stepping up to offer more
cash, and Republicans have a
her keys when she was 83 after she rors are biased, Mr. Hur, moved more
rear-ended a car at a stoplight. We by discretion than candor, has attri-
the line against compounding up: Speaker Johnson. strong hand to continue trim- were thankful no one was hurt; it buted his decision to a prediction of
dangers abroad. ming this account. could have been so much worse. By how unbiased jurors would be influ-
Some 22 Republicans voted But much of the rest of the the time she was 86, she was func- enced by Mr. Biden’s failing memory
for the bill, up from 17 who supported starting $95 billion is for U.S. arsenals and Red Sea op- tionally incapacitated. and advanced age.
work on the bill last week, and the converts in- erations, and a no vote heralds weakness Every American who has had expe- NATHAN LEWIN
clude Jim Risch of Idaho and John Boozman of against China and Iran as much as it does Rus- rience with loved ones with dementia Potomac, Md.
knows where the president is headed Mr. Lewin is a Washington lawyer
Arkansas. A yes vote took political courage. sia. Anyone who thinks a fight over Taiwan
and how quickly he could decline. The with a Supreme Court practice.
Donald Trump and his new GOP establishment is coming should be rushing to pass $2 billion people who love him need to take
are campaigning against Ukraine, and President in weapons sales and training for Pacific part- away the keys and insist he end his I find it interesting how the Biden
Biden is incapable of pressing a public case for ners. The bill also includes billions to produce campaign. The consequences of let- staff rushed to bash the Hur report.
his own policies abroad. 100,000 155mm artillery rounds per month. ting him continue to drive our coun- Have they ever heard of Shakespeare
But China, Russia, North Korea and Iran are Ukraine is voraciously consuming shells, but try could be catastrophic. and his famous quote: “The lady doth
mounting an increasingly aggressive and coor- 155mm is important to Israel, Taiwan and U.S. RAY BALESTRI protest too much, methinks”?
dinated challenge to U.S. power. Some Republi- forces on the Korean peninsula. Dallas ROZLYN PATTERSON
cans grasp the stakes and are acting as a back- Wherever the U.S. fights, troops need air Naperville, Ill.
bone to a weak President, in the best cover, and the measure helps grow Patriot mis- Special counsel Robert Hur isn’t re-
vealing the true reason he hasn’t It would seem remarkably easy to
Republican tradition since World War II. Arthur sile production to 650 a year, from 550 now. The
sought authority from the attorney learn Mr. Biden’s exact words in his
Vandenberg helped Truman establish NATO, U.S. is expending Tomahawk missiles in the general to indict Mr. Biden, who could deposition with Mr. Hur: Release the
and Bob Dole supported Bill Clinton in the Bal- Middle East and needs more of its best weapons be tried only after his presidency audio and allow those interested to
kans in the 1990s. in the Pacific. The bill devotes $133 million to ends. Mr. Hur knows there is no real- hear the questions and the answers.
Deserving particular credit: GOP Senators expanding production of rocket motors that world chance that Mr. Biden would be ELLIOT M. PURITZ
Dan Sullivan of Alaska, Susan Collins of Maine, feed cruise missiles. found guilty by a trial jury in the Dis- Palm Coast, Fla.
Roger Wicker of Mississippi and Thom Tillis of i i i trict of Columbia, overwhelmingly
North Carolina. All shaped the bill for the better Next up is the House, and Speaker Mike John- made up of Democrats. One side has a candidate who can’t
and repeatedly explained the U.S. interest in son said this week the body will “continue to Even if a federal grand jury were remember, and the other has a candi-
Ukraine, Israel and Taiwan—over angry bar- work its own will on these important matters.” to agree that there is probable cause date who can’t forget. Will that be
rages from the bill’s opponents. If he means it, he won’t let the GOP’s isolationist to charge Mr. Biden, Mr. Hur is un- our choice in November?
willing to gamble on a trial that he REBECCA KUSHNER
Sen. Sullivan was right when he said on the wing block the will of the House majority that
would probably lose because of juror Iowa City, Iowa
floor that the measure isn’t so much a foreign supports Ukraine. The supporters include half
aid bill as a down payment on a badly needed the Republicans, and critics can offer amend-
American rearmament. About 60% of the bill’s ments. Mr. Johnson ascended to power as an af-
$95 billion in funding will flow to a brittle U.S. fable patriot, and he can’t dodge this test of his
industrial base that is straining to produce leadership and convictions.
Nothing to Fear From E-Filing Your Taxes
enough artillery shells, missiles and air de- If Mr. Johnson blocks a vote, he and Republi- In “Beware of E-Filing Your Tax Re- well before the deadline, so there is
fenses for the U.S. and its allies. cans will bear responsibility for what comes turn” (op-ed, Feb. 6), Jay Starkman time to solve the inevitable webpage
Yet the vote was instructive about some Re- next—in Ukraine and elsewhere. The world will limits his discussion to returns pre- hang-up. It is more convenient, and
publicans who portray themselves as defense absorb the lesson that the U.S. is unprepared pared (more or less) manually, then the electronic “paper trail” is much
hawks, not least Sen. Lindsey Graham, who to provide weapons for allies willing to fight in filed electronically. The source of cal- clearer to show compliance.
culation errors is the human preparer. JOHN D. FAUCHER
voted no, demanding Congress focus first on their own defense against a marauding dictator,
Real e-filing is different. This will Oak Park, Calif.
the border. The South Carolinian is now ducking as the Ukrainians have done with valor and at be the 39th consecutive year I have
this weekend’s Munich Security Conference, great cost. prepared and filed my returns using Telling taxpayers to avoid elec-
where he’s been a regular, perhaps to spare Seventy Senators are on record opposing a TurboTax, and not a single one has tronic filing due to security concerns
himself the embarrassment. But the country diminished America in a world that is more been flagged with a calculation error. is akin to advising drivers not to stop
needs him in a role more useful than Mr. dangerous than it’s been in decades. House Re- My advice to Mr. Starkman: Join me at stop signs for fear of rear-end col-
Trump’s political spokesman. publicans now face a test of what they believe, in the late 20th century. lisions. When it comes to paper filing,
Sen. Tom Cotton also voted no, and on the and the stakes couldn’t be higher. EM. PROF. TONY LIMA the risks are substantial and often
California State University, East Bay overlooked. It isn’t as simple as send-
Hayward, Calif. ing a letter; it requires certified mail.
Sticker Shock and Sticky Inflation With tens of millions of physical
The mail can get lost, meaning you
must also have the postal receipt.

S
returns filed a year, the IRS might In the tax-season rush, temporary
tock prices tumbled Tuesday after the need to fix a washing machine. Car repair and lose yours. Assuming it’s processed, a staff handle sensitive paper returns,
Labor Department’s inflation reading for insurance prices also continue to climb. Prices human being has to type in the infor- potentially compromising taxpayer
January came in hotter than expected, for food away from home have accelerated over mation by hand. The IRS announces a information. These paper returns
suggesting the Federal Reserve may start cut- the last six months, which makes it tougher to “return error rate” (whatever that is) might also languish in storage for
ting interest rates later rather than sooner. But take the family out for Sunday dinner. of 21% for physical returns, compared over a year before processing.
the news that inflation is proving sticky won’t In sum, inflation in services shows little sign with 0.5% for electronic returns. SOREN G. BROCKDORF, C.P.A.
surprise most Americans. of easing. Services excluding energy rose 0.7% I advise clients to file electronically Gainesville, Fla.
The consumer-price index rose 0.3% in Janu- in January, the most since September 2022. One
ary and 3.1% over the last year. Excluding food reason may be that businesses are passing on
and energy, core prices have increased 3.9% their increasing labor, material and rent costs The Battle of Values Beneath the Gaza War
year-over-year. That’s progress from a year or to customers with a lag. Consumers haven’t Alison Leigh Cowan’s “The IDF’s The rabbis’ dedication sheds light
two ago. Prices for goods have fallen over the pulled back because they still have pandemic Rabbis Go to War” (Houses of Wor- on the battle of values that underlies
last year, which is good news if you’re looking savings and wages are increasing. ship, Feb. 2) is an understated but el- the war against Hamas. It helps us
to buy a used car or washing machine. Real average hourly earnings after inflation oquent reminder of the stark distinc- understand what is at stake and ex-
But January’s 0.4% monthly increase in the increased by 0.3% in January and are up 1.4% tion between the values of the Jewish plains, at least in part, why this war
core inflation index (sans food and energy) is the over the year. On the other hand, a shorter work state and its enemies. The “war” has garnered much greater attention
highest since last May. Some analysts blame the week means that workers’ average weekly earn- waged by these Israel Defense Forces than far bloodier conflicts elsewhere.
government’s measurement of housing, which ings are 0.1% lower than a year ago. All this rabbis doesn’t consist of calls to jihad MICHAEL SCHNEIDER
rises and falls with a lag. Owners’ equivalent rent helps explain why Americans on Main Street are or violence of any kind. Instead, it is Monsey, N.Y.
rose 0.6% in January. More startling was the 2.4% sour even as Wall Street is cheering for faster a battle to preserve the sanctity of
life even in death, by fulfilling the in-
increase in hotel and lodging prices, which had interest-rate cuts.
declined for most of last year. Fed Chair Jerome Powell has been cautious
tricate dictates of Jewish law in the The Rest of the Country Can
most difficult circumstances, as a tes-
Home insurance was also up 0.7% in January about easing too soon, no doubt because he re- tament to man’s spiritual nature, cre-
Learn From Portland’s Error
and 4.1% over the last year, which represents members the stop-and-go inflation of the ated in God’s image. After spending more than four de-
the biggest increase since April 2015. Repair of 1970s. While he might pull off a soft economic cades in Portland, Ore., I finally had
household items (18.2% since January 2023) landing, the last disinflationary mile was al- enough of the crime, homelessness
was the largest on record—not good news if you ways going to be the hardest. No Argument for a Tax Credit and open drug use to move to north
Georgia this past summer. Measure
There may be good arguments “In
110 sent me over the edge (“Oregon
Let’s See the Biden-Hur Transcript Defense of the Child Tax Credit,” but
Timothy Carney doesn’t make them
Rethinks Drug Decriminalization,” Re-
view & Outlook, Jan. 30).

I
(op-ed, Feb. 8). His comparison of
I was already planning to move in
f President Biden believes that his mental fac- right. If the White House is confident in its ver- five low-earning bachelors living next
2020, but when the pandemic hit I
ulties were unfairly maligned by special coun- sion of events, it should want the transcript to door to a higher-earning family of
waited it out. In those three years be-
sel Robert Hur, there’s an easy way to clear come out. five is more of an expression of oppo-
fore my escape, I witnessed people
up the record: He could call on the Justice Depart- The interview might need redactions to pro- sition to progressive taxes than sup-
shoplifting from major brand stores
ment to release the transcript of his five-hour in- tect sensitive or personal details. But the argu- port for the child tax credit.
(with no security or police called),
JOHN H. BOYET
terview. House Republicans are already seeking ment playing out about the President’s memory dirty needles at bus shelters, tents
Tampa, Fla.
it, along with any recordings, and Mr. Biden’s ac- doesn’t implicate the contents of his classified erected on street corners in residen-
quiescence might speed things along. files. The dispute is about how well Mr. Biden tial neighborhoods and homicides ris-
Mr. Hur says in his report that Mr. Biden por- performed in answering questions under pres- ing to all-time highs.
trayed himself “during his interview with our sure, which the public rarely gets to see, given Julius Caesar vs. Republicans I hope the nation takes a hard look
at Oregon’s failed policies before any-
office” as “a sympathetic, well-meaning, elderly how infrequently he conducts press interviews Divide and conquer, Julius Caesar
one thinks about decriminalizing hard
man with a poor memory.” Twice Mr. Biden is or news conferences. knew. The entry of Matt Rosendale,
drugs again. It will take years for Port-
quoted as failing to recall which years he was Mr. Hur’s team spent five hours with the Montana’s 2018 U.S. Senate election
land to turn it around. Until then, I’ll
America’s VP. “If it was 2013—when did I stop President, and his assessment is shifting the loser, to the primary (“Matt Rosend-
think fondly about what my hometown
being Vice President?” And: “In 2009, am I still public debate on the wisdom of giving an 81- ale’s Gift to Chuck Schumer,” Review
was before far-left policies took hold.
& Outlook, Feb. 10) suggests a varia-
Vice President?” year-old the nuclear launch codes for another TRACEE LARSON
tion is needed to describe today’s
The President angrily denied all this last four years. Beltway media types are insisting GOP: divided and conquerable.
Canton, Ga.
week. “There’s even a reference that I don’t re- that the nomination die is already cast, and the TOM EGLINTON
member when my son died,” he said. “How in Democratic future is Biden or bust. Jonathan Asheville, N.C.
the hell dare he raise that. Frankly, when I was Martin, Politico’s hall monitor for conventional Pepper ...
asked the question, I thought to myself it wasn’t wisdom, is leading this Biden protection cam- And Salt
any of their damn business.” Mr. Biden’s lawyers, paign. But that isn’t inevitable. CLARIFICATION THE WALL STREET JOURNAL
who reviewed a draft of Mr. Hur’s report before If Mr. Biden announced tomorrow a decision
its public release, made an even more vigorous to bow out and release his delegates, Democrats In 2006-07, Elise Stefanik worked
defense in a letter that the special counsel ap- would get a real competition. We’ve never ar- as an executive assistant for the
pended to his final document. gued that such a turn of events is likely. What White House Domestic Policy Council.
“Far from being ‘hazy,’” it argues, “the Presi- we’ve said is that it would be good for Demo- Gregory Jacob, author of the Feb. 12
dent proceeded to provide often detailed recol- crats and the country. Pardon us for saying that op-ed “Stefanik Disqualifies Herself
lections across a wide range of questions, from Americans deserve a better choice than Joe Bi- for the Vice Presidency,” was a mem-
staff management of paper flow in the West den vs. Donald Trump. ber of the council. Ms. Stefanik re-
Wing to the events surrounding the creation of Most of the public is ready to turn the page ported to the council’s director, Karl
Zinsmeister, not to Mr. Jacob.
the 2009 memorandum on the Afghanistan on both men. Which of them would win in No-
surge.” Mr. Biden’s attorneys then assert: “The vember is hard to predict, but the polls today
Letters intended for publication should
President’s inability to recall dates or details of suggest Mr. Biden would lose. He doesn’t want be emailed to [email protected]. Please
events that happened years ago is neither sur- to admit that. Who would? The question isn’t include your city, state and telephone
prising nor unusual.” whether changing Mr. Biden’s mind is likely. It’s number. All letters are subject to “We raised the price but lowered
These stories sound mutually exclusive, and whether, if his dismal polling continues, Demo- editing, and unpublished letters cannot the down payment . . . so it kind of
be acknowledged.
reading the transcript could prove one of them cratic bigwigs will try. evens out.”
THE WALL STREET JOURNAL. Wednesday, February 14, 2024 | A15

OPINION

Musk Fights Biden’s Memory Problems, and Mine

Sweden’s By Joseph Epstein ful quotation, remnants from past

I
readings, all are readily available to
Unions apparently require a trigger
warning, for I tend to get a
me. Yet at lunch with friends I am un-
able to recall the name of Sam
touch nervous when I hear Spade’s partner (Miles Archer) or the
By Lars Jonung people speak about Joe Biden’s author of “The Decameron” (Giovanni
age as a disqualifying factor. Boccaccio). The operations of mem-

S
Lund, Sweden The president is younger than I am. ory, like those of consciousness, re-
weden is the West’s most cor- Already, as in the recent special coun- main among life’s mysteries.
poratist society. Powerful in- sel report on the unauthorized docu- There’s nothing mysterious about

NATHAN HOWARD/GETTY IMAGES

terest groups, often described ments found in his Delaware garage, the operation of Mr. Biden’s memory,
as “social partners,” use collective Mr. Biden is referred to as an “elderly which malfunctions at what appears
bargaining to set rents for apart- man with a poor memory.” Whenever an ever increasing rate. Not age but
ments and wages earned in labor I see him speak, I discover a stutter- mind is the president’s problem.
markets. ing, muttering man who is six years (Henry Kissinger’s mind and memory
This model is being challenged by my junior. He can neither speak with- seemed to function well right up until
Tesla CEO Elon Musk, who is refus- out the aid of a teleprompter, nor his death at 100.) With the world’s
ing to enter into collective wage converse with a visiting dignitary seas so choppy, Mr. Biden’s mind isn’t
agreements with Swedish trade without glancing down at note cards. Biden at his press conference following the special counsel’s report. one anyone would want at the helm
unions. The unions have responded Bidenomics, hell. Bidenverbalflub- of our ship of state. The problem with
with strikes and blockades on Tesla bics is more like it. daresay, evade it altogether. to another room, and, with the aid of Donald Trump, who is four years
operations in the country. Govern- Anyone who has reached the au- Might this be the mind’s revenge that other woman in my life, Siri, I younger than Mr. Biden, isn’t mem-
ment authorities have been re- gust—make that december—age of 80 for filling it over the years with so hunt down the names. Finding them ory but tact, want of culture, gener-
stricted from supplying license plates knows the sorry feeling of going to much trivia: song lyrics, batting aver- brings no great satisfaction, but it osity of spirit. These flaws haven’t
for new Tesla cars. In a show of soli- that poorly arranged filing cabinet ages, jokes, phone numbers, commer- does allow a return to sleep. come with age. They seem to have
darity with striking Tesla workers, known as the human mind to find the cial tag lines, passwords and so much At such moments and during oth- been with Mr. Trump all his days.
garbage collection for the company title of the book or movie, the date of more? The digital age, with its social ers when memory fails, I worry about When accused of having a flawed
has stopped. platforms, chat rooms and the rest, the prospect of dementia. Second memory, Mr. Biden shifts into high
The power of unions in Sweden is has made it possible to overload the only to death, this is the greatest fear dudgeon. How, he demands, could
enormous. No domestic company can Anyone over 80 knows already overstuffed filing cabinet with most people harbor. I have had someone with an enfeebled memory
survive if it refuses to bargain with even more mental dross and detritus. friends younger than I who lapsed have accomplished all the histori-
them. Only a rich foreign business- the feeling of reaching A spécialité de la maison of my into dementia. The most upsetting cally significant improvements his
man like Mr. Musk can challenge the for a fact or a name and own is to be unable to recall a name— instances have been those who, be- administration has made? Let pass
system, commonly described as the usually of someone not even distantly fore dementia kicked in, were noted that recent polls show large majori-
Swedish model. coming up with nothing. relevant to me—in bed at 2:00 or for their intellectual brilliance. I ties of Americans think otherwise,
Individual contracting was elimi- 3:00 in the morning. These names think of a friend who was a well- both about his mind and about his
nated in two main areas by the Social have included Celeste Holm, Sammy known art critic and another who accomplishments.
Democrats during their long period the historical event, the name of the Snead, Andrea Mitchell, Monica was a federal judge, both of whose But, then, who knows? In his be-
of government: the rental market, athlete that one needs to keep the con- Lewinsky, Archie Leach and Michael lives were ravaged by dementia. So fogged mental condition, Joseph Rob-
which constitutes about 30% of the versation going, to make one’s point, Primack (a former dentist of mine). much for the notion that the best inette Biden Jr. may be absolutely
housing market, and the labor mar- to demonstrate one’s wide range of You might think my recovering these way to ward off dementia is to keep convinced that he has been among
ket. Only collective agreements apply knowledge, only to be unable to find it. names could wait until sunrise. But, one’s mind active. American history’s great presidents.
in these areas. For some among us it happens less no, without their recovery sleep turns In a manner I can’t account for,
Collective bargaining holds rents frequently than for others. But among out to be unavailable. So, phone in when writing my memory seems to Mr. Epstein is author, most re-
below market level, creating huge those of us of a certain age, none, I hand, I leave my marital bed, repair kick in nicely. The stray fact, the use- cently, of “The Novel, Who Needs It?”
queues for apartments. More than a
million Swedes, out of a population of
10.4 million, are waiting in these
queues. In central Stockholm, the
queuing time for apartments is be-
Mideast Failure Leads Biden Back to Trump Policies
tween seven and 11 years, though for By David Schenker ignation as a foreign terrorist organi- sanctions against Tehran.” This re- ministration exerted economic pres-

A
attractive ones it is sometimes more zation, the Biden transition team port and other accounts of growing sure on Tehran but didn’t respond
than 20 years. It’s like waiting for a fter reports last month that at worried that the designation might frustration with Tehran in the Euro- militarily to the regime’s provoca-
new Trabant in East Germany. Simi- least a dozen employees of the trigger a famine in Yemen, undermine pean Union suggest that Mr. Biden tions in 2019, including scuttling
larly, collective wage agreements set a United Nations Relief and Saudi-Houthi peace talks, and scuttle may even move to restore the coer- ships in Emirati ports, downing a U.S.
minimum wage for each sector, result- Works Agency participated in Hamas’s U.S. efforts to re-enter a nuclear deal cive multilateral economic measures drone in international airspace, and
ing in fewer jobs. The Swedish unem- Oct. 7 massacre of 1,200 Israelis, the with Tehran. In its first major for- in place before the Iran deal. attacking Saudi Aramco operations in
ployment rate is around 8%, currently Biden administration suspended fund- eign-policy decision, on Feb. 16, 2021, Until recently, to avoid confronta- Abqaiq and Khurais. Ultimately, the
the third-highest in Europe. ing to the organization. Mr. Biden was the Biden administration took the tion with Baghdad—which is politi- sanctions didn’t succeed in restarting
Liberal democracy presupposes likely loath to cut the aid. His admin- Houthis off the list despite the cally allied with many of these Iran- nuclear negotiations with Iran for a
fundamental rights and freedoms. istration announced with great fan- group’s continuing terrorist activities. backed militias—Mr. Biden had better deal. But the Trump adminis-
Some of these, such as the freedoms fare 2½ years ago that it would re- Yet as the Houthis launched more responded to Hashd attacks on U.S. tration understood that proxies were
of opinion, press and expression, are sume the nearly $320 million year in missiles and drones toward Israel and part of the Iran problem. To that end,
enshrined in the Swedish constitu- U.S. assistance to Unrwa, which Presi- harassed commercial ships in the Red it supported the Saudis in their war
tion. But the right of the individual dent Trump had zeroed out in 2018. Sea, the administration reassessed its The president has moved against the Houthis, targeted the
to enter into contracts isn’t similarly Mr. Biden’s reversion to the Trump position. On Jan. 17, Secretary of Hashd, and periodically attacked the
guaranteed. policy on Unrwa is the latest in a se- State Antony Blinken named the away from reversals on proxies’ Iranian masters.
ries of U-turns on the Middle East. As Houthis a specially designated global Unrwa, the Houthis, The Biden administration’s latest
security has deteriorated across the terrorist group, a slightly less oner- policy reversals, along with targeting
He refuses to enter into the region, the White House has adopted ous classification than foreign terror- Iran sanctions and more. the Hashd and Houthi militias, may
the once-maligned policies of its pre- ist organization. suggest a new, comprehensive under-
collective wage agreements decessor toward Iran and its proxies. The Jan. 28 drone attack by the standing of the Iran problem. Tehran
that define the West’s The Houthis in Yemen are one ex- Iran-backed Iraqi Hashd Shiite militia military and diplomatic personnel in exploited Oct. 7 by coordinating a
ample. In January 2021, during the fi- that killed three U.S. soldiers in Jordan Iraq by retaliating against these forces campaign to drive the U.S. from the
most corporatist economy. nal days of the Trump administra- has the Biden administration report- in Syria. But as the assaults intensi- Middle East. If America is to remain
tion, Secretary of State Mike Pompeo edly reviewing its approach to sanc- fied, in late 2023 the Biden adminis- there and protect its allies and inter-
designated the Houthis a foreign ter- tions against Tehran. After the Trump tration resumed Mr. Trump’s practice ests, Washington needs a strategy
Individual contracting can only be rorist organization. The precipitating administration withdrew in 2018 from of striking back within Iraqi territory. that raises the cost for the proxies as
guaranteed in Sweden through new incident was a Dec. 30, 2020, attack the Iran nuclear deal, Washington en- Mr. Biden’s return to Trump-era well as their puppet master. While a
legislation that weakens the prevail- on the Aden airport, including a gaged in a maximum pressure cam- policies comes after three years of tougher U.S. diplomatic and military
ing structure. The most radical re- plane carrying members of Yemen’s paign against the theocracy. But Mr. trial and mostly error. His approach approach entails some risk, Iran’s
form would be to write into the con- U.N.-recognized governing cabinet. Biden, seeking a return to the deal and to Iran featured a failed effort to re- fears of escalation give Washington
stitution that every Swedish citizen The Houthis had a record of targeting de-escalation, abandoned the Trump turn to the nuclear deal, lax applica- latitude to act more boldly.
has the right to enter freely into Saudi civilians as well as interna- sanctions and unblocked billions of tion of sanctions, repeated releases
agreements. A Swedish constitution tional shipping in the Red Sea. frozen regime funds. of frozen assets, and a general disin- Mr. Schenker, a senior fellow at
that guarantees these rights would At the time, some Democrats ac- According to the influential Saudi- clination toward conflict with the the Washington Institute for Near
dampen today’s overwhelming corpo- cused Mr. Pompeo of tying the hands funded news service Iran Interna- theocracy and its proxies. East Policy, served as assistant secre-
ratist forces. No tenant renting an of the incoming administration. While tional, the administration is in talks Mr. Trump’s Iran policy wasn’t as tary of state for near eastern affairs,
apartment could be forced to become the Houthis met the criteria for des- with Western partners to “intensify strong as it should have been. His ad- 2019-2021.
a member of the Swedish Tenants
Union, as is the case today. Queues
for apartments would disappear if
rents rose to market-clearing levels.
Blockades and strikes could no lon-
A Borderline Crazy Campaign Strategy
ger force people to accept collective It may be the most publican friends.” Huh? more than Mr. Biden on illegal immi- day continue to give Mr. Biden poor
agreements. bizarre presidential Not even the president’s besties in gration but also blame Democrats for marks on the economy, a situation
These legislative measures would campaign strategy the liberal press—the same outlets the Senate’s border-bill collapse last that could exacerbate anti-immigrant
strengthen liberal democracy in Swe- since Walter Mon- now disputing special counsel Robert week, even though Mr. Biden sup- sentiment and diminish turnout for
den, but they wouldn’t end collective dale promised to Hur’s descriptions of Mr. Biden’s men- ported the legislation and Mr. Trump the president among Democrats and
agreement or trade unions. Employ- raise taxes in 1984 tal decline—are buying that nonsense. opposed it. independents.
ers and employees will use collective and went on to lose A recent front-page New York Times Republicans control the House and The 1996 welfare-reform law was
UPWARD
agreements when they are mutually
MOBILITY 49 states to Ronald article reported that a record 300,000 obviously share blame for this deba- meant to discourage foreigners from
beneficial. Reagan. migrants had crossed the border ille- cle. They must explain to GOP voters entering the U.S. to go on the dole.
By Jason L.
Liberal democracy is being threat- Joe Biden has gally in December alone. “It is not just why conservatives rejected bipartisan Most illegal immigrants already
Riley
ened globally by growing populist convinced himself because they believe they will be able legislation, even though it included didn’t qualify for federal and state
and illiberal movements. The govern- that immigration is a to make it across the 2,000-mile many border provisions that the welfare programs, and the new law
ment in Stockholm should counteract winning issue for Democrats. The southern frontier,” the story noted party has demanded for decades. Mr. extended restrictions to legal immi-
this threat by strengthening people’s plan is to persuade voters that matter-of-factly. “They are also cer- Trump clearly wants to run hard on grants who had been in the country
individual rights and freedoms in the stratospheric levels of unlawful mi- tain that once they make it to the for less than five years. Over time,
Swedish constitution. If this happens, gration on his watch are entirely United States, they will be able to stay. liberals have chipped away at the eli-
Mr. Musk will have given Sweden a someone else’s fault. “I’ll be taking Forever. And by and large, they are Biden thinks he can win by gibility requirements, to the point
great gift. this issue to the country,” the presi- not wrong.” blaming the immigration that millions of illegal immigrants to-
dent announced last week from the If Mondale assumed four decades day are receiving far more than just
Mr. Jonung is a senior professor White House. “Every day between ago that the electorate wanted Rea- crisis on Trump. Really. sanctuary.
of economics at Sweden’s Lund Uni- now and November, the American gan’s tax cuts reversed, Mr. Biden Illinois began offering free health-
versity. He served as chief economic people are going to know that the told himself that he won in 2020 be- care to illegal immigrants in 2022. In
adviser to Prime Minister Carl Bildt, only reason the border is not secure cause voters were unhappy with Mr. border security this fall, and he fears January California expanded its Med-
1992-94. is Donald Trump and his MAGA Re- Trump’s border policies. It was delu- that doing something to address it icaid program, Medi-Cal, to cover
sional but nevertheless what the hard now will steal his thunder. It’s also people regardless of their immigra-
left demanded. Even if the president clear that Republicans in Congress tion status, and next year undocu-
has come to see the error of his are loath to cross their presumptive mented seniors will become eligible
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY thinking, it’s probably too late to con- nominee, even if the price of doing for the state’s food-assistance pro-
Lachlan Murdoch vince voters that he is committed to nothing is another year of historically gram. Earlier this month, New York
Executive Chairman, News Corp changing course. Mr. Biden aban- high illegal immigration. announced the launch of a pilot pro-
Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp doned his predecessor’s enforcement You can’t blame Democrats for gram that offers prepaid credit cards
Emma Tucker Almar Latour policies, looked the other way as for- aiming to exploit this dynamic, but to migrant families for food and baby
Editor in Chief Chief Executive Officer and Publisher eign nationals gamed our asylum after years of trying to erase the supplies. Eligibility for a separate
Liz Harris, Managing Editor DOW JONES MANAGEMENT: laws, and told the country that southern border instead of repair it, welfare program that dispenses cash
Charles Forelle, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; mounting unlawful entries were a they lack credibility. Moreover, the payments was modified recently to
Elena Cherney, News; David Crow, Executive Editor; Mae M. Cheng, EVP, General Manager, Leadership;
Chip Cummins, Newswires; Andrew Dowell, Asia; David Cho, Barron’s Editor in Chief; Jason P. Conti, “seasonal” phenomenon that would political left’s current immigration include the undocumented.
Taneth Evans, Associate Editor; Brent Jones, Culture, General Counsel, Chief Compliance Officer; soon peter out. Immigration ought to woes extend beyond images on TV of “It’s one thing to have free immi-
Training & Outreach; Alex Martin, Print & Writing; Dianne DeSevo, Chief People Officer; Jared DiPalma,
Michael W. Miller, Features & Weekend; Chief Financial Officer; Frank Filippo, Chief
be the last topic he wants to raise on giant migrant caravans wading across gration to jobs,” said Milton Fried-
Emma Moody, Standards; Prabha Natarajan, Transformation Officer; Artem Fishman, Chief the campaign trail. the Rio Grande. The problem is also man. “It’s another thing to have free
Professional Products; Bruce Orwall, Enterprise; Technology Officer; David Martin, Chief Revenue Political damage from the presi- playing out in the sanctuary jurisdic- immigration to welfare. And you
Philana Patterson, Audio; Michael Siconolfi, Officer, Business Intelligence; Dan Shar, EVP,
Investigations; Amanda Wills, Video General Manager, Wealth & Investing; Ashok Sinha, dent’s border neglect is still being cal- tions that have welcomed newcomers can’t have both.” While campaigning
SVP, Head of Communications; Josh Stinchcomb, culated. Lately, illegal immigration with free housing, food, healthcare in 2020, Mr. Biden said that “Milton
Paul A. Gigot EVP & Chief Revenue Officer, WSJ | Barron’s
Editor of the Editorial Page has become a top issue for voters in and schooling for migrant children. Friedman isn’t running the show any-
Group; Sherry Weiss, Chief Marketing Officer
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
both parties. An ABC News/Ipsos sur- During periods of strong economic more.” Perhaps, but rejecting that
1211 Avenue of the Americas, New York, N.Y., 10036 vey released Sunday showed that growth, concerns about illegal immi- wise advice could cost Democrats
Telephone 1-800-DOWJONES Americans not only trust Mr. Trump gration tend to recede. But voters to- dearly.
A16 | Wednesday, February 14, 2024 THE WALL STREET JOURNAL.

It has been 322 days since our friend and colleague Evan Gershkovich
was wrongfully detained by Russia during a reporting trip and accused of
espionage. The Wall Street Journal and the U.S. government vehemently
deny the allegation and continue to call for his immediate release.

No journalist should ever be detained for simply doing his job, and the charge
against Evan is an outrage. Journalism is not a crime, and any portrayal to
the contrary is iction.

The stakes are high: Without press freedom, there is no free society.

Every day Evan remains detained is a day too long. We will not rest until
he’s home.

Please continue to share Evan’s reporting and the latest updates on his
situation by visiting WSJ.com/Evan. Use the hashtag #IStandWithEvan
to help keep his story front and center.

©2024 Dow Jones & Co., Inc. All rights reserved. 6DJ0019
 BUSINESS & FINANCE
© 2024 Dow Jones & Company. All Rights Reserved.

S&P 4953.17 g 1.37% S&P FIN g 1.28%

* ** * *

S&P IT g 1.56% DJ TRANS g 2.62%

THE WALL STREET JOURNAL.
WSJ $ IDX À 0.68% 2–YR. TREAS. yield 4.654% NIKKEI (Midday) 37646.95 g 0.84% See more at WSJ.com/Markets
Wednesday, February 14, 2024 | B1

Stocks Sink After Inflation Setback Walmart

In Talks
To Buy
Session was worst stocks on a release day for the 4.315%, up from 4.170% on Index performance Tuesday
consumer-price index since Monday. The yield on the 2-
for indexes on day of 2022, according to Dow Jones year Treasury note rose to 0%
Market Data. 4.654%.

Smart-TV
consumer-price
Major indexes have soared Many investors expected Dow industrials
report since 2022 in recent months on bets that the Fed to cut interest rates as –0.5
S&P 500
the Fed’s work to tame infla- many as six times in 2024

Firm Vizio
Nasdaq Composite
BY CHARLEY GRANT tion was nearly done and the when the year began, though
central bank would soon pivot central-bank officials had sig- –1.0
A hotter-than-expected in- to cutting rates. Tuesday’s re- naled three cuts were more
flation report sent stocks tum- port, though only slightly likely. But the latest report
–1.5
bling Tuesday and sparked stronger than expected, ap- calls more aggressive fore- BY JESSICA TOONKEL
worries about just how soon peared to throw cold water on casts into question. AND SARAH NASSAUER
the Federal Reserve will start some of those hopes. “I think the market is com-
–2.0
cutting interest rates. Consumer prices rose 0.3% ing to the realization that it Walmart is in talks to buy
The tech-heavy Nasdaq in January from a month ear- was overly enthusiastic over smart-television manufacturer
Composite shed 1.8%, while lier, the Labor Department how many cuts we would get,” Vizio for more than $2 billion,
–2.5
the Dow Jones Industrial Av- said. Core prices, a measure said John Mowrey, chief in- according to people familiar
erage declined 1.4%, or 525 that excludes food and energy, vestment officer at NFJ In- with the situation.
points. The benchmark S&P rose 0.4%. vestment Group. –3.0
The move would give Wal-
500 fell 1.4%, pulled lower by Bond prices fell as yields Traders in interest-rate de- mart more places where it can
10 a.m. 11 noon 1 p.m. 2 3 4
all 11 of its sectors. The trad- rose. The benchmark 10-year rivatives are now pricing in an sell ads and pitch shoppers on
ing session was the worst for Treasury yield settled at Please turn to page B13 Source: FactSet goods.
Walmart, including its
Sam’s Club chain, has histori-

Investors Won Battle on Venezuela Sanctions

cally been Vizio’s largest cus-
tomer. Vizio is the largest
television brand at Walmart
by sales.
The discussions between
BY KEJAL VYAS on Russia and Belarus, are Walmart and Vizio continue,
AND ALEXANDER SAEEDY now seen as giving foreign and a deal may not happen.
buyers a chance to profit and Shares in Vizio surged 25%
After the U.S. dropped an potentially influence debt re- to $9.75 Tuesday, bringing the
array of sanctions against structurings while making it company’s stock-market value
Venezuela in October, it harder to track the trades. close to $2 billion. Meanwhile,
warned that it could reimpose The Trump-era sanctions shares in Vizio rival Roku fell
all of them, except one. The on the government of Venezu- 8.8%.
White House admitted that its ela’s authoritarian leader, Ni- The deal talks demonstrate
ban on buying Venezuelan colás Maduro, were meant to the importance of consumer
bonds was a failure that had hammer the regime. The data and ad space for major
potentially benefited enemies White House made it illegal retailers as they build their ad
of the U.S. for American investors to ex- businesses and compete with
Behind the scenes, a group tend new loans to Caracas, Amazon. In addition to being
MATIAS DELACROIX/ASSOCIATED PRESS

of powerful Wall Street inves- and it barred investors from an e-commerce behemoth,
tors had been feeding Wash- buying any of the govern- Amazon is among the biggest
ington a stream of evidence ment’s outstanding bonds. ad players in the U.S. behind
that showed Venezuelan Venezuela at times stashed Google parent Alphabet and
bonds were being traded by outstanding bonds in domestic Facebook owner Meta Plat-
investors with ties to Russia. financial institutions or off- forms. Amazon has also been
They said Moscow was hoping shore and sold them when it building its own smart-TV
to gain influence in the U.S.’s needed cash. business.
backyard. U.S. firms held Venezuelan There is also more compe-
The Biden administration Some of the Venezuelan bonds held by U.S. firms were backed by the cash flow from oil sales. bonds valued at about $50 bil- tition among retailers hunting
said dropping the debt-trading lion, typically issued by the for ad dollars with companies
ban “would have the positive debt of a sanctioned country They did, giving the investors countries such as Russia, Iran national government or the including Best Buy, Kroger
effect of displacing nefarious could backfire. a windfall of hundreds of mil- and North Korea have become country’s state-owned oil and Instacart jumping into the
players in this market.” It was The investors stood to ben- lions of dollars. increasingly adept at moving company, Petróleos de Vene- business. Advertisers continue
the first time the U.S. publicly efit from the end of the ban, The U.S. has ramped up its cash and goods across their zuela. Investors liked them be- to shift dollars into the retail
acknowledged that banning because prices of Venezuela’s use of sanctions in the past borders. Debt-buying bans, cause they offered high yields media space, which is ex-
U.S. investors from buying bonds were expected to rise. two decades. In response, which have also been imposed Please turn to page B8 Please turn to page B2

Ex-Apple Barclays Reinvention to Test Its Clout as Big Bank

Executive BY JOSH MITCHELL blueprint for the bank along-
side annual results due Feb.
Share-price performance, past 10 years Price/tangible-book-value
ratio for Barclays shares*
200%
Eyed for LONDON—Two years ago,
C.S. Venkatakrishnan was un-
expectedly thrust into the top
20.
Venkatakrishnan, 58 years
old, took over as chief execu- 150
JPMorgan 1.0 times

0.9

Sports job at British banking giant

Barclays. A year later, he felt a
lump on his neck and was di-
tive in November 2021, after
then-CEO Jes Staley resigned
over his ties to convicted sex 100 0.8

Venture agnosed with cancer.

Now, after successfully un-
dergoing treatment, Venkat-
offender Jeffrey Epstein.
Since then, Barclays shares
in London have fallen by more
50
0.7

0.6
akrishnan faces a career-defin- than a quarter. Dozens of top
BY JESSICA TOONKEL ing test. The Indian-born risk bankers quit last year for 0 Citigroup
0.5
AND ISABELLA SIMONETTI specialist is trying to succeed other institutions. Consumer
where his predecessors failed, balances at its vaunted credit- Barclays
–50
Disney’s ESPN, Fox and to persuade investors that Bar- card arm are down sharply NatWest 0.4
Warner Bros. Discovery have clays’s eclectic mix of Main since the pandemic, while
begun reviewing potential can- Street finance and Wall Street competition is mounting in –100 0.3 Monthly
didates to lead their new heft makes sense. Main Street banking in Brit- 2015 ’20 ’24 2011 ’15 ’20 ’24
streaming venture, which will He is preparing to unveil his Please turn to page B2 *Based on mean estimates for tangible book value over next 12 months. Data through January Source: FactSet
offer all their live-sports pro-
gramming in one package.
Pete Distad, who was a top
executive at Apple in charge of
its video and sports businesses
INSIDE Early Adopters of Microsoft AI
before leaving the tech giant
last spring, is among the top
candidates for chief executive
officer that the companies are
Hold Doubts About Bot’s Value
considering, according to peo- BY TOM DOTAN Teams. It uses the same tech- some testers pause about
ple familiar with the situation. nology as OpenAI’s ChatGPT whether, at $30 a head a
Distad earlier was a marketing Microsoft’s new artificial- and can summarize emails, month, it is worth the price.
and distribution executive for intelligence assistant for its generate text and create docu- “I wouldn’t say we’re ready
the streaming service Hulu. bestselling software has been ments based on natural lan- to spend $30 per user for every
The names of other candi- in the hands of testers for more guage prompts. user in the company,” said
dates the companies are con- than six months and their re- Companies involved in test- Sharon Mandell, the chief in-
sidering couldn’t be learned. ENVIRONMENT PROPERTY views are in: useful, but often ing say their employees have formation officer at networking
They are expected to name a U.S. companies are Tough rent laws doesn’t live up to its price. been clamoring to test the hardware company Juniper
CEO in the coming weeks, and The company is hoping for tool—at least initially. So far, Networks, which has been
the as-yet-unnamed service it-
hiring fewer people caused turmoil one of its biggest hits in de- the shortcomings with soft- Please turn to page B4
self is slated to launch later for roles related to at New York cades with Copilot for Micro- ware including Excel and Pow-
this year. ESG issues. B3 Community Bank. B6 soft 365, an AI upgrade that erPoint and its tendency to  Generative AI firms face
Please turn to page B2 plugs into Word, Outlook and make mistakes have given copyright limitations. ... B4

MAXIMIZE
WAREHOUSE
PRODUCTIVITY
WITH AUTOMATION
interlakemecalux.com (877) 632-2589
B2 | Wednesday, February 14, 2024 * *** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople in

Instacart Cuts 7% of Its Workforce

today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A Giant Biogene.........................B13 New York Community

Airbnb...............................................B6 Greentown China.................B13 Bancorp.......................................B6
Alphabet.................................B3,B4 Hasbro..............................................B3 Ningbo Sanxing Medical
Amazon.com........................B1,B3 I Electric.......................................B13
Arcadis..........................................A10 P BY PREETIKA RANA would cut about 6% of its vated—showing that consumer day’s layoffs alongside its
Instacart.........................................B2
B Phillips 66.....................................B3 workforce, and Snapchat par- habits have shifted toward con- fourth-quarter results. The
J
Barclays...........................................B1 R Instacart is cutting about ent Snap said it was slicing 10% venience and delivery—growth company posted a profit of
JetBlue Airways....................B13
Best Buy.........................................B1 JPMorgan Chase............B6,B8 Roku....................................................B1 250 employees, or roughly 7% of its staff. Okta, Zoom, Google has sharply cooled from pan- $135 million for the three
Biogen............................................B13 Juniper Networks...................B1 S of staff, as it focuses on profit- and Amazon have also recently demic peaks. months through Dec. 31, down
BlackRock......................................B8
K Sientra.............................................B3 ability amid heated competi- moved to cut jobs. Delivery is a capital-inten- 71% from the same quarter a
Boeing..............................................B3
Budweiser Brewing............B13 Kroger................................................B1 T tion in the grocery-delivery The tech industry has con- sive and logistically challenging year earlier when it gained
C L Tesco.................................................B2 business and rising food costs. tinued its belt-tightening even undertaking. Instacart and its from a tax allowance.
Lenovo.............................................B4
T. Rowe Price............................B8 The layoffs are aimed at cut- after cutting tens of thousands rivals expanded into more-lu- The value of transactions on
China Everbright
Environment.........................B13 Lyft.....................................................B4 U ting back on certain projects, of workers since 2022. The in- crative businesses, such as ad- its app grew by 7% to $7.89 bil-
China Southern Airlines B13 M Uber Technologies.........B2,B4 while focusing on those that dustry, which grew with little vertising, to bolster profits. lion, slightly better than the es-
Coca-Cola.............................B3,B14 Maplebear.....................................B2 V generate bigger returns. restraint until a few years ago, Uber, which also has a more timates of analysts polled by
D Meta Platforms.......................B3 Vizio....................................................B1 “This will allow us to re- has emerged from a recent mature ride-sharing business, FactSet. The value of transac-
Diamondback Energy..........A1 MGI Tech.....................................B13 W shape the company and flatten downturn with a new focus on marked its first full year of tions indicates consumer de-
Dow....................................................B4 Microsoft................................B1,B4 Walmart..........................................B1 the organization so we can fo- profitability. Meanwhile, excite- profit in 2023. DoorDash, mand, while revenue refers to
Dropbox........................................A10 Midea.............................................B13 Walt Disney.................................B1 cus on our most promising ini- ment about the potential op- which leads the restaurant-de- Instacart’s cut from it.
E-H MSCI................................................B13 Warner Bros. Discovery....B1
Moody’s........................................B13 Weibo.............................................B13 tiatives,” Chief Executive Fidji portunity of artificial intelli- livery business, has also been The company’s revenue
Elliott Investment
Management..........................B3 N Wells Fargo.................................B6 Simo said in an investor letter. gence has nudged some trimming its losses. grew by 6% to $803 million, in
FirstEnergy..................................A4 New World Development X Instacart said three execu- companies to increase automa- Instacart, formally called line with Wall Street’s forecast.
Fox.......................................................B1 .............................................................B13 Xinyi Glass.................................B13 tives, including its chief tech- tion and shift resources from Maplebear, went public in Sep- About 70% of that revenue was
nology officer and chief operat- other efforts. tember. As of Monday’s close, earned by charging a cut on
ing officer, will leave the Instacart commands the U.S. its shares have fallen 19% since transactions, while the rest
INDEX TO PEOPLE company for personal reasons.
Following the news, the
grocery-delivery market, but
competition is mounting from
their first day of trading. Over
the same period, Uber shares
came from other avenues, in-
cluding advertising.
company’s shares were down rivals, including DoorDash and have climbed 49%, DoorDash For the current quarter that
A Hu, Art.............................................B4 Quincey, James......................B14 3% in after-hours trading. Uber Technologies’ Uber Eats. shares have risen 46% and the ends in March, Instacart pro-
Appenzeller, Guido................B4 Humes, Hans.............................B8 R Instacart is the latest tech All three apps saw their sales tech-heavy Nasdaq Composite jected the value of transactions
B J company to cut staff this year. skyrocket during the pandemic. Index is up 16%. on its app to be between $8 bil-
Randhawa, Mehtab..............B6
Last week, DocuSign said it While sales have remained ele- Instacart announced Tues- lion and $8.2 billion.
Bant, Alexander.......................B3 Jaluria, Rishi...............................B4 Rebell, Bobbi..............................A9
Boudewyn, Arne.....................A9 Jenkins, Antony.......................B2 Russo, Mark................................B6
C Jones, Chuck..............................A2 S
Caldwell, Jessica.....................A2
Collins, Eli.....................................B4
K
Kalmar, Melanie......................B4
Schneidermann, Ron........A10
Simo, Fidji.....................................B2
Walmart
D
Diamond, Bob............................B2
Kaplan, Jared.............................B4
M
Singer, Paul..................................B3
Spataro, Jared...........................B4
Staley, Jes.....................................B1
In Talks
Distad, Pete.................................B1
Dowling, Michael....................A2
Dubbin, Joe..................................B3
Malmendier, Ulrike................A2
Mandell, Sharon.......................B1
Menezes, Ron............................B3
Stephens, Autry.......................A1
T
With Vizio
F Morgan, Dave............................B2 Toms, Benjamin.......................B2
Mowrey, John.............................B1 Continued from page B1
Firth, Edward.............................B2 V pected to hit $59.6 billion in
Musk, Elon...................................A6
Fittizzi, Rocky............................A9 Vendt, Allison.........................A10 U.S. ad revenue this year, up
N
Fitzpatrick, Lawrence.........B4 Venkatakrishnan, C.S...........B1 almost 30% from last year, ac-
G Nadella, Satya...........................B4 Viehbacher, Chris.................B14 cording to Insider Intelli-
P gence.
Grover, Sumit............................B6 W
Walmart gets most of its
H Parmar, Nilesh........................A10
Wang, William..........................B2 U.S. revenue from its grocery
Pease, Robert............................B3

SCOTT OLSON/GETTY IMAGES

Hatzius, Jan................................A2 Weinreb, Ellen...........................B3 business, which typically has
Houston, Drew.......................A10 Q Winter, Peter..............................B6 low profit margins. Executives
see the Walmart Connect ad
unit as a path to heftier prof-
Watch a Video: What’s Ahead for Spirit, its and a way to generate cash
Whose Stock Had Soared Amid Deal Talks beyond the company’s long-
time engine of selling goods
through stores. For Walmart, the logic behind a deal is to increase ad revenue, not to sell more TVs.
That would give Walmart,
the country’s largest retailer Vizio is best known for erating systems from Roku or tentially track those ads back
by revenue, more money to selling low-price TVs, but it Google TV. to the purchase of goods.
plow into offering faster ship- has tried in recent years to Amazon makes up 17% of The mounds of data that
ping and other services. Seat- expand into advertising and the operating systems in con- retailers have make them even
tle-based Amazon leans on streaming. It sells ads that us- nected TVs, compared with more attractive to brands in
profits from its advertising ers see when they turn on its Vizio’s operating system, the wake of Apple’s policy
and cloud-computing busi- sets and inside some free which makes up 8%, according changes in 2021 that required
nesses in a similar manner. video services. to Parks Associates. Roku has apps to ask users if they want
Early last year Walmart For Walmart the logic be- 25% market share. to be tracked.
said it earned around $2.7 bil- hind a potential Buying Vizio Apple’s move has dented
lion in global advertising rev- deal is to in- would give some tech platforms’ ability

25%
enue for the previous 12 crease advertis- Walmart access to prove the effectiveness of
months. ing revenue, to a TV operat- their ads. Retailers have
The company reports full- not sell more ing system and stepped in with their data
year earnings next week. Wal- low-price TVs. more ad inven- that can help brands target
mart is already testing selling Data on TV Increase in Vizio tory and ad ads and measure the outcome
BRANDON BELL/GETTY IMAGES

ads through connected TVs. A ad sales and viewership of the pitches.

potential Vizio purchase could viewership are
stock price on data. A potential deal “gives
make the prospect easier and controlled by Tuesday as word of For example, Walmart control over a mas-
F

more appealing to potential whichever com- the talks spread. an advertiser sive amount of proprietary
advertisers. pany owns a such as Procter data—particularly viewing
Vizio was founded in 2002 TV’s operating & Gamble that data, which along with its
by its chief executive, William system. sells goods in- data on what people are buy-
Wang. Vizio priced its initial Walmart already has a side Walmart stores could run ing—is massively important,”
Scan this code for a video on budget airline public offering in 2021 at $21 large private-label electronics an ad through Walmart’s ad- said Dave Morgan, CEO of
Spirit, whose stock was soaring as Frontier and shares opened trading at business through its Onn vertising unit, and those ads Simulmedia, an ad tech com-
and JetBlue engaged in a bidding war for $17.50. Vizio is set to report brand, which offers phone could be shown to viewers on pany.
the smaller carrier. Now, Spirit’s future is up fourth-quarter earnings on chargers, speakers and televi- Vizio TVs. —Suzanne Vranica
in the air. Feb. 27. sions. The Onn TVs run on op- Finally, Walmart could po- contributed to this article.

Barclays run a bank before and spent

much of his career managing
risk, a position that by default
for shareholders using the as-
sets at their disposal.
Barclays has tried to remain
banks to expand, he said.
Underscoring the challenge
facing Venkatakrishnan is a
banker Staley came in, and in-
stead tried to make Barclays
into a compact version of the
New Sports
Clout to Be emphasizes caution. Now,
some analysts say, he will have
to act boldly.
a big, multiservice bank on
both sides of the Atlantic. It
even bulked up on Wall Street
previous failed reinvention un-
der Antony Jenkins, the retail
banker who succeeded Dia-
U.S. powerhouse.
Venkatakrishnan was hired
by Staley in 2016 as chief risk
Service Eyes
Tested Potential courses of ac-
tion—analysts, investors and
industry veterans say—include
with a fire-sale purchase of the
U.S. arm of Lehman Brothers.
Bob Diamond, a former Bar-
mond. In 2015, Jenkins pro-
posed to drastically shrink the
investment bank’s assets. The
officer, before becoming head
of the arm that oversees global
markets.
First CEO
shrinking the investment bank clays CEO, said U.K. lenders board tentatively agreed to do The investment bank at
Continued from page B1 or even selling it. Other op- are at a disadvantage against so but reversed after pushback Barclays boomed early in the Continued from page B1
ain—including from Venkat- tions include cutting costs U.S. banks because of British from the unit’s leaders, ac- pandemic, driven by the global ESPN, Fox and Warner are
akrishnan’s old employer, JP- throughout the bank and buy- “ringfencing” rules that stop cording to a person familiar markets unit, which trades looking for an executive sea-
Morgan Chase. ing back larger amounts of cheap retail deposits from with the matter. fixed-income securities, equi- soned in marketing subscrip-
Barclays has one of the big- shares. In theory, buybacks funding investment banking. The board, frustrated by the ties and derivatives. But profit tion services and managing the
gest investment banks of any could help lift the share price Those rules make capital cost- bank’s performance, later fired has slumped of late, as both challenges that arise in those
non-U.S. player, advising on and better position Barclays to lier and make it harder for Jenkins. Former JPMorgan bond trading and dealmaking businesses, such as customer
mergers and stock offerings, acquire other businesses fur- have slowed down. turnover.
and executing market trades. ther down the line. Self-inflicted wounds, such Distad’s team at Apple was
While Venkatakrishnan has Any serious cuts to the in- as mistakenly selling billions responsible for negotiating
sought to play down expecta- vestment bank would likely of dollars of securities that deals with leagues. On his
tions of a major restructuring, meet fierce resistance. weren’t properly registered in watch, Apple in 2022 struck a
he said he wants to shift the “It will require them to the U.S., and getting stuck 10-year agreement with Major
focus elsewhere and has ac- make some difficult decisions. with risky debt from Elon League Soccer worth at least
knowledged the company’s It is down to him,” said Ed- Musk’s Twitter takeover, have $2.5 billion.
weak share price is a problem. ward Firth, a banking analyst added to the problems. The media companies’ new
In an early sign of that empha- at Keefe, Bruyette & Woods. The investment bank’s vola- streaming service will carry 14
sis, he is splashing out more Barclays’s struggles reflect tile earnings are dragging networks, including Disney’s
than $750 million on the bank- a broader reordering of the down the bank’s share price, ESPN channels and its ABC
ing arm of Tesco, the British global economy and financial said Benjamin Toms, an ana- network, Warner’s TNT and
supermarket chain. system since the 2008-2009 fi- lyst at Royal Bank of Canada. TBS and Fox’s broadcast net-
“At the core of Barclays is nancial crisis. Share prices for Meanwhile, Barclays has work and sports cable channel.
our U.K. bank,” Venkatakrish- big U.S. banks such as JPMor- lost ground in its own back- The service will feature
nan told The Wall Street Jour- gan Chase have surged, and yard. The share of U.K. con- sports including the National
nal in Davos, Switzerland, last America’s capital markets have sumers identifying Barclays as Football League, National Bas-
month. “Any strong global grown considerably, aided by their primary bank fell to 13% ketball Association, Major
bank has to be really good in cheap cash and a technology- in 2023 from 16% in 2020, ac- League Baseball, college foot-
JOHN SCRIVENER FOR THE WALL STREET JOURNAL

its domestic market, and that driven boom. cording to research from RFI ball and basketball, golf and
has to be the core of our ambi- But banks in the U.K. and Global. The equivalent market Nascar. Citi analysts expect the
tion.” continental Europe have gen- share for smaller businesses new service to encompass
“I think if you’re going to erally fared far worse, in part fell to 17% from 20%. Barclays about 55% of U.S. sports rights,
aim for higher returns and a because of weaker economies remained the largest U.K. bank according to a note published
better valuation, you need to and tougher regulators. by number of customers in last week.
have a more balanced bank,” The shares of Barclays and both fields. The CEO’s challenging task
he said. numerous other European Its other major line of busi- will be to draw millions of
Often known simply as Ven- banks trade considerably be- ness—credit cards—has been sports fans to subscribe to the
kat, the cricket-loving banker low book value—or the value hit by a pandemic-related new service without accelerat-
splits his time between London of their assets beyond what trend: Consumers, armed with ing the death of cable TV,
and New York and tries to be they owe. That suggests inves- cash, have paid down balances, which has been a source of big
in the office by 6:30 a.m. tors think the banks will strug- CEO C.S. Venkatakrishnan seeks to persuade investors that the reducing the interest income profits for entertainment gi-
Venkatakrishnan had never gle to generate a decent return lender can remain rooted in both Main Street and Wall Street. that Barclays receives. ants for decades.
 THE WALL STREET JOURNAL. Wednesday, February 14, 2024 | B3

BUSINESS & FINANCE

ESG Hiring Boom in U.S. Companies Starts to Cool

BY MARK MAURER Number of times someone
started or ended an ESG
U.S. companies are hiring position at a U.S. company*
fewer people for roles related
Arrivals Departures
to environmental, social and
corporate-governance issues as 70,000
finance executives assess costs
and seek faster returns on in- 60,000
vestments.
50,000
ESG job departures out-
paced arrivals for half the
40,000
months of last year, marking
the reversal of a multiyear 30,000
trend. Companies had 3,071
ESG departures compared with 20,000
2,897 arrivals in December
2023, according to employment 10,000
data provider Live Data Tech-
nologies, which reviewed more 0
than 360,000 current and for- 2018 ’20 ’23
mer ESG professionals at U.S. *Based on a pool of over 360,000 professionals
companies. who have held these jobs.
Meta Platforms, Amazon Source: Live Data Technologies
and Alphabet’s Google had the
largest ESG job outflows cantly narrowed compared
among U.S. companies in 2023, with previous years, Live Data
according to the data. Tech, fi- said, based on a review of pro-
nancial-services and consulting fessional profiles, company
companies were particularly websites and other public em-
active with ESG departures, ployment data. Net inflows to-
representative of broader cut- taled 1,432, compared with an
backs in those sectors includ- average of roughly 15,000 over
MARIO TAMA/GETTY IMAGES

ing layoffs in some cases. Meta the prior five-year period.

declined to comment and Ama- A drop in new ESG hires
zon and Google didn’t respond hasn’t necessarily weakened
to requests for comment. companies’ investments in
Companies are facing inves- those areas. Ninety-two per-
tor pushback and political cent of chief executives stand
pressure targeted at ESG ef- Wind turbines in California. Companies are hiring fewer people for environmental, social and corporate-governance roles. by their ESG programs, while
forts, with shareholders cash- the remaining 8% have
ing out billions in favor of ready have teams and don’t about ESG, he said. into their roles in lieu of posi- and regulations in California, ramped them down, according
higher returns elsewhere. Most need to build them out is cer- Companies are reconsidering tions wholly devoted to it. For Europe and elsewhere are to a Teneo survey from De-
businesses continue to follow tainly a factor in the slowdown the priority given to ESG pro- example, as a temporary fix, starting to pile up for a mix of cember.
sustainability commitments in ESG hiring, Dubbin said. grams and their pursuit of top some companies might task public and private companies, The nature of ESG posi-
but are changing how they Regulations and investor senti- ESG scores in response to pres- the head of operations and creating new burdens for tions, at least on the surface,
handle their ESG programs, in ment will help determine the sure from investors seeking other senior leaders to manage their compliance and finance is changing. ESG job titles
some cases adjusting diversity future level of continuing de- faster returns on investments, several performance measures teams. sometimes include words
initiatives by scrapping legally mand for these positions, he Dubbin said. “In delivering for sustainability as part of Hiring for ESG positions such as sustainability, impact,
risky and possibly discrimina- said. meaningful environmental and their remit instead of outright has generally climbed since responsibility, climate and di-
tory practices. Corporate boards have been carbon-reduction programs, the hiring people to do so, said 2018, though that momentum versity.
“2023 saw a real cooling in placing less pressure on execu- financial returns are a long way Catherine Harris, head of the slowed in 2020 because of the There are fewer sustain-
chatter around ESG and in tives to focus on managing away,” he said, adding energy Americas sustainable business pandemic. ESG job arrivals ability reporting positions fo-
some quarters, quite a pro- ESG risk compared with that of transitions are necessary. “It’s practice at Acre Resources, a and net inflows were both at cused on companies’ report-
nounced attack on what ESG supply chain, cybersecurity, not gone away. It’s just having sustainability-focused recruit- their highest in late 2021, the ing of ratings and rankings
was about,” said Joe Dubbin, generative artificial intelli- a repricing and that’s driving ment firm. data show. Sixty-three percent and more positions within or
managing director at Cripps gence and geopolitical uncer- hiring trends.” “More businesses are rec- of ESG professionals who working directly with the fi-
Leadership Advisors, an execu- tainty, said Alexander Bant, Some CFOs are devoting ognizing they need to build a changed jobs in 2023 left the nance team, for example the
tive-search firm. “It has cer- chief of CFO research at con- more resources to the areas of sustainability team, but re- function, Live Data said. role of “ESG controller,” said
tainly filtered through into the sulting firm Gartner. That re- the business generating those sources are not as bountiful as For the full year of 2023, Ellen Weinreb, managing di-
hiring requirements that we’ve duced pressure has in part led higher short-term returns, re- they might like,” Harris said. arrivals were still ahead of de- rector at Weinreb Group, a
been tasked to go do.” to CFOs asking “substantially” sulting in a smaller ESG team New and potential corpo- partures, at 40,884, versus sustainability and ESG re-
That some companies al- fewer questions to advisers or people incorporating ESG rate sustainability disclosures 39,452, but the gap has signifi- cruitment firm.

Phillips 66 Bows to Activist Pressure

BY ROB CURRAN Elliott said it would also rience in refining and the en-
push for the nomination of ergy industry more broadly,”
Oil refiner Phillips 66 more directors with extensive Elliott partner John Pike said
named former Cenovus execu- refining experience. in a statement.
tive Robert W. Pease to its On Tuesday, Phillips 66 and In November, Elliott sug-
board, succumbing to pressure Elliott said they would work gested the oil company could
from activist investor Elliott together to identify a second follow a similar path to Mara-
Investment Management. director to be named over the thon Petroleum, should Phillips
Late last year, Elliott, con- coming months. 66 be unable to deliver on its
trolled by billionaire hedge- Pease worked as an execu- 2025 targets.
fund manager Paul Singer, tive with Shell and as chief ex- Elliott’s campaign at Mara-
BING GUAN/REUTERS

took a roughly $1 billion stake ecutive of Houston refinery thon Petroleum in 2019 re-
in Phillips and advocated for Motiva. sulted in the sale of that com-
the sale of noncore assets, a “We have worked collabora- pany’s Speedway gas-station
focus more on its main refin- tively with Phillips 66 on the chain.
ing business and trimming rel- board’s appointment of Bob, Phillips 66 also operates a
atively high operating costs. who will bring extensive expe- chain of gas stations. The oil refiner named former Cenovus executive Robert W. Pease to its board.

BUSINESS WATCH Breast-Implant Maker

HASBRO
Shares Fall Amid
Wizards of the Coast and
digital gaming was Hasbro’s
only growing segment in
Files for Bankruptcy
Earnings, Outlook 2023.
Hasbro shares fell after But Hasbro forecast that BY BECKY YERAK some the ‘Zoom boom’—a na-
the toymaker’s results revenue from its Wizards of tionwide spike in consumer de-
missed fourth-quarter esti- the Coast segment would Breast-implant maker Sien- mand for aesthetic procedures,
mates and the company fall 3% to 5% in 2024. tra has filed for bankruptcy, including breast augmentation
forecast slumping toy sales The company’s sales fell as robust demand for its aes- procedures, during the pan-
this year. 23% in the fourth quarter, thetic products during the demic—made the company’s
The stock closed down which encompasses the cru- Covid-19 pandemic’s “Zoom overall breast products 2020
1.4% on Tuesday, mitigating cial holiday period. boom” cooled. revenue picture a good one,”
some losses from the pre- Revenue and adjusted The Irvine, Calif.-based busi- Sientra Chief Executive Ron
market session when it was profit missed analyst expec- ness sought protection from Menezes said in a declaration.
down 12% at one point. tations. creditors Monday in the U.S. Breast-products revenues
TIFFANY HAGLER-GEARD/BLOOMBERG NEWS

The company said early Hasbro posted a more Bankruptcy Court in Wilming- grew roughly 19% in 2020
Tuesday that it expects its than $1 billion loss in the ton, Del., with roughly $140 compared with the year ear-
consumer-products revenue quarter as a result to a large million in assets and $172 mil- lier and were up another 47%
to decline 7% to 12% in goodwill and asset impair- lion in debt as of Sept. 30, ac- in 2021, he said.
2024. Consumer products ment charge, largely con- cording to a court filing. “Unfortunately, market re-
typically account for more nected to the company’s re- Sientra said it plans to look tractions in 2023 significantly
than half of Hasbro’s overall cently completed divestment for a buyer for its business affected the company,” Me-
revenue. of its eOne film and televi- through a court-supervised nezes said. Sales fell 4% to
Sales fell 15% to $5 billion sion business. auction process, adding that $86.8 million in 2023, with the
in 2023. —Ben Glickman multiple parties have ex- steepest drop occurring in the
pressed interest. third quarter.
The company said it Besides shifts in consumer
COCA-COLA PepsiCo. BOEING delivered one 787-9 plane and has lined up financing from habits, Sientra also blamed in-
Shares of Coke fell one 767. SBoeing had a backlog existing lenders led by Deer- flation, rising interest rates and
Revenue Drops slightly to close at %59.35 on
Deliveries in of 5,599 planes, most of them field Partners to help it get unusually large employee turn-
On Drinks Demand Tuesday. January Declined 737s, at the end of January. through bankruptcy, of which over for its bankruptcy. Roughly
Coca-Cola’s revenue fell The company’s competitor Boeing delivered 27 jets—al- The company said it re- $22.5 million is new money a quarter of its sales force left
3% in North America as de- PepsiCo last week reported most all of them 737 MAXs—in ceived orders for three planes, and another $67.5 million is in the first half of 2023.
mand slid last quarter for an unexpected drop in reve- January, a sharp decrease from and three order cancellations. rolled up from existing debt. As of late September, Sien-
the company’s bottled wa- nue last quarter for its North prior months as the U.S. plane Boeing reports monthly or- Sientra shares dropped 65% tra had fallen out of compli-
ter, sports drinks, coffee and American snacks and soda maker deals with the after- ders and deliveries but not pro- Tuesday to close at 20 cents. ance with the minimum reve-
tea. businesses, saying people math of the Alaska Airlines duction numbers, which are a The stock had traded in the $4 nue covenant under its first-
Meantime, prices contin- were no longer snacking as door-plug blowout. more direct indicator of how range as recently as July. lien term loan. It received a
ued to push higher: The bev- much at home. Analysts and airlines are quickly the company is able to Other companies have also waiver of default until mid-
erage giant’s price/mix, a Back in October, Coke sizing up Boeing’s ability to build planes. Boeing said it is fallen victim to changing con- January that was later ex-
metric that includes prices said that lower-income con- churn out planes amid height- producing planes at a rate of sumer preferences as Covid-19 tended to Feb. 11.
as well as product mix, pack- sumers who buy drinks for ened regulatory scrutiny after 38 a month. The company’s ac- concerns faded. Sientra was founded in
aging and size, rose about home consumption were the incident involving a MAX 9. tual output could be lowered Early in the pandemic, Sien- 2003 and went public in 2014.
8% in North America. buying less, while sales The jet maker said on Tues- by factory pauses. AIR, a Seat- tra’s revenues were harmed by It had 253 full-time workers at
Coke’s global quarterly were growing in restaurants, day that it delivered 25 of the tle-based research company, restrictions on nonemergency the time of the bankruptcy fil-
revenue rose and the com- amusement parks and air- 737 MAXs, down from 45 and estimates Boeing rolled out medical procedures. ing.
pany forecast higher organic ports. 46 in December and November, around 24 planes last month. But that soon changed. The —Colin Kellaher
sales growth for 2024 than —Jennifer Maloney respectively. The company also —Sharon Terlep period that “has been called by contributed to this article.
B4 | Wednesday, February 14, 2024 NY * **** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Google Addresses ‘Hallucinating’ AI Lyft Stock

Soars in
Company races to fix
data-set flaws that
in highly regulated or high-
risk or highly sensitive ar-
eas?” said audience member
After-Bell
can create bizarrely
wrong answers
Lawrence Fitzpatrick, the
chief technology officer of fi-
nancial-services company
Trading on
BY BELLE LIN
OneMain Financial.
Jared Kaplan, co-founder
and chief science officer of
A Typo
MENLO PARK, Calif.—Google Anthropic, said the AI startup
and Anthropic, two leading is working on a number of BY PREETIKA RANA
makers of generative artificial- techniques that will reduce
intelligence systems, are racing hallucinations, including Lyft shares soared as much
to get ahead of the limitations building data sets where the as 60% in after-hours trading
of their technologies, even as model should respond to ques- Tuesday after its earnings re-
they push forward on efforts to tions with, “I don’t know.” The lease accidentally added an ex-
sell them to businesses. idea is that the AI system can tra zero to a profitability metric.
Executives of both compa- be trained to respond only Lyft’s release said one of its
nies spoke at The Wall Street when it has sufficient infor- profit margins expanded by
Journal CIO Network Summit mation, or will provide cita- 500 basis points, or 5 percent-
NIKKI RITCHER FOR THE WALL STREET JOURNAL

in Menlo Park, Calif., on Mon- tions for its answers. age points. That margin had
day evening, Still, there is actually only expanded by 50
acknowledg- a drawback to basis points, or half a percent-
ing that their making an AI age point, the company’s chief
AI systems are The search giant model overly financial officer later clarified
capable of hal- faces copyright cautious. “I on a call with analysts.
lucinations, think these sys- The figure in question is a
where they au- limitations tems—if you wonky but closely-watched
t h o r i ta t i v e l y train them to metric. The ride-sharing com-
spit out state-
on the data it never halluci- pany was forecasting its ad-
ments that are can use. nate—they will justed earnings margin as a
flat-out wrong. become very, Jared Kaplan, co-founder of AI system maker Anthropic, at The Wall Street Journal’s event. percentage of its bookings. A
Other chal- very worried higher margin signals that Lyft
lenges, includ- about making model output,” Collins said. its model, there is no straight- capacity and cost of hardware is earning a bigger cut from its
ing improving the efficiency mistakes and they will say, ‘I “At the end of the day, I’m forward way to do that, Kap- like AI chips that are used for bookings.
of training or teaching the don’t know the context’ to ev- still going to want to know lan said. training. “The core thing that Many stock trades are done
models, as well as removing erything. And so a rock what the source of the infor- Since the release of AI as- you need there is really effi- by computers, reacting in frac-
copyright or sensitive data doesn’t hallucinate, but it isn’t mation is so I can go there.” sistants like Microsoft’s Copi- cient sources of compute,” tions of seconds to new infor-
from training, don’t yet have very useful,” Kaplan said. The provenance of model lot and Anthropic’s Claude, Kaplan said. mation. The inflated margin
clear solutions. Alphabet-owned Google, training data remains another businesses have sought to re- Collins said Google has likely triggered a buying frenzy
The two companies have which last year agreed to in- unresolved issue. In a lawsuit tain control over their com- been working on research de- before most people could digest
said they are addressing these crease its investment in An- filed in December, the New pany data, thereby preventing velopments to address the is- the numbers.
limitations, but not all enter- thropic to up to $2 billion, is York Times said Microsoft and tech companies from training sue, including its in-house A Lyft spokeswoman said
prises are ready to put their betting that customers will OpenAI exploited its content their models on it, and poten- chips, called tensor process- the company worked to clarify
full faith—and corporate want to verify the information without permission to create tially revealing proprietary in- ing units. “We deploy it in the “clerical error” as soon as
data—into their hands. Corpo- AI systems respond with. One their artificial-intelligence formation to competitors. our own data center, so we possible.
rate technology leaders are solution is to make it easy for products, including OpenAI’s Large language models, have fewer constraints,” he While Lyft shares gave up
under pressure to show that users to identify the sources chatbot ChatGPT. once they have been trained said. most of their initial gains, they
their investments in various of information that AI sys- The tools were trained on on certain data, can’t “delete” The largest version of were still up around 17% in
AI systems are worth the cost, tems like its Gemini chatbot millions of pieces of Times that information from what Google’s new Gemini model later after-hours trading.
but that is a difficult sell send back, said Eli Collins, content, the suit said, and they have already learned, was already more efficient The goof-up overshadowed
when the systems aren’t al- vice president of product drew on that material to serve Kaplan said. and cheaper to build than its encouraging results. The com-
ways grounded in reality. management at Google Deep- up answers to users’ prompts. Both Google and Anthropic previous iteration, he said. pany forecast better-than-ex-
“What tactics can you offer Mind. But if an AI company were are addressing the biggest —Isabelle Bousquette pected bookings for the current
us as we deploy applications “We’re not in a situation asked to remove certain pieces barrier in building more pow- and Steven Rosenbush quarter and said it expects to
with these things, especially where you can just trust the of content from the training of erful models—the availability, contributed to this article. be cash-flow positive in 2024.

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Microsoft
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tm
2 Minute Pizza Continued from page B1
testing Copilot since November.
Microsoft has said that early
demand from users is unprece-
proven software, said a Micro-
soft software reseller.
Last month, Microsoft
eased its minimum require-
2.25

2.00
dented and the companies test- ment, allowing businesses to
My oven cooks a pizza in 2 minutes with ing it have found it valuable. pilot the software with much 1.75
NO warmup time. Watch the video. The company hasn’t shared smaller groups.
specifics about sign-ups. Microsoft says it is confi- 1.50
Patent pending and trademarked. The company has bet bil- dent the time and money March 2023 ’24
lions—notably through its $13 saved through the tool are
Let’s build a brand. 2MinutePizza.com billion investment in OpenAI— worth the cost. Source: FactSet
that it can lead the way in AI. In November, Microsoft’s
Its shares have soared on the survey of early testers of the
belief that the technology will software found that 77% of
BUSINESS OPPORTUNITIES CAREERS turbocharge its revenue, mak- them didn’t want to give it up
ing it the most valuable com- because it saves workers’ time.
Associate pany in the world. On Sunday, Meeting summaries saved peo-
MEDICAL WHOLESALER FOR SALE (New York, NY) Evaluate and execute infra- it aired its first Super Bowl ad ple about 30 minutes a meet-
structure investment opportunities across the in four years, touting Copilot ing. Artificial-intelligence-as-
Distributor in Canada, energy, transportation, digital, and water and
Established over 70 years ago. waste sectors. Conduct market research, pre- as a tool that can help young sisted writing saved users six
pare financial modeling and analysis, and assist
Ideal opportunity to enter the North American people realize their entrepre- minutes on writing first drafts,
JAAP ARRIENS/NURPHOTO/ZUMA PRESS

in overall project management. Monitor perfor-

market through an acquisition. Has developed mance of key value drivers, conduct valuations neurial dreams. Microsoft said.
an extensive network of sub-distributors regularly, assist with the execution of on-going
financing transactions, and track general in- “Copilot has to be a success Materials-science company
throughout Canada and to a lesser extent in the
USA. Possess all the certifications and licenses to
vestment performance. Work with investment for the stock to work,” said Ri- Dow plans to roll out Copilot
banking; private equity; infrastructure investing;
sell medical supplies to government ,hospitals financial research and analysis; financial mod- shi Jaluria, an analyst with to approximately half of its em-
and educational institutions ,which break the eling; and, accounting. Req’s bachelor’s degree RBC Capital. ployees by the end of 2024, af-
barriers to entry. plus 2 yrs exp. Salary Range: $150,000.00 -
$150,000.00 per year. Mail resume to Lori Gish, During Microsoft’s recent ter a test phase with about 300
Also service the dental ,veterinary ,industrial
first aid, home health care laboratory,
Global Infrastructure Management LLC, 1345 earnings call, Copilot was people, according to Melanie
Avenue of the Americas, 30th Floor, New York,
physiotherapy and pharmacy sectors. NY 10105. Ref: AL6GIMNY mentioned more than 50 Kalmar, chief information and
Contact Arthur Marks times. Chief Executive Satya chief digital officer at Dow.
[email protected] Nadella likened it to the adop- “There have been tremen- Copilot uses the same technology as ChatGPT to do office work.
NOTICE OF SALE
tion of the personal computer dous efficiency gains,” Kalmar
NOTICE OF SALE
in workplaces. “We’ve moved said. The company, based in about “product strategy.” for a presentation.
mortgage REIT Pursuant to the Order of the U.S. Bankruptcy Court for from talking about AI to ap- Midland, Mich., has approxi- The problem was that no “It is a mess and not any-

8%-9%
the Eastern District of New York dated December 1,
2023 (ECF No. 703), as amended on December 14, 2023 plying AI at scale,” he said. mately 35,900 employees. one named Bob was on the where close to adding value,”
Return (ECF No. 704) (the “Order”), entered in the Chapter 7
bankruptcy case of Myint J. Kyaw a/k/a Jeffrey Wu Microsoft’s earlier AI up- Early testers who spoke call and no one spoke about Appenzeller said.
TAX EFFICIENT (the “Debtor”) (Case No. 820-72407-REG) approving
a stipulation of settlement between Lori Lapin Jones,
grades have had mixed results. with The Wall Street Journal product strategy, an executive Ethan Mollick, a professor
REAL ESTATE SECURED Esq. as Chapter 7 Trustee and Landmark Portfolio Mezz In 2022, the company released said the AI add-ons for Micro- at the company said. of AI at the University of Penn-
LLC (the “Secured Party”) recognizing the Secured
GitHub Copilot, which helps soft’s workplace communica- In other programs—partic- sylvania’s Wharton School,
FIXED INCOME Party’s claim against the Debtor in the total sum of
$22,798,785.05 and granting relief from the automatic programmers write code tion software Teams were ularly the ones that handle noted in a post that in Outlook,
SEEKING RIA’S & stay authorizing the Secured Party to proceed and
complete a UCC foreclosure sale of the 100% stock faster using AI. The feature, most useful. numbers—hallucinations are Copilot suggested times for a
ACCREDITED INVESTORS interest held by the Debtor in Queen Elizabeth Realty
Corp. (“QERC”) memorialized by a stock certificate which starts at $10 a month, Some had already become more problematic. Testers potential meeting that were
866-700-0600
for twenty shares representing all of the outstanding
stock in QERC (the “Pledged Interests”) as defined in has 1.3 million subscribers—up reliant on Copilot if they were said Excel was one of the pro- booked or on Saturdays.
the underlying Pledge and Security Agreement dated
as of December 29, 2017, and in accordance with the
30% from the previous quar- late to a meeting, to get a grams on which they were less Mollick otherwise gave the
ALLIANCE MORTGAGE FUND Secured Party’s rights as holder of a duly perfected and ter, Microsoft executives said. summary of what had been likely to use the AI assistant software a positive review,
120 Vantis Dr., Ste. 515 • Aliso Viejo, CA 92656
acknowledged in the Order as a first lien and security
www.AlliancePortfolio.com interest in accordance with the Uniform Commercial The AI-powered chatbot said. Those in different coun- because asking it to crunch calling it a “pretty impressive
RE Broker • CA DRE • 02066955 Broker License ID Code (“UCC”), Matthew Mannion (DCA #1434494)
Auctioneer in conjunction with Greg Corbin of Northgate added to Bing search has tries and time zones now have numbers sometimes generated set of tools.”
Real Estate Group as marketing agent shall jointly
conduct a public auction sale to sell the Pledged
struggled to make waves. De- the option to skip meetings mistakes. Microsoft’s
Interests as defined above on March 13, 2024 at 12:00 spite a flashy rollout from Mi- and just read summaries. Jared Spa- Spataro said
CAREERS p.m. at the offices of Goldberg Weprin Finkel Goldstein
crosoft, it didn’t make much of “It has allowed people to taro, Micro- PowerPoint is
LLP, 125 Park Avenue, 12th Floor, New York, New York.
The Secured Parry reserves all rights to credit bid its
allowed claim in partial satisfaction of the underlying
a dent in Google’s search mar- say, ‘You know what, there is soft’s corporate AI-assisted “still learning
Associate Director
Scotia Capital (USA) Inc. seeks Assoc. Director
debt.
GOLDBERG WEPRIN FINKEL
ket share. Executives had ex- already 10 other people on the vice president writing saved its way.”
in NY, NY to utilize industry exp to conduct crit- GOLDSTEIN LLP pected potentially billions in call. I’m going to skip this one. of workplace Some early
ical fin’l analysis of companies & present find-
ings to our clients. Req’mnts: Bachelor’s or for-
Attorneys for the Secured Party
125 Park Avenue, 12th Floor new revenue if Bing gained on I’m going to catch up in the applications, users six adopters said
New York, New York 10017 Google, and nearly a year later, morning by reading the digest said that Excel the initial excite-
eign equiv in Bus. Admin, Econ., Fin’ce or rel.
field & 5 yrs of progressively responsible exp in (212) 221-5700
Bing has gained less than 1 per- and skipping to the parts of was still in pre-
minutes on first ment about the
job offered or rel. occupation: Working in invest- By: /s/ Kevin J. Nash
ment banking transactions, mergers & acquisi-
tions, & comm’l real estate fin’ce & investment
centage point of market share. the meeting I really needed to view and lagged drafts. AI tools wore off
evaluation; Utilizing quantitative skills to per- Some companies are hesi- hear,’” said Art Hu, global chief behind the quickly. Lenovo
form fin’l analyses, & accnt’g & fin’l decision TRAVEL tant to dive into adopting AI information officer at Lenovo. other programs said that aside
making; Working w/Discounted Cash Flow,
Leverage buyout, & Internal Rate of Return technology. A survey from In other areas, testers say in usefulness. from the AI used
analyses; Anlyzg Mergers & Acquisitions mod- Boston Consulting Group the tech has fallen short: Co- Other features that Micro- to transcribe meetings on
eling, & real estate valuations. Applying Paddle in
knowledge of equity & debt capital mrkts. Salary showed that while nearly 90% pilot for Microsoft 365, includ- soft has touted, including the Teams, there was about a 20%
offered is between $275,000 & $275,000/yr, 40 the Arctic of business executives said ing other generative AI tools, ability for Copilot to generate drop in the use of Copilot for
hrs/wk. 10% trvl req’d, both internationally & do-
mestically. Telecommuting &/or work from generative AI was a priority sometimes hallucinated, PowerPoint slides, have also most software after a month.
this Summer?
home may be permissible pursuant to company for their companies this year, meaning it fabricated re- been disappointing, some us- Microsoft’s Spataro said the
policies. When not telecommuting, must report
to work site. FINRA SIE & Series 79 & 63 li- nearly two-thirds said it sponses. Users said Copilot, at ers said. company plans to address the
censes req’d. In alternative, employer will ac- would take at least two years times, would make mistakes Guido Appenzeller, a part- drop-off issue by incorporat-
cept Master’s in above listed fields & 3 yrs of • Seaplane-accessed true wilderness journeys
exp in above listed skills. Pls apply thru • By canoe or kayak, for every skill level & age for the technology to move be- on meeting summaries. ner at investment firm An- ing more alerts and tips to
https://www.scotiabank.com/careers by search- • Expert guides for small group or private trips yond hype. About 70% of them At one ad agency, a Copilot- dreessen Horowitz, posted a nudge users.
ing for Associate Director & indicate job code Venture deep into the Canadian Arctic. Interested?
SM02012024LA. were focused only on small- generated summary of a meet- thread on X showing the mis- —Steven Rosenbush
Email: [email protected] scale and limited tests. ing once said that “Bob” spoke takes it makes when prompted contributed to this article.
THE WALL STREET JOURNAL. Wednesday, February 14, 2024 | B5

The sooner you recognize the

signs of autism, the sooner
you can help.

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B6 | Wednesday, February 14, 2024 THE WALL STREET JOURNAL.

THE PROPERTY REPORT

Tough Rent Laws Spurred NYCB Turmoil
Values drop at 2019.
As a result, Bentall-
rent-stabilized GreenOak wrote down a large
apartment buildings, loss and sold the property this
month for just $31 million.
squeezing lender
BY WILL PARKER Rising rates risk
More recently, higher inter-
When New York Commu- est rates pose the most imme-
nity Bancorp posted large diate threat. NYCB’s average
losses last month and warned multifamily borrower pays an
of more difficulties to come, it interest rate below 4%, but
pointed to a significant cause that would jump to as high as
for concern: troubled loans in 8% for landlords whose terms
a sinking corner of the New are set to expire and who
York City apartment market. need to refinance, said Peter
NYCB is the city’s largest Winter, an analyst at D.A. Da-
lender on rent-stabilized vidson.
apartments. About $18 billion For many of NYCB’s land-
of its loans are backed by the lord customers, 8% interest

JACKIE MOLLOY FOR THE WALL STREET JOURNAL

city’s rent-stabilized units, would mean the properties are
representing more than 20% no longer profitable, said
of its total loan book. Sumit Grover, an analyst at
Many of the loans were Trepp, who made estimates
made when developers had based on figures from the
more flexibility to upgrade bank’s earnings statements.
rent-stabilized units and then In the interim, the bank
boost the rent to market rate, could choose to let borrowers
or convert them to condomini- make interest-only payments
ums. In 2019, new laws capped on floating-rate loans, ana-
the amounts that landlords lysts said. That could buy bor-
can raise rents at these prop- New York Community Bancorp is New York City’s biggest lender on rent-stabilized apartments. rowers more time in the case
erties. Though these buildings interest rates fall later this
could deliver steady returns, Maverick. But NYCB might be more flexible, investors, and try’s most cost-burdened rent- ing to luxury condominiums. year.
business plans that were the most vulnerable. The bank lenders like NYCB, viewed ers. Landlord groups say the The plan, which was executed Some owners of market-
based on steeper rent in- said 14% of its loans on New rent-stabilized housing as a new rules are bankrupting before the new laws, was a fi- rate multifamily buildings in
creases no longer penciled York City rent-stabilized safe and potentially lucrative owners, while threatening to nancial success. Today pent- New York are also dealing
out. Property values started to buildings are now considered business. Loans backing these bring down regional banks like houses at the building sell for with expiring loans. But they
plummet. “criticized,” meaning they face buildings were chopped up NYCB. more than $6 million. have been able to push up
Sale prices of buildings elevated default risk. into bonds and sold by the Even one of the city’s Dem- Around the same time, Ben- rents at a historic pace in re-
containing rent-regulated So far, most of these prop- thousands. ocrats warned that New York’s tallGreenOak had a similar cent years, giving them extra
units have fallen 34% since erties bring in more than Between 1994 and 2019, multifamily market would suf- idea for another property in cushion.
then, according to Maverick enough profit needed to make landlords removed more than fer a severe blow if NYCB goes the same area. With a partner, A recent report published
Real Estate Partners, a pri- loan payments, earnings re- 300,000 New York City apart- under. it paid $85 million for 93 by the city’s Department of
vate-equity fund manager. ports show, and defaults have ments from the state’s rent- “A failure at NYCB would rental units on Riverside Housing Preservation and De-
Some rent-stabilized multi- been rare. But as loans on stabilization registry, meaning destabilize not only the bank- Drive. That purchase price velopment said the city’s
family buildings sold for half— these apartments mature and they could charge market ing system but also the largest was predicated on a plan to apartment vacancy rate last
or even less than half—of the cost of borrowing resets rates, according to the city’s multifamily housing market in renovate rent-stabilized units, year hit a 55-year low of 1.4%,
what owners paid for them to today’s interest rates, some Rent Guidelines Board. About the country,” Rep. Ritchie Tor- then lease them back out at indicating high housing de-
before the 2019 law went into property owners will face fi- a million remain. res, who represents part of much higher rents. mand. That could embolden
effect. nancing costs that have dou- New laws in 2019 were de- the Bronx, told Politico. But at this property, the landlords to raise rents fur-
An apartment building on bled. signed to prevent the city’s Diverging fates of two Up- company found tenants less ther.
Manhattan’s Upper West Side In a downgrade last week, stock of affordable apartments per West Side buildings help receptive to buyouts. They Meanwhile, rising insur-
sold this month for close to Moody’s noted NYCB’s apart- from shrinking further. Last illustrate how this niche busi- were also more organized in ance costs are adding to the
one-third of what the owners ment portfolio performed well year, the maximum increase ness once worked, and how it opposing the company’s plans, pressures in the multifamily
paid for the properties a de- historically. “However, this cy- for these properties was 3%, has changed. a person familiar with the category. Owners of rent-sta-
cade ago. cle may be different,” the rat- and additional increases for In 2013, the investment matter said. bilized buildings might feel it
Other banks with high ex- ings agency said. renovations have been greatly firm BentallGreenOak bought Although some renovations most acutely.
posure to this part of the New reduced. a rent-stabilized building progressed, the company had “They don’t have that lux-
York City apartment market Tenant advocates have her- where it planned to pay exist- turned over only a small por- ury to adjust the rent to man-
include JPMorgan Chase and Boom days alded the new laws as overdue ing tenants to forfeit their tion of the units by the time age what’s going on in the
Wells Fargo, according to When the rent laws were relief for some of the coun- leases and convert the build- the rent laws changed in market,” Winter said.

Warehousing Demand Is Starting to Shrink Airbnb Posts

Loss, Though
BY LIZ YOUNG
Revenue Beat
Forecasts
Retailers and their suppli-
ers have been slashing their
inventories. Now they are
turning to cutting back stor-
age space. BY BEN GLICKMAN
A once-booming U.S. ware-
housing market is coping with Airbnb said travel demand
signs of contraction as busi- held up in its latest quarter,
nesses consolidate warehouses despite warning of the poten-
and in some cases upgrade ex- tial impact from geopolitical
isting sites rather than add fa- conflicts.
cilities. The shift comes as re- The company on Tuesday
tailers have turned the corner reported better-than-expected
on a big drawdown of invento- revenue in its fourth quarter.
ries and are aligning their Demand for its short-term
supply chains for more nor- rentals accelerated in recent
mal, prepandemic stocking months after experiencing vol-
and consumer spending pat- atility in October.
terns. San Francisco-based
Consumer-goods maker Airbnb had warned in No-
Newell Brands, retail-phar- vember that macroeconomic
macy chain Rite Aid and trends and geopolitical con-
NIKI CHAN WYLIE FOR THE WALL STREET JOURNAL

sports-apparel retailer Fanat- flicts, such as the war in

ics are among the merchants Gaza, might dent travel de-
closing warehouses or upgrad- mand. The company said that
ing existing facilities rather it expected growth in nights
than opening new sites this booked to moderate.
year. Still, growth in the period
Other companies are un- came in ahead of analysts’ es-
loading storage capacity by timates.
subleasing space. The amount Nights and experiences
of U.S. warehouse space listed booked increased 12% to 98.8
for sublease reached a record million in Airbnb’s fourth
high of more than 156 million quarter, surpassing the 98
square feet in the fourth quar- Many companies are consolidating warehouses and upgrading to buildings that can accommodate automation and require less labor. million expected by Wall
ter of 2023, more than three Street.
times the amount available in management strategy that had Average U.S. warehouse space that can accommodate more bankruptcy in October, is clos- Revenue increased 17% to
the fourth quarter of 2021, ac- given way to greater stockpil- available for sublease, quarterly automation and require less ing hundreds of stores and $2.22 billion, surpassing the
cording to real-estate services ing during the pandemic, as labor, said Mehtab Randhawa, plans to close a warehouse in company’s guidance and the
150 million square feet
firm Savills. companies sought to build so- global head of industrial re- Woodland, Calif., and shift op- $2.17 billion forecast by ana-
That marks a significant called buffer stock amid prod- search at JLL. erations to another facility in lysts.
change for an industrial real- uct shortages and widespread “If you’ve got three differ- Lancaster, Calif., beginning in Gross bookings value was
estate market that saw de- supply-chain disruptions. ent facilities or four different May, a spokesperson said. up 15% to $15.5 billion, which
mand explode and vacancy Some businesses now are 100 facilities and your real-estate Fanatics is shutting down a was also ahead of Wall
rates plummet during the subleasing space they had costs are high, if you’re com- warehouse in Jacksonville, Fla. Street’s expectations.
pandemic, as e-commerce or- added “based on projections ing up on renewal, it might A company spokesman said Airbnb reported a loss of
ders soared and retailers that didn’t come to fruition,” make sense to go down from the building is one of the old- $349 million, or 55 cents a
stocked up on goods to avoid said Mark Russo, head of in- four to three in a more effi- est logistics facilities the com- share, for the three months
supply-chain disruptions. dustrial research at Savills. “It 50 cient facility,” Randhawa said. pany operates. “We will be ended Dec. 31.
The tight market pushed was a lot of just-in-case inven- Newell Brands, which shifting our fulfillment efforts The latest quarterly results
the average warehouse asking tory management thinking makes Yankee Candles and to newer buildings in and included a charge of about $1
rent up by nearly 24% in 2022 and thinking that that level of Sharpie markers, said it is around the region where we billion related to tax-withhold-
year-over-year, compared with consumption was going to closing a home-fragrance dis- have access to updated tech- ing expenses and lodging-tax
an annual increase of 6.3% in keep going up.” 0 tribution center in Pataskala, nology and infrastructure to reserves.
2019, before the pandemic, ac- Russo said companies are 2019 ’20 ’21 ’22 ’23 Ohio, in March. A company ensure a better fan experi- Excluding that and other
cording to real-estate services retooling their supply chains Source: Savills representative said the build- ence,” the spokesman said. adjustments, the company
firm JLL. to match projections for more ing’s operations will move to New warehouse space re- said net income was $489 mil-
The growth in rents has moderate growth in consumer warehouse space as develop- an existing warehouse in mains in the industrial-prop- lion.
slowed more recently, with spending. ers complete construction on Newville, Pa., as part of a plan erty pipeline. Warehouse leas- First-quarter revenue is ex-
rents rising 12.5% in 2023 “We’re coming off of a re- buildings across the country to reduce its number of distri- ing activity across the U.S. pected to be between $2.03
compared with a year earlier, ally unusual heightened period that were started without ten- bution centers and instead run increased 14.8% in the fourth billion and $2.07 billion, rep-
according to JLL. of demand, and that’s normal- ants lined up, known as specu- “more regionalized, multi- quarter compared with the resenting an increase of 12%
The turnabout comes as izing,” he said. lative development. sourced plants with upgraded third quarter, although that to 14% from a year earlier.
more manufacturers and re- Russo noted space listed for Many companies now are automation and digitization was down 9% compared with Airbnb’s board authorized a
tailers are returning to the sublease represents a small consolidating warehouses and capabilities.” the same quarter the year be- $6 billion share-buyback pro-
“just-in-time” lean inventory portion of total available upgrading to newer buildings Rite Aid, which filed for fore, according to JLL. gram.
THE WALL STREET JOURNAL. Wednesday, February 14, 2024 | B7
B8 | Wednesday, February 14, 2024 THE WALL STREET JOURNAL.

BUSINESS & FINANCE

Venezuelan BlackRock
Bonds To Offer
Unbound Voting to
Continued from page B1
and were backed by hard-cur-
rency cash flows from the sale
Individual
of oil. U.S. investors sold
about half of those bonds.
A group of creditors to the
Venezuelan government, in-
Investors
cluding Fidelity Investments, BY JACK PITCHER
T. Rowe Price and Greylock
Capital, didn’t sell and fought BlackRock is launching a
the ban. program to let individual in-
RUSSIAN FOREIGN MINISTRY PRESS/TASS/ZUMA PRESS

People familiar with the sit- vestors have a say in how

uation said some members of their proxy votes are cast for
that group gave State Depart- the first time.
ment officials transaction re- More than three million
cords of billions of dollars in U.S. retail shareholder ac-
Venezuelan bond purchases by counts invested in BlackRock’s
investors from Qatar, the largest exchange-traded
United Arab Emirates and Cy- fund—the iShares Core S&P
prus. The three are well- 500 ETF—will be able to par-
known conduits for Russian ticipate in the program begin-
money. ning later this week.
“Nobody in the U.S. govern- Eligible shareholders can
ment seemed to understand select from six voting policies
what market participants told Russian Foreign Minister Sergei Lavrov met Venezuelan President Nicolás Maduro in April, bolstering sanctions opponents’ case. from third-party proxy advis-
them were the obvious conse- ers that cover a range of vot-
quences of the policy,” said Moscow. And they provided Dmitry Peskov said in an out of any talks to restructure and Iran and Russia to be able ing preferences, BlackRock
Hans Humes, chief investment Washington with records and email. But he noted that, be- Venezuela’s debt, potentially to expand a strategic foothold said in a press release.
officer at Greylock and co- images of trade tickets show- cause of sanctions, his govern- providing Russia or other in Venezuela.” BlackRock has a steward-
chairman of the Venezuelan ing how the same buyers ment’s cooperation with Cara- countries more influence, ac- Unlike the other sanctions ship team that currently votes
creditors group that lobbied to based in Qatar, the U.A.E. and cas is piecemeal. cording to people with knowl- that the U.S. government re- the shares on the majority of
end the sanctions. Cyprus who had purchased A U.S. State Department edge of the cable. versed last fall, the debt-trad- its clients’ assets in a manner
Fidelity and T. Rowe Price Venezuelan bonds in 2022 and spokesperson said, “We take Their case was bolstered ing ban has been permanently that the company says is con-
each held more than $1 billion 2023 had also been active seriously attempts by external last April by the appearance of removed. Washington, citing sistent with its fiduciary du-
and Greylock about $1.5 billion buyers of Russia’s own bonds actors such as Russia to ex- a large Russian delegation in the Maduro regime’s arresting ties.
of Venezuelan bonds, people after Washington slapped on pand their influence in Vene- Caracas. Russian Foreign Min- political opponents and ban- The asset manager has re-
familiar with the matter said. similar sanctions against Mos- zuela and take action as ap- ister Sergei Lavrov warned ning some from running in ceived criticism from both
When the ban was lifted, cow following its invasion of propriate.” that Venezuela shouldn’t suc- elections, has reimposed one sides of the political aisle on
the prices of Venezuelan Ukraine in 2022. While the investors didn’t cumb to Western financial of the sanctions and another how it votes on shareholder
bonds surged from 13 cents to They told officials in the have a smoking gun linking pressure. is expected to come back in proposals related to issues
around 20 cents on the dollar. State Department that they Moscow to the trades, the The National Security April. such as climate change. The
Some investors expect Vene- believed Russia was accumu- State Department’s Venezuela Council, which has led the Marshall Billingslea, who asset manager began letting
zuelan bonds to be added back lating a position in Venezue- Affairs Unit included bond- rapprochement efforts with was a senior Treasury Depart- some institutional clients
to JPMorgan’s closely tracked lan debt and could pursue a holders’ concerns in a classi- Maduro, declined to discuss ment official during the choose how their shares are
emerging-markets bond index deal for Venezuela to sell as- fied and previously unre- intelligence that it reviewed Trump administration, de- voted two years ago.
as soon as next month, poten- sets to Russia in exchange for ported cable sent in early before deciding to drop the fended the sanctions against As of the end of 2023, cli-
tially giving prices another writing off the debt, according 2023. sanctions. Maduro’s regime, which he ents representing $598 billion
boost. to a copy of a memo from the The unit’s analysts viewed “We ultimately concluded said weren’t enforced strictly in assets were exercising vot-
The bondholders told U.S. creditors’ group sent to the the bond-trading ban as that the sanctions were bad enough. ing choice, the company said.
officials that they believed U.S. government in 2023. counterproductive. for the United States and good Concerns over Russian BlackRock is the world’s larg-
there was a strong risk that “Venezuela is Russia’s most The State Department later for our adversaries,” a senior meddling, Billingslea added, est money manager, with $10
investors in the Middle East respected partner in Latin warned in the diplomatic ca- U.S. official said. “They had were part of a fearmongering trillion in assets under man-
and Cyprus were frontmen for America,” Kremlin spokesman ble that the U.S. could be cut created openings for China campaign by critics. agement at the end of 2023.

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THE WALL STREET JOURNAL. Wednesday, February 14, 2024 | B9

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
38272.75 t 524.63, or 1.35% Trailing P/E ratio 25.41 22.72 4953.17 t 68.67, or 1.37% Trailing P/E ratio * 22.85 19.97 15655.60 t 286.95, or 1.80% Trailing P/E ratio *† 31.72 23.63
High, low, open and close for each P/E estimate * 18.44 18.13 High, low, open and close for each P/E estimate * 22.51 18.57 High, low, open and close for each P/E estimate *† 30.02 25.24
trading day of the past three months. Dividend yield 1.92 2.02 trading day of the past three months. Dividend yield * 1.49 1.63 trading day of the past three months. Dividend yield *† 0.84 0.88
All-time high 38797.38, 02/12/24 All-time high 5026.61, 02/09/24 All-time high: 16057.44, 11/19/21

Current divisor 0.15172752595384

38700 5100 15700
Session high
DOWN UP
15300
t

Session open Close 37700 4900

Close Open
t

36700 4700 14900

Session low

35700 4500 14500

65-day moving average

34700 4300 14100

65-day moving average

33700 4100 65-day moving average 13700

Bars measure the point change from session's open

32700 3900 13300
Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb.
*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* 981,771,084 14,272,049
Industrial Average 38699.17 38039.86 38272.75 -524.63 -1.35 38797.38 31819.14 12.3 1.5 6.8 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 72,638,743 5,459,644
Transportation Avg 16048.39 15670.34 15785.77 -424.69 -2.62 16695.32 13444.01 2.8 -0.7 6.2 Most-active issues in late trading Decl. volume* 906,331,267 8,685,358
Utility Average 843.09 818.74 829.38 -15.34 -1.82 975.39 783.08 -12.2 -5.9 -1.1 Volume After Hours Issues traded 2,906 310
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 49545.90 48987.54 49314.67 -791.77 -1.58 50106.44 38697.55 18.1 3.2 5.7 Advances 234 83
Lyft LYFT 45,065.8 14.45 2.32 19.13 20.25 11.75
Barron's 400 1097.14 1061.87 1069.92 -27.22 -2.48 1097.14 881.58 5.7 -0.2 4.4 Declines 2,625 214
SPDR Portfolio S&P 500 SPLG 20,513.9 58.20 0.06 0.10 58.80 57.94
Unchanged 47 13
Nasdaq Stock Market SPDR S&P 500 ETF Trust SPY 11,146.6 494.66 0.58 0.12 494.75 490.98 New highs 39 3
Nasdaq Composite 15770.42 15551.44 15655.60 -286.95 -1.80 15990.66 11138.89 30.9 4.3 3.6 Robinhood Markets HOOD 10,550.8 12.82 0.98 8.28 13.80 11.83 New lows 48 13
Nasdaq-100 17717.67 17478.23 17600.42 -282.24 -1.58 17962.41 11830.28 39.8 4.6 8.4 Apple AAPL 7,413.3 185.30 0.26 0.14 195.70 176.49 Closing Arms† 1.07 0.41
Intel INTC 4,591.9 43.21 0.05 0.12 43.27 43.15 Block trades* 4,675 132
S&P
Amazon.com AMZN 4,410.9 168.84 0.20 0.12 172.04 167.77
500 Index 4971.30 4920.31 4953.17 -68.67 -1.37 5026.61 3855.76 19.8 3.8 8.0 Nasdaq NYSE Arca
Airbnb ABNB 4,311.7 143.00 -7.82 -5.18 167.20 140.89
MidCap 400 2791.09 2745.23 2765.08 -69.26 -2.44 2834.34 2326.82 3.5 -0.6 2.8 Total volume*5,599,866,317 473,343,942
SmallCap 600 1284.68 1254.82 1264.45 -46.55 -3.55 1339.63 1068.80 -1.0 -4.1 -0.9 Percentage gainers… Adv. volume*1,059,726,425 95,494,561
Lyft LYFT 45,065.8 14.45 2.32 19.13 20.25 11.75 Decl. volume*4,516,486,071 377,393,495
Other Indexes
Larimar Therapeutics LRMR 53.8 10.10 1.36 15.56 10.14 7.98 Issues traded 4,436 1,942
Russell 2000 1992.98 1950.47 1964.17 -81.08 -3.96 2066.21 1636.94 1.3 -3.1 -5.0
Advances 735 149
NYSE Composite 17332.46 16965.94 17068.54 -263.92 -1.52 17332.46 14599.05 6.5 1.3 3.6 Resideo Technologies REZI 89.1 18.50 1.42 8.31 18.60 17.08
Declines 3,576 1,786
Robinhood Markets HOOD 10,550.8 12.82 0.98 8.28 13.80 11.83
Value Line 594.58 573.82 577.39 -17.19 -2.89 598.74 498.09 -2.5 -2.8 -2.9 Unchanged 125 7
NYSE Arca Biotech 5113.06 4947.86 4986.92 -126.14 -2.47 5533.34 4544.40 -9.6 -8.0 -7.2
BridgeBio Pharma BBIO 135.5 35.64 2.07 6.17 35.95 33.50
New highs 45 19
NYSE Arca Pharma 992.09 980.65 984.84 -5.35 -0.54 993.90 791.91 16.9 8.2 11.6 ...And losers New lows 126 42
KBW Bank 93.88 91.18 92.30 -2.78 -2.93 113.41 71.71 -18.6 -3.9 -5.3 QuidelOrtho QDEL 347.0 45.70 -21.07 -31.56 66.77 41.50 Closing Arms† 0.88 0.28
PHLX§ Gold/Silver 107.66 102.85 103.70 -6.85 -6.19 144.37 103.31 -15.6 -17.5 -9.9 Upstart Holdings UPST 2,823.8 25.83 -7.09 -21.54 32.95 24.48 Block trades* 29,472 2,575
PHLX§ Oil Service 79.29 77.29 77.91 -1.75 -2.19 98.76 69.29 -16.7 -7.1 14.4 BlackLine BL 191.9 51.50 -6.80 -11.66 58.45 50.92 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 4514.99 4408.46 4468.18 -91.86 -2.01 4567.30 2892.39 43.1 7.0 11.5 Corsair Gaming CRSR 52.6 11.74 -1.08 -8.42 12.99 11.60 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 17.94 13.43 15.85 1.92 13.78 26.52 12.07 -16.2 27.3 -7.4 Airbnb ABNB 4,311.7 143.00 -7.82 -5.18 167.20 140.89 Arms of less than 1 indicates buying demand; above 1

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

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World MSCI ACWI 739.58 –8.31 –1.11 1.7 Digital Brands Group DBGI 6.85 3.99 139.09 61.02 2.30 -87.8 Polished.com POL 2.07 -2.79 -57.41 42.91 1.06 -94.9
MSCI ACWI ex-USA 311.29 –1.96 –0.62 –1.7 FibroBiologics FBLG 13.94 6.54 88.38 55.00 6.53 ... SSR Mining SSRM 4.50 -5.22 -53.70 17.72 3.76 -68.7
MSCI World 3240.26 –40.75 –1.24 2.2 Beamr Imaging BMR 14.06 4.11 41.31 34.94 0.91 ... G1 Therapeutics GTHX 2.10 -2.38 -53.13 5.00 1.08 -39.3
MSCI Emerging Markets 996.78 0.72 0.07 –2.6 MicroCloud Hologram HOLO 23.52 6.44 37.70 113.00 1.50 -8.5 Renovaro Biosciences RENB 1.92 -1.44 -42.86 5.25 0.39 86.4
Americas MSCI AC Americas 1873.40 –27.43 –1.44 3.3 Verde Clean Fuels Cl A VGAS 3.81 1.01 36.07 21.00 1.95 -62.5 Delta Apparel DLA 3.95 -2.82 -41.65 14.51 2.70 -64.8
Canada S&P/TSX Comp 20584.97 –482.33 –2.29 –1.8 Whole Earth Brands FREE 4.75 1.24 35.33 4.77 2.09 38.1 Express EXPR 2.26 -1.49 -39.73 24.60 2.01 -90.1
Latin Amer. MSCI EM Latin America 2524.75 –17.51 –0.69 –5.2 VIZIO Holding VZIO 9.75 1.93 24.68 11.28 4.82 4.5 Lakeshore Acquisition II LBBB 5.43 -3.32 -37.97 11.76 4.54 -47.4
Brazil Bovespa 128025.70 … Closed –4.6 Syntec Optics Cl A OPTX 5.67 1.07 23.26 19.50 3.02 -44.2 Gryphon Digital Mining GRYP 2.70 -1.39 -33.99 21.80 2.50 -84.7
Chile S&P IPSA 3362.04 –42.87 –1.26 –3.0 Bicycle Therapeutics ADR BCYC 21.40 3.98 22.85 28.91 12.54 -14.1 Wesco International WCC 132.59 -59.94 -31.13 195.43 121.91 -20.0
Mexico S&P/BMV IPC 56906.99 –511.56 –0.89 –0.8 NetSol Technologies NTWK 2.82 0.52 22.44 3.30 1.72 -3.2 Children's Place PLCE 11.29 -5.10 -31.12 47.09 8.30 -75.4
EMEA STOXX Europe 600 482.83 –4.63 –0.95 0.8 JetBlue Airways JBLU 7.38 1.31 21.58 9.45 3.42 -15.2 Datasea DTSS 1.47 -0.59 -28.64 20.85 1.42 -92.3
Eurozone Euro STOXX 483.04 –5.32 –1.09 1.9 LianBio ADR LIAN 4.80 0.76 18.81 4.88 1.33 118.2 AtlasClear Holdings ATCH 5.11 -1.89 -27.01 11.90 4.50 -49.8
Belgium Bel-20 3675.52 –40.33 –1.09 –0.9 Conduit Pharmaceuticals CDT 3.24 0.47 16.97 25.00 0.95 -68.6 Eltek ELTK 16.36 -6.04 -26.95 22.80 3.84 282.2
Denmark OMX Copenhagen 20 2546.86 –6.43 –0.25 11.5 MicroSectors Gold 3X Inv GDXD 6.57 0.91 16.08 9.92 3.53 -10.6 AN2 Therapeutics ANTX 3.90 -1.20 -23.53 22.22 3.70 -71.7
1.1 Aspen Aerogels ASPN 14.33 1.93 15.56 17.32 5.33 30.6 Avis Budget Group CAR 129.81 -38.55 -22.90 251.26 128.42 -46.8
France CAC 40 7625.31 –64.49 –0.84
Germany DAX 16880.83 –156.52 –0.92 0.8
Israel Tel Aviv 1853.14 10.20 0.55 –0.7
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 31134.17 –322.56 –1.03 2.6 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 842.62 –12.26 –1.43 7.1
Norway Oslo Bors All-Share 1441.70 –13.96 –0.96 –5.1 Direxion Dly Semi 3 Bear SOXS 198,145 117.0 4.59 5.76 24.09 4.09 Ross Acquisition II Cl A ROSS 656 9937 11.00 0.09 11.03 10.18
ProSh UltraPro Shrt QQQ SQQQ 165,577 37.4 11.80 4.80 42.57 10.97 SPDR Portfolio Europe SPEU 1,391 6630 39.36 -1.45 40.58 34.30
South Africa FTSE/JSE All-Share 73062.59 –659.51 –0.89 –5.0
Spain IBEX 35 9925.40 –59.30 –0.59 –1.7 SPDR S&P 500 ETF Trust SPY 112,403 46.6 494.08 -1.38 503.50 380.65 Invsc MSCI Green Bldg GBLD 192 3207 15.86 -3.66 18.71 14.60
–1.4 Palantir Technologies PLTR 101,626 47.4 24.01 -4.15 25.53 7.19 SSR Mining SSRM 67,107 2799 4.50 -53.70 17.72 3.76
Sweden OMX Stockholm 890.56 –7.37 –0.82
ProShares UltraPro QQQ TQQQ 93,579 18.9 56.74 -4.73 61.14 20.13 Merrimack Pharm MACK 1,255 2612 15.00 7.22 15.89 11.25
Switzerland Swiss Market 11142.79 –36.51 –0.33 0.04
Turkey BIST 100 8994.00 –180.58 –1.97 20.4 Tesla TSLA 86,465 -25.3 184.02 -2.18 299.29 152.37 Invsc BS 2030 HY Cp Bd BSJU 300 2230 25.34 -0.80 25.73 23.24
U.K. FTSE 100 7512.28 –61.41 –0.81 –2.9 Ohmyhome OMH 86,348 363534.3 2.26 82.26 57.00 0.90 ESGEN Acquisition Cl A ESAC 201 2084 11.38 ... 12.34 10.41
U.K. FTSE 250 18923.83 –280.10 –1.46 –3.9 iShares Russell 2000 ETF IWM 85,837 103.4 194.61 -4.11 205.49 161.67 Nationwide DJ Risk-Mgd NDJI 161 2026 21.10 -1.14 21.40 18.85
Direxion Dly SCOND 3 BL SOXL 85,827 31.9 36.84 -5.90 41.33 12.52 HCM Acquisition Cl A HCMA 401 1903 11.25 0.18 11.50 10.38
Asia-Pacific MSCI AC Asia Pacific 168.09 0.86 0.52 –0.8
Marathon Digital MARA 76,594 0.7 25.72 -5.72 31.30 5.13 Delta Apparel DLA 471 1789 3.95 -41.65 14.51 2.70
Australia S&P/ASX 200 7603.60 –11.32 –0.15 0.2
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 2865.90 … Closed –3.7 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 15746.58 … Closed –7.6
0.68 –0.9
Scan this code
India S&P BSE Sensex 71555.19 482.70
Japan NIKKEI 225 37963.97 1066.55 2.89 13.4 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3141.87 3.57 0.11 –3.0 and track most-active stocks,
South Korea KOSPI 2649.64 29.32 1.12 –0.2 new highs/lows, mutual funds Currencies
Taiwan TAIEX 18096.07 … Closed 0.9 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1391.73 2.43 0.17 –1.7
All are available free at WSJMarkets.com US$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 Thailand baht .02774 36.050 4.9
CREDIT MARKETS Argentina peso .0012831.3000 2.8
Vietnam dong .00004094 24425 0.6
Brazil real .2019 4.9535 2.1 Europe
.7371 1.3567 2.4 Czech Rep. koruna .04223 23.680 5.8
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Canada dollar
Chile peso .001031 970.16 10.9 Denmark krone .1437 6.9607 2.7
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000255 3926.75 1.3 Euro area euro 1.0709 .9338 3.1
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Hungary forint .002766 361.49 4.1
A consumer rate against its New car loan Iceland krona .007201 138.86 2.1
Mexico peso .0581 17.1998 1.3
benchmark over the past year 6.00% Norway krone .0937 10.6729 4.9
Bankrate.com avg†: 7.86% Uruguay peso .02553 39.1750 0.3
Tradeweb ICE 16% Poland zloty .2468 4.0518 2.9
Asia-Pacific .0945 10.5852 4.8
First Command Bank 5.74% Tuesday Close 5.00 Sweden krona
8.50% Fort Worth, TX 888-763-7600 t t 8 WSJ Dollar Index Australiadollar .6453 1.5497 5.6 Switzerland franc 1.1273 .8871 5.4
4.00 .1391 7.1900 .0326 30.7198 4.2
s
t China yuan 1.1 Turkey lira
Prime rate Firstrust Bank 5.99% One year ago Hong Kong dollar .1279 7.8197 0.1 Ukraine hryvnia .0262 38.1500 unch
8.00 0
Philadelphia, PA 800-220-2265 3.00 India rupee .01203 83.097 –0.1 UK pound 1.2592 .7942 1.1
s Indonesia rupiah .0000639 15659
t 7.50 PNC Bank 6.94% 2.00 –8 s Euro
1.8 Middle East/Africa
New car loan Washington, DC 888-PNC-BANK Yen Japan yen .006632 150.78 6.9 Bahrain dinar 2.6525 .3770 0.01
7.00 Kazakhstan tenge .002230 448.46 –1.5 Egypt pound .0324 30.9013 –0.1
Eastern Bank 6.99% 1.00 –16 Macau pataca .1241 8.0590 0.1 Israel shekel .2722 3.6739 2.0
Boston, MA 781-599-2100 1 3 6 1 2 3 5 7 10 20 30 2023 2024 Malaysia ringgit .2098 4.7660 3.7
6.50 Kuwait dinar 3.2430 .3084 0.4
WilmingtonSavingsFundSociety,FSB 6.99% month(s) years New Zealand dollar .6060 1.6502 4.3
MAM J J A S ON D J F Oman sul rial 2.5973 .3850 0.01
Wilmington, DE 888-973-7226 maturity Pakistan rupee .00358 279.310 –0.6 Qatar rial .2742 3.647 0.1
2023 2024
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0179 55.965 1.0 Saudi Arabia riyal .2666 3.7503 0.01
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7401 1.3511 2.4 South Africa rand .0523 19.1117 4.4
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields South Korea won .0007456 1341.22 3.6
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 5.25-5.50 5.25-5.50 4.50 l 5.50 5.25 Sri Lanka rupee .0031916 313.32 –3.3
Yield (%) 52-Week Total Return (%) Taiwan dollar .03169 31.558 2.8 WSJ Dollar Index 99.15 0.67 0.68 3.46
Prime rate* 8.50 8.50 7.75 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 5.31 5.31 4.55 l 5.40 5.26 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2126.790 4.510 4.260 5.120 3.610 0.521 –3.978
Money market, annual yield 0.50 0.50 0.39 l 0.64 0.41
Five-year CD, annual yield 2.83 2.82 2.74 l 2.87 2.36 U.S. Treasury Long, Bloomberg 3052.080 4.570 4.390 5.280 3.630 –6.817–11.255 Commodities
30-year mortgage, fixed† 7.25 7.25 6.72 l 8.28 4.38 Aggregate, Bloomberg 2011.760 4.970 4.720 5.740 4.200 1.250 –3.672 Tuesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.54 6.55 6.00 l 7.42 4.18 Fixed-Rate MBS, Bloomberg 1977.620 5.190 4.920 6.050 4.290 –0.103 –3.738
Jumbo mortgages, $766,550-plus† 7.32 7.34 6.76 l 8.33 4.42 DJ Commodity 946.13 -2.64 -0.28 1035.63 930.59 -8.06 -1.22
High Yield 100, ICE BofA 3522.958 7.423 7.236 9.101 7.030 9.876 1.583 Refinitiv/CC CRB Index 273.05 -0.26 -0.10 290.29 253.85 -0.19 3.50
Five-year adj mortgage (ARM)† 6.42 6.35 5.42 l 7.16 3.29
Muni Master, ICE BofA 584.227 3.260 3.237 4.311 2.801 2.935 –0.900 Crude oil, $ per barrel 77.87 0.95 1.24 93.68 66.74 -1.51 8.68
New-car loan, 48-month 7.86 7.87 6.68 l 7.87 3.84
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 832.674 7.661 7.501 8.842 7.206 6.484 –3.453 Natural gas, $/MMBtu 1.689 -0.079 -4.47 3.575 1.689 -34.20 -32.82
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 1992.90 -25.30 -1.25 2081.90 1808.80 7.49 -3.37
B10 | Wednesday, February 14, 2024 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures May 47.43 48.15 46.76 47.79 .39 185,723 April 94.7100 94.7200 t 94.6800 94.6950 –.0200 465,314 March 1.0788 1.0830 t 1.0715 1.0716 –.0068 719,012

Contract Open
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
Open High hi lo Low Settle Chg interest March 18.58 18.74 18.30 18.37 –.26 8,074 Nov 94.6375 3,301 Index Futures
May 18.81 19.00 18.57 18.63 –.22 2,487 March'24 94.7700 94.7850 t 94.7100 94.7200 –.0450 1,181,067
Copper-High (CMX)-25,000 lbs.; $ per lb. Mini DJ Industrial Average (CBT)-$5 x index
Wheat (CBT)-5,000 bu.; cents per bu. March 38863 38897 38095 38333 –551 108,790
Feb 3.7315 3.7330 3.7065 3.7140 –0.0145 1,636 597.00 603.50 592.25 597.50 … 120,147
March 3.7215 3.7545 3.7030 3.7110 –0.0130 120,344
March Currency Futures June 39240 39289 38510 38732 –554 582
May 599.00 602.75 593.75 597.00 –2.25 127,625
Gold (CMX)-100 troy oz.; $ per troy oz. Wheat (KC)-5,000 bu.; cents per bu. Japanese Yen (CME)-¥12,500,000; $ per 100¥ Mini S&P 500 (CME)-$50 x index
Feb 2025.10 2025.80 t 1990.00 1992.90 –25.30 478 March 598.50 599.25 591.25 594.50 –4.25 69,521 Feb .6699 t
.6705
.6634 .6634 –.0066 1,033 March 5034.00 5040.00 4936.50 4971.25 –70.00 2,317,428
March 2023.80 2035.50 t 1993.40 1997.70 –25.70 2,125 May 597.00 t 597.00 588.50 592.25 –4.50 85,326 March .6732 t
.6748
.6663 .6664 –.0066 280,380 June 5092.50 5098.25 4994.25 5029.25 –70.50 54,286
April 2033.70 2047.30 t 2002.80 2007.20 –25.80 335,680 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD Mini S&P Midcap 400 (CME)-$100 x index
June 2053.40 2067.00 t 2022.80 2027.10 –25.90 35,648 March 248.525 248.975 246.950 248.000 –.825 14,227 Feb .7435 .7441 t .7362 .7361 –.0071 473 March 2842.70 2847.80 2752.30 2773.30 –71.70 39,360
Aug 2071.70 2081.50 t 2041.20 2045.30 –25.70 21,747 April 252.950 252.975 251.375 251.750 –1.425 10,424 March .7438 .7448 t .7363 .7364 –.0071 150,629 June 2794.40 –72.70 1
Oct 2088.80 2098.00 t 2060.00 2062.80 –25.10 5,585 Cattle-Live (CME)-40,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £ Mini Nasdaq 100 (CME)-$20 x index
Palladium (NYM) - 50 troy oz.; $ per troy oz. Feb 184.100 184.175 183.350 183.750 –.500 9,341 Feb 1.2624 1.2683 1.2574 1.2574 –.0051 2,144 March 17928.50 17963.25 17542.00 17676.75 –288.25 301,270
Feb 898.00 907.50 t 856.00 857.40 –36.10 1 April 185.500 185.725 184.750 185.100 –.825 122,550 March 1.2632 1.2700 1.2575 1.2576 –.0051 180,419 June 18163.00 18194.75 17780.00 17909.75 –290.00 2,038
March 899.50 916.50 t 851.50 860.50 –36.10 19,598 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF Mini Russell 2000 (CME)-$50 x index
74.025 74.375 73.950 74.225 .650 13,221 March 1.1459 1.1462 t 1.1299 1.1301 –.0157 51,561
Platinum (NYM)-50 troy oz.; $ per troy oz. Feb March 2054.10 2058.20 1953.70 1969.30 –85.70 503,428
81.525 81.675 80.200 81.075 –.050 87,677 June 1.1550 1.1572 t 1.1414 1.1413 –.0155 504
Feb 872.70 –18.40 55 April June 2074.00 2079.70 1976.00 1990.90 –86.70 1,548
April 896.90 906.80 874.20 878.90 –18.20 77,638 Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Australian Dollar (CME)-AUD 100,000; $ per AUD Mini Russell 1000 (CME)-$50 x index
March 551.00 554.00 548.50 552.50 … 5,306 Feb .6531 .6534 t .6445 .6444 –.0085 256
Silver (CMX)-5,000 troy oz.; $ per troy oz. March .6536 .6550 t .6449 .6450 –.0085 186,088
March 2728.10 2764.30 2707.00 2724.60 –39.90 6,254
Feb 22.096 –0.613 239 May 574.00 576.50 572.00 575.50 1.50 3,035 U.S. Dollar Index (ICE-US)-$1,000 x index
Milk (CME)-200,000 lbs., cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN
March 22.740 23.050 t 22.030 22.154 –0.613 78,718 Feb .05836 .05849 .05806 .05800 –.00045 124 March 104.02 104.86 s 103.37 104.85 .80 28,801
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Feb 16.19 16.21 16.17 16.19 –.02 4,536 June 103.66 104.48 s 103.20 104.48 .78 678
March .05826 .05834 .05771 .05772 –.00044 264,552
March 77.03 78.47 76.87 77.87 0.95 160,677 March 17.30 17.51 17.18 17.43 .17 5,726
Cocoa (ICE-US)-10 metric tons; $ per ton. Euro (CME)-€125,000; $ per €
April 76.90 78.10 76.77 77.56 0.74 315,812 Feb 1.0775 1.0797 t 1.0703 1.0704 –.0068 2,645 Source: FactSet
May 76.72 77.74 76.55 77.24 0.59 174,813 March 5,828 6,029 5,815 6,001 141 26,997
June 76.51 77.33 76.28 76.87 0.48 173,147 May 5,558 5,715 5,542 5,652 69 110,202
July 76.16 76.88 75.90 76.44 0.40 96,122
Coffee (ICE-US)-37,500 lbs.; cents per lb.
Dec 73.79 74.43 73.57 73.93 0.16 182,577
March
May
195.05
190.65
197.10
192.30
191.65
186.60
193.00 –2.60
188.05 –3.10
28,589
114,754
Bonds | wsj.com/market-data/bonds/benchmarks
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
2.9375 2.9650 2.8845 2.8959 –.0237 93,517
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
March
April 2.8544 2.8784 2.8122 2.8285 –.0092 70,933
March
May
23.62
22.82
23.64
22.94
23.23
22.51
23.30
22.62
–.26
–.22
194,838
258,463
Tracking Bond Benchmarks
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
March 2.3672 2.4134 s 2.3577 2.3946 .0273 73,815
April 2.5931 2.6330 s 2.5823 2.6196 .0284 83,645
May 41.89 … 2,190 highs and lows for different types of bonds
Cotton (ICE-US)-50,000 lbs.; cents per lb. Total Total
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March 90.25 92.50 s 90.10 91.52 .99 29,978
March 1.754 1.786 t 1.654 1.689 –.079 237,284 return YTD total Yield (%) return YTD total Yield (%)
May 90.95 93.22 s 90.84 92.06 .76 108,153 close return (%) Index Latest Low High close return (%) Index Latest Low High
April 1.793 1.826 t 1.707 1.742 –.058 222,531 Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
May 1.911 1.940 t 1.835 1.866 –.052 217,657 March 350.65 361.30 347.05 351.60 –2.05 4,630 Mortgage-Backed Bloomberg Fixed Income Indices
Broad Market Bloomberg Fixed Income Indices
July 2.290 2.310 t 2.214 2.251 –.042 92,916 May 336.55 348.70 335.35 343.20 4.65 3,179
Sept 2.351 2.377 t 2.282 2.321 –.041 76,344 2011.76 -2.3 U.S. Aggregate 4.970 4.200 5.740 1977.62 -2.8 Mortgage-Backed 5.190 4.290 6.050
Oct 2.443 2.460 t 2.369 2.405 –.039 106,368 Interest Rate Futures U.S. Corporate Indexes Bloomberg Fixed Income Indices 1952.81 -2.8 Ginnie Mae (GNMA) 5.220 4.350 6.020
Agriculture Futures Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 1162.62 -2.8 Fannie mae (FNMA) 5.190 4.280 6.050
March 125-280 127-100 123-280 123-300 –2-03.0 1,664,232
3047.44 -2.3 U.S. Corporate 5.450 4.990 6.430
Corn (CBT)-5,000 bu.; cents per bu. June 128-140 128-310 125-220 125-240 –2-06.0 2,172 2958.62 -1.1 Intermediate 5.360 4.890 6.350 1799.23 -2.3 Freddie Mac (FHLMC) 5.120 4.240 6.190
March 430.25 434.75 428.75 430.75 .25 451,019 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
May 442.50 446.25 441.00 443.25 .75 415,392 March 119-230 120-280 117-300 117-310 –1-28.0 1,416,852 4020.50 -4.6 Long term 5.640 5.160 6.600 584.23 -0.7 Muni Master 3.260 2.801 4.311
Oats (CBT)-5,000 bu.; cents per bu. June 119-260 120-230 117-300 117-300 –1-29.0 12,722
Treasury Notes (CBT)-$100,000; pts 32nds of 100% 580.55 -2.9 Double-A-rated 5.000 4.320 5.760 415.67 -0.7 7-12 year 2.925 2.404 4.097
March 379.75 384.00 378.25 381.75 3.50 2,164
March 110-215 111-070 109-180 109-200 –1-03.0 4,713,511
May 374.50 377.50 372.50 374.25 1.50 936 820.39 -2.1 Triple-B-rated 5.670 5.250 6.700 472.37 -0.7 12-22 year 3.583 3.294 4.742
June 111-075 111-245 110-030 110-050 –1-04.5 47,963
Soybeans (CBT)-5,000 bu.; cents per bu. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
March 1191.75 1197.50 1183.00 1186.25 –6.75 224,884
High Yield Bonds ICE BofA 445.08 -0.9 22-plus year 4.228 4.020 5.274
March 107-072 107-185 106-117 106-137 –26.2 5,884,530
May 1196.00 1201.25 1188.75 1191.75 –6.00 253,052 June 107-200 107-300 106-245 106-262 –27.0 31,061 523.89 -0.4 High Yield Constrained 7.996 7.620 9.560 Global Government J.P. Morgan†
Soybean Meal (CBT)-100 tons; $ per ton. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
March 348.90 350.30 343.50 344.80 –4.10 126,997 505.19 -0.3 Triple-C-rated 13.613 12.776 15.457 533.23 -1.9 Global Government 3.350 2.740 3.810
March 102-096 102-130 101-288 101-298 –11.9 3,953,139
May 342.40 342.90 337.90 339.10 –3.80 176,295 102-262 102-293 102-122 102-135 –13.5 29,693
June
3522.96 -0.5 High Yield 100 7.423 7.030 9.101 780.42 -2.8 Canada 3.680 2.880 4.260
Soybean Oil (CBT)-60,000 lbs.; cents per lb. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
March 46.99 47.70 46.24 47.30 .40 118,144 Feb 94.6725 94.6750 t 94.6700 94.6725 –.0025 613,083 457.23 0.2 Global High Yield Constrained 7.846 7.648 9.440 349.67 -1.9 EMU§ 3.125 2.669 3.790
348.57 0.7 Europe High Yield Constrained 6.361 6.262 8.022 645.68 -2.2 France 3.020 2.540 3.630
U.S Agency Bloomberg Fixed Income Indices 457.45 -2.2 Germany 2.480 2.020 3.030
Cash Prices | wsj.com/market-data/commodities Tuesday, February 13, 2024
1765.53 -0.8 U.S Agency 4.820 4.130 5.390 277.18 -0.6 Japan 1.120 0.710 1.300
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
separate from the futures price on an exchange, which reflects what the commodity might be worth in future 1564.20 -0.6 10-20 years 4.810 4.120 5.370 496.08 -2.6 Netherlands 2.730 2.260 3.320
months. 3313.85 -3.9 20-plus years 4.990 4.300 5.740 776.71 -4.3 U.K. 4.430 3.510 4.880
Tuesday Tuesday Tuesday
2676.35 -1.7 Yankee 5.280 4.720 6.110 832.67 -1.9 Emerging Markets ** 7.661 7.206 8.842
Copper,Comex spot 3.7140 Wheat,No.2 soft red,St.Louis-u 6.0750
Energy Iron Ore, 62% Fe CFR China-s *n.a. Wheat - Hard - KC (USDA) $ per bu-u 6.3450 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 73.250 Steel, HRC USA, FOB Midwest Mill-s *900.0 Wheat,No.1soft white,Portld,OR-u 6.4750 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.950 Battery/EV metals Food
BMI Lithium Carbonate, EXW China, =99.2%-v,w 13425
Metals BMI Lithium Hydroxide, EXW China, =56.5% -v,w 11475 Beef,carcass equiv. index Global Government Bonds: Mapping Yields
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 4448 choice 1-3,600-900 lbs.-u 278.64
Engelhard industrial 2004.00 BMI Nickel Sulphate, EXW China, >22%-v,m 3628 select 1-3,600-900 lbs.-u 269.08 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
1996.10 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 538 Broilers, National comp wtd. avg.-u,w 1.2630
Handy & Harman base
Butter,AA Chicago-d 2.7125
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Handy & Harman fabricated 2215.67 Fibers and Textiles
LBMA Gold Price AM *2021.00 Cheddar cheese,bbl,Chicago-d 160.00 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
LBMA Gold Price PM *2015.20 Burlap,10-oz,40-inch NY yd-n,w 0.7700 Cheddar cheese,blk,Chicago-d 158.50 Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
Krugerrand,wholesale-e 2083.73 Cotton,1 1/16 std lw-mdMphs-u 0.8952 Milk,Nonfat dry,Chicago lb.-d 119.25 4.250 U.S. 2 4.654 s l 4.467 4.136 4.534
Cotlook 'A' Index-t *99.65 Coffee,Brazilian,Comp-y 1.9190
Maple Leaf-e 2133.58 4.000 10 4.315 s l 4.170 3.949 3.716
American Eagle-e 2133.58 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.1442
Mexican peso-e 2572.46 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 3.2050 0.250 Australia 2 3.874 s l 3.860 3.816 3.515 -79.3 -63.3 -102.6
Flour,hard winter KC-p n.a.
Austria crown-e 1957.52 Grains and Feeds 3.000 10 4.185 s l 4.171 4.084 3.771 -13.6 -1.5 6.6
Hams,17-20 lbs,Mid-US fob-u n.a.
Austria phil-e 2093.70
Bran,wheat middlings, KC-u,w 110 Hogs,Iowa-So. Minnesota-u 74.63 2.500 France 2 2.823 s l 2.767 2.650 2.958 -184.3 -172.6 -158.3
Silver, troy oz. Pork bellies,12-14 lb MidUS-u n.a.
Corn,No. 2 yellow,Cent IL-bp,u 4.0800 3.500 10 2.894 s l 2.869 2.675 2.830 -142.7 -131.7 -87.6
Engelhard industrial 22.4500 Pork loins,13-19 lb MidUS-u 1.0672
Corn gluten feed,Midwest-u,w 153.5
Handy & Harman base 22.1190 451.9 Steers,Tex.-Okla. Choice-u n.a. 2.500 Germany 2 2.763 s l 2.704 2.516 2.785 -178.9 -175.6
Corn gluten meal,Midwest-u,w -190.3
Handy & Harman fabricated 27.6490 Cottonseed meal-u,w 355 Steers,feeder,Okla. City-u,w 290.38
LBMA spot price *£18.1600 2.200 10 2.397 s l 2.366 2.206 2.371 -192.3 -182.0 -133.4
Hominy feed,Cent IL-u,w 170 Fats and Oils
(U.S.$ equivalent) *22.9150 293 3.600 Italy 2 3.383 s l 3.339 3.044 3.154 -115.4 -138.7
Meat-bonemeal,50% pro Mnpls-u,w -128.3
Coins,wholesale $1,000 face-a 18499 Oats,No.2 milling,Mnpls-u 4.5475 Degummed corn oil, crude wtd. avg.-u,w n.a.
Other metals 0.3500
4.200 10 3.944 s l 3.916 3.724 4.179 -37.6 -27.0 47.4
Rice, Long Grain Milled, No. 2 AR-u,w 36.25 Grease,choice white,Chicago-h
LBMA Platinum Price PM *886.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a. 0.100 Japan 2 0.129 s l 0.116 0.001 -0.057 -453.7 -437.7 -459.8
Platinum,Engelhard industrial 886.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 368.30 Soybean oil,crude;Centl IL-u,w 0.4876
Palladium,Engelhard industrial 885.0 Soybeans,No.1 yllw IL-bp,u 11.5900 Tallow,bleach;Chicago-h 0.4100 0.600 10 0.730 s l 0.724 0.591 0.504 -359.1 -346.2 -320.1
Aluminum, LME, $ per metric ton *2188.0 Wheat,Spring14%-pro Mnpls-u 8.5425 Tallow,edible,Chicago-u 0.5450 2.800 Spain 2 3.008 s l 2.953 3.047 3.056 -165.9 -154.0 -148.5
3.550 10 3.289 s l 3.283 3.101 3.324 -103.1 -90.3 -38.1
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 3.500 U.K. 2 4.681 s l 4.549 4.160 3.614 1.5 5.6 -92.6
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 2/12
Source: Dow Jones Market Data 4.250 10 4.155 s l 4.059 3.799 3.404 -16.5 -12.7 -30.2
Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Corporate Debt

Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Money Rates February 13, 2024 expectations
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Investment-grade spreads that tightened the most…
guide to general levels but don’t always represent actual transactions. Spread*, in basis points
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low –31
Bank of America BAC 3.500 4.74 April 19, ’26 12 37
Jan. Index Chg From (%)
level Dec. '23 Jan. '23 Federal funds Commercial paper (AA financial) Mercedes–Benz Finance North America MBGGR 5.000 5.29 Jan. 11, ’34 101 –28 101
Effective rate 5.3300 5.3300 5.3500 4.5800 90 days n.a. n.a. 5.54 4.70 –26
U.S. consumer price index John Deere Capital … 3.900 4.87 June 7, ’32 60 62
High 5.6500 5.6500 5.6500 4.9000
All items 308.417 0.54 3.1 Low 5.3100 5.3100 5.3300 4.5400 Secured Overnight Financing Rate American Airlines AAL 3.150 4.60 Feb. 15, ’32 34 –25 n.a.
Core 313.623 0.55 3.9 5.31 5.31 5.40 4.55
Bid 5.3100 5.3100 5.3300 4.5700 –24
Constellation Energy Generation CEG 6.250 5.98 Oct. 1, ’39 167 168
International rates Offer 5.3300 5.3300 5.3700 4.5800 Value 52-Week
Latest Traded High Low MassMutual Global Funding II MASSMU 3.400 4.90 March 8, ’26 29 –13 33
Week 52-Week Treasury bill auction
Latest High Low Pioneer Natural Resources PXD 5.100 5.00 March 29, ’26 35 –13 50
ago 4 weeks 5.280 5.280 5.840 3.190 DTCC GCF Repo Index
Prime rates 13 weeks 5.230 5.235 5.345 4.675 Treasury 5.310 40.010 5.504 4.546 International Business Machines IBM 3.300 4.93 May 15, ’26 28 –12 41
U.S. 8.50 8.50 8.50 7.75 26 weeks 5.065 5.045 5.350 4.620 MBS 5.372 63.400 5.689 4.564
Canada 7.20 7.20 7.20 6.70 Notes on data: …And spreads that widened the most
Japan 1.475 1.475 1.475 1.475 Secondary market U.S. prime rate is the base rate on corporate 95
Bank of America BAC 4.450 5.31 March 3, ’26 65 63
Policy Rates Fannie Mae loans posted by at least 70% of the 10 largest
U.S. banks, and is effective July 27, 2023. Other KeyCorp KEY 4.900 7.21 Aug. 8, ’32 289 46 260
Euro zone 4.50 4.50 4.50 3.00 30-year mortgage yields prime rates aren’t directly comparable; lending
Switzerland 2.25 2.25 2.25 1.50 30 days 6.227 6.189 7.495 5.496 practices vary widely by location; Discount rate MassMutual Global Funding II MASSMU 5.050 5.14 June 14, ’28 85 16 n.a.
Britain 5.25 5.25 5.25 4.00 is effective July 27, 2023. Secured Overnight
Australia 4.35 4.35 4.35 3.35
60 days 6.232 6.200 7.554 5.500 Financing Rate is as of February 12, 2024. Starbucks SBUX 4.750 4.96 Feb. 15, ’26 36 13 38
DTCC GCF Repo Index is Depository Trust &
Overnight repurchase Other short-term rates Clearing Corp.'s weighted average for overnight Societe Generale SOCGEN 3.625 6.89 March 1, ’41 244 10 n.a.
5.33 5.35 5.48 4.55 trades in applicable CUSIPs. Value traded is in
U.S.
billions of U.S. dollars. Federal-funds rates are American Express AXP 4.050 5.15 Dec. 3, ’42 69 9 58
Week 52-Week
U.S. government rates Latest ago high low Tullett Prebon rates as of 5:30 p.m. ET. 7
Citigroup C 4.450 5.46 Sept. 29, ’27 105 88
Sources: Federal Reserve; Bureau of Labor
Discount Call money Mitsubishi UFJ Financial MUFG 3.850 5.14 March 1, ’26 56 7 n.a.
Statistics; DTCC; FactSet;
5.50 5.50 5.50 4.75 7.25 7.25 7.25 6.50 Tullett Prebon Information, Ltd.
High-yield issues with the biggest price increases…
Bond Price as % of face value
Exchange-Traded Portfolios | WSJ.com/ETFresearch Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week

Xerox XRXCRP 6.750 8.22 Dec. 15, ’39 87.125 1.98 84.110
Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
Rakuten RAKUTN 11.250 10.01 Feb. 15, ’27 103.130 0.01 102.375
Closing Chg YTD SPDR S&P Div SDY 122.28 –1.65 –2.2
Tuesday, February 13, 2024
TechSelectSector XLK 202.76 –1.70 5.3
Closing Chg YTD ETF Symbol Price (%) (%)
VangdInfoTech VGT 508.06 –1.95 5.0
…And with the biggest price decreases
ETF Symbol Price (%) (%) iSh1-3YTreaBd SHY 81.56 –0.32 –0.6 VangdSC Val VBR 175.61 –2.91 –2.4
CommSvsSPDR XLC 78.30 –1.41 7.8 iShRussMC IWR 77.60 –1.92 –0.2 VangdExtMkt VXF 163.30 –2.95 –0.7 Hughes Satellite Systems … 6.625 26.61 Aug. 1, ’26 65.488 –1.26 65.000
CnsmrDiscSel XLY 176.17 –1.99 –1.5 iShRuss1000 IWB 271.89 –1.43 3.7 173.63 –1.25 1.9
iShRuss1000Grw IWF 323.23 –1.44 6.6
VangdDivApp VIG
Teva Pharmaceutical Finance Netherlands … 3.150 6.18 Oct. 1, ’26 92.750 –1.00 93.375
DimenUSCoreEq2 DFAC 29.79 –1.81 1.9 VangdFTSEAWxUS VEU 55.06 –1.73 –1.9
iShRuss1000Val IWD 165.53 –1.51 0.2
EnSelSectorSPDR XLE 83.38 –1.01 –0.5
iShRuss2000 IWM 194.61 –4.11 –3.0
VangdFTSEDevMk VEA 46.91 –1.78 –2.1 Telecom Italia Capital TITIM 6.000 6.89 Sept. 30, ’34 93.400 –0.85 93.967
FinSelSectorSPDR XLF 38.73 –1.35 3.0 VangdFTSE EM VWO 40.06 –1.84 –2.5
GrayscaleBitcoin 44.11 –1.67 27.4 iShS&P500Grw IVW 80.51 –1.36 7.2 –0.75
GBTC
iShS&P500Value IVE 174.27 –1.33 0.2
VangdFTSE Europe VGK 62.66 –1.94 –2.8 Bath & Body Works BBWI 6.875 6.81 Nov. 1, ’35 100.500 99.750
HealthCrSelSect XLV 142.86 –0.93 4.8 VangdGrowth VUG 330.79 –1.47 6.4
176.40 4.7 iShSelectDiv DVY 113.31 –1.99 –3.3
InvscNasd100 QQQM –1.56 VangdHlthCr VHT 261.35 –1.10 4.2 Occidental Petroleum OXY 6.200 6.21 March 15, ’40 99.860 –0.72 101.798
InvscQQQI QQQ 428.55 –1.56 4.6 iSh7-10YTreaBd IEF 93.54 –1.10 –3.0
VangdHiDiv VYM 112.11 –1.36 0.4
InvscS&P500EW RSP 157.35 –1.66 –0.3 iShShortTreaBd SHV 110.25 –0.02 0.1 –0.63
iShTIPSBond TIP 105.69 –0.64 –1.7
VangdIntermBd BIV 74.51 –0.98 –2.4 Transocean RIG 7.500 10.20 April 15, ’31 86.500 87.000
iShCoreDivGrowth DGRO 54.68 –1.35 1.6 79.39 –2.3
VangdIntrCorpBd VCIT –0.89
iShCoreMSCIEAFE IEFA 69.12 –1.57 –1.7 iSh20+YTreaBd TLT 92.35 –1.71 –6.6
VangdIntermTrea VGIT 58.10 –0.85 –2.1 *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.
iShCoreMSCIEM IEMG 49.23 –1.89 –2.7 iShUSTreasuryBd GOVT 22.50 –0.84 –2.3
VangdLC VV 227.32 –1.35 4.2 Note: Data are for the most active issue of bonds with maturities of two years or more
iShCoreMSCITotInt IXUS 63.54 –1.79 –2.1 iSh0-3MTreaBd SGOV 100.45 0.02 0.2
VangdMegaGrwth MGK 277.47 –1.30 6.9 Source: MarketAxess
iShCoreS&P500 IVV 496.62 –1.34 4.0 JPM EqPrem JEPI 55.86 –0.52 1.6
JPM UltShIncm JPST 50.31 –0.04 0.2 VangdMC VO 231.12 –1.83 –0.7
iShCoreS&P MC IJH 275.96 –2.45 –0.4
PacerUSCashCows COWZ 51.87 –1.69 –0.2 VangdMBS VMBS 44.98 –1.01 –3.0
iShCoreS&P SC IJR 104.01 –3.60 –3.9
ProShUltPrQQQ TQQQ 56.74 –4.73 11.9 VangdRealEst VNQ 82.66 –2.06 –6.5
108.66 –1.59 3.3
iShCoreS&PTotUS
iShCoreTotUSDBd
ITOT
IUSB 45.02 –0.84 –2.3 SPDRBbg1-3MTB BIL 91.54 ... 0.2 VangdRuss1000Grw
VangdS&P500ETF
VONG
VOO
83.19
453.97
–1.36
–1.41
6.6
3.9
Dividend Changes
iShCoreUSAggBd AGG 96.75 –0.92 –2.5 SPDR DJIA Tr DIA 382.82 –1.36 1.6
iShEdgeMSCIMinUSA USMV 79.69 –0.75 2.1 SPDR Gold GLD 184.53 –1.38 –3.5 VangdST Bond BSV 76.34 –0.48 –0.9
iShEdgeMSCIUSAQual QUAL 155.67 –1.24 5.8 SPDRPtfDevxUS SPDW 33.36 –1.74 –1.9 VangdSTCpBd VCSH 76.87 –0.43 –0.6 Amount Payable / Amount Payable /
iShGoldTr IAU 37.69 –1.41 –3.4 SPDRS&P500Value SPYV 46.75 –1.37 0.3 VangdShortTrea VGSH 57.96 –0.31 –0.6 Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
iShiBoxx$HYCpBd HYG 76.57 –0.80 –1.1 SPDRPtfS&P500 SPLG 58.14 –1.32 4.0 VangdSC VB 210.18 –2.93 –1.5 Vroom VRM 1:80 /Feb14
106.98 –3.3 SPDRS&P500Growth 69.76 –1.39 7.2 VangdTaxExemptBd VTEB 50.47 –0.43 –1.1 Increased
iShiBoxx$IGCpBd LQD –1.10 SPYG
iShMBS MBB 91.20 –1.04 –3.1 SPDR S&P 500 SPY 494.08 –1.38 3.9 VangdTotalBd BND 71.76 –0.87 –2.4 Jack Henry & Associates JKHY 1.3 .55 /.52 Q Mar26 /Mar08 Foreign
iShMSCIACWI ACWI 103.47 –1.59 1.7 SchwabIntEquity SCHF 36.30 –1.71 –1.8 VangdTotIntlBd BNDX 48.48 –0.38 –1.8 Louisiana-Pacific LPX 1.5 .26 /.24 Q Mar08 /Feb23 British Amer Tobacco ADR BTI 9.6 .74306 Q Nov06 /Sep27
iShMSCI EAFE EFA 74.27 –1.54 –1.4 SchwabUS BrdMkt SCHB 57.56 –1.49 3.4 VangdTotIntlStk VXUS 56.70 –1.77 –2.2 Vulcan Materials VMC 0.8 .46 /.43 Q Mar18 /Mar04 British Amer Tobacco ADR BTI 9.6 .74306 Q Feb06 /Dec20
iSh MSCI EM EEM 39.14 –1.88 –2.7 SchwabUS Div SCHD 76.08 –1.53 –0.1 VangdTotalStk VTI 245.15 –1.60 3.3
iShMSCIEAFEValue EFV 50.46 –1.31 –3.1 SchwabUS LC SCHX 58.61 –1.40 3.9 VangdTotWrldStk VT 104.17 –1.58 1.3 Stocks Sources: FactSet; Dow Jones Market Data
iShNatlMuniBd MUB 107.43 –0.40 –0.9 SchwabUS LC Grw SCHG 88.68 –1.39 6.9 VangdValue VTV 151.28 –1.30 1.2 E-Home Household Svc EJH 1:5 /Feb14 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
iSh1-5YIGCpBd IGSB 50.95 –0.43 –0.6 SPDR S&PMdCpTr MDY 504.99 –2.47 –0.5 WT FRTrea USFR 50.40 0.04 0.3 Precision Biosciences DTIL 1:30 /Feb14 S2:1: stock split and ratio; SO: spin-off.
THE WALL STREET JOURNAL. * Wednesday, February 14, 2024 | B11

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. FoxB FOX 27.36 -0.65 LasVegasSands LVS 53.86 -0.60 POSCO PKX 80.01 -6.09 StifelFinancial SF 74.45 -2.31 Toro TTC 95.53 -1.74 Vistra VST 44.20 1.39
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. Franco-Nevada FNV 106.60 -2.63 LatticeSemi LSCC 72.30 1.30 PPG Ind PPG 138.74 -2.16 STMicroelec STM 44.21 -1.65 TorontoDomBk TD 57.91 -1.49 Vodafone VOD 8.29 0.09
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four FranklinRscs BEN 26.31 -1.80 Lear LEA 132.98 -4.48 PPL PPL 26.05 -0.25 Stryker SYK 339.80 -1.29 TotalEnergies TTE 64.43 -0.20 VoyaFinancial VOYA 67.21 -1.63
that include primary market trades as well as quarters. FreeportMcM FCX 36.66 -1.03 LegendBiotech LEGN 58.67 -1.81 PTC PTC 177.81 -0.73 SumitomoMits SMFG 10.20 -0.07 s ToyotaMotor TM 231.00 5.14 VulcanMatls VMC 237.12 -3.01
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. FreseniusMedCare FMS 20.13 0.13 s Leidos LDOS 121.28 6.72 PVH PVH 127.30 -2.31 SunComms SUI 124.83 -1.08 TractorSupply TSCO 233.32 -2.89
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Lennar B LEN.B 141.25 -5.93 Paccar PCAR 105.19 -0.83 SunLifeFinancial SLF 51.82 -1.01 TradeDesk TTD 72.94 -0.97 W X Y Z
Nasdaq ISE.
The list comprises the 1,000 largest companies
standards
lf-Late filing
G H I Lennar A LEN 151.68 -6.23 PackagingCpAm PKG 164.83 -3.38 SuncorEnergy SU 31.58 -0.79 Tradeweb TW 101.49 1.42
t WEC Energy WEC 76.46 -1.08
LennoxIntl LII 432.59 -17.52 PalantirTech PLTR 24.01 -1.04 SuperMicroComp SMCI 791.49 18.48 TraneTech TT 269.37 -2.65
based on market capitalization. q-Temporary exemption from Nasdaq GE HealthCare GEHC 82.31 -0.86 LeviStrauss LEVI 17.61 -0.35
PaloAltoNtwks PANW 368.26 -3.71 Suzano SUZ 10.63 -0.28 TransDigm TDG 1122.26 13.09 WEX WEX 210.94 0.59
Underlined quotations are those stocks with requirements. GFLEnvironmental GFL 34.88 -0.36 LiAuto LI 29.88 -0.59 ParamountB PARA 13.00 -0.41 SynchronyFinl SYF 38.65 -0.88 TransUnion TRU 73.50 2.90 W.P.Carey WPC 55.88 -0.97
large changes in volume compared with the t-NYSE bankruptcy GSK GSK 41.39 0.32 t LibertyBroadbandC LBRDK 60.08 -1.99 WPP WPP 47.40 -1.79
ParamountA PARAA 21.91 -0.83 Synopsys SNPS 548.53 -20.40 s Travelers TRV 215.95 1.26
issue’s average trading volume. v-Trading halted on primary market. Gallagher AJG 236.32 0.70 LibertyBroadbandA LBRDA 60.21 -1.89 ParkerHannifin PH 511.63 -6.57 Wabtec WAB 136.40 -0.67
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being Sysco SYY 79.14 -0.90 Trex TREX 89.33 -2.93
Gaming&Leisure GLPI 44.88 -0.70 LibertyGlobalA LBTYA 18.77 -0.38 Parsons s Trimble TRMB 55.96 1.27 WalgreensBoots WBA 21.55 -1.08
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, PSN 67.45 -0.80
Gap GPS 19.77 -0.79 LibertyGlobalC LBTYK 19.76 -0.50 Paychex T U V s Walmart WMT 169.14 -1.16
PAYX 121.39 -0.71 Trip.com TCOM 39.65 -0.35
previous closing price was $2 or higher. or securities assumed by such companies. Garmin GRMN 121.12 -2.50 LibertyFormOne A FWONA 59.22 -1.97 PaycomSoftware PAYC WarnerBrosA WBD 9.54 -0.42
186.97 -4.73 TruistFinl TFC 34.94 -1.07
Gartner IT 446.24 -4.73
LibertyFormOne C FWONK 65.75 -2.18 Paylocity TAL Education TAL 14.28 -0.08 Twilio TWLO 69.30 -1.88 WarnerMusic WMG 36.10 -0.26
PCTY 166.06 -8.89
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and GenDigital GEN 21.36 -0.54 LibertySirius C LSXMK 29.77 -0.88 TC Energy TRP 37.56 -0.75 TylerTech TYL 431.70 -3.15 WasteConnections WCN 156.55 2.17
PayPal PYPL 58.26 -1.83
changes in the closing prices from 4 p.m. the previous day. Generac GNRC 123.79 -6.68 LibertySirius A LSXMA 29.90 -0.88 TD Synnex SNX 99.14 -2.76 TysonFoods TSN 51.61 -0.94 s WasteMgt WM 199.49 11.23
Pearson PSO 11.77 -0.23
GeneralDynamics GD 267.22 -2.22 Light&Wonder LNW 84.55 -4.13 TE Connectivity TEL 140.74 -2.55 UBS Group UBS 27.05 -0.87 Waters WAT 311.58 -8.62
PembinaPipeline PBA 33.20 -0.70
s GeneralElec GE 141.77 1.60 EliLilly LLY 742.97 5.71 PenskeAuto PAG 150.35 -4.49 Telus TU 17.08 -0.54 UDR UDR 34.62 -0.95 Watsco WSO 384.17 -26.23
Tuesday, February 13, 2024 Net Net GeneralMills GIS 62.93 -0.15 LincolnElectric LECO 227.25 -4.44
Pentair PNR 73.88 -1.42 Ternium TX 36.74 -1.21 UFP Inds UFPI 114.85 -6.64 WattsWater WTS 199.01 -18.99
Net Stock Sym Close Chg Stock Sym Close Chg GeneralMotors GM 38.31 -0.97 Linde TFI Intl TFII 140.86 -2.98 U-Haul N WebsterFin WBS 46.06 -1.42
LIN 416.25 -3.36 Penumbra PEN 264.75 -5.26 UHAL/B 62.05 -0.79
Stock Sym Close Chg t Genmab GMAB 26.43 -1.06 LithiaMotors LAD 298.33 -11.57 TIM TIMB 18.35 -0.38 U-Haul UHAL 63.38 -1.38 WellsFargo WFC 48.24 -0.68
Berkley WRB 80.94 0.23 Credicorp BAP 158.00 -0.55 PepsiCo PEP 168.88 -1.73
s BerkHathwy B BRK.B 394.80 -2.91 Gentex GNTX 34.77 -0.39 LiveNationEnt LYV 87.75 -1.75 TJX TJX 97.96 -0.12 US Foods USFD 46.46 -1.04 Welltower WELL 87.27 -0.28
CrowdStrike CRWD 322.44 1.15 PerformanceFood PFGC 71.35 -2.33
A B C s BerkHathwy A BRK.A 593849-3242.01 CrownCastle CCI 105.23 -2.96
GenuineParts GPC 142.41 -2.73 LloydsBanking LYG 2.02 -0.03 PermianRscs PR 13.86 -0.12
TKO TKO 87.50 0.42 UWM UWMC 6.73 -0.34 WescoIntl WCC 132.59 -59.94
t Gerdau GGB 4.13 -0.15 LockheedMartin LMT 426.52 -1.55 T-MobileUS TMUS 161.48 -0.28 Uber UBER 68.99 -0.13 WestPharmSvcs WST 398.59 -8.04
AECOM ACM 88.81 -1.36 BestBuy BBY 72.90 -3.02 Crown Holdings CCK 73.53 -2.11 PetroleoBrasil PBR 16.96 -0.31
GileadSciences GILD 73.53 -0.92 Loews L 73.02 -0.08 PetroleoBrasilA PBR.A 16.42 -0.35 TPG TPG 43.18 -2.22 Ubiquiti UI 119.82 -8.75 WesternDigital WDC 55.34 -1.98
AES AES 16.00 -0.88 Bio-Techne TECH 67.52 -2.43 CubeSmart CUBE 42.92 -0.75
GitLab GTLB 72.63 -0.17 LogitechIntl LOGI 85.42 0.15 T.RowePrice TROW 104.74 -5.25 UiPath PATH 24.94 -1.94 WesternMidstrm WES 27.89 -0.61
Aflac AFL 78.06 -0.45 Bio-RadLab A BIO 316.10 -10.21 Cummins CMI 254.50 -2.35 Pfizer PFE 26.97 -0.69
GlobalPayments GPN 136.07 -1.68 Lowe's LOW 225.43 -4.43 PhilipMorris PM TaiwanSemi TSM 127.55 -2.91 UltaBeauty ULTA 531.06 6.00 Westlake WLK 139.73 -4.21
AGCO AGCO 112.83 -3.84 Biogen BIIB 226.65 -18.09 Curtiss-Wright CW 228.91 0.27 89.19 -0.81
GlobalFoundries GFS 54.66 -1.16 Lucid LCID 3.32 -0.27 Phillips66 TakeTwoSoftware TTWO 153.49 -1.78 Unilever UL 50.10 -0.49 WestRock WRK 42.29 -0.37
Ansys ANSS 327.52 -10.36 BioMarinPharm BMRN 86.13 -2.05 CyberArkSoftware CYBR 263.90 -6.53 PSX 145.16 0.71
Globant GLOB 230.00 -10.01 lululemon LULU 456.23 -9.85 PinnacleWest PNW 67.17 -0.92 TakedaPharm TAK 14.34 0.03 UnionPacific UNP 245.61 -1.79 Weyerhaeuser WY 32.84 -0.69
t APA APA 29.63 -0.85 BioNTech BNTX 90.58 -3.28 Cytokinetics CYTK 77.03 -2.27
GlobeLife GL 125.47 -0.86 LyondellBasell LYB 94.73 -1.77 Tapestry TPR 42.69 -0.75 UnitedAirlines UAL 41.62 -1.40 WheatonPrecMet WPM 43.28 -2.27
ASE Tech ASX 9.35 -0.23 Birkenstock BIRK 48.13 -2.57 Pinterest PINS 35.71 0.20
BlackRock BLK 778.07 -23.69 D E F GlobusMedical GMED 52.15 -0.15
PioneerNatRscs PXD 226.81 -2.53 TargaResources TRGP 88.44 -0.07 UnitedMicro UMC 7.79 -0.27 Williams WMB 34.04 -0.51
ASML
AT&T
ASML 903.32 -25.89
T 16.90 -0.12 Blackstone BX 124.95 -5.13
GoDaddy
GoldFields
GDDY 113.03 0.72
GFI 13.05 -0.65
M N PlainsAllAmPipe PAA 15.63 -0.14 Target TGT 146.11 -3.29 UPS B UPS 144.90 -2.55 Williams-Sonoma WSM 222.04 -4.73
DTE Energy DTE 104.38 -2.00 PlainsGP PAGP 16.40 -0.09 TechnipFMC FTI 18.99 -0.21 UnitedRentals URI 636.88 -25.02 WillisTowers WTW 270.86 -1.34
AbbottLabs ABT 111.34 -1.19 Block SQ 64.98 -3.86 GoldmanSachs GS 378.75 -13.89 M&T Bank MTB 132.73 -4.00
Danaher DHR 241.53 -5.30 Pool POOL 375.88 -17.02 TeckResourcesB TECK 37.00 -0.66 US Bancorp USB 39.93 -1.14 WillScotMobile WSC 50.16 -1.40
BlueOwlCapital OWL 17.36 -0.33
AbbVie ABBV 173.29 0.22 Darden DRI 162.29 -3.06 Grab GRAB 3.30 -0.04 MGM Resorts MGM 45.66 -1.36
Primerica PRI 235.21 -3.39 TeledyneTech TDY 420.19 -6.88 US Steel X 45.60 -0.11 s Wingstop WING 299.97 6.72
Boeing BA 204.46 -4.87
AcadiaHealthcare ACHC 82.23 -1.56 s Datadog DDOG 131.68 -3.17 Graco GGG 87.54 -0.60 MKS Instrum MKSI 117.05 -3.32
PrincipalFinl PFG 79.26 0.32 Teleflex TFX 247.95 -4.78 UnitedTherap UTHR 213.75 -2.50 Wipro WIT 5.98 ...
Accenture ACN 362.81 -4.62 Booking BKNG 3747.61 -42.62 Grainger GWW 935.41 -11.80 MPLX MPLX 37.79 -0.29
DaVita DVA 113.60 -0.70 ProcoreTech PCOR 71.48 -1.80 Ericsson ERIC 5.21 -0.26 UnitedHealth UNH 516.85 -0.79 Wix.com WIX 125.45 -3.88
AcuityBrands AYI 235.16 -6.33 BoozAllen BAH 144.40 -1.49 GraphicPkg GPK 24.35 -0.89 MSCI MSCI 575.61 -14.58
t BorgWarner BWA 31.05 -1.27 Dayforce DAY 70.21 -2.53 Procter&Gamble PG 156.27 -0.84 TelefonicaBras VIV 10.79 -0.20 UnitySoftware U 33.11 -0.99 WoodsideEnergy WDS 19.85 -0.68
Adobe ADBE 601.89 -9.95 DeckersOutdoor DECK 836.67 -8.00 GpoAeroportuar PAC 156.67 -3.11 MagnaIntl MGA 53.88 -1.75 Telefonica TEF 3.82 -0.05 UnivDisplay OLED 177.84 -4.76 Woodward WWD 136.06 -1.70
BostonProps BXP 62.54 -2.90 s Progressive PGR 182.08 -0.28
AdvDrainageSys WMS 157.91 -5.55 Deere DE 379.27 -10.12 GpoAeroportSur ASR 294.95 -4.30 ManhattanAssoc MANH 245.75 0.02 TelekmIndonesia TLK 25.33 -0.46 UniversalHealthB UHS 160.60 -3.95 WooriFinl WF 31.39 -2.21
AdvMicroDevices AMD 171.54 -0.37 BostonSci BSX 64.97 -0.02 Prologis PLD 130.88 -1.17
DellTechC DELL 83.98 -2.64 Guidewire GWRE 116.07 -1.71 ManulifeFinl MFC 22.20 -0.42 TempurSealy TPX 50.13 -1.87 UnumGroup UNM 48.02 -0.43 Workday WDAY 296.75 -2.34
BristolMyers BMY 48.71 -1.04 PrudentialFinl PRU 105.24 -1.99
Aegon AEG 5.67 -0.14 DeltaAir DAL 40.01 -0.57 HCA Healthcare HCA 304.54 -5.62 Maplebear CART 27.85 0.47 Tenaris TS 31.61 -0.51 VICI Prop VICI 29.23 -0.48 WynnResorts WYNN 104.20 -1.52
BritishAmTob BTI 30.46 -0.47 t Prudential PUK 20.02 -0.83
AerCap AER 76.73 -0.98 DescartesSystems DSGX 86.25 -1.84 HDFC Bank HDB 52.36 -0.64 MarathonOil MRO 22.33 -0.32 TencentMusic TME 9.63 -0.24 VailResorts MTN 222.58 -5.21 XP XP 24.29 -0.74
Broadcom AVGO 1251.65 -13.35 PublicServiceEnt PEG 58.55 -0.78
AffirmHldgs AFRM 39.75 -5.25 DeutscheBank DB 12.66 -0.19 HF Sinclair DINO 58.76 -0.56 MarathonPetrol MPC 169.88 0.99 TenetHealthcare THC 88.07 -2.47 Vale VALE 13.16 -0.27 XPO XPO 116.20 -1.43
BroadridgeFinl BR 193.56 -4.07 PublicStorage PSA 276.64 -4.70
AgilentTechs A 129.76 -2.55 DevonEnergy DVN 41.90 -0.34 HP HPQ 28.14 -0.55 Markel MKL 1440.96 -3.01 Teradyne TER 98.91 -4.00 ValeroEnergy VLO 141.57 -0.96 XcelEnergy XEL 58.28 -0.69
BrookfieldAsset BAM 39.17 -1.43 PulteGroup PHM 102.00 -3.68
AgnicoEagleMines AEM 44.98 -1.93 DexCom DXCM 117.03 -1.39 HSBC HSBC 38.65 -0.18 MarketAxess MKTX 219.35 -6.60 Tesla TSLA 184.02 -4.11 Vaxcyte PCVX 73.91 -2.50 XPeng XPEV 8.54 -0.28
Brookfield BN 39.09 -1.87 PureStorage PSTG 42.71 -1.80
AirProducts APD 217.61 -4.98 Diageo DEO 143.63 -3.19 H World HTHT 31.89 -0.41 Marriott MAR 234.94 -13.90 TetraTech TTEK 175.66 -2.60 VeevaSystems VEEV 213.93 -4.53 Xylem XYL 121.73 -1.57
BrookfieldInfr BIP 29.70 -1.90 Qiagen QGEN 42.86 -0.96
Airbnb ABNB 150.82 -2.98 DiamondbkEner FANG 165.60 -0.38 Haleon HLN 8.06 -0.10 Marsh&McLen MMC 196.47 0.28 TevaPharm TEVA 12.92 0.01 Ventas VTR 44.47 -0.81 YPF YPF 16.66 -0.08
BrookfieldRenew BEPC 25.06 -0.93 Qorvo QRVO 111.71 -2.02
AkamaiTech AKAM 125.05 -3.10 Dick's DKS 165.54 -0.89 Halliburton HAL 34.06 -0.47 MartinMarietta MLM 527.25 -5.05 TexasInstruments TXN 156.85 -4.23 Veralto VLTO 82.19 -1.31 Yum!Brands YUM 131.21 -0.15
s Brown&Brown BRO 80.95 0.01 HartfordFinl HIG 90.56 -0.46 MarvellTech MRVL 68.13 -2.29
Qualcomm QCOM 150.04 -3.06
Albemarle ALB 112.20 -7.89 DigitalRealty DLR 142.17 -1.63 QuantaServices PWR 206.84 -4.76 TexasPacLand TPL 1424.54 -41.81 VeriSign VRSN 194.51 -1.33 YumChina YUMC 39.71 -1.39
Brown-Forman A BF.A 58.09 -1.22 HealthpeakProp PEAK 16.78 -0.46 Masco MAS 72.47 -0.78
Albertsons ACI 21.26 -0.01 DiscoverFinSvcs DFS 108.39 -2.11 QuestDiag DGX 127.86 -2.15 TexasRoadhouse TXRH 132.91 -1.02 VeriskAnalytics VRSK 244.93 -2.20 ZTO Express ZTO 17.40 -0.06
Brown-Forman B BF.B 56.69 -1.09 Heico HEI 188.02 0.45 Masimo MASI 135.14 -1.24
Alcon ALC 74.84 -2.50 Disney DIS 110.46 1.17 Textron TXT 86.00 -1.47 Verizon VZ 40.13 0.03 ZebraTech ZBRA 245.80 -13.60
Bruker BRKR 76.79 6.19 s Heico A HEI.A 150.88 2.65 Mastercard MA 460.46 1.75
AlexandriaRlEst ARE 112.77 -5.18
Alibaba BABA 71.60 -1.54
BuildersFirst BLDR 182.18 -4.94
DocuSign
DolbyLab
DOCU 50.52 -1.05
DLB 78.04 -1.81 HenrySchein HSIC 73.25 -2.48 MatchGroup MTCH 35.62 -1.37
R S ThermoFisher TMO 538.60 -8.26 VertexPharm VRTX 416.04 -2.49 Zillow C Z 53.88 -1.60
BungeGlobal BG 88.63 -2.05 ThomsonReuters TRI 152.45 -2.11 Vertiv VRT 62.53 1.21 Zillow A ZG 52.06 -1.61
AlignTech ALGN 292.32 -10.12 DollarGeneral DG 131.77 -4.37 Hershey HSY 194.84 1.12 McCormickVtg MKC.V 64.69 -1.31 RBC Bearings RBC 264.14 -4.36 3M MMM 92.66 -1.97 Viatris VTRS 11.97 0.02 ZimmerBiomet ZBH 123.16 -2.69
BurlingtonStrs BURL 194.05 -3.77 Hess HES 142.99 -0.52 McCormick MKC 65.35 -0.72 RB Global
Allegion ALLE 129.59 -3.98 DollarTree DLTR 139.81 -3.02 RBA 66.39 -1.75 Toast TOST 19.42 -0.59 VinFastAuto VFS 5.13 -0.23 Zoetis ZTS 183.49 -13.20
CACI Intl CACI 357.20 -4.70 HessMidstream HESM 32.77 0.01 McDonald's MCD 287.11 -2.33 RELX
AlliantEnergy LNT 47.57 -0.89 DominionEner D 44.36 -0.86 RELX 41.03 -1.05 Toll Bros TOL 100.03 -5.40 Vipshop VIPS 16.47 -0.60 ZoomVideo ZM 63.66 -0.82
CBRE Group CBRE 85.14 -3.14 HewlettPackard HPE 15.23 -0.38 McKesson MCK 504.77 10.29 RPM
Allstate ALL 158.58 -0.74 Domino's DPZ 421.50 -5.79 RPM 108.55 -0.98 TopBuild BLD 384.47 -15.35 Visa V 275.81 0.74 Zscaler ZS 242.80 -11.06
CDW CDW 237.47 -4.53 Hilton HLT 190.11 -3.46 s Medpace MEDP 364.10 39.89 RTX
AllyFinancial ALLY 35.34 -1.69 Donaldson DCI 65.99 -1.80 RTX 90.59 -0.55
CF Industries CF 77.02 -1.84 Hologic HOLX 73.27 -0.79 Medtronic MDT 83.59 -1.48 RalphLauren RL 175.35 -2.45
AlnylamPharm ALNY 162.00 -7.34 DoorDash DASH 116.39 -2.05
CGI A GIB 111.49 -1.91 HomeDepot HD 357.59 -7.86 MercadoLibre MELI 1706.24 -26.99 RaymondJames RJF 114.91 -2.12
Alphabet C GOOG 146.37 -2.36 Dover DOV 159.83 -2.14
CH Robinson CHRW 74.09 -1.67
Alphabet A GOOGL 145.14 -2.39
AltairEngg ALTR 85.90 -4.12
CME Group CME 207.43 0.61
CMS Energy CMS 56.14 -0.81
Dow DOW 53.18 -1.61
DrReddy'sLab RDY 74.76 -0.75
HondaMotor HMC 34.06 -0.42 Merck
Honeywell
MRK 125.43 0.09 RealtyIncome O
HON 194.01 -3.34 MetaPlatforms META 460.12 -8.78 RegalRexnord RRX 150.21 -4.11
51.52 -1.15
BANKRATE.COM® MMA, Savings and CDs
Altria MO 40.23 -0.32 DraftKings DKNG 42.69 -0.92 t HormelFoods HRL 28.72 -0.88 MetLife MET 67.84 -0.71 RegencyCtrs REG 60.42 -0.28
CNA Fin CNA 46.03 -0.30 DR Horton DHI 142.37 -5.91 Mettler-Toledo MTD 1157.56 -32.48 RegenPharm REGN 940.48 -6.58
Amazon.com AMZN 168.64 -3.70
Ambev ABEV 2.54 -0.06
CNH Indl
CRH
CNHI 11.82 -0.60
CRH 72.42 -1.42
Dropbox DBX 32.02 -0.42
DukeEnergy DUK 91.61 -1.04 HostHotels HST 19.17 -0.54 MicrochipTech MCHP 80.67 -3.28 RegionsFinl RF 17.89 -0.57 Average Yields of Major Banks Tuesday, February 13, 2024
Amcor AMCR 8.88 -0.30 Duolingo DUOL 183.13 -6.21 HoulihanLokey HLI 125.64 -3.09 MicronTech MU 81.53 -4.17 ReinsGrp RGA 166.11 -2.33
CSX CSX 36.61 -0.26 s HowmetAerospace HWM 61.98 3.15 Microsoft MSFT 406.32 -8.94 RelianceSteel RS 289.07 -9.40 Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR
Amdocs DOX 87.89 -1.76 CVS Health CVS 76.59 -0.70 DuPont DD 66.84 -1.63
AmerSports AS 14.50 -0.41 CadenceDesign CDNS 294.33 -12.25 Dynatrace DT 52.06 -0.36 Hubbell HUBB 352.62 -7.20 MicroStrategy MSTR 686.02 -31.50 RenaissanceRe RNR 227.87 1.63 National average
t Ameren AEE 68.27 -0.90 elfBeauty ELF 167.86 -4.05 HubSpot HUBS 603.91 -13.16 MidAmApt MAA 123.35 -2.12 RentokilInit RTO 25.06 -0.64
CaesarsEnt CZR 42.45 -2.26 Humana HUM 364.48 -4.66 Middleby MIDD 142.46 -5.98 Repligen RGEN 198.46 -7.24
Savings 0.59 0.47 0.52 1.92 1.42 1.55 1.38 1.14 1.16
AmericaMovil AMX 16.86 -0.29 EMCOR EME 242.75 -0.77
AmerAirlines AAL 14.61 -0.32
CamdenProperty CPT 91.89 -2.30
ENI E 30.86 -0.18 JBHunt JBHT 216.07 -0.51 MitsubishiUFJ MUFG 9.33 -0.07 s RepublicSvcs RSG 175.61 3.61 Jumbos 0.99 0.49 0.52 1.99 1.46 1.72 1.51 1.26 1.29
Cameco CCJ 41.86 -1.78
AEP AEP 78.78 1.19
CampbellSoup CPB 41.73 -0.74 EOG Rscs EOG 111.03 -1.82
s
HuntingtonBcshs HBAN 12.34 -0.32 MizuhoFin
HuntingIngalls HII 275.11 -0.63 Mobileye
MFG 3.63 -0.01 ResMed RMD 179.17 -3.35 Weekly change
AmerExpress AXP 209.67 -2.59 EPAM Systems EPAM 272.67 -18.09 MBLY 26.25 -1.51 RestaurantBrands QSR 74.76 -3.51
AmericanFin AFG 120.62 -1.96
CIBC CM 44.29 -1.27
EQT EQT 34.10 -0.83 HyattHotels H 126.51 -6.25 Moderna MRNA 85.37 -3.63 Revvity RVTY 101.35 -3.54 Savings 0.01 0.01 0.02 0.08 0.02 0.01 0.00 -0.03 -0.01
CanNtlRlwy CNI 125.53 -2.85 ICICI Bank IBN 24.25 0.37 MohawkInds MHK 115.28 -1.96 RexfordIndlRealty REXR 51.58 -0.76 Jumbos 0.02 0.02 0.00 0.09 0.03 0.02 0.00 -0.02 -0.01
AmHomes4Rent AMH 34.10 -0.58 CanadianNatRscs CNQ 59.40 -1.64 EagleMaterials EXP 240.39 -5.98
AIG AIG 70.09 0.36 EastWestBncp EWBC 69.47 -2.16 IdexxLab IDXX 555.66 -9.90 s MolinaHealthcare MOH 394.33 1.70 RioTinto RIO 66.65 -1.35
CdnPacKC CP 82.95 -1.43 ING Groep ING 13.02 -0.19 MolsonCoorsB TAP 61.29 -0.82 Rivian
AmerTowerREIT AMT 188.42 -3.35 EastGroup EGP 183.28 -2.02 RIVN 15.38 -0.95
CapitalOne COF 133.53 -3.95
AmerWaterWorks AWK 119.78 -3.86
AmericoldRealty COLD 27.17 -0.68
CardinalHealth CAH 104.36 0.74 EastmanChem EMN 82.12 -1.70
Eaton ETN 272.38 -1.67
Invesco
IQVIA
IVZ 15.24 -1.13 monday.com MNDY 215.11 3.10 RobertHalf RHI 79.69 -2.27
IQV 215.27 -2.61 Mondelez MDLZ 71.98 -1.52 Robinhood HOOD 11.84 -0.17
Consumer Savings Rates
Carlisle CSL 343.73 -6.78 ITT ITT 119.62 -3.38 MongoDB MDB 472.13 -15.86 Roblox
Ameriprise AMP 389.89 -7.48 Carlyle CG 43.39 -1.92 eBay EBAY 41.13 -2.36 RBLX 42.32 -1.42 Below are the top federally insured offers available nationwide according to Bankrate.com's
Ametek AME 168.04 -0.38 s Ecolab ECL 221.18 18.20 IcahnEnterprises IEP 19.94 0.61 MonolithicPower MPWR 712.12 -17.75 RocketCos. RKT 11.24 -0.86
CarMax KMX 72.54 -4.41 Icon ICLR 275.15 -2.90 MonsterBev MNST 56.16 0.23 Rockwell weekly survey of highest yields. For latest offers and reviews of these financial institutions, please
Amgen AMGN 290.48 -3.95 Carnival CCL 15.12 -0.37 Ecopetrol EC 11.65 -0.25 ROK 278.38 -2.31
AmkorTech AMKR 29.91 -1.55 EdisonIntl EIX 64.41 -0.97 IDEX IEX 224.27 -2.70 Moody's MCO 369.23 -31.86 RogersComm B RCI 44.28 -1.17 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed.
Carnival CUK 13.78 -0.35
,

IllinoisToolWks ITW 251.72 -4.70 MorganStanley MS

Amphenol APH 103.08 -1.95
AnalogDevices ADI 184.69 -9.36
CarrierGlobal CARR 53.97 -2.07 EdwardsLife EW 86.26 -0.86
ElancoAnimal ELAN 15.69 -0.48 Illumina
83.97 -2.90 RoivantSciences ROIV 10.80 -0.07
ILMN 133.74 -6.22 Morningstar MORN 273.84 -8.83 Roku ROKU 89.94 -8.63
High yield savings
Carvana CVNA 51.97 -3.31 ImperialOil IMO 58.59 -1.17 t Mosaic MOS 29.51 -1.08 Rollins
AngloGoldAsh AU 16.86 -0.82
CaseysGenStores CASY 280.66 -4.41 Elastic ESTC 122.55 -5.13 ROL 43.85 0.28 Bank Yield Bank Yield
AB InBev BUD 63.68 -1.10 ElbitSystems ESLT 201.79 -2.30 Incyte INCY 59.34 1.50 MotorolaSol MSI 319.22 -0.87 RoperTech ROP 535.42 -6.89
Catalent CTLT 56.24 -0.75 Phone number Minimum (%) Phone number Minimum (%)
AnnalyCap NLY 18.37 -0.71 ElectronicArts EA 139.00 1.45 Informatica INFA 29.51 -1.78 MurphyUSA MUSA 391.78 -3.50 RossStores ROST 144.94 -0.47
Caterpillar CAT 312.84 -8.79
Aon AON 312.54 2.51 Celanese CE 145.51 -6.15 s ElevanceHealth ELV 505.31 0.07 Infosys INFY 19.86 -0.28 NICE NICE 218.04 -3.33 RoyalBkCanada RY 94.70 -3.06 Money market account Six-month CD
ApellisPharm APLS 66.17 -1.58 EmersonElec EMR 104.68 0.40 IngersollRand IR 85.11 -0.36 NIO NIO 5.70 -0.38 RoyalCaribbean RCL 116.57 -0.45
APi Group
CelsiusHldg CELH 59.88 0.63 Insulet PODD 190.00 -2.11 NNN REIT NNN 39.72 -0.27 RoyalGold MyBankingDirect (4 ) $500 5.35 BaskBank,adivofTexasCapitalBank,NA(4) $1,000 5.35
APG 34.15 -1.12 Cemex CX 7.60 -0.19 Enbridge ENB 34.19 -0.70 RGLD 106.36 -5.70
ApolloGlbMgmt APO 109.87 0.99 EncompassHealth EHC 73.07 -0.50 Intel INTC 43.16 -0.87 NRG Energy NRG 51.92 0.16 RoyaltyPharma RPRX 29.31 0.26 (516) 683-4100 (877) 839-2265
Cencora COR 231.19 1.21 s
AppFolio APPF 230.06 -4.14 CenovusEnergy CVE 16.22 -0.34 Endeavor EDR 24.05 -0.29 InteractiveBrkrs IBKR 100.97 2.81 NVR NVR 7349.02-268.22 RyanSpecialty RYAN 43.66 0.13 BrioDirect (3 ) $5,000 5.35 America First FCU (4) $500 5.30
ICE ICE 134.41 -1.05 NXP Semicon NXPI 232.07 -4.61 Ryanair
Apple AAPL 185.04 -2.11 Centene CNC 76.70 -1.21 EnergyTransfer ET 13.96 -0.13
InterContinentl IHG 95.38 -2.63 Nasdaq
RYAAY 137.46 -1.14 (877) 369-2746 (801) 627-0900
AppliedIndlTechs AIT 182.08 -5.04 EnphaseEnergy ENPH 123.56 -5.34 NDAQ 55.70 -1.13 SAP SAP 173.98 -5.41
ApplMaterials AMAT 180.31 -5.23
CenterPointEner CNP 27.44 -0.31 IBM IBM 183.70 -2.46 Natera NTRA 68.40 -2.57 S&P Global SPGI 422.48 -7.05 Vio Bank (4 ) $100 5.30 TAB Bank (5) $1,000 5.27
CentraisElBras EBR 8.51 -0.33 Entegris ENTG 124.09 -2.03
Applovin APP 45.83 -1.23 Entergy ETR 98.25 -0.80 IntlFlavors IFF 80.49 0.17 NationalGrid NGG 63.70 -0.88 SBA Comm SBAC 208.89 -6.76 (888) 999-9170 (800) 355-3063
CerevelTherap CERE 42.89 -0.21 IntlPaper IP 34.61 -0.89 NatWest NWG 5.20 -0.14 SEI Investments SEIC 65.53 -1.67
Aptargroup ATR 135.93 -1.68 EnterpriseProd EPD 26.39 -0.12
Aptiv APTV 79.09 -4.69
CharlesRiverLabs CRL 220.24 -5.54
Equifax EFX 247.94 -7.84 Interpublic IPG 31.70 -0.34 NetApp NTAP 87.24 -3.42 SK Telecom SKM 21.31 -0.06 One-month CD One-year CD
CharterComms CHTR 292.65 -5.26 Intuit INTU 638.29 -18.70 NetEase
Aramark ARMK 30.25 -0.66 CheckPoint CHKP 164.13 1.30 Equinix EQIX 832.68 -17.30 NTES 104.60 -3.45 SPS Commerce SPSC 193.11 -8.03 VirtualBank (4) $10,000 2.48 Salem Five Direct (4) $10,000 5.55
IntuitiveSurgical ISRG 378.89 -3.24 Netflix NFLX 554.52 -3.33 SS&C Tech SSNC 60.15 -1.09
ArcelorMittal MT 26.96 -1.55 Chemed CHE 571.74 -17.31 Equinor EQNR 25.61 -0.76
InvitatHomes INVH 32.26 -0.64 Neurocrine
(877) 998-2265 (800) 850-5000
ArchCapital ACGL 84.06 0.96 Equitable EQH 33.12 -0.98 NBIX 133.84 3.41 Saia SAIA 555.00 -5.40
CheniereEnergy LNG 157.48 -1.41 IonisPharm IONS 48.61 -1.77 NewOrientalEduc EDU 88.06 -2.81 Salesforce Lone Star Bank (5) $1,000 0.20 CIBC Bank USA (5) $1,000 5.51
ADM ADM 52.47 -1.27 CheniereEnerPtrs CQP 50.18 -0.97 EquityLife ELS 66.45 -0.97 CRM 281.15 -6.17
AresMgmt ARES 134.91 -2.15 EquityResdntl EQR 58.13 -1.07 IronMountain IRM 67.02 -1.81 NYTimes A NYT 44.17 -0.12 Samsara IOT 32.67 -1.82 (713) 358-9400 (800) 662-7748
ChesapeakeEner CHK 76.43 -1.13 ItauUnibanco ITUB 6.81 -0.16 t Newmont
argenx ARGX 386.83 -5.87 Chevron CVX 150.60 -1.48 ErieIndemnity ERIE 349.47 -5.74 NEM 32.04 -1.52 Sanofi SNY 45.75 -0.59 Presidential Bank, FSB (3) $1,000 0.10 BaskBank,adivofTexasCapitalBank,NA(4) $1,000 5.40
NewsCorp B NWS 26.95 -0.30 SareptaTherap SRPT 124.19 -3.13
AristaNetworks ANET 265.51 -15.37 Chewy CHWY 16.72 -0.81 EssentialUtil WTRG 34.97 -0.93
J K L NewsCorp A NWSA 25.76 -0.31 Schlumberger SLB 47.58 -0.56
(800) 799-1424 (877) 839-2265
Arm ARM 119.98 -28.99 Chipotle CMG 2599.14 -9.09 EssexProp ESS 225.59 -5.19
s AscendisPharma ASND 143.35 -1.24 s Chubb CB 246.82 -1.19 EsteeLauder EL 142.16 -3.75 JD.com JD 22.13 -0.76
NextEraEnergy NEE 55.25 -2.30 SchwabC
Nextracker NXT 57.64 -0.96 Sea
SCHW 62.71 -1.79 Two-month CD Two-year CD
AspenTech AZPN 182.71 -5.13 Etsy ETSY 74.39 -4.46 JPMorganChase JPM 174.26 -1.53 SE 41.99 -1.55
ChunghwaTel CHT 38.38 -0.57 Nike NKE 105.00 -2.18 Seagate STX 87.16 -1.94
VirtualBank (4) $10,000 2.74 Luana Savings Bank (5) $2,000 5.01
Assurant AIZ 171.22 -0.67 Church&Dwight CHD 97.88 -0.70 Everest EG 368.16 7.23 Jabil JBL 138.60 -1.86
AstraZeneca AZN 61.03 -0.38 Evergy EVRG 49.19 -0.58 JackHenry JKHY 172.61 -3.10
NiSource NI 25.28 -0.35 Sempra SRE 69.35 -1.34 (877) 998-2265 (800) 666-2012
ChurchillDowns CHDN 119.12 -3.29 Nokia NOK
Atlassian TEAM 210.07 -6.10 Ciena CIEN 54.68 -2.20 EversourceEner ES 54.50 -0.97 JacobsSolns J 143.06 -2.46
3.49 -0.13 SentinelOne S 28.99 -0.71 Lone Star Bank (5) $1,000 0.20 MySavingsDirect (5) $1,000 5.00
t Nomura NMR 5.39 -0.06 ServiceIntl
AtmosEnergy ATO 111.75 -2.25 s Cigna CI 337.42 0.17 ExactSciences EXAS 59.45 -2.64 JamesHardie JHX 34.18 -5.03
Nordson
SCI 69.75 1.61
NDSN 260.37 -4.39 ServiceNow NOW 773.76 -13.59
(713) 358-9400 (914) 771-6770
Autodesk ADSK 256.76 -5.28 Exelon EXC 34.19 -0.19 JazzPharm JAZZ 121.83 -2.41 Presidential Bank, FSB (3) $1,000
CincinnatiFinl CINF 109.62 -0.91 NorfolkSouthern NSC 250.27 -3.65 SharkNinja 0.10 TAB Bank (5) $1,000 5.00
Autoliv ALV 107.75 -3.19 Cintas CTAS 605.96 -7.73 Expedia EXPE 134.84 1.24 JefferiesFinl JEF 40.17 -1.22 SN 50.79 -1.57
ADP ADP 249.59 -0.48 CiscoSystems CSCO 49.64 -0.35 ExpeditorsIntl EXPD 125.26 -1.29 J&J JNJ 156.47 -1.38
NorthernTrust NTRS 77.47 -3.88 Shell SHEL 63.42 -0.73 (800) 799-1424 (800) 355-3063
AutoZone AZO 2726.15 22.27 ExtraSpaceSt EXR 138.55 -3.47 NorthropGrum NOC 446.17 -5.30 SherwinWilliams SHW 307.21 -3.21
Citigroup C 52.76 -1.16 JohnsonControls JCI 54.74 -0.72 Three-month CD Five-year CD
Avalonbay AVB 172.11 -2.25 ExxonMobil XOM 101.34 -0.88 Novartis NVS 99.06 -1.47 ShinhanFin SHG 32.73 -0.73
CitizensFin CFG 30.75 -1.47 JonesLang JLL 171.66 -7.62
F5 NovoNordisk NVO 119.99 -0.54 ShockwaveMed SWAV 231.81 -3.83 America First FCU (4) $500 5.50 First Internet Bank of Indiana (4) $1,000 4.59
Avangrid AGR 30.23 -0.75 s CleanHarbors CLH 179.49 -0.37 FFIV 183.00 -3.16 JuniperNetworks JNPR 37.06 0.06 s
NuHoldings NU 9.92 0.04 Shopify
Avantor AVTR 22.14 -0.42 Cleveland-Cliffs CLF 19.17 -0.40 Fabrinet FN 194.43 -10.29 KB Financial KB 50.61 -1.09
Nucor
SHOP 77.18 -11.94
NUE 179.48 -6.62 SimonProperty SPG 143.52 -2.18 (801) 627-0900 (888) 873-3424
AveryDennison AVY 203.85 -2.96 Clorox CLX 153.06 -0.69 FactSet FDS 463.33 -7.89 KBR KBR 53.05 -0.93 Goldwater Bank (3) $500 5.15 First National Bank of America (4) $1,000 4.55
AxonEnterprise AXON 264.45 -2.26 FairIsaac FICO 1269.48 -28.87 Nutanix NTNX 55.52 -1.00 SimpsonMfg SSD 186.01 -8.81
Cloudflare NET 99.88 -5.74 KE Holdings BEKE 13.40 -0.21 t
BCE BCE 37.09 -0.91 Coca-Cola KO 59.35 -0.35 Fastenal FAST 68.92 -1.09 KKR KKR 95.88 -1.74
Nutrien NTR 48.81 -1.25 SiriusXM SIRI 4.77 -0.26 (480) 281-8200 (800) 968-3626
nVentElectric NVT 62.21 -1.58 Merrick Bank (5) $25,000 5.15 Popular Direct (3) $10,000 4.45
BHP Group BHP 58.93 -1.52 CocaColaCon COKE 847.84 -6.84 FederalRealty FRT 101.05 0.34 KLA KLAC 641.07 -6.98 SiteOneLandscape SITE 153.90 -9.22
NVIDIA NVDA 721.28 -1.20
BJ'sWholesale BJ 67.68 0.01 Coca-ColaEuro CCEP 66.27 -0.91 FedEx FDX 236.39 -8.05 KarunaTherap KRTX 318.00 -0.57 SkechersUSA SKX 59.06 -0.28 (866) 638-6851 (800) 274-5696
BP BP 36.04 -0.39 Ferguson FERG 191.13 -6.87 Skyworks
CognizantTech CTSH 75.50 -1.03 Kaspi.kz KSPI 87.69 0.67 O P Q SWKS 103.38 -2.74
BWX Tech
Baidu
BWXT 84.24 -0.72
BIDU 103.81 -2.90
Coherent COHR 60.57 -1.33
CoinbaseGlbl COIN 140.39 -6.92
Ferrari
FidNatlFinl
RACE 376.84 -10.41
FNF 51.06 -0.90
Kellanova
Kenvue
K 54.21 -0.44
KVUE 19.25 -0.14 ONEOK
SmithAO AOS 79.25 -2.03
OKE 69.48 -0.75 Smith&Nephew SNN 27.53 -0.33
High yield jumbos - Minimum is $100,000
BakerHughes BKR 29.01 -0.49 ColgatePalm CL 83.47 -0.09 FidNatlInfo FIS 61.24 -1.08 KeurigDrPepper KDP 30.92 -0.40 ON Semi ON 78.59 -2.33 Smucker SJM 127.62 -2.12
Ball BALL 59.82 -0.70 Comcast A CMCSA 41.85 -0.76 FifthThirdBncp FITB 32.82 -1.29 KeyCorp KEY 13.53 -0.60 OReillyAuto ORLY 1039.26 12.87 Snap SNAP 11.14 -0.50 Money market account Six-month CD
BBVA BBVA 9.86 -0.14 ComfortSystems FIX 237.74 -5.98 FirstCitizBcshA FCNCA 1479.90 -12.11 KeysightTech KEYS 153.15 -5.92 OccidentalPetrol OXY 57.61 -0.42 Snap-On SNA 262.09 -5.65 Vio Bank (4) 5.30 America First FCU (4) 5.30
BancoBradesco BBDO 2.56 -0.12 SABESP SBS 15.59 -0.47 FirstHorizon FHN 13.77 -0.30 KilroyRealty KRC 33.28 -2.39 Okta OKTA 83.40 -2.53 Snowflake SNOW 227.57 -4.59
BancodeChile BCH 22.23 -0.22 ConagraBrands CAG 27.29 -0.49 FirstIndRlty FR 54.05 -0.02 KimberlyClark KMB 118.55 -1.52 OldDomFreight ODFL 423.94 -5.16 SOQUIMICH SQM 39.60 -2.15
(888) 999-9170 (801) 627-0900
BancSanBrasil BSBR 5.60 -0.19 Confluent CFLT 31.85 0.33 FirstSolar FSLR 152.34 -4.88 KimcoRealty KIM 19.50 -0.31 OldRepublic ORI 28.58 -0.13 SoFiTech SOFI 8.02 -0.31 UFB Direct (5) 5.25 TAB Bank (5) 5.27
BcoSantChile BSAC 18.02 -0.26 ConocoPhillips COP 109.77 -1.33 FirstEnergy FE 36.95 -0.82 KinderMorgan KMI 16.57 -0.21 OmegaHealthcare OHI 30.81 -0.02 Sony SONY 95.86 -0.30 (877) 472-9200 (800) 355-3063
BancoSantander SAN 3.88 -0.09 ConEd ED 86.67 -1.95 FirstService FSV 162.85 -3.05 KinsaleCapital KNSL 412.08 -3.33 Omnicom OMC 85.14 -1.31 Southern SO 67.51 -0.80 Western State Bank (4) 5.15 USAA Federal Savings Bank (4) 5.25
BanColombia CIB 30.95 -0.58 ConstBrands A STZ 244.58 -2.50 Fiserv FI 143.58 -0.65 Klaviyo KVYO 29.66 -1.12 OnHolding ONON 29.96 -0.09 SoCopper SCCO 78.03 -2.25
BankofAmerica BAC 32.75 -0.87 ConstellationEner CEG 127.91 -0.60 FiveBelow FIVE 184.13 -5.23 Knight-Swift KNX 59.32 -0.91 OntoInnovation ONTO 168.39 -5.39 SouthwestAir LUV 32.53 -0.26 (701) 277-5003 (800) 531-8722
BankMontreal BMO 90.58 -3.25 Cooper COO 367.69 -11.32 FleetCorTech FLT 268.75 -2.21 Philips PHG 20.04 -0.61 OpenText OTEX 39.08 -1.70 SouthwesternEner SWN 6.40 -0.13
BankNY Mellon BK 53.89 -1.73 Copart CPRT 49.23 -1.25 Flex FLEX 27.08 -0.22 KoreaElecPwr KEP 7.88 0.12 Oracle ORCL 113.68 -2.16 s Splunk SPLK 154.50 0.08
One-month CD One-year CD
BankNovaScotia BNS 46.30 -1.09 Core&Main CNM 43.55 -0.61 Floor&Decor FND 106.10 -5.72 KraftHeinz KHC 36.13 -0.23 Orange ORAN 11.42 0.01 Spotify SPOT 238.00 3.32 Lone Star Bank (5) 5.15 CIBC Bank USA (5) 5.51
Barclays BCS 7.12 -0.20 CorebridgeFin CRBG 23.69 -0.07 FlutterEnt FLUT 204.05 -9.40 Kroger KR 45.57 -0.27 Orix IX 99.56 -2.24 StanleyBlackDck SWK 87.11 -3.89 (713) 358-9400 (800) 662-7748
BarrickGold GOLD 14.15 -0.58 Corning GLW 31.28 -0.90 FomentoEconMex FMX 140.14 -1.76 LKQ LKQ 48.09 -1.08 Oshkosh OSK 107.88 -5.44 Stantec STN 79.95 -0.89 VirtualBank (4) 2.48 Credit One Bank, NA (0) 5.40
Bath&BodyWks BBWI 43.27 -1.47 Corteva CTVA 53.63 -1.41 FordMotor F 12.68 -0.30 s LPL Financial LPLA 257.80 6.36 OtisWorldwide OTIS 90.09 -1.25 Starbucks SBUX 93.87 -1.60
BaxterIntl BAX 39.62 -0.69 CoStar CSGP 81.64 -1.24 Fortinet FTNT 69.40 -0.86 L3HarrisTech LHX 207.98 -3.28 Ovintiv OVV 42.08 -0.51 StateStreet STT 71.11 -2.49 (877) 998-2265 (877) 825-3242
BectonDicknsn BDX 239.07 -4.30 Costco COST 714.25 -8.16 Fortis FTS 38.48 -0.97 LabCorp.ofAmerica LH 223.33 -4.12 OwensCorning OC 147.04 -2.21 SteelDynamics STLD 118.37 -5.44 Presidential Bank, FSB (3) 0.10 GTE Financial Credit Union (U) 5.38
BeiGene BGNE 141.80 -4.77 CoterraEnergy CTRA 24.08 -0.53 Fortive FTV 82.52 -0.62 LamResearch LRCX 892.59 -15.41 PDD PDD 129.04 -2.53 Stellantis STLA 23.99 -0.51 (800) 799-1424 (888) 871-2690
BellRing BRBR 58.42 -1.41 Coty COTY 11.39 -0.44 FortuneBrands FBIN 78.43 -2.90 LamarAdv LAMR 104.55 -2.65 PG&E PCG 16.29 -0.16 Steris STE 224.52 -0.42
BentleySystems BSY 49.66 -1.83 Coupang CPNG 14.61 -0.39 FoxA FOXA 29.69 -0.75 LambWeston LW 103.60 2.46 PNC Finl PNC 145.26 -3.88 Stevanato STVN 32.37 -0.76 Two-month CD Two-year CD
Lone Star Bank (5) 5.15 Luana Savings Bank (5) 5.16
(713) 358-9400 (800) 666-2012
New Highs and Lows Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
VirtualBank (4)
(877) 998-2265
2.74 MySavingsDirect (5)
(914) 771-6770
5.00

HuntingIngalls HII 277.11 -0.2 Progressive PGR 184.91 -0.2 Walmart WMT 171.07 -0.7 Presidential Bank, FSB (3) 0.10 TAB Bank (5) 5.00
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American InflectionPtIIA IPXX 10.47 -0.4 PumaBiotech PBYI 6.67 -2.4 WasteMgt WM 199.49 6.0 (800) 799-1424 (800) 355-3063
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest IntegerHoldings ITGR 107.26 -1.6 RayzeBio RYZB 62.42 ... WeycoGroup WEYS 33.70 -4.6
session. % CHG-Daily percentage change from the previous trading session. InteractiveBrkrs IBKR 101.94 2.9 RepublicSvcs RSG 176.54 2.1 WhiteMtnIns WTM 1699.07 1.6 Three-month CD Five-year CD
KernelA KRNL 10.83 0.4 SafeBulkers SB 4.47 1.4 WholeEarthBrds FREE 4.77 35.3
LPL Financial LPLA 263.34 2.5 Splunk SPLK 154.86 0.1 WilliamsRowland WRAC 10.60 0.3 America First FCU (4) 5.50 First Internet Bank of Indiana (4) 4.59
Tuesday, February 13, 2024 LarimarTherap LRMR 11.00 11.6 SpreeAcqn1 A SHAP 11.93 -4.5 (801) 627-0900 (888) 873-3424
Wingstop WING 300.00 2.3
52-Wk % 52-Wk % 52-Wk % Leidos LDOS 122.50 5.9 SpringValleyII A SVII 10.94 -0.2 Y-mAbsTherap YMAB 15.00 3.6 Goldwater Bank (3) 5.15 Popular Direct (3) 4.45
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg LexariaBioWt LEXXW 1.20 20.0 SpruceBio SPRB 4.60 2.5
LianBio LIAN 4.88 18.8 SurgePays SURG 9.23 -2.0 Lows (480) 281-8200 (800) 274-5696
Brown&Brown BRO 81.52 ... Fenbo FEBO 8.05 11.6 MFA FinPfdC MFApC 21.65 -1.1 SynchronossNts26 SNCRL 22.60 ... Merrick Bank (5) 5.15 Quontic Bank (0) 4.30
Highs CSP
Chubb
CSPI
CB
31.50
250.31
-2.0
-0.5
FlameAcqnWt
GeneralElec
FLME.WS
GE
2.96 11.2
141.79 1.1
Medpace MEDP 366.41 12.3 TGVentureAcqn TGVC 11.64 0.6 AG Mortgage Nts MITN
AN2 Therap ANTX
24.87
3.70
-0.3
-23.5 (866) 638-6851 (800) 908-6600
MerrimackPharm MACK 15.89 7.2 TaylorDevices TAYD 37.00 1.1
AbeonaTherap ABEO 7.03 -2.6 Cigna CI 341.96 0.1 GigaCloudTech GCT 33.07 ... APA APA 29.47 -2.8
Metagenomi MGX 12.44 3.7 TelomirPharm TELO 7.10 12.2
Abercrombie&Fitch ANF 117.42 1.7 CleanHarbors CLH 183.85 -0.2 GlobalPtrs GLP 48.46 1.3 MolinaHealthcare MOH 399.35 0.4 Textainer TGH 49.80 ... AcrivonTherap ACRV 3.19 4.0 Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of
AscendisPharma ASND 146.73 -0.9 Datadog DDOG 138.61 -2.4 GoldmanSachsPfA GSpA 23.47 -0.9 MoringaAcqn MACAU 10.97 2.5 ToyotaMotor TM 232.56 2.3 AdialPharm ADIL 1.00 8.7 compounding and rate stated for the lowest required opening deposit to earn interest. CD
B.RileyNts2024 RILYO 25.04 0.4 Ecolab ECL 221.55 9.0 GoldmanSachsPfC GSpC 22.97 -0.2 NaviosMaritime NMM 30.14 -1.2 Travelers TRV 216.56 0.6 AdlaiNortye ANL 7.25 -12.0 figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of
BankofAmPfd4 BMLpJ 22.84 ... ElevanceHealth ELV 513.23 ... GooseheadIns GSHD 85.75 -1.3 NexalinTechWt NXLIW 0.23 397.0 Trimble TRMB 57.15 2.3 AgEagleAerial UAVS 1.15 -7.8
BerkHathwy A BRK.A 600999 -0.5 Akanda AKAN 0.26 -25.3
which may be checks. Rates are subject to change.
EnergemA ENCP 11.64 -0.5 HealthEquity HQY 82.00 -1.1 NuHoldings NU 10.08 0.4 TyraBiosciences TYRA 20.03 -2.0
BerkHathwy B BRK.B 399.71 -0.7 EquusTotReturn EQS 1.95 9.8 Heico A HEI.A 151.78 1.8 PerfectMoment PMNT 6.05 2.5 Vizio VZIO 11.28 24.7 AllarityTherap ALLR 0.40 -3.2 Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410
BreezeHldgsWt BREZW 0.55 16.3 Espey ESP 26.00 7.5 HowmetAerospace HWM 61.98 5.4 Pixelworks PXLW 2.88 1.7 ViperEnergy VNOM 33.10 0.2 Continued on Page B13 Internet: www.bankrate.com

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
LgCpGwId InstPre 31.46 -0.44 6.6 SrsEmrgMkt 16.99 -0.25 -2.0 LgCpGwth 65.96 -0.99 9.7 MidCap 102.04 -1.54 2.0 MuShtAdml 15.74 -0.01 0.1 Welltn 41.75 -0.51 0.9
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. MidCpInxInstPrem 29.90 -0.58 -0.2 SrsGlobal 13.59 -0.22 -1.9 JPMorgan R Class NHoriz 57.06 -1.40 1.5 PrmcpAdml r 159.68 -2.52 2.1 WndsrII 43.72 -0.68 2.0
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s SAIUSLgCpIndxFd 20.52 -0.28 4.0 SrsGroCoRetail 21.11 -0.36 8.4 CoreBond 10.09 -0.09 -1.8 R2025 15.74 -0.17 0.2 RealEstatAdml 117.11 -2.44 -6.4 VANGUARD INDEX FDS
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SeriesBondFd 8.83 -0.09 -2.3 SrsIntlGrw 17.41 -0.33 1.6 CorePlusBd 7.10 -0.07 -1.8 R2030 24.03 -0.29 0.4 SmCapAdml 100.73 -2.97 -1.4 ExtndIstPl 305.64 -9.19 -0.7
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes SeriesOverseas 13.06 -0.19 0.7 SrsIntlVal 11.50 -0.13 -1.5 Lord Abbett I R2040 27.91 -0.39 1.0 SmGthAdml 84.93 -2.45 -0.1 IdxIntl 18.24 -0.27 -2.0
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SerLTTreBdIdx 5.51 -0.09 -5.6 TotalBond 9.37 -0.08 -1.8 ShtDurInc p 3.84 -0.01 0.3 Schwab Funds STBondAdml 10.00 -0.05 -0.6 MdCpGrAdml 94.93 -1.64 0.4
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not SmCpIdxInstPrem 24.29 -1.00 -3.0 Fidelity SAI Metropolitan West 1000 Inv r 106.18 -1.56 3.7 STIGradeAdml 10.15 -0.04 -0.3 MdCpVlAdml 73.93 -1.42 -1.5
tracked. NS-Fund didn’t exist at start of period. TMktIdxInstPrem 136.14 -2.17 3.3 TotalBd 8.86 -0.08 -1.8 TotRetBdI NA ... NA S&P Sel 76.01 -1.04 4.0 STIPSIxAdm 23.76 -0.05 -0.2 SmValAdml 75.42 -2.26 -2.5
TotalMarketIndex 17.18 -0.28 3.4 U.S.TreBdIdx 8.61 -0.08 -2.1 TRBdPlan NA ... NA TSM Sel r 83.67 -1.33 3.3 TotBdAdml 9.45 -0.09 -2.3 TotBd2 9.34 -0.08 -2.2
TtlIntIdxInstPr 12.87 -0.21 -2.1 Fidelity Selects MFS Funds TIAA/CREF Funds TotIntBdIdxAdm 19.41 -0.06 -1.5 TotIntlInstIdx r 122.02 -1.77 -2.0
Tuesday, February 13, 2024 USBdIdxInstPrem 10.16 Semiconductors r 27.65 -0.51 14.0
-0.09 -2.2 IIE 32.56 -0.51 -1.2 EqIdxInst 34.80 -0.55 3.4 TotIntlAdmIdx r 30.51 -0.45 -2.0 TotItlInstPlId r 122.05 -1.77 -2.0
Net YTD Net YTD Net YTD Fidelity Advisor I Softwr 28.98 -0.59 4.7 MFS Funds Class I IntlEqIdxInst 21.58 -0.33 -1.3 TotStAdml 119.34 -1.89 3.3 TotSt 119.30 -1.89 3.3
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Total Bd 9.35 -0.09 -1.9 Tech 30.65 -0.55 7.5 GrowthI 188.37 -2.50 9.5 LrgCpGrIdxInst 55.29 -0.77 6.7 TxMCapAdml 256.14 -3.79 3.7 VANGUARD INSTL FDS
Fidelity Freedom First Eagle Funds ValueI 48.09 -0.58 1.0 VANGUARD ADMIRAL TxMIn r 15.09 -0.25 -2.0 BalInst 45.11 -0.59 1.2
AB Funds Artisan Funds US CoreEq1 37.10
-0.65 2.9 FF2030 16.55 -0.23 -0.1 GlbA 63.13 -0.98 0.1 500Adml 457.51 -6.29 4.0 DevMktsIndInst 15.11 -0.25 -2.1
MuniIncmShares 11.02 -0.05 -0.5 IntlVal Inst 45.61 -0.57 -0.8 US CoreEq2 33.20
-0.62 2.2 FF2040 Natixis Funds USGroAdml 157.14 -3.04 7.1
AB Funds - ADV Baird Funds US Small 43.10
10.58 -0.17
-1.57 -2.8 Freedom2030 K 16.53 -0.23
0.9 Franklin A1 LSGrowthY 24.72 -0.40 6.4 BalAdml 45.10 -0.59 1.2
ValAdml 59.01 -0.77 1.2 DevMktsInxInst 23.62 -0.39 -2.0
-0.1 IncomeA1 2.27 -0.03 -1.6 Northern Funds CAITAdml 11.39 -0.02 -0.4 ExtndInst 123.85 -3.72 -0.7
LgCpGrAdv 99.96 -1.47 7.7 AggBdInst 9.63 -0.08 -2.1 US SmCpVal 43.35
-1.56 -3.5 Freedom2035 K 14.56 -0.21 WdsrllAdml 77.55 -1.21 2.0
0.3 FrankTemp/Frank Adv StkIdx 50.93 -0.70 4.0 CapOpAdml r 183.56 -3.17 2.4 GrwthInst 170.27 -2.44 6.4
American Century Inv CorBdInst 9.95 -0.09 -1.9 US TgdVal 30.64
-1.13 -3.9 Freedom2040 K 10.59 -0.16 WellsIAdml 59.16 -0.63 -2.1
1.0 IncomeAdv 2.25 -0.02 -1.6 Old Westbury Fds DivAppIdxAdm 47.11 -0.60 1.9 InPrSeIn 9.22 -0.06 -1.7
Ultra 78.90 -1.03 5.9 BlackRock Funds USLgVa 44.81
-0.73 0.6 Idx2030InsPre 18.84 -0.26 WelltnAdml 72.10 -0.87 1.0
-0.4 FrankTemp/Franklin A
LrgCpStr 17.95 -0.24 NA
EMAdmr 33.51 -0.29 -2.0 InstIdx 409.16 -5.62 4.0
American Funds Cl A HiYldBd Inst 6.98 -0.04 ... Dodge & Cox Growth A 128.96 -1.85 5.2 EqIncAdml WndsrAdml 70.76 -1.06 -2.3
Idx2035InsPre 21.51 -0.31 ... Parnassus Fds
83.47 -1.15 -0.9 InstPlus 409.15 -5.63 4.0
AmcpA 39.82 -0.70 4.5 BlackRock Funds III Balanced 100.07 -1.21 -1.1 Idx2040InsPre 22.32 -0.34 VANGUARD FDS
0.5 RisDv A 89.94 -1.09 1.7 ExplrAdml 103.25 -2.80 ... InstTStPlus 85.09 -1.35 3.3
AMutlA 51.38 -0.59 0.7 iShS&P500IdxK 581.11 -7.97 4.0 GblStock 14.53 -0.20 -2.6 Idx2045InsPre 23.32 -0.37 ParnEqFd 56.69 -0.74 2.9 DivdGro 37.99 -0.32 2.1
0.7 Guggenheim Funds Tru ExtndAdml 123.86 -3.72 -0.7 MidCpInst 63.24 -1.16 -0.6
BalA 32.34 -0.41 1.1 BlackRock Funds Inst Income 12.36 -0.11 -2.1 Idx2050InsPre 23.36 -0.37 PGIM Funds Cl Z IntlVal 39.60 -0.59 -1.9
0.7 TotRtnBdFdClInst 23.29 -0.22 -1.7 GNMAAdml 9.06 -0.10 -2.7 MidCpIstPl 311.88 -5.71 -0.6
BondA 11.17 -0.12 NA EqtyDivd 19.28 -0.22 0.5 Intl Stk 46.91 -0.59 -4.6 Fidelity Invest TotalReturnBond NA ... NA LifeCon 20.23 -0.21 -0.7
Harbor Funds GroIncAdml 95.21 -1.31 5.5 SmCapInst 100.73 -2.97 -1.4
CapIBA 65.21 -0.75 -1.5 StratIncOpptyIns 9.32 -0.05 -0.7 Stock 243.35 -3.85 -0.1 Balanc PIMCO Fds Instl LifeGro 41.67 -0.58 0.6
27.54 -0.34 2.3 CapApInst 105.52 -1.51 9.4 GrwthAdml 170.26 -2.44 6.4 SmCapIstPl 290.75 -8.56 -1.4
CapWGrA 60.93 -0.74 1.3 TotRet 9.77 -0.10 NA DoubleLine Funds AllAsset 10.86 -0.09 NA
HlthCareAdml r 89.53 -1.35 LifeMod 30.42 -0.37 -0.1
BluCh 187.15 -2.91 8.0 Harding Loevner 1.5 STIGradeInst 10.15 -0.04 -0.3
EupacA 55.06 -0.60 0.7 Calamos Funds TotRetBdI 8.64 -0.08 -1.9 BluChpGr K6 28.85 -0.44 IntlEq 25.20 -0.39 -2.9 TotRt 8.45 -0.08 NA HYCorAdml r 5.35 -0.03 -0.6 PrmcpCor 32.57 -0.52 2.6 STIPSIxins 23.78 -0.05 -0.2
7.5
FdInvA 73.91 -1.16 3.4 MktNeutI 14.29 -0.03 0.8 Edgewood Growth Instituti Invesco Funds A PIMCO Funds A InfProAd STAR 26.82 -0.41 -0.1
Contra 17.79 -0.23 10.6 22.64 -0.14 -1.7 TotBdInst 9.45 -0.09 -2.3
GwthA 66.37 -1.15 5.1 Columbia Class I EdgewoodGrInst 47.29 -0.75 8.1 ContraK 17.85 -0.23 10.5 EqIncA 10.12 -0.13 0.4 IncomeFd NA ... NA IntlGrAdml 101.24 -2.30 -0.6 TgtRe2020 26.73 -0.26 -0.5 TotBdInst2 9.34 -0.08 -2.2
HI TrA 9.43 -0.06 NA DivIncom I 30.93 -0.36 1.7 Federated Hermes Int Invesco Funds Y PIMCO Funds I2 ITBondAdml 10.09 -0.10 -2.2 TgtRe2025 18.34 -0.20 -0.2 TotBdInstPl
CpInc 9.70 -0.06 1.1 9.45 -0.09 -2.3
ICAA 51.99 -0.71 3.2 Dimensional Fds TtlRtnBdI 9.33 -0.09 -2.1 GroCo 34.54 -0.59 8.2 DevMktY 37.24 -0.43 -3.6 Income NA ... NA ITIGradeAdml 8.46 -0.08 -2.0 TgtRe2030 35.48 -0.43 ... TotIntBdIdxInst 29.13 -0.09 -1.4
IncoA 23.09 -0.29 -1.5 5GlbFxdInc 10.03 ... 0.7 Fidelity InvGrBd 9.84 -0.10 -2.1 JHF III DispVal PIMCO Funds Instl LarCapAd 114.71 -1.58 4.0 TgtRe2035 22.19 -0.28 0.3 TotStInst 119.35 -1.90 3.3
N PerA 57.12 -0.85 2.2 EmgMktVa 29.02 -0.22 -1.4 500IdxInstPrem 172.09 -2.36 4.0 LowP 43.57 -0.81 -1.1 DispValMCI 27.31 -0.41 -0.2 IncomeFd NA ... NA LTGradeAdml 7.72 -0.12 -4.5 TgtRe2040 39.50 -0.53 0.5 ValueInst 59.00 -0.77 1.2
NEcoA 56.54 -0.87 4.8 EmMktCorEq 22.03 -0.17 -1.7 Contrafund K6 25.38 -0.33 10.1 Magin 13.33 -0.17 8.3 John Hancock Price Funds MidCpAdml 286.27 -5.24 -0.6 TgtRe2045 26.86 -0.38 0.8 WCM Focus Funds
NwWrldA 75.31 -0.60 0.4 IntlCoreEq 14.91 -0.25 -2.7 ExtMktIdxInstPre 77.54 -2.33 -0.7 NASDAQ 198.43 -3.64 4.4 BondR6 13.29 -0.13 -1.9 BlChip 162.28 -2.37 8.7 MuHYAdml 10.63 -0.03 -0.3 TgtRe2050 44.83 -0.65 0.9 WCMFocIntlGrwIns 23.68 -0.41 4.0
SmCpA 65.34 -1.27 -1.4 IntSmCo 18.60 -0.36 -3.7 FidSerToMarket 16.21 -0.26 3.3 OTC 19.59 -0.31 7.1 JPMorgan I Class DivGro 72.00 -0.83 1.7 MuIntAdml 13.64 -0.03 -0.5 TgtRe2060 46.09 -0.67 0.9 Western Asset
TxExA 12.36 -0.04 NA IntSmVa 20.51 -0.40 -3.4 GrowthCompanyK6 24.42 -0.43 8.8 Puritn 24.14 -0.30 3.6 CoreBond 10.07 -0.09 -1.9 Growth 93.06 -1.31 7.5 MuLTAdml 10.89 -0.03 -0.6 TgtRet2055 50.02 -0.73 0.9 CoreBondI NA ... NA
WshA 58.53 -0.75 2.3 LgCo 32.88 -0.45 4.0 IntlIdxInstPrem 46.76 -0.68 -1.2 SAIUSQtyIdx 20.72 -0.25 7.0 EqInc 22.92 -0.33 -0.1 LgCapGow I 71.21 -0.92 8.3 MuLtdAdml 10.81 -0.01 -0.1 TgtRetInc 12.92 -0.11 -0.8 CorePlusBdI NA ... NA
B12 | Wednesday, February 14, 2024 THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. * * * * Wednesday, February 14, 2024 | B13

MARKETS

OPEC
Sticks to
Advisers Face Rule on Laundering
Forecast on Plan would impose
obligations similar
need to implement an anti-
money-laundering and coun-
terterrorism financing compli-
around” for advisers who
don’t ask about the source of
their wealth, FinCEN said.
posed rule until April 15.
The proposed rule could be
more of a challenge for small
suspicious activity monitoring
and reporting requirements,
according to Angotti.

Demand to those for banks

and broker-dealers
ance program, file suspicious
activity reports with FinCEN
and keep records such as
There has also been a surge
in the use of investment ad-
visers by bad actors, such as
and midsize investment advis-
ers to implement, compared
with larger peers who may al-
Tuesday’s proposed rule
comes as the U.S. ramps up ef-
forts to increase financial

Growth BY MENGQI SUN

those related to fund trans-
fers, similar to obligations in
place for banks and broker-
sanctioned individuals, cor-
rupt officials, tax evaders and
other criminals, looking to ac-
ready have an anti-money-
laundering program in place,
according to Alma Angotti, a
transparency after President
Biden made anticorruption a
central pillar of his adminis-
U.S. investment advisers dealers. The proposed rule cess the U.S. financial mar- partner specializing in finan- tration’s national security
BY GIULIA PETRONI will soon need to start detect- would also allow information kets, according to FinCEN. cial crimes and investigations agenda.
ing and reporting suspected sharing between FinCEN, law “The issue and the need for at consulting firm Guidehouse. FinCEN last week proposed
The Organization of the money laundering to the gov- enforcement agencies and cer- transparency is greater than it “A lot of these companies a new rule that would require
Petroleum Exporting Coun- ernment under a newly pro- tain financial institutions. has ever been,” the senior Fin- and these funds probably have the disclosure of the names of
tries left its expectations for posed rule, as the U.S. again FinCEN said it would dele- CEN official said. the skeletons of a program,” people behind anonymous
global oil-demand growth un- attempts to rein in potential gate the examination process Through a risk assessment, Angotti said, adding that shell companies and trusts in-
changed, but raised its eco- illicit finance flowing through to the SEC, which is responsi- also published on Tuesday, without a regulatory and ex- volved in all-cash residential
nomic forecast amid easing the private funds sector. ble for overseeing investment FinCEN said it has seen U.S. amination regime in place so real-estate transactions.
inflation and anticipated in- The new requirements, pro- advisers. competitors us- far, it remains The agency is already in
terest-rate cuts. posed Tuesday by the U.S. Investment advisers, who ing investment difficult to tell the process of implementing a
The Vienna-based cartel Treasury Department’s Finan- earn compensation for provid- advisers to in- if existing pro- sweeping transparency law
said in its monthly report cial Crimes Enforcement Net- ing advice to investors on se- vest in early- FinCEN would grams are ef- that has created a new corpo-
that it expects oil demand to work, would apply to invest- curities, aren’t generally sub- stage compa- delegate the fective. rate ownership database and
grow by 2.2 million barrels a ment advisers who register ject to comprehensive anti- nies to gain But regard- requires businesses to file re-
day this year, in line with its with the U.S. Securities and money-laundering measures. access to sensi- examination less of an or- ports detailing their beneficial
previous estimates. It also Exchange Commission and Their clients range from indi- tive informa- g a n i z a t i o n ’s ownership information.
held its forecast for 2025 those who are exempted from vidual investors to private in- tion and tech-
process to the size, it remains Angotti was an enforce-
steady at 1.8 million barrels a registration but still required stitutions and high-net-worth nologies with SEC. important for ment attorney at FinCEN and
day. to report to the SEC. individuals. national secu- these advisers helped write rules that af-
“Continued robust eco- Investment advisers are FinCEN has twice in the rity implica- to have risk- fected capital-market partici-
nomic activity in China, generally required to register past tried to put in place anti- tions. based compli- pants after the Sept. 11, 2001,
global air travel recovery and with the SEC if they oversee money-laundering rules on the For instance, the FinCEN ance programs, she said. “For terrorist attacks, including the
expected healthy petrochemi- at least $110 million in client investment adviser sector by official said the agency has their own risk management, first proposed rule for invest-
cal feedstock requirements assets. Exempt reporting ad- proposing rulemakings, in- seen U.S. investment advisers you shouldn’t want to hold ment advisers in 2003.
will be key for oil demand visers generally advise only cluding as recently as in 2015. with significant ties to Rus- money for the bad guys,” she She said she is optimistic
growth in 2024,” it said private funds and oversee less But neither proposed rule was sian oligarchs investing in said. that the third time could be
Tuesday. “However, inflation than $150 million in the U.S. completed. companies developing artifi- For these funds, the due- the charm for these rules to
levels, monetary tightening or advise only venture-capital The investment sector has cial intelligence and autono- diligence process for deter- be finalized.
measures and sovereign debt funds. grown larger in the interven- mous vehicles as well as in mining the identity of inves- “These national security
levels could weigh on global About 17,000 state-regis- ing years, nearly doubling in government military and in- tors and the source of their concerns about illicit financ-
oil demand prospects in the tered advisers aren’t covered assets under management telligence contractors. funding—similar to the pro- ing flow are really at the fore-
current year.” by the proposed rules, a se- since 2015. This uneven appli- If the proposed rule is ad- cess at banks dealing with front,” she said, adding that
The group raised its global nior FinCEN official said in a cation of anti-money-launder- opted, investment advisers high-net-worth clients—would the U.S. has been an outlier
economic-growth forecast to briefing call Monday. ing controls across the sector would have 12 months to be- likely be the biggest piece of among jurisdictions in not re-
2.7% this year and 2.9% the Under the proposed rules, has enabled both legitimate come compliant. FinCEN is their program to be put in quiring anti-money-laundering
next, supported by interest- investment advisers would and illicit investors to “shop seeking comments on the pro- place to comply with the new rules for investment advisers.
rate cuts from the second
half of 2024 and growth mo-

MSCI Is Dropping
mentum in the U.S. Economic
growth was previously fore-
cast at 2.6% in 2024 and 2.8%
in 2025.
It lifted U.S. economic-
growth estimates to 1.6% this
year and to 1.7% in 2025,
while it left the eurozone
66 Companies
growth forecast unchanged at
0.5% this year and 1.2% the
next.
The cartel’s latest report
From China Index
comes after crude-oil futures BY TRACY QU Environment Group.
posted strong gains on esca- MSCI will also add five new
lating tensions in the Middle Stock market index compiler names to the index: electrical-
East and improved demand MSCI is cutting dozens of com- appliance maker Midea Group,
sentiment following a larger- panies from its benchmark biotech companies Giant Bio-
than-expected drawdown in China index after a prolonged gene and MGI Tech, China
COSTFOTO/BARCROFT MEDIA/GETTY IMAGES

U.S. fuel stocks. selloff and volatile trading in Merchants Expressway Net-
“Crude oil futures prices the world’s second-largest work & Technology and
trended higher against a economy. Ningbo Sanxing Medical Elec-
backdrop of easing specula- The global index compiler tric.
tive selling pressure along will remove 66 companies in The changes will take the
with supply disruptions in sectors ranging from property total number of index constitu-
several regions,” OPEC said. and pharmaceuticals to avia- ents to just over 700, after
“Oil prices were further tion from its MSCI China In- years of largely adding names
buoyed by stronger-than-ex- dex, a quarterly review showed to the index.
pected macroeconomic data, Monday. In its previous four reviews,
specifically from the U.S., and The deletions from the MSCI cut a total of 57 compa- Weibo is dropping from the index. Above, Weibo’s booth at a Shanghai trade show in 2021.
signs of robust physical mar- broad gauge of Chinese shares, nies from the China index and
ket fundamentals,” OPEC which will take effect at the added 113. economy’s recovery after the MSCI also made changes to The Hong Kong stock mar-
added. end of the month, include the Chinese equities have been Covid-19 pandemic. The MSCI its Hong Kong index, cutting ket will reopen Wednesday,
Brent crude, the interna- likes of China Southern Air- under pressure amid a years- China Index is down 7.6% this Budweiser Brewing Co. APAC, while Chinese markets are
tional benchmark, currently lines, Greentown China, long property slump and inves- year and about 27% over the New World Development and closed until next week for the
trades at around $82 a bar- Weibo and China Everbright tor disappointment over the past 12 months. Xinyi Glass. Lunar New Year holiday.
rel, while West Texas Inter-
mediate crude, the U.S. oil
gauge, is at around $77 a bar-
rel.
Overall, OPEC’s crude-oil
Stocks Sink
production fell by 350,000
barrels a day to 26.3 million
barrels a day in January com-
As CPI
pared with December levels,
the cartel said, citing second-
ary sources.
Disappoints
Oil production from Libya
decreased by 162,000 barrels Continued from page B1
a day to 1.01 million barrels a 8.5% chance that the Fed will
day, while Kuwait’s produc- cut its benchmark interest
tion fell by 109,000 barrels a rate at its March policy meet-
day to 2.43 million barrels a ing, down from 16% on Mon-
day. day, according to the CME
Saudi oil production rose FedWatch tool. The chances of
by 25,000 barrels a day to a cut in May are about 36%,
8.96 million barrels a day. down from 52% on Monday.
OPEC and its allies in No- Stocks per-
vember agreed to voluntary TUESDAY’S ceived as being
output cuts totaling around MARKETS especially sensi-
2.2 million barrels a day for tive to interest
the first quarter of this year, rates were particularly weak.
JOE RAEDLE/GETTY IMAGES

and they are soon expected The Russell 2000, an index of

to decide whether to extend small and midsize companies,
those cuts. declined 4%. The KBW Nasdaq
The group cut its non- Regional Banking Index fell
OPEC supply growth forecast 4.5%, while the S&P 500 real-
to 1.2 million barrels a day estate sector dropped 1.8%.
for 2024 from previous ex- The S&P 500 is still up 3.8% JetBlue shares rose 22% after activist investor Carl Icahn disclosed a nearly 10% stake in the airline.
pectations of 1.3 million bar- in 2024, including a 2.2% rise
rels a day, while it kept its in February. The inflation rate In corporate news, JetBlue declines, the stock’s largest Wednesday, Japan’s Nikkei
growth expectations for 2025 is still falling, albeit more Airways rose 22% after activ- one-day decline since 2020. 225 was down 0.8%. The Hong Watch a Video
unchanged at 1.3 million bar- slowly than investors hoped. ist investor Carl Icahn dis- Moody’s fell 7.9% after report- Kong market reopened after Scan this code
rels a day. Investors and strategists said closed a nearly 10% stake in ing sales and profit that fell the Lunar New Year holiday for a video on
The International Energy those factors suggest Tues- the airline. Biogen fell 7.4% af- short of analyst forecasts. and the Hang Seng Index was the latest
Agency is set to release its day’s selloff doesn’t portend a ter the company projected a Overseas, the Stoxx Europe down 0.4%. S&P 500 futures inflation report
monthly report on Thursday. deeper slump fifth straight year of revenue 600 fell 0.95%. At midday were flat. and the markets.

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
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Continued From Page B11 52-Wk % 52-Wk % EsportsEnt GMBL 1.81 -22.3 Greif B GEF.B 61.10 -4.5 Leafly LFLY 2.95 -8.8 NeptuneWellness NEPT 0.29 -14.5 PlaystudiosWt MYPSW 0.06 -22.2 TenaxTherap TENX 4.32 -8.7
ExactSciences EXAS 58.37 -4.3 GryphonDig GRYP 2.50 -34.0 Leggett&Platt LEG 19.67 -4.7 NewPacificMetals NEWP 1.02 -7.6
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
ExcelerateEner EE 13.53 -4.9 HDFC Bank HDB 52.16 -1.2 LibertyBroadbandC LBRDK 59.43 -3.2 NY Mortgage NYMT 7.16 -6.3
PsyenceBiomed PBM 0.72 -11.1 36Kr KRKR 0.37 -14.1
QuoinPharm QNRX 2.93 -9.7 ToughBuiltInds TBLT 4.33 -22.8
Stock Sym Hi/Lo Chg BorealisFoods BRLS 6.30 5.2 ChimeraInvt CIM 4.43 -5.6 Express EXPR 2.01 -39.7 Haemonetics HAE 71.37 -4.1 LibertyLatAmA LILA 6.30 -8.8 Newmont NEM 31.74 -4.5 RedwoodNts29 RWTN 24.95 ... Transalta TAC 6.76 -2.6
BorgWarner BWA 30.78 -3.9 ClarosMtg CMTG 9.36 -8.1 ExtremeNetworks EXTR 11.91 -4.7 HanoverBancorp HNVR 17.14 0.2 LibertyLatAmC LILAK 6.39 -9.0 NexalinTechnology NXL 0.25 4.2 RegionalMgmt RM 20.50 -2.1 Trinseo TSE 4.35 -21.1
Allego ALLG 0.95 -7.8
AlternusCleanEner ALCE 0.86 -1.4 BrenmillerEner BNRG 3.79 -5.5 CoeptisTherap COEP 0.42 -6.0 FaradayFuture FFIE 0.07 -12.2 HeclaMining HL 3.33 -8.9 Luxfer LXFR 7.55 -6.5 Next.e.GO EGOX 0.13 -22.0 ReShapeLife RSLS 0.16 -9.2 2U TWOU 0.37 -59.3
AltoNeurosci ANRO 13.38 2.3 BriaCellTherap BCTX 3.27 -8.5 ComstockRscs CRK 7.27 -4.7 FinchTherap FNCH 2.35 -3.7 HertzGlobal HTZ 7.46 -12.7 MAG Silver MAG 8.22 -7.2 NocturneAcqn MBTCU 10.01 -13.2 SSR Mining SSRM 3.76 -53.7 US NatGas UNG 15.34 -4.0
Ameren AEE 67.03 -1.3 BrightGreen BGXX 0.15 -12.1 CoreLabs CLB 14.05 -5.4 FirstMajSilver AG 4.17 -8.3 HormelFoods HRL 28.64 -3.0 MFAFinNts29 MFAN 24.82 -0.5 Nutrien NTR 48.27 -2.5 SandstormGold SAND 3.96 -9.4 US12mthNtlGas UNL 7.52 -1.6
AmerBatteryTech ABAT 2.10 -8.2 Brightcove BCOV 2.09 -7.0 CosmosHealth COSM 0.76 -1.2 ForresterRes FORR 19.88 -8.9 HubCyberSecurity HUBC 1.27 -11.5 Mangoceuticals MGRX 0.21 -13.4 OneConnectFin OCFT 2.08 -1.4 SeabridgeGold SA 9.37 -6.4 UrbanOne D UONEK 3.13 -6.5
ArrowElec ARW 108.51 -3.0 BruushOralCare BRSH 0.09 -6.3 Cricut CRCT 4.95 -7.8 ForumEnergyTech FET 17.74 -6.3 IDACORP IDA 86.51 -3.0 MatthewsIntl MATW 27.37 -7.7 OriginMaterials ORGN 0.48 -9.1 ShiftPixy PIXY 3.68 -2.0 UtahMedProducts UTMD 69.90 -5.0
AvisBudget CAR 128.42 -22.9 Curo CURO 0.18 -12.1 CrownElectrokin CRKN 0.10 -12.9 ForwardAir FWRD 40.24 -5.6 i-80Gold IAUX 1.23 -5.3 MetallaRoyalty MTA 2.49 -5.2 OriginMatlsWt ORGNW 0.02 -4.5 ShuttlePharm SHPH 0.35 1.7 ViaOptronics VIAO 0.71 -5.9
Azitra AZTR 0.81 -24.3 CableOne CABO 474.23 -3.9 DeltaApparel DLA 2.70 -41.7 FractylHealth GUTS 6.92 -12.0 IdealPower IPWR 6.77 -4.2 MethodeElec MEI 19.91 -6.4 PalisadeBio PALI 0.41 -4.2 Sientra SIEN 0.18 -65.1 Veradigm MDRX 8.22 -4.3
BRT Apartments BRT 15.75 -5.1 CannaGlblAcqn CNGLU 9.79 2.7 DigitalTurbine APPS 3.48 -8.8 GT Biopharma GTBP 3.77 -12.9 IndependenceContr ICD 1.94 -0.5 MiddlesexWater MSEX 53.89 -5.7 PanAmerSilver PAAS 12.16 -6.8 SocialLvgI Wt SLACW 0.00 -85.9 VoxRoyalty VOXR 1.70 -2.9
B2Gold BTG 2.46 -5.7 Canoo GOEV 0.14 -4.8 DolphinEnt DLPN 1.27 -5.3 Gaxos.ai GXAI 0.18 2.3 IvanhoeElectric IE 7.83 -7.6 MobileGlbEsports MGAM 0.20 -10.1 PennsWoodsBncp PWOD 19.51 -3.4 SolidionTech STI 0.69 -22.2 Vuzix VUZI 1.56 -4.2
BanzaiIntl BNZI 1.32 -4.8 CanopyGrowth CGC 3.41 -8.2 ECDAutoDesign ECDA 0.77 -18.0 Genmab GMAB 26.32 -3.9 KKR RealEstFin KREF 9.14 -3.3 MoolecScience MLEC 1.70 -2.7 Peraso PRSO 1.42 -11.3 SotherlyHtlsPfB SOHOB 17.60 -1.0 WEC Energy WEC 75.13 -1.4
BelpointePrep OZ 56.50 -2.7 CareMax CMAX 4.09 -11.8 EigerBioPharma EIGR 5.70 0.2 Gerdau GGB 4.11 -3.5 Kaltura KLTR 1.40 -10.8 Mosaic MOS 29.27 -3.5 PerionNetwork PERI 22.28 -6.1 StryveFoods SNAX 1.35 -1.0 WesternCopper WRN 0.98 -4.8
Biolase BIOL 0.15 -63.2 Cemtrex CETX 2.91 -18.2 Emcore EMKR 0.36 -6.8 GladstoneLand LAND 13.11 -4.7 KintaraTherap KTRA 0.11 -3.3 MyMD Pharm MYMD 0.11 -14.5 PetMedExpress PETS 5.35 -9.8 SunshineBio SBFM 0.06 -63.8 Workhorse WKHS 0.23 -9.3
BiomX PHGE 0.20 -8.1 CenterraGold CGAU 4.47 -11.2 EndeavourSilver EXK 1.46 -5.8 Gogoro GGR 1.92 -6.8 KyvernaTherap KYTX 28.76 -0.7 NetPower NPWR 7.87 -8.4 PineappleFinl PAPL 1.20 -3.8 Synaptogenix SNPX 0.14 -6.7 ZaiLab ZLAB 17.68 -2.6
Biophytis BPTS 0.43 -2.2 Cheche CCG 3.18 -14.7 EquityCommnwlth EQC 17.93 -1.3 GoPro GPRO 2.39 -7.4 LakeshoreAcqnII LBBB 4.54 -38.0 NauticusRobot KITT 0.28 -6.1 PixieDustTech PXDT 3.80 -15.1 Synlogic SYBX 1.55 1.2 Zoomcar ZCAR 1.54 -14.1
B14 | Wednesday, February 14, 2024 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

Coca-Cola Lost Its Fizz, but Not Its Lure

The beverage company’s steady sales growth makes it an attractive hedge for investors

Coca-Cola has been an unexcit-

ing stock to hold lately. That
might not be such a bad thing.
The global beverage company
on Tuesday reported solid results
that underscored its appeal in in-
vestor portfolios as a steady per-
former. In the fourth quarter, the
company increased organic sales—
which strip out the impact of
mergers and currency fluctua-
tions—12% from a year earlier.
Price rises accounted for much of
that but, encouragingly, underly-
ing case volume rose 2% from a
year earlier.
This suggests consumers
around the world are unperturbed
by the company’s price increases.
Unit case volumes fell 1% in North
America, but were positive in all
other regions. Coca-Cola stock was
up slightly in early trading Tues-
day, but fell 0.6% by the close, as
the wider market was down

ANGUS MORDANT/BLOOMBERG NEWS

sharply on a higher-than-expected
reading for U.S. inflation.
Last week, PepsiCo reported
less-impeccable results, causing a
3.5% selloff in its shares. Organic
sales rose 4.5% from a year earlier,
but underlying volumes were neg-
ative, falling 3% in “convenient
foods” including Frito-Lay and 2%
in beverages. Coca-Cola reported solid results on Tuesday that underscored the global beverage company’s appeal in investor portfolios as a steady performer.
For 2024, Coca-Cola is forecast-
ing 6% to 7% organic sales growth, Before Tuesday’s market open, hausted with price increases in gro- And investors need some technology stocks are pricing in a
while Pepsi sees organic growth of Coca-Cola stock was down 1.5% cery aisles. Against this backdrop, hedges in their portfolios in case nearly perfect scenario for the de-
at least 4%. over the past year while Pepsi was Coca-Cola’s flat performance things go awry in the broader velopment and commercialization
“Yes there’s been inflation and down 4%. That compares with a doesn’t look bad at all. market. Tuesday’s inflation read- of artificial intelligence.
distractions and ups and downs, 21.3% increase for the S&P 500. Coca-Cola isn’t exactly a bar- ings serve as a reminder that a In theory, consumer-staples
but in the end running through Other consumer-staples names gain at 21.1 times forward earn- Goldilocks scenario for the U.S. stocks fit the bill. But investors
that is the continuous amount of fared far worse, especially big food ings, according to a consensus of economy isn’t a sure thing: Should should stick with ones that have
volume growth,” said Coca-Cola makers: Campbell Soup and General analysts polled by FactSet. But inflation prove sticky, rates could proven their resilience. Coca-Cola
Chief Executive James Quincey on Mills are both down around 18% as that is below its 10-year average well remain higher for longer than is a classic for a reason.
a conference call with analysts. consumers seem to be getting ex- of 22.3 times. investors now expect. And big —Aaron Back

Share-price performance, past six months

10% Shopify
5 Restaurant
Brands
Races
To Win the
International
0
McDonald’s

–5
Checkout
–10
When it comes to digital pay-
Wendy’s ments, it is getting tougher to stand
out as the technology matures and
JUSTIN SULLIVAN/GETTY IMAGES

–15
competition intensifies. Payments
Sept. 2023 Oct. Nov. Dec. Jan. ’24 Feb. providers are focusing on making it
Source: FactSet as fast and easy as possible to go
from putting an item in their check-

Burger Wars Heat Up

out cart to making the purchase.
Executives at e-commerce plat-
form and payments provider
Burger King’s ‘Reclaim the Flame’ initiative is gaining some traction. Shopify, which reported earnings on
Tuesday, touted on a call with ana-
This time last year, it seemed than just a pretender to the The number of restaurants de- money for what was already an lysts that its checkout process “con-
like McDonald’s was the only throne. Its “Reclaim the Flame” clined by 3.3% compared with a above-average operator. verts better and is now faster than
burger chain with special sauce. initiative is gaining some traction year earlier as weaker operations Despite some pleasing numbers, ever before, up to 4 seconds faster
The Golden Arches enjoyed just as McDonald’s might have lost gave up. investors sent RBI shares 4.5% on average, in fact.” Last week, Pay-
what seemed like an insurmount- a step. Fourth-quarter results for By contrast, RBI’s other large lower on Tuesday. It had been out- Pal said its new Fastlane checkout
able lead in the digital realm over Burger King under a new report- chains—Tim Hortons, Popeye’s and performing McDonald’s over the system can “reduce checkout time
its peers, and digital orders create ing format saw sales for the U.S. Firehouse Subs—had some unit past year, and both have left by up to 40%.”
customer loyalty. In 2022, the and Canada rise by 7.4% on a com- growth. Wendy’s in the dust. That chain, Shopify has had explosive growth
McDonald’s app was downloaded parable-store basis. McDonald’s Recently Burger King dialed up in which activist investor Nelson in recent years not only by growing
almost four times as much as had relatively lackluster 3.4% that strategy by announcing it Peltz has long been involved, an- the merchants on its platform, but
Starbucks. Its monthly average us- growth globally and 4.3% in the would buy its largest franchisee, nounced its own plan involving a getting an increasing share of them
ers and its digital sales were miles U.S. market on a similar basis. Carrols Restaurant Group, for $1 corporate revamp and a doubling to use its payments. About 60% of
ahead of Wendy’s. One big reason is that Burger billion. The rationale is it can of its dividend. Any good feelings its overall volume in the fourth
Burger King, owned by Restau- King U.S. and Canada boss Tom more quickly renovate its restau- were short-lived. quarter was via Shopify payments,
rant Brands International, was Curtis, hired in 2021 after a fan- rants and then later re-franchise Is it even possible to match up from 56% a year prior. It said
worse. Some franchisees were go- tastic run at Domino’s, is being them to multiple owners. The deal McDonald’s financially and opera- $45.1 billion of gross payment vol-
ing bust and it slipped to No. 3 in ruthless about underperforming is consistent with its drive to im- tionally? Burger King is starting to ume was processed on Shopify pay-
domestic sales a couple of years franchisees, using both a carrot prove, but it begs the classic stra- show some early results, but it is ments in the quarter, up 32% from a
earlier. and a stick approach. The chain tegic question: Why buy the cow possible that investors’ patience is year prior.
But there were signs Tuesday has doled out cash for renova- when you have the milk (or the starting to wear thin with the Overall gross merchandise vol-
that Burger King might be more tions, but only to high performers. beef in this case)? It is a lot of costs. —Spencer Jakab ume grew 23% year over year.
The market’s bar is very high for
Shopify, whose shares stood out
among peers by resuming big gains

Despite New Alzheimer’s Therapy, last year. They are up over 60% over
the past 12 months.
Investors appear to be on high

Biogen Is a Show-Me Story for Wall Street

alert for indicators of plateauing
or leveling out of growth. Shopify
shares fell 13% Tuesday, despite
the company topping expectations
for volume and revenue growth,
In theory, Biogen should be one The stock was down 7.4% Tues- Viehbacher sounded a positive Biogen share price, past 10 years and giving first-quarter guidance
of the hottest biotechnology sto- day and is down over 20% in the note on the call, pointing to the a bit over analysts’ forecast.
$450
ries around. Together with its past decade. fact that the drug was making Payments revenues are generally
partner Eisai, it is rolling out the The biggest issue now for Bio- progress despite plenty of bottle- lower-margin than other services,
only approved treatment for early- gen and Eisai is that there isn’t necks. 400 which puts some pressure on
stage Alzheimer’s disease shown enough capacity in the country to “We do believe we’re making Shopify’s gross-margin expansion.
to reduce the rate of disease pro- support a quick rollout of their very solid progress. And we be- Citigroup analysts said in a Tuesday
gression. drug. Because this is a new modal- lieve that we have validated the 350 note that Shopify’s fourth-quarter
And yet, investors want nothing ity, there is a shortage of every- go-to-market model,” he said. “We gross margin of 49.5% fell a bit be-
to do with a stock that has done thing from specialists to infusion- have always guided investors to low analyst consensus, affected in
300
nothing but disappoint them over center capacity to diagnostics. On the fact that this would be a pro- part by “continued growth in lower
the last decade. On Tuesday, Bio- top of that, there are also plenty gressive ramp and that’s what margin payments business,” as well
gen’s soft 2024 guidance was yet of questions about its clinical ben- we’re seeing. And we continue to 250 as its sale of a logistics unit.
another letdown, as the company efit. Eisai executives said they ex- believe in the long-term impor- Shopify told analysts its “attach
projected a fifth straight year of pected 10,000 U.S. patients to be tance of Leqembi both to patients rate”—a measure of revenue as a
revenue declines. Biogen’s busi- on the drug by the end of March and to our financial results.” 200 percentage of GMV—is generally
ness is shrinking as the company’s but the companies have since di- Viehbacher could very well turn trending higher, and it is focused on
older multiple-sclerosis franchise aled expectations back as the roll- this company around. But for in- overall revenue and volume growth.
150
faces competition while Leqembi, out has been slower, with about vestors, Biogen remains a show- Payments is a fast-growing busi-
the Alzheimer’s treatment, grows 2,000 patients on Leqembi. me story. 2015 ’20 ’24 ness, but an increasingly brutal one.
slowly. Biogen Chief Executive Chris —David Wainer Source: FactSet —Telis Demos