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* * * * * THURSDAY, NOVEMBER 7, 2024 ~ VOL. CCLXXXIV NO. 110 WSJ.com HHHH $5.00
DJIA 43729.93 À 1508.05 3.57% NASDAQ 18983.47 À 3.0% STOXX 600 506.78 g 0.5% 10-YR. TREAS. (New Issue) yield 4.425% OIL $71.69 g $0.30 GOLD $2,667.60 g $72.70 EURO $1.0731 YEN 154.64

TRUMP TRIUMPHS AGAIN

Republican former president is first in more than a century to reclaim the White House after losing it
Republican Donald Trump
leveraged anxieties about the
cost of living and illegal immi-
gration to score a decisive vic-
tory over Democrat Kamala
Harris, reclaiming the White
House in an electoral triumph
certain to alter the U.S.’s pri-
orities and relationship with
the world.

By John McCormick,
Alex Leary
and Ken Thomas

Trump, who won election in

2016 as the 45th president, now
is set to be the 47th and just
the second candidate in U.S.
history to win nonconsecutive
White House terms. His historic
win blew away expectations for
a prolonged vote count decided
by razor-thin margins, as polls
indicated for weeks.
Harris spoke to the presi-
dent-elect on Wednesday to
congratulate him. Trump
spoke to President Biden, who
“expressed his commitment to

.
ensuring a smooth transition
and emphasized the impor-

ly
tance of working to bring the
country together,” the White
House said. Biden invited him
on to the White House “in the
near future.”
Trump was on pace to sweep

EVAN VUCCI/ASSOCIATED PRESS

the battleground states, take
the lead in the popular vote and
us ,

outperform his previous sup-

l

port among young people and

e
al a

some minority groups such as

Latino men. With Trump at the
top of the Republican ticket, the
ci on

President-elect Donald Trump, at his election-night watch party in West Palm Beach, Fla., early Wednesday morning, is set to be sworn in on Jan. 20. Please turn to page A6

Dow Logs Biggest Gain How Did Donald Trump Win the Race?
er s

Since 2022 as Outcome He Stayed True to Being Donald Trump.

m er

Stirs Investors’ Hopes BY ALEX LEARY does best: he connected with

m rp

Margin of victory in 2018 Women Men

AND TARINI PARTI crowds, went on the attack
2018-24 U.S. elections for ’20
and freely spoke his mind.
BY KAREN LANGLEY cent years. But sectors that certain demographic groups ’22 Former President Donald The push by the Democratic
AND RYAN DEZEMBER were expected to benefit from Republicans made gains among ’24 Trump cleared a path to the Party and Vice President Ka-
Democratic policies, such as women, men, Blacks and Hispanics White House by doubling mala Harris to highlight
co Fo

Donald Trump’s election vic- electric-vehicle companies and in the past six years. down on the very things that Trump’s words and actions, to
Men, 18-29
tory powered the Dow Jones clean-energy related indus- Democrats said made him un- portray him as a danger to the
Industrial Average to its big- tries, declined sharply. Women, fit to return to the Oval Office. country, failed to loosen the
age 18-29
gest gain in two years, with a The promise of four years of Throughout Trump’s cam- former president’s grip on the
broad market rally lifting Republican rule drove the lat- paign, the Republican Party electorate. Trump’s legal trou-
shares of banks, industrial com- est rise in Treasury yields, re- candidate was bombastic, pro- bles, instead of hobbling his
panies and small-cap firms that flecting expectations of stron- fane and frequently untruth- candidacy, fueled donations.
are expected to benefit from ger growth and inflation, while Blacks Hispanics ful, claiming the 2020 race American voters seeking a
continued economic expansion. gold prices fell as fears that was stolen from him, that he change in fortune bet on
The gains were widely dis- the election results would be held no responsibility for the Trump’s promises to boost the
tributed as Wall Street bet that contested and spark social un- Jan. 6, 2021, attack on Con- U.S. economy, lower prices
Trump’s promises of deregula- rest weren’t realized. gress and that President Biden and taxes, settle foreign con-
tion and tax cuts will further “The markets are now trad- +80D +60 +40 +20 0 +20R had orchestrated his indict- flicts and put a stop to illegal
pct. pts.
n-

ignite an economy that already ing full-on Trump trade,” said ments and felony convictions. immigration. The Republican
has posted strong gains in re- Please turn to page A2 Source: Associated Press VoteCast Trump also did what he Please turn to page A10

The Economy-Is-Everything Election Musk’s Politics Bet Scores Big

no

The experts said the econ- voted, but their grocery bills and we know is so tired, like some-
As Conflicts of Interest Loom
omy was doing great. Everyday out-of-reach ambitions. body’s foot has been on the
Americans disagreed. Americans are still feeling American people’s chest for the BY EMILY GLAZER nue for Musk’s companies
Roughly 40% of voters said sticker shock from higher prices past four years,” said Amanda AND DANA MATTIOLI hang on government deci-  A tax gamble is about to
the economy was their top issue, on everything from cleaning DiAntonio, a 36-year-old hair sions: which rocket to use for pay off............................... A3
far outstripping any other issue, supplies to a cup of coffee that stylist who lives in Henderson, Elon Musk spent more than a space launch, how many sat-  Greg Ip: The economy
followed the pandemic. Their Nev., and voted for Trump. $100 million to send Donald ellites to allow in low-Earth- under Trump 2.0.......... A3
By Rachel Louise anger about the economy ex- She said she believes Trump Trump back to the White orbit, whether to permit driv-  How GOP regained
Ensign, Rachel Wolfe tended beyond prices to encom- will enable working people to House. Now that he has won, erless cars on the highways. control of Senate......... A4
and Justin Lahart pass wider discontent and anxi- enjoy their lives again. “I just the billionaire industrialist Musk, who has been prom-  Harris campaign
ety over the future. Many feel a big exhale,” she said, “like and top executive of Tesla and ised a role auditing federal ex- misread electorate...... A5
and those voters favored Donald Americans are frustrated that let’s move forward because SpaceX could reap enormous penditures and regulations in  Trump pressed to end
Trump by 60% to 38%. Many they can’t afford to buy a home we’re going to be OK.” financial rewards—potentially a Trump administration war in Ukraine............... A9
weren’t thinking about the or start a family. Fewer believe The Wall Street Journal presenting an unprecedented through a proposed Depart-  Allies brace for shifts as
streak of robust economic that the American dream is spoke to hundreds of Americans conflict of interest at the ment of Government Effi- threats mount............... A9
growth or the Federal Reserve’s achievable. this year about their feelings on highest levels of government. ciency, will likely have a seat
potential soft landing when they “We are so tired. Everyone Please turn to page A2 Billions of dollars in reve- Please turn to page A2

What’s News
Business & Finance World-Wide
 Major U.S. stock indexes  Senior AstraZeneca execu-  Puma said it was on track to  Republican Donald Trump  The mystery trader known  A missile among a volley
advanced to records, with the tive Leon Wang was detained meet its full-year outlook after leveraged anxieties about the as the “Trump whale” is set to fired from Lebanon struck an
Dow soaring 3.6%, the aver- by Chinese authorities investi- sales growth accelerated in cost of living and illegal immi- reap nearly $50 million in profit open area of Ben Gurion Airport
age’s biggest daily percentage gating the U.K. pharmaceuti- the third quarter, helped by a gration to score a decisive vic- from bold bets tied to the in central Israel, causing some
gain since November 2022. cal maker’s employees in recovery in the sporting-goods tory over Democratic Vice presidential election, wagers damage but no injuries. A18
The S&P 500 and Nasdaq rose China, the company said. B1 company’s U.S. business. B3 President Kamala Harris, re- he described as challenging the
 Hurricane Rafael pushed
2.5% and 3%, respectively. A1 claiming the White House in accuracy of polling data. A8
 BMW reported a sharp  Blackstone Real Estate will into the Gulf of Mexico after
an electoral triumph certain
 Tuesday’s election results drop in profitability for its key take shopping-center owner  U.S. allies braced for for- plowing across western Cuba
to alter America’s priorities
put Republicans within reach automotive unit, hit by the and operator Retail Opportunity eign-policy shifts from the in- as a Category 3 hurricane
and economic relationship
of gaining enough power to costs of a recall and weak de- Investments private in a $4 bil- coming administration, with with winds so powerful it
with the world. A1
extend trillions of dollars in mand in China, but forecast lion deal, adding to its portfolio Europeans among the most knocked out the entire coun-
expiring tax cuts. A3 stronger earnings in the of companies in the sector. B3  Republicans seized control worried about what a second try’s power grid. A18
fourth quarter. B1 of the Senate and looked in Trump term might bring. A9
 CVS’s new chief executive
position to narrowly keep
named an outsider to head  Schneider Electric said it CONTENTS Markets & Finance B11  Germany’s fractious three-
power in the House, setting
Aetna, the company’s trou- was investigating a cyberat- Arts in Review....... A13 Opinion.................. A15-17 party coalition government >
Business News......... B3 Personal Journal A11-12 President-elect Trump up to
bled insurance arm, and pro- tack after a hacker claimed to collapsed amid ongoing policy
Capital Account....... A3 Sports............................ A14 more easily confirm nominees
moted an executive to over- have accessed critical data, disputes, tipping the economi-
Crossword................... A14 Technology................... B4 and muscle through key prior-
see the pharmacy-benefit the second incident the com- Equities........................... B8 U.S. News.............. A2-10 cally embattled country into a
ities, including taxes. A4
manager and other units. B1 pany disclosed this year. B1 Heard on Street..... B12 World News.............. A18 political crisis. A18
s 2024 Dow Jones & Company, Inc. All Rights Reserved
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A2 | Thursday, November 7, 2024 * *** THE WALL STREET JOURNAL.

ELECTION 2024
Musk Wins Election manufacturing eliminated good
blue-collar jobs. It also has res-
onated with working-class vot-

His Bet Turned on ers who once thought they

could count on a college degree
as a ticket into the middle

On Trump Economy class, but have started to ques-

tion its value.
The run of high inflation
that followed the Covid pan-
Continued from Page One Continued from Page One demic made the economy a
at the table where many of the economy. The interviews re- concern for a range of voters.
those decisions are made, giv- vealed a wide disconnect be- Inflation shot up during the Bi-
ing him the opportunity to tai- tween official government data den presidency, and although it
lor policy to suit his own fi- showing an increasingly robust has cooled lately, prices remain
nancial interests. economy and persistent pessi- far higher than they were when
Musk oversees six compa- mism among Americans. While Trump left office. The Labor
nies—including electric-vehi- Democrats touted the econ- Department’s measure of con-
cle maker Tesla and rocket omy’s strength, many voters sumer prices was nearly 20%
launcher SpaceX—with more said the economy as they knew higher this September than in
than $1 trillion in assets held it was broken. January 2021—the largest in-
by investors. “This happy talk doesn’t res- crease for a single presidential
He and his companies have onate with most Americans,” term since Ronald Reagan’s
been repeatedly probed by Mark Zandi, chief economist at first four years in office.
government agencies, includ- Moody’s Analytics, said of the Anger over inflation per-
ing the Federal Trade Commis- political messaging. “They’re sisted despite a labor market
sion, Securities and Exchange still paying higher prices for that steadily added jobs while
Commission and Justice De- many things they need to buy.” boosting wages. Even though
RYAN COLLERD/AFP/GETTY IMAGES

partment, over concerns about Chris Abramowicz said he Labor Department data indicate
user-data protection at X, for- voted for Biden in 2020 and that median wages outpaced in-
merly Twitter, the safety of his came to regret the decision. The flation, that wasn’t true for a
cars and his super political-ac- 39-year-old from Rockford, Ill., significant number of people.
tion committee’s activities in flipped his vote to Trump this A whopping 96% of voters
the election. time around. said “high prices for gas, grocer-
Trump, a Republican, has With nine children and an- ies and other goods” were a fac-
said on the campaign trail other on the way, he felt the rise tor in their vote, according to
that he will look out for Billions of dollars in revenue for Elon Musk’s companies hang on government decisions. in grocery prices acutely. He re- AP VoteCast.
Musk’s interests. “Elon is a calls being especially peeved Anastasios Sofianidis, a 48-
great guy,” Trump said in late an invitation to Musk to enrich and Space Administration re- Brendan Carr, a conservative about the soaring price of eggs. year-old unemployed cook from
October. “He’s one of our ge- himself and defang his regula- lies on SpaceX for some of its FCC commissioner, have said “This isn’t a 20% increase, this is Detroit’s west side, said higher
niuses and we have to protect tors. “This is a blatant in- most high-profile missions. It that Starlink could better con- ‘the chickens have gone on prices on everyday purchases
our geniuses.” your-face effort by the world’s is the only company currently nect some rural areas than strike because they know Bi- such as gasoline were on his
In his victory speech from richest man to essentially buy transporting astronauts to and fixed fiber-optic lines and have den’s a union man,’ ” said mind when he voted for Trump
Mar-a-Lago early Wednesday influence by injecting himself from the International Space suggested last-minute rule Abramowicz, who owns an in- on Tuesday.
morning, Trump showered in the election in unprece- Station. The company is also changes to steer more subsi- formation-technology business. Rob Cooper, a 50-year-old
praise on the billionaire, de- dented ways, potentially some the dominant rocket launcher dies to satellites. He said he doesn’t think Vice chief financial officer for a retail

.
scribing him as a new political of them illegal,” said Rep. for the Pentagon and has a In a statement, a NASA President Kamala Harris under- chain, told the Journal earlier
celebrity. “A star is born,” Gerry Connolly (D., Va.), a se- growing business working on spokesman said that its “con- stands that pain, and he resents this year that the increasing

ly
Trump said. “Elon!” nior member of the House the intelligence community’s tracts are with companies, and what he sees as liberals’ insis- price on his favorite deodorant,
The two men have united in Foreign Affairs Committee. satellite programs. not with specific individuals” tence that the economy is boom- Old Spice Stronger Swagger,
public over Trump’s culture- Rep. Jake LaTurner (R., Musk is eager to boost the and that the agency works ing while he and everyone he bothered him so much that he
war takes on diversity, gender,
and immigration, and Musk
has become an ever-present
mascot of sorts on the cam-
Kan.), a member of the House
Oversight Committee, said
safeguards can be put in place
to handle the appearance of
on number and frequency of its
launches—and consequent
paydays—for its fleet of rock-
ets, particularly its powerful
with contractors such as
SpaceX on exploration and
other efforts “for the benefit
of all.”
knows feel worse off. “It was
baldfaced gaslighting, when you
look around and see things
clearly, but you’re told, ‘Oh, no,
started looking for it at discount
stores. He said he voted for
Trump on Tuesday because of
his positions on corporate and
paign trail since early October. any conflicts. “His skill set is Starship, in whose develop- everything’s great.’ ” individual taxes—even though
us ,

He spent election night with Trump voters were more mo- he recognizes Trump’s plans to
Tesla
l

Trump at Mar-a-Lago in Palm tivated by economic issues than levy tariffs could further in-
‘He’s one of our geniuses and we have
e
al a

Beach, Fla. Tesla has been a major ben- Harris voters. About half of crease prices.
to protect our geniuses.’ eficiary of the Biden adminis- Trump voters said higher prices Many Americans also feel
tration’s Inflation Reduction were the largest factor in their pinched by high interest rates.
ci on

Talks to Putin Act, which provides hundreds decision, according to AP Vote- Federal Reserve data show that
Trump isn’t the only world Donald Trump, referring to Elon Musk of billions of dollars in subsi- Cast. just before the central bank be-
leader that Musk has become dies for investing in renew- “The economy is everything,” gan raising rates in 2022 in its
chummy with, blurring busi- just too valuable for us to ig- ment the company invested able-energy projects. said DiAntonio, the hair stylist. bid to cool inflation, the average
ness and geopolitics. He has nore,” he said of Musk’s plans billions of dollars. He has fre- The roughly $900 billion “It all cycles back to how you rate on credit card plans was
er s

had secret conversations with to propose ways to slash the quently complained on X about public company has earned feel in your everyday life.” 14.6%. As of August, just before
President Vladimir Putin of federal budget. the limits placed on the com- more than $2 billion so far in She blames Biden and Harris the Fed cut rates for the first
m er

Russia, contacts with China Musk, his representatives pany by the Federal Aviation 2024 from clean-air credits for not being able to afford time, it was 21.8%.
over its role in the electric-ve- and spokespeople for the com- Administration, which over- that it sells to other automak- things she said Americans once Interest rates rose on car
hicle market, and flirted with panies didn’t respond to re- sees private space launches. ers under Environmental Pro- took for granted, such as buying loans and mortgages. Home
meeting Prime Minister Nar- quests for comment. Just days Musk’s greatest ambition is tection Agency rules. a house or going on vacation. prices also shot up, making it
endra Modi of India over po- before the election, Musk for human exploration of Mars, In the past, Trump has spo- She voted for the first time in harder and harder for many
m rp

tential new business there. He wrote on X: “And to be clear, I which he views as essential for ken skeptically of electric ve- 2016, for Trump, then voted for families to buy their first home.
relies on foreign investors, have never asked @realDon- the survival of humanity. He hicles and federal policies that him again in 2020. A July Wall Street Journal/
with Saudis and Qataris aldTrump for any favors, nor has made clear his intention to promote their use—including “Literally everything, parent- NORC poll of 1,502 U.S. adults
among the largest X backers. has he offered me any.” use his influence in govern- a $7,500 electric-vehicle tax ing, eating, working, just our found that 89% of respondents
These relationships could in- ment to make it happen. “The credit. More recently, he has daily grind has been so hard,” said owning a home is either es-
co Fo

fluence or complicate Trump’s Department of Government Ef- sounded a more positive note. she said. She has resisted in- sential or important to their vi-
foreign-policy plans. Space business ficiency is the only path to ex- “I’m for electric cars,” Trump creasing prices in her salon, she sion of the future, while only
Tesla shared closed The billionaire has the most tending life beyond Earth,” he said in August. “I have to be said, even though she is paying 10% said homeownership is easy
Wednesday at $288.53, up to gain through SpaceX, which wrote on X in October. because Elon endorsed me more for supplies. or somewhat easy to achieve.
14.75%. has signed more than $15 bil- Starlink could also benefit very strongly.” She and her husband, Rocky Michelle and Christopher
Some have expressed alarm lion in government contracts from the government’s new —Kristina Peterson DiAntonio, a YouTube content Cortazzo, who live in Glen Rock,
that any role in the coming over the past decade. $42 billion internet-expansion and Micah Maidenberg creator who home-schools their N.J., and voted for Trump, said
Trump administration will be The National Aeronautics campaign. Both Trump and contributed to this article. 5 and 7-year-old children, had paying for child care was the
nearly enough saved five years breaking point for them.
ago for a down payment on a Michelle, a 38-year-old phar-

Dow’s Gain WSJ Dollar Index

100.0
Bitcoin price
$76,000
Index performance
5%
home. Now, they worry about
paying their $3,000 monthly
rent, and have dipped repeat-
macy consultant, said they pay
$1,500 a month for their 4-year-
old son’s daycare. “It feels
n-

Dow industrials

Is Biggest 99.5
74,000 4
Nasdaq
Composite
S&P 500
edly into their house savings to
keep up with increasing bills.
They have stopped talking about
wrong,” she said. “We went to
college, we worked really hard
to move up in our careers, we’ve

Since 2022 buying a house. done what society tells us to do,

no

72,000 3 Trump put the cost of living but it feels like we’re punished
front and center in his pitch, for that.”
99.0 claiming in his nomination ac- Child-care prices have dis-
Continued from Page One 2 ceptance speech that “inflation suaded the couple from having a
70,000
Stephen Dainton, a senior exec- will vanish completely” under second child, even though they
utive at Barclays who oversees his watch. Harris, too, said that each have six-figure incomes.
the lender’s investment bank 98.5 families were struggling, and “If we had two, we would be
68,000 1
including its trading division. that policy proposals like an living paycheck to paycheck, and
Major stock indexes ad- expanded child tax credit that just terrifies me,” said
vanced to records. The Dow in- 98.0 Five-minute intervals 66,000 Five-minute intervals 0 Five-minute intervals would help. Christopher, 40, who works for a
dustrials soared about 1,508 Trump’s message has long pharmacy-benefits company.
points, or 3.6%, the biggest daily Tues. Wed. Tues. Wed. Tues. Wed. appealed to voters in places —Douglas Belkin
percentage gain since Novem- Sources: Dow Jones Market Data (index); CoinDesk (bitcoin); FactSet (index performance) where the decline of domestic contributed to this article.
ber 2022. The S&P 500 added

CORRECTIONS  AMPLIFICATIONS
2.5%, while the tech-heavy Nas- firms, including Denmark’s A.P. that Trump’s tax-cut-heavy pol- Early wins by Trump in key
daq Composite rose 3%. Moller-Maersk and Germany’s icies will add to the deficit, with states assuaged fears that it
Big winners included banks, Hapag-Lloyd. Copper prices the threat of a larger supply of could take days or weeks for the
which investors bet were poised had their worst day in over Treasurys pushing down bond election to be called. The Cboe
to benefit from reduced regula- two years, dropping 5.1% as prices. The yield on the 10-year Volatility Index—the market’s Helena-West Helena, Ark., about main-street businesses
tion and a fresh acceleration in metals traders in New York re- Treasury climbed to 4.425%, its fear gauge—plunged to its low- is a farming community on incorrectly said the town is
growth. Shares of JPMorgan considered demand forecasts highest closing level since July. est level since late September. the Mississippi River. An Oct. on the Mississippi River
Chase, the nation’s largest that hinge on China’s economy That hit firms and invest- Some investors watched the 30 Personal Journal article delta.
lender, climbed 12% to a record. and the clean-energy boom. ments that are sensitive to rally with skepticism, worrying
Wells Fargo and Goldman Sachs Investors’ belief that Trump higher bond yields. The S&P the market looked expensive Readers can alert The Wall Street Journal to any errors in news articles by
both rose 13%. may break with the Biden ad- 500’s consumer-staples sector even before Wednesday. Stocks emailing [email protected] or by calling 888-410-2667.
The prospect of lighter regu- ministration’s push into re- declined 1.6% and the utilities in the S&P 500 traded Tuesday
lation and protective tariffs newable energy and electric segment lost 1% The real-estate at 21.6 times the companies’
helped drive gains in industri- vehicles hit companies as far sector sank 2.6%. projected earnings over the THE WALL STREET JOURNAL
als, with equipment maker Cat- away as South Korea. LG En- Surging yields intensified a next 12 months, above a 10-year (USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
erpillar rising 8.7% to a record ergy Solution fell 7% and Han- climb in the U.S. dollar, which average of 18.4, according to
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
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solar panels, dropped by 8.2%. pect of rising tariffs. Economists “Markets were already rich Published daily except Sundays and general legal holidays.
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THE WALL STREET JOURNAL. Thursday, November 7, 2024 | A3

ELECTION 2024

A Tax Gamble Is About to Pay Off Fed Is Set

For a Cut,
Tuesday’s results mar, a former Senate GOP aide Bipartisan Policy Center. “In home generators and touted a California are adamant that

will help the GOP

extend tax cuts that
now at accounting firm PwC.
“The idea that the corporate
rate is going to 28% or even
the first 100 days, I think the
outlook is a little murkier.”
A complete extension would
special tax rate for domestic
manufacturers. And he said he
would restore the state and lo-
the $10,000 SALT cap must be
raised or repealed while others
want to keep that limit as a
But Future
are set to expire
25% no longer seems like a
real thing.”
U.S. stocks climbed Wednes-
increase budget deficits by
more than $4 trillion over a
decade, and Republicans would
cal tax deduction, or SALT,
which Republicans capped at
$10,000 in 2017.
way to curtail federal subsi-
dies to those states.
“The SALT caucus becomes
Path Is
BY RICHARD RUBIN

President-elect Donald
Trump and his fellow Republi-
day on hopes for deregulation
and dissipating fears of tax
hikes.
The election victories by
have to decide how much red
ink they are willing to tolerate.
Senate Republicans, generally,
appear more willing to extend
Trump’s newer proposals all
increase the potential budget-
ary impact of the tax cuts, and
many Republicans are wary of
very mighty in the House,”
Lautz said.
Some Republicans, includ-
ing Trump, have called for re-
Uncertain
cans stand within reach of Trump and congressional Re- tax cuts without offsetting tax targeted tax-cut carve-outs pealing many of the clean-en- BY NICK TIMIRAOS
gaining enough power to ex- publicans make survival more increases or spending cuts. and restoring the full state and ergy tax breaks that
tend trillions of dollars in ex- likely for most of the expiring House Republicans are less local deduction. Republicans Democrats created or ex- The Federal Reserve is
piring tax cuts, and they are Republican tax cuts—a higher willing to do so. could address the 2025 expira- panded in 2022. But those widely expected to cut inter-
preparing to move quickly in standard deduction, bigger “The deficit hawks, even if tions first, then push some of credits are funding projects in est rates by a quarter-percent-
2025 if election results con- child tax credit, a 20% deduc- they only number in the single those issues into a subsequent Republican districts, and many age point at its meeting that
tinue to go their way. GOP lawmakers are wary of ends Thursday. The bigger
Republicans won control of full repeal. question is how many more
the Senate early Wednesday
‘Dramatic tax increases are off the table. The idea that the To get a Republican-only cuts officials expect will be
and are in a strong position to corporate rate is going to 28%...no longer seems like a real thing.’ bill through Congress, using warranted to preserve a solid
retain the House. With full the so-called reconciliation job market without reversing
control of Congress, they could procedures, negotiators would recent declines in inflation.
push through tax changes Rohit Kumar, a former Senate GOP aide who is now at PwC have to agree on a budgetary Officials will be hard-
without needing Democratic target, vote on a budget and pressed to offer any firm an-
votes, just as they did in 2017. tion for some closely held digits, that will be enough to bill. They also will have to then write and pass a tax bill swers on that question because
Back then, they set the bulk of businesses and a larger estate have leverage,” Kumar said. grapple with the impact of any that hits that mark. They their reply will be some version
those tax cuts to expire after tax exemption. House Republi- “The administration is going tariffs Trump imposes, which would, again, consider tempo- of the following: It depends.
eight years—at the end of can leaders have been saying to really have to put its shoul- would raise revenue and, ac- rary extensions of many provi- Here is a look at four ques-
2025—teeing up next year’s they would aim to move a tax der to the grindstone to try to cording to economists, raise sions because the reconcilia- tions officials face that illus-
debate and gambling that a fu- bill within the first 100 days of convince House and Senate Re- prices on goods bought by tion rules don’t allow them to trate why the Fed’s ability to
ture Congress would extend the new Congress starting in publicans to reach a common middle-income households. expand budget deficits beyond offer meaningful interest-rate
them. That bet is on the brink January. understanding.” To chart their path on tax a 10-year period. Such a bill guidance could be more limited:
of paying off. Still, even full Republican If they sweep, Republicans policy, Republicans will need would require a simple major- First, does the election re-
At a minimum, in a divided control wouldn’t guarantee would have to decide how to to resolve internal philosophi- ity in both chambers to pass. sult lead to meaningful
government, Trump and the any particular outcome, and incorporate Trump’s cam- cal differences. Some Republi- A 52-48 Senate would make changes for economic demand
new Senate Republican major- lawmakers would quickly face paign-trail ideas, all of which cans place a greater emphasis more moderate Republicans or inflation that warrant a dif-
ity will be able to block tax in- difficult choices. add up to be nearly as big as on increasing the child tax such as Susan Collins of ferent policy path?
creases and hold a firm negoti- “In calendar year 2025, extending the expiring tax credit as a way of helping fam- Maine, Lisa Murkowski of Officials won’t change their
ating position against a they’re very certain to get cuts. Trump said he wanted to ilies while others are focused Alaska and Todd Young of In- policy approach until they can
narrowly controlled Demo- something” if they have full eliminate taxes on tips, Social on driving down marginal tax diana the pivotal votes. If the see what President-elect Don-

.
cratic House. control, said Andrew Lautz, Security benefits and overtime rates to encourage investment. GOP takes a few more seats in ald Trump does with proposed
“Dramatic tax increases are associate director of the eco- pay. He offered new deduc- House Republicans from uncalled races, they would changes to taxes, tariffs and

ly
off the table,” said Rohit Ku- nomic policy program at the tions for car-loan interest and New York, New Jersey and have a larger cushion. immigration. But if Republi-
cans also win control of both
chambers of Congress, staff
CAPITAL ACCOUNT | By Greg Ip on economists could begin to re-
vise some of their underlying
assumptions at the December

The Economy Under Trump 2.0 meeting.

Transcripts from the Fed’s
us ,

December 2016 policy meet-

l

ings show officials and staff

V
e
al a

economists engaged in robust

oters have re- debates over how to model the
elected Donald possibility of tax cuts. Trump
ci on

Trump in great had just won the election with

part out of dissat- majorities in both chambers of
isfaction with the Congress.
economy under President Bi- Second, have jitters about
den and nostalgia for the low job-market deterioration been
er s

inflation and prepandemic overstated? When the Fed cut

conditions of the former rates in September, the unem-
m er

president’s first term. ployment rate had ticked up

To fulfill those voters’ to 4.3% in July from 3.7% at
hopes, Trump’s main eco- the beginning of the year.
nomic tools will be the same There was also a slowdown in
as in that first term: tariffs the pace of job growth. Some
m rp

and tax cuts. But there’s a dif- economists feared the Fed
ference. The tariffs he’s plan- might have held rates too high
ning will be broader and for too long, leading to unnec-
higher, and the tax cuts more essary labor-market weakness.
narrowly targeted. Those fears were amplified by
co Fo

The consensus of econo- a rule of thumb that says once

mists and investors is that unemployment starts to rise
tariffs will put upward pres- by a little bit, it typically rises
sure on inflation while tax by a lot more.
cuts could spur growth and Since officials last met,
add to deficits, together tend- those concerns have receded
ing to nudge interest rates somewhat, but they haven’t
ANDREW KELLY/REUTERS

higher. And indeed, long-term been extinguished. Job growth

Treasury bond yields had rebounded in September but
risen recently on strong eco- was very soft in October, likely
nomic data and Trump’s im- reflecting the effect of hurri-
proved polling, and they shot canes and strikes. The unem-
up Wednesday as Trump’s ployment rate fell to 4.1% in
n-

victory became apparent. A trader wore a hat in support of President-elect Donald Trump at the New York Stock Exchange on Wednesday. September and stayed at that
The first years of Trump’s level in October.
first term were better for the markets were pushing in the Expected inflation in five to 10 years, based on spread between deficit over 10 years. Third, where is inflation
economy than many expected opposite direction. On the eve regular and inflation-indexed Treasury securities Tariff revenue would re- headed? Inflation based on the
no

on election night in 2016, and of his election, bond investors duce that cost somewhat, as Fed’s preferred index has been
expectations could be simi- expected future inflation to 3.0% would spending cuts, though slowing. The index rose 2.1%
larly miscalibrated now. For average 1.8%, below the Fed’s Trump also plans some in September from a year ear-
one thing, he inherits a rela- 2% target. 2.5 spending increases. lier. A separate measure of so-
tively benign outlook. Growth This time Trump has pro- Still, lower taxes should called core inflation that
2.0
has been surprisingly strong posed much higher tariffs—at provide some boost. strips out volatile food and
while inflation has fallen sub- least 60% on China, and 10% Deutsche Bank estimates that energy prices was 2.7%.
1.5
stantially from its peaks. The to 20% on everyone else. Such a unified Republican govern- Core inflation has declined
Federal Reserve is set to trim a combination would lift U.S. ment would boost growth by meaningfully from where it
1.0
interest rates Thursday for tariff rates to their highest 0.5 percentage point in 2025 was in 2023, which is why the
the second time this year. since the 1930s. And it would 0.5
and 0.4 in 2026 without Fed has felt comfortable be-
This should keep recession come when demand is brisk, higher tariffs. ginning to cut interest rates.
risks to a minimum. supply chains are vulnerable 0 Tax cuts would also add to But some officials could agi-
As for Trump’s own plans, to geopolitical conflict, and the deficit and put upward tate for a slower pace of cuts
he may not raise tariffs as memories of inflation are 2005 ’10 ’15 ’20 ’24 pressure on interest rates. if inflation progress appears
much as threatened, opting fresh. Bonds see future infla- Trump’s polling average 10-year U.S. Treasury yield But with the last fiscal to stall and the economy is
for negotiations over trade tion at 2.3%. year’s budget deficit at $1.8 humming along.
war. Congress may water This suggests tariffs could 49.0% 4.4% trillion, triple the level of Fourth, what is the right
down his tax plans. Finally, pose more of an inflation risk eight years earlier, even a level for rates, anyway? Offi-
presidents are seldom the than in his first term. Mor- 48.5 Republican Congress may not cials are trying to bring rates
main driver of economic gan Stanley estimates 4.2 give Trump all he wants, back to a more “normal” set-
performance. Trump’s poli- Trump’s 60% and 10% plan 48.0 such as exempting overtime ting after two years of rapidly
cies may have less to do would raise U.S. consumer and Social Security benefits increasing borrowing costs to
with how the economy per- prices 0.9%. That’s a one-off 47.5 4.0 from taxes. fight inflation. But they don’t
forms over the next four effect: Eventually, inflation Don Schneider, a former know what constitutes a nor-
years than larger forces and should fall back to its under- 47.0 Republican congressional mal rate.
unexpected events, such as a lying trend. 3.8 aide now at Piper Sandler, Before the 2008-09 finan-
crisis, a war or a boom But other factors could re- 46.5 said: “There simply are not cial crisis, many thought a
driven by new technology. sult in a smaller impact. Im- the votes to do that.” normal or “neutral” level that
porters could absorb more of 46.0 3.6 neither spurs nor slows the
the tariff into their margins. economy might be around 4%.
Trade comes first The dollar could rise, offset- Aug. 2024 Sept. Oct. Nov. Aug. 2024 Sept. Oct. Nov. Regulations The benchmark federal-funds
His first opportunity to ting higher import prices. Sources: Federal Reserve Bank of St. Louis (expected inflation); RealClearPolitics (polling); Trump has proposed rate is currently in a range be-
make a mark will likely be Most important, some advis- Tullett Prebon (Treasury) lighter regulation, for exam- tween 4.75% and 5%. But after
on tariffs, where he can act ers say Trump is using tariffs ple of mergers and of the oil- the crisis and an extremely
without Congress’s permis- as a negotiating tactic to 2017, such as for lower rates that’s already built into the and-gas industry. These sluggish recovery, economists
sion. Even so, administrative lower other countries’ trade for individuals and busi- behavior of investors and the ought to boost growth and concluded that this normal or
procedures and negotiations barriers, so actual tariff in- nesses who pay their taxes public. business confidence and hold neutral level might have fallen
could delay implementation. creases will be less than he on their individual returns, Not so with Trump’s other down inflation. But econo- to around 2%.
In his first term, 11 months has threatened. And if Trump expire at the end of 2025, proposals, which have at mists think the effects are As the Fed moves rates
elapsed between initiation of sees tariff fears hurting and they have given priority times included lower corpo- too difficult to identify in the lower, this question about the
the case against China and stocks or pushing up interest to extending the law. That rate tax rates; exempting broader economy. ultimate destination will be-
imposition of tariffs. rates, he may compromise. would cost about $5 trillion tips, Social Security benefits Similarly, while Trump’s come more urgent. If the
Trump’s first-term tariffs over 10 years, the Committee and overtime pay from taxes; plan to deport unauthorized economy is performing well,
had no noticeable effect on for a Responsible Federal and deductions for car loan migrants could, at the mar- officials who think the neutral
inflation because they were Then come taxes Budget estimates. interest and state and local gin, raise wage and price rate is higher might eventu-
relatively modest, and glob- Portions of the tax law Full extension shouldn’t taxes. These proposals pressure, the impact may not ally want to slow down the
ally subdued demand and in- that Trump and congressio- have much effect on growth would, the CRFB estimates, be noticeable given the size pace of cuts to avoid over-
vestment and slack labor nal Republicans passed in or interest rates because add about $4 trillion to the of the U.S. labor market. shooting neutral.
 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 | Thursday, November 7, 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.

ELECTION 2024

GOP Looks Set to Keep Grip on House

Sweep of Congress U.S. House of Representatives an independent elections ana-
lyst service, said it was likely
by Republicans Not yet called: 44 that Republicans would also
would give Trump’s Alaska New Hampshire Maine win the House. “If there’s a
D 189
D 139 202
176 RR Vermont throughline for the last de-
agenda a glide path 218 for majority cade of elections, it’s the
= seat Massachusetts
stealth Donald Trump vote,”
BY SIOBHAN HUGHES Washington Idaho Montana North Dakota Minnesota
wrote analysts at the Cook Po-
AND KATY STECH FEREK litical Report. “At this point,
Michigan
the most likely outcome is a
Wisconsin New York Connecticut
WASHINGTON—Republi- GOP trifecta, including a con-
cans seized control of the Sen- Wyoming South Dakota tinued narrow Republican
ate and looked in position to Oregon House majority.”
narrowly keep power in the Iowa Pennsylvania Rhode Island Democratic Sens. Jon Tes-
House, setting President-elect Illinois Indiana Ohio ter of Montana and Sherrod
Donald Trump up to more eas- California Nebraska Delaware New Jersey Brown of Ohio, who each have
ily confirm nominees and held their seats for three
muscle through key priorities West Virginia Maryland terms, were ousted by wealthy
on taxes and other issues. Nevada Missouri political newcomers, while
In the Senate, the GOP Colorado Kansas Virginia Democrat Bob Casey of Penn-
flipped Democratic seats in Kentucky sylvania, another three-term
West Virginia, Montana and senator, was at risk. Both Tes-
Ohio. Democrats successfully ter and Brown are the last
Utah Oklahoma Arkansas Tennessee North Carolina
defended their seats in Wis- Democrats remaining in their
consin and Michigan, while states to hold statewide office
Texas
races were too close to call in and had been seen as the lone
three battleground states that Arizona New Mexico Louisiana Mississippi Alabama Georgia South Carolina figures able to withstand the
President Biden won in 2020 rising tide of Trump-style
by less than 3 percentage populism in their states.
points: Arizona, Nevada and In a statement, a Casey
Pennsylvania. The results gave aide said that “there are more
Republicans 52 seats as of Florida votes that need to be counted
Wednesday afternoon, revers- in areas like Philadelphia and
ing Democrats’ current 51-49 it’s important that every legal
advantage. ballot will be counted. When
In the House, Democrats’ that happens we are confident
path to take back control nar- the Senator will be re-
rowed as Republicans outper- elected.”
Hawaii
formed expectations on the As of Wednesday morning,
strength of Trump’s ability to As of 5 p.m. EST Wednesday Democrats had picked up
make inroads among working- Source: Associated Press three Republican-held dis-

.
class Black and Latino voters, tricts, unseating Reps. Bran-
especially men, supplementing don Williams and Marc Molin-

ly
his support among white more seats than needed for watch party in Shreveport, cludes winning districts repre- Pennsylvania. aro in central New York,
working-class voters. Demo- Senate control. La., on Tuesday. “They’re fed sented by Republicans in Ari- In the House, Democrats according to the Associated
crats’ hopes for a slew of pick- Senate Minority Leader up about the cost of living, zona, Oregon, Iowa and ran strong races in New York, Press. Democrat Shomari Fig-
ups in California didn’t mate-
rialize, greatly tempering their
hopes of flipping the House,
which Republicans currently
Mitch McConnell (R., Ky.) took
a victory lap, calling it “a hel-
luva good day” while praising
the high-caliber Republican
on and the rising crime rates and
the wide open border and the
weakness on the world stage.”
He said Wednesday morning
California.
“As a result of the enduring
strength of our battle-tested
incumbents, critical open seat
flipping two GOP-held seats,
but had conceded two races in
Pennsylvania and were at risk
of losing more seats in Cali-
ures won an Alabama seat af-
ter redistricting tipped it in
the party’s favor. Rep. Susan
Wild (D., Pa.) conceded her
control 220-212 with three candidates that he and other that, as more election results holds in Virginia and Michi- fornia and Alaska. With race on Wednesday morning,
us ,

vacancies. Senate leaders recruited to come in, Republicans were in gan, victories in Alabama and Trump winning in at least five though that race hadn’t been
l

Heading into Election Day, run. a position to control both Louisiana and flipping four of the battleground states, called by AP.
e
al a

Republicans had been favored In the House, the GOP had chambers and the White Republican-held seats in New Democrats had needed to out- Republicans, meanwhile,
to win in the Senate, although blocked some of Democrats’ House. York this year, the House re- perform Kamala Harris at the won three seats in North Car-
they had declined to express pathways to victory, although House Minority Leader mains very much in play,” he top of the presidential ticket olina as a result of redistrict-
ci on

confidence about large gains, dozens of races remained too Hakeem Jeffries (D., N.Y.) pro- said in a statement. to survive a battery of GOP at- ing. They also flipped a cen-
and the narrowly divided GOP- close to call. jected optimism in the races In the Senate, Democrats tacks over inflation, the bor- tral Michigan seat left vacant
led House had been seen as a “Everybody’s fed up and that remained too close to were still hopeful of eking out der and transgender athletes’ by Rep. Elissa Slotkin, a Dem-
tossup. But by Wednesday fired up,” said House Speaker call, laying out a pathway to a win in Nevada and hadn’t playing in women’s sports. ocrat who ran for a Senate
morning, Republicans had won Mike Johnson (R., La.) at a capturing the majority that in- written off keeping hold of The Cook Political Report, seat.
er s
m er

How Republicans Regained Control of the Senate

m rp

Wins in Montana, Ohio and West Virginia gave the GOP a majority that could continue to grow
BY ANTHONY DEBARROS, NATE RATTNER AND EMMA BROWN

Republicans gained control gained votes across rural ar- Outlook of the Senate: How the Republicans are Getting Control
co Fo

of the U.S. Senate by flipping eas and small towns.

seats in Montana, Ohio and Republicans, meanwhile, Democrats Republicans
44 52
West Virginia, enjoying broad- beat back threats in Texas and
based gains across cities, sub- Nebraska as incumbent Sens.
urbs and rural areas and re- Ted Cruz and Deb Fischer
taking counties that staved off well-financed oppo-
Democrats had won in the nents.
28 SEATS NOT UP 14 10 38 NOT UP
prior Senate election in 2018. More gains could be com- FOR RE-ELECTION WON WON FOR RE-ELECTION
Each state contest held its ing. As of Wednesday evening,
own story. In Montana, incum- Republicans held 52 Senate
bent Democrat Jon Tester seats, and tight races in Penn-
gave up a must-win county sylvania and Michigan could Most competitive races
that helped fuel his success in add to their majority.
heading into the election MI WI
MI AZ NV PA MT NE OH TX
n-

three contests starting in A look at how and where

2006. In Ohio, Republican Ber- Republicans flipped the Sen-
nie Moreno poured $4.5 mil- ate, based on shifts in the
lion of his own money into his county-level winning vote to- 2 DEM- 3 NOT 4 GOP-
WON CALLED* WON
no

campaign to help beat incum- tals and margins between

bent Sen. Sherrod Brown and 2018 and 2024: *Maine also remains to be called as of Wednesday 4 p.m. EST

Montana Ohio Texas Nebraska

Even Even Even Even
Shifted roughly 12 pct. pts. Republican Shifted roughly 11 pct. pts. Republican Shifted roughly 6 pct. pts. Republican Shifted roughly 11 pct. pts. Independent
from 2018 to 2024
Percentage-point margin shift Percentage-point margin shift Percentage-point margin shift Percentage-point margin shift
Democrat Republican Democrat Republican Democrat Republican Independent Republican
+10 +10 +10 +10
+20 +20 +20 +20
Counties that Counties that +30 Counties that Counties that
+30 +30 +30
flipped GOP flipped GOP flipped GOP flipped Independent

CCleveland
vvelan
land
nd
Great Falls

Helena
He
H
Hele
Helen
elen
ena Youngstown
Y
Yo
ooungstownn

Dallas
Dalla
D
Da
aallas
llas Omaha
Bozeman
Boz
B ozzem
maaann
m
El Paso Lincoln
Lin
nncoll
Columbus
Co
Colum
o

Austin
A
Au
ust
uus
stin
st
tin
tin As of Wednesday 7 a.m. EST
As of Wednesday 12:15 p.m. EST Houston
Note: Competitive ratings are based on an aggregate of race ratings.
Since 2000, no Democrat had won a Cincinnati Senate results include independents who caucus with the Democrats.
Sources: Associated Press (results); the Cook Political Report with Amy
Senate election in Montana without Walter; Inside Elections with Nathan L. Gonzales; Larry Sabato’s Crystal
winning Cascade County, home to Great Ball at the University of Virginia Center for Politics (aggregate race ratings)
Falls. That held true for three-term in- As of Wednesday 7 a.m. EST
cumbent Jon Tester—until he lost Cas- As of Wednesday 7 a.m. EST
cade and the state to Republican busi- Wealthy former car-dealership owner A longshot challenge by
nessman Tim Sheehy. In 2018, Tester Bernie Moreno, fueled by a Donald Trump In one of the most expensive Senate independent candidate Dan Osborn led
won Cascade by 5.5 percentage points. endorsement, gained votes across a races this cycle—both candidates to an unexpectedly tight race in
As of Wednesday morning, Sheehy had swath of the Buckeye State—especially in raised more than $80 million—incum- Nebraska, where incumbent Republican
flipped Cascade, leading Tester by rural areas, small towns and small to mid- bent GOP Sen. Ted Cruz expanded his Sen. Deb Fischer found her winning
nearly 7 points. size metro areas. Overall, the state shifted winning margin by about 6 percentage margin reduced by 11 percentage
The total margin shift in Montana— 11 points toward the GOP compared with points over 2018 to hold off Demo- points compared with a decisive win in
the difference between GOP/Democrat the 2018 Senate contest. cratic Rep. Colin Allred. 2018.
winning margins in 2024 and 2018— While beating incumbent three-term Cruz flipped 13 counties to red from Osborn cut Fischer’s winning margin
moved 12 percentage points toward the Democratic Sen. Sherrod Brown on blue on Tuesday, including Nueces, in all but two of Nebraska’s 93
Republican side. And Sheehy’s perfor- Tuesday, Moreno flipped eight counties home of Corpus Christi. Five of those counties, but not enough to win.
mance went well beyond Cascade, ex- from blue to red. They included Mahon- 13 are along the U.S./Mexico border. Fischer’s victory kept the GOP on track
ceeding GOP totals from the 2018 Senate ing, home of Youngstown, where Mo- to flip the Senate.
election in every county where votes had reno erased Brown’s 2018 victory mar-
been largely counted as of Wednesday. gin of 21 percentage points.
 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. Thursday, November 7, 2024 | A5

ELECTION 2024

Harris Campaign Misread Electorate

Voters cared more nalists and podcast hosts who
were generally friendly to her
about immigration candidacy, but even those ex-
and economy posed her liabilities. Chief
among them was her inter-
than Trump’s flaws view last month on “The
View,” where she said she
Kamala Harris’s advisers wouldn’t have done anything
couldn’t believe their luck. differently from the president.
Heading into Election Day, Even when she came up with
Donald Trump kept making an answer later in the inter-
controversial comments they view—that she would have put
thought would play right into a Republican in the cabinet—it
failed to show a break from
By Tarini Parti, the president.
Annie Linskey and Harris’s advisers rushed to
Ken Thomas create an economic platform
that would ease voters’ con-
their strategy of showing vot- cerns about the economy, with
ers he was unfit for another polls showing it as the No. 1
term. They were optimistic the issue.
vice president was on the prec- Where Biden focused on
ipice of victory in a race they jobs, Harris would emphasize
viewed as on a knife’s edge. prices, pitching a federal ban

KEVIN DIETSCH/GETTY IMAGES

Instead, their optimism was on price gouging, helping
a sign of how badly the Harris first-time home buyers with
campaign misread an electorate their down payment and more
that was more wound up about support for small-business
inflation and immigration than owners. Instead of touting the
about Trump’s character. administration’s economic
Trump batted away Harris’s agenda, she empathized with
attacks and lured voters who Kamala Harris concedes the election Wednesday at Howard University in Washington. voters’ frustration. But in poll
believed the country was on after poll, voters continued to
the wrong track and blamed cluding their frustrations with citing movements to defund ago and the ensuing efforts to internally and disagreements give Trump the edge on the
President Biden, Harris’s inflation and record illegal the police and to liberalize quash any dissent from those over decision-making and economy.
deeply unpopular boss. Her in- border crossings—meant they border policy. who thought it was a bad idea messaging, according to Har- Inside her campaign, Har-
ability to separate herself were looking for a change The political ground that or sought to challenge him. ris aides. ris’s advisers had lengthy de-
from him and offer her own agent. Though Harris cam- Harris forfeited was expan- The consequence was that One Harris aide said the bates about whether her pol-
specific solutions to Ameri- paigned on a slogan of “A New sive. Women as well as men the president during the last team struggled with how best icy plans should be more
cans’ problems, despite a lav- Way Forward,” a different shifted toward the Republican two years of his presidency to have Harris define Trump. detailed and more expansive.
ish campaign war chest, was a economic message and few in- Party, compared with their failed to effectively use his Plouffe and some of the cam- They ultimately decided to

.
central reason for her loss. cremental policy breaks with preferences in 2020. Harris bully pulpit to make the case paign’s pollsters wanted to la- gloss over many of the details,
More broadly, the party Biden weren’t enough. Harris gave up a bit of her party’s for another term to the public, bel the former president as reasoning that voters wanted

ly
erred in failing to plan a didn’t feel comfortable coming advantage among college-edu- putting Democrats behind Re- “dangerous,” while campaign a big-picture vision, not
smooth transition from Bi- off as critical of Biden, despite cated voters while losing sub- publicans, who spent the time chair Jen O’Malley Dillon wonky white papers.
den’s presidency to the next a push from some allies, and stantially among voters with- channeling the concerns of the thought she should call Trump But some of her advisers
generation of younger leaders
despite his pledge to do so.
Thrusting Harris atop the
ticket in July left her cam-
her advisers also didn’t think
it would work, given her role
in the administration.
There were also some cracks
on
out a four-year degree, who
account for almost 60% of the
electorate.
Black voters doubled their
American people.
Although Harris inherited
Biden’s campaign infrastruc-
ture when he stepped aside
“risky.” And others, like poll-
ster Molly Murphy, wanted to
warn of Trump’s pursuit of
“unchecked power.” The end
acknowledged that was a stra-
tegic mistake. Voters, many of
whom said they didn’t know
enough about Harris, wanted
paign ill-prepared to compete within Harris’s campaign oper- support for Trump to 16%, after his disastrous June de- result was an amalgamation of more information about how
us ,

against an opponent with a ation. The outreach to Black, while Latino support grew by bate performance, it came these messages, the aide said. she would govern.
l

firm grip on the electorate. Latino and working-class vot- 6 points, to 41%. Harris also with its own headaches. Har- There were also internal As Democrats searched for
e
al a

In a 15-week campaign, Har- ers in swing states came too lost ground among voters with ris, who brought in some of disagreements on whether answers after her devastating
ris’s advisers knew from the late and her message to those less than $100,000 in house- her own longtime aides, also Harris should sit for an inter- loss, Harris told supporters at
start the fundamentals of the voters wasn’t clear enough, hold income while making layered Biden’s team with a view with Joe Rogan, the No. 1 her concession speech on
ci on

race were against her, but they several Democrats said. gains among the smaller coterie of top Democratic ad- podcaster in the country who Wednesday to look ahead and
eventually came to believe that Rep. Adam Smith (D., Wash.) group of voters who earn visers who had helped elect is especially popular among not give up.“I’m so proud of
bringing into focus Trump’s said that Harris and Democrats more than that amount Barack Obama, including Da- young men. Scheduling con- the race we ran,” she said.
character was the only way to appeared too close to the In laying blame for Harris’s vid Plouffe, Stephanie Cutter flicts ultimately prevented it —Emily Glazer, Maggie
neutralize her headwinds. party’s progressive flank. loss, Democrats were quick to and Mitch Stewart. from happening. Severns, Andrew Restuccia
er s

Voters’ discontent with the “The extreme left is leading point to Biden’s decision to Some existing campaign The vice president instead and Siobhan Hughes
direction of the country—in- us into a ditch,” Smith said, run for re-election two years aides said it created friction sat for interviews with jour- contributed to this article.
m er

Abortion Rights Gain Ground

m rp

But Lose Some Electoral Force

co Fo

BY LAURA KUSISTO
AND JENNIFER CALFAS

Abortion rights met their

limit as an electoral force on
Tuesday. Voters enshrined
broad protections for the pro-
cedure across seven states, in-
cluding Arizona, Montana and
deep-red Missouri, but that
REBECCA BLACKWELL/ASSOCIATED PRESS

enthusiasm failed to translate

into broader Democratic wins.
Since the Supreme Court
n-

overturned Roe v. Wade two

years ago, the issue has been a
rare bright spot for Demo-
crats, even as voters expressed
no

hunger for change and frustra-

tion with the border and the
economy. Supporters of Florida’s measure reacted after its defeat.
It helped propel the party
to better-than-expected results In Florida, abortion-rights ground were often fumbling,
in the 2022 midterms and, in groups poured more than $100 and he sometimes angered his
prior ballot-measure fights, million into an effort to over- allies in the antiabortion
voters showed strong biparti- turn an unpopular six-week movement, who publicly ago-
san support for abortion ac- ban in that state and the mea- nized over whether to vote for
cess in states as diverse as sure drew support from 57% of him.
Ohio, Michigan and Kansas. voters on a night when Trump The strategy, however, ap-
Tuesday’s story was a more won the state by double digits. pears to have accomplished
sobering one for Democrats. But the ballot initiative failed Trump’s goal of giving voters
Abortion was on the ballot in despite the strong support, be- who favored abortion rights
10 states, where large numbers cause it needed to clear a 60% enough assurance to cast a
of voters supported broad pro- threshold to win. The other vote for him based on other
tections for the procedure, two measures that failed came issues.
even as they voted for Donald from South Dakota and Ne- “Clearly Trump was not
Trump. Among those who said braska. viewed as a threat to abortion
they think abortion should be Antiabortion groups said rights by enough voters, which
legal in all or most cases, some Tuesday’s results showed that is mind boggling,” Tom Bonier,
30% voted for Trump, accord- voters saw liberals’ agenda as a Democratic political strate-
ing to an AP VoteCast survey, too extreme. “Democrats led gist, wrote on X.
a large survey of people who by Kamala Harris and Tim Abortion is still widely pro-
voted in the election. Walz went ‘all in’ on abortion tected in most states around
“This is a very mixed result. as their number one issue,” the country, while it is signifi-
I have some cognitive disso- Susan B. Anthony Pro-Life cantly restricted in 16 others.
nance here because we saw America President Marjorie That state-by-state patchwork
enormous support for repro- Dannenfelser said. “Americans is likely to remain, but the
ductive rights…juxtapositioned have rejected the Democrats’ president can shift policy in
with a really disappointing na- no-limits abortion agenda.” ways that could have nation-
tional result,” said Deirdre Voters ranked abortion as wide effects on access. For ex-
Schifeling, chief political and their third-most important is- ample, the country has seen a
advocacy officer for the Amer- sue, according to the AP Vote- huge surge since Roe fell in
ican Civil Liberties Union. Cast survey, but that trailed women ordering abortion pills
In Missouri, Trump won significantly behind the econ- online without seeing a doctor
58.5% of the vote, while the omy and immigration. Harris in person. Antiabortion groups
state voted in favor of a con- also garnered less robust sup- are pushing Trump to curtail
stitutional amendment pro- port among women than Pres- that practice.
tecting abortion rights. In Ari- ident Biden did in 2020, ac- —Aaron Zitner
zona and Nevada, similar cording to those results. contributed to this article.
ballot measures passed with Trump, whose three Su-
more than 60% support—num- preme Court appointments in
bers more lopsided than any his first term helped seal Roe’s See In-Depth Graphics
previous abortion referendum downfall, sought to minimize Scan this code
since Roe was overturned—yet abortion’s role in the cam- for more on how
Trump was ahead in both paign by saying the issue was states voted
states on Wednesday by now a matter for the states. on the abortion
healthy margins. His efforts to find a middle measures.
 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 | Thursday, November 7, 2024 * *** THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. **** Thursday, November 7, 2024 | A7

ELECTION 2024 ELECTION 2024

Trump’s comeback Areas where...

POPULATION DENSITY
...Trump won

More people
...Harris won

Fewer people More people

Shifts in key voter groups
from 2020 to 2024 As of 5 p.m. Wednesday

victory was spurred

County results as of 4 pm Wednesday

Despite strong showings for Men and women

the vice president in the Milwaukee
and Madison areas, Trump took DEMOCRATIC REPUBLICAN

by wide, deep support Wisconsin by only 29,322 votes

(a 0.8 percentage point margin).
Men
15 pct. pts 10 5 0

2020
5
R+5
2024
10
R+10

Compared with his performance in 2020, D+12 D+8

Donald Trump gained ground in counties Women 2020 2024
with the highest share of younger voters, as
Harris is winning with women, but with Trump’s lead with men
well as parts of the country with the most 3 pct. pts less of than the margin that increased by 3 pct. pts from
Biden had in 2020. his last run in 2020.
nonwhite voters. Trump's performance in
suburban counties bounced back from the
2020 presidential contest, and he further Men and women by age
strengthened his support among white 40 pct. pts 20 0 20 40

voters without college degrees. Men D+15 R+13

under 30 2020 2024
Considered by many
as the key to this year’s Women D+32 D+18
election, voters here under 30 2020 2024
gave Trump just over
half the vote, resulting
in his pickup of 19 Men R+13 R+14
electoral votes. over 65 2024 2020

Women D+6 D+6

Electoral vote count over 65 2024 2020
Not yet called: 17

226 295 As of Wednesday 4 pm,

Nevada wasn’t done Education
Kamala Harris 270 needed to win Donald Trump counting, but Trump was Trump lost Georgia by
leading by 5 pct pts. less than 12,000 votes 15 pct. pts 10 5 0 5 10
Nearly all of the Democratic in 2020 but triumphed
in the state Tuesday, R+4 R+12
Wash. vote came from Clark No college
N.H. Maine County, a Las Vegas winning most rural 2020 2024
Mont. N.D. Minn. Vt. areas and outer
Ore. urban enclave.
suburbs of Atlanta.
Idaho S.D. Wis. N.Y. College D+16 D+15

.
Wyo. Mich. 2020 2024
Iowa Pa. After losing the state by just

ly
Nev. Neb. Ohio more than 10,000 votes in 2020,
Utah Ill. Ind. Mass.
Calif. Colo. W.Va. Va. Trump was on track to win
Kan. Mo. Ky. R.I. by more than 100,000 votes,
Tenn. N.C. Conn. fueled by victories in the urban Race
Not called yet

on
Ariz. N.M. Okla. S.C. N.J. and suburban Maricopa and
Ark. 90 pct. pts 60 30 0 30 60
Miss.Ala. Ga. Del. Pinal Counties.
Md. R+12 R+12
Texas La. White
Alaska D.C. 2024 2020
Fla.

us ,
Hawaii D+83 D+68

l
Sources: Oak Ridge National Laboratory Black 2020 2024

e
(population density); Associated Press

al a
(results); American Community Survey
As of 5 pm Wednesday
Neb. 1st (demographics)
Neb. 2nd Latino and D+28 D+15
Note: Maine and Nebraska award one Maine 1st

ci on
electoral vote for each congressional Neb. 3rd Maine 2nd CAMILLE BRESSANGE and Hispanic 2020 2024
district and two for the statewide winner. ERIK BRYNILDSEN/WSJ

D+19 D+3
Other 2020 2024
How Trump Gained Ground Across the Country

er s
What three cycles of election results show about Trump’s strengths and weaknesses across several demographic segments of the country m er
By Max Rust, Peter Champelli Younger voters Nonwhite voters Suburban voters White non-college voters
and Anthony DeBarros
Younger voters have traditionally made up a large share of the Democratic Trump also gained ground in parts of the country with the most nonwhite Just as he did in 2016 and 2020, Suburban counties have consistently been one of the most competitive White voters without college degrees have consistently made up a large
In a decisive victory, Donald coalition compared to Republicans. But among counties with the highest share citizen voting-age residents, exceeding 40 percent for the first time. Donald Trump on Tuesday won battlegrounds between Trump and the Democrats. While nearly tied with percentage of Trump’s base. In areas with the highest share of these voters,
m rp
Trump grew his coalition of of younger voters, Trump performed better than in his past two contests, or was leading in majority of Clinton in 2016, Trump lost ground in these areas to Biden in 2020. On Tuesday, Trump gained two percentage points in 2020. In 2024, he added two more points,
non-white and male voters in narrowing his deficit from -19 points in 2020 to -11 points in 2024. the more than 3,000 counties his suburban performance bounced back, and he won 50.1% compared with winning 75%. Nationally, 64% of non-college educated whites voted for Trump,
an election where the across the U.S. 46.5% four years ago. according to AP VoteCast, up slightly from 2020.
economy prevailed as the
most important voter issue. Counties with the most people age 18-44 years old Change in Trump’s share Counties with the most non-whites as a share of the citizen Unlike his Democratic Suburban counties Counties with the most non-college educated whites as a share of whites
He further cemented himself as a share of the citizen voting-age population of the vote, 2020-24 voting age population opponents, whose margins of age 25 and older
co Fo

as the candidate of the victory have come largely from

working class, capturing 55% 100% –5 0 +5 100% cities and densely populated 100% 100%
pct. pts. pct. pts.
of voters without a college Vote share areas, Trump drew support
degree, an increase from 51% from a higher number of less
in 2020, according to the AP 75 75 populous counties. 75 75 Trump
VoteCast pre-election survey Democrats
of likely voters. Democrats Trump gained ground in
Democrats
50 50 suburban counties such as 50 50
Westmoreland, outside of
Pittsburgh, where he increased Trump
Trump his margin by about 2,000
25 25 Trump 25 25
votes compared with 2020. Democrats
n-

0 0 0 0
As of Wednesday morning 2016 2020 2024 2016 2020 2024 2016 2020 2024 2016 2020 2024
no

Working-Class Appeal Spans Races Trump of Wednesday, he was projected from local party officials to investment in time and money
to be the winner in the battle- Congress, are certain to influ- by Elon Musk. The Tesla chief
grounds of North Carolina, ence Washington’s priorities executive, who campaigned with

BY AARON ZITNER Among those surveyed, part by working-class, white hold, Democrats will have to
Triumphs Georgia, Pennsylvania, Michigan
and Wisconsin; he held advan-
tages in Nevada and Arizona.
over the next four years.
Sen. JD Vance of Ohio, 40,
the next vice president, showed
Trump, donated at least $118
million and is expected to get a
role helping the new administra-

Donald Trump refashioned

the Republican Party in 2016
Trump won noncollege voters
of all racial backgrounds by 12
percentage points over his
men, Roberts said, “but also
they’re now bringing along
with them Black and Latino
decide whether their best
course is to move to the politi-
cal center on some progres-
Again Trump had 292 electoral votes.
Trump also won strong support
among working-class voters.
a talent for articulating the te-
nets of Trumpism, often with
more discipline than the move-
tion cut government costs.
Both candidates closed their
campaigns on messages infused
into the political home of Democratic opponent, com- men” who don’t have a col- sive causes in an attempt to Harris struggled to pull to- ment’s leader and is likely to be with fear. Harris called Trump
white, working-class Ameri- pared with a 4-point edge in lege degree. recapture some of the defect- Continued from Page One gether the diverse coalition a top future contender for the a “fascist,” highlighted former
cans. Preliminary figures show 2020. Vice President Kamala After Trump’s loss in the ing voters, or whether the bet- party won a Senate majority and that elected Biden in 2020, and GOP presidential nomination. A aides who said he shouldn’t
that he succeeded this year in Harris slipped by 1 point 2020 election, some Republi- ter course is to try to energize looked in position to narrowly she was weighed down by neg- constitutional limit means again be allowed in the Oval
one of the GOP’s most impor- among college-educated vot- cans found a silver lining: In the restive liberal wing. Dem- keep power in the House. ative views of the economy un- Trump will need to vacate the Office and argued he had hurt
tant ambitions since then: ers when compared with her winning 11 million more votes ocrats will also have to sort On the campaign trail, Trump der the Biden administration. White House in four years. women’s reproductive health
growing into a party that party’s 2020 showing, winning than four years earlier, he had through why the party gained asked voters to consider if they Harris made it a more com- Trump’s arguably strongest because of the Supreme Court
draws working-class voters of them by 15 points. drawn more working-class no benefit from three big were better off under his first petitive race when she assumed appeal echoed Ronald Reagan. appointments of his first term.
all races. Together, the movement to- voters to the party. In a memo pieces of legislation passed presidency as Harris, the vice the Democratic nomination after “I’d like to begin by asking a very Trump suggested Harris was
The broadened base of non- ward Trump among minority titled, “Cementing GOP as the early in Biden’s term that trig- president, struggled to distance Biden’s decision to drop out fol- simple question,” he started an responsible for inflation and
college voters provided much and noncollege voters of many Working-Class Party,” then- gered investments in infra- herself from an unpopular Biden lowing a faltering performance Oct. 27 speech at Madison undocumented migrants who
of the boost that will return racial groups suggested an im- Rep. Jim Banks of Indiana ar- structure, semiconductor during a combative and expen- in a debate with Trump. The for- Square Garden in New York City. committed crimes in the U.S.
Trump to the White House. portant change in America’s gued that 79% of mechanics plants and other construction. sive campaign that exposed the mer president had held a com- “Are you better off now than you When sworn in on Jan. 20,
White voters without a four- political divi- and 59% of cus- Biden spent months traveling nation’s deep partisan divisions. manding lead in polls over Biden, were four years ago?” Trump will inherit a divided
year college degree are a de- sions: While we todians had do- the country touting the cre- In his third consecutive White but Harris, looking to become On the stump, Trump used country still recovering from
clining force as the nation are becoming nated to ation of jobs that pay “over House bid, Trump often pushed the first woman to hold the na- harsh, often derogatory lan- the aftershocks of a pandemic,
grows more diverse and edu- less divided by A broadened Trump, while $100,000 a year, and you don’t dark rhetoric and repeatedly tion’s highest office, quickly nar- guage that some Republicans pained by years of inflation and
VANESSA DIAZ FOR WSJ

cated. Now, rather than race and eth- base of 94% of college need a college degree.” threatened retribution for his po- rowed the gap. feared would make it more locked in tribal politics.
squeezing more votes out of a nicity, the na- professors and The figures pointed to an- litical enemies as he sought to Trump benefited from a challenging for him to win over As he did during his 2016
shrinking group, Republicans tion’s largely noncollege 73% of bankers other fault line: a big differ- project strength to an electorate sour voter mood, despite low those outside his base. His bid, Trump painted a bleak pic-
have shown they can supple- metropolitan had donated to ence in the political outlook of hungry for change. unemployment. In the final campaign faced backlash even ture of the nation’s trajectory,
ment the white voters with professional
voters boosted then-candidate men and women. It is not The victory cements Trump as Wall Street Journal poll before from Republicans for the Madi- casting himself as the only one
those from minority groups. class and its Trump. President Bi- clear that the gender gap has a historic political figure who pre- Supporters waiting for the election results at a Trump watch party in West Palm Beach, Fla., on Tuesday. the election, almost two- son Square Garden event, dur- able to fix it. He said he could
Black and Latino voters, working class den. This divi- grown, as both men and vailed despite a brashness and un- thirds of voters said the na- ing which some speakers made solve many of the nation’s
particularly men, tilted more have moved sion was a “po- women shifted toward the Re- founded claims of election fraud of America,” he said. mogul and reality-television tion attempts. He campaigned prosecutions dropped. tion was headed in the wrong racist, sexist or otherwise de- problems in short order—some-
toward Trump this year than farther apart. litical gift” publican Party, the VoteCast that alienated many, proving his Harris, in remarks at Howard star, is the oldest person ever even as he worked through The win is likely to throw a direction. While the rate of in- rogatory comments about Har- times with a phone call. In his
in 2020, with Black support “What we’re sitting in is a from Trump that the party results showed. 2016 victory over Democratic nom- University on Wednesday, said elected president—a few many legal problems, including wrench into Trump’s sentenc- flation has been coming down, ris, Democrats, Puerto Ricans first administration, that often
nearly doubling to 15% and La- realignment across the coun- could build on. But there was an explosive inee Hillary Clinton wasn’t a fluke. she offered Trump and his team months older than Biden was being indicted on federal elec- ing later this month in Man- its pain provided a long hang- and immigrants. Such rallies didn’t prove to be the case.
tino support growing by 6 try, moving to the right, Banks argued that Hispanic change among voters under “This is a magnificent victory for her help with the transition and when he won in 2020. Grover tion-interference charges and hattan, and is expected to over that boosted Trump and provided much fodder for his Trump has said he would
points, to 41%, according to among less-than-college vot- voters would favor Trump’s 30. While young women re- the American people,” Trump said the peaceful transfer of power. Cleveland, a New York Demo- being found guilty in a state hamper a Georgia prosecutor’s hurt Harris. critics, but they were his big- push through stiff tariffs to get
preliminary results from AP ers,” said Micah Roberts, a tough policies to stop illegal mained solidly Democratic, in a celebration in West Palm But she said they owed their crat, is the only other former court on 34 felony counts efforts to pursue racketeering Over the course of his nearly gest venue to connect with his better trade deals and influence
VoteCast, a large survey of Republican pollster. He noted immigration, and that both though significantly less so Beach, Fla., early Wednesday. “loyalty not to a president or a president to win the White for falsifying records to cover charges alleging that Trump decade on the national political adoring fans—many of whom the foreign policy of other na-
people who cast ballots this the Democrats’ edge in party Black and Hispanic voters op- than in 2020, young men He thanked voters for sending party, but to the Constitution of House after an earlier re-elec- up hush money to a porn star. engaged in a criminal conspir- stage, Trump reshaped the said his unconventional politi- tions. During his previous term,
year. While the shift toward affiliation, which stood at 9 posed transgender-friendly shifted dramatically to the him back to the White House and the United States.” tion defeat, claiming the second His victory throws the elec- acy to overturn the state’s GOP’s tone, making it more cal tone and style were what his aggressive approach toward
Trump included those both points in 2012, according to policies. right. Biden in 2020 won said he would fight for every cit- “While I concede this election, victory in 1892. tion-interference charges and 2020 election results. populist and less tied to the they liked most about him. China was underscored by tar-
with and without college de- Wall Street Journal/NBC The shift could have impor- young men under 30 by 15 izen, repeating his campaign I do not concede the fight that The outcome of the race another federal case into doubt The former president se- traditional conservative ideals Democrats had the spending iffs that plunged the two na-
grees, the greater move was News polling, had become a 1- tant ramifications for the points, VoteCast found. On pledge to strengthen the econ- fueled this campaign,” she said. caps a campaign season of un- as Trump could follow through cured his win by tapping into of fiscal discipline and na- advantage in the race, as they tions into a trade war.
among noncollege minority point deficit this year. That agenda of both parties. If the Tuesday, Trump won them by omy and address other priorities. Trump, 78 years old, who rose precedented upheaval, with on a threat to fire special coun- strong support in rural Amer- tional-security hawkishness. did when Trump won in 2016. —Catherine Lucey
voters. change was driven in large preliminary VoteCast numbers 13 points. “This truly will be the golden age to fame as a New York real-estate Trump surviving two assassina- sel Jack Smith and have the ica, as he did in his first win. As Those changes, with resonance He benefited from a major late contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A8 | Thursday, November 7, 2024 THE WALL STREET JOURNAL.

ELECTION 2024

Mystery ‘Trump Whale’

Made His Bet Pay Off
BY ALEXANDER OSIPOVICH Théo was in an upbeat mood. Trump bets using his own
He said he woke up in the money, with an eye toward
The mystery trader known middle of the night in France making a big profit, and he
as the “Trump whale” is set to to monitor the returns. had “absolutely no political
reap nearly $50 million in “I am very happy and confi- agenda.” The Journal was un-
profit after running the table dent for my bet!” he wrote af- able to determine whether
on a series of bold bets tied to ter Trump’s strong showing in these statements are true. Nor
the presidential election. Florida boded well for his could the Journal rule out
Not only did he see Donald long-shot bet on the popular links between Théo and any

JACQUELYN MARTIN/ASSOCIATED PRESS

Trump winning the presi- vote. political organization or
dency, he wagered that Trump In messages sent privately Trump allies.
would win the popular vote— to a reporter before Election In his emails and a Zoom
an outcome many political ob- Day, Théo predicted that conversation with a reporter,
servers saw as unlikely. Trump would take 49% or 50% Théo repeatedly criticized U.S.
“Théo,” as the trader called of all votes cast in the U.S., opinion polls. He was particu-
himself, also bet that Trump beating Harris. He also pre- larly critical of polls con-
would win the “blue wall” dicted that Trump would win ducted by mainstream-media
swing states of Pennsylvania, six of the seven battleground outlets that, in his view, were
Michigan and Wisconsin. states. biased toward Democrats and Special counsel Jack Smith is weighing how to end two federal prosecutions against President-
Now, Théo is set for a huge As of Wednesday after- tended to produce outlier poll elect Donald Trump. Justice Department policy doesn’t allow a sitting president to be indicted.
payday. He made his wagers noon, analysts were project- results that favored Harris.
on Polymarket, a crypto-based ing that Trump would win the “In France this is different!!
betting platform, using four popular vote, with nearly 72 The pollster credibility is Special Counsel Texas, California Some Supreme
anonymous accounts. Al- million votes to Harris’s 67.1 more important: They want to Prepares to End Counties Back Court Justices
though he has declined to million, although millions of be as close as possible to the
share his identity, he has been ballots had yet to be counted actual results. Culture is dif- Prosecutions Tax for Child Care Could Retire
communicating with a Wall in California and other states. ferent on this,” he wrote.
Street Journal reporter since Betting markets regarded it Théo shared a table of Special counsel Jack Smith Voters in counties in Texas Donald Trump’s capture of
an article on Oct. 18 drew at- as a near-certainty that numbers he had compiled is evaluating how to wind and California approved mea- the White House and GOP
tention to his bets. Trump would win the popular based on RealClearPolitics down his two federal prose- sures to fund child care control of the Senate eases
In dozens of emails, Théo vote. polling averages, showing cutions against Donald through higher taxes in Tues- pressure on the Supreme
said his wager was essentially Trump is also favored to that Trump had overper- Trump before the president- day’s election, although a Court’s conservative superma-
a bet against the accuracy of win all seven swing states, formed his swing-state poll- elect takes office, said people similar measure was struck jority, whose decisions includ-
ing numbers in 2020. Given familiar with the matter. down in St. Paul, Minn. ing the elimination of abortion
the tight polls in swing states Justice Department offi- Nearly 60% of voters in Tra- rights and the expansion of
‘I am very happy and confident in 2024, Théo reasoned that a cials acknowledge Smith’s vis County, which encom- presidential power infuriated
for my bet!’ similar overperformance by prosecutions can’t go forward passes most of Austin, voted Democrats into calling for an

.
Trump would easily push him after Jan. 20, given longstand- in favor of a proposition to overhaul of the institution.
into the lead.

ly
ing policy against indicting a raise property taxes to in- For one, the certainty that
Théo, after Trump’s Florida results early Tuesday night Polls failed to account for sitting president. Trump has crease access to affordable any vacancies would be filled
the “shy Trump voter effect,” vowed to fire Smith as one of child care, according to unof- with a Trump-approved re-
polling data. Describing him- betting markets show. The one Théo said. Either Trump back- his first acts, which would ef- ficial county election results. placement opens the door for
self as a wealthy Frenchman
who had previously worked as
a trader for several banks, he
told the Journal that he began
state where Théo thought
Harris might win, Michigan,
was called for Trump on
Wednesday.
on
ers were reluctant to tell poll-
sters that they supported the
former president, or they
didn’t want to participate in
fectively end the cases.
Smith charged Trump with
illegally holding on to classi-
fied documents after he left
In Sonoma County, Calif.,
nearly 61% of voters approved
a measure to establish a
quarter-cent sales tax to
the eldest members of the
court to step down without
risking conservative power.
Justice Clarence Thomas, 76
applying his mathematical The Journal has confirmed polls, Théo wrote. the White House in 2021, a fund early child care and years old, has served since
us ,

know-how to analyze U.S. that Théo is the trader behind To solve this problem, Théo case that U.S. District Judge other resources for children. 1991; Justice Samuel Alito, 74,
l

polls over the summer. the Polymarket accounts that argued that pollsters should Aileen Cannon, a Trump ap- Some of those measures joined in 2006.
e
al a

He concluded the polls were systematically purchas- use what are known as neigh- pointee, dismissed this sum- have failed at the ballot box. Neither has publicly ex-
were overstating support for ing wagers on a Trump vic- bor polls that ask respondents mer. Smith also charged Roughly 60% of voters in St. pressed an interest in retire-
Vice President Kamala Harris. tory. Polymarket has corrobo- which candidates they expect
ci on

Trump with trying to undo his Paul on Tuesday rejected in- ment, but the example of lib-
Unlike most armchair political rated some parts of his story, their neighbors to support. 2020 election loss, a case troducing a property-tax levy eral Justice Ruth Bader
commentators, he put his saying that the individual be- The idea is that people might weakened by the Supreme aimed at providing early- Ginsburg, who resisted calls
money where his mouth was, hind the bets was a French not want to reveal their own Court’s ruling that presidents learning subsidies to low-in- to step aside during President
betting more than $30 million national with extensive trad- preferences but will indirectly have sweeping immunity from come families in the Minne- Barack Obama’s term while
that Trump would win. ing experience and a financial- reveal them when asked to prosecution for acts they take sota capital, according to Democrats held the Senate,
er s

As the election results be- services background. guess who their neighbors while in office. unofficial election results. looms large over the court.
gan to roll in Tuesday evening, Théo said he placed the plan to vote for. —Sadie Gurman —Harriet Torry —Jess Bravin
m er
m rp

AGING GROWS
co Fo

EXPERIENCE,
NOT MEMORY
LOSS.
n-
no

Some things come with age.

Some others don’t.

Learn the warning

signs of Alzheimer’s.
 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. * * Thursday, November 7, 2024 | A9

ELECTION 2024

Trump Pressed to End the War in Ukraine

Advisers have nior in Trump’s circle—who top Russian official, posted
claims to have a different view Wednesday to X after learning
different versions of or more detailed window into of Trump’s election victory.
a plan to effectively his plans on Ukraine simply There will also be stiff re-
doesn’t know what he or she is sistance from some NATO al-
freeze current lines talking about or doesn’t under- lies, who view Russia’s aggres-
stand that he makes his own sion against Ukraine as an
BY ALEXANDER WARD calls on national-security issues, immediate threat to their own
many times in the moment, par- countries. Elina Valtonen, Fin-
WASHINGTON—Donald ticularly on an issue as central land’s foreign minister, said
Trump’s promise to end the as this,” said a former Trump she wasn’t aware of any spe-
war in Ukraine by Inauguration National Security Council aide. cific proposals by Trump’s
Day puts him in a position of Similar to Trump’s first team, but stated “there
having to choose between com- term, different factions are set shouldn’t be any negotiation
peting proposals from advisers to compete to influence his without Ukraine agreeing to
united by a common thread—a foreign policy. More tradition- the fact that it’s negotiating,
sharp break from President Bi- ally minded allies such as Mike and doing so on its terms.”
den’s “as long as it takes” ap- Pompeo, the former secretary Zelensky, whose country is
proach to arming Kyiv. of state now in contention to heavily dependent on the U.S.

MANU BRABO FOR WSJ

During his battle for the lead the Pentagon, are likely to for military and financial as-
White House, Trump bashed Bi- push for a settlement that sistance, could—more easily
den’s handling of Ukraine, doesn’t appear to give a major than Putin—be forced by
warning that it made World win to Moscow. Other advisers, Trump to negotiate, but the
War III more likely, and that particularly Richard Grenell, a Ukrainian leader would have
Kyiv fleeced the U.S. by obtain- top candidate to lead the State Ukrainian soldiers prepared to head to the front line in Chasiv Yar, Ukraine, in April. to contend with a public that
ing weapons worth billions of Department or serve as na- views ceding territory as ca-
dollars for free. He has said he tional-security adviser, could future Russian attack. Vance during a September in- would have to do so through pitulation to Moscow.
could resolve the conflict give priority to Trump’s desire Under that plan, the lines terview, when he suggested a diplomatic negotiations. Trump has said Ukraine’s
quickly, bringing both sides to to end the war as soon as pos- essentially would lock in place final agreement between Which of these strategies survival is important to the
the negotiating table, but hasn’t sible, even if it means forcing and both sides would agree to Ukraine and Russia could in- Trump will pursue—in whole, U.S., but criticized Zelensky,
revealed how he would do so. Kyiv into big concessions. an 800-mile demilitarized zone. volve a demilitarized zone in part, or at all—is unclear. calling him the “greatest
“I can’t give you those The proposals all break from Who would police that terri- “heavily fortified so the Rus- But any gambit to start salesman,” which has worried
plans because if I give you Biden’s approach of letting tory remains unclear, but one sians don’t invade again.” Ukraine-Russia peace talks, let some officials in Kyiv that a
those plans, I’m not going to Kyiv dictate when peace talks adviser said the peacekeeping Russia, Vance continued, alone finalize an agreement, Trump-led U.S. might push for
be able to use them,” he said should begin. Instead, they force wouldn’t involve Ameri- would get to keep the land it faces many pitfalls. a deal that favors Russia.
during the campaign. uniformly recommend freezing can troops or come from a U.S.- has taken and be assured of For one, Ukraine and Russia Zelensky on Wednesday
In fact, Trump hasn’t ap- the war in place—cementing funded international body, such Ukraine’s neutrality. still have vastly differing war congratulated the president-
proved a specific peace plan, Russia’s seizure of roughly 20% as the United Nations. “It doesn’t join NATO, it aims and little desire to alter elect on his victory, appealing
allies said, including how he of Ukraine—and forcing “We can do training and doesn’t join some of these sort them. With Russian troops ad- to their September meeting in
would convince Russian Presi- Ukraine to temporarily sus- other support but the barrel of allied institutions,” he said vancing slowly but steadily in New York and praising his
dent Vladimir Putin and pend its quest to join NATO. of the gun is going to be Euro- on “The Shawn Ryan Show,” a Ukraine, the Kremlin has “ ‘peace through strength’ ap-

.
Ukrainian President Volod- One idea proposed inside pean,” a member of Trump’s podcast. shown little inclination to ne- proach in global affairs.”
ymyr Zelensky to sit at the Trump’s transition office, de- team said. “We are not send- Earlier this year. Keith Kel- gotiate, and has shown its The Ukrainian leader also

ly
same table and negotiate. tailed by three people close to ing American men and women logg and Fred Fleitz, who both willingness to escalate the said Wednesday that he had
While advisers have offered the president-elect and not to uphold peace in Ukraine. served in Trump’s first White conflict with hybrid attacks spoken on the phone with
ideas, only the president-elect, previously reported, would in- And we are not paying for it. House, presented Trump with outside its borders, such as Trump, saying both men
in consultation with key aides,
will decide how to handle the
sensitive and high-stakes di-
plomacy, they said.
volve Kyiv promising not to
join NATO for at least 20
years. In exchange, the U.S.
would continue to give
onGet the Poles, Germans, Brit-
ish, and French to do it.”
That proposal in some re-
spects echoes comments made
a blueprint that includes with-
holding weapons from Ukraine
until Kyiv agrees to peace talks
with Russia. Ukraine could still
sabotage operations in Europe.
“The objectives of the spe-
cial military operation remain
unchanged and will be
“agreed to maintain close dia-
logue and advance our cooper-
ation.”
—Alan Cullison
“Anyone—no matter how se- Ukraine weapons to deter a by Vice President-elect JD try to regain lost territory, but achieved,” Dmitry Medvedev, a contributed to this article.
us ,
l

U.S.’s Allies Brace for Policy Shifts as Threats Mount

e
al a
ci on

BY YAROSLAV TROFIMOV nan Ulgen, director of the since the end of World War II,
Edam think tank in Istanbul. returning control over much
Donald Trump is returning In Asia, the betting is on of Japanese airspace and re-
er s

to the White House as the what shape the second Trump claiming land occupied by U.S.
world is embroiled in two administration will take. A military bases.
m er

widening regional wars, Chinese former official “We can take the initiative
America’s rivals are coalescing pointed out that, despite the and become a truly indepen-
into a new global authoritar- presence of China hawks in dent country,” he said, and in-
ian axis and some of the U.S.’s Trump’s orbit, Trump—unlike stead of following the U.S.
closest allies fret over his re- Biden—never explicitly said lead, “find a skillful way to
m rp

election’s consequences. the U.S. will go to war over manage the power balance
Russia has now enlisted Taiwan, and is more likely to with China, Russia and North
North Korea into its nearly listen to the business lobby Korea.”
three-year war in Ukraine, that wants a detente with In any case, Trump’s come-
where it is making slow but China. back—and the scale of his vic-
co Fo

steady advances. Israel’s war While officials in Taiwan, tory—will force America’s al-
with Palestinian militant South Korea and Japan are lies to recalibrate their
group Hamas in Gaza has ex- concerned about stiff tariffs approach, said Gordon Flake,
HATEM KHALED/REUTERS

panded into an invasion of potentially coming their way, CEO of the Perth USAsia Cen-
Lebanon and the first-ever di- some also see new opportuni- ter at the University of West-
rect exchanges of missile ties in a Trump presidency. ern Australia.
strikes between Israel and Takashi Kawakami, the for- “I don’t think anybody can
Iran. China is giving crucial eign-policy adviser to Japan’s predict how those recalibra-
economic and political sup- new prime minister, Shigeru tions will take place because
port to the cooperation among A woman in Khan Younis, southern Gaza, on Wednesday viewed damage from an Israeli strike. Ishiba, made headlines this we also live in democratic so-
Moscow, Pyongyang and Teh- month by saying in an inter- cieties here,” he said. “And in
ran—while strengthening its future—which involves, in the itary aid for Ukraine, saying it withdraw U.S. troops from view with the Daily Cyzo pub- a democratic society, you can
own military for a possible immediate term, preventing a is a European problem and Syria, abandoning the Kurdish lication that a Trump victory no longer take support for the
n-

war over Taiwan. Russian victory in Ukraine. putting Europe in front of its enclave there. Israeli Prime would finally allow Japan to U.S. for granted in a way we
In remarks that sent shiv- When asked about dealing own responsibilities, said Nor- Minister Benjamin Netanyahu reclaim sovereignty curtailed have always had.”
ers through allied capitals, with Trump, senior officials in bert Röttgen, a leading law- is counting on Trump’s sup-
Trump declared days before allied capitals said they first maker from Germany’s center- port for more-aggressive ac-
no

the Nov. 5 election that “in need to see what kind of ad- right CDU party. Far worse for tions against Iran, while the
many cases, our allies are ministration he assembles and Europe would be a Trump Saudis and other Gulf states
worse than our so-called ene- who fills key national-security who is actually determined to believe Trump would provide
mies.” He also repeated his and foreign-policy positions. strike a deal with Putin, Rött- more credible guarantees of
threat not to protect “under Many national-security pro- gen said: “Such an agreement their own security. Many in
any circumstances from Rus- fessionals from Trump’s first can only come at the expense the Arab world also believe
sia” the members of NATO term have publicly broken of Ukraine’s, and therefore Eu- Trump would force Netanyahu
who are “delinquent” in their with him and won’t return to rope’s, security.” to scale back fighting in Gaza,
contributions to the alli- the new administration. Among the large European where tens of thousands of
ance’s security. Trump’s current orbit in- countries, only Poland has Palestinians have been killed It’s time for
Europeans are among
those most worried world-
cludes people such as former
Secretary of State Mike
massively invested in its mili-
tary, and plans to spend more
by Israeli military action over
the past year.
“qualified”
wide about a second Trump Pompeo, an old-school Repub- than 4% of its GDP on defense Israel has repeatedly defied to mean
presidency. A Gallup opinion lican hawk on Russia and this year. Over the past three the Biden administration’s de-
poll carried out in October China, JD Vance, his vice-pres- years, total delivered and mands. qualities,
pledged German military aid “There is a sense of relief not just a
to Ukraine—some of which that Trump has won,” said
‘A weak U.S. president is bad for the won’t arrive until 2028— Abdulkhaleq Abdulla, a politi- bachelor’s
[Mideast]…even bad for the Palestinians.’ amounted to 28 billion euros, cal scientist and commentator
or $30.6 billion, roughly $2 a in the United Arab Emirates. degree.
week per German citizen. “We need a strong U.S. presi-
Abdulkhaleq Abdulla, a U.A.E. political scientist Officials in France, Poland dent rather than a weak U.S.
and several other European president that Biden has
showed that overwhelming idential pick, who favors cut- nations worry that Germany is proven to be, and that Harris
majorities rooted for Kamala ting commitments to Europe increasingly inclined to work would have been, too. A weak
Harris in Germany, France, It- and focusing on Asia, as well with Trump on a deal that U.S. president is bad for the
aly and the U.K.—as well as in as outright isolationists and would erode Ukrainian sover- region—and is even bad for
South Korea and Japan. By backers of a purely transac- eignty—as Scholz positions the Palestinians.”
contrast, she was supported tional approach. “Everything himself as the “candidate of This leaves Iran as the only
by only 12% of surveyed peo- will depend on who gets what peace” ahead of national elec- major Middle Eastern nation
ple in Russia. job,” a senior European offi- tions that must be held next that sees Trump’s return to Keith, Data Analyst,
Despite lofty promises of cial said. “The bench is thin.” year at the latest. the White House as a clear Google Career Certificate Graduate,
“Zeitenwende”—a historic While Trump has promised Lithuania’s foreign minis- threat. Trump, during his pre- STAR
turning point—made by Ger- to negotiate a peace in ter, Gabrielius Landsbergis, vious term, authorized the
man Chancellor Olaf Scholz af- Ukraine within 24 hours, he took to social media this week, killing of Iranian Quds Force
ter the Russian invasion of hasn’t indicated how. Euro- warning fellow Western lead- commander Qassem Solei-
Ukraine in February 2022, Eu- pean officials expect him to ers that by trying to cut a deal mani, and pulled the U.S. from
rope hasn’t expanded its secu- try to seek some kind of grand with Russia, “we are choosing a nuclear deal negotiated by
rity capabilities by nearly as bargain with Russian Presi- dishonor and we will have the Obama administration.
much as it would need to de- dent Vladimir Putin—but won- war.” “The way the Iranian au-
Tear the paper ceiling that is keeping you
fend itself. The Continent re- der whether he will have the In the Middle East, many thorities will read this out-
from discovering over 70 million STARs: workers
mains highly dependent on persistence to actually reach a American allies and partners come will be, I think, to try to Skilled Through Alternative Routes that are being
American protection that is no deal or will give up, as he did are sanguine or outright accelerate their nuclear pro- held back by degree screens, stereotypes and more.
longer guaranteed. after a failed summit with thrilled by Trump’s victory. gram so as to acquire a nu- Find out how STARs can meet your talent needs.
Now, as Trump’s support North Korean leader Kim Jong With checkered human-rights clear deterrent to protect the #HireSTARs

for European security is very Un in 2019. records, many of these gov- safety of their regime—be-
much in doubt, Europe faces a In a way, the better option ernments look forward to not cause of the fear that there TEAR THE PAPER CEILING.ORG
test of whether it will have for Europe would be Trump being lectured by Washington. could be an agenda of regime
the political will to protect its simply stopping American mil- Turkey hopes Trump will change inside Iran,” said Si-
 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 | Thursday, November 7, 2024 * *** THE WALL STREET JOURNAL.

ELECTION 2024

Trump Won gration and attacking critics.

While the GOP convention
was in full swing, Biden tested

By Being positive for Covid-19 and re-

treated from public view. On
July 21, he posted a letter on-

Trump line announcing his with-

drawal from the race. Minutes
later, he endorsed Harris.
Trump called the switch a
Continued from Page One coup. Some on the Trump
Party leader successfully cast campaign team came to regret
himself as a fighter, dodging Biden’s dismal performance in
by a whisker an assassin’s bul- the debate, which cost Trump
let, and as a victim—of politi- an easy opponent.
cal opponents, the media and Harris resuscitated the
so-called deep-state adversar- Democrats’ presidential hopes.
ies. He broadened his support Almost immediately, polls
from Black and Latino voters, showed the race shifting in
as well as young men, building her favor. Trump was flum-
a coalition that will moxed by how best to attack
strengthen the party. Harris, who at age 60 was
Trump deftly exploited the nearly two decades younger
political liabilities of Harris than the former president.
and the Biden administration. During a forum hosted by
In long, often rambling Black journalists in Chicago,
speeches to roaring crowds, Trump questioned whether
Trump blamed Harris for pre- Harris was Black.

CARLOS BARRIA/REUTERS
siding over the highest infla- Trump came to see illegal
tion in four decades and a re- immigration as a campaign is-
cord number of illegal sue stronger than even the
crossings of the U.S.-Mexico economy, and he painted the
border. He harnessed voter vice president as chiefly re-
nostalgia for the robust econ- sponsible, using demeaning
omy that prevailed after his language to stoke racial divi-
election in 2016 until the pan- China’s Xi Jinping and Russian Top, former President Donald Trump celebrating with former first lady Melania Trump in sions. He recounted violent
demic disrupted life in 2020. President Vladimir Putin. West Palm Beach, Fla. on election night; below, Secret Service agents taking Trump off the crimes committed by illegal
Harris struggled to sepa- Yet Trump felt free to re- stage in Butler, Pa., after he was grazed by a bullet in a gunman’s attack on July 13. immigrants. His aides ar-
rate herself from Biden, telling peat Republican presidential ranged for the families of vic-
a TV interviewer last month candidate Ronald Reagan’s tims to appear with Trump at
that she wouldn’t have done famed question to voters dur- events.
anything differently from the ing the 1980 debate with in- Harris rolled out policies
president. Polls showed a ma- cumbent President Jimmy aimed at easing costs for
jority of Americans believed Carter, a performance that Americans, such as proposals
the U.S. was on the wrong helped vault Reagan into the to prevent grocery-store price
track, illustrating how voters White House. gouging, as well as down-pay-
were itching for a change. Reagan’s query, echoed by ment money for first-time

.
The Harris campaign raised Trump 44 years later, drew home buyers. Trump asked
more than $1 billion, ahead of similar success. why Harris hadn’t done more

ly
Trump’s haul, and fielded a “Are you better off now to help struggling Americans
larger voter operation in bat- than you were four years while serving as vice presi-
tleground states. Trump over- ago?” Trump asked during an dent. “She’s been there for
came those advantages by
running less as a traditional
candidate and more like the
leader of a movement.
Oct. 27 rally at Madison
Square Garden.
A week later, voters an-
swered, choosing Trump’s
on three and a half years,” he
said.
Trump’s campaign sought
to reach more men through
His aggressive and free- promise of security and pros- popular podcasts, including
us ,

ANNA MONEYMAKER/GETTY IMAGES

wheeling style struck a con- perity over the status quo. Trump’s three-hour interview
l

trast with Harris, a more cau- with Joe Rogan. In June,

e
al a

tious and scripted politician. Trump joined TikTok, the

Trump pledged tax cuts and Too old platform he had moved to ban
more tariffs with little regard Trump’s November 2022 when he was president. As a
ci on

for consequences, and he announcement of his candi- candidate, he delivered short,

promised to deport millions of dacy came at a low point in punchy videos that racked up
immigrants illegally living in his political career. He was tens of millions of views.
the U.S. without saying how. blamed for the weak perfor- Trump sought inroads with
The campaign peddled T- mance of Republicans in the the history of the Republican and border policies with at- On June 4, The Wall Street union workers. He gave Sean
er s

shirts with Trump’s mug shot midterms a week earlier, in- contest. By March, he had tacks on his fitness to serve. Journal reported that Biden O’Brien, general president of
from his indictment on cluding candidates he had clinched the nomination. Biden faced worries in his had shown mental slips in pri- the International Brotherhood
m er

charges he sought to unlaw- backed in high-profile races. His GOP rivals had hoped party and from voters that he vate meetings with congres- of Teamsters, a speaking slot
fully overturn Biden’s victory, Behind the scenes, Trump Trump would be sidelined by was too old to run again. sional leaders, during negotia- at the GOP convention. In Sep-
turning what would seem a assembled a comeback team, his criminal indictments. But The Trump campaign and tions for Ukraine funding and tember, the Teamsters for the
political obstacle into a mon- which included Florida GOP Trump’s team of lawyers won the Republican National Com- talks to lift the debt ceiling. first time in nearly three de-
eymaking opportunity. operative Susie Wiles and court delays, and the former mittee put together a social- The White House denied it. cades said it wouldn’t endorse
m rp

Trump, 78 years old, Chris LaCivita, a former Ma- president turned his court ap- media team that “made hay Three weeks later, Biden’s a presidential candidate, a
teamed up with Elon Musk, rine and veteran Republican pearances into fundraising op- out of everything,” to intimate halting performance in his At- blow to the Harris campaign.
the world’s richest man and a strategist. Wiles believed portunities. His campaign ar- White House failings, a Trump lanta debate against Trump The vice president held a
one-time Trump critic who Trump had to broaden his ap- ranged for satellite trucks to campaign official said. The upended the race. The presi- clear edge on the issue of
spent tens of millions of dol- peal. That meant drawing park outside Trump Tower in team also circulated videos of dent, his voice strained, stum- abortion, which had buoyed
co Fo

lars to boost voter turnout in more nonwhite and younger New York, where Trump spoke Biden falling, mangling words bled through sentences and Democratic voters since the
battleground states. Trump voters, two groups that for de- to reporters from TV stations or looking confused, which the struggled to complete Supreme Court’s 2022 deci-
won the backing of Robert F. cades backed Democrats. in swing states. He cam- White House dismissed as ed- thoughts. sion overturning Roe v. Wade.
Kennedy Jr., an idiosyncratic, A dozen Republicans even- paigned in the Bronx to dem- ited fakes. Within days, Democratic Trump appointed the three
antivaccine presidential candi- lawmakers and campaign do- conservative justices who
date who offered his own loyal nors called on Biden to with- joined the majority in the 5-4
following after dropping out
‘I’d like to begin by asking a very simple question. Are you better off draw. He refused, insisting decision. The Harris campaign
of the race. now than you were four years ago?’ that he was best suited to de- expected women would help
Harris drew a burst of en- feat Trump. By July, polls make up a winning margin.
thusiasm when she replaced showed Trump’s lead over Bi- The Trump campaign cast
Biden in July as the Demo- Former President Trump during an Oct. 27 rally at Madison Square Garden in New York den widening further. Harris as a far-left candidate.
cratic candidate. Biden’s em- Americans watched for Bi- It spent tens of millions of
barrassing presidential debate tually entered the contest, in- onstrate that his appeal Polls showed Trump lead- den’s next move. First, though, dollars on TV ads late in the
n-

a month earlier ignited fears cluding Florida Gov. Ron De- stretched beyond his largely ing Biden, a turnaround from came another shock. election, calling out Harris’s
of a Trump landslide win, Santis. They presented white base of supporters. the 2020 race. Trump dared past support of gender-transi-
leading to his withdrawal themselves as a break from In May, a Manhattan jury Biden to debate him, putting a tion surgeries for prisoners.
from the race. the chaos Trump engendered. found Trump guilty of 34 felo- mock podium onstage at ral- ‘God is on my side’ Trump at his rallies also
no

Following a jubilant Demo- Trump called them disloyal. nies for falsifying records to lies that said, “anytime, any- On a hot Saturday after- promised to keep biological
cratic National Convention, Yet he welcomed the growing cover up hush money paid to place.” Biden, seeking to invig- noon, Trump took an outdoor men out of women’s sports.
Harris was pilloried by Trump field, believing the more can- porn star Stormy Daniels. His orate his campaign, took the stage in Butler, Pa., on July 13, In the final stage of the
and Republicans for her past, didates he faced, the more dif- other cases, including Trump’s offer. “I’m happy to debate two days before the kickoff of campaign, Wiles pressed
more liberal positions on im- ficult it would be for any one alleged effort to overturn the him,” he said in late April on the Republican National Con- Trump to advocate for early
migration, fracking and trans- of them to consolidate sup- 2020 election, were met with Howard Stern’s radio show. vention in Milwaukee. Less voting, despite his long held
gender issues. port. He stayed out of the pri- delays or setbacks. Trump de- Top Trump campaign officials than 10 minutes into his opposition and claims of
Trump ignored traditional mary debates last year, shield- nied any wrongdoing. happened to be nearby, at Fox speech, Trump turned to look fraud. Republicans signifi-
GOP ideology, advocating tar- ing himself from rivals. The cases energized News headquarters in Man- at a chart about immigration. cantly closed the gap with
iffs and military isolationism. Trump sailed through Jan- Trump’s campaign, which pur- hattan, when they heard. “F— Pop, pop. Trump put a hand Democrats on early voting.
He expressed admiration for uary’s Iowa caucuses, winning sued a strategy that combined yeah,” LaCivita said as the to his right ear and dove to Wiles took heat from Trump
such autocratic leaders as by the largest percentage in criticism of Biden’s economic group walked to lunch. the floor. Pop. Pop. Pop. but steadily made the argu-
Trump was helped up by ment, according to people fa-
Secret Service agents. Blood miliar with the discussions.
ran down his cheek as he In the campaign’s closing
pumped his fist, saying, days, Trump continued to veer
“Fight, fight, fight.” Thomas into controversy, saying at one
Matthew Crooks had fired appearance that he would be a
shots from a rooftop roughly “protector” of women,
400 feet away, killing one “whether the women like it or
spectator, critically injuring not.” In another, he called for-
two others and striking mer Republican Rep. Liz Che-
Trump’s right ear. Crooks was ney—who backed Harris—a
fatally shot by the Secret Ser- warmonger and asked how
vice. she might feel if she had guns
Trump arrived in Milwau- “trained on her face.”
kee for the convention with At a rally Saturday in Penn-
his ear in a bandage, wel- sylvania, Trump said that be-
comed by a Republican Party cause of the protective glass
united behind him like never surrounding him, an assassin
before. He announced Ohio would have to shoot through
Sen. JD Vance as his running the news media to get him.
mate, selecting an outspoken “I don’t mind that so
populist rather than a candi- much,” Trump said.
date more appealing to cen- His advisers cringed, as
trist voters. Vance’s past com- they had through a long cam-
ments, notably a remark paign marked by off-color re-
saying the country was run by marks. Trump, basking in the
childless cat ladies leading cheers of supporters, returned
miserable lives, later drew to his plane and headed to the
bursts of outrage. next rally.
BRENDAN MCDERMID/REUTERS

In accepting the GOP nomi-

nation, Trump sounded a note
of humility. “I had God on my Watch a Video
side,” he told the convention Scan this code
audience. Trump, in his for a video on
speech the final night, soon how Trump won
reverted to his usual style, back the White
Former President Trump climbing to the stage to speak at a campaign rally in Henderson, Nev., on Oct. 31. hammering on illegal immi- House.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

PERSONAL JOURNAL.
© 2024 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Thursday, November 7, 2024 | A11

BY SARAH E. NEEDLEMAN Kaarina Vuorinen said

the AI-assisted tattoo
KAARINA VUORINEN WAS about on her shin is pretty,
five hours into getting a tattoo ‘but it doesn’t have a
when the artist holding the needle soul.’
made a confession.
He hadn’t actually drawn from
scratch the gothic sword she re- instead continued to
quested before rely on coil machines
permanently put- powered by electro-
ting it on her left magnetic forces, ac-
shin. Instead, he cording to Ben Shaw,
used artificial in- a director at the Alli-
telligence to de- ance of Professional
sign it. Tattooists, a non-
“He was kind of proud,” says profit. “They were
Vuorinen, a 30-year-old dental loyal to the coil,” he
nurse in Helsinki. “I was like, in says.
shock. I was so disappointed.” More recently, de-
She let the artist finish the job, bates have broken out
which he told her included some over whether it’s ko-
personal touches, since at that sher to use tablets,
point the tattoo was nearly fin- digital pens and
ished. “It’s pretty, but it doesn’t graphics software.
have a soul,” she says. “The iPad drove so
The rise of generative AI tools many tattoo artists
like ChatGPT and Google Gemini bonkers,” Shaw says.
has given people an easier and “It was like: How dare
faster way to handle all sorts of you not draw on a sa-
tasks, from writing speeches and cred piece of paper?”
making songs to producing videos
and creating logos. Users simply
type out prompts describing what
they want and seconds later the
programs return results made
Tattoo World Is Split Shaw, 44, owner of Archetype
Tattoo in Albuquerque, N.M., lik-
ens such technological upgrades to
how an electric drill can be more
handy than a screwdriver. Lately
from large language models
trained on massive amounts of on-
line data.
Yet for some body-art enthusi-
Over the Role of AI he’s been using generative AI to
save time figuring out what kind
of tattoos his clients want, which
can be hard for some to articulate,
asts, AI-designed tattoos are ta- Some say using artificial intelligence to design body art is taboo before creating a final version by
boo. They argue that a true tattoo hand. “I’ve spent up to 20 hours
artist doesn’t just put on a design, shown it to the client
ink on people’s skin and they hated it,” he said. “AI is

.
but is also responsible changing the way tattoos are be-
for drawing the im- ing designed.”

ly
ages by hand, from Distinguishing between art-
start to finish. They work that’s made by a human ver-
also worry that AI im- sus an AI tool can be difficult.
age generators are
built off professional
artists’ work without
permission.
on When a client asked Josie Davis
for an arm tattoo of a drawing of
an eye with petal-like tears, she
asked the woman if she’d gotten
“You’re essentially permission to copy the image from
us ,

cheating,” says Matt the artist who created it. The cli-
l

Doherty, a 41-year-old ent said she didn’t need to be-

e
al a

tattoo artist in Sickler- cause it was AI-generated.

ville, N.J. “It’s like do- Davis, owner of Sparrow’s Nest
ing sports on steroids.” Tattoo Studio in Grand Rapids,
ci on

Using AI to design Mich., was thrown for a loop. “I

a tattoo also can pro- had an internal conflict on what
duce bizarre results, to do about this,” she says. “I still
warns Doherty, such draw with pen and paper all the
as images of hands time.”
er s

with extra digits or Ultimately Davis, 38, decided to

bodies with missing take the job, reasoning it’s the cli-
m er

limbs. ent’s body and there were no ap-

Another potential parent copyright issues.
hiccup is that some AI- A few months ago, Francesco
generated images just Chiaramonte, a master’s degree
don’t translate well student in Carcavelos, Portugal,
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into tattoos, says Mat- launched an AI tattoo generator he

thew Hatch, who is the built after first considering mak-
first point of contact ing an AI hairstyle generator.
for prospective clients Called Ink Studio AI, he charges
CLOCKWISE FROM TOP: SONJA AALTONEN (2); ROBERT DEANS; ZIGGY TRAMDAKS

at a studio in Toronto. Someone re- Robert Deans designed the four $14.99 for seven days of access to
co Fo

cently inquired about getting a tat- mythological Greek characters that it and to date he says he’s netted
too for the first time of an AI-made cover his entire left arm by using about 60 customers.
image of galaxies in outer space. Tattoo GPT. Robert Deans and his A native of Italy, Chiaramonte,
Hatch, 27, told the person that it tattoo artist, Ziggy Tramdaks 21, put a post on Reddit in a tattoo
would end up looking like a giant community promoting the tool
bruise. “There are limitations on when it went live, but commenters
what is possible,” he says. nology as the future of tattoo de- mostly gave him grief. “AI is
Others say AI-designed tattoos sign. “AI will take over this indus- theft,” wrote one person. “This is
are high in quality and fair game try whether we want it to or not,” because when it comes to draw- designed “sleeve” as one-of-a-kind so sad,” wrote another. Chiara-
since the programs produce fully he says. “You can swim against ing, “I’m rubbish,” he says. thanks to the technology. “People monte says he’s unfazed. “It’s
original images, even when the the river or learn.” Deans, a 46-year-old marketing are genuinely gobsmacked by the good for the customer,” he says.
same prompt is repeated. Besides, Robert Deans, one of Tram- executive in Nottingham, England, detail and how realistic it looks,” Chiaramonte has just one tat-
artists still need technical skills to daks’s clients, designed the four spent several hours fine-tuning he says. too—of a series of overlapping tri-
n-

put ink onto clients’ bodies. mythological Greek characters that prompts he wrote to get each Technology-related rifts aren’t angles on his right arm that sym-
“It just outperforms people,” cover his entire left arm by using character exactly how he wanted. new within the profession. Decades bolizes a loved one who died. He
says Ziggy Tramdaks, a 30-year- Tattoo GPT, a custom-made ver- Tramdaks started on the project a ago, some artists were resistant to got it before starting his AI busi-
old tattoo artist in Derby, England, sion of OpenAI’s ChatGPT. It’s few months ago and it’s almost the rising popularity of motorized, ness. “I’m not super into getting
no

of generative AI. He sees the tech- something he couldn’t do by hand finished. Deans describes his AI- rotary-style tattoo machines and tattoos, at least for now,” he says.

15-MINUTE FIXES Instead of letting your to an airline’s frequent-

rewards sit there, now is flier program and book
Turn That the time to put them to
use.
through the airline, rather
than your card company’s
own travel portal.
Stockpile 1. Evaluate
your stockpile
If you do go through
your card company, stick
Of Miles Before booking, do a quick
inventory. Check all the re-
to the rule of thumb of
aiming for 1.5 to 2 cents a
wards you have with mile or point spent. Here’s
Or Points credit-card companies, air-
lines and hotels. See
the math: Spending
25,000 points for a flight

Into a Trip which account has the

largest stash, and double-
that would cost $500 in
cash equates to a point
check if any of your points value of 2 cents, while
or miles might expire. spending 50,000 points
BY JACOB PASSY Germán Ceballos, head would decrease the value
of marketing at Award- to 1 cent.
The WSJ is offering short sugges- Fares, a site that monitors Be sure to factor in
tions—15 minutes or less—for how reward-flight availability, any taxes and fees you’ll
you can try to fix something in your recommends doing this need to pay in cash. And
life. Here’s our latest: periodically. Checking ev- remember, if you transfer

Y
ery six months should be points to an airline, you
ou’ve spent years amassing a plenty. can’t transfer them back.
trove of credit-card points and
frequent-flier miles…for what, 2. Set travel goals 5. Don’t forget
exactly? If you’re unsure how to use Many people collect—and the hotel
all those points, you’re hardly alone. hold—so many points and Travelers often think
Americans are sitting on a mas- miles because they dream about flights when re-
sive stockpile of unused travel re- of bucket-list trips. And it deeming rewards, but ho-
wards. Cardholders earned more is possible to book that tels can be a good target
than $34 billion in credit-card points African safari or Tahitian getaway ple, like a weekend getaway or a With most airlines, rewards pric- for those points. Follow the same
alone last year, according to reports entirely on points. family visit. Then think of your ing is often tied to airfares, though steps outlined above, but for lodging.
from American Express, JPMorgan But that usually isn’t practical. credit-card rewards as you would some airlines maintain static award At the very least, be sure to re-
Chase and Capital One. Unless you’re a road warrior or your actual cash reserved for travel: charts. search room rates in your destina-
The longer these points and miles credit-card guru, it will take ages to It’s often fine to spend some now tion before snagging a flight. Hotel
go unused, the more value they lose earn enough points for such a trip, and some later. 4. Explore rewards deals rooms in many popular destinations
as many airlines make it harder to and the points you’ve earned could Flight-reward search tools such as cost a lot more these days, which
find cheap award fares. “That’s basi- lose value while you wait. 3. Research flight prices Point.me, Roame, PointsYeah.com or could outweigh the savings derived
cally money that’s not earning inter- Frequent-flier pros recommend If you don’t have a destination in AwardFares show which award trips from using points for airfare. Think-
GREG CLARKE

est,” says Bart Welch, co-founder setting a variety of travel aspira- mind, let flight prices guide you. are cheapest for a given itinerary. If ing through these details might
and chief executive of rewards- tions. Some can be long-term Check a site like Google Flights or you’re using credit-card points, it’s seem like extra work, but it could
travel website PointsYeah.com. dream vacations, others more sim- Kayak to find affordable locations. often cheaper to transfer the points mean a cheaper trip later.
 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 | Thursday, November 7, 2024 THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

ELIZABETH
BERNSTEIN
The Secret to Better Sex?
A Full Night’s Sleep
L
uke Johns recently told
his girlfriend that he
wanted to talk about the
trouble with their sex life.
Millions of people struggle with sleep, which can kill libido. Here’s advice that might help.
“Is it me?” she asked.
Nope. It turned out it
was his lack of sleep.
Like many these days, he’s been
having difficulty getting enough
sleep. This has left him groggy
during the day and struggling to
stay alert during sex at night.
“I want to be intimate,” says
Johns, age 45, a psychologist in
Torrington, Wyo. “But I’m just al-
ways so exhausted.”
How’s your sleep situation
working out?
About 50 million to 70 million
Americans have sleep disorders,
according to the National Heart,
Lung and Blood Institute. One in
three adults don’t regularly get
the recommended amount of unin-
terrupted sleep they need, the in-
stitute says. Chronic sleep depri-
vation—poor quality as well as
quantity—has been linked to
health problems such as diabetes,
high blood pressure and obesity,
and cognitive issues such as re-
duced attention and reaction time.
A subject that’s less discussed:
Lack of sleep can also tank your
sex life.
It’s associated with reduced li-
bido, orgasm difficulties and gen-
eral lack of sexual satisfaction, re-
search shows. When we’re

.
chronically tired, we don’t have the
energy to get aroused or to satisfy

ly
our partner. Plus we’re cranky. We
may not even want sex at all.
“When you’re exhausted and
you see a pillow, you’re not think-
ing about great sex,” says Dr.
Lauren Streicher, a professor of
obstetrics and gynecology at
on
Now, some good news: Better
sleep leads to more, and better,
shouted “Hurry up, I’m TIRED!”
during sex recently.
What you can do
If a lack of sleep is stifling your
suggests Rand’s Troxel. Pick a
bed, start early, then go your
Northwestern University’s medi- sex, Troxel says. According to one Johns has had trouble sleeping sex life, here’s some advice from separate ways.
us ,

cal school and senior research fel- study in the Journal of Sexual for years. Most nights, he says doctors, therapists and sleep
l

low at the Kinsey Institute at In- Medicine, each additional hour a he’s lucky to get five hours of de- experts.  Have a wake-up rule. Tempting
e
al a

diana University. woman sleeps corresponds to a cent rest, which leaves him sapped though it can be, nudging your
14% increase in sexual activity the of energy for sex. He often wakes  Don’t steal from sleep. Many partner awake when you feel
next day. at 4 a.m. and can’t couples—especially those with frisky can backfire, exacerbating
ci on

More frustrated, Another recent get back to sleep, so young kids—fit sex in whenever sleep and relationship problems
more reactive study showed that he gets out of bed they can, which often means both, sex therapists say.
Poor sleep reduces testosterone orgasms may even Sleep and starts his day. sacrificing sleep for intimacy. Talk to your partner about if—
levels in men and estrogen levels help you sleep, espe- deprivation His girlfriend, Ni- Steal time from something else, and when—you’re willing to be
in women, both of which are cially if you have cole McIntosh, says such as Netflix or social media, woken up, suggests Emory’s
er s

linked to sex drive. Our stress hor- them during sex leads to reduced she’s stopped initi- sleep specialists say. And try Hargons. And be understanding if
mones spike, leaving us too strung with a partner. ating sex because he getting intimate earlier. your partner chooses sleep. In the
desire and less
m er

out to feel desire. “Good sex can lead looks so wiped out. “If there is an activity you long run, that’s to your benefit,
In our heads, the result is to good sleep,” says satisfaction. “I didn’t want to really love doing, why would you she says.
heightened irritability, anxiety Candice Hargons, a push him,” says leave it for the last thing of the
and depression, and lowered en- counseling psycholo- McIntosh, 50, a day?” says Dr. Alex Dimitriu, a  Lower the bar. Sleepy sex can be
ergy and motivation, science gist and associate school counselor. psychiatrist and sleep medicine relaxing. Touch calms our nervous
m rp

shows. We’re more easily frus- professor at Emory University’s Johns says that prescription specialist in Menlo Park, Calif. system. But keep expectations in
trated and more reactive and school of public health, whose sleeping pills have helped, and re- check. You don’t have to swing
prone to conflict. work focuses on sexual wellness. cently his doctor added a medicine  Try separate beds. This may from the chandelier or even go all
“These are all major sex kill- Reporting this story, I talked to for erectile dysfunction. Now, on help you sleep better. Sleeping the way to reap the benefits, says
ers,” says Wendy Troxel, a senior people—too shy to be quoted by nights that the couple wants to be alone means there’s no one next Sari Cooper, a certified sex
co Fo

behavioral scientist at Rand and name—who blamed exhaustion for intimate, Johns takes that pill, then to you snoring, hogging the covers therapist in New York.
ABBY OUELLETTE

author of a book on couples and sexual performance issues, falling his sleeping pill. or watching TV while you’re “If you cuddle and touch, even
sleep. We’re less able to read our asleep during sex and bickering “Sex isn’t spontaneous,” he trying to drift off. without orgasm, that is great,”
partner’s emotions and more likely with their partner while in the says. “But at least I can make sure Consider making intimacy a she says. “You’re bonding—and
to withdraw, she says. act. One woman told me she that I am able.” part of your bedtime ritual, you’re more likely to go to sleep.”

How Quincy Jones Helped Crown King of Pop Prince and Bruce Springsteen.
Jones “was at the absolute top
of his game,” Knopper said. “He was
n-

right about just about everything.”

During these
BY NEIL SHAH years, Jackson

Q
wasn’t a conven-
no

uincy Jones and Michael tional musician or

Jackson didn’t always see eye songwriter—he
to eye over the years, but didn’t read music
when they came close, they made and often just told
“Thriller.” the musicians on
The 1982 track, with its ghoulish his B-team how
sound and cinematic music video, he wanted a song
was more than just a hit song and to sound. But
the title of the bestselling album of Jones had a man-
all time. For many, it was the begin- aging style that
ning of pop music as we know it— accommodated
on the album that inspired genera- Jackson’s quirks;
tions of artists from Justin he had an acute
Timberlake to The Weeknd. The col- sense of when to
laboration marked the high point of  Many consider Quincy Jones’s be strict and provide structure and
two of music’s most visionary and Michael Jackson’s 1982 track when to give space. “Quincy knew
minds—Jackson with his preternatu- ‘Thriller’ to be the beginning of what buttons to push to get the
ral ability to sing, dance and write, pop music as we know it. most out of each musician, and that
Jones with his alchemical ability to includes Michael,” Knopper said.
turn it all into pop gold. By the time of “Bad”—which was
Jones, who died Sunday at the “Michael Jackson, Inc.” “They were also a commercial blockbuster
age of 91 and won 28 Grammys obviously both brilliant musicians, stacked with hits like “The Way You
over his career, was a musical Re- but the combination of Michael and Make Me Feel”— tensions between
naissance man who shaped Ameri- neers and songwriters around—peo-  Michael Jackson and Quincy Quincy in the studio was a case of the two were building. Jackson
can culture from the 1950s on as an ple like keyboardist Greg Phillinga- Jones at the 1984 Grammy one plus one equals five.” wanted to assert himself more and
instrumentalist, band leader, ar- nes, recording engineer Bruce Awards. Jackson had a Perhaps more than anything, the bucked against Jones’s leadership
ranger, composer and mastermind Swedien and Rod Temperton, who preternatural ability to sing, dance depth of Jones’s knowledge meant role; the pop singer wanted to prove
of pop albums, film scores and TV wrote the album’s ubiquitous title and write, while Jones had an he could engineer a supremely he could do things on his own. That
themes. With Jones, Jackson wasn’t track. The “B” team worked closely alchemical ability to turn it all into catchy song. When Jones’s A-team led to more of a give-and-take be-
just working with a producer, he with Jackson, translating his scat- pop gold. worked initially on “P.Y.T. (Pretty tween Jones’s A-team and Jackson’s
was tapping into an American cul- ting of melodies and songs like Young Thing),” for “Thriller,” it was B-team on “Bad.” After that, their
tural repository. “Beat It” into workable demos. slower and ballad-like. Jones upped partnership folded; Jones didn’t
Jones “knew when it had to be Once Jackson’s “Thriller” demos tory,” Knopper said. the tempo, making it snappier. “He steer Jackson’s next album, 1991’s
fast, he knew when it had to be were brought to Jones’s A-team, the While Jones’s massive rolodex just knew how to make a hit,” “Dangerous,” which, while commer-
slow, when it had to be soft and ro- producer and the pop star worked helped him staff Jackson’s albums Knopper said. cially successful, wasn’t as culture-
FROM LEFT: : DOUG PIZAC/AP; OPTIMUM PRODUCTIONS/ALAMY

mantic and when it had to be more together to bring the songs to life. It with top-notch session musicians, With “Off the Wall,” Jones helped defining as “Thriller” or “Bad.”
disco-y,” said Steve Knopper, author would be the apex of a legendary his casting skills transcended both Jackson define himself as a solo Throughout his own ever-mor-
of “MJ: The Genius of Michael Jack- three-album run—“Off the Wall” genre and media format. On “Beat artist apart from his family group, phing career, Jones maintained a
son” and an editor-at-large at Bill- (1979), “Thriller” (1982) and “Bad” It,” from “Thriller,” Jackson’s R&B- the Jackson 5. “Though it was more fierce commitment to the art of
board magazine. “Quincy had those (1987). Today, for music fans and ex- pop makes way for an Eddie Van of a disco record than any of Jack- music production. Asked in a 2018
instincts built in through his de- ecutives alike, Jackson’s spectacular Halen hard-rock guitar solo. For the son’s subsequent albums…it estab- interview if he still heard the spirit
cades of experience.” 1980s run is proof that the music in- title track, Jones enlisted actor Vin- lished Michael Jackson’s own voice,” of jazz in pop music, he replied that
Jackson was a beneficiary of dustry can actually get it right: A cent Price to provide a memorable Greenburg said. he didn’t—that people were now fo-
Jones’s ability to have music’s best wildly-talented performer, singer and spooky voice over. Then, with “Thriller,” Jones put cused on money instead. “I have
talents on call. When the two musi- songwriter, coached by an eclectic “With ‘Thriller,’ Quincy coaxed Jackson in a league of his own. With never in my life made music for
cians worked on the “Thriller” al- musical mastermind who was at the out a new sound that didn’t fit hits like “Billie Jean” and “Wanna money or fame,” he told Vulture.
bum, they used a two-team system: peak of his powers and expertise. neatly into any genre—it was just Be Startin’ Somethin’,” Jackson was “Not even ‘Thriller.’ No way. God
The “A” team, led by Jones, included Jones and Jackson were “one of distinctly Michael Jackson,” said king of the mid-1980s pop uni- walks out of the room when you’re
some of the finest musicians, engi- the great pairings in pop-music his- Zack O’Malley Greenburg, author of verse, rivaled only by Madonna, thinking about money.”
 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 Thursday, November 7, 2024 | A12A

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

A12B | Thursday, November 7, 2024 * *** THE WALL STREET JOURNAL.

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MORAL INJURY IS A WAR INSIDE

No one should fight alone
n-

Imagine a soldier who takes a life in the line of duty. No matter how much good he does,
he believes he’s a bad person. He hates himself, hurts himself. He’s one of the many who
no

struggle with Moral Injury. At Volunteers of America, we can help him find peace.

Learn more at VOA.ORG

 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. * * * * Thursday, November 7, 2024 | A13

ARTS IN REVIEW

ART REVIEW ‘Tapestry of the Astrolabes’ (15th

Gleaming Across Centuries

century), above left; ‘Untitled
(Lens)’ (2023), by Helen Pashgian,
above.

heighten, and challenge our percep-

A dazzling exhibition at the Getty Center explores light with works from the Middle Ages to today tion of light.” The show includes a
1992 painting, by Vija Celmins, of a
star-filled nighttime sky—at first
BY PETER PLAGENS material says, “science (or the an angel, who cranks an astrolabe constellations of stars. glance merely a black canvas with
study of the physical universe) containing the entire cosmos. While a gilded Giotto, depicting white dots, but longer looking re-
Los Angeles served as the connective thread for Near the opposite end of the in tempera “God the Father With veals a lovingly painted array of
‘LUMEN: THE ART AND SCIENCE diverse cultures across Europe and size spectrum is “Salvator Mundi,” Angels” (c. 1328) along with small, subtly individual stars. There’s also
of Light,” at the Getty Center, is a the Mediterranean, uniting scholars a circa 1500 oil painting on panel barely modeled figures in a trian- a fuzzy-edged Robert-Irwin-esque
visually magnificent (and I use the who inherited, translated, and im- by Quentin Massys (“and Studio,” gular panel, might disappoint urethane orange disc, 50 inches in
word judiciously) show. The exhi- proved upon a common foundation the label says, cautiously). The those expecting something more diameter, by the California artist
bition, curated by Kristen Collins of ancient Greek scholarship.” If picture is only 28 inches high. In major, it is, after all, a Giotto. The Helen Pashgian. Displayed in its
and Nancy K. Turner, contains there’s one work among the many it, a tenderly depicted Christ holds “Munich Choros” (13th or 14th own stark white enclosure, it floats

.
over 100 wildly variegated works treasures in “Lumen” that mani- a crystalline globe and gives the century), on the other hand, is an delicately on the wall as it hovers
of art and craft, ranging from an- fests this connection it’s the beauti- sign of benediction; that he’s al- enormous Byzantine candle chan- between object and image.

ly
cient astrolabes and medieval illu- ful and breathtaking early 15th-cen- ready in heaven is signaled by the delier providing a genuine marvel, For all its gems, there’s a cer-
minated manuscripts, to a bit of tury Flemish “Tapestry of the tiny cumulus clouds hugging the albeit by necessity without flames. tain scattershot feeling to “Lumen.”
contemporary installation art Astrolabes,” on loan from a cathe- bottom of the painting. Other trea- As the catalog for “Lumen” says, Which is to say that its subject, in
whose glistening wires mimic the
rays of the sun. It’s the sort of
show that perhaps only the Getty,
ensconced in palatial quarters
on
dral in Spain. Measuring almost 26
feet wide and over 14 feet tall, it of-
fers the enormous scale demanded
by its richly illustrated subject,
sures in “Lumen,” an exhibition
that might just be the most mag-
nificent granny’s attic ever, in-
clude some Hebrew Bibles, a chan-
it “would have created a spectacu-
lar visual array designed to inspire
awe.” While our contemporary as-
tonishment might be attenuated
order to be as thoroughly and con-
vincingly elucidated through pre-
cious objects on display as it is in
the catalog’s essays, would require
overlooking Los Angeles from the which is no less than God—a white- delier from Byzantium and a 12th- by our secular outlook, the state- much more floor and wall space
us ,

Santa Monica mountains, could bearded figure off to the side of century manuscript documenting ment still holds. than the Getty has granted it.
l

gather and present. many other richly attired figures— monks telling time by observing “Lumen” includes a few contem- Moreover, the categories and chro-
e
al a

The exhibition is nominally a determining the movements of the porary works, including the afore- nology of the art and artisanry
part of the third iteration (the astronomical universe by directing mentioned wires-as-rays-of-light by need much more clarity to make
first two were in 2011 E.V. Day. The Getty’s slim rationale their curatorial theses apparent.
ci on

‘Monk Measuring the Hours of

and 2017) of the Getty- Night Using Pacificus’s Horologium for extending the range of the exhi- For those who can’t travel to
sponsored “Pacific Nocturnum’ (c. 1175-1200), left; bition to the 20th and 21st centu- Southern California and climb the
Standard Time” (or ‘Munich Choros’ (13th or 14th ries is that its handful of contem- magic mountain on which the mar-
“PST ART”), a plethora century), below. porary artists “engage with, bled buildings of the Getty reside,
of more than 60 shows the catalog for “Lumen” is a re-
er s

throughout Southern warding way to understand the ex-

California. This edition hibition. Lavishly illustrated with
m er

of “PST” has, however, beautiful, full-page reproductions of

an editorial thrust, “Art the works, it contains more than a
& Science Collide,” that dozen scholarly yet eminently read-
translates in most of able essays. (My favorites are “Op-
the allied exhibitions tical Theories in Islamic and Chris-
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into art inveighing tian Contexts” by Margaret Gaida,

against human-caused of the California Institute of Tech-
climate change. The nology, and “Epilogue: Light and
Getty’s own exhibition the Neuroscience of Awe and Won-
takes a more histori- der” by G. Gabrielle Starr, the pres-
co Fo

cal—and conspicuously ident of Pomona College.)

neutral—tack; it con- Of course, there’s nothing quite
centrates on the splen- like the real thing to help a viewer
dor of light itself, and see the light.
represents a cohesion
of art and science more Lumen: The Art and Science of
than a collision of the Light
GETTY MUSEUM (4)

two. Getty Center, through Dec. 8

“During the ‘long
Middle Ages’ (800-1600 Mr. Plagens is an artist and writer
CE),” Getty exhibition in Connecticut.
n-

MUSIC REVIEW scatting and vocal im- as it were, between

An Entertainer’s
no

provisation. Like Armstrong and

Crosby, she helped to Fitzgerald—including
make jazz singing the use of
mainstream. quotes. Following the

Virtuoso Vocals
In mostly forgetta- lead of great instru-
ble films such as mental improvisers
“Hideaway Girl” and like Armstrong, Waller
“Waikiki Wedding,” the and Art Tatum, Raye
studios cast Raye as a is continually injecting
BY WILL FRIEDWALD Waller, great musicians who were comic rather than a snippets of songs into

W
also appreciated in their day as first- leading lady. The strat- other numbers in a
hen Ella Fitzgerald died in rate funnymen. egy was much the way that directly an-
1996, I was assigned by En- Raye is now the subject of a two- same as that with Du- ticipates Fitzgerald.
tertainment Weekly to get CD package, “Martha Raye & Co- rante: Give her a sup- She inserts “Mama
reactions from other great jazz Stars in Hollywood” from Sepia Re- porting or cameo role Loves Papa” into the
singers. Tony Bennett and Lena cords. It contains roughly 160 in almost any light- middle of “You Came
Horne had very well-considered and minutes of previously unreleased au- weight feature, let her to My Rescue,” and
poignant comments. The response dio tracks recorded for movies pro- sing one number, and likewise “Organ
that surprised me the most, how- duced between 1936 and 1944. watch her steal the Grinder’s Swing” is
ever, was from Anita O’Day. She The performances here make it show with an explo- heard in the Hawai-
started with “Don’t get me wrong, I clear that Raye wasn’t just a good sive, high-energy ian-styled “Okolehao.”
always loved Ella” and then contin- singer who surely could have made showcase containing a Where later jazz sing-
ued: “But even before I heard Ella, I a living with big bands and on the bravura scat chorus. ers sound like a band
had already discov- radio had Hollywood Whether singing with or an instrumentalist,
ered Martha never beckoned, but a Benny Goodman on Raye sounds like an
Raye. And the first top-flight impro- “You Came to My Res- incredibly hip parade,
time I heard her, I Martha Raye viser. More than any cue” or even Arm- marching down the
said to myself, was a superior other vocalist in the strong himself on street with fireworks
‘There’s my singer!’” movies at the time— “Public Melody No. 1”— constantly going off.
Raye (1916-1994) musician other than Bing two tracks on the cur- One other iconic
was a popular enter- Crosby—you can hear rent set—Raye is singer named Raye
tainer, singer, actress
and a top-flight the influence of Arm- swing personified on- as an important in-
and comedian. Her improviser. strong and scat wiz- screen, singing both actual lyrics and Raye is the subject of a new two- spiration. When the young Anthony
career spanned some ard Leo Watson in nonsensical phrases with relentless CD set that collects her Hollywood Benedetto, still a long way from be-
50 years—from early her work. energy and imagination that place recordings from the 1930s and ’40s. ing renamed Tony Bennett, audi-
appearances in Just as clear is the her in the same class with any of tioned for the veteran songwriter
vaudeville and parts in dozens of influence she in turn exerted on a the great jazz singers of the past 80 Hugh Martin around 1950, the latter
Hollywood musicals in the 1930s whole generation of singers, includ- years. improvisation, on a level that Holly- was impressed enough to proclaim,
and ’40s to a long run on television ing not only O’Day but Fitzgerald. In The 1937 “Double or Nothing,” a wood would never experience before “this kid is another Martha Raye.”
that included her own popular vari- fact, two of the first three Raye relatively minor Crosby vehicle, cli- or after Raye. All three singers, who Even a lifetime later, Bennett told
ety series, a regular role on the tracks here—“If You Can’t Sing It maxes in a remarkable scat extrava- are eventually joined by a fourth in me that he still felt that was one of
1970-72 kids show “The Bugaloos,” (You’ll Have to Swing It)” and “Vote ganza built around a three-way com- Harry Barris, deliver an endlessly in- the greatest compliments he ever
and even work as a TV commercial for Mr. Rhythm”—were later re- petition comprising the leading man, ventive nonverbal improvisation, an received.
pitchman. Like Jimmy Durante, she corded by Fitzgerald after Raye in- Raye and Frances Faye, a young amazingly authentic and intimate
CORBIS/GETTY IMAGES

is best remembered as a master troduced them in the Paramount singer-pianist who would go on to a moment that was sung “live”—i.e., not Mr. Friedwald writes about music
comic who was also a superior mu- Pictures releases “Rhythm on the long career as a nightclub head- pre-recorded—before the cameras. and popular culture for the Journal.
sician—part of the same continuum, Range” and “The Big Broadcast of liner. The song “After You,” credited There are other devices here that He is the 2024 winner of the Jazz
as it were, as such next-level jazz 1937,” respectively. You can hear how to veteran songwriter Sam Coslow, is posit Raye as a major figure in the Journalists Association Lifetime
artists as Louis Armstrong and Fats Raye opened the floodgates for essentially a setup for full-scale vocal development of jazz singing—a link, Achievement award.
 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 | Thursday, November 7, 2024 THE WALL STREET JOURNAL.

SPORTS
New Recruiting Pipeline
BY JARED DIAMOND career path,” Femi said. “It fell into
my lap, and I’m grateful for that.”
Orlando, Fla. It’s easy to see how Femi might

D
errian Gobourne was in her make a good wrestler. He stands 6
junior season as a star gym-
nast at Auburn three years
ago when a direct message popped
into her Instagram inbox that took
Leads to Pro Wrestling foot 4, weighs 310 pounds and gen-
erally looks like a person capable of
twisting another person into a pret-
zel without much effort. But WWE
her by surprise. World Wrestling Entertainment has signed 60 college athletes is looking for more than just athlet-
The note was from an account icism in its NIL athletes. Profes-
called “wwerecruit,” and the sender to NIL deals since 2021. Eight of them are now full-time wrestlers. sional wrestling is as much about
had an offer that Gobourne as- stage presence and charisma as it is
sumed had to be some sort of about feats of strength.
bizarre prank or a scam. That’s why WWE talent
World Wrestling Entertain- evaluators scour Instagram
ment, the sports entertain- and TikTok in search of col-
ment juggernaut famous for lege athletes with outsized
staging over-the-top specta- personalities and a demon-
cles featuring hulking giants strated ability to connect
like The Rock and John Cena, with an audience. The result
wanted her to try out. is up and coming wrestlers
“I didn’t think it was real,” like Tank Ledger, a former de-
Gobourne said. “I was like, fensive lineman for North-
‘Uh, actually, I’m going to western named Joe Spivak
pass on that.’” who was part of WWE’s first
It makes sense that Go- NIL class.
bourne was suspicious. She Football was his first
stands at 5 foot 4, has a slen- love—matched only by per-
der frame and was far more forming in front of large
comfortable with cartwheels groups of people.
and back handsprings than “I realized the only other
the People’s Elbow or Stone place I got that feeling that I
Cold Stunner. The other thing did on a football field when I
is that she knew exactly had a microphone or a cam-
nothing about WWE. era or a crowd in front of
But the opportunity in me,” Ledger said. “Where do
front of Gobourne was very those things mesh better than
real, and, as she would even- the WWE?”
tually learn, she actually hap- The WWE NIL roster is an
pens to be the exact type of eclectic group, spanning
person at the forefront of many different sports and
WWE’s new strategy to at- NCAA conferences. WWE has
tract talent. partnered with a tennis
For most of its history, player from the University of
WWE would seek out new Mary Washington and a
performers primarily from wrestler from Life University,

.
smaller, independent circuits a private school in Georgia.
made up of professional While many of the NIL ath-

ly
Oba Femi won three SEC championships for Alabama in shot put under the name Isaac Odugbesan.
wrestling lifers desperate for a shot letes come from football and track
in the big leagues. come an unorthodox pipeline to the tradition sometimes.” potential career in wrestling after and field, WWE has signed athletes
In recent years, however, WWE wrestling ranks. WWE has given That was before the skeptics they graduated. from sports as varied as baseball
has begun to focus on a previously
untapped group who might not un-
derstand the difference between a
heel and a kick to the face, but oth-
Gobourne, have been signed to
on
NIL deals to 60 college athletes
since 2021. Eight of them, including

work as full-time wrestlers at the

saw the new recruits in action and
witnessed how quickly they transi-
tioned from their chosen sport to
wrestling.
It has already generated results.
Take Oba Femi, who won three
Southeastern Conference champi-
onships for Alabama in shot put
and softball to tennis and volley-
ball. College athletes have transi-
tioned to professional wrestling be-
fore, of course. Dwayne Johnson
erwise possess all requisite quali- WWE Performance Center, the “When we started getting these under the name Isaac Odugbesan. played football at Miami. Brock Les-
us ,

ties for tossing opponents around a company’s training headquarters in athletes, it changed everything,” He was planning to keep throwing nar won a national championship
l

ring: college athletes. And thanks to Orlando. The facility also acts as said Michaels, whose real name is overseas before WWE brought him as a wrestler at Minnesota.
e
al a

the rapidly evolving landscape of the home arena for NXT, a develop- Michael Hickenbottom. “What used into the NIL program. With no systematic way of find-
NCAA sports, where athletes can ment brand that effectively serves to take five years is now getting ac- Femi was the NXT North Ameri- ing them, their move to wrestling
now monetize their name, image as WWE’s farm system. complished in a year and a half or can champion for a record 10 was more good fortune and coinci-
ci on

and likeness, they are more avail- Shawn Michaels, the legendary two years.” months before relinquishing his ti- dence than anything else. That is
able to WWE than ever before. wrestler who is now WWE’s senior Those who have been part of the tle in October. Before long, he is what WWE hopes to change—with
Gobourne was part of the sec- vice president of talent develop- NIL program describe their experi- likely to be promoted to the main NIL as the entry point.
ond class of WWE’s NIL program, ment creative, said there was some ence as more like a paid internship WWE roster, as he continues to “We’ve done well and prospered
the brainchild of president Nick resistance at first to expanding be- than a marketing role. The focus, grow into what he describes as a by happenstance,” Michaels said.
er s

Khan and chief content officer Paul hind the insular wrestling world. they say, was on building a rela- “very weird, interesting job.” “But, my goodness, what if we re-

WWE
“Triple H” Levesque that has be- WWE, he said, is “steeped in our tionship and preparing them for a “It was not on my radar for a ally tried?”
m er

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 27 14-time Manchester United Taps Amorim
m rp

French Open
14 15 16 champ,
familiarly As It Seeks a Return to the Top
17 18 19
28 It’s all tied up
BY JOSHUA ROBINSON more galling than the club’s celona, and the state-owned
20 21 22
co Fo

30 Neckwear fruitless search for a worthy pair of Manchester City and

named for a WHEN THE CALL CAME last successor to Ferguson. When Paris Saint-Germain.
23 24 25 26 27 28 racetrack month with an offer to be- he rode off into the sunset, On the pitch, however,
come manager of Manches- with 13 league titles to his United has fallen far behind
29 30 31 32 31 Movie cliché
ter United, Ruben Amorim name, United went with his those clubs due to some
32 Muslim veil wasn’t given much time to handpicked choice for suc- spectacular misses in the
33 34 35
think it over. This was a cessor in David Moyes, a fel- transfer market and failures
36 Peace symbol once in a lifetime offer, he low Scotsman whose in the dugout. Yet CEO Omar
36 37 38 39 40
37 “Indeed!” was told, from one of the straight-ahead tactics Berrada says explicitly that
41 42 43 most celebrated clubs in proved hopelessly ineffective the aim is to win the Pre-
38 Retreat sports. It was now or never. for building a championship mier League in 2028 to coin-
44 45 46 47 48 49 39 Inoffensive For a 39-year-old former contender. It then tried se- cide with the club’s 150th
player from Lisbon, this was rial winners such as José anniversary.
n-

50 51 52 53 40 Father’s all a bit dizzying. Amorim Mourinho, a club legend in Whether Amorim can get
delivery had only ever held
54 55 56 57 three permanent jobs
42 Prickly pears, as a head coach, and
e.g.
no

58 59 60 61 none had been outside

43 They may of Portugal. But he
62 63 64 flare knew United wouldn’t
come calling twice. He
65 66 67 45 Flower girls, had to accept.
often “I had three days to
make my mind up,”
46 2019
FUSION | By Hal Moore superhero
Amorim said, “to make
a decision that changes
Across 33 Yearbook 58 Status held 7 NYSE events movie
radically my life.”
VIPs by the three 47 Made slow Amorim, who will
1 KGB base 8 Each
theme progress officially become
34 Future field answers 9 Tallest
5 Pass up United’s sixth perma-
35 Deets active volcano 48 Like drone nent manager since
9 Johnny 62 Godfather, in Eur. footage 2013 on Nov. 11, is now
Mathis song 36 Spine often
10 “Spartan dog” 49 Math set of heading into one of the
14 Bungle components most high-profile posts
63 Off in the of drama unspecified
39 Pull along distance in all of sports. The
15 Nickname for 11 Akita size
trouble is that turning Ruben Amorim is set to take over at Manchester United.
José 40 Catcher’s 64 Tangible alternative 55 Vogue rival around Manchester
16 Chevy SUV position 12 Phrase in United, the Premier
65 Velodrome 56 Connection
many ode League’s staggering giant, Ole Gunnar Solskjaer, and them there will depend on
17 Adobo + 41 Bart and racers in an airport,
titles may also be an impossible most recently, Dutch tacti- how well his three-at-the-
fårikål Milhouse say
66 Turns down job. cian Erik Ten Hag. back tactical scheme adapts
ride his bus 13 Itch
20 “Gross!” 58 Do some Though the club has won Over their 10 full seasons to English soccer.
42 Budgeting 67 Marking 18 Michigan soundtrack more English league titles in charge, United finished After a short stint at
21 Life instinct, concern time senator work than any other, it’s currently outside the top three more Braga, he took charge of
in Freudian Gary stuck in a baffling rut. than half the time. Sporting Lisbon in early
43 Pot fill Down 59 College, United’s legendary manager “Of course my dream was 2020 and soon led the club
theory
19 Path to the abroad Alex Ferguson dominated to bring more trophies to to its first league title in 19
22 Katharine 44 Pho + 1 Home of top
pljeskavica Botticelli’s the Premier League for two the cabinet,” Ten Hag wrote years. Following it up with a
Hepburn’s 60 Bit decades until 2013, when he in an open letter to the fans. second championship last
“Birth of 25 “Man and
acting gamut, 50 What Superman” 61 Hindi promptly retired. The team “Unfortunately, that dream season was enough to turn
in a Dorothy Venus”
Zener cards playwright honorific hasn’t come close to a title has come to an end.” Amorim into a highly desir-
Parker quip test for 2 Pizzeria since. In that time, United Now, it’s Amorim’s turn able target.
portions Previous Puzzle’s Solution has spent well over $1 billion to take his shot with a club It was United who shelled
23 Sleep unit? 51 Secure H A R D L E T B E L O O K on acquiring new playing whose expectations have out €10 million ($10.9 mil-
24 Browser page 52 “Not sure...” 3 Sore loser, P L OW H O R S E S A N N E talent, sold off a 25% stake never adjusted to this new lion) to pay Sporting’s re-
say S O N I A B R A G A M I E N
H A N D A R U L O O T in the club to British billion- reality. It built an empire lease clause and secure
25 Wd. from a the services of a man they
53 Court sight
4 Slugger’s A N D E A N I D U N N O aire Jim Ratcliffe, and col- through unparalleled sport-
thesaurus L A N D L O S T lected more permanent man- ing success fueled by one of viewed as a coaching prod-
54 Root for the stat A T T E N D T E N T L P S
26 Title quest of agers than trophies. the most sophisticated com- igy.
chef R E A D R I N S O C O I L
5 Fusilli, It currently sits in 13th mercial operations in the “There’s a time when I
ZED JAMESON/ZUMA PRESS

a 1981 action MA P B E N T V A L L E Y
film 56 D.C. daily essentially L A S T L A N E place in the standings after game. To this day, United re- have to take a step forward
B R U I S E I N G R E S just three victories in 10 mains one of soccer’s top in my career,” Amorim said.
29 Falafel + 57 Wine bottle 6 Skywalker’s E A S T G T E L I N E games. The latest frustration five revenue generators with “That’s what happened. It
cepelinai word mentor A R C H A R I S T O C A T S was a 1-1 draw at home more than $800 million a was harder for me than for
B R E L F AMO U S AM O S
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. E A S Y I L E N E L I F E against Chelsea on Sunday. year, putting it in a class any Sporting fan, believe me,
Yet nothing has proven with only Real Madrid, Bar- but I had to do this.”
 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. Thursday, November 7, 2024 | A15

OPINION
How the Democrats Lost It BOOKSHELF | By Philip Delves Broughton

American lib-
eralism’s 10-
year obses-
est. That’s what political ma-
chines have always done. Over-
looked by this reliable re-
Rep. Clyburn, who came to
political age during the trans-
formative years of President
white men can’t be overstated.
Let’s keep this simple. When
they look at Donald Trump, do
Competition
sion
“Trump” is
with

now proven to
be a historic
election strategy is that voters
ultimately decide for them-
selves where their interests lie,
as they did Tuesday. More
Lyndon Johnson’s Great Soci-
ety programs, recognized that
Sen. Sanders’s socialism would
discomfort the electorate. So
they see a 2017 cut in the cor-
porate tax rate to 21% from
35%, derided by Ms. Harris as
a giveaway to billionaires? No,
In the Skies
WONDER
LAND mistake.
There is no
than anything, the 2024 elec-
tion looks like it has redefined
he swung the party to the lib-
eral establishmentarian Mr. Bi-
they see something they like
and admire—an unapologetic
Flying for Peanuts
By Daniel
parallel in the majority’s understanding den. What Mr. Clyburn and fat cat, a guy who looks like By Frank Lorenzo
Henninger
U.S. politics of what constitutes economic like-minded Democrats missed, the personification of wealth Skyhorse, 384 pages, $32.99

F
for a political self-interest. created by private effort
party and an overwhelmingly Blaming Kamala Harris for rather than yet another gov- rank Lorenzo connected two eras of air travel, that
allied media allowing their at- losing this election is a cop- A 10-year obsession ernment check in the mail. of pioneers like Howard Hughes and the flying ace
tention to be diverted so over- out. If Joe Biden had been with ‘Trump’ caused Ms. Harris and her vast net- turned entrepreneur Eddie Rickenbacker, and the
whelmingly by the persona of sharp as a tack and run his work of allies—Silicon Valley’s era of today—jostling cabins, dueling carry-ons and TSA
one individual. own campaign, the result the party to take its progressive billionaires, the in- PreCheck. Mr. Lorenzo stared down the airline unions
Forget the first Trump pres- would have been the same. eyes off what the numerable celebrities, and es- during the period following the deregulation of airlines in
idential term. Or Jan. 6 and Across Mr. Biden’s term pecially the Obamas—wanted 1978, and as the federal government slackened its grip on
disproven election denial. were two intriguing story lines. voters really wanted. these voters to see a night- routes and fares, he and his generation transformed com-
Eventually, in 2021, Donald One was the Trump indict- mare creation of their own mercial airlines into roughly what they are now.
Trump went off to Mar-a-Lago ments dominating the news, making called “Trump.” They “I grew up in Rego Park, a middle-income suburb, the son
to content himself with griping meaning of course free public- and has now cost the party regarded themselves as pro- of Spanish immigrants, my father a onetime hotel dishwasher
and golf. There were no Trump ity for “Trump.” Less dramatic dearly, is that time was run- tectors of minority-voter inter- and later club bartender who, with my beautician mother,
rallies. Then, all of a sudden, but as persistent was the noted ning out on that same estab- ests. That self-regard needs re- founded and owned a small beauty parlor in Manhattan,” Mr.
Democrats at the national, failure of the Biden economic lishment’s half-century-old po- thinking. What these formerly Lorenzo writes on the first page of his memoir, “Flying for
state and local level obtained policies to gain favor with the litical model, which was to Democratic voters saw most of Peanuts.” As a boy he lived near LaGuardia Airport in Queens,
indictments of the former public. The Biden (Harris) make the public believe that all was a newly emerging defi- N.Y., and would read the annual reports of airline companies.
president. Naturally, he reap- White House is indeed entitled its economic interests depend nition of economic opportu- He invested his teenage sav-
peared to fight back. to wonder why the expenditure on federal transfer payments. nity. Business isn’t an enemy ings in Trans World Airlines
Pouring all their psychic en- of so many trillions on so many Ms. Harris ran on that idea, of the people. stock.
ergies into “Trump,” Demo- domestic projects failed politi- and its decline, reflected in The election results suggest He attended public high
crats took their eyes off the cally with the public. public opinion about the Biden this movement away from the school, Columbia University
American people the past four Ms. Harris largely ignored economic policies, explains in 50-year-old Democratic estab- and then Harvard Business
years. What a high price they the massive Biden outlays, in- part why she underperformed lishment won’t be temporary. School, where he began making
are paying for that now. cluding on the climate, substi- Mr. Biden’s 2020 results. For Mr. Trump got 46.5% of the the connections that oiled his
In the election’s final weeks, tuting instead her own grab- liberals, Bidenomics was an vote in New Jersey. In Vir- ascent. After a stint at TWA,
virtually all the opinion polls bag of price controls on apotheosis—and the modern ginia’s Senate race, the Repub- when the airline was in a pro-
showed Mr. Trump and Kamala groceries and handouts for Democratic Party’s last hurrah. lican nominee, Hung Cao, who tracted fight with its biggest
Harris in a statistical tie in the home-buying and child care. A centerpiece of the Biden came to the U.S. as a refugee shareholder, Hughes, as well as
seven swing states. It was an The political failure of Biden- presidency was the multitril- from Vietnam in 1975 and with Rickenbacker’s Eastern Air-
admittedly striking result, and omics, however, is central to lion-dollar American Rescue served in the U.S. military, got lines, Mr. Lorenzo decided to set

.
the question became: Are the understanding the Democrats’ Plan of 2021. This massive leg- 46% against incumbent Sen. up an airline consulting business
polls “missing” something? election defeat. islation did nothing for Mr. Bi- Tim Kaine. The New York City with a friend from business

ly
Indeed they did. They The turning point began in den politically. But it did drive borough of Queens gave Mr. school.
missed the public’s loss of be- the Democratic presidential an inevitable inflationary spi- Trump 38% of the vote. In 1966 Mr. Lorenzo and his founding partner, Bob Carney,
lief that the Democratic Party primaries of 2020 when, as ral in household-related prices, With control of the Senate, began their operations in a branch of the New York Public
represents its interests.
The normal habit of politics
is to create policies and then
sell them to voters as the best
this space has noted often,
South Carolina Rep. Jim Cly-
burn endorsed Joe Biden over
the progressive insurgent, Sen.
on
which eroded wage gains.
The importance in this elec-
tion of the lost support among
black and Hispanic voters (in-
Republicans indeed have a
great opportunity. But in their
historic loss, Democrats do as
well. If they will recognize it.
Library off Fifth Avenue and 53rd Street. They made calls from
the library phone booth. From the outset their goal was to
make enough money through advising on deals to buy a sup-
plemental airline, one of the smaller companies that plugged
expression of their self-inter- Bernie Sanders. cluding women) and younger Write [email protected] the cargo and passenger holes unfilled by the major airlines.
us ,

They quickly built a stake in British West Indian Airways,

l

and Mr. Lorenzo cut his teeth as an airline executive, working

e
al a

Trump’s Comeback and What’s to Come on everything from rebranding the airline to negotiating with
governments and buying and selling planes. Within three
years, the partners created a leasing company, Jet Capital,
ci on

By Karl Rove omy, inflation, the border what America needed in the things in the next two years. and raised their initial capital with a public listing. With that,

A
and wokeness while promis- Oval Office. But if he makes a priority of they acquired a controlling position in the rickety and loss-
nd so it ended, almost ing to restore America’s Challenges await Mr. settling scores with oppo- making Texas International Airlines and set about pruning it
abruptly. greatness. He was aided by Trump. The international nents—which he promised to back and making it profitable again. Mr. Lorenzo was so
Many pundits—me the sense that the economy scene is chaotic and danger- do during the campaign— devoted to his work that he arranged his honeymoon to
er s

included—expected days of was better and more pros- ous, from Ukraine to Taiwan he’ll waste his limited time include a series of stops along TIA routes in Texas and Loui-
uncertainty, vote counting perous when he was in of- to the Middle East. He will and precious political capital. siana. A rival had recently abandoned several Gulf Coast
m er

and legal wrangling. But be- fice. And with two-thirds of have a Republican Senate but But Mr. Trump will do it markets, and he “needed to do some politicking” to snap
fore sunrise Wednesday, it Americans believing our there’s still a slim chance of his way. In Trump 2.0, there them up for TIA.
was over. Donald Trump en- country was on the wrong a Democratic House. It will will likely be more people Jet Capital and TIA staggered through the early 1970s, buf-
gineered the most astonish- course, he became the likely take days to settle the urging him to hit the accel- feted by sky-rocketing fuel prices and the looming threat of
ing political comeback in change candidate. final contests in California erator on whatever policy deregulation. Mr. Lorenzo was torn between his natural
m rp

American history. When his re-election jour- that may determine which idea, good or bad, occurs to instincts for competition and innovation and his fears that
The former and future ney began in 2022, it seemed party has the lower cham- him than in his first term TIA’s business would be devastated if national carriers were
president appears to have impossible to all but him, his ber’s majority. and fewer counseling him to allowed to compete on its smaller routes, or if Texas rivals
swept all seven battleground family and true believers pump the brakes. like the insurgent Southwest Airlines were given access to its
states. He also is well ahead that he would win. The law- Some of his ardent sup- protected interstate routes. But when deregulation finally
co Fo

of Kamala Harris in the na- suits, indictments and later It seemed impossible porters play this down. They came in 1978, Mr. Lorenzo thrived in the ensuing chaos.
tional popular vote, 51% to the conviction would have remind us of journalist TIA took the opportunity to slash fares. The company
47.5% as of Wednesday after- doomed any other candidacy. a year ago, but the Salena Zito’s admonition to offered a “date you fly is the price you pay” promotion: $1 on
noon. If he carries every But he persevered, and his success of America is take Mr. Trump seriously but the first of the month for a one-way standby ticket, $2 on the
state he now leads, he will supporters grew in numbers. not literally. She may have a second and so on. Mr. Lorenzo and his team came up with a
have a more substantial Elec- He knew what appealed to again in his hands. point, but it should be a promotional campaign around the idea of “Peanuts Fares,”
toral College victory: 312 people in a way others—in- greater comfort to nervous with images of TIA’s planes as peanuts soaring through the
votes to her 226. That’s a cluding me—didn’t see. A Americans that the guard- skies with captain’s hats and sunglasses, and the slogan
clear mandate. friend explained it to me on America remains deeply rails of our system of gov- “Flying for Peanuts.”
President-elect Trump Monday as we walked a New polarized, and some of Mr. ernment remain strong and The disruption of the airline industry coincided with inno-
achieved his victory by as- York street. Pointing to Trump’s proposed policies— effective. vations in finance and the rise of leveraged buyouts and hos-
sembling a new coalition. He nearby construction workers, such as the expensive sales This is the moment when tile takeovers. Over the next decade, Mr. Lorenzo led a series
added to the GOP’s tradi- he said the former president taxes that his tariff ideas both victors and the defeated of aggressive and controversial assaults on far bigger rivals,
n-

tional base working-class cares about people like them constitute—could prove un- traditionally set aside the playing them off against one other with astute share pur-
noncollege voters of all races; and they feel that. Millions popular. This could boomer- election’s acrimony and, even chases and the canny working of a regulatory system in flux.
young voters, especially of Americans who don’t be- ang on him in the 2026 mid- if briefly, give the incoming The most memorable would be his takeover of Continental
young men; the biggest share lieve politicians care about terms. And second terms are president a chance to start Airlines in 1982.
no

of the Hispanic vote since at them, their challenges and rarely easy. fresh. Mr. Trump is the only
least 2004; and the largest their aspirations see Mr. Early Wednesday morning president America will have
black percentage for Republi- Trump as their champion. Mr. Trump promised: “Every come January. We should all Frank Lorenzo helped bring commercial air
cans in decades. He expanded Mr. Trump also benefited citizen, I will fight for you, wish him godspeed and pray travel into its present state: hectic, constantly
his majorities in rural coun- from the mental and physical for your family and your fu- for wisdom in his efforts.
ties and small towns while incapacity of the sitting pres- ture.” He pledged “with every Our nation’s success is once changing, competitive—and mostly affordable.
building his numbers in cities ident seeking a second term. breath in my body, I will not again tied to him.
and suburbs. His percentage It’s a scandal that Joe Biden rest until we have delivered
of the vote ballooned in blue and his inner circle thought the strong, safe and prosper- Mr. Rove helped organize Almost immediately after gaining control of Continental,
states like New York, New it was in the country’s best ous America that our chil- the political-action committee he ran into the opposition of pilots’ and machinists’ unions,
Jersey and Illinois. interest that he run when he dren deserve.” American Crossroads and is who feared the erosion of their pre-regulation privileges.
Mr. Trump created this co- had declined so precipitously. If the new president fo- author of “The Triumph of Over many months, Mr. Lorenzo negotiated and resisted, but
alition by opposing Biden- They hid the fact that age cuses his prodigious energies William McKinley” (Simon & eventually Continental had to file for bankruptcy to be
Harris policies on the econ- had robbed Mr. Biden of on this, he can achieve good Schuster, 2015). released from its unsustainable labor contracts.
At this point in the battle, Mr. Lorenzo organized a phone
bank of executives who called pilots individually after dinner

The Electoral College Embodies America to persuade them to cross their own picket lines, a risky
move at a time when striking pilots were threatening work-
ing pilots with violent retribution. Continental also had to
By Matthew Hennessey the founding compromises em- aration of powers. Having the limits the present. The Consti- fight through the courts to defend its right to impose new

A
bedded in the Constitution, in- people do it would concentrate tution provides a mechanism wages and work rules during bankruptcy. But the company
fter every presidential cluding but not limited to the power in the population cen- for change, but it isn’t an easy eventually won its case, and as union opposition withered,
election we get a flurry Electoral College, the U.S. as ters of the Northeast. The ru- process by design. Every gen- Continental returned to profitability.
of commentary ques- we understand it today ral states wouldn’t agree to eration doesn’t get to void the Through the 1980s, Mr. Lorenzo fought with the corpo-
tioning the Electoral College. wouldn’t exist. that. Stalemate. old political dispensation and rate raider Carl Icahn for control of TWA, and eventually
It’s an anachronism, some say, Elected representatives of “This subject has greatly di- declare an entirely new one. lost. But he did gain control of Eastern Airlines, which
no longer useful or relevant. the 13 victorious former colo- vided the House, and will also Maybe in other countries required another painful scrap with unions and, later, the
Others call it a tool for the de- nies arrived in Philadelphia in divide the people out of doors,” that’s how it’s done. Not in sale of its Washington-New York-Boston shuttle service to
liberate disenfranchisement of May 1787 to hash out some reflected convention delegate America. Not in the U.S. Donald Trump. The arrival of Mr. Trump brings some wel-
minorities. Such arguments James Wilson of Pennsylvania, We are e pluribus unum, out come levity to the book’s blow-by-blow accounts of long-
are generally made in bad faith a future Supreme Court justice. of many, one. The Electoral forgotten airline deals.
by partisans dissatisfied with There would be no “It is in truth the most difficult College is a reflection of our In Mr. Lorenzo’s recollection, Mr. Trump is a comic fig-
the outcome of the most re- country without the of all on which we have had to founding not as a singular po- ure, a see-through show-off and a clumsy negotiator. At one
cent contest, and they were es- decide.” litical entity ruled by a mon- point during their discussions, the New York mogul invited
pecially vehement in 2000 and founding compromise. The delegates finally arch in a faraway city but as a Mr. Lorenzo to ski with him in Aspen, Colo. Mr. Trump
2016, when the winner fell alighted on the idea of the federal republic of constitu- failed to show up. That morning, according to the author,
short of a plurality in the na- Electoral College to balance tionally limited and separated Mr. Trump’s then-wife Ivana had discovered that he had
tional popular vote. That sort of permanent political ar- these competing interests, and powers. The 50 states are sov- flown in his girlfriend, Marla Maples, to stay in the same
doesn’t mean they can be ig- rangement. Things could have the federal project moved for- ereign even as the union hotel as his family.
nored. On the contrary, they gone many directions. Among ward. As a result, we have a among them is indivisible. This Mr. Lorenzo retired from the airline industry after a quar-
must be addressed because the issues that needed resolu- country today. is Civics 101. People who didn’t ter-century to become an investor. By his own account, he
they are—and I mean this lit- tion was how the president of Some critics of the Electoral pay attention in school can be was a fastidious, scrupulous man, the epitome of tough but
erally—anti-American. a new federal government College seem to wish we lived forgiven their ignorance. But fair. He ran marathons, was devoted to his family and helmed
Not for nothing is the coun- would be selected. Some in an alternative timeline, un- they might also think about great American companies. His book is a modest testament to
try called the United States of wanted Congress to pick the constrained, to coin a phrase, keeping it to themselves. a businessman of rare diligence standing firm through
America. There’s a reason, chief executive. Others insisted by what has been. But there extreme turbulence.
even if many modern Ameri- on a national popular vote. are no such timelines. There’s Mr. Hennessey is the Jour-
cans don’t know or don’t re- Having Congress do it under- only this one, in which the past nal’s deputy editorial features Mr. Delves Broughton is the author of “The Art of the Sale:
member what it is. Without mined the principle of the sep- inevitably instructs and often editor. Learning From the Masters About the Business of Life.”
 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 | Thursday, November 7, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Trump Wins a Second Chance Two Campaigns Lurking Behind the Election

D
onald Trump, meet Grover Cleveland, the political advantage, and perhaps a younger I enjoyed your symposium “Jour- empt an electoral referendum on
the only other President in U.S. history GOP nominee without the baggage of Jan. 6 nal Writers Reflect on the Campaign” him, and on their policies, trans-
(Nov. 2). While it had great insights formed the alleged class bully into a
to win a second term after losing his might have won a bigger victory. Exit polls show
into this election cycle, there is one sympathetic victim for many per-
first bid for re-election. It’s a the threat to democracy and item that hasn’t been discussed. Sev- suadable voters.
remarkable accomplishment He owes his comeback Mr. Trump’s character were eral years ago, Texas Gov. Greg Ab- This was made worse by the over-
and a political comeback for victory to his resilience Democratic advantages. But bott began busing and flying illegal the-top, strained-to-breaking legal
the ages. How he’ll use it to Democrats overplayed their immigrants to progressive sanctuary theories used to go after him. From
achieve a legacy larger than and Biden’s failures. hand even here, as their com- cities so those cities could share the attempts to exclude Mr. Trump from
the divisiveness of the last parisons to fascism and Hitler pain—and the costs. state ballots as an uncharged insur-
eight years is the question for weren’t believable. It was a brilliant move, which rectionist, to a consumer-protection
the next four. i i i changed the political landscape with statute used against a borrower in a
To say the former President has been a por- Can Mr. Trump govern in a second term respect to our border and the illegal commercial-real-estate loan, to mis-
trait in resilience is the political understate- more successfully than he did in the first? Con- immigrants, drugs and even terrorists demeanor bookkeeping irregularities
pouring in. It made the border the is- morphed into 34 felonies, the over-
ment of the 21st century. He was all but written trol of the House remained too close to call on
sue it is—one that even the Demo- reach was too much for many Ameri-
off as a future candidate after the Capitol riot Wednesday. But he’ll have a working GOP ma- crats could no longer avoid. cans’ basic sense of fairness.
on Jan. 6, 2021, including by us. But Democrats jority in the Senate, with at least 52 seats and HAL DANTONE Topping it off, the Federal Bureau
helped to revive him with their one-sided Jan. maybe 54. This will help with the confirmation Kingsville, Texas of Investigation raid on the Trump
6 investigation and their partisan use of law- of his cabinet nominees and judges. home (while looking the other way on
fare. The Bragg indictment in New York on But he will have to choose carefully because I enjoyed your writers’ look at the President Biden’s document mis-
jerry-rigged charges may have sealed Mr. his nominees will have to pass muster with highs and lows, hits and misses, deeds) made vividly clear a funda-
Trump’s path to the nomination. The courage what we will call the McConnell Caucus. That’s cheers and groans of this election mental unfairness and abuse of
he showed after the first assassination attempt McConnell, as in Mitch, the Kentucky Senator season, but I would have given power that I believe changed many
was also a defining campaign moment. who will no longer be GOP leader and probably greater emphasis to the lawfare. The people’s view of the 45th president—
Democratic Party’s attempt to weap- and made the 47th imaginable.
i i i won’t run for re-election in 2026. He will be lib-
onize the legal system against former ART HUDMAN
His victory on Tuesday in the end wasn’t as erated to act without worrying about his back- President Donald Trump and pre- Plano, Texas
close as the polls suggested. He won back states benchers. He will have allies in Sens. Susan Col-
he lost in 2020, and he did so with a coalition lins, Lisa Murkowski, and perhaps others.
that included more young voters, and more Nominating the likes of Jeffrey Clark or Ken
black and Hispanic men. He reduced his margin Paxton as Attorney General won’t fly. His suc-
of defeat in states he lost by enough that he will cessful first-term nominees knew how to navi-
What Does the Word of the President Mean?
probably win the national popular vote. It’s a gate Washington, pursuing policies with care Matthew Kroenig and Dan Negrea down and make you pay. I will defend
bigger win than in 2016. to defeat opponents in the bureaucracy and are right that the world doesn’t be- our interests and our people with ev-
Yet Mr. Trump’s comeback wouldn’t have press. He needs more Mike Pompeos and Gene lieve the Biden-Harris administration ery measure at my command.”
been possible without the policy failures of the Scalias. will follow through and impose seri- Three years later, it’s “crickets.”
ous consequences when America or an The guilty parties were never
Biden Administration and Congressional Demo- If Mr. Trump makes a priority of seeking re-
ally is attacked (“Trump and the Art “hunted down and made to pay.” I
crats. He won again because President Biden venge against his opponents, he will squander of Deterrence,” op-ed, Nov. 1). Prime guess Mr. Biden forgot—during his
failed to deliver the unity and prosperity he political capital and quickly lose whatever

.
examples are the Kabul airport/Abbey disastrous debate, he claimed that
promised, and because over four years voters goodwill his victory earns him. Ditto if he fo- Gate bombing during President Bi- there had been no U.S. servicemen

ly
have soured on the results of his progressive cuses on responding to every critic who insults den’s disorganized Afghanistan with- killed during his presidency—or at
policies. him. We realize that asking Mr. Trump to act drawal and the Biden administration’s least he figured that the American
Mr. Biden veered left to unite Democrats, with self-restraint and political grace is the tri- statements about an Iranian ballistic- people had forgotten.
on
rather than unite the country, and he believed umph of hope over hard experience. But he
the historians (that means you, Jon Meacham) could set the right tone by promising to pardon
who told him he could be another FDR. He put Hunter Biden after he takes office and vowing
missile attack against Israel.
On Aug. 26, 2021, a suicide bomb-
ing took place at Hamid Karzai Inter-
national Airport in Kabul during the
In the case of Iran, the White
House warned it of “severe conse-
quences” should it launch ballistic
missiles at Israel. I read that and fig-
Elizabeth Warren in charge of his regulators, not to prosecute Joe Biden.
botched evacuation from Afghanistan. ured Mr. Biden must really be feeling
us ,

and Nancy Pelosi in charge of his agenda for the i i i

At least 183 people were killed, in- his oats. But when Iran attacked any-
l

first two years on Capitol Hill. The overriding policy message from the exit cluding 170 Afghan civilians and 13 way, the Biden administration imme-
e
The result was a decline in real wages as in- polls is that Mr. Trump needs to keep his eye
al a

members of the U.S. military. After diately shifted to restraining Israel’s

flation soared, a divisive cultural agenda driven focused clearly on economic growth. He has a that attack, Mr. Biden stood before response, pressuring Israel not to at-
by identity politics, chaos at the southern bor- mandate to repeal electric-vehicle mandates the American people and said, “To tack the Iranian regime’s key assets,
ci on

der, and the collapse of American deterrence and the climate commands of the Inflation Re- those who carried out this attack, as let alone doing so itself. What hap-
abroad. The exit polls show the economy in par- duction Act. well as anyone who wishes America pened to “severe consequences”?
ticular was Mr. Trump’s best issue. No matter Above all he needs growth with low inflation harm, know this: We will not forgive. MICHAEL C. BURY
the media lectures that the economy is great, that raises incomes, especially for American We will not forget. We will hunt you Adams, Tenn.
voters who depend on wages and salaries (not households who don’t have stocks or own a
er s

assets) felt differently. home. Extending the pro-growth planks of his

Democrats tried a late course correction by 2017 tax reform and deregulation to unleash Prepare the Merchant Marine Before We Need It
m er

pushing Mr. Biden out of the race when it be- business investment will be crucial. He won’t U.S. military sealift capabilities are gistical ships, putting the men and
came clear he would lose, and it almost worked. get that result by adopting the income redistri- falling far behind China’s, particularly women commanding these vessels in
Kamala Harris tried to pitch herself as a “new bution or union feather-bedding favored by the in terms of the number of vessels harm’s way.
way forward,” but she couldn’t escape her four- big-government right. available for a major conflict During World War II, approxi-
m rp

year association with Mr. Biden. In the end she Most second terms fail, but then Mr. Trump’s (“China’s Advance Exposes U.S.’s Sup- mately 250,000 mariners served, with
also failed to persuade enough people she was second term is unlike any other in more than ply-Line Weakness,” World News, nearly 10,000 losing their lives—a
up to the job as President in a world of growing a century. To adapt Democrat Rahm Emanuel’s Nov. 1). It’s crucial to have at the higher per capita casualty rate than
geopolitical danger. famous political dictum, a second chance would ready militarily obligated Merchant had any branch of the armed ser-
Given these fundamentals, Republicans had be a terrible thing to waste. Marine officers who will be needed to vices. More than 700 Merchant Ma-
co Fo

operate commercial vessels in con- rine ships were sunk in enemy at-
tested waters. In a conflict, Chinese tacks, and many mariners were taken

Investors Bid Bye, Bye to Bidenomics forces will aggressively target our lo- as prisoners of war.
Congress established the U.S. Mer-

T
chant Marine Academy during World
hat was some financial rally on Wednes- But higher interest rates have also made buy- Are We Ready to Admit That War II to ensure a strong pool of ser-
day as voters absorbed the election ing a home and car less affordable. The bottom vice-obligated, licensed Merchant Ma-
news of a Donald Trump victory, and 40% of earners accounted for 6% of new auto pur-
Plastic Can’t Be Recycled? rine officers who could be activated
perhaps a united GOP govern- chases last year, compared to I support recycling, and we should in times of crisis. The nation can’t af-
ment. But wait: Didn’t as- Stocks stage a relief rally 18% in 2019. Meantime, the av- keep recycling paper, metal and glass. ford to hope for volunteers to execute
sorted Nobel economists and But plastics recycling is an abysmal this key, dangerous component of
newspaper columnists tell us
on the prospect of fewer erage mortgage payment for a
new home has roughly doubled failure. Exxon Mobil, a major plastics warfare; the need is simply too im-
producer, has known this for decades, portant. USMMA’s 1940s infrastruc-
the economy is great and Ka- taxes and less regulation. over the last four years.
n-

and allegedly it told the public other- ture must be modernized, including
mala Harris would be better All of this explains why Mr. wise so it could keep profiting from an expanded capacity to graduate
for inflation and growth? Trump attracted a broader co- plastic (“Exxon and California Spar those Merchant Marine officers who
Yes they did, but voters apparently didn’t alition than during his past two presidential Over Claims About Recycling Plas- may soon be sorely needed.
agree and neither did markets. It’s hard to re- campaigns and appears poised to win the popu- CAPT. JAMES F. TOBIN
no

tics,” Business & Finance, Oct. 31).

member an occasion when the economic com- lar vote. Mr. Trump this year won 45% of Hispan- Less than 6% of U.S. plastic is recy- President and CEO, USMMA Alumni
mentariat has been so removed from the reality ics, 38% of Asians, 54% of Hispanic men, and 20% cled. That’s because plastic is unrecy- Association & Foundation
of voters and markets. of black men. In 2016 he drew 28% of Hispanics, clable by design. Thousands of chemi- Kings Point, N.Y.
Investors seemed to love the election result, 27% of Asians, 32% of Hispanic men and 13% of cals are used to make it. Different
as the Dow Jones Industrial Average climbed black men. (See the nearby chart.) plastics have different chemicals, col-
3.6% and the Russell 2000 index 5.8%. The latter Americans earning less than $100,000 also fa- ors and polymers, and these varia- The Ant and the Grasshopper
tions must be separated to be recy-
reflects buoyed confidence for small businesses, vored Mr. Trump despite Democratic efforts to cled. There are too many variations
Sam Sacks’s review of “Aesop’s Fa-
which bear the brunt of the Biden Administra- win their vote with handouts in the March 2021 bles” (Books, Nov. 2) brings to mind a
to make plastics recycling viable.
tion’s regulatory assault and looming higher spending blowout and Ms. Harris’s promises of modern twist on an old classic: In the
None of us has voted for more
taxes. Call it a relief rally. more. Voters are smarter than the commentariat summer, the ants worked and saved,
plastics in our lives, our ocean or our
Stocks rise and fall, and no doubt they’ll fall and could connect the dots between Democrats’ while the grasshoppers played. The
bodies. My organization constantly
ants warned that come winter, there
again if Mr. Trump’s policies turn out to disap- spending binge and inflation that has eroded hears from people who want to avoid
would be no food. The grasshoppers
point. But Wednes- their wages and living plastics but find few choices when
laughed at their labors and sacrifices.
day’s rally suggests a Donald Trump's Voter Share in Exit Polls standards. they go to the store or buy online.
As winter approached and food
2016 2024 California Attorney General Rob Bonta
groundswell of growth 0% 20 40 60 Two-thirds of vot- disappeared, the grasshoppers
optimism. Voters have ers rated the economy took a bold step in filing a lawsuit to
pleaded. The ants said that you must
hold Exxon Mobil accountable. Other
taken off the table a Hispanics as poor or not so good, reap what you sow. But then, on the
attorneys general should do the same.
big tax increase and and they supported JUDITH ENCK
first Tuesday in November, the grass-
continued regulatory Asians Mr. Trump, 69%-29%. hoppers were given the chance to
President, Beyond Plastics
barrage. Businesses This is a major reason take the ants’ food.
Poestenkill, N.Y.
can breathe a sigh of Hispanic Men that Ms. Harris’s vic- JOSH WIENER
Stillwater, Okla.
relief that Elizabeth tory margins in solid
Warren acolytes Rohit Democratic states like Who Needs Clinical Trials?
Chopra and Lina Khan Black Men New York (11.6%), Illi- In light of the approval of Medic-
won’t spend the next nois (8.2%), Minnesota aid funding for traditional tribal med-
Pepper ...
four years harassing Household
Income <$50,000 (4.3%), New Jersey icines and practices without evidence And Salt
them. Source: National Election Pool consortium
(5%) and New Mexico of effectiveness (“Medicaid for Herbs
THE WALL STREET JOURNAL
Mr. Trump’s threat (5.5%) shrank to and Housing,” Review & Outlook, Nov.
of tariffs presents economic risks, but voters roughly half of Mr. Biden’s in 2020. 5), one might wonder whether Health
seemed to decide that the bigger danger was a Mr. Trump remarkably won 38% of the vote and Human Services would consider
repeat of the Biden-Harris economic policies that in New York City’s Queens borough and 27% in funding for grandma’s chicken soup.
gave them the highest inflation in 40 years and the Bronx, buoyed by support among minori- Millions like me will attest to its cu-
rative benefits, and all without clini-
lower real wages. While the affluent who own as- ties. Many Democrats in blue states abstained
cal trials and other bureaucratic
sets have done well in the Biden years, most this year from voting in the presidential race, stumbling blocks. Undoubtedly, the
other Americans have fallen behind. and some voted for Mr. Trump to show their associated costs would be far lesser.
This is what the simple-minded soothsay- dissatisfaction with the results of the left’s eco- RICHARD SHAINE
ers—we’ll spare their names—have missed in nomic and social policies. Boise, Idaho
their lectures about the supposedly booming Millions of Americans who didn’t back Mr.
economy. How could Americans be unhappy, Trump in 2016 or 2020—including some who
Letters intended for publication should
they ask? Well, inflation-adjusted weekly earn- have never voted for a Republican for President be emailed to [email protected]. Please
ings remain lower than when Mr. Biden took of- in their lives—cast their ballots for him this include your city, state and telephone
fice and began to increase only this past year year. If Democrats showed a hint of introspec- number. All letters are subject to “You’re failing to distinguish
as higher interest rates helped bring inflation tion, they’d realize it’s because their policies left editing, and unpublished letters cannot between wanting to go out
be acknowledged.
under control. most Americans worse off. and needing to go out.”
 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. Thursday, November 7, 2024 | A17

OPINION

Voters Reject The Finger Will Point at Biden

The Party Gnashing of teeth dent since James Buchanan.
by senior Demo- For two years this column lobbied
Of Scolds crats is inappropri-
ate after Tuesday’s
against Mr. Biden seeking a second
term. It pointed to his obvious mo-
loss. A more apt re- tive in seeking to make sure Mr.
By F.H. Buckley action would be a Trump would be his opponent be-

O
woeful smile, a cause Mr. Trump was the only Re-
BUSINESS
ne lesson the left should learn gentle clap on each publican he might beat.
WORLD
from this election is that you other’s back and A year ago Mr. Biden might have
By Holman W.
don’t win elections by becom- the words, “Hey, resigned in favor of Ms. Harris so
Jenkins, Jr.
ing an angry scold. It isn’t patriotic we might have won she could test her presidential met-
to think that American history is a if we’d taken the tle, compete in an open and normal
list of things that should never have thing seriously.” Democratic primary, and, most im-
happened and that half of Americans If, in their vast contempt, Demo- portant, rescue his Ukraine policy.

EVAN VUCCI/ASSOCIATED PRESS

are garbage. crats hadn’t tried to wangle a de- GOP voters might have taken the
An older set of progressives didn’t monstrably senile president’s renom- cue that Mr. Trump’s era was over
talk like that. Instead, they took pride ination and re-election. If they too. We wouldn’t have gotten the
in America and how we differed from hadn’t tried to serve up a last-min- deluge of criminal prosecutions so
other countries. As Stephen Vincent ute replacement who convenienced crucial to restoring his standing with
Benét wrote in 1927, they had “fallen certain party leaders, such as the Republican primary voters. These
in love with American names, / the Obamas, without any consultation prosecutions indisputably (the New
sharp, gaunt names that never get with the party’s rank and file. Biden prepares to address the nation on July 24. York Times can stop lying to itself
fat, / The snakeskin-titles of mining- Working Americans, when they about this) were undertaken to help
claims, / The plumed war-bonnet of voted for Democrats, were the back- themselves. Unfortunately, it isn’t Through three successive presiden- Mr. Biden. As it is, we should con-
Medicine Hat, / Tucson and Dead- bone of America, saints of small- practical to assign guardians to each tial elections, Democrats became sider the U.S. as having dodged a
wood and Lost Mule Flat.” town virtue. When they didn’t, they media personality lest they be only more committed to using the bullet on Tuesday when Mr. Trump’s
were garbage and deplorables. tempted to do something unhealthy national-security state (led by the victory was substantial enough that
In a fit of shortsightedness, Dem- to make the pain of self-discovery FBI and CIA), the tools of lawfare Democrats cannot challenge its legal
Earlier progressives took ocrats committed the idiocy of fabri- stop. and censorship, and a compliant me- or moral legitimacy.
cating evidence that their 2016 op- dia to wage their political fights, to I was a Democrat for 37 years by
pride in America. Their ponent, popular with half the the point of milking the musings of family accident but found my hand
descendants take pride country, was a Russian agent. Eight But Democrats should constitutional scholars for reasons writing down “independent” in 2017
years later, voters seemed to remem- to strike an opponent from the bal- upon belatedly accepting that the
in their disdain for it. ber that this happened even when take a harder look at the lot without due process. state where I currently reside has
friendly media subservients pre- path they’ve gone down What criminal renounces his become my home. It seemed a bit of
tended it didn’t. crime after he sees it pay off? If a heavenly joke that Mr. Trump was
Today’s left is elitist and the right In 2020 Democrats put forward a with cynicism and lawfare. God’s wisdom is revealed in Tues- the vehicle for laying before me the
is populist. In Benét’s day, it was the candidate and later president who day’s outcome, Democrats at least swinishness of people like Hillary
other way around. The elitists were evinced a demonstrable family cor- will now seek a more honorable Clinton, Adam Schiff and, later, Joe
people like T.S. Eliot and Henry Ad- ruption problem related to Ukraine. As for Kamala Harris, she won’t path. Biden and his retinue.
ams, who complained that we lacked They got him elected after the CIA be that occasional losing presidential The best reason to have hoped for My cynicism had perhaps failed
a high culture. Populists like William lied and blamed the problem on Rus- candidate who nevertheless is ac- a Harris victory was to spare the na- me, but the world isn’t Manichean, a

.
Jennings Bryan loved America, as sia. Now, when voters hear the corded a status as her party’s leader tion another four years of open war- battle of opposites. Mr. Trump may
did people even further to the left. words Russia and Ukraine, they won- going forward. She can expect to be fare between our corrupt institu- be a clumsier (and lonelier) liar

ly
“We Communists like this country der if Democratic corruption had a jettisoned as an uber Dukakis, not tions and the antic and untamable compared with many of those who
very much,” wrote Earl Browder. role in landing us in the middle of a only because of perceived inade- Mr. Trump. were ranged against him, including
Communism was 20th-century war between the two countries. quacy (she lost) but because of the Politely, in the sanctum of our much of the press. But his voters by
Americanism, he said, and any his-
torical errors were to be corrected
by a faithful allegiance to American
traditions. Robert F. Kennedy said it
on
Let’s try to be sensitive. Demo-
crats and major media figures today
are psychologically fragile, especially
the latter, who got used to believing
sense of illegitimacy that attended
her rise.
Her seeming vacuity doesn’t help;
she gives no evidence of historical
private thoughts, we might expect
now for Mr. Biden the fate his
Catholic faith promises the unre-
pentant sinner—or at least that he
now understand his nature. He beats
our establishment politicians at their
own game of nonstop cynicism. His
opponents might finally ask them-
was unpatriotic to permit fellow elaborately fraudulent things about imagination when her party needs it. be remembered as the worst presi- selves why.
us ,

Americans to live without hope: “If

l

we believe that we, as Americans,

e
al a

are bound together by a common

concern for each other, then an ur-
gent national priority is upon us. We
Democrats Need a Recovery Plan
ci on

must begin to end the disgrace of By Ted Van Dyk treasury. Ms. Harris almost certainly governors and party activists in Bal- called for an overhaul of the federal

P
this other America.” wouldn’t have become the nominee in timore. There was a strangely cheer- tax system. They focused on their
Left-wing folk singers loved resident-elect Donald Trump an open process. ful spirit throughout. Grim humor own agenda rather than denuncia-
America too. Woody Guthrie wrote and his party’s victory Ms. Harris carried into the cam- about the size of our defeat pre- tions of President Reagan. I expect
“This Land Is Your Land” in 1940. It shouldn’t come as a surprise. paign a broken immigration policy, an vailed, but not depression. No one Mr. Trump will have difficulties en-
er s

became a staple in Pete Seeger’s rep- We’ve seen this type of realignment Inflation Reduction Act that in- blamed the loss on “dark elements” acting his agenda and will make big
ertoire, and it used to be played on before: In the late 1960s, many work- creased inflation, and woke policies in the country. As president of the mistakes. The 2026 midterm elec-
m er

college campuses. I haven’t heard it ing-class, middle-American Demo- favored by activists and the media party’s new unofficial think tank, the tions can provide a corrective that
of late. cratic voters became dissatisfied with but hated by most citizens. She Democrats can take advantage of—
Guthrie’s music was a mélange of their party and began to move their courted antisemitic groups. She but only if they’re actually prepared
different strands, including country, support to other candidates, includ- skirted around policy specifics and The country rebuked the to govern.
folk, blues and gospel. There is a ing Richard Nixon. This change inten- offered forced laughter and smiles, I regret the loss Tuesday of Demo-
m rp

genre that encompasses all of them, sified with the election of Ronald vague descriptions of her values, and party and its leaders. As crats such as Ohio Sen. Sherrod
and it’s called Americana. In 1969, Reagan in 1980, when so-called Rea- accusations that Mr. Trump was a in 1980, it’s time to learn Brown, a committed populist and re-
The Band revived it with songs like gan Democrats sent him to the White fascist. Many in her campaign appar- former, who brought needed views to
“The Night They Drove Old Dixie House. A similar realignment hap- ently believed that the abortion issue how to govern again. the party. I don’t applaud the election
Down.” When audiences booed, they pened in Mr. Trump’s 2016 election alone could sweep her to victory. to the Senate of California Rep. Adam
co Fo

just played it louder. and again on Tuesday night. Mr. Trump and the Republicans Schiff, who made unsupported accu-
Americana accepts everything in It could have been otherwise. I won because they were more in tune Center for National Policy, I pre- sations against Mr. Trump. Demo-
our past and cancels nothing. Benét thought President Biden would be a with the average citizen’s thinking sented on rethinking policy. Those at- crats’ energy shouldn’t be expressed
made the same point in “John transitional one-term president, pre- and goals. Democrats now can either tending gave upbeat, positive state- in rage but in determination to get
Brown’s Body” (1929), a 336-page paring the way for new leadership in bathe in defeat or begin a necessary ments to media in attendance. No right with voters again. That requires
poem about the slave and the slaver, 2024. Instead, he made a botched at- reassessment of their party. The lat- grieving losers were present—only creating a relatable agenda. Time to
about Abraham Lincoln and Confed- tempt at re-election before withdraw- ter is what happened after Jimmy those focusing on a winning future. get started.
erate Gen. Pierre Gustave Toutant ing his bid late in the game. Then he Carter’s 1980 defeat. That rising generation of Demo-
Beauregard. We need to know about designated Vice President Kamala Shortly after Reagan’s inaugura- cratic leaders focused on one thing: Mr. Van Dyk was active in Demo-
all of them, because they make up Harris—one of the most unpopular tion, Democratic National Committee governing. Perhaps their most prom- cratic national policy and politics for
who we are. You don’t have to bless politicians in the country—his suc- Chairman Chuck Manatt organized a ising new policy proposal was the 40 years. He is author of “Heroes,
them or think them accursed. Just cessor and handed her his campaign retreat of Democratic congressmen, Bradley-Gephardt tax reform, which Hacks and Fools.”
know that they were there. If they’re
n-

a mixture of good and bad, so are we.

You can’t erase the dark without
obscuring the light. An elite left
thought that it might show its moral
Notable & Quotable: Fingers on the Pulse
no

superiority by tearing down statues, A selection of reactions from and they believe that that story be- utterly unfit for office. But the facts biggest and most underappreciated
but in doing so it effaced our iden- journalists and pundits to Donald longs to them and may be destroyed nevertheless were there for anyone aspects of it is Trump is just an in-
tity as Americans. By hiding the Trump’s victory: by the idea of progress. who cared to look. At some point, credibly lucky bastard.
Confederates, it sent out an invisible voters are responsible for their own
Union Army to fight against a con- From Washington Post Opinion’s Journalist Jonathan Capehart on decisions. Jen Psaki, host of MSNBC’s “In-
cealed enemy, so that both disap- Prompt newsletter: “PBS NewsHour”: side With Jen Psaki”:
peared from memory. When you can- Ruth Marcus: I am reeling, to be I am mystified in some ways sim- From MSNBC’s “Morning Joe”: I wish I had better news for my
cel Robert E. Lee, you also consign honest, from the initial results and ply because we’re talking about a Joe Scarborough: Democrats need daughter later this morning. . . . I
Joshua Chamberlain to oblivion. the trend line. . . . twice-impeached, four-times-in- to be mature and they need to be wish I could have called her and told
If the left wants to find a way David Ignatius: The presidential dicted, convicted-on-34-felony- honest. And they need to say, yes her that the first woman president
back, it should start by taking own- election is a character test for the counts former president. . . . Who there’s misogyny, but it’s not just had just been elected. I wish that. I
ership of everything in our past, the candidates, but also for the country, are we as a country? And from what misogyny from white men. It’s mi- won’t be able to do that.
good and the admitted ill. The and this election makes me realize I’m seeing right now, I’m not sure I sogyny from Hispanic men. It’s mi- What I can do—what I can tell
American story isn’t told by award- how little I understand the Ameri- like it. sogyny from black men. Things my daughter and what I will tell
ing gold stars to the few wholly ad- can character in 2024. . . . Like Ruth, we’ve all been talking about, who do my daughter is that our roles as
mirable people and expunging every- I am mystified by this outcome. Writer Jill Filipovic on X: not want a woman leading them. . . . American citizens have never been
one else. Our absolution from Matt Bai: I’ll admit to being In the coming days there’s gonna A lot of Hispanic voters have prob- more important than they are right
history, and our sense of patriotism, somewhat mystified, too. be a lot of opining about what the lems with black candidates. now. I can tell her that there are
can be found only within history, Harris campaign did wrong, but this Al Sharpton: And with other still lots of good forces out there,
which has always offered its sources Columnist Charles M. Blow in the election was not an indictment of Hispanics. forces for good in this country, and
of redemption. New York Times’s “Why Trump Kamala Harris. It was an indictment Scarborough: Exactly. that they are going to be getting to
Won” video: of America. Sharpton: You’ve got some that work.
Mr. Buckley is a professor at Sca- This is what Americans want. . . . don’t like each other. And some of
lia Law School and author of “The They are becoming more insular. The New York Times’s Nikole- the most misogynistic things I’ve From Politico’s “Why Kamala Har-
Roots of Liberalism: What Faithful They are becoming more hostile to Hannah Jones on X: heard going on this get-out-the-vote ris lost the election,” by Christopher
Knights and the Little Match Girl foreigners, immigrants. They are be- Since this nation’s inception large tour came from black men. I mean Cadelago and Holly Otterbeinm:
Taught us about Civic Virtue.” coming more protective of a legacy, swaths of white Americans—includ- misogynist things. So you’re abso-
ing white women—have claimed a lutely right, it’s not simplistic. And Some close allies and even a few
belief in democracy while actually we’ve got to have real honest con- aides privately questioned why
enforcing a white ethnocracy. In the versations about it. [Harris] continued to hold [Biden]
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY face of shifting demographics where so closely, particularly because her
Lachlan Murdoch white Americans will lose their nu- The Bulwark’s Jonathan V. Last: campaign didn’t try to make exten-
Executive Chairman, News Corp meric majority, we see a growing I think the lesson Democrats will sive use of their record. Yet inside
Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp embrace of autocracy to keep the have to take from this is not gonna her campaign, there was little sense
Emma Tucker Almar Latour “legitimate” rulers of this country in be like, “Oh, well can’t be PC or Harris should bear the brunt of the
Editor in Chief Chief Executive Officer and Publisher power. History teaches us that we whatever.” They’re gonna take from blame, with aides pointing to how
Liz Harris, Managing Editor DOW JONES MANAGEMENT: are in a perilous moment. this that what they need is their she moved battleground numbers in
Charles Forelle, Deputy Editor in Chief Mae M. Cheng, EVP, General Manager, own strongman. And I don’t know her favor and held down Trump’s
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
The Washington Post’s Jennifer that I can sit here and tell them that margins, and a pervasive feeling
Taneth Evans, Digital; Brent Jones, Culture, Compliance Officer; Dianne DeSevo, Chief People Rubin: they’re wrong. that Biden and broader anti-incum-
Training & Outreach; Alex Martin, Print & Officer; Jared DiPalma, Chief Financial Officer; The media, it must be said, did bent fervor put her in a difficult,
Writing; Michael W. Miller, Features & Weekend; Artem Fishman, Chief Technology Officer;
not fulfill its role in educating the Columnist Lydia Polgreen in the even impossible position.
Prabha Natarajan, Professional Products; David Martin, Chief Revenue Officer, Business
Bruce Orwall, Enterprise; Philana Patterson, Intelligence; Dan Shar, EVP, General Manager, public and advancing truth as their New York Times’s “Why Trump “We ran the best campaign we
Audio; Amanda Wills, Video Wealth & Investing; Ashok Sinha, Chief primary objective. Refusal to ex- Won” video: could, considering Joe Biden was
Communications Officer; Josh Stinchcomb, EVP & plore Trump’s manifest defects and There was just thing after thing president,” grumbled one Harris
Paul A. Gigot Chief Revenue Officer, WSJ | Barron’s Group;
Editor of the Editorial Page Sherry Weiss, Chief Marketing Officer
place him and his movement in the that seemed to break in his favor. aide granted anonymity to speak
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
context of fascist strongmen and And so while it’s tempting to assign freely. “Joe Biden is the singular rea-
1211 Avenue of the Americas, New York, N.Y., 10036 their cults had the effect of normal- some grand historical meaning to son Kamala Harris and Democrats
Telephone 1-800-DOWJONES izing and legitimizing a candidate his victory, I think that one of the lost tonight.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A18 | Thursday, November 7, 2024 * **** THE WALL STREET JOURNAL.

WORLD NEWS
Netanyahu Has More Room to Maneuver
Israeli leader expects doesn’t want a regional war, Gallant’s successor, the cur-
and thinks Israel should wrap rent foreign minister, Israel
a freer hand from up its fight in Gaza before he Katz, is viewed as a close Ne-
Washington as he assumes office. With Trump set tanyahu ally who wouldn’t
to take his position in January, take an independent stance on
pursues conflicts it also remains unclear if U.S. the war aims.
policy toward Israel would The Biden administration
BY ANAT PELED change in the next few months. and its European allies consid-
Netanyahu fired Gallant on ered Gallant a trusted counter-
TEL AVIV—Two significant Tuesday after months of dis- part amid the White House’s
constraints on Israeli Prime agreement, and what he said growing frustration at Netan-
Minister Benjamin Netan- was a breakdown of trust be- yahu over attempts to reach a
yahu’s ability to shape secu- tween the two men who are cease-fire in Gaza and an ex-
rity policy are now gone. barely on speaking terms, peo- panding war in the Middle East
He fired his defense minis- ple familiar with the matter with no clear end in sight.
ter, Yoav Gallant, his fiercest said. Thousands of Israelis But with Trump’s victory,
opponent within his own gov- took to the streets of Tel Aviv Netanyahu is likely to gain an

ODED BALILTY/ASSOCIATED PRESS

ernment, and Donald Trump and other Israeli cities to pro- administration in the White
won the U.S. election. Trump test Gallant’s ouster. House that is less critical of
is widely believed to be less Several petitions were sub- his conduct. Some analysts say
critical of Netanyahu’s policies mitted on Wednesday to the Netanyahu was hoping for a
than his opponent, Vice Presi- Israeli High Court of Justice, Trump victory, in part because
dent Kamala Harris. challenging Gallant’s dismissal he has long identified with and
Both domestically and in- on the grounds that the prime shared Republican views.
ternationally, Netanyahu now minister’s decision was ex- A U.S. official called the de-
has more room to maneuver. Israelis protest Prime Minister Benjamin Netanyahu’s firing of Defense Minister Yoav Gallant tremely unreasonable, a legal cision to fire the defense min-
Gallant, reflecting the view cause of action in Israeli ad- ister concerning. Gallant was
of Israel’s military, had been the U.S. to accept a deal that ment to the great alliance be- that a wide majority of Israelis ministrative law for overturn- the most vocal advocate of a
pushing publicly for the prime would end the war. tween Israel and America.” favored Trump over Harris. ing a government decision. truce in Gaza and often served
minister to accept a truce in Harris was expected to con- In addition to allowing Is- “This is an important mile- The decision to fire Gallant as a counterweight to a harder
exchange for a hostage-release tinue the Biden administration’s rael to prosecute its wars more stone for him,” as Netanyahu also reflected a deep divide line pushed by Netanyahu in
deal, bring in Palestinian lead- policies toward Israel, which in- freely, Trump is unlikely to believes his position has between the prime minister talks, humanitarian aid and
ership that could succeed cluded applying pressure to continue the Biden administra- strengthened vis-à-vis the and Israel’s security establish- the day after in Gaza.
Hamas in Gaza and begin provide more humanitarian aid tion’s policy of imposing sanc- world, and that this will give ment, which worries about the A key driver for the ousting
cease-fire talks in Lebanon. to Gazans or face threats of be- tions on violent Israeli settlers him more control in running military being stretched on was domestic politics, specifi-
Netanyahu, who calls for ing cut off from U.S. shipments in the West Bank. The leader the war, said Gideon Rahat, several fronts. Gallant was the cally Netanyahu’s need to pass
“total victory” in the war, has of weapons. Washington also is of one of the largest settler senior fellow at the Israel De- chief proponent of the mili- a bill to exempt ultraorthodox
said Israel can’t stop fighting pushing for a truce deal in Gaza umbrella organizations said a mocracy Institute. tary’s view within the govern- men from military service,
in Gaza until Hamas is de- and Lebanon. Trump win takes “the threat Some analysts say Trump’s ment. Without him, Netan- something Gallant opposed
stroyed. He has rejected pres- Netanyahu said Trump’s of a Palestinian state off the policy positions on Israel are yahu can have near total because of manpower issues

.
sure domestically and from win is “a powerful recommit- table.” Polls in Israel showed still murky. He has said he control over the war policy. in the Israeli military.

ly
Missile Hits Israel’s Main Airport
on
BY DOV LIEBER ity for the missile barrage, from around the Middle East Hezbollah.
which sent people in Tel Aviv since the war began in October Throughout the war, planes
us ,

TEL AVIV—A missile fired into bomb shelters. Hezbollah 2023, but it isn’t clear whether arriving or departing from
l

from Lebanon struck an open said it was aiming for a mili- any had landed inside its con- Ben Gurion Airport have been
e
al a

area of Ben Gurion Airport in tary base near the airport. fines until Wednesday. The taking circuitous routes to re-
FILIP SINGER/EPA/SHUTTERSTOCK

central Israel on Wednesday, Later in the afternoon, cen- airport is protected by an Iron duce exposure to projectiles,
according to an Israeli secu- tral Israel was again targeted Dome air-defense battery. and follow a path protected by
ci on

rity official and images and by a missile from Lebanon, Since the start of the war, Israel’s air force.
videos circulating online from which was intercepted, Israel’s 1,300 cruise missiles and UAVs The successful targeting of
the area of the impact. military said. have been launched at Israel, Israel’s main airport could
The missile landed in a A spokesperson for the air- not including those fired from lead Israel to respond in kind
parking lot, creating a hole in port said arrivals and depar- Gaza, and 82% of these were by hitting key transportation
er s

the concrete, but no other tures quickly resumed after intercepted, the security offi- hubs or other state infrastruc-
Olaf Scholz dismissed his finance minister on Wednesday. damage, the official said and the incident. Some airlines cial said. ture in Lebanon, some ana-
m er

images from the site showed. canceled flights to Israel later Israel has insisted that its lysts said.

Germany’s Government The missile that hit the air-

port was part of a volley of 10
fired from Lebanon at central
Wednesday, according to the
online dashboard for Ben Gu-
rion Airport.
airspace is safe for commer-
cial flights, but nearly all for-
eign airlines have suspended
Fragments of missiles that
were intercepted by Israel’s
air defenses landed in

Collapses After 3 Years Israel in the morning, Israel’s The airport, Israel’s largest, routes to the country in recent Ra’anana and Lod, two towns
m rp

military said. Lebanese militia has been the frequent target of weeks amid an escalation of in central Israel, but caused
Hezbollah claimed responsibil- missile attacks by militants fighting between Israel and no injuries, Israeli police said.

BY BERTRAND BENOIT to bicker for another year

against the backdrop of a sec-
WORLD WATCH
co Fo

BERLIN—Germany’s frac- ond Trump mandate,” said

tious coalition government Norbert Röttgen, a senior cen-
collapsed on Wednesday, tip- ter-right opposition lawmaker.
ping the economically embat- “Europe needs Germany and if
tled nation into a political cri- the government can’t rise to
sis and adding uncertainty for the challenge, it should go.”
Europe as the region grapples Political fragmentation has
with Donald Trump’s election made Europe increasingly
win in the U.S. hard to govern. Antiestablish-
Chancellor Olaf Scholz dis- ment forces have seen their
missed Finance Minister share of the vote grow re-
Christian Lindner, chairman of cently, but they have often
the pro-business Free Demo- failed to gather outright ma-
n-

cratic Party—the smallest jorities, pushing centrists into

member of his three-way co- alliances that have been ham-
alition of free-market liberals, strung by their small political
social democrats and Greens— common ground. France is be-
no

because of disagreements over ing ruled by a minority gov-

economic policy, a spokesman ernment after elections deliv-
for Scholz said. ered a hung parliament.
The three partners had been The growing political vac-
at odds in several policy areas uum comes as Europe faces
since the government emerged tough decisions on how to re-
from an incon- spond to Trump,
clusive election whose plans for
three years ago. tariffs on Euro-
More recently, The coalition’s pean imports
ANGELIKA WARMUTH/REUTERS

the dispute had biggest test is a could damage

focused on how the region’s
to pull Europe’s deep and economy.
largest econ- The presi-
omy out of a
intractable dent-elect has
stubborn reces- economic crisis. also vowed to
sion that has withdraw mili-
turned it into tary support for OFF THE WAGON: Farmers’ wives, dressed in traditional Bavarian costumes, rode in a wooden carriage to the chapel on the
one of the re- European mem- Kalvarienberg during the Leonhardi Ritt procession, in Bad Tolz, Germany, on Wednesday.
gion’s worst performers. bers of the North Atlantic
Scholz said he would seek Treaty Organization he deems UNITED KINGDOM AUSTRALIA CUBA JAPAN
support from opposition par- don’t spend enough on defense.
ties to secure approval for a Many European countries have
Four Cases of New Ankle-Bracelet Hurricane Rafael Mount Fuji Gets
number of bills now making struggled to ramp up military Mpox Identified Law Overturned Knocks Out Power Delayed Snowcap
their way through Parliament spending, either because they British health officials say Australia’s highest court Hurricane Rafael pushed Japan’s Mount Fuji finally
by the end of the year. He said haven’t forged a political con- they have identified four ruled Wednesday that mi- into the Gulf of Mexico on got its trademark snowcap
he would then call for a vote sensus on the issue, as in the cases of the new, more infec- grants can’t be forced by law Wednesday night after plow- early Wednesday, more than
of confidence that could pave case of Germany, or because of tious version of Mpox that to wear electronic-tracking ing across western Cuba as a a month after it normally
the way for early elections. high public debt and limited first emerged in Congo, mark- bracelets or to comply with Category 3 hurricane with would and after setting a re-
“I am forced to take this fiscal space, as in the case of ing the first time the variant curfews. winds so powerful it knocked cord for the most-delayed
step in order to prevent our France, Italy or the U.K. has caused a cluster of ill- The ruling is a blow to the out the entire country’s snowfall in 130 years.
country from being damaged,” Scholz’s coalition has also ness outside of Africa. government, whose lawyers power grid. The first snowfall on
Scholz said. “We need a work- struggled to respond to Scientists said the risk to have unsuccessfully argued Forecasters warned Rafael Mount Fuji, a Unesco World
ing government with the mounting discontent over im- the public remains low. that laws imposing curfews could bring “life-threatening” Heritage site, could be seen
strength to make the necessary migration. Authorities announced the and tracking technology are storm surges, winds and from the southwestern side
decisions for our country.” But its biggest challenge is first case of the new form of justified to protect the com- flash floods to western of the mountain, according to
Under Germany’s post- a deep and intractable eco- Mpox in the U.K. last week, munity. swaths of the island after it the Shizuoka branch of the
World War II constitution, nomic crisis that economists saying the case was being Five of the seven High knocked out power and Japan Meteorological Agency.
only the federal president, say is particularly threatening treated at a London hospital Court judges ruled that the dumped rain on the Cayman But the JMA’s Kofu Local
Frank-Walter Steinmeier, has to Germany’s long-term pros- after recently traveling to tough restrictions placed on Islands and Jamaica the day Meteorological Office, which
the power to dissolve Parlia- pects. Economists expect the countries in Africa with ongo- more than 100 migrants, usu- before. The extent of the is on the other side of the
ment and order an early bal- German economy, which has ing outbreaks. ally because of their criminal damage was still unclear as mountain, still couldn’t see
lot, which is unlikely to hap- barely grown since 2019, to This week, the U.K. Health records, were unconstitu- of Wednesday night. the snow because of cloudy
pen until March. If an election shrink this year for the second Security Agency said it had tional because the conditions Forecasters expected the weather. The lack of snow on
fails to deliver a clear major- year in a row. Industrial pro- identified three other in- amounted to punishment. storm to weaken over Cuba Mount Fuji on Tuesday broke
ity, as polls suggest, it could duction in the country has fected people who lived in The constitution states that before emerging in the south- the previous record set on
take months after that to form fallen since 2017 and corporate the same household as the punishment must be imposed eastern Gulf of Mexico as a Oct. 26, 2016, said meteoro-
a new government. investment has trended lower first patient. by judges, not lawmakers. hurricane. logical officials.
“We Germans can’t afford over much of the period. —Associated Press —Associated Press —Associated Press —Associated Press
 BUSINESS & FINANCE
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.

© 2024 Dow Jones & Company. All Rights Reserved. * * * * * * THE WALL STREET JOURNAL. Thursday, November 7, 2024 | B1
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Outsider to Head Aetna China Has

Share-price and index
performance, past three
months
20%
CVS Health Detained
15 Appointment is
one of first moves
an executive to oversee other
units including the pharmacy-
Health’s insurance arm, the
industry’s largest and the one
erator Oak Street Health.
CVS shares rose 11% to
Senior
benefit manager. with the biggest Medicare $61.61 each on Wednesday.
10
S&P 500
by CVS CEO as he CVS said a former top Unit-
edHealth Group executive,
business. He then led smaller
companies for the past few
Both Shah and Nelson will
report to Joyner, who took
AstraZeneca
looks to fix company
5
BY ANNA WILDE MATHEWS
Steve Nelson, 66, leads Aetna,
effective on Wednesday. The
health conglomerate is betting
years.
Joyner also promoted the
current chief pharmacy offi-
over as CEO about three
weeks ago with a mandate to
change the trajectory of the
Executive
on an insurance-industry vet- cer, Prem Shah, 44, to a new company. The board made the
0 CVS Health’s new chief ex- eran from a company that in- position as group president, change at the top for Joyner BY JOSEPH WALKER
ecutive, David Joyner, moved vestors have long favored to overseeing CVS Caremark, the to succeed Karen Lynch as AND HELENA SMOLAK
quickly to put his stamp on run the insurer, which has pharmacy-benefit manager, as CEO after CVS repeatedly cut
–5 the company, naming an out- been at the heart of CVS’s re- well as the pharmacy business its forecasts for 2024 financial A senior AstraZeneca exec-
Sept. 2024 Oct. Nov. sider to head its troubled in- cent financial woes. Nelson and the company’s healthcare performance. The company utive is under detention by
Source: FactSet surance arm and promoting was previously CEO of United- assets, including the clinic op- Please turn to page B2 Chinese authorities investigat-
ing the U.K. pharmaceutical
company’s employees in the

Starbucks CEO
country.
Leon Wang, executive vice
president in charge of China
and the broader Asian region,

Scouted Its Cafes is being detained while the

Chinese government is prob-
ing AstraZeneca employees,
the company said Wednesday.

Before Taking Over The company said last week

he was cooperating with an
investigation by Chinese au-
thorities.
AstraZeneca also said the
BY HEATHER HADDON Starbucks’s challenges have company believes Chinese au-
mounted this year and deep- thorities are probing allega-
In late summer, a customer ened since Niccol assumed tions that employees had ille-

.
started showing up at Los An- leadership in early September. gally imported breast-cancer
geles-area Starbucks cafes at The company in October re- drug Enhertu and liver-cancer

ly
all hours of the day, quizzing ported that U.S. transactions treatment Imjudo from Hong
baristas about their favorite fell for a third consecutive Kong, and had improperly col-
drinks to make, or problems quarter, while earnings and lected patient data.
with how the stores operated. revenue for its most recent on Both Enhertu and Imjudo
LINDSEY WASSON/AP

That customer, Brian Nic- quarter undershot analysts’ were approved in Hong Kong,
col, is now Starbucks’s chief estimates. It scrapped its fis- but not in mainland China at
executive officer, and he is cal-year financial forecasts. the time. Enhertu was approved
moving quickly to change the Niccol has said Starbucks on the mainland in July 2023.
us ,

way customers experience the needs to be clear-eyed about The drugmaker also said
l

world’s largest its problems Starbucks and other restaurant chains are wrestling with declining visits and flattening profits. that two current and two for-
e
al a

coffee chain as and move mer senior executives in its

26%
it struggles to quickly to make China unit are under investi-
draw custom- customer-
Bucking the Trend gation. AstraZeneca confirmed
ci on

ers. f r i e n d l y New Starbucks CEO Brian Niccol is planning on making changes to its stores. that one of the former execu-
In less than changes—such tives is Eva Yin, the current
two months in Starbucks stock has as bringing back chief commercial officer for
the role, Niccol Coffee, syrups, supplies
has pushed to
risen this much since Sharpies
handwritten
for 1 Baristas can write
customer names on
greater China at the biotech
BeiGene.
er s

focus Star- Niccol’s hiring was notes on cups, cups. Yin, who was previously
bucks’s opera- announced in August and possibly re- 1
based in Hong Kong before re-
m er

tions, trimming instating news- 2 Baristas can hand turning to the mainland as
menu items and papers for those beverages directly to general manager of AstraZen-
paring back dis- who linger. customers. 2 eca’s cancer business in China,
Coffee makers Bakery
counts. Instead, Niccol is giving When he announced last week left AstraZeneca in 2022 to
priority to delivering quality that self-service condiment bars join BeiGene.
m rp

3 Customers can add

coffee quickly and accurately would come back to stores next condiments themselves 3 BeiGene is aware that one
with friendly service, particu- year, some lapsed customers at self-service bar. of its employees is cooperat-
larly in the mornings, when the said they would return. ing with ongoing investiga-
Merchandise
chain needs to shine. Other issues, such as nar- tions in China, but believes
Nondairy
Niccol, an Americano rowing Starbucks’s tens of creamers will the matter is unrelated to
co Fo

drinker, said he sympathizes thousands of drink-customiza- CUSTOMERS BeiGene, a company spokes-

be free.
with customers who want drip tion options, will take more man said.
coffee but have to wait while time, Niccol has said. The Wall Street Journal re-
baristas labor over elaborate, “We’re in a little bit of a ported in September that sev-
customized drinks. “Some- ditch, but that’s not to say eral AstraZeneca employees
times you just want a brewed that we’re not capable of get- had been detained as part of
Note: Generalized store layout
cup of coffee really quick,” ting out of that ditch quickly, Source: staff reports an investigation into the im-
Niccol said in an interview. Please turn to page B2 TAYLOR UMLAUF/WSJ Add more comfortable seating Please turn to page B2

Schneider INSIDE STREETWISE | By James Mackintosh

Parsing the Market’s Reaction

n-

Electric
Probes
no

Markets
are clear

Hacking about
what Don-
ald Trump
DRUGMAKERS BUSINESS NEWS plans for
BY CATHERINE STUPP Sales of Novo Athletic-wear maker his return
to the White House: Stocks
Schneider Electric said it
Nordisk’s Wegovy Puma returns to are up, the dollar and Trea-
is investigating a cyberattack obesity treatment beat growth in the U.S. sury yields soared, and so
MOHAMED ABD EL GHANY/REUTERS

after a hacker claimed to have estimates. B2 market. B3 did banks and bitcoin.
accessed more than 40 giga- All are easy to fit to
bytes of “critical” data. The Trump’s promises. Corporate
incident is the second that the tax cuts almost automati-
French technology company
disclosed this year, underscor-
ing the aggressive pace of
BMW Posts Sharp Fall cally boost stocks, tariffs al-
most automatically mean a
stronger currency, bigger
strikes on the manufacturing
sector.
The cyberattack affected a
In Profitability Metric deficits mean higher bond
yields and easier regulation
helps bank stocks and bit-
Tariffs almost automatically mean a stronger currency.

platform used to track inter- coin. Without the majority to the darkest days of the pan-
nal projects “hosted within an BY ADRIÀ CALATAYUD maker said its earnings before Whether this knee-jerk re- push through tax cuts or the demic in 2020. It is an indi-
isolated environment,” a interest and taxes margin in action proves right in the ability to raise spending, the cation that the out-of-con-
spokesperson for Schneider Bayerische Motoren Werke the automotive segment, its longer run is another matter. deficit would be improved by trol deficits run by both
Electric said. reported a sharp drop in prof- key profitability metric, The first issue is the re- his promised hike in tariffs, Presidents Biden and Trump
Companies typically isolate itability for its key automotive plunged to 2.3% in the third maining uncertainty about which amounts to a large tax will continue indefinitely.
technology systems to prevent unit, hit by costs of a recall quarter from 9.8% in the same the House election, where rise. This would throw into The second issue is the
malware and other problems and weak demand in China, period last year. we will find out whether Re- question the logic of the rise impact on the economy of
from spreading. but it forecast stronger earn- This fell short of analysts’ publicans will have the ma- in Treasury yields. Trump’s two leading poli-
“Schneider Electric’s prod- ings for the fourth quarter. estimates of 2.8%, according jority to push Trump’s The 30-year yield was up cies: immigration and tariffs.
Please turn to page B4 The German luxury-car Please turn to page B4 agenda. by the most in a day since Please turn to page B11
 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 | Thursday, November 7, 2024 * **** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

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

A
AEA Investors...........................B4 Glenview Capital
G
Papa John’s International
P Sales of Novo Nordisk’s Wegovy
Weight-Loss Drug Beat Estimates
Ahold Delhaize.........................B3 Management..........................B2 ............................................................... B2
A.P. Moller-Maersk...............A2 Goldman Sachs........................A2 Philips...............................................B2
AstraZeneca.................................B1 H Puma.................................................B3
B Hapag-Lloyd................................A2 R
Bassett Furniture..................B4 HCA Healthcare.....................B12 Retail Opportunity BY DOMINIC CHOPPING Wegovy quarterly sales
Bayerische Motoren Werke Hewlett Packard Enterprise Investments............................B3
................................................................ B1 .............................................................B12 S 17.3B +79%*
Novo Nordisk’s blockbuster
Blackstone....................................B3 Honda Motor.............................B4
Bloomin’ Brands......................B2
Schneider Electric...................B1 Wegovy weight-loss drug beat 16 billion Danish kroner
Humana........................................B12
Shake Shack...............................B2 sales expectations in the third
C J quarter. 14
Siemens Healthineers........B2
Caterpillar.....................................A2 JPMorgan Chase....................A2 Spin Master................................B4 Soaring popularity for its 12
Centene.........................................B12
L Starbucks.......................................B1 obesity drug has seen demand
Chipotle Mexican Grill.......B2
Steel Dynamics........................A2 far outstrip supply and left 10
Lyft.....................................................B4
Cigna...............................................B12
Super Micro Computer...B12 the company racing to in-
Commerzbank..........................B11 M crease production capacity
8
T
Crédit Agricole........................B11 Marks & Spencer...................B3 while limiting supply of start 6
CSX.....................................................A2 May Mobility.............................B4 Teledyne Technologies......B4 doses to ensure patients cur-
CVS Health...................................B1 Mobileye........................................B4 Tesla...................................A1,A2,A7 rently on the medication can 4

HANNAH BEIER/REUTERS
D N Toyota Motor............................B4 continue treatment.
2
Dell...................................................B12 Nexar................................................B4 U Ahead of the results, ana-
DoorDash......................................B4 Uber Technologies................B4 lysts had been concerned that 0
Nike....................................................B3
Dragos.............................................B4 UniCredit......................................B11
lower pricing and muted pre- 2023 ’24
Norfolk Southern...................A2
E UnitedHealth............................B12
scriptions would hurt sales of *Change from a year earlier
Novo Nordisk.............................B2
the drug in the quarter, while Note: 1 billion kroner = $146.6 million
Eli Lilly.............................................B2 Nucor................................................A2 W disappointing obesity drug The company still has some capacity limitations in weight loss. Source: Novo Nordisk
Enphase Energy......................A2 Nvidia.............................................B12
Wayfair............................................B3 sales last week from Eli Lilly
F O Wells Fargo.................................A2 had heightened fears. ted billions of dollars to new Ozempic rose 26% on year to sales growth this year be-
First Solar....................................A2 Oscar Health............................B12 Wendy’s..........................................B2 Novo Nordisk said Wednes- manufacturing capacity on top 29.8 billion kroner at constant tween 23% and 27%, compared
day that after registering of an $11 billion deal to buy exchange rates, just shy of a with a prior view of 22% to

INDEX TO PEOPLE higher-than-forecast growth

in its obesity and diabetes
medications in recent years, it
three manufacturing sites pre-
viously owned by Somerset,
N.J.-based Catalent to boost
Visible Alpha consensus esti-
mate of 30.54 billion kroner.
Drug inventories grew 4%
28%.
Operating profit growth is
now expected at 21% to 27%
A J Orlopp, Bettina.......................B11 expects to see continued ca- its production capability. It in the quarter, which was a from previous guidance of
pacity limitations at some of said Wednesday that the Cat- slower rate than in the year’s 20% to 28%.
Arounian, Ygal...........................B3 Jennings, Chris.......................B12 R its manufacturing sites with alent deal is on track to com- first half, but inventories have Novo Nordisk’s net profit in
C Joyner, David..............................B1 Rakesh, Vijay...........................B12 periodic supply constraints plete this year. still grown 19% since the end the third quarter rose 21% to
Ceballos, Germán..................A11 L Ransom, John...........................B2 and related drug-shortage no- The Danish pharmaceutical of 2023 which suggests the 27.3 billion kroner, ahead of
Chatterjee, Samik................B12 Lafioniatis, Nikolaos.............B3 S tifications across a number of giant said sales of Wegovy company has material Wegovy the 26.79 billion kroner fore-
Chouhan, Naresh....................B2 Liang, Charles..........................B12 Schultz, Howard......................B2
products and geographies. surged 79% year over year to stocks that are now likely to cast by analysts in a FactSet
D Lynch, Karen................................B1 Shah, Prem...................................B1
The company’s American 17.3 billion Danish kroner, or be released to the market, Na- poll.
depositary shares finished $2.54 billion, above a Visible resh Chouhan at Intron Health Sales rose 21% to 71.31 bil-
Dadhania, Piral.........................B3 M W Wednesday’s trading down Alpha consensus estimate of said in a note to clients. lion kroner, compared with a
Dainton, Stephen...................A2

.
Mayfield, Ross..........................A2 Wang, Leon..................................B1 4.3%. 15.76 billion kroner. Novo Nordisk narrowed its FactSet estimate of 72.12 bil-
F Novo Nordisk has commit- Sales of diabetes drug sales guidance. It expects lion kroner.

ly
Mertl, Walter.............................B4 Welch, Bart................................A11
Freundt, Arne............................B3 Musk, Elon............................A1,A2 Werner, Jacob............................B3
G N Y
Gulden, Bjorn.............................B3
Gulliver, Kate..............................B3
H
Narasimhan, Laxman..........B2
Nelson, Steve..............................B1
Niccol, Brian.................................B1
Yin, Eva............................................B1
Z
on Outsider day, it reported earnings that
came in at the higher end of
the range it promised. Adjusted
above expectations at the same
time certain federal payment
rules changed.
sults.
Nelson, who left United-
Health in 2019, might be a re-

Hosseini, Mehdi.....................B12 O
Zandi, Mark.................................A2
Zipse, Oliver................................B4 Is New earnings per share, the metric
most closely watched by ana-
lysts, came in at $1.09, less
Like other insurers, Aetna is
also dealing with medical-cost
issues in Medicaid in addition
assuring presence for inves-
tors. But many big decisions
that will affect Aetna’s 2025
us ,

Aetna Boss than half the figure for the to Medicare. performance were cemented
l

AstraZeneca current scrutiny isn’t related prior year. “The first order of business before his arrival. Medicare in-
e
al a

to an earlier scandal over Joyner is a longtime CVS ex- is to figure out what went surers have to make bids annu-
medical-insurance fraud by ecutive who ran the pharmacy- wrong with Aetna and fix it,” ally, so Aetna has already effec-
Continued from page B1
Executive AstraZeneca employees in the benefit manager before ascend- said John Ransom, an analyst tively placed its bets for next
ci on

country. In early 2022, China’s has seen a decline of around ing to the top job. He has said at Raymond James. year in terms of plan design.
National Medical Insurance 30% in its share price this year. he aims to help CVS deliver on For the third quarter, Aetna The company has trimmed its

Is Detained Administration and AstraZen-

eca said that company em-
ployees were found to be falsi-
It is under pressure from a ma-
jor hedge fund, Glenview Capi-
tal Management, which took a
its original promise to improve
care and bring down costs by
uniting drugstores, pharmacy-
recorded an operating loss of
$924 million, though this in-
cluded the impact of a charge
offerings, including a reduction
of some benefits, and has said
it expects to shrink enrollment
er s

fying genetic tests to help stake in the healthcare giant benefit management, insurance to set up a $1.1 billion pre- while bolstering margins next
Continued from page B1 patients get insurance reim- and has called for changes to and clinics under one parent. mium-deficiency reserve. The year.
m er

portation of Imjudo and im- bursement for Tagrisso, a the board. Joyner has said an initial fo- sum is set aside to deal with Net income for the third
proper collection of patient lung-cancer drug that targets CVS in October announced cus will be to improve results anticipated medical costs, and quarter was $71 million, or 7
data. Last week, the company a specific tumor gene muta- that its third-quarter results at Aetna, which this year ex- the company said it expected cents a share, down from $2.27
said Wang was under investi- tion. Without the mutation, would fall short of Wall panded its Medicare enroll- the reserve to be “substantially billion, or $1.75 a share, a year
gation by Chinese authorities. the drug won’t work, doctors Street’s expectations, largely ment substantially, but then released” in the fourth quarter, earlier. Revenue was $95.4 bil-
m rp

The company offered more say. because of Aetna. On Wednes- saw medical costs rise far benefiting that quarter’s re- lion, up from $89.8 billion.
details after its share price fell An investigation by Chinese
more than 8% on Tuesday fol- authorities into the medical-
lowing a local Chinese news
report about authorities ex-
insurance fraud case involved
about 100 ex-AstraZeneca em- Starbucks
co Fo

panding their investigation ployees, the company said.

into the company.
Shares of the Anglo-Swed-
ish pharma giant have lost
AstraZeneca said it didn’t
know whether Wang’s deten-
tion was related to the impor-
CEO Seeks
more than 11% in the week
since the company disclosed
the investigation into Wang.
tation and patient-data inves-
tigation. The company said
Chinese authorities haven’t
Change
The stock dropped 1.9% on asked it to cooperate on the
the London Stock Exchange on Wang case to date. Continued from page B1
Wednesday. AstraZeneca said its China effectively, smartly,” he said
AstraZeneca is among the business is operating as usual during an internal town hall
world’s largest drugmakers. and that the company has no meeting following the com-
China is one of its key mar- intention of reducing its in- pany’s earnings report last
n-

kets. The company reported vestment in the country. The week.

$3.4 billion in sales from company introduced new risk Many restaurant chains are
China in the first half of this and compliance measures grappling with declining visits
year, or 13% of its total reve- since the start of its medical- and flattening profits. Shake
no

nue. fraud insurance case three Shack, Wendy’s, Papa John’s

ROZETTE RAGO FOR WSJ

The company said China’s years ago, the company said. International, Bloomin’
Brands, Red Lobster and BJ’s
Restaurants are among the

Siemens Healthineers chains that have changed their

CEOs recently to navigate the
industry’s challenges.

Meets Annual Targets Beginning in January, Star-

bucks’s sales fell, prompting
the company to reduce its reve-
Brian Niccol has said Starbucks needs to move quickly to make customer-friendly changes.

bucks, which generates about a quirements to four days a Niccol’s attitude refreshing,
nue expectations twice this billion dollars in U.S. revenue week, while overseeing corpo- particularly his emphasis on
BY HELENA SMOLAK slowed China demand as sales year. The company’s board in annually from syrups, foams rate layoffs. doing fewer things better.
took a hit from the country’s August fired the previous CEO, and other modifiers. Mobile or- With banks of desks often Niccol has proven willing to
Siemens Healthineers subdued consumer environ- Laxman Narasimhan, after ders, which can overwhelm empty at parts of Starbucks’s scrap projects in which Star-
shares rose after the company ment and last year’s introduc- around 17 months on the job. baristas, account for more than Seattle headquarters, the com- bucks has heavily invested and
met its annual targets despite tion of anticorruption mea- The board said Niccol’s res- 30% of U.S. transactions. Over pany under Niccol’s leadership that past leaders emphasized.
posting lower-than-expected sures that are causing order taurant experience, which in- 60% of U.S. sales comes from last month reminded workers Starbucks earlier this year in-
fourth-quarter profit and rev- delays. cluded a turnaround at Chi- cold beverages, many of them of its three-day in-office pol- troduced a range of energy
enue on weaker China de- Last week, peer Philips cut potle Mexican Grill, will help customized. icy, warning that they could drinks, and teams were plan-
mand. its sales target for fiscal 2024 to tackle its challenges. Wall Niccol, who became Chi- face consequences including ning additional varieties. The
Shares climbed nearly 6% as China’s anticorruption cam- Street so far is in his corner, potle’s CEO in 2018 when the termination. He has stressed company said recently that it
in European trading, but are paign weighed on perfor- with Starbucks’s stock up brand was fighting food-safety the need for employees to be would stop offering the energy
trading 2.55% lower year to mance. around 26% since his hiring problems, is ex- accountable. drinks in the coming months.
date. However, Siemens Health- was announced in August. perienced in “If we say The company is removing its
The German healthcare ineers said it hit its annual Niccol has sought to im- overhauls and we’re going to olive-oil-infused Oleato line of
company said Wednesday that targets for both revenue and merse himself in cafe opera- decisive moves. Niccol has do something, beverages in the U.S. to make
it made a net profit of 616 earnings per share. tions quickly. He is reading, re- Roughly two sought to we need to do room for holiday drinks. Schultz
million euros ($673.4 million) Revenue came in at €22.36 sponding to and acting on months after it,” Niccol said spearheaded the beverages in
in the quarter, up from €537 billion for fiscal 2024, while customer emails sent to him, starting at Chi- immerse himself at the late Oc- 2023 during his brief third ten-
million in the same prior-year adjusted earnings per share which he said often spotlight is- potle, he an- tober internal ure as CEO, and the company
period. stood at €2.23, up from €2.14 sues that need addressing. Such nounced that he
quickly in cafe meeting. spent millions of dollars on im-
Revenue rose to €6.33 bil- a year earlier. It declared a feedback prompted him to bring would relocate operations. Niccol him- ported Italian olive oil, as well
lion from €6.06 billion. dividend of €0.95 per share, back condiment bars, Niccol the company’s self maintains a as marketing and events to pro-
Higher sales in its imaging flat on year. said, and to try to make the headquarters to hybrid-work ar- mote the beverages.
segment offset a mid-single- For fiscal 2025, the com- menu simpler and more naviga- Southern Cali- rangement al- The olive-oil drinks didn’t
digit percentage decline in pany expects comparable rev- ble for customers and workers. fornia from Denver, saying the lowing him to commute to meet expectations.
China because of delayed cus- enue growth of between 5% Niccol’s goal is to make move would help recruit new Starbucks’s Seattle headquar- Schultz, who publicly criti-
tomer orders. and 6%, and adjusted earnings Starbucks cafes places where leaders and transform the com- ters on a company jet, with an cized Narasimhan’s strategy
Analysts had expected net per share of between €2.35 coffee sippers can feel com- pany’s culture. Many of Chi- office near his Southern Cali- earlier this year, has so far
profit at €622 million on reve- and €2.50. fortable hanging out for potle’s corporate workers left, fornia home. Starbucks said he backed Niccol’s efforts. In a
nue of €6.36 billion, according “With China the main cul- hours, as envisioned by the and Niccol assembled a new would meet or exceed the com- LinkedIn post following Niccol’s
to consensus estimates pro- prit behind the mixed opera- chain’s longtime leader, How- team. pany’s policy for in-office work. first company earnings call last
vided by Vara Research. tional results delivered in fis- ard Schultz. But Starbucks’s Niccol helped develop a Some of Starbucks’s corpo- week, Schultz said he was im-
Adjusted earnings before cal 2024, investors may business today is fundamen- “stage gate process” at Chi- rate employees fear that the pressed by the new CEO’s quick
interest and taxes rose 7% to welcome an initial cautious tally different from its coffee- potle to test new ideas rigor- focus on hitting goals could grasp of Starbucks and its is-
€1.12 billion, while the margin guide for 2025, which would house roots. ously before bringing them to lead to a weeding out of work- sues.
expanded to 17.7% from 17.2%. leave room for upgrades if While myriad customiza- restaurants. He has stressed ers, and that Starbucks’s tra- “I’m looking forward to fol-
Siemens Healthineers pre- China normalizes,” Jefferies tion options can slow service, accountability and last year ditions and vibe could fade. lowing the journey,” Schultz
viously warned investors on analysts said in a note. they are big business for Star- stepped up in-office work re- Others have said they find wrote.
 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. Thursday, November 7, 2024 | B3

BUSINESS NEWS

U.S. Business Fuels Puma’s Sales Growth

The sporting-goods movements. million and €670 million, a
Shares of Puma climbed target that was trimmed in
company says it is 2.1% in European trading August due to muted con-
still on track to meet Wednesday. Shares of German sumer sentiment and higher
rival Adidas traded 3.6% freight costs.
its full-year outlook lower. The company still forecasts
Puma Chief Executive Arne a change in net profit this
BY ANDREA FIGUERAS Freundt said at a press call af- year in line with the operating
ter results that the company is result.
Puma said it is on track to well positioned to react to po- The results come just days
meet its full-year outlook after tential higher tariffs on goods after larger rival Adidas re-
sales growth accelerated in imported to the U.S. should ported a rise in sales during
the third quarter, helped by a these be introduced under a the same period, following a
recovery in its U.S. business. Donald Trump-led administra- brand revamp plan that
The German sporting-goods tion. started when CEO Bjorn Gul-
company said Wednesday that When not adjusting for cur- den took the reins of the busi-
it returned to growth in the rency effects, third-quarter ness in early 2023. Gulden was
U.S. in the latest quarter as sales were €2.31 billion, or previously Puma’s CEO.

CFOTO/DDP/ZUMA PRESS
expected, offsetting weakness $2.53 billion, down 0.1% on U.S. competitor Nike re-
in China and the Middle East. year in reported terms. This cently withdrew its guidance
Sales grew 5% when adjust- missed analysts’ estimates of for the year ending in May,
ing for currency movements, €2.36 billion, according to shortly after replacing its
an acceleration from the 2.1% consensus forecasts provided chief executive in September.
rise Puma reported for the by Visible Alpha. Puma also is undergoing a
second quarter. The increase Puma reported a slight U.S. growth offset Puma’s weakness in China. Above, a store in Shanghai. turnaround, pushing further
was driven by footwear and miss in quarterly revenue in into performance products for
wholesale sales, it said. reported terms due to a nega- Nikolaos Lafioniatis said in a spending to the fourth quar- and below analysts’ forecasts sports like running and bas-
The company said it is on tive currency effect, but the note. ter. of €128.5 million, according to ketball, but analysts caution
course to meet its full-year result was in line with expec- Earnings before interest Puma made a net profit of Visible Alpha. its efforts could take time to
outlook, which includes sales tations on a constant-currency and taxes rose to €237 million €127.8 million for the third The company continues to pay off as competition in
growth in a mid-single-digit basis, RBC Capital Markets an- from €236.3 million, as the quarter, down 3% compared guide for earnings before in- these segments has intensified
percentage excluding currency alysts Piral Dadhania and company shifted marketing with the year-earlier period terest and taxes between €620 in recent years.

Marks & Spencer Blackstone Is Taking

Warns of Challenges Retail Landlord Private

.
BY CONNOR HART pected to close during next
BY MICHAEL SUSIN company’s preferred metric, year’s first quarter, subject to

ly
JASON ALDEN/BLOOMBERG NEWS

which strips out exceptional Blackstone Real Estate will customary closing conditions.
Marks & Spencer reported and other one-off items—rose take shopping-center owner Retail Opportunity Invest-
profit ahead of expectations more than 17% to £407.8 mil- and operator Retail Opportu- ments owns and manages 93
for the first half of fiscal 2025,
but it warned that the uncer-
tain consumer backdrop is ex-
pected to remain in the rest of
lion.
Revenue climbed to £6.48
billion from £6.13 billion a
year ago, topping market ex-
on nity Investments private in a
$4 billion deal, adding to its
portfolio of companies in the
sector.
grocery-anchored retail prop-
erties, totaling 10.5 million
square feet. The San Diego
company’s properties are con-
the year. pectations of £6.43 billion, ac- New York investment firm centrated in Los Angeles, Se-
us ,

The U.K. retailer on cording to LSEG Refinitiv. The retailer cited strength in its clothing and home segment. Blackstone said on Wednes- attle, San Francisco and Port-
l

Wednesday said pretax profit The increase was helped by day it would purchase all of land, Ore.
e
al a

for the half year ended its clothing and home seg- The company said its over- faced in the first half are ex- Retail Opportunity Invest- The company’s stock rose
Sept. 28 was £391.9 million, or ment, as sales increased 4.7% all performance in the first pected to persist. ments’ outstanding shares for 4.6% to $17.35 on Wednesday.
$511.1 million, compared with and with comparable sales five weeks of the second half “Despite this, the business $17.50 each, representing a The purchase of Retail Op-
ci on

£325.6 million for the same grew 5.3%. remains on track, and that it has traded well, growing vol- 34% premium to the com- portunity Investments reflects
period a year earlier. This Food sales increased 8.1%, is confident in making further ume and value market share,” pany’s closing price on July the continued need for gro-
compares with market expec- with like-for-like growth of progress in the remainder of it added. 29, which was the last trading cery-anchored shopping cen-
tations of £327 million, ac- 7.5%, as the group improves the year. The board declared an in- day prior to news reports of a ters in metropolitan areas,
cording to estimates provided its food infrastructure to However, it flagged that the terim dividend of 1 pence a potential sale. Blackstone Real Estate Co-
er s

by LSEG Refinitiv. boost availability and reduce elevated cost inflation and un- share, which is unchanged The all-cash deal, which in- Head of Americas Acquisitions
Adjusted pretax profit—the costs. certain consumer backdrop from a year ago. cludes outstanding debt, is ex- Jacob Werner said.
m er

Wayfair Leans on Promotions

m rp

Without Damaging Margins

co Fo

BY JENNIFER WILLIAMS Wayfair’s quarterly revenue, In the past year, home-

change from a year earlier goods retailers have stepped up Help us end cancer and save lives!
Wayfair has been churning promotions to bring shoppers

Donate Real Estate.

out deals on desks, bath mats, 80% in. Wayfair has followed suit,
couches, throws, glassware and said Gulliver, upping the pace
more this year without any big of promotions.
hit to its profit margins—a 60 Only about 30% of revenue
tricky feat for a retailer. during a promotion comes
How does the mostly online from items that are marked
bazaar pull off a steady stream 40 down, which Gulliver said
of promotions, including sea- “gives us some conviction
sonal and pop-up sales, with- around the importance of this
20
n-

out big dents to its income 3Q 2024 as a marketing tool.”

statement or balance sheet? –2% Key to Wayfair’s promotion
Here is how it works: strategy, though, is its relation-
Wayfair has suppliers cover 0 ship with suppliers. For de-
no

nearly all of the costs tied to a cades, the company has worked
promotion. While these deals with its now more than 20,000
draw in shoppers, those people –20 suppliers to determine what
aren’t just buying the item on 2020 '21 '22 '23 '24 might induce consumers to up-
sale: They are browsing more Source: Wayfair grade their homes. Currently
and tacking on other products. that is through promotions,
In fact, of revenue generated Arounian, an equity research which suppliers bear most of
during promotions, around 70% analyst at Citigroup. the cost of, Gulliver said. This
comes from nonpromoted A sluggish housing market means when shoppers see a
items. coupled with more judicious couch or chair at 30% off, for
“It’s really valuable to bring spending by inflation-torched instance, suppliers fund the re-
our customers in off the side- consumers have hit sales. duction in their wholesale
lines,” Wayfair Chief Financial Home-furnishing companies prices, which Wayfair then
Officer Kate Gulliver said of its also are facing a saturated passes on through discounts
promotions. “But from there, market, after people stuck at and price adjustments.
she goes exploring.” home during lockdown redeco- For the most part, Wayfair
Wayfair’s rated and upgraded their living doesn’t carry inventory on its
arrangement with suppliers and work spaces in droves, ac- books, so the company is free
means Wayfair is rolling out cording to Arounian. of the pressure other retailers
promotions without the same Relative to other home- face to sell through stock. But
financial penalties as other re- goods sellers, Wayfair has out- Wayfair and its suppliers have
tailers, Gulliver said. “That’s performed and increased its an interest in higher sales vol-
part of the reason why we’ve
been happy to ramp up the
market share, according to
Arounian. Overall, revenue de-
umes, Gulliver said. So suppli-
ers tend to lean into the deals,
Do you have land or property you
number of promotional clines have slowed. Excluding a she said, declining to give fig- no longer want or need?
events,” she told analysts Fri- 3.7% jump in 2023’s third quar- ures on how much of any pro-
day on the company’s third- ter driven by strong U.S. or- motion a supplier might fund. Donating it to Stand Up To Cancer (SU2C) is a meaningful way
quarter earnings call. ders, revenue for the third The deals are there, but gen-
In general, home-goods re- quarter of this year dropped erally not at the expense of to give to our cause – and could result in tax benefits for you.
tailers have been navigating 2% after tanking 9% and 18.7% Wayfair’s margins, Arounian We accept land, residential, and commercial real estate. Your
“this triple whammy,” said Ygal in 2022 and 2021, respectively. said.
property donation can support our mission to raise funds and
accelerate the pace of groundbreaking research. This research
Ahold Delhaize Fails to Hit Profit Estimate can get new therapies to patients quickly and save lives now.

BY HELENA SMOLAK pany-provided consensus es- Ahold Delhaize outlined a

Ahold Delhaize outlined a

timate of €424 million.
Its adjusted earnings per
€1 billion share buyback pro-
gram, scheduled to start at
To learn more, visit:
share buyback program, de- share rose 7% to €0.62, above the beginning of 2025. standuptocancer.org/giveproperty
spite reporting a worse-than- consensus expectations of €0.57. It reiterated its full-year
expected fall in third-quarter The company’s underlying guidance, expecting an under- 844-277-HOME (4663)
net profit. operating margin increased lying operating margin of 4%
The Dutch grocer said on 0.1 percentage point to 3.9%. or higher and underlying Stand Up To Cancer is a 501(c)(3) charitable organization.
Wednesday that it made a net Net sales came in at €22 earnings per share at around
profit for the third quarter of billion, slightly above €21.93 2023 levels at current ex-
372 million euros ($406.7 billion the prior year, topping change rates.
million), compared with €394 the company-compiled con- Its free cash flow is esti-
million a year ago and a com- sensus of €21.91 billion. mated to be around €2.3 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 | Thursday, November 7, 2024 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Toyota Cuts Outlook

As Profit, Sales Skid
Automaker now to 10.85 million units this fis- Toyota quarterly net profit
cal year, compared with its
expects group previous view of a 1.3% de- ¥1.4 trillion
¥573.7B
–55%*
vehicle sales to fall cline.
1.2
Second-quarter group vehi-
2.2% this fiscal year cle sales volume dropped 3.8%
to 2.74 million as a result of 1.0
BY KOSAKU NARIOKA lower sales across various re-
0.8
gions despite the company’s
Toyota Motor cut its an- higher sales of gasoline-elec-
0.6
nual forecast for group vehicle tric hybrid cars.
sales after its second-quarter The company’s bottom line 0.4
profit more than halved due was also hit by ¥230 billion of
partly to weaker sales glob- special losses related to its 0.2

BENOIT TESSIER/REUTERS
ally. truck subsidiary Hino Motors’
The Japanese auto giant certification issues in North 0
said Wednesday that net America. FY2023 ’24 ’25
profit dropped 55% from a Toyota had been benefiting
*Change from a year earlier
year earlier to 573.7 billion from a shift among consumers
Note: Latest fiscal quarter ended Sept. 30;
yen, equivalent to $3.78 bil- in the U.S. and some other ¥1 trillion = $6.6 billion
lion, for the three months markets to hybrid cars from Sources: S&P Capital IQ; the company Toyota had been benefiting from a shift among consumers in certain markets to hybrid cars.
ended Sept. 30. fully electric vehicles amid
That widely missed the concerns about charging prob- ternatives to conventional Second-quarter revenue its second quarter, up from and bottom-line forecasts for
¥1.011 trillion estimate in a lems and higher prices associ- engines powered by emis- edged 0.1% higher to ¥11.44 36% a year earlier. the fiscal year ending March
poll of analysts by data pro- ated with pure EVs. sions-generating fossil fuels. It trillion. The automaker sold about 2025, expecting revenue to
vider Quick. The company has been tak- is offering consumers a range Electric cars, including hy- 35,000 battery EVs, up from grow 2.0% to ¥46.000 trillion
The carmaker now expects ing what it calls a multipath- of vehicles, including hybrid- brid vehicles, made up 46% of about 30,000 units a year ago. and net profit to fall 28% to
group vehicle sales to fall 2.2% way approach in adopting al- electric cars. Toyota and Lexus cars sold in Toyota maintained its top- ¥3.570 trillion.

BMW Sees BMW’s profit margin in the

automotive segment*
12%
U.S. tariffs on auto imports
under a Donald Trump presi-
dency.
with a margin of 5.0%, accord-
ing to the company-compiled
consensus.
digital production platform
that will be the basis for a
new generation of cars.
Schneider
Profitability 10
BMW said its third-quarter
results were marked by ex-
traordinary challenges, mainly
Group revenue was 16%
lower at €32.41 billion, hurt by
a 13% drop in the automotive
Both research-and-develop-
ment spending and capital in-
vestments will peak in 2024 as
Electric

.
Decline stemming from technical mea-
sures to fix a braking-system
segment. Analysts had fore-
cast group revenue of €33.31
planned, BMW Chief Financial
Officer Walter Mertl said. Probes Hack

ly
8
problem and muted demand in billion. Meanwhile, Zipse said elec-
China. The company said third- tric-vehicle sales remain a
Continued from page B1 6 The company expects to quarter deliveries of its BMW, growth driver for BMW this Continued from page B1
to consensus figures compiled
by the company.
Carmakers are facing a raft
of challenges, from invest-
4

3Q 2024
on complete the repairs for most
cars by the end of the year,
Chief Executive Oliver Zipse
said in a call with reporters.
Mini and Rolls-Royce brands
were 13% lower, making it the
latest car company to be hit
by falling sales.
year and projected another
significant increase in sales of
fully and partially electrified
vehicles for next year.
ucts and services remain unaf-
fected,” the spokesperson
said.
An account on X under the
2
ments in boosting their line- 2.3% The recall led to provisions Earlier on Wednesday, Jap- BMW confirmed its fore- name “greepy” claimed re-
us ,

ups of electric vehicles to for warranty obligations in the anese peers Toyota Motor cast of automotive profitabil- sponsibility for the hack and
l

sluggish demand in many 0 high three-digit million-euro and Honda Motor reported ity of 6% to 7% this year, with posted a link to a website
e
al a

parts of the world that re- 2022 ’23 ’24 range and contributed to drops in sales volumes as well. deliveries expected to decline where the cybercrime group
sulted in a wave of guidance *Before interest and taxes lower sales and profitability, However, BMW expects an slightly. known as Hellcat leaks stolen
cuts in recent months. as the company had to stop increase in deliveries and a Group-level pretax profit is data. The hackers demanded a
ci on

Sources: S&P Capital IQ; the company

BMW was among the first deliveries of higher-end mod- significant inventory reduc- expected to fall significantly. ransom of $125,000 from
to sound the alarm in Septem- growing share of the premium els, it said. tion in the fourth quarter. The group had lowered its Schneider Electric and stole
ber. The company confirmed segment at the expense of For the group as a whole, “In the fourth quarter, we full-year guidance in Septem- “critical data,” the person said
Wednesday its recently low- German brands after making earnings before interest and are back on track for stronger ber to account for recall costs in a post on Monday.
ered expectations for the year. inroads in the mass market. taxes plunged 61% to €1.70 bil- earnings in order to achieve and weakness in Chinese Representatives for Schnei-
er s

In China, the world’s larg- Shares in BMW fell 6.6% lion, equivalent to $1.85 bil- our annual targets, despite sales. While the company reaf- der Electric declined to re-
est car market, Western auto Wednesday in European trad- lion, while the margin con- planned high upfront expendi- firmed expectations of an im- spond to questions about
m er

companies face particularly ing in a session that saw Eu- tracted by 8 percentage points tures,” Zipse said. provement in the fourth quar- whether hackers stole data or
tough conditions because of ropean car stocks drop as in- to 2.6%. BMW is making big invest- ter, it faces a high bar, if the company will pay a ran-
fierce competition. vestors assessed U.S. election Analysts had expected a ments in refreshing its model analysts at UBS wrote in a som.
Local rivals are taking a results and the prospect of group EBIT of €1.65 billion lineup with the Neue Klasse, a note to clients. Manufacturers are popular
targets for ransomware at-
m rp

tacks because they typically

Lyft’s Boosts Outlook as Rider Count Hits High

need to keep industrial sys-
tems, such as heavy equip-
ment used for production,
running continuously.
co Fo

Hackers often attempt to

BY SABELA OJEA hailing companies won the extort companies by targeting
right to unionize in Massachu- technology systems that gen-
Lyft raised its outlook after setts on Wednesday following erate revenue or are critical to
reporting double-digit gains in a ballot in the state. keeping businesses running.
ridership and revenue in its While the initiative set a If hackers really stole data
latest quarterly results. new precedent, the compa- related to Schneider Electric’s
The San Francisco-based nies’ shares seemed unaf- projects, as they claimed to
ride-sharing company said its fected by the news. Lyft stock on social media, the informa-
gross bookings rose 16% to closed up 4.4% on Wednesday tion could be used for future
$4.12 billion, as the app’s at $14.40. cyberattacks targeting spe-
number of active users rose to Lyft’s third-quarter revenue cific employees with access to
a record 24.4 million. rose 32% from the year-earlier particular initiatives or cus-
n-

Analysts polled by FactSet quarter to $1.52 billion, above tomers, said Timothy Chase,
had expected $4.08 billion in Wall Street expectations of program director of the Man-
bookings. The number of rid- $1.44 billion, according to ufacturing Information Shar-
ers was in line with analysts’ FactSet. ing and Analysis Center, a
no

estimates. The company posted nonprofit that helps manufac-

Lyft’s strides during the steeper losses year over year turing companies exchange
quarter included a signed because of a $36.4 million im- details about cyber threats.
strategic partnership with pairment charge. Lyft posted “It’s an amazing hunting
food delivery app DoorDash a loss of $12.4 million for the list for adversaries,” he said.
MICHAEL M. SANTIAGO/GETTY IMAGES

that offers exclusive benefits third quarter compared with a Even when a cyberattack
to Lyft riders who link their loss of $12.1 million a year affects corporate technology
DashPass accounts. ago. systems and not industrial
The ride-sharing company Lyft forecast fourth-quarter machinery, manufacturing can
also announced plans to work gross bookings of $4.28 billion be disrupted.
with autonomous vehicle tech- to $4.35 billion, representing In July, Bassett Furniture
nology companies Mobileye, growth of up to 17%. said in a regulatory disclosure
May Mobility and Nexar. For the full year, Lyft ex- that it shut down manufactur-
Drivers from Lyft, Uber pects gross bookings growth ing facilities after a cyberat-
Technologies and other ride- of 17%. Lyft announced plans to work with several autonomous vehicle technology companies. tack on its information tech-
nology systems. The Virginia-
based furniture company said

Teledyne to Acquire Units of AEA-Backed Excelitas it also shut down its systems
to contain the hack.
Compared with companies
in the oil and gas, transporta-
tion and other industrial sec-
BY COLIN KELLAHER also includes a U.S.-based midmarket group sold toy tors, manufacturers were hit
AND LAURA KREUTZER business that provides custom company Melissa & Doug to more frequently by ransom-
energetics, including elec- Toronto-based publicly traded ware in the second quarter of
Teledyne Technologies has tronic safe and arm devices, Spin Master. this year, according to cyber-
struck a deal to buy certain high-voltage semiconductor AEA targets deals ranging security company Dragos.
aerospace and defense-elec- switches and rubidium fre- from $400 million to more Ransomware attacks against
tronics businesses from AEA quency standards for defense than $2 billion in enterprise industrial companies, includ-
Investors-backed Excelitas and space ap- value through ing manufacturers, numbered
Technologies for $710 million plications. its midmarket 303 in the quarter, up from

$710M
in cash. Teledyne strategy, while 166 in the previous one, Dra-
New York-based AEA has said it expects its small busi- gos said.
owned Excelitas since 2017, to complete the ness private- Early this year, law en-
when the firm acquired the acquisition equity team forcement stepped up efforts
company through its midmar- early next year. Cash Teledyne will aims for deals to stop ransomware groups,
ket private-equity strategy The Tele- involving com- temporarily leading to a lower
pay for the aerospace panies
HOLLIE ADAMS/BLOOMBERG NEWS

from fellow buyout firm Veri- dyne sale with rate of attacks. Some cyber-
tas Capital Fund Management. marks at least and defense- less than $400 crime gangs later regrouped
Teledyne on Wednesday the third full or electronics units million in en- and resumed targeting indus-
said the acquisition in- partial exit terprise value, trial firms, Dragos said.
cludes U.K.-based Qioptiq, AEA has inked according to In February, Schneider
which provides advanced op- this year. In the firm’s web- Electric said hackers hit its
tics for heads-up and helmet- March, the firm’s small-busi- site. sustainability business with
mounted displays, dismounted ness private-equity strategy The firm had raised at least ransomware on Jan. 17 and
tactical night vision systems AEA bought Excelitas in 2017. An Excelitas sniper sight. sold infrastructure and land $3.1 billion as of May 2023 for stole data.
and proprietary glass used in management services com- its latest midmarket fund, By Jan. 31, the company
space and satellite applica- The Thousand Oaks, Calif.- electronic and communica- pany CLS Management Ser- AEA Investors Fund VIII, ac- had restored access to af-
tions. based buyer, which makes tions products, said the deal vices, while in January its cording to a regulatory filing. fected platforms.
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B6 | Thursday, November 7, 2024 THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. * * Thursday, November 7, 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 Soybean Meal (CBT)-100 tons; $ per ton. March'25 118-140 118-260 115-130 116-120 –1-31.0 45,641 Dec .6637 .6647 .6514 .6584 –.0053 175,491
Dec 299.00 t 293.10
299.10 298.40 –1.10 189,995 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mexican Peso (CME)-MXN 500,000; $ per MXN
Contract Open Dec 110-155 110-215 109-070 109-175 –27.5 4,544,999 Nov .04920 .04978 t .04804 .04947 –.00018 7
Jan'25 300.30 t 294.50
300.30 299.00 –1.60 130,401
Open High hi lo Low Settle Chg interest March'25 110-220 110-270 109-120 109-215 –29.5 21,374 Dec .04935 .04964 t .04772 .04924 –.00017 142,072
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
Copper-High (CMX)-25,000 lbs.; $ per lb. Dec 45.00 46.90 44.34 46.34 1.35 167,857 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Euro (CME)-€125,000; $ per €
Nov 4.2740 4.2740 4.2075 4.2225 –0.2280 1,052 Jan'25 45.00 46.77 44.33 46.29 1.29 136,781 Dec 107-065 107-095 106-155 106-232 –13.0 6,247,448 Nov 1.0925 1.0942 t 1.0689 1.0740 –.0197 3,333
Dec 4.4670 4.4670 4.2260 4.2460 –0.2290 116,816 Rough Rice (CBT)-2,000 cwt.; $ per cwt. March'25 107-022 107-162 106-212 106-290 –14.2 15,565 Dec 1.0946 1.0955 t 1.0699 1.0752 –.0198 623,017
Gold (CMX)-100 troy oz.; $ per troy oz. Nov 14.59 14.63 14.59 14.46 –.01 276 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Nov 2734.50 2734.50 2659.40 2667.60 –72.70 64 Jan'25 14.49 14.63 14.39 14.47 –.01 9,647 Dec 102-289 102-297 102-214 102-239 –4.0 4,395,233 Index Futures
Dec 2752.60 2758.80 2660.70 2676.30 –73.40 389,315 Wheat (CBT)-5,000 bu.; cents per bu. March'25 103-026 103-051 102-282 102-307 –4.6 7,830
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Mini DJ Industrial Average (CBT)-$5 x index
Jan'25 2764.50 2768.90 t 2675.00 2688.50 –73.70 57 Dec 571.00 577.75 562.00 573.25 .75 195,323
Nov 95.3600 95.3625 95.3550 95.3575 462,147 Dec 42440 43965 s 42416 43901 1520 85,293
Feb 2776.40 2782.80 2684.90 2700.40 –74.20 106,913 March'25 591.00 595.00 580.75 591.00 … 130,008 March'25 42869 44373 s 42792 44321 1542 1,020
April 2798.60 2803.60 2706.80 2721.00 –74.30 31,971 Wheat (KC)-5,000 bu.; cents per bu. Jan'25 95.6250 95.6250 95.5800 95.6000 –.0200 271,249
Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. Mini S&P 500 (CME)-$50 x index
June 2821.20 2823.60 2728.00 2742.50 –74.30 19,769 Dec 575.50 578.25 565.25 574.00 –2.75 122,595 Dec 5820.25 5967.00 s 5814.75 5958.25 146.00 2,098,958
Aug 95.0025 95.0000 95.0000 95.0000 9,491
Palladium (NYM) - 50 troy oz.; $ per troy oz. March'25 587.25 590.25 577.25 585.75 –3.25 79,945 March'25 5878.75 6030.00 s 5875.75 6021.50 149.00 39,681
Sept 95.2275 95.2325 95.2250 95.2300 .0025 1,261,486
Nov 1151.50 1154.50 1151.50 1036.10 –40.80 6 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Mini S&P Midcap 400 (CME)-$100 x index
Dec 1077.50 1079.50 1026.00 1039.80 –38.80 14,517 Nov 247.075 248.950 246.650 247.700 1.550 6,638 Dec 3184.10 3340.30 s 3172.30 3304.00 131.70 38,182
Platinum (NYM)-50 troy oz.; $ per troy oz. Jan'25 243.500 245.550 242.825 244.025 1.675 24,470 Currency Futures March'25 3177.00 3365.80 s 3199.30 3336.10 137.90 1
Nov 1053.80 1053.80 s 1013.80 986.00 –14.40 27 Cattle-Live (CME)-40,000 lbs.; cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥ Mini Nasdaq 100 (CME)-$20 x index
Jan'25 1007.40 1008.50 971.80 992.80 –13.90 75,722 Dec 185.550 186.600 184.825 185.400 .625 133,017 Nov .6603 .6617 t .6475 .6485 –.0129 544 Dec 20360.50 20935.25 20323.50 20894.00 552.25 250,738
Silver (CMX)-5,000 troy oz.; $ per troy oz. Feb'25 186.500 187.500 186.200 186.725 .775 96,824 Dec .6630 .6644 .6497 .6508 –.0129 232,729 March'25 20593.50 21177.75 20562.75 21139.25 561.25 1,991
Nov 32.040 32.040 31.000 31.221 –1.434 42 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD Mini Russell 2000 (CME)-$50 x index
Dec 32.780 32.850 30.940 31.331 –1.444 111,136 Dec 81.025 82.350 80.825 82.125 1.000 132,089 Nov .7235 .7236 t .7167 .7180 –.0048 183 Dec 2280.80 2423.90 s 2272.00 2405.80 132.70 448,133
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Feb'25 84.125 85.725 83.975 85.150 .650 86,294 Dec .7242 .7243 t .7169 .7186 –.0048 328,197 March'25 2303.80 2447.20 s 2294.60 2429.80 134.70 759
Dec 72.02 72.63 69.74 71.69 –0.30 287,694 Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. British Pound (CME)-£62,500; $ per £ June 2462.50 2462.50 s 2462.50 2447.90 135.60 1
Jan'25 71.57 72.18 69.35 71.24 –0.32 204,870 Nov 560.00 574.00 559.50 573.50 13.00 550 Nov 1.3027 1.3046 t 1.2835 1.2889 –.0132 236 Mini Russell 1000 (CME)-$50 x index
Jan'25 589.00 599.00 585.00 598.00 10.00 5,458 Dec 1.3040 1.3048 1.2833 1.2888 –.0132 217,996 Dec 3241.30 3267.10 s 3182.60 3263.90 84.20 5,806
Feb 71.18 71.77 69.02 70.84 –0.34 131,559
Milk (CME)-200,000 lbs., cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF U.S. Dollar Index (ICE-US)-$1,000 x index
March 70.76 71.43 68.75 70.51 –0.34 139,864
Nov 19.91 20.00 19.90 19.94 … 3,704 Dec 1.1633 1.1651 1.1447 1.1463 –.0175 75,557 Dec 104.11 105.35 103.96 104.99 1.66 30,277
June 69.98 70.59 68.12 69.79 –0.25 150,219
Dec 19.10 19.19 19.00 19.02 –.17 5,406 March'25 1.1650 1.1768 1.1567 1.1582 –.0175 252 March'25 103.84 104.99 103.81 104.64 1.66 538
Dec 68.33 68.99 66.85 68.38 –0.09 160,200
Cocoa (ICE-US)-10 metric tons; $ per ton. Australian Dollar (CME)-AUD 100,000; $ per AUD
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Dec 7,217 7,231 6,888 6,924 –327 24,058 Nov .6613 .6645 t .6514 .6583 –.0053 316 Source: FactSet
Dec 2.2988 2.3124 2.2416 2.2700 –.0342 133,056
March'25 6,918 6,940 6,606 6,670 –276 50,825
Jan'25 2.3048 2.3212 2.2511 2.2813 –.0318 70,374 Coffee (ICE-US)-37,500 lbs.; cents per lb.
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Dec 248.60 250.80 244.15 248.75 –1.40 65,054 ADVERTISEMENT
Dec 2.0418 2.0577 1.9810 2.0354 –.0092 137,376 March'25 248.05 249.90 243.50 248.05 –1.35 76,824
Jan'25 2.0202 2.0330 1.9605 2.0110 –.0117 79,998 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
Dec
Jan'25
2.679
2.948
2.796
3.050
2.660
2.921
2.747
3.007
.077
.071
260,644
325,842
March
May
21.75
20.13
22.10
20.49
21.60
20.03
22.03
20.46
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
.13 365,538
.15 166,599 The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
Feb 2.863 2.956 2.839 2.912 .060 141,324 Jan 38.70 38.90 38.70 38.89 .30 1,685
March 2.640 2.724 2.620 2.688 .055 257,038 March 38.66 38.70 38.66 38.70 .05 2,657
April 2.607 2.685 2.590 2.653 .049 101,131 Cotton (ICE-US)-50,000 lbs.; cents per lb.
Oct 3.120 3.190 3.094 3.177 .066 98,973 Dec 69.95 70.00 68.95 69.69 –.26 106,250 CLASS ACTION
March'25 72.30 72.37 71.41 72.08 –.24 79,392
Agriculture Futures Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Nov 512.00 512.00 512.00 516.30 4.55 74 LEGAL NOTICE
Corn (CBT)-5,000 bu.; cents per bu. Jan'25 455.70 465.25 455.70 457.80 1.05 7,810
Dec 418.00 426.75 414.25 426.25 7.75 654,158
March'25 431.25 439.75 427.50 439.00 7.00 477,309 UNITED STATES DISTRICT COURT the website (no later than February 27, 2025). Failure
Interest Rate Futures DISTRICT OF NEW JERSEY to submit your Proof of Claim by February 27, 2025,
Oats (CBT)-5,000 bu.; cents per bu.
Dec 391.75 393.00 383.50 391.75 .50 2,586 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% will subject your claim to rejection and preclude you
March'25 389.00 392.75 384.25 392.00 .25 1,561 Dec 126-060 126-250 121-130 122-270 –3-05.0 1,743,063 from receiving any of the recovery in connection with
No.
Soybeans (CBT)-5,000 bu.; cents per bu. March'25 124-230 126-260 121-180 122-290 –3-06.0 43,947 In re AURORA the Settlement of this Litigation. If you purchased Aurora
Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 2:19-cv-20588-BRM-JBC
Nov 991.75 997.50 973.00 994.50 .75 1,042 CANNABIS INC. common stock on the New York Stock Exchange between
Jan'25 999.25 1007.75 982.00 1003.75 2.00 351,026 Dec 118-090 118-210 115-100 116-080 –1-29.0 1,832,970 CLASS ACTION
SECURITIES October 23, 2018 and February 28, 2020, inclusive, and do
LITIGATION SUMMARY NOTICE not request exclusion from the Settlement Class, you will
OF PROPOSED be bound by the Settlement and any judgment and releases
New Highs and Lows Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
This Document Relates To:
ALL ACTIONS. SETTLEMENT OF entered in the Litigation, including, but not limited to, the

.
CommunityFinSys CBU 71.49 13.8 ExlService EXLS 45.44 4.8 CLASS ACTION Judgment, whether or not you submit a Proof of Claim.
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE CmntyTrBcp CTBI 61.20 15.4 Expedia EXPE 173.61 4.2

ly
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low CommvaultSys CVLT 172.83 7.8 FB Financial FBK 56.70 15.5 The Notice, which more completely describes the
in the latest session. % CHG-Daily percentage change from the previous trading session. Compass COMP 7.01 -6.0 FNB FNB 16.77 14.9 TO: ALL PERSONS AND ENTITIES WHO Settlement and your rights thereunder (including your
ComstockRscs CRK 12.95 10.5 FoxoTech FOXO 1.06 475.0
ConnectOneBncp CNOB 29.00 14.9 FS Bancorp FSBW 48.75 8.7
PURCHASED AURORA CANNABIS INC. right to object to the Settlement), the Proof of Claim, the
Wednesday, November 6, 2024 ConsldComm CNSL 4.70 0.2 (“AURORA”) COMMON STOCK ON THE
FarmersBancp FMAO 32.84 11.4 Stipulation (which, among other things, contains definition
52-Wk % 52-Wk % 52-Wk % ConstructionPtrs ROAD 91.65 12.4 Fastenal FAST 83.80 7.0 NEW YORK STOCK EXCHANGE BETWEEN
Stock

Highs
Sym Hi/Lo Chg Stock

AAMissionAcqnA AAM
ACI Worldwide ACIW
10.06
54.47
0.1
6.4
Axonics
AxosFinancial AX
BGC
BKV
BOK Fin
Sym Hi/Lo Chg Stock
AXNX 70.75

BGC
BKV
82.95
11.33
19.08
BOKF 119.52
0.2
20.6
6.3
3.9
11.1
CNO Financial CNO
Sym Hi/Lo Chg
CF Bankshares CFBK
CNB Fin PA

CONSOL Energy CEIX

COPTDefenseProp CDP
CCNE
28.10 7.2
29.29 13.2
39.81 10.8
128.07 11.8
34.22 0.5
on CorceptTherap CORT
CoreCivic
CorpAmAirports CAAP
Corteva
Corvel
CorvusPharm CRVS
CXW

CTVA
CRVL
54.88
18.24
19.95
63.75
359.99
9.70
4.0
29.0
-0.1
...
11.0
-4.9
FederatedHermes FHI
FidelityD&D
FifthThirdBncp FITB
FinanceofAm FOA
FinInstitutions FISI
42.56 3.5
FDBC 61.21 6.7
46.90 8.6
14.76 4.7
28.00 13.5
FinwardBancorp FNWD 33.50 1.3
OCTOBER 23, 2018 AND FEBRUARY 28, 2020,
INCLUSIVE (“SETTLEMENT CLASS” OR
“SETTLEMENT CLASS MEMBERS”)
for the defined terms used in this Summary Notice), and
other important documents, may be accessed online at
www.AuroraCannabisSecuritiesLitigation.com, or by
writing to or calling:
CovenantLogist CVLG 58.41 10.2 FinWiseBancorp FINW 17.93 5.0
ACNB ACNB 50.72 17.5 BV Financial BVFL 16.16 1.7 CRA Intl CRAI 208.38 7.6 THIS NOTICE WAS AUTHORIZED BY THE Aurora Cannabis Securities Settlement
us ,

AcresCmclRlty ACR 16.93 3.5 Crane CR 177.24 3.1 FirstBanCorp FBP 22.40 14.0
BakerHughes BKR 43.23 10.8 CRH CRH 101.60 3.1 COURT. IT IS NOT A LAWYER SOLICITATION.
AECOM ACM 115.74 3.8 BancCalifornia BANC 16.92 10.0 CSW Industrials CSWI 407.34 6.5
CredoTech CRDO 44.82 6.0 FirstBancorpNC FBNC 48.21 11.8 Claims Administrator
l

AI Transportation AITR 10.59 -0.4 CrineticsPharm CRNX 60.91 2.3 FirstBancorp FNLC 31.05 16.6 PLEASE READ THIS NOTICE CAREFULLY AND
BancFirst BANF 128.31 15.7 CTS CTS 59.49 12.2
Cullen/Frost CFR 144.19 12.6
c/o JND Legal Administration
Amerisafe AMSF 59.50 7.4 FirstBancshares FBMS 38.12 12.8
e
BancoBBVA BBAR 15.33 8.4 CVB Fin CVBF 22.63 17.1 IN ITS ENTIRETY. P.O. Box 91320
CMI 370.21 0.4
al a

AXIS Capital AXS 84.84 4.3 Cummins FirstBusFinSvcs FBIZ 50.22 13.0
Bladex BLX 34.46 4.8 Cabot CBT 117.37 7.5
AcadiaRealty AKR 25.58 0.8 Curtiss-Wright CW 380.98 4.7 FirstCitizBcshA FCNCA2275.90 18.3 Seattle, WA 98111
BancoMacro BMA 83.69 8.9 Cactus WHD 69.77 11.6
AcuityBrands AYI 331.90 1.9 BankFirst BFC 108.98 14.0 CadenceBank CADE 38.77 14.5
Cushman&Wkfd CWK 16.11 -3.6 FirstCmwlthFin FCF 19.51 16.3 YOU ARE HEREBY NOTIFIED that a hearing will be held
AdaptiveBiotech ADPT 5.80 3.0 DPCapAcqnIA DPCS 12.73 -0.8 FirstCommBkshs FCBC 49.02 15.4 Telephone: 1-877-495-6308
BankofAmerica BAC 45.55 8.4 CaliforniaRscs CRC 60.41 5.4
DT CloudStar DTSQ 10.02 ...
on January 28, 2025, at 2:00 p.m., before the Honorable
ci on

Adeia ADEA 14.19 9.9 BankofHawaii BOH 81.39 9.3 CamdenNational CAC 50.05 15.0 FirstComSC FCCO 24.76 2.7
AdtalemGlbEduc ATGE 88.99 9.5 DT Midstream DTM 96.67 4.3 FirstFinBncpOH FFBC 29.77 13.8 James B. Clark, III at the United States District Court, Inquiries should NOT be directed to Aurora, Defendants,
BankofMarinBncp BMRC 26.19 15.9 CIBC CM 64.02 -0.4
DXP Ents DXPE 66.25 6.8
AdvEnergyInds AEIS 120.81 5.9 BankNY Mellon BK 80.29 2.9 CTLP 9.67 1.7 FirstFinBkshs FFIN 42.02 14.3 District of New Jersey, Frank R. Lautenberg Post Office &
Cantaloupe DailyJournal DJCO 587.77 14.9 THFF 50.63 14.3
the Court, or the Clerk of the Court.
AeroVironment AVAV 232.00 -1.5 Bank7 BSVN 47.56 9.6 CapitalBancorp CBNK 29.48 12.9 FirstFinIN
Agric&NatWt ANSCW 0.30 4.4 Dayforce DAY 81.02 4.9 FirstHawaiian FHB 28.38 11.4
U.S. Courthouse, 2 Federal Square, Newark, New Jersey
BankUnited BKU 40.44 15.2 CapitalCityBank CCBG 39.58 9.8 62.66 6.9
AirTransportSvcs ATSG 22.27 0.1 DeltaAir DAL FirstHorizon FHN 20.11 16.5 07102, to determine whether: (1) the proposed settlement Inquiries, other than requests for the Notice or for a Proof of
BankwellFinl BWFG 32.39 12.8 CapitalOne COF 198.30 15.0 DescartesSystems DSGX 112.92 4.4
AlaskaAir ALK 51.91 6.3 Banner BANR 75.88 14.7 CapitolFedFin CFFN 7.20 11.3 FirstInternetBncp INBK 40.73 16.3 (the “Settlement”) of the above-captioned Litigation as set Claim, may be made to Lead Counsel:
Alcoa AA 46.03 6.0 DieboldNixdorf DBD 51.81 3.3 FirstInterBanc FIBK 34.53 13.4
BarHarborBkshs BHB 38.47 15.8 CarGurus CARG 33.42 3.6 DimeCommBcshs DCOM 35.18 15.0
AlgomaSteel ASTL 11.41 7.0 Barclays BCS 13.50 4.9 Carlyle CG 54.52 9.7 FirstMerchants FRME 43.52 15.8 forth in the Stipulation of Settlement (“Stipulation”) for
Dingdong DDL 4.50 12.9 ROBBINS GELLER RUDMAN & DOWD LLP
er s

AlgomaSteelWt ASTLW 1.98 7.6 BarnesGroup B 47.40 -0.2 Carnival CCL 24.34 7.9 FirstMidBcshs FMBH 43.30 13.6 $8.05 million in cash should be approved by the Court as
DiscoverFinSvcs DFS 188.26 20.2 FXNC 22.95 6.3
AlgonquinNt2079 AQNB 25.75 ... BarrettBus BBSI 41.18 7.9 Carnival CUK 22.06 7.4 DOCU 75.88 4.5
FirstNatlVA Ellen Gusikoff Stewart
AlignmentHlthcr ALHC 14.25 6.6 BayCom BCML 28.62 9.6 CarpenterTech CRS 179.11 10.5
DocuSign FirstLongIsland FLIC 14.67 12.9 fair, reasonable, and adequate; (2) the Judgment as provided
AllianceResource ARLP 27.80 3.3
DoorDash DASH 169.74 6.4 FirstSavingsFin FSFG 28.00 2.7
655 West Broadway, Suite 1900
BelFuse A BELFA 106.93 4.8 CarriageSvcs CSV 39.97 4.9 DormanProducts DORM 146.60 -0.6
under the Stipulation should be entered dismissing the
m er

AllisonTransm ALSN 117.87 7.0 Belden BDC 131.82 10.9 CarterBkshrs CARE 20.37 10.9 1stSource SRCE 67.69 11.6 San Diego, CA 92101
Allot ALLT 3.75 3.4
DouglasEmmett DEI 19.50 0.9
FirstUS Bcshs FUSB 12.55 1.3 Litigation with prejudice; (3) to award Lead Plaintiffs’
BeliteBio BLTE 82.25 15.7 CartesianGrwIIA RENE 11.64 0.6 Dover DOV 204.06 5.4 Telephone: 1-800-449-4900
Altria MO 55.05 0.2 BellRing BRBR 69.11 0.8 CaseysGenStores CASY 416.13 3.1 DrivenBrands DRVN 16.40 6.5
FirstUnited FUNC 34.14 7.0 Counsel attorneys’ fees and expenses out of the Settlement
AmalgamFin AMAL 38.19 14.3 BenchmarkElec BHE 52.07 10.5 CatalystPharm CPRX 23.12 3.4 Fiserv FI 211.98 4.0 [email protected]
Amazon.com AMZN 207.55 3.8
DuckhornPtf NAPA 11.05 -0.3
FiveStarBncp FSBC 35.13 10.9
Fund (as defined in the Notice of Pendency and Proposed
BerkshireHills BHLB 31.58 13.3 Caterpillar CAT 418.30 8.7 Duolingo DUOL 319.44 5.2
AmericanAssets AAT 28.96 2.6 BerryGlobal BERY 67.54 3.4 CathayGenBncp CATY 53.19 13.5 15.43 1.5
FlagShipAcqn FSHP 10.10 ... Settlement of Class Action (“Notice”), which is discussed - or -
ECB Bancorp ECBK
AmerExpress AXP 296.83 7.0 BicaraTherap BCAX 28.09 -5.6 CavcoIndustries CVCO 468.13 1.2 Flex FLEX 39.17 7.1 below) and, if so, in what amounts; (4) to reimburse Lead
EMCOR EME 504.53 5.5
m rp

Ameriprise AMP 569.47 10.4 BioLifeSolns BLFS 27.36 2.6 CaysonAcqn CAPN 10.14 0.1 Flexsteel FLXS 60.58 -0.1
ESAB ESAB 135.97 5.1 Plaintiffs for their time and expenses in connection with HAGENS BERMAN SOBOL SHAPIRO LLP
AmerisBancorp ABCB 71.96 13.7 Bio-RadLab A BIO 387.99 -0.4 Celestica CLS 81.07 7.1 FlotekIndustries FTK 6.71 6.8
ESCO Tech ESE 147.80 9.2
Ametek AME 192.20 4.6 BlackHawkAcqn BKHA 10.46 0.3 CellebriteDI CLBT 21.00 -0.3 Flowserve FLS 60.21 7.7 their representation of the Settlement Class and, if so, in Lucas Gilmore
ESSA Bancorp ESSA 21.50 6.8
Amphenol APH 72.36 3.5 BlackRock BLK 1057.51 1.5 CentralPacFin CPF 31.65 13.9 Fluor FLR 60.10 7.6
Amrep AXR 32.05 1.5
EagleMaterials EXP 315.86 5.8
FlushingFinl FFIC 18.19 16.7 what amounts; and (5) the Plan of Allocation should be 715 Hearst Avenue, Suite 300
Blackstone BX 178.30 4.0 CtrlPlainsBcshs CPBI 15.00 2.8 EastWestBncp EWBC 107.33 9.6
ApolloGlbPfdA APOpA 87.32 9.0 Booking BKNG 5060.50 1.8 CentralPuerto CEPU 12.17 1.6 EasternBankshares EBC 18.80 13.4
FourLeafAcqnA FORL 11.06 0.2 approved by the Court as fair, reasonable, and adequate. Berkeley, CA 94710
ApolloGlblMgmt APO 166.72 9.6 BoozAllen BAH 190.59 -2.9 CenturyAluminum CENX 22.66 4.4 FoxB FOX 42.42 4.2
Eaton ETN 366.08 6.4
FranklinElec FELE 110.97 9.2
Telephone: 1-510-725-3000
AppliedIndlTechs AIT 269.05 13.7 BoydGaming BYD 73.35 3.9 CeriBell CBLL 28.94 3.0 EdgewiseTherap EWTX 37.29 1.9
AppliedTherap APLT 9.98 0.2 FreshDelMonte FDP 34.53 2.3
There exists the possibility that the Court may decide to [email protected]
BreadFinancial BFH 63.01 19.0 CharltonAria CHARU 10.00 0.2 electroCore ECOR 13.25 -5.5
AppLovin APP 176.99 2.0 BRDG 11.69 2.4 50.75 5.7 Freshpet FRPT 157.10 2.4 conduct the Settlement Hearing by video or telephonic
co Fo

BridgeInvt CheesecakeFct CAKE Electromed ELMD 24.19 3.0

Aptargroup ATR 175.15 1.7 BridgewaterBcshs BWB 16.00 7.0 ChemungFinl CHMG 51.72 7.2 Frontdoor FTDR 57.50 4.6 IF YOU DESIRE TO BE EXCLUDED FROM THE
ElectronicArts EA 159.34 1.6
FultonFin FULT 21.47 16.3
conference, or otherwise allow Settlement Class Members
Arcosa ACA 106.89 4.6 BrightSphere BSIG 30.35 6.6 CheniereEnergy LNG 200.32 2.8 ElementSolns ESI 29.04 3.8
AresMgmt ARES 175.74 4.9 BrightSpringUn BTSGU 66.93 3.4 ChesapeakeUtil CPK 126.36 3.9 FutureVisionII FVN 9.99 ... to appear at the hearing by telephone or videoconference, SETTLEMENT CLASS, YOU MUST SUBMIT A
EmersonElec EMR 127.74 7.8
Argan AGX 157.96 11.4 BrightSpring BTSG 18.40 4.1 ChicagoRivet CVR 22.27 2.5 EmployersHldgs EIG 54.27 9.4 FutVisionIIAcqnRt FVNNR 0.12 -8.3 without further written notice to the Settlement Class. REQUEST FOR EXCLUSION SUCH THAT IT IS
ArisWater ARIS 22.36 5.7 BrightView BV 18.27 6.5 ChoiceOneFinl COFS 37.00 8.7 EmpresaDisCom EDN 34.18 1.2 GATX GATX 154.42 7.3
AristaNetworks ANET 424.01 4.4 GCM Grosvenor GCMG 12.27 4.4 In order to determine whether the date and time of the POSTMARKED BY JANUARY 6, 2025, IN THE
BrinkerIntl EAT 119.42 5.5 ChromaDex CDXC 7.08 14.4 EncompassHealth EHC 103.64 0.6
ArmstrongWorld AWI 154.20 3.8 BristolMyers BMY 56.80 -1.2 ChurchillDowns CHDN 150.21 7.5 Enerflex EFXT 7.29 3.7 GCMGrosvenorWt GCMGW 1.23 14.3 Settlement Hearing have changed, or whether Settlement MANNER AND FORM EXPLAINED IN THE NOTICE.
ArriVentBio AVBP 35.97 9.2 BrixmorProp BRX 28.88 ... CincinnatiFinl CINF 150.96 6.6 EnergyRecovery ERII 19.95 2.8 GEO Group GEO 21.54 42.1
GE Vernova GEV 338.58 6.5 Class Members must or may participate by telephone or ALL SETTLEMENT CLASS MEMBERS WILL BE
ArrowFinancial AROW 33.49 13.7 BroadridgeFinl BR 225.29 0.5 Cintas CTAS 217.51 3.8 EnergySvsofAmerica ESOA 12.63 6.5
ArtisanPtrsAsset APAM 49.30 7.6 BrookfldBRP7.25Nt BEPJ 26.08 -0.6 CiscoSystems CSCO 58.09 3.0 EnergyTransfer ET 17.50 3.1 Gaia GAIA 6.30 0.3 video, it is important that you monitor the Court’s docket and BOUND BY THE SETTLEMENT EVEN IF THEY DO
Artivion AORT 29.91 5.6 BrookfldBRP4.875Nt BEPI 18.30 -1.8 Citigroup C 70.09 8.4 EnerpacTool EPAC 51.64 9.1 GalaxyPayroll GLXG 16.93 7.8 NOT SUBMIT A TIMELY PROOF OF CLAIM.
AsiaPacificWire APWC 1.89 -3.3 Garmin GRMN 210.33 2.7
the website, www.AuroraCannabisSecuritiesLitigation.com,
BrookfieldBus BBUC 27.00 5.4 CtznCmntyBcp CZWI 14.59 2.9 EnLinkMid ENLC 15.67 1.3
AspenInsPfd AHLpE 22.18 0.7 Brookfield BN 57.42 2.2 CitizensFin CFG 48.35 14.4 EnovaIntl ENVA 102.11 10.6 Gartner IT 542.13 4.6 before making any plans to attend the Settlement Hearing.
AssociatedBanc ASB 28.18 17.3 BrookfieldFinNts BNJ 17.85 -2.0 CitizensFinlSvc CZFS 71.90 15.2 ENSG 158.45 -6.8 GatesIndustrial GTES 21.52 5.5 IF YOU ARE A SETTLEMENT CLASS MEMBER,
EnsignGroup Any updates regarding the Settlement Hearing, including
Assurant AIZ 207.24 6.9 BrookfieldFinNts BNH 18.60 -1.6 CityHolding CHCO 135.83 12.9 EnterpriseBncp EBTC 39.37 14.2 Generac GNRC 188.30 0.9 YOU HAVE THE RIGHT TO OBJECT TO THE
AsteraLabs ALAB 98.68 2.4 BrookfieldNts2081 BIPH 20.01 -1.7 CivistaBcshrs CIVB 23.48 7.8 EnterpriseFinSvcs EFSC 61.68 14.5 GeneralMotors GM 55.38 2.5 any changes to the date or time of the hearing or updates
AtlCoastal II A ACAB 13.00 -9.3 BrookfieldNts2084 BIPJ 25.54 -0.3 CleanSparkWt CLSKW 0.11 205.9 Genpact G 40.53 3.6 SETTLEMENT, THE PLAN OF ALLOCATION,
EnterpriseProd EPD 30.12 2.3 regarding in-person or telephonic appearances at the
AtlUnionBkshs AUB 43.15 13.9 BrookWealth BNT 57.06 2.3 ClearSecure YOU 38.88 4.7 EntradaTherap TRDA 19.78 0.2 GermanAmBncp GABC 46.58 12.8 THE REQUEST BY LEAD PLAINTIFFS’ COUNSEL
AtlUnionPfdA AUBpA 25.20 0.9 BrooklineBncp BRKL 12.58 11.2 ClearwaterAnalytic CWAN 28.75 6.0 Envela ELA 5.90 3.4 GigaMedia GIGM 1.53 3.4 hearing, will also be posted to that website. Also, if the Court
GIL 50.58 -1.5
FOR AN AWARD OF ATTORNEYS’ FEES NOT TO
Atlanticus ATLC 41.77 10.2 Brown&Brown BRO 114.08 3.1 ClimbGlbl CLMB 122.65 11.8 ePlus PLUS 106.98 9.1 Gildan requires or allows Settlement Class Members to participate
AtmusFiltration ATMU 42.96 5.1 Build-A-Bear BBW 40.13 1.4 CoastalFinl CCB 72.96 10.9 Equitable EQH 50.51 13.3 GileadSciences GILD 91.98 1.6 EXCEED 25% OF THE $8.05 MILLION SETTLEMENT
in the Settlement Hearing by telephone or videoconference,
n-

Autodesk ADSK 305.49 3.6 BurkeHerbert BHRB 75.32 9.1 ColliersIntl CIGI 156.96 -1.1 EquityBcshs EQBK 47.27 10.2 GlacierBancorp GBCI 58.50 11.1 AMOUNT, LITIGATION EXPENSES NOT TO EXCEED
ADP ADP 306.71 4.8 BusFirstBcshs BFST 29.68 13.3 ColonyBankcorp CBAN 18.03 12.9 Espey ESP 33.00 -1.7 GladstoneComm GOOD 17.53 -0.5 the access information will be posted to the website,
AvePointWt AVPTW 3.25 8.4 ButterflyNtwk BFLY 2.75 4.9 ColumbiaBanking COLB 31.74 12.5 EsquireFinancial ESQ 76.01 8.7 GladstonePfdE GOODN 24.88 0.7 $150,000, PLUS INTEREST ON BOTH AMOUNTS,
Glaukos GKOS 142.45 10.0
www.AuroraCannabisSecuritiesLitigation.com.
AvePoint AVPT 13.10 4.6 BylineBancorp BY 31.81 16.6 Comerica CMA 70.38 11.1 EvansBancorp EVBN 44.42 11.2 OR AWARDS TO LEAD PLAINTIFFS PURSUANT
Avient AVNT 54.68 5.7 CACI Intl CACI 588.26 -0.1 ComfortSystems FIX 439.17 6.4 EvercoreA EVR 324.06 16.2 GlblBusTravel GBTG 8.55 8.0
AxaltaCoating AXTA 40.10 2.8 CB FinSvcs CBFV 29.90 4.2 CommerceBcshrs CBSH 70.02 10.5 Everi EVRI 13.44 0.1 GlobalWaterRscs GWRS 13.50 5.7 IF YOU PURCHASED AURORA COMMON STOCK TO 15 U.S.C. §78u-4(a)(4). ANY OBJECTIONS MUST
Axogen AXGN 15.90 2.5 CBL&Assoc CBL 28.36 1.4 CommercialMetals CMC 62.94 13.7 ExcelerateEner EE 26.42 7.0 GlobusMedical GMED 84.87 9.4 ON THE NEW YORK STOCK EXCHANGE BETWEEN BE FILED WITH THE COURT AND SENT TO LEAD
no

AxonEnterprise AXON 462.64 4.2 CBRE Group CBRE 136.92 -3.9 CommScope COMM 7.19 4.7 Exelixis EXEL 35.84 2.1 Continued on Page B9
OCTOBER 23, 2018 AND FEBRUARY 28, 2020, COUNSEL AND DEFENDANTS’ COUNSEL BY
INCLUSIVE, YOUR RIGHTS ARE AFFECTED BY THE JANUARY 6, 2025, IN THE MANNER AND FORM
SETTLEMENT OF THIS LITIGATION. EXPLAINED IN THE NOTICE.
Macro & Market Economics To share in the distribution of the Net Settlement Fund, you DATED: OCTOBER 10, 2024

Watching the Gauges: U.S. Supply and Demand must establish your rights by submitting a Proof of Claim
and Release form (“Proof of Claim”) by mail (postmarked
BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
Inventories, imports and demand for the week ended October 25. Current figures are in thousands of barrels or no later than February 27, 2025) or electronically via
DISTRICT OF NEW JERSEY
thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import
and demand data are available monthly only. www.AuroraCannabisSecuritiesLitigation.com 1-877-495-6308

Inventories, 000s barrels Imports, 000s barrels per day

Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year
BANKRUPTCIES
Current change week ago avg avg Current change week ago avg avg

Crude oil and

THE
UNITED STATES BANKRUPTCY COURT filed with the Court together with proof of service, and served so as
petroleum prod 1,247,238 ... 1,248 1,264 1,251 1,265 7,568 ... 7,331 8,295 7,514 7,935 SOUTHERN DISTRICT OF TEXAS to be RECEIVED on or before the Objection Deadline by:

MARKETPLACE
HOUSTON DIVISION (a) proposed counsel to the Debtor, (i) Jones Day, 2727 N.
Crude oil Harwood Street, Dallas, TX 75201 (Attn: Gregory M. Gordon,
In re: Chapter 11
excluding SPR 427,658 unch. 426 436 425 450 6,240 ... 5,975 6,394 6,044 5,870 RED RIVER TALC LLC, Case No. 24-90505 (CML) Dan B. Prieto, Brad B. Erens and Amanda Rush) and (ii) Porter
Gasoline 211,280 ... 211 217 212 217 229 ... 495 704 441 591 Debtor. Hedges LLP, 1000 Main Street, 36th Floor, Houston, Texas
77002 (Attn: John F. Higgins, M. Shane Johnson, Megan Young
Finished gasoline 14,572 -900 14 17 14 19 61 ... 82 147 51 82 NOTICE OF (I) HEARING TO CONSIDER APPROVAL OF
DISCLOSURE STATEMENT, CONFIRMATION OF THE John and James A. Keefe);
Reformulated 18 ... 0 0 0 0 0 ... 0 0 0 0 ADVERTISE TODAY PREPACKAGED CHAPTER 11 PLAN AND RELATED MATTERS (b) proposed interim counsel to the Official Committee of Talc
Claimants, Stutzman, Bromberg, Esserman & Plifka, PC,
AND (II) OBJECTION DEADLINE WITH RESPECT THERETO
Conventional 14,554 ... 14 17 14 19 61 ... 82 147 51 82 PLEASE TAKE NOTICE THAT: On September 20, 2024 2323 Bryan Street, Ste 2200, Dallas, TX 75201-2689 (Attn:
Blend. components 196,708 ... 197 200 198 197 168 ... 413 557 391 509 (the “Petition Date”), Red River Talc LLC, a Texas limited liability Sander L. Esserman and Peter D’Apice);
company (the “Debtor”), filed a voluntary petition for relief under (c) the proposed future claims representative (the “FCR”),
Natural gas (bcf) 3,863 ... 4 4 4 4 ... ... ... ... ... … (800) 366-3975 chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101– (i) Randi S. Ellis, LLC, 5757 Indian Circle, Houston, TX 77027
1532 (the“Bankruptcy Code”) in the United States Bankruptcy Court (Attn: Randi S. Ellis) and (ii) counsel to the FCR, Bracewell
Kerosene-type for the Southern District of Texas (the“Court”). LLP, 711 Louisiana Street, Suite 2300, Houston, Texas 77002
PLEASE TAKE FURTHER NOTICE THAT: Prior to the Petition (Attn: Trey Wood, Jason Cohen and Nancy McEvily Davis);
jet fuel 42,925 ... 43 39 43 38 128 ... 59 132 103 124 Date, the Debtor’s predecessor (LLT Management LLC) and Johnson
Distillates 115,809 -300 113 108 114 119 162 ... 158 216 139 220 For more information visit: & Johnson solicited votes with respect to the Prepackaged Chapter
(d) counsel to the AHC of Supporting Counsel, (i) Paul Hastings
LLP, 200 Park Avenue, New York, New York 10166 (Attn: Kris
Heating oil 7,225 ... 7 8 7 9 0 ... 2 0 3 1 wsj.com/classifieds 11 Plan of Reorganization of the Debtor (the “Plan”), which Plan is Hansen) and 71 South Wacker Drive, Suite 4500, Chicago,
described in the Disclosure Statement for Prepackaged Chapter 11 Illinois 60606 (Attn: Matthew M. Murphy); and (ii) Parkins &
Diesel 108,584 ... 106 100 108 55 162 ... 156 216 137 219 Plan of Reorganization of the Debtor (the “Disclosure Statement”) Rubio LLP, 700 Milam, Suite 1300, Houston, Texas 77002 (Attn:
and was subsequently amended and filed with the Court (as
Residual fuel oil 23,557 ... 24 28 24 29 165 ... 157 56 135 168 it may be further amended or modified from time to time, the
Lenard M. Parkins and Charles M. Rubio); and (e) the Office
of the United States Trustee for Region 7, 515 Rusk Street,
Other oils 303,480 ... 308 317 309 302 533 ... 387 709 544 851 “Amended Plan”).1 Suite 3516, Houston, Texas 77002 (Attn: Ha Minh Nguyen and
PLEASE TAKE FURTHER NOTICE THAT: Jayson B. Ruff).
Net crude, petroleum 1. The Court has scheduled a hearing before the Honorable
OBJECTIONS NOT TIMELY FILED AND SERVED AS DESCRIBED ABOVE
Christopher M. Lopez, United States Bankruptcy Judge, in
products, incl. SPR 1,634,461 ... 1,634 1,615 1,637 1,790 -2,899 ... -3,216 -2,427 -3,014 -1,218 Courtroom 401, 4th Floor, 515 Rusk Street, Houston, Texas 77002, MAY NOT BE CONSIDERED BY THE COURT AND MAY BE DEEMED
beginning on January 27, 2025, at 9:00 a.m., prevailing Central OVERRULED WITHOUT FURTHER NOTICE.
COURT FILINGS
Weekly Demand, 000s barrels per day Natural gas storage Time, (the “Combined Hearing”) to consider the adequacy of the
Disclosure Statement, approval of the procedures used for soliciting Any paper that you file in this bankruptcy case should be filed
and tabulating votes on the Plan (the “Solicitation and Tabulation through the Court’s electronic case filing (ECF) system, which may
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals Procedures”), confirmation of the Amended Plan and any other be accessed at https://www.txs.uscourts.gov/page/bankruptcy-
Current change week ago avg avg matter that may properly come before the Court. court. Alternatively, papers may be filed at the Clerk of Court’s office
2. The Amended Plan provides a mechanism by which Channeled at the U.S. Bankruptcy Court, Southern District of Texas, Office of the
Talc Personal Injury Claims against the Debtor will be channeled to Clerk of the Bankruptcy Court, Bob Casey United States Courthouse,
Total petroleum
4250 a trust established pursuant to section 524(g) of the Bankruptcy 515 Rusk Street, Houston, TX 77002.
product 19,739 ... 21,638 21,722 20,581 20,727 Code. The Amended Plan also proposes to release Claims held by HOW TO OBTAIN DOCUMENTS
Natural gas, Releasing Claim Holders against the Debtor and certain non-Debtor Electronic copies of all pleadings or other documents filed in
third parties. For a complete description of the causes of action to be this case, including the Amended Plan and Disclosure Statement,
Finished lower 48 states 3250 enjoined and released and the identities of the entities that would may be obtained for $0.10 per page or up to $3.00 per document
t be subject to these injunctions and releases, see Section 6.11 of the for most documents via PACER on the Court’s web site at https://
motor gasoline 8,828 ... 9,159 9,492 8,861 8,876 Disclosure Statement and Article XI of the Amended Plan. You are www.txs.uscourts.gov/page/bankruptcy-court. Paper copies of all
Kerosene-type 2250 strongly encouraged to review the Disclosure Statement and the pleadings or other documents filed in this case may be obtained
t Amended Plan, which can be obtained as described below, to see by sending a written request to Epiq Corporate Restructuring, LLC,
jet fuel 1,780 ... 1,629 1,821 1,657 1,494 how the Amended Plan, if confirmed, may affect your rights. For the the Debtor’s claims and noticing agent (the “Agent”), by e-mail
Five-year average 1250 specific terms and conditions of all the releases and injunctions to [email protected] or by mail to P.O. Box 4419,
Distillates 3,406 ... 3,881 4,298 3,908 4,174 for each week
provided for in the Amended Plan, and the precise scope of the Beaverton, Oregon 97076-4419 (Attn: Red River Case Team), or by
Claims and demands to be channeled, please refer to the specific contacting the Agent by telephone at (888) 4314056 (toll free) or
Residual fuel oil 288 ... 468 228 347 344 250 terms of the Amended Plan. +1 (503) 8226762 (international). Additionally, free electronic
3. If you would like to object to confirmation of the Amended
Propane/propylene 710 ... 1,310 1,291 973 ... N D J F M A M J J A S O Plan, the deadline for filing any such objection (an “Objection”) is
copies of certain pleadings or other documents filed in this case
December 6, 2024, at 4:00 p.m., prevailing Central Time (the will be posted on the Agent’s website at https://dm.epiq11.com/
Other oils 4,727 ... 5,192 4,591 4,836 ... 2024 “Objection Deadline”). Objections, if any, must (a) be in writing, redrivertalc as soon as possible after filing.
© 2024 Dow Jones & Company, Inc. 1
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. (b) conform to the Federal Rules of Bankruptcy Procedure and the Capitalized terms not defined herein have the meanings given to
All Rights Reserved. Bankruptcy Local Rules for the Southern District of Texas and (c) be them in the Amended Plan.
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires
 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 | Thursday, November 7, 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
43729.93 s 1508.05, or 3.57% Trailing P/E ratio 27.30 24.88 5929.04 s 146.28, or 2.53% Trailing P/E ratio * 24.49 19.69 18983.47 s 544.29, or 2.95% Trailing P/E ratio *† 31.82 29.63
High, low, open and close for each P/E estimate * 21.31 18.67 High, low, open and close for each P/E estimate * 23.75 19.27 High, low, open and close for each P/E estimate *† 29.63 25.75
trading day of the past three months. Dividend yield 1.97 2.11 trading day of the past three months. Dividend yield * 1.31 1.70 trading day of the past three months. Dividend yield *† 0.82 0.86
All-time high 43729.93, 11/06/24 All-time high 5929.04, 11/06/24 All-time high: 18983.47, 11/06/24

Current divisor 0.15221633137872

43200 6000 18500

42300 5800 18000

41400 5600 17500

65-day moving average

65-day moving average
Session high 40500 5400 17000
DOWN UP
t

Session open Close

39600 5200 16500
Close Open
t

65-day moving average

Session low 38700 5000 16000

Bars measure the point change from session's open

37800 4800 15500
Aug. Sept. Oct. Aug. Sept. Oct. 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*1,416,061,005 28,242,160
Industrial Average 43778.78 42850.40 43729.93 1508.05 3.57 43729.93 33891.94 28.2 16.0 6.4 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 962,934,678 20,853,764
Transportation Avg 17485.40 16746.67 17462.35 890.44 5.37 17462.35 14266.24 21.1 9.8 1.2 Most-active issues in late trading Decl. volume* 447,303,786 6,263,714
Utility Average 1017.54 1001.90 1013.64 -9.52 -0.93 1071.27 827.37 20.4 15.0 3.3 Volume After Hours Issues traded 2,861 293
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 59106.68 58413.82 59044.68 1616.17 2.81 59044.68 43066.53 35.9 23.6 6.6 Advances 1,732 155
Lucid Group LCID 9,965.1 2.18 0.05 2.11 2.18 2.12
Barron's 400 1312.63 1287.92 1311.89 60.74 4.85 1311.89 934.94 38.8 22.3 5.7 Declines 1,083 123
NVIDIA NVDA 9,104.1 145.52 -0.09 -0.06 174.22 74.35
Unchanged 46 15
Nasdaq Stock Market Lyft LYFT 7,771.1 17.44 3.04 21.11 18.40 14.34 New highs 474 23
Nasdaq Composite 19000.50 18730.21 18983.47 544.29 2.95 18983.47 13521.45 39.1 26.5 5.9 Xtrkrs Harv CSI300 CnA ASHR 6,962.4 28.22 0.15 0.55 28.22 28.01 New lows 52 7
Nasdaq-100 20807.03 20526.64 20781.33 553.87 2.74 20781.33 15187.90 35.7 23.5 8.3 SPDR S&P 500 ETF Trust SPY 5,653.8 591.28 0.24 0.04 591.89 590.65 Closing Arms† 0.82 0.12
ZoomInfo Technologies ZI 5,471.1 11.88 0.04 0.33 11.88 11.80 Block trades* 5,830 226
S&P

.
2.53
iShares Russell 2000 ETF IWM 5,172.2 236.93 -0.29 -0.12 237.25 236.70
500 Index 5936.14 5864.89 5929.04 146.28 5929.04 4347.35 35.3 24.3 8.1 Nasdaq NYSE Arca

ly
Bank of America BAC 5,147.4 45.37 -0.04 -0.09 45.55 44.00
MidCap 400 3289.33 3207.34 3286.71 130.86 4.15 3286.71 2409.27 34.9 18.2 4.2 Total volume*8,138,056,819 501,739,421
SmallCap 600 1513.35 1457.10 1511.13 86.76 6.09 1511.13 1103.24 35.1 14.6 1.0 Percentage gainers… Adv. volume*5,224,211,319 261,075,553
AppLovin APP 852.5 216.30 47.75 28.33 219.15 167.60 Decl. volume*2,877,011,444 239,262,867
Other Indexes
Russell 2000
NYSE Composite
Value Line
2393.85 2300.98 2392.92 132.08
19846.63 19463.79 19828.00 364.22
641.44 621.58 640.96 19.38
1.87
3.12
on
5.84 2392.92 1687.24
19884.81 15235.18
640.96 512.92
39.6
29.2
23.2
18.0
17.7
7.9
-0.6
4.8
-2.7
Lyft
Dutch Bros
Freshworks Cl A
LYFT
BROS
FRSH
7,771.1
877.2
1,346.7
17.44
40.55
15.00
3.04
5.61
1.91
21.11
16.06
14.59
18.40
41.88
15.00
14.34
34.70
12.50
Issues traded
Advances
Declines
Unchanged
4,421
2,789
1,516
116
2,055
1,192
846
17
NYSE Arca Biotech 6106.03 5996.79 6073.98 1.57 0.03 6073.98 4639.09 27.6 12.1 2.6
Emergent Biosoltns EBS 164.8 10.49 1.29 14.02 10.70 9.01
New highs 667 643
us ,

NYSE Arca Pharma 1013.21 986.80 988.28 -23.89 -2.36 1140.17 864.90 11.3 8.6 7.9 ...And losers New lows 157 70
l

KBW Bank 135.01 126.03 134.94 13.03 10.69 134.94 77.16 72.3 40.5 -1.0 224.6 3.64 -1.57 -30.13 5.26 3.40 Closing Arms† 1.01 1.46
e
Cardlytics CDLX
al a

PHLX§ Gold/Silver 156.69 152.80 155.94 -3.90 -2.44 175.74 102.94 42.9 24.1 5.2 SolarEdge Technologies SEDG 1,839.9 11.93 -2.75 -18.71 15.47 11.34 Block trades* 57,108 1,995
PHLX§ Oil Service 82.59 79.06 82.01 5.95 7.82 95.25 72.67 -1.9 -2.2 10.0 Wolfspeed WOLF 1,420.3 11.18 -2.53 -18.45 13.95 11.18 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 5233.75 5118.73 5215.57 157.74 3.12 5904.54 3452.34 50.2 24.9 11.6 Match Group MTCH 1,150.8 32.70 -5.18 -13.67 38.09 31.91 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 16.82 15.44 16.27 -4.22 -20.60 38.57 11.86 12.6 30.7 -0.4 Clover Health Invts CLOV 2,848.8 3.78 -0.57 -13.10 4.38 3.63 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 854.74 11.56 1.37 17.6 GrShr 2x Long COIN Daily CONL 43.10 16.42 61.54 87.37 11.95 238.6 AdvisorShrs MSOS Dly Lvgd MSOX 0.94 -1.13 -54.71 7.95 0.84 -70.3
MSCI ACWI ex-USA 336.82 –3.137 –0.92 6.4 Earlyworks ADR ELWS 6.09 1.84 43.29 13.00 1.04 106.4 Sunnova Energy Intl NOVA 3.42 -3.64 -51.56 16.36 3.25 -65.5
MSCI World 3752.15 59.19 1.60 18.4 GEO Group GEO 21.50 6.37 42.10 21.54 9.09 131.9 Zoomcar Holdings ZCAR 7.55 -5.65 -42.80 1289.00 3.93 -99.1
MSCI Emerging Markets 1131.87 –7.24 –0.64 10.6 Direxion Rg Banks Bl 3X DPST 154.49 44.17 40.04 154.75 47.72 194.2 Vast Renewables VSTE 3.11 -2.25 -41.98 14.00 0.83 ...
m rp

Americas MSCI AC Americas 2232.28 54.45 2.50 23.1 Destiny Tech100 DXYZ 15.89 4.30 37.10 105.00 8.25 ... ZyVersa Therapeutics ZVSA 1.54 -1.00 -39.37 42.39 1.34 -94.3
Canada S&P/TSX Comp 24637.45 249.55 1.02 17.6 Cytek Biosciences CTKB 7.40 1.96 36.03 9.87 3.80 48.0 PACS Group PACS 18.09 -11.45 -38.76 43.92 16.74 ...
Latin Amer. MSCI EM Latin America 2146.99 25.29 1.19 –19.4 Treace Medical Concepts TMCI 7.78 2.02 35.07 15.98 3.92 -27.4 Tango Therapeutics TNGX 3.24 -1.94 -37.45 13.01 2.91 -63.8
Brazil Bovespa 130340.92 –319.83 –0.24 –2.9 Coinbase Global COIN 254.31 60.35 31.11 283.48 84.69 187.9 QMMM Holdings QMMM 7.76 -4.63 -37.37 13.00 3.00 ...
Chile S&P IPSA 3562.84 29.39 0.83 2.7 Cipher Mining CIFR 6.97 1.65 31.02 7.99 2.16 95.2 Defiance Dly Target 2X Lg SMCX 1.52 -0.88 -36.67 20.61 1.11 ...
co Fo

Mexico S&P/BMV IPC 51732.46 900.95 1.77 –9.9 GrShr 2x Long TSLA Dly TSLR 23.93 5.44 29.42 28.81 7.45 9.4 iRobot IRBT 6.75 -3.66 -35.16 42.14 5.83 -77.6
EMEA STOXX Europe 600 506.78 –2.75 –0.54 5.8 Direxion TSLA Bull 2X TSLL 15.49 3.51 29.30 16.85 4.94 22.0 Aviat Networks AVNW 13.70 -7.23 -34.54 38.85 13.45 -53.8
Eurozone Euro STOXX 497.50 –6.13 –1.22 4.9 T-Rex 2X Lg Tesla Dly TSLT 21.11 4.78 29.27 27.97 6.76 3.5 GrShr 1x Sh COIN Daily CONI 13.25 -5.79 -30.41 28.54 13.00 ...
Belgium Bel-20 4240.76 –26.40 –0.62 14.4 CoreCivic CXW 17.58 3.95 28.98 18.24 10.74 24.4 SunRun RUN 11.90 -5.01 -29.63 22.26 8.83 13.9
Denmark OMX Copenhagen 20 2365.37 –15.64 –0.66 3.6 Tempus AI TEM 56.97 12.47 28.02 77.00 22.89 ... GrShr 2x Sh TSLA Daily TSDD 4.00 -1.68 -29.58 38.44 3.96 -83.3
7369.61 –0.51 –2.3 Revolve Group RVLV 33.28 7.26 27.90 33.82 12.63 145.4 T-Rex 2X Invr Tesla Dly TSLZ 6.24 -2.60 -29.41 60.65 6.17 -81.6
France CAC 40 –37.54
Germany DAX 19039.31 –216.96 –1.13 13.7
Israel Tel Aviv 2223.75 5.13 0.23 19.2
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 33940.72 –531.34 –1.54 11.8 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 875.41 –7.35 –0.83 11.3
Norway Oslo Bors All-Share 1615.09 –26.81 –1.63 6.3 FOXO Technologies FOXO 932,899 346776.1 0.78 475.02 1.06 0.13 iSh iBds Dec 2033 Trea IBTO 2,740 10160 23.84 -1.16 25.40 23.32
South Africa FTSE/JSE All-Share 85329.75 –1313.11 –1.52 11.0 Elevai Labs ELAB 297,104 662.6 0.02 -16.82 4.24 0.02 Magnera MAGN 4,595 4260 20.00 -6.98 35.23 15.80
n-

NVIDIA NVDA 239,214 -18.2 145.61 4.07 146.49 45.01 Retail Opp Investment ROIC 34,677 4113 17.35 4.58 17.40 11.80
Spain IBEX 35 11495.30 –343.90 –2.90 13.8
ARB IOT Group ARBB 227,293 4252.4 0.81 44.09 4.55 0.21 Rockefeller US SMid Cap RSMC 998 3562 26.30 4.88 26.31 24.60
Sweden OMX Stockholm 972.97 –8.96 –0.91 7.8
ProSh UltraPro Shrt QQQ SQQQ 219,008 35.3 6.65 -8.02 18.58 6.61 SPDR S&P Transportation XTN 405 3420 91.83 6.58 91.95 68.35
Switzerland Swiss Market 11847.29 –18.72 –0.16 6.4
Turkey BIST 100 8862.32 243.75 2.83 18.6 Trump Media & Tech DJT 171,345 455.2 35.96 5.94 79.38 11.75 GrShr 1x Sh COIN Daily CONI 960 3058 13.25 -30.41 28.54 13.00
no

U.K. FTSE 100 8166.68 –5.71 –0.07 5.6 Tesla TSLA 163,377 109.5 288.53 14.75 289.59 138.80 Thumzup Media TZUP 413 2925 5.44 2.64 7.89 3.64
U.K. FTSE 250 20446.70 76.66 0.38 3.8 Direxion TSLA Bull 2X TSLL 162,660 204.4 15.49 29.30 16.85 4.94 UPAR Ultra Risk Parity UPAR 568 2670 13.78 -2.27 15.06 11.84
Finl Select Sector SPDR XLF 151,814 344.1 49.55 6.08 49.68 33.46 Xtrkr NZ Pathway PA US USNZ 182 2566 37.86 1.95 37.92 27.90
Asia-Pacific MSCI AC Asia Pacific 187.27 –0.63 –0.34 10.6
Super Micro Computer SMCI 121,808 55.9 22.70 -18.05 122.90 20.20 Destiny Tech100 DXYZ 5,338 2069 15.89 37.10 105.00 8.25
Australia S&P/ASX 200 8199.50 67.67 0.83 8.0
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3383.81 –3.18 –0.09 13.7 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 20538.38 –468.59 –2.23 20.5
80378.13 1.13 11.3
Scan this code
India BSE Sensex 901.50
Japan NIKKEI 225 39480.67 1005.77 2.61 18.0 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3602.99 21.38 0.60 11.2 track most-active stocks,
South Korea KOSPI 2563.51 –13.37 –0.52 –3.5 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 23217.38 110.59 0.48 29.5 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1467.42 –14.25 –0.96 3.6
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Wed YTDchg Wed YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00003939 25385 4.6
CREDIT MARKETS Argentina peso .0010992.7224 22.8 Europe
Brazil real .1761 5.6798 17.0 Czech Rep. koruna .04233 23.626 5.6
Canada dollar .7173 1.3941 5.2 Denmark krone .1439 6.9514 2.6
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001038 963.44 10.1 Euro area euro 1.0731 .9319 2.9
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000227 4413.00 13.9 Hungary forint .002618 382.01 10.1
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007234 138.23 1.6
A consumer rate against its New car loan Mexico peso .0498 20.0913 18.4 Norway krone .0903 11.0799 8.9
benchmark over the past year 6.00% Uruguay peso .02405 41.5750 6.4 Poland zloty .2465 4.0575 3.1
Bankrate.com avg†: 7.21% 12% Asia-Pacific Sweden krona .0921 10.8548 7.4
First Command Bank 5.24% One year ago 5.00 Switzerland franc 1.1406 .8767 4.2
Australiadollar .6570 1.5221 3.7
10.00% Fort Worth, TX t 6 Turkey lira .0292 34.2074 16.0
888-763-7600 China yuan .1394 7.1756 0.9
t 4.00 Euro Ukraine hryvnia .0241 41.4500 8.7
PNC Bank 5.89%
s Hong Kong dollar .1286 7.7766 –0.4
Prime rate 9.00 0 UK pound 1.2879 .7765 –1.1
Tradeweb FTSE 3.00 India rupee .01186 84.310 1.4
t Washington, DC 888-PNC-BANK Middle East/Africa
Wednesday Close Indonesia rupiah .0000633 15803 2.7
8.00 Cambridge Savings Bank 6.56% 2.00 –6 s Japan yen .006467 154.64 9.6 Bahrain dinar 2.6532 .3769 –0.01
s
t Cambridge, MA 888-418-5626 WSJ Dollar Index Yen Kazakhstan tenge .002030 492.55 8.2 Egypt pound .0203 49.2455 59.2
New car loan 7.00 1.00 Macau pataca .1248 8.0155 –0.5 Israel shekel .2677 3.7361 3.7
Colonial Savings, FA 6.74% –12
Malaysia ringgit .2271 4.4035 –4.2 Kuwait dinar 3.2576 .3070 –0.1
Garland, TX 972-495-4032 1 3 6 1 2 3 5 7 10 20 30 2023 2024
6.00 New Zealand dollar .5938 1.6841 6.4 Oman sul rial 2.5973 .3850 0.01
Firstrust Bank 6.74% month(s) years
ND J FMAM J J A S O N Pakistan rupee .00360 277.750 –1.2 Qatar rial .2743 3.645 0.1
Philadelphia, PA 800-220-2265 maturity Philippines peso .0170 58.789 6.1 Saudi Arabia riyal .2662 3.7567 0.2
2024
Sources: Tradeweb FTSE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7502 1.3329 1.0 South Africa rand .0567 17.6253 –3.7
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007133 1402.00 8.3
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0034154 292.79 –9.6
WSJ Dollar Index 99.78
Close Net Chg % Chg YTD%Chg
1.42 1.45 4.12
Federal-funds rate target 4.75-5.00 4.75-5.00 4.75 l 5.50 4.75 Taiwan dollar .03092 32.344 5.4
Yield (%) 52-Week Total Return (%) Thailand baht .02912 34.340 –0.1 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 4.82 4.82 4.81 l 5.40 4.77
Money market, annual yield 0.44 0.43 0.41 l 0.64 0.37
U.S. Treasury, Bloomberg 2191.120 4.400 4.270 4.880 3.630 6.070 –3.001 Commodities
Wednesday 52-Week YTD
Five-year CD, annual yield 2.88 2.85 2.80 l 2.89 2.47 U.S. Treasury Long, Bloomberg 3094.090 4.700 4.570 4.920 3.990 8.555–11.473 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 7.36 7.33 6.69 l 8.05 4.17 Aggregate, Bloomberg 2090.160 4.830 4.720 5.420 4.100 7.951 –2.587
15-year mortgage, fixed† 6.58 6.52 6.02 l 7.31 4.09
DJ Commodity 1004.34 -8.99 -0.89 1079.94 934.97 2.37 4.86
Fixed-Rate MBS, Bloomberg 2061.690 5.150 5.060 5.610 4.340 8.351 –2.337
Jumbo mortgages, $766,550-plus† 7.42 7.40 6.78 l 8.11 4.22 FTSE/CC CRB Index 281.44 -2.21 -0.78 300.23 258.09 2.95 6.68
High Yield 100, ICE BofA 3781.196 6.540 6.507 8.526 6.208 13.145 2.971
Five-year adj mortgage (ARM)† 6.34 6.30 5.88 l 6.98 3.49 Crude oil, $ per barrel 71.69 -0.30 -0.42 86.91 65.75 -4.83 0.06
Muni Master, ICE BofA 588.293 3.562 3.437 3.915 3.038 5.545 –0.617
New-car loan, 48-month 7.21 7.20 7.18 l 7.94 3.63 Natural gas, $/MMBtu 2.747 0.077 2.88 3.313 1.575 -11.56 9.27
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 895.279 7.506 7.376 8.432 7.084 14.038 –1.105
banks.† Excludes closing costs. Gold, $ per troy oz. 2667.60 -72.70 -2.65 2788.50 1932.60 36.69 29.34
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. * * Thursday, November 7, 2024 | B9

NEW HIGHS AND LOWS

Continued From Page B7 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk %
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
Stock Sym Hi/Lo Chg IndependentBank IBTX 66.41 14.9 Life360 LIF 46.15 2.6 NewYorkMtgPfdF NYMTL 22.39 -0.1 Perma-PipeIntl PPIH 15.42 1.8 SangamoTherap SGMO 2.56 14.4 StifelFinancial SF 117.76 13.9 TrinityIndustries TRN 37.54 9.5 VulcanMatls VMC 298.31 6.5
AlgonquinPower AQN 4.67 ...
IngersollRand IR 103.25 5.4 LigandPharm LGND 116.95 5.2 NewsCorp A NWSA 29.13 3.9 PhillipsEdison PECO 39.58 1.0 Sanmina SANM 86.05 12.7 StockYardsBncp SYBT 76.37 11.4 TriumphFinl TFIN 102.49 10.4 WD-40 WDFC 288.57 AlmacenesExito EXTO
1.0 3.95 2.2
GoDaddy GDDY 175.98 4.9
Ingredion INGR 155.44 -2.8 Limbach LMB 95.26 20.6 NewsCorp B NWS 31.05 4.0 Pilgrim'sPride PPC 55.50 -1.7 SatixFyComms SATX 1.11 -4.7 StoneX SNEX 101.62 5.4 TrueCar TRUE 4.33 7.7 WPP WPP 55.63 AlternusCleanEner ALCE
1.7 2.11 -8.0
GoldmanSachs GS 598.61 13.1
Innodata INOD 24.18 9.4 Limoneira LMNR 29.22 6.3 NewtekOne8.625%Nts NEWTH 25.56 0.3 PinnacleFinPtrs PNFP 122.96 15.3 SchneiderNatl SNDR 30.90 4.7 Stride LRN 99.48 4.9 TruistFinl TFC 47.03 11.1 WSFS Financial WSFS 59.26 AltisourcePortf ASPS
16.2 0.97 -14.5
GooseheadIns GSHD 115.00 1.4
InnovAge INNV 6.69 3.8 LincolnEduc LINC 15.85 9.1 NextNav NN 13.78 5.1 PinnacleWest PNW 92.59 3.9 ScienceApplicat SAIC 156.34 0.2 Stryker SYK 376.04 -0.2 TrustcoBank TRST 37.84 13.3 Wabtec WAB 202.19 AmericaMovil AMX
4.0 15.17 1.3
Gorman-Rupp GRC 42.89 9.0
Insulet PODD 248.55 -0.8 LincolnNational LNC 36.98 12.4 NicoletBankshares NIC 115.00 11.4 PioneerBancorp PBFS 11.63 0.2 SeacoastBkgFL SBCF 30.78 12.4 SummitMaterials SUM 51.74 7.5 Trustmark TRMK 39.90 13.5 WaFd WAFD 38.17 11.9
AB InBev BUD 56.43 -2.7
GrabWt GRABW 0.34 -3.3
Intapp INTA 59.28 16.4 LindbladExped LIND 13.33 12.2 NiSource NI 35.49 -0.2 PiperSandler PIPR 347.15 19.4 SecurityNatFin SNFCA 10.76 1.0 SunLifeFinancial SLF 59.03 1.9 TurningPoint TPB 52.51 3.9 Walker&Dunlop WD 118.19 Aptiv
1.8 APTV 52.81 -2.6
GrahamHoldings GHC 965.60 11.3
IntegerHoldings ITGR 136.07 5.2 LiquiditySvcs LQDT 24.03 8.0 NorfolkSouthern NSC 277.60 9.9 PitneyBowes PBI 7.95 4.9 SelectWater WTTR 14.10 25.5 SunCokeEnergy SXC 12.23 10.7 Twilio TWLO 91.19 1.8 Walmart WMT 85.54 AssetEntities ASST
-0.3 0.75 -1.7
Grainger GWW 1199.00 6.5
InteractiveBrkrs IBKR 173.09 10.8 LithiaMotors LAD 375.08 5.4 NortheastBank NBN 102.31 11.4 Plexus PLXS 169.41 10.0 Sempra SRE 88.59 7.3 SunriseComms SNREV 47.90 4.1 UBS Group UBS 33.08 4.1 WarbyParker WRBY 19.60 Astrotech
3.0 ASTC 6.66 -2.1
GrandCanyonEduc LOPE 161.39 14.6
InterContHtls IHG 118.40 4.8 LiveNationEnt LYV 127.64 7.1 NortheastCmBncp NECB 29.43 8.2 PlumasBancorp PLBC 46.75 7.1 Semtech SMTC 49.85 1.5 SunstoneHotelPfdI SHOpI 22.33 -2.0 UMB Fin UMBF 125.98 13.2 WashTrBcp WASH 40.05 AtlCoastal II A ACAB
14.8 9.58 -9.3
GraniteConstr GVA 96.15 4.1
InterDigital IDCC 178.72 5.0 LomaNegra LOMA 9.92 3.2 NorthernDynasty NAK 0.56 23.1 PonceFinl PDLB 12.85 7.4 SenecaFoods A SENEA 68.67 5.8 SuperGroup SGHC 5.07 17.7 USCB Financial USCB 19.39 19.2 Waters WAT 393.38 AtlCoastalAcqnII ACABU
-0.1 9.50 -12.3
GreatLakesDredge GLDD 12.59 7.3
Interface TILE 24.97 2.5 LouisianaPacific LPX 113.04 -0.3 NorthernTrust NTRS 108.53 5.2 PowellIndustries POWL 350.48 18.1 Septerna SEPN 26.00 11.6 Sweetgreen SG 41.65 6.3 US Foods USFD 66.66 4.2 WaterstoneFinl WSBF 16.86 Auddia
10.4 AUUD 0.53 -6.6
GreatSouthernBncp GSBC 68.02 14.2
IntlBcshs IBOC 73.11 15.3 Lovesac LOVE 31.69 -1.7 NorthfieldBanc NFBK 13.78 17.1 PraxisPrecision PRAX 75.87 -1.2 ServiceIntl SCI 87.03 3.9 Sylvamo SLVM 95.12 7.3 US Lime&Min USLM 139.03 13.1 Waystar WAY 30.22 AudioCodes
1.5 AUDC 7.70 -13.7
GreenDot GDOT 13.58 14.2
IntlGeneralIns IGIC 23.91 5.3 LumenTech LUMN 9.20 18.5 NorthrimBanCorp NRIM 78.00 15.8 PreferredBkLA PFBC 97.21 12.6 ServiceNow NOW 997.03 2.4 SynchronyFinl SYF 67.76 18.8 UnitedAirlines UAL 87.84 9.4 WebsterFin WBS 60.13 AviatNetworks AVNW
18.2 13.45 -34.5
Greenbrier GBX 66.50 5.5
IntlPaper IP 59.52 2.2 Lumentum LITE 72.77 8.7 NorthwestBcshs NWBI 15.36 14.0 PremierFinl PFC 28.61 14.7 ServisFirst SFBS 98.00 11.4 SynovusFinl SNV 58.66 17.5 UnitedBkshrsWV UBSI 42.95 12.8 WellsFargo WFC 74.27 AytuBioPharma AYTU
13.1 1.81 -0.5
GreenlightCapRe GLRE 15.82 6.1
Intra-Cellular ITCI 90.25 0.2 Luxfer LXFR 15.64 3.5 NorthwestNat NWN 41.34 4.6 Premier PINC 23.43 3.0 Sezzle SEZL 243.05 18.2 TC Energy TRP 48.35 1.9 UtdCmtyBks UCB 32.80 14.3 WesBanco WSBC 36.13 B&G Foods
13.8 BGS 7.02 -19.8
Greif B GEF.B 73.01 6.1
IntrepidPotash IPI 29.75 -6.7 Macom Tech MTSI 122.68 4.5 NorthwestPipe NWPX 55.22 2.4 PrestigeCnsHlth PBH 79.25 3.8 ShakeShack SHAK 134.77 5.0 Tegna TGNA 18.00 11.6 UnitedRentals URI 888.62 10.3 WescoIntl WCC 213.29 BCE
13.1 BCE 28.26 -0.3
Grindr GRND 14.52 3.7
IntuitiveSurgical ISRG 525.00 0.1 M&T Bank MTB 216.84 12.1 NorwegCruise NCLH 27.94 7.0 PrimeEnergy PNRG 184.00 7.6 Shift4Paymts FOUR 98.01 8.9 TG Therap TGTX 27.67 5.1 UnitedSecBcshrs UBFO 9.10 2.6 WestBancorp WTBA 24.38 BallardPower BLDP
12.5 1.32 -19.2
GrindrWt GRND.WS 4.49 10.3
InvenTrust IVT 30.74 2.2 MBX Biosci MBX 27.50 -1.3 NVIDIA NVDA 146.49 4.1 Primerica PRI 295.68 5.1 ShoreBancshares SHBI 16.61 12.5 TTM Tech TTMI 25.47 9.3 US Bancorp USB 51.76 7.7 WestamericaBncp WABC 59.02 BanzaiIntl
12.6 BNZI 1.91 -9.8
Group1Auto GPI 413.21 8.2
Investar ISTR 24.00 13.0 MDU Rscs MDU 17.29 3.0 OGE Energy OGE 42.26 2.8 PrimorisSvcs PRIM 78.53 4.4 SierraBancorp BSRR 35.13 18.5 TWFG TWFG 34.34 3.4 UnitedTherap UTHR 399.23 3.8 WestAllianceBcp WAL 96.45 Bio-Path
13.6 BPTH 0.80 -11.2
GpoFinGalicia GGAL 57.24 6.1
InvestorsTitle ITIC 259.00 8.2 MGE Energy MGEE 97.64 7.2 ONE Gas OGS 75.37 5.4 PrincetonBncp BPRN 39.35 8.6 SilganHoldings SLGN 55.24 1.7 TalenEnergy TLN 198.00 1.3 UnityBancorp UNTY 46.10 14.2 WesternAlliancePfd WALpA 21.34 BioceresCrop BIOX
3.1 6.40 -4.2
GpoSupervielle SUPV 9.74 9.6 57.12 6.6 46.47 2.3
iRadimed IRMD MPLX MPLX ONEOK OKE 103.12 3.6 ProsperityBcshs PB 81.11 9.5 SimmonsFirstNat SFNC 25.95 9.5 TargaResources TRGP 189.62 4.9 UnivLogistics ULH 53.29 14.5 WeycoGroup WEYS 41.05 BitOrigin
19.0 BTOG 1.38 -6.3
GuardianPharm GRDN 20.73 4.7 Itron ITRI 123.65 3.8 Macerich MAC 20.27 -1.7 OP Bancorp OPBK 16.38 11.5 ProvidentFinSvcs PFS 22.00 14.4 SimonProperty SPG 178.71 -0.4 TarsusPharm TARS 51.59 2.5 UnivestFin UVSP 32.24 13.1 WheelerREITPfdB WHLRP 3.72 bluebirdbio
-1.2 BLUE 0.43 -2.9
Guidewire GWRE 192.36 3.1 J&JSnackFoods JJSF 180.80 5.7 MSG Ent MSGE 44.05 4.3 O'ReillyAuto ORLY 1239.65 6.2 PrudentialFinl PRU 129.13 6.3 SiTime SITM 189.64 7.0 TectonicTherap TECX 45.00 4.3 UnumGroup UNM 70.41 8.2 WheelerREITPfdD WHLRD 27.48 Boeing
1.1 BA 144.13 -2.5
HackettGroup HCKT 30.75 7.4 JPMorganChase JPM 248.00 11.5 MSG Sports MSGS 230.69 3.4 OakValleyBncp OVLY 30.80 5.1 PureCycle PCYO 12.25 5.8 SkyWest SKYW 113.62 7.9 TelecomArgentina TEO 11.31 10.4 UpstreamBio UPB 29.46 -3.0 WhitestoneREIT WSR 14.65 BoltProjects
1.5 BSLK 0.27 -5.7
HamiltonLane HLNE 196.60 6.9 JackHenry JKHY 189.63 -2.8 MadrigalPharm MDGL 345.04 0.2 OakWoodsAcqnA OAKU 11.25 0.4 QCR Holdings QCRH 91.80 12.9 SmartFinancial SMBK 37.72 10.5 TeledyneTech TDY 483.52 4.7 UrbanEdgeProp UE 23.53 1.1 Wiley A WLY 52.97 BrainstormCell BCLI
5.7 1.50 -4.8
HancockWhitney HWC 61.01 15.8 JacksonFinl JXN 115.09 13.3 MakeMyTrip MMYT 113.61 10.9 OceanFirstFin OCFC 21.21 17.5 QMMM QMMM 13.00 -37.4 SmurfitWestrock SW 54.32 2.7 Telephone&Data TDS 32.98 14.2 VEON VEON 33.47 5.7 WilliamPennBncp WMPN 13.15 Brown-Forman A BF.A
5.0 40.29 -5.6
Hanesbrands HBI 7.58 -1.5 JacobsSolns J 148.89 4.2 MannKind MNKD 7.63 2.5 OldDomFreight ODFL 231.36 11.2 Q2 QTWO 92.10 5.0 Snap-On SNA 355.56 6.0 TeraWulf WULF 7.68 23.5 VSE VSEC 116.84 9.7 Williams WMB 55.79 Brown-Forman B BF.B
4.3 40.93 -4.8
HanmiFinancial HAFC 26.30 12.0 JanusHenderson JHG 44.85 5.7 ManulifeFinl MFC 31.40 4.4 OldNatlBncp ONB 22.20 15.6 QuadGraphics QUAD 7.77 6.3 SoFiTech SOFI 12.20 3.4 Tesla TSLA 289.59 14.8 V2X VVX 69.27 9.8 WillisLease WLFC 220.16 CMB.TECH
20.4 CMBT 13.15 0.2
HanoverIns THG 159.27 4.6 JefferiesFinl JEF 72.76 11.2 Maplebear CART 47.95 4.7 OldRepublic ORI 37.06 4.4 QwestNts2056 CTBB 18.13 4.6 SolarisEnergy SEI 16.86 17.8 TetraTech TTEK 51.20 -7.0 Valhi VHI 40.98 8.3 WillisTowers WTW 320.10 CVD Equipment CVV
3.0 2.78 -1.0
HashiCorp HCP 34.11 0.6 JohnBeanTech JBT 122.00 3.4 Marcus MCS 22.49 4.3 Old2ndBcp OSBC 18.45 10.3 QwestNts2057 CTDD 18.46 4.0 SolarWinds SWI 14.03 4.3 TevaPharm TEVA 19.31 -7.1 ValmontInds VMI 352.57 7.0 WintrustFinl WTFC 131.66 CarbonRevolution CREV
14.1 2.61 -2.1
Hayward HAYW 16.87 0.3 JohnsonControls JCI 81.98 8.8 Marex MRX 28.19 3.0 Omnicom OMC 107.00 1.8 RBB Bancorp RBB 25.09 9.0 SolenoTherap SLNO 58.68 0.8 TexasCapBcshs TCBI 86.00 10.8 Veracyte VCYT 37.40 1.8 WorthingtonSteel WS 45.43 Carter's
13.6 CRI 51.98 -2.6
HealthEquity HQY 99.00 9.8 JonesLang JLL 288.50 -6.3 Marriott MAR 277.41 6.4 OneLiberty OLP 29.07 4.6 RBC Bearings RBC 317.27 10.0 SonicAutomotive SAH 65.64 10.6 TexasInstruments TXN 215.68 6.2 Veritex VBTX 30.64 13.0 WyndhamHtls WH 95.63 Cel-Sci
7.0 CVM 0.75 -5.0
HealthStream HSTM 31.70 5.2 KBR KBR 71.72 2.9 MartinMarietta MLM 633.23 6.0 OneSpaWorld OSW 19.14 5.4 RB Global RBA 89.57 3.1 SouthPlainsFin SPFI 40.42 15.8 TexasPacLand TPL 1360.06 7.0 VersaBank VBNK 16.27 3.4 XOMARoyalty XOMA 33.78 Cellectis
4.6 CLLS 1.75 -0.6
HeartlandFinUSA HTLF 68.43 13.8 KKR KKR 153.51 9.6 MarvellTech MRVL 91.71 3.9 Ooma OOMA 13.49 4.7 RENN Fund RCG 2.32 2.3 SouthState SSB 111.99 14.0 TexasRoadhouse TXRH 201.22 4.7 Vertex VERX 49.91 13.8 XPO XPO 154.98 CelsiusHldg
9.8 CELH 27.78 -5.3
Heidrick&Strug HSII 47.80 12.1 Kadant KAI 393.19 7.1 Masimo MASI 173.90 10.6 Oppenheimer A OPY 63.27 4.9 RGC Resources RGCO 24.20 13.0 SouthernFirstBcsh SFST 43.91 14.1 ThirdCoastBcshs TCBX 34.41 2.6 Vertiv VRT 120.44 7.1 YPF YPF 28.82 Cemex
2.8 CX 5.00 9.1
HeliosTech HLIO 57.29 14.7 Kennametal KMT 32.18 17.5 MasTec MTZ 140.98 3.0 Oracle ORCL 182.10 5.5 RLI RLI 168.38 4.6 SoMO Bancorp SMBC 67.67 14.0 TimberlandBncp TSBK 33.98 8.6 ViantTech DSP 13.03 3.8 Yext YEXT 7.80 Cemtrex
4.3 CETX 0.19 -9.3
HercHoldings HRI 246.88 11.3 KeyCorp KEY 20.00 15.7 MastechDigital MHH 11.59 5.6 OrmatTech ORA 82.41 0.1 RPM RPM 134.77 3.8 SouthernStBcsh SSBK 37.86 16.3 Tiptree TIPT 22.94 4.4 Vicor VICR 58.34 9.8 ZebraTech ZBRA 403.78 CERoTherap
3.8 CERO 0.06 -1.8
HeritageCommerce HTBK 11.01 13.0 KeyCorpPfdF KEYpJ 23.87 0.1 MasterBrand MBC 20.67 -3.8 OrrstownFinSvcs ORRF 41.99 10.1 RadiantLogistics RLGT 7.49 8.9 SouthsideBcshs SBSI 37.58 13.7 Toast TOST 32.15 4.3 Victoria'sSecret VSCO 33.62 2.3 ZionsBancorp ZION 60.41 CheetahNetSupply CTNT
16.0 2.31 -5.8
HeritageFin HFWA 27.43 15.2 KimcoRealty KIM 25.01 -1.3 Matson MATX 166.05 4.3 OrthofixMed OFIX 18.81 3.9 RalphLauren RL 208.48 2.3 SouthwestGas SWX 79.03 ... TompkinsFin TMP 78.28 17.6 VictoryCapital VCTR 67.28 6.4 ZoomVideo ZM 80.35 ChinaSXTPharm SXTC
2.5 0.43 -8.3
HewlettPackardPfd HPEpC 62.28 5.3 KimcoRealtyPfdD KIMpN 62.77 0.1 MedallionFinl MFIN 10.19 3.9 PCB Bancorp PCB 20.82 6.8 RangerEnergySvcs RNGR 14.84 4.0 ChipMOSTechs IMOS 20.38 -4.6
SpringValleyII A SVII 11.70 2.6 TowneBank TOWN 36.50 11.9 Viking VIK 43.80 4.8 ZurnElkayWater ZWS 40.64 3.7
HillmanSolns HLMN 12.08 0.5 KinderMorgan KMI 26.59 6.6 MercantileBank MBWM 51.31 16.5 PJT Partners PJT 163.54 15.8 RaymondJames RJF 161.76 9.8 CitiusPharm CTXR 0.31 -0.8
SproutsFarmers SFM 142.29 3.5 TradeDesk TTD 124.98 4.1 Vimeo VMEO 7.18 -3.2 Zymeworks ZYME 15.63 6.5
Hilton HLT 249.36 4.6 Kinetik KNTK 53.41 5.0 MercurySystems MRCY 42.93 23.5 PNC Finl PNC 205.06 8.6 RayonierAdvMatls RYAM 10.17 20.9 StandexIntl SXI 210.14 10.9 TransportadGas TGS 24.77 1.9 VineHillCapA VCIC 10.00 -0.1 Clarivate CLVT 4.57 -27.2
HinghamSvg HIFS 298.00 13.5 KingswayFin KFS 9.58 2.1 Meridian MRBK 14.28 3.3 PTC 199.48 4.2 RedRiverBcshs RRBI 58.81 5.7
HomeBancorp HBCP 52.39 8.1 KiteRealty KRG 27.94 0.7 MeritMedical MMSI 102.53 3.7
PTC
P10 PX 11.60 2.7 RedViolet RDVT 33.55 7.3
StarFashion
StateStreet
STFS
STT
4.43
98.45
8.0
4.2
Travel+Leisure TNL
Travelzoo
53.26
TZOO 18.40
4.9
-2.6
ViperEnergy
Visa
VNOM
V
56.08
309.00
5.3
4.8
Lows Coca-Cola Femsa KOF
ConstBrands A STZ
78.35 1.0
224.76 -3.2
HomeBancShares HOMB 30.85 12.4 Klaviyo KVYO 41.00 3.0 MetroCityBkshs MCBS 34.62 14.2 PackagingCpAm PKG 245.00 3.9 Reddit RDDT 124.93 -1.2 VTMX 23.92 -1.3
SteelDynamics STLD 155.56 13.8 Tredegar TG 9.22 7.9 VistaOutdoor VSTO 44.48 0.2 AES AES 13.85 -8.4 Vesta
HomeTrustBcshs HTBI 38.62 13.4 KnifeRiver KNF 103.14 9.7 MidWestOneFin MOFG 32.34 10.3 PalantirTech PLTR 55.69 8.6 RegalRexnord RRX 185.28 8.1 0.86 1.1
StellarBancorp STEL 30.92 11.7 TriCoBancshares TCBK 50.63 13.1 VitaCoco COCO 36.17 0.5 Adient ADNT 19.30 0.1 CumulusMedia CMLS
HopeBancorp HOPE 14.54 14.9 KodiakGasSvcs KGS 35.21 7.2 MillerIndustries MLR 76.26 8.7 PaloAltoNtwks PANW 386.20 5.2 RegionsFinl RF 26.33 11.4 0.40 -6.1
StepStone STEP 66.15 10.6 TrilogyMetals TMQ 1.29 79.3 VitesseEnergy VTS 27.81 3.5 AimfinityWt AIMAW 0.01 -9.9 CyclacelPharm CYCC
HoraceMann HMN 43.26 8.6 KornFerry KFY 79.54 7.4 MirionTech MIR 15.75 4.7 PampaEnergia PAM 70.31 2.3 Renasant RNST 38.46 12.1 SterlingInfr STRL 176.22 11.6 Trimble TRMB 73.17 17.9 VornadoRealty VNO 44.07 1.9 AkoustisTechs AKTS 0.04 -18.4 Continued on Page B10
HorizonBancorp HBNC 18.45 11.4 KornitDigital KRNT 29.89 21.3 MissionProduce AVO 14.17 5.6 ParTechnology PAR 66.95 5.9 RepublicBcpKYA RBCAA 79.75 14.0
HoulihanLokey HLI 189.17 9.9 Kroger KR 59.92 4.2 Moelis MC 80.61 18.4 ParkNational PRK 207.51 17.6 RetailOppor ROIC 17.40 4.6
HowardHughes HHH 83.16 2.4 LCNB LCNB 17.27 4.4 MonarchCasino MCRI 83.91 3.4 Park-Ohio PKOH 33.40 15.1 RevolutionMed RVMD 60.53 4.7
HowmetAerospace HWM 115.38 12.4 LENZ 32.30 12.5 MNDY 316.39 6.4
HubGroup
Hubbell
HUBG 49.26
HUBB 481.35
8.5
7.4
LenzTherap
LPL Financial LPLA
LSI Inds LYTS
309.00
18.26
11.7
7.5
monday.com
Moog B
Moog A
MOG.B
MOG.A
207.10
226.95
8.4
13.0
ParkeBancorp PKBK 23.44
ParkerHannifin PH
Parsons
709.63
PSN 114.68
7.4
8.6
-0.6
Revolve
Revvity
RhythmPharm RYTM
RVLV
RVTY
33.82 27.9
129.50 -0.9
64.73 11.4
Bonds | wsj.com/market-data/bonds/benchmarks
HuntingtonBcshs HBAN 17.53 12.7 L3HarrisTech LHX 260.00 2.2 MorganStanley MS 133.52 11.6 PathwardFinl CASH 80.85 12.0 RibbonComms RBBN 4.07 6.6
HuronConsulting HURN 131.06
ICF Intl ICFI 179.67
6.5
-0.7
LakelandFin
LandBridge
LKFN
LB
78.31
64.08
11.1
1.6
MuellerIndustries MLI
MuellerWater MWA
95.84
24.73
12.1
5.6
Paychex PAYX 149.26
PaycomSoftware PAYC 233.69
6.3
5.7
RichardsonElec RELL
Robinhood HOOD
15.05 5.3
30.06 19.6
Tracking Bond Benchmarks
IDACORP
IDT
IDA
IDT
112.03
50.75
1.8
6.9
LaureateEduc LAUR
LAZ
18.87
61.14
2.9
14.7
NB Bancorp
NBT Bancorp NBTB
NBBK 20.98
51.22
8.9
13.0
Paylocity PCTY 213.98 8.5 RocketLab RKLB 13.06 10.5 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Lazard Payoneer PAYO 10.49 0.5 RoyalCaribbean RCL 227.12 7.5
IES Holdings IESC 267.80 7.1 Leidos LDOS 198.99 2.2 NCS Multistage NCSM 22.63 3.6 PeabodyEnergy BTU 29.94 9.6 Rubrik RBRK 44.13 4.2 highs and lows for different types of bonds
Invesco IVZ 18.94 4.1 LeMaitreVascular LMAT 103.96 3.1 Nasdaq NDAQ 79.27 1.9 PeapackGladFin PGC 37.88 14.7 RushEnt B RUSHB 58.61 10.8
IRSA IRS 14.24 3.4
Total Total
Lemonade LMND 29.41 16.9 Nathan's NATH 91.56 3.5 PediatrixMedical MD 16.41 4.7 RushEnt A RUSHA 65.15 8.5
IRSA Wt IRS.WS 1.28 4.0 LendingClub LC 15.72 10.2 NatlBankHoldings NBHC 51.76 13.6 Pegasystems PEGA 87.19 1.6 RyderSystem R 161.27 5.8 return YTD total Yield (%) return YTD total Yield (%)
ITT ITT 154.35 5.0 LeonardoDRS DRS 35.55 7.4 NaturalGrocers NGVC 33.71 7.2 Pentair PNR 107.32 0.6 SEI Investments SEIC 80.54 4.2 close return (%) Index Latest Low High close return (%) Index Latest Low High
i3Verticals IIIV 25.54 6.0 LibertyBroadbandA LBRDA 100.44 8.3 NaturalResPtrs NRP 103.14 3.8 PeoplesBncpOH PEBO 35.66 14.1 SLGreenRealty SLG 80.97 2.9
IllinoisToolWks ITW 277.58 3.4 LibertyBroadbandC LBRDK 101.50 8.7 nCino NCNO 40.60 6.9 PeoplesFinSvcs PFIS 55.64 13.0 SLM SLM 24.53 11.9 Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Imax IMAX 25.28 1.9 LibertyFormOne A FWONA 77.99 2.1 Nelnet NNI 127.32 7.0 PerellaWeinberg PWP 24.88 18.0 SR Bancorp SRBK 11.28 1.2
Incyte INCY 82.19 4.7 LibertyFormOne C FWONK 84.40 1.8 NeoVolta NEOV 4.09 3.7 PerformanceFood PFGC 89.00 6.4 SafetyInsurance SAFT 90.00 10.7
2090.16 1.3 U.S. Aggregate 4.830 4.100 5.420 2061.69 1.1 Mortgage-Backed 5.150 4.340 5.610
IndependentBank INDB 73.28 15.4 LibertyLiveC LLYVK 64.15 8.2 Netflix NFLX 781.49 2.1 PerformantFin PFMT 4.35 7.0 SallyBeauty SBH 13.96 2.4
IndepBankMI IBCP 38.24 15.1 LibertyLiveA LLYVA 62.66 8.4 Netgear NTGR 24.40 1.7 PerimeterSolns PRM 14.44 4.3 SandySpringBncp SASR 38.52 15.3 U.S. Corporate Indexes Bloomberg Fixed Income Indices 2028.33 0.8 Ginnie Mae (GNMA) 5.240 4.460 5.620

3197.99 2.4 U.S. Corporate 5.220 4.640 6.100 1215.19 1.2 Fannie mae (FNMA) 5.130 4.310 5.600

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks 3112.84 3.9 Intermediate 5.020 4.400 6.050 1874.60 1.6 Freddie Mac (FHLMC) 5.020 4.150 5.620

.
4195.48 -0.5 Long term 5.620 5.070 6.200 588.29 0.01 Muni Master 3.562 3.038 3.915
Money Rates

ly
November 6, 2024 605.97 0.7 Double-A-rated 4.870 4.260 5.440 413.93 -1.1 7-12 year 3.415 2.721 3.697

Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a 868.73 3.0 Triple-B-rated 5.410 4.850 6.380 474.35 -0.3 12-22 year 3.954 3.388 4.317
guide to general levels but don’t always represent actual transactions. High Yield Bonds ICE BofA 451.85 0.6 22-plus year 4.398 3.959 4.864

Inflation
Sept. index
level
Chg From (%)
Aug. '24 Sept. '23 Britain
Australia
5.00
4.35
Week
Latest ago
5.00
4.35
5.25
4.35
on
—52-WEEK—
High Low
5.00
4.35
13 weeks
26 weeks
4.440
4.260
Week
Latest ago
—52-WEEK—
High Low
4.490 5.285 4.440
4.325 5.270 4.215
566.40
582.36
3781.20
7.7 High Yield Constrained 7.307 6.975 8.999
14.9 Triple-C-rated
6.8 High Yield 100
11.494 11.383 14.856
6.540 6.208 8.526
Global Government J.P. Morgan†
543.52
819.81
-0.04
2.1
Global Government 3.480 2.950 3.640
Canada 3.270 2.910 3.880
U.S. consumer price index 494.14 8.3 Global High Yield Constrained 7.084 6.812 8.949 359.30 0.8 EMU§ 3.061 2.669 3.530
Overnight repurchase Other short-term rates
us ,

All items 315.301 0.16 2.4

U.S. 4.83 4.96 5.48 4.83 372.18 7.5 Europe High Yield Constrained 5.728 5.654 7.531 652.97 -1.1 France 3.170 2.540 3.400
l

Core 321.109 0.34 3.3 Week 52-Week

-0.2
e
U.S. government rates Latest ago high low U.S Agency Bloomberg Fixed Income Indices 466.91 Germany 2.430 2.020 2.810
al a

International rates 1831.70 2.7 4.590 3.960 5.190

Discount Call money U.S Agency 271.65 -2.6 Japan 1.440 0.960 1.490
Week 52-Week 5.00 5.00 5.50 5.00 6.75 6.75 7.25 6.75 1624.13 3.0 10-20 years 4.550 3.920 5.190 508.05 -0.2 Netherlands 2.670 2.260 3.090
ci on

Latest ago High Low

Federal funds Commercial paper (AA financial) 3430.28 -0.6 20-plus years 5.010 4.240 5.410 779.98 -3.9 U.K. 4.750 3.790 4.750
Prime rates Effective rate 4.8300 4.8300 5.3400 4.8300 90 days 4.46 n.a. 5.46 4.46
2799.79 2.6 Yankee 5.030 4.380 5.830 895.28 5.5 Emerging Markets ** 7.506 7.084 8.432
U.S. 8.00 8.00 8.50 8.00 High 5.0500 5.0500 5.6500 5.0500
Canada 5.95 6.45 7.20 5.95 Low 4.8000 4.8200 5.3300 4.8000 Secured Overnight Financing Rate *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Japan 1.625 1.625 1.625 1.475 Bid 4.8200 4.8300 5.3300 4.8200 4.82 4.82 5.40 4.81 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Offer 4.8300 4.8600 5.3600 4.8300
er s

Policy Rates Value 52-Week

Euro zone 3.40 3.40 4.50 3.40 Treasury bill auction
Latest Traded High Low
Global Government Bonds: Mapping Yields
Switzerland 1.50 1.50 2.25 1.50 4 weeks 4.580 4.650 5.325 4.580 DTCC GCF Repo Index
m er

Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Treasury 4.830 44.630 5.504 4.830
Notes on data: MBS 4.873 70.570 5.689 4.868 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
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 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
vary widely by location; Discount rate is effective September 19, 2024. Secured Overnight Financing Coupon (%) Maturity, in years Latest(l) 0 1 2 3 4 5 6 Previous Month ago Year ago Latest Prev Year ago
Rate is as of November 5, 2024. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s Latest Week ago Year ago
4.125 U.S. 2 4.266 s 4.204 3.929 4.939
m rp

l
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 4.250 10 4.425 s l 4.290 3.980 4.662
Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; 30-year fixed 6.72 6.54 7.76 0.500 Australia 2 4.132 s l 4.099 3.680 4.342 -14.4 -9.6 -58.2
Tullett Prebon Information, Ltd. 15-year fixed 5.99 5.71 7.03
3.500 10 4.637 s l 4.576 4.061 4.729 20.8 29.0 7.9
2.500 France 2 2.411 t l 2.516 2.399 3.402 -186.5 -167.9 -152.2
Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs 3.000 10 3.163 t l 3.169 2.989 3.338 -126.6 -111.7 -131.1
co Fo

Closing Chg YTD 2.000 Germany 2 2.192 t l 2.294 2.204 3.019 -208.4 -190.1 -190.6
Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET ETF Symbol Price (%) (%) 2.600 10 2.408 t l 2.429 2.214 2.747 -185.7 -190.3
-202.1
SPDR S&PMdCpTr MDY 600.43 4.12 18.3
Wednesday, November 6, 2024 Closing Chg YTD 3.100 Italy 2 2.763 t l 2.820 2.635 3.777 -151.3 -137.5 -114.7
ETF Symbol Price (%) (%) SPDR S&P Div SDY 140.96 1.21 12.8
Closing Chg YTD 3.850 10 3.725 s l 3.685 3.516 4.581 -60.1 -6.8
ETF Symbol Price (%) (%) TechSelectSector XLK 233.35 2.85 21.2 -70.5
iShNatlMuniBd MUB 105.93 –1.28 –2.3
UtilitiesSelect XLU 77.55 –1.03 22.5
CommSvsSPDR XLC 95.40 2.46 31.3 iSh1-5YIGCpBd IGSB 51.79 –0.17 1.0 0.500 Japan 2 0.477 s l 0.447 0.370 0.131 -379.9 -374.8 -479.4
VanEckSemicon SMH 254.81 2.62 45.7
209.42 3.20 17.1 iSh1-3YTreaBd SHY 81.99 –0.12 –0.1
CnsmrDiscSel XLY
VangdSC Val VBR 211.50 4.48 17.5 0.900 10 0.981 s l 0.929 0.886 0.874 -344.8 -335.7 -377.5
DimenUSCoreEq2 DFAC 35.72 3.42 22.2 iShRussMC IWR 91.63 2.83 17.9
VangdExtMkt VXF 196.12 4.68 19.3 2.800 Spain 2 2.497 t l 2.554 2.450 3.437 -164.1 -148.7
EnSelSectorSPDR XLE 93.56 3.76 11.6 iShRuss1000 IWB 324.97 2.63 23.9 -177.9
VangdDivApp VIG 201.36 2.46 18.2
49.55 6.08 31.8 iShRuss1000Grw IWF 390.63 2.58 28.8
FinSelSectorSPDR XLF
VangdFTSEAWxUS VEU 60.37 –1.15 7.5 3.450 10 3.140 s l 3.125 2.974 3.781 -129.0 -116.1 -86.8
HealthCrSelSect XLV 148.04 0.13 8.5 iShRuss1000Val IWD 194.81 2.77 17.9
VangdFTSEDevMk VEA 50.16 –1.28 4.7 4.125 U.K. 2 4.513 s 4.503 4.141 4.731 30.8 -19.3
IndSelSectorSPDR XLI 141.43 3.92 24.1 iShRuss2000 IWM 237.22 5.79 18.2 l 23.7
iShS&P500Grw IVW 99.29 2.54 32.2 VangdFTSE EM VWO 46.96 –0.95 14.3
InvscNasd100 QQQM 208.07 2.71 23.5 4.250 10 4.564 s 4.530 4.132 4.381 24.4 -26.9
VangdFTSE Europe VGK 66.44 –2.14 3.0
l 13.5
InvscQQQI QQQ 505.58 2.72 23.5 iShS&P500Value IVE 201.19 2.46 15.7
VangdGrowth VUG 399.84 2.47 28.6
n-

InvscS&P500EW RSP 182.90 2.37 15.9 iShSelectDiv DVY 138.43 2.60 18.1 Source: Tullett Prebon, Tradeweb FTSE U.S. Treasury Close
iSh7-10YTreaBd 93.25 –1.03 –3.3 VangdHiDiv VYM 132.36 2.90 18.6
iShBitcoin IBIT 43.40 9.85 ... IEF
iShBrdUSDHYCpBd USHY 37.18 0.22 2.3 iSh20+YTreaBd TLT 90.20 –2.74 –8.8 VangdInfoTech VGT 613.01 3.13 26.7
iShCoreDivGrowth DGRO 63.87 2.34 18.7 iShUSTech IYW 157.95 2.81 28.7 VangdIntermBd BIV 75.20 –0.78 –1.5 Corporate Debt
22.60 –0.81 –1.9 VangdIntrCorpBd VCIT 80.80 –0.70 –0.6
iShCoreMSCIEAFE IEFA 73.66 –1.41 4.7 iShUSTreasuryBd GOVT
VangdIntermTrea VGIT 58.25 –0.60 –1.8
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
iShCoreMSCIEM IEMG 55.99 –1.20 10.7 iSh0-3MTreaBd SGOV 100.37 ... 0.1
no

iShCoreMSCITotInt IXUS 69.57 –1.24 7.1 JPM EqPrem JEPI 59.59 1.21 8.4 VangdLC VV 271.63 2.52 24.5 expectations
iShCoreS&P500 IVV 593.88 2.48 24.3 JPM UltShIncm JPST 50.39 –0.04 0.3 VangdMegaGrwth
VangdMC
MGK
VO
333.30
273.70
2.34
2.63
28.4
17.6
Investment-grade spreads that tightened the most…
iShCoreS&P MC IJH 65.71 4.14 18.5 PacerUSCashCows COWZ 59.69 2.77 14.8 Spread*, in basis points
iShCoreS&P SC IJR 124.40 5.99 14.9 ProShUltPrQQQ TQQQ 78.86 8.12 55.5 VangdRealEst VNQ 93.35 –2.13 5.6
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
iShCoreS&PTotUS ITOT 130.14 2.75 23.7 SPDRBbg1-3MTB BIL 91.52 0.02 0.1 VangdRuss1000Grw VONG 100.47 2.48 28.8
iShCoreS&PUSGrw IUSG 136.75 2.59 31.4 SPDR DJIA Tr DIA 437.23 3.54 16.0 VangdS&P500ETF VOO 543.30 2.49 24.4 Citigroup C 4.450 4.80 Sept. 29, ’27 56 –19 84
iShCoreS&PUSVal IUSV 97.61 2.57 15.7 SPDR Gold GLD 245.70 –3.04 28.5 VangdST Bond BSV 77.28 –0.21 0.3
iShCoreTotUSDBd IUSB 45.50 –0.72 –1.2 SPDRPtfDevxUS SPDW 35.72 –1.33 5.0 VangdSTCpBd VCSH 78.12 –0.17 1.0 KeyBank … 6.950 5.38 Feb. 1, ’28 110 –17 n.a.
iShCoreUSAggBd AGG 97.59 –0.78 –1.7 SPDRS&P500Value SPYV 53.95 2.45 15.7 VangdShortTrea VGSH 58.17 –0.14 –0.3 –17
Sumitomo Mitsui Financial … 5.520 4.73 Jan. 13, ’28 48 58
iShEdgeMSCIMinUSA USMV 92.45 1.90 18.5 SPDRPtfS&P500 SPLG 69.51 2.49 24.3 VangdSC VB 250.76 4.12 17.5
iShEdgeMSCIUSAQual QUAL 182.26 2.00 23.9 SPDRS&P500Growth SPYG 86.02 2.60 32.2 VangdTaxExemptBd VTEB 49.81 –1.29 –2.4 General Motors GM 5.200 6.13 April 1, ’45 142 –15 148
iShGoldTr IAU 50.23 –3.05 28.7 SPDR S&P 500 SPY 591.04 2.49 24.3 VangdTotalBd BND 72.41 –0.82 –1.5
iShiBoxx$IGCpBd LQD 108.19 –1.04 –2.2 SchwabIntEquity SCHF 19.54 –1.31 5.7 VangdTotIntlBd BNDX 49.65 –0.28 0.6 Bank of Nova Scotia BNS 4.850 4.86 Feb. 1, ’30 59 –14 72
iShMBS MBB 92.13 –0.80 –2.1 SchwabUS BrdMkt SCHB 22.97 2.77 23.8 VangdTotIntlStk VXUS 62.03 –1.21 7.0 –14
Societe Generale … 7.367 7.09 Jan. 10, ’53 247 272
iShMSCIACWI ACWI 120.27 1.19 18.2 SchwabUS Div SCHD 29.04 2.33 14.4 VangdTotalStk VTI 293.28 2.80 23.6
iShMSCI EAFE EFA 79.07 –1.45 4.9 SchwabUS LC SCHX 23.39 2.59 24.4 VangdTotWrldStk VT 120.48 1.31 17.1 Northwestern Mutual Global Funding* … 4.110 4.51 Sept. 12, ’27 26 –13 38
iShMSCIEAFEValue EFV 54.95 –1.75 5.5 SchwabUS LC Grw SCHG 27.18 2.80 31.1 VangdValue VTV 178.24 2.69 19.2
Credit Agricole … 5.365 5.17 March 11, ’34 72 –12 82

…And spreads that widened the most

Cash Prices | wsj.com/market-data/commodities Wednesday, November 6, 2024 Cooperatieve Rabobank … 5.041 4.49 March 5, ’27 23 7 n.a.
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate 4.000 5.14 Dec. 15, ’36 67 2
Pfizer PFE 65
from the futures price on an exchange, which reflects what the commodity might be worth in future months.
Wednesday Wednesday Wednesday Norfolk Southern NSC 7.800 4.74 May 15, ’27 47 1 42
Copper,Comex spot 4.2225 Wheat,No.2 soft red,St.Louis-u 5.8825
Energy Iron Ore, 62% Fe CFR China-s *105.5 Wheat - Hard - KC (USDA) $ per bu-u 5.7400 High-yield issues with the biggest price increases…
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 76.300 Steel, HRC USA, FOB Midwest Mill-s *700.0 Wheat,No.1soft white,Portld,OR-u 5.9750 Bond Price as % of face value
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.100 Battery/EV metals Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Food
Metals BMI Lithium Carbonate, EXW China, =99.2%-v,w 10350
DISH DBS … 5.125 15.87 June 1, ’29 66.000 1.00 67.726
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 9450 Beef,carcass equiv. index
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,w 3710 choice 1-3,600-900 lbs.-u 295.20 Liberty Interactive … 8.500 26.02 July 15, ’29 54.000 0.75 52.500
Engelhard industrial 2662.00 BMI Nickel Sulphate, EXW China, >22%-v,m 3737 select 1-3,600-900 lbs.-u 266.36
Handy & Harman base 2660.20 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 460 Broilers, National comp wtd. avg.-u,w 1.2943 Hughes Satellite Systems … 5.250 11.09 Aug. 1, ’26 91.000 0.70 91.842
Handy & Harman fabricated 2952.82 Butter,AA Chicago-d 2.6750 0.45
Fibers and Textiles Transocean RIG 7.500 8.63 April 15, ’31 94.500 91.813
LBMA Gold Price AM *2738.75 Cheddar cheese,bbl,Chicago-d 181.00
LBMA Gold Price PM *2742.55 Burlap,10-oz,40-inch NY yd-n,w 0.8500 Cheddar cheese,blk,Chicago-d 175.00 Mauser Packaging Solutions Holding … 7.875 6.65 April 15, ’27 102.718 0.12 102.754
Krugerrand,wholesale-e 2877.96 Cotton,1 1/16 std lw-mdMphs-u 0.6544 Milk,Nonfat dry,Chicago lb.-d 139.50
Maple Leaf-e 2905.63 Coffee,Brazilian,Comp-y 2.5493 Teva Pharmaceutical Finance Netherlands III … 3.150 5.69 Oct. 1, ’26 95.477 0.08 95.706
Cotlook 'A' Index-t *82.20
American Eagle-e 2905.63 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.7676 0.05
Telecom Italia Capital … 6.375 6.21 Nov. 15, ’33 101.134 n.a.
Mexican peso-e 3344.50 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 4.3350
Austria crown-e 2715.48 Flour,hard winter KC-p 15.75 Bath & Body Works BBWI 6.875 6.64 Nov. 1, ’35 101.780 0.03 102.020
Austria phil-e 2905.63 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u n.a.
Silver, troy oz. Bran,wheat middlings, KC-u,w 119 Hogs,Iowa-So. Minnesota-u 87.91 …And with the biggest price decreases
Engelhard industrial 30.9700 Corn,No. 2 yellow,Cent IL-bp,u 3.9500 Pork bellies,12-14 lb MidUS-u n.a.
Handy & Harman base 31.2250 Corn gluten feed,Midwest-u,w 119.9 Pork loins,13-19 lb MidUS-u 1.0258 Cleveland–Cliffs CLF 6.250 7.30 Oct. 1, ’40 90.250 –0.75 91.750
Handy & Harman fabricated 39.0310 Corn gluten meal,Midwest-u,w 441.6 Steers,Tex.-Okla. Choice-u n.a.
Navient NAVI 5.625 7.94 Aug. 1, ’33 85.625 –0.59 86.750
LBMA spot price *£25.1300 Cottonseed meal-u,w n.a. Steers,feeder,Okla. City-u,w 267.25
(U.S.$ equivalent) *32.6500 Hominy feed,Cent IL-u,w 112 Paramount Global PARA 7.875 6.29 July 30, ’30 107.508 –0.53 107.814
Coins,wholesale $1,000 face-a 23745
Fats and Oils
Meat-bonemeal,50% pro Mnpls-u,w 318
n.a. VF VFC 6.450 6.31 Nov. 1, ’37 101.250 –0.45 101.905
Other metals Oats,No.2 milling,Mnpls-u 4.2675 Degummed corn oil, crude wtd. avg.-u,w
LBMA Platinum Price PM *1001.0 Rice, Long Grain Milled, No. 2 AR-u,w 35.25 Grease,choice white,Chicago-h 0.4000 –0.45
n.a.
Yum! Brands YUM 6.875 5.72 Nov. 15, ’37 110.554 111.415
LBMA Palladium Price PM *1092.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u
Platinum,Engelhard industrial 977.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 323.50 Soybean oil,crude;Centl IL-u,w 0.4539 Teva Pharmaceutical Finance Netherlands III … 4.100 6.71 Oct. 1, ’46 70.250 –0.31 71.000
Palladium,Engelhard industrial 1048.0 Soybeans,No.1 yllw IL-bp,u 9.6800 Tallow,bleach;Chicago-h 0.4325
HAT Holdings I … 3.750 6.34 Sept. 15, ’30 87.511 –0.28 87.920
Aluminum, LME, $ per metric ton *2605.5 Wheat,Spring14%-pro Mnpls-u 8.2300 Tallow,edible,Chicago-u n.a.
Occidental Petroleum OXY 6.450 6.05 Sept. 15, ’36 103.317 –0.24 103.687
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark *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.
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 11/5 Note: Data are for the most active issue of bonds with maturities of two years or more
Source: Dow Jones Market Data 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.

B10 | Thursday, November 7, 2024 * ** THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

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
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq FergusonEnts FERG 210.92 8.81 s InteractiveBrkrs IBKR 171.69 16.78 MetLife MET 83.25 5.10 Pool POOL 370.63 1.34 Snowflake SNOW 121.42 4.92 UDR UDR 43.27 0.05
Stock Market listed securities. Prices are consolidated from trades reported by various Ferrari RACE 443.00 2.00 ICE ICE 155.79 -2.06 Mettler-Toledo MTD 1398.19 12.40 s Primerica PRI 291.00 14.24 SOQUIMICH SQM 37.60 -2.02 U-Haul UHAL 76.44 0.11
market centers, including securities exchanges, Finra, electronic communications
Ferrovial FER 38.56 -0.96 s InterContHtls IHG 118.34 5.45 MicrochipTech MCHP 73.75 -1.34 PrincipalFinl PFG 86.14 3.59 s SoFiTech SOFI 11.81 0.39 U-Haul N UHAL/B 69.56 0.26
networks and other broker-dealers. The list comprises the 1,000 largest companies
based on market capitalization. FidNatlFinl FNF 60.89 1.40 IBM IBM 213.60 6.03 MicronTech MU 111.83 6.34 ProcoreTech PCOR 71.38 4.31 Solventum SOLV 74.14 0.98 UL Solutions ULS 50.40 -1.14
FidNatlInfo FIS 86.44 -0.13 IntlFlavors IFF 87.57 -11.53 Microsoft MSFT 420.18 8.72 Procter&Gamble PG 161.05 -4.71 Sony SONY 17.99 -0.06 s US Foods USFD 65.80 2.68
Underlined quotations are those stocks with large changes in volume compared s FifthThirdBncp FITB 46.87 3.71 s IntlPaper IP 58.83 1.27 MicroStrategy MSTR 257.81 30.01 Progressive PGR 258.75 10.68 Southern SO 87.42 -1.28 UWM UWMC 6.63 0.07
with the issue’s average trading volume.
s FirstCitizBcshA FCNCA 2272.62351.11 Interpublic IPG 30.38 0.61 MidAmApt MAA 153.59 -1.44 Prologis PLD 113.74 -0.69 SoCopper SCCO 109.50 -3.12 Uber UBER 74.36 0.21
Boldfaced quotations highlight those issues whose price changed by 5% or more if s FirstHorizon FHN 20.10 2.84 s Intra-Cellular ITCI 89.44 0.20 MitsubishiUFJ MUFG 11.45 0.64 s PrudentialFinl PRU 127.73 7.55 SouthwestAir LUV 31.39 0.76 Ubiquiti UI 252.10 -8.56
their previous closing price was $2 or higher. FirstSolar FSLR 194.02 -21.87 Intuit INTU 648.39 29.56 MizuhoFin MFG 4.56 0.18 Prudential PUK 17.15 0.25 Spotify SPOT 391.16 8.53 UltaBeauty ULTA 387.53 4.62
Footnotes: FirstEnergy FE 41.58 -0.32 s IntuitiveSurgical ISRG 515.55 0.38 Mobileye MBLY 15.44 0.21 PublicServiceEnt PEG 83.81 0.03 s SproutsFarmers SFM 140.86 4.77 Unilever UL 59.27 -2.39
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most recent four FirstService FSV 186.39 -1.48 InvitatHomes INVH 33.36 1.10 t Moderna MRNA 51.81 -1.48 PublicStorage PSA 325.31 -15.29 StandardAero SARO 30.04 1.02 UnionPacific UNP 248.49 14.62
quarters. s Fiserv FI 211.20 8.18 IronMountain IRM 114.44 -11.29 MohawkInds MHK 147.60 7.16 PulteGroup PHM 129.17 -4.09 StanleyBlackDck SWK 92.03 -4.67 s UnitedAirlines UAL 87.58 7.55
Stock tables reflect composite regular trading as of 4 p.m. ET and s Flex FLEX 38.98 2.59 ItauUnibanco ITUB 6.36 0.07 MolinaHealthcare MOH 326.20 -7.19 PureStorage PSTG 54.07 2.92 Stantec STN 84.30 0.87 UnitedMicro UMC 7.02 0.06
changes in the official closing prices from 4 p.m. ET the previous day. Floor&Decor FND 101.09 -7.63 MolsonCoorsB TAP 56.52 0.54 Qiagen QGEN 43.87 -0.08 Starbucks SBUX 96.08 -1.01 UPS B UPS 133.92 0.08
s Fluor FLR 58.74 4.15 J K L MolsonCoorsA TAP.A 59.78 1.09 Qualcomm QCOM 172.99 7.08 s StateStreet STT 96.81 3.90 s UnitedRentals URI 880.32 82.32
FlutterEnt FLUT 238.10 8.95 s monday.com MNDY 316.03 19.08 QuantaServices PWR 310.82 -3.80 s SteelDynamics STLD 154.32 18.67 s US Bancorp USB 51.26 3.65
JD.com JD 38.67 -1.36
Wednesday, November 6, 2024 Net Net t FomentoEconMex FMX 96.66 0.43 s JPMorganChase JPM 247.06 25.57 Mondelez MDLZ 66.37 -2.68 QuestDiag DGX 155.18 1.08 Stellantis STLA 13.87 0.06 US Steel X 42.31 3.23
Net Stock Sym Close Chg Stock Sym Close Chg FordMotor F 11.19 0.59 MongoDB MDB 280.98 6.23 Steris STE 227.52 0.08 s UnitedTherap UTHR 397.49 14.72
Jabil JBL 137.77 9.11 R S
Stock Sym Close Chg s Fortinet FTNT 80.87 2.95 MonolithicPower MPWR 785.29 22.32 s StifelFinancial SF 116.92 14.23 UnitedHealth UNH 596.69 29.66
Barclays BCS 13.49 0.63 ConocoPhillips COP 113.63 4.42 s JackHenry JKHY 180.40 -5.12
Fortis FTS 43.58 -0.50 MonsterBev MNST 54.44 0.33 STMicroelec STM 26.50 -0.19 UnitySoftware U 21.67 0.05
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A B C BaxterIntl BAX 36.11
-0.45
0.01 t ConstBrands A STZ 229.58
98.96 -0.86
-7.57
Fortive FTV 74.29 2.90
JamesHardie JHX 32.30 -0.04
Moody's MCO 461.14 -1.06 s RB Global RBA 89.35 2.72
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Franco-Nevada FNV 132.18 -1.57 MotorolaSol MSI 469.13 7.04 SunComms SUI 131.76 -1.46 VICI Prop VICI 31.11 -0.93
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Aflac AFL 108.56 3.00 FranklinRscs BEN 21.53 0.58 s MuellerIndustries MLI 95.00 10.27 s SunLifeFinancial SLF 58.89 1.12 Vale VALE 10.80 -0.01
Berkley WRB 60.67 2.46 CorebridgeFin CRBG 33.37 3.37 JuniperNetworks JNPR 39.01 -0.14 s RaymondJames RJF 160.79 14.34
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BerkHathwy A BRK.A 703000 36316 Corning GLW 48.24 0.96 KB Financial KB 67.25 0.81 RealtyIncome O 57.00 -1.82
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ASE Tech ASX 9.72 0.04 FullTruck YMM 8.79 -0.20 NNN REIT NNN 41.46 -1.37 Suzano SUZ 10.43 -0.08 Ventas VTR 63.22 -1.25
ASML ASML 661.43 -15.03 Bilibili BILI 22.16 -1.06 CoStar CSGP 74.87 -0.47 s KKR KKR 152.27 13.28 RegencyCtrs REG 72.82 -0.34
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AT&T T 22.32 0.27 Bio-Techne TECH 75.83 -1.79 Costco COST 899.25 9.08 G H I KLA KLAC 669.66 -0.67
NVR NVR 9202.54-253.27
RegenPharm REGN 816.65 -12.78
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AbbottLabs ABT 116.80 -0.93 s Bio-RadLab A BIO 372.93 -1.35 CoterraEnergy CTRA 24.55 1.23 Kaspi.kz KSPI 115.54 4.54
GE Aerospace GE 180.76 5.50 NXP Semicon NXPI 231.38 6.73 Sysco SYY 77.01 0.66 VeriskAnalytics VRSK 279.13 -0.55
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GE HealthCare GEHC 86.78 -1.39 s Nasdaq NDAQ 77.59 1.45 Verizon VZ 41.16 -0.10
Reliance RS 326.32 34.62
Accenture ACN 356.13 10.64 BioMarinPharm BMRN 66.15 0.11 s Crane CR 174.20 5.21
s GE Vernova GEV 336.30 20.53
Kenvue KVUE 22.50 -0.73
KeurigDrPepper KDP 32.98 0.37
Natera NTRA 126.97 2.58
RenaissanceRe RNR 277.90 8.61
T U V VertexPharm VRTX 493.64 -6.24
s AcuityBrands AYI 320.41 6.07 BioNTech BNTX 106.64 -4.33 Credicorp BAP 183.47 1.68 NationalGrid NGG 64.12 -1.35 s Vertiv VRT 120.43 7.99
Birkenstock BIRK 46.40 0.14 CrowdStrike CRWD 320.00 12.42
GFLEnvironmental GFL 43.60 1.60 s KeyCorp KEY 19.97 2.71 RentokilInit RTO 26.51 0.06 s TC Energy TRP 48.33 0.89
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s BlackRock BLK 1029.82 15.47 CrownCastle CCI 103.47 -5.23 GSK GSK 35.90 -1.12 KeysightTech KEYS 161.85 6.96 Repligen RGEN 145.93 -0.02 TD Synnex SNX 123.85 5.41
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AdvMicroDevices AMD 145.10 3.44 NetEase NTES 80.00 -0.18 VinFastAuto VFS 3.74 -0.02
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Aegon AEG 6.66 0.24 s Netflix NFLX 780.21 16.30 s Visa V 307.40 14.11
Block SQ 77.64 5.26 s Cullen/Frost CFR 143.66 16.08 Gaming&Leisure GLPI 49.04 -1.74 s KinderMorgan KMI 26.35 1.64 RestaurantBrands QSR 68.26 0.06 TFI Intl TFII 149.45 13.99
AerCap AER 99.00 3.34 Neurocrine NBIX 125.30 3.77 Vistra VST 126.09 4.19
BlueOwlCapital OWL 23.40 2.09 s Cummins CMI 356.01 1.55
Gap GAP 21.52 -0.20 KinrossGold KGC 9.85 -0.18 t s RevolutionMed RVMD 59.42 2.67 TJX TJX 115.63 1.88
AffirmA AFRM 50.00 4.40 s NewOrientalEduc EDU 60.06 -1.81 Vodafone VOD 9.31 -0.10
t Boeing BA 147.16 -3.84 s Curtiss-Wright CW 377.46 17.09
Garmin GRMN 209.67 5.44 KinsaleCapital KNSL 451.61 22.73 NYTimes A NYT 55.94 2.69 s Revvity RVTY 124.86 -1.10 TKO TKO 120.22 1.33
AgilentTechs A 137.78 -2.63 s s VornadoRealty VNO 43.57 0.82
s Gartner IT 536.90 23.42 s Klaviyo KVYO 40.36 1.17 Newmont RexfordIndlRealty REXR 42.70 -1.04 T-MobileUS TMUS 232.19 5.08
AgnicoEagleMines AEM 83.17 -2.62 Booking BKNG 5001.19 86.21 CyberArkSoftware CYBR 294.45 14.26 NEM 44.48 -1.52 s VulcanMatls VMC 290.45 17.78
s GenDigital GEN 29.12 0.59 Knight-Swift KNX 57.80 3.80 s NewsCorp B NWS 30.98 1.19 RioTinto RIO 65.33 -0.17 TPG TPG 67.79 6.91
AirProducts APD 306.73 0.36 BoozAllen BAH 179.96 -5.32
D E F s Generac GNRC 183.50 1.69 Rivian RIVN 9.71 -0.88 T.RowePrice TROW 121.31 6.79
Airbnb ABNB 140.91 3.09 BostonSci BSX 86.44 0.90
GeneralDynamics GD 308.46 11.81
Philips PHG 26.53 -0.55 s NewsCorp A NWSA 28.95 1.10
s Robinhood HOOD 29.86 4.90 TaiwanSemi TSM 193.22 -2.54
W X Y Z
AkamaiTech AKAM 104.71 3.75 s BristolMyers BMY 55.28 -0.67 KoreaElecPwr KEP 8.15 -0.19 NextEraEnergy NEE 74.52 -4.13
DTE Energy DTE 121.57 -1.86 GeneralMills GIS 65.99 -2.32 Roblox RBLX 52.90 1.72 TakeTwoSoftware TTWO 166.62 2.59 WEC Energy WEC 96.01 -0.09
AlamosGold AGI 19.44 -0.73 BritishAmTob BTI 35.64 0.18 KraftHeinz KHC 33.42 -0.09 Nike
s DT Midstream DTM 96.16 3.93 s GeneralMotors GM 55.05 1.35 NKE 75.32 -2.66
Albemarle ALB 96.58 -3.20 s BrixmorProp BRX 28.33 ... s Kroger KR 59.80 2.41 s NiSource NI 35.16 -0.07
RocketCos. RKT 15.75 -0.55 TakedaPharm TAK 13.79 -0.43 W.P.Carey WPC 55.41 -0.37
Danaher DHR 247.76 -2.31 t Genmab GMAB 22.33 -0.42 Rockwell ROK 294.00 24.80 s TalenEnergy TLN 192.13 2.40 s WPP WPP 55.34 0.91
Albertsons ACI 18.85 0.30 Broadcom AVGO 179.55 5.65 LatamAirlines LTM 27.43 0.35 Nokia NOK 4.58 -0.13
Darden DRI 170.95 9.57 GenuineParts GPC 123.28 6.68 RogersComm B RCI 36.58 -0.71 Tapestry TPR 49.76 0.34 s Wabtec WAB 200.40 7.70
s Alcoa AA 45.36 2.58 s BroadridgeFinl BR 219.46 1.16 LKQ LKQ 38.14 0.48 Nomura NMR 5.66 0.06
Datadog DDOG 128.35 3.30 s GileadSciences GILD 91.69 1.47 s LPL Financial LPLA 308.16 32.35 Nordson RoivantSciences ROIV 11.75 0.09 s TargaResources TRGP 186.04 8.64 WalgreensBoots WBA 9.23 -0.39
Alcon ALC 91.47 -0.97 BrookfieldAsset BAM 56.96 1.39
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s Brookfield BN 56.98 1.23
GitLab GTLB 60.21 3.79 s L3HarrisTech LHX 256.45 5.50 s NorfolkSouthern NSC 277.00 24.89 Roku ROKU 72.27 2.60 Target TGT 147.29 -3.70 s Walmart WMT 83.44 -0.24
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BrookfieldInfr BIP 34.67 0.20 GlobalPayments GPN 115.04 7.67 Labcorp LH 234.38 5.27 s NorthernTrust NTRS 106.57 5.22 Rollins ROL 48.62 0.07 TechnipFMC FTI 28.26 1.61 WarnerBrosA WBD 8.38 0.17
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AlnylamPharm ALNY 273.01 7.72 BuildersFirst BLDR 176.78 -4.21 DexCom DXCM 68.61 -0.39 NTNX 66.79 2.29
Grab GRAB 4.22 0.03 Lennar B LEN.B 157.80 -9.57 Nutrien Ryanair RYAAY 45.88 -0.41 TempurSealy TPX 49.87 0.32 Welltower WELL 133.67 -1.45
Alphabet A GOOGL 176.51 6.77 BungeGlobal BG 85.76 0.96 t Diageo DEO 119.64 -4.25 NTR 49.51 -1.12
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Alphabet C GOOG 178.33 6.92 BurlingtonStrs BURL 252.55 0.59 DiamondbkEner FANG 183.62 7.99 s Grainger GWW 1194.96 72.94 S&P Global SPGI 489.99 0.28 TencentMusic TME 11.62 -0.11 WestPharmSvcs WST 329.38 5.91
AltairEngg ALTR 103.99 -0.53 s CACI Intl CACI 564.25 -0.69 Dick's DKS 195.12 -2.98
LennoxIntl LII 604.78 -20.84 s NVIDIA NVDA 145.61 5.70
CAVA CAVA 139.00
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s
er s

AppFolio APPF 228.10 12.01 Carnival CUK 22.00 1.52 s Eaton ETN 359.18 21.70 s HoulihanLokey HLI 188.30 16.99 MSCI MSCI 574.82 -13.50 s PalantirTech PLTR 55.53 4.40 Smucker SJM 115.62 -0.77 s Twilio TWLO 90.30 1.61 ZimmerBiomet ZBH 110.17 1.25
Apple AAPL 222.72 -0.73 s CarpenterTech CRS 178.10 16.98 eBay EBAY 61.08 -0.43 s HowmetAerospace HWM 114.86 12.70 MagnaIntl MGA 42.12 -0.46 s PaloAltoNtwks PANW 385.18 18.89 s SmurfitWestrock SW 53.21 1.39 TylerTech TYL 603.20 -3.15 Zoetis ZTS 170.37 -4.90
s AppliedIndlTechs AIT 268.64 32.44 CarrierGlobal CARR 75.38 1.48 s MakeMyTrip MMYT 113.45 11.19 PanAmerSilver PAAS 22.47 -0.07
Ecolab ECL 244.71 -2.14 s Hubbell HUBB 472.12 32.48 Snap SNAP 11.81 -0.38 TysonFoods TSN 59.16 -0.10 s ZoomVideo ZM 79.69 1.94
ApplMaterials AMAT 187.52 1.04 Carvana CVNA 238.93 3.25 t
m er

Ecopetrol EC 7.57 0.01 HubSpot HUBS 597.79 19.51 ManhattanAssoc MANH 281.03 14.60 s ParkerHannifin PH 709.46 56.01 s Snap-On SNA 354.24 20.06 s UBS Group UBS 33.02 1.29 Zscaler ZS 193.03 6.12
s AppLovin APP 168.55 3.37 s CaseysGenStores CASY 409.18 12.28 EdisonIntl EIX 81.17 -0.80 Humana HUM 288.51 27.91 s ManulifeFinl MFC 31.30 1.31 s Parsons PSN 110.69 -0.69
s Aptargroup ATR 173.16 2.85 Catalent CTLT 59.95 1.47 EdwardsLife EW 65.75 -0.94 JBHunt JBHT 192.82 7.26 s Maplebear CART 47.74 2.15 s Paychex PAYX 148.59 8.83
t Aptiv APTV 53.83 -1.41 s Caterpillar CAT 416.88 33.51 Elastic ESTC 85.35 2.95 s HuntingtonBcshs HBAN 17.52 1.98 MarathonOil MRO 28.80 1.20 s PaycomSoftware PAYC 231.09 12.55
Celanese CE 92.44 1.44
Aramark ARMK 39.30 0.96
ArcelorMittal MT 25.42 0.24 s Celestica CLS 81.00 5.37 s
ElbitSystems ESLT 232.83 -3.41
ElectronicArts EA 157.96 2.46
HyattHotels H
ICICI Bank
153.11 10.01
IBN 30.90 -0.09
MarathonPetrol MPC 155.25 5.69 s Paylocity
Markel MKL 1643.65 84.80 PayPal
PCTY 213.79 16.79
PYPL 81.41 2.16
Dividend Changes
ArchCapital ACGL 101.70 5.20 Cencora COR 245.38 11.39
m rp

ElevanceHealth ELV 428.93 11.16 IdexxLab IDXX 423.42 7.44 MarketAxess MKTX 274.87 -4.28 Pearson PSO 15.27 -0.13
ADM ADM 53.26 1.26 CenovusEnergy CVE 16.18 0.05 s EmersonElec EMR 126.86 9.19 Amount Payable /
ING Groep ING 16.29 -0.70 s Marriott MAR 276.26 16.60 PembinaPipeline PBA 40.54 -1.71
s AresMgmt ARES 172.50 8.06 Centene CNC 62.56 -2.24 Enbridge ENB 41.53 0.48 Company Symbol Yld % New/Old Frq Record
s Invesco IVZ 18.59 0.73 Marsh&McLen MMC 223.25 1.70 PenskeAuto PAG 161.50 6.70
argenx ARGX 588.97 -13.50 CenterPointEner CNP 29.02 -0.53 s EncompassHealth EHC 101.91 0.57 IQVIA IQV 221.25 8.38 s MartinMarietta MLM 617.31 34.79 s Pentair PNR 102.90 0.61
s AristaNetworks ANET 423.12 18.00 CentraisElBras EBR 6.46 -0.05 Endeavor EDR 29.03 0.02 s ITT ITT 152.24 7.26 s MarvellTech MRVL 90.63 3.44 Penumbra PEN 233.70 1.31
Increased
Arm ARM 144.68 4.03 CharlesRiverLabs CRL 214.20 25.52 s EnergyTransfer ET 17.42 0.52 AG Mortgage 8% Pfd. C MITTpC 11.6 .7251 /.50 Q Dec17 /Nov29
IcahnEnterprises IEP 13.20 0.77 Masco MAS 80.21 -1.57 PepsiCo PEP 164.71 -3.14
AspenTech AZPN 244.33 3.33 CharterComms CHTR 408.02 25.64 t EnphaseEnergy ENPH 74.81 -15.13 Artesian Resources Cl A 3.3 .3014 /.2955 Nov25 /Nov15
Icon ICLR 223.85 -2.57 s Masimo MASI 167.63 16.07 s PerformanceFood PFGC 87.62 5.29 ARTNA Q
s Assurant AIZ 206.37 13.28 CheckPoint CHKP 174.01 2.97 s EnsignGroup ENSG 143.00 -10.37 IDEX IEX 234.90 10.19 s MasTec MTZ 140.63 4.09 PermianRscs PR 14.57 0.68 Emerson Electric EMR 1.7 .5275 /.525 Q Dec10 /Nov15
s AsteraLabs Chemed CHE 549.99 16.82
co Fo

ALAB 98.17 2.26 Entegris ENTG 105.07 1.95 s IllinoisToolWks ITW 275.47 9.04 Mastercard MA 521.13 15.57 PetroleoBrasil PBR 13.40 0.15
s CheniereEnergy LNG 197.92 5.34 Main Street Capital MAIN 5.8 .25 /.245 M Jan15 /Jan08
AstraZeneca AZN 63.85 -2.42 Entergy ETR 146.06 0.11 Illumina ILMN 151.83 -3.13 MatchGroup MTCH 37.88 0.94 PetroleoBrasilA PBR.A 12.46 0.17
Atlassian TEAM 225.57 3.99 CheniereEnerPtrs CQP 50.00 0.99 s EnterpriseProd EPD 29.97 0.67
Microchip Technology MCHP 2.4 .455 /.454 Q Dec06 /Nov22
ImperialOil IMO 72.34 1.72 McCormickVtg MKC.V 76.43 -2.28 Pfizer PFE 27.36 -0.63
AtmosEnergy ATO 138.88 0.90 Chevron CVX 157.72 4.31 Equifax EFX 264.21 -5.42 Primoris Services PRIM 0.4 .08 /.06 Q Jan15 /Dec31
s Incyte INCY 80.95 3.67 McCormick MKC 76.66 -2.17 PhilipMorris PM 125.31 -6.88
AuroraInnov AUR 5.71 0.53 Chewy CHWY 29.75 0.58 Equinix EQIX 890.82 -18.17 Informatica INFA 26.45 0.89
Ryman Hospitality Prop RHP 3.9 1.15 /1.10 Q Jan15 /Dec31
McDonald's MCD 294.00 -3.32 Phillips66 PSX 127.90 6.06
s Autodesk ADSK 302.33 10.54 Chipotle CMG 57.69 1.51 t Equinor EQNR 22.46 -1.15 Sabine Royalty Tr UBI SBR 10.4 .5143 /.43584 M Nov29 /Nov15
Infosys INFY 21.40 0.69 McKesson MCK 549.31 24.03 s Pilgrim'sPride PPC 52.84 -0.94
s ADP ADP 305.18 14.00 Chubb CB 280.01 2.72 s Equitable EQH 50.40 5.91 TXO Partners TXO 12.5 .58 /.57 Q Nov22 /Nov15
s IngersollRand IR 102.98 5.28 Medpace MEDP 358.27 30.03 s PinnacleFinPtrs PNFP 122.58 16.24
AutoZone AZO 3196.38136.55 ChunghwaTel CHT 37.24 -1.27 EquityLife ELS 68.72 -1.37 s Ingredion INGR 150.52 -4.34 Medtronic MDT 90.11 0.43 s PinnacleWest PNW 90.10 3.39
Avalonbay AVB 224.93 -1.45 Church&Dwight CHD 103.21 -0.93 EquityResdntl EQR 71.38 -0.65 Insmed INSM 72.86 3.56 MercadoLibre MELI 2117.30 27.29 Pinterest PINS 33.76 1.04
Stocks
Avangrid AGR 35.58 -0.11 s ChurchillDowns CHDN 147.45 10.29 ErieIndemnity ERIE 428.01 19.32 ENDRA Life Sciences NDRA 1:35 /Nov07
s Insulet PODD 239.30 -2.02 Merck MRK 100.73 -0.92 PlainsAllAmPipe PAA 17.43 0.51
Avantor AVTR 22.97 0.20 Ciena CIEN 68.50 2.64 EssentialUtil WTRG 40.35 0.23 Intel INTC 25.05 1.73 MetaPlatforms META 572.05 -0.38 PlainsGP PAGP 18.35 0.45
AveryDennison AVY 204.12 -2.63 Cigna CI 315.22 -3.17 EssexProp ESS 293.76 2.76 Foreign
s AxaltaCoating AXTA 39.50 1.08 s CincinnatiFinl CINF 149.68 9.31 t EsteeLauder EL 63.28 -2.58 Fidelis Insurance Hldgs FIHL 2.2 .10 Q Dec20 /Nov29
s AxonEnterprise AXON 459.52 18.43 s Cintas CTAS 217.02 8.03 s EvercoreA EVR 316.00 44.16
t BCE BCE 28.74 -0.10 s CiscoSystems CSCO 57.87 1.71 Everest EG 366.60 11.99
IPO Scorecard Patria Investments
Restaurant Brands Intl
PAX
QSR
7.0
3.4
.15
.58
Q
Q
Dec09 /Nov18
Jan03 /Dec20
BHP Group BHP 55.94 -0.74 s Citigroup C 69.03 5.36 Evergy EVRG 61.05 -0.01 Performance of IPOs, most-recent listed first Seanergy Maritime Hldgs SHIP 11.2 .26 Q Jan10 /Dec27
BJ'sWholesale BJ 89.22 1.14 s CitizensFin CFG 48.31 6.09 EversourceEner ES 60.70 -1.37 % Chg From % Chg From Sprott SII 2.8 .30 Q Dec03 /Nov18
BP BP CleanHarbors CLH 259.67 18.47 ExactSciences EXAS 54.72 -16.79
30.16 0.20 Company SYMBOL Wed3s Offer 1st-day Company SYMBOL Wed3s Offer 1st-day Sun Life Financial SLF 3.9 .6048 Q Dec31 /Nov27
BWX Tech BWXT 118.33 1.38 Clorox CLX 162.70 0.28 s Exelixis EXEL 35.51 0.74 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
n-

Cloudflare NET 92.51 4.80 Exelon EXC 38.32 -0.15

Thomson Reuters TRI 1.3 .54 Q Dec10 /Nov21
BXP BXP 80.95 -0.43
Baidu BIDU 90.92 -0.96 Coca-Cola KO 63.70 -1.67 ExpandEnergy EXE 92.36 5.69 Bleichroeder Acquisition I 9.98 –0.2 –0.1 Bold Eagle Acquisition 10.01 0.1 0.1 Triton Intl Pfd. A TRTNpA 8.2 .53125 Q Dec13 /Dec06
s BakerHughes BKR 42.74 4.16 CocaColaCon COKE 1190.94 11.32 s Expedia EXPE 171.85 6.98 BACQU Nov. 1/$10.00 BEAGU Oct. 24/$10.00 Triton Intl Pfd. B TRTNpB 7.9 .50 Q Dec13 /Dec06
Ball BALL 60.27 0.29 Coca-ColaEuro CCEP 76.48 -1.36 ExpeditorsIntl EXPD 119.41 -2.61 Newbury Street Acquisition II 9.96 –0.4 ... Ingram Micro 24.34 10.6 –1.1 Triton Intl Pfd. C TRTNpC 7.5 .46094 Q Dec13 /Dec06
BBVA BBVA 9.65 -0.81 CognizantTech CTSH 79.40 4.01 ExtraSpaceSt EXR 161.04 -7.50 NTWOU Nov. 1/$10.00 INGM Oct. 24/$22.00 Triton Intl Pfd. D TRTNpD 7.1 .42969 Q Dec13 /Dec06
BancoBradesco BBDO 2.15 -0.05 Coherent COHR 99.43 5.86 ExxonMobil XOM 121.00 2.04 Triton Intl Pfd. E TRTNpE 6.5 .35938 Q Dec13 /Dec06
no

BancodeChile BCH 23.61 0.46 CoinbaseGlbl COIN 254.31 60.35 F5 FFIV 240.12 7.20 Gelteq 2.50 –37.5 –15.0 Oaktree Acquistion III Life Sciences 10.05 0.5 0.5
BancSanBrasil BSBR 4.79 0.08 ColgatePalm CL 90.22 -4.04 FMC FMC 60.93 -2.69 GELS Oct. 29/$4.00 OACCU Oct. 24/$10.00 Special
BcoSantChile BSAC 19.74 0.07 Comcast A CMCSA 45.14 2.58 FTAI Aviation FTAI 149.02 9.88 Septerna 25.62 42.3 19.7 Founder Group 2.88 –28.0 –8.8 Main Street Capital MAIN 5.8 .30 Dec27 /Dec20
BancoSantander SAN 4.78 -0.26 s Comerica CMA 70.31 7.03 Fabrinet FN 246.73 16.50 SEPN Oct. 25/$18.00 FGL Oct. 23/$4.00 Viper Energy VNOM 2.2 .31 Nov21 /Nov14
BanColombia CIB 32.26 0.04 s ComfortSystems FIX 437.28 26.29 FactSet FDS 478.47 10.51 Note: Dividend yields as of 3:30 p.m. ET
s BankofAmerica BAC 45.41 3.53 s CommerceBcshrs CBSH 69.96 6.65 FairIsaac FICO 2090.63 80.88 Charlton Aria Acquisition 10.00 ... 0.5 High Roller Technologies 6.09 –23.9 –21.8 Sources: FactSet; Dow Jones Market Data
BankMontreal BMO 93.17 1.88 SABESP SBS 16.17 0.27 s Fastenal FAST 83.57 5.48 CHARU Oct. 24/$10.00 ROLR Oct. 23/$8.00
s BankNY Mellon BK 78.20 2.19 ConagraBrands CAG 28.90 -0.18 FederalRealty FRT 113.12 -0.61 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
BankNovaScotia BNS 53.24 0.11 Confluent CFLT 27.13 0.70 FedEx FDX 280.06 4.64 Sources: Dow Jones Market Data; FactSet 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 Stock
52-Wk %
Sym Hi/Lo Chg

Continued From Page B9 52-Wk % 52-Wk % HudsonTech HDSN 5.35 -0.7 Lifeward LFWD 2.11 -7.2 MullenAuto MULN 1.72 -8.0 Onconetix ONCO 2.43 -14.1 SMX SMX 0.28 -3.3 T2Biosystems TTOO 0.63 -14.7 VerticalAerospace EVTL 3.55 -15.8
VerticalAeroWt EVTL.WS 0.01 -58.3
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg HyzonMotors HYZN 1.57 -4.0 Lineage LINE 67.53 -7.4 Nanobiotix NBTX 4.07 -5.1 Ontrak OTRK 1.70 -5.5 SaverOne2014Wt SVREW 0.01 14.0 TangoTherap TNGX 2.91 -37.5
VivoPowerIntl VVPR 0.72 -8.6
ImmunoPrecise IPA 0.35 -6.7 LinkageGlobal LGCB 0.19 -11.4 NewFoundGold NFGC 2.08 -4.9 Organovo ONVO 0.39 -4.3 SeaStarMedical ICU 2.40 -3.0 TeekayTankers TNK 44.79 1.9
Stock Sym Hi/Lo Chg Ecopetrol EC 7.44 0.1 Gauzy GAUZ 7.36 -4.9 Wag! PET 0.56 -4.6
InsightAcqnA INAQ 9.12 -8.2 LionElectricWt LEV.WS.A 0.03 -1.7 NewOrientalEduc EDU 56.18 -2.9 PACS Group PACS 16.74 -38.8 SerinaTherap SER 5.03 -13.3 TopWealth TWG 0.39 -4.8
CytomXTherap CTMX 0.98 0.7 1847Holdings EFSH 0.22 13.0 Genmab GMAB 21.90 -1.8
Iridex IRIX 1.27 ... LipellaPharm LIPO 0.28 -0.7 NextTechnology NXTT 0.94 6.5 POSCO PKX 56.84 -5.8 Shineco SISI 0.13 14.7 Torm TRMD 24.06 -0.8 WahFuEducation WAFU 1.58 -1.2
DDC Enterprise DDC 0.16 -13.7 ElevaiLabs ELAB 0.02 -16.8 Gogoro GGR 0.40 -7.0 IvedaSolutions IVDA 1.37 -4.0 LotusTech LOT 4.15 1.9 NextEraEnergyUn NEEpT 46.20 -3.3 Peraso PRSO 1.13 -4.9 SkyQuarry SKYQ 1.52 -4.9 TotalEnergies TTE 61.01 -2.6 Wayfair W 37.60 -8.8
DefDlyTarget2xSh SMST 4.87 -26.3 EnphaseEnergy ENPH 71.38 -16.8 GreenwaveTech GWAV 0.37 -6.3 WestportFuelSys WPRT 3.97 -1.5
JBDI JBDI 0.70 -16.1 Lucid LCID 2.02 -5.3 NextEraEnergy NEP 17.94 -6.2 PineappleEner PEGY 2.85 -13.1 SmartRent SMRT 1.17 -7.4 TreasureGlobal TGL 0.39 -12.1
EQNR GreystoneHousing GHI WindtreeTherap WINT 0.60 -11.6
Diageo DEO 118.35 -3.4 Equinor 22.15 -4.9 11.72 -2.8 Jet.AI JTAI 0.05 -1.6 LuokungTech LKCO 1.57 -6.5 NextTrip NTRP 1.39 -6.8 ProPhaseLabs PRPH 1.90 -6.7 SolarBank SUUN 2.85 -14.1 TridentDigital TDTH 2.40 -7.4
WoodsideEnergy WDS 15.29 -1.7
DigiAsia FAAS 0.60 1.6 ErmenegildoZegna ZGN 7.13 -5.5 GuardforceAI GFAI 1.00 -5.6 KwesstMicroSys KWE 0.70 -3.5 MDB Capital MDBH 5.95 -7.8 Nikola NKLA 2.91 -2.8 PsyenceBiomed PBM 0.06 -6.8 SolarEdgeTech SEDG 14.50 -22.2 TruGolf TRUG 0.51 -3.4 XBPEurope XBP 0.87 -2.9
DigitalBrands DBGI 0.09 22.1 EsteeLauder EL 62.88 -3.9 Hafnia HAFN 5.29 -3.4 Kaixin KXIN 3.60 -9.9 MDJM MDJH 0.14 -6.5 noco-noco NCNC 0.08 -2.9 QurateRetailB QRTEB 2.90 -10.0 SonnetBio SONN 3.40 -11.4 TwoHarbors TWO 11.28 0.7 XTI Aerospace XTIA 0.04 8.6
DirexMUBear1X MUD 22.53 -6.0 Evogene EVGN 1.86 -2.0 Hershey HSY 176.62 -1.8 Katapult KPLT 7.06 -15.4 MatinasBioPharma MTNB 0.50 -3.6 NovaLifestyle NVFY 0.92 -5.1 ReNewEnergyWt RNWWW 0.17 -4.0 SprucePower SPRU 2.36 -4.8 uCloudlink UCL 1.08 -2.3 Xos XOS 4.20 -2.7
DollarGeneral DG 77.22 -5.1 FomentoEconMex FMX 93.32 0.4 HiRollerTech ROLR 5.27 -1.1 KindlyMD KDLY 0.85 -5.6 MeihuaIntlMed MHUA 0.57 -3.8 NuCana NCNA 1.52 -0.7 ReNewEnergy RNW 5.15 -3.0 StryveFoods SNAX 0.75 -10.6 UnityBiotech UBX 1.11 -5.0 Yeti YETI 33.41 -3.0
DollarTree DLTR 60.52 -6.5 FundamentalGlbl FGF 14.21 -3.8 HighestPerf HPH 0.32 -10.3 Kohl's KSS 17.73 -4.3 Mobile-health MNDR 0.40 -9.5 NvniWt NVNIW 0.01 -23.7 SAG SAG 2.88 -7.8 SunnovaEnergy NOVA 3.25 -51.6 VCIGlobal VCIG 2.04 -22.5 YXT.COM YXT 2.05 -13.8
E-HomeHousehold EJH 0.73 -10.5 FdGlblPfdA FGFPP 12.50 -2.1 HondaMotor HMC 27.27 -8.0 Lear LEA 94.29 0.9 Moderna MRNA 49.60 -2.8 OncologyInst TOI 0.27 5.4 SES AI SES 0.39 -7.0 SuperMicroComp SMCI 20.20 -18.1 VerricaPharm VRCA 0.74 -6.4 ZyVersaTherap ZVSA 1.34 -39.4

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 21.22 +0.54 25.9 OTC 21.34 +0.42 29.8 EqInc 26.88 +0.77 18.8 Growth 109.81 +2.18 26.8 MuHYAdml 10.60 -0.14 2.2 TgtRe2060 53.26 +0.58 16.6
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. GlexUSIdxInstPre 15.36 -0.18 9.1 Puritn 25.37 +0.36 19.0 LgCpGwth 79.34 +1.79 31.9 LgCapGow I 85.49 +1.81 30.0 MuIntAdml 13.51 -0.11 0.8 TgtRet2055 57.80 +0.63 16.6
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s GrowthCompanyK6 30.57 +0.71 36.2 SAIUSMinVolIndFd 22.58 +0.32 20.9 JPMorgan R Class MidCap 112.07 +2.36 12.0 MuLTAdml 10.77 -0.13 0.8 TgtRetInc 13.66 +0.01 6.9
apply. k-Recalculated by LSEG, using updated data. p-Distribution costs apply, 12b-1. r- IntlIdxInstPrem 50.42 -0.75 6.9 SAIUSQtyIdx 22.15 +0.43 26.1 CoreBond 10.18 -0.08 2.1 R2030 27.00 +0.23 12.8 MuLtdAdml 10.83 -0.05 2.2 Welltn 46.85 +0.71 15.1
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes LgCpGwId InstPre 38.21 +0.95 29.5 SrsBlChGroRetail 19.15 +0.41 34.1 CorePlusBd 7.17 -0.05 2.9 Putnam Funds Class A MuShtAdml 15.76 -0.03 2.7 WndsrII 50.21 +1.18 18.1
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete MidCpInxInstPrem 35.69 +0.99 19.2 SrsEmrgMkt 19.67 -0.21 13.5 Lord Abbett I PutLargCap p 38.19 +0.89 NA PrmcpAdml r 182.20 +3.62 16.5 VANGUARD INDEX FDS
price, performance or cost data. NE-Not released by LSEG; data under review. NN-Fund not SAIUSLgCpIndxFd 24.52 +0.60 25.7 SrsGlobal 15.11 -0.18 9.1 ShtDurInc p 3.86 -0.01 4.7 Putnam Funds Class Y RealEstatAdml 132.44 -2.82 9.0 ExtndIstPl 367.02+16.52 20.3
tracked. NS-Fund didn’t exist at start of period. SeriesBondFd 8.92 -0.07 1.4 SrsGroCoRetail 26.33 +0.60 35.2 Metropolitan West PutLargCap 38.21 +0.89 NA SmCapAdml 120.17 +4.81 18.8 IdxIntl 19.95 -0.21 8.8
SeriesOverseas 14.21 -0.07 9.6 SrsIntlGrw 18.71 -0.04 9.2 TotRetBdI NA ... NA Schwab Funds SmGthAdml 99.90 +3.62 18.1 MdCpGrAdml 110.74 +3.27 17.7
SerLTTreBdIdx 5.44 -0.13 -4.4 SrsIntlVal 12.99 -0.07 11.3 TRBdPlan NA ... NA 1000 Inv r NA ... NA STBondAdml 10.13 -0.02 3.2 MdCpVlAdml 88.71 +1.95 20.0
Wednesday, November 6, 2024 SmCpIdxInstPrem 29.87 +1.65 19.4 TotalBond 9.48 -0.06 2.5 MFS Funds S&P Sel NA ... NA STIGradeAdml 10.31 -0.02 4.4 SmValAdml 90.87 +3.92 19.3
Net YTD Net YTD Net YTD TMktIdxInstPrem 164.32 +4.50 25.0 Fidelity SAI IIE 35.50 -0.46 7.8 TSM Sel r NA ... NA STIPSIxAdm 24.48 +0.05 4.5 TotBd2 9.42 -0.07 1.3
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret TotalMarketIndex 20.77 +0.56 25.0 TotalBd 8.98 -0.06 2.8 MFS Funds Class I TIAA/CREF Funds TotBdAdml 9.54 -0.07 1.3 TotIntlInstIdx r 133.48 -1.36 8.9
TtlIntIdxInstPr 14.28 -0.17 8.6 U.S.TreBdIdx 8.69 -0.07 0.7 GrowthI 223.67 +5.23 30.2 BdIdxInst 9.55 -0.07 1.5 TotIntBdIdxAdm 19.87 -0.03 2.6 TotItlInstPlId r 133.51 -1.36 8.9
AB Funds Artisan Funds LgCo 39.36 +0.97 25.6 USBdIdxInstPrem 10.28 -0.07 1.4 Fidelity Selects EqIdxInst 42.04 +1.15 24.9 TotSt 142.71 +3.89 24.7
MuniIncmShares 11.15 -0.13 3.9 IntlVal Inst 50.60 -0.11 11.2 US CoreEq1 44.49 +1.41 24.5 Fidelity Advisor I ValueI 55.26 +1.32 17.6 TotIntlAdmIdx r 33.38 -0.34 8.9
Semiconductors r 36.04 +1.19 48.6 Natixis Funds IntlEqIdxInst 23.38 -0.33 7.0
TotStAdml 142.74 +3.89 24.8
VANGUARD INSTL FDS
AB Funds - ADV Baird Funds US CoreEq2 39.88 +1.31 24.0 Total Bd 9.46 -0.07 2.4 Tech 37.89 +0.96 32.9 LrgCpGrIdxInst 67.14 +1.66 29.5 BalInst 50.36 +0.72 15.3
LgCpGrAdv 116.59 +2.40 25.6 AggBdInst 9.74 -0.07 1.9 US Small 52.17 +2.87 18.6 Fidelity Freedom InvGradeBdY 9.81 -0.06 2.8 TxMCapAdml 305.45 +7.94 24.6
First Eagle Funds LSGrowthY 30.00 +0.84 29.1 VANGUARD ADMIRAL DevMktsIndInst 16.13 -0.20 6.4
American Century Inv CorBdInst 10.09 -0.06 2.5 US SmCpVal 52.27 +3.42 17.6 FF2030 TxMIn r 16.11 -0.19 6.5
18.36 +0.06 11.3 GlbA 73.94 +0.04 17.2 Northern Funds 500Adml 547.58+13.51 25.7 DevMktsInxInst 25.22 -0.30 6.5
Ultra 94.47 +2.34 26.8 BlackRock Funds US TgdVal 36.74 +2.33 16.5 Freedom2030 K 18.35 USGroAdml 189.25 +5.01 29.0
+0.06 11.4 Franklin A1
StkIdx 60.95 +1.50 25.6
BalAdml 50.35 +0.72 15.3 ExtndInst 148.72 +6.69 20.3
American Funds Cl A HiYBlk 7.17 +0.01 8.2 USLgVa 52.80 +1.99 20.3 Freedom2035 K 16.38 IncomeA1 CAITAdml ValAdml 69.52 +1.80 21.4
+0.09 13.4 2.41 ... 8.9
Old Westbury Fds
11.30 -0.09 0.9 GrwthInst 205.86 +5.05 29.1
AmcpA 45.54 +1.00 21.8 HiYldBd Inst 7.16 +0.01 8.0 Dodge & Cox Freedom2040 K 12.13 +0.11 16.1 FrankTemp/Frank Adv CapOpAdml r 209.33 +4.91 16.8 WdsrllAdml 89.08 +2.10 18.1
InPrSeIn 9.41 -0.02 2.7
AMutlA 59.80 +1.06 18.6 BlackRock Funds III Balanced 110.39 +1.47 12.6 Idx2030InsPre 20.94 LrgCpStr 21.23 +0.39 NA WellsIAdml 63.21 +0.32 7.5
+0.08 10.9 IncomeAdv 2.39 +0.01 9.1 DivAppIdxAdm 54.65 +1.33 19.8 InstIdx 488.30+12.05 25.7
BalA 36.65 +0.43 15.7 iShS&P500IdxK 695.08+17.15 25.7 GblStock 16.79 +0.18 12.5 Idx2035InsPre 24.19 Parnassus Fds WelltnAdml 80.90 +1.23 15.2
+0.13 12.8 FrankTemp/Franklin A EMAdmr 39.24 -0.21 15.6 InstPlus 488.30+12.05 25.7
BondA 11.21 -0.08 NA BlackRock Funds Inst Income 12.54 -0.09 2.5 Idx2040InsPre 25.55 ParnEqFd 66.10 +1.19 20.2 WndsrAdml 82.46 +2.55 15.1
+0.21 15.3 DynaTech A 173.19 +4.50 29.5 EqIncAdml 98.09 +2.73 18.9 InstTStPlus 101.64 +2.77 24.9
CapIBA 73.12 +0.19 12.6 StratIncOpptyIns 9.47 ... 4.5 Intl Stk 54.03 -0.38 9.9 Idx2045InsPre 26.92 PGIM Funds Cl Z VANGUARD FDS
+0.26 16.3 Growth A 149.22 +3.21 21.7 ExplrAdml 119.59 +4.64 15.8 MidCpInst 74.87 +1.90 19.0
CapWGrA 68.80 +0.43 15.8 TotRet 9.83 -0.07 NA Stock 285.24 +9.30 20.9 Idx2050InsPre 26.96 RisDv A TotalReturnBond 11.90 -0.08 2.8
ExtndAdml 148.73 +6.69 DivdGro 40.88 +0.33 11.9
+0.25 16.3 100.91 +2.17 14.9 20.3 MidCpIstPl 369.27 +9.39 19.0
EupacA 58.24 -0.48 8.9 Calamos Funds DoubleLine Funds PIMCO Fds Instl IntlVal 42.70 -0.50 5.8
Fidelity Invest Guggenheim Funds Tru GroIncAdml 113.77 +2.91 26.7 SmCapInst 120.17 +4.81 18.8
FdInvA 87.97 +1.69 24.6 MktNeutI 15.00 +0.04 6.7 TotRetBdI 8.72 -0.05 2.8 Balanc 30.15 +0.39 16.7 TotRtnBdFdClInst 23.60 -0.17 3.0 AllAsset NA ... NA GrwthAdml 205.85 +5.05 29.1 LifeGro 47.13 +0.44 14.9 SmCapIstPl 346.85+13.89 18.8
GwthA 80.64 +2.07 27.7 CausewayInst Edgewood Growth Instituti BluCh 220.61 +4.66 34.5 Harbor Funds TotRt NA ... NA HlthCareAdml r 90.96 -0.39 6.1 LifeMod 33.57 +0.19 11.5 STIGradeInst 10.31 -0.02 4.4
HI TrA 9.82 +0.01 9.0 CausewayInst 20.95 -0.28 7.1 EdgewoodGrInst 52.63 +0.90 20.3 BluChpGr K6 35.78 CapApInst 122.97 +2.76 27.4 PIMCO Funds A HYCorAdml r 5.45 ... 6.0 PrmcpCor 36.97 +0.81 16.5 STIPSIxins 24.50 +0.05 4.5
+0.78 34.0
ICAA 62.40 +1.44 25.3 Columbia Class I Federated Hermes Int Contra 21.86 +0.51 36.0 Harding Loevner IncomeFd NA ... NA InfProAd 23.09 -0.05 2.7 STAR 29.51 +0.21 10.9 TotBdInst 9.54 -0.07 1.3
IncoA 26.09 +0.23 13.6 DivIncom I 35.62 +0.81 18.7 TtlRtnBdI 9.42 -0.06 2.0 ContraK 21.94 +0.51 36.0 IntlEq NA ... NA PIMCO Funds I2 InfTechIdx 313.92 +9.54 27.3 TgtRe2020 29.11 +0.07 8.3 TotBdInst2 9.42 -0.07 1.4
N PerA 65.91 +0.58 17.9 Dimensional Fds Fidelity CpInc 10.28 +0.08 11.0 JHF III DispVal Income NA ... NA IntlGrAdml 115.25 -1.20 13.2 TgtRe2025 20.29 +0.09 10.4 TotBdInstPl 9.54 -0.07 1.3
NEcoA 67.96 +1.36 25.9 EmgMktVa 31.90 -0.25 11.3 500IdxInstPrem 206.07 +5.08 25.7 GroCo 42.97 +0.98 34.6 DispValMCI 32.01 +1.23 17.0 PIMCO Funds Instl ITBondAdml 10.19 -0.08 1.5 TgtRe2030 39.67 +0.23 11.8 TotIntBdIdxInst 29.82 -0.04 2.7
NwWrldA 83.26 -0.32 11.0 EmMktCorEq 24.67 -0.13 12.1 Contrafund K6 31.28 +0.73 35.8 InvGrBd 9.95 -0.08 2.1 John Hancock IncomeFd NA ... NA ITIGradeAdml 8.61 -0.05 3.1 TgtRe2035 25.03 +0.18 13.2 TotStInst 142.77 +3.89 24.9
SmCpA 70.97 +1.16 7.1 IntlCoreEq 15.98 -0.19 6.7 ExtMktIdxInstPre 93.94 +4.23 20.3 LowP 44.74 +1.27 12.7 BondR6 13.44 -0.09 2.4 Price Funds LarCapAd 137.21 +3.46 25.7 TgtRe2040 44.96 +0.39 14.4 ValueInst 69.52 +1.81 21.4
TxExA 12.33 -0.12 1.3 IntSmCo 20.10 -0.27 6.2 FidSer5 7.62 -0.04 1.4 Magin 15.68 +0.42 31.3 JPMorgan I Class BlChip 199.61 +4.79 33.7 LTGradeAdml 7.72 -0.12 -1.0 TgtRe2045 30.83 +0.31 15.6 WCM Focus Funds
WshA 65.37 +1.39 20.8 IntSmVa 22.76 -0.26 9.6 FidSerToMarket 19.57 +0.54 25.0 NASDAQ 241.76 +6.95 27.1 CoreBond 10.17 -0.07 2.0 DivGro 82.33 +1.58 17.1 MidCpAdml 338.94 +8.62 19.0 TgtRe2050 51.80 +0.57 16.6 WCMFocIntlGrwIns 25.71 +0.02 13.0
 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. * * Thursday, November 7, 2024 | B11

MARKETS & FINANCE

STOCK SPOTLIGHT
Trump Media & Technology Stanley gained more than
Shares of Donald Trump’s 11%.
social-media company jumped
6% Wednesday after the Coinbase
Republican candidate secured Soaring bitcoin prices boosted
the presidency. crypto stocks. Coinbase
surged 31%. Trump has said
Tesla he wants to make the U.S.
Shares of Elon Musk’s the “world capital for crypto.”
electric-vehicle company
rose 14%. Musk emerged as CVS Health
one of Trump’s most vocal The healthcare company’s
backers during his quarterly earnings were at
campaign. the higher end of previously
downgraded guidance. The
Wells Fargo, JPMorgan stock rose 11% Wednesday as
Chase, Morgan Stanley, part of a broader health
Goldman Sachs insurer rally.
The U.S.’s biggest lenders and
investment banks rallied on
hopes for lighter-touch AUCTION RESULTS
Here are the results of Wednesday's Treasury
regulation and higher interest auctions. All bids are awarded at a single price at the
market-clearing yield. Rates are determined by the
income under Trump. Wells difference between that price and the face value.
Fargo and Goldman Sachs 17-WEEK BILLS
were up more than 13%. Applications $178,783,256,100
Accepted bids $64,185,216,100
JPMorgan and Morgan
DRONE BASE/REUTERS

" noncompetitively $511,640,500

" foreign noncompetitively $0
Auction price (rate) 98.542250
(4.410%)
Coupon equivalent 4.537%
THURSDAY’S EARNINGS: Bids at clearing yield accepted
Cusip number
24.08%
912797NQ6
Before the bell: The bills, dated Nov. 12, 2024, mature on March 11,
Oil stored at Cushing, Okla., above, the Nymex delivery hub, was up by 522,000 barrels at 25.9 million barrels. 2025.
Carlyle 30-YEAR BONDS

U.S. Crude Oil Stockpiles

Applications $72,118,494,200
Kenvue Accepted bids $31,075,745,000
" noncompetitively $54,443,700
Hershey " foreign noncompetitively $0
Auction price (rate) 98.253773
(4.608%)
Interest rate 4.500%
After the bell: Bids at clearing yield accepted 13.02%

Increase on Higher Imports

Cusip number 912810UE6
Airbnb The bonds, dated Nov. 15, 2024, mature on Nov. 15,
Expedia 2054.

Italy’s UniCredit

.
Refinery capacity Commercial crude oil stocks 522,000 barrels at 25.9 million up by 412,000 barrels at 211.3
excluding the Strategic Petro- barrels. Refinery capacity use million barrels, or 2% below

ly
use edges up, raising leum Reserve rose by 2.1 mil- rose to 90.5% from 89.1% the the five-year average, the EIA
stocks of gasoline
and distillate fuels
lion barrels to 427.7 million
barrels in the week ended Nov.
1 and were about 5% below the
previous week. Refinery runs
were forecast to rise by 0.3 of a
on
percentage point to 89.4%.
said. Gasoline stocks were seen
falling by 900,000 barrels in
the Journal survey. Gasoline
Lifts 2024 Outlook
BY ANTHONY HARRUP

U.S. crude oil inventories

five-year average for the time
of year, the EIA said. Analysts
surveyed by The Wall Street
Journal had forecast crude
U.S. crude oil production
was steady at 13.5 million bar-
rels a day for a fourth consecu-
tive week, according to the
demand was down by 313,000
barrels a day at 8.8 million bar-
rels a day.
Distillate fuel stocks rose
After Earnings Rise
us ,

rose last week as imports grew, stockpiles to be unchanged EIA. Crude imports rose by by 2.9 million barrels to 115.8
l

and stocks of gasoline and dis- from the previous week. 265,000 barrels a day to 6.2 million barrels following six BY PIERRE BERTRAND fell 1% year-over-year. Fees,
e
al a

tillate fuels increased with re- Oil in the petroleum reserve million barrels a day, while ex- weeks of declines, and were however, rose 8.5% in the pe-
fineries raising their capacity increased by 1.4 million barrels ports fell by 1.4 million barrels about 6% below the five-year UniCredit raised its earn- riod.
use, according to data released to 387.2 million barrels. Oil a day to 2.9 million barrels a average. Distillate stocks had ings outlook for the year after Analysts has expected
ci on

Wednesday by the U.S. Energy stored at Cushing, Okla., the day. been projected to fall by reporting a third-quarter net €2.27 billion in net profit, on
Information Administration. Nymex delivery hub, was up by Gasoline inventories were 300,000 barrels. profit increase that exceeded quarterly revenue of €5.93 bil-
expectations. lion, according to a company-
The Italian bank said that it provided consensus.

French Bank Crédit Agricole Reports

made €2.51 billion, equivalent The bank raised its net
er s

to about $2.74 billion, in net profit and revenue outlook for

profit, compared with €2.32 the year. It said it now expects
m er

billion in the year-earlier pe- to make around €24 billion in

Quarterly Fall in Profit as Revenue Lags riod, on total revenue that

gained 2.9% to €6.14 billion.
Net interest income—the
difference between what a
revenue, from above €23 bil-
lion previously.
Net profit for the year is
expected to amount to above
m rp

bank earns on loans and what €9 billion, compared with

BY ELENA VARDON Crédit Agricole-owned as- it pays clients for deposits, more than €8.5 billion previ-
set manager Amundi last week and a key driver of revenue— ously.
Crédit Agricole reported a reported that its assets under
smaller-than-expected decline management stood at a record
co Fo

in net profit for the third

quarter of 2024, but softer
revenue missed forecasts,
€2.192 trillion at the end of
the quarter.
However, the result from its
Commerzbank Raises
sending its shares lower.
The French lender made
1.67 billion euros, or $1.82 bil-
specialized-financial-services
and insurance divisions was
worse than analysts had esti-
Its Full-Year Guidance
lion, in net profit—or net in- mated.
come group share—for the “Expected strength in in- BY ADAM WHITTAKER which still owns a 12% stake in
three months ended Sept. 30, surance revenue was dashed the bank, has voiced its oppo-
a 4.7% decline from the same by weather-related crop Commerzbank lifted its sition to the idea of UniCredit
quarter the previous year, claims in [property and casu- full-year guidance for some key taking over Commerzbank.
which had benefited from one- alty],” Jefferies analysts said metrics and said its strategy is In third-quarter results pub-
off provision reversals, it said in a note to clients. paying off, as UniCredit con- lished Wednesday, UniCredit
n-

on Wednesday. Consensus es- Shares in Paris fell as much tinued to signal interest in a said it has flexibility and could
timates taken from a Visible as 6.1% before recovering tie-up with the German lender. increase its investment in
IMAGO/ZUMA PRESS

Alpha poll had penciled in a some ground to end 3.8% UniCredit requested further Commerzbank and engage in a
€1.57 billion result. lower at €13.77 each and limit investor talks, Commerzbank full combination should the
no

Revenue at the listed vehi- its year-to-date gains to Chief Executive Bettina Orlopp right conditions occur. How-
cle of Crédit Agricole Group, around 6%. Brokerage firm said after the German bank re- ever, it also said it could sell its
France’s second-largest lender Keefe, Bruyette & Woods de- ported third-quarter results stake if there is no opportunity
by market capitalization, grew Crédit Agricole’s net profit fell 4.7% on year in the third quarter. scribed the results as slightly that beat analysts’ expectations. to unlock Commerzbank’s value
2.3% to €6.49 billion for the underwhelming. Commerzbank’s future has either as a financial investor or
period but came in below the from higher interest rates, its lower interest-rate environ- The group reiterated that it been the subject of speculation via a full combination.
€6.57 billion expected figure. international retail-banking ment also contributed to the expects to surpass €6 billion since Italy’s UniCredit built a For the third quarter, Com-
This was partly driven by revenue slipped on-year with result, it added. Within its in net income group share in 21% stake in the bank and merzbank reported net profit
the better-than-expected per- a decline in net interest mar- large-customers division, rev- 2024—a year ahead of its tar- flagged interest in a potential of 642 million euros, or $702
formance of its retail-banking gin in Italy—its second home enue at its corporate and in- gets—while consensus stands combination in September. million, down from €684 mil-
unit as home- and corporate- market—weighing on the re- vestment bank rose 8.2%, at €6.69 billion. There is political opposition lion in the year-earlier period
loan origination recovered sult. helped by the rebound in trad- Its common Tier 1 equity within Germany to a takeover but above a company-com-
gradually in France. Business momentum at its ing and capital markets activ- ratio—a measure of balance- of Commerzbank, a key lender piled consensus of €529 mil-
While French retail contin- fee-geared businesses that are ity, which has also benefited sheet strength—stood at 11.7%, to small and midsize compa- lion. Total revenue declined
ued to see a delayed benefit well-placed to benefit from a its European and U.S. peers. in line with expectations. nies. The German government, 0.7% to €2.735 billion.

Parsing the down so that prices in dollar

terms remain about the
same after tariffs, exactly
the U.S. This is because the
U.S. runs a big trade deficit
and because its exports are
easier in 2016 for all three to
rise, so any disappointment
about the direction or speed
U.S. Dollar Index
115

Market’s
2016 election
what happened in 2018 when led by oil and aircraft parts, of Trump’s policies would 110
Trump raised tariffs on neither of which are likely to hurt.
China. If he goes ahead with be targeted by other coun- This leads into the fourth 105

Reaction across-the-board tariffs—

plus 60% on China and spe-
tries. issue: history. Traders called
Trump entirely wrong at 100

W
cial higher levels on Mexican hile the U.S. might least twice in 2016. The im-
95
car imports—the dollar be hit less badly mediate reaction to his sur-
Continued from page B1 should get a bigger boost. than other countries prise win was a massive sell- 90
If he follows through on the if there is a trade war, it off in stock futures, which

T
promise to deport millions of raders are on top of would still be hit. Slower were limit-down, off 5%, 85
immigrants who entered the this, with the dollar up growth in the U.S. in princi- overnight—exactly the 2016 ’17 ’18 ’19 ’20 ’21 ’22 ’23 ’24
country illegally, it would be 1.8% against the euro, ple ought to hold back stocks wrong move. Bond yields
a major supply shock, re- though initial large gains and hold down Treasury and the dollar then soared
versing one of the issues against the Mexican peso pe- yields—again, the opposite for the rest of November and S&P 500 forward price/earnings ratio*
that has helped to cool the tered out. They are also bet- of the market’s assumption. December as investors pre- 24 times
jobs market and reassured ting big on smaller compa- The third issue that will pared for him to take office
the Federal Reserve that in- nies, which tend to be more determine the fate of the in January—before the dollar 2016 election
22
flation is back under control. domestically focused and so Trump trade is the starting plunged for all of 2017, and
Supply shocks mean less hit by tariffs, with the point. Back in 2016 stocks Treasury yields and what 20
higher inflation and slower Russell 2000 up 5.8%, double were much cheaper, with the were then regarded as
growth, and are typically the gain for the S&P 500. S&P 500 at 16 times forecast “Trump trades” in the stock
18
bad for stocks. Any hint of The effect on the currency earnings. The S&P is now at market pulled back.
renewed inflation worries could be partially offset by 22 times forecast earnings, Investors believe they
would push up bond yields, foreign tariffs on U.S. ex- so a lot of good news is al- have a handle on what 16
again bad for stocks. ports and by the potential ready in the price. Likewise, Trump will do this time. But
The promised rise in tar- for a full-blown trade war of the 10-year Treasury yield is it isn’t obvious that they are 14
iffs has a textbook effect, escalating import taxes. The at 4.4%, against 1.8% in 2016, any better at assessing poli- 2016 ’17 ’18 ’19 ’20 ’21 ’22 ’23 ’24
boosting the dollar. Foreign rest of the world would be and the ICE U.S. dollar index tics, or that Trump himself
currencies have to adjust bigger losers from this than is at 105, against 97. It was is any more predictable. *Data through Nov. 5 Sources: FactSet (index); LSEG (P/E ratio)
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B12 | Thursday, November 7, 2024 * * THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

Dollar Resists Election-Led Debt Worries

Treasurys are selling off as a second Trump presidency is set to increase deficits

When the bond market and the U.S. national debt held by the public as a percentage of GDP would hardly be flocking into the
currency are giving off conflicting 125% U.S. to chase high yields as usual if
signals about the national debt, they had any concern about sover-
trust the currency. eign-debt sustainability. In coun-
On Wednesday, following Donald 100 tries where these worries arise—
Trump’s victory in the U.S. presi- Turkey and Argentina are recent
dential election, investors dumped examples—the currency nosedives
Treasurys, pushing yields on 10- 75 in lockstep with the debt. Central
year paper to above 4.4%. At the June 2024 banks can buy their own nation’s
end of September, they were below 50 forecast debt, but a depreciation of the ex-
3.8%. change rate is the only market
Crucially, however, the WSJ Dol- force against which even they are
lar Index rose about 1.7%. 25 powerless.
Most Wall Street analysts agree Yet the currencies of rich na-
that Trump’s economic plans will tions—even those that don’t have
0
involve wider budget deficits. The the dollar’s “reserve currency” sta-
tax cuts he delivered during his 1965 ’70 ’75 ’80 ’85 ’90 ’95 2000 ’05 ’10 ’15 ’20 ’25 ’30 tus—still appear insulated from
first term, which are set to expire 10-year Treasury bond yield Part of the 10-year Treasury yields that isn't explained such risks.
at the end of 2025, led the federal by interest-rate expectations* Sterling initially fell during the
deficit to expand from 3.1% of gross Truss debacle of 2022, but bounced
domestic product in 2016 to 4.6% 4.50% 4 pct. pts back as soon as the Bank of Eng-
in 2019. He has promised a further land said it would buy debt. Again,
reduction of the corporate-tax rate 3 this is the opposite of what hap-
4.45
from 21% to 15% for companies that pens in an emerging country un-
manufacture in the U.S., as well as 2 dergoing a fiscal crisis, where
a plethora of other new tax cuts. 4.40 printing money is seen as a further
Higher tariffs could bring in red flag, and underscores that the
some additional revenue, but not 1 U.K.’s bond-market trouble had a
nearly enough to compensate. The 4.35 lot to do with the unraveling of lev-
bipartisan Committee for a Re- 0 eraged trades by pension funds.

.
sponsible Federal Budget estimates To be sure, massive issuance of
that Trump’s proposed policies will 4.30 Treasurys may pose some tempo-

ly
–1
add between $1.6 trillion and $15.6 rary challenges to banks and inves-
trillion to the national debt be- tors trying to absorb it, as has al-
4.25 –2
tween 2026 and 2035. The final fig- ready happened in the past, and
ure may strongly depend on
whether Republicans end up taking
both chambers of Congress.
Regardless, the budget deficit’s
Nov. 5 on
*Known as the ‘term premium’ †Data through Nov. 4
Nov. 6 2005 '10

Sources: Congressional Budget Office (debt); Tullett Prebon (bond yield); Federal Reserve Bank of New York (part of Treasury yields)
'15 '20 '24† lead to the usual congressional
spats about raising the debt ceil-
ing. Also, the injection of spending
resulting from Trump’s deficits
starting point is much higher than gressional Budget Office estimates “term premium,” which has been of an expansionary budget featur- could spark some extra inflation, in
us ,

in 2016: At the end of June, it show. Trump’s policies could take mostly negative since 2016, was in- ing deep tax cuts that led sover- turn leading the Fed to keep bor-
l

amounted to 5.5% of GDP, which is it to 140% instead, the CRFB says. creasing federal borrowing costs by eign bonds to seize up. rowing costs a bit higher. This is
e
al a

a record outside of wars, pandem- According to the Federal Re- 0.2 percentage point. But this theory doesn’t quite fit why inflation-linked bonds have
ics and recessions. serve Bank of New York, almost Term premiums can rise for a the facts. For one, the term pre- gotten relatively more expensive
What happens going forward two-thirds of the increase in 10- number of reasons, but one is cer- mium remains very low and far over the past month, as chances of
ci on

will thus be a big economic experi- year yields since the end of Sep- tainly concern over debt and defi- from its historical average, which is a Trump victory rose.
ment. The national debt was barely tember hasn’t been caused by the cits. The concern is that the “bond 1.5 percentage points. It could, of Finally, true political discord in
a topic of discussion during the market pricing in that the central vigilantes,” who according to Wall course, shoot up from here, but it the U.S. could shake faith in the
campaign, but the portion of it bank will keep rates higher than Street lore drove up interest rates is unclear why this should happen dollar or Treasurys in ways unfore-
held by the public was 97% of GDP previously thought, but rather by as deficits rose in the 1980s, could now and not in 2022 and 2023, seen. So far, though, the prospect
er s

at the end of 2023 and was already investors applying a bigger dis- make a return and plunge the U.S. when rates and inflation were of a second Trump term seems to
set to surpass its record of 106%— count to longer-term bonds relative into a fiscal crisis. Two years ago, surging. be reinforcing King Dollar’s reign,
m er

reached during World War II—by to expectations for short-term Liz Truss resigned as prime minis- An even more important bell- rather than shaking it.
2027 and hit 122% by 2034, Con- rates. Even before Wednesday, this ter of the U.K. following the release wether is the dollar: Foreigners —Jon Sindreu
m rp

Trump to Create New Winners and Losers in Healthcare

co Fo

For healthcare companies, Don- surers focused on Medicare Advan- tage, and also on antitrust. Talks care, a hospital chain that benefits Care Act program at KFF, a non-
ald Trump’s election victory means tage have faced increased scrutiny for a merger between Humana and from more government money profit health-research group.
very different things depending on from the federal government, such Cigna could once again be on the pouring into Medicaid and the ex- But there is also a good chance
which part of the sector they oper- as lower annual rate increases. This table. Wall Street sees that as more changes, was up over 50% over 12 that some form of the enhanced
ate in. came at a time when seniors drove likely under Trump, who is widely months, before dropping around 5% premium tax credits for exchange
For firms offering plans in the up usage of the plans, leading to expected to replace Federal Trade on Wednesday. plans would survive if the House
exchanges created by the Afford- lower profitability. Commission Chair Lina Khan, a For investors in companies like stays in the hands of Democrats.
able Care Act (aka Obamacare), as That helps explain why United- staunch critic of megadeals. Oscar or HCA, control of the House That is because Democrats may be
well as Medicaid plans, it could be Health Group, the leader in this The climate shift in the industry of Representatives now becomes willing to negotiate an extension of
bad news. That explains why Oscar group, was up 5.2%, while CVS, could be abrupt and severe for the crucial thing to watch. those tax credits in exchange for
Health, which derives most of its which on Wednesday named a for- many. Insurers serving the Obama- If Republicans take control of extending parts of Trump’s 2017
business from Obamacare market- mer UnitedHealth executive to lead care exchanges, for instance, have the House after seizing the Senate tax cuts, some provisions of which
places, was down 15% on Wednes- its Aetna unit, surged 11%. Both operated in a burgeoning market and the White House, they could al- are expected to expire at the end of
n-

day while Centene, a big Medicaid have bet big on the growth of the that was propped up by enhanced low the ACA subsidies that were 2025 as well, according to Chris
operator, was down 3.5%. But for Medicare Advantage market. subsidies—doled out in the form of passed under Biden to sunset. That Jennings, founder of the lobbying
businesses operating in Medicare Humana, a Medicare pure-play, tax credits—put in place during the would mean a significant portion of firm Jennings Policy Strategies.
Advantage, the privately run sys- climbed nearly 11%. The insurer is pandemic. These are set to expire the more than 20 million ACA ex- For health-sector companies,
no

tem that mainly serves seniors, a benefiting from a sense that two at the end of 2025. change members could drop their Washington will have as big a role
Republican victory is expected to advantageous trends could con- Oscar’s stock, for instance, had coverage, while over 90% would see as ever in picking winners and los-
provide major regulatory benefits. verge: A more-lenient stance from risen about 200% over the past their costs go up, according to Cyn- ers.
Under the Biden administration, in- Republicans on Medicare Advan- year through Tuesday. HCA Health- thia Cox, director of the Affordable —David Wainer

Super Micro Comes Up Too Short

Super Micro Computer says it Super Micro’s revenue per a report in late August claiming
would be selling a lot more serv- fiscal quarter “glaring accounting red flags, evi-
ers—if only it had Nvidia’s latest dence of undisclosed related party
$6 billion
chips. Unfortunately, investors can transactions, sanctions and ex-
no longer afford to take the com- port-control failures, and cus-
pany at its word. 5 tomer issues.”
The specialized server maker Super Micro declined to com-
that began the year as one of the 4 ment on the report at the time,
hottest names in artificial intelli- but the next day said it was delay-
ANN WANG/REUTERS

gence has now become too cold to 3 ing its annual 10-K filing, saying it
touch. In an unaudited “business needed time to “complete its as-
update” Tuesday afternoon, Super 2 sessment of the design and oper-
Micro reported preliminary reve- ating effectiveness of its internal
nue between $5.9 billion to $6 bil- controls over financial reporting.”
1
lion for its fiscal first quarter That 10-K still hasn’t been filed, Super Micro stands in danger of being delisted from the Nasdaq.
ended September, which was be- and the recent loss of its auditor
low the company’s prior forecast 0 suggests it likely isn’t coming low end of its guidance range in at on financials” in his report. Samik
range of $6 billion to $7 billion. FY2020 ’21 ’22 ’23 ’24 ’25 soon. Super Micro said Tuesday it least five years, according to Fact- Chatterjee of JP Morgan cut the
The numbers are preliminary be- is working “diligently” on the mat- Set data. shares to underperform, citing
Note: Fiscal year ends in June. Q1 and Q2 of FY2025 are
cause Super Micro has no auditor midpoint of company's estimates. ter, but the company that was just The company also projected a “more uncertainty around both
after Ernst & Young bailed last Source: the company added to the S&P 500 in March revenue range of $5.5 billion to the regulatory filings as well as
week in one of the more colorful now stands in danger of being de- $6.1 billion for the current quarter, business fundamentals.”
exits in memory. The Big Four ac- Wednesday, putting the share listed from the Nasdaq. the midpoint of which is more than In a note ahead of Tuesday’s
counting firm said it was “unwill- price below its level from a year And what of Super Micro’s ac- a billion shy of what Wall Street update, Mehdi Hosseini of Susque-
ing to be associated with the fi- ago—before AI hype more than tual business? Demand for AI was expecting. In a conference call hanna said there is “minimal trust
nancial statements prepared by quadrupled its value. components remains hot. The big- Tuesday, Super Micro Chief Execu- in the company’s reported finan-
management” in its resignation Such a plunge suggests Super gest tech companies made clear tive Charles Liang blamed most of cials and guidance.” Following the
letter, according to a filing by Su- Micro may be a cheap AI play last week that they are still spend- the shortfall on customers waiting update, he also took his price tar-
per Micro. again. But while its current multi- ing a boatload—and planning to on availability of Nvidia’s new get on the stock to $15 a
That filing alone took nearly ple of less than seven times for- spend boatloads more—on that Blackwell chip. But he conceded share—46% below its last close—
33% off Super Micro’s stock price, ward earnings is indeed now at a very technology. that the 10-K delay that has threat- calling it a “trough valuation” in
which was already down 59% from discount to main rivals such as But while even $5.9 billion in ened the company’s Nasdaq listing line with the last time it was de-
its peak in March. The latest up- Dell and Hewlett Packard Enter- revenue for the September quarter “may impact a little bit.” listed from the Nasdaq in 2018.
date came out on election night, prise, Super Micro is no bargain. is more than double what Super Wall Street is rightly skeptical. That Super Micro has been down
which didn’t stop investors from The company has been under a Micro managed in the same period Vijay Rakesh of Mizuho suspended this road before probably
voting with their feet again. Super cloud since famed short-selling last year, it would also be the first his rating on the company on shouldn’t be comforting.
Micro’s stock slid 18% in trading firm Hindenburg Research issued time the company has missed the Wednesday, citing “lack of clarity —Dan Gallagher