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What’s Stocks Slide as Trade War Escalates

News Major indexes
whipsawed after
Business & Finance new U.S. tariffs
spark countermoves
 Major U.S. stock indexes fell
sharply after Trump’s tariffs BY KAREN LANGLEY
paved the way for a global trade AND KATY BARNATO
war, with the S&P 500, Dow
and Nasdaq shedding 1.2%, 1.6% President Trump paved the
and 0.4%, respectively. A1, A4 way for a global trade war
with new tariffs against the
 A BlackRock-led consor-
nation’s top three trading
tium agreed to buy majority
partners on Tuesday, sending
stakes in two ports on the
financial markets into a tail-
Panama Canal, along with
spin and prompting immediate
dozens of others, from CK
retaliation from China and
Hutchison for $22.8 billion. A1
plans for reprisals from Can-
 JPMorgan Chase and ada and Mexico.
Starwood agreed to lend $2 Stocks recovered some
billion to the developers of a ground after early sharp de-
BILL CLARK/CQ ROLL CALL/ZUMA PRESS

100-acre data center cam- clines: The Dow Jones Indus-

pus in West Jordan, Utah, trial Average ended down 670
outside Salt Lake City. B1 points, or 1.6%, while the Nas-
daq Composite fell 0.4%, or 65
 Honeywell struck a
points, after touching correc-
roughly $2.2 billion all-cash
tion territory earlier in the
deal for pump-and-compres-
day. The S&P declined 1.2%, or
sor maker Sundyne, extend-
72 points, wiping out gains
ing the company’s brisk pace
since Election Day.
of dealmaking. B3
President Trump, with Vice President JD Vance and House Speaker Mike Johnson behind him, addressed Congress Tuesday night. Trump’s 25% tariffs on
 Target and Best Buy said goods from Mexico and Can-

Trump Touts ‘Swift and Unrelenting’

their businesses were likely ada took effect early Tuesday.
to come under pressure from Canada responded with plans
U.S. tariffs, respectively warn- to impose 25% tariffs on about
ing of a hit to profit and ven- $100 billion of U.S. imports,

Actions on Border, Budget, Economy

dor cost pass-throughs. B2 with Prime Minister Justin
Trudeau saying Trump is act-
 Abu Dhabi’s Adnoc and
ing in “bad faith.”
Austria’s OMV agreed to
President Claudia Shein-
combine their petrochemical
baum of Mexico said her coun-
businesses and acquire Can-
BY ALEX LEARY said, standing in the House tion, boasting of the dozens of the efforts he has led to slash try would also retaliate, with a
ada’s Nova Chemicals to form
chamber five years after his executive orders he has signed government spending. range of moves to be an-
a giant with a combined
WASHINGTON—President last address to Congress, de- and casting his first month in Seven minutes into the nounced Sunday.
value of about $60 billion. B11
Trump put his disruptive re- scribing what he called a “swift office as the most successful in speech, Rep. Al Green (D., Trump said Tuesday he will
 Francisco Partners will ac- turn to power on full display and unrelenting” campaign to history. He made few entreat- Texas) was removed from the impose more tariffs on Canada
quire Quorum Software, now during a prime-time address transform the country. ies for unity, instead attacking House chamber after rising if it retaliates against the U.S.’s
owned by Thoma Bravo, in a to Congress on Tuesday night, The one-hour, 40-minute Democrats as “radical left lu- from his seat and shouting at trade actions. “Please explain
deal expected to value Quorum offering a no-apologies as- address—the longest ever of natics” and blaming his prede- the president. The disruption to Governor Trudeau, of Can-
at $2.4 billion, including debt. B4 sessment of his decisions to its kind by a president to a cessor, Joe Biden, for the coun- prompted Trump to momen- ada, that when he puts on a
crack down on illegal immi- joint session of Congress— try’s problems. tarily pause his remarks. Retaliatory Tariff on the U.S.,
 Kraft Heinz prepared to roll
gration, slash the federal gave Trump an opportunity to “I look at the Democrats in Green later told reporters that Please turn to page A4
out its first alcohol product for
workforce and impose stiff sell his combative brand of front of me and I realize there the outburst was “worth it to
U.S. grocery stores this month,
tariffs on imports. governing to tens of millions of is absolutely nothing I can say let people know that there are  North America’s free-trade
with plans for a broader ex-
“I return to this chamber to- Americans in what is expected to make them happy,” he said. some people who are going to era faces hard test.......... A4
pansion next year. B1
night to report that America’s to be his largest audience since Democratic lawmakers held Please turn to page A5  Two-headed monster
 Starbucks hired Cathy momentum is back, our spirit his inaugural address. signs that read “false” and stagflation is lurking ...... A4
Smith away from retailer is back, our pride is back, our Trump presented a swag- “Musk steals,” a reference to  Zelensky aims to mend  Heard on the Street: What
Nordstrom to be the coffee confidence is back,” Trump gering view of his administra- Trump’s ally Elon Musk and ties with Trump................. A6 tariffs mean for stocks... B13
chain’s next finance chief. B3

INSIDE
World-Wide
Two Titans Battle BlackRock Strikes
For Crypto’s Future
 President Trump put his
disruptive return to power
on full display during a
prime-time address to Con-
gress, offering a no-apolo-
Deal to Control
gies assessment of his deci-
sions to crack down on illegal
immigration, slash the fed-
Stakes are high in Tether and Circle’s
fight over how to regulate coins
Two Panama Ports
NASA/AFP/GETTY IMAGES

eral workforce and impose

stiff tariffs on imports. A1 A consortium of investors ama ports as a threat even
 Trump said in his speech BY ANGUS BERWICK the sector, and the support of a led by BlackRock agreed to though the canal is run and
that the U.S. had taken cus- top ally of President Trump. buy majority stakes in ports controlled by Panama. His ad-
tody of an Afghan involved LUGANO, Switzerland—Gian- Critics say Tether has be- on either end of the Panama ministration argued China
in planning the deadly 2021 carlo Devasini, one of the come the tool of choice for crim- Canal, putting U.S. firms in could force the two terminals,
attack at Kabul airport. A5 world’s newest billionaires, inal groups to spirit money which handled 40% of all con-
 The Supreme Court ap-
leads a reclusive life in this Al- around the globe. U.S. NEWS By Costas Paris, tainers that crossed the wa-
pine town. He stays in a modest Out to disrupt his business Two NASA astronauts Jack Pitcher and terway last year, to restrict
peared wary of Mexico’s
apartment by the lake, strolls empire is Devasini’s almost per- James T. Areddy U.S.-bound ships.
lawsuit against gun makers
the cobbled streets with a black fect foil, Jeremy Allaire, founder
are set to return to In recent months, Trump
in a case that tests the fire- Earth after nearly nine
hoodie pulled over his head— of Tether’s archrival, Circle, control of two ports that Pres- also threatened to take control
arm industry’s legal expo-
sure from gun violence. A3
and rages about the American which issues its own so-called months in orbit. A2 ident Trump raised as a secu- of the canal, potentially by
rival he believes is trying to kill stablecoin, called USD Coin, or rity concern because of their military force, saying the U.S.
 Ukraine’s Zelensky called his business. USDC. Allaire, a suit-wearing ex- connection to China. “foolishly gave it away” and
his heated White House Devasini is the main owner of ecutive as comfortable in Davos BUSINESS & FINANCE The deal with Hong Kong- that the U.S. was getting
meeting with Trump “regret- Tether, whose eponymous digi- as he is on Wall Street or the Goldman to cut vice based CK Hutchison is worth “ripped off.”
table” and set out his vision tal dollar is an indispensable halls of Congress, is running a $22.8 billion and also in- On Tuesday night in his ad-
of a path to peace in an ef- part of the cryptocurrency in- campaign to regulate Tether out
presidents in its next cludes dozens of other ports dress to Congress, Trump re-
fort to repair his relationship dustry. Tether’s centrality has of existence. round of annual around the world, the compa- peated his threat to take over
with the president. A6 earned Devasini tremendous Devasini has told business layoffs. B1 nies said Tuesday. the canal.
 The European Union pro- wealth and vast influence over Please turn to page A8 Trump had flagged the Pan- Please turn to page A7
posed a $158 billion fund to
bolster military spending
and support Ukraine’s de-
fense against Russia. A6 The Iditarod Scientist Left OpenAI,
 The Trump administration
Is Short
disbanded two expert com-
mittees that advised the gov-
ernment on producing accu- On Snow
Starts $30 Billion Firm Agentforce
rate economic statistics. A5
 The Treasury Department
i i i BY BERBER JIN
AND DEEPA SEETHARAMAN
an industry term for an AI that
can outsmart experts in nearly
can help
moved to formally rescind a
license allowing Chevron to
Dog sled race
Silicon Valley’s hottest in-
every field. Competitors like
Google, OpenAI and Anthropic
millions of flyers
pump oil in Venezuela. A7 changes course, vestment isn’t a new app or
hardware product. It’s one man.
are trying to develop similarly
advanced systems but are re-
navigate
 Arab leaders endorsed
Egypt’s postwar plan for the heads north AI researcher Ilya Sutskever
is the primary reason venture
leasing consumer chatbots and
business applications in the in-
travel hiccups.
Every hour.
Gaza Strip that allows resi-
BY ANDREW BEATON capitalists are putting some $2 terim to generate revenue and
dents to remain, a counter-
AND JOSHUA ROBINSON billion into his secretive com- demonstrate their progress.
proposal to Trump’s idea of
pany, Safe Superintelligence, Sutskever has told associ-
depopulating the territory
Over the course of more according to people familiar ates he isn’t developing ad-
and redeveloping it. A8
than half a century, the Idi- with the matter. The new vanced AI using the same
 Died: Robert G. Clark, 96, tarod dog sled race has grown funding round values SSI at methods he and colleagues
pioneering Black lawmaker. A2 into one of America’s iconic $30 billion, making it one of used at OpenAI. He has said he
sporting events. Teams of the most valuable AI startups has instead identified a “differ-
CONTENTS Opinion................ A13-15 mushers battle through bliz- in the world. ent mountain to climb” that is
Arts in Review..... A11 Personal Journal A9-10
Business & Finance B2 Property Report.... B6
zards, subzero temperatures Sutskever became one of showing early signs of prom-
Business News...... B3 Sports.......................... A12 and punishing winds to navi- the industry’s most revered AI ise, according to people close
Crossword................ A12 Technology................ B4 gate a wild trail across Alaska researchers as chief scientist to the company.
Heard on Street. B13 U.S. News.............. A2-5 during the dead of winter. at OpenAI, where he helped “Everyone is curious about
Markets...................... B12 World News........ A6-8
But when organizers were develop the technology behind exactly what he’s pushing and
putting together this year’s ChatGPT. He left OpenAI last exactly what the insight is,”
> edition, they ran into a critical year following a painful rup- said James Cham, a partner at
problem that any kid who has ture with the company’s chief venture firm Bloomberg Beta,
ever ridden on a sled would executive, Sam Altman. which hasn’t invested in SSI.
understand. There wasn’t SSI said it doesn’t plan to “It’s super-high risk, and if it
nearly enough snow. release any products until it works out, maybe you have the What AI Was Meant to Be
s 2025 Dow Jones & Company, Inc.
All Rights Reserved Please turn to page A12 develops super intelligence— Please turn to page A2
A2 | Wednesday, March 5, 2025 THE WALL STREET JOURNAL.

U.S. NEWS
NASA Astronauts Prepare for Return Trip
At space station for stay on the ISS and have them Last month, during an in-
fly home on a SpaceX vehicle terview with Fox News, Presi-
months longer than that was already scheduled to dent Trump and Elon Musk,
planned, they focused travel to the station as part of who serves as chief executive
the facility’s regular rotation of SpaceX in addition to his
on scientific research of crew members. roles advising the president
Wilmore and Williams, vet- and leading other companies,
BY MICAH MAIDENBERG eran military pilots and astro- alleged the Biden administra-
nauts who had flown to the tion left Williams and Wilmore
Butch and Suni are ready to ISS before, have said they in orbit due to politics.
come home. were always ready for curve- Bill Nelson, the agency’s
The NASA astronauts Barry balls during their mission. former top leader, has said
Wilmore and Sunita Williams, “We came up prepared to politics played no role in the
who often go by their nick- stay long, even though we decision-making around the
names, are poised to fly back planned to stay short,” situation with the two astro-
to Earth after spending almost Wilmore said Tuesday during nauts. Current officials at
nine months aboard the Inter- a briefing. “That’s what your NASA have said that they
national Space Station—far nation’s human space flight chose to keep the duo on ISS
longer than the roughly week- program is all about, planning because of the technical prob-
long stay NASA planned. for unknown, unexpected con- lems with Starliner and to
Wilmore and Williams were tingencies.” keep the station’s crew rota-
NASA/ASSOCIATED PRESS

thrust into a messy debate at On March 12, SpaceX is set tion schedule intact.
the National Aeronautics and to launch four other people to Boeing’s Starliner space-
Space Administration last the facility. A few days after craft, meanwhile, was able to
summer about how to safely their arrival, Wilmore and successfully return to Earth
transport both back to ground. Williams, along with NASA as- empty, but its future is un-
Both traveled to the space sta- tronaut Nick Hague and Rus- clear. The aerospace giant,
tion in early June on Boeing’s sian cosmonaut Aleksandr Butch Wilmore, Nick Hague and Suni Williams spoke during a news conference Tuesday. which believed Starliner was
Starliner spacecraft, a vehicle Gorbunov, will board a SpaceX safe enough to transport
that ran into technical prob- vehicle that docked to the sta- “It’s been a roller coaster Wilmore and Williams have ceives regular replenishments Wilmore and Williams back
lems while delivering them to tion last September for their for them, probably a little bit kept busy on the ISS by par- of food and other supplies, for home, has considered selling
the orbital research lab. return flight. more so than for us,” she said. ticipating in research projects around six months. Longer civil-space programs, includ-
After those issues emerged, Williams said during the “I think the hardest part is and helping to maintain the visits aren’t unknown. Frank ing Starliner
officials at NASA debated for briefing Tuesday that the having the folks on the ground facility, which orbits Earth Rubio, a NASA astronaut, re- The vehicle still hasn’t been
weeks about whether to use most difficult part of the situ- have to not know exactly about 250 miles above the turned to Earth from the facil- certified for regular astronaut
Starliner to bring them back ation is for family members when we’re coming back.” planet. ity about 18 months ago after flights. In January, Boeing re-
to Earth. The agency ulti- and other supporters antici- Since NASA leaders con- Crews typically stay on spending more than a year in corded another financial loss
mately decided to extend their pating their return. firmed their extended stay, board the station, which re- orbit. related to the vehicle.

U.S.WATCH
Broadband
WYOMING
Medication Abortion
ication abortions to arrange
and potentially drive long
distances for ultrasound ap-
OBITUARY
Robert G. Clark, 96,
colleagues at social events.
By the time he left office
36 years later, he had served
Expansion
Hurdle Is Vetoed Broke Racial Barriers
A bill that would have re-
quired women seeking medi-
pointments in the rural
state.
Abortion remains legal in
Robert G. Clark, who was
elected in 1967 as Missis-
as chairman of both the
House Ethics Committee and
the powerful Education Com-
Plan Faces
cation abortions to get ultra-
sounds has been vetoed by
Wyoming’s Republican gov-
Wyoming pending the out-
come of a lawsuit before the
state supreme court chal-
sippi’s first Black lawmaker of
the 20th century and rose to
the second-highest leadership
mittee. In a state where
nearly 40% of residents are
Black, he saw more Black can-
Overhaul
ernor, who questioned lenging the bans. role in the state House of didates win seats as voting
whether it was reasonable Abortion access has dwin- Representatives, died Tuesday rights were enforced and BY PATIENCE HAGGIN
and necessary, especially for dled, however, since Wyo- at age 96, his son said. more majority-Black districts
The Commerce Department
ROGELIO V. SOLIS/ASSOCIATED PRESS

victims of rape and incest. ming’s lone full-service abor- Rep. Bryant Clark, who suc- were drawn, sometimes under
“Mandating this intimate, tion clinic stopped providing ceeded Robert Clark, said his court order. is examining changes to a
personally invasive, and of- both pill and surgical abor- father died of natural causes Clark also won the respect $42.5 billion Biden-era pro-
ten medically unnecessary tions after Gordon signed a at home. and support of colleagues, gram aimed at expanding in-
procedure goes too far,” Gov. bill into law last week. A teacher and descendant Black and white, who elected ternet access around the coun-
Mark Gordon wrote in a let- That new law requires of slaves, Clark was ostracized him in January 1992 to House try with new rules that will
ter explaining his veto late clinics providing surgical during his first years at the speaker pro tempore, a posi- make it easier for Starlink, Elon
Monday. abortions to be licensed sur- state Capitol, sitting solo at a tion he retained until he re- Musk’s satellite-internet ser-
The bill would have re- gical centers. two-person desk in the House tired in 2004. vice, to tap in to rural broad-
quired women planning med- —Associated Press chamber and ignored by white —Associated Press Robert G. Clark in 2018. band funding, people familiar
with the plans said.
Commerce Secretary Howard

Scientist mankind-loving AGI,” he said

at the company’s 2022 holi-
day party.
Lutnick has told staff he plans
to make the grant program
“technology-neutral,” the peo-

Is Behind Split with Altman

ple said. That change will free
up states to award more funds
to satellite-internet providers

AI Startup After ChatGPT was released

as a test in late 2022 and be-
came a worldwide sensation,
such as Starlink, rather than
mainly to companies that lay fi-
ber-optic cables, to connect the
OpenAI became less of a pure millions of households that lack
Continued from Page One research lab and more of a tra- high-speed internet service.
potential to be part of someone ditional company focused on Republicans have said the
who is changing the world.” products and revenue. Broadband Equity, Access and
Sutskever and members of his Deployment Program, created
team felt that left them with by the 2021 infrastructure bill,
Top secret fewer resources for studying is bogged down by unnecessary
Most AI startups work hard advanced AI and curbing its rules. Those rules effectively
to get attention, hoping it will potential risks. said states could only fund al-
help attract employees and in- His relationship with Alt- ternative technologies such as
vestors in a highly competitive man, who became OpenAI’s satellite in areas where it
space. SSI operates as secretly chief executive, deteriorated. wasn’t feasible or cost-effective
as it can out of offices in Sili- In November 2023, Sutskever to lay fiber cables.
con Valley and Tel Aviv. delivered a message to his The potential new rules
Its bare-bones website con- boss that would change both could drastically increase the
tains little more than a 223- their lives: OpenAI’s board was share of funding available to
word mission statement. Its firing Altman after determin- Starlink. Under the original
GLENN CHAPMAN/AFP/GETTY IMAGES

approximately 20 employ- ing he hadn’t been consistently rules, Starlink was expected to
ees—a fraction of the 1,000- candid with them. get up to $4.1 billion, people fa-
plus at OpenAI and An- The move backfired when miliar with the matter said.
thropic—are discouraged from hundreds of employees threat- With Lutnick’s overhaul, Star-
mentioning SSI on their ened to quit and Microsoft of- link, a unit of Musk’s SpaceX,
LinkedIn profiles, according fered to hire them along with could receive $10 billion to $20
to knowledgeable people. the deposed CEO. Sutskever billion, they said.
Candidates who secure an said he regretted “my partici- “The Trump administration
in-person interview are in- Associates say Ilya Sutskever has identified a ‘different mountain to climb’ than OpenAI. pation in the board’s actions.” is committed to slashing gov-
structed to leave their phone Altman was rehired in un- ernment bureaucracy and har-
in a Faraday cage, a container Still, Silicon Valley’s top in- Sutskever was born in the tracted to Altman and fellow der a week. Sutskever re- nessing cutting-edge technol-
that blocks cellular and Wi-Fi vestors, including Sequoia former Soviet Union, grew up co-founder Elon Musk’s vision mained officially employed but ogy to deliver real results for
signals, before entering SSI’s Capital and Andreessen Horo- in Israel and made his name of a nonprofit dedicated to de- stopped working. the American people, especially
offices, one of the knowledge- witz, have poured money into as a graduate student in Can- veloping artificial general in- He resigned last May and rural Americans who were left
able people said. the company. The latest fi- ada, after co-authoring a pa- telligence—AI as capable as started SSI with former Ope- behind” under the Biden ad-
Most of its staffers aren’t nancing, which marks an in- per about deep-learning AI al- most people at most things— nAI researcher Daniel Levy ministration, White House
well known in Silicon Valley crease from its $5 billion valu- gorithms, which use a process for the public good. and investor Daniel Gross. spokesman Kush Desai said.
because the company is look- ation in September, is being called scaling to become Colleagues jokingly de- By focusing entirely on cre- Starlink didn’t respond to a
ing for promising technologists led by Greenoaks Capital. smarter by processing massive scribed Sutskever as a prophet ating a safe super intelligence, request for comment.
whom Sutskever can mentor, SSI’s talks to raise funding amounts of data. prone to musing about what a the new company hopes to Lutnick told staff he plans to
rather than experienced people at a $30 billion valuation, He later joined Alphabet’s world with AGI might look like avoid the tension between do away with other BEAD pro-
likely to jump between em- which doesn’t include the new Google but left in 2015 to be- and how to prevent it from products and research at Ope- gram rules, including some re-
ployers and take what they cash it is collecting, were pre- come one of the first employ- causing catastrophic disasters. nAI as it works toward a goal lated to climate impact and
have learned with them. viously reported by Bloomberg. ees at OpenAI. He was at- “Our goal is to make a even more ambitious than AGI. sustainability, as well as provi-
The startup assembled sions that encouraged states to
some small seed funding to get fund companies with a racially
THE WALL STREET JOURNAL
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CORRECTIONS  AMPLIFICATIONS started before raising $1 billion
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Published daily except Sundays and general legal holidays. The Philly Shipyard began New York was misspelled as about SSI’s business and tech- nee to lead the department bu-
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Postmaster: Send address changes to The Wall Street Journal,
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an order for three boxships Tuesday with a U.S. News public appearance at the access program, has been
All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of which
with an average cost per ship photo from the North Ameri- NeurIPS AI conference in De- critical of the rules governing it.
are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the of $333 million. A Business can International Toy Fair. cember, Sutskever discussed Under President Biden, the
Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only
publication of an advertisement shall constitute final acceptance of the advertiser’s order. News article on Monday about the kind of super intelligence program favored fiber because
Letters to the Editor: Fax: 212-416-2891; email: [email protected] the shipbuilding industry in- Photos of Sheep Pond he is trying to develop the bureau thought it provided
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By web: customercenter.wsj.com; By email: [email protected]
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Reprints & licensing:
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By email: [email protected] $355 million. its with Friday’s Mansion arti- could be unpredictable, self- Starlink lobbied the Com-
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WSJ back issues and framed pages: wsjshop.com
The Jacob Javits Center in tucket, Mass. rights for themselves. the program’s rules last year
Our newspapers are 100% sourced from sustainably certified mills.
“It’s not a bad end result if but halted its lobbying after
GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS Readers can alert The Wall Street Journal to any errors in news articles by you have AIs and all they want Trump took office, people fa-
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THE WALL STREET JOURNAL. Wednesday, March 5, 2025 | A3

U.S. NEWS

High Court New Orleans Revels in Windy Mardi Gras Celebrations

Wary of Suit
By Mexico
Against
Gun Makers
BY JACOB GERSHMAN

The Supreme Court on

Tuesday appeared skeptical
about Mexico’s effort to hold
the U.S.’s largest gun maker le-
gally responsible for cartel-
fueled violence south of the
border, in a case that tests the
firearm industry’s legal expo-
sure from gun violence.
The justices seemed inclined
to reverse an appeals court rul-
ing that allowed Mexico to pur-
sue billions of dollars in dam-
ages from defendants it
accused of trying to profit from

DAN ANDERSON/EPA/SHUTTERSTOCK
the country’s drug cartels.
Justice Brett Kavanaugh sig-
naled his concerns about the
broader implications of allow-
ing Mexico to proceed. “Lots of
sellers and manufacturers of
ordinary products know that
they’re going to be misused by
some subset of people,” he said FESTIVITY: Members of Mondo Kayo danced in the streets in full flourish through downtown. Some events were shortened or moved up as storms neared.
in an exchange with a lawyer
for the country. “Pharmaceuti-

Vaccine Scrutiny Grows Under RFK Jr.

cals, cars, you can name lots of
products. So that’s a real con-
cern, I think, for me about ac-
cepting your theory of aiding-
and-abetting liability.”
The case marks the first
time that justices are examin- Health department to 500 measles deaths a year in cine study. Moderna declined
ing a 20-year-old federal law the U.S. The recent death in to comment.
shielding gun manufacturers, reviews contracts, Texas was the first from mea- Meanwhile, promotional
distributors and dealers from seeks new people on sles in the U.S. since 2015. materials for the Centers for
potentially ruinous lawsuits Kennedy spent two decades Disease Control and Preven-
over the criminal misuse of shot-advisory panel questioning the safety and effi- tion’s “Wild to Mild” flu-vacci-
their products. cacy of vaccines before his nation campaign disappeared
Mexico’s government has Robert F. Kennedy Jr. is tak- nomination for health secre- from the agency’s website.
sought to pierce that shield ing the first steps toward re- tary. A nonprofit he founded Links that originally led to
RONALDO SCHEMIDT/AFP/GETTY IMAGES

through a lawsuit it brought shaping how the federal gov- and led filed lawsuits challeng- webpages with shareable cam-
against six gun manufacturers. ernment oversees vaccines. ing vaccines and vaccine man- paign images now lead to an
A lower-court judge in August dates. outdated campaign page from
dismissed claims against most By Liz Essley Whyte, Ahead of his confirmation, 2023. NPR earlier reported that
of the defendants because of Dominique Mosbergen Kennedy told senators he the campaign had been pulled.
their lack of connection to the and Betsy McKay wasn’t antivaccine and said he The CDC wasn’t directed to
court’s jurisdiction, winnow- would focus on chronic illness. take down the flu-vaccination
ing it down to gun maker In Kennedy’s first few weeks campaign webpage, an HHS
Smith & Wesson and whole- at the helm, the Health and spokesman said. “Officials in-
saler Interstate Arms. Human Services Department A child receives a measles vaccine in Lubbock, Texas. Contracts scrutinized side the CDC who are averse to
The lawsuit accuses gun scuttled meetings of infectious- Since Kennedy became sec- Secretary Kennedy and Presi-
makers of arming cartels by al- disease experts and began chronic disease, a White House cism from some doctors and retary on Feb. 13, HHS’s Bio- dent Trump’s agenda seem to
lowing traffickers to stock up scrutinizing vaccine contracts. spokesman said. The depart- infectious-disease experts for medical Advanced Research be intentionally falsifying and
on high-powered weapons More changes to the govern- ment is also examining its con- saying “we have measles out- and Development Authority misrepresenting guidance they
through straw purchases and ment’s stands on shots are in flict-of-interest policies, he said. breaks every year.” suspended a $460.7 million receive,” he said.
bulk sales from dealers. Manu- the works. Kennedy “absolutely will live Kennedy encouraged par- contract with Vaxart to develop Last week, the Food and
facturers, the country alleges, Kennedy is collecting names up to his word in taking in ex- ents, in an opinion piece pub- an oral Covid-19 vaccine. HHS Drug Administration abruptly
aren’t just aware of the gun of potential new members to pertise and science from all lished Sunday, to speak with said it was re-evaluating its canceled a meeting of vaccine
pipeline arming cartels but put on a committee that rec- sides,” said Zen Honeycutt, a doctors about measles vacci- $590 million contract with experts who help the govern-
have deliberately sought that ommends which vaccines Kennedy supporter and founder nation, while saying that “the Moderna for a bird-flu vaccine. ment and companies select
business, estimating that $170 Americans should get and of Moms Across America, a decision to vaccinate is a per- “While it is crucial that the strains to be targeted by next
million in arms made by the when, according to people fa- nonprofit opposed to pesticides sonal one” and that sanitation U.S. Department of Health and year’s flu shot. The FDA said it
original defendants are traf- miliar with the matter. and genetically modified foods. and nutrition had eliminated Human Services support pan- would consult with federal
ficked into Mexico each year. He is also weighing a new Kennedy’s first few weeks most measles deaths before demic preparedness, four years partners and recommend flu-
The gun industry expected conflict-of-interest policy for also show, however, that he will shots arrived. of the Biden administration’s shot strains to pharmaceutical
Mexico’s lawsuit would be the committee that would dis- need to chart a careful course “I hope that from his new failed oversight have made it companies in time for them to
barred by the Protection of qualify some current members, to turn his views into govern- vantage point he sees how im- necessary to review agree- make shots for the next flu
Lawful Commerce in Arms another person familiar with ment policy while at the same portant vaccines are for pro- ments for vaccine production,” season.
Act, the 2005 law that gener- his thinking said. time leading the country’s pub- tecting children and adults,” an HHS spokesman said regard- A planned Feb. 26 meeting
ally immunizes firearm com- The moves make clear that lic-health response. said Caitlin Rivers, an epide- ing the Moderna contract. A of the CDC’s Advisory Commit-
panies from civil liability over Kennedy, a longtime critic of miologist at the Johns Hop- White House spokesman said tee on Immunization Practices
gun violence. shots, has government immu- kins Bloomberg School of Pub- the Vaxart contract was being (or ACIP), the vaccine experts
But Mexico argues its suit nization practices, programs Measles outbreak lic Health. scrutinized as part of the ad- who recommend when Ameri-
fits into an exception in the and personnel in his crosshairs The new Health and Human Medical experts cite several ministration’s effort to tackle cans should get vaccinated,
law that allows lawsuits now that he is in charge of U.S. Services secretary posted on factors, including improved wasteful spending. was postponed just a few days
against gun companies en- health policy. social media on Friday that medical care, for the decline in Vaxart said it was commit- ahead of time without a re-
gaged in illegal sales or mar- HHS is broadly re-evaluating stopping a measles outbreak in measles deaths ahead of the ted to working collaboratively scheduled date. HHS said that
keting activity that directly everything it oversees, includ- Texas, which killed an unvacci- vaccine’s introduction in 1963. with Kennedy and the federal it postponed the committee
causes injury. Last year, a ing food and drugs, in an effort nated child, was a “top prior- In the decade before the shot government as they evaluate meeting to “accommodate pub-
three-judge panel of the First to understand the causes of ity.” He had earlier faced criti- was introduced, there were 400 data supporting a planned vac- lic comment.”
U.S. Circuit Court of Appeals
agreed, reviving the case after
a trial judge in Massachusetts
had dismissed it.
During Tuesday’s hearing,
justices, including liberal mem-
Denver Mayor Leads Face-Off With GOP on Migrants
bers, voiced concerns about the
vagueness of Mexico’s claims, BY JOE BARRETT grant-criminal arrests and the closest city known for charge them. We don’t think
which don’t allege that gun headlines describing chaos in friendliness to migrants. it’s material to the charge, and
makers were aware of any par- DENVER—The cowboy-boot the four mayors’ cities, the “We were very engaged in we think it can have a chilling
ticular unlawful sale. They said wearing mayor of this city on video promises they will be homelessness,” said Johnston. effect on public safety,” John-
they were unsure of which spe- the edge of the Rocky Moun- “held publicly accountable on “Then we got overwhelmed by ston said. “If someone’s al-
cific gun law defendants had tains rocketed into national March 5.” what seemed like an even ways worried you’re going to
violated. “They don’t really tell headlines last fall when he “We’re going to bring the more impossible problem. I ask for their status, they
us which dealers are doing promised to defy potential mayors in, we’re going to let think wonderfully, the city won’t call the police, they
this, who they’re aiding and federal immigration actions he them explain what their poli- stepped up with some swag- won’t be a witness.”
DAVID ZALUBOWSKI/ASSOCIATED PRESS

abetting,” Justice Sonia Soto- considered unconstitutional or cies are, see if they can an- ger to say, ‘OK, well, we can Some downtown Denver
mayor said. un-American—even if it meant swer some questions,” Com- take this on, too.’ ” business owners say things
“I worry that without that being hauled off to jail. mittee Chairman James Comer Today, Denver streets stand have improved since the city
clarity in a complaint like Now Denver Mayor Mike (R., Ky.) pledges at the end of largely cleared of both tent was able to move the migrants
yours…that we’re running up Johnston stands as a leading the video. “If they are going to cities of unhoused Colora- off the streets, but that more
against the very concerns that Democratic foe of Washington continue to disobey the law, dans—and the migrant en- needs to be done to return se-
motivated this statute to begin Republicans who seek to pun- then I think we should cut as campments that followed. But curity to the area.
with,” Justice Ketanji Brown ish those they say are ob- much of their federal funding the migrant crisis is far from “When they were dropping
Jackson said. structing President Trump’s as we can cut.” over for Johnston, a progres- them off [from Texas], I would
An attorney arguing for crackdown on illegal immigra- In his Denver City Hall of- Denver Mayor Mike Johnston. sive Democrat who in Novem- see like a clown car of people
Mexico, Catherine Emily tion. fice, Johnston, his crisp ber drew national attention going by every day,” said Jo-
Stetson, said gun makers know On Wednesday, Johnston is checked shirt anchored by a a Harvard master’s in educa- for tangling with incoming anna Szalla, 56, who cuts hair
from gun-trace data collected set to go to Congress along- big silver belt buckle, ex- tion—confronted this reality border czar Tom Homan. in a glassed-in kiosk on a
by the federal government side three fellow Democratic pressed confidence about the within months of taking of- Homan said on national TV: downtown sidewalk. Now, she
which dealers are supplying mayors—Eric Adams of New coming discussion. “We’re fice. “Look, me and the Denver wants a more consistent po-
the criminal market. “These York, Michelle Wu of Boston quite proud of what the city’s On his first full day as mayor, we agree on one lice presence downtown.
manufacturers know from [the and Brandon Johnson of Chi- done and how it stood up. And mayor in July 2023, Johnston thing—he’s willing to go to “The streets are definitely
U.S. Bureau of Alcohol, To- cago—to face the House Over- so that’s a very positive story declared a homelessness crisis jail, I’m willing to put him in running rampant with crime,”
bacco, Firearms and Explo- sight and Government Reform for us to tell, regardless of in Denver, a city of more than jail.” said Braxton Blakeman, 21, the
sives] exactly what dealers are Committee about policies that how they want to spin it.” 700,000, pledging to clear en- Denver, Chicago, Boston manager of a shop called the
the problem, are the rogue limit these cities’ cooperation Even for mayors governing campments citywide and find and New York operate under Colorado Artisan Center. He
dealers,” she said. with Trump’s planned mass hundreds of miles from the housing for 1,000 people by state and city laws that forbid blames what he views as lax
Congress passed the shield deportations. southern border, immigration the end of the year. police from cooperating in ICE immigration policies and gen-
law after a coalition of city To drum up attention for now sparks more controversy Within a few months, a new enforcement against individu- eral downtown vagrancy.
mayors and mass-tort lawyers the coming hearing, the House than many other leadership is- crisis eclipsed that ambitious als solely for being in the Johnston said that mi-
unleashed a torrent of lawsuits committee released a video sues. Johnston, 50 years old, a push: Nearly 43,000 migrants country illegally, but they can grants tend to engage in crime
in the late 1990s blaming gun against “sanctuary mayors,” former school principal and poured into Denver, some support arrests of those ac- less than native-born Ameri-
makers for urban gun violence filmed in the thunderous style state senator with an Ivy bused from the border by cused of serious crimes. cans and that Denver’s overall
and seeking tobacco industry- of a disaster-movie trailer. League pedigree—Yale under- Texas Gov. Greg Abbott, oth- “We don’t ask someone’s crime rates had fallen in re-
sized jury verdicts. Flashing footage of immi- graduate and law degrees and ers buying their own ticket to status when we arrest them or cent years.
A4 | Wednesday, March 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

Continent’s Free-Trade Era Faces Hard Test

U.S. measures

FROM LEFT: ULISES RUIZ/AFP/GETTY IMAGES, JULIO CESAR AGUILAR/AFP/GETTY IMAGES

threaten model that
has brought gains to
Canada, Mexico
Few countries have bet as
heavily on free trade as Mexico
and Canada. Now that Presi-
dent Trump’s 25% tariffs have
hit both countries, their econ-
omies are facing a stress test
that rivals the global financial
crisis and the pandemic.

By Vipal Monga,
Santiago Pérez
and José de Córdoba

Canada and Mexico have

separately signed more than a
dozen treaties each—among Made in Mexico: left, producing electronic car keys in the coastal state of Jalisco; right, working metal at a steel company in the border state of Nuevo Leon.
the most in the world—that
give them open access to the contractions in both countries’ cies to stop migrant and drug on what politicians decide.” Some U.S. firms with manu- At that time, many U.S.
markets of more than 50 coun- economies, with Canada facing flows across their borders. Canada and Mexico are ex- facturing operations in Mexico lawmakers felt that Nafta was
tries. The most important re- a loss of up to 5% of GDP and Trump has cited those bor- pected to retaliate. are calculating the cost of their a way of ensuring that Mexico
mains the U.S., Mexico, Canada Mexico 3%, analysts estimate. der issues as the cause for the Canadian Prime Minister products when exporting them would lock in free markets be-
Agreement, an updated ver- They will need to find a new tariffs, with his aides arguing Justin Trudeau on Monday said to the U.S., “something they cause it was inevitable that
sion of the 1994 North Ameri- way forward, focusing more on the tariffs are justified under Canada would retaliate with its did not do in much detail be- eventually a populist would be
can Free Trade Agreement domestic markets, or trading U.S. law allowing such levies if own 25% tariffs on U.S. prod- fore, or not as carefully as they elected president of Mexico,
that eliminated most barriers with more countries, trade an- there is a national emergency. ucts. Canada has published a do now,” said Jorge González possibly closing its economy.
to trade between the coun- alysts said. Neither country Even if Trump pulls back list of commodities it will tar- Henrichsen, co-chief executive Canada’s history of free-
tries. More than 80% of both has an easy short-term fix. eventually from tariffs, the get, including poultry, vegeta- of the Nearshore Company, a trade deals with the U.S. dates
nations’ exports go to the U.S. “The U.S. turning its back on threat has caused lasting dam- bles, liquor and appliances. provider of manufacturing ser- to 1965, when the countries
The deal turned Mexico this model is a big blow for us,” age in cross-border relations. “Because of the tariffs im- vices, mostly for U.S. firms. signed a pact to trim tariffs in
into an export powerhouse, said Juan Carlos Baker, who Trading partners won’t have an posed by the U.S., Americans Mexico began its economic the automotive sector. Ties be-
one of the world’s top export- served as Mexico’s deputy trade incentive to open markets to will pay more for groceries, transformation as a low-wage tween the countries deepened
ers of vehicles, beer and flat- minister during talks that led to the U.S., allow investments from gas, and cars, and potentially platform for assembly plants in 1988, when Canada and the
screen TVs. Canada used free- the USMCA’s signing in 2018. the U.S., or boost cooperation to lose thousands of jobs,” he said. known as maquiladoras that U.S. signed the free-trade ac-
trade deals with the U.S., “It will mark the end of an era.” curb illegal migration or drug Mexico took a more cau- competed head-to-head with cord, which was later expanded
which date to the 1960s, to For Trump, the tariffs are a smuggling, trade analysts say. tious stance, and it has yet to China. Mexico gradually to include Mexico and became
help vault its now $2 trillion means toward ending a period “We will have a long road disclose potential retaliatory emerged as a sophisticated in- Nafta and then the USMCA.
economy into the elite Group of losing jobs and manufactur- back to Canada and the U.S. tariffs. Both countries are dustrial hub, and one of the The bet that Canada made
of Seven, or G-7. ing prowess to smaller neigh- being trusted economic part- likely to target U.S. exports world’s top exporters of elec- beginning in the 1960s that
Their calculus was honed bors. He has promised that ners again,” said Matthew from GOP strongholds and in- tronics and medical equipment. global trade would rise with the
over several decades and be- fresh tariffs will provide a Holmes, executive vice presi- dustry groups with political le- Mexico’s industrial development U.S. as the key player, wasn’t a
came conventional wisdom: A new revenue source for the dent at the Canadian Chamber verage in Washington, say peo- was notable in a region where risky one until the sudden shift
world led by the U.S. would government, cause companies of Commerce. “Businesses ple familiar with the situation. large economies, such as Brazil brought in by Trump, said John
only become more intercon- to relocate their operations to can’t just switch their whole Mexican President Claudia and Argentina, have focused on Boscariol, head of the interna-
nected and market-oriented. the U.S. and force Mexico and model to avoid tariffs and Sheinbaum said on Monday: commodity exports and main- tional trade and investment law
Now, the tariffs could cause big Canada to firm up their poli- then go back again, depending “We have a plan and unity.” tain protectionist barriers. practice at McCarthy Tétrault.

Index performance on Tuesday

1.25%
How many Mexican pesos
$1 buys
21.0 pesos
How many Canadian dollars
$1 buys
C$1.46
Two-Headed Monster
1.00

0.75
20.8
1.45 Stagflation Is Lurking
1.44 BY NICK TIMIRAOS in January in anticipation of
0.50 20.6 tariffs. “We are bracing for
1.43 Stagflation has entered the softer sales in the coming
0.25 chat. months,” said Chief Operating
20.4 President Trump’s decision Officer Jack Whittier.
1.42
0 to dramatically raise tariffs on Trump and his advisers
imports threatens the U.S. have said some short-term
20.2 1.41
–0.25 with an uncomfortable combi- pain might be warranted to
Nasdaq Jan. 2025 Feb. March Jan. 2025 Feb. March nation of weaker or even stag- achieve the administration’s
Composite
nant growth and higher long-term ambitions of remak-
–0.50 –0.4% Cboe Volatility Index 10-year U.S. Treasury yield prices—sometimes called ing the U.S. economy. They
24 4.8% “stagflation.” have also said their steps to
–0.75
The U.S. has imposed 25% boost energy production could
tariffs on Mexico and Canada, offset higher goods prices.
–1.00 22
4.6 and another 10% hike on China Nonetheless, tariffs are a
S&P 500
following last month’s 10% in- particularly difficult economic
–1.25 –1.2% 20 crease. They “will be wildly threat for the Federal Reserve
4.4 disruptive to business invest- to address. Its mandate is to
–1.50 Dow Jones 18 ment plans,” said Ray Farris, keep inflation low and stable
Industrial chief economist at Prudential while maintaining a healthy
4.2
–1.75 Average 16 PLC. “They will be inflation- labor market. Tariffs repre-
–1.6% ary, so they will be a shock to sent a “supply shock” that
–2.00 Five-minute intervals 14 4.0 real household income just as both raises inflation, which
household income growth is calls for higher interest rates,
10 a.m. 11 noon 1 p.m. 2 3 4 Jan. 2025 Feb. March Jan. 2025 Feb. March
slowing because of slower em- and hurts employment, which
Sources: FactSet (index performance, VIX); Tullett Prebon (forex); Tradeweb FTSE closes (Treasury yield) ployment and wage gains,” he calls for lower rates. The Fed
said. would have to choose which

Stocks Drop Chinese imports—as well as

countermeasures announced
or expected from those coun-
tually do it.”
Economically sensitive
stocks were among the hardest
European importers, which are
not facing similar tariffs at
this time,” said the email,
It is still unclear how long
Trump intends to keep the
tariffs in place. Commerce
threat to emphasize.
Fed officials thought they
might have engineered a soft

As Tariff tries—would mean for a wide

variety of asset classes and the
health of the economy.
hit on Tuesday, with the S&P
500’s financial sector slumping
3.5%. Bank of America shares
which was seen by The Wall
Street Journal.
Toyota Motor, Hyundai Mo-
Secretary Howard Lutnick
suggested Tuesday afternoon
on Fox Business that a roll-
landing over the past 18
months. A few are publicly
warning of a stagflationary

Fears Grow Stocks began falling sharply

Monday afternoon after Trump
confirmed that the tariffs
fell 6.3%, while JPMorgan
Chase shares dropped 4%.
Cruise lines, resorts and au-
tor and other Asian carmakers
have operations in Mexico and
Canada and also would be hurt
back could be in the works.
Some economists said if
they stay, the odds of reces-
scenario.
“A deterioration of the la-
bor market alongside higher
would take effect at 12:01 a.m. tomakers fell, as did most in- by the import tariffs. sion will meaningfully rise. inflation could present diffi-
Continued from Page One Tuesday. The slide continued dustrial stocks. Caterpillar Executives from Stellantis, “This thing could get off cult choices,” said Alberto Mu-
our Reciprocal Tariff will im- on Tuesday before the market shares retreated 1.6%, while Ford Motor and General Mo- the rails pretty quickly,” said salem, president of the Fed-
mediately increase by a like appeared to find its footing by United Airlines slid 6%. tors have been pressing their Tim Mahedy, chief economist eral Reserve Bank of St. Louis,
amount!” Trump said on social midafternoon. Technology The auto industry relies case to administration officials at Access/Macro. “This is not at an economics conference in
media, making reference to his stocks pulled up the Nasdaq. heavily on a North American in recent days that the new at the level of the 1970s or Washington on Monday.
call for Canada to become the Then came a final downdraft in supply chain. Stellantis shares tariffs will hit the Detroit car- 1980s. But it does have a whiff John Williams, president of
U.S.’s 51st state. the last hour of trading. dropped 4.4% and General Mo- makers especially hard be- of stagflation, or a ministag- the Federal Reserve Bank of
Commerce Secretary How- “This is more of a market tors shares declined 4.6%. cause of their broader North cession.” New York, said Tuesday at an
ard Lutnick said on Fox Busi- gyration based on uncertainty “With vehicle prices already American presence. Sentiment indicators and event hosted by Bloomberg
ness that he was on the phone than anything else,” said elevated and interest rates re- The market had rallied on business commentary in re- that he expected tariffs would
with Mexican and Canadian Charles Lemonides, chief in- maining high, American car Trump’s election, with inves- cent weeks point to slumping lead to higher inflation this
officials all day, and he be- vestment offi- buyers could tors betting the Republican confidence over the threat of year than he had anticipated.
lieves the president wants to cer of Value- face an even president would champion tax higher prices. Tariffs on consumer goods, he
“work something out with Works, a hedge more challeng- cuts and deregulation. China and Mexico are the said, “filter into prices that
them.” fund. “We’re in Investors ing road,” Many hoped the tariffs he top two sources of consumer consumers pay. That happens
Lutnick said any changes a period of pol- struggled to wrote Jessica described on the campaign trail electronics sold at the retailer relatively soon.” Tariffs on in-
wouldn’t be a pause, but icy transition, Caldwell, head were more negotiating posi- Best Buy, Chief Executive termediate goods, meanwhile,
rather Trump will make some and we don’t discern what of insights at tions than reality. Corie Barry told analysts take longer to show up but
kind of deal “in the middle” know how far Edmunds, in a “People are waking up and Tuesday. “We expect our ven- last longer, he said.
that would likely get an- it’s going to
the tariffs note. saying, wait, this is a big dors across our entire assort- Core inflation, which ex-
nounced Wednesday. go.” would mean. Jeep maker thing,” said Max Wasserman, ment will pass along some cludes volatile food and en-
The U.S. also introduced an Just weeks Stellantis told co-founder and senior portfo- level of tariff costs to retail- ergy prices, has been falling
extra 10% tariff on Chinese im- ago, the stock its U.S. dealers lio manager at Miramar Capi- ers, making price increases for steadily from its 2022 peak of
ports Tuesday, adding to a levy market was Tuesday that tal. “He’s going to enforce it.” American consumers highly 5.6% to 2.6% in January, using
imposed a month ago, and trading at records. The S&P the tariffs on all products from The rich valuations of the likely,” Barry said. The com- the Fed’s preferred inflation
other existing duties. China 500 notched its record close Mexico and Canada will put its tech-oriented Nasdaq left it pany’s shares plummeted 13% gauge. That is still above the
swiftly announced retaliatory on Feb. 19, bringing it to a gain car brands at a competitive vulnerable to a selloff, Wasser- in the midst of a general Fed’s 2% target.
tariffs on U.S. agricultural of 4.5% in 2025. disadvantage against Asian man said. stock-market retreat. Researchers at the Federal
goods, and other measures Despite weeks of U.S. tariff and European automakers. The He said his firm in recent Brothers International Reserve Bank of Boston esti-
against U.S. companies. threats, the implementation of owner of the Chrysler and months has trimmed positions Food, based in Rochester, N.Y., mate that lifting tariffs on
The Commerce Ministry tariffs on Canada and Mexcico Ram pickup-truck brands said in tech stocks and bought imports mangoes and avoca- Canada and Mexico by 25%
said it added more than two came as a surprise to some in an email to its retailers that shares of healthcare, energy dos from Mexico and sells and on China by 10% could
dozen U.S. companies to ex- market watchers, who ex- it is continuing discussions and staples companies. fruit juices, purées and frozen- add 0.5 to 0.8 percentage
port control and corporate pected the president to either with the Trump administration The CBOE Volatility Index, food concentrates to food and point to core PCE inflation de-
blacklists. Beijing also filed a strike an 11th-hour deal or dial to blunt the effects of the tar- or VIX, known as Wall Street’s beverage manufacturers. New pending on the response of
lawsuit with the World Trade back the severity of the duties. iffs. fear gauge, climbed 3.2%. tariffs are forcing the 95-per- U.S. importers.
Organization. “It’s unambiguously terrible “These tariffs will put Stel- In bond markets, the yield son company to pass on price They don’t account for con-
Investors struggled to dis- for the market,” said Jay Hat- lantis’ flagship Chrysler, on the benchmark 10-year U.S. increases to its customers or sumers’ substituting cheaper
cern what the new U.S. tariffs field, chief executive at Infra- Dodge, Jeep and Ram brands Treasury note rose to 4.209%, accept lower profit margins. domestic goods, retaliation or
on Mexican and Canadian structure Capital Advisors. at a competitive disadvantage from 4.178% on Monday. Yields Many of the company’s cus- fluctuations in exchange
goods and additional tariffs on “Nobody thought he would ac- versus Korean, Japanese and rise as bond prices fall. tomers accelerated shipments rates.
THE WALL STREET JOURNAL. NY Wednesday, March 5, 2025 | A4A

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ICEBREAKER?
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A4B | Wednesday, March 5, 2025 NY / NE THE WALL STREET JOURNAL.

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

U.S. NEWS

U.S. Arrests Militant

Involved in Bombing
U.S. says Afghan that we have just apprehended Biden’s greatest foreign-pol-
the top terrorist responsible icy failures.
helped plan 2021

ETIENNE LAURENT/EPA/SHUTTERSTOCK
for that atrocity, and he is As many as 200 Afghans,
deadly attack at right now on his way here to crowded around the gate seek-
face the swift sword of Ameri- ing flights out of the country,
Kabul airport can justice,” Trump said in his also were killed in the attack.
speech. Trump, who negotiated the
BY ALEX LEARY Trump vowed during his withdrawal agreement, has
AND ALEXANDER WARD presidential campaign to hold cited it as a reason he ran for
those responsible for the president again.
WASHINGTON—President bombing at the airport’s Ab- Trump met with families of
Trump revealed Tuesday in bey Gate to account. the U.S. victims during an The 2021 memorial for U.S. Marine Lance Cpl. Kareem Grant Nikoui, who was among the 13
his speech to Congress that Earlier Tuesday, he in- hourslong meeting in the servicemen who died in the attack. As many as 200 Afghans also were killed.
the U.S. had taken custody of formed family members from summer of 2023 at his Bed-
an Afghan involved in plan- among the 13 service U.S. minster resort in New Jersey. point in the presidential cam- Pakistan near the Afghan bor- Afghanistan.
ning the deadly 2021 suicide members killed in the attack Last July, some of them ap- paign, with Democrats accus- der in late February with help The U.S. government
attack at the Kabul airport during a phone call that a peared on stage at the Repub- ing Trump of politicizing the from U.S. intelligence, offi- charged Sharifullah, and he
that Trump has called “the U.S. official described as lican National Convention and incident. cials said. was put on a flight to the U.S.
most embarrassing moment in emotional. criticized Biden while praising Steve Nikoui, the Gold Star When a team from Federal where he expected to stand
the history of our country.” The troops were guarding Trump for getting to know father of a Marine killed at Bureau of Investigation trav- trial, officials said.
A senior member of Islamic the airport perimeter during the victims. Abbey Gate was arrested for eled there and interviewed An indictment is expected
State branch based in Afghan- the final days of the chaotic A month later, Trump was disrupting Biden’s final State him over the weekend, he to be unsealed, outlining his
istan was turned over to U.S. American withdrawal from invited by several family of the Union address last year. confessed to involvement in alleged role in planning of
authorities by Pakistan and Afghanistan after a two-de- members to attend a wreath- The charge was later dropped. several attacks, including Ab- other attacks.
was being brought to the U.S. cade war. laying at Arlington National Eleven Marines, a sailor and a bey Gate, according to the of- The group’s leader, Sanaul-
for prosecution, Trump said. The bombing and other Cemetery, marking the three- soldier were killed in the blast ficials. lah Ghafari, remains at large
U.S. officials identified him as scenes of bedlam as the U.S. year anniversary of the air- at Abbey Gate. U.S. officials described him and its members have carried
Muhammad Sharifullah. departed remain for many port attack. Sharifullah, also known as as a planner in ISIS-Khora- out attacks well beyond Af-
“I am pleased to announce one of former President Joe The visit became a flash- Jafar, was apprehended in san, Islamic State’s affiliate in ghanistan in recent years.
FROM LEFT: SAUL LOEB/AFP/GETTY IMAGES; WIN MCNAMEE/PRESS POOL

Seven minutes into President Trump’s speech to Congress,

Rep. Al Green (D., Texas), above, was ejected for disrupting it.

Trump policy proposals, leaving some

Democrats struggling to
mount a defense.
well over 100 years old. A 2023
inspector general report found
that 18.9 million people born in
for national security and even
international security, and
we’re working with everybody
tends that the U.S. has been
taken advantage of for decades.
“It’s a beautiful word, isn’t it?”
year on a moderate message
focused on the economy.
Speaking from her home

Pitches The president has removed

thousands of federal workers
from their posts, wound down
1920 or before were in the sys-
tem but very few were actually
receiving benefits.
involved to try to get it,”
Trump said. “And I think we’re
going to get it one way or the
he said of tariffs.
“There may be a little dis-
turbance, but we’re OK with
state, she criticized Trump’s
economic policies and raised
concerns about Musk’s work.

Agenda the work of key federal agen-

cies and put in place an ad-
versarial foreign policy. On
Trump asked Congress to
move quickly to enact his leg-
islative agenda, which includes
other.” Officials in Greenland
have said the self-governing is-
land is not for sale.
that,” Trump said.
Throughout the speech,
Trump took jabs at Democrats.
“America wants change, but
there’s a responsible way to
make change and a reckless
Tuesday, he imposed 25% tar- steep tax cuts, and to pour Trump also said his admin- At one point, he referred to way—and we can make that
Continued from Page One iffs on goods from Mexico and vast new resources into secur- istration “will be reclaiming Sen. Elizabeth Warren (D., change without forgetting who
stand up” to Trump. Canada, rattling investors. ing the border. Trump pointed the Panama Canal.” He has Mass.) by the slur “Pocahon- we are as a country and as a
Through the address, The tariffs, paid for by U.S. to a drop in border crossings. previously threatened to take tas.” During her 2012 Senate democracy,” she said.
Trump defended his policies, importers, have triggered The president also talked control of the canal, potentially race, Warren faced accusations Democrats had brought as
which have sent shock waves widespread concern about about his plans to negotiate a by military force. she had portrayed herself as guests to the speech federal
across the globe, by invoking higher prices for consumers. peace deal between Ukraine Recent polls are mixed over part Native American to ad- workers who lost their jobs fol-
his election victory over then- Trump blamed Biden for high and Russia, just days after a whether voters hold a net posi- vance her academic career. lowing cuts made by Musk’s
Vice President Kamala Harris prices, including a spike in the tense Oval Office meeting with tive or negative view of The Democratic response to team, as well as small-business
in November. Democrats cost of eggs. Trump said he is Ukrainian President Volodymyr Trump’s actions so far, but the the speech was delivered by owners affected by tariffs.
broke out in boos, as Republi- working to bring down costs Zelensky. Trump is still aiming overall trend suggests that ap- Michigan Sen. Elissa Slotkin, a Some members boycotted the
cans sought to drown those by cutting federal spending to land an agreement to de- proval of his job performance freshman who was elected last speech.
out with chants of “U.S.A.” and opening the door to more velop rare-earth minerals in has slipped.
The public remains polar- domestic energy production. Ukraine. Trump’s handling of Shortly after Trump took of-
ized and Trump has made He touted the Musk-led De- the war has been criticized by fice, approval outweighed dis-
some supporters second partment of Government Effi- Democrats and a handful of Re- approval by more than 8 per-
guess their choice, but Trump ciency, which has rocked publican lawmakers, and it has centage points in an average of
said he had a mandate to en- Washington with job cuts. “He frustrated European allies, who public polls compiled by Five-
act far-reaching change.
“The people elected me to
do the job, and I am doing it,”
didn’t need this,” Trump said
of the world’s richest man.
Musk, who swapped his trade-
worry he is cozying up to Rus-
sian President Vladimir Putin.
Trump portrayed himself as
ThirtyEight, which is run by
ABC News. Since then, public
opinion has turned more nega- All
Trump said.
He accused Biden of allow-
ing the government to prose-
mark T-shirt and MAGA hat
for a suit, was in the audience
for the speech—offering a sa-
a peacemaker. Hours before
the speech, Zelensky said last
week’s White House meeting
tive, and Americans are evenly
divided over how Trump is
handling his job, with 48% ap- of the
cute him, cases that withered
as the president marched
back to power. “How did that
work out?” Trump asked.
lute at one point—as Trump
ticked off what he said were
some of the most absurd ex-
amples of federal spending.
was regrettable. “It is time to
make things right. We would
like future cooperation and
communication to be con-
proving and 48% disapproving.
Trump’s speech came amid
unfolding trade tensions and
falling stocks prompted by his
things I
“Not too good.”
The president also revealed
during the speech that the U.S.
Trump and his advisers
have at times exaggerated the
scale of the cuts they have
structive,” Zelensky wrote on
social media. Trump said dur-
ing his speech to Congress
decision this week to move
forward with tariffs on im-
ports from Canada and Mex-
just found
had taken custody of an Af-
ghan involved in planning a
deadly 2021 suicide attack at
made to government spending.
In his speech, the president
suggested that fraudulent So-
that he appreciated Zelensky’s
comments.
Trump offered to welcome
ico, and to increase tariffs on
Chinese imports. All three na-
tions have said they plan for
too hard
the Kabul airport.
Six weeks into office,
Trump has moved with light-
cial Security payments were
being made to dead people,
rattling off people in the gov-
the people of Greenland into
the U.S., pushing further on his
talk of acquiring the land from
retaliatory tariffs.
Trump has argued tariffs
are necessary to boost U.S.
to say.
ning speed to put in place his ernment’s database who are Denmark. “We need Greenland manufacturing, and he con-
LAUREN JAUREGUI //
TRACK 03

Executive Order to Boost U.S. Shipbuilding WHEN YOUR KID CAN’T

FIND THE LANGUAGE,
FIND THE LYRICS.

USE THEM TO START A CONVERSATION

BY PAUL BERGER The measures also include going to make them very fast, track them with a stroke of his WITH YOUR KIDS ABOUT EMOTIONAL

raising wages for nuclear-ship- very soon.” pen if implemented as an exec- WELLBEING. LISTEN TO THE ALBUM,
FIND TOOLS AND GET TIPS FROM
The Trump administration yard workers and instructions The measures being consid- utive order. PROFESSIONALS AT

is preparing an executive order to Elon Musk’s Department of ered draw on bipartisan pro- One shipping-industry offi- SOUNDITOUTTOGETHER.ORG

aimed at reviving U.S. ship- Government Efficiency to re- posals that have been circu- cial said the executive order
building and cutting Chinese view government procurement lating in Washington for was influenced by Trump’s na-
dominance of the global mari- processes, including the Navy’s. several years. These include tional security adviser, Mike
time industry. The document is labeled as pending legislation in Con- Waltz, who as a member of
According to a draft sum- a draft and could change. gress aimed at restoring U.S. Congress last year co-spon-
mary reviewed by The Wall President Trump, in a speech shipbuilding to proposals sored bipartisan legislation
Street Journal, the order in- to Congress Tuesday night, floated by the Office of the aimed at expanding the U.S.-
cludes 18 measures ranging said his administration wants U.S. Trade Representative that flagged fleet and providing fi-
from raising revenue from fees to resurrect commercial and would charge fees on Chinese- nancial support and tax incen-
on Chinese-built ships and military shipbuilding in Amer- flagged or Chinese-built ships tives to U.S. shipbuilders.
cranes entering the U.S., to es- ica and would create a new calling at U.S. ports. The draft executive order
tablishing a new office at the Office of Shipbuilding in the Many of those earlier pro- includes measures that create
National Security Council to White House. Noting the U.S. posals faced months of scru- Maritime Opportunity Zones
strengthen the domestic mari- had fallen behind in ship- tiny or an uncertain political and a Maritime Security Trust
time sector. building, Trump said: “We’re process. Trump could fast- Fund to boost investments.
 A6 | Wednesday, March 5, 2025 * ***** THE WALL STREET JOURNAL.

WORLD NEWS
EU Chief Plans to Boost
Bloc’s Military Spending
BY LAURENCE NORMAN the European Commission, the
AND EDITH HANCOCK bloc’s executive body.
Von der Leyen laid out sev-
Hours after the U.S. sus- eral other steps the Commis-
pended military aid for sion is looking to take to raise
Ukraine, the European Union hundreds of billions of euros
proposed a $158 billion fund on top of the fund. They in-
OLEKSANDR GIMANOVOLEKSANDR GIMAN/AGENCE FRANCE-PRESSE/GETTY IMAGES

to bolster military spending clude relaxing fiscal rules to

and support Kyiv, part of the allow countries to fund much
most ambitious defense- higher military spending.
spending package in the bloc’s The Commission also wants
post-Cold War history. to provide financial incentives
EU leaders will hash out for countries to shift money to
terms over coming weeks, in- defense-industry spending
cluding at a summit on Thurs- from outlays for its poorest re-
day. The plan’s fate will signal gions. The EU is also in the
whether Europe can rise to the process of giving its investment
challenge of President Trump’s arm, the European Investment
pullback from Ukraine and the Bank, more powers to make
threat to the Continent’s secu- loans to European defense
rity posed by Russia. companies. Both the defense
“We are living in an era of fund and the changes to the
rearmament,” European Com- fiscal rule require backing by a
mission President Ursula von special majority of EU member
der Leyen said. “And Europe is states, not by all 27 countries.
ready to massively boost its In total, von der Leyen said
A drone attack damaged buildings in Odesa, Ukraine, on Tuesday, as European nations worked to provide defense funding. defense spending.” if the measures raise average
The military-funding pack- EU member-state military

Zelensky Aims to Mend Ties

age marks a sea change in the spending by 1.5% of economic
EU’s approach to defense. For output, they would raise EU
decades, Brussels has shied military spending by €800 bil-
away from military spending, lion through this decade.
seeing the EU as a political Germany on Tuesday said it
peace project meant to end would exempt military spend-
Ukrainian president Council didn’t respond to a re- identical to what Zelensky out putting U.S. forces in centuries of conflict in Europe. ing from its strict fiscal rules
quest for comment. wrote on X earlier on Tuesday. Ukraine. Meanwhile, and create a
calls blowup with Since the diplomatic implo- But notably, Trump didn’t say Zelensky portrayed the deal many EU mem- €500 billion off-
Trump ‘regrettable,’ sion at the White House, Euro- anything about striking a min- giving U.S. companies access ber states have budget fund to
pean allies have been holding erals deal with Ukraine. to untapped rare-earth mate- allowed their The funding finance infra-
lays out peace vision talks on plans to back Ukraine Russia has said it is open to rials as a signal of Washing- militaries to package is a sea structure
while pushing Zelensky to try a cease-fire but is against U.S. ton’s support. “We see this dwindle since spending, laying
Ukrainian President Volod- to mend his relationship with and European security guar- agreement as a step toward the end of the change in the the ground for
ymyr Zelensky called his Trump. European leaders and antees for Ukraine. The Krem- greater security and solid se- Cold War. a boost in its
heated White House meeting Zelensky have said U.S. security lin applauded the U.S. aid halt. curity guarantees, and I truly But with
bloc’s approach defense budget.
with President Trump last guarantees for Kyiv are critical Trump complained in re- hope it will work effectively,” pressure grow- to defense. There is
week “regrettable” and set out to any peace agreement. cent private meetings that he wrote in his post on X. ing from within other funding
his vision of a path to peace in Trump has said he would be Zelensky had shown no inten- But he also pointed to Europe and from which the
his most concerted public ef- willing to discuss such commit- tion of opening talks with Pu- failed previous agreements from Washing- EU could poten-
ments only after a cease-fire tin, officials said. The move to with Moscow that sought to ton for the bloc to tackle de- tially draw. There is €190 bil-
By Alexander Ward, between Ukraine and Russia. curtail aid temporarily was halt the fighting after Russia’s cades of underinvestment in its lion in Russian frozen assets in
Ian Lovett Zelensky on Tuesday de- aimed at showing the Ukrai- 2014 invasion of Crimea and military capabilities, the ur- Europe that some want to use
and Alan Cullison scribed steps Ukraine was pre- nian leader that the White the Donbas. gency has intensified. The to help Ukraine. However, the
pared to take to de-escalate House was serious about bro- “We need peace—real, fair Trump administration wants bloc’s biggest member states,
fort yet to repair his relation- the war if Moscow agreed to kering peace, they added. peace—not endless war. And Europe to more than double its including Germany, remain op-
ship with the U.S. leader. reciprocal moves. Even signing a deal grant- we need security guarantees,” military spending and is threat- posed to seizing that cash.
“Ukraine is ready to come “The first stages could be ing U.S. companies access to he said in his nightly address ening to withdraw military aid As always in Brussels, sig-
to the negotiating table as the release of prisoners and Ukrainian rare-earth minerals on Monday. “It was precisely for Ukraine permanently. nificant political hurdles stand
soon as possible to bring last- truce in the sky—ban on mis- might not be enough to per- the lack of security guarantees Many officials acknowledge in the way of converting the
ing peace,” Zelensky wrote on siles, long-ranged drones, suade Trump to resume aid, for Ukraine 11 years ago that it will take years for Europe to plans into action. They could
Tuesday on social media. “No- bombs on energy and other ci- officials said. allowed Russia to start with be in a position to do without reduce the defense fund and
body wants peace more than vilian infrastructure—and David Shimer, a National the occupation of Crimea and military support from the U.S. blunt its impact. Some EU
Ukrainians.” truce in the sea immediately, if Security Council official re- the war in Donbas. Then, the The 150-billion-euro fund, member states oppose pooling
He said Ukraine was ready Russia will do the same,” Zel- sponsible for Eastern Europe absence of security guarantees which would be raised by the resources amid economic and
to sign a mineral-rights agree- ensky wrote. “Then we want to and Ukraine in the Biden ad- allowed Russia to launch the issuance of EU debt, would be fiscal pressures, to help in-
ment with the U.S. and negoti- move very fast through all next ministration, said the U.S. full-scale invasion. And now, focused on buying air- and crease the military budgets of
ate “under President Trump’s stages and to work with the US should resume military aid in because there are still no de- missile-defense systems, artil- countries such as Italy and
strong leadership to get a to agree a strong final deal.” order to help Kyiv. fined security guarantees, it is lery systems, missiles, ammu- Spain, whose spending remains
peace that lasts.” Trump has been vague about “The United States should Russia that is keeping this war nition, drones and antidrone far below the North Atlantic
Senior U.S. officials say it is the details of any peace plan, be focused on strengthening, going. The whole world sees systems, von der Leyen said. Treaty Organization target of
unclear if Zelensky’s statement although he has said he has not weakening, Ukraine’s hand this, the whole world acknowl- The EU hopes joint procure- 2% of gross domestic product.
will be enough to persuade held a number of phone con- ahead of a negotiation,” edges this.” ment can reduce the cost of The bloc will also need to
Trump to restart U.S. military versations with Russian Presi- Shimer said. Kostyantyn Batozsky, a po- replenishing stocks—drawn bring on board—or at least
aid to Ukraine, which the dent Vladimir Putin. At the European officials fear a litical analyst in Kyiv, said down since Russia’s invasion win acquiescence from—Hun-
White House halted on Mon- Oval Office meeting last week, peace deal between Ukraine Trump’s move to cut off aid to of Ukraine—and provide new gary and Slovakia, whose push
day following his combative Trump said, “We’ve started the and Russia won’t ultimately Ukraine won’t change Zel- capabilities. for an end to support for Kyiv
meeting with the Ukrainian confines of the deal, and I think succeed in halting Moscow ensky’s position. The EU made a large-scale has grown since Trump took
leader three days earlier. U.S. something can happen.” unless the White House agrees “Zelensky is not the type of debt issuance for the first office. If approved, the plans
officials said the pause will During a speech to a joint to guarantee Ukraine’s sur- person you can push into time during its economic-re- could take time to result in ac-
continue until Trump decides session of Congress Tuesday vival, with continued military something,” Batozsky said. covery response to the coro- tual deliveries to Ukraine.
that Zelensky backs peace ne- night, Trump read what he said aid and even military action, if “Trump can’t tell Zelensky to navirus pandemic in 2020.
gotiations with Russia. was a letter from the Ukrainian necessary. do whatever he wants—Zel- That transferred significant  Hopes for EU spending spur
The National Security president, which was nearly Trump officials have ruled ensky just won’t do it.” powers over EU spending to Asian defense stocks .... B12

Putin Played the Long Game. It Seems to Be Paying Off.

BY MATTHEW LUXMOORE now ready to address “strate- his army into eastern Ukraine.
gic problems in the architec- In response to Russia’s full-
More than a decade before ture of the world.” scale invasion in 2022, former
Russia’s armed forces poured Even Putin’s most hawkish President Joe Biden hit Mos-
over the border into Ukraine, advisers have been surprised cow with sanctions and prom-
President Vladimir Putin by the speed with which the ised to support Ukraine “for as
stood before world leaders tone coming from the White long as it takes.”
and delivered a long, icy House has changed, say people After Trump’s victory last
speech demanding a radical who travel to Moscow and year, Putin launched a charm
overhaul of the world order. speak with Russian officials. offensive, echoing false state-
“We have reached that deci- “The new administration is ments about the 2020 election
sive moment when we must se- rapidly changing all foreign and praising Trump’s re-
riously think about the architec- policy configurations,” Putin’s sponse to the attempt on his
GAVRIIL GRIGOROV/SPUTNIK/KREMLIN/ASSOCIATED PRESS

ture of global security,” Putin spokesman Dmitry Peskov said life in July.
said in 2007 speech in Munich, of President Trump’s team. Now, with Trump bringing
accusing the North Atlantic Trump, who had been call- Moscow in from the cold and
Treaty Organization of breaking ing for both sides to end the suspending crucial military
a promise by expanding into war, recently turned his atten- assistance to Kyiv, he sees an
Eastern Europe, and calling for tion decisively to Ukraine. He opportunity to fundamentally
an end to U.S. hegemony. called Ukrainian President Vo- change Russia’s position in the
Tensions between Moscow lodymyr Zelensky a dictator world, analysts say.
and the West grew in the and blamed him for starting What he wants is far more
years that followed. Russia the war, echoing Moscow. than a simple settlement to
sent its military into Georgia, That culminated in an on-cam- end the fighting. Putin’s goal is
Syria and Ukraine. The 2022 era clash Friday between the to turn Ukraine into a neutered
invasion of Ukraine spurred a Ukrainian leader and Trump. state permanently vulnerable
broad Western effort to iso- In Munich last month, Vice President Putin has railed against the U.S.-led world order spurred by the Soviet collapse in 1991. to Russian military aggression,
late Moscow and pushed new President JD Vance said the and bar the country from re-
countries into NATO. erosion of democracy in Eu- ered in by the Soviet collapse States really wasn’t interested “One Cold War was quite arming with Western support.
Putin dug in as his military rope posed a greater threat to in 1991, which Putin has called in a partnership with Russia, enough,” Robert Gates, the His ambition is to force NATO
suffered battlefield setbacks the continent than Russia or “the greatest geopolitical ca- that counterterrorism and de- U.S. defense secretary at the out of Eastern Europe.
and his economy was squeezed China—a common Putin claim. tastrophe of the century.” mocracy promotion were re- time, said in response. Radchenko said the current
by Western sanctions. He “We haven’t seen this be- The sentiments Putin ally just smokescreens for The following year Russia moment has historical paral-
played the long game. Now, fore,” said Sergey Radchenko, voiced in Munich stem from America’s geopolitical advance invaded Georgia and seized lels to the period following
that perseverance appears to a Russia historian and author grievances toward the U.S. into the former Soviet space control of two pro-Russian en- World War II, when Soviet dic-
be paying off as the world of a new book on Moscow’s that deepened in 2004, ac- at Russia’s expense,” said Gra- claves in that ex-Soviet repub- tator Joseph Stalin sought U.S.
shifts decisively in his direc- Cold War strategy. “Not just cording to Thomas Graham, a ham. “He concluded at that lic, prompting no meaningful agreement to divide Europe
tion. The U.S. has paused mili- the political realignment, but former White House adviser point that the goal of the Western response. The admin- into spheres of influence. The
tary aid to Ukraine and called the alignment of values.” on Russia to George W. Bush. United States was really to istration of Barack Obama U.S. instead remained engaged
for an end to Moscow’s isola- For Putin, the moment is That year, a Western-backed erode Russia’s standing as a sought a “reset” with Moscow in the continent, acting as a
tion. It is distancing itself from also a vindication of the patient revolution convulsed Ukraine, great power.” under Russia’s interim Presi- guarantor of security, and lim-
traditional allies in Europe. strategy he has honed during a and Chechen separatists Putin’s 2007 speech made dent Dmitry Medvedev, but Pu- iting Stalin’s ambitions. Today,
“We all see how rapidly the quarter-century in power. The stormed a school in Russia’s clear for the first time the tin’s return to the presidency in he says, the Kremlin is ad-
world is changing,” Putin told former KGB agent elevated North Caucasus region. Putin depth of his anger about per- 2012 was followed by a crack- vancing a similar vision. “But
his security services on Thurs- from obscurity to lead Russia blamed the U.S. for encourag- ceived U.S. arrogance. But down on dissent and deepening what I find remarkable is that
day, after a U.S.-Russia meet- at the turn of the millennium ing the separatist movement. many Western officials ap- suspicion of the West. it’s the Trump administration
ing in Saudi Arabia. Moscow has railed passionately against “Those two events led Pu- peared to dismiss Putin’s Relations tanked when Putin that is now also embracing
and Washington, he said, are the U.S.-led world order ush- tin to believe that the United warning at the time. seized Crimea in 2014 and sent this vision of the world.”
THE WALL STREET JOURNAL. * * * * * * Wednesday, March 5, 2025 | A7

WORLD NEWS

U.S. Revokes Chevron’s Venezuela License

Treasury gives oil resume accepting deportees, ing deportation flights. Nearly and their allies in the Florida late President Hugo Chávez pecting to withdraw from Ven-
with an understanding that oil eight million Venezuelans have congressional delegation pres- nationalized oil assets there in ezuela is Florida-based Global
company 30 days to licenses would remain in effect left the country during his 12- sured the Trump administra- 2007. The company now pro- Oil, which buys Venezuelan as-
wind down pumping at least for now, said people year tenure. Many more could tion to cancel licenses to oil duces about 240,000 barrels a phalt and is led by influential
familiar with the deliberations. now leave as the local econ- companies they blame for prop- day in Venezuela, or a quarter GOP donor Harry Sargeant III.
operations in nation Grenell denied any oil-for-mi- omy absorbs the blow of Chev- ping up the Venezuelan regime. of the country’s total. “Now instead of continuing to
grants deal had been made. ron’s imminent withdrawal, Trump outlined his plans to For Chevron, terminating its provide this vital construction
BY COLLIN EATON We “will abide by any direc- University of revoke Chev- four joint-venture operations in material to the United States,
AND PATRICIA GARIP tion given by the U.S. Treasury Denver profes- ron’s license in Venezuela by early April could we will force Venezuela to
Department,” said Chevron sor Francisco a social-media become a serious logistical and shift back to producing fuel oil
The Treasury Department spokesman Bill Turenne. Rodríguez said. The company post on Feb. 26, contractual challenge, though that simply subsidizes the Chi-
moved on Tuesday to formally “Chevron conducts its business During his produces about saying Maduro’s large oil companies often have nese economy,” he said in an-
rescind a Biden-era license al- in Venezuela in compliance visit to Caracas, regime hasn’t contingency plans in place. ticipation of Tuesday’s action.
lowing Chevron to pump oil in with all laws and regulations.” Grenell brought a quarter of transported mi- Chevron had about 250 employ- Venezuela’s national oil
Venezuela, giving the com- Tuesday’s action doesn’t home six of the grants back to ees in Venezuela as of last year. company, Petróleos de Vene-
pany 30 days to wind down apply to non-U.S. oil compa- at least 13
the country’s Venezuela fast Chevron maintains that its zuela, known as PdVSA, is al-
operations as the Trump ad- nies that have operations in Americans im- total output. enough. He also presence in Venezuela bolsters ready working to take over the
ministration pressures Presi- Venezuela, including European prisoned in Ven- regularly calls global oil supplies and U.S. en- operations after the foreign
dent Nicolás Maduro. companies Repsol, ENI and ezuela. Maduro out a Venezue- ergy security, while fending companies pull out. Oil ex-
Moving to revoke Chevron’s Shell. But the Treasury De- subsequently lan gang known off U.S. adversaries such as ports account for nearly all of
oil license marks a sharp partment could later advise dispatched two planes to a U.S. as Tren de Aragua for carrying China—a message it delivered the Maduro government’s rev-
about-face for the Trump ad- the companies that their au- military base in Texas to pick out violent crimes in the U.S. in meetings with Biden ad- enue, but it will be difficult
ministration. White House thorizations also have been re- up deportees, and a third The administration’s move ministration officials just days for PdVSA to sustain produc-
special envoy Richard Grenell voked, industry sources said. picked up more in Honduras. marks a big setback for Chev- after Maduro declared elec- tion, partly because Venezu-
met with Maduro in Caracas, As talks with the Biden ad- But by the end of February, ron, which stayed in Venezuela toral victory in 2024, said peo- ela’s heavy crude requires
Venezuela’s capital, on Jan. 31, ministration broke down last the flights had stalled. Ma- when most of its peers pulled ple familiar with the matter. blending with imported di-
striking a deal for Maduro to year, Maduro stopped accept- duro’s opponents in the U.S. out after the government of Among other companies ex- luent to make it flow.

Greenland’s
Rare Earths
OSCAR SCOTT CARL FOR WSJ (2)
Pose Big Test A helicopter is the only way to reach Narsaq for much of the year. Bureaucratic hurdles have plagued Daniel Mamadou, left.

BY SUNE ENGEL RASMUSSEN for rare-earth elements, used Rare-earth elements

element
ments erals is about more than on exploring Kvanefjeld and ac-
in such things as electric vehi- profit; it is about resource cuses the government of expro-
NARSAQ, Greenland—A cles, jet fighters, wind turbines Critical raw materials* control. Western governments priation. The company has filed
small group of directors from and headphones. are eager to break China’s an arbitration case against
S

GREENLAND
an Australian company trav- To see Kvanefjeld up close, dominance of the global mar- Greenland and Denmark, de-
R

eled to the southern tip of The Wall Street Journal rode ket for rare earths and other manding the right to mine or
E

I
Greenland recently, where they snowmobiles through a path- Nuuk
uuk C minerals, which it could wield compensation of $11.5 billion—
A
have been planning to extract less gorge below the frozen G L as a weapon in a trade war. nearly four times Greenland’s
rare-earth minerals from one plateau as the wind blew gusts On top of all the usual hur- gross domestic product.
of the world’s richest deposits of snow powder over the ridge. Kvanefje
Kvanefjeld
fje dles to mining in Greenland, The departing government,
for more than two decades. Forty-five minutes into the val- plateau
plate Energy Transition Minerals is which passed the bill, has de-
They didn’t get as far as ley, local guides pointed out the dealing with a political curve- nied expropriating Kvanefjeld,
they had planned. mine entrance about 50 yards ball the company didn’t ex- and says that while mining
The delegation traveled to up the mountainside, hidden Narsaq pect. In 2007, the company re- could strengthen Greenland’s
the town of Narsaq, home to behind several feet of snow. ceived a license to explore bid for independence, protecting
1,300 people, by helicopter, the Mining companies in Green- minerals in Kvanefjeld from the environment is vital for its
only feasible means of transpor- land operate in one of the most the Greenlandic government, tourism and fishing industries.
tation in February. In subzero challenging environments in which saw mining as a chance Granting American compa-
temperatures, a thick blanket of the world because of sparse in- to boost its economy. nies licenses to mine rare
snow covered the mountain frastructure, hostile weather Then, in 2021, Múte B. earths could be a way for Den-
10 miles
pass, rendering the road inac- and a tricky political climate. Egede, a politician from Nar- mark to make concessions to
10 km
cessible and preventing the Mining here is expensive, and saq, was elected prime minis- the Trump administration,
company representatives from few investors are willing to pay ter on promises of banning while helping Greenland di-
*Critical raw minerals, as identified by the European Commission, including niobium, feldspar,
visiting the mine site. for it given the uncertainties. tungsten, antimony, baryte, beryllium, cobalt
uranium mining. The law the versify its economy, said Lone
Teeming with underground Despite its mineral wealth, Source: Geological Survey of Denmark and Greenland DANIEL KISS/WSJ government passed the follow- Dencker Wisborg, who served
riches, Greenland might set the Greenland has only two active ing year prohibited mining as Danish ambassador to the
scene for a modern gold rush. mines: a gold mine in commis- has to be done from scratch in funding for exploration, it minerals with a certain content U.S. when Trump tried to buy
President Trump, for one, cov- sioning phase and a mine pro- rugged terrain. Greenland is struggles to obtain the institu- of uranium, which occurs natu- Greenland in 2019. But the le-
ets Greenland’s deposits of crit- ducing anorthosite, used in fi- nearly one-fourth the size of tional investment for exploita- rally in the rare-earths depos- gal dispute in Kvanefjeld could
ical minerals, some of the larg- berglass, paints and other the U.S., and about 80% of it is tion seen elsewhere, said Char- its in Kvanefjeld, effectively spook investors, she said.
est in the Western Hemisphere. construction materials. covered by ice. There are no lie Byrd, investment manager of halting the project. Many among the Inuit popu-
But as the visiting Australian “Investing in Greenland is roads between settlements, and Cordiant Capital, which backs Daniel Mamadou, the com- lation of Narsaq are concerned
company, Energy Transition not for the faint of heart,” shipping is treacherous because Lumina’s anorthosite mine. pany’s Singapore-based man- about contamination of drink-
Minerals, has discovered, se- said Brian Hanrahan, chief ex- of floating ice off the coast. Greenlandic government of- aging director, said that when ing water, plants and wildlife.
curing them is a daunting task. ecutive officer of Lumina Sus- Bureaucracy is a hindrance, ficials have in recent years he spoke to the Greenlandic “We live off nature as our fore-
Kvanefjeld, the site of the tainable Materials, which op- too. The process of granting visited Canada and Australia government and objected to fathers have done for genera-
billion-year-old solidified erates the anorthosite mine on licenses to foreign companies to court dozens of multina- the uranium law, he was told tions. We will be forced to
magma in the mountains above the west coast of Greenland. to mine is lengthy and cum- tional mining companies. by the minister for natural re- move,” said Avaaraq Bendtsen,
the town of Narsaq, contains “The local logistics are incred- bersome. With a population of Many are tentatively inter- sources that the company had a 25-year-old archaeology stu-
an estimated one billion tons of ibly complex.” 57,000, Greenland’s labor mar- ested, but want more data on known the risks going in. dent. “Think about the indige-
minerals, enough to potentially Building a mine here in- ket is tight. its mineral deposits. Energy Transition Minerals nous people as well. This is our
transform the global market volves high startup costs, and While Greenland attracts Extracting Greenland’s min- says it has spent $90 million land. It is our mountain.”

BlackRock BlackRock has briefed the

Trump administration and Con-
gress on the deal, said a person
control of 43 ports comprising
199 berths in 23 countries.
Among those being sold are
minority interests.
Such a deal would put U.S.
investors in charge of ports
Panama Ports Cristóbal
Hutchison Port Holdings
Sea
Caribbean
NIC.
Caribbean Sea

Makes Deal
(China) Detail
familiar with the matter. A Balboa and Cristóbal on either from Germany to Malaysia, and Colon Container Terminal
spokesman for China’s embassy end of the Panama Canal. partly address criticism in the Evergreen Marine (Taiwan)
PAN.
in Washington referred ques- Hutchison has run the ports U.S. that container ports have COL .

For Ports
Colón Pacific Ocean
tions to the companies, while since the host government become a beachhead for Bei-
describing the canal as a neu- privatized them in 1996 over jing. Port construction has Manzanillo International Terminal
tral international waterway. U.S. opposition that went into been a prominent aspect of Carrix, Inc. (U.S.)
The U.S. built the Panama overdrive after Trump was Beijing’s Belt and Road infra- Gatun Lake
Lake Alajuela
Continued from Page One Canal, which opened in 1914, elected last November. structure project, though Railroad
“We’re taking it back,” he and relinquished it to Panama The port business is one of Hutchison itself isn’t a major
said, to cheers from Republi- in late 1999 under a treaty ne- Hutchison’s biggest assets and participant in those deals. PANAMA
can lawmakers. gotiated more than 20 years has been a pride of Li’s. A per- Hutchison’s Panama Ports Panama Ports Balboa
U.S. opposition to the cur- earlier with then-President son directly involved in the company has been the only P a nama Ca Hutchison Port Holdings
rent ownership structure cen- Jimmy Carter. Trump, a Repub- deal said the company first firm that manages terminals on (China)
na
l

ters on concerns China could lican, has said the deal was bad looked at legally challenging both sides of the canal: the Bal- Panama City
use the ports for military pur- for the U.S. and has complained any moves to wrest the busi- boa port on the Pacific entrance
poses, including possibly sab- about the fees Panama charges ness from Hutchison’s control, to the canal and the Cristóbal Port of Rodman Terminal
otaging the waterway. Pana- and Chinese infrastructure but the offer from BlackRock, terminal on the Atlantic. 5 miles PSA International (Singapore) Panama
Bay
manian officials, and several built up along the waterway. which was already an investor, Trump sent Secretary of 5 km
former U.S. military officials, The deal appears to mark a was too good to turn down, State Marco Rubio to Panama
Source: staff reports EMMA BROWN/WSJ
have said the facilities don’t retreat from international port the person said. “It was a very in early February where he
represent a military threat operations by Hutchison, con- elegant solution,” the person demanded free passage for
from China or breach the ca- trolled by one of Asia’s richest said. “Li does not like leaving U.S. Navy ships and moves to way’s neutrality act. It also closely at the contracts, ac-
nal’s neutrality. people, 96-year-old Li Ka- things lingering.” contain the Chinese presence. opened a probe into whether cording to people familiar with
Trump said in his January shing. The group, which faced Hutchison co-managing di- Panama agreed to pull out Hutchison Ports was in line the situation. Among potential
inaugural address, “China is pressure from officials in the rector Frank Sixt said the of China’s Belt and Road ini- with the concession terms. concessions to the U.S. that
operating the Panama Canal, U.S. and Panama to divest itself company had received a num- tiative and asked for time to Panama denies that the con- Panama considered was find-
and we didn’t give it to China,” of the Panama ports, will re- ber of bids and that the deal find ways to allow free pas- tainer terminals interfere with ing new ownership for the two
referring to the 1977 treaty that tain its ports in Hong Kong and would earn Hutchison $19 bil- sage for the U.S. warships the management of the canal. port terminals at either end of
handed control of it to Panama. in mainland China while selling lion in cash after adjusting without violating the water- But officials began to look the canal, these people said.
 A8 | Wednesday, March 5, 2025 THE WALL STREET JOURNAL.

WORLD WATCH
GAZA STRIP SERBIA PAKISTAN
Arab Leaders Agree Parliament Session At Least 12 Dead
On Rebuilding Plan Turns Into Chaos In Attack on Base
Meeting in Cairo on Tues- At least three lawmakers Two suicide bombers
day, Arab leaders endorsed were injured in Serbia’s parlia- breached a wall at a military
Egypt’s postwar plan for the ment on Tuesday, one seri- base in northwestern Pakistan
Gaza Strip that would allow ously, as chaos descended, before other attackers
its roughly two million Pales- with smoke bombs and flares stormed the compound and
tinians to remain, a counter- thrown—along with eggs and were repelled. At least 12 peo-
proposal to President Trump’s water bottles, Serbian media ple were killed and 30 others
plan to depopulate the terri- said. A vote on increased wounded, according to offi-
tory and redevelop it as a funding for university educa- cials and a local hospital. Four
beach destination. It was un- tion was scheduled, but oppo- of those killed were children,
clear if Israel or the U.S. would sition parties said the ruling hospital officials said. The vic-
accept the Egyptian plan. majority also planned to ap- tims lived close to the scene
DANNY LAWSON/PA WIRE/ZUMA PRESS

The summit hosted by prove dozens of other deci- of the blasts, which badly
Egypt included representa- sions. They said that was ille- damaged homes and other
tives from Qatar, the United gal and that lawmakers buildings. The roof of a nearby
Arab Emirates and Saudi should first confirm the resig- mosque collapsed while a
Arabia—countries whose sup- nation of Prime Minister Milos number of worshipers were
port is crucial for any post- Vucevic and his government. inside, rescue workers and the
war plan. A draft of Egypt’s Serbia is suffering a deep local government said.
$53 billion plan obtained by political crisis, with months of A group affiliated with the
the Associated Press fore- anticorruption protests rat- Pakistani Taliban claimed re-
FLAPS UP: Clergy and staff of England’s Ripon Cathedral competed in the annual Pancake sees rebuilding Gaza by 2030. tling the populist government. sponsibility.
Races marking Shrove Tuesday, the eve of Ash Wednesday—start of the fasting season of Lent. —Associated Press —Associated Press —Associated Press

FROM PAGE ONE

The Fight an electronics importer in Hong

Kong. He later discovered the
nascent crypto industry, and
Tether, though the powers
weren’t approved.
Circle obtained a license to

For Crypto’s spotted an opportunity. Crypto

companies couldn’t connect
their digital currencies with the
operate across the EU under
new regulations that required
stablecoin issuers to hold at

Future real-world banking system.

Launched in 2014 and regis-
tered in the British Virgin Is-
least 30% of their reserves in
cash in local banks. Tether op-
posed the condition as creating
lands, Tether aimed to fix this more risk, citing SVB’s collapse.
Continued from Page One problem. Traders could ex- Coinbase and other exchanges
associates that Circle is bad- change their real-world curren- delisted tether tokens for their
mouthing Tether to politicians cies for tether at a value pegged EU clients in response.
and whipping up enforcement to the dollar, and exchange the Another win for Circle came
actions against his company. stablecoin for other tokens near in December when Binance, the
They said that in his view, Circle instantaneously via digital world’s largest crypto trading
wants to turn the industry into blockchains. platform, partnered with it to
just another regulated corner of In Devasini’s eyes, tether was grow USDC’s adoption.
finance, while Devasini wants meant to subvert traditional fi-
crypto to stay true to its swash- nance. His wife, an artist, exhib-
buckling, antiestablishment ited paintings of dollar bills with New administration
roots. “Circle will not win if the image of George Washington Devasini had an ace up his
Tether is alive,” Devasini told an screaming because, she said, sleeve: Commerce Secretary Lut-
associate several months ago. they had “no more value.” nick, whose firm Cantor Fitzger-
The fight is over the future of Allaire’s mission was differ- ald held Tether’s Treasurys.
the $3 trillion crypto industry. ent. The American, now 53, was Lutnick had personally nego-
The pro-crypto Trump adminis- an established Silicon Valley en- tiated a deal for Cantor to invest
tration is meant to usher in a trepreneur who had served as in Tether’s holding company via
golden age for the sector, and on chief technology officer at soft- a convertible bond in April
Sunday, Trump announced the ware firm Macromedia, which 2024. Following a meeting with
formation of a crypto strategic pioneered Flash animation. Lutnick in Lugano the following
reserve. But in reality, the call to With Circle, which he set up in month, Devasini told associates
bring crypto into the main- Boston the year before Tether’s the Trump ally would seek to
stream through government debut, Allaire wanted to create a kill any bills that could harm
regulation has opened up a kill- new financial system that would Tether. Lutnick shared his dis-
or-be-killed battle among crypto update an inefficient patchwork like of Circle, Devasini added.
players. Laws, while expected to of banking networks that often The Commerce Department
be broadly friendly to the indus- snarled international payments. didn’t respond to requests for
try, could be devastating for in- While most of the crypto comment. A Cantor spokes-
dividual players such as Tether community relished the unregu- woman declined to comment.
if they are on the wrong side of lated marketplace, Allaire’s Lutnick helped Devasini cul-
new rules. strategy to grow Circle by work- tivate ties to the Trump camp,
Allaire has encouraged the ing with regulators was ironi- the associates said. After
U.S. and others to pass laws that cally “the contrarian bet,” said Trump’s election win, Tether
ban the use of Tether’s tokens, Hemant Taneja, CEO of venture- paid $775 million for a stake in
which are issued offshore. One capital firm General Catalyst, conservative streaming plat-
such law fully took effect in the where Allaire had also worked. form Rumble. Cantor managed
ALBERTO GIULIANI

European Union in December, Taneja and other big-name the deal. Rumble Chief Execu-
and similar bills have been in- U.S. investors, including fellow tive Chris Pavlovski, a close
troduced in the U.S. venture capitalist Jim Breyer, friend of Donald Trump Jr.,
Tether is the clear industry known for his early stake in tweeted that Tether was spread-
leader—its stablecoin is used in Facebook, lined up to fund Al- Tether chief Giancarlo Devasini in 2014. His coin is used in four out of five crypto transactions. ing “American freedom.”
four out of five cryptocurrency laire’s vision. Goldman Sachs, Senators pressed Lutnick
transactions. Tether’s holding asset-managers BlackRock and USDC a “shitcoin” and said au- But Circle stumbled when Devasini was unnerved by about his potential conflict of
company, of which Devasini Fidelity, as well as crypto ex- ditors wouldn’t work with Silicon Valley Bank collapsed in tightening legal strictures— interest over Tether during his
owns half, said it earned $13 bil- change Coinbase, all later in- Tether due to its reputation, March 2023, trapping over $3 caused both by growing regula- confirmation hearings. He
lion in profit last year, double vested, too. Allaire remains Cir- claiming others were spreading tions and allegations of criminal
billion of Circle’s cash reserves. claimed criminals only used
that of BlackRock and mostly cle’s largest individual lies about his company online. Spooked traders rushed to sell use of tether. tether more than USDC because
generated from the pile of su- shareholder. USDC, knocking its price down Devasini told associates he it had a larger market. “It’s like
persafe Treasury bills that Allaire first testified before to 87 cents. Circle’s price isn’twouldn’t travel to the U.S. In a blaming Apple because crimi-
Tether owns to back its cur- Congress in late 2013 and called ‘Flight to safety’ meant to fluctuate from $1. chat group, he asked for infor- nals use Apple phones,” he said.
rency 1-to-1 with the dollar. for the U.S. to take the lead in After years of mediocre re- Tether touted that it had no mation about the fate of Kim When Sen. Maria Cantwell
Allaire has regularly testified putting guardrails on crypto to turns, Tether and Circle stum- exposure to SVB. “Flight to Dotcom, founder of the defunct (D., Wash.), asked Lutnick in
in Congress to call for greater avoid allowing criminals to seize bled into a gusher of money in safety,” retorted Ardoino on Megaupload website, whom the written follow-up questions
regulation that would benefit the advantage. “He is as good as 2022. When the Federal Reserve Twitter as traders flooded back. Justice Department was seeking whether he would ever under-
Circle at Tether’s expense. A top anyone I know at sitting down raised interest rates, Tether’s USDC recovered its peg after to extradite on piracy charges. mine any bills to regulate
deputy pressed lawmakers last with very senior Washington Treasury holdings went from regulators rescued SVB, which In April 2024, Treasury sin- Tether, he responded that he
year to target Tether, citing its politicians,” Breyer said. earning tens of millions of dol- included many depositors who gled out tether for being used to had repeatedly conveyed his be-
tokens’ use in terrorist financ- The mudslinging between lars a year to hundreds of mil- held cash far above the federal help fund Russia’s war machine. lief that Congress should take
ing. The Wall Street Journal re- Circle and Tether started when lions a quarter. insurance level. Some $20 bil- In June, the slogan “Tethered to care not to undermine “dollar
ported in October that the Jus- crypto trading hit the main- At a meeting in the Bahamas lion drained out of USDC over Corruption” appeared on bill- hegemony on blockchain,” indi-
tice and Treasury Departments stream in 2020. that December, Devasini told a the rest of the year. boards in Washington and New cating Congress shouldn’t make
were investigating Tether for Tether’s “greatest feature is business partner he believed Ardoino warned that people York. It was part of an advocacy legislation so onerous for com-
possibly violating financial its non-compliance and opacity,” Tether posed such a threat to should “truly beware” of a sta- group’s campaign to bring at- panies like Tether that they lose
crime laws. “We want to make Allaire tweeted in January that the U.S.-dominated international blecoin company like Circle for tention to tether’s use by terror- market share.
sure that USDC is the preferred year, noting it had become a so- banking order that the White keeping reserves in uninsured ists and drug cartels. He didn’t commit to not in-
digital dollar,” Allaire said in an lution for those wanting to by- House could seek to shut it cash deposits. Allaire said Circle Devasini saw Circle’s hand in terfere in any federal investiga-
interview. pass the financial system. down at any moment. needed to keep a small portion the attention. “They are behind tions into Tether, writing he
Devasini, in contrast, es- In letters to authorities in the Allaire, meanwhile, was of its cash reserves outside BNY every single attempt to bad- would fulfill his duties in line
chews the spotlight and almost U.S. and elsewhere, Circle raised deepening his ties to the tradi- Mellon and other major global mouth Tether,” Devasini told a with government ethics laws.
never speaks publicly. On paper, the alarm about how unregu- tional financial world. By the banks to facilitate customer re- business partner. Ardoino pub- Regarding his discussions with
the 60-year-old has been lated stablecoins could harm end of 2022, Circle kept most of demptions. licly accused Tether’s competi- Devasini, Lutnick wrote, “I have
Tether’s chief financial officer, consumers. Circle that July its reserves at Bank of New York That June, Allaire petitionedtors of funding the group’s cam- never suggested to anyone that
and on Monday the company flagged to the Financial Stability Mellon, the world’s largest cus- Congress for a stablecoin bill paign. The group, Consumers’ I would do anything improper
said he would transition to be- Board, an international body tody bank, as well as some cash that would mandate strict re- Research, said it never discloses with respect to Tether.”
come chairman. In reality, he that monitors global finance, an at other regulated financial in- serve requirements and allow donors’ identities. Sen. Kirsten Gillibrand (D.,
has always run the operation— incident that happened two stitutions. BlackRock managed issuers to hold cash at the Fed- Circle declined to comment. N.Y.) and others put forth a new
even though he passes out busi- years earlier in which tether its Treasury portfolio. eral Reserve. In a broadside Circle executives regularly stablecoin bill in February,
ness cards that say “No title, No temporarily lost its dollar peg Allaire tweeted “Flight to against Tether, he called for met with Treasury officials and which Allaire publicly cheered,
job, Nothing.” Behind the because authorities seized a quality” about traders ditching measures to bar the circulation other authorities throughout and the House introduced a sim-
scenes, he is counting on allies chunk of its reserves as part of a tether for USDC as his stable- 2024 to flag tether’s national se-
of digital dollars issued offshore ilar proposal. Gillibrand said in
such as Commerce Secretary money-laundering investigation. coin gained ground on its rival. that “do not play by U.S. rules.”curity risks, according to people an interview the legislation
Howard Lutnick, whose firm Circle promoted its transpar- familiar with the dis- would allow serious crypto com-
Cantor Fitzgerald holds much of ency and released audited finan- Total value of tether cussions. panies to compete in a fair mar-
Tether’s reserves, to snuff out cials in 2021. It later hired ac- and USDC markets Treasury was so ketplace, “and not be disadvan-
hostile legislation backed by Cir- counting firm Deloitte to sign concerned by tether’s taged or undermined by
$150 billion
cle, associates said. Lutnick off on comprehensive monthly proliferation among charlatans or purveyors that
stepped down from Cantor after statements covering USDC’s re- America’s enemies have no safety standards and
his confirmation in February. serves, which consist mostly of 125 that it considered have no transparency.”
Both companies declined to Treasurys, plus some short- whether to impose “I don’t think Tether today
TIMOTHY MULCARE FOR THE WALL STREET JOURNAL

comment on the other directly. term Treasury loans and cash. 100 tether sanctions on Tether would qualify for the require-
Circle isn’t focused on the “un- Tether, in contrast, releases itself, the people said. ments,” she said.
regulated money world,” Allaire financial statements that are far 75 This would lock Tether’s growth has slowed
said, but rather the entire $100 lighter in detail, and only after Tether out of the U.S. since mid-December after its to-
trillion market for legal elec- being forced by New York state banking system, ken’s removal from some ex-
50
tronic money. regulators. Tether also supple- likely dooming its changes.
Tether has repeatedly denied ments its Treasurys with bit- business. The depart- Circle has been rocketing,
aiding criminal actors and has coin, commercial loans, gold and 25 ment also requested with the total value of USDC fi-
said it cooperates with law-en- unspecified other investments. USDC new powers from nally eclipsing the pre-SVB level
forcement agencies. Devasini griped to associates 0 Congress to target in early February. The company
Devasini, an Italian, charted a in messages reviewed by the 2019 ’20 ’25 offshore dollar- is soon moving into new head-
peripatetic career, first as a Journal about unfair compari- backed stablecoins, quarters in New York’s World
plastic surgeon in Milan, then as sons with Circle. He branded Source: CoinMarketCap Jeremy Allaire, founder of Circle. aiming to rein in Trade Center.
 PERSONAL JOURNAL.
© 2025 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Wednesday, March 5, 2025 | A9

BY ALLISON POHLE AND ALISON SIDER

S
ome families are getting
priced out of spring
break.
Rising costs for lei-
sure travel are weighing
on a growing share of
would-be vacationers to delay
spring and summer bookings.
Consumer sentiment has started
to slide, weighed down by tariff
threats, persistent inflation and
layoffs in the public and private
sectors.
People signaling plans to go on
vacation dropped to the lowest
level since 2021, according to the
Conference Board’s Consumer Con-
fidence Index released this week.
The share of Americans citing
personal financial reasons and the
overall costs as reasons they
aren’t traveling hit 12-month
highs, according to market-re-
search firm Future Partners,
which polled 4,000 travelers in
January.
This doesn’t mean people are
scrapping trips altogether.
Wealthy Americans continue to
spend big on far-flung interna-
tional travel. The Future Partners
survey found that travel will be a
high budget priority for more than
half of respondents in the next
three months.
Airlines have been charging
higher fares in recent months.
Last year, carriers flooded some
routes with added seat capacity

Rising Costs Take a Toll

and then had to offer deep dis-
counts to fill them. Now they have
pulled back some flights, and the
more restrained supply has bol-
stered prices.

On Americans’ Travel Plans

The average round-trip airline
ticket during the spring-break pe-
riod from mid-March to mid-April
is $820 for domestic cities, up 7%
from last year, and $1,440 for in-
ternational destinations, up 2%
from last year, according to AAA
International travel remains strong, but less affluent families are scrimping on U.S. vacations
booking data.
Julie Drake typically
travels with her husband  Tourists looking over the Grand
and children over spring Canyon at sunrise last month in
break. This year, they will Arizona.
stay home. The 40-year-
old nursing consultant
from Rockford, Ill., hoped the company’s earnings call. Atten-
CLOCKWISE FROM TOP: GETTY IMAGES; VALERIO PUCCI/OCTORA KEYSTONE CORP/ZUMA PRESS; LANNA APISUKH FOR WSJ

to make use of a discount dance for the company’s Christmas

for a Disney cruise. But programming was up compared
airfare for four averaged with last year, but those consum-
about $3,000, for flights ers were more price-sensitive than
from Chicago to San Di- the company expected, which led
ego or Miami. to a decline in overnight stays
Drake considered driv- compared with 2023, he said. The
ing to Milwaukee, or even company owns the Grand Ole Opry
to Detroit, to fly from and the Ryman Auditorium in
there, but the cost sav- Nashville, Tenn.
ings didn’t add up. The Philip Bradford, a 35-year-old
cost for four round-trip urban planner, typically travels to
flights and cruise tickets two new countries each year, but
on their spring break dates would trajectory,” said United Airlines  ‘Pluto’ welcomes guests on the $1,000, which she said was less doesn’t have any trips booked
total $10,000, she said. Her family Chief Financial Officer Mike Leski- Disney Treasure cruise ship in New than driving and staying in hotels right now.
gives priority to making memories nen. The strong U.S. dollar has York City. Some vacationers said along the route. Bradford recently moved to
together, but can’t justify the trip bolstered appetite for interna- they found travel by rail, right, to To O’Sullivan, it is worth the Washington, D.C., from the West
with current prices. tional travel, both for business be cheaper than airfares. time spent mapping out how they Coast, but lost his job after self-
“With all of the uncertainty in and leisure customers. But domes- can “do this in a way that’s af- funding the move. His priority for
our country right now, I have a tic leisure demand, often the most fordable and comfortable and still this year is paying off debt and,
fear of spending a large amount of price-sensitive customer segment, two small children, on a two- be connected to our loved ones,” ideally, saving up to buy a house.
money when we don’t know what isn’t as sparkling. week Amtrak trip across the she said. Still, Bradford hopes to fit in an
the future holds,” she said. Families have gotten creative country last summer. They took Financial stress may be having international trip this year, poten-
Airlines say they aren’t worried about cross-country travel to make the train from Albuquerque, N.M., a bigger chilling effect on lower in- tially to Thailand.
about waning demand. the numbers work. to Chicago, then on to Buffalo, come consumers, some analysts “I love travel; it’s my main
“There is nothing that discour- Emma O’Sullivan, an attorney N.Y., and Boston to visit family. said. Mark Fioravanti, chief execu- hobby, but there are things that
ages us about either the short- at a nonprofit in New Mexico, The three train segments for four tive of Ryman Hospitality Proper- are a little bit more important
term trajectory or the full-year took her family of four, including coach passengers cost under ties, called out price sensitivity in right now,” he said.
A10 | Wednesday, March 5, 2025 THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

Research Delivers a Gut Punch

what’s known as observational,
doesn’t prove that emulsifiers are
causing health problems. And
some of the increased risks are
small. But emerging science is

About Emulsifiers Used in Food finding that some emulsifiers alter

the gut microbiome in a way that
can cause inflammation. Inflam-
mation has been implicated in a
host of diseases.
New studies suggest there may be a link between the texture-tweaking agents and health risks In a small study with 16 people,
the microbiomes of subjects who
ate the emulsifier carboxymethyl-
cellulose for 11 days were altered:
They had fewer types of bacteria,
more bacteria associated with
poor health and less “good” bacte-
ria than those who didn’t get the
substance. (The diets of the two
groups were identical, except for
the emulsifier.)
Also, two participants in the
emulsifier group had bacteria that
had invaded the inner mucus layer
in the gut. This encroachment is
thought to lead to inflammation not
just in the digestive system but
throughout the body, said Andrew
Gewirtz, a professor at Georgia
State University and an author of
the study, published in 2022 in the
journal Gastroenterology.
The study in people builds on a
larger body of research in animals
and in the lab. Some recent re-
search has found that people vary
in their body’s response to emulsi-
fiers. Scientists in the U.K. and
France are investigating a low-
emulsifier diet as a potential
treatment for Crohn’s disease.

What you can do

You can avoid emulsifiers alto-
gether by not eating ultra-pro-
cessed foods. But that isn’t realis-
tic for a lot of us.
The most concerning emulsifi-
ers are the synthetic ones like
carboxymethylcellulose, which is
widely used in packaged baked
goods, and polysorbate 80, which
is often used in ice cream and
other dairy products, says
BY ANDREA PETERSEN  Emulsifiers can be found in a

T
were in about 54% of them. like carboxymethylcellulose and Gewirtz. He suggests avoiding the
range of foods, from ice cream to The food industry defends polysorbate 80, are synthetic. Oth- gums, like guar gum and xanthan
hey keep salad dressing whole grain crackers. their use. “Emulsifiers and thick- ers, like soy lecithin and guar gum, too. These substances gener-
from separating, ice ening agents play an important gum, are derived from natural ally aren’t digested. They pass
cream from dripping role in improving food texture sources. through the large intestine, where
and muffins from hard- Many common emulsifiers were and consistency, and have been they disrupt the microbiome, says
ening. Emulsifiers, used considered safe because they studied by the FDA through a rig- What the science says Gewirtz.
to improve the texture aren’t readily absorbed by the orous scientific and risk-based People who have higher intakes of Watch out for carrageenans,
of food, are in all sorts of prod- body. But now researchers under- process,” said Sarah Gallo, senior several common emulsifiers are too, says Benoit Chassaing, head
ucts. But there is growing concern stand that this very quality en- vice president of product policy more likely to develop Type 2 dia- of the Microbiome-Host Interac-
about the potential health risks ables emulsifiers to disrupt the at the Consumer Brands Associa- betes, cardiovascular disease and tions Group at Institut Pasteur in
from eating them. microbiome. tion, a trade group that includes cancer, according to three recent France. These are particularly
Recent studies have found that Emulsifiers are harder to avoid many food makers. studies by Touvier and colleagues. common in low-fat yogurt and
consuming common emulsifiers is than some other food additives, There are dozens of different The studies, which followed about other low-fat dairy products. In
linked to a higher risk of heart like artificial sweeteners and col- emulsifiers and thickeners. Some, 92,000 to 104,000 people over ap- his research, carrageenans reduce
disease, Type 2 diabetes and some ors, because they are difficult to proximately seven years, con- the amount of beneficial bacteria
cancers. Other re- taste and see and trolled for a variety of factors, in- and promote the growth of bacte-
search seems to their use is so wide-  Emulsifiers increase the stability cluding age, body-mass index and ria associated with poor health.
show why: The sub- spread. The ingredi- and shelf life of many foods, family medical history. The common emulsifier soy
stances change the Emulsifiers are ents are cheap and including salad dressing. The research, because it is lecithin is likely less harmful,
gut microbiome in a harder to avoid increase stability Gewirtz says, because
way that can cause and shelf life. “They it is a natural product
inflammation. than artificial make the food taste that is more readily
Emulsifiers may exactly the same ev- absorbed.
partly explain why
sweeteners ery time,” said Dr. Touvier recom-
diets high in ultra- and colors. Dariush Mozaffarian, mends the website and
processed foods are a cardiologist and app Open Food Facts, a
associated with director of the Food crowdsourced food da-
health problems. Ul- is Medicine Institute tabase, that flags emul-
tra-processed foods, which include at Tufts University. sifiers and other food
everything from energy bars and Emulsifiers are commonly additives.
chips to deli meat and many soups, found in junk food, but they are The actual food
are facing increased scrutiny by the also used in foods that have a you’re eating is still the
FROM TOP: ISTOCK (2); ADAM DAVIS/ZUMA PRESS

Trump administration. Robert F. healthy image—like some yogurts, most important factor
Kennedy Jr., the new head of the whole grain crackers and break- in rating its healthi-
Department of Health and Human fast cereals, said Mathilde Touvier, ness, Mozaffarian
Services, has said the Food and research director at the National notes. “If you’re con-
Drug Administration will investi- Institute of Health and Medical suming yogurt or a
gate food additives. Kennedy has Research in France. fruit dish or bean dish
often blamed the substances for In one study by Touvier and and it has one of these
chronic diseases in the U.S. colleagues, researchers analyzed stabilizers in it, it’s still
The new research on emulsifi- the ingredients in 126,000 pack- better for you than con-
ers is upending what scientists aged food and drink products suming bacon or, you
thought they knew about them. available in France: Emulsifiers know, candy,” he says.

Pet-Sitting payment app, or with vir-

tual currency.
come taxes through their owners’
individual returns. That deduction
was created in the 2017 tax law
Or Tutoring? Estimated taxes
and withholding
and was designed to provide a tax-
rate cut similar to those given to

You’ll Still The tax system is pay as

you go, so taxpayers with
self-employment income
corporations. The deduction, like
much of the rest of that law, is
scheduled to expire after this year,
Have to generally must make
quarterly estimated pay-
and Congress may make changes.

Understanding Form 1099-K

File Taxes ments. For 2025 taxes,
those deadlines are April
15; June 16; Sept. 15; and
More gig workers in the coming
years with income from online plat-
Jan. 15, 2026. It’s crucial forms can expect to get Form 1099-
BY ASHLEA EBELING to stay on top of dead- Ks. These are reporting forms that

T
lines because there are are sent in duplicate to the IRS, like
aking on a gig job means tak- penalties for underpaying W-2 forms for employees. That
ing on new tax responsibilities. estimates. means the IRS will now know a lot
You might not think you’re Those who also have more about gig-work income. The
in business, but if you’re reselling W-2 wage income or file threshold for these forms to go out
items online, tutoring or pet-sitting, jointly with a spouse for 2024 is when transactions for
for example, the money you make is who does can adjust the goods and services exceed $5,000.
generally considered self-employ- tax withholding with the That threshold is set to drop to
ment income. You’ll likely have to employer to withhold $2,500 in 2025, and $600 in 2026.
account for it when you file your more and make up for The IRS has a guide to understand-
taxes. On the plus side, you also missing estimated tax ing your 1099-K.
may get the benefit of writing off payments. Filers facing
business expenses. penalties can save by making ployee and employer portion of  Gig workers are responsible for Saving for retirement
Here are key tax considerations payments before their April 15 tax these taxes. Although you pay the paying their own employment Self-employed individuals have ac-
for gig workers: return due date. entire amount, there is a deduction taxes. cess to retirement plans like SEP-
for half of this self-employment tax. IRAs and Solo 401(k)s, with higher
What is taxable? Self-employment taxes Lower earners often owe more for contribution limits than traditional
You must report income earned as You must file a tax return if you these social-insurance taxes than may include expenses for maintain- or Roth IRAs. For 2024, the contri-
YUKI IWAMURA/BLOOMBERG NEWS

a gig worker on your tax return have net earnings from self-employ- income taxes. ing a home office, business phone bution limit for a Solo 401(k) is
even if the income isn’t reported to ment of $400 or more from gig and internet use, vehicle mileage for $69,000 plus catch-up amounts for
you and the Internal Revenue Ser- work. Unlike traditional employees Business deductions business travel and business meals. those 50 and older.
vice on an information-return form whose employers handle withhold- Gig workers are taxed on profits Meticulous records are essential in Contributions to SEP IRAs and
like a 1099-MISC, a 1099-NEC or ing for Social Security and Medicare rather than gross revenue. This the case of an IRS audit. Solo 401(k)s can often be made
1099-K. taxes, gig workers are responsible means the taxable income is what Gig workers may be eligible for until the mid-October tax return
It’s income no matter how you for paying their own employment remains after deducting business-re- a 20% deduction for so-called pass- filing deadline for those who file an
are paid, whether in cash, through a taxes. You must pay both the em- lated expenses. Deductible expenses through businesses, which pay in- extension.
THE WALL STREET JOURNAL. NY Wednesday, March 5, 2025 | A10A
A10B | Wednesday, March 5, 2025 THE WALL STREET JOURNAL.

Prediabetes captures
1 in 3 adults. But you
can reverse it and prevent
or delay type 2 diabetes.
Take the 1-minute risk
test today.
Be your own hero at
DoIHavePrediabetes.org
 THE WALL STREET JOURNAL. Wednesday, March 5, 2025 | A11

ARTS IN REVIEW

I
t’s not unusual for artists
who come from the indie-rock
sphere to try their hand at
mainstream pop. There has to
be a certain amount of curi-
osity involved, where they
wonder how far a career in music
might take them, and artists from
Mitski, who worked with hired-
gun hitmaker Dan Wilson on a
song from her album “Laurel
Hell,” to St. Vincent, who collabo-
rated at length with Jack An-
tonoff, have explored musical ap-
proaches that would have seemed
foreign to the fans who followed
them from the beginning.
At first glance, Sasami Ash-
worth, who performs under her
first name, seems like the latest
artist to travel the indie-goes-pop
route. After a stint playing with
the rock band Cherry Glazerr, she
released a self-titled debut record
in 2019 that was firmly in the
realm of confessional singer-song-
writers like Phoebe Bridgers—inti-
mate, jangly and dreamy. Her sec-
ond album, “Squeeze,” was a
sharp left turn, leaning on her gui-
tar playing, which imbued heavy
metal and pop-punk with an in-
dustrial sheen. In interviews lead-
ing up to her third LP, “Blood on
the Silver Screen” (Domino), out
Friday, Ms. Ashworth spoke of in-
spirations including Britney
Spears, Katy Perry and Lady Gaga,
which might suggest a naked bid
for the mainstream.
But the set turns out to be
more interesting than that. A bet-
ter way to understand “Blood on MUSIC REVIEW | MARK RICHARDSON
the Silver Screen” is to examine
Ms. Ashworth’s musical back-
ground. She’s a conservatory-
trained musician who studied
French horn and, after earning her
degree, worked as a music teacher.
Sasami’s Winding Path to Pop
For her, exploring a genre seems The indie singer-songwriter moves ambivalently toward the mainstream on her third solo album
at least partly a technical
challenge, and here she’s
trying to see if she can as- Sasami Ashworth, above; tively dramatic move from quiet to the record mostly fall flat. In “Pos-
semble songs as appealing her record ‘Blood on the loud in the chorus. sessed,” we can assume “I’m run-
as the formative hits of Silver Screen’ is out Friday. Despite her stated inspirations, ning with the devil” is a Van
her youth. She enlists the Ms. Ashworth would be a poor fit Halen reference, given all the
help of co-producers Jen- in, say, a Max Martin production. metal riffing on her last album,
nifer Decilveo (Hozier, Mi- Ashworth doesn’t take her- Her voice is reasonably strong and but it seems tacked on. And on
ley Cyrus) and former self too seriously. suits her songs, but it’s a little “For the Weekend,” the tangled
Vampire Weekend member “In Love With a Mem- light on personality. This becomes couplet “I don’t wanna be careless
Rostam Batmanglij (Haim, ory,” a duet with indie-pop an issue when the melodies don’t / But this way to Heaven is stair-
Charli XCX). Together, singer and kindred spirit hit. Her songs work best when the less” takes you out of the song as
they’ve crafted a highly Clairo, has an ear-catching guitars are in the foreground and you try to figure out what the
polished electro-pop sound arrangement of jittery her voice is a little lower in the heck she’s talking about.
filled with dark corners synths and a stuttering mix. “I’ll Be Gone” is a serviceable In the end, “Blood on the Silver
that leave space for Ms. drum beat, the jagged na- but anonymous electro-pop num- Screen” is frustratingly inconsis-
Ashworth’s guitar. ture of the sonics mirror- ber that one could imagine coming tent, with a handful of great
“Slugger” is a knockout ing the unease of the lyr- from any of a dozen other indie- tracks that don’t quite offset the
opener, as Ms. Ashworth ics. It has a nicely pop hopefuls, with a lyric—“this is dull patches. But we should re-
piles up enough hooks to distorted guitar part with so problematically me”—that member that this is just one stop
power three or four songs. a harmonized lead redo- sounds ripped from a tossed-off on Ms. Ashworth’s winding path.
It’s a powerfully addictive lent of classical music cut- social-media post. And “Nothing She’s a versatile talent as an in-
number with dense pro- ting through the digital but a Sad Face” tries to be a goth- strumentalist and a writer of mel-
duction driven by tightly sheen. And the singers inflected ballad, but the vocal per- odies. She’s trying something new
sequenced synths balanced have pleasingly opposite formance doesn’t lead us into for the third time in a row, and
by a swooning keyboard in the melodies” and “My whole life I’ve styles, with Clairo’s warmth and darkness. the nature of experiments is they
chorus, and its lyrics walk a thin been doing fine / And now I’m cry sweetness contrasting with Ms. “Slugger” sets the table for don’t always work.
line between uncomfortably awk- cry crying like Dolly from 9-5” Ashworth’s more detached intona- playful references that verge on
JUSTIN CHUNG

ward and endearingly goofy. Cou- sound forced on the first play but tion. Later in the record, “Honey- corny yet come across thanks to Mr. Richardson is the Journal’s
plets like “Back to those late-night fit just fine when you hear them a crash” is another strong effort, songwriting acumen. But similarly rock and pop music critic. Follow
reveries / Nocturnal like Chopin few times and realize that Ms. with thick guitars and an effec- odd turns of phrase elsewhere on him on X @MarkRichardson.

TELEVISION REVIEW | JOHN ANDERSON to come up with some

A Cyber Satire
harmless joke that
Doug might have told,
to defuse the situa-
tion. Morgan’s contri-

Of Cancel Culture
butions are consis-
tently woeful, as are
those of Doug’s agent,
Bently (a wonderful

D
Simon Russell Beale),
ouglas Bellowes, the affable is a top editor at a London tabloid (“I who has nothing to
chap played by Hugh Bonne- work with people who hack your say that isn’t both
ville in “Douglas Is Cancelled,” phone,” she warns a cyber-clueless useless and hilarious.
is a “national treasure,” a TV host Doug); and their college-age daugh- Episode 3 marks a
who has spent a career comforting ter, Claudia (Madeleine Power), can- radical shift in tone, di-
his U.K. audience through times of not speak at all without “patriarchy” rection, characteriza-
bad news, smiling with viewers in popping out. From his offspring tion, expectation and a
times of good news. And yet, some- alone, Douglas has been under a heightened respect for
how, after 30-odd years, it’s all still firehose of activist jargon and usage Mr. Moffat, who never
news to Doug. Woke? He’s barely correction. “It’s like we’ve lost her to stops making fun of
conscious. a cult,” Douglas sputters. “We’ve lost so-called wokeness but
His wake-up call arrives by way her to a university,” counters Sheila. turns his series into
of social media—a post alleging that “It’s similar, but you still have to do both a revenge tale
Douglas told a “sexist” joke at a re- their laundry.” People don’t talk like and a piece that exam-
cent wedding. A this, though it is ines subtleties of lan-
wholly inappropriate clever. Nor do they guage, innuendo and
gag, apparently, lay down quite so “Live at Six”; or construing any refer- Hugh Bonneville in ‘Douglas Is coercion. A flashback to a hotel room
though it is not ex- A British TV much groundwork ence to the online platform as being, Cancelled,’ above; Karen Gillan in some three years earlier examines,
plained. Doug seems, host becomes about the state of instead, about someone’s former Steven Moffat’s series, below. in painful detail, the close attention
very sincerely, to not their world without spouse.) a predator might pay to maintaining
know what it’s all the subject considerable prompt- Would a single tweet from an sees it as sabotage: Did Madeline plausible deniability while at the
about. But all those ing from a script. unknown entity destroy a celebrity’s intend her post as a warning not to same time making clear that a
around him begin los-
of scandal over (Speaking of which: career? That we have to ask is bad buy into online scuttlebutt? Or as young woman’s future is in his
ing their minds. a sexist joke. Except for one off- enough, but Madeline, in an ostensi- an expression of shock that Douglas hands. And that the way that some-
This very clever, hand aside, the deliv- ble show of support, throws petrol would do/say such a thing? That thing is said implies at least as
deliberately disorient- ery system of misery on the fire. “Don’t believe this,” she the phrasing is so gray will confirm much threat as the words do them-
ing four-part series here is always re- writes, while retweeting the original our suspicions that Madeline is not selves. The episode—a strange out-
from creator Steven Moffat seems, ferred to as Twitter, the messages accusation to her 2 million follow- just a sparkling young counteragent lier, in a series that is generally
at first, to be intended purely as a tweets. This could be read as a pot- ers. “Not my co-presenter.” Douglas to Doug’s avuncular TV presence, funny—calls to mind different works
takedown of political correct- shot at Elon Musk, but no one in au- is thrilled; his much savvier wife but a tiny bit sinister. that deal with the ambiguities of
ness, the fundamentalist hijacking thority ever gave She does have an agenda, though sexual harassment. The Francine
of language, the dictatorship of the much thought to its unveiling by Mr. Moffat (“Doctor Prose novel “Blue Angel,” for in-
masses, online style. That no one how problematic Who,” “Sherlock”) will keep viewers stance. Or David Mamet’s play
knows what Douglas did or didn’t “X” would be, espe- off balance from each episode to “Oleanna.” The disturbing-amusing
say doesn’t matter, which is the cially regarding dia- the next. (There may be spoilers to “Douglas Is Cancelled” could be
point: It’s enough to be accused to logue in a comedy follow, so be forewarned.) Douglas is staged live, too, each scene being
be canceled. That Douglas doesn’t with such fast- initially bewildered at being the sub- self-contained, with a climactic se-
know this—while his on-air col- paced wisecrackery. ject of cyber bile, and by his genu- quence that suggests “Frost/Nixon.”
league Madeline Crow (Karen Gil- Mr. Moffat, one inely Kafkaesque plight of being in- But that would turn the whole proj-
lan) certainly does—speaks to suspects, consid- dicted but not knowing why. As the ect into the kind of message movie
Doug’s cushy life, insularity, bubble. ered the innumera- story moves along, his closest allies, Mr. Moffat seems eager to sidestep,
BBC STUDIOS/HARTSWOOD (2)

Obliviousness, if you like. ble problems of all of whom have careers at stake, humor lying in another direction.
But Mr. Moffat also takes a bit of comprehension by try to spin the coming disaster
license making Douglas quite so im- viewers who would without knowing what they’re doing. Douglas Is Cancelled
mune to reality, given that Madeline, be hearing “X” as Doug’s producer, the moral inverte- Begins Thursday, BritBox
his near-constant companion, is a “sex,” “next,” “Dex”; brate Toby (Ben Miles), even enlists
high-ranking member of the digerati; the Doug and the “Live at Six” comedy writer Mor- Mr. Anderson is the Journal’s TV
his wife, Sheila (Alex Kingston, “ER”), Madeline show, gan (Nick Mohammed, “Ted Lasso”) critic.
A12 | Wednesday, March 5, 2025 THE WALL STREET JOURNAL.

SPORTS
BY ANDREW BEATON
The Unlikely Team That Will the NFL in all three major receiv-
ing categories: yards (1,708),

N
o NFL team had a more frus- catches (127) and touchdowns (17)

Define the NFL Offseason

trating 2024 than the Cin- last year. Now he’s expected to re-
cinnati Bengals. set the market as the game’s high-
Their trouble started even be- est paid non-quarterback.
fore the season kicked off, when The problem is only exacer-
star receiver Ja’Marr Chase sat With a trio of marquee players due for megadeals, bated by the fact that Cincinnati
out of preseason activities while has to make a similar calculation
stewing over his contract. From the Cincinnati Bengals face a roster building conundrum with Chase’s teammates. Hen-
there, things only got worse. The drickson, 30 years old, is the exact
Bengals lost four of type of player ap-
their first five games, proaching the end of
falling so far adrift in his prime that the Ben-
the standings that gals have often allowed
even a five-game win- to leave. Yet coming off
ning streak to end the a year when he led the
campaign wasn’t NFL with 17.5 sacks,
enough to salvage a even Tobin has ac-
playoff spot. knowledged that Hen-
But a couple of drickson, who has one
months since closing year left on his deal, is
the book on that due for a raise.
clunker of a season, The most expend-
Cincinnati now finds able of the bunch
itself in an odd posi- might seem to be Hig-
tion for a team that gins, who would be the
failed to reach the No. 1 receiving options
playoffs. Suddenly, on plenty of other
the Bengals are the teams but plays second
center of everyone’s fiddle to Chase in
attention. Cincy. Yet even during
As football’s off- a season in which he
season gets under just missed five games
way, Cincinnati has due to injury, Higgins
three marquee play- showcased his value to
ers—Chase, fellow re- the team by catching a
ceiver Tee Higgins career-high 10 touch-
and defensive end downs.
Trey Hendrickson—all That’s why his quar-
due for new con- terback has made it
tracts. Together, they clear how he’d feel if
could command deals Higgins isn’t a Bengal
worth hundreds of next year. “I’d be very
millions of dollars. disappointed in that,”
And how Cincinnati Burrow said. “Tee is a
handles this trio of need.”
complex negotiations The Bengals took a
will have major rami- step toward keeping
fications across the The Bengals have three stars—Ja’Marr Chase, Trey Hendrickson and Tee Higgins—all due for new contracts.. Burrow happy on Mon-
sport. day when they assigned Higgins
Figuring out what to do when keep together their talented nu- ception to Cincinnati’s spending, lot like Chase. Drafted with the the one-year, franchise tag at a

TIMMY HUYNH/WSJ, GETTY IMAGES (2), ASSOCIATED PRESS, ISTOCK

several players are all seeking ex- cleus of players, while sacrificing when he received a five-year, $275 No. 5 overall pick in 2021, Chase cost of about $26 million. The
pensive new deals all at once flexibility and resources to spend million contract, with most of that has since surpassed those lofty ex- move doesn’t preclude a trade,
would present a challenge for any on the rest of the roster. Or they money guaranteed. pectations, turning into a game- and Tobin said the team’s prefer-
club. But that’s especially true of could risk watching them suit up The problem is that, histori- changing playmaker. ence is to figure out a long-term
Cincinnati, which has a history of for a rival—right as Cincinnati cally, Cincinnati has been loath to But those accomplishments ha- pact. It might seem like a mis-
frugality and has been reluctant to tries to position itself to make an- make that type of commitment to ven’t stopped Chase and the Ben- guided splurge for the Bengals to
guarantee big money to anyone other playoff run. players at other positions. In fact, gals from reaching an impasse sign both Chase and Higgins to
who doesn’t play quarterback. “We want them signed. Is it going into this offseason, no team over a new deal. Their standoff top-of-the line deals. There were
As it happens, the team now easy? No,” director of player per- had less money committed to non- last offseason came right as the only two franchises last year that
has three players who have ex- sonnel Duke Tobin said. “Are we quarterbacks than the Bengals. In- market for top receivers was reset had a pair of receivers each mak-
celled at premium positions where up to it? We are up to it.” stead, the team has typically been by a flurry of deals across the ing at least $25 million a year.
those types of lucrative megadeals Bengals quarterback Joe Bur- known for avoiding guarantees be- league, topped by Justin Jeffer- But there’s also proof that it
are increasingly standard prac- row has made his position clear: yond the first year of a contract. son’s contract with the Vikings can be a winning formula. One of
tice. That leaves the Bengals in a He doesn’t want to see his team- If anyone could make the Ben- priced at $35 million annually. those teams happened to be the
precarious position. They could mates walk out the door. Burrow gals rethink that approach, And since then, Chase has only Philadelphia Eagles, who just won
break with their thrifty ways and has also been the most notable ex- though, that player would look a driven the price higher: Chase led the Super Bowl.

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 31 Arcing
shots
14 15 16 32 Just sitting
around
17 18 19
33 Person who
20 21 22 may exert
pressure
23 24 25 34 Tale with
scale
26 27 28 29 30 31 32 33
35 Credit card
34 35 36 37 38 feature
36 Org. with
39 40 41 42 a Dynamic
Maturity
43 44 45
Pavilion at
46 47 48 49 the 1964
World’s Fair
50 51 52 53 54 41 “Naughty,
naughty!”
55 56 57 58 59 60 61
47 Private
employer? Samantha LaLonde during the Iditarod’s ceremonial start in Anchorage, Alaska.
62 63 64
48 Makes even
65

68
66

69
67

70
slicker
49 Flock
females
The Iditarod Is Short on Snow
Continued from Page One course, some 200 miles from Clipboard.”)
52 Support The result is a race like Anchorage, hadn’t seen any But changing 19 check-
STARTER PROGRAMS | By Gary Larson & Amy Ensz 53 Stop on the nothing before in the Idi- snowfall since late January. points was only a small part
Across 39 Obsessed 65 Durable 12 It’s across the way tarod’s 53-year history. The For the roughly 500 dogs of the logistical nightmare.
captain of wood Mekong from 54 Exploits new route, traced farther pulling 33 mushers, the lack Because the main way to
1 Drywall
fiction Thailand north, will last a record dis- of permafrost poses a seri- move supplies around is by
holder 66 Michaels of 55 Samoan tance of 1,128 miles from ous risk of injury that even air, the Iditarod operates an
5 Really ripped 40 “Halt!” to a “SNL” 13 Seasonal Will capital Fairbanks to Nome. Only 33 the 100,000 pairs of booties air force with 30 planes tak-
salt 67 Scored on Ferrell movie mushers, tied for the fewest used throughout the race ing over 800 flights that
10 Kind of force 56 Some hosp.
42 Accomplished serve 18 Riding personnel ever, are daring to tackle a couldn’t prevent. Instead of needed to be rerouted, with
14 Do a trail that includes unusually breezing across snow, they’d hangars warm enough to
publicist’s job 43 Delivery 68 Bridge call 19 Individually 57 Pub staples long stretches along frozen essentially be racing through house them in between.
possibility 69 Gets rid of 24 Mistranslate, rivers. mud and rocks. Back in 2014, The Iditarod isn’t the
15 High land 58 Cruel person
44 “How say Even the ceremonial start teams had to drop out be- only weather-dependent
16 Airline with 70 Salon 59 Tough spot
unfortunate!” over the weekend had to be cause their sleds weren’t winter sporting event that
kosher meals supplies 25 Where Meryl
60 Change for pared down from its typical made to handle the bare has been radically reshaped
45 Tech support Down Streep got her 11-mile path through An- ground. by changing climate—the is-
17 Set a value a fiver
caller baccalaureate chorage, where locals are There was only one thing sue exists at all levels. At
on a shingling 1 Winter wrap 62 Phone
46 Seem to degree known for throwing raucous to do: Head north. the 2022 Winter Olympics in
job? download
be the kind 2 Highly 27 Free info spot, “trailgates” as the sleds rush The unseasonably warm Beijing, only 10% of the snow
20 Like a competitive that’s been by. temperatures meant that in was natural, according to
of decks for short
leprechaun installed in Still, considering every- a matter of days, Iditarod of- the International Olympic
employed 3 Bunk option 28 Overhaul
21 Unlikely trick the theme thing that had to be changed ficials had to redo prepara- Committee. The head of ski-
by cheats?
winner 4 “___ Blaue 29 Florida’s ___ answers at the last moment, the fact tion that typically takes ing’s world governing body
50 Capitol Bldg. Engel” National that the race is even being months as a team of Trail has warned of an “existen-
22 Fingers 63 Masked
figure (Marlene Forest held is something of a mira- Breakers redrew the race tial threat to skiing and
drama
23 Played in a 51 Site with a Dietrich film) cle. Replotting a course map and trekked around snowboarding.” And even
dignified way 30 Composer 64 What “it” through tundra, wilderness Alaska inspecting the course the Elfstedentocht, a cen-
Symptom 5 Turmoil Debussy plays
25 Corpse, to a Checker and sea ice makes relocating for themselves while replac- tury-old speedskating race
6 Prudent Previous Puzzle’s Solution an Iditarod far more compli- ing some 15,000 markers. across 120 miles of frozen
cop show cop 55 Memorable
7 Abide by W A R T S A S B A D G P S cated than moving practi- The immense undertaking Dutch canals, hasn’t been
26 Flight Texas battle O V E R T B E L L E O R E cally any other sporting not only needs to connect held since 1997 due to insuf-
simulator site 8 Give L E N Y A S P O O N F O O D event—and organizers had the overall start to the finish ficient ice.
video for permission to F R U I T J U I C E I D V E only days to pull it off. line in Nome, it also requires The difference is that the
58 Wind up on T I A R A P A P E R
landing “We had to re-engineer standing up the numerous modern Iditarod has turned
AMANDA LOMAN/ASSOCIATED PRESS

stage? 9 Of a particular A T M O C D A B A S E
practice? culture I S T I N K B R EWC R E W the entire race,” says CEO checkpoints that support finding a Plan B into its
61 Colorful eggs N A R C A D E P T O S L O Rob Urbach. “But the Idi- mushers—with everything specialty.
34 Permanent 10 Sanitizer T R U E B L U E R E S O L E
62 Submitting tarod and challenges are from hot water to hot pan- “It’s amazing how much
reminder target S L A S H R O Y N E S
admission synonymous.” cakes—for an arduous jour- people can rise to the occa-
O T H E R D A T E D
37 Moments forms to local 11 Skin cream H E M S Y O U T H G R O U P Organizers first realized ney that takes over a week sion,” Urbach says. “In
38 Miner’s quest colleges? additive W H O S E M O V E E A R N S they were skating on thin ice to complete. (The best Alaska, it’s the biggest
O E R A C H E D L I S T S last month when it became checkpoint is annually re- event…The Iditarod inspires
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. W E E R A S T A S N O O T clear that one stretch of the warded with the “Golden so many people.”
THE WALL STREET JOURNAL. Wednesday, March 5, 2025 | A13

OPINION
Trump’s Unused Trump Card BOOKSHELF | By Meghan Cox Gurdon

I just got
done last
Mr. Zelensky has a sec-
ond card to play. Mr.
ist claims, would be a gi-
ant deterrent to Russia
Personality’s

TOM WILLIAMS/CQ ROLL CALL VIA ZUMA PRESS

Wednesday Trump can’t sustain Mon- getting spiky anywhere
s a y i n g
Ukraine has
leverage in
its dealings
day’s petulant “pause” in
U.S. military aid. Mr. Zel-
ensky knows it and Mr.
Trump knows Mr. Zel-
along its 1,600-mile bor-
der with NATO countries.
Mr. Trump is clearly
irked that Ukraine
Progress
BUSINESS
WORLD with Donald
Trump. Fri-
ensky knows it.
All else, especially the
wouldn’t make round one
easy for him, supplying a
Me, but Better
By Holman W.
day’s tiff- minerals deal, is a sideshow cease-fire agreement By Olga Khazan
Jenkins, Jr.
heard-round- now, however usefully without nettles. Mr. Simon Element, 288 pages, $28.99

A
the-world aimed at Mr. Trump’s core Trump was a chiseler as a
drew a bead on why. Mr. problem: getting MAGA— builder too, but knows ccording to an old wives’ tale, you should be careful
Trump wants a big cease-fire aka the JD Vance wing of Trump and Zelensky some bills can’t be about allowing your face to remain in an ugly expre-
celebration first, leaving the new Republican Party— ducked. When he made his ssion, lest the winds change direction and your
harder issues for later. In es- aboard a continuing investment U.S. is on a path of inexorable “24 hours” promise 20 months countenance set in place, leaving you stuck looking and
sence, he asks Ukraine to give in Ukraine’s security. fiscal decline. ago, he said: “I would tell Pu- feeling bad forever. The old wives, whoever they were,
up its strong card—its readi- Let it be said Mr. Putin isn’t Mr. Zelensky deserves tin: If you don’t make a deal, may have been right. It seems that the attitudes we hold
ness to go on fighting against playing his own weak hand blame too, albeit different we’re going to give them a lot. and how we comport ourselves—the features we present
Russian aggression—in return brilliantly; he just sees his op- from the blame he’s getting. We’re going to give them more to others—have a great deal to do with who we become on
for Vladimir Putin’s unreliable ponents for what they are. Eu- He stopped reading the room than they ever got, if we have the inside.
promise to stop aggressing. rope has dragged its feet for long before last week. Instead to. I will have the deal done in Olga Khazan, a staff writer at the Atlantic magazine,
Ukraine answered with three years on rearming and of settling in for a long cold one day. One day.” contends that what we think of as our personality is not
the universally obnoxious rebuilding its defense indus- war against a declining Russia, That Trump has yet to show something fixed or innate but rather an agglomeration of
syllable: No. tries. Mr. Biden actually let the with willing Western backing, up on game day. At some point habitual behaviors and attitudes. In this understanding,
U.S. defense budget shrink in he wanted to spend Western he’ll have to. The hell of our personality can fluctuate and is subject to reshaping by the
real terms amid the Ukraine aid on the fruitless 2023 offen- situation is, don’t expect to see will. In “Me, but Better,” Ms. Khazan chronicles her attempts
As with Joe Biden, war. The message to Russia’s sive that was supposed to get it when and if it happens: to modify elements of her own personality by tinkering with
leader since Kyiv’s failed 2023 U.S. buy-in for an open-ended 1,000% of any Putin reason to the so-called big-five
having a hand on offensive: Hang in there, Vlad. war to expel Russia from every come to the table is to obtain a traits: openness, cons-
Ukraine isn’t the The West is happy to exact a inch of Ukrainian soil. It sim- face-saving exit from a horri- cientiousness, extrover-
bloody toll on the troops you’ve ply isn’t and wasn’t ever in the bly botched war. Say what you sion, agreeableness and
same as playing it. chosen to sacrifice for mingy Western program to do so, will about Mr. Trump’s neuroticism.
territorial gains. The West whatever advice Mr. Zelensky method, he understands this The author is breezy
won’t threaten your regime. might be getting from Twitter. where a thousand online ki- about the origins of the
Mr. Trump has always un- In imitation of Barack Also contrary to much wish- bitzers don’t. psychological thinking
derstood (and said) that Russia Obama and Joe Biden, Mr. ful thinking, Europe’s NATO In his builder phase, Mr. behind these attributes,
would have to be brought to Trump shows having cards to members have zero desire to Trump demonstrated shrewd- as well as the notion
the table with a stick. We can play against Russia isn’t the make the Russia-Ukraine bor- ness about a million engineer- that together, in varying
guess from his behavior Friday same as playing them. I’ve der their border with an ag- ing and financial details, about amounts, they explain the
no stick has yet been bran- made the point so many times gressive Russia. And that’s high-stakes bargaining. He spectrum of human per-
dished in his phone dealings it bores even me. The U.S. and fine. The proper model for made a second career as a par- sonality. She notes that well
with Mr. Putin or a meeting of its NATO and Asian allies have Ukraine is the proper model ody of high-end business acu- into the 20th century psy-
aides in Riyadh. Mr. Trump a GDP 25 times Russia’s. West- for NATO, taking advantage of men in “The Apprentice,” chologists had competing
kvetches instead about Volod- ern leaders, including Mr. a changed, post-Warsaw Pact which he parlayed (with the theories and lists of dif-
ymyr Zelensky not giving him Trump, don’t lack courage to dynamic. It’s feasible now for help of an incompetent opposi- ferent personality traits. She
an easy win, an agreement to take on Mr. Putin. They lack Europeans to deter Russia with tion) into presidential power. does not discuss the question
be announced Tuesday night to courage to take on their do- their own military forces By the second half of this cen- of temperament, which is a whole other ball of philosophical
end the shooting with no net- mestic spending interests. rather than rest passively on tury, all anyone may remember wax. But for the purposes of her experiment, she accepts
tlesome requirement that the This is what Mr. Putin also the U.S. A properly supported about him is whether he what has come to be the prevailing secular view. For the
U.S. help secure a lasting sees. It’s what undergirds and equipped Ukraine, itching botched the Ukraine settlement sake of enjoying this buoyant and entertaining account, the
peace. China’s strategic bet that the to prosecute its own revanch- or not. reader will be inclined to join her.
Ms. Khazan’s goal is to transform herself, over the
course of one year, from a disagreeable introvert into a

How Trump Sees the World sunnier, livelier, more amenable extrovert. She tells us
that she was drawn to the project by the prospect of
becoming happier, more successful and more fulfilled. Her
Everything should be revisable when they there are three great powers— defend themselves, he thinks, investigation showed, she writes, that a slight improve-
that needs to become inconvenient. You can China, Russia and the U.S.— costs the U.S. without atten- ment in the balance of one’s personality can help a person
be said about negotiate the U.S.-Mexico- and that establishing satisfac- dant benefits. Mr. Trump enjoy life, “rather than just endure it.”
Friday ’s Canada Agreement with your tory relations among them knows the cost of everything It is an enticing notion. An enjoyable life seems well
events in the southern and northern neigh- takes priority over collateral and the value of nothing. worth a bit of effort. Yet how to effect improvement? Ms.
Oval Office bors and then slap huge tar- damage to smaller countries. Nonsense, his supporters Khazan, who developed the book after writing an article
has already iffs on them. That was then, The idea is to return to reply. Mr. Trump is pursuing on the subject, chooses to get into all manner of poten-
POLITICS
been said—al- this is now. “spheres of influence”: peace. What could be a higher tially personality-altering escapades.
& IDEAS
though, as the Mr. Trump’s approach to Ukraine and the “near abroad” value than this? But there are To combat overweening anxiety, she forces herself to
By William
late Rep. Mo foreign policy is amoral—a re- for Russia, and Panama, Can- different kinds of peace. Lin- take risks in the free-for-all of improvisational comedy. To
A. Galston
Udall once lentless pursuit of self-inter- ada and Greenland for the U.S. coln spoke of a “just and last- overcome a history of being an anhedonic buzzkill, she
quipped, not est. Appeals to principles ing peace.” Richard Nixon sets about throwing parties. Suffering from the awareness
everybody has said it. The fo- leave him cold, as do interna- pursued “peace with honor.” that she has been a chronically desultory friend, she
cus has been on how the ad- tional relationships based on His Zelensky spat By contrast, Neville Chamber- downloads apps that help her meet strangers with whom
ministration treated Ukrainian “shared values.” His instincts lain, after negotiating with she might develop lasting affinity. She joins Zoom sessions
President Volodymyr Zel- leave him unable to under- reveals his amoral, Hitler in Munich in 1938, for anger management. She practices mindfulness. She
ensky, but the quarrel touched stand why so many people on might-makes-right claimed he had secured feeds the homeless.
on a broader issue: President both sides of the Atlantic are “peace for our time.” In reply, While exploring “the science and promise of personality
Trump’s approach to foreign committed to an alliance of view of global affairs. Winston Churchill told Cham- change,” as the book’s subtitle has it, the author is humor-
policy. What have we learned Western democracies against berlain, “You were given the ously open about her sometimes embarrassing efforts to
from this and other episodes the rising tide of antidemo- choice between war and dis- jolt free of her familiar persona—and her many short-
about that approach? cratic forces. And what for China? In the honor. You chose dishonor, comings. She confesses to joylessness and unpunctuality, a
It’s clear that the concept Indeed, it’s not clear that “great powers” context, it’s and you will have war.” flaring hot temper and a reliance way too often on one
of a “rules-based international Mr. Trump prefers democracy not surprising that Elbridge On Monday Prime Minister glass of wine too many. Her candor has the effect of get-
order” is anathema to Mr. to autocracy. He has praised Colby, Mr. Trump’s nominee Keir Starmer delivered a stir- ting readers on her side. We’re rooting for her and, to be
Trump. After all, following autocratic leaders—Vladimir for undersecretary of defense ring speech in the British honest, we’re rooting for ourselves, too. If a panicky neu-
rules may force you to do Putin, Xi Jinping, even Kim for policy, told the Journal House of Commons, pledging rotic like Ms. Khazan can become more emollient, who
something you don’t want to Jong Un. He admires their that although the U.S. should large increases in the U.K. de- among us cannot?
and may impose short-term strength and envies their abil- be prepared to defend Taiwan, fense budget and detailing his
costs on your country. Mr. ity to act without pesky legis- the island “isn’t itself of exis- efforts to forge a coalition of
Trump seems to think the lators and critical reporters. tential importance to Amer- the willing in defense of To combat social anxiety and overcome her
current rules don’t promote Strength and weakness re- ica.” And as Chinese pressure Ukraine. His remarks garnered introversion, the author tries improvisational
America’s long-term interests. place right and wrong in Mr. on the Philippines intensifies, widespread praise, including
His aim, it seems, is to Trump’s lexicon. What mat- I wonder whether Mr. Trump from opposition party leaders comedy and forces herself to throw parties.
maximize his freedom of ac- ters most is leverage. If you will honor America’s long- and citizens across the U.K.
tion at all times. This explains have it, use it to the hilt. If standing mutual-defense Mr. Starmer’s practicality and
why he is inclined to see alli- you don’t, you must settle for treaty with Manila. moral clarity had made them Yet let’s say we can: Let’s say we manage to tweak our
ances as burdens. Bringing what you can get. The merits What is of existential im- proud to be British. big-five personality traits so that we enhance our posi-
your allies along with you of your position don’t matter. portance, it seems, is econom- But Mr. Starmer was forth- tive parts and reduce our deficiencies. How would we
takes time, patience and com- Underscoring this point, Mr. ics. Mr. Trump’s view is that right: Even with maximum ef- even know? One of the difficulties that any self-reformer
promise. It constrains your Trump has “paused” aid to just about every country is fort from Europe, his plan to faces is in measuring how much change his or her efforts
will. Why bother? Better to Ukraine in a move to weaken “ripping us off” in trade. The secure Ukraine against future have wrought. As the saying goes, wherever you go, there
deal one-on-one with friend its hand and force Mr. Zel- size of the trade deficit is Russian aggression couldn’t you are. So if the current iteration of yourself is more
and foe alike. ensky into peace talks with proof; never mind what econ- succeed without an American relaxed and sociable than a former version, it might be
Binding commitments also Russia. omists say causes it. Our al- “backstop.” When the prime hard to tell. From the inside, you are simply relaxed,
constrain the will. Mr. Trump Speaking of strength: Mr. lies are ripping us off in de- minister asks for one, how sociable you.
apparently believes deals Trump evidently believes that fense as well. Helping them will Mr. Trump reply? Ms. Khazan gets around this problem by periodically
assessing her personality via a particular academic web-
site. She begins by establishing a baseline using the site’s

A Fragile Peace for Turkey and the Kurds free questionnaire. After each significant intervention in a
personality trait—doing improv and such—she takes the
test again. By clicking gradient responses to statements
By Asli Aydintasbas process. The idea is for the PKK has long completed his author- desperately wants a success such as “I believe I am better than others” and “I radiate

A
to receive in return yet-unde- itarian lurch for consolidated story out of Syria, now under joy,” she teases out and tracks predominant and reclusive
bdullah Öcalan, the im- clared political concessions power. His crackdown on secu- the rule of Islamist rebels with qualities as they ebb and surge.
prisoned leader of the from Ankara and the promise lar rivals and Kurdish politi- close ties to Turkey. The quick- As the old wives could have testified, of course, what
Kurdistan Workers’ of a settlement for the Kurds in cians continues unabated. Mr. est way to get there is through shows up on the test depends on how a person has been
Party, called last week for his Syria, according to senior U.S. Erdoğan has shown little inter- a deal with Syrian Kurds. behaving. Have you lately been a maudlin homebody? Well,
party to disarm and dissolve. and Turkish officials. est in expanding democratic This deal wouldn’t be a you probably will not score highly on extroversion. Have
This is historic, both because Nothing thus far is irrevers- space inside Turkey. So why huge democratic jump for a you been feeding the homeless and managing your anger? If
it has the potential to end a ible. Turkey and the Kurds would he be magnanimous nation once aspiring to Euro- so, then, like Ms. Khazan, you may observe some gratifying
bloody insurgency in Turkey tried a peace process before, now? pean Union membership. Mr. upticks in your levels of agreeability.
and because it signals the which snapped back to fight- The answer is self-interest, Erdoğan is likely more inter- There is a lot of common sense here. Fake it until you
emergence of a new regional ing in 2015. But if the two which is driving both sides in ested in peeling off the Kurds make it. Your emotions follow your actions. Also: Other
order in the wake of America’s the current age of geopolitical from Turkey’s secular opposi- people are paying less attention to you than you imag-
retirement as the world’s turmoil. The chaotic signals tion block and enlisting their ine. There is withal so much common sense in “Me, but
sheriff. Ankara wants a from the Trump administra- support for a new constitution Better” that a cynic might question the value of the
More than 40,000 people success story without tion and breakdown of the that would allow him to run enterprise. It should be admitted that Ms. Khazan’s
have lost their lives in the de- trans-Atlantic order means for a third presidential term. narrative, though rich in comic anecdote, is pretty thin
cadeslong conflict between the Western oversight. that both Turks and the Kurds Pragmatism may achieve on the vaunted “science.” But it’s a jolly read—and
Turkish government and the face a perilous neighborhood. what idealism couldn’t. encouraging too.
PKK—a conflict that has Ankara can no longer count on Though born of cold geopoliti- “I started out envisioning personality change as a tune-
sprawled into Iraq and Syria. sides can take reciprocal steps NATO, and the Kurds can no cal calculations, a deal be- up,” Ms. Khazan writes, likening herself to a car. “I would
The war has destroyed rela- over the next year to end the longer count on an American tween Turkey and the Kurds replace the spark plugs and top up the fluids, and in the
tions with Turkey’s North At- conflict, the result will boost presence in Syria. may finally stabilize Syria and end I would be driving the best possible version of
lantic Treaty Organization Turkey’s regional ascendance Turkey’s ruling elites finally create a breathing space for myself.”
partners, including the U.S., and help stabilize Syria—aid- understand that only a peace millions inside Turkey. It Things didn’t quite work out that way, but the compari-
and it has crushed the coun- ing talks between PKK-affili- deal with the Kurds can create would also bring what genera- son is a good one. Like a car, a person’s personality may
try’s once-promising democ- ated Syrian Kurds and the new the conditions for the Pax-Tur- tions have been denied: peace. now and again benefit from a little time in the shop.
racy with hard-line policies. rulers of Damascus. cica they seek and a zone of
Mr. Öcalan’s announcement There are plenty of reasons Turkish influence outside of Ms. Aydintasbas is a visit- Mrs. Gurdon, a Journal contributor, is the author of
marks the beginning of what for cynicism, as Turkey’s pres- their borders. In a world with- ing fellow at the Brookings “The Enchanted Hour: The Miraculous Power of Reading
will be a long-winded peace ident Recep Tayyip Erdoğan out Western oversight, Turkey Institution. Aloud in the Age of Distraction.”
A14 | Wednesday, March 5, 2025 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Trump’s Tariffs Whack Trump Voters The Oval Office Spectacle Was Not Great TV

P
resident Trump won the Presidency a England’s grid operator estimates the tariffs Your March 1 editorial “Putin Wins Vance, who served as a Marine in the
second time by promising working- could cost the region between $66 million and an Oval Office Spectacle” led to some public-affairs office, ought to get some
personal reflection. As a Cuban-born, “ground truth.” He belittles his former
class voters he’d lift their real incomes. $165 million a year. Energy makes up 40% of pri-
naturalized American citizen, I clearly military occupational specialty by de-
Which makes it all the more mary aluminum producers’ remember the pride I felt as a teen- scribing tours that highlight Mr. Pu-
puzzling that he’s so intent on Whatever happened to costs. Several Midwest found- ager watching on live television the tin’s war crimes in this way.
imposing tariffs that will pun- GOP concern for the ries have closed in recent years 1969 Apollo moon landing. “We beat In “Hillbilly Elegy,” Mr. Vance re-
ish those same Americans. amid rising energy prices. The the Russians,” my teenage self flects on the profound effect of wit-
Tariffs are taxes, and Mr. working class? Trump tariffs will harm the thought. How can it be that nearly 56 nessing “the mass of children of a
Trump’s latest tariffs are esti- very workers he claims to be years later I can go from harboring war-torn nation, their school without
mated to be about an annual trying to help. deep pride—from watching Armstrong running water and [an] overjoyed
$150 billion tax increase. Taxes are antigrowth. They will also cause pain at the pump. The walking on the moon to hearing Rea- boy.” Gaining ground truth in
That’s the message investors are sending this U.S. is a net oil exporter, but it still imports gan’s truthful words regarding Russian Ukraine could have a similar effect
week since Mr. Trump let his 25% tariffs on about 6.5 million barrels a day of crude, mostly tyranny—to deep shame, as I watched and help our young vice president
the president and vice president bully develop something he desperately
Canada and Mexico take effect. The President from Canada and Mexico. That’s because refin-
an ally? Donald Trump says the show- needs—empathy.
also raised his 10% tariff on China by another eries in the Gulf Coast and Midwest process ing was “great television.” He’s wrong. MIKE BRASSAW
10%. Canada and China retaliated, while Mexico heavy grades. It would cost billions of dollars The lunar landing was great TV and Saint Petersburg, Fla.
is holding off until Sunday. to retrofit them to process light blends from the Friday press-conference blowup, a
The border taxes, and the uncertainty they U.S. shale. Drivers of pickup trucks in the Mid- win for Vladimir Putin’s Russia. I don’t know whether President Zel-
bring, are weighing on growth and consumer west (where refineries depend on Canadian CLARA MARTINEZ HAYNES ensky’s comments in the Oval Office
confidence. The Dow Jones Industrial Average crude) are likely to suffer the most pain. Denver, N.C. were wise, but they certainly were a
is down 3.4% since Mr. Trump took office, eras- Speaking of which, we recently told you master class in what the ancient
ing the ebullient gains that followed his No- about an Anderson Economic Group analysis It is fortunate the current adminis- Greeks called parrhesia: the courage
vember election. that estimated the 25% tariffs would raise the tration wasn’t around to bring “peace” to speak one’s mind about important
and an end to the fighting during the matters, so expressive of one’s dignity
Brace for higher prices on berries, bell cost of a pickup assembled in North America
American Revolution. After all, the as a free person.
peppers, and, gulp, beer. Target CEO Brian by $8,000. Heavy-duty truck prices may also colonists lost nearly every battle with What was it exactly that he dared
Cornell told CNBC Tuesday that tariffs on surge as they rely on parts from Canada and the British but finally succeeded in to say? That the U.S. and Western Eu-
Mexico may force the company to raise prices Mexico. winning our independence from a rope have tried formal agreements
on fruits and vegetables. About 30% of vege- The nearby table shows the dollar-value of powerful adversary. The military and and economic integration with Russia
tables and fresh fruit Imports From Canada and Mexico, 2024 imports from Canada financial support from an ally, France, before, trusting in the power of mu-
sold in the U.S. come and Mexico to crucial was crucial. tual financial benefit, and that it
from Mexico. Modelo’s Arizona $14.3 Billion Ohio 30.5 swing states that Mr. Thankfully in the 1770s France hasn’t worked, especially not for
Mexican-produced Es- Georgia Trump won, including didn’t urge the colonists to end the re- Ukraine. It is sad to hear the leaders
25.1 Michigan 120 bellion, permanently cede any lost ter- of our democratic republic say they
pecial is the best-sell- Michigan ($120 bil-
ing beer in the U.S. Pennsylvania 20.9 Texas 196.2 lion), Ohio ($30.5 bil- ritories to the British, disarm our mili- feel “disrespected” by a frank state-
tia and allow a powerful British force ment of the obvious.
Best Buy CEO Corie lion) and Georgia ($25.1
Source: U.S. Census Bureau to remain in and near the colonies. Of PROF. GABRIEL RICHARDSON LEAR
Barry said Tuesday billion). course, we never would have agreed University of Chicago
that Mr. Trump’s tariffs “make price increases The President also professes to love Ameri- to such terms, and an ally wouldn’t
for American consumers highly likely.” Nafta, can farmers, but he apparently loves tariffs have suggested them. Someone should advise Mr. Zel-
which was supplanted by the USMCA, encour- more. U.S. farmers are already being squeezed DENNIS HAMPTON ensky about the modified words of
aged electronics manufacturers to set up shop by low crop prices and inflation. The American Stamford, Conn. Thomas Gray: “Where ignorance is
in Mexico instead of China. Hope you don’t plan Farm Bureau Federation (AFBF) says farmers bliss, ’tis folly to speak.”
to buy a smart TV since it could be 25% more are losing money on almost every major crop Before labeling a Ukrainian war VIJAY HANAGANDI
expensive. planted for the third straight year. zone tour “propaganda,” perhaps JD Bridgewater, N.J.
Energy prices will rise too. Mr. Trump im- Tariffs will increase their pain. About 85%
plicitly conceded this by reducing his tariffs to of the U.S. potash supply for fertilizer is im-
10% on Canadian energy imports. Despite the ported from Canada. China is hitting U.S. farm
U.S. shale fracking boom, constraints on pipe- exports with a 15% tariff, which will let farmers What Andrew Jackson Thought About Tariffs
line capacity mean the Midwest and Northeast in Brazil and Australia grab market share. In an otherwise excellent column on a course to extinction. For the
depend heavily on Canada for natural gas. That “Even more costs and reducing markets for (“Trump’s Echo of 1829,” op-ed, Feb. next 30 years, average tariff rates de-
means heating bills will rise in Trump country. American agricultural goods could create an 27) Karl Rove contends that President clined by 70% and America experi-
So will electricity prices. economic burden some farmers may not be Andrew Jackson “presided over the enced an unprecedented period of in-
The U.S. imports about 3,315 gigawatt hours able to bear,” AFBF President Zippy Duvall said ‘Tariff of Abominations.’” This re- dustrialization. Immediately prior to
of electricity on average from Canada each Tuesday. quires some clarification. the Civil War, the U.S. had one of the
month—enough to power about 3.7 million Mr. Trump’s tariff spree is the triumph of The Tariff of Abominations was lowest average tariff rates in the
homes. These flows help stabilize the grid and ideology over, well, common sense. Let’s hope signed into law by John Quincy Ad- world and a booming economy.
ams in 1828. It was a major issue in The lesson of the Tariff of Abomi-
lower prices in the Northeast and Midwest. New the President soon comes to his senses.
that year’s election that swept Jack- nations, the ensuing Jackson land-
son and his new party, the Demo- slide and the 30 years of rapid indus-

JD Vance’s Forgotten Wars cratic Republicans, into power. Jack-

son supporters viewed the tariff as an
trialization as tariffs plummeted is
that such levies don’t produce pros-

V
elitist policy that benefited the few at perity or help win elections.
ice President JD Vance is keen to defend his such a mission. But “hasn’t fought a war in 30 the expense of the many. PHIL GRAMM AND PROF. DONALD BOUDREAUX
Friday performance in the Oval Office when or 40 years”? British troops fought alongside That interpretation applies equally AEI and George Mason University
he scolded Ukrainian President Volodymyr Americans in Afghanistan and (with Mr. Vance) today. Not only did the Tariff of Helotes, Texas, and Fairfax, Va.
Zelensky. But offending two of in Iraq for the entirety of those Abominations lead to a Whig party Mr. Gramm was chairman of the
America’s most stalwart allies is Maybe next time don’t wars. Four hundred fifty-seven bloodbath; the election set the Whigs Senate Banking Committee.
an odd way to do it. insult stalwart allies British troops lost their lives in
Speaking of President Afghanistan, and 179 in Iraq.
Trump’s proposed minerals deal during a TV interview. France didn’t join the Iraq war, The Morning That Gene Hackman Said Hello
with Kyiv, Mr. Vance told Fox but it sent 70,000 troops to Af- Bob Greene’s March 3 op-ed “The breathless silence. The director called
News’s Sean Hannity: “If you ghanistan over 13 years, 89 of Night I Left Gene Hackman Alone” is “cut,” and Hackman looked up at us,
want to actually ensure that Vladimir Putin does whom were killed. a touching tribute to a great actor gave a big smile and asked, “How did
not invade Ukraine again, the very best security More recently, both countries—among the and an even kinder man. I know from I do?” We stammered that it was
guarantee is to give Americans economic upside in few in Europe to maintain blue-water navies— experience. I was in San Francisco in great, later discovering that this was
the future of Ukraine. That is a way better security are joining the U.S. to defend global shipping January 1973, walking with a friend in a scene in “The Conversation.”
guarantee than 20,000 troops from some random around Yemen. the early morning. Rounding a corner, Hackman didn’t need to acknowl-
country that hasn’t fought a war in 30 or 40 years.” London and Paris need to bulk up their mili- we saw a camera crew set up for a edge us, but he did. He made us feel
Europeans took this as a not-so-veiled jab at the taries after years of underinvestment in defense. scene. Gene Hackman was standing to like we were friends, and his includ-
one side in a rumpled trench coat, ing us in this obscure moment on
United Kingdom and France, which are leading a Their American friends needn’t be shy about
suit and glasses. We stopped, watched the set of one of his several movies
European effort to offer Kyiv reassurance amid Mr. urging them on—we haven’t been. But every him wait and, on cue, he slowly forever changed the way I thought
Trump’s pro-Russia negotiating strategy. That in- other recent U.S. Vice President has managed to walked past a janitor mopping the about him. Many will remember
cludes a proposal for a Franco-British peacekeep- do this without insulting them, which isn’t too floor, glancing at him uneasily. The him as a brilliant actor. I’m glad to
ing force in Ukraine after a deal is signed to deter much to ask. whole scene took 15 seconds, but they have learned that he was a lovely
further Russian aggression. The Vice President said Tuesday it was “ab- shot it several times. We observed in person, too.
It’s fair to debate whether that plan is a good surdly dishonest” to claim he was referring to STEVE HITES
idea, or a realistic one. British Prime Minister France and Britain in his comment. But Europe- Skagway, Alaska
Keir Starmer and French President Emmanuel ans have drawn a different conclusion, and after A Brief History of the Soviet
Macron admit the U.S. would need to backstop the last two weeks we understand why. Deserters Who Aided Hitler A Flawed Motto for the FBI
In his review of “Crucibles of

Zelensky Issues a Tacit Apology

Thomas J. Baker makes several
Power,” Prof. Gary Saul Morson spec-
suggestions for cleaning house at
ulates that “Hitler might well have
the Federal Bureau of Investigation

V
won [his war against the Soviet
olodymyr Zelensky took a major step on doesn’t appear to have suspended intelligence that make sense to the outside ob-
Union] had he abolished collective
Tuesday toward mending ties with support and weapons targeting assistance. server (“FBI Reforms for Kash Pa-
farms and allowed Soviet deserters to
tel,” op-ed, Feb. 24). But the idea
President Trump, issuing what amounts Ukraine has enough weapons to last through fight for the Germans” (Bookshelf,
that the bureau should adopt the
to a tacit apology for what he the summer, but the U.S. is the Feb. 20). In fact, hundreds of thou-
slogan “an organization guided by
called last Friday’s “regretta- Will Trump now take yes free world’s arsenal of air de- sands of foreigners served in the
the Constitution” isn’t one of them.
ble” White House slugfest. for an answer and lift his fense missiles, which are de- Wehrmacht, most famously the Vla-
All federal agencies should be
The question now is whether fending Ukraine’s troops, cit- sov Army.
guided by the Constitution. The FBI,
arms embargo on Kyiv? ies and power grid. A Ukraine Captured at Leningrad, now St. Pe-
Mr. Trump will take yes for an as the government’s premier investi-
tersburg, in 1942, Gen. Andrey Vlasov
answer and put comparable weapons crunch is an invita- was persuaded to defect, to propagan-
gatory organization, should be
pressure on Vladimir Putin to tion for Mr. Putin to accelerate “guided by the facts and law” in per-
dize among other prisoners and even-
negotiate a durable peace. his attacks—and increase Russian leverage at forming its duties.
tually to recruit thousands of them to
“My team and I stand ready to work under the negotiating table. TIM KELLY
fight for Germany. For years many
Naples, Fla.
President Trump’s strong leadership to get a Ukrainians have fought with valor as Mr. served under German command, but
peace that lasts,” Mr. Zelensky said in a post on Trump has said himself, but a public U.S. aban- by January 1945 one division of the
X.com. He reiterated Ukraine’s gratitude for U.S. donment will hurt front-line morale. For all the Russian Liberation Army had been
weapons and financial support. Ukraine is ready talk of the war as a stalemate, the Russians are raised. Others had begun to take for- Pepper ...
at “any time and in any convenient format” to still trying to break through Ukraine’s defensive mation. The only actual combat
against the Red Army took place on
And Salt
sign the minerals agreement that Mr. Trump lines, and Mr. Putin is still gaining territory, al-
Feb. 11 by the First Division. After THE WALL STREET JOURNAL
sees as a precursor to a broader peace deal, Mr. beit slowly and at great cost.
three days, the outnumbered “Vlaso-
Zelensky added. Everybody understands that Ukraine won’t vites” were forced to retreat.
Give credit to Ukraine’s president for the recover its borders from 2014 or, alas, even After Germany surrendered, the
grace note, which recognizes the reality that his 2022. But what is Mr. Putin giving up? As Fred Western Allies returned all Russian
country needs American help to forge an honor- Kagan of the American Enterprise Institute prisoners of war to the Soviet Union,
able peace, and maybe to survive as a sovereign noted recently, Mr. Putin is demanding as the though some sought to kill them-
nation. The important point is to move past Fri- price of a deal Ukrainian territory he doesn’t selves rather than suffer Stalin’s pun-
day’s mess. even occupy. If the Russian wants a cease-fire, ishment. Vlasov himself was hanged
Will Mr. Trump accept this show of respect? it’s to take a breather, rearm, and await the next in Moscow on Aug. 1, 1946.
It isn’t clear after Administration officials invasion opportunity. DANIEL FORD
Durham, N.H.
leaked that they have “paused” the delivery of No doubt Mr. Trump views this as a bitter
weapons to Ukraine. This includes arms already truth, but his own political fortunes are tied up
Letters intended for publication should
in the pipeline. Sources say a main weapons with Ukraine’s fate. If Ukraine falls to Russia, be emailed to [email protected]. Please
transit point in Poland was essentially shut Mr. Trump will own what would be his version include your city, state and telephone
down on Tuesday. of Joe Biden’s Afghanistan. Americans should number. All letters are subject to “The alarm will alert us when
The Trump embargo was announced before be rooting for a Trump-Zelensky diplomatic editing, and unpublished letters cannot our meditative, present moment
be acknowledged.
Mr. Zelensky’s statement, and at least the U.S. reconciliation. tech break has ended.”
THE WALL STREET JOURNAL. * * Wednesday, March 5, 2025 | A15

OPINION

On Patrol in the Baltic for Russian Saboteurs

By Jillian Kay Melchior bles owned by the Finnish telecom- to punish their own saboteurs.
munications company Elisa and the Finland detained the Eagle S in
Aboard the Estonian Estlink 2 electricity cable, which sup- December but in the past week re-

‘H
Navy Ship Sakala plies nearly 15% of electricity for the leased the tanker and lifted the
ere be dragons,” car- Baltic states. Authorities have focused travel ban on five of the eight crew-
tographers in the their probe on the Eagle S, a tanker men it says are suspected of aggra-
Middle Ages wrote identified as part of Russia’s shadow vated criminal mischief and aggra-
of uncharted waters. fleet by the maritime-traffic analytics vated interference with
Not here in the Bal- company Lloyd’s List. Elisa averted communications. The investigation
tic Sea, where U.S. allies and adver- disruptions to service and fixed dam- continues, authorities said Sunday.
saries can map exactly what critical aged data cables in January. But re- They didn’t respond to my questions
infrastructure rests underwater. On pairs to Estlink 2 likely won’t be com- about the legal basis for detaining
a freezing February morning, the Es- plete until August, and meanwhile the tanker, an act that occurred in
tonian navy prowled after another household electricity bills could rise Finnish territorial waters.
type of sea monster: Russian sabo- some 10%, said Reigo Kebja, an execu- Herman Ljungberg, a lawyer for
teurs. Estonia’s dilemma is what to tive of Elering, the Estonian gas and the owners of the Eagle S, said in an
do if it snares one. electricity operator. email that Finland “intimidated the
Several data and electricity ca- There have been several other in- vessel to pull over to the Finnish ter-
bles and a key gas pipeline stretch cidents in the Baltic Sea as well as ritorial waters where it high jacked
along the seabed in the Gulf of Fin- eight suspicious cable-cuttings and [sic] it” in violation of international

JILLIAN KAY MELCHIOR

land, the Baltic’s easternmost arm. more than 70 “publicised sightings law. “I do not know what is meant
This vital infrastructure is an invit- of Russian vessels behaving abnor- with Russian shadow fleet,” he
ing asymmetric target. The cables mally near critical maritime infra- wrote. He denied that the vessel had
and pipeline can be easily damaged structure” in the Euro-Atlantic re- deliberately dragged an anchor. “The
by an anchor dragged across the gion since 2021, according to Policy accusation of spy devices is likewise
seafloor, causing significant dis- Exchange, a London think tank. Lt. Cmdr. Meelis Kants on the Sakala mine hunter. nonsense,” he said, although I hadn’t
ruption and requiring costly, time- This uptick coincides with in- asked him about that. He added that
consuming repairs. creased tensions between Russia and ships cross the Gulf of Finland each nian navy. “If you are sailing in inter- police “found nothing” and “further
the West. “It might be a coincidence,” week. Typically between 14 and 21 national waters, the captain of a ship according to international law, it is
says Erkki Koort of the Estonian are part of Russia’s shadow fleet, ac- is not obliged to stop the ship.” Under not prohibited to have devices what-
Adherence to international Academy of Security Sciences, but cording to the analytical center of limited circumstances “you can stop ever onboard the vessel.”
“it’s hard to believe that there are so the Kyiv School of Economics. The them forcefully—that is possible—but Besides intercepting vessels, an-
law makes it harder for the many of that kind of accidents within Sakala watches for vessels that rap- you need to have a national law to do other option for the West would be
Estonian navy to protect a very compressed time.” Sabotage is idly slow, hover around underwater this. . . . We are now looking at chang- retaliatory hacking—say, a state-
tough to prove, and Russia enjoys infrastructure, or are missing an an- ing laws so there will be additional sponsored Western hacker shuts
undersea cable. plausible deniability when a junky old chor, among other things. possibility to intervene.” off the lights in St. Petersburg for
commercial tanker causes damage. Estonia and its neighbors hope The convention allows interception a day or two. Cyberattacks also fall
But given how a ship would slow and the increased surveillance itself pro- in a few exceptional cases, such as within the realm of plausible deni-
In October 2023 the Baltic Con- tilt, it would take a drunken sailor to vides deterrence. But watching Rus- when a vessel is involved in piracy or ability. The drawback is that Russia
nector natural-gas pipeline and data fail to notice an anchor dragging for sian sabotage unfold would be an in- the slave trade or when law-enforce- would learn about Western cyber
cables connecting Finland and Esto- 100 miles, as in one recent case when sufficient response. So what happens ment authorities are in hot pursuit of capabilities and get a chance to fix
nia sustained damage. Finland sus- a Chinese commercial vessel left a if the patrol catches a Russian sabo- a ship fleeing their country’s waters. its vulnerabilities.
pects an anchor dragged by the Russian port before a suspected ca- teur en flagrante? “We need to make There’s no explicit right to board over Russia and other adversaries ex-
Newnew Polar Bear, a Hong Kong- ble-cutting spree. full use of the possibilities allowed sabotage of undersea infrastructure ploit the asymmetric advantage of
flagged vessel with extensive ties to In January the North Atlantic by international law to take action and limited grounds for states to take the West’s strict adherence to inter-
Russia. China admitted the ship’s in- Treaty Organization announced the against suspicious vessels,” Finnish preventive action. national law. Europeans fear Russia
volvement but claimed the damage creation of a Baltic Sentry that uses President Alexander Stubb said in Dragging an anchor across a ca- would take a forceful response as an
was accidental. Investigators in Esto- frigates, aircraft and naval drones to January. ble or pipeline probably doesn’t invitation to violate its own obliga-
nia and Finland have asked for patrol and protect critical infrastruc- But the United Nations Convention qualify as an armed attack under in- tions under the convention, to which
China’s help, but Beijing hasn’t re- ture here. The Estonian navy let me on the Law of the Sea strictly limits ternational law. There’s even signif- it is also a party. But Moscow has no
sponded, Estonian authorities say. come along as the Sakala, one of its how its parties—which include all icant doubt whether sabotage on respect for international law, making
The pipeline took some seven months three mine hunters, conducted a situ- NATO members except the U.S. and the high seas is illegal under inter- Europe’s diligence about it a mug’s
to repair, and Finland suffered spikes ational-awareness mission around the Turkey—can respond. “Of course in- national law. Jurisdiction to penal- game.
in gas prices as temperatures Estlink 1 cable, which is smaller than ternational law clearly states there is ize a perpetrator belongs to the
plunged. its damaged counterpart. freedom of navigation in international country under whose flag the ship Ms. Melchior is a London-based
A similar incident occurred on There’s plenty to monitor. Estonia waters,” said Capt. Johan-Elias Selja- flies or the home state of the crew. member of the Journal’s editorial
Christmas 2024, damaging data ca- estimates that between 500 and 600 maa, deputy commander of the Esto- Good luck getting Russia and China board.

How Trump Plans to Shake Up Higher Education

A social-media post which it estimates will save taxpay- bloat subsidized by the government. parison with the average U.S. worker the costs of loan forfeiture if they
last month from the ers more than $4 billion annually. His subtitle is a reference to the but also in absolute terms. It took accept a lot of mediocre students
Trump administra- The labor economist Richard Ved- free-market economist Joseph more faculty and staff to educate a who drop out or fail to repay their
tion triggered faint- der thinks this is exactly the shock Schumpeter (1883-1950), who de- college student in 2021 than it did in student loans.”
ing spells through- to the system that higher education scribed capitalism as a process of 1972. You don’t need to be an expert in
out the academy. needs. “Of course the universities “creative destruction” whereby mar- The reality is that there are ineffi- the economics of higher education to
The National Insti- with heavy research grants are go- kets reallocate resources from un- ciencies almost everywhere you look understand that academia is in de-
UPWARD
MOBILITY tutes of Health, ing crazy over this,” he told me. productive to productive uses. “It’s in higher ed. Start with our overly cline. In a 2023 poll conducted by
which funds biomed- “But if you talk to anyone at a uni- worked pretty well for American generous student-loan programs, the National Opinion Research Cen-
By Jason L.
ical research, an- versity, you know that those over- business,” Mr. Vedder said. “Why which have caused tuition to rise ter and The Wall Street Journal, 56%
Riley
nounced that it is head costs are vastly inflated com- don’t we have it for higher ed?” faster than inflation because colleges of respondents said that college was
reducing the amount pared with the true marginal cost, know that the government is absorb- “not worth the cost because people
of money the government pays grant or extra cost, to the university do- ing most of the cost. Far more peo- often graduate without specific job
recipients for overhead costs. ing the research.” He added that Capping ‘indirect funds’ ple attend college today than stand skills and with a large amount of
According to NIH, $9 billion of the many schools collect so much over- to benefit from the experience, judg- debt to pay off.” Worse, people who
$35 billion that it granted for re- head money that they give some of for researchers at 15% is ing from the roughly 40% who don’t have most recently experienced col-
search last year “was used for ad- it back to researchers as an incen- a good start at curtailing graduate and the fact that so many lege, those 18 to 34, are less likely
ministrative overhead, what is tive to apply for more research people who do get a degree wind up than older cohorts to say the cost of
known as ‘indirect costs.’ ” A school grants. “It’s kind of a con game, all the administrative bloat. in jobs that don’t require one. college was worth it.
that receives a grant typically gets based on false assumptions and Meanwhile, college access for the “If higher education can somehow
an additional 50% of its modified to- faulty economics,” Mr. Vedder says. poor—the intended beneficiaries of change its ways and better emulate
tal direct costs (which includes sala- A nonnegotiable uniform rate would One problem, the book explains, is student loans—has barely budged the market-oriented private econ-
ries, materials and supplies, services, be far more efficient. that universities are essentially over the decades. Mr. Vedder reports omy,” Mr. Vedder writes, “it would
travel and some subcontract pay- In a forthcoming book, “Let Col- wards of the state. “Colleges and that the percentage of graduates improve some of the maladies facing
ments) to cover these administrative leges Fail: The Power of Creative De- universities are dominated by people who come from the bottom 25% of it”—rising costs, falling enrollment,
expenses. At prestige schools such as struction in Higher Education,” Mr. operating outside of the normal the income distribution is similar to low public support—“and possibly
Harvard, the overhead payments— Vedder argues that one of the big- profit-oriented private market econ- what it was in 1970. If colleges want even deal with what I now view as
for the use of buildings, electricity, gest problems with higher ed today omy,” Mr. Vedder writes. By his cal- to accept students regardless of the greatest problem: a shocking de-
support staff, etc.—can run as high is that colleges aren’t sufficiently culations, the productivity of univer- their chances of success, give cline in intellectual diversity and a
as 70%. The Trump administration disciplined by market forces. The re- sity employees over the past 50 schools “skin in the game,” he worsening environment conducive to
wants to cap this figure at 15%, sult is too much administrative years has declined not only in com- writes. Force colleges “to share in free expression and civil debate.”

‘Nonprofits’ Circle the Wagons to Fend Off Taxes

By Scott Hodge ASAE says it is “positioned to in- Hill’s annual list of Washington’s top its” by revenue is the PGA Tour Much of Washington’s economy

A
vest $1M in strategic advocacy and lobbyists. Inc., which reported $1.8 billion in and lobbying are driven by K Street
s Republican tax writers work communications counsel” but it is Special-interest groups like these revenue in 2023. The PGA Tour’s organizations such as the American
on plans to offset the $4.5 seeking more support by inviting usually are 501(c)(6) entities, which commissioner earned $18.8 million Hospital Association, Pharma, the
trillion deficit from extending other industry groups to join the co- is the tax code’s designation for that year. Other sports-related National Propane Gas Association,
the 2017 tax law, special-interest alition. General membership is “business leagues.” These nonprofit business leagues include the U.S. the National Milk Producers Federa-
groups in Washington are forming $5,000; $10,000 gets you on the organizations can’t accept charita- Tennis Association, the Ladies tion, the Fertilizer Institute, the Hu-
coalitions to protect their piece of steering committee and $25,000 the ble donations, but unlike a charity Professional Golf Association, the man Resource Standards Institute
the tax code. executive-leadership level. That they can lobby. Like a charity, they U.S. Polo Association, the Breed- and groups such as Avocados from
One interest group is the Com- membership fee isn’t much if your are exempt from taxes on income ers’ Cup and the National Hot Rod Mexico.
munity Impact Coalition, which was goal is to avoid paying taxes on tens from membership fees, convention Association. None seem to operate IRS data show that 501(c)(6) or-
launched in January by the Ameri- of millions of dollars of businesslike admissions, sponsorships, TV in a nonprofit manner. ganizations reported nearly $54 bil-
can Society of Association Execu- income. broadcast revenue and investment lion in total revenue in 2021 and
tives. ASAE, which has a $21 million The coalition portrays itself as income. $3.3 billion in tax-exempt profits af-
annual budget and pays its CEO protecting the interests of charita- Some of their income is subject ‘Business leagues’ from ter deducting expenses.
about $1 million a year, is concerned ble organizations. One of the coali- to tax, such as revenue from selling The American Society of Associa-
“that tax-exempt organizations may tion’s co-chairmen is Steve Caldeira, periodicals and advertising because the PGA Tour to Pharma tion Executives argues that taxing
be at risk with some calling for a president and chief executive of the it is considered unrelated to the collectively earn billions the business income of these organi-
21% corporate income tax on all net, Household and Commercial Products group’s mission. The rules govern- zations somehow impinges on their
non-donation income.” Association, who recently made the ing unrelated business income taxes, in untaxed revenue. “ability to exercise their First
however, are so full of holes that Amendment rights to freedom of re-
most of their income goes untaxed. ligion and association.” How so?
In its 2022 tax return, for exam- The sports leagues you won’t find The 21% corporate tax rate hasn’t
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY ple, ASAE reported $10.4 million in are the National Football League, prevented the owners and employ-
Lachlan Murdoch income from hosting meetings, but National Basketball Association and ees of more than 1.5 million U.S.
Executive Chairman, News Corp only $648,526 of that was poten- Major League Baseball. They gave corporations from assembling, and
Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp tially taxable as unrelated to its up their 501(c)(6) status years ago some business leaders are exercising
Emma Tucker Almar Latour mission. If ASAE were a for-profit and seem to be thriving as commer- the Free Exercise rights by praying
Editor in Chief Chief Executive Officer and Publisher company, all $10.4 million would be cial businesses. that President Trump delivers on
Liz Harris, Managing Editor DOW JONES MANAGEMENT: subject to tax. Many entertainment enterprises his pledge to lower the corporate
Charles Forelle, Deputy Editor in Chief Mae M. Cheng, EVP, General Manager, The U.S. Chamber of Commerce also are organized as business tax rate to 15%.
Elena Cherney, Senior Editor; David Crow, Leadership; David Cho, Barron’s Editor in Chief; was instrumental in the effort to ex- leagues. These include the Academy As lawmakers work to offset the
Jason P. Conti, General Counsel, Chief
Executive Editor; Chip Cummins, Newswires; empt business membership organi- of Motion Picture Arts and Sciences, cost of extending the Tax Cuts and
Taneth Evans, Digital; Alex Martin, Print & Compliance Officer; Dianne DeSevo, Chief People
Officer; Jared DiPalma, Chief Financial Officer; zations and civic leagues from tax which booked more than $143 mil- Jobs Act, they could raise billions in
Writing; Michael W. Miller, Features & Weekend;
Bruce Orwall, Enterprise; Philana Patterson, Artem Fishman, Chief Technology Officer; during the debate over the Revenue lion in tax-free income in 2022 to new revenue by taxing the business
Audio; Amanda Wills, Video David Martin, Chief Revenue Officer, Business Act of 1913. Who could have guessed host the Academy Awards, the Na- income of special interests masquer-
Intelligence; Dan Shar, EVP, General Manager,
Wealth & Investing; Ashok Sinha, Chief
that this tax-exempt status would tional Academy of Recording Arts ading as nonprofits.
Paul A. Gigot
Editor of the Editorial Page Communications Officer; Josh Stinchcomb, EVP & become the domain of K Street in- and Sciences, which earned more
Gerard Baker, Editor at Large Chief Revenue Officer, WSJ | Barron’s Group; dustry groups, pro golf and tennis than $80 million tax-free from pro- Mr. Hodge is a tax and fiscal
EDITORIAL AND CORPORATE HEADQUARTERS:
Sherry Weiss, Chief Marketing Officer enterprises, professional guilds and ducing the Grammys, and the Coun- policy fellow at Arnold Ventures
1211 Avenue of the Americas, New York, N.Y., 10036 tourism boards? try Music Association, which pro- and president emeritus of the Tax
Telephone 1-800-DOWJONES The largest of these “nonprof- duces the CMA Awards. Foundation.
A16 | Wednesday, March 5, 2025 THE WALL STREET JOURNAL.

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S&P IT À 0.01%
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JPMorgan, Starwood to Lend Goldman to Cull

$2 Billion for AI Data Center Vice Presidents
BY PETER GRANT

Developers of a Utah data

ters, said the facility will be
able to provide 175 mega-
watts of continuous service
that.
Now, lenders are starting
to write much bigger checks
More than 6.3 gigawatts—
or 6,300 megawatts—of data-
center capacity was under
In Next Layoffs
center have secured one of thanks to a power deal with because data centers are get- construction in the top eight BY ANNAMARIA ANDRIOTIS the firm’s performance earlier
the biggest construction the local electric utility. That ting much larger to serve AI, markets at the end of 2024. in the year.
loans in recent years, the lat- is roughly enough juice to which consumes more ad- That was more than double Goldman Sachs is prepar- “Like other banks, this is
est sign of the market’s enor- power 175,000 average-size vanced chips and more power. the amount of a year earlier, ing its annual round of lay- part of our normal, annual
mous appetite for facilities U.S. homes. Data centers are also increas- according to CBRE Group. offs, this time with a focus on talent-management process.
that provide the backbone for The loan marks the second ingly getting commitments Data centers are also pop- its vice presidents. We don’t comment on the
artificial intelligence. data center construction loan from big-name tenants before ping up in parts of the coun- Goldman CEO David Solo- specifics in any given year,” a
JPMorgan Chase and of more than $2 billion this breaking ground, rather than try they never did before. mon has told senior execu- Goldman spokeswoman said.
Starwood Property Trust year, following a $2.3 billion building on a speculative ba- Tech companies like to lo- tives that the firm hired too Solomon has been vocal
have agreed to lend $2 billion loan in January from JPMor- sis with little preleasing. cate their servers near large many vice presidents in re- about the firm’s focus on im-
for the 100-acre data center gan Chase for a facility in “It’s evolving fast,” said population centers, major fi- cent years in relation to its proving efficiency.
campus in West Jordan, Utah, Abilene, Texas. Until recently Jordy Roeschlaub, co-presi- ber-optic networks and other overall hiring, people familiar In January, he said on an
outside Salt Lake City. nearly every data center con- dent of global debt and struc- tech and telecommunications with the matter said. earnings call that the bank
The borrower, a venture of struction loan was less than tured finance at Newmark, company servers. The cuts are intended to had made progress but that
real-estate investor CIM $1 billion, and typically which arranged the Abilene But these markets in improve the firm’s efficiency, “we believe there are signifi-
Group and Novva Data Cen- amounted to less than half of deal. Please turn to page B4 which Solomon has made a cant opportunities to drive
priority. further effi-
Hints have ciencies.” He
been given to added that
Prada Dodges a Global Slump in Luxury Goods vice presidents The bank is Goldman has
who are likely expected to trim created a
Prada annual net income to get cut both three-year pro-
in the form of between 3% and gram that will
€839M poor reviews help manage
€800 million
late last year
5% of its its expenses,
and small bo- workforce. among other
600 nuses this year. things.
Employees G o l d m a n ’s
who left as a stock is up 48%
400 result will be counted toward over the past year, according
the firm’s total goal for lay- to FactSet. The gains partly
offs. reflect the firm’s narrowing
200 About 3% to 5% of the its strategic focus to two
firm’s workforce is expected main divisions: investment
to be cut. banking and markets, as well
0 Goldman’s overall head as asset and wealth manage-
count, which ended 2024 at ment.
46,500, is expected to remain Longer term, Goldman’s in-
–200 flat this year when factoring vestments in artificial intelli-
2017 ’20 ’24 in hiring. gence are expected to eventu-
PIERO CRUCIATTI/AFP/GETTY IMAGES

Note: €1 = $1.05 The cuts are part of Gold- ally contribute to job cuts,
Sources: S&P Capital IQ; the company man’s annual culling of low mostly in operations and
performers that executives other back office roles.
Prada’s Miu Miu brand rings say is likely to occur in the Goldman recently rolled
well with Asian consumers. spring this year, instead of out an artificial-intelligence
The Italian company’s annual September when it has typi- assistant to bankers in what
net profit jumped 25%, cally been done in recent is expected to be the first
exceeding expectations. B3 years. That would help boost stage of a larger rollout.

Store-Brand Supplier Gets Squeezed Kraft Heinz to Roll Out

BY JENNIFER WILLIAMS into the pandemic. Then, con- crackers, but their appetite
sumers stuck at home with for them is slowing, Tree-
oting a little bit of the men-
tality, at least in the near
Booze, Wooing Gen Z
First, shoppers squeezed by money to spend went back to House executives said re- term, to say, ‘The consumer is
inflation began ditching the national brands they were cently. Industrywide, private- uncertain, let’s go control the BY JESSE NEWMAN
name-brand snacks and familiar with and that were, label unit sales in categories things we can control to help
drinks in favor of lower-price at times, more available on in which TreeHouse sells its drive profit.’ ” Kraft Heinz, America’s
store brands. But now, with store shelves than some ge- products, which also include That means slashing sup- famed ketchup and bologna
costs for coffee, eggs and neric options. pickles, candy, nondairy ply-chain spending in a few seller, is hoping you’ll buy its
other basic grocery items Lower-cost brands have creamer and in-store bakery ways. TreeHouse is working vodka seltzers, too.
surging, consumers are cut- seen a resur- goods, grew with suppliers of ingredients The packaged-food giant is
ting out many cheaper items gence again for 0.6% for the and packaging materials to rolling out its first alcohol

0.6%
as well. That has TreeHouse a couple of rea- three months bring costs down. The com- product for grocery stores, un-
Foods, one of the country’s sons. Aside ended in late pany also is speeding up the veiling a new hard seltzer in-
largest manufacturers of pri- from higher December com- time it takes to produce fused with Crystal Light, a
KRAFT HEINZ

vate brands, feeling the pinch. grocery prices pared with a sweets, snacks and drinks in powdered mix traditionally
The maker of cookies, squeezing Decline year earlier. its factories with efficiencies added to water. The “vodka
crackers, coffee and other shoppers, re- Unit sales were such as automated case pack- refreshers”—available initially The ‘vodka
goods for retailers such as tailers are ex-
in TreeHouse’s up 4.5% in the ing. TreeHouse aims to reduce in lemonade and wild straw- refresher’
Walmart, Whole Foods, panding their net sales for the first three its gross supply-chain costs berry flavors—will make their
Trader Joe’s and Target store-brand of- December quarter months of last by $250 million over a period debut in select Northeast U.S. macaroni and cheese and
gained ground in recent quar- ferings. Wal- year, according of four years ending in 2027. supermarkets this month, mayonnaise. The company
ters as inflation pushed shop- mart, for one, to TreeHouse. Meanwhile, prices and with plans for a broader ex- has reported declining sales
pers into cheaper food op- introduced a “People con- packaging are under the mi- pansion next year. for five consecutive quarters,
tions. With sales growth now premium line of food called tinue to move to private la- croscope to ensure customers The vodka drinks come as and said last month that it
slowing significantly, Tree- Bettergoods alongside its bels, and we’re taking some get the size offerings and Kraft Heinz is struggling to plans to increase promotions
House is working to protect Great Value brand. share, but you’re just seeing price variety they want, as is market some of its core food and potentially change the
its margins by slashing costs Shoppers still want pri- lower category growth,” TreeHouse’s list of products. brands, including Lunchables, Please turn to page B2
and fine-tuning its list of vate-label chips, cookies and O’Donnell said. “So we’re piv- In some areas, the company
products, anticipating that is expanding. These include
shoppers will remain
stretched, at least for now.
“We don’t have any strong
Private-brand unit sales in
categories in which TreeHouse
Foods operates, change from a
U.S. private brands’ dollar
share of consumer packaged
goods
its approximately $100 million
acquisition of certain coffee
operations from Farmer
INSIDE
indicators that consumers are year earlier Brothers in 2023 and its
going to be less stressed in 25% roughly $205 million purchase
5% 25%
the near term,” said Tree- of Harris Tea, which closed in
House finance chief Patrick January. Meanwhile, Tree-
4
O’Donnell. “If that’s not true 20 House is getting out of some
and it turns around, I think businesses, most recently ex-
doing the cost work benefits 3 iting from a ready-to-drink
15
you either way.” business that O’Donnell said
Grocery retailers typically 2 largely consists of discretion-
rely on third parties like Tree- 10 ary purchases for consumers
House to make their store- 1 and is an area where branded
4Q 2024
branded items. With giants +0.6% labels have a better foothold.
like Walmart, Kroger, Albert- 5 “You may see us step away BUSINESS HEARD ON THE
0
sons and Costco Wholesale from a few things in the year,” Target posts lackluster STREET
boosting investments in their –1 0 according to the CFO. This
branded products, private la- will likely affect specific prod-
sales, and warns of Airports bet on hungry,
2023 ’24 2006 ’10 ’15 ’20 ’24 pressure on profit this high-spending
bels were growing faster than ucts rather than overall cate-
name-brand goods heading Source: TreeHouse Foods Please turn to page B2 year. B2 travelers. B13

MAXIMIZE
WAREHOUSE
PRODUCTIVITY
WITH AUTOMATION
interlakemecalux.com (877) 632-2589
 B2 | Wednesday, March 5, 2025 * **** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

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

Target Posts Lackluster Sales,

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

A F N
Adnoc Gas..................................B11

Remains Cautious About 2025

Farmer Brothers......................B1 Nordstrom....................................B3
Aena................................................B13 G O
Albertsons.....................................B1
Alphabet................................A2,B4 Goldman Sachs.........................B1 OMV.................................................B11
Andreessen Horowitz.........A2 Greenoaks Capital.................A2 OpenAI..............................................A1
Anthropic........................................A1 Groupe ADP..............................B13 P
Apollo..............................................B11 H
Pernod Ricard............................B2
Apple...............................................B13 Hanwha Aerospace............B12 Prada.................................................B3 Retailer says revenue
AVIC Shenyang Aircraft.B12
Hermes International.........B3
Avolta.............................................B13
Honeywell International...B3
R fell in February and
B Hyundai Rotem.....................B12 Rheinmetall...............................B12 current quarter’s
BAE Systems..........................B12 I S-T
Best Buy..............................A4, B2
profit is pressured
IHI......................................................B12 Safe Superintelligence........A1
Brothers International.... A4
Burberry Group........................B3 J Saudi Arabian Oil.................B11 BY SARAH NASSAUER
Sequoia Capital.......................A2
C JPMorgan Chase.....................B1
Seven & i Holdings..............B6 Target warned that its
Campari...........................................B2 K
SSP Group..................................B13 profit would come under
Capri Holdings..........................B3 Kraft Heinz...................................B1 Starbucks.......................................B3 pressure in the current quar-
Chevron...........................................A7
Kroger................................................B1 Starwood Property Trust.B1 ter—and its sales could be
China Spacesat......................B12
Kuehne Nagel............................B6
T flat this year—because of
Cie. Financiere Richemont
B3 L consumer uncertainty and es-
Take-Two Interactive..........B2 calating tariffs.
Costco Wholesale...................B1 Lagardére....................................B13
Covestro........................................B11
Target........................................B1,B2 The retailer’s sales in Feb-
LIG Nex1......................................B12
TreeHouse Foods....................B1 ruary were down from a year
D

BRENDAN MCDERMID/REUTERS
LVMH Moet................................B3
U earlier because of “declining
Diageo..............................................B2 M consumer confidence” and
United Airlines.........................A9
E Meta..................................................B4 cold weather, Target finance
Mitsubishi Heavy
W chief Jim Lee said.
Energy Transition Minerals
A7 Industries................................B12 Walmart..........................................B1 Those sales trends should
tick up as weather warms and

INDEX TO PEOPLE the Easter holiday spurs buy-

ing, Lee said, but the retailer
“will remain appropriately Comparable-store sales, Share-price and index Target has reported sluggish
A L R cautious with our expecta- change from a year earlier performance, past year sales since 2022 as shoppers
Allaire, Jeremy...........................A1 tions for the year ahead.” 8% 80% pulled back on spending.
Langenbahn, Paul..................B4 Roeschlaub, Jordy...................B1
Altman, Sam...............................A1 U.S. consumer confidence
Levy, Daniel.................................A2 Ruggeri, Rachel........................B3 Walmart
Andersen, Jon...........................B2 is slipping in part because of 6 the previous year for all cate-
B M S fears that the Trump admin- Walmart* 60 gories of goods except ap-
Barry, Corie...................................A1 March, Roy..................................B4 Shemesh, Avi.............................B4 istration’s tariff campaign 4
parel and accessories, beauty
C O Smith, Cathy...............................B3 could raise prices. Walmart 40 items and advertising reve-
Cham, James..............................A1 Solomon, David.........................B1 executives spooked investors nue. The previous year in-
O'Donnell, Patrick...................B1 2
G Sutskever, Ilya............................A1
last month when they set fis- S&P 500 cluded an additional week.
Onofri, Silvia...............................B3 20
Gross, Daniel..............................A2 cal-year revenue and profit Target’s net sales shrank
Guerra, Andrea.........................B3 P Swenson, Wes..........................B4
targets below analysts’ expec-
0
by 0.8% for the full year, to
I Petruzzo, Benedetta............B3 W tations. 0 $106.6 billion.
–2
Ito, Junro.......................................B6 Prada, Miuccia...........................B3 Whittier, Jack............................A4 Target said comparable Target “We believe that Target
sales, those from stores and –20 needs to invest more in pric-
–4
websites operating at least 12 ing and promotions to drive

Kraft Heinz bar,’” said Cory Sexson, a vice

president who works on Kraft
Heinz’s hydration business.
months, were up 1.5% in the
three months ended Feb 1.
That was in line with what
–6
FY2022 ’23 ’24
–40
April 2024
Target

’25
the top-line growth,” Zhihan
Ma, a retail analyst at Bern-
stein, wrote in a research

Rolls Out As the vodka seltzers are

low in calories and alcohol
content, Kraft Heinz execu-
the company predicted in
January when it reported hol-
iday sales results.
*Excludes fuel. Note: Latest quarter ended Feb. 1 for Target, Jan. 31 for Walmart
Sources: the companies (sales); FactSet (performance)
note ahead of Target’s earn-
ings report.
Target reduced the price of

Booze Drink tives said they are a good op-

tion for Gen Z and other con-
sumers looking to reduce their
Profit also came in largely
as expected. That growth was
driven by stronger sales of
luster results from Target in
recent years.
The retailer has reported
theft measures and pricing.
Consumers have gravitated
toward retailers such as Wal-
more than 10,000 items last
year, the company said Tues-
day.
alcohol consumption. beauty products and some big sluggish sales since 2022. mart, Amazon.com and Target said its comparable
Continued from page B1 Last year, Kraft Heinz sales over the winter holi- Consumers pulled back on Costco Wholesale that are e-commerce sales rose 8.7% in
prices of some products to launched a Crystal Light mul- days, as well as through spending because of high in- known for low prices or fast the latest quarter, while sales
boost sales. tipack with flavors including same-day delivery. flation, and the chain disap- shipping on lots of items. In from stores fell 0.5%.
“Those are things that can- watermelon margarita, black The sales and profit fig- pointed some shoppers with the year ended Feb. 1, Tar- The retailer’s shares slid
not be just done overnight,” mojito and mai tai for con- ures continue a string of lack- its product selection, anti- get’s sales were down from 3% in Tuesday’s trading.
said Kraft Heinz chief execu- sumers crafting their own
tive Carlos Abrams-Rivera in a cocktails.
recent inter-
view. “There’s a
huge amount of
work.” The 40-year-old
In
Kraft
2021,
Heinz
rolled out a
limited-edition
Best Buy Warns Tariffs Will Lift Prices
Kraft Heinz Crystal Light white wine, BY DENNY JACOB include the impact of recently
executives said called La Mou- implemented or proposed tar-
the new prod- drink brand is tarde Vin, in- Best Buy said U.S. consum- iffs.
ucts are part of fused with its ers are likely to face higher The Minneapolis-based
an effort to
getting Grey Poupon prices as vendors throughout chain forecast full-year reve-
modernize the modernized. mustard seeds. its supply chain react to the nue between $41.4 billion and
Crystal Light In 2023, it latest set of tariffs, a scenario $42.2 billion, as well as ad-
brand, which is teamed up with that may crimp demand for justed earnings per share in
more than 40 a sparkling electronics. the range of $6.20 to $6.60.
years old, and reach new, wine cocktail company to cre- “While Best Buy only di- Wall Street expects revenue
younger consumers. Execu- ate a limited-edition cocktail rectly imports 2% to 3% of our around $41.75 billion and ad-
tives said they seized on the made with the taste of its overall assortment, we expect justed earnings of $6.58 a
idea after realizing that con- Claussen pickles. our vendors across our entire share.
sumers already mix Crystal Kraft Heinz said the new assortment will pass along Comparable sales growth is
JOE RAEDLE/GETTY IMAGES

Light with booze. Crystal Light drinks will be some level of tariff costs to re- expected to range between flat
“If you look at some of the made in partnership with tailers, making price increases and 2% for the year, with
social listening reports, you craft beer producer Barrel One for American consumers growth weighted more to the
see things like, ‘Oh, I keep a Collective, which will manu- highly likely,” said Chief Exec- second half of the year.
sachet of Crystal Light in my facture and distribute the utive Corie Barry. Still, the market for PCs has
purse and I take it to the product. China and Mexico are the begun to improve as consum-
top two sources for products Tariffs on Tuesday hit key suppliers of Best Buy products. ers and businesses alike look
on which the consumer-elec- to replace older models they
tronics store chain relies. On Best Buy share price, grades, while also anticipating have held onto for longer than
Tuesday, President Trump’s year to date sales would benefit from antic- average in response to a run-
25% tariffs on goods from ipated releases including Nin- up in prices.
$90
Mexico and Canada took effect. tendo’s new gaming console For the quarter ended Feb.
Canada responded with and Take-Two Interactive 1, Best Buy reported earnings
plans to impose 25% tariffs on Software’s “Grand Theft Auto of $117 million, or 54 cents a
nearly $100 billion of U.S. im- VI.” share, down
ports, and Mexico’s president Shares tum- from $460 mil-
85
said her nation also would re- bled 13.3% to lion, or $2.12 a
taliate. $75.20 in Tues- The measures share, in the
The U.S. also introduced an day’s trading. threaten to lead prior-year pe-
extra 10% tariff on Chinese im- The stock is riod.
ports overnight, adding to a
80
down 1% over consumers to Stripping out
levy imposed a month ago, and the past year. certain one-
ALLISON DINNER/EPA/SHUTTERSTOCK

other existing duties. Best Buy on

further delay time items,
China swiftly announced retal- Tuesday Tuesday re- purchases. earnings came
iatory tariffs on U.S. agricul- $75.20 ported higher- in at $2.58 a
tural goods, and other mea- –13.3% than-expected share. Analysts
75
sures against American sales in its lat- polled by Fact-
companies. Jan. 2025 Feb. March est quarter and said consum- Set had expected $2.40 a
The measures threaten to Source: FactSet ers are looking for value, but share.
cause consumers to further de- are still willing to spend on Revenue declined to $13.95
Shoppers’ appetite for private-label foods is slowing. lay purchases on computers, and other electronics retailers high-priced electronics. billion from $14.65 billion. An-
video game consoles and other expected demand for PCs to The company said its guid- alysts polled by FactSet had

Store-Brand fifth consecutive quarter of

declines.
“They need to execute bet-
big-ticket electronics. Best Buy pick up with overdue up- ance for the fiscal year doesn’t expected $13.68 billion.

Supplier Is ter,” said William Blair re-

search analyst Jon Andersen.
“No more plant-related issues.
Aperol Maker Campari Enters a Transition Year
Squeezed No more recalls.”
The company’s focus this
year on eliminating costs and
BY ANDREA FIGUERAS a flat organic earnings before
interest and taxes margin in
about $36.7 million, starting
from this month and before
hicles, the latest tit-for-tat in
a trade dispute.
improving profitability, while Italian liquor maker Davide 2025 and said the adjusted any mitigation actions, which French peer Pernod Ricard
Continued from page B1 not racing to drive sales at Campari-Milano said it ex- EBIT performance is expected are currently being assessed. lowered its guidance in Janu-
gories, he said, declining to any cost, makes sense in a pects 2025 to be a transition to be skewed toward the last The potential 12-month im- ary, citing deteriorating
provide specifics. softer demand environment, year because of cyclical head- six months of the year. pact of 25% duties on imports trends in China and uncer-
Analysts are looking for analysts said. That means winds and as a global trade The update comes after from Mexico, Canada and Eu- tainty about tariffs globally,
smoother operations from slower growth: TreeHouse ex- dispute is hampering the bev- Campari appointed Simon Hunt rope into the U.S., which isn’t while U.K. spirits maker Dia-
TreeHouse. After taking its pects adjusted net sales in the erage sector. as chief executive, following included in the guidance, is geo withdrew its midterm tar-
broth facility offline for main- first three months of the year For this year, the maker of the resignation of Matteo Fan- expected to be between €90 gets and warned that U.S. tar-
tenance and upgrades in 2023, to be down around 3.5% com- Aperol aperitifs forecasts tacchiotti for personal reasons. million and €100 million. iffs could weigh on the pace of
the company struggled to pared with a year earlier. moderate organic-revenue Hunt has more than 30 years of The industry also faces a its recovery.
bring it back to full produc- But it is a needed, and tem- growth, with an improving experience in the premium- challenging environment in Campari booked sales of
tion, weighing on sales. A vol- porary, pivot, according to trend in the second half, as and luxury-spirits industry. China, another key market for €3.07 billion for 2024, up 2.4%
untary recall of frozen griddle Andersen. “You have to live drink makers continue to face For 2025, Campari estimates European distillers, after Bei- organically from the prior
products such as waffles with the environment you’re waning demand after a surge the potential impact of tariffs jing put tariffs on EU cognac year. Net profit dropped 39%
added another drag. Net sales operating in,” he said. “And in beverage consumption dur- on imported goods into the U.S. imports. The move came after to €201.6 million due to more
in the quarter ended in De- that’s what they’ve done this ing the pandemic. from Mexico and Canada to be Brussels decided to impose moderate sales growth and
cember were down 0.6%, the year.” The group also anticipates around 35 million euros, or duties on Chinese electric ve- business investments.
THE WALL STREET JOURNAL. NY Wednesday, March 5, 2025 | B3

BUSINESS NEWS

Honeywell to Acquire Pump Maker Starbucks

Hires New
Company will pay
about $2.2 billion to
confirming an earlier report
from The Wall Street Journal.
Sundyne is owned by the
equipment, automation and
control systems for busi-
nesses.
roughly $10 billion in acquisi-
tions since the start of 2023,
not including Sundyne. It has
website. The company has
about 1,000 employees.
Sundyne was for years held
CFO From
buy Sundyne from
Warburg Pincus
private-equity firm Warburg
Pincus, which has held the
business for the past five
The separation of Honey-
well’s automation and aero-
space businesses isn’t ex-
also sold off some noncore as-
sets, including its personal-
protective-equipment busi-
by United Technologies (which
merged with Raytheon, now
known as RTX), until it was
Nordstrom
years. pected to be completed until ness. sold in 2012 to private-equity
BY LAUREN THOMAS Honeywell said last month the second half of next year. Arvada, Colo.-based Sun- firms BC Partners and Carlyle BY COLIN KELLAHER
it is effectively breaking up Honeywell said it expects dyne manufactures pumps and Group. AND KRISTIN BROUGHTON
Honeywell International into three new entities, with the Sundyne deal will immedi- compressors for customers in In early 2020, BC Partners
struck a roughly $2.2 billion plans to separate its aerospace ately add to its sales growth, industries including petro- and Carlyle sold Sundyne to Starbucks is replacing its
deal for pump-and-compressor division and move ahead with and to its adjusted earnings in chemicals and oil and gas Warburg Pincus for an undis- top finance executive, pluck-
maker Sundyne, extending the a spinoff of its advanced-ma- the first full year of owner- transportation and processing. closed amount. Warburg has ing Cathy Smith from the
company’s brisk pace of deal- terials arm. ship. Its products, such as leakage- since focused on improving Nordstrom department-store
making. Sundyne would bolster Honeywell has been on a free pumps, are used to help the company’s product line chain, as the coffee group em-
The all-cash deal was an- Honeywell’s remaining core merger-and-acquisition spree, run plants around the world, and customer service, among barks on a turnaround.
nounced Tuesday morning, offerings around critical having already announced according to the company’s other things. Smith will take over as CFO
in the next month, Starbucks
said Tuesday. She has served

Booming Miu Miu Sales Help Prada’s Results

for about two years as finance
chief of Nordstrom, which
agreed in December to
be taken private. Before join-
ing Nordstrom, she led the fi-
BY ANDREA FIGUERAS zzo, who was appointed by nances of Bright Health
LVMH’s Christian Dior Cou- Group, which now operates
Prada reported higher rev- ture as managing director in under the name NeueHealth,
enue for the past year after September last year. as well as Target.
booming sales at its Miu Miu Prada’s namesake brand Smith succeeds Rachel Rug-
brand helped the Italian group posted a 4% increase in retail geri, who has been Starbucks’
escape a global decline in de- sales for the last three months CFO since 2021. Rug-
mand for luxury goods. of 2024, marking an accelera- geri briefly served as interim
For 2025, the company said tion compared with the previ- chief executive last year after
it intends to deliver solid, sus- ous quarter. the company ousted Laxman
tainable and above-market Prada’s update comes amid Narasimhan.
growth. However, Chief Execu- rumors that the group could The company didn’t give a
tive Andrea Guerra cautioned be interested in acquiring Ital- reason for Ruggeri’s depar-
that complex industry dynam- ian brand Versace from luxury ture, but said she would assist
ics are likely to persist. group Capri Holdings. Earlier in the transition.
The luxury fashion group, this week, the Financial Times The coffee chain is working
which houses its namesake reported that Prada could buy to stem a string of quarterly
brand and Miu Miu, said its the label for around €1.5 bil- sales declines and improve the
revenue rose to 5.43 billion eu- lion, citing unnamed sources. experience of ordering coffee
ros, equivalent to $5.7 billion, The earnings season raised in its stores. In August, the
for 2024, 17% higher than the hopes of a potential sector re- company named Brian Niccol,
previous year at constant cur- covery, driven by strong de- former chief executive of Chi-
rency. The result beat analysts’ mand in the U.S., following a potle Mexican Grill, as its next
expectations of €5.37 billion, period of slowdown in de- CEO. Niccol has made a series
CFOTO/DDP/ZUMA PRESS

according to a poll of estimates mand for high-end goods after of changes, including pulling
compiled by Visible Alpha. a postpandemic spending eu- back on discounts. Starbucks
Net profit jumped 25% on phoria came to an end. said last month it would lay
year to €839 million, also sur- Hermès, Cartier owner off 1,100 corporate employees
passing analysts’ projections Richemont, and U.K. trench- in an effort to streamline op-
of €812.6 million. coat maker Burberry reported erations.
Prada has been one of the Luxury fashion group Prada bucked a slowdown in demand for pricey goods, with its Miu positive trends in the Ameri- The CFO transition at Star-
few companies to buck a slow- Miu label seeing record growth. Above, a Miu Miu store in Chongqing, China. cas, a region that has become bucks is the latest executive
down in demand for pricey a spotlight for the luxury in- shift at the company. Niccol,
goods, helped by a significant for 2024 as a whole. In the a time when most luxury dle-income shoppers to be dustry given weak trends in in January brought over two
acceleration in momentum of fourth quarter alone, it re- names contend with waning more cost-effective. China. of its former executives, Mike
Miu Miu. corded growth of 84% com- demand in China, once a Prada said it aims to con- Hong Kong-listed Prada Grams and Meredith Sand-
The label, founded in 1993 pared with the previous year’s growth driver for the industry. solidate the success of Miu proposed a dividend of €0.164 land, to serve as North Amer-
by Prada designer Miuccia quarter. The country is currently im- Miu. In February, it named Sil- a share. Its stock fell 0.3% to ica chief stores officer and
Prada, achieved a record year, The brand’s designs ring mersed in an economic mal- via Onofri as the brand’s CEO, 68.30 Hong Kong dollars on chief store development offi-
with organic growth of 93% well with Asian consumers, at aise that has prompted mid- succeeding Benedetta Petru- Tuesday. cer, respectively.

Who’s Who of Distinguished Leaders: 2025 Honorees

Since 1898, Marquis Who’s Who has remained the
standard for reliable and comprehensive biographical
reference material. We are proud to highlight hand-selected 20 25
listees who have been recognized as Distinguished Leaders
in their fields of endeavor.
Of 1.6 million listees, only a small percentage is recognized
www.marquiswhoswho.com
with the Distinguished Leaders honor. We laud these
individuals for their ambition, professional fortitude, industry
contributions, and career accomplishments.

Lloyd George Askew Jr. Sharif Beyah, MS Scott F. Bishop, PLA, ASLA Jou-An Chen, RN, MSN, CCRN
Technical Consultant Professor Founding Principal Registered Nurse
Lloyd Askew Consulting Esperanza Col., Lincoln Univ. Bishop Land Design, LLC Huntington Hospital

James D. Erickson Megan Gaillard, CPA, CFE Dr. Adam Gamwell Eartha M. Govan
VP, Sales & Customer Delivery Div. Dir. Corp. Compliance Principal Anthropologist Founder, President, CEO
Unsupervised.com, Inc. Collier County BCC Founder, Anthrocurious, LLC The M.A.G. Firm, LLC

WHO’S WHO OF
DISTINGUISHED
LEADERS
2025
HONOREE

Kumapley Lartevi, MD Michelle Latorres Tanis J. Marquette Maria Martinez-Guzman

Physician Lic. Mental Health Counselor Dir. Sustainability Advisory Executive Vice President
The Convenient Clinic Calm Collective Therapy TRC Univision News

Annie Murray Diane Nussbaum James H. Seals Reverend Al Sharpton

Vice President of Finance Owner, Executive Pastry Chef Circuit Court Judge (Ret.) Founder, President
WTXF Fox 29 Diane’s La Patisserie Florida 20 th Circuit National Action Network Inc.
B4 | Wednesday, March 5, 2025 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Francisco Partners Is Moving Into Energy

The private-equity firm Thoma Bravo. management, according to its Tietoevry, to create a bigger Management, from its private- and technology-enabled busi-
firm signs to buy The deal is expected to website. leader in the energy software equity backers Blackstone and nesses.
value Quorum at $2.4 billion, Thoma bought Quorum space. Corsair Capital. About a year ago, it bought
Quorum, a maker of including debt, people familiar from private-equity firm Sil- Other deals between buyout Overall activity is at multi- Jama Software from share-
oil-and-gas software with the matter said. A trans- ver Lake for an undisclosed firms have been struck this decade lows, however. Deal holders including Insight Part-
action was announced on amount in 2018. week. announcements in the first ners and Madrona Ventures
Tuesday, confirming an earlier Quorum scaled quickly un- Clearlake Capital said on two months of the year were for $1.2 billion.
BY LAUREN THOMAS report from The Wall Street der Thoma’s ownership. The Monday it would buy a stake down over 26% from 2024, ac- “Francisco Partners had al-
Journal. business pursued deals, in- in healthcare software firm cording to Dealogic. It is the ready done a lot of work in
Private-equity firm Fran- Houston-based Quorum’s cluding a merger with a Modernizing Medicine, from fewest deal announcements the sector before we con-
cisco Partners struck a deal software helps customers Thoma portfolio company, Au- Warburg Pincus. over the same period since nected, and so this made a
for Quorum Software, a maker across energy sectors in areas cerna, and acquisition of En- Genstar Capital announced 2005. nice match,” Quorum CEO
of software for the oil-and-gas including financial planning, ergy Components, a piece of a deal for a controlling stake Francisco Partners focuses Paul Langenbahn said in an
industry owned by buyout well management and land the Finnish software business in First Eagle Investment its investments on technology interview.

Adoption of New AI Tools Reshapes Coding Workforce

BY ISABELLE BOUSQUETTE ecutive Sundar Pichai recently “It is possible that we might
said that more than a quarter see a future where some work-
After years of hype and of the company’s new code is ers are displaced,” Gowans
panic over how many jobs AI AI-generated. said, adding that top talent
will extinguish or replace, it’s While there are still skills will always remain in demand.
clear the technology is bring- shortages in some areas, those The unemployment rate in
ing some big changes to the companies that are hiring de- the information technology
coding workforce. velopers are finding an easier sector rose from 3.9% in De-
AI coding tools, which can market than they did a couple cember to 5.7% in January, well
automate large portions of of years ago, said Ryan Sutton, above the month’s overall job-
code development, emerged as technology hiring and consult- less rate of 4%, according to a
an early generative AI use ing expert at recruiting firm report from consulting firm
case, driving double-digit-per- Robert Half. He added, though, Janco Associates based on data
centage efficiency gains and that the more employer- from the U.S. Department of
helping more code get written friendly market is attributable Labor. Victor Janulaitis, CEO of
faster. Microsoft-owned to several factors, including Janco, attributes part of the
GitHub Copilot, one of the the economy and a normaliza- shift to the growing use of AI.
more popular coding tools, has tion after the pandemic-fueled TD Bank Group continues to
been adopted by more than hiring boom. hire developers, and Brent Fos-
77,000 organizations in the Companies that might have ter, vice president of software
roughly two years since its re- compromised on what they and quality engineering prac-
lease, Microsoft said in its were looking for in the past tices at the financial services
fourth-quarter earnings. don’t anymore, Sutton said, al- firm, said he’s looking for can-
The tools are designed to though some of the skill sets didates who can focus on the
supplement rather than replace have changed. Companies want things the tools don’t do them-
JEFF CHIU/AP

human workers and their output candidates who can go beyond selves. These include prompt
still needs to be double-checked, writing lines of code and think engineering and working at a
companies say. But their grow- critically about how to solve higher level of abstraction,
ing adoption is quickly reshap- Alphabet CEO Sundar Pichai says more than a quarter of its new code is AI-generated. problems through technology. stitching together different
ing the size and scope of the de- Communication skills are also building blocks of existing ser-
velopment teams. say they can get the same ate to get bodies into seats. tests and learn quicker,” Lu desired, he added. vices to build an architecture.
“2025 is going to be a very amount of work or more done “It really changes and said. “The world is becoming TD Bank said 75% of its en-
fascinating year with some of with leaner teams. Automating morphs the way you think For the developers, priori- more competitive. The bar for gineers who were using GitHub
these tools, as we start to the mundane boilerplate coding about a traditional developer,” ties are shifting more toward talent and the expectation of Copilot felt like they were be-
scale,” said KeyBank Chief In- lets developers focus on com- said Yang Lu, the CIO of Coach how to use and prompt the AI talent has just risen,” said Ja- ing equally or more productive
formation Officer Amy Brady. plex problem solving and skills and Kate Spade owner Tapes- tools, she said. “We’re training son Gowans, Levi Strauss & than before the bank started
“We’re not far enough on the associated with using the AI try, about GenAI coding tools. developers to think more from Co. chief digital and technol- rolling it out.
journey where I can confi- tools, they say. And when hir- The fashion company is seeing a prompting perspective ver- ogy officer. Levi’s last year To be sure, these coding
dently say it’s going to replace ing developers, companies say roughly 10% to 20% efficiency sus the traditional program- rolled out GitHub Copilot and generation tools remain in
all entry-level code generation. they can be more tempered and gains from its use of GitHub ming perspective,” she said. quickly found that users were their infancy and CIOs say the
Do I think it could replace selective than several years Copilot. “It’s a different mindset.” accepting the coding sugges- gap between what they can do
some? Yes.” ago, when the talent market “We can get through more Silicon Valley is not immune tions 40% of the time after just today and their future poten-
Companies using the tools was so tight they were desper- [coding] quicker and do more to the shift. Alphabet Chief Ex- the first prompt. tial is big. NOVVA

DIFFERENCE A Novva data center in West Jordan, Utah.

Big Loan U.S. data centers

under construction
ready fully leased, the devel-
opers said.
Utah is a good location for

To Finance
7,000 megawatts
data centers because the re-
Sure, the cars are different. But the mats are, too. gion has a low risk from
6,000
New or pre-owned, big or small, we have a laser-measured, earthquakes and other natu-
custom-fitting FloorLiner for your vehicle in stock and ready to
ship. Because at WeatherTech, we make protection personal.
Data Site 5,000

4,000
ral disasters, Swenson said.
But Utah and other West-
ern states have one big draw-
back: The region is dry. Ob-
Continued from page B1 taining enough water to
3,000
places such as northern Vir- prevent a data center from
ginia, Atlanta and Chicago overheating is a major chal-
have run into power and land 2,000 lenge.
limitations and public oppo- “Virtually everything west
sition. 1,000 of Denver is water scarce,”
Developers and “hyperscal- Swenson said. “You can’t go
ers” such as Amazon.com and 0 into these cities responsibly
Microsoft are now moving 2020 ’21 ’22 ’23 ’24 and use water for cooling.”
where they can find sufficient Source: CBRE The Utah project limits the
power, water and friendly lo- amount of water it uses with
cal governments. the site near Salt Lake City in a cooling system that consists
Meta recently said it is 2018. Swenson formed Novva of four 12-inch pipes that run
planning a $10 billion data in 2019 with CIM, which has a around the perimeter of the
center in Richland Parish, La. range of infrastructure and facility. That system reduces
Alphabet’s Google last year commercial real-estate proj- the amount of water evapora-
broke ground on a pair of ects in Europe and the Amer- tion, which greatly increases
data centers in Dorchester icas. water usage at other data
County, S.C., as part of a ma- CIM and Novva began con- centers.
jor expansion effort in that structing the first phase of “You recirculate the wa-
state. the facility in 2020 without ter,” Swenson said. “It
New data centers are fo- any signed leases because doesn’t evaporate.”
cused on markets with “the Utah wasn’t a big data center Still, the availability of
Auto. Home. Pet. Find Your Fit. 1-800-441-6287 ability to deliver power in
scale and jurisdictions that
market and some of their new
data center technologies were
power continues to slow data-
center development in Utah
can fast-track it,” said Roy untested, said Avi Shemesh, and other states.
March, chief executive of CIM co-founder and principal. “Before the AI surge in
real-estate investment bank- “We had to prove our de- 2023, you could reasonably
Made in USA © 2025 MacNeil IP LLC ing firm Eastdil Secured. sign,” he said. get a pretty good path to
Novva founder and CEO The first phase opened in power in three years,” Swen-
Wes Swenson was early to 2023 with the rest opening by son said. “That is moved now
the Utah market, acquiring the end of 2026, and it is al- to five or six.”
THE WALL STREET JOURNAL. Wednesday, March 5, 2025 | B5

The Decision Makers Driving

Today's Most Influential Brands
A network of marketing visionaries connecting
to discuss the industry's biggest trends and plan a path forward.

AARP Kartikeya Bhandari, Livspace

Melissa Brotz, Abbott Rodney Mason, LTK
Stacy Martinet, Adobe Gabrielle Wesley, Mars Wrigley
Stuart A. Spencer, AIA Group Jennifer Halloran, MassMutual Financial
Kim Salem-Jackson, Akamai Technologies Kelly Starman, MasterControl
Sumeet Grover, Alliant Liz Gooch, McDermott Will & Emery
Joanna Rose, Apollo Global Management Shelley Stewart III, McKinsey & Company
Ami Badani, Arm Sean Summers, Mercado Libre
Emilie Cotter, Audi of America Takeshi Numoto, Microsoft
Erika Serow, Bain & Company Brian Buckley, Nasdaq
Steve James, BNY Lynn Teo, Northwestern Mutual
Roddy Young, Boston Children's Hospital Mandy Dhaliwal, Nutanix
Jonathan Bottomley, Calvin Klein, Inc. Heather Stern, Oliver Wyman
Sarah Thomas, Capgemini Lisa Campbell, OneTrust
Milena Oliveira, Carrier KP Unnikrishnan, Palo Alto Networks
Vineet Mehra, Chime Remi Kent, Progressive Insurance
Cheryl Krauss, Chubb Brad Rosenfeld, Prove
Eileen Diskin, Comcast Business Megan French-Ritsch, Public Investment Fund 'Confidential'
Sheila Morin, Coveo Teresa Barreira, Publicis Sapient
Mark Lawson, Cox Communications Josh Golden, Quad
Brendan McCarthy, Criteo Don McGuire, Qualcomm Inc.
Linda Goldstein, CSAA Insurance Group Ricoh Digital Services, North America
Jason McClelland, DataStax Mirella Vitale, Rockwool International A/S
Eric Glass, Dayforce Ray Ramu, Saia
Suzanne Kounkel, Deloitte Emily Fink, Sedgwick
Nouf Al, Bushlaibi, Department of Culture and Tourism, Abu Andrew Warden, Semrush
Dhabi Aaron Bisman, Sesame Workshop
Laura Ness Owens, Doosan Bobcat North America John C. Zeigler, Sinclair Media
Sherry Weiss, Dow Jones Sangeeta Prasad, Slalom
Kaveri Camire, DXC Technology Kyle J. Christensen, Splash Inc.
Vidya Ramnath, Emerson Ryan J. Linder, Stagwell Global
Monica Kumar, Extreme Networks Michael Bopp, Synchrony Financial
Ellyn Raftery, FIS Ann Minooka, Synopsys, Inc.
Michele Morelli, Foursquare Taylor Montgomery, Taco Bell
Laura Bonamici, Fujitsu Ltd Abhinav Kumar, Tata Consultancy Services
Arielle Gross Samuels, General Catalyst Claire Burns, The Hartford
Wanda Weigert, Globant Marc Pritchard, The Procter & Gamble Co.
Craig Greiwe, GoDigital Media Group Ian Colley, The Trade Desk
Lorraine Twohill, Google Julie Woods-Moss, Thoughtworks
Jonathan Adashek, IBM Wendy Marlett, Toll Brothers
Patrick Harrison, Indeed Geoff Cottrill, Topgolf
Sumit Virmani, Infosys Michael Mendenhall, TriNet Group Inc.
Integral Ad Science Nathan Friedman, Understood.org
Brett Hannath, Intel Frederique Covington Corbett, UNICEF
Andrew J. Ploszay, IQVIA Eric H. Jagher, UScellular
Lindsay Hanson, John Hancock Julian B. Jacobs, UTA
Jean English, Juniper Networks Sid Ratna, Vanguard
Cindy Zhou, KnowBe4 Iris Meijer, Verizon Business
Lauren Boyman, KPMG Frank Boulben, Verizon Consumer Group
Samir Bagga, L&T Technology Services Jon Fee, VettaFi (a TMX company)
Nina George, Leaf Home Amanda Jobbins, Vodafone Business
Emily Ketchen, Lenovo Abby Elizabeth Dickes, Voyager Space

Membership is by invitation: [email protected]

© 2024 Dow Jones & Co., Inc. All rights reserved. 6DJ0292
B6 | Wednesday, March 5, 2025 THE WALL STREET JOURNAL.

THE PROPERTY REPORT

Scorched Plots Hit Market After L.A. Fires
Land parcels where Jethro Rothe-Kushel, a 43-
year old homeowner who
homes once stood works in marketing, put his Al-
are selling for above tadena land on the market in
February after his four-bed-
early expectations room, four-bathroom home
burned down.
BY REBECCA PICCIOTTO Rothe-Kushel isn’t sure if he
will go through with the sale,
LOS ANGELES—In two Los reluctant to abandon the
Angeles neighborhoods where neighborhood. He wants to
wildfires destroyed thousands find a way to pay for the re-
of homes less than two months build out-of-pocket, but with
ago, the selling season is al- an eight-year old daughter, he
ready well under way. felt more time pressure to find
More than 80 new listings a new stable living situation
of scorched plots in Pacific quickly.
Palisades and Altadena have For now, Rothe-Kushel is
hit the market since the mid- moving his family to their
dle of February. Land parcels newly bought home in San Ma-
where homes once stood are rino, about 10 miles away.
commanding selling prices “We can’t wait two to five
above early expectations. years—not only for our home
“All of a sudden, the flood- to rebuild, but also for the
gates are opening,” said An- community to rebuild itself,”
thony Marguleas, founder of he said. “Five years in an
the Palisades real-estate eight-year old’s life is an eter-
agency Amalfi Estates. nity.”

MARIO TAMA/GETTY IMAGES

The first parcels in the The turnover in ownership
neighborhoods sold at slight also is raising concern over
discounts to their pre-fire val- how the rebuild will change
uations, though some real-es- the demographics and charac-
tate agents figured that land ter of the fire-ravaged neigh-
values would drop by a hefty borhoods.
50%, based on early sales dur- The listings are also boosting hope that the areas remain desirable and that prices can rise even more over time. In Altadena, roughly 81% of
ing previous California wild- Black residents own their
fires. all cash to secure the land, Change in average monthly while they are springing for 40% of what the property was homes—nearly double the na-
Land sellers are now asking brokers say. home value since 2023 temporary housing and paying valued at before the fires, tional average. Before the
for roughly the same value—or Dozens of land parcels that off a mortgage. which she sees as the land’s 1960s, some parts of the neigh-
even above—their land’s esti- include partially damaged Pacific Palisades Altadena “There’s a daily cost to fair market value. She received borhood that didn’t have dis-
mated pre-fire valuation. As a homes are also hitting the carry the property,” said local 10 direct inquiries in 24 hours criminatory redlining laws be-
15%
rule of thumb, brokers esti- market. real-estate agent Richard on the first land plot she pub- came a refuge for Black
mate that a land plot is worth In Altadena, the first four Schulman. “So money today is licly listed, mostly from inves- residents.
between 40% and 60% of a lot sales have closed at an av- 10 better than money tomorrow.” tors she thinks will rebuild the After the January fires, resi-
property’s overall value in Los erage of $69 a square foot, Schulman listed a Pacific homes. dents launched an “Altadena
Angeles, though the precise es- well above the $22 average 5 Palisades lot eight days after “There are a lot of mom- Not for Sale” campaign to fend
timate varies based on the lo- from 2023 to 2024, according the owner’s home burned and-pop builders looking at off predatory investor bids
cation and size of the parcel. to private listing data. Local down. He received more than this land as an opportunity to that featured yard signs and
0
The early sales, while a real-estate agent Teresa Fuller 60 inquiries, primarily from grow their business,” she said. local protests in the neighbor-
small portion of the thousands is aiming even higher. She said small to midsize investors The Palisades housing mar- hood’s streets. Residents are
of burned homes, are the first she is about to close on a -5 looking to either flip the 9,932 ket was under pressure even collecting funds to help dis-
signs of residents making per- burned 5,737-square-foot Alta- square-foot lot or rebuild the before the fires, in line with placed homeowners who are
manent decisions to leave, a dena parcel for $570,000, or -10 single-family home to sell at a most of Southern California. uninsured or underinsured re-
sensitive issue for both neigh- around $99 a square foot. profit. Higher mortgage rates, and de- build their homes.
2023 ’24 ’25
borhoods. The listings are also Land prices for the Riviera The seller reached a deal cades of price appreciation “There are very few Black
boosting hope that the areas neighborhood, one of the most Source: Zillow Home Value Index with an investor for $1.2 mil- that caused home values to in- people left in L.A. County. A
remain desirable and that luxurious enclaves in the Pali- lion and is now moving to crease several fold, softened lot of that has to do with the
prices can rise even more over sades where celebrities fre- once the neighborhoods are Santa Monica. That topped the demand. The average home cost of living here,” said
time. quent the nearby country club, fully reconstructed and fire- asking price of $999,000, but it value in Pacific Palisades was Jasmyne Cannick, a local advo-
The parcels are mostly be- appear to have appreciated by proofed. But the homeowners was likely 20% less than what down more than 5% in Decem- cate who helped organize an
ing sold to small and midsize more than 10% since the fires, who are selling say they can’t the land, excluding the home ber from the year before, ac- online fundraiser for Black
real-estate investors and de- Marguleas said, based on land wait. Some are facing exorbi- structure, was worth pre-fires, cording to Zillow. homeowners displaced by the
velopers who are likely to ei- transactions that are currently tant out-of-pocket costs to re- according to Schulman. Altadena had been bucking fires. “There’s a real feeling
ther flip the vacant lots or in escrow. build, even with their insur- In Altadena, real-estate the trend with the average that the community is going to
build single-family homes to Property values are ex- ance payouts. And the wait agent Tracey Kardash is set- home value up over 3% annu- change drastically in Alta-
sell later. Many of them offer pected to rebound even more times could stretch for years ting asking prices at roughly ally in December. dena.”

Home Builders Anticipate

Rise in Construction Costs
BY REBECCA PICCIOTTO China, which is now facing ately.
levies of an additional 10% on But in a matter of months,
Home builders are bracing its exports to the U.S., for even the biggest builders will
for the fallout from new tariffs steel and aluminum products. likely need to increase the
on Canada and Mexico, a move The impact of a 20% tariff rents for newly built apart-
that could over time boost the on Chinese imports and a 25% ments and houses or raise the
cost of new-home buying and tariff on both Canadian and selling prices on new projects.
intensify the U.S. housing Mexican could increase con- In other cases, they may need
shortage. struction costs by $1.7 billion to pause or abandon projects
In 2023, nearly 70% of U.S. annually, according to the entirely.
builders’ sawmill and wood NAHB. Any of these outcomes
products came from Canada, Big home builders say they would reduce new construc-
while 71% of lime and gypsum can absorb some cost in- tion and likely worsen the
products came from Mexico, creases if the tariffs last for country’s yawning housing
ANGUS MORDANT/BLOOMBERG NEWS

according to the National As- just a few weeks. These firms shortage, which by some esti-
sociation of Home Builders. have anticipated the possibil- mates runs to more than 7
The Trump administration im- ity of higher costs from levies million units.
posed 25% tariffs on exports and can source some of their “There are only two ways
from those countries on Tues- materials domestically. to manage higher costs and
day. Lumber futures on Mon- For now, some say they both are bad for the con-
day rose to their highest point won’t have to pass those costs sumer,” said Adam Wolfson,
since August 2022, in antici- on to home buyers and rent- chief executive of Florida-
pation. ers. Smaller builders might based build-to-rent develop-
U.S. builders also rely on feel the squeeze more immedi- ment firm Wolfson BTR. Big builders say they can absorb some cost increases if the tariffs last for just a few weeks.

BUSINESS WATCH
CONTINENTAL Continental’s share price, KUEHNE + NAGEL ahead of expectations, but sea 7-ELEVEN last week that there was no
past six months logistics profitability was below longer an actionable offer from
Shares Plunge 12% Logistics Company’s expectations and overall vol-
Family Abandons the founding family to con-
€70
As Revenue Falls Results Disappoint umes declined. Privatization Bid sider. The family said that it
Shares of Continental Kuehne + Nagel shares fell The Swiss logistics group TOKYO—Seven & i Hold- will continue to seek ways to
plunged nearly 12% on Tuesday Tuesday as earnings at the plans to grow average annual ings’ founding family said it contribute to the company’s
after 2024 revenue was hurt 65 freight forwarder’s sea logistics earnings before interest and decided to pull its proposal to growth.
by major headwinds and guid- business disappointed investors taxes by 17% to 19% in the pe- privatize the Japanese owner Separately, Seven & i said it
ance came in soft. and dragged on the group’s riod to 2026 from 2019 levels, of the 7-Eleven convenience- is exploring all opportunities to
The German car-parts com- 60 overall profitability. while achieving a conversion store chain as it found it diffi- unlock value for shareholders,
pany’s full-year sales fell 4.1% Tuesday Sea logistics had a rise in rate—the ratio of Ebit to gross cult to secure enough financ- including a proposal from Can-
to €39.72 billion, equivalent to €61.34 fourth-quarter earnings as it profit—of 25% to 30%. It re- ing in a short time. ada’s Alimentation Couche-
$41.65 billion, compared with 55
–11.6% benefited from continued ef- ported a conversion rate of 19% “Given that Seven & i is in a Tard. The two companies are
the prior year. The company forts to manage costs. But vol- in the fourth quarter, up from situation where it is required still discussing whether there
attributed this to a weak core umes fell and profitability per 15.6% in the same quarter a to make swift management is a way to overcome a possi-
market in Europe and a global container that it shipped de- year earlier. The conversion rate decisions and implement them ble antitrust challenge in the
downturn in automotive pro- 50 clined from the third quarter, fell to 19.1% for full-year 2024 to respond to the environment U.S., Seven & i said Tuesday.
duction. The figure slightly Oct. 2024 ’25 leaving earnings at the unit shy from 21.7% in 2023. surrounding the company and Seven & i shares pared
missed analysts’ estimated Note: €1 = $1.05 of forecasts. “Kuehne + Nagel is well posi- the challenges it faces, the losses after the company de-
€39.97 billion, according to a Source: FactSet Shares fell 5% in Europe. tioned at the start of the new founding family has decided to nied a report that it was re-
company-compiled consensus. The smaller air-logistics busi- financial year. We are confident withdraw the proposal to take jecting Couche-Tard’s bid, end-
For 2025, Continental ex- lysts said in a note to clients. ness logged a good quarter that the positive development the company private,” Junro ing Tuesday’s session down
pects sales to range between “Commentary also indicates though, as it had better vol- will continue in 2025,” Chairman Ito, a top Seven & i executive 6.9% after falling by as much
€38 billion and €41 billion, and that guidance does not take umes with stable market share Joerg Wolle said. and son of the founder of the as 12%. The 7-Eleven owner in
an adjusted earnings before in- significant changes in tariffs and improving profitability The company reported a net Japanese retail giant, and Ito- September rejected an initial
terest and taxes margin of into account, which adds a thanks to demand from the profit of 315 million Swiss Kogyo, the family’s asset-man- $39 billion buyout bid from
around 6.5% to 7.5%. Analysts layer of uncertainty about the aerospace and pharmaceuticals francs, equivalent to $351.2 mil- agement company, said in a Couche-Tard, saying the pro-
see sales at €40.89 billion and guide,” they said. Despite this, industries and as it transported lion, in the final quarter of 2024, statement. posal underestimated the com-
adjusted Ebit at €2.91 billion net profit rose 1% to €1.17 bil- more perishable goods. Analysts up from 283 million francs in Seven & i in November said pany’s value. Couche-Tard later
with a margin of 7.1%. lion and adjusted Ebit climbed at JPMorgan noted that the air the same period a year earlier it had received a buyout pro- raised its offer to about $47
The guidance was weaker 7% to €2.69 billion. logistics performance was as turnover rose 19% to 6.76 bil- posal from the founding family. billion.
than expected, Jefferies ana- — Nina Kienle strong as profitability came in lion francs. —Dominic Chopping However, the company said —Megumi Fujikawa
THE WALL STREET JOURNAL. NY / NE Wednesday, March 5, 2025 | B6A

NYC’S NEWEST DESTINATION

NEIGHBORHOOD

JOE THOMAS
Hudson Square boasts the best New York has to offer, combining the energy of the city with easy access to open spaces.

Once the heart of New York City’s printing district, the area is rapidly becoming a destination in its own right

N
by Hudson Square Properties
estled between SoHo, the West These curated ground-floor tenants not only enhance the
Village, TriBeCa and the Hudson dining landscape, but also contribute to Hudson Square’s
River, Hudson Square has quietly new status as a destination.
evolved into one of Manhattan’s Hudson Square has also established itself as an appeal-
most appealing neighborhoods, ing venue for the arts. The neighborhood’s distinctive
blending modern office spaces, buildings boast excellent light, space and high ceilings
upscale residential offerings and vi- from their industrial past. In recent months, notable fash-
brant cultural attractions. ion brands such as Elena Velez and Nanushka have chosen
The catalyst for Hudson Square’s transformation came Hudson Square for Fashion Week events; art installations
in 2013 with a re-zoning initiative that opened the doors
and galleries, such as Swivel Gallery and Creative Art
to residential construction. Since then, Hudson Square
Partners, feature work by emerging and established art-
has steadily evolved into a community that combines
ists from around the world, enriching the streetscape and
the energy of the city with easy access to open spaces. As
a result, the neighborhood’s population has increased drawing visitors beyond the neighborhood’s office walls.
by more than 50% since 2010, according to market re- The NASA Art Program also recently unveiled a new pub-
searcher Alexander Babbage. Just this summer, Atlas lic art display in the neighborhood called “To the Moon,
Capital Group, along with Zeckendorf Development and Back,” fitting for Hudson Square’s growing appeal as a
and Baupost Group, secured a nearly $1 billion con- center for exploration, creativity and originality.
struction loan to develop two luxury apartment towers
A DYNAMIC NEIGHBORHOOD
between Houston and Clarkson Streets. This Hudson
The HSP partnership’s commitment to cultivating a dy-
riverfront residential project — and other well-designed
namic neighborhood experience has attracted a roster of
housing like it — exemplify how a historically industrial
and commercial area has transformed to attract profes- new office tenants that further contributes to the area’s vi-
sionals and families looking to plant their roots. brancy. This quarter alone, Hudson Square Properties has
At the center of Hudson Square’s resurgence is Hudson announced long-term leases with Equinox at 75 Varick
Square Properties (HSP), a joint venture of Trinity Church Street, Brooklinen at 225 Varick Street, Brandtech at 155
NYC, Norges Bank Investment Management and Hines. Avenue of the Americas and Red Antler at 160 Varick
JOE THOMAS
Together, this partnership has carefully designed and Hudson Square is bustling with an impressive range of culinary and
Street. David Yurman, a renowned jewelry brand, recent-
curated an office and retail portfolio that aligns with the cultural experiences. ly renewed and expanded its headquarters lease at 200
needs of forward-thinking tenants and complements the Hudson Street.
neighborhood’s influx of new residents. HSP’s latest proj- “Trinity Church established a long-term venture with
ect, 555 Greenwich Street, is setting a new standard for firms such as Disney and Google have established signifi- its partners, Norges and Hines, with the goal of steward-
sustainable office buildings in Manhattan. The 16-story cant outposts here in the last few years; they are joined by ing a neighborhood inextricably linked to Trinity’s early
structure is fully electrified, geothermally heated and de- creative industry leaders like Horizon Media and Publicis days. We’re excited to help lead Hudson Square’s next
signed to achieve exceptional energy efficiency; it is one Groupe. Collectively, these global brands are bringing a evolution, crafting an urban landscape where history and
of the greenest office buildings in the country. It seam- fresh energy to the neighborhood. modernity coexist harmoniously,” Sujohn Sarkar, manag-
lessly connects to 345 Hudson Street on multiple floors, ing director of asset management at Trinity, says.
creating expansive, flexible floor plates that are rare in CULTURE ABOUNDS
Manhattan’s commercial landscape. In addition to being a burgeoning business center,
“Hudson Square is fast becoming a hub for compa- Hudson Square offers an impressive range of dining and
nies seeking a unique combination of high-quality office cultural experiences. Recent culinary arrivals include
space, cultural amenities, and a sense of community,”
Jason Alderman, senior managing director and city head
César by César Ramirez and Port Sa’id, a lively destina-
tion for foodies and music lovers. Upcoming restaurant
LEARN MORE
of Hines’ New York office, says. openings by chefs Daniel Humm and Flynn McGarry at About Hudson Square Properties
Hudson Square’s appeal is evident in the caliber of ten- 435 Hudson and 375 Hudson Street, respectively, further and its dynamic neighborhood.
ants drawn to its buildings. Major media and technology underscore the area’s emergence as a culinary hotspot.

We’re excited
to help lead
Hudson Square’s
next evolution,
crafting an urban
landscape where
history and
modernity coexist
harmoniously.”

SUJOHN
SARKAR
Managing Dire c tor
of Ass et Management,
Tr i n i t y
COURTESY OF HUDSON SQUARE PROPERTIES
Designed to achieve optimal energy efficiency, 555 Greenwich Street is setting a new standard for sustain-
able, high-quality office buildings in Manhattan.
The Wall Street Journal news organization was not involved in the creation of this content.
B6B | Wednesday, March 5, 2025 NY / NE THE WALL STREET JOURNAL.

THIS VETERAN HAS

EXPERIENCED ENOUGH.

HE SHOULDN’T HAVE TO FIGHT HOUSING

DISCRIMINATION BECAUSE OF HIS DISABILITY.
Sergio lost his leg and his hearing while serving our country overseas. Now back home, he was
ready to start a new chapter in his life. But when he found the perfect apartment, the landlord
refused to make a reasonable accommodation to allow his service dog in a “no pets” building.
Then Sergio learned that the Fair Housing Act protects people with disabilities. He contacted
HUD and filed a complaint. Today, Sergio is feeling right at home.

If you believe you’ve experienced housing discrimination, please contact

hud.gov/fairhousing or call 1-800-669-9777

50 YEARS OF OPENING DOORS.

A public service message from the U.S. Department of Housing and Urban Development in cooperation with the National Fair Housing Alliance. The federal Fair Housing Act
prohibits discrimination because of race, color, religion, national origin, sex, familial status or disability. For more information, visit www.hud.gov/fairhousing.
THE WALL STREET JOURNAL. * * Wednesday, March 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 DutchBros BROS 72.36 -3.98 Grab GRAB 4.69 -0.04 LamResearch LRCX 76.44 0.66 s Marsh&McLen MMC 236.77 -2.71 NVR NVR 7201.71 1.42 OtisWorldwide OTIS 99.61 -1.12 ProcoreTech PCOR 74.34 0.08
Nasdaq Stock Market listed securities. Prices are consolidated from trades
reported by various market centers, including securities exchanges, Finra, Dynatrace DT 55.10 -0.64 Graco GGG 83.34 -1.92 LamarAdv LAMR 121.97 -2.44 t MartinMarietta MLM461.92 -7.88 NXP Semicon NXPI 211.16 -5.37 Ovintiv OVV 38.92 -0.75 Procter&Gamble PG 173.18 -2.41
electronic communications networks and other broker-dealers. The list EMCOR EME 388.08 -7.65 Grainger GWW 988.78-10.72 LandBridge LB 65.23 1.26 MarvellTech MRVL 88.33 2.50 Nasdaq NDAQ 78.76 -3.21 t OwensCorning OC 144.03 -4.47 s Progressive PGR 283.19 -1.89
comprises the 1,000 largest companies based on market capitalization. ENI E 28.11 -0.44 GraphicPkg GPK 25.83 -0.32 LasVegasSands LVS 45.09 -0.34 Masco MAS 72.50 -1.44 Natera NTRA142.35 -0.76 PDD PDD 113.41 0.81 Prologis PLD 121.78 -1.76
Underlined quotations are those stocks with large changes in volume EOG Rscs EOG 122.11 1.57 GpoAeroportuar PAC 185.51 -1.25 LatticeSemi LSCC 60.96 0.64 Masimo MASI 183.46 -7.17 NationalGrid NGG 62.37 0.65 PG&E PCG 16.14 -0.29 PrudentialFinl PRU 109.59 -3.89
compared with the issue’s average trading volume.
EPAM Systems EPAM 198.01 -0.60 GpoAeroportSur ASR 264.14 -0.85 Leidos LDOS 132.22 3.02 MasTec MTZ 123.89 -3.78 NatWest NWG 12.09 -0.20 PNC Finl PNC 180.45 -9.04 Prudential PUK 18.53 -0.06
Boldfaced quotations highlight those issues whose price changed by 5% or EQT EQT 50.00 1.29 GpoFinGalicia GGAL 55.80 -0.76 t Lennar A LEN 118.75 0.82 Mastercard MA 555.07-19.85 t NetApp NTAP 93.56 -2.17 POSCO PKX 45.51 -0.23 PublicServiceEnt PEG 81.41 -0.35
more if their previous closing price was $2 or higher.
EastWestBncp EWBC 90.30 -3.32 Guidewire GWRE 194.89 -1.42 t Lennar B LEN.B 114.63 0.74 s McCormickVtg MKC.V 82.67 -1.73 NetEase NTES 100.60 3.97 t PPG Ind PPG 109.29 -2.43 PublicStorage PSA 306.05 -4.99
Footnotes:
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most EastGroup EGP 184.11 -0.87 HCA Healthcare HCA 312.05 0.77 LennoxIntl LII 572.97-14.01 s McCormick MKC 82.36 -2.37 Netflix NFLX 972.58 -1.12 s PPL PPL 34.72 -0.95 PulteGroup PHM 102.90 0.87
recent four quarters. EastmanChem EMN 93.11 -1.35 HDFC Bank HDB 59.70 -0.95 LeonardoDRS DRS 29.89 -0.15 McDonald's MCD 305.77 1.48 t Neurocrine NBIX 113.11 -1.37 t PTC PTC 158.44 -2.12 PureStorage PSTG 50.11 0.68
Stock tables reflect composite regular trading as of 4 p.m. ET and Eaton ETN 279.22 0.76 HP HPQ 29.29 -0.75 LiAuto LI 27.67 0.30 s McKesson MCK 643.69 -0.84 Newmont NEM 42.51 0.40 Paccar PCAR 101.48 -3.54 t Qiagen QGEN 37.82 -0.40
changes in the official closing prices from 4 p.m. ET the previous day. eBay EBAY 66.67 1.45 s HSBC HSBC 60.43 0.10 LibertyBroadbandC LBRDK 83.86 -0.47 Medpace MEDP 324.39 5.22 NewsCorp B NWS 31.69 -0.35 PackagingCpAm PKG 202.27 -7.14 Qualcomm QCOM 154.46 0.84
EchoStar SATS 31.04 -0.03 H World HTHT 36.62 0.30 LibertyBroadbandA LBRDA 83.05 -0.49 s Medtronic MDT 93.03 -1.27 NewsCorp A NWSA 28.06 -0.41 PalantirTech PLTR 84.40 0.98 QuantaServices PWR 249.63 -1.28
Net Net Ecolab ECL 267.77 -2.05 Haleon HLN 10.67 0.09 LibertyFormOne A FWONA 84.09 -2.41 MercadoLibre MELI 2059.87-10.54 NextEraEnergy NEE 70.85 -0.77 PaloAltoNtwks PANW 184.38 0.70 QuestDiag DGX 175.01 -1.94
Tuesday, March 4, 2025
Net Stock Sym Close Chg Stock Sym Close Chg Ecopetrol EC 9.11 -0.36 t Halliburton HAL 24.15 -0.86 LibertyFormOne C FWONK 91.07 -2.59 Merck MRK 92.56 -0.59 Nike NKE 77.32 -1.09 PanAmerSilver PAAS 23.69 0.17
Stock Sym Close Chg
AveryDennison AVY 181.33 -4.59 CentraisElBras EBR 6.46 -0.07 EdisonIntl EIX 54.82 -0.45 HamiltonLane HLNE 146.94 -5.65 LibertyLiveC LLYVK 71.37 -1.55 MetaPlatforms META 640.00-15.05 s NiSource NI 39.77 -1.46 ParamountB PARA 11.48 0.17 R S
AxonEnterprise AXON 528.28 2.53 CharlesRiverLabs CRL 164.31 0.81 EdwardsLife EW 71.38 -0.01 HartfordIns HIG 116.98 -2.79 LibertyLiveA LLYVA 69.95 -1.31 MetLife MET 81.56 -4.14 Nokia NOK 4.88 -0.13 ParamountA PARAA 22.56 -0.09
A B C Elastic ESTC 107.95 0.80 Hasbro HAS 61.81 -1.88 Light&Wonder LNW 106.60 -3.05 Mettler-Toledo MTD 1240.97-27.67 Nomura NMR 6.39 -0.12 ParkerHannifin PH 624.90-25.66
RBC Bearings RBC 350.47 -5.48
BCE BCE 23.61 0.20 CharterComms CHTR 368.36 -2.30 RB Global RBA 100.66 -2.05
AECOM ACM 94.08 -3.09 BHP Group BHP 49.22 0.38 CheckPoint CHKP 221.22 0.13 s ElbitSystems ESLT340.00 5.40 HealthEquity HQY 102.99 -1.83 EliLilly LLY 911.06-18.66 MicrochipTech MCHP 58.14 0.19 Nordson NDSN 206.55 -0.55 s Paychex PAYX152.00 -1.37 RELX RELX 48.98 0.47
AES AES 10.82 -0.37 BJ'sWholesale BJ 101.09 1.68 Chemed CHE 587.65 -3.62 ElectronicArts EA 131.82 2.59 HealthpeakProp DOC 20.25 -0.15 LincolnElectric LECO 193.61 -6.70 MicronTech MU 91.20 0.66 NorfolkSouthern NSC 238.51 -6.63 PaycomSoftware PAYC 217.21 -3.00 RPM RPM 120.77 -2.32
Aflac AFL 107.60 -2.54 BP BP 31.44 -0.37 CheniereEnergy LNG 219.98 -0.87 ElevanceHealth ELV 397.27 1.77 Heico HEI 265.48 -0.37 Linde LIN 461.35 -0.90 t Microsoft MSFT 388.61 0.12 NorthernTrust NTRS 104.37 -5.03 Paylocity PCTY 199.04 -5.91 RTX RTX 128.70 -5.13
AGNC Invt AGNC 10.22 -0.07 BWX Tech BWXT 101.25 -0.25 CheniereEnerPtrs CQP 64.30 -2.78 Embraer ERJ 49.88 -0.07 HeicoA HEI.A 208.45 -3.29 Lineage LINE 60.09 0.12 MicroStrategy MSTR 275.15 24.23 NorthropGrum NOC 463.83 -9.58
PayPal PYPL 67.48 -2.27 RalphLauren RL 252.72 -9.64
Ansys ANSS 323.22 -2.22 BXP BXP 67.06 -0.97 Chevron CVX 152.00 -1.09 EmersonElec EMR 114.03 -3.14 HenrySchein HSIC 70.31 -0.50 LithiaMotors LAD 318.10 -7.20 s MidAmApt MAA 168.15 -2.77 NorwegCruise NCLH 21.13 -0.82 s Pearson PSO 17.75 0.54 RangeResources RRC 37.86 1.06
ASE Tech ASX 9.98 0.24 Baidu BIDU 87.15 2.83 Chewy CHWY 34.32 -1.58 Enbridge ENB 41.55 -1.12 Hershey HSY 176.38 -2.12 LiveNationEnt LYV 138.15 -4.11 Middleby MIDD 159.04 -2.54 Novartis NVS 111.42 0.80 PembinaPipeline PBA 38.22 -0.26 RaymondJames RJF 144.19 -6.21
ASML ASML 708.22 8.36 BakerHughes BKR 42.86 -0.74 Chipotle CMG 53.17 -1.16 EncompassHealth EHC 98.45 -1.34 Hess HES 142.39 -1.70 s LloydsBanking LYG 3.82 0.14 MitsubishiUFJ MUFG 12.74 -0.10 NovoNordisk NVO 87.50 -1.87 PenskeAuto PAG 163.75 -4.05 RealtyIncome O 57.76 0.21
s AT&T T 26.22 -1.50 Ball BALL 51.03 -1.11 Chubb CB 284.15 -5.54 Endeavor EDR 28.85 -0.24 HessMidstream HESM 40.51 -0.65 LockheedMartin LMT 448.82 -3.12 MizuhoFin MFG 5.66 0.02 NuHoldings NU 10.46 -0.01 Pentair PNR 89.67 -2.07 Reddit RDDT 159.17 -3.28
ATI ATI 56.22 -1.59 BBVA BBVA 13.17 -0.22 ChunghwaTel CHT 38.94 -0.26 EnergyTransfer ET 18.47 -0.56 HewlettPackard HPE 18.84 -0.19 Loews L 85.07 -2.08 Mobileye MBLY 14.39 -0.06 Nucor NUE 129.51
-4.56 Penumbra PEN 283.62 -2.26 t RegalRexnord RRX 120.01 -3.70
AXIS Capital AXS 95.20 -2.42 BancoBradesco BBDO 1.94 0.07 s Church&Dwight CHD 110.71 -1.35 Entegris ENTG 98.35 1.73 Hilton HLT 259.56 -4.02 LogitechIntl LOGI 95.74 -1.80 Moderna MRNA 30.37 0.10 Nutanix NTNX 77.08
-0.36 PepsiCo PEP 154.19 -1.80 s RegencyCtrs REG 76.35 -1.39
s AbbottLabs ABT 137.58 -2.64 BancodeChile BCH 26.53 0.26 ChurchillDowns CHDN 112.70 -2.46 Entergy ETR 85.08 -2.81 Hims&HersHealth HIMS 40.49 -0.19 Lowe's LOW 239.85 -6.31 MolinaHealthcare MOH 306.49 3.65 Nutrien NTR 48.49
-1.11 PerformanceFood PFGC 81.60 -1.40 RegenPharm REGN 675.49 -9.38
s AbbVie ABBV 207.76 -3.72 BancSanBrasil BSBR 4.39 0.06 Ciena CIEN 74.31 -0.38 EnterpriseProd EPD 33.32 -0.41 t Hologic HOLX 62.30 -0.97 lululemon LULU 345.29 -2.52 t nVentElectric NVT 55.11
-1.24 t PermianRscs PR 12.55 -0.39
MolsonCoorsA TAP.A 60.75 0.97 RegionsFinl RF 22.36 -0.78
Accenture ACN 345.78 0.79 BcoSantChile BSAC 21.87 -0.12 Cigna CI 308.86 -2.65 Equifax EFX 243.13 -1.38 HomeDepot HD 381.68 -8.01 LyondellBasell LYB 73.47 0.06 MolsonCoorsB TAP 59.58 -1.71 NVIDIA NVDA 115.99
1.93 PetroleoBrasil PBR 12.96 -0.18 ReinsGrp RGA 193.05 -5.86
AcuityBrands AYI 274.25-10.74 BancoSantander SAN 6.37 -0.10 CincinnatiFinl CINF 143.26 -4.22 Equinix EQIX 910.04 -0.54 HondaMotor HMC 27.33 -0.17 monday.com MNDY 276.52 -1.85 PetroleoBrasilA PBR.A 11.87 -0.10 Reliance RS 281.23 -7.79
Adobe ADBE 446.03 5.31 BanColombia CIB 40.70 -0.14 Cintas CTAS 204.56 -2.87 Equinor EQNR 22.48 -0.18 Honeywell HON 208.00 -4.02 M N Mondelez MDLZ 65.29 -0.49
O P Q Pfizer PFE 25.75 -0.50 RenaissanceRe RNR 244.68 3.41
t AdvDrainageSys WMS 107.32 -0.48 BankofAmerica BAC 42.67 -2.89 CiscoSystems CSCO 63.26 -0.22 Equitable EQH 51.36 -2.94 HormelFoods HRL 28.90 -0.58 MongoDB MDB 254.38 -4.64 OGE Energy OGE 45.12 -1.20 s PhilipMorris PM 153.95 -4.84
Macom Tech MTSI 109.76 0.78 RentokilInit RTO 24.91 -0.23
t AdvMicroDevices AMD 100.75 2.52 BankMontreal BMO 99.53 -2.09 Citigroup C 72.35 -4.82 EquityLife ELS 68.06 -1.00 DR Horton DHI 125.92 0.24
M&T Bank MTB 181.32 -7.49 MonolithicPower MPWR 588.15 9.23 ONEOK OKE 93.79 -2.97 Phillips66 PSX 122.29 -2.70 Repligen RGEN 154.81 -0.57
AEG 6.12 -0.24 BankNY Mellon BK 85.54 -2.81 CitizensFin CFG 43.59 -1.46 EquityResdntl EQR 73.44 -1.58 t HostHotels HST 15.85 -0.29
Aegon t MGM Resorts MGM 32.61 -0.58 MonsterBev MNST 54.82 -0.35 t ON Semi ON 44.49 -0.42 Pilgrim'sPride PPC 53.91 -0.85 s RepublicSvcs RSG 235.94 -3.68
AerCap AER 98.48 -2.52 BankNovaScotia BNS 48.48 -0.87 CleanHarbors CLH 201.28 -6.51 ErieIndemnity ERIE 440.44 -9.25 HoulihanLokey HLI 161.24 -7.91
MPLX MPLX 53.07 -1.19 Moody's MCO 481.30-20.70 s O'ReillyAuto ORLY 1356.77-19.22 PinnacleFinPtrs PNFP 107.30 -4.38 ResMed RMD 231.48 -1.62
AffirmA AFRM 57.01 -4.85 Barclays BCS 15.71 -0.12 Clorox CLX 150.77 -5.12 EssentialUtil WTRG 38.75 -0.35 HowmetAerospace HWM127.02 -4.00
MSCI MSCI 567.62-21.14 MorganStanley MS 121.72 -7.41 OccidentalPetrol OXY 46.53 0.08 PinnacleWest PNW 91.80 -2.38 RestaurantBrands QSR 65.39 0.56
t AgilentTechs A 123.06 -3.27 BarrickGold GOLD 17.73 0.04 Cloudflare NET 140.93 -1.98 EssexProp ESS 307.59 -6.26 t Hubbell HUBB 351.79 -3.16
t MagnaIntl MGA 34.14 -1.19 Morningstar MORN 299.06 -7.94 Okta OKTA 108.31 21.15 Pinterest PINS 35.20 -0.37 Revvity RVTY 109.26 -1.13
AgnicoEagleMines AEM 95.87 -0.06 BaxterIntl BAX 34.79 -0.07 Coca-Cola KO 70.19 -2.13 EsteeLauder EL 68.09 -2.09 HubSpot HUBS 687.12-20.51
MakeMyTrip MMYT 93.47 -1.07 MotorolaSol MSI 423.06 -4.29 OldDomFreight ODFL 175.00 2.72 PlainsAllAmPipe PAA 19.30 -0.65 RexfordIndlRealty REXR 40.40 -0.69
AgreeRealty ADC 74.19 0.11 BectonDicknsn BDX 224.27 -4.18 CocaColaCon COKE 1335.37-71.78 EvercoreA EVR 219.49-13.80 Humana HUM 262.78 1.24
t ManhattanAssoc MANH 171.41 -1.68 MuellerIndustries MLI 78.20 -1.30 OldRepublic ORI 37.41 -1.28 PlainsGP PAGP 20.60 -0.70 RioTinto RIO 62.19 1.14
AirProducts APD 305.35 -5.30 BeiGene ONC 257.31 11.78 CocaColaEuropac CCEP 85.82 -1.10 Everest EG 355.37 -0.73 JBHunt JBHT 157.62 -0.20
ManulifeFinl MFC 29.19 -1.43 MurphyUSA MUSA 471.00 6.19 OmegaHealthcare OHI 37.38 -0.28 PlanetFitness PLNT 95.27 2.21 Rivian RIVN 11.26 -0.25
Airbnb ABNB 141.42 0.44 BellRing BRBR 71.15 -0.41 CognizantTech CTSH 83.74 0.23 s Evergy EVRG 67.70 -1.82 HuntingtonBcshs HBAN 15.51 -0.68
Maplebear CART 38.44 -0.46 NICE NICE 144.62 4.00 t Omnicom OMC 80.83 0.12 Pool POOL 341.29 -2.89 Robinhood HOOD 46.22 -0.67
AkamaiTech AKAM 82.18 1.18 t BentleySystems BSY 42.22 -0.61 Coherent COHR 69.57 1.30 EversourceEner ES 59.74 -2.52 HyattHotels H 137.25 -2.63
MarathonPetrol MPC 142.62 -3.20 NIO NIO 4.22 -0.01 OnHolding ONON 50.63 2.78 Primerica PRI 281.70 -7.41 Roblox RBLX 62.66 0.48
AlamosGold AGI 23.13 0.08 Berkley WRB 62.23 -1.50 CoinbaseGlbl COIN 212.55 6.80 ExactSciences EXAS 48.78 1.23 ICICI Bank IBN 27.60 -0.29
Markel MKL 1864.39-54.17 NNN REIT NNN 42.44 -0.38 Oracle ORCL 157.47 -4.55 PrimoBrands PRMB 33.13 -0.15 RocketCos. RKT 13.44 -0.62
AlaskaAir ALK 65.30 -4.60 BerkHathwy A BRK.A 742800-22360 ColgatePalm CL 91.06 -1.75 Exelixis EXEL 38.29 -0.26 IdexxLab IDXX 441.61 4.46
Marriott MAR 270.80 -6.92 NRG Energy NRG 100.25 ... Orix IX 20.88 0.12 PrincipalFinl PFG 85.62 -3.02 Continued on Page B11
t Albemarle ALB 72.16 2.21 BerkHathwy B BRK.B 495.86-14.22 Comcast A CMCSA 35.50 -0.48 s Exelon EXC 43.68 -0.87 ING Groep ING 18.46 0.08
Albertsons ACI 19.76 -0.93 BerryGlobal BERY 70.65 -1.19 Comerica CMA 59.52 -3.10 ExpandEnergy EXE 100.70 2.35 t IQVIA IQV 183.57 -1.28
BBY 75.20-11.54 ComfortSystems FIX 339.17 -6.41 Expedia EXPE 188.70 -4.80 ITT ITT 134.24 -3.17
Alcoa
Alcon
AA 31.15 -0.08
ALC 92.59 -1.55
BestBuy
Bilibili BILI 20.94 1.14 CommerceBcshrs CBSH 62.75 -2.07 ExpeditorsIntl EXPD 118.13 -0.42 IcahnEnterprises IEP 9.75 -0.25 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks
AlexandriaRlEst ARE 100.49 -1.01 t Bio-Techne TECH 60.12 -1.07 SABESP SBS 15.99 -0.20 ExtraSpaceSt EXR 153.42 -0.57 Icon ICLR 183.62 -1.19
BIIB 142.65 0.94 ConagraBrands CAG 25.47 -0.58 ExxonMobil XOM 107.54 -0.22 t IDEX IEX 185.88 -2.65
Alibaba
t AlignTech
BABA 129.85 -0.96
ALGN169.88 -5.21
Biogen
BioMarinPharm BMRN 70.51 -0.51 Confluent CFLT 29.82 0.05 F5 FFIV 280.11 -4.04 IllinoisToolWks ITW 255.32 -6.91 Money Rates March 4, 2025
Allegion ALLE 123.79 -2.73 BioNTech BNTX 109.65 -1.91 t ConocoPhillips COP 90.64 -1.99 FTAI Aviation FTAI 115.16 -3.45 t Illumina ILMN 84.89 0.69
FDS 444.72-13.37 ImperialOil IMO 65.68 -0.55
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
s AlliantEnergy LNT 64.26 -1.78 Birkenstock BIRK 46.94 -1.12 ConEd ED 102.15 -1.87 FactSet
AllisonTransm ALSN 96.40 -2.15 BlackRock BLK 951.79-14.68 ConstBrands A STZ 172.56 -2.72 FairIsaac FICO 1871.03 6.15 Incyte INCY 69.68 -0.58 guide to general levels but don’t always represent actual transactions.
Allstate ALL 199.03 -3.03 Blackstone BX 150.73 -7.80 ConstellationEner CEG 231.65 -0.64 Fastenal FAST 74.23 -0.15 Infosys INFY 19.71 -0.12 Week —52-WEEK— Week —52-WEEK—
t IngersollRand IR 81.45 -1.15
Inflation Latest ago High Low Latest ago High Low
AllyFinancial ALLY 34.85 -0.36 Block XYZ 59.43 -3.36 Cooper COO 90.67 -0.98 FederalRealty FRT 103.02 -2.46
FDX 247.74-11.03 Ingredion INGR 129.09 -1.46 Jan. Index Chg From (%)
AlnylamPharm ALNY 242.93 -0.60 BlueOwlCapital OWL 19.78 -1.05 Copart CPRT 54.26 -0.39 FedEx Britain 4.50 4.50 5.25 4.50 13 weeks 4.210 4.195 5.255 4.195
INSM 77.21 0.92 level Dec. '24 Jan. '24
Alphabet A GOOGL 170.92 3.91 Boeing BA 158.90-11.16 Core&Main CNM 47.42 -1.86 FergusonEnts FERG168.48 -5.05 Insmed Australia 4.10 4.10 4.35 4.10 26 weeks 4.135 4.180 5.170 4.110
Alphabet C GOOG 172.61 3.95 BKNG 4898.40-47.75 CorebridgeFin CRBG 32.06 -2.14 Ferrari RACE 459.59 -4.61 Insulet PODD 269.70 -2.94
Booking U.S. consumer price index
AltairEngg ALTR 111.34 -0.09 BoozAllen BAH 105.79 3.07 Corning GLW 46.49 -1.76 Ferrovial FER 44.54 0.09 Intel INTC 21.33
-1.41 Overnight repurchase Other short-term rates
All items 317.671 0.65 3.0
s Altria MO 56.30 -1.01 BostonSci BSX 103.61 -1.26 Corpay CPAY 349.27-16.67 FidNatlFinl FNF 62.74 -2.06 InteractiveBrkrs IBKR 196.03 -5.50 U.S. 4.39 4.37 5.45 4.00
ICE 169.85
-3.35
Core 323.842 0.57 3.3 Week 52-Week
Amazon.com AMZN 203.80 -1.22 BristolMyers BMY 59.44 -0.43 Corteva CTVA 59.80 -0.60 FidNatlInfo FIS 69.89 -2.31 ICE Latest high low
U.S. government rates ago
Ambev ABEV 2.09 0.01 BritishAmTob BTI 39.61 -0.16 CoStar CSGP 75.58 0.19 FifthThirdBncp FITB 41.63 -1.42 InterContHtls IHG 125.78 -1.11
International rates
Amcor AMCR 9.96 -0.17 BrixmorProp BRX 27.28 -0.71 Costco COST 1036.87 -9.98 FirstCitizBcshA FCNCA 1901.91-87.71 IBM IBM 253.21
3.02 Discount Call money
Amdocs DOX 86.48 -0.34 Broadcom AVGO 187.48 0.11 CoterraEnergy CTRA 26.47 0.19 FirstHorizon FHN 20.01 -0.90 IntlFlavors IFF 79.79 -1.13 Week 52-Week 4.50 4.50 5.50 4.50 6.25 6.25 7.25 6.25
AmerSports AS 28.94 -0.85 BroadridgeFinl BR 241.83 -3.00 Coupang CPNG 23.36 -0.45 t FirstSolar FSLR 131.23 3.60 IntlPaper IP 51.30
-4.01 Latest ago High Low
s Ameren AEE 100.00 -3.67 BrookfieldAsset BAM 52.50 -2.96 Crane CR 152.13 -4.66 FirstEnergy FE 39.28 -0.33 t Interpublic IPG 26.71 0.25 Federal funds Commercial paper (AA financial)
BAP 182.94 -0.72 FirstService FSV 175.51 -0.52 s Intra-Cellular ITCI 131.24-0.04 Prime rates Effective rate 4.3300 4.3300 5.3400 4.3300 90 days n.a. n.a. 5.37 4.26
AmericaMovil AMX 14.12 ... Brookfield BN 53.58 -3.02 Credicorp
AmerAirlines AAL 13.35 -0.52 BrookfieldInfr BIP 29.96 -1.05 CredoTech CRDO 54.32 3.90 Fiserv FI 223.92-13.87 Intuit INTU 598.07
-3.02 U.S. 7.50 7.50 8.50 7.50 High 4.5500 4.5500 5.6500 4.4700
FLEX 35.01 -1.06 IntuitiveSurgical ISRG 557.96
-9.02 Canada 5.20 5.20 7.20 5.20 Low 4.3200 4.3200 5.3300 4.3000 Secured Overnight Financing Rate
s AEP AEP 105.24 -2.46 BrookfieldRenew BEPC 26.69 0.20 CrowdStrike CRWD390.16 7.43 Flex
Japan 1.625 1.625 1.625 1.475 Bid 4.3200 4.3200 5.3300 4.3200 4.33 4.34 5.40 4.27
AmerExpress AXP 283.47-12.02 BrookWealth BNT 53.58 -2.81 CrownCastle CCI 94.21 -1.65 t Floor&Decor FND 87.14 -4.91 InvitatHomes INVH 33.89 -0.48
AmericanFin AFG 125.83 -2.71 s Brown&Brown BRO 119.17 -0.70 Crown Holdings CCK 86.01 -2.26 FlutterEnt FLUT 266.15 -5.05 IronMountain IRM 88.24 -1.97 Offer 4.3300 4.3300 5.3600 4.3300 Value 52-Week
Policy Rates Latest Traded High Low
AmHomes4Rent AMH 36.40 -0.91 Brown-Forman A BF.A 32.54 -0.50 CubeSmart CUBE 41.80 -0.43 FomentoEconMex FMX 93.04 -0.35 ItauUnibanco ITUB 5.47 -0.04
Treasury bill auction
Euro zone 2.90 2.90 4.50 2.90
AIG AIG 79.85 -2.74 Brown-Forman B BF.B 32.69 -0.35 Cullen/Frost CFR 130.94 -3.98 t FordMotor F 9.12 -0.27
AmerTowerREIT AMT 207.12 -2.49 t BuildersFirst BLDR 130.39 -4.53 Cummins CMI 347.32 -8.65 Fortinet FTNT 106.48 -0.06
J K L Switzerland 1.00 1.00 2.25 1.00 4 weeks 4.235 4.245 5.285 4.230 DTCC GCF Repo Index
FTS 44.15 ... JD.com
Treasury 4.381 28.606 5.471 4.286
AmerWaterWorks AWK 139.20 -0.37 BungeGlobal BG 71.70 -0.13 Curtiss-Wright CW 312.51 -2.85 Fortis JD 40.95 0.71 Notes on data: MBS 4.385 55.450 5.526 4.294
Ameriprise AMP 498.17-33.75 BurlingtonStrs BURL 230.27 -5.36 CyberArkSoftware CYBR 354.26 0.70 Fortive FTV 77.21 -1.79 JPMorganChase JPM 250.25-10.37 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
Ametek AME 183.33 -3.22 CAVA CAVA 86.25 -1.40 FoxA FOXA 56.22 -0.81 Jabil JBL 141.56 -4.89 and is effective December 19, 2024. Other prime rates aren’t directly comparable; lending practices Weekly survey
Amgen AMGN 312.19 1.41 CBRE Group CBRE 139.59 -1.03
D E F FoxB FOX 52.61 -0.84 JackHenry JKHY 177.02 -0.98 vary widely by location; Discount rate is effective December 19, 2024. Secured Overnight Financing
Rate is as of March 3, 2025. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted Latest Week ago Year ago
Amphenol APH 63.05 -0.40 CDW CDW 171.32 -1.18 s DTE Energy DTE 131.94 -3.30 Franco-Nevada FNV 142.94 1.73 JacobsSolns J 122.72 -2.44 average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-
AnalogDevices ADI 226.18 -1.36 CF Industries CF 75.28 -2.69 DT Midstream DTM 93.24 -1.35 FranklinRscs BEN 19.56 -0.29 JamesHardie JHX 31.17 0.03 funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Freddie Mac
AngloGoldAsh AU 30.38 0.85 CGI A GIB 102.69 -0.55 Danaher DHR 205.91 0.22 FreedomHolding FRHC 140.24 -5.62 JazzPharm JAZZ 138.95 -1.27 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; 30-year fixed 6.76 6.85 6.94
AB InBev BUD 61.08 0.34 CH Robinson CHRW 98.35 -2.02 Darden DRI 192.72 -3.19 t FreeportMcM FCX 34.90 -0.63 JefferiesFinl JEF 60.41 -3.36 Tullett Prebon Information, Ltd. 15-year fixed 5.94 6.04 6.26
AnnalyCap NLY 21.41 -0.23 s CME Group CME 251.98 -4.90 Datadog DDOG 115.46 2.29 FreseniusMedCare FMS 22.84 -0.71 s J&J JNJ 165.42 -1.86
AnteroMidstream AM 16.76 -0.04 s CMS Energy CMS 72.87 -1.19 DaVita DVA 141.61 -1.49 FrontierComms FYBR 35.90 -0.10 JohnsonControls JCI 80.90 -1.66
AnteroResources AR 36.52 0.37 CNA Fin CNA 48.37 -1.48 Dayforce DAY 57.07 -2.35 FullTruck YMM 11.67 0.16 JonesLang JLL 262.41 -4.61 ADVERTISEMENT
Aon AON 404.68 -4.64 CNH Indl CNH 11.77 -0.38 t DeckersOutdoor DECK 133.78 -3.46 JuniperNetworks JNPR 35.94 -0.09
G H I
APi Group APG 36.81 -0.59 CRH
ApolloGlbMgmt APO 137.92 -6.66 t CSX
Apple
CRH 96.31 -3.66 Deere DE 458.38 -7.45 KB Financial KB 53.45 -0.69
CSX 31.20 -0.73 DellTechC DELL 94.07 -1.49 GE Aerospace GE 198.77 -3.19 KE Holdings BEKE 22.32 0.21
AAPL 235.93 -2.10 CVS Health CVS 64.21 -0.69 DeltaAir DAL 54.69 -3.76 GE HealthCare GEHC 84.31 -2.14 KKR KKR 120.78-12.23
Business Real Estate & Auctions
To advertise: email [email protected] or WSJ.com/classifieds
AppliedIndlTechs AIT 229.86-10.44 t CadenceDesign CDNS 241.29 -0.45 DescartesSystems DSGX 108.88 -1.18 GE Vernova GEV 313.07 -2.91 KLA KLAC 699.00 7.85
t ApplMaterials AMAT 152.87 0.74 CamdenProperty CPT 123.24 -2.29 DeutscheBank DB 20.99 -0.59 GFLEnvironmental GFL 45.52 -0.98 KT KT 17.10 -0.08
AppLovin APP 327.23-10.11 Cameco CCJ 41.89 0.78 DevonEnergy DVN 34.25 -0.16 GSK GSK 38.43 0.48 Kaspi.kz KSPI 102.79 -0.31
Aptargroup ATR 145.94 -0.65 Campbell's CPB 40.33 -0.96 DexCom DXCM 82.42 -3.57 s Gallagher AJG 337.27 -4.53 s Kellanova K 82.36 -0.25 ILLINOIS OHIO
Aptiv APTV 62.80 -1.21 CIBC CM 57.40 -2.34 Diageo DEO 108.31 -0.84 GameStop GME 24.30 -0.10 Kenvue KVUE 23.42 -0.37
Aramark ARMK 35.71 -0.31 t CanNtlRlwy CNI 97.47 -0.78 t DiamondbkEner FANG145.04 -2.96 Gaming&Leisure GLPI 49.79 -0.07 KeurigDrPepper KDP 33.60 -0.53
s ArcelorMittal MT 30.26 0.78 t CanadianNatRscs CNQ 26.93 0.21 Dick's DKS 212.12 -2.33 Gap GAP 20.09 -1.26 KeyCorp KEY 16.24 -0.54
ONLINE REAL ESTATE MAR
AUCTION
ArchCapital ACGL 91.87 -1.11 CdnPacKC CP 74.24 -1.58 DigitalRealty DLR 155.67 0.36 Garmin GRMN 220.12 -6.10 KeysightTech KEYS 153.10 -2.79
ADM ADM 45.82 -0.76 CapitalOne COF 184.90-11.28 DiscoverFinSvcs DFS 178.83-11.44 Gartner IT 482.06 -9.07 KimberlyClark KMB 141.14 -2.21 ABSOLUTE AUCTION 29
AresMgmt ARES 160.99 -8.77 CardinalHealth CAH 126.31 -2.87 Disney DIS 109.01 -3.78 GenDigital GEN 27.26 -0.38 KimcoRealty KIM 21.51 -0.54 (2) ILLINOIS PROPERTIES
argenx ARGX 621.25 -1.36 t Carlisle CSL 326.85 -6.16 DocuSign DOCU 82.06 0.36 GeneralDynamics GD 250.80 -3.24 KinderMorgan KMI 26.99 -0.15
AristaNetworks ANET 85.52 -0.49 Carlyle CG 45.06 -3.21 DollarGeneral DG 72.92 1.03 GeneralMills GIS 61.14 -0.93 Kinetik KNTK 54.88 -2.03 MARCH 21ST - 27TH ATTENTION CLEVELAND INVESTORS & HOMEBUYERS!
Cuyahoga County Court Of Common Please Case # CV-15-848513
Arm ARM 122.49 1.39 CarMax KMX 81.15 -0.36 DollarTree DLTR 66.68 -2.09 GeneralMotors GM 45.22 -2.16 KinrossGold KGC 11.13 0.39
AscendisPharma ASND 150.81 -1.12 Carnival CCL 21.91 -1.35 DominionEner D 54.33 -2.54 Genmab GMAB 23.33 0.37 KinsaleCapital KNSL 433.14 2.55 RECEIVERSHIP ORDERS THE IMMEDIATE SALE
AspenTech AZPN 264.60 -0.40 Carnival CUK 19.84 -1.21 Domino's DPZ 481.77 -2.05 Genpact G 52.26 -0.47 Klaviyo KVYO 37.73 -0.56
ENFIELD REHABILITATION OF 25 SINGLE FAMILY HOMES AND 4 HOMESITES
Assurant AIZ 206.14 -3.78 CarpenterTech CRS 201.98 -4.53 Donaldson DCI 67.50 -1.26 GenuineParts GPC 122.87 -1.13 Knight-Swift KNX 47.88 -1.25
AsteraLabs ALAB 69.63 1.95 CarrierGlobal CARR 62.07 -1.19 DoorDash DASH 193.41 -4.69 Gildan GIL 50.91 -2.01 Philips PHG 26.55 0.19 & HEALTH CARE CENTER SUGGESTED OPENING BIDS ONLY $500-$5,000 EACH!
AstraZeneca AZN 77.25 1.15 Carvana CVNA 215.09 -4.36 Dover DOV 184.06 -9.23 s GileadSciences GILD 114.74 -1.25 KoreaElecPwr KEP 7.31 0.07 1.74 ACRES | 9,645±SF
Atlassian TEAM 273.62 -0.60 CaseysGenStores CASY 408.03 0.03 t Dow DOW 35.62 -0.44 GitLab GTLB 62.80 6.55 KraftHeinz KHC 30.98 -0.34 Most properties are located
408 WILSON STREET
s AtmosEnergy ATO 149.75 -3.88 Caterpillar CAT 326.75 -5.29 Doximity DOCS 67.83 -0.62 GlobalPayments GPN 99.54 -3.51 Kroger KR 63.18 0.29
ENFIELD, IL 62835 throughout the Eastside of Cleveland.
AuroraInnov AUR 7.13 0.19 Celestica CLS 90.22 -2.58 DrReddy'sLab RDY 12.81 0.05 GlobalFoundries GFS 37.57 0.69 Kyndryl KD 37.26 -0.18
25 Single family homes and 4 vacant
Autodesk ADSK 267.43 -4.60 Cemex CX 5.93 ... DraftKings DKNG 41.30 -0.29 GlobeLife GL 124.15 -4.44 LatamAirlines LTM 31.84 0.22
s ADP ADP 313.44 -5.20 Cencora COR 253.28 -2.10 Dropbox DBX 26.32 0.42 GlobusMedical GMED 78.07 -1.18 LKQ LKQ 42.08 0.08
7.5 ACRES WITH BUILDING homesites. Many of the properties
s AutoZone AZO 3473.66 -4.10 t CenovusEnergy CVE 12.24 -0.47 DukeEnergy DUK 116.41 -2.26 GoDaddy GDDY 176.42 -1.27 LPL Financial LPLA 336.46-22.40
52 OLD US HIGHWAY 45 are currently rented.The goal of the
Avalonbay AVB 222.99 -5.09 Centene CNC 57.87 -0.72 Duolingo DUOL 294.15 -1.08 GoldFields GFI 19.02 0.61 L3HarrisTech LHX 207.08 -0.62 LOUISVILLE, IL 62858 Receiver and the City is to revitalize the
t Avantor AVTR 15.50 -0.37 CenterPointEner CNP 33.69 -0.88 DuPont DD 77.69 -1.14 GoldmanSachs GS 581.14-24.12 Labcorp LH 256.81 2.77 502-939-0399 neighborhoods with responsible new
Bill Menish, SVN Auction Services ownership for these properties.Third
Noah Ruggieri, SVN Managing Director
All SVN® Offices Are Independently Owned and Operated. party financing is available to qualified
ADVERTISEMENT buyers.This is a terrific opportunity for
bid.svnauctions.com homebuyers and investors!

Business Real Estate & Services

To advertise: email [email protected] or WSJ.com/classifieds
FOR A COMPLETE LIST OF PROPERTIES WITH CONDITION
ASSESSMENTS, RENTAL INFORMATION, DESCRIPTIONS,
AND OPEN HOUSE DATES, CALL: 216-861-7200

NOTABLE
FOR BROCHURE & TERMS
216.861.7200
C10968333-01

CALL MIKE BERLAND

COMMERCIAL
HANNA COMMERCIAL • CHARTWELL AUCTIONS •
MICHAEL BERLAND, AARE, OH AUCTIONEER
SHERIFF’S SALE
PROPERTIES
EVERY WEDNESDAY ILLINOIS

LIST YOUR REAL ESTATE AUCTION

PROPERTY TODAY MARCH 19, 2025

(800) 366-3975
[email protected]
••••••••
SHERIFF’S SALE MARCH 19, 2025 AT 10 A.M. (CT) •••••••• For more information visit:
wsj.com/classifieds
Former FDF Drilling Services Yard
16961 Highway 5, Logansport, LA
LAKE BLUFF, IL • OFFICE BUILDING
46,036 sq. ft. multi-tenant 2-story building located at 900 N.
Shore Drive. Situated on 3.24 acres with 146 parking spaces.
Recently renovated, great curb appeal, desirable North Shore
Immovable Property Movable Property Includes location, easy access to highway, gross annual income over
• Approximately 30.63± AC • Tanks with drilling fluids $800,000. 89% leased with 27 tenants.
• Office, warehouse, shop space • 20+ other tanks, ranging from
& living quarters 10,500 to 63,000 gallons of capacity
Replacement Value Over $8,000,000
• Large stabilized yard Suggested Opening Bid $3,250,000
On-site inspections Noon to 2 PM Feb. 18, 24, March 6, 13
POTENTIAL BIDDERS MUST CONTACT SHERIFF’S OFFICE FOR BIDDING REQUIREMENTS and by appointment.
Call DeSoto Parish Sheriff’s Office for More Details: Patrice Turner: (318) 872-3956 x230
FOR INFORMATION CONTACT
Terms of Sale: Cash to the last and highest bidder on the day of the sale subject to minimum price requirements of La. CCP art. 2336. Rick Levin & Associates, Inc. | since 1991
Auction Location & Time: DeSoto Parish Sheriff’s Office, Mansfield, LA - Commencing at 10:00 a.m. on Wednesday, March 19, 2025.
312.440.2000 | www.ricklevin.com
HilcoRealEstateSales.com © 2025 Dow Jones & Company, Inc.
All Rights Reserved.
IN CONJUNCTION WITH BERKSON & SONS LTD.
B8 | Wednesday, March 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 %

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American 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
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. TG Therap TGTX 36.94 3.5 AcadiaHlthcr ACHC 28.09 4.1 Ameresco AMRC 9.39 -9.2 Auddia AUUD 0.24 -2.0 Birks BGI 0.94 -5.7 CabalettaBio CABA 1.59 5.4
TexasCommBcshs TCBS 17.19 2.4 AchieveLifeSci ACHV 2.82 2.1 AmericanAxle AXL 4.45 -4.2 AureusGreenway AGH 0.69 -64.5 BlackDiamond BDTX 1.77 -5.2 CableOne CABO 239.29 5.0
TruBridge TBRG 31.67 -4.2 ActiniumPharm ATNM 1.03 3.8 AmerEagle AEO 11.81 -2.4 authID AUID 4.15 3.7 Blackbaud BLKB 63.87 -1.9 Cabot CBT 79.57 -0.8
Tuesday, March 4, 2025 US NatGas UNG 24.15 5.3 AcumenPharm ABOS 1.10 5.2 AmericanRebel AREB 0.50 -2.8 AutonomixMed AMIX 2.24 3.8 Blaize BZAI 2.75 14.6 CadenceDesign CDNS 233.72 -0.2
US12mthNtlGas UNL 10.80 4.1 AcurxPharm ACXP 0.60 -7.0 AmericanWoodmark AMWD 58.36 -2.1 AutoziInternet AZI 0.45 1.8 BlinkCharging BLNK 0.87 5.6 CaesarsEnt CZR 29.27 -2.4
52-Wk % 52-Wk % 52-Wk % ValuenceI A VMCA 11.77 0.6 Adaptimmune ADAP 0.46 -5.2 AmerCarMart CRMT 36.40 -2.6 Avantor AVTR 15.37 -2.3 Bloomin'Brands BLMN 8.00 -2.3 CalciMedica CALC 1.86 3.2
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Ventas VTR 71.04 -0.8 AdialPharm ADIL 0.70 2.6 AmkorTech AMKR 19.93 0.6 BGSF BGSF 4.52 -4.0 BloomZ BLMZ 0.25 -7.4 Caleres CAL 15.24 1.4
EaglePointNts28 ECCX 26.95 1.8 Medtronic MDT 95.57 -1.3 VeriskAnalytics VRSK 306.10 -0.6 Adient ADNT 13.64 -4.5 Annexon ANNX 2.30 3.3 BRC BRCC 2.01 -16.3 BlueBird BLBD 30.67 0.6 CaliforniaRscs CRC 38.02 -1.4
Highs EaglePointNts29 ECCV
ElbitSystems ESLT
23.49
344.37
1.3
1.6
MidAmApt
Neuronetics
MAA
STIM
173.38
5.32
-1.6
18.8
VineHillCapA
WEC Energy
VCIC
WEC
10.16
108.87
0.4
-2.6
AdvanceAuto
AdvDrainageSys
AAP
WMS
34.57
101.90
-2.3
-0.4
AnnovisBio ANVS
AntelopeEnterprise AEHL
1.57 0.6 BRP
0.10 -6.2 Baijiayun
DOOO
RTC
36.63
0.31
-1.4
-10.4
BlueHatInt
BlueLinx
BHAT
BXC
0.03 -7.8 CampingWorld
73.01 -3.8 Camtek
CWH
CAMT
17.00 -4.2
67.00 2.0
AAMissionAcqnA AAM 10.24 ... Evergy EVRG 69.93 -2.6 NiSource NI 41.45 -3.5 W.P.Carey WPC 65.45 -0.4 AdvMicroDevices AMD 95.89 2.6 ApellisPharm APLS 23.77 4.1 BallardPower BLDP 1.08 13.4 BoiseCascade BCC 97.21 -4.2 CanNtlRlwy CNI 96.28 -0.8
AGNC InvtPfdE AGNCO 25.74 ... Exelon EXC 45.20 -2.0 OPKO Health OPK 1.95 9.7 Welltower WELL 158.55 -1.9 AehrTestSys AEHR 8.57 1.5 ApogeeEnt APOG 45.33 -0.5 Barnwell BRN 1.28 1.5 BoltBiotherap BOLT 0.42 0.1 CanadianNatRscs CNQ 25.62 0.8
AGNC InvtPfdF AGNCP 25.30 0.1 FACTIIAcqnWt FACTW 0.21 5.0 O'ReillyAuto ORLY 1389.05 -1.4 WillisTowers WTW 344.14 -1.9 Aemetis AMTX 1.60 ... ApogeeTherap APGE 29.10 -3.2 BaytexEnergy BTE 1.96 -0.5 BoneBiologics BBLG 0.71 -3.5 CanadianSolar CSIQ 9.43 3.7
AT&T T 27.97 -5.4 FourLeafAcqnA FORL 11.33 0.4 OaktreeAcqIIILife OACC 10.06 0.1 WingYipFood WYHG 10.65 2.6 AeroVironment AVAV 135.17 -0.5 ApplMaterials AMAT 149.55 0.5 BeamrImaging BMR 2.25 6.9 BorgWarner BWA 27.90 -2.5 CanopyGrowth CGC 1.18 0.8
AbbottLabs ABT 141.23 -1.9 GSRIIIAcqn GSRT 9.99 0.2 OxfordLaneNts2032 OXLCG 24.83 ... Yum!Brands YUM 161.28 0.9 AEye LIDR 0.51 0.6 AppliedTherap APLT 0.43 5.1 BeasleyBroadcast BBGI 6.75 -9.4 BorrDrilling BORR 2.18 0.9 CardiolTherap CRDL 1.02 3.7
AbbVie ABBV 215.66 -1.8 Gallagher AJG 345.43 -1.3 PPL PPL 35.91 -2.7 AgEagleAerial UAVS 1.21 -0.7 AptevoTherap APVO 2.90 -4.5 Beneficient BENF 0.30 -11.1 BoundlessBio BOLD 1.70 0.3 Cardlytics CDLX 2.26 -0.6
AlliantEnergy
Altria
LNT
MO
66.54
58.59
-2.7
-1.8
GileadSciences GILD
GorillaTech GRRR
117.39
40.35
-1.1
18.2
ParkHaBio
Paychex
PHH
PAYX
7.41
154.98
23.5
-0.9
Lows Agenus
AgilentTechs
AGEN
A
2.46
121.45
1.6
-2.6
AptoseBiosci
ArcBest
APTO
ARCB
2.39 -9.1 BensonHill BHIL
71.57 -0.5 BentleySystems BSY
0.73
41.96
-7.1
-1.4
BowmanConsult BWMN 18.81 -2.4 CaribouBio
BrandEngagement BNAI 0.30 5.5 Carlisle
CRBU
CSL
1.01 2.8
321.93 -1.8
Ameren AEE 104.10 -3.5 GorillaTechWt GRRRW 1.78 37.6 Pearson PSO 17.90 3.1 AAON AAON 69.52 2.4 Akoya AKYA 1.43 4.5 ArcusBiosci RCUS 9.64 -7.7 Berry(bry) BRY 3.49 -1.5 Braskem BAK 3.41 1.1 Carmell CTCX 0.17 -12.7
AEP AEP 109.52 -2.3 GreatElmCap GECC 11.39 0.6 PhenixfinNts2028 PFXNZ 23.35 0.4 ACV Auctions ACVA 14.25 -2.5 AlarumTech ALAR 5.86 8.1 ArdmoreShipping ASC 8.83 4.3 BetaBionics BBNX 17.36 -12.0 BriaCellTherap BCTX 3.00 -2.2 CastorMaritime CTRM 2.35 -3.6
ArcelorMittal MT 31.31 2.6 HSBC HSBC 61.88 0.2 PhilipMorris PM 159.51 -3.0 AeonBiopharma AEON 0.40 -21.3 AlaunosTherap TCRT 1.48 -5.1 ArrowElec ARW 103.40 -1.2 BetterChoice BTTR 1.46 4.6 Broadwind BWEN 1.46 ... Cato CATO 2.82 -4.1
AtheneDeb2064 ATHS 25.95 -0.6 HealthInTechA HIT 7.58 11.3 PioneerBancorp PBFS 12.15 -0.3 AGM AGMH 0.08 -21.1 Albemarle ALB 67.23 3.2 ArrowheadPharm ARWR 16.57 -3.4 BeyondAir XAIR 0.25 4.2 BrookfldBRP7.25Nt BEPJ 24.42 -0.6 Celanese CE 45.94 2.5
AtmosEnergy ATO 154.55 -2.5 Intra-Cellular ITCI 131.36 ... PlumAcqnIVA PLMK 10.01 ... AlxOncology ALXO 0.95 -2.9 AlbemarlePfdA ALBpA 34.10 2.1 Arvinas ARVN 15.53 1.8 BeyondMeat BYND 2.86 4.9 BrookfieldNts2084 BIPJ 24.68 ... Celcuity CELC 8.53 11.7
ADP ADP 322.84 -1.6 J&J JNJ 169.99 -1.1 Progressive PGR 287.49 -0.7 AMC Networks AMCX 6.65 0.9 Alector ALEC 1.30 3.2 AscentSolar ASTI 1.50 -0.6 BicycleTherap BCYC 10.07 -3.2 Bruker BRKR 45.29 -0.7 CelldexTherap CLDX 18.61 3.4
AutoZone AZO 3563.57 -0.1 KeenVisionAcqn KVAC 11.17 0.1 RFAcqnII RFAI 10.35 ... AMTD Digital HKD 2.20 2.2 AlgomaSteel ASTL 6.45 -3.8 Ashland ASH 56.46 -3.1 Bio-Techne TECH 58.98 -1.7 Brunswick BC 55.40 -6.0 Celularity CELU 1.00 -7.7
BayviewAcqnA BAYA 10.86 0.1 Kellanova K 83.22 -0.3 RaymondJamesPfdB RJFpB 25.49 0.2 APA APA 18.00 -1.7 AlgomaSteelWt ASTLW 0.57 -14.7 AspenAerogels ASPN 6.70 1.8 bioAffinityTech BIAF 0.26 -19.5 BuildersFirst BLDR 127.45 -3.4 Cemtrex CETX 1.49 -5.6
BlackSpadeII BSII 10.14 ... Lensar LNSR 14.39 3.8 RegencyCtrs REG 78.18 -1.8 Arko ARKO 3.96 -1.9 Algorhythm RIME 1.71 -9.7 AspiraWomen's AWH 0.14 -7.6 BioAtla BCAB 0.24 4.6 Bumble BMBL 4.61 -3.5 Cenntro CENN 0.64 1.0
Brown&Brown BRO 120.61 -0.6 LloydsBanking LYG 3.90 3.8 RepublicSvcs RSG 240.95 -1.5 ASGN ASGN 63.92 1.4 AlignTech ALGN 167.32 -3.0 AspireBiopharma ASBP 0.76 -18.2 BioceresCrop BIOX 3.69 1.8 CCC Intelligent CCCS 9.65 -3.8 CenovusEnergy CVE 12.08 -3.7
CME Group CME 258.78 -1.9 LogilitySupply LGTY 14.21 0.4 Ridgetech RDGT 4.50 -5.3 AardvarkTherap AARD 11.34 -5.7 Allbirds BIRD 5.76 5.3 AssemblyBiosci ASMB 11.27 -2.3 Biodesix BDSX 0.64 1.0 C4 Therap CCCC 2.22 -0.8 CenovusEnergyWt CVE.WS 7.70 -3.6
CMS Energy CMS 75.06 -1.6 M3-BrigadeAcqnVWt MBAVW 0.29 ... RisingDragon RDAC 10.13 0.3 AbCelleraBio ABCL 2.20 -0.8 AlphaMetal AMR 125.81 0.6 AstriaTherap ATXS 5.84 1.8 BiodexaPharm BDRX 2.78 -5.1 CG Oncology CGON 23.91 -1.2 CenturyComm CCS 66.72 1.3
Church&Dwight CHD 114.60 -1.2 Marsh&McLen MMC 241.84 -1.1 RithmAcqn RAC.U 10.07 0.1 Abercrombie&Fitch ANF 92.41 -0.6 AltaEquipment ALTG 4.65 -8.5 AstroNova ALOT 10.26 -4.6 BioLineRX BLRX 2.88 -2.8 CN Energy CNEY 0.16 -0.9 CenturyTherap IPSC 0.57 -1.4
CoffeeHolding JVA 6.75 10.2 MaywoodAcqn MAYAU 10.14 -0.3 Rollins ROL 53.72 -0.9 Abits ABTS 0.30 -15.3 AlTiGlobal ALTI 3.15 4.7 AthiraPharma ATHA 0.34 -0.6 BiomeaFusion BMEA 2.50 4.5 CNS Pharm CNSP 2.00 2.7 CERoTherap CERO 1.33 -0.3
DT CloudStar DTSQ 10.19 ... McCormickVtg MKC.V 85.50 -2.0 SenecaFoods A SENEA 87.14 4.4 AboveFood ABVE 0.25 9.8 AlzamendNeuro ALZN 0.69 -4.0 Atkore ATKR 55.91 0.6 BionanoGenom BNGO 3.73 -1.3 CS Disco LAW 4.50 4.1 ChansonIntl CHSN 0.18 -12.6
DTE Energy DTE 136.28 -2.4 McCormick MKC 85.78 -2.8 SkycorpSolar PN 4.45 0.8 Abpro ABP 0.48 3.3 AmbacFin AMBC 8.85 -2.7 AtlasEnergy AESI 17.26 -0.9 Bio-RadLab A BIO 248.22 -2.3 CSX CSX 31.17 -2.3 CheerHolding CHR 1.54 -1.6
Diginex DGNX 82.51 -1.1 McKesson MCK 653.92 -0.1 Spire SR 78.80 -1.4 AcaciaResearch ACTG 3.88 -1.3 Amentum AMTM 17.82 1.5 AtossaTherap ATOS 0.71 -1.2 Biote BTMD 4.03 -5.0 CTS CTS 41.90 -1.1 Continued on Page B10

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To advertise: 800-366-3975 or WSJ.com/classifieds
Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET

Tuesday, March 4, 2025 Closing Chg YTD

ETF Symbol Price (%) (%)
Closing Chg YTD
ETF Symbol Price (%) (%) JPM EqPrem JEPI 57.97 –1.23 0.8
CommSvsSPDR XLC 100.18 –0.79 3.5 JPM UltShIncm JPST 50.48 ... 0.2
COMMERCIAL REAL ESTATE COMMERCIAL REAL ESTATE PacerUSCashCows COWZ 55.29 –1.41 –2.1
CnsmrDiscSel XLY 208.24 –1.76 –7.2
DimenUSCoreEq2 DFAC 33.86 –1.31 –2.1 ProShUltPrQQQ TQQQ 69.31 –1.10 –12.4
UCC Public Sale Notice EnSelSectorSPDR XLE 86.97 –0.97 1.5 SPDRBbg1-3MTB BIL 91.45 ... 0.0
NOTICE OF UCC PUBLIC SALE OF COLLATERAL
Please take notice that EMERALD CREEK CAPITAL 3, LLC, a New York limited liability company (the “Secured Party”), FinSelSectorSPDR XLF 49.92 –3.52 3.3 SPDR DJIA Tr DIA 425.57 –1.51 0.0
in its capacity as administrative agent, offers for sale at public auction on April 23, 2025 at 11:00 a.m. (prevailing SPDR Gold GLD 269.06 0.87 11.1
Eastern Time) at the offices of HERRICK, FEINSTEIN LLP, 2 PARK AVENUE, NEW YORK, NEW YORK, pursuant to PLEASE TAKE NOTICE, that in accordance with applicable provisions of the Uniform Commercial Code as enacted in HealthCrSelSect XLV 148.19 –0.93 7.7
New York, KTB CRE Debt Fund No. 11, a Korean investment trust, the facility agent under a certain loan agreement IndSelSectorSPDR XLI 131.77 –1.95 0.0 SPDRPtfDevxUS SPDW 36.63 –0.25 7.3
the New York Uniform Commercial Code: (i) 100% of the issued and outstanding shares of capital stock of Global
Joint Venture, Inc., a New York corporation (the “Debtor”); (ii) all other collateral pledged under the Amended and (“Secured Party”) will offer at public auction, via Mannion Auctions, LLC, by Matthew D. Mannion, Auctioneer, all InvscNasd100 QQQM 204.02 –0.36 –3.1 SPDRS&P500Value SPYV 51.55 –1.49 0.8
Restated Pledge and Security Agreement, dated as of April 7, 2023 (the “Security Agreement”), between Hung Kwong member and other equity interests in and to 100% of the limited liability company interests (the “Pledged Securities”) SPDRPtfS&P500 SPLG 67.87 –1.21 –1.6
InvscQQQI QQQ 495.55 –0.30 –3.1
Leung, Chung Lew, Kam Hung Ng, Patrick Wu and 139 Bowery Holdings, LLC (each, a “Pledgor” and collectively, the in 285 Madison Owner LLC (the “Mortgage Borrower”) pledged by 285 Madison Mezzanine LLC (the “Debtor”), which SPDRS&P500Growth SPYG 84.60 –0.96 –3.8
Mortgage Borrower, directly or indirectly owns, leases and/or operates the real property located at 285 Madison InvscS&P500EW RSP 175.38 –1.62 0.1
“Pledgors”), as Pledgors, and Secured Party; and (iii) all other tangible and intangible property in respect of which SPDR S&P 500 SPY 576.86 –1.18 –1.6
Secured Party is granted any lien, security interest, claim, liability, charge or encumbrance of any kind or nature under Avenue, New York, New York 10022 (the “Premises”). iShBitcoin IBIT 49.39 1.00 –6.9
SchwabIntEquity SCHF 19.93 –0.10 7.7
the Loan Documents, as such term is defined in the Security Agreement as “Collateral.” Secured Party is offering for sale the Pledged Securities and certain rights and property related thereto each of which iShCoreDivGrowth DGRO 62.60 –1.67 2.1
The Pledgors are the owners of all of the issued and outstanding shares of capital stock of the Debtor. was pledged by the Debtor under a Pledge and Security Agreement, dated November 6, 2007, in favor of Secured SchwabUS BrdMkt SCHB 22.24 –1.29 –2.0
iShCoreMSCIEAFE IEFA 76.24 –0.16 8.5
The Debtor executed an acquisition loan note in favor of the Secured Party pursuant to that certain Acquisition Loan Party (the “Pledge Agreement”). The sale is being made in connection with the foreclosure by Secured Party under SchwabUS Div SCHD 27.92 –1.69 2.2
iShCoreMSCIEM IEMG 53.40 0.74 2.3
Note, dated as of July 10, 2019, in the principal sum of $3,409,447.39. The Debtor executed a building loan Note in the Pledge Agreement, pursuant to which the Debtor granted to Secured Party a first priority lien on the Pledged SchwabUS LC SCHX 22.79 –1.30 –1.7
iShCoreMSCITotInt IXUS 69.87 0.06 5.6
favor of the Secured Party pursuant to that certain Building Loan Note, dated July 10, 2019, in the principal amount of Securities as collateral for the loan (the “Mezzanine Loan”) from Secured Party to the Debtor. The Mezzanine Loan SchwabUS LC Grw SCHG 26.44 –0.56 –5.1
$26,195,340.37. The Debtor executed a project loan note in favor of the Secured Party pursuant to that certain Project was made pursuant to a loan agreement dated November 6, 2017 (the “Mezzanine Loan Agreement”). The Mezzanine iShCoreS&P500 IVV 579.71 –1.21 –1.5
SPDR S&PMdCpTr MDY 544.36 –1.55 –4.4
Loan Note, dated as of July 10, 2019, in the principal sum of $2,395,212.24. Loan is subordinate to a mortgage loan (the “Mortgage Loan”) made pursuant to a loan agreement dated November iShCoreS&P MC IJH 59.55 –1.57 –4.4
SPDR S&P Div SDY 135.93 –1.76 2.9
The Secured Party is offering the Collateral for sale in connection with the foreclosure on the pledge of the Collateral. 6, 2017 (the “Mortgage Loan Agreement”) and other obligations and liabilities of the Mortgage Borrower or that are iShCoreS&P SC IJR 107.53 –1.52 –6.7
The sale (the “Sale”) will be a public auction sale to be conducted by a licensed auctioneer on terms and conditions (the TechSelectSector XLK 218.50 –0.08 –6.0
otherwise affecting the Premises. The Pledged Securities are also subject to the governing documents of the Mortgage iShCoreS&PTotUS ITOT 126.06 –1.20 –2.0
“Terms and Conditions”) as posted to the data room maintained by Secured Party’s broker, BK Real Estate Advisors Borrower (including its operating agreement). The Mezzanine Loan and Mortgage Loan are each subject to the terms VanEckSemicon SMH 225.23 1.00 –7.0
LLC, 135 West 36th Street, 5th Floor, New York, New York 10018 (the “Broker”) in connection with the Sale (the iShCoreS&PUSGrw IUSG 133.93 –0.94 –3.9
of an Intercreditor Agreement, dated as of November 6, 2017 (the “Intercreditor Agreement”). VangdSC Val VBR 189.96 –1.89 –4.1
“Data Room”). The Data Room will contain copies of the relevant loan documents and other information concerning iShCoreS&PUSVal IUSV 93.13 –1.60 0.6
The public auction will be held in person at the offices of DLA Piper LLP (US) at 1251 Avenue of the Americas, 27th VangdExtMkt VXF 180.87 –1.20 –4.8
the Collateral. Prospective bidders who wish to obtain access to the Data Room must execute a confidentiality and iShCoreTotUSDBd IUSB 46.07 –0.22 1.9
Floor, New York, New York 10020 and virtually via Zoom Remote Meeting on April 15, 2025 at 1:00 p.m. (EST). Secured VangdDivApp VIG 198.15 –1.53 1.2
non-disclosure agreement and be approved by Secured Party. Secured Party reserves the right to amend the Terms iShCoreUSAggBd AGG 98.91 –0.25 2.1
and Conditions at any time prior to the date of the Sale by posting revised Terms and Conditions to the Data Room. Party reserves the right to cancel the sale in its entirety, or to adjourn the sale to a future date. The Pledged Securities VangdFTSEAWxUS VEU 60.86 0.08 6.0
have not been and will not be registered under the Securities Act of 1933 (the “Act”) and are being offered for sale in a iShEdgeMSCIMinUSA USMV 93.33 –1.15 5.1 51.31 7.3
Secured Party further reserves the right to amend the Terms and Conditions of the Sale on the date of the Sale by VangdFTSEDevMk VEA –0.27
announcement made at the Sale. transaction exempt from the requirements of the Act. All potential bidders will be required to comply with all federal iShEdgeMSCIUSAQual QUAL 177.26 –1.03 –0.5 VangdFTSE EM VWO 44.68 0.86 1.5
Any individual or entity desiring to bid at the Sale must register with the Broker, 135 West 36th Street, 5th Floor, and state securities laws in effect in respect of the submission of bids and actual purchases of the Pledged Securities. iShGoldTr IAU 55.04 0.86 11.2
The Secured Party reserves the right to require bidders to represent that the Pledged Securities are being purchased VangdGrowth VUG 393.47 –0.60 –4.1
New York, New York 10018, Attention: Robert A. Knakal, [email protected], at 917-509-9501, and Jas Saini, Jas@bkrea. iShiBoxx$IGCpBd LQD 109.18 –0.33 2.2 VangdHiDiv VYM 129.99 –2.04 1.9
com, at (571) 447-0489, and must satisfy the requirements for becoming a qualified bidder (“Qualified Bidder”) as with investment intent for the bidder’s own account and not with a view toward resale or distribution and will not
iShMBS MBB 93.61 –0.30 2.1 VangdInfoTech VGT 578.20 –0.03 –7.0
set forth in the Terms and Conditions on the Data Room. Any individual intending to attend the Sale must contact be resold except pursuant to a valid registration statement under the Act or pursuant to an applicable exemption.
Additional representations may be required to comply with transfer requirements and state securities laws that may iShMSCI EAFE EFA 82.46 –0.02 9.1 VangdIntermBd BIV 76.43 –0.18 2.3
Secured Party’s counsel, Stephen B. Selbst ([email protected]) at 212-592-1405, at least seventy-two (72) hours
prior to the sale date to obtain access to the offices of Secured Party’s counsel, Herrick, Feinstein LLP, located at 2 apply. The Pledged Securities will be sold “as-is, where-is”, with no express or implied warranties or representations iShMSCIEAFEValue EFV 57.94 –0.12 10.4 VangdIntrCorpBd VCIT 81.83 –0.11 1.9
Park Avenue, New York, New York. All attendees must also show a government-issued photo identification to building of any kind made by Secured Party and without any recourse whatsoever to Secured Party. iShNatlMuniBd MUB 106.96 –0.33 0.4 VangdIntermTrea VGIT 59.14 –0.14 2.0
security before they will be granted access to the sale location. Secured Party reserves the right to credit bid, reject bids from any bidder that is not a “Qualified Transferee” as iSh1-5YIGCpBd IGSB 52.20 0.04 1.0 VangdLC VV 265.72 –1.27 –1.5
The Collateral is being offered as “as-is, where-is,” with no express or implied warranties, representations, that term is defined in the Intercreditor Agreement, terminate, or adjourn the sale to another time, and to sell the iSh1-3YTreaBd SHY 82.43 0.01 0.5
statements or conditions of any kind made by the Secured Party or any person acting for or on behalf of the Secured Interests at a subsequent public or private sale and to impose any other commercially reasonable conditions upon VangdMegaGrwth MGK 328.46 –0.65 –4.4
Party, without any recourse whatsoever to the Secured Party or any other person acting for or on behalf of the iShRussMC IWR 86.75 –1.54 –1.9 VangdMC VO 262.96 –1.45 –0.4
the sale of the Interests as Secured Party may deem proper. Secured Party further reserves the right to determine
Secured Party, and each bidder must make its own inquiry regarding the Collateral. Any participant that satisfies the the qualifications of any bidder, including a prospective bidder’s ability to close the transaction on the terms and iShRuss1000 IWB 316.67 –1.21 –1.7 VangdMBS VMBS 46.24 –0.37 2.0
conditions precedent to participation set forth in the Terms and Conditions may bid at the auction. The winning bidder conditions referenced herein and to modify these terms of sale. iShRuss1000Grw IWF 382.38 –0.64 –4.8 VangdRealEst VNQ 93.25 –1.16 4.7
shall be responsible for the payment of all transfer taxes, stamp duties and similar taxes incurred in connection with The sale shall be a public auction to the highest qualified bidder. In order to bid at the auction, qualifying bidders iShRuss1000Val IWD 188.71 –1.95 1.9 VangdRuss1000Grw VONG 98.41 –0.73 –4.7
the purchase of the Collateral. shall be required not later than April 11, 2025 to deposit a qualifying deposit of $500,000.00 (a “Qualifying Deposit”) iShRuss2000 IWM 206.42 –1.13 –6.6
The Secured Party reserves the right to: (i) credit bid; (ii) reject all bids (including without limitation any bid that VangdS&P500ETF VOO 530.45 –1.21 –1.6
with an escrow company selected by the Secured Party as described in greater detail in the terms of sale. All bids iShS&P500Grw IVW 97.71 –0.90 –3.8 VangdST Bond BSV 78.00 0.03 0.9
it deems to have been made by a bidder that is unable to satisfy the requirements imposed by the Secured Party (other than bids submitted by Secured Party) must be submitted in writing and must be for cash. No sale shall be
upon prospective bidders in connection with the Sale or to whom in the Secured Party’s sole judgment a sale may not iShS&P500Value IVE 192.25 –1.59 0.7 VangdSTCpBd VCSH 78.73 0.04 0.9
lawfully be made) and terminate or adjourn the Sale to another time, without further publication or notice; (iii) accept final until accepted in writing by Secured Party. Any successful bid (other than a bid submitted by Secured Party) must
iShSelectDiv DVY 133.72 –2.71 1.9 VangdShortTrea VGSH 58.49 0.02 0.5
a lower bid if the bid is on terms Secured Party determines are more favorable to Secured Party or is from a bidder be accompanied with its acceptance at the sale by a certified check made payable to Secured Party or an immediate
wire transfer in an amount, less the amount of any Qualifying Deposit, not less than ten percent (10%) of the bid iSh7-10YTreaBd IEF 95.09 –0.31 2.9 VangdSC VB 228.52 –1.44 –4.9
that, in Secured Party’s determination, offers a more certain likelihood of execution; (iv) terminate or adjourn the iShShortTreaBd SHV 110.12 0.01 0.0
Sale to another date at any time and from time to time in its sole and absolute discretion; and (v) impose any other amount (the “Deposit”) within one (1) business day of the auction, as a deposit on the sale price, with the entire VangdTaxExemptBd VTEB 50.30 –0.32 0.3
commercially reasonable conditions upon the sale of the Collateral as the Secured Party may deem proper. balance payable in immediately available good funds (wire transferred from, or certified check drawn on and certified iSh20+YTreaBd TLT 91.43 –1.23 4.7 VangdTotalBd BND 73.40 –0.29 2.1
Each prospective bidder (other than the Secured Party or its affiliate) will be required to represent in writing to the by, a U.S. commercial bank that is a member of the Federal Reserve system) within ten (10) business days after the iShUSTech IYW 149.99 0.05 –6.0 VangdTotIntlBd BNDX 48.93 –0.81 –0.2
Secured Party that such bidder: (i) has the financial ability to tender the required deposit and the purchase price for conclusion of the auction at the offices of DLA Piper LLP (US), 1251 Avenue of the Americas, 27th Floor, New York, iShUSTreasuryBd GOVT 22.93 –0.24 –0.2 VangdTotIntlStk VXUS 62.29 0.05 5.7
the Collateral; and (ii) will comply with the requirements to participate in the Sale as more specifically set forth in the New York 10020. 100.37 0.01 0.0
iSh0-3MTreaBd SGOV VangdTotalStk VTI 284.12 –1.25 –2.0
Terms and Conditions on the Data Room. Meeting any requirements of the foregoing shall be at the sole responsibility, Interested parties must execute a standard confidentiality and non-disclosure agreement (the “Confidentiality
risk, cost, and expense of a prospective bidder. Agreement”). To review and execute the Confidentiality Agreement, please visit our website at REVERE (https://bit. JPMNasdEqPrem JEPQ 54.16 –0.40 –3.9 VangdTotWrldStk VT 118.42 –0.73 0.8
For further information, please contact the Broker, 135 West 36th Street, 5th Floor, New York, New York 10018, ly/285MadisonUCC). For questions, inquiries, and information on how to register for the auction, interested bidders JanusHendersonAAA JAAA 50.65 –0.06 –0.1 VangdValue VTV 172.94 –2.01 2.2
Attention: Robert A. Knakal, [email protected], at 917-509-9501, and Jas Saini, [email protected], at (571) 447-0489, and/ must contact Amy Brooks of NEWMARK at [email protected] or Dennis D. Kiely, Esq. of DLA Piper LLP (US),
or counsel for Secured Party, Herrick, Feinstein LLP, 2 Park Avenue, New York, New York 10016, Attention: Stephen counsel for Secured Party, at [email protected]. Interested parties who do not comply with the foregoing and
B. Selbst; or via phone or e-mail: Stephen B. Selbst at 212-592-1405 or [email protected]. Interested parties who any other requirements of the applicable terms of sale prior to the deadlines set forth therein will not be permitted
would like additional information regarding the Collateral, the requirements to be a Qualified Bidder, or the Terms and
Conditions should visit the Data Room or contact the Broker or Secured Party’s counsel.
to enter a bid.
BANKRATE.COM® MMA, Savings and CDs
Average Yields of Major Banks Tuesday, March 4, 2025
BUSINESS OPPORTUNITIES CAREERS CAREERS COMMERCIAL REAL ESTATE
Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR
National average
mortgage REIT Assoc. Director, US Corporate NOTICE OF PUBLIC SALE OF COLLATERAL
Current Principal Balance: 193,806,115.34
Savings 0.42 0.51 0.53 1.49 1.43 1.54 1.40 1.21 1.18
Management Reporting
8%-9%
Banking, Structuring & Execu- PLEASE TAKE NOTICE that in accordance with the Jumbos 0.74 0.51 0.53 1.53 1.44 1.59 1.52 1.32 1.30

Return Associate tion, Financial Institutions applicable provisions of the Uniform Commercial Code
of the State of New York, Parkview Financial REIT, Weekly change
(New York, New York) Management Reporting The Bank of Nova Scotia seeks Assoc. Director, LP, as the agent under certain loan agreements and a Savings 0.01 0.02 0.02 0.01 0.04 0.03 0.01 0.03 0.02
TAX EFFICIENCY Associate positions available. D. E. Shaw &
Co., L.P. seeks full-time Management Report-
US Corp. Banking, Structuring & Execution,
Fin’l Institutions in NY, NY to assist in structur-
pledge agreement (“Secured Party”), will offer at public
auction the limited liability company interests (the Jumbos 0.01 0.02 0.00 0.02 0.03 0.04 0.02 0.03 0.02
REAL ESTATE SECURED ing Associates to work in its office in New York,
New York. Responsibilities: Prepare ad hoc
ing & execution of transactions w/Fin’l Institu- “Collateral”) in Hudson 1702, LLC (“1702”) and Hudson
1701/1706, LLC (together with 1702, the “Company”),
GROWTH / INCOME fund and trading strategy profitability analysis
tions clients, incl credit analysis, negotiation &
review of loan/trading docs, & closing of trans-
which entities, upon Secured Party’s information and
belief, own a leasehold estate in certain condominium Consumer Savings Rates
SEEKING RIA’S & for firmwide management. Produce fund and
strategy level reports on daily, weekly, monthly,
actions. Req’mts: Bachelor’s or foreign equiv in
Bus. Admin or rel. field & 5 yrs of progressively
units in the building known as 353 West 57th Street
Condominium and by the street number 353-361 West Below are the top federally insured offers available nationwide according to Bankrate.com's
ACCREDITED INVESTORS and quarterly returns and capital reports for the
Investor Relations team to use in conversations
responsible exp in job offered or rel. occupation: 57th Street a/k/a 356 West 58th Street, New York,
New York, said condominium units being designated
weekly survey of highest yields. For latest offers and reviews of these financial institutions, please

866-700-0600
working in fin’l institutions sector, incl insurance visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed.
with the firm’s owners and investors. Aggregate companies, insurance brokers & payment com- and described as Unit Nos. 1, 2 and 6 in the Declaration
relating to such Condominium, as amended, recorded in
and format profit and loss and fee information
from internal databases and sources that will be
panies. Telecommuting &/or work from home
may be permissible pursuant to company poli-
the Office of the City Register of The City of New York, High yield savings
ALLIANCE MORTGAGE FUND used to produce fund and strategy track rec- cies. When not telecommuting, must report to
County of New York. The sale of the Collateral involves
Bank Yield Bank Yield
120 Vantis Dr., Ste. 515 • Aliso Viejo, CA 92656 the sale of the equity interests of the Company and
ords. Perform profit and loss computations, work site. Offered salary is between $177,000 does not involve the direct sale of the leasehold estate Phone number Minimum (%) Phone number Minimum
www.AlliancePortfolio.com carry out performance analysis, and handle in- (%)
RE Broker • CA DRE • 02066955 Broker License ID & $185,000/yr. 40 hrs/wk. Pls apply thru described above. The Collateral has not been and will
vestor, management, and regulatory reporting. https://www.scotiabank.com/careers by search- not be registered under the Securities Act of 1933 (the Money market account Six-month CD
Work on special projects, including historical ing for Associate Director, US Corporate Bank- “Act”) and is being offered for sale in a transaction
analyses for new fund launches. Prepare anal- ing, Structuring & Execution, Financial Institu- exempt from the requirements of the Act. The Collateral BrioDirect (3 ) $5,000 4.55 Bask Bank (4) $1,000 4.45
will be offered for sale as a single unit or in separate
CAREERS yses and reports to facilitate decision making tions & indicate job code MB021425LA. lots. (877) 369-2746 (877) 839-2265
for the firm’s Executive Committee. Produce
and analyze customized, high-priority expense
The public auction will be held in person at the offices Vio Bank (4 ) $100 4.46 KS StateBank (5) $500 4.40
of DLA Piper LLP (US) located at 1251 Avenue of the
reports for senior management. Meet with inter- Americas, New York, New York, 10020 and virtually (888) 999-9170 (785) 587-4000
Compliance Associate nal clients to identify their needs and require-
ments, analyze expense data, prepare expense COMMERCIAL REAL ESTATE
via Zoom Meetings, on April 10, 2025 at 10:30 a.m.
(ET). The Collateral secures indebtedness owing by the
Rising Bank (0 ) $1,000 4.40 Rising Bank (0) $1,000 4.40
(New York, New York) Compliance Associate (888) 222-9484 (888) 222-9484
analyses and reports and present them to end Company to Secured Party in an amount of not less than
positions available. D. E. Shaw & Co., L.P. $193,806,115.34 plus unpaid interest and all other sums
users, answer questions, and implement feed-
seeks full-time Compliance Associates to work
back. Partner with software development teams UCC Public Sale Notice due under the applicable loan documents. The Collateral One-month CD One-year CD
in its office in New York, New York. Responsi- will be sold to the highest qualified bidder; provided,
bilities: Research federal securities laws and to build a profit and loss reporting platform, PLEASE TAKE NOTICE that in accordance with applicable however, Secured Party reserves the right to cancel the State Bank of India California (5) $1,000 0.50 Bask Bank (4) $1,000 4.40
work with a team of attorneys and compliance which includes ideation of elements and pres- provisions of the Uniform Commercial Code as enacted sale in its entirety or to adjourn the sale to a future date (877) 707-1995 (877) 839-2265
professionals to ensure that the firm’s activities sure testing functionality. Identify areas of im- in New York, notice is given that Omnia Properties LLC at any time. Secured Party also reserves the right to
provement and processes that can be stream- (“Secured Party”) will sell the collateral that is made bid, including by credit bid. Lone Star Bank (5) $1,000 0.20 America First FCU (4) $500 4.35
are conducted in strict accordance with regula-
lined, with an emphasis on recurring reports. up of 48% of the right, title, and interest of each of Additional documentation and information regarding (713) 358-9400 (801) 627-0900
tory requirements. Research methods of auto- Northwind RE, LLP (“Northwind”), 225 Bowery Holdings the Collateral will be made available, including the
mated data gathering from publicly available Build exception-based processes. The suc- Presidential Bank, FSB (3) $1,000 0.10 Citizens Access (5) $5,000 4.35
cessful candidate will have a Bachelor’s degree LLC (“Bowery Holdings”), 225 Bowery Holdings II LLC terms of the public sale, to interested parties that
websites and analyze whether web scraping (“Bowery Holdings II”), and 225 Bowery Pref Equity LLC execute a confidentiality agreement. To review and (800) 799-1424 (888) 201-6505
projects may potentially impact the operation of in Accounting, Finance, Economics, or a related (“Bowery Pref,” and together with Northwind, Bowery execute such confidentiality agreement, please visit our
sites from which data is being gathered. Con- field of study, plus two (2) years of experience Holdings, and Bowery Holdings II, “Debtors”), in and to website at: https://tinyurl.com/m9njnnnx.
duct due diligence on external data vendors to with financial data analysis; financial models; the common equity membership interest in VNAA LLC, Interested parties that intend to bid on the Collateral Two-month CD Two-year CD
ensure that the firm is not exposed to material variance analysis; calculating performance fees a New York limited liability company (collectively, the must contact Brock Cannon of Newmark, Secured Party’s State Bank of India California (5) $1,000 4.25 Merrick Bank (5) $25,000 4.35
nonpublic information or personal identification and management fees using macros; using “Collateral”), to the highest qualified bidder at a public broker, at [email protected] or (212)-372-2066
nested formulas in Excel to build models; vali- sale in accordance with the provisions of the Uniform no later than five (5) business days before the date (877) 707-1995 (866) 638-6851
information. Review the firm’s discretionary Commercial Code as in effect in the State of New York. scheduled for the auction to receive information on
trading and electronic communications to en- dating data input; and, validating financial re- Lone Star Bank (5) $1,000 0.20 Banesco USA (0) $1,500 4.30
The sale will take place beginning at 3:00 p.m. EST on how to register for the auction. For questions and
sure that firm employees are abiding by appli- ports. Applicants may submit a resume by mail April 23, 2025, via the Zoom Platform or web-based inquiries, please contact Brock Cannon or Neal Kronley (713) 358-9400 (888) 228-1597
cable compliance policies. Implement trading to D. E. Shaw & Co., L.P., Two Manhattan video conferencing and/or telephonic conferencing of DLA Piper LLP (US), counsel to Secured Party, at neal.
West, 375 Ninth Avenue, 52nd Floor, New York, program selected by Secured Party, as well as in person
Presidential Bank, FSB (3) $1,000 0.10 KS StateBank (5) $500 4.25
restrictions in firmwide trading systems that are [email protected]. Interested parties who do not
in line with regulatory requirements across NY 10001, or by email: at Schlam Stone & Dolan LLP, 26 Broadway, 19th Floor, comply with the foregoing or any other requirement (800) 799-1424 (785) 587-4000
global jurisdictions. Work on improvements and [email protected]. Submis- New York, New York 10004, Attention: Joshua Wurtzel, of the applicable terms of sale, including, without
enhancements to the infrastructure to save the sions must reference 2025-5388 WJ. No phone Esq. Remote log-in credentials will be provided to limitation, any deadlines set forth herein or therein, will Three-month CD Five-year CD
calls please. The annual base salary for this po- registered bidders upon request. The Collateral will not be permitted to enter a bid.
business time and make processes more effi-
sition is $130,000 to $140,000. Our compensa- be sold to the highest Qualified Bidder, as that term Bask Bank (4) $1,000 4.50 KS StateBank (5) $500 4.30
cient. Review and test the effectiveness of the is defined in the Terms of Sale (the “Terms of Sale”)
policies and controls that the firm has imple- tion and benefits package includes variable attached to the Notice of Disposition of Collateral, dated
(877) 839-2265 (785) 587-4000
compensation in the form of a year-end bonus, February 6, 2025 (the “Notice of Disposition”); provided, BANKRUPTCY AUCTION OF REAL PROPERTIES Merrick Bank (5) $25,000 4.40 America First FCU (4) $500 4.25
mented and incorporate updates as required. CORNER MIXED-USE ELEVATOR BUILDING
guaranteed in the first year of hire, and benefits however, that Secured Party reserves the right to
Work on long-term projects to build trading re-
including medical and prescription drug cover- cancel the sale in its entirety or to adjourn the sale to 21 RESIDENTIAL UNITS & 2 RETAIL UNITS (866) 638-6851 (801) 627-0900
striction monitoring infrastructure that is in line 651 W 169TH STREET, MANHATTAN, NY
with the evolving regulatory environment. Han- age, 401k contribution matching, wellness reim- a future date. The sale will be conducted by Mannion
Northgate Real Estate Group has been exclusively
America First FCU (4) $500 4.35 Merrick Bank (5) $25,000 4.20
bursement, family building benefits, and a char- Auctions, LLC, by Matthew D. Mannion, Auctioneer,
dle position transfer processes that require de- NYC DCA License No. 1434494, with an office at 299 retained to run the bankruptcy sale of 651 W 169TH (801) 627-0900 (866) 638-6851
tailed analysis of the firm’s trade and position itable gift match program. D. E. Shaw is an Broadway, Suite 1601, New York, New York 10007. The STREET, MANHATTAN, NY located in the vibrant
equal employment opportunity employer and Washington Heights neighborhood of Manhattan.
data. Collaborate with other Compliance team
members to support the firm’s business units, does not discriminate against any applicant on
Collateral will be sold as a block and will not be divided
or sold in any lesser amounts. Interested parties that This prominent mixed-use elevator building spans High yield jumbos - Minimum is $100,000
the basis of race, color, religion, gender, gender intend to bid on the Collateral must contact Secured six stories and offers a total of 19,380 square feet.
design and review automated compliance sur-
veillance reports, and work on various long- identity, pregnancy, national origin, age, military Party’s broker, Greg Corbin of Northgate Real Estate The property includes 21 residential units and 2 retail
spaces. Positioned at the highly sought-after corner
Money market account Six-month CD
term projects to help maintain the firm’s high service eligibility, veteran status, sexual orien- Group, at (212) 369-1800 or [email protected],
to receive the Terms of Sale (which are also attached of Fort Washington Avenue and W. 169th Street, it Vio Bank (4) 4.46 Merrick Bank (5) 4.40
standards of compliance with new and existing tation, marital status, disability, or other cate- directly faces Columbia University Medical Center and
to the Notice of Disposition) and bidding instructions.
regulations. Provide desk support to business gory protected by law. Upon execution of a Terms of Access and Non-Disclosure NewYork-Presbyterian Hospital. Due to its exclusive (888) 999-9170 (866) 638-6851
units for their counterparty non-disclosure Agreement, in a form to be provided by Secured Party’s location, there is no competing retail along the avenue. Presidential Bank, FSB (3) 4.37 Credit One Bank, NA (0) 4.40
agreements, ensuring that entities for which the broker, additional documentation and information will Additionally, the 168th Street Subway Station, providing
be available. Interested parties that are not Qualified access to the A, C, and 1 trains, is just one block away. (800) 799-1424 (877) 825-3242
desk receives material nonpublic information Bid Deadline: Tuesday, March 25th, 2025 at 5:00 PM
are appropriately restricted. Provide compli- Bidders, as that term is defined in the Terms of Sale,
Auction Date: Thursday, March 27th, 2025 at 2:30 PM VirtualBank,adivisionofFirstHorizonBank(4) 4.25 America First FCU (4) 4.35
Infrastructure Engineering Inc. will not be permitted to enter a bid.
ance oversight for conversations between the Interested bidders must contact Greg Corbin of (877) 998-2265 (801) 627-0900
firm’s private-side business units and public- Project Engineer Northgate Real Estate Group at
facing staff. The successful candidate will have
Conceive, design, build, operate, construct, & NOTICE OF SALE [email protected] for more information on
how to participate in the auction.
One-month CD One-year CD
a Bachelor’s degree in Economics, Global Af-
fairs, or a related field of study, plus three (3) maintain multifaceted infrastructure projects UNITED STATES DISTRICT COURT FOR THE State Bank of India California (5) 0.50 Credit One Bank, NA (0) 4.50
years of experience with conducting online pub- and systems. SOUTHERN DISTRICT OF NEW YORK, (877) 707-1995 (877) 825-3242
U.S. BANK NATIONAL ASSOCIATION, -against- GMC BANKRUPTCY AUCTION OF REAL PROPERTIES
lic records research on the U.S. Securities and HOLDING, LLC, ET AL. Lone Star Bank (5) 0.20 America First FCU (4) 4.35
Exchange Commission website, litigation por- Bachelor Degree in Systems Eng., Civil Eng., or 2 MULTIFAMILY ELEVATOR BUILDINGS
Civil Action No. 1:24-cv-04150 (S.D.N.Y.) 113 RESIDENTIAL UNITS | 6-STORIES | 108,948 SF
tals (including PACER), and corporate data- Materials Sci. and Eng. required (Foreign Edu. Pursuant to the Final Judgment of Foreclosure and (713) 358-9400 (801) 627-0900
150 LEFFERTS AVE, BROOKLYN, NY
bases; assessing how companies screen po- Equiv. accepted). Also required is 12 mos. of exp. Sale (the “Judgment”) entered on January 16th, 2025 55 East 21st Street, Brooklyn, NY Presidential Bank, FSB (3) 0.10 Citizens Access (5) 4.35
tential vendors for due diligence purposes; writ- in the total sum of $3,162,322.34, plus post-judgment Northgate Real Estate Group has been exclusively
as a Project Coord., Civil Eng., or Site Design Eng. default interest and expenses of the sale, wherein U.S. (800) 799-1424 (888) 201-6505
ing complex findings in business English; ana- retained to run the bankruptcy sale of 150 LEFFERTS
lyzing the relevance of various types of infor- BANK NATIONAL ASSOCIATION is the Plaintiff and GMC AVE & 55 East 21st ST in the Prospect - Lefferts Gardens
mation for entities’ operations; reviewing differ- $162,240.00 per year is the wage for this HOLDING, LLC, ET AL. are the Defendants. The Receiver neighborhood of Brooklyn. Two-month CD Two-year CD
position. Place of employment at Infrastructure will sell at a public foreclosure sale the real property 150 Lefferts Avenue is a 6-story building consisting
ent types of financial institutions; and, using located at 378 and 380 East 139th Street, Bronx, NY State Bank of India California (5) 4.25 Merrick Bank (5) 4.35
Engineering Inc. located at 14 Penn Plaza, 225 of 48,834 SF and 53 residential units. 55 East 21st ST
compliance frameworks and concepts, includ- 10022 (Block 2301, Lots 21 and 22), all that certain plot, is a 6-story building consisting of 60,114 SF and 60 (877) 707-1995 (866) 638-6851
ing KYC, AML, sanctions, and vendor screen- W. 34th Street, Floor 21, New York, NY 10122; piece or parcel of land situate, lying, and being in the residential units.
ing. Applicants may submit a resume by mail to however, Infrastructure Engineering Inc. will City of New York, County of Bronx and State of New York Lone Star Bank (5) 0.20 Luana Savings Bank (5) 4.30
Both properties are located a short walk to prospect park
D. E. Shaw & Co., L.P., Two Manhattan West, allow telecommuting from home within the (the “Mortgaged Premises”), free and clear of any other and the Parkside Avenue B and Q Subway Station, which (713) 358-9400 (800) 666-2012
375 Ninth Avenue, 52nd Floor, New York, NY liens, claims, interests and encumbrances, with such offers a seamless commute to Manhattan in just under
same Bureau of Labor Statistics Area as the liens, claims, interests, and encumbrances to attach to Presidential Bank, FSB (3) 0.10 Banesco USA (0) 4.30
10001, or by email: place of employment location no more than 3 40 minutes.
the sale proceeds. The Receiver shall conduct the public Properties can be sold individually or as a package (800) 799-1424 (888) 228-1597
[email protected]. Submis- days per week. Send resume to: Infrastructure auction sale to sell the Mortgaged Premises as defined
sions must reference 2025-5393 WJ. No phone Bid Deadline: Tuesday, April 1st, 2025 at 5:00 PM
Engineering Inc., Attn: Sonya Jordan – Dir. of HR, above on April 3, 2025 at 10:00 a.m., prevailing Eastern Auction Date: Thursday, April 3rd, 2025 at 2:30 PM Three-month CD Five-year CD
calls please. The annual base salary for this po- Time, outside of the public entrance (which faces Worth Interested bidders must contact Greg Corbin of
1 S. Wacker Dr., Ste. 2650, Chicago, IL 60606.
sition is $144,352 to $144,352. Our compensa- Street) of the Daniel Patrick Moynihan United States Northgate Real Estate Group at Merrick Bank (5) 4.40 GTE Financial Credit Union (U) 4.33
tion and benefits package includes variable Courthouse, 500 Pearl Street, New York, New York [email protected] for more information on
10016. (866) 638-6851 (888) 871-2690
compensation in the form of a year-end bonus, how to participate in the auction.
guaranteed in the first year of hire, and benefits The undersigned will accept the highest bid offered America First FCU (4) 4.35 Luana Savings Bank (5) 4.30
by a bidder and shall require that successful bidder to
including medical and prescription drug cover- (i) provide proper government-issued identification, (ii) (801) 627-0900 (800) 666-2012
age, 401k contribution matching, wellness reim- SCAD Savannah seeks an AVP of immediately execute terms of sale for the purchase of
bursement, family building benefits, and a char- Goldwater Bank (3) 4.30 America First FCU (4) 4.25
the Collateral, and (iii) pay by certified or bank check ten
IndustryPartnershipstoleadSCADpro (480) 281-8200 (801) 627-0900
THEMARKETPLACE
itable gift match program. D. E. Shaw is an percent (10%) of the sum bid, made payable to “Stephen
equal employment opportunity employer and innovation studio, connecting global J. Ginsberg, Esq., as Receiver.” Cash will not be accepted
does not discriminate against any applicant on The Plaintiff reserves all rights to credit bid its Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of
the basis of race, color, religion, gender, gender
brands with emerging creative talent. allowed claim in satisfaction with the underlying debt ADVERTISE TODAY compounding and rate stated for the lowest required opening deposit to earn interest. CD
and is not required to post a deposit. Any bidder seeking
identity, pregnancy, national origin, age, military Transform student experiences to participate in the auction and seeking information (800) 366-3975 figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of
service eligibility, veteran status, sexual orien- through real-world projects. regarding the assets should contact the Receiver, which may be checks. Rates are subject to change.
tation, marital status, disability, or other cate- Stephen J. Ginsberg, Esq., by telephone at (516) 880- © 2025 Dow Jones & Company, Inc. Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410
gory protected by law. Apply at scadcareers.scad.edu. 7219 or by email at [email protected]. All Rights Reserved. Internet: www.bankrate.com
THE WALL STREET JOURNAL. * * Wednesday, March 5, 2025 | B9

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
42520.99 t 670.25, or 1.55% Trailing P/E ratio 25.48 26.85 5778.15 t 71.57, or 1.22% Trailing P/E ratio * 23.85 23.83 18285.16 t 65.03, or 0.35% Trailing P/E ratio *† 31.87 33.02
High, low, open and close for each P/E estimate * 19.92 18.74 High, low, open and close for each P/E estimate * 21.62 20.98 High, low, open and close for each P/E estimate *† 26.15 30.35
trading day of the past three months. Dividend yield 1.92 1.85 trading day of the past three months. Dividend yield * 1.30 1.44 trading day of the past three months. Dividend yield *† 0.77 0.82
All-time high 45014.04, 12/04/24 All-time high 6144.15, 02/19/25 All-time high: 20173.89, 12/16/24

Current divisor 0.16268413125742

45000 6200 20300

44400 6100 19900

65-day 43800 6000 19500

moving average

43200 5900 19100

Session high
65-day moving average
DOWN UP
18700
t

Session open Close 42600 5800

65-day moving average
Close Open
t

42000 5700 18300

Session low
Bars measure the point change from session's open
41400 5600 17900
Nov. Dec. Jan. Feb. Dec. Jan. Feb. Nov. Dec. Jan. Feb.
* Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,369,845,082 15,286,032
Industrial Average 43084.00 42347.75 42520.99 -670.25 -1.55 45014.04 37735.11 10.2 -0.1 8.1 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 316,840,000 7,565,150
Transportation Avg 15633.98 15248.62 15378.37 -323.89 -2.06 17754.38 14781.56 -1.6 -3.3 -0.03 Most-active issues in late trading Decl. volume*1,041,997,348 7,541,640
Utility Average 1014.85 995.82 997.09 -12.74 -1.26 1079.88 835.53 18.4 1.5 0.3 Volume After Hours Issues traded 2,848 292
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 58003.94 56588.93 57127.91 -707.62 -1.22 61024.05 49376.46 12.8 -2.2 9.3 Advances 636 112
SPDR S&P 500 ETF Trust SPY 16,411.1 580.37 3.51 0.61 586.14 543.79
Barron's 400 1226.61 1193.63 1208.22 -17.12 -1.40 1356.99 1092.05 7.3 -3.5 6.6 Declines 2,145 166
NVIDIA NVDA 8,207.9 117.80 1.81 1.56 165.25 79.25
Unchanged 67 14
Nasdaq Stock Market Itau Unibanco ADR ITUB 7,867.1 5.47 … unch. 5.47 5.47 New highs 42 0
Nasdaq Composite 18589.49 17956.60 18285.16 -65.03 -0.35 20173.89 15282.01 14.7 -5.3 11.2 Pfizer PFE 5,947.4 25.82 0.07 0.27 25.87 25.74 New lows 289 1
Nasdaq-100 20688.46 20034.68 20352.53 -73.05 -0.36 22175.60 17037.65 13.7 -3.1 13.7 Bank of America BAC 5,479.0 43.05 0.38 0.89 43.30 42.66 Closing Arms† 0.84 0.61
Direxion TSLA Bull 2X TSLL 5,061.9 11.95 0.42 3.64 12.03 11.39 Block trades* 5,765 138
S&P
Intel INTC 4,502.8 21.61 0.28 1.31 21.80 21.31
500 Index 5865.08 5732.59 5778.15 -71.57 -1.22 6144.15 4967.23 13.8 -1.8 10.1 Nasdaq NYSE Arca
CSX CSX 4,397.7 31.20 … unch. 31.45 31.20
MidCap 400 3025.50 2939.54 2978.52 -47.09 -1.56 3390.26 2825.94 2.0 -4.6 4.4 Total volume*8,469,184,776 495,160,068
SmallCap 600 1332.01 1295.58 1311.02 -20.15 -1.51 1544.66 1241.62 1.0 -6.9 0.3 Percentage gainers… Adv. volume*4,296,338,044 203,152,466
Western Alliance Bancorp WAL 54.8 88.80 7.64 9.41 88.80 80.60 Decl. volume*4,109,176,956 289,008,631
Other Indexes
Alkermes ALKS 54.5 37.70 2.30 6.50 37.70 35.40 Issues traded 4,574 2,196
Russell 2000 2112.10 2048.01 2079.53 -22.70 -1.08 2442.03 1942.96 1.3 -6.8 1.3
Advances 1,723 587
NYSE Composite 19823.48 19383.39 19495.56 -327.93 -1.65 20272.04 17388.09 10.3 2.1 6.5 Golden Ocean Group GOGL 1,930.6 10.65 0.59 5.86 10.88 10.00
Declines 2,706 1,581
Value Line 591.94 577.52 583.47 -7.69 -1.30 656.04 568.94 -1.6 -4.5 -1.9 Novocure NVCR 52.3 19.22 1.03 5.68 19.22 18.15
Unchanged 145 28
NYSE Arca Biotech 5999.64 5895.73 5956.08 4.08 0.07 6318.63 4861.76 13.6 3.7 6.7
Direxion Dly PLTR Bull 2X PLTU 115.9 31.85 1.71 5.67 31.98 30.08
New highs 59 29
NYSE Arca Pharma 1050.44 1033.89 1034.76 -9.89 -0.95 1140.17 912.71 2.2 10.7 9.4 ...And losers New lows 688 174
KBW Bank 131.39 124.45 126.71 -6.05 -4.56 140.59 96.78 27.4 -0.6 0.3 GrShr 2x Long CRWD Daily CRWL 89.7 23.60 -5.41 -18.65 29.81 23.30 Closing Arms† 0.61 0.58
PHLX§ Gold/Silver 157.50 152.48 155.69 1.27 0.82 175.74 113.01 37.8 13.5 0.1 AeroVironment AVAV 114.2 116.90 -25.00 -17.62 150.15 115.00 Block trades* 42,014 2,134
PHLX§ Oil Service 65.01 62.07 63.87 -0.94 -1.44 95.25 63.87 -21.5 -12.0 -4.5 CrowdStrike Holdings CRWD 1,439.3 354.44 -35.72 -9.16 395.17 352.32 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 4726.84 4469.68 4604.51 29.14 0.64 5904.54 4306.87 -5.6 -7.5 12.2 Box Cl A BOX 504.9 31.28 -2.19 -6.55 34.31 29.28 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 26.35 21.71 23.51 0.73 3.20 38.57 11.86 62.6 35.5 -9.7 LegalZoom.com LZ 184.2 9.53 -0.58 -5.72 10.11 9.53 Arms of less than 1 indicates buying demand; above 1

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

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World MSCI ACWI 846.14 –9.67 –1.13 0.6 Jiuzi Holdings JZXN 4.29 1.25 41.12 67.60 1.00 -74.6 Aureus Greenway Holdings AGH 0.77 -1.40 -64.52 7.22 0.69 ...
MSCI ACWI ex-USA 343.03 –3.47 –1.00 5.3 Atlantic International ATLN 4.61 1.32 40.12 8.98 1.30 26.3 PicoCELA ADR PCLA 1.57 -1.56 -49.84 9.80 1.50 ...
MSCI World 3724.69 –45.65 –1.21 0.5 Rapport Therapeutics RAPP 9.99 2.84 39.72 29.74 6.43 ... Wheeler Real Est Invt Tr WHLR 1.50 -0.71 -32.13 717.60 1.30 -99.7
MSCI Emerging Markets 1093.00 –4.37 –0.40 1.6 China Liberal Educ Hldgs CLEU 3.59 0.81 29.14 4164.00 2.59 -99.8 Opthea ADR OPT 3.55 -1.56 -30.53 6.30 1.79 2.3
Americas MSCI AC Americas 2174.64 –27.41 –1.24 –1.7 Jiayin Group ADR JFIN 8.92 1.85 26.17 10.56 4.00 56.5 Viant Technology DSP 14.12 -5.63 -28.51 26.33 7.77 44.4
Canada S&P/TSX Comp 24572.00 –429.57 –1.72 –0.6 Exicure XCUR 14.28 2.96 26.15 36.00 1.44 306.9 James River Group Hldgs JRVR 3.51 -1.39 -28.37 10.07 3.00 -63.7
Latin Amer. MSCI EM Latin America 1964.85 –9.83 –0.50 6.1 Okta Cl A OKTA 108.31 21.15 24.27 114.50 70.56 1.2 BioXcel Therapeutics BTAI 2.70 -1.05 -28.00 52.80 1.72 -94.4
Brazil Bovespa 122799.09 … Closed 2.1 Park Ha Biological Tech PHH 7.19 1.37 23.53 7.41 3.70 ... Aclarion ACON 5.75 -1.85 -24.34 231.15 2.43 -95.4
Chile S&P IPSA 3922.64 –16.66 –0.42 8.5 Polar Power POLA 2.46 0.45 22.39 4.90 1.78 -16.3 Medicus Pharma MDCX 2.90 -0.90 -23.68 6.00 1.80 -31.0
Mexico S&P/BMV IPC 52384.72 303.13 0.58 5.8 Cloudastructure Cl A CSAI 8.06 1.35 20.12 52.43 5.10 ... Windtree Therapeutics WINT 2.25 -0.66 -22.68 737.44 2.08 -99.4
EMEA STOXX Europe 600 551.07 –12.06 –2.14 8.6 Huachen AI Parking Mgmt HCAI 5.00 0.81 19.33 5.32 3.70 ... FST KBSX 5.50 -1.28 -18.88 15.48 5.24 -50.9
Eurozone Euro STOXX 552.64 –14.66 –2.58 9.4 Neuronetics STIM 5.06 0.80 18.78 5.32 0.52 57.1 Defiance Dly Tgt 2x Sh SMST 6.28 -1.46 -18.86 118.40 3.47 ...
Belgium Bel-20 4424.01 –45.64 –1.02 3.7 Avalon GloboCare ALBT 10.69 1.68 18.65 21.60 2.11 78.2 PepGen PEPG 2.28 -0.53 -18.86 19.30 1.16 -86.3
Denmark OMX Copenhagen 20 2103.10 –62.78 –2.90 0.03 Defiance Dly Tgt 2x Lg MSTX 26.83 4.17 18.40 220.99 15.18 ... Paysafe PSFE 15.65 -3.57 -18.57 26.25 11.94 12.9
France CAC 40 8047.92 –151.79 –1.85 9.0 Gorilla Technology Group GRRR 38.10 5.87 18.21 40.35 2.09 382.3 Enveric Biosciences ENVB 2.12 -0.48 -18.46 28.05 1.13 -90.0
Germany DAX 22326.81 –820.21 –3.54 12.1
Israel Tel Aviv 2451.69 –45.81 –1.83 2.4
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 37736.16 –1333.24 –3.41 10.4 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 914.05 –16.36 –1.76 4.0
1.7 NVIDIA NVDA 394,808 59.3 115.99 1.69 153.13 75.61 iSh Curr Hd MSCI Eurozone HEZU 7,452 15401 39.97 -0.92 40.75 32.92
Norway Oslo Bors All-Share 1672.74 –53.45 –3.10
Direxion TSLA Bull 2X TSLL 189,777 162.3 11.53 -9.00 41.50 4.94 iSh Russell Top 200 Val IWX 10,183 10630 82.13 -1.89 85.39 72.40
South Africa FTSE/JSE All-Share 86730.82 –834.00 –0.95 3.1
Spain IBEX 35 13031.70 –341.40 –2.55 12.4 Ford Motor F 166,468 137.9 9.12 -2.88 14.85 9.06 VicSh Free Cash Flow Grw GFLW 5,298 4267 22.97 -0.54 25.83 22.54
5.2 Direxion Dly SCOND 3 BL SOXL 152,371 100.6 20.65 0.68 70.08 19.00 AllianzIM US LC Bf10 J/J SIXJ 759 3725 30.34 -0.55 31.19 27.06
Sweden OMX Stockholm 1003.82 –33.69 –3.25
12.1
Intel INTC 150,589 67.1 21.33 -6.20 46.63 18.51 iSh JPX-Nikkei 400 JPXN 587 3663 72.87 -0.58 78.24 64.09
Switzerland Swiss Market 13006.74 –159.94 –1.21
Turkey BIST 100 9898.01 –13.06 –0.13 0.7 Bit Origin BTOG 132,442 2322.9 0.36 12.12 6.04 0.16 ETC 6 Meridian Mega Cap SIXA 316 2670 46.38 -2.01 47.75 39.46
U.K. FTSE 100 8759.00 –112.31 –1.27 7.2 MDJM UOKA 129,717 834.0 0.18 17.33 1.80 0.13 3EDGE Dynamic Intl Eq EDGI 270 2584 23.73 0.22 24.93 22.44
U.K. FTSE 250 19950.50 –431.79 –2.12 –3.3 ProShares UltraPro QQQ TQQQ 129,567 165.6 69.31 -1.10 93.79 48.80 ETC 6 Meridian Hdg Equ SIXH 332 2464 38.79 -1.69 39.84 33.87
Tesla TSLA 125,527 52.1 272.04 -4.43 488.54 138.80 ProSh UltSht MSCI EAFE EFU 108 2047 13.64 -0.39 17.00 13.14
Asia-Pacific MSCI AC Asia Pacific 184.55 –0.11 –0.06 1.6 MASS 125,020
908 Devices 21413.1 3.88 95.96 7.56 1.81 FT Vest HY & Target Incm HYTI 136 1958 20.14 0.09 20.24 20.05
Australia S&P/ASX 200 8198.10 –47.55 –0.58 0.5
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3324.21 7.28 0.22 –0.8 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 22941.77 –64.50 –0.28 14.4
–6.6
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India BSE Sensex 72989.93 –96.01 –0.13
Japan NIKKEI 225 37331.18 –454.29 –1.20 –6.4 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3890.76 –18.16 –0.46 2.7 track most-active stocks,
South Korea KOSPI 2528.92 –3.86 –0.15 5.4 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 22596.88 –159.37 –0.70 –1.9 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1177.64 –10.77 –0.91 –15.9
All are available free at WSJMarkets.com US$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 .00003912 25560 0.3
CREDIT MARKETS Argentina peso .00091063.7501 3.2 Europe
Brazil real .1697 5.8916 –4.7 Czech Rep. koruna .04237 23.599 –3.1
Canada dollar .6948 1.4394 0.1 Denmark krone .1425 7.0199 –2.5
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001055 947.53 –4.7 Euro area euro 1.0627 .9410 –2.6
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000241 4153.80 –5.7 Hungary forint .002663 375.51 –5.5
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007264 137.67 –0.9
A consumer rate against its 30-year mortgage, Rate Mexico peso .0486 20.5911 –1.1 Norway krone .0902 11.0925 –2.6
benchmark over the past year 6.00% Uruguay peso .02347 42.6002 –2.5 Poland zloty .2551 3.9203 –5.1
Bankrate.com avg†: 7.02% 10% Asia-Pacific Sweden krona .0960 10.4169 –5.9
30-year fixed-rate Chemung Canal Trust Company 5.75% One year ago 5.00 Switzerland franc 1.1242 .8895 –2.0
t Australiadollar .6271 1.5946 –1.3
mortgage 8.00% Elmira, NY 607-737-3711 5 WSJ Dollar Index Turkey lira .0274 36.4460 3.1
China yuan .1376 7.2656 –0.4
t 4.00 s Ukraine hryvnia .0241 41.5500 –1.2
Delta Community Credit Union 6.00% t Hong Kong dollar .1287 7.7715 0.03
6.00 0 UK pound 1.2795 .7816 –2.2
India rupee .01147 87.206 1.9
Atlanta, GA 800-544-DECU Tradeweb FTSE Tuesday Close 3.00 Middle East/Africa
Indonesia rupiah .0000610 16385 0.7
4.00 First Citizens Bank 6.00% 2.00 –5 Japan yen .006675 149.82 –4.7 Bahrain dinar 2.6532 .3769 –0.1
s s
t Raleigh, NC 866-981-0778 Euro Kazakhstan tenge .002002 499.42 –4.9 Egypt pound .0198 50.6265 –0.4
Yen
10-year Treasury 2.00 1.00 Macau pataca .1249 8.0080 0.05 Israel shekel .2749 3.6381 –0.1
Farmers Bank 6.13% –10
note yield Malaysia ringgit .2239 4.4660 –0.1 Kuwait dinar 3.2404 .3086 0.1
Buhl, ID 208-734-1500 1 3 6 1 2 3 5 7 10 20 30 2024 2025
0.00 New Zealand dollar .5665 1.7652 –1.3 Oman sul rial 2.5974 .3850 unch
Hills Bank and Trust Company 6.13% month(s) years
M A M J J A S O N D J FM Pakistan rupee .00357 279.800 0.5 Qatar rial .2747 3.641 –0.1
Hills, IA 800-445-5725 maturity Philippines peso .0174 57.621 –0.8 Saudi Arabia riyal .2666 3.7505 –0.2
2024 2025
Sources: Tradeweb FTSE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7472 1.3384 –2.0 South Africa rand .0541 18.4856 –2.0
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0006879 1453.79 –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 .0033868 295.26 0.7 Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 100.46 –0.64–0.63 –2.23
Federal-funds rate target 4.25-4.50 4.25-4.50 4.25 l 5.50 4.25 Taiwan dollar .03050 32.782 –0.1
Yield (%) 52-Week Total Return (%) Thailand baht .02974 33.630 –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 4.33 4.34 4.27 l 5.40 4.28
Money market, annual yield 0.41 0.41 0.40 l 0.51 0.34
U.S. Treasury, Bloomberg 2251.130 4.120 4.240 4.880 3.630 4.698 –1.294 Commodities
Tuesday 52-Week YTD
Five-year CD, annual yield 2.86 2.85 2.80 l 2.89 2.37 U.S. Treasury Long, Bloomberg 3197.000 4.570 4.600 5.050 3.990 2.542 –8.937 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 7.02 7.13 6.69 l 7.72 2.80 Aggregate, Bloomberg 2148.170 4.580 4.660 5.310 4.100 5.508 –0.502
15-year mortgage, fixed† 6.44 6.50 6.02 l 7.11 2.97
DJ Commodity 1047.91 0.07 0.01 1095.84 942.52 9.75 2.50
Fixed-Rate MBS, Bloomberg 2127.560 4.880 4.940 5.570 4.340 6.169 –0.412
Jumbo mortgages, $806,500-plus† 7.10 7.20 6.78 l 7.79 2.84 FTSE/CC CRB Index 301.24 0.96 0.32 316.63 265.48 9.21 1.52
High Yield 100, ICE BofA 3869.002 6.497 6.509 7.871 6.208 8.792 5.027
Five-year adj mortgage (ARM)† 6.20 6.28 5.88 l 6.78 3.28 Crude oil, $ per barrel 68.26 -0.11 -0.16 86.91 65.75 -12.66 -4.82
Muni Master, ICE BofA 601.811 3.325 3.320 3.760 3.074 2.512 1.045
New-car loan, 48-month 7.45 7.45 7.18 l 7.94 3.87 Natural gas, $/MMBtu 4.350 0.228 5.53 4.350 1.575 122.28 19.74
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 924.517 7.271 7.346 8.073 7.084 8.891 3.642
banks.† Excludes closing costs. Gold, $ per troy oz. 2909.60 19.40 0.67 2947.90 2133.50 36.38 10.66
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
B10 | Wednesday, March 5, 2025 * * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Bonds | wsj.com/market-data/bonds/benchmarks
Metal & Petroleum Futures May 8,004 8,632
Coffee (ICE-US)-37,500 lbs.; cents per lb.
t 7,770 8,376 164 43,730 Tracking Bond Benchmarks
Contract Open
Open High hi lo Low Settle Chg interest March 391.85 404.75 391.85 403.75 11.05 169 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Copper-High (CMX)-25,000 lbs.; $ per lb.
May 389.85 401.55 385.60 398.40 11.75 80,343 highs and lows for different types of bonds
Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Total Total
March 4.5660 4.5670 4.5000 4.5275 –0.0490 5,483
May 18.20 18.28 17.94 18.10 –.12 361,942 return YTD total Yield (%) return YTD total Yield (%)
May 4.5880 4.6325 4.5185 4.5565 –0.0505 122,610
July 17.87 17.93 17.60 17.74 –.12 190,049 close return (%) Index Latest Low High close return (%) Index Latest Low High
Gold (CMX)-100 troy oz.; $ per troy oz. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
March 2886.10 2927.90 2886.10 2909.60 19.40 897 May 36.99 Mortgage-Backed Bloomberg Fixed Income Indices
36.99 36.99 36.99 … 1,063 Broad Market Bloomberg Fixed Income Indices
April 2904.20 2939.80 2892.50 2920.60 19.50 345,696 Cotton (ICE-US)-50,000 lbs.; cents per lb.
May 2914.80 2953.20 s 2908.50 2934.20 19.50 319 2148.17 2.7 U.S. Aggregate 4.580 4.100 5.310 2127.56 3.0 Mortgage-Backed 4.880 4.340 5.570
March 63.45 t 63.73
63.45 62.04 –2.10 106
June 2931.40 2967.70 2921.30 2948.80 19.60 95,658 t
May 65.51 65.51
62.54 63.24 –2.27 148,940 U.S. Corporate Indexes Bloomberg Fixed Income Indices 2094.12 2.9 Ginnie Mae (GNMA) 4.880 4.460 5.580
July 2944.00 2976.00 s 2944.00 2961.10 19.60 41 Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Aug 2957.00 2993.20 2948.40 2974.70 19.50 25,038 March 296.55 296.55 296.55 296.55 –8.00 128 3273.25 2.5 U.S. Corporate 5.090 4.640 5.750 1255.09 3.0 Fannie mae (FNMA) 4.870 4.310 5.580
Palladium (NYM) - 50 troy oz.; $ per troy oz. May 309.55 316.00 293.05 299.60 –8.90 7,883
March 900.00 901.00 t 890.00 946.30 –4.90 3 3190.73 2.1 Intermediate 4.840 4.400 5.670 1934.43 3.0 Freddie Mac (FHLMC) 4.750 4.150 5.510
June 950.00 962.00 934.50 956.00 –5.10 19,866 Interest Rate Futures 1.2 Muni Master 3.325 3.074 3.760
4282.13 3.5 Long term 5.600 5.070 6.010 601.81
Platinum (NYM)-50 troy oz.; $ per troy oz.
March 962.70 962.70 953.60 966.50 –0.10 222 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 620.90 2.6 Double-A-rated 4.760 4.260 5.330 425.57 1.7 7-12 year 3.075 2.837 3.557
April 970.00 975.10 960.30 971.90 … 64,619 March 125-220 126-040 123-190 124-070 –1-03.0 3,764
Silver (CMX)-5,000 troy oz.; $ per troy oz. June 125-140 126-010 123-130 124-030 –1-03.0 1,751,950 892.30 2.5 Triple-B-rated 5.280 4.850 5.950 487.42 1.3 12-22 year 3.753 3.469 4.032
March 32.108 0.076 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
31.840 32.290 31.770 3,796 High Yield Bonds ICE BofA 462.11 0.8 22-plus year 4.297 3.959 4.533
May 32.265 32.660 32.030 32.381 0.071 114,054 March 119-110 119-240 118-000 118-140 –19.0 190,631
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. June 119-020 119-180 117-240 118-070 –19.0 1,769,046 579.44 1.8 High Yield Constrained 7.245 6.975 8.322 Global Government J.P. Morgan†
April 68.46 68.56 t 66.77 68.26 –0.11 270,859 Treasury Notes (CBT)-$100,000; pts 32nds of 100%
March 111-180 111-310 110-295 111-070 –5.0 16,341 596.78 1.1 Triple-C-rated 11.593 11.050 13.872 551.17 1.2 Global Government 3.470 3.010 3.740
May 68.02 68.05 t 66.37 67.70 –0.36 205,587
June 111-185 112-010 110-300 111-080 –5.0 4,817,605 2.5 Canada 2.860 2.820 3.870
June 67.58 67.61 t 65.96 67.20 –0.48 193,888 3869.00 2.1 High Yield 100 6.497 6.208 7.871 849.28
July 67.17 67.28 t 65.58 66.75 –0.53 101,846 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Sept 66.27 66.41 t 64.84 65.93 –0.49 113,009 March 107-312 108-115 107-210 107-272 –1.0 110,129 506.47 1.9 Global High Yield Constrained 6.959 6.808 8.112 362.52 -0.04 EMU§ 3.075 2.726 3.365
Dec 65.19 65.27 t 63.96 64.96 –0.36 186,993 June 108-065 108-192 107-267 108-017 –1.0 6,120,636
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 382.06 1.6 Europe High Yield Constrained 5.323 5.219 6.710 657.49 0.3 France 3.220 2.870 3.460
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
April 2.2787 2.2945 t 2.2461 2.2872 .0268 104,073 March 103-099 103-161 103-079 103-097 1.7 3,272 U.S Agency Bloomberg Fixed Income Indices 467.98 -0.5 Germany 2.500 2.080 2.770
June 2.1869 2.1938 t 2.1528 2.1862 .0034 59,538 June 103-181 103-251 103-155 103-178 1.5 3,849,718
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 1876.95 1.9 U.S Agency 4.330 3.960 5.190 265.58 -1.7 Japan 1.750 1.100 1.750
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
t 2.1502 March 95.6750 95.6825 95.6750 95.6750 –.0025 347,370
April 2.1972 2.2046 2.1942 .0064 113,667 1662.09 1.7 10-20 years 4.280 3.920 5.190 510.37 -0.6 Netherlands 2.720 2.290 2.980
May 2.1990 2.2062 t 2.1561 2.1971 .0042 87,920 April 95.6950 95.7100 95.6800 95.6900 432,526
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. 3570.79 4.4 20-plus years 4.800 4.240 5.300 794.51 1.6 U.K. 4.690 4.030 5.070
April 4.168 4.551 s 4.056 4.350 .228 208,094 Dec 95.6350 95.6375 t 95.6325 95.6350 1,054,964
March'25 95.7250 95.7450 95.7075 95.7225 .0025 1,294,280 2871.35 2.5 Yankee 4.840 4.380 5.580 924.52 3.0 Emerging Markets ** 7.271 7.084 8.073
May 4.220 4.588 s 4.117 4.408 .232 226,398
July 4.510 4.856 s 4.415 4.682 .219 105,678 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Sept 4.501 4.832 s 4.408 4.657 .201 100,899 Currency Futures ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Oct 4.541 4.857 s 4.446 4.685 .190 120,360 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Jan'26 5.343 5.561 s 5.235 5.440 .149 125,029 March
June
.6696
.6763
.6763 s
.6832 s
.6682
.6751
.6707
.6776
.0041 290,965
.0041 47,979
Global Government Bonds: Mapping Yields
Agriculture Futures Canadian Dollar (CME)-CAD 100,000; $ per CAD Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Corn (CBT)-5,000 bu.; cents per bu. March .6907 .6963 .6880 .6907 .0006 307,956
March 440.50 t 426.50
442.75 436.00 –4.25 2,787 June .6936 .6993 .6912 .6938 .0008 26,198 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
May 456.00 t 442.50
459.25 451.50 –4.75 807,222 British Pound (CME)-£62,500; $ per £ Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Oats (CBT)-5,000 bu.; cents per bu. March 1.2707 1.2800 s 1.2678 1.2788 .0098 194,422 Coupon (%) Maturity, in years Latest(l) 0 1 2 3 4 5 6 Previous Month ago Year ago Latest Prev Year ago
378.00 s 374.75 June 1.2699 1.2797 s 1.2676 1.2786 .0098 8,622
March 378.00 378.00 21.25 1
Swiss Franc (CME)-CHF 125,000; $ per CHF 4.125 U.S. 2 3.954 t l 3.981 4.213 4.606
May 370.00 389.50 s 368.25 385.75 21.25 3,076
March 1.1173 1.1288 s 1.1163 1.1265 .0106 97,300 4.625 10 4.209 s l 4.178 4.511 4.218
Soybeans (CBT)-5,000 bu.; cents per bu.
June 1.1289 1.1407 s 1.1280 1.1385 .0107 678 4.750 Australia 2 3.715 t l 3.771 3.794 3.790 -18.7 -82.0
March 995.25 1000.25 t 978.00 984.00 –14.25 1,536 -24.9
May 1010.75 1013.00 t 991.00 999.00 –12.50 389,146 Australian Dollar (CME)-AUD 100,000; $ per AUD
March .6220 .6275 .6188 .6247 .0024 188,331 3.500 10 4.277 t l 4.340 4.427 4.115 6.4 18.1 -10.1
Soybean Meal (CBT)-100 tons; $ per ton.
June .6225 .6278 .6193 .6251 .0024 7,645 2.500 France 2 2.143 t l 2.182 2.196 2.895 -177.6 -171.5
March 288.40 288.40 t 284.30 285.90 –4.20 2,063 -182.2
May 297.00 297.60 t 291.30 293.50 –4.50 261,867 Mexican Peso (CME)-MXN 500,000; $ per MXN
March .04826 .04877 .04752 .04812 –.00008 144,743 3.000 10 3.184 s l 3.175 3.112 2.871 -102.9 -98.4 -134.5
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
June .04765 .04815 .04695 .04754 –.00007 2,663 2.200 Germany 2 2.032 t l 2.079 2.056 2.902 -187.9 -170.8
March 43.15 43.24 42.09 42.27 –.63 847 -193.2
May 43.76 44.20 42.57 42.84 –.65 243,329 Euro (CME)-€125,000; $ per €
March 1.0492 1.0635 s 1.0478 1.0608 .0127 621,139 2.500 10 2.494 s l 2.493 2.404 2.403 -171.9 -166.6 -181.3
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
June 1.0548 1.0687 s 1.0530 1.0661 .0128 39,857 2.950 Italy 2 2.293 t l 2.333 2.339 3.426 -162.5 -118.4
March 13.30 13.33 13.17 13.28 –.07 820 -167.1
May 13.58 13.64 13.41 13.57 –.01 10,825 3.650 10 3.626 s l 3.603 3.506 3.828 -55.6 -38.8
Index Futures -58.7
Wheat (CBT)-5,000 bu.; cents per bu.
March 516.00 525.00 t 515.50 518.50 –13.50 134 Mini DJ Industrial Average (CBT)-$5 x index 0.800 Japan 2 0.836 s l 0.832 0.741 0.179 -312.8 -312.6 -443.2
May 547.75 551.75 t 530.00 536.75 –11.00 231,243 March 43356 43363 42421 42594 –653 73,626 1.200 10 1.426 s l 1.410 1.276 0.716 -278.8 -274.9 -350.1
Wheat (KC)-5,000 bu.; cents per bu. June 43694 43728 42787 42959 –655 1,947
March 544.75 544.75 t 530.25 534.00 –13.50 260 Mini S&P 500 (CME)-$50 x index 2.500 Spain 2 2.221 t l 2.271 2.247 3.103 -174.3 -168.7 -150.7
May 561.75 564.00 t 541.50 548.50 –13.50 120,625 March 5874.00 t 5744.00 5789.50
5884.00 –71.25 2,128,186
June 5924.75 t 5797.50 5843.25
5938.25 –72.25 42,865
3.450 10 3.115 s l 3.114 3.018 3.274 -109.8 -104.5 -94.2
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
March 272.000 274.175 269.175 273.850 –.175 13,685 Mini S&P Midcap 400 (CME)-$100 x index 4.125 U.K. 2 4.191 t l 4.192 4.182 4.613 22.7 23.4 0.3
April 270.875 273.250 267.025 272.500 .450 25,798 March 3033.80 3038.90 t 2941.40 2981.30 –46.60 43,292
June 3045.00 3055.80 t 2974.10 3008.10 –43.80 3 4.250 10 4.501 t l 4.512 4.526 4.221 28.8 35.3 0.5
Cattle-Live (CME)-40,000 lbs.; cents per lb.
April 191.725 194.950 t 189.500 194.650 2.400 143,573
Mini Nasdaq 100 (CME)-$20 x index Source: Tullett Prebon, Tradeweb FTSE U.S. Treasury Close
March 20527.00 20732.50 t 20075.25 20399.00 –69.25 281,541
June 187.500 190.425 t 185.000 190.075 1.975 89,890 June 20739.00 20955.50 t 20296.25 20620.25 –70.75 5,977
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
April 82.950 82.975 t 80.725 82.350 –1.350 100,689
Mini Russell 2000 (CME)-$50 x index
March 2113.90 2116.80 t 2050.30 2083.10 –22.80 434,737
Corporate Debt
June 94.850 94.850 t 92.000 93.150 –2.200 58,460 June 2130.20 2135.00 t 2068.10 2101.30 –23.00 5,545 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Dec 2190.00 2196.00 2190.00 2140.10 –21.30 117
March 659.50 679.50 s 654.00 662.50 5.50 1,355 Mini Russell 1000 (CME)-$50 x index
expectations
May 685.00 699.00 s 674.00 683.00 … 4,165 March 3181.00 3214.70 t 3138.50 3167.50 –36.70 6,258 Investment-grade spreads that tightened the most…
Milk (CME)-200,000 lbs., cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index Spread*, in basis points
Feb 20.22 20.24 20.21 20.23 .01 3,655 March 106.47 106.60 t 105.48 105.69 –.98 37,861 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
April 17.89 18.05 t 17.55 17.59 –.50 5,258 June 106.11 106.20 t 105.15 105.31 –.98 1,529
Citigroup C 4.450 4.65 Sept. 29, ’27 72 –6 68
Cocoa (ICE-US)-10 metric tons; $ per ton. Sumitomo Mitsui Trust Bank … 5.200 4.41 March 7, ’27 48 –6 n.a.
March 8,225 8,225 8,225 8,225 143 116 Source: FactSet
BHP Billiton Finance … 5.000 5.33 Sept. 30, ’43 78 –5 77
Lincoln Financial Global Funding … 5.300 4.72 Jan. 13, ’30 74 –5 57
Oracle ORCL 5.375 5.64 July 15, ’40 143 –4 137
Cash Prices | wsj.com/market-data/commodities Tuesday, March 4, 2025 Sumitomo Mitsui Financial … 2.750 4.75 Jan. 15, ’30 77 –4 73
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate Athene Global Funding* … 4.721 5.02 Oct. 8, ’29 102 –3 96
from the futures price on an exchange, which reflects what the commodity might be worth in future months. …And spreads that widened the most
Tuesday Tuesday Tuesday
Verizon Communications VZ 4.500 4.97 Aug. 10, ’33 86 18 n.a.
Copper,Comex spot 4.5275 Wheat,No.2 soft red,St.Louis-u 5.3075
Energy Iron Ore, 62% Fe CFR China-s *101.1 Wheat - Hard - KC (USDA) $ per bu-u 5.5350
Deere DE 8.100 4.65 May 15, ’30 65 15 53
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 76.000 Steel, HRC USA, FOB Midwest Mill-s *910.0 Wheat,No.1soft white,Portld,OR-u 6.1000
Rio Tinto Alcan … 6.125 5.06 Dec. 15, ’33 92 13 n.a.
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.200 Battery/EV metals Banco Santander … 6.607 4.63 Nov. 7, ’28 76 12 74
Food Sprint Capital … 6.875 4.70 Nov. 15, ’28 86 11 74
Metals BMI Lithium Carbonate, EXW China, =99.5%-v,w 10525
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 9625 Beef,carcass equiv. index Toyota Motor Credit … 4.550 4.50 Aug. 9, ’29 58 11 46
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,w 3588 choice 1-3,600-900 lbs.-u 299.79 Citigroup C 4.750 5.84 May 18, ’46 129 10 113
Engelhard industrial 2908.00 BMI Nickel Sulphate, EXW China, >22%-v,k 3538 select 1-3,600-900 lbs.-u 287.74 Coca–Cola KO 3.375 4.13 March 25, ’27 18 10 n.a.
Handy & Harman base 2905.90 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 435 Broilers, National comp wtd. avg.-u,w 1.2636
Handy & Harman fabricated 3225.55
Fibers and Textiles
Butter,AA Chicago-d 2.2500 High-yield issues with the biggest price increases…
LBMA Gold Price AM *2868.25 Cheddar cheese,bbl,Chicago-d 173.00 Bond Price as % of face value
LBMA Gold Price PM *2880.70 Burlap,10-oz,40-inch NY yd-n,w 0.8700 Cheddar cheese,blk,Chicago-d 160.50 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Krugerrand,wholesale-e 3045.07 Cotton,1 1/16 std lw-mdMphs-u 0.6124 Milk,Nonfat dry,Chicago lb.-d 118.00 Bath & Body Works BBWI 6.875 6.36 Nov. 1, ’35 103.937 0.19 104.750
Maple Leaf-e 3117.92 Cotlook 'A' Index-t *76.00 Coffee,Brazilian,Comp-y 4.0130 Venture Global Calcasieu Pass … 4.125 5.72 Aug. 15, ’31 91.500 0.18 91.125
American Eagle-e 3117.92 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 4.0758
Advance Auto Parts AAP 5.900 5.51 March 9, ’26 100.375 0.13 n.a.
Mexican peso-e 3759.27 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u,w 8.4150
Austria crown-e 2859.24 Flour,hard winter KC-p 14.50
Teva Pharmaceutical Finance … 6.150 5.92 Feb. 1, ’36 101.846 0.12 100.670
Austria phil-e 3059.64 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u 0.91 Methanex US Operations … 6.250 6.19 March 15, ’32 100.320 0.11 100.020
Silver, troy oz. Bran,wheat middlings, KC-u,w 98 Hogs,Iowa-So. Minnesota-u 87.92 Hughes Satellite Systems … 5.250 10.53 Aug. 1, ’26 93.250 0.10 91.535
Engelhard industrial 31.7000 Corn,No. 2 yellow,Cent IL-bp,u 4.1300 Pork bellies,12-14 lb MidUS-u 1.7764 Navient NAVI 5.625 7.38 Aug. 1, ’33 89.144 0.08 89.438
Handy & Harman base 31.7450 Corn gluten feed,Midwest-u,w 126.2 Pork loins,13-19 lb MidUS-u 1.0285 Occidental Petroleum OXY 7.875 5.52 Sept. 15, ’31 112.771 0.03 112.944
Handy & Harman fabricated 39.6810 Corn gluten meal,Midwest-u,w 439.1 Steers,Tex.-Okla. Choice-u n.a.
LBMA spot price *£24.8900 Cottonseed meal-u,w n.a. Steers,feeder,Okla. City-u,w 332.50 …And with the biggest price decreases
(U.S.$ equivalent) *31.5250 Hominy feed,Cent IL-u,w 116
Coins,wholesale $1,000 face-a 24540
Fats and Oils Transocean RIG 7.500 10.86 April 15, ’31 85.250 –1.13 90.513
Meat-bonemeal,50% pro Mnpls-u,w 275
Other metals Oats,No.2 milling,Mnpls-u 4.2575 Degummed corn oil, crude wtd. avg.-u,w n.a.
Paramount Global* PARA 4.375 6.74 March 15, ’43 75.564 –0.76 76.032
LBMA Platinum Price PM *961.0 Rice, Long Grain Milled, No. 2 AR-u,w 35.25 Grease,choice white,Chicago-h 0.4900 Bombardier … 7.450 6.78 May 1, ’34 104.500 –0.75 104.750
LBMA Palladium Price PM *940.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a. Bausch Health … 11.000 10.91 Sept. 30, ’28 100.250 –0.69 99.000
Platinum,Engelhard industrial 965.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 298.70 Soybean oil,crude;Centl IL-u,w 0.4228 Bath & Body Works BBWI 6.950 6.69 March 1, ’33 101.616 –0.63 102.029
Palladium,Engelhard industrial 955.0 Soybeans,No.1 yllw IL-bp,u 9.6100 Tallow,bleach;Chicago-h 0.5275 Teva Pharmaceutical Finance Netherlands III* … 4.100 6.33 Oct. 1, ’46 74.000 –0.50 73.780
Aluminum, LME, $ per metric ton *2624.0 Wheat,Spring14%-pro Mnpls-u 7.4250 Tallow,edible,Chicago-u n.a. Occidental Petroleum OXY 6.200 6.06 March 15, ’40 101.356 –0.41 101.324
Verde Purchaser … 10.500 7.82 Nov. 30, ’30 108.500 –0.34 108.875
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;
*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.
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 3/3 Note: Data are for the most active issue of bonds with maturities of two years or more
Source: Dow Jones Market Data Source: MarketAxess

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
Continued From Page B8 52-Wk % 52-Wk % HighPeakEner HPK 11.52 1.0 KlothoNeuroscience KLTO 0.26 3.7 MasterBrand MBC 12.68 -0.6 NorthernOil&Gas NOG 26.82 -2.8 OntoInnovation ONTO 129.53 -0.4 PalisadeBio PALI 0.75 -3.5
HighPeakEnerWt HPKEW 1.60 -18.2 Kohl's KSS 10.91 0.4 MatadorRscs MTDR 45.27 -2.7 NorthpointeBcshs NPB 13.50 -1.8 Ontrak OTRK PARR
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
Hologic HOLX 62.28 -1.5 Koppers KOP 27.00 0.3 Materion MTRN 84.46 -2.0 Novanta NOVT 136.02 -2.5 OpenLending LPRO
1.27 -8.7 ParPacific
4.33 -3.8 ParamountGroup PGRE
12.28 -5.5
4.19 -1.4
Stock Sym Hi/Lo Chg DentsplySirona XRAY 15.47 -2.5 FluenceEnergy FLNC 4.79 0.4 HostHotels HST 15.65 -1.8 KorroBio KRRO 20.34 -5.1 Mativ MATV 5.74 2.8 Novonix NVX 0.97 -3.9 OpenText OTEX 25.07 0.5 ParkHotels PK 11.51 -2.2
DesignerBrands DBI 3.49 4.8 Fluor FLR 35.39 -2.7 Hovnanian HOV 95.27 3.6 KosmosEnergy KOS 2.26 -5.6 MaxeonSolar MAXN 2.68 -4.7 NuvveHolding NVVE 1.70 -10.6 OpendoorTech OPEN 1.12 2.5 Parsons PSN 54.56 3.9
CheetahNetSupply CTNT 1.56 -4.4
DesktopMetal DM 2.00 2.0 FluxPower FLUX 1.15 -6.2 Hubbell HUBB 340.38 -0.9 KrispyKreme DNUT 5.85 -1.1 McEwenMining MUX 6.46 -0.9 nVentElectric NVT 53.30 -2.2 OptexSystems OPXS 5.51 1.1 PasitheaTherap KTTA 0.92 -1.8
Chemours CC 13.31 -3.2
DestinationXL DXLG 2.00 -2.4 Fold FLD 5.06 1.0 HudsonGlobal HSON 10.14 -2.8 KronosWorldwide KRO 8.24 -2.0 MegaMatrix MPU 0.66 -9.2 Nvni NVNI 0.23 -29.8 OramedPharm ORMP 1.96 7.0 PassageBio PASG 0.38 -11.4
ChicagoRivet CVR 13.48 -2.7
DevvStream DEVS 0.30 11.1 FootLocker FL 16.92 -2.9 Huntsman HUN 15.46 ... KukeMusic KUKE 0.15 4.2 MeiwuTechnology WNW 0.14 -7.8 ON Semi ON 43.94 -0.9 OrchestraBioMed OBIO 3.75 2.7 PatriaInvts PAX 10.50 -1.6
ChimeraInv9.25SrNt CIMO 24.96 -0.4
DiamondbkEner FANG 140.81 -2.0 FordMotor F 9.06 -2.9 Hydrofarm HYFM 4.19 -1.3 Kulicke&Soffa KLIC 36.13 0.5 MereoBioPharma MREO 2.25 7.3 OpalFuels OPAL 2.27 -1.7 OrganiGram OGI 1.02 2.8 PattersonUTIEn PTEN 7.10 0.3
ChordEnergy CHRD 100.58 -1.8
DianthusTherap DNTH 18.13 1.2 FordMotor6.5%Nts FpD 23.73 -0.6 Hyster-Yale HY 42.59 -0.4 KymeraTherap KYMR 29.07 1.7 MeritageHomes MTH 69.26 1.6 OSR OSRH 2.03 -12.3 Orion OEC 12.56 -2.6 Paysign PAYS 2.31 0.8
Cimpress CMPR 43.49 -3.7
DigitalAlly DGLY 0.06 -13.4 Forestar FOR 21.13 -1.2 IDEAYA Bio IDYA 18.20 -1.8 KyvernaTherap KYTX 2.50 1.5 MersanaTherap MRSN 0.46 5.9 ObsidianEnergy OBE 4.74 -1.0 OrukaTherap ORKA 9.44 2.3 PeabodyEnergy BTU 12.53 -1.8
CivitasRscs CIVI 33.47 -1.9
DineBrands DIN 23.47 -2.1 FormFactor FORM 30.97 0.3 IGM Biosci IGMS 1.19 5.6 LGI Homes LGIH 68.66 1.1 Metallus MTUS 12.96 -3.4 OceanBiomedical OCEA 0.08 -5.0 OwensCorning OC 140.94 -3.0 PerformShipping PSHG 1.48 -5.4
Clarivate CLVT 4.11 -1.4
Diodes DIOD 46.56 1.2 ForresterRes FORR 10.53 -0.2 IQVIA IQV 179.28 -0.7 LM Funding LMFA 1.30 -3.4 Microsoft MSFT 381.00 ... OceaneeringIntl OII 19.62 -2.8 OxfordIndustries OXM 58.02 -2.9 Perma-Fix PESI 7.46 -2.3
ClarosMtg CMTG 2.13 4.1
DistributionSoln DSGR 27.80 -1.3 FortuneBrands FBIN 60.81 -3.0 Ibotta IBTA 31.40 3.1 LSB Inds LXU 6.43 -3.2 MillerKnoll MLKN 20.39 -1.4 OceanPal OP 1.00 -3.3 PBF Energy PBF 19.51 2.0 PermianBasin PBT 9.43 -0.4
CleanEnerFuels CLNE 1.80 -1.6
DonnelleyFin DFIN 46.10 -3.0 4D Molecular FDMT 3.92 -4.1 iCoreConnect ICCT 0.63 3.2 LaRosa LRHC 0.18 0.1 MineralsTechs MTX 66.33 -1.5 Ocugen OCGN 0.57 -2.5 PDF Solutions PDFS 21.10 0.6 PermianRscs PR 12.29 -3.0
CleanSpark CLSK 7.22 -0.4 DorianLPG LPG 19.36 2.7 FreeportMcM FCX 34.26 -1.8 IDEX IEX 183.24 -1.4 Lakeside LSH 1.12 -29.7 MinervaNeurosci NERV 1.42 3.3 OlemaPharm OLMA 4.07 -0.2 PDS Biotech PDSB 1.13 6.6 PerspectiveTherap CATX 2.32 -4.5
ClearwaterPaper CLW 23.92 -0.1 Dow DOW 35.48 -1.2 FuelCell FCEL 5.12 11.2 Illumina ILMN 80.18 0.8 LambWeston LW 49.28 -0.2 MixedMartialArts MMA 0.61 -0.2 Olin OLN 22.98 -1.3 PMGC ELAB 1.14 -0.8 PetrosPharm PTPI 0.07 -14.8
Click CLIK 0.91 -15.0 DuluthHoldings DLTH 2.55 -5.5 FulgentGenetics FLGT 14.57 1.6 ImmaticsWt IMTXW 0.02 33.0 LarimarTherap LRMR 2.52 5.3 MMTec MTC 1.13 2.5 Omnicom OMC 79.57 0.1 PMV Pharm PMVP 1.23 -2.3 Pharvaris PHVS 14.65 0.8
Co-Diagnostics CODX 0.46 1.9 Dun&Bradstreet DNB 8.77 -1.0 FullerHB FUL 54.82 -1.4 Immatics IMTX 4.06 3.8 LeapTherap LPTX 0.40 2.9 ModineMfg MOD 72.49 1.3 OncolyticsBio ONCY 0.60 -2.0 PPG Ind PPG 109.15 -2.2 PhathomPharm PHAT 5.07 7.1
Codexis CDXS 2.48 -2.0 DyneTherap DYN 11.62 -3.5 GCT Semiconductor GCTS 1.85 -4.6 ImmunoPrecise IPA 0.27 7.1 Leggett&Platt LEG 8.48 -3.6 ModivCare MODV 3.00 -7.0 Onconetix ONCO 0.21 -10.9 ProgHoldings PRG 27.09 -5.6 PhioPharm PHIO 1.22 ...
Cognex CGNX 31.06 -1.0 ECDAutoDesign ECDA 0.73 -1.2 GMS GMS 76.27 -0.3
Immunovant IMVT 17.65 0.3 Lennar A LEN 116.67 0.7 Mogo MOGO 0.92 -3.9 1-800-FLOWERS FLWS 6.13 -1.1 PTC PTC 155.53 -1.3 Photronics PLAB 19.61 1.4
Cohu COHU 17.51 1.3 elfBeauty ELF 61.90 0.2 GRAVITY GRVY 54.22 -1.7
ImperialPetrol IMPP 2.37 -1.6 Lennar B LEN.B 112.70 0.6 Momentus MNTS 2.05 -4.2 OneStream OS 21.69 -0.3 P3HealthPartners PIII 0.17 0.4 Phunware PHUN 2.70 1.8
CollegiumPharm COLL 27.70 -1.4 ENDRA LifeSci NDRA 3.82 -3.6 GalmedPharm GLMD 1.75 -0.5
Impinj PI 84.17 2.8 Leslie's LESL 0.91 -3.7 MoneyHero MNY 0.81 -3.4 OneWaterMarine ONEW 14.13 -4.3 PVH PVH 68.80 -1.6 Continued on Page B11
Collplant CLGN 3.18 -6.3 EONResources EONR 0.45 -7.1 Gelteq GELS 1.31 -6.8
IncannexHealthcare IXHL 1.15 -3.7 LexariaBioscience LEXX 1.15 -5.5 Monro MNRO 16.78 -3.7
ColorStarTech ADD 0.93 -9.9 ESSTech GWH 2.92 5.5 GenerationBio GBIO 0.51 -1.8
indieSemicon INDI 2.43 -5.4 LibertyEnergy LBRT 15.17 -2.8 Mosaic MOS 22.48 -1.1
ColumbusMcKinn CMCO 15.48 -1.7 E2open ETWO 2.11 -1.8 Gentex GNTX 23.63 -0.8 MullenAuto MULN 2.03 4.4
CommercialMetals CMC 43.81 -3.8 InfinityNatrlRscs INR 17.01 -1.1 LichenIntl LICN 5.37 3.4
EzgoTech EZGO 0.40 -7.0 GeospaceTech GEOS 7.45 -3.6 MultiSensorAI MSAI 1.10 3.4
Infobird IFBD 1.38 -19.1 LifetimeBrands LCUT 4.71 -1.0
ConduitPharm
Conmed
ConnectMTech CNTM
CDT
CNMD
1.06
55.22
0.57
-2.6
-1.1
3.2
EagleMaterials EXP
EbangIntl EBON
208.03 -1.7 GettyImages
4.13 1.7 GigaCloudTech
GETY
GCT
1.90
13.60
-1.0
-3.0
IngersollRand
Innospec
IR
IOSP
79.97
97.24
-1.4
-1.6
LifezoneMetals LZM
LightwaveLogic LWLG
4.74
1.11
-2.6
-0.8
MurphyOil
MustangBio
MUR
MBIO
23.49 -0.1
1.52 -11.0 Dividend Changes
EdibleGarden EDBL 2.25 -17.6 GlobalIndl GIC 22.80 -1.8 MyersIndustries MYE 9.32 -0.5
ConocoPhillips COP 88.47 -2.1 InnovationBev IBG 0.45 0.2 LincolnNatlPfdD LNCpD 26.61 0.7
EducDev EDUC 1.35 -4.5 GlobalStarA GLST 4.68 -17.0 Napco Security NSSC 23.00 1.1
ContangoOre CTGO 8.85 7.8 1847Holdings EFSH 0.11 -8.6 Globant GLOB 140.88 1.8
Innventure INV 7.85 1.8 LinkersIndsA LNKS 0.50 -12.3
NayaBiosciences NAYA 0.31 -13.7
Amount Payable /
ContineumTherap CTNM 6.21 -5.2 EksoBionics EKSO 0.37 -1.2 GlucoTrack GCTK
InozymePharma INZY 1.04 2.8 LionGroup LGHL 0.10 -14.3 Company Symbol Yld % New/Old Frq Record
0.31 -6.2 N-able NABL 6.75 0.3
Cool CLCO 5.38 -4.9 ElevationOnc ELEV 0.41 1.5 GoldenHeaven GDHG
InspireVeterinary IVP 1.88 -3.0 Lipocine LPCN 2.91 2.0
0.72 -3.6 NCR Voyix VYX 9.87 3.9
CorbusPharm CRBP 6.65 -2.7 ELPW GPRO
InstalledBldg IBP 159.76 2.4 LiqTechIntl LIQT 1.38 2.3
CoreLabs CLB 13.43 -0.9
ElongPower
EmpireStateRealty ESRT
0.68 -15.2 GoPro
8.53 -4.1 GranTierraEner GTE
0.68 1.0
IntelliaTherap NTLA 8.30 -3.8 LithiumArgentina LAR 1.96 2.0
NetPower NPWR 6.17 -1.1 Increased
4.13 1.6 NIP NIPG 1.90 -10.9
CoreMoldingTech CMT 12.70 ... EncoreCapital ECPG 32.99 -2.7 GraniteRidge GRNT IntelligentGrp INTJ 0.72 6.0 Littelfuse LFUS 213.44 -3.3 American Express AXP 1.0 .82 /.70 Q May09 /Apr04
5.46 0.2 NLS Pharm NLSP 1.47 -10.1
CoreNaturalRscs CNR 67.88 1.7 Endava DAVA 23.03 -2.1 GraphjetTech GTI Intergroup INTG 10.70 -1.1 LiveOakAcqnV LOKVU 10.00 -0.2
0.13 -23.4 NOV NOV 13.78 -0.4
Vesta VTMX 22.56 -1.2 EnergyFuels UUUU 3.74 6.3 GreenDot GDOT 6.42 1.8 IntlMoneyExpress IMXI 14.67 -2.3 LiveOakBcshs LOB 29.99 -3.2 NPK Intl NPKI 5.44 -4.7
Chatham Lodging Trust CLDT 3.5 .09 /.07 Q Apr15 /Mar31
Cosan CSAN 4.54 -0.8 Enovis ENOV 35.14 -3.3 GreenPlains GPRE 4.87 -7.6 IntlSeaways INSW 31.70 4.3 LiveVentures LIVE 7.23 -4.2 NVE NVEC
CosmosHealth COSM 0.44 7.1 Interpublic IPG 26.15 0.9 LiveWire LVWR 2.02 -1.9
63.89 -2.0 Horace Mann Educators HMN 3.3 .35 /.34 Q Mar31 /Mar17
EnphaseEnergy ENPH 51.63 9.4 GreenidgeGen GREE 0.73 -0.2 NaaSTechnology NAAS 1.08 -3.5
Costamare CMRE 9.66 -1.9 EntradaTherap TRDA 10.80 -3.0 Greenlane GNLN 0.55 -6.8 Iridex IRIX 1.23 -1.6 LixteBiotech LIXT 1.16 ... NaborsIndustries NBR 34.42 3.7 Ranger Energy Svcs Cl A RNGR 1.2 .06 /.05 Q Mar28 /Mar14
Coty COTY 5.35 0.9 Enviri NVRI 6.03 -3.1 GreenPowerMotor GP 0.45 -4.7 IronwoodPharm IRWD 1.43 -2.0 LogicMark LGMK 0.16 -5.1 NatlResearch NRC 13.74 -0.4
CreativeGlblTech CGTL 3.10 -6.3 EnvirotechVeh EVTV 0.25 -13.8 GreenwaveTech GWAV 0.23 1.9 iSpecimen ISPC 1.30 -3.9 LotusTech LOT 1.80 -5.6 NaturalAlt NAII 3.65 -7.6
Synovus Financial SNV 3.1 .39 /.38 Q Apr01 /Mar20
CrownCrafts CRWS 3.89 -4.2 ePlus PLUS 61.91 0.1 GrowGeneration GRWG 1.03 3.7 iTeosTherap ITOS 6.67 -2.0 LucasGC LGCL 0.47 -2.7 Navigator NVGS 14.17 -1.8
CrownElectrokin CRKN 2.42 -16.7 ERAS GRYP IvanhoeElectric IE 5.37 -5.3 Lulu'sFashion LVLU 0.63 -3.7
CrownLNG CGBS 0.23 -9.0
Erasca 1.23 3.1 GryphonDig 0.23 ...
JBDI JBDI 0.49 -2.7 LuminarTech LAZR 4.47 1.5
Neogen NEOG 9.01 2.0 Reduced
EroCopper ERO 11.11 1.1 Guess? GES 9.40 3.0 NeoGenomics NEO 8.98 -2.5
Cryoport CYRX 4.58 5.5 EvaxionBiotech EVAX 1.70 -1.1 HF Sinclair DINO 31.27 -4.0 JELD-WEN JELD 5.44 -2.3 MGM Resorts MGM 31.60 -1.7 NerdWallet NRDS 9.65 -1.9 Ready Capital RC 10.2 .125 /.25 Q Apr30 /Mar31
CullinanTherap CGEM 7.90 1.6 EverusConstrn ECG 37.18 -3.3 HiveDigitalTech HIVE 1.78 ... J.Jill JILL 20.93 -2.5 MKS Instrum MKSI 82.11 -0.1 NetApp NTAP 92.59 -2.3
CumulusMedia CMLS 0.50 -8.1 Expion360 XPON 0.91 -6.6 Hookipa HOOK 1.34 -1.4 JamesRiver JRVR 3.00 -28.4 MRC Global MRC 11.08 -3.0 NeumoraTherap NMRA 1.35 0.4
Synovus Finl Pfd. D SNVpD 8.9 .4969 /.52874 Q Mar21 /Mar15
Curis CRIS 2.83 1.7 Expro XPRO 10.01 -6.7 Hafnia HAFN 3.91 2.7 JanuxTherap JANX 29.63 -5.8 MV Oil MVO 4.63 -1.0 Neurocrine NBIX 110.25 -1.2
CXApp CXAI 1.00 -4.6 JinMedicalIntl ZJYL 0.59 10.4 MachNaturalRscs MNR 13.70 -2.3
CytekBiosci CTKB 4.20 0.2
EyePointPharm EYPT 5.54 6.3 Halliburton HAL 23.79 -3.4
JohnsonOutdoors JOUT 25.18 -0.5 Macrogenics MGNX 2.15 1.8
NewEraHelium NEHC 1.45 7.7 Stocks
FGI Industries Wt FGIWW 0.05 -33.2 HaoxiHlthTech HAO 1.40 -2.9 Newegg NEGG 0.35 -3.6
CytomXTherap CTMX 0.60 0.4 FGMergerII FGMCU 9.74 -0.2 HarleyDavidson HOG 23.86 -3.1 JumiaTech JMIA 2.21 4.3 Macy's M 13.23 -4.6 NewGenIvf NIVF 1.16 -22.8 Kuke Music Holding ADR KUKE 1:10 /Mar13
DLH Holdings DLHC 4.81 -2.8 FGMergerII FGMC 9.55 -0.2 Harte-Hanks HHS 4.79 2.4 JupiterNeurosci JUNS 0.55 6.1 MagicEmpireGlobal MEGL 1.23 ... NexaResources NEXA 5.05 -1.4
Damon DMN 0.15 -0.5 FateTherap FATE 0.93 -7.8 HarvardBioSci HBIO 0.78 -4.4 KB Home KBH 59.00 1.5 MagnaIntl MGA 33.30 -3.4 NexGenEnergy NXE 4.58 0.2
DatavaultAI DVLT 0.78 -2.4 Fathom FTHM 0.88 -0.3 HealthyChoice HCWC 0.47 -5.3 KLX Energy KLXE 3.76 4.7 MagnoliaOil MGY 21.63 1.6 NextTechnology NXTT 0.52 -9.5 Foreign
Dave&Buster's PLAY 18.27 -0.8 Ferroglobe GSM 3.23 -2.4 HeidmarMaritime HMR 1.58 -9.1 KwesstMicroSys KWE 0.33 -5.1 MammothEnergy TUSK 2.03 -3.7 Nextdoor KIND 1.60 2.4 Burford Capital BUR 1.8 .0625 SA Jun13 /May23
DayOneBiopharm DAWN 8.02 4.2 FirstAdvantage FA 13.77 -3.0 HeliosTech HLIO 36.07 -3.7 KaryopharmTherap KPTI 5.95 -12.1 ManhattanAssoc MANH 169.20 -1.0 Nkarta NKTX 1.57 1.9
Decent DXST 1.08 -9.9 FirstGuarBcshs FGBI 8.03 -2.4 HelixEnergy HLX 7.56 -2.6 KaziaTherap KZIA 0.76 -5.9 MaravaiLifeSci MRVI 2.80 -6.0 NKGenBiotech NKGN 0.19 -62.9 Note: Dividend yields as of 3:30 p.m. ET
DeckersOutdoor DECK 131.20 -2.5 FirstSolar FSLR 124.96 2.8 Helm&Payne HP 23.80 2.6 KellyServices A KELYA 12.66 0.5 MarinSoftware MRIN 1.39 -8.8 nLIGHT LASR 7.94 0.2 Sources: FactSet; Dow Jones Market Data
Deluxe DLX 15.13 -2.4 Fitell FTEL 0.56 -5.0 HepionPharm HEPA 0.08 -9.9 KimballElec KE 16.10 -3.1 MarineProducts MPX 8.37 -0.2 NobelWt NE.WS.A 5.00 1.1
DenaliTherap DNLI 14.01 4.9 Floor&Decor FND 86.17 -5.3 HerambaElec PITA 0.30 -14.8 KimbellRoyalty KRP 13.63 -4.0 MarkerTherap MRKR 1.35 -4.8 Noble NE 22.49 -2.0
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
DenisonMines DNN 1.33 2.9 FloraGrowth FLGC 0.64 -3.3 HeritageDistilling CASK 0.62 -18.9 KioraPharm KPRX 2.91 -3.9 MartenTransport MRTN 14.20 -2.3 NordicAmTankers NAT 2.40 2.8
Denny's DENN 4.38 -2.0 Flowco FLOC 23.02 -4.0 HighestPerf HPH 0.15 -6.7 Kirkland's KIRK 1.23 -2.6 MartinMarietta MLM 451.09 -1.7 NorthAmConstr NOA 16.00 -4.2 spin-off.
THE WALL STREET JOURNAL. * * * Wednesday, March 5, 2025 | B11

BUSINESS & FINANCE

Adnoc, OMV to Form Petrochemical Giant

Aramco’s annual net profit
$175 billion

150
BY ADRIÀ CALATAYUD companies said on Tuesday. Adnoc spokesperson said.
Borealis is 75% owned by The enlarged Borouge 125 $106.2B
Abu Dhabi’s Adnoc and OMV, while Adnoc owns 25%. Group will rank as the fourth-
Austria’s OMV reached an Borealis, in turn, holds a 36% largest producer of polyolefins 100
agreement to combine their interest in Borouge, which is by capacity behind Sinopec,
petrochemical businesses and majority owned by Adnoc with China National Petroleum 75
subsequently acquire Canada’s a 54% stake. Corp. and Exxon Mobil, Adnoc
Nova Chemicals to form a gi- Nova Chemicals will cost and OMV said. 50

CHRISTOPHER PIKE/BLOOMBERG NEWS

ant with a combined value of the new entity $13.4 billion in- The proposed transactions
about $60 billion. cluding debt. are subject to regulatory ap-
25
Adnoc, or Abu Dhabi Na- OMV will inject 1.6 billion eu- provals and other customary
tional Oil Co., has turned to ros, or $1.68 billion, in cash into conditions and are expected to
dealmaking to push into the business to put its share- close in the first quarter of 0
chemical production as part of holding on par with Adnoc, they 2026, the companies said. 2018 ’20 ’24
an effort to diversify its said. Subsequently, Adnoc and Adnoc said its stake in Bor- Source: the company
sources of revenue and ex- OMV will both hold 46.94% ouge Group will be transferred
pand globally. The company
last year agreed to buy Ger-
man plastics maker Covestro
stakes in Borouge Group, with
the remaining 6.12% in free
float, the companies said.
The Borouge 4 petrochemical plant in Al Ruwais, U.A.E.
upon completion to its XRG
business, which houses its
lower-carbon energy and en-
Aramco
for about $13 billion.
The all-share deal between
Adnoc and OMV will create a
Borouge Group will have its
headquarters in Vienna and
listed on the Abu Dhabi Secu-
vestment, a United Arab Emir-
ates sovereign-wealth fund.
Once the deal to create Bor-
companies said.
When including Nova
Chemicals, Borouge Group will
ergy investments. The com-
pany has previously said XRG
aims to be one of the top five
Expects
new company called Borouge
Group International that com-
bines their shareholdings in
rities Exchange, they added.
In connection to the deal,
Adnoc agreed to buy Nova
ouge Group is completed, the
business will acquire Nova
Chemicals to expand its pres-
have a combined enterprise
value of slightly more than
$60 billion and debt in the
players in the global chemicals
market. XRG is also set to be
home to Covestro once that
Lower 2025
Borouge and Borealis, the Chemicals from Mubadala In- ence in North America, the multibillion-dollar range, an deal is closed.
Dividend
Apollo’s Athene Turns to Funding-Agreement Note Sales BY IAN WALKER

Saudi Arabia’s national oil

BY LUIS GARCIA industry analysts. cash, raised around $29 billion deals last year followed law- Nineteen Fitch-rated insur- company Aramco said it ex-
“The funding-agreement through funding-agreement suits that challenged the trans- ers issued funding-agreement pects to pay lower shareholder
Increased investor appetite market is very simple. All you notes last year, or about four actions Athene carried out with notes last year, up from 18 in returns in 2025 after a fall in
for a type of insurer-backed se- are doing is making a credit times the roughly $7 billion it eight large companies. The le- 2023 and seven in 2020, Fitch net profit last year.
curity fueled the expansion of spread,” said Thomas Gal- brought in this way in 2023, gal complaints allege the plan said, noting that the number of Saudi Arabian Oil Co.,
Apollo Global Management lagher, a senior managing di- according to an Apollo earnings sponsors breached their fidu- issuers rose to 20 in January. known as Aramco, said net in-
annuities provider Athene rector who focuses on insur- presentation. By comparison, ciary duty by shifting pension Athene was the group’s largest come for 2024 fell to $106.2 bil-
Holding last year despite a liti- ance in the equity-research annuities produced about $36 liabilities to Athene because its issuer last year. lion from $121.3 billion in 2023.
gation-induced drop-off in the group of investment bank Ever- billion last year, up from $35 links to the private-markets in- “The number of issuances Aramco’s full-year dividend
pension-risk transfers that had core. As exam- billion in 2023. vestment manager put their have increased in 2024 as nar- payout rose to $124.25 billion
generated about $10 billion in ples, he cited Apollo and benefits at greater risk. rowing credit spreads led to a compared with $97.78 billion
cash for the firm in 2023. the differences Athene fully Athene, which isn’t named favorable pricing environment in 2023. The company expects
Notes issued by special-pur- between inter- The company’s combined at the as a defendant in any of the for insurance companies,” said total dividends of $85.4 billion
pose vehicles set up by insurers est rates paid shift follows start of 2022. lawsuits, has said the claims Jack Rosen, a director at Fitch to be declared in 2025.
offer investors the cash flows by funding Last year’s have no merit. All eight defen- who focuses on insurers. “As Aramco declared a base div-
generated by funding agree- agreements and a drop-off in funding-agree- dants have asked that the law- credit spreads tightened last idend of $21.1 billion for the
ments, or contracts created by those produced ment notes suits be dismissed, but courts year, insurance companies have fourth quarter, which is a 4.2%
the carriers that produce a by assets such
pension-risk helped Athene haven’t ruled on any of the re- been taking advantage of those increase compared with the
payment stream over a fixed as investment- transfers. offset a sharp quests yet. opportunistic environments.” year-ago period, it said. It ex-
period. In January, U.S. insur- grade bonds, drop in pension- Interest rates demanded by Athene’s rapid escalation in pects this to be paid in the first
ers issued more than $15.6 bil- structured secu- risk transfers, fixed-income investors in the issuing funding agreements quarter of 2025. It also an-
lion of notes backed by funding rities and com- or deals in past year moved closer to the demonstrates how it has been nounced a performance-linked
agreements, a record for the mercial-mortgage loans. which it assumes the liabilities lower rates paid by risk-free able to find alternatives to pen- dividend of $200 million to be
month, according to credit rat- Notes tied to funding agree- of a defined-benefit plan of- U.S. Treasurys, making funding sion-risk deals and generate paid in the first quarter.
ings provider Fitch Ratings. ments skyrocketed last year, fered by an employer. Athene agreements particularly attrac- cash that Apollo’s investment The company said net in-
Athene, like other issuers, reaching $58.55 billion, about reported virtually no pension tive to insurers, according to teams can deploy across the come for the fourth quarter
benefits from selling funding- 70% more than in 2023. Last deals in the fourth quarter and industry analysts. The securi- firm’s various strategies. was in line with analyst con-
agreement-backed notes be- year’s total nearly matched the only about $1 billion for all of ties also appeal to investors Athene’s capital inflows rose sensus, despite noncash
cause it can take the capital record $58.75 billion issued in 2024—a drop in the bucket af- partly because they offer an al- nearly 13% to about $71 billion charges of around $1.7 billion.
raised and invest it in credit 2021, according to Fitch. ter those transactions brought ternative to corporate bonds as last year from $63 billion the Cash flow from operating ac-
assets that can generate higher Athene, whose retirement in around $10 billion in 2023. a way to diversify, the analysts year before, according to the tivities for the year fell to $135.7
returns, according to insurance annuities generate much of its The plunge in risk-transfer said. Apollo presentation. billion from $143.4 billion.

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ProcessaPharm PCSA 0.46 -0.1 ReShapeLife RSLS 0.88 -7.3 SaversValue SVV 6.56 2.6 SportsmansWrhs SPWH 1.17 -3.1 TandemDiabetes TNDM 18.77 -6.2 TreasureGlobal TGL 0.11 ... VCIGlobal VCIG 0.54 -10.2 WW Intl WW 0.38 7.8 Zomedica ZOM 0.09 -0.2
ProfDiversity IPDN 0.23 -4.3 RexAmerRscs REX 36.01 -0.6 ScanSource SCSC 35.46 -1.7 SpyreTherapeutics SYRE 17.24 1.6 TandyLeather TLF 3.07 -3.8 Trex TREX 56.31 -2.3 VOC Energy VOC 2.85 1.3 WabashNational WNC 10.34 -1.5 Zoomcar ZCAR 0.32 -17.4
ProKidney PROK 0.98 -5.9 RezolveAI RZLV 1.28 -9.6 Scienture SCNX 2.01 -14.5 Starbox STBX 0.45 -44.8 TangoTherap TNGX 1.78 -3.2 TrinityBiotech TRIB 0.63 -5.1 VTEX VTEX 4.20 -2.9 Walker&Dunlop WD 81.07 -1.7 ZuraBio ZURA 1.10 -1.7
PsyenceBiomed PBM 0.88 -2.5 RingEnergy REI 1.16 0.8 ScorpioTankers STNG 38.03 ... Stellantis STLA 11.40 -4.4 Tantech TANH 2.55 -3.4 TriumphFinl TFIN 62.81 -5.4 VaalcoEnergy EGY 3.57 ... Wallbox WBX 0.36 -6.5 Zynex ZYXI 7.01 1.9

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
GlexUSIdxInstPre 15.35 +0.05 6.4 SAIUSQtyIdx -0.21 0.8 CoreBond
21.44 10.34 -0.03 2.8 PutLargCap 35.13 -0.75 1.9 MuHYAdml 10.75 ... 1.5 TgtRe2060 51.77 -0.32 1.0
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. GrowthCompanyK6 28.54 -0.12 -6.1 SrsBlChGroRetail -0.10 -6.4 CorePlusBd
18.58 7.27 -0.02 2.9 Schwab Funds MuIntAdml 13.70 ... 1.5 TgtRet2055 56.18 -0.34 1.0
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s IntlIdxInstPrem 51.90 +0.17 9.2 SrsEmrgMkt 18.85
+0.17 2.9 Lord Abbett I 1000 Inv r NA ... NA MuLTAdml 10.91 ... 1.4 TgtRetInc 13.33 -0.04 1.8
apply. k-Recalculated by LSEG, using updated data. p-Distribution costs apply, 12b-1. r- LgCpGwId InstPre 37.33 -0.23 -4.7 SrsGlobal +0.04 6.4 ShtDurInc p
15.09 3.88 ... 1.4 S&P Sel NA ... NA MuLtdAdml 10.92 +0.01 1.3 Welltn 42.85 -0.39 ...
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes MidCpInxInstPrem 33.16 -0.51 -1.8 SrsGroCoRetail 22.45
-0.08 -6.3 Metropolitan West TSM Sel r NA ... NA MuShtAdml 15.82 ... 0.9 WndsrII 44.52 -0.66 0.5
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SAIUSLgCpIndxFd 22.88 -0.28 -1.5 SrsIntlGrw -0.04 6.9 TotRetBdI
18.64 9.10 -0.02 3.2 Strategic Adviser PrmcpAdml r 171.09 -2.12 2.9 VANGUARD INDEX FDS
price, performance or cost data. NE-Not released by LSEG; data under review. NN-Fund not SeriesBondFd 9.05 -0.02 2.7 SrsIntlVal 13.42
+0.04 12.6 MFS Funds StratAdCorInFnd NA ... NA RealEstatAdml 132.12 -1.60 4.6 ExtndIstPl 338.22 -4.17 -4.9
tracked. NS-Fund didn’t exist at start of period. SeriesOverseas 14.64 +0.05 8.9 TotalBond -0.04 2.8 IIE
9.59 36.57 +0.10 8.1 StratAdFidCoreS 9.19 -0.03 2.9 SmCapAdml 109.47 -1.60 -4.9 IdxIntl 19.98 +0.04 5.4
SerLTTreBdIdx 5.55 -0.06 5.2 Fidelity SAI MFS Funds Class I StratAdFidEmr 12.35 +0.09 1.9 SmGthAdml 92.61 -0.79 -5.9 MdCpGrAdml 108.68 -0.95 -0.5
SmCpIdxInstPrem 25.86 -0.28 -6.6 TotalBd 9.09 -0.03 2.8 GrowthI 193.81 -1.89 -3.9 StratAdFidUS 17.03 -0.20 -1.8 STBondAdml 10.23 ... 1.6 MdCpVlAdml 83.57 -1.71 -0.3
Tuesday, March 4, 2025 TMktIdxInstPrem 158.08 -1.95 -2.0 Fidelity Selects ValueI 50.49 -1.02 3.5 StratAdIntlFnd NA ... NA STIGradeAdml 10.40 ... 1.7 SmValAdml 81.60 -1.55 -4.2
Net YTD Net YTD Net YTD TotalMarketIndex 19.97 -0.25 -2.0 Semiconductors r 30.07 +0.25 -10.2 Natixis Funds StratAdMunBond 8.92 ... 1.3 STIPSIxAdm 24.82 ... 2.2 TotBd2 9.55 -0.02 2.7
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret TtlIntIdxInstPr 14.20 +0.04 5.7 Softwr 26.32 -0.01 -4.0 InvGradeBdY 9.90 -0.03 2.6 StratAdvFidIntl 12.85 +0.03 8.7 TotBdAdml 9.67 -0.03 2.7 TotIntlInstIdx r 133.66 +0.23 5.5
USBdIdxInstPrem 10.43 -0.03 2.7 Tech 34.07 +0.23 -7.6 LSGrowthY 28.22 -0.41 -4.5 TIAA/CREF Funds TotIntBdIdxAdm 19.59 -0.10 0.2 TotItlInstPlId r 133.69 +0.23 5.5
AB Funds Artisan Funds LgCo 38.38 -0.47 -1.6 Fidelity Advisor I Fidelity Strategic A Northern Funds BdIdxInst 9.68 -0.03 2.6 TotSt 138.24 -1.70 -2.0
MuniIncmShares 11.31 ... 2.0 IntlVal Inst NA ... NA US CoreEq1 42.42 -0.59 -1.9 GrOppI TotIntlAdmIdx r 33.42 +0.06 5.5
188.77 -0.80 -4.6 StratAdEmrMrt NA ... NA StkIdx 58.67 -0.72 -1.6 EqIdxInst 40.23 -0.50 -1.9 VANGUARD INSTL FDS
AB Funds - ADV Baird Funds US CoreEq2 37.79 -0.54 -2.1 Fidelity Freedom TotStAdml 138.29 -1.70 -1.9
First Eagle Funds Old Westbury Fds IntlEqIdxInst 24.02 +0.08 9.2 BalInst 48.43 -0.41 -0.1
LgCpGrAdv 105.68 -0.39 -3.4 AggBdInst 9.86 -0.03 2.8 US Small 46.12 -0.73 -5.7 Freedom2030 K 17.93 TxMCapAdml 297.25 -3.64 -1.7
-0.10 2.2 GlbA 70.82 -0.10 5.7 LrgCpStr 19.73 -0.16 -0.5 LrgCpGrIdxInst 63.82 -0.39 -4.7 DevMktsIndInst 16.52 ... 7.4
American Century Inv CorBdInst 10.21 -0.03 2.6 US SmCpVal 45.18 -0.95 -6.9 Freedom2035 K 15.97 TxMIn r 16.49 ... 7.4
-0.08 2.0 Franklin A1 Parnassus Fds VANGUARD ADMIRAL DevMktsInxInst 25.82 ... 7.4
Ultra 87.72 -0.31 -6.0 ShtTBdInst 9.52 ... 1.3 US TgdVal 32.37 -0.66 -5.8 Idx2030InsPre 20.57 USGroAdml 177.63 -1.62 -4.0
-0.11 2.0 IncomeA1 2.38 -0.02 2.3 ParnEqFd 59.60 -0.57 0.1 500Adml 534.31 -6.60 -1.6 ExtndInst 137.05 -1.69 -4.9
American Funds Cl A BlackRock Funds USLgVa 49.96 -1.02 1.4 Idx2035InsPre 23.75 BalAdml ValAdml 67.46 -1.38 2.2
-0.13 1.8 FrankTemp/Frank Adv PGIM Funds Cl Z 48.42 -0.41 -0.1 FTScinst 39.66 -0.42 -2.3
AmcpA 41.78 -0.39 -2.2 HiYBlk 7.14 -0.01 1.7 Dodge & Cox Idx2040InsPre 25.02 -0.15 1.6 IncomeAdv 2.36 -0.01 2.3 TotalReturnBond NA ... NA CAITAdml 11.45 ... 1.4 WdsrllAdml 78.97 -1.18 0.5
GrwthInst 202.60 -1.19 -4.1
AMutlA 56.87 -0.90 3.1 HiYldBd Inst 7.14 -0.01 1.7 Balanced 106.41 -1.15 4.6 Idx2045InsPre 26.32 -0.17 1.5 FrankTemp/Franklin A PIMCO Fds Instl CapOpAdml r 190.51 -2.06 0.6 WellsIAdml 61.63 -0.51 2.7 InstIdx 471.45 -5.83 -1.6
BalA 34.65 -0.26 0.9 BlackRock Funds III Income 12.74 -0.04 2.9 Idx2050InsPre 26.37 -0.17 1.5 DynaTech A 163.56 -0.96 -6.3 TotRt NA ... NA DivAppIdxAdm 53.78 -0.81 1.2 WelltnAdml 74.00 -0.67 0.1 InstPlus 471.45 -5.83 -1.6
BondA 11.36 -0.03 2.7 iShS&P500IdxK 677.37 -8.37 -1.6 Intl Stk 54.36 -0.32 8.9 Fidelity Invest Growth A 130.52 -1.01 -2.3 PIMCO Funds A EMAdmr 37.00 +0.24 0.6 WndsrAdml 70.73 -1.26 0.1 InstTStPlus 97.16 -1.20 -1.9
CapIBA 72.20 -0.64 4.7 BlackRock Funds Inst Stock 267.68 -5.24 4.1 Balanc 29.38 -0.25 -0.6 RisDv A 89.42 -1.12 0.4 IncomeFd NA ... NA EqIncAdml 90.28 -1.70 2.4 VANGUARD FDS MidCpInst 71.93 -1.09 -0.4
CapWGrA 64.90 -0.60 2.1 StratIncOpptyIns 9.59 ... 2.1 DoubleLine Funds BluCh 212.84 -1.10 -6.3 Guggenheim Funds Tru PIMCO Funds I2 ExplrAdml 100.64 -1.09 -5.8 DivdGro 36.93 -0.38 2.0 MidCpIstPl 354.75 -5.35 -0.4
EupacA 56.57 -0.31 5.3 TotRet NA ... NA TotRetBdI 8.87 -0.02 3.1 BluChpGr K6 34.69 -0.20 -5.8 TotRtnBdFdClInst 23.96 -0.07 3.0 Income NA ... NA ExtndAdml 137.06 -1.69 -4.9 IntlVal 39.94 -0.01 6.3 SmCapInst 109.47 -1.59 -4.9
FdInvA 79.98 -0.87 -0.9 Calamos Funds Edgewood Growth Instituti Contra 20.86 -0.25 ... Harbor Funds PIMCO Funds Instl GroIncAdml 99.67 -1.32 -2.2 LifeGro 44.66 -0.26 1.1 SmCapIstPl 315.98 -4.60 -4.9
GwthA 72.99 -0.86 -2.0 MktNeutI 15.05 -0.03 0.8 EdgewoodGrInst 43.41 -0.36 -2.1 ContraK 20.94 -0.24 ... CapApInst 109.70 -0.93 -3.5 IncomeFd NA ... NA GrwthAdml 202.58 -1.19 -4.1 LifeMod 31.75 -0.16 1.3 STIGradeInst 10.40 ... 1.7
HI TrA 9.83 -0.01 1.7 CausewayInst Federated Hermes Int CpInc 10.09 -0.03 0.1 JHF III DispVal Price Funds HlthCareAdml r 79.85 -0.06 3.8 PrmcpCor 34.06 -0.52 1.9 STIPSIxins 24.84 ... 2.2
ICAA 57.56 -0.70 -0.2 CausewayInst 20.82 +0.11 12.2 TtlRtnBdI 9.51 -0.03 2.5 GroCo 37.74 -0.12 -6.4 DispValMCI 26.54 -0.56 -1.5 BlChip 178.72 -1.08 -4.0 HYCorAdml r 5.47 ... 2.0 STAR 27.96 -0.19 1.7 TotBdInst 9.67 -0.03 2.7
IncoA 25.44 -0.28 4.2 Columbia Class I Fidelity InvGrBd 10.09 -0.03 2.9 John Hancock DivGro 79.38 -1.14 3.3 InfProAd 23.28 -0.08 3.4 TgtRe2020 26.92 -0.10 1.7 TotBdInst2 9.55 -0.02 2.7
N PerA 63.10 -0.49 1.6 DivIncom I 33.95 -0.59 2.9 500IdxInstPrem 201.02 -2.48 -1.6 LowP 40.07 -0.53 -1.7 BondR6 13.61 -0.04 2.8 Growth 101.17 -0.74 -4.1 InfTechIdx 296.03 +0.03 -7.0 TgtRe2025 18.97 -0.08 1.5 TotBdInstPl 9.67 -0.03 2.7
NEcoA 60.27 -0.52 -1.4 Dimensional Fds Contrafund K6 30.92 -0.36 -0.4 Magin 14.48 -0.15 -2.4 JPMorgan I Class LgCapGow I 79.73 -0.62 -3.1 IntlGrAdml 107.59 +0.19 5.9 TgtRe2030 38.38 -0.20 1.3 TotIntBdIdxInst 29.40 -0.15 0.2
NwWrldA 78.40 +0.02 1.7 EmMktCorEq 23.25 +0.13 -0.1 ExtMktIdxInstPre 86.45 -1.06 -4.9 NASDAQ 231.97 -0.83 -5.2 CoreBond 10.32 -0.03 2.8 MidCap 95.52 -0.97 -4.2 ITBondAdml 10.35 -0.03 2.9 TgtRe2035 24.28 -0.13 1.3 TotStInst 138.31 -1.70 -1.9
SmCpA 64.36 -0.53 -4.5 IntlCoreEq 16.41 -0.02 6.4 FidSerInt 8.65 -0.05 -0.3 OTC 20.37 +0.02 -5.1 EqInc 24.60 -0.55 3.1 Putnam Funds Class A ITIGradeAdml 8.72 -0.02 2.7 TgtRe2040 43.71 -0.25 1.1 ValueInst 67.46 -1.38 2.2
TxExA 12.49 ... 1.3 IntSmCo 20.17 -0.06 4.0 FidSerToMarket 18.82 -0.23 -2.0 Puritn 24.49 -0.24 -1.4 LgCpGwth 77.06 -0.87 -3.3 PutLargCap p 35.11 -0.75 1.9 LarCapAd 134.16 -1.63 -1.5 TgtRe2045 29.99 -0.18 1.1 WCM Focus Funds
WshA 62.48 -0.91 1.5 IntSmVa 23.39 -0.07 6.7 FIDZroLgCpIx 20.58 -0.25 -1.6 SAIUSMinVolIndFd 22.11 -0.24 3.1 JPMorgan R Class Putnam Funds Class Y MidCpAdml 325.61 -4.91 -0.4 TgtRe2050 50.35 -0.31 1.0 WCMFocIntlGrwIns 23.89 +0.08 9.8
B12 | Wednesday, March 5, 2025 THE WALL STREET JOURNAL.

MARKETS & FINANCE

Natural Gas Asia’s Defense Stocks Climb STOCK

SPOTLIGHT
Surges After
Ontario On Hopes for EU Spending Target
The retailer warned its profit
would come under pressure
this quarter and sales could be

Retaliates BY KWANWOO JUN

flat this year from consumer
uncertainty and escalating
tariffs. Shares fell 3%.

With Tax Defense stocks in key Asian

markets jumped on Tuesday,
buoyed by expectations that
Best Buy
The retail chain said
European nations will boost consumers are likely to face
Natural-gas futures rose to security spending amid fears higher prices as the latest
a fresh two-year high after that the U.S. could reduce its tariffs kick in, and this could
Ontario Premier Doug Ford military presence. crimp demand for electronics.
said the Canadian province The rally in Asian defense Shares slid 13%.
would place a 25% retaliatory stocks, following the recent
export tax on electricity it advance by European peers, Illumina
sends to homes in Minnesota, came as European leaders met Beijing said it would ban the
Michigan and New York. over the weekend and pledged biotech from exporting gene
The power-generation and to boost military spending to sequencers to China after the
heating fuel traded as much as help deter further Russian ag- U.S.’s latest tariff move.
JUNG YEON-JE/AFP/GETTY IMAGES

10% higher Tuesday before gression in Ukraine. The Lon- Shares initially fell but ended
settling up 5.5% at $4.35 per don summit on Sunday fol- up 0.8%
million British thermal units. lowed the clash between
Prices have been rising when Presidents Trump and Volod- Nvidia
prices normally decline into ymyr Zelensky over the U.S. The AI chip maker’s stock
spring and are 176% higher push to end the war in rose 1.7% after sliding nearly
than a year ago. Some analysts Ukraine. 9% Monday. Investors are
say supply-and-demand funda- European leaders signaled worried about tariffs and the
mentals don’t justify the more readiness to provide European leaders pledged to lift military spending to deter further Russian aggression in Ukraine. potential for further export
climb, which they attribute to Ukraine with security guaran- restrictions that could curb
speculators positioning for a tees and expand their defense bilities to meet demands in subishi Heavy Industries up White House official Monday. Nvidia’s business in China.
trade war as well as a pledge capabilities, sending the Europe by supplying weap- 7.8% and IHI Corp. 12% higher. European nations contrib-
by OPEC and its market allies shares of Rheinmetall, Ger- onry on time and at reason- In China, AVIC Shenyang uted an additional $138 billion Tesla
to pump more crude, which many’s largest arms maker, able prices,” Seoul-based DS Aircraft, a subsidiary of state- in military and humanitarian The EV maker builds its U.S.-
could reduce domestic oil and BAE Systems, the U.K.’s Investment & Securities said owned aerospace conglomer- aid to Ukraine, according to sold cars domestically, but
drilling and the amount of gas largest defense company, in a note, pointing to the Ko- ate Aviation Industry Corp. of Germany-based Kiel Institute those autos include parts and
that is unearthed as a byprod- sharply higher Monday. rean companies’ recent arms China, was recently 3% higher for the World Economy. components from Mexico.
uct. —Ryan Dezember In South Korea on Tuesday, exports to Poland and other as defense stocks led the gains Tesla’s stock fell 4.4%.
self-propelled howitzer maker European countries. while most sectors were lower
Hanwha Aerospace and ar- Northern and Eastern Euro- amid escalating U.S.-China AUCTION RESULTS General Motors, Ford Motor
WEDNESDAY'S EVENTS:
Here are the results of Tuesday's Treasury auction.
mored-vehicle supplier Hyun- pean states could be feasible trade tensions. China Space- All bids are awarded at a single price at the market- and Stellantis
clearing yield. Rates are determined by the difference
Services PMIs from S&P dai Rotem jumped as much as markets for South Korean de- sat, which specializes in man- between that price and the face value. Late Monday, a lobbying
and ISM are due at 9:45 a.m. 18% and 11%, respectively. fense companies, DS Invest- ufacturing satellite equipment, SIX-WEEK BILLS group asked for automakers
and 10 a.m., respectively. Guided-missile manufacturer ment said. It expects military also rose 2.8%. Applications $204,743,173,800 that comply with the existing
Accepted bids $70,547,498,300
In late February, preliminary, LIG Nex1 rose 7.4%, outper- spending in those regions to The U.S., which has pro- " noncompetitively $732,799,700
free-trade pact to be spared
or “flash”, PMI readings forming the benchmark Ko- rise to 5% of gross domestic vided more than $120 billion " foreign noncompetitively $0 from tariffs. GM, Ford and
Auction price (rate) 99.505333
from S&P showed services spi’s 0.3% fall. product, resulting in an esti- in aid to Ukraine since Rus- (4.240%)
Stellantis’s shares all slipped.
activity hit a 25-month low. “South Korean defense mated $56.3 billion of extra sia’s invasion three years ago, Coupon equivalent 4.320%
Bids at clearing yield accepted 77.63%
companies can benefit from expenditure in defense. decided to pause all military Cusip number 912797KS5
Polaris
The Fed’s Beige Book, the expected European mili- Japanese defense-related aid to Kyiv to press for a The bills, dated March 6, 2025, mature on April 17, Off-road vehicle maker said it
which compiles economic tary buildup, given their capa- stocks were higher, with Mit- peace deal, according to a 2025. may introduce a surcharge on
anecdotes from around the some goods sold in the U.S. if
U.S., follows at 2 p.m. the tariffs on imports from

EARNINGS EXPECTED:
Cotton Falls to Four-Year Low After China Levies Mexico persist. Its largest
factory is in Monterrey,
Mexico. Shares declined 4.3%.
Prices for cotton—one of exporter, shipping $5 billion they were a year ago. That about 11.2 million acres with
Before the bell: the commodities targeted by last year, and China has been has put pressure on U.S. cotton, nearly a million acres Ralph Lauren
Campbell’s and 15% retaliatory tariffs China the biggest buyer over the farmers, who were already more than last season, ac- Shares dropped 3.7%. Chief
Abercrombie & Fitch has set for next week—shed past decade, according to U.S. expecting to receive the low- cording to the Agriculture De- Financial Officer Justin Picicci
3.5% on Tuesday to close at Department of Agriculture est price in years for their partment, which expects said in the fall that China
the lowest level since the data. crops before the trade war fewer failed crops than re- represented a high single-
After the close: summer of 2020. At about 63 cents a pound, intensified this week. cent years but lower yields. digit percentage of the
Marvell Technology The U.S. is a major cotton futures are a third lower than U.S. farmers have planted —Ryan Dezember brand’s global sourcing.

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THE WALL STREET JOURNAL. Wednesday, March 5, 2025 | B13

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

How to Think About Tariffs and Stocks

Investors shouldn’t take much comfort from how the markets performed during the first Trump administration’s trade war

Experience is the best teacher, ISM purchasing managers index for from recoveries from a recession. tory. Meanwhile, prices paid and The unusually chaotic nature of
but not if school is canceled. manufacturing and subindexes The profit and investment boom deliveries surged. Together they economic policymaking might be
Stocks fell sharply Monday and softened the blow from those less- suggest a rush to stock up in case great for TV ratings, but it has
again on Tuesday after President 65 Prices sweeping tariffs. By late 2019, of tariffs and a likely slowdown in helped send a global index of policy
Overall
Trump said there was “no room New Orders though, earnings momentum had building future inventory. uncertainty to its highest level ever,
left” for Canada or Mexico to Employment run out, along with boardroom op- Companies’ mentions of “tariffs” exceeding the peak of the Covid-19
avert steep tariffs and that exist- 60 timism. That December, the Insti- on calls accelerated in January and panic. That disrupts all sorts of in-
ing ones on China would be in- tute for Supply Management’s then again in February, according vestment and hiring plans.
creased. Hours later, the levies manufacturing index fell to its to data from AlphaSense. While Trump is almost certain to ex-
CONTRACTING EXPANDING

55
kicked in. The S&P 500 has now lowest since the financial crisis. there were heightened references tend his 2017 tax cuts after they
erased its year-to-date gains and What happened next? A reces- around the time of the election, expire this year. They are no lon-
is in negative territory. 50 sion and a bear market, but be- they jumped this year once it was ger reductions, though, and their
Is the selloff an overreaction? cause of the Covid-19 emergency, clear tariffs would be large, sweep- renewal has been baked in to
The bull market kept rolling the not the trade war. With a slug of ing and not just a negotiating tac- profit assumptions since he won
last time Trump initiated a trade 45 election-year stimulus, stocks tic. Friday’s jobs report will shed re-election in November in a Re-
war in 2018 and 2019. might have muddled along. We’ll more light on how that might have publican sweep. Another differ-
But investors might have faulty never know. affected hiring. ence from 2019 is that, even after
memories. Back then, landmark 40 Monday, just hours before tar- Surely, Trump will soften or re- their recent wobble, the S&P 500
corporate tax cuts had just taken 2024 ’25 iffs were confirmed, featured move levies if they hit stocks and is about 20% more expensive to-
effect. They also included a provi- Source: FactSet ISM’s report for February. This pinch household budgets? And then day than the end of that year on a
sion allowing companies to use headline number wasn’t bad, yet trade partners will remove their cyclically adjusted basis.
temporary bonus depreciation. spending by S&P 500 companies the underlying details were: New countermeasures—right? That is Add it all up, and stocks might
Largely as a result, by late 2018, were racing ahead at their fastest orders fell sharply from the high- possible, and even likely, but lots of need to pay for an expensive eco-
operating earnings and capital clip for almost any period aside est in years to contraction terri- damage has been done. nomics lesson. —Spencer Jakab

Apple Isn’t Priced for Tariff Showdown Share-price and index performance, past month
20%

15
When it comes to the new trade slipped less than 1% by Tuesday’s Best Buy said Tuesday its fiscal-
war, Apple investors are banking on closing bell, but it is the only tech year forecast doesn’t account for 10
warning shots. megacap to have notched gains over tariffs, with Chief Executive Corie
The biggest technology company the past month. It is also the only Barry citing “uncertainty about the 5
by market value is the most directly one still sporting a market cap duration, timing, amount and coun-
exposed to cross-border tariffs— above $3 trillion. That has kept Ap- tries involved,” among other factors. 0 Apple
particularly with China. Hardware ple’s valuation multiple around 32 Nonetheless, the consumer-electron-
products account for three-quarters times projected earnings for this ics retailer expects a one-percent- Nvidia
–5 S&P 500
of Apple’s annual revenue, and most year—18% above its five-year aver- age-point hit to its same-store sales
of those products are manufactured age, according to FactSet data. if 10% tariffs on Chinese goods last Microsoft
in China. BofA Securities analyst Why are Apple’s shareholders so a full year. –10
Wamsi Mohan estimated last month sanguine? The company has given Barry admitted to being in un-
that 10% tariffs on Chinese imports no details about the expected im- charted waters; “We’ve never seen –15
could knock 2% to 3% off Apple’s pacts of tariffs. Chief Executive Tim this kind of breadth of tariffs,” Amazon
projected per-share earnings in Cook punted on the topic during Barry said. Apple may be sailing –20
2026. Apple’s earnings call in January. into rougher seas than it has ac- Feb. 5 Feb. 19 March 3
Apple shares have largely Investors may hope the matter knowledged.
shrugged off the worries. The stock resolves itself sooner than later. —Dan Gallagher Source: FactSet

Airports Hope for Ravenous Fliers Before Departure

Hungry travelers may determine 2024. Since 2019, revenue increased
the future of airport finance. 29%, with fees rising 8% and com-
In 2024, more fliers than ever mercial sales, a whopping 41%. Sales
passed through London’s Heathrow per square meter have risen 23% in
Airport, spending more at its stores, duty-free stores, 21% in other stores,
the company running it said last and 30% in bars and restaurants.
week. Yet total revenue declined as Aena’s commercial business rose
Britain’s aviation regulator lowered to above 30% of revenues for the
the maximum fees the airport can first time. And, because it is the
charge to airlines. highest-margin business that air-
This comes as Heathrow—owned ports have, it is now half of the
by private-equity firm Ardian and company’s profit. As airlines push
sovereign-wealth funds in Qatar and back against higher airport charges,
Saudi Arabia, among others—pre- analysts expect this dynamic to con-
pares for an investment spree, in- tinue.
cluding a third runway. Funding re- Is there a way for investors to
mains a question, as airlines such as play the trend? Unlike in the U.S.,
British Airways and Virgin Atlantic where airports are mostly govern-
complain about aeronautical fees ment-owned, many European air-
JUSTIN KANEPS FOR WSJ

being too high. ports are privatized and some oper-

Globally, expanding airports face ators, such as Aena, ADP and
huge bills and will rely on passen- Fraport, are listed.
gers splurging to cover costs. Their While their shares have struggled
big pitch: cocktails and fine dining. since the pandemic, they remain a
JFK International Airport’s Ter- better bet than travel retailers such
minal 4 recently announced a New Expanding airports face huge bills and will rely on passengers splurging on food and drink to cover costs. as Lagardère, Avolta and SSP
York-themed lineup of food and bev- Group. Many of those stocks missed
erage concessions, including Dos Performance of airport groups and retailers stock over the past 10 years out on the late 2010s air-travel
Toros Taqueria and Villa Russo Café. boom, a telltale sign that airports
Orlando International Airport in 150% Aena have leverage over their retailers.
January awarded Barcelona-based The risk is that, even if passenger
caterer Areas a $10 million tender numbers surge, extra income will go
100
for six new establishments. toward airport infrastructure. Debt
European airports undergoing re- issuance among U.S. airports has
furbishments, including Frankfurt, tripled in the past decade. Even ac-
50
Vienna, Edinburgh and Madrid, are counting for passenger fees and fed-
making similar moves. eral funding, the required expan-
Despite pandemic-era worries 0 sions and maintenance still leave an
Fraport
that people would stop eating at air- $18 billion annual funding gap be-
Groupe ADP
ports, the opposite has happened. tween 2023 and 2027, according to a
Lagardère
Two weeks ago, Lagardère reported –50 January report by Morningstar
a 25% jump in earnings before inter- DBRS.
est and taxes in its Travel Retail di- Avolta Some European operators have
Monthly
vision, which operates in airports in –100 more flexibility to raise fees, but
the U.S., Canada and Europe. Fig- 2016 ’17 ’18 ’19 ’20 ’21 ’22 ’23 ’24 ’25 their aggregated capital-investment
ures from earlier in the year suggest needs are projected at a massive
that the largest bump happened in Airports’ commercial revenues are ...and are their highest-margin 360 billion euros (equivalent to $378
U.S. airports debt issuance, annual
restaurants, outpacing “duty free” outpacing fees... business billion) by 2040. The key question,
stores—which sell snacks and $20 billion then, is whether revamped retail
drinks—and fashion. Aena, revenues by source Aena, Ebitda† margin by source spaces will squeeze more spending
More travelers are frequenting out of each passenger. At the mo-
VIP lounges, no longer reserved for 2024 ment, airports seem to be betting
15 Aeronautical Commercial
2019
business-class fliers and elite fre- that the answer is yes.
quent travelers thanks to credit- “Back when I started, I was
card perks, paid memberships and 10 Commercial Real estate shown a few spare square meters
airline day passes. Airports and air- and told to do what I could,” said
lines are investing heavily in these Maria José Cuenda, Aena’s commer-
spaces, offering tiered experiences Real estate Aeronautical cial and real-estate head, who has
5
from basic comfort lounges to ultra- been with the company for more
premium dining areas. than 30 years. “Now I am involved
In some cases, food and beverage International International from the start of a terminal being
0
are replacing lost demand for luxury 0% 25 50 75 designed.”
2008 ’10 ’15 ’20 ’24* €0 billion €1 €2 €3
and apparel, largely from China. The Stock in Spain’s Aena is up
clearer trend is toward blending Note: €1 = $1.05 *Estimate †Earnings before income, taxes, depreciation and amortization around 150% from a decade ago and
dining with shopping. Sources: FactSet (performance); Morningstar DBRS (debt); the company (revenues, ebitda) is narrowing the gap with broader
Swiss company Avolta, formerly European indexes measured since
Dufry, is behind several of these Airport. Groupe ADP, the owner of Paris’s the company said in February. the end of 2019.
coming launches, including an Eat- Lagardère helped launch a hybrid Charles de Gaulle, to blend retail Meanwhile Aena, the operator of Perhaps airports in culinary hot
aly market at JFK and a Starbucks offering in the Lego store at Barce- and eating spaces. Excluding one- Spain’s airports, said last Wednes- spots will serve up the best returns.
market at Sacramento International lona’s airport and is joining with offs, ADP’s profit rose 16% last year, day that net income grew 19% in —Jon Sindreu
B14 | Wednesday, March 5, 2025 THE WALL STREET JOURNAL.

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