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SpaceX Grabs Returning Booster Rocket U.S. Set

What’s
News To Send
Business & Finance Defense
 Private-equity firms are
buying up skilled-trade small
System,
businesses, minting a new
class of millionaires across
the country and changing a
Troops
To Israel
tradition of owners handing
down companies to their
children or employees. A1
 More union members are
defying their leadership, vot- Biden approves anti-
ing down contracts that ne-
gotiating committees might missile battery,
have spent months hammer- about 100 soldiers on
ing out for ratification. A1
 Apple’s Vision Pro is
ground to operate it
SPACEX/ASSOCIATED PRESS

struggling to attract major

software-makers to develop WASHINGTON—The Biden
apps for the device, the administration is sending an
company’s biggest new advanced antimissile system
product in a decade. B1 to Israel along with U.S.
troops to operate it, moving to
 Home Depot will shed some
WHAT A CATCH! SpaceX caught a towering booster rocket returning to its launchpad in Texas, an engineering milestone for the bolster its top Middle East
of the sprawling warehouse
Starship vehicle at the center of Elon Musk’s plans for deep-space exploration. It was SpaceX’s first attempt at the catch. A3. ally’s defenses against an Ira-
space it had added during
nian attack, the Pentagon said
the pandemic as it grapples
on Sunday.

Private Equity Pours Millions

with falling sales in an un-
certain consumer market. B3
By Michael R. Gordon,
 “Terrifier 3” topped the Lara Seligman
box-office chart with $18.2 and Nancy A. Youssef

Into HVAC, Plumbing Trades

million in domestic ticket sales
on its opening weekend. B2 The deployment of the
Thaad system, a ground-based
 A bankruptcy judge in
interceptor designed to shoot
Texas said J&J’s third chapter
down ballistic missiles, marks a
11 case seeking to resolve its
significant step in U.S. efforts to
talc-related liabilities can stay
BY TE-PING CHEN heat most days this summer. ing up a shovel is foreign to tors by offering mom-and-pop directly protect Israel against
in his court in Houston, keep-
For years, Rice, 43 years them,” he said. shops seven-figure and eight- an enemy attack by putting U.S.
ing it out of New Jersey B6
Aaron Rice has two logos old, was skeptical when out- Private equity, however, is figure paydays. It is a contrast soldiers on the ground.
 A Seoul Semiconductor tattooed on his left leg: one of-state investors offered to no foreign player in the skilled from previous generations, The move comes as U.S. and
suit against a German re- from the plumbing business he buy his company. He assumed trades these days. PE firms when more owners handed Israeli officials have been hold-
tailer has led to a United co-founded more than a decade most of them knew little across the country have been companies down to their chil- ing talks on a planned Israeli
Patent Court ban on LED ago, and another from the pri- about skilled-trade work or scooping up home services like dren or employees. strike on Iran. U.S. officials
products violating patent vate-equity-backed company his customers. They were just HVAC—that is, heating, ventila- The wave of investment is have urged Prime Minister
rights in eight European that recently bought it. looking to make a buck. But in tion and air conditioning—as minting a new class of million- Benjamin Netanyahu’s govern-
countries simultaneously. B4 Few businesses are as vital 2022, when approached by a well as plumbing and electrical aires across the country, one ment not to target Iran’s oil fa-
to their customers as local local HVAC company backed companies. They hope to profit that small-business owners Please turn to page A7
World-Wide plumbing, heating or air-condi- by private equity, he changed by running larger, more profit- said is helping add more shine
tioning companies—especially his mind, figuring that they able operations. to working with a tool belt.  Documents link Iran to Oct.
in places like Tucson, Ariz., knew the business. Their growth marks a ma- “You don’t need to go to 7 attacks, Israel says....... A7
 The Biden administration is where Rice works and resi- “The trades are hard work. jor shift, taking home-services Silicon Valley to have a suc-  Israel alleges U.N. failure in
sending an advanced antimissile dents sweltered in 100-degree A lot of today’s society, pick- firms away from family opera- Please turn to page A2 finding tunnels................... A8
system to Israel and American
troops to operate it, moving to
bolster its top Middle East ally’s
defenses against an Iranian
attack, the Pentagon said. A1
Unions Defy Their Leadership Mystery Drones
 Israel’s military shared with
journalists documents that it
said its soldiers found in Gaza
With ‘No’ Votes on Contracts Stump Pentagon
and that appear to show fi-
BY LAUREN WEBER years. Members of the Interna- Wages and prices, change
nancial and military support
AND SHARON TERLEP tional Association of Machin- since 2010
provided by Iran to Hamas
ists and Aerospace Workers
before the Oct. 7 attacks. A7
Frustrated by inflation eat- chapter had never before re-
50% Aircraft have flown unhindered
 Trump suggested deploy- ing into their paychecks and jected a contract recom- Nonunion workers over sensitive national-security sites
ing the National Guard or empowered by the United Auto mended by their leaders. 40 Consumer prices
military to respond to what Workers’ successful strikes The IAM chapter president Union members U.S. Air Force Gen. Mark ble for a clutch of the nation’s
he termed the “enemy from last year, union members are had described the deal as a %0
Kelly wasn’t sure what to most advanced jet fighters,
within” on Election Day, saying sending a message to their historic raise. “I would like to make of reports that a suspi- including F-22 Raptors.
he was concerned about the own leaders: Do better. imagine he did everything he cious fleet of unidentified For several nights, mili-
prospect of chaos wrought In recent months, members could to secure the best possi- 20 aircraft had been flying over tary personnel had reported
by “radical left lunatics.” A4 have voted down contracts at ble deal for his members,” said a mysterious breach of re-
Boeing, AT&T, Textron and Josh McKenzie, who works at By Gordon Lubold, stricted airspace over a
 Trump leads Harris 10
other companies after their Boeing’s 737 factory in Renton, Lara Seligman and stretch of land that has one
among swing-state voters
unions’ negotiating commit- Wash. “At face value, it didn’t Aruna Viswanatha of the largest concentrations
50% to 39% on who is best
tees spent months hammering look bad. But the more I read 0 of national-security facilities
able to handle Russia’s war
out deals for them to ratify. it, the more it seemed like 2010 ’15 ’20 Langley Air Force Base on in the U.S. The show usually
in Ukraine and has an ad- ’2%
Most dramatically, at Boe- we’d be in pretty much the Virginia’s shoreline. starts 45 minutes to an hour
vantage of 48% to 33% on Note: Based on median weekly earnings for
ing, 94% of machinists in the same boat.” full-time employees and the seasonally Kelly, a decorated senior after sunset, another senior
who is better suited to han-
company’s largest union voted The typical U.S. union mem- adjusted consumer-price index. Median pay commander at the base, got leader told Kelly.
dle the Israel-Hamas war. A4
in September against the pro- ber still has higher earnings for union members remains higher than for on a squadron rooftop to see The first drone arrived
nonunion workers, but the gap has been
 The vice president’s per- posed contract, which offered than workers who aren’t cov- closing over the past decade. for himself. He joined a hand- shortly. Kelly, a career
sonal physician gave her a 25% wage increases over four Please turn to page A6 Source: Labor Department ful of other officers responsi- Please turn to page A10
clean bill of health in the runup
to Election Day, noting she ex-
ercises daily and is up-to-date
on preventive screenings. A4
In Sailing’s Most Famous Race, Election to Decide Fate INSIDE
 Ruth Chepngetich of Kenya Britannia Definitely Doesn’t Rule
smashed the world record in the
women’s event by nearly two
i i i Of Antitrust Crackdown
minutes at the Chicago Mar-
athon, winning in 2:09:56. A2
World’s greatest naval power aims to end
BY DAVE MICHAELS their duty to restrain corpo-
 Died: Alex Salmond, 69, a 173-year drought in the America’s Cup rate power, while companies
Scotland’s former leader. A9 Voters won’t be considering such as Amazon.com exploited
BY JOSHUA ROBINSON World Series. Lina Khan when they go to the the opportunity to build un-
AND JONATHAN CLEGG Yet all of those streaks are polls in November. But who challenged monopolies.
CONTENTS Opinion................ A15-17
Arts in Review..... A13 Outlook........................ A2
drops in the ocean compared they elect to the White House Khan’s FTC tenure got off to
Box Office....................B2 Personal Journal...A11 The annals of sporting futil- with Britain’s record compet- will decide whether her pro- a slow start, as employee mo-
Business News .... B3 Sports.......................... A14 ity are full of sad-sack teams ing for the world’s oldest inter- gressive experiment in anti- rale nosedived over concern
Crossword................ A14 Technology................ B4 that run into humiliating de- national sporting trophy. trust policing survives. that she condemned much of
Heard on Street.... B9 U.S. News.............. A2-6
Market Digest......... B7 World News.. A7-9,18 feat, season after season, only The America’s Cup was in- Khan, the 35-year-old chair their prior work. She quickly
to come back for more. The vented in Britain and first con- of the Federal Trade Commis- withdrew policies that had
NFL’s Arizona Cardinals have tested in 1851. And in all that sion, has been one of President made it easier for some merg- U.S. NEWS
> never won a Super Bowl in 58 time, the greatest naval power Biden’s most prominent ers to clear the FTC’s review Floridians are reaching
years of trying. The Toronto the world has ever seen—the agency leaders. As a young ac- and started to bring headline-
Maple Leafs have gone more country of Horatio Nelson, Sir ademic, she built a surpris- grabbing enforcement actions
a breaking point as
than half a century without a Francis Drake and “Britannia ingly robust following around against Amazon, Microsoft and storms ratchet up
s 2024 Dow Jones & Company, Inc.
Stanley Cup. The Seattle Mari- Rules the Waves”—has some- a tract that argued antitrust others. Along the way, she has costs and tensions. A6
All Rights Reserved ners have never reached a Please turn to page A10 enforcers had shrunk from Please turn to page A5

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A2 | Monday, October 14, 2024 * *** THE WALL STREET JOURNAL.

U.S. NEWS
THE OUTLOOK | By Paul Kiernan and Anthony DeBarros U.S.WATCH
Economists See Higher Inflation With Trump CHICAGO
Kenyan Woman Has
Marathon Record

M W
ost economists change from their July fore- Probability the U.S. is in a recession in next 12 months hile neither Trump Ruth Chepngetich of
think inflation, cast, Hamilton and his col- including today* nor Harris has ex- Kenya smashed the world re-
interest rates league Matthew Fienup now 100% RECESSION pressed much appe- cord by nearly two minutes
and deficits see a second Trump term tite for fiscal rectitude, 65% at the Chicago Marathon on
would be higher producing faster price in- 80 of economists see Trump’s Sunday, winning in 2:09:56.
under the policies former creases due to the former proposed policies putting The 30-year-old Chepnget-
President Donald Trump president’s tariff plans. more upward pressure on ich broke the world record
60
would pursue in a second “Since July, it became appar- 50%
the federal deficit, up from set by Tigist Assefa of Ethio-
administration than under ent to us that Trump is even 51% in July. pia in 2:11:53 at the 2023 Ber-
%0
those proposed by Vice Pres- more anti-free-trade than On the campaign trail in lin Marathon.
ident Kamala Harris, accord- Harris,” Hamilton said. recent weeks, Trump has pro- “I feel so great. I’m very
ing to a quarterly survey by 20 posed eliminating taxes on
Since July, Trump has proud of myself,” Chepngetich
The Wall Street Journal. pledged across-the-board Social Security income and said. She became the first
The results of the Oct. 4-8 tariffs of 10% to 20% on im- 0 overtime pay, and lowering woman to break 2:10 in the
survey echoed those of the ported goods, up from his 2006 2010 201% 2020 202% them on American citizens marathon.
Journal’s survey in July, earlier plan to impose 10% Consumer-price index, To the question†: ‘Under which who live abroad. He has also John Korir of Kenya won
when Trump was facing tariffs. He has also proposed change from a year earlier, presidential candidateʼs vowed to step up deportations the men’s race in 2:02:44,
President Biden. Biden a 60% or higher tariff on im- actual and forecasts proposed policies is inflation and immigration enforcement, besting Huseydin Mohamed
dropped out of the race on ports from China. likely to be higher?’... which could reduce the num- Esa of Ethiopia, who finished
July 21, and Harris became Studies of tariffs imposed ber of people working and in 2:04:39.
%)0% 0% 25 50 (5
the nominee shortly after- when Trump was president paying taxes in the U.S. Korir and Chepngetich ran
ward. found they were often Actual Forecasts As a result, the Committee in honor of the late Kelvin
...Donald July 5-9
Since then, both Harris passed through to importers 3)5 for a Responsible Federal Bud- Kiptum of Kenya, who broke
Apr. ’24 Trump Oct. 4-%
and Trump have released or consumers as higher costs get estimates Trump’s plans the world record by 34 sec-
significant new policy pro- or prices and hurt industries Oct. ’24 would widen federal budget onds, finishing in 2:00:35, at
3)0 ...Kamala
posals. Harris, for example, that depend on imported in- July ’24 deficits by an estimated $7.5 the 2023 Chicago Marathon.
has called for new credits puts. Harris trillion over the next decade. —Associated Press
/Joe Biden* ....50 economists
for newborn children and “If the tariffs work the 2)5 answered... A likely consequence of
home buying, while Trump way economists think they higher deficits and inflation ENTERTAINMENT
has proposed tax cuts on work, I think people are in is higher interest rates. The
overtime pay and Social Se- for a very nasty surprise,” 2)0
...No material
difference Journal’s survey showed 61%
‘Iron Throne’ Sold
curity benefits, breaks for said Philip Marey, senior 202% ’25 ’26 ’2( of economists saw rates be- For $1.49 Million
auto loan interest and state U.S. strategist at Rabobank. *Average of economists' answers. Gaps indicate question not asked or data unavailable. ing higher under a hypotheti- “Game of Thrones” fans
†July survey was conducted before President Biden dropped out of race
and local taxes. Trump has touted tariffs Sources: Wall Street Journal surveys of economists (recession probabilities, CPI forecasts, survey
cal President Trump than un- came out in droves to bid on
The upshot: economists as a way to bring manufac- question on inflation); Labor Department (actual CPI) der Harris. hundreds of costumes, props
still think Trump’s policies turing jobs back to the U.S., The survey found econo- and other items from the se-
are more likely to add to in- raise money for the federal to review the record and ac- 2020, setting the stage for a mists’ outlook had bright- ries in an auction that raked
flation, deficits and interest government and punish knowledge the shortcomings dramatic rebound. Inflation ened since July. They now in more than $21 million.
rates. If anything, the mar- countries that have been of their past work if they’d reached a 40-year high un- expect U.S. gross domestic From Thursday through
gin has grown since July. “ripping us off for years.” He like their new forecasts to be der Biden, much of that due product to expand 2.2% in Saturday, the Heritage Auc-
Of the 50 economists who has disputed their down- seen as credible.” to pandemic-related supply- the fourth quarter of 2024 tions event in Dallas featured
responded to the survey’s sides, noting that inflation chain disruptions and to fed- from a year earlier, compared more than 900 lots including

T
question on inflation, 68% was lower during his presi- he Journal asked econ- eral stimulus, some of which with an average forecast of suits of armor, swords and
said prices would rise faster dency—despite a trade war omists to assess the was signed into law by 1.7% in July. Inflation as mea- weapons, jewelry and several
under Trump than under with China and friction with proposed policies of Trump. sured by the consumer-price other items of significance
Harris. That was up from other major trade partners— the candidates. Whether The Journal’s survey index is seen at 2.5% at the from the HBO series.
56% in July. Only 12% of the than under the Biden admin- those policies are enacted asked economists how end of this year, down from a The top-dollar item was
economists thought inflation istration. depends on several factors, Trump’s proposed broad- July forecast of 2.8%. the very thing the characters
would be higher under a “Then—as now—Trump most important the makeup based tariffs would affect do- The average probability in the series vied for
Harris presidency, while the policies will fuel growth, of Congress. mestic manufacturing em- economists assigned to reces- throughout its eight-season
remainder saw no material drive down inflation, inspire The Covid-19 pandemic ployment within three to five sion in the next 12 months run: the Iron Throne. After a
difference between the can- American manufacturing, all and its aftermath make it years, relative to a scenario has fallen to 26%, from 28% six-minute bidding war, the
didates. while protecting the working hard to directly compare the with no such policy. Of the in July. throne sold for $1.49 million.
“Both candidates have men and women of our na- economic records of Trump 44 economists who re- The Journal’s October sur- The replica was made of
policies that are inflation- tion from lopsided policies and Biden as president. Em- sponded, 59% said employ- vey received responses from plastic and molded from the
ary,” said Dan Hamilton, di- tilted in favor of other coun- ployment has grown faster ment would be lower, while 66 professional forecasters original screen-used version,
rector of the center for eco- tries,” said Brian Hughes, a under Biden than under only 16% said it would be from business, Wall Street then finished off with metal-
nomic research and senior adviser to the Trump Trump, mostly because the higher. The remainder said and academia. Some fore- lic paint and jewel embellish-
forecasting at California Lu- campaign. “These Wall pandemic vaporized more employment would be the casters didn’t answer every ments.
theran University. But in a Street elites would be wise than 20 million jobs in early same. question. —Associated Press

PE Firms pair work, some sounding off

in online forums said.

Eye HVAC, American dream

Selling can also be bitter-

Plumbers sweet. Dana Spears co-

founded an HVAC company in
Land O’Lakes, Fla., in 2006,
later buying it outright in
Continued from Page One 2008, when it had 14 employ-
cessful career and entrepre- ees, leaving her with $4,000 in
neurial opportunities,” said the bank. When Covid hit, out-
Brian Rassel, a partner at the side investors woke up to the
Detroit-based Huron Capital. importance of essential busi-
nesses like hers. More than
100 offers to buy the company
The paydays have poured in since 2020.
If you live in a big metro Spears, 51, resisted selling
area, chances are one of the because she worried about her
service trucks you have seen 100 employees.
drive by has recently changed Aaron Rice, above, sold the “I have employees who’ve
hands. Private-equity inves- plumbing company he co- worked for me for 16 years,”
tors have purchased nearly she said. “I don’t want this to
CASSIDY ARAIZA FOR WSJ (2)

founded to a HVAC company

800 HVAC, plumbing and elec- backed by private equity. He be an overnight flip and they
trical companies since 2022, is part of a growing class of don’t have a job.”
according to data from Pitch- entrepreneurs in the skilled But around her, private eq-
Book. And those are just the trades who have sold their uity was buying her peer com-
biggest deals—plenty of companies but aren’t yet panies, and she felt out-
smaller-scale purchases aren’t ready to retire. gunned. Her newly acquired
tracked, and sellers are reluc- competitors could negotiate
tant to share exact details fact that the company would and electrical services. More 10 small-business owners in interest, Weaver said, anyone better pricing and deals on ev-
about their PE payouts. become part of Rite Way, an- capital helps it tap a wider cus- the skilled trades looking for a with entrepreneurial ambitions erything from equipment to
“Everybody and their uncle other local outfit, and that Red- tomer base. It also helped add buyout wanted to retire and should take a second look at workers’ health insurance.
owns an HVAC business in the wood wanted owners to con- dozens of additional service be done, said Ted Polk, a man- the trades, which offer steady Earlier this year, after
private-equity space today,” tinue holding a stake and have trucks, increased head count, aging director at Capstone income via unclogging toilets, much deliberation and meet-
says Adam Hanover, chairman a major say in management. started an apprenticeship pro- Partners, a Boston-based in- fixing boilers and installing air- ing with numerous buyers, she
of Redwood Services. The PE- Rice continues to work as a gram to train new workers and vestment banking firm. These conditioning units. settled on a firm she felt she
backed home-services com- sewer department manager at increased sales training for days, a growing number of “You can build a business could trust, P1 Service Group.
pany bought Aaron Rice’s Rite Way and plans to stay technicians. Redwood also them don’t want to ride off that’s going to be worth Exiting the business was a
business in 2022 and merged with the company until he re- brought in accountants to scru- into the sunset. Around a $10-30 million and have a wrenching decision, but the
it with Rite Way, a larger Tuc- tires in seven years at age 50. tinize the bottom line. third are entrepreneurs who ready list of buyers to sell it opportunity also felt too good
son-based HVAC operation His co-founder has remained Small-business owners are want to stay with the com- to,” he said. to pass up, said Spears, who
that Redwood acquired the with the company, too. often too busy to juggle such pany and find ways to grow. Still, some workers said declined to disclose how much
year before. “I want to hunt, fish, drink an array of tasks, or they “They see what they can do that when private equity buys the company sold for.
Redwood has acquired 35 beer and cook meat,” Rice charge prices that are years on their own is a fraction of up their companies, they wind “It’s like we’re finally seen
companies in the past four said. out of date, said Richard what they could if they had up pushing new systems on and recognized,” Spears said.
years. They range from For private-equity inves- Lewis, chief executive of Red- somebody behind them, saying, customers, rather than simply “The trades are one of the
smaller outfits (such as tors, the strategy is one that wood Services. Redwood’s ‘I’ll help you buy these guys fixing what’s not working. The businesses that, if you have
Rice’s), which Redwood said it has been put to use in indus- home-services businesses ex- and those guys,’ ” said Polk, pressure to make sales is less the grit, you can go and do the
buys outright for an average tries as varied as carwashes amine their prices on a quar- who has done deals in the satisfying than doing real re- American dream.”
of $1 million, to more sizable and nursing homes: Roll up terly basis to ensure they are skilled trades ranging from $30
companies (such as Rite Way),
with an average valuation
businesses to create larger
players and improve their
in line with the market.
If the cost of a screw goes
million to more than $200 mil-
lion. “Next thing you know, CORRECTIONS  AMPLIFICATIONS
around $20 million, in which margins by adding managerial up, it gets passed on to the you’re running an empire.” Readers can alert The Wall Street Journal to any errors in news articles by
emailing [email protected] or by calling 888-410-2667.
it takes majority stakes. know-how, back-office effi- customer, Lewis said. Workers benefit financially,
The trades have long of- ciency and beefed-up market- “It’s taken a lot of stress out too, said Graham Weaver,
fered solid hourly wages for ing and recruiting budgets. of the business,” said Rick Wal- founder of private-equity firm THE WALL STREET JOURNAL
workers without college de- Critics of the PE model said ter, Rite Way’s former owner. Alpine Investors, based in San (USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
grees. They are also spring- that it can mean higher prices Walter, 67, retains a 25% stake Francisco. Alpine, an early in- Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
boards for those with bigger for consumers and less com- in the company and has agreed vestor in HVAC companies, Published daily except Sundays and general legal holidays.
entrepreneurial ambitions. petition, but others said it can to stay on as president for a said technicians at the HVAC Periodicals postage paid at New York, N.Y., and other mailing offices.

In Rice’s case, he struggled improve service quality and few more years. After that, he businesses it acquires get a Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020.

with addiction and had spent boost the bottom line. plans to enjoy his retirement 20% pay bump in the first All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of which
are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the
five years in prison for selling with his wife and family—and year after a company is sold, Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only
meth before co-founding his their Colorado vacation home mostly through a combination publication of an advertisement shall constitute final acceptance of the advertiser’s order.

plumbing business in 2012 Building an empire purchased with proceeds from of higher wages, bonuses and
Letters to the Editor: Fax: 212-416-2891; email: [email protected]
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with his business partner, New ownership has paid off his company’s sale. commission. The company By web: customercenter.wsj.com; By email: [email protected]
Mike Nagal. It specialized in for Rite Way. Under Redwood, “This business has been 60 has rolled up more than 200 By phone: 1-800-JOURNAL (1-800-568-7625)

sewer inspections and repair. the company has gone from to 70 hours a week for years,” companies across 43 states Reprints & licensing:
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It had 18 employees and was $30 million in annual revenue Walter said. “I’d be out till 9 into a larger service platform, WSJ back issues and framed pages: wsjshop.com
bringing in about $3 million in to around $70 million. or 10 p.m., selling heating and Apex, which did a combined Our newspapers are 100% sourced from sustainably certified mills.
revenue a year. Along the way, Rite Way ac- cooling systems, and she stood $2.2 billion in business in the
Though the duo hadn’t quired companies to expand behind me the whole time.” past year. GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS
planned to sell, they liked the beyond HVAC, with plumbing A decade ago, nine out of Given the surging investor
THE WALL STREET JOURNAL. Monday, October 14, 2024 | A3

U.S. NEWS

FROM LEFT: AGAIR UPDATE/MARSAYL MEDIA, JON PUTMAN/SOPA IMAGES/GETTY IMAGES

Fighting Fires
From the Sky
Turns Deadly Pilot Juliana Turchetti, above left, was flying an amphibious air tanker in July to fight a fire northeast of Helena, Mont.,
when she hit a vertical rock and was killed. Above, a separate fire raged last month near a house in Lake Elsinore, Calif.

BY ERIC NIILER tional Transportation Safety Interagency Fire Center in out small fires in remote areas in Springfield, Ill. In April, you’re always looking for an
Board keep separate tallies of Idaho to raise its national that ground crews can’t reach Turchetti went west to work out if something goes bad.”
In daring flyovers just above aviation accidents involving alert to level 5, indicating that before they get too big. They full time as a firefighting and Firefighting pilots report
the tree line, flying firefighters aerial firefighters. According to firefighting resources are be- also work directly with fire- agricultural pilot. She was close calls every year, from
are battling blazes that have the NTSB, which has the most ginning to be stretched thin. fighters on the ground by hired by Dauntless Air, an avoiding transmission lines and
burned 7.8 million acres na- complete of the three data The potential for “significant dropping water or retardant aerial firefighting firm with other pilots on the same wild-
tionally this season—more sets, there have been eight fa- wildland fires is high and ex- to keep a fire from spreading. operations throughout the fire mission to dodging a grow-
than triple last year’s acreage. tal crashes since 2020 that in- pected to remain high,” ac- That gives crews more time to Western U.S. She crashed ing number of drones flown by
They dump payloads of chemi- volve aerial firefighting. cording to the center. This is clear brush ahead of a fire. three months later, on July 10. private operators filming wild-
cals or water scooped up from The details of the crashes the latest date it has declared Unlike on flights when a pi- “Everybody loved her,” said fires. Last year, aerial firefight-
lakes to douse flames and pro- reported here are based on a level 5 alert since records lot can rely on autopilot con- Jesse Weaver, chief pilot for ing flights were shut down 10
tect homes and buildings. NTSB reports, news accounts began in 1990. trols, maneuvering an aircraft Dauntless. “She was very en- times because of drone inter-
But sometimes things go and interviews. All of the inci- The U.S. Forest Service and around a wildfire requires con- thusiastic and proud to do this ference, according to the Na-
wrong. dents appear in NTSB data, four agencies stant attention job. She was new at it. That’s tional Interagency Fire Center.
This year, at least six pilots but not all are tagged as “fire- under the Inte- to maintain a the sad part. It was only her Hampton, 55, flew A-10 air-
have crashed while performing fighting” crashes. rior Depart- safe altitude, fly third fire.” craft for 21 years in the U.S.
aerial maneuvers, flying Federal safety officials are ment have con- The number of a prescribed Turchetti had passed fed- Air Force before retiring and
through smoke or while en investigating whether aircraft tracted 139 fatal accidents course and then eral training requirements and switching to firefighting eight
route on support missions. malfunction, human error, foul planes and 986 drop water or Dauntless’s own training pro- years ago. When he began
Juliana Turchetti was fly- weather or some combination helicopters to this year is chemical retar- gram, Weaver said. In 2022, fighting fires, he said he re-
ing a single-engine “Fire were responsible for the fight fires this dants in just the Turchetti told a local public- ceived a few tips on how best
Boss” amphibious air tanker crashes. year across the
unusual, right location. radio interviewer in Illinois to handle the specialized fire-
to fight the Horse Gulch Fire While there is no common U.S.—most pilots say. The aircraft of- that she had always dreamed fighting aircraft from Jim
northeast of Helena, Mont., in thread tying together this owned by aerial ten fly in tightly of being a pilot. “I grew up Maxwell, a 73-year-old pilot.
formation with two other air- summer’s fatal accidents, the firefighting choreographed with that passion. It was al- Maxwell was among the pilots
craft. After scooping up water number is unusual, according firms. A few formations in most like a calling.” who died this year.
from Hauser Reservoir, Tur- to pilots and industry experts. states, such as California, em- which several planes or heli- Other pilots say their love “He taught me a lot when I
chetti pulled up, banked left North America’s fire season ploy their own aerial firefight- copters drop their loads one at of flying outweighs the risks first started,” Hampton said.
and struck a vertical rock face is getting longer, hotter and ing departments. Firefighting a time directly on a fire or involved in firefighting from Maxwell was part of a
along the southern shore. drier. Record-setting tempera- planes range from lumbering around buildings. the air. three-plane convoy headed to
She is one of at least four tures in the Southwest and four-engine C-130s that can A 45-year-old native of Bra- “It’s always a challenge,” a forest fire on July 25 when
pilots and one mechanic to Southern California in early drop 4,000 gallons of retar- zil, Turchetti had 20 years of said Joel Hampton, veteran pi- they ran into wildfire smoke
have died this year. Two pilots October, and well-above-nor- dant to nimble single-engine flying experience and had lot for CO Fire, a Colorado- near Izee, Ore., and his single-
survived crashes. mal temperatures in parts of air tankers that can quickly been working as a crop-dust- based firm. “You mitigate the engine air tanker struck a hill-
The U.S. Forest Service, In- the Mountain West and Great unload 800 gallons of water. ing pilot while also running an risk by making sure you’re side. He had more than 50
terior Department and Na- Plains, prompted the National The pilots can quickly put aviation-themed coffee shop briefed, you’re trained and years of experience as a pilot.

Huge SpaceX Booster Rocket Blasts Off, Returns Home

BY MICAH MAIDENBERG Starship and one that came af- on its current operational ve-
ter the company criticized the hicles, Falcon 9 and Falcon
SpaceX caught a towering Federal Aviation Administra- Heavy.
booster rocket back at its tion for its pace in approving The idea behind catching the
launchpad in south Texas, an Starship missions. The FAA, booster is that SpaceX could, in
engineering milestone for the which licenses private space the future, stack the Starship
Starship vehicle at the center launches, said Saturday it had spacecraft back on top of one
of Elon Musk’s plans for deep- approved the Starship test. that landed at a pad and
space exploration. Officials at the FAA have quickly launch again.
The Super Heavy booster, said they must fully analyze Multiple Starship launches
the first stage of Starship, safety and environmental con- will be important for lunar op-
SERGIO FLORES/AGENCE FRANCE-PRESSE/GETTY IMAGES

lifted off from south Texas on siderations before giving a erations for NASA. For those
Sunday morning and propelled green light to SpaceX flights of missions, including the one
the Starship craft into space. the still-experimental rocket. currently set for about two
Shortly after the launch, Starship, which consists of years from now, a Starship
SpaceX made the call to return the Super Heavy booster and spacecraft would be launched
the booster back to the pad Starship spacecraft, stands into space, and take on signifi-
from which it had launched. about 400 feet tall when it is cant amounts of fuel before fly-
A livestream from SpaceX launched. ing to an orbit at the moon. Or-
showed the device zipping back Musk has said that he wants bital fuel transfers have never
toward the facility, and, as it Starship to be fully and rapidly been proven at the scale the
approached a tower, its engines reusable. Other rocket opera- operation requires.
slowed the enormous device tors, both historically and today, Executives at SpaceX have
down, allowing for the catch use what are called expendable said they want to fly many
around 8:30 a.m. ET. The vehi- A crowd awaited the Sunday morning launch of SpaceX Starship near Boca Chica, Texas. boosters, meaning that the Starship missions before taking
cle latched down on mechanical rocket is used once, to get other onboard any astronauts.
arms sticking out of the tower. SpaceX, said in a post on X. company in a post on X. ration program, to late 2026. craft carrying satellites or as- The spacecraft that the Su-
It was SpaceX’s first attempt The catch grabbed the at- Starship is contracted to Officials pushed back the flight tronauts into proper orbits. Ex- per Heavy booster launched on
at the catch, a feat that the tention of the space industry, transport astronauts to the lu- in part because contractors pendable boosters have their Sunday, meanwhile, later
company and Musk, its chief as well as government offi- nar surface on a NASA mission needed more time to address own advantages, being capable landed in the Indian Ocean, ac-
executive, have said are key to cials who work closely with that relies on numerous U.S. technical challenges. of blasting payloads deep into cording to SpaceX. The com-
reducing the cost of rocket SpaceX. Bill Nelson, the ad- companies, from SpaceX to Catching the booster was a space on a single launch, some pany wants to make that vehi-
launches. ministrator of the National Lockheed Martin. NASA ear- primary goal of Sunday’s rocket executives say. cle, which would carry satellites
“I don’t know what to say!” Aeronautics and Space Admin- lier this year delayed that mis- launch, the fifth time SpaceX SpaceX has long pushed re- or astronauts on operational
Gwynne Shotwell, president at istration, congratulated the sion, part of its Artemis explo- has conducted a test flight of usability in rockets, including flights, reusable as well.

Wealthy Republican Donors Back a Fledgling University in Texas

BY JULIET CHUNG the accomplishments of West- Americans to flex their finan- its mission as the “fearless tional Group, which has a big Lonsdale and has separately
AND PETER RUDEGEAIR ern civilizations in their en- cial muscle. pursuit of truth.” Its founda- stake in TikTok. been paying students to skip
tirety,” he said. “Many people Billionaires like Marc tional curriculum marries The effort to launch the college, made a small gift. For-
Billionaires critical of elite think that’s a bad idea.” Crow Rowan and Bill Ackman led classical texts—students were school was announced in fall mer energy trader John Ar-
colleges are banding behind a said he expects UATX to en- campaigns to oust Ivy League given a copy of Homer’s Odys- 2021. Founders include ven- nold and his wife, Laura, who
fledgling school in Texas that courage ideological diversity. presidents they viewed as be- sey upon enrollment—with an ture capitalist Joe Lonsdale, a are advocates of criminal-jus-
boasts 92 students. Crow and his wife, Kathy, ing too soft on antisemitism emphasis on entrepreneurship. conservative who is donating tice reform and open debate
Trader Jeff Yass, real-estate have hosted several events for on campus following Hamas’s A video posted to the to Donald Trump, and journal- on campus, are major donors.
developer Harlan Crow and in- the school at their Dallas 2023 attacks on Israel and the school’s YouTube page con- ist Bari Weiss, who has de- Alex Magaro, co-president of
vestor Len Blavatnik are home and let the school use war in Gaza. Many wealthy trasts scenes of pro-Palestin- scribed her news startup, the investment firm Meritage
among the high-profile people space in an office park he donors believe elite colleges ian protests and encampments Free Press, as a check to main- Group, gave $10 million last
donating to the University of owns for its summer program, are overwhelmingly progres- at other schools with a civil stream media’s liberal ortho- month.
Austin, or UATX. The new provocatively called Forbidden sive—and are attracted to the UATX seminar. The video ends doxy. Whether prospective stu-
school has raised roughly Courses. Crow has been a con- idea of an alternative school with the message, “They burn, Yass, who is UATX’s biggest dents find UATX as attractive
$200 million so far—including troversial benefactor to Su- that says it encourages merit- we build.” donor, said in a statement, as donors remains to be seen.
$35 million from Yass—a huge preme Court Justice Clarence ocratic achievement and myr- While UATX says it isn’t an “Higher education needs com- UATX currently lacks accredi-
sum for a tiny school without Thomas. He has said he has iad viewpoints. explicitly political school, petition. It is time for philan- tation and can receive it only
any alumni to tap. never discussed pending cases Enter UATX, which wel- some of its most prominent thropists to start new colleges after its first class graduates.
Crow, a major Republican with Thomas. comed its initial class of first- backers are big donors to Re- in keeping with the way Amer- As a way to offset the risk stu-
Party donor, was an early Frustration with the state years last month in a former publican candidates and ican learning institutions were dents are taking, the first
backer. “Much of higher ed to- of debate and levels of unrest department store near the causes, including Yass and founded.” class of students is receiving
day seems to want to reject at prestigious universities has Texas Capitol. The school says Crow. Yass co-founded trading PayPal co-founder Peter full-tuition scholarships worth
Western accomplishments and spurred some of the richest it is nonpartisan and refers to giant Susquehanna Interna- Thiel, who has long known about $130,000.
A4 | Monday, October 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

Taxes Ride on Next President, Congress Harris Is in

‘Excellent
BY RICHARD RUBIN

Taxes could go up, down or

Yorkers Hakeem Jeffries and
Chuck Schumer would run the
House and Senate, respectively,
Health,’
completely sideways next year,
depending on which political
party controls which parts of
making it more likely that the
cap would increase or vanish.
As a senator, Harris co-spon-
Report Says
the government. sored a bill to repeal the cap,
With the House, Senate and but she hasn’t taken a position BY JIMMY VIELKIND
White House all in play, tril- this cycle. AND JENNIFER CALFAS
lions of dollars ride on a few Harris would seek an ex-
hotly contested seats. Lawmak- panded child tax credit, based WASHINGTON—Vice Presi-
ers, analysts and investors are on the more generous version dent Kamala Harris takes sev-
busily gaming out scenarios, that existed in 2021. That was eral medications to manage
trying to understand how the $3,000 for most children and seasonal allergies but is other-
next Congress might handle $3,600 for young children, and wise “in excellent health,” ac-
expiring tax cuts and other fis- it was fully refundable to cording to a statement re-
cal debates. households that don’t pay in- leased Saturday by her
A Republican sweep led by come taxes. Harris would personal physician.
Donald Trump could yield a bump the credit to $6,000 for A senior aide to the Demo-
fresh round of tax reductions. children in their first year. cratic presidential nominee
Full Democratic control with Many lawmakers will have said the two-page statement,
Kamala Harris in the White their own priorities. which includes details from a
House—less likely given the Even with narrow majori- physical exam in April, is
trajectory of Senate races— ties, Democrats could likely meant to underscore a point
could spur higher taxes on cor- agree on some tax increases, of contrast with Donald
porations and wealthy house- because they would no longer Trump, who at age 78 would
holds. Divided government—a be blocked by exiting Sens. be the oldest person to serve
president from one party and Kyrsten Sinema and Joe Man- as president if elected this
Congress at least partially con- chin, who limited the party’s year. Harris, a Democrat, will
trolled by the other—could revenue-raising policies in celebrate her 60th birthday
cause a deadline-breaching 2021 and 2022. Still, razor-thin later this month.
showdown in December 2025 Senate control in this sce- The statement from Col.
or a rare bipartisan agreement. nario—Democrats are unlikely Joshua Simmons noted that
Nothing forces Congress to to hold more than 50 seats— Harris exercises daily and is
change tax laws, but the conse- could complicate matters. up-to-date on preventive
quences of inaction are real. If screenings, including a colon-
Congress does nothing, many oscopy and annual mammo-
tax cuts Republicans enacted Divided government gram, and has undergone al-
in 2017 expire after 2025, rais- Split control of govern- lergen immunotherapy for the
ing taxes on 62% of households ment—a very likely possibil- past three years. She takes a
in 2026. ity—could bring the messiest vitamin D supplement and
“There is going to be a tax scenarios, if lawmakers take uses a prescription Atrovent
bill next year, no matter who’s firm positions as the Dec. 31 nasal spray as well as an over-
in the White House, no matter deadline for expiring taxes ap- the-counter antihistamine, Al-
who’s controlling the House proaches. It also has the easi- legra, to manage allergy
and the Senate,” said Brad est off-ramp, one Congress symptoms, Simmons said.
Close, president of the Na- used in 2010 and 2013 to ex- Harris’s blood pressure in
tional Federation of Indepen- tend tax cuts. the April physical was re-
dent Business. If Harris embraces the Bi- corded as 128/74. Simmons
Here are a few scenarios. den stance—all extensions of stated that results of blood
tax cuts should be paid for— work were unremarkable, and
that would prompt a show- she “possesses the physical
Republican sweep down. and mental resiliency required
Republicans created the Progressives say that is the to successfully execute the du-
2017 tax cuts and will keep best way to break a decades- ties of the presidency.”
FROM TOP: BRANDON BELL/GETTY IMAGES, MARIO TAMA/GETTY IMAGES

them. They are keen on ex- long cycle that steadily re- Trump, a Republican, last
tending the lower tax rates duced taxes. They argue that released a health report in No-
and larger standard deduction Democrats should push Repub- vember 2023 based on a phys-
for households. And they are licans into a position where ical the prior September. Phy-
particularly eager to keep a they are seen as holding mid- sician Bruce Aronwald said
20% deduction for certain dle-class tax cuts hostage be- Trump’s “physical exams were
closely held businesses. cause they want to cut taxes well within the normal range
But Republicans’ intraparty for rich people. Republicans and his cognitive exams were
disputes and congressional would counter by pointing to exceptional.”
rules will constrain them, es- economic consequences of pay- That three-paragraph state-
pecially with narrow majori- checks shrinking in early ment didn’t include a reading
ties. 2026. of vital signs or any specific
“This is the one where the But there is an off-ramp. laboratory results and said
distribution of outcomes is In 2010 and 2012, Congress Trump had been losing
widest,” said Michael Pugliese, also debated expiring tax cuts. weight. Trump was struck in
a senior economist at Wells A 2010 bipartisan deal ex- his right ear by a bullet during
Fargo. “It feels a little bit like a tended cuts for two years a July assassination attempt,
‘choose your own adventure’ in without paying for them. Then, according to an FBI report,
terms of what it would look Either Donald Trump or Kamala Harris, together with Congress, will tackle tax policy next term. in early 2013, Congress made but the former president
like.” most tax cuts permanent—and hasn’t released medical re-
They might struggle on the $4 trillion or more to budget would likely prevent Republi- threshold. Beyond that level, let rates rise for the top sliver cords related to his treatment.
first step: setting a budget tar- deficits to resist that position. cans from following through because many Democrats rep- of households. A Trump campaign spokes-
get for how much their bill Beyond extending the 2017 on Trump’s call to stop taxing resent high-income areas, But it isn’t 2013, and wider man said the candidate has vol-
would add to deficits over a law, Republicans would con- Social Security benefits. there will be pressure to push underlying budget deficits may untarily released updates that
decade. Sen. Mike Crapo (R., sider incorporating tax-cut that $400,000 level upward— constrain lawmakers’ willing- “have concluded he is in per-
Idaho), the likely Finance Com- ideas floated by Trump during protecting more constituents ness to borrow more. Macro- fect and excellent health to be
mittee chairman if Republicans his presidential campaign. Democratic sweep but reducing federal revenue. economic conditions are likely commander in chief.” Trump
win, argues that tax-cut exten- That includes removing taxes Democrats generally want The $10,000 state and local to be stronger than during the has kept a busy and active
sions don’t need to be offset on tips and overtime pay, al- to extend expiring tax cuts for deduction cap divides Demo- recovery from the financial cri- campaign schedule, the spokes-
with other provisions. But that lowing deductions for car-loan households earning under crats. Progressives say it sis. That could embolden man, Steven Cheung said.
view isn’t universal, and some interest and creating a special $400,000, with Harris adopt- should remain to raise money brinkmanship because the A presidential candidate’s
Republicans might be con- tax rate for U.S. manufactur- ing President Biden’s pledge to from high-income households. economy could withstand a fitness for office has been a
cerned enough about adding ers. Procedural constraints protect people below that But if Democrats sweep, New temporary hit. central issue for the election.

Trump Sees Using Military vs. ‘Enemy Within’

Search by BY C. RYAN BARBER Guard, or if really necessary, The former president later immigrants in the country for

commute
AND JIMMY VIELKIND by the military, because they named Rep. Adam Schiff, a Cal- crime. “We’re like an occupied
can’t let that happen,” he said. ifornia Democrat running for country,” Trump said. “We’ll
Donald Trump suggested Trump’s remarks came in re- Senate, as an “enemy from put these vicious and blood-

time deploying the National Guard

or military to respond to what
he termed the “enemy from
within” on Election Day, saying
sponse to a question from the
show’s host, Maria Bartiromo,
about whether he was expect-
ing “chaos” on Election Day. At
within.” Schiff served as a
House manager in Trump’s first
impeachment and sat on the
committee that investigated the
thirsty criminals in jail or kick
them out of the country.”
Schiff said in a social-media
post that the remarks
in an interview that aired Sun- first, Trump replied, “Not from Jan. 6, 2021, attack on the Capi- amounted to “yet another
day he was concerned about the side that votes for Trump.” tol by Trump supporters. nonsensical rant about me
the prospect of chaos wrought When Bartiromo raised “The thing that’s tougher filled with tired insults, lies
by “radical left lunatics.” “outside agitators,” including to handle are these lunatics about voting booths, and
“I think the bigger problem individuals on the terrorist that we have inside, like Adam more, this time in my home
are the people from within. watch list, Trump turned to Schiff,” Trump said. state of California.”
We have some very bad peo- his political opponents. The comments marked just A spokesman for the Ka-
ple. We have some sick peo- “I think the bigger problem the latest instance of Trump mala Harris presidential cam-
ple,” Trump said during an in- is the enemy from within, not signaling a strongman govern- paign said Trump’s remarks
terview on Fox News. “It even the people that have ing style if elected. “should alarm every American
should be very easily handled come in and [are] destroying During a Saturday rally in who cares about their freedom
by, if necessary, by National our country,” he said. Coachella, Calif., Trump blamed and security.”

Voters Favor Ex-President in Handling Conflicts

BY SABRINA SIDDIQUI suited to handle the Israel- Republican opposition to Russia war, compared with
Hamas war. The Republican U.S. military assistance for about a third who favored
WASHINGTON—With wars nominee has pointed to his Ukraine has grown as its fight Harris. On the Israel-Hamas
in Ukraine and the Middle East tenure in the White House as since Russia’s full-scale inva- war, 43% of independents
looming over the U.S. election, a time of relative peace sion is poised to spill into its rated Trump as better, while
voters give former President around the world and has fourth year. 26% said the same of Harris
Donald Trump the edge over claimed—without providing Democrats, meanwhile, and the rest didn’t choose one
Vice President Kamala Harris details—that he could resolve have been split on whether or the other.
on who would better navigate both conflicts quickly if he the U.S. should continue arm- There were no conflicts on
the country through both con- wins in November. ing Israel in its yearlong bat- par with the current ones in
flicts, according to a new Wall While the survey echoed tle with Hamas in the midst of Ukraine and the Middle East
Street Journal poll of seven other polls suggesting foreign intensifying criticism of high while Trump was president.
battleground states. policy isn’t a priority for vot- civilian casualties and the hu- But Iran, or Iran-backed prox-
Trump leads Harris among ers in November, the next manitarian crisis in Gaza. ies, did launch attacks on U.S.
swing-state voters, 50% to president nonetheless stands Trump’s lead on both con- personnel in the Middle East
39%, on who is best able to to inherit a pair of conflicts flicts appears to be buoyed in and against countries across
handle Russia’s war in Ukraine with no clear end in sight and part by independents, nearly the region, and Russia took ag-
Based on 2023 proprietary survey and has a wider advantage, in which U.S. involvement has half of whom said he would gressive action against the U.S.
48% to 33%, on who is better polarized the electorate. better handle the Ukraine- and its allies around the world.
THE WALL STREET JOURNAL. Monday, October 14, 2024 | A5

U.S. NEWS

Antitrust nee, for example, has blamed

food companies and grocery
stores for price gouging.
Travis LeBlanc, an attorney
who worked in a senior role
under Harris when she was

Crackdown Open to staying

California attorney general,
said she would appoint leaders
who are bold but careful about

Is on Ballot Whether Khan

around is more of an open
sticks

question. Khan would be open

picking the right cases.
“She is attuned to recog-
nizing that bad cases make
to remaining atop the FTC if bad law and every enforcer
Continued from Page One Harris wins, according to a who comes after you has to
made new enemies in Silicon person familiar with her live with that,” said LeBlanc,
Valley and across corporate thinking. Harris has ties to the now a partner at the Cooley
America. Several of her biggest country’s biggest corporate law firm.
cases are pending in courts. law firms, whose merger de- If Trump wins, enforcement
Khan remains a hero among partments feed on deals bro- might be more relaxed, but
progressives and labor unions, kered by investment banks. also idiosyncratic.
a rarity for a leader of a fed- Some investors, such as Reid “There is a risk we will see
eral agency that most voters Hoffman, have also said both dramatically reduced en-

ALYSSA SCHUKAR FOR WSJ

know little about. In recent Khan’s antimerger bent hurts forcement and if there is en-
months Khan was cheered at innovation. Hoffman, the forcement, it’s selective and
local events in Texas and New founder of LinkedIn and a ma- more based on relationships
York, where she appeared with jor Democratic donor, said this than merit,” said Bill Baer,
Sen. Bernie Sanders, the Ver- summer that Khan should be who ran the Justice Depart-
mont liberal who caucuses replaced if Harris wins the ment’s antitrust division dur-
with Democrats, and Alexan- White House. ing the Obama administration. FTC Chair Lina Khan led the agency in suing Amazon.com last year.
dria Ocasio-Ortiz (D., N.Y.).
“There is a reason why
many people in the corporate
world have been very unkind,
to say the least, to Lina,”

YES! YOUR PIZZA BOX

Sanders said at an event held
at the Texas AFL-CIO’s offices
in Austin. “Because she is fi-
nally doing what should have
been done decades ago.”

CAN GO IN THE
Surprising support
Khan has built surprising

RECYCLED BIN
alliances in pockets of the Re-

*
publican Party, with lawmak-
ers and libertarians who har-
bor deep suspicions of Big
Tech. Still, it is a near cer-
tainty that her authority will
end if GOP presidential nomi-
nee Donald Trump wins.
“Despite whatever traction
there will be for populist anti-
trust within a Trump adminis-
tration, I see very little chance
for her staying on” if he wins,
said Eric Grannon, an anti-
trust partner at White & Case
and a former Justice Depart-
ment official.
During his term in office,
Trump appointed veteran con-
servative antitrust lawyers to
the top jobs at the FTC and
Justice Department, which
share antitrust authority. They
took a few big shots at merg-
ers and alleged monopolies,
but largely steered the agen-
cies to find ways to settle with
companies to address concerns
about competition.
By contrast, Khan and Jus-
tice’s current antitrust chief,
Jonathan Kanter, have taken a
hard line against accepting
such deals, raising high hur-
dles for a number of mergers.
If Vice President Kamala
Harris wins the White House,
progressives will have a much
longer runway to try to finish
what they started. The book is
still open on Khan and Kanter,
in large part because cases
take years to adjudicate and
many of their signature efforts
have yet to be resolved. Their
aggressive stances have
spurred companies and trade
groups to fight back in court
just as vigorously.
Courts have blocked some
of Khan’s shots, such as a reg-
ulation that would have out-
lawed employers from impos-
ing noncompete agreements
on workers. The FTC has also
suffered losses in merger cases
that conservative enforcers
likely wouldn’t have brought,
such as a pair of lawsuits in
which the commission tried to
block Microsoft and Meta Plat-
forms, the owner of Facebook
and Instagram, from expand-
ing. The FTC’s Republican
commissioners voted against
both challenges.
The Justice Department and
FTC have succeeded in block-
ing some mergers that could
have consolidated a range of
industries, including air travel,
publishing and healthcare,
while Nvidia and Sanofi
dropped plans to acquire rivals
rather than face litigation.
Khan led the FTC in suing
Amazon last year, saying it il-
legally wields monopoly power
in e-commerce. A trial is set
for October 2026.
The commission also con-
tinues to try to break up Meta.
The lawsuit was filed during
the Trump administration.
Kanter is Google’s nemesis.
His antitrust division sued
Google, challenging what he
called its monopoly in digital
advertising. He is also litigat-
ing another case against
Google that began during the
Trump era. If courts grant the
remedies Kanter is seeking,
Google could be broken up.
For now, the threats these
cases pose to the tech compa-
nies remain far off. That could
change during the next admin-
istration, when antitrust en-
forcers will face choices on
WE MAKE 100% RECYCLED PIZZA BOXES
how far to push.
A progressive enforcement * Check your local recycling guidelines
mindset would almost certainly
continue under Harris. The
Democratic presidential nomi-
A6 | Monday, October 14, 2024 THE WALL STREET JOURNAL.

U.S. NEWS

MICHAEL ADNO FOR WSJ (3)

Clockwise from top left: Frank Martino and sister-in-law Cin-dee Cawley dragged belongings out of a home in Englewood, Fla.; debris in Grove City, Fla.; a boat blocked a road in Englewood.

Storm Headaches Prod Some to Exit Florida

Residents reach a costs, is prompting her to seri- the appeal of remote work Florida was losing people to Martinos about $150,000 to do dread as forecasts showed an-
ously consider selling her during the pandemic, a lack of states including Georgia, all the necessary repairs, in- other hurricane bearing down
breaking point as coastal home south of Sarasota state income tax and job North Carolina and Tennes- cluding to the roofs and interi- on their properties. “I hadn’t
weather ratchets up and heading back to Indiana. growth that outpaced the na- see—states with a lower cost ors. They finished the work drank in about six or eight
“It’s too much,” said Caw- tional average. of living or no income tax. about three months ago—only years,” Frank said. “I pulled
costs and tensions ley, 64, who was spending the Some indicators suggest the “The low cost of living that to get hit by Helene and then my belly up to the bar and
day cleaning her sister’s del- pace is waning. Florida’s vol- Florida used to boast has Milton. said, ‘Give me a big ol’
BY ARIAN CAMPO-FLORES uged property. Her own home canic housing market is sput- waned, and those who moved “I thought we’d do these Crown.’ ”
had some gutters ripped off. tering. here in pursuit of more afford- homes as rentals,” said Frank, The Martinos are among
ENGLEWOOD, Fla.—Cin-dee “It’s like playing Russian rou- Take an analysis of driver- able living could be looking 60, as he cleared muddy water many sellers adding to the in-
Cawley moved to Florida two lette. I don’t want to play any- license exchanges—when new elsewhere,” the report said. from the living room floor ventory of available homes on
decades ago for the same rea- more.” residents swap their out-of- On Thursday, Cawley was with a squeegee. “Now I’m go- the market in Florida. In a
son many others have: the lure Some Floridians are reach- state licenses for Florida helping her sister, Kim Mar- ing to get them fixed, and sign that some are especially
of tropical living at a reason- ing a breaking point. For de- ones—by Brad O’Connor, chief tino, and her sister’s husband, they’ll be for sale,” he added, eager to exit, price reductions
able price. cades, the state has beckoned economist at Florida Realtors. Frank Martino, clean one of with a sardonic laugh. are becoming more common in
That was before the latest as something of a magical des- The number of such exchanges the couple’s rental properties The recent storms were the many of the state’s metro ar-
hurricane, Milton, lashed En- tination—a sunny escape for among domestic drivers was in Englewood that was dam- final straw for the couple, who eas, according to an analysis
glewood with fierce winds and retirees and others seeking af- 41% higher in the first half of aged by Milton. The Martinos had already been thinking of by Parcl Labs, a real-estate
storm surge this week. It was fordable waterfront living. But 2022 compared with the first had arrived earlier that day selling all three properties and data and analytics firm.
also before Hurricanes Helene the parade of climate disas- half of 2019—a pandemic-era from a trip to Indiana to find moving to Ohio, where they In the Sarasota metro area,
two weeks ago, Debby in Au- ters, along with soaring home peak. In the first half of this the home’s floor caked with have a granddaughter. They which includes Englewood,
gust and Ian in 2022. Each costs, skyrocketing home-in- year, it was 12% higher than mud and a water line on the were fed up with rising prop- 45% of all active listings had a
time, Cawley endured the anx- surance premiums and some the first six months of 2019. wall showing floodwaters had erty taxes and home-insurance price reduction as of Oct. 7,
iety of facing a potentially of the highest inflation rates in A Florida Chamber of Com- reached 6 inches high. A sec- insurance premiums, which the analysis showed. In the
devastating loss, the disrup- the nation, is undermining merce report in January pre- ond rental property next door last year climbed about $1,000 Tampa metro area, which
tion of preparing for the storm that appeal. dicted that the state would ex- had similar damage, as did the to $3,600 for their house. topped the list, 49% had one.
and the sometimes laborious Florida’s population growth perience slower population garage of a third home nearby, Flood insurance is offered sep- “Florida has been a focus
cleanup. was one of the fastest in the growth in 2024, largely be- where the couple have been arately and would double the for us since June due to signif-
The succession of destruc- U.S. between 2021 and 2023, cause of increases in people living since 2020. price tag. icant supply-demand imbal-
tive storms, coupled with according to Census Bureau migrating to other states. Data All three homes were dam- While on their recent trip, ances,” said Jason Lewris, co-
climbing insurance and other data. People were drawn by the report analyzed found aged by Ian in 2022. It cost the the Martinos watched with founder of Parcl Labs.

Unions Vote tracts that had been signed

before the postpandemic in-
flation surge.
tion that ended only when port
employers promised a higher
pay increase than the one in

‘No’ on Cathy Creighton, a labor

lawyer at Cornell University’s
ILR School, said union leaders
their initial proposal. With a
62% raise in hand, the two
sides are now positioned to ne-

Contracts are running into extra resis-

tance this year because the
workforce is riled up.
gotiate over automation issues.
Workers are encouraged by
a relatively tight labor market
“Employees are mad be- and by the UAW’s success se-
Continued from Page One cause they don’t have their curing a new contract last
ered by a union. But the gap fair share of the pie, and they year with General Motors,
DAN BUSEY/THE TIMES DAILY/ASSOCIATED PRESS

has narrowed in recent years want to go on strike,” she said. Ford Motor and Chrysler par-
as many unionized workers That sentiment helped pro- ent Stellantis, following a
were locked into multiyear pel a swath of dockworkers to bold strategy of strikes at
collective bargaining con- strike earlier this month, an ac- multiple locations.
The UAW negotiated a 25%
wage bump over four years,
along with a shorter time pe-
riod to reach top pay, im-
proved retirement benefits and
the right to strike over plant
closures. Even then, some of
the votes to get to victory In recent months, union members at AT&T and other companies have voted down contracts.
were nail-bitingly close.
If the UAW’s negotiations Number of work stoppages involving 1,000 workers or more could short of a strike.”
“had ended in a dismal failure, Talks between the two sides
I think things would be differ- 30 stoppages stalled this past week. In a le-
ent,” Creighton said. gal filing, Boeing accused
Last month, some 5,000 union leaders of undermining
workers at Textron’s Wichita, the deal they struck. The
Kan.-based aviation unit, also union accused Boeing of side-
20
represented by the IAM, voted stepping its leadership.
overwhelmingly to reject a It often takes a few tries to

Delivering Secure, Lifetime contract recommended by

union leaders.
reach a deal in the airline in-
dustry. Bargaining can stretch
They have been on strike on for years, with government
Income and Tax Benefits
10
since Sept. 23 and have yet to rules that make it difficult to
resume negotiations. The deal strike even after union mem-
called for a 26% pay increase bers reject contracts.
over four years. Alaska Airlines’ flight atten-
SAMPLE Age 90 14.4% “This is a culmination of all
workers realizing that they
0
dants voted down a tentative
agreement in August, which
ANNUITY RATES Age 85 11.4% have lost ground,” said Brian
2010 ’15
Note: Data for 2024 is as of September.
’20 ’24
offered an average raise of 32%
FOR INDIVIDUALS* Age 80 9.4%
Bryant, international president
of the IAM union, with
Source: Labor Department over three years.
Southwest Airlines’ flight
RATES VALID THROUGH 600,000 members. “This is a cess. The telecom giant later have ever had.” attendants in December re-
NOVEMBER 30, 2024 Age 75 8.2% continuation of what you saw
with the UAW—‘enough is
reached tentative agreements
with both groups. The two
Members reacted with out-
rage in online forums and on
jected a tentative agreement
with the company that would
7.3%
*Pomona Plan annuity rates are not
available in all states.
Age 70 enough.’” proposed contracts, including the shop floor, calling the pay have included an initial 20%
When companies are nego- a sweetened agreement for raise paltry and criticizing the pay increase followed by 3%
tiating multiple deals at once, employees in the West, are company’s move to do away annual raises in subsequent
AAA Bond Ratings | Endowment over $2.8 Billion union members take note. scheduled to tally votes on with annual bonuses. Many years.
About 8,000 AT&T employees Oct. 18. were skeptical of a next-gener- In January, Southwest’s
80+ Years of Stability and Success in California and Nevada rep- Sometimes leaders have ation plane commitment. Some flight attendants voted in fa-
Call us to explore your options
p resented by the Communica-
tions Workers of America
strategic reasons for putting
forward a deal they suspect
also wanted Boeing to restore
pension benefits.
vor of authorizing a strike for
the first time, though negotia-

(800) 761-9899 Port folio up?

union had worked without a
contract since April. When the
their members will reject,
particularly if the company is
Jon Holden, president of
the local Boeing machinists
tions continued. The union
ratified a new four-year con-
Fu n d yo u r group’s bargaining committee refusing to negotiate better chapter, said he believes the tract in April, which included
550 N. College Ave. annuit y offered a new contract pro- terms. A “no” vote can em- union leaders needed to rec- larger pay raises. It also
with s tock posal in September, members barrass the company and set ommend the deal to get the elected a new president who
Claremont, CA 91711 rejected it. off strikes. company to agree to a 25% ran on a promise to repair a
pomonaplan.pomona.edu By then, the western work- In the case of the Boeing raise and other improvements. disconnect between union
ers had caught a tailwind: strike, the union leadership “We had to recommend it or leaders and members.
Their peers in several south- told members in a memo be- we would have been at 18% with —Paul Kiernan, Drew
FIND A RATE CALCULATOR ON OUR WEBSITE! eastern states were on strike fore the vote that they had no job security,” he said. “We FitzGerald and Alison Sider
over their own bargaining pro- “achieved the best contract we negotiated the best contract we contributed to this article.
THE WALL STREET JOURNAL. Monday, October 14, 2024 | A7

WORLD NEWS
Israel Claims Iran Links to Oct. 7 Attacks
Documents appear request for comment. infrastructure and taking over
Iran’s permanent mission to Israel’s legislature in Jerusa-
to show Hamas the United Nations said Hamas lem. In the actual Oct. 7 attack,
sought assistance, has said its armed wing Hamas and other militants
planned and executed the Oct. 7 killed 1,200 people, including
funds from Tehran attacks without the knowledge women and children, and kid-
of even its political officials napped around 250 others.
BY RORY JONES based in Doha. Any attempt to The attack led to the cur-
link the attacks to Iran or Hez- rent conflict in Gaza, where
DUBAI—Israel’s military bollah “is devoid of credence Palestinian health authorities
shared with journalists docu- and comes from fabricated doc- say almost 42,000 people have
ments that it said its soldiers uments,” the mission said. been killed, most of them ci-
found in Gaza and that appear Both Iran and Hamas have vilians. The figures don’t dis-
to show financial and military acknowledged some Iranian tinguish between combatants
support by Iran for Palestinian support for the Palestinian mil- and noncombatants.
Islamist militant group Hamas itant group. Hamas and Hezbol- Israel in recent weeks has
before the Oct. 7 attacks. It lah officials have offered con- shifted focus to its northern

LEO CORREA/ASSOCIATED PRESS

described the papers it gave flicting accounts of Iran’s prior border, where Hezbollah, a key
The Wall Street Journal as let- knowledge. The Journal has re- ally of Iran, began firing rock-
ters and notes from meetings ported that some Hamas and ets at Israel a day after the Oct.
of the Hamas leadership Hezbollah officials said Iran 7 attacks. Israel has killed Hez-
Israel is weighing a strike greenlighted the attack, noting bollah’s leader and senior Ira-
against Iran—retaliation for a that others questioned that. nian officials working alongside
large salvo of missiles fired at The Israeli military also the Lebanese militia, drawing
Israel this month—that could Israeli soldiers patrol in the Gaza Strip, which Israel invaded after the Oct. 7, 2023, attacks. shared an undated presenta- Iran deeper into the conflict.
deepen tensions across a re- tion it said it found on a This month, it fired about 180
gion already teetering on the ing for a large-scale assault on about two years. Other docu- dently verified the documents, Hamas computer near Gaza missiles at Israel.
edge of a broader and more Israel as far back as 2021. In ments were shared with differ- most of which the Israeli mili- City on Nov. 10 which de- Israeli Prime Minister Ben-
intense conflict. one letter, written in Arabic, ent media outlets. The officials tary said it discovered on Jan. scribed Hamas’s plans for an jamin Netanyahu has vowed a
The papers shown to the Iran says it has allocated $10 who provided the documents 31 in an bunker in the Gaza attack that was more ambi- painful response.
Journal suggest that Hamas million for Hamas’s armed declined to say why they were Strip city of Khan Younis, Sin- tious than what eventually oc- —Menna Farouk
leader Yahya Sinwar was ne- wing. A few weeks later, Sin- releasing them now. war’s hometown. curred—simultaneously attack- and Saleh al-Batati
gotiating with Iran over fund- war asks for $500 million over The Journal hasn’t indepen- Hamas didn’t respond to a ing airports and other critical contributed to this article.

U.S. to Aid sion on how to handle the situa-

tion,” a senior U.S. official said.
Israel hasn’t commented on the
by nearly 100 soldiers and con-
sists of six truck-mounted
launchers, a transportable ra-
Lloyd Austin had ordered the
antimissile system to Israel at
Biden’s direction “following
organization that manages Is-
rael’s emergency medical re-
sponse, said on Army Radio.
Thaad missile-defense battery
in 2019 to Israel as part of an
exercise the U.S. military said

In Missile requests to avoid those targets.

The move to send U.S. forces
to Israel is a visible demonstra-
dar and a fire-control unit.
It is designed to intercept
missiles inside or outside the
Iran’s unprecedented attacks
against Israel on April 13 and
again on October 1.”
Hezbollah took responsibil-
ity for the attack, saying it
had launched a squadron of
demonstrated Washington’s
“continued commitment to Is-
rael’s regional security.”

Defense tion of the Biden administra-

tion’s support for Israel a
month before the presidential
atmosphere during the final
phase of flight, according to the
Congressional Research Service.
The U.S. decision comes af-
ter Iran shot about 180 ballis-
tic missiles into Israel in re-
attack drones at a military
camp in Binyamina.
U.S. warships in the Medi-
Shortly after the Hamas-led
attacks on Oct. 7 last year that
Israeli authorities said killed
election, a rare U.S. deployment A Thaad system purchased by sponse to an Israeli airstrike terranean shot down ballistic 1,200 people, the Pentagon
Continued from Page One to Israel. Like Biden, Vice Pres- the United Arab Emirates inter- that killed Hezbollah leader missiles when Iran attacked sent additional air-defense
cilities and nuclear sites. ident Kamala Harris, the Demo- cepted a Houthi missile in Jan- Hassan Nasrallah. Israel in April and this month. systems throughout the Mid-
President Biden’s decision cratic presidential nominee, uary 2022, marking the first Some of the missiles, which The U.S. used F-15E and F-16 dle East to protect U.S. troops
to approve the deployment has emphasized her support time that the system has been targeted Israeli military and warplanes to intercept Iranian who came under increased at-
came after extensive discus- for protecting Israel, calling used successfully in combat. intelligence sites, penetrated drones during the April attack. tacks by Iranian-proxy forces.
sions among U.S. officials and her support for Israel’s security If Iran responded to the Israel’s antimissile defenses, The Thaad would provide a In January, three U.S. troops
with Israel over the country’s unwavering this month. planned Israeli strike with an raising fears that should Iran ground-based defense in Israel. in Jordan were killed during a
expected military response to U.S. officials said the deploy- attack on Israel, it would be the attack again, it might inflict “Thaad has been proven in drone attack on their base.
Iran and how Tehran might ment of the Thaad will augment third instance of Tehran hitting serious damage. Iran’s Oct. 1 combat operationally and has Another 40 were injured.
retaliate. Asked on Sunday Israel’s antimissile defense and Israeli territory this year. strikes led to minor damage at a great test record,” said Tom Israel has become increas-
about the move, Biden said he give the U.S. more flexibility in How quickly the Pentagon one Israeli military air base, Karako, an expert on missile ingly dependent on the U.S.
did it “to defend Israel.” deploying its ballistic-missile can move the system to Israel but no aircraft were damaged. defense at the Center for military to bolster its defenses
The decision to send the an- defense destroyers. wasn’t immediately clear. The On Sunday, dozens of people Strategic and International against Iran’s sizable missile
timissile system wasn’t specifi- Thaad stands for Terminal administration didn’t say when were injured in a drone attack Studies think tank in Wash- threat and that of the militant
cally conditioned on Israel High Altitude Area Defense and the Thaad would be in place. near Binyamina in the center ington. “It would provide ad- groups Tehran supports.
avoiding certain targets. But it is operated by the U.S. Army. A The Pentagon said on Sun- of Israel, a spokesman for Ma- ditional capabilities.” —Anat Peled
was “part of a broader discus- typical Thaad battery is crewed day that Defense Secretary gen David Adom, the nonprofit The U.S. temporarily sent a contributed to this article.

Congrats to
WSJ’s Gerald Loeb
Award Winner
A Win for Our Coverage. A Win for Our Readers.

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A8 | Monday, October 14, 2024 THE WALL STREET JOURNAL.

WORLD NEWS

Israel Alleges
U.N. Failure
On Tunnels
Netanyahu calls for peacekeepers of the U.N. In-
terim Force in Lebanon from
peacekeepers to exit the area, saying they risked
Lebanon border area, being caught in the crossfire
between Israeli forces and
citing security risks Hezbollah fighters.
Hezbollah didn’t respond to a
BY DOV LIEBER request for comment on the
tunnel shafts and allegations it

ILIA YEFIMOVICH/ZUMA PRESS

LABBOUNEH, Lebanon—On places itself near U.N. positions.
a forested mountainside near Unifil has said it doesn’t in-
the border between Israel and tend to leave its positions to
Lebanon, two tunnel shafts fulfill its mandate from the
descend dozens of feet into U.N. Security Council.
the rocky earth. Israeli officers told report-
Around 300 feet away, the ers that international peace-
blue United Nations flag keepers based at the U.N. site A tunnel entrance sits near an observation post of the United Nations Interim Forces in the southern Lebanese village of Naqoura.
waved atop a peacekeeping should have heard or seen
observation post. Hezbollah drilling into the hospitals and other civilian in- Unifil positions Observer Group Lebanon patrol base sels-based think tank, said
The Israeli military took a mountainside to dig the tun- frastructure. Area of Operations boundary Intersector boundary Unifil doesn’t have the author-
group of reporters into Leba- nels. The officers didn’t specify The Israeli military’s reve- ity or capacity to take on Hez-
non on Sunday to see the where the tunnels originated. lations on the Hezbollah tun- bollah but is authorized to as-
LEBANON
shafts, which it said were Unifil doesn’t have sophisti- nel—near the border with Is- Mediterranean Sea SYRIA sist the Lebanese army in
among hundreds of tunnel en- cated detection equipment rael—comes amid worsening securing the border area.
L i tani River
trances and underground bun- such as thermal-imaging sen- tension between Israel and the Inside the tunnel shafts
kers used by Hezbollah mili- sors or radar to detect under- U.N. as Israel’s fight against Tyre shown to journalists, which
tants to store weapons and ground activity, spokesman militants on its borders has U.N. RESOLUTION SECTOR were too deep to see the bot-
hide fighters west of the Leba- Andrea Tenenti said. He said intensified in the months after 1701 ZONE* SECTOR EAST GOLAN tom, Israeli soldiers said they
WEST HEIGHTS
nese village of Labbouneh. peacekeepers report all tun- a Hamas-led attack on Oct. 7 found communications and
Israel has faced criticism nels and weapons they see and last year killed 1,200 people in Zibqin Area of surveillance equipment. The
detail SYR .
from the U.N. and European report all discoveries quarterly Israel. Naqoura shafts are deep enough to pro-
Bint Jubayl
capitals for injuries to peace- to the U.N. Security Council. Unifil said on Sunday that Labbouneh WEST tect Hezbollah’s fighters from
keepers as Israeli forces en- Jean-Pierre Lacroix, the at least 15 peacekeepers suf- Rosh Hanikra BANK Israel’s air force, they said.
gage in a ground offensive U.N.’s head of peacekeeping, fered skin irritation and gas- ISRAEL The military said it discov-
against Hezbollah. U.N. per- said last week that the U.N. trointestinal problems after ISRAEL JORDAN ered the extensive under-
10 miles EGY.
sonnel have been wounded force had highlighted concerns Israeli tanks breached a U.N. ground network along the
10 km
and compounds have been about Hezbollah stationing its position’s main gate, firing western border in the past
*U.N. Resolution 1701, passed during Israel and Hezbollah’s last war in 2006, established
damaged, according to the U.N. forces near U.N. positions and several rounds nearby that that Hezbollah would have no armed presence in southern Lebanon week. Some of the shafts are
Israeli officers said the potentially drawing fire from emitted smoke. Source: United Nations Interim Force in Lebanon connected in clusters but it
presence of the tunnels was Israel. Now, he said, Israeli The U.N. earlier said Israeli isn’t clear yet whether the en-
evidence that Hezbollah had forces are doing the same. forces had injured two peace- that injured 25 soldiers in southern Lebanon. One of tire underground network is
built military infrastructure Lacroix said U.N. forces re- keepers. Three others were varying degrees. The tank was these attacks killed two sol- linked, Israeli officials said.
around U.N. and civilian set- mained in the area but that also hurt, but it was unclear trying to help the evacuation diers on Sunday, the military Israel’s military said it had
tlements, using them as cover. 300 staff have been moved to whether the casualties were of the soldiers and a smoke- spokesman said. found rifles and antitank mis-
They also said the U.N. peace- larger bases or taken other caused by Israeli or Hezbollah screen was used in those ef- Unifil was established in siles, uniforms and combat
keepers, who are supposed to precautions. fire. An Israeli military official forts, the military said. 1978 following a previous Is- vests, medicine, blood, anes-
monitor and prevent militant Israeli forces fighting Pal- blamed at least one of the in- In recent weeks, a military raeli invasion of Lebanon. It thesia, water and internet ca-
activities along the border, estinian Islamist militant juries on Hezbollah. spokesman said, there were a has 10,000 peacekeepers from bles in the tunnels. The mili-
weren’t doing their job. group Hamas have discovered The Israeli military said the few dozen incidents where dozens of countries, including tary said it believed the
Israeli Prime Minister Ben- numerous Hamas tunnels un- tank had backed into the missiles and rockets were France, Germany and Italy. underground fortifications
jamin Netanyahu on Sunday der and around U.N. installa- Unifil position while fleeing launched at soldiers and Is- Richard Gowan, an expert were prepared to be used as a
urged U.N. Secretary-General tions in the Palestinian en- from a large barrage of anti- raeli communities from loca- on the U.N. for the Interna- staging ground for an invasion
António Guterres to remove clave as well as in and around tank missiles from Hezbollah tions close to Unifil posts in tional Crisis Group, a Brus- on northern Israel.

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THE WALL STREET JOURNAL. * * * * * * Monday, October 14, 2024 | A9

WORLD NEWS

China Keeps World Guessing on Stimulus Size Politician

BY JASON DOUGLAS some steam, and the overall
Pushed for
SINGAPORE—It is the biggest
question in the global economy:
economy shifting down a gear,
in the third quarter.
China’s economy is being
Scotland to
How many hundreds of billions
of dollars will Beijing plow into
pumping up China’s wobbling
squeezed by a drawn-out prop-
erty crunch that shows little evi-
dence of abating, though a re-
Leave U.K.
economy? cent surge in new-home
The next biggest: How much viewings and transactions in BY GINGER ADAMS OTIS
of that will go to consumers? some of the country’s biggest
Chinese Finance Minister Lan cities suggests a spate of new Alex Salmond, former first
Fo’an didn’t offer detailed an- loosening measures may have minister of Scotland’s semiau-
swers to either question when brought some shellshocked tonomous government and ar-
he hosted a hotly anticipated house hunters out of the wood- dent backer of Scottish inde-

GREG BAKER/AGENCE FRANCE-PRESSE/GETTY IMAGES

news conference on Saturday. work. Private-sector investment pendence from the United
Lan’s silence on both fronts left is in the doldrums, and con- Kingdom, has died. He was 69
investors more or less where sumer confidence has yet to re- years old.
they were when stock markets cover from its pandemic-era col- U.K. Prime
opened in mainland China and lapse, depressing spending and OBITUARY Minister Keir
Hong Kong on Monday after raising the specter of a Japan- ALEX Starmer on
some of the choppiest trading in style slide into deflation and SALMOND Saturday
years. China’s benchmark CSI stagnation. 1954-2024 called Salmond
300 index was up 0.1% in early The government’s main re- a “monumen-
trading in Asia. Hong Kong’s sponse to the slowdown, at least tal figure,”
Hang Seng was down 2%. so far, has been to double down saying “he cared deeply about
Still, Lan did outline a laun- on a long-term industrial strat- Scotland’s heritage, history
dry list of high-priority chal- Confidence of Chinese consumers has yet to recover from its pandemic-era collapse. egy aimed at fashioning China and culture, as well as the
lenges he vowed to tackle, sig- into a technological leader and communities he represented.”
naling he would spend some enough, too, it is hoped, to en- to rev up consumption. Domestic in which households save less cement its dominance of global Salmond served as first
$300 billion of funds that have sure a decent 2025. spending is lagging behind other and consume more. manufacturing. minister from 2007 to 2014,
been earmarked for this year but “Beijing will deliver,” Société drivers of China’s economy amid A reminder of China’s eco- Now, after months of drip- twice leading the Scottish Na-
haven’t been deployed. Générale economists Wei Yao low income growth and high nomic pickle came on Sunday, feeding modest amounts of sup- tional Party to victory. His
For some economists, Lan’s and Michelle Lam told clients in anxiety over jobs and the all-im- when fresh figures showed port into the domestic economy, calls for independence gained
reassurances offered enough a note on Saturday after Lan fin- portant housing market. prices for industrial goods made Beijing appears finally to have popularity among Scots dis-
reason to believe the scale of ished his remarks. In the longer term, some in China falling in September at heeded economists’ calls for trustful of the U.K. Parlia-
whatever fiscal support Beijing Less clear is exactly how Bei- economists say China needs to the steepest rate since March more-decisive action. ment. But he left his position
unleashes will be enough to jing will deliver, including how reorient its growth model away and consumer-price inflation —Rebecca Feng after a 2014 referendum on in-
nudge the economy over its offi- much extra borrowing the gov- from an overreliance on invest- inching closer to zero. Data due in Hong Kong dependence showed 55% of
cial target of 5% growth in gross ernment plans for next year, and ment and exports and move to- in coming days are expected to and Grace Zhu in Beijing Scots against seceding from
domestic product this year—and how far the government will go ward a healthier mix of activity show rapid export growth losing contributed to this article. the union and 45% favor of it.
Salmond was first elected
to the U.K. Parliament in 1987,

Beijing Launches Sea and Air Drills Around Taiwan when the SNP only had three
lawmakers among 650 in the
House of Commons. His media-
friendly persona helped keep
BY JOYU WANG his message to China also tively simulating a blockade. forces in response to the Chi- lar military exercise in May, the party from slipping into
called for calm. “This is a stern warning to nese drills, describing them as labeled “Joint Sword-2024A” obscurity, and he remained a
TAIPEI—China’s military Beijing has considered Lai, the secession forces advocat- an “irrational provocation” drills, days after Lai was inau- champion of rural constituen-
launched new drills around who was inaugurated in May, ing ‘Taiwan independence,’” and reaffirming its determina- gurated. cies such as his own.
Taiwan, following warnings as a staunch supporter for said Li Xi, a spokesman for the tion to defend the island de- “These are not a surprise,”
from Taiwanese officials that Taiwan independence, a red PLA’s Eastern Theater Com- mocracy’s sovereignty. said Ben Lewis, co-founder of
such actions were likely in re- line for leaders of the Chinese mand, which oversees the The Taiwanese military PLATracker, a research organ-
sponse to a speech by its new Communist Party, which forces positioned closest to said in a statement that ization that tracks Chinese
president last week. claims the island as part of its Taiwan. “reckless provocation” by the military activity, suggesting

JEFF J MITCHELL/GETTY IMAGES

Beijing’s military response territory. Li described the Chinese Chinese Communist Party is Lai’s comments last week
came after Taiwan’s new On Monday, China’s Peo- moves, code-named “Joint the main reason for the rising partly “provided a perfect
president, Lai Ching-te, de- ple’s Liberation Army Eastern Sword-2024B,” as a “legiti- tensions and threats to peace pretext for Beijing to make
livered a speech on Thursday Theater Command announced mate and necessary operation” in the Taiwan Strait, citing good on their promise to con-
in which he reaffirmed Tai- it had launched joint sea and for China to defend its sover- what it termed constant in- duct another major exercise.”
wan’s sovereignty and dis- air drills around Taiwan’s eignty and national unity. timidation and coercion to He noted that there was no
missed Beijing’s claims to main and outlying islands, in- Taiwan’s Defense Ministry rein in Taiwan’s international clear date announced by the
represent the island despite volving the army, navy, air condemned the moves, saying presence. PLA for when the drills are Alex Salmond resigned after
never having ruled it, though force and rocket force, effec- it had sent “appropriate” The PLA conducted a simi- supposed to end. voters rejected independence.

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A10 | Monday, October 14, 2024 * * THE WALL STREET JOURNAL.

FROM PAGE ONE

Drones
Stump
Pentagon
Continued from Page One
fighter pilot, estimated it was
roughly 20 feet long and fly-
ing at more than 100 miles an
hour, at an altitude of roughly
3,000 to 4,000 feet. Other
drones followed, one by one,
sounding in the distance like a
parade of lawn mowers.
The drones headed south,
across Chesapeake Bay, toward
Norfolk, Va., and over an area
that includes the home base for
the Navy’s SEAL Team Six and
Naval Station Norfolk, the
world’s largest naval port.
Officials didn’t know if the
drone fleet, which numbered as
many as a dozen or more over
the following nights, belonged

KRISTEN ZEIS FOR WSJ (TOP); DREW ANGERER/GETTY IMAGES (BOTTOM LEFT)
to hobbyists or hostile forces.
Some suspected that Russia or
China deployed them to test
the response of U.S. forces.
Federal law prohibits the
military from shooting down
drones near military bases in
the U.S. unless they pose an
imminent threat. Aerial snoop-
ing doesn’t qualify, though
some lawmakers hope to give
the military greater leeway.
Reports of the drones
reached President Biden and
set off two weeks of White
House meetings after the air-
craft first appeared in Decem-
ber last year. Officials from
agencies including the Defense Clockwise from top: Langley Air Force Base, viewed at dusk from Gosnold’s Hope Park in Hampton, Va.; a photo taken last December of drones that flew
Department, Federal Bureau of over the Langley base; Gen. Glen VanHerck arriving for a closed-door briefing about the suspected Chinese spy balloon last year in Washington.
Investigation and the Penta-
gon’s UFO office joined out- vanishing each night despite a mand Center, which is respon- drones’ navigation systems. the usual frequency band Shi had photographed Navy
side experts to throw out pos- wealth of resources deployed sible for dispersing emergency Others cautioned that it might available for off-the-shelf vessels in dry dock, including
sible explanations as well as to catch them. messages to U.S. military com- disrupt local 911 emergency commercial drones—more evi- shots taken around midnight.
ideas about how to respond. Gen. Glen VanHerck, at the manders worldwide. systems and Wi-Fi networks. dence that the drone opera- Some were under construction
time commander of the U.S. A report went to the White One suggestion was to use tors weren’t hobbyists. at the nearby shipyard.
Northern Command and the House Situation Room, and directed energy, an emerging Langley officials canceled On Jan. 18, federal agents
‘Close Encounters’ North American Aerospace De- the president learned about it technology, to disable or de- nighttime training missions, arrested Shi as he was about to
Drone incursions into re- fense Command, said drones in his daily briefing. stroy the drones. An FAA offi- worried about potential colli- board a flight to China on a
stricted airspace were already had for years been spotted fly- U.S. officials didn’t believe cial said such a weapon carried sions with the drone swarm, one-way ticket. Shi told FBI
worrying national-security offi- ing around defense installa- hobbyists were flying the too high a risk for commercial and moved the F-22 jet fight- agents he was a ship enthusiast
cials. Two months earlier, in tions. But the nightly drone drones, given the complexity of aircraft during the December ers to another base. Base resi- and hadn’t realized his drone
October 2023, five drones flew swarms over Langley, he said, the operation. The drones flew holiday travel season. dents shared their sightings at crossed into restricted airspace.
over a government site used for were unlike any past incursion. in a pattern: one or two fixed- Others suggested that the the local Starbucks and posted Investigators weren’t convinced
nuclear-weapons experiments. VanHerck, who led the mili- wing drones positioned more U.S. Coast Guard shoot nets blurry photos of the drones on but found no evidence linking
The Energy Department’s Ne- tary response to the Chinese than 100 feet in the air and into the air to capture the private Facebook groups. him to the Chinese govern-
vada National Security Site out- balloon, ordered jet fighters smaller quad- drones. An offi- Intelligence officials spot- ment. They learned he had
side Las Vegas detected four of and other aircraft to fly close copters, the size cial pointed out ted a vessel floating in inter- bought the drone on sale at a
the drones over three days. enough to glean clues from of 20-pound that the Coast national waters off the coast Costco in San Francisco the day
Employees spotted a fifth. the drones. He recommended commercial ‘This isn’t a Guard might of Virginia and suspected a before he traveled to Norfolk.
U.S. officials said they that Defense Secretary Lloyd drones, often tomorrow not have the connection. Coast Guard crews U.S. prosecutors charged
didn’t know who operated the Austin authorize a full menu below and fly- authority to use boarded the vessel but found Shi with unlawfully taking
drones in Nevada, a previously of electronic eavesdropping ing slower. Oc- problem, such a weapon no computers or other gear to photos of classified naval in-
unreported incursion. A and spycraft to learn more, casionally, they in this instance. support the hunch. stallations, the first case in-
spokeswoman said the facility though the Pentagon is limited hovered.
this is a today Besides, the On Dec. 23, the drones volving a drone under a provi-
has since upgraded a system in what it can do on U.S. soil. They came problem.’ drones were made their last visit. sion of U.S. espionage law. The
to detect and counter drones. “If there are unknown ob- from the north too difficult to In January, authorities 26-year-old Chinese national
The sightings revealed the jects within North America,” around 6 p.m. track closely. found a clue they hoped would pleaded guilty and appeared
dilemma of defending against VanHerck said, the job is “to to traverse the Langley offi- crack the case. in federal court in Norfolk on
drones on U.S. soil compared go out and identify them.” base, which sits on a penin- cials had called on U.S. Navy Oct. 2 for sentencing.
with the ease of deploying or Solving that mystery, even sula at the mouth of Chesa- and Coast Guard ships to keep Magistrate Judge Lawrence
battling them abroad. Drones for the world’s pre-eminent peake Bay, and continued a watch out for the drones ‘Worst spy ever’ Leonard said he didn’t believe
have become a deadly and cost- superpower, proved easier south, beyond the reach of ra- with little luck. They were During a rainy morning on Shi’s story—that he had been
effective tool of war, capable of said than done. Local police dar. They repeated the pattern much smaller than military Jan. 6, Fengyun Shi parked a on vacation and was flying
carrying surveillance gear, ex- were among the first to try. and then disappeared, typi- aircraft and didn’t always rented Tesla near 65th Street drones at night for fun.
plosives or lethal chemicals. Yet For two nights, starting on cally by midnight. show up on radar. Military and Huntington Avenue in “There’s significant holes,” the
shooting down suspicious air- Dec. 6, Hampton, Va., officers Homeland Security Advisor personnel had to recalibrate Newport News, Va., 11 miles judge said in court.
craft over the U.S. risks dis- chased the drones, by patrol Elizabeth Sherwood-Randall their radar systems, which from the Langley base. The car “If he was a foreign agent,
rupting or endangering the car and on foot, relaying mo- convened the White House were set to ignore anything was outside a shipyard run by he would be the worst spy
lives of Americans the military mentary sightings along with brainstorming sessions. One that resembled a bird. HII, the company that builds ever known,” said Shi’s attor-
is sworn to protect. information from Langley over official suggested using elec- Analysts learned that the nuclear submarines and the ney, Shaoming Cheng.
Early last year, a suspected police radios: One was seen in tronic signals to jam the smaller quadcopters didn’t use Navy’s newest generation of “I’m sorry about what hap-
Chinese spy balloon crammed the area of Marshall Street or the Ford Class aircraft carrier. pened in Norfolk,” Shi said be-
with electronic surveillance Gosnold’s Hope Park. Shi, a student at the Uni- fore he was sentenced to six
gear floated across the country Three more appeared to versity of Minnesota, told months in federal prison.
for eight days, while military land but returned to the air be- nearby residents around mid- U.S. officials have yet to de-
leaders waited for it to reach a fore officers could reach them. morning that he was flying a termine who flew the Langley
spot isolated enough to shoot it Another looked like it landed drone that got stuck in a tree. drones or why.
down safely. After the balloon offshore. Police finally gave up. As he tried to free it using his “This isn’t a tomorrow
made it to the Southeast coast, Gen. Kelly, now retired, said controller, a neighbor called problem, this is a today prob-
an F-22 jet from Langley punc- the Pentagon was stumped, Newport News, Va., police. Of- lem,” said Tom Karako, senior
tured it with a missile. too. What would the U.S. do, ficers asked Shi why he was fellow at the Center for Stra-
Ten months later, the pha- he asked, “if this happens over flying it in such foul weather, tegic and International Stud-
lanx of drones appeared at the National Mall?” and they told him to call the ies, a national-security think
Langley. Over 17 days, the This account is based on in- fire department for help. tank in Washington. “It’s not
drones arrived at dusk, flew terviews with more than two Shi instead returned his an over-there problem—it’s an
off and circled back. Some dozen government officials rental car an hour later and over-there, over-here and ev-
KRISTEN ZEIS FOR WSJ

shone small lights, making and other people familiar with took an Amtrak train to Wash- erywhere problem.”
them look like a constellation the events, as well as police ington, D.C. The following day, U.S. officials confirmed this
moving in the night sky—or a records, court documents and he flew to Oakland, Calif. By month that more unidentified
science-fiction movie, Kelly photographs of the drones. chance, the drone fell to the drone swarms were spotted in
said, “‘Close Encounters at The drone swarm was re- ground that same day and recent months near Edwards
Langley.’” They also were ported to the Pentagon office Fengyun Shi at a recent court appearance in Norfolk, Va. He ended up with federal investi- Air Force Base, north of Los
nearly impossible to track, of the National Military Com- was sentenced to six months in federal prison. gators. FBI agents found that Angeles.

Britain’s damn thing in the first place,

managed to lose it,” said Royal
Yacht Squadron chairman Ber-
King’s College London. “That
we take seriously.”
But from the moment a boat
boundary-pushing competition
that might tar British sailors as
losers.
to take on the U.S. defender
known as the Constellation.
Even by the standards of a 100-
is the most professional outfit
that the Royal Yacht Squadron
has put on the water. Backed

Record of tie Bicket, whose club is repre-

sented in the America’s Cup by
the Ineos Britannia team.
named America from the New
York Yacht Club first took
down the Royal Yacht Squad-
What makes the America’s
Cup uniquely frustrating is
that the competition is so
year losing streak, the 4-0 rout
was particularly demeaning.
“The debacle at Newport,”
by the British petrochemicals
billionaire Jim Ratcliffe, the
current boat is the result of

Ignominy “I would describe it as get-

ting a new football, kicking it
over the garden fence, and 173
ron in a race around the Isle of
Wight, it was clear that this
battle would be different. Since
stacked in favor of the previous
winner. The reigning champion
is known as the Defender, who
the Daily Express called it.
“Staggering and humiliating,”
said the Daily Telegraph.
nearly half a billion dollars’
worth of development.
The 75-foot yacht uses a
years later, they still haven’t then, U.S. clubs have held the has the advantage of writing In short, the 1964 British state-of-the-art hydrofoil sys-
Continued from Page One given it back.” America’s Cup for most of its the rules for the next Cup, set- challenge was a fiasco. tem to fly above the waves.
how never won the most fa- The thing is, Britain’s his- existence. The Auld Mug, an ting the specifications for the “They were all a fiasco, The sails are moved by a crack
mous race in sailing. tory in other maritime contests enormous silver pitcher, has boats, and choosing a course quite frankly,” Bicket said. squad of elite athletes pedaling
But this week, on shimmer- had made the country accus- also been won by crews repre- on home waters. Then it awaits That’s because for most of stationary bicycles. And its
ing waters off the coast of Bar- tomed to winning on the open senting Australia, New Zea- the Challenger of Record, the Cup’s history, American skipper is Ben Ainslie, a four-
celona, a British crew will at- sea. British schoolchildren can land, and the landlocked coun- which is selected through a skippers dreamed of racing time Olympic gold medalist,
tempt to undo 173 years of recite the names of naval victo- try of Switzerland—never the grueling regatta that stretches hard and going home with the and possibly Britain’s finest
national ignominy when it ries the way kids in Brazil can U.K. over a month. To face the Ki- Auld Mug. British crews saw it sailor since Lord Nelson.
takes on the defending Amer- rattle off World Cup wins—the It isn’t for lack of trying. wis, Ineos Britannia had to more as a friendly challenge Ainslie has said that he
ica’s Cup champions from New Battle of Trafalgar, the Battle British boats have been Amer- beat four other teams from It- between chums. would trade all of his medals
Zealand. To lose again would of the Nile, repelling the Span- ica’s Cup challengers on 16 pre- aly, the U.S., France, and Swit- “And the British are sur- for one America’s Cup. And by
represent more than the failure ish Armada. vious occasions. Across all of zerland. prised to find, ‘Oh, the Ameri- now, Ainslie adds, he feels bat-
of a $140 million project. It “We might not have won the those series, Bicket said, they And whatever happens now, cans are quickest,’” Lambert tle-hardened enough to claim
would also perpetuate nearly America’s Cup in the 20th cen- have scored just five points. the team can at least be sure it said. “The British gentlemen Britain’s most elusive naval tri-
two centuries’ worth of sham- tury, but the Royal Navy was Experts agree that the problem can’t go as badly as the last who would go over and contest umph—even if the campaign is
bolic embarrassment. existentially important in win- through much of that history time a British team became the this weren’t obsessed with off to a less than glorious start.
“It has been a source of de- ning both World Wars,” said was Britain treated it too much Challenger of Record. Back in winning.” After two days of racing, Brit-
rision around the world that Andrew Lambert, the Laughton like a gentlemanly pursuit and 1964 a boat called the Sover- That much has changed. ain trailed New Zealand 3-0 in
the British, who invented this Professor of Naval History at not enough like a cutthroat, eign traveled to Newport, R.I., Bicket believes Ineos Britannia the first-to-seven series.
 PERSONAL JOURNAL.
© 2024 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, October 14, 2024 | A11

ON THE
CLOCK
CALLUM
BORCHERS

F
orty years after his final
shift, Michael Erickson still
remembers what it was like
to put on his striped
McDonald’s uniform with
the golden arches on a
chest pocket. He also recalls taking
it off, which involved entering his
house through a back door and
dropping the grease-splattered gar-
ment in the washing machine be-
cause his mom didn’t want the rest
of the house to reek of a drive-
through.
Erickson, now 57, works in
Michigan as a director at Melissa
Libby & Associates, a strategic
communications firm. He says the
hard work and customer-service
skills learned on his McJob left an
indelible mark—like a ketchup
stain.
“Being able to say I worked at a
McDonald’s when I was 16, flipping
hamburgers, gives me a little street
cred,” he says, especially with cli-
ents in food and hospitality. “The
majority of people that they meet
in marketing or PR have never
worked in a kitchen.”
A stint in fast food is a badge of
honor for business leaders who
want to be viewed as humble and

Successful Bosses Love Talking

relatable—and proof that they
worked to get where they are.
Vice President Kamala Harris
has talked up her long-ago job at
McDonald’s while campaigning for

About Their Fast-Food Jobs

president, a way to show she gets
the struggles of people on the bot-
tom rung of the economic ladder.
Her opponent, former President
Donald Trump, has claimed with-
out evidence that Harris never From Harris to your own boss, a stint flipping burgers is now seen as a badge of honor
worked at McDonald’s.
The company declined to com-
ment on the dispute. A candidate’s I once climbed into a dumpster to painfully shy teen.
summer job is an unlikely point of retrieve a newlywed couple’s mar- He eventually psyched himself
contention in a race for the na- riage license that somehow wound up to do it and credits the experi-
tion’s highest office, but it proves a up in the trash. ence with developing people skills
point: Among powerful people, A manager slipped me $20 for he later used as CEO of an event-
fast-food credibility is worth fight- going above and beyond, but I management company.
ing for. would have jumped in regardless “Working with the public and
because it felt like the right thing talking to strangers helped me
‘A little grit’ to do. come out of my shell,” says Ham-
But what does flipping burgers or Jamine Moton, chief executive mett, 53, who is now an executive
rolling burritos have to do with of Skylar Security in Atlanta, says coach.
running a company? she went all in at her teenage job Fast-food kitchens were long
A lot, say high-level managers making sandwiches at Wawa, the among the few places where future
who’ve done those jobs. Sweating East Coast convenience-store CEOs and low-wage lifers mingled
in cramped kitchens and taking or- chain. and learned from one another. And
ders from hangry diners teach you “I remember looking at those because just about everyone orders
FROM TOP: ILLUSTRATION BY ANDREA D’AQUINO FOR WSJ, ISTOCK (6); MICHAEL ERICKSON (2)

how to handle pressure and deal hoagies and saying to myself, ‘I’m Michael Erickson made his mom proud when he got a job at McDonald’s a burger or pizza now and then,
with all kinds of people, executives going to be the best sandwich at age 16. Now 57, he is a director at a communications firm. the customer base is a cross sec-
say. Some are eager to find em- maker that works here,’” she says. tion of the American public.
ployees who hustled like they did, You know how the sandwich Tracy Glynn, founder of an ex-
figuring someone who boxed Mc- you get never looks as good as the bloom where you’re planted so, ier when you’ve got bigger and bet- ecutive-search firm for healthcare
Nuggets for minimum wage early picture on the menu board? Mo- yeah, I was just taking orders at ter career prospects ahead. Execu- companies, got her parents to sign
on isn’t likely to be a quiet quitter. ton’s did. She went on to become a McDonald’s—but I was really good tives who worked in fast food say a work permit so she could take a
When Erickson is hiring, appli- national champion hammer at it.” they learned empathy and grati- summer job at Hardee’s at age 14.
cants with fast-food experience in thrower at Clemson University, McLean, 49, says working in tude by toiling alongside colleagues Working as a waitress and later a
their past stand out. then a police officer, and says her fast-food means accepting that no who didn’t have other opportuni- bartender, she says the job taught
“I think, ‘This person has a little Wawa job helped her recognize her task—even cleaning nasty bath- ties and were trying to make a liv- her to talk with anyone—conversa-
grit,’” he says. “We’re comrades, inherent drive to excel. rooms—is beneath you. ing at or near minimum wage. tional skills that she uses today
you know? Those of us who did “Any job where you’re on the That doesn’t mean every griddle when interviewing candidates and
that have a certain gumption that lowest tier is a really good job to is a launchpad to the executive Skills to go getting to know her clients.
maybe we don’t share with others.” have done in your life because it ranks. The term McJob is so synon- Gene Hammett made about $4 an “I was with my kids the other
In that spirit, let me establish shows your character,” says ymous with dead ends that it’s in hour washing dishes in a pizza par- day and we had a really great
my own cred. I manned the Friala- Heather McLean, who worked at Merriam-Webster’s dictionary: “A lor in the 1980s. He knew the real server, and I said, ‘Sometimes I re-
tor at Castle in the Clouds, a New McDonald’s in high school and is low-paying job that requires little money was in delivering pies and ally miss that,’” says Glynn, 53. “I
Hampshire tourist attraction, for CEO of McLean Forrester, a tech- skill and provides little opportunity collecting tips, but that meant guess that’s why I like what I do
about $6 an hour during high nology consulting firm in Illinois. for advancement.” knocking on doors and making con- now—I just love hearing about peo-
school and college summers. There, “I always took the attitude to Being a model employee is eas- versation—his greatest fear as a ple and connecting with them.”

Carolyn Bessette-Kennedy’s sette-Kennedy would be tickled by

the news of the sale—which isn’t
the first from her wardrobe. An-

Clothes Are Headed to Auction

other one of Bessette-Kennedy’s
Yohji Yamamoto garments sold for
$8,960 this June at Bonhams.
A fashion publicist who worked
for Calvin Klein, Bessette-Kennedy
BY SARAH SPELLINGS chronicle her style on accounts such ize that the clothes hanging in her mixed designer labels with high-

R
as @carolyn_iconic, @carolynbes- closet had a greater significance. She street finds. Terenzio remembers
oseMarie Terenzio went on a sette and @allforcarolyn. also noticed a surge in interest around her wearing Nine West heels and
memorable date in 1996. Not Terenzio felt Bessette-Kennedy’s Bessette-Kennedy’s style around the Hush Puppies. “As much as she
because of the man, who she influence firsthand. As John F. Ken- anniversaries of her death. knew about the cut of something
thinks was “in a band,” but because nedy Jr.’s executive assistant from Terenzio said she thought Bes- and clothes, she wasn’t a snob
her boss’s wife, Carolyn Bessette- 1994 until 1999, she about clothes at all,”
Kennedy, let her borrow a faux-leop- knew the couple well Terenzio said. Still, she
ard coat to wear for the occasion— up until they died in a knew her way around
then insisted she keep it. Next plane crash in 1999. black-tie attire. Her
month, that coat is going up for auc- She said Bessette-Ken- simple Narciso Rodri-
tion at Sotheby’s, where it’s expected nedy gave her a few guez wedding slip still
to sell for thousands of dollars. pieces of clothes in a sets trends for brides.
The coat is one of three pieces casual, “oh, this looks “When you look at
from the late style icon’s wardrobe so good on you,” way. the three pieces to-
heading to the auction block. Open- “I wore them for 10 gether, we have a mini
ing on Nov. 27 and running through years. Then time goes capsule collection of
Dec. 17, the sale also includes a by, you wear different her defining style,”
black Prada coat and a Yohji Yama- things and you have a said Lucy Bishop, a
moto jacket, worn by Bessette-Ken- different life,” said fashion specialist at
FROM LEFT: SOTHEBY’S; LAWRENCE SCHWARTZWALD/SYGMA VIA GETTY IMAGES

nedy in the 1990s at the height of Terenzio, who now Sotheby’s, who ap-
her star power. Terenzio consigned works as a strategic proached Terenzio
all three items to the auction house. communications and about consigning the
Sotheby’s estimates that these crisis management garments. The faux- The sale reflects a growing inter-
three items will sell for over specialist. “The way I leopard coat, circa est in archival fashion. On the red
$50,000, a testament to Bessette- looked at it was, what 1969, proves that she carpet, stars like Zendaya, Margot
Kennedy’s enduring appeal. are these pieces doing didn’t need to rely on Robbie and Angelina Jolie have
Twenty-five years after her in my closet when I designer labels. The worn vintage designs from legend-
death, Bessette-Kennedy is still in- don’t have the proper Prada coat, which was ary couturiers like Madame Grès
spiring scores of stylish women. means to store them one that Bessette- and Thierry Mugler. Law Roach,
Known for her classic taste, she and they’re not being Kennedy owned in who styles Zendaya, is known to
rarely strayed from neutral colors appreciated by people multiple colors, shows buy at auction.
and favored tortoiseshell head- who would have an in- that she stuck to To price an item, Bishop looks at
bands, black sunglasses and terest in them?” what she liked. The the construction, the materials and
straight-leg trousers—items that fit While researching for Yamamoto jacket, the maker. However, the previous
perfectly in the “quiet luxury” mood her book, “JFK Jr.: An In- meanwhile, conveys owner can make an “astronomical
boards of today. Online, Bessette- timate Oral Biography,” Bessette-Kennedy’s Yohji Yamamoto jacket, faux-leopard her love of Japanese difference” in the value. “It’s cultural
Kennedy has fervent fans who Terenzio started to real- coat and black Prada coat, top right, are up for auction. designers. value, historical value,” she said.
A12 | Monday, October 14, 2024 THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

Making Desperate Pleas

For Work on LinkedIn
Job seekers are putting pink banners and the word #Desperate on
their profiles. Will that help or hurt these would-be employees?
BY ANN-MARIE ALCÁNTARA as being open to work without dis-

P
playing the badge. Using the highly
eople aren’t just #OpenTo- visible banner alerts their ex-
Work on LinkedIn. Now tended network about their need
some job seekers are plain for a job and can potentially spur
#Desperate. referrals—or it can broadcast
LinkedIn has long had a dissatisfaction with someone’s
green profile-picture ban- current role.
ner with the hashtag #OpenTo- The #Desperate banner
Work. It lets workers broadcast draws even more atten-
their availability in the hopes an tion to someone’s need
employer might reach out or a for a job. Recruit-
friend might connect them to an ers say the tag could
open job. help people get noticed
Now, job seekers at the end of and hired. It also could
their ropes are putting a more bru- backfire, because some
tal spin on their status: a pink ban- hiring managers might
ner and the word #Desperate. see it as a signal that
Those who are using the banner someone caused prob-
say their desperation often reflects lems in their previous
the fact that they have been with- workplace.
out a job for months or years. #OpenToWork can re-
Meanwhile, inflation, recruiting sult in “less aggressive” of-
scams, fake job listings and a cool- fers, says Keith Sims, chief
ing employment market for white- executive of Integrity Resource
collar and other jobs have people Management, a recruiting firm in
feeling defeated. Some of them are Indianapolis.
working, just not in their chosen Courtney Summer Myers, a 28-
professions. year-old graphic de-
Alex Velázquez, a signer and illustra-
39-year-old senior art tor in Southampton,
director in motion The tag could U.K., started the
graphics, started his help people #Desperate label in
career right before late September after
the 2007-09 reces- get noticed being laid off for the
sion. The current rut second time in Jan-
he is in feels worse.
or could hurt uary.
Velázquez was their chances. Myers’s post
laid off in January. hasn’t led to an offer
While he has free- for a full-time job,
lanced before to stay but she has received
afloat, he isn’t getting much work thousands of messages, with peo-
this time around. He attributes his ple offering freelance projects and Clockwise from top, Courtney
lack of work partly to his industry’s a few job interviews. Her post add- Summer Myers started the
growing use of artificial intelligence ing the hashtag garnered more LinkedIn #Desperate trend in late
and last year’s actors and writers than 426,000 reactions, as well as September. Alex Velazquez, Mac
strikes. 9,500 comments and 8,815 reposts. Scheldt and Danielle Blanding have
In late September, he added the “There’s been a lot of discourse used the banner on their pages.
pink #Desperate banner to his about how the #OpenToWork ban-
LinkedIn profile photo. ner puts off recruiters and hiring
“It’s hard not to feel desperate,” managers, because it makes you nonprofit art gallery in January
says Velázquez, who lives in West come across as desperate,” she 2020, shortly before graduating in
New York, N.J. wrote in her LinkedIn post. March 2020. In August 2020, she
The September jobs report “Frankly, as a victim of redun- was promoted to an arts-adminis-
showed a still-strong labor market. dancy, I am desperate, and I don’t trator role on a six-month con- CLOCKWISE FROM TOP: COURTNEY SUMMER MYERS; ALEX VELÁZQUEZ; MAC SCHELDT; DANIELLE BLANDING

But Labor Department data from think that’s anything to be tract.

last week showed the number of ashamed of.” Since the contract ended in
workers quitting their jobs fell to February 2021, she has worked as
the lowest rate in over four years in ‘A lot like dating’ a waitress and bartender to pay
August, a sign people are more cau- Inspired by Myers, Mac Scheldt— her bills.
tious about finding new roles. Every who uses they as a pronoun— Still, she is frustrated that she
open job on LinkedIn in the U.S. at- changed their LinkedIn profile pic- hasn’t been able to find work in
tracts 2.5 applicants, up from 1.5 in ture in early October and posted and cat-sitting to cover expenses. the labor market is so splintered, her field. Blanding moved back in
2022, according to LinkedIn data. about it. A health scare further delayed say recruiters and job seekers. with her parents in Atlanta and is
“There are still some lingering Scheldt’s frustration stems their job hunt. Some sectors and cities—such seeing a therapist.
concerns in some corners of the la- from the difficulty of getting any Currently, more than 200 mil- as commercial construction in the This month, Blanding posted on
bor market,” says Cory Stahle, an job in their industry and how long lion people have the #OpenTo- Southwest—are still hiring briskly LinkedIn about being #OpenTo-
economist with Indeed Hiring Lab, it has taken. In one particularly Work option turned on publicly or and have talent shortages, while Work and changed her profile pic-
the economic-research arm of jobs difficult scenario, Scheldt, a 25- privately, LinkedIn says. And 85% other industries, such as market- ture to the #Desperate banner. She
website Indeed. year-old screenwriter and pro- of people who post about being ing and brand management, have has received messages of support
ducer in Los Angeles, was ghosted open to work find support from cooled off rapidly, says Jeff Kaye, and commiseration from people
Helpful or hurtful? by a would-be employer a few their network, such as referrals chief executive of Sanford Rose who are in the same situation.
Recruiters, hiring managers and weeks after the writers strike be- and connections, according to the Associates, an executive search “I don’t think the desperate
career coaches are divided on gan. company. and recruiting firm. banner takes away my confidence
whether LinkedIn’s #OpenToWork “It feels a lot like dating,” Danielle Blanding is a 27-year- or bravery,” Blanding says.
banner helps or hurts would-be Scheldt says about the job market. Uneven job market old artist looking for work in the
employees. Sixteen months later, Scheldt is Today’s job market feels uniquely fine-arts industry. She started as Lynn Cook contributed to
Workers can mark their profiles struggling to land a full-time role frustrating to job seekers because an arts-administration intern at a this article.

MY RIDE | BY A.J. BAIME Dane Blue, with wife,

Malee, and their boys,

Go-Karting Twins Tear Up the Race Track 6-year-old twins Rhett,

green suit, and Toby
with their karts.

October. It’s the friends

we’ve made. That was
wildly unexpected.

Malee: The hardest

part? The chores you
usually do on weekends,
as we’re not home on
weekends. We do a lot
on Sunday nights, so we
don’t drown in our house.

Dane: I’ve mowed my

lawn at 10 p.m. But it’s
worth it. As for the ex-
pense, it’s all relative.
Dane Blue, 38, a financial advisor tracks with Dane. When the kids track parking lot across from the The karts are around
with Piazza Blue Wealth Manage- were 3, I bought them soccer cones other racetracks. It’s about a 2 ½ $4,500 each, and there’s
ment, and his wife Malee, 36, a and we set up an autocross course hour drive each way from our the cost of joining a
nurse practitioner with the South in the driveway. We got electric house. country club. Maintain-
Bend Clinic, who live in Elkhart, Ind., karts with plastic wheels. So they ing the karts isn’t that
on their family weekend racing were doing donuts and sliding Malee: The karts go about 45 mph. expensive. A set of Hoo-
rides, as told to A.J. Baime. through turns at age 3. It was nerve-racking at first. I was sier tires is about $200.
thinking: OK, you’re 6, and I’m going A bent axle costs $100
Dane: This has been the craziest Dane: Elkhart is known as the RV to put you in this thing. But there is to repair. If you factor in
year of our lives. It started when we Capital of the World. We bought a a lot of safety in place. They’re not how much time the kids
saw a YouTube video that took Thor Delano, a 25-foot RV based allowed to go out without full hel- spend actually lapping,
place at Autobahn Country Club, on a Mercedes Sprinter van. It has mets and race suits, and they have Malee: I have loved becoming a the cost comes way down.
which is a country club set around a dinette, a loveseat, a cab over to be approved to race by the staff. track mom. Pretty much every Sat-
motor racing in Joliet, Ill. One of the the driver’s seat where the boys The people that work there do an urday and Sunday, I’m slinging sau- Malee: Rhett and Toby finished first
things that stood out was that kids could sleep, and a bedroom in back amazing job. sage and eggs in the RV for all the and second this season. They did so
could start kart racing at 6. Our for us. Because Delano is Franklin staff at the track, and on race well that the karting director sug-
twin boys, Rhett and Toby, were 6. Roosevelt’s middle name [no rela- Dane: They raced in a league of 6 weekends, I’ll make a ton of food gested moving them up to the next
LYNDON FRENCH FOR WSJ (3)

Our house was under construction, tion], we call the RV the “FDR V.” to 8 year olds, and I think there for the kids. There are other fami- level. They turn 7 in February, and
and we had gutted our kitchen. We The karts are called Margay Ignite were nine at the last race. The boys lies, and we help each other. when the season starts in April,
thought, what do we want to be in Wildcat kid karts, and they have love it, and as long as they do, we they’ll be racing 8 to 12 year olds.
our house for? Let’s try this. 50-cubic-centimeter Honda en- want to give them the most track Dane: The most surprising thing
gines. At the beginning of the sea- time we can. Seeing their faces hasn’t been that we ended up doing Dane: As I said, this has been the
Malee: I am fairly into motor son last April, we started going to when they are up on the winner’s this almost every weekend, from craziest year of our lives. Until next
sports. I have driven cars on race- Autobahn, camping out in the kart podium? It’s incredible. April to the last race weekend in year comes around.
 THE WALL STREET JOURNAL. Monday, October 14, 2024 | A13

ARTS IN REVIEW
BY MARY TOMPKINS LEWIS

T
Farmington, Conn.
he Hill-Stead Mu-
seum, located
about 10 miles
outside of Hart-
ford, is a little-
known house mu-
seum on a bucolic estate
with a spectacular Impres-
sionist collection. Its hold-
ings were acquired by Al-
fred Atmore Pope (1842-
1913) and his wife, Ada
Brooks Pope (1844-1920),
between 1888 and 1907, at
a time when, in the U.S. at
least, such works—by Mary
Cassatt, Edgar Degas, Ed-
ouard Manet and Claude
Monet—were considered
boldly vanguard.
As collection objects at
Hill-Stead are never lent
and rarely even moved on
site, they are in remarkably
pristine condition. None-

The project was

the result of a
fortuitous
introduction to
conservators.

theless, time does take its

toll, and so a fortuitous
meeting with a collector,
and his introduction to the
renowned, independent
fine-art conservators David
Bull and Teresa Longyear,
led Anna Swinbourne, the
museum’s CEO and direc-
tor, and her colleagues to
undertake a campaign to
restore four of the major
Impressionist and proto-
ART REVIEW

At Connecticut’s Hill-Stead
Impressionist paintings in
the collection. In 2024, the
project was one of 24 in
museums worldwide to be
funded by Bank of Amer-

Museum, Masters Revived

ica’s longstanding Art Con-
servation Project, which
helps to preserve histori-
cally or culturally signifi-
cant works of art, including
those that have been desig- Paintings by Monet, Degas and Manet have been restored to stunning effect that ups their drama
nated national treasures.
Early this July, the con-
servators set up camp in a cissitudes of a professional career capture transient atmospheric ef-
glassed-in gallery annexed to the then unwelcoming to women, she fects, and especially the opulent
museum, where visitors outside designed the farmhouse as a Colo- fall of sunlight through mist, that
could watch them go about their nial revival home, its portico in- wrapped his humble agrarian
meticulous task. Within only a spired by George Washington’s motifs. The artist employed thin,
matter of weeks, the paintings Mount Vernon. striped passages of paint to de-
were rehung in the museum’s The museum is one of only a pict the distant background; soft,
drawing room, an intimate space handful of institutions to own scumbled touches to render the
beloved by the Popes in the house more than a single painting of wintry sky; and vigorous, tactile
designed by their wonderfully grainstacks by Claude Monet. strokes for the frozen ground and
headstrong daughter, Theodate “Grainstacks, White Frost Effect” frost-covered grainstacks cap-
(1867-1946). A self-trained archi- (1889), a lavish work on an un- tured in a fleeting enveloppe of
tect who famously survived not lined canvas and prelude to his early morning light.
only a disastrous 1915 voyage on thematic series of 1890-91, bears As before-and-after photos
the ill-fated Lusitania but the vi- the markings of Monet’s efforts to show, brownish layers of old var-
nish were removed and replaced
by a modern resin and wax com-
posite on the work’s surface,
which revealed little in the way of
paint loss. The painting’s gently
restored, richly varied texture and
stunningly luminous palette are Edgar Degas’s ‘Dancers in Pink’ (c. 1876), top, and Claude Monet’s
nothing less than ravishing. ‘Grainstacks, White Frost Effect’ (1889), above.
The 1889 canvas hangs in an
elaborate gold frame above the
drawing room’s fireplace and next painting, which thoroughly subor- signature subjects. His fascination
to Monet’s newly restored “Grain- dinates its subject to capture ex- with ballerinas backstage at the
stacks in Bright Sunlight” (1890), traordinarily sensitive variations Paris Opéra, reflected in “Dancers
making them virtual mirror im- of color and light, has become in Pink,” would become an obses-
ages of the Giverny countryside. both staggeringly beautiful to be- sion.
In its familiar, but now speckled, hold and indelible evidence of the Caught unposed and seemingly
grassy field, the conical forms of countless aesthetic choices in- unaware against verdant stage
the grainstacks become gorgeous volved in its making. scenery, Degas’s dancers, one of
vessels of shadow haloed by light. Equally minimal conservation whom wears a dazzling crystal
The artist sometimes scratched attended Edgar Degas’s “Dancers earring, sport intensely pink cos-
through a work’s surface to reveal in Pink” (c. 1876). That work, an tumes adorned with touches of fi-
the color-stained weave of its can- equestrian scene in the Hill-Stead ery red. The removal of deeply
vas support and the studied pro- dining room, and his not-to-be- discolored varnish allowed such
cess that brought it into being, a missed pastel (now hung in a bed- vibrant color and also more detail
Edouard Manet’s ‘Toreadors’ (c. 1862-63), below, and a detail of the work proprietary gesture of sorts now room) of a woman bathing encap- to emerge in the painting, and the
during conservation, above. visible on the 1890 canvas. The sulate as a group Degas’s effect is transformative. Though
executed in oil, the ballerinas’
filmy, gauze-like tutus, which
seem to flutter now on the canvas
surface, reflect Degas’s increasing
interest in the delicate medium of
pastel.
The most dramatic effects
achieved in the Hill-Stead project,
however, can be seen in Edouard
Manet’s “Toreadors” (c. 1862-63),
a behind-the-scenes glimpse of
bullfighters before—or between—
rounds in the ring that reflects
the fashion for all things Spanish
that swept Paris in that decade.
Long obscured and spatially flat-
tened in parts by grimy, yellowed
varnish, the work now, in its ele-
gantly conserved state, reveals
mesmerizing passages of blues,
pinks and velvety blacks that at-
test to Manet’s gifts as a colorist,
as well as the sumptuous, paint-
erly brushwork that made him
heir to the Baroque Spanish mas-
ter, Velázquez. As Mr. Bull has
said about this painting of tore-
adors, which now truly comes
alive, “we can hear them chatter-
ing.”
HILL-STEAD MUSEUM (4)

Ms. Lewis, who taught art history

for many years at Trinity College,
Hartford, Conn., writes about art
for the Journal and other
publications.
A14 | Monday, October 14, 2024 THE WALL STREET JOURNAL.

SPORTS
A U.S. Coach Paid for by a Billionaire
Before U.S. Soccer hired Mauricio Pochettino, it recruited donors like Citadel founder Ken Griffin to help pay for him

BY JOSHUA ROBINSON and instantly made her the high-

AND RACHEL BACHMAN est-paid coach in women’s interna-
tional soccer. She commands a
In its long quest to hire an elite base salary roughly equivalent to
coach to lead the men’s national Pochettino’s predecessor on the
team into the 2026 World Cup, men’s side, Gregg Berhalter, ac-
U.S. Soccer knew exactly what it cording to people familiar with
had to offer. her contract. (Berhalter earned
It could pitch candidates one of $2.3 million, including bonuses.)
the most talented generations of Most gifts to U.S. Soccer come
American players ever to kick a with no strings attached. But
ball. It could stir up the excite- when there are conditions, the
ment of being the home team at federation is prepared to listen.
the biggest party in sports. And, One recent donor to the women’s
for the first time in U.S. Soccer team saw a behind-the-scenes
history, it could promise the one video showing Hayes at last sum-
thing top-tier international mer’s Paris Olympics telling play-
coaches care about most: a pile of ers she’d hired a manicurist to do
cold hard cash. their nails. The U.S. went on to
That’s because before it re- win the gold medal—and the do-
cruited a coach, U.S. Soccer went nor was inspired. She gave U.S.
out and recruited people to pay Soccer a six-figure gift to pay for
for him. As it turned out, the big- future women’s team-building ac-
gest donation came from the tivities—including nail visits.
hedge-fund billionaire and Citadel But few contributions have
founder Ken Griffin, who agreed to been more public than Griffin’s,
make a multimillion-dollar gift to which has now delivered the most
coax the biggest name available successful coach the men’s team
into a USA tracksuit, according to has ever had. Pochettino reached a
a person familiar with the discus- Champions League final with Tot-
sions. Now, that person is Argen- tenham, won French domestic ti-
tina’s Mauricio Pochettino, who tles with Paris Saint-Germain, and
has coached some of the biggest oversaw a major rebuild at Chel-
SCOTT COLEMAN/ZUMA PRESS

clubs in Europe and secured a 2-0 sea. He has worked with players
victory over Panama in his first such as Lionel Messi, Kylian
match in charge on Saturday. He is Mbappé, and Harry Kane.
widely reported to be earning And for the chance to make an
some $3 million a year. impact at the first men’s World
“We know that winning is ex- Cup on home turf since 1994, U.S.
pensive,” said Leah Burton, who Soccer was prepared to pay its
oversees U.S. Soccer’s major fund- U.S. men’s soccer coach Mauricio Pochettino secured a 2-0 victory over Panama in his first match in charge. highest ever salary.
raising. “World-class coaches are The approach to Griffin, how-
expensive…We knew we would ever, only came after U.S. Soccer
find a way to resource it some- It understood that lots of peo- ture of philanthropy. And so, hey, boom of the 1970s and ’80s and had made contact with Pochettino
how.” ple wanted to turn this country let’s get good at that.” now has the means to back his and was scrambling for funding.
The model of hitting up into a soccer powerhouse. And Griffin is just one of a slew of home federation. He’s given $1 The federation connected with
wealthy donors to pay superstar some of those people also hap- donors successfully cultivated by million toward the training center. Griffin through another donor who
coaches is intensely familiar to pened to be incredibly rich. So the U.S. Soccer since it ramped up its The long-term goal is to in- was familiar with Griffin’s love of
fans of college football, but in the world’s most popular sport, the philanthropy efforts last summer. crease U.S. Soccer’s annual reve- soccer and long history of donat-
world of international soccer, it’s federation decided, was about to Another major contribution came nue to between $400 million and ing to soccer causes, including an
completely unheard of. Top federa- become a matter of American phi- from Arthur Blank, the owner of $500 million a year, up from $149 $8 million gift to build 100 mini-
tions generate revenue by selling lanthropy. the Atlanta Falcons and Major million in 2023, with about 25% of pitches in the Chicago and Miami
tickets, sponsorship, broadcast “Growing up in the American League Soccer’s Atlanta United, that coming from philanthropy. areas. The deal, which wasn’t con-
rights and, often, through public soccer world, we always heard: who donated $50 million to fund What may be the federation’s tingent on the U.S. hiring any spe-
funding. But over the past year, Here are all the reasons you can’t construction of a national-team most visible expense is paying the cific coach, came together in a
the U.S. came to realize that it be successful,” U.S. Soccer CEO training center in Georgia. person who barks orders from the matter of weeks.
needed to take a different, more J.T. Batson said. “America is a Courtney Reum, a 46-year-old dugout. Last November, U.S. Soc- “When it leaked out about
American tack to close the gap on very wealthy nation. It’s a nation venture capitalist who played col- cer tapped England’s Emma Hayes Mauricio…everyone wanted to
the top programs in Europe and that cares about sports and it’s a lege soccer at Columbia, was part to take over the four-time World help,” Batson said. “Which is good.
South America. nation that has a real sort of cul- of the American soccer-playing Cup-winning U.S. women’s team That’s what we need.”

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 22 Michael of
9 10
“Weekend
11 It’s the Game of the Century—
12

15 16
13 14

17
Update” on
“SNL”
23 Using a false
And It Happens Every Week
identity
18 19 20 BY LAINE HIGGINS
24 Cultural spirit
21 22 23 24 26 Rapper who Eugene, Ore.
co-founded When Orgeon and Ohio
25 26 27 28 Beats State squared off on Satur-
27 Air of intrigue day night, it had all the mak-
29 30 31 32 33 34
29 Old TWA ings of a college football
classic: Two proud pro-
competitor
35 36 37 grams, both ranked in the
30 Chef who top 3 nationally, going head-
38 39 40 hosted to-head with unbeaten re-
“Barefoot cords on the line.
41 42 43 44 Contessa” In case you missed it, this
31 Flaky pastries was one of those heavy-
ALI GRADISCHER/GETTY IMAGES

45 46 47 48 49 named for an weight showdowns that

emperor lived up to its billing—a back
50 51 52 53 54 and forth nail-biter that
33 Seedcases
came down to the final two
55 56 57 36 Electrician, at minutes and ended in a wall
times of sound, as scores of black-
58 59 60 40 Bart, to Marge clad students stormed the
44 ___ Islands field to celebrate the Ducks’ Oregon’s Terrance Ferguson during the Ducks’ 32-31 win.
61 62 63 32-31 win.
(group south
of Cuba) In any other year, it
would have been a shoo-in there could even be another they faced each other just
STRAIGHT SETS | By Dan Caprera 46 Whitesnake for the best game of the sea- on Nov. 2 when the Buckeyes eight times in the regular
or Black son. This year, it’s just an- play undefeated Penn State. season from 1992 until the
Across 35 California’s 56 Essential 10 Abuses the Sabbath, for other Saturday. Granted, the stakes in conference removed divi-
1 Bread served Santa ___ point (or hospitality of example This is how it goes in the these games aren’t as monu- sions for this season.
with korma winds what’s 11 Vinyl records, 47 Toddler’s
formed by new era of college football. mental as they used to be. In The expansion of the
5 Yearn (for) 36 Given name for short
50-, 51- and training site The emergence of coast-to- the previous decade, when a postseason to 12 teams also
9 Part of RSVP of actor 12 Paper with coast megaconferences and a smaller playoff field meant means that a perfect season
Harrelson 53-Across) 48 Final
12 Doorstop headquarters farewells, beefier postseason has been that a single loss was is no longer a prerequisite
shape (or what’s 58 Give, for a on the Ave. of accused of diminishing the enough to derail a team’s ti- for winning a championship.
formed by time of sorts
13 Drain problem the Americas, regular season, casting re- tle hopes, these games car- Losses, particularly to tough
29-, 32- and 59 Stepped down 49 Like a gional rivalries aside, and ried season-defining conse- opponents and on the road,
14 Gas station despite what
34-Across) cloudless day rendering the bowl system quences. In the eight are no longer quite so damn-
fixture 60 Prudential its name
37 John in rival suggests 51 Nut’s partner completely irrelevant. meetings between top-3 ing. That calculus is part of
15 Minimal Parliament? But it has also produced teams, only one loser man- the reason why it became so
61 Useful 14 Feature of 52 Singer
budget (or a steady stream of epic aged to earn a semifinal attractive for teams like Ore-
38 Word after connections some orange Redding
what’s matchups between super- berth (Ohio State in 2022). gon to join the Big Ten.
formed by cat or power 62 Online crafts juice 54 ___ culpa
power schools at or near the But just about everything The Ducks now have the
12-, 13- and 39 How some market 16 Moving 55 Quarterback top of the national rankings. about the structure of col- inside track to the Big Ten
14-Across) queens 63 Inquisitive close to the Manning These days, the “Game of lege football looks different title game, tied atop the
17 They call balls perform Down speed of 56 Sweetie the Century” happens prac- in 2024. The biggest confer- standings with 6-0 Penn
and strikes 40 IDs on IRS 1 India’s first sound 57 Sign before tically every week. ences have bloated, with the State. But Ohio State is far
18 Author forms prime 20 Crooked Virgo Since the College Football Southeastern Conference from out of the race.
Tolkien 41 In the past minister Playoff’s debut, there have sucking up Big 12 stalwarts Losing to a highly ranked
42 Lift off
Previous Puzzle’s Solution been 17 regular-season Texas and Oklahoma, while team comes with a silver lin-
19 Nonsense 2 Festoon L A S T S A P E A V A S T games between teams both the Big Ten absorbed Ore- ing: It doesn’t usually push
20 Choir voice 43 Sgt. or cpl. 3 It brings O P T I C R I G F O L I O ranked in the top five, ac- gon, Washington, UCLA and you too far down the rank-
21 In the 45 Dark wine wisdom, S E E D E A T E R F L O G S cording to Stats Perform. Southern California from the ings. The Buckeyes could all
altogether they say E X T E N D R E T I C E N T
grape R I D S T A X A Clashes between top three Pac-12. Suddenly programs but ensure a rematch
23 “Reckon so” 47 Steinway 4 Snuggle B E N I C E T O D E N A L I teams are rarer, with just used to meeting in the Rose against Oregon should they
25 Coop products comfortably AMA P N A P A D O V E R eight in the past 10 years. Bowl would be on a direct win out and beat Penn
inhabitant 5 Pungent T I S D I C E D E G O But seven weeks into the collision course well before State. Which means it’s im-
50 Bring up and C L A S S R I S E G R I N 2024 season, we’ve already New Year’s Day. possible to say where these
26 Like many a care for 6 Rate of H E L P M E T OM P E T T Y
seen two top-5 showdowns— To accommodate all the two programs might be
cellar 51 Pirate’s horde motion L AM P P U R L
and you won’t have to wait new members, conferences ranked come the first week
I M S O S U R E R E A DM E
28 Hanoi holiday 53 Ask for, as a 7 Sharpen MO N T H A N C E S T R A L long for the next one. It’s did away with divisions—a of December should they
29 Yearn (for) cigarette 8 It may be P R I C E WY O T I E R S happening next Saturday, quirk of scheduling that lim- find themselves squaring off
32 Clean, with 55 Prestigious poached S O P H S N A P O N I C E when No. 1 Texas squares off ited the frequency of some in Indianapolis. But odds
The contest answer is FLORIDA PANTHERS. against No. 5 Georgia. De- intraleague matchups. Ala- are, it will be yet another
“up” English 9 Addition As suggested by 70-Across (ON ICE), find the
34 Grill waste private school results letters above each of the five instances of ICE pending on how far Ohio bama and Georgia, for exam- top five matchup.
in the grid. Those letters spell the contest State falls in the rankings af- ple, were on opposite sides This is to say a Game of
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. answer. ter its loss to the Ducks, of the SEC, which meant the Century—again.
THE WALL STREET JOURNAL. Monday, October 14, 2024 | A15

OPINION
China Is Turning Japanese BOOKSHELF | By Dominic Green

China’s prop-
erty market is
nance minister said Beijing
will “significantly increase”
the remedy for this demo-
graphic shift, but these are
If you remember the cur-
rency crises of 1997 and 1998,
Death in the
City of Abraham
imploding. In government debt to stimulate the very companies that Xi South Korea, Thailand, Indo-
January, Shen- the economy. Details were Jinping and the Chinese gov- nesia and even Russia were
zhen-based sparse, but that sounds des- ernment have been crippling caught with dollar-denomi-
Evergrande perate to me. with restrictions in finance, nated debt and imploding cur-
Group was Japan spent lost decades trade, tutoring and gaming. rencies with no way to pay
INSIDE
forced to liq- trying to boost its economy That’s not smart. Unlike back loans except a fire sale of
VIEW
uidate, owing with monetary and fiscal Japan in the 1990s, China assets. The lesson: Hold dol-
Ghosts of a Holy War
By Andy
$300 billion. stimulus. But Japanese banks isn’t yet rich. Official gross lars in reserves to prevent a By Yardena Schwartz
Kessler
An estimated were stuffed with nonper- domestic product per capita run on currencies. Union Square, 432 pages, $29.99
90 million forming loans, and rather than is still below Mexico. Instead, China is stockpil-

O
apartments are empty in making structural changes to ing gold, oil, copper and other n Aug. 24, 1929, 3,000 Muslim men with swords, axes
China, many in underoccupied the economy and writing off commodities. Some think and daggers went from house to house in the Jewish
“ghost cities” such as She- these bad loans, Japan ended The mainland expects these moves are a precursor Quarter of Hebron in the British-controlled Palestine
nyang and Ordos. In 1980 the up with zombie banks that to a currency devaluation to Mandate. Shouting “Palestine is ours and the Jews are our
British band the Vapors sang: looked good on paper but a sharp decline in its kick-start its slowing growth dogs,” they raped women and girls, killed infants in their
“I’m turning Japanese, I think stopped making new loans. economic growth. of exports. That could wreak mothers’ arms, mutilated the corpses of elderly rabbis and
I’m turning Japanese, I really The economy flatlined. havoc on global markets and yeshiva students, set houses on fire, and stole everything
think so.” Is China’s economy Is China Japan 2.0? Let’s do Sound familiar? spark capital flight from they could.
turning Japanese? the math. The average apart- China. That day in Hebron, 67 unarmed men, women and chil-
Other Chinese property de- ment in China is valued at Because of the property dren were slaughtered; dozens were wounded. A total of
velopers such as Country Gar- $200,000—970 square feet at Add to this Donald Trump’s mess and low-productivity 133 Jews were murdered and hundreds more wounded as
den, Fantasia Holdings and $205 a square foot. The 90 proposed 60% tariffs on Chi- state-owned companies, Yale the riots spread across the Mandate. The British, under-
Sunac are in disarray. China’s million empty apartments nese goods, which could mean economist Stephen Roach tells prepared and caught by surprise, extracted Hebron’s surviv-
economy is slowing. As of might be worth $18 trillion. a huge shift in manufacturing me, “China’s growth rate may ing Jews in armored cars and told them not to return. “For
September, China factory ac- Construction and purchase to Mexico, Vietnam and India. be unacceptably slow, and no the first time in nine centuries,” Yardena Schwartz writes,
tivity had shrunk five months loans on these empty apart- Kamala Harris may also use amount of savings is going to “the City of Abraham was a city without Jews.”
in a row. The International ments are surely in multiple tariffs against China. The Eu- free them of the structural In “Ghosts of a Holy War,” Ms. Schwartz calls the Hebron
Monetary Fund forecasts that trillions of dollars and under- ropean Union recently levied problems along the lines of massacre the “ground zero” of what would become the
China’s long-term growth rate water. But China’s official 45% tariffs on Chinese electric Japan.” Israel-Palestine conflict. The author, an American journalist
is receding—over 10% in 2010 nonperforming-loan ratio is vehicles. I’m not sure China’s In 2021 the Harvard Busi- who has lived in Israel, traces
and now under 4%. In the reported as a meager 1.6%. economy can handle this. Tar- ness Review headlined an in- a “direct line” between
1990s Japan’s growth rate That’s hard to believe. Chinese iffs are product-specific cur- terview “Americans Don’t Hebron in 1929 and last year’s
slowed a similar amount. economic statistics are notori- rency manipulation. Know How Capitalist China Hamas-led invasion of south-
In 2008 Treasury Secretary ously fuzzy, but it’s hard to China has its own loan Is.” Really? Xi Jinping is a ern Israel from Gaza: “The
Henry Paulson described a hide 90 million empty apart- problems. The government’s Marxist ideologue who throws forces that drove Arabs in
U.S. fiscal-stimulus “bazooka.” ments for long. debt-to-GDP ratio is nearly around phrases such as “com- Hebron to slaughter their
Last month China took out its The good news is that 85%. Private nonfinancial debt mon prosperity” and “social- Jewish neighbors in 1929 were
own bazooka, a massive stim- China has a high domestic is 205% of GDP. Of that, ism with Chinese characteris- identical to the forces behind
ulus entailing lower interest savings rate. Maybe it can China’s dollar-denominated tics.” That doesn’t sound October 7.”
and mortgage rates and re- paper over the nonperform- debt is about $1.1 trillion. Yet promising to resolve struc- The 1929 rioters believed
duced bank reserve require- ing loans. But the economy is China has made a conscious tural problems. false claims that “the Jews”
ments. The Shanghai Compos- still dominated by low-mar- effort to dump U.S. dollars. Its Be warned, a lost decade wanted to destroy the Al Aqsa
ite Index jumped 25%. All gin, low-productivity state- Treasury holdings peaked at for China—turning Japanese— Mosque. Hamas, in 2023, code-
clear? Hardly. The rally fiz- owned enterprises. Thanks to $1.32 trillion in 2013 and had may be in the making. Capital- named its rampage “Operation
zled, down roughly 8% since its now-abandoned one-child fallen to $776 billion this July. ism without democracy may Al Aqsa Flood.” In 1929, as in
Tuesday with word of a policy, China is cursed with China may hold some dollars not, at the end of the day, be 2023, Arabs in Palestine hailed the
smaller-than-expected stimu- an aging workforce. Higher- offshore, but that’s still a ma- capitalism at all. killers as heroes while simultaneously celebrating and deny-
lus. On Saturday, China’s fi- productivity enterprises are jor change—and dangerous. Write to [email protected]. ing their atrocities. In 1929 the British rewarded terrorism by
reducing Jewish immigration into the Mandate. In 2023 the
Biden administration led the international chorus calling for

Canada’s Unproven Mass-Grave Scandal negotiations on a Palestinian state. “Ghosts of a Holy War” is
bookended by these two detailed accounts of mass murder. In
both cases, the sadism—rapes, decapitations, the torture of
Progressives law hate speech might also be Flanagan, who published a the site of a Kamloops, British children, the mutilating of genitals—is harrowing.
want the used to criminalize contrary best-selling book of essays by Columbia, residential school Ms. Schwartz’s account of the prelude to the 1929 massa-
state to moni- views. historians and researchers on that closed in 1969. The news cre makes good use of the letters of David Shainberg, who
tor truth in Canadians once considered the controversy, maintains shocked the country. The fol- was born in Tennessee and had enrolled at the Hebron
the public residential schools a noble that most children attended lowing week, Prime Minister Yeshiva in 1928 at the age of 22. Shainberg, who thought
square, and idea, a way to educate to In- residential schools with paren- Justin Trudeau ordered flags secular Zionism a “worthless anti-Jewish cause,” wanted to
AMERICAS some would dian children whose families tal consent. flown at half-mast. In June of study Torah close to Hebron’s Tomb of the Patriarchs,
give govern- lived in remote areas. But in In his speech at the U.N., the same year Canadians where, the Book of Genesis records, Abraham, Isaac and
By Mary
ment the the 1990s allegations of abuse Mr. Sinclair tied residential learned the radar had been Jacob are buried. The Jews and Arabs of Hebron got on
Anastasia
power to pun- emerged. As part of a 2007 schools to “unacceptably poor used to identify the presence well enough, but the power balance that favored Islam
O’Grady
ish dissent settlement of a class-action education results” and “run- of 751 unmarked graves at a meant that the closest that Jews could get to their shrine
from ap- lawsuit, the government away rates of suicide, family residential school that had was the seventh step of its exterior staircase. Zionism
proved narratives. Last month agreed to establish a truth and violence, substance abuse, served the Cowessess First threatened to upend first this Islamic supremacy and then
Hillary Clinton proposed reconciliation commission us- high rates of incarceration, Nation in Saskatchewan. Mr. the population balance that favored Arabs. Shainberg was
criminalizing speech she la- ing government data and first- Trudeau was photographed at murdered in the 1929 riot.
bels as “propaganda.” person recollections. Truth the site, kneeling with his The human dimension is more complex than the religious
Any first-year law student was its first casualty. Progressives want head lowered. He was holding one and a frail source of hope for Ms. Schwartz. Many of
can tell you why that won’t fly In a 2010 speech to the a teddy bear. Since then alle- Hebron’s Arab policemen joined in the 1929 slaughter, but
under the U.S. Constitution. United Nations Permanent Fo- to outlaw ‘denialism,’ gations of mass graves on for- some two dozen Arab families, she notes, “risked their lives
But in Canada protections for rum on Indigenous Issues, but no actual remains mer residential school sites to save at least half the Jews in Hebron.” The central sec-
those who question conven- Commissioner Murray Sin- have multiplied. tion of “Ghosts of a Holy War” describes the erosion of this
tional wisdom aren’t nearly so clair declared that “for have been found. The only way to learn if the human middle ground over the following decades.
secure—even if the truth is on roughly seven generations allegations are true is to exca- Haj Amin al-Husseini, the pro-Nazi Grand Mufti of Jerusa-
their side. nearly every Indigenous child vate. Yet only a few excava- lem, did more than anyone (barring his protégé and distant
Last month, Leah Gazan, a in Canada was sent to a resi- street gang influence, child tions on lands alleged to con- cousin, Yasser Arafat) to shape the dysfunctionality of Pales-
New Democratic Party mem- dential school. They were welfare apprehensions, home- tain unmarked graves have tinian nationalism. One of the saddest threads in this tragic
ber of Parliament from Win- taken from their families, lessness, poverty, and family been performed and no re- story comes when Ms. Schwartz seeks out the descendants of
nipeg, introduced a bill to tribes, and communities, and breakdowns.” But as Ms. mains have been found. Kam- the good neighbors of Hebron. They are unwilling to talk. “In
criminalize “wilfully promot- forced to live in those institu- Green points out, residential loops and the Cowessess First Palestinian society,” she explains, “being labeled a collabora-
ing hatred against Indigenous tions of assimilation.” schools achieved better re- Nation sites remain un- tor with Israel is a death sentence.”
peoples by condoning, deny- That was untrue. During sults than day schools, which touched. Meantime, wild sto-
ing, downplaying or justify- the time of the residential had high rates of absentee- ries of maltreated children
ing the Indian residential schools, only Indian children ism. Given that only a minor- gone missing at residential After the murder of nearly 70 Jews in Hebron,
school system in Canada of “status” (i.e., belonging to ity of Indian children went to schools—supposedly an at- the British extracted the survivors in armored
through statements commu- “First Nation” groups) were residential schools, the sys- tempt to eliminate the Indian
nicated other than in private required to go to school. Ac- tem can’t explain the broad people—have done their dam- cars and told them not to return.
conversation.” cording to Nina Green, who re- social breakdown of Indian age. Fires and vandalism at 85
The bill refers to govern- searched the history for a communities. Canadian Catholic churches
ment-sponsored Catholic and heavily documented essay in The commission’s 2015 final followed these unproven The conflict is often explained as a particularly vicious
Anglican boarding schools the Dorchester Review, in report found the residential charges. real-estate dispute or a struggle between modern national-
that served indigenous chil- most years 30% to 35% or schools responsible for “cul- Separating fact from fiction ists. Such disagreements can be resolved by compromise, so
dren from the 1830s to the fewer Indian children with sta- tural genocide.” But that on this issue requires open this explanation appeals to outsiders, atheists and the con-
1990s. Progressives argue the tus attended the boarding wasn’t enough for the crowd and honest debate. Legislative flict-averse. Yet the Jewish victims of 1929 were not Zion-
residential schools engaged in schools. This was partly be- seeking to rewrite Canadian attempts to close down speech ists or anti-Arab. They were anti-Zionist yeshiva students
genocide against the Indian cause demand outstripped history. by labeling contrary points of or members of an ancient Sephardic population that, like
community. If the bill becomes supply in many years. The In May 2021 a researcher, view “denialism” won’t lead to their Arab neighbors, had yet to assume a modern political
law, Canadians who disagree other two-thirds either at- using “ground penetrating ra- reconciliation and won’t re- identity. Similarly, the victims of 2023 were not settlers.
could be hauled into court. tended day schools or didn’t dar,” claimed to have discov- store the well-being of Can- They were the kind of Israelis most likely to favor compro-
New legislation drafted by the go to school. Retired Univer- ered a mass grave containing ada’s indigenous communities. mise and cohabitation: kibbutzniks, peace activists, leftists
Trudeau government to out- sity of Calgary professor Tom the remains of 215 children at Write to O’[email protected]. and Arab Israelis.
Ms. Schwartz argues that the conflict originates and
continues in the “religious dimension.” Palestinian national-

Beef Up the Freedom of the Press ism, she observes, did not exist in any coherent sense in 1929.
There was no State of Israel then, and Jews were a minority
within its future borders. This was before the post-1967 mili-
By Floyd Abrams aren’t applicable to other forms (1972), the Supreme Court SLAPP cases. These are cases tary occupation of Judea and Samaria (the West Bank), which
of speech. For example, when ruled that journalists testify- filed not to win legal judg- would return Jews to Hebron (as settlers). Then, as now, she

T
he press is the only com- the police break up protests or ing in court could be com- ments but to saddle journalists argues, an Islamic-inspired refusal to live in equality with
mercial enterprise that impose a curfew during times pelled to disclose confidential and activists with high costs Jews produces jihadism (“holy war”). She also argues that it
is explicitly protected by of civil unrest, reporters are of- information. and time-consuming litigation, radicalizes the survivors.
the First Amendment. Both ten prohibited from staying The Justice Department un- thereby pressuring them not to After Hebron, the Mandate’s Jews realized that the
freedom of speech and the and reporting on what has oc- der Attorney General Merrick publish damaging information. British could not protect them; the first Sephardic volun-
press are constitutionally curred. Some police allow jour- Garland has commendably ad- If the First Amendment were teers joined Zionist militias. The Zionist leadership,
guaranteed. But the press has nalists to stay, but the Supreme opted regulations barring its read more vigorously to pro- which had developed a protostate under British supervi-
received little constitutional attorneys from requiring jour- tect the press, this state legis- sion and still hoped for an accommodation with the Man-
protection in addition to that nalists to reveal their sources. lation would be unnecessary, date’s Arabs, became more hostile to both Britain and the
provided to other speech. Journalists need But those limits apply only since Slapps would be Arabs. The Arabs, who saw the Mandate as a piece of
For the past two years, within the federal government promptly dismissed and the at- Syria, started to redefine themselves as “Palestinians.”
three colleagues and I have stronger protections and could be revoked by a fu- torneys who brought them per- The British responded by rushing a “colonial army” to the
worked on a project at Yale than the Supreme ture attorney general. Until the sonally subject to sanctions. Mandate, which would eventually be attacked first by the
Law School to assess whether Supreme Court rules on the Thomas Jefferson said that Arabs and then by both Jews and Arabs.
freedom of the press has been Court has recognized. matter, journalists don’t have a a free press is the “most effec- Back in 1929, Ms. Schwartz writes, Hebron’s Sephardic
fulfilled. After reviewing cases firm, constitutionally rooted tual . . . of all the avenues to men were “friends and business partners with their Arab
throughout U.S. history and right to withhold the identity truth” and hence the first right neighbors.” They “drank Turkish coffee, smoked hookah,
conferring at length with jour- Court has yet to hold that this of their sources. to be “shut up by those who and played backgammon in one another’s homes.” Today,
nalists, media lawyers, histori- protection is constitutionally Stronger First Amendment fear the investigation of their Hebron is divided into sectors controlled by the Israeli
ans and other scholars, our un- required. protection for journalists actions.” It’s long past time for army and the Palestinian Authority. The Palestinian mayor
equivocal conclusion is that it The same is true of confi- would also protect the press the First Amendment’s prom- is a convicted terrorist who tells Ms. Schwartz that Jews
has not. Our report will be re- dential sources. Journalists from those who seek to use the ise of freedom of the press to have no historical connection to the Holy Land. The Israeli
leased this month. need to be able to maintain the judicial system to intimidate become reality. settlers live under armed guard. “Ghosts of a Holy War” is
The basic legal problem is confidentiality of sources who reporters. Thirty-three states a good book about a bad mess. The winner will take all, or
that while free-speech protec- provide information about and the District of Columbia Mr. Abrams is senior coun- whatever is left.
tions remain robust in our na- government misconduct or have adopted legislation re- sel at Cahill Gordon & Reindel
tion, the press requires certain other sensitive information. stricting strategic lawsuits LLP and author of “The Soul of Mr. Green is a Journal contributor and a fellow of the
additional protections that But in Branzburg v. Hayes against public participation, or the First Amendment.” Royal Historical Society.
A16 | Monday, October 14, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Transgender Sports Is a 2024 Sleeper Issue Abortion Debate Has Republicans on the Run
The mobilizing power of abortion Your editorial wonders why, when

E
very election has issues that are predict- tana, an ads says Sen. Jon Tester “voted to let
able—abortion and the economy this men compete against our girls,” and “those is stronger than ever leading into this voter sentiment already favors Demo-
year’s election. That’s exactly why Re- crats on abortion issues, they insist
year—but also some that surprise the aren’t Montana values.” The proliferation of
publicans are claiming to have on pedaling falsehoods about Repub-
political class. This year one these arguments against so changed their tune on the issue. lican positions. Maybe because they
sleeper issue is progressive Sens. Brown, Tester and many Democratic incumbents Your editorial “The Abortion Dis- think it works. Recall Harry Reid tak-
transgender coercion, which is Baldwin are all under suggests it’s resonating with tortion Campaign” (Oct. 8) takes Re- ing the Senate floor in August 2012
playing against Democrats in the public. publicans’ sudden policy shifts at face to announce, as breaking news, that
races across the country. fire for their votes. A pluralistic society de- value. But voters, like Democrats, Republican presidential candidate
Consider the ad running in pends on an attitude of live aren’t buying their last-ditch at- Mitt Romney paid not a penny in
Ohio against Sen. Sherrod and let live, and American tempts to appear moderate. Instead, taxes. After President Obama’s vic-
Brown, in which a narrator says Mr. Brown is adults are and should be free to make their own they are looking to Republicans’ vot- tory over Mr. Romney, Reid was
“too liberal for Ohio,” and he voted “to let trans- choices about gender. But what many people re- ing records and past statements to asked about his baseless pronounce-
gender biological men participate in women’s sent is having progressive cultural values im- find out where they really stand. ment. He replied, “Romney didn’t
Republican candidates like Larry win, did he?”
sports.” posed on them. That includes compelling their
Hogan may have decided to rebrand MARK VAN BRUSSEL
Some media fact-checkers are calling this daughters to compete against athletes who as “pro-choice” mere months ago, but Poway, Calif.
claim false, but not without astounding sleight were born male. when voters look at his record, they
of hand. The ad, sponsored by a Republican- Last year 69% of Americans told Gallup that see that he vetoed a law that would Both parties should clarify what
aligned Super PAC, cites Mr. Brown’s vote “transgender athletes should only be allowed have expanded abortion across Mary- they mean by “medical emergency”
against a failed 2021 amendment offered by Al- to compete on sports teams that conform with land as governor. When lawmakers and “life of the mother.” Even women
abama Sen. Tommy Tuberville. “When we pull their birth gender.” overrode that veto, he withheld mil- who rarely consider the possibility of
up this vote on the U.S. Senate website,” says This isn’t bigotry. For most Americans it’s a lions of dollars in state funding from rape or incest, and have no inclina-
a report by WKYC in Cleveland, “we see it had matter of fairness, as well as the equal opportu- training new abortion providers. tion for elective abortion, can be seri-
nothing to do with allowing transgender people nity for women in sports enshrined in Title IX. The rebranding takes the form of ously concerned that medical assis-
language changes for many Republi- tance would be unavailable in the
to participate in women’s sports. It was actually Not long ago most Democrats believed in that
cans, but it isn’t a change in their event of an ectopic pregnancy or mis-
only about money.” principle. But these days the hard edge of the agenda. Sen. JD Vance’s promise of carriage.
Only money? “Specifically,” WKYC explains, transgender movement has dictated that its “some minimum national standard” For the millions of women like me
“Brown voted against including an amendment view of gender must be imposed nationwide. on abortion is simply a new way of who received a hospital bill for a D&C
in the American Rescue Plan Act that would Senate Democrats have toed that line. saying he and former President Don- following miscarriage invoiced as
have stripped federal funding from Ohio schools This includes whether minors should have ald Trump support a national ban. “spontaneous abortion,” it’s natural
if those schools allowed transgender people to access to medical gender transitions. That Su- The Republican Party’s platform ap- to wonder: Under new laws, would I
participate in women’s sports.” Ergo, the ad’s per PAC ad about Sen. Brown says he supports pears to support states establishing get the same care if this happens
claim is “false,” and Mr. Brown “did not vote ‘to “allowing puberty blockers and sex-change fetal personhood via the 14th Amend- again?
let transgender biological men participate in surgeries for minor children.” The source is ment, opening the door for a nation- JANET VANDERMEULEN
women’s sports.’” an interview in which Mr. Brown said: “A wide ban on all abortion care. Newburyport, Mass.
It’s no coincidence that Republi-
PolitiFact has a similar sloppy take, saying child’s healthcare decisions are between them,
cans in tight races across the country There are state referendums on the
that such arguments about Mr. Brown are false their parents, their families, their doctors, not are now trying to hide their antiabor- abortion issue. Rather than embrace
because the 2021 amendment, as well as a simi- politicians.” tion records. They know that they’re election defeat, Republicans should
lar one this year, “did not dictate athletic eligi- Mr. Brown’s campaign told WKYC that his re- deeply out of step with the American have states disconnect abortion from
bility.” Well, not directly, but adding strings to marks “were not in support of puberty blockers people, and that when it comes to both political parties. Voters can de-
federal funding is a common way for both par- or gender reassignment surgeries,” but merely abortion, their greatest enemy is cide the issue directly, not through
ties in Congress to drive policy, and it’s hard to a call to keep politicians out of it. That sure their own extremist records. It’s our Republican or Democratic elected of-
imagine any public school telling Uncle Sam to sounds like a position of “allowing” minors to responsibility to hold them to ac- ficials. The medical decisions are
take his money and scram. access such treatments. Somehow, though, count and make sure American voters then no longer in the hands of Con-
The LGBT activist group GLAAD confirms WKYC also rated this claim as “false.” Who fact know the truth. gress. Of course, then you don’t get
our point when it says Mr. Brown has “consis- checks the fact-checkers? JESSICA MACKLER to lie about your opponent’s position.
President, Emily’s List JOE BOCCUZZI
tently opposed attempts to ban transgender This media conformity is one reason the
Bethesda, Md. Tomball, Texas
athletes from participating in sports aligned transgender sports issue is catching Democrats
with their gender identity.” It means this as a by surprise. The press portrays any dissent on
compliment. the issue as out of political bounds and gives
The issue is popping up in other campaigns. it no coverage or dismisses as benighted bias
An ad in Wisconsin says Democratic Sen. what millions of Americans view as common
Poor Regulations Are Jamming GPS Security
Tammy Baldwin “voted to let biological men sense. This means voters may hear about it only Regarding “Fake GPS Signals Fill A newer and stronger civil GPS sig-
into women’s sports.” Republican challenger when a politician makes it a campaign issue, Cockpits, Adding Risk for Air Travel- nal, called L5, isn’t yet operational al-
Eric Hovde gets spontaneous applause when he and it might cost Democrats control of Con- ers” (Page One, Sept. 24): Solutions though it was designed more than 20
raises the issue at campaign events. In Mon- gress this year. to interference of Global Positioning years ago. L5 operates on a different
System signals are well-known but frequency and offers full redundancy.
have been prohibited or delayed. For Its signal is more robust by a factor

Our Continuing Age of Discovery example, using a technique that’s

more than 60 years old, multi-ele-
ment digital antennas can null, or al-
of 30. The enabling satellites, how-
ever, have been awaiting launch for
over two years. Integrity monitoring

A
merica’s political rancor and govern- it is essential if humanity is going to explore most zero out, strong jamming or of L5 also has been delayed for years.
ment dysfunction too often disguise the solar system. This is the vision of Elon spoofing signals. Increased urgency is vital. Other
better news: We continue to live in an Musk, who founded SpaceX, and it one day While a 100-watt jammer might in- interference solutions, using so-called
era of astonishing technologi- could save the human race. terfere to about 100 miles for existing signals of opportunity, are apt to take
cal advances. One was on dis- SpaceX safely catches The company has already airline receivers, strong nulls in the much longer, in part because they
play Sunday as SpaceX suc- helped to revive the U.S. direction of interference would reduce lack a long history of use. Supporting
cessfully landed its Super
and lands a Super space program and defense effectiveness to about 600 feet, mean- recommendations from the Position-
Heavy booster rocket with the Heavy booster rocket. satellite launches. ing that jamming wouldn’t affect com-
mercial aircraft flying above 1,000
ing, Navigation and Timing Advisory
Board are on GPS.gov.
help of “metal chopsticks.” This is a triumph for Mr. feet. A Turkish avionics company sells PROF. BRADFORD PARKINSON
This is some feat of engi- Musk’s entrepreneurship. It’s such antennas worldwide. Unfortu- Stanford University
neering. This Super Heavy booster is taller true that SpaceX is a government contractor nately, the U.S. government’s Interna- Stanford, Calif.
than a 20-story building and lifted an un- these days, but that isn’t because the federal tional Traffic in Arms Regulations se- Mr. Parkinson led the original de-
manned Starship spacecraft on its fifth test bureaucracy is thrilled by the partnership. The verely restrict civil use of them. These sign, advocacy, development and ini-
flight. The booster was caught in midair by Pentagon has little choice if it wants to achieve restrictions are outdated and prevent tial testing of GPS in the 1970s, when
enormous metal arms, the so-called chopsticks its security and satellite intelligence goals. a major solution to GPS interference. he was an Air Force colonel.
that are designed to prevent a hard landing. As Space travel is merely one of the wonders
the video of the landing shows, this isn’t like of our age of discovery. Advances in genomics
catching a lazy fly ball in center field. are leading to progress in biotechnology and We Don’t Admit Why We Really Love Football
Meanwhile, the Starship spacecraft was the fight against cancer and other deadly dis-
Perhaps we don’t need a book to There is an innate attraction to the
guided to a splash down on target in the Indian eases. Artificial intelligence is producing new tell us why we love football, as Will combination of these elemental
Ocean and won’t be retrieved. The goal is even- efficiencies across the economy. Leitch suggests in his review of “Why forces—risk, courage, love and fam-
tually to return the spacecraft safely to dry There is peril as well as promise with new We Love Football” by Joe Posnanski ily—that captivates our souls; thus
land. The Starship is the vehicle expected to technologies, which need to be accompanied (Fall Books, Oct. 5). We love football the elevation of the game as our na-
take a manned U.S. mission back to the moon by ethical guardrails. But they offer hope for because it’s a game about sacrifice, tional pastime.
in 2026. longer lives and broader prosperity. Congratu- courage, brotherhood. It’s about put- DAVID HORNBERGER
Reusable heavy booster rockets will make lations to SpaceX for showing that America re- ting your personal safety in the San Antonio
space travel more affordable and frequent, and mains a nation of striving optimists. hands of your brother and risking
yourself so that your brother can suc-
ceed, knowing that both of your suc- A Policy of Denying Reality
The Machinists Take Boeing Hostage cesses lift the entire team, a family.
Maybe we don’t admit this because
Walter Russell Mead packs more
wisdom into a sentence than can be
the sport glorifies toughness and be-

I
f Boeing’s 33,000 International Association far in excess of what can be accepted if we are gleaned from our entire season of po-
cause love supposedly is soft, but
of Machinists and Aerospace Workers to remain competitive as a business.” Union litical debate (“Terror in a Safe Space,
there is no doubt that love for each
want to drive the company to its knees, boss Jon Holden replied: “We’re in this for the a Year On,” Global View, Oct. 8). He
other drives the greatest teams. And
writes that “the diplomacy through
they’re succeeding. The long haul.” those of us watching want so desper-
which liberal presidents seek to re-
union’s hostage-taking strike, The company will lay off But the longer the strike ately to feel that same love, to be in-
shape the world depends on the mili-
now into its fifth week, has lasts, the more harm it will cluded in that same family.
succeeded in prompting large
17,000 as a strike goes do to the company and work-
tary power and the use of force that
liberals want to eschew.” This suc-
layoffs. into its fifth week. ers. Boeing has lost $25 bil- cinctly sums up the oft-ignored truth
Boeing on Friday said it lion over the last six years, in Target Iran to Help Ukraine that policies based on the denial of re-
will slash its workforce by part owing to settlements Potential targets not mentioned in ality don’t yield the intended results.
10%, or about 17,000 workers, in the coming from the 2018 and 2019 crashes of its 737 Max David Asher’s excellent op-ed “A LARRY CIOLORITO
months. It also announced $3 billion in and the plane’s worldwide grounding. Its de- Strategy for Striking Back at Iran” Darnestown, Md.
charges related to its commercial jet program fense fixed-price contracts have been plagued (Oct. 11) are Iran’s drone and missile
manufacturing sites.
and $2 billion on its defense and space divi- by cost overruns.
Iran has provided Russia with
sion, largely owing to delays caused by the The union’s demands would render Boeing thousands of Shahed kamikaze
Pepper ...
work stoppage as well as higher costs. less competitive against its commercial jet ri- drones, and hundreds of Fath-360 And Salt
Credit rating agencies warn that Boeing val Airbus and U.S. defense contractors. That missiles, which Vladimir Putin em-
debt could soon be downgraded to junk, which will mean less work for the machinists. Boeing ploys to attack Ukraine. Attacking THE WALL STREET JOURNAL

could make it harder to raise fresh capital and may also try to lower costs and avoid future weapons manufacturing sites in Iran
refinance some $12 billion in debt maturing work disruptions by shifting more production would help Israel, as well as aid
over the next two years. Boeing is considering to its plant in South Carolina, as it did after NATO and the U.S. in their efforts to
issuing $10 billion in new stock. Its sweeping the 57-day machinists strike in 2008. defeat Russian forces in Ukraine. As a
layoffs are intended to avoid a downgrade and While the strike doesn’t have the same po- quid pro quo for targeting drone and
conserve cash as the strike drags on. tential to shut down the U.S. economy as the missile manufacturing sites, Israel
could ask for implicit or explicit sup-
Boeing has offered a 30% pay increase over longshoremen stoppage, it could have larger
port from its American and European
four years, plus $9,360 a year in contributions consequences for national security. The strike allies as they degrade Iranian military
to employee 401(k)s and lower healthcare pre- is delaying production of military jets, and the capabilities.
miums. But the union is refusing to settle for layoffs could reduce research and develop- JOHN BIRDSALL
less than a 40% raise and restoration of the ment on defense and space. Washington
defined-benefit pensions that the company The union may feel it has the whip hand be-
scrapped a decade ago. cause politicians aren’t likely to let Boeing
Letters intended for publication should
The 62% pay increase recently won by East fail. But the company could still emerge from be emailed to [email protected]. Please
and Gulf Coast longshoremen may have em- a strike much weaker. Management errors and include your city, state and telephone
boldened the machinists to hold out for more. unrealistic union demands are damaging a number. All letters are subject to
Boeing called off negotiations last week, say- once great American company, and it is hurt- editing, and unpublished letters cannot “Your chicken was free range,
be acknowledged.
ing the union made “non-negotiable demands ing workers as much as shareholders. organically raised, and named Denise.”
THE WALL STREET JOURNAL. Monday, October 14, 2024 | A17

OPINION

This Is the House That Hezbollah Built

By Yonah Jeremy Bob Lebanon to invade northern Israel its power. But if the West presses Is-

T
in a replay of Hamas’s Oct. 7, 2023, rael into a cease-fire that merely re-
he kitchen is filled with attack. verts to Resolution 1701—which has
advanced Kornet antitank Israel’s military learned about been ignored for 17 years with no
missiles, the living room taking apart terror infrastructure consequences—all of Israel’s suc-
with grenades, mortars, built into civilian surroundings from cesses will have been for nothing.
high-caliber guns and dismantling Hamas in Gaza. But the The West must realize that Hez-
dozens of military vests. Concealed two fronts are very different. The bollah and Iran can’t be coaxed into
near this southern Lebanese house mountainous terrain I rode through joining the civilized world’s norms
is an antiaircraft gun. to the village in southern Lebanon of nonviolence. But military force

JONAH JEREMY BOB/JERUSALEM POST.

Imagine a generation of children was unlike the mostly flat desert of without diplomacy won’t end things
who grow up believing that it is Gaza. either. Diplomacy backed by military
normal to live among weapons of That rocky topography makes it force is the only way to achieve sta-
war. This is the monster that Hez- harder to destroy Hezbollah’s tun- bility between Israel and Lebanon.
bollah built across dozens of vil- nels, which sometimes requires This is even more true when it
lages in southern Lebanon. I saw it pouring in huge amounts of cement. comes to the dangerous ayatollahs
first-hand on Oct. 10, riding in a The terrain hasn’t kept Israel from of the Islamic Republic. Tehran’s
convoy of Israel Defense Forces prevailing on the battlefield far ballistic-missile attacks on Israel in
humvees. The IDF asked me not to more than it did in the 2006 Second April and October showed that Iran
identify the village lest it endan- Lebanon War. During my visit, I Israeli soldiers with Hezbollah guns hidden in a home in Lebanon, Oct. 10. can kill thousands of people and de-
ger their operations. heard gunfire and explosions and stroy whole cities more than 1,000
saw Hezbollah rockets overhead. Hezbollah is out of control and must day, Israel gave Hezbollah 11 months miles away—a fate Israel averted
As Israel tears apart Hezbollah’s be restrained, preferably by diplo- to agree to a cease-fire that would only through excellent antimissile
The kitchen is filled with presence in southern Lebanon, it is macy but if necessary by force. Yet have left its leader, Hassan Nasral- defense.
also wiping out the West’s view that the West’s priority seems to be lah, in power and most of the The U.S. and Europe must under-
antitank missiles, the this is an Israeli problem that can be reaching a cease-fire so it can go on group’s 150,000 rockets still able to stand that Iran might someday turn
living room with grenades, solved by diplomacy alone. Since the ignoring the dangers of these Mid- threaten the Jewish state. these capabilities against them. And
invasion of southern Lebanon began dle Eastern actors. Nasrallah wasn’t interested. He what if Tehran has a nuclear
mortars, guns and vests. on Sept. 30, the IDF has showered the In an ideal world, cease-fire and liked his new role as a lead player in weapon? The West must shift its at-
West with evidence of weapons and diplomacy are the way to prevent Iran’s “ring of fire” around Israel. titude toward the Middle East—to
materiel hidden in every third or fifth long wars. Diplomacy has worked He wanted to be able to fire rockets save the region from more wars and
Almost half the village was de- house. In some villages, Hezbollah wonders for Israel with six Arab and on Israel whenever it might be ad- save itself from Iran and its proxies.
stroyed by a mix of room-to-room commandeers every house. Muslim countries, most importantly vantageous to Tehran—or any time
battles and the Israeli military’s ex- The West should be raining fire Egypt. But until Hezbollah halts its he wished to wade into the Israeli- Mr. Bob is a co-author of “Target
ploding Hezbollah weapon stock- and brimstone down on Hezbollah rocket fire and accepts terms that Palestinian conflict. Tehran: How Israel Is Using Sabo-
piles. IDF soldiers in tanks or bull- and its sponsor, Iran, for making a let Israel and its allies expel the Israel’s decision to kill Nasrallah, tage, Cyberwarfare, Assassination—
dozers rumbled from house to farce of United Nations Resolution group from southern Lebanon, di- as well as his top advisers and com- and Secret Diplomacy—to Stop a
house to catalogue weapons Hezbol- 1701. That resolution, adopted in plomacy is fruitless. manders, and to destroy most of Nuclear Iran and Create a New Mid-
lah had buried, then demolished the 2006, said that Hezbollah couldn’t After Hamas’s Oct. 7 massacre Hezbollah’s rockets and dismantle dle East,” just out in paperback, and
homes. The terror group had hoped operate in southern Lebanon. and Hezbollah’s unprovoked firing of its Radwan special forces unit made senior military analyst for the Jeru-
to tap its infrastructure in southern The West can no longer deny that rockets into Israel starting the next clear that Hezbollah can’t maintain salem Post.

Why a Former Democrat Stumped for Trump in Coachella

Famous for its Understanding how Ms. Romero, a fornia’s teacher tenure and seniority terview. “It was sort of my way of pro-choice, she disagrees with Dem-
eclectic music festi- self-described former progressive, policies. The judge found the harm saying, I don’t agree with this.” ocrats who oppose all limits on
val, Coachella, Ca- become an ardent Trump supporter to minority kids “shocks the con- Her exasperation grew as the ad- abortion. She also finds the party’s
lif., seems an un- helps explain why Democrats have science.” Ms. Harris prevailed in an ministration waved masses of mi- position on abortion at odds with
likely place for lost ground among Latino voters. appellate court. In 2019 Sen. Harris grants across the border, whom she their opposition to school choice:
Donald Trump to One of six children, Ms. Romero supported a Los Angeles teachers says have especially burdened the “I’m a pro-choice woman. I do be-
hold a rally. The grew up in the working-class city of union strike to block the expansion communities of second- and third- lieve in choice when it comes to re-
LIFE
Golden State hasn’t Barstow, best known as a stop be- of charters. Still, Ms. Romero consid- generation Latino families. “Latinos productive rights. And I believe in
SCIENCE
voted for a Republi- tween Los Angeles and Las Vegas. ered herself a Democrat. are a very patriotic people,” she the right to choose my child’s
By Allysia
can presidential She was among the few students in says. “We believe that this is the school.”
Finley
candidate since her high school to attend college and greatest nation on earth. And citi- The final straw was the undemo-
1988, and Demo- later earned a doctorate in psychol- A woke party, for mass zenship matters.” cratic way in which Democrats de-
crats dominate statewide. But Mr. ogy. Her interest in civil rights drove Many Latinos, including Ms. Ro- posed Joe Biden from the ticket and
Trump is a showman, and his produc- her to run for office in 1998. migration and against mero, have also been put off by the anointed Ms. Harris. It reminded her
tion Saturday evening shined a spot- During her 12 years in California’s school choice, pushed Democratic Party’s woke turn. “This of political coups in Latin America:
light on how left-wing policies have Legislature, she built a reputation as whole thing about how a man can “The system was already rigged to
turned the California dream into a a labor and community advocate. In Gloria Romero rightward. get pregnant is just so wacko,” she begin with, but he paraded through
nightmare. Warming up for him was 2010 she spearheaded California’s says. She notes that she used to the primary and people voted for
an unexpected local star: Gloria Ro- “parent trigger law,” which allows teach a class called “Sex and Gen- him.” That drove her to endorse Mr.
mero, a former Democrat who was parents to take over failing public Her dismay with the Biden-Harris der” at California State University, Trump last month.
state Senate majority leader, 2005-08. schools and implement reforms, such administration started with the Los Angeles: “There is a distinction Ms. Harris tried to appeal to La-
“The Democratic Party has taken as converting them into charters. “horrendous withdrawal from Af- between sex, biology, genetics, iden- tino voters in a Univision town hall
all of us—and especially we Latinos I met her in 2012 when she was ghanistan,” which left 13 Americans tity, culture, socialization.” last week by calling Mr. Trump a
and Latinas—for granted,” Ms. Ro- organizing minority parents to do dead, and deepened with the prose- Even more deranged: A new Cali- danger to democracy. Many seem
mero said on stage. “Inflation, law- exactly that, as well as launching a cutions of Mr. Trump. fornia law that bars schools from re- unconvinced. Four years ago, Latinos
lessness, and an open border, high- charter network of her own, Scholar- “I was on the board of the South- quiring parents to be notified if their nationwide favored Mr. Biden by 33
est unemployment rate—second in ship Prep. At around the same time, ern California ACLU. I fundamentally children want to change their gender points. Recent polls show Ms. Har-
the nation—groceries, gas, you name Attorney General Kamala Harris was believe in a fair process, even if I identities. Ms. Romero says it fits ris’s lead in single digits. Some Re-
it. And as a Latina, they will never opposing such efforts. don’t like the person committing the with Democrats’ belief that parents publicans want to restrict legal im-
take away my gas stove because you Ms. Romero reminds me that Ms. crime. The first time I donated to shouldn’t be allowed to control their migration because they think Latinos
cannot toast a tortilla on an electric Harris appealed a state court deci- the Trump campaign was after the kids’ education. are destined to become Democratic
range.” sion in 2014 that struck down Cali- first indictment,” she says in an in- While Ms. Romero calls herself voters. Don’t be so sure.

How the U.S. Air Force Can Reclaim the Skies

By Roger Wicker several tactical fighter programs, the fighter fleet—is in a death spiral. pensive F-16 upgrades that keep that completing their unfunded require-
And Eric Schmitt such as fourth- and fifth-generation Inventory is dwindling, forcing older fleet in the fight. ments list, fulfilling a statutory obli-
J-16 and J-20 warplanes and has aircraft to be overworked on longer An old adage says that fighters gation to tell lawmakers what re-

T
he U.S. military is in a dogfight built one of the most sophisticated deployments. These aircraft spend protect the bombers, and we must sources the command needs but
to control the skies. For de- and continually improving air-de- extended time in maintenance, re- take care of those heavy-hitting war- hasn’t financed. The command has
cades after World War II, fense systems. quiring others to pick up the slack on planes. The B-21 Raider, an advanced failed for years to provide this list to
America took its air superiority for China’s new capabilities are for- their own increasingly lengthy mis- stealth bomber, has performed well Congress.
granted. We no longer can. Our pri- midable, but there is no reason for sions. The Air Force intends to retire in preliminary testing. The Air Force A father of the modern Air Force,
mary adversaries have massively in- America to cede the skies. For the fu- almost 1,000 aircraft in the next five hasn’t committed to producing more Gen. Hap Arnold (1886-1950), once
vested in modern fighters, advanced ture to echo our past air superiority, years, including about 400 fighters. than 100 thus far, but Congress said, “Air power will always be the
surface-to-air missiles and other new we should execute a full-scale re- should supercharge production of business of every American citizen.”
countermeasure technologies. Each building of the shrinking U.S. Air this plane by increasing the planned He meant that America’s rise as an
new system blunts our competitive Force. That should begin with the Our air capabilities are fleet size closer to 200. This would aerospace superpower was built by
edge. Next Generation Air Dominance ini- fully modernize our bomber fleet an advanced ecosystem of defense
China is on the cusp of world- tiative. NGAD is the manned replace- dwindling as China’s grow. and provide industrial capacity to al- production, civilian research and a
changing air capabilities. If conflict ment for the best fighter aircraft Military officials must join low us to sell bombers to our allies, strong industrial workforce. Large
erupts, China may be able to bracket ever built, the F-22 Raptor, of which as we do attack submarines. areas of this country were forever
off the Western Pacific, striking our we field about 180 today. Congress in fighting back. We must pair our weapons up- changed for the better when Uncle
bases with salvos of missiles and us- These vital programs have en- grades with updates to logistics net- Sam came asking for warplanes.
ing state-of-the-art air-defense bat- countered a roadblock: U.S. military works. Current U.S. systems rely on Economic development and na-
teries to keep our aircraft at bay. leadership. Senior Air Force officials Stalling decline is step one. This unfettered access to the skies, but tional security have always gone
Beijing could also launch swarms of have repeatedly blocked, reversed or year, we fought for legislation in the we can no longer assume that free- hand in hand. We have committed to
sophisticated fighter jets that would ignored initiatives that would re- Senate that would prevent the retire- dom of movement. Our adversaries restoring American air superiority
far outnumber what the U.S. could store America’s command of the ment of 26 F-15E and 32 F-22A fight- have new air-denial capabilities, and by making the most of the nation’s
muster on short notice. skies. The Air Force has paused the ers. The Air Force must now focus on the Pentagon has consistently under- innovative defense manufacturers.
This would support Xi Jinping’s NGAD program and may cancel it. growth. Defense Department plan- invested in logistics networks, put- We invite U.S. national security offi-
ambition to take Taiwan. America’s Officials cite a host of unconvincing ners intend to end production of ting these lifelines at extreme risk. cials to join us.
top military brass suspect that Mr. Xi reasons, such as its cost, the need F-15EX aircraft, but we led the The U.S. should fund Air Mobility
has directed the Chinese military to for new air bases and the allure of charge to build six more this year, Command’s long-term plan to make Messrs. Wicker and Schmitt,
be ready to seize the island by 2027, unmanned aviation. and we will work to keep the produc- every tanker a communications node. both Republicans, are U.S. sena-
and he has spent royally to give NGAD would be the most capable tion lines open. We will also con- The logistics experts at U.S. Trans- tors from Mississippi and Mis-
them the tools to do the job. This fighter aircraft ever produced, but it tinue advocating for relatively inex- portation Command must also begin souri, respectively.
year Mr. Xi announced a 7.2% in- can’t accomplish its mission on its
crease in defense spending. He has own. The Air Force combat fleet that

Notable & Quotable: JD Vance on Aurora, Colo.

likely doubled production rates for would accompany it—in particular,

Martha Raddatz interviewing JD Vance: Well, Martha, you just said hear yourself? Only a handful of
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY Vance on ABC News’s “This Week,” the mayor said they were exaggerated. apartment complexes in America
Lachlan Murdoch Oct. 13: Raddatz: Grossly exaggerated. were taken over by Venezuelan
Executive Chairman, News Corp Vance: That means there’s got to be gangs, and Donald Trump is the
Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp Raddatz: Aurora, in Colorado, some element of truth here, and of problem, and not Kamala Harris’s
Emma Tucker Almar Latour where Trump said the city had been course President Trump was actually in open border? Americans are so fed
Editor in Chief Chief Executive Officer and Publisher invaded and conquered by Venezue- Aurora, Colorado, talking to people on up with what’s going on and they
Liz Harris, Managing Editor DOW JONES MANAGEMENT: lan gangs. The Republican mayor of the ground, and what we’re hearing, of have every right to be, and I really
Charles Forelle, Deputy Editor in Chief Mae M. Cheng, EVP, General Manager, the city said flatly, the city and state course, Martha, is that people are terri- find this exchange, Martha, sort of
Elena Cherney, Senior Editor; David Crow, Leadership; David Cho, Barron’s Editor in Chief;
Executive Editor; Chip Cummins, Newswires; Jason P. Conti, General Counsel, Chief
have not been taken over or invaded fied by what has happened with some interesting because you seem to be
Taneth Evans, Associate Editor; Brent Jones, Compliance Officer; Dianne DeSevo, Chief People or occupied by migrant gangs. of these Venezuelan gangs. more focused with nitpicking every-
Culture, Training & Outreach; Alex Martin, Print Officer; Jared DiPalma, Chief Financial Officer; So, do you support Donald Trump Raddatz: Senator Vance, I’m going thing that Donald Trump has said
& Writing; Michael W. Miller, Features & Artem Fishman, Chief Technology Officer;
making those claims that the Re- to stop you because I know exactly rather than acknowledging that
Weekend; Prabha Natarajan, Professional Products; David Martin, Chief Revenue Officer, Business
Bruce Orwall, Enterprise; Philana Patterson, Intelligence; Dan Shar, EVP, General Manager, publican mayor says were grossly what happened. I’m going to stop apartment complexes in the United
Audio; Amanda Wills, Video Wealth & Investing; Ashok Sinha, Chief exaggerated and have hurt the city’s you. The incidents were limited to a States of America are being taken
Communications Officer; Josh Stinchcomb, EVP & identity and sense of safety? I un- handful of apartment complexes and over by violent gangs. . . .
Paul A. Gigot Chief Revenue Officer, WSJ | Barron’s Group;
Editor of the Editorial Page Sherry Weiss, Chief Marketing Officer
derstand what you’re saying that the mayor said our dedicated police Raddatz: OK. Let’s—let’s just—let’s
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
some people left behind. But he’s officers have acted on those con- just end that with they did not invade
1211 Avenue of the Americas, New York, N.Y., 10036 making these statements that the cerns. A handful of problems. or take over the city as Donald
Telephone 1-800-DOWJONES mayor is flat-out disputing. Vance: Only—Martha, do you Trump said.
 A18 | Monday, October 14, 2024 THE WALL STREET JOURNAL.

WORLD NEWS

Russia’s LGBTQ People Face New Threats

Putin weaponizes ues with its war in Ukraine. By being accused of promoting a Orenburg marked a turning
taking a stand against what he gay agenda. Even liking other point in Russia’s creeping
his antigay views to deems to be the weakness and people’s posts could land them criminalization of gay culture.
tighten grip as war decadence of the West, Putin is in trouble. Instead of using Investigators seized from
also building bridges with like- terms such as LGBT—which is the club and one staff mem-
in Ukraine persists minded leaders in Eastern Eu- more commonly used than LG- ber’s home what they described
rope, Africa and some of the BTQ in the country—some as paraphernalia supporting
BY ANN M. SIMMONS old Soviet republics. now use random abbreviations LGBTQ branding and activities.
This month, Georgia’s par- such as “LMNOP.” The trans- Club owner Vyacheslav
A decade ago, Russian pub- liament speaker said on social gender community has come Khasanov was detained
lisher Leo Veles says, he could media that he signed into law up with the term “Kilkot,” a shortly after art director Alex-
hang out in gay bars and clubs a bill curtailing LGBTQ rights, mashup of the Russian words ander Klimov and administra-
in Moscow and St. Petersburg. mirroring recent legislation in for “sprat” and “cat,” to de- tor Diana Kamilyanova were
The scene wasn’t as vibrant as Russia, despite objections scribe its members. taken into custody. Investiga-
in New York or London, but from the country’s president, Even Veles, who is openly tors said the three supported
gay people could gather rela- who refused to sign the bill. gay and a well-known figure the views and activities of
tively free from scrutiny. The space for LGBTQ Rus- for blogging about his life, has what they described as the in-
“There were places where sians has drastically narrowed. made some adjustments. ternational LGBTQ movement.
you could feel safe, sur- An entire generation is left “I can’t publish books with The case was splashed
rounded by people like you, with a difficult choice—leave if queer story lines that interest across Russian media and had
where you could hold hands possible, or go back to living me. I have to be more vigilant an immediate chilling effect.

TIM DUNK FOR WSJ

with your partner and kiss in the shadows. about my surroundings when Veles, the publisher, says he
them,” he recalls. “It was a Homosexuality has long I’m outside my home or safe plans to continue living his life
place to escape in such a con- been viewed with suspicion in locations. I also can’t speak as as an openly gay man for as
servative and homophobic so- Russia. The country remains openly in my blogs as before, long as he can. He fears for his
ciety, a space where you could deeply conservative despite Leo Veles, in black, fears for his safety and that of his partner. because it’s unsafe,” he said. safety and that of his partner.
come and just be yourself.” some earlier signs of loosen- In an email to The Wall But he is determined to remain
Now Veles lives in a differ- ing. Laws barring any por- was the Russian Supreme of Pose bar, known for its drag Street Journal, Kremlin in Russia in the hope the pen-
ent and more dangerous world. trayal of same-sex relation- Court’s decision last Novem- shows, were arrested in March, spokesman Dmitry Peskov de- dulum might swing back.
Russian President Vladimir ships have multiplied in recent ber to declare what it vaguely sending a wave of fear rippling nied that Russian authorities “For me, being openly
Putin has accelerated his drive years. One website listed the called “the international LGBT through the gay community. All are intentionally discriminat- queer is not about bravery or
against sexual minorities over names and addresses of gay movement” an illegal extrem- three are still detained and face ing against the LGBTQ commu- heroism. It took me many
the past several months, bind- and lesbian people, some of ist organization. up to 10 years in prison. Their nity, despite the various laws years to accept myself and
ing the Kremlin closer to the whom have been targeted or Many gay-friendly establish- bar, in the southwest city of restricting gay rights. He noted that process was long and un-
Russian Orthodox Church and even killed as a result. ments and bars responded by Orenburg, has been closed. that in many parts of Russia comfortable,” he said. “Going
pushing LGBTQ people further Over the past year there closing their doors. Others Many people are scrubbing “LGBT culture is sharply re- back into the closet is simply
to the margins with restrictive has been a flurry of new mea- moved too slowly. In the first their social-media accounts of jected by the people due to his- unacceptable for me.”
new laws. He says his goal is to sures affecting the commu- use of the new law, the owner, any comments, photos or sym- torical and religious norms.” —Kate Vtorygina
renew the nation as it contin- nity, the most severe of which art director and administrator bols that could lead to their The raid on the Pose bar in contributed to this article.

African Port Deal

Undercuts Fight
Against Militants
BY MICHAEL M. PHILLIPS ing 37 civilians and injuring
more than 210, according to
NAIROBI, Kenya—A deal that the U.N. Al-Shabaab is using

ABDISHUKRI HAYBE/AGENCE FRANCE-PRESSE/GETTY IMAGES

could allow Ethiopia to base the prospect of Ethiopia’s tak-
warships in a breakaway region ing control of Somali territory
of Somalia is stoking tensions to recruit nationalistic Somali
in a corner of Africa already youth, Somali and Western of-
ablaze with militant violence. ficials said.
Under the agreement, So- A small Islamic State force
maliland, a self-declared state in Somalia’s northeast is also
within Somalia’s recognized gaining ground, the Combat-
borders, would grant land- ing Terrorism Center at West
locked Ethiopia rights to naval Point reported in September.
and commercial port facilities Western officials believe
on the Red Sea. In exchange, Yemen-based Houthi militants,
Ethiopia would become the who have been firing missiles
first country in the world to at ships in the Red Sea, have
recognize Somaliland. made contact with al-Shabaab. Student supporters of Somalia demonstrated after the breakaway state of Somaliland signed a pact with Ethiopia in January.
The officials fear it is a pre-
lude to providing Somali mili- tary, in exchange for an up- the flow of water into Egypt.
Regional rifts tants with advanced weapons. grade of relations. But the U.S. There is talk of Egypt con-
The accord, announced at Today’s tensions trace their has been reluctant to provoke tributing troops to replace the EGYPT
the beginning of the year, has roots to two decades-old inde- Mogadishu by accepting. Ethiopians in the AU force in
set the region on edge. Somali pendence movements, one in The dispute over the Soma- Somalia. Egyptian President
authorities are threatening to Ethiopia and one in Somalia. liland-Ethiopia pact has de- Abdel Fattah Al Sisi said in SAUDI ARABIA
expel Ethiopian troops who layed replacement of an Afri- September that Cairo’s sup-
have been helping them fight can Union military force that port for Somalia isn’t aimed at
Seafront property
Nile

al-Shabaab, the local al Qaeda has been fighting alongside Ethiopia, and is instead a ges-
Rive

affiliate. Egypt—furious over a In 1991, Eritrea split off from the Somali military against al- ture to assist a country that
dam Ethiopia built on the Blue Ethiopia, taking Ethiopia’s only Shabaab. It includes thou- “has been in a state of insta-
r

Nile—has joined Somalia’s seacoast. Ethiopia has “been sands of Ethiopian troops de- bility for more than 30 years,” SUDAN Red Sea
camp and in September deliv- poking around the region for ployed when Ethiopia and according to the Egyptian
ered weapons to its capital. some time for access to the Somalia were on better terms. state information service. ERITREA YEMEN
The U.S., which has 450 de- sea,” said Michael Woldemar- Western officials say the Ethi- But Samira Gaid of Balqiis
fense personnel stationed in iam, associate professor at the opians are critical to fending Insights, a Mogadishu think
Somalia to advise local troops University of Maryland School off al-Shabaab in certain areas tank, said September’s arms Gulf of Aden
fighting al-Shabaab and Is- of Public Policy. of the country. Now Somalia package is widely seen in the Grand Ethiopian DJIBOUTI
D
lamic State, worries the con- Somaliland secured indepen- says the Ethiopians are unwel- Horn of Africa as an Egyptian Renaissance Dam
tretemps is distracting Moga- dence from Britain in 1960, come in the new AU force, warning shot to Ethiopia. Berbera
dishu from the 18-year days before Somalia broke free leaving it unclear whether the “We know our own inter- Blue Nile River SOMALILAND
counterinsurgency war. of Italian rule. They united AU will be able to fill its ranks. ests, and we will choose be- Addis Ababa
A year ago, the campaign soon after, only to fall out “We cannot risk the cre- tween our allies and our ene-
seemed to be a rare case when Somali dictator Mohamed ation of dangerous security mies,” Somali Defense ETHIOPIA
where the U.S. and allies had Siad Barre oversaw the slaugh- gaps, which could worsen the Minister Abdulkadir Mohamed
the upper hand in the global ter of tens of thousands of So- humanitarian situation,” U.S. Nur wrote on X, alongside a
competition with militant Isla- malilanders in the late 1980s. Amb. Robert Wood told the photo of himself greeting the
mists. But American officials Somaliland declared inde- U.N. Security Council last Egyptian warship dockside.
and their Western allies worry pendence from Somalia in 1991, week. The U.N. says 6.9 million Turkey is mediating be- SOMALIA
Mogadishu is so preoccupied but has failed to win interna- Somalis are in need of aid. tween Somalia and Ethiopia, to
with its quarrel with Ethiopia tional recognition. The deal The Somalis have turned no apparent effect. The Biden Mogadishu
Indian Ocean
that it has let al-Shabaab re- with Ethiopia offers Somaliland for support to Egypt, which is administration is quietly urg- KENYA
gain territory and momentum. its first crack at acceptance. at odds with Ethiopia over the ing Ethiopia not to recognize
In August, militants Somaliland authorities earlier Grand Ethiopian Renaissance Somaliland, while searching
launched a suicide attack on offered use of the port and ad- Dam upstream on the Nile. for a way to satisfy Ethiopia’s
Mogadishu’s Lido Beach, kill- jacent runway to the U.S. mili- Cairo says the dam reduces desire for an outlet to the sea.

WORLDWATCH MACAO CHINA INDIA

Former Top Judge Premier Backs Rise Mumbai Politician
To Lead Territory In Vietnam Trade Is Shot and Killed
Macao’s former top judge, China agreed to assist A senior politician in In-
Sam Hou Fai, was chosen as Vietnam on cross-border rail- dia’s financial capital, Mum-
the Chinese casino hub’s next way development and expand bai, who was also known for
leader in a largely ceremonial agricultural imports from its his close ties with Bollywood
election on Sunday, setting smaller neighbor, Vietnam’s was shot and killed weeks
him up to become the city’s official media reported. Pre- before a key state election.
first chief executive born in mier Li Qiang, on an official Baba Siddique, 66, was
mainland China. visit, on Sunday pledged that shot several times outside
Almost the entire election China would further open its his son’s office in Mumbai on
committee stacked with Bei- market to high-quality fruits, Saturday night, police said.
jing loyalists—394 of 398— seafood and other Vietnam- He succumbed to his wounds
voted for Sam, 62, the sole ese products, the report said. at the city’s Lilavati Hospital.
candidate, in a departure China is Vietnam’s largest Siddique was associated
from the longstanding cus- trading partner and second- with the Indian National Con-
tom of having chief execu- largest export market after gress party for decades, but
tives who were born in the the U.S. had recently joined a regional
JAGADEESH NV/SHUTTERSTOCK

former Portuguese colony, Li came to Vietnam from party that rules Maharashtra
typically from influential busi- Laos, where he had pushed state.
ness families. back against calls at a meet- Maharashtra’s deputy chief
Some analysts said they an- ing of Southeast Asian lead- minister, Ajit Pawar, who is
ticipate Beijing’s policy agenda ers to respect international from the same political party
for the city will take priority law in territorial disputes in as Siddique, said he was
over business influence. the South China Sea. shocked by the killing.
RED-HANDED: Hindus on Sunday marked the end of the Durga Puja festival in Bengaluru, India. —Associated Press —Associated Press —Associated Press
 BUSINESS & FINANCE
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Monday, October 14, 2024 | B1
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Apple Headset Runs Into Struggles Ziploc

Billionaire
App developers fail to
embrace Vision Pro,
velopers have so far opted not
to build apps for the headset.
Without enough killer apps,
ing many developers and even
buying several app makers.
The social-media company
While Orion isn’t ready for
sale, it was a buzzy announce-
ment that drew praise from
Number of apps released for
Apple Vision Pro, monthly
300
Crusades
and the device’s sales
are disappointing
certain users have found the
device less useful and are opt-
ing to sell it.
is a formidable competitor to
Apple, with a market share of
all headsets reaching 74% in
analysts and enthusiasts. Ap-
ple, too, aims eventually to re-
lease an AR device that looks 250
Vs. Plastic
BY AARON TILLEY
“It’s a chicken-or-egg prob-
lem,” said Bertrand Nepveu,
who previously worked on the
the second quarter of this year,
according to Counterpoint Re-
search.
like a regular pair of glasses,
people familiar with the com-
pany’s plans said.
200
Other
Waste
Apple’s Vision Pro is strug- Vision Pro at Apple and is Last month, Meta an- Many developers are al- Native apps
gling to attract major soft- now an investor in this area at nounced the Quest 3S head- ready looking forward to a 150 BY NATASHA KHAN
ware makers to develop apps Triptyq Capital. set—a cross between Meta’s cheaper version of Apple’s
for the device, a challenge that Nepveu and app developers Quest 2 and Quest 3—starting headset, which is expected as RACINE, Wis.—Billionaire
100
threatens to slow the progress think Apple should fund app at $299, a price low enough soon as next year. Fisk Johnson has been on a
of the company’s biggest new makers to give them an incen- that it could attract a new Apple launched the Vision crusade to contain the plastic-
product in a decade. tive to port over their existing wave of users. Meta also Pro with an experimental 50 waste crisis.
New apps released on the apps from other headsets or showed off Orion, a prototype strategy: Sell a premium ver- He has gone scuba diving
Vision Pro every month have to develop fresh content. This of so-called augmented reality sion of the goggles for $3,499 among plumes of plastic
slowed since its launch in Janu- practice has become common glasses that can show digital before they had broad con- 0 sludge. He has funded re-
ary. Some of the most-success- in the industry, with headset content in the real world on sumer appeal, betting the Vi- Jan. 2024 May Sept. search on how microplastics
ful virtual-reality software de- leader Meta Platforms fund- see-through lenses. Please turn to page B2 Source: Appfigures are damaging for human
health. And he has made trips
to Congress to ask for regula-

Low Used-EV Prices Pinch Dealers, Owners

tions placing responsibility on
consumer-goods companies to
recycle the plastic waste their
products generate.
Companies like his.
BY SEAN MCLAIN For 20 years, Johnson has
been at the helm of one of the
Electric cars have gone from biggest consumer companies
pricey purchases to some of in the world—and a major
the biggest bargains on the manufacturer of products
used-car lot, as resale values packaged in plastics. The 66-
for the vehicles have tumbled. year-old is the fifth-genera-
Two years ago, some used tion leader of family-run SC
electric-vehicle models were Johnson, which makes Ziploc
selling for as much or more bags, Mrs. Meyer’s Clean Day
than new ones, because of a soaps and Windex cleaners.
supply-chain crisis that re- “On one hand, I see plastic
sulted in a broader car short- as one of the most useful, ver-
age. satile and cost-effective mate-
Now, the dynamic has rials developed in the last cen-
flipped. Dealer lots are full of tury,” Johnson testified at a
unsold EVs, and car compa- Senate committee hearing in
nies—largely led by Tesla— March. “On the other hand, as
have slashed prices on new a lifelong conservationist, I
models in an effort to sell also have seen how plastic has
them. become one of the more pro-
The discounts on new EVs found emerging global pollut-
have helped prop up flagging ants that is affecting planetary,
sales. Financing deals elevated animal, and human health.”
Tesla’s global deliveries in the That paradox is one of the
AMY OSBORNE/BLOOMBERG NEWS

third quarter, following de- most challenging questions con-

clines earlier in the year. fronting business leaders—how
But the flood of discounts to balance the tide of consum-
has caused prices for previ- erism with escalating environ-
ously owned EVs to plunge, mental concerns? Are consum-
adding to the challenges con- ers prepared to pay more and
fronting the auto industry as change the way they get their
its big bet on battery technol- soap, cleaners and food to dras-
ogy continues to sputter. Many current owners who paid a premium for their EVs are upside down on their loans, owing more than the car is worth. tically reduce plastic waste?
In September, the average Some executives in the con-
selling price of a three-year-old now upside down on their Average sale price of Average list price of select used EVs sumer packaged-goods indus-
EV was about $28,400, less loans, owing more than the car three-year-old vehicles try question SC Johnson’s com-
than that of a gas-engine vehi- is worth. mitment to better
cle of the same age and a 25% Among the hardest hit are $40,000 $40,000 environmental practices. They
drop from the start of 2023, some Tesla owners. say SC Johnson still relies on
according to car-shopping The world’s top seller of EVs plastic for packaging many of
website Edmunds. The sharp last year cut prices by as much EV Kia EV6 its products, and single-use
fall in the price of preowned as one-third on some new 35,000 35,000 Hyundai Ioniq 5 plastic films like Ziplocs aren’t
EVs stands in contrast to the models in the U.S., leading Ford Mustang commonly recycled. Close to
broader used-car market, other automakers to respond Mach-E 40% of the world’s millions of
where values have stayed with their own markdowns. On Tesla Model Y tons of plastics produced are
steady during the same period, top of that, rental-car company used in packaging, according to
30,000 30,000
according to the firm’s data. Hertz in January dumped a the United Nations Environ-
The sharp decline in prices large chunk of its Tesla fleet ment Program, and 85% of that
of used EVs could potentially into the used-car market, fur- Gasoline plastic ends up in landfills.
broaden their appeal to bud- ther depressing values, ana- Johnson says he has intro-
get-conscious buyers, analysts lysts and dealers say. 25,000 25,000 Tesla Model 3 duced sustainable packaging,
say. At the same time, many Within the past year, the av- 2023 ’24 Jan. 2024 Aug. including Windex bottles
current owners who paid a erage list price for a used made from recovered coastal
premium for their cars are Please turn to page B2 Sources: Edmunds (sale price); CarGurus (list price) Please turn to page B2

INSIDE STREETWISE | By James Mackintosh

Federal Reserve Has a Problem With

Data Dependency That Needs Fixing

I
nves- sharply and investors to rapid reversals. The data port, which was the third-
tors price in fewer rate cuts than point first to economic strongest of the year. Live
have they had before. weakness and, sometimes af- estimates of economic
once What’s going on? The an- ter revisions, strength. growth by the New York and
agai swer can be summed up in Since the Fed cut last Atlanta Feds are above 3%
n been two words: data dependency. month, economic data came for the third quarter, up
BUSINESS NEWS TECHNOLOGY head-faked The Fed says it sets policy in much stronger than ex- from 2% in late August.
Mattel makes its Elon Musk assures by the Fed. After seven false based on incoming data, es- pected. The economy ap- The Fed should look at
alarms where markets priced pecially on inflation and pears strong. The weak jobs the data. But data depen-
supply chain more Tesla fans in a dovish pivot by policy- jobs. And those data have figures that spooked the Fed dency has come to mean
nimble to respond that robot cars makers, the Federal Reserve been unreliable and far more into a double cut of half a looking only at recent data,
to demand. B3 are coming. B4 turned dovish in a big way— volatile than usual, confus- percentage point last month ignoring projections for the
only for bond yields to rise ing investors into a series of reversed in this month’s re- Please turn to page B9
 B2 | Monday, October 14, 2024 THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

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

A H N
Alphabet................................B4,B9 Hain Celestial Group...........B6 Nvidia...............................................A5
Amazon.com........................A1,B3 Hertz Global Holdings........B1 S
Apple..........................................B1,B4 Home Depot...............................B3
AT&T...................................................A1 Sanofi...............................................A5
J SC Johnson..................................B1
B
Johnson & Johnson.............B6 Seoul Semiconductor.........B4
Barington Capital Group.B3
JPMorgan Chase....................B9 Southwest Airlines...............A6
Boeing...............................................A1
L SpaceX.............................................A3
C
CeriBell............................................B9
Life Care Services T
Communities..........................B6 Tesla...................................B1,B4,B9
E Lockheed Martin....................A3
Expedia Group..........................B9 Textron.............................................A1
Lyft.....................................................B9
F U
M
Ford Motor..................................A6 Uber...................................................B9
Mattel...............................................B3
G Meta Platforms.......................A5 W
General Motors........................B2 Microsoft................................A1,B4 Wells Fargo.................................B9

INDEX TO PEOPLE
B I L
Barnum, Jeremy......................B9 Isaias, Roberto..........................B3 Lopez, Christopher................B6
Beville, Sunni.............................B6
J M
G

WU HAO/EPA/SHUTTERSTOCK
Johnson, Fisk..............................B1 Musk, Elon...................................B9
Gibson, Brian..............................B3
Gordon, Gregory......................B6 K S
H Kaplan, Michael.......................B6 Scharf, Charlie...........................B9
Hansen, Kris...............................B6 Khan, Lina......................................A1 Steinberg, David......................B4

Horror Sequel Opens on Top The tech company pitches the Vision Pro as a device with broad uses, not just for gaming. A demonstration in Beijing.

Apple ery month. Only 10 apps were

introduced to the Vision App
Store in September, down
its debut.
Both devices had lower
starting price points and
work, health and entertain-
ment. Instead of relying on
controllers necessary for most

Headset from the hundreds released in

the first two months of the
device’s launch, according to
wider appeal than the Vision
Pro. Developing apps for the
Vision Pro is far more techno-
games, the Vision Pro uses
hand and eye tracking for us-
ers to interact with the soft-

Stalls analytics firm Appfigures.

It has counted around 1,770
apps available for the Vision
logically challenging than do-
ing so for many simple iPhone
and Watch apps.
ware. The lack of controller
has inhibited some game de-
velopment for the Vision Pro.
JESSE KORMAN/CINEVERSE ENTERTAINMENT/AP

Pro in the App Store as of The Meta Quest store has “They need controllers,”
Continued from page B1 September. Only 34% of those around 3,500 apps, estimated said Scott Albright, chief exec-
sion Pro would kick-start an apps are built specifically for Simon Carless, founder of utive of Combat Waffle Stu-
industry still in its infancy. To the Vision Pro, while the rest gaming consulting firm Game- dios, maker of the popular VR
catch on, the Vision Pro would are versions of existing Apple DiscoverCo. Carless said the shooter game “Ghosts of Ta-
need killer apps, which helped apps that have additional Vi- difference between the two bor.” “I think it’s great Apple
turn the iPhone into one of sion Pro functionality, Appfig- platforms is that Quest is pri- being here, but they need to
the most-popular consumer ures said. marily a virtual-reality games figure out what the headset is
products in history. Apple said in August that ecosystem attempting to move meant for.”
So far, the ecosystem for there are more than 2,500 into augmented-reality con- With the overall lack of Vi-
the headset has developed apps built for the Vision Pro. tent, while the Vision Pro is sion Pro apps, some early
‘Terrifier 3’ earned $18.2 million in its first weekend. slowly, as many developers re- Appfigures said the discrep- an AR platform first. adopters are finding little to
main on the sidelines. ancy between these two fig- Apple hasn’t disclosed any do on the headset, leading to
Estimated Box-Office Figures, Through Sunday “We’re not in a rush,” said ures could be, in part, because sales figures for the Vision Pro, either early returns or used
Sales, In Millions Hrafn Thorisson, chief execu- some apps aren’t used enough but analysts say the headset device sales.
Film Distributor Weekend* Cumulative % Change tive of Iceland-based VR game to register on usage charts, hasn’t sold well. Apple cut its Rostyslav Alieksieienko, a
1. Terrifier 3 Iconic Events $18.2 $18.2 — developer Aldin Dynamics. making them difficult for the first-year Vision Pro shipments 23-year-old software engineer,
“We’re waiting until we see a analytics firm to detect. to between 400,000 and received his Vision Pro in Feb-
2. The Wild Robot Universal $13.4 $83.7 -29 better trajectory and when the “We’re at the stage now 450,000, down from between ruary and said he tried every-
3. Joker: Folie à Deux Warner Bros. $7.1 $51.6 -81 next device comes out.” where app growth may look 700,000 and 800,000 units, ac- thing he could do with it.
Beetlejuice Aldin makes a popular game slow, but you have to factor in cording to supply chain analyst Alieksieienko downloaded all
4. Warner Bros. $7.1 $275.6 -30 for the Meta Quest called those who are working on it Ming-Chi Kuo in April. the Apple-recommended apps
Beetlejuice
“Waltz of the Wizard,” in want to create the best app In the second quarter of this and tried to use it for work.
Focus which players inhabit a fantasy possible,” said Tim Bajarin, a year, Vision Pro sales plunged But he struggled to find rea-
5. Piece by Piece $3.8 $3.8 —
Features world casting magical spells. longtime Apple analyst at Cre- 80% from the first quarter, ac- sons to pick it up again con-
*Friday, Saturday and Sunday in North American theaters Source: Comscore The company has started test- ative Strategies. “They’re not cording to Counterpoint Re- sistently.
ing software on the Vision Pro, rushing those apps to market.” search. A large chunk of initial “In the beginning, I was su-
but it doesn’t have plans to re- The Vision Pro app ecosys- buyers also returned the de- per excited,” he said. “But it

EV Dealers Leasing has quickly become

the most-popular method of
buying a new EV. At the start
lease soon. Thorisson remains
hopeful about Apple’s long-
term ambitions and thinks it
tem appears to be growing
slower than the original
iPhone and the Apple Watch.
vice within the two-week win-
dow that Apple allows for a
full refund, the research firm
didn’t integrate into my life. I
ran out of stuff to do quickly.
Then it was just laying

And Owners of last year, 16% of electric-ve-

hicle sales at dealerships were
leases, according to Edmunds.
was smart to approach the
product as broader than just a
gaming device.
Nearly a year after the 2008
launch of the App Store for
the iPhone, Apple said it had
said.
Games are the most-popu-
lar type of app on the Meta
around.”
In August, Alieksieienko put
it up for sale on Facebook Mar-

Feel Pinch Today, the figure is nearly 80%.

Auto executives admit they
misjudged the market, and
There has been a signifi-
cant slowdown in new apps
coming to the Vision Pro ev-
50,000 apps. The Apple
Watch, meanwhile, had 10,000
apps about five months after
Quest, and Apple by contrast
has pitched the Vision Pro as
a much-broader device for
ketplace and ended up selling it
for $2,600, a hit from the
$4,000 he originally paid for it.
that miscalculation is taking a
Continued from page B1 toll on used-EV prices. To limit
Model 3 and Model Y—Tesla’s
most-popular models—
dropped about 25%, according
supplies, car companies are
pulling back on their ambi-
tions, including reducing pro-
Ziploc Heir nounced in 1975 that the com-
pany would remove polluting
chlorofluorocarbons from its
to data from car-listing web-
site CarGurus.
“They kept reducing the
duction and delaying expan-
sion plans. Some also are
taking precautions with their
Takes On aerosol products. During a
speech in which Sam Johnson
announced the change, the
price of the cars, which killed
the used-EV market,” said
Christian Lange, the owner of
EV leases to preserve resale
values.
“We don’t want to end up in
Plastics head of a chemical company
stood up and told Johnson he
was ruining the industry.
a 2018 Tesla Model 3, which he a situation where we’re just The younger Johnson says
had purchased brand new. In producing to a target, and the Continued from page B1 today, fellow companies on the
early 2023, the vehicle was val- demand isn’t there,” said Gen- plastic, but says regulations Consumer Goods Forum such as
ued at around $35,000, roughly eral Motors Chief Financial and fees on companies using PepsiCo, Unilever and Walmart
equivalent to what he owed on Officer Paul Jacobson on a call plastics are needed so compa- also are working on this issue.
his loan. with analysts in July. “You’ve nies like his can remain com- More than a decade ago,
Normally, buyers gradually got residual value implications petitive. Johnson says alterna- Johnson started a team di-
build equity in their vehicles as which stay with you for a long, tives like glass can be costly, rectly reporting to him focused
they make payments. But the long time.” fragile and leave a bigger car- on addressing global health
reverse happened to Lange, be- Prices in the preowned mar- bon footprint. SC Johnson also problems. It was funded in
cause sharp price reductions ket also have been hurt by a makes Ziplocs made from sili- part by the 5% of pretax profits
on new Teslas made his vehicle new federal tax credit for cone as well as compostable the company has pledged to
worth less as well. At the start used-EV purchases. The $4,000 versions. give back to its communities.
of this year, the value of credit, introduced early last “The traditional Ziploc bag Today, the unit’s performance
Lange’s Tesla had dropped so year, only applies to electric is a single-use plastic, there’s metrics include people affected
much it was worth $10,000 cars selling for under $25,000, no two ways about that,” he and lives saved.
less than what a requirement said in an interview in the The team has spent $100
he owed on his that has led company’s “Great Workroom,” million developing a not-for-
loan. some dealers to a large space dotted with profit spatial mosquito repel-
The flood of
CALEB ALVARADO FOR WSJ

Fr u s t ra te d cut the price to work benches inside the red- lent that can be hung indoors;
with Tesla, discounts on get under that hued headquarters designed a study in Indonesia showed
Lange said he amount, ana- by Frank Lloyd Wright. “You that it reduced first-time ma-
traded his new EVs has lysts say. could say, all right, well, sin- laria infection rates by 28%.
Model 3 for a Dave Katar- gle-use plastics is a terrible Johnson carves out time at
Kia EV9. Tesla
sunk prices ski, operations business, and we should just town hall meetings to give life
didn’t return a of used ones. chief for Feld- get out of it. But somebody Fisk Johnson has run SC Johnson for 20 years. updates, including about his
request for man Automo- else who’s less well-intended daughter, who is training to
comment. tive Group, a is going to just take that up. ertson, now the chief executive Windex. But those products be a wildlife conservation vet-
As buyer in- large dealer It’s a free market. My argu- of nonprofit Youth Service didn’t take. People didn’t buy erinarian. He says he has no
terest in EVs has continued to group in Michigan, said his ment is that it’s better off in America, to diving. During a them on a scale that would plans to retire soon, and
subside this year, automakers stores have been selling more our hands because we’re try- 2021 trip to Cocos Island off make a meaningful difference hopes two nieces who work at
have become more-aggressive than 200 used electric cars a ing hard to make changes.” Costa Rica, Culbertson recalls to tackling the problems of the company could eventually
with their sales promotions for month, a significant increase A CEO with a scientist’s Johnson peeling off from the plastic waste, Johnson said. take over the role.
new models, offering cheap from a year ago. sensibility—Johnson has five dive to collect samples for mi- “We keep running into Johnson tells the story of a
leases and low-interest-rate fi- The used-EV tax credit has degrees from Cornell Univer- croplastic research and analy- walls,” Johnson said. “I look monthlong trip he and his
nancing deals that are sapping helped stimulate interest sity, including an M.B.A. and a sis. In the evening, Johnson back on what we’ve done on brother took with their father,
demand from the used-car lot. among consumers, along with Ph.D. in applied physics—he pulled out his microscope and plastics—we’ve worked hard, Sam, in 1998, re-creating a
Some brands are lowering an influx of cheap Teslas previ- holds long discussions with analyzed samples, showing but I can’t say I’m proud of journey Sam’s father had made
payments on new EVs by ap- ously owned by Hertz, he scientists and is more excited them to the boat’s local crew the progress we’ve made.” in 1935. They commissioned a
plying a $7,500 tax credit avail- added. “We’re seeing a ton of speaking about polymers than and discussing what mi- Johnson has focused his ef- replica plane and flew from
able for such purchases di- people flock to them when earnings. Forbes estimates croplastics pollution had done. forts on fighting for legisla- Racine to Fortaleza, Brazil.
rectly to the lease deal. they can afford them,” Katarski him to personally be worth $5 Even before Johnson as- tion, becoming a regular pres- On the trip, Sam “bared his
As a result, the average said. billion, with the company sumed the position of CEO in ence at symposiums to push soul” about the difficult rela-
monthly payment on an elec- There also are some trou- bringing in $11 billion in an- 2004, SC Johnson had been for changes. He points to fees tionship he had had with his
tric-car lease has fallen from bling signs. An Edmunds study nual revenue. trying to tackle the issue of on plastics and packaging in father, who yelled at him and
$950 at the start of last year to of EV trade-in values showed ”At the end of the day, he is plastic waste. It was among British Columbia that funded told him he was no good, Fisk
$582 in August, according to that in August, owners on av- a scientist and a nerd, and his the first companies to release collection efforts and pushed recalls. The lesson Sam took
Edmunds. That figure would be erage owed about $10,000 friends love him for that,” a bottle made of recycled plas- recycling rates higher. from his upbringing was that
roughly comparable to what more than the car was worth— says Steve Culbertson, a Chi tics, in 1990. And over the Johnson is operating in a it was more important to live
one would pay each month on up from about $8,000 at the Psi fraternity brother. “It past decade, it has released more receptive environment up to your children’s expecta-
a loan for a $28,000 used EV, start of 2023. sometimes seemed like he was different iterations of “reuse than his predecessors. His fa- tions than your father’s.
said Ivan Drury, the firm’s di- —Mike Colias never going to leave Ithaca.” and refill” packaging, includ- ther, Sam Johnson, stunned Fisk Johnson says that is
rector of insights. contributed to this article. Johnson introduced Culb- ing a concentrated version of the industry when he an- his goal, too.
THE WALL STREET JOURNAL. NY Monday, October 14, 2024 | B3

BUSINESS NEWS

Mattel Supply Chain

Gets More Nimble
Toy maker closes Toy sales in the U.S. fell 8% in said Mattel found it had time
2023 from the previous year to focus on increasing output
some plants, trims to $28 billion, according to and to reduce labor costs in-
product lines as it market-research firm Circana. stead of rushing to get toys to
Mattel has faced pressure shelves in the U.S.
adjusts to demand to take action on weaker parts “When you’re in Asia, 2½
of its business. Activist inves- months away from your mar-
BY LIZ YOUNG tor Barington Capital Group ket, if you run for a day, or
had built a 0.18% stake in half a day, or a day and a half,
When “Weird Barbie” be- Mattel as of June, according it makes no difference,” he
came an unexpected breakout to FactSet. Barington in Feb- said.
hit of the “Barbie” movie last ruary sent a letter to Mattel’s The company also moved
year, Mattel kicked its new leadership recommending the to outsource more manufac-
supply-chain strategy into ac- company pursue strategic al- turing, including for items it

MATTEL
tion. ternatives for its Fisher-Price makes under movie licensing
The toy maker accelerated and American Girl businesses. agreements with entertain- Last year’s ‘Barbie’ movie sparked demand for ‘Weird Barbie,’ which Mattel raced to produce.
the doll’s design and manu- Mattel brought in $5.4 bil- ment companies. Although us-
facturing process to tap in to lion in its fiscal 2023, roughly ing contract manufacturers unused capacity when de- toys go viral online, as it did Mexico, close to U.S. custom-
the attention to the character, flat with 2022. Its gross mar- costs more than making the mand drops off. with “Weird Barbie.” When ers, and absorbs the higher
rapidly bringing to store gin increased to 47.5% last toys at its own factories, Isa- Mattel also has adjusted its the company needs to quickly manufacturing costs, or it air-
shelves a doll that—like its year from 45.7% in 2022. ias said it can help keep Mat- supply chain to react quickly get goods to shelves, it makes freights products to the U.S.
on-screen inspiration—looks The maker of Hot Wheels tel from getting stuck with to unexpected demand when some items at its factory in from Asia.
like it has been “played with cars, Fisher-Price toys and
too much.” American Girl dolls is devel-
It was one example of how oping more movies and TV
one of the world’s largest toy shows starring characters
makers has revamped its sup- from its brands to drive de-
ply chain, closing some facto- mand for its toys and repli-
ries, outsourcing production cate the Barbie movie’s suc-
at others and fine-tuning cess.
work at some sites to prepare To align its supply chain
for the expected spark from more closely with event-

WHERE
the Barbie movie. driven sales, the toy maker
The idea for the El Se- has closed or sold five facto-
gundo, Calif.-based company ries and invested in its most
has been to reset a supply productive sites in Mexico

RISK MEETS
chain long focused on rela- and across Asia. It has cut the
tively predictable seasonal number of products it makes
patterns in the children’s toy by about 45% since 2018 to
market to make it more-flexi- get rid of some of its less-

OPPORTUNITY
ble to respond to rapid shifts popular items.
in consumer demand. Trimming the variety of
The changes have cut Mat- toys it sells has helped the
tel’s costs and helped increase company better forecast shop-
its profit to $57 million in the per demand, reduce inventory
quarter ended June 30, from and improve in-stock levels,
$27 million a year earlier, Isaias said. The company’s in-
even as sales declined. The ventories fell to $777 million W
Whatever the goal, CME Group provides d the
toy industry is facing a in the quarter ended June 30
broader slump as children from $972 million a year ear- ttools that global
o market pparticipants need
shift their focus to video- lier.
games and smartphone apps, Many retailers and brands tto manage risk
r t
and capture n
opportunities.
and Mattel has have slashed
seen the boost the variety of W
With 24-hourr access to trading
r u
in futures,
it got from Bar- goods they sell
bie merchan- The changes since the pan- o h and OTC across
options, cash c o asset
all major
dise fade a year have cut demic to focus
after the on their most- c
classes, you c e heights with
can reach new i
movie’s release. Mattel’s costs popular items,
Roberto Isa-
and helped said Brian Gib- p p
power and precision.
ias, the com- son, a professor
pany’s chief increase profit. of supply-chain
s u p p l y- c h a i n management at V R Y
VISIT CMEGROUP.COM/OPPORTUNITY
officer, said the Auburn Univer-
strategy has sity. Cutting
helped Mattel better project items that don’t sell as UNCERTAINTY
demand to have products quickly means “there’s less
available when customers complexity overall in your
want them. supply chain, and you’re not
“We’re trying to revitalize having to try to manage so
the brands and be commer- many different inventory
cially successful,” Isaias said items,” Gibson said.
this month at the Council of At its plants, Mattel has ex- STRATEGY
Supply Chain Management tended the time that each line
Professionals conference in produces a particular toy. Pre-
Nashville, Tenn. “At the same viously, it seemed as soon as
time, we’re trying to get to Mattel factory workers got
the lowest possible cost.” the hang of making one par-
The toy market in the U.S. ticular toy, “Boom, we
has been on a roller coaster in changed it to a different toy,”
recent years. Sales surged Isaias said. Now, workers have
early in the Covid-19 pan- time to master the production
demic as families stuck at of each item, he said.
home ordered more toys, but For items with long lead
demand has since pulled back. times made in Asia, Isaias

Home Depot to Exit VOLATILITY

From 4 Warehouses
BY LIZ YOUNG comparable sales—those from
stores and digital channels op-
Home Depot is shedding erating for at least 12 months—
some of the sprawling ware- fell 3.3% for the quarter ended
house space it added in the July 28 compared with the pre-
midst of the pandemic, as it vious year.
grapples with falling sales in The retailer’s decision is the POSITION
an uncertain consumer market. latest sign of contraction in the
The Atlanta-based home-im- U.S. warehousing market fol-
provement retailer is looking to lowing a period of red-hot
sublease four buildings of growth during the pandemic as
around 1 million square feet or companies raced to place prod-
more across the U.S. It had ucts as close to consumers as
been using them to store prod- possible to speed up home de-
ucts imported from Asia that it livery.
had rushed into the country to Retailers have more recently Robert Sánchez
get ahead of supply-chain bot- turned the corner on a big Premier League Goalkeeper
tlenecks. drawdown of inventories and
The changes come as Home are aligning their supply chains
Depot is targeting about $500 for more normal, prepandemic
million in cost savings this fis- stocking and consumer spend-
cal year, including by getting ing patterns.
rid of space leased during the Amazon.com, one of the
Covid-19 pandemic amid fever- country’s largest warehouse
ish consumer demand to com- tenants, pared back its logistics
plete home-improvement proj- network growth in 2022 and
ects. 2023, including by subleasing
The buildings the company some sites.
is putting on the market total The amount of U.S. ware-
about 4.7 million square feet in house space listed for sublease
all and are in Monroe, N.J.; reached a record high of nearly
Goodyear, Ariz.; Joliet, Ill.; and 199 million square feet in the
Riverside, Calif. third quarter, up 45% from the
Home Depot’s sales have previous year and far above Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally
fallen over the past year as the previous peak of 124 mil- deposited and profit you might have made. This communication is not a recommendation or offer to
high interest rates and low lion square feet of sublease buy, sell or retain any specific investment or service. Copyright ©2023 CME Group Inc. All rights reserved.
housing turnover have weighed space available in 2009, ac-
on demand for home-improve- cording to real-estate services
ment projects. The company’s firm Savills.
B4 | Monday, October 14, 2024 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

TIM HIGGINS

Musk Plays a Familiar Robotic Tune

E
lon Musk, dressed maybe not even those
in a leather jacket watching on the livestreams
in front of adoring through Musk’s social-media
fans, looked like an platform X—which counted
aging rock star on more than 9 million views by
stage playing one of his Friday evening.
greatest hits. The real target were the
Robot cars are coming. hundreds of attendees at the
The fans at Thursday’s event who spent the evening
event swooned as they al- riding around in the cars
ways have as he pushed out and posting fawning videos
timelines for delivering ro- of their experiences on so-
bot cars and showed what cial media, in turn, helping
those vehicles could look the event go even more viral
like. But outside the Holly- and generating even more
wood-area venue, it wasn’t attention for the idea that
exactly clear that everyone Tesla is paving the way for a
believed his vision for the robot future.
future is as near as he says. Robot cars are coming.
Tesla stock fell almost 9%

N
Friday amid investors frus- ot only did party at-
trated with the continued tendees enjoy rides,

TESLA/AFP/GETTY IMAGES
lack of details for how the but they were enter-
company is going to make tained by the latest versions
the complicated transition of Tesla’s humanoid robots
from maker of cars to maker Optimus, which Musk has
of robots. said could one day add $25
In essence, Thursday trillion to the company’s
night’s product reveal be- A video image of the long-promised Cybercab during the unveiling at Warner Bros. studios near Los Angeles. market value.
came something of a Ror- Former Tesla board mem-
schach test: Supporters, who details on its website calling production “probably” in says the person behind the anyone behind the wheel. ber Steve Jurvetson posted a
point to everything Musk ac- it the “Robotaxi.” 2026, Musk said. He didn’t wheel is responsible for ev- On Thursday night, Tesla video of himself playing
complished with electric Whatever the name, the even suggest when the van erything, though some driv- demonstrated 50 vehicles, rock, paper, scissors with
cars and other industries, straight lines of the small might come. ers grow overconfident in its including the new two- one of the robots. “Optimus
heard a glorious future with car resembled what might The nearest timeline was true abilities and act like the seater, driving autonomously just beat me in rock paper
driverless cars and human- be the offspring of the Cy- deploying fully self-driving car is autonomous. on private property of the scissors!” he tweeted.
oid robots. Critics—mindful bertruck, the pickup the cars, through the company’s Musk likes to talk about Warner Bros. studios where Others shared videos of
of missed goals and maybe company brought out last current offerings, next year in how Tesla vehicles are col- Musk held his party for in- robots pouring drinks and
peeved by his politics—saw year after delays, and the Texas and California. lecting valuable real-world vestors and supporters. dancing.
more smoke and mirrors. new Roadster that was first data that is used to train its “The markets won’t get

M D
“Let’s not get nuanced revealed in 2017 and has yet usk has been predict- AI systems. etractors were quick what happened last night at
here,” the chief executive told to come to market. Those ing driverless cars After building Tesla into to pounce. @tesla,” Robert Scoble, a
the crowd as they peppered delays are examples of “Elon being just around the the world’s leading electric- “After over 10 years blogger and former Micro-
Musk with questions, a re- Standard Time,” or his prac- corner for several years, in- car company, Musk in recent of Full Self-Driving develop- soft tech evangelist, posted
minder that even among the tice of setting a target only cluding in 2016 when he said years tried to position its fu- ment, Tesla is limited to a on X. “I couldn’t be more
faithful, time is ticking for to miss it. Tesla would demonstrate a ture on robotics, saying it is 20-30 acre geofenced 5mph impressed. @elonmusk laid
him to play some new notes. Robot cars are coming. car driving itself from Los focused on solving self-driv- 1950s Disneyland ride on a out a bunch for next decade.
And to deliver a big hit. The Cybercab/Robotaxi re- Angeles to New York City in ing technology. “That’s really preprogrammed, premapped I have been to a lot of prod-
veal included what Musk says 2017. That didn’t happen. the difference between Tesla and heavily rehearsed route uct launches and never have

W
hat he did show was will be Tesla’s autonomous In 2019, he said he ex- being worth a lot of money with no traffic and no pe- been to one like this.”
cool. A two-seat car van, an art-deco-inspired vehi- pected his robot taxis would and being worth basically destrians,” Dan O’Dowd, a Some even compared the
with doors that cle that resembled a toaster arrive in 2020. That didn’t zero,” Musk said in 2022. critic of Tesla and founder evening to when the late
swung upward to open, in- with an interior meant to feel happen. Despite that rhetoric, of a rival software company, Steve Jobs unveiled Apple’s
spired, in part, by the sci-fi like a spaceship and enough But Tesla pushed the en- Tesla is behind in deploying said in a statement. “Tesla first iPhone, marking the be-
movie “Demolition Man.” room for 20 passengers. velope with its driver-assist cars on roadways without robotaxi is nothing more ginning of a new technology
Though as Musk talked Like the small car, the van system that is essentially a drivers. Alphabet’s Waymo than the latest work of fic- era. It was an idea that
about the vehicle, it wasn’t lacked a steering wheel—the glorified cruise control—ad- deployed fully autonomous tion to come out of the War- Musk was quick to endorse.
clear he had settled on a for- sort of doodads currently re- justing speed, keeping vehicles in places such as ner Bros. Studio.” “Yes, this marks a fork in
mal name. On stage, he quired under regulations, within a lane and other ma- San Francisco, where paying But Thursday night the road,” he tweeted af-
called it the “Cybercab,” though exceptions can be neuvers—but can’t techni- customers can take its vehi- wasn’t about impressing the terward.
while the company released granted. The car could begin cally drive the car. Tesla cles around the city without O’Dowds of the world. And Robot cars are coming.

LED Case Ruling Leads to Ban

BY KWANWOO JUN

Seoul Semiconductor’s re-

cent patent case against a
German online retailer, expert
e-Commerce, has led to the
United Patent Court’s ban on
light-emitting diode products
violating patent rights in eight
European countries simultane-
ously.
The UPC, a common Euro-
SEOUL SEMICONDUCTOR/AP

pean patent court established

in June 2023, said in an Oct.
10 ruling for the South Ko-
rean LED maker that the Ger-
man retailer should stop sell-
ing LED goods unlawfully
using Seoul Semiconductor’s Seoul Semiconductor filed a series of LED lawsuits.
patented technology, accord-
ing to people familiar with from the markets has yet to be for display products, which it
the case. determined, it could be “sig- says are crucial to making
The landmark UPC ruling nificant” given the retailer’s LED products smaller and
took effect at the same time in sizable revenue, they added. more powerful.
Germany, Austria, Belgium, The German retailer didn’t Chung H. Lee, Seoul Semi-
France, Italy, Luxembourg, the respond to a request seeking conductor’s founder and chief
Maryland has played a role Netherlands and Sweden, they comment on the patent-case executive, said recently that
said. ruling. the patent lawsuits aren’t just
in every stage of our growth Expert e-Commerce, the Seoul Semiconductor has for the benefit of his company
third largest European online filed a series of lawsuits but are so that young people
and success. Here, we find retailer with roughly $14 bil- against rival LED makers and and companies can continue
lion in annual revenue, was global retailers for selling LED to innovate creatively.
our customers, mentors, also ordered by the UPC to re- products allegedly infringing Seoul Semiconductor said it
trieve and destroy all such on its patented technology. holds over 18,000 patents af-
and funding partners. LED goods already sold in the The company has accused ter spending nearly $100 mil-
region, they said. them of violating its “WICOP” lion annually over the past
Though the total value of technology and other signa- two decades in research and
Delali Dzirasa LED products to be removed ture patents for micro LEDs development.
CEO & Founder, Fearless

Marketing Tech Firms to Merge

BY MEGAN GRAHAM let the company integrate make it easier and easier for
LiveIntent’s database of con- consumers to opt out” of track-
Marketing technology com- sumer information into its own ing cookies, Steinberg said.
pany Zeta Global is buying and add new capabilities to its “And they’re already doing
LiveIntent, another marketing portfolio. that.”
tech provider, for $250 million “AI is going to become more LiveIntent’s other services
in cash and stock. and more ubiquitous. It’s going include helping publishers gen-
New York-based Zeta, which to be the data that you feed erate revenue and setting up
went public in 2021 and em- into it that’s going to be a dif- retail media networks, in which
ploys about 1,900 people, offers ferentiator,” said David Stein- businesses such as grocery and
a platform that aims to help berg, Zeta’s co-founder, chair- big-box chains offer advertisers
large marketers such as Motel man and chief executive. ways to reach consumers using
6, Rent-A-Center and Citizens The deal comes as market- customer data.
Financial acquire, keep and ex- ers seek to better control and Its acquisition expands
pand business from their cus- organize the so-called first- Zeta’s services, whose range
tomers using artificial intelli- party data they have gathered analysts cite as an asset.
gence and data. on current or potential custom- Zeta’s price for LiveIntent
Clients can use its data to ers, partly spurred by Google’s includes $77.5 million in cash
see what behaviors their cus- long effort to eliminate third- and $172.5 million in stock. The
tomers engaged in before they party tracking cookies from its agreement also provides for a
made a purchase, then use the Chrome browser. Google ulti- potential earnout of 50% cash
platform’s AI to find consumers mately abandoned that plan and 50% stock tied to certain
Get going: business.maryland.gov with similar behavior to target, but said it would make other performance targets in the next
according to the company. changes. few years. The deal is expected
Zeta said the acquisition will “They’re simply going to to close before year-end.
B6 | Monday, October 14, 2024 THE WALL STREET JOURNAL.

BUSINESS & FINANCE

J&J Case to Remain in Texas New York Denies

Claimants wanted
Sale of Bankrupt
third chapter 11 try
to resolve talc suits
moved to New Jersey
Retirement Home
BY AKIKO MATSUDA dent Daniel Lahey said LCS at
BY AKIKO MATSUDA
no time has refused to provide
New York officials denied a information or documentation
A bankruptcy judge in Texas buyer’s application to acquire requested by the department.
said Johnson & Johnson’s the Harborside on Long Is- A representative for the
third chapter 11 case seeking to land, upending the sale and state agency said that the
resolve its talc-related liabili- leaving hundreds of residents DOH is doing its job. “In keep-
ties can stay in his court in at the three-time-bankrupt re- ing with its regulatory respon-
Houston, rejecting requests tirement community at risk of sibility, the department pro-
from lawyers for claimants who losing their homes. tected vulnerable residents by
wanted the proceeding trans- The New York State Depart- denying an applicant who was
BRENDAN MCDERMID/REUTERS

ferred to New Jersey. ment of Health denied the ap- unwilling to comply with in-
“I think the New Jersey plication filed by the Harbor- structions on how to bring the
court and this court would be side’s court-authorized new application in compliance with
on equal footing as to the con- manager, an affiliate of retire- state law,” the representative
sideration of this plan,” Judge ment-home operator Life Care said.
Christopher Lopez of the U.S. Services Communities, ac- The Harborside life-care
Bankruptcy Court in Houston cording to a letter dated Oct. 3 community in Port Washing-
said. J&J created a new subsidiary to carry the talc lawsuits into bankruptcy court in Houston. reviewed by The Wall Street ton, N.Y., filed for bankruptcy
J&J filed its third chapter 11 Journal. The department said in March 2023 for the third
case last month, offering a failed cases. J&J’s headquar- ants, said Kris Hansen, a law- distress to warrant granting it it denied the application be- time, 18 months after exiting
roughly $8 billion compensa- ters are in New Jersey. yer representing talc claimants the legal protections of chapter cause of outstanding issues its second chapter 11. The
tion plan supported by tens of Sunni Beville, a lawyer rep- who accepted the company’s 11. such as lack of financial trans- community’s nonprofit opera-
thousands of personal-injury resenting the coalition, argued offer. The third case came to- J&J recently established Red parency and a noncompliant tor blamed falling occupancy
plaintiffs. The latest case aims during the court hearing that gether because ovarian and gy- River using a Texas divisional management structure. and rising costs during the
once again to resolve all cur- Red River was only created to necological cancer claimants merger, the same legal strategy Residents have been wait- Covid-19 pandemic.
rent and future lawsuits linking manufacture a venue for the wanted to separate themselves it used to create LTL, loaded ing for new management since When the community en-
J&J’s cosmetic talc products to bankruptcy case in Houston, a from other tort claimants, with its talc liabilities. Red a bankruptcy judge authorized tered its third bankruptcy, resi-
cancer, after two previous more-favorable forum for the mainly mesothelioma victims, River has defended its choice of the not-for-profit community’s dents were at risk of losing
bankruptcy cases filed by J&J company than New Jersey. to expedite their compensation venue in court papers and said sale to for-profit LCS in De- their homes and the large sums
were thrown out of court. “If this is not a poster child process, he said. that, unlike LTL, Red River cember. they had paid to the operator
J&J then opted for a new for abusive forum shopping, I Gregory Gordon, a lawyer never changed its domicile to The termination of the ap- as entrance fee deposits. At the
venue, creating a subsidiary really don’t know what is,” she representing Red River, said relocate out of state and has al- plication “threatens to turn a urging of residents, Judge Alan
named Red River Talc as a ve- said in court on Thursday. Red that objecting claimants want ways been a Texas entity. successful reor- Trust of the U.S.
hicle to carry the talc lawsuits River didn’t exist when its par- the chapter 11 case transferred “Judge Lopez correctly ruled ganization of Bankruptcy
into bankruptcy court in Hous- ent company solicited votes to New Jersey not because that that Red River’s prepackaged the Harborside Court in Central
ton. The company garnered from injury claimants on its is the appropriate forum but bankruptcy shall remain in into an abrupt The move Islip, N.Y., au-
votes from 83% of the claim- compensation plan, the back- “because they think that maxi- Texas, where Red River is in- shutdown and leaves hundreds thorized the
ants who cast ballots backing bone of the third bankruptcy mizes their prospects for ob- corporated, where its assets potential hu- sale to LCS. LCS
its chapter 11 plan and its filing, she said. taining a dismissal.” are located, and where the manitarian cri- of residents at offered to honor
choice of Texas as a venue. Allowing the case to stay in In his previous rulings, claimants whose interests are sis as over 180 existing resi-
A coalition of talc claimants Houston would “destroy and Judge Michael Kaplan of the at issue selected as the appro- elderly resi-
risk of losing dency contracts,
and personal-injury lawyers impugn the integrity of the U.S. Bankruptcy Court in Tren- priate forum,” a J&J represen- dents are faced their homes. including re-
who didn’t accept the com- bankruptcy system,” she added. ton, N.J., said that J&J affiliate tative said. “Today’s decision is with the loss of funds of en-
pany’s offer sought to transfer The choice of Houston as LTL Management LLC, created another step closer to full and their homes, trance fees,
Red River’s case to a bank- the third bankruptcy filing to carry the company’s talc-re- final resolution of the talc liti- their healthcare while keeping
ruptcy court in New Jersey venue was supported by a lated liabilities into bankruptcy, gation for the benefit of all and their life savings,” said Eric the facility open.
that oversaw J&J’s first two much larger group of claim- wasn’t in sufficient financial stakeholders.” Walker, a lawyer representing The last hurdle was for the
the committee of residents in Harborside and LCS to receive
the Harborside chapter 11 pro- approval from the state regu-

Public Firms Lure Private Equity

ceedings. latory agencies, a process that
The health department said had dragged on since January.
in the letter that “these open Traci McBee, an LCS repre-
items have been clearly com- sentative, said that with regu-
municated previously, and the latory approval nowhere in
BY MARIA ARMENTAL provider PitchBook. Globally, Although deal activity ap- about how [private equity is] applicant’s refusal to address sight, LCS “can no longer con-
private equity took private 72 pears to be recovering, regula- a terrific partner for manage- them to the satisfaction of the tinue our pursuit of the Har-
Cash-rich buyout shops are companies through Sept. 30, tory uncertainty, particularly ment teams,” Waxman said. department makes further re- borside.”
eyeing opportunities to buy down from 77 a year earlier. the presidential election’s po- “We talk about the fact that view impossible.” LCS’s appli- Gordon Tepper, Long Island
public companies whose U.S. take-private activity has tential impact on healthcare we can create a lot of value cation process for regulatory press secretary for Gov. Kathy
shares trade below their esti- remained strong despite growth policy, has weighed on parts of for management teams.” approval as the new operator Hochul, said the “state will
mated net worth, despite this in major U.S. indexes this year, the market, analysts and indus- That is a no-no in take-pri- for the Harborside was closed, work with the families to
year’s overall strong stock- including the try advisers say. vate transactions because in it said. make sure that their loved
market performance. S&P 500, Nas- That regula- the event a shareholder sues, LCS Executive Vice Presi- ones have a place to go.”
While the market has re- daq Composite tory scrutiny that kind of talk could be inter-
bounded strongly, “if you peel and the Dow Buyout firms’ has added to preted as an improper attempt
the onion a little bit…there’s Jones Industrial high levels of transaction to woo management to tip the THE TICKER
still a lot of dislocation,” Gold-
man Sachs partner Ben Wallace
Average.
Fueling pri- dry powder are
costs and com-
plicated financ-
playing field, Waxman said.
Publicly traded companies
MARKET EVENTS COMING THIS WEEK
said during a recent online vate equity’s ac- ing, given have to put shareholders’ fi-
panel. “There’s a whole wave of quisitive appe-
fueling the lengthier deal nancial interests first and, in
2021, ’22, ’23 [initial public of- tite is the appetite. timelines, Eric doing so, often weigh other vi-
ferings] that are trading below industry’s large Waxman, a able alternatives, including
IPO price, and you have a lot of levels of dry partner at Ares competing bids.
sectors where companies are powder, or capi- Management, For example, food investor
trading at valuations that are tal raised but not yet commit- said during the panel hosted by Butterfly Equity’s $1.95 billion
pretty dislocated, or discon- ted to deals, as well as access Expert Webcast. deal to take private wine-
nected, relative to their histori- to debt financing, from syndi- Take-private transactions maker Duckhorn Portfolio in-
cal averages.” cated bank loans to private require a different skill set cludes a 45-day “go shop” pro-
JUSTIN MERRIMAN/BLOOMBERG NEWS

Private equity was involved credit. Private-equity and ven- than private company acquisi- vision that allows the
in 34 take-private deals in the ture-capital funds held a record tions, long the bread-and-but- company to solicit other bids.
U.S. in the first nine months $2.62 trillion in dry powder as ter of private equity deal mak- Advisers also recommend
of the year, compared with 27 of July 10, according to S&P ing, industry advisers said. erring on the side of disclo-
for the comparable period a Global Market Intelligence and “A lot of times in our pri- sure, which should help gar-
year earlier, according to data Preqin data. vate transactions, we talk ner support for a deal.

Hain Celestial Aims to Invest in Its Brands CSX is expected to post per-share earnings of 48 cents.

Monday Refinan., prev. Retail sales

U.S. bond markets down 9.0% Aug., previous up 0.1%
BY KRISTIN BROUGHTON Jim Salera, an analyst at in- the endpoint is driving down
closed for Columbus Earnings expected Sept., expected up 0.3%
vestment firm Stephens. the cost. And it has to be sus- Estimate/Year Ago
Tea and snack maker Hain During the quarter ended tainable,” he said. Day
Abbott Laboratories Earnings expected
Celestial Group is under pres- June 30, net sales fell 6% from Hain Celestial plans to re- Tuesday 1.20/1.14 Estimate/Year Ago
sure to show investors that a year earlier, to $418.8 mil- deploy savings into what it CSX 0.48/0.42 Blackstone 0.96/0.94
the company’s turnaround ef- lion. On an organic basis—ex- describes as brand building— Empire Manufacturing
Sept., previous 11.5 Kinder Morgan Elevance Health
fort, in place for a year, is cluding divestitures and dis- innovation, marketing and ex- 0.27/0.25 9.66/8.99
bearing fruit. continued products—net sales panded distribution. Recent Oct., expected 0.5
Morgan Stanley Intuitive Surgical
Hain Celestial—whose fell 4%. The company’s gross examples include Sleepytime 1.59/1.38 1.64/1.46
brands include Celestial Sea- margin edged up 0.9 percent- herbal tea with melatonin, a Earnings expected
Estimate/Year Ago Prologis 0.66/0.80 Marsh & McLennan
sonings tea, Garden of Eatin’ age point, to 23.4%. natural sleep aid, or biotin, a Bank of America U.S. Bancorp 0.99/0.91 1.62/1.57
chips and Earth’s Best baby Hain Celestial, like its beauty supplement. The Gar- 0.76/0.90 Netflix 5.09/3.73
and toddler food—has strug- larger competitors, expanded den Veggie brand this year Charles Schwab Thursday Truist Financial
STEPH GRANT STUDIOS

gled in recent years with sales in recent decades through ac- added tortilla chips in nacho 0.75/0.77 Business inventories 0.91/0.80
growth, largely because of un- quisitions, with a focus on cheese and zesty ranch fla- Citigroup 1.31/1.63
derinvestment in the com- brands that appeal to health- vors. The company has re- Goldman Sachs Group
July, previous up 0.4% Friday
Aug., expected up 0.3%
pany’s best-known brands, focused consumers. cently increased distribution 6.89/5.47 Capacity utilization Building Permits
Chief Financial Officer Lee It operates 39 brands glob- through convenience stores. Johnson & Johnson Aug., previous 78% Aug., previous 1.475 mil.
Boyce said. The root cause: CFO Lee Boyce ally. In 2018, it owned 64 It has freed up working 2.21/2.66 Sep., expected 77.80% Sept., expected
strain from years of acquisi- brands. The company began capital by reducing inventory UnitedHealth Group EIA report: natural-gas 1.440 mil.
tions with little focus on inte- effort, with a goal of freeing shedding brands in 2021, be- through improved forecasting, 7.00/6.56 Previous change in stocks in Housing Starts
gration, leaving the company up cash for innovation, mar- fore the turnaround effort, and negotiating longer pay- billions of cubic feet Aug., previous
with costly production and keting and debt reduction and has streamlined product ment terms with large suppli- Wednesday up 82 1.356 mil.
overlapping vendor relation- through better working-capi- offerings over the past year as ers, Boyce said. EIA status report Industrial production Sept., expected
ships. tal management and lower well. Meanwhile, the company is Previous change in stocks in Aug., previous up 0.8% 1.340 mil.
“When you’re going production costs. The com- One way Hain Celestial has paying down debt. millions of barrels
Sep., expected Earnings expected
through and doing all of these pany has made progress on its cut costs is by consolidating Its turnaround plans in- Crude-oil stocks up 5.8 down 0.1% Estimate/Year Ago
acquisitions and then divesti- targets, for instance, unlock- manufacturing facilities and clude a target net debt-to-ad- Gasoline stocks Ally Financial 0.51/0.83
down 6.3 Initial jobless claims American Express
tures, you’re not focusing nec- ing over a third of its target increasing utilization of pro- justed earnings before inter- Previous 258,000
essarily on things like innova- $165 million in working-capi- duction lines. Before the turn- est, taxes, depreciation and Distillates down 3.1 3.38/3.30
Import price index Expected 245,000 Fifth Third Bancorp
tion. You’re not focusing on tal improvements over the around effort, the company amortization ratio of between
marketing,” said Boyce, who past year, Boyce said. operated 31 manufacturing 2 and 3. That figure stood at Aug., previous Philadelphia Fed 0.83/0.91
joined the company in Sep- In the year ahead, it will plants; it now operates 12. 3.7 as of June 30. down 0.3% survey Procter & Gamble
tember 2023 as part of a new face a test, with investors In total, Hain Celestial has “That gives them more Sept., expected Sept., previous 1.7 1.90/1.83
management team. Chief Ex- looking for improved gross generated $65 million of what freedom, more degrees of down 0.3% Oct., expected 2.9 Regions Financial
ecutive Officer Wendy David- margins and organic sales it describes as productivity freedom, to both reinvest in Mort. bankers indexes Retail sales, ex. autos 0.53/0.49
son took over her role nine growth, analysts said. “This savings over the past year, the business and potentially Purch., previous Aug., previous up 0.1% Schlumberger
months earlier. year is really going to be the more than its fiscal 2024 goal drive some margin improve- down 0.1% Sept., expected up 0.1% 0.89/0.78
Hain Celestial said a year proof point to show: How of $61 million, Boyce said. “We ment,” said Jon Andersen, an
* FactSet Estimates earnings-per-share estimates don’t include extraordinary items (Losses in paren-
ago that it would restructure much can they extract out of looked at everything across analyst at investment firm theses) u Adjusted for stock split
its operations in a three-year the gross margin line?” said the whole supply chain, and William Blair. Note: Forecasts are from Dow Jones weekly survey of economists
THE WALL STREET JOURNAL. Monday, October 14, 2024 | B7

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index New to the Market
Last Year ago Last Year ago
42863.86 s 511.11, or 1.21% last week Trailing P/E ratio 26.65 5815.03 s 63.96, or 1.11% last week
P/E estimate * 21.35
24.27
18.47
Trailing P/E ratio * 24.68 20.14
P/E estimate * 23.75 19.52
Public Offerings of Stock
High, low, open and close for each of High, low, open and close for each of
the past 52 weeks Dividend yield 2.01 2.16 the past 52 weeks Dividend yield * 1.27 1.68
All-time high 42863.86, 10/11/24 All-time high 5815.03, 10/11/24 IPOs in the U.S. Market
Initial public offerings of stock expected this week; might include some
Current divisor 0.15221633137872
offerings, U.S. and foreign, open to institutional investors only via the
41800 5600 Rule 144a market; deal amounts are for the U.S. market only
Symbol/ Pricing
65-day moving average
Expected primary Shares Range($)
pricing date Filed Issuer/business exchange (mil.) Low/High Bookrunner(s)
40000 5300
10/15 11/13 Samfine Creation Holdings SFHG 2.0 4.00/ Cathay Securities
2023 Commercial Printing Nq 5.00
65-day moving average Services
38200 5000
Lockup Expirations
36400 4700 Below, companies whose officers and other insiders will become eligible
Week's high to sell shares in their newly public companies for the first time. Such
DOWN UP 200-day moving average sales can move the stock’s price.
Monday's open Friday's close 34600 4400
t

Lockup Offer Offer amt Through Lockup

expiration Issue date Symbol price($) ($ mil.) Friday (%) provision
Friday's close Monday's open
t

200-day moving average Oct. 14 April 18, ’24 Centuri Holdings CTRI 21.00 353.9 –14.0 180 days
32800 4100
Week's low
April 18, ’24 Ibotta IBTA 88.00 663.9 –24.2 180 days
Bars measure the point change from Monday's open
31000 3800 April 17, ’24 Junee JUNE 4.00 8.0 21.8 180 days
O N D J F M A M J J A S O N D J F M A M J J A S O Oct. 15 April 19, ’24 Tungray Technologies TRSG 4.00 5.0 –36.5 180 days
Primary
NYSE weekly volume, in billions of shares market Composite Oct. 16 April 22, ’24 mF International MFI 4.50 7.5 –80.0 180 days
t
t

Scan this code

36 April 22, ’24 YY Group Holding YYGH 4.00 4.5 –70.8 180 days
24 Get real-time U.S. stock quotes and track
July 19, ’24 Qmmm Holdings QMMM 4.00 8.8 92.5 90 days
12 most-active stocks, new highs/lows, mutual
0 funds and ETFs.. Oct. 19 April 23, ’24 Neo–Concept Intl. Group Holdings NCI 4.00 9.3 -84.5 180 days
O N D J F M A M J J A S O Available free at WSJMarkets.com Sources: LSEG Data and Analytics; Dow Jones Market Data

*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

Major U.S. Stock-Market Indexes Nasdaq Composite IPO Scorecard

Latest Week 52-Week % chg s 205.09, or 1.13% Performance of IPOs, most-recent listed first
High Low Close Net chg % chg Low Close (l) High %chg YTD 3-yr. ann.
Dow Jones
last week % Chg From % Chg From
Company SYMBOL Friday's Offer 1st-day Company SYMBOL Friday3s Offer 1st-day
Industrial Average 42899.75 41831.74 42863.86 511.11 1.21 32417.59 • 42863.86 27.3 13.7 7.5 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
Transportation Avg 16251.73 15649.80 16238.25 424.14 2.6813556.07 • 16331.72 10.5 2.1 3.6
18300
CAMP4 Therapeutics 10.72 –2.5 ... Chain Bridge Bancorp 20.65 –6.1 –2.6
Utility Average 1048.31 1022.20 1031.49 -19.93 -1.90 801.98 • 1065.16 25.1 17.0 5.7 CAMP Oct. 11/$11.00 CBNA Oct. 4/$22.00
Total Stock Market 57662.03 56290.14 57605.93 666.29 1.17 40847.04 • 57605.93 34.1 20.5 8.4 CariBell 25.00 47.1 ... FrontView REIT 18.45 –2.9 –1.4
Barron's 400 1246.72 1217.10 1246.49 13.28 1.08 907.97 • 1246.49 31.0 16.2 6.9 18100 CBLL Oct. 11/$17.00 FVR Oct. 2/$19.00

Nasdaq Stock Market Cohen Circle Acquisition I 10.00 ... ... StandardAero 30.75 28.1 –6.1
17900 CCIRU Oct. 11/$10.00 SARO Oct. 2/$24.00
Nasdaq Composite 18375.53 17900.04 18342.94 205.09 1.13 12595.61 • 18647.45 36.8 22.2 8.2
Rising Dragon Acquisition 10.00 ... ... Wellchange Holdings 5.90 47.5 43.6
Nasdaq-100 20314.24 19763.04 20271.97 236.95 1.18 14109.57 • 20675.38 35.2 20.5 11.3
RDACU Oct. 11/$10.00 WCT Oct. 2/$4.00
17700
S&P Star Fashion Culture Holdings 3.26 –18.5 ... HomesToLife 4.16 4.0 3.5
4 7 8 9 10 11
500 Index 5822.13 5686.85 5815.03 63.96 1.11 4117.37 • 5815.03 34.4 21.9 10.1 October STFS Oct. 11/$4.00 HTLM Oct. 1/$4.00
MidCap 400 3155.23 3079.51 3153.59 35.33 1.13 2326.82 • 3153.59 29.1 13.4 5.6 DJ US TSM Upstream Bio 22.00 29.4 ... ZLK Industrial 4.46 –10.8 –10.8
SmallCap 600 1412.85 1376.32 1412.05 4.59 0.33 1068.80 • 1435.83 26.9 7.1 1.5
s 666.29, or 1.17% UPB Oct. 11/$17.00 ZJK Sept. 30/$5.00
Click Holdings 1.60 –60.0 –39.4 BioAge Labs 21.70 20.6 18.5
Other Indexes last week
CLIK Oct. 9/$4.00 BIOA Sept. 26/$18.00
Russell 2000 2234.96 2170.61 2234.41 21.61 0.98 1636.94 • 2263.67 29.9 10.2 0.2
28.42 18.4 8.8 18.19 1.1 1.1
NYSE Composite 19719.61 19367.30 19711.22 172.54 0.88 14675.78 • 19711.22 28.6 17.0 6.3
KinderCare Learning
KLC Oct. 9/$24.00
BKV
BKV Sept. 26/$18.00
Value Line 622.79 610.86 622.64 3.93 0.64 498.09 • 622.64 18.9 4.8 -1.6 57500
NYSE Arca Biotech 5932.48 5770.09 5928.35 17.31 0.29 4544.40 • 5949.95 19.2 9.4 2.1
Launch Two Acquisition
LPBBU Oct. 8/$10.00
9.98 –0.2 –0.1 Guardian Pharmacy Services 17.00
GRDN Sept. 26/$14.00
21.4 6.3

NYSE Arca Pharma 1083.76 1064.14 1083.74 19.60 1.84 845.32 • 1140.17 18.6 19.1 13.6
57000
KBW Bank 119.77 113.66 119.21 4.56 3.97 71.71 • 119.21 56.5 24.1 -4.0
SKK Holdings
SKK Oct. 8/$4.00
2.80 –30.0 –53.7 Innovation Beverage
IBG Sept. 26/$4.00
1.00 –75.0 –65.8

PHLX§ Gold/Silver 161.34 152.17 159.49 1.42 0.90 102.94 • 167.37 39.5 26.9 9.0
PHLX§ Oil Service 82.37 78.68 80.84 -0.852 -1.04 72.67 • 96.64 -14.8 -3.6 9.1 56500 Sources: Dow Jones Market Data; FactSet
PHLX§ Semiconductor 5351.71 5162.72 5335.94 129.10 2.48 3185.18 • 5904.54 54.5 27.8 18.3
Cboe Volatility 23.14 20.14 20.46 1.25 6.51 11.86 • 38.57 5.9 64.3 0.8 56000
Public and Private Borrowing
4 7 8 9 10 11
Nasdaq PHLX Sources: FactSet; Dow Jones Market Data October
Treasurys
Tuesday, October 15 Wednesday, October 16
International Stock Indexes Commodities and Auction of 13 and 26 week bills; Auction of 17 week bill;
Latest Week 52-Week Range YTD
Currencies announced on October 10; settles on October 17announced on October 15; settles on October 22
Region/Country Index Close % chg Low Close High % chg Thursday, October 17
Last Week YTD
World MSCI ACWI 852.73 0.63 629.46 • 852.84 17.3 Close Net chg %Chg % chg Auction of 4 and 8 week bills;
MSCI ACWI ex-USA 348.14 –0.37 276.65 • 357.36 10.0 DJ Commodity 1034.57 0.24 0.02 8.02
announced on October 15; settles on October 22
MSCI World 3731.93 0.91 2731.99 • 3731.93 17.8 FTSE/CC CRB Index 290.99 -0.65 -0.22 10.30
MSCI Emerging Markets 1159.56 –1.68 910.91 • 1187.97 13.3 Crude oil, $ per barrel 75.56 1.18 1.59 5.46 Currencies
Americas MSCI AC Americas 2188.59 1.08 1557.56 • 2188.59 20.7 Natural gas, $/MMBtu 2.632 -0.222 -7.78 4.69
U.S.-dollar foreign-exchange rates in late New York trading
Canada S&P/TSX Comp 24471.17 1.28 18737.39 • 24471.17 16.8 Gold, $ per troy oz. 2657.60 11.80 0.45 28.86
US$vs, US$vs,
Latin Amer. MSCI EM Latin America 2184.81 –2.86 2078.94 • 2675.33 –18.0
U.S. Dollar Index 102.92 0.40 0.39 1.52 Fri YTDchg Fri YTDchg
Brazil Bovespa 129992.29 –1.37 112531.52 • 137343.96 –3.1
WSJ Dollar Index 97.58 0.35 0.36 1.82
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Chile S&P IPSA 3560.32 1.42 3048.00 • 3714.61 2.7
Euro, per dollar 0.9142 0.003 0.35 0.91 Americas Thailand baht .03015 33.170 –3.5
Mexico S&P/BMV IPC 52395.66 –0.41 48197.88 • 58711.87 –8.7
Yen, per dollar 149.14 0.42 0.28 5.75 Argentina peso .0010974.8080 20.6
Vietnam dong .00004029 24820 2.3
EMEA STOXX Europe 600 521.98 0.66 429.58 • 528.08 9.0
U.K. pound, in dollars 1.31 -0.0055 -0.42 2.62
Brazil real .1782 5.6121 15.7 Europe
STOXX Europe 50 4488.49 1.27 3783.73 • 4577.60 9.7
52-Week
Canada dollar .7266 1.3764 3.9 Czech Rep. koruna .04322 23.135 3.4
Eurozone Euro STOXX 515.28 0.75 420.65 • 527.81 8.7 Low Close(l) High % Chg
Chile peso .001079 926.68 5.9 Denmark krone .1466 6.8212 0.7
Euro STOXX 50 5003.92 0.99 4014.36 • 5100.90 10.7
DJ Commodity 934.97 1079.94 2.84
Colombiapeso .000238 4210.29 8.6 Euro area euro
Hungary forint
1.0939 .9142 0.9
.002725 366.92 5.7
Austria ATX 3614.78 0.15 3020.72 • 3775.49 5.2 l Ecuador US dollar
Mexico peso
1 1
.0519 19.2820
unch
13.6 Iceland krona .007316 136.69 0.5
Belgium Bel-20 4283.23 –0.18 3290.68 • 4327.56 15.5 FTSE/CC CRB Index 258.09 l 300.23 2.47
Uruguay peso .02395 41.7450 6.9 Norway krone .0935 10.6951 5.1
France CAC 40 7577.89 0.48 6795.38 • 8239.99 0.5 Crude oil, $ per barrel 65.75 l 89.37 -13.83
Asia-Pacific Poland zloty .2548 3.9246 –0.3
Germany DAX 19373.83 1.32 14687.41 • 19473.63 15.7 Natural gas, $/MMBtu 1.575 l 3.575 -18.67 Sweden krona .0964 10.3709 2.7
Greece Athex Composite 1416.78 –1.47 1169.66 • 1502.79 9.6 Gold, $ per troy oz. 1921.10 l2669.90 37.89
Australiadollar
China yuan
.6751 1.4813
.1415 7.0662
0.9
–0.7
Switzerland franc 1.1666 .8572 1.8
Israel Tel Aviv 2093.55 0.003 1605.20 • 2123.64 12.2
Hong Kong dollar .1286 7.7753 –0.4
Turkey lira .0292 34.2832 16.3
106.88 -3.50
Italy FTSE MIB 34308.01 2.13 27287 • 35410 13.0 U.S. Dollar Index 100.38 l
India rupee .01189 84.105 1.1
Ukraine hryvnia .0242 41.2500 8.1
Netherlands AEX 915.96 0.46 714.05 • 944.91 16.4 WSJ Dollar Index 95.31 l 100.92 -3.06
Indonesia rupiah .0000642 15569 1.2
UK pound 1.3067 .7653 –2.6
Norway Oslo Bors All-Share 1669.94 –0.56 1440.55 • 1684.40 9.9 Euro, per dollar 0.8934 l 0.9514 -3.91
Japan yen .006705 149.14 5.8
Middle East/Africa
Portugal PSI 20 6756.08 1.64 6028.07 • 6971.10 5.6 Yen, per dollar 140.61 l 161.70 -0.29 Kazakhstan tenge .002064 484.42 6.4
Bahrain dinar 2.6528 .3770 ...
South Africa FTSE/JSE All-Share 86149.45 –0.21 69451.97 • 87579.71 12.0 U.K. pound, in dollars 1.21 l 1.34 7.59 Macau pataca .1248 8.0100 –0.5
Egypt pound .0206 48.5733 57.0
Spain IBEX 35 11720.00 0.52 8918.3 • 11967.9 16.0 Malaysia ringgit .2332 4.2875 –6.7
Israel shekel
Kuwait dinar
.2660 3.7599 4.3
3.2623 .3065 –0.2
Sweden OMX Stockholm 996.46 –0.86 753.35 • 1019.81 10.4 Go to WSJMarkets.com for free New Zealand dollar .6110 1.6367 3.4
Oman sul rial 2.5977 .3850 –0.01
Switzerland Swiss Market 12154.19 1.31 10323.71 • 12451.48 9.1 access to real-time market data. Pakistan rupee .00360 277.650 –1.2 Qatar rial .2743 3.646 0.1
U.K. FTSE 100 8253.65 –0.33 7291.28 • 8445.80 6.7 Philippines peso .0175 57.232 3.3 Saudi Arabia riyal .2663 3.7552 0.1
Asia-Pacific MSCI AC Asia Pacific 192.54 –1.12 150.1 • 197.3 13.7 Singapore dollar .7664 1.3048
South Korea won .0007411 1349.32
–1.1
4.2
South Africa rand .0575 17.3994 –4.9
Australia S&P/ASX 200 8214.50 0.79 6772.9 • 8269.8 8.2
Sri Lanka rupee .0034143 292.89 –9.6 Close Net Chg % Chg YTD%Chg
China Shanghai Composite 3217.74 –3.56 2702.19 • 3489.78 8.2
Taiwan dollar .03111 32.147 4.7 WSJ Dollar Index 97.58 0.02 0.03 1.82
Hong Kong Hang Seng 21251.98 –6.53 14961.18 • 23099.78 24.7
India BSE Sensex 81381.36 –0.38 63148.15 • 85836.12 12.7 Sources: Tullett Prebon, Dow Jones Market Data
Japan NIKKEI 225 39605.80 2.51 30601.78 • 42224.02 18.4
Malaysia FTSE Bursa Malaysia KLCI 1633.55 0.22 1435.33 • 1678.80 12.3 ADVERTISEMENT
Singapore Straits Times 3573.76 –0.43 3053.36 • 3638.54 10.3
South Korea
Taiwan
KOSPI
TAIEX
2596.91
22901.64
1.06
2.69
2277.99
16001.27
•
•
2891.35
24390.03
–2.2
27.7 The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
Source: FactSet; Dow Jones Market Data

Consumer Rates and Returns to Investor Benchmark Yields and Rates ANNOUNCEMENTS
U.S. consumer rates Selected rates Treasury yield curve Forex Race
Money Market/Savings Accts Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. Unique Opportunity to own a
A consumer rate against its
benchmark over the past year notes and bonds major U.S. trading partners THE
Bankrate.com avg†:
MyBankingDirect
0.42%
5.00% One year ago 6.00%
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0.00 Friday Close 2.00 –6 Texas Phone: (936) 615-5457
BrioDirect 5.15% s
WSJ Dollar Index
Montebello, NY 877-369-2746
–2.00 1.00 –12
ND J FMAM J J A S O Vio Bank 5.20% 1 3 6 1 2 3 5 7 10 20 30 BUSINESS OPPORTUNITIES
2023 2024
2023 2024 Oklahoma City, OK 888-999-9170 month(s) years
Yield/Rate (%) 52-Week Range (%) 3-yr chg maturity By order of the U.S. Bankruptcy Court in the matter of Alexander E. Jones

Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Sources: Tradeweb FTSE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data

Federal-funds rate target 4.75-5.00 4.75-5.00 4.75 l 5.50 4.75 Corporate Borrowing Rates and Yields FREE SPEECH SYSTEMS MEDIA HOLDINGS

BANKRUPTCY
Prime rate* 8.00 8.00 8.00 l 8.50 4.75 Spread +/- Treasurys,
Yield (%) in basis pts, 52-wk Range Total Return
SOFR 4.82 4.85 4.82 l 5.40 4.77 Bond total return index Last Wk ago Last Low High 52-wk 3-yr
Money market, annual yield 0.42 0.42 0.41 l 0.64 0.35 Production Rights; Archival Library &
U.S. Treasury, Bloomberg 4.060 3.990 7.74 -2.14 Equipment; Social Media Accounts;
Five-year CD, annual yield 2.85 2.86 2.77 l 2.88 2.41 E-commerce Site; Trade & Domain Names
U.S. Treasury Long, Bloomberg 4.440 4.320 10.95 -9.08
30-year mortgage, fixed† 7.17 7.00 6.69 l 8.28 3.99 • Bid on Entirety or Parts •
15-year mortgage, fixed† 6.41 6.22 6.02 l 7.42 3.97
Aggregate, Bloomberg 4.500 4.430 34 34 58 9.77 -1.70
SEALED BID AUCTION
Jumbo mortgages, $766,550-plus† 7.28 7.11 6.78 l 8.33 4.07
Fixed-Rate MBS, Bloomberg 4.810 4.720 40 37 82 10.59 -1.59 Initial Bid Deadline
High Yield 100, ICE BofA n.a. 6.340 n.a. n.a. n.a. n.a. n.a. November8at 2p.m. CST
Five-year adj mortgage (ARM)† 6.07 5.94 5.88 l 7.16 3.18
Muni Master, ICE BofA n.a. 3.157 n.a. n.a. n.a. n.a. n.a. [email protected]
New-car loan, 48-month 7.18 7.18 7.18 l 7.94 3.60 888-345-SOLD
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 7.321 7.208 313 n.a. n.a. 17.943 -0.240 © 2024 Dow Jones & Company, Inc.
banks.† Excludes closing costs. All Rights Reserved.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Fixed Income Indices; ICE BofA
B8 | Monday, October 14, 2024 THE WALL STREET JOURNAL.

CLOSED-END FUNDS
Listed are the 300 largest closed-end funds as 52 wk 52 wk Prem12 Mo 52 wk Prem12 Mo
measured by assets. Closed-end funds sell a limited Prem Ttl Prem Ttl Fund (SYM) NAV Close /Disc Yld Prem Ttl Fund (SYM) NAV Close /Disc Yld
number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret
Unlike open-end funds, closed-ends generally do not Putnam Prem Inc PPT 3.86 3.69 -4.4 8.3 PRINCIPAL PRIVATE CR I;Y 10.27 NA NA NS
buy their shares back from investors who wish to cash BlackRock Sci&Tech Trust BST 38.51 36.81 -4.4 25.4 J Han Prm PDT 13.54 13.29 -1.8 52.7 Western Asset Dvsfd Inc WDI NA 15.59 NA 11.0 CAZ Strategic Opps;R NA NA NA NS PRINCIPAL PRVT CR I;INS 10.26 NA NA NS
in their holdings. Instead, fund shares trade on a stock BlackRock Utl Inf & Pwr BUI 24.30 23.83 -1.9 23.4 LMP CapInco SCD NA 17.34 NA 55.5 Western Asset Inf-Lk Inc WIA NA 8.44 NA 7.0 CBRE GlbRlEst IGR 6.01 6.04 +0.5 37.3
exchange. NA signifies that the information is not
SEI Alternative Income:F 10.36 NA NA NS
available or not applicable. NS signifies funds not in CLEARBRIDGEENGYMDSOPP EMO NA 43.96 NA 47.7 Nuveen Pref & Inc Opp JPC 8.23 8.12 -1.3 43.7 Western Asset Inf-Lk O&I WIW NA 8.79 NA 8.2 CIM RA&C A 21.85 NA NA -1.7 SEI Alternative Income:Y 10.36 NA NA NS
existence for the entire period. 12 month yield is ChnStrInfr UTF 25.40 25.23 -0.7 38.6 Nuveen Pref Sec & Inc Op JPI 20.48 20.97 +2.4 34.5 World Income Funds CIM RA&C C 21.13 NA NA -2.3 Voya Enhanced Sec Inc:A 10.25 NA NA NS
computed by dividing income dividends paid (during Cohen&SteersQualInc RQI 14.03 13.67 -2.6 51.1 Nuveen Var Rate P&I NPFD 20.61 19.13 -7.2 38.7 abrdn AP IncFd FAX 18.16 16.96 -6.6 11.3 CIM RA&C I 22.09 NA NA -1.5 Voya Enhanced Sec Inc:C 10.25 NA NA NS
the previous 12 months for periods ending at month- CohenStrs Real Est and I RLTY 17.19 16.95 -1.4 52.4 TCW Strat Income TSI NA 5.12 NA 17.4 MS EmMktDomDebt EDD 5.36 4.95 -7.6 8.9
end or during the previous 52 weeks for periods CIM RA&C L 21.59 NA NA -1.9 Voya Enhanced Sec Inc:I 10.25 NA NA NS
ending at any time other than month-end) by the Cohen&Steers TotRet RFI 12.47 12.88 +3.3 36.1 Convertible Sec's. Funds PIMCO Access Income PAXS 15.48 16.69 +7.8 10.7 Connetic Venture CA;I 10.05 NA NA NS Yieldstreet Alt Inc NA NA NA 8.0
latest month-end market price adjusted for capital CohenStrsREITPrefInc RNP 22.44 23.30 +3.8 51.8 AdvntCnvrtbl&IncFd AVK 12.56 11.51 -8.4 28.2 PIMCO Dynamic Inc Strat PDX 25.88 23.73 -8.3 4.9 Forum RE Income;I 9.66 NA NA NS High Yield Bond Funds
gains distributions. Depending on the fund category, Columbia Sel Prm Tech Gr STK 33.19 33.65 +1.4 32.7 CalamosConvHi CHY 10.85 12.31 +13.5 21.8 PIMCO Dynamic Income PDI 17.26 20.60 +19.4 13.0 Forum RE Income;Founders 9.67 NA NA 13.7 AB CarVal Credit Opp;Adv 10.25 NA NA NS
either 12-month yield or total return is listed. DNP Select Income DNP NA 9.61 NA 8.7 CalmosConvOp CHI 10.25 12.01 +17.2 26.6 PIMCO Dynamic Inc Opp PDO 13.20 13.99 +6.0 10.8
Source: LSEG Forum RE Income;I 9.67 NA NA 13.6 AB CarVal Credit Opp;A 10.24 NA NA NS
Duff&Ph Uti&Infra Inc Fd DPG 12.80 11.52 -10.0 43.0 V Conv & Inc NCV NA 3.55 NA 32.1 PIMCO Stratg Inc RCS 4.50 7.90 +75.6 7.9 JACKSON REAL ASSETS;I 10.58 NA NA NS AB CarVal Credit Opp;C 10.24 NA NA NS
Friday, October 11, 2024 EtnVncEqtyInc EOI NA 20.19 NA 41.2 V Conv & Inc II NCZ NA 3.13 NA 31.2 Templtn Glbl Inc SABA NA 8.62 NA NE MEKETA INFRSTRCTR;I 27.02 NA NA NS AB CarVal Credit Opp;U 10.24 NA NA NS
52 wk EtnVncEqtyIncoII EOS NA 22.27 NA 40.3 V Div Inc & Conv ACV NA 21.66 NA 32.0 Templeton Em Inc TEI 6.16 5.82 -5.5 9.6
Prem Ttl MEKETA INFRSTRCTR;III 27.01 NA NA NS Opprtnstc Crdt Intrvl;I NA NA NA 9.5
EVRskMnDvsEqInc ETJ NA 9.42 NA 34.4 V Eqty & Conv Inc NIE 25.51 23.32 -8.6 25.6 WstAstEmergDebt EMD NA 10.11 NA 9.96
Fund (SYM) NAV Close /Disc Ret NexPointRlEstStrat;A 16.71 NA NA 0.0 PIMCO Flexible Cr I;A-1 7.22 NA NA 10.1
ETnVncTxMgdBuyWrtInc ETB NA 14.60 NA 26.6 World Equity Funds Western Asset Gl Cr D Op GDO NA 12.42 NA 10.1
NexPointRlEstStrat;C 16.93 NA NA -0.6 PIMCO Flexible Cr I;A-2 7.22 NA NA 10.1
General Equity Funds EtnVncTxMgdBuyWrtOpp ETV NA 13.93 NA 27.3 abrdn Emg Mkts Eq Inc AEF 6.63 5.68 -14.3 30.7 National Muni Bond Funds
abrdn Glbl Dyn Div AGD 11.61 10.52 -9.4 34.7 NexPointRlEstStrat;Z 16.94 NA NA 0.3 PIMCO Flexible Cr I;A-3 7.22 NA NA 9.8
Adams Diversified Eq Inc ADX 24.58 21.74 -11.6 42.9 EvTxMnDvsEqInc ETY NA 14.80 NA 39.9 AllBerNatlMunInc AFB 12.74 11.60 -8.9 3.3
EtnVncTxMgdGlbB ETW NA 8.68 NA 25.7 abrdn Tot Dyn Div AOD 10.06 9.01 -10.4 33.2 BlckRk Inv Q Mun BKN 13.11 12.88 -1.8 5.0 PENDER REAL ESTATE CR;A 10.06 NA NA NS PIMCO Flexible Cr I;A-4 7.22 NA NA 9.8
Central Secs CET 56.72 46.44 -18.1 35.3 PENDER REAL ESTATE CR;I1 10.06 NA NA 8.4 PIMCO Flexible Cr I;Inst 7.22 NA NA 10.6
CohenStrsCEOppFd FOF 12.31 13.12 +6.6 41.4 EVTxMnGblDvEqInc EXG NA 8.56 NA 26.6 Allspring Gl Div Oppty EOD 5.63 5.04 -10.5 38.9 BlackRock Muni 2030 Tgt BTT 24.18 21.58 -10.8 2.5
First Tr Enhanced Eq FFA 21.23 20.57 -3.1 28.9 BlackRock Cap Alloc Term BCAT 17.36 16.48 -5.1 31.4 BlackRock Muni BFK 11.49 10.61 -7.7 5.3 PENDER REAL ESTATE CR;I2 10.07 NA NA 8.8 Polen Credit Opps;Inst 9.85 NA NA 9.95
EVTxAdvDivIncm EVT NA 24.70 NA 30.7
Gabelli Healthcare GRX 12.40 10.78 -13.1 38.3 Calamos GloDynInc CHW 8.06 7.29 -9.6 45.7 BlackRock Muni II BLE 12.19 11.15 -8.5 5.2 PIMCO Flexible REI;Inst 10.49 NA NA 10.7 Other Domestic Taxable Bond Funds
GabelliDiv&IncTr GDV 28.66 24.64 -14.0 35.3
Gabelli Equity Tr GAB 5.53 5.44 -1.6 21.8 Gab Utility GUT 3.07 5.20 +69.4 9.2 EV TxAdvGlbDivInc ETG NA 19.36 NA 36.2 BlckRk Muni Inc Qly BYM 12.70 11.98 -5.7 4.9 Principal Real Asst A 25.92 NA NA 7.3 AFA Private Credit;Fndr 9.57 NA NA 7.7
GeneralAmer GAM 62.88 53.64 -14.7 38.2 GAMCOGlGold&NatRes GGN 4.30 4.38 +1.9 28.4 EtnVncTxAdvOpp ETO NA 26.21 NA 33.2 BR MuniAssets Fd MUA 11.91 12.40 +4.1 5.1 Principal Real Asst Ins 26.06 NA NA 7.7 AFA Private Credit;Inst 9.59 NA NA 7.7
JHancockTaxAdvDiv HTD 24.56 23.13 -5.8 46.2 J Han Finl Opptys BTO 33.36 33.10 -0.8 45.6 Highland Global Alloc HGLB 11.81 7.93 -32.9 17.1 BR MH Qly 2 MUE 11.66 10.61 -9.0 4.7 Principal Real Asst Y 26.35 NA NA 7.9 Alternative Credit Inc:A NA NA NA 7.2
Liberty All-Star Equity USA 7.22 7.23 +0.1 36.8 Neuberger Brmn Enrgy I&I NML 9.35 8.46 -9.5 38.3 India Fund IFN 20.00 18.72 -6.4 20.4 BR MuniHoldngs MHD 13.69 12.83 -6.3 4.7 Redwood Rl Est;I 25.12 NA NA 7.9 Alternative Credit Inc:C NA NA NA 6.4
Liberty All-Star Growth ASG 6.09 5.70 -6.4 29.5 Neuberger Nxt Gen Conn NBXG 14.88 13.05 -12.3 42.5 Japan Smaller Cap JOF 9.73 7.99 -17.9 18.8 BR MuniVest Fd MVF 8.08 7.51 -7.0 4.5 The Private Shares;A 39.54 NA NA 0.7 Alternative Credit Inc:I NA NA NA 7.4
Royce Micro-Cap Tr RMT 10.93 9.63 -11.9 29.3 NuvDow30DynOverwrite DIAX 16.99 15.06 -11.4 21.0 LazardGlbTotRetInc LGI 18.68 17.40 -6.9 38.8 BR MuniVest 2 MVT 12.45 11.34 -8.9 4.9 The Private Shares;I 40.26 NA NA 0.9 Alternative Credit Inc:L NA NA NA 6.9
Royce Value Trust RVT 17.47 15.70 -10.1 35.3 NuvCorEqAlpha JCE 15.37 15.34 -0.2 37.6 Mexico MXF 19.24 15.18 -21.1 2.8 BR MuniYield Fd MYD 12.19 11.43 -6.2 5.2 The Private Shares;L 38.86 NA NA 0.5 Alternative Credit Inc:W NA NA NA 7.2
Source Capital SOR 46.84 44.16 -5.7 23.2 NuveenNasdaq100DynOv QQQX 28.27 25.24 -10.7 21.9 Miller/Howard High Inc E HIE 12.47 12.25 -1.8 31.7 BR MuniYield Qlty MQY 13.26 13.08 -1.4 5.0 Thirdline Real EstateI 10.01 NA NA 6.0 AMG Pantheon Crdt Soln;I 10.59 NA NA NS
Sprott Focus Trust FUND 9.03 7.72 -14.6 11.8 Nuv Real Est JRS 9.65 8.90 -7.8 45.7 MS ChinaShrFd CAF 16.57 13.59 -18.0 11.9 BR MuniYld Qlty2 MQT 11.70 10.68 -8.7 5.1 USQ Core Real Estate:I 22.32 NA NA -9.4 AMG Pantheon Crdt Soln;S 10.69 NA NA NS
SRH Total Return STEW 20.63 15.86 -23.1 27.5 NuvS&P500DynOvFd SPXX 18.26 16.78 -8.1 22.7 MS India IIF 34.22 28.76 -16.0 48.0 BR MuniYld Qly 3 MYI 12.58 11.85 -5.8 5.3 USQ Core Real Estate:IS 22.41 NA NA -9.3 Angel Oak Str Crdt:FI 21.68 NA NA 7.3
Tri-Continental TY 37.69 33.31 -11.6 31.6 NuvSP500BuyIncFd BXMX 15.23 13.78 -9.5 18.2 New Germany GF 10.32 8.69 -15.8 11.5 BNY Mellon Muni Bd Infra DMB 12.28 11.07 -9.9 3.3 Versus Cap RE:I 24.99 NA NA -1.4 Angel Oak Str Crdt:Inst 21.67 NA NA 7.3
Specialized Equity Funds ReavesUtilityIncome UTG 32.09 31.57 -1.6 38.6 Nuveen Multi-Asset Inc NMAI 14.09 12.95 -8.1 34.8 BNY Mellon Str Muni Bond DSM 6.85 6.19 -9.6 3.4 Versus Capital Real Asst 28.14 NA NA 6.1 BR Credit Strat;A 8.64 NA NA 8.5
abrdn Glb Prem Prop AWP 4.30 4.31 +0.2 38.0 Tortoise Enrgy Infra Crp TYG 45.95 40.20 -12.5 51.9 Nuveen Rl Asst Inc & Gro JRI 14.33 13.25 -7.5 44.0 BNY Mellon Strat Muni LEO 7.18 6.47 -9.9 3.5 Wildermuth:I 4.91 NA NA -49.8 BR Credit Strat;Inst 8.61 NA NA 9.2
abrdn Global Infra Inc ASGI 20.77 19.90 -4.2 43.4 Tortoise Midstream Enrgy NTG 57.34 50.25 -12.4 59.1 NYLI CBRE Glbl Inf Meg T MEGI 15.69 14.06 -10.4 41.4 DWS Muni Inc KTF 10.30 10.12 -1.7 5.3 Income & Preferred Stock Funds BR Credit Strat;U 8.62 NA NA 8.5
Adams Natural Resources PEO 27.58 24.35 -11.7 17.4 Ecofin S&S Impact Term TEAF 14.84 13.06 -12.0 22.7 Templeton Dragon TDF 11.20 9.33 -16.7 12.2 EVMuniBd EIM NA 10.66 NA 4.9 ALPHA ALT ASST;A 6.33 NA NA 6.0 BR Credit Strat;W 8.64 NA NA 8.5
ASA Gold & Prec Met Ltd ASA 23.90 21.12 -11.6 57.0 VDivInt&PremStr NFJ NA 12.92 NA 27.3 Templeton Em Mkt EMF 15.81 13.87 -12.3 31.0 EVMuniIncm EVN NA 10.88 NA 4.9 Alpha Alternative Assets 6.40 NA NA 6.4 CION Ares Dvsfd Crdt;A NA NA NA 8.9
BR Enh C&I CII 21.70 19.86 -8.5 15.1 V Art Int&Tech Opps AIO NA 22.63 NA 50.8 Prem12 Mo EVNatMuniOpp EOT NA 17.66 NA 4.2 Calamos L/S Eqty and DI CPZ 17.56 15.65 -10.9 15.0 CION Ares Dvsfd Crdt;C NA NA NA 8.1
BlackRock Energy & Res BGR 14.92 13.23 -11.3 8.1 Income & Preferred Stock Funds Fund (SYM) NAV Close /Disc Yld InvAdvMuIncTrII VKI 9.84 9.07 -7.8 5.2 Denali Strctr Rtrn Strat 11.25 NA NA NS CION Ares Dvsfd Crdt;I NA NA NA 9.1
BlackRock Eq Enh Div BDJ 9.50 8.81 -7.3 29.0 Dividend and Income BXSY 20.73 13.17 -36.5 35.6 Invesco MuniOp OIA 6.53 6.83 +4.6 4.9 Lord Abbett Spec Sit I:A 9.34 NA NA 12.9 CION Ares Dvsfd Crdt;L NA NA NA 8.6
CalamosStratTot CSQ 18.01 17.62 -2.2 37.9 U.S. Mortgage Bond Funds InvescoMuOppTr VMO 11.00 10.15 -7.7 5.2
BlackRock Enh Glbl Div BOE 12.75 11.39 -10.7 29.9 Lord Abbett Spec Sit I:I 9.34 NA NA 13.8 CION Ares Dvsfd Crdt;U NA NA NA 8.4
CohenStrsLtdDurPref&Inc LDP 22.14 21.60 -2.4 38.6 BlckRk Income BKT 12.39 12.36 -0.2 8.5 InvescoMuTr VKQ 11.03 10.16 -7.9 5.3
BlackRock Enh Intl Div BGY 6.46 5.70 -11.8 24.1 Variant Altrntv Inc:Inst 27.22 NA NA 5.3 CION Ares Dvsfd Crdt:U2 NA NA NA 8.4
BlackRock ESG Cap All T ECAT 18.66 17.97 -3.7 39.7 CohenStrsSelPref&Income PSF 22.06 21.22 -3.8 33.9 Investment Grade Bond Funds InvescoQual Inc IQI 11.10 10.37 -6.6 5.3
Angel Oak FS Inc Trm FINS 14.00 13.25 -5.4 9.8 Variant Impact;Instl 28.01 NA NA 8.1 CION Ares Dvsfd Crdt;W NA NA NA 8.6
BlackRock Hlth Sci Term BMEZ 17.75 15.79 -11.0 22.4 CohenStrsTaxAvPreSecs&I PTA 21.44 21.10 -1.6 35.2 InvTrInvGrMu VGM 11.36 10.50 -7.6 5.2 CNR Select Strategies 15.51 NA NA 0.0
BlRck Core Bond BHK 10.80 11.72 +8.5 7.4 InvescoValMunInc IIM 13.55 12.70 -6.3 5.3 Versus Capital Infra Inc 10.27 NA NA NS
BlackRock Hlth Sciences BME 45.23 41.88 -7.4 15.3 FirstTrIntDurPref&Inc FPF 19.88 19.39 -2.5 49.2 Diamond Hill Sec Cr;R 10.00 NA NA NS
BR Credit Alloc Inc BTZ 11.61 11.13 -4.1 8.9 NeubrgrBrm NBH 12.11 11.11 -8.3 4.5 Convertible Sec's. Funds
BlackRock Innov&Gro Term BIGZ 8.63 7.70 -10.8 23.2 JHanPrefInc HPI 16.88 18.95 +12.3 51.2 First Eagle Crdt Opps A 23.24 NA NA 10.8
Insight Select Income INSI 17.90 17.74 -0.9 4.5 Nuveen AMT-Fr Mu Val NUW 15.38 14.29 -7.1 3.6 Calmos Dyn Conv and Inc CCD 19.69 25.79 +31.0 22.5
BlackRock Res & Comm BCX 10.76 9.57 -11.1 13.3 JHPrefIncII HPF 16.72 18.69 +11.8 51.6 First Eagle Crdt Opps A2 23.18 NA NA 10.5
BlackRock Sci&Tech Term BSTZ 22.29 19.36 -13.1 34.2 HnckJPfdInco III HPS 15.02 16.87 +12.3 48.1 InvescoBond VBF 16.66 16.66 0.0 5.0 Nuveen AMT-Fr Qlty Mun I NEA 12.62 11.92 -5.5 5.4 World Equity Funds
J Han Income JHS 12.29 11.58 -5.8 4.0 BEACON POINTE MLT-ALT;I NA NA NA NS First Eagle Crdt Opps I 23.10 NA NA 11.4
Nuveen AMT-Fr Mu CI NVG 13.92 13.38 -3.9 5.4
MFS Intmdt MIN 2.85 2.74 -3.9 0.0 Nuveen Dyn Muni Opp NDMO 11.28 11.19 -0.8 6.6 CalamosGlbTotRet CGO 12.35 12.26 -0.7 40.8 First Trust Private Cr;A NA NA NA 9.4
Westn Asst IG Def Opp Tr IGI NA 17.26 NA 4.6 Nuveen Mu Crdt Opps NMCO 11.97 11.64 -2.8 5.5 Cantor Fitzgerald SI:A 12.31 NA NA 30.1 First Trust Private Cr;I NA NA NA 10.0
Franklin BSP Pvt Cr:A 10.56 NA NA 8.5
A Week in the Life of the DJIA Loan Participation Funds
BR Debt Strategy DSU 10.78 11.10 +3.0 10.6
Nuv Muni Credit Income NZF 13.73 12.94 -5.8 5.6
NuvMuniHiIncOpp NMZ 11.43 11.56 +1.1 5.2
Cantor Fitzgerald SI:C 12.15 NA NA 29.0
Cantor Fitzgerald SI:I 12.34 NA NA 30.4 Franklin BSP Pvt Cr:Adv 10.57 NA NA 8.9
BR F/R Inc Str FRA 13.07 13.64 +4.4 11.1 Nuveen Muni Val NUV 9.41 9.10 -3.3 3.8 CANTOR FITZGERALD INFR;S 12.39 NA NA NS FS Credit Income;A 12.54 NA NA 7.7
A look at how the Dow Jones Industrial Average component stocks BlackRock Floatng Rt Inc BGT 12.73 13.06 +2.6 11.0 Nuveen Quality Muni Inc NAD 13.09 12.33 -5.8 5.4 Primark Priv Eq Inv:I 13.66 NA NA 19.4 FS Credit Income;I 12.58 NA NA 7.9
did in the past week and how much each moved the index. The DJIA Blackstone Lng-Sh Cr Inc BGX 13.39 12.89 -3.7 9.8 Nuveen Sel TF NXP 14.67 14.93 +1.8 3.9 Sweater Cashmere 21.87 NA NA 3.7 FS Credit Income;T 12.56 NA NA 7.4
BS SFR 2027 T BSL NA 14.16 NA 9.7 NYLIMacKayDTMuniOpp MMD 17.02 16.74 -1.6 4.2 Thornburg Inc Bldr Opps TBLD 19.18 17.20 -10.3 21.6 FS Credit Income;U 12.51 NA NA 7.2
gained 511.11 points, or 1.21%, on the week. A $1 change in the price BS St Cr 2027 Tm BGB 12.93 12.44 -3.8 9.4 FS Credit Income;U-2 12.62 NA NA 7.3
PIMCO MuniInc PMF 9.53 9.99 +4.8 4.8 VirtusTotalRetFd ZTR NA 6.02 NA NA
of any DJIA stock = 6.57-point change in the average. To date, a EtnVncFltRteInc EFT NA 13.01 NA 11.1 PIMCOMuniIncII PML 8.85 9.15 +3.4 5.0 KKR CREDIT OPPTY;D NA NA NA 9.2
Prem12 Mo
$1,000 investment on Dec. 31 in each current DJIA stock component EV SenFlRtTr EFR NA 12.75 NA 11.1 Pimco Muni III PMX 8.17 8.26 +1.1 4.7 Fund (SYM) NAV Close /Disc Yld KKR CREDIT OPPTY;I NA NA NA 9.5
FT/Sr Fltg Rte Inc 2 FCT 10.84 10.36 -4.4 11.2 PioneerHilncAdv MAV 9.34 8.78 -6.0 4.1 KKR CREDIT OPPTY;T NA NA NA 8.7
would have returned $34,423, or a gain of 14.74%, on the $30,000 Highland Oppty & Income HFRO 12.95 5.96 -54.0 9.4 U.S. Mortgage Bond Funds KKR CREDIT OPPTY;U NA NA NA 8.7
PionrMuniHiIncOppty MIO 13.12 12.34 -5.9 4.5
investment, including reinvested dividends. InvDYCrOpp:AX VTA 10.99 NA NA NA PioneerMunHiIcm MHI 10.16 9.57 -5.8 3.9 Arca US Treasury NA NA NA 0.0 MA SPECIALTY CREDIT IN;S 25.19 NA NA NS
InvSnrIncTr VVR 3.98 4.01 +0.8 12.6 Putnam Mgd Inc PMM 6.94 6.49 -6.6 4.2 CATALYST STRAT INC OPPS 10.03 NA NA NS NIAGARAINCOMEOPPORTNTS NA NA NA NS
The Week’s Action Nuveen Credit Strat Inc JQC 5.92 5.82 -1.7 11.1 Putnam Muni Opp PMO 11.64 10.74 -7.7 3.8 Ellington Inc Opp:A 9.11 NA NA 11.9 Palmer Square Opp Inc 17.98 NA NA 9.0
Pct Stock price Point chg $1,000 Invested(year-end '23) NuvFloatRateIncFd JFR 9.28 9.00 -3.0 11.5 Ellington Inc Opp:M 8.97 NA NA 12.5
chg (%) change in average* Company Symbol Close $1,000 RiverNorth Flx Mu Inc II RFMZ 15.81 14.57 -7.8 7.1 World Income Funds
High Yield Bond Funds RiverNorth Mgd Dur Mun I RMM 16.69 15.96 -4.4 6.8 Loan Participation Funds BlueBay Destra Itl E:A 23.69 NA NA 7.2
5.99 12.21 80.21 Honeywell HON $215.99 $1,047 abrdn Inc Credit Str ACP 6.62 6.62 0.0 18.1 1WS Credit Income;A2 NA NA NA 8.5
Western Asset Mgd Muni MMU NA 10.91 NA 5.3 BlueBay Destra Itl E:I 23.72 NA NA 7.4
5.24 11.07 72.73 JPMorgan Chase JPM 222.29 1,338 AllianceBernGlHiIncm AWF 11.37 11.11 -2.3 7.1 Single State Muni Bond 1WS Credit Income;Inst NA NA NA 8.3 BlueBay Destra Itl E:L 23.68 NA NA 6.9
4.29 0.97 6.37 Intel INTC 23.56 475 Allspring Income Oppty EAD 7.43 7.11 -4.3 8.6 BlackRock CA Mun BFZ 12.86 12.08 -6.1 5.1 Apollo Diversified Cd:A NA NA NA 8.9 BlueBay Destra Itl E:T 23.56 NA NA 6.7
4.27 21.14 138.88 Goldman Sachs GS 516.30 1,364 Barings Glb SD HY Bd BGH 16.06 15.38 -4.2 9.6 BR MH CA Qly Fd Inc MUC 12.59 11.50 -8.7 4.7 Apollo Diversified Cd:C NA NA NA 8.1 Calamos-Aksia ACI:A 10.67 NA NA 8.5
BR Corporate HY HYT 9.83 9.99 +1.6 9.2 BR MH NJ Qly MUJ 13.18 12.06 -8.5 4.7 Apollo Diversified Cd:F NA NA NA 11.1 Calamos-Aksia ACI:C 10.66 NA NA 7.6
3.21 7.26 47.70 IBM IBM 233.26 1,466 BlackRock Ltd Dur Inc BLW 14.28 14.44 +1.1 9.0 BR MH NY Qly MHN 12.09 10.99 -9.1 4.5 Apollo Diversified Cd:I NA NA NA 9.1 Calamos-Aksia ACI:I 10.67 NA NA 8.7
2.84 1.50 9.85 Cisco CSCO 54.25 1,109 BNY Mellon Hi Yield Str DHF 2.76 2.60 -5.8 7.3 BR MuniYld MI Qly MIY 13.15 11.91 -9.4 4.4 Apollo Diversified Cd:L NA NA NA 8.6 Calamos-Aksia ACI:M 10.66 NA NA 7.9
Brookfield Real Asst Inc RA 14.90 13.55 -9.1 8.6 BR MuniYld NY Qly MYN 11.71 10.64 -9.1 4.7 Apollo Diversified Cd:M NA NA NA 8.5 Carlyle Tact Pvt Cred:A NA NA NA 9.7
2.72 8.69 57.09 Amgen AMGN 328.35 1,165 CrSuisHighYld DHY 2.23 2.22 -0.4 8.1 BlackRock NY Mun BNY 12.04 10.96 -9.0 4.4 Axonic Alternative I;A NA NA NA NS Carlyle Tact Pvt Cred:I NA NA NA 10.0
1.31 2.21 14.52 Procter & Gamble PG 171.09 1,190 DoubleLine Inc Sol DSL 12.73 12.91 +1.4 10.1 EVCAMuniBd EVM NA 9.47 NA 4.5 Axonic Alternative I Ins NA NA NA 8.8 Carlyle Tact Pvt Cred:L NA NA NA 9.4
1.24 2.31 15.18 Amazon.com AMZN 188.82 1,243 DoubleLine Yld Opps DLY 16.33 16.56 +1.4 8.8 Eaton Vance NY Muni Bd ENX NA 9.78 NA 4.5 Bluerock HI Inst Crd:A NA NA NA 15.7 Carlyle Tact Pvt Cred:M NA NA NA 9.4
1.24 4.93 32.39 Caterpillar CAT 402.02 1,376 First Trust HY Opp:2027 FTHY 15.43 14.97 -3.0 10.3 InvCaValMuIncTr VCV 11.34 10.78 -4.9 4.8 Bluerock HI Inst Crd:C NA NA NA 15.7 Carlyle Tact Pvt Cred:N NA NA NA 10.1
Franklin Univ FT 8.34 7.49 -10.2 6.7 InvPAValMuIncTr VPV 11.82 11.23 -5.0 4.5 Bluerock HI Inst Crd:F NA NA NA 15.7 Carlyle Tact Pvt Cred:U NA NA NA 9.4
1.16 6.85 45.00 UnitedHealth Group UNH 598.05 1,149 KKR Income Opportunities KIO NA 14.72 NA 9.8 InvTrInvGrNYMu VTN 12.00 11.50 -4.2 4.8 Bluerock HI Inst Crd:I NA NA NA 15.7 Carlyle Tact Pvt Cred:Y NA NA NA 9.6
0.87 3.54 23.26 Home Depot HD 411.90 1,211 NeubHgYldStrt NHS 7.98 8.33 +4.4 12.5 Nuveen CA AMT-F Qual MI NKX 13.23 13.54 +2.3 5.0 BNYM Alcntr Glb MS Cr Fd 93.92 NA NA 8.9
Nuveen CA Val NCA 9.43 9.15 -3.0 3.8
Fid MS Cr;A NA NA NA 6.4
0.73 1.17 7.69 Johnson & Johnson JNJ 161.46 1,054 New Amer Hi Inc HYB 8.42 8.26 -1.9 5.8 CliffwaterClFd;I 10.67 NA NA 10.9
NuveenCAQtyMuInc NAC 12.74 11.85 -7.0 5.4 Fid MS Cr;C NA NA NA 5.6
Nuveen Global High Inc JGH 13.92 13.34 -4.2 9.2 CliffwaterElFd;I 10.91 NA NA 10.8
0.45 0.68 4.47 Chevron CVX 151.42 1,048 PGIM Global High Yield GHY 13.23 12.68 -4.2 9.8 NuvNJ Qual Muni Inc NXJ 13.63 13.04 -4.3 4.7 Fid MS Cr;I NA NA NA 6.6
CNR Strategic Credit 6.98 NA NA 23.5 Fid MS Cr;L NA NA NA 6.1
0.42 1.28 8.41 McDonald’s MCD 305.04 1,047 PGIM High Yield Bond ISD 14.15 13.87 -2.0 9.0 Nuveen NY AMT/Fr Qual MI NRK 11.97 11.11 -7.2 5.4
EAGLE POINT ENH INC NA NA NA NS
PGIM Sh Dur Hi Yld Opp SDHY 17.74 16.59 -6.5 7.7 Nuveen NY Val NNY 9.07 8.52 -6.1 3.9 Jackson Credit Opps:I 10.35 NA NA NS
0.33 0.75 4.93 Apple AAPL 227.55 1,186 Nuveen NY Qual Muni Inc NAN 12.46 11.75 -5.7 5.4 Floating-Rate Opps;A 10.24 NA NA NS Lord Abbett Cred Opps Fd 9.03 NA NA 9.1
PioneerHilncm PHT 8.40 8.01 -4.6 8.2 Floating-Rate Opps;I 10.23 NA NA 9.8
0.16 0.37 2.43 Travelers TRV 236.58 1,259 WstAstHIF II HIX NA 4.47 NA 13.0 Nuveen PA Qual Muni Inc NQP 13.30 12.45 -6.4 4.8 Lord Abbett Cred Opps Fd 9.03 NA NA 9.9
Nuveen VA Qlty Mun Inc NPV 12.54 13.05 +4.0 4.6 Floating-Rate Opps;U 10.24 NA NA NS Lord Abbett Crd Op:U 9.03 NA NA 9.1
0.12 0.35 2.30 Salesforce CRM 288.10 1,100 Western Asset Hi Inc Opp HIO NA 4.01 NA 10.5
Equalize Community Dev 9.43 NA NA 3.6
Western Asset Hi Yld D O HYI NA 12.32 NA 9.2 PIMCO CA PCQ 10.59 9.95 -6.0 4.3 Oaktree Dvsfd Income;D 9.16 NA NA 8.7
0.07 0.19 1.25 American Express AXP 276.16 1,492 PIMCOCAMuniII PCK 6.77 6.16 -9.0 4.1 FedProj&TrFinanceTendr 10.03 NA NA 7.0 PIMCO Flexible EM I;Inst 8.60 NA NA 7.7
Other Domestic Taxable Bond Funds
0.06 0.26 1.71 Microsoft MSFT 416.32 1,113 Allspring Multi-Sector ERC 10.09 9.42 -6.6 8.1 Pimco CA Muni III PZC 7.82 7.47 -4.5 4.7 Flat Rock Core Income NA NA NA 10.4 National Muni Bond Funds
Ares Dynamic Crdt Alloc ARDC NA 15.32 NA 9.2 Flat Rock Enhanced Inc NA NA NA 11.2 Ecofin Tax-Exempt Prv Cr 8.35 NA NA 2.9
–0.03 –0.09 –0.59 Visa V 277.84 1,073 52 wk
BlackRock Mlt-Sctr Inc BIT 14.80 14.97 +1.1 9.7 Prem Ttl InvDYCrOpp:A 10.99 NA NA 11.0 Lind Cap Pt Mun Cred Inc 9.00 NA NA 6.5
–0.04 –0.04 –0.26 Merck MRK 109.73 1,026 BlackRock Tax Muni Bd BBN 17.85 17.22 -3.5 6.2 Fund (SYM) NAV Close /Disc Ret InvDYCrOpp:R6 11.00 NA NA 11.4 Nuveen En HY Muni Bd:A1 7.85 NA NA 4.9
–0.12 –0.10 –0.66 Nike NKE 82.15 766 DoubleLine:Oppor Crdt Fd DBL 15.53 15.68 +1.0 8.3 InvDYCrOpp:Y 11.00 NA NA 11.3 Nuveen En HY Muni Bd:A2 7.86 NA NA 5.1
General Equity Funds Invesco Sr Loan A 5.77 NA NA 9.6 Nuveen En HY Muni Bd:I 7.85 NA NA 5.6
–0.38 –0.52 –3.42 3M MMM 134.75 1,517 EVLmtDurIncm EVV NA 10.34 NA 9.0 Alternative Strategies:I 15.04 NA NA 1.5
Franklin Ltd Dur Income FTF 7.09 6.75 -4.8 10.9 Invesco Sr Loan C 5.79 NA NA 8.8 NYLI MacKay Mu IO;A1 10.25 NA NA NS
–0.86 –0.60 –3.94 Coca-Cola KO 69.57 1,207 Specialized Equity Funds Invesco Sr Loan IB 5.77 NA NA 9.9
FS Credit Opportunities FSCO NA NA NA 11.1 NYLI MacKay Mu IO;A2 10.26 NA NA NS
–1.04 –0.84 –5.52 Walmart WMT 80.10 1,539 Accordant ODCE Index;A NA NA NA NS Invesco Sr Loan IC 5.77 NA NA 9.7 NYLI MacKay Mu IO;A3 10.25 NA NA NS
J Han Investors JHI 14.93 14.24 -4.6 7.1
MFS Charter MCR 6.91 6.51 -5.8 0.0 Accordant ODCE Index;Y NA NA NA NS Invesco Sr Loan Y 5.77 NA NA 9.9 NYLI MacKay Mu IO;I 10.26 NA NA NS
–1.07 –1.02 –6.70 Walt Disney DIS 94.13 1,047 Apollo Diversified RE:A 25.60 NA NA 6.6
NuvCorePlusImpact NPCT 12.28 11.72 -4.6 9.9 Lord Abbett FR Hi Inc:A 10.27 NA NA 10.2 PIMCO Flex Mun Inc;A-3 10.53 NA NA 3.4
–2.57 –3.98 –26.15 Boeing BA 151.02 579 Apollo Diversified RE:C 23.90 NA NA 5.8 Lord Abbett FR Hi Inc:I 10.27 NA NA 10.7 PIMCO Flex Mun Inc:A1 10.53 NA NA 3.7
Nuveen Taxable Muni Inc NBB 16.88 16.30 -3.4 5.8
–2.67 –1.18 –7.75 Verizon VZ 43.00 1,217 PIMCO Corp & Inc Oppty PTY 11.63 14.49 +24.6 9.9 Apollo Diversified RE:I 26.20 NA NA 6.9 Monachil Credit Income:I 10.10 NA NA 8.8 PIMCO Flex Mun Inc;A2 10.53 NA NA 3.7
–2.82 –1.56 –10.25 Dow DOW 53.78 1,018 PIMCO Corp & Inc Strat PCN 11.87 14.02 +18.1 9.5 ARK Venture 26.94 NA NA 27.0 Nomura Alt Inc;I 10.05 NA NA 9.1 PIMCO Flex Mun Inc;Inst 10.53 NA NA 4.2
PIMCOHilnco PHK 4.71 5.08 +7.9 11.5 ArrowMark Financial Corp BANX NA 19.89 NA NA OFS Credit Company OCCI NA 7.46 NA NA Single State Muni Bond
*Based on Composite price. DJIA is calculated on primary-market price. PIMCO IncmStrFd PFL 8.15 8.66 +6.3 11.4 CASCADE PRIVATE CAP;I 16.81 NA NA NA PC PCAAM AI;I 10.06 NA NA NS PIMCO CA FMI;A-1 10.44 NA NA 2.7
Source: Dow Jones Market Data; FactSet. PIMCO IncmStrFd II PFN 7.19 7.64 +6.3 11.3 CAZ Strategic Opps;I NA NA NA NS PRINCIPAL PRIVATE CR I;A 10.25 NA NA NS PIMCO CA FMI;Inst 10.44 NA NA 3.2

Insider-Trading Spotlight Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks

Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys
new information about the prospects of a company. Insiders are required to report large trades to the SEC Money Rates October 11, 2024
within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by
LSEG Data and Analytics on October 11, and year-to-date stock performance of the company Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer guide to general levels but don’t always represent actual transactions.
CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner Week —52-WEEK— Week —52-WEEK—
I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: Inflation Latest ago High Low Latest ago High Low
unknown VP: vice president Excludes pure options transactions Sept. index Chg From (%)
level Aug. '24 Sept. '23 Federal funds Commercial paper (AA financial)
4.54
Biggest weekly individual trades U.S. consumer price index
Effective rate
High
4.8300
5.0500
4.8300
5.0500
5.3400
5.6500
4.8300
5.0500
90 days n.a. 5.53 4.54

Based on reports filed with regulators this past week All items 315.301 0.16 2.4 Low 4.8200 4.8000 5.3300 4.8000 Secured Overnight Financing Rate
Core 321.109 0.34 3.3 Bid 4.8300 4.8200 5.3300 4.8200 4.82 4.85 5.40 4.82
No. of shrs in Price range ($) $ Value
Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) Offer 4.8500 4.8300 5.3600 4.8300
International rates Value 52-Week
Latest Traded High Low
Buyers Week 52-Week
Treasury bill auction
Latest ago High Low 4 weeks 4.750 4.755 5.325 4.700 DTCC GCF Repo Index
Oct. 3 Lifecore Biomedical LFCR C. Kiper DOI 1,463 4.10 6,000 4.62 -25.4
13 weeks 4.550 4.500 5.340 4.500 Treasury 4.845 64.640 5.504 4.845
Sept. 27 BKV BKV S. Patel D 50 18.00 900 18.19 n.a. Prime rates 26 weeks 4.305 4.215 5.335 4.215 MBS 4.891 48.450 5.689 4.887
Sept. 27 K. Limpaphayom DI 25 18.00 450
Sept. 27 J. Jimenez CFO 17 18.00 297 U.S. 8.00 8.00 8.50 8.00
Sept. 27 J. Davis D 10 18.00 180 Canada 6.45 6.45 7.20 6.45
Other short-term rates Weekly survey
Sept. 27 A. Sirisaengtaksin D 8 18.00 144 Japan 1.625 1.625 1.625 1.475 Week 52-Week Latest Week ago Year ago
Sept. 27 E. Ngo CT 5 18.00 90
Latest ago high low
Oct. 2 Global Net Lease GNL N. Schorsch BI 100 8.40 840 8.22 -17.4 Policy Rates Freddie Mac
Oct. 7 Dave & Buster's Entertainment PLAY C. Morris CEO 15 33.68 502 33.17 -38.4 Euro zone 3.65 3.65 4.50 3.65 Call money 30-year fixed 6.32 6.12 7.57
Switzerland 1.50 1.50 2.25 1.50
Sept. 12-16 OnKure Therapeutics OKUR B. Leonard BI 359 1.31-1.40 484 18.42 15.1 6.75 6.75 7.25 6.75 15-year fixed 5.41 5.25 6.89
Britain 5.00 5.00 5.25 5.00
Sept. 24-25 B. Leonard BI 98 1.41-1.50 145
Sept. 17-18 B. Leonard BI 56 1.36-1.40 76 Australia 4.35 4.35 4.35 4.10
Notes on data:
Sept. 30 Pagaya Technologies PGY Y. Yulzari OD 24 10.52 248 10.78 -34.9 Overnight repurchase U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
Oct. 3 Armour Residential REIT ARR D. Staton CBI 10 19.85-19.86 199 19.73 2.1 U.S. 4.89 4.88 5.48 4.85 and is effective September 19, 2024. Other prime rates aren’t directly comparable; lending practices
vary widely by location; Discount rate is effective September 19, 2024. Secured Overnight Financing
Oct. 8 Assembly Biosciences ASMB A. Schornstein B 10 14.58 146 17.46 77.4 Rate is as of October 10, 2024. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s
U.S. government rates weighted average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars.
Oct. 7 AngioDynamics ANGO J. Clemmer CEO 20 6.03 121 6.40 -18.4
Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET.
Sept. 26-30 Legacy Education LGCY R. Derose BI 27 4.08-4.80 113 5.77 n.a. Discount
Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet;
Oct. 3 Inhibrx Biosciences INBX K. Vuori D 7 15.00 100 15.64 n.a. 5.00 5.00 5.50 5.00 Tullett Prebon Information, Ltd.

Sellers
Oct. 2
Oct. 4
Apple AAPL T. Cook
L. Maestri
CEO
CFO
224
59
223.75-226.57
226.52
50,276 227.46
13,434
18.1 Cash Prices | wsj.com/market-data/commodities Friday, October 11, 2024
Oct. 3 Vertex VERX J. Westphal BI 1,225 39.42 48,290 40.35 49.8 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate
Oct. 4-7 Trade Desk TTD J. Green CEOI 400 111.75-113.35 45,052 117.90 63.8 from the futures price on an exchange, which reflects what the commodity might be worth in future months.
Friday Friday Friday
Oct. 7-8 Carvana CVNA E. Garcia B 200 178.36-190.33 36,744 192.25 263.1
Oct. 3-4 E. Garcia B 200 174.71-182.15 35,550 Copper,Comex spot 4.4515 Wheat,No.2 soft red,St.Louis-u 5.3400
Energy Iron Ore, 62% Fe CFR China-s *104.3 Wheat - Hard - KC (USDA) $ per bu-u n.a.
Oct. 1-2 E. Garcia B 200 172.77-178.24 34,981
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 74.000 Steel, HRC USA, FOB Midwest Mill-s *725.0 Wheat,No.1soft white,Portld,OR-u 6.0000
Oct. 7 Scholar Rock Holding SRRK S. Akkaraju DI 1,176 27.50-32.50 34,386 26.51 41.0 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.200 Battery/EV metals
Oct. 7-8 Workday WDAY D. Duffield B 130* 235.45-241.36 30,982 240.90 -12.7 BMI Lithium Carbonate, EXW China, =99.2%-v,w 10925
Food
Oct. 4-8 ACM Research ACMR X. Xing DI 1,065 21.13-26.01 23,517 21.32 9.1
Metals BMI Lithium Hydroxide, EXW China, =56.5% -v,w 9800 Beef,carcass equiv. index
Oct. 4 Palo Alto Networks PANW L. Klarich O 60 336.35-342.85 20,388 373.20 26.6
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,w 3834 choice 1-3,600-900 lbs.-u 290.60
Engelhard industrial 2649.00 BMI Nickel Sulphate, EXW China, >22%-v,m 3825 select 1-3,600-900 lbs.-u 271.56
Oct. 7 Arista Networks ANET K. Duda CT 40* 391.03-398.98 15,788 416.93 77.0 Handy & Harman base 2648.80 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 460 Broilers, National comp wtd. avg.-u,w 1.2867
Oct. 3 NVIDIA NVDA M. Stevens DI 125 122.61 15,326 134.80 172.2 Handy & Harman fabricated 2940.17 Butter,AA Chicago-d 2.6250
LBMA Gold Price AM *2617.25
Fibers and Textiles Cheddar cheese,bbl,Chicago-d 188.75
Oct. 7 Boston Scientific BSX M. Mahoney CEO 163 84.31-84.94 13,776 87.10 50.7 Burlap,10-oz,40-inch NY yd-n,w
LBMA Gold Price PM *2628.95 0.8400 Cheddar cheese,blk,Chicago-d 188.75
Oct. 7 J. Fitzgerald O 133 85.00 11,265 Krugerrand,wholesale-e 2745.60 Cotton,1 1/16 std lw-mdMphs-u 0.6671 Milk,Nonfat dry,Chicago lb.-d 135.25
Oct. 3-7 Credo Technology Group Holding CRDO L. Tan DI 368 30.94-32.71 11,712 38.26 96.5 Maple Leaf-e 2772.00 Cotlook 'A' Index-t *84.00 Coffee,Brazilian,Comp-y 2.5712
Oct. 7 Datadog DDOG O. Pomel CEO 86 121.74-123.42 10,500 129.81 6.9 American Eagle-e 2772.00 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.7916
Mexican peso-e 3191.05 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 2.0450
Oct. 7 Monolithic Power Systems MPWR M. Sciammas O 11 922.72-935.00 10,225 938.47 48.8 Austria crown-e 2590.73 Flour,hard winter KC-p 16.85
* Half the transactions were indirect **Two day transaction Austria phil-e 2772.00 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u 0.96
p - Pink Sheets Silver, troy oz. Bran,wheat middlings, KC-u,w 113 Hogs,Iowa-So. Minnesota-u 82.83
Engelhard industrial 31.5000 Corn,No. 2 yellow,Cent IL-bp,u 3.7300 Pork bellies,12-14 lb MidUS-u n.a.
Handy & Harman base 31.6160 Corn gluten feed,Midwest-u,w 121.7 Pork loins,13-19 lb MidUS-u 1.0422
Insider Buying and selling by sector Handy & Harman fabricated
LBMA spot price
39.5200
*£23.4300
Corn gluten meal,Midwest-u,w 433.2 Steers,Tex.-Okla. Choice-u n.a.
Cottonseed meal-u,w n.a. Steers,feeder,Okla. City-u,w 284.88
Based on actual transaction dates in reports received this past week (U.S.$ equivalent) *30.6700 Hominy feed,Cent IL-u,w 112
Coins,wholesale $1,000 face-a 23749 Meat-bonemeal,50% pro Mnpls-u,w 318
Fats and Oils
Sector Buying Selling Sector Buying Selling Other metals Oats,No.2 milling,Mnpls-u 4.0975 Degummed corn oil, crude wtd. avg.-u,w n.a.
LBMA Platinum Price PM *955.0 Rice, Long Grain Milled, No. 2 AR-u,w 35.88 Grease,choice white,Chicago-h n.a.
Basic Industries 0 2,394,941 Finance 1,388,735 18,058,832
LBMA Palladium Price PM *1056.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Capital Goods 78,645 8,606,519 Health care 11,662,273 107,921,087 Platinum,Engelhard industrial 980.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 338.10 Soybean oil,crude;Centl IL-u,w 0.4401
Consumer durables 0 2,582,327 Public Utilities 0 5,348,419 Palladium,Engelhard industrial 1080.0 Soybeans,No.1 yllw IL-bp,u 9.5600 Tallow,bleach;Chicago-h n.a.
Consumer non-durables 0 2,349,207 Technology 0 287,749,890 Aluminum, LME, $ per metric ton *2550.5 Wheat,Spring14%-pro Mnpls-u 8.9375 Tallow,edible,Chicago-u n.a.
Consumer services 530,722 26,803,578 Transportation 0 76,564
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;
Energy 2,213,100 12,472,645 K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 10/10
Sources: LSEG Data and Analytics; Dow Jones Market Data Source: Dow Jones Market Data
THE WALL STREET JOURNAL. Monday, October 14, 2024 | B9

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

Tesla Leaves Uber Plenty of Road

Musk’s brief Cybercab unveiling doesn’t hurt the case for the ride-booking operator’s key role in the robotaxi business
Tesla isn’t going to be a prob- tion to an overreaction. Musk’s an- Share-price performance since dercut Uber’s driver costs ($2.00/ existing Tesla owner signs on to
lem for Uber for a long while. nouncement in April sent the ride- Tesla’s robotaxi announcement mile+) and would drive industry such a service. Tesla has shipped
Maybe it never will. booking provider’s stock tumbling pricing lower.” about 6.7 million cars since 2015,
60%
That was about the only cer- in the ensuing months as investors But those new “fleet operators” according to FactSet data.
tainty that emerged from Tesla’s worried about a competitive threat would still need riders to fill their Musk, of course, actually needs
Tesla
much-hyped “We, Robot” event that Uber had formally spelled out %0 fleets and produce a return on to get those Cybercabs rolling
Thursday night. The gathering was in its initial-public-offering pro- their investment. The same logic first. And that also will be chal-
ostensibly for Tesla to unveil a ro- spectus in 2019. has led other robotaxi operators to lenging—likely more so than he
botaxi vehicle and related service, Many analysts saw Tesla’s dis- 20 sign partnership deals with Uber. envisions. Building the cars is one
but it was light on details about appointing event as removing a fi- The most-notable of those is with thing, but Tesla also needs to be
the cars and included even less nal overhang on a company that Uber Waymo, owned by Google parent certified for full, unsupervised
about a service. Tesla Chief Execu- has dramatically improved its op- 0 Alphabet, which is already offer- self-driving in the states where it
tive Elon Musk spent barely 20 erations and cash flow over the ing commercial robotaxi service in plans to sell them.
minutes on stage—after arriving past couple of years. “Twenty-min- San Francisco, Los Angeles and That is typically a multiyear
nearly an hour late. ute robotaxi event concludes six –20 Phoenix but will use Uber’s app process, though Musk claimed
Tesla shareholders were flum- months of Uber event worry,” Jus- exclusively when it launches in At- Thursday that the company in-
moxed. “That’s it? Disappointing tin Post of BofA Securities noted lanta and Austin, Texas, next year. tends to have such driving avail-
–%0
lack of detail,” read the headline of to clients. “Tesla’s toothless taxi is Uber has a global base of 156 able for its Model 3 and Y vehicles
a report Friday by the Morgan a best-case outcome for Uber,” May 202% Oct. million monthly active platform in California and Texas next year.
Stanley analyst Adam Jonas, a John Colantuoni of Jefferies wrote Source: FactSet customers, and its mobility business In their report Friday, Bernstein’s
noted Tesla bull. Tesla’s shares slid in his report. in the U.S. alone now handles more analysts said, “We continue to
nearly 9% on Friday. The shares The risk isn’t zero. Musk plans who is an Uber or Lyft driver to- than $34 billion a year in gross struggle to see Tesla overcoming
had run up 45% since Musk an- to have Tesla’s robotaxi—dubbed day can manage a fleet of cars,” bookings. Lyft, which operates the technological and regulatory
nounced in early April a plan to the Cybercab—in production in a Musk said Thursday. He also mainly in the U.S., reported 23.7 hurdles needed to leapfrog current
unveil a robotaxi this year. couple of years and to sell it for promised that the Cybercab would million active riders at the end of level 4 robotaxis.”
Uber shares did the opposite, less than $30,000. The idea is that have a total operating cost of the second quarter. Building a new Uber’s robotaxi road looks free
jumping nearly 11% by the close. individual buyers would turn the about 40 cents a mile, which robotaxi network from scratch of merging traffic for now.
That, too, can be seen as a correc- vehicles into a business. “Someone BofA’s Post noted “would far un- would be a tall order, even if every —Dan Gallagher

Soft Landing or Hard? Bank Results Show Path to No Landing

Economists, investors and busi- aftermath, as context. “I think we’re case of a kind of no-landing sce- JPMorgan Chase quarterly clients more confidence about ei-
ness leaders have been debating getting to the point where it no lon- nario economically,” Barnum said. card services sales volume, ther building inventories or mak-
for months whether the economy ger makes sense to talk about the Consistently, lenders have said change from a year earlier ing further capital expenditures
is headed for a soft landing or a pandemic,” Barnum told analysts that some of their worst credit per- 50% that they’re holding off on now,”
hard landing. But there is a third Friday. “But maybe one last time.” formance is among the “vintages” Wells Fargo CFO Michael Santo-
option: no landing at all. Coming out of that difficult pe- of lending done in parts of 2021 or massimo told analysts Friday.
Rather than the economy slow- riod, there was a “heavy rotation” 2022, when many borrowers were %0 Even rising credit-card charge-
ing gradually or rapidly, it might into travel and entertainment unusually flush because of govern- off rates can reveal an economy-
be poised to keep growing as it is, spending, “as people did a lot of ment stimulus checks, superlow in- 30 boosting trend, which is the loos-
at a moderate or better pace. traveling and they booked cruises terest rates and the forced belt- ening of credit conditions.
Bank executives’ recent com- that they hadn’t done before, and tightening of lockdowns. Under JPMorgan said its expected card
ments suggested some of the recent everyone was going out to dinner these conditions, certain borrowers 20 net charge-off rate this year,
indicators of slowing for consumers a lot, whatever,” Barnum said. got access to credit they wouldn’t around 3.4%, is below what it has
and businesses might be more “That’s now normalized.” have in other circumstances. But 10 targeted longer-term in underwrit-
echoes of the past than visions of Normally a reduction in this the set of loans exposed to this is- ing new card debt. That means the
the future. There are some numbers kind of spending might signal a sue appears manageable. bank can lend to a wider range of
that might spark concern. JPMor- rotation out of discretionary Even for the segment of custom- 0 customers, or let customers bor-
gan Chase and Wells Fargo on Fri- spending and into nondiscretion- ers that have struggled more to 2021 ’22 ’23 ’2% row a bit more, and still make
day reported slowing card-spending ary items—the things consumers keep up with payments, there are Note: Excludes commercial cards money even if defaults tick up.
growth and rising late card pay- need every day, such as gasoline reasons to anticipate some improve- Source: the company Wells Fargo and JPMorgan are
ments. JPMorgan’s card-services or groceries. That in turn is usu- ment. Wells Fargo Chief Executive aiming for solid growth in cards.
sales volume, which excludes com- ally a sign that consumers are pre- Charlie Scharf on Friday told ana- banks’ loan growth might look soft. JPMorgan told analysts that al-
mercial cards, rose just under 7% paring for a worse economic envi- lysts that “the benefits of inflation JPMorgan on Friday noted in though lower rates might slow the
from a year prior, versus growth ronment. But that isn’t what slowing and interest rates starting multifamily commercial real estate, bank’s core net interest income
closer to 8% in the second quarter, JPMorgan has been seeing across to ease should be helpful to all cus- there are “encouraging signs” in into 2025, by the middle of next
and over 9% in the first. its consumer data. It hasn’t seen a tomers but especially those on the new originations as longer-term in- year growth in revolving card bal-
On the face of it, that appears to weakening in retail spending. lower end of the income scale.” terest rates come down—but overall ances might start to help it build
be a sign that activity might be “So overall, we see the spending Banks’ numbers need context lending growth might stay muted up again. New card products keep
slowing, albeit perhaps only softly. patterns as being sort of solid and when it comes to economic analy- as more older loans start to pay off. coming, too: Wells Fargo in the
But JPMorgan Chief Financial Offi- consistent with the narrative that sis. Consider corporate-loan de- Time can help. Beyond the pres- third quarter launched new travel-
cer Jeremy Barnum said the spend- the consumer is on solid footing, mand. Alternative ways for com- idential election, and if interest rewards credit cards with Expedia
ing numbers still need to be consid- and consistent with the strong la- mercial clients to borrow, via the rates come down, “Those things Group. No landing, after all, im-
ered with the pandemic, and its bor market and the current central credit markets, can be a reason will come together and help give plies more flying. —Telis Demos

MARKETS

Fed Has a U.S. Treasury yields

5.00%
yields reaching their lowest
ever and better economic data
leading investors to price rate
CeriBell,
Dependency %.75
Two-year Fed cuts rates rises not at the next meeting af-
ter the data, but further ahead.
That changed in the post-
Maker of
Problem %.50
pandemic inflation, according
to a study by the Cleveland
Fed, which found futures trad-
Medical
Continued from page B1
effects of interest rates on the
%.25
10-year
ers were supersensitive to the
inflation figures just before
each Fed meeting—true data
Devices,
economy in future. Data de-
pendency has made bond mar-
%.00 dependence.
Goes Public
D
kets unnecessarily volatile. ata dependency in this
3.75
short-term way makes

I
n the summer, data sug- much less sense as the BY BRIAN GORMLEY
gested high rates (along 3.50 Fed tries to navigate a soft
with a global slowdown, Jan. 202% Feb. March April May June July Aug. Sept. Oct. landing. It can afford to look CeriBell, whose headband
troubles in China and wars in through noisy month-to- is designed to speed seizure
the Middle East and Eastern month data and focus on the detection in hospitals, went
Probability of rates Citigroup economic Response rate for
Europe) were hurting the econ- big picture. The jobs market public Friday in a rare initial
below 3.25% by June* surprise index unemployment survey†
omy as the jobs market slowed. may still be hot, but it is no public offering for a medical-
Now it seems as if the economy 80% 60 90% longer red-hot. Inflation is device company.
is fine, China’s stimulus might still above target, but it is no High interest rates discour-
mean it stops being such a %0 85 longer scary. aged IPOs, and the poor per-
drag, and inflation may be 60 Step back from the data, formances of several medtechs
Above zero
stickier than was thought. 20 means reported 80 and the big question isn’t how that went public during the
Use only the most recent data are better to knock a few more tenths of pandemic have made investors
data and short-term gloom than forecast a percentage point off infla- more cautious.
%0 0 75
and mini-booms get extrapo- tion, but how fast and how far Sunnyvale, Calif.-based
lated, generating big swings in to bring down interest rates. CeriBell, founded in 2014, be-
expectations for Fed interest –20 70 That requires predictions gan selling its system—which
rates, and so for Treasurys. 20 about what level of rates the includes an AI seizure-detec-
Investors are chasing group- –%0 65 economy can put up with in tion algorithm—in 2018. Its
think, rather than expressing the long run. revenue rose 74% to $45.2 mil-
the wisdom of the crowd. As 0 –60 60 Cynics quite rightly point lion in 2023 from the prior
hope built of a half-point cut July 202% Aug. Sept. Oct. Jan. 202% Oct. 2015 ’20 ’2% out that past Fed predictions year and the company booked
coming in September, the prob- have been terrible. Skeptics, $29.7 million in revenue in the
ability priced into federal- *Priced into federal-funds rate futures †Current population survey. Monthly data through Sept. including me, point to the first half of 2024.
funds-rate futures of further Sources: Tullett Prebon (yields); CME FedWatch (probability); LSEG (index); Labor Department (response rate) wide disagreement among Fed CeriBell, whose venture
cuts of 1.75 percentage points policymakers about where in- backers include the Rise Fund,
or more by June soared to 77%, call recency bias in the market, ral. To break the spiral, it For many years after the fi- terest rates will eventually Longitude Capital and Ally
according to CME FedWatch. with shifts in a couple of yanked rates higher, predict- nancial crisis of 2007-09, the come to rest. Bridge Group, sold 10.6 million
Could there really be cuts months of jobs or inflation data ing it would cause a recession Fed wanted to convince inves- But navigating a soft land- shares, up from an earlier plan
equivalent to more than a showing up in major moves. and get price expectations un- tors that it would be slow to ing using the rearview mirror to sell 6.7 million, and went
quarter point at the next six Being data dependent made der control. If reported price raise rates, waiting until the isn’t an option when it takes public on Nasdaq at $17 a share,
meetings? No. Traders say the some sense when the Fed was rises lead, via expectations, to economy got going before it half a year or more for rate the top of its expected range,
probability is back to zero, extremely worried about infla- future price rises, then it is moved. The aim was to lower changes to have an effect on raising $180.3 million. Its
where it stood before weak tion. It feared that high infla- reasonable to focus on re- long-term yields and prevent jobs and inflation. It is time shares climbed more than 47%
jobs figures for July sparked a tion would feed through into ported price rises. economic green shoots being for the Fed to kill its “data de- Friday to close at $25 a share.
serious, but brief, selloff. consumer and business expec- There is a case to be made crushed by rapidly rising rate pendency,” and try to get in- Investors will watch to see
Data dependency at the Fed tations of future inflation, in a for relying on past data when expectations. vestors to think about the lon- if other medtechs can follow
exacerbated what psychologists self-fulfilling upward spi- rates were stuck at zero, too. Both worked, with 10-year ger run. CeriBell’s lead.