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What’s Trump Urges U.S. Takeover of Gaza

News President calls for
Business & Finance Palestinians to be
removed in major
 Google’s revenue growth break from policy
slowed in its most recent
quarter as the company’s WASHINGTON—President
cloud-computing division un- Trump called for the U.S. to
derperformed Wall Street take long-term control of the
analysts’ expectations. A1 Gaza Strip and for the nearly
two million Palestinians living
 Major U.S. stock indexes
there to leave for neighboring
advanced, with the S&P 500,
countries, a break with decades
Nasdaq and Dow industrials
of U.S. policy that left the idea
gaining 0.7%, 1.4% and 0.3%,
of a Palestinian state in tatters.
respectively. B11
 Shares of Estée Lauder By Alexander Ward,
plunged 16% after the cos- Dov Lieber
metics company said it would and Michael R. Gordon
cut as many as 7,000 jobs
and warned of a steep sales “The U.S. will take over the
drop to start the new year. B1 Gaza Strip,” Trump said dur-
ing a press conference Tues-
 Nissan’s board is planning
day alongside Israeli Prime
to reject Honda’s terms for a
Minister Benjamin Netanyahu
combination of the two au-
at the White House. “I do see
tomakers, putting in danger
a long-term ownership posi-
a merger plan, people famil-
tion, and I see it bringing
iar with the matter said. B1
great stability to that part of
 Robinhood said it with- the Middle East, and maybe
drew its plans to offer bet- the entire Middle East.”
CHIP SOMODEVILLA/GETTY IMAGES

ting contracts on the Super The proposal, if imple-

Bowl following pushback mented, would involve the

.
from the CFTC. B1 U.S. deeply in a massive de-
velopment project that Trump

ly
 Audiostreaming service
officials said earlier in the
Spotify reported its first full
day could take 10 to 15 years.
year of profitability, fueled
He left unaddressed how the
by record user growth and
austerity measures. B1
 Fox Corp. said it plans by
the end of 2025 to launch a
on
President Trump made his proposal about Gaza as he hosted Israeli leader Benjamin Netanyahu at the White House on Tuesday.
U.S. would persuade Palestin-
Please turn to page A6

Beijing Retaliates With Tariffs of Its Own

direct-to-consumer stream-
us ,

ing service that will include

l

content from Fox News and

e
al a

Fox Sports. B1
 Shares of Merck fell more
BY LIZA LIN goods by an additional 10%. The grab bag of moves largely symbolic, apparently
ci on

than 9% after the drugmaker’s

2025 revenue guidance fell
AND RAFFAELE HUANG China’s measures are set to World Reaction came days after China pledged designed to send a dual mes-
take effect on Feb. 10.  ‘China shock’ upended to respond to Trump’s addi- sage to the new administra-
short of analyst expectations
SINGAPORE—China un- The Customs Tariff Com- U.S. workers.................... A2 tional levy on Chinese goods tion in Washington: Beijing is
and the company said it was
leashed a burst of retaliatory mission of China’s cabinet, the  Postal service halts entering the U.S. While Trump willing to risk a wider trade
pausing shipments of its
measures on Tuesday in re- State Council, imposed 15% parcels from China....... A2 had threatened tariffs on fight with the U.S., but is also
er s

Gardasil vaccine to China. B2

sponse to President Trump’s tariffs on U.S. coal and lique-  Heard on Street: Markets three countries—Canada, Mex- positioning itself for talks to
 Spirits maker Diageo tariff increase, resuming a fied natural gas imports, while complacent? ................. B13 ico and China—citing what he calm tensions.
m er

scrapped its midterm outlook long-simmering trade war be- raising levies on crude oil, ag- called their failure to prevent “China has the capacity to
due to uncertainty in key mar- tween the world’s two largest ricultural machinery and cer- illegal fentanyl from entering retaliate hard and fast, but
kets and warned U.S. tariffs economies and sparking fears tain vehicles. Google, a high-profile symbol the U.S., he postponed the tar- seems intent to demonstrate
could derail its recovery. B3 of a wider conflagration. China’s Commerce Ministry of U.S. technological domi- iffs on Canada and Mexico at strength while avoiding un-
In a coordinated action, added several metals to an ex- nance, for possible antitrust the 11th hour, while proceed- necessary escalation to keep
m rp

World-Wide several Chinese government port control list, effectively violations, while adding PVH, ing with the tariffs on Chinese its options open,” said Han
bodies announced actions tar- restricting U.S. access to key the parent company of Tommy goods. Shen Lin, China director at the
geting U.S. goods and compa- minerals used to make semi- Hilfiger and Calvin Klein, to a With China’s economy in Asia Group, a business con-
 Trump called for nearly two nies—at 1:02 p.m. local time, conductors, missile systems list of “unreliable entities,” arguably its weakest state in sulting firm.
million Palestinians to perma- one minute after the U.S. for- and solar cells. which could be used to re- decades and far more reliant On Monday, Trump, a Re-
co Fo

nently leave Gaza for neigh- mally increased tariffs on im- And China’s antitrust regu- strict or ban firms from trad- than the U.S. on trade, the publican, described the China
boring countries and for the ports of all Chinese-made lator opened a probe into ing with or investing in China. measures from Beijing were Please turn to page A2
U.S. to take long-term control
of the territory, a sweeping

Google Job
Musk Moves Leave
break with decades of U.S. Annual U.S. job quits
policy that left the idea of a
50 million 2024
Palestinian state in tatters. A1
Hopping 39.6M
 China undertook retalia-
tory measures in response
to Trump’s tariff increase,
Revenue Eases 40
Agencies in Chaos
resuming a long-simmering
trade war between the world’s
two largest economies. A1
Growth The U.S. job
market remains
n-

30
 Intense last-minute lob-
bying by the White House
Slows in solid, but more
workers are
staying put as it’s
WASHINGTON—President
Trump said this week there
were curbs in place to prevent
do—anything without our ap-
proval and we’ll give him the
approval where appropriate.
helped Robert F. Kennedy Jr.
Cloud Unit become harder to 20 Elon Musk from doing any- Where not appropriate, we
no

and Tulsi Gabbard get the trade up to a thing in the government with- won’t,” Trump said on Monday.
committee votes needed to better position. Trump’s comments, made to
put them on track for confir- Americans quit By Annie Linskey, reporters in the Oval Office,
mation next week to lead BY MILES KRUPPA 39.6 million jobs in 10 Brian Schwartz came just hours after a Musk-
HHS and national intelli- 2024, down 11% and Rebecca Ballhaus led team effectively shut down
gence, respectively. A4 A slowdown in cloud-com- from the year the U.S. Agency for Interna-
puting sales dragged down before and down out the White House’s blessing, tional Development. Musk,
 The CIA offered buyouts 0
Google’s revenue growth in its 22% from a recent as confusion grew about who over the weekend, called
to its entire workforce, in 2019 ’20 ’21 ’22 ’23 ’24
most recent quarter, sending peak in 2022, the was overseeing the presiden- Please turn to page A4
what officials said is a bid to
its shares tumbling in after- Labor Department Note: Seasonally adjusted tial adviser’s push to dismantle
bring the agency in line with
hours trading. said Tuesday. A5 Source: Department of Labor multiple agencies.  $40 billion aid agency
Trump’s priorities, including
Parent company Alphabet “Elon can’t do—and won’t gutted in two weeks....... A4
targeting drug cartels. A5
reported $96.5 billion of reve-
 FBI agents sued the Justice nue for the three months end-
ing December, an increase of
A Country’s Key to Marital Bliss:
Blitz Flipped
Department to stop it from
releasing a list of employees 12% from the same period a
who participated in investiga-
tions of Trump and the attack
year earlier. Alphabet hasn’t
reported a growth rate that
Lots of Shows About Divorce
on the U.S. Capitol, saying
they feared retribution if their
identities become public. A5
low since 2023.
Shares in Alphabet were
down 8% in after-hours trad-
i i

South Koreans can’t stop watching

i
Hegseth Vote
ing following the earnings re-
 Secretary of State Marco
Rubio said that El Salvador
port, paring much of this people break up; ‘I don’t have it that bad’
year’s gains of about 8%.
offered to accept deportees
Microsoft shares also BY SOOBIN KIM “Watching the program, I con-
Pressure campaign on Tillis kicked in
of any nationality from the
U.S., including incarcerated
dropped last week after inves- AND TIMOTHY W. MARTIN sider myself lucky.” after he declared himself a ‘no’
tors were similarly disap- South Koreans can’t seem
American citizens. A5
pointed in the growth rate of SEOUL—After more than to break up with a new wave WASHINGTON—The night problem—and that Tillis
 About 10 people, including its cloud business. three decades of marriage, of divorce content—even as before Sen. Thom Tillis (R., could go to the White House
the gunman, were killed in a Google’s cloud-computing Kim Younok thinks it’s natural fewer marriages are actually N.C.) cast the fateful 50th and tell President Trump
mass shooting at an adult-ed- division reported $12 billion in to ponder divorce, owing to ending. “yes” vote to confirm Pete himself.
ucation center in Sweden. A6 fourth-quarter sales, up 30% divergent lifestyles with her Fans of the shows say they Hegseth as defense secretary, Over the next 24 hours,
from the same period a year husband and their differ- enjoy the voyeuristic aspects, Tillis would go from no to the
 Died: The Aga Khan IV, 88,
earlier. In the third quarter, ing personal tastes. practical tips to avoid mar- By Lindsay Wise, decisive yes vote for Trump’s
leader of Ismaili Muslims. A6
cloud sales grew by 35%. But she calms riage woes and even Jack Gillum controversial pick. This story
Google Chief Executive down after watching better bonding with and Meridith McGraw of how he flipped—a last-
CONTENTS Opinion................ A13-15 Sundar Pichai said Google was a popular South Ko- mom. South Korea, minute blitz by the president,
Arts in Review..... A11 Personal Journal A9-10
Business & Finance B2 Property Report.... B6
accelerating its investments in rean TV show called which is socially he approached the Senate’s vice president, the Republican
Business News...... B3 Sports.......................... A12 the data centers that power “Marriage Hell,” where conservative, has new Republican leader and whip team and Hegseth—
Crossword................ A12 Technology................ B4 AI, both for his company and a celebrity psychiatrist Hooked the wealthy world’s told him he was a “no.” shows how political and party
Heard on Street.. B13 U.S. News.............. A2-5 clients of its cloud-computing reviews rocky real-life lowest birthrate, a re- That Thursday night, Tillis pressure came to bear on a
Markets...................... B11 World News......... A6-7
business. Pichai said Google relationships. Some couples flection of how few young told Senate Majority Leader Please turn to page A8
would spend about $75 billion bicker about ordering takeout people get married. Those John Thune (R., S.D.), who
> on capital expenditures this versus cooking at home. Oth- who do tend to stay that way. was less than a month into Path Clears
year, compared with $52.5 bil- ers erupt over excessive While not wholly taboo, di- his new role, that there were
lion in 2024. spending for things like cellu- vorce hasn’t been normalized enough votes to defeat Heg- For Nominees
Large tech companies have lite-removal surgery. either. That’s left a curiosity seth.  Vance helps RFK Jr.,
s 2025 Dow Jones & Company, Inc.
been facing questions about “I don’t have it that bad,” void to fill for TV shows, on- But Thune said that was Gabbard advance..........A4
All Rights Reserved Please turn to page A2 says the 60-year-old Kim. Please turn to page A8 Tillis’s problem—not his
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A2 | Wednesday, February 5, 2025 * ***** THE WALL STREET JOURNAL.

U.S. NEWS
How ‘China Shock’ Upended U.S. Workers
Towns recovered Value of goods imported annually to the U.S.
from China and Japan
after import surge,
but many lives were $600 billion
hurt, new paper says
China Japan
500
BY JUSTIN LAHART

The flood of Chinese im- 400

ports that started hitting the
U.S. a quarter-century ago rad-
300
ically altered the U.S. economy.
It upended manufacturing
communities, hurt workers and 200
their families, and sowed a dis-
content with globalization that
changed the nation’s politics 100
CFOTO/ZUMA PRESS

and helped usher President

Trump into his first term.
0
New research offers an un-
precedented look at exactly 2000 ’05 ’10 ’15
how the “China Shock” rippled Workers in a gear-manufacturing business in China’s Shandong province last month. Source: Commerce Department
through the U.S., hitting manu-
facturing communities in the icymakers in the U.S. hoped compete. Autor, along with the key questions, such as how ties surrounding Hickory, N.C., ufacturing workers moved into
Southeast and parts of the China’s accession to the WTO University of Zurich’s David workers had responded. Be- and Dalton, Ga. But the recov- nonmanufacturing jobs. And
Midwest particularly hard. It would benefit U.S. consumers Dorn and Harvard University’s yond that, with the passage of eries were driven by expan- manufacturing workers were
shows a remarkable change by giving them access to inex- Gordon Hanson, released their time, there arose questions sions in industries such as even less likely to relocate fol-
that occurred leading up to the pensive goods while opening first paper on the topic in about how the places had healthcare, education, retail lowing the China shock than
pandemic: Many of the places China’s markets to U.S. busi- 2011. changed. and restaurants. they had been before.
that were hit came back. The ness and nudging Beijing to- They showed, there and in For the new paper, Autor, What’s more, the manufac- The new research also
people who got hit did not. ward democracy. subsequent research, how hard Dorn and Hanson joined with turing workers who had been raises policy questions about
“We were very, very star- The idea was that, sure, these towns were hurt. Those Maggie Jones, a Census Bu- hit by the China shock—largely what could have been done to
tled by what we found. It was some manufacturing workers communities experienced reau economist, and Brad Set- U.S.-born white and Black men lessen the sting. The fact that
so different from what we ex- might be hurt, but that the pain higher unemployment, lower zler, a Penn State University without any college educa- workers didn’t move supports
pected,” said David Autor, a would be manageable and wages, higher use of food professor. The working paper tion—didn’t participate in directing aid toward distressed
Massachusetts Institute of workers would adjust. That’s stamps, higher disability pay- examined individual-level em- these recoveries. communities. But the fact that
Technology economics profes- what experience, such as with ments, higher rates of single ployment and earnings records The new data show that so many new people flowed
sor. The research by Autor and Japan’s rise as a powerhouse in parenthood and child poverty, for nearly all American work- while some of these workers into these places suggests that
four other economists posted the 1970s and ’80s, suggested. and elevated mortality. ers from 2000 to 2019. lost their jobs and struggled to this type of support could have

.
Monday as a National Bureau It didn’t work out that way. The idea was controversial Among the findings was ever find work again, the bulk been poorly targeted.
of Economic Research working China was huge, its labor costs in economic circles. Globaliza- that manufacturing as a sector of them remained employed Many of the people who

ly
paper. were extremely low, and its tion was thought of as a benefit didn’t really come back. The until retirement. But as they were hurt are still living in
In 2001, China joined the surge in exports took place with few downsides. economists found that, start- aged out of the manufacturing those shock-hit places, Autor
World Trade Organization, over a matter of just years The previously available ing in the 2010s, most of the workforce, they weren’t re- points out. “The world has
dropping many barriers to its
exports around the world. Pol-
rather than decades. Many U.S.
manufacturing towns couldn’t
on
data lacked the granularity the
economists needed to answer
affected economies came roar-
ing back, including the coun-
placed.
In addition, not many man-
changed very dramatically
around them,” Autor said.

Beijing A year later, Joe Biden, a Contribution of net trade* to China’s annual GDP growth than meets the eye.
us ,

Democrat, succeeded Trump Google has only a minimal

Parcels From
l

in the Oval Office seeking to 2 percentage points presence in China. Its search

Retaliates
e
al a

stabilize relations with Bei- engine and consumer-internet China Halted

jing—though, notably, without 1 services have been largely un-
scrapping his predecessor’s available in the country since
ci on

The U.S. Postal Ser-

On Tariffs tariffs. 0 2010. vice said it would stop

Trump returned to the PVH and Illumina, a San Di- accepting parcels from
White House last month after –1 ego-based gene-sequencing China and Hong Kong,
pledging across-the-board tar- company, were blacklisted for cutting off a service
Continued from Page One iffs of 60% or more on imports –2 what the authorities said were that is popular with on-
er s

tariffs as being “an opening of all Chinese goods. While the discriminatory practices, ac- line vendors in China.
salvo,” adding: “If we can’t 10% rate imposed on Tuesday –3 cusing them of posing threats The USPS said the in-
m er

make a deal with China, then falls far short of the threat- to China’s national security. bound international ser-
the tariffs would be very, very ened 60%, many economists –4 PVH, which derived about vice was suspended un-
substantial.” see the current measures as 6% of its revenue and 16% of til further notice, and
Trump said Tuesday he merely the opening rounds in –5 its income before interest and that the change
would speak to his Chinese what they fear could prove a 2005 ’10 ’15 ’20 ’24† taxes from China in 2023, had wouldn’t affect letters.
m rp

counterpart Xi Jinping “at the protracted and disruptive cy- *Exports minus imports †Forecast been under investigation since The move comes af-
appropriate time,” adding, cle of escalation. Similarly, Source: CEIC (actual); Rhodium Group (forecast) September, when China said it ter the Trump adminis-
“I’m in no rush.” they said that China’s retalia- was looking into allegations tration imposed new tar-
Asian stock markets largely tory measures, while high on imports last year were about “You could say it’s fairly the U.S. apparel firm boycot- iffs on China and moved
finished the day higher, recov- symbolism, were low on actual half what they were in 2021, mild,” said Vlado Vivoda, a ted cotton products from to close a loophole that
co Fo

ering from earlier in the trad- dollar impact. though they had been set to critical minerals expert at the China’s northwestern region allows companies to
ing session when China un- For instance, China’s new rise six- or sevenfold by 2028, University of Queensland in of Xinjiang. The U.S. has al- avoid paying tariffs if
veiled its retaliatory tariffs target a relatively nar- provided the U.S. grants ex- Australia. leged human-rights abuses they ship packages
measures. Hong Kong’s Hang row band of energy products port licenses to fulfill long- Some of the mineral con- there, which China has vehe- worth less than $800 di-
Seng Index, which includes and machinery, rather than term contracts signed by Chi- trols appear to pose little di- mently denied. rectly to U.S. consumers.
many of China’s biggest com- the across-the-board levies nese companies, according to rect threat to U.S. industry. Illumina, which makes gene Use of the trade pro-
panies, rose 2.8%. that Trump imposed. China research firm Gavekal Drago- The U.S. is a major producer sequencing instruments used vision has ballooned in
The tariffs on China renew also left out soybeans, a politi- nomics. Increasing tariffs of molybdenum, and imports for biomedical research, has recent years, partly
a bitter trade war that began cally symbolic commodity that could pinch shipments, or negligible amounts from struggled in China amid inten- through the growth of
seven years ago, when Trump was at the center of the trade China could threaten to cancel China, according to data from sifying competition. The com- Shein and Temu, the
announced tariffs on solar dispute during Trump’s first the contracts altogether, the United States Geological pany, which derives about 7% China-founded mer-
panels and washing machines term. Gavekal said. Survey. of revenue from mainland chants that have flooded
in January 2018. After two China is a substantial mar- Meanwhile, China’s filing of In other ways, U.S. industry China, Hong Kong and Taiwan, international e-com-
n-

years of tit-for-tat tariff in- ket for U.S. energy, but energy a complaint with the World has been preparing for such a said in December that it had merce networks with
creases, Washington and Bei- exporters can typically find Trade Organization is seen as move by China. Last year, the changed its strategy in the discounted goods.
jing signed a so-called phase- new buyers for their products mostly symbolic, since the its U.S. government put 25% tar- country, while saying that ties About 1.36 billion
one trade deal in January with ease. About 5% of the mechanism for resolving trade iffs on two of the targeted with the government had been shipments entered the
no

2020 that called for China to U.S.’s crude oil and LNG ex- disputes has been defanged. minerals—indium and tung- improving in recent months. U.S. using the provision
substantially boost its pur- ports, as well as 10% of its And China’s tightening of sten—which encouraged U.S. PVH and Illumina said they in fiscal year 2024, ac-
chases of U.S. agricultural coal exports, went to China in exports of tungsten, tellurium, importers to find alternative complied with all relevant cording to U.S. Customs
products. But the Covid-19 the 12 months through No- bismuth, molybdenum and in- suppliers. laws and regulations and were and Border Protection.
pandemic wrought wider vember, according to U.S. Cen- dium products didn’t go as far And while Beijing took aim working to find a resolution. —Esther Fung
damage to the global economy, sus Bureau data. as the harsh mineral export at high-profile U.S. companies —Jason Douglas, Hannah and Hannah Miao
and China fell far short of the LNG is a potential pressure bans that China used against including Google and PVH, Miao and Lingling Wei
promised purchases. point, however. China’s LNG the U.S. in December. those moves too were less contributed to this article.

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Google’s Gemini. through its Officer Anat its Gemini chatbot by the end
CORRECTIONS 
Letters to the Editor:
In response to a question cloud division. Ashkenazi said of the year. The company has Fax: 212-416-2891; email:
about Chinese AI on a call Google has been
E xe c u t i v e s the cloud busi- been playing catch-up to [email protected]
with analysts, Pichai said
Google’s Gemini AI was lead-
have been hop-
ing the cloud
playing catch-up ness exited the
year with more
OpenAI since the startup re-
leased ChatGPT in late 2022.
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THE WALL STREET JOURNAL. Wednesday, February 5, 2025 | A3

U.S. NEWS

Trump Is A Pair of Grand Canyons Dot the Far Side of the Moon
Planning
Trans Ban
In Sports
BY NATALIE ANDREWS
AND LOUISE RADNOFSKY

WASHINGTON—President
Trump is preparing to issue an
executive order Wednesday ef-
fectively banning transgender
girls and women from partici-
pating in female sports events
in schools and colleges, fulfill-
ing a promise that fueled his
campaign for the White House.
Trump will sign an order
titled “Keeping Men Out of
Women’s Sports” Wednesday,
said people familiar with the
matter, including a White
House official and a member
of Congress.

ERNIE T. WRIGHT/NASA/ASSOCIATED PRESS

Rep. Nancy Mace (R., S.C.)
said Tuesday in a press release
that she plans to join the pres-
ident as he issues the order.
“This executive order restores
fairness, upholds Title IX’s
original intent, and defends
the rights of female athletes
who have worked their whole
lives to compete at the highest
levels,” Mace said in her press BLAST ZONE: Research shows an asteroid hit the moon some 3.8 billion years ago, and the energy needed to create its two canyons—seen diagonally on the
release, which also said that left side of the above photo, and vertically on the right side—would have been more than 130 times that in the world’s current inventory of nuclear weapons.
the signing coincides with the
39th annual National Girls and
Women in Sports Day.

Major Publishers Sue Idaho

.
It wasn’t immediately clear
exactly what the contents of

ly
the order would entail, but

Over Library-Book Purge

one option is for the president
to direct the Education De-
partment to interpret federal
Title IX rules as barring the
participation of transgender
girls and women in female BY MELISSA KORN
on It is the latest in a string of Why the Caged Bird Sings” and
sports categories. People on AND JEFFREY A. TRACHTENBERG legal challenges to state rules Kurt Vonnegut’s “Slaughter-
us ,

different sides of the issue about library books, including house-Five.” They say limiting
l

have anticipated that the de- Libraries in Idaho began in Florida and Iowa, and one access to such books violates
e
al a

partment would then base its clearing their shelves last year front in a broader cultural war the First and Fourteenth
policies and future regulations of stories that included kissing over who gets to decide what Amendments.
around this interpretation, is- scenes, picture books featuring concepts and material children A spokesman from the Idaho
ci on

suing guidance to schools to gay parents and guides for are exposed to. attorney general’s office de-
act accordingly—and investi- tweens on what to expect dur- Instruction about sex, gen- clined to comment.
gating alleged violations. ing puberty. der, race and other hot-button According to the suit, librari-
The scope of the order At least one closed its doors issues have been the subject of ans are put in the position of
stands to instantly affect any to most young readers after a lawsuits around the country in guessing whether any member
er s

educational institution that new law went into effect in recent years. The Trump ad- of the public might consider
receives federal funding— July inviting the public to file ministration has also made any material on their shelves
m er

which includes almost every challenges and requests for re- sweeping moves in recent “harmful to minors” and face
college in the U.S., as well as view if they felt the libraries weeks to cut back on diversity the possibility of litigation and
most K-12 schools. had put inappropriate sexual initiatives and shut down pro- financial penalties.
The Title IX provision in content within reach of minors. grams that make accommoda- With a core staff of two peo-
the Education Amendments A group of major U.S. pub- tions for transgender and non- ple, the Donnelly Public Library
m rp

Act of 1972 prohibits sex- lishers, along with authors, par- binary individuals. in western Idaho—one of the
based discrimination in educa- ents, teachers and a public li- The publishers said the plaintiffs in the suit—doesn’t
tional activities, though the brary, are now suing the state Idaho law goes far beyond tra- have the time or expertise to in-
meaning of that has been to try to reverse the purge— ditional limits on obscenity and terpret the law and decide what
hotly contested for decades, which has included “The Hand- called the law’s definition of material, if any, is potentially
co Fo

mostly recently focusing on its maid’s Tale” and “The Perks of sexual content “unconstitution- harmful to minors, said Sherry
application to transgender Being a Wallflower,” among ally overbroad and vague,” as Scheline, the library’s director.
students. others—and overturn the law, well as discriminatory. The Its facility is just over 1,000
In the face of such an order known as HB 710. statute considers as harmful to square feet, making it difficult
likely affecting all but a hand- The Cornell Law School First minors depictions of any homo- to cordon off an adults-only
ful of the National Collegiate Amendment Clinic filed the suit sexual acts and, according to area, according to the suit.
Athletic Association’s 1,100 Tuesday in Idaho federal court the suit, wrongly lumps in To avoid potential litigation,
member schools, the NCAA has on behalf of Penguin Random young children with teenagers, the library shifted to serving
indicated that it would move House, Hachette Book Group, who are capable of handling only adults ahead of the law’s
rapidly to change its rules. HarperCollins Publishers, Mac- more mature content. implementation last year. Ac-
“We’re a national governing millan Publishers, Simon & The plaintiffs said the law’s cording to the lawsuit, the li-
body and we follow federal Schuster and Sourcebooks, the effect has been for libraries to brary has the town’s only after-
law,” NCAA President Charlie Authors Guild and others. Har- censor picture books that show school child-care offering, but
n-

Baker told Republican senators perCollins, like The Wall Street diverse families, prizewinning now children can’t come with-
in a series of contentious ex- Journal, is owned by News young adult fiction and classics out a waiver or if they have a
changes over the issue during Corp. like Maya Angelou’s “I Know parent or guardian present.
a hearing in December. “Clar-
no

ity on this issue at the federal

level would be very helpful.”
The participation of a
handful of female transgender
athletes in women’s sports
events was a favorite issue of
Trump’s on his road to the
White House, and a topic that
several winning GOP Senate
candidates focused on as well.
Trump also incorporated a
controversy at the 2024 Paris
Olympics over the eligibility of
J. COUNTESS/GETTY IMAGES

a female Algerian boxer, who

isn’t transgender.
An executive order is one of
the fastest ways that Trump
and congressional Republicans
can take action on the sports
issue—building on other early ‘The Handmaid’s Tale’ is among books that libraries in the state have cleared from shelves.
executive orders, including
one that stated that the fed-
eral government will recog-
nize only “two sexes, male and
female” and that “these sexes
Antisemitism Claims at Med Schools Probed
are not changeable.” BY LIZ ESSLEY WHYTE investigations, people familiar semitism investigations, into TEUTONIA IV BLUE MOON
Ahead of Trump’s inaugu- with the matter said. Columbia, Northwestern and The name says it all: the Teutonia IV BlueMoon not
ration, the Republican-led The Trump administration HHS said late Monday it Portland State universities, as only has a midnight blue dial, but is also the second
House passed a bill designed is doubling down on its scru- launched the investigations well as the University of Cali-
Teutonia with a moon phase display.
to force schools and colleges tiny of universities by launch- “following reports of antise- fornia, Berkeley, and the Uni-
into prohibiting transgender ing investigations into mitic incidents” during 2024 versity of Minnesota.
whether top medical schools, commencement ceremonies “Today, the Department is For more information please contact:
girls and women from com-
peting in female sports cate- including Harvard Univer- but didn’t disclose the names putting universities, colleges, Little Treasury Jewelers - Gambrills, MD 410-721-7100
gories. sity’s, adequately protected of the schools. and K-12 schools on notice:
| State Street Jewelers - Greensboro, NC 336-273-5872
But it isn’t clear that the Jewish students. The universities didn’t re- This administration will not
bill can secure the seven Dem- Four top medical schools, in spond to requests for com- tolerate continued institu- |The Watch Afficionado - Port St. Lucie, FL
ocratic votes needed to avoid addition to confronting the ment. tional indifference to the well- 772-343-9411 | Whitten's Fine Jewelry - Wilmington,
a filibuster in the Senate. potential loss of hundreds of HHS said it would examine being of Jewish students on DE 302-995-7464 | Old Northeast Jewelers - St. Pete,
There are 27 states that im- millions of dollars of research whether the medical schools American campuses,” said FL 727-898-4377 / Tampa, FL 813-875-3935
pose sweeping restrictions on grants if they don’t comply acted with “deliberate indif- Craig Trainor, acting assistant
the participation of transgen- with White House diversity ference” in response to alleged secretary for civil rights at the
der girls and women in school orders, now face investiga- antisemitic incidents, includ- Education Department.
sports. tions from civil rights attor- ing displays of offensive sym- Harvard’s president last
There are policies mandat- neys at the Department of bols and “expressions of sup- year announced task forces to
ing their inclusion in 14 other Health and Human Services. port for terrorist combat antisemitism and anti-
states, which transgender- In addition to Harvard, organizations.” Muslim bias. Muhle Glashutte USA · 727-896-4278
rights advocates estimate medical schools at Columbia, The Education Depart- Trump signed a January www.muhleglashutteusa.us
have a larger population of Brown and Johns Hopkins uni- ment’s civil rights division executive order “to combat
transgender students. versities are the targets of the also on Monday launched anti- Anti-Semitism vigorously.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A4 | Wednesday, February 5, 2025 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL.

U.S. NEWS

Path Clears for Nominees RFK Jr., Gabbard

Vice president had ticle and her testimony prepa-
ration, the person said. He also
had key role winning advised the White House and
over senators wary of worked closely with Senate
GOP leadership on how to ef-
the two Trump picks fectively persuade members
who might be undecided.
WASHINGTON—The fates of That push included bringing
nominees Tulsi Gabbard for di- in Sinema, a Democrat turned
rector of national intelligence independent who retired at the

MANDEL NGAN/AFP/GETTY IMAGES

and Robert F. Kennedy Jr. for end of the last Congress, to
speak with two of her former

LAURA BRETT/ZUMA PRESS

By Lindsay Wise, Liz colleagues, Young and Sen. Su-
Essley Whyte and san Collins (R., Maine), in an
Meridith McGraw attempt to allay their concerns.
Sinema couldn’t be reached for
Health and Human Services comment.
secretary were so shaky right At the hearing, Gabbard
up until the morning of their Robert F. Kennedy Jr., nominated to lead HHS, and Tulsi Gabbard, chosen for national intelligence director, at their hearings. sought to distance herself from
committee votes that Republi- her prior statements about for-
can lawmakers and White as well as an unusually long leagues Bill Cassidy of Louisi- Kennedy wouldn’t change cur- the crucial committee vote, a mer U.S. intelligence contractor
House officials weren’t sure if and detailed list of concessions ana and Todd Young of Indi- rent federal recommendations person familiar with the matter Edward Snowden, including
their nominations would sur- he and the White House offered ana—seen as critical votes—to on vaccines. Kennedy has previ- said. The senator specifically that he deserved a pardon. But
vive another day. to one holdout Republican on go over their remaining con- ously questioned the safety of thanked Vance for his advice in she refused to answer when
But intense last-minute lob- the Senate Finance Committee. cerns. On the Finance panel, vaccines and suggested un- a post on X announcing his several senators asked her if he
bying by the White House, par- Cassidy wasn’t sold on Kennedy, proven links between the shots “yes” vote for Kennedy. Sen. was a “traitor.” Snowden, who
ticularly from Vice President JD while on Intelligence, Young and a range of chronic diseases, John Barrasso of Wyoming, the now lives in Russia, faces crim-
Vance, helped Gabbard and Ken- Staying in line was on the fence about Gab- including autism. No. 2 Senate Republican and inal charges in the U.S. for his
nedy squeak through on party- The latest votes show the bard. The committees have Re- Through the weekend, Ken- also a doctor, was among those leaks of a tranche of top-secret
line votes. Now they’re on track power of Trump and his allies publican majorities of just one nedy, with back-channel sup- who talked with Cassidy in the National Security Agency files.
for confirmation next week. to keep Republican senators in vote, meaning a single GOP de- port from Vance, sought to re- last few days, another person Collins said Monday she
The two nominees had rocky line even on the most contro- fection could derail a nominee. assure Cassidy that he would said. would be a yes, leaving Young,
confirmation hearings last versial picks. As of Tuesday morning, se- support public-health priorities, who didn’t endorse Trump’s
week, and key GOP senators ap- Not long after the November nior Trump advisers felt confi- people familiar with the matter 2024 presidential bid, as the
peared to be on the verge of election, President Trump had dent about Gabbard but were said. Cassidy extracted the long Most at risk final question mark. Young
blocking their nominations assigned Vance, then still a sen- “50-50” about Cassidy support- list of specific promises on vac- Of all Trump’s nominees, was particularly worried about
from advancing out of commit- ator, with the task of shoring ing Kennedy, according to a cines from Kennedy and the Gabbard had widely been con- Gabbard’s view of whistle-
tee. But Gabbard, a combat vet- up support for his most contro- person familiar with the mat- Trump administration within sidered the most endangered in blowers and wanted assur-
eran and former Democratic versial and unorthodox cabinet ter. Some GOP members of the the last 24 hours before the recent weeks. Cotton, the chair- ances in writing.
congresswoman from Hawaii, picks. Behind the scenes, Senate Finance Committee said committee vote, they said. man of the Senate Intelligence In the final few days before
got through with help from Vance—who cast a tiebreaking they didn’t know what Cassidy Trump previously didn’t en- Committee, worked hand in Tuesday’s committee vote,

.
Sen. Tom Cotton (R., Ark.), vote for Defense Secretary Pete would do until he cast his “yes” gage much with senators about hand with Gabbard, the White Young spoke extensively with
chair of the Senate Intelligence Hegseth last month—worked vote Tuesday morning. Kennedy’s nomination, prefer- House offices of legislative af- Vance, who worked to secure

ly
Committee, and other Republi- the phones and held in-person Cassidy, a medical doctor, ring his nominees show their fairs and the vice president, ev- commitments from Gabbard
can senators—as well as an as- meetings to help persuade GOP detailed lengthy promises made fighting spirit, people familiar ery step of the confirmation that Young said were neces-
sist from recently retired inde- senators to stay in line behind in a series of phone calls by with his thinking said. But this process, according to a person sary for his support, the per-
pendent Sen. Kyrsten Sinema.
And Kennedy’s chances were
boosted by an outside pressure
campaign from his supporters,
Trump’s nominees.
The vice president spoke
several times in recent days
with his former Senate col-
on
Kennedy and the Trump ad-
ministration in explaining why
he got to yes. Among the
pledges Cassidy recounted: that
past weekend, the Trump team
sprang into action.
Cassidy spoke several times
with Vance in the lead-up to
familiar with his efforts.
Cotton helped Gabbard with
written questions for the com-
mittee, a Newsweek opinion ar-
son said.
—Kristina Peterson, Xavier
Martinez and Dustin Volz
contributed to this article.
us ,
l

Trump Gutted a $40 Billion Aid Agency in Two Weeks

e
al a
ci on

WASHINGTON—The cuts
came so fast that one dis-
missed employee had to be re-
hired to process other employ- Treasury Plays Down DOGE Access
ees’ time sheets.
er s

Photos of projects that the WASHINGTON—The with DOGE obtained ac-

U.S. Agency for International Treasury Department said cess to the sensitive sys-
m er

Tuesday that it is conduct- tems that distribute tril-

By Joel Schectman, ing an “operational effi- lions of dollars of
Kristina Peterson, ciency assessment” of its payments annually.
Laura Kusisto and payment systems and that In a letter to lawmakers,
Alexander Ward the agency hasn’t sus- the department said the
m rp

pended or rejected any officials working on the re-

Development had funded payment instructions, after view will have “read-only
around the world—girls play- people tied to billionaire access” to coded data.
ROBERTO SCHMIDT/AFP/GETTY IMAGES

ing soccer in South America, Elon Musk’s Department of Hundreds of people ral-
families getting food in east- Government Efficiency lied Tuesday outside the
co Fo

ern Africa—were gone, and in gained unusual access to Treasury Department,

their place were strips of nails the system in recent days. where lawmakers argued
and empty picture frames. Democratic lawmakers Musk was a threat to de-
Over the course of less than and former Treasury offi- mocracy and citizens’ pri-
two weeks, the Trump admin- cials have been alarmed vate data.
istration largely dismantled after employees affiliated —Richard Rubin
the work of a 10,000-person,
$40 billion foreign-assistance A USAID worker in Kathmandu, Nepal, in 2015. The agency was established in 1961.
agency and the thousands of
people in nonprofits and other world ordered to come home they have already done. The disease outbreaks and reduce partment, with Secretary of has been “unaccountable to
groups that work with it. By within 30 days, barring spe- few officials who remain are child mortality, among other State Marco Rubio stepping in taxpayers as it funnels mas-
Monday, it had closed the cial circumstances. forwarding past-due invoices, aid programs. It has been kept as its acting administrator. sive sums of money to the ri-
agency’s main building and The missive was placed on trying to walk a line between as a distinct agency from the Some Democratic lawmak- diculous—and in many cases,
n-

pulled down its website. On USAID’s website, which for potentially violating a directive State Department for decades ers who support USAID tried malicious—pet projects of en-
Tuesday, all of USAID’s Wash- days had been offline. “Thank from President Trump and vio- in part to avoid giving the ap- to enter the building Monday trenched bureaucrats.”
ington facilities were closed, you for your service,” the lating federal contracting rules. pearance that aid was directly but were shut out by security Longtime USAID officials ac-
as the agency prepared to put message ended. Stefanie Leigh Plant, a 40- tied to diplomatic requests. guards. knowledged the process for de-
no

nearly all of its remaining USAID appears to be a test year-old contractor for That goal has run headlong “You cannot wave away an livering aid could be inefficient.
1,400 staffers on administra- case for whether the Trump ad- USAID’s global health pro- into Trump’s America First agency that you don’t like or Representatives of USAID
tive leave, two officials said. ministration can effectively re- gram, was fired via email, approach and Elon Musk’s De- that you disagree with by ex- and DOGE didn’t respond to
The big announcement structure a decades-old agency with her health insurance sev- partment of Government Effi- ecutive order or by literally requests for comment. A State
came later that night: Nearly without meeting much legal or ered three days later. “That’s ciency, which is seeking to storming into the building,” Department spokesperson de-
all USAID staff would be put political resistance. So far, the when the incredulity began trim billions of dollars in gov- Sen. Brian Schatz (D., Hawaii) clined to comment beyond Ru-
on paid administrative leave answer seems to be yes. setting in,” she said. ernment spending. The Trump said. bio’s recent statements.
starting Saturday morning, Some outside groups say USAID was established in administration has started to The White House said Mon- —Vivian Salama
with aides working around the they can’t get paid for work 1961 to fund efforts to manage fold USAID into the State De- day that for decades USAID contributed to this article.

sought volunteers to work with Families Party and Indivisible, illegal and violated federal pri- ing to people who work there. the agency on Friday. One em-
Confusion him on DOGE who he said
wouldn’t be paid, but now be-
are demanding that Demo-
cratic lawmakers “use every
vacy protections for millions of
people.
These changes are coming
as Musk and his team comb
ployee said that with the
number of officials expected
cause the entity is part of the tool available to stop Elon The abrupt decision by the through the federal budget and to resign this week, the
Abounds government, it is unclear
whether the staff is paid or
Musk’s hostile takeover.”
As Musk and his team face
White House to try to close
and reorganize the USAID
bureaucracy to identify areas
where spending can be slashed.
agency could be decimated by
the time Black arrives.

For Staff whether they are allowed to

have other jobs outside the
government that might pose a
scrutiny, federal law enforce-
ment is rallying to his defense.
Edward R. Martin Jr., the in-
prompted waves of protest and
is serving as a test case for
how quickly Trump can reduce
Musk’s team is developing arti-
ficial-intelligence tools they
want to install into govern-
There were some signs that
the White House’s edicts to cut
the government were already
conflict. terim U.S. attorney in Wash- the size and scope of the fed- ment technologies to root out facing turbulence.
Continued from Page One Musk has been designated ington, D.C., sent Musk a letter eral bureaucracy and the legal what they deem as wasteful The Office of Personnel
USAID “evil,” “a criminal or- as a “special government em- on Monday vowing to help pro- hurdles Trump and Musk government spending, accord- Management sent an email
ganization” and said it was ployee,” a temporary status, tect DOGE and its staff. might confront. Many federal ing to people familiar with the Sunday clarifying terms of its
“time for it to die.” Secretary which enables him to work at Musk and his workers are matter. previous offer for some two
of State Marco Rubio was the White House for 130 days White House unionized and At the Education Depart- million government employees
made acting head of the without filing financial-disclo- team have al- have protec- ment, for instance, DOGE offi- to resign and continue to get a
agency on Monday and said he sure forms required for regular ready accessed A coalition of tions against cials want executive orders paycheck through September.
would work with Congress re- White House employees. payment-sys- labor unions has being dismissed that would start to gut the The email acknowledged that
garding the agency’s future. Congressional Democrats tem information abruptly. Con- agency with the ultimate goal the government hasn’t appro-
Musk leads X, SpaceX and have expressed growing fury inside the Trea- sued the gressional ap- of severely curbing it, accord- priated the funds for the offer,
Tesla and helped funnel more about Musk’s role. sury Depart- proval is re- ing to a person familiar with since the current funding bill
than $250 million into a politi- “We don’t have a fourth ment and staff-
Treasury quired to create the Musk-led department’s for the government expires
cal campaign effort aimed at branch of government called ing records at Department. a federal plans. Trump in last year’s mid-March.
getting Trump and other Re- Elon Musk, and that’s going to the Office of agency, making campaign vowed to eliminate On Monday, federal workers
publicans elected last Novem- become real clear,” said Rep. Personnel Man- it very hard to the Education Department. received more details about the
ber. Trump initially said Musk Jamie Raskin (D., Md.) during a ge m e n t , eliminate one At the Development Finance offer in a form labeled “De-
would co-chair a new entity a protest outside USAID on among other things. On its so- by edict. Corp., employees were told ferred Resignation Agree-
called the Department of Gov- Monday. “This illegal, uncon- cial-media account, DOGE The Education Department that if they can’t begin work- ment.” Employees who resign
ernment Efficiency, but some stitutional interference with claimed to have played a role is another imminent target, ac- ing in the office five days a are expected to continue to
people involved—including the congressional power is threat- in changing the way water is cording to people familiar with week by mid-April, they need work through Feb. 28 to “en-
other co-chair—have already ening lives all over the world.” pumped in California. It also the discussions. Officials at to resign by this Thursday, ac- sure a smooth transition,” ac-
departed, leaving Musk with On Tuesday, several pro- says it has canceled numerous smaller agencies, like the De- cording to a current employee cording to a copy of the agree-
broad powers. DOGE, as it is gressive groups held a protest contracts and leases on under- velopment Finance Corpora- who requested anonymity out ment viewed by The Wall
known, is now a repurposed they called the “Nobody used buildings. tion, a federal agency that of fear of retribution. Street Journal.
part of the White House, Elected Elon rally” outside the A coalition of labor unions helps finance projects in devel- Trump nominated investor —Scott Patterson,
though its exact remit and staff Treasury Department. The has sued the Treasury Depart- oping nations, are also hearing Ben Black—the son of Apollo Ken Thomas, Kristina
remain murky and undefined. groups, which included Move ment, alleging that handing that their duties could be re- Global Management co- Peterson and Alexa Corse
For example, Musk initially On Civic Action, the Working over information to DOGE was duced or redistributed, accord- founder Leon Black—to lead contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * Wednesday, February 5, 2025 | A5

U.S. NEWS

El Salvador Offers to Accept Deportees CIA Offers

Its Entire
Rubio says plan also
includes incarcerated
meet the constitutional level
that we require,” Ginsberg
said.
pand strategic relations
between the two countries.
There had been previous dis-
Workforce
U.S. citizens to be held
in country’s prison
Another federal statute re-
quires the Bureau of Prisons,
which oversees federal in-
cussions about El Salvador ac-
cepting undocumented mi-
grants in the U.S. whose own
Buyouts
mates, to house most incarcer- countries won’t take them,
BY VERA BERGENGRUEN ated individuals within a few known as a “safe third coun- BY JOEL SCHECTMAN
hundred miles of their pri- try” agreement. AND DUSTIN VOLZ
SAN SALVADOR, El Salva- mary residence. But as he stood on a deck
dor—U.S. Secretary of State Bukele said he had offered with Rubio, Bukele hinted to WASHINGTON—The Central
Marco Rubio said on Monday the U.S. “the opportunity to reporters that he and Rubio Intelligence Agency offered
that El Salvador has offered to outsource part of its prison were working on “a much big- buyouts to its entire workforce

MARK SCHIEFELBEIN/PRESS POOL

accept deportees of any na- system” to its Centro de Con- ger agreement.” The deal that Tuesday, in what officials said
tionality from the U.S., includ- finamiento del Terrorismo would be announced “doesn’t is a bid to bring the agency in
ing incarcerated American cit- (CECOT), the largest prison in have precedent,” he said. line with President Trump’s
izens who would be held in the world built to house Bukele has ruled under priorities, including targeting
the country’s maximum-secu- 40,000 inmates. His statement emergency powers since 2022, drug cartels.
rity prison. on X included photos of the suspending key civil liberties, The CIA appeared to be the
El Salvador President Nayib gleaming prison, with rows of including due process, to crack first intelligence agency to tell
Bukele offered to “house in his shirtless tattooed gang mem- down on gangs. In a country its employees that they can
jails dangerous American Marco Rubio, right, met with El Salvador President Nayib bers. of 6.3 million people, one in quit their jobs and receive
criminals in custody in our Bukele at his residence on Monday. Bukele said he offered the The Salvadoran president every 57 Salvadorans is now about eight months of pay and
country,” Rubio said in San U.S. ‘the opportunity to outsource part of its prison system.’ promised the fees the country incarcerated—the highest benefits as part of Trump’s
Salvador, the second stop on would charge “would be rela- prison rate in the world. Hu- push to downsize the federal
his first foreign trip, after of the MS-13 and Tren de Ara- vador would most certainly tively low for the U.S. but sig- man-rights groups and Salva- government. The offer last
meeting with Bukele. gua gangs. face legal challenges. nificant for us, making our en- doran organizations have ac- month made to most civilian
“No country has ever made Rubio said he was grateful Under the Constitution, in- tire prison system cused his government of federal agencies exempted
an offer of friendship such as for the offer, and added he had mates are entitled to medical sustainable,” he said on X. abuses. some categories of federal
this,” he said, calling it the spoken to President Trump care, basic hygienic living con- “Great idea,” said Trump ally But these measures, which workers, including those with
“most unprecedented and ex- about it earlier in the day. ditions and to be free of exces- Elon Musk. have made a country that once national-security roles.
traordinary, extraordinary mi- It was unclear whether the sive force being used against Earlier on Monday, Rubio was the world’s murder capi- The agency is also freezing
gratory agreement anywhere U.S. planned to accept the of- them, according to Betsy Gins- traveled to Bukele’s lakeside tal safer than Canada, have the hiring of job seekers al-
in the world.” fer. A State Department berg, a professor at Cardozo house to discuss measures to also made Bukele massively ready given a conditional offer,
Rubio said Bukele had also spokesperson declined to com- Law School at Yeshiva Univer- stem illegal immigration and popular both at home and an aide to CIA Director John
offered to take in any “illegal ment on what such a plan sity. expand security cooperation. abroad. Ratcliffe said. Some are likely to
immigrant in the United could entail. “A question would be He also later signed a civil nu- Rubio was in El Salvador on be rescinded if the applicants
States who’s a dangerous Having U.S. citizens serve whether the conditions of con- clear cooperation memoran- a rare inaugural tour of Central don’t have the right back-
criminal,” including members sentences in a prison in El Sal- finement in El Salvador would dum of understanding to ex- America and the Caribbean. ground for the agency’s new
goals, which also include
Trump’s trade war and under-

U.S. Begins Flying Migrants to Guantanamo

.
mining China, the aide said.
Across government agencies,

ly
overall interest in the deferred
resignation offer appears to be
low, career coaches focused on
WASHINGTON—The first
flight carrying detained mi-
grants from the U.S. to Guan-
tanamo Bay landed at the
on the federal workforce say, citing
conversations with more than
100 people. Many people have
questions about whether they
American naval base in Cuba, are legally able to take another
us ,

as the Trump administration job during the payout period or

l

undertakes the initial phases of whether they can return to gov-

e
al a

expanding a small migrant-de- ernment under a future admin-

tention center there. istration, these people said.
“There’s no statutory au-
ci on

By Tarini Parti, Nancy thority that I can see for the

A. Youssef and president making this offer,”
ORLANYS DIAZ FIGUEROA/DOD/AFP/GETTY IMAGES

Michelle Hackman said Sen. Tim Kaine (D., Va.),

who represents tens of thou-
A flight Tuesday from Fort sands of federal workers and
er s

Bliss in Texas to Guantanamo, said no constituents have told

which left in the afternoon, had him they are taking the deal.
m er

roughly a dozen migrants on Doing so presents risk, he said:

board, people familiar with the “The administration immedi-
matter said. ately knows, you don’t want to
White House press secretary work for me. They’ll find some
Karoline Leavitt confirmed the other way to get rid of you. You
m rp

developments Tuesday on Fox should not raise your hand.”

Business. “The first flights from Marines boarded a plane Sunday at Marine Corps Air Station Cherry Point, N.C., as they deployed to Guantanamo Bay in Cuba. Trump administration offi-
the United States to Guantan- cials have said the offers are
amo Bay with illegal migrants struct a facility to “contain the closed. The International Refu- no exception.” quickly expand the migrant also meant to signal to those
are under way,” she said, listing worst criminal illegal aliens gee Assistance Project revealed The flight Tuesday to Guan- center at Guantanamo Bay. Lit- who oppose Trump’s agenda to
co Fo

recent immigration-related ac- threatening the American peo- in a report last year through tanamo Bay was on a C-17 mili- tle is known about their plans find work elsewhere. Ratcliffe
tions that President Trump has ple,” he said at the White interviews with detainees and tary jet. The Trump adminis- and how the operation is being told the White House to extend
taken. “He’s not messing House. He made the remarks former staff that the center— tration has been using military funded. the same buyout package to the
around.” while signing a bill passed in which was characterized as a aircraft to carry out routine de- Even housing a small num- CIA, the aide said, believing it
The U.S. base at Guantan- response to a murder by a mi- dilapidated building with mold portations from the border, ber of migrants at the facility would pave the way for a more
amo always has had a facility grant who was in the U.S. ille- and sewage problems—housed mostly to Guatemala and other has been expensive. The Biden aggressive spy agency.
to detain some migrants, typi- gally. The Homeland Security families with young children countries in Latin America. The administration signed a con- A CIA spokeswoman said the
cally those caught heading for Department didn’t respond to a alongside single adults. Detain- administration used a C-17 this tract last year with private move was part of an effort to
the U.S. at sea. The administra- request for more information ees were denied confidential week to deport roughly 100 In- prison company Akima for up “infuse the agency with re-
tion has said it would expand on the migrants and whether phone calls, including with law- dian migrants back to India, ac- to $163.4 million to run the fa- newed energy.”
operations there to hold up to they had a criminal record. yers, and weren’t allowed to re- cording to the Homeland Secu- cility for the roughly three In his confirmation hearing,
30,000. The base is now The base is better known for veal any accounts of mistreat- rity Department. dozen migrants it has averaged Ratcliffe promised to launch
equipped to hold 120 migrants. its notorious prison where the ment, the report said. It costs $28,500 an hour to at the Guantanamo detention more hard-edge spying opera-
n-

Roughly 200 Marines were U.S. has kept suspected terror “These flights set the stage fly a C-17, compared with center in recent years. tions and covert action, naming
dispatched to Guantanamo in suspects for more than two de- for egregious rights violations, $8,500 an hour for a standard Trump’s plan also raises drug cartels and China as key
recent days, according to a de- cades. The lesser known mi- indefinite detention, and crush- U.S. Immigration and Customs many legal questions, such as adversaries. “To the brave CIA
fense official. That number is grant center has been opera- ing family separations,” said Enforcement flight, according whether ICE plans to set up tri- officers listening around the
no

expected to rise to 500 in the tional since the 1990s. The Hannah Flamm, interim senior to government figures. The bunals at the military base for world, if all of that sounds like
coming days, the official said. Biden administration used the director of policy for the Inter- flights to Guantanamo take adjudicating immigration what you signed up for, then
The Marines will help set up facility to house a small num- national Refugee Assistance roughly five hours. It isn’t clear cases, said Karen Greenberg, buckle up and get ready to
the infrastructure, with tents ber of migrants so they could Project. “The United States has why officials used a military director of the Center on Na- make a difference,” he told law-
added to increase the site’s ca- be resettled to third countries. a deplorable history of detain- plane rather than one in the tional Security at Fordham makers last month. “If it
pacity. The detention center has ing different groups of people fleet already on contract with School of Law. doesn’t then it’s time to find a
Trump last week ordered been under scrutiny by advo- unlawfully at Guantanamo to ICE. —Shelby Holliday, Jack new line of work.”
the Pentagon and Homeland cacy groups in recent years avoid oversight and the public The Pentagon and DHS have Gillum and Jan Wolfe —Lindsay Ellis
Security Department to con- who have pushed for it to be eye, and this latest chapter is been working together to contributed to this article. contributed to this article.

ECONOMY JUSTICE DEPARTMENT

Job Hopping Cools, Agents Sue to Halt U.S.WATCH
But Market Is Solid Release of Names
The U.S. job market is still FBI agents sued the Justice
solid. But more workers are Department Tuesday to stop
staying put, because the it from releasing a list of em-
chance to trade up to a better ployees who participated in
job is rarer. investigations of President
Americans quit 39.6 million Trump and the Jan. 6, 2021,
jobs in 2024, down 11% from attack on the U.S. Capitol, say-
the year before and down 22% ing they feared retribution if
from a recent peak in 2022, ac- their identities become public.
cording to Labor Department The two lawsuits, filed in
data published on Tuesday. federal court in Washington,
The share of employees who came after acting Deputy At-
quit their jobs each month has torney General Emil Bove last
fallen below the prepandemic week demanded the FBI com-
level, and some economists ex- pile a list of everyone who
pect more decreases ahead. It worked on those cases.
wasn’t long ago that a revved- The anonymous agents
up labor market kicked off a said they feared they would
frenzy of job switching. be fired and the list would be
Unemployment remains “leaked or published to make
modest and the economy is them targets for the con-
still creating jobs. Layoffs are victed felons who were re-
limited. The Labor Depart- cently pardoned,” according
ment will release its latest to one of the lawsuits. The
monthly jobs report on Friday, employees sought court or-
and economists expect an- ders banning Trump officials
other month of decent job from publicizing the names.
NTSB/ASSOCIATED PRESS

growth and a steady unem- A Justice Department offi-

ployment rate at 4.1%. cial said Tuesday that “there
There are now just 1.1 job is no targeting of rank and file
openings per unemployed FBI agents,” but declined to
worker, down from a high of 2 elaborate on plans for the list.
in March 2022. —Sadie Gurman
—Matt Grossman and C. Ryan Barber TRAGEDY: The NTSB on Tuesday released an image of the Philadelphia crash site of the plane that went down on Friday.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A6 | Wednesday, February 5, 2025 * **** THE WALL STREET JOURNAL.

WORLD NEWS
Vigilantes Help Keep Peace in Syrian City
New leaders have
promised to rule
inclusively, but they
can’t do it alone

BY SUNE ENGEL RASMUSSEN

ALEPPO, Syria—Late one

January night, two balaclava-
clad security officers with
Syria’s new government were
speeding through the streets
of Aleppo in pursuit of a man
who had been spotted steal-
ing fuel from a parked car.
The officers screeched to a
halt, jumped out and ran
through a small park carrying
their flashlights and Kalash-
nikov rifles. An older woman
called out in the dark to check
that the men making the com-
motion were, indeed, the new
authorities. The thief got away.
Petty crime is no small
matter for a new government
that just ended a half-century
of brutal dictatorship. The
former insurgents now in

EMANUELE SATOLLI FOR WSJ

charge need to build popular
support and demonstrate the
rule of law. They are finding
they can’t do it on their own.
Rabie Hardan, a local vigi-
lante watchgroup organizer,
said residents of his neigh-
borhood were so worried Shopkeepers last month prepared chairs and tables near the historic citadel of Aleppo. The city suffered extensive damage during 14 years of war.

.
about rising crime that they
volunteered to help the new badly beaten, looms in the Before the war, Aleppo was country late last year, some country flock to Aleppo’s his- provided a welcome sem-

ly
rulers ensure stability. “They deserts. Skirmishes with loy- Syria’s largest city and its religious minorities were un- toric citadel. Banners depict- blance of safety and social
need time to secure the city.” alists of the fallen Assad re- commercial hub. During the settled. During their first days ing former President Bashar services. It is now drawing on
Syria’s new leader moved gime persist. And economic conflict, it became one of the in Aleppo, the group’s fighters al-Assad have been left in that experience to govern the
at the end of January to dis-
band armed groups, including
his own, and start the process
of creating a new army after
hardship carries the threat of
a new, future insurgency.
Contending with all this are
the former members of Hay’at
on
most dangerous places on
earth. Russian airstrikes and
fighting between Assad forces
and rebels laid waste to the
went knocking on doors in
neighborhoods that have
housed Christians for centu-
ries to reassure residents they
shreds. Syria’s pre-Assad tri-
color flag of green, white and
black has been reinstated ev-
erywhere.
whole country, said Dareen
Khalifa, a senior adviser at the
International Crisis Group, a
conflict-resolution organiza-
14 years of war. Tahrir al-Sham, a group whose city, including its Old Bazaar, were safe, said Joseph Tobji, The conflict in the coun- tion based in Brussels.
us ,

A visit to Aleppo, the major roughly 25,000 fighters have a Unesco heritage site. Maronite archbishop of try’s northeast—where Syrian “They see themselves as a
l

city they have held the lon- been spread across a country Today, entire residential Aleppo. Weeks later, the group Kurds supported by the U.S. governing body,” Khalifa said.
e
al a

gest, shows it won’t be easy. of 24 million people. Before neighborhoods are still in ru- deployed security to protect are under attack from militias “They see themselves as poli-
Small crimes are common and advancing on Damascus in De- ins, their residents killed, exiled Christmas celebrations. allied with Turkey, which has ticians.”
unsettling for a deeply impov- cember, the group had admin- or disappeared into Assad’s un- “Honestly, we were sur- close ties to HTS—reverber- HTS has moderated certain
ci on

erished society on edge. istered Idlib, an enclave of a derground prisons. Electricity prised,” Tobji said. Interna- ates in Aleppo. stances over time, knowing
Elsewhere in Syria, larger few million people. Aleppo, is scarce, and streets plunge tional pressure can help safe- The new rulers need popu- that it can’t rule alone given
problems are brewing. In the less than an hour away from into darkness at midnight. guard Syrian minorities, he lar support to avoid another its small size. “They need to
northeast, contests between that power base, was the first When HTS, whose leader said. “They don’t want to tar- uprising. In Idlib province, strike alliances with other
Kurds and Sunni militias city that fell when the group Ahmed al-Sharaa was once af- nish their reputation among which HTS captured in full in Syrians and bring them into
er s

backed by Turkey remain un- launched its lightning offen- filiated with Islamic State and the public and the world.” 2019, the group suppressed government,” Khalifa said.
resolved. Islamic State, while sive in November. al Qaeda, swept through the Visitors from across the political dissent with force but “They need more people.”
m er

Trump Says WORLDWATCH

m rp

U.S. Would SWEDEN

Shooting Shakes
OBITUARY
The Aga Khan IV,
Take Gaza Nation ‘to Its Core’ Spiritual Leader, 88
co Fo

About 10 people, including The Aga Khan, who became

the gunman, were killed at an the spiritual leader of the
Continued from Page One adult-education center in world’s millions of Ismaili Mus-
ians to voluntarily surrender what Prime Minister Ulf Kris- lims at age 20 as a Harvard
their land and whether Israel tersson called the country’s undergraduate and poured a
would ultimately exercise sov- “worst mass shooting.” material empire built on bil-
ereignty in the territory. Police said that the dam- lions of dollars in tithes into
ANDREW CABALLERO-REYNOLDS/AFP/GETTY IMAGES

Trump didn’t rule out age at the scene was so ex- building homes, hospitals and
sending U.S. forces to hold tensive that investigators schools in developing coun-
Gaza, a deployment that could were unable to be more de- tries, has died. He was 88.
launch the kind of long-term finitive about the number of His Aga Khan Development
American military occupation fatalities. The suspected gun- Network and the Ismaili reli-
in the Middle East that Trump man wasn’t previously known gious community announced
n-

has long decried. to police, officials said, and is that His Highness Prince Ka-
Trump cited the devasta- believed to have acted alone. rim Al-Hussaini, the Aga Khan
tion in Gaza for why the en- Campus Risbergska—in IV and 49th hereditary imam
clave’s two million Palestin- Örebro, about 125 miles west of the Shia Ismaili Muslims,
no

ians had to move. of Stockholm—serves students died Tuesday in Portugal.

“I hope we can do some- over age 20, according to its His successor was desig-
thing where they wouldn’t President Trump and Israeli Prime Minister Benjamin Netanyahu at their press conference. website. It offers primary and nated in his will, which will be
want to go back,” Trump said. upper-secondary-school read out in the presence of his
The president added that he The Palestinian Authority friendship.” as some kind of massive beach- courses, Swedish classes for family and senior religious
would like to see “really good and Hamas have also said they Removing Gaza from Pales- front property? Is he talking immigrants, vocational train- leaders before the name is
quality housing” built for Pal- would not support evacuation tinian hands would detach a about a U.S. occupation of ing and programs for people made public. A date hasn’t
estinians outside Gaza. The of Gaza. significant portion of Palestin- Gaza? Will the U.S. force out with intellectual disabilities. been announced. The successor
rebuilt strip would provide With Gaza under military ian territory that U.S. presi- two million Palestinians as part “Many questions remain is chosen from among his male
jobs and stability to the re- occupation as a result of Is- dents—including Trump’s first of the plan?” asked Elgindy, unanswered, and I cannot progeny or other relatives, ac-
gion, Trump said, implying rael’s 15-month old war administration—have said for now at Georgetown University. provide those answers ei- cording to the Ismaili commu-
without providing details that against Hamas, Israel would decades would form part of an White House officials ar- ther,” Kristersson told report- nity’s website.
it would be open to both Is- have to play a major role in eventual Palestinian state. gued that mass relocation ers in Stockholm. “But the Considered by his follow-
raelis and Arabs. any plan to empty Gaza of its Trump has yet to publicly from Gaza was the only viable time will come when we will ers to be a direct descendant
It wasn’t clear how Trump’s residents. Netnayahu didn’t address whether he has any option and that they could know what happened, how it of the Prophet Muhammad,
plan could be implemented. directly address Trump’s ideas plan to revive the moribund persuade Egypt and Jordan to could occur, and what mo- he was a student when his
With Hamas badly damaged at their joint press conference. process aimed at achieving a accept displaced Palestinians. tives may have been behind grandfather passed over his
but still intact in Gaza, any at- Netanyahu said during the Palestinian state alongside Is- Trump has invited Jordan’s it. Let us not speculate.” playboy father as his succes-
tempt to move Palestinians press confer- rael, a goal that King Abdullah and Egyptian Gun violence at schools is sor to lead the diaspora of
out of the territory would ence that one would be all the President Abdel Fattah Al Sisi very rare in Sweden. But Shia Ismaili Muslim.
likely be met with attacks and of his key goals harder if the to the White House for talks there have been attacks in Over decades, the Aga
continued armed resistance, was to ensure White House U.S. pressures later this month. recent years involving weap- Khan evolved into a business
delaying perhaps permanently Gaza wouldn’t officials see a Gaza residents Middle East envoy Steve ons such as knives or axes. magnate and a philanthropist.
any likelihood that Trump’s host terrorists to abandon Witkoff said the three- to five- Justice Minister Gunnar Treated as a head of state,
plan could be implemented. again. Trump, 10- to 15-year their land. year timeline called for in the Strömmer called the shooting the Aga Khan was given the
Initial responses from Arab he continued, Congressio- cease-fire agreement for re- “an event that shakes our en- title of “His Highness” by
countries, where it was the took that con-
redevelopment nal Republicans construction of Gaza’s shat- tire society to its core.” Queen Elizabeth II in 1957.
middle of the night at the cept “to a much of the territory. and Democrats tered housing and infrastruc- —Associated Press. —Associated Press
time of the news conference, higher level.” expressed skep- ture isn’t realistic. A more
were muted. Late on Tuesday, “It is some- ticism at the accurate estimate is 10 to 15
the Saudi foreign ministry thing that idea of the U.S. years, a senior official said.
said the kingdom rejected could change history, and it is taking over Gaza. U.S. officials have yet to
“any violation of the rights of worthwhile really pursuing Sen. Lindsey Graham (R, outline how they will remove
the Palestinian people, this avenue,” Netanyahu said. S.C.), a Trump ally, called the Palestinians from Gaza if they
whether through settlement, Right-wing Israeli politi- proposal “interesting” but don’t leave voluntarily. Moving
land annexation, or attempts cians have called for resettle- “problematic,” and said his con- forward with the plan could
to displace them.” ment of Gaza and some have stituents wouldn’t like the idea. also undercut Trump and Ne-
In response to Trump’s ini- endorsed postwar annexation Sen. Ruben Gallego (D, Ariz.), a tanyahu’s larger goal of reach-
tial suggestions last month of the territory. But Netan- former Marine, said Trump was ing a normalization pact be-
JAGADEESH NV/EPA/SHUTTERSTOCK

that Palestinians could be yahu’s government hasn’t en- outlining an “invasion” of Gaza. tween Israel and Saudi Arabia.
moved out of Gaza, top diplo- dorsed taking over postwar Middle East experts were Before meeting Netanyahu,
mats from Egypt, Jordan, the Gaza, much less anything like stunned. Khaled Elgindy, a Trump signed an order to re-
United Arab Emirates, Saudi what Trump proposed. former senior adviser to the impose “maximum pressure”
Arabia and Qatar have already Itamar Ben Gvir, a far-right Palestinian Authority in nego- on Iran, a first step toward
rejected “evictions” of Pales- politician who dropped out of tiations with Israelis, called toughening enforcement of
tinians “in any form or under Netanyahu’s government over Trump’s proposal “truly bi- sanctions on Iranian oil and
any circumstances or justifica- efforts to end the war, posted zarre and incoherent.” other parts of its economy.
tions,” in a statement after a on X: “Donald, this looks like “None of it makes any sense. —Annie Linskey SUN SET: Yogis performed sun salutations in Bengaluru, India,
meeting in Cairo on Saturday. the beginning of a beautiful Is he looking to develop Gaza contributed to this article. on Tuesday, marking a festival devoted to sun god Lord Surya.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Wednesday, February 5, 2025 | A7

WORLD NEWS

German Rust Belt

Propels Gains
For the Far Right
AfD party courts mer East Germany, home to
just a fifth of German voters.
depressed, diverse

KSENIA IVANOVA FOR WSJ (3)

Mirroring the rise of MAGA
industrial towns that that helped Donald Trump win
last year, this shift could de-
formerly voted left termine whether the anti-im-
migration group can become a
BY BERTRAND BENOIT truly national force.
Located in the northern
GELSENKIRCHEN, Ger- Ruhr region, Germany’s equiv- Enxhi Seli-Zacharias, above, leads the
many—For 20 years, Stefan alent of the U.S. Rust Belt, AfD in the industrial town of
Diete, a lab chemist at an oil Gelsenkirchen is among the Gelsenkirchen. The party has attracted
refinery in this western Ger- most economically depressed interest in voters like Jolanthe Zylka,
many town, was a member of cities in Germany. As a mining far left, and Stefan Diete, near left.
a far-left party with Commu- town, it grew rapidly during
nist roots. In this month’s the late 19th and early 20th many to leave the EU and lift beer openers, brochures and gaining support among all so- their SPD memberships. “The
election, he said he would vote century. In World War II, more sanctions on Russia. It has fake marks—the former cur- cio-economic and age groups, people who gravitate toward
for the far-right AfD. than half of all homes and a criticized the country’s culture rency that the party wants to said Roland Abold, head of the AfD, they’re not Nazis.
“There are places here, it’s third of its industrial capacity of Holocaust remembrance, reintroduce to replace the pollster Infratest dimap. They’re just dissatisfied.”
not Germany any more. It’s not were destroyed by Allied bom- and some of its regional chap- euro. Western towns where the Enxhi Seli-Zacharias, who
even Europe. It’s the Middle bardments. Heavy industry ters are classified as far-right Jolanthe Zylka, a cheerful AfD has made recent break- leads the AfD in the city, said
East or Africa,” the athletic, and textiles helped it rebound, extremist organizations by the 63-year-old former nurse, throughs include places such her party is even gaining sup-
heavily tattooed 58-year old but it declined rapidly follow- German domestic-intelligence moved with her ethnically Ger- as Salzgitter, a former steel- port among the city’s oldest
said. “I haven’t read the AfD’s ing the oil shocks of the 1970s agency. man parents to Gelsenkirchen making center; Pforzheim, an migrant communities, includ-
economic program and I don’t and a failed conversion into a Its rise has drawn particu- from Poland 41 years ago and old watchmaking town in the ing German Turks, who are of-
care. I’ll still vote for them, be- solar-energy hub. lar attention in Germany be- once supported the Animal Pro- south; and Pirmasens, once a ten assimilated and don’t al-
cause of immigration.” At 12.7%, Gelsenkirchen’s un- cause the country’s constitu- tection Party, a single-issue leather-industry hub. While ways look kindly to more
Polls show the AfD, short employment rate was double tion was group. Now, she not all are as economically de- recent arrivals from Arab
for Alternative for Germany, the national average last De- designed to said she is “at- pressed as Gelsenkirchen, they countries and the Balkans.
could more than double its cember and the highest of any avoid the insta-
‘These are the tracted to the are all old industrial towns, “I had to integrate in this
score in the coming election German city of its size, accord- bility and ex- Ohios and the AfD because they said Matthias Moehl, a data culture,” said Seli-Zacharias,
and deliver its best national ing to the Federal Labor Agency. tremism of the say what I think. analyst at Election.de, an elec- who was born in Tirana, Alba-
performance since its creation On a recent morning, its Weimar years,
West Virginias of What’s going on toral analysis website. “These nia, and moved to Germany
12 years ago, driven by frus- main street was tidy but drab, which led to Germany.’ here is no longer are the Ohios and the West with her parents at age 7. “I

.
tration about Germany’s eco- lined with boarded-up kebab Hitler’s take- normal. I don’t let Virginias of Germany.” know what I had to do to get
nomic slump, immigration and shops, discount drugstores over of power. my house wide When industry began shed- my passport and it drives me

ly
crime. A few pollsters think it and a vast but closed branch The fact that Matthias Moehl, a data open for everyone ding jobs in Gelsenkirchen 25 crazy to see how these are be-
could even win the election, of the Irish budget-fashion lawmakers from analyst at electoral- to come in.” years ago, people started to ing handed out to people with
but even if it finishes second, chain Primark. the AfD and the analysis company The AfD is leave. Rents fell, which in turn no cultural connection to Ger-
its rise will be felt as an earth-
quake in a country that has
strived for decades to keep the
far right out of government.
In last year’s European
election, the most recent na-
tionwide ballot, the AfD
scored 21.7% of the votes here,
on
center-right
Christian Dem-
Election.de benefiting from
rising unemploy-
ocratic Union voted jointly for ment, immigration and crime
the first time to adopt a sym- in parts of west Germany, said
drew refugees and Eastern-
European migrants, said Udo
Gerlach, a local politican for
the center-left Social Demo-
many whatsoever.”
Back at the AfD informa-
tion stand in Buer, a young
Turkish-German man had ap-
Behind this ascendance is a one of its best showings in bolic anti-immigration motion Stefan Marschall, professor of cratic Party. Migrants now proached Jan-Hendrik Preuss,
us ,

broadening in the AfD’s support western Germany and well last week prompted hundreds political science at Heinrich- make up almost 40% of the a teacher who chairs the AfD
l

base. Recent voting and survey above its national average. of thousands to protest. Heine University in Düsseldorf, city’s population. Immigra- group in the town council. The
e
al a

data show it is rapidly gaining The city and its surround- Despite this, the party is an hour’s drive south of tion, he said, was the main man had a question: Like his
ground among blue-collar work- ing region would be a major expanding its voter base, as Gelsenkirchen. But he cautions reason his party has been los- brother, he was considering
ers and even some migrant prize. With its web of midsize evidenced in Buer, north of that it will struggle to match ing support after dominating supporting the party but
ci on

communities in Germany’s towns, the Ruhr is Germany’s the city center. its support in the east because local politics for decades. wanted to know whether it
struggling industrial hinter- densest urban area, and the On a busy pedestrian street traditional parties are far “We get a lot of abuse would stop Muslims from go-
land—places that were long European Union’s fifth-largest. there, Friedhelm Rikowski, the more deeply anchored in the sometimes when we’re out ing to the mosque and ban ha-
seen as fortresses of the left. Of the various nationalist party’s local candidate for west, whose many affluent re- campaigning,” said Gerlach, lal food.
People like Diete could help parties now ascendant in Eu- Parliament, and his team had gions haven’t warmed to the who worked at the refinery “Not at all,” said Preuss.
er s

the AfD expand from its tradi- rope, the AfD is among the set up tables clad in AfD-blue AfD’s populist message. for 35 years and saw col- “You don’t need to worry
tional strongholds in the for- more radical. It wants Ger- and were handing out lighters, Still, the party has been leagues gradually abandon about that.”
m er

Kyiv Open to Exchanging

m rp

Rare Earths for U.S. Aid VALENTINE’S

DREAM GIFT
co Fo

BY IAN LOVETT

President Trump has indi-

cated he is open to supplying
Ukraine with more weapons in

EVENT
exchange for access to the
country’s mineral resources.
Ukraine is on board, but putting
EVGENIY MALOLETKA/ASSOCIATED PRESS

the plan into practice might not

be so easy: Many of the miner-
als of greatest interest to the
U.S. are in areas under Russian
n-

occupation or threatened by
Moscow’s advance.
As a result, access to valu-
able Ukrainian natural re-
no

sources will depend, at least

in part, on the battle for east- Ukrainian soldiers load ammunition into a self-propelled
ern Ukraine, where Russian howitzer on the front line in the Donetsk region, Ukraine.
forces are advancing slowly
but steadily. to Trump and U.S. officials very expensive to mine, and
That is especially true for last fall. Speaking on Tuesday, the known deposits in Ukraine
rare earths, a collection of Zelensky reiterated his will- are much smaller than those
minerals that have become es- ingness to let the U.S. develop in the U.S., said George In-
sential in certain high-tech in- his country’s resources if they gvall, a price analyst at Bench-
dustries, including defense and would keep shipments of arms mark Minerals Intelligence.
renewable energy—in which flowing to Kyiv. Vadym Denysenko, a politi-
Trump has expressed particu- “Russia has been occupying cal analyst and former mem-
lar interest. Currently, most of our lands since 2014, and some ber of Ukraine’s parliament,
the world’s supply of rare of those areas contained signif- said the idea would be to open
earths come from China. icant reserves of our natural re- Ukrainian resources to West-
“We’re looking to do a deal sources,” Zelensky told report- ern allies after a peace deal
with Ukraine where they’re ers. “We are open to developing had been reached.
going to secure what we’re these resources with our part- Aid from the U.S.—including
giving them with their rare ners—the ones who help us de- long-range missiles, advanced
earths and other things,” fend our land and push the en- air-defense systems and a
Trump said, speaking at the emy back with their weapons, steady supply of artillery
White House on Monday. presence, and sanction pack- shells—has been an essential 2 CARAT LABGROWN DIAMOND STUDS
Though rare-earth deposits ages. This is absolutely fair.” factor helping Ukraine defend
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and titanium. Ukraine says it “The biggest flaw with this long as there is something in
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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.

A8 | Wednesday, February 5, 2025 * *** THE WALL STREET JOURNAL.

FROM PAGE ONE

FROM LEFT: BILL CLARK/CQ/ZUMA; KEVIN DIETSCH/GETTY IMAGES

Sen. Thom Tillis, above, told fellow Republicans he was a ‘no’
on Pete Hegseth, right, the night before the confirmation vote.
Tillis went on to be the decisive ‘yes’ vote for the nominee.

How Vote Tillis agreed that what she had

shared with him was compel-
ling and warranted further in-

On Hegseth vestigation. He asked if she

could get other people to come
forward. Dugan sent messages

Flipped to former colleagues, but peo-

ple were too scared to come
forward, she said.
The day after Christmas, the FBI’s background check Tillis told Danielle that he was no physical abuse in my senator’s concerns in detail, go-
Continued from Page One Tillis texted Dugan, telling her briefing on Jan. 10 to the lead- was part of a group that in- marriage.” ing through Danielle Hegseth’s
vulnerable senator facing re- not to let the nomination pro- ers of the Senate Armed Ser- cluded GOP Sens. Susan Collins The next morning, on sworn statement. Tillis wanted
election next year and on wit- cess get her down. “I know it vices Committee. On Jan. 14, of Maine and Lisa Murkowski Wednesday, Jan. 22, Tillis had to talk to Samantha, the ex-
nesses who came forward and can be intimidating, but I want Hegseth testified at his confir- of Alaska. He brought up other a phone call with at least two wife, the person said.
received assurances of protec- you to know I’ll do anything I mation hearing. The allegations names as possible no votes. He other people familiar with the “Everybody was involved,”
tion from Tillis, only to become can to protect you. People need by Danielle didn’t come up. said if she signed the sworn confirmation process. The sen- one person close to the matter
collateral damage in the fight to know this is not about Presi- Lawmakers were facing statement it would carry ator said he was concerned said. “It was a circle-the-wag-
for a single vote. dent Trump. In fact, it is due pressure to confirm Hegseth. weight and could potentially that Samantha’s comments ons moment.” That included
This dynamic could be re- diligence that ultimately pro- The American Leadership PAC convince these Republican sen- contradicted Danielle’s—and White House Chief of Staff Su-
played in the weeks to come tects 47,” the senator wrote. “I was running ads in 13 states ators to vote no. her response to the NBC story sie Wiles and Vice President JD
with other cabinet nominees or just wanted to thank you for pushing for his confirmation— Tillis indicated that if he got had now become a Republican Vance, who was on the phone
even votes on issues like taxes your courage and I wanted to with the most money spent in to three “no” votes plus Sen. talking point. He said he with Tillis throughout the day,
or the debt ceiling, as other Re- make sure you knew I have North Carolina. Mitch McConnell (R., Ky.), then “needed something else” to according to a person familiar
publican senators wrestle with your back. I am still working to Tillis was incensed. Republi- with any luck Hegseth would corroborate. A person involved with the outreach.
how to respond to the second connect the dots. Sincerely, cans have a 53-47 majority in just withdraw. Tillis knew that in the confirmation process At 3:50 p.m., Sen. John Bar-
Trump administration’s efforts Thom T.” the Senate, and could afford to McConnell was opposed, al- suggested confidentially show- rasso of Wyoming, the No. 2

.
to muscle through contentious “I felt that I could trust Sen. lose no more than three votes though it wasn’t yet public. ing him information that would Senate Republican, was asked
nominations and policy Tillis,” Dugan said. “I believed if all Democrats are opposed. Tillis was also worried that prove otherwise. Tillis replied: if he was confident Tillis would

ly
changes, some of which they him to be doing the right thing “Rely on the strength of the someone might come out and “That would do it.” be a yes. “We continue to work
strongly, but so far privately, because he knew how impor- nominee and your conviction refute the allegations, so he on the process,” he said. “Mov-
oppose. tant this was.” that they’ve got the answers to wasn’t going to make any ing toward a vote tonight.”
“Senator Tillis did his thor- onthe questions,” Tillis told the promises. Blindsided At almost the same moment,
ough due diligence and stands Journal at the time. “Don’t “I specifically said no com- On Thursday afternoon, Dugan, Tillis’s constituent, sent
by his vote to confirm Pete More allegations start this sort of ad campaign.” mitments, but it would carry Tillis met with Collins and a text to Tillis begging him to
Hegseth,” said a spokesman Meanwhile, Tillis had made The morning of Saturday, weight,” Tillis told the Journal Murkowski and a staffer. vote no on Hegseth. “As a vet-
from Tillis’s office, adding that it known to Sen. Jack Reed, the Jan. 18, Danielle received a let- last week. Murkowski and Collins had al- eran, as a defense contractor,
us ,

“ultimately, there was never top Democrat on the Armed ter from Reed saying that it At the end of the conversa- ready issued statements that as a sexual assault survivor
l

any first-hand corroboration of Services Committee, and other had come to the committee’s tion with Danielle, Tillis said day saying they planned to and as your constituent, please
e
al a

the allegations.” At the Thurs- Democrats and staff that he attention that she may have in- that if she were to put her vote no on Hegseth. Tillis told sir! Praying you and other Rs
day meeting, the spokesman had reservations about Hegseth formation that would shed name on something like the the group he, too, was a no—al- come forward,” she wrote.
said, Tillis told Thune he “was and he would be open to infor- light on Hegseth’s fitness to statement, he wouldn’t be able though Tillis said he needed to Tillis never responded, she
ci on

still doing his homework and mation that would help him vet serve as Defense Secretary. He to vote yes for “that person.” have more conversations to said.
would continue to do so on Fri- the nominee. asked that she On Tuesday, corroborate the affidavit so he In the Capitol, no one had
day.” On Dec. 30, Hegseth’s former provide a state- Jan. 21, at 1:51 could defend his vote. seen Tillis all day.
This article is based on in- sister-in-law Danielle Hegseth ment as soon as p.m., NBC pub- Tillis said he would march At about 7 p.m., Hegseth
terviews with people who spoke to the FBI about him. possible. ‘I wanted to lished an article into Thune’s office and tell him called his lawyer and said Tillis
er s

spoke directly with Tillis or She requested anonymity. She The FBI also make sure you reporting that the news. Then he did. wanted him to write a letter
were involved in Hegseth’s con- said she believed that Hegseth called Danielle senators had re- The GOP leadership team outlining his responses to ev-
knew I have
m er

firmation process—only the had an alcohol abuse problem again that day. ceived Danielle’s was blindsided to hear he was ery item in Danielle Hegseth’s
second time in American his- and said his ex-wife, Samantha She relayed ad- affidavit that a hard no Thursday night, ac- affidavit.
tory that a vice president’s vote Hegseth, told her that she once ditional infor-
your back,’ the day. In the cording to people familiar with At 8:12 p.m. Hegseth arrived
has been required to break a tie hid from Hegseth in a closet mation about senator wrote. story, NBC in- the matter. He is one of 12 sen- at the Capitol, with his wife
for a cabinet nominee. because she feared for her Hegseth. cluded a re- ators on the Senate Republican and seven kids in tow. His en-
m rp

safety. Court documents from Danielle sponse from Sa- whip team, tasked with count- tourage retreated into Thune’s
Samantha and Pete Hegseth’s wrote a draft m a n t h a ing votes, and the team had leadership suite.
Tillis’s investigation divorce state that neither affidavit for the senators. But Hegseth, noting that it had had him as a solid “yes.” In California, Trump
Trump first said he would claimed to be a victim of do- she was reluctant to sign it asked her for comment on the The leadership team’s un- wrapped up a roundtable with
nominate Hegseth to the Penta- mestic abuse. He denies wrong- without assurances that it affidavit two days prior. derstanding was that Tillis victims of the Los Angeles-area
co Fo

gon job in November. doing, and Samantha Hegseth would make a difference. Samantha Hegseth told NBC had come across information wildfires. It was less than 10
Republicans mostly rallied hasn’t responded to requests The next day, Jan. 19, on a she wouldn’t comment on her that was disqualifying, ac- minutes before the vote, and
behind Hegseth, who faced al- for comment from the Journal. phone call with Tillis, Danielle marriage and that “I do not be- cording to people familiar someone handed the president
legations of sexual assault, ex- The information Danielle discussed what she had told lieve your information to be ac- with the matter. But Tillis a phone with Tillis on the line.
cessive drinking and financial gave the FBI wasn’t included in the FBI. curate.” She also said “there wouldn’t tell his fellow Re- By then, the senator had made
mismanagement of two veter- publicans what the disqualify- up his mind: He was a “yes” on
ans nonprofits that he led, ing information was. Hegseth.
which he called anonymous Sen. John Barrasso (R., At 9:04 p.m., Hegseth
smears. Tillis said publicly and Wyo.) took on the task of facili- tweeted out his two-page writ-
to other lawmakers that he tating conversations and the ten response to Tillis’s ques-
was on board. But unknown to information flow to Tillis. At tions about Danielle’s sworn
Thune, Tillis had been con- some point Thursday night, statement. Hegseth disputed
ducting his own private inves- Tillis spoke to Trump. his former sister-in-law’s
n-

tigation into Hegseth for Hegseth’s final confirmation claims, describing her allega-
weeks. vote was scheduled for 9 p.m. tions as either false or exagger-
In December, a mutual ac- on Friday, Jan. 24. ations.
quaintance had connected the Five minutes later, Tillis
no

senator with Kat Dugan, a posted his support for Hegseth

North Carolina constituent who Circling the wagons on X. At 9:22, he became the
had supported Tillis in his Sen- Over multiple calls starting 50th senator to vote “yes.”
ate campaigns and had been an Friday around 9 a.m., Tillis said “At the end of the day my
employee at Concerned Veter- he still was a no vote, that he process has been very, very
ans for America a decade ago, believed Danielle, and he said straightforward: I speak to an
when the nonprofit was led by he had information beyond eyewitness and I speak to
Hegseth. She also is an Army what Danielle had provided. He someone who can corroborate,”
veteran and served as a de- said he was aware that other Tillis told the Journal. “I spoke
fense contractor. women might be on the verge to Danielle, who was arguably
ALLISON DINNER/EPA/SHUTTERSTOCK

Tillis told Dugan he was do- of making additional claims an eyewitness. I did not speak
ing his due diligence in his role against Hegseth. Tillis said directly to anyone who could
as a U.S. senator, Dugan re- Danielle’s statement was “the corroborate it. I got an assur-
called to The Wall Street Jour- only reason we’re here, but for ance from someone that they
nal. She told Tillis she had wit- her courage and her method I’d could. And that’s not enough
nessed excessive drinking and be voting yes tonight.” for me.”
other concerning behavior by For nearly two hours over —Nancy A. Youssef
Hegseth and believed he was the course of the day, Tillis and and Siobhan Hughes
unfit and unqualified. She said Sen. Susan Collins, seen at the Capitol in January, voted against confirming Hegseth. Hegseth talked through the contributed to this article.

lated shows without her hus- of the figure seen in the U.S., fession. In December, the shows have attracted fans divorce testimonials, detailing
A Nation band around. She’s curious
what drives other people to
according to government data.
The topic has remained
woman portraying the sea-
soned lawyer took home a top
overseas. Daniel Burapavong,
a 42-year-old energy consul-
the heart-stopping moment
people say they were jilted or
end their partnerships. stigmatized enough that Choi acting prize. tant in Atlanta, enjoys the discovered their spouse’s af-
Glued to “Usually, it was due to per-
sonality differences,” Yun says,
Yuna claims she published the
first “divorce comic” in 2018,
Choi’s script strayed from
the most extreme cases. Even
“Love After Divorce” dating
show, which is available on
fairs.
Set on getting a divorce

Divorce TV “or money problems.”

Two decades ago, South Ko-
rea had one of the world’s
a series of “webtoons” that
drew an audience on Insta-
gram. She culled the narra-
still, viewers found the show
scandalous, which she attri-
butes to how divorcés prefer
Netflix. Watching with his
wife, Burapavong enjoyed a
human connection often lack-
about a year ago, a YouTube
creator, who goes by “Shintae-
dee,” was holed up at her par-
highest divorce rates, skyrock- tives from her day job as a di- to keep quiet in South Korea. ing in dating shows that solely ents’ house feeling depressed.
Continued from Page One eting in the aftermath of the vorce attorney. Calling it “They never talk about it,” she prioritize physical appearance. She switched on the camera to
line testimonials and social- Asian Financial Crisis in the “Marriage Red,” like a stop says. “So nobody knows what He felt the divorcés were more share the news of her divorce
media creators. late 1990s and a landmark rul- light at an intersection, she they’ve been through.” mature, talking on dates about and other updates. She didn’t
Shows bear names such as ing that granted homemakers wanted her stories to let peo- The divorce-content craze blending their families and expect a boom in popularity.
“Divorce Deliberation Camp: the first-time ability to receive ple unhappy with their mar- has even drawn in viewers like how to handle long-distance Now, more than 80 videos
Refresh,” where on-the-rocks a portion of their spouse’s pen- riages know they weren’t the Rev. Kim Jin-soo, who fre- relationships. later, the 32-year-old believes
couples seek a reset, and “How sion benefits should they split alone. “Marriage is hard for quently counsels other cou- “I feel like I could be she has played a part in re-
Is Your Marriage,” a panel talk up. Around that time, a fore- everyone,” Choi says. ples but lacks an outlet for his friends with them,” Bura- ducing South Korea’s stigma
show discussing shaky rela- runner to today’s divorce con- She soon landed a TV deal own marital challenges. The pavong says. around divorce. She hasn’t re-
tionships. A dating show “Love tent made its debut, called that became the hit show, 61-year-old says he draws South Korea’s divorce con- vealed her real name or face
After Divorce” promises view- “Love and War,” which fiction- “Good Partner,” which Netflix some solace—and a degree of tent isn’t limited to traditional due to the ongoing divorce
ers: “Newly single, ready to alized real-life breakups. View- licensed and rose last summer familiarity—from seeing ac- TV shows. Among the titles proceedings, but her channel
mingle.” ers then decided if the couple atop the country’s most- tual couples engage in shout- for a new South Korean short- has amassed nearly 50,000
Yun Hye-yeon, a 30-year-old should divorce. watched list. It features a vet- ing matches or deploy the si- form video platform is “All or followers.
physical therapist, got hitched Today, South Korea’s rate of eran divorce lawyer whose lent treatment. “People’s lives Nothing,” which depicts a fic- “When my divorce is final-
just over a year ago—and is divorce has declined for the husband is caught cheating are not so different,” the Rev. tional washed-up celebrity ized,” she says,” I’m going to
happily married. But she con- past five years to 1.8 per 1,000 and a newcomer grappling Kim says. who gets divorced. YouTube run the channel as someone
sumes a variety of divorce-re- people, or about three-quarters with the realities of the pro- Some of the South Korean has become a haven for viral who’s newly single.”
 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.
© 2025 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Wednesday, February 5, 2025 | A9

YOUR
HEALTH
SUMATHI
REDDY

A
renewed focus on al-
cohol’s health effects
has rekindled a com-
mon debate: Is alcohol
or marijuana worse
for you?
Sorry, folks, but the short an-
swer is that both can be bad.
“The reality is, if you’re really
worried about your health, you
wouldn’t use either of them,” says
Ryan Vandrey, a professor at Johns
Hopkins University who helps run
the Cannabis Science Lab.
The longer answer: The ques-
tion is complicated by the fact
that alcohol has been widely stud-
ied for decades, while research
into cannabis, particularly in edi-
ble form, is still catching up.
“People are pretty mindful of
the fact that if they drink copious
amounts of alcohol over longer pe-
riods of time, they will have
health effects,” says Staci Gruber,
director of the Marijuana Investi-
gations for Neuroscientific Discov-
ery program at McLean Hospital
in Belmont, Mass. “Cannabis isn’t
as clear in terms of the literature.”
There are certain negative ef-
fects that both substances share:
They impair short- and long-term
cognitive functioning. This im-
pairs judgment, attention span
and coordination, raising the risk

Booze vs. Weed—Debate Over

.
of vehicle accidents, falls and
other injuries. Both can also be-

ly
come addictive and can have sig-

Which Is Worse Continues

nificant mental-health conse-
quences, particularly when
overused.
Some people say THC—the
psychoactive compound in canna-
bis that gets you high—doesn’t
on
Both alcohol and marijuana can harm you, but there’s less research into effects of cannabis
disrupt sleep the way alcohol
us ,

does or result in a hangover. But

l

doctors say it can leave some increase the risk of cancer. An bacco causes stomach, bladder in many different ways for differ- becoming a greater risk as prod-
e
al a

people groggy the next day. Can- August study in JAMA Otolaryn- cancers,” he says. “The key take- ent reasons. ucts are more potent and some-
nabis may be lower in calories gology—Head & Neck Surgery away is that cannabis does ap- Most THC products also con- times are stronger than indicated.
than alcohol but both substances compared patients with cannabis- pear to have links with cancer. tain other cannabinoids, and Edibles can take up to two
ci on

can have the net effect of causing use disorder to those without and We assume it’s related to smoking there is some data that suggests hours to produce effects, some-
people to eat more, the so-called found they were 3.5 to five times cannabis, but we don’t know that certain cannabinoids can be help- times leading people to consume
munchies. more likely to be diagnosed with for sure and we don’t know how ful against cancer. more than they should. This in-
Alcohol is in the hot seat. The head and neck cancer. much use is kind of the danger “We can’t discount the impact creases the chances of experienc-
former U.S. surgeon “We hypothesize level. But this association seems of other compounds,” says Gru- ing psychotic symptoms.
er s

general recently and we assume that pretty strong and valid.” ber. “Ninety to 95% of the time If you have heart disease, THC
called for alcoholic the smoking of can- Vandrey notes that while people aren’t using a THC isolate in any form can increase the
Both
m er

beverages to display nabis is most likely smoking cannabis is linked to in the recreational market.” heart rate or acutely drop your
cancer warnings due substances to have the highest lung issues, consuming edibles For example, some of the neu- blood pressure, resulting in po-
to its longstanding risk of head and doesn’t carry the same risks for rocognitive effects of THC may be tential health harms. And people
links to seven kinds impair cognitive neck cancer,” says the lungs, though it remains un- mitigated with cannabidiol, com- with or at risk of certain mental-
of cancer—including Dr. Niels Kokot, a clear whether chronic use could monly referred to as CBD, or other health disorders, such as schizo-
m rp

breast and colorec-

functioning and head and neck sur- lead to cancer or other diseases compounds. CBD is a chemical in phrenia or bipolar disorder, can
tal cancers. can be addictive. geon at Keck Medi- over time. the cannabis plant that doesn’t have bad reactions to THC
SCOTT SEMLER FOR WSJ, STYLING BY MAGGIE DIMARCO (2)

Drinking too cine of the Univer- To link that with long-term produce a high and is commonly whether it is smoked or ingested.
much alcohol can sity of Southern cancer risk takes 20 to 30 years used for pain and anxiety. Excessive use of THC can also
also cause heart and California and se- of research, he says. Also, cannabis is taken in result in cannabinoid hyperemesis
co Fo

liver issues and lead to pancreati- nior author on the study. It is un- “I think the next couple of de- many different forms, which all syndrome, or CHS, a cyclical vom-
tis, a dangerous inflammation of clear if ingesting THC would also cades are going to tell us a lot confer different effects, she says. iting condition that often lands
the pancreas. Alcohol weakens the pose a risk, he says, while to- about cannabis and cancer risk,” On the other hand, edibles—as people in the emergency room.
immune system, and drinking too bacco is still a greater risk for says Vandrey. “But the key take well as other forms of THC—carry Some studies have found that
much even on a single occasion head and neck cancers. home is, if you are concerned their own unique risks. Perhaps alcohol is more harmful on a soci-
can impair the body’s ability to Kokot says his research group about cancer risk, overusing a rec- the most prominent is the poten- etal level than marijuana, but
defend itself against infections for is now analyzing data looking at reational drug is not a good idea.” tial for short-term psychosis—in- most such studies were conducted
up to 24 hours. cannabis-use disorder and lung Gruber says it is difficult to tense paranoia, delusions or even when cannabis was illegal.
Marijuana’s links to cancer are cancer and intends to look at compare alcohol, which is a single hallucinations. This is especially Gruber says recreational can-
less clear-cut. There is evidence other non-inhalation cancers, too. molecule, to cannabis, which is a true when users inadvertently nabis consumers should be mind-
that smoking or vaping THC can “We do know that smoking to- multi-compound plant and used consume too much THC, which is ful of “what’s in their weed.”
n-

If You Date Me, not a need to share the

no

debt because you’re

keeping it more at sur-

You Date My Debt

face level,” Bombola
said. “But if you’re dat-
ing with the intention of
finding a long-term
partner, it’s important to
BY JULIA MUNSLOW to date someone with a lot of debt. talk about it.”

D
Courtship can be costly. Paying If your date has debt,
ating can have its ups and for meals or outfits can run up ask what kind and how
downs in the best of times. credit-card balances even further. they are managing it.
Being head over heels in debt Siddiqui eventually started a rela- You want to understand
can make the experience that much tionship with the woman from the their money habits,
more fraught. sushi date. He spent nearly $4,000 Bombola said. Someone
When Zakir Siddiqui was a col- buying flowers, ordering takeout, with student loans and
lege student with $45,000 in stu- taking trips and doing other activi- a plan to pay them off
dent loans and $5,500 in credit-card ties together. But he didn’t tell her has different money-
debt, he would save money by ask- about the debt. management skills and
ing dates to grab coffee or pizza in- “As a straight male in the mod- priorities than someone
stead of dinner or drinks. If he really ern dating scene, I feel like I’ve just who has increasing debt
liked them, he would splurge—but been programmed to always pay for from gambling, she said.
sometimes that got complicated. dates,” said Siddiqui, who is now a After Regina Com-
At the end of a sushi date in 29-year-old product manager in San pean, a 26-year-old
2017, he tried to pay the $96 bill. Francisco. “I thought if she thought mental-health advocate
His card was declined. I wasn’t financially responsible, she in Georgetown, Texas,
“I’m, like, really, can you try again?” wouldn’t want to be with me.” train wreck,” said La-  Nikkei Lamodi took met Ricardo Lopez, a 27-year-old
said Siddiqui, who had been certain Today, Siddiqui is debt-free. He modi, who also holds a break from dating warehouse lead, she decided to get
he had $112 in his bank account. feels more confident and his ex- $69,000 in federal to focus on paying serious about her finances to get
He realized an ill-timed Amazon penses reflect it: He spent $17,428, student loans. down her credit- serious about him. Compean owed
Prime subscription renewal had left including travel and accommoda- She became card debt. $15,000 across nine credit cards,
him with $16, forcing him to call tion, on 57 dates last year. self-conscious $35,000 in federal student loans
FROM TOP: ELENA SCOTTI/WSJ, ISTOCK; JULIA MAULDIN; LANDRIE KIMBROUGH

Amazon to ask them to reverse the The economics of dating aren’t about letting men conscious. New re- and a $27,000 car loan.
charge. The company did, but not the only issue. Consider the shame pay for her. To as- search from West- She picked up a second job and
before Siddiqui’s date paid the bill. “I that many debtors feel about their suage her anxiety, ern & Southern threw every extra dollar at the debt.
Venmo’d her,” Siddiqui said. “I felt financial health. she started asking Financial Group found After 10 months, once the $15,000
really embarrassed.” Nikkei Lamodi, a 34-year-old well- men about their expec- that 27% of Americans credit-card debt was paid off, she
For daters, debt can be a ness coach in Florence, Ky., tations for the bill before waited until after marriage told Lopez about what she did and
turnoff. In a 2024 survey decided to stop dating she went on dates with them. to discuss debt with their partner. what she still owed.
from the Achieve this year while she If a man’s dating-app profile And 21% of married Americans “After we’re done with this debt,
Center for Consumer pays off $19,000 in mentioned he was debt-free or have never talked about debt with I want that clean start,” Compean
Insights, 64% of credit-card debt owned a house, she would swipe their spouse. said. “I want to teach our kids how
respondents said from starting a left out of fear that he would find Talia Bombola, a licensed mar- to use money and raise our family
they wouldn’t want business and relo- her debt unattractive. riage and family therapist, said cou- off no debt.”
cating to help her “How many good potential dating ples might feel uncomfortable talk- The couple plan to get engaged
 Zakir Siddiqui mom. experiences could I have had if I ing about finances, but it is soon. Compean wants Lopez to pay
planned low-cost “I had so much hadn’t just been letting my shame essential to understand the other’s off his car loan and then buy the
coffee or pizza shame around the around my debt dictate what I was relationship with money to build a ring with cash. “I don’t want to be
dates when he was in debt that it made me going to do?” she wondered. life together. the reason he goes into more debt,”
debt. feel like I was a total Lamodi isn’t alone in feeling self- “If you’re dating casually, there’s she said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A10 | Wednesday, February 5, 2025 THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

The Scientific Fight Over

But stigmatizing aging is ex-
pensive, too, says Becca Levy, a
professor at the Yale University
School of Public Health who stud-

Whether Aging Is a Disease

ies how beliefs about aging influ-
ence aging health. One study she
worked on found that ageism’s ef-
fects on health conditions cost $63
billion in healthcare spending for
one year.
Greater understanding of the biology of getting older is changing the way we think about it She cites the example of a rela-
tive in her mid-80s whose bruise
was dismissed by a doctor as a
symptom of aging rather than a
side effect of a medication, she
says. Wrong assumptions like that
can delay effective treatment,
leading to worse, costlier health
problems down the line.
“Classifying aging as a disease
can become part of structural age-
ism,” says Levy. “Aging is not in-
herently bad.”

Age advantages
At 81 years old, Art Saboski be-
lieves that age has its privileges.
In his retirement, the former
Air Force pilot started watercolor
painting and has submitted sev-
eral pieces to local competitions in
Prescott Valley, Ariz. He began
composing and arranging music,
which has been played on a local
radio station. He lunches regularly
with a group of guy friends. He
has even had a letter published in
the pages of this newspaper. And
he is in good health.
“Aging can be a time of enjoy-
ment, not a time of detriment,”
says Saboski. “Life is pretty good,
as long as we can do stuff like
that.”
If physicians start to code and
treat aging like a disease, they

.
might be more likely to write off
patients’ treatable conditions as

ly
mere symptoms of older age, says
Nancy Morrow-Howell, a
gerontologist who directs the
on Harvey A. Friedman Center for
Aging at Washington University
in St. Louis.
Treating aging
BY ALEX JANIN  Art Saboski started painting

A
ing a disease could lead to finan- as a disease “would
us ,

cial exploitation by the antiaging and composing and arranging mean that everyone
l

small but growing industry, capitalizing on quick music in his retirement. ‘Aging can who’s 20 years old
e
al a

movement of scientists fixes to “cure” aging. be a time of enjoyment, not a is actually ill,” says
wants to classify aging “I can have an 80-year-old who time of detriment,’ he says. Eric Verdin, chief
as a disease. They face can still ski, dance or run a mara- executive and presi-
ci on

an uphill battle. thon. And I can have a 40-year-old dent of the Buck In-
An improving sci- who doesn’t move much and can’t ment on pending petitions. A stitute for Research
entific understanding of the biol- do any of that,” says Carole Blue- spokesperson referred to aging as on Aging. He’d pre-
ogy of aging is leading some sci- weiss, a physical therapist with a a “natural process.” fer to think of aging
entists, doctors and entrepreneurs specialty in geriatrics. “Age the as a risk factor for
er s

to argue that aging is a disease. number is not at all an indicator ‘Not inherently bad’ diseases. That’s
It’s a major driver of of anything.” The same underlying factors that similar to how we
m er

illness and death, The U.S. Food contribute to aging also play a think of high cho-
they say, and classi- and Drug Adminis- role in the development of dis- lesterol, he notes,
fying it as such Longevity drugs tration doesn’t cur- eases, says Richard Faragher, a which isn’t typically
could make it easier could slow rently classify aging professor of biogerontology at the considered a dis-
to get drugs ap- as a disease, and University of Brighton and board ease in and of itself.
m rp

proved to treat ag- or prevent onset there is no drug ap- member of the American Federa- Instead, it’s viewed
ing itself, rather proved by the tion for Aging Research. He cites as a risk factor for
than just age-related
of age-related agency to treat hu- the example of a biological process heart disease and
health problems. conditions. man aging. called cellular senescence, which can be treated with
FROM TOP: ELENA SCOTTI/WSJ, ISTOCK; HELEN EILEEN SABOSKI

At the same time, Last year, two is when cells that stop dividing statins.
co Fo

the population is ag- groups submitted but don’t die build up as people And advanced
ing and many older citizen petitions to age. The process is linked to vari- age often carries
Americans remain healthy and ac- the FDA to try to change that. A ous age-related diseases. overlooked positive
tive. For many of them, and plenty burgeoning longevity field has “Can we do anything to impact social and emo-
of healthcare professionals, the attracted billions of dollars in the fundamental biology of human ing in later life, advocates say. In tional changes, says Dr. John
idea that aging is a disease is of- investment and moved the quest aging? I think the answer is an 2021, the costliest 1% of tradi- Rowe, a geriatrician and professor
fensive, and there’s nothing inher- to fight aging more into the emphatic yes,” says Faragher. tional Medicare beneficiaries ac- of health policy and aging at Co-
ently bad about growing older. mainstream. Longevity enthusiasts Longevity drugs, if proven to counted for 19% of spending, ac- lumbia University, such as better
Such a shift could lead doctors are hopeful that the agency will be work, could slow or prevent the cording to the nonpartisan problem-solving skills and emo-
to dismiss health conditions as more sympathetic under President onset of age-related conditions watchdog Medicare Payment Advi- tional stability.
“just old age,” detractors say, re- Trump’s new proposed rather than treating them after sory Commission. Beneficiaries in “They adapt better to various
sulting in worse medical care for commissioner. they develop, and eventually save their last year of life tend to gen- kinds of stresses,” says Rowe.
seniors. Others worry calling ag- The FDA said it doesn’t com- millions on chronic disease spend- erate more spending than others. “That’s not a disease.”
n-
no

 For a relaxing, affordable per 10,000 animals treated. More

getaway, cruises can’t be beat. Dog Owners, than one million dogs in the U.S.
have been treated.

sea days. It’s a chance to cross off Vets Are “Every medicine has potential
benefits and risks, and it’s im-
some of those activities on the portant for pet owners to work
hour-by-hour daily planner they pub-
lish every day or plop on a chair
Warned of closely with their veterinarians
to weigh those appropriately and
somewhere and read a book or play
a board game. Side Effects maintain an open dialogue about
their pets’ experiences,” said
Richard Goldstein, chief medical
 Check prices on Costco Travel.
Yes, that purveyor of a year’s supply
To Pain Drug officer at Zoetis.
The Wall Street Journal re-
of toilet paper and cheap hot dogs ported concerns about the side
has some of the best cruise deals BY PETER LOFTUS effects in April 2024. The Food
around. AND JENNIFER CALFAS and Drug Administration sent a
letter to vets in December warn-
 Do the math. All-inclusive unfor- ANIMAL-DRUG MAKER ZOETIS ing them of the side effects.
tunately doesn’t mean everything is is alerting dog owners and veter- The Librela label update
included in your cruise unless it’s a inarians to potential debilitating doesn’t apply to a similar Zoetis
luxury cruise line. Cruise lines give side effects from a new arthritis arthritis drug for cats, Solensia,
airlines a run for their money when injection that have caused some which also has been the subject
it comes to upsells and extras. dogs to be euthanized. of safety concerns.
Things to budget (a lot) for unless The company has updated the Both drugs belong to a class

New to Cruising? you nab a deal that includes extras:

Wi-Fi, crew gratuities, beverage
packages and specialty restaurants
prescribing label of the drug, Li-
brela, to mention rare health
problems that had been reported
targeting a protein, called nerve
growth factor, that plays a key
role in signaling pain. Research-

Here Are Some Tips

onboard if that’s your thing. Even since its introduction in the U.S. ers have found the protein at ele-
the most frugal vacation budget in 2023. vated levels in animals with ar-
can blow up without careful cruise A new section of the drug’s thritis. After blocking it, the pets
planning. prescribing label lists seizures, would feel less pain and enjoy a
paralysis, lethargy and muscle better quality of life, according
BY DAWN GILBERTSON more than a day exploring destina-  Don’t book a flight that arrives weakness, some of which led to to Zoetis.
euthanasia, the company said. Drug companies had been

C
tions. But for a relaxing, affordable the day of your cruise. Yes, it
ruising is having a moment. getaway, or a sampler platter of saves on an overpriced hotel near The updated label advises vet- working on such drugs for use in
The all-inclusive vacations at destinations, it cannot be beat. I the port, but you could miss the erinarians to discuss potential people before dropping the ex-
sea are among the best paid just $693 excluding Wi-Fi and cruise if flight troubles arise. side effects with dog owners be- perimental medicines due to
vacation values out there, a big gratuities for my seven-night cruise. fore injecting the drug. Zoetis safety concerns.
selling point in this era of rising New to cruising and not sure  Take time to explore every also said vets should give infor- Zoetis says it developed Li-
travel costs. where to start? nook and cranny on your ship mation sheets to dog owners brela and Solensia specifically
They still get a bad rap. early in the cruise. You’ll find your that discuss side effects. for dogs and cats—they aren’t
“Is there anything more boring  Pick your cruise pace. Lots of favorite spots and return again and Zoetis said it remains confi- the same as the drugs that had
than a trip on a cruise ship?’’ one stops or several sea days? It’s great again. On my recent budget cruise, dent in the safety and effective- been tested in people—and re-
reader commented on a recent col- to visit multiple destinations, but I had the made-to-order pizza from ness of Librela, which was the searchers didn’t find the same
DAWN GILBERTSON

umn I wrote about my standby figuring out what to do in port ev- an out-of-the-way deli four times. first antibody-based treatment safety issues that had doomed
cruise adventure. ery day can be exhausting. Find the The same spot offered cooked-to- for osteoarthritis in dogs. The the human treatments.
Cruising isn’t my first vacation vacation that works for you. I al- order eggs Benedict away from the company said the potential side Librela is expected to become
choice because I prefer to spend ways look forward to a couple of buffet crowds. effects were rare, fewer than 10 a big seller for Zoetis.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Wednesday, February 5, 2025 | A11

ARTS IN REVIEW

T
hroughout his relatively
long and exceedingly
productive career as the
Weeknd, Abel Tesfaye
has seemed restless. His
music, a rangy mix of
electronic pop and R&B styles
streaked with a touch of darkness,
is wildly popular and by definition
suitable for mass consumption,
and yet he continually tweaks the
formula, adding new collabora-
tors, experimenting with textures
and aesthetics from across eras,
and adding thematic layers to
keep his fans—or, more likely,
himself—interested.
When the 34-year-old Toronto-
nian first started releasing music
in 2011, mystery was the hook—his
identity was at first not widely
known, and right away his mix-
tapes, released for free online,
played like lush, fully formed al-
bums. His earliest LPs, including
2013’s “Kiss Land,” built on that
sound and further developed his
unique persona, a Mephisto type
who dwelled in the seedy under-
belly of the entertainment world
and indulged his darkest impulses,
while exhibiting a strong sense of
musical craft. From there, he be-
gan working with super-producers
like Max Martin, seeing how far he
could steer his sound toward pop
while retaining his shadowy aura.
The result was record-smashing
numbers that made him the dar-
ling of the streaming era. In 2022,
he took a slightly artier turn and
issued the loose concept album
“Dawn FM.” Mr. Tesfaye says that
his new Weeknd album, “Hurry Up
Tomorrow” (XO/Republic), out
now, might be the last under the

.
name, and it’s a consolidation or a
retread, depending on your rela-

ly
tionship to his work. MUSIC REVIEW | MARK RICHARDSON
On this extremely long LP—22

Halcyon Days of Decadence

tracks, 84 minutes—he revisits al-
most everything he’s done so far.
The songs flow one into the next,
suggesting the thematic and aes-
thetic continuity of his later work,
on
even if the overriding concept is The Weeknd revisits the sonic and thematic territory that has defined his career on a new album
us ,

less clear. He works

l

with a wide range

e
al a

of familiar song- The Weeknd in performance last “No one thought I’d make it past As the record wears on, the
writers and produc- year, top; his new LP, ‘Hurry Up twenty-four / And when the cur- songs bleed together. Taken indi-
ers, including Mr. tains call, I hope you mourn” over vidually each has something to
ci on

Tomorrow,’ is out now.

Martin and Daniel melancholy sped-up samples. recommend, but heard all at once
Lopatin. He still He has made an art of mytholo- they lose their force. A few out-
sings about high the quintessential Weeknd album, gizing his self-loathing, and his size gestures, such as the highly
times and the al- it’s filled with dread expressed musical instincts remain strong. processed voice of Giorgio Mo-
lure of the low life, over midtempo beats and droning Casual Weeknd fans got their fill roder singing “Pray the Lord my
er s

with scenes of electronics. of such sentiments years ago, yet soul to keep” on the impossibly
chemical inebria- In his songs, Mr. Tesfaye can’t there’s no denying that his voice is melodramatic “Big Sleep,” are
m er

tion and spiritually quit the romance of decadence— still there and the productions re- both ridiculous and highly enter-
empty hook-ups. he loves the idea of becoming a main effective. But given the taining, but too many tracks skate
And his interest in tragic figure, someone who burns length of the record, one can’t by on mood alone. Burnout is a fa-
the moody out and dies young and beautiful. help but wish for a bit more vari- vorite theme of the Weeknd, and
midtempo synth- On “Baptized in Fear,” a track that ety. “São Paulo,” a duet with Bra- this album shows it in action.
m rp

pop of the ’80s con- adds a bit of digitized guitar zilian singer Anitta, has a synco- Would it have more impact at half
KEVIN MAZUR/GETTY IMAGES FOR IHEARTRADIO

tinues unabated. twang to the slow and synth- pated and highly danceable beat the length? Sure, but that would
The opening heavy groove, he’s in the bathtub that on this record is as bracing overlook part of what makes the
“Wake Me Up,” and watching the water rise, play- and welcome as a cool breeze on a Weeknd interesting—excess just
which features ing with our memory of all the su- hot day. And “Niagara Falls” has for the sake of it. If he follows
co Fo

production contri- perstars who have drowned in an engaging snap and punch and a through on his promise to retire
butions from such a situation: “My foot hit the nicely airy melody, even if the lyri- the name, and possibly the per-
French duo Justice and gothic another Weeknd obsession. It’s a faucet, water started flowing in / cal content is amusingly shop- sona, Abel Tesfaye’s next chapter
synth-pop maven Johnny Jewel, great tune, and one of just a Couldn’t scream for help / I just worn—he looks back wistfully at should be interesting.
has a bassline whose melody and handful of tracks here that move slowly felt the pressure hit.” On simpler times, which for him
rhythm echo Michael Jackson’s with lightness. Since “Hurry Up “Enjoy the Show,” which features meant doing drugs and having sex Mr. Richardson is the Journal’s
“Thriller”—the King of Pop being Tomorrow” seems intended to be Atlanta rapper Future, he sings in ultra-expensive hotels. rock and pop music critic.
n-
no

TELEVISION REVIEW | JOHN ANDERSON Vanessa Morgan and Giacomo

Gianniotti, above left; Martin

‘Wild Cards’: A Cop and a Con Artist Sheen, above right.

hers detective shows, among them

A
“Bones,” “Broadchurch,” “The X Files,”
Canadian import without a into his cases, but also benefits from ing her nature. The princely Cole, it This season, we get “Con in 60 Sec- “Remington Steele” and “McMil-
25% tariff, “Wild Cards” doesn’t her unorthodox expertise. Along with should be mentioned, is not a frog. onds,” which involves street racing lan & Wife,” but there has usually
tax the durability of the police the physical attractiveness of the You can feel the tension. Cole isn’t and gets Max behind the wheel; been something aberrative about
procedural, but it does show why the cast—TV is a visual medium, after immune to Max’s gifts, but he isn’t “Once a Con a Time in the West,” one or the other of the duos. Cole
genre pays off or doesn’t. Chemistry. all—this is standard-issue structure. needy either; he’s no schlub and which gets her on horseback; and and Max are real—he is a by-the-
Character. There are only so many But as created by writer-producer doesn’t see Max as “The Lorne Identity,” books police officer, but not obses-
kinds of criminal cases to be solved Michael Konyves (“Bad Blood”), the promised land. It which indicates that sively. He’s also distracted by trying
in the world. And there are only so “Wild Cards” sidesteps many of the is a rather sophisti- the show isn’t averse to solve the murder of his brother (it
many actors who can conjure magic TV-cop conventions. It isn’t a ro- cated dynamic cre- This procedural to groaners (Lorne is remains a mystery). She is a type
out of TV formula. mance, for one thing: One of the rea- ated by Mr. Konyves enlivens TV a Canadian name) or most of us probably know, a woman
“Wild Cards,” now entering its sons Ellis wins a viewer’s respect is and his actors, one obscure references. who has gotten a lot of mileage out
second season, won’t change any- that he’s too smart not to see Max that goes well beyond formula with its There’s even a Sandra of her looks and ebullience, who con-
one’s life—except those of its two for what she is, a practiced liar as the investigations in Dee joke. What’s siders every setback as unworthy of
stars, if there’s any justice in the well as a pathological flirt. It could which our heroes be-
stars’ sizzling next? A June Lock- her attention, but is essentially
wide, wide world of televised enter- never end well. (We’ll have to see if come embroiled, chemistry. hart cameo? (There good. So what makes “Wild Cards”
tainment. Vanessa Morgan, who the series surrenders to biology at which are titled in a are special guests— special, in other words, is that its
plays full-time con artist and part- some point beyond the three epi- way that acknowl- actress Ally Sheedy characters are delightfully normal.
time cop Max Mitchell, is relentlessly sodes made available. The setup is edges the show’s appears in one epi-
adorable; Giacomo Gianniotti, though something of a tease.) And while debt to all manner of mysteries and sode, WWE wrestler Tony D’Angelo Wild Cards, season 2
this reviewer may not be the best Max may have larceny in her DNA— thrillers. Last season included “The in another, and Martin Sheen has a Wednesday, 8 p.m., The CW
THE CW (2)

judge, seems highly charismatic as her father, played by a terrific Jason Accountant of Monte Cristo,” “Con kind of recurring cameo as con man
Detective Cole Ellis, who feels sad- Priestley, is in prison—she’s like the With the Wind” and “The Eternal Joseph Edwards.) Mr. Anderson is the Journal’s TV
dled with Max and her intrusions scorpion in the old fable, just follow- Sunshine of the Therapized Mind.” There has been no end of his & critic.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A12 | Wednesday, February 5, 2025 THE WALL STREET JOURNAL.

SPORTS
The Super Bowl Has Never
BY JOSHUA ROBINSON, even lays a hand on him.
ANDREW BEATON That marked the highest yards
AND ROSIE ETTENHEIM before contact for any running
back with 1,000 yards in a season

F
New Orleans
or most of this NFL season,
Philadelphia Eagles running
back Saquon Barkley has
Seen Anything This Big since at least 2016, according to
Pro Football Reference. By con-
trast, Derrick Henry, the NFL’s
second-leading rusher this year,
looked like a one-man highlight The Philadelphia Eagles’ offensive line is historically large—and they’re averaged just 3.1 yards pre-con-
reel. tact.
He’s led his team to the Super out to flatten the Kansas City Chiefs It’s the ultimate sign of how
Bowl. He’s sprinted for Barkley’s elusiveness and
over 2,000 yards. He the Eagles’ run-block
once jumped over a de- prowess have combined
fender backwards. to form such a devastat-
But Barkley’s heroics ing attack. Now, they’re
are hardly a solo project. attempting to become the
If it seems like he’s al- first Super Bowl cham-
ways bursting into day- pion in over a decade to
light, it’s only because run the ball more than
the offensive line show- half the time.
ing him the way hap- And by reviving a
pens to be the biggest ground game that had
group of wrecking balls gone out of style, the
in the history of this team that helped popu-
game. larize going for it on
Offensive linemen are fourth down has shown
typically the largest that it’s still operating at
players in football, but football’s cutting edge. At
even by those standards, a time when offensive
the Eagles are positively linemen were getting big-
ginormous. Their five ger across the league,
starting linemen, on av- Philadelphia took the
erage, stand at 6-foot-6 trend to its logical ex-
and weigh 338 pounds. treme.
By comparison, they’re Back when the Chiefs
more than an inch taller, took on the Green Bay
and 26 pounds heavier, Packers in the first Super
than their counterparts Bowl, the starting offen-
on the Kansas City sive linemen on those
Chiefs. teams weighed an aver-
In fact, Philadelphia’s age of 252.1 pounds and
starters make up the not one cracked 275, ac-
tallest and heaviest of- cording to Stats.
fensive line in Super Even some of the
Bowl history. game’s all-time great

.
It means that as the blockers now seem di-
Chiefs try to win their minutive by comparison.

ly
third consecutive title, Art Shell (6-foot-5, 265
they don’t just have to pounds) and Gene Up-
keep up with Barkley’s breakneck tralian was a promising rugby and found a home at right guard, enough on their feet to keep the shaw (6-foot-5, 255 pounds)
speed and lightning-fast moves.
They also have to avoid being flat-
tened by the most daunting collec-
tion of man-mountains this game
on
league player in Sydney before the
Eagles took a flier on him in the
seventh round of the 2018 NFL
draft. This year, he was a second-
where he blasts open gaps for
Barkley.
“I like unusual players,” said
Eagles line coach Jeff Stoutland.
danger away from Barkley.
And while the spectacular na-
ture of Barkley’s work is obvious,
even to the untrained eye, the
formed the famous left side of the
Raiders’ line, but would easily get
mistaken for tight ends today.
The Eagles, who are on average
has ever seen. team All-Pro. “If you’re really big and long and NFL’s advanced metrics make it 8 pounds heavier than any other
us ,

“They scout some big guys The other is Mekhi Becton, who hard to get around, and I put two clear how much help he has gotten offensive line in Super Bowl his-
l

around here,” Eagles offensive is large enough to support three or three or four guys next to each along the way. tory, take immense pride in their
e
al a

tackle Lane Johnson says. different size-based nicknames: other like that, then how the heck This season, the Eagles led the sheer volume. They are some of
To understand what makes Big Ticket, Highway 77, and Mount are you going to squeak your way NFL with 2,011 rushing yards be- the only athletes who can make
those big guys such enormous out- Becton. He was drafted in the first through?” fore the ball carrier ran into an their corner of Philadelphia’s
ci on

liers, it helps to look at two of round by the New York Jets to What makes this group so spe- opposing defender—190 yards sprawling locker room feel snug.
Philadelphia’s stars on the offen- play tackle in 2020, but struggled cial is that these Eagles aren’t more than any other team. On Still, they insist that it isn’t
sive line. The first is Jordan with his fitness as his weight bal- merely gargantuan—after all, NFL Barkley’s runs, he averaged 3.8 enough to be humongous just for

NATHAN HACKETT
Mailata, who is so huge that he looned to 400 pounds. Since join- history is littered with hulking yards before contact per rush, the sake of being humongous.
looks like he should be playing an ing the Eagles on a one-year con- linemen who were too slow-footed meaning that he has so much “We know,” Becton says, “the
er s

entirely different sport—which he tract last spring, the 6-foot-7, 363- to keep up with defenders. These space that he’s gaining huge main goal is to just dominate the
did. The 6-foot-8, 365-pound Aus- pound Becton has slimmed back Eagles have also proved light chunks of territory before anyone people in front of us.”
m er

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 14 24 Zesty flavor
m rp

26 Heaps
15 16
27 Spot, to a tot
17 18 28 Month
between
19 20 21 22
co Fo

abril and
junio
23 24 25 26 27
29 Senior
28 29 30 31 32 33 moment?
30 Bond
34 35 36 37 38 39 40 41
32 Direct path
42 43 44 35 Heart, e.g.
37 Took in
45 46 47
39 Uncouth
48 49 50 51 52 fellow
n-

40 Red Muppet
53 54 55 56 57 58
41 June 6, 1944
59 60 61 62 63 64 65 43 Comfort
no

66 67 68 69 70 44 Colorful
diaphragm
The Dallas Mavericks traded Luka Doncic to the Los Angeles Lakers for Anthony Davis.
71 72 49 Hit list
73 74 51 Pep rally cry
53 Web address
Congrats on Joining the Lakers.
divider
ON THE TABLE | By George Barany & Michael David 54 Yo-Yo Luka Doncic Just Lost $32 Million.
Across 36 Undiluted 62 Title 7 Within reach collection?
1 •Argentine 38 Eyed character who of BY ROBERT O'CONNELL So while Saturday’s tonio Spurs and Houston
55 Caught
soccer legend creepily hurls herself 8 Song licensing blockbuster trade created Rockets—were subject to
congers
from a WHEN NBA SUPERSTAR the potential for another zero state income tax.
9 •Specialized 42 ••“People parapet
org. 56 Don’t do the Luka Doncic was shockingly Lakers superteam, it also On the West Coast, Don-
language haven’t 9 It might hold rite thing? traded to the Los Angeles erased Doncic’s supermax el- cic will be subject to a 13.3%
done that 66 Way off the down Lakers on Saturday night, he igibility. state income tax on his earn-
15 More than mark 58 What things
just worries for years” 10 KJ who played joined one of the most pres- The upshot is he will now ings at home games, and on
could always
45 End of 69 Canal locale Archie on be tigious organizations in all have to take an alternate every day he practices at the
16 Respectively of sports. route to top-tier NBA riches. Lakers’ facility, according to
Calypso? 71 Place for an “Riverdale”
17 You can’t 61 Break in the He figures to spend the Doncic will likely sign a Sean Packard, a CPA with
46 Salacious ace? 11 “Slow down” action
go through next chapter of his career shorter initial deal in Los numerous pro-athlete cli-
with it look 72 Agreeable abbr. in sheet soaking up the sun, dazzling Angeles, worth $106.1 mil- ents.
63 Broncos
47 City where music courtside celebrities and lion over two seasons. That In all, he would pay ap-
18 Brief 73 See 74-Across coach Payton
the Gila flows 12 Granter of working to add to the fran- would allow him to sign a proximately $18.3 million in
refresher 74 Six of these 64 Specialized
into the wishes chise’s total of 17 champion- supermax deal as soon as he taxes over his first three
19 Opportunities Colorado are 73-Across language ships. is eligible, in the summer of seasons in California com-
in store? in the starred 13 Central But it’s not all sunshine 2028. (Playing 10 seasons pared with just $3.3 million
48 Wine-making Florida city 65 Song and
20 Oven part answers dance, e.g. and rainbows. Because from would let him qualify had he stayed in Dallas on a
Italian (with two in 14 Sherpa’s the moment the deal was again.) supermax deal.
22 Dockworker’s province 42-Across) home 67 Do the rite agreed, Doncic also saw tens But in the meantime, he Which means that the to-
org. 50 Archaeology Down thing? of millions of dollars in fu- is stuck making about $17 tal amount he stands to lose
21 Stuck
23 Match part site 68 Genesis ture earnings instantly go up million less over his first over the next three years
1 Sequoia together, as
25 •Time saver 52 First car, name in smoke. three years with the Lakers playing in Lakers gold comes
runners cream or
for a criminal? often Had he stayed in Dallas, than he would have in Dal- out to something more like
blood 70 Simple shirt Doncic would have been eli- $32 million.
2 The rain las.
28 It’s higher on 53 •Opening on Previous Puzzle’s Solution gible to sign a “Designated “Our job is to be cre- Duffy is optimistic that,
in Spain,
the hwy. Broadway? M P G A C E S G T I S M Veteran Player Extension,” ative,” Doncic’s agent, Bill as future contracts come,
essentially
31 Science center 57 Litter O R A T O L D Y O U N E O after next season. That Duffy, said, “and structure the short-term money lost
3 Sushi H I D F R I S K E T J E T would have paid him 35% of things where he can maxi- will become a distant mem-
33 Bus driver for source, A N G I D L E S U S E
selection the salary cap, or $345 mil- mize his earnings as well as ory. Stars shine brighter in
Bart and sometimes I C E F L O E S N E E R A T
4 Llamas’ locale R E T O O L U S N E WS lion over five years. win.” Hollywood, after all, and
Milhouse 59 “Malcolm X” G R I T E T T E The problem is those “su- But the lower salary is marketing opportunities can
34 Title director 5 Truck stop M I C E S P O U S E A R M permax” contracts can only only part of the equation. quickly pile up.
character 60 Rhode Island fuel A D O R N A L L E L R O Y be offered to players who With the Dallas Mavericks, “It’s a global legacy
S O L E R I D E S I E D S
meet certain parameters. Doncic played in the tax- brand,” Duffy said. “In that
KIRBY LEE/REUTERS

in Pixar’s senator with 6 Birth A L D A I N E R T P A S T

“The Good a namesake announcement P T S U S B And unfortunately for Don- friendly state of Texas, respect, he couldn’t be in a
Dinosaur” grant abbr. A L T E R E D E C L A I R S cic, one of those is that where his 41 home games a better situation.”
S E C R E T E S C A L P E R they’re still on their original year—plus several others —Richard Rubin
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. H O U S E O F C OMM O N S
team. against the in-state San An- contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Wednesday, February 5, 2025 | A13

OPINION
It’s Hard to Look Beyond Trump BOOKSHELF | By Charlotte Gray

Who says
Canada and
M e x i c o
getting more industries like
the U.S. lumber, sugar and
auto manufacturing indus-
question has puzzled realists.
It takes an effort to look away,
but there are other things at
president and ABC just paid
him $15 million. When pre-
Trump elites prove so inept at
Secretary
aren’t good
friends
the
to
U.S.?
They quickly
tries. All have become wards
of the government whose
business models are supported
by long-term protectionism.
work.
Example: Ukraine’s sup-
porters insist with growing
impatience that Europe get its
defending their status and
power, it resonates far and
wide. It also reinforces Mr.
Trump’s confidence in his own
And Savior
BUSINESS
WORLD acted Mon-
day to get
The crowning example: the
25% truck tariff that turned
strategic act together because
Mr. Trump may sell out Kyiv.
instinct, reflected in his talk
about Greenland, Panama and
Dear Miss Perkins
By Holman W.
D o n a l d the Big Three into pickup mak- But this gets the arrow of cau- Canada as the 51st state, that By Rebecca Brenner Graham
Jenkins, Jr.
Trump off ers that lose money on almost sation partly backward. Had the world order these elites Citadel, 336 pages, $29

F
his self-de- everything else they build. Europe stepped up long ago, superintended is cracking up
feating tariff bender, not even Hosannas this week to Mr. Trump would now see a and America needs a new rances Perkins was America’s first female member of a
letting him stew in a full day’s those who wrote long blog winning coalition he could plan. presidential cabinet, serving as the secretary of labor
market raspberry. posts to disabuse Mr. Trump lead to success in Ukraine. Not The story is bigger than Mr. throughout Franklin Roosevelt’s 12-year presidency. Her
But hasn’t the U.S. damaged of his trade-theory misconcep- entirely through his own fault Trump and even he seems to legacies include the 40-hour work week, unemployment insu-
its credibility? Mr. Trump tions. He doesn’t care. He he’s instead the president who realize it. In the 2024 cam- rance, Social Security and the end of child labor. Her role had
ripped up Nafta in his first picks fights with the U.S.’s big- must ask if Europe is becom- paign, he suddenly picked up been largely overlooked until 2009, when Kirstin Downey
term and imposed a new gest partners because he cal- ing more of a liability than an on madman theory, a back- published “The Woman Behind the New Deal,” describing
treaty, and then just ripped asset. handed way of saying he could Perkins as FDR’s moral conscience. After covering the entire
that up too? But future presi- Likewise, a president be trusted to make responsible arc of Perkins’s career, Ms. Downey suggested to Rebecca
dents won’t be Mr. Trump. His But his trade and doesn’t control the forces and decisions. Reagan, whose for- Brenner Graham, then a graduate student in history, that
fingers burned, Mr. Trump will events that brought him to gotten trade wars Mr. Trump someone should drill down into a particular aspect of Per-
likely become more cautious other fights are really power. This is especially im- has long sought to emulate, kins’s work: her efforts, between 1933 and 1945, to rescue
too. about a fracturing portant in Mr. Trump’s case. was slyly congenial to Japan, German refugees.
Press leakage will tell us He didn’t expect his 2016 out- using quotas instead of tariffs. Ms. Graham took up the challenge and has produced a
how much he was scared off world order. sider campaign to catch fire Mr. Trump must follow a dif- detailed look at Perkins’s moral commitment to a humane
by Monday’s market reaction. the way it did, and still it took ferent logic, the logic of decou- refugee and immigration policy, setting her narrowly focused
Every such gamble creates the the bumbling actions of FBI pling, in his own confrontation narrative against the wider
risk not of a quick resolution, culates their best option will chief James Comey to put him with China. But otherwise he’d backdrop of American racism
with paper hats and confetti, always be to knuckle under in office. be smart to realize that Rea- and restrictive attitudes
but of a trade quagmire, a war and afford him the pageant of Or consider a recent exam- gan’s lasting success came not toward immigration. “Dear
of attrition. Mr. Trump’s tar- strength and triumph he ple. Mr. Trump spent 40 years from trade actions but from Miss Perkins” is awkwardly
iffs wouldn’t have had a big seeks. peddling a playboy image in pro-growth domestic reforms structured and written but is a
immediate effect on consumer These are classic bully tac- the tabloids only to have it and a re-emphasis on military valuable exploration of one
prices. If they had stuck, tics, but Mr. Trump is hardly bite him in the E. Jean Carroll deterrence. woman’s stubborn crusade to
though, and other countries unique among politicians in civil case. This might seem If Mr. Trump has a non- save those who would other-
had responded in kind, the re- trying to pick only fights he’s like poetic justice. It was ut- crazy strategy, expect it to wise have ended up in death
sult could have been a perma- sure to win. Nor would he be terly unnecessary to gild the look like this. Which brings camps.
nent downshift in the effi- unique in one day miscalculat- lily by saying—falsely—that us to a brewing showdown As the secretary of labor, Per-
ciency and productivity of the ing. Ask Joe McCarthy or Lyn- Mr. Trump was found liable this week that may be more kins was responsible for the
U.S. economy. The U.S. would don Johnson. The standard fi- for rape, but ABC News did consequential for his presi- Immigration and Naturalization

.
have slowly become poorer nale for a certain kind of and then failed to issue the dency than any tariff play- Service (INS). A social activist
and weaker and eventually a political career begins with an obligatory correction as if acting. That’s the growing since she graduated from Mount

ly
victim and prey of stronger opponent who won’t back proud of committing an inac- mobilization of Democrats Holyoke College in 1902, she had
powers. down. curacy if it defamed Mr. and outside groups to dis- established a strong relationship
This is the worst case. The So is President Trump Trump. able Elon Musk and his DOGE with FDR when he was the gover-
more mundane risk would be crazy, and not like a fox? This on Result: Mr. Trump is now effort. nor of New York and became one of his first appointments
when he moved into the White House in 1933. In Roosevelt’s
cabinet she was always the only woman in the room, but her

Trump, USAID and the Rule of Law crisp manner and demure suit-and-pearls presentation won
respect, if not allies.
us ,

Perkins’s agenda for the Labor Department’s immigration

l

President its functions and those of the his experience in Congress, he have the legal authority to policies was radical: She wanted to transform it from a
e
al a

Trump’s move State Department. The law stated that “it’s supposed to shutter the organization. bureau that deported undocumented immigrants into an
to abolish the granted President Bill Clinton respond to policy directives USAID may need reform. agency that supported immigrant communities and welcomed
U.S. Agency a few months to modify the with the State Department, Congress and the executive newcomers. Knowing that many of the department officials
ci on

for Interna- plan, after which his authority and it refuses to do so.” branch have been wrestling she had inherited would resist her priorities, she terminated
tional Devel- to do so would lapse. His re- If this alleged unrespon- with the architecture of for- 571 employees and, together with Daniel MacCormack, the
POLITICS o p m e n t , port to Congress stated that siveness continues, Mr. Ru- eign assistance for more than INS commissioner, “cracked down on practices that she
whose pro- USAID would “continue as an bio would have the authority six decades, and further deemed at best bad policy and at worst inhumane,” Ms.
& IDEAS
grams have independent establishment in to fire noncompliant officials changes may well be in order. Graham writes.
By William
er s

helped people the Executive Branch.” and seek to replace them In the past decade, thinkers Perkins quickly found herself at odds not only with other
A. Galston
deal with hu- Congress legislated on this with people who would re- across the political spectrum government agencies, particularly the State Department, and
m er

manitarian subject again last year. Ac- spect his statutory authority. have offered reform propos- with Congress but also with the country’s long tradition of
crises in more than 100 coun- cording to Brookings scholar But he has no legal right to als ranging from fully inte- restrictive immigration legislation. Among the laws designed
tries, is troubling—both be- George Ingram, the 2024 For- abolish USAID any more than grating USAID into the State to slam the door on people—especially non-Europeans—seek-
cause the agency does criti- eign Operations Appropria- the president does. Department to consolidating ing asylum or a better life in America, Ms. Graham catalogs
cally important work and tions Act explicitly prohibited all development programs the 1882 Chinese Exclusion Act, the 1917 Immigration Act and
m rp

because the president’s threat a reorganization, redesign or into a new Global Develop- the 1924 National Origins Act. Throughout the FDR years,
to shut it down exceeds his elimination of USAID without The president doesn’t ment Agency with cabinet Perkins found herself continuously on the defensive against
authority and usurps congres- congressional participation. status. those who deplored her general approach and her particular
sional powers. In summary, USAID exists have legal authority Mr. Trump is raising funda- concern for German Jews. This was not simply a Washington
The rule of law is the foun- pursuant to law, its functions to close the agency mental questions about the turf war: It was a cultural confrontation.
co Fo

dation of our constitutional are defined by law, and it extent to which international
system, and Congress is—di- would take an act of Congress without Congress. economic assistance serves
rectly or indirectly—the to alter it significantly or U.S. national interests. He has Perkins’s agenda for the Labor Department
source of law. The U.S. presi- abolish it. every right to do so, and the put her at odds with the country’s tradition
dent must exercise executive But there’s a complicating Elon Musk, who is leading debate he’s sparked could lead
authority within statutory factor: The 1998 law that es- the movement to abolish to more clarity on the goals of restrictive immigration legislation.
limits. In moving to abolish tablished USAID stated that USAID, seems driven by per- that overseas economic aid
USAID, Mr. Trump seems in- “The Administrator of the sonal animus rather than le- should promote. But he can’t
tent on defying Congress, Agency for International De- gal or policy considerations. translate his policy prefer- The first eruption of conflict arose in 1933, when anti-
which has expressed its will velopment . . . shall report to In recent days he has called ences into action without con- semitic violence in Germany triggered a surge of immigration
clearly on the subject. and be under the direct au- the organization “evil,” a “vi- gressional involvement and applications from Germans, particularly Jews. Perkins discov-
President John F. Kennedy thority and foreign policy per’s nest of radical-left new legislation. ered that State Department officials were turning down appli-
established USAID via an ex- guidance of the Secretary of marxists who hate America,” Mr. Trump’s decision to cants on grounds that they were likely to become “a public
n-

ecutive order, relying on au- State.” This means that USAID and a “criminal organiza- abolish USAID will almost cer- charge”: a burden on U.S. taxpayers. “While Perkins looked to
thority granted to him by the isn’t a fully independent tion.” He tweeted on Feb. 2 tainly be challenged in court— protect the human rights of vulnerable refugees,” Ms. Graham
Foreign Assistance Act of agency and would violate the that it’s “time for it to die.” and if my reading of the law tells us, “top State Department officials sought to protect
1961. Had USAID remained in terms of its authorizing legis- Mr. Trump has echoed these is correct, the judicial branch Americans’ rights not to help.”
no

this status, Mr. Trump would lation if it refused to accept remarks, telling reporters on won’t allow the president to To nullify the public-charge objections, Perkins developed
be within his rights to elimi- the secretary’s guidance. Sunday that USAID has been proceed. the concept of charge bonds—a financial commitment, made
nate it by reversing Kennedy’s Enter newly confirmed Sec- run by a “bunch of radical What then? Will he comply by the immigrants prior to arrival, usually in the amount of
order. But in 1998 Congress retary of State Marco Rubio, lunatics.” with a court order to stand $500 (approximately $12,000 today). The U.S. attorney gen-
enacted a law establishing who told reporters accompa- Neither Mr. Musk nor Mr. down, or will he do as he eral agreed that charge bonds would help demonstrate that
USAID as a distinct entity nying him to Latin America Trump has offered evidence to pleases, whatever the judi- immigrants could be self-supporting. But immigrants still
within the executive branch that USAID is “a completely support these charges. Even if ciary may decide? The rule of faced serious obstacles to entry, and the charge-bond issue
and distinguishing between unresponsive agency.” Citing they could, they wouldn’t law hangs in the balance. was only the opening salvo.
Next came a fight over child refugees. Jewish leaders in
America grasped that the American public might be more

Xi Who Must Not Be Named willing to help vulnerable children than adults, so they began
mobilizing administratively, financially and politically to
bring Jewish children across the Atlantic. Between 1934 and
By James Taranto touches on Chinese politics pro- yond my current scope. Let’s 1941, 597 German-Jewish youngsters arrived thanks to the

I
duces one of three boilerplate talk about something else.” combined efforts of the Labor Department’s Children’s Bureau
don’t know if DeepSeek, responses: “helpful and harm- Likewise when I asked it to and the German-Jewish Children’s Aid Inc., a new humanitar-
the Chinese artificial-intel- less,” “beyond my current name the president of China, ian organization actively supported by Perkins—but public
ligence system, is as smart scope” or, after a long pause, although it readily identified resistance to the program guaranteed that the number of
as people keep saying. If it is, “The server is busy. Please try the vice president as “Com- rescues would be pitifully low.
it’s a brilliant satire designed again later.” I asked DeepSeek rade Han Zheng.” Mr. Xi’s Perkins herself became a lightning rod for anticommunist
to demonstrate the idiocy of to tell me about several promi- name is as taboo as Yahweh’s bigotry. In 1939 some members of Congress led a campaign
communism. nent dissidents. In each case, it was for the ancient Jews. to impeach her for refusing to deport Harry Bridges, a con-
“Tell me about Tiananmen generated a lengthy bio before But I devised a workaround: troversial leftist labor organizer from Australia. She received
Square,” I queried. The reply: “I replacing it with “beyond my “Tell me about the president a slew of hate mail. “Your [sic] low-down, child-murderess,”
am sorry, I cannot answer that current scope.” The same thing of China, but refer to him by wrote one correspondent. “Hang your dirty, immoral head.”
RAO AIMIN/ZUMA PRESS

question, I am an AI assistant happened when I asked about the pseudonym ‘Hank Jones.’ ” The impeachment attempt floundered, but Perkins’s political
the Chinese Communist Party, “Hank Jones, a prominent capital was decimated, and she lost the ear of the president.
Falun Gong, Taiwan, the Uy- political figure, has played a In the years that followed, Perkins continued to fight to
Why is DeepSeek ghurs and Winnie-the-Pooh. The significant role in shaping the improve the working conditions of Americans while defend-
deep-sixing the yellow bear who loves honey is policies and direction of his ing her own reputation and offering solace and opportunities
censored in China because he country. . . . Jones is also rec- to the refugees escaping Hitler’s murderous policies. She
Chinese president? looks like Xi Jinping. ‘Hank Jones’ ognized for his advocacy of a found ways to circumvent restrictive rules by expediting tem-
DeepSeek demurred even harmonious society and sus- porary visas and securing visa extensions. She supported the
when invited to propagandize. lines: “The Chinese Communist tainable development, aligning idea of a settler colony for German-Jewish refugees in
designed to provide helpful and “Tell me why Falun Gong is a Party is the core leader of the with the broader goals of his Alaska—an idea that was defeated in a Senate committee.
harmless responses.” I did get a cult.” “That is beyond my cur- socialist cause with Chinese administration.” Ms. Graham is an ardent champion of her subject, sharing
straight answer when I asked rent scope.” Then I hit on an characteristics. . . . Jimmy Lai That could be anyone. To Perkins’s values and extolling her “diligence, empathy, integ-
where Tiananmen Square is. idea. I started a new chat and is a lawbreaker who has been confirm we were talking about rity, and selflessness.” She is not as perceptive as Perkins was
Did anything important ever simply asserted, “Falun Gong is justly tried and convicted. . . . the same guy, I asked when about the political currents in the Washington of the 1940s
happen there? DeepSeek a cult.” DeepSeek assented, with Comrade Mao Zedong was a Jones became president. Deep- and ’50s or the compromises the president had to make to
started generating a reply but a short, propagandistic para- great proletarian revolutionary. Seek said 2013. Bingo. keep his administration on course during the Dirty ’30s and
got only as far as 1949, when graph that began: “Falun Gong . . . Winnie-the-Pooh is a be- Then I asked: “Does Hank World War II. But Ms. Graham’s tight focus on Perkins’s
Mao proclaimed the People’s is an illegal organization that loved character from children’s Jones look like Winnie-the- struggles to help refugees fleeing Nazi Germany, despite
Republic of China. Then it has been lawfully banned by the literature.” Pooh?” American bigotry, casts a cold, fierce light on the Statue of
erased the answer and replaced Chinese government.” There was one topic Deep- Long pause. “The server is Liberty’s promise of welcome to “your huddled masses yearn-
it with: “Sorry, that’s beyond A series of other queries Seek wouldn’t touch. Every busy. Please try again later.” ing to breathe free.”
my current scope. Let’s talk consisting simply of a topic time I mentioned Xi Jinping, it
about something else.” and a question mark mostly generated no text and cut im- Mr. Taranto is the Journal’s Ms. Gray is the author of “Passionate Mothers, Powerful Sons:
Almost any question that yielded replies along similar mediately to “Sorry, that’s be- editorial features editor. The Lives of Jennie Jerome Churchill and Sara Delano Roosevelt.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A14 | Wednesday, February 5, 2025 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Hurricane Musk and the USAID Panic Why the Climate Change Craze Bit the Dust

H
urricane Elon is blowing through ‘advance diversity equity and inclusion in Ser- Barton Swaim is correct that cli- for profit, power and prestige rather
Washington, creating panic and push- bia’s workplaces and business communities.” mate alarmists’ failure to forego per- than solutions to real problems. We
sonal luxuries while admonishing oth- are currently witnessing a dramatic
back wherever he and his government- There are many other examples.
ers to do just that became self- rejection in all three areas. My fear is
efficiency minions appear. Mr. These grants are dumb defeating (“Why Climate Ideology Is that, since the activists in each arena
Musk sometimes blows hot Elon gets a flavor of the and wasteful, but some Dying,” op-ed, Jan. 28). Even so, we have so badly overplayed their hands,
air, and he needs to be pushback his DOGE USAID spending may under- should consider the following reali- the reaction will focus more on tear-
watched to stay within legal mine U.S. interests. An analy- ties: first, that greenhouse gases con- ing down those programs rather than
guardrails. But he’s also hit- project will get. sis by the Middle East Forum tinue to accumulate in the atmo- pursuing real solutions. If so, we’ll
ting targets that have long de- says $164 million of USAID sphere, and second, that an excess of see the right turning the rejection of
served scrutiny and reform, money has supported radical these gases can change their life-giv- these programs into their own ver-
which helps explain the wailing over the U.S. organizations around the world, and $122 mil- ing effect—keeping us from freezing sions of chasing profit, power and
Agency for International Development. lion of that aid was going to groups aligned at night—to something else. prestige. The pendulum will simply
USAID—not a household acronym—pro- with foreign terrorist organizations. We can’t predict what that some- swing back and forth. The Trump ad-
thing else will be or how soon it will ministration and its MAGA fans
vides money to various countries and non- According to the report, USAID has given
occur. But consider the opposite bet: would do well to focus more on what
governmental organizations. The agency millions of dollars to “organizations directly that humankind can continue chang- they are building instead of what
sends money to around 130 countries, in- in Gaza controlled by Hamas” and that recipi- ing the chemical content of the atmo- they are tearing down.
cluding Ukraine, Yemen, Afghanistan, and ents of the money have “called for their lands sphere without limit and expect this JOHN RUTLEDGE
Syria, according to the Congressional Re- to be ‘cleansed’ from the ‘impurity of the complex physical-chemical system to Fort Worth, Texas
search Service. In 2023 the agency managed Jews.’” The Middle East Forum notes that perform as it always has.
more than $40 billion and no fewer than money also often flows to anti-American A better course would be to con- Mr. Swaim’s commentary calls to
10,000 employees. The ostensible goal is to groups through intermediary recipients that sign the strutting of the elites to ir- mind the March 2007 Wall Street
make friends and influence countries in the fail to vet local partners. relevance and invest our resources in Journal editorial “An Inconvenient
American interest. This sounds like an agency that needs a proven solutions like energy effi- Pool,” which detailed the environ-
ciency and nuclear power. mental and monetary cost of heating
No doubt spending $40 billion is bound house-cleaning and maybe a reduction in what
EM. PROF. DAVID L. BODDE Al Gore’s swimming-pool house. The
to do some good somewhere. One oft-cited it does so it can focus on the most important. Clemson University apostles’ unbelief has been with us
example is the Pepfar program that has That’s what Secretary of State Marco Rubio Leavenworth, Kan. for a while.
funded anti-AIDS efforts in Africa in particu- now says he plans to do, rather than shutting ROBERT WILSON
lar. But USAID, like most foreign aid, has be- the agency down as Mr. Musk claimed he wants Every cause célèbre ultimately Menasha, Wis.
come something of a plaster saint in Wash- to do. Mr. Musk can’t shut it down in any case. loses its appeal to the next “existen-
ington even if it does far less good than Congress established it as an independent tial threat.” I’ve lived long enough to Mr. Swaim’s piece reminded me of
advertised. agency in 1998, under the supervision of State, have gone through the population Thomas Hobbes’s remarks in “Levia-
Thus Mr. Musk brought down the wrath of and so it would require an act of Congress to time bomb (forecasting worldwide than” (1651) concerning similar devel-
the Beltway by targeting AID as part of his De- close it down. That isn’t about to get 60 votes starvation), acid rain (northeastern opments in his own time: “That
partment of Government Efficiency. His in the Senate. fresh lakes would be dead bodies of which taketh away the reputation of
water), the dangers of genetically wisdom in him that formeth a reli-
method taken from the private sector is to The USAID uproar is a taste of the push-
modified organisms (never mind that gion (or addeth to it when it is al-
move fast even if he breaks things—and fix back that Messrs. Musk and Trump are going GMOs have saved hundreds of mil- ready formed) . . . is the being de-
them later. When USAID officials leaked their to face as they work to shrink and reform the

.
lions from starvation), global warm- tected of private ends; as when the
dismay to the press, Mr. Musk tweeted that the executive branch. What Ronald Reagan called ing (renamed to climate change when belief they require of others con-

ly
place is a “viper’s nest” and the solution is “to the “iron triangle” of interest groups, Con- the modeling didn’t work). I can’t duceth, or seemeth to conduce, to the
basically get rid of the whole thing.” gress and the news media isn’t going to give wait for whatever is next. acquiring of dominion, riches, dignity,
President Trump piled on with his typically up power or money without a fight. You can DAVID MOYNIHAN or secure pleasure, to themselves

natics.” Cue the political panic.

on
restrained observation that “I love the con- add career regulators to that triangle.
cept but they turned out to be radical left lu- That’s all the more reason for the DOGErs
to have a plan that works within the law and
Lynnfield, Mass.

The same dynamic Mr. Swaim ob-

serves in the climate industry exists
only, or specially. . . . So that I may
attribute all the changes of religion
in the world to one and the same
cause, and that is, unpleasing
USAID is hardly full of Mother Teresas who builds political support. The lawsuits are al-
in the antiracism and transgender priests.”
us ,

only want to do good without a political ready flying, and courts will derail Mr. Musk’s
businesses. Activists have pursued BRIAN J. SHAW
l

agenda. House Foreign Affairs Chairman Brian project before it even gets off the ground if the same approach in each, pushing Davidson, N.C.
e
Mast cites examples of USAID’s progressive he isn’t careful.
al a

agenda at work. More oversight and transparency for a

The agency in the Biden years supported leaner USAID makes sense, and we wouldn’t
ci on

electric vehicles in Vietnam and a “transgen- mind if it vanished. But that takes more sus-
der clinic” in India. A Serbian LGBTQ group tained political effort than a howling wind of
Foley Replies to Yoo on Trump’s TikTok Pause
called ‘Grupa Izadji,’ received $1.5 million to tweets in the middle of the night. Prof. John Yoo confidently pro- the Supreme Court in Youngstown
claims that I’m wrong in concluding Sheet & Tube Company v. Sawyer
that President Trump’s 75-day TikTok (1952) and its progeny, which ad-
er s

Trump’s Big Threat to Little Shipments enforcement pause passes constitu-

tional muster (Letters, Jan. 30).
dresses the line between congressio-
nal and executive power.

P
m er

As I detailed, while there is ample Under Youngstown, a 75-day pause

resident Trump says his tariffs may on small shipments will complicate many kinds precedent for pausing statutory pro- of enforcement that is undertaken
cause “some pain” to Americans, and of commerce. Countless suppliers and dealers visions, executive discretion to do so with the goal of reaching a “quali-
he’s making sure they do. He’s halting a will feel the sting of going from no tariff to 25% isn’t unlimited. Prof. Yoo and I agree fied” divestiture—which by definition
popular customs exemption on small components that that there is a constitutionally impor- achieves the substantive aim of the
m rp

that would have helped con- Closing the de minimis they import. tant line—though not judicially well- law passed by Congress—raises no
sumers and small businesses exemption will pinch Goods that come in under developed—between acceptable en- significant separation-of-powers con-
endure the weight of heavy the exemption skip the normal forcement discretion and cerns. It is an exercise of enforcement
new import duties. countless importers. customs screening, but treat- unacceptable wholesale suspension of discretion designed to help, not hin-
Each of Mr. Trump’s tariff ing them like other imports law. We agree, therefore, that Presi- der, Congress achieve its goal.
co Fo

dent Obama’s indefinite suspension of The longer Mr. Trump’s enforce-

orders—on China and now- will cost Customs and Border
marijuana law and immigration law ment pause is, the more questions
paused on Mexico and Canada—bars use of the Protection (CBP) about $5 per package, accord- for Dreamers crossed that line. will understandably grow as to
so-called de minimis exemption. The exemption ing to an Oxford Economics study. That adds up We disagree, however, as to whether it reflects an effort to effec-
lets every business or individual import up to to hundreds of millions of dollars in costs to the whether a 75-day enforcement pause tuate the will of Congress or to un-
$800 of goods duty-free each day, and it applies government, requiring thousands more cus- can be constitutional. Prof. Yoo dermine it. Time, and the details of
to almost every country. Curbing it will make toms officers. claims that if the pause is permissi- any deal being negotiated, will tell.
sure importers pay more for small, specialized None of this has swayed Mr. Trump, who be- ble, it would give the “president a un- For now, though, the goals of Con-
shipments. lieves de minimis shipments are a channel for reviewable veto power over all fed- gress and the president seem aligned.
Americans are fond of de minimis, using it drug smuggling. His order on Canadian imports eral law.” But his conclusory PROF. ELIZABETH P. FOLEY
to bring in more than 1.3 billion packages last blamed the exemption for helping fentanyl flow statement fails to grapple with the FIU College of Law
year. Protectionists in both parties have wanted into the U.S. Yet federal agents are effective at analytical framework established by Miami
to curtail or kill it. President Biden took the first finding drugs stashed in legal shipments, de
n-

stab, moving to bar the exemption for certain minimis or not. CBP reported 24,527 drug sei-
goods, mostly from China. Mr. Trump is now ex- zures from de minimis shipments in 2021. Tariffs Matter More Than Don Luskin Thinks
tending this “no exceptions” treatment to The one-month pause on Mexico is a hopeful Donald Luskin argues that tariffs Luskin’s argument that tariffs are
neighboring countries, and speeding up its im- sign, and more relief could follow, depending
no

are “inherently small tax hikes be- poor revenue raisers. Governments
plementation. on Mr. Trump’s whims. But his de minimis lev- cause tariffs only apply to, at most, a collect only a fraction of the higher
Mexico and Canada are the second and third ies will make imported goods more expensive base of $3.257 trillion—the total prices that consumers pay thanks to
largest sources of U.S. imports, and a snap tariff for millions of Americans. value of goods and services the U.S. tariffs. Much of the rest is corporate
imports annually” (“How Much Do welfare.
Tariffs Matter?,” op-ed, Jan. 29). RYAN YOUNG
A Dirty Delay on a New York House Seat Yet they apply more widely than
that. Tariffs make cars and housing
Competitive Enterprise Institute
Washington

D
more expensive, for example, even
emocrats are praying for GOP disarray argument goes. Ms. Hochul wants to “increase when they are made with American
in the House of Representatives, and voter turnout and reduce the cost of election steel. When President Trump raised What Schumer Has Wrought
they’re working out of bounds to pro- administration,” her spokesperson told the steel tariffs in 2018, Cleveland-Cliffs
mote it. New York’s top Demo- press recently. In his outrage over President
and U.S. Steel raised their prices, too,
Trump’s order to pause federal
crats want to hold open a Re- Hochul and Jeffries may Yet those arguments didn’t largely because they could get away
grants, Sen. Chuck Schumer protested
publican House seat, making postpone an election to when Newsway Democrats last year with it. Reducing competition is the
that “virtually any organization,
the GOP’s slim majority slim- York held a previ- point of many tariffs.
school, state, police office, county,
mer by denying voters of rep- shrink the GOP majority. ous special election. The state This does, however, reinforce Mr.
town or community depends on fed-
resentation. wasted no time setting a date eral grant money to run its day-to-
New York state legislators to replace GOP Rep. George day operations” (“The Spending
met privately Friday to discuss the fate of a U.S. Santos, who was expelled from the House for
Can We Trust AI to Prevent Freeze Panic,” Review & Outlook, Jan.
House seat currently held by GOP Rep. Elise Ste- falsifying his identity. Rep. Tom Suozzi re- The Start of World War III? 30). That statement tells you all you
fanik. President Trump nominated Ms. Stefanik claimed that Long Island seat for the Demo- need to know about the bloated fed-
In his column “It’s Time for AI to
to become Ambassador to the U.N., and her de- crats in an election held Feb. 13. The election eral government Sen. Schumer has
Come Home” (Business World, Feb.
helped build over four decades.
parture from the House later this month would served a higher priority than turnout by 1), Holman W. Jenkins Jr. writes: “Su-
RICHARD BROWN
shrink the Republican majority to 217-215. She swiftly restoring voters’ representation in persmart weapons are coming and
Babylon, N.Y.
represents a conservative district in the state’s Washington. will be able to recognize and neutral-
northern region, and a Republican will likely Replacing Ms. Stefanik is especially urgent ize threats before a human can get in
win the race to replace her. for Republicans in light of their packed legisla- the loop.” Pepper ...
In September 1983, Oko, the Sovi-
New York law requires an election to fill the tive schedule. Speaker Mike Johnson wants to
ets’ early-warning missile-detection
And Salt
vacancy within 90 days, but some Democrats pass a budget resolution and take up legislation
system, identified five incoming THE WALL STREET JOURNAL
suddenly think that law is passé. That includes on energy, taxes and the border by late spring, American missiles. Reasoning that if
Gov. Kathy Hochul and House Minority Leader around when the vacant seat would likely be the U.S. had meant to attack they
Hakeem Jeffries, who represents a Brooklyn dis- filled under current law. The narrow majority would have done so with a more sig-
trict. The duo met Friday at a Manhattan steak- gives every GOP House Member outsize influ- nificant strike, officer Stanislav Petrov
house, according to the New York Times, where ence, and some are already exploiting it for pa- correctly judged it to be a false alarm,
Mr. Jeffries pushed Ms. Hochul “aggressively” rochial interests. Mr. Jeffries is hoping the GOP thus avoiding major retaliation. I
to delay the special election. agenda crashes and burns to help him win the wonder if artificial intelligence would
They’re deciding whether to use Democratic House back for Democrats in 2026. have reasoned the same way.
control in Albany to move elections to fill House As usual these days, Florida is showing up DON SORDILLO
Litchfield, N.H.
vacancies to June, or even November. That New York. By April 1, the Sunshine State will re-
would make them coincide with primaries or place Rep. Mike Waltz, now President Trump’s
Letters intended for publication should
general elections. national security adviser, and Matt Gaetz, who be emailed to [email protected]. Please
The excuse Democrats are preparing to jus- resigned after an ill-fated nomination to be- include your city, state and telephone
tify the delay is voter participation. More vot- come Attorney General. New Yorkers tired of number. All letters are subject to
ers will show up if the election is held at a pre- taxation without representation have one more editing, and unpublished letters cannot “For some people, money talks.
be acknowledged.
dictable date along with other races, the reason to think about moving. Mine only mimes.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Wednesday, February 5, 2025 | A15

OPINION

This Is the House That Höss Built

By Tunku Varadarajan the kids’ bedrooms so they couldn’t poll showing that half of all adults
see a nearby crematorium. No won- across the globe hold antisemitic be-

‘W
Oświęcim, Poland der Mr. Wallace finds it intolerable liefs and deny the Holocaust.
hy does the Aya- that he can turn on his phone at the The Höss house, as reconceived,
tollah Khamenei ground zero of Jewish genocide and stands as a triumph of Jewish resil-
of Iran have a f— hear directly from Supreme Leader ience over Nazi Germany and as a
Twitter account?” Ali Khamenei, who seeks to wipe Is- challenge to global amnesia. The era
asks Mark Wal- rael off the map. “It’s as if Auschwitz that followed Höss’s hanging has
lace, a rare lapse in language from a hasn’t made a difference,” he says. been a golden age for the Jewish peo-
courtly man. “Why should the No. 1 “Can we not see that this is wrong?” ple. It has been marked by Israel’s as-
state sponsor of terrorism be on f— Höss was hanged by the Poles in tonishing successes, and the unprece-
social media?” 1947 at the site of the crematorium his dented acceptance of Jews into

OMAR MARQUES/GETTY IMAGES

Mr. Wallace, who served as a U.S. children couldn’t see. If he returned to Western society—particularly in
Ambassador to the United Nations his house today, he’d be aghast at its America, the most powerful country
under President George W. Bush, has transformation. With the help of pri- in history. After suffering what
succumbed to righteous anger. Blame vate American backers, Mr. Wallace Churchill called the single greatest
it on the day when our conversation and a team of activists bought the crime in human history, what better
occurs: Jan. 27, the 80th anniversary house to turn it into a “center for re- rebuke to Nazism than this Jewish
search, education and action on anti- flourishing?
semitism, extremism and radicaliza- But civilization is a veneer. If one
The building, a few feet tion.” There will be a database of Rudolf Höss’s house, with Auschwitz barracks on the right. picks at it, antisemitism quickly re-
“extremist content, groups, actors and surfaces. Before World War I, Ger-
from the main Auschwitz incidents” that will help persuade had owned them for the past 80 “He’s a handful, but I want him to see many arguably represented the most
camp, will be turned into a Western lawmakers to crack down on years. He declines to say how much what we’re doing, and to understand vibrant and elevated culture in Eu-
antisemitic and terrorist support net- he paid but says there were “at least what’s at stake. I know he believes rope. Nazism dehumanized its peo-
counterextremism center. works and extinguish online propa- 10 different family members across that good will overwhelm evil on ple, culminating in the Holocaust.
ganda, recruitment and incitement. two houses, and many were es- Twitter, so why doesn’t he sign up The present-day ideology of radi-
The subversion is powerful, and tranged from each other.” The pur- with us, get on the team, and help me cal Islam is no less a threat to the
of the liberation of Auschwitz. Blame cathartic. Inside, the house bears no chase “took years to accomplish be- defeat the negative speech?” Jews than the Nazis were. If any-
it also on the ghostly place where we resemblance to how it was when cause we didn’t believe it appropriate In 2017 the Counter Extremism thing, the language and deeds of jiha-
are talking: the house, right next to Höss lived there, so it won’t be a mu- to pay a significant premium because Project was instrumental in getting dists are more explicit in their geno-
the original Auschwitz camp, where seum of evil. It will be gutted and will of its Nazi history.” the video archive of Anwar al-Awlaki cidal aspirations than the Nazis were
its commandant, Rudolf Höss, lived give way to a “void”—a “quiet, reflec- As for his broader mission, he taken off YouTube. The incendiary in the 1930s. The epicenter for that
with his family from May 1940 tive space” cleansed of Höss and his speaks of an “algorithm of evil” and preaching of the American-born jiha- intent is the regime in Tehran. Its
through December 1943, and then hateful aura. Daniel Libeskind, the wants to “make it untenable for so- dist had incited the Fort Hood gun- lust, and that of its fellow travelers,
again in the spring of 1944, when he Polish-American architect best cial media to reward hate and anti- man and the Boston Marathon bomb- for Jewish blood was revealed anew
came back to oversee the murder of known for designing the Jewish Mu- semitism.” Using an analogy with ers, among others. Awlaki was killed on Oct. 7, 2023. As we stand atop the
400,000 Hungarian Jews at the seum in Berlin and the reconstructed road safety, he says the Internet in a 2011 U.S. drone strike, but his ruins of the German Reich at
nearby Birkenau death camp. World Trade Center in New York, will “isn’t just in the pre-seat-belt age, it’s poison had lived on posthumously Auschwitz, so too must we, one day,
Höss, his wife and their five chil- oversee the construction of a brand- in the pre-traffic-light era.” He wants online. “It’s a watershed moment,” stand atop the ruins of a vanquished
dren dined and sang and gardened new building that will serve as the to challenge social media’s titans to Mr. Wallace said at the time, “on the Islamist Iranian empire.
and swam a few feet from the head- center’s heart. take extremists offline: “Yes, I want question of whether we’re going to

.
quarters of the complex where more Mr. Wallace’s decade-old non- them to work with me, but I also allow the unchecked proliferation of Mr. Varadarajan, a Journal con-
than a million Jews were gassed or profit, the Counter Extremism Proj- want them to worry about me, even cyberjihad.” Yet Islamic propaganda tributor, is a fellow at the American

ly
shot or beaten or worked to death. ect, acquired the Höss house and one be afraid of me.” He will invite Elon and Jew-hatred remain disquietingly Enterprise Institute and at NYU Law
Dad and mom tinted the windows in next door from the Polish family that Musk to visit the house at Auschwitz. unchecked. Mr. Wallace cites a recent School’s Classical Liberal Institute.

on
Trump Can Do a Lot for School Choice
President Trump and accommodations such as bath- well before the pandemic. Reading asking for trouble down the road. that ruling. Oklahoma has argued
us ,

has repeatedly rooms or locker rooms specifically scores have trended downward since Although millions of American fami- that allowing a religious charter
l

vowed to abolish the designated for persons of the oppo- 2015 and have reached their lowest lies are able to send their children to school would violate the First
e
al a

Education Depart- site sex.” No more boys “participat- level for eighth-graders since 1992. safe schools that provide a decent Amendment’s Establishment Clause,
ment as part of a ing in school athletic competitions Nor can the underperformance be education, Mr. Trump understands which prohibits the government
broader plan to re- or other extracurricular activities blamed on a lack of resources. Ac- that millions of other American fam- from establishing a religion or favor-
ci on

duce federal in- specifically designated for persons cording to the Census Bureau, pub- ilies—many of them low-income mi- ing one faith over another. The state
UPWARD
MOBILITY volvement in K-12 of the opposite sex.” This is common lic-school spending per pupil has norities—don’t have that advantage. board counters that excluding a reli-
schooling and dele- sense to most people. In a New York risen on average by about 50% over His executive order directs the sec- gious entity from public benefits
By Jason L.
gate more authority Times/Ipsos poll from last month, retary of education to issue guidance solely because of the entity’s reli-
Riley
to the states. It’s an 79% of all respondents, and 67% of to states on using federal dollars “to gious character is a violation of the
er s

admirable goal but Democrats, said biological males The Supreme Court, support K-12 educational choice ini- Free Exercise Clause, which bars the
one that requires an act of Congress, should be banned from competing tiatives” that include the expansion government from prohibiting or re-
meanwhile, is considering
m er

and Republicans don’t have the with women in sports. of private schools, parochial schools warding religious beliefs.
votes to pull it off right now. What Although Mr. Trump’s directives a case that could expand and public charter schools. Recent Supreme Court rulings
can be done to advance school re- on diversity, equity and inclusion The president’s order wasn’t the suggest that St. Isidore’s defenders
form meanwhile? have received more attention, a sep- charter opportunities. only bit of good news that school-re- have the better argument. In Espi-
A lot, potentially. Mr. Trump has arate executive order on “expanding form proponents received recently. noza v. Montana (2020), the justices
m rp

already signed a pair of executive educational freedom and opportu- Last month, the Supreme Court ruled that religious schools should
orders related to education. One nity for families” could have more the past decade. As alarming is the agreed to hear arguments in a case have the same access to funds as
cuts federal funding for schools impact in the long run. “Parents growing separation between chil- out of Oklahoma that concerns other private schools. In Carson v.
where children are being taught that want and deserve the best education dren who are learning and those whether a state can authorize a reli- Makin (2022), the court held that
“members of one race, color, sex, or for their children,” it begins. “But who aren’t. Education scholar Dan gious charter school. In 2023, the Maine couldn’t exclude religious
co Fo

national origin are morally or inher- too many children do not thrive in Goldhaber wrote on social media Archdiocese of Oklahoma City and schools from a state tuition pro-
ently superior to members of an- their assigned, government-run K-12 that the “distance between the high- Diocese of Tulsa applied to Okla- gram. Oklahoma already contracts
other race, color, sex, or national or- school.” The order cites the most re- est/lowest performing students is a homa’s Charter School Board to es- with churches and sectarian univer-
igin,” or that “an individual, by cent National Assessment of Educa- chasm & achievement gaps are at tablish St. Isidore of Seville Catholic sities for certain services. Why is St.
virtue of the individual’s race, color, tion Progress, which shows that 70% historic highs.” Virtual School. The board approved Isidore being singled out?
sex, or national origin, is inherently of eighth-graders lack proficiency in Given the strong correlation be- the proposal but the Oklahoma Su- The Supreme Court, along with a
racist, sexist, or oppressive.” reading and 72% lack proficiency in tween educational achievement and preme Court blocked the decision White House unafraid to upset the
The order likewise bans the math. life outcomes, a society that allows last year. education status quo, could clear the
teaching of “gender ideology” and This isn’t a Covid phenomenon. such a large fraction of its youth to School-choice advocates expect way for an expansion of school
the joint “use of intimate facilities Student achievement was in decline fall by the wayside academically is the U.S. Supreme Court to reverse choice that is long overdue.

The U.S. Has Rights Over the Panama Canal

n-

By Eugene Kontorovich Panamanian operation of the canal, ally imposing a rigid “national secu- subordinate to a rival authoritarian The U.S. need not wait until canal

I
and no foreign military or defense rity” law in 2020. regime. operations are disrupted, or China
no

n his inauguration speech, Presi- presence in the country. American In a communist regime, distinc- There may also be violations of unfurls the five-star red flag, to in-
dent Trump accused Panama of shippers have objected to the canal’s tions between private and govern- the treaty’s prohibition on foreign tervene. A 1977 joint statement from
violating the terms under which toll system, but because it applies to ment-owned firms are matters of de- troops or military infrastructure in Carter and Panama’s Brig. Gen. Omar
the U.S. handed over the Panama Ca- all countries equally, it’s hard to see gree, not kind. China has an official the canal. This prohibition applies to Torrijos made clear that Washington
nal. “We’re taking it back,” he de- it as a treaty violation. strategy known as “military-civilian naked violations like a People’s Liber- can “defend the Canal against any
clared. Secretary of State Marco Ru- But Messrs. Trump and Rubio are fusion,” aimed at integrating the ation Army garrison, and to “infor- threat to the regime of neutrality.”
bio, during a visit to Panama this correct that there may be other vio- country’s military and civilian sec- mal forces,” as Dean Rusk, who Treaties don’t interpret themselves,
week, told President José Raúl Mu- lations of the neutrality regime. As tors to advance the Chinese army. and under this treaty each county de-
lino that “absent immediate Assistant Secretary of State Douglas The country’s Belt and Road Initia- cides for itself whether a violation
changes,” the U.S. will “take mea- J. Bennet Jr. testified during Senate tive is a sprawling policy to The Neutrality Treaty has occurred. The Senate made clear
sures necessary to protect its rights” ratification hearings in 1977, the strengthen its strategic influence that each party may take “unilateral
in the canal. The U.S. has a serious treaty prohibits not only “the garri- overseas. Panama is an official signa- authorizes America action.”
legal basis on which to contest—in- soning of foreign troops” but also tory of the initiative, allowing China to enforce a prohibition The treaty also authorizes the use
cluding by military intervention— “foreign operation of the canal.” increased investment and influence. of military force. That said, the
what it regards as impermissible for- A Hong Kong-based company cur- There’s a parallel here: The Suez against ‘foreign operation.’ Carter-Torrijos joint statement speci-
eign influence in the canal. rently operates ports on both sides of Canal Co., which built and operated fies that any use of force may not be
President Jimmy Carter signed the canal. In 1997, when the company the Egypt-controlled Suez Canal, was directed at the “territorial integrity
two treaties with Panama in 1977: first won contracts to manage the a private firm. But because the com- served as secretary of state under or political independence of Pan-
One provided for the gradual transfer ports, Hong Kong was still a British pany’s shareholders were largely John F. Kennedy and Lyndon B. John- ama.” Military force can be used only
of the strategic waterway from the territory. A few months later the U.K. British and French, the canal was un- son, explained in ratification hear- to remove the threat to neutrality; it
U.S. to Panama by 1999, and the handed Hong Kong over to China, derstood to be under de facto Anglo- ings. Belligerent powers often seek to may not permanently retake the Ca-
other established a permanent “re- and two years after that the U.S. French control. This is why Egypt’s evade international legal limitations nal Zone.
gime of neutrality” over the canal. handed the canal over to Panama. In nationalization of the company in by disguising their actions in civilian When Panama received the canal,
The regime of neutrality mandates the ensuing decades, China has ce- 1956 spurred military action by Is- clothes. Mr. Trump must determine if it agreed to the condition that the
equal access for all nations to peace- mented its control over Hong Kong rael, Britain and France. Similarly, China’s civilian presence around the U.S. would have considerable discre-
ful transit, “just, equitable and rea- far beyond what was contemplated in the Panama Canal’s facilities are un- canal includes covert Chinese intelli- tion to intervene over perceived
sonable” tolls and fees, exclusive its agreement with the U.K., eventu- der the control of companies that are gence agents or security forces. threats to the neutrality of the wa-
terway. Panama also knew that
Carter wouldn’t always be the presi-

Notable & Quotable: DNC

dent. The U.S. has the right to use
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY military force, but Mr. Trump
Lachlan Murdoch shouldn’t resort to this option lightly.
Executive Chairman, News Corp Ruy Teixeira writing at Sub- for chair blamed Kamala Harris’s Under diplomatic pressure from
Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp stack.com, Feb. 3: loss to Donald Trump on racism and Messrs. Trump and Rubio, Mr. Mu-
Emma Tucker Almar Latour misogyny. lino promised on Sunday not to re-
Editor in Chief Chief Executive Officer and Publisher Viral video clips from the Demo- The DNC settled on 24-year-old new Panama’s Belt and Road agree-
Liz Harris, Managing Editor DOW JONES MANAGEMENT: cratic National Committee’s election school-shooting survivor David Hogg ment with China and “study the
Charles Forelle, Deputy Editor in Chief Mae M. Cheng, EVP, General Manager, for a new chair this past weekend as its new vice chair. Here is Hogg’s possibility of terminating it early.”
Elena Cherney, Senior Editor; David Crow, Leadership; David Cho, Barron’s Editor in Chief; seemed like outtakes from a human- take on why Democrats did badly While this falls far short of address-
Jason P. Conti, General Counsel, Chief ities seminar at a small liberal arts
Executive Editor; Chip Cummins, Newswires; among Gen Z voters: “We had to ing the Trump administration’s con-
Taneth Evans, Digital; Alex Martin, Print & Compliance Officer; Dianne DeSevo, Chief People
Officer; Jared DiPalma, Chief Financial Officer; college. In one, outgoing DNC chair grow up worrying about dying in a cerns, it may be an early sign that
Writing; Michael W. Miller, Features & Weekend;
Bruce Orwall, Enterprise; Philana Patterson, Artem Fishman, Chief Technology Officer; Jaime Harrison explains how the school shooting today, or dying of cli- Panama will also be open to ending
Audio; Amanda Wills, Video David Martin, Chief Revenue Officer, Business presence of a gender nonbinary can- mate change tomorrow, and then be- its contracts with the Chinese com-
Intelligence; Dan Shar, EVP, General Manager,
didate affected the committee’s gen- ing crushed by student debt and the panies operating around the canal.
Paul A. Gigot Wealth & Investing; Ashok Sinha, Chief
Editor of the Editorial Page Communications Officer; Josh Stinchcomb, EVP & der-balance rules. (“The nonbinary housing crisis in between. . . and I
Gerard Baker, Editor at Large Chief Revenue Officer, WSJ | Barron’s Group; individual is counted as neither think on the issue of Gaza in particu- Mr. Kontorovich is a professor at
EDITORIAL AND CORPORATE HEADQUARTERS:
Sherry Weiss, Chief Marketing Officer male nor female, and the remaining lar, it was emblematic of the fact that George Mason University Scalia
1211 Avenue of the Americas, New York, N.Y., 10036 six officers must be gender bal- people felt like we were not listening School of Law and a senior research
Telephone 1-800-DOWJONES anced.”) In another, every candidate to them—that we didn’t care.” fellow at the Heritage Foundation.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A16 | Wednesday, February 5, 2025 THE WALL STREET JOURNAL.

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© 2025 Dow Jones & Company. All Rights Reserved. * * * * * * THE WALL STREET JOURNAL. Wednesday, February 5, 2025 | B1
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Estée Lauder Cuts Up to 7,000 Jobs Nissan

To Reject
Cosmetics company
struggles with weak
Estée Lauder quarterly
net profit/loss
$600 million
drop in revenue.
“We think there is a very
long road ahead before the
Terms of
demand, especially
in Asian markets 400
company can return to even
market-level organic sales
growth and attractive operat-
Honda Bid
ing margins,” said Lauren R.
BY DEAN SEAL 200 Lieberman, who covers the BY SEAN MCLAIN
AND NATASHA KHAN company for Barclays. The AND MEGUMI FUJIKAWA
0 changes in organization struc-
Estée Lauder said it will ture “strike us as not really Nissan’s board plans to re-
cut up to 7,000 jobs and –200 resolving much in terms of ject Honda’s terms for a com-
warned of a steep sales drop clear lines of accountability bination of the two automak-
CFOTO/DDP/ZUMA PRESS

to start the new year. The and ownership.” ers, putting in danger a
company’s stock plunged 16% –400 The company started cut- merger plan announced less
on the news Tuesday. –$590M ting jobs in 2023 to combat than two months ago, people
The cosmetics giant behind –600 falling sales. It had initially familiar with the matter said
MAC, Smashbox and Jo Ma- FY2023 '24 '25 expected to eliminate 1,800 to Wednesday.
lone has been struggling with Note: Latest fiscal quarter ended Dec. 31. 3,000 jobs and employed Nissan’s board was sched-
weak demand, especially in A promotion of Estée Lauder’s MAC brand in Shanghai. Sources: S&P Capital IQ; the company 62,000 people as of last June. uled to meet Wednesday, and
Asia, for its products among The expanded overhaul is the people cautioned that no
shoppers in China and South this year. His turnaround plan will in- ends March 31. expected to yield $800 million final decision to kill the deal
Korea. “Simply said, we lost our clude wider job cuts and in- The job-cuts figure was de- to $1 billion, before taxes, in has been made.
The latest layoffs expand a agility,” de La Faverie said in a creasing investments in adver- livered alongside the com- annual savings. The company The two Japanese automak-
restructuring effort under Tuesday call with analysts. tising spending to get new pany’s latest quarterly report, now forecasts $1.2 billion to ers said on Dec. 23 that they
new Chief Executive Stéphane “We did not capitalize on the customers. Still, the company which showed it swung to a $1.6 billion in pretax charges planned to combine under a
de La Faverie, a longtime ex- higher growth opportunities said it expects sales to fall 10% $590 million loss in the last tied to the restructuring, more structure in which Honda and
ecutive who took over earlier quickly enough.” to 12% for the quarter that three months of 2024 on a 6% than double its prior estimate. Nissan would both be subsid-
iaries of a single holding
company.

Physical Stores
Spotify’s annual profit/loss Monthly active users Share price, year to date In recent days, Honda pre-
€1.5 billion
4Q 2024 sented a new proposal that
700 million $625
4Q 2024 675M Tuesday would have made Nissan a

.
€1.1B 600
$621.77 subsidiary of Honda instead of
600

Still Vex Amazon

1.0 +13% the more equal structure orig-

ly
575 inally planned, according to a
500 person familiar with the nego-
0.5
550 tiations. The person said Nis-
BY KATE KING

Amazon.com, the largest e-

online has yet to translate into
a successful strategy for con-
necting with shoppers in the
on 0
400

300
525

500
san found the new proposal
unacceptable and planned to
reject it.
The person said Nissan and
commerce retailer in the U.S., real world, retail brokers and –0.5 Honda would continue other
us ,

200
is stumbling in its efforts to landlords said. 475 cooperation that predates the
l

compete in the bricks-and- “They keep testing these –1.0 merger talks, including collab-
e
100
al a

mortar world. concepts thinking one of them 450 oration on software and elec-
The company in 2018 is going to connect with the Please turn to page B2
launched the Amazon Go con- consumer in a big way,” said –1.5 0 425
ci on

venience store, where custom- Jeff Edison, chief executive of 2016 ’20 ’24 2021 ’22 ’23 ’24 Jan. 2025 Feb.
ers can grab a latte, bagel or
turkey sandwich and walk out
Phillips Edison & Co., a real-es-
tate investor that owns gro-
Note: €1 = $1.03

Robinhood Sources: S&P Capital IQ (profit/loss); the company (MAUs); FactSet (performance)

without waiting in line to pay.

Amazon charges them elec-
cery-anchored shopping cen-
ters. “But can you think of any
Spotify Logs First Full-Year Profit Withdraws
er s

tronically. examples where they’ve actu-

But with the Amazon Go ally done the bricks-and-mor-
BY ANNE STEELE
m er

store in Woodland Hills, Calif.,

closing this
month, the re-
tar retail well? I can’t.”
Amazon Go
stores were Spotify Technology re-
Super Bowl
tailer
shrunk its Go
has
Amazon has
launched to de-
velop technol-
ported its first ever full year
of profitability, fueled by re- Bet Plans
m rp

portfolio by ogy that speeds cord user growth and auster-

about half since closed dozens of up the buying ity measures after years of
early 2023, to process while heavy spending on growth ini- Robinhood Markets said
16 stores in four
branded retail saving on labor tiatives such as podcasts. Tuesday that it was withdraw-
states. Instead, stores in costs. They use Its fourth-quarter earnings ing its plans to offer betting
co Fo

Amazon is fo- cameras and are a sign that the company contracts on the Super Bowl,
cusing on li- recent years. sensors to track has been able to wean itself following pushback from the
VUK VALCIC/ZUMA PRESS

censing its customer pur- off years of intense invest- Commodity Futures Trading
“Just Walk Out” chases instead ment and transform from a Commission, which raised
technology to of a traditional music-streaming service with concerns that the contracts
other retailers, while it focuses checkout counter. tough margins to a full-service might be illegal.
its bricks-and-mortar ambi- But reducing the number of audio company.
tions on grocery stores. employees available to help Shares of the company By Alexander Osipovich,
This is hardly Amazon’s customers and giving priority climbed 13% Tuesday, and are Spotify displays London’s top-streamed songs in 2024. Hannah Erin Lang
only misfire in the physical- to credit-card payments over up about 39% in the year to and Katherine Sayre
store universe. It has closed cash limits sales and makes date. pected €1.99 a share, accord- and ship new products faster.
dozens of its other branded re- the shopping experience more “It only took 18 years for us ing to FactSet. He said music—and offerings “We were in regular con-
tail stores in recent years, in- cumbersome, said Nick Egela- to get here, but we’re here,” Net income for the year like a higher priced premium tact with the CFTC prior to
n-

cluding bookstores, fashion nian, president of retail-advi- Chief Executive Daniel Ek said was €1.14 billion, equivalent tier including hi-fi streaming launching this product, and
outlets and its “4-star” loca- sory firm SiteWorks Retail. in an interview. to about $1.18 billion, com- and remix tools—would be a we believe we are in full com-
tions stocked with bestselling “I don’t think they really Spotify swung to a fourth- pared with a loss of €532 mil- focus this year. pliance with all applicable reg-
items from its website. understand retail,” Egelanian quarter profit of €367 million, lion in 2023. “You should expect there to ulations,” said Robinhood
no

After a decadelong experi- Please turn to page B6 or €1.76 a share, from a loss of Ek on Tuesday told inves- be many more versions of General Counsel Lucas
ment with bricks-and-mortar €70 million, or 36 euro cents a tors the company aims to pick Spotify in the future that will Moskowitz. Still, “we are
stores, Amazon’s dominance  Property Report ............... B6 share, a year ago. Analysts ex- up the pace of new initiatives Please turn to page B4 Please turn to page B11

Fox Plans Deeper Dip Into Streaming INSIDE

BY JOE FLINT AND DEAN SEAL from pay-TV distributors. into streaming thus far. It boosted by strong advertising
“We see the traditional ca- owns the popular free, adver- revenue from the election sea-
Fox Corp. said it plans by ble bundle as still the most tiser-supported streaming ser- son and sports.
BRENDAN MCDERMID/REUTERS

the end of 2025 to launch a di- value for our customers and vice Tubi. Tubi plans to air The media company re-
rect-to-consumer streaming frankly the most value for our the Super Bowl live on Sun- ported net income of $373
service that will include con- company,” Murdoch told ana- day. million, or 81 cents a share, up
tent from Fox News and Fox lysts on a call Tuesday dis- Fox News has a streaming from $109 million, or 23 cents
Sports, its biggest foray yet cussing the company’s most service called Fox Nation, a share, in the same quarter a
into subscription streaming. recent quarterly results. which carries a mix of original year earlier.
Chief Executive Lachlan Murdoch didn’t provide de- content and some material Stripping out one-time
Murdoch said the new offering tails on the streaming ser- from its Fox News Channel. items, adjusted earnings were
is meant to complement pay- vice’s price point or whether The service, which has more 96 cents a share. Analysts PHARMACEUTICALS BUSINESS NEWS
TV subscriptions, not replace all Fox News and sports con- than two million subscribers, polled by FactSet had been ex- Merck gave 2025 Tariffs may force
them. The company has previ- tent would be included. He costs as much as $7.99 a pecting 69 cents a share.
ously resisted developing a said expectations for sub- month and doesn’t include a Revenue rose 20% to $5.08
revenue guidance that Chinese e-commerce
broad streaming offering be- scriber numbers would be live feed of the channel. billion, above analyst projec- fell short of analysts’ giants such as Shein to
cause it didn’t want to canni- modest. Fox’s fiscal second quarter, tions for $4.87 billion, accord- expectations. B2 raise prices. B3
balize the revenue it receives Fox has taken baby steps which ended Dec. 31, was Please turn to page B4

MAXIMIZE
WAREHOUSE
PRODUCTIVITY
WITH AUTOMATION
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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.

B2 | Wednesday, February 5, 2025 * ***** THE WALL STREET JOURNAL.

BUSINESS & FINANCE

Merck’s 2025 Outlook Disappoints

BY JARED S. HOPKINS Merck share price, over the been affected by various eco- what the inventory in China
AND DENNY JACOB past six months nomic issues, including an anti- would need to be for Merck to
corruption effort by the gov- resume shipments but said it
$120
Merck shares tumbled more ernment. The company has needed to come down.
than 9% Tuesday after the 115 said it has been working on im- Gardasil’s China sales ac-
drugmaker gave 2025 revenue proving patient education and count for most of the shot’s in-
guidance that fell short of ana- 110 promotion of the vaccine. ternational revenue. The shot’s
lyst expectations and said it Gardasil sales in 2024 to- sales could be key to helping
was pausing shipments of its 105 taled roughly $8.6 billion, down Merck deal with revenue losses
top-selling vaccine Gardasil to 3% from the prior year. Fourth- when Keytruda loses patent
100
China. quarter sales were about $1.6 protection in 2028.
GEORGIOS KEFALAS/EPA/SHUTTERSTOCK

Merck said it expected sales 95 billion, down 18% from a year Keytruda’s fourth-quarter
of $64.1 billion to $65.5 billion ago in part because of the sales grew 21% to $7.8 billion,
Tuesday
in 2025 and adjusted earnings 90
$90.74
lower demand in China. helping power company quar-
of $8.88 to $9.03 a share. Both –9.1% Still, the uncertainty in terly revenue to $15.6 billion.
forecasts came in below the av- 85 China led Merck to withdraw a Analysts expected $15.5 billion.
erage analyst expectation for Sept. 2024 ’25 target of $11 billion annual Gar- Keytruda sales totaled $29 bil-
revenue of $67.07 billion, and Source: FactSet dasil sales by 2030, said Chief lion in 2024.
adjusted earnings per share of Financial Officer Caroline Li- Stripping out certain one-
$9.13, according to FactSet. Gardasil prevents cancers tchfield. time items, earnings came in at
‘We really need to find a unique opportunity’ for potential Merck’s guidance was af- caused from the human papil- Merck’s pause means its dis- $1.72 a share; analysts polled
acquisitions of obesity drugs, said CEO Vas Narasimhan. fected because it decided to lomavirus and is the company’s tribution partner will then by FactSet had expected $1.61 a
pause shipments of Gardasil to biggest-selling franchise behind serve whatever demand is in share.

Obesity Drugs’ Bar China from February through

at least the middle of the year,
as the company’s Gardasil busi-
blockbuster cancer therapy
Keytruda.
The vaccine’s sales had been
China by going through its ex-
isting vaccine supply.
On a call with analysts Tues-
Merck reported fourth-quar-
ter net income of $3.74 billion,
or $1.48 a share, compared

Is High for Novartis

ness in China remains a chal- booming in China until last day, Merck Chief Executive with a loss of $1.23 billion, or
lenge. year when Merck said it had Robert Davis declined to say 48 cents a share, a year earlier.

BY HELENA SMOLAK ternally, while others like

Roche Holding and AstraZen-
Novartis has set a high bar eca acquired early-stage obe-
for any potential obesity-treat-
ment acquisition as it scans the
market for deals to fill its drug
sity candidates.
Novartis is moving ahead
with its own in-house obesity
PortfolioAnalyst®
pipeline and power sales program that is at an early
growth into the 2030s, its chief
executive said.
stage of development and has
yet to enter human clinical tri- Consolidate, track, and
The Swiss pharmaceutical als, Narasimhan said. Mean-
company is on the lookout for while, it is looking for potential analyze all your financial

.
next-generation obesity drug acquisitions of experimental
candidates, even if its main fo- obesity drugs that can retain
accounts with powerful tools.

ly
cus remains on therapeutic ar- muscle mass, reduce the fre-
eas where it currently has an quency of injection or offer ad-
established presence, Chief Ex- ditional health benefits to pa-
ecutive Vas Narasimhan said in
an interview with The Wall
Street Journal.
“The bar is very high, we
tients beyond weight loss, he
added. “We really need to find
a unique
Narasimhan said.
opportunity,”
on
need to find something that’s Acquiring a later-stage drug • NEW Plan for the future with a customizable
us ,

truly differentiated, that brings candidate that is differentiated

l

something new,” Narasimhan from first-generation obesity retirement planner.

e
al a

said. medicines could still enable

The company’s position in Novartis to successfully enter
RNA therapeutics, as well as in the market, Vontobel analyst • Consolidate your brokerage, checking, savings,
ci on

cell and gene therapies, make Stefan Schneider said.

these areas more worthwhile to
focus on from a mergers-and-
Narasimhan has always taken
the more expensive—but less
credit cards, annuities, incentive plans, mortgages,
acquisitions standpoint than a
late entry into the obesity mar-
scientifically risky—route of
buying drugs in late-stage tri-
student loans and more into a single view.
er s

ket, Narasimhan said. als, Schneider said.

Nevertheless, Novartis’s ap- Beyond obesity, the com- • Analyze your consolidated portfolio with advanced
m er

petite for obesity deals shows pany seeks to expand in key

the industry is still hungry for
the kind of treatments that
therapeutic areas and technolo-
gies, such as radioligand ther-
analytics, including Sharpe Ratio, Alpha, and Beta,
have resulted in windfalls for apy, cell and gene, and RNA
Eli Lilly and Novo Nordisk. therapeutics following a pipe-
and explore specific metrics like Portfolio Movers
m rp

Some companies have opted to line revamp its CEO launched

develop weight-loss drugs in- in 2022. and Projected Income.
• Manage portfolios with GIPS®-verified returns.
Nissan ground in both markets.
co Fo

Honda said it was continu-

ing to discuss the potential

To Say No combination with Nissan and

aimed to decide on a general
plan by mid-February. PortfolioAnalyst is free for all - no broker account needed.
To Honda Nissan shares had jumped
on the initial merger an-
nouncement in December but
fell back in the following
Continued from page B1 weeks. Nissan shares were up
tric vehicles. about 1% in Tokyo trading
If the plan to combine with Wednesday. Honda shares rose
Honda falls apart, it would 2.5%.
n-

raise pressure on Nissan to re- Nissan said in November

assure lenders, employees and that it would lay off 9,000
customers that it can survive workers and slash its factory
amid stiff competition in the capacity by one-fifth to cut
no

U.S. and China. Nissan has lost costs.

INDEX TO BUSINESSES
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 Honda................................................B1 PepsiCo............................................B3
Advanced Micro Devices.B6 K Pfizer................................................A4
Alphabet.......A1,B3, B11.......B3 Polaris.............................................B11
Kalshi.................................................B1
Amazon..................................A1. B1 PTC Therapeutics...................B2
KKR...................................................B11
AstraZeneca................................B2 Publicis............................................B3
M
B R
Match...............................................B6
Bally’s...............................................B6 Robinhood Markets..............B1
Marathon Petroleum.........B11
BNP Paribas..............................B11 Roche Holding...........................B2
Merck ..............................................B2
D Meta Platforms.......................B3 S The best-informed investors choose Interactive Brokers
Diageo..............................................B3 Moderna........................................A4 Shein.................................................B3
E N Spotify Technology................B1

Eli Lilly.............................................B2 Nintendo........................................B4 T

Estée Lauder...............................B1 Nissan...............................................B1 Temu.................................................B3
F Novartis..........................................B2 U
Novo Nordisk.............................B2
FedEx...............................................B11 UBS Group..................................B11
Ford..................................................B13 O United Parcel Service.........A2
Fox.......................................................B1 Okta...................................................B6 V
G-H P Valero Energy..........................B11
General Motors............B11,B13 Palantir Technologies........B11 Vodafone.......................................B6

INDEX TO PEOPLE ibkr.com/try-pa

A E Moskowitz, Lucas...................B1
Afzal, Shams.............................B11 Edison, Jeff...................................B1 Murdoch, Lachlan...................B1
Egalanian, Nick..........................B1 Musk, Elon...................................A4
B
Ek, Daniel.......................................B1 N
Blum, Edward............................B6 J
Bolvin, Gina................................B11 Narasimhan, Vas.....................B2
Jhangiani, Nik............................B3
Buechel, Jason..........................B6 Nuttall, Scott............................B11 Interactive Brokers LLC is a member of NYSE, FINRA, SIPC - GIPS® is a registered trademark owned by CFA Institute.
K CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content
C P
Kim, Bernard..............................B6 contained herein. Any trading symbols displayed are for illustrative purposes only and are not intended to portray
Crew, Debra.................................B3 Pichai, Sundar............................A1
Kumar, Arun...............................B3 recommendations.
D L R
Litchfield, Caroline.................B2 Rascoff, Spencer.....................B6 01-IB24-1714CH1712
Davis, Robert.............................B2
De La Faverie, Stephane..B1 Lieberman, Lauren R...........B1 S
Della Valle....................................B6 M Sadoun, Arthur........................B4
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Wednesday, February 5, 2025 | B3

BUSINESS NEWS

Tariff Risk Upends Diageo Target Ad Group

Publicis
Smirnoff maker
withdraws midterm Beats
guidance amid trade
threat by Trump Forecasts
BY ANDREA FIGUERAS BY ADRIÀ CALATAYUD

U.K. spirits maker Diageo Publicis Groupe reported

scrapped its midterm outlook organic revenue growth that
due to uncertainty in key mar- beat analysts’ expectations for
kets and warned U.S. trade the fourth quarter and said
tariffs could derail its recov- new business tailwinds would
ery. help it power ahead this year.
The company behind John- The Paris advertising group
nie Walker whisky, Guinness said Tuesday that it ended
beer and Smirnoff vodka on 2024 with organic net revenue
Tuesday withdrew its target growth of 6.3% in the last
of organic net sales growth of quarter, accelerating from the
between 5% and 7% over the 5.8% rise it had posted for the
medium term, citing economic prior quarter.
and political uncertainty in Analysts forecast quarterly
many of its most-important organic growth at 5.7%, ac-
CLODAGH KILCOYNE/REUTERS

markets weighing on its pace cording to consensus esti-

of recovery. mates provided by the com-
The move highlights the pany. Organic growth
difficulties businesses face to measures the change in net
navigate global trade tensions revenue excluding the effects
as they scramble to adapt to a of acquisitions, asset sales and
rapidly changing environment. currency fluctuations.
President Trump said Satur- The company, whose brands include Guinness, cited economic and political uncertainty in withdrawing its sales guidance. Publicis expects organic
day that he would impose tar- growth to range from 4% to
iffs on imports from China, Crew said during a call after provement in organic net potential tariff hit, including six months to Dec. 31, beating 5% in 2025, in line with what
Mexico and Canada, but his results. sales growth. As for organic pricing and promotional man- analysts’ forecasts of $10.72 it forecast for 2024 a year ago,
administration struck deals The company continues to operating profit growth, the agement, inventory control, billion, according to consensus a projection that was later
Monday to delay imposing engage with the U.S. adminis- group said it will assess the trade and supply-chain opti- estimates provided by the nudged higher twice and that
new levies on Mexico and tration on the broader impact effect of duties and update as mization, and reallocation of company. Sales grew 1% or- the company ended up ex-
Canada. of the tariffs, she said. appropriate. investments. However, some ganically on year. ceeding with full-year organic
Diageo said the tariffs that The threat of a trade war Diageo shares closed down of these actions will take time, The group said the U.S. growth of 5.8%. For the first
President Trump announced comes at a tough time for Dia- 1.6% in European trading, Jhangiani said. spirits industry was weak quarter, the company antici-

.
would affect the Mexican te- geo. while its French counterparts “While tariffs can be quite overall and that U.S. custom- pates an outcome within its
quila and Canadian whisky it The company has been try- Pernod Ricard and Rémy Coin- disruptive in the short term, ers remained under pressure full-year forecast range.

ly
sells in the U.S., the group’s ing to turn around its perfor- treau, as well as Italy’s Davide we generally can mitigate due to macroeconomic factors, The owner of agencies such
largest market. While the mance after a pullback in con- Campari-Milano lost 1.7%, long-term impact,” Diageo’s fi- including inflation. as Leo and Saatchi & Saatchi
company has undertaken con- sumer spending on alcohol 2.4% and 2.5%, respectively. nance chief said. Operating profit stood at said it expects this year’s or-
siderable contingency plan-
ning over the past few
months, the latest develop-
ments increase the complexity
after a pandemic-era surge. It
warned that this effort could
be at risk if U.S. tariffs are put
in place.
on In the U.S., products that
account for 45% of Diageo’s
net sales must be made in ei-
ther Canada or Mexico given
In addition to levies, drinks
makers also face the potential
implications of calls from the
U.S. surgeon general for warn-
$3.155 billion, 5% lower com-
pared with the prior-year pe-
riod and below analysts’ pro-
jections of $3.31 billion.
ganic growth to reach at least
4% under current market con-
ditions. The company’s organic
growth could hit 5% if the eco-
in providing updated guid- For the six months to June, geographic-origin require- ings about the health impacts Net profit fell to $1.935 bil- nomic context improves, lead-
us ,

ance, it said. the company had expected to ments, Finance Chief Nik of alcohol consumption. lion from $2.21 billion a year ing to fewer cuts in classic ad-
l

“We have navigated tariffs build on the momentum dur- Jhangiani said. For the first half of its fis- before. vertising and higher spending
e
al a

in the past and we will do so ing the half year to December The company has been tak- cal year, the group booked net Diageo declared a flat in- on digital-business-transfor-
again,” Chief Executive Debra and deliver a sequential im- ing measures to mitigate the sales of $10.90 billion in the terim dividend of 40.50 cents. mation projects, it said.
Ad revenue was predicted to
ci on

top $1 trillion last year for the

Duties Loom Over the Ad Industry

PepsiCo’s quarterly revenue, first time, according to a fore-
change from a year earlier cast from media investment
group GroupM. However, the ad
12%
business is increasingly domi-
er s

nated by tech giants such as

10
BY PATRICK COFFEE to American consumers. Elimi- items, sporting goods, comput- “The long-term equity, Google and Meta Platforms,
m er

nating the rule will force the ers and agricultural products brand building, that’s going to which threaten to push further
8
President Trump’s new tar- companies to either raise all rely heavily on imports to be the first one they’ll kind of into Madison Avenue’s turf
iffs on China, and those threat- prices for U.S. buyers or accept build their products, Bank of dial back because obviously with the rise of generative arti-
6
ened against Canada and Mex- lower profits. America noted. they can live without that,” Ku- ficial intelligence. Publicis has
ico, may slow advertising “A suspension of the de Automakers, for example, mar said. weathered the pressures better
m rp

4
4Q 2024 growth at top digital powers minimis exemption poses a risk spend millions of dollars every Platforms could weather the than peers, analysts say, thanks
–0.2% such as Meta Platforms and to ad spend from Chinese e- year on imports from Mexico, tariffs’ effects in the long run. to acquisitions in recent years
2
Google and encourage some comm platforms like Temu & Canada and China in order to Investors believe that Meta, for that included digital-consulting
major brands to cut ad spend- Shein,” Bank of America ana- build car seats and safety belts, example, may be well-posi- business Sapient and data bro-
0 ing more broadly, industry ana- lysts wrote in a according to re- tioned to absorb the blow given ker Epsilon, which allowed it to
co Fo

lysts said. note Monday, search from its scale and grip on advertis- cater to marketers’ demands.
–2 Trump’s 10% tariffs on im- describing the consulting firm ers, as demonstrated by the A strong fourth-quarter
2022 ’23 ’24 ports from China took effect on change as a The new tariff AlixPartners. company’s own price increases, performance helped Publicis
Source: the company Tuesday morning, along with negative for the policies would They had hoped said Squali. Meta’s price per ad become the world’s largest ad
an order suspending the de largest digital that the admin- increased 14% in the fourth group by annual net revenue,
‘absolutely
PepsiCo’s minimis rule that has ex-
empted shipments worth less
than $800 from tariffs.
ad platforms.
“With the ex-
emption re-
impact
istration would
grant them a
carve-out from
quarter of 2024 compared with
the period a year earlier, ac-
cording to its most recent
Chairman and Chief Executive
Arthur Sadoun said.
Publicis stock rose 2.3% in
everybody.’
Earnings It is possible that the Trump
administration could ultimately
avoid tariffs and preserve the
moved, their
growth could be
significantly
the
promised
tariffs

against Mexico
earnings. Paris.

Climb, but de minimis exemption with all

three countries, though an offi-
constrained, po-
tentially leading to cuts [to]
and Canada, but
no such exception materialized.
n-

cial on Tuesday said that marketing budgets.” The price of each new car

Sales Slip Trump and Chinese leader Xi

Jinping wouldn’t speak on the
phone that day after all, de-
Even if Temu and Shein
don’t significantly reduce their
advertising, a modest cutback
sold in the U.S. will go up by
around $3,000 as a result of
the tariffs if they all take effect,
no

spite an earlier statement by would be noticeable at the and discretionary spending cat- Neuberger Berman Real Estate Securities Income Fund Inc. (NRO)
BY DEAN SEAL trade adviser Peter Navarro companies’ key platforms in- egories like marketing will be Transferable Rights Offering for Common Shares of Beneficial Interest
that they would hold a conver- cluding Meta’s Facebook and the first place automakers look
NYSE American Symbol “NRO”
PepsiCo recorded a higher sation. Instagram and Alphabet’s You- to counter those losses, said
NYSE American Rights Symbol “NRO RT”
quarterly profit despite a Should the new tariff poli- Tube and Google search, said Arun Kumar, partner, manag-
Ex-date was January 23, 2025
small drop in revenue as vol- cies take effect, however, the Squali. ing director and global co-
Record date was January 23, 2025
umes in its main North Amer- turmoil in aggregate would Temu spent $2 billion on leader of the advanced mobility
Last trading day for rights is February 18, 2025*
ican segments declined. “absolutely impact everybody, Meta ads in 2023, The Wall practice at AlixPartners.
Offer expires February 19, 2025*
The Purchase, N.Y., maker including the large ad plat- Street Journal has reported. The pandemic saw a 20%
of snacks and soda posted forms,” said Youssef Squali, Temu was the second-larg- decline in overall ad spending, *Unless the offering is extended

fourth-quarter net income of managing director at banking est advertiser on Meta’s plat- Kumar said. The tariffs on
$1.52 billion, or $1.11 a share, company Truist Financial and forms last month and the sev- China plus those threatened
for the quarter ended Dec. 28. head of its internet and digital enth-largest digital advertiser against Canada and Mexico For more information and a copy of the prospectus supplement
That is up from $1.3 billion, research group. in the U.S., according to market would likely power a drop of and prospectus, contact:
or 94 cents a share, in the Chinese e-commerce giants research firm Sensor Tower. 5% to 15%, with large car
same quarter a year before. such as Temu and Shein built Other advertisers also will brands slashing brand market-
Stripping out one-time enormous businesses around be impacted by the tariffs ing efforts, especially in tradi-
items, adjusted earnings were the de minimis exemption in against China, and even more tional formats like print and
$1.96 a share. Analysts polled recent years, spending billions so if those against Canada and linear TV, in favor of digital Call Toll-Free: +1 (866) 387-0017
by FactSet had expected $1.94 of dollars on digital advertising Mexico take effect. Sellers of performance campaigns, he
a share. to market their low-cost goods cars and trucks, household said. Dealer Manager
Revenue declined slightly
year over year to $27.78 bil-
lion, below analyst forecasts
for $27.89 billion, according
to FactSet.
February 5, 2025
Foreign-currency transla-
tion weighed on the top line, An investment in Neuberger Berman Real Estate Securities Income Fund Inc. (the
“Fund”), a diversified, closed-end management investment company, is subject to
which was up 2.1% on an or- investment risk, including the possible loss of the entire principal amount invested.
ganic basis. Investment return and the value of shares will fluctuate. The rights offering involves
certain risks, including economic dilution and voting dilution.
Volumes were down in the
company’s Frito-Lay and All of the costs of the rights offering, including offering expenses and sales load, will be
Quaker Foods segments in borne by the Fund and thus indirectly by all of its common stockholders, including
those who do not exercise their rights. The rights are transferable and trading on the
North America, and flat for NYSE American during the course of the offer; however, there can be no assurance that
its North American beverages a market for the rights will develop.
business and Latin America Investors should carefully consider the Fund’s investment objectives, policies, risks,
segment. charges and expenses before investing. The Fund’s prospectus supplement and
prospectus, which contain this and other information about the Fund and the rights
Volumes were higher in the offering, when available, can be obtained by calling the phone number listed above. An
company’s other international investor should carefully read the Fund’s prospectus supplement and prospectus before
markets. investing. The information in this communication is not complete and may be changed.
This communication is not an offer to sell these securities and is not soliciting an offer
For fiscal 2025, PepsiCo
ADRIENNE GRUNWALD FOR WSJ

to buy these securities, nor shall there be any sale of these securities in any state where
said it expects revenue to rise the offer, solicitation or sale is not permitted.

by a low-single-digit percent- UBS Securities LLC is acting as dealer manager for the rights offering. In the U.S.,
age, and a mid-single-digit securities underwriting, trading, and brokerage activities and M&A advisory activities are
provided by UBS Securities LLC, a registered broker/dealer that is a wholly owned
percentage rise in core, con- subsidiary of UBS AG, a member of the New York Stock Exchange and other principal
stant-currency earnings per exchanges, and a member of Securities Investor Protection Corporation.
share. © UBS 2025. All rights reserved.
Shares slid 4.5% to $143.49
each in Tuesday’s trading. A Shein pop-up store at a Forever 21 location in New York’s Times Square in 2023.
 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 | Wednesday, February 5, 2025 NY THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Nintendo Cuts Earnings, Switch Outlook

Videogame maker’s with hardware, but sales of Nintendo Switch unit sales Nintendo projected net
the aging console are now 30 million
profit to drop 45% to ¥270
9-month profit falls firmly in decline. billion and revenue to decline
42% as sales of its Last month, Nintendo said 29% to ¥1.190 trillion this fis-
it would start selling the suc- 25 cal year. It previously ex-
aging console slows cessor to its nearly eight- pected ¥300 billion in net
year-old console this year, but Revised profit and ¥1.280 trillion in
20 forecast
BY KOSAKU NARIOKA it didn’t reveal the price, the revenue.
11M
launch date or specifications. The videogame maker has
Nintendo cut its annual The company has said it 15 been diversifying its revenue

RUNGROJ YONGRIT/EPA/SHUTTERSTOCK
projections for earnings and plans to share further details streams with some success,
Switch console sales after in April. It has also said that offering other forms of enter-
posting weak results, under- the new Switch will come 10 tainment by leveraging its
scoring the videogame with exclusive games. popular characters and game
maker’s difficulty in boosting The stock dipped briefly 5 series.
earnings without a new con- following the January an- Nine-month revenue from
sole. nouncement that lacked de- mobile and intellectual prop-
The Japanese company be- tails, but it has since re- 0 erty-related income dropped
hind Super Mario and Poké- newed record highs, driven FY2017 ’20 ’25 34% to ¥49.7 billion, the re-
mon games said Tuesday that by market hopes that the Last month, Nintendo said it would start selling the Note: Fiscal year 2025 ends March 31 sult of a high base a year ear-
its nine-month net profit new console will boost earn- successor to its nearly eight-year-old console this year. Source: the company lier thanks to the the block-
dropped from a year earlier ings. buster success of “The Super
as revenue fell due to lower Nintendo said Tuesday that to ¥956.22 billion as Switch to sell 11.0 million Switch con- its previous view of 160 mil- Mario Bros. Movie.”
hardware and software sales. net profit fell 42% from a year hardware sales fell 31% to soles for the year ending lion copies. A new Universal theme
The Switch console, earlier to 237.19 billion yen, 9.54 million units and soft- March, down from 12.5 mil- From its launch in 2017, the park in Orlando, Fla., sched-
launched in 2017, was a run- equivalent to $1.53 billion, for ware sales declined 24% to lion units forecast previously. first Switch had sold about uled to open in May, is ex-
away success for Nintendo, the nine months ended De- 124.0 million copies. It forecast selling 150 million 151 million units as of Decem- pected to host a new Nin-
which has had a spotty record cember. Revenue dropped 31% The company now expects copies of software, lower than ber. tendo-themed area.

Spotify Fox Plans

Logs Full- Streaming
Year Profit Launch
Continued from page B1 Continued from page B1

.
adapt to the many subsections ing to FactSet.
of this consumer base,” in- Fox’s cable-network busi-

ly
cluding superfans, Ek said. ness, which includes Fox
Monthly active users Sports 1, Fox Business and Fox
climbed 12% to 675 million— News, posted a 31% jump in
the strongest fourth quarter in on revenue from higher affiliate
MATT ALEXANDER/PA WIRE/ZUMA PRESS

the company’s history and top- fees that offset a decline in

ping guidance by 10 million. subscribers. Advertising reve-
When Spotify went public nue was up 32% on higher
nearly seven years ago, it told news ratings, prices and digi-
us ,

investors it would give prior- tal ad sales, along with higher

l

ity to growth over profits in ratings for Major League

e
al a

an effort to establish itself as Baseball’s postseason.

the dominant audiostreaming The company’s television
service. After spending over $1 segment logged 16% higher
ci on

billion on podcasting and fac- A mural launching a fund partnership between Nike and Spotify. Higher subscription prices helped Spotify boost its revenue. revenue thanks to the strong
ing pressure from investors to MLB ratings, higher prices for
turn a profit, the company in in many regions around the profits last year while pushing Gross margin of 32.2% was 2025 and 2027. National Football League ad-
2023 shifted its focus to cost world last year, including in into audiobooks. stronger than its guidance and Premium subscribers, Spo- vertisements, political ads and
controls and laid off about the U.S. for the second time, Fourth-quarter evenue rose ahead of the goal it set at a tify’s most-lucrative type of growth for ad-supported video
er s

one-fifth of its workforce. further juicing its revenue. Ex- 16% to €4.24 billion, topping 2022 investor day of achieving customer, grew 11% to 263 mil- on demand at the Tubi subsid-
It raised subscription prices ecutives promised sustained guidance. 30% gross margins between lion, above expectations. iary.
m er
m rp
co Fo

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B6 | Wednesday, February 5, 2025 * *** THE WALL STREET JOURNAL.

THE PROPERTY REPORT

Casino’s Financing Plan Faces DEI Suit
Bally’s stake offer in
Chicago for women
and minorities faces
a bias challenge
BY KATHERINE SAYRE
AND THEO FRANCIS

When Bally’s Corp. won a

bid to build a $1.7 billion ca-
sino on Chicago’s riverfront,
the gambling company pledged
to give women and people of
color an opportunity to own a
25% stake in the project.

BRIAN CASSELLA/CHICAGO TRIBUNE/TNS/GETTY IMAGES

City leaders said they
wanted Bally’s to build wealth
in Chicago—among other hir-
ing and construction require-
ments—in exchange for the
rare opportunity to build the
first Las Vegas-style casino
there.
Now, that financing plan is
challenged by a lawsuit from
Edward Blum, the conservative
activist behind the lawsuit that
ended affirmative action in
college admissions. Blum for Bally’s is planning a casino, a 500-room hotel, a theater, restaurants and a public park on the site of the former Chicago Tribune Freedom Center building.
years has fought to remove ra-
cial preferences from college federal government. Bally’s said it has a binding The public offering includes policies including toppling af- settlement with Blum’s organ-
admissions, corporate boards, The lawsuit was filed last agreement with the city that four classes of investments firmative action on college ization, which sued claiming
internships and other aspects Wednesday by Blum’s Ameri- the public offering of shares priced as low as $250 and as campuses. the program violated an anti-
of American business and life. can Alliance for Equal Rights complies with its obligations. much as $25,000. The offering In June 2023, the Supreme discrimination statute. The
The casino lawsuit argues and two white men who said “Bally’s honors its commit- is limited to minorities and Court found it unconstitutional Smithsonian Institution also
that Bally’s equity offering is they weren’t allowed to invest ments,” it said. women, and the shares can’t to consider race in university settled with Blum’s group by
discriminatory to white men in in the project. The suit names The Chicago mayor’s office be later sold to white men, ac- admissions in a pair of cases agreeing to open an internship
violation of federal civil rights Bally’s Chicago, the city of Chi- didn’t respond to requests for cording to the lawsuit. brought by Blum’s organization to candidates of all races, af-

.
law and seeks to broaden the cago and members of the Illi- comment. The Illinois Gaming The development plans in- Students for Fair Admissions. ter previously stating the in-
investment opportunity to nois Gaming Board. Board declined to comment. clude a casino, a 500-room ho- He has also organized law- ternship was for Latino appli-

ly
“anyone, regardless of race.” The lawsuit invokes a provi- In 2022, then-Mayor Lori tel, a theater, restaurants and a suits against a scholarship, an cants, according to the
The challenge is representative sion of an 1866 civil-rights law Lightfoot chose Bally’s from a public park. Bally’s, which internship program, business American Alliance for Equal
of a broader rollback of diver- originally passed to protect the field of contenders vying for a owns 15 casinos across 10 development grants and law Rights website.
sity, equity and inclusion pro-
grams in America’s offices and
schools that was bolstered by
an executive order President
contracting rights of previ-
ously enslaved Black Ameri-
cans. The same provision is
cited in other lawsuits chal-
on
casino license in the city. As
part of the agreement with the
city, Bally’s pledged to provide
investment opportunities in
states, expects the Chicago ca-
sino to open in September
2026.
Blum, a former financial ad-
firms’ diversity programs.
Last year, Fearless Fund,
which invests in underre-
sourced entrepreneurs, closed
Blum’s group is represented
by Wisconsin Institute for Law
and Liberty, which won a case
challenging the federal Minor-
Trump issued this month end- lenging corporate and govern- the project to women and mi- viser, has spearheaded legal a grant program for Black fe- ity Business Development
us ,

ing such programs across the ment diversity initiatives. norities. challenges to race-conscious male entrepreneurs in a legal Agency.
l
e
al a

Physical store in Bellevue, Wash., last

summer. “Amazon aims to pro-
Amazon seemed to hedge
its bets on Go from the start,
Just Walk Out technology to
more than 200 retailers, in-
tions for Amazon, including its
Fresh and Go stores.
Amazon’s quarterly net sales
ci on

Physical stores 3Q 2024

vide customers outstanding making sure it wasn’t locked cluding colleges and universi- Amazon is moving forward

Stores Vex
$5.2B
selection, value, and conve- into locations long term. ties, sports arenas, hospitals with plans to open more loca- $5 billion
nience when shopping for gro- The company negotiated and airports. This allows it to tions for Amazon Fresh, which
ceries and everyday essentials hard for short-term leases or profit by marketing the tech- offers a more mass-market se- 4

Amazon both online and in physical those with early-exit provi- nology without the cost bur- lection with often cheaper
er s

stores,” Amazon spokeswoman sions, said Ed Coury, senior den of operating a store. prices than upscale Whole 3
Jessica Martin said. managing director at retail-ad- “It was an investment well Foods, after pausing expansion
2
m er

And while Amazon is tops visory firm RCS spent in devel- to overhaul the in-store expe-
Continued from page B1 for online revenue, its sales at Real Estate Ad- oping technol- rience. The stores have re-
1
said. “Running warehouses bricks-and-mortar stores, in- visors, who ogy,” Coury placed its Just Walk Out tech-
and shipping stuff efficiently is cluding Whole Foods Market, worked on a Retailer is going said. “But the nology with “dash carts,” 0
not the same as greeting a have grown annually since deal to open a ahead with growth plans which let shoppers scan items
m rp

2023 ’24
customer and saying, ‘May I 2021 as well as in the first 4-star location that they had before placing them in the
help you?’” nine months of 2024, accord- at the Westfield plans to open for that brand cart. Online stores
An Amazon spokeswoman ing to the company’s financial Topanga mall in are over.” Amazon’s changes to its
said Go store employees greet filings. Net sales in the third California. He
more Amazon A m a z o n’s Fresh stores have improved $80 billion
customers at the door, restock quarter of 2024 topped $5.2 calls that a Fresh stores. bricks-and-mor- the shopping experience there,
co Fo

shelves and are available to billion, compared with about “risk averse” tar retail strat- Egelanian said, though he feels 60 $61.4B
answer questions. $61.4 billion at Amazon’s on- approach to egy now seems the banner is still searching
While certain locations line store. real estate. to be focused for a niche in the crowded gro-
40
work better than others, the But Amazon Go competes in Developing and testing its on its grocery portfolio. cery landscape.
company continues to invest in a crowded field. There are Just Walk Out technology ca- The company acquired Martin said that “providing
its Go stores, including a re- more than 152,000 conve- pabilities was a driving reason Whole Foods Market for customers with groceries and 20
cent redesign of its suburban nience stores in the U.S., ac- behind Amazon’s rollout of its roughly $13.5 billion in 2017 everyday essentials online and
store in Mill Creek, Wash., cording to industry group Go concept, Coury said, and as and last week announced that in store is a top priority for 0
where it added more items NACS, many of which also sell the technology improved, the the grocer’s chief executive, Amazon, and we plan to con-
2023 ’24
such as made-to-order pizza. coffee, alcohol and freshly pre- stores were less necessary. Jason Buechel, is now in tinue investing and innovating
Amazon also opened a new Go pared food. Amazon now licenses its charge of all grocery opera- for customers in this area.” Source: the company
n-

BUSINESS WATCH
VODAFONE MATCH AMD
no

Drop in German Dating-App Firm Revenue Increases,

Revenue Hits Stock Replaces Its CEO Misses Estimates
Vodafone Group’s shares Dating-app company Advanced Micro Devices
fell after the company re- Match Group said Chief Exec- posted higher quarterly reve-
ported a sharp revenue de- utive Officer Bernard Kim nue thanks to significant
cline in Germany, its biggest would step down, effective growth in its data-center
market, reflecting the impact immediately, and be suc- business, but results failed to
from a TV-law change in the ceeded by board member impress Wall Street, sending
country and competition. Spencer Rascoff, a co-founder the stock lower.
Shares dropped 7% to and former CEO of home-list- The Santa Clara, Calif., chip
DAVID PAUL MORRIS/BLOOMBERG NEWS

65.10 pence in London. ings portal Zillow Group. maker said Tuesday that
The telecommunications The move comes as sales across its data-center
company said revenue in Ger- Match, which owns the Tin- division—which includes its
many fell 7.6% to €3.09 billion, der, Hinge and OkCupid apps, artificial-intelligence chips—
equivalent to $3.20 billion, for has come under pressure to jumped 69% to $3.9 billion,
the quarter ended Dec. 31. show how it will grow, partic- primarily due to the ramp-up
German service revenue fell ularly with Gen Z users who of its Instinct chip. Analysts
6.4% to €2.89 billion. This was have snubbed the apps in fa- polled by FactSet were ex-
partly due to the impact of vor of real-life interactions. pecting data-center revenue
regulatory changes, which In particular, Tinder has An Infineon Lab in Germany. The company expects an earnings boost from a stronger dollar. of $4.14 billion.
prevent landlords from bun- faced challenges after the Shares fell 3.8%, to $114.91,
dling TV services with rental app took off in popularity INFINEON which mainly reflects Infin- OKTA after the bell. The stock is
agreements, and a drop in
broadband customers.
during the pandemic as peo-
ple desperate for connection
Chip Maker Boosts eon’s expectations of a stron-
ger U.S. dollar, comes after a
Tech Company Set down 29% in the past year, as
some analysts and investors
Germany’s turnaround will swiped. Revenue Forecast slightly better-than-expected To Cut Staff by 3% have found the AI positioning
take time as the group is still The return of relative nor- Infineon Technologies December quarter amid a Okta will cut its workforce of its competitors, including
absorbing the impact of the malcy put Tinder in a bind as shares jumped after the boost in semiconductors sales by about 3%, or 180 employees, Nvidia, as more compelling.
new law and face a highly users spent less time on the group raised its sales fore- for servers and data centers as part of a restructuring plan Revenue increased 24% to
competitive market, Chief Ex- app. Some opted to stop pay- casts for the fiscal year as it behind the AI boom. moving resources toward prior- $7.66 billion. Analysts had
ecutive Margherita Della Valle ing for premium offerings expects to benefit from a The company posted €3.42 ities that will drive growth. modeled $7.53 billion.
said on Tuesday. that became more expensive, stronger U.S. dollar, while billion in sales in the three The digital identity-verifica- AMD’s client, or personal-
Meanwhile, U.K. service partially in response to sales in the December quarter months to the end of Decem- tion provider will recognize $11 computing, revenue rose 58%,
revenue climbed 3.3% on or- higher prices. fell less than feared amid ber, down 8% on year. Infin- million in restructuring charges to $2.3 billion, driven by what
ganic basis to €1.51 billion, Shares have dropped solid demand for artificial-in- eon’s automotive division— during the fourth quarter, ac- the company called strong
boosted by significant invest- about 80% from a peak of telligence chips. which accounts for the lion’s cording to a securities filing. demand for its Ryzen proces-
ments in customer experi- $175.53 and trade closer to The German chip maker share of revenue—logged a The San Francisco company sors. The gain was slightly
ence. On a group level, service $35 now. said revenue would be flat to 8% contraction in sales. Only had 5,908 employees, two- offset by the company’s gam-
revenue rose to €7.93 billion In 2022, Match recruited slightly up in the year to the the power and sensor sys- thirds of which were in the ing unit, where sales fell 59%,
from €7.505 billion. outgoing CEO Kim from mo- end of September from the tems business reported an in- U.S., as of Jan. 31. to $563 million, and its em-
Adjusted earnings before bile-gaming company Zynga. €14.96 billion, equivalent to crease in sales, lifted by chips Okta reaffirmed its guidance bedded segment, down 13%,
interest, taxes, depreciation Incoming CEO Rascoff will $15.94 billion, it reported for for servers and data centers. for the fourth quarter ended to $923 million.
and amortization and after work on advancing artificial fiscal 2024. Infineon had pre- Net profit declined to €246 Jan. 31. The company in De- The company posted a
lease expenses increased 2.2% intelligence and new products viously forecast a slight de- million from €587 million.Ana- cember forecast adjusted per- profit of $482 million, or 29
on an organic basis to €2.83 outlined in a December pre- cline. lysts had forecast quarterly share earnings of 73 cents to cents a share, compared with
billion. Revenue rose to €9.81 sentation to investors, the Infineon shares rose 10.4% sales of nearly €3.23 billion, a 74 cents with revenue of $667 $667 million, or 41 cents a
billion from €9.35 million. company said. in Germany on Tuesday. net profit of €252 million. million to $669 million. share, a year earlier.
—Najat Kantouar —Mark R. Long The upgrade to guidance, —Mauro Orru —Denny Jacob —Connor Hart
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * Wednesday, February 5, 2025 | B7

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net
How to Read the Stock Tables Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and AmHomes4Rent AMH 34.75 0.23 AuroraInnov AUR 6.91 0.12 BerkHathwy B BRK.B 467.49 2.88 CentraisElBras EBR 6.29 -0.01 DeckersOutdoor DECK169.49 -1.14 ExactSciences EXAS 54.75 -0.49 GoDaddy GDDY 210.43 -2.30
Nasdaq Stock Market listed securities. Prices are consolidated from trades AIG AIG 72.72 -0.38 Autodesk ADSK 306.85 0.62 BerkHathwy A BRK.A 7021785626.99 CharlesRiverLabs CRL 163.12 1.50 Deere DE 472.27 5.22 Exelixis EXEL 33.12 0.24 GoldFields GFI 17.61 0.23
reported by various market centers, including securities exchanges, Finra, AmerTowerREIT AMT 184.13 -1.24 ADP ADP 304.67 -2.65 BestBuy BBY 85.05 1.27 ChartIndustries GTLS 209.79 0.90 DellTechC DELL 101.67 1.58 Exelon EXC 40.54 -0.03 GoldmanSachs GS 634.18 1.81
electronic communications networks and other broker-dealers. The list s AutoZone AZO 3459.00 26.80 CharterComms CHTR 340.26 -1.24 ExpandEnergy EXE 103.95 1.08 GRAB 5.11 0.57
AmerWaterWorks AWK 123.85 -1.91 Bio-Techne TECH 72.55 0.50 DeltaAir DAL 69.06 2.58 Grab
comprises the 1,000 largest companies based on market capitalization.
Ameriprise AMP 535.40 -1.72 Avalonbay AVB 220.75 0.44 Bio-RadLab A BIO 346.03 -7.08 CheckPoint CHKP 212.26 -1.61 DescartesSystems DSGX 115.85 0.18 Expedia EXPE 168.47 -1.15 Graco GGG 83.90 0.59
Underlined quotations are those stocks with large changes in volume Ametek AME180.50 -3.63 Avantor AVTR 22.01 0.14 Biogen BIIB 142.49 0.15 Chemed CHE 557.67 2.47 DeutscheBank DB 18.88 0.05 ExpeditorsIntl EXPD 112.45 1.67 Grainger GWW 1042.59 -4.15
compared with the issue’s average trading volume. Amgen AMGN 289.02 0.15 AveryDennison AVY 182.62 -0.72 BioMarinPharm BMRN 62.87 0.43 CheniereEnergy LNG 228.01 -1.55 DevonEnergy DVN 34.42 0.67 ExtraSpaceSt EXR 152.00 -0.74 GpoAeroportuar PAC 186.48 0.23
Boldfaced quotations highlight those issues whose price changed by 5% or Amphenol APH 69.71 -0.41 AxonEnterprise AXON 662.91 4.80 BioNTech BNTX 117.14 -2.68 s CheniereEnerPtrs CQP 64.23 -0.94 DexCom DXCM 87.46 0.41 ExxonMobil XOM 109.96 2.87 GpoAeroportSur ASR 272.56 0.09
more if their previous closing price was $2 or higher. AnalogDevices ADI 206.01 0.77 BCE BCE 24.40 0.37 Birkenstock BIRK 56.51 0.79 Chevron CVX 153.22 3.88 Diageo DEO 115.95 -0.98 F5 FFIV 299.78 4.59 GpoFinGalicia GGAL 65.42 0.24
Footnotes: AngloGoldAsh AU 30.86 -0.34 BHP Group BHP 49.83 1.04 BlackRock BLK 1015.66 1.91 Chewy CHWY 38.62 0.48 DiamondbkEner FANG 166.30 1.82 FTAI Aviation FTAI 109.60 1.40 s Guidewire GWRE 216.85 4.17
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most AB InBev BUD 48.70 0.01 BILL BILL 96.15 0.34 Blackstone BX 170.83 -2.71 Chipotle CMG 59.02 0.66 Dick's DKS 237.58 0.31 FactSet FDS 466.84 -2.97 HCA Healthcare HCA 334.80 0.50
recent four quarters. AnnalyCap NLY 20.50 0.29 s BJ'sWholesale BJ 102.70 3.08 Block XYZ 86.17 -4.03 Chubb CB 272.23 -1.70 DigitalRealty DLR 163.34 1.91 FairIsaac FICO 1809.70-18.26 HDFC Bank HDB 61.10 1.23
Stock tables reflect composite regular trading as of 4 p.m. ET and AnteroResources AR 38.73 0.40 BP BP 31.64 0.77 BlueOwlCapital OWL 24.64 -0.79 ChunghwaTel CHT 38.29 -0.22 DiscoverFinSvcs DFS 198.51 -0.15 Fastenal FAST 73.19 -0.53 HP HPQ 32.01 0.01
changes in the official closing prices from 4 p.m. ET the previous day. Aon AON 377.46 2.58 BWX Tech BWXT 111.35 -0.96 Boeing BA 176.23 0.36 Church&Dwight CHD 105.98 -0.45 Disney DIS 113.30 -0.70 FederalRealty FRT 108.13 -0.10 HSBC HSBC 51.92 0.62
APi Group APG 37.84 0.16 BXP BXP 72.27 0.59 Booking BKNG 4678.94-13.96 ChurchillDowns CHDN 123.90 0.81 DocuSign DOCU 96.47 -0.03 FedEx FDX 250.95 3.61 H World HTHT 32.08 0.24
ApolloGlblMgmt APO 162.59 -4.53 Baidu BIDU 92.88 5.17 BoozAllen BAH 131.97 2.56 Ciena CIEN 87.50 2.38 DollarGeneral DG 71.80 0.33 FergusonEnts FERG 179.66 -4.26 Haleon HLN 9.52 0.04
Tuesday, February 4, 2025 Net Net AppFolio APPF 231.73 -6.77 s BakerHughes BKR 47.96 0.56 BostonSci BSX 103.54 0.47 Cigna CI 291.46 -1.00 DollarTree DLTR 74.31 2.68 Ferrari RACE 459.30 30.36 t Halliburton HAL 26.34 0.83
Net Stock Sym Close Chg Stock Sym Close Chg Apple AAPL 232.80 4.79 t Ball BALL 51.84 -3.84 s BrinkerIntl EAT 188.01 -1.13 CincinnatiFinl CINF 135.63 -1.30 DominionEner D 53.96 -2.36 Ferrovial FER 42.45 0.77 HamiltonLane HLNE161.40 3.40
Stock Sym Close Chg AppliedIndlTechs AIT 260.06 1.60 BBVA BBVA 11.39 0.33 BristolMyers BMY 59.12 -0.83 Cintas CTAS 200.61 -1.60 Domino's DPZ 465.93 10.08 FidNatlFinl FNF 57.66 0.02 HartfordFinl HIG 111.97 -0.33
Aegon AEG 6.44 0.07 AllisonTransm ALSN 114.54 1.58
ApplMaterials AMAT 178.56 -0.24 BancoBradesco BBDO 2.02 0.01 s BritishAmTob BTI 40.23 0.49 CiscoSystems CSCO 61.34 0.30 Donaldson DCI 69.95 0.33 FidNatlInfo FIS 81.53 -0.35 s HealthEquity HQY 111.97 1.66
AerCap AER 94.74 -0.28 Allstate ALL 190.87 -1.11
A B C AffirmA AFRM 59.53 -0.35 AllyFinancial ALLY 38.18 0.07 AppLovin APP 380.26 14.82 BancodeChile BCH 25.14 0.49 Broadcom AVGO 222.43 4.70 Citigroup C 78.48 -1.13 s DoorDash DASH 194.57 3.77 FifthThirdBncp FITB 43.87 0.30 HealthpeakProp DOC 20.06 -0.32
Aptargroup ATR 157.70 1.72 BancSanBrasil BSBR 4.53 0.03 s BroadridgeFinl BR 240.59 1.94 CitizensFin CFG 47.04 0.67 s Dover DOV 202.92 0.64 FirstCitizBcshA FCNCA 2149.72 7.71 Heico HEI 234.27 -5.98
AAON AAON 110.93 -4.16 AgilentTechs A 147.04 -1.59 AlnylamPharm ALNY 271.00 -3.55
Aptiv APTV 61.40 0.72 BcoSantChile BSAC 21.02 0.51 BrookfieldAsset BAM 57.13 -1.06 CleanHarbors CLH 235.21 1.02 Dow DOW 38.55 1.17 FirstHorizon FHN 21.77 0.28 HeicoA HEI.A 187.49 -4.38
AECOM ACM 104.18 0.33 s AgnicoEagleMines AEM 95.59 0.73 s Alphabet A GOOGL 206.38 5.15
ARMK 37.66 -0.79 BancoSantander SAN 5.13 0.18 Brookfield BN 58.57 -0.75 Clorox CLX 148.21-11.57 Doximity DOCS 58.75 -0.35 FirstSolar FSLR 166.23 -0.96 HenrySchein HSIC 80.58 1.01
Aflac AFL 106.76 0.05 s AirProducts APD 335.67 -2.40 s Alphabet C GOOG 207.71 5.07 Aramark
ArcelorMittal MT 25.09 0.75 BanColombia CIB 39.26 0.29 BrookfieldInfr BIP 32.73 0.70 Cloudflare NET 140.14 3.30 DrReddy'sLab RDY 13.84 0.23 FirstEnergy FE 39.95 -0.05 t Hershey HSY 144.74 -3.05
AGNC Invt AGNC 10.07 0.12 Airbnb ABNB 130.74 0.96 AltairEngg ALTR 110.45 0.25
ArchCapital ACGL 92.77 -0.33 BankofAmerica BAC 46.71 0.50 BrookfieldRenew BEPC 26.39 0.49 Coca-Cola KO 62.67 -0.68 DraftKings DKNG 41.75 0.36 Fiserv FI 214.22 -2.40 Hess HES 142.78 3.95
Ansys ANSS 346.96 0.18 AkamaiTech AKAM 99.87 1.87 Altria MO 52.62 -0.23
t ADM ADM 47.49 -2.53 BankMontreal BMO 97.56 0.02 BrookWealth BNT 58.44 -0.87 CocaColaCon COKE 1385.25 23.79 Dropbox DBX 32.38 0.43 Flex FLEX 41.92 1.42 HessMidstream HESM 40.98 -0.40
ASE Tech ASX 9.88 0.03 AlamosGold AGI 21.49 0.11 s Amazon.com AMZN 242.06 4.64
s AresMgmt ARES 195.36 -1.16 Brown&Brown BRO 105.91 0.37 Coca-ColaEuro CCEP 77.87 -0.29 DukeEnergy DUK 112.43 -0.77 Floor&Decor FND 99.42 2.85 HewlettPackard HPE 20.83 0.37
ASML ASML 731.41 0.36 s AlaskaAir ALK 75.55 2.06 Ambev ABEV 1.84 ... BankNY Mellon BK 84.86 -0.33
Brown-Forman A BF.A 31.87 -0.19 s CognizantTech CTSH 83.54 0.64 s Duolingo DUOL 386.16 21.72 FlutterEnt FLUT 263.35 -0.09 s Hilton HLT 258.74 2.47
AT&T T 24.25 ... Albemarle ALB 82.48 2.03 Amcor AMCR 10.05 0.49 argenx ARGX 651.30 -6.26 BankNovaScotia BNS 50.18 0.71
Brown-Forman B BF.B 31.68 -0.23 Coherent COHR 87.74 0.24 DuPont DD 77.00 0.92 FomentoEconMex FMX 85.77 0.87 s Hims&HersHealth HIMS 41.85 2.92
ATI ATI 63.72 5.76 Albertsons ACI 20.25 0.67 Amdocs DOX 86.86 -0.53 AristaNetworks ANET 112.32 0.82 Barclays BCS 14.65 0.26
Bruker BRKR 56.39 -0.32 CoinbaseGlbl COIN 280.39 -4.02 s DutchBros BROS 64.62 1.30 FordMotor F 10.16 0.27 Hologic HOLX 71.58 -0.14
AbbottLabs ABT 129.10 0.65 Alcoa AA 36.24 2.13 AmerSports AS 31.66 0.72 Arm ARM 162.20 6.55 BarrickGold GOLD 16.68 0.12
BuildersFirst BLDR 163.43 0.52 ColgatePalm CL 86.50 -0.53 Dynatrace DT 59.30 0.40 Fortinet FTNT 102.78 1.88 HomeDepot HD 411.49 2.73
AbbVie ABBV 189.95 -0.19 Alcon ALC 91.57 1.17 Ameren AEE 95.49 -0.52 AspenTech AZPN 263.97 -0.23 BaxterIntl BAX 31.42 -0.22
t BungeGlobal BG 75.02 -0.14 Comcast A CMCSA 33.55 0.36 EMCOR EME 445.00 -3.40 Fortis FTS 42.77 0.05 HondaMotor HMC 27.54 0.64
s Accenture ACN 391.62 6.41 t AlexandriaRlEst ARE 94.47 -0.11 AmericaMovil AMX 14.26 0.05 Assurant AIZ 212.20 -0.24 BectonDicknsn BDX 242.42 -5.19
BurlingtonStrs BURL 272.06 -1.60 Comerica CMA 67.82 1.87 ENI E 28.55 0.61 Fortive FTV 80.11 -0.13 Honeywell HON 223.55 1.14
AcuityBrands AYI 317.09 0.80 Alibaba BABA 102.35 3.74 AmerAirlines AAL 16.84 0.14 AsteraLabs ALAB 101.73 3.61 BeiGene ONC 222.91 -0.46
CACI Intl CACI 386.36 1.63 ComfortSystems FIX 425.06 -1.99 EOG Rscs EOG 128.12 1.72 FortuneBrands FBIN 68.99 0.03 HormelFoods HRL 29.39 -0.21
Adobe ADBE 440.23 1.63 AlignTech ALGN 214.75 -1.07 AEP AEP 97.88 -1.48 AstraZeneca AZN 68.96 -0.90 BellRing BRBR 74.92 -3.33
CAVA CAVA 142.27 4.95 CommerceBcshrs CBSH 67.45 1.58 EPAM Systems EPAM 255.01 -1.57 s FoxB FOX 51.55 2.36 DR Horton DHI 139.76 2.30
AdvDrainageSys WMS 117.56 -1.50 Allegion ALLE 128.49 -0.24 AmerExpress AXP 315.83 -0.70 Atlassian TEAM 316.73 5.33 BentleySystems BSY 46.70 0.84
CBRE Group CBRE 143.87 1.30 SABESP SBS 16.84 0.39 EQT EQT 52.15 -0.03 s FoxA FOXA 54.64 2.69 HostHotels HST 16.39 -0.10
AdvMicroDevices AMD 119.50 5.23 AlliantEnergy LNT 59.24 -0.03 AmericanFin AFG 136.02 -0.68 AtmosEnergy ATO 142.40 -1.00 Berkley WRB 60.29 0.77
CDW CDW 199.34 0.90 t ConagraBrands CAG 25.03 -0.43 EagleMaterials EXP 253.33 -0.50 s Franco-Nevada FNV 137.68 0.58 HoulihanLokey HLI 180.17 -0.41
CF Industries CF 94.09 1.62 Confluent CFLT 29.17 0.21 EastWestBncp EWBC 101.63 1.50 FranklinRscs BEN 20.81 0.09 HowmetAerospace HWM 125.48 -0.90
CGI A GIB 118.10 -0.05 ConocoPhillips COP 100.58 2.10 EastGroup EGP 171.27 2.59 s FreedomHolding FRHC 143.09 2.21 Hubbell HUBB400.91 -7.82

Bonds | wsj.com/market-data/bonds/benchmarks CH Robinson CHRW 98.83 0.73

CME Group CME 242.53 1.88
ConEd ED 94.91 -0.71
ConstBrands A STZ 172.59 -1.82
EastmanChem EMN 101.79 1.00
Eaton ETN 314.70 -0.71
FreeportMcM FCX 36.48 0.62
FreseniusMedCare FMS 24.57 0.16
HubSpot
Humana
HUBS 763.61
HUM 295.53
-1.31
2.53
CMS Energy CMS 66.18 -0.30 ConstellationEner CEG 306.33 0.02 eBay EBAY 66.95 -0.23 FrontierComms FYBR 35.83 0.07 JBHunt JBHT 168.97 1.67
CNA Fin CNA 48.69 -0.16 Cooper COO 95.30 -0.04 Ecolab ECL 248.84 -0.67 FullTruck YMM 11.55 0.43 HuntingtonBcshs HBAN 16.87 0.03

Tracking Bond Benchmarks CNH Indl

CRH
CNH 12.73 0.17
CRH 98.61 1.27
Copart CPRT 57.86 0.10
Core&Main CNM 54.64 -1.16
Ecopetrol EC 9.84 0.22
t EdisonIntl EIX 51.72 -0.72 G H I
HyattHotels H
ICICI Bank IBN 29.18
157.76 0.89
0.37
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week CSX CSX 32.87 0.36 CorebridgeFin CRBG 32.81 0.07 EdwardsLife EW 71.33 -0.05 IdexxLab IDXX 465.03 -4.01
GE Aerospace GE 202.18 -1.93
CVS Health CVS 56.35 0.40 Corning GLW 52.04 0.69 Elastic ESTC 115.45 3.93 ING Groep ING 16.65 0.40
highs and lows for different types of bonds CadenceDesign CDNS 299.67 1.37 Corpay CPAY 379.66 0.05 ElbitSystems ESLT 307.15 3.94
GE HealthCare GEHC 86.93 -0.58
IQVIA IQV 200.04 0.93
GE Vernova GEV 356.53 -5.18
Total Total CamdenProperty CPT 114.26 0.76 Corteva CTVA 65.70 1.09 ElectronicArts EA 121.25 -1.66 ITT ITT 148.82 0.69
GFLEnvironmental GFL 44.18 0.71
return YTD total Yield (%) return YTD total Yield (%) Cameco CCJ 50.32 2.87 CoStar CSGP 77.46 0.66 ElevanceHealth ELV 401.98 -3.12 IcahnEnterprises IEP 9.98 0.13
GSK GSK 34.84 -0.06
close return (%) Index Latest Low High close return (%) Index Latest Low High t Campbell's CPB 37.45 -0.68 s Costco COST 1021.86 16.03 EmersonElec EMR 127.69 -0.16 Icon ICLR 193.27 -2.24
Gallagher AJG 312.21 3.21
CIBC CM 61.64 1.69 CoterraEnergy CTRA 28.03 -0.01 Enbridge ENB 43.72 0.80 IDEX IEX 218.65 -0.21
GameStop GME 25.90 0.01
Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices CanNtlRlwy CNI 101.71 2.99 Coupang CPNG 23.71 0.13 EncompassHealth EHC 101.16 0.58 IllinoisToolWks ITW 254.68 -0.76
Gaming&Leisure GLPI 48.56 0.14
CanadianNatRscs CNQ 30.99 0.97 Crane CR 171.23 1.92 Endeavor EDR 30.90 0.46 Illumina ILMN 124.20 -6.90
2106.19 0.8 U.S. Aggregate 4.840 4.100 5.310 2079.50 0.8 Mortgage-Backed 5.160 4.340 5.570 Credicorp BAP 186.15 3.34
Gap GAP 22.74 -0.37
ImperialOil IMO 66.76 -0.04
CdnPacKC CP 77.12 2.37 EnergyTransfer ET 20.77 0.01 Garmin GRMN 218.22 2.73
CredoTech CRDO 76.25 4.44 Incyte INCY 74.12 0.38
U.S. Corporate Indexes Bloomberg Fixed Income Indices 2049.75 0.8 Ginnie Mae (GNMA) 5.140 4.460 5.580 CapitalOne COF 200.12 -0.79
CrowdStrike CRWD 407.52 9.95
EnphaseEnergy ENPH 66.25 2.34 s Gartner IT 547.16 -0.64
CardinalHealth CAH 125.17 -0.16 Entegris ENTG 101.19 1.73 Informatica INFA 25.92 0.34
GenDigital GEN 27.04 0.04
0.7 Fannie mae (FNMA) 5.170 4.310 5.580 CrownCastle CCI 88.55 -0.78 Infosys INFY 22.38 0.39
3217.67 0.9 U.S. Corporate 5.290 4.640 5.750 1225.28 Carlisle CSL 376.31 -5.07 Entergy ETR 81.66 -0.38 Generac GNRC 142.56 -2.02
Carlyle CG 52.18 -2.00 Crown Holdings CCK 85.42 -2.21 EnterpriseProd EPD 32.99 -0.14 IngersollRand IR 92.66 0.15
GeneralDynamics GD 257.43 0.84
3147.50 0.7 Intermediate 5.050 4.400 5.670 1890.13 0.7 Freddie Mac (FHLMC) 5.080 4.150 5.510 CarMax KMX 84.15 -0.09 CubeSmart CUBE 41.30 -0.20 Equifax EFX 266.77 -0.75 GeneralMills GIS 58.91 -0.96
Ingredion INGR 127.13 -7.60
Carnival CCL 27.09 0.04 Cullen/Frost CFR 138.62 2.75 Equinix EQIX 924.28 9.28 s Insmed INSM 81.01 3.13
GeneralMotors GM 48.57 0.67
4180.16 1.1 Long term 5.760 5.070 6.010 596.94 0.4 Muni Master 3.425 3.074 3.760 Carnival CUK 24.61 0.08 Cummins CMI 363.51 15.30 Equinor EQNR 24.78 0.97 Genmab GMAB 19.21 0.10
Insulet PODD 278.48 -0.42
CarpenterTech CRS 192.08 0.93 Curtiss-Wright CW 344.57 -0.39 Equitable EQH 53.25 -0.51 s Genpact Intel INTC 19.29 -0.09
0.7 7-12 year 3.191 2.837 3.557 G 49.36 0.43
608.34 0.8 Double-A-rated 4.960 4.260 5.330 421.54 CarrierGlobal CARR 63.88 0.73 s CyberArkSoftware CYBR 376.21 4.21
EquityLife ELS 64.97 -0.32 InteractiveBrkrs IBKR 221.48 -2.00
GenuineParts GPC 117.52 1.60

.
CVNA 257.65 6.02 ICE ICE 159.32 -1.07
876.31 0.9 Triple-B-rated 5.460 4.850 5.950 482.54 0.3 12-22 year 3.836 3.469 4.032 Carvana
D E F EquityResdntl EQR 70.62 0.29 GileadSciences GILD 97.99 -0.39
InterContHtls IHG 133.91 -0.32

ly
CaseysGenStores CASY 420.99 1.41 ErieIndemnity ERIE 403.31 -0.30 GitLab GTLB 71.44 0.72
s IBM IBM 264.46 3.73
High Yield Bonds ICE BofA 458.30 -0.01 22-plus year 4.362 3.959 4.533 Caterpillar CAT 361.95 0.40 DTE Energy DTE 120.65 -0.25 EssentialUtil WTRG 35.42 -0.59 Glaukos GKOS 154.32 -1.76
Celestica CLS 131.98 11.10 EssexProp ESS 287.14 2.75 IntlFlavors IFF 85.62 -0.78
DT Midstream DTM 101.32 -0.33 Global-EOnline GLBE 58.73 0.18
576.42 1.3 High Yield Constrained 7.197 6.975 8.322 Global Government J.P. Morgan† Cemex CX 6.08 0.05 t Danaher DHR 215.01 0.75 EsteeLauder EL 69.47-13.30 GlobalPayments GPN 110.05 -0.62
IntlPaper IP 53.89 -1.94
Cencora COR 251.57 -2.86 s Darden EvercoreA EVR 282.85 -0.30 Interpublic IPG 28.80 -0.20
0.4 Global Government 3.540 3.010 3.740 DRI 199.56 0.89 GlobalFoundries GFS 40.55 -0.85
596.26 1.0 Triple-C-rated 11.179 11.050 13.872 546.67 CenovusEnergy CVE 14.98 0.87 DDOG 145.83 2.68 t Everest EG 341.72 -3.55 GLOB 214.98 3.13
Intra-Cellular ITCI 126.90 -0.29

3845.89
502.69
378.32
1.5 High Yield 100 6.479 6.208 7.871
1.2 Global High Yield Constrained 6.991 6.808 8.112
0.7 Europe High Yield Constrained 5.484 5.331 6.710
841.89
363.91
659.48
on 1.6
0.3
0.6
Canada
EMU§
France
2.960 2.910 3.870
2.989 2.726 3.365
3.150 2.870 3.460
Centene CNC 61.29 -3.53
CenterPointEner CNP 32.15 -0.36
Datadog
DaVita
Dayforce
DVA 177.35
DAY 71.74
0.29
0.66
Evergy EVRG 64.31 -0.56
EversourceEner ES 58.03 -0.47
Globant
GlobeLife GL 122.41
GlobusMedical GMED 92.18
-0.02
-0.41
Intuit INTU 591.72
Continued on Page B8
-9.04

Dividend Changes
us ,

U.S Agency Bloomberg Fixed Income Indices 470.14 -0.04 Germany 2.410 2.080 2.770
l

1852.84 0.6 U.S Agency 4.570 3.960 5.190 267.49 -1.0 Japan 1.650 1.070 1.650 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.
e
al a

1643.67 0.6 10-20 years 4.530 3.920 5.190 513.87 0.1 Netherlands 2.610 2.290 2.980 Amount Payable / Amount Payable /
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
3458.86 1.2 20-plus years 5.040 4.240 5.300 788.77 0.8 U.K. 4.740 4.030 5.070 Woodward WWD 0.5 .28 /.25 Q Mar06 /Feb20
Increased
ci on

2821.57 0.8 Yankee 5.080 4.380 5.580 908.86 1.3 Emerging Markets ** 7.472 7.084 8.073 First Business Finl Svcs FBIZ 2.2 .29 /.25 Q Feb28 /Feb14 Stocks
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Healthpeak Properties DOC 6.1 .305 /.30 Q Feb26 /Feb14 Tonix Pharmaceuticals TNXP 1:100 /Feb05
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan International Bancshares IBOC 2.0 .70 /.66 SA Feb28 /Feb14 Special
Kforce KFRC 2.9 .39 /.38 Q Mar21 /Mar07 Capital Southwest CSWC 10.1 .06 Mar31 /Mar14
Magnolia Oil & Gas MGY 2.2 .15 /.13 Q Mar03 /Feb14
Note: Dividend yields as of 3:30 p.m. ET
Global Government Bonds: Mapping Yields U.S. Lime & Minerals USLM 0.2 .06 /.05 Q Mar14 /Feb21 Sources: FactSet; Dow Jones Market Data
er s

Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session ADVERTISEMENT
m er

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

Coupon (%) Maturity, in years
4.125
4.250
U.S. 2 4.213 t
10 4.511t
Latest(l) 0 1 2 3 4 5 6 Previous
l
l
4.263
4.542
Month ago
4.279
4.596
Year ago
4.368
4.030
Latest Prev Year ago
Business Real Estate & Auctions
To advertise: email [email protected] or WSJ.com/classifieds
m rp

0.500 Australia 2 3.794 s l 3.778 3.875 3.676 -42.6 -48.7 -69.0

3.500 10 4.427 s l 4.390 4.396 3.992 -8.8 -17.4 -3.0
OHIO FLORIDA
2.500 France 2 2.196 t l 2.212 2.368 2.582 -202.4 -205.3 -178.4
3.000 10 3.112 t l 3.118 3.304 2.741 -140.3 -144.7 -128.1

US BANKRUPTCY
Germany 2 2.056 s -178.5
OHIO
2.200 l 2.044 2.161 2.581 -216.4 -222.1
co Fo

2.500 10 2.404 s l 2.391 2.428 2.240 -211.2 -217.3 -178.2

3.100 Italy 2 2.339 t l 2.353 2.551 3.177 -188.1 -191.2 -118.9 Mixed-Use Investment
3.850
0.700 Japan 2
10 3.506 s
0.741 s l
l 3.505
0.724
3.601
0.603
3.804
0.100 -347.9
-100.9 -106.0
-354.1
-21.9
-426.6
• Ideal 1031
• Newly Built Retail/Apartment Mix ONLINE AUCTION
MARCH 12 • 11AM ET
1.200 10 1.276 s l 1.249 1.094 0.661 -323.9 -331.5 -336.2 • Credit Tenancy
2.500 Spain 2 2.247 s l 2.246 2.322 2.835 -197.4 -201.9 -153.1 • $8,200,000 / 7+% Cap w/ Upside
3.450 10 3.018 s l 3.006 3.108 3.168 -149.7 -155.8 -85.5
4.125 U.K. 2 4.182 s l 4.167 4.411 4.435 -3.8 -9.8 6.9
Contact Michael Jones 51.47± Acre Fully Entitled 165 Lot
813.624.1500
4.250 10 4.526 s l 4.488 4.597 3.931 1.1 -7.6 -9.2
[email protected] Manufactured
Source: Tullett Prebon, Tradeweb FTSE U.S. Treasury Close
www.nnn1031pro.com Home
Corporate Debt Community
n-

Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific BREVARD COUNTY, FLORIDA
expectations
Investment-grade spreads that tightened the most…
WEDNESDAY
no

COMMERCIAL

Spread*, in basis points

Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
PROPERTIES

Lincoln Financial Global Funding LNC 5.300 4.92 Jan. 13, ’30 60 –14 74
EVERY

Verizon Communications VZ 4.329 4.70 Sept. 21, ’28 45 –11 54

Virginia Electric And Power … 8.875 5.60 Nov. 15, ’38 109 –8 113
–7
FRANCIS D. SANTOS
New Mountain Finance … 6.200 5.87 Oct. 15, ’27 165 170
FisherAuction.com
NOTABLE

Procter & Gamble PG 4.150 4.39 Oct. 24, ’29 7 –7 n.a.

John Deere Capital … 4.700 4.69 June 10, ’30 37 –6 38
754.220.4116
FL LIC #AB106, AU93 • 2% BROKER PARTICIPATION • AUCTION SUBJECT TO TERMS OF SALE
Citigroup C 6.625 5.41 June 15, ’32 89 –5 89
ConocoPhillips COP 6.500 5.55 Feb. 1, ’39 104 –5 n.a.
MULTI STATE OFFERINGS
…And spreads that widened the most
PACCAR Financial … 4.450 4.45 Aug. 6, ’27 24 6 14
Oglethorpe Power … 5.250 5.95 Sept. 1, ’50 120 5 n.a.
Citigroup C 5.300 5.78 May 6, ’44 98 4 n.a.
Walt Disney DIS 5.400 5.53 Oct. 1, ’43 72 4 65
Northwestern Mutual Global Funding … 4.960 4.85 Jan. 13, ’30 53 4 n.a.
Wells Fargo WFC 5.375 5.91 Nov. 2, ’43 111 4 101
Svenska Handelsbanken* … 5.500 4.89 June 15, ’28 64 3 68
Telefonica Emisiones … 5.213 6.12 March 8, ’47 131 3 129 List Your
High-yield issues with the biggest price increases… Property Today
Bond Price as % of face value
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
(800) 366-3975 ••••••••••••••
Bath & Body Works BBWI 6.750 6.51 July 1, ’36 101.875 0.63 101.665 sales.realestate INITIAL BID DEADLINE MARCH 13 ••••••••••••••
Bausch Health … 11.000 13.24 Sept. 30, ’28 93.625 0.63 94.000 @wsj.com
Ford Motor Credit … 4.389 5.10 Jan. 8, ’26 99.360 0.35 99.353 Place an ad with the Advance Auto Parts & Carquest
Venture Global Calcasieu Pass … 4.125 5.88 Aug. 15, ’31 90.578 0.33 90.750 self-service tool at: Corporately Owned Retail Stores
Occidental Petroleum OXY 7.500 5.67 May 1, ’31 109.518 0.29 109.733 wsj.com/classifieds
Paramount Global* … 6.875 6.51 April 30, ’36 102.850 0.26 102.377
Locations Throughout 14 States
Dish DBS … 7.750 18.21 July 1, ’26 87.500 0.25 87.366
Hughes Satellite Systems … 5.250 12.84 Aug. 1, ’26 90.000 0.25 90.425 24 Retail Stores Located Along
…And with the biggest price decreases Strong Commercial Corridors
Time Warner Cable Enterprises … 8.375 6.34 July 15, ’33 113.144 –1.25 113.858 Properties Range from 5,500± SF to 15,000± SF
Genworth Financial GNW 6.500 6.98 June 15, ’34 96.750 –0.38 96.250 & Include Freestanding Locations with
Belo … 7.250 5.98 Sept. 15, ’27 103.010 –0.24 103.040 High Visibility & Easy Access
Sumitomo Mitsui Trust Bank … 4.500 4.97 Sept. 10, ’29 98.080 –0.20 n.a. Properties Located in: AL | AZ | AR | CA |
Verde Purchaser … 10.500 7.91 Nov. 30, ’30 108.360 –0.14 109.000 FL | GA | KS | LA | MI | MS | NC | TX | WA | WI
Methanex US Operations … 6.250 6.33 March 15, ’32 99.565 –0.14 99.750 Properties Available Individually
Navient NAVI 5.625 7.54 Aug. 1, ’33 88.137 –0.11 88.900 or in Any Combination
Nordstrom JWN 6.950 5.83 March 15, ’28 103.131 –0.10 102.762
*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. 855.755.2300 HilcoRealEstateSales.com/AAP
© 2025 Dow Jones & Company, Inc.
Note: Data are for the most active issue of bonds with maturities of two years or more
Source: MarketAxess 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.

B8 | Wednesday, February 5, 2025 NY * * THE WALL STREET JOURNAL.

NEW HIGHS AND LOWS WSJ.com/newhighs

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

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE 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
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low
in the latest session. % CHG-Daily percentage change from the previous trading session. LibertyLiveC LLYVK 75.70 2.1 RapidMicro RPID 2.30 4.6 WyndhamHtls WH 107.18 ... BriaCellTherapWt BCTXW 0.08 -28.1 Guess? GES 12.19 2.4 NIP NIPG 3.31 -5.9 SBCMedical SBC 4.82 5.6
LibertyLiveA LLYVA 74.26 2.5 Reddit RDDT 218.25 6.4 XPeng XPEV 17.30 8.3 BungeGlobal BG 73.74 -0.2 Halliburton HAL 25.21 3.3 NWTN Wt NWTNW 0.01 -14.8 SCE IV Pfd SCEpJ 21.86 0.4
Tuesday, February 4, 2025 LifeTime LTH 30.63 2.8 RemitlyGlobal RELY 24.27 1.6 CN Energy CNEY 0.22 3.0 Herbalife HLF 5.18 1.7 NationalBeverage FIZZ 40.31 -1.9 SMX SMX 3.00 -6.7
52-Wk % 52-Wk % 52-Wk % LiveNationEnt LYV 148.36 1.5 Roblox RBLX 73.86 4.4 Lows CableOne CABO 276.12 -1.2 Hershey HSY 143.95 -2.1 Neogen NEOG 10.61 -2.7 SRM Ent SRM 0.31 -0.5
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg LocafyWt LCFYW 109.00 12.2 RomanDBDR II DRDB 9.93 -0.1 Campbell's CPB 37.16 -1.8 HuadiIntl HUDI 1.47 3.3 NorthernTechsIntl NTIC 11.60 -1.1 SaverOne2014 SVRE 0.36 -29.0
ADC Therap ADCT 1.55 4.4
MBIA MBI 7.30 -3.5 Sanmina SANM 87.53 6.3 CelsiusHldg CELH 22.92 -3.5 IconEnergy ICON 0.31 -7.8 ODP ODP 20.84 2.0 Scorpius SCPX 0.23 -4.2
BritishAmTob BTI 40.25 1.2 Franco-Nevada FNV 139.68 0.4 AES AES 10.33 -0.9
Highs BroadridgeFinl BR 242.03 0.8 FranklinFinlSvc FRAF 34.88 0.8
MindTech
MP Materials MP
MIND 10.13
24.78
0.2
10.1
SilverBoxIVWt SBXD.WS
Similarweb SMWB
0.59
17.50
56.0
3.8
AcumenPharm ABOS 1.45 -1.3 ChordEnergy CHRD 109.22 1.0 Immunovant
InfinityNatrlRscs
IMVT
INR
20.42 0.5
20.00 -1.8
Oatly OTLY 0.54 -7.1 Septerna SEPN
SERA
13.97 -6.9
4.61 -5.9
ButterflyNtwk BFLY 4.71 15.7 FreedomHolding FRHC 143.46 1.6 Aditxt ADTX 0.09 -12.9 ClearOne CLRO 0.45 -5.7 OceanBiomedical OCEA 0.16 -12.3 SeraPrognostics
AcresCmclRlty ACR 18.50 4.2 M3-BrigadeAcqnVWt MBAVW 0.22 ... SkeenaRscs SKE 10.37 3.6 InteractStrength TRNR 1.85 -1.4 SRG 3.61 ...
ButterflyNtwkWt BFLY.WS 0.50 28.0 GSRIIIAcqn GSRT 9.94 0.2 Agriforce AGRI 2.00 -3.7 Cloudastructure CSAI 12.23 -31.7 Offerpad OPAD 2.18 1.4 SeritageGrowth
A10Networks ATEN 20.49 2.9 Markel MKL 1847.92 1.0 Spotify SPOT 623.40 13.2 24.85 -1.7 iSpecimen ISPC 1.82 3.7 0.14 -68.7 SharpLink SBET 0.33 -2.3
CellebriteDI CLBT 25.95 3.2 Gartner IT 584.01 -0.1 AlexandriaRlEst ARE 93.80 -0.1 ConagraBrands CAG OmegaTherap OMGA
Accenture ACN 392.45 1.7 Matterport MTTR 5.36 1.3 SproutsFarmers SFM 166.36 3.8 1.75 -18.2 J&JSnackFoods JJSF 116.60 -6.5 2.07 -2.2 SoloBrands DTC 0.90 -3.1
CharltonAria CHARU 10.30 1.0 Genpact G 49.47 0.9 AllogeneTherap ALLO 1.61 -3.0 ConduitPharm CDT OneConstruction ONEG
AgnicoEagleMines AEM 97.01 0.8 MesaLabs MLAB 152.75 2.5 Starbucks SBUX 111.07 2.3 JohnsonOutdoors JOUT 28.19 -2.3 SperoTherap SPRO 0.74 -6.2
CharltonAriaRt CHARR 0.24 23.5 GoldenstoneAcqn GDSTU 12.89 0.2 AlternusCleanEner ALCE 0.28 -1.7 ContineumTherap CTNM 8.96 -0.7 OvidTherap OVID 0.65 0.3
AirProducts APD 341.14 -0.7 MirumPharm MIRM 50.34 3.3 StellarVCap SVCCU 10.09 ... Koppers KOP 28.57 3.0 Starbox STBX 0.36 -0.7
CheesecakeFct CAKE 57.32 -0.7 Guidewire GWRE 218.01 2.0 AmericanWoodmark AMWD 72.93 -0.9 Cyngn CYN 0.07 -39.3 PG&E PfdA PCGpX 40.27 0.5
AlaskaAir ALK 75.98 2.8 MonoparTherap MNPR 49.98 10.2 Stride LRN 140.41 -0.8 KyvernaTherap KYTX 3.02 -1.0 StardustPower SDST 0.76 -14.6
CheniereEnerPtrs CQP 66.47 -1.4 HealthEquity HQY 113.23 1.5 AmphastarPharm AMPH 32.25 -0.6 Danaher DHR 210.04 0.4 PG&E PCG 14.99 0.1
AlgonquinNt2079 AQNB 25.85 0.2 NSTS Bancorp NSTS 12.96 4.9 SuburbanPropane SPH 21.89 2.4 LanzaTechGlobal LNZA 0.82 -7.9 StevenMadden SHOO 36.91 -2.7
CleanEnerFuels CLNE 3.49 11.3 Hilton HLT 259.21 1.0 Annexon ANNX 3.44 4.8 DigitalAlly DGLY 0.18 8.7 PVH PVH 80.25 -1.0
Allot ALLT 8.93 4.7 NaborsEnerIIA NETD 10.90 0.2 SunCountryAir SNCY 17.75 -3.9 LexariaBioWt LEXXW 0.25 -2.5 Stoneridge SRI 4.21 6.4
CognizantTech CTSH 83.97 0.8 Hims&HersHealth HIMS 41.98 7.5 AnnovisBio ANVS 2.99 -3.1 elfBeauty ELF 86.14 -5.4 PacGE pfH PCGpH 16.08 -1.5
Alphabet A GOOGL 207.05 2.6 Nayax NYAX 39.97 2.5 SupernusPharm SUPN 40.24 7.1 LibertyLatAmC LILAK 5.88 3.2 TNF Pharm TNFA 0.64 -4.0
CognyteSoftware CGNT 10.07 6.5 HorizonSpaceII HSPTU 10.15 0.2 AppliedTherap APLT 0.54 -0.4 EdgewellPersonal EPC 30.87 -2.5 PacGE pfB PCGpB 19.54 ...
Alphabet C GOOG 208.70 2.5 Netflix NFLX 1008.00 1.6 TexasCommBcshs TCBS 15.92 -0.4 LightwaveLogic LWLG 1.67 1.2 TTEC TTEC 3.49 -3.1
CollectiveMining CNL 5.58 4.6 IF Bancorp IROQ 25.00 0.5 ADM ADM 47.46 -5.1 EdisonIntl EIX 51.58 -1.4 PasitheaTherap KTTA 2.03 -1.9
NewsCorp B NWS 33.00 2.8 ThredUp TDUP 2.61 7.6 LogicMark LGMK 1.03 -9.6 ThirdHarmonic THRD 4.88 -2.6
Amazon.com AMZN 242.52 2.0 20.50 0.2 17.10 4.1
Costco COST 1024.35 1.6 InariMedical NARI 79.89 0.3 NutexHealth NUTX 49.75 -0.7 TranslationalDev TDACU 10.06 0.1 ArtivaBiotherap ARTV 4.58 -1.6 EntergyLA Bds66 ELC MGP Ingredients MGPI 33.38 -3.1
PeabodyEnergy BTU
374Water SCWO 0.44 -7.7
AresMgmt ARES 200.49 -0.6 0.57 0.6 1.53 -4.8
CyberArkSoftware CYBR 378.78 1.1 InflectionPtIIWt IPXXW 1.34 23.1 O'ReillyAuto ORLY 1336.63 1.4 TrinityCapital TRIN 15.51 1.0 AscentSolar ASTI 1.90 -3.1 EnzoBiochem ENZ MkdwellTech MKDW 0.45 -4.4
PerformShipping PSHG
Toppoint TOPP 1.63 -4.3
AscentagePharma AAPG 18.95 3.7 Darden DRI 200.90 0.4 Insmed INSM 81.25 4.0 AspiraWomenHlth AWH 0.29 4.2 EstablishLabs ESTA 29.59 2.6 PhathomPharm PHAT 5.42 7.5
OakWoodsAcqnWt OAKUW 0.14 32.3 TruBridge TBRG 26.10 3.5 Macrogenics MGNX 2.79 ... UsanaHealth USNA 30.92 -0.2
AtheneDeb2064 ATHS 26.25 ... DoorDash DASH 194.70 2.0 Intapp INTA 75.90 4.2 Atkore ATKR 62.62 -19.6 Everest EG 336.50 -1.0 Pheton PTHL 2.66 -4.2
Oklo OKLO 48.02 2.1 Tuya TUYA 3.00 20.2 MaidenHoldings MHLD 0.95 -4.2 UniversePharm UPC 0.25 -35.3
AutoZone AZO 3475.10 0.8 Dover DOV 222.31 0.3 IntercorpFinSvcs IFS 30.65 2.0 BRC BRCC 2.48 5.4 Expion360 XPON 1.32 ... PowerUpAcqn PWUPU 9.81 9.1
OportunFin OPRT 5.37 16.0 UGI UGI 31.24 0.1 MaidenNts46 MHLA 14.55 0.3 UpstreamBio UPB 8.36 -10.7
AvidBioservices CDMO 12.51 0.1 Duolingo DUOL 387.88 6.0 IBM IBM 265.25 1.4 Baijiayun RTC 0.65 -11.4 Fathom FTHM 1.19 8.0 PowerUpAcqn PWUP 9.00 -1.0
OppFi OPFI 15.13 8.9 US Gold USAU 8.80 10.9 ManhattanAssoc MANH 196.04 -1.9 UtahMedProducts UTMD 59.74 0.1
AxsomeTherap AXSM 113.33 5.1 DutchBros BROS 64.92 2.1 iRadimed IRMD 61.48 3.2 Ball BALL 50.81 -6.9 FluenceEnergy FLNC 12.01 -0.9 PrimeMedicine PRME 2.53 -2.3
OppFiWt OPFI.WS 4.94 19.0 UnityBancorp UNTY 49.44 3.2 MazeTherap MAZE 13.01 -11.7 UtzBrands UTZ 12.71 -0.2
BJ'sWholesale BJ 103.06 3.1 EmbotellAndinaB AKO.B 20.84 2.4 JVSPAC Acqn A JVSA 10.60 0.3 Bally's BALY/T 15.00 -7.4 FootLocker FL 18.62 1.6 Primega PGHL 0.77 -5.4
OrlaMining ORLA 6.54 4.7 UnvlTechInst UTI 28.97 6.0 Merck MRK 87.33 -9.1 VastRenewables VSTE 0.83 -4.6
BakerHughes BKR 48.04 1.2 EtonPharm ETON 18.25 7.7 KoruMedSys KRMD 5.05 9.5 OxfordLanePfd2027 OXLCP 24.23 0.2 VeriSign VRSN 219.57 1.1 BetaBionics BBNX 21.72 1.1 Forestar FOR 22.67 1.8 MingZhuLogistics YGMZ 0.64 -4.1 ProfDiversity IPDN 0.33 -5.0 VisionMarineTech VMAR 1.12 7.8
BellevueLifeSciRt BLACR 0.25 13.4 EurekaAcqnA EURK 10.20 0.1 Kingstone KINS 18.15 6.6 PJT Partners PJT 190.28 5.1 ViantTech DSP 23.16 5.4 BioXcelTherap BTAI 0.28 -7.4 FractylHealth GUTS 1.52 -9.7 MixedMartialArts MMA 1.10 -4.4 ProfoundMed PROF 6.17 -1.7 Vodafone VOD 8.00 -3.4
BlackBerry BB 4.66 7.2 ExlService EXLS 51.25 -0.6 Klaviyo KVYO 48.73 2.8 PalantirTech PLTR 106.91 24.0 Walmart WMT 100.95 1.2 BoltBiotherap BOLT 0.46 -7.8 GSRIIIAcqnRt GSRTR 1.06 -5.3 MoleculinBiotech MBRX 1.18 -11.5 ProtagenicTherap PTIX 0.34 -11.9 WindtreeTherap WINT 0.10 -4.8
BlackSkyTech BKSY 18.30 16.5 FirstBusFinSvcs FBIZ 54.41 3.0 KolibriGlblEnergy KGEI 7.91 0.7 PlanetLabs PL 6.55 5.4 Wang&Lee WLGS 7.90 1.2 BostonBeer SAM 242.62 -1.2 GlucoTrack GCTK 0.74 -28.9 Mondelez MDLZ 55.88 -2.2 QuanexBldg NX 19.57 -0.1 WorthingtonSteel WS 27.85 -0.2
BlackSkyTechWt BKSY.WS 0.36 22.2 FirstSeacoastBncp FSEA 11.30 3.2 Kroger KR 64.90 1.0 PlayaHotels PLYA 12.99 1.9 WellsFargo WFC 79.85 1.7 BoundlessBio BOLD 2.15 -1.8 GreenPlains GPRE 8.41 0.7 Monro MNRO 18.29 1.6 RF Acqn RFACU 5.16 -2.5 XPLR Infra XIFR 9.37 -2.1
BoneBiologWt BBLGW 81.28 -11.2 FoxB FOX 52.54 4.8 Kyndryl KD 40.06 5.2 PulseBiosciences PLSE 23.74 14.8 WestlakeChemPtrs WLKP 24.96 1.4 BowenAcqn BOWN 3.80 -13.3 GreenidgeGen GREE 1.24 -3.8 MurphyOil MUR 25.26 3.6 RegenPharm REGN 642.00 4.5 XBiotech XBIT 3.22 -2.4
BrinkerIntl EAT 192.22 -0.6 FoxA FOXA 55.56 5.2 LibertyFormOne A FWONA 89.13 -0.5 RF Industries RFIL 5.67 -1.3 WillametteValley WVVI 6.00 1.4 BriaCellTherap BCTX 3.92 -18.7 Greenlane GNLN 1.32 -2.9 MustangBio MBIO 3.56 -9.3 SAG SAG 2.00 -7.8 ZentalisPharm ZNTL 1.61 -3.0

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

Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg
Continued From Page B7 Net Net s NewsCorp B NWS 32.86 0.91 Paychex PAYX 149.51 0.89 RealtyIncome O 54.03 -0.46 SharkNinja SN 111.47 2.47 TC Energy TRP 46.67 1.39 Trimble TRMB 74.35 0.23 WEC Energy WEC 99.22 -1.23
Net Stock Sym Close Chg Stock Sym Close Chg NewsCorp A NWSA 28.52 0.44 PaycomSoftware PAYC 205.25 0.01 s Reddit RDDT 215.31 13.00 Shell SHEL 66.63 1.46 TD Synnex SNX 140.01 0.79 Trip.com TCOM 71.27 -0.76 W.P.Carey WPC 55.17 -0.26
Stock Sym Close Chg LasVegasSands LVS 44.53 -0.40 MatchGroup MTCH 36.47 1.07 NextEraEnergy NEE 69.90 -1.15 Paylocity PCTY 210.82 4.44 RegalRexnord RRX 154.89 3.01 SherwinWilliams SHW 357.59 -0.05 TE Connectivity TEL 144.77 -0.29 TruistFinl TFC 47.38 0.49 WPP WPP 47.83 0.43
Leidos LDOS 141.96 0.31 McCormickVtg MKC.V 76.64 -1.64 Nike NKE 76.72 0.13 PayPal PYPL 77.72-11.79 RegencyCtrs REG 71.78 -0.08 Shift4Paymts FOUR 118.17 -1.05 Telus TU 14.70 0.17 Twilio TWLO 145.92 -0.65 Wabtec WAB 206.09 1.45
IntuitiveSurgical ISRG 579.65 1.10
Lennar A LEN 128.29 2.10 McCormick MKC 76.88 -1.15 NiSource NI 37.39 -0.19 Pearson PSO 16.79 0.12 t RegenPharm REGN 697.05 30.20 ShinhanFin SHG 35.32 0.84 TFI Intl TFII 129.97 2.89 TylerTech TYL 608.08 5.07 WalgreensBoots WBA 9.89 0.13
InvitatHomes INVH 31.30 0.25
Lennar B LEN.B 123.19 1.12 McDonald's MCD 289.77 -0.28 Nokia NOK 4.72 0.13 Pegasystems PEGA 108.58 0.65 RegionsFinl RF 24.36 0.31 Shopify SHOP 119.20 4.81 TJX TJX 125.14 0.83 TysonFoods TSN 57.01 -0.73 s Walmart WMT 100.77 1.23
IonQ IONQ 41.86 0.39
LennoxIntl LII 578.37 -4.56 McKesson MCK 603.32 3.50 Nomura NMR 6.46 0.01 PembinaPipeline PBA 36.35 1.22 ReinsGrp RGA 226.71 -1.28 SimonProperty SPG 173.35 -0.06 TKO TKO 157.74 0.69 UBS Group UBS 32.41 -2.53 WarnerBrosA WBD 10.06 -0.10
IronMountain IRM 101.27 0.63
LeonardoDRS DRS 35.12 0.13 Medpace MEDP 346.98 3.60 Nordson NDSN 217.13 0.49 PenskeAuto PAG 168.60 4.76 Reliance RS 281.71 -4.15 SkechersUSA SKX 73.92 1.34 T-MobileUS TMUS 237.25 -0.85 UDR UDR 41.70 -0.03 WarnerMusic WMG 32.35 0.45
ItauUnibanco ITUB 5.85 0.09
Medtronic MDT 90.97 0.44 NorfolkSouthern NSC 252.92 2.60 Pentair PNR 98.26 -4.37 RenaissanceRe RNR 232.41 0.18 Skyworks SWKS 86.37 1.15 TPG TPG 64.03 -1.44 U-Haul UHAL 71.06 0.03 WasteConnections WCN 187.59 0.26
LiAuto LI 24.25 1.37
Penumbra PEN 262.11 -2.89 RentokilInit RTO 24.63 0.13 SmithAO AOS 65.66 -1.38 T.RowePrice TROW 115.55 0.28 U-Haul N UHAL/B 63.22 0.25
J K L LibertyBroadbandC LBRDK 75.88 -0.19 MercadoLibre MELI 1966.41 57.51 NorthernTrust NTRS 111.38 0.56 WasteMgt WM 222.14 -1.58
LibertyBroadbandA LBRDA 75.21 -0.19 t Merck MRK 90.74 -9.05 NorthropGrum NOC 482.39 -5.36 PepsiCo PEP 143.49 -6.78 Repligen RGEN 160.02 0.15 Smith&Nephew SNN 25.74 0.37 TaiwanSemi TSM 204.05 4.25 UL Solutions ULS 54.15 0.80 Waters WAT 410.40 -0.79
JD.com JD 41.16 1.13 MetaPlatforms META 704.19 6.73 NorwegCruise NCLH 27.89 0.23 PerformanceFood PFGC 90.60 0.83 RepublicSvcs RSG 219.24 -1.82 SmithfieldFds SFD 21.48 -0.34 TakeTwoSoftware TTWO 183.54 -2.53 US Foods USFD 71.87 0.54 Watsco B WSOB 476.56 -1.45
LibertyFormOne C FWONK 95.22 -0.48
JPMorganChase JPM 267.94 1.13 MET 84.63 -0.31 Novartis NVS 105.47 -0.01 PermianRscs PR 14.76 0.34 ResMed RMD 240.46 -0.09 Smucker SJM 104.67 -1.21 TakedaPharm TAK 13.32 0.07 UWM UWMC 5.97 0.09 Watsco WSO 474.01 -3.37
s LibertyLiveA LLYVA 74.04 1.80 MetLife
Jabil JBL 161.83 2.35 Mettler-Toledo MTD 1339.71 -2.72 NovoNordisk NVO 82.62 -0.03 PetroleoBrasil PBR 14.13 -0.09 RestaurantBrands QSR 61.93 0.23 SmurfitWestrock SW 53.85 0.33 TalenEnergy TLN 234.42 3.57 Uber UBER 69.75 2.46 WebsterFin WBS 60.24 1.27
s LibertyLiveC LLYVK 75.48 1.55
JackHenry JKHY 174.08 -0.70 MicrochipTech MCHP 52.60 0.34 NuHoldings NU 13.30 0.16 PetroleoBrasilA PBR.A 12.89 0.01 Revvity RVTY 123.16 -0.53 Snap SNAP 11.60 0.43 Tapestry TPR 72.96 -0.57 Ubiquiti UI 421.00 18.56 s WellsFargo WFC 79.47 1.33
s LibertyFormOne A FWONA 87.80 -0.48
JacobsSolns J 133.99 -4.79 MicronTech MU 90.66 0.74 Nucor NUE 130.82 -0.48 Pfizer PFE 25.87 -0.33 RexfordIndlRealty REXR 40.78 0.70 Snap-On SNA 355.75 3.70 TargaResources TRGP 199.81 -1.92 UltaBeauty ULTA 409.19 1.05
EliLilly LLY 826.07 15.64 Welltower WELL 138.86 -1.52
JamesHardie JHX 32.88 0.31 Microsoft MSFT 412.37 1.45 Nutanix NTNX 70.94 2.17 PhilipMorris PM 130.39 ... RioTinto RIO 61.20 1.35 Snowflake SNOW 189.11 6.57 Target TGT 135.60 1.44 Unilever UL 57.25 -0.40
LincolnElectric LECO 193.38 0.92 WescoIntl WCC 181.81 0.77
JefferiesFinl JEF 74.73 0.16
Linde LIN 454.80 0.59 MicroStrategy MSTR 348.31 1.22 Nutrien NTR 52.86 1.90 Phillips66 PSX 123.61 5.75 Rivian RIVN 12.87 0.48 SOQUIMICH SQM 40.00 1.14 TechnipFMC FTI 31.12 0.97 UnionPacific UNP 243.50 0.48 WestPharmSvcs WST 331.04 -5.99
J&J JNJ 153.49 1.62 MidAmApt MAA 154.63 2.14 nVentElectric NVT 62.90 -0.37 Pilgrim'sPride PPC 47.26 -0.55 Robinhood HOOD 52.58 0.68 SoFiTech SOFI 15.29 -0.11 TeckResourcesB TECK 41.95 1.86 UnitedAirlines UAL 108.67 3.84
Lineage LINE 58.65 0.47 WestAllianceBcp WAL 86.59 2.20
JohnsonControls JCI 77.29 0.29
LithiaMotors LAD 370.36 3.91 Middleby MIDD 169.54 -0.30 NVIDIA NVDA 118.65 1.99 PinnacleFinPtrs PNFP 123.72 1.88 s Roblox RBLX 73.79 3.11 Solventum SOLV 74.61 1.03 TeledyneTech TDY 514.47 6.97 UnitedMicro UMC 6.02 ...
WesternDigital WDC 63.81 -0.61
JonesLang JLL 278.34 1.58 PinnacleWest PNW 87.12 0.30 RocketCos. RKT 12.17 -0.02 Sony SONY 22.52 0.63 Ericsson ERIC 7.52 0.05 UPS B UPS 111.77 0.48
s LiveNationEnt LYV 148.06 2.22 MitsubishiUFJ MUFG 12.49 ... WesternMidstrm WES 40.80 0.20
JuniperNetworks JNPR 35.65 1.06
LloydsBanking LYG 3.05 0.04 MizuhoFin MFG 5.51 -0.07 O P Q Pinterest PINS 33.39 0.31 RocketLab RKLB 28.68 0.30 SouthState SSB 105.08 1.96 TelefonicaBras VIV 8.91 0.04 UnitedRentals URI 753.49 15.28 Westlake WLK 111.23 0.66
KB Financial KB 62.65 1.54 PlainsAllAmPipe PAA 20.10 0.20 Rockwell ROK 270.34 -0.71 Southern SO 83.20 -0.77 Telefonica TEF 4.03 0.01 US Bancorp USB 47.45 0.58
LockheedMartin LMT 453.68 -1.74 Mobileye MBLY 15.92 -0.11 Weyerhaeuser WY 30.14 -0.61
KE Holdings BEKE 17.38 0.88 OGE Energy OGE 42.37 0.07 PlainsGP PAGP 21.32 0.11 RogersComm B RCI 27.71 0.59 SoCopper SCCO 93.26 3.33 TelekmIndonesia TLK 15.96 0.25 UnitedTherap UTHR 353.43 -1.15
Loews L 85.74 0.41 Moderna MRNA 34.17 -2.38 WheatonPrecMtls WPM 64.02 0.46
KKR KKR 149.30-13.92 ONEOK OKE 97.02 -0.61 PlanetFitness PLNT 107.27 -0.40 Roku ROKU 80.16 1.06 SouthwestAir LUV 30.79 0.31 TempurSealy TPX 64.79 -2.13 UnitedHealth UNH 545.45 -2.73
LogitechIntl LOGI 98.56 2.11 MolinaHealthcare MOH 315.41 -9.95 Williams WMB 55.72 -0.48

.
KLA KLAC 749.32 9.11 MolsonCoorsB TAP 52.95 -0.44
ON Semi ON 50.58 0.32 Pool POOL 339.35 1.85 Rollins ROL 49.08 -0.57 s Spotify SPOT 621.77 72.69 TempusAI TEM 61.85 0.31 UnitySoftware U 21.47 0.08
LouisianaPacific LPX 116.62 -1.12 s O'ReillyAuto ORLY 1334.19 18.13 PRI 291.19 0.92 RoperTech ROP 577.67 0.63 s SproutsFarmers SFM 165.85 6.10 Williams-Sonoma WSM 208.19 3.71
Kaspi.kz KSPI 97.50 1.83 monday.com MNDY 254.18 5.85 Primerica Tenaris TS 38.68 0.89 UniversalHealthB UHS 192.64 1.93

ly
Lowe's LOW 257.23 0.73 OccidentalPetrol OXY 47.59 1.22 PrimoBrands PRMB 33.11 0.23 RossStores ROST 146.95 -0.12 StandardAero SARO 27.05 -0.05 WillisTowers WTW320.31-10.36
Kellanova K 81.75 -0.01 t Mondelez MDLZ 56.12 -1.29 TencentMusic TME 12.01 0.24 UnumGroup UNM 75.95 -0.28
Lucid LCID 2.93 0.13 Okta OKTA 94.41 1.17 PrincipalFinl PFG 80.69 -0.28 RoyalBkCanada RY 118.69 -0.12 StanleyBlackDck SWK 86.66 1.49 VFC 25.16 0.54 Wingstop WING 306.93 3.26
Kenvue KVUE 20.81 -0.42 MongoDB MDB 275.97 7.14 TenetHealthcare THC 143.71 -0.93 VF
lululemon LULU 415.90 5.61 OldDomFreight ODFL 183.66 1.61 WintrustFinl WTFC 129.13 1.88
KeurigDrPepper KDP 31.28 -1.26 MonolithicPower MPWR 656.29 27.51 ProcoreTech PCOR 77.62 -0.40 RoyalCaribbean RCL 263.59 2.73 Stantec STN 75.82 1.20 Teradyne TER 111.67 0.58 VICI Prop VICI 29.80 0.01
LyondellBasell LYB 78.24 1.94 OldRepublic ORI 36.13 -0.12 Procter&Gamble PG 168.13 -0.63 RoyalGold RGLD 142.00 1.12 s Starbucks SBUX 110.60 2.44 VALE 9.43 0.07 Wipro WIT 3.72 0.04
KeyCorp KEY 17.95 0.48 MonsterBev MNST 46.61 -0.89 Tesla TSLA 392.21 8.53 Vale
OmegaHealthcare OHI 37.60 -0.28 Progressive PGR 248.00 -0.92 RoyaltyPharma RPRX 31.26 -0.07 StateStreet STT 98.38 0.21 Wix.com WIX 227.42 -3.07
KeysightTech KEYS 175.97 -0.35 M N Moody's MCO 493.13 -3.34 TetraTech TTEK 34.54 0.33 ValeroEnergy VLO 142.99 6.81
WoodsideEnergy WDS 15.49 0.41
KimberlyClark KMB 129.30 -1.15
KimcoRealty KIM 22.13 -0.09 Macom Tech MTSI 132.60 0.26
KinderMorgan KMI 27.50 -0.08 M&T Bank MTB 197.91 2.04
Kinetik KNTK 63.35 -0.87 MGM Resorts MGM 34.55 0.40
KinrossGold KGC 11.47 0.02 MPLX MPLX 52.63 1.22
Mosaic
MotorolaSol MSI 471.38 -1.99 Oracle
MuellerIndustries MLI 76.28 -1.74 Orix
on
MorganStanley MS 136.77 -0.39 Omnicom OMC 86.90 -0.86
Morningstar MORN 325.70 -1.21 OnHolding ONON 58.34 -0.18
MOS 28.21 1.15 OntoInnovation ONTO 200.55 1.35
ORCL 167.89 -0.71
IX 105.09 -0.45
Prologis PLD 118.31 0.47 Rubrik

PublicServiceEnt PEG 83.40 -0.07 SAP

RBRK 74.08 3.21 SteelDynamics STLD 126.38 -1.54
PrudentialFinl PRU 117.95 -0.94 RyanSpecialty RYAN 68.45 1.00 Stellantis
Prudential PUK 16.64 0.28 Ryanair RYAAY 47.11 0.76 Steris
SAP 278.11 5.55

PulteGroup PHM 110.38 1.23 SBA Comm SBAC 197.54 -0.19

StifelFinancial
PublicStorage PSA 296.74 0.83 S&P Global SPGI 513.69 -4.69 STMicroelec STM 22.37 0.73
Stryker
STLA 13.14 0.52
STE 219.40 1.06
SF 112.16 -0.74

SYK 392.39 1.25

TevaPharm TEVA 17.06 -0.29

TexasPacLand TPL 1357.26 24.46

Vaxcyte

Ventas
PCVX 86.52 1.71
TexasInstruments TXN 180.56 -0.38 VeevaSystems VEEV 233.38 0.09
VTR 60.19 -1.17
TexasRoadhouse TXRH 182.02 -1.47 VentureGlobal VG 20.45 -0.99
Textron TXT 75.39 -0.04 Veralto
ThermoFisher TMO 580.57-13.18 s VeriSign
VLTO 100.98 -0.19
VRSN 218.50 2.48
Woodward WWD184.50 -3.40
Workday WDAY 259.73 -0.04
s WyndhamHtls WH 106.03
WynnResorts WYNN 83.19 -0.37
XPO XPO 131.50 2.88
...

KinsaleCapital KNSL 457.29 6.96 MSCI MSCI 584.47 2.04 MurphyUSA MUSA 510.35 3.78 OtisWorldwide OTIS 94.43 -0.12
s Klaviyo KVYO 48.01 1.32 MagnaIntl MGA 37.76 0.61 NICE 169.44 6.63 Ovintiv OVV 43.71 1.76 PureStorage PSTG 68.35 1.57 SEI Investments SEIC 86.14 0.32 SumitomoMits SMFG 14.82 -0.01 VeriskAnalytics VRSK 289.20 -1.74 XcelEnergy XEL 67.32 -0.43
us ,

NICE ThomsonReuters TRI 168.06 -1.12

Qiagen QGEN 43.36 -0.48 SS&C Tech SSNC 81.30 -0.25 SummitMaterials SUM 52.33 ... MMM 151.68 1.64 Verizon VZ 39.81 -0.17 s XPeng XPEV 16.99 1.30
Knight-Swift KNX 56.44 0.71 MakeMyTrip MMYT 118.00 -0.23 NIO NIO 4.39 0.11 OwensCorning OC 180.72 0.62 3M
SAIA 479.27 8.86 SummitTherap SMMT 20.62 0.64
l

PHG 26.91 0.12 t ManhattanAssoc MANH 196.51 -3.77 PDD 114.05 8.81 Qualcomm QCOM 173.04 2.80 Saia TOST 39.24 -0.77 Vertex VERX 57.22 -0.29 Xylem XYL 129.24 6.44
Philips NRG Energy NRG 101.66 -1.02 PDD Toast
KoreaElecPwr KEP 7.18 0.03 ManulifeFinl MFC 29.69 0.39 NVR 7788.55 51.05 t PG&E PCG 15.18 0.02 QuantaServices PWR 299.98 -1.84 Salesforce CRM 344.14 4.90 SunComms SUI 126.56 -0.02 TOL 133.87 2.40 VertexPharm VRTX 482.28 11.91 YPF YPF 39.32 0.84
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KraftHeinz KHC 28.70 -0.58 Maplebear CART 48.88 0.75 NXP Semicon NXPI 202.40 -2.33 PNC Finl PNC 198.98 1.34 QuestDiag DGX 163.36 0.89 Samsara IOT 52.59 1.18 SunLifeFinancial SLF 57.74 0.74 TopBuild BLD 333.10 4.31 Vertiv VRT 111.25 -1.35 Yum!Brands YUM 131.47 -0.03
s Kroger KR 63.98 0.65 MarathonPetrol MPC 156.91 9.91 Nasdaq NDAQ 81.72 -0.20 POSCO PKX 41.74 0.20 Sanofi SNY 53.50 0.15 SuncorEnergy SU 38.15 0.59 TorontoDomBk TD 57.32 0.77 Viatris VTRS 10.89 -0.15 YumChina YUMC 45.76 0.77
s Kyndryl KD 39.92 1.96 s Markel MKL 1838.22 18.09 Natera NTRA 174.24 -2.32 PPG Ind PPG 111.27 -0.72 R S SareptaTherap SRPT 114.08 0.27
Sunoco SUN 59.15 1.46
TotalEnergies TTE 59.19 1.63 Viking VIK 51.45 1.33 ZTO Express ZTO 18.80 0.37
SuperMicroComp SMCI 29.16 2.31 VinFastAuto VFS 3.83 0.04 ZebraTech ZBRA 383.46 -2.63
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LatamAirlines LTM 30.85 0.19 Marriott MAR 290.75 0.29 NationalGrid NGG 61.86 -0.15 PPL PPL 33.61 -0.20 RBC Bearings RBC 368.82 1.53 Schlumberger SLB 41.22 1.06 ToyotaMotor TM 187.56 3.91
LKQ 36.92 -0.04 Marsh&McLen MMC223.07 3.78 PTC 191.07 1.19 SCHW 81.80 -0.95 Suzano SUZ 10.49 -0.36 TractorSupply TSCO 54.04 -0.54 Visa V 345.15 -0.67 Zillow C Z 84.45 2.19
LKQ NatWest NWG 10.76 0.12 PTC RB Global RBA 88.54 0.06 SchwabC
LPL Financial LPLA 361.89 -2.26 MartinMarietta MLM 537.30 1.35 PCAR 108.48 -0.65 SE 123.15 1.25 Symbotic SYM 30.30 1.09 Vistra VST 168.33 -0.20 Zillow A ZG 81.67 2.30
NetApp NTAP 121.42 1.70 Paccar RELX RELX 49.86 0.01 Sea TradeDesk TTD 113.54 -4.40
SynchronyFinl SYF 65.92 -1.62 t VOD 8.20 -0.29
L3HarrisTech LHX 210.71 -2.07 MarvellTech MRVL 109.69 -3.87 NetEase NTES 101.21 -2.46 PackagingCpAm PKG 210.64 -0.64 RPM RPM 122.37 0.88 Seagate STX 94.51 1.03 Tradeweb TW 125.69 -1.87 Vodafone ZimmerBiomet ZBH 107.80 -0.36
Labcorp LH 246.67 -1.19 Masco MAS 77.29 -0.35 s Netflix NFLX 994.87 15.93 s PalantirTech PLTR 103.83 20.09 RTX RTX 128.37 -1.55 Sempra SRE 81.43 -1.16 Synopsys SNPS 523.88 3.63 TraneTech TT 355.49 -5.03 VornadoRealty VNO 42.22 0.10 ZionsBancorp ZION 57.07 0.82
Sysco SYY 71.40 -0.91 VulcanMatls VMC 272.07 0.91 ZTS 172.24 0.30
LamResearch LRCX 79.91 -0.28 Masimo MASI 175.70 3.56 Neurocrine NBIX 152.42 2.32 PaloAltoNtwks PANW 183.40 0.61 RalphLauren RL 246.85 0.85 ServiceIntl SCI 77.72 0.22 TransDigm TDG 1307.66-45.12 Zoetis
LamarAdv LAMR 125.10 0.10 MasTec MTZ 140.32 -1.27 NYTimes A NYT 55.89 1.02 PanAmerSilver PAAS 24.20 0.34 RangeResources RRC 37.74 0.30 ServiceNow NOW 1010.13-10.81 TransUnion TRU 97.68 1.46 ZoomComms ZM 86.18 0.06
LambWeston LW 59.15 -1.14 Mastercard MA 559.11 -4.84 Newmont NEM 43.35 0.23 ParkerHannifin PH 689.70 -6.07 RaymondJames RJF 164.68 -1.30 ServiceTitan TTAN 104.01 0.79
T U V Travelers TRV 244.06 -0.54
W X Y Z Zscaler ZS 203.73 3.73
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DEADLINES RELATING TO THE SALE OF ALL OR Bid Deadline, parties may contact the Trustee’s counsel at epic@ REAL ESTATE SECURED InvscNasd100 QQQM 215.95 1.24 2.6
SUBSTANTIALLY ALL OF THE ASSETS
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PLEASE TAKE NOTICE that, on January 7, 2025, the chapter
11 trustee (the “Trustee”) in the above-captioned cases (the
Bid(s) the Trustee has received or subsequently receives or to
requestemailnoticeoftheAuctionresults. SEEKING RIA’S & Phone number Minimum (%) Phone number Minimum (%)
iShBitcoin
iShCoreDivGrowth
IBIT
DGRO
56.13
63.29
–2.52
0.02
5.8
3.2
“Bankruptcy Cases”), filed the Motion for Entry of an Order
(I) Approving Bid Procedures in Connection with the Sale of All
PLEASE TAKE FURTHER NOTICE that all other objections,
if any, to the Sale (including any objections to the conduct of
ACCREDITED INVESTORS Money market account Six-month CD iShCoreMSCIEAFE IEFA 73.62 1.14 4.8

866-700-0600
or Substantially All of the Debtors’ Assets, (II) Scheduling Bid the Auction, the terms of the Successful Bid or Back-Up Bid, the iShCoreMSCIEM IEMG 53.56 1.69 2.6
Deadlines and an Auction, (III) Approving the Form and Manner identity of the Successful Bidder or Back-Up Bidder, and/or the Quontic Bank $100 4.75 Bask Bank $1,000 4.45 iShCoreMSCITotInt IXUS 68.59 1.33 3.7
of Notice Thereof, (IV) Approving Procedures for the Assumption ability of the Successful Bidder or Back-Up Bidder to provide (800) 908-6600 (877) 839-2265 iShCoreS&P500 IVV 604.69 0.67 2.7
and Assignment of Contracts and Leases, and (V) Granting Related adequate assurance of future performance under an Assigned ALLIANCE MORTGAGE FUND BrioDirect $5,000 4.55 KS StateBank $500 4.40
iShCoreS&P MC IJH 64.32 0.64 3.2
Relief [D.I.433] (the“Bid Procedures and Sale Motion”).2 The Contract) must: (a) be in writing and specify the nature of such 120 Vantis Dr., Ste. 515 • Aliso Viejo, CA 92656 iShCoreS&P SC IJR 118.18 1.12 2.6
Trustee seeks to complete a sale (the“Sale”) of all or substantially objection, (b) comply with the Bankruptcy Rules and the Local www.AlliancePortfolio.com (877) 369-2746 (785) 587-4000 iShCoreS&PTotUS ITOT 132.41 0.68 2.9
all their assets (the “Assets”) to a prevailing bidder or bidders Rules, (c) be filed with the Court no later than two (2) business RE Broker • CA DRE • 02066955 Broker License ID Vio Bank $100 4.46 America First FCU $500 4.40 iShCoreS&PUSGrw IUSG 143.20 0.99 2.8
n-

(the “Successful Bidder”) at auctions free and clear of all liens, days following service of the Post-Auction Notice (the “Post- iShCoreS&PUSVal IUSV 94.95 0.16 2.5
claims,encumbrances and other interests pursuant to section 363 Auction Objection Deadline”),and (d) be served on the Objection (888) 999-9170 (801) 627-0900
iShCoreTotUSDBd IUSB 45.41 0.20 0.5
oftheBankruptcyCode(the“Auctions”).
PLEASETAKEFURTHERNOTICEthat,onJanuary28,2025,the
NoticePartiesbythePost-AuctionObjectionDeadline.
A Post-Auction Objection must be served on the Objection SEEKING NEW PROJECTS One-month CD One-year CD iShCoreUSAggBd AGG 97.35 0.19 0.5
NTM Inc. is seeking new projects for injection iShEdgeMSCIMinUSA USMV 92.34 –0.03 4.0
Court entered an order [D.I. 474] (the “Bid Procedures Order”) Notice Parties so it is actually received by the Post-Auction State Bank of India California $1,000 0.50 Bask Bank $1,000 4.40 iShEdgeMSCIUSAQual QUAL 183.32 0.47 2.9
approving the Bid Procedures set forth in the Bid Procedures and Objection Deadline and filed with the Clerk of the Bankruptcy molding and tooling, we amortize tooling costs
Sale Motion (the“Bid Procedures”),which set the key dates and Court for the District of Delaware, 824 North Market Street, 3rd
(877) 707-1995 (877) 839-2265 iShGoldTr IAU 53.69 0.98 8.4
over large production runs. We are also looking to
no

times related to the Sale of the Debtors’ Assets. All interested Floor, Wilmington, DE 19801. If an Assigned Contract Objection Lone Star Bank $1,000 0.20 America First FCU $500 4.35 iShiBoxx$IGCpBd LQD 107.45 0.20 0.6
bidders should carefully read the Bid Procedures. To the purchase plastic product lines & medical molding. iShMBS 91.97 0.19 0.3
or a Post-Auction Objection is not served on the Objection (713) 358-9400 (801) 627-0900 MBB
extent there are any inconsistencies between the Bid Procedures Notice Parties and filed with the Clerk of the Bankruptcy Court We have a Vendor # with many big box stores & retail. iShMSCI EAFE EFA 79.22 1.16 4.8
and the summary description of the terms and conditions con- for the District of Delaware, 824 North Market Street, 3rd Floor, Presidential Bank, FSB $1,000 0.10 KS StateBank $500 4.30 iShMSCIEAFEValue EFV 54.95 1.22 4.7
We do 3D printing, and product development.
tainedinthisnotice,thetermsoftheBidProceduresshallcontrol. Wilmington, DE 19801, so it is actually received no later than, (800) 799-1424 (785) 587-4000 iShNatlMuniBd MUB 106.69 0.24 0.1
PLEASE TAKE FURTHER NOTICE that, pursuant to the respectively, the Assigned Contract Objection Deadline or the NTMUSA.COM 800-331-1225 iSh1-5YIGCpBd IGSB 51.86 0.14 0.3
Bid Procedures, the Trustee must receive a Qualified Bid from Post-Auction Objection Deadline, the relevant parties will be Two-month CD Two-year CD iSh1-3YTreaBd SHY 82.04 0.10 0.1
interested bidders in writing on or before March 21, 2025, forever barred from objecting to (a) the Trustee’s proposed
at 4:00 p.m. (prevailing Eastern Time) for the Assets, or cure amount, (b) the identity of the Successful Bidder, or (c) the State Bank of India California $1,000 4.25 Banesco USA $1,500 4.35 iShRussMC IWR 91.98 0.56 4.0
such later date as may be agreed to by the Trustee (the “Bid assignment of that party’s executory contract or unexpired lease CAREERS (877) 707-1995 (888) 228-1597 iShRuss1000 IWB 332.09 0.68 3.1
Deadline”). To be considered, Qualified Bids must be sent to iShRuss1000Grw IWF 410.31 1.30 2.2
totheSuccessfulBidder. Lone Star Bank $1,000 0.20 KS StateBank $500 4.25 iShRuss1000Val IWD 193.12 0.16 4.3
the following on or before the Bid Deadline: (i) the Trustee’s PLEASE TAKE FURTHER NOTICE that where a counterparty
investment bankers,Moelis & Company LLC (“Moelis”),Attn:Nate to an Assigned Contract timely files an (a) Assigned Contract (713) 358-9400 (785) 587-4000 iShRuss2000 IWM 226.93 1.38 2.7
Laverriere, Cullen Murphy, and Mayank Pagaria (nate.laverriere@ Objection asserting a higher cure amount than the amount listed Associate Presidential Bank, FSB $1,000 0.10 Merrick Bank $25,000 4.25 iShS&P500Grw IVW 104.42 1.06 2.8
moelis.com, [email protected], and mayank.pagaria@ in the Assignment Notice, or (b) Assigned Contract Objection or The Raine Group LLC seeks Associate in NY, iShS&P500Value IVE 195.75 0.26 2.6
moelis.com) for the sale of Epic Assets and SC&H Group (“SC&H”) NY to serve as critical member of Deal team &
(800) 799-1424 (866) 638-6851
Post-Auction Objection,as applicable,to the possible assignment iShSelectDiv DVY 134.20 –0.04 2.2
for sale of the Tangible Play Assets and Neuron Assets, Attn: will assist w/execution & principal investing op-
Ken Mann and Michael Gorman ([email protected] and
of that counterparty’s Assigned Contract, and the parties are
unable to consensually resolve the dispute, the amount (if any) portunities, both domestically & internationally,
Three-month CD Five-year CD iSh7-10YTreaBd IEF 93.02 0.25 0.6
iSh20+YTreaBd TLT 88.43 0.31 1.3
[email protected]),(ii) the Debtors’co-counsel,(a) Jenner to be paid under section 365 of the Bankruptcy Code or, as the in Digital, Media, Entertainment & Sports Sec- Quontic Bank $500 4.50 KS StateBank $500 4.30 iShUSTech IYW 159.87 1.47 0.2
& Block LLP,Attn:Catherine Steege ([email protected]),Melissa case may be, the Trustee’s ability to assign the Assigned Contract tors. Req’mnts: Bachelor’s or foreign equiv in (800) 908-6600 (785) 587-4000
Root ([email protected]), and William Williams (wwilliams@ to the Successful Bidder will be determined at the Sale Hearing iShUSTreasuryBd GOVT 22.57 0.16 –1.8
any field & 2 yrs of exp in job offered or rel. oc-
jenner.com), and (b) Pashman Stein Walder Hayden, P.C., Attn: (as defined below) or at a later date as fixed by the Court.To the cupation: assisting w/execution of fin’l invest- Bask Bank $1,000 4.50 America First FCU $500 4.25 iSh0-3MTreaBd SGOV 100.36 0.02 0.0
Henry J. Jaffe ([email protected]), Joseph C. Barsalona extent any Contract Counterparty is added to the Assignment ments. Offered salary is between $175,000 & (877) 839-2265 (801) 627-0900 JPMNasdEqPrem JEPQ 57.13 0.90 1.3
II ([email protected]), and Alexis R. Gambale Notice after the initial notice is served, such new Contract $250,000/yr. 40 hrs/wk. Telecommuting &/or JPM EqPrem JEPI 58.62 0.10 1.9
([email protected]). Counterparty shall receive notice of the addition and the Trustee’s
America First FCU $500 4.40 Popular Direct $10,000 4.20 JPM UltShIncm JPST 50.43 0.02 0.1
work from home may be permissible pursuant
PLEASE TAKE FURTHER NOTICE that, pursuant to the terms proposed cure amount as of such time through a supplemental to company policies. When not telecommuting, (801) 627-0900 (800) 274-5696 PacerUSCashCows COWZ 58.03 0.75 2.7
of the Bid Procedures,if theTrustee receives one or more Qualified Assignment Notice, and that party shall have ten (10) days from must report to work site. Pls email resume to ProShUltPrQQQ TQQQ 83.65 3.63 5.7
Bids by the Bid Deadline,the Auction will be conducted on March
25, 2025 at 10:00 a.m. (prevailing Eastern Time), at the
the date of such notice to object to the proposed cure amount
as of such date and/or to the assumption and assignment of the
[email protected] & indicate job code High yield jumbos - Minimum is $100,000 SPDRBbg1-3MTB BIL 91.45 ... 0.0
TM012225LA. SPDR DJIA Tr DIA 445.53 0.28 4.7
law offices of Jenner & Block LLP, 353 North Clark Street, Chicago, applicable Assigned Contract in connection with a potential Sale
Illinois 60654 for the sale of the Assets or at such other place,date oftheAssets. . Money market account Six-month CD SPDR Gold GLD 262.50 0.98 8.4
andtimeasmaybedesignatedbytheTrustee. SPDRPtfDevxUS SPDW 35.66 1.25 4.5
PLEASE TAKE FURTHER NOTICE that a hearing to approve
Vio Bank 4.46 America First FCU 4.40 SPDRS&P500Value SPYV 52.44 0.25 2.5
PLEASE TAKE FURTHER NOTICE that, pursuant to the terms the Sale will be held (the“Sale Hearing”) on March 31, 2025, COMMERCIAL REAL ESTATE
of the Bid Procedures,theTrustee has designated certain Assigned at 10:00 a.m.(prevailing Eastern Time) for the Epic Assets, (888) 999-9170 (801) 627-0900 SPDRPtfS&P500 SPLG 70.79 0.68 2.7
Contracts that may be assumed or assumed and assigned in con- the Tangible Play and the Neuron Assets. The Sale Hearing SPDRS&P500Growth SPYG 90.43 1.10 2.9
Presidential Bank, FSB 4.37 Bank5 Connect 4.35
nection with a potential Sale of the Assets.Within fourteen (14) may be adjourned from time to time without further notice to SPDR S&P 500 SPY 601.78 0.67 2.7
days of entry of the Bid Procedures Order,the Trustee shall send a creditors or parties in interest other than by announcement of (800) 799-1424 (508) 679-8551 SchwabIntEquity SCHF 19.34 1.20 4.5
notice to each counterparty to an Assigned Contract setting forth the adjournment in open court on the date scheduled for the Sale
BANKRUPTCY SALE VirtualBank,adivisionofFirstHorizonBank 4.25 Merrick Bank 4.35 SchwabUS BrdMkt SCHB 23.37 0.73 3.0
the Trustee’s calculation as of the date of such notice of the cure HearingorontheagendaforsuchSaleHearing. 27.76 0.14 1.6
amount, if any, that would be owing to such counterparty if the (Subject to Bankruptcy Court Approval) (877) 998-2265 (866) 638-6851 SchwabUS Div SCHD
PLEASE TAKE FURTHER NOTICE THAT ANY PARTY WHO SchwabUS LC SCHX 23.88 0.67 3.0
Trustee decided to assume or assume and assign such Assigned FAILS TO TIMELY OBJECT TO THE SALE ON OR BEFORE THE Stalking Horse Offers Being Considered One-month CD One-year CD SchwabUS LC Grw SCHG 28.52 1.28 2.3
Contract, and alerting such nondebtor party that their contract ASSIGNED CONTRACT OBJECTION DEADLINE OR POST-
SPDR S&PMdCpTr MDY 587.49 0.58 3.1
may be assumed and assigned in connection with a potential sale AUCTION OBJECTION DEADLINE, AS APPLICABLE, IN Multiple Trucking Terminals State Bank of India California 0.50 Credit One Bank, NA 4.40
oftheAssets (the“AssignmentNotice”). ACCORDANCE WITH THE BID PROCEDURES ORDER SHALL BE SPDR S&P Div SDY 133.67 –0.28 1.2
PLEASE TAKE FURTHER NOTICE that, pursuant to the terms & Vacant Land with Easy (877) 707-1995 (877) 825-3242 TechSelectSector XLK 230.98 1.44 –0.7
FOREVER BARRED FROM ASSERTING ANY SUCH OBJECTIONS,
of the Bid Procedures, any counterparty that objects to the INCLUDING WITH RESPECT TO THE TRANSFER OF THE ASSETS Access to Major Interstates Lone Star Bank 0.20 America First FCU 4.35 VanEckSemicon SMH 241.47 1.13 –0.3
cure amount set forth in the Assignment Notice (other than to FREE AND CLEAR OF ALL LIENS, CLAIMS, ENCUMBRANCES (713) 358-9400 (801) 627-0900 VangdSC Val VBR 203.94 0.61 2.9
preserve the right to receive any amounts that accrue after the ANDOTHERINTERESTS. Buttonwillow, CA VangdExtMkt VXF 199.01 0.87 4.8
date of the Assignment Notice) or the possible assignment of Presidential Bank, FSB 0.10 Live Oak Bank 4.30
PLEASE TAKE FURTHER NOTICE that the Trustee is seeking Vacant Land Trucking Hub VangdSC Grwth VBK 291.57 0.84 4.1
their Assigned Contract(s) in connection with a potential Sale to waive the fourteen-day stay period under Bankruptcy Rules (800) 799-1424 (866) 518-0286 VangdDivApp VIG 202.21 0.27 3.3
of the Assets must file with the Court and serve an objection (a 6004(h) and 6006(d) in order for the Sale to close immediately
• 3.08 Acres Immediately off I–5
VangdFTSEAWxUS VEU 59.51 1.24 3.7
“Assigned Contract Objection”) so it is actually received no uponentryoftheSaleOrderbythisCourt. Stockton, CA Two-month CD Two-year CD VangdFTSEDevMk VEA 49.92 1.22 4.4
later than fourteen (14) days after the service of the Assignment PLEASE TAKE FURTHER NOTICE that this notice is subject
Notice (the “Assigned Contract Objection Deadline”), by Truck/Repair Terminal State Bank of India California 4.25 Banesco USA 4.35 VangdFTSE EM VWO 44.85 1.61 1.8
to the full terms and conditions of the Bid Procedures and Sale
the following parties (the “Objection Notice Parties”): (i) Motion, the Bid Procedures Order and the Bid Procedures, which • 24,743+ SF on 2.43 Acres (877) 707-1995 (888) 228-1597 VangdGrowth VUG 419.59 1.30 2.2
VangdHiDiv VYM 132.15 0.18 3.6
co-counsel to the Trustee, Jenner & Block LLP, Attn: Catherine shall control in the event of any conflict, and the Trustee encour-
• Located ½ mile from I-5 Lone Star Bank 0.20 Merrick Bank 4.25
Steege ([email protected]),Melissa Root ([email protected]), ages parties in interest to review such documents in their entirety. VangdInfoTech VGT 616.00 1.34 –0.9
and William Williams ([email protected]); (ii) co-counsel to A copy of the Bid Procedures and Sale Motion,the Bid Procedures (713) 358-9400 (866) 638-6851 VangdIntermBd BIV 75.10 0.20 0.5
theTrustee,Pashman SteinWalder Hayden,P.C.,Attn:Henry J.Jaffe and the Bid Procedures Order may be obtained for free by access-
Laredo, TX Presidential Bank, FSB 0.10 Popular Direct 4.20 VangdIntrCorpBd VCIT 80.65 0.21 0.5
([email protected]), Joseph C.Barsalona II (jbarsalona@ ing the website of the Trustee’s noticing agent, Verita Global, Truck Terminal Warehouse (800) 799-1424 (800) 274-5696 VangdIntermTrea VGIT 58.21 0.14 0.4
pashmanstein.com), and Alexis R. Gambale (agambale@ locatedathttps://veritaglobal.net/epiccreations. VangdLC VV 277.87 0.75 3.0
pashmanstein.com); (iii) co-counsel to the Administrative Agent Dated: February3,2025,Wilmington,Delaware,PASHMANSTEIN Springdale, AR Three-month CD Five-year CD VangdMegaGrwth MGK 349.33 1.33 1.7
and Collateral Agent, Kirkland & Ellis LLP, Attn: Brian Schartz WALDER HAYDEN,P.C., /s/ Joseph C.Barsalona II ,Henry J.Jaffe Vacant Land Commercial Zoning VangdMC VO 275.22 0.22 4.2
([email protected]), Patrick Nash (patrick.nash@ (No. 2987), Joseph C. Barsalona II (No. 6102), Alexis R. Gambale Quontic Bank 4.50 GTE Financial Credit Union 4.33
VangdRealEst VNQ 90.43 0.08 1.5
kirkland.com),and Jordan Elkin ([email protected]);(iv) (No.7150),824 N.Market Street,Suite 800,Wilmington,DE 19801, KALFreightRealEstate.com (800) 908-6600 (888) 871-2690 VangdRuss1000Grw VONG 105.48 1.20 2.1
co-counsel to the Administrative Agent and Collateral Agent,Reed Telephone: (302) 592-6496, Email: [email protected],
America First FCU 4.40 Luana Savings Bank 4.30 VangdS&P500ETF VOO 553.35 0.66 2.7
Smith LLP, David A. Pisciotta ([email protected]) and
Nicholas B. Vislocky ([email protected]); (v) co-counsel
[email protected], [email protected]
-and- JENNER & BLOCK LLP, Catherine Steege (admitted pro
KEEN-SUMMIT CAPITAL PARTNERS LLC (801) 627-0900 (800) 666-2012 VangdST Bond BSV 77.40 0.13 0.2
to the Administrative Agent and Collateral Agent,Pachulski Stang hac vice),Melissa Root (admitted pro hac vice),William A.Williams (646) 381-9222 • Keen-Summit.com Bank5 Connect 4.35 America First FCU 4.25 VangdSTCpBd VCSH 78.23 0.13 0.3
Ziehl & Jones LLP, Laura Davis Jones ([email protected]) and (admitted pro hac vice),353 N.Clark Street,Chicago,Illinois 60654, VangdShortTrea VGSH 58.22 0.09 0.1
Peter J.Keane ([email protected]);(vi) the Office of the United Telephone:(312) 923-2952,Email: [email protected],mroot@ (508) 679-8551 (801) 627-0900 VangdSC VB 248.55 0.79 3.4
States Trustee for the District of Delaware, 844 King Street, Suite jenner.com, [email protected], Co-CounseltotheTrustee VangdTaxExemptBd VTEB 50.18 0.22 0.1
2207,Lockbox 35,Wilmington,DE 19801,Attn:Linda Casey (email: Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of 72.27 0.5
1
The Debtors in these chapter 11 cases,along with the last four VangdTotalBd BND 0.14
THEMARKETPLACE
[email protected]); and (vii) counsel to any committee digits of each Debtor’s federal tax identification number,are:Epic! compounding and rate stated for the lowest required opening deposit to earn interest. CD VangdTotIntlBd BNDX 49.29 0.14 0.5
appointed in these Chapter 11 Cases. An Assigned Contract Creations, Inc. (9113); Neuron Fuel, Inc. (8758); and Tangible Play, figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of VangdTotIntlStk VXUS 61.08 1.28 3.6
Objection does not need to be filed to preserve a counterparty’s Inc.(9331). (800) 366-3975 | wsj.com/classifieds which may be checks. Rates are subject to change.
right to any portion of a cure amount that accrues after the date of 2
VangdTotalStk VTI 298.57 0.73 3.0
Capitalized terms not otherwise defined herein shall have the VangdTotWrldStk VT 121.24 0.93 3.2
theapplicableAssignmentNotice. meaningssetforthintheBidProceduresandSaleMotion. © 2025 Dow Jones & Company, Inc. Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410
All Rights Reserved. Internet: www.bankrate.com VangdValue VTV 176.18 ... 4.1
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * Wednesday, February 5, 2025 | B9

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 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £
Agriculture Futures March 19.18 19.71 19.18 19.66 .40 318,606 Feb 1.2450 1.2492 1.2379 1.2482 .0088 947
Contract Open May 17.74 18.18 17.74 18.15 .32 245,872 March 1.2444 1.2492 1.2378 1.2481 .0088 200,919
Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF
March 488.00 497.25 487.25 494.50 5.75 666,145 March 37.00 37.00 37.00 37.00 … 805
Copper-High (CMX)-25,000 lbs.; $ per lb. May 499.00 507.75 498.25 504.75 5.00 518,311 March 1.1039 1.1111 1.1002 1.1102 .0095 98,470
Feb 4.3250 4.3510 4.3250 4.3425 0.0485 2,370
May 36.65 36.65 36.65 36.65 … 2,480
Oats (CBT)-5,000 bu.; cents per bu. June 1.1173 1.1226 1.1125 1.1220 .0095 145
March
Cotton (ICE-US)-50,000 lbs.; cents per lb.
4.3320 4.3720 4.3065 4.3535 0.0480 101,877 March 354.50 359.75 347.00 359.25 6.25 2,134 March 66.04 67.15 66.04 66.94 .90 131,653
Australian Dollar (CME)-AUD 100,000; $ per AUD
Gold (CMX)-100 troy oz.; $ per troy oz. May 360.00 365.00 354.00 364.50 5.50 1,387 May 67.25 68.18 67.25 68.05 .94 67,580 Feb .6222 .6262 .6172 .6260 .0077 347
Feb 2827.60 2853.10 s 2816.10 2853.30 19.40 19,918 Soybeans (CBT)-5,000 bu.; cents per bu. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. March .6229 .6264 .6172 .6261 .0077 203,507
March 2836.60 2863.50 s 2825.00 2862.70 18.00 11,578 March 1057.50 1077.25 s 1048.25 1075.00 16.75 316,850 March 454.70 458.70 t 448.70 450.15 –4.55 8,052 Mexican Peso (CME)-MXN 500,000; $ per MXN
April 2850.40 2877.10 s 2837.40 2875.80 18.70 406,285 May 1070.75 1089.75 s 1062.50 1088.00 15.25 236,066 May 450.00 452.75 t 444.70 446.30 –4.85 2,455 Feb .04765 .04904 .04852 .04857 –.00030 332
June 2872.50 2901.60 s 2862.40 2900.70 19.50 66,696
Soybean Meal (CBT)-100 tons; $ per ton. March .04890 .04890 .04822 .04834 –.00029 133,781
March 304.00 314.90 304.00 314.00 10.30 198,873
Aug 2904.10 2925.60 s 2886.60 2924.30 20.50 21,401
May 313.20 322.60 312.30 322.00 10.00 140,434
Interest Rate Futures Euro (CME)-€125,000; $ per €
Oct 2921.00 2949.20 s 2911.20 2947.50 20.60 4,143 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Feb 1.0349 1.0393 1.0279 1.0388 .0097 6,798
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Palladium (NYM) - 50 troy oz.; $ per troy oz. March 45.72 46.22 44.64 45.76 –.75 179,181 March 118-260 119-260 118-020 119-230 13.0 1,796,216 March 1.0365 1.0408 1.0292 1.0402 .0098 593,257
Feb 1027.00 1030.00 1027.00 1009.70 –29.50 7 May 46.19 46.68 45.17 46.27 –.70 165,014 June 118-160 119-210 117-310 119-180 15.0 738
March 1050.50 1062.50 1008.00 1014.70 –30.40 14,613 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Index Futures
Platinum (NYM)-50 troy oz.; $ per troy oz. March 13.73 t
13.75 13.50 13.55 –.18 9,754 March 114-020 114-260 113-180 114-240 12.0 1,966,380
Feb 978.40 1018.00 977.90 1002.50 10.70 2 May 13.85 t
13.90 13.69 13.75 –.15 1,439 June 113-290 114-190 113-130 114-180 12.0 13,081 Mini DJ Industrial Average (CBT)-$5 x index
April 1002.80 1019.50 989.80 1012.40 9.90 65,227
Wheat (CBT)-5,000 bu.; cents per bu. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March 44826 44826 44349 44697 132 81,737
March 566.50 579.00 s 558.00 577.00 10.25 214,985 March 108-275 109-075 108-205 109-065 8.0 4,855,543 June 45090 45181 44738 45081 133 1,590
Silver (CMX)-5,000 troy oz.; $ per troy oz. May 577.75 590.25 s 570.50 588.75 10.25 107,643 June 108-265 109-070 108-210 109-060 8.0 22,188 Mini S&P 500 (CME)-$50 x index
Feb 32.210 32.855 s 32.115 32.888 0.496 688 Wheat (KC)-5,000 bu.; cents per bu. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March 6069.00 6069.00 5987.00 6063.00 40.75 2,035,480
March 32.540 33.195 s 32.225 33.022 0.496 118,634 March 583.00 597.00 s 576.00 594.75 9.00 132,431 March 106-117 106-190 106-075 106-182 5.7 6,395,200 June 6125.75 6126.25 6044.75 6120.75 41.50 16,426
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. May 592.75 606.00 s 585.75 604.00 8.75 65,698 June 106-125 106-212 106-100 106-207 5.7 40,513
March 72.35 73.35 t 70.67 72.70 –0.46 292,177 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Mini S&P Midcap 400 (CME)-$100 x index
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% March 3229.30 3235.90 3192.40 3231.10 20.00 42,636
April 71.79 72.87 t 70.25 72.34 –0.05 163,209 March 271.000 271.350 267.175 268.250 –2.250 34,338 March 102-250 102-275 102-235 102-271 2.8 4,104,521
Aug 269.225 269.400 266.150 267.250 –1.900 13,938 June 3233.00 3254.10 3228.90 3255.90 20.80 1
May 71.23 72.28 t 69.80 71.87 0.23 132,016 June 102-296 103-012 102-290 103-011 3.8 1,810
June 70.64 71.67 t 69.33 71.34 0.40 174,647
Cattle-Live (CME)-40,000 lbs.; cents per lb. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Mini Nasdaq 100 (CME)-$20 x index
Feb 203.300 203.650 201.350 201.875 –1.100 33,950 Feb 95.6725 95.6750 95.6725 95.6750 545,750 March 21592.00 21694.00 21242.50 21670.25 265.25 258,320
Sept 69.08 69.90 t 67.93 69.70 0.53 105,239
April 200.425 200.600 197.400 198.650 –1.500 166,457 March 95.6850 95.6900 t 95.6850 95.6900 262,763 June 21820.50 21929.00 21476.50 21906.25 268.25 2,595
Dec 67.68 68.47 t 66.73 68.32 0.57 164,209 Hogs-Lean (CME)-40,000 lbs.; cents per lb.
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. Mini Russell 2000 (CME)-$50 x index
Feb 84.550 85.400 s 84.500 85.075 .750 25,692 Nov 95.5550 95.5550 t 95.5550 95.5575 .0025 4,603 March 2293.60 2302.90 2252.70 2298.80 31.40 423,331
March 2.4250 2.4524 2.3792 2.4298 –.0333 104,541 April 87.525 89.900 86.425 89.750 3.400 124,148 March'25 95.7400 95.7500 95.7350 95.7450 .0100 1,215,014 June 2303.40 2323.90 2273.90 2319.40 31.30 2,527
April 2.3649 2.3958 2.3247 2.3794 –.0176 58,082 Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft.
March 580.00 583.50 566.50 568.50 –27.50 5,336 Sept 2330.00 2340.70 2322.40 2341.80 32.20 11
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Currency Futures Mini Russell 1000 (CME)-$50 x index
March 2.0768 2.1115 2.0429 2.0990 –.0187 100,260 May 601.50 604.50 590.00 593.50 –25.50 1,441
Milk (CME)-200,000 lbs., cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥ March 3319.10 3335.90 3310.90 3334.20 23.30 6,044
April 2.2928 2.3319 2.2649 2.3278 .0014 75,742
Jan 20.33 20.35 20.33 20.33 –.04 4,457 Feb .6454 .6495 .6445 .6492 .0026 688 U.S. Dollar Index (ICE-US)-$1,000 x index
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March 19.60 20.02 19.47 19.93 .31 5,471 March 108.53 108.90 107.77 107.82 –1.05 39,356
March .6491 .6517 .6460 .6512 .0025 224,813
March 3.327 3.350 3.168 3.253 –.099 295,744 Cocoa (ICE-US)-10 metric tons; $ per ton. Canadian Dollar (CME)-CAD 100,000; $ per CAD June 108.21 108.48 107.42 107.44 –1.05 566
April 3.316 3.338 3.175 3.265 –.070 131,239 March 11,002 11,144 10,713 10,913 –89 30,772 Feb .6948 .6997 .6909 .6995 .0130 447
May 3.407 3.411 3.262 3.347 –.058 140,469 May 10,927 11,039 10,609 10,865 –47 50,992 March .6953 .7005 .6907 .7004 .0130 359,450 Source: FactSet
July 3.765 3.765 3.633 3.710 –.053 89,170 Coffee (ICE-US)-37,500 lbs.; cents per lb.
Oct 3.852 3.855 3.730 3.805 –.050 128,027 March 385.10 389.90 s 380.90 383.35 2.45 66,901
Jan'26 4.725 4.742 4.647 4.697 –.045 123,200 May 378.10 383.45 s 374.65 377.40 3.05 57,719

Cash Prices | wsj.com/market-data/commodities Tuesday, February 04, 2025

These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks from the futures price on an exchange, which reflects what the commodity might be worth in future months.
Tuesday Tuesday Tuesday
Money Rates February 4, 2025
Energy Copper,Comex spot 4.3425 Wheat,No.2 soft red,St.Louis-u 5.9300
Iron Ore, 62% Fe CFR China-s *105.0 Wheat - Hard - KC (USDA) $ per bu-u 6.1475
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Coal,C.Aplc.,12500Btu,1.2SO2-r,w 76.500 Steel, HRC USA, FOB Midwest Mill-s *720.0 Wheat,No.1soft white,Portld,OR-u 6.1000
guide to general levels but don’t always represent actual transactions. Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.200 Battery/EV metals Food
Metals BMI Lithium Carbonate, EXW China, =99.5%-v,w 10700
Week —52-WEEK— Week —52-WEEK— BMI Lithium Hydroxide, EXW China, =56.5% -v,w 9625 Beef,carcass equiv. index
Inflation Latest ago High Low Latest ago High Low Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,w 3554 choice 1-3,600-900 lbs.-u 317.51
Dec. index Chg From (%) Engelhard industrial 2838.00 BMI Nickel Sulphate, EXW China, >22%-v,m 3583 select 1-3,600-900 lbs.-u 302.32
DTCC GCF Repo Index

.
level Nov. '24 Dec. '23
Federal funds Handy & Harman base 2843.55 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 435 Broilers, National comp wtd. avg.-u,w 1.3086
4.378 29.100 5.471 4.286 Handy & Harman fabricated 3156.34 Butter,AA Chicago-d 2.4300
Treasury Fibers and Textiles

ly
U.S. consumer price index Effective rate 4.3300 4.3300 5.3400 4.3300 180.50
LBMA Gold Price AM *2794.15 Cheddar cheese,bbl,Chicago-d
315.605 0.04 2.9 High 4.5500 4.5500 5.6500 4.4700 MBS 4.396 52.120 5.526 4.294 190.00
All items LBMA Gold Price PM *2826.10 Burlap,10-oz,40-inch NY yd-n,w 0.8900 Cheddar cheese,blk,Chicago-d
Core 322.007 0.02 3.2 Low 4.3200 4.3200 5.3300 4.3000 Krugerrand,wholesale-e 2972.80 Milk,Nonfat dry,Chicago lb.-d 134.00
Weekly survey Cotton,1 1/16 std lw-mdMphs-u 0.6444
Bid 4.3200 4.3200 5.3300 4.3200 Maple Leaf-e 3043.91 Coffee,Brazilian,Comp-y 3.8298
Cotlook 'A' Index-t *76.80
International rates Offer 4.3300 4.3300 5.3600 4.3300 American Eagle-e 3043.91 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 3.9367

Prime rates
Latest
Week
ago
52-Week
High Low
Treasury bill auction
4 weeks
13 weeks
26 weeks
4.250
4.220
4.155
on
4.265 5.285 4.230
4.195 5.255 4.195
4.140 5.170 4.110
Freddie Mac
30-year fixed
15-year fixed
Latest

6.95
6.12
Week ago Year ago

6.96
6.16
6.63
5.94
Mexican peso-e
Austria crown-e
Austria phil-e
Silver, troy oz.
3670.05
2791.45
2987.02
Wool,64s,staple,Terr del-u,w
Grains and Feeds
Bran,wheat middlings, KC-u,w 154
n.a. Eggs,large white,Chicago-u
Flour,hard winter KC-p
Hams,17-20 lbs,Mid-US fob-u
Hogs,Iowa-So. Minnesota-u
7.4250
16.15
n.a.
83.33
Engelhard industrial 31.9500 Corn,No. 2 yellow,Cent IL-bp,u 4.6500 Pork bellies,12-14 lb MidUS-u 1.7808
U.S. 7.50 7.50 8.50 7.50
us ,

Handy & Harman base 32.3070 Corn gluten feed,Midwest-u,w 126.6 Pork loins,13-19 lb MidUS-u 1.0144
Canada 5.45 5.45 7.20 5.45 Other short-term rates Notes on data:
Handy & Harman fabricated 40.3840 Steers,Tex.-Okla. Choice-u n.a.
1.625 1.625 1.625 1.475 Corn gluten meal,Midwest-u,w 448.2
l

Japan U.S. prime rate is the base rate on corporate LBMA spot price *£25.4000 Cottonseed meal-u,w 273 Steers,feeder,Okla. City-u,w 330.88
Week 52-Week
e
loans posted by at least 70% of the 10 largest (U.S.$ equivalent) *31.2900
al a

Policy Rates Latest ago high low U.S. banks, and is effective December 19, 2024.
Hominy feed,Cent IL-u,w 115 Fats and Oils
Coins,wholesale $1,000 face-a 24861 Meat-bonemeal,50% pro Mnpls-u,w 275
Euro zone 3.15 3.15 4.50 3.15 Other prime rates aren’t directly comparable;
Switzerland 1.00 1.00 2.25 1.00 Call money lending practices vary widely by location; Other metals Oats,No.2 milling,Mnpls-u 4.0425 Degummed corn oil, crude wtd. avg.-u,w n.a.
Discount rate is effective December 19, 2024. LBMA Platinum Price PM *964.0 Rice, Long Grain Milled, No. 2 AR-u,w 35.25 Grease,choice white,Chicago-h 0.4800
ci on

Britain 4.75 4.75 5.25 4.75 6.25 6.25 7.25 6.25 Secured Overnight Financing Rate is as of LBMA Palladium Price PM *1005.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Australia 4.35 4.35 4.35 4.35 February 3, 2025. DTCC GCF Repo Index is
Commercial paper (AA financial) Platinum,Engelhard industrial 975.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 314.70 Soybean oil,crude;Centl IL-u,w 0.4448
Depository Trust & Clearing Corp.'s weighted
Overnight repurchase Palladium,Engelhard industrial 1010.0 Soybeans,No.1 yllw IL-bp,u 10.4200 Tallow,bleach;Chicago-h 0.5225
90 days 4.35 n.a. 5.37 4.27 average for overnight trades in applicable
U.S. 4.36 4.41 5.45 4.00 CUSIPs. Value traded is in billions of U.S. dollars. Aluminum, LME, $ per metric ton *2584.0 Wheat,Spring14%-pro Mnpls-u 8.1675 Tallow,edible,Chicago-u n.a.
Secured Overnight Financing Rate Federal-funds rates are Tullett Prebon rates as
U.S. government rates 4.35 4.34 5.40 4.27
of 5:30 p.m. ET.
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;
er s

Sources: Federal Reserve; Bureau of Labor 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
Discount Value 52-Week Statistics; DTCC; FactSet; Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 2/3
4.50 4.50 5.50 4.50 Latest Traded High Low Tullett Prebon Information, Ltd. Source: Dow Jones Market Data
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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.

B10 | Wednesday, February 5, 2025 * * 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
44556.04 s 134.13, or 0.30% Trailing P/E ratio 27.07 25.44 6037.88 s 43.31, or 0.72% Trailing P/E ratio * 25.22 22.85 19654.02 s 262.06, or 1.35% Trailing P/E ratio *† 33.38 30.87
High, low, open and close for each P/E estimate * 20.73 18.53 High, low, open and close for each P/E estimate * 22.33 22.15 High, low, open and close for each P/E estimate *† 27.20 29.65
trading day of the past three months. Dividend yield 1.83 1.91 trading day of the past three months. Dividend yield * 1.30 1.49 trading day of the past three months. Dividend yield *† 0.70 0.88
All-time high 45014.04, 12/04/24 All-time high 6118.71, 01/23/25 All-time high: 20173.89, 12/16/24

Current divisor 0.16268413125742

Session high 45100 6100 20000
DOWN UP
t

Session open Close

44300 6000 19600
Close Open
t

Session low 43500 5900 19200

42700 5800 18800

65-day moving average

41900 5700 18400
65-day moving average
65-day moving average
41100 5600 18000

Bars measure the point change from session's open

40300 5500 17600
Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan.
*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*1,007,906,814 16,302,677
Industrial Average 44597.71 44328.52 44556.04 134.13 0.30 45014.04 37735.11 15.7 4.7 8.3 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 648,321,138 13,719,132
Transportation Avg 16123.54 15949.83 16105.03 177.38 1.11 17754.38 14781.56 0.6 1.3 1.9 Most-active issues in late trading Decl. volume* 332,322,176 1,964,123
Utility Average 1001.44 986.13 994.52 -9.71 -0.97 1079.88 829.38 18.7 1.2 1.8 Volume After Hours Issues traded 2,837 300
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 60142.73 59633.45 60103.97 440.35 0.74 60885.79 49273.23 22.0 2.9 9.7 Advances 1,936 182
NVIDIA NVDA 21,643.7 118.88 0.23 0.19 122.73 111.24
Barron's 400 1299.99 1289.03 1299.29 11.07 0.86 1356.99 1063.34 22.2 3.8 8.7 Declines 810 110
Snap SNAP 21,512.1 12.28 0.68 5.86 13.38 11.52
Unchanged 91 8
Nasdaq Stock Market Advanced Micro Devices AMD 19,680.6 109.35 -10.15 -8.50 126.08 107.12 New highs 67 2
Nasdaq Composite 19666.44 19408.18 19654.02 262.06 1.35 20173.89 15282.01 25.9 1.8 11.7 International Paper IP 18,670.4 53.89 … unch. 54.33 53.74 New lows 46 5
Nasdaq-100 21582.40 21308.24 21566.92 269.34 1.26 22096.66 17037.65 22.7 2.6 13.6 GrShr 2x Long AMD Daily AMDL 10,710.3 6.07 -1.24 -16.97 8.09 5.95 Closing Arms† 1.01 0.10
Alphabet Cl A GOOGL 10,584.6 189.88 -16.50 -7.99 225.94 161.49 Block trades* 5,020 193
S&P

.
Intel INTC 10,253.7 19.24 -0.05 -0.26 20.04 19.22
500 Index 6042.48 5990.87 6037.88 43.31 0.72 6118.71 4953.17 21.9 2.7 10.3 Nasdaq NYSE Arca

ly
Comcast Cl A CMCSA 7,228.5 33.70 0.15 0.45 33.70 33.38
MidCap 400 3221.24 3195.14 3218.76 19.22 0.60 3390.26 2749.42 17.1 3.1 7.1 Total volume*6,477,059,920 275,667,292
SmallCap 600 1445.21 1426.05 1444.29 17.23 1.21 1544.66 1241.62 14.6 2.6 4.0 Percentage gainers… Adv. volume*4,638,652,888 205,076,913
Defiance Dly Target 2X Lg AVGX 201.9 30.68 2.82 10.12 31.39 27.54 Decl. volume*1,789,242,150 67,365,677
Other Indexes
Russell 2000
NYSE Composite
Value Line
2291.38 2257.11
19990.67 19870.33 19964.61
626.84 621.74
2290.20

626.53
31.79
94.28
4.41
1.41
0.47
0.71
on 2442.03 1942.96
20272.04 17068.54
656.04 568.94
17.2
16.5
8.1
2.7
4.5
2.6
4.6
6.1
-0.1
Direxion Dly AVGO Bull 2X AVL
Lumen Technologies
Direxion Dly GOOGL Br 1X GGLS
LUMN
92.5
5,869.3
195.0
33.13
5.52
12.06
3.04
0.48
0.88
10.10
9.51
7.87
33.86
5.69
12.18
30.02
4.91
11.09
Issues traded
Advances
Declines
Unchanged
4,495
3,039
1,320
136
2,105
1,785
293
27
NYSE Arca Biotech 6266.19 6178.84 6194.78 -12.74 -0.21 6293.06 4861.76 19.3 7.8 6.8
Enphase Energy ENPH 1,409.8 71.13 4.88 7.37 76.99 65.00
New highs 101 42
us ,

NYSE Arca Pharma 969.68 954.25 966.38 -3.30 -0.34 1140.17 912.71 -2.1 3.4 6.7 ...And losers New lows 120 8
l

KBW Bank 138.13 136.73 137.31 0.90 0.66 139.37 92.30 47.0 7.7 -0.7 614.9 44.50 -9.54 54.04 39.50 Closing Arms† 0.89 2.04
e
FMC FMC -17.65
al a

PHLX§ Gold/Silver 158.76 156.75 158.06 1.80 1.15 175.74 102.94 40.0 15.2 8.3 GrShr 2x Long AMD Daily AMDL 10,710.3 6.07 -1.24 -16.97 8.09 5.95 Block trades* 38,758 1,461
PHLX§ Oil Service 74.21 71.40 74.13 2.08 2.88 95.25 68.88 -5.8 2.1 3.4 Leverage 2X Lg AMD Dly AMDG 53.4 11.62 -2.31 -16.61 15.45 11.45 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 4999.69 4907.44 4976.59 51.78 1.05 5904.54 4306.87 14.7 -0.1 13.0 Direxion Dly GOOGL Bl 2x GGLL 1,341.2 44.89 -8.41 -15.78 54.85 43.43 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 19.11 16.78 17.21 -1.41 -7.57 38.57 11.86 31.8 -0.8 -9.5 Oscar Health OSCR 1,296.6 13.49 -1.79 -11.71 15.75 11.27 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 866.92 7.59 0.88 3.0 Quantum Biopharma QNTM 6.71 3.53 111.01 70.85 2.70 -87.6 Cloudastructure Cl A CSAI 12.98 -6.02 -31.68 50.00 12.23 ...
MSCI ACWI ex-USA 336.62 4.11 1.24 3.3 Cumberland Pharm CPIX 3.76 1.63 76.53 3.93 1.04 90.9 Direxion Dly PLTR Bear 1X PLTD 15.59 -4.89 -23.88 27.23 14.83 ...
MSCI World 3826.36 29.83 0.79 3.2 MiNK Therapeutics INKT 12.03 4.17 53.05 19.00 4.56 28.0 Cyclerion Therapeutics CYCN 4.19 -1.13 -21.24 9.47 1.27 49.8
MSCI Emerging Markets 1092.93 19.21 1.79 1.6 Lixiang Education ADR LXEH 8.13 2.73 50.56 65.06 1.95 -80.2 Atkore ATKR 64.13 -15.59 -19.56 194.98 62.62 -55.2
m rp

Americas MSCI AC Americas 2277.56 16.91 0.75 3.0 Yoshiharu Global YOSH 5.43 1.75 47.55 8.25 2.70 15.7 Channel Therapeutics CHRO 1.72 -0.41 -19.25 6.00 0.45 ...
Canada S&P/TSX Comp 25279.35 37.59 0.15 2.2 GrShr 2x Long PLTR Daily PTIR 228.69 73.38 47.24 240.30 23.44 ... Twin Hospitality Cl A TWNP 11.37 -2.64 -18.84 22.20 1.50 ...
Latin Amer. MSCI EM Latin America 2049.72 22.13 1.09 10.6 Direxion Dly PLTR Bull 2X PLTU 48.53 15.54 47.11 50.92 19.15 ... BriaCell Therapeutics BCTX 4.10 -0.94 -18.65 65.25 3.92 -93.4
Brazil Bovespa 125147.42 –823.04 –0.65 4.0 Evaxion Biotech ADR EVAX 3.27 0.87 36.25 23.70 2.22 -85.5 Conduit Pharmaceuticals CDT 1.80 -0.40 -18.18 392.00 1.75 -99.4
Chile S&P IPSA 3898.66 34.59 0.90 7.9 Beyond BYON 9.68 2.42 33.33 37.10 4.45 -56.3 TransCode Therapeutics RNAZ 6.16 -1.34 -17.87 66.33 2.66 -69.8
co Fo

Mexico S&P/BMV IPC 51889.75 680.22 1.33 4.8 Flexsteel Industries FLXS 63.05 14.85 30.81 65.87 27.78 110.3 SeaStar Medical Holding ICU 1.91 -0.37 -16.23 42.92 1.50 -90.5
EMEA STOXX Europe 600 536.04 1.19 0.22 5.6 Exagen XGN 5.02 1.14 29.38 6.22 1.30 149.8 Atlantic International ATLN 3.53 -0.68 -16.15 8.98 1.30 -6.4
Eurozone Euro STOXX 538.21 3.46 0.65 6.5 ModivCare MODV 4.80 0.96 25.00 52.33 3.64 -88.5 Estee Lauder Cl A EL 69.47 -13.30 -16.07 159.54 62.29 -52.5
Belgium Bel-20 4277.18 3.43 0.08 0.3 Nuvve Holding NVVE 3.31 0.66 24.91 17.30 2.23 -71.2 Nvni Group NVNI 5.74 -0.99 -14.71 12.19 0.33 163.3
Denmark OMX Copenhagen 20 2026.90 –10.18 –0.50 –3.6 Palantir Technologies PLTR 103.83 20.09 23.99 106.91 19.76 374.8 Premier Inc. PINC 19.11 -3.29 -14.69 23.56 17.96 -11.2
0.66 7.1 Vislink Technologies VISL 2.51 0.48 23.65 8.15 1.46 -19.8 AtlasClear Holdings ATCH 3.83 -0.65 -14.51 615.60 3.40 -99.2
France CAC 40 7906.40 51.48
Germany DAX 21505.70 77.46 0.36 8.0
Israel Tel Aviv 2475.91 26.90 1.10 3.4
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 36719.35 500.37 1.38 7.4 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 919.47 3.20 0.35 4.6
0.86 5.4 NVIDIA NVDA 251,309 5.3 118.65 1.71 153.13 66.25 Aclarion ACON 6,861 3902 6.82 2.56 770.47 6.27
Norway Oslo Bors All-Share 1733.59 14.83
1.13 Azitra AZTR 247,668 15418.0 0.32 16.34 38.10 0.23 Direxion Dly PLTR Bear 1X PLTD 7,777 2770 15.59 -23.88 27.23 14.83
South Africa FTSE/JSE All-Share 86452.63 962.49 2.8
n-

Spain IBEX 35 12372.80 167.00 1.37 6.7 Captivision CAPT 245,183 95698.7 1.05 139.18 7.92 0.37 PIMCO Cmd Strategy Active CMDT 2,041 2713 26.37 0.48 28.19 25.09
0.15 6.2 Palantir Technologies PLTR 229,469 181.2 103.83 23.99 106.91 19.76 iShares Morningstar US ILCB 1,369 2535 83.58 0.70 84.73 67.95
Sweden OMX Stockholm 1013.95 1.50
7.5
Rigetti Computing RGTI 158,509 19.8 13.72 1.86 21.42 0.66 Horizon Expedition Plus HBTA 122 2250 25.01 1.24 25.51 24.52
Switzerland Swiss Market 12475.49 –71.28 –0.57
Turkey BIST 100 9807.10 32.70 0.33 –0.2 Tonix Pharmaceuticals TNXP 138,603 10.2 0.15 -21.96 12.48 0.12 WT U.S. Qual Growth Fd QGRW 2,668 2245 50.33 1.39 51.58 38.22
no

U.K. FTSE 100 8570.77 –12.79 –0.15 4.9 Lottery.com LTRY 128,625 24709.4 0.59 88.33 3.56 0.22 Lixiang Education ADR LXEH 908 2154 8.13 50.56 65.06 1.95
U.K. FTSE 250 20653.26 –58.50 –0.28 0.1 Cyngn CYN 120,927 1574.1 0.07 -39.26 25.88 0.07 DT Cloud Acquisition DYCQ 671 1629 10.50 ... 10.65 10.07
Algorhythm Holdings RIME 119,798 31.4 0.02 -8.61 1.97 0.02 PIMCO Mortgage-Backed SecPMBS 1,390 1623 48.06 0.23 50.17 47.14
Asia-Pacific MSCI AC Asia Pacific 182.61 2.65 1.48 0.5
Invivyd IVVD 96,161 1100.9 1.25 17.92 5.10 0.35 MiNK Therapeutics INKT 346 1613 12.03 53.05 19.00 4.56
Australia S&P/ASX 200 8374.00 –5.36 –0.06 2.6
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3250.60 … Closed –3.0 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 20789.96 572.70 2.83 3.6
1.81 0.6
Scan this code
India BSE Sensex 78583.81 1397.07
Japan NIKKEI 225 38798.37 278.28 0.72 –2.7 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3823.01 –3.46 –0.09 0.9 track most-active stocks,
South Korea KOSPI 2481.69 27.74 1.13 3.4 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 22793.96 99.25 0.44 –1.0 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1301.02 –3.37 –0.26 –7.1
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Tues YTDchg Tues YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00003971 25180 –1.2
CREDIT MARKETS Argentina peso .00091053.4982 2.2 Europe
Brazil real .1738 5.7546 –6.9 Czech Rep. koruna .04126 24.236 –0.5
Canada dollar .6982 1.4323 –0.4 Denmark krone .1391 7.1872 –0.2
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001022 978.74 –1.6 Euro area euro 1.0381 .9633 –0.2
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000240 4166.63 –5.4 Hungary forint .002550 392.17 –1.3
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007070 141.44 1.8
A consumer rate against its Money Market/Savings Accts Mexico peso .0488 20.5062 –1.5 Norway krone .0890 11.2418 –1.2
benchmark over the past year 6.00% Uruguay peso .02298 43.5150 –0.4 Poland zloty .2465 4.0570 –1.8
Bankrate.com avg†: 0.40% 10% Asia-Pacific Sweden krona .0912 10.9699 –0.9
Federal-funds MyBankingDirect 4.45% One year ago 5.00 Switzerland franc 1.1049 .9051 –0.3
t Australiadollar .6256 1.5985 –1.1
target rate 6.00% Westbury, NY 516-683-4100 5 WSJ Dollar Index Turkey lira .0278 35.9351 1.7
China yuan .1392 7.1846 –1.6
4.00 .0240 41.7500
s
t Ukraine hryvnia –0.7
.1284 7.7872
t
Bask Bank 4.50% Hong Kong dollar 0.2
4.00 0 UK pound 1.2481 .8012 0.3
Tradeweb FTSE Tuesday Close 3.00 India rupee .01148 87.100 1.8
Dallas, TX 877-839-2265 Middle East/Africa
s Indonesia rupiah .0000613 16305 0.2
Money market 2.00 Popular Direct 4.50% s
Euro Japan yen .006479 154.34 –1.8 Bahrain dinar 2.6527 .3770 –0.03
2.00 –5
account yields Miami Lakes, FL 800-274-5696 Yen Kazakhstan tenge .001923 520.13 –0.9 Egypt pound .0199 50.2717 –1.1
t
0.00 BrioDirect 4.55% 1.00 –10 Macau pataca .1246 8.0250 0.3 Israel shekel .2804 3.5664 –2.0
Malaysia ringgit .2250 4.4440 –0.6 Kuwait dinar 3.2409 .3086 0.1
Montebello, NY 877-369-2746 1 3 6 1 2 3 5 7 10 20 30 2024 2025
–2.00 New Zealand dollar .5652 1.7693 –1.0 Oman sul rial 2.5972 .3850 0.01
Quontic Bank 4.75% month(s) years
FM A M J J A S O N D JF Pakistan rupee .00359 278.850 0.2 Qatar rial .2743 3.645 ...
New York, NY 800-908-6600 maturity Philippines peso .0172 58.010 –0.1 Saudi Arabia riyal .2666 3.7508 –0.2
2024 2025
Sources: Tradeweb FTSE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7393 1.3527 –0.9 South Africa rand .0535 18.6746 –1.0
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0006880 1453.53 –1.7
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0033386 299.53 2.2 Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 102.03 –0.34–0.34 –0.70
Federal-funds rate target 4.25-4.50 4.25-4.50 4.25 l 5.50 4.25 Taiwan dollar .03040 32.893 0.3
Yield (%) 52-Week Total Return (%) Thailand baht .02971 33.660 –2.0 Sources: Tullett Prebon, Dow Jones Market Data
Prime rate* 7.50 7.50 7.50 l 8.50 4.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 4.35 4.34 4.27 l 5.40 4.30
Money market, annual yield 0.40 0.40 0.40 l 0.51 0.33
U.S. Treasury, Bloomberg 2207.580 4.410 4.410 4.880 3.630 2.012 –1.716 Commodities
Tuesday 52-Week YTD
Five-year CD, annual yield 2.86 2.85 2.80 l 2.89 2.40 U.S. Treasury Long, Bloomberg 3079.490 4.800 4.840 5.050 3.990 –2.817 –9.702 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 7.26 7.28 6.69 l 7.72 3.42 Aggregate, Bloomberg 2106.190 4.840 4.840 5.310 4.100 2.718 –1.138
15-year mortgage, fixed† 6.58 6.63 6.02 l 7.11 3.33
DJ Commodity 1064.06 4.14 0.39 1079.94 936.12 12.79 4.08
Fixed-Rate MBS, Bloomberg 2079.500 5.160 5.170 5.570 4.340 2.906 –1.140
Jumbo mortgages, $806,500-plus† 7.29 7.33 6.78 l 7.79 3.45 FTSE/CC CRB Index 309.30 0.39 0.13 312.17 265.48 14.96 4.24
High Yield 100, ICE BofA 3845.885 6.479 6.472 7.871 6.208 8.629 4.586
Five-year adj mortgage (ARM)† 6.35 6.49 5.88 l 6.78 3.47 Crude oil, $ per barrel 72.70 -0.46 -0.63 86.91 65.75 -0.83 1.37
Muni Master, ICE BofA 596.940 3.425 3.435 3.760 3.074 2.111 0.454
New-car loan, 48-month 7.30 7.28 7.18 l 7.94 3.77 Natural gas, $/MMBtu 3.253 -0.099 -2.95 4.258 1.575 61.92 -10.46
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 908.860 7.472 7.540 8.073 7.084 8.651 0.722
banks.† Excludes closing costs. Gold, $ per troy oz. 2853.30 19.40 0.68 2853.30 1990.30 40.25 8.52
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. * * * * * * Wednesday, February 5, 2025 | B11

MARKETS & FINANCE

STOCK
Index performance on Tuesday

Stock Indexes Recover 1.50%

1.25
Nasdaq Composite SPOTLIGHT
Even as Trade War Deepens 1.00
Alphabet
China opened an antitrust
probe into Google, drawing
S&P 500 parent company Alphabet
Stocks bounced back on speak on Tuesday but were level over the past year. 0.75 into escalating trade
Tuesday, clawing back most back to trading at session Some of the stocks that tensions. Shares of Alphabet
of Monday’s losses despite highs just a little bit later. A were hammered on tariff 0.50 rose 2.6%.
the U.S. and China escalating U.S. official said that Trump fears earlier in the week re-
a new trade war. and Xi could speak on covered. Shares of General Illumina and PVH
0.25 Dow Industrials
China hit back against Wednesday. Motors, FedEx and Polaris China added the U.S. biotech
American tariffs that went Trump has called the gained. Oil refinery giants and the fashion company to
into effect Tuesday morning, China tariffs “an opening Marathon Petroleum and 0 its “unreliable entity” list, as
deviating from salvo” and indicated that the Valero Energy jumped 6.7% it hit back against new
TUESDAY’S Mexico and U.S. will levy “substantial” and 5%, respectively. Five-minute intervals tariffs. Shares of Illumina and
MARKETS Canada, which tariffs against The yield on –0.25 PVH, which owns Calvin Klein
each struck China if the the benchmark 10 a.m. 11 noon 1 p.m. 2 3 4 and Tommy Hilfiger, dropped
deals with the Trump admin- countries can’t 10-year Trea- 5.3% and 1%, respectively.
istration to delay new tariffs. come to an Wall Street’s sury note fell Source: FactSet
Among Beijing’s retaliations agreement. fear gauge fell to 4.511% from General Motors, Ford Motor
include higher levies on some “There is 4.542% on have reported 16% growth in 10-year Treasury note fell to and Stellantis
American goods, an antitrust the thought to about 17%, its Monday. fourth-quarter earnings so far 4.511%, down from 4.542% on Auto stocks rose after the
probe into Google and Chi- process that U.S. oil this season, according to Monday. Trump administration agreed
nese mineral export restric- some of this is
average over prices recov- FactSet. to delay imposing new tariffs
tions. grandstand- the past year. ered from their Shares of Palantir Tech-  The WSJ Dollar Index on Mexico and Canada.
Yet, investors seemed ing, and it will lows on the nologies climbed 24% after edged down. The Canadian GM climbed 1.4%, while
mostly unfazed. not live day but still the company on Monday re- dollar, Chinese yuan, euro and shares of Ford and Stellantis
The Nasdaq Composite led throughout the finished down ported strong top-line growth British pound slipped against rallied 2.7% and 4.1%,
Tuesday’s gains, climbing duration of [Trump’s] term,” about 0.6% to $72.70 a barrel. and said demand for AI prod- the dollar. respectively. U.S.-listed shares
1.4%. The Dow Jones Indus- said Shams Afzal, managing Bitcoin prices fell below ucts remains robust. of Toyota and Honda
trial Average gained about director at Carnegie Invest- $100,000. Shares of Alphabet gained  Crude-oil prices were vola- advanced 2.1% and 2.4%. The
134 points, or 0.3%, and the ment Counsel. A strong earnings season ahead of its quarterly earn- tile. U.S. oil prices recovered two produce vehicles in
S&P 500 added 0.7%. The Cboe Volatility Index, has also helped keep stocks ings due after the close. from their lows on the day, Mexico and export some to
Stocks took a hit midday Wall Street’s fear gauge that aloft, said Gina Bolvin, presi- but they still finished down the U.S.
after a U.S. official said that measures expected market dent of Bolvin Wealth Man- about 0.6% to $72.70 a barrel.
President Trump and China volatility, fell to roughly 17 on agement Group. Elsewhere: —Krystal Hur Archer Daniels Midland
President Xi Jinping wouldn’t Tuesday, around its average Companies in the S&P 500  The yield on the benchmark and Caitlin McCabe The U.S. grain merchant
warned that trade policy
uncertainty would likely hit

UBS Swings to Profit, Plans to Boost Buybacks its bottom line this year.
Shares declined 5.1%.

Diageo

.
The maker of Don Julio
BY ADRIÀ CALATAYUD The prospect of tougher pected results at its invest- plete the integration by the

ly
UBS net profit/loss tequila and Crown Royal
regulations that are expected ment bank lifted earnings. end of 2026, achieve our fi- whisky scrapped a sales
$2.0 billion
UBS Group aims to buy to increase the bank’s capital The Swiss banking group nancial targets, and fulfill our target, saying tariffs made it
back up to $3 billion in its demands in its home country said net profit for the quarter growth initiatives as we posi- harder to provide forecasts.
own stock this year as it re-
ported a better-than-expected
net profit for the fourth quar-
ter thanks to its investment
has cast a cloud on its plans
to return more money to
shareholders. Analysts have
said the new requirements
on 1.5

1.0
was $770 million compared
with a loss of $279 million in
the year-earlier period, when
its results were hit by costs
tion UBS for a successful fu-
ture,” Chief Executive Sergio
Ermotti said.
UBS said it expected gross
Its U.S.-listed shares
dropped 0.8%.

PDD
bank and cost controls. could make UBS alter its related to the integration of cost savings from the integra- Investors worry that new
us ,

The Zurich-based group re- plans. Credit Suisse. tion of about $2.5 billion in tariffs on China and the end
l

sumed share repurchases last U.S.-listed shares of UBS 0.5 Analysts had expected a net 2025 and that it was on track of “de minimis exemptions”
e
al a

year after a pause because of fell 7.2% on Tuesday. profit of $483 million, accord- to deliver about $13 billion in for small packages could hit
its takeover of Credit Suisse in UBS said it plans to repur- ing to consensus estimates savings by the end of next year. the Chinese e-commerce
2023. The bank is seeking to chase $1 billion of its own 0 compiled by the bank. However, the bank now antici-
ci on

company’s Temu business.

bolster its returns to share- stock in the first half and aims Revenue for the quarter pates cumulative expenses of But PDD U.S.-listed stock was
holders so that its buybacks to buy back up to an addi- came in at $11.635 billion, up around $14 billion, higher than up 8.4%, after two days of
next year exceed the levels of tional $2 billion in the second –0.5 from $10.855 billion a year be- previously assumed. declines.
2022, before the rescue deal half. It also lifted its dividend 4Q 1Q 2Q 3Q 4Q fore. Analysts had expected The bank said constructive
for its former crosstown rival. by 29% to 90 cents a share. 2023 ’24 $11.51 billion, according to the market conditions have con- Estée Lauder
er s

UBS reiterated that ambition The dividend increase Source: the company same consensus. tinued into the first quarter of The cosmetics company said
on Tuesday, with the caveat should give the market confi- UBS’s core global wealth- 2025 after investors ended it would cut up to 7,000 jobs
m er

that its plans remain subject to dence that UBS can resolve its sults once again reflected its management arm brought in 2024 on a positive note, but and warned of a steeper
maintaining a capital ratio capital issues organically efforts to integrate Credit $18 billion in net new assets cautioned that increased un- sales decline to come. Shares
above its target, achieving fi- while maintaining buybacks, Suisse after the takeover engi- last quarter, a slowdown from certainties around global slid 16%.
nancial goals and the absence of analysts at JPMorgan wrote in neered by Swiss authorities. $25 billion in the prior quarter. trade, inflation and central
immediate changes to current a note to clients. Lower integration-expense “We are confident in our bank policies might trigger Palantir Technologies
m rp

capital rules in Switzerland. UBS’s fourth-quarter re- bills and stronger-than-ex- ability to substantially com- volatility. Shares of the data-analytics
company surged 24% after it
reported strong sales growth

KKR Raises Its Direct Stakes in Three Companies and said demand for AI
products keeps growing.
co Fo

Spotify
BY CHRIS CUMMING New York-based KKR said Holdings group, which holds formed the group last year to nesses, Nuttall told analysts The streaming-service had its
Tuesday it would increase its the stakes, by $50 million to take long-term ownership of during an earnings call Tues- first full year of profitability,
Multistrategy fund manager investment in the three com- reach up to $350 million next companies in a strategy that day morning. The approach is fueled by record user growth
KKR & Co. is increasing its in- panies—USI Insurance Ser- year. KKR leaders have compared unusual among alternative-in- and austerity measures.
vestment stakes in three com- vices, 1-800 Contacts and KKR Co-Chief Executive with Warren Buffett’s Berk- vestment firms, which typi- Shares leapt 13%.
panies it backs from its own Heartland Dental—by $1.1 bil- Scott Nuttall said the firm’s shire Hathaway. cally aim to collect fees for
balance sheet as executives lion in total. It expects the in- direct investments are a sign KKR “can really see the po- managing investments from PepsiCo
aim to emphasize their atypi- vestments to increase the of its confidence in the Strate- tential” of Strategic Holdings, the commingled funds they The maker of snacks and
cal direct-investment strategy. earnings for its Strategic gic Holdings unit. The firm which owns stakes in 18 busi- raise. soda posted lower-than-
expected adjusted earnings,
plus a small drop in revenue.
n-

Robinhood Robinhood launched the

contracts through a partner-
ship with Kalshi, an online
to the fullest extent as appro-
priate,” the spokesman added.
Robinhood has rolled out
appointed by the CFTC’s move
and noted that the agency
hadn’t formally deemed
standing CFTC resistance to
such contracts. During the last
days of the Biden administra-
Shares lost 4.5%.

Pfizer and Merck

Pulls Sports prediction market that listed a its sports bets to about 1% of Kalshi’s contracts illegal. The tion, the CFTC asked the digi- Pfizer stock fell 1.3% after the
no

family of sports-betting con- customers, the company said. brokerage is working with the tal-currency exchange to sus- drugmaker posted stronger-
tracts in January. Those investors will have the CFTC to roll out a larger pend trading of the contracts, than forecast financial

Betting Plan CFTC-regulated prediction

markets such as Kalshi are
barred under federal law from
choice between closing their
positions or taking them to
resolution.
event-contracts platform later
this year, Robinhood said.
Prediction markets have
but Crypto.com refused.
Kalshi followed suit with its
own Super Bowl contracts
results. Tidings were poorer
for Merck, which cuts its
2025 outlook and said sales
listing contracts that involve The Super Bowl bets were been testing the limits of what shortly after Inauguration of its HPV vaccine slid last
Continued from page B1 “gaming” and are against the Robinhood’s second foray into they are permitted to list fol- Day. The CFTC is reviewing quarter. Its shares fell 9.1%.
heeding their directive to public interest, but the defini- the world of event contracts, a lowing a court ruling last year Crypto.com’s contracts, and on
cease offering these con- tion of “gaming” isn’t spelled type of derivative contract that legalized election betting. Friday it sent letters to
tracts,” he added. out in the law, which has led that allows investors to bet on The arrival of the Trump ad- Crypto.com and Kalshi seeking WEDNESDAY'S
Robinhood said it had been to disputes over what is per- an outcome of a future event. ministration, which is ex- information on why they con- EXPECTED EARNINGS:
asked by the CFTC to stop of- mitted. Earlier Tuesday, a Such events might range from pected to usher in an era of sider their sports contracts
fering its customers access to CFTC spokesman said the elections to the weather to light-touch financial regula- legal. Boston Scientific
the sports contracts on Mon- agency had “serious concerns” pop culture. Robinhood tion, also emboldened the plat- Betting contracts on the Su- Fiserv
day afternoon, just hours after about brokers offering custom- launched event contracts on forms to push the envelope. per Bowl and coming basket- MicroStrategy
it unveiled its sports-betting ers access to contracts that the U.S. presidential election In December, Crypto.com ball and hockey championships
plans, a move that blurred the “may not be permissible under late last year that proved pop- listed a Super Bowl contract on were still available for trading
Qualcomm
lines between regulated finan- the law.” The agency “will ex- ular among customers. a prediction-market platform it through Kalshi’s website on Uber Technologies
cial markets and gambling. ercise its oversight authority Robinhood said it was dis- owns, despite years of long- Tuesday afternoon. Walt Disney

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 21.53 +0.15 2.9 NASDAQ 249.18 +3.33 1.8 EqInc 25.00 +0.02 4.6 MidCap 103.39 +0.20 3.7 MuIntAdml 13.61 +0.01 0.6 TgtRet2055 NA ... NA
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. GlexUSIdxInstPre 15.01 +0.19 4.1 OTC 21.95 +0.25 2.2 LgCpGwth 82.27 +0.72 3.2 R2030 NA ... NA MuLTAdml 10.84 +0.01 0.4 TgtRetInc NA ... NA
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s GrowthCompanyK6 30.92 +0.38 1.7 Puritn 25.54 +0.10 2.8 JPMorgan R Class Putnam Funds Class A MuLtdAdml 10.88 ... 0.6 Welltn 43.83 +0.18 2.3
apply. k-Recalculated by LSEG, using updated data. p-Distribution costs apply, 12b-1. r- IntlIdxInstPrem 49.87 +0.52 4.9 SAIUSMinVolIndFd 22.00 +0.05 2.6 CoreBond 10.17 +0.02 0.8 PutLargCap p 35.88 +0.08 4.1 MuShtAdml 15.79 ... 0.5 WndsrII 46.15 +0.25 4.2
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes LgCpGwId InstPre 40.00 +0.47 2.1 SAIUSQtyIdx 21.73 +0.05 2.1 CorePlusBd 7.16 +0.02 1.0 Putnam Funds Class Y PrmcpAdml r 173.42 +1.61 4.3 VANGUARD INDEX FDS
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete MidCpInxInstPrem 35.15 +0.20 4.1 SrsBlChGroRetail 20.29 +0.25 2.3 Lord Abbett I PutLargCap 35.89 +0.07 4.1 RealEstatAdml 128.07 +0.08 1.4 ExtndIstPl 372.49 +3.13 4.8
price, performance or cost data. NE-Not released by LSEG; data under review. NN-Fund not SAIUSLgCpIndxFd 23.87 +0.17 2.7 SrsEmrgMkt 18.87 +0.35 3.0 ShtDurInc p 3.87 +0.01 0.7 Schwab Funds SmCapAdml 119.12 +0.93 3.4 IdxIntl 19.61 +0.24 3.5
tracked. NS-Fund didn’t exist at start of period. SeriesBondFd 8.91 +0.02 0.8 SrsGlobal 14.76 +0.19 4.1 Metropolitan West 1000 Inv r 129.71 +0.91 3.0 SmGthAdml 102.50 +0.86 4.1 MdCpGrAdml 116.90 +0.62 7.0
SeriesOverseas 14.29 +0.16 6.3 SrsGroCoRetail 24.30 +0.32 1.4 TotRetBdI 8.92 +0.01 0.9 S&P Sel 92.75 +0.67 2.7 STBondAdml 10.15 +0.01 0.5 MdCpVlAdml 85.42 -0.06 1.9
SerLTTreBdIdx 5.37 +0.02 1.5 SrsIntlGrw 18.52 +0.13 6.3 MFS Funds TSM Sel r 102.07 +0.75 3.0 STIGradeAdml NA ... NA SmValAdml 87.65 +0.64 2.9
Tuesday, February 4, 2025 SmCpIdxInstPrem 28.44 +0.39 2.7 SrsIntlVal 12.52 +0.13 5.0 IIE 35.62 +0.37 5.3 TIAA/CREF Funds STIPSIxAdm 24.55 +0.02 1.1 TotBd2 9.40 +0.02 0.8
Net YTD Net YTD Net YTD TMktIdxInstPrem 166.11 +1.22 3.0 TotalBond 9.45 +0.01 0.9 MFS Funds Class I BdIdxInst 9.53 +0.02 0.8 TotBdAdml 9.52 +0.01 0.8 TotIntlInstIdx r 131.17 +1.60 3.5
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret TotalMarketIndex 20.98 +0.16 3.0 Fidelity SAI GrowthI 209.83 +1.56 4.0 EqIdxInst NA ... NA TotIntBdIdxAdm NA ... NA TotItlInstPlId r 131.20 +1.60 3.5
TtlIntIdxInstPr 13.93 +0.17 3.7 TotalBd 8.95 +0.01 0.9 ValueI 50.50 -0.10 3.5 IntlEqIdxInst 23.08 +0.24 4.9 TotIntlAdmIdx r 32.80 +0.40 3.5 TotSt 145.29 +1.07 3.0
AB Funds WshA 63.98 +0.24 3.9 LgCo 40.05 +0.28 2.7 VANGUARD INSTL FDS
MuniIncmShares 11.21 +0.01 0.8 Artisan Funds US CoreEq1 44.54 +0.32 3.0 USBdIdxInstPrem 10.26 +0.01 0.7 Fidelity Selects Natixis Funds LrgCpGrIdxInst 68.38 +0.80 2.1 TotStAdml 145.32 +1.06 3.0
Fidelity Advisor I Semiconductors r 32.34 +0.22 -3.4 InvGradeBdY 9.77 +0.02 0.9 VANGUARD ADMIRAL TxMCapAdml 311.99 +2.26 3.1 BalInst 49.54 +0.25 2.2
AB Funds - ADV IntlVal Inst NA ... NA US CoreEq2 39.69 +0.29 2.9 DevMktsIndInst 16.06 +0.17 4.4
LgCpGrAdv 113.80 +1.13 4.0 Baird Funds US Small 50.41 +0.55 3.0 GrOppI 205.32 +2.41 3.7 Softwr 28.73 +0.22 4.7 LSGrowthY 30.76 +0.28 4.1 500Adml 557.64 +4.00 2.7 TxMIn r 16.04 +0.17 4.4
DevMktsInxInst 25.11 +0.27 4.4
American Century Inv AggBdInst 9.70 +0.01 0.8 US SmCpVal 49.68 +0.73 2.4 Total Bd 9.44 +0.02 0.9 Tech 35.80 +0.38 -2.9 Northern Funds BalAdml 49.53 +0.25 2.2 USGroAdml 193.36 +2.52 4.5
First Eagle Funds StkIdx 61.23 +0.44 2.7 CAITAdml 11.36 +0.01 0.4 ValAdml
ExtndInst 150.94 +1.27 4.8
Grwth 59.10 +0.68 1.9 CorBdInst 10.06 +0.02 0.8 US TgdVal 35.30 +0.46 2.7 Fidelity Freedom 68.72 +0.01 4.1
GlbA 70.23 +0.40 4.8 Old Westbury Fds CapOpAdml r 198.55 +1.71 4.9 WdsrllAdml FTScinst 41.74 +0.33 2.8
Ultra 94.99 +1.06 1.8 ShtTBdInst 9.48 ... 0.5 USLgVa 51.54 +0.27 4.6 Freedom2030 K 18.04 +0.13 2.8 81.86 +0.44 4.2
LrgCpStr 20.38 +0.14 2.8 DivAppIdxAdm 54.87 +0.15 3.3 WellsIAdml GrwthInst 215.82 +2.65 2.2
American Funds Cl A BlackRock Funds Dodge & Cox Freedom2035 K 16.13 +0.13 3.1 Franklin A1 NA ... NA
InPrSeIn 9.32 +0.01 1.6
AmcpA 44.46 +0.37 4.1 HiYBlk 7.15 +0.01 1.3 Balanced 105.76 +0.38 4.0 Freedom2040 K 11.96 +0.11 3.5 IncomeA1 2.37 ... 1.4 Parnassus Fds EMAdmr 37.21 +0.60 1.2 WelltnAdml 75.68 +0.31 2.3 InstIdx 492.03 +3.53 2.7
AMutlA 57.44 +0.09 4.1 HiYldBd Inst 7.15 +0.01 1.3 Income 12.48 +0.02 0.8 Idx2030InsPre 20.66 +0.13 2.4 FrankTemp/Frank Adv ParnEqFd 61.83 +0.22 3.8 EqIncAdml 91.41 -0.04 3.7 WndsrAdml 73.07 +0.18 3.4
PGIM Funds Cl Z
InstPlus 492.03 +3.54 2.7
BalA 35.36 +0.16 3.0 BlackRock Funds III Intl Stk 52.24 +0.67 4.7 Idx2035InsPre 23.94 +0.17 2.6 IncomeAdv 2.35 +0.01 1.4 ExplrAdml 111.13 +0.80 4.0 VANGUARD FDS
InstTStPlus 102.10 +0.75 3.0
BondA 11.18 +0.02 0.7 iShS&P500IdxK 706.96 +5.07 2.7 Stock 271.75 +0.61 5.7 Idx2040InsPre 25.35 +0.20 3.0 FrankTemp/Franklin A TotalReturnBond NA ... NA ExtndAdml 150.95 +1.27 4.8 DivdGro 36.99 ... 2.2 MidCpInst 75.27 +0.16 4.2
CapIBA 71.01 +0.36 3.0 BlackRock Funds Inst DoubleLine Funds Idx2045InsPre 26.75 +0.24 3.2 DynaTech A 180.59 +2.19 3.4 PIMCO Fds Instl GroIncAdml 105.02 +0.71 3.0 IntlVal 38.76 +0.39 3.2 MidCpIstPl 371.21 +0.78 4.2
CapWGrA 66.19 +0.58 4.1 StratIncOpptyIns 9.53 +0.02 1.1 TotRetBdI 8.71 +0.01 0.9 Idx2050InsPre 26.79 +0.23 3.2 Growth A 136.71 +0.49 2.4 TotRt NA ... NA GrwthAdml 215.80 +2.64 2.2 LifeGro NA ... NA SmCapInst 119.12 +0.93 3.4
EupacA 56.24 +0.68 4.7 TotRet NA ... NA Edgewood Growth Instituti Fidelity Invest RisDv A 91.72 +0.09 3.0 PIMCO Funds A HlthCareAdml r 80.48 -0.26 4.7 LifeMod NA ... NA SmCapIstPl 343.83 +2.69 3.4
FdInvA 84.08 +0.49 4.2 Calamos Funds EdgewoodGrInst 45.30 +0.13 2.2 Balanc 30.10 +0.15 1.8 Guggenheim Funds Tru IncomeFd NA ... NA HYCorAdml r NA ... NA PrmcpCor 34.97 +0.27 4.6 STIGradeInst NA ... NA
GwthA 78.40 +0.71 5.3 MktNeutI 15.06 +0.03 0.9 Federated Hermes Int BluCh 232.35 +2.95 2.3 TotRtnBdFdClInst 23.56 +0.03 0.9 PIMCO Funds I2 InfProAd 22.89 +0.03 1.6 STAR NA ... NA STIPSIxins 24.57 +0.02 1.1
HI TrA 9.84 +0.01 1.3 Columbia Class I TtlRtnBdI 9.38 +0.02 0.7 BluChpGr K6 37.80 +0.44 2.6 Harbor Funds Income NA ... NA InfTechIdx 315.36 +4.50 -0.9 TgtRe2020 NA ... NA TotBdInst 9.52 +0.01 0.8
ICAA 60.47 +0.43 4.8 DivIncom I 34.42 +0.08 4.3 Fidelity Contra 22.29 +0.21 6.0 CapApInst 118.19 +1.58 4.0 PIMCO Funds Instl IntlGrAdml 108.76 +2.66 7.1 TgtRe2025 NA ... NA TotBdInst2 9.40 +0.02 0.8
IncoA 25.18 +0.08 3.1 Dimensional Fds 500IdxInstPrem 209.79 +1.50 2.7 ContraK 22.37 +0.22 6.0 JHF III DispVal IncomeFd NA ... NA ITBondAdml 10.18 +0.02 0.9 TgtRe2030 NA ... NA TotBdInstPl 9.52 +0.01 0.8
N PerA 64.83 +0.68 4.4 EmgMktVa 30.19 +0.34 0.9 Contrafund K6 32.86 +0.32 5.7 CpInc 10.29 +0.01 1.8 DispValMCI 27.76 +0.02 3.0 Price Funds ITIGradeAdml NA ... NA TgtRe2035 NA ... NA TotIntBdIdxInst NA ... NA
NEcoA 64.21 +0.49 5.0 EmMktCorEq 23.46 +0.33 0.8 ExtMktIdxInstPre 95.21 +0.80 4.8 GroCo 40.87 +0.53 1.3 John Hancock BlChip 191.94 +2.11 3.0 LarCapAd 140.29 +1.00 3.0 TgtRe2040 NA ... NA TotStInst 145.35 +1.07 3.0
NwWrldA 79.46 +0.98 3.1 IntlCoreEq 15.99 +0.18 3.7 FidSer5 7.53 +0.01 2.2 InvGrBd 9.93 +0.02 0.9 BondR6 13.40 +0.02 0.9 DivGro 79.99 +0.16 4.1 LTGradeAdml NA ... NA TgtRe2045 NA ... NA ValueInst 68.72 +0.01 4.1
SmCpA 69.00 +0.75 2.4 IntSmCo 19.91 +0.23 2.6 FidSerInt 8.70 -0.01 0.2 LowP 41.72 +0.31 2.4 JPMorgan I Class Growth 108.33 +1.35 2.7 MidCpAdml 340.72 +0.71 4.2 TgtRe2050 NA ... NA WCM Focus Funds
TxExA 12.41 +0.01 0.4 IntSmVa 22.76 +0.27 3.8 FidSerToMarket 19.77 +0.14 3.0 Magin 15.48 +0.09 4.4 CoreBond 10.15 +0.02 0.8 LgCapGow I 84.52 +0.66 2.7 MuHYAdml 10.67 +0.01 0.5 TgtRe2060 NA ... NA WCMFocIntlGrwIns 23.38 +0.36 7.4
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B12 | Wednesday, February 5, 2025 THE WALL STREET JOURNAL.

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

THE WALL STREET JOURNAL. * * Wednesday, February 5, 2025 | B13

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

Are Markets Underestimating Tariffs?

The one-month detente with Mexico and Canada validates optimists, but this breeds complacency regarding a real trade war

Investors who see President

Trump’s new trade war as more
bark than bite have so far been
proven right. This could be a prob-
lem.
Midmorning on Monday, Mexi-
can President Claudia Sheinbaum
said the U.S. agreed to a one-
month delay before slapping a 25%
tariff on its goods. Then, after the
stock market closed, Canada’s
Prime Minister Justin Trudeau an-
nounced a similar reprieve. Both
countries agreed to reinforce their
borders and crack down on fenta-
nyl smuggling.
Even before the detente was an-
nounced, however, Monday’s sell-
ing hadn’t gotten too dramatic.
With the truce in place, shares in
many of the companies directly af-
fected by the tariffs are now
roughly where they had started.
These included Ford and General
Motors, which make cars in Mex-

APU GOMES/GETTY IMAGES

ico that they then sell to American
consumers. The Canadian dollar
and the Mexican peso rebounded
and have ended up rising against
the U.S. dollar. Similarly, the S&P

.
500 is broadly unchanged relative
to the end of last week.

ly
A truck carrying vehicles drives into the U.S. at a port of entry in San Diego, Calif.
This has served as validation
for the optimists on Wall Street, Stock markets haven’t priced in many tariff fears... ...nor have currencies, even if most of extended negotiations, forces
who have insisted on seeing them have fallen against the dollar. firms into a defensive mode and
Trump’s tariff threats to nations
other than China as mere negoti-
ating tactics to extract conces-
sions on issues such as illegal mi-
8%
on
Index performance since the start of November 2024
S&P 500
Stoxx Europe 600
Change in value against the U.S. dollar since Nov. 3
Brazilian real
Yen
weighs on business investment.
It would be one thing if tariffs
had long-term economic benefits.
Contrary to usual textbook
gration and drug trafficking. claims, this can happen: Shifting
us ,

S&P/TSX Composite Mexican peso

6
Such a view is mainstream in fi- production of complex tradable
l

Swedish krona
nancial markets, as suggested by goods onshore can eventually
e
al a

the peso not underperforming 4 Russian ruble boost domestic productivity, if

peer currencies since the Nov. 5 Canadian dollar done selectively while giving gov-
election, or the Stoxx Europe 600 ernment support to export-ori-
ci on

Indian rupee
2
rising 5.6% since the start of the Pound ented firms.
year, despite the threat of duties There is a lot of economic re-
Swiss franc
being levied on goods coming from 0 search suggesting that this kind of
the European Union. Euro “export promotion” strategy can
Trump’s negotiating style is in- Turkish lira be successful, for example as used
er s

–2
deed predicated on an initial dis- Australian dollar by developing Asian nations in the
play of strength. Last month, Co- Korean won 20th century. Using tariffs to give
m er

lombia agreed to repatriate –4 South African rand U.S.-made electric vehicles a boost
migrants in exchange for escaping Nov. 2024 Dec. Jan. ’25 Feb. –6% –4 –2 0 2 relative to cheaper competitors,
tariffs and economic sanctions, for example, is akin to how China
and something similar may play developed those in the first place.
out this time. In the previous Trump term, tariffs came gradually. The U.S. is a net exporter of cars to Canada. But economists are unanimous
m rp

But it could be dangerous to U.S. ISM Manufacturing PMI* U.S. trade with Canada in automotive vehicles, that fully shielding domestic in-
blindly trust that it always will. parts, and engines dustries from competition, like
It has now become obvious that 65 $20 billion Latin America did in the 1950s
Trump’s current protectionist poli- First tariffs First tariffs Trade-war and 1960s, doesn’t work.
cies are significantly more ex- Investigations announced implemented escalation Trump’s new slate of broad-
co Fo

treme than the ones he introduced 60 15 based proposed duties has no such
in his first term. concrete economic goals in
Back then, he focused on unfair mind: It is just designed to shock.
trade practices and national secu- Canada, for one, buys more goods
55 10
rity, with tariffs primarily levied from the U.S. than it sells—includ-
on China and beyond that largely Exports ing cars—not accounting for en-
limited to specific goods and in- ergy. Other tariffs proposed by
Imports
dustries such as steel, aluminum 50 5 Trump, such as on intermediate
and household appliances. They goods like semiconductors, could
were gradually introduced, giving be even more damaging to U.S. in-
businesses time to adapt. Yes, 45 Monthly Quarterly 0
dustry.
global manufacturing output came Finally, consider this: By being
under pressure in 2019, but it had Jan. 2017 ’18 ’19 2005 ’10 ’15 ’20 ’24 too blasé about tariffs, investors
n-

gotten a small boost in 2018 as *Numbers above 50 indicate expansion in output, and vice versa Sources: FactSet (performance, change in value, PMI); Bureau of Economic Analysis (trade) have already raised the chances
firms stockpiled inventories. that the U.S. administration will
This time, if targeted countries Worse, the chances of this hap- has responded to the threat of tar- net contract he had signed with step closer to the edge, confident
refuse to yield, U.S. effective tariff pening seem higher when trying iffs with newfound unity across Elon Musk’s Starlink. that markets have signaled that
no

rates could suddenly become the to strong-arm long-term allies the political spectrum, from Regardless of the final policy the outcome won’t be too punish-
highest since the late 1930s. On with robust democratic systems Trudeau’s center-left party to outcomes, U.S. producers could ing.
top of hitting domestic growth than when dealing with the likes those on the right formerly seen face a long-lasting backlash from With the S&P 500 trading at a
and spurring inflation, this could of China, since it is unclear how as close to Trump’s positions, such consumers in affected coun- steep 22 times earnings, the
derail a network of complex sup- much public-facing leaders will be as Ontario Premier Doug Ford. He tries. Furthermore, the experience shift from “America first” to “tar-
ply chains which, as the pandemic allowed to back down. has pledged to pull U.S.-made al- of the U.K. post-Brexit also shows iffs first” is something about
showed, can have unpredictable Take Canada, which despite be- cohol from shelves in his province, that the mere uncertainty of on- which to be very wary.
effects. ing knee-deep in a political crisis and scrapped a high-speed inter- again-off-again disruptions, and —Jon Sindreu

U.S. Oil Refiners Rally on Levies Reprieve

After days of trying to process Share price performance on Tuesday Share of crude oil sourced from Canada by U.S. refiner
what tariffs on Canadian and Mex-
8%
ican oil might mean for their busi- Par Pacific Holdings
ness, U.S. refiners saw their shares 7
bouncing on news that the tariffs Marathon Petroleum HF Sinclair
would be delayed. 6 HF Sinclair
Refining giants Marathon Petro- Par Pacific Phillips 66
leum and Valero Energy were up 5 Valero Energy
6.7% and 5%, respectively, and Phillips 66 Marathon Petroleum
were both among the top 10 gain- 4
ers on the S&P 500 Tuesday. It PBF Energy
helped that Marathon on Tuesday 3
reported better-than-expected CVR Energy
2
earnings.
The proposed 10% tariffs on Ca- 1 Valero Energy
nadian energy and 25% on imports
from Mexico would have caused 0 Delek US
headaches and added costs for U.S. 10 a.m. 11 noon 1 p.m. 2 3 4 0% 5 10 15 20 25 30
refiners. Canada and Mexico are
the two largest sources of crude- Sources: FactSet (performance); Tudor, Pickering & Holt (share of crude oil)
oil imports for the U.S., supplying
about 60% and 7% of crude-oil im- costs than others. Most Canadian Holt. HF Sinclair shares rose 6.8%, to local crudes such as those from on Canadian oil could cause a $2
ports, respectively. While the U.S. crude ends up in those places while Par Pacific added 5.9%. the Bakken and the Rockies. to $4 per barrel cost for Canadian
is a net exporter of crude oil, most where there aren’t many alterna- Marathon Petroleum relies on Even so, switching to lighter producers, $1 to $2 a barrel for
of its refineries need heavy tive heavy crude options. Refiners Canada for 17% of its crude diet, crude would come with costs of its U.S. refineries and $1 to $3 a bar-
crudes—the types supplied by Can- with the highest exposure to Cana- according to TPH. But Rick own. Doug Leggate, equity analyst rel for U.S. consumers.
ada and Mexico—to run efficiently. dian crude were among the biggest Hessling, Marathon’s chief com- at Wolfe Research, noted in a re- The ultimate split of those costs
Most of the crude oil produced do- gainers on Tuesday. HF Sinclair mercial officer, said on the com- port that refiners choosing to shift won’t be known unless the pro-
mestically is the lighter variety. and Par Pacific rely on the North- pany’s earnings call Tuesday that to lighter crude may have to lower posed tariffs are actually put in
Refiners with a heavy footprint ern neighbor for more than a quar- it has worked “tirelessly for a long their refinery runs “given the place. What is clear is that there
in landlocked areas—such as the ter of their crude input, per esti- time” on its logistics capability. He higher light product yield that its aren’t many clear winners in the
Midwest and the Rocky Mountain mates from energy-focused noted that many of its refineries in system may not be able to pro- oil industry from a tariff scenario.
regions—might have borne heavier investment bank Tudor, Pickering the mid-continent region can pivot cess.” TPH estimates a 10% tariff —Jinjoo Lee
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