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What’s
In Israel, Tensions Rise Over Army Enlistment S&P 500,
News Nasdaq
Business & Finance Fall Amid
 Major U.S. stock indexes
fell to end the month, with
Big Tech
the S&P 500, Dow industri-
als and Nasdaq turning in
losses for October of 1%, 1.3%
and 0.5%, respectively. A1
Selloff
 Apple reported revenue Investors’ displeasure
reached a record for the Sep- with earnings reports
tember quarter, propelled by
a modest rebound in iPhone has outsize influence
sales that came ahead of its on the stock indexes
release of new AI tools. A1
 The Fed’s preferred inflation BY RYAN DEZEMBER
measure fell to 2.1% in Septem- AND CAITLIN MCCABE
ber, showing the central bank
has wrestled price increases Disappointing quarterly re-
nearly back to target. A2 sults from big technology
companies pushed stock in-
 Comcast said it is explor-
dexes lower Thursday, sending
ing the creation of a sepa-
the S&P 500 to its first
rate company for its cable
monthly loss since April.
networks and will consider
The S&P 500 fell 1.9% Thurs-
partnerships in streaming. A1
ABIR SULTAN/EPA/SHUTTERSTOCK

day, snapping a 29-day streak

 Intel reported write-downs without a daily loss of 1% or
and other charges that led to more, the longest such run in
a stunning $16.6 billion net three years. The broad stock in-
loss in the latest quarter, as dex shed 1% in October.
the chip maker works through The tech-heavy Nasdaq

.
a costly turnaround effort. B1 Composite had its worst day
in nearly two months, drop-

ly
 Boeing reached a deal
DIVIDED: Police disperse a protest against mandatory enlistment for the ultra-Orthodox, who previously were exempt, outside a ping 2.8% Thursday to end Oc-
with leaders of its machin-
military recruitment office in Jerusalem. Senior U.S. officials are in Israel discussing the draft of an agreement to end the war in tober 0.5% lower. The Dow
ists union, trying for a third
Lebanon that would allow Israel to continue striking targets there for a two-month period in response to imminent threats. A8 Jones Industrial Average de-
time to end a strike that
has halted most of its air-
plane production. B1
 Shell’s earnings beat mar-
on clined 0.9%, or 378 points. The
blue chip index finished the
month down 1.3%.

Pennsylvania Becomes Epicenter

The selloff continued early
ket views thanks to its gas Friday with Japan’s bench-
us ,

and upstream divisions, partly mark Nikkei 225 Stock Aver-

l

offsetting low oil prices and age down about 2% at midday.

e
al a

weak refining margins. B2 SoftBank was down more

 Shares of Estée Lauder
For Trump’s Vote-Fraud Claims than 5%.
The mammoth technology
ci on

plunged 21% after the beauty

companies that have come to
company reported a decline in
dominate the market and
sales, slashed its dividend and
driven indexes to record after
pulled its financial targets
Nuns in Erie falsely accused and state officials are warning lacked context or were false. attacks could erode faith in the record this year have met a
for the current fiscal year. B3
of perpetrating voter fraud. A that efforts by Trump, the GOP “Sharing social posts filled system while many citizens are tougher crowd this earning
er s

 Samsung said it was on suburban Philadelphia election- presidential nominee, and his with half-truths or even out- still preparing to vote, and that season. Investors’ displeasure
track to increase sales of its line snafu amplified worldwide supporters to call into question right lies is harmful to our rep- such open distrust is setting with their quarterly reports
m er

latest specialized memory the integrity of the presidential resentative democracy,” he said the stage for fierce post-Nov. 5 has had outsize influence on
chips for AI computing after By Scott Calvert, election in the crucial swing at a news conference, urging legal challenges. stock indexes.
suffering delays that left it Alyssa Lukpat and state are ramping up—before a voters to get information from “I don’t think it’s a secret Though Microsoft and Face-
behind industry rivals. B4 Cameron McWhirter single ballot has been counted. trusted sources and adding how important Pennsylvania is book owner Meta Platforms
The state’s top election offi- that “mis- and disinformation” Please turn to page A5 Please turn to page A6
m rp

World-Wide in under half an hour. A Tues- cial, Secretary of the Common- about the state’s election is
day night rallying cry by Don- wealth Al Schmidt, a Republi- “likely to continue in the com-  Meet the headhunter-in-  Intel posts $16.6 billion
ald Trump: “They have already can, said Wednesday that in ing days and weeks ahead.” chief for Trump.................. A4 loss ............................................ B1
 Officials in Pennsylvania started cheating in Lancaster.” just the previous 24 hours, sev- Authorities such as Schmidt  Harris keeps gender in the  Heard on the Street: Big AI
warned that efforts by Trump Across Pennsylvania, local eral widely disseminated videos have said that they worry the background........................... A5 spenders won’t let up..... B10
co Fo

and his supporters to cast

doubt on the integrity of the

Comcast Eyes Spinoff Amazon Net

iPhone Sales Boost
presidential election in the state
are increasing before a single
ballot has been counted. A1
Tops Forecast
 U.S. adversaries have tar-
geted Spanish-language
speakers and other minority
Of Its Cable Networks Cloud-computing services and
e-commerce sales boosted
third-quarter results. B1
Apple to a Record
demographics in their ef-
Comcast said it is exploring ing business.
forts to influence the presi-
the creation of a separate Most Comcast cable chan- Amazon’s quarterly BY AARON TILLEY revenue in the December
dential election, officials and
company for its cable net- nels, including MSNBC, USA, net profit/loss 3Q 2024 quarter to grow in the low- to
researchers say. A3
works and will consider part- CNBC, Oxygen and Syfy, would $15.3B Apple reported revenue mid-single digits. Analyst pro-
n-

 A judge delayed ruling on nerships in streaming, a sign likely become part of the new $15 billion reached a record high for the jections for sales growth in
whether Elon Musk’s cash of how profound changes in company under the plans be- September quarter, propelled that period are 6.6%, accord-
giveaways to voters are unlaw- the media business are reshap- ing considered. by a modest rebound in iPhone ing to FactSet.
ful, amid a battle over where ing the industry landscape. Bravo, known for reality TV 10 sales that came ahead of its re- The launch of Apple Intelli-
no

the case should be decided. A5 programming such as the lease of new artificial-intelli- gence, a heavily advertised set
 More than 60 million By Jessica Toonkel, “Real Housewives” franchise, gence tools. of AI tools, has prompted a
ballots have been cast in Patience Haggin is likely to remain part of For Apple’s fiscal fourth rally from investors who hope
early voting, including 14.6 and Joe Flint Comcast, according to people 5 quarter, total sales were $94.9 the features will lead users to
million votes in the seven familiar with the discussions, billion, beating the $94.5 billion upgrade their smartphones.
The potential strategic in part because its content analysts were expecting, ac- Apple’s iPhone business, which
battleground states. A5
moves come as Comcast, like resonates on Peacock. cording to FactSet. Net income accounts for around half of
 Assertions by Trump and 0
many of its industry peers, is “We’ve got a very strong fell around 35% to $14.7 billion overall sales, had sales of $46.2
Harris that they would look trying to navigate the chal- hand,” Comcast President due to a judicial ruling in Eu- billion. The results represent a
for more protections for the lenges posed by cable TV Mike Cavanagh said on an rope that will force Apple to turnaround from the first half
U.S. under its trade pact cord-cutting—which have earnings call. “There may be –5 pay more than $14 billion in of the year, when smartphone
with Canada and Mexico are made the networks business some smart things to do and 2021 ’22 ’23 ’24 taxes to Ireland. sales were sluggish for consec-
raising concerns in those much more difficult—while we want to study that.” Apple shares fell in after- utive quarters.
partner countries. A16 also pushing toward profit- Comcast envisions that the Sources: S&P Capital IQ; the company market trading by nearly 2%. In China, where competition
ability in its Peacock stream- Please turn to page A4 The company said it expects Please turn to page A6
 Senior U.S. officials are in
Israel discussing a draft

INSIDE
agreement to end the war in
Lebanon that would allow Is- ‘Maybe You’re Bad Luck’— A Financier, His Novel
rael to continue striking Leb-
anon for 60 days in response Black Cat Nation Strikes Back
to imminent threats. A8
 Germany ordered the clo-
i i i And a Hacking Probe
sure of all three Iranian con- Fed up with persistent belief the felines are
sulates in the country in re-
sponse to the execution in bad news, supporters rush to their defense Argentine debt deal draws new scrutiny
Iran Monday of Iranian-Ger-
man Jamshid Sharmahd. A16
BY MARC VARTABEDIAN people who treat black cats A central character of the vate investigator named
 Federal highway officials
like temporary accessories 2022 novel “Undermoney” is Amit Forlit is on supervised
announced $635 million to
repair or replace numerous An animal shelter in West come Halloween, only to re- a New York hedge-fund mag- curfew in a posh north Lon-
old and outdated bridges in Virginia hosted an adoption turn the confused kitties once nate entangled in a world of don neighborhood, facing ex-
states across the U.S. from party over the the festivities are corrupt spies, Russian mer- tradition to the U.S. on fed-
Alaska to Maine. A6 weekend with over. Even worse, cenaries and vaults of shad- eral hacking charges.
candy, costumes the shelter says, are owy money. Prosecutors are investigating MANSION
and, of course, people who might whether Forlit orchestrated Going once, going
CONTENTS Mansion............... M1-12 pets. get the cats harmed By Bradley Hope, the theft of emails from Ar-
Arts in Review. A10-11 Markets........................ B9
But one staple of in Halloween mis- gentine officials while work-
twice: Luxury
Business News....... B3 Opinion................ A13-15 Jenny Strasburg and
Capital Account...... A2 Sports.......................... A12 this season was no- chief. Christopher M. ing on behalf of a big hedge homeowners turn to
Crossword................. A11 Technology................ B4 ticeably absent: The black cat Matthews fund that sued the South the auction market. M1
Equities........................ B6 U.S. News.............. A2-6 black cats. lobby has had American country over de-
Heard on Street.. B10 World News....... A8,16
The Humane So- enough. In one passage, a security faulted debt.
ciety of Raleigh Fed up with the operative tells the investor, The author of “Under- JASON GAY
> County said in Oc- persistent belief “My guess is that hackers money” is lawyer and finan- A nightmare World
tober it was sus- that black cats are are stealing your data every cier Jay Newman, who spent
pending all adop- Don’t fear me bad news, support- day, and most of the time two decades at that hedge
Series for the Yankees
tions of the felines ers are rushing to your guys don’t even know fund, Elliott Management. bumbles away in the
s 2024 Dow Jones & Company, Inc.
through the first week of No- their defense. Some are they’re there.” His career-defining trade: Bronx. A12
All Rights Reserved vember to protect them from Please turn to page A2 In real life, an Israeli pri- Please turn to page A9
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A2 | Friday, November 1, 2024 * * THE WALL STREET JOURNAL.

U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip

Gift for Next President: Sturdy Economy

W
hoever wins latest WSJ poll, 62% of re- Cumulative change since 2019, quarterly The BIS thinks inflation is technology services.
the White spondents rated the econ- a bigger risk globally in These differences are
House next omy as “not so good” or GDP Productivity Working hours coming years because of mostly the product of the in-
week will take “poor,” which explains the U.S. Eurozone threats to supply chains trinsic dynamism of Ameri-
office with no lack of any political dividend 10% such as from geopolitical can capitalism rather than
shortage of challenges, but for President Biden. conflict. But productivity any president’s policies. Still,
at least one huge asset: an When you’re unhappy at provides some cushion by Trump and Biden, in their
5
economy that is putting its home, you can gain some enabling companies to ab- respective fiscal policies,
peers to shame. perspective by checking in sorb higher costs, such as both sought to boost busi-
With another solid perfor- on your neighbors. The 0 wages. Shin said, “The U.S. ness investment, a key in-
mance in the third quarter, whole world has been can run the economy hot in gredient to productivity:
the U.S. has grown 2.7% over through the wringer since –5
a way others cannot.” Trump, through lower taxes
the past year. It is outrun- 2020; any country’s perfor- and regulations on corpora-
ning every other major de- mance alone is less revealing tions broadly, and Biden by

W
veloped economy, not to than how it compares with –10 hat’s behind the di- directing federal dollars and
mention its own historical its peers. vergence? Read tax credits to semiconductor
growth rate. Most leaders from around –15 the recent report by manufacturing, low-carbon
More impressive than the the world would trade their former European Central energy, and infrastructure.
rate of growth is its quality. economies for the U.S.’s in a Bank President Mario Draghi If the economy is so good,
This growth didn’t come heartbeat. Through the sec- –20 on European competitive- why are Americans so glum?
solely from using up finite ond quarter, the U.S. grew 2020 ’21 ’22 ’23 2020 ’21 ’22 ’23 ness. In explaining why Eu- Lots of noneconomic rea-
supplies of labor and other 3%; none of the world’s next Note: Shows GDP- and PPP-weighted averages. rope lags behind, it reveals sons, I’ve argued. But no
resources, which could fuel six largest advanced econo- Source: Bank for International Settlements why the U.S. leads. question, inflation looms
inflation. Instead, it came mies grew more than 1%. One reason is the domes- large. Wages, from 2021 to
from making people and Even China is struggling. ing with inflows of unau- ligence, data centers, and re- tic energy supply, which in- 2023, didn’t keep up with in-
businesses more productive. thorized migrants. That, newable energy. “You have sulated the U.S. from the flation, as they are supposed

S
This combination, if sus- ometimes strong however, overstates the con- to pick your side,” said Pan- surge in natural-gas prices to when productivity and
tained, will be a wind at the growth is a prelude to tribution of labor because on day. “We are techno opti- that followed Russia’s inva- economic growth are strong.
back of the next president. a recession because it average each employee mists.” sion of Ukraine. European Higher prices flowed dispro-
Three of the past four new- comes from straining the worked slightly fewer hours. It is too soon to say the Union companies still pay portionately to profits rather
comers to the White House economy’s capacity, generat- Adjusted for that, produc- productivity trend has two to three times more for than pay.
took office in or around a re- ing inflation and forcing the tivity—i.e., output per hour— shifted. Still, one encourag- electricity and four to five That has begun to change,
cession (the exception was Federal Reserve to raise probably rose around 2% or ing sign is that no other times more for natural gas though. Average wages since
Donald Trump, in 2017), rates. more, annualized, in the third country has witnessed it. than their U.S. counterparts, mid-2023 have outpaced in-
which consumed much of Yet inflation has fallen in quarter, after rising 2.7% in The Bank for Interna- Draghi found. flation as the latter fell. In-
their first-term agenda. The the past year, to 2.7% in the the prior four quarters, above tional Settlements, a Swiss- More important is the flation could yet stall, or
next president should be third quarter, using the Fed’s the 1.5% average annual rate based umbrella group for role of technology. No EU even rise; both nominees,
free of that burden. preferred underlying mea- from 2007 to 2019. central banks, calculates that company worth more than and Trump in particular,

.
Meanwhile, higher pro- sure. That’s still above the Economic growth is un- from the end of 2019 to the 100 billion euros, equivalent have plans that could pres-
ductivity growth should Fed’s 2% target, but the likely to sustain its recent end of 2023, total output to $108 billion, “has been set sure prices. And surprises

ly
make the economy a bit less progress was sufficient for pace. Yet thanks to higher rose 7.9% in the U.S., of up from scratch in the last could interfere, like a big
prone to inflation, more ca- the Fed to cut rates in Sep- productivity, the U.S.’s poten- which 1.2% came from more 50 years,” while all six U.S. rise, or fall, in oil prices, an-
pable of sustaining budget tember and pencil in more tial growth—what it can sus- hours worked and 6.7% from companies worth more than other pandemic, or war.
deficits, and more likely to
deliver strong wages. All
would be a boon to Presi-
dent Trump or President Ka-
cuts—all without growth
flagging.
“That’s pretty impressive.
That’s a bit of a Goldilocks
on tain over the long run—might
be higher than the 1.8% that
many forecasters like the Fed
have long assumed.
productivity. In the euro-
zone, output was up 3% in
the same period, entirely
due to more hours.
$1.08 trillion were created in
this period, Draghi said.
America’s companies are
also faster to adopt technol-
Still, odds are inflation
will be lower in the next
four years than in the past
four. With time, anger at to-
mala Harris. outcome,” Robin Vince, chief Satyam Panday, an econo- “Productivity is really bad ogy such as artificial intelli- day’s higher prices will be-
us ,

To describe this economy executive of BNY, said in a mist at S&P Global Ratings, across the world,” said Hyun gence, which explains much come acceptance. The next
l

as remarkable would strike recent interview. thinks the potential might be Song Shin, the BIS’s eco- higher productivity in pro- president is likely to bear
e
al a

most Americans as confus- Some of that growth was 2% to 2.3%, citing booming nomic adviser. “The U.S. is fessional services, finance, much less of the burden of
ing, if not insulting. In the due to the labor force swell- investment in artificial intel- an outlier.” insurance, and information inflation than Biden did.
ci on

Black Cat benign connections black cats

have with Halloween and re-
mind people that unlucky ste-
Key Gauge
Devotees reotypes are untrue. “I don’t
Of Inflation
er s

think we should shed black

cats from Halloween,” Bays

Strike Back
m er

said. “There is so much posi-

tive association with black
cats and Halloween like some
Approaches
Continued from Page One
of the more friendly witch
stories like ‘Sabrina, the Fed’s Target
m rp

shielding them from the indig- Teenage Witch’ and her black
nities of what they say are cat, and that kind of kitsch.”
outdated and debunked be- Black cats’ spooky image BY MATT GROSSMAN
liefs. One is promoting “Black can be traced to European
Cat November.” witch hunts from the 15th The Federal Reserve’s pre-
co Fo

“We still will have people century to early 18th century, ferred inflation measure fell to
who want to surrender cats where they were believed to 2.1% in September, showing the
to us because they’re preg- work alongside witches, said central bank has wrestled price
nant and they’ve heard that a Washington and Lee Univer- increases nearly back to target.
cat is going to steal a baby’s sity history professor Mi- Prices measured by the per-
breath,” said Marisa Richard- chelle Brock. Many feared the sonal-consumption expendi-
son, board member of Louisi- suspected witches morphed tures price index rose by just
ana’s Shreveport Bossier Ani- into black cats so they could under 0.2% between August
mal Rescue, which halted slink about the night unde- and September, the latest leg of
black cat adoptions in Octo- tected, Brock said. “Cats can a significant cool-down in the
ber and is instead doing the be predatory and unpredict- pace of inflation. During the
TALIA HERMAN FOR WSJ (2), KALLI KENNEDY (TOP RIGHT)

November promotion. “You able so they were a conve- most dramatic spell of inflation
try to dispel those myths but nient animal to imagine that in 2022, prices were climbing
n-

they are still there—people witches might change into.” by nearly 1% a month by this
always do associate the black On Saturday in California, gauge.
cats with bad luck. We try to at Berkeley Humane’s Hallow- “We’ve been talking about a
educate as best we can with een-themed event called soft landing for a very long
no

things like that.” “aPAWcalypse,” roughly a time,” said David Kelly, chief
But some defenders say dozen black cats were avail- global strategist at J.P. Morgan
making black cats sit out the able, some with names chosen Asset Management. “Now you
Halloween season only rein- for the event, such as Goblin can say, ‘OK, the Eagle has
forces negative myths and de- and Ghoul. Pet Program Man- landed.’ ”
nies them homes. ager Carly Skonnord said she The figures didn’t show that
Many shelters use the sea- hasn’t encountered would-be inflation has been fully tamed.
son to promote black cat Top left: A cat named Vanagon at Berkeley Humane’s ‘aPAWcalypse’ adoption event in adopters who are freaked out Core prices, which exclude vol-
adoptions. The Massachusetts Berkeley, Calif.; right, Mulligan, a cat at the Shreveport Bossier Animal Rescue in Louisiana. by black cats. Instead, she atile food and energy costs, are
Society for the Prevention of Bottom: Jamie Han and Jacob Bedwell with kittens adopted at Berkeley Humane’s event. sees people like herself, who still up by 2.7% over the past
Cruelty to Animals-Angell An- get a black cat because they year. That figure has been
imal Medical Center held an ment this fall. says insurance provider AS- Cat Care Society, a shelter complement their own goth roughly flat since May. Prices
event in October called Black cats have long faced PCA Pet Health Insurance, in Colorado, wrote on its web- aesthetic. for services, 3.7% greater than
“Purranormal Cativity.” The lower adoption rates for rea- adding that in many cultures, site about debunking common “They are little voids,” a year ago, have been espe-
group of four shelters ad- sons that include their histori- the felines have the opposite black cat myths—including Skonnord said, affectionately. cially stubborn.
opted out 31 black cats in four cal association with bad luck, association: “In Japan, owning that the felines are hard to Jasmine Ascencio, a gradu- The data come days before
days, including some from its animal shelters say. Feline a black cat is believed to bring photograph; it offered “tips to ate student at the University an election that has been de-
shelter in Salem, Mass., fans—including local humane good fortune. In some parts of make your black cats look of California, Berkeley, delib- fined in part by voters’ exas-
known for its witch trials in societies, animal lobbying Britain, if a black cat crosses ameowzing in pictures.” The erated about taking two kit- peration with price increases
the 1600s. groups like the American Soci- your path, it’s considered a shelter added that most black tens home. Ascencio said she over the past few years. Infla-
“We’re so confident that ety for the Prevention of Cru- blessing, not a curse!” cats are “known to be loyal, has no beef with black cats tion has been declining since
these myths are nothing to elty to Animals and social-me- The Shreveport shelter has sensitive, caring companions. but her mother holds tradi- mid-2022, but many Americans
worry about that we would dia groups with names such as sold shirts saying: “Maybe Black cat owners often lov- tional Mexican cultural be- remain frustrated with sticker
never consider stopping black “Black Cats are not Halloween you’re bad luck—adopt black ingly refer to their dark- liefs about spirits and shock for big purchases and ev-
cat adoptions, even at our Sa- props”—are calling for a new cats.” Feline advocacy group haired feline friends as house wouldn’t approve of her hav- eryday items.
lem shelter, which is in argu- view of the cats. Alley Cat Allies said on X: “if panthers or ‘voids.’” ing one. Still, higher prices haven’t
ably the spookiest, most “Often connected to Hal- you know a black cat, con- Danielle Bays, a senior an- “If I were to get a black cat broadly damped their appetite
witchy city in the country,” loween or witchcraft, black sider yourself lucky and cele- alyst of cat protection and she would say ‘Why would to shop. Inflation-adjusted U.S.
Mike Keiley, vice president of cats have typically been brate! The only bad luck fol- policy with the Humane Soci- you do that?’” Ascencio said. economic output grew at an
animal protection for the or- looked upon as a symbol of lowing black cats, or any cat, ety of the U.S., says it’s im- “It’s that ingrained stigma annualized rate of 2.8% in the
ganization, said in a state- evil omens and misfortune,” is people’s superstitions.” portant to promote the more that they carry curses.” third quarter of the year, the
Commerce Department said
Wednesday, with consumer
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THE WALL STREET JOURNAL. * * Friday, November 1, 2024 | A3

U.S. NEWS

Russia, Iran Celebrating a Sweet, Not Scary, Halloween

Target Voting
By Minorities
BY DUSTIN VOLZ with what appear to be AI-gen-
AND VERA BERGENGRUEN erated headshots. Neither au-
thor, both of whom have
WASHINGTON—U.S. adver- pumped out thousands of
saries have targeted Spanish- posts since last year, has a re-
language speakers and other cord of writing for other publi-
minority groups in efforts to cations. A significant fraction
influence the presidential elec- of them promoted Trump’s
tion, seeking to fan internal so- campaign promises and ampli-
cial divisions and elevate their fied his allies, especially bil-
favored candidate through dis- lionaire Elon Musk.
information and propaganda. Head-Post on its website
Russia and Iran have at- claims to be headquartered in
tempted in recent months to Coventry, England. According
focus on specific slices of the to a confidential assessment by
electorate to influence voters Microsoft seen by The Wall
toward their preferred out- Street Journal, Head-Post uses
come, according to U.S. intelli- overlapping fake personas and
gence officials and disinforma- content-distribution networks
tion researchers. previously tied to NewsFront, a
Aided by artificial intelli- site the U.S. has said is guided
gence, Iran has created web- by Russia’s Federal Security
sites that pose as legitimate, Service, or FSB. NewsFront has
local news sources to target been taken off social-media
both Muslim and Black popula- platforms and had its domain
tions in the U.S., including in removed in August 2023. Five

JEFFEREE WOO/TAMPA BAY TIMES/ZUMA PRESS (3)

swing states, experts said, days later, Head-Post was cre-
though they appear to attract ated. Head-Post didn’t respond
minimal readers. to a request for comment.
In a far more significant ef- While the sites generally
fort, Russia has invested heav- brought in little traffic, Russia
ily in overt and covert efforts has also been able to capitalize

.
to create Spanish-language on the sprawling Spanish-lan-
content, which officials and ex- guage media operation its

ly
perts said have grown consid- state broadcasters have built
erably since Moscow sought to in recent years, according to
influence the last two presi- U.S. officials and independent
dential elections.
“Russia sees Spanish speak-
ers as a very appealing audi-
ence, including in the U.S.,
analysts. These outlets, includ-
ing RT en Español and Sputnik
Mundo, target a demographic
of 600 million Spanish speak-
on BOO! Clockwise from above, as St. Joseph’s Children’s
Hospital in Tampa, Fla., marked Halloween on Thursday,
where there are opportunities ers who rank among the princess Lily Mansour, 11, participated in a parade to collect
us ,

to make inroads,” says Valerie globe’s most active media con- treats, Spider-Man Jacob Rodriguez, 2, searched for candy in
l

Wirtschafter, a fellow at the sumers—including the 40 mil- his bag, and witch Kalasia Lopez, 2, took in the festivities.
e
al a

Brookings Insti- lion Americans

tution who has who speak
tracked Mos- Spanish at
ci on

cow’s efforts to Moscow favors home. RT has

target Spanish Trump, while said publicly
speakers. that it has hun-
Vice Presi- Tehran prefers dreds of Span-
dent Kamala ish-speaking
Harris, U.S. spy
er s

Harris and for- employees and

mer President agencies believe. reaches tens of
m er

Donald Trump millions of

are both court- Spanish speak-
ing Latino vot- ers worldwide.
ers in their race for the presi- The rapid expansion of
dency, with both making Kremlin-linked Spanish media
m rp

campaign stops Thursday in following Russia’s invasion of

the battleground states of Ne- Ukraine, and its ability to di-
vada and Arizona. rectly reach Americans, has
Moscow favors Trump, alarmed U.S. officials and law-
while Tehran prefers Harris to makers. A bipartisan group of
co Fo

win, according to U.S. intelli- U.S. senators warned in 2022

gence agencies. The two U.S. that the Russian content in
adversaries have denied at- Latin America can “regularly
tempting to meddle in the U.S. reach Spanish-speaking com-
election. munities in the United States,
Recent efforts by U.S. agen- directly harming our national

Researchers Critical of Bad Science

cies and some social-media interests.”
companies to identify and dis- As of June 2023, at least
mantle foreign operations to 10% of the traffic to RT en Es-
target minority voter groups pañol was coming from the
have underscored how much
the tactics have evolved since
2016. In that campaign year,
U.S., according to an analysis
by the Bulgaria-based Center
for the Study of Democracy.
Have Own Study Pulled Due to Errors
n-

Russia spammed social media But its reach is likely much

with posts denigrating Demo- broader, given that it licenses
cratic presidential candidate its content to hundreds of BY NIDHI SUBBARAMAN ministrative leave. Gino, who decision-making and uncer-
Hillary Clinton. Russia’s 2016 cash-strapped outlets in Latin has denied wrongdoing, is su- tainty at Northwestern Uni-
no

efforts included attempts to America free. A study trumpeting the ing the university. Her defa- versity and was involved in
suppress turnout for Black Ahead of the 2024 election, value of applying rigorous mation claims against the the journal’s investigation.
Americans, a strong Demo- Russia also sought to reach standards to scientific re- bloggers were dismissed. “There’s just a whole bunch
cratic constituency. younger Spanish-speaking au- search was retracted, in part Brian Nosek, another of the of mystery around these pilot
The proliferation of fake diences on new platforms. En- because the authors didn’t fol- paper’s authors, is executive studies,” she said.
websites, expansion to new gagement for TikTok posts in low their own advice. director of the Center for In a statement responding
platforms like TikTok, and Spanish from Russia-linked ac- In the sprawling project, Open Science, a nonprofit to the retraction, six of the
popularity of messaging apps counts doubled in 2024, ac- scientists in four labs de- based in Charlottesville, Va., study authors, including
such as WhatsApp in these cording to the Brookings Insti- signed and tested experiments which advocates for transpar- Nosek, acknowledged “ele-
communities have made for- tution, a Washington-based and then tried to replicate one ency in research. Nosek has mentary errors” in preregis-
eign state-linked content ubiq- think tank. another’s work. The intention, run projects showing that the tration and said that they
uitous and more challenging to The posts included criticism according to the study, was to results of many scientific would review how the teams
IAN BATES FOR WSJ

track. The relative lack of mod- of Biden’s Israel and Ukraine test methods aimed at ensur- studies can’t be reproduced ran their pilot studies.
eration of non-English content policies, questions about his ing the integrity of published when other researchers try, The project began more
on social media also makes it age and fitness, and promotion research. But the group ne- what has come to be known as than a decade ago, in 2012, at
difficult to stem the spread of of Tucker Carlson’s coverage of glected to fully document key the replication crisis. He and a time of introspection among
disinformation. Russia. Among the 30 most aspects of the project ahead of others have argued that this is Leif Nelson is one of the social and behavioral scien-
One such effort is Head- popular TikTok videos focused running the experiments, one a symptom of the inadequate retracted paper’s 17 authors. tists who were concerned that
Post, which publishes daily on U.S. politics posted in the of the practices the study was research standards that un- lax research standards could
content about U.S. politics in first three months this year, 22 looking to test, leading to the dermine the quality of behav- registration by proponents of accommodate untrue findings.
both English and Spanish. Its were posted by Russia’s Span- retraction. ioral science. preregistration, it tries to To demonstrate the limits
Spanish website lists two ish-language accounts, accord- The authors—who include The retracted study, writ- make a conclusion about pre- of accepted techniques, Nelson
names identified as reporters ing to Brookings. two of the most prominent ten with 15 other authors, in- registration, and the authors co-wrote a highly cited paper
voices advocating for research volved 16 discoveries and 80 actually failed to preregister that demonstrated, absurdly,
reforms—dispute some of the experiments in four different their core analyses,” said that people who listened to
Watch a Video: How Harris and Trump criticisms and said any errors labs. The paper was published Berna Devezer, a researcher the Beatles song “When I’m
Want to Solve the Housing Crisis they made were inadvertent. in the journal Nature Human who studies scientific methods Sixty-Four” grew younger.
“It wasn’t because we were Behavior in November 2023. It at the University of Idaho and Nosek, meanwhile, was in the
trying to fool someone, but it was retracted in September. whose critique was cited in midst of an influential project
is because we were incompe- The retraction was earlier re- the journal’s retraction notice. that would estimate that less
tent,” said Leif Nelson, one of ported by the Chronicle of “Even if everything had than 50% of studies in psy-
the authors, a marketing pro- Higher Education. been registered it would not chology could be replicated.
fessor at the Haas School of The study claimed to use have mattered because there Against this backdrop, they
Business at the University of best practices, such as setting are fundamental design flaws,” joined a project intended to
California, Berkeley. sufficient sample sizes and said Joe Bak-Coleman, a com- test the reforms they advo-
Nelson helps write the Data pre-registering research, where putational social scientist who cated.
Colada blog, a website known researchers spell out what they co-wrote the critique. It appeared to Devezer and
MADELINE MARSHALL

for discussing research meth- want to measure and how they The journal conducted an Bak-Coleman that the paper’s
ods and debunking studies will analyze the results to investigation and found that authors had succumbed to
built on faulty or fraudulent make it difficult to later alter concerns the duo raised were some of the bad habits they
data. Recently, the blog gained hypotheses to fit results. valid, according to the retrac- were trying to expel from the
attention for its blistering cri- The researchers found 86% tion notice. field: using convenient analyses
tique of a star Harvard Busi- of the replication attempts in In addition, the study to boost their results or chang-
The U.S. is in an affordable housing crisis, ness School professor’s work, their study confirmed the ex- didn’t describe how they ing course midway when their
and the solution seems simple: build more alleging that her research con- pected effects. The replication chose or ran the pilot studies results didn’t suit their goals.
houses. Scan this code for a look at how tained falsified data. rate demonstrated the value that preceded the replication Nosek stands by their ex-
Kamala Harris’s and Donald Trump’s After its own investigation, of the standards, the authors studies, a key flaw according perimental design. “I think
housing plans would intervene. Harvard placed the professor, said. to Jessica Hullman, a com- that the basic conclusion is
Francesca Gino, on unpaid ad- “This is a paper about pre- puter scientist who studies robust.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A4 | Friday, November 1, 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

Meet the Headhunter-in-Chief for Trump

Howard Lutnick is the board. When she declined,
he told her having to watch
tasked with finding someone else do the job was
recruits for possible going to ruin her life.
He said she accepted the
new administration job a few days later.
Lutnick, a registered Re-
BY RACHEL LOUISE ENSIGN publican, has donated to poli-
ticians in both parties over
Cantor Fitzgerald Chief Ex- the years. In the 2016 election,
ecutive Howard Lutnick hired he gave to Democratic presi-
thousands of employees after dential candidate Hillary Clin-
most of his company’s New ton and to Kamala Harris, who
York staff was killed on Sept. was running to represent Cali-
11, 2001. Now he is in charge fornia in the U.S. Senate, ac-
of lining up candidates for a cording to OpenSe-
similar number of jobs in the crets.org. He also donated to
event of a second Trump ad- Republican presidential candi-
ministration. dates Jeb Bush and Trump in
Lutnick, 63 years old, is that election cycle.
MAGA’s top emissary on Wall
Street, a place where some ex-
ecutives have embraced for- Meeting ‘DJT’
mer President Donald Trump’s He first met Trump, whom
CARLOS BARRIA/REUTERS

tax policies but are leery of he calls DJT, attending charity

the tone of his rallies. Trump, events in New York decades
a longtime friend, appointed ago. More recently, the men
Lutnick co-chair of his transi- played golf together. Lutnick
tion team in August. His man- and his wife, Allison, who
date is to compile shortlists of have four children, gave to
candidates for jobs ranging Howard Lutnick had a speaking slot at a recent rally for Donald Trump at Madison Square Garden in New York City. Trump’s 2020 re-election bid.
from attorney general to the “For my whole life I was a
deputy solicitor for water re- Musk is on board as the chief “be loyal to the policies of the fiscal conservative, social lib-
sources. red-tape cutter. Investors president.” eral…The Democratic Party
The billionaire says his ex- John Paulson and Scott Bes- Cantor Fitzgerald’s Businesses Lutnick says he works for moved away from me,” he
perience running Cantor sent are dispensing economic his companies from 6:30 a.m. said, citing the party’s ap-
makes him uniquely suited for advice and jockeying for the Howard Lutnick owns Cantor Fitzgerald has to 9 a.m. and 4 p.m. to 10:30 proach to illegal immigration
the role. job of Treasury secretary. the majority of privately ventured into some contro- p.m. In between, he volunteers as one example.
Terrorists flew a pair of Lutnick had a top speaking held Cantor Fitzgerald, versial corners of finance. for the Trump transition Trump called him about a
passenger jets into the Twin slot Sunday at Trump’s Madi- which controls three com- A foray into sports betting team. He is in back-to-back year ago to ask him to help
Towers of the World Trade son Square Garden rally. He is panies, two of which are led to a more than $22 meetings with potential candi- with his presidential bid. Lut-

.
Center 23 years ago, killing all making the rounds on cable publicly traded. million penalty for illegal dates and the executives and nick hosted a $15 million fund-
658 Cantor employees who television to tout the former politicians vouching for them. raiser for the candidate in the

ly
BGC Group is the old gambling and money laun-
were in the office that morn- president’s policies. On brokerage business, which dering. The unit was sold Recommendations come Hamptons over the summer.
ing. Lutnick, who wasn’t at Wednesday, he questioned the arranges trades of bonds off in 2020. from executives including Musk took the stage with
work because he was taking safety of vaccines for children and other securities for the It also has embraced Apollo Global Management Lutnick at the Madison Square
his son to his first day of kin-
dergarten, made headlines as
the CEO who wept on the
news. He has spent the de-
in an appearance on CNN.
He also tagged along with
Trump to a campaign event in
Michigan and a visit to the
on biggest banks. That com-
pany is behind an effort to
dethrone the exchange gi-
ant CME Group.
crypto, which many larger
companies avoid. Last year,
the Journal reported that
the secretive Hong Kong-
head Marc Rowan and broker-
age founder Charles Schwab.
In the middle of a meeting
with a Journal reporter, a sen-
Garden rally. The pair of bil-
lionaires told the packed
arena that they plan to create
a Department of Government
cades since rebuilding the grave of an Orthodox Jewish Newmark Group is a based owner of the stable- ator called. Efficiency, or DOGE, a cheeky
us ,

business, finding success in leader. commercial real-estate bro- coin tether used Cantor Lutnick credits his rise at nod to a cryptocurrency in-
l

niches such as crypto and the ker. And a third company Fitzgerald to help oversee Cantor in part to wooing po- spired by a Shiba Inu.
e
al a

blank-check company craze of called Cantor offers invest- its $39 billion bond portfo- tential clients over drinks. “How much do you think
a few years ago. Looking for loyalty ment-banking services. lio. And he doesn’t shy away from we can rip out of this wasted,
Cantor Fitzgerald now has Lutnick said in an interview a hard sell. $6.5 trillion Harris-Biden bud-
ci on

13,000 employees around the in his Midtown Manhattan of- Years ago, he wanted to get?” Lutnick asked Musk.
world, compared with about fice that a second Trump ad- hire Alice Greenwald from the “I think we could do at
2,000 after 9/11. ministration would look dif- Jim Mattis and former chief of ideas about how to do their U.S. Holocaust Memorial Mu- least $2 trillion,” Musk said.
Now he has joined Trump’s ferent than the first. His team staff John Kelly, who both jobs and eventually publicly seum to be the director of Na- “Yeah!” Lutnick yelled,
new inner circle of advisers isn’t interested in people such worked in the first Trump ad- condemned their former boss. tional September 11 Memorial pumping his fist. The crowd
er s

from the business world. Elon as former Defense Secretary ministration, had their own Rather, Lutnick said, hires will & Museum, where he sits on cheered.
m er

Comcast
ADVERTISEMENT
Explores
m rp

We are now Spinoff

co Fo

DAVID MOIR/BRAVO/EVERETT COLLECTION

Continued from Page One

new company could be a vehi-
cle to acquire other well-
known U.S. networks from
across the cable dial as rivals
look to exit from the business,
the people said.
A new cable-network com-
pany would be owned by Com-
cast shareholders and
wouldn’t include other assets ‘Top Chef’ airs on Bravo, one of Comcast’s cable channels.
in the company’s NBCUniver-
n-

sal unit, such as the NBC Peacock’s quarterly losses* ing results, despite declines in
broadcast network, the Uni- 3Q 2024 its theme-park business and
versal studio or theme parks. $0 billion –$436 million broadband subscribers.
Comcast is still reviewing Despite the top-line gains,
no

its options and may choose net income fell 10.3% from a
not to hive off its cable chan- –0.2 year earlier to $3.6 billion, in
nels. The company on Thurs- part because of rising pro-
day reported a jump in third- gramming and production
quarter revenue fueled by its –0.4 costs and asset amortization.
media businesses. Its shares On an adjusted basis, income
rose 3%. fell by 3.3%. Comcast posted
–0.6
As we drive toward Years of cord-cutting have
taken a toll on the financial
health and growth prospects –0.8
adjusted earnings per share of
$1.12, up from $1.08 in the
year-earlier quarter.

curing type 1 diabetes, of cable channels, leading

companies to revisit their val-
uations for those businesses. –1.0
Analysts polled by FactSet
had expected revenue of $31.8
billion and per-share earnings
Warner Bros. Discovery, 2022 ’23 ’24 of $1.06.
we help make parent of CNN, TNT and TBS,
earlier this year wrote down
its cable businesses by $9.1
*Before interest, taxes, depreciation and
amortization
Source: Comcast
Peacock added 3 million
paid subscribers in the quar-
ter, when it exclusively

everyday life better for billion, while Paramount,

owner of MTV, Nickelodeon
and Comedy Central, issued a
from the broader NBC News
operation could be challenging
streamed the Paris Olympic
Games, bringing total paid
subscribers to 36 million. Pea-
$6 billion write-down. and is one of the issues under cock’s revenue increased 82%
the people who face it. Still, for now many cable
networks are very profitable,
in large part because of long-
review, a person familiar with
the situation said.
Jonathan Chaplin of New
year-over-year to $1.5 billion.
Its quarterly losses rose 25%
from the prior quarter, to
term contracts with cable-TV Street Research called Com- $436 million, though they de-
providers that guarantee an- cast’s announcement a sur- clined from a year earlier.
nual subscriber fees. That prise, but one that makes Comcast said on the earn-
could make them a compelling sense. “The cable networks ings call that it will consider
target for financial investors are a challenged set of assets partnerships in streaming to
such as private-equity firms for all media companies that help boost the business.
or other companies in the me- have them,” Chaplin said. Broadband revenue grew
Join our movement at BreakthroughT1D.org dia industry.
Jeff Hirsch, the CEO of
Mark Lazarus, who is cur-
rently the chairman of NBC-
2.7%, driven by rate increases.
Comcast reported losing
Starz, which is expected to Universal’s media group, with 87,000 broadband customers,
separate from Lions Gate En- oversight of TV and streaming which it attributed to the end
tertainment by early next platforms, would be a likely of a federal program to subsi-
year, has expressed interest in candidate to be CEO of the dize broadband for low-in-
acquiring more cable networks new venture, the people famil- come households. Excluding
to bulk up his company, ac- iar with the discussions said. the impact from that program,
cording to people familiar Comcast Chairman and CEO Comcast would have added
with the situation. Brian Roberts, who has a one- 9,000 broadband subscribers,
NBCUniversal’s entertain- third voting stake, would have the company said.
ment cable channels have the same ownership position Revenue at NBCUniversal’s
struggled to develop fresh in the new company should it film studios rose 12.3% year-
hits, and the company’s origi- be created. over-year to $2.8 billion, aided
nal programming efforts are Comcast said revenue grew by the theatrical releases of
increasingly focused on the 6.5% in the quarter to $32.1 “Despicable Me 4” and
flagship Peacock streaming billion, with the Paris Olym- “Twisters.” Theme-parks reve-
service. Separating MSNBC pics and new film releases lift- nue fell 5.3%.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * Friday, November 1, 2024 | A5

U.S. NEWS

Harris Keeps Gender in Background

Prospect of first selected as their party’s nomi-
nees, compared with 70% of
woman president the 684 Democratic female Judge Delays
gets little attention, congressional hopefuls. Before Ruling on Musk’s
2022, both parties saw about
unlike in 2016 race half of women filing to run for Voter Giveaway
Congress become nominees
BY ELIZABETH FINDELL each cycle. A judge delayed ruling on
Erin Loos Cutraro, CEO of whether Elon Musk’s cash
This time eight years ago, She Should Run, a nonparti- giveaways to voters are un-
much of the nation’s focus was san nonprofit that encourages lawful, amid a battle over
on a glass ceiling that ulti- women to get involved in poli- where the case should be de-
mately didn’t break. tics, is concerned about a re- cided.
This year, as another woman duced bench of new female Philadelphia’s district at-
stands on the brink of potential candidates and the drop in torney is seeking a court or-
history, the country is talking Republican women winning der shutting down the
about everything else. primaries. She said that She sweepstakes, which are being
Unlike Hillary Clinton, Should Run, which is primar- run by Musk’s pro-Trump po-
whose doomed campaign often ily funded by corporate dona- litical action committee.
invoked the significance of her tions, has seen its fundraising Musk meanwhile is seeking

KEVIN LAMARQUE/REUTERS
bid to become the first female fall by nearly half in recent to move the case from state
president, Kamala Harris has years, Cutraro said. “I can’t court to federal court.
resisted making her gender a tell you how often I hear some During a 20-minute hear-
talking point in her campaign version of ‘That moment has ing Thursday morning, Judge
against Donald Trump. That is passed,’ ” she said. Angelo Foglietta said he
one reason why the historic na- Clinton’s emphasis on the couldn’t dive into the case
ture of the vice president’s can- Kamala Harris, shown Thursday at a rally in Reno, Nev., says she wants to move past divisions. historic nature of her cam- until the jurisdictional ques-
didacy has largely receded into paign, in which she often ap- tions were resolved. On
the background during a race Proportion of bodies of power made up of women, 2014–’22 peared wearing suffragette Wednesday, Foglietta issued
overshadowed by shocking white, relieved Harris of some an order that required all par-
turns of events. 30% State Legislators of the burden of a conversa- ties in the case to be present
Women have made signifi- Fortune 500 boards tion about women’s leader- at the hearing, but Musk
cant gains in elected office at Congress ship, political observers said. wasn’t in court Thursday.
every level and in corporate A lawyer for Musk told the
boardrooms in the last eight judge his client couldn’t be at
years, even as they remain
20 Sexist attacks the hearing because it was
acutely underrepresented. Yet Yet they fear Harris’s avoid- convened on short notice, but
many have felt progress sty- ance of gender and emphasis would attend future proceed-
mied in other ways, most nota- on strength are responses to ings in the case if required.
bly the loss of the constitu- 10 an electorate that remains The district attorney’s office
tional right to an abortion after Fortune 500 CEOs deeply sexist. Trump’s cam- said it might seek penalties if

.
the Supreme Court overturned paign has highlighted griev- Musk doesn’t attend.
Roe v. Wade. ances of some men and back- —Jan Wolfe

ly
Some see Harris’s avoidance lash against diversity, equity
0
of talking about her gender as and inclusion programs.
a sign of progress, that the na- 2014 ’16 ’18 ’20 ’22 Trump and his surrogates have
tion has evolved past the need Number of women each year who filed for on Do you think this country would be governed attacked Harris in sexist and Georgia Official
to debate women’s leadership. office, and won their primaries to become their better or governed worse if more women were racist terms, including Trump Sets Timeline
To others, it is a sign of regres- party’s nominees in political office? sharing lewd memes of her on
sion—that Clinton’s loss proved social media and a speaker at For Ballot Count
being a woman is a liability. his recent New York rally re-
us ,

Democrats Republicans Responded with ‘would be governed better’

Harris also hasn’t heavily fo- ferring to “her pimp handlers.” The majority of ballots
l

cused on her Jamaican and In- 500 women 80% In the U.S., there is evidence cast in the Peach State will
e
al a

dian heritage. Filers Women that women are moving far- be counted by election night,
Harris stresses that she Nominees ther to the left, while men are Georgia Secretary of State
400
wants to move past divisions in moving farther to the right.
ci on

60 Brad Raffensperger said dur-

the country and pitch herself Political observers and voters ing a Thursday appearance
to all Americans. “I’m clearly a 300 pointed to the loss of abortion on CNN. Early votes will be
woman, I don’t need to point rights, the #MeToo movement reported by 8 p.m. ET on Nov.
40
that out to anyone,” she said Men that sparked women’s mobili- 5, and in-person Election Day
last week on NBC News. “The 200 zation against sexual abuse votes will be reported “by the
er s

point that most people care and pandemic workforce dis- end of the night,” Raffen-
about is, can you do the job 20 ruptions that hit women sperger said.
100
m er

and do you have a plan to actu- harder than men as pivotal de- Raffensperger said about
ally focus on them?” velopments in the last eight 10,000 ballots—mostly con-
That focus includes an em- 0 0 years. sisting of military and over-
phasis on issues that affect “We are not better off,” said seas ballots, and last-minute
2014 ’16 ’18 ’20 ’22 ’24 ’14 ’16 ’18 ’20 ’22 ’24 2000 ’05 ’10 ’15 ’20 ’25
women, particularly reproduc- Desiree Tynsky, a 59-year-old absentee votes—won’t be
m rp

tive rights. Harris has tapped Sources: Pew Research Center (bodies of power); Rutgers University Center for American Women and Politics (filing for office); Gallup poll (governing) registered nurse in Glendale, tabulated until the next day.
high-profile female surrogates ROSIE ETTENHEIM/WSJ Ariz. “Our freedoms are under In 2020, the race wasn’t
to reach voters, most notably attack—every day I feel it.” called until 10 days after
last weekend, when superstar more powerful and politically on Fortune 500 boards from Walsh said. “We saw women Julie Harris, president of Election Day. President Biden
Beyoncé at a Houston rally active. There are signs their 20% to 30% and among For- running in record numbers the National Federation of Re- won the state by roughly
co Fo

spoke of witnessing “the gains have triggered a back- tune 500 CEOs from 4% to and beating incumbents.” publican Women, is skeptical 11,000 votes.
strength of a woman” under gi- lash and left women disillu- 11%, according to the Center In 2018, more than twice as of data that women are drift- —Xavier Martinez
ant signs reading “Trust sioned, analysts and voters for American Women and Pol- many women filed to run for ing farther away from her
Women.” At another weekend said. itics at Rutgers University and Congress and statewide execu- party.
Harris event, former first lady In 2014, 63% of Americans the Pew Research Center. Last tive offices as had two years In traveling around the
Michelle Obama addressed men polled by Gallup said the year was the first when fe- earlier. country talking to women from Battleground
specifically as she dived into country would be better gov- male CEOs surpassed CEOs More recently, however, the her party, Julie Harris said the Polls Paint
details of miscarriages and gy- erned if more women were in named John. number of women running for issue of abortion rights “very
necological care. political office. This year, that Much of that gain came office has been falling back to rarely comes up.” Rather, she Mixed Picture
number dropped to 57%, during Trump’s term when pre-2018 levels. thinks they are consumed with
mostly because of a shift in many women, stunned by his Republicans have also seen concerns about kitchen-table CNN battleground polls
Signs of backlash men’s sentiment. 2016 victory, became more po- a decline in the number of issues, especially inflation, and show Kamala Harris leading
Harris’s candidacy follows a Since 2016, the share of litically engaged, said Debbie women candidates who win illegal immigration. “What Donald Trump by five points
n-

series of watershed political women in the halls of power Walsh, director of the Rutgers their primaries. Over the last women may have had the lux- in Michigan and six points in
and cultural moments for has risen; in Congress from center. Women tend to lean two cycles, only a third of the ury of thinking about in 2016 Wisconsin, while both remain
women since Clinton’s defeat 20% to 28% this year; in state Democratic. “We saw a spike, 486 Republican women seek- has become secondary,” she deadlocked in Pennsylvania.
that has left American women legislatures from 24% to 33%; particularly, right after 2016,” ing to run for Congress were said. Both likely need to capture
no

each of these “blue-wall

states” to win.

Vote-Fraud “Pennsylvania is cheating,

and getting caught, at large
scale levels rarely seen be-
Bucks officials blamed mis-
communication for the fact
that people lined up to apply
Other polls show Harris
and Trump neck-and-neck in
these areas. In Wisconsin,

Allegations fore,” Trump declared to his

nearly eight million Truth So-
cial followers Wednesday, de-
for an on-demand mail ballot
were “briefly told they could
not be accommodated.”
Harris carried a one-point
lead over Trump, within the
margin of error, according to

Have Begun manding a law-enforcement

intervention.
Foreign operatives also ap-
Trump’s campaign sued the
county on Wednesday, claiming
its officials violated state elec-
a Marquette Law School poll.
Trump had a single-point ad-
vantage over Harris in Penn-
pear to be playing a role in the tion law by turning away vot- sylvania, according to a Quin-
MATT ROURKE/ASSOCIATED PRESS

Continued from Page One escalating effort to portray ers. Later in the day, a judge nipiac University poll.
in determining who will win chaos in Pennsylvania ahead of extended the deadline for vot- The CNN polls, which sur-
the race for the White House or Nov. 5. Recent viral footage ers to apply for and receive veyed hundreds of people
control of the Senate,” Schmidt purportedly showing a person mail-in ballots in person at a last week and this week,
said of the forces drawing elec- destroying mail-in ballots was local election office. show as many as 8% of vot-
tion skeptics to the state. a hoax created by unspecified Trump has called out two ers in the three states are
With its 19 electoral votes, Russian actors, according to Pennsylvania counties, Lancas- still persuadable.
Pennsylvania is considered a the Office of the Director of Na- ter and York, for what he said —Alyssa Lukpat
must-win for both Trump and tional Intelligence and two Republican Al Schmidt, Pennsylvania’s top election official was election fraud.
his Democratic rival, Vice other federal agencies. Authorities in Lancaster
President Kamala Harris, who Many Pennsylvania claims his 1.7 million X followers. He Yet Luzerne County Man- County said Friday they were
are running virtually neck- are circulating on X in an shared a video of a county offi- ager Romilda Crocamo doesn’t investigating about 2,500 pos- Early Voting
and-neck in the state. In 2020, “Election Integrity Commu- cial speaking at a public meet- expect the suspicion to end. sible fraudulent voter-registra- Breaks
Democrat Joe Biden defeated nity” recently launched by ing about a batch of last-minute “There are people that, no tion applications submitted to
then-President Trump by Musk’s PAC as a repository for voter applications delivered by a matter what we say or do, are the elections board on the cusp 60 Million Mark
about 1 percentage point. people to share suspected former election worker. “If we not going to believe that we’re of the registration deadline.
While Pennsylvania faced an fraud. Claims do not address following the system,” she The workers noticed irregulari- With days remaining until
avalanche of unsuccessful liti- shared in the these inconsis- said. ties, didn’t process the applica- Election Day, 60.6 million vot-
gation by Trump and his allies group include tencies,” Presler While administrative hic- tions and referred them to law ers have cast an early ballot.
challenging the 2020 results, one from con- Musk’s X wrote, “Pennsyl- cups or local complaints al- enforcement. That includes 14.6 million
those efforts largely emerged spiracy theorist platform vania voters ways arise in elections, the dif- Officials said the potentially votes in the seven battle-
after Election Day. Now, the Alex Jones of a cannot have ference now in Pennsylvania is fraudulent applications in- ground states, according to
push to cast doubt on the bus of “non- amplifies fraud confidence in that they are being spread cluded people registered in data from the University of
state’s electoral system is al- English speak- fair & free elec- globally by influencers with both parties. Schmidt, the Re- Florida’s Election Lab.
ready well under way. ing ‘citizens’
tales that local tions.” millions of followers. publican chief election official, In states that report party
Posts suggesting or declar- fast-tracked to officials call false. “This needs In less than 30 minutes called Lancaster County’s ac- identification, 38.7% of early
ing systemic fraud in Pennsyl- the front” of to be investi- Tuesday, the complaint about tions a sign that “safeguards in votes cast have been by Dem-
vania, propelled by Elon Musk voting lines. gated,” Musk county workers in Bucks our voter registration process ocrats, while Republicans have
and other pro-Trump influenc- Conservative chimed in, re- County outside Philadelphia are working.” cast 36.2% of votes so far—a
ers on Musk’s X platform, are activist Scott Presler, who posting Presler’s message to his closing down a line too early closer-than-usual margin that
outpacing public officials’ at- heads a voter-registration own 202 million followers. raced across social media— has continued to narrow as
tempts to explain the realities group called Early Vote Action, Luzerne County District At- from the X account of the Watch a Video more votes are counted. Some
on the ground. Authorities said is among those zeroed in on torney Sam Sanguedolce, a Re- Trump campaign’s political di- Scan this code to swing states, including Geor-
the posters are misrepresenting Pennsylvania. publican, said Monday his of- rector, to reposts from conser- see how videos gia and Michigan, aren’t in-
routine or unverified problems, On Sunday, Presler thrust Lu- fice did investigate. “None of vative celebrities, including are being used cluded in the breakdown by
leading to a false narrative zerne County into the national the registrations were fraudu- commentator Jack Posobiec, to to cast doubt on party registration.
about electoral malfeasance. spotlight, relaying a “scoop” to lent,” he said in a news release. his two million followers. election integrity. —Xavier Martinez
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A6 | Friday, November 1, 2024 * ***** THE WALL STREET JOURNAL.

U.S. NEWS
Index performance on Thursday
0%
Another strong report on
Friday could extend a sharp U.S. WATCH
selloff in bonds that began af-
ter the release of the Septem-
Dow Jones Industrial Average ber payroll data. That report
–0.5
significantly eased recession
fears and convinced traders
–1.0
the Federal Reserve might
lower rates slower than ex-
S&P 500 pected. The central bank cut
–1.5
its benchmark borrowing cost
by a half percentage point in
mid September.
–2.0
The yield on the benchmark
Composite
Nasdaq Compos
10-year Treasury note ended
Thursday at 4.282%, according
–2.5 to Tradeweb, up from 3.798%
at the end of September.
Yields rise as prices fall.
–3.0
Five-minute intervals Traders are counting on the

PAUL VERNON/ASSOCIATED PRESS

Fed trimming rates by an ad-
10 a.m. 11 noon 1 p.m. 2 3 4 ditional quarter of a percent-
Source: FactSet age point at the central bank’s
meeting next week.

S&P 500, vestments. They

shouldn’t equate declining
stock indexes with economic
still Other frothy corners of the
market came down on Thurs-
day.

Nasdaq in weakness.
“Concentration will give us
that volatility and when it
Earnings sank shares of
trading platforms Robinhood
Markets and Coinbase Global,
HONORING PUBLIC SERVICE: Members of the Ohio State Highway Patrol carry the casket of
former Ohio House Speaker Jo Ann Davidson at the Ohio Statehouse in Columbus.

Tech Selloff swings into a painful direc-

tion, there’s a natural instinct
to worry there’s a crack in
the cryptocurrency exchange,
which lost 17% and 15%, re-
spectively.
ECONOMY
Jobless Claims
ARKANSAS
State Buys Land
NATIONAL PARKS
Yellowstone, Denali
the economy,” she said. “The Super Micro Computer
Continued from Page One recent data show us that’s shares followed up Wednes- Decline Slightly To Build a Prison Get Bridge Funds
reported better-than-expected misguided.” day’s 33% plunge with a 12% A smaller flow of workers Arkansas has purchased Federal highway officials
results after trading hours on It wasn’t all bad. Quarterly decline, extending losses since filed for new jobless benefits land for $2.95 million to build announced $635 million to re-
Wednesday, investors found results propelled a lot of com- the server maker disclosed last week, evidence of a rela- a new prison that officials pair or replace numerous old
fault on Thursday. panies to great days. that Ernst & Young had re- tively stable employment pic- hope will ease a backlog of and outdated bridges in
Microsoft forecast slower International Paper jumped signed as its auditor, saying it ture ahead of Friday’s report state inmates in county jails, states across the U.S. from
growth in its cloud business 13%, the latest in a string of could no longer rely on man- on the labor market in Octo- Gov. Sarah Huckabee Sanders Alaska to Maine, including a
and fell 6%. Meta said it ex- blockbuster earnings gains for agement’s representations. ber. and corrections officials said. couple located in popular na-
pects “significant” growth in cardboard-box makers. Oil Trump Media & Technology The week through Oct. 26 The state bought 815 tional parks.
capital expenditures next year producer ConocoPhillips Group, which operates former brought 216,000 initial job- acres in Charleston, about The grants for more than
and sank 4.1%. added 6.4% after topping Wall President Donald Trump’s so- less claims, compared with 106 miles northwest of Little 70 small and medium-size
Apple and Amazon.com Street’s profit expectations. cial-media platform and tends 228,000 a week earlier. Econ- Rock. The state Board of Cor- bridges in 19 states mark the
gave their results after Thurs- Travel site Booking Holdings to move with expectations of omists polled by The Wall rections must approve the latest infusion from a $1.2

.
day’s closing and Norwegian a second Trump presidency, Street Journal had been ex- site before construction be- trillion infrastructure law
bell. In after- Cruise Line lost 12%.

ly
pecting to see 230,000 initial gins. signed by President Biden in
hours trading, climbed 6.3% Elsewhere, yields on U.K. claims. Prison officials haven’t 2021. The measure directed
Amazon gained Nvidia, the and 4.8%, re- government bonds shot The number of continued given a total estimate on $40 billion to bridges over
back some of must-own stock spectively, after higher for the second consec- claims, a gauge of the size of how much the new prison five years.
Th u r s d a y ’s
6.5% loss. Ap-
ple extended
its 2% decline.
of the artificial
intelligence
their earnings
reports sug-
gested healthy
consumers.
onutive session, as investors
mulled the new Labor gov-
ernment’s budget proposal
calling for increased taxes
the unemployed population,
fell to 1.86 million in the
week through Oct. 19, com-
pared with 1.89 million the
will cost. Sanders, a Republi-
can, called for 3,000 new
prison beds and lawmakers
set aside $330 million for
Maine will receive the
most money from the latest
grants—nearly $133 million
for a dozen bridges along In-
Chip makers boom, fell 4.8%. Weekly em- and borrowing. The pound week before. that last year. An additional terstate 95 and Interstate
us ,

continued a re- ployment data lost ground against the dol- Gradual cooling in the la- $75 million originally in- 395.
l

cent struggle. Thursday lar. “Plainly investors are bor market and solid growth tended for the expansion of a In Alaska, more than $13
e
al a

Nvidia, the showed fewer nervous about the fiscal out- have combined to boost con- prison unit is also available million will help replace the
must-own stock of the artifi- jobless claims than econo- look in the U.K.,” said Jonas fidence in a soft landing for for the project. Ghiglione Bridge in Denali
cial intelligence boom, fell mists expected. The Labor De- Goltermann, deputy chief
ci on

the economy as the Federal About 2,500 state inmates National Park and Preserve.
4.8%. The PHLX Semiconduc- partment is set to release Oc- markets economist at Capital Reserve is expected to con- are currently housed in In Wyoming, $23 million
tor index declined 4%. tober payroll data Friday, Economics. tinue cutting interest rates county jails. will help repair an 85-year-
Investors are seeing the though economists and ana- European stock indexes next week. Corrections officials said old, 200-foot-high bridge that
downside of an equities mar- lysts warn that the numbers also declined Thursday to end Economists have forecast once the new prison is built, carries vehicles—and some-
ket built around a few giant might be messy given the ef- the month lower. London’s that the unemployment rate it will employ nearly 800 times herds of buffalo—over
er s

stocks, said Lara Rhame, fects of hurricanes Helene and FTSE 100 index fell 0.6% Fri- stayed steady at 4.1% in Oc- people at an average salary the Gardner River in Yellow-
chief U.S. economist at Phila- Milton and the machinists’ day and the Stoxx Europe 600 tober. of more than $46,600. stone National Park.
m er

delphia asset manager FS In- strike at Boeing. ended down 1.2%. —Matt Grossman —Associated Press —Associated Press

Phone Sales Apple’s quarterly revenue, prior year’s iPhone 15 launch,

according to Counterpoint Re-
m rp

change from a year earlier

search. But stronger sales in
12%

Lift Apple 8
China might not last because of
recent smartphone launches
from domestic Chinese vendors,

To a Record +6% the research firm cautioned.

co Fo

The new AI features aren’t

4 available in China, and in the
U.S., none was available when
Continued from Page One the devices went up for sale in
intensified after domestic 0 September. The first batch of
smartphone champion Huawei features were released earlier
released a high-speed phone, this week—summarizing notifi-
Apple’s revenue reached $15 –4 cations, rewriting text and
billion for the region, a slight cleaning up photos—though
decline from the same period people first had to get on a wait
last year and nearly 6% below –8 list to access them. Apple said
analyst expectations. FY2022 ’23 ’24 other features, including an in-
Apple’s peers reported Note: Latest fiscal quarter ended Sept. 28. tegration with OpenAI’s Chat-
n-

strong results this week. Micro- Sources: S&P Capital IQ; the company GPT, would be coming later.
soft and Google parent Alpha- Apple plans to be careful as
bet posted double-digit revenue ized and more private AI sys- it launches the new tools, and
growth due in large part to ris- tem than from others. The new executives have said the com-
no

ing demand for their AI-pow- AI features are available on the pany is focusing on privacy and
ered cloud services. On Wednes- latest phones and the previous responsibility first.
day, Meta Platforms logged generation’s iPhone 15 Pro, po- “This is a big lift,” Craig
record quarterly sales, fueled by tentially encouraging a new Federighi, Apple’s software
strength in digital advertising. wave of demand. The last big chief, recently told The Wall
The growth in iPhone sales upgrade cycle for the iPhone Street Journal. “You could put
was a positive surprise and in- was in 2021, when many carri- something out there and have it
dicates that people with ers were subsidizing new phone be sort of a mess. Apple’s point
iPhones that were three to four purchases to get users on 5G- of view is more like, ‘Let’s try
years old are ready to upgrade, enabled devices. to get each piece right and re-
said Charles Rinehart, chief in- Early demand signs for the lease it when it’s ready.’ ”
vestment officer at Johnson In- iPhone 16 have been mixed. In Users have upgraded to the
vestment Counsel, an Apple the first eight days of sales for new iPhone operating system
shareholder. the iPhone 16 in the September faster than last year in order
“There’s an underappreci- quarter, sales were better than for them to access Apple Intelli-
ated demand,” he said. “It’s su- the same period last year for gence, said Maestri.
per encouraging to see this the iPhone 15, said Apple Chief “There is a lot of interest
growth in advance of the AI Financial Officer Luca Maestri. from our customers to get onto
features fully launching.” New iPhone 16 models ac- the new software so they can
Apple’s peers reported counted for 20% of U.S. iPhone experience the intelligence fea-
strong results this week. Ama- sales in September, down from tures,” said Maestri.
zon.com rose by more than 4% a 29% share in September 2023 For Apple’s biggest new
in after-hours trading after of the iPhone 15 lineup, the lat- product in nearly a decade,
beating Wall Street expecta- est at the time, according to the Vision Pro headset, sales
tions, with demand rising for Consumer Intelligence Research have been slow with its high
its cloud services and e-com- Partners. In China, the first $3,499 price tag. A cheaper
merce sales. three weeks of sales for the version is expected as soon as
But these big tech players, iPhone 16 did better than the next year.
including Microsoft and Meta,
faced wary investors after re-
porting rising spending on the
AI boom. Although quarterly
sales increased markedly for
both companies, their shares
fell in after-hours trading
Wednesday, underscoring the
demand among shareholders
for better returns on billions of
FREDERIC J. BROWN/AFP/GETTY IMAGES

dollars in spending for new AI

products and services.
Apple has taken a more cau-
tious approach compared with
Microsoft and Meta, increasing
operating expenses at a far
slower rate this year, according
to FactSet data.
In September, Apple released
its iPhone 16 lineup, which it Apple’s iPhone 16, introduced in September, was promoted for
said would enable a personal- having a personalized AI system.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, November 1, 2024 | A7

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A8 | Friday, November 1, 2024 * * THE WALL STREET JOURNAL.

WORLD NEWS
U.S. Officials Work
To End Lebanon War
Hezbollah, Beirut and Hezbollah in 2006. ally could end the war, Arab
The draft proposal also officials said.
would likely oppose calls for Israel to withdraw its The proposal is expected to
plan allowing Israel forces from Lebanon after one be part of discussions led by
week, after which time the senior U.S. officials who flew
to continue strikes Lebanese armed forces would to the region this week in a
deploy in the south to assist renewed push by the Biden
BY SUMMER SAID in dismantling military infra- administration to end the
AND JARED MALSIN structure related to Hezbollah wars in Gaza and Lebanon.
and other nonstate militias. Central Intelligence Agency

MANU BRABO FOR WSJ

Senior U.S. officials are in The Israeli security estab- Director William Burns met
Israel discussing a draft lishment is pushing for a dip- with Egyptian officials in
agreement to end the war in lomatic solution in Lebanon, Cairo. Top White House offi-
Lebanon that would allow Is- believing it is close to attain- cials Amos Hochstein and
rael to continue striking Leba- ing many of the goals it set Brett McGurk met in Israel
non for a two-month period, a out to achieve. People close to with Netanyahu and with De- Lebanese mourned at the grave of a family killed in an Israeli airstrike in Al Khodor in October.
proposal that likely will face Israeli Prime Minister Benja- fense Minister Yoav Gallant to
steep resistance from Hezbol- min Netanyahu, however, discuss the Lebanon war. fuse the Middle East crisis ton on Thursday, said Israel had anon, and for Hezbollah to
lah and the Lebanese govern- don’t expect a deal before the The Israeli prime minister’s comes days before the U.S. achieved its stated objective of pull its forces back from areas
ment over concerns it violates U.S. elections, said a person office said Netanyahu, at the presidential election and at a dismantling Hamas militarily. near the Israeli border.
the country’s sovereignty. familiar with his thinking. start of his meeting with Hoch- critical time in Gaza and Leba- “This would be the time to The draft deal was reported
The deal, a draft of which Neither Hezbollah nor the stein on Thursday, “made it non. Israel has launched thou- move to end the war,” he said. by the Israeli public broad-
was viewed by The Wall Street Lebanese government has ac- clear that the main point is not sands of airstrikes in Lebanon Hezbollah told mediators caster KAN on Wednesday
Journal, includes an agree- cepted the proposal, which this or that agreement on paper that have killed several top that the 60-day transition pe- night. The draft and side letter
ment between the U.S. and Is- they say gives Israel too much but Israel’s ability and determi- Hezbollah leaders and destabi- riod also opens the door for are both dated Oct. 26. Officials
rael that would allow Israeli leeway to continue attacking nation to enforce the agree- lized the country, uprooting Israel to continue what it calls familiar with the talks said only
forces to strike Lebanon dur- over the border, said Lebanese ment and thwart any threat to hundreds of thousands of peo- aggression in Lebanon. The minor modifications to the
ing a 60-day interim period in and other Arab officials in- its security from Lebanon.” ple from their homes. In Gaza, Lebanese militant group also draft had been made since then.
response to imminent threats. volved in the negotiations. Michael Erik Kurilla, the a continuing humanitarian cri- says it is opposed to modify- Within Israel, the country’s
It would enforce the deal and Lebanese officials say they head of U.S. Central Command, sis is deepening amid height- ing resolution 1701, which military and other security
related United Nations resolu- don’t want to publicly dismiss also arrived in Israel on Thurs- ened concerns about the fate of called for both sides to cease forces are beginning to press
tions, including Security the deal because the docu- day and was expected to travel Israeli hostages held by Hamas. fire, a withdrawal of Israeli for a deal in Lebanon, arguing
Council Resolution 1701, which ment allows room for contin- to Jordan, a U.S. official said. Secretary of State Antony forces from Lebanon, an end that they have achieved many
ended the war between Israel ued negotiations that eventu- The American effort to de- Blinken, speaking in Washing- to Israeli overflights over Leb- of their goals.

.
ly
Tyranny of Distance
For a potential conflict in the Pacific, U.S. military logistics has to scale up.
For a conflict with China, logistics would be complicated
because crossing the Pacific takes much longer than
the Atlantic. Distances* are far greater and shipping
routes could face more danger of attack.
on Across the Atlantic, the U.S. has decades of experience
working with NATO allies to send military
supplies to Europe for a potential
conflict with Russia.
Cargo ships generally
only need around two weeks
to cross the Atlantic.
us ,
l
e
al a

Number of U.S.-flagged
merchant ships Military Ocean
ci on

Terminal Concord Military Ocean Bremerhaven

CALIFORNIA Terminal Sunny Point GERMANY
3,000 NORTH CAROLINA 4,400 miles
1960
2,926
er s

2,500
m er

Singapore HAWAII
8,5000 miles 2,400 miles
2,000
m rp

Guam
Souda Bay
6,200 miles
CRETE, GREECE
1,500 5,800 miles
Darwin
D
Pago Pago
co Fo

AUSTRALIA
RALIA
L
5,000 miles
1,000 1975 9,000 miles
857

500
2010 2024
221 185 *Distances on the map are approximate.
†As of May 7
0 Sources: MarineTraffic, staff reports (distances);
Bureau of Transportation Statistics (merchant ships)
1960 ’65 ’70 ’75 ’80 ’85 ’90 1995 2000 2005 2010 2015 2020 2024† CAMILLE BRESSANGE/WSJ
n-

China’s Advance Exposes U.S.’s Supply-Line Weakness

no

BY DANIEL MICHAELS quired more than 165 ships, Transcom could need more
AND NANCY A. YOUSSEF which crossed the peaceful At- than 100, some analysts say. It
lantic Ocean unimpeded. has guaranteed access to 10.
SCOTT AIR FORCE BASE, War with China wouldn’t In peacetime, most Penta-
Ill.—America’s combat forces only require far more equip- gon ocean cargo—such as for
need a lift. ment to be transported under deployments and exercises—
Every two weeks since late more dangerous conditions. travels on roughly 60 ships
last year, officers here con- The Pacific is also far larger operated by Military Sealift
vene a classified intelligence than the Atlantic, meaning Command, a Transcom com-
briefing about fighting in the each ship takes longer to move ponent. Much also goes on
Red Sea. The attendees aren’t the same volume, which in turn commercial ships.
politicians, policymakers or adds to the number of ships In a crisis, Transcom can
spies. They are private ship- needed. Planners refer to this activate another 48 govern-
SERGEI GAPON/AGENCE FRANCE-PRESSE/GETTY IMAGES

ping executives. as “the tyranny of distance.” ment ships kept on standby,

The meetings are part of a Transcom aims to offset its known as the Ready Reserve
push by the Pentagon’s Trans- shortfall by tapping commercial Force, run by the Transporta-
portation Command, or shippers to handle military tion Department’s Maritime
Transcom, to integrate ship- cargo outside war zones, poten- Administration.
pers as crisis supply lines. tially shouldering 80% of mili- For a big mobilization,
The policy stems from a tary freight. That could mean Transcom can tap another 95
dire need in an unloved but hundreds of ships. The Penta- private ships enrolled in a
vital corner of America’s mili- gon would handle the rest, usu- government program, ideally
tary behemoth. A House select ally closest to front lines. by contracting with their own-
committee in February called Coordinating huge fleets of ers. If that falls short,
Transcom’s sea-cargo capacity commercial ships and planes Transcom can essentially req-
“woefully inadequate.” with military equipment during uisition their use.
The U.S. is investing heavily U.S. military vehicles and equipment are brought ashore at the port of Aarhus, Denmark wartime would be daunting. In 1990, at the Cold War’s
in new weapons systems, but Transcom uses around 280 soft- end, the U.S. had roughly 600
missiles, warships and jet fight- Transcom’s commander. “You In conflict with China, the prime targets. During Russia’s ware systems for buying, ware- available merchant ships. In
ers are only a fraction of what can’t outrun your logistics.” Pentagon would send roughly assault on Kyiv in 2022, Ukrai- housing and moving provisions. 1960, it had more than 3,000.
the military worries about. China’s rise has exposed 90% of its provisions by sea. nians crippled Moscow’s forces To smooth that integration, China today has over 7,000
Troops sent to battle also need America’s shipping weakness. Among 44 government-owned by destroying their provisions. Van Ovost worked to lock in commercial ships. Chinese en-
food and water. Their equip- Beijing isn’t just Washington’s ships for moving vehicles that Robust logistics, in con- commercial shippers for a war- tities own every sixth com-
ment devours fuel and spare biggest military rival. It is also Transcom can tap, 28 will re- trast, can deter attacks. If ad- time role by capitalizing on mercial vessel on the seas—in-
parts. Guns without ammuni- by far the world’s biggest lo- tire within eight years. Re- versaries believe the U.S. can their hunger for Pentagon cluding ships flying other
tion are dead weight. Wounded gistics operation. placements have faced re- quickly mobilize a massive re- peacetime contracts. Her initia- countries’ flags—a share com-
fighters require evacuation. Within China’s centrally di- peated delays. sponse, they are less likely to tive has won industry plaudits. parable only to Greece.
Moving all of that—and rected economy, the govern- “It’s not as sexy as a B-1” initiate hostilities. During the “The more we talk to each Congress, seeking to redress
keeping supplies flowing for ment controls commercial bomber, said Van Ovost, who Cold War, North Atlantic other, the more we understand that imbalance, has given the
months or years—demands shippers, foreign port facilities served in the Air Force for 36 Treaty Organization allies rou- each other’s problems,” said Maritime Administration per-
vast and complex support in- and a globe-spanning cargo- years, of how officials in tinely made a show of flooding Stephen Carmel, president of mission to buy secondhand
frastructure, broadly termed data network that in a conflict Washington set spending pri- Europe with American troops U.S. Marine Management, a foreign-made ships and con-
logistics. If it doesn’t function, could be repurposed for mili- orities. “It’s just logistics,” she and gear before exercises. ship operator that works ex- vert them for its use. The
even a battle-proven force will tary aims or to undermine the said about the dismissive atti- Transcom has guaranteed tensively with the military. number budgeted so far: nine.
grind to a halt. U.S., including on home soil. tude of some in Washington. access to at most about 200 “We’re light years from “It’s a bandage for a cancer
“Logistics underwrites ev- Transcom’s fleet of planes But military logistics isn’t ships for a potential fight with where we need to be,” Carmel patient,” said Seth Cropsey, a
erything,” said Jacqueline Van and cargo ships, meanwhile, is “just logistics” because in China. Provisioning for the said, citing Transcom’s fleet of former Navy officer and deputy
Ovost, who recently retired as aging and insufficient. wartime, supply lines are second Gulf War in 2003 re- fuel-transport ships. In a war, undersecretary in the 1980s.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, November 1, 2024 | A9

FROM PAGE ONE

craft for gain.”
Financier, In 2014, a nonprofit par-
tially funded by Elliott set up
a website that laid out de-
His Novel tailed corruption allegations
against Kirchner and her al-

And a Probe lies. One page on the website

gave a “Rat Score” for 28 indi-
viduals and organizations it
accused of corruption—five
Continued from Page One rats being the worst score.
making billions pursuing Ar- The nonprofit closely coor-
gentina’s defaulted debt. dinated its efforts with DCI
Prosecutors want to know Group, a well-connected
what is fiction and what is re- Washington, D.C., firm staffed
ality. Their globe-spanning by many former congressional
probe is scrutinizing, among aides. DCI was key to New-
other things, the relationship man’s strategy, helping de-
between Forlit and Newman. velop a sophisticated media
At the heart of that part of and lobbying blitz attacking
the case: Did an alleged hack- the Argentine government as
ing operation set up by Forlit a sovereign deadbeat.
aid Elliott’s victory over Ar-
gentina?
Newman and Elliott haven’t $20 million

NATACHA PISARENKO/ASSOCIATED PRESS

been accused of wrongdoing, In a May court hearing in
but prosecutors are exploring London related to Forlit’s po-
how much Forlit’s clients tential extradition, a lawyer
knew of his alleged hacking. A representing the U.S. govern-
separate focus of the U.S. in- ment said that a company
vestigation is looking at For- controlled by the private in-
lit’s work for a consulting firm vestigator was paid $20 mil-
on behalf of Exxon Mobil, in lion by a Washington, D.C.
relation to its battle with crit- firm. The Wall Street Journal
ics on climate change. The oil Argentine lawmakers debated a debt deal steered by Elliott Management’s Jay Newman, in blue shirt below. At bottom, has reported that the firm is
giant also hasn’t been accused Argentine President Cristina Kirchner fought repayment demands, but the government settled after her party lost power. DCI.
of wrongdoing. “We don’t discuss our cli-
“Exxon Mobil was not in- He specialized in trading ents or the work we do for
volved in or aware of any distressed government debt, a them, even when asked about
hacking activities,” a company niche he found at Lehman work from nearly a decade
spokeswoman said. Brothers in the 1980s. ago,” a spokesman for DCI
In an email to The Wall After Argentina defaulted said. “We direct all of our em-
Street Journal, Newman said on its sovereign debt in 2001, ployees and consultants to fol-
he couldn’t talk about his most foreign bondholders set- low the law.”
strategies while at Elliott but tled for pennies on the dollar, DCI hasn’t been accused of
that “any suggestion or insin- but Elliott held firm. The wrongdoing. U.S. prosecutors
uation that I or the firm did hedge fund spent tens of mil- have disclosed little publicly

.
anything in any way illegal is lions of dollars on a legal, lob- about their investigation, and
categorically false.” bying and PR blitz around the the charges against Forlit ha-

ly
As for Forlit or other firms world to make the country ven’t been made public.
that may have worked with El- pay. People familiar with the
liott on the case, Newman Newman would tell inves- matter said Newman and For-
said: “I can’t for confidential-
ity reasons confirm any peo-
ple or institutions that Elliott
might or might not have done
tors in meetings that Elliott
was doing Argentina a favor,
helping to root out corruption
and position the nation as a
on lit met regularly in New York
and elsewhere to discuss the
Argentina case.
Newman told the Journal
business with. You would have credible borrower in global STAN HONDA/AFP/GETTY IMAGES the campaign used open-
us ,

to ask Elliott.” markets. source research to identify the

l

An Elliott spokesman said: assets of the debtor, as credi-

e
al a

“No one at Elliott is aware of tors often do, and that it is

anyone at the firm ever hav- Fearless boss absurd to suggest that Elliott
ing authorized, commissioned Newman has described El- could have played a role in
ci on

or paid for any hacking activi- liott founder Paul Singer as ousting Kirchner’s party.
ties. When Jay Newman left the fearless fund boss who In 2016, when a new, post-
Elliott in 2016, in his sever- wasn’t afraid to embrace the Kirchner government finally
ance agreement, he explicitly strategy. By contrast, he said domain—often through jour- threw in the towel, Elliott’s
represented to Elliott as a his former boss at Morgan nalists and lawyers. trade yielded more than $2 bil-
er s

contractual matter that he ‘is Stanley, John Mack, found the Forlit has told several lion, or more than 10 times the
not aware of any facts that he idea of pursuing foreign gov- friends and colleagues that he original investment. Newman’s
m er

knows or believes to be…a ernments in court a step too built an elaborate hacking op- bonus was more than $70 mil-
past or current material viola- far. “Morgan Stanley is never eration targeting Argentine lion. Soon after the saga was
tion of laws, rules and/or reg- going to sue a country,” New- officials and lawyers who resolved, he left Elliott.
ulations applicable to [El- man told the Miami book- were part of then-president Newman and Elliott said he
liott].’ Elliott has no party audience. Kirchner’s inner circle, and was retiring from day-to-day
m rp

knowledge of any wrongdoing Mack declined to comment. that the material his team hedge fund management, leav-
VICTOR R. CAIVANO/ASSOCIATED PRESS

having been conducted on its People who saw Newman in gathered was key to helping ing investors with the impres-
behalf.” action against Argentina say Elliott achieve its lucrative sion that he was ready to go
he appeared to revel in navi- settlement. off and enjoy his money.
gating the complex legal Now 56 years old, Forlit en- Behind the scenes, a rift had
Outsize characters
co Fo

twists as Elliott pressed for- joyed an “extravagant life- developed between Newman
Newman and Forlit are out- ward with tactics described by style” with his girlfriend that and Singer, people close to the
size characters themselves. some as novel, and others as she documented in “eye-pop- firm say. Newman was hoping
Newman has degrees from immoral and aggressive. ping photos” on her social- to broaden his strategy of buy-
Yale and Columbia and wrote “He really got to the es- media accounts, according to ing the cheap sovereign debt
books about embroidery and sence of the issue, that there a profile of her in the Israeli of other troubled countries and
other arts and crafts before was a great deal of misman- episode as a symbol of how far hackers in India and else- publication Mako. then negotiating—or suing, if
embarking on a decorated agement of that economy to depraved foreign capitalists where to break into accounts necessary—for its full value.
Wall Street career. Forlit was the detriment of Argentines would go to get their hands on of targets, stealing their Some investors that met
tossed out of Shin Bet, Israel’s through the time that they the country’s property. emails and providing them to James Bond with Elliott concluded that the
domestic-intelligence service, weren’t paying him,” said Forlit has told friends that clients in a variety of ways. In 2018, Forlit told friends, firm was less interested in the
for disciplinary reasons and Robert Gibbins, founder of the turning point in his career For some clients, he would he paid nearly half a million sovereign-debt business, and
then built a lucrative business hedge-fund firm Autonomy was when he was hired to simply embed PDFs of docu- dollars for her son’s animal- had moved on.
n-

as a private investigator. Capital, who has invested in work on the Ar- ments in re- themed bar mitzvah at the Newman has said on pod-
Slightly more than a decade Argentine bonds and been gentina litiga- ports with Waldorf Astoria in Tel Aviv. casts and other talks that he
ago, their paths crossed when critical of the government’s tion. “CONFIDEN- The same year, she threw him always planned to spend time
Forlit began working on the treatment of investors. Most former ‘My guess is TIAL” blazoned a James Bond-themed 51st writing after he stopped man-
no

Argentine campaign. “I don’t think that Jay spies and law- that hackers are in the back- birthday party. The lavish aging hedge-fund money full
Prosecutors are now inves- spent a decade of his life enforcement of- drop, according event featured professional time, and considered a book
tigating $20 million paid to a fighting this just for the ficers make stealing your to documents dancers flown in from Eng- about Argentine debt.
company Forlit controlled, via money,” says Gibbins. “If I more money in viewed by the land and included a painting
a consulting firm that worked were to say why he did it, at the private sec-
data every day’: Journal. of him as agent 007 and her
on behalf of Elliott, according that level there was some tor, but Forlit ‘Undermoney’ For others, as a love interest. Next act
to people familiar with the sense of justice.” was known he would go a When reached by the Jour- Instead, he penned “Under-
matter and statements made In one episode in the saga, among peers step further nal, she said, “We haven’t money,” which publisher
in open court. In a 2022 depo- Elliott in 2012 convinced a for being espe- and provide a been in touch for a long time Scribner describes as “an elec-
sition, Forlit denied that he’d Ghanaian court to detain the cially successful, leveraging a link to the emails and other but I hope for the best for trifying thriller” that “follows
ever been involved with hack- ARA Libertad, a tall-masted special skill to pull in multi- materials themselves, saying him.” a group of American patriots
ing. He declined to comment frigate used by the Argentine million-dollar contracts. The that he had found them on the During Kirchner’s second as they are enmeshed in a
after a July court hearing in navy to train cadets, in the skill: Obtaining private emails “dark web.” This method of term as president, allegations world of dark money and con-
London and didn’t respond to hopes of seizing it as an asset. and documents that could be dissemination effectively laun- of corruption swirled around front ever-increasing danger.”
subsequent efforts. After the Libertad’s release useful in pressuring adversar- dered how it was obtained, her and allies. In 2013, New- The book takes readers on a
and return home with much ies and settling disputes. making it easier to achieve the man and Elliott asked a Cay- romp from the Syrian desert
fanfare, Argentine President He told close friends and end goal of getting damaging man Islands court to force a to the power corridors of
Book signing Cristina Kirchner held up the allies that he hired computer information into the public bank to reveal details of an Washington, with stops on
While promoting his book, unnamed Argentine official’s Wall Street trading floors and
Newman hasn’t dissuaded personal offshore bank ac- superyachts coasting off the
anyone from believing that he count. According to court fil- shores of Mediterranean tax
followed the famous maxim ings, Newman had obtained havens. It follows dark-money
attributed to Mark Twain: confidential records showing trails into dimly lighted hotel
Write what you know. that the Cayman bank account rooms stocked with Cham-
At a book-signing event at recently held $602,000. In de- pagne, caviar and Eastern Eu-
a Miami restaurant in 2022, scribing where the records ropean women, where the ul-
Newman said many of the came from, Newman said in- trawealthy congregate with
characters are inspired by vestigators hired by Elliott got politicians, bankers and jour-
people he knows, some in the them in 2012, but that they nalists they’ve cultivated for
world of intelligence. He said wouldn’t say how. discreet sexual liaisons and
the big hedge fund in the “In my experience this is a dealmaking.
book, called Industrial Strate- common characteristic of in- In a scene involving a high-
gies—corrupt and power-hun- vestigators in this field,” New- stakes airdrop of $2.4 billion in
gry—doesn’t exist in that ex- man said in an affidavit, court cash destined for shadowy
act form, but is nevertheless records show. purposes, a protagonist weighs
based on reality. Elliott’s lawyers argued the trustworthiness of hired
“There’s not that much fic- that even if the bank-account conspirators: “Israelis were
tion in ‘Undermoney,’” New- records were illegally ob- expensive, but consistent.”
man told one podcast inter- tained, they should still be fair Newman has consistently
viewer while promoting the game for Elliott to use in pur- denied any link between
book, which earned plaudits suit of payment from Argen- Singer and the psychopathic
from bestselling authors in- tina. The Cayman judge de- hedge-fund manager in the
cluding Lee Child and Nelson nied the request, lambasting it novel, and told the New
DeMille. as an “abuse of confidential Yorker in an interview that
Newman’s battle with Ar- information,” and “a glaring the book further departed
gentina was less action- example of the real mischief from reality when his editor
packed than the exploits he at play as it must be assumed suggested it needed to be
depicted in “Undermoney” but A screenshot from a video posted to YouTube shows private investigator Amit Forlit, center, that the investigators em- much shorter—but include
no less dramatic. at a James Bond-themed party. He is now in London facing extradition to the U.S. ployed by [Elliott] ply their more sex.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A10 | Friday, November 1, 2024 THE WALL STREET JOURNAL.

ARTS IN REVIEW

FILM REVIEW | KYLE SMITH Tom Hanks and Robin Wright,

From ‘Here’ to Eternity

above and below, in ‘Here,’ directed

.
by Robert Zemeckis.

ly
ring Mr. Hanks, “Cloud Atlas,” in
several ways: its vast leaps in
The creators and stars of ‘Forrest Gump’ reunite in a film about the same plot of land across eons
on time, its cosmic wonder and its

W
staggering, hilarious ineptitude. If
you haven’t heard much about
hat if you parked “Here”—I do this for a living, and
a camera in one I hadn’t either—that’s presumably
us ,

place for a couple intentional: It barely merits a pro-

l

of hundred mil- motional push.

e
al a

lion years and let Mr. Zemeckis, who in “Gump”

it roll? Such is made perhaps the quintessential
the premise, or gimmick, that Boomer picture, is stuck in a mode
ci on

drives “Here,” the cinematic re- of storytelling meant to appeal to

union of the director, writer and a previous generation: He delivers
stars of “Forrest Gump.” his narrative beats in the most
Most of “Here” takes place dur- cloying, insufferable, overdeter-
ing a period when the stationary mined way, backed by an intrusive
er s

view is of the living room in a musical score by Alan Silvestri

middle-class home across the that amounts to putting the senti-
m er

street from a more stately resi- ments in boldface, italics and all
dence once owned by William caps. Motifs such as viral disease,
Franklin, the Tory son of Benjamin the Franklin family and (this one’s
Franklin. Darting around in time, a puzzler) vacuum-cleaner tech-
at one point all the way back to nology, which seems to preoccupy
m rp

when dinosaurs stomped the area, Mr. Zemeckis, keep popping up in

and also pausing to check in on groaningly contrived ways. In an
the Franklins and a loving indige- awkward lunge for present-day
nous couple in what could be the relevance, the film presents a
pre-Columbian era, the movie black family, living in the house in
co Fo

mostly focuses on Richard (Tom the Covid-19 era, to shoehorn in a

Hanks) and Margaret (Robin speech from a father to his son
Wright), whom we meet when about how to avoid getting shot by
they’re teens. As is often the case in the picture, then taking over manent hearing loss). Mr. Hanks, who has said that he police during a traffic stop that
in Robert Zemeckis’s films, which the entire screen to place us else- We watch these people and sev- stopped playing dark roles when concludes with the advice to
include “Back to the Future,” where in the timeline. At our ear- eral other families living in the he realized he was incapable of “thank God” should he survive.
“Death Becomes Her” and “Who liest encounter with them, Mr. house over the years. They have scaring anyone, should have con- The inch-deep approach to his-
Framed Roger Rabbit,” a visual ef- Bettany’s Al is a cantankerous spats, make love, suffer losses, cel- sidered that he’s equally incapable tory and social issues, the high-
fect is central to the story: Digital World War II vet who suffered sig- ebrate holidays and live ordinary of seeming like a dour defeatist. concept device, and the trite char-
de-aging technology is used to nificant injuries; Ms. Reilly is his lives. Mr. Hanks’s character is at Other characters who inhabit the acters all seem better suited to a
make the two principals look de- wife, Rose. the center of the film as an artisti- space as we skip around in time different type of movie—such as
cades younger than they are for A central motif, or cosmic joke, cally gifted but spineless fellow include a husband who invents the one of those gee-whiz featurettes
almost the entire movie. Paul Bet- is that things tend to repeat them- who never has the guts to follow La-Z-Boy before our eyes and a pi- shown at the EPCOT theme park.
n-

tany and Kelly Reilly, both many selves if you stick around long his dreams. After he marries Mar- lot who keeps reassuring his wife The film even carries the neces-
years younger than Mr. Hanks, enough: The same spot where a garet and has a daughter with her, that 1910s flying technology is safe. sary hint of corporate sponsor-
play his parents. roof leaks to let in rain is where, he drags his feet about moving Co-written by Mr. Zemeckis ship: With a little pruning, it could
SONY PICTURES (2)

We follow that couple over years later, a pregnant woman’s with them out of his parents’ and Oscar-winning “Gump” writer function as an extended joint ad-
no

many years also, starting in 1945. water breaks. Al shouts a lot both house to get a place for his own Eric Roth, adapting a graphic vertisement for La-Z-Boy and a
Scene changes are heralded by a when he’s young (temporary deaf- family, constantly fretting about novel by Richard McGuire, the film vacuum-cleaner company. “Here”
tile from the next scene appearing ness from the war) and old (per- taxes and the economy in general. resembles a previous effort star- goes nowhere, slowly.

TELEVISION REVIEW | JOHN ANDERSON which are lacking in DCI

Taking Charge
James Belmont (the re-
liably thuggish Chris
Reilly, “Slow Horses”),
whose approach is to

Of Challenging Cases
arrest the most obvious
suspect and stop inves-
tigating. Harper tells
Belmont what he thinks,

I
finds himself out of a
n many traditional private-eye leading tactic. Hold out your hand job and goes to work
capers, the sleuth is a gifted am- and she won’t shake it; smile and for Ellis.
ateur whose superior skills are she won’t respond. Still, she can also The lesson of “In-
resented by the police. In “Inspector be supremely reasonable, logical and spector Ellis,” should
Ellis,” the sleuth is a professional just. Ellis is not hesitant to make one need one, is mana-
who parachutes in to rescue other dopes of the local cops; she does it gerial: Workers respond
ostensible professionals. Her pres- routinely, it seems. All we really to competence and
ence isn’t an intrusion. It’s a slap in learn as the three-part season un- strong leadership, which
the face. spools (each episode is what Ellis provides.
Sometimes forbid- being feature-length) What is the best sto-
ding, always on point, is that she is re- ryline provided by writ-
the title character of A specialist spected by her supe- ers Paul Logue and Sian
“Inspector Ellis” detective is sent riors and carries a Ejiwunmi-Le Berre? Epi-
(Sharon D Clarke) is good deal of anguish sode 1 has Ellis as-
a detective chief in- from London concerning her es- signed to a department
spector and the spe- trangement from her thrives, perhaps, because it marries Sharon D Clarke stars in the three- that is corrupt because it is incom-
cialist sent in from
to solve small- daughter, who never the warmly human to the chillingly part investigative drama ‘Inspector petent; chapter 2 is about a depart-
London when a town mysteries. calls, though Ellis criminal, but most detectives still Ellis.’ ment that is simply corrupt; 3 in-
small-town constabu- takes elaborate pains have to have a signature, a trauma, volves a group of decent officers
lary can’t handle a patching together a quirk. Ellis may be seen by the in- does even over the series, especially short on resources. It has the best
case. Physically im- phone chargers in or- ept and understaffed as a black fe- regarding Detective Sergeant Chet opening, but also too many charac-
posing, black and female, she is not der to be ever-available. male intruder, but her signature is Harper (Andrew Gower, “Out- ters and a case that is bafflingly in-
affectionately embraced by any of Line up all the detectives on TV really her grim attitude and, natu- lander”) whom she picks up as an volved. Viewers may keep watching
her new colleagues. And she and you’d have a fairly sizable police rally, her near-flawless investigative assistant during episode 1. Harper is regardless, however, lest they incur
couldn’t care less. She is quite the force, though their collective neuro- gifts. Ms. Clarke makes her daunt- an interesting case—he fits into the the wrath of Ellis.
compelling character. And she ses would make them a herd of ing and likable, no small accomplish- meek, ever-flustered sidekick role
knows it. cats. As anyone knows who ment, but the only way the show yet never loses his dignity. Mr. Inspector Ellis
AMC NETWORKS

As portrayed by Ms. Clarke, a watches television anywhere at any could survive. Gower is terrific, and will have a Monday, Acorn TV
much-honored English stage actress time, the police procedural is reli- Whether it can indeed move on wonderful life; Harper sees in Ellis
and frequent TV presence in the able entertainment. (“Law & Order: past this three-episode season is a superior qualities—of policing and Mr. Anderson is the Journal’s TV
U.K., Ellis makes intimidation her SVU” is on all the time.) The genre question: Ellis has to soften, as she detection, but also morality, all of critic.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, November 1, 2024 | A11

ARTS IN REVIEW

T
New York THEATER REVIEW | CHARLES ISHERWOOD
he truth of the old
showbiz saw
about avoiding
working with chil-
dren and animals,
often attributed
Bringing Schmaltz to Broadway
to W.C. Fields, is borne out Delia Ephron adapts her memoir about late-in-life romance and a cancer diagnosis in ‘Left on Tenth’
at “Left on Tenth,” a
schmaltz-sodden comedy-
drama on Broadway by De-
lia Ephron. The pooch who
plays the star Julianna Mar-
gulies’s pet is, yes, distract-
ingly adorable. More to the
point, in its longest, albeit
still brief, appearance it
looked distinctly bored.
Maybe I was projecting.
For the play, adapted from
Ms. Ephron’s memoir and
co-starring Peter Gallagher,
is a slight and superficially
written later-life romantic
comedy that morphs into a
grimly clinical depiction of
Ms. Ephron’s brutal cancer
treatment. Neither the love
story nor the details of Ms.
Ephron’s illness generate
much drama; the play, di-
rected with little fuss but
little inspiration by Susan
Stroman, feels like a Hall-
mark TV movie hauled awk-
wardly onstage.
The play isn’t fictional-
ized. Ms. Margulies’s char-
acter is named Delia, and
early on she alludes to her
older, more famous sister,
Nora, whose death from a
rare cancer in 2012 came as
a shock even to many of her
friends. Delia on her sister:
“Nora Ephron—writer/direc-
tor, reinventor of the ro-

.
mantic comedy. We were
close. She was the first

ly
born. I was the second. . . .
We collaborated on many of
the movies she directed.”
The play is heavy on such
bald exposition of events,
past and present.
The love story begins
ally. I believe our hearts will
tell us how to do this.”
While this might turn
some off, or at least turn
on
the doctor assures her it is
not precisely the same, and
that there is a new drug
trial she can enroll in.
Peter Gallagher and Julianna
Margulies in the play,
directed by Susan Stroman.
doctors, friends, neigh-
bors—are played by Peter
Francis James and Kate
MacCluggage, both experi-
in dramatizing her experi-
ences with any freshness or
potency, resulting in a play
that glides along the sur-
with the meet-cute-adjacent their stomachs, Delia is Apologies for dwelling on enced actors skillful in their faces of her trials and joys
us ,

incident that brought Mr. smitten (“How gorgeous the perambulations of the age, Mr. Gallagher cannot fluid movement between without engendering much
l

Gallagher’s character, also was that”) and soon she and plot, but Ms. Ephron’s writ- do much to obscure the halo their numerous small parts. involvement, if any.
e
al a

named Peter, into Delia’s life. Peter are exchanging phone ing is itself laden with and- that seems to hover over It is hardly giving away
After writing a newspaper calls, then visits (“What’s just-like-that narration (al- this paragon’s head. “We anything to reveal that our Left on Tenth
column about her struggles your favorite color?” she lusion intentional), spoken will enter the dark tunnel heroine survives the ordeal
ci on

James Earl Jones Theatre,

with Verizon following her asks at their nervous first directly to the audience, and re-emerge stronger and of her illness, after a few 138 W. 48th St., New York,
husband’s death—she re- which is always a drama- more in love than ever,” he scary speed bumps. But $59-$196, 212-239-6200,
quested they cancel his land- draining device, as are spo- intones at one point, also one’s sympathy and happi- closes Feb. 2, 2025
line but the company also ken email exchanges and potentially stomach-turn- ness for her good fortune do
accidentally axed her WiFi— Ms. Ephron simulated telephone calls ingly. Supporting roles, of not preclude acknowledging Mr. Isherwood is the
er s

Delia receives an email from struggles to turn when presented in a play. no great depth or extent— that she has not succeeded Journal’s theater critic.
Peter, whom she once briefly (Delia is forever on the
a work of prose
m er

dated in college, offering phone, either with Peter or

condolences and understand- with friends discussing Pe-
ing, since he is a widower
into a theatrically ter.) Despite her experience
who similarly tangled with engaging evening. as a screenwriter, Ms. The WSJ Daily Crossword | Edited by Mike Shenk
Verizon after his wife’s Ephron hasn’t solved the 1 2 3 4 5 6 7 8 9 10 11 12 13
PUZZLE
m rp

death. (Perhaps the telecom problem of turning a work

giant should adopt a new of prose into a theatrically 14 15 16 CONTEST
slogan: “Bringing Disgrun- meeting), then traveling to- engaging evening.
tled Customers Together for gether. “I began to believe Ms. Margulies, star of 17 18 19
More Than 20 Years.”) that I had fallen into my the television shows “ER”
32 Lowest part
co Fo

Although he lives on the own romantic comedy,” De- and “The Good Wife,” has a 20 21 22
of an oak
West Coast, they soon grow lia burbles happily. bright, blooming stage pres-
closer via email exchanges. Cue ominous music, as a ence, and finds the sweet 23 24 25 26 35 Private notes
Peter, a Jungian psychia- regular blood checkup indi- humor in Delia’s anxieties on a phone
trist, writes: “Although we cates that Delia has leuke- and neuroses about embark- 27 28 29 30 31 32 33 36 Roadie’s
are still strangers in some mia. A biopsy further re- ing on a new relationship burdens
sense, there seems to be a veals that she has a disease relatively soon after the 34 35 36 37 38 39 38 Not yet
mutual recognition of the not unlike the one that death of her husband. And decided, as
other as a potential close killed her sister—although when events turn against 40 41 42 event details
Delia, Ms. Margulies depicts 40 Granny
with sobering realism the 43 44 45 46 Smith
cruel side effects of the dis- alternative
ease and its treatment, as 47 48 49 50 51 52 53 54 41 Flap one’s
n-

Delia loses her energy, her gums

appetite, and is bed-bound 55 56 57 58 59 60
42 Fantasy novel
in the hospital for many meanie
weeks—even lashing out at 61 62 63 64 65
43 Cable channel
no

Peter in her frustration.

66 67 68 named for a
Mr. Gallagher’s Peter is,
billionaire
fortunately, a Galahad, stoi-
cally enduring and endlessly 69 70 71 44 “ER”
supportive, even moving processes
into Delia’s hospital room 72 73 74 48 Drink in the
during her treatment and afternoon?
virtually willing her oxygen 50 Exchange
levels to climb. A fine actor MINORITY REPORT | By Matt Gaffney rings with
whose elegant good looks The answer to 29 French word 67 Lacking much 10 Tony of “Taxi” 52 “I need a hand
have only improved with this week’s contest on maps of vegetation 11 Boxing great here!”
crossword is a Paris 68 Pair Rocky 53 Half-moon-
six-letter word. 33 Request for 69 Rock’s 12 Neighborhood shaped food
Ms. Margulies and Kate permission Claypool next to Encino 54 They write
Across
MacCluggage, left; the cast 34 HHS part 70 Cover in the programs
of ‘Left on Tenth,’ below. 1 Spooky 13 Physics unit
author 37 Lace problem fruit aisle 21 “Take a chair!” 56 Winter wrap
7 “I’m sorry to 39 Recharge your 71 “Seinfeld” role 22 Story line’s 58 First name on
hear that!” batteries 72 Fire proof path posters for
11 Classic 40 Scrape on a 73 They won’t 26 Body part the movie
Pontiac parent’s last that gets “Hairspray”
knee? 74 Good harbor balm 59 Beautify
14 King of music
43 Like meds locations
fame 28 Where many 62 Vegas
requiring Down hotel-casino
15 Word sung tech workers
no Rx 1 He defeated 63 Care one way
twice after land
“Que” 45 Do a vet’s task Hannibal at or the other
30 Last words of
46 Besmirch Zama a phone call, 64 Tacks on
16 “Go, team!”
47 Command 2 Medieval often 65 Having two
17 Portugal’s from a court drums 31 Naples purposes
peninsula
49 Erupt 3 Handel opera number 66 Mimicking
18 “...thunder,
51 Candy bar 4 Michael
lightning, ___ Previous Puzzle’s Solution
stuff, casually known for
rain?”: L A S S I S T A Y T B S P
“Macbeth” 55 Inverted sixes handbags
A S K I N P I P E H E I R
57 Noteworthy 5 Mystal, Honig, WH E A TWA V E S W I N E
19 It holds your
period and Wiesel, S E P O R S O G A N G S
hand
60 Depressing e.g. S T A T E F O R G E S
20 Have a lot of 6 Repeat the I C O N A R T I S T
music genre M I C D G U I S E B O T
flair? question
61 Negative T R A C E F O R T H E C U R E
23 NYC subway report on a 7 Benefit plan V A L MO R A L A R E A
letters time-wasting at a corp. C O R A L E X AM S
24 Go over snow WE C A R D MU S T S
South 8 Spice Girl I F A N Y S C A B O A R
25 Standard font American Halliwell T I T O H A I R S U P P L Y
27 Suffixes for desert? 9 Neighbor of C L A N A N T E R E E V E
sugars 66 Earlier N. Mex. H E N S S T EW N A N O S
JOAN MARCUS (3)

▶ Email your answer—in the subject line—to [email protected] by 11:59 p.m. Eastern Time Sunday,
Nov. 3. A solver selected at random will win a WSJ mug. Last week’s winner: Magdalena Niedermeyer, Bluff,
UT. Complete contest rules at WSJ.com/Puzzles. (No purchase necessary. Void where prohibited. U.S.
residents 18 and over only.)
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A12 | Friday, November 1, 2024 THE WALL STREET JOURNAL.

SPORTS
For the New York JASON GAY

A Nightmare for the Yankees

Yankees, it is already
a World Series to for-
get—and when I say
forget, I mean burn
and stash the entire
event inside a permanently sealed
memory cave impenetrable by hu- It may not be as bad as losing to the Red Sox in 2004, but this was a messy, maddening end
mans, robots and even the most
determined squirrels.
The World Series? What’s that?
Ask any Yankee fan you know.
They’re moving on. They’re all
about the hockey Rangers and the
basketball Knicks. They might
even talk about the election.
The Yankees? That was so yes-
terday.
Could you blame a Yankee fan
for wanting to erase all evidence
of this tepid World Series non-per-
formance by the pinstriped base-
ball colossus?
Falling behind three games to
nothing, underperforming stars,
sloppy errors, mental blunders,
questionable pitching moves, a
pair of buffoons trying to wrestle
the ball out of an opposing
player’s glove (more on them in a
minute), a horrendous collapse af-
ter taking a lead in Game 5,
catcher’s interference, a balk,
watching an old National League
nemesis crawl back to celebrate
and spill Rob Manfred’s finest
Champagne on their home dia-
mond…
The biggest Yankee nightmare
will always be blowing the 2004
ALCS to Boston. The second big-
gest nightmare has been encoun-
tering anyone from Boston since.
But this Dodger series was a
rough ride, too.
It ended Wednesday in the

.
Bronx. An expensive team that
spent on star power but skimped

ly
on the fundamentals
surrendered to the The Yankees dugout, above, reacts during a Game 5 loss. The pressure to
Los Angeles Dodgers resign slugger Juan Soto, left, is expected to heat up in the offseason.
after five messy,
maddening games.
The ignominy was
capped by a melt-
on ratings catnip, and an all-time
cash grab, with decent tickets
costing more than a used sedan.
maul a ball away from a Yankee?
The city would never stop scream-
ing.)
down in the back New York never took the wheel. The grim reality is that the
us ,

half of the final The Dodgers were a flawed mash- Mookie shakedown is probably go-
l

game, the Yankees up of clutch offense and opportu- ing to be the most-watched clip
e
al a

mangling a great nistic pitching, and the Yankees from this Series, next to Freeman’s
Gerrit Cole start with couldn’t take advantage of the Game 1 walk-off Grand Slam. The
a parade of blunders holes in L.A.’s rotation. A Game 2 Yankee highlight reel is very thin.
ci on

and miscues in the shoulder injury sustained by in- The fact that this was the first
fifth inning. (Cole candescent superstar Shohei Yankee World Series since 2009
joined in with a mis- Ohtani didn’t make a difference— can’t be a consolation.
take of his own, too, not with Series MVP Freddie Free- The offseason reverberations
failing to cover first man swinging into the nightmares begin now. You can expect the
er s

base on a roller to of New Yorkers with homers in the usual howling about Hal Stein-
his first baseman.) first four games. brenner’s Yankee ownership, Brian
m er

A dropped fly ball The sole Yankee victory in Cashman’s Yankee management
by Aaron Judge, a Game 4 briefly stirred emotions. and the dugout technique of Aaron
missed throw from So did a mortifying episode early Boone. There is enormous pres-
short to third…it was in that game, when a pair of Yan- sure to re-sign beloved slugger
FRANK FRANKLIN II/ASSOCIATED PRESS; GODOFREDO A. VÁSQUEZ/ASSOCIATED PRESS

the kind of self-in- kee fans held and tried to pry a Juan Soto, who is expected to be
m rp

flicted disaster you baseball from Dodger Mookie pursued by the profligate Mets
would expect in the Betts’s glove when Betts leapt sky- and potentially…the profligate
early season from Coach Butter- the comeback, took a 7-6 lead in This presumptuousness makes ward over a fence to catch a foul Dodgers.
maker and the Bears, not from a the eighth, and held on, was any- them both popular and despised, ball. Blame will be assigned, deci-
$300 million club with aspirations one surprised? and the Yankee haters are surely Honestly, I can’t figure out sions will be made, money will be
co Fo

of a 28th World Series title. In the aftermath of defeat, ex- dancing today. You know who you what’s worse: A grown adult spent—or not. In the past, the
Five unearned runs later, the culpatory language won’t be hard are. thinking ripping a baseball from Yankees have tried to avenge Oc-
Dodgers were right back in it. Yan- to find. At least the Yankees didn’t A neutral viewer may feel an opposing player is an accept- tober losses by overpaying in Jan-
kee fans went from pricing out get swept. At least New York ripped off. The Yankees barely de- able (or safe) behavior, or the uary and February—you don’t get
plane tickets to Los Angeles to showed a little heart in Games 4 livered on the most modest expec- strange 12 hours in which these a $300 million payroll by being
hiding under the couch. and 5. At least Judge finally re- tation for this much-touted Series: men were elevated as lovable New thrifty—but they have a more cau-
It felt as if the Baseball Gods membered how to hit a home run. Make it interesting. York outlaws who may have cata- tious culture now.
had banged a gavel. Enough al- Meh. They don’t stick plaques Falling behind three games to lyzed a historic Yankee comeback. Moves will be made, surely. The
ready with New York. Los Angeles in Monument Park for moral victo- nothing all but sucked the drama Give me a break. Bar them for team that arrives in spring train-
wasn’t merely the better club dur- ries. The Yankees are a franchise out of a Series that started bril- life. Better yet, give them Jets sea- ing will look different than the one
ing this Series—they were playing built on winning the World Se- liantly with an extra-inning epic in son tickets. that left the stadium dazed on
with a camaraderie and urgency ries—and, more critically, the pre- Game 1. This duel had been hyped (Could you imagine the reac- Wednesday. But don’t bother Yan-
the Yankees didn’t seem to have. sumption they will win the World to the heavens as a coastal show- tion of Yankee fans if a pair of kee fans about it. They’re trying to
n-

When the Dodgers finished off Series. down of marquee franchises, TV Dodgers fans tried to similarly forget.
no

They Are America’s Best Marathoners. One Guy Always Wins.

BY RACHEL BACHMAN by feel and has an aggressive ap- Olympic marathon trials in Or-
proach, often blowing past his lando. They entered the race aim-
MARATHONING IS A LONELY pur- coach’s pace targets during work- ing to finish in the top two to qual-
suit, pounding out the miles and outs—and always running in front. ify for the U.S. team.
suffering alone as you slog your But their bond is clear. Mantz With about 3 miles to go, Mantz
way around the course for hours helped support Young when he was said he wasn’t feeling great and
on end. recovering from a knee injury. that Young should take the lead.
But don’t tell that to Conner Young advised Mantz on how to Young did. But with about 30
Mantz and Clayton Young. prepare for his first marathon in meters to go, Mantz surged ahead,
The two training partners, who 2022 (Mantz also finished ahead in “And it honestly kind of shocked
have finished as the top American that one). During races, they have me,” Young said. “I was like, ‘Oh,
men in three major marathons, high-fived at key moments and right. This is, there’s prize money
have found a way to turn a 26.2- have even shared a water bottle on the line.’”
mile race into something closer to when one of them needed it. The winner would get $80,000
a team sport. Each time, they fin- On the course, Mantz is “not and the runner-up $65,000, not in-
ished back-to-back. afraid to hurt, not afraid to lead,” cluding sponsor bonuses that often
Mantz and Young crossed the while Young is cautious early but heavily favor the winners. All that
line in sixth and seventh places in finds a groove and can pick up flashed through Young’s mind but,
the 2023 Chicago Marathon. They Mantz if he’s tiring out, retired he said, “It was too late. You can’t
went 1-2 in the U.S. Olympic team American distance runner Kara respond that quick, especially on
marathon trials. And they finished Goucher said. “Those dynamics marathon legs.”
eighth and ninth in the Paris Olym- work really well together.” Mantz crossed the line first, one
pics, clocking the fastest times by Conner Mantz, right, and Clayton Young at the U.S. Olympic trials. In approaching the brutal Paris second ahead of Young.
any U.S. runners in the Games’ his- Olympics marathon course “I think there was a, ‘Wait, are
tory. Mantz, 27, both starred in in August, each runner we competing to the end, or are we
It’s a triumph of collective effort college at BYU. Both went brought an important not?’” Mantz said. “And I was like,
and collaborative spirit. Except for on two-year missions for strength: Young a capacity you know, we’re in America. We’re
one part: One of them always the Church of Jesus Christ to handle hot weather, in a race. I’m competing to the
comes out ahead. of Latter-day Saints, during Mantz a talent for hills. end.”
Mantz crossed the line seconds which time they both Mantz ran in front He added that Young had “good
ahead of Young in Chicago, at the stopped training, gained again, with Young coming intentions of, ‘Yeah, let’s celebrate
U.S. trials, and again in Paris. about 30 pounds, lost it close to him near the end Conner and help him get to the fin-
Which means the most intriguing again—and then got even but fading late. In a race ish.’ But then it led to me being
question as the pair prepare to faster. with a surprisingly fast ahead of him at the end. So when I
make their New York City Mara- They’re both coached by pace given the tough con- think back on that race, in my
thon debuts on Sunday is whether Ed Eyestone, the BYU coach ditions, Mantz finished in mind, he beat me.”
this will be the time that Young fi- and two-time Olympian. 2:08:12, Young half a min- Young said Mantz is the fitter
nally comes out on top. They train in Provo, Utah, ute behind in 2:08:44. The man going into Sunday’s race. But
“I’ve wondered: Do I psychologi- doing everything together from For all that, the two runners gold medalist in that race, Tamirat the guy who’s still waiting to come
cally maybe have this block, or fear road workouts and weight lifting to have distinctive approaches. Young Tola of Ethiopia in an Olympic-re- out ahead has already had a fantas-
of beating Conner and how it sauna-sitting and sweatsuit run- is data-oriented and slow to gather cord 2:06:26, will also race Sunday tic year. In his final 2024 race, he
KIRBY LEE/REUTERS

would affect our relationship?” ning to prepare for hot races. momentum during training, “so for in New York. has nothing to lose.
Young said. “I probably see Clayton more most of the build getting ready for But nowhere was Mantz and “So I kind of am taking New
The two runners have a lot in during my waking hours than I see a marathon, I’m hanging on for Young’s friendship put to the test York as gravy,” Young said. “Let’s
common. Young, now 31, and my wife,” Mantz said. dear life.” By contrast, Mantz runs like it was in last February’s U.S. see what I can do.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, November 1, 2024 | A13

OPINION
Democrats Trash-Talk the Voters BOOKSHELF | By Brandy Schillace

Should Re-
publicans lose
this election,
Who is bitter. And clinging to
a gun and a religion.
These labels are now even
women” this month: “I don’t
care what kind of sign your
husband has put in your yard,
has allowed the party to
continue living in a bubble
that shields them from their
Caught in the
it will be in
some part due
to the con-
being employed as an election
strategy—pejoratives to be as-
cribed to people based on
or what your pastor preaches
on Sunday, you can vote your
conscience. You can vote for
failings. Look, a dozen (left-
leaning, partisan) Nobel Prize-
winning economists just as-
Diurnal Course
POTOMAC tempt Donald their vote. Michelle Obama your children and grandchil- sured us that up is down—so
WATCH Trump
shown
has
his
lectures “the men in our
lives” that only a vote for Ka-
dren. No one will know.”
Thanks for the stereotypes, la-
we’re good.
It also shields them from
The Inner Clock
By Kimberley
opponent. mala Harris will prove they dies. No doubt millions of us average voters’ views. One of By Lynne Peeples
A. Strassel
Should Demo- take women’s health “seri- females—as soon as we’ve un- the gentler (yet telling) put- Riverhead, 368 pages, $30

O
crats lose this ously.” (Don’t be a misogy- chained ourselves from the downs of this election came
election, it will be in large nist!) Barack Obama explains from Tim Walz, who pro- ne summer evening in 1986, 33-year-old Derek Nay-
part due to the contempt they to black men that a failure to nounced that Republicans are smith was setting up a fireworks display. In a split
routinely show tens of mil- vote for Kamala is evidence From ‘deplorables’ to “weird.” Hilarious. Want to second, everything went wrong: A firework exploded
lions of voters. that “you just aren’t feeling know what’s really weird? in his face. He was rushed to the hospital, but there was
The media is doing its best the idea of having a woman as ‘garbage,’ contempt Taxpayer-funded sex-change nothing the doctors could do to save his eyes. Damaged
to play down Joe Biden’s ca- president.” (Don’t be a sexist!) doesn’t seem to be surgeries for felons. Attempts beyond hope of repair, they had to be removed.
sual insult of half of America Mark Cuban reminds us that to regulate cow flatulence. Such a horrific accident was sure to have consequences.
as “garbage”—he was misun- Donald Trump is never in the a winning message. The expectation that fewer There would be reconstructive surgery, followed by the
derstood, it was a “gaffe,” company of “strong, intelli- police will mean less crime. adaptations required for sightless living. But for Mr. Nay-
let’s meditate on Donald gent women.” (Don’t be a The 1619 project. Decriminal- smith, something else went awry: He couldn’t sleep at night.
Trump’s garbage-truck weak, dumb, GOP-voting sink and reread Ephesians izing border crossings. Boys A month after the accident, Mr. Naysmith’s sleeping schedule
“stunt.” Why on earth would broad!) 5:22—will go mindlessly vote competing in girls’ sports. The was at odds with those of his wife, children and much of the
anyone assume Mr. Biden The award for most risible for more inflation, and border word “Latinx.” Sizable majori- diurnal (that is, night-sleeping) world. Yet he wasn’t thriving
would again show derision for ad this season goes to Vote chaos and debt. After all, we ties of Americans think all as a nocturnal person, either.
voters he’s labeled “semi-fas- Common Good, which re- wouldn’t want to check the this is nuts. Yet these remain “With the loss of his eyes,”
cists,” “MAGA extremists” and cruited Julia Roberts (D., La boxes of spineless, stupid, and staples of Democratic policy writes Lynne Peeples in “The
proponents of “Jim Crow La Land) to assist with the baby-hating. and rhetoric. Inner Clock: Living in Sync
2.0”? following ad: A female voter But that’s the joke. The Progressives are fooling With Our Circadian Rhythms,”
Of course it wasn’t a gaffe. arrives at the polls with her contempt isn’t working; it’s themselves if they think a Mr. Naysmith had become
It’s the latest injection of toxic baseball-hat-wearing husband. alienating large segments of close election is proof the in- “time blind.” He had lost the
Democratic arrogance—and it As Julia’s voiceover explains, the country, including once- sults are working. The inde- ability to “reset his inner
explains the party’s electoral she’s at the “one place in key sections of the Demo- pendent and female voters clocks” to the sun.
struggles. It’s of a piece with America where women still cratic coalition. The working who might pull this out for When Earth was first
the open dismissal by the me- have a right to choose.” The class is migrating to the GOP Democrats aren’t voting in fa- formed out of cataclysmic dust,
dia and elites of critics as idi- wife and another woman (se- as blue-collar laborers wake vor of this rhetoric or pro- heat and gasses about 4½
ots, yokels, deplorables. The cretly) vote for Kamala, grin- up to the disdain the left has gressive policies, but rather billion years ago, the daily
men accused of “toxic mascu- ning conspiratorially at each for their values and their against a very specific and rotation of the planet took six
linity.” The women written off other. On the way out, the pa- work. Minority voters, too, alienating individual—Mr. hours. By the time the earliest
as “handmaids.” The religious tronizing husband gives wifey are feeling taken for granted, Trump. He probably won’t be microbial forms of life emerged
“fanatics.” The millions the a hard stare and asks: “Did on the verge of voting for Re- on the ballot again. at least three billion years ago,

.
left scorn with a long list of you make the right choice? publicans at historic levels. Insults are the last refuge things finally settled into a 24-hour day—and we’ve been
“ist” and “phobe” words. If “Sure did, honey,” she replies. Americans demand more of fools, and there was a day here ever since. We scarcely give a thought to these

ly
you don’t bow to progressive “Remember, what happens in than “vote for me because I when politicians on both sides astronomical features, but our planet’s orbit, the moon’s
dogma, you are a fascist. Sex- the booth, stays in the booth,” self-attest to moral superior- understood the “likability” gravitational pull, the tilt of our axis and those precious 24-
ist. Racist. Nationalist. Insur- Julia assures the viewer. “Vote ity.” Yet that’s about all the factor in elections. It’s hard to hour cycles are intimately bound up with all existence—
rectionist. Domestic terrorist.
Extremist. “Far” rightist. And
a homophobe. And a Nazi.
Harris-Walz.”
Or as a progressive activist
Jess Piper tweeted to “white
on
left’s got right now. That’s be-
cause the haughty arro-
gance—and press protection—
like a party that views you as
trash.
Write to [email protected].
including our own. Ms. Peeples, a science journalist,
explains that early organisms had to “anticipate the sun’s
position” and “optimize their journeys to appropriately
avoid or reap its rays.” To do that, they developed a means
of sensing wavelengths of light—especially blue, which
us ,

Hospitals Treat Souls as Well as Bodies penetrates deepest into the ocean. And so the earliest
l

organisms learned to calculate time by photons. In other

e
al a

words, life could track both time and color before the
HOUSES OF A young girl not directly billable. As a con- “Do you see the love that wanted to donate his organs. development of eyes. Daylight and Earth’s 24-hour clock
WORSHIP with Down sequence, many hospitals have your daughter has brought Soon he was brain dead and are at the very heart of evolution.
ci on

By Robert L. syndrome re- no chaplains; some rely on lo- into the world? Could you pray on life support, which sur- “The Inner Clock” offers a rich history of what makes us
Klitzman cently devel- cal volunteer clergy, who know to a loving God if he was hurt- geons planned to remove in tick, so to speak, paired with fascinating modern discover-
oped leuke- only their own faith, or on ing your child?” the operating room. The boy’s ies about how circadian rhythms influence our daily lives.
mia and was other healthcare professionals “No,” she said, comforted, family wanted to be present We now understand that sleepless nights erode our health,
hospitalized far from home. to fill in for spiritual care. “I really don’t think that.” when he died, but the sur- leading to an increased risk of diabetes, obesity, heart dis-
er s

Her mother was distraught: Physicians receive little if Chaplains are often the only geons refused for fear that ease, depression and more. We’ve also learned how to opti-
“Do you think God gave my any training in spiritual or re- staff with time to talk to pa- they’d disrupt the procedure. mize our biological clocks: There are “right” times of day
m er

daughter leukemia because, ligious matters. In one 2019 tients, whom they can there- Presented with an impasse, to take medicine, pass tests, exercise and eat. Our ancestors
when she was born, I prayed survey, only about 8% of inten- fore get to know well. I a chaplain negotiated a solu- were not meant to be up and working after dark, and so we
for her to die?” she asked a sive-care doctors said they fre- learned of one patient who tion: The family would dress have digestive systems designed for lengthy downtime;
hospital chaplain. Over- quently ask patients about phoned the on-call nurse every in sterile gowns and stay in even our gut flora rhythmically fluctuate during the day.
whelmed, and fearing her baby these topics. In a 2014 study, day at 2 a.m., complaining of the theater for three minutes. Time-restricted eating has been called a life-giver, a means
m rp

would suffer, the mother re- 62% of sampled physicians The family and physicians of enhancing longevity. Which is why a pizza at midnight is
called once praying: “Please, said they received insufficient sang “Amazing Grace,” the never a good idea.
God, take her.” education in the field—and Chaplains offer boy’s favorite song. When he Ms. Peeples reminds us of the popular adage “eat like a
Hospitalized patients and 47% said they felt personal died, the mother said to the king in the morning, a prince at noon, and a peasant at din-
their families often struggle discomfort discussing the crucial spiritual care chaplain: “Thank you for that ner.” (It’s often paired, usually by well-meaning parents and
co Fo

with religious and spiritual topic, which was the main bar- to patients pondering gift. . . . We got to sing my son grandparents, with other pearls, like “early to bed and early
quandaries but can’t attend rier to addressing these issues into heaven.” to rise. . . .”) Some of this received wisdom appears to be
their houses of worship or with patients. eternal questions. In my research it wasn’t correct after all. The author cites studies demonstrating
don’t have one. Chaplains thus Yet religion and spirituality uncommon to learn of medi- that those who eat large meals early in the day have lower
fill crucial gaps. As the reli- have immense positive poten- cal professionals wary of spir- blood-sugar levels than those who eat lightly until dinner.
gious makeup of the U.S. has tial in medical settings. Both pain. The staff tried altering itual care, which they saw as Meanwhile, insulin sensitivity is 54% higher at midday than
changed in recent years, their are associated with lower rates his medicine without success. having no medical benefit. Yet at midnight. That doesn’t mean we should gorge in the
profession has begun to do so of depression, anxiety, stress, Finally, a chaplain spoke to the spiritual counseling can help morning; the melatonin that our bodies release to help us
too. Board-certified chaplains hypertension and heart disease, patient, who turned out to be patients choose palliative sleep needs time to metabolize and clear our system; other-
are now increasingly trained to doubtless because they en- carrying significant guilt from care when the treatments wise, we risk confusing our inner clock and throwing off
help patients of diverse beliefs. hance optimism, purpose, hope, his mother’s suicide when he available are both futile and our circadian rhythms.
To learn about their vocations, meaning and social support. was 18. When the chaplain ar- painful.
I recently conducted an in- In an interview, the afore- ranged for the man’s elder sib- In facing serious disease,
Disrupted circadian rhythms throw off our body
n-

depth study, speaking with 50 mentioned chaplain said that lings to talk about it, they millions of patients find them-
chaplains from across the coun- “some people believe that God were “aghast,” the chaplain selves pondering the eternal. clocks. Hangovers may arise when a tired brain
try and from different faiths. doesn’t make mistakes, or that told me. “They reminded him Most of us will die in hospi-
While chaplains aid count- everything happens for a rea- that their mother had mental- tals, far from any religious in- and an overworked liver struggle to reconnect.
no

less patients, they are in many son, because God must be try- health issues: ‘Don’t you re- stitution, and might benefit
cases marginalized and under- ing to teach them something.” member?’ It was like a 50- from chaplains’ care. Our
funded. The Centers for Medi- Selecting the response best pound weight had been lifted. healthcare systems would do It’s not just about being tired. Disruptions to our sleep
care and Medicaid Services al- suited to the patient can be After that, he never again well to recognize and value and wake cycles can lead to inflammation, making us
lows for direct reimbursement challenging. In the case above, called the nurses at night.” them more. prone to a host of autoimmune conditions. (The World
for spiritual services only the chaplain said to the dis- Chaplains also serve as crit- Health Organization has even declared night-shift work
within the Veterans Affairs tressed mother: “I hear what ical mediators in conflicts Dr. Klitzman is a professor “probably carcinogenic,” or potentially causing cancer.)
system. Offering spiritual care you’re saying, but do you think among patients, families and of psychiatry at Columbia Uni- The reason is less about sleep and more about misaligned
for hospice patients enrolled of God as a loving God?” physicians. At another hospi- versity and author of “Doctor, clocks. Ms. Peeples explains that our circadian rhythms
in Medicare is mandatory but “Yes,” she replied. tal, a teenager who was dying Will You Pray for Me? are so timed with the Earth’s cycle that even in studies
conducted in complete darkness, most people still operate
on a 24-hour (or nearly 24-hour) cycle. Our primary or

Does Anyone Remember Peng Shuai? core clock seems to be located inside our brains and gen-
erally set by our eyes as they register wavelengths of
light. But we do have other clocks, including ones in our
By Nicholas Tomaino suffer an immense setback.” it from buckling to Beijing. “Af- ton Post op-ed. They opposed liver and our digestive system. Some of the worst effects

T
“You cannot water down or ter 16 months of suspended awarding Riyadh the event ow- of disrupted circadian rhythms—something Ms. Peeples
he Women’s Tennis As- compromise this type of an is- tennis competition in China ing to its treatment of women. calls “social jet lag”—have to do with the clocks falling
sociation holds its year- sue,” he later told the New and sustained efforts at Billie Jean King has taken the out of sync. One theory suggests that hangovers may be a
end championship Sat- York Times. achieving our original re- other side: “I’m a huge believer timing problem, as a sleep-deprived brain and an over-
urday, exactly three years The principled stand proved quests, the situation has shown in engagement—I don’t think worked liver struggle to reconnect.
since Peng Shuai alleged on costly. China had become a no sign of changing,” read an you really change unless you Ms. Peeples’s conversational, often humorous style is a
Weibo, a Chinese social-media mainstay of the women’s tour, April 13, 2023, statement. Play engage,” she said last year. delight, and she frequently offers herself as a test subject
app, that former Vice Premier reportedly accounting for at would resume that September The tour’s decisions, what- by climbing into lightless bunkers or forgoing her morning
Zhang Gaoli had sexually as- least a third of its revenue in with a caveat: “Peng cannot be ever the spin, seem self-evi- cup of coffee. “The Inner Clock” provides advice on how
saulted her. Within 30 minutes, 2019. Its annual final in Shen- forgotten through this pro- dently to have turned on the to reset and restore our internal rhythms; it also sounds a
censors scrubbed her message, zhen, for which the association cess.” Mr. Simon said last year dollar. One can see why: The timely warning. Most of us live, work and play under arti-
as well as others referring to that “we have received multi- WTA was alone in its boycott of ficial light. From the blue-tinged screens that we stare at
it, and blocked search terms ple confirmations that Peng is China, and other sports leagues well into the night to the light-emitting diodes (LEDs)
such as “Peng Shuai,” “sexual The tennis star’s case currently safe and comfort- never stopped reaping the re- that can mimic daylight, all this false daylight hijacks our
assault” and “tennis.” Ms. Peng affirms the dangers of able,” but the WTA hadn’t had wards of unfettered access. So- circadian rhythm, scrambling our production of melatonin
disappeared from sight. the “opportunity to meet with cial-media plaudits are reassur- and leaving us in a state of protracted jet lag. As we have
Weeks later, Chinese state engaging with China. her personally.” Those in China ing, but they don’t pay the bills. lost the division between night and day, no wonder many
media claimed that she denied still reportedly can’t find her As play picks up, perhaps of us struggle to establish a sense of internal time. As we
the allegations, circulating allegation on search engines— Ms. King is right and the WTA approach yet another seasonal “time change,” we are well
photos and video footage that had signed a 10-year deal, of- and, save the scant detail that will encourage Saudi Arabia to overdue to resynchronize. “The Inner Clock” attempts to
seemed stilted and coerced. fered a record $14 million in she makes “occasional appear- liberalize. The game’s leader- show us how.
When she briefly resurfaced, it prize money. A WTA spokes- ances,” as Sports Illustrated’s ship and fans, however, should
was typically controlled, in at person said it had suffered Jon Wertheim has learned, it’s harbor no illusions elsewhere: Ms. Schillace, the editor in chief of the journal Medical
least one case visibly in the eight-figure losses in 2020 and impossible to discern much be- The case of Peng Shuai, the Humanities, is the host of the “Peculiar Book Club” podcast and
presence of a state official. The 2021 owing to the pandemic yond that she’s alive. grand-slam champion who for the author of “Mr. Humble and Dr. Butcher.”
WTA suspended play in China and suspension, its year-end This WTA tournament will three years has all but disap-
pending a “full and transparent prize falling as low as $5 mil- be held in Saudi Arabia, not peared at the hands of authori-
investigation.” CEO Steve Si- lion. In March 2023 the tour Shenzhen, an arrangement that tarians, leaves little reason to Coming in BOOKS this weekend
mon warned that “if powerful announced a $150 million infu- is “entirely incompatible with have the same hope for China. The life and art of Piet Mondrian • Vladimir Putin’s army
people can suppress the voices sion from a private-equity firm the spirit and purpose of of mercenaries • The letters of Oliver Sacks • Aesop’s
of women . . . then the basis on in exchange for a 20% stake in women’s tennis and the WTA it- Mr. Tomaino is an assistant fables • The world according to mice • Culinary memoirs
which the WTA was founded— a new commercial subsidiary. self,” Chris Evert and Martina editorial features editor at the • Dwight Eisenhower on the road • & much more
equality for women—would That cushion didn’t prevent Navratilova wrote in a Washing- Journal.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A14 | Friday, November 1, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

How Risky Is a Trump Second Term? Another Case Against Trump That Falls Flat
Editor’s note: The Wall Street Journal hasn’t en- of a unified or even coherent GOP domestic plat- William McRaven is spot on in list- him, and most will shy away from his
dorsed a presidential candidate since 1928. Our form. Mr. Trump inherited a reform agenda from ing the personal shortcomings of for- adversary as well.
mer President Donald Trump While Mr. Trump may appear to be
tradition is to sum up the candidacies of the ma- Paul Ryan in 2017, and his policy successes were
(“Trump Fails George Washington’s sui generis, he is a fully evolved crea-
jor party nominees in separate traditional GOP priorities of Civility Test,” op-ed, Oct. 29). In a ture of our political playing field, one
editorials, and on Thursday we He’d slow the left’s deregulation, originalist better world, Republicans would have surfaced by muck: Harry Reid’s lies
assessed Kamala Harris. Here judges and tax cuts. a more honorable candidate. But to about Mitt Romney; Hillary Clinton’s
we take up Donald Trump.
coercive march, but Mr. Trump has instincts but claim that Vice President Kamala lies about Russian collusion in an at-
his policies are likely

W
no clear philosophy of govern- Harris “won’t threaten the press, de- tempt to cripple her opponent; Joe
hat a presidential ment, and his second term will mean immigrants, mock those who Biden and 51 former intelligence offi-
choice America’s
to be a jump ball. be more of a policy jump ball. have died for the country, break with cials lying to defeat Mr. Trump; ditto
two major political Most of his 2017 tax reform our allies, or undermine the Constitu- lawfare in the current contest.
parties have offered the coun- will expire at the end of 2025, tion” is where Mr. McRaven loses the This isn’t “whataboutism” but a
try. The Democrat is a California progressive, ele- and he has already complicated renewal by pro- argument and this reader’s trust. condemnation of the system. And
The Biden-Harris administration isn’t it a howl that Democrats con-
vated at the last minute, who looks unprepared for posing tax giveaways that will make pro-growth
threatened Facebook to suppress sider only Trump Republicans to be
a world on fire. The Republican is Donald Trump, provisions harder to finance. posts that challenged the administra- threats to democracy?
who still denies he lost in 2020 and has done little He’s promising more deregulation, which is tion’s narrative regarding the origin PAUL BLOUSTEIN
to reassure swing voters that his second term will a big plus. But he wants much higher and across- of Covid-19 and the efficacy of vac- Cincinnati
be calmer than his rancorous first. the-board tariffs, which will introduce uncer- cines. Instead of demeaning immi-
i i i tainty that would slow growth. His second term grants, the administration daily de- I wrote in Adm. McRaven for presi-
The best argument for a Trump victory is that could be a struggle between free-market advis- means its own citizens who dare to dent—for the second time now. I first
it would be suitable penance for the many Demo- ers like those in his first term, and the protec- support the other political candidate. heard of him at his commencement
cratic failures at home and abroad. A spending- tionist, industrial policy, pro-Big Labor voices The Biden-Harris administration speech in 2014. I agree with his as-
fueled inflation that shrank real wages. Adver- who surround JD Vance. may not “break with our allies,” but sessment that Mr. Trump fails George
saries on the march. Abuses of regulatory power Mr. McRaven should ask Israel and Washington’s litmus test of being
If Mr. Trump goes with the latter, the GOP will
Ukraine about all the conditions their qualified for the job of commander in
and law enforcement. If Ms. Harris wins, progres- no longer be a party of free markets and smaller American ally has placed on its sup- chief. But I fail to see where Ms. Har-
sives will claim vindication and pursue more of government. This is one way the U.S. turns into port these past few years. As for un- ris has made a compelling case to
the same—perhaps checked somewhat by a GOP slow-growth Europe where the major parties are dermining the Constitution, an ad- conservatives that she is worth sup-
Senate. A Harris defeat would slow the forced all statist. ministration that thumbs its nose at porting, other than simply not being
march left, at least for a time. On foreign policy, who knows? The former Supreme Court rulings regarding Donald Trump.
A second argument is that Mr. Trump’s first President understands deterrence far better landlord rights and lawless student- Unless the Democrats of the 1990s
term was better than expected. His leadership than Ms. Harris, and he is likely to revive pres- loan bailouts fits the bill. Ms. Harris or the GOP of the 2000s return, I’ll
was often chaotic and caustic, and he rolled sure on Iran. But he is above all a deal-maker, also wants to pack or restructure the probably be voting for Adm. McRaven
through multiple chiefs of staff and security ad- and he will court Vladimir Putin, Kim Jong Un Supreme Court and hamstring the mi- again in 2028—I hope as a candidate
visers. But voters recall that at home he presided and Xi Jinping to uncertain ends. nority party in Congress by eliminat- actually on the ballot. If he says he’s
ing the Senate filibuster. not interested, I’ll remind him that
over a strong pre-Covid economy spurred by de- Much will depend on the advisers he chooses
Mr. Trump may be the more dis- neither was Washington in 1788.
regulation and tax reform. His judicial nomina- for State and Defense, and whether they can dis- honorable individual, but Mr. McRa- J. STANTON MORROW
tions were excellent. suade Mr. Trump from lousy ideas after he

.
ven’s arguments that his administra- Dallas
Abroad he broke many diplomatic rules and speaks with Sen. Rand Paul. We spent much of tion would be more dangerous than

ly
his praise for dictators was disconcerting. But his first term fielding calls from Congress and Ms. Harris’s falls spectacularly flat. I’m sure Democrats wouldn’t pass
enemies stayed quiet on his watch, he kept Iran White House aides urging editorials to head off ANDREW GLICKLER the admiral’s civility test by calling
in a box, and the Abraham Accords began a new the wilder impulses Mr. Trump floated behind Plano, Texas Mr. Trump a Hitler and his patriotic
era of cooperation between Israel and the Sunni the scenes.
Arab states. He renegotiated Nafta rather than
blowing it up as he had threatened.
on
Mr. Trump also surrounds himself with grift-
ers and provocateurs who flatter him, and many
Adm. McRaven is correct to desig-
nate Mr. Trump as beyond the pale.
Many conservatives won’t vote for
supporters like me a deplorable do-
mestic terrorist, or “garbage.”
KIM MCGAHEY
Topsail Beach, N.C.
The authoritarian rule that Democrats and the have new prominence in Trump World as his son
us ,

press predicted never appeared. Mr. Trump was Don Jr. gains influence. Think Tucker Carlson in-
l

too undisciplined, and his attention span too short, stead of son-in-law Jared Kushner. This could
e
to stay on one message much less stage a coup. lead in destructive policy directions. Mike
al a

America’s checks and balances held, and Demo- Pence’s influence on policy and personnel will The Cuban Socialist Experiment Led Here
crats benefited from the political backlash. be missed. Regarding your editorial “Cuba dithering, incompetent, kleptocratic
ci on

Ah, but what about the Capitol riot on Jan. 6, i i i Can’t Keep the Lights On” (Oct. 21): Cuban government, the blustering
2021? Mr. Trump’s attempt to overturn the elec- This election should be an opening for a GOP Apparently, some classes in the class- muckety-mucks can always blame
tion was appalling, and for many Americans is sweep à la 1980. The polls say Americans want less Cuban society are more equal U.S. sanctions. The high-sulfur fuel
disqualifying for a second term. We thought he change, and they are unhappy with the results than others. Some in Havana are re- shortages can be blamed on a drop
shouldn’t win the nomination again. of progressive governance. sorting to cooking with coal or fire- in shipments from Venezuela. With-
er s

But if Mr. Trump wins it is likely to be nar- wood on the streets, and the crisis out sacking the bank accounts of
But Democrats helped to revive his fortunes
has spooked the communist leader- Cuba’s leaders, there isn’t enough
with their unprecedented prosecutions and rowly, and his campaign hasn’t done much to ex-
m er

ship. In response, Cuban President Mi- hard currency to pay for fuel. As the
other excesses. Democrats made Trump II possi- pand his coalition. Even after the first assassina- guel Díaz-Canel has revealed his clo- Romans were wont to say, Sic Sem-
ble as much as GOP primary voters. If Mr. Trump tion attempt, he couldn’t offer a unifying ven hoof and bared his incisors. per Tyrannis.
wins, it will be a comeback for the ages, and tes- message in his GOP convention speech. Mr. The president has put on a military Should we judge socialism by the
tament to his resilience and ability to speak for Trump’s second term could result in four more uniform and is warning Cubans on Cuban experiment? One thing we can
m rp

Americans who feel unrepresented. years of divisive partisan warfare. social media that protests won’t be be sure of: The lights are on at the
i i i Democrats and the press will feed the rancor, tolerated. So much for free speech, presidential palace, if only to do con-
Opponents say a second Trump term poses as they aim to sweep Congress in 2026 and re- freedom of assembly and the oppor- tingency planning.
too great a risk given his character flaws, and it take the White House in 2028 as the country tunity to petition the government. JEFFREY R. SMITH
surely wouldn’t be a return to “normalcy.” We tires of the second MAGA interregnum. This is Fortunately for the tyrannical, Alameda, Calif.
co Fo

don’t buy the fascism fears, and we doubt Demo- the risk Republicans took in nominating Mr.
crats really do either. Our own concern is Trump for a third time, instead of a younger con-
whether he can successfully address the coun- servative who could serve two terms and build Best Defense Against the Charge of Plagiarism
try’s urgent problems. Most second presidential a new center-right majority. I greatly enjoyed Ana Siljak’s re- Philip Beaufoy reappears in the
terms are disappointing, or worse, and Mr. A second Trump term poses risks, but the view of Emily Herring’s “Herald of a Nighttown episode of “Ulysses” to
Trump hasn’t mapped out a clear agenda beyond question as ever is compared to what? Voters can Restless World: How Henri Bergson denounce Bloom as “A plagiarist. A
controlling the border and unleashing U.S. en- gamble on the tumult of Trump, or the continued Brought Philosophy to the People” soapy sneak masquerading as a liter-
ergy production. ascendancy of the Democratic left. We wish it (Books, Oct. 26), which highlights ateur. It’s perfectly obvious that
One risk now, unlike his first term, is the lack was a better choice, but that’s democracy. Bergson’s immense influence on mod- with the most inherent baseness he
ern art and literature. I was surprised, has cribbed some of my bestselling
however, that there was no mention copy.”
Jamie Dimon vs. Rohit Chopra of James Joyce, whose masterpiece The charge of plagiarism was often
n-

owes so much to Bergson’s notion of laid against Joyce, though never by

J
the stream of consciousness. Bergson. But Joyce (like Oscar Wilde)
PMorgan CEO Jamie Dimon told a banking means employers will have to let potential hires “Ulysses” contains typically had the best defense: his incontro-
conference Monday that he’s “tired of this and employees dispute negative information Joycean acknowledgments of his vertible genius.
s—” from Biden-Harris regulators. Per- collected on them. CHARLES SHEEHAN
no

debt to Bergson in its references to a

haps he has in mind the extraordinary power If a three-year-old theft conviction appears Mr. Philip Beaufoy, which was the Dublin
grab by the Consumer Financial Protection Bu- on a worker’s background check, he can demand pen-name of Philip Bergson, Henri’s
reau under director Rohit Chopra. it be removed. If software shows that a remote younger brother. Philip Beaufoy is
The CFPB recently slapped Fairway Indepen- employee isn’t working while on the clock, a first mentioned in “Ulysses “as the I Never Met a Former Marine
dent Mortgage Corp. with a $10 million fine for worker can seek to have this expunged from a author of a story in a magazine that
I have a small bone to pick with
allegedly discriminating against minorities. Its Leopold Bloom peruses as he relieves
performance review. None of this concerns con- the Journal regarding the op-ed “DEI
his constipation. In this durée in his
evidence? Fairways’s ratio of lending in major- sumer financial protection. water closet, Bloom does an anti-
Is Crushing Military Recruitment”
ity-white versus majority-black census tracts Here’s the kicker: Mr. Chopra’s guidance (Oct. 25) by Owen West and Kevin
Bergsonian calculation of printed
in Birmingham, Ala., was higher than that of can’t be challenged in court because it isn’t a Wallsten. At the end of the article,
space to calculate the writer’s earn-
other lenders. formal rule. Yet if employers violate his diktat, where the Journal notes the authors’
ings from this magazine.
The CFPB offered no proof of intentional dis- they can be fined. credentials, Mr. West is referred to as
a “former Marine.”
crimination, and Fairway says it made more Mr. Chopra last week also issued an “open
Marines like to remind people that
loans in majority-black tracts than other non- banking” rule that requires banks and credit Will Our Candidates Get there is no such thing as a “former”
bank lenders. Fairway also says the CFPB ig- card companies to share customer data at no Serious on Foreign Policy? Marine; once a Marine, always a Ma-
nored its lending to buyers who moved from cost with a third party upon customer request. rine. As the son of a Marine who
majority-black to other neighborhoods, “which He says this will make banking more competi- Former Vice President Dan
served in Korea, I was often corrected
Quayle’s op-ed “Look Abroad, Presi-
indicates the government’s preference for fur- tive by letting customers move to firms with of that verbal miscue. Semper Fi.
dential Candidates” (Oct. 22) presents
thering racial segregation.” better offerings. KEVIN MYERS
a cogent summary of the growing
Fairway nonetheless settled the complaint But regulating competition isn’t the bureau’s Phoenix
threats to our country. Mr. Quayle’s
because doing so was less expensive than de- responsibility, and federal law doesn’t autho- credibility is enhanced by the frank
fending itself in court. Its $10 million payment rize his mandate. Dodd-Frank requires banks to admission that his own administra-
will mostly fund subsidies for low-income hous- “make available to a consumer, upon request, tion shared in the failure to recognize Pepper ...
ing in minority neighborhoods. Mr. Chopra is information in the control or possession of the the potential danger from China.
using his enforcement power to finance the [bank] concerning the consumer financial prod- When Mr. Quayle was vice presi-
And Salt
left’s housing agenda without an appropriation uct or service that the consumer obtained” from dent, some observers considered him THE WALL STREET JOURNAL
from Congress. the bank. a lightweight. But here Mr. Quayle
Or consider the CFPB’s “guidance” last week Mr. Chopra has redefined “consumers” under writes as a seasoned statesman. He
provides a clear understanding of the
regulating employee background checks and in- the law to include third parties such as fintech
central role of international affairs in
formation that employers use to rate worker startups and even scammers. This means banks a president’s duties, an understand-
performance under the Fair Credit Reporting will have to turn over customer data to third ing that is absent from the current
Act. That’s the law that regulates how credit parties to initiate payments from customer election campaign. His serious assess-
agencies collect and use consumer data. bank accounts. Banks will be legally liable if ment of foreign threats stands in con-
Many employers use third-party technology their customers are swindled. trast to the pandering on domestic
to conduct background checks, monitor sales Mr. Dimon of JPMorgan told the banking matters by both presidential contend-
and customer-service interactions, on-the-job conference that it’s time to fight back: “We are ers. Especially on national-security is-
driving habits (e.g., speeding), as well as time suing our regulators over and over and over be- sues, the public deserves more.
workers take to complete tasks and spend web cause things are becoming unfair and unjust, MARCUS W. SISK JR.
Naples, Fla.
browsing, among other things. But progressives and they are hurting companies, a lot of these
and unions don’t like employers monitoring and rules are hurting lower-paid individuals.”
Letters intended for publication should
measuring workers. He’s right, though our sources tell us that Mr. be emailed to [email protected]. Please
The CFPB is seeking to make this harder by Chopra is looking for a promotion in a Kamala include your city, state and telephone
requiring employers to follow the same rules Harris Administration. Alas, there’s a better number. All letters are subject to
as credit reporting agencies when they collect chance he’d be Treasury Secretary than Jamie editing, and unpublished letters cannot
be acknowledged.
financial information on individuals. This Dimon would.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, November 1, 2024 | A15

OPINION

The Three Trump and the Art of Deterrence

Reasons By Matthew Kroenig tation for unpredictability kept ad-

Harris And Dan Negrea versaries guessing. They didn’t know

O
what they could get away with, so
n the campaign trail, Don- they played it safe.

Will Lose ald Trump proudly con-

trasts the peace that pre-
vailed during his first
Mr. Biden’s credibility was under-
mined by the disastrous August 2021
withdrawal from Afghanistan, which
term with the wars in Eu- sent the message that he didn’t have
By Kenneth L. Khachigian rope and the Middle East that the stomach for military action. The

T
erupted during the current adminis- administration’s reputation for ex-
here are three reasons why tration. Some observers dismiss the treme caution means that adversar-
Kamala Harris will lose on former president’s claims and main- ies know they can push hard without
Tuesday. tain that Joe Biden and Kamala Har- eliciting a response.

EVAN VUCCI/ASSOCIATED PRESS

First, a historic Democratic voting ris were simply unfortunate to have When Iran launched a drone-and-
bloc will desert her in margins the had conflicts break out on their missile barrage against Israel in
polls haven’t anticipated. Hundreds watch. A closer look shows that Mr. April, Mr. Biden counseled restraint
of thousands of traditional Demo- Trump is correct. He instinctively un- and encouraged Prime Minister Ben-
crats who came of age in postwar derstands the art of deterrence, jamin Netanyahu to “take the win.”
America can’t visualize Ms. Harris whereas Mr. Biden and Ms. Harris The result? Iran learned it wouldn’t
walking in the footsteps of their leg- have consistently, if perhaps uninten- suffer any consequences for such be-
endary party leaders who preceded tionally, undermined this traditional Kim Jong Un meets Donald Trump in Singapore, 2018. havior and launched another massive
her—icons like Franklin D. Roosevelt, pillar of U.S. strategy. attack in October. Deterrence failed
Harry Truman, John F. Kennedy, The Defense Department could be North Korea’s Kim Jong Un that his ris communication style. When Mr. again.
Lyndon Johnson and Hubert Hum- called the Deterrence Department, threats to the U.S. would “be met Putin amassed forces on Ukraine’s Maybe Mr. Biden and Ms. Harris
phrey. She suffers from a stature gap for the apex of its strategy isn’t to with fire, fury and frankly power the border in February 2022, Mr. Biden thought they could reassure Ameri-
that a billion dollars of advertising fight wars but to deter them. Suc- likes of which this world has never didn’t draw red lines. Instead he cans that their administration
can’t change, and even if voters cessful deterrence requires Washing- seen before.” flashed a green one, proclaiming that wouldn’t start a large war. Maybe
don’t mark their ballot for Donald ton to convince its adversaries that Mr. Trump told the Journal that the U.S. wouldn’t send troops under they thought America’s adversaries
Trump, it will be to his benefit. the costs of attacking the U.S. and its he deterred Russia’s Vladimir Putin any circumstance and that a “minor would understand their reasonable
allies greatly outweigh any conceiv- by saying, “ ‘Vladimir, if you go after incursion” might be acceptable. As- intentions and reciprocate in kind.
able benefit. For decades, leading de- Ukraine, I am going to hit you so sured by the American president that They probably didn’t intend to invite
Traditional Democrats are terrence theorists such as Thomas hard. . . . I’m going to hit you right in there wouldn’t be serious conse- aggression, but that’s exactly what
Schelling and Henry Kissinger argued the middle of fricking Moscow. . . . quences, Mr. Putin invaded shortly they did and received anyway.
deserting the party, she that a successful posture rests on thereafter. The world can’t risk four more
was unprepared, and she three Cs: capability, communication Biden-Harris officials have repeat- years of a failed American deterrence
has no clear message. and credibility. He understands that the edly stated that avoiding escalation policy, especially as China threatens
First, Washington needs the mili- is their foremost priority. But effec- to open a third front in the Indo-Pa-
tary capability to impose an unac- American president can’t tive deterrence is essentially the cific with daily military coercion
ceptable cost on any adversary. While draw red lines unless he is threat of escalation held in reserve. against U.S. allies. The next American
The vice president had nearly Mr. Trump invested in U.S. defense By taking that threat off the table, president must restore the 3 Cs of
four years to rise to levels of na- capabilities and Mr. Biden and Ms. willing to enforce them. the administration has also removed deterrence and, with them, global
tional and international promi- Harris have cut military spending in any possibility for effective deter- stability and peace. Blessed are the

.
nence—to expand her vitae beyond real terms, it is unarguable that the rence. peacemakers.
being Joe Biden’s choice to fill a des- U.S. has retained a deterrence capa- I’m going to take those f— domes The final C is credibility. Do our

ly
ignated slot. She squandered that bility under both administrations. right off your head.’ Because, you adversaries believe that if they cross Mr. Kroenig is a vice president of
opportunity, or perhaps Mr. Biden The U.S. nuclear arsenal and the ca- know, he lives under the domes.” U.S. red lines, the president will fol- the Atlantic Council, a professor at
and his inner circle didn’t loosen the pability of American conventional Speaking about Iran’s alleged as- low through on threats and impose Georgetown, and a former Pentagon
leash. Either way the result is the
same: She isn’t the person who
matches the moment.
Second, Ms. Harris was unpre-
on
forces ensure that. The difference,
therefore, lies in the other two Cs.
U.S. leaders must clearly commu-
nicate the consequences that adver-
sassination plots against him, Mr.
Trump recommended that Mr. Biden
warn that if an adversary kills a for-
mer president, “We will bomb that
serious consequences—or that he
will simply back down?
Mr. Trump reinforced red lines,
striking Syria in 2017 after Bashar al-
strategist. Mr. Negrea is a distin-
guished fellow at the Atlantic Council
and a former senior State Depart-
ment official. They are the co-authors
pared to enter the rough and tumble saries will suffer if they cross Wash- country into oblivion—and it would Assad used chemical weapons on his of “We Win They Lose: Republican
us ,

of national politics and at the 11th ington’s red lines. This is one of Mr. stop.” own people, and killing Iranian Gen. Foreign Policy and the New Cold
l

hour relies on being propped up, as Trump’s greatest strengths. He told Contrast this with the Biden-Har- Qassem Soleimani in 2020. His repu- War.”
e
al a

she has throughout her career, by

patrons—Barack Obama, his opera-
tives and a national media that is
Germany Is Forgetting How to Make Cars
ci on

predominantly desperate to prevent

Mr. Trump from re-entering office.
Ms. Harris is a victim of her own Will Germany for- workers to produce compared to tra- far ameliorated only by the difficulty knowledge is depleted, it isn’t obvi-
success through moving up the polit- get how to make ditional cars, and also different of implementing layoffs quickly. Cli- ous how it can be replenished.
ical ladder without being fully tested cars? Only a few types of workers. EV production is mate policy again is a prime culprit, In other words, Germany will for-
er s

by challenge and conflict. years ago the ques- heavy on software engineering and as the Berlin-imposed transition to get how to manufacture internal-
Hence, while she promotes her ca- tion would have light on metalworking, for instance, renewable energy forces higher combustion autos.
m er

reer path as a tough prosecutor, sounded preposter- which means a loss of high-paying charges for less reliable electricity on This column has no brief for dying
when it came to time to face the na-
POLITICAL ous. After this blue-collar jobs. manufacturers of everything. industries, which is why you’ve never
tional jury, she abdicated to the tele-
ECONOMICS week, you have to The truly startling thing about this Lurking behind all this are two read me complain about dwindling
prompter and friendly interviewers. wonder. American analysis and others like it is that this emergencies. One is the calamity for employment in candle making or fax-
By Joseph C.
The canary in the coal mine for her voters in particular is the best case. These estimates as- individual households whose bread- machine manufacturing. The German
m rp

Sternberg
impending defeat is the veiled be- should be asking, sume healthy demand for EVs, such winners are pushed out of previously saga is a graphic illustration of why
trayal by those who engineered the since soon we may that job losses are caused by the stable trades by a political vanity the forced transition to a zero-carbon
putsch that shoved Ms. Harris be posing the same question about shifting workforce needs of a new project by the progressive left. economy is different.
through the door while forcing Mr. Detroit. product. Normal economic evolution is
Biden out. They ridicule the vice The thought is occasioned by news Reality is proving much less rosy. driven by new industries pulling con-
co Fo

president’s odd-ball answers in tele- Monday that Volkswagen is thinking Soft demand for EVs has prompted Volkswagen considers sumers and workers away from dying
vised interviews as retreats into about closing three factories in Ger- warnings of downsizing even at fields and toward new opportunities.
“Word Salad City.” many—the first factory closure within plants still churning out internal-com- shuttering three plants, The green transition is happening
Third, when she responded on German borders in the company’s 87- bustion cars. European Union rules the result of electric suddenly and on an assumption—
“The View” that there wasn’t a year history—axing 10,000 jobs, and set a quota for EV sales as a propor- made by politicians and activists and
thing that came to her mind that slashing pay for those workers who tion of an automaker’s total sales. vehicle mandates. practically no one else—that one can
she would “have done differently remain. The company on Wednesday Stellantis Chief Operating Officer push unwilling consumers and labor
than President Biden,” Ms. Harris announced its after-tax profit fell 64% Jean-Philippe Imparato said recently out of currently thriving industries
confirmed the substance-free foun- in the third quarter compared with the that if his company can’t foist more The other is the economic disaster and into jobs and forms of consump-
dation of her cause by placing no same quarter last year, and by all ac- EVs on unwilling consumers, it will of “human capital” destroyed. The tion that don’t exist but can be con-
distance between herself and the counts it will struggle to meet its produce fewer regular cars instead to 190,000 people who will no longer be jured forth with sufficient political
failures of her partner. Either she profit target for the year. maintain the correct proportion of employed by Germany’s car industry will.
couldn’t find a way to escape her One could blame this, as German EVs in its sales book. after the green transition, for in- This is unpopular with consumers
n-

baked-in California Bay Area politi- politicians are keen to do, on man- These displaced auto workers may stance, are 190,000 people who know and destructive of jobs, and yet it
cal culture, or she was flummoxed agement failures at a company that’s have nowhere else to go in the econ- how to perform highly skilled tasks. could prove irreversible if the pro-
by her own slippery evasions from been mired in a global emissions- omy, as Germany risks sinking into an They will no longer be practicing cess is allowed to grind on for too
left-wing orthodoxy. Nevertheless, test-cheating scandal for nearly a de- industrial Dark Age. Sentiment in those industrial arts or—crucially— long. Volkswagen’s saga offers Amer-
no

there is an empty hole where poten- cade. This is a tough case to make, in surveys of manufacturing managers passing them on to the next genera- ica many warnings. One of the subtler
tial leaders of the free world must part because the state government of is gloomy across the board and un- tion of apprentices and younger but more important is to stop before
have a strong message. She has Lower Saxony owns a 20% voting employment is creeping upward, so workers. Once that deep well of it’s too late.
filled it with the bizarre notion that stake in the company.
if she loses, Mr. Trump would es- But blaming management isn’t a
tablish fascism in America.
That makes for an unserious per-
son seeking to navigate an uncertain
sufficient explanation because Volks-
wagen isn’t alone in its travails. A
grim reaper is killing blue-collar jobs
How to Build on Trump’s Tax Success
world and fragile economy. Last- by the tens of thousands in Ger- By Kevin Brady But achieving stronger pro-growth based on their success. She pro-
minute crazy charges and celebrity many’s auto industry. His scythe is And Douglas Holtz-Eakin policies in the next round of reform poses as well to subject more pass-

T
parades of Bruce Springsteen, Willie Europe’s electric-vehicle mandates. requires learning a larger lesson: throughs to a higher net investment
Nelson, Beyoncé and Michelle Obama Europe’s forced transition from in- he U.S. economy has suffered a Corporate taxation and business tax- income tax rate of 5%. These pro-
merely reinforce the Potemkin vil- ternal-combustion cars to EVs could poor growth record in the 21st ation aren’t the same thing—and the posals would raise rates as high as
lage front of the unraveling Harris- on net cost 190,000 automotive jobs century. From 1960 to 2000, latter is tightly related to individual 45%, damaging Main Street and big
Walz campaign. in Germany by 2035, according to a per capita gross domestic product income taxation. business.
Ms. Harris’s lack of stature, un- study released Monday by the Ger- rose 2.3% annually. Since then, it has Most business income comes from Rather than backsliding, Congress
readiness for prime time, and con- man Association of the Automotive downshifted to 1.4%. This rough esti- pass-through entities, in which each can make real progress. Besides ex-
tent-confused narrative are why vot- Industry and consulting firm Prog- mate of the standard of living once owner’s income share is “passed tending the deductions scheduled to
ers will opt for a former president nos. The auto industry at its peak, in doubled every 30 years. In the 21st through” to be reported and taxed on expire, it can enact new reforms.
with a proven record over an un- 2019, employed around 958,000. century, it is predicted to take 51 his individual income-tax return. These include allowing the immedi-
tested swimmer without a life vest. Roughly one-quarter of those net job years. These businesses—including sole ate expensing of investment in new
losses already have happened, the Placing a renewed focus on saving, proprietorships, partnerships, Sub- technology, write-offs for research-
Mr. Khachigian was chief speech- study estimates, as the EV transition investment, innovation and business chapter S corporations and limited-li- and-development expenses, and in-
writer to Ronald Reagan and an aide has gathered pace. creation can reverse this decline. The ability corporations—employ more terest deductibility. And it could ex-
to Richard Nixon. He is author of the EV manufacturing is changing 2017 Tax Cuts and Jobs Act did just than half of the country’s private-sec- tend the bipartisan Opportunity
memoir “Behind Closed Doors: In the both the scale and the nature of auto this, but many of its reforms expire tor workers. They aren’t subject to Zones program, which spurs invest-
Room With Reagan and Nixon.” employment. EVs require fewer total next year. Congress thus has the op- corporate taxes. ment in low-income areas. An exten-
portunity not just to extend but to The TCJA’s writers lowered indi- sion of the estate tax’s current de-
build on these reforms, delivering an vidual income rates to spur growth sign—which saves families from
even stronger pro-growth tax code. for Main Street businesses and pass- having to sell their property or meet
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY Doing so requires comprehensive through companies. They created a 40% tax when a loved one dies—
Lachlan Murdoch business-taxation reform. Section 199A—or what they called would also spur growth.
Executive Chairman, News Corp The first step is to avoid backslid- the 20 Percent Small Business Tax Raising the standard of living is a
Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp ing. Kamala Harris advocates return- Deduction—which allows pass- nonpartisan goal—one the pro-
Emma Tucker Almar Latour ing to an uncompetitive top rate of through owners to deduct 20% of growth provisions of the TCJA
Editor in Chief Chief Executive Officer and Publisher 28% on U.S. corporations, up from the their business’s income. This deduc- clearly advanced. Over the next year,
Liz Harris, Managing Editor DOW JONES MANAGEMENT: TCJA’s 21% rate. As we’ve explained tion reduced the effective tax rate to Congress can do more than merely
Charles Forelle, Deputy Editor in Chief Mae M. Cheng, EVP, General Manager, in these pages, the corporate reforms 80% of the statutory tax rate, sup- ensure these provisions don’t expire:
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
enacted in 2017 have been the wind ported 2.6 million jobs, raised em- It should seize this opportunity to
Taneth Evans, Digital; Brent Jones, Culture, Compliance Officer; Dianne DeSevo, Chief People at the back of American workers. On ployee compensation by $161 billion build on the gains in global competi-
Training & Outreach; Alex Martin, Print & Officer; Jared DiPalma, Chief Financial Officer; average the TCJA stimulated U.S. in- and added $325 billion to output. But tiveness and growth fostered by the
Writing; Michael W. Miller, Features & Weekend; Artem Fishman, Chief Technology Officer;
vestment by 20%. Every $1 cut in cor- it’s scheduled to sunset at the end of 2017 reforms.
Prabha Natarajan, Professional Products; David Martin, Chief Revenue Officer, Business
Bruce Orwall, Enterprise; Philana Patterson, Intelligence; Dan Shar, EVP, General Manager, porate taxes increases economic pro- 2025.
Audio; Amanda Wills, Video Wealth & Investing; Ashok Sinha, Chief duction by an estimated 44 cents. Here too, Ms. Harris proposes to Mr. Brady served as chairman of
Communications Officer; Josh Stinchcomb, EVP & Workers saw a 9% increase in infla- go in the wrong direction. She is the House Ways and Means Commit-
Paul A. Gigot Chief Revenue Officer, WSJ | Barron’s Group;
Editor of the Editorial Page Sherry Weiss, Chief Marketing Officer
tion-adjusted earnings between Jan. promising to raise individual tax tee, 2015-19. Mr. Holtz-Eakin, presi-
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
1, 2018, and Dec. 31, 2020—the fast- rates on incomes above $400,000, dent of the American Action Forum,
1211 Avenue of the Americas, New York, N.Y., 10036 est growth since the government be- thus excluding many pass-through was director of the Congressional
Telephone 1-800-DOWJONES gan publishing data in 1979. businesses from the deduction Budget Office, 2003-05.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A16 | Friday, November 1, 2024 THE WALL STREET JOURNAL.

WORLD NEWS

Canada and
Mexico Fear
Trade Shift
Trump and Harris Conveyance passages by
commercial trucks*
have said they
1.50 million
would reopen talks
on free-trade pact 1.25

1.00
BY VIPAL MONGA
AND SANTIAGO PÉREZ 0.75

WINDSOR, Ontario—Every 0.50

day, goods valued at about
$320 million rumble across the 0.25
Ambassador Bridge connecting

NIC ANTAYA FOR WSJ

this industrial Canadian city to 0
Detroit. It is so busy that, 2 2016 ’20 ’24†
miles downriver, another six-
*Volumes captured which constitute around
lane bridge is going up. 99% of the total volumes and manual reporting
The new span’s entire $4.5 system ORA †2024 data as of Aug. 31
billion cost is borne by Can- Source: Canada Border Services Agency The Gordie Howe International Bridge connects Windsor, Ontario, to Detroit. Canada paid $4.5 billion to build the new span.
ada—a symbol of how much
free trade means to this coun- ism, America’s neighbors in Harris generally is viewed campaign didn’t respond to a between the countries runs. cusing its government of favor-
try, and what is at stake in Canada and Mexico have dou- as less hawkish on tariffs com- request for comment. “Often that’s under-recognized.” ing its state-owned utility and
Tuesday’s presidential election bled down on the free flow of pared with Trump. But she Canada has launched a lob- In Mexico, the stakes are oil company at the expense of
for America’s closest neighbors. goods across borders. Both voted against the USMCA in bying effort to protect its $900 just as high. The 2,000-mile American businesses. The U.S.
Both Kamala Harris and Canada and Mexico send about 2020 and in October posted on billion trade relationship with frontier between the U.S. and is seeking dispute-settlement
Donald Trump say they will 80% of their exports to the X that the trade pact “wasn’t the U.S. Government ministers, Mexico is the world’s busiest consultations under the
look for more protections for U.S., and both have sought sufficient to protect our coun- provincial leaders and its am- land border. USMCA, a step that could lead
America as they review the free-trade agreements world- try and its workers.” The Bi- bassador to the U.S., Kirsten When trade-pact consulta- to tariffs on a range of Mexican
U.S.-Mexico-Canada Agree- wide, including the Trans-Pa- den administra- Hillman, are tions begin late next year, ne- products if no deal is reached.
ment, the pact negotiated by cific Partnership deal that both tion kept many courting law- gotiators are expected to tackle A trade deal that weakens

.
the Trump administration that countries signed in 2018 with a of Trump’s tar- makers in U.S. issues such as trade with China Mexico’s push to regain con-
replaced the North American host of other nations such as iffs on China. ‘If the walls go states and in and requirements for increased trol of the country’s energy

ly
Free Trade Agreement and has Australia, Japan and Vietnam. “We’re going up, we’re in Washington to North American content in sector risks undermining its
proved a boon for all three Now the wisdom of that bet to be dealing strengthen ties goods imported tariff-free into new president, Claudia Shein-
countries, economists say. on free trade is looking shaky. with a protec- trouble,’ said ex- ahead of any the U.S., Mexican officials say. baum’s political standing at
Trump’s threat to impose new
tariffs on all goods coming
into the U.S. has set businesses
and governments on edge in
Trump and Harris have said
they would reopen the USMCA
in 2026, using a review provi-
sion in the trade agreement.
on tionist presi-
dent, no matter
what,” said Fla-
vio Volpe, pres-
union leader
Dave Cassidy.
USMCA renego-
tiations.
“USMCA is
very important
If Trump wins, his advisers
are expected to pressure Mex-
ico to reopen its energy indus-
try to foreign investment and
home, experts say. But Mexi-
can officials say Mexico can
accommodate some U.S. de-
mands to curb Chinese im-
both Canada and Mexico. “I will renegotiate to the ident of the Au- to Canada,” Hill- curtail investment from China, ports and investments that
us ,

“If the walls go up, we’re in benefit of our country,” tomotive Parts man said. Trade trade analysts said. “Trump is can use Mexico as a back door
l

trouble,” said Dave Cassidy, a Trump said, in a recent TV in- Manufacturers’ Association, between the countries has risen no friend of Mexico,” said Luis to circumvent USMCA rules to
e
al a

former union leader who now terview when asked about his an industry group that repre- 46% since the deal went into ef- de la Calle, a former Mexican sell tariff-free products in the
advises the Ontario provincial plans for USMCA. “We’ve been sents 250 companies, many of fect in mid-2020. She and her government official who U.S. Mexican officials said pro-
government. screwed by Mexico and by them based in Windsor. colleagues have met 45 state helped negotiate Nafta. tecting its vast vehicle-manu-
ci on

As governments across the China and by Canada and by The Harris campaign de- governors to remind them how In 2022, the U.S. launched a facturing industry, which ex-
world revive trade protection- the European Union.” clined to comment. Trump’s deep the trading relationship trade fight against Mexico, ac- ports to the U.S., is a priority.

North Korea Aims to Stir Up U.S. Eurozone Inflation

er s

Climbs Back to Target

m er

BY TIMOTHY W. MARTIN Kim, noting that North Korea

refrained from missile tests
SEOUL—Hours after the for a good stretch of his time BY JOSHUA KIRBY There are signs that the
m rp

launch of an intercontinental in the Oval Office, said Lee bank’s efforts are on course to
ballistic missile, North Korea’s Sung-yoon, a global fellow at The eurozone’s annual rate pay off with a soft landing,
leader Kim Jong Un reportedly the Woodrow Wilson Interna- of inflation was in line with bringing inflation down to tar-
said the ICBM test was meant tional Center for Scholars. the European Central Bank’s get without pushing the econ-
to show a “counteraction will” “It would be irresponsible of target in October, increasing omy into a recession or wiping
co Fo

to unspecified rivals, in a clear Kim Jong Un not to resort to a the likelihood that policymak- out a large number of jobs.
reference to the growing de- major provocation on the eve ers will lower borrowing costs Following figures released
fense partnership and joint ex- of the U.S. election,” Lee said. for a third straight meeting. Wednesday that showed the
ercises between Washington, “An ICBM launch, the North’s Consumer prices were 2.0% eurozone economy accelerated
Seoul and other regional allies. first in some 10 months, only higher than a year earlier in the three months through
Pyongyang has carried out helps the candidate who once across the 20-member cur- September, Eurostat on Thurs-
provocative actions around was his pen pal.” rency area, a pickup from Sep- day said the unemployment
key dates in the U.S. It The U.S. and North Korea tember, European Union sta- rate remained at 6.3% in Sep-
launched missiles on U.S. Elec- haven’t held formal nuclear tistics agency Eurostat said tember, a record low.
tion Day in 1980 and 1996. On talks in more than five years. Thursday. Economists sur- That helps assuage some
the Fourth of July during for- During that time, Kim has veyed by The Wall Street fears of a grinding slowdown in
mer President Donald Trump’s drawn closer to Russian Presi- Journal last week expected to the eurozone economy, which
first year in office in 2017,
YONHAP/EPA/SHUTTERSTOCK

dent Vladimir Putin. The blos- book a smaller rise to 1.9%. was the main headache for cen-
n-

North Korea launched its first- soming Moscow-Pyongyang Services inflation, which tral bankers. The high interest
ever ICBM. That one stayed in relationship entails leader- earlier in the year kept price rates they used to cool prices
flight for about 40 minutes. level summits, arms deliveries increases stubbornly above could still prove too restrictive,
Years later, North Korea’s and the recent dispatch of target, was unchanged. with the risk that inflation will
no

ruling-party newspaper chris- roughly 10,000 North Korean With prices rising broadly stay below their target, as it
tened the debut ICBM launch troops to Russia. in line with their expectations, did before the pandemic.
in a front-page editorial as the People in Seoul watch North Korea’s firing of an ICBM. The risk of Russia helping ECB policymakers are becom- “The risk of sustainably
“July 4th Revolution.” North Korea’s weapons tech- ing more confident that they missing our target by going
The latest ICBM, launched peated offers to meet without frequent letter exchanges. At nology came up during a joint are on course to tame the down now exists as much as
Thursday, splashed into wa- preconditions, with top North July’s Republican National Con- news conference in Washington surge in inflation that followed that of exceeding it,” Bank of
ters west of Okushiri Island, Korean officials doubting the vention, Trump said: “Now with Defense Secretary Lloyd Russia’s full-scale invasion of France Gov. François Villeroy de
which is located 12 miles west talks would deliver meaning- North Korea is acting up again, Austin and South Korean De- Ukraine early in 2022. The re- Galhau said. French inflation re-
of Hokkaido, Japan’s northern ful results. Vice President Ka- but when we get back, I get fense Minister Kim Yong-hyun. sultant energy shock drove mained below target in October,
main island. mala Harris has signaled along with him,” adding, “He’d Austin said he was concerned consumer prices rapidly higher as did that of Spain and Italy.
The outcome of next week’s adopting a similar tact. like to see me back, too. I think that the North Korean soldiers across the continent and Nevertheless, ECB boss
U.S. election could reshape Meanwhile, Trump—the only he misses me.” could support Russia’s combat around the world. The ECB and Christine Lagarde warns
Washington’s policy with the sitting U.S. president to have An ICBM launch could help operations. “We’re seeing them other central banks responded against claiming victory. “I’m
Kim regime should Trump met a North Korean leader— Trump make the argument outfitted with Russian uni- to that surge by raising their not going to tell you that in-
win. Pyongyang never took up has touted his close relation- that he is the better candidate forms and provided with Rus- key interest rates to their high- flation is defeated yet,” she
the Biden administration’s re- ship with Kim, which included to tame autocrats such as sian equipment,” he said. est level in two decades. told French daily Le Monde.

SPAIN GERMANY UNITED NATIONS WORLD WATCH

Death Toll Rises Iranian Consulates Food Agencies Say
From Flash Floods Are Ordered Closed Crises Widening
Crews searched for bodies Germany ordered the clo- Severe food crises
in stranded cars and sodden sure of all three Iranian Con- threaten hundreds of thou-
buildings on Thursday as peo- sulates in the country on sands of people in vulnerable
ple tried to salvage what they Thursday in response to the areas, including the Palestin-
could from their ruined execution of Iranian-German ian territories, Sudan, South
homes following flash floods prisoner Jamshid Sharmahd, Sudan, Haiti, and Mali, where
in Spain that claimed at least who was kidnapped in Dubai in populations face or near fam-
158 lives, with 155 deaths 2020 by Iranian security forces. ine, a report by the United
confirmed in one region alone. Sharmahd, 69, was put to Nations’ food agencies re-
More horrors emerged death in Iran on Monday on leased on Thursday said.
from the debris and ubiqui- terrorism charges, the Iranian Conflicts, economic insta-
NIHARIKA KULKARNI/AGENCE FRANCE-PRESSE/GETTY IMAGES

tous layers of mud left by the judiciary said. That followed a bility, and climate shocks—
walls of water that produced 2023 trial that Germany, the combined with reduced fund-
Spain’s deadliest natural di- U.S. and international rights ing for emergency food and
saster in living memory. Offi- groups dismissed as a sham. agriculture assistance—are
cials on Thursday said 155 The decision to close the driving alarming levels of
people were killed by the consulates in Frankfurt, Ham- acute food insecurity, the re-
floods in the hardest-hit re- burg and Munich, announced port warned.
gion of Valencia. by Foreign Minister Annalena The U.N. Food and Agricul-
Rushing water turned nar- Baerbock, leaves Tehran with ture Organization and the
row streets into death traps only its embassy in Berlin. World Food Program said
and spawned rivers that tore The family of Sharmahd, acute food insecurity is pro-
through homes and busi- who lived in Glendora, Calif., jected to worsen across 16
nesses, sweeping away cars, disputed the allegations and “hunger hotspots” during the
people and everything else in had worked for years to see next six months in 14 coun-
its path. him freed. tries and two regions. SHINING ON: Earthen lamps glowed in front of the Shri Mani Mandir, a temple in Varanasi,
—Associated Press —Associated Press —Associated Press India, during celebrations Thursday marking the start of Diwali, the Hindu festival of lights.
 BUSINESS & FINANCE
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© 2024 Dow Jones & Company. All Rights Reserved. * * * * * * THE WALL STREET JOURNAL. Friday, November 1, 2024 | B1
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Intel Records a $16.6 Billion Loss Amazon

Sees Strong
Chip maker blames
results mainly on
the current quarter that was
above expectations.
Investors seized on the pos-
Intel’s quarterly profit/loss
$8 billion
“These restructuring things
are largely finished this quar-
ter,” he said. “That’s a lot to
derlines the enormous chal-
lenges that its CEO is grap-
pling with.
Demand,
charges from broad
restructuring efforts
itive news, sending Intel’s be-
leaguered shares up nearly 9%
in after-hours trading.
4
get done and we’re proud of
that work.”
Intel expects revenue in the
An Intel veteran who had
been pushed out more than a
decade earlier, Gelsinger took
Surge in
BY ASA FITCH
The losses largely reflected
charges related to a continu-
ing cost-reduction plan and
0

–4
current quarter to be between
$13.3 billion to $14.3 billion,
compared with analysts’ ex-
the helm in 2021 vowing to
turn the company around af-
ter it fell behind in the race to
AI Services
Intel reported write-downs accelerated depreciation on pectations of around $13.7 bil- make the fastest-calculating
and other charges that led to some of its manufacturing as- lion. chips with the smallest tran- BY PREETIKA RANA
a stunning $16.6 billion net sets, Intel said. –8 Intel also clarified the size sistors.
loss in the latest quarter, as In an interview, Gelsinger of its planned layoffs an- He planned aggressive ef- Amazon.com recorded ro-
the chip maker works through characterized the accounting –12 nounced earlier this year, say- forts to close that technology bust revenue and profit
a costly turnaround effort that charges that led to the large ing in a securities filing they gap and expand Intel’s net- growth last quarter as demand
Chief Executive Pat Gelsinger loss as one-off moves neces- –16 3Q 2024 will total 16,500, from a previ- work of chip plants while also for its cloud services and e-
says is bearing fruit. sary because of the company’s –$16.6B ous target of roughly 15,000. building a so-called foundry commerce sales rose and capi-
The net loss reported sweeping business shake-up. Intel said $2.8 billion of the business manufacturing chips tal expenditures reached a re-
Thursday—the largest in its Intel disclosed accounting –20 charges for the latest quarter for other companies. cord amid a big artificial-
56-year history—far exceeded charges totaling nearly $16 2021 ’22 ’23 ’24 resulted from severance and Gelsinger quickly hit chal- intelligence buildout.
than the $1.1 billion loss ana- billion, some of which related Sources: S&P Capital IQ; the company other restructuring costs, with lenges. Pandemic-era PC buy- The company said it plans
lysts expected in a FactSet to write-downs on manufac- a large share of the rest com- ing faded with the return to to spend around $75 billion on
survey. At the same time, In- turing equipment it bought tations for the Intel 7 prod- ing from tax-related charges regular work patterns, and In- capex this year and more next
tel’s revenue in the quarter during the pandemic-era ucts were much higher than in addition to the equipment tel largely missed out on a year as part of a push to build
was $13.3 billion, a 6% decline boom in chip demand for a the reality is today,” Gelsinger write-downs. new computing revolution— generative AI services.
from the same period last year manufacturing technology it said, adding that the equip- The latest period’s shortfall chips that power artificial in- The faster we grow demand,
but slightly above Wall Street calls Intel 7. ment to make those chips dwarfs Intel’s previous record telligence. Intel makes AI the faster we have to invest
forecasts. And Intel offered “In the Covid-enthused pe- couldn’t be repurposed to loss of $2.76 billion in the first chips, dubbed Gaudi, but capital in data centers, net-
guidance for sales growth in riod of PC demand, our expec- make more advanced ones. quarter of last year, and un- Please turn to page B4 work gear and hardware,”
Chief Executive Andy Jassy
said on a conference call after

U.S. Drone Startup Passes Test in Ukraine

results. “We invest in all that
upfront in advance of when we

.
can monetize it.”
Shares of Amazon—which

ly
have risen more than 20% this
BY HEATHER SOMERVILLE year—rose close to 5% in after-
hours trading following its re-
Above a battlefield littered
with failed American drones,
California startup Shield AI
notched an important victory
on sults the announcement Thurs-
day.
Many top technology com-
panies have been ramping up
in Ukraine. spending on the expensive
us ,

The company in August be- chips, data centers and real es-
l

came a rare Western supplier tate needed to meet the antici-

e
al a

to demonstrate it can with- pated demand for computing

stand the brutal electronic power from AI.
warfare that is downing Amazon’s capex jumped
ci on

drones across Ukraine. The more than 80% to $22.62 bil-

country, which has preferred lion last quarter, its biggest-
locally made drones, has now ever quarterly spend.
requested hundreds of Shield The company’s net sales
AI systems. rose 11% to $158.87 billion and
er s

The company’s success is a its net income rose 55% to

bright spot for an otherwise $15.33 billion. Both results
m er

anemic American drone indus- were above Wall Street’s fore-

try. U.S. drone makers sent casts.
DESIREE RIOS FOR THE WALL STREET JOURNAL (2)

hundreds of drones into Earnings announcements

Ukraine with the hope of earn- earlier this week underlined
ing the badge of being battle- the focus on capital expendi-
m rp

hardened. Few made the cut. ture. The $53 billion that Mi-
The sale of a big squadron crosoft has spent this year
of drones to Ukraine would represents about 28% of the
more than double Shield AI’s company’s revenue, well above
revenue and potentially posi- the 12% of revenue the com-
co Fo

tion it as one of the few win- pany has averaged between

ners in a new generation of 2014 and 2023. Meta Plat-
military-tech startups. It is a forms said it plans to spend
field in which many have between $38 billion and $40
struggled to convert develop- The Shield AI flight test team conducts power checks. Below, deconstructed aircraft during-in-the-loop testing. billion on capex this year,
ing high-tech weapons into a which would represent about
self-sustaining business. the chief executive. Investors ing machines. 24% of Wall Street’s projected
Shield AI said it had reve- have held it out as a promis- The company has started revenue for the company for
nue of $163 million last year, ing private-sector partner for worming its way into the U.S. the year.
nearly double what it earned modernizing the Pentagon. defense complex. The U.S. Jassy wants to make Ama-
in 2022, mostly from contracts The San Diego-based Navy and Marine Corps use zon an AI leader. The company
with the U.S. and NATO gov- startup has raised about $800 the same long-range drone has created special teams to
ernments. million at a nearly $3 billion that was tested in Ukraine— drive generative AI innovation
n-

The Ukrainians asked for valuation, making it the fourth the V-BAT, a vertical-takeoff and has released a flurry of
more than 200 of the Shield most valuable venture-backed and -landing drone about 9 services, including an AI shop-
AI drones, which typically cost defense company globally. It feet tall. The U.S. Air Force is ping assistant on its app
about $1 million each, though trails better-known defense testing jet fighters that use named Rufus.
no

they are cheaper when bought firms including Anduril Indus- Shield’s AI software to explore To make way for its AI
in bulk. tries and SpaceX. flying uncrewed aircraft. pivot, Jassy has looked to cut
Shield AI was started Shield has focused on Shield is hoping its success costs in other divisions. In
nearly a decade ago by Bran- building AI software that op- in Ukraine will help it break May, the company named Matt
don Tseng, the company’s erates much like the brains of away from the swarm of Garman, a veteran executive
president and a former Navy a self-driving car, turning struggling drone startups. with a strong engineering
SEAL, and his brother, Ryan, weapons into self-maneuver- Please turn to page B9 Please turn to page B5

AstraZeneca Latest to Feel Heat INSIDE Boeing, Union Chiefs

From China Business Probe Agree on New Pact
BY YOKO KUBOTA
AND JOSEPH WALKER
Public Security didn’t re-
spond to a request for com-
With Striking Workers
ment.
BEIJING—An investigation Chinese authorities are BY SHARON TERLEP The union plans to vote on
involving a top executive at looking at companies on is- the deal Monday. Nearly 95%
drugmaker AstraZeneca is sues including medical-insur- Boeing has reached a deal of workers voted to reject the
the latest to rattle foreign ance fraud, drug smuggling AUTOS with leaders of its machinists first tentative deal, which the
companies in China, where a and patient-data collection, Ford will pause union, trying for a third time union’s leaders had recom-
series of probes and deten- people involved with the in- to end a strike that has halted mended. About 64% of work-
tions have led to uncertainty dustry say.
production of its most of its airplane produc- ers rejected a second offer
about Beijing’s intentions. In China, industry clamp- electric F-150 tion. that included a 35% wage in-
The more than $1 trillion downs and corruption cam- Lightning. B3 The strike, which began on crease over four years and
JELLY TSE/SCMP/REUTERS

healthcare industry in rapidly paigns tend to come in waves. Sept. 13, has hobbled Boeing’s other improvements from the
aging China is one of the In recent years, the internet business, costing the company first deal.
most attractive opportunities technology sector—which has an estimated $1 billion a The latest offer doesn’t re-
for foreign businesses, but a grown powerful with its grip month. Chief Executive Kelly store pensions, which was a
broad and heightened crack- on personal data—as well as Ortberg has set plans to cut key demand of many members
down on alleged wrongdoing after-school tutoring and soc- 17,000 jobs while raising more but something union leaders
in the industry is an example Leon Wang of AstraZeneca cer have come under the than $24 billion in equity to had said might be out of
of how government scrutiny spotlight, resulting in fines, keep the company afloat. reach. Boeing would increase
can hit corporate leadership reached for comment. new regulations and some- The company is offering a company 401(k) contributions
and dent profits. Earlier this year, several times arrests. 38% wage increase over four under the new deal.
On Wednesday, AstraZen- employees of AstraZeneca Chinese leader Xi Jinping years in its latest proposal. The company also would
eca said its China president, were detained on suspicion of has focused on corruption That is up from its original of- keep paying annual bonuses,
Leon Wang, was under inves- bringing an unapproved can- during his dozen years in fer of 25%, which was over- which were eliminated as part
tigation by Chinese authori- cer drug into China. At the power. In January, he indi- RETAIL whelmingly rejected by a of the initial offer, and pay
ties. “If requested, AstraZen- time, the company said it was cated some of his latest areas Estée Lauder shares union local representing ma- $12,000 ratification bonuses.
eca will fully cooperate with aware of the cases and de- of interest, telling the Com- chinists in the Pacific North- The previous offer included
the investigation,” the Brit- clined to comment further. munist Party’s antigraft body
fall after it slashes west who build most of Boe- a $7,000 ratification bonus
ish-Swedish drugmaker said, It couldn’t be determined that a campaign would target dividend, warns of ing’s jets. and a $5,000 401(k) contribu-
without offering further in- why Wang was under investi- corruption in “power-concen- lower sales. B3 The company and union an- tion, which isn’t part of the
formation. Wang couldn’t be gation. China’s Ministry of Please turn to page B2 nounced the deal Thursday. latest deal.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B2 | Friday, November 1, 2024 * **** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

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

Shell Earnings Beat Estimates

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

A H Q
AeroVironment.........................B9 Hapag-Lloyd................................B9 Quantum Systems................B9
Alphabet..............................A6,B10 Hitachi...........................................B10 R
Amazon.com.............A6,B1,B10 Holtec.............................................B10
Robinhood....................................A6 BY CHRISTIAN MOESS LAURSEN
Apple..................................A1,A6,B4 Huawei Technologies...........A1
S
ASML................................................B4 I Shell’s earnings topped
AstraZeneca.........................B1,B2 Samsung Electronics..........B4
Intel.....................................................B1
Shell...................................................B2 market views thanks to its gas
B International Paper..............A6 and upstream divisions, partly
Shield AI.........................................B1
BDO....................................................B9 K SK Hynix........................................B4 offsetting low oil prices and
BGC....................................................A4 Kairos Power...........................B10 Sony...................................................B3 weak refining margins that
Boeing...............................................B1 Kymera Therapeutics.........B2 Stellantis........................................B3 have hit energy majors’ re-
Booking...........................................A6
M STMicroelectronics...............B4 sults over the third quarter.
BP........................................................B2 Super Micro Computer.....A6
Meta Platforms............A6,B10 The British energy giant’s
C T
Micron Technology...............B4 adjusted earnings fell slightly
CME...................................................A4 Microsoft.....................A6,B5,B10 Temu.................................................B4 on year to $6.03 billion, but
Coinbase Global......................A6 N TerraPower................................B10 exceeded consensus estimates
Comcast...........................................A1 Tesla..........................................B3,B4
ConocoPhillips...........................A6 Newmark.......................................A4 of $5.36 billion.
Teva Pharmaceuticals........B5
Norwegian Cruise Line.....A6 The beat was driven by
E TotalEnergies.............................B2
NuScale........................................B10 higher volumes from Shell’s
Estée Lauder..............................B3 Nvidia.............................A6,B4,B10 V
integrated gas unit and main-
F O Vir Biotechnology..................B2
tenance work completed
Ford Motor..................................B3 Oklo.................................................B10 W ahead of time at its upstream
Fortescue.......................................B9 Oracle.............................................B10 Westinghouse Electric....B10 unit, helping both segments

ANP/ZUMA PRESS
G P X significantly outperform mar-
General Motors........................B3 PDD....................................................B4 X-Energy......................................B10 ket expectations.
Shell is the world’s top liq-
uefied natural gas trader.
INDEX TO PEOPLE This comes amid a weak
macroeconomic environment
Shell said its additional stock buybacks would bring the total for the year to $14 billion.

where slumping refining de- Analysts said the results capital-expenditure guidance clared a quarterly dividend of
A Gates, Bill...................................B10 Ostermann, Doug...................B3 mand and low oil prices have show Shell’s operational for the year to below $22 bil- 34.40 cents and said it would
Altman, Sam...........................B10 Gelsinger, Pat.............................B1 Otranto, Dino.............................B9 pressured profits of the strength, highlighting its resil- lion from $22 billion to $25 buy back $3.5 billion of shares
B
Goltermann, Jonas...............A6 P world’s top oil and gas compa- ience despite a weak macro billion previously. Spending during the fourth quarter, in
Gwak, Dan....................................B9
Bessent, Scott..........................A4
H
Panday, Satyam......................A2 nies in the past quarter. environment and its solid fi- had reached a $40.145 billion line with its previous guid-
Brown, David...........................B10 Paulson, John............................A4 BP booked its lowest profit nancial position. peak in 2013. ance. This would take total
Hirsch, Jeff..................................A4 R
C Hood, Amy.................................B10 in nearly four years, while To- “The business has put itself Its capital discipline has buybacks for the year so far to
Campbell, Bradley..................B2 J
Rhame, Lara...............................A6 talEnergies hit a three-year in a strong position to weather helped Shell improve its bal- $14 billion.
Carulli, Maurizio......................B2 Rowan, Marc..............................A4 low. any volatility in commodity ance sheet materially as its Shell has been highlighted
Jassy, Andy..................................B1
Cavanagh, Mike........................A1 S Earnings from Shell’s prices and take advantage of net debt fell to $35.23 billion, by analysts as one of the few
Chaplin, Jonathan..................A4 K
Chery, Jean-Marc...................B4
Sawan, Wael..............................B2 chemicals and products seg- competitor struggles,” Maurizio its lowest since 2015. European energy majors with
Kelly, David..................................A2 Schwab, Charles......................A4
Clerc, Vincent.............................B9 ment dropped to less than a Carulli, analyst at Quilter Chev- This, along with the overall a healthy enough balance
L Shin, Hyun Song.....................A2
E third of the year-earlier result iot, said in a market comment. result and a $2.7 billion work- sheet to sustain its current
Lauder, Jane................................B3 Soriot, Pascal.............................B2
on weaker refining and trad- Under Chief Executive Wael ing-capital inflow, drove a 19% promises of lofty returns into
Ellison, Larry............................B10 Lauder, William........................B3 T
F Laufer, Mike.............................B10 ing margins. Sawan, who took the reins at increase to Shell’s cash flow next year.
Tseng, Brandon.........................B1
Lutnick, Howard......................A4 However, this was offset by the start of last year, Shell has from operations to $14.68 bil- The cost cuts, along with
Farley, Jim....................................B3 V

.
Faverie, Stéphane de La..B3 M higher mobility margins and vowed to grow its core gas lion, beating consensus fore- capital discipline, bode well
Vince, Robin................................A2 seasonally higher volumes in unit while cutting costs and casts of $12.60 billion. The for shareholder returns in the

ly
Federighi, Craig........................A6 Mainolfi, Nello...........................B2
Freda, Fabrizio..........................B3 Musk, Elon...................A4,A5,B3 W the marketing division, help- spending as well as trimming metric is closely watched as future, Berenberg analysts
G N-O Wang, Leon..................................B1 ing Shell’s downstream result operations to fund share- its supports Shell’s buyback said in a note in September.
Gadomski, Chris....................B10 Narayan, Tom............................B3 Z beat market views by 12%, ac- holder returns and low-carbon pledge. Shares in London rose 3.5%
Garman, Matt............................B1 Ortberg, Kelly..............................B1 on
Zuckerberg, Mark................B10 cording to a company-pro-
vided forecast.
energy investments.
On Thursday, it lowered its
Europe’s biggest oil and gas
company by market value de-
to 25.79 pounds, or around
$33.26.

Beijing seeks to establish a whistle-

blower system for drugs and
us ,

medical devices including po-

l

Crackdown tential monetary rewards.

e
al a

Whistleblowers have played a

central role in many U.S.

Raises Fears healthcare-fraud cases, some-

ci on

times earning multimillion-

dollar rewards.
Foreign drugmakers have
Continued from page B1 noticed the effects of both the
trated, capital-intensive, and anticorruption efforts and
er s

resource-rich fields such as moves by regulators to limit

finance, state-owned enter- the prices paid for some ad-
m er

prises, energy, medicine and vanced drugs.

infrastructure projects.” A Johnson & Johnson exec-
Since last year, foreign utive said in October that his
companies have been con- company’s results were hurt
cerned about raids by author- by the cost-cutting push, and
m rp

ities and the detention of ex- this “has also been exacer-
ecutives and employees, some bated by the anticorruption
under unclear circumstances. campaign.” He said, however,
An expansive update of an of the campaign: “We believe
antiespionage law raised the this is absolutely the right
co Fo

risk that ordinary business thing to do.”

behavior could be miscon- Many healthcare compa-
strued. nies say China remains too
A Japanese pharmaceutical big to ignore. It was the
executive was recently in- world’s second-biggest phar-
WUXI BIOLOGICS/REUTERS

dicted on suspicion of espio- maceutical market, at about

nage, more than a year after $112 billion in 2023, after the
his detention. U.S.’s $714 billion, according
Last year, Chinese authori- to Iqvia, a data and drug-test-
ties questioned staff at U.S. ing company.
consulting firm Bain as Bei- Wang is among AstraZen-
jing’s concerns grew over eca’s most important and vis- A bill in the U.S. Congress would curb business with Chinese companies, including WuXi Biologics. One of its plants, in Germany
gathering of potentially sensi- ible executives, regularly ap-
n-

Drugmakers End China Alliances

tive information. Police also pearing on the company’s
detained then- and former quarterly earnings calls with
employees of GroupM, a unit analysts. He is also a key lieu-
of London-based advertising tenant to AstraZeneca CEO
no

company WPP, citing suspi- Pascal Soriot, who has long

cions that they accepted been bullish on expanding in- BY JARED S. HOPKINS ing but has begun to do more U.S. revenue at WuXi AppTec eca, meanwhile, are working
bribes. side China, which he got to AND CLARENCE LEONG of that work in Europe, India to create separate supply
Beijing has been trying to know while living in Asia for and the U.S. 30 billion yuan First nine chains for China and the West.
months
clean up and overhaul its many years while climbing U.S. drugmakers and bio- One driver of the shift is Amicus Therapeutics relies
healthcare system. By 2050, the ranks of the pharmaceuti- techs have come to rely on the Biosecure Act, which 25 on WuXi Biologics in China to
nearly a third of China’s pop- cal industry as a sales man- Chinese partners for manufac- passed the House in Septem- produce its treatment for
ulation will be 65 or older, ac- ager. Even today, Soriot turing, research and ingredi- ber with overwhelming bipar- 20 Pompe disease, a rare condi-
cording to United Nations spends 15% to 20% of his time ents. Now, some of them are tisan support. The legislation tion affecting the heart and
projections. in the country, he said in a looking for alternatives as would bar companies that re- muscles, and its main supplier
Last year, China carried recent interview. geopolitical tensions rise. ceive government funds or 15 of some of the raw materials is
out an anticorruption purge Last year, Wang appeared From big pharmaceutical contracts from doing business also in China. While Amicus re-
that led to nearly 200 hospi- at an event in the country to companies such as AstraZen- with a list of Chinese compa- 10 mains comfortable working
tal heads being detained as of celebrate AstraZeneca’s de- eca to small biotechnology nies of concern. with WuXi based on the latest
September 2023. cades-long presence in the firms like Amicus Therapeu- The biggest names on the 5 iteration of the Biosecure Act,
This October, China’s State country. Following 30 years of tics of New Jersey, which is list are WuXi AppTec and it is searching for a materials
Administration for Market growth in China, he said, “we looking for a non-Chinese WuXi Biologics, two affiliated supplier outside of China, said
Regulation issued a draft have deeply fulfilled our com- company to supply raw mate- Chinese companies to which 0 Amicus CEO Bradley Campbell.
guideline for healthcare com- mitment of ‘rooted in China rials for its rare-disease treat- thousands of customers around 2018 ’20 ’23 ’24 The Biosecure Act “forced us
panies about avoiding com- while benefiting China,’” ac- ment, the companies say it is the world have turned for re- Note: $1=7.1 yuan to take a hard look at where we
mercial bribery, and a sepa- cording to a Chinese-language time to reduce China risk. search and manufacturing. Source: the company get our materials and the kind
rate medical regulator transcript of his remarks Industry officials say one WuXi AppTec said in May of delicate nature right now of
released a draft rule that posted by AstraZeneca. consequence could be slower that naming it in the bill is “a our relationship with China,”
drug rollouts and higher costs pre-emptive and unjustified their products in China, the Campbell said. WuXi is helping
in the U.S. because the shift designation without due pro- second-largest drug market him diversify: It has a plant in
Listen to a Podcast: How Brain-Computer takes time and money. cess.” Both it and WuXi Bio- after the U.S. and a country Ireland set to provide commer-
Interfaces Could Change Lives Mostly unbeknown to Amer- logics said they don’t pose a with a rapidly aging popula- cial medicines next year.
ican patients, U.S. and Euro- security risk to the U.S. or any tion. Chinese biotech compa- Nearly 80% of U.S. biotech-
pean companies often depend other country. nies have signed billions of nology companies contract
on China for basic chemistry The prospects for the Bio- dollars in licensing deals that with at least one Chinese firm,
services and pharmaceutical secure Act in the Senate are seek to bring medicines of according to a survey by the
ingredients—which is why uncertain this year, and the Chinese origin to the world. Biotechnology Innovation Or-
U.S.-China disputes over trade current version gives compa- The greater impact is on ganization, an industry group.
and military issues in recent nies until 2032 to cut ties with drug supply chains. Chinese companies have spent
years have shaken the indus- the targeted Chinese compa- One example of a U.S. com- years honing their expertise
try. Executives say the cost for nies. Still, the prospect of re- pany cutting China ties is San and infrastructure with gov-
Francisco-based Vir Biotech-
HANNAH YOON FOR WSJ

top-notch Chinese work is typ- strictions has had “a chilling ernment help, winning respect
ically lower than in the West. effect on companies consider- nology, which develops antivi- from global executives.
Now, companies are “mak- ing whether or not to engage ral and cancer treatments. It The WuXi companies make
ing choices based on lowering with WuXi or other Chinese ended manufacturing at WuXi the raw materials for cancer
risks of relying on a single companies,” said Steve Biologics earlier this year and is drugs Imbruvica and Jemperli,
country or a couple of coun- Abrams, global co-head of the working with U.S. manufactur- among other drugs, according
tries,” said Kymera Therapeu- life sciences practice at Hogan ing partners and focusing on in- to supply-chain analytics firm
Scan this code to listen to a podcast about tics Chief Executive Nello Lovells, a law firm. house development and manu- Qyobo. Among listed U.S. bio-
brain-computer interfaces. People with Mainolfi. His Massachusetts- The changes don’t mean a facturing, a spokeswoman said. techs and pharmaceutical com-
physical disabilities could one day control based company, which is de- full severing of industry ties Other companies are look- panies, 60 have flagged their
computers with their thoughts, according to veloping cancer and immune- between China and the West. ing for new sources of raw work with at least one of the
the co-founders of Precision Neuroscience.. system drugs, relies on U.S. and European drugmakers materials as a backstop. Big companies in filings, according
Chinese firms for manufactur- still see promise in selling drugmakers such as AstraZen- to data platform AlphaSense.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * Friday, November 1, 2024 | B3

BUSINESS NEWS

Bankruptcy
Filing by
Estée Lauder Slashes Dividend
TGI Fridays Cosmetics giant
warns of lower sales
an outsider was needed, and
there was disagreement over
how quickly to name a succes-
growth and avoid “future
overexposures to areas of the
global world that are becom-

Expected and pulls financial

forecasts for year
sor, The Wall Street Journal
reported.
ing too volatile and more un-
certain.” He was pleased the

TIAN YUHAO/CHINA NEWS SERVICE/VCG/GETTY IMAGES

This week, the company board decided on internal suc-
also said Jane Lauder, who cession, he said, because he
BY SOMA BISWAS BY PAUL ZIOBRO was passed over for the CEO believed that would allow for
AND HEATHER HADDON AND NATASHA KHAN job, would be leaving her ex- faster improvements.
ecutive role and her cousin The company reported a
TGI Fridays, the destination The family feud at Estée William Lauder, the longtime loss of $156 million for its fis-
for generations of workers’ Lauder is turning into a fi- executive chairman, would cal first quarter, compared
happy hour gatherings, is in nancial crisis. shift to nonexecutive chair- with a profit of $31 million in
talks to prepare a Chapter 11 Shares of the beauty giant man. The changes mean that the year-ago period. The re-
bankruptcy filing, people famil- plunged 21% Thursday after it no Lauder family member will sults were hit by about $159
iar with the matter said. slashed its dividend by nearly have a senior executive role. million in charges related to
The Dallas-based chain half and pulled its financial In a surprise, the board on talcum litigation for current
could file for bankruptcy in a targets for the current fiscal Thursday cut the quarterly and potential future claims
court in Texas within days, year after reporting another dividend by 47%, to 35 cents The company warned that it expected steep sales declines in with law firms.
the people said. The situation quarter of falling sales. from 66 cents, freeing up its important China and Asia travel markets. Adjusted earnings, which
remains fluid, they said, and The moves spooked inves- some cash for the company’s exclude one-time charges,
any filing could still be de- tors the same week that the restructuring efforts. withdrew guidance for the On Thursday, the company came in at 14 cents, better
layed or tabled. maker of its namesake skin The incoming CEO, de La rest of the year. warned it expected steep sales than analyst forecasts. Reve-
TGI Fridays, which locked creams, Jo Malone perfumes Faverie, will take over on Jan. The troubles are tied to big declines in its key China and nue of $3.36 billion fell just
itself into a complex financing and MAC lipsticks said a long- 1, a business in a steep decline bets that Estée Lauder placed Asia travel markets. Freda below expectations.
deal in 2017 based on its fran- time insider, Stéphane de La under current CEO Fabrizio on the China beauty market said that recent economic The cosmetics market is
chisee royalties, has lost busi- Faverie, would be taking over Freda. On Thursday, Estée and shoppers buying its skin stimulus measures in China under strain after years of
ness over the years as diners as chief executive rather than Lauder reported a quarterly creams and cosmetics at air- should help stabilize its busi- rapid growth. L’Oréal posted
gravitated to newer restaurant recruiting an outsider to lead loss and said revenue fell 4% ports in Asia. Freda has ness over the medium to long sales below analysts’ expecta-
options. It closed dozens of lo- a turnaround effort. from a year ago. It also started a restructuring pro- term, but that declines will tions last month, and Coty,
cations this year as it sought The board and members of warned that sales would fall gram to cut unsold inventories persist. which makes Gucci and Marc
to stabilize its finances, and in the Lauder family had been between 6% and 8% in the cur- and had been promising inves- In a call with analysts, Jacobs fragrances, warned of
September a planned deal for split over whether an insider rent quarter, worse than Wall tors that sales would turn a Freda said the company was slowing sales in North Amer-
its U.K. franchisee to purchase should run the business or if Street analysts expected, and corner this fiscal year. working to rebalance its ica and Asia.
the company fell through.
The company’s independent

Ford to Pause Production of F-150 Lightning

auditor said in a June state-
ment that the company was
running out of funds to meet
its debt obligations.
Representatives for TGI Fri-

.
days didn’t respond to re- BY BEN GLICKMAN
quests for comment.

ly
Restaurant chains and op- Ford Motor is pausing pro-
erators this year are on track duction of its electric F-150
to declare the most bankrupt- Lightning truck for several
cies in decades outside of
2020, when the pandemic
scrambled the industry, ac-
cording to an analysis of
weeks, as the outlook for elec-
tric vehicles remains down-
beat, with car companies con-
fronting slumping demand.
on
BankruptcyData.com records. The Dearborn, Mich., auto-
us ,

Visitor traffic to restaurants maker said Thursday that it

l

has declined this year, and sit- would idle the assembly fac-
e
al a

down chains like TGI Fridays tory that makes the battery-
have been hit harder than the powered truck from mid-No-
industry average, according to vember to Jan. 6. The
ci on

market-research firm Black Lightning, a centerpiece of the

Box Intelligence. legacy auto manufacturer’s EV
New York restaurateur Alan strategy, has been the victim
Stillman opened the first TGI of steep price cuts and waning
Fridays in 1965 in Manhattan, interest from consumers.
er s

with a prominent bar helping “We continue to adjust pro-

make it a neighborhood duction for an optimal mix of
REBECCA COOK/REUTERS
m er

meetup spot. Also known as sales growth and profitabil-

one of the first singles bars, ity,” Ford said.
the concept spread, with mem- The pause comes less than
orabilia-packed TGI Fridays a year after Ford said that it
later opening in airports and was permanently cutting a
m rp

expanding internationally. production shift at the plant

Private-equity firms TriArti- in suburban Detroit, where it The battery-powered truck has been the victim of steep price cuts and waning interest from consumers.
san Capital Advisors and Senti- builds the electric truck. The
nel Capital Partners took own- move is also days ahead of the three-row sport-utility vehicle, losses on the technology in re- business is still expected to seas competition from Chinese
ership of TGI Fridays in 2014. U.S. presidential election, citing pressure on prices for cent years. On Monday, the lose money next year. automakers, which have rap-
co Fo

For years, though, TGI Fri- where government support for battery-powered cars. car company said its adjusted Battery-powered models idly expanded globally with
days has been losing diners in EVs has been sharply debated Automakers have poured pretax profit for the year have been piling up on dealer cheap EVs that are stylish and
the U.S. The company had $728 with Michigan being a major billions of dollars into devel- would come in at the low end lots, prompting aggressive tech-forward. While they don’t
million in U.S. sales last year, swing state. oping and churning out more of its guidance, weighed down discounts and price cuts to sell cars in the U.S., the con-
down 15% from the year prior, Automakers in the past electric vehicles, even as their by loss-making EVs and higher whittle down unsold inven- cern among auto executives is
according to data from market year have scrambled to adjust new models continue to gen- warranty expenses. tory. Elon Musk’s Tesla was that they could one day arrive
research firm Technomic. plans for their EV models af- erate steep losses. Crosstown rival General among the first to begin slash- here, undercutting the tradi-
The chain operated 292 U.S. ter finding weaker-than-ex- Ford, which is one of the Motors, meanwhile, has ing prices in 2023 and rivals tional car companies in price.
locations last year, 11% fewer pected demand from car buy- few legacy automakers to sep- pushed back plans for a bat- have since followed suit with Ford Chief Executive Jim
than it had in 2021, according ers. arately report results from its tery-making factory and has their own reductions. Farley has described the rise
to the company. It also had lo- Ford in August said it was electric-vehicle business, has delayed a new Buick EV. GM The auto industry is also of Chinese car manufacturers
cations overseas. scrapping plans for an electric generated billions of dollars in has said its electric-vehicle facing the prospect of over- as “an existential threat.”
n-

‘Jeopardy’ Stellantis Says It Is Moving

And ‘Wheel’
no

Are in Middle Quickly to Cut U.S. Inventories

Of Legal Spat BY DOMINIC CHOPPING months to the end of October,
and the company expects to
on price,” he said.
The auto giant, which
BRANDON BELL/GETTY IMAGES

Stellantis said it is moving reach its guided 100,000 unit houses a host of brands that
BY JOE FLINT quickly to reduce bloated in- reduction year-end target by includes Jeep, Ram, Chrysler,
ventories in the U.S., with ef- the end of November. Fiat and Peugeot, said third-
“Wheel of Fortune” and forts to bring down the num- Shares rose 2.9% in Euro- quarter revenue fell 27% to
“Jeopardy” are two of TV’s ber of cars held at dealers pean trade but have still fallen €33 billion. This was due
best known programs. Now a running ahead of schedule. more than 40% so far this mainly to the lower shipments
legal fight has erupted be- Third-quarter group ship- year. and fewer sales of its more
tween the companies behind ments fell 20% on the year as Revenue in North America profitable cars, as well as im- Stellantis has increased customer incentives and intensified
the game shows. the company slashes U.S. in- fell by 42% in the quarter with pacts from lower pricing and plans to cut the number of cars it ships to its dealers.
Sony Pictures Television, ventories and as it suffered sales also held back by the currency movements.
which makes “Wheel of For- from gaps in its product gaps in its product lineup. But “While third quarter 2024 Stellantis third quarter revenue by segment
tune” and “Jeopardy,” is suing lineup ahead of new car the company is preparing to performance is below our po- 3Q 2023 3Q 2024
CBS, the distributor, for alleg- launches, but it launch a new tential, I’m pleased with our
edly undercutting the value of said the com- generation of progress addressing opera- North

42%
the shows to serve its own in- pany is on cars starting in tional issues, in particular U.S. America
terests. CBS licenses the track to launch late 2024 that inventories, which have been
shows to TV stations and sells around 20 new it hopes will reduced meaningfully and are Europe
some ad space in them, re- models this make up the on track for year-end targets,
ceiving a cut of the revenue. year. Quarterly revenue shortfall. as well as stabilization of U.S. Middle East &
“Wheel” and “Jeopardy” to- Headwinds Overall in- market share,” Chief Financial Africa
gether generate more than from a chal-
decline for the ventory levels Officer Doug Ostermann said. South
$100 million in profits annu- lenging Euro- automaker in North have fallen by The company’s U.S. prob- America
ally for Sony, a person familiar pean market America 129,000 vehi- lems came as it was already
with the matter said. that included cles so far this facing an increasingly challeng- China, India &
Sony filed suit in Los Ange- product delays year and stood ing auto market with waning Asia Pacific
les Superior Court on Thurs- and pricing at 1.33 million demand and intense competi-
day alleging breach of contract pressure also dented ship- units at the end of September. tion that led it to cut profitabil- Other*
and claiming CBS earned dis- ments, it said. RBC Capital Markets ana- ity and cash forecasts for the
tribution fees from unauthor- U.S. dealers have long com- lyst Tom Narayan said in a year. €0 billion 5 10 15 20
ized deals, licensed the shows plained that Stellantis cars are note to clients that revenue In a sign of the broader *Includes Maserati Note: €1 = $1.09 Source: the company
at prices below market rates less affordable than those of per car in North America fell challenges facing the auto sec-
and favored its own shows competitors, driving away to €41,555, equivalent to tor, Volkswagen on Wednesday A broad management shake- as part of the shake-up, mov-
over “Wheel” and “Jeopardy” buyers and leaving a glut of $45,230, in the quarter from highlighted the need to ur- up was announced by Stellan- ing to the position after head-
when making distribution vehicles on dealer lots. In re- €44,227 in the three months gently cut costs amid an expen- tis last month, as the auto- ing the company’s operations
deals and selling advertising. sponse, the company has in- ended June, suggesting that in sive domestic manufacturing maker tries to turn its fortunes in China.
“We strongly refute any creased incentives for custom- addition to cutting production base, tepid demand and in- around. Its chief executive will The company backed re-
claims by Sony that we did ers and intensified plans to the company is also offering creasingly fierce competition leave when his contract ex- cently lowered guidance for a
not use our best efforts in dis- cut the number of cars it ships sharp discounts in the region. from lower-cost Chinese elec- pires in early 2026, and the full-year adjusted operating
tributing the programs or oth- to its dealers. “Analysts will be keenly fo- tric-vehicle makers, while Mer- chief financial officer and chief margin of between 5.5% and
erwise failed to abide by our The U.S. dealer inventory cused on whether it can re- cedes-Benz has also recently operating officer of North 7% and negative free cash flow
obligations under the agree- level was reduced by more duce dealer inventories there warned of softer pricing and America were both replaced. of between €5 billion and €10
ments,” CBS said. than 80,000 units in the four without sacrificing too much lower sales of higher-end cars. Ostermann was named CFO billion.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B4 | Friday, November 1, 2024 * *** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Samsung on Track to Sell New AI Chips

Company says it Nvidia and other companies was expected to reach 50% in
to enable AI computing. the fourth quarter, compared
completed an Samsung said in its third- with slightly above 10% in the
important phase quarter earnings call Thurs- third quarter.
day that it had “completed an SK Hynix is the leading
with major client important phase” in qualifying supplier of HBM to Nvidia,
to sell the most advanced whose latest AI processors in-
BY JIYOUNG SOHN form of the memory chips, corporate HBM3E.
AND KWANWOO JUN called HBM3E, to a major cus- The AI boom has driven
tomer. strong demand for high-per-
SEOUL—Samsung Elec- While it didn’t identify the formance computing chips to
tronics said it was on track to customer, the description train and operate generative
ramp up sales of its latest spe- matched Samsung’s relation- AI models such as the one be-
cialized memory chips for ar- ship with Nvidia, whose chief hind chatbot ChatGPT.
tificial-intelligence computing executive said this year he Samsung’s semiconductor
SEONGJOON CHO/BLOOMBERG NEWS

after suffering delays that left was interested in Samsung’s business chief recently apolo-
it behind industry rivals. HBM3E but hadn’t yet deter- gized to investors for down-
SK Hynix of South Korea mined whether it met Nvidia’s beat earnings and acknowl-
and Micron Technology of quality standards. edged delays in bringing
the U.S. have moved ahead of Samsung expects to start HBM3E to major customers.
Samsung in the development expanding sales in the last The company’s stock has
of high-bandwidth memory three months of the year. It dropped about 25% this year,
chips that work in tandem said the proportion of HBM3E while SK Hynix and Micron
The AI boom has driven strong demand for high-performance computing chips. with processors made by in its overall HBM revenue shares are higher.

STMicroelectronics Cuts Outlook on Rocky Chip Demand

BY MAURO ORRU STMicroelectronics quarterly
net profit
STMicroelectronics slashed
$1.75 billion
its annual guidance for the
third time this year after post-
1.50
ing a slump in net profit and
sales in the third as demand
1.25
for chips in cars and industrial 3Q 2024
equipment remained weak. $351M
The European chip maker 1.00 –68%*

.
also said Thursday that it
was launching a company- 0.75

ly
wide program to reshape its
manufacturing footprint and 0.50
cut costs. Chief Executive
Jean-Marc Chery said the
move would bring annual cost
savings in the high Triple-
digit million-dollar range at
0.25

0
2022 ’23 ’24
on
the end of 2027.
us ,

*Change from a year earlier

The company—which Sources: S&P Capital IQ; the company
l

counts Apple, Samsung Elec-

e
al a

tronics and Tesla among its ment have been grappling

customers—said it was ex- with sluggish demand.
pecting revenue of about Dutch semiconductor-
ci on

$13.27 billion this year com- equipment maker ASML

pared with a previous range Holding warned last month
of $13.2 billion to $13.7 bil- that while AI demand re-
lion, down more than 23% mained strong, the recovery
from 2023. Its gross margin for other parts of the indus-
er s

should be slightly below 40%, try could stretch well into the
it said. next year.
m er

Demand for semiconduc- STMicroelectronics had al-

tors has been uneven across ready cut its annual guidance
the industry in recent twice this year after sales and
months. Orders for artificial- earnings declined in recent
intelligence chips keep boom- quarters.
m rp

TOBY STERLING/REUTERS

ing, but manufacturers of STMicroelectronics posted

smartphones, laptops, electric $351 million in net profit in
vehicles and industrial ma- the third quarter, down
chinery aren’t placing many nearly 68% on year. Analysts
orders for chips as they had forecast $302.1 million in
co Fo

stockpiled the semiconduc- quarterly profit, according to

tors they needed years back. consensus estimates by Visi- Manufacturers of smartphones, laptops, electric vehicles and industrial machinery aren’t placing many orders for chips.
Chip makers with signifi- ble Alpha.
cant AI exposure like Nvidia Revenue fell almost 27% to pectations, were higher in Per- nies operating in the semi- STMicroelectronics is fore- quarter and the first quarter
have grown exponentially in $3.25 billion. Analysts had sonal Electronics, declined less conductor industry—declined casting revenue of about of the new year well above
recent years. However, those forecast $3.24 billion in reve- in Industrial and were lower to $1.23 billion from $2.11 bil- $3.32 billion and gross mar- normal seasonal trends,
mostly exposed to personal nue, according to the Visible in Automotive,” Chery said. lion, generating a 37.8% gross gin of about 38%. Chery said based on current customer
electronics, the automotive Alpha consensus. “Our reve- Gross profit—a closely margin. he was expecting a revenue order backlog and demand
sector and industrial equip- nues, compared with our ex- watched metric for compa- For the current quarter, decline between the fourth visibility.

Temu Faces EU Investigation Over Sales of Counterfeit Products

n-

BY DOMINIC CHOPPING in place to limit the sale of their com- risks linked to It said it is also in discus- consumers and rights hold-
no

noncompliant products in the plaints about the addictive sions to join a European anti- ers,” a Temu spokesperson
The European Union is in- EU, with the bloc noting con- content moder- Temu said it is gamelike design counterfeit pact that collabo- said.
vestigating Chinese e-com- cern around the systems for ation. The max- in discussions to of the platform, rates to prevent the sale of The announcement of for-
merce platform Temu over limiting the reappearance of imum fine for a as well as the fake products online in Eu- mal proceedings comes after
concerns that it may have previously suspended traders large online join a European systems it has rope. the commission carried out a
failed to limit the sale of ille- who are known to have been platform or in place to miti- The “Memorandum of Un- preliminary analysis of a re-
gal products. selling illegal products in the search engine
anticounterfeit gate those derstanding (MoU) on the sale port provided by Temu in Sep-
The European Commission, past, as well as systems to that breaks the pact. risks. of counterfeit goods on the in- tember and requested infor-
the EU’s executive arm, said limit the reappearance of the rules is set at Temu said it ternet” is a voluntary agree- mation from the company last
Thursday it had opened for- goods. 6% of global takes its obliga- ment facilitated by the Euro- month.
mal proceedings against the The EU’s Digital Services revenue. tions under the pean Commission. Temu’s processes for rec-
platform to assess whether it Act requires large social-me- Temu—a subsidiary of Digital Services Act seriously “Counterfeiting is an indus- ommending content and prod-
may have breached Europe’s dia platforms to take steps to China’s PDD Holdings—will and will cooperate fully with trywide challenge, and we be- ucts to users as well as its
digital services regulations. deal with content that regula- also be investigated for its regulators to support a safe, lieve that collaborative efforts compliance with data access
The investigation will focus tors view as harmful, and give platform design, as the com- trusted marketplace for con- are essential to advancing our rules will also be examined in
on the systems that Temu has users an avenue to register mission looks to assess the sumers. shared goals of protecting the probe.

Intel Posts
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LEGAL NOTICE
PUBLIC NOTICES

To all known investors of:

Shepherd Investments International, Ltd #151728
In Quarter
DEA NOTICE OF FORFEITURE Stark Investments Limited Partnership #S046020
SOUTHERN DISTRICT OF TEXAS Stark Global Opportunities Ltd #1048547 Continued from page B1
Stark Global Opportunities Fund LP #4212718
1996 Transcraft Flatbed Trailer (the “Funds”) slower-than-expected uptake
VIN 1TTF4820XT1050272
Seized from Jesus Gerardo Vela, on NOTICE OF FINAL DIVIDEND TO INVESTORS OF THE meant the company wouldn’t
10/08/2019 at 10700 Block of Cutten FUNDS achieve a target of $500 mil-
We request all investors who have not yet done so
Road, Houston, TX. Any person assert-
to promptly submit all requested AML (Anti-Money
lion of revenue this year from
ing an ownership or possessory interest
and desiring to claim the above trailer Laundering) and KYC (Know Your Customer) documents, them, Gelsinger said in a call
along with updated bank account details, to the contact
has 30 days from the date of the first
below.
Thursday with analysts, where
publication to file a claim with DEA at
1433 West Loop South, Suite 600, Hou- The final distribution will be paid as soon as reasonably he faced skepticism about his
I-HWA CHENG/AFP/GETTY IMAGES

ston, TX 77027. Attn: DEA/ARG. practicable after all requested AML and KYC information strategy for AI.
has been received and reviewed by the administrator of
the Funds. Analysts also grilled him
LEGAL NOTICE For any questions regarding this notice, please contact about progress in the com-
DEA NOTICE OF FORFEITURE
the administrator using the details below. pany’s contract chip-making
Dated: 30 October 2024
SOUTHERN DISTRICT OF TEXAS business, which has struggled
1997 Peterbilt 379 Tractor Fund Wind Down Services Limited
VIN 1XP5DR9X0VD419883 Administrator Contact Details:
to attract big customers for its
Seized from Jesus Gerardo Vela, on Name: Fund Wind Down Services II Limited contract chip-making busi-
10/08/2019 at 10700 Block of Cutten Email: [email protected] ness, which cycled through
Road, Houston, TX. Any person assert-
ing an ownership or possessory interest several leaders. Visitors photographed Intel wafer samples at the Computex 2024 expo in Taipei in June.
and desiring to claim the above tractor Intel also has struggled to
has 30 days from the date of the first
publication to file a claim with DEA at
THEMARKETPLACE attract big customers for its several leaders. ing on government grants of out final terms of those provi-
(800) 366-3975 | wsj.com/classifieds
1433 West Loop South, Suite 600,
© 2024 Dow Jones & Company, Inc.
contract chip-making busi- To help fund its manufac- up to $11.5 billion from 2022’s sional grants with the U.S.
Houston, TX 77027. Attn: DEA/ARG.
All Rights Reserved. ness, which cycled through turing expansion, Intel is rely- Chips Act. Intel is still hashing government.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * Friday, November 1, 2024 | B5

BUSINESS WATCH
PELOTON INTERACTIVE ING GROEP
Peter Stern Named Dutch Bank Raises
Chief Executive Income Outlook
Peloton Interactive ap- ING Groep raised its total
pointed Peter Stern as its income outlook for the year
chief executive following a and said it would distribute
monthslong search for a new up to 2.5 billion euros, or
leader to reverse its string of $2.71 billion, back to share-
losses. holders after net profits ex-
Stern will join on Jan. 1 ceeded analysts’ expectations.
from Ford Integrated Ser- The bank said it expected
vices, where he serves as to achieve more than €22.5
president. Peloton said it ex- billion in total income for the
pects to appoint Stern to the year, compared with more
board. Stern, 52 years old, than €22 billion previously.
will succeed board members The raised outlook comes as
Karen Boone and Chris Bru- it made €1.88 billion in net
zzo, who had been appointed profit for the third quarter,
interim CEOs. compared with €1.98 billion a
—Jasmine Li year ago. Net interest income
fell 8.4% on year to €3.69 bil-
TEVA lion.

BENJAMIN GIRETTE/BLOOMBERG NEWS

—Pierre Bertrand
Drugmaker Fined
In Antitrust Case JPMORGAN CHASE
European Union antitrust
authorities fined Israel’s Teva
SEC Settlement
Pharmaceuticals 462.6 mil- Costs $151 Million
lion euros, or $502.3 million, JPMorgan Chase agreed
saying the company abused to pay $151 million to settle
its market position in a way charges that two of its units
that delayed competitors French energy company TotalEnergies said it expects output to pick up in the fourth quarter. A gas station in Paris violated securities laws such
from entering the multiple- as not acting or making rec-
sclerosis market. TOTALENERGIES prior period, while sales fell SOCIÉTÉ GÉNÉRALE The reorganization was ommendations in the best in-
Teva said it intended to 12% to $52.02 billion. announced alongside third- terest of shareholders.
appeal the decision and that
Lower Production TotalEnergies had warned
French Bank quarter results in which it The Securities and Ex-
it disagreed with the legal Hits Net Profit in October on sharply lower re- Appoints New CFO posted a surge in net profit change Commission said
theories on which the Euro- TotalEnergies said net fining margins, and noted that Société Générale shares for the three months ended Thursday that the bank’s vio-
pean Commission based the profit took a hit in the third hydrocarbon production would jumped 11% after the bank said Sept. 30 to 1.37 billion euros, lations also included mislead-
outcome of its investigation. quarter on lower refining decline slightly compared with its quarterly results confirmed or $1.48 billion, from €295 ing disclosures to investors
The commission said the margins, production and the previous quarter. It pro- a rebound in its domestic retail million in the same period and prohibiting joint transac-
company delayed market entry prices, but that output should duced 2.41 million barrels of oil business and shook up its ex- last year. This was driven by tions and principal trades.
of competing drugs by unjustly pick up going forward. equivalent a day in the third ecutive ranks. It named Banco a 10.5% increase in revenue J.P. Morgan agreed to the
prolonging the exclusivity of The French energy major quarter, down 1% on quarter. It de Sabadell’s Leopoldo Alvear to €6.84 billion, particularly settlement without admitting
the patent for its blockbuster reported net profit of $2.29 said it expects output to pick as its next chief financial offi- thanks to a rebound in net or denying the findings in the
MS treatment Copaxone. billion for the quarter, down up in the fourth quarter. cer, succeeding Claire Dumas, interest income. SEC’s orders, the agency said.

.
—Helena Smolak from $6.68 billion in the year- —Pierre Bertrand as part of a shuffle. —Elena Vardon —Connor Hart

ly
on BUSINESS & FINANCE

Amazon cloud-computing unit, Amazon

Web Services, grew by 19% to
$27.45 billion last quarter. The
which has been attracting cus-
tomers through its AI business.
The company has recently
from warehouses in China. The
company has tried to find
ways to make its bargain items
us ,

Sees Surge business is the company’s had to contend with new com- more visible to customers. It is
l

main profit driver and has petitors in its e-commerce also pushing its fast delivery
e
al a

shown renewed strength after business. Temu and Shein, deeper into rural America.

In Demand experiencing a slowdown in

2023.
both companies with Chinese
roots, have captured the
The company expects net
sales to be between $181.5 bil-
ci on

Demand for cloud services spending of many U.S. con- lion and $188.5 billion during
slowed last year as corporate sumers looking for bargain the current quarter, which is in
Continued from page B1 customers curtailed some deals online. line with Wall Street’s expecta-

RICHARD VOGEL/AP
background, as the new Ama- spending. Meanwhile, the arti- Amazon is planning a tions. The company projected
zon Web Services CEO in a ficial intelligence boom has Temu-like service focused on an operating income of be-
er s

move to better capitalize on also led to more competition shipping inexpensive fashion, tween $16 billion and $20 bil-
AI. for Amazon from its cloud- household goods and other lion, which is also in line with
computing rival, Microsoft,
m er

Revenue from Amazon’s products directly to customers forecasts. Amazon is contending with competitors like Temu and Shein.

Monitor
m rp
co Fo

the
Market
n-
no

Build a custom watchlist to track

companies and indexes you care about.

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B6 | Friday, November 1, 2024 * ** THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
41763.46 t 378.08, or 0.90% Trailing P/E ratio 25.73 24.70 5705.45 t 108.22, or 1.86% Trailing P/E ratio * 24.95 19.69 18095.15 t 512.78, or 2.76% Trailing P/E ratio *† 32.32 28.92
High, low, open and close for each P/E estimate * 21.65 18.08 High, low, open and close for each P/E estimate * 24.02 18.55 High, low, open and close for each P/E estimate *† 30.43 25.15
trading day of the past three months. Dividend yield 2.07 2.14 trading day of the past three months. Dividend yield * 1.28 1.70 trading day of the past three months. Dividend yield *† 0.80 0.93
All-time high 43275.91, 10/18/24 All-time high 5864.67, 10/18/24 All-time high: 18712.75, 10/29/24

Current divisor 0.15221633137872

42600 6000 18500

41800 5800 18000

41000 5600 17500

65-day moving average

Session high 40200 5400 17000
DOWN UP
65-day moving average
t

Session open Close

39400 5200 16500
65-day moving average Close Open
t

Session low 38600 5000 16000

Bars measure the point change from session's open

37800 4800 15500
July Aug. Sept. Oct. Aug. Sept. Oct. July Aug. Sept. Oct.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,185,056,944 14,786,123
Industrial Average 41991.91 41704.63 41763.46 -378.08 -0.90 43275.91 33839.08 23.4 10.8 5.3 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 322,718,742 3,669,572
Transportation Avg 16453.90 16225.98 16252.15 -72.16 -0.44 16562.66 14266.24 13.8 2.2 0.7 Most-active issues in late trading Decl. volume* 855,114,934 11,022,960
Utility Average 1045.41 1029.86 1036.91 7.68 0.75 1071.27 827.37 21.9 17.6 4.2 Volume After Hours Issues traded 2,852 298
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 57267.00 56583.42 56595.25 -1041.60 -1.81 58160.93 42826.38 32.2 18.4 5.9 Advances 836 97
Intel INTC 34,970.6 23.49 1.97 9.15 24.85 20.64
Barron's 400 1236.62 1224.23 1224.23 -13.84 -1.12 1263.18 934.94 29.5 14.2 4.6 Declines 1,942 193
Snap SNAP 26,336.4 12.18 0.02 0.16 12.23 12.13
Unchanged 74 8
Nasdaq Stock Market Amazon.com AMZN 20,114.1 194.70 8.30 4.45 200.73 184.10 New highs 88 1
Nasdaq Composite 18427.31 18083.95 18095.15 -512.78 -2.76 18712.75 13294.19 36.1 20.5 5.3 NVIDIA NVDA 13,691.8 134.03 1.27 0.96 142.60 132.37 New lows 69 15
Nasdaq-100 20227.19 19880.26 19890.42 -497.28 -2.44 20675.38 14919.55 33.3 18.2 7.9 Apple AAPL 12,325.5 221.35 -4.56 -2.02 229.88 209.42 Closing Arms† 1.13 0.60
SPDR S&P 500 ETF Trust SPY 11,151.9 568.81 0.17 0.03 570.46 568.43 Block trades* 5,151 139
S&P

.
Ford Motor F 8,057.5 10.30 0.01 0.05 10.32 10.27
500 Index 5775.34 5702.86 5705.45 -108.22 -1.86 5864.67 4317.78 32.1 19.6 7.4 Nasdaq NYSE Arca

ly
Industrial Select Sector XLI 7,414.8 133.60 -0.23 -0.17 134.65 133.50
MidCap 400 3137.88 3098.00 3098.00 -40.39 -1.29 3198.21 2409.27 27.5 11.4 3.5 Total volume*6,411,949,717 364,473,502
SmallCap 600 1406.43 1383.59 1383.60 -22.39 -1.59 1442.34 1103.24 23.8 5.0 0.2 Percentage gainers… Adv. volume*2,038,834,013 83,545,562
Atlassian Cl A TEAM 516.9 221.50 32.96 17.48 222.90 185.00 Decl. volume*4,348,977,283 279,077,233
Other Indexes
Russell 2000
NYSE Composite
Value Line
2232.16 2196.65 2196.65 -36.38
19416.27 19236.63 19238.95 -177.32
617.60 608.90 608.92 -8.68
-1.63
-0.91
-1.41
on 2286.68 1687.24
19884.81 15235.18
630.13 512.92
28.1
25.5
17.3
8.4
14.2
2.5
-1.5
4.2
-3.2
ADMA Biologics
Halozyme Therapeutics HALO
GrShr 2x Long AMZN Daily AMZZ
ADMA 748.1
81.8
94.9
18.21
55.90
28.28
1.90
5.33
2.65
11.65
10.54
10.34
18.49
56.90
29.20
16.27
50.57
25.50
Issues traded
Advances
Declines
Unchanged
4,392
1,065
3,184
143
2,009
308
1,661
40
NYSE Arca Biotech 5888.23 5814.19 5837.60 -50.63 -0.86 5953.12 4639.09 25.3 7.7 0.9
Direxion Dly AMZN Bl 2X AMZU 776.1 35.25 3.30 10.33 36.44 31.31
New highs 77 11
us ,

NYSE Arca Pharma 1038.06 1023.01 1028.17 -9.89 -0.95 1140.17 864.90 18.0 13.0 9.7 ...And losers New lows 179 34
l

KBW Bank 123.61 121.82 121.85 -1.33 -1.08 123.34 77.16 57.6 26.9 -4.2 58.9 12.49 -0.65 13.14 12.49 Closing Arms† 0.71 0.47
e
Solaris Energy Infr SEI -4.95
al a

PHLX§ Gold/Silver 164.01 159.65 161.20 -5.24 -3.15 175.74 102.94 44.5 28.2 7.5 Defiance Dly Target 2X Lg SMCX 134.5 2.60 -0.13 -4.76 2.75 2.60 Block trades* 45,326 2,007
PHLX§ Oil Service 74.99 73.86 74.38 0.47 0.64 95.25 72.67 -16.9 -11.3 7.1 Customers Bancorp CUBI 73.0 43.97 -2.16 -4.68 47.00 40.00 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 5085.56 4911.61 4946.75 -206.74 -4.01 5904.54 3368.54 46.9 18.5 12.7 Sun Country Airlines SNCY 50.0 13.50 -0.55 -3.91 14.80 13.50 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 23.42 21.12 23.16 2.81 13.81 38.57 11.86 47.9 86.0 12.5 Direxion AAPL Bull 2X AAPU 178.0 34.00 -1.31 -3.71 37.00 33.50 Arms of less than 1 indicates buying demand; above 1

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

International Stock Indexes Percentage Gainers... Percentage Losers

er s

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
m er

World MSCI ACWI 832.30 –12.64 –1.50 14.5 Root Cl A ROOT 68.39 27.90 68.91 118.15 7.22 564.0 GrShr 2x Long COIN Daily CONL 22.82 -10.19 -30.87 87.37 11.19 91.1
MSCI ACWI ex-USA 336.16 –2.95 –0.87 6.2 Helport AI HPAI 6.03 1.76 41.22 14.74 3.07 -43.9 Vaccinex VCNX 2.79 -1.24 -30.77 13.44 1.39 -78.3
MSCI World 3647.14 –59.15 –1.60 15.1 Autonomix Medical AMIX 14.31 4.07 39.75 152.00 7.51 ... Anika Therapeutics ANIK 17.11 -7.57 -30.67 29.12 16.00 -9.9
MSCI Emerging Markets 1119.52 –6.99 –0.62 9.4 Alphatec Holdings ATEC 7.85 2.23 39.68 17.34 4.88 -20.1 Rocky Brands RCKY 20.34 -7.37 -26.60 40.14 15.23 12.3
m rp

Americas MSCI AC Americas 2147.66 –39.59 –1.81 18.4 Murano Global Investments MRNO 9.00 2.04 29.31 38.00 3.60 -18.6 Huntington Ingalls Inds HII 184.96 -65.53 -26.16 299.50 184.29 -20.9
Canada S&P/TSX Comp 24156.87 –350.92 –1.43 15.3 Peloton Interactive PTON 8.50 1.85 27.82 8.92 2.70 56.5 Stoneridge SRI 6.99 -2.29 -24.68 19.91 6.76 -57.9
Latin Amer. MSCI EM Latin America 2120.28 –18.79 –0.88 –20.4 Lemonade LMND 23.77 5.02 26.77 25.40 13.16 47.0 Starbox Group Cl A STBX 1.56 -0.49 -24.01 8.96 1.40 -80.4
Brazil Bovespa 129713.33 –926.00 –0.71 –3.3 Nextracker NXT 39.82 7.85 24.55 62.31 30.93 9.1 Mistras Group MG 8.45 -2.65 -23.87 12.44 5.27 58.8
Chile S&P IPSA 3546.96 … Closed 2.3 Li-Cycle Holdings LICY 2.49 0.44 21.46 18.88 1.22 -80.7 Enviri NVRI 7.66 -2.38 -23.71 12.79 5.64 20.1
co Fo

Mexico S&P/BMV IPC 50661.05 –216.19 –0.42 –11.7 Paycom Software PAYC 209.03 36.78 21.35 222.30 139.50 28.5 Defiance Dly Target 2X Lg SMCX 2.73 -0.83 -23.31 20.61 2.35 ...
EMEA STOXX Europe 600 505.39 –6.12 –1.20 5.5 Surrozen SRZN 13.44 2.35 21.21 16.19 4.50 105.9 COMPASS Pathways ADR CMPS 4.76 -1.43 -23.10 12.75 4.05 -20.0
Eurozone Euro STOXX 499.23 –4.77 –0.95 5.3 Tenon Medical TNON 3.93 0.67 20.55 37.60 2.80 -42.2 CalciMedica CALC 3.70 -1.10 -22.92 8.38 2.14 56.1
Belgium Bel-20 4214.05 –15.78 –0.37 13.7 MiMedx Group MDXG 6.85 1.16 20.39 9.27 5.47 5.5 Sabre Corp. SABR 3.20 -0.90 -21.95 4.68 1.81 -22.7
Denmark OMX Copenhagen 20 2407.27 –18.72 –0.77 5.4 Madrigal Pharmaceuticals MDGL 259.34 43.41 20.10 299.98 133.99 88.7 Aurora Innovation AUR 5.20 -1.45 -21.76 7.01 1.73 170.6
–2.6 Roblox RBLX 51.72 8.58 19.89 52.65 29.55 54.1 Aware AWRE 1.63 -0.44 -21.26 2.97 1.18 6.5
France CAC 40 7350.37 –77.99 –1.05
Germany DAX 19077.54 –179.80 –0.93 13.9
Israel Tel Aviv 2203.97 –14.93 –0.67 18.2
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 34281.24 –221.46 –0.64 12.9 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 874.18 –7.09 –0.80 11.1
8.2 NVIDIA NVDA 266,228 -14.4 132.76 -4.72 144.42 42.89 Rockefeller US SMid Cap RSMC 363 6542 24.63 -1.78 25.64 24.60
Norway Oslo Bors All-Share 1643.86 –21.31 –1.28
LuxUrban Hotels LUXH 225,913 1540.1 0.04 13.80 6.88 0.03 Root Cl A ROOT 13,460 5053 68.39 68.91 118.15 7.22
South Africa FTSE/JSE All-Share 85384.82 –1374.22 –1.58 11.0
n-

ProSh UltraPro Shrt QQQ SQQQ 210,539 24.8 7.60 7.65 20.04 6.85 GS MarketBeta Russ 1000 GVUS 323 4132 48.37 -0.58 49.79 40.32
Spain IBEX 35 11672.60 –42.40 –0.36 15.5
PLBY Group PLBY 138,566 39441.2 1.17 41.24 1.55 0.43 Chain Bridge I Cl A CBRG 240 3123 11.38 -0.09 12.49 10.78
Sweden OMX Stockholm 973.34 –11.20 –1.14 7.8
5.9
Direxion Dly SCOND 3 BL SOXL 133,308 37.1 30.09 -11.53 70.08 16.38 Quadratic Deflation ETF BNDD 311 2977 14.21 0.26 15.31 13.81
Switzerland Swiss Market 11792.92 –174.78 –1.46
Turkey BIST 100 8863.88 –142.67 –1.58 18.7 Biofrontera BFRI 132,297 32570.0 1.23 31.71 5.23 0.61 Autonomix Medical AMIX 8,495 2605 14.31 39.75 152.00 7.51
no

U.K. FTSE 100 8110.10 –49.53 –0.61 4.9 Super Micro Computer SMCI 127,766 69.6 29.11 -11.97 122.90 22.74 JPM BetaBld US MC BBMC 427 1519 94.42 -1.18 97.01 72.40
U.K. FTSE 250 20388.96 –305.16 –1.47 3.6 Peloton Interactive PTON 114,622 582.9 8.50 27.82 8.92 2.70 Franklin US Treasury Bd FLGV 2,093 1490 20.47 -0.02 22.38 19.53
Intel INTC 99,083 20.1 21.52 -3.50 51.28 18.51 WisdomTree Mgd Futures WTMF 465 1413 35.08 -0.23 37.63 33.74
Asia-Pacific MSCI AC Asia Pacific 186.09 –0.74 –0.39 9.9
Trump Media & Tech DJT 97,026 304.5 35.34 -11.72 79.38 11.75 Franklin IG Corporate FLCO 3,663 1405 21.47 -0.14 22.25 20.12
Australia S&P/ASX 200 8160.00 –20.36 –0.25 7.5
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3279.82 13.59 0.42 10.2 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 20317.33 –63.31 –0.31 19.2
9.9
Scan this code
India BSE Sensex 79389.06 –553.12 –0.69
Japan NIKKEI 225 39081.25 –196.14 –0.50 16.8 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3558.88 … Closed 9.8 track most-active stocks,
South Korea KOSPI 2556.15 –37.64 –1.45 –3.7 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 22820.43 … Closed 27.3 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1466.04 18.84 1.30 3.5
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Thurs YTDchg Thurs YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00003956 25280 4.2
CREDIT MARKETS Argentina peso .0010990.1546 22.5 Europe
Brazil real .1728 5.7887 19.3 Czech Rep. koruna .04298 23.265 4.0
Canada dollar .7176 1.3935 5.2 Denmark krone .1459 6.8530 1.1
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001040 961.44 9.9 Euro area euro 1.0885 .9187 1.4
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000226 4420.78 14.1 Hungary forint .002665 375.19 8.1
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007309 136.82 0.6
A consumer rate against its 5-year CDs Mexico peso .0499 20.0397 18.1 Norway krone .0909 11.0024 8.1
benchmark over the past year 6.00% Uruguay peso .02415 41.4150 6.0 Poland zloty .2499 4.0011 1.6
Bankrate.com avg†: 2.85% 12% Asia-Pacific Sweden krona .0939 10.6473 5.4
First National Bank of America 3.83% One year ago 5.00 Switzerland franc 1.1582 .8634 2.6
Federal-funds t Australiadollar .6583 1.5191 3.5
6.00% East Lansing, MI 800-968-3626 6 Euro Turkey lira .0292 34.2553 16.2
target rate t s China yuan .1405 7.1183 0.1
4.00 Ukraine hryvnia .0242 41.2500 8.1
America First FCU 3.90%
t Hong Kong dollar .1286 7.7739 –0.5
4.00 0 UK pound 1.2899 .7753 –1.3
Tradeweb FTSE 3.00 India rupee .01189 84.078 1.1
Riverdale, UT 801-627-0900 Middle East/Africa
Indonesia rupiah .0000637 15691 2.0
t Thursday Close
2.00 Merrick Bank 3.90% 2.00 –6 s Japan yen .006577 152.03 7.8 Bahrain dinar 2.6526 .3770 0.01
Five-year CD yields s
South Jordan, UT 866-638-6851 WSJ Dollar Index Yen Kazakhstan tenge .002049 487.97 7.2 Egypt pound .0204 48.9459 58.3
0.00 Amerant Bank 4.00% 1.00 –12 Macau pataca .1248 8.0120 –0.5 Israel shekel .2672 3.7425 3.9
Malaysia ringgit .2284 4.3788 –4.7 Kuwait dinar 3.2637 .3064 –0.3
Coral Gables, FL 305-629-1707 1 3 6 1 2 3 5 7 10 20 30 2023 2024
–2.00 New Zealand dollar .5977 1.6731 5.7 Oman sul rial 2.5973 .3850 0.01
Synchrony Bank 4.00% month(s) years
N D J FMAM J J A S O Pakistan rupee .00360 277.875 –1.2 Qatar rial .2743 3.646 0.1
Draper, UT 800-677-0718 maturity Philippines peso .0171 58.344 5.3 Saudi Arabia riyal .2663 3.7558 0.2
2023 2024
Sources: Tradeweb FTSE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7576 1.3199 0.02 South Africa rand .0568 17.6149 –3.7
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007279 1373.81 6.1
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0034155 292.78 –9.6 Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 98.77 -0.22-0.22
Federal-funds rate target 4.75-5.00 4.75-5.00 4.75 l 5.50 4.75 Taiwan dollar .03132 31.928 4.0 3.06
Yield (%) 52-Week Total Return (%) Thailand baht .02959 33.790 –1.7 Sources: Tullett Prebon, Dow Jones Market Data
Prime rate* 8.00 8.00 8.00 l 8.50 4.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 4.81 4.83 4.81 l 5.40 4.76
Money market, annual yield 0.43 0.43 0.41 l 0.64 0.36
U.S. Treasury, Bloomberg 2208.140 4.270 4.180 4.880 3.630 8.413 –2.545 Commodities
Thursday 52-Week YTD
Five-year CD, annual yield 2.85 2.85 2.80 l 2.89 2.44 U.S. Treasury Long, Bloomberg 3156.510 4.560 4.530 4.960 3.990 15.097–10.525 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 7.32 7.27 6.69 l 8.16 4.16 Aggregate, Bloomberg 2102.170 4.730 4.640 5.430 4.100 10.546 –2.201
15-year mortgage, fixed† 6.55 6.53 6.02 l 7.35 4.10
DJ Commodity 999.20 -4.17 -0.42 1079.94 934.97 -0.28 4.32
Fixed-Rate MBS, Bloomberg 2070.320 5.080 5.000 5.650 4.340 11.438 –2.078
Jumbo mortgages, $766,550-plus† 7.39 7.35 6.78 l 8.19 4.23 FTSE/CC CRB Index 279.86 -0.39 -0.14 300.23 258.09 -0.85 6.08
High Yield 100, ICE BofA n.a. n.a. 6.561 n.a. n.a. n.a. n.a.
Five-year adj mortgage (ARM)† 6.30 6.21 5.88 l 7.11 3.43 Crude oil, $ per barrel 69.26 0.65 0.95 86.91 65.75 -16.01 -3.34
Muni Master, ICE BofA n.a. n.a. 3.467 n.a. n.a. n.a. n.a.
New-car loan, 48-month 7.20 7.19 7.18 l 7.94 3.61 Natural gas, $/MMBtu 2.707 -0.138 -4.85 3.515 1.575 -22.03 7.68
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 900.147 7.408 7.404 8.432 7.084 15.588 –0.724
banks.† Excludes closing costs. Gold, $ per troy oz. 2738.30 -50.20 -1.80 2788.50 1932.60 37.91 32.77
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * Friday, November 1, 2024 | B7

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures Jan'25 302.70 304.00 300.70 301.30 –1.60 130,992 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec .6576 .6587 .6543 .6578 –.0007 179,792
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Dec 110-145 110-200 110-045 110-150 –7.5 4,626,268 Mexican Peso (CME)-MXN 500,000; $ per MXN
Contract Open Nov .04938 .04982 .04938 .04983 .00045 15
Open High hi lo Low Settle Chg interest Dec 43.87 45.44 43.60 45.14 1.33 185,287 March'25 110-215 110-260 110-110 110-215 –7.5 13,146
Jan'25 43.83 45.36 43.58 45.07 1.26 127,102 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec .04923 .04967 .04915 .04959 .00044 148,552
Copper-High (CMX)-25,000 lbs.; $ per lb. Rough Rice (CBT)-2,000 cwt.; $ per cwt. Dec 107-070 107-105 107-000 107-075 –4.5 6,252,677 Euro (CME)-€125,000; $ per €
Nov 4.3325 4.3400 4.3025 4.3135 –0.0140 3,174 Nov 1.0861 1.0895 1.0852 1.0878 … 3,446
Nov 14.71 14.81 14.68 14.70 .12 615 March'25 107-150 107-205 107-070 107-145 –4.5 5,136
Dec 4.3580 4.3800 4.3260 4.3400 –0.0115 118,958 Dec 1.0879 1.0908 1.0864 1.0890 –.0001 637,244
Jan'25 14.80 14.83 14.67 14.70 –.01 8,135 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Gold (CMX)-100 troy oz.; $ per troy oz. 102-302 103-002 102-280 102-311 –1.1 4,502,793
Nov 2787.40 2787.50 2733.50 2738.30 –50.20 800
Wheat (CBT)-5,000 bu.; cents per bu. Dec
Dec 572.75 573.75 563.50 570.50 –2.75 198,516 March'25 103-072 103-082 103-041 103-071 –1.7 1,147 Index Futures
Dec 2799.10 2801.20 2741.80 2749.30 –51.50 437,889
March'25 592.75 593.75 584.25 590.25 –3.25 110,258 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Mini DJ Industrial Average (CBT)-$5 x index
Feb'25 2823.80 2826.00 2766.60 2774.00 –51.70 89,498
Wheat (KC)-5,000 bu.; cents per bu. Oct 95.1700 95.1725 95.1700 95.1700 –.0025 767,707 Dec 42332 42357 41873 41947 –416 86,818
April 2845.50 2845.50 2788.40 2794.50 –51.50 29,685
Dec 574.75 575.50 563.75 569.25 –6.50 127,924 Nov 95.3525 95.3550 95.3500 95.3500 –.0025 520,247 March'25 42717 42745 42259 42336 –422 750
June 2863.70 2866.20 2809.60 2815.50 –51.30 18,009
March'25 589.00 589.00 577.75 583.00 –6.75 76,975 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. Mini S&P 500 (CME)-$50 x index
Palladium (NYM) - 50 troy oz.; $ per troy oz. Aug 95.0000 95.0000 94.9975 94.9975 .0000 9,455
Nov 1151.50 1154.50 1151.50 1106.50 –42.50 6
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec 5840.00 5844.00 5733.25 5738.50 –113.50 2,132,023
Oct 251.300 252.050 251.300 251.975 1.025 2,122 Sept 95.2275 95.2275 95.2225 95.2250 .0000 1,261,929 March'25 5904.25 5904.25 5794.25 5798.00 –115.00 36,440
Dec 1151.50 1153.00 1109.00 1111.60 –42.50 15,683
Platinum (NYM)-50 troy oz.; $ per troy oz. Jan'25 242.500 243.025 239.875 241.325 –.650 23,681 Mini S&P Midcap 400 (CME)-$100 x index
Nov 1053.80 1053.80 s 1013.80 991.60 –21.50 80 Cattle-Live (CME)-40,000 lbs.; cents per lb. Currency Futures Dec 3154.80 3166.10 3102.90 3113.60 –41.80 37,408
Oct 188.725 193.000 s 184.975 193.000 4.600 86 March'25 … 3190.60 3138.40 3135.90 –49.60 n.a.
Jan'25 1022.60 1022.90 993.00 999.60 –22.10 77,771 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Dec 186.500 187.150 185.850 186.300 –.125 140,008 Nov .6535 .6598 .6523 .6589 .0048 643
Mini Nasdaq 100 (CME)-$20 x index
Silver (CMX)-5,000 troy oz.; $ per troy oz. Dec 20482.00 20495.75 20008.50 20021.75 –513.00 256,587
Nov 33.525 33.525 32.590 32.653 –1.261 562 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec .6559 .6623 .6546 .6613 .0048 224,057
Dec 84.650 84.675 s 83.650 83.800 –.575 139,635 Canadian Dollar (CME)-CAD 100,000; $ per CAD March'25 20693.75 20730.25 20244.25 20256.00 –518.00 1,905
Dec 33.945 34.040 32.640 32.796 –1.279 123,941
Feb'25 85.875 85.900 84.800 85.200 –.500 80,152 Nov .7198 .7203 t .7176 .7194 –.0005 178 Mini Russell 2000 (CME)-$50 x index
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Dec 2247.30 2256.00 2202.90 2208.60 –38.70 442,784
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Dec .7204 .7210 t .7181 .7200 –.0006 332,352
Dec 69.10 70.81 68.30 69.26 0.65 345,864 March'25 2272.00 2276.70 2225.30 2230.10 –39.00 840
Jan'25 68.65 70.31 67.87 68.81 0.63 197,056 Nov 551.50 564.00 545.00 549.50 –4.00 1,692 British Pound (CME)-£62,500; $ per £
Jan'25 581.00 593.00 579.00 582.00 1.00 5,594 Nov 1.2948 1.2998 t 1.2844 1.2882 –.0102 173 Mini Russell 1000 (CME)-$50 x index
Feb 68.26 69.87 67.51 68.45 0.63 121,536 Dec 3149.40 3195.90 3137.80 3139.20 –56.70 5,878
Dec 1.2965 1.2999 1.2843 1.2881 –.0102 222,250
March 68.01 69.54 67.25 68.19 0.62 137,597 Milk (CME)-200,000 lbs., cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index
Nov 20.29 20.31 20.10 20.12 –.15 4,031
Swiss Franc (CME)-CHF 125,000; $ per CHF
June 67.58 68.90 66.85 67.70 0.55 158,383 Dec 1.1595 1.1639 1.1595 1.1627 .0019 77,493 Dec 104.00 104.11 103.71 103.88 .02 31,677
Dec 66.63 67.71 66.06 66.69 0.34 158,115 Dec 19.69 19.83 19.42 19.46 –.21 4,655 1.1729 1.1756 1.1715 1.1746 .0020 261
March'25 March'25 103.67 103.73 103.35 103.50 .02 514
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Cocoa (ICE-US)-10 metric tons; $ per ton. Australian Dollar (CME)-AUD 100,000; $ per AUD
Nov 2.2022 2.2301 2.1924 2.2195 .0319 3,909 Dec 7,365 7,456 7,202 7,334 –57 36,247 Nov .6574 .6586 .6542 .6576 –.0007 537 Source: FactSet
Dec 2.2160 2.2725 2.1995 2.2347 .0362 145,373 March'25 6,941 7,024 6,789 6,890 –67 47,576
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Coffee (ICE-US)-37,500 lbs.; cents per lb.
Nov 1.9941 2.0177 1.9941 2.0035 .0078 5,508 Dec 249.00 249.50 244.35 245.90 –3.70 77,197
Dec 1.9669 2.0088 1.9522 1.9738 .0148 151,962 March'25 248.70 248.95 243.90 245.50
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
–3.55 71,455 Bonds | wsj.com/market-data/bonds/benchmarks
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
22.20 22.82 22.10 22.74 .52 370,272
Dec
Jan'25
2.813
3.073
2.830
3.088
t
t
2.688
2.958
2.707
2.968
–.138
–.133
284,512
296,415
March
May 20.57 21.10 20.47 21.05 .48 165,163
Tracking Bond Benchmarks
Feb 2.996 3.012 t 2.878 2.888 –.125 130,133 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
March 2.770 2.779 t 2.664 2.674 –.111 242,633 Jan 38.32 38.44 38.32 38.40 .09 1,685
highs and lows for different types of bonds
April 2.734 2.734 t 2.625 2.632 –.106 97,078 March 38.34 38.54 38.34 38.50 .16 2,463
Total Total
Oct 3.224 3.226 t 3.129 3.133 –.092 105,815 Cotton (ICE-US)-50,000 lbs.; cents per lb.
return YTD total Yield (%) return YTD total Yield (%)
Dec 70.12 70.12 69.26 69.57 –.35 122,058
close return (%) Index Latest Low High close return (%) Index Latest Low High
Agriculture Futures March'25 72.33 72.39 71.61 71.83 –.37 72,810
Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Corn (CBT)-5,000 bu.; cents per bu. Nov 522.75 539.00 s 510.00 529.75 24.40 94
Dec 411.50 412.75 409.25 410.75 –.75 706,835
Jan'25 478.05 491.60 478.00 487.50 4.15 8,118 2102.17 1.9 U.S. Aggregate 4.730 4.100 5.430 2070.32 1.5 Mortgage-Backed 5.080 4.340 5.650
March'25 425.50 428.00 423.25 426.00 .50 465,717
Oats (CBT)-5,000 bu.; cents per bu. U.S. Corporate Indexes Bloomberg Fixed Income Indices 2037.14 1.2 Ginnie Mae (GNMA) 5.160 4.460 5.650
Dec 391.00 403.75 387.75 394.50 3.75 3,030
Interest Rate Futures
3210.14 2.8 U.S. Corporate 5.160 4.640 6.110 1220.43 1.6 Fannie mae (FNMA) 5.060 4.310 5.650
March'25 391.00 402.50 387.50 394.50 4.25 891 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Soybeans (CBT)-5,000 bu.; cents per bu. Dec 125-030 126-030 124-240 125-200 2.0 1,729,814 3119.12 4.1 Intermediate 4.960 4.400 6.050 1879.77 1.8 Freddie Mac (FHLMC) 4.960 4.150 5.660
Nov 977.50 985.50 975.50 982.50 6.00 5,967 March'25 125-150 126-040 124-270 125-220 1.0 43,732
991.25 999.25 988.25 994.50 3.25 350,141 4226.32 0.2 Long term 5.550 5.070 6.240 n.a. n.a. Muni Master n.a. n.a. n.a.
Jan'25 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Soybean Meal (CBT)-100 tons; $ per ton. Dec 117-190 118-070 117-060 117-310 –3.0 1,821,104 609.58 1.3 Double-A-rated 4.810 4.260 5.450 n.a. n.a. 7-12 year n.a. n.a. n.a.
Dec 301.50 302.70 298.90 299.50 –2.10 201,924 March'25 117-250 118-140 117-130 118-060 –4.0 31,844
871.56 3.4 Triple-B-rated 5.350 4.850 6.390 n.a. n.a. 12-22 year n.a. n.a. n.a.
High Yield Bonds ICE BofA n.a. n.a. 22-plus year n.a. n.a. n.a.
Cash Prices |

.
wsj.com/market-data/commodities Thursday, October 31, 2024 n.a. n.a. High Yield Constrained n.a. n.a. n.a. Global Government J.P. Morgan†

ly
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate n.a. n.a. Triple-C-rated n.a. n.a. n.a. 546.36 0.5 Global Government 3.400 2.950 3.650
from the futures price on an exchange, which reflects what the commodity might be worth in future months. n.a. n.a. High Yield 100 n.a. n.a. n.a. 823.32 2.6 Canada 3.190 2.910 3.880
Thursday Thursday Thursday
n.a. n.a. Global High Yield Constrained n.a. n.a. n.a. n.a. n.a. EMU§ n.a. n.a. n.a.
Aluminum, LME, $ per metric ton *2623.0 Wheat,No.2 soft red,St.Louis-u 5.0550
Energy
Coal,C.Aplc.,12500Btu,1.2SO2-r,w
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w
Metals
74.000
14.150
Copper,Comex spot
Iron Ore, 62% Fe CFR China-s
4.3135
*103.9
Steel, HRC USA, FOB Midwest Mill-s *705.0
Battery/EV metals
BMI Lithium Carbonate, EXW China, =99.2%-v,w
on 10275
Wheat - Hard - KC (USDA) $ per bu-u
Wheat,No.1soft white,Portld,OR-u
Food
Beef,carcass equiv. index
n.a.
5.9500
n.a. n.a. Europe High Yield Constrained n.a. n.a. n.a.
U.S Agency Bloomberg Fixed Income Indices
1838.22 3.1 U.S Agency 4.480 3.960 5.190
653.90
466.87
272.39 -2.4
-1.0
-0.2
France
Germany
Japan
3.150 2.540 3.420
2.430 2.020 2.830
1.400 0.960 1.490
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 9450 choice 1-3,600-900 lbs.-u 296.00 1628.19 3.3 10-20 years 4.450 3.920 5.190 508.42 -0.1 Netherlands 2.660 2.260 3.120
us ,

Gold, per troy oz

Engelhard industrial 2772.00 BMI Cobalt sulphate, EXW China, >20.5% -v,w 3710 select 1-3,600-900 lbs.-u 267.95
3482.30 0.8 20-plus years 4.860 4.240 5.430 788.08 -2.9 U.K. 4.610 3.790 4.630
l

Handy & Harman base 2734.15 BMI Nickel Sulphate, EXW China, >22%-v,m 3737 Broilers, National comp wtd. avg.-u,w 1.2955
e
3034.91 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 460 Butter,AA Chicago-d 2.7075 2812.76 3.1 Yankee 4.940 4.380 5.840 900.15 6.1 Emerging Markets ** 7.408 7.084 8.432
al a

Handy & Harman fabricated

LBMA Gold Price AM *2783.95 Cheddar cheese,bbl,Chicago-d 186.00
Fibers and Textiles Cheddar cheese,blk,Chicago-d 184.00
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
LBMA Gold Price PM *2777.80 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
2869.01 Burlap,10-oz,40-inch NY yd-n,w 0.8400 Milk,Nonfat dry,Chicago lb.-d 137.75
ci on

Krugerrand,wholesale-e
Maple Leaf-e 2937.64 Cotton,1 1/16 std lw-mdMphs-u 0.6507 Coffee,Brazilian,Comp-y 2.5444
American Eagle-e 2937.64 Cotlook 'A' Index-t
Hides,hvy native steers piece fob-u
*82.55
n.a.
Coffee,Colombian, NY-y
Eggs,large white,Chicago-u
2.7275
4.0050
Global Government Bonds: Mapping Yields
Mexican peso-e 3541.92
Wool,64s,staple,Terr del-u,w n.a. Flour,hard winter KC-p 15.95 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Austria crown-e 2694.10
Hams,17-20 lbs,Mid-US fob-u n.a.
Austria phil-e 2882.73 Grains and Feeds selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Hogs,Iowa-So. Minnesota-u 86.38
Silver, troy oz. Pork bellies,12-14 lb MidUS-u 1.9049
Bran,wheat middlings, KC-u,w 110
er s

Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points

Engelhard industrial 33.5500 Pork loins,13-19 lb MidUS-u 1.0569
Corn,No. 2 yellow,Cent IL-bp,u 3.7300 Coupon (%) Maturity, in years Latest(l) 0 1 2 3 4 5 6 Previous Month ago Year ago Latest Prev Year ago
Handy & Harman base 32.6910 Steers,Tex.-Okla. Choice-u 190.00
Corn gluten feed,Midwest-u,w 119.7 4.125 U.S. 2 4.162 s l 4.153 3.648 5.069
Handy & Harman fabricated 40.8640 Corn gluten meal,Midwest-u,w 441.1 Steers,feeder,Okla. City-u,w 276.25
m er

LBMA spot price *£26.2400 3.875 10 4.282 s l 4.264 3.798 4.874

Cottonseed meal-u,w n.a. Fats and Oils
(U.S.$ equivalent) *34.0300 Hominy feed,Cent IL-u,w 112 0.500 Australia 2 4.057 s l 4.009 3.653 4.474 -11.1 -18.1 -62.6
Coins,wholesale $1,000 face-a 24858 Meat-bonemeal,50% pro Mnpls-u,w 318 Degummed corn oil, crude wtd. avg.-u,w n.a. 3.500 10 4.516 s l 4.476 3.984 4.934 23.2 17.3 0.0
Other metals Oats,No.2 milling,Mnpls-u 4.3950 Grease,choice white,Chicago-h 0.4200
LBMA Platinum Price PM *1020.0 Rice, Long Grain Milled, No. 2 AR-u,w 35.25 Lard,Chicago-u n.a. 2.500 France 2 2.527 s l 2.480 2.333 3.432 -164.1 -170.9 -166.7
m rp

LBMA Palladium Price PM *1156.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 334.40 Soybean oil,crude;Centl IL-u,w 0.4458 3.000 10 3.140 s l 3.113 2.933 3.433 -119.0 -150.1
-114.5
Platinum,Engelhard industrial 1016.0 Soybeans,No.1 yllw IL-bp,u 9.4900 Tallow,bleach;Chicago-h 0.4350
Palladium,Engelhard industrial 1149.0 Wheat,Spring14%-pro Mnpls-u 8.5425 Tallow,edible,Chicago-u n.a. 2.000 Germany 2 2.292 s l 2.265 2.074 3.029 -187.6 -192.4 -207.1
2.600 10 2.390 t l 2.396 2.129 2.814 -189.4 -190.7 -212.0
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; 3.100 Italy 2 2.838 s l 2.785 2.569 3.854 -133.0 -140.4 -124.6
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 10/30 3.850 10 3.668 s l 3.629 3.464 4.732 -61.6 -67.4 -20.2
co Fo

Source: Dow Jones Market Data

0.500 Japan 2 0.439 t l 0.440 0.388 0.146 -372.9 -374.9 -495.4
0.900 10 0.941 t l 0.953 0.857 0.949 -334.3 -335.0 -398.5
Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs 2.800 Spain 2 2.553 s l 2.526 2.395 3.449 -161.5 -166.3 -165.1
Closing Chg YTD 3.450 10 3.101 s l 3.090 2.936 3.876 -118.3 -121.3 -105.8
Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET ETF Symbol Price (%) (%)
4.125 U.K. 2 4.448 s l 4.320 3.997 4.791 28.0 13.1 -30.9
Closing Chg YTD SchwabUS LC Grw SCHG 25.93 –2.88 25.0
Thursday, October 31, 2024
SPDR S&PMdCpTr MDY 565.60 –1.32 11.5
4.250 10 4.431 s l 4.362 4.007 4.521 14.7 5.9 -41.3
ETF Symbol Price (%) (%)
Closing Chg YTD
ETF Symbol Price (%) (%) SPDR S&P Div SDY 138.18 –0.58 10.6 Source: Tullett Prebon, Tradeweb FTSE U.S. Treasury Close
iShNatlMuniBd MUB 107.03 0.01 –1.3
TechSelectSector XLK 222.24 –3.21 15.5
CnsmrDiscSel XLY 196.89 –1.53 10.1 iSh1-5YIGCpBd IGSB 52.00 –0.02 1.4
VanEckSemicon SMH 241.68 –3.59 38.2
DimenUSCoreEq2
EnSelSectorSPDR
DFAC
XLE
34.01
88.59
–1.71
0.62
16.4
5.7
iSh1-3YTreaBd
iShRussMC
SHY
IWR
82.36
87.70
0.02
–1.24
0.4
12.8
VangdSC Val VBR 198.80 –1.30 10.5 Corporate Debt
VangdExtMkt VXF 183.09 –1.40 11.4
FinSelSectorSPDR XLF 46.48 –1.38 23.6 iShRuss1000 IWB 312.24 –1.86 19.1
VangdDivApp VIG 194.19 –1.42 14.0
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
HealthCrSelSect XLV 146.87 –0.84 7.7 iShRuss1000Grw IWF 373.96 –2.90 23.3 expectations
VangdFTSEAWxUS VEU 60.14 –0.64 7.1
IndSelSectorSPDR XLI 133.83 –1.15 17.4 iShRuss1000Val IWD 187.68 –0.77 13.6
n-

InvscNasd100 QQQM 199.13 –2.54 18.1 iShRuss2000 IWM 217.76 –1.66 8.5
VangdFTSEDevMk
VangdFTSE EM
VEA
VWO
50.10
46.57
–0.71
–0.21
4.6
13.3
Investment-grade spreads that tightened the most…
InvscQQQI QQQ 483.85 –2.52 18.2 iShS&P500Grw IVW 95.11 –2.88 26.6 Spread*, in basis points
VangdFTSE Europe VGK 67.18 –0.68 4.2
InvscS&P500EW RSP 176.29 –1.07 11.7 iShS&P500Value IVE 194.64 –0.64 11.9 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
VangdGrowth VUG 382.92 –2.87 23.2
iShBitcoin IBIT 39.78 –2.69 ... iShSelectDiv DVY 134.75 0.31 15.0
VangdHiDiv VYM 127.78 –0.56 14.5 –13
iShBrdUSDHYCpBd USHY 37.13 –0.17 2.1 iSh7-10YTreaBd IEF 94.52 –0.05 –1.9
VangdInfoTech VGT 582.30 –3.32 20.3
Tapestry TPR 7.000 5.89 Nov. 27, ’26 172 n.a.
no

iShCoreDivGrowth DGRO 61.95 –0.78 15.1 iShShortTreaBd SHV 110.56 0.01 0.4
iShCoreMSCIEAFE IEFA 73.78 –0.63 4.9 iSh20+YTreaBd TLT 92.45 0.16 –6.5 VangdIntermBd BIV 75.90 –0.14 –0.6 Alaska Air Pass Through Trust 2020–1A … 4.800 4.97 Aug. 15, ’27 80 –12 n.a.
iShUSTech IYW 150.69 –3.33 22.8 VangdIntrCorpBd VCIT 81.37 –0.20 0.1
iShCoreMSCIEM IEMG 55.62 –0.45 10.0 –9
iShCoreMSCITotInt IXUS 69.36 –0.62 6.8 iShUSTreasuryBd GOVT 22.82 0.02 –1.0 VangdIntermTrea VGIT 58.80 –0.05 –0.9 Manufacturers And Traders Trust … 3.400 4.97 Aug. 17, ’27 85 100
VangdLC VV 261.09 –1.95 19.7
iShCoreS&P500 IVV 571.24 –1.96 19.6 iSh0-3MTreaBd SGOV 100.70 0.02 0.4 JPMorgan Chase JPM 4.125 4.61 Dec. 15, ’26 44 –8 48
iShCoreS&P MC IJH 61.90 –1.31 11.7 JPM EqPrem JEPI 58.69 –0.78 6.7 VangdMegaGrwth MGK 319.91 –2.99 23.3
113.92 –1.63 5.2 JPM UltShIncm JPST 50.59 0.04 0.7 VangdMC VO 262.71 –1.17 12.9 –4
iShCoreS&P SC IJR
VangdRealEst VNQ 94.15 –1.69 6.6
Athene Global Funding … 5.516 4.97 March 25, ’27 85 88
iShCoreS&PTotUS ITOT 124.75 –1.83 18.5 PacerUSCashCows COWZ 56.92 –0.11 9.5
iShCoreS&PUSGrw IUSG 130.86 –2.93 25.7 ProShUltPrQQQ TQQQ 69.45 –7.61 37.0 VangdRuss1000Grw VONG 96.21 –2.99 23.3 FMR … 7.570 4.86 June 15, ’29 68 –4 n.a.
iShCoreS&PUSVal IUSV 94.30 –0.71 11.8 SPDRBbg1-3MTB BIL 91.80 0.02 0.4 VangdS&P500ETF VOO 522.67 –1.97 19.7
417.67 –0.97 10.8 VangdST Bond BSV 77.64 –0.04 0.8 Royal Bank of Canada RY 4.875 4.42 Jan. 19, ’27 29 –4 42
iShCoreTotUSDBd IUSB 45.85 –0.09 –0.5 SPDR DJIA Tr DIA
253.51 32.6 VangdSTCpBd VCSH 78.42 –0.04 1.4
iShCoreUSAggBd AGG 98.42 –0.02 –0.8 SPDR Gold GLD –1.55
Citigroup C 4.450 4.94 Sept. 29, ’27 80 –3 82
iShEdgeMSCIMinUSA USMV 89.99 –0.72 15.3 SPDRPtfDevxUS SPDW 35.68 –0.78 4.9 VangdShortTrea VGSH 58.48 0.05 0.3
iShEdgeMSCIUSAQual QUAL 176.42 –1.78 19.9 SPDRS&P500Value SPYV 52.22 –0.57 12.0 VangdSC VB 235.64 –1.43 10.5
iShGoldTr IAU 51.84 –1.54 32.8 SPDRPtfS&P500 SPLG 66.88 –1.95 19.6 VangdTaxExemptBd VTEB 50.35 0.02 –1.4 …And spreads that widened the most
iShiBoxx$IGCpBd LQD 108.99 –0.20 –1.5 SPDRS&P500Growth SPYG 82.37 –2.93 26.6 VangdTotalBd BND 73.05 –0.01 –0.7
iShMBS MBB 92.84 –0.11 –1.3 SPDR S&P 500 SPY 568.64 –1.96 19.6 VangdTotIntlBd BNDX 49.82 0.06 0.9 Federation Des Caisses Desjardins du Quebec* … 5.700 4.99 March 14, ’28 81 10 83
117.05 –1.51 15.0 19.53 –0.66 5.7 VangdTotIntlStk VXUS 61.85 –0.58 6.7
iShMSCIACWI ACWI SchwabIntEquity SCHF
General Motors GM 6.250 6.20 Oct. 2, ’43 160 10 151
iShMSCI EAFE EFA 79.22 –0.61 5.1 SchwabUS BrdMkt SCHB 22.01 –1.87 18.6 VangdTotalStk VTI 281.03 –1.86 18.5
iSh MSCI EM EEM 44.45 –0.65 10.5 SchwabUS Div SCHD 28.23 0.18 11.2 VangdTotWrldStk VT 117.09 –1.45 13.8 Bank of America BAC 6.000 5.31 Oct. 15, ’36 104 8 n.a.
iShMSCIEAFEValue EFV 54.88 –0.56 5.3 SchwabUS LC SCHX 22.44 –2.05 19.4 VangdValue VTV 172.16 –0.66 15.2
Deutsche Bank DB 5.371 4.61 Sept. 9, ’27 48 7 n.a.
John Deere Capital … 4.850 4.61 June 11, ’29 47 7 49
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks National Bank of Canada … 4.500 4.97 Oct. 10, ’29 82 7 77
PACCAR Financial … 4.000 4.63 Sept. 26, ’29 43 7 33
Money Rates October 31, 2024
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
High-yield issues with the biggest price increases…
Bond Price as % of face value
guide to general levels but don’t always represent actual transactions. Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low Transocean RIG 6.800 9.01 March 15, ’38 83.003 0.75 82.500
Sept. index Chg From (%)
Britain 5.00 5.00 5.25 5.00 13 weeks 4.490 4.510 5.325 4.490 Bausch Health … 11.000 13.52 Sept. 30, ’28 92.500 0.50 91.813
level Aug. '24 Sept. '23
Australia 4.35 4.35 4.35 4.10 26 weeks 4.325 4.310 5.320 4.215
Bath & Body Works BBWI 5.250 5.60 Feb. 1, ’28 98.970 0.23 98.435
U.S. consumer price index
Overnight repurchase Other short-term rates 7.875 July 30, ’30 0.21
All items 315.301 0.16 2.4 Paramount Global* PARA 6.19 108.026 107.847
U.S. 4.90 4.90 5.48 4.85
Core 321.109 0.34 3.3 Week 52-Week 0.17
Latest high low Lumen Technologies LUMN 7.650 11.29 March 15, ’42 72.545 n.a.
U.S. government rates ago
International rates Prime Security Services Borrower … 5.750 5.57 April 15, ’26 100.250 0.13 100.125
Discount Call money
Week 52-Week 5.00 5.00 5.50 5.00 6.75 6.75 7.25 6.75 VF VFC 6.450 6.22 Nov. 1, ’37 102.019 0.11 102.000
Latest ago High Low
Federal funds Commercial paper (AA financial) …And with the biggest price decreases
Prime rates Effective rate 4.8300 4.8300 5.3400 4.8300 90 days 4.65 4.68 5.53 4.54
U.S. 8.00 8.00 8.50 8.00 High 5.0500 5.0500 5.6500 5.0500 Xerox … 6.750 11.33 Dec. 15, ’39 67.173 –3.07 n.a.
Canada 5.95 6.45 7.20 5.95 Low 4.8000 4.8200 5.3300 4.8000 Secured Overnight Financing Rate
DISH DBS … 5.125 15.68 June 1, ’29 66.375 –1.35 66.250
Japan 1.625 1.625 1.625 1.475 Bid 4.8200 4.8300 5.3300 4.8200 4.81 4.83 5.40 4.81
Offer 4.8300 4.8500 5.3600 4.8300 Hughes Satellite Systems … 6.625 15.73 Aug. 1, ’26 86.500 –0.69 87.500
Policy Rates Value 52-Week
Treasury bill auction Latest Traded High Low –0.65
Euro zone 3.40 3.40 4.50 3.40 Bath & Body Works BBWI 6.950 7.07 March 1, ’33 99.225 100.250
Switzerland 1.50 1.50 2.25 1.50 4 weeks 4.580 4.650 5.325 4.580 DTCC GCF Repo Index
Sealed Air Corporation* SEE 6.875 5.99 July 15, ’33 105.956 –0.52 106.928
Treasury 4.962 62.030 5.504 4.845
Notes on data: MBS 4.969 58.150 5.689 4.868 –0.50
Rockies Express Pipeline … 6.875 7.45 April 15, ’40 94.750 n.a.
U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
and is effective September 19, 2024. Other prime rates aren’t directly comparable; lending practices Weekly survey Ziff Davis ZD 3.625 5.17 March 1, ’28 95.310 –0.40 n.a.
vary widely by location; Discount rate is effective September 19, 2024. Secured Overnight Financing
Rate is as of October 30, 2024. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s Latest Week ago Year ago Navient NAVI 5.625 7.80 Aug. 1, ’33 86.375 –0.38 87.125
weighted average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars.
Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Freddie Mac *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; 30-year fixed 6.72 6.54 7.76 Note: Data are for the most active issue of bonds with maturities of two years or more
Tullett Prebon Information, Ltd. 15-year fixed 5.99 5.71 7.03 Source: MarketAxess
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B8 | Friday, November 1, 2024 * ** THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net
How to Read the Stock Tables Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and s EMCOR EME 446.07 14.30 GpoAeroportuar PAC 174.09 1.29 LibertyFormOne A FWONA 74.24 -0.47 OldRepublic ORI 34.93 -0.36 SentinelOne S 25.79 -0.68 TeckResourcesB TECK 46.49 -0.70 Vaxcyte PCVX 106.35 0.24
Nasdaq Stock Market listed securities. Prices are consolidated from trades ENI E 30.43 0.16 GpoAeroportSur ASR 269.28 2.01 LibertyFormOne C FWONK 79.84 -0.82 s OmegaHealthcare OHI 42.47 -0.06 s ServiceIntl SCI 81.65 5.44 TeledyneTech TDY 455.32 -6.20 VeevaSystems VEEV 208.83 -5.91
reported by various market centers, including securities exchanges, Finra, EOG Rscs EOG 121.96 1.44 GpoFinGalicia GGAL 52.72 0.46 LibertyLiveC LLYVK 58.36 0.10 Omnicom OMC 101.00 -1.34 ServiceNow NOW 932.99-17.01 Teleflex TFX 201.06-34.16 s Ventas VTR 65.49 -0.99
electronic communications networks and other broker-dealers. The list EPAM Systems EPAM 188.65 -0.46 Guidewire GWRE 186.26 -3.27 LibertyLiveA LLYVA 56.74 0.05 OnHolding ONON 47.42 -1.39 SharkNinja SN 92.21-18.71 Ericsson ERIC 8.38 -0.13 Veralto VLTO 102.19 -1.05
comprises the 1,000 largest companies based on market capitalization. EQT EQT 36.54 -2.03 HCA Healthcare HCA 358.74 -2.18 Light&Wonder LNW 93.78 -0.47 OntoInnovation ONTO 198.33 -9.08 Shell SHEL 67.55 1.97 TelefonicaBras VIV 9.11 ... VeriSign VRSN 176.84 -0.55
Underlined quotations are those stocks with large changes in volume EagleMaterials EXP 285.46 -2.87 HDFC Bank HDB 63.03 -1.14 EliLilly LLY 829.74-17.09 OpenText OTEX 30.00 -3.78 SherwinWilliams SHW 358.77 -3.12 Telefonica TEF 4.63 -0.03 VeriskAnalytics VRSK 274.72 -0.91
compared with the issue’s average trading volume. EastWestBncp EWBC 97.49 -1.34 HP HPQ 35.52 -1.02 LincolnElectric LECO192.56 -4.70 Oracle ORCL 167.84 -6.72 Shift4Paymts FOUR 90.44 -0.69 TelekmIndonesia TLK 17.59 -0.58 Verizon VZ 42.13 0.85
EastGroup EGP 171.28 -2.81 HSBC HSBC 46.13 -0.10 Linde LIN 456.15-17.25 Orix IX 106.16 -0.30 ShinhanFin SHG 37.82 -1.51 TempurSealy TPX 47.91 -0.94 VertexPharm VRTX 475.98 0.90
Boldfaced quotations highlight those issues whose price changed by 5% or EastmanChem EMN 105.09 0.10 H World HTHT 36.69 -0.82 Lineage LINE 74.04 -1.16 OtisWorldwide OTIS 98.20 -0.08 Shopify SHOP 78.21 -1.80 Tenaris TS 32.88 0.20 Vertiv VRT 109.29 -3.16
more if their previous closing price was $2 or higher. Eaton ETN 331.58-11.23 Haleon HLN 9.69 -0.11 LithiaMotors LAD 332.37 -7.54 Ovintiv OVV 39.20 -0.09 SimonProperty SPG 169.12 -2.96 TencentMusic TME 11.13 -0.29 Viatris VTRS 11.60 -0.29
Footnotes: eBay EBAY 57.51 -5.12 Halliburton HAL 27.74 0.05 LiveNationEnt LYV 117.14 -0.06 OwensCorning OC 176.79 -4.79 SiriusXM SIRI 26.66 -0.73 TenetHealthcare THC 155.02 -3.06 Viking VIK 39.25 0.12
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most Ecolab ECL 245.73 -6.87 HamiltonLane HLNE 179.64 -2.58 LloydsBanking LYG 2.75 -0.02 PDD PDD 120.59 -0.28 SkechersUSA SKX 61.46 -0.11 Teradyne TER 106.21 -3.27 VikingTherap VKTX 72.54 0.79
recent four quarters. t Ecopetrol EC 7.70 -0.11 HartfordFinl HIG 110.44 -2.28 LockheedMartin LMT 546.05 0.11 PG&E PCG 20.22 0.03 Skyworks SWKS 87.58 -2.40 Tesla TSLA 249.85 -7.70 VinFastAuto VFS 3.80 -0.16
EdisonIntl EIX 82.40 -0.84 Hasbro HAS 65.63 -1.02 Loews L 78.96 -1.40 PNC Finl PNC 188.27 -1.95 SmithAO AOS 75.10 -0.47 TetraTech TTEK 48.88 -1.15 s Visa V 289.85 -0.31
Stock tables reflect composite regular trading as of 4 p.m. ET and EdwardsLife EW 67.01 -1.62 HealthpeakProp DOC 22.45 -0.27 LogitechIntl LOGI 81.70 -1.00 POSCO PKX 60.11 -0.71 Smith&Nephew SNN 25.09 -3.76 TevaPharm TEVA 18.44 -0.15 Vistra VST 124.96 0.85
changes in the official closing prices from 4 p.m. ET the previous day. Elastic ESTC 80.23 -0.75 Heico HEI 244.95 -3.48 Lowe's LOW 261.83 0.44 PPG Ind PPG 124.51 -1.16 Smucker SJM 113.51 -0.41 TexasInstruments TXN 203.16 -3.41 Vodafone VOD 9.27 -0.12
s ElbitSystems ESLT 228.10 -0.14 Heico A HEI.A 192.01 -2.34 lululemon LULU 297.90 -5.95 PPL PPL 32.56 0.32 s SmurfitWestrock SW 51.50 1.43 s TexasPacLand TPL 1166.00 12.37 VornadoRealty VNO 41.41 -1.11
ElectronicArts EA 150.85 1.71 HenrySchein HSIC 70.23 -0.41 LyondellBasell LYB 86.85 -0.30 PTC PTC 185.33 -1.51 Snap SNAP 12.16 -0.46 TexasRoadhouse TXRH 191.12 -2.83 VulcanMatls VMC 273.93 -2.30
Thursday, October 31, 2024 Net Net ElevanceHealth ELV 405.76 -5.00 Hershey HSY 177.58 0.08 Paccar PCAR 104.28 -0.62 Snap-On SNA 330.13 -2.92 Textron TXT 80.42 -1.64
Net Stock Sym Close Chg Stock Sym Close Chg EmersonElec EMR 108.27 -0.75 Hess HES 134.48 0.21 M N s PackagingCpAm PKG 228.94 0.14 Snowflake SNOW 114.82 -4.17 ThermoFisher TMO 546.32 -4.30 W X Y Z
Stock Sym Close Chg Enbridge ENB 40.40 -0.19 HewlettPackard HPE 19.49 -0.85 PalantirTech PLTR 41.56 -2.13 SOQUIMICH SQM 38.39 -0.29 ThomsonReuters TRI 163.64 -2.89
AxonEnterprise AXON 423.50-15.50 CenovusEnergy CVE 16.07 -0.60 WEC Energy WEC 95.53 -0.50
BCE BCE 32.26 0.02 Centene CNC 62.26 0.48 EncompassHealth EHC 99.46 -1.88 s Hilton HLT 234.85 -3.56 Macom Tech MTSI 112.40 -5.41 PaloAltoNtwks PANW 360.33 0.82 SoFiTech SOFI 11.17 -0.05 3M MMM 128.47 0.91 W.P.Carey WPC 55.72 -0.47
A B C BHP Group BHP 55.46 -0.96 CenterPointEner CNP 29.53 0.27 Endeavor EDR 29.49 0.08 Hologic HOLX 80.87 -0.28 M&T Bank MTB 194.68 -2.88 PanAmerSilver PAAS 23.41 -0.93 Solventum SOLV 72.58 -0.99 Toast TOST 30.03 -0.12 WPP WPP 52.49 -0.80
BJ'sWholesale BJ 84.73 -0.21 CentraisElBras EBR 6.58 -0.06 EnergyTransfer ET 16.48 0.01 HomeDepot HD 393.75 1.23 MGM Resorts MGM 36.87 -4.54 ParkerHannifin PH 634.07 9.78 Sony SONY 17.60 -0.38 TollBros TOL 146.44 -1.70 Wabtec WAB 187.98 -1.35
AAON AAON 114.22 -0.89 BP BP 29.36 0.34 CharlesRiverLabs CRL 178.58 -2.81 EnphaseEnergy ENPH 83.04 0.57 HondaMotor HMC 30.31 -0.49 MPLX MPLX 44.42 0.05 Parsons PSN 108.16 -1.84 Southern SO 91.03 1.67 TopBuild BLD 353.38 -2.59 WalgreensBoots WBA 9.46 0.22
AECOM ACM 106.80 -0.57 BWX Tech BWXT 121.75 -3.10 CharterComms CHTR 327.61 -3.69 EnsignGroup ENSG 154.99 -1.02 Honeywell HON 205.68 1.48 MSCI MSCI 571.20 2.11 Paychex PAYX 139.33 -2.06 SoCopper SCCO 109.55 -2.30 Toro TTC 80.48 -0.49 Walmart
MagnaIntl MGA 39.47 -1.84 WMT 81.95 0.56
AES AES 16.49 0.07 CheckPoint CHKP 173.21 -0.68 Entegris ENTG 104.71 -2.20 HormelFoods HRL 30.55 -0.07 s PaycomSoftware PAYC 209.03 36.78 SouthwestAir LUV 30.58 -0.89 TorontoDomBk TD 55.27 -0.38
BXP BXP 80.56 -2.19 WarnerBrosA WBD 8.13 0.36
Aflac AFL 104.79 -5.30 Baidu Chemed CHE 540.24 4.44 s Entergy ETR 154.78 20.38 DR Horton DHI 169.00 -0.29 MakeMyTrip MMYT 101.49 0.43 s Paylocity PCTY184.57 6.41 Spotify SPOT 385.10 -8.92 t TotalEnergies TTE 62.56 -1.01
BIDU 91.23 -0.99 ManhattanAssoc MANH 263.36 -2.43 s SproutsFarmers SFM 128.43 9.59 ToyotaMotor TM 173.02 -2.19 WarnerMusic WMG 31.96 -0.01
AGNC Invt AGNC 9.31 -0.18 BakerHughes BKR 38.08 0.59 CheniereEnergy LNG 191.38 9.46 EnterpriseProd EPD 28.66 -0.07 HostHotels HST 17.24 -0.51 PayPal PYPL 79.30 1.08 WasteConnections WCN 176.75 -0.97
Ansys ANSS 320.41 -8.16 Ball BALL 59.25 -4.94 CheniereEnerPtrs CQP 50.55 1.14 Equifax EFX 265.02 -4.30 HoulihanLokey HLI 172.77 8.12 ManulifeFinl MFC 29.21 -0.75 Pearson PSO 14.60 -0.06 StandardAero SARO 28.85 -0.54 TractorSupply TSCO 265.51 -2.43
WasteMgt WM 215.85 1.03
APA APA 23.60 0.13 Chevron CVX 148.82 0.77 Equinix EQIX 908.08 -2.14 HowmetAerospace HWM 99.72 -1.42 Maplebear CART 44.10 -0.54 PembinaPipeline PBA 41.79 -0.12 StanleyBlackDck SWK 92.94 -0.93 TradeDesk TTD 120.21 -1.77
Waters WAT 323.11 -3.48
BBVA BBVA 9.93 0.08
ASE Tech ASX 9.56 -0.24 Chewy CHWY 26.97 0.46 t Equinor EQNR 23.48 -1.10 Hubbell HUBB 427.03 -4.63 MarathonOil MRO 27.70 1.62 PenskeAuto PAG 150.57 -1.86 Stantec STN 81.16 -0.93 Tradeweb TW 127.00 -1.79
Watsco WSO 473.01 -1.41
BancoBradesco BBDO 2.18 -0.09
ASML ASML 672.55-11.28 Chipotle CMG 55.77 0.04 Equitable EQH 45.34 -0.85 HubSpot HUBS 554.79 -6.32 MarathonPetrol MPC 145.47 0.71 Pentair PNR 99.12 -0.25 Starbucks SBUX 97.70 0.38 TraneTech TT 370.16 -5.36
Watsco B WSOB 470.90-21.40
BancodeChile BCH 23.20 -0.30
s AT&T T 22.54 0.52 t BancSanBrasil BSBR 4.73 -0.18 Chubb CB 282.44 -1.20 EquityLife ELS 70.12 0.02 Humana HUM 257.83 -8.49 Markel MKL1542.01-24.17 Penumbra PEN 228.87 17.58 StateStreet STT 92.80 -0.13 TransDigm TDG 1302.30-27.33
WebsterFin WBS 51.80 -0.77
AbbottLabs ABT 113.37 -1.08 ChunghwaTel CHT 37.69 -0.13 EquityResdntl EQR 70.37 -3.58 JBHunt JBHT 180.62 -1.26 MarketAxess MKTX 289.42 -4.19 PepsiCo PEP 166.08 -0.13 SteelDynamics STLD 130.50 -2.27 TransUnion TRU 101.30 -1.76
WellsFargo WFC 64.92 -0.49
BcoSantChile BSAC 19.54 -0.14 Marriott MAR 260.02 -4.24
s AbbVie ABBV 203.87 2.37 Church&Dwight CHD 99.91 -0.61 ErieIndemnity ERIE 448.84 -1.39 HuntingtonBcshs HBAN 15.59 -0.15 PerformanceFood PFGC 81.25 -0.04 Stellantis STLA 13.62 0.39 Travelers TRV 245.94 -4.15 Welltower WELL 134.88 -3.57
BancoSantander SAN 4.86 0.09
Accenture ACN 344.82 -1.75 ChurchillDowns CHDN 140.10 -3.88 EssentialUtil WTRG 38.60 -0.14 t HuntingIngalls HII 184.96-65.53 Marsh&McLen MMC 218.24 -2.78 PermianRscs PR 13.63 -0.10 Steris STE 221.85 -2.54 Trimble TRMB 60.50 -0.86 s WescoIntl WCC 191.97 14.17
BanColombia CIB 31.91 -0.47 MartinMarietta MLM 592.34-12.51 StifelFinancial SF 103.62 -0.53 Trip.com
AcuityBrands AYI 300.69 -1.21 Ciena CIEN 63.51 -1.12 EssexProp ESS 283.86-10.16 HyattHotels H 145.45-11.66 PetroleoBrasil PBR 13.45 -0.02 TCOM 64.40 -0.66 WestPharmSvcs WST 307.93 -5.09
BankofAmerica BAC 41.82 -0.49
Adobe ADBE 478.08 -8.60 BankMontreal BMO 91.12 -0.77 Cigna CI 314.81 1.92 t EsteeLauder EL 68.94-18.21 ICICI Bank IBN 30.41 -0.88 MarvellTech MRVL 80.11 -2.69 PetroleoBrasilA PBR.A 12.37 -0.04 STMicroelec STM 27.14 -0.41 TruistFinl TFC 43.05 -0.26 WestAllianceBcp WAL 83.21 -1.06
AdvDrainageSys WMS 149.88 -2.86 EvercoreA EVR 264.17 -0.90 IdexxLab IDXX 406.92-44.16 Masco MAS 79.91 -0.44 Pfizer PFE 28.30 -0.22 Stryker SYK 356.28 -7.15 TrumpMedia&Tech DJT 35.34 -4.69
BankNY Mellon BK 75.36 -0.57 CincinnatiFinl CINF 140.83 -2.61 WesternDigital WDC 65.31 -1.71
AdvMicroDevices AMD 144.07 -4.53 Cintas Everest EG 355.61-24.39 ING Groep ING 16.95 0.16 MasTec MTZ 122.89 2.89 s PhilipMorris PM 132.70 0.59 SumitomoMits SMFG 12.77 ... s Twilio TWLO 80.65 10.08
Aegon AEG 6.28 -0.05
BankNovaScotia BNS 51.49 -0.76 CTAS 205.81 -2.04
Evergy EVRG 60.44 0.38 Invesco IVZ 17.34 -0.47 s Mastercard MA 499.59-14.10 Phillips66 PSX 121.82 -0.25 s SummitMaterials SUM 47.41 0.99 TylerTech TYL 605.59 -9.21 WesternMidstrm WES 37.73 0.24
Barclays BCS 12.41 -0.29 CiscoSystems CSCO 54.77 -0.82 Westlake WLK 131.94 -1.32
AerCap AER 93.55 -0.34 BarrickGold GOLD 19.32 -0.73 Citigroup C 64.17 -0.33 EversourceEner ES 65.85 0.36 IQVIA IQV 205.82-10.22 MatchGroup MTCH 36.03 -0.86 s Pilgrim'sPride PPC 48.44 0.75 SummitTherap SMMT 18.59 -0.06 TysonFoods TSN 58.59 -0.24
Weyerhaeuser WY 31.16 -0.56
AffirmA AFRM 43.85 -1.39 BaxterIntl BAX 35.70 -0.16 CitizensFin CFG 42.12 -0.58 ExactSciences EXAS 68.93 -1.53 ITT ITT 140.12 -4.71 McCormickVtg MKC.V 78.50 0.85 PinnacleFinPtrs PNFP 105.45 -1.01 SunComms SUI 132.68 -0.21 UBS Group UBS 30.68 -0.67
WheatonPrecMtls WPM 66.01 -1.54
AgilentTechs A 130.31 -1.18 BectonDicknsn BDX 233.59 -3.02 CleanHarbors CLH 231.26 -3.89 s Exelixis EXEL 33.20 0.76 IcahnEnterprises IEP 12.56 -0.52 McCormick MKC 78.24 0.30 PinnacleWest PNW 87.81 0.28 SunLifeFinancial SLF 55.42 -1.13 UDR UDR 42.19 -1.36 Williams WMB 52.37 -0.12
AgnicoEagleMines AEM 86.29 -1.95 BeiGene BGNE 202.64 -3.35 Clorox CLX 158.55 2.04 Exelon EXC 39.30 -0.40 Icon ICLR222.11 -5.78 McDonald's MCD 292.11 0.59 Pinterest PINS 31.79 -0.80 SuncorEnergy SU 37.77 -0.32 U-Haul UHAL 73.33 -0.75 Williams-Sonoma WSM 134.13 1.70
AirProducts APD 310.53 -2.24 BellRing BRBR 65.83 -0.98 Cloudflare NET 87.71 -2.14 ExpandEnergy EXE 84.72 -3.98 IDEX IEX 214.64 -4.00 McKesson MCK 500.59 1.25 PlainsAllAmPipe PAA 16.27 -0.18 SuperMicroComp SMCI 29.11 -3.96 U-Haul N UHAL/B 68.26 -0.24 s WillisTowers WTW302.19 8.65
Airbnb ABNB 134.79 -1.71 BentleySystems BSY 48.26 -1.35 Coca-Cola KO 65.31 -0.61 Expedia EXPE 156.31 -4.84 IllinoisToolWks ITW 261.13 -3.20 Medpace MEDP 314.22 -4.13 PlainsGP PAGP 17.20 -0.14 Suzano SUZ 10.27 -0.16 UL Solutions ULS 51.96 -0.74
Wingstop WING287.69 -2.30
AkamaiTech AKAM 101.08 -0.77 Berkley WRB 57.17 -0.85 CocaColaCon COKE 1124.26-75.31 ExpeditorsIntl EXPD119.00 -0.55 Illumina ILMN 144.14 -3.52 Medtronic MDT 89.25 -1.25 Pool POOL 361.64 -2.81 SynchronyFinl SYF 55.14 -1.17 US Foods USFD 61.65 -0.06
Wipro WIT 6.48 -0.20
AlamosGold AGI 20.18 -0.78 BerkHathwy A BRK.A 676959-5640.60 Coca-ColaEuro CCEP 76.00 -0.40 ExtraSpaceSt EXR 163.30 -1.44 ImperialOil IMO 74.48 0.33 MercadoLibre MELI 2037.18 16.46 Primerica PRI 276.81 -2.33 Synopsys SNPS 513.61-22.81 UWM UWMC 6.44 -0.17 Wix.com WIX 167.12 -0.76
Albemarle ALB 94.73 -0.79 BerkHathwy B BRK.B 450.92 -4.04 CognizantTech CTSH 74.59 0.24 ExxonMobil XOM 116.78 0.09 s Incyte INCY 74.12 0.19 t Merck MRK 102.32 -2.51 PrincipalFinl PFG 82.40 -2.06 Sysco SYY 74.95 0.70 Uber UBER 72.05 -7.38 WoodsideEnergy WDS 15.75 -0.04
Albertsons ACI 18.10 -0.13 s BerryGlobal BERY 70.45 -0.28 F5 FFIV 233.88 -5.07 Informatica INFA 27.30 0.62 MetaPlatforms META567.58-24.22 ProcoreTech PCOR 65.65 3.00 s Ubiquiti UI 265.69 3.33 Woodward WWD 164.09 -1.21
Alcoa AA 40.09 -0.47 BestBuy BBY 90.43 0.02
Coherent COHR 92.44 -4.74
CoinbaseGlbl COIN 179.25-32.49 FMC FMC 64.99 -1.63 Infosys INFY 20.91 -0.21 MetLife MET 78.42 -4.76 Procter&Gamble PG 165.18 -0.98 T U V UltaBeauty ULTA 368.98 -7.13 WooriFinl WF 33.66 -0.59
Alcon ALC 91.95 -1.32 Bilibili BILI 22.12 -0.10 ColgatePalm CL 93.71 -0.95 FTAI Aviation FTAI 134.44-10.86 IngersollRand IR 96.00 -1.28 Mettler-Toledo MTD 1291.75-10.49 Progressive PGR 242.83 -0.17 TC Energy TRP 46.51 0.04 Unilever UL 60.91 -0.69 Workday WDAY 233.85 -4.43
AlexandriaRlEst ARE 111.55 -1.86 Fabrinet FN 240.97 -9.38 Ingredion INGR 132.76 -0.88 MicrochipTech MCHP 73.37 -2.21 Prologis PLD 112.94 -2.93
Bio-Techne TECH 73.75 -2.27 Comcast A CMCSA 43.67 1.43 TD Synnex SNX 115.35 -3.78 UnionPacific UNP 232.07 -0.10 WynnResorts WYNN 96.02 -2.47
Alibaba BABA 97.98 -0.72 Comerica CMA 63.71 -0.76 FactSet FDS 454.06 0.26 Insmed INSM 67.28 -3.02 MicronTech MU 99.65 -4.43 PrudentialFinl PRU 122.48 -4.16 TE Connectivity TEL 147.42 -4.37 s UnitedAirlines UAL 78.26 -2.16 XP XP 17.46 -0.44
Bio-RadLab A BIO 358.19 27.61 Microsoft MSFT 406.35-26.18
AlignTech ALGN 205.03 -5.83 t Biogen BIIB 174.00 -7.18 ComfortSystems FIX 391.04 0.89 FairIsaac FICO 1993.11-13.88 Insulet PODD 231.53 0.95 Prudential PUK 16.58 -0.05 Telus TU 15.81 -0.11 t UnitedMicro UMC 6.84 -0.15 XPO XPO 130.53 -3.46
Allegion ALLE 139.63 0.58 t BioMarinPharm BMRN 65.89 -0.79 CommerceBcshrs CBSH 62.50 -1.08 Fastenal FAST 78.18 -0.16 Intel INTC 21.52 -0.78 MicroStrategy MSTR 244.50 -2.81 PublicServiceEnt PEG 89.41 1.05 TFI Intl TFII 133.82 -0.66 UPS B UPS 134.06 0.26 s XcelEnergy XEL 66.81 3.76
AlliantEnergy LNT 60.00 1.20 SABESP SBS 15.89 -0.16 FederalRealty FRT 110.84 -3.41 InteractiveBrkrs IBKR 152.58 -1.66 MidAmApt MAA151.34 -0.81 PublicStorage PSA 329.06 -6.77 TJX TJX 113.03 0.08 UnitedRentals URI 812.80 0.68 XPeng XPEV 11.23 -0.12
BioNTech BNTX 113.10 -0.84
AllisonTransm ALSN 106.86 -1.22 ConagraBrands CAG 28.94 -0.14 FedEx FDX 273.85 -0.23 ICE ICE 155.87-10.66 MitsubishiUFJ MUFG 10.58 0.02 PulteGroup PHM 129.53 -0.73 TKO TKO 116.77 0.05 US Bancorp USB 48.31 -0.37 Xylem XYL 121.78 -8.44
Birkenstock BIRK 46.00 -0.73
Allstate ALL 186.52 -2.92 ConocoPhillips COP 109.54 6.56 FergusonEnts FERG 196.74 -0.32 InterContHtls IHG 111.45 -1.35 MizuhoFin MFG 4.23 ... PureStorage PSTG 50.05 -3.36 T-MobileUS TMUS 223.16 0.39 US Steel X 38.85 -0.68 YPF YPF 24.51 -0.04
BlackRock BLK 981.03 1.16 MBLY 13.61 1.19
AllyFinancial ALLY 35.05 -1.05 ConEd ED 101.68 -1.04 Ferrari RACE 475.88 -2.96 IBM IBM 206.72 1.82 Mobileye Qiagen QGEN 42.10 -0.14 TPG TPG 67.68 -0.71 UnitedTherap UTHR 373.97 12.57 Yum!Brands YUM 131.16 -2.23
Blackstone BX 167.75 -3.79
AlnylamPharm ALNY 266.59-14.90 t ConstBrands A STZ 232.34 -3.13 Ferrovial FER 40.21 0.23 IntlFlavors IFF 99.43 -1.71 Moderna MRNA 54.36 -0.36 Qualcomm QCOM 162.77 -4.85 T.RowePrice TROW109.86 -1.95 UnitedHealth UNH 564.50 1.54 YumChina YUMC 44.11 -0.59
BlockHR HRB 59.73 -0.97
Alphabet A GOOGL 171.11 -3.35 ConstellationEner CEG 262.96 1.18 FidNatlFinl FNF 60.17 -0.79 s IntlPaper IP 55.54 6.51 MohawkInds MHK 134.27 -1.02 QuantaServices PWR 301.63-10.00 TaiwanSemi TSM 190.54 -3.94 UnitySoftware U 20.08 -0.62 ZTO Express ZTO 23.11 -0.31
Block SQ 72.32 -0.97
Alphabet C GOOG 172.69 -3.45 BlueOwlCapital OWL 22.36 -0.74 Cooper COO 104.68 -0.52 s FidNatlInfo FIS 89.73 -0.99 Interpublic IPG 29.40 -0.55 MolinaHealthcare MOH 321.22 -2.97 QuestDiag DGX 154.83 -1.10 TakeTwoSoftware TTWO 161.72 -1.17 UnivDisplay OLED 180.32-22.84 ZebraTech ZBRA 381.97 -1.92
AltairEngg ALTR103.99 -4.64 Boeing BA 149.31 -4.98 Copart CPRT 51.47 -0.83 FifthThirdBncp FITB 43.68 -0.40 Intra-Cellular ITCI 84.75 -0.72 MolsonCoorsB TAP 54.47 -1.01 TakedaPharm TAK 13.94 0.05 UniversalHealthB UHS 204.31 -3.19 Zillow C Z 60.09 0.41
Altria MO 54.46 3.96 s Booking BKNG4676.25212.32 Core&Main CNM 44.28 -1.14 FirstCitizBcshA FCNCA 1937.35-36.72 Intuit INTU 610.30-10.81 monday.com MNDY 293.87 -6.36 R S TalenEnergy TLN 181.36 7.13 UnumGroup UNM 64.18 -0.21 Zillow A ZG 58.05 0.32
Amazon.com AMZN 186.40 -6.33 CorebridgeFin CRBG 31.77 -0.31 FirstHorizon FHN 17.33 -0.23 IntuitiveSurgical ISRG 503.84 -9.93 Mondelez MDLZ 68.48 -1.31 Tapestry TPR 47.45 -0.95 VF VFC 20.71 -1.55 ZimmerBiomet ZBH 106.92 -2.89
BoozAllen BAH 181.66 -1.82 RBC Bearings RBC 280.35 -6.02
Ambev ABEV 2.18 -0.09 Corning GLW 47.59 -0.45 FirstSolar FSLR 194.48 -3.02 InvitatHomes INVH 31.41 -1.82 MongoDB MDB 270.40-13.30 TargaResources TRGP 166.96 1.08 VICI Prop VICI 31.76 -0.66 Zoetis ZTS 178.78 -3.53
BostonSci BSX 84.02 0.03 RB Global RBA 84.74 -1.47
Amcor AMCR 11.13 0.07 s BristolMyers BMY 55.77 3.11 Corpay CPAY 329.72 -2.16 FirstEnergy FE 41.83 -0.34 IronMountain IRM 123.73 -3.91 MonolithicPower MPWR 759.30-160.51 Target TGT 150.04 1.52 Vale VALE 10.70 -0.11 ZoomVideo ZM 74.74 -0.04
ItauUnibanco ITUB 6.05 -0.09 MonsterBev MNST 52.68 0.08 RELX RELX 46.22 -0.69
Amdocs DOX 87.75 -0.34 Corteva CTVA 60.92 -0.65 FirstService FSV 185.17 -2.99 TechnipFMC FTI 26.69 0.60 ValeroEnergy VLO 129.76 1.03 Zscaler ZS 180.79 -5.99
BritishAmTob BTI 34.98 0.62 Moody's MCO 454.04 -4.92 RPM RPM 127.11 -1.01
Fiserv FI 197.90 -1.91

.
AmerSports AS 17.85 0.23 CoStar CSGP 72.79 -0.67
Ameren AEE 87.11 0.50
BrixmorProp BRX 26.95 -0.69
Broadcom AVGO 169.77 -6.87 Costco COST 874.18 -4.91 Flex FLEX 34.67 -1.11 J K L MorganStanley MS 116.25 -0.75 RTX RTX 120.99 -0.87
RalphLauren RL 197.93 -3.76
Floor&Decor FND 103.05 2.17 Morningstar MORN 328.05 -2.16

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AmericaMovil AMX 15.74 -0.11 BroadridgeFinl BR 210.86 -1.64 CoterraEnergy CTRA 23.92 -0.21 JD.com JD 40.62 0.59 Mosaic s RaymondJames RJF 148.22 -0.83
Fluor FLR 52.28 -0.82 MOS 26.76 -0.41
AmerAirlines AAL 13.40 -0.54
AEP AEP 98.75 1.35
BrookfieldAsset BAM 53.04 -0.76
Brookfield BN 53.00 -1.04
Coupang
Crane
CPNG 25.79 -0.45
CR 157.28 -4.40 FlutterEnt FLUT 232.77 -4.03
FomentoEconMex FMX 96.89 0.82
JPMorganChase JPM 221.92 -2.49 MotorolaSol MSI 449.35 -3.65
Jabil JBL 123.09 -0.89 MuellerIndustries MLI 81.97 -1.03
RealtyIncome O
s Reddit
59.37 -1.11
RDDT119.30 3.25
Dividend Changes
AmerExpress AXP 270.08 -4.00 BrookfieldInfr BIP 34.24 -0.74 Credicorp BAP 184.13 -3.16 JackHenry JKHY 181.93 -0.85 MurphyUSA MUSA 488.45 15.82 RegalRexnord RRX 166.54 -2.51
AmericanFin AFG 128.93 -1.46 CrowdStrike CRWD 296.87-10.58 FordMotor F 10.29 -0.18 Amount Payable /
BrookfieldRenew BEPC 30.58 -0.24 JacobsSolns J 140.58 -0.82 NICE NICE 173.70 -4.84 RegencyCtrs REG 71.44 -1.26
AmHomes4Rent AMH 35.24 -1.46 CrownCastle CCI 107.49 -0.32 Fortinet FTNT 78.66 -0.08 Company Symbol Yld % New/Old Frq Record
BrookWealth BNT 53.07 -1.05 JamesHardie JHX 31.90 -0.80 NIO RegenPharm REGN 838.20-84.59
AIG AIG 75.88 -0.96
AmerTowerREIT AMT 213.54 0.06
AmerWaterWorks AWK 138.11 2.42
Ameriprise AMP 510.30 -3.74
Ametek
Amgen
AME 183.34 14.43
AMGN 320.16 4.62
Brown&Brown BRO 104.64 -1.19
Brown-Forman A BF.A 43.58 -1.53
Brown-Forman B BF.B 44.03 -1.41
Bruker BRKR 56.61 -1.90
BuildersFirst BLDR 171.40 -1.48
t BungeGlobal BG 84.02 -1.84
Crown Holdings CCK 93.55 -2.13
CubeSmart CUBE 47.84 -0.43
s Cullen/Frost CFR 127.35 -3.12
Cummins CMI 328.98 -2.86
s Curtiss-Wright CW 344.96 -8.78
CyberArkSoftware CYBR 276.52 -6.42
on Fortis
Fortive

FoxB
FTS 43.23
FTV 71.43 -0.66
FortuneBrands FBIN 83.33 -0.70
FoxA FOXA 42.00 -0.03
FOX 38.96 0.01
Franco-Nevada FNV 132.66 -3.55
...
JefferiesFinl JEF 63.98 -0.60 NNN REIT NNN 43.44 -1.96
J&J

JonesLang JLL 270.96 -4.29 NXP Semicon NXPI 234.50-10.82

JuniperNetworks JNPR 38.90 -0.05 Nasdaq
KB Financial KB 65.24 -2.10 Natera
NIO 5.10 -0.25
JNJ 159.86 -0.75 NRG Energy NRG 90.40 1.95
JohnsonControls JCI 75.55 -0.77 NVR NVR 9152.81 69.67

NDAQ 73.92 -1.63

NTRA 120.96 -5.77
RegionsFinl RF 23.87 -0.19
ReinsGrp
Reliance
RGA 211.08 -3.84
RS 286.34 -3.25
RenaissanceRe RNR 262.40 -5.00
RentokilInit RTO 25.35 0.17
RepublicSvcs RSG 198.00 -0.81
Increased
AbbVie
Artisan Ptrs Asset Mgmt
Associated Banc
ABBV
APAM
ASB
3.0
6.0
3.7
1.64 /1.55
.82 /.71
.23 /.22
Q
Q
Q
Feb14 /Jan15
Nov29 /Nov15
Dec16 /Dec02
Amphenol APH 67.02 -1.34 FranklinRscs BEN 20.77 -0.12 Berry Global Group BERY 1.6 .31 /.275 Q Dec16 /Dec02
BurlingtonStrs BURL 247.77 -9.61 KBR KBR 67.01 -1.27 NationalGrid NGG 63.59 -1.48 ResMed RMD 242.47 -0.55
D E F
us ,

AnalogDevices ADI 223.11 -7.01 FreeportMcM FCX 45.02 -0.95 CDW Corp. CDW 1.3 .625 /.62 Q Dec10 /Nov25
CACI Intl CACI 552.56 -9.96 KE Holdings BEKE 21.93 -0.24 NatWest NWG 9.56 -0.08 RestaurantBrands QSR 69.55 -0.56
AngloGoldAsh AU 27.80 -0.83 FreseniusMedCare FMS 19.54 0.43
CAVA CAVA 133.56 -0.26 DTE Energy DTE 124.22 0.08 KKR KKR 138.24 -1.94 NetApp s RevolutionMed RVMD 53.50 3.00 Clearway Energy Cl A CWEN.A 6.1 .424 /.4171 Q Dec16 /Dec02
l

AB InBev BUD 59.37 -3.54 FrontierComms FYBR 35.73 -0.20 NTAP 115.31 -3.45
CBRE Group CBRE 130.97 -1.05 DT Midstream DTM 90.15 -0.78 KLA KLAC 666.23-25.57 NetEase NTES 80.51 -0.19 Revvity RVTY 118.59 -1.44 Clearway Energy Cl C CWEN 5.7 .424 /.4171 Q Dec16 /Dec02
FullTruck YMM 8.95 -0.06
e
AnnalyCap NLY 19.01 -0.32 t CDW CDW188.23 -6.83 Danaher DHR 245.66 3.34 Kaspi.kz KSPI 110.14 -3.53 Netflix RexfordIndlRealty REXR 42.89 -1.14
al a

AnteroResources AR 25.88 -2.34 NFLX 756.03 2.29 Delek Logistics Partners DKL 11.2 1.10 /1.09 Q Nov14 /Nov08
Aon AON 366.87 -2.60
CF Industries CF 82.23 0.45
CGI A GIB 110.71 -1.99
Darden DRI 160.02 -0.19 G H I Kellanova K
Kenvue
80.65 -0.20 Neurocrine NBIX
120.27 -4.06
KVUE 22.93 0.04 NewOrientalEduc EDU 62.60 -0.39
RioTinto
Rivian
RIO 64.89 -1.01
RIVN 10.10 -0.29 Huntington Ingalls Inds HII 2.8 1.35 /1.30 Q Dec13 /Nov29
Datadog DDOG 125.44 -2.72
APi Group APG 34.14 0.93 CH Robinson CHRW 103.04 -6.60 DaVita DVA 139.81 -1.41 GE Aerospace GE 171.78 -2.86 KeurigDrPepper KDP 32.95 -0.04 NYTimes A NYT 55.84 -0.06 Robinhood HOOD 23.49 -4.72 Kite Realty Group Trust KRG 3.9 .27 /.26 Q Jan16 /Jan09
ApolloGlblMgmt APO 143.26 -2.60 CME Group CME 225.36 -1.90 GE HealthCare GEHC 87.35 0.15 KeyCorp KEY 17.25 -0.24 Newmont NEM 45.44 -1.50 s Roblox RBLX 51.72 8.58 Medallion Financial 4.2 .11 /.10 Q Nov27 /Nov15
ci on

Dayforce DAY 70.95 0.87 MFIN

AppFolio APPF 207.87 -9.76 CMS Energy CMS 69.61 -0.50 DeckersOutdoor DECK 160.89 -8.63 s GE Vernova GEV 301.66 4.06 KeysightTech KEYS 149.01 -2.97 NewsCorp B NWS 29.04 -0.11 RocketCos. RKT 16.10 -0.24
Apple AAPL 225.91 -4.19
Stepan Co SCL 2.1 .385 /.375 Q Dec13 /Nov29
CNA Fin CNA 47.91 -0.57 Deere DE 404.69 ... GFLEnvironmental GFL 41.80 -0.20 KimberlyClark KMB 134.18 -0.23 NewsCorp A NWSA 27.25 -0.03 Rockwell ROK 266.71 0.08
AppliedIndlTechs AIT 231.59 -4.62 GSK GSK 36.76 -0.25 KimcoRealty KIM 23.72 -0.30 NextEraEnergy NEE 79.25 0.16
UMB Financial UMBF 1.4 .40 /.39 Q Jan02 /Dec10
CNH Indl CNH 11.23 -0.03 DellTechC DELL 123.63 -5.77 RogersComm B RCI 36.32 -0.52
ApplMaterials AMAT 181.58 -3.72 CRH CRH 95.43 -0.53 s DeltaAir DAL 57.22 -1.24 Gallagher AJG 281.20 -3.28 KinderMorgan KMI 24.51 -0.04 Nike RoivantSciences ROIV 11.55 -0.23 Unifirst UNF 0.7 .35 /.33 Q Jan03 /Dec06
AppLovin NKE 77.13 0.68
APP 169.39 -2.26 CSX CSX 33.64 0.10 DescartesSystems DSGX 103.93 -2.54 GameStop GME 22.18 -1.10 KinrossGold KGC 10.08 -0.40 NiSource NI 35.16 0.29 Roku ROKU 64.08-13.43 Visa Cl A V 0.7 .59 /.52 Q Dec02 /Nov12
Aptargroup ATR 167.91 -1.12 CVS Health CVS 56.46 0.07 DeutscheBank DB 16.94 0.19 Gaming&Leisure GLPI 50.19 -0.59 KinsaleCapital KNSL 428.11 -1.71 Nokia Rollins ROL 47.14 0.33
t Aptiv NOK 4.71 -0.07
APTV 56.83-12.24 CadenceDesign CDNS 276.12-13.88 DevonEnergy DVN 38.68 0.33 Gap GAP 20.77 -0.69 Klaviyo KVYO 38.03 -0.59 Nomura NMR 5.18 ... RoperTech ROP 537.73 -9.50 Initial
Aramark ARMK 37.83 -0.46 CaesarsEnt CZR 40.05 -1.52 DexCom DXCM 70.48 -1.32 Garmin GRMN198.35 -6.57 Knight-Swift KNX 52.08 -0.97 Nordson RossStores ROST 139.72 0.13 Cryo-Cell International CCEL 13.7 .25 Nov29 /Nov15
NDSN 247.89 -2.99
er s

ArcelorMittal MT 24.62 0.05 CamdenProperty CPT 115.79 -1.57 Diageo DEO 124.16 -3.59 Gartner IT 502.50-15.45 Philips PHG 26.20 -0.12 NorfolkSouthern NSC 250.43 -2.31 RoyalBkCanada RY 120.89 -2.69
ArchCapital ACGL 98.56 -6.58 Cameco CCJ 52.22 -1.76 DiamondbkEner FANG 176.77 0.12 s GenDigital GEN 29.11 2.20 KoreaElecPwr KEP 8.35 0.10 NorthernTrust NTRS 100.52 -0.94 RoyalCaribbean RCL 206.35 -2.01 Foreign
ADM ADM 55.21 -0.32 CampbellSoup CPB 46.65 -0.03 Dick's DKS 195.75 -5.13 Generac GNRC 165.55 0.40 KraftHeinz KHC 33.46 -0.27 NorthropGrum NOC 509.02 3.68 RoyalGold RGLD 146.06 -5.04
AresMgmt ARES167.68 -1.32 Kroger KR 55.77 0.03 s NorwegCruise NCLH 25.34 1.50
AerCap Holdings AER 1.1 .25 Q Dec05 /Nov13
CIBC CM 62.56 -0.73 DigitalRealty DLR 178.23 -3.94 GeneralDynamics GD 291.61 -9.76 RoyaltyPharma RPRX 27.00 -0.19
m er

s argenx ARGX 586.30 34.59 CanNtlRlwy CNI 107.92 -1.89 DiscoverFinSvcs DFS 148.43 -6.07 GeneralMills GIS 68.02 -0.20 LatamAirlines LTM 26.80 -0.30 RyanSpecialty RYAN 65.87 -3.09 Banco Latinamer BLX 6.2 .50 Q Nov26 /Nov08
Novartis NVS 108.40 -1.51 Enbridge ENB 6.7 .6578 Q Dec01 /Nov15
AristaNetworks ANET 386.44 -9.56 CanadianNatRscs CNQ 34.02 -0.17 Disney DIS 96.20 1.12 GeneralMotors GM 50.76 -1.21 LKQ LKQ 36.79 -0.52 Ryanair RYAAY 44.26 -0.62
NovoNordisk NVO 111.95 -1.29
Arm ARM 141.30-13.10 CdnPacKC CP 77.16 -1.02 DocuSign DOCU 69.38 0.40 t Genmab GMAB 22.32 -0.25 s LPL Financial LPLA 282.18 18.16 SAP SAP 233.64 -3.71 Ferrovial FER ... .4592 Dec13 /Nov07
NuHoldings NU 15.09 -0.64
AspenTech AZPN 234.73 -6.10 CapitalOne COF 162.79 -3.98 DollarGeneral DG 80.04 1.10 GenuineParts GPC 114.70 -1.57 L3HarrisTech LHX 247.47 2.06 Nucor S&P Global SPGI 480.36 -5.58 GSK ADR GSK 4.1 .39281 Q Jan09 /Nov15
NUE 141.84 -0.86
Assurant AIZ 191.70 -3.37 CardinalHealth CAH 108.52 0.63 DollarTree DLTR 64.64 1.33 GileadSciences GILD 88.82 0.53 Labcorp LH 228.27 -2.29 Nutanix SBA Comm SBAC 229.47 -2.41
NTNX 62.10 -2.02 Natural Health Trends NHTC 13.4 .20 Q Nov22 /Nov12
AsteraLabs ALAB 70.16 -3.34 Carlisle CSL 422.23 0.07 DominionEner D 59.53 1.08 GitLab GTLB 53.75 -0.81 LamResearch LRCX 74.35 -2.10 Nutrien SEI Investments SEIC 74.76 -1.51
NTR 47.68 -0.28 Nomad Foods NOMD 3.4 .15 Q Nov26 /Nov08
m rp

AstraZeneca AZN 71.15 -1.68 Carlyle CG 50.03 -1.06 Domino's DPZ 413.73 3.71 GlobalPayments GPN 103.71 0.38 LamarAdv LAMR 132.00 -2.03 nVentElectric NVT 74.57 SK Telecom SKM 22.76 -0.03
... Teekay TK ... 1.00 Dec18 /Dec04
Atlassian TEAM 188.54 -1.90 CarMax KMX 72.38 -1.67 Donaldson DCI 73.16 -0.53 t GlobalFoundries GFS 36.50 -1.62 LambWeston LW 77.69 0.44 NVIDIA SS&C Tech SSNC 69.93 -0.87
NVDA 132.76 -6.58
AtmosEnergy ATO 138.78 -0.84 s Carnival CCL 22.00 -0.16 s DoorDash DASH156.70 1.45 Globant GLOB 209.89 -3.38 LasVegasSands LVS 51.85 -1.08 Saia SAIA 488.61 -2.72 Teekay Tankers TNK 2.1 .25 Q Nov22 /Nov12
AuroraInnov AUR 5.20 -1.45 s Carnival CUK 20.00 -0.08 Dover DOV 189.33 -3.66 GlobeLife GL 105.60 -1.40 LegendBiotech LEGN 45.02 0.75 O P Q Salesforce CRM 291.37 -5.03
Autodesk ADSK 283.80 -5.02 CarrierGlobal CARR 72.72 -0.88 Dow DOW 49.38 0.04 GlobusMedical GMED 73.54 -1.53 Leidos LDOS 183.16 -2.58 Samsara IOT 47.79 -1.56 Special
ADP ADP 289.24 -3.54 s Carvana CVNA 247.31 40.00 DrReddy'sLab RDY 73.90 -0.26 s GoDaddy GDDY166.80 5.20 Lennar A LEN 170.30 -1.20 OGE Energy OGE 39.99 0.30 Sanofi SNY 52.88 -0.57 Enzo Biochem ENZ ... .10 Dec02 /Nov15
AutoZone AZO 3009.00 -8.98 CaseysGenStores CASY 394.02 -4.29 DraftKings DKNG 35.32 -1.55 GoldFields GFI 16.48 -0.61 Lennar B LEN.B 160.32 -1.10 ONEOK OKE 96.88 0.72 SareptaTherap SRPT 126.00 -1.78
Avalonbay AVB 221.61 -6.15 Catalent CTLT 58.60 -0.37 Dropbox DBX 25.85 -0.32 GoldmanSachs GS 517.79 -6.61 LennoxIntl LII 602.57 2.08 ON Semi ON 70.49 -3.14 Schlumberger SLB 40.07 -0.08 Note: Dividend yields as of 3:30 p.m. ET
Avangrid AGR 35.71 0.01 Caterpillar CAT 376.20 -3.04 DukeEnergy DUK 115.27 1.27 Grab GRAB 4.08 -0.04 LeonardoDRS DRS 30.07 -1.57 O'ReillyAuto ORLY 1153.14 -9.07 SchwabC SCHW 70.83 -0.27 Sources: FactSet; Dow Jones Market Data
co Fo

Avantor AVTR 22.37 -0.09 Celanese CE 125.97 -1.05 Duolingo DUOL 292.97 -7.00 Graco GGG 81.45 -0.16 LiAuto LI 25.01 -3.93 t OccidentalPetrol OXY 50.11 -0.06 Sea SE 94.05 -1.30
AveryDennison AVY 207.03 -0.73 Celestica CLS 68.40 -1.38 DuPont DD 82.99 -0.28 s Grainger GWW1109.23 9.89 LibertyBroadbandC LBRDK 80.82 -0.80 Okta OKTA 71.89 -0.51 Seagate STX 100.37 0.58 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and
AxaltaCoating AXTA 37.92 -0.40 Cencora COR 228.08 -1.40 Dynatrace DT 53.80 -1.26 GraphicPkg GPK 28.26 ... LibertyBroadbandA LBRDA 80.23 -0.88 OldDomFreight ODFL 201.32 -2.50 Sempra SRE 83.37 -0.18 ratio; SO: spin-off.

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
PaycomSoftware PAYC 222.30 21.4AcadiaHlthcr ACHC 42.46 -18.0 Cemex CX 5.19 -0.4 Genmab GMAB 22.22 -1.1 MullenAuto MULN 2.04 -12.0 ServiceProperties SVC 3.19 -5.0
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American Paylocity PCTY 192.61 3.6Aditxt ADTX 0.51 0.6 Cemtrex CETX 0.27 -7.1 GlobalEngine GLE 3.37 -1.6 MyersIndustries MYE 11.77 -2.3 Shineco SISI 0.13 -9.1
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest PeabodyEnergy BTU 27.29 6.4AdvanceAuto AAP 35.59 -0.7 CenturyTherap IPSC 1.14 -10.2 GlobalFoundries GFS 35.87 -4.2 NXGCushingMidRt SRVr 0.11 -29.6 SiliconMotion SIMO 52.43 -3.9
session. % CHG-Daily percentage change from the previous trading session. Peloton PTON 8.92 27.8Ainos AIMD 0.40 -3.2 ChargePoint CHPT 1.20 -4.0 GoldResource GORO 0.12 -10.5 NewFoundGold NFGC 2.19 -1.3 SimulationsPlus SLP 27.22 -5.1
PhenixfinNts2028 PFXNZ 22.96 Akanda
... AKAN 0.71 -5.5 Check-Cap CHEK 1.10 -2.6 GoldmanSachsBDC GSBD 13.30 -1.1 NewMtnFin NMFC 11.13 0.9 SoundThinking SSTI 10.59 -3.6
Thursday, October 31, 2024 PhilipMorris PM 134.15 0.4AlbanyIntl AIN 67.39 -4.0 ClearwaterPaper CLW 24.51 -3.5 Guess? GES 16.88 -1.0 NextTechnology NXTT 0.97 -3.7 Southland SLND 2.82 -3.7
Pilgrim'sPride PPC 50.14 1.6Algorhythm RIME 0.25 -10.4 Collplant CLGN 3.65 -2.1 HF Sinclair DINO 38.25 -5.4 NextEraEnergy NEP 19.03 0.8 SplashBeverage SBEV 0.17 0.2
52-Wk % 52-Wk % 52-Wk % PROV AltoNeurosci ANRO 3.88 -3.5 ColorStarTech ADD
ProvidentFin 15.91 -1.8 0.15 -7.0 Haemonetics HAE 70.25 -1.2 908Devices MASS 3.13 -3.5 Starbox STBX 1.40 -24.0
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg QuettaAcqn QETA 10.50 0.1AmerCarMart CRMT 38.73 -1.5 CommVehicle CVGI 2.90 -3.3 HavertyFurn A Stoneridge SRI 6.76 -24.7
HVT.A 22.42 -8.7 noco-noco NCNC 0.09 -9.6
CastleBiosci CSTL 34.73 0.4 Imax IMAX 24.33 12.1QuinStreet QNST 21.85 -2.0AndrettiAcqnIIWt POLEW 0.08 -11.1 Concentrix CNXC 42.40 -3.6 HavertyFurn HVT 21.61 -7.5 NovaLifestyle NVFY 1.02 -4.4 SturmRuger RGR 38.13 -3.6
Highs CaysonAcqn
Cinemark
CAPN
CNK
10.05
31.09
...
-2.4
Incyte
InsightAcqn
INCY
INAQU
74.68
12.28
0.3
9.9
RaymondJames RJF
Reddit RDDT
151.59
123.60
-0.6
2.8
AnikaTherap ANIK
AntelopeEnterprise AEHL
16.00 -30.7 ConduitPharm
0.30 -1.4 ConstBrands A STZ
CDT 0.09 -10.1 HiRollerTech
232.08 -1.3 HighestPerf
ROLR 6.35 -10.5 NovoIntSci NVOS 0.18 -3.0 SynergyCHC
System1
SNYR
SST
6.27
0.97
-1.5
-4.9
HPH 0.36 -22.1 NuCana NCNA 1.60 -6.4
n-

AAMissionAcqnA AAM 10.05 0.2

CIVB INAQ AppliedDNA APDN 0.17 -3.7 ContainerStore TCS 3.50 -11.5 Holley TCBioPharm TCBP
CivistaBcshrs 20.93 0.6 InsightAcqnA 13.00 3.8RevolutionMed RVMD 54.41 5.9 HLLY 2.54 -2.6 OccidentalPetrol OXY 49.66 -0.1 1.12 -0.8
AG Mortgage PfdC MITTpC 25.29 0.1 YOU IDCC Aptiv APTV 54.70 -17.7 CrossCtyHlthcr CCRN 11.40 -2.5 HuntingIngalls TMT Acqn TMTC
ClearSecure 38.04 -1.8 InterDigital 164.32 1.8RisingDragonAcqnUn RDACU 10.04 0.1 HII 184.29 -26.2 OccidentalPetrolWt OXY.WS 27.75 0.8 5.60 -8.4
AT&T T 22.60 2.4 ClimbGlbl CLMB IntlPaper IP AquaMetals AQMS 0.14 2.0 CumberlandPharm CPIX 1.11 -5.9 HyzonMotors TMTAcqnUn TMTCU
118.59 -3.0 56.26 13.3Roblox RBLX 52.65 19.9 HYZN 1.66 -3.9 OfficePropIncm OPI 1.35 -19.3 7.30 -17.7
AbbVie ABBV 207.32 1.2 CoastalFinl CCB iRadimed IRMD ArtivaBiotherap ARTV 9.68 -0.1 Cutera CUTR 0.58 -9.5 iCoreConnect T2Biosystems TTOO
66.73 -5.4 53.99 -6.9Root ROOT 118.15 68.9 ICCT 0.15 -34.6 Ohmyhome OMH 0.33 -8.4 0.87 -7.8
AcadiaRealty AKR 24.92 -0.4 Cullen/Frost CFR Iteris ITI AxcelisTechs ACLS 85.26 -5.4 DDC Enterprise DDC 0.20 -0.2 InnovizTechWt TangoTherap TNGX 5.43 -4.8
135.00 -2.4 7.20 -0.1SabraHealthcare SBRA 19.73 -0.9 INVZW 0.05 -30.3 OptimizeRx OPRX 5.21 -4.7
AlaskaAir ALK 50.16 1.4 Curtiss-Wright CW 371.04 -2.5 Itron ITRI 116.39 7.6 AytuBioPharma AYTU 1.90 -3.5 DLH Holdings DLHC 8.07 -0.9 IntelliaTherap ThredUp TDUP 0.56 -1.0
ServiceIntl SCI 81.94 7.1 NTLA 13.95 -0.8 OptionCare OPCH 22.84 -2.2
AlgonquinNt2079 AQNB 25.80 0.1 DAL JanusHenderson JHG BAIYU BYU 0.20 -5.9 Dana DAN 7.63 -8.6 Thryv THRY
no

DeltaAir 59.09 -2.1 42.46 0.3SkyWest SKYW 97.99 -1.4 InteractStrength TRNR 0.08 -9.3 OxfordIndustries OXM 72.57 -2.0
13.74 0.5
AlignmentHlthcr ALHC 12.44 5.7 DirexMUBear1X MUD 25.32 4.2 Kemper KMPR 67.60 -2.9 BRP DOOO 49.21 -3.9 DelekUS DK 15.55 -2.2 TItanIntl TWI 6.34 -12.5
SmurfitWestrock SW 52.76 2.9 InvestcpCredit ICMB 2.96 -0.3 PBF Energy PBF 28.08 -1.1
AlkamiTech ALKT 41.36 -4.1 DoorDash DASH 165.07 0.9 KinderCareLearning KLC 29.89 -0.9 BancSanBrasil BSBR 4.73 -3.7 DianaShippingWt DSX.WS 0.17 14.5 TotalEnergies TTE 61.95 -1.6
SolunaPfdA SLNHP 13.50 11.6 iTeosTherap ITOS 8.41 -1.6 PainReform PRFX 0.49 -13.9
AllianceEntWt AENTW 0.20 131.6 EMCOR EME 456.76 3.3 KontoorBrands KTB 89.76 11.8 BanzaiIntl BNZI 2.28 -5.4 Diodes DIOD 58.45 -4.4 TriplePtVent TPVG 6.58 0.6
SparkIAcqn SPKLU 13.35 1.5 IvedaSolutions IVDA 1.39 -6.5 PalisadeBio PALI 2.18 -12.3
AllianceEnt AENT 4.99 16.7 ElbitSystems ESLT 231.26 -0.1 LPL Financial LPLA 291.67 6.9 Barnwell BRN 1.85 -1.0 DorianLPG LPG 28.64 -2.5 TuanChe TC 0.75 -16.5
SproutsFarmers SFM 135.10 8.1 Jet.AI JTAI 0.06 3.7 ParPacific PARR 15.31 -1.5
AllianceResource ARLP 26.28 2.1 EledonPharm ELDN 4.76 11.0 LTC Properties LTC 39.64 -2.1 BaytexEnergy BTE 2.78 -1.0 Ecopetrol EC 7.62 -1.4 TwoHarbors TWO 11.50 -2.2
Stride LRN 96.07 -0.8 JohnsonOutdoors JOUT 31.60 -2.3 PineappleEner PEGY 3.90 -4.4
AlphaVestAcqn ATMV 11.22 0.1 EllingtonFinlPfdB EFCpB 22.84 0.1 LandBridge LB 58.24 1.6 BigCommerce BIGC 5.23 -3.0 EdibleGarden EDBL 0.13 0.4 U-BX Tech UBXG 0.32 1.5
SummitMaterials SUM 48.17 2.1 KwesstMicroSys KWE 0.90 -17.0 Playstudios MYPS 1.32 -5.0
AmerHlthcrREIT AHR 27.21 -1.4 EmpresaDisCom EDN 29.17 4.7 LaunchTwoAcqnUn LPBBU 10.00 0.2 BioceresCrop BIOX 6.70 -1.2 EditasMedicine EDIT 2.90 -4.0 uCloudlink UCL 1.10 -0.9
TTM Tech TTMI 23.61 13.8 KandiTech KNDI 1.25 -3.4 Precigen PGEN 0.79 -4.3
ArborRltyPfdF ABRpF 20.90 1.0 EnLinkMid ENLC 14.96 -0.4 LaureateEduc LAUR 18.39 10.4 Biogen BIIB 173.88 -4.0 ElevaiLabs ELAB 0.06 -36.5 UnitedMicro UMC 6.78 -2.1
TexasPacLand TPL 1174.10 1.1 KartoonStudios TOON 0.72 -3.8 PrecisionBio DTIL 7.97 6.1
argenx ARGX 589.60 6.3 Entergy ETR 156.85 15.2 Lemonade LMND 25.40 26.8 BioMarinPharm BMRN 65.35 -1.2 EmeraldHldg EEX 3.92 -4.1 US12mthNtlGas UNL 6.89 -2.8
Tiptree TIPT 21.50 3.5 LakeShoreBio LSB 2.03 -9.7 PrecisionOptics POCI 3.47 0.8
AtlCoastalAcqnII ACABU 12.54 7.2 EverusConstrn ECGw 55.42 -2.9 LoganRidgeFin LRFC 25.74 2.0 BiomX PHGE 0.73 -3.8 Enhabit EHAB 6.85 -1.3 Urgent.ly ULY 0.52 6.0
Trupanion TRUP 57.90 -0.6 LEA
BerryGlobal BERY 71.17 -0.4 BionanoGenom BNGO EQNR
Lear 95.63 -2.1 PreludeTherap PRLD 1.10 -9.1
ExcelerateEner EE 24.35 1.0 Macerich MAC 19.10 -1.3TurningPoint TPB 47.89 1.3 0.26 -14.5 Equinor 23.36 -4.5 UtahMedProducts UTMD 63.38 -1.0
BiofronteraWt BFRIW 0.23 386.7 TCPC 8.01 -1.7 ErmenegildoZegna ZGN LeddarTech LDTC 0.22 -5.7 ProcessaPharm PCSA 1.15 -13.2
Exelixis EXEL 33.60 2.3 MannKind MNKD 7.15 0.7Twilio TWLO 83.30 14.3BlkRkTCPCap 7.54 -2.6 VastRenewWt VSTEW 0.03 -12.5
Booking BKNG 4856.60 4.8 BSFC EL 63.36 -20.9 LexeoTherap LXEO 7.54 -4.5 ProficientAuto PAL 8.06 -1.8
ExlService EXLS 42.27 ... Marcus MCS 19.43 9.9US BancorpPfdB USBpH 22.24 0.8BlueStarFoods 0.26 -4.4 EsteeLauder Veren VRN 4.99 -14.4
BridgeInvt BRDG 10.99 -0.2 FederatedHermes FHI 40.65 -0.4 Mastercard MA 527.90 -2.7 BluejayDiag BJDX 0.08 -7.5 EstrellaImmuno ESLA 0.63 -1.8 Lifeward LFWD 2.20 -4.8 PsyenceBiomed PBM 0.07 -26.4 VerticalAerospace EVTL 4.94 -3.3
US Lime&Min USLM 114.75 5.3
BrightSphere BSIG 27.58 0.1 FidNatlInfo FIS 91.54 -1.1 Matson MATX 155.97 15.9 BrainstormCell BCLI 1.81 -3.1 EvolvTechWt EVLVW 0.12 7.3 LiqTechIntl LIQT 1.70 -1.8 Qorvo QRVO 70.39 -2.4 ViaSat VSAT 9.53 -6.1
Ubiquiti UI 269.96 1.3
BrinkerIntl EAT 107.15 -1.5 FinWiseBancorp FINW 16.91 0.4 Mattel MAT 20.60 0.2 BrasilAgro LND 4.09 -1.2 Expro XPRO 12.71 -5.3 Lottery.com LTRY 0.37 -13.3 Qualys QLYS 119.17 -1.2 VincerxPharma VINC 0.33 -0.3
UnitedAirlines UAL 81.05 -2.7
BristolMyers BMY 56.20 5.9 FirstUnited FUNC 31.95 0.3 MingtengIntl MTEN 9.87 2.8 Broadwind BWEN 1.80 -5.2 FTACEmeraldAcqn FLDDU 10.10 0.9 LotusTech LOT 4.23 1.4 Quantum-Si QSI 0.70 -5.3 ViractaTherap VIRX 0.19 -1.6
Ventas VTR 67.61 -1.5
BrookfieldBRP Nts BEPH 17.89 0.2 FreshDelMonte FDP 33.60 10.4 MirionTech MIR 15.17 0.3 BungeGlobal BG 83.84 -2.1 FibroGen FGEN 0.29 -5.2 Lucid LCID 2.20 -6.0 REGENXBIO RGNX 8.57 -2.8 Vishay VSH 16.94 -2.9
Victoria'sSecret VSCO 31.02 4.4
BrookfldBRP4.875Nt BEPI 18.19 1.1 GDEV GDEV 42.76 -2.9 MorganStanleyPfdA MSpA 23.78 1.2 CDW CDW 188.12 -3.5 FT WCM DevWld WCME 13.85 -0.7 MDJM MDJH 0.23 -59.3 RPC RES 5.63 -1.0 Volato SOAR 0.23 -6.8
Visa V 296.34 -0.1
BrookfieldFinNts BNJ 17.67 -0.6 GE Vernova GEV 303.71 1.4 MountainCrestV MCAG 11.49 0.5WeaveComms WEAV 14.34 1.7CMB.TECH CMBT 13.87 -1.0 flyExclusive FLYX 1.79 0.5 MDUResourcesWi MDUw 15.44 ... RelayTherap RLAY 5.60 -1.3 WeatherfordIntl WFRD 77.24 0.6
BrookfieldFinNts BNH 18.50 1.5 GenDigital GEN 30.03 8.2 NB Bancorp NBBK 19.45 0.8 CompassPath CMPS 4.05 -23.1 ForesightAuto FRSX 0.61 -6.6 MGP Ingredients MGPI 47.91 -14.7 ResourcesConnect RGP 8.05 -3.0 WeRide WRD 14.51 -3.1
WebsterPfdG WBSpG 25.26 2.2
BrookfieldNts2081 BIPH 19.60 -0.1 GigCapital7A GIG 9.96 0.1 NewYorkMtgPfdE NYMTM 24.94 0.3 CVD Equipment CVV 2.90 -1.4 ForgeGlobal FRGE 1.15 -3.3 MSP Recovery LIFW 0.10 -16.0 SAG SAG 3.46 -10.3 WestportFuelSys WPRT 4.02 ...
WescoIntl WCC 195.99 8.0
BrookfieldNts2084 BIPJ 25.46 ... Gildan GIL 49.64 1.1 NorthwestPipe NWPX 46.95 0.1 CVR Energy CVI 15.89 -7.1 ForteBiosci FBRX 4.25 -4.1 Manitowoc MTW 8.50 -9.9 SeacorMarine SMHI 6.71 -19.3 WillScot WSC 32.71 -14.8
WillisTowers WTW 308.87 2.9
Build-A-Bear BBW 39.42 -2.3 GoDaddy GDDY 171.93 3.2 NorwegCruise NCLH 26.73 6.3 CanadaGoose GOOS 9.76 -2.0 Fortrea FTRE 16.53 -1.9 MatinasBioPharma MTNB 0.54 -67.9 SES AI SES 0.47 -8.5 XTI Aerospace XTIA 0.05 -3.5
XcelEnergy XEL 67.73 6.0
Cango CANG 2.66 -1.6 Grainger GWW 1130.01 0.9 Oculis OCS 17.58 0.1 Canoo GOEV 0.74 -7.5 ForumEnergyTech FET 13.91 -0.3 Merck MRK 98.60 -2.4 SHF SHFS 0.39 -4.9 X3 XTKG 0.10 -12.9
Carnival
Carnival
CCL
CUK
23.05 -0.7
20.88 -0.4
GraniteConstr GVA
HealthcareAI A HAIA
85.71
11.52
2.4
0.3
OmegaHealthcare OHI
OneSpan OSPN
44.42
17.73
-0.1
14.6
Lows Capri CPRI
CarbonRevolution CREV
18.75 1.4 Freightos CRGO
3.29 -2.9 GCT Semiconductor GCTS
1.27 -0.7 MicroCloudHologram HOLO
2.26 -6.5 MillerKnoll MLKN
2.40 -12.6 Sanfilippo
22.35 -2.8 Sasol
JBSS
SSL
79.07
5.57
-10.5
0.5
XChangeTEC.INC XHG
Xos XOS
0.15
4.38
-17.8
-0.7
CarriageSvcs CSV 38.33 14.5 Hilton HLT 241.24 -1.5 OxfordLaneNts2030 OXLCI 26.09 -0.3 AlxOncology ALXO 1.34 3.6 Carter's CRI 53.53 -1.6 GenerationInWt GIPRW 0.13 52.7 Mogo MOGO 0.95 -0.1 Seaboard SEB 2758.78 -3.1 ZentalisPharm ZNTL 2.66 1.1
Carvana CVNA 259.39 19.3 HorizonSpaceI HSPOU 11.60 2.7 PackagingCpAm PKG 232.98 0.1 AboveFood ABVE 0.34 -21.3 Celularity CELU 1.30 -12.7 GeniusGroup GNS 0.61 -11.4 Movano MOVE 3.01 -0.3 SeaStarMedical ICU 3.01 -4.9 Zomedica ZOM 0.12 -0.5

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
FIDZroLgCpIx 20.40 -0.38 21.1 OTC 20.49 -0.60 24.6 EqInc 26.02 -0.10 NA Growth 105.81 -2.94 22.2 MuHYAdml 10.70 ... 3.1 TgtRe2060 51.95 -0.66 13.7
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. GlexUSIdxInstPre 15.28 -0.15 8.5 Puritn 24.69 -0.35 15.8 LgCpGwth 76.17 -2.03 NA LgCapGow I 81.98 -2.13 24.6 MuIntAdml 13.59 ... 1.4 TgtRet2055 56.38 -0.72 13.7
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s GrowthCompanyK6 29.17 -0.84 29.9 SAIUSMinVolIndFd 22.08 -0.31 18.3 JPMorgan R Class MidCap 107.72 -1.96 7.7 MuLTAdml 10.86 ... 1.6 TgtRetInc 13.58 -0.05 6.3
apply. k-Recalculated by LSEG, using updated data. p-Distribution costs apply, 12b-1. r- IntlIdxInstPrem 50.46 -0.46 7.0 SAIUSQtyIdx 21.44 -0.44 22.0 CoreBond 10.24 -0.01 NA R2030 26.49 -0.24 10.7 MuLtdAdml 10.86 ... 2.4 Welltn 45.71 -0.62 12.3
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes LgCpGwId InstPre 36.60 -1.04 24.1 SrsBlChGroRetail 18.34 -0.55 28.5 CorePlusBd 7.21 ... NA Putnam Funds Class A MuShtAdml 15.78 ... 2.8 WndsrII 48.51 -0.71 14.1
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete MidCpInxInstPrem 34.14 -0.42 14.0 SrsEmrgMkt 19.38 -0.21 11.8 Lord Abbett I PutLargCap p 36.95 -0.30 20.7 PrmcpAdml r 177.14 -3.12 13.3 VANGUARD INDEX FDS
price, performance or cost data. NE-Not released by LSEG; data under review. NN-Fund not SAIUSLgCpIndxFd 23.59 -0.45 20.9 SrsGlobal 15.03 -0.15 8.5 ShtDurInc p 3.87 ... NA Putnam Funds Class Y RealEstatAdml 133.37 -2.27 9.7 ExtndIstPl 342.70 -5.00 12.4
tracked. NS-Fund didn’t exist at start of period. SeriesBondFd 8.98 ... 2.0 SrsGroCoRetail 25.15 -0.72 29.2 Metropolitan West PutLargCap 36.96 -0.31 21.0 SmCapAdml 112.89 -1.61 11.6 IdxIntl 19.83 -0.16 8.1
SeriesOverseas 14.06 -0.17 8.4 SrsIntlGrw 18.44 -0.17 7.6 TotRetBdI 9.02 -0.01 NA Schwab Funds SmGthAdml 93.80 -1.42 10.9 MdCpGrAdml 105.10 -1.79 11.7
SerLTTreBdIdx 5.55 +0.01 -2.5 SrsIntlVal 12.88 -0.13 10.4 TRBdPlan 8.46 -0.01 NA 1000 Inv r 123.18 -2.27 NA STBondAdml 10.16 ... 3.4 MdCpVlAdml 85.96 -0.59 16.3
Thursday, October 31, 2024 SmCpIdxInstPrem 27.42 -0.45 9.7 TotalBond 9.53 -0.01 3.0 MFS Funds S&P Sel 88.40 -1.67 NA STIGradeAdml 10.33 ... 4.5 SmValAdml 85.38 -1.16 12.1
Net YTD Net YTD Net YTD TMktIdxInstPrem 157.48 -2.89 19.8 Fidelity SAI IIE 35.38 -0.24 7.4 TSM Sel r 96.95 -1.78 NA STIPSIxAdm 24.47 +0.01 4.4 TotBd2 9.48 ... 1.9
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret TotalMarketIndex 19.91 -0.37 19.8 TotalBd 9.03 ... 3.3 MFS Funds Class I TIAA/CREF Funds TotBdAdml 9.60 -0.01 1.9 TotIntlInstIdx r 132.62 -1.08 8.2
TtlIntIdxInstPr 14.21 -0.14 8.1 U.S.TreBdIdx 8.76 ... 1.5 GrowthI 214.41 -6.06 24.8 BdIdxInst 9.60 -0.01 2.0 TotIntBdIdxAdm 19.91 -0.01 2.8 TotItlInstPlId r 132.65 -1.08 8.2
AB Funds Artisan Funds LgCo 37.87 -0.72 20.9 USBdIdxInstPrem 10.34 -0.01 1.9 Fidelity Selects EqIdxInst 40.29 -0.74 19.7 TotSt 136.79 -2.49 19.6
MuniIncmShares 11.26 ... 4.9 IntlVal Inst 49.91 -0.54 NA US CoreEq1 42.43 -0.70 18.8 Fidelity Advisor I ValueI 53.54 -0.29 13.9 TotIntlAdmIdx r 33.16 -0.27 8.2
Semiconductors r 33.49 -1.55 38.1 Natixis Funds IntlEqIdxInst 23.39 -0.20 7.0
TotStAdml 136.82 -2.49 19.7
VANGUARD INSTL FDS
AB Funds - ADV Baird Funds US CoreEq2 37.98 -0.63 18.1 Total Bd 9.52 ... 3.0 Tech 35.92 -1.25 26.0 LrgCpGrIdxInst 64.32 -1.82 24.1 BalInst 49.16 -0.56 12.5
LgCpGrAdv 111.54 -2.68 20.2 AggBdInst 9.79 -0.01 2.4 US Small 48.09 -0.71 9.3 Fidelity Freedom InvGradeBdY 9.86 -0.01 3.3 TxMCapAdml 293.12 -5.62 19.6
First Eagle Funds LSGrowthY 28.56 -0.72 22.9 VANGUARD ADMIRAL DevMktsIndInst 16.10 -0.14 6.2
American Century Inv CorBdInst 10.14 ... 3.0 US SmCpVal 47.90 -0.68 7.8 FF2030 TxMIn r 16.07 -0.15 6.2
18.09 -0.17 9.7 GlbA 73.15 -0.70 15.9 Northern Funds 500Adml 526.88 -9.95 20.9 DevMktsInxInst 25.16 -0.23 6.2
Ultra 90.54 -2.47 21.5 BlackRock Funds US TgdVal 33.68 -0.50 6.8 Freedom2030 K 18.08 USGroAdml 180.83 -5.36 23.3
-0.17 9.8 Franklin A1
StkIdx 58.65 -1.11 20.9
BalAdml 49.15 -0.56 12.5 ExtndInst 138.87 -2.02 12.4
American Funds Cl A HiYBlk 7.15 -0.02 7.7 USLgVa 50.32 -0.42 14.6 Freedom2035 K 16.08 IncomeA1 CAITAdml ValAdml 67.18 -0.40 17.3
-0.17 11.3 2.41 ... 8.4 Old Westbury Fds
11.37 ... 1.5 GrwthInst 197.19 -5.62 23.7
AmcpA 43.76 -0.93 17.0 HiYldBd Inst 7.15 -0.02 7.7 Dodge & Cox Freedom2040 K 11.85 -0.14 13.4 FrankTemp/Frank Adv CapOpAdml r 201.93 -3.56 12.7 WdsrllAdml 86.06 -1.26 14.1
InPrSeIn 9.44 -0.01 3.1
AMutlA 58.55 -0.55 16.2 BlackRock Funds III Balanced 108.11 -0.71 10.3 Idx2030InsPre 20.66 LrgCpStr NA ... NA WellsIAdml 62.77 -0.24 6.7
-0.18 9.4 IncomeAdv 2.39 ... 8.6 DivAppIdxAdm 52.79 -0.65 15.7 InstIdx 469.84 -8.88 20.9
BalA 35.90 -0.38 13.3 iShS&P500IdxK 668.79 -12.63 20.9 GblStock 16.39 -0.18 9.9 Idx2035InsPre 23.79 Parnassus Fds WelltnAdml 78.93 -1.07 12.4
-0.24 10.9 FrankTemp/Franklin A EMAdmr 38.55 -0.22 13.6 InstPlus 469.83 -8.88 20.9
BondA 11.28 -0.01 1.7 BlackRock Funds Inst Income 12.60 -0.01 3.0 Idx2040InsPre 25.00 ParnEqFd 63.80 -1.55 16.1 WndsrAdml 79.17 -0.81 10.5
-0.32 12.8 DynaTech A 164.70 -5.57 23.2 EqIncAdml 95.01 -0.77 15.1 InstTStPlus 97.42 -1.78 19.7
CapIBA 72.42 -0.47 11.5 StratIncOpptyIns 9.47 -0.02 4.5 Intl Stk 53.46 -0.49 8.7 Idx2045InsPre 26.28 PGIM Funds Cl Z VANGUARD FDS
-0.36 13.5 Growth A 143.62 -3.39 17.1 ExplrAdml 112.49 -1.76 9.0 MidCpInst 71.87 -0.82 14.2
CapWGrA 67.43 -0.93 13.4 TotRet 9.88 -0.01 NA Stock 273.57 -3.08 16.0 Idx2050InsPre 26.32 RisDv A TotalReturnBond 11.96 -0.01 NA
ExtndAdml 138.88 -2.02 DivdGro 40.23 -0.42 10.1
-0.36 13.5 97.95 -1.37 11.5 12.4 MidCpIstPl 354.45 -4.05 14.2
EupacA 57.79 -0.67 8.1 Calamos Funds DoubleLine Funds PIMCO Fds Instl IntlVal 42.37 -0.41 5.0
Fidelity Invest Guggenheim Funds Tru GroIncAdml 109.31 -2.13 21.8 SmCapInst 112.88 -1.61 11.6
FdInvA 85.10 -1.48 20.5 MktNeutI 14.94 -0.02 6.3 TotRetBdI 8.76 -0.04 3.3 Balanc 29.43 -0.39 13.9 TotRtnBdFdClInst 23.73 -0.01 3.5 AllAsset NA ... NA GrwthAdml 197.18 -5.62 23.7 LifeGro 46.11 -0.52 12.4 SmCapIstPl 325.83 -4.64 11.6
GwthA 77.31 -1.74 22.4 CausewayInst Edgewood Growth Instituti BluCh 211.21 -6.38 28.8 Harbor Funds TotRt NA ... NA HlthCareAdml r 90.95 -1.11 6.1 LifeMod 33.06 -0.28 9.8 STIGradeInst 10.33 ... 4.5
HI TrA 9.80 -0.01 8.7 CausewayInst 20.90 -0.30 6.9 EdgewoodGrInst 50.77 -1.09 16.1 BluChpGr K6 34.23 CapApInst 118.04 -3.30 22.3 PIMCO Funds A HYCorAdml r 5.45 -0.01 5.9 PrmcpCor 35.87 -0.51 13.0 STIPSIxins 24.49 +0.01 4.4
-1.00 28.2
ICAA 60.40 -1.07 21.3 Columbia Class I Federated Hermes Int Contra 21.04 -0.52 30.9 Harding Loevner IncomeFd 10.56 -0.02 NA InfProAd 23.18 -0.03 3.1 STAR 29.01 -0.29 9.1 TotBdInst 9.60 -0.01 1.9
IncoA 25.71 -0.14 12.0 DivIncom I 34.56 -0.17 15.2 TtlRtnBdI 9.47 -0.01 2.5 ContraK 21.11 -0.53 30.9 IntlEq 27.35 -0.29 5.4 PIMCO Funds I2 InfTechIdx 298.14 -10.01 20.9 TgtRe2020 28.87 -0.14 7.4 TotBdInst2 9.48 ... 1.9
N PerA 64.27 -1.05 15.0 Dimensional Fds Fidelity CpInc 10.16 -0.05 9.6 JHF III DispVal Income 10.56 -0.02 NA IntlGrAdml 114.52 -1.20 12.5 TgtRe2025 20.03 -0.14 9.0 TotBdInstPl 9.60 -0.01 1.9
NEcoA 65.13 -1.44 20.7 EmgMktVa 31.51 -0.14 10.0 500IdxInstPrem 198.28 -3.74 21.0 GroCo 41.04 -1.19 28.6 DispValMCI 30.30 -0.34 10.7 PIMCO Funds Instl ITBondAdml 10.26 -0.02 2.1 TgtRe2030 39.06 -0.33 10.1 TotIntBdIdxInst 29.88 -0.01 2.9
NwWrldA 82.05 -1.08 9.4 EmMktCorEq 24.31 -0.13 10.5 Contrafund K6 30.08 -0.77 30.6 InvGrBd 10.01 -0.01 2.7 John Hancock IncomeFd 10.56 -0.02 NA ITIGradeAdml 8.66 -0.01 3.7 TgtRe2035 24.58 -0.24 11.1 TotStInst 136.84 -2.50 19.7
SmCpA 68.57 -0.78 3.5 IntlCoreEq 15.95 -0.12 6.5 ExtMktIdxInstPre 87.72 -1.28 12.4 LowP 42.95 -0.50 8.2 BondR6 13.51 -0.01 2.9 Price Funds LarCapAd 131.94 -2.46 20.8 TgtRe2040 44.04 -0.47 12.1 ValueInst 67.18 -0.39 17.3
TxExA 12.42 ... 2.0 IntSmCo 20.15 -0.12 6.5 FidSer5 7.67 -0.02 2.0 Magin 14.97 -0.37 25.3 JPMorgan I Class BlChip 191.75 -4.89 28.4 LTGradeAdml 7.80 -0.01 -0.1 TgtRe2045 30.12 -0.36 13.0 WCM Focus Funds
WshA 63.62 -0.78 17.5 IntSmVa 22.73 -0.14 9.4 FidSerToMarket 18.75 -0.35 19.8 NASDAQ 230.42 -6.53 21.2 CoreBond 10.22 -0.01 NA DivGro 79.97 -0.95 13.8 MidCpAdml 325.34 -3.72 14.2 TgtRe2050 50.52 -0.65 13.7 WCMFocIntlGrwIns 25.32 -0.44 11.2
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, November 1, 2024 | B9

MARKETS
STOCK
Audit Reports Matter, Court Says SPOTLIGHT
Apple
Decision reverses BDO in a shareholder lawsuit The SEC did so and it, too, “we are in the process of eval- The SEC in a 2018 order had Apple shares edged about
over its audit work for insur- asked the court to recon- uating the path to seek recon- accused three BDO accountants 1% lower after the tech
earlier ruling in favor ance company AmTrust Finan- sider, writing in a brief last sideration of the decision.” of signing off on their audit giant reported record
of accounting firm, cial Services. February that “audit certifica- Samuel Rudman, an attor- work for AmTrust’s 2013 annual revenue for the September
In explaining its reasoning tions convey crucial informa- ney for the plaintiffs, called report without completing all quarter, propelled by a
after SEC weighs in at the time, the court said the tion to the investing public” the amended ruling “a senti- the required audit procedures modest rebound in iPhone
firm’s audit report was so and “audit certifications are nel decision for investor pro- beforehand. They agreed to be sales that came ahead of its
BY JONATHAN WEIL general that an investor not too general to be material.” tection” and said, “The mes- suspended from auditing public release of new AI tools.
wouldn’t have relied on it. The appeals court on Thurs- sage here is simple, but companies, without admitting
A federal appeals court has Consequently, the court said day reissued its decision with increasingly important—audi- or denying the agency’s miscon- Uber Technologies
changed its mind and decided the audit report wasn’t mate- amendments and ruled the in- tors need to do their jobs and duct claims. The SEC didn’t al- The ride-hailing company’s
that accounting firms’ audit rial—meaning it didn’t mat- vestors’ claims against BDO will be held accountable to in- lege any violations by BDO. results broadly beat analysts’
reports really do matter to in- ter—and upheld the dismissal could proceed. “Although the vestors when they don’t.” AmTrust in 2017 restated expectations, but bookings
vestors after all. of fraud claims against BDO. challenged audit certification The appeals court’s original five years of earnings down- came in slightly lower than
In a case brought by inves- After the ruling, a trio of reflects standardized language, ruling last year prompted de- ward, and its shares are no expected. Shares fell 9.3%.
tors against the accounting former Securities and Ex- it is not so general that a rea- bate within the accounting longer publicly traded. In
firm BDO, the Second U.S. Cir- change Commission officials sonable investor would not de- profession and among inves- 2020, the company and its for- Estée Lauder
cuit Court of Appeals on Thurs- filed a brief with the court ask- pend on it as a guarantee,” the tors about whether audit re- mer chief financial officer set- The cosmetics company
day released an amended ver- ing it to reconsider the deci- court’s amended opinion said. ports serve a useful purpose. tled SEC fraud claims covering slashed its dividend by nearly
sion of an opinion it originally sion. The court then asked the BDO said the firm contin- Audit reports operate on a several years and were fined, half and pulled its financial
decided in August 2023. At that SEC to submit a brief express- ues to believe the original de- pass-fail model, and their lan- without admitting or denying targets, following another
time, the court ruled in favor of ing its views on the subject. cision was correct and that guage is standardized. the allegations. quarter of falling sales. The
stock dropped 21%.

Maersk’s Profit Rises on Higher Freight Rates

Meta Platforms
Facebook’s parent said it
expects “significant” growth
in capital expenditures next
year as it continues to
BY NINA KIENLE prioritize AI investment.
Shares fell 4.1% Thursday.
A.P Moller-Maersk’s third-
quarter net profit jumped af- Microsoft
ter continued disruptions in Shares fell 6% after the
the Red Sea shipping lanes software company said it
pushed freight rates higher. expects slower growth for its
The Danish shipping giant cloud business—a core of its
last week prereleased some AI offering—this quarter.
third-quarter earnings figures
and raised full-year guidance Super Micro Computer
as it continued to benefit from Shares fell 12%, extending

.
robust container demand, Wednesday’s slide.
which has maintained higher

ly
average freight rates.
In its report on Thursday,
the company said net profit FRIDAY’S EARNINGS:
rose to $3.05 billion from $521
million in the same period the
prior year. Revenue rose to
$15.76 billion from $12.13 bil-
on Before the bell:
Chevron
Exxon Mobil
lion.
us ,

Charter
Earnings before interest,
l

taxes, depreciation and amor-

Communications
e
al a

tization were $4.8 billion and Wayfair

underlying earnings before in- Dominion Energy
OLIVIER HOSLET/EPA/SHUTTERSTOCK

terest and taxes of $3.3 billion

ci on

landed in line with prere-

leased guidance. AUCTION RESULTS
Here are the results of Thursday's Treasury auctions.
Container operators have All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
been forced to divert their between that price and the face value.
ships to longer routes to avoid
er s

EIGHT-WEEK BILLS
the Red Sea after Houthi reb- Applications $241,585,226,000
els began attacking commer- Accepted bids $90,253,105,200
" noncompetitively $1,423,906,700
m er

cial vessels at the end of last Container operators have been forced to divert their ships to longer routes to avoid the Red Sea after attacks by Houthi rebels. " foreign noncompetitively $0
year. Auction price (rate) 99.291444
(4.555%)
The disruption created a the third quarter compared with high agility by leveraging and higher revenue per move,” German peer Hapag-Lloyd Coupon equivalent 4.651%
shortage of vessels and port with the second because of our hub terminals and invest- the company said. followed Maersk by also rais- Bids at clearing yield accepted 99.92%
Cusip number 912797MR5
bottlenecks and pushed higher container demand from ing in capacity and equipment Maersk last week raised its ing its full-year guidance last
m rp

The bills, dated Nov. 5, 2024, mature on Dec. 31, 2024.

freight rates up. prevailing supply-chain dis- to mitigate the supply chain 2024 guidance for the fourth week as it continued to also
FOUR-WEEK BILLS
Overall revenue in its ocean ruptions in the Red Sea and impact on our customers time this year. It now expects see strong demand and higher
Applications $268,184,407,600
business rose to $11.11 billion the Gulf of Aden. while optimizing unit costs,” the global container market to freight rates. Container lines Accepted bids $95,267,264,200
from $7.9 billion, as freight “This quarter, we once Chief Executive Vincent Clerc grow around 6% this year, and have also benefited from the " noncompetitively $6,492,108,300
" foreign noncompetitively $100,000,000
rates rose 54% on the year. again supported our custom- said. underlying Ebitda of between early peak shipping season Auction price (rate) 99.643778
co Fo

Volumes were 0.3% higher. ers through times of high vol- “Terminals demonstrated $11 billion and $11.5 billion, this year as retailers moved (4.580%)
Coupon equivalent 4.660%
Maersk said profitability in atility and low visibility. Our another strong quarter, build- underlying EBIT of $5.2 billion early to stock up for the holi- Bids at clearing yield accepted 28.88%
the main shipping business Ocean team responded to the ing on operational strength to $5.7 billion and free cash day season ahead of the U.S. Cusip number 912797ME4
was substantially higher in recurring network disruptions supported by good volumes flow of at least $3 billion. dockworkers strike in October. The bills, dated Nov. 5, 2024, mature on Dec. 3, 2024.

Drone Terrain Challenges

Passes Fortescue’s Iron Ore
Key Test Ambitions in Africa
n-

Continued from page B1

no

Scuttled by electronic warfare,

most of the U.S. drones BY RHIANNON HOYLE It will take time to work out
brought to Ukraine have flown a plan for the infrastructure,
off course, fallen out of the SYDNEY—When Fortescue such as a railway, that would be
sky or struggled even to take shipped a cargo of iron ore needed for an ongoing mine,
off. They have often been from a project in the African said Otranto.
glitchy, difficult to operate nation of Gabon last December, “It’s through some pretty
and expensive, Ukrainian offi- the miner cheered what was its gnarly countryside,” he said.
cials said. first export from outside Aus- “But what we’re knowing so far
“The Ukrainians are super tralia. It has yet to ship another. about the deposit, it’s as big
skeptical of every company The chief executive of and as exciting as we thought it
DESIREE RIOS FOR WSJ

claiming anything, and they Fortescue’s mining business, was going to be.”
have great right to be skepti- Dino Otranto, says the ship- Otranto said the company is
cal,” Tseng said. ment was essentially a proof of in the final stage of legally rati-
Ukraine has largely relied concept, to demonstrate to the fying an agreement signed with
on itself, building a national government and Gabon’s previ-
industry of more than 200 The propeller is checked at the production floor of the Shield AI building in Frisco, Texas. local community ous government,
drone makers. However, the that the miner ousted last year
ever-evolving intensity of Dan Gwak, managing partner according to the Ukrainian in warfare, and its manufac- was serious The company in a military
electronic warfare has led to at firm Point72 Private Invest- testers and a Ukrainian mili- turing capabilities haven’t yet about the proj- shipped nearly coup.
the diminishing effectiveness ments, a Shield AI investor tary document. been tested. It can currently ect. Fortescue es-
of their tactics to harden the and board member. “There’s The V-BAT was later tested build about 120 aircraft a year “And, look, if 192 million tons timated the cost
drones against jamming. only one answer, and that’s during a Ukrainian operation at its production plant in the concept of early stage
The Ukrainians and the AI.” near Dnipro, southeast of Kyiv Frisco, Texas. worked and it
of iron ore last development at
Russians deploy jammers—de- Shield’s V-BATs can fill and close to the front line. It A small number of other was economic, fiscal year. the site around
vices that use radio signals to Ukraine’s need for aircraft flew more than 60 miles and American and European de- we would con- $200 million. It
drown out the transmissions that can conduct long-range deep into Russian-controlled fense companies have also had tinue to do it, hasn’t yet pro-
from GPS satellites, disabling missions unburdened by elec- territory through airspace so some success weathering elec- right,” Otranto jected how
the receivers drones rely on. tronic warfare, Tseng said, as jammed that GPS and most ra- tronic warfare in Ukraine. Vir- said. much a full-scale development
“You have never seen a local drones often can’t fly dios wouldn’t work. The drone ginia-based AeroVironment But getting the ore from the could cost, but has said Belinga
threat like this amount of jam- more than 10 or 15 miles from spotted a Russian surface-to- has a Defense Department project, called Belinga, to the has the potential to revolution-
ming,” said Stacie Pettyjohn, the front lines. air missile system and alerted contract to supply drones to port was challenging. It had to ize its portfolio.
director of the defense pro- Shield’s V-BAT has AI soft- the Ukrainians, who hit it with Ukraine and Germany’s Quan- be trucked over more than a If the project goes ahead, it
gram for the Center for a New ware, sensors and Nvidia a rocket, Tseng said. tum Systems is building hundred miles on an unsealed could have a capacity of be-
American Security. chips on board. That technol- “It feels like a good drone drones in Kyiv. road to be transferred to a rail tween 50 million metric tons
Ukraine loses at least ogy enables the drone to ma- for battle,” said a Ukrainian Shield AI joins the exclusive line—an inefficient method in- and 100 million tons a year,
10,000 drones a month to neuver itself, survey battle- drone pilot who tested the V- group of Western drone com- capable of handling the sort of said Otranto.
electronic warfare and is seek- fields and identify targets BAT and goes by the call sign panies that have gotten a re- volumes Fortescue envisages The company shipped a total
ing new technologies to keep without a remote pilot or GPS. Kord. “A lot of the drones quest from the Ukrainian gov- shipping from the site, he said. of nearly 192 million tons of
drones flying. Among them It can fly for 12 hours or 600 don’t pass this test because ernment, which prefers its “Was it a little bit ugly? Was iron ore last fiscal year.
are AI-enabled drones that op- miles and carry 25 pounds of they don’t have the capabili- domestic suppliers. it profitable? It was just—but Fortescue, which makes its
erate autonomously without explosives to drop on targets. ties.” “Buying from outside is not probably not to the margins money mining iron ore in re-
radio and GPS, using software At a testing range west of The long-term performance the priority,” said Oleksandr that our shareholders would ex- mote northwest Australia, last
and internal maps to maneu- Kyiv, the V-BAT was put of drones from Shield AI re- Kamyshin, an adviser to pect,” Otranto said. week reported record-high
ver above jammed front lines. through two days of intensive mains to be seen as Russia Ukraine President Volodymyr Mining has stopped and first-quarter iron ore ship-
“If you can’t put a pilot in electronic-warfare tests— pursues a relentless offensive Zelensky. Fortescue is focused on explo- ments. However, it also re-
the plane and you can’t con- seven jammers running at full by air and by land and —Brett Forrest ration-related drilling to get a ported a jump in costs, and
trol a plane remotely, how is blast to try to down the air- Ukraine struggles to respond. and Alistair MacDonald better estimate of the size of prices that missed analysts’ ex-
the plane going to fly?” said craft. The V-BAT kept flying, The company lacks experience contributed to this article. the deposit. pectations.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B10 | Friday, November 1, 2024 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

Big Tech Paves Way for Nuclear Boost

Small modular reactors could eventually make the power source cheaper, safer and faster to build

Small modular nuclear reactors Share-price performance Electricity generation per acre, by energy source choice—molten fluoride—is able to
long seemed like moonshots with bind to a large fraction of fission
0 MWh/
lots of promise but not enough com- 550% year 10,000 20,000 30,000 40,000 50,000 products, providing another con-
mercial interest. That changed re- tainment mechanism.
NuScale
cently after tech giants with surging But these new coolants also come
500 Nano Power
power needs for AI processing Geothermal Nuclear with other challenges. Liquid so-
Nuclear
swooped in with announcements Wind 57,000 dium explodes on contact with wa-
450 Energy
megawatt
backing SMR projects. ter, and helium has frequently run
Residue biomass hours per year
Last month Google parent Alpha- into supply issues in recent years.
bet said it signed a power purchase 400 Natural gas per acre
These companies are also devel-
agreement with Kairos Power for an Hydroelectric oping new ways of packaging the
up-to-500-megawatt SMR project. 350 fuel for safety. Kairos and X-Energy
Coal
Amazon said it would work with X- are proposing to coat fuel in a mate-
energy on a 320 MW project that is 300 Solar rial known as TRISO that is more re-
jointly backed by a utility in Wash- sistant to high temperatures and
ington state. 250 Lifecycle greenhouse gas emission range, by energy source corrosion.
Both Google and Amazon expect Because of these safety features,
0g of
their initial projects to come online 200 most SMR companies say they re-
CO2-equivalent
by the 2030s at the earliest. Oracle per KWh 250 500 750 1,000 1,250 quire a smaller safety buffer zone.
is another company to watch: Chair- 150 Nuclear energy generates about
Nuclear
man Larry Ellison said in September Lower bound
57,000 MWh a year per acre of land,
that the company is designing a one Onshore wind which is 18 times more land-effi-
100 Upper bound
Gigawatt-plus data center with Offshore wind cient than wind and 285 times more
building permits for three SMR re- land-efficient than solar. SMRs come
50 Solar photovoltaic
actors. with the potential added benefit of
SMRs come with the potential to Concentrated solar power needing even less space.
solve some of nuclear energy’s big- 0 Hydropower
gest headaches: Cost, safety and Nat gas with carbon capture
time—at least, in theory. That is –50 Time
Oklo Coal with carbon capture
why tech companies’ backing is so Permitting and construction take

.
crucial. The industry needs to test –100 Natural gas a long time for full-scale nuclear
and learn before it can prove out the power plants. It is unclear if the per-

ly
Jan. 2024 June Oct. Coal
benefits. mitting process will get any faster
Sources: FactSet (performance); Energy Department (generation, lifecycle) for SMRs, but their smaller size
could mean that construction time
SMR technologies differ on will be shorter than mega nuclear
There are more than 80 SMR de- Safety projects, notes David Brown, direc-
signs and concepts being developed An important safety feature of tor of energy transition at Wood
globally, according to the Interna- nuclear energy is controlling the Mackenzie. The research firm esti-
tional Atomic Energy Agency. These rate at which neutrons split atoms mates that for initial SMR projects,
us ,

differ in size, type of coolant and so that the heat and energy don’t getting from permitting to construc-
l

fuel. get out of hand, causing the reactor tion completion could take around
e
al a

Companies such as NuScale, GE core to melt. Nuclear fuel rods are 10 years.
Hitachi, Holtec and Westinghouse usually immersed in some sort of NuScale got its design certifica-
are proposing to essentially build coolant, typically water, and reac- tion from the NRC in 42 months, the
ci on

smaller versions of existing nuclear tors also use control rods made of fastest ever, notes Chief Commercial
power plants, with modifications. neutron-absorbing materials to con- Officer Clayton Scott. That might
Those designs use water as coolant trol the reaction rate. not be a reliable reference point for
and low-enriched uranium as fuel in A typical nuclear power plant has other SMR companies using differ-
their SMR units, just as all operating multiple safety barriers. An initial ent coolants and HALEU, but NuS-
er s
ADRIA MALCOLM FOR WSJ

U.S. nuclear plants do. one is the metal tube encasing the cale estimates that construction will
The Department of Energy’s re- uranium fuel pellets, followed by a take considerably less time than
m er

cent report on advanced nuclear en- heavy steel reactor vessel—9 inches large-scale projects, which have typ-
ergy notes that these types of SMRs to one foot thick. A surrounding ically taken at least a decade.
are more likely to be deployed ear- concrete wall is supposed to be the
lier just because they resemble ex- last barrier, according to the Nu-
isting nuclear power plants. NuScale Alphabet said it signed a power purchase agreement with Kairos Power clear Regulatory Commission. Problems to be solved?
m rp

is the only SMR company to have re- for an up-to-500-megawatt Small modular nuclear reactors project. SMRs come with potential for For many of these companies,
ceived a standard design approval better safety. They tend to rely on getting a good pipeline of customers
from the agency. It applied for certi- HALEU is limited: The only commer- ergy—the cost over the project’s passive safety systems—for exam- is a key step to commercialization.
fication for a larger version of the cial-scale HALEU enrichment capa- lifetime—than conventional nuclear ple, relying on natural circulation to That is why Google and Amazon’s
reactor (77 MW) and expects ap- bilities are in Russia. The Energy power projects. Wood Mackenzie es- cool the reactor core. This means announcements led to such a surge
co Fo

proval on that by mid-2025. NuScale Department has been pushing to timates that a first-of-a-kind SMR there is less need for external power in stock prices of publicly listed
has a contract with Romanian nu- make the fuel available, and it re- reactor would cost $180/megawatt- or human intervention to shut down SMR companies Oklo and NuScale.
clear energy producer RoPower for a cently awarded up-to-10-year con- hour over its lifetime, though with systems. The Fukushima nuclear ac- Getting a license is another big
462 MW project that could be com- tracts to companies to produce subsidies that could decline to $100/ cident in Japan, for example, oc- hurdle, and a costly one. NuScale
pleted as early as 2029. HALEU. MWh. Second, and third iterations curred because an earthquake dis- spent $500 million on testing and
Others, including Sam Altman- should get cheaper. The Energy De- abled the power supply that engineering to prepare for its NRC
backed Oklo, Bill Gates-backed Ter- partment estimates 45% to 60% of provided cooling for the nuclear standard design approval and an-
raPower, Kairos Power and X-En- Cost cost reductions between the first plant. NuScale notes that its reactor other $200 million to complete the
ergy propose using a different type One reason nuclear power plants and third plant. Some advanced core is cooled by the natural circula- process. And the build-out of the
of coolant (molten salt, liquid metal have run into cost overruns isn’t so SMR designs produce heat—a fea- tion of water, rather than relying on fuel supply chain will take time, too,
or gas) and a more enriched type of much the technology itself, but the ture that could drive additional rev- reactor coolant pumps, pipes and as the U.S. builds out HALEU enrich-
uranium fuel known as high-assay fact that such projects were so in- enue. valves that could fail if external ment facilities and SMR companies
low-enriched uranium, or HALEU. frequently built that there was a And, even if SMRs are more ex- power sources shut down. build up manufacturing capacity for
n-

These contain a higher percentage lack of “muscle memory” and a pensive per megawatt-hour, they Advanced SMR technologies— their advanced fuel designs.
of the uranium isotope that pro- shrunken industrial base, according come with less risk of cost overruns those using different coolants— There are certainly reasons to be
duces energy during a chain reac- to the Energy Department report. A just because there are less absolute come with additional safety fea- optimistic about SMRs. The U.S.
tion. Kairos is the first and only lack of frequent projects also means dollars required by a project. A cost tures. Water-based coolants require power grid needs more round-the-
no

company designing nonwater SMRs that nuclear-trained workers are ag- overrun of $1 billion to $2 billion is a high atmospheric pressure to pre- clock electricity as dirtier coal-fired
to receive construction approval by ing or have moved on to other in- lot more palatable than going over- vent boiling. Alternative coolants power plants retire and tech compa-
the NRC for a demonstration reac- dustries. Before Vogtle Units 3 and 4 budget by some $15 billion to $20 typically have much higher boiling nies race to build data centers for
tor. Construction began in July, and in Georgia, the most recent nuclear billion, as Vogtle did. points than water, which mean reac- artificial intelligence.
the company’s plan is to learn rap- reactors to start up in the U.S., the Cost overruns have already tors can operate in a low-pressure “Tech companies are so profit-
idly through such smaller-scale proj- last nuclear project construction in caused headaches for the SMR in- environment. This means if any- able and the pipeline of data centers
ects. the country started in 1978. dustry, though. NuScale, for exam- thing goes wrong, the fuel just melts is fundamental to their growth.
These advanced SMR technolo- The modular, factory-built nature ple, canceled its proposed project in in place instead of exploding be- Power supply is a necessary factor
gies come with some promising of SMRs means costs should decline Idaho late last year after the cost es- cause of the high pressure, accord- for that,” says Wood Mackenzie’s
safety features, and HALEU has lon- over time as a company gains expe- timate for its 462 MW project went ing to Chris Gadomski, head of nu- Brown. “They are probably among a
ger fuel life, according to the Energy rience. Industry observers think ini- up to $9.3 billion, or about $20,000 clear research at BloombergNEF. select group of companies that can
Department. But they also don’t tial SMR projects won’t necessarily per kilowatt. Vogtle, by comparison, Kairos Chief Executive Mike Laufer afford to pay a premium for nuclear
have a long record, and access to have a lower levelized cost of en- cost about $15,000 per kilowatt. notes that the company’s coolant of power.” —Jinjoo Lee

Meta and Microsoft: AI’s Spending Champs Capital spending as a percentage of

annual revenue

Microsoft
2024*

Won’t Be Tapping the Brakes

2014-23 average

Meta
Platforms

Microsoft and Meta Platforms said the blowout capital spending over the past 10 years. his call Wednesday that the gener-
might appear to have little in com- that has been fueling their race Providing generative AI services ative AI tools the company has de- Alphabet
mon. But both are betting large into AI services will continue in doesn’t come cheap, given the ployed are boosting user time
sums on artificial intelligence, and the current quarter, with Meta giv- computing power involved. Nor do spent on Facebook and Insta-
neither is yet inclined to slow down. ing strong signals that next year cutting-edge data centers go up gram—and helping advertisers
Amazon
The storied corporate-software will bring even more. quickly—especially as some of the craft more-effective campaigns
giant and the Facebook and Insta- Alphabet’s Google and Ama- newest systems from Nvidia re- that are raising conversion rates 0% 5 10 15 20 25 30
gram parent company reported re- zon.com are running in the same quire liquid cooling that also has by 7%. *Uses reported revenue plus analyst projections for the
sults late Wednesday for the Sep- race. But the recent pattern of to be built in. Hence, the business Still, these partial disclosures, fourth quarter.
tember-ended quarter. Both spending at Microsoft and Meta of AI requires a lot of money going which fall short of making explicit Sources: the company; Visible Alpha
showed decently strong revenue stands out more, relative to their out the door before (hopefully) a just how much revenue AI is gen-
growth and even better operating- historic patterns. The $53 billion lot more comes back in. “You have erating, are challenging for inves- which had surged 67% so far this
profit improvements for the quar- that Microsoft has spent already in to build to meet demand,” Micro- tors to evaluate. And gauging the year ahead of Wednesday’s results.
ter—each exceeding Wall Street’s this calendar year represents about soft Chief Financial Officer Amy return on these companies’ invest- Microsoft has been a far more
targets for the period. 28% of the company’s revenue for Hood said on her company’s con- ment might not get easier soon— modest performer for the year, up
Yet both stocks slipped around that time—far above the 12% of rev- ference call Wednesday. especially with the spending still only 15% ahead of the latest re-
3% in after-hours trading, follow- enue Microsoft has averaged on Is the demand there? Microsoft going skyward. Zuckerberg said port. Investors cheered the poten-
ing their reports and respective capex for the years 2014-23. Meta said it is. Hood said generative AI Wednesday that “our AI invest- tial of AI last year but have grown
conference calls. On Thursday, Mi- said it plans to spend between $38 services contributed about 12 per- ments continue to require serious a bit weary of the staggering sums
crosoft fell 6.1% and Meta 4.1%. billion and $40 billion on capex this centage points to the 33% year- infrastructure, and I expect to con- being spent. Showing a more dis-
Both issued revenue projections year, about 24% of Wall Street’s over-year growth the company’s tinue investing significantly there” tinct return on those investments
for the December quarter that projected revenue for the year. The Azure cloud-computing service in discussing plans for next year. should be high on big tech’s reso-
were only in line with to slightly company has spent on average showed in the recent period. And That might curb some of the en- lution list for the new year.
below analysts’ targets. And both about 19% of its revenue on capex at Meta, Mark Zuckerberg said on thusiasm regarding Meta’s stock, — Dan Gallagher
 MANSION
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

$26 Million Looking Up

Brazilian soccer In North Carolina,
star Neymar has a single-story
bought land in house that’s 31
Miami. M3 feet tall. M7

HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, November 1, 2024 | M1

Going Once, Going Twice

More wealthy homeowners are turning to the auction market, but the
results don’t always live up to their lofty expectations

BY KATHERINE CLARKE AND E.B. SOLOMONT

Randy and Robin Landsman had

been trying to sell their Manhattan
penthouse for over a year when they
turned to the auction market this
summer. First listed for $12.2 mil-
lion, their triplex in the sought-after Tribeca neigh-
borhood came with more than 2,000 square feet of
terraces, a floating staircase and a private elevator.
At auction, the roughly 3,300-square-foot property
sold for $5 million, less than half of what they had
originally asked and little more than they paid for it
two decades ago. “It was obviously a stupid mistake,”
Randy said of deciding to auction the home.
More closely associated with pricey art or collect-
ibles, auctions are on the rise for luxury real estate,
with auction houses reporting a dramatic spike in the
number of high-net-worth sellers seeking their ser-
vices since 2020. Amid a slowdown in luxury home
sales, auction companies are pitching homeowners on
their ability to market unique properties to a range
of deep-pocketed buyers beyond local markets and to
sell them within a precise time frame.
Emboldened by the trophy home prices they see
on television, or stuck on a major sale that happened
previously in their neighborhood or city, sellers who

.
aggressively priced their luxury homes often have

ly
been forced to repeatedly cut their asking prices, Randy and Robin Landsman didn’t set a minimum, known as a reserve
Please turn to page M5 price, when they auctioned their Tribeca triplex penthouse with Concierge.

on FIRST
LISTED FOR
HIGHEST BID
AT AUCTION

$12.2 $5
us ,
l
e
MILLION MILLION
al a
ci on
er s
m er
m rp
co Fo

BRYAN BANDUCCI FOR WSJ (3); NAOKI NISHIMURA/AFLO/ZUMA PRESS (NEYMAR)

n-
no

TRIBECA PENTHOUSE
New York City

Room for Prayer,

Without Leaving Home
Hindu owners drive demand for upscale pooja
rooms with gold trim, oil lamps and custom art

BY SARAH PAYNTER decorated for special ceremonies

during festivals such as Diwali,
IN THE DALLAS SUBURBS, San- said Pallavi Chhelavda, a consul-
geeta Kulkarni lights an oil lamp tant in Vastu Shastra, a set of ar-
in front of a wooden structure chitectural-design principles based
housing idols in her kitchen. The on Indian traditions.
newly renovated area is dedicated As the population of Indian-
to prayer and is backed by gold- Americans in the U.S. has grown,
and-white tiles matching the more interior designers, home
gilded trim and the white quartz builders and developers are spe-
countertop, the 41-year-old said. cializing in accommodating the
Practitioners of Hinduism, par- demand for pooja rooms.
ticularly in India, have long-cre- Do-it-yourself pooja-room deco-
ated pooja rooms or areas in their ration tutorials are popular on so-
LEAH HARDY PHOTOGRAPHY

homes; the word pooja, sometimes cial media. A fixture on Mindy Ka-
spelled puja, refers to the Sanskrit ling’s hit Netflix comedy “Never
word for worship. A pooja room Have I Ever,” about a first-genera-
usually has an altar, mandir or ta- tion Indian-American teenager,
ble supporting idols and pictures were scenes of prayer in front of
of Hindu gods. They are used for the Vishwakumar family’s pooja
solitary or communal prayer, wor- area—an armoire filled with pic- More U.S. builders and developers are accommodating demand for pooja rooms. Renuka Sardesai says she’s
ship and meditation, and are often Please turn to page M4 getting more interior-design inquiries after posting her pooja-room renovation projects on Instagram.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M2 | Friday, November 1, 2024 THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

After Selling $112 Million Home,

Coupon King Buys Again in L.A.

Park, just north of Beverly

Hills on L.A.’s Westside.
The house has a gym, wine
cellar, billiards room and a
double-height foyer with
coffered gold-leaf ceilings,
according to the listing.
The country-style kitchen
has six ovens and a wood-
burning fireplace.
Outdoors, the
SOLD
roughly 2-acre

$44 property has a

pool, a tennis
MILLION court with a
16,000 sq. ft., viewing gazebo, a
9 bedrooms kitchen pavilion
and vegetable
and herb gardens.
Ruan purchased his pre-
vious home, a roughly
21,000-square-foot house in
Bel-Air, for $60 million in
2020 and listed it for $150
million in 2022.
Beverly Park, a gated
community, has commanded
Weeks after selling a Los nessman Larry Cohen and ment further. top dollar for its privacy and
Angeles mansion for around his wife, Paulette Cohen. Ruan is the co-founder large lots, drawing celebrity

.
$112 million in one of the They put the house on the of online coupon-and-dis- residents including Denzel

ly
city’s largest-ever deals, en- market for $48.5 million in counts company Honey, Washington, Sylvester Stal-
trepreneur George Ruan has January with Sally Forster which was acquired for lone and Mark Wahlberg.
paid about $44 million for Jones of Compass. Ruan about $4 billion by PayPal Ruan co-founded Honey,
on a home in exclusive Beverly
Park, according to people
familiar with the deal.
The sellers were busi-
didn’t respond to a request
for comment. Paulette Co-
hen confirmed the sale
price but declined to com-
Holdings in 2020. His new
home is a roughly 16,000-
square-foot, nine-bedroom
house in North Beverly
which helps consumers find
discount codes for online
purchases, in 2012.
—Katherine Clarke
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo

FROM LEFT: WAYNE FORD; ADRIAN TIEMENS (4)

n-
no

T I M EL E SS C OL L E C T OR E S TAT E S

On fourteen acres of the most pristine stretch of Intracoastal

waterfront, The Ritz-Carlton Residences, Palm Beach
Gardens blossom with a once-in-a-lifetime collection of
expansive estates, born to frame the breathtaking views of the
waterway with a private marina and blooming grounds.
The singular maritime lifestyle is augmented by over
20,000 square feet of masterfully-crafted resort amenities—
imbued with legendary hospitality by The Ritz-Carlton.

EXPANSIVE THREE- TO FIVE- BEDROOM

WATERFRONT RESIDENCES FROM $4. 5 MILLION

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LICENSE FROM MARRIOTT, WHICH HAS NOT CONFIRMED THE ACCURACY OF ANY STATEMENTS OR REPRESENTATIONS MADE ABOUT THE PROJECT. ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF
THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, November 1, 2024 | M3

PRIVATE PROPERTIES
At the home’s front entrance, a Greg said the property has
massive banyan tree forms the been well maintained, but he
centerpiece of a motor court. The doesn’t rule out the possibility
main house has a bar, a rooftop that a new owner may want to
terrace and a workshop. The Fran- tear it down. All over the island,
kels substantially renovated the wealthy buyers have torn down
home, opening up the entryway, older homes to make way for big-
redoing the kitchen and rethinking ger, more extravagant mansions.
the landscaping, their son said. Another Star Island owner, dental
Linda, a botany enthusiast, partic- products entrepreneur John Jan-
ularly enjoyed tending to a small sheski, moved an older house on
mango grove on the his lot to the far side of
property. “They were a FOR SALE the property to make way
big treat for everybody
when they came in in $54
for a new house, for in-
stance. “You don’t know
the spring,” he said.
Greg and his family
MILLION what to think anymore at
this level,” Greg said.
11,000 sq. ft.,
have been living at the With its guarded gate
8 bedrooms
property for the last 18 and secluded location,
months while they reno- Star Island has long drawn
vate their own home in Coconut high-profile people, including Glo-
Grove, he said. His children enjoy ria Estefan and former NBA star
the waterslide and catching lob- Shaquille O’Neal. More recently,
sters off the back wall of the prop- billionaire hedge funder Ken Griffin
erty. They scoot around the gated purchased numerous contiguous
island on Go Karts and electric lots on the island.
scooters. “It’s like their own little Hogan said the Miami-area lux-
racetrack,” he said. ury market has been extremely
The family didn’t consider active in recent months. Among

Rosie O’Donnell’s
moving into the Star Island house recent deals, a nearby La Gorce is-
permanently because they had al- land property sold for $100 mil-
ready put so much effort into ren- lion, and David and Victoria Beck-
ovating their other property, ham closed on a Miami Beach

Former Home Lists

which is closer to the children’s home for $72.25 million.
school, he said. —Katherine Clarke

The only available home on Mi- son, attorney and former music in the 1920s. Before O’Donnell, the
ami’s Star Island—a mecca for ce- executive Greg Frankel, who is Star Island property was occupied
lebrities, CEOs and the global currently living on the property by a marijuana-smoking religious
rich—is listing for $54 million. with his family. organization known as the Ethio-
The waterfront estate is the The roughly 1-acre property to- pian Zion Coptic Church. In the

.
former home of comedian Rosie tals about 11,000 square feet 1970s, neighbors complained

ly
O’Donnell, who bought it in 1999 across an eight-bedroom, Mediter- about the smell of dense mari-
for $6.75 million. O’Donnell sold ranean main house and two guest- juana smoke on the island.
the estate for $16.5 million in houses, according to listing agent When O’Donnell owned the
2003 to Dr. David Frankel, a doc-
tor and real-estate investor, and
his wife Linda Frankel, a former
fashion editor at Vogue and the
Liz Hogan of Compass. There is a

house, where the Frankels stored

water sports equipment and gear.
on
large pool with a slide and a boat-
house, she famously had a
mounted hammerhead shark sus-
pended above the staircase, ac-
cording to Greg Frankel. The
us ,

sister of the journalist Diane Saw- There is also a private dock and a Frankels replaced the shark with a
yer. Linda died in 2023 and David 40,000-pound boat lift. contemporary art piece, he said
l

The Frankels renovated the house.

e
in March 2024, according to their The estate was originally built with a laugh.
al a
ci on

Soccer Star Neymar Buys Land in Miami

FROM TOP: MIKE RUIZ/LEGENDARY PRODUCTIONS (2); AGENCE FRANCE-PRESSE/GETTY IMAGES (NEYMAR); EAGLEVIEW
er s

Brazilian soccer star Neymar sulting firm for skilled-nursing fa-

m er

has purchased a piece of water- cilities in New York and New Jer-
front land in Miami for $26 mil- sey. He couldn’t be reached for
lion amid speculation he may be comment.
joining the Major League Soccer If Neymar, who currently plays
m rp

team Inter Miami CF, according to for the Saudi Pro League club Al
sources familiar with the deal. Hilal, were to join Inter Miami, he
Located in the tony, would reunite with for-
gated village of Bal Har- SOLD mer FC Barcelona team-
bour, the vacant lot is
$26 mates Lionel Messi and
co Fo

about 0.63 acre with 150 Luis Suárez. Neymar

feet of frontage on the
Intracoastal Waterway,
MILLION quest didn’t respond to a re-
for comment.
0.63 acre,
property records show. Bent Philipson and his Queiroz said Miami’s luxury
150 ft. water
The offering includes ap- wife, Deborah Philipson, market is “firm and steady,” with
frontage
proved plans for a purchased the property a lack of turnkey properties driv-
13,000-square-foot house with an older home on it home and its owners, including comment on his client’s identity ing up prices for waterfront
designed by the London-based de- for $9.3 million in 2020, records Bent Philipson, for fraud and resi- but said he was drawn to the pri- properties. An assemblage on La
sign firm Elicyon. The property show, and demolished the house. dent neglect. The case is ongoing. vacy and security of the gated com- Gorce Island recently sold for
was most recently listed for $28.5 They first listed the vacant land Listing agents Ruthie Assouline munity, as well as the size of the $100 million. A waterfront com-
million, according to Zillow. for $30 million in 2021. Deborah and Ethan Assouline of Douglas property. “It came together rather pound in Coconut Grove is cur-
According to property records, Philipson died in 2022. In 2022, Elliman declined to comment. quickly once we found the opportu- rently asking $135 million.
n-

the seller is Bent Philipson, New York Attorney General Letitia Bento Queiroz of Compass, who nity,” he said. “The buyer said, ‘It’s —E.B. Solomont
founder of Philosophy Care, a con- James sued a Long Island nursing represented the buyer, declined to exactly what I’m looking for.’” and Katherine Clarke
no

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north of Tucson, the first UNESCO Capital of Gastronomy in America, and the center of a chic metropolis of a
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Access to and use of the recreational amenities of The Golf Club at Dove Mountain requires payment of monthly Club membership dues. This is not an offer of solicitation where prohibited by law. Prices, plans, amenities, availability and
improvements referenced herein are subject to change without notice. Sales are conditional upon buyer’s receipt and acceptance of the Arizona Subdivision Public Report.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M4 | Friday, November 1, 2024 THE WALL STREET JOURNAL.

MANSION
In Buckhead, an upscale neigh-
borhood of Atlanta, a terrace with
a foot shower opens through
french doors to a room with mar-
ble floors and a Ganesh statue in
an arched alcove set up as an al-
tar. Married entertainment-tech-
nology executives Rajiv and Sheila
Deshpande, 71 and 68, light a
lamp in the room and pray each
night before bed.
The pair custom-built their
eight-bedroom home in 2011, in
part because they couldn’t find a
home they liked with a layout suit-
able to their ideal pooja room, said
Sheila, who moved to the U.S. for
her studies in 1979. Their old house, Lakshmi, goddess of wealth, above
which they tore down for their new a Ganesha statue in New Jersey.

Pooja Room home’s construction, only had room

for a small alcove dedicated as a
pooja area, said Rajiv, who joined
City, Tenn., developer Vivek Va-
trana said that when building

Renovations her in the U.S. in the early 1980s.

“One of the main reasons I de-
cided to design and build my own
large houses in neighborhoods
with a large Indian population, he
consults with Chhelavda and ori-
Continued from page M1 home rather than get a home on ents bonus rooms to the north-
tures and statues of deities. Some the market was because I knew I east, far from bathrooms, to en-
homeowners have dedicated 400- wouldn’t find a home with a pooja tice buyers who might want to
square-foot backyard structures room. So I said only if I build it my- use the extra room for prayer.
as pooja rooms with marble and self can we actually have a pooja Sometimes, home builders in-
custom murals and budgets top- room,” said Sheila. The pair paid clude a built-in alcove with shelv-
ping $100,000. about $580,000 for the property ing for displaying idols, or even
“Growing up in the U.S., we with its original ranch house in the supports for a swing hanging
never saw people like us. You 1990s, according to public records. from the ceiling where idols sit,
never saw things catered to us. The pooja room is located in the depending on the specific tradi-
Now, I can’t begin to tell you how northeast portion of the house, tion being followed, said Puri. De-
many more people are catering to central to the kitchen, said Sheila, signing floor plans with space for
our culture where we kind of have Sangeeta Kulkarni, above left with husband, Sumeet Borwankar, and their who said its main upgrade—marble pooja rooms isn’t complicated,
found a sense of identity that we children, renovated the pooja area, above, with bells, gilded trim and idols. floors—cost about $10,000. but changes down the line can
finally belong here,” said New The pair invite a priest to con- add to the expense of moving a
York City-based interior designer structure used to hold idols. It two pooja-room renovation projects duct ceremonies in their pooja bathroom or pipes, so planning is
Nikita Madhyani, whose parents cost about $7,000 and has steps lined up in 2025. The atmosphere is room several times a year to give important, he said.
immigrated to the U.S. from India and overhanging, backlit eaves often rounded out with sensory ex- thanks or for special occasions, Private-equity investors Charles

.
in the 1980s and who now offers draped in bells and two hanging periences like natural light or col- such as their daughter’s wedding, Dadoo and Gretchen Barlow-Da-

ly
pooja-room design services. peacock statues, said Dallas-based ored LED lights, running water and she said. doo, 49 and 43, chose Puri to
There were about 4.8 million interior designer Renuka Sardesai preprogrammed music, said Mad- Developers are taking notice of build a roughly 15,000-square-foot
Indian-Americans in the U.S. in of Blueberry Hill Designs. hyani. People often choose marble, demand for pooja rooms, building home on their 1-acre lot in Fair-
2020, up about 50% from 2010,
according to AAPI Data, a re-
search organization focused on
Asian-Americans and Pacific Is-
on
Sardesai first renovated a pooja
room in 2021 as part of a larger
makeover of a client’s home, she
said. Since then, her Instagram
sevan wood and crystal chandeliers,
as they are considered spiritually
beneficial, said Chhelavda, who is
based in the Orlando, Fla., area.
apartment buildings and town-
homes with layouts suitable to
such spaces, said Chhelavda, the
Vastu Shastra consultant. Johnson
fax, Va., in 2020 because of his
experience building pooja rooms.
The Dadoos are still putting the
finishing touches on their pooja
us ,

landers. About half of Indian- posts showing off her initial project room, as the pandemic and moving
Americans identify as Hindu, ac- and Kulkarni’s renovation have elic- into a new home delayed the com-
l
e
cording to Pew Research. ited numerous inquiries for her ser- pletion of the room’s design, said
al a

Kulkarni and her husband, in- vices across the country. She has Gretchen. Now that they finally
formation-technology executive also started working with clients have the bandwidth for the project,
ci on

Sumeet Borwankar, paid $350,000 virtually. “Since I’m from the same they pushed to have it completed
for their roughly 3,300-square-foot background and can relate to their in time for Diwali, the Hindu festi-
home in 2015, shortly after needs, they are more comfortable val of lights, beginning Oct. 31, said
Kulkarni moved from India to the talking to me,” said Sardesai. Gretchen, whose in-laws live with

CLOCKWISE FROM TOP LEFT: SANGEETA KULKARNI; BLUEBERRY HILL DESIGNS; SIRISHA VALLABHANENI; RAJ DESHPANDE
U.S. to join her husband. Initially, Arranging floor plans for pooja them and spend about two to three
er s

they set up idols and pictures of rooms often involves putting a bo- hours a day in the pooja room.
Hindu gods and goddesses includ- nus room in the northeast, north The completed room, which has
m er

ing Annapurna, the goddess of or east corner of the house and a budget of about $15,000, will
food and nourishment, on the moving bathrooms away from the have a contemporary feel with a
kitchen’s granite countertop. Over- pooja room, though each family’s custom marble altar and a marble
head cabinets made the space feel needs can vary, said Vivek Puri of backdrop surrounded by wood
m rp

cramped, but she said it was im- Classic Homes in Chantilly, Va., panels, said Gretchen. The Dadoos
portant to have a dedicated area who has customized about 30 to plan to include bell-shaped light
for her own religious practice and 40 homes to include pooja rooms. pendants—honoring the signifi-
to teach their children about their Often, if families don’t have cance of bells in Hinduism—and
traditions. Last year, she and her enough space to allot an entire wallpaper with religious imagery.
co Fo

husband spent about $15,000 to room to prayer, they combine it They also plan to replace the car-
renovate the area, she said. with a home office or living room, pet on the hardwood floors and
“They should know what our said interior designer Madhyani. add tufted sofa chairs that will be
traditions are back in India,” said Special features might include ven- more comfortable for Charles’s
Kulkarni of their 11-year-old tilation for fire offerings or drain- parents, said Gretchen, who is not
daughter and 4-year-old son. “So age for bathing idols, depending on a practicing Hindu but said she
that’s why I just wanted to make the Hindu tradition, she said. wants their children to learn
it better.” Pooja rooms are often decorated about their father’s traditions.
Kulkarni’s new pooja area has a in bright colors, though calming “It’s really brought our family
roughly $1,000 tiled wall with a neutrals are popular with second- close together and allowed us to
brass sign from Etsy of the San- or third-generation Indian-Ameri- share with the kids and see what
scrit letter “Om” used in medita- cans, said Madhyani, who has it means and how important it is.
n-

tion, she said. She commissioned helped design several acquain- I get a little emotional talking
contractors to build the mandir, a tance’s pooja rooms and now has Sheila and Rajiv Deshpande custom-built a house to have a pooja room. about it,” said Gretchen.
no

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THE WALL STREET JOURNAL. NY Friday, November 1, 2024 | M4A

T R U E L U X U R Y I S I N T H E D E TA I L S

.
ly
on
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al a
ci on

– NOW UNDER CONSTRUCTION –

er s
m er
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co Fo

Conceived by globally renowned Robert A.M. Stern Architects,

these ultra-luxury waterfront condominiums in West Palm Beach offer stately design
and gracious scale, enriched by artful details and elegant interiors.
n-

See how South Flagler House is redefining true luxury for South Florida living.
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T WO - TO F I V E - B E D R O O M LU X U RY C O N D O M I N I U M S

P R I C E D F R O M $ 6 M I L L I O N TO $ 7 3 M I L L I O N

S A L E S G A L L E RY LO CAT E D AT 2 2 1 R OYA L P O I N C I A N A WAY, S U I T E 1 , PA L M B E AC H , F LO R I DA

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Exclusive sales by Suzanne Frisbie of The Corcoran Group with Corcoran Sunshine Marketing Group

WE ARE PLEDGED TO THE LETTER AND SPIRIT OF THE U.S. POLICY FOR ACHIEVEMENT OF EQUAL HOUSING OPPORTUNITY THROUGHOUT THE NATION. WE ENCOURAGE AND SUPPORT AN AFFIRMATIVE ADVERTISING AND MARKETING PROGRAM IN WHICH THERE ARE NO BARRIERS TO OBTAINING
HOUSING BECAUSE OF RACE, COLOR, RELIGION, SEX, HANDICAP, FAMILIAL STATUS OR NATIONAL ORIGIN. This is not an offer to sell, or solicitation of offers to buy, the condominium units in jurisdictions where such offer or solicitation cannot be made or are otherwise prohibited by law, and your
eligibility for purchase will depend upon your state of residency. This offering is made only by the offering documents for the condominium and no statement should be relied upon if not made in the offering documents. The features, amenities, designs, design professionals, finishes and specifications
are proposed only, and the Developer reserves the right to modify, substitute, revise or withdraw any or all of same in its sole discretion and without prior notice. This Condominium is being developed by SFH Owner LLC (“Developer”). Any and all statements, disclosures and/or representations shall be
deemed made by Developer and not Related Companies or any principal of the Related Companies and any purchaser agrees to look solely to Developer (and not to Related Companies and/or any of its affiliates or principals) with respect to any and all matters relating to the marketing and/or development
of the Condominium and with respect to the sales of units in the Condominium. The complete offering terms are available from the Sponsor, SFH Owner LLC, 360 South Rosemary Avenue, Suite 800, West Palm Beach, Florida 33401; File No. CP23-0115; South Flagler House Condominium, 1355
South Flagler Drive, West Palm Beach, Florida 33401. ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED
BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M4B | Friday, November 1, 2024 NY / NE THE WALL STREET JOURNAL.

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m er
m rp
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Who adopted who?

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Adopt a teen.
You can’t imagine the reward.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, November 1, 2024 | M5

MANSION

Luxury Home SLATED TO SOLD FOR

Auctions $126
LIST FOR

$500 MILLION
Continued from page M1
agents said. Then, when all else
MILLION AT AUCTION
fails, they turn to auction.
The disconnect between what
luxury homeowners think their
properties are worth and what
buyers will pay is driving interest
in auctions. But aspirational sellers
are finding that auctions don’t al-
ways yield their desired outcome—
and that they aren’t without risks.
La Dune, an oceanfront Hamp-
tons estate that was listed for $150
million in 2022, sold at auction for
$89 million this year. The One, a
Bel-Air megamansion once slated to
list for $500 million, sold for $126
million at auction in 2022. Villa
Firenze, a Los Angeles estate in the
storied Beverly Park neighborhood,
sold for $51 million at auction in
2021, having been initially listed for
THE ONE
$165 million. It has since traded
Bel-Air, Los Angeles
hands again for $52 million.
Earlier this year, former “The
Real Housewives of New York City”
star Sonja Morgan auctioned her of home-auction competitor Inter-
Upper East Side townhouse, which luxe Auctions, founded in 2013,
had been on and off the market for said business has more than dou- FIRST LISTED SOLD FOR

$51
more than a decade. Once listed bled every year for three years. FOR

$165
for as high as $10.75 million, its Auctions tend to attract the
price had been slashed more re- real-estate world’s white ele-
cently to $7.5 million. It fetched phants—properties that may be MILLION
$4.595 million in the auction. quirky, highly personalized or ul- MILLION AT AUCTION
Misha Haghani, founder of real- traluxury, resort-style homes
estate auction house Paramount atypical for the neighborhood.
Realty USA, said he A White House rep-

.
frequently counsels lica in the San Fran-

ly
prospective auction cisco Bay Area, de-
clients that they have signed for the oldest
been too aggressive. son of William Ran-
“I will tell the
seller, ‘You’ve been on
the market for X pe-
riod of time at three
dolph Hearst, included
a duplicate of the Oval
Office, East Room and
White House Rose
on
Sonja Morgan
us ,

different price points. Garden. In Whitefish,

Why hasn’t it sold? Mont., former pro
l
e
It’s obvious why. Be- football player Drew
al a

cause it’s mispriced,” Brees built a home

he said. that resembled a tree-
CLOCKWISE FROM TOP: MARC ANGELES; ADAM LATHAM/SOTHEBY’S INTERNATIONAL REALTY; CHLOE GIFKINS; AP; ZUMA PRESS; GETTY IMAGES

ci on

The number of lux- house, perched 15 feet

VILLA FIRENZE
ury U.S. home sales fell above the ground. And
Beverly Park, Los Angeles
10.6% in the third a castle-style home
quarter from a year owned by former
earlier, according to Derek Jeter baseball star Derek
er s

brokerage Redfin. But Jeter in New York’s

sellers have been re- Greenwood Lake area
m er

luctant to lower prices. had a medieval-look-

Luxury home prices ing tower, rooftop bat-
rose 9% in that same tlements and a copy of
time to the highest the Statue of Liberty.
m rp

third-quarter level on “The properties

record, growing nearly that we represent
three times faster than that do really well at
nonluxury prices. Drew Brees auction, they’re not
Since the pandemic fungible,” said Kirk.
co Fo

boom, properties are also taking “These properties have extremely

longer to sell. On average, luxury unique attributes about them that
listings spent 46 days on the mar- make them very difficult to
ket during the third quarter, up comp.”
from 36 days during the same pe- By the time a property comes
riod in 2021, Redfin data show. to auction, it has likely already
undergone at least one price re-
SOLD FOR
White Elephants duction, said Haghani. LISTED FOR
Haghani said Paramount, founded
in 2009, has seen a flood of inter-
“Hopefully they’ve had some
sense knocked into them,” he said. $150 $89
est from high-end sellers since the “They’re tired, they’ve had MILLION MILLION LA DUNE
pandemic, 99% of it now inbound enough. They say, ‘As long as the AT AUCTION
Hamptons
n-

from owners approaching Para- offer is decent, as long as it’s fair,

mount. Scott Kirk, chief executive Please turn to page M6
no

NOW UNDER CONSTRUC TION

L U X U R Y R E S I D E N C E S W I T H T H E F U L L S E R V I C E A M E N I T I E S O F A W O R L D  C L A S S R E S O R T

P R I C E D F R O M $ 2 –1 0 M I L L I O N · S C H E D U L E YO U R P R I V AT E P R E S E N TAT I O N
1919 N Flagler Dr, West Palm Beach, FL 33407 · 561-401- 0066 · OlaraWestPalmBeach.com

ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA
STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. This is not intended to be an offer to sell, or solicitation to buy, condominium units to residents of any jurisdiction where prohibited by law, and your eligibility for purchase will depend upon your state of residency. All
images and designs depicted herein are artists’ conceptual renderings, which are based upon preliminary development plans, and are subject to change without notice in the manner provided in the offering documents. All such materials are not to scale and are shown solely for illustrative
purposes. This project is being developed by N Flagler Drive Developer, LLC, a Delaware limited liability company, which was formed solely for such purpose. Olara is sponsored by a Savanna affiliate. Savanna is a proven owner, operator, developer, and institutional fund manager with a 30-
year track record. It has invested in and developed over 17 million square feet of real estate. Other affiliated parties include the Mactaggart Family Partnership, which has invested in and developed premier real estate projects in the United States and England for over 100 years, as well as
Haymes Investment Company and Brandon Rinker. Haymes and Rinker assisted in the acquisition of six of the eight parcels within the assemblage that became the Olara development site and served as development consultants as the site was assembled and the development vision was
finalized. The principals of Haymes Investment Company have owned, operated, and developed millions of square feet of commercial, residential, and retail real estate in New York, Florida, and around the United States. Brandon Rinker has assembled some of the premier sites in the Palm
Beaches. The Condominium has been registered with the Massachusetts Board of Registration of Real Estate Brokers and Salespersons F-1277-01-01. THE COMPLETE OFFERING TERMS ARE IN A FLORIDA PROSPECTUS AVAILABLE FROM THE DEVELOPER. A CPS-12 APPLICATION HAS BEEN ACCEPTED
IN NEW YORK AS FILE NO. CP22-0089. WARNING: THE CALIFORNIA DEPARTMENT OF REAL ESTATE HAS NOT INSPECTED, EXAMINED, OR QUALIFIED THIS OFFERING. This advertisement is a solicitation for the sale of units in Olara Condominium; N.J. Registration #: 22-04-0012. Equal Housing Opportunity.
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M6 | Friday, November 1, 2024 THE WALL STREET JOURNAL.

MANSION
included U.S. sales that closed and
where recorded prices were pub-
FIRST SOLD FOR licly available. This year, 39 clos-

$23
LISTED FOR ings through Sept. 18 had an aver-

$38.9
age discount of 41%.
An analysis of Interluxe auc-
MILLION tions, based on a list of sales the
MILLION AFTER CANCELED
company provided, shows seven
AUCTION
publicly recorded closings in 2023
with an average discount of about
26%. Through Sept. 18 of this
year, it had four closings with an
average discount of about 21%.
The analysis only included sales
that closed and where recorded
prices were publicly available.
Paramount said its statistics
weren’t readily available.
Concierge declined to comment
beyond a statement that it stands
by its results. “We specialize in
high-value properties that are
challenging to price and often re-
quire multiple years to sell. Our
transparent platform determines
market value through competitive
bidding, with final sale prices rep-
resenting the market price in a
60-day process resulting in a com-
pelling value proposition for our
sellers,” a spokeswoman said.
Rather than listing their East
Hampton estate, financial-services
executive Erik Stern and his wife,
Michelle Stern, went straight to
WHITE HOUSE REPLICA auction. They said they were re-
Hillsborough, Calif. ferred to Concierge by Charles
Stewart, the CEO of Concierge’s
part-owner Sotheby’s, who had
Continued from page M5 Paramount says it places a re- property—with a roughly 12,500- when early bids fell short of his been renting their property.
I’m going to take it even if it’s not serve price on the property. Inter- square-foot residence—initially hit expectations, said listing agent “It’s almost like a stock market,
exactly what I wanted before.’ ” luxe puts reserve prices on 96% of the market asking $14.75 million in Alex Buljan of Compass. The where you’ve got buyers and sell-
For many sellers, the draw of homes, Kirk said. 2018. Haghani, whose firm handled roughly 24,400-square-foot man- ers and they come to the market

.
an auction is the set timeline. Paramount takes a fixed 6% the auction, said he felt the reserve sion in Hillsborough, Calif., origi- price,” Erik said. “So I thought

ly
Where their home could linger on commission on any sale, and price was a “very tall order” for nally listed for $38.9 million, had this actually sounds much more
the market for months or years agent fees are charged on top of the area. The home eventually sold expected starting bids of $10 mil- reasonable to me.”
listed the traditional way, the auc- that. With Interluxe, buyers pay in July for $5.1 million. lion to $17 million. The property They expected the modernist
tion template offers a sale date,
as long as bids reach the mini-
mum, if one was set. Auction
companies also promise to market
on
the sellers a 12% buyer’s premium,
which is then shared to varying
degrees with the auction house
and the agents. Neither company ‘Auctions are not an
just sold for $23 million.
Brees’s treehouse auction was
also canceled, according to listing
agent Sean Averill of PureWest
property designed by Norman
Jaffe was worth $20 million or
more, based on the 3-acre parcel
of land alone. The Sterns said
us ,

a property more widely, to a na- makes any money if a property admission of failure’ Christie’s International Real Estate. Concierge representatives didn’t
tional and international audience. doesn’t hit its reserve price. want a reserve price because it
l

-Scott Kirk, CEO of

e
In 2018, Randy Singer, a retired Many sellers who have worked ‘Vomited and Blacked Out’ would stifle momentum; the cou-
al a

Interluxe Auctions
entrepreneur, listed the family’s with Concierge say executives en- Pricing a multimillion-dollar home ple were assured there was a high
historic home in the West Chop couraged them to proceed without can be more of an art than a sci- level of interest. “There was all
ci on

neighborhood of Martha’s Vineyard a reserve price in order to maxi- ence. In August, 49% of luxury this talk about, ‘You know, we’ve
without an agent for $16.9 million, mize interest and momentum. Some sellers see the writing on homes sold below their initial ask- got people flying in from Switzer-
inspired by a $17 million listing Whether there’s a reserve price or the wall and never go through ing price with an average discount land to see your home, people
nearby. He then worked with at not, Concierge takes a 12% to 15% with the auction. Concierge holds of 9%, according to Zillow. from all over the U.S., a lot of
least three agents and cut the price buyer’s premium as a commission, a “greenlight call” before the auc- In an auction, it’s even more Texans,’ ” said Michelle.
er s

as low as $7.9 million in May. He plus there are agent fees. It mar- tion with sellers who forgo a re- common. A Wall Street Journal The auction ended in minutes
said it needs significant updates. kets the property heavily before serve price. The call typically analysis of properties handled by and closed at $15 million, far less
m er

Now, Paramount is auctioning the auction, and tries to generate takes place after a two-week mar- Concierge, which calls itself the than the Sterns had expected. “I
the property in November with a early offers by offering prospective keting blitz when prospective world’s largest auction house for think I vomited and blacked out,”
$6 million reserve price, which buyers a “starting bid incentive.” buyers are enticed to make early luxury real estate, found that a Michelle said. The Sterns were of-
acts as a minimum. “We’ve been Not every auction ends in a sale. bids. Sellers then give a final OK majority of home auctions sell be- fered $100,000 by Concierge to
m rp

trying so long, and I need to move A few years ago, former Yankees for the auction to proceed or ex- low list price. The average dis- settle their claims that Concierge
on with my life,” Singer said. player Derek Jeter’s home in ercise their right to cancel. count was 46% for 51 home auc- had misled them; the agreement
Corporate consultant Ed Vilan- Greenwood Lake, N.Y., failed to sell The owner of the White House tions last year, according to the had a confidentiality provision
drie and his wife, Martha Ca- at auction after bids fell short of replica in the Bay Area canceled Journal’s analysis of Concierge’s that would have prevented them
vanaugh, are glad they auctioned the $6.5 million reserve price. The its auction with Concierge in June publicized sales. The analysis only from speaking negatively about
co Fo

their 144-acre Vermont estate Concierge. They declined.

with Interluxe, 45 days after list- The Landsmans also hadn’t set
ing it for $6.275 million. They had a reserve price for their Tribeca
a hunch the Peacham, Vt., prop- SOLD FOR penthouse. They agreed to pro-
LISTED FOR

$6.275 $5.88
erty would get a better price with ceed after Concierge representa-
the broader marketing of an auc- tives predicted a “very active”
tion because of its unique scale. auction and said seven bidders
They paid $2.2 million in 2011. MILLION
MILLION had registered to participate.
After three days of bidding in AT AUCTION Much of the couple’s retirement
October, the auction closed with a nest egg was tied up in the prop-
high offer of $5.88 million, includ- erty, said Randy Landsman, CEO
ing the 12% buyer’s premium that of a financial-advisory firm.
n-

covers a commission to the auc- Once the auction began, none

tion house and fees for the agents of the registered bidders submit-
who worked on the deal. Exclud- ted new bids. The property sold
ing that premium, the deal was by default for the highest pre-bid
no

well above their $3.9 million re- of $5 million. Without a reserve

serve price. price, they were forced to accept
the bid.
How it works The deal fell apart soon after;
A number of auction companies the buyer pulled the plug after
focused on luxury homes emerged the Landsmans failed to close by
in the wake of the financial crisis the agreed-upon date, the Lands-
and have since tried to shake the mans said. The couple said they
stigma that auctions are just for have since been served with a let-
144-ACRE ESTATE
bankruptcy or financial distress. ter for arbitration by Concierge,
Peacham, Vt.
Concierge Auctions, Paramount which says it’s still due its com-
and Interluxe are now among the mission.
largest players, and some top bro-
kerages have issued formal recom-
mendations of auction houses to
their agents as prescreened ven-
dors. In 2021, Realogy, the parent
company of Sotheby’s Interna-
tional Realty now known as Any-
where Real Estate, partnered with
FROM TOP: BRIAN KITTS; INTERLUXE AUCTIONS; ALYSSA HALISKY WALLACE & CO. SOTHEBY’S INTERNATIONAL REALTY

Sotheby’s art auction house to

buy a majority stake in Concierge.
Paramount has partnerships with
Compass and Serhant.
“There’s a lot of education that
we do,” said Interluxe’s Kirk. Sell-
ers are “appreciating and really
understanding that auctions are
not an admission of failure.”
The auction companies all have
slightly different strategies. Para-
mount offers a format that calls
for a transparent online auction
where the bidding is visible in
real time, but also offers a sealed
bid process whereby prospective
buyers submit their offers pri-
vately in best-and-final style. The
FIRST AUCTION
sealed-bid process is a kind of hy-
LISTED FOR MINIMUM
brid between an auction and a
traditional sale. In both instances,
if an offer doesn’t meet the re- $16.9 $6
serve price, the seller isn’t obli- MILLION MILLION HISTORIC FAMILY HOME
Martha’s Vineyard
gated to sell.
In the vast majority of cases,
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. NY Friday, November 1, 2024 | M7

MANSION

INSIDE STORY

Their 31-Foot-Tall House

Is a Single Story Kim and Steve Chase outside their
2,900-square-foot home, which sits
The North Carolina home has a steeply pitched on 60 wooded acres.
roof and expansive windows that put the wood displays as much grain as
surrounding woods on full display the choicest marble—especially
after being sprayed with seven
coats of polyurethane. The wood
is animated by light that filters
through leafy trees into the east-
facing loggia each morning and
then illuminates the two west-fac-
ing gables every afternoon. Along
the way, the sun hits two chim-
ney-like skylights, one over the
living room and the other over
the couple’s bathroom. If she
waits until the light is streaming
in, Kim says, she can bathe and
CLOCKWISE FROM TOP RIGHT: MADISON KOPER; MARK HERBOTH (2)

sunbathe all at once. There are no

curtains anywhere. With 60
wooded acres, the Chases say,
they have no privacy problem.
“I’ve had an occasional deer
peeper when I’m in the bath,”
says Kim.
In the initial design, there were
glass doors in each of the two ga-
ble walls. That would have made
it easy to get from the bedroom
to the living room, or vice versa.
But the Chases eliminated those

.
Please turn to page M8

ly
BY FRED A. BERNSTEIN architect Lawrence Scarpa. “The private spaces (bedrooms and

‘P
luxury of living here isn’t the baths), the other public (living
eople always ask if
there’s a second floor,”
says Steve Chase, speak-
ing of the house he shares with
on
square footage,” says Kim, “but
more the feeling of ‘the sky’s the
limit.’ That sense of openness is
affirming and uplifting.”
room and kitchen). The two rect-
angles are connected by a flat-
roofed, glass-enclosed loggia that
runs along the front of the house
The house is
divided into
two rectangles.
us ,

his wife, Kim Chase, on 60 acres Since the Chases moved into and also serves as a dining area. In the living
in North Carolina. The question is the house in Hillsborough last Extending west from the loggia,
l

room, artwork
e
understandable. The house, year, they have been fascinated by the living room and bedroom by Allison
al a

though modest in size, has a pair the seductive shapes and evanes- wings angle toward each other, Schulnik
of peaked roofs so tall that they cent shadows overhead. “Con- turning the 2,900-square-foot overlooks a
ci on

could easily contain a second sciously or unconsciously,” says house into a large triangle around large modular
level. Kim, “we’re always looking up.” a triangular courtyard. sofa by Sergio
In fact, the house is just one Beneath its roof—which tops Inside, the floors are made of Bicego for
story. But if the overhead space out at 31 feet—the house is rela- French white oak, while almost Saba.
isn’t occupied, it also isn’t wasted. tively simple. Scarpa divided it everything else—from shelving to
er s

The twin peaks are the work of into two rectangles, each about cabinets to accent walls—is made
the award-winning Los Angeles 1,000 square feet, one containing of ordinary plywood. But the ply-
m er
m rp
co Fo
n-
no
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M8 | Friday, November 1, 2024 THE WALL STREET JOURNAL.

MANSION
“The overall shape, the simplicity, rains brought the project to a halt when it came to building the two
and the empty expanse of the in- for months. Then Covid hit, caus- fin-windows, which the Chases
LAND COST terior inspired us,” says Kim. ing a second shutdown, and there call Findows. The one over the
$640,000 In the 20 years since Steve had were supply-chain problems. couple’s bath is “12 feet high and
worked with Scarpa, the architect A sliding door took a full year super thin,” Kim notes. “Only the
GLASS COST had gone on to great professional to manufacture. Damaged during skinniest of the Sheetrock guys
$150,000 success. Brooks + Scarpa, the firm installation, it took another full and painters could get up there.”
he runs with his wife, Angela year to replace. And it was hard They also sampled dozens of
BUILD COST Brooks, won the American Insti- kinds of window glass on-site to
$1.3 million tute of Architects’ gold medal, get the right degree of reflectivity.
that organization’s highest honor, Now, Steve says, “you can see the
in 2022. house and you can see through
When the Chases asked him to the house at the same time.”
design the house, Scarpa agreed, Building the house cost about
and he and Brooke flew to Hills- $1.3 million, with at least
borough, about 15 miles west of $150,000 of that for the glass, the
Durham, to see the property. The Chases say. They also say they got
Chases also sent him photos of off easy. If they had started after
the chapel they admired. When Scarpa sketched the house he the pandemic, when prices
Kim went to see him in his office envisioned on a napkin. It matches surged, “the house might have
a few weeks later, he sketched the the finished house almost exactly. cost twice as much,” Kim says.
house he envisioned on a napkin. The best thing about the fin-
The sketch matches the finished ished house, the Chases say, is the
house almost exactly. finding builders for a house with constant exposure to nature. “You
Once the design was finalized, almost no right angles. “Guys live in the weather,” says Steve.
the Chases moved to Hillsborough would walk in and see nothing “One minute it can be bright and
to supervise construction. The square, nothing flat, nothing level, sunny, and the next there are dark
process they thought would take and just say, ‘Nah, not inter- clouds rolling in.” In other words,
two years ended up taking more ested,’” says Steve. living in the house is like watch-
than four. Right after they broke The builders who did sign on ing a show, and the Chases don’t
ground, a summer of torrential had to be resourceful, particularly want to miss a minute of it.

Continued from page M7 settled in Vermont. Steve and

doors, consciously choosing to Kim, now in their early 60s,
take a more circuitous route when wanted to follow her East, but
they go from one side of the they also wanted to avoid New
building to the other. “It was just England winters.
too efficient,” Kim says. “We’re in So they started looking in
the country.” Now, with no places below the Mason-Dixon
straight line from point A to point Line. “It added a nice twist,” says

.
B, “you sort of amble through the Kim. “I’ve always been intrigued

ly
house,” she says. “It’s like taking a by Southern culture.”
walk in the woods.” And that is Kim visited properties for more
fine with the Chases, who moved than a year before settling on a
here for the woods.
Neither Kim nor Steve had
lived in North Carolina before
they built this house. Montreal
on
slightly inclined, wooded site 12
miles south of the center of Hills-
borough. Having tangled with a
homeowners association back in
us ,

natives, they married in 1984 and California, they wanted enough

a few years later moved to To- land to ensure them autonomy.
l
e
ronto, where Kim worked as a cre- The property, including a small
al a

ative director and Steve began house that they eventually demol-
helming commercials. In 1998 ished, cost $640,000.
ci on

they relocated to Los Angeles, Every time the Chases were in

where Steve’s career took off. He town they passed a small, board- The kitchen is made entirely of plywood. Steve Chase helped the contractors by driving for hours to find boards
went on to shoot more than 500 and-batten chapel—a long build- with an attractive grain. Below, the front of the house consists of a glass “loggia” connecting the two wings, with
ads for some of the best-known ing with a steeply pitched roof. their tall, angular roofs.
products in the world, including
er s

competitors like Pepsi and Coke,

plus Tylenol, Pizza Hut, AT&T and
m er

many other brands. Several dozen

of his spots debuted during Super
Bowls, including Bud Light’s “I
Love You, Man” ad. He has won at
m rp

least 36 Clio awards.

But for all that to happen,
Steve needed an office for his pro-
duction company, Reactor Films.
He found a vacant Art Deco build-
co Fo

ing with 20-foot ceilings in Santa

Monica. An associate recom-
mended he hire a young architect
named Lawrence Scarpa. Steve,
busy shooting commercials, met
with Scarpa on the fly. “I liked his
sensibility. All I told him was: ‘All
my clients are super creative peo-
ple. When they walk in here, I
want them to go, ‘Wow!’ ”
It took just 14 weeks for Scarpa
to create a wow-inducing office.
MARK HERBOTH (3); BROOKS + SCARPA (SKETCH)
n-

His key move was cutting a ship-

ping container into pieces, then
assembling the pieces into a kind
of deconstructed boardroom. The
no

project won many design awards.

Kim, meanwhile, worked part
time and raised their daughter,
Madison, now in her 30s and the
mother of their 1-year-old grand-
son, Jameson. In 2014, Madison

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THE WALL STREET JOURNAL. Friday, November 1, 2024 | M9

.
ly
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
n-
no
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M10 | Friday, November 1, 2024 THE WALL STREET JOURNAL.

MANSION
HOUSE CALL | LAMORNE MORRIS contract. But I no longer wanted
to be a talk-show host. Ellen had

Mom Saved His Life, Then motivated me to move to L.A.

I was dead broke when I was
cast in a string of TV ads. They
Ellen DeGeneres Saw Him caught the eye of a casting direc-
tor for the series “New Girl,” in
2011. That was my first big break.
When I won an Emmy for “Fargo,”
The ’Saturday Night’ actor on his father’s deportation, my mom was there in tears, but
childhood in the Chicago suburbs and Jon Hamm she was more excited Jon Hamm
fixed the back of her dress.
Today, I live with my 4-year-old
MY MOTHER KNEW things had to two-bathroom home. Sadly, there daughter in the San Fernando Val-
change. Otherwise, there wouldn’t was a crack house across the ley. We moved into a farmhouse
have been much of a future for me street. My mother, Gwennett, got four months ago. I wanted a big
or our family. The final straw was a transfer with the post office and backyard so she could be active.
a neighborhood flag- moved us into a three- There’s a guesthouse, pool, play-
football game on the bedroom rental. Above, Lamorne Morris in Los Angeles in 2023. To the left, Morris at ground and full basketball court.
street when I was 14. She was a single age 2, with his 4-year-old brother, Devon, on the right. My father and I communicated
I played in the parent raising four for years through others. When
game with my kids. I’m the youngest. cluded kids of different back- later, I’ll send you to detention.” I his mother was on her deathbed
brother, and it didn’t My dad, Ernest, was grounds—Indian, white, Black, wound up in detention a lot. in 2022, I went to see her.

FROM LEFT: LAMORNE MORRIS (FAMILY PHOTO); ARI MICHELSON

go well for the other deported back to Be- Puerto Rican and Italian. I attended the two-year College My father FaceTimed a family
team. One of the guys lize when I was 8. I Chris was my best friend. He’s of DuPage and majored in theater. member who was there with me,
who lost got pissed had no direct commu- white. We’d go to Old Navy and My second year, a Second City re- and I spoke with him. It was emo-
off, a fight broke out nication with him buy the same clothes and then tell cruiter came to see me in a play. tional. He said he enjoyed watch-
and his brother came from 1991 to 2022. people at school we were cousins. She invited me to take classes at ing me on TV and in movies. He
outside with a gun. I was proud of what The first play I auditioned for Second City, on them. died the next year. I regret not ex-
So, we moved from my mom had done for was “Godspell.” I loved being on After I moved to New York in tending an olive branch sooner.
Chicago’s South Side us. Then I’d go to stage. 2006, I hosted a talk show on BET —As told to Marc Myers
to Wheaton, a suburb friends’ houses, where In high school, my algebra called “Hotwired.” Ellen DeGe-
about an hour west. both parents worked teacher carved out a time slot for neres caught my monologue while Lamorne Morris, 41, is an Emmy-
We went from a Black neighbor- six-figure jobs. They had three me. He’d say, “Do you want to say on her treadmill and invited me to winning actor and comedian best
hood to a mostly white one. floors, multiple cars and house- something to the class and get it Los Angeles to be part of her known for TV series “New Girl,”
In Chicago, we lived in my keepers. I couldn’t believe it. out of your system?” He’d add, “Do show, as a correspondent. “Woke” and “Fargo.” He co-stars
grandmother’s four-bedroom, My group of six friends in- it now because if you interrupt I couldn’t because of my BET in the new film “Saturday Night.”

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#
N O RT H T E X AS ’ 1 LU X U RY B RO K E R AG E

Curators of the unique.

The new neighborhood where classic architecture is going very contemporary

A
BRIGGSFREEMAN.COM

From the lot more luxury is coming to acres. It is the creation of Mark Alexan- The first two homes are underway, es-
President’s P.O.V. Las Colinas. der, president of Alexander Hunt Distinct timated to be completed by the end of this
That highly unique area Homes and Alexander Homes Develop- year. The lots are selling now, starting at
of Irving, just 20 minutes from ment Company. Mark and his team are $407,000, and the homes begin at $2 mil-
Dallas and 30 minutes from Fort Worth, is building something really fresh — homes lion. Come see avadene.com and briggs-
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All of this adds to the excitement that Each will be a generous 4,000 to 6,000
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Realty is the exclusive brokerage for a su- and modern luxuries, such as an upstairs
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La Cantera at Team Ranch | Benbrook, Texas | Gated community
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Jana Stidman / 714-394-3114 / [email protected]

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© 2024 Sotheby’s International Realty.All Rights Reserved. Sotheby’s International Realty® is a registered trademark and used with permission. Each Sotheby’s International Realty office is independently owned and operated, except those operated by Sotheby’s International Realty, Inc.The Sotheby’s International Realty network fully supports
the principles of the Fair Housing Act and the Equal Opportunity Act. All images are a combination of photography and artist renderings.The artist representations and interior decorations, finishes, appliances and furnishings are provided for illustrative purposes only. Prices and features are subject to change.

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5910 Lupton Drive | $4,900,000

Preston Hollow | Dallas, Texas
Penny Cook / 214-384-2847 / [email protected]
Lisa Besserer / 214-543-2940 / [email protected]
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738 N. Edgefield Avenue | $786,000

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Oak Cliff | Dallas, Texas

Joseph Romero / 817-606-7175 / [email protected]

4507 Harvest Hill Road | $1,200,000

3901 Bradbury Circle | $1,800,000 Indian Ridge Ranch | $3,200,000 North Dallas | Dallas, Texas
Town Lake | Flower Mound, Texas Cisco, Texas | Eastland County | 286± acres
Shelle Carrig / 469-443-8765 / [email protected]
Kim Bedwell / 817-229-9445 / [email protected] TT Ranch Group / 214-718-2800 / [email protected] Matt Wilkerson / 214-471-2996 / [email protected]

SOLD SOLD SOLD*

*REPRESENTED BUYER

9531 Spring Branch Drive | Listed for $1,250,000

12210 Park Bend Drive | Listed for $1,695,000 Lake Highlands | Dallas, Texas 3510 Turtle Creek Blvd #18B | Listed for $2,100,000
Lake Forest | Dallas, Texas | Gated community The Claridge | Turtle Creek | Dallas, Texas
Malinda Arvesen / 214-354-7029 / [email protected]
Katherine Roberts / 214-457-7878 / [email protected] David Arvesen / 214-354-6142 / [email protected] Ralph Randall / 214-533-8355 / [email protected]

214-350-0400 FIND US ON SOCIAL MEDIA @BRIGGSFREEMAN AND #BRIGGSFREEMAN

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

M12 | Friday, November 1, 2024 THE WALL STREET JOURNAL.

WORLD-CLASS GOLF | REAL ESTATE COMMUNITY | RESORT AMENITIES | CABOTCITRUSFARMS.COM

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For state registration, visit cabotcitrusfarms.com/legal for details.

Four world-class courses at your doorstep.

Nestled on 1,200 pristine acres, Cabot Citrus Farms offers a collection of graciously appointed two- and four-bedroom
Cottages as well as Fairway Homes and four masterfully crafted golf courses. Golfers and homeowners alike can enjoy
world-class amenities including two 18-hole courses, one 9-hole course, an 11-hole par-3 course, a new clubhouse,
wellness center, adult and family pools and practice facilities.

Two-Bedroom Cottages start at $1,800,000 USD | Four-Bedroom Cottages start at $3,200,000 USD.