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What’s Tesla
News Dangles
Business & Finance
Payout to
 Tesla approved a stock
Keep Musk
award for Elon Musk of $23.7
billion in what it described
as a “first step” to keep him
Engaged
engaged with the business
for at least two years. A1, B1 The tech executive
 Major U.S. stock indexes could get a package
rallied, notching their largest
daily percentage gain since valued at $23.7 billion
May, with the S&P 500, Nas- if he stays for 2 years
daq and Dow rising 1.5%, 2%
and 1.3%, respectively. B1
BY THEO FRANCIS
 Foxconn plans to work with
partners to convert a former Tesla took a “first step” to
electric-truck factory in Lords- keep its leader Elon Musk fo-
town, Ohio, into a plant mak- cused on the struggling elec-
ing cloud-computing hard- tric-vehicle maker, awarding
ware for AI applications. A2 the world’s richest man one of
the biggest-ever stock awards
 Quantitative funds lost
to stick around for at least
9.6% in the first half of this
two years.
year, failing to deliver the re-
AMIT ELKAYAM FOR WSJ

Tesla’s board approved a

turns that such trend follow-
stock award for Musk that it
ers are expected to produce
tentatively valued at $23.7 bil-
in volatile markets. B1
lion, which he can claim in
 Harley-Davidson appointed two years unless a court res-
Artie Starrs, head of sports-en- cues his prior, larger stock-op-
tertainment company Topgolf, Thousands of Israeli protesters marched through Habima Square in Tel Aviv last week to oppose the war in Gaza. tion grant. Musk has run Tesla
to be its new president and without a pay package since

More Israelis Question Morality

chief executive officer. B1 his $50 billion option award
was tossed by a court in 2024.
 The New York Post Media
The electric-vehicle maker
Group plans to launch a new,
said its “interim award” of 96
Los Angeles-based venture
million shares will vest as

Of Continued War in Gaza Strip

early next year under the ti-
long as Musk remains on the
tle The California Post to be
job as chief executive or under
edited by Nick Papps. B2
another executive title head-
 Tyson’s operating profit ing product development or
from its chicken business rose operations, according to a se-
to $367 million in the quar- Protests, criticism of hostages several months ago, cause began as a just one after protests. More than 1,000 lead- curities filing. It described the
ter ended in June, vindicat- but now says she feels a duty the Oct. 7, 2023, attacks, they ing Israeli artists created a stir award as a “first step, good
ing the meatpacker’s years- Netanyahu policy to highlight the plight of Ga- said. But now it has become when they signed a petition faith payment” to keep him
long turnaround effort. B3 grow along with the zans. “Usually I hand out futile. calling to end the killing of engaged.
stickers and people smile at While polls in Israel have children and civilians in Gaza. Tesla’s business has been in
 Online furniture retailer humanitarian crisis me. And here people look shown for months that a large A large proportion of those a funk this year amid falling
Wayfair swung to an unex-
away from me.” majority of Israelis, including who have been killed during vehicle sales as investors fret
pected profit in the second
BY ANAT PELED In recent weeks, more Is- on the right, want to end the the war, 60,000 in all, have about how much time Musk is
quarter as revenue rose de-
raelis—including prominent war in exchange for the hos- been minors, according to Gaza spending on other pursuits.
spite a drop in active users. B3
TEL AVIV—Dor Eilon held public figures—have called to tages, dire conditions in the health authorities who don’t After stepping back from his
 Spotify said premium up a poster of an emaciated Ga- end the war in Gaza while de- enclave and the worsening say how many are combatants. work as a White House ad-
subscribers in markets zan child for the first time at crying the dire humanitarian food crisis are spurring more Heads of the country’s ma- viser in late May, he has over-
across a number of regions an antiwar protest last week. situation in the enclave, mark- dissent on moral grounds and jor universities demanded Is- seen the launch of Tesla’s ro-
would see the price of their The 29-year-old lawyer had ing a shift in the public dis- leaving Israel more interna- raeli authorities do more to botaxi service. But he also has
membership increase. B3 joined dozens of other Israelis course. A majority of former tionally isolated than ever. help adequate food supplies been rounding up billions in
as they stood silently in the directors of the Israeli mili- Nightly news reports have enter the strip. Israel’s most funding for unprofitable xAI
World-Wide summer heat at a square in Tel tary, intelligence agency, in- featured more Gazans talking famous living novelist, David while SpaceX overcame a
Aviv with the photos in hand. ternal security agency and the about suffering in the strip. Please turn to page A7 Please turn to page A2
“It’s not moral to ignore police called on the Israeli Photos of Gazans killed in the
 Trump’s high-stakes push this,” said Eilon, who began government on Sunday to end war are now more visible in  Israeli government ousts  A few CEOs earn billions
to create more Republican attending protests to free the the war against Hamas. The some public spaces such as attorney general................ A7 of dollars in raises ............ B1
House seats and keep the
majority from flipping to
Democrats erupted into a
cross-country fight. A1 Strains INSIDE Texas Gambit Spurs
 The Justice Department
tapped a grand jury to rein-
vestigate the intelligence
community’s assessment of
Inside BLS Battle to Tilt Maps
Russia’s efforts in the 2016
election, escalating a long-
Made It President Trump’s high- Both parties are now racing
standing Trump grievance. A4
 More Israelis are calling
for an end to the war in
Vulnerable stakes push to create more Re-
publican House seats and keep
the majority from flipping to
to remake congressional lines
in a slew of mid-decade redis-
trictings, breaking with tradi-
Gaza while decrying the dire Democrats has erupted into a tional once-a-decade changes
humanitarian situation in BY MATT GROSSMAN and injecting further uncer-
the enclave, marking a shift By Olivia Beavers, tainty into what is expected to
in the public discourse. A1 President Trump’s decision Meridith McGraw be a down-to-the-wire fight for
to fire the head of the Bureau U.S. NEWS JASON GAY and John McCormick House control next year.
 Israel’s government voted of Labor Statistics on Friday Texas is at the center of GOP
Navy ships, subs The Savannah
to fire the country’s attorney ignited a crisis at the U.S.’s top cross-country fight, prompting gerrymander efforts after
general, who is also overseeing economic-stats agency. But it
languish in repair yards Bananas are the exodus of Democratic state Trump successfully lobbied Re-
Prime Minister Netanyahu’s wasn’t the start of the BLS’s as U.S. struggles to reinventing baseball in lawmakers from Texas and publican Gov. Greg Abbott to
corruption trial, as part of an challenges. maintain its fleet. A5 appealing fashion. A12 leading blue-state governors to call a special session to redraw
overhaul of the judiciary. A7 In the past few years, the hatch their own plans. Please turn to page A4
 The White House is BLS has faced tighter budgets
drafting an executive order and falling response rates to
that would step up pressure
against big banks over per-
ceived discrimination
its surveys. In recent months,
it has faced staff shortages
brought on by a hiring freeze
Trump declared in January.
‘Private-Jet Money’ Is New Wealth Yardstick
against conservatives and
crypto companies. A4 Those internal pressures BY GUNJAN BANERJI leather recliners with gold ac- That exclusive club is grow- piring to join the ranks of the
made the agency more vulner- cents in the wood-paneled ing, as soaring stocks and truly rich, having “private-jet
 Fake studies are flooding able to attack from the presi- When Maxx Chewning sold cabin. The price tag for this crypto prices mint more mil- money” is the new goal, divid-
legitimate scientific journals dent, who seized on routine his sour-candy business to adventure: $100,000. lionaires and billionaires, who ing the 1% from the 0.1%.
and are proliferating faster statistical revisions to claim Hershey for $75.5 million, the Chewning’s goldendoodle, now have a range of choices to The pandemic unleashed a
than current checks can that the bureau is stacking the first thing he did—before buy- Dood, sprawled at their feet. book a seat on a jet. burst of demand, but provid-
identify and purge them. A3 numbers against him for polit- ing a Rolex or dream home— “The joke is, I had to get a pri- Flying private has become ers say popular culture has
 Defense Secretary Hegseth’s ical reasons. was jet his wife and six vate plane so I could bring my the ultimate luxury splurge turbocharged enthusiasm and
missteps have spurred infight- Trump and other White friends to Vail on a Dassault dog,” the 35-year-old said. “I for many wealthy individuals, envy for the fly-private life-
ing at the Pentagon and raised Please turn to page A2 Falcon 900. didn’t really care what the surpassing Ferraris, Hermès style. Social media has given
concerns among some Republi- They skipped security lines, price was.” Birkin bags topping $14,000 or younger people a glimpse into
cans in Congress about his abil-  Heard on the Street: Firing zipped straight to the runway The ultrawealthy have al- even waterfront Hamptons the lives of jet-setters,
ity to run the department. A5 imperils confidence........ B10 and seated themselves in ways enjoyed flying private. homes. For many of those as- Please turn to page A10

 Brazil’s Supreme Court

ordered former Brazilian
President Jair Bolsonaro be The Vanishing Bear That Still AI Revolution Tangles Up Disney
put under house arrest, as
the justices weigh evidence Draws a Crowd to Canada
that he plotted a military i i i
takeover in 2022. A7
This elusive resident of British Columbia’s Studio caught between technology, protecting its characters
CONTENTS Markets........................ B9
Arts in Review...... A11
Business & Finance B2,5
Opinion................ A13-15
Personal Journal A9-10 rainforest is ‘too cool to be real’ BY JESSICA TOONKEL AND ERICH SCHWARTZEL Under the plan they devised, Johnson’s
Business News...... B3 Sports.......................... A12 similarly buff cousin Tanoai Reed—who is 6-
Capital Account..... A2 Technology................ B4 When Disney began working on a new, foot-3 and 250 pounds—would fill in as a
Crossword................. A11 U.S. News.............. A2-5 BY ANGELA OWENS Coast. live-action version of its hit cartoon body double for a small number of shots.
Heard on Street.. B10 World News......... A6-7
The so-called spirit bears “Moana,” executives started to ponder Disney would work with AI company Meta-
GREAT BEAR RAINFOREST, are black bears with a rare ge- whether they should clone its star, Dwayne physic to create deepfakes of Johnson’s face
> British Columbia—Every year, netic mutation that gives Johnson. that could be layered on top of Reed’s per-
nature lovers from around the them a creamy white coat. The actor was reprising his role in the formance in the footage—a “digital double”
world come to see a ghostly The creatures, unique to Brit- movie as Maui, a barrel-chested demigod, that effectively allowed Johnson to be in
creature that prowls the ish Columbia, appear on post- but for certain days on set, Disney had a two places at once.
s 2025 Dow Jones & Company, Inc.
cloud-shrouded forests of the ers and souvenirs throughout plan in place that wouldn’t require Johnson What happened next was evidence that
All Rights Reserved islands off Canada’s Pacific Please turn to page A8 to be there at all. Please turn to page A8
A2 | Tuesday, August 5, 2025 * *** THE WALL STREET JOURNAL.

U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip 12-month total for Alphabet, Amazon, Meta and Microsoft
Trump to Raise
$400 billion
India Tariffs
Boom in AI Carries 300
Net income ‘Substantially’
President Trump said Mon-

Hidden Economic Risk 200

Free cash flow
day he would increase tariffs
on India over its purchasing of
sanctioned Russian oil.
In a Truth Social post,

I
Trump said he would be “sub-
n the to train and run the large Meta Platforms and Micro- stantially raising” U.S. tariffs
100
past language models at the heart soft grew roughly in tandem. on the nation.
two of the boom. And all that But since 2023, the two have Tariffs on India are already
week computing power needs diverged. The four compa- slated to jump to 25% this
s one buildings, land and power nies’ combined net income is 0 Quarterly data week as part of Trump’s so-
big tech generation. up 73%, to $91 billion, in the called reciprocal tariff action,
2016 ’17 ’18 ’19 ’20 ’21 ’22 ’23 ’24 ’25
company This is transforming big second quarter from two and it remains unclear if
after another reported blow- tech’s business models. years earlier, while free cash Source: FactSet Trump’s post about raising
out earnings amid a whole- For years, investors loved flow is down 30% to $40 bil- tariffs referred to that sched-
sale embrace of artificial in- those compa- lion, according For now, investors are cash from operations as they uled hike, or if he would in-
telligence. nies because to FactSet pricing big tech as if their as- invested, and that spare cash crease the levies above 25%.
Look a little closer, and a they were “as- data. set-heavy business will be as was recycled back into the fi- —Gavin Bade
more unsettling side to the set-light,” All the spending For all of profitable as their asset-light nancial system, Jason
AI boom emerges. All the earning profits is draining AI’s obvious models. Thomas, head of research at
spending on chips, data cen- on intangible economic po- In the late 1990s and early Carlyle Group, estimates. It
ters and other AI infrastruc- assets such as American tential, the fi- 2000s, the nascent internet helped hold down long-term Fresh Data
ture is draining American intellectual nancial return boom had investors throwing interest rates, as did inflation Signal Softness
corporations of cash. property, soft-
corporations of remains a cash at startup web compa- below the Federal Reserve’s
This underscores the hid- ware and digi- cash. question mark. nies and broadband telecom 2% target and the Fed buying In Jobs Market
den risks from the AI boom. tal platforms OpenAI and carriers. They were right the bonds. Low interest rates, in
No one doubts its potential to with “network Anthropic, the internet would drive a pro- turn, made investors value An index of U.S. employ-
raise growth and productivity effects.” Users two leading ductivity boom, but wrong these companies’ future prof- ment fell to its lowest point
in the long run. But financing flocked to Facebook, Google, stand-alone developers of about the financial payoff. its even more. since October last year, as
that boom is straining the the iPhone, and Windows be- large language models, Many of those companies Today, government deficits concerns rise about the resil-
companies and capital mar- cause other users did. Adding though growing fast, are los- couldn’t earn enough to are larger, inflation is above ience of the jobs market after
kets. revenue required little in the ing money. cover their expenses and 2% and the Fed has been large downward revisions to
Since the first quarter of way of more buildings and Much of big tech compa- went bust. shrinking its bondholdings. official data.
2023, investment in informa- equipment, making them nies’ latest profits reflect Meanwhile, corporations face

A
The Conference Board’s
tion processing equipment cash-generating machines. their established franchises: dot-com-style bust steep investment needs to ex- Employment Trends Index, or
has expanded 23%, after in- ad spending for Meta and Al- looks far-fetched. AI’s ploit AI and reshore produc-

T
ETI, fell to 107.55 in July from
flation, while total gross do- his can be seen in free phabet, the iPhone for Apple. big spenders are ma- tion to avoid tariffs. Thomas an upwardly revised 108.19 in
mestic product has expanded cash flow, roughly cash As to when their AI hardware ture and profitable, and the estimates that since 2020, June, the research group said
just 6%. In the first half of flow from operations will pay off, they counsel pa- demand for computing power their cumulative free cash Monday.
the year, information pro- minus capital expenditures. tience. exceeds the supply. But if flow has been 78% lower, rel- However, despite the de-
cessing investment contrib- This is arguably the purest Meta reported a 36% rise their revenue and profit as- ative to GDP, than in the cline, the ETI has remained
uted more than half the slug- measure of a business’s un- in earnings for the second sumptions prove too optimis- equivalent period following within a tight range in the
gish 1.2% overall growth rate. derlying cash-generating po- quarter, but a 22% drop in tic, their pace of capital 2009. past 12 months, supporting
In effect, AI spending tential. Amazon.com, for ex- free cash flow. Amazon in the spending will be hard to sus- All this suggests interest the view that the labor mar-
propped up the economy ample, tells investors: “Our past year has ramped up in- tain. rates need to be substantially ket remains stable overall,
while consumer spending financial focus is on long- vestment in Amazon Web After the global financial higher in the years ahead said Mitchell Barnes, an econ-
stagnated. term, sustainable growth in Services, which hosts data crisis, big tech was both a than in the years before the omist at the Conference
Much of that investment free cash flow.” and runs AI models for out- beneficiary of low interest pandemic. That is another Board.
consists of the graphics-pro- From 2016 through 2023, side clients, and free cash rates, and a cause. These risk to the economy and —Ed Frankl
cessing units, memory chips, free cash flow and net earn- flow is down by two-thirds companies were generating these companies that inves-
servers and networking gear ings of Alphabet, Amazon, from the previous year. five to eight times as much tors may not fully appreciate. The Conference Board’s
Employment Trends Index

Tesla Offers 0 5 10 15 $20 billion shares as of Dec. 31, the com- board committee, said it “con- 120
pany said in a late-April secu- tinues our work to address a
Elon Musk (Tesla) 2025*
rities filing. longer-term CEO compensa- 110

Musk Big Elon Musk (Tesla) 2018

Tesla said its latest pay
package would have been val-
ued around $23.7 billion based
tion strategy,” with plans to
put it to a shareholder vote at
the company’s Nov. 6 annual 100

Pay to Stay
Stephen Schwarzman
(Blackstone) 2008 on the company’s closing meeting.
stock price on Friday, had ap- The directors acknowl- 90
Alexander Karp provals been obtained. The edged that Musk’s time is di-
(Palantir) 2020
underlying shares were worth vided among several compa-
Continued from Page One Daniel Och about $29.1 billion at Friday’s nies and Tesla needed to 80
Starship rocket explosion in (Sculptor Capital) 2008 closing price, but Musk would provide him with an incentive
Top CEO pay packages,
June to successfully send four Jeffrey Green have to pay $2.2 billion at to stay focused on the EV
initial value as disclosed 70
astronauts to the Interna- (Trade Desk) 2021 vesting under the award’s maker.
tional Space Station. *Excludes salary and other non-equity pay
terms. The company reduced “To be clear, losing Elon 2016 ’20 ’25
Vladimir Tenev Note: Ultimate value may rise or fall with
Musk has said his willing- (Robinhood) 2021 company or stock performance. Musk and the valuation by about $3 bil- would not only mean the loss Note: 2016=100
ness to run Tesla for the next Stephen Schwarzman
Schwarzman received two top-10 pay packages. lion to reflect restrictions on of his talents but also the loss Source: The Conference Board
five years is contingent on his (Blackstone) 2007
Sources: Tesla (2025); Equilar (others) the award, including the two- of a leader who is a magnet
ability to have greater control year vesting period. for hiring and retaining talent
of the company. In a video in- Musk won’t receive the new at Tesla,” the directors wrote.
CORRECTIONS 
Evan Spiegel (Snap) 2017
terview at the Qatar Economic Tesla award if the company The letter pointed to the
Forum in May, Musk said he
AMPLIFICATIONS
Peter Rawlinson wins a case before the Dela- company’s market-capitaliza-
wanted enough voting control (Lucid) 2021 ware Supreme Court and he is tion gains following Musk’s
that he couldn’t be “ousted by Joseph Bae (KKR) 2021 subsequently able to exercise 2018 pay package, which it
activist investors.” $50 billion in options he re- said “resulted in a $2.3 billion
“It’s not a money thing. It’s ceived in 2018. The company stock-based compensation Darzalex is used to treat
a reasonable control thing holder vote in 2024 that ap- cord compensation expense is appealing an earlier Chan- charge to Tesla but brought the blood cancer multiple my-
over the future of the com- proved the compensation for a for the award on its financial cery Court decision invalidat- about $735 billion of increased eloma. In some editions Mon-
pany,” he said. “Especially if second time. The ruling has statements, arguing that it ing that pay package. market capitalization.” day, a U.S. News article about
we’re building millions—po- loomed over Tesla’s board as doesn’t expect the conditions “We are confident that this In its decision invalidating Medicare drug-price negotia-
tentially billions—of human- it has sought to keep Musk fo- will be found “probable of be- award will incentivize Elon to that pay package, the Dela- tions incorrectly said it treats
oid robots. I can’t be sitting cused on Tesla amid other ing met.” It said it would re- remain at Tesla,” board mem- ware Chancery Court called melanoma.
there and wondering if I’m go- companies he oversees and a evaluate at least quarterly and bers Robyn Denholm and Tesla’s process for devising
ing to be tossed out for politi- brief tenure in Washington, recognize the expense if it Kathleen Wilson-Thompson and awarding it “deeply A McKinsey strategy proj-
cal reasons by activists. That D.C., leading a cost-cutting ef- concludes the award is likely said on X, the social-media flawed,” citing close ties be- ect team traditionally re-
would be unacceptable. That’s fort under the Trump admin- to be met, including after the platform owned by Musk. tween Musk and company di- quired an engagement man-
all that matters.” istration. two-year vesting period. Tesla also hinted at more rectors and other factors. It ager, four consultants and a
A Delaware judge has twice The stock traded higher The company currently has developments to come in isn’t clear when the Delaware partner. In some editions
struck down Musk’s 2018 pay Monday on the news, ending a market valuation of roughly Musk’s pay. In a letter to Supreme Court might decide Monday, a Business & Finance
package, including after a de- up 2.2% at $309.26. $970 billion. Musk owned shareholders, the two direc- Tesla’s appeal, and no hearing article incorrectly said that
cision that followed a share- Tesla said it wouldn’t re- about 20% of the company’s tors, serving as a special date has been set. such a team typically required
an engagement manager and
14 consultants.

BLS Faces and accuracy.

Each month the BLS sur-
veys about 120,000 employers
cremental information after
the initial deadline.”
Like those for the survey of
businesses, response rates for
A year ago, when he was the BLS’s huge surveys of indi-
the person is running at full
speed forward,” said David
Wilcox, who previously chaired
Readers can alert The Wall Street
Journal to any errors in news articles
by emailing [email protected] or

Strains by phone or online to track the running for his second term, vidual households have been an external statistics advisory by calling 888-410-2667.
number of jobs in the econ- Trump was enraged by a dif- eroding slowly, too. A decade committee to another govern-
omy, one of the world’s largest ferent BLS revisions process— ago, the BLS got responses ment agency that the Trump

Within
THE WALL STREET JOURNAL
sophisticated monthly polls. a twice-a-year benchmarking from nearly 90% of families in administration disbanded.
(USPS 664-880)
Many businesses—about 30% that reconciles the monthly the monthly household survey, Over many decades, revi- (Eastern Edition ISSN 0099-9660)
to 40% in recent months— figures with a comprehensive a phone survey that deter- sions appear to be trending (Central Edition ISSN 1092-0935)
don’t reply on time, up from set of state-level data that, in mines the unemployment rate. lower, according to an analysis (Western Edition ISSN 0193-2241)
Continued from Page One under 20% a decade ago. theory, includes just about ev- In recent months, the figure by Ernie Tedeschi, director of Editorial and publication headquarters:
1211 Avenue of the Americas,
House officials have offered no At the end of each month, ery employer in the country. has hovered below 70%. economics at the Yale Budget New York, N.Y. 10036
proof of wrongdoing and in- the BLS uses the data it has on Using this bigger data set The falling response rates Lab and a former Biden White Published daily except Sundays and general
stead cite the size of recent re- hand to make a first estimate. gives the BLS a direct look at so far haven’t put a dramatic House economist. legal holidays. Periodicals postage paid at
visions to the jobs numbers. Then it updates that estimate the number of dent in the re- In the 1970s, for example, New York, N.Y., and other mailing offices.
Economists rushed to de- in each of the following two companies that ports’ accuracy, typical months often saw the Postmaster: Send address changes to

40%
The Wall Street Journal, 200 Burnett
fend the agency’s former chief, months, based on late replies have been economists initial figure for total employ- Rd., Chicopee, MA 01020.
Erika McEntarfer, and said and a revised seasonal adjust- founded and said. But only ment get revised by roughly 1% All Advertising published in The Wall
regular revisions are the hall- ment. have gone out with more by the BLS. More recently, re- Street Journal is subject to the applicable
mark of data integrity. Yet the If the employers replying of business, a funding could visions have averaged closer to rate card, copies of which are available
from the Advertising Services Department,
latest revisions, when they late happen to give different key blind spot Up to this percent of the BLS pursue 0.2%, he found, looking at data Dow Jones & Co. Inc., 1211 Avenue of the
were released last week, information from the first in the bureau’s long-term solu- through March 2024. Americas, New York, N.Y. 10036. The
caused a stir in the usually batch, as happened this sum- month-to-
businesses don’t tions, such as Former BLS officials say Journal reserves the right not to accept
staid and steady world of eco- mer, big revisions are likely. month data. reply to BLS surveys creating an on- that tight funding has pre- an advertiser’s order. Only publication of
an advertisement shall constitute final
nomic data. They point to a For example, Friday’s data When this on time. line version of vented investment that could acceptance of the advertiser’s order.
key challenge that has dogged showed that in May and June, revision was the household help it modernize. The bu- Letters to the Editor:
the agency for years: a re- there were about 109,000 first estimated survey to im- reau’s allocation from Con- Fax: 212-416-2891; email:
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many households and busi- than previously thought. Late- had created 818,000 fewer jobs Bureau of Labor Statistics, a 2010, per a calculation by By email: [email protected]
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or not at all. sponsible for the bulk of that March 2024 than the BLS had bureau to get more resources. This year, a federal hiring (1-800-568-7625)
The update that infuriated revision, said Omair Sharif, initially estimated. Trump said Revisions can be a confus- freeze has prevented the BLS Reprints & licensing:
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showed the economy added tion Insights. showed that earlier jobs num- important sign that the BLS who leave, a particular burden WSJ back issues and framed pages:
258,000 fewer net new jobs “The decline in response bers had been artificially in- can be trusted to respond to on data collection for the infla- wsjshop.com
than previously thought in rates for the initial release, flated to make the economy the latest data regardless of tion report, which typically re- Our newspapers are 100% sourced from
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normal process dating back Jonathan Pingle, an economist the original figures had over- Tabulating economic statis- the country to check prices. GOT A TIP FOR US?
decades and spring from a dif- at UBS. “They’re getting a sig- stated the number of jobs by tics is like “measuring a per- The BLS releases its next SUBMIT IT AT WSJ.COM/TIPS
ficult trade-off between speed nificantly larger amount of in- 598,000, not 818,000. son for a suit of clothes while inflation report on August 12.
THE WALL STREET JOURNAL. * * Tuesday, August 5, 2025 | A3

U.S. NEWS

GABRIEL V. CARDENAS FOR WSJ (3)

Texas has been funding a border wall near Rio Grande City. Cynthia Garza, at right, has never seen immigrants cross her property in Rio Grande City, near where a new stretch of wall will be built.

Texas Landowners Brace for Border-Wall Fight

Residents angered Trump’s recently signed pol- lions allocated, which he said
icy bill. would be better spent helping
over losing property For South Texans, that Some Visitors to U.S. May Have to Pay up to $15,000 Bond the region manage a water
oppose Trump’s new means again grappling with a crisis that is crippling farms.
confusing and highly unpopu- The State Department pired, according to a notice partment would announce “I’m not gonna beat
bid to build a barrier lar eminent domain process, may require travelers en- published Monday outlining the covered countries “no Trump—you know it and I
in a region where many fam- tering the U.S. from certain the yearlong pilot program. fewer than 15 days before the know it,” Clarke said, adding
BY ELIZABETH FINDELL ily ranches predate their in- countries to post a bond of The bond amount of be- Pilot Program takes effect.” that security hasn’t been a
clusion in the U.S. and rely on up to $15,000, a move tween $5,000 and $15,000 The requirement wouldn’t problem on his property. “But
RIO GRANDE CITY, Texas— access to the Rio Grande as aimed at deterring foreign- would be determined by a apply to most European coun- if someone is going to kick
Orange survey flags waved in their only source of water. ers from overstaying their State Department consular tries as well as South Korea, your butt, are you just going
the wind as Alejo Clarke Jr. Since Trump regained office, visas. officer reviewing a visa ap- Japan, New Zealand, Austra- to lie down?”
walked across the land he has border encounters have fallen Applicants for business plication, unless the require- lia, and other countries whose Some in South Texas said
hunted and fished all his life, further to their lowest levels and tourist visas from coun- ment is waived, according citizens don’t require U.S. vi- they were ambivalent about
but which is soon to be since the 1960s. tries with high overstay to the announcement in the sas for temporary visits. the wall, or simply viewed its
blocked off completely by an rates would provide the Federal Register. The State Department construction an unavoidable
18-foot border wall. funds to the U.S. Treasury The notice doesn’t outline didn’t respond to a request reality. Osvaldo Garcia, a local
“This is the piece they Eminent domain and get them back if they which countries would be for comment on the program. elementary school principal,
want to take out of me,” said The government this year exited before their visas ex- affected but said the de- —Robbie Gramer said his neighbors met to
Clarke, who is fighting back has filed dozens of eminent strategize during the first
against the government’s domain lawsuits against Trump administration when
push to take control of his Texas landowners, continuing efforts moved forward to
land. “My entrance y todo.” a process that began in the Abigail Jackson said that pensation. pedite installation of 17 miles build a stretch of wall and ac-
President Trump’s border first Trump administration. Trump was elected based on In Starr County, politics of a “waterborne barrier” cess road behind the brushy
wall is back—and more ex- The cases are complicated, his promise to secure the have been shifting rightward near Texas’ southernmost tip. backyards and swing-sets of
pensive than his first term. often involving small patches southern border and that a for several political cycles for Clarke, a 58-year-old Starr their quiet neighborhood.
Congress recently allocated of land with poorly docu- border wall is key to doing what locals said are mainly County native, was among Now, with the efforts restart-
$46 billion in taxpayer funds mented titles and generations that permanently. economic reasons. In 2020, those who fought the govern- ing, Garcia said he hopes the
to pay for it. of owners. One pending case, DHS Assistant Secretary some who shifted their votes ment’s taking of his land un- government will at least hire
Construction of the wall where the government is Tricia McLaughlin said the to Trump said they opposed der the first Trump adminis- local workers and be sensi-
was a signature promise of seeking to take just over one- department only pursues em- the wall but didn’t consider it tration only to see it returned tive to bright lights along the
Trump’s first term, when he tenth of an acre, lists 130 de- inent domain cases if land- a factor because he hadn’t to him under in the Biden ad- wall shining into people’s
said it would cost $8 billion fendants, many of them “un- owners don’t wish to sell successfully built much in his ministration. Previously, windows.
and Mexico would ultimately known heirs” of deceased their property voluntarily. first term. Clarke tried to argue for his His neighbor Cynthia
pay for it. He ended up allo- former owners. Lawyers and landowners Meanwhile, Texas began an property himself in court. Garza, a nurse, said she has
cating $18 billion before leav- Homeland Security Secre- recognize that the govern- effort to build its own border never seen immigrants cross
ing office in early 2021, tary Kristi Noem called the ment has broad authority to wall, across land the state her property, but regularly
mostly to rebuild stretches of completion of the border wall take land for national secu- purchased or obtained agree- $3,000 for an acre sees emergency room visits
wall on federal land in New crucial to national security. rity purposes and that resist- ments for from owners. This time, he hired a law- from those who injured them-
Mexico and Arizona. Trump “Successful mass deporta- ing it is rarely, if ever, suc- Some 200 miles upriver, in yer, though he says he’ll selves climbing over the wall.
made little progress in Texas, tions mean nothing if we cessful. Those like Clarke who Eagle Pass, the state of Texas struggle to afford it. The gov- Garza worries about the im-
where land to build a wall don’t control the border and fight the eminent domain installed a floating buoy bar- ernment is offering just pact of blocking animals from
must be seized from private keep future illegal aliens out,” cases do so either on princi- rier in the Rio Grande. Now, $3,000 for the acre it plans to the only significant nearby
owners. she wrote in a New York Post ple, to delay the process in the federal government is fol- take, leaving the rest of the water source. “It just feels
Now that process is re- opinion column in June. case political winds shift, or lowing suit. Last month, 9-acre tract south of the wall. like we’re misallocating
starting, with money from White House spokeswoman to try to increase their com- Noem signed a waiver to ex- He’s also angry about the bil- money,” Garza said.

Younger People Spot Colon Cancer Earlier Fake Papers Flood

BY BRIANNA ABBOTT Up-to-date colorectal cancer screening prevalence
for U.S. adults ages 45–49, by method
what the impact on deaths
looks like for the newly eligi-
Scientific Journals
People under age 50 have ble, she said. “Ultimately, the
been appearing increasingly at OVERALL STOOL-BASED goal of screening is to reduce BY NIDHI SUBBARAMAN over by paper mills.
SCREENINGS* COLONOSCOPY TESTING
doctors’ offices in the past mortality, and we haven’t seen More recently, Taylor &
few decades, complaining of 40% that quite yet, simply because A growing tide of fake pa- Francis, an academic publisher
blood in their stool, abdominal not enough time has gone by.” pers is flooding the scientific of over 2,700 journals, said it
trouble or unexplained weight record and proliferating faster would stop taking submissions
30
loss. The diagnosis: colorectal than current checks can rid to its journal Bioengineered
cancer. And by that time, it Gold-standard test them from the system, scien- while its editors investigated
was often too late. 20 Up-to-date screening via co- tists warn. past papers for paper mill ac-
But that paradigm is finally lonoscopy for those aged 45 to The source of the trouble is tivity.
starting to shift, at least for 49 rose from around 20% of “paper mills,” businesses or in- But tracking the scale of
10
patients in their 40s. people in 2019 to about 28% in dividuals that charge fees to these organized operations has
There has been a jump in 2023, according to one of the publish fake studies in legiti- been difficult. When paper
people ages 45 to 49 getting 0 ACS reports. A colonoscopy is mate journals under the names mills are detected, they change
screened for colorectal cancer, 2019 ’21 ’23 2019 ’21 ’23 2019 ’21 ’23 the gold-standard test that also of desperate scientists whose their tactics, and few publish-
after recent medical guide- helps doctors remove polyps to careers depend on their pub- ers disclose when they have
lines lowered the screening *Includes colonscopy, stool-based testing and other methods actually prevent the cancer lishing record. been targeted.
age for those at average risk. Source: JAMA from forming. Alternatively, The rate of fake papers gen- “We only know about Wiley
As a result, the disease is be- use of tests that look for blood erated by these operators because they have been trans-
ing caught sooner, when it is separate group of researchers, ous start of age 50. The U.S. or DNA changes in the stool roughly doubled every 1½ years parent about the way that they
more curable and the treat- showing that testing uptake Preventive Services Task also increased, rising from 1.3% between 2016 and 2020, accord- were trying to handle these is-
ment is less grueling, accord- increases when people are Force followed in 2021; its to 7.1% in that age group. ing to a study published Monday sues,” said Reese Richardson, a
ing to new research from the mailed stool tests by default, guidelines carry particular Screening rates remained in the Proceedings of the Na- data scientist who studies pub-
American Cancer Society. versus when they are asked if weight among primary-care mostly stable in all other age tional Academy of Sciences. lishing at Northwestern and
The recent screening rec- they want a test or a colonos- providers and often lead to groups, the report found. “The entire structure of sci- who is an author on the PNAS
ommendations designed to copy. Screening rates in the health-insurance coverage. Screening rates also re- ence could collapse if this is study.
catch cases sooner appear to trial were low, however, with Suddenly, millions of people mained unchanged for people left unaddressed,” said study The authors of the study
be working. 19% of people in the trial over- were newly overdue for ages 45 to 49 with less than a author Luís Amaral, a North- created a database of sus-
“It’s thrilling to see this,” all opting to get screened. screening. For people in that high-school education or who western University physicist. pected paper mill papers, over
said Rebecca Siegel, an epide- “We probably shouldn’t be 45-to-49 age bracket, cases are uninsured. And they still Paper mills look for weak 32,700 in all, from nearly every
miologist at the ACS and an wasting time asking patients jumped, going from about a 1% trail behind those for older links, such as lax verification publisher, by assembling the
author of the new research. first; we should send them increase in the incidence rate adults, who remain at higher protocols, in the typically rig- work of other volunteer inves-
“It means fewer deaths and what they need,” said Dr. Fola- each year since 2004 to a 12% risk. Factors including genetics, orous publication machinery, tigators who have been cata-
higher quality of life for peo- sade May, the trial’s senior annual rise from 2019 to 2022, excess body weight, smoking then exploit those to place loging groups of studies with
ple who are diagnosed.” author and a gastroenterolo- the data show. The rise was cigarettes and a diet heavy in hundreds of fabricated studies similar patterns.
gist at the University of Cali- driven by diagnoses of early- red and processed meats also with vulnerable journals or With a big-data approach
fornia, Los Angeles. stage disease. increase a person’s chances of publishers, according to scien- that spans the published scien-
New research Colorectal cancer rates A post-Covid rebound in developing the disease. tist investigators. tific record, the new study
The findings come in a have been rising for people people seeking healthcare People in the 45-to-49 age It can be a costly mess to confirms trends that scientist
flurry of research published under 50 since the 1990s, and could contribute to some of bracket account for nearly half clean up. investigators of shoddy papers
Monday in the Journal of the the disease is now the leading the increase, researchers said, of all colorectal cancers under Publishers who have be- have shown for years.
American Medical Association. cause of cancer death among but the change in screening age 50, ACS said. But that still come aware of suspected pa- Artificial intelligence makes
Colorectal cancer screening in men in that group. Research- guidance is likely the bigger leaves a lot of people who are per mill activity have been the trend especially concern-
the U.S. for adults age 45 to ers are investigating every- factor. The trend looks similar at risk and are too young to be forced to retract hundreds of ing, said James Evans, a sociol-
49 increased by 62% from thing from diet and lifestyle to to what happened among peo- screened. papers at once, and in some ogist at the University of Chi-
2019 to 2023, according to one environmental contaminants, ple ages 50 and above in the “I have patients in their 20s cases shut down journals. cago who wasn’t involved with
ACS paper. Early-stage diag- to figure out why colorectal late 1990s, after screening was in my practice that would After retracting more than the study. Because large lan-
noses then surged, including a and other cancers are rising in first recommended for them, never fit the guidelines,” said 11,300 papers that appeared guage models are consuming
50% relative increase from younger adults. said Caitlin Murphy, a cancer Dr. Michael Cecchini, a medical compromised, Wiley, a U.S.- scientific literature without
2021 to 2022, according to an- The ACS in 2018 started epidemiologist and professor oncologist and colorectal can- based publisher with a portfo- discriminating between legiti-
other ACS report. recommending that people of pediatrics at the University cer specialist at Yale Cancer lio of 1,600 journals, last year mate and fraudulent papers,
A trial of more than 20,000 with average risk as young as of Chicago, who wasn’t in- Center. “We need to be think- said it would shut 19 of its paper mills can “muddy the
people in the same age 45 get screened for colorectal volved in the studies. ing about it on our list of pos- publications, including some waters of science and scientific
bracket was published by a cancer, down from the previ- It will still take time to see sible diagnoses.” that had shown signs of take- understanding,” Evans said.
A4 | Tuesday, August 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

Grand Jury to Reinvestigate Russia Case

DOJ escalates Trump the coming weeks. Justice De- In his second term, Trump Trump and Russia.” Durham
partment spokesmen didn’t has surrounded himself with obtained one guilty plea but
campaign against return calls seeking comment. people who share his criticism charged two other criminal
the finding of 2016 The development is the of the Russia probe. FBI Direc- cases that failed in court, un-
most serious escalation in re- tor Kash Patel described the derscoring the limited poten-
election interference cent weeks in Trump’s long- Russia investigation last week tial for another inquiry to un-
time effort to portray the 2016 as “a disgrace that President earth anything new.
The Justice Department investigation as a criminal Trump and our country Amid the renewed exami-
tapped a grand jury to rein- plot by Democrats to under- should’ve never been put nation of the inquiry, Sen.
vestigate the intelligence mine his presidency. Investi- through.” Chuck Grassley (R., Iowa), the
community’s assessment of gators, intelligence officials The FBI’s Russia inquiry chairman of the Senate Judi-

JULIA DEMAREE NIKHINSON/AP

Russia’s efforts in the 2016 and lawmakers of both parties was ultimately taken over by ciary Committee, also re-
election, according to people ultimately concluded that Rus- special counsel Mueller and leased a recently declassified
sia interfered in the 2016 elec- led to dozens of charges appendix to Durham’s report.
By Sadie Gurman, tion to benefit Trump over against alleged Russian agents CIA director John Ratcliffe
Josh Dawsey Hillary Clinton. Special Coun- for hacking and other influ- said that appendix revealed
and Brett Forrest sel Robert Mueller didn’t es- ence operations, and against “a coordinated plan to pre-
tablish that anyone affiliated several people affiliated with vent and destroy Donald
familiar with the matter, un- with the Trump campaign Attorney General Pam Bondi granted wide authority for the probe. the Trump campaign accused Trump’s presidency.”
derscoring the lengths to knowingly conspired with of lying to investigators or The 29-page, partially re-
which President Trump’s Russia’s efforts. originate with Trump’s intelli- so to reach a particular con- separate financial misdeeds. dacted document includes
second-term administration Another special counsel and gence director Tulsi Gabbard. clusion. A spokesman for Trump early on deemed the raw intelligence Durham and
is determined to go to the Justice Department’s in- On July 23, she said she had Obama called the allegations investigation a “witch hunt” his staff analyzed, including
avenge the central grievance spector general later spent new information indicating “bizarre” and “a weak attempt designed to delegitimize his emails allegedly hacked by
of his first. years examining those investi- that then-President Obama at distraction.” presidency, and has long and Russian security services. One
Attorney General Pam gations, and faulted the FBI for and his national security team The Justice Department fol- openly urged his attorneys is purportedly from a staffer
Bondi on Monday signed an errors in its approach but directed the creation of an in- lowed, and said it was launch- general to bring criminal at a liberal foundation de-
order directing a U.S. attorney didn’t prove any criminal telligence assessment that ing a strike force to assess the charges against people in- scribing a Clinton-backed
to present evidence to the scheme to undermine Trump. they knew was false to under- evidence Gabbard had publi- volved in it. Trump at the end plan to demonize Trump,
grand jury, a Justice Depart- Trump officials in his sec- mine Trump’s win, and ac- cized and “investigate poten- of his first term pardoned sev- which says “the FBI will put
ment official said, and gave ond term promised to revisit cused the former president of tial next legal steps.” eral allies who had been pros- more oil into the fire” on the
that person broad authority to those assessments again. treason. She referred the mat- “We will investigate these ecuted by Mueller’s team. issue. The staffer told Dur-
also investigate outside the of- A grand jury investigation ter to the Justice Department troubling disclosures fully and Another special counsel, ham’s investigators he didn’t
fice’s jurisdiction. The official allows prosecutors to secretly for potential criminal prose- leave no stone unturned to de- John Durham, spent four write the email.
declined to say which federal present evidence before a cution. liver justice,” Bondi said. years examining the origins of The appendix states that
prosecutor Bondi has tapped panel of jurors who vote on Among the declassified The disclosures come as the the investigation. He issued a some intelligence officers and
but said one grand jury inves- whether an indictment should documents she released: one Trump administration has report in 2023 that faulted the analysts interviewed by Dur-
tigation has been opened in be filed, but given the rigor- showing that Obama in De- faced intense bipartisan criti- FBI for engaging in “confirma- ham’s office assessed that the
Washington, D.C. ous examinations of the past, cember 2016 ordered the in- cism over its refusal to pro- tion bias” and said it “dis- emails were likely authentic,
No targets have been it isn’t clear what, if any, new telligence community to as- vide more information about counted or willfully ignored while others noted that “the
named in the probe. The information the process sess Russia’s efforts to the FBI investigation into con- material information that did Russians might have fabri-
grand jury is expected to hear might yield. influence the election. The victed sex offender Jeffrey not support the narrative of a cated or altered purported
testimony from witnesses in The recent developments documents didn’t show he did Epstein. collusive relationship between U.S. emails.”

Banks Face Fines Texas Push they locate. top Republicans have repeat- Report found that while five in-
The GOP effort would dra- edly predicted Trump would cumbent Democrats are being
matically alter the lines in face a third impeachment in- pushed into new districts that

Fuels Fight Texas, which currently are quiry with Democrats in power. Trump would have won by at

For Political Bias

aimed more at protecting in- “We gotta make sure that the least 10 points in 2024, soften-
cumbents rather than targeting Republicans keep the House ma- ing of Hispanic support for Re-

Over Maps Democrats.

They were intended to last
jority. We can’t have the presi-
dent impeached, which is what
publicans could complicate GOP
prospects. Cook said Demo-

Against Clients
until after the 2030 Census, the Democrats would do on day cratic Reps. Henry Cuellar and
when states would typically set one,” House Speaker Mike John- Vicente Gonzalez looked to have
Continued from Page One new lines. Trump won 56% of son (R., La.) said this year. the best shots at hanging on.
the state’s lines. the Texas statewide vote in Trump is also actively in- Some Republicans are pri-
While some Texas Republi- 2024, but the GOP won nearly volved in recruitment and in- vately warning the changes
BY DYLAN TOKAR zation’s religious beliefs. The cans initially signaled they two-thirds of the state’s 38 con- tervening early with endorse- could make some of their mem-
AND ALEXANDER SAEEDY bank has said that it shut were reluctant to consider the gressional districts. ments to head off messy GOP bers more vulnerable down the
down the accounts because it idea of bolstering Republican Texas Democrats left the primary fights in the House and line, particularly if another blue
The White House is prepar- doesn’t serve small busi- chances at taking even two ad- state on Sunday in a move to Senate, which could soak up wave comes.
ing to step up pressure nesses operating outside the ditional seats, Trump per- delay a vote set for this week. money and energy ahead of Traditionally, the House flips
against big banks over per- U.S. suaded Abbott to go for a Hail Past delaying tactics have ulti- in the midterms away from the
ceived discrimination against A Bank of America spokes- Mary approach by attempting mately failed. party in the White House. Pri-
conservatives and crypto man said the bank welcomed to win five more. Republicans have a 219- vately, multiple House Republi-
companies with an executive the efforts to provide regula- State lawmakers moved to-212 majority in the U.S. cans admit they are concerned
order that threatens to fine tory clarity. “We’ve provided ahead with a special session on House. The redrawing in Texas about their chances of retaining
lenders that drop customers detailed proposals and will Monday, but Democrats’ ab- and other states could broaden control.
for political reasons. continue to work with the ad- sence blocked a quorum, put- the possible GOP map but also The shots fired in Texas
SCOTT OLSON/GETTY IMAGES

A draft of the executive or- ministration and Congress to ting off a vote on the new maps. push incumbents into more quickly spread. In New York,
der, which was viewed by The improve the regulatory frame- Trump and his allies are competitive races, and Demo- Hochul said Democrats would
Wall Street Journal, directs work,” he said. looking at other states as well, crats’ countermoves could off- craft legislation to amend the
bank regulators to investigate The draft order also criti- including Ohio, Florida, Indiana set gains. state constitution to allow the
whether any financial institu- cizes the role that some banks and Missouri, to squeeze out Trump spoke with the Texas creation of new maps in time
tions might have violated the played in an investigation more seats. Democrats are vow- governor in June about draw- for the 2028 elections.
Equal Credit Opportunity Act, into the Jan. 6, 2021, riots at ing to retaliate by potentially ing up a new map, and his po- Democratic governors like
antitrust laws or consumer fi- the U.S. Capitol. shuffling lines in Democratic- litical operatives were in con- Texas Democratic lawmaker Gavin Newsom of California
nancial protection laws. Banks have been on edge run states like California, New tact with Republican Gene Wu appeared Sunday and JB Pritzker of Illinois are
Violators could be subject about potential action by the York and Illinois. lawmakers to answer questions in Carol Stream, Ill. also now central figures in the
to monetary penalties, con- Trump administration. “If Republicans are willing to about redistricting plans. It is fight. “They’re not screwing
sent decrees or other disci- Conservatives for years rewrite these rules to give Abbott who has the authority general elections. around. We cannot afford to
plinary measures, according have accused banks of deny- themselves an advantage, then and final call to move forward The new map in Texas cre- screw around either,” said
to the draft. ing them services on political they are leaving us no choice,” with the redistricting. And he is ates five new districts, and four Newsom, who plans to ask vot-
The order could be signed or religious grounds, and said New York’s Democratic doing so after Trump and his with majority-Hispanic voting ers to back a new map in a spe-
as soon as this week, accord- cryptocurrency companies governor, Kathy Hochul, at a team called and emphasized it populations. That is a gamble cial session this November.
ing to people familiar with have said they were shut out news conference on Monday was a priority, people familiar for the party to assume these Pritzker called the decision
the matter. It is possible the of banking services under the joined by Democrats from with the matter said. voters’ increased support for by Texas lawmakers to leave for
order could get delayed or Biden administration. Texas. “We must do the same.” “Texas will be the biggest Trump will transfer over to the Illinois and other states a “righ-
that the administration’s Banks, for their part, have Republican Texas House one and that’ll be five,” Trump party more broadly, especially teous act of courage.” Illinois is
plans will change. said their decisions are driven Speaker Dustin Burrows coun- said in July about the redis- with past elections revealing one of the most gerrymandered
The draft order doesn’t by legal, regulatory or finan- tered that Democrats “shirked tricting effort. that Latino voters will split in the country, with just three
name any specific banks but cial risks, including those their responsibilities under the Trump has a lot at risk if their ticket. of 17 House seats held by the
appears to refer to an in- stemming from the U.S.’s anti- direction and pressure of out- Democrats win back the House. “Now the bet Republicans GOP in a state where Trump
stance where Bank of Amer- money-laundering laws. of-state politicians and activists A GOP loss would all but ensure are making is, in the South won 44% of the 2024 vote. “To
ica was accused of shutting They have blamed regula- who don’t know the first thing expansive congressional over- Texas districts, that the Tejano run to states like New York and
down the accounts of a Chris- tory pressure for prior deci- about what’s right for Texas.” sight investigations by Demo- vote for Trump is going to be a Illinois to protest redistricting
tian organization operating in sions to largely steer clear of Abbott said he has ordered crats in the final two years of Republican vote. That’s a big is kind of like running to Wis-
Uganda based on the organi- the crypto industry. local law-enforcement officials his administration and bring to gamble,” said Karl Rove, a Re- consin to protest cheese. It’s
to arrest and return to the state a screeching halt any action on publican strategist. just kind of outrageous,” Abbott
capitol any absent Democrats his legislative priorities. Some An analysis by Cook Political said on Fox News.

Trump’s Sons Awarded NEW JERSEY NEW YORK

U.S.WATCH
Stake in New SPAC Passengers Flee
PATH Train Fire
Ex-Prison Guard Is
Sentenced 15 Years
Flames leapt from the rails A former corrections offi-
BY DAVID UBERTI AND BEN FOLDY on the New York Stock Ex- of a PATH train Monday cer was sentenced to 15
change. SPACs, or special-pur- morning, filling at least one years in prison Monday for
Eric Trump and Donald pose acquisition companies, car with smoke and sending his role in the death of a
Trump Jr. are helping to are listed shell companies that several passengers to the Black inmate whose beating
launch a SPAC targeting look for a private company to hospital for inhalation after by a group of guards at an
American manufacturers, add- merge with. The private com- they were evacuated, authori- upstate New York prison was
ing to the array of companies pany then takes the SPAC’s ties said. captured on body-cam videos.
the president’s sons are in- listing, essentially going pub- A roughly 30-second video Christopher Walrath was
volved in beyond their family’s lic while avoiding some of the posted to social media by a one of six guards charged
real-estate empire. red tape of a traditional initial passenger showed thick with murder in the death of
New America Acquisition I public offering. smoke on a Port Authority Robert Brooks, who was
Corp. on Monday filed paper- New America will look for Trans-Hudson train car at the pummeled at the Marcy Cor-
work for what it hopes will be merger targets “that play a Newport station in Jersey rectional Facility on Dec. 9.
a $300 million public offering meaningful role in revitalizing City. People can be heard on Walrath pleaded guilty to
domestic manufacturing, ex- the video saying, “Open the first-degree manslaughter in
panding innovation ecosystems, door,” and “Easy, easy,” as May under the first plea deal
and strengthening critical sup- they eventually disembark. among the guards charged
ply chains,” a securities filing The video then shows with murder.
said. The filing said the SPAC bright orange flames rising “In that video, I see you
JOSEPH NIKHIL REDDY/ASSOCIATED PRESS

aims to buy one or more busi- nearly to the top of the train and your fellow officers treat-
nesses with a combined enter- car from the rails. ing him as if his life holds no
prise value of at least $700 mil- Thirteen people were value at all, as if you’re enti-
lion. SPACs can raise additional treated for smoke inhalation, tled to brutalize him for
capital after going public. nine of whom were trans- sport,” Robert Brooks Jr., the
As part of their involve- ported to the hospital for fur- victim’s son, told the court.
ment in New America as ad- ther evaluation, said the Port Brooks had been serving a
Your Legacy visers, Donald Trump Jr. was Authority of New York and 12-year sentence since 2017
Brought to Life awarded an interest in two New Jersey. and was transferred to Marcy
Family Crest Rings - Research Included million founder shares in the The fire started at 6:19 from a nearby lockup on the
JOHN-CHRISTIAN.COM 888.646.6466 entity and Eric Trump re- Flames breached a PATH train at Newport station in Jersey City a.m. on an eastbound train. night he was beaten.
ceived three million. Monday. Over a dozen people were treated for smoke inhalation. —Associated Press —Associated Press
 THE WALL STREET JOURNAL. * * Tuesday, August 5, 2025 | A5

U.S. NEWS
SAMANTHA SANDERS

Sonar technician Timothy Sanders with his mother, Nicole,

and father, Bill. The young sailor was electrocuted last May.

Navy Ships
Languish in

SHAYNE HENSLEY/U.S. NAVY

Repair Yards The USS Helena, pictured above in 2015. In recent years, the vessel has spent more time in dock than out at sea.

U.S. has struggled broader decline in the Ameri- U.S. submarine fleet
can maritime industry. Those
to maintain its fleet 250 WWII ends
issues are now coming into Troubles Mounted in the 1990s
amid a lack of post- sharp relief amid a greater fo-
cus on naval preparedness. 200 The Navy’s difficulties past its expected service the CBO said.
Cold War investment Naval experts are concerned with ship repair increased life, according to the Gov- To tackle the resulting
that tardy or substandard work 150 in the 1990s, when the U.S. ernment Accountability Of- backlogs, the U.S. needs to
BY ALISTAIR MACDONALD in repair yards will keep ships halved the number of pub- fice. invest in more dry docks, na-
and submarines out of action 100 lic shipyards mandated to A shortage of experi- val experts say.
The USS Helena was prepar- during a potential war in Asia— maintain nuclear aircraft enced workers is a major Delays in maintaining and
ing to leave dock after more a conflict expected to be fought carriers and submarines. problem. With some ship- fixing ships means the Navy
50
than six years of stop-start re- in large part at sea. The four remaining gov- yard welders earning has fewer vessels to deploy
pairs when a young sailor was Maintenance delays are al- ernment-owned yards were roughly the same as fast- at times of increased activ-
electrocuted and died. His ready causing disruptions. The 0 set up more than a century food workers, many have ity, said Bryan Clark, a naval
death further delayed the re- Marine Corps, for instance, has 1950 ’75 2000 ’25 ago, designed to build left the profession, accord- expert at the Hudson Insti-
turn to action of a submarine been prevented from deploying U.S. destroyer fleet wind- and steam-powered ing to a report by the Con- tute think tank.
that epitomizes the Navy’s and training on schedule be- ships. gressional Budget Office. At one point in 2019, all
400
struggles to maintain its fleet. cause of the poor upkeep of am- They suffer from aging Inexperience reduces but one of the Navy’s six
Sonar technician Timothy phibious warships. 350 infrastructure, with more productivity and increases East Coast stationed aircraft
Sanders had told his mother Repairing naval vessels often than half their equipment accidents, adding to delays, carriers were stuck in docks.
several times that he was con- takes longer than scheduled. 300
cerned substandard repair Roughly a third of surface ship
work on the submarine would maintenance wasn’t completed 250
get someone hurt. A Navy re- on time last year, Navy officials 200 launched in 1986, has become a repair work in nine years and work done at the government-
port concluded that he died have said. In recent years as poster child for the Navy’s main- its skills base had atrophied. owned Naval Station Norfolk.
last May after inadvertently much as two-thirds has been 150 tenance problems. In recent Work on Helena, which On May 24 last year, Nicole
touching an electrical source late, and officials have said im- years, the vessel has spent more started in late 2017, was initially Sanders was at home when she
left uncovered by repair work- provement is needed to hit the 100 time in dock than out at sea. slated to take months, but the answered the door to see uni-
ers, his mother said. Navy’s combat-readiness target. Submarines have a particu- vessel ended up staying at the formed naval officers.
50
President Trump has called Repairing ships on time has larly strict cycle of inspections company’s yard for several Her son had been killed by a
attention to U.S. shortcomings become a persistent challenge, 0 and maintenance, typically go- years. Hundreds of millions of 440-volt shock, almost four
in building new naval vessels. Admiral Daryl Caudle, Trump’s 1950 ’75 2000 ’25 ing into dry dock every two dollars were spent on every- times the voltage that feeds a
The Helena’s history of costly, pick as Chief of Naval Opera- years for up to six months. thing from painting and clean- standard U.S. lightbulb, she said
Sources: Naval History and Heritage Command
sometimes chaotic repairs high- tions, told a Senate confirma- (1945-2015); International Institute for But the Navy has been be- ing to fitting new hull tiles that the Navy report found. The re-
lights another problem: America tion hearing in July. Strategic Studies (2020, 2025) hind on submarine repairs since help avoid detection and adding port hasn’t been made public.
is also struggling to fix the ships “We need a better approach the 2010s, when it decided to underwater microphones, con- “It’s akin to having an elec-
and submarines it already has. to how we’re doing mainte- back at dock. give priority to other tasks in- tract data shows. trician come into your house
While Sanders’ death is an nance,” Caudle said. A Navy official said mainte- cluding overhauling aircraft Delays on the Helena were and leave wires exposed,” Sand-
extreme example of what can Getting vessels back to sea nance times were improving, carriers, said Bryan Clark, a na- cascading, deferring work on ers said.
go wrong in U.S. shipyards, the quickly matters more than ever and there were 49 construction val expert at the Hudson Insti- other vessels. After weeks of NCIS inquiries
shipbuilding and repair indus- because the U.S. fleet has projects under way—worth tute think tank. The Navy said the Helena and grief counseling for the
tries have long complained shrunk. In the late 1980s, the about $6 billion—that would To ease the backlog, the was the oldest submarine of its crew, Helena sailed to the U.S.
that a lack of experienced staff Navy had some 600 vessels. To- bolster repair infrastructure. Navy in 2016 decided to send type in the fleet, and the main- naval base at Guantanamo Bay,
has led to mistakes and delays. day it has about 295. The Navy is committed to the Helena to shipbuilder Hun- tenance required was more Cuba. The visit coincided with
Limited dry-dock capacity and Fewer vessels coupled with addressing the findings of the tington Ingalls Industries’s complex than initially envis- the arrival in the area of a new
aging equipment are also chal- longer maintenance times cre- probe into Sanders’ death, and yard in Newport News, Va. The aged. HII declined to comment. Russian submarine. Shortly af-
lenges. ates a vicious circle. Available preventing future incidents, the move was supposed to herald Helena was delivered back to ter, the Helena left for Puget
The problems reflect a lack ships spend longer at sea, suf- official added. the return of private yards to the Navy in January 2022, HII Sound on what would be her fi-
of investment in public yards fer more wear and tear, and The USS Helena, a Los Ange- repairing nuclear-powered ves- said at the time. The vessel, nal voyage. Last month, the sub-
after the Cold War era and a then require greater attention les-class attack submarine first sels. However, HII hadn’t done however, soon needed further marine was decommissioned.

Hegseth’s Latest Battle: Infighting at the Pentagon

Defense Secretary Pete Heg- fer Hegseth and Parlatore, The ingly distrustful of top mili-
seth’s string of missteps has Wall Street Journal previously tary leadership over the
spurred infighting inside the reported. course of the spring, blaming
Pentagon and raised concerns That incident is now the the Pentagon’s top brass for
among some Republicans on subject of a Pentagon watch- media leaks, according to cur-
Capitol Hill about his ability to dog review. rent and former officials. After
run the department. In April, Hegseth abruptly reports emerged that Hegseth
suspended three senior advis- had invited Elon Musk to a
By Lara Seligman, ers suspected of leaking: Dan meeting with the Joint Chiefs
Alexander Ward Caldwell, a senior policy ad- in the Pentagon, Hegseth
and Lindsay Wise viser; Darin Selnick, a senior shifted the meeting to a small
Veterans Affairs official during sit-down in his office, but de-
The problems are rooted in Trump’s first administration liberately didn’t inform the
Hegseth’s lack of managerial and Hegseth’s deputy chief of top brass of the change, two
experience in overseeing an staff; and Colin Carroll, chief former officials said.
entity as large as the Penta- of staff to Deputy Defense Sec- While the Joint Chiefs filed
ANNA MONEYMAKER/GETTY IMAGES

gon, which employs around 3.4 retary Steve Feinberg. To date, into the secure “tank” for
million people on a budget no evidence has become public what they thought was a
now approaching $1 trillion, to support the leaking claims. briefing with Musk, the tech
according to current and for- Around that time, Hegseth billionaire rode in Hegseth’s
mer officials. sought to elevate Buria to private elevator to his office.
White House officials were chief of staff after his first The officers didn’t realize
frustrated by Hegseth’s refusal chief of staff stepped down. Musk wasn’t coming until
to part with his acting chief of But the White House has halfway through their gather-
staff despite their misgivings Defense Secretary Pete Hegseth became distrustful of top military leadership over the spring. pushed back against keeping ing in the tank.
about the aide’s qualifications, Buria in the role on a perma- Hegseth’s management of
according to current and for- lina Republican who cast the confirmation process quickly them, according to former and nent basis, according to cur- the Pentagon’s trillion-dollar
mer administration officials. decisive 50th vote to confirm surrounded himself with a current officials. Hegseth and rent and former officials. budget request to Congress
Some blame poor Pentagon Hegseth in January and re- small group of trusted advis- his wife, Jennifer Hegseth, be- Some White House officials has also come under scrutiny.
staffwork for leaving Trump in cently announced he wouldn’t ers. They include Ricky Buria, came particularly close with are suspicious of Buria be- In May, Republican members
the dark about a pause in run for re-election. a retired Marine Corps colonel Buria, who served as the ju- cause of his ties to Austin and of Congress and staff were
some weapons deliveries for There is no indication Heg- whom Hegseth promoted to nior military aide to Hegseth’s media reports that he has bad- irked when the Trump admin-
Ukraine, some of these people seth’s job is in jeopardy. acting chief of staff; Tim Par- predecessor Lloyd Austin. mouthed Trump and Vance, istration unveiled a fiscal 2026
said. Hegseth has feuded with Trump and Vice President JD latore, Hegseth’s personal law- Hegseth’s troubles began in the people said. budget proposal that would
top generals and fired three Vance have stuck by him after yer and a naval March, when The White House tried to maintain military spending at
senior aides that were well- expending immense personal reservist; and then-national oust Buria but struggled to current budget levels of
liked at the White House. energy and political capital to Justin Fulcher, security adviser find a replacement who $892.6 billion—a number that
Last Thursday, Senate Re- see him confirmed. The presi- a member of Hegseth after Mike Waltz in- wanted the job and would be GOP defense hawks decried as
publicans led by Mitch McCon- dent likes Hegseth personally the Department his confirmation advertently in- the right fit for Hegseth, ac- inadequate.
nell attempted to rescue the and was particularly pleased of Government cluded journal- cording to current and former McConnell, the former Sen-
Pentagon from what they con- by the successful U.S. strikes Efficiency team surrounded ist Jeffrey officials. Buria’s detractors ate Republican leader who
sidered an insufficient budget on Iran’s nuclear sites, offi- at the Pentagon Goldberg in a eventually gave up trying to now chairs the subcommittee
request that they blame, in cials said. whom Hegseth
himself with group Signal replace him as chief of staff. that funds the defense depart-
part, on Hegseth. Some Re- “President Trump has full promoted to se- trusted advisers. chat with the The White House didn’t make ment, complained—along with
publican lawmakers are con- confidence in Secretary Heg- nior adviser. Pentagon chief, space for him to accompany other top Republicans—that
cerned that Hegseth’s loss of seth, who is doing an incredi- Fulcher left his Vance and Hegseth on two separate trips the request would effectively
top aides has left him espe- ble job leading the DOD,” said post in July. other top na- with Trump on Air Force One, be a cut.
cially ill-equipped to run the White House spokeswoman From the start, Hegseth tional security advisers to dis- according to current and for- On Thursday, the Republi-
Defense Department. Anna Kelly. Chief Pentagon didn’t keep the schedule of a cuss the military campaign mer officials. can-led Senate Appropriations
“If you just look at the spokesman Sean Parnell said, typical defense secretary. He against the Yemen-based Kelly praised Buria as Committee voted to advance
broader turnover and the lack “These anonymous sources did away with the regular Houthi rebels. Buria, using “playing a critical role” in its own version of the mili-
of consistency there in terms have no idea what they’re “stand up” touchpoint with Hegseth’s personal phone, Hegseth’s team, and some offi- tary-spending bill that would
of executive management, I talking about and are just top Pentagon officials, prefer- shared sensitive information cials said tensions over Buria allocate $21.7 billion over the
think it’s a red flag,” said Sen. plain wrong.” ring to meet daily with his in- about the operation on the have more recently eased. Trump administration’s re-
Thom Tillis, the North Caro- Hegseth after his grueling ner circle and delegate to chat and another with Jenni- Hegseth became increas- quest.
A6 | Tuesday, August 5, 2025 THE WALL STREET JOURNAL.

WORLD NEWS
Occupied Ukraine Is
For Sale, to Russians
Kremlin-linked firms Changes seen in construction since the Russian
occupation of Mariupol
redevelop housing
Demolished
D
Dem
em
molis
moolished
olis buildings
d ggs RUSSIAN
wrecked by war; New Russian buildings FORCES
declared ‘ownerless’

MARIUPOL CITY COUNCIL (2)

UKRAINE

BY ISABEL COLES H20

AND IEVGENIIA SIVORKA
Site of former
A brochure touts the “ma- T0803 Clock House
M14
jestic style” of the building’s
architecture and its location, a
15-minute walk from the sea, The Clock House, a landmark 1950s apartment building in the three times what residents say
adding a caveat: It was dam- Ukrainian port city of Mariupol. Below, as it looked weeks they were offered in compen-
Mariupol
aged during “military events.” before the Russian siege in 2022; above, the aftermath. sation for their apartments.
The building that once “It’s barely enough to buy a
stood there was in fact demol- burial plot,” said one resident.
ished by developers after Rus- Within a week, the apart-
sia conquered Mariupol, kill- Sea of Azov ments had sold out, the real-es-
2 miles
ing thousands of people and 2 km
tate agent said. The U.S. sanc-
devastating the Ukrainian port tioned Roskapstroy and its
Note: Demolished and new Russian buildings shown are not exhaustive.
city’s housing stock. Sources: Alex S (building locations as of June 4); Institute for the Study of War and AEI’s Critical
subsidiaries for operating in oc-
Residents of the Clock Threats Project (Russian forces as of July 31) cupied Mariupol later in 2023.
House counted themselves ANDREW BARNETT/WSJ The developer didn’t respond
lucky to survive, but are now to a request for comment.
excluded from the redevelop- has long pursued. The eastern A new clock was installed dur- Residents appealed to offi-
ment, sold largely to newcom- Donbas region of Ukraine, for ing repairs to the building in cial bodies in the so-called Do-
ers from Russia. example, was flooded with Rus- 2021, with a light show that netsk People’s Republic, the
“We, the previous owners, sians in the 1930s as the Soviet then-Mayor Vadym Boychenko Russian name for the govern-
don’t have the right to be Union industrialized the region hailed as a symbol of “the era ment it installed in eastern
there,” said Elena Pudak, while starving millions of of Mariupol’s rebirth.” Ukraine. They were told the
whose mother owned a spa- Ukrainian peasants to death. Months later, residents law had changed: Residents
cious apartment in the build- One new arrival, a Russian found themselves huddling in were no longer entitled to be
ing but now lives in Germany. woman from Siberia, bought an the basement as Russian rehoused on the site of their
Once a landmark of Mariu- apartment needing only minor forces besieged the city. In former homes, but anywhere
pol’s unique heritage, the repairs and intends to retire March 2022, a missile tore a Residents still hoped the sia’s construction ministry. In- within the city limits.
Clock House now stands as a there, fulfilling her husband’s hole in the Clock House, kill- building’s historic value would stead of spacious two-bedroom Meanwhile, Elena Pudak’s
monument to Russia’s trans- dream of living by the sea. For ing several residents. ensure its preservation. In a apartments, it was subdivided mother attempted to travel
formation of the city. Across now, she said she would rent it “That’s when we realized master plan for Mariupol’s re- mainly into studios. back to Mariupol to claim com-
occupied territory, Russia- out to a tenant—a woman from we had nowhere to go back development approved by Residents attempted to pensation. She was denied en-
backed authorities have seized Moscow who now lives and to,” said Pudak, who had es- Russian President Vladimir contact the developer, RKS try at Russia’s Sheremetyevo
thousands of apartments after works in Mariupol. caped with her husband and Putin in 2022, the Clock House Development, but were ig- airport—the sole legal entry
declaring them “ownerless,” Oleksandr Nosochenko, a three children days before. was marked for restoration. nored. The developer instead point for Ukrainians seeking to
leaving the Ukrainians who former Mariupol resident, said Mass displacement and de- The bulldozers arrived to- opened a sales office near the return to occupied territories.
fled faced with growing barri- a Russian military-service struction threw open the real- ward the end of 2022. site. Among the buyers was a With dwindling options,
ers to return and prove own- member had taken over his estate market. While workers Still, residents expected to real-estate agent from Mariu- Clock House residents filed a
ership or claim compensation. summer cottage by the sea. Of started clearing rubble, real- receive apartments in the new pol, who reserved three apart- lawsuit against the People’s
Newcomers from Russia, military age, Nosochenko tors snapped up property building. A 2022 decree enti- ments. “There was a lot of in- Republic, arguing that their
meanwhile, enjoy perks such couldn’t make the journey cheap from fleeing residents. tled them to be rehoused on terest,” said the 28-year-old. rights as newly minted citi-
as 2% mortgage rates on new back to claim compensation Residents of the Clock the site of their former home. As for the former residents, zens of Russia had been vio-
building developments. himself, and his wife, who had House scattered across Unknown to them, however, he had little sympathy. If they lated. In a letter addressed to
The strategy of replacing the endured the siege, refused to Ukraine, Russia and Europe, the building had been allo- wanted to keep living there, Putin, they pleaded their case.
people who once lived in con- return on principle. but some remained in the cated for redevelopment by a they could have put down a There was no response, and
quered territories with ethnic The Clock House, built in the building’s basement until a subsidiary of a company called deposit like everyone else, he late last year, the court ruled
Russians is one that Moscow 1950s, was a coveted address. leak appeared in the summer. Roskapstroy, owned by Rus- said. But the price was about against them.

AGING GROWS
EXPERIENCE,
NOT MEMORY
LOSS.
Some things come with age.
Some others don’t.

Learn the warning

signs of Alzheimer’s.
 THE WALL STREET JOURNAL. * * * * * Tuesday, August 5, 2025 | A7

WORLD NEWS

Brazil Ex-Leader
Is Ordered Under
House Arrest
BY SAMANTHA PEARSON ankle tag and banning him
from going near the U.S. Em-
SÃO PAULO—Brazil’s Su- bassy or using social media.
preme Court ordered the De Moraes said he violated
house arrest of former Brazil- that ban, which included the
ian President Jair Bolsonaro, use of social media via third
as the country’s top justices parties, citing posts by his son
weigh evidence that he plotted and others publicizing rallies
a military takeover of the by Bolsonaro supporters over
country in 2022. the weekend.
JAE C. HONG/ASSOCIATED PRESS

Justice Alexandre de Moraes Thousands of Bolsonaro

on Monday accused Bolsonaro supporters took to the streets
of defying a social-media ban as across Rio de Janeiro, São
part of restraining orders Paulo and other cities Sunday,
placed on the right-wing fire- waving the American flag,
brand last month, saying he had holding up banners attacking
incited attacks on the court. the Supreme Court and calling
U.S. Army Stryker combat vehicles overlooking the U.S.-Mexico border fence from a hilltop in Nogales, Ariz., last month. The army captain-turned- for the end of the trial.

Cartels Stymie Mexico Deal

conservative leader, whom Bolsonaro, who was under a
President Trump has sought weekend curfew, joined the
to help, is on trial in Brazil protests by telephone when his
over police claims he tried to senator son, Flávio Bolsonaro,
block his leftist rival, Presi- called him on speakerphone for
dent Luiz Inácio Lula da Silva, the crowds to hear on Copaca-
from taking office in 2023. bana Beach. Bolsonaro’s mes-
Suspect’s escape is ministration is pressuring to tels as terrorist organizations der. She sent 29 cartel bosses The alleged coup attempt sage of support, hailing the ral-
dismantle the powerful crimi- and insisted on their destruc- to face justice in the U.S. Her included preparations to as- lies as an act of freedom, was
latest incident to nal organizations responsible tion as a condition to lift tar- security forces have disman- sassinate da Silva, Vice Presi- widely shared on social media.
threaten talks with for smuggling narcotics into iffs on Mexican goods. tled over 1,000 synthetic-drug dent Geraldo Alckmin and de Bolsonaro’s lawyers couldn’t
the U.S., according to people President Trump “has been labs and arrested thousands of Moraes, possibly with poison be reached for comment.
U.S. on security familiar with the incident. crystal clear that Mexico must alleged cartel members. or grenades, according to the The U.S. State Department
Sheinbaum wants to pre- do more to combat these She said Thursday that she two-year investigation. condemned the house arrest,
BY SANTIAGO PÉREZ vent the kind of military ac- gangs and cartels and the U.S. expected Mexico and the U.S. As Trump has sought to in- saying it would “hold account-
AND JOSÉ DE CÓRDOBA tions that Trump administra- stands ready to assist and ex- to sign a deal soon. “Respect- tervene on Bolsonaro’s behalf able all those aiding and abet-
tion officials have considered, pand the already close cooper- ing our territory,” she said, was in recent weeks, the country’s ting” the move. “Let Bolson-
MEXICO CITY—Military such as sending a drone to ation between our two coun- one of the key principles. The justices have clamped down aro speak!” it said, accusing
forces followed a tip to the blow up a fentanyl lab or us- tries,” said White House security agreement aims to on the former president, in- de Moraes of using his power
outskirts of Mexico’s capital ing U.S. Special Forces to cap- spokeswoman Anna Kelly. provide strategic direction and cluding fitting him with an to silence the opposition.
last October to capture a car- ture a drug boss. But incidents The day the alleged fenta- policy guidance on security
tel operative from China that underscore the penetra- nyl smuggler escaped, Mexi- threats, a U.S. official said.
wanted in the U.S. tion of organized crime in so- can officials negotiating with But the extensive infiltra-
A Mexican judge placed Zhi ciety and government risk U.S. counterparts in Washing- tion of local governments by
Dong Zhang under house ar- weakening Sheinbaum’s hand. ton over trade were told the gangs has undermined her at-
rest while he awaited U.S. ex- Days after the escape, Shein- U.S. would impose a 30% tariff tempts to project control.
tradition proceedings on baum said a foreign national on Mexican goods on Aug. 1 if On July 12, the military
charges including laundering facing such serious charges Mexico didn’t step up efforts commander for the state of
some $150 million for Mexican should have been ordered de- against the cartels. In the end, Tabasco said Hernán Bermú-
gangs and smuggling vast tained by the judge. Trump postponed the tariffs dez, the state’s former security

SAULO ANGELO/THENEWS2/ZUMA PRESS

amounts of cocaine, fentanyl “He was granted house ar- for 90 days, in part because of chief, was wanted on charges
and methamphetamine. rest with no grounds for it,” Sheinbaum’s willingness to he ran a criminal group.
In July, he escaped through she said last month. “We’ve keep talking about compli- Sheinbaum’s administration
a hole in the wall of the house been insisting that there is cated cross-border issues. has struggled to contain vio-
where he was being held by corruption in the judiciary.” Sheinbaum wants to reach lence in Sinaloa state. More
Mexico’s National Guard, gov- The brazen escape under- an agreement with the U.S. on than 1,500 people have been
ernment officials said. scores the weakness of Mex- intelligence-sharing and bilat- killed, and 2,000 more are
The escape infuriated Mexi- ico’s efforts to fight organized eral enforcement coordination. missing or believed to have
can President Claudia Shein- crime. The Trump administra- Mexico has deployed 10,000 been kidnapped in a war among
baum, whom the Trump ad- tion has labeled Mexican car- troops to guard the U.S. bor- factions of the Sinaloa cartel. Bolsonaro supporters rallied Sunday on Copacabana Beach.

More Israelis rise in concern for the suffering

is mostly found in Israel’s polit-
ical left and center, said Tamar
that the dire situation in Gaza
is being discussed at all
means it has to be confronted.
Gaza and even taking a stand
against Israeli actions. Channel
12 declined to comment.

Question Hermann, a pollster and senior

fellow at the Israel Democracy
Institute think tank in Jerusa-
“We moved from a stage
where we really didn’t see any-
thing about what is happening
In recent weeks there have
also been more protests
against the war by Israeli Ar-

Gaza War lem. A poll by the institute led

by Hermann, which was taken
at the end of July, showed that
in Gaza to public discourse—
people are talking about it,”
even if they don’t agree, said
abs, who make up around 20%
of Israeli citizens.
While Hermann’s poll found
79% of Jewish Israelis weren’t Eran Halperin, a professor of that 86% of Israeli Arabs are
Continued from Page One personally troubled by reports psychology at Hebrew Univer- personally troubled or very
Grossman, and a former dep- of famine and suffering by Pal- sity in Jerusalem. “It is a very troubled about the humanitar-
uty director of the Mossad spy estinians in Gaza. significant change.” ian situation in Gaza, this
agency even called the war a But a breakdown of the re- Until recently, there was al- group had stayed mostly quiet
AMIT ELKAYAM FOR WSJ

genocide, as did two Israeli sult showed stark differences most no graphic footage of up until recently, because of
human-rights groups for the based on political views: 70% Gazans killed or coverage of heavy-handed Israeli policing
first time. of Jewish Israelis on the left their suffering on major Is- over shows of support for
Some analysts say the and 32% of those affiliated raeli news channels, as is Gaza, even on social media.
growing willingness by Israe- with the center said they were widely featured in media “The situation was very
lis to speak out on the moral- personally troubled by reports around the world. difficult in terms of the com-
ity of the war is connected to People held signs at Thursday’s Tel Aviv protest calling of famine and suffering in That is beginning to change. bativeness of the police, ar-
more Israelis asking hard attention to the suffering of Palestinians in Gaza. Gaza, compared with just 6% After her show aired a segment rests, questioning, intimida-
questions about whether Is- from those on the right. on the way hunger in Gaza is tion for anyone who tried to
rael can achieve its goal of de- a security discussion on Tues- its opposition to the war. “There is a very big differ- covered around the world, Is- show solidarity or protest
stroying Hamas and freeing day about the fighting in Gaza Some Israelis pushed back ence between the camps,” raeli news anchor Yonit Levi against the war and the star-
the hostages after almost two and its expansion into areas against the petition. One of Hermann said. “It is really as shocked many by saying the vation in Gaza. People were
years of fighting. where hostages could be held, the country’s most popular if it isn’t the same public negative views of Israel weren’t very scared,” said Amir Bad-
While Hamas has been sub- an Israeli official said. singers, who was injured opinion. These are people who because of a failure of public di- ran, 53, a Jaffa city council
stantially weakened, it is still “In light of what is happen- while fighting in Gaza as a re- think totally differently.” plomacy, but what she called “a member who helped organize
capable of guerrilla warfare ing, there is a need to make servist, accused the signato- Significantly, voters on the moral failure.” a protest against the war at-
and 20 Israeli hostages remain our voice heard—a voice of ries of spreading lies. Eilon, right of the spectrum who In the past few weeks, tended by dozens of local Ar-
captive along with the remains values, compassion,” said Eyal the protester in Tel Aviv, and constitute Netanyahu’s core groups of protesters have held abs and Jews on Friday.
of 30 others. Cease-fire talks Sher, director of the Israel other activists were at times base have barely shifted. The demonstrations outside the A change happened around
remain at a stalemate and Festival, who helped organize confronted by bystanders, tell- recent outpouring of senti- studio of Channel 12, Israel’s two weeks ago starting with
many Israelis believe Prime the petition signed by over ing them they should be ment to end the war has so most popular news channel and local protests, he said, and he
Minister Benjamin Netanyahu 1,000 Israeli artists and musi- ashamed of themselves for far been unsuccessful in per- where Levi works, calling on it hoped more people would join.
is prolonging the war for his cians in recent days. It is the spreading lies about people suading the Israeli govern- to cover suffering in Gaza. Now, “People burst, burst out
own political survival, which he first time such a large group starving in Gaza. ment to change course. But more mainstream journalists because they can’t hold it in-
denies. Netanyahu will convene of cultural figures has voiced Polling also shows that the some analysts say the fact are covering Palestinians in side anymore,” Badran said.

ISRAEL MOZAMBIQUE SOUTHEAST ASIA WORLD WATCH

Government Fires Attacks Displace Thailand, Cambodia
Attorney General More Than 46,000 Launch Peace Talks
The Israeli government on Attacks by insurgents in Thai and Cambodian offi-
Monday voted to fire the at- Mozambique’s northern Cabo cials met in Malaysia on Mon-
torney general, who is over- Delgado province displaced day for the first round of
seeing Prime Minister Benja- more than 46,000 people in cross-border committee talks
min Netanyahu’s corruption the space of eight days last since a tense cease-fire last
trial, as part of an overhaul month, the United Nations mi- week ended five days of
of the judiciary. gration agency said Monday. clashes that killed dozens and
SOUTH KOREAN DEFENSE MINISTRY/AGENCE FRANCE-PRESSE/GETTY IMAGES

Following the vote to oust The International Organi- displaced over 260,000 people.
Attorney General Gali Baha- zation for Migration said The July 28 cease-fire, me-
rav-Miara, the High Court— nearly 60% were children. diated by the Association of
the country’s top court—en- There have been no reports Southeast Asian Nations, fol-
joined the government from of deaths in the attacks. In a lowed economic pressure
appointing a successor until separate report, the U.N.’s hu- from President Trump, who
further instructions. The court manitarian office said the had warned the warring na-
had told the government that wave of attacks between July tions that the U.S. wouldn’t
its firing was inappropriate. 20 and 28 across three dis- conclude trade deals with
The cabinet’s decision was tricts in Cabo Delgado caused them if the fighting persisted.
unanimous but can’t be im- the surge in displacements. Washington lowered tariffs on
plemented until the High The southern African na- goods from the two countries
Court rules on petitions tion has been fighting an in- to 19% from 36% on Aug. 1.
against it, the court previ- surgency by Islamic State-af- Monday’s talks focused on
ously said. Yesh Atid, an op- filiated militants in the north ironing out details to avoid
position party, and the Move- for at least eight years. further clashes. Discussions
ment for Quality Government Rwandan soldiers have been of the decadeslong compet-
in Israel, an advocacy group, deployed to help Mozam- ing territorial claims aren’t on
said they submitted petitions. bique fight them. the agenda. SOUND OF SILENCE: Near the demilitarized zone separating the two Koreas on Monday, South
—Anat Peled —Associated Press —Associated Press Korean soldiers removed loudspeakers that had blasted propaganda and K-pop at the North.
A7A | Tuesday, August 5, 2025 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. Tuesday, August 5, 2025 | A7B

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A8 | Tuesday, August 5, 2025 * *** THE WALL STREET JOURNAL.

FROM PAGE ONE

tween August and October. farms,” said Moira Le Pa-
Rare Bear Jake Davis, a wildlife film-
maker from Jackson, Wyo.,
tourel, a naturalist who guides
wildlife-viewing tours.
spent four years trying to spot Marven Robinson, a mem-
Still Draws a spirit bear.
He started saving up money
ber of the indigenous Gitga’at
First Nation who guides spirit

A Crowd a few years before finally

making his first trip in 2015.
“It just seemed like the bear
bear tours from the village of
Hartley Bay, recalled a time 30
years ago when he regularly
was too cool to be real,” he saw three spirit bears at a
Continued from Page One said. time scooping salmon out of
the province. Despite five days searching, creeks.
One small problem: The Davis didn’t find a spirit bear “All the way down you’d

ANGELA OWENS/WSJ
real thing rarely shows up. on that trip, which cost about see backs of fish, and I’ve
A dwindling supply of $5,000. He traveled to the never seen it like that since,”
salmon, their main meal, has Great Bear Rainforest two he said.
driven the bears from the more times over the following Last fall, a group of guests
streams where tourists had three years. boarded a sailboat in the town
the best shot to see them. A guide would take Davis A spirit bear walks along a creek in the Great Bear Rainforest. of Kitimat for a nine-day jour-
There might be 100 spirit by boat to different estuaries, ney south, eating and sleeping
bears in the region now, a where they would get out and spending a few hours fishing The hope of spotting one stands out in the dark forest on the boat. They scanned the
fraction of previous estimates walk upstream until they near its captive audience. “It still fuels much of the local but helps bears blend in shoreline incessantly for a
of 400, said Christina Service, found a good spot to sit and was like something out of a tourism industry. The Spirit against a bright sky when glimpse of white fur behind
a biologist at the University of wait. Again and again he came storybook,” Davis said. Bear Lodge sees approxi- fishing for salmon. the blips of humpback whales
Victoria. She studied the ani- up empty. “I think about that place all mately 500 guests during the Biologists say climate breaching the surface.
mals for two years before she “Those days are long—it’s the time and am itching to get season. change, logging and open-net On the third day, guests
saw one. cold, it’s rainy, and you’re just back,” he said. Before trophy hunting was salmon farms have decimated went to shore on a small is-
“There’s posters of spirit sitting all day,” Davis said. Not spotting a spirit bear banned in their territory, the wild salmon populations off land. A short hike beneath red
bears everywhere. It sort of “You’re hopeful, but you tried isn’t a total loss. Whales and indigenous Kitasoo Xai’xais Canada’s coast. alders and Sitka spruce led to
gives you this impression that for so long, so the odds seem seals are plentiful in the sur- people kept their spirit bears Canada in 2016 protected the bank of a shallow creek,
you just come up here and low.” rounding waters. Grizzly a secret, said Sierra Hall, a re- most of the rainforest from where they huddled under a
you’re going to see one in ev- His luck changed on his bears are nearly guaranteed. search associate with the Kita- logging, and open-net salmon tarp to shelter from the rain.
ery corner,” Service said. “But third trip. Bald eagles are another con- soo Xai’xais First Nation stew- farms are set to close by As the precipitation ta-
in fact, it’s really hard to find On the final day of poten- solation prize. ardship department. 2029. They had been set to pered off, a lumbering white
them, and they’re very, very, tial bear viewing, Davis saw a Spirit Bear Lodge, an indig- “They’re so rare, and every- close by this year but indus- form emerged from a bend in
very rare.” flash of white through the enous-owned ecotourism com- body wants the rare things in try advocates lobbied for an the creek, climbing up the
That hasn’t dented the en- bushes above a steep cliff on pany in the heart of the Great life,” Hall said. extension. bank with a salmon carcass
thusiasm of tourists, who the opposite side of a stream. Bear Rainforest, advises Both parents must carry “The best way to start a between its jaws.
spend thousands of dollars to A spirit bear stepped out of guests they have a 50% chance the recessive gene that gives bar fight in the town that I It lingered along the water
join tours timed to the the brush and onto a fallen log of seeing a spirit bear during about a 10th of cubs in the re- live in is to go and talk to a for just a few minutes, then
salmon-spawning season be- that spanned the stream, their four- or six-night stay. gion their white coat. It fisherman about salmon disappeared into the forest.

Inside
Disney’s

FROM LEFT: CHRIS PIZZELLO/ASSOCIATED PRESS; EVAN AGOSTINI/ASSOCIATED PRESS

AI Trials
Continued from Page One
Hollywood’s much-discussed,
and much-feared, AI revolu-
tion won’t be an overnight ro-
bot takeover.
Johnson approved the plan,
but the use of a new technol-
ogy had Disney attorneys
hammering out details over
how it could be deployed,
what security precautions
would protect the data and a
host of other concerns. They
also worried that the studio
ultimately couldn’t claim own-
ership over every element of Left, Dwayne Johnson onstage at a ‘Moana 2’ event. Right, a costumed Darth Vader character at an interactive ‘Star Wars’ experience last year.
the film if AI generated parts
of it, people involved in the use AI in movies have gone intellectual property and us- featured on the same product, the AI bot, gamers had figured win has boasted of the tech-
negotiations said. nowhere. ing the studio’s characters in like a lunchbox or poster, de- out a way to make it curse in nology’s godlike assistance in
Disney and Metaphysic Meanwhile, Disney’s legal inappropriate ways, according signers must ensure their James Earl Jones’s signature creating whole sequences of
spent 18 months negotiating teams remain fiercely protec- to people familiar with the gazes are fixed in different di- baritone. Epic fixed the work- certain episodes.
on and off over the terms of tive of the studio’s characters discussions. rections, so that the charac- around within 30 minutes. Lionsgate, the studio be-
the contract and work on the and wary of any moves inter- Disney is up against compa- ters are all plausibly living in Ten million players spoke with hind the John Wick franchise,
digital double. But none of the nally or by third parties that nies like OpenAI and Google, their own “universe.” Vader at least once, according last year announced a licens-
footage will be in the final could harm its brand. which argue that having ac- It took years for the com- to Epic. ing deal with generative AI
film when it’s released next For Disney, protecting its cess to copyrighted materials pany to allow Disney’s charac- The joint venture is being company Runway in exchange
summer. characters and stories while as they train their models is ters from different universes— overseen by Josh D’Amaro, for a custom-built AI model it
A deepfake Dwayne John- also embracing new AI tech- crucial to compete in the AI such as C-3PO and Ariel from head of Disney’s parks and re- can use for production. A24,
son is just one part of a nology is key. “We have been race with China, which carries “The Little Mermaid”—to in- sorts, who is on a shortlist of the studio behind “Everything
broader technological earth- around for 100 years and we national security implications. teract with each other in vid- internal candidates to succeed Everywhere All at Once,” was
quake hitting Hollywood. Stu- intend to be around for the In June, Disney and Com- eogames. Iger. D’Amaro has made it a among the first studios to use
dios are scrambling to figure next 100 years,” said the com- cast’s Universal took their most Disney’s concerns about point to spend time with Epic Runway’s AI.
out simultaneously how to use pany’s legal chief, Horacio Gu- drastic step yet toward protect- control of its characters and CEO Tim Sweeney, periodi- Some in the industry are
AI in the filmmaking process tierrez, in an interview. “AI ing their creative works, suing stories have been a point of cally visiting with him in scared of the technology in a
and how to protect themselves will be transformative, but it AI provider Midjourney for al- debate in its recent work with Cary, N.C., where Epic is way enthusiasts criticize as
against it. While executives doesn’t need to be lawless.” legedly making copies of their Epic Games, the company be- based, and going on hikes to- naive. On some sets, visual-ef-
see a future where the tech- It’s just one of the chal- copyrighted properties. hind Fortnite, with tens of gether, according to one of fects crews are warned on
nology shaves tens of millions lenges facing Chief Executive “Midjourney is the quintes- millions of monthly active us- the people. their first day to not even
of dollars off a movie’s budget, Bob Iger, who is expected to sential copyright free-rider ers. Disney sees gaming as an Some Disney executives mention the term “AI.”
they are grappling with a name a successor in early and a bottomless pit of plagia- important avenue for building have raised concerns ahead of
present filled with legal un- 2026 after nearly 20 years at rism,” the companies said in future fandom. the project’s launch, antici-
certainty, fan backlash and a the helm. He is under tremen- its complaint filed in June. Fortnite collapses fran- pated for fall 2026 at the ear- Contract talks
wariness toward embracing dous pressure to reduce costs Midjourney hasn’t responded chises into one storytelling liest, about who owns fan cre- Hovering over any major
tools that some in Silicon Val- amid declines in movie theater to the suit. universe— ations based on Disney studio decision regarding the
ley view as their next-century attendance and increases in The lawsuit where Batman characters, said one of the technology: contract talks
replacement. people canceling their cable is seen by Dis- can coexist people. For example, if a Fort- with the Screen Actors Guild
subscriptions. He has recently ney’s competi- ‘AI will be with Lara Croft nite gamer creates a Darth set to resume next year. Exec-
Early steps
had to fend off criticism that tors as the transformative, and Franken- Vader and Spider-Man dance utives are reluctant to make
his company has had creative strongest effort stein’s Bride. that goes viral on YouTube, any announcement that might
The Academy of Motion challenges, and has focused yet to establish but it doesn’t Disney is plan- who owns that dance? anger the union or be re-
Picture Arts and Sciences is too much on recycling old a legal frame- ning its own versed under the new con-
surveying members on how properties. work for AI is-
need to be world (inter- tract’s terms.
they use the technology. Stu- Concerns about bad public- sues. Some for- lawless.’ nally code- Hollywood divided The 2024 movie “Here,” a
dio chiefs are shutting down ity were a big reason that Dis- mer employees named “Bull- Those ownership concerns Sony release that told a story
efforts to experiment for fear ney scrapped a plan to use AI and business d o g ” ) extend to major motion pic- spanning decades, used gener-
of angering show-business in “Tron: Ares”—a movie set partners who connected to tures across Hollywood. On a ative AI to de-age stars Tom
unions on the eve of another for release in October about go toe-to-toe with Disney over Fortnite where gamers can in- typical visual-effects contract, Hanks and Robin Wright—and
contract negotiation. And no an AI-generated soldier enter- use of its characters jokingly teract with characters includ- the company creating the ef- the software allowed them to
studio stands to gain or lose ing the real world. refer to the company as “the ing Marvel superheroes and fects gives ownership of the see the footage of their youn-
more in the outcome than Dis- Executives pitched the idea largest law firm in California.” “Avatar” creatures, people fa- material to the studio. But sim- ger selves instantaneously.
ney, which has churned out of actually incorporating AI Disney said it is balancing miliar with the plans said. ilarly transferring ownership When it came time to pro-
some of the most valuable, into one of the characters in the desire by its executives to Some Epic executives have of AI-generated work isn’t so mote the film, producers grew
and protected, creative works the sequel to the 1980s hit move quickly on AI with the complained about the slow seamless, lawyers said. concerned about potential
in the world over the past movie “Tron” as a buzzy mar- need to protect its characters. pace of the decision-making at In the absence of any legal pushback to having an A-list
century. keting strategy, according to “Our job is to enable our cre- Disney, with signoffs needed precedent, studios fear a fu- name like Hanks speak about
Interviews with more than people familiar with the mat- ators to use the best AI tools from so many different divi- ture in which they don’t own the AI technology used in its
20 current and former em- ter. A writer would provide available without compromis- sions, said people familiar every element of a finished making, a person involved in
ployees and partners present context on the animated char- ing the company long term,” with the situation. And an ex- film, and no studio attorney the film said.
an entertainment giant torn acter—a sidekick to Jeff Gutierrez said. periment to allow gamers to wants to be the one to unwit- Hanks joked about those
between the inevitability of Bridges’ lead role named Bit— Google, OpenAI and others interact with an AI-generated tingly let that happen. concerns during an appear-
AI’s advance and concerns to a generative AI program. now offer video, photo and Darth Vader was fraught. The stakes are high for a ance on “The Late Show with
about how to use it. Progress Then on screen, the AI pro- sound editing tools that let Within minutes of launching company with as many well- Stephen Colbert,” asking the
has at times been slowed by gram, voiced by an actor, fans be their own producers, known characters as house band to play a forebod-
bureaucracy and hand-wring- would respond to questions as with the ability to manipulate Disney, which Gutierrez ing sequence of notes any
ing over the company’s social Bit as cameras rolled. characters and images at will. said doesn’t want AI time he used the term AI.
contract with its fans, not to But with negotiations with That’s tough for a company firms to pay for use of “Everybody gets scared,” he
mention its legal contract unions representing writers that controls its IP as tightly its characters and then said.
with unions representing ac- and actors over contracts hap- as Disney, longtime executives assume free rein. Disney’s own history speaks
tors, writers and other cre- pening at the same time, Dis- said. In the suit filed against “We want Darth to how studios have navigated
ative partners. ney dismissed the idea, and Midjourney, Disney and Uni- Vader just for Disney— technological crossroads be-
The company’s early steps executives internally were told versal included AI-generated we are not interested in fore. When Disney hired Pixar
have included discussions that the company couldn’t risk images of some of their most surrendering control of to produce a handful of
about adding features within the bad publicity, the people popular characters, including our characters and IP to graphic images for its 1989 hit
its Disney+ streaming service said. the Minions and Darth Vader. others in exchange for a “The Little Mermaid,” execu-
BRENDAN MCDERMID/REUTERS

to enable subscribers to create Historically, Disney has check,” Gutierrez said. tives kept the incorporation a
their own clips of Disney been reluctant to allow its In some corners, the secret, fearing backlash from
shows and allowing gamers to Balancing act characters to mingle on con- technology is embraced fans if they learned that not
interact with an AI-generated Iger and Gutierrez have sumer goods it manufactures, as a lower-cost, more ef- every frame of the animated
Darth Vader in Fortnite. Dis- met with White House offi- let alone mix and match in ficient tool. On Amazon’s film had been hand-drawn.
ney took a $1.5 billion stake in cials in recent months to dis- ways that AI tools encourage. “House of David,” a Such knowledge, executives
Fortnite’s owner, Epic Games, cuss worries about AI models When princesses like Cinder- show about the biblical feared, might “take away the
last year. Some of its efforts to infringing on the company’s ella and Sleeping Beauty are Disney CEO Bob Iger in July. figure, creator Jon Er- magic.”
 PERSONAL JOURNAL.
© 2025 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, August 5, 2025 | A9

 Southwest is joining its rivals

in charging for extra-legroom
seats and seats near the front of
the plane.

times Chief Executive Bob Jordan

says the changes are designed to
give travelers choice and to woo
new passengers who never con-
sidered Southwest because of its
undeniably quirky ways.
Bottom line: This is a price in-
crease and gives travelers fewer,
not more choices when shopping
for airline tickets. Free bags and
open seating often tilted the bal-
ance in favor of Southwest for
those of us on a budget—and
these days who isn’t on one. That
was especially true in cities where
Southwest is big, like Denver, Chi-
cago, Baltimore and even Phoenix,
my home airport.
Sure, getting a decent seat was
a stressful crapshoot without sta-
tus or paying for one of South-
west’s early boarding options. But
you had a shot even if you bought
the airline’s cheapest ticket.
Now Southwest is no different
than American, United, Delta,
Spirit, Frontier, et al. Buy its
cheapest ticket and you pay up or
play seat roulette the day before
departure. It’s a maddening math
puzzle if you have several
travelers.
Don’t get me started by saying,
“But Southwest’s fares are cheap.”
They haven’t been cheap for years

Southwest’s New Seat Policy

aside from the occasional off-peak
sale, at least on popular routes.
This is a money grab, and it
will no doubt succeed. Southwest
was criticized for years by Wall

Is a Simple Grab for Money

Street for leaving fee money on
the table. Now it will get its share.
The airline’s executives said last
week that they already have seen
evidence of travelers trading up
for tickets with more perks.
Switch to assigned seating comes with annoying seat fees—and gives travelers fewer choices Seat fees aren’t included in
government air-
line fee data like
trip from Chicago to Fort Lauder-  Travelers can baggage fees, but
CARRY ON dale, Fla., you’ll pay $79 to $86 avoid Southwest reports suggest
DAWN one way for the airline’s new ex- seat fees without airlines are raking
GILBERTSON tra-legroom seats in the front of paying up for one it in. (I know sim-
the plane and exit row. Want to of its pricier ply from tracking

S
sit in rows 6-13? You’ll pay $37- tickets by using seat prices for
$41 each way for a “preferred seat frequent-flier years now and
outhwest is officially with standard legroom. That’s all status or one of watching the
just another airline. on top of a round-trip ticket price the airline’s credit prices escalate.)
The transformation of $937. cards. United Airlines
of the nation’s largest Southwest’s extra-legroom collected more
domestic carrier by pas- seats come with complimentary revenue in 2023
sengers, the one that alcoholic beverages, premium for the picking in from seat fees
ridiculed rivals’ fees snacks and priority the back half of ($1.3 billion) than
for years, began boarding. the plane, but tick- it did from
when it added bag For a Super Bowl ets just went on checked-bag fees
fees in late May. Its The airline’s weekend getaway sale and the ($1.2 billion), ac-
new status was ce- signature open from Los Angeles to flights are several cording to a Sen-
FROM TOP: KIICHIRO SATO/AP; TONY GUTIERREZ/AP

mented last week Las Vegas in early months away. The ate subcommittee
when it started sell- seating is gone, February, South- number of free report on junk fees
ing flights with as- west is asking $38 seats will shrink last fall.
signed seats for
replaced with to $41 each way to as the plane fills up. The seats in for a pricier ticket, is to have Longtime industry consultant
travel beginning a seat map. reserve an extra- this section are open to anyone Southwest frequent-flier status or Jay Sorensen estimates American,
Jan. 27. legroom seat and but basic economy ticket buyers. one of its credit cards. Delta and United collectively gen-
Southwest’s sig- $23 to $26 for a Those travelers have to pay a fee I have Southwest status as well erated about $3.2 billion from as-
nature open seating preferred seat. ($14-$16 one way in the LAX-Ve- as its top credit card and still signed-seat revenue in 2024.
is gone, replaced with a seat That’s on top of the $270 round- gas case) or wait until a seat is cringe at the new Southwest. So Southwest isn’t doing any-
map—and those annoying, eye- trip ticket price for the short hop. assigned free at check-in. I don’t care if Southwest touts thing nefarious, it’s just joining
popping seat fees. Yes, all of the flights I checked The only way around the new a cutesy corporate phrase like the crowd. And that’s so not
For a Presidents Day weekend had rows of free seats available seat-fee mess, unless you pay up “seatisfaction.” Or how many Southwest.

Stop Complaining About Gen Z Workers

BY SUSAN LUCIA ANNUNZIO

I
n many ways, Gen Z is unlike
previous generations entering the
workforce.
The obvious reason is the pan- work to understand ization? Maybe it is
demic, which isolated many in the what might be prompt- Cornhole Fridays, a
Gen Z generation from both their ing behaviors that look bowling league or a
peers and adults outside of their strange or different team lunch. Better yet,
immediate families. Some of them than what you might ask them what they
missed out on formative experi- expect of a new hire. want. Identify your
ences that can help shape careers, For example, rather most outgoing employ-
such as in-person classes and con- than assuming young ees and form a culture
versations, as well as internships, workers are antisocial committee. Make so-
studying abroad and working in of- or unfriendly, consider cialization part of on-
fices alongside seasoned veterans. why they might find it boarding, not an after-
At the same time, Gen Z has difficult to interact with thought.
faced an unprecedented level of others and help them
rejection, ironically as a result of figure out what would Create a formal
technology intended to make make it easier. If they development plan
processes easier. They can—and do seem overly sensitive, Formal development
—apply to dozens of colleges and explore why this might plans are more critical
hundreds of jobs with the click of a be, rather than judging for Gen Z than they
mouse. But faced with constant them. were for prior genera-
rejection, many young adults are tions, when informal
more anxious, less motivated and Unlock their mentoring was more
more afraid to take chances than technology skills common. Such plans
previous generations. During the pandemic, might include internal
It isn’t unusual to hear some many young people or external classes or
bosses stereotype Gen Z hires as used their alone time to workshops, a mentor-
being difficult to manage, complain- enhance their technol- ship program, peer-sup-
ing they lack initiative, communica- ogy skills. Some dab- port groups and oppor-
tion skills and preparedness. In most bled in coding or video production  Because of the pandemic, some job is to listen. Ask your young work- tunities to shadow employees or
cases, however, it would be a mis- (think TikTok), while others experi- Gen Z workers missed out on ers about their ambitions, profes- other role models. Efforts to im-
take to fire these young employees. mented with AI, built apps or found formative experiences that help sional and personal frustrations and prove Gen Z’s verbal-communication
A better response is to approach new ways to create and connect in shape careers. the influences shaping their world- skills, such as a public-speaking
your Gen Z workers with empathy a digital-first world. view. When this generation feels class or a workshop on difficult con-
and provide opportunities for social These talents don’t necessarily heard, they will engage and grow. versations, can be very helpful.
interaction and development. The show up on résumés, so ask your meetings where they can turn off Your job as a boss isn’t to make
companies that do this will attract young workers what technology their video and audio, and participa- Encourage socialization these workers more like you—it is
and retain the best young talent, skills they might have gained during tion is often optional. Forget about Think back to your first job. How to make them the best version of
while those that don’t may continue lockdowns and how they applied telling these employees you have an did you make friends? Office banter, themselves and maximize their
to face turnover and them. Are those skills being used in open-door policy; they won’t walk postwork drinks and team lunches value to your company. The choice
disengagement. their current role—or is there a bet- through it. Instead, leaders may were the foundation of your profes- is yours: Complain about Gen Z or
Here are five suggestions on how ter fit within the organization? need to create intentional, low-pres- sional network. Now, imagine start- coach them to become stars.
to motivate your Gen Z employees: sure spaces for conversation. ing your career without them.
Create space That could mean taking young That’s the reality for many in Gen Z. Susan Lucia Annunzio is a
Approach with empathy for conversation employees out for coffee, or setting Your role as a leader isn’t just to leadership coach and an associate
Don’t accept the negative stereo- Gen Z has been raised in a world of up one-on-one video calls. This isn’t manage their work—it is to intro- adjunct professor of management
types that are sometimes used to asynchronous communication— a formal check-in or performance re- duce them to workplace culture. Do at the University of Chicago Booth
ISTOCK

describe Gen Z employees. Instead, texts, DMs, emails, as well as Zoom view—it’s a conversation where your you provide opportunities for social- School of Business.
A10 | Tuesday, August 5, 2025 * *** THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

Stratospheric Number of ultra-high net

worth individuals*

Prices Fuel
500,000

400,000

Private Flights 300,000

Continued from Page One 200,000

whether it is a model flying with
friends to a bachelorette party in
Los Cabos, Mexico, or a hedge-fund 100,000
manager hopping a plane to a birth-
day weekend in St. Barts.
0 Estimate
Realistic expectations are in or-
der. “It is my dream to fly private,” 2020 ’21 ’22 ’23 ’24
said a user on a Reddit forum for so- *Individuals with a net worth of more than $30 million
called Henrys (which refers to high Source: Altrata
earners, not rich yet), adding that he
earns about $300,000, is married
and has a kid in daycare. ing the pandemic because of health
“Definitely closer to broke than concerns.
flying private,” another user re- Many of them have found it tough
sponded. to go back to flying commercially.
Yet the number of people who are And years of economic growth have
rich enough has surged. The club of helped ease the stigma around con-
ultrahigh-net-worth individuals with spicuous consumption that set in af-
more than $30 million in assets hit ter the 2008-09 financial crisis.
a record in 2024, according to esti- “It’s in vogue to be wealthy,” he
mates from the wealth-intelligence said. “Sometimes we love the rich.
provider Altrata. The U.S. added Sometimes we hate the rich.”
more than 1,000 millionaires every It isn’t just avoiding the security
day last year on average, according line, or the hoi polloi. Flying private
to UBS. The billionaire club grew means trading Biscoff cookies for
more than 50% between 2015 and freshly baked ones and picking lunch
2024. with such items as shrimp cocktail
Private-jet hours flown touched a and filet mignon from menus span-
high in 2022 and have stayed ele- ning a dozen pages. Chef Nobu Mat-
vated since then, according to data suhisa crafted a menu for VistaJet
from the aviation-services firm Ar- that includes miso salmon. Some
gus International. Travelers can now cabin hosts are trained to give trav-
use apps to snag individual seats on elers facials 40,000 feet above the
private jets or pay for flights by the ground—with Dr. Barbara Sturm’s
hour. Others charter flights, paying line of luxury skin care.
for just the occasional trip from New Flexjet hosted members in Lake
York to Miami, while the rare busi- Como last year, whisking them to a
ness mogul might spring for the en- yacht excursion and black-tie dinner.
tire jet. Guests tried on jewels by Garrard,
Some jet providers accept pay- the jeweler that has designed pieces
ment in crypto. for England’s royal family, including
brooches for Queen Elizabeth II.
Shrimp cocktail, facials Tennille Holt, 44, retired in 2023
Kenn Ricci, a pilot and chairman of and now spends much of her time
Flexjet, a private-jet company, said traveling the world with her husband
the “frugal wealthy”—high earners and 8-year-old cavapoo, Hudson.
who typically didn’t splurge— Hudson has his own Instagram ac-
started spending big on travel dur- count documenting his life, including
his private-jet flights,
where he is often served
his favorite: grilled Flush with cash  Tennille Holt spends much of business travel, a welcome perk for
chicken. Around a third of wealth-manage- her time traveling the world with clients who frequently mix their
She and her husband ment firms working with high-net- her husband and 8-year-old work trips with pleasure.
spent about $200,000 to worth individuals now offer con- cavapoo, Hudson. Kevin Hooks, 63, a Flexjet client
fly Hudson from Australia cierge or lifestyle services, such as and veteran flier, said he spends
to Los Angeles in a Bom- private aviation, according to a sur- around $800,000 annually mostly
bardier Global 6000 and vey by Cerulli Associates. Family offices, which are private crisscrossing the Southwest in a
avoid the commercial Money managers for the super- entities that manage large pools of Praetor 600 midsize business jet that
flight. She recalls dream- rich advise tech and crypto million- money for wealthy families, are turn- seats 9. He has noticed plane hangars
ing about this flexibility aires and billionaires on exactly ing to advisers to help them pur- around the country growing more
while working long days which aircraft to buy and how to fi- chase jets outright, which can run crowded because of increased de-
and nights as an entre- nance it. into the tens of millions of dollars. mand since the pandemic.
preneur. They liaise with bankers on issu- Some advisers connect clients with Hooks, who has been flying pri-
“The goal was to create ing debt should clients prefer to bor- those who can train aircraft crews or vately since he sold his pharmaceuti-
the freedom to live life on row the money against their swell- offer concierge services for trip plan- cals business around two decades
our own terms, which ing investment portfolios—making ning. At Goldman Sachs, dedicated ago, has also taken a liking to private
now includes plenty of monthly interest payments on the plane experts connect their ultrarich helicopters, recently taking one be-
travel and the ability to aircraft rather than putting tens of clients with financiers and point the tween Normandy and London. The
fly privately whenever we millions of dollars down. clients to those who can customize trip saved him eight hours, giving
want,” Holt said. “It’s the After noticing heavy spending on interiors or renovate jets. him more time to search for buried
best and most comfort- flights, Corient, a wealth manager Nishi Somaiya, global head of pri- World War II relics.
able option for Hudson.” with about $200 billion in assets, vate banking, lending and deposits at He sometimes still takes commer-
TENNILLE HOLT (2)

started helping clients team up to Goldman, said there has been a cial planes. He recalls the time his
share private jets by buying frac- flurry of inquiries this summer. Pres- son, then 4 years old, got on a South-
 Hudson during a trip tional slices of planes or prepaid ident Trump’s tax overhaul includes west Airlines flight and asked, “Who
on a private jet. jet cards. a deduction for aircraft used for are these other people on the plane?”

American Express
Banks Become Choosier New credit-card account openings, change from a year earlier

Citi Wells Fargo Bank of America

400,000

With Credit-Card Approvals 300,000

200,000
BY IMANI MOISE first decline in more than a year.

B
At American Express, new ac- 100,000
anks are making credit cards count openings fell 6% from a year
harder to get—for some earlier. But the average fee per
customers. card rose to $117 from $101 a year 0
Lenders opened fewer cards in earlier, driven by stronger uptake
the second quarter, according to of premium cards. –100,000
earnings reports from major issu- Lenders tend to market their
ers. They raised qualification re- cards heavily, but recently they Quarterly –200,000
quirements for lower-end custom- have been targeting consumers
ers that tend to be at greater risk with higher credit scores. In April, 2024 ’25 ’24 ’25 ’24 ’25 ’24 ’25
of missing payments. more than 87% of card-related mail
It was a different story for volume was prescreened, meaning Credit-card spending and balances in the Share of ‘pre-screened’ credit-card
higher-end customers, which are the offers were only sent to con- second quarter, change from a year earlier offers mailed to consumers*
increasingly propelling the U.S. sumers who already had met cer-
economy. JPMorgan tain credit criteria. Spending 88%
Citi Balances
Chase and Citigroup That is the highest
introduced revamped level in nearly three
premium credit cards Lenders are years, according to Wells 86
in recent weeks, and still eager to Competiscan, a mar- Fargo
American Express keting-analysis firm.
teased a big update attract big While the shift Bank of 84
to its Platinum card helps reduce risk,
this fall.
spenders with consumers with ex-
America

“The highest, fast- high scores. ceptional credit rep- American 82

est-growing part of resent less than a Express
our card business quarter of the total
has been with the credit-card market,
Chase 80
heavier spenders,” Capital One said Megan Cipperly, vice president
Chief Executive Richard Fairbank at Competiscan.
told analysts on a call last month. “Only a small subset of consum- Capital
In June, the bank opened a new ers are receiving the lion’s share of One 78
luxury lounge—complete with a credit-card offers—and they’re not 0% 2 4 6 8 April 2023 ’24 ’25
cheesemonger station—in New necessarily the ones who need
York’s John F. Kennedy Interna- more credit,” she said. *Monthly data, through April Sources: the companies (account openings, spending and balances); Competiscan (share)
tional Airport for holders of its Banks are eager to attract big
$395 a year Venture X card. spenders with high scores because
But more banks have raised the they are lucrative and relatively pullbacks in spending from more Card balances are rising—a sign mained steady. The economy hasn’t
bar for credit-card approvals this low-risk. Every time a cardholder cautious consumers. At American that many households are spend- been derailed by trade tensions and
year than lowered it, reflecting swipes, banks collect an inter- Express, spending on airline tickets ing beyond their means. Those bal- growing concerns about the job
growing caution, according to the change fee from the merchant. was flat overall, but spending on ances also have been getting more market. But banks remain wary.
Federal Reserve’s Senior Loan Offi- Such customers are also more front-of-cabin seats rose 10% and expensive this year. The average “The U.S. economy remained re-
cer Survey. likely to pay their monthly credit- short-term rental stays for more interest rate on credit cards rose silient in the quarter,” said JPMor-
Total new credit-card openings card bills in full, so the risk of de- than $5,000 increased 9%. to 24.35% last month, according to gan Chase chief Jamie Dimon, dur-
across four major lenders fell 5% in fault is low. Lower-end consumers, mean- LendingTree. ing earnings last month. But
the second quarter, marking the Heavy spenders also can offset while, are struggling to keep up: So far, delinquencies have re- “significant risks persist.”
 THE WALL STREET JOURNAL. Tuesday, August 5, 2025 | A11

ARTS IN REVIEW
BY HEIDI WALESON OPERA REVIEW of Mantua, his leather jacket con-

Freshening the Familiar

T
trasting with the Renaissance tu-
Santa Fe, N.M. nics of his courtiers. Monterone’s
his summer’s Santa Fe curse was a high point, thanks to
Opera season, which runs Le Bu’s thunderous bass-baritone.
through Aug. 23, skews He was able to prevail over Carlo
toward standard reper- Santa Fe Opera’s summer season enriches largely standard repertoire Montanaro’s noisy, unsubtle con-
toire, but there were sur- ducting, which frequently
prises within that narrow covered the other singers.
compass. Director Melly Still gave The season’s best show
Wagner’s “Die Walküre” a feminist was “The Turn of the
gloss: Its women see clearly, while Screw,” highlighted by
Wotan’s betrayal of his children, Gemma New’s incisive con-
however agonizing and supposedly ducting of Britten’s eerie
for the greater good, is the inevita- chamber orchestration, its
ble result of his lust for power. spareness intensifying the
The walls of designer Leslie opera’s atmosphere of ever-
Travers’s abstract environment are increasing dread. (It has,
made of stretchy cords; shadowy alas, the shortest run, with
figures lurk behind and slip the last of its four perfor-
through them. The past, present mances tonight.) With her
and future of the “Ring” universe rich soprano, Jacquelyn
exist simultaneously, and someone Stucker captured the fright-
is always watching, whether it’s ened, resolute Governess;
Fricka witnessing the meeting of tenor Brenton Ryan’s high-
Siegmund and Sieglinde, or Alber- class English accent and in-
ich jeering at Wotan. The Valkyries’ sinuating melismas made
costumes (also by Mr. Travers) in- the ghost Peter Quint the
voke powerful women like Joan of embodiment of evil; Jennifer
Arc and Madame Defarge, yet Johnson Cano’s staunch but
Wotan controls them—his black- this season, although conductor Ryan Speedo Green and Tamara clueless Mrs. Grose added to
clad soldiers drag them away when James Gaffigan’s sluggish pacing Wilson in ‘Die Walküre,’ above; the Governess’s isolation.
they try to protect the errant Brün- made for some longueurs. Liv Redpath and Riccardo Fassi There’s no ambiguity in
nhilde. In the final tableau, two ex- Laurent Pelly’s production of in ‘The Marriage of Figaro,’ right. Louisa Muller’s staging. The
pectant mothers—Sieglinde and Al- Mozart’s “The Marriage of Figaro” ghosts are present; the only
berich’s unnamed woman—stare at is much improved over its first question is whether they or
each other across Brünnhilde’s fiery outing at the company in 2021, no mented Mr. Pelly’s precise pacing. the Governess will prevail in
bier, foreshadowing the conflict doubt because Mr. Pelly was able Lightly updated to the 1920s, the struggle for the chil-
that requires two more operas to to supervise the staging in person James Robinson’s touching produc- signed by Constance Hoffman. dren—Flora (Annie Blitz) and Miles
resolve. I’d be interested in Ms. this time. (In 2021, Covid-19 meant tion of Puccini’s “La Bohème” sub- Duane Schuler’s acute lighting— (Everett Baumgarten). Designer
Still’s take on those. he directed via Zoom.) Chantal tly emphasized the opera’s theme Mimì and Rodolfo have their first Christopher Oram created tall win-
For his role debut as Wotan, Thomas’s revolving set, inspired of poverty. Allen Moyer’s sets told tryst by moonlight—and Iván López dows and distressed walls for Bly,
bass-baritone Ryan Speedo Green by a clock mechanism, made its that story: When their Act 1 garret Reynoso’s sensitive conducting fur- the country house. All the loca-
husbanded his resources into a point about the intricate ensemble reappeared in Act 4, most of the ther enhanced the evening. tions—including the lake out of
careful portrayal; his savage chas- nature of the opera, while Mr. Bohemians’ few possessions were No new enlightenment was to which the other ghost, Miss Jessel
tisement of Brünnhilde in Act 3 Pelly’s direction—and his hand- gone, no doubt pawned or sold, be had in Julien Chavaz’s take on (Wendy Bryn Harmer), material-
FROM LEFT: SANTA FE OPERA/CURTIS BROWN; SANTA FE OPERA/BRONWEN SHARP

hinted at future development. Ta- some 1930s-era costumes—bal- and the Café Momus, rather than a Verdi’s “Rigoletto.” Designers Ja- izes—are inside. This added to the
mara Wilson was a steely, efficient anced humor with the seriousness working-class hangout, was a fancy mie Vartan (sets) and Jean-Jacques work’s claustrophobia, as did the
Brünnhilde, her static demeanor of the issues at stake. restaurant with chandeliers and Delmotte (costumes) suggested a black Victorian dresses of the three
gaining some nuance after she shed Riccardo Fassi was a deftly patrons in evening dress looking Renaissance-themed carnival, with adult women and Malcolm Rip-
her warrior garb. Tiny and intense, comic Figaro; Liv Redpath an ex- askance at the shabby artists cele- colored flashing lights on geomet- peth’s creepy lighting. Ms. Muller’s
Vida Miknevičiūtė was the eve- quisite Susanna. Ailyn Pérez, a brating a fleeting windfall. ric cutouts and a brocade wallpa- directing flowed through the scenes
ning’s hit, her crystalline soprano late substitution as the Countess, Drunken veterans and an ambu- per design that was echoed in the and orchestral interludes, con-
giving explosive voice to Sieglinde’s sounded tight at first, but her so- lance repurposed for prostitution burgundy costumes of the ensem- structing a seamless, terrifying arc
long-crushed spirit. Mezzo Sarah prano soon bloomed. With his suggested the grim aftermath of ble members, who formed a danc- from the Governess’s anxious jour-
Saturnino was a formidable, dogged dark baritone, Florian Sempey the war, while a cemetery glimpsed ing chorus line during some of the ney to Bly to her final wail over the
Fricka. Jamez McCorkle brought a played up the Count’s disagreeable in Act 3 foreshadowed Mimì’s fate. arias. A legion of standing lamps dead Miles and her walk into the
lyric desperation to the belea- characteristics, making his final The lively ensemble cast fea- served no particular purpose. lake, the last victim of Peter Quint.
guered Siegmund, but his tenor capitulation all the more striking. tured Sylvia D’Eramo as a dreamy, Michael Chioldi, a late replace-
lacked the metallic core needed to Hongni Wu was a delightfully ea- fragile Mimì; Long Long’s solid Ro- ment, powered his way through Ms. Waleson writes on opera for
sustain this punishing role. With ger Cherubino; Maurizio Muraro dolfo; Szymon Mechliński as a volu- the title role. Elena Villalón was the Journal and is the author of
his thundering bass, Soloman How- and Steven Cole were hilarious as ble Marcello; and Emma Marhefka’s an appealing Gilda, convincing in “Mad Scenes and Exit Arias: The
ard’s Hunding was a man who lives Doctor Bartolo and Basilio, the exuberant Musetta, who got the her depiction of an innocent girl’s Death of the New York City Opera
by violence. The Santa Fe Opera Or- Count’s enablers. Conductor Harry evening’s most fabulous costume, a first (and fatally, last) love. Duke and the Future of Opera in
chestra sounds better than usual Bicket’s sprightly tempi comple- black fur-and-feathers number de- Kim was a properly callous Duke America” (Metropolitan).

The WSJ Daily Crossword | Edited by Mike Shenk

ARTS CALENDAR 1 2 3 4 5 6 7 8 9 10 11 12 29 Words before
distance or
HAPPENINGS FOR THE WEEK OF AUGUST 5 13 14 15 discount
30 Like a bass
16 17 18 19
BY WSJ ARTS IN REVIEW STAFF season as “often delightful, Daughter,” the singer-song- 31 Corp. exec
despite its deliberate writer also known as 20 21 22 who follows
Film darkness.” Hayden Silas Anhedönia the money
“Weapons” (Aug. 8) adds to the story of her 23 24 25 32 “House of the
Josh Brolin and Julia “The Pickup” Southern Gothic stage per- Dragon”
Garner lead this psycho- (Prime Video, Aug. 6) sona with an LP that ex- 26 27 28 network
logical horror film in which Pete Davidson and Eddie plores teenage life and love. 33 Samovar
all but one child from the Murphy play an unlikely duo 29 30 31 32 33 34 35 36
same class disappear on the of truck drivers who are MGK, “Lost Americana” 34 Letter count
same night, leaving the ambushed at a cash pickup (Aug. 8) 37 38 39 40 35 Used to be
community bereft and by a criminal group led by The alternative-rock 36 Crewman’s
confused. Zach Cregger Keke Palmer. singer and rapper, formerly 41 42 43 answer
(“Barbarian”) directs. known as Machine Gun Kelly,
44 45 46 38 Hilton
“Outlander: Blood of My releases his seventh studio
competitor
“An Officer and a Spy” Blood” (Starz, Aug. 8) album. A promotional video
(Aug. 8) This prequel to the for the LP was narrated by 47 48 49 50 51 52 53 54 55 39 Record
Although it was released historical fantasy series by Bob Dylan, who called it “a holder for
in 2019 in France, director Diana Gabaldon focuses on personal excavation of the 56 57 58 career grand
Roman Polanski’s pursuit-of- the courtships of central American Dream.” slams,
justice procedural, a dramati- characters Jamie Fraser and 59 60 61 familiarly
zation of the Dreyfus affair, Claire Beauchamp’s Art 40 Meadow
gets its first U.S. release at respective parents. “Charles Gaines: Night/ 62 63 64
coating
Film Forum in New York. Crimes” (The Art Institute
Theater of Chicago, Aug. 9-Feb. 1, 65 66 67 44 Fixed charge
“Freakier Friday” (Aug. 8) “Dolly: A True Original 2026) 45 Service
Lindsay Lohan and Jamie Musical” (Fisher Center for Charles Gaines has long charge?
Lee Curtis reprise their roles the Performing Arts, been interested in blending BAKE-OFF | By Marc Goldstein 46 Anna of
as the mother-daughter duo Nashville, Aug. 8-31) elements of cartography, Across 29 Pittsburgh- 59 Candidate’s 8 “Crazy” singer “Breaking
Anna and Tess Coleman. Directed by Tony Award- photography and natural based metal favorite Green Bad”
1 “Ocean’s
Twenty-two years after their winner Bartlett Sher (“South studies in his work, and all producer baked good
Eleven” plot, 9 Greek vowel 47 Milk maker
body swap, the pair find Pacific”) with a book by of those are present in this
themselves confronted with Dolly Parton and Maria S. series, in which he juxta-
e.g. 31 Close friend 62 Common 10 Troubles 48 Cope with
another identity crisis, this Schlatter, this new musical poses archival photos of 6 Formerly 34 It last flew chart shape change
11 Basic
time including Anna’s follows the country singer’s crime scenes, victims and 10 Jazz style in 2001 63 Stroke on the skateboard 49 Fermented
daughter and soon-to-be journey from her childhood murderers with images of 13 Love deeply 37 Actor’s green trick milk drink of
stepdaughter. in Tennessee to success in constellations that may have favorite 64 Automatic Eurasia
14 Stocking 12 Fragment
been visible at the point the baked good counterpart
stuffers 17 “Adjective” or 50 Columbia
crimes occurred. Augment- 65 Number
15 Quarterback 41 Belt-making “verb,” e.g. River catch
ing these seemingly discon- before
Manning tool 51 Tries to find
nected pictures with nota- 18 Rick’s love, in
42 Titan, to quattro
tions about the date and 16 Comedian’s a 1942 classic 52 Sporty
location of the crime and favorite Saturn 66 “___ Mazda
Wonderful 19 Mineo of
the astrological position of baked good 43 June Carter to 54 Wayne of
Life” movies
the stars, he invites viewers 20 New York Joaquin’s Wayne Manor
to draw their own conclu- Johnny Cash, 67 Spells 24 Dory or
theater dinghy 55 Tries to find
sions about life, death and in “Walk the Down
award
fate. Line” 25 Angst 58 Punta del ___
21 Trompe l’___ 1 December
44 Start for about being (Uruguayan
Last Call (artistic song
Fernando or excluded, beach resort)
“Jeffrey Wasserman” illusion) 2 Sun-dried
Francisco for short 60 Center
(Rosenberg & Co., New York, 22 Pioneer in building
46 Cap’s 27 Simple opening?
through Aug. 8) 35mm material
This show spans several companion refusals 61 “Kinda sorta”
cameras 3 Type of party
 Lindsay Lohan and Jamie Lee Curtis in ‘Freakier Friday.’ decades of paintings and 23 Tennis 47 Off-road or animal Previous Puzzle’s Solution
works on paper by the un- do-over driver’s 4 Author ___ S A L A D P A N AM S H E
derrecognized American art- favorite T R A C E A G O N Y L E A
24 Exerciser’s Stanley
TV Hollywood. It features her ist (1946-2006), revealing baked good Gardner R I G H T AWR O N G E R R
“Wednesday,” Season 2 beloved hits such as “Jolene” how his unique form of ab- favorite I S E E U P O N I MD B
(Netflix, Aug. 6) and “9 to 5,” as well as new straction helped shape the baked goods 53 “Impractical 5 Outdoor gear P E R I T A R E T A G
Jokers” retailer K N OWF U L LWE L L
Jenna Ortega returns in songs written by the star. downtown art scene of 26 Acting as an S C O T I N A A T O
this comedy-horror series as 1970s New York and contin- accomplice to network 6 On numerous C H I L D H O O D H OM E
the teenage daughter of Music ued to evolve thereafter. 28 Western 56 Keats’s “___ occasions R O E I O N V I S A
Gomez and Morticia Ethel Cain, “Willoughby Psyche” P R E P A R E AM E A L
hemisphere 7 Go-to drinks M E S A S AM C D A B
Addams. Back at Nevermore Tucker, I’ll Always Love For additional Arts Calendar alliance, for 57 Lay waste to for Radar C E L S S I R I S I R E
Academy, she faces a new You” (Aug. 8) listings visit wsj.com. Write short 58 Brontë’s Jane O’Reilly B A D T O T A L R E C A L L
A R I D U A N E P A N E L
DISNEY

supernatural mystery. Our Following her narrative to [email protected] and

critic described the first concept album “Preacher’s [email protected]. ▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. G D P A R T S Y AMA S S
 A12 | Tuesday, August 5, 2025 THE WALL STREET JOURNAL.

SPORTS
attributed to social media, where
the team’s silliest highlights are
perfect snacks for scrolling virality.
The Bananas have a staggering 10
million followers on TikTok. They
have a spinoff team, the Party Ani-
mals, with three million followers—
more than the Los Angeles Dodgers.
Virality doesn’t always translate
to sales, but the Bananas built a
paying audience. It likely helps that
they’ve kept prices low. In Balti-
more, the most expensive seat was
$60, and selling directly to fans pre-
vented the typical flood of tickets to
the secondary market. (Trust me, I
spent days checking online. There
wasn’t a lot of secondary inven-
tory.)
Cole, who grew up in Scituate,
Mass., and pitched at Wofford Col-
lege, isn’t an MLB basher. He likes
the alterations the sport has made,
such as the pitch clock and extra in-
ning automatic runners to acceler-
WALTER G. ARCE SR./ZUMA PRESS; JAIDEN TRIPI/GETTY IMAGES

ate the pace of play. He appreciates

that the game is relaxing about bat
flip celebrations and other displays
of emotion.
“Baseball’s going to be tremen-
dous forever,” Cole said. “They’ve
got the best baseball players in the
world—but we hopefully have the
most entertaining players in the
world.”
Cole and his wife, Emily, are sole
owners of the club. They get lots of
inquiries, but they’ve taken on no
investors—and have zero interest in
selling.
“I would never sell,” Cole said.
JASON GAY But Cole will talk to anyone

The Savannah Bananas

about Banana Ball, and what he’s
learned.
“I haven’t learned from the
baseball industry,” Cole said. “I
learned from Saturday Night Live. I

Are Reinventing Baseball

learned from the Grateful Dead. I
learned from Cirque de Soleil. I
learned from WWE. I learned from
Taylor Swift. I learned from Mr.
Beast. I learned from Jeff Bezos and
Amazon. I learned from Apple.”
Mistakes have been made. Cole
Packed stadiums, cheap tickets and a wait list that doesn’t end—it’s an undeniable phenomenon admits to blunders along the way.
“Hundreds of them,” he said.
Baltimore The Savannah Bananas game (this one featuring the Ba- Perhaps the best: The first ship-
What does the Man entertain fans during a nanas against their frequent neme- ment of Savannah Bananas T-shirts
in the Yellow Suit game. Left, owner sis, the Firefighters) takes two misspelled “Bananas.”
know? Jesse Cole is the Man hours, max. (There’s a countdown “True story,” he said.
I went looking for in the Yellow Suit. clock.) Batters can’t step out of the Do the Bananas have haters? Of
the answer on a re- box. There are no visits to the course they do! Anything this big
cent afternoon at Camden Yards. In pitcher’s mound. and extroverted is going to have its
a few hours, this major-league ball- weekend at rainy Bristol Meanwhile, the umpires dance. critics.
park would be packed—all 45,000 Motor Speedway—the The outfielders do back flips while If you’re the type of person who
or so of its seats filled for a sold- Bananas have already catching fly balls. rhapsodizes about
out baseball spectacle. made people go crazy There’s a Banana baseball like it’s a ca-

10M+
No, not the hometown Orioles, for a fading pastime. who’s shockingly good thedral, or refuses to
currently marinating in last place. The 41-year-old Cole at pitching and hit- dance at a wedding,
The Savannah Bananas. is the Barnum in charge. ting on very tall stilts. you’re probably not
In recent years, the Bananas He’s not hard to find: The players—many of going to like it.
have become an inescapable phe- He’s the Man in the Yel- them gifted former Number of followers “It motivates me,”
nomenon, a traveling revue that low Suit. prospects—sign so Cole said. “I save ev-
mixes the charm of old vaudeville, “I’ve got nine now,” many autographs that the Bananas have on ery clip that says this
the creativity of the Harlem Globe- Cole said as he stepped someone’s going to go TikTok will be gone in a few
trotters and the fan loyalty of the out of the dugout in his on the injured list years, or this is a
Grateful Dead. signature look. with a hand cramp. fad.”
Playing an unserious version of The first time I inter- The best innova- “Those fire me up
a game that takes itself seriously, viewed Cole was in tion: If a fan catches a foul ball, it’s in a good way, because I can’t wait
the Bananas have their Scrooges 2021, when the Bananas recorded as an out. (This happened to 10, 20, 30, 40 years, when we
and eye rolling skeptics, naturally. were a regional curios- Friday. I didn’t catch it, but it was build this sport to what it can be-
And yet the butts-in-seat data is ity: a small-time fran- awesome.) come.”
undeniable. chise barnstorming Amid a dreary baseball season in The Banana Man said he was
The Bananas don’t spend a Stadium, in jaded, too-cool-for- modest parks with “Banana Ball,” Baltimore, the merry scene was just getting started, but it was time
nickel on traditional advertising— school New York City. The club’s Cole’s reimagining of the summer surreal. Days after the Orioles for him to go.
“Zero,” club owner Jesse Cole told wait list currently has 3.6 million game. waved a surrender flag on 2025, On the concourse, his players
me—and yet this spring, the Ba- names, and they don’t have plans to Did Cole foresee filling major- dealing away a raft of players, the were already meeting fans and
nanas played to 81,000 people at hit the brakes. league stadiums? home park was noisy and filled for signing autographs. There was a
Clemson University. “I want a billion fans,” Cole “I don’t think I told anybody, but a comical interloper. (Though a re- full schedule of music, dance-offs
The Bananas also sold out Fen- said. did I write it down?” Cole said. spectful one: Friday’s game fea- and surprises. They needed to re-
way Park and the home fields of It’s bonkers. At a time when Ma- “Yeah.” tured cameos from former Oriole cruit babies for a baby race.
the Phillies, Cardinals, Reds and jor League Baseball is unleashing Banana Ball fixates on fan expe- Adam Jones and ex-manager Buck And oh yeah, a baseball game.
Royals, among others. They have a its own stunts for relevancy—wit- rience above anything else. This Showalter.) The Savannah Bananas really do
sold out weekend coming at Yankee ness its effort to draw 85,000 this means the baseball goes quickly. A Yes, some Banana fever can be have it all.

The Teenagers Tearing Up

DAVID HEARN-SMITH recently weaknesses and correct them,”
posted a video to social media for Shimizu said on his school’s web-
his relatives to see how his teen- site.

The 100-Meter Race

age kid was doing in track and In Texas, some athletes who
field. might have played the state’s fa-
The clip showed Bronson vorite sport in the past are now
Hearn-Smith winning a 100-meter choosing to stick to the track,
where there’s no chance of being
By Rachel Bachman, him ineligible for the U18 world clobbered by a linebacker.
Megumi Fujikawa record, but he did reach the 100- “I don’t even play football,”
and Yang Jie meter semifinals of this week’s Taylor said with a laugh after his
U.S. championships. 9.92, a time that would make any
race in a schools championship in So what’s driving these turbo- college receivers coach salivate.
Colchester, northeast of London— charged athletes who aren’t old “I’m too fragile.”
and instantly went bonkers. Track enough to vote? Nothing, however, is making a
fans reposted it again and again, One major cause is the rela- bigger difference than high-quality
obsessing in the comments over tively recent arrival of super spike coaching for kids who already dis-
the bespectacled 15-year-old with shoes, which has helped lower play natural speed.
moptop hair who sped to the fin- times across the board. But just as Hearn-Smith trains at an ath-
ish line without appearing to significantly, the line between am- letics club under Steve Garnham,
strain. His time was 10.68 seconds. ateur and pro track athletes is who has 30 years of experience
“It’s a bit mad, isn’t it?” David fuzzier than ever, according to Ato coaching young sprinters up to the
says. Boldon, an Olympic medalist international level. And although
Even with his seemingly casual turned TV analyst. Prodigies are his style looks easy, like he’s lop-
finish, Bronson’s time, just off his accessing better coaching, and ing to the library, it’s profoundly
official personal best of 10.65, they’re able to sign endorsement efficient.
would have put him on the podium deals, which adds a financial in- “His high knees are amazing,”
at the state high school champion- centive to improve. Boldon says. “That’s another indi-
ships in track-mad Oregon. “You have high school and cation that you have younger ath-
Yet somehow, Hearn-Smith isn’t youth athletes doing pro workouts, letes being exposed to more senior
an outlier. Something unusual— sometimes training in groups with instruction.”
and incredibly fast—is happening pros,” Boldon says. “So yeah, the The 6-foot-3 Hearn-Smith takes
with 100-meter teens around the results are going to be different.” notably long strides. In the viral
world. Track’s evolution is also help- video, he takes just under 42 steps
On July 26, Sorato Shimizu, a ing to grow the list of places pro- in 100 meters—right behind the 41
16-year-old in Japan, broke the ducing sprint stars. Late last year, that Bolt took to set the world re-
Under-18 world record by finishing Australia’s Gout Gout ran a 20.04- Bronson Hearn-Smith won the Essex Schools final to go to nationals. cord of 9.58 in 2009.
a high-school race in 10 seconds second 200 meters at 16, faster Hearn-Smith looks even more
flat. At the Texas state high school than Usain Bolt at the same age. reach the final since Japan’s Ta- competed in track and field, which surprising, because he does all of
championships in May, five ath- Gout later trained with 2024 Paris kayoshi Yoshioka in 1932, accord- spurred him to try it. His father, a this while wearing glasses. (He’s
letes in the final broke 10.2 sec- Olympics 100-meter gold medalist ing to Olympic historian Bill Mal- former high jumper, chose his still not used to wearing contact
DAVID HEARN-SMITH

onds. The winner, 17-year-old ju- Noah Lyles. lon. At Rio 2016, Japan won silver son’s given name of Sorato, which lenses, his father says.) But the ex-
nior Tate Taylor of San Antonio, Asia is also on the rise. At the in the 4×100 men’s relay, finishing is written with characters that tra accouterment hasn’t held him
set a national high school record 2021 Tokyo Olympics, China’s Su behind only Bolt’s Jamaica. mean “sky” and “jump.” back. As his father notes, “his run-
with a time of 9.92 seconds. He Bingtian finished sixth in the 100 Family also matters. Shimizu’s “I focus on thoroughly practic- ning style is so relaxed, he could
turns 18 later this year, making meters—the first Asian man to parents and older sister have all ing various drills to identify my run with a marble on his head.”
THE WALL STREET JOURNAL. Tuesday, August 5, 2025 | A13

OPINION
The Decline and Fall of NGOs BOOKSHELF | By Dominic Green

An article in
Foreign Af-
fairs, the lead-
NGOs are funded by govern-
ment grants and often pro-
vide services ranging from di-
NGOs gained power and prom-
inence, they proliferated and
competed for resources. They
Countries aren’t always
foolish or evil to do so. Many
so-called NGOs are largely
An Ode
ing voice of
what remains
of the U.S. for-
eign-policy es-
saster relief and medical
assistance to support for de-
mocracy campaigners against
the host government.
became identified with contro-
versial political positions.
There were charges of sexual
exploitation in Haiti and the
state-funded. The National En-
dowment for Democracy is
primarily funded by the Amer-
ican government. The Interna-
To the Poet
GLOBAL
VIEW tablishment,
was stark and,
In the 1990s, when the U.S.
was a unipolar superpower and
Democratic Republic of Congo,
damaging the reputations of
tional Planned Parenthood
Federation is funded for the
Horace: Poet on a Volcano
By Walter
for some, ter- many thought history had organizations like Oxfam Great most part by donor govern- By Peter Stothard
Russell Mead
rifying. “The ended, NGOs seemed to be Britain and raising doubts ments. Even when NGOs are Yale, 328 pages, $28

I
End of the Age sweeping the world. Autocrats funded by Western founda-
of NGOs?” the headline asked, everywhere trembled at the tions and billionaires, it’s un- n the spring of 1944 British special forces and local
and the subhead brought the prospect of “color revolutions,” ‘Civil society’ looked clear why governments should guerrillas kidnapped Maj. Gen. Heinrich Kreipe, the
bad news: “How Civil Society civil-society-led upheavals that allow random foreign actors, commander of the German forces occupying the Greek
Lost Its Post-Cold War Power.” challenged dictators from like the future when however wise and well-inten- island of Crete. The kidnappers marched Kreipe over
Authors Sarah Bush and Myanmar to Ukraine. The ex- the Cold War ended. tioned the donors may think Crete’s hilly interior toward a rendezvous on the coast.
Jennifer Hadden put their fin- ample of Poland, where the they are, to intervene in their One day, the sun illuminated the snowcapped peak of
gers on one of the most im- Solidarity movement, with It doesn’t anymore. societies without oversight or Mount Ida. Kreipe mumbled in Latin, “Vides ut alta stet
portant international develop- help from the West, broke control. nive candidum Soracte.” (“See how Soracte stands deep
ments of our time. After the communist power and helped Looking back on it all, the in white snow.”) The leader of his abductors, Patrick
Cold War, human-rights, de- bring down the Warsaw Pact, about the whole sector. Polling belief that NGOs were shaping Leigh Fermor, recognized
velopment and democracy resonated globally. Chinese across 28 countries by the a new, post-Westphalian world the line from Horace’s ode
promotion-groups, nominally Communists saw how democ- Edelman Trust Barometer reflected the illusions of Amer- “To Thaliarchus” and
private but often funded by racy movements ended dicta- found that respondents ica’s liberal establishment af- recited the rest.
Western governments, gained torships in Taiwan and South viewed business as almost as ter the fall of the Soviet Union. For a moment, Leigh
prominence and clout around Korea and worried that the ethical as NGOs and much America was supreme in the Fermor wrote, it was as
the world. contagion could spread. The more competent. world, and upper-middle-class though “the war had
These NGOs—nongovern- arc of history was bending to- Simultaneously, the au- liberals largely controlled ceased to exist.” The ene-
mental organizations—and ward justice, and NGOs were thors note, changes in inter- American media and govern- mies realized that they had
their supporters see them- making it happen. national politics were creat- ment institutions. “drunk at the same foun-
selves as representing “civil That isn’t how things look ing a more hostile climate for Both trends have reversed. tains long before.” My
society,” a phrase often con- today. Instead of Russia and wannabe arc benders. As anti- American power is contested uncle Terry had a slightly
flated with society as a whole China worrying about liberal democratic great powers like globally, and upper-middle- different experience during
that in practice means the infiltration from the West, China and Russia worked to class-liberals, challenged the British retreat to Dun-
consensus of upper-middle- Western governments worry counter the influence of pro- both by Trumpian populism kirk in 1940. A captured
class liberal opinion. Amnesty about subversion and propa- Western NGOs, governments on the right and radical so- German officer called his
International is a pillar of civil ganda inspired by Moscow and in countries like Turkey, In- cialist and identity politics on name. They had attended
society. The National Rifle As- Beijing. Freedom House notes dia, Indonesia and Mexico the left, are less politically the opera at Salzburg toge-
sociation isn’t. that 2024 was the 19th consec- acted to limit the ability of powerful and intellectually ther before the war. Terry
Groups like Human Rights utive year in which the world outsiders to fund political ac- coherent than they were. The responded less poetically: “Get on the truck.” At Dunkirk,
Watch, the Global Fund for became less free. Meanwhile, a tivity on their territory. Cit- result is that the NGOs re- German planes strafed my uncle and his men with
Women, Greenpeace and Ox- combination of budgetary con- ing political scientist Suparna flecting the priorities and as- machine guns as they waited for the rescue ships while
fam raise money primarily in straints and political backlash Chaudhry, Ms. Bush and Ms. pirations of the liberal estab- neck-deep in the bloodstained sea.
rich countries to fund, among is reducing Western support Hadden write that more than lishment are in disorderly Neither tale would have surprised Horace. Peter Sto-
other things, efforts to for NGO-backed priorities 130 countries worldwide have retreat across a darkening thard’s “Horace: Poet on a Volcano” is the gory, gripping
change policies, provide legal around the world. adopted various restrictions world. story of an ex-slave’s son who became a war poet in the
services and build political What went wrong? on the activities of interna- twilight of the Roman Republic and a courtier in the
movements in poor countries Ms. Bush and Ms. Hadden tional and foreign-funded William McGurn is away. empire of Augustus. Satirist and strategist, lowlife and
to support their goals. Many identify a mix of causes. As NGOs. literary politician, a lover of Greek literature who wrote
in Latin, Horace prospered on the edge of the political
volcano and became a man of property with a country

Trump’s Tariffs Do Invisible Damage villa outside Rome, complete with a vista of Mount
Soracte. He boasted that his verse would last forever, and
it has. Mr. Stothard, a former editor of the Times of Lon-
By Matthew Hennessey ecological health. Frédéric if their supply lines will hold? isn’t how most Americans view don, shows how Horace lived to write it by using lan-

I
Bastiat’s Parable of the Bro- The employees who aren’t be- their economic lives. It isn’t a guage as both a sword and a shield.
keep reading that Donald ken Window made the point ing hired because of the responsible approach to pol- Quintus Horatius Flaccus was born in Venusia, in
Trump is an economic ge- that destruction can increase trickle-down effects on Main icy-making in ordinary time. southern Italy, in 65 B.C. Horatius was a common name,
nius. While he has tariffed GDP by stimulating the need Street of a global trade war? Mr. Trump started this honoring a mythical Roman hero who had held a bridge
the economy from here to Tim- for repair. And GDP has an- Bastiat (1801-50) taught us global trade war. He gets credit against the Etruscans during the sixth century B.C. Flac-
buktu in contravention of free- other shortcoming: It can’t the importance of considering for the little bump in GDP last cus means “limp,” possibly sexually. Mr. Stothard refrains
market orthodoxy, the punish- account for the buying and all the economic activity that quarter. But everything else from suggesting the name’s origin, but it implies a mas-
ing recession prophesied by selling we don’t engage in be- doesn’t come to pass because that comes from his unpro- ter’s mockery of his slave. Horace’s father did well selling
the priests of the economic re- cause of the disincentive ef- of a particular policy. Henry voked tariff salvos—now and in fish and meat, and dealing in the land and possessions of
ligion hasn’t come to pass. In fects of bad policy. When you Hazlitt (1894-1993) updated time to be—will be chalked up the proscribed, the losers of the era’s civil wars.
fact, the economy is growing. run out to put a down pay- that wisdom for American to his account as well. These The money paid for Horace’s education in Rome,
Therefore it has been declared ment on a new car, it shows readers a century later: “The are still the early innings. where he read Homer in Greek with a Latin accent, much
that Mr. Trump is a better and up in the GDP numbers. When bad economist only sees what “It almost always happens as Leigh Fermor would read Horace’s Latin with an Eng-
more clever economist than you decide to squeeze another immediately strikes the eye; that when the immediate con- lish accent. Horace continued his studies in Athens. Hav-
even the most credentialed year or two out of the old ja- the good economist also looks sequence is favorable the later ing suffered the slide from freedom to autocracy that
practitioners of the dismal sci- lopy, no entry is recorded. beyond.” consequences are disastrous,” engulfed Rome in Horace’s youth, Athens, Mr. Stothard
ence. He’s brilliant. MAGA The MAGA right will say Bastiat wrote. “From which it writes, was now the “university of the Roman world.”
wins again. that shaving a few points off follows that a bad Economist Horace befriended the younger Cicero, the son of the
I can’t help but think of the The economy may be GDP is worth it in the long run will pursue a small current orator and statesman Cicero. He found literary models in
old joke. An optimist falls from if it means we can reshore cer- benefit that is followed by a Callimachus, described by Mr. Stothard as a “master of
a skyscraper. As he passes growing, but imagine tain key industries or send large disadvantage in the fu- invective” and “pioneer of brevity,” and Archilochus, who
each floor on the way down, he how much better China a message about our na- ture, while a true Economist wrote of dropping his shield and running because he
says: “So far, so good.” tional resolve. Sure, there will will pursue a large benefit in could replace his shield but not his life.
Fair enough, the numbers things could be. be some short-term pain. Sure, the future at the risk of suf- In 44 B.C. news of Julius Caesar’s murder reached Ath-
look good. The data say the some sacrifices will need to be fering a small disadvantage ens, closely followed by aristocratic refugees and one of
economy grew at a seasonally made. immediately.” the chief assassins, Brutus. As civil war began, the elder
and inflation-adjusted 3% an- Mr. Trump is tacking so fast No nation was ever made Mr. Trump’s cheerleaders Cicero was proscribed and assassinated. Brutus recruited
nual rate in the second quar- on his tariff negotiations, more secure by limiting its are eager to collect their tro- young idealists, Horace and the younger Cicero among
ter. Employers are still adding throwing out new rates and own potential. No society ever phies and head home. They them, by philosophizing about republican liberty; he then
jobs. Consumers are still new threats every week— thrived by taking the wind out don’t seem worried about any-
spending. Brilliant. Wonderful. sometimes every day—that no of its own sails. Short-run con- thing beyond tomorrow. The
But absent amid the trium- one can say for sure where it siderations are of course im- long-run consequences of the Horace prospered in the late Roman Republic
phalism has been any consid- will all eventually settle. No portant, but be wary of those protectionist extravaganza, if and the empire of Augustus. His poetic works
eration of what can’t be seen— company with any exposure to who declare the race over be- they materialize at all, are a
the economic activity that overseas markets can plan un- fore the first turn. problem for some other presi- captured the image of their vicious times.
hasn’t and won’t happen be- der such circumstances. In “In the long run we’ll all be dent to sort out. In the seventh
cause of the tariffs. what dataset can we find an dead,” John Maynard Keynes month of his second adminis-
Left-leaning economists accounting of the domestic in- once muttered. A contemptible tration, all that matters is, so turned into a tyrant as his army slaughtered and looted
frequently swipe at the pro- vestments that aren’t being sentiment. He might as well far, so good. the cities of Asia Minor. Two years later Caesar’s adopted
fession’s obsession with gross made because of the uncer- have said, “To hell with future Just don’t look down. son Octavian, alongside Mark Antony, defeated Brutus
domestic product for its fail- tainty surrounding Mr. generations.” That attitude at Philippi. Horace, an officer with the rank of eques
ure to account for the nonma- Trump’s mood swings? The might be defensible during an Mr. Hennessey is the Jour- (knight), dropped his shield and ran as the victors
terial aspects of life, such as companies that aren’t expand- economic emergency such as nal’s deputy editorial features slaughtered Brutus’ men.
psychological well-being and ing because they can’t be sure the Great Depression, but it editor. Back in Rome, Horace enjoyed a Baudelairean interlude
in the slums of the Subura neighborhood—an early poem
blames his older lover’s body odor for making him impo-

Public Ignorance and Fed Independence tent. He then attached himself to Octavian’s wealthy
backer Gaius Maecenas. Around 35 B.C. Horace published
his first 10 satires. “Qui fit, Maecenas,” the first begins
By Patrick T. Harker That moment stayed with control those long-term rates; nitely isn’t only unrealistic, it’s genially. (“How comes it, Maecenas?”) Horace stayed

M
me, not because of the con- the market does. dangerous. light on his feet and burned no bridges. He balanced inti-
uch ink has been frontation, but because it illus- Could the Fed try to influ- I spent a decade at the Fed, macy and flattery while ridiculing new money and
spilled in recent trated something more trou- ence rates through asset pur- and I care deeply about the in- mocking himself as chubby, randy and sweaty. In 31 B.C.
weeks, and hours of bling: Misplaced expectations chases, buying long-dated stitution and its ability to Maecenas gave Horace his villa and view. “Hoc erat in
cable news spent, debating erode the Fed’s independence. Treasury securities, for exam- serve Americans. Its indepen- votis,” Horace wrote. (“This was what I prayed for.”)
whether the Federal Reserve’s When the public expects ple? Yes, but it would expand dence is essential to maintain- Octavian consolidated power and in 27 B.C. became
independence is under politi- things from the central bank it ing price stability, supporting Augustus, the founder of the empire. Maecenas rose with
cal threat. But lost in these de- isn’t designed, or authorized, full employment and ensuring him, and Horace rose with Maecenas. Through Maecenas,
bates is an equally dangerous to do, disappointment is inevi- A misunderstanding the security of the financial Horace met Virgil, who was living by the Bay of Naples.
challenge: People often misun- table. And disappointment, of the central bank’s system. But that independence Virgil, Mr. Stothard notes, was then “reworking the foun-
derstand what the Fed does— when widespread and sus- can only be sustained if the dations of Greek literature” into the “Aeneid,” a Latin
and what it legally can’t do. tained, corrodes trust. role foments cynicism. public understands and re- epic that culminates in the founding of Rome. Horace’s
That misunderstanding poses Take interest rates. When spects the Fed’s role and its odes, satires and epistles, Mr. Stothard shows, were
a hidden threat to the institu- people demand that the Fed limits. another refounding—the dazzling, distorted image of
tion’s independence. cut rates, they’re usually talk- the Fed’s balance sheet signifi- As we navigate the complex their vicious times. They are also a detailed mosaic of
Early in my tenure at the ing about mortgage rates, car cantly, a move typically re- economic challenges ahead, the power-seeking and privacy-loving poet who, as Leigh
Fed, I sat down with a group of loans or credit-card rates. But served for periods of financial from inflation and fiscal pres- Fermor and Kreipe recalled, advises Thaliarchus to
protesters to hear their con- the Fed directly controls only crisis. In today’s environment, sures to geopolitical risk and enjoy wine and love while time, like the frozen rivers
cerns. One man in particular the federal-funds rate, an over- such an intervention would be labor market shifts, let’s recog- of Soracte, seems paused for a moment.
stood out. Passionate, persis- night rate at which banks lend both unwarranted and poten- nize what the Fed can actually Horace died in 8 B.C. at age 56. The poet, Mr. Stothard
tent and frustrated, he made to one another. The rates that tially destabilizing. do. If we don’t respect what writes, “lies behind his lines.” Mr. Stothard reads them
clear that he held a Ph.D. in consumers care about are The real drivers of long- the Fed is—and isn’t—we risk well, and writes with Latinate rigor and journalistic clar-
economics from a major uni- largely determined by the mar- term rates are basic supply losing one of the few institu- ity. His translations are good, too. The teenage Leigh Fer-
versity. He insisted that the Fed ket, especially for long-term and demand. When the federal tions still capable of rising mor translated the opening of “To Thaliarchus” as “See
provide loans directly to strug- borrowing like mortgages. government issues large quan- above politics to serve the Soracte’s mighty peak stands deep in virgin snow.” Mr.
gling nonprofits and commu- Consider what happened in tities of debt, and demand long-term good. Stothard goes for “See how white it stands gleaming
nity organizations. I interjected the fall of 2024. The Fed re- doesn’t rise to match, bond under the thick snow.” He then locates Soracte north of
to explain that doing so would duced the federal-funds rate prices fall, and yields rise, Mr. Harker is a distin- Rome, and advises us to pause after the word “alta”
be illegal. Congress hasn’t au- by a percentage point, yet by pushing up long-term borrow- guished professor at the Uni- (deep) in the Latin original, because Horace adapted his
thorized the Fed to lend to early 2025 10-year Treasury ing rates. This isn’t a mone- versity of Pennsylvania’s meter from the Greek poet Alcaeus, who always paused
those groups, only to banks and yields had climbed by the same tary policy problem; it’s a fis- Wharton School. He served as after the fifth syllable of his first line.
financial institutions under cer- amount. Despite the Fed’s rate cal one. Expecting the Fed to president of the Federal Re-
tain conditions. He seemed cuts, borrowing costs went up. offset fiscal imbalances or serve Bank of Philadelphia, Mr. Green is a Journal contributor and a fellow of the
genuinely surprised. Why? Because the Fed doesn’t suppress long rates indefi- 2015-25. Royal Historical Society.
A14 | Tuesday, August 5, 2025 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Texas Reopens the Gerrymander Wars Does Artificial Intelligence Belong In Schools?

D
ozens of Texas Democrats skedaddled ter the 2020 census might be a tight gerry- Regarding “A Teachers Union’s Dan- in this sector because there’s a need
on Sunday, fleeing the state to prevent mander two years later but chancier by de- gerous Embrace of AI” (op-ed, Aug. 1), to help educators acquire the skills
I agree with Rebecca Zimmerman’s and knowledge to maximize the good
Republicans from passing a new U.S. cade’s end. States typically haven’t
prescription for helping students and minimize the harms of AI.
House map that’s intended to redistricted more often than flourish—focusing on mental health As we forge ahead, we remain com-
net the GOP as many as five Congress could limit that, except when under court initiatives, cellphone bans during the mitted to the fundamentals that sup-
seats in the 2026 midterms. the mutual assured order. What’s worrying is that school day and science-based reading port students’ well-being and academic
Denying a legislative quorum if Texas and others have an- curriculums—all priorities the Ameri- success. We can and must do both.
is an old tactic, yet it’s hard to political destruction. other go now, the new norm can Federation of Teachers champions. RANDI WEINGARTEN
maintain once absent legisla- might be to re-gerrymander Where we disagree is over the ef- President, AFT
tors tire of hotel living. But all the time. fect of artificial intelligence in educa- New York
there’s no doubt Texas Republicans are escalat- The trick is figuring out how to limit this in tion, specifically Ms. Zimmerman’s
ing the gerrymander wars. a way that both sides can see as fair. Voters can assertion that AI is “another fad that Randi Weingarten’s assurances of
Many of the fleeing Democrats are choosing amend state constitutions to prohibit partisan will distract teachers.” AI already has union “guardrails” for AI ring hollow
an inescapable influence on nearly given American students’ dismal edu-
to bivouac in Illinois, where they held a presser gerrymandering, which stopped a New York
every part of our lives. I believe, for cational performance in recent years.
with Gov. JB Pritzker, who has promised to pro- travesty in 2022. better or worse, that it will be as In her op-ed, Ms. Zimmerman reit-
tect them. If they’d stayed in Texas, state police Some states have tried to hand redistricting transcendent as the printing press. erates warnings about technology and
could have been sent to retrieve them to the to an ostensibly independent commission. Yet I share Ms. Zimmerman’s apprehen- children’s education. AI, computers
capitol. They’re facing fines of $500 a day, but then it’s a partisan proxy battle, and commis- sion about having sufficient guardrails and other technologies are useful, but
Democratic donors will gladly pick that up. Re- sions that are evenly split can end up dead- in the classroom that will preserve if students don’t build basic math and
publican Texas Gov. Greg Abbott is threatening locked. Commissions can also tilt one way or the teacher-student relationship, be- reading skills, these tools become
to ask the courts to find that they’ve abandoned another with a gerrymander-like result: See cause, like it or not, AI is here to stay. crutches or worse.
their offices. California, with 43 Democratic seats out of 52; The question is whether teachers will In the early 1970s, a calculus
Meantime, Democratic states are threaten- or New Jersey, 9 Democrats out of 12. be empowered to guide how AI is teacher once told my class, “Your
ing to retaliate by redrawing their own House used in education, or whether how it fancy calculators will give you an an-
But there’s an element of mutual assured de-
is used will be dictated to us by peo- swer, but the answer I’m looking for
maps. Illinois’s delegation has 14 Democrats to struction here, and Democrats don’t want to ple outside the profession. will come out of your pencil.” That’s
three Republicans, but Mr. Pritzker says trying limit their ability to gerrymander if Republicans AFT and the United Federation of still good advice.
to squeeze out that GOP trio is on the table. aren’t going to quit, and vice versa. That’s why Teachers launched the National Acad- JOE BOCCUZZI
Govs. Gavin Newsom in California and Kathy a federal standard might be useful. States run emy for AI Instruction with partners Tomball, Texas
Hochul in New York are making similar threats. their own voting processes, but Congress has
The legal and procedural hurdles vary by state, broad power under the Constitution to regulate
but the partisan pressure to bulldoze them will the “manner” of House elections. One option
be hard to resist. might be a law telling states they can’t redis- Trump May Court China at Taiwan’s Expense
i i i trict mid-decade.
Gerrymandering is an old story in the U.S. One cause of more frequent gerrymanders Your editorial “A Nixonian Trump earth minerals. Yet Mr. Trump holds
Offer to China?” (Aug. 1) suggests few bargaining chips strong enough
political system, since the word was coined in is judicial intervention in response to partisan
that President Trump may try to em- to persuade Mr. Xi. The Taiwan issue
1812, but today’s map-makers are much more lawsuits challenging maps. The Supreme Court ulate President Nixon’s strategy of remains one of the few levers still un-
proficient thanks to computers and granular has been moving in a helpful direction here. In courting Beijing to counter Moscow. der his control.
data. Both sides do it. Massachusetts’s delega- Rucho v. Common Cause (2019), the Justices The key concession that Nixon of- Reports that Taiwanese President
tion to the House is 9-0 for Democrats, though said partisan gerrymandering is a nonjusticia- fered China was on the Taiwan issue. Lai Ching-te may have been denied a
President Trump won 36% of the vote last year. ble question for the political branches. A case If Mr. Trump were to extend a Nixo- request to transit through the U.S.—
Nevada is 3-1, and that’s a state Mr. Trump won, next term, Louisiana v. Callais, is an opportu- nian offer today, it would almost cer- allegedly under Chinese pressure—
51% to 47%. After a GOP gerrymander, the swing nity to remove judges from the political thicket tainly involve another concession— signal that Mr. Trump may be using
state of North Carolina has 10 Republicans of of racial gerrymanders. again at Taiwan’s expense. Taiwan to bargain in negotiations
14 House seats. Congress could also impose substantive re- In the 1972 Shanghai Communiqué, with Beijing.
This practice is bad for political competition, strictions on state map-makers, such as some the U.S. acknowledged Beijing’s One It wouldn’t be surprising if Mr. Xi
China principle and committed to the demanded assurances that the U.S.
since each party draws itself “safe” seats where kind of mathematical test for partisan fairness
gradual normalization of relations will scale back its military and diplo-
voters reward loud, loyal partisans. Nationwide, or district compactness. Such formulas can be with the People’s Republic. This ma- matic support for Taiwan.
however, the gerrymanders in blue and red gamed, though, and it’s hard to see Republicans jor concession laid the groundwork What would be surprising would
states are roughly balanced. In the 2022 mid- and Democrats agreeing on the details. Ditto for for the Carter administration’s even- be if Mr. Trump failed to grasp Tai-
terms, Democrats nearly won the House, even bigger reforms, such as expanding the size of tual severance of diplomatic ties with wan’s importance to America’s Indo-
as Republican candidates comfortably received the House from the current 435, where it has Taipei in 1979. Pacific strategy, its critical role in the
more votes. A party that goes too far with ger- been stuck since 1913. Compared to Nixon, Mr. Trump global semiconductor supply chain,
rymandering, thinning out its margins in safe But telling states they can only redistrict clearly has greater demands of Xi and its value as a trusted partner
seats to try to win more overall, takes the risk once per decade might de-escalate the gerry- Jinping—not only to reduce support within the U.S. alliance network.
of a wave election wipeout. mander wars, and it would mainly ratify the sta- for Vladimir Putin, but also to narrow CHARLES I-HSIN CHEN
That’s especially true at the end of a redis- tus quo of recent years. Both parties could ben- the U.S. trade deficit and push China Former Kuomintang Party spokesman
to ease its export controls on rare- Taipei
tricting cycle, as voters move and the political efit from this kind of disarmament treaty, and
issues and coalitions evolve. A map drawn af- voters most of all.
Discrimination in Higher Education Hiring
A Rebuke for George Mason While I empathize with Colin Mr. Wright insists that this was a

T
Wright, a self-described “liberal,” in case of injustice, but it may simply be
rustees and boards are supposed to set because Mr. Washington kept his job. The Faculty his article “Cornell University Dis- that another candidate was more
policy at universities, but too often they Senate had rallied in support of the president criminated Against Me” (op-ed, July qualified.
settle for football tickets and a child’s against the Board of Visitors, whose members are 31), I couldn’t help but think that LOUISA PATERSON
admission. That’s one reason it’s good to see the appointed by the Virginia Governor. The current conservatives have long decried the Mobile, Ala.
discriminatory effects of DEI while
Board of Visitors take its obligations seriously Governor is Republican Glenn Youngkin.
liberals have ignored or encouraged Reverse racism, or affirmative ac-
at George Mason University. But the board gave Mr. Washington the low- these practices for years. Only when tion, or DEI—whatever you want to
We reported last week on the debate at the est salary increase allowed under the law and the disastrous effects of their policiescall it—has been in action for de-
Northern Virginia school over racial and gender denied a bonus payment. His future at the school come to affect them personally do cades. A university or company can’t
preferences. At a meeting on Friday, part open may depend on what the Civil Rights Division’s liberals seem to wake up. hire or promote on merit if it is hir-
and part closed to the public, the board voted report says about the school’s policies and Mr. MATT GRIFFIN ing and promoting based on other
to eliminate a variety of diversity, equity and in- Washington’s role in promoting and enforcing Tampa, Fla. factors, in this case race.
clusion programs that had become fronts for them. The report is expected soon. Martin Luther King Jr. dreamed of
discrimination in admissions and hiring at the The ground is shifting in higher education as It’s possible that Mr. Wright simply an America where the color of one’s
school. the Trump Administration looks to enforce the was not competitive enough. Many skin would not determine opportu-
This is a rebuke to Gregory Washington, the Supreme Court’s landmark ruling in the 2023 candidates hold comparable or stron- nity, but rather the content of one’s
ger credentials. A National Science character. If only.
George Mason president, a vociferous advocate Students for Fair Admissions case. This has
Foundation fellowship, while com- GAETANO A. LAROCHE
of “diversity” preferences who had long opposed come as a shock to many administrators and fac- mendable, isn’t exceptionally rare, New York
the anti-DEI move. But it was necessary if the ulty who have long believed they have a right and completing multiple postdocs is
school is going to avoid tough sanctions from to run these institutions based on their progres- common before securing a tenure-
the federal Department of Justice Civil Rights sive political views. track position. Given that Mr. Wright Remembering Ozzy Osbourne
Division. The DOJ is investigating the school’s George Mason is a public university sup- was applying not long after complet-
When our young son wished to
policies for possible violations. ported by taxpayers. The Board of Visitors rep- ing his dissertation, his research tra-
attend a Black Sabbath concert, we
Press reports on the meeting have portrayed resents the public and has a duty to enforce the jectory may have seemed too narrow
were concerned, as were Matthew
it as a victory for the president and Mason faculty law against discrimination by race. or insufficiently developed for such
Hennessey’s parents in “The Lesson
an esteemed role. Academia is de-
of Ozzy Osbourne” (op-ed, July 29).
manding and intensely competitive.
Instead of forbidding him to go,
Discriminating Against DACA Students however, we decided that I would
attend the concert with him to

T
he Education Department’s Office for federal student aid, and typically come from
If the Rail Merger Goes Full judge Black Sabbath for myself.
Civil Rights has its hands full investigat- families with modest incomes, most couldn’t Steam Ahead, We’re at Risk My conclusion: superb showman-
ing antisemitism on college campuses. afford tuition at these schools without schol- ship—I still remember the opening
Regarding your editorial “A Rail-
scene—and incredibly good guitar
So why is it needlessly harassing colleges that arships. road Merger Test for the Feds” (Re-
work. At the end of the concert, the
provide scholarships to young people who came The schools have been targeted because they view & Outlook, July 30), the pro-
lights went up. Ozzy appeared on
to the country illegally as children? have scholarship programs specifically desig- posed merger between Union Pacific
stage with his three children and in-
The department recently launched “national nated for students with DACA status. The pro- and Norfolk Southern should set off
troduced them to his fans. He was a
origin discrimination investigations” into the grams are small, and the schools have far more alarm bells. If approved, it would be a
working parent, proud of his chil-
huge concentration of market power
universities of Louisville, Nebraska Omaha, Mi- scholarship programs for native-born Ameri- dren, and, I concluded, likely not
in an industry already dominated by
ami, Michigan, and Western Michigan. Like its cans. Scholarships for DACA recipients don’t only a few players.
leading a satanic cult.
Biden predecessors, the Trump team is using discriminate by national origin even if Ameri- JANICE YAGER
Previous railroad mergers have had
the 1964 Civil Rights Act as a cudgel to advance can-born students aren’t eligible. While a Mexi- Oakland, Calif.
negative effects, including service de-
its political agenda. can-born Dreamer would qualify, most Mexican- clines and price spikes.
“Neither the Trump Administration’s Amer- Americans wouldn’t. This proposed merger is a bad
ica first policies nor the Civil Right Act of 1964’s Some schools also offer special scholarships deal for American manufacturers— Pepper ...
prohibition on national origin discrimination for international students, though the Educa- especially for chemical producers,
permit universities to deny our fellow citizens tion Department doesn’t seem to have a prob- one of the largest rail customers—
And Salt
the opportunity to compete for scholarships be- lem with these programs. Mr. Trainor says the that rely on freight rail to move es- THE WALL STREET JOURNAL

cause they were born in the United States,” said department’s goal is to “protect American stu- sential goods that power our econ-
omy. Many of our members’ facilities
Acting Assistant Secretary for Civil Rights Craig dents and lawful residents from invidious na-
already have access to only one rail-
Trainor. This is a rationale in search of a prob- tional origin discrimination.” road. This would further limit avail-
lem that doesn’t exist. But denying Dreamers an opportunity to able options.
Title VI of the law prohibits discrimination learn and advance in society doesn’t help any- Fewer choices likely mean higher
by race and national origin in federally funded one. It’s another example of the way the Trump costs, less service and more delays.
programs. The Trump team is claiming that col- Administration’s mass deportation agenda is at That’s not a recipe for a stronger,
lege scholarships for Deferred Action for Child- war with the country’s need for human talent. more affordable America. We need
hood Arrivals (DACA) recipients somehow dis- Keep in mind these DACA students are currently more rail competition, not less.
criminate against native-born Americans. But legal residents of the U.S. CHRIS JAHN
this is really the government discriminating The real point of these investigations seems CEO, American Chemistry Council
Washington
against DACA students. to be one more way of punishing Dreamers be-
DACA is the Obama-era program that pro- cause their parents crossed illegally into the
Letters intended for publication should
vides legal status and work authorizations to U.S. decades ago. Ditto the Justice Department’s be emailed to [email protected]. Please
undocumented young people who came to the lawsuits against states that provide lower in- include your city, state and telephone
U.S. before 2007. Many of these so-called state tuition to Dreamers. Punitive decisions number. All letters are subject to
Dreamers have no memory of or ties to their like these may explain why Mr. Trump’s ap- editing, and unpublished letters cannot “Say it was her.
be acknowledged.
home countries. Since they aren’t eligible for proval rating on immigration is falling. Who are they gonna believe?”
THE WALL STREET JOURNAL. Tuesday, August 5, 2025 | A15

OPINION

Trump’s Science Reform Veers off Course

By Heather Mac Donald tion to Empower Black Students and The May 30 budget request

C
Faculty,” funded in 2023 at nearly reads like a pitch for a tech startup.
ritics accuse President $600,000, was typical. According to Its “prioritized” activities are Arti-
Trump of politicizing the the project’s abstract, the prevailing ficial Intelligence, Quantum Infor-
National Science Founda- “narrative” around black underrep- mation Science, and the Directorate
tion, warning that the ad- resentation “preserves Whiteness by for Technology, Innovation and
ministration poses a lethal passively neglecting the culture of Partnerships—the last akin to a
threat to what one called “American racism in engineering.” “Learning tech incubator for small businesses.
science expertise as we know it.” At From Black Intellectualism” would Other favored areas are Advanced
first, these assertions were over- “advance educational justice by Manufacturing, Advanced Wireless,
wrought and misleading: The admin- countering the epistemic violence and Microelectronics and Semicon-
istration was cleansing the NSF of within engineering and its sense- ductors, because those fields help
left-wing politics. The administra- making practices.” It would use “fu- “harness the full power of Ameri-
tion’s latest proposals, however, don’t gitive pedagogy” to “investigate en- can innovation by empowering en-
go far enough in some areas while gineering faculty epistemic norms.” trepreneurs and unleashing pri-
jeopardizing progress in others. “Black intellectualism” would be vate-sector creativity.”
From February through May, the used to “re-politicize engineering It is a mistake to reorient the NSF
NSF, which supports academic sci- pedagogy.” Projects like that obvi- toward research perceived to be eco-
ence, terminated more than 1,700 ously don’t advance American lead- nomically useful. The private sector
grants, totaling $1.4 billion. “The ership over China. is already charging ahead on high-
American people deserve a scientific On May 9, the NSF announced tech research and applications. It has

MARTIN KOZLOWSKI
enterprise free from political inter- that it was disbanding its most con- less incentive to fund curiosity-
ference,” California Rep. Zoe Lof- centrated source of racial grant-mak- driven research into the laws of the
gren, the House Science Committee’s ing: the Division of Equity for Excel- universe.
ranking Democrat, said in an April lence in STEM, housed within the Other battles are more worthy of
Directorate for STEM Education. Pre- attention. Congressional Republi-
dictably, the press played the race and Cognitive Sciences—focused on gory of grants known as “Broaden- cans should provide the White
His started off strong with card, claiming the cuts “reduced the how “social inequities such as gen- ing Participation.” These grants House with an unambiguous charter
diversity of NSF’s pool of funded sci- der and racial disparities” are reflect Congress’s decadeslong ma- for its reform efforts. Congress
an attack on DEI, but he’s entists,” as the Science article put it. shaped by facial and other “learned nia for imposing nonscientific goals should strip all identity-politics lan-
now pursuing misguided Black grantees suffered the heaviest stereotypes” about race and sex. It is onto the foundation. In 2010 Con- guage from NSF budgetary authori-
blow, it reported, with a cancellation doubtful that China is attempting to gress forbade the NSF from evaluat- zations by rejecting the notion that
priorities of his own. rate four times as high as their rep- compete in this area. ing grants solely on scientific merit. researchers must justify their work
resentation among total NSF grant- Such was the state of play before Instead, scientists have to justify on nonscientific grounds. Lawmak-
ees. Such a disparity is hardly sur- the Trump administration’s funding their research according to its ers should also extricate the NSF
press release. Jon Freeman, Colum- prising, given that racism-themed request for fiscal 2026: The science “broader impacts,” and vital scien- from teacher training and education
bia psychologist and NSF grant re- grants serve as a vehicle for increas- establishment was crying bloody tific projects have been rejected for research. Congress and the adminis-
cipient, told the New York Times ing black representation among NSF murder because the NSF had started failure to state a sufficiently attrac- tration could treat scientists like
that the cuts will cede “American awardees. cutting some of its most blatantly tive “broader impact.” adults again by cutting red tape and
leadership in science and technology The education directorate con- politicized grants. Broadening Participation grants restoring discretion to project man-
to China and to other countries.” Sci- tains three other divisions: Gradu- Enter the 2026 budget, released dealing with race and sex are agers and researchers.
ence magazine reported that “NSF ate Education, Undergraduate Edu- on May 30. It would reduce funding mostly eliminated. But the budget The White House has started a
watchers” feared a proposed restruc- cation, and Research on Learning in for research and related activities by preserves geographic Broadening long overdue overhaul of science and
turing would leave the foundation Formal and Informal Settings. All 61%, or $5 billion. The NSF’s total Participation funding, which allows academia, unleashing end-of-times
“more vulnerable to pressure from should be eliminated. Like the Divi- budget would be cut 55%, or $5.12 politicians in noncoastal areas to prophesying from those intertwined
the White House to fund research sion of Equity for Excellence, these billion. But the Education and Social brag of bringing home the science establishments. But federal science
that suits its ideological bent.” divisions are mere extensions of ed- Sciences directorates wouldn’t be bacon, regardless of whether their funding shouldn’t go to social or eco-
The claim about ideological bias ucation schools, whose effect on the eliminated. Worse, the Division of district’s colleges are likely to make nomic goals, “equity” or any other
was rich. The NSF has been support- transmission of knowledge has been Equity for Excellence in STEM within breakthrough discoveries. ideology. Rather, its aim should be to
ing ideologically driven projects for disastrous. the Education Directorate would be While the cuts to the Education unleash human genius in its confron-
years, much of it through its Direc- The NSF’s Directorate for Social, exhumed. True, the Equity Division’s and Social Science directorates were tation with natural mystery.
torate for STEM Education. Behavioral and Economic Sciences is budget would be cut nearly 80%, too timid, cuts to the hard-science
The foundation’s education grant- another source of grant-making pre- from $214 million in 2024 to $43 directorates were too sweeping. Bio- Ms. Mac Donald is a fellow at the
making has focused on racial victim- mised on academic leftism. Consider million in 2026. But $43 million can logical Sciences is down 71.5%. Manhattan Institute and author of
hood. “Learning From Black Intellec- Mr. Freeman, the Columbia psycholo- support a lot of mischief. Mathematical and Physical Sciences, “When Race Trumps Merit.” This is
tualism: Broadening Epistemic gist. His terminated grant—from the On the bright side, the 2026 bud- which includes chemistry, physics adapted from the Summer issue of
Foundations in Engineering Educa- directorate’s Division of Behavioral get would almost zero out a cate- and astronomy, is down 67%. City Journal.

Hamas Starves Jews and Palestinians, and Israel Gets Blamed

The first image, we now know, pressure on the government. If there ister Benjamin Netanyahu is blame- Then in May it tried to obviate
was a misleading one. The child were a Goebbels prize for propaganda, less in his prosecution of this war. Hamas’s control of the food supply
wasn’t a previously healthy victim of Hamas would win it every year. It You can believe, as I do, that Israel by taking over distribution of that
FREE Israeli starvation. He was born with should be a source of shame that so is right in its effort to extirpate food under the Gaza Humanitarian
EXPRESSION cerebral palsy, which was primarily much of the West’s media is gulled or Hamas. You can think, as I do, that Fund, with inept results.
By Gerard Baker responsible for his debilitated state. persuaded into playing the Leni Rie- it has mostly conducted its war But these are mistakes—errors of

A
The Times clarified this in an editor’s fenstahl part in the campaign. with the correct balance of lethal judgment that can and should be cor-
s Israel faces a blitzkrieg of in- note a few days later, though it was force for combatants and protection rected—not war crimes to be prose-
ternational condemnation likely seen by a fraction of those who for innocents. But you can also be- cuted. They shouldn’t be treated as
again, mobilized in part by a saw the original story. The Western press and lieve it is responsible for the cur- opportunities for feckless, weak po-
global press happy to supply the am- The second image wasn’t mislead- rent humanitarian crisis. litical leaders in the rest of the world
munition, it is important to remem- ing at all: Evyatar David, 24, terrified politicians play along with It is—characteristically—Israelis to help Hamas pursue its ends.
ber one thing: and helpless, peering out of the dark- the terror group’s ghastly who in the past week or so have France’s President Emmanuel Ma-
In the war between the Jewish ness of a Gaza tunnel, in a picture most reliably documented the scale cron and Britain’s Prime Minister
state and its enemies in Gaza, one reminiscent of an inmate of Bergen- propaganda campaign. of that crisis, with detailed reporting Keir Starmer seized on the latest
side is deliberately starving innocent Belsen in 1944. on the surging price of flour and Hamas propaganda to promise recog-
people to the point of emaciation. It says so much about the enemy other staples, evidence of severe nition of a Palestinian state.
One side irrevocably denies the right Israel is up against that both images What is so sickening about this— shortages. On my Free Expression These are cynical moves, driven
of its adversary to exist. One side are part of the campaign against Is- and the deafening chorus of condem- podcast last week, Nadav Eyal, a by the domestic political needs of
would, if it could, conduct a genocide rael. The only thing Hamas likes bet- nation Israel receives for its war ef- commentator for Yediot Ahronot and two failing leaders terrified of the
against the other, wiping every last ter than a starving Jew is a starving fort—is that it is so far from the Ynet, argued that the Israeli govern- radical Muslims in their own coun-
remnant off the face of the planet. Gazan child. Both are useful for their underlying moral truth of this war. Is- ment made two critical mistakes that tries and the rising number of left-
That side isn’t Israel. ends. The former horrifies a credulous rael is the side that wants lasting prompted the crisis: cutting off the ists who champion their cause. But
In the past 10 days, two images world so it puts international pres- peace and security. Its enemies want a food supply after the cease-fire in their larger, insidious effect is to di-
have told two ostensibly different sure on the Israeli government to end state of permanent and existential war March in an effort to pressure Hamas vert the West’s attention from the
but paradoxically identical truths the combat. The latter taunts Israeli and suffering for the innocents. to negotiate, and believing there was moral reality of this war that Israel
about this conflict. hostage families so they put similar None of this is to say Prime Min- sufficient food already available. didn’t seek.
On July 25 decent people every-
where were shocked by the image of
a desperate Palestinian child, skele-
tal and frail, cradled by his mother,
published, among other places, on
Can My Flower Farm Survive Without Foreign Labor?
the front page of the New York By Blake Hurst We’ve been hiring since 1986. I’ve had greenhouse plastic cov- would be better at theirs. But this
Times. His mother told the paper Our first employee worked for us ering burn to the ground because isn’t a problem of hiring the wrong

I
that her child was born healthy but Tarkio, Mo. for 20 years, and she was always of a carelessly disposed cigarette. person. We hire everybody who ap-
was now suffering from malnutri- ’ve followed the news of farm- the best at whatever job she tack- One former employee felt the need plies, with only one exception—
tion. Muhammed Zakaria al-Mu- worker deportations with great led. All employees were local until to explore the attic over our office. someone who had recently been re-
tawaq was portrayed as a victim of interest. We hire two seasonal 2023, when we could no longer find She fell through the ceiling and leased from prison for assault.
a famine induced by the Israeli gov- workers from Mexico, both legal, at local help for evening and weekend landed on my desk. I once hired Is there a reserve army of unem-
ernment’s restriction of food distri- our small flower-growing business. hours. someone to water flowers. She ployed workers in our country will-
bution in Gaza. The Trump administration has as- We’ve hired a lot of people— lasted 30 minutes. We learned of ing to work for me to qualify for
This weekend, to predictably less sured farmers that the labor short- roughly 200 over the past four de- her career change by noticing a Medicaid? We’re about to find out.
global attention, another image was age can be addressed by employing cades. Some were a net benefit; flood in the road below the green- Our dedicated and talented local
published, this one of an Israeli man Medicaid recipients, who are now others weren’t. We hired a pickup- house. She left without turning the employees have all worked here for
who was abducted by Hamas on the subject to work requirements and truck driver to deliver our flowers, water off. several years, and they are a won-
day they murdered 1,200 people in will line up at farm gates across but she lasted a day. A mishap in- One year we hired two sisters derful help to our business. But
Israel and kidnapped hundreds of the country. volving the over-the-cab box and a whose brother faced trial for mur- there are too few of them to get
others. He was one of the young peo- I hope I’ll be able to staff up drive-thru overhang ended her der across the state line in Ne- the work done, and none are will-
ple seized while attending the Nova without resorting to foreign labor. truck-driving career. Still, she braska. Every day at lunch they re- ing or able to put in seven days a
Music festival in southern Israel. Un- Foreign workers cost our business worked with us for a couple of de- ported on the trial to their co- week like our family does.
seen for several months, he appears more than domestic ones do, owing cades watering plants. workers. (He was found guilty, and Until now, we’ve filled our labor
in the video seriously emaciated, to the time it takes filling out pa- One group we hired would sneak is still, as far as I know, on death shortage with foreign workers,
ghostly pale and gaunt—a once-vi- perwork and the cost of transporta- out behind the office at lunch to row. The crime was portrayed in though not without challenges.
brant young man who has spent tion and housing. But I’m skeptical smoke. In our naiveté, we didn’t re- the 1999 movie “Boys Don’t Cry.”) Still, they show up every Sunday to
nearly two years in the hell of a that we’ll see a wave of Americans alize what they were smoking until All of this is to say that domes- keep the plants alive and load Mon-
Hamas prison. willing to take on the work. the next spring, when we noticed a tic workers are a gamble. Some of day morning’s deliveries. Our busi-
crop of cannabis growing among that is my fault. My safety training, ness can’t survive without them.
the pine trees. One young man left supervision and management skills
work one evening with some of our could use some work. If I were bet- Mr. Hurst is a Missouri farmer
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY tools, never to return. ter at my job, the people I hired and greenhouse grower.
Lachlan Murdoch
Executive Chairman, News Corp

Notable & Quotable: Politicization at Harvard

Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp
Emma Tucker Almar Latour
Editor in Chief Chief Executive Officer and Publisher
Liz Harris, Managing Editor DOW JONES MANAGEMENT: Derek Bok of Harvard, in his professors should be entitled to begin exerting pressure of their own.
Charles Forelle, Deputy Editor in Chief Mae M. Cheng, EVP, General Manager, 1989-90 President’s Report, released teach and write is as they think best. When that happens, universities will
Elena Cherney, Senior Editor; David Crow, Leadership; David Cho, Barron’s Editor in Chief; in April 1991: This autonomy is essential to the learn to their dismay that they stand
Jason P. Conti, General Counsel, Chief
Executive Editor; Chip Cummins, Newswires; progress of teaching and research. to lose far more than they can gain
Taneth Evans, Digital; Alex Martin, Print & Compliance Officer; Dianne DeSevo, Chief People
Officer; Jared DiPalma, Chief Financial Officer; Perhaps the greatest danger in ex- Yet universities can hardly claim the from trying to joust with the outside
Writing; Michael W. Miller, Features &
Weekend; Bruce Orwall, Enterprise; Artem Fishman, Chief Technology Officer; erting political pressure of this kind right to be free from external pres- world. Student activists often argue
Philana Patterson, Audio David Martin, Chief Revenue Officer, Business [by divesting university funds from sure if they insist on launching cam- that this danger is only hypothetical
Intelligence; Dan Shar, EVP, General Manager,
politically disfavored companies] is paigns to force outside organizations and that the university should ig-
Paul A. Gigot Wealth & Investing; Ashok Sinha, Chief
Editor of the Editorial Page Communications Officer; Josh Stinchcomb, EVP & the risk of sacrificing academic inde- to behave as their students and fac- nore the risk until retaliation actu-
Gerard Baker, Editor at Large Chief Revenue Officer, WSJ | Barron’s Group; pendence. For generations, universi- ulties think best. Sooner or later, ally occurs. By that time, however, it
EDITORIAL AND CORPORATE HEADQUARTERS:
Sherry Weiss, Chief Marketing Officer ties have worked to persuade society governments, corporations and other may be too late, and generations of
1211 Avenue of the Americas, New York, N.Y., 10036 that they should be free to shape groups will decide that sauce for the effort to secure autonomy will have
Telephone 1-800-DOWJONES their own programs and that their goose is sauce for the gander and been placed in jeopardy.
A16 | Tuesday, August 5, 2025 THE WALL STREET JOURNAL.
 BUSINESS & FINANCE
© 2025 Dow Jones & Company. All Rights Reserved.

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Tuesday, August 5, 2025 | B1
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Two CEOs Top $1 Billion in Raises Turmoil

Hits Funds
Stock awards have
grown much bigger
Palantir CEO Alexander Karp’s 2020 equity award has soared in
value to $14.7 billion as the company’s stock rose, including the
initial award and vested and unvested gains.†
For Broadcom CEO Hock Tan, three equity awards since 2021
grew to $2.0 billion by early November 2024, including new
equity and vested and unvested gains.*
Tailored
for bosses at
Palantir, Broadcom
$1.1B $1.1B
$12.5B
$268.5M $224 M
$1.5B
For Tough
BY THEO FRANCIS Here’s that breakdown since 2020... Here’s that breakdown over the past four years... Markets
It is the latest ultraexclu- 2020 2021
sive achievement for chief ex- BY CAITLIN MCCABE
+$3.4 billion +$61.4 million
ecutives of the biggest U.S.
companies: the billion-dollar Many hedge funds have
year. 2021
2022 weathered this year’s trade-war
Two bosses made it last –$896.3 million turmoil well. The one big excep-
year—holding stock-based +$43.2 million tion: fast-moving quantitative
pay that swelled in value by 2022 funds that are meant to flourish
at least 10 figures in a single –$1.7 billion in tough markets.
2023
year. Alexander Karp clocked These funds, known as trend
2023
more than $6 billion in gains +$766.4 million followers, use complicated com-
at government intelligence +$1.3 billion puter algorithms to spot pat-
contractor Palantir Technol- 2024 terns in asset prices, then ride
ogies. Hock Tan’s pay grew 2024 them up or down. The invest-
by $1.15 billion at chip maker +$1.1 billion ment approach has a reputation
Broadcom. +$6.7 billion for protecting portfolios in
Only two other S&P 500 2025 crashes and delivering uncorre-
CEOs have hit that mark in lated returns during calmer pe-
recent years, according to riods.
data from public-company +$6.0 billion But this year, with President
data provider MyLogIQ. Cryp- *Excludes changes in equity awarded before 2021 †Through July 22, 2025; excludes changes in equity awarded before 2020. Trump’s tariff moves convulsing
tocurrency exchange Coin- Sources: Infinite Equity (Alexander Karp); MyLogIQ (Hock Tan) DREW AN-PHAM/WSJ markets, the $300 billion-plus
base Global’s Brian Arm- hedge-fund strategy isn’t doing
strong in 2021, at $2.1 billion, pany-performance targets. Palantir, Broadcom and value—or shrink to nothing— Karp hasn’t received signifi- either of those things—putting
and—naturally—Elon Musk. The billion-dollar gains are Coinbase declined to com- as share prices and profits cant new equity since. pressure on outfits such as Man
The Tesla CEO can boast bil- all the more notable because ment. Tesla didn’t respond to fluctuate. The month after Palantir Group, the world’s largest listed
lion-dollar gains in three fewer big-company CEOs have requests for comment. Karp has run Palantir for granted the stock and options hedge-fund firm.
years, including a record of been receiving pay packages Until 2023, companies two decades. Named for mag- to Karp, it listed its shares on Trend-following hedge funds
$43 billion in 2020, though all initially valued at $100 mil- weren’t obliged to update in- ical “seeing stones” from the New York Stock Exchange, lost 9.6% in the first half of this
are part of a pay package that lion or more. vestors on the value of past J.R.R. Tolkien’s “Lord of the ensuring that the full equity year, on track for their worst
a Delaware court declared in- These gains reflect only equity awards over time. Rings” novels, the company award vests if Karp stays on annual performance since at
valid. On Sunday, Tesla changes in the value of stock Now, disclosures stretching makes just over half of its the job. The award rapidly least 1998, according to the re-
granted Musk a new, “in- and option awards the execu- back five years show the revenue from government jumped in value to $3.3 bil- search firm PivotalPath. Mean-
terim” stock award that it tives received as part of their roller-coaster of valuations business, such as analyzing lion at the end of 2020, track- while, hedge funds more
tentatively valued at $23.7 continuing compensation and that can translate to billion- intelligence and military data. ing Palantir shares. broadly returned 4%, net of fees,
billion, with the promise of before vesting, when the dollar gains. Karp’s multibillion-dollar It shrank by 75% over the while the S&P 500 delivered
more this fall. CEOs can generally sell, hold Stock and option grants of- boost last year came from a next two years before recov- 6.2% to investors, including divi-
The outsize gains, while or exercise as they see fit. ten vest over years or even a single megagrant of options ering. By the end of 2024, the dends.
still rare, show how today’s Not included: the often siz- decade, sometimes only if the and restricted stock in 2020, award was valued about $7.5 The strategy’s performance
CEO pay packages can swell able stakes that CEOs, espe- company meets a combina- a little of which vests each billion higher than at the be- has been frustrating, said Bruno
far beyond their original val- cially founders, hold outright tion of financial, operational quarter over a decade. ginning of the year, according Schneller, managing partner at
uations through a combina- in their companies, which can or stock-market targets along The award’s initial $1.1 bil- to calculations by Terry Ad- the Swiss asset manager Erlen
tion of soaring share prices also gain or lose value over the way. lion valuation made it one of amson, a partner at Infinite Capital Management. “Any in-
and multipliers tied to com- time. The awards can balloon in the biggest ever reported, and Please turn to page B2 vestor would say the same after
18-plus months of mostly side-
ways returns punctuated by

Harley-Davidson Taps Topgolf Leader as CEO

sharp drawdowns,” he said.
At Man Group, seen as a
trend-following pioneer, the
flagship AHL Alpha fund is
down 7.8% through June. The
BY JOHN KEILMAN steep learning curve when it sister AHL Evolution fund,
comes to manufacturing and which dabbles in harder-to-
Harley-Davidson appointed dealer relations. trade markets such as dry-bulk
Artie Starrs, head of sports- “Pizza, golf and Harley— shipping, has lost more than a
entertainment company let’s see if that combo works,” tenth.
Topgolf, to be its new presi- dealer Teddy Morse said. It is a test for Man’s leaders
dent and chief executive offi- Harley made two big moves such as Chief Executive Robyn
cer. just before announcing Grew, who took the helm about
Starrs will succeed Jochen Starrs’s appointment. It said two years ago, and the firm’s
Zeitz, who has led the motor- last week that it is selling a chief financial officer, Antoine
VICTOR LERENA/EPA/SHUTTERSTOCK

cycle maker as chairman and nearly 10% stake of its financ- Forterre. Man’s shares are down
CEO since 2020 and recently ing arm to two investment more than a fifth this year, and
survived a shareholder’s at- firms, and that it is bringing in July, it reported a 61% drop in
tempt to remove him from the out a new bike model that will first-half revenue from perfor-
BUSINESS WIRE/AP

board. start at less than $6,000. mance fees, which can only be
Troy Alstead, presiding di- Under Zeitz, Harley has put collected when funds are gener-
rector of Harley’s board, will priority on its more expensive ating new profits.
become the new chairman. and profitable lines of touring This spring, Man called some
The transition will take effect Artie Starrs will be the new president and CEO of Harley-Davidson. and cruiser motorcycles. Some 150 quants back to the office
Oct. 1. Harley shares ended dealers have criticized that fo- five days a week, with an 8 a.m.
Monday down 1.2%, at $23.77. struggle with a nearly two-de- the company boosted its profit “Dealers can’t provide pre- cus, saying the company was start time, to spend three
Starrs, 48 years old, has cade trend of eroding demand. at their expense. Numerous mium service without being pricing out entry-level cus- months on an “all hands on
been CEO of Topgolf Interna- In its July earnings statement, Harley dealerships closed over profitable,” he said. “Without tomers. deck” project. Man declined to
tional, a subsidiary of Topgolf Harley said quarterly retail the past year. dealers the motor company One of the company’s big- give further details on the proj-
Callaway Brands, since 2021. sales of motorcycles had de- Charlie Cole, who owns has no distribution network.” gest investors, H Partners, led ect, which coincided with a pe-
Before that, he was the global clined 15% year over year. eight dealership locations, Raymond James analyst a proxy fight earlier this year riod of losses for the AHL funds.
CEO of Pizza Hut. Starrs will confront an ag- said restoring dealer profit- Joe Altobello, who covers both in an attempt to remove Zeitz In a joint interview, Grew
The leadership change ing ridership and restive deal- ability should be Starrs’s pri- Harley and Topgolf, said in a and two other directors from and Forterre acknowledged that
comes as Harley continues to ers, some of whom have said ority. note that Starrs could face a Please turn to page B2 Please turn to page B4

Small VC Firm Reaps INSIDE Stocks Climb on Dip Buying,

Big Gains in Startups Expectations of Fed Rate Cut
ANNA MONEYMAKER/GETTY IMAGES

BY YULIYA CHERNOVA about 20% on Monday but is BY HANNAH ERIN LANG Index performance on Monday
AND BERBER JIN still trading well above its list- AND ED BALLARD
2.00%
ing price. Figma provides
Index Ventures, a venture browser-based collaboration Stocks rallied on Monday,
firm with origins in Europe, is tools to help users design with last week’s worries about 1.75
the envy of Silicon Valley. websites, mobile apps and so- the economy giving way to
A string of large startup ex- cial media posts. FOOD broad dip-buying and rate-cut 1.50
its could send more than $11 Index also reaped a wind- Booming chicken optimism.
billion in proceeds to Index fall from the recent invest- All three major U.S. indexes 1.25
and its limited partners at a ment by Meta Platforms into
sales save Tyson rose more than 1%, with each
time when the venture market Scale AI, which paid out Foods from surging notching its largest daily per- 1.00
overall is still struggling to shareholders, and Alphabet beef costs. B3 centage gain since May. The
generate cash. unit Google’s pending acquisi- rally was broadly based, en-
0.75 Nasdaq composite
As the largest venture tion of cybersecurity company compassing everything from
backer of software-maker Wiz. utilities to meme stocks. S&P 500
Figma, Index has turned its Index, whose performance Monday’s market U-turn 0.50
Dow Jones Industrial Average
$86.5 million investment in this year has been noteworthy surprised some on Wall
the company over the years among VC-watchers due to its Street. Thomas Martin, senior 0.25
into a stake worth nearly $6 smaller size compared with ri- portfolio manager at Globalt Five-minute intervals
billion, based on the most re- vals, was among the earlier in- Investments, chalked it up to 0
cently disclosed share volume vestors in each of these three investors’ ever-growing im- 10 a.m. 11 noon 1 p.m. 2 3 4
and intraday Monday prices. companies, helping it to notch pulse to scoop up shares dur-
Figma’s IPO last week massive profits. ing even brief market dips. Source: FactSet
stunned the market when its Index made more money “I thought we’d get a little
shares jumped 250% in the than Sequoia Capital, widely bit more of a dip” before buy- 585 points, or 1.3%, after log- backdrop, however, has bol-
first day of trading. Index sold considered the top venture HEARD ON ers came in, Martin said. ging its worst weekly perfor- stered hopes for interest-rate
about 5% of its holdings at the firm in Silicon Valley, for both THE STREET “People are hesitant to wait mance since April. cuts from the Federal Reserve
IPO price of $33, generating Figma and Wiz. Sequoia too long.” Stocks tumbled Friday after later this year.
about $108 million, and con- backed Figma at a later
Big companies start to The S&P 500 rose 1.5%, a monthly employment report After Friday’s jobs report,
tinues to retain a stake of stage—its stake in the com- see cash windfall from while the Nasdaq Composite depicted a weakening labor investors increased bets that
greater than 15% in Figma pany is just over half the size tax law. B10 Index rose 2%. The Dow Jones market. central bankers will cut rates
post-IPO. The stock fell by Please turn to page B2 Industrial Average climbed That darkening economic Please turn to page B9
B2 | Tuesday, August 5, 2025 * **** THE WALL STREET JOURNAL.

BUSINESS & FINANCE

NY Post Media
Plans Venture
In California
BY ALEXANDRA BRUELL umbrella group, houses Page
AND NATALIE WEGER Six and entertainment publi-
cation Decider.
The New York Post is trying The Post, which gets a big
its luck in La La Land. chunk of its revenue from ads,
The News Corp-owned tab- is expanding in the face of a
loid plans to launch a West number of industry chal-
Coast version called The Cali- lenges, including declining

STEPHEN VOSS FOR WSJ

fornia Post early next year, traffic from social-media and
The New York Post Media tech platforms such as Google
Group said. The California and a contracting number of
Post, which will be based in print subscribers. A number of
Los Angeles, will focus on news organizations, including
sports, entertainment and lo- the Los Angeles Times, ABC Palantir CEO Alexander Karp earned more than $6 billion in gains at the government intelligence contractor.
cal and business news from News, CNN and Business In-
the region and have a digital
website and mobile app, in ad-
dition to a print edition.
sider, had layoffs this year.
The Los Angeles Times has
grappled with subscriber losses
Two CEOs Palantir Profit From Government Contracts Rises 53%
It plans to start with a
newsroom of more than 50
staffers, including employees
and slimmed down its news-
room amid industry pressures.
Owner Patrick Soon-Shiong re-
Get Raises Palantir Technologies re-
ported 53% growth in earn-
as corporations and militar-
ies around the world invest
tations. It raised its U.S. com-
mercial revenue guidance to in
to work on the Page Six celeb-
rity- and entertainment-news
column, according to people
cently announced plans to form
a new media company includ-
ing the Los Angeles Times and
In Billions ings from U.S. government
contracts in its second-quar-
ter earnings, the latest sign
in artificial-intelligence tools.
Palantir recorded a
fourth-quarter net profit of
excess of $1.302 billion, repre-
senting a growth rate of at
least 85%. Shares were up
familiar with the matter. take it public. The Los Angeles that the company is getting $326.7 million, more than about 4% in after-hours trad-
The company aims to im- Times didn’t respond to a re- Continued from page B1 a boost from the Trump ad- double its gain of a year ago. ing on Monday..
prove engagement with the quest for comment. Equity, which designs and ministration’s push to hasten It posted U.S. commercial Palantir has landed some
people already reading the The Post sees an opportu- values equity pay packages. adoption of AI technology. sales of $306 million, up 93% significant defense contracts
Post, as well as expand its nity to expand in the region as Karp’s equity award has The Denver-based firm, from the prior year, and U.S. in recent weeks, including an
readership and possibly add other publications struggle. Los likely gained another $6 bil- which sells software to cen- government sales of $426 extension of its work on the
digital products, such as pod- Angeles holds the second-larg- lion in value so far this year, tralize, manage and analyze million. AI platform Maven Smart
casts and video, said Chief Ex- est concentration of Post read- given Palantir’s soaring share large amounts of data, on Total revenue was up 48% System, which bumped the
ecutive Sean Giancola. “The ers, with 3.5 million monthly price, Adamson said. Monday reported revenue from the same period the value of the contract to po-
type of content that’s made us unique visitors, the company The company’s shares have above $1 billion — its largest prior year. Its revenue tentially more than $1 billion,
successful across the country, said. “Thousands of stories are doubled year to date and are quarterly haul since going growth in the U.S. alone was and a contract worth poten-
particularly in New York, will going untold and countless per- up more than 16-fold from public five years ago and 68%, reaching $733 million. tially $100 million to develop
resonate in California,” he said. spectives aren’t being repre- 2020. well in excess of analyst ex- It raised its revenue guid- the Army’s new command-
“If you can build an audience, sented by” current media in Tan has received three in- pectations. The gains under- ance to $4.14 billion to $4.15 and-control center.
then you can monetize that.” the region, the Post said. fusions of Broadcom re- score Palantir’s momentum billion, beating analyst expec- —Kelly Cloonan
News Corp is the parent News Corp veteran Nick stricted stock since 2021.
company of Dow Jones & Co., Papps has been named the Cali- One made him the highest-
publisher of The Wall Street fornia Post’s editor in chief. paid CEO in The Wall Street
Journal and Dow Jones News- Papps worked as News Corp Journal’s 2023 pay ranking, make it and an early April value, or 132%, during the fis- $530 million of just over $7.5
wires. The New York Post Me- Australia’s West Coast corre- which uses initial values for shareholder vote finalizing it. cal year. Broadcom shares billion in gains through the
dia Group, which is the Post’s spondent for nearly three years. equity awards without subse- By late October 2021, roughly doubled. end of 2024, Adamson esti-
quent changes. Broadcom valued it at $61 Broadcom has said that, mates. Further vesting this
The chip maker valued million. That fiscal year, under Tan, the company has year likely added an addi-

Harley Harley-Davidson motorcycle

retail sales
those awards at about $2 bil-
lion by early November last
year, its fiscal-year end, up
Broadcom’s shares rose 50%.
Under the award’s terms,
Tan would receive additional
outperformed competitors.
In securities filings, it said
his 2023 pay reflected $32
tional $600 million.
Tan has vested in about
$224 million of the growth in

Names
400,000 units
Rest of from almost $269 million ini- shares if Broadcom’s stock million a year over five years, his equity awards, Broadcom’s
World tially. sufficiently outperformed the and he won’t receive bonuses securities filings indicate.
350,000
U.S. Broadcom shares almost S&P 500 over three years. or additional equity through If Broadcom’s share price

New Chief 300,000

250,000
quadrupled in the same pe-
riod, while the S&P 500
gained about 47%.
Strong performance led the
company to value the award
at its maximum potential that
October 2027.
So far, Tan and Karp have
vested in only some of their
stays above about half of its
recent level into December,
gains on Tan’s 2023 award
One award more than dou- October. 10-figure gains—and the re- are likely to vest.
Continued from page B1 200,000 bled in value, to $54 million, Tan received no new eq- mainder could shrink if the The company’s shares are
the board, saying they were between the board’s mid-De- uity in 2024, but the earlier companies’ share prices fall. up about 74% since Novem-
responsible for a drop in the 150,000 cember 2020 decision to awards added $1.1 billion in Karp had vested in about ber.
share price and “cultural de-
pletion.” The three survived 100,000
the vote at the annual share-
holders meeting in May.
Topgolf has had difficulties
50,000
VC Firm tech acquisitions in history.
Index’s stake in Wiz would be
worth $4.3 billion should the
and offer support, he said.
The Figma seed deal came
out of Index’s sixth fund, Ro-
growing too but it avoided the
kind of massive expansion
that top venture firms like Se-

Wins Big
of its own lately. Its parent 0 Google deal finalize, The Wall han said. That fund also quoia and Andreessen Horo-
company announced plans last 2006 ’10 ’15 ’20 Street Journal previously re- backed Robinhood, among witz have pursued lately. Last
year to spin off the recre- Source: the company ported. others. “It’s done many, many year, Index raised $2.3 billion
ational-driving-range operator
following a disappointing
union with golf-club maker
sumer spending. The unit’s
first-quarter net revenue was
In Startups Founded in Switzerland in
the 1990s, Index first ex-
panded to London and then
turns,” he said of the fund.
Index stuck with Figma
through multiple rounds of
in capital for two funds, less
than it collected for its prior
set of funds in 2021.
Callaway in 2020. down nearly 7% from a year opened a San Francisco office funding. The company took “Not many outsiders can
Like Harley, Topgolf has earlier, Topgolf Callaway’s May Continued from page B1 in 2011. That’s about the time years to release its product enter Silicon Valley and so
been afflicted by slowing con- earnings report showed. of Index’s ownership—and when Index Partner Danny and suffered a setback after a quickly rise to prominence,”
didn’t invest in Scale. It was Rimer spotted Dylan Field, an proposed $20 billion acquisi- said Hussein Kanji, founder of
the first investor in Wiz, energetic 18-year-old intern tion by Adobe was called off London-based Hoxton Ven-
alongside Index and the Israeli making a presentation for a due to regulatory concerns. tures, who has co-invested
INDEX TO BUSINESSES firm Cyberstarts, but ended up
with a smaller overall stake.
startup in which Index had
invested.
Index, meanwhile, was with Index.

The number of rainmakers About a year later, Field

These indexes cite notable references to most parent companies and businesspeople in
today’s edition. Articles on regional page inserts aren’t cited in these indexes. at a single firm is also notable, and his co-founder and former
with each of the recent suc- computer science teaching as-
cesses led by different Index sistant at Brown University,
A Figma.................................................B1 Palantir Technologies..B1,B2 partners. Evan Wallace, came to Index’s
Affirm...............................................B5 H S “The performance they’ve office to pitch their new
Alphabet..............................A2,B10 Harley-Davidson.......................B1 Southwest Airlines...............A9
delivered, and are delivering startup Figma. At that time
Amazon.com....................A2,B10 here in the future, is unbeliev- they were the only employees
J Spotify.............................................B3
able,” said Miles Dieffenbach, at the company, recalls Ter-
American Eagle Outfitters T
Joby Aviation.............................B3 managing director of invest- rence Rohan, who was an in-
............................................................... B9
JPMorgan Chase..................A10 Targa Resources...................B10 ments at Carnegie Mellon Uni- vestor at Index at the time
American Express...............A10
K Tesla............................................A1,B1 versity, and a limited partner and joined Figma’s board to
Apple.................................................A2 in Index funds, in a recent in- represent the firm.
Texas Instruments.............B10
Atmos Energy...........................B9 Klarna...............................................B5
Topgolf Callaway Brands terview on the 20VC podcast. Impressed by the demo of
AT&T...............................................B10 M ................................................................ B1 “They could raise as much their browser-based product-
B McDonald’s..................................B9 Tyson Foods...............................B3 capital as they want to and design tool, Index made an of-
Meta Platforms............A2,B10 they don’t. They are the most fer and eventually negotiated
Blade Air Mobility.................B3 U
Microsoft............................A2,B10 performance-driven culture itself into a leading position
BP........................................................B3 Uber Technologies.................B9
Mitsubishi.....................................B4 that we see.” for Figma’s 2013 seed round
Broadcom.......................................B1 with a $1.8 million check.
UBS....................................................B4 When Meta acquired a 49%
C N United Airlines.........................A9 stake in Index portfolio com- “It was a high conviction
Charter Communications News Corp....................................B2 V pany Scale AI in a bid to amp shot by Index,” said Rohan,
.............................................................B10 O Vistra................................................B9
up its Superintelligence Labs who is now managing director
unit, the firm received more at seed venture firm Other-
Citigroup......................................A10 ON Semiconductor...............B4 W than $1.4 billion, according to wise Fund. Some venture
Coinbase Global........................B1 Opendoor Technologies....B9
Walt Disney................................B9 a person familiar with the sit- firms were making a multi-
F P Wayfair............................................B3 uation. Index also struck gold tude of small seed invest-
earlier this year when Google ments in companies without
agreed to buy its portfolio dedicating significant re-
INDEX TO PEOPLE company Wiz, an Israeli cy-
bersecurity provider, for $32
sources to the startups, he
said. Index’s strategy, by con-
billion, in one of the largest trast, was to lead, join boards,
A Heyburn, Will.............................B3 Shah, Niraj....................................B3
Adamson, Terry........................B1 Iger, Bob.........................................A8 Sharif, Omair..............................A2
Alstead, Troy...............................B1 J Sorensen, Jay............................A9
Altobello, Joe..............................B1 Jordan, Bob.................................A9 Starrs, Artie.................................B1
Armstrong, Brian.....................B1 Stewart, Brady.........................B3
K
B Sweeney, Tim............................A8
Kanji, Hussein............................B2
Bevirt, JoeBen...........................B3 Karp, Alexander................B1,B2 T
D King, Donnie...............................B3 Tan, Hock........................................B1
D’Amaro, Josh...........................A8 M Tedeschi, Ernie.........................A2
Denholm, Robyn.....................A2 Thomas, Jason.........................A2
MICHAEL NAGLE/BLOOMBERG NEWS

Martin, Thomas........................B1
Dieffenbach, Miles.................B2 Mayfield, Ross..........................B9 Tinsley, David............................B5
E Musk, Elon....................................A1 Tomkiel, Melissa.....................B3
El-Khoury, Hassane..............B4 P W
F Pingle, Jonathan.....................A2 Wiesenthal, Rob......................B3
Field, Dylan..................................B2 R-S Wilson-Thompson,
Forterre, Antoine.....................B1 Kathleen.....................................A2
Raneri, Michele........................B5
G-I Rimer, Danny.............................B2 Z
Grew, Robyn................................B1 Rohan, Terrence.......................B2 Zeitz, Jochen...............................B1
Gutierrez, Horacio.................A8 Schneller, Bruno.......................B1 Zion, David................................B10 Figma’s IPO stunned the market when shares jumped 250%.
THE WALL STREET JOURNAL. Tuesday, August 5, 2025 | B3

BUSINESS NEWS

Poultry Revamp Is Paying Off for Tyson

Improved chicken to government data, while
ground beef now averages over
operations help $6 a pound, and sirloin steak is
blunt impact from nearly $13. Tyson said its
chicken sales volumes rose
rising beef costs more than 2% for the quarter.
Tyson’s overall sales climbed
BY PATRICK THOMAS 4% to $13.9 billion for the quar-
AND DEAN SEAL ter, topping analyst expecta-
tions. Tyson now expects sales
Booming chicken sales are to rise 2% to 3% in fiscal 2025,
lifting the fortunes of Tyson instead of coming in flat to 1%
Foods, executives said, after a higher from the prior year.
yearslong turnaround effort. Stripping out one-time items,
The Arkansas meatpacking adjusted earnings were 91 cents
company said more consumers a share. Analysts polled by Fact-
are opting for nuggets and Set had been expecting 80 cents
boneless breasts. Meanwhile, a share.
livestock feed—the top expense Ranchers began shrinking
when raising poultry—has got- their cattle herds several years
ten cheaper as grain prices fall, ago after a prolonged period of
helping drive chicken profits drought. Low profit margins
higher across the industry. during the pandemic, wide-
Tyson has spent years try- spread inflation and high inter-
ing to improve its chicken- est rates have held ranchers
processing business, the larg- back from growing herds.
est in the U.S., including by Tyson executives said Mon-

KATE MEDLEY FOR WSJ

closing underperforming day that U.S. cattle producers
plants and laying off workers. are starting to show signs of re-
Tyson said those efforts are building the nation’s supply. Ty-
now paying off, reporting son said ranchers are beginning
Monday that its operating to hold back livestock for breed-
profit from its chicken busi- The Arkansas-based meatpacking company said more consumers are opting for nuggets and boneless breasts. ing rather than sending them to
ness rose to $367 million dur- slaughter, and executives said
ing the company’s fiscal third Tyson’s shares gained 2.4% cattle supply in decades, driving a $343 million drop in the value ment. Tyson said Monday its the cattle herd could normalize
quarter, up from $244 million on Monday but are down cattle prices to record levels for of its assets. In a securities fil- beef prices rose 10% in its most by 2028.
a year ago. “We are back in roughly 12% over the past 12 meatpackers. Tyson said its cat- ing, Tyson attributed the write- recent quarter, while beef sales Brady Stewart, who runs Ty-
the chicken business and exe- months. While profit from tle costs rose by about $560 down to rising cattle prices and volumes fell 3%. son’s beef business, said the
cuting at a very high level,” chicken rose, losses continue to million during the three months unpredictability in the market. Some Americans are opting company is adjusting by slow-
said Donnie King, Tyson’s mount for its sprawling beef ended June 28, compared with The cattle shortage is raising for cheaper options, including ing the amount of cattle moving
chief executive, on a call with business, which processes about a year ago. prices for consumers, too. Retail ground beef and chicken, execu- through its plants, and scraping
analysts. The company lifted a fifth of the U.S. supply. The company posted a $494 prices for ground beef and tives said. Boneless chicken as much meat off the bone as
its sales forecast for the re- Tyson and other meatpack- million loss in its beef division steaks hit record levels in June, breasts cost Americans about possible, a heightened priority
mainder of the year. ers are facing the lowest U.S. for the quarter, which included according to the Labor Depart- $4 a pound in June, according among slaughterhouses.

Wayfair Swings to Unexpected Profit Spotify to Raise

BY DEAN SEAL cording to FactSet. The top
line of the U.S. business was
Subscription Prices
Wayfair swung to an unex-
pected profit in the second
quarter as revenue rose de-
spite a drop in active users.
up 5.3% at $2.9 billion, while
overseas revenue rose 3.1% to
$399 million. Active custom-
ers at the quarter’s end mean-
Around the World
The Boston online furniture while slid 4.5% from a year BY DENNY JACOB The price increase mirrors
retailer on Monday posted a earlier to 21 million. earlier changes announced in
profit of $15 million, or 11 Wayfair’s revenue was up 6% Spotify Technology said June in the U.S. Spotify at the
cents a share, compared with when excluding its exit from premium subscribers in mar- time said premium subscrib-
a loss of $42 million, or 34 the German market. That’s the kets across a number of re- ers will have to pay a dollar
cents a share, in the same company’s best growth rate gions would see the price of more for their individual sub-
JASON MENDEZ/GETTY IMAGES FOR WAYFAIR

quarter a year earlier. Ana- since early 2021, Chief Execu- their membership increase. scriptions at $11.99 a month
lysts polled by FactSet had tive Niraj Shah said. The audio streaming ser- starting in July. Duo plans
been forecasting a loss. “You’re seeing some of that vice said premium subscribers that allow for two users to
Stripping out one-time this quarter—with years of would be charged €11.99, or share an account will start
items, adjusted earnings were work we’ve done leading to $13.89, a month starting in costing $16.99 a month in-
87 cents a share, topping ana- some of the best growth and September, increasing from stead of $14.99 a month, while
lyst targets for 33 cents a profitability flow through our the prior monthly charge of family plans will cost $3 more
share. business has seen since the €10.99 a month. The change at $19.99 a month.
Revenue climbed 5% to pandemic,” Shah said. would affect subscribers Higher prices come as Spo-
$3.27 billion, ahead of analyst Shares rose 13% to $73.48 across South Asia, the Middle tify struggles to post consis-
estimates for $3.13 billion, ac- on Monday. The online furniture retailer posted a profit of $15 million. East, Africa, Europe, Latin tent profits despite its leading
America and the Asia-Pacific position in the audiostreaming
region. business.

BP Makes Large Offshore Energy Discovery “We’re increasing the price

of Premium Individual so that
we can continue to innovate on
our product offerings and fea-
The company in July said it
added more subscribers in its
second quarter but also
showed that it swung to a
BY ADAM WHITTAKER seeking to grow its global up- The energy company will un- Petroleo as the production- tures,” Spotify said on Monday. loss.
stream production output to dertake further analysis of data sharing manager, it added.
BP said it discovered oil up to 2.5 million barrels by from its Bumerangue explora- The discovery is exciting
and gas in the deep-water 2030, from just over 2.3 mil- tion well to understand the dis- and would give BP a high-qual-
Santos basin offshore Brazil, a lion in 2024, as part of a re- covery and its potential, it said. ity growth asset—something it
find that could be its largest vamped strategy that re-em- BP has a 100% interest in the has been lacking under its new
discovery in 25 years. braces fossil fuels amid block on “very good commer- strategy, Berenberg analysts
The British energy giant is pressure from investors. cial terms” with Brazil’s Pre-Sal wrote in a note to clients.

Joby Aviation to Buy Blade Passenger Business NXG NextGen Infrastructure Income Fund (NXG)

Transferable Rights Offering for Common Shares of Beneficial Interest

NYSE Symbol “NXG”
BY DENNY JACOB NYSE Rights Symbol “NXG RT”
Ex-date was July 21, 2025
Joby Aviation agreed to ac- Record date was July 21, 2025
quire Blade Air Mobility’s Last trading day for rights is August 12, 2025*
passenger division for up to Offer expires August 13, 2025*
$125 million, adding to its *Unless the offering is extended
commercial passenger aircraft
endeavors.
The transportation com- For more information and a copy of the prospectus
pany will receive operations in supplement and prospectus, contact:
the U.S. and Europe, lounges
and terminals, and the Blade
brand. Operations will con-
tinue with the business func-
tioning as a stand-alone entity Call Toll-Free: +1 (800) 290-6428
within Santa Cruz, Calif.-based
Joby upon closing. Joby will Dealer Manager
have the choice to pay the
TIFFANY HAGLER-GEARD/BLOOMBERG NEWS

purchase price in cash or

stock.
Shares of Blade surged 17%
to $4.43, while Joby jumped August 5, 2025
18% to $20.39. An investment in NXG NextGen Infrastructure Income Fund (the “Fund”), a non-
Joby Chief Executive Joe- diversified, closed-end management investment company, is subject to investment
risk, including the possible loss of the entire principal amount invested. Investment
Ben Bevirt in an interview return and the value of shares will fluctuate. The rights offering involves certain
with CNBC pointed to momen- risks, including economic dilution and voting dilution.
tum in the business by way of All of the costs of the rights offering, including offering expenses and sales load,
a recent executive order from will be borne by the Fund and thus indirectly by all of its common shareholders,
including those who do not exercise their rights. The rights are transferable and
the Trump administration and Blade Chief Executive Rob Wiesenthal will join Joby as CEO of Blade Air Mobility. have been admitted for trading on the NYSE during the course of the offer;
stances from regulators however, there can be no assurance that a market for the rights will develop.
around the world. He added in its first quarter. Blade’s terest, taxes, depreciation and “It’s not just for the few, it
Investors should carefully consider the Fund’s investment objective, policies, risks,
that some aircraft testing is passenger business provides amortization and free cash will be for the many,” said Wi- charges and expenses before investing. The Fund’s prospectus supplement and
currently approved in Dubai. short-distance passenger flow given roughly $7 million esenthal during the CNBC in- prospectus, which contain this and other information about the Fund and the
rights offering, can be obtained by calling the phone number listed above. An
“We think with the executive flights using helicopters and in estimated annual cost effi- terview. investor should carefully read the Fund’s prospectus supplement and prospectus
order, there may be the poten- planes primarily in the north- ciencies, it added. Wiesenthal will join Joby as before investing. The information in this communication is not complete and may
be changed. This communication is not an offer to sell these securities and is not
tial to pull the timeline on east U.S., southern Europe and Blade Chief Executive Rob CEO of Blade Air Mobility and soliciting an offer to buy these securities, nor shall there be any sale of these
commercialization here in the western Canada. Wiesenthal said pricing for its also will serve as chairman of securities in any state where the offer, solicitation or sale is not permitted.
U.S.,” said Bevirt. Blade on Monday said its passenger business is cur- Strata’s board. Blade Chief Fi- UBS Securities LLC is acting as dealer manager for the rights offering. In the
The divestiture by Blade medical division will remain rently around prices for Uber’s nancial Officer Will Heyburn U.S., securities underwriting, trading, and brokerage activities and M&A advisory
puts its focus more on its core public and rebrand as Strata Black service—one of the ride- and Melissa Tomkiel, presi- activities are provided by UBS Securities LLC, a registered broker/dealer that is a
wholly owned subsidiary of UBS AG, a member of the New York Stock Exchange
business of medical logistics, Critical Medical following the hailing company’s premium dent and general counsel, will and other principal exchanges, and a member of Securities Investor Protection
specifically air transportation. close of the deal. The financial offerings— but that over time succeed Wiesenthal, serving Corporation.
Medical revenue totaled impact of the divestiture is ex- with Joby’s technology and as co-CEOs of Strata while re- © UBS 2025. All rights reserved.
nearly $36 million of the pected to be neutral in terms less maintenance, prices will taining their respective exist-
roughly $54 million reported of adjusted earnings before in- come down. ing roles.
 B4 | Tuesday, August 5, 2025 THE WALL STREET JOURNAL.

BUSINESS & FINANCE

Mitsubishi UFJ Posts Lower Net Profit

Japanese financial The Japanese financial counting year. Excluding those negative rates. Higher government bond in its first quarter, down from
company said Monday that gains, the company said its The 10-year Japanese gov- yields generally allow banks to ¥166.76 billion a year earlier.
group holds to its net profit fell 1.8% to 546.07 first-quarter net profit in- ernment bond yield in late charge higher interest rates First-quarter net fees and
target of a 7.4% rise billion yen, equivalent to $3.7 creased from a year ago. July climbed to 1.605%, its on commercial loans and re- commissions rose 3% to
billion, for the three months For the year that began in highest level since October ceive higher yields on bonds ¥461.60 billion.
in full-year net profit ended in June. April, the company said it 2008, before giving up some and other investments. Net interest income—the
That beat the estimate of continues to target a 7.4% rise gains in recent sessions. Mitsubishi UFH’s stock has difference between interest
BY KOSAKU NARIOKA ¥527.82 billion in a poll of an- in net profit to ¥2 trillion. Last week, the BOJ main- risen 11% so far this year, fol- earned on loans and that paid
alysts by data provider Quick. Japanese government bond tained its policy rate at 0.5% lowing a 52% gain in 2024, on deposits—fell 16% to
Mitsubishi UFJ Financial In the year-earlier quarter, yields have been trending but raised inflation forecasts, supported by expectations ¥690.79 billion.
Group reported a drop in Mitsubishi UFJ’s bottom line higher over the past year as stoking expectations for fur- that the central bank will con- The company booked net
first-quarter net profit, but was boosted by one-off gains the Bank of Japan has gradu- ther rate increases as a trade tinue to raise rates gradually. losses on debt securities of
maintained its fiscal-year related to a change in subsid- ally raised interest rates, leav- deal with the U.S. eased eco- Mitsubishi UFJ booked total ¥28.25 billion, wider than
profit target. iary Bank of Ayudhya’s ac- ing behind a long period of nomic uncertainty. credit costs of ¥46.94 billion ¥12.68 billion a year earlier.

UBS to Settle Credit Suisse Obligations

BY ADRIÀ CALATAYUD
MICHAELA NAGYIDAIOVA/BLOOMBERG NEWS

UBS Group agreed to pay

$300 million to settle out-
standing obligations Credit
Suisse had committed to in a
deal with the U.S. Justice De-
partment over bonds backed
by mortgages sold before the
2008 financial crisis.
The settlement means the
The company announced plans in February to trim its staff. Swiss bank sheds another le-
gal case it inherited as part of

ON Semiconductor its acquisition of Credit

Suisse, as UBS continues to in-
tegrate its former rival more

Results Show Stability than two years after it closed

a rescue takeover engineered
by Swiss authorities.
UBS said Monday that its
BY KATHERINE HAMILTON of $1.45 billion. ON anticipates Credit Suisse Securities (USA)

STEFAN WERMUTH/BLOOMBERG NEWS

revenue in the third quarter LLC subsidiary entered into an
ON Semiconductor posted will be $1.47 billion to $1.57 agreement with the Justice
lower profit and revenue in the billion, compared with the Department to resolve all out-
second quarter, but the results $1.50 billion Wall Street is standing consumer-relief obli-
stayed roughly in line with Wall projecting. Earnings per share gations under an earlier set-
Street expectations as end mar- are expected to be 51 cents to tlement. The obligations stem
kets stabilize. 61 cents, while analysts are from a 2017 agreement be-
The semiconductor maker on looking for 53 cents a share. tween Credit Suisse and the
Monday posted a profit of Chief Executive Hassane El- Justice Department related to
$170.3 million, or 41 cents a Khoury said ON’s end markets the bank’s legacy residential The settlement means UBS sheds another legal case it inherited as part of the Credit Suisse deal.
share, in the second quarter, are starting to stabilize. “Our mortgage-backed securities
compared with $338.2 million, ongoing transformation is re- business. Top global banks and other tablished at the time of the balanced way, the bank said.
or 78 cents a share, a year ear- sulting in a more predictable In 2017, Credit Suisse com- financial institutions paid bil- acquisition of Credit Suisse in The deal follows another
lier. Stripping out certain one- business model,” he said. pleted a $5.3 billion agreement lions of dollars to resolve simi- the third-quarter results for agreement with the Justice
time items, adjusted per-share The Scottsdale, Ariz., com- with the Justice Department lar allegations over securities its noncore and legacy busi- Department in May to settle a
earnings were 53 cents, which pany said in February that it to resolve claims that it misled that helped fuel a housing bub- ness. yearslong U.S. tax probe into
was what analysts had forecast, was cutting 9% of its work- mortgage bond investors be- ble in the mid-2000s and exac- The agreement reached Credit Suisse. UBS paid $511
according to FactSet. force, or about 2,400 employ- fore the 2008 financial crisis. erbated the subsequent crisis. with the Justice Department million to settle the investiga-
Revenue fell 15% to $1.47 ees, to cut costs and push for- The settlement included a $2.5 UBS said it expected to is in line with UBS’s aim to re- tion and booked a $427 mil-
billion. Analysts surveyed by ward development amid billion penalty and consumer book a credit from the release solve legacy Credit Suisse lion release of provisions in its
FactSet had forecast revenue waning demand. relief payments of $2.8 billion. of potential obligations it es- matters at pace in a fair and second-quarter results.

Annual returns for trend-following Trend-following hedge funds’

hedge funds* assets under management †
30% $350 billion

300
20
250

Track risk in real-time with 10

200

150
our powerful screening 100
0
and monitoring solution 50

             –10 0

            2000 ’05 ’10 ’15 ’20 ’25 1991 ’95 2000 ’05 ’10 ’15 ’20 ’25

                *2025 data is through June 30. †Shows year-end totals, except for 2025, where first-half figure is shown.
Source: PivotalPath Managed Futures Index (annual return); HFR (assets under management)
          !    
      "    
Wild Year erages and momentum indica-
tors to determine where prices
might go. Based on those sig-
bond yield, it really hasn’t gone
anywhere,” said Parag Thatte, a
Deutsche Bank strategist who

Hits Quant nals, the funds then systemati-

cally buy or sell futures con-
tracts in markets such as stocks,
closely monitors CTA behavior.
“There’s no trend in it.”
The performance contrasts

Funds bonds and commodities.

Hedge-fund clients over the
years have grumbled about
with some other strategies that
are thriving. Discretionary
macro funds, which focus on
lackluster returns—only for the big-picture market moves, are
Continued from page B1 strategy to roar back to life up 10.5%, while global long-
skittish markets and geopolitical when investors needed it most. short equity hedge funds, which
uncertainty have challenged the The funds stood out during bet on and against stocks, are
strategy. The past year has been the global financial crisis, rising up 9.2%, according to Pivotal-
“one of the toughest environ- 27% in 2008, per PivotalPath, Path.
ments for trend-following in, re- while the S&P 500 cratered 37% And because trend-following
ally, 25 years or 30 years,” Fort- on a total-return basis. They funds can take days or weeks to
erre said. also delivered strong returns in fully buy into a change in a
Still, the firm’s conviction in 2022, when both U.S. stocks and market’s direction, they can be
trend-following remains strong, bonds slid. At Man, the three left playing catch-up if asset
Grew said, even as the firm has main AHL funds brought in prices quickly reverse. The
diversified into other areas, in- nearly half a bil- funds’ signals
cluding bulking up in private lion dollars in might instruct
credit. For his part, Forterre performance them to buy—
said: “Trend-following is not fees that year. Trend-following just before an
broken.” After its ban- funds can take unexpected cat-
Others are also having a ner performance alyst suddenly
rough time. Through late July, during the fi- days or weeks to sends other in-
BlueTrend, a fund run by the nancial crisis, vestors rushing
$12 billion Systematica Invest- the strategy be-
fully buy into a to sell.
ments, was down 16.7%, while came a magnet market change. This year,
the flagship trend-following for investor Trump’s capri-
fund at Aspect Capital, was money. Assets cious tariff
down 14.5%, according to people more than tri- moves and sud-
familiar with the matter. pled in a decade, while cheaper den social-media announce-
The strategy has a long pedi- replica funds crowded in to of- ments have stoked volatility
gree, but this isn’t the first time fer similar products at lower across asset classes, including
it has faced criticism. fees. Nowadays, trend-following stocks, currencies and commod-
Trend-following dates back hedge funds oversee about $318 ities. Last week, for instance,
decades to firms such as AHL, billion, according to data tracker U.S. copper prices suddenly
launched in the 1980s by a trio HFR, or about 7% of total indus- plunged after the president sur-
of early believers in the idea try assets. prised traders by unveiling 50%
that computers could predict But critics say this year’s ex- tariffs on copper products, but
market moves. Man took full perience highlights a weakness not on the raw material itself.
ownership of the business in in the strategy: It tends to work Schneller, the investor in
1994, and AHL became an eco- best when asset prices move in Switzerland, said he knows
nomic engine for the bigger one direction for sustained peri- what he signed up for—which is
Scan the QR code to learn more group. ods, as a rally or selloff plays why these funds represent just
or visit dowjones.com/asam These funds are also referred out over weeks or months. If a small chunk of his hedge-fund
to as CTAs, for commodity trad- market moves are choppy but portfolio. “In our view, the case
ing advisers, and as managed- indecisive, that can be a prob- for trend hasn’t changed—but
© 2025 Dow Jones & Co., Inc. All Rights Reserved. 6DJ3103 futures funds. Their models lem. the burden of patience has cer-
crunch data such as moving av- “If you look at the 10-year tainly gone up,” he said.
THE WALL STREET JOURNAL. Tuesday, August 5, 2025 | B5

BUSINESS & FINANCE

Perils of ‘Buy
Now, Pay
Later’ Loans
Young Americans come harder to be approved
for credit cards in today’s eco-
turn to high-interest nomic environment, said Mi-
loan products; some chele Raneri, vice president
and head of U.S. research at
are spending more TransUnion.
They also face a tougher

STEFANI REYNOLDS/BLOOMBERG NEWS

employment picture, stub-
BY ANGEL AU-YEUNG
bornly high prices on every-
day items and student-loan
Ashlyn Dager was 18 when payments, leading them to
she took out her first “buy turn to BNPL. For many, the
now, pay later” loan. It had a loans have also become a reli-
30% interest rate and almost able source of fun money.
no bearing on her credit The ease of approvals,
score. which come in minutes after
Struggling with pain from a credit checks designed not to
genetic disorder, she financed affect a borrower’s credit Left, Ashlyn Dager took out a personal loan with a 14%
a $1,100 full-size mattress score, have appealed to bor- interest rate to pay off her Affirm balance.
with Affirm, a financial-tech- rowers and helped fuel
nology company that is an in- growth. The availability of the might seem more attractive to lege graduate who works as a
creasingly popular choice for new loan opportunity has led an age group that already legislative aide for the city of
some younger Americans who shoppers to buy things they feels economic pressure, said Berkeley, Calif., is an enthusi-
traditionally have less access might have otherwise avoided, David Tinsley, senior econo- astic user of buy now, pay
to credit cards. according to a recent study mist at the Bank of America later loans. She advocates on
Soon, she turned to Affirm from the National Bureau of Institute. social media for others to use
for groceries, haircuts and Economic Research. “The fact that large trans- them and mostly uses them
eyelash extensions. Her debt Yadira Lara, 28, started us- actions are broken up makes it for concert and music-festival
ballooned to nearly $4,600, ing buy now, pay later loans slightly more palatable, but tickets, she said.
which required a $771 after seeing the option on the it’s possible it also incentiv- “I was able to afford four
monthly payment. checkout page of online cloth- izes people to spend more or five Harry Styles concert
“Initially it starts off with ing websites. She soon started than they would have,” said tickets by using buy now, pay
necessities,” said Dager, 22 financing larger items includ- Tinsley. “There’s a risk that later,” said Bernal, 23. For
years old, who recently took ing car tires, a dining table, some people who use it might those purchases, she used
out a personal loan from her concert tickets and a washer- get into financial stress.” Klarna.
LENSLEGEND PHOTOGRAPHY

credit union, with a 14% inter- dryer set. Klarna, a Swedish BNPL Bernal has been financially
est rate, to pay off her Affirm More recently, she financed provider, reported a 17% year- independent since she gradu-
balance. “To me, it was just $900 of Botox and filler injec- over-year increase in cus- ated from high school. She
$20 a month here and there, tions with the fintech com- tomer credit losses in the first said she budgets carefully for
not $1,000 in debt. But it all pany Klarna and said splitting quarter of this year, hitting groceries, rent, gas and public
adds up.” large purchases into small $136 million. The company’s transportation. Still, she feels
The use of such loans, payments over time gives her credit-loss rate, or the lender’s the impact of rising prices,
which allow consumers to more cash on hand. nual interest rates ranging soon change. In June, Fair credit losses as a share of the and sometimes forgoes trips
spread the cost of purchases— “Before you come at me from zero to 36%. The rates Isaac, the company behind the total loans it had underwrit- to the supermarket.
from large-ticket items to ser- with, ‘Who has that kind of depend on the borrower’s most widely used U.S. credit ten, rose to 0.54%, up slightly But concerts are a discre-
vices as small as food delivery, money?’—Klarna does,” Lara standing, payment timeline score, said it would roll out a from 0.51% a year earlier, ac- tionary expense she won’t
accelerated in the past year said in a video she posted on and the item being purchased. new model that factors the cording to a company spokes- give up. “I should be allowed
among young Americans, ac- TikTok. “You use it for Shein, Retailers can also pay fees to loans into its scores. Some woman. to go to music festivals
cording to a June report from Amazon, Temu…use it for your Affirm to offer better terms banks like JPMorgan Chase Affirm, based in San Fran- whether or not I can drop
the Bank of America Institute. face, ’kay? Just make pay- for shoppers, such as zero in- and Capital One Financial pre- cisco, said 3% of its Gen Z bor- $1,000 on one day,” said Ber-
Tens of millions of consum- ments on it.” terest, at checkouts. vent their credit cards from rowers aren’t paying the com- nal, who estimates she has
ers use buy now, pay later Companies like Affirm and These loans haven’t af- being used for purchases that pany back in full, across all its been to 20 to 25 concerts and
loans. Young Americans have Klarna can extend loans as fected credit scores for the involve such loans. different loan plans. multiday music festivals in the
turned to them as it has be- large as $20,000, offering an- most part, but that might Buy now, pay later loans Andrea Bernal, a recent col- past 12 months.

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B6 | Tuesday, August 5, 2025 * ** THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net
How to Read the Stock Tables Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and AgilentTechs A 114.84 1.34 AmerExpress AXP 298.59 4.32 ArchCapital ACGL 88.51 0.51 BancodeChile BCH 27.94 0.35 s BorgWarner BWA 38.28 0.76 CAE CAE 28.88 0.55 CheniereEnergy LNG 242.01 3.70
Nasdaq Stock Market listed securities. Prices are consolidated from trades s AgnicoEagleMines AEM 131.39 6.17 AmericanFin AFG 123.60 1.18 ADM ADM 54.36 0.51 BancSanBrasil BSBR 4.78 0.09 BostonSci BSX 106.79 1.38 CamdenProperty CPT 105.77 -1.18 CheniereEnerPtrs CQP 57.23 0.39
reported by various market centers, including securities exchanges, Finra, AgreeRealty ADC 75.05 1.32 AmHomes4Rent AMH 35.48 0.29 AresMgmt ARES 188.55 5.72 BcoSantChile BSAC 23.52 0.39 BridgeBioPharma BBIO 47.75 0.38 Cameco CCJ 75.26 2.33 Chevron CVX 151.04 -0.36
electronic communications networks and other broker-dealers. The list AirProducts APD 287.48 5.73 AIG AIG 78.29 1.29 s argenx ARGX 690.32 16.52 BancoSantander SAN 8.67 0.27 BristolMyers BMY 45.40 1.17 Campbell's CPB 32.29 -0.04 Chewy CHWY 35.83 -0.08
comprises the 1,000 largest companies based on market capitalization. Airbnb ABNB 130.96 2.94 AmerTowerREIT AMT 212.98 0.88 AristaNetworks ANET 120.35 2.78 BankofAmerica BAC 45.85 0.19 s BritishAmTob BTI 55.55 1.20 CIBC CM 72.51 0.73 ChimeFinl CHYM 33.89 1.25
Underlined quotations are those stocks with large changes in volume AkamaiTech AKAM 75.50 1.12 AmerWaterWorks AWK 147.00 1.28 Arm ARM 140.05 2.47 BankMontreal BMO 111.95 1.13 Broadcom AVGO 297.72 9.08 CanNtlRlwy CNI 93.72 0.86 t Chipotle CMG 42.88 0.36
compared with the issue’s average trading volume. AlamosGold AGI 25.58 0.71 Ameriprise AMP 506.28 6.36 ArmstrongWorld AWI 189.58 1.06 BankNY Mellon BK 101.41 1.60 BroadridgeFinl BR 248.46 3.81 CanadianNatRscs CNQ 30.79 -0.18 Chubb CB 267.74 0.34
Albemarle ALB 68.56 0.66 Ametek AME 184.49 2.13 s AscendisPharma ASND 184.15 9.67 BankNovaScotia BNS 55.99 0.55 BrookfieldAsset BAM 61.33 1.52 CdnPacKC CP 74.40 1.52 ChunghwaTel CHT 43.68 -0.08
Boldfaced quotations highlight those issues whose price changed by 5% or Albertsons ACI 19.26 -0.35 Amgen AMGN 301.94 5.06 Assurant AIZ 188.88 2.40 Barclays BCS 19.32 0.22 Brookfield BN 66.62 1.29 CapitalOne COF 210.79 3.32 Church&Dwight CHD 91.50 -2.51
more if their previous closing price was $2 or higher. Alcon ALC 87.82 -0.05 Amphenol APH 108.63 4.32 AsteraLabs ALAB 137.93 6.83 s BarrickMining B 22.18 0.81 BrookfieldInfr BIP 31.57 0.43 CardinalHealth CAH 158.62 2.62 Ciena CIEN 92.67 4.04
Footnotes: AlexandriaRlEst ARE 77.12 1.11 Amrize AMRZ 50.78 -0.23 AstraZeneca AZN 74.59 0.64 BaxterIntl BAX 22.44 0.48 BrookWealth BNT 66.73 1.40 Carlisle CSL 358.20 5.68 Cigna CI 266.59 4.36
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most Alibaba BABA 117.50 0.43 AnalogDevices ADI 222.40 0.69 Atlassian TEAM 185.69 2.73 BectonDicknsn BDX 178.90 2.53 Brown&Brown BRO 92.70 0.46 Carlyle CG 60.43 1.72 CincinnatiFinl CINF 149.74 3.55
recent four quarters. AlignTech ALGN137.77 1.25 s AngloGoldAsh AU 53.17 4.41 AtmosEnergy ATO 159.45 3.64 BentleySystems BSY 57.90 0.78 Brown-Forman B BF.B 29.65 0.90 t CarMax KMX 54.66 -1.32 Cintas CTAS 225.09 3.59
s Allegion ALLE 166.73 1.60 AB InBev BUD 58.19 1.09 AuroraInnov AUR 5.96 0.31 BeOneMed ONC 304.30 5.29 Brown-Forman A BF.A 29.29 0.72 Carnival CCL 29.72 0.65 CircleInternet CRCL 164.82 -3.28
Stock tables reflect preliminary closing values as of 4 p.m. ET and s AlliantEnergy LNT 66.34 0.87 AnnalyCap NLY 20.91 0.40 Autodesk ADSK 302.50 5.48 Berkley WRB 70.48 1.23 BuildersFirst BLDR 128.18 -2.00 Carnival CUK 27.19 0.61 CiscoSystems CSCO 68.49 1.38
changes in the official closing prices from 4 p.m. ET the previous day. Allstate ALL 203.03 3.26 AnteroMidstream AM 18.66 0.13 Autoliv ALV 111.19 0.88 BerkHathwy A BRK.A692600-18880 BungeGlobal BG 80.60 2.60 CarpenterTech CRS 253.01 -4.77 Citigroup C 92.08 0.85
AllyFinancial ALLY 37.44 0.41 AnteroResources AR 33.02 -0.65 ADP ADP 302.26 1.82 BerkHathwy B BRK.B459.11-13.73 BurlingtonStrs BURL 280.79 7.61 CarrierGlobal CARR 66.54 -0.38 CitizensFin CFG 47.58 0.76
s AlnylamPharm ALNY 419.56 17.76 Aon AON 360.40 6.94 s AutoZone AZO 3967.76108.90 BestBuy BBY 66.22 2.10 CACI Intl CACI 466.68 5.75 Carvana CVNA 360.66 -7.12 CleanHarbors CLH 236.43 2.26
Monday, August 4, 2025 Net Net Alphabet C GOOG 195.75 5.80 APi Group APG 35.59 0.52 Avalonbay AVB 182.72 -1.72 Bilibili BILI 22.44 0.54 CAVA CAVA 87.79 3.49 CaseysGenStores CASY 523.25 0.47 Clorox CLX 124.19 1.09
Net Stock Sym Close Chg Stock Sym Close Chg Alphabet A GOOGL 195.04 5.91 ApolloGlbMgmt APO 142.02 3.73 AveryDennison AVY 167.35 1.53 Bio-Techne TECH 54.88 -0.01 CBRE Group CBRE 156.03 2.09 Caterpillar CAT 433.70 5.01 s Cloudflare NET 208.80 8.69
Stock Sym Close Chg Altria MO 61.94 0.16 s AppFolio APPF321.25 2.10 AxonEnterprise AXON 744.88 2.41 Biogen BIIB 132.20 0.25 CDW CDW 172.14 3.28 Celestica CLS 201.45 6.71 Coca-Cola KO 68.96 0.10
ASE Tech ASX 9.98 -0.03 Acuity AYI 310.35 5.52
Amazon.com AMZN 211.65 -3.10 Apple AAPL 203.35 0.97 BCE BCE 23.31 -0.26 BioMarinPharm BMRN 60.31 2.17 CF Industries CF 93.65 2.09 CelsiusHldg CELH 45.18 0.46 Coca-ColaCon COKE 112.01 -0.40
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Amcor AMCR 9.40 0.10 ApplMaterials AMAT 182.82 2.83 BJ'sWholesale BJ 107.79 -2.19 Birkenstock BIRK 50.27 1.13 s CH Robinson CHRW 115.03 1.17 Cencora COR 293.64 5.29 CognizantTech CTSH 71.26 0.67
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Closing Chg YTD
Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET ETF Symbol Price (%) (%)
BANKRUPTCIES NOTICE OF SALE Closing Chg YTD SchwabUS Div SCHD 26.61 0.87 –2.6
ETF Symbol Price (%) (%) SchwabUS LC SCHX 24.99 1.46 7.8
Closing Chg YTD SchwabUS LC Grw SCHG 30.11 1.93 8.0
ETF Symbol Price (%) (%) iShMSCIEAFEValue EFV 64.06 1.26 22.1 SPDR S&PMdCpTr MDY 574.39 1.29 0.8
UNITED STATES BANKRUPTCY COURT if you received a flash drive), free of charge, please feel free to IN THE UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF TEXAS, HOUSTON DIVISION contact the Debtors’ Solicitation Agent, by: (a) writing to Mosaic FOR THE DISTRICT OF DELAWARE CommSvsSPDR XLC 108.16 1.92 11.7 iShNatlMuniBd MUB 104.09 –0.02 –2.3 TechSelectSector XLK 262.29 2.03 12.8
) Sustainable Finance Corporation Claims Processing Center, c/o In re: Chapter 11 CnsmrDiscSel XLY 218.63 1.18 –2.5 iSh1-5YIGCpBd IGSB 52.75 0.06 2.0 VanEckSemicon SMH 290.19 2.20 19.8
In re: Chapter 11
MOSAIC SUSTAINABLE FINANCE ) Kroll Restructuring Administration LLC, 850 Third Avenue, Suite MY JOB MATCHER, INC., et al., 1 Case No.25-11280 DimenUSCoreEq2 DFAC 36.61 1.55 5.8 iSh1-3YTreaBd SHY 82.68 0.02 0.9 VangdSC Val VBR 198.15 1.40 –0.0
CORPORATION, et al.,1 ) Case No.25-90156 (CML) 412, Brooklyn, NY 11232; (b) emailing [email protected]. Debtors. (Jointly Administered) EnSelSectorSPDR XLE 85.40 –0.22 –0.3 iShRussMC IWR 93.78 1.50 6.1 VangdExtMkt VXF 197.33 1.91 3.9
Debtors. ) (Jointly Administered) com (with “Mosaic Solicitation Inquiry” in the subject line); (c) NOTICE OF PROPOSED SALE OF ASSETS FidWiseBTC FBTC 100.12 1.48 22.7
iShRuss1000 IWB 346.65 1.49 7.6 VangdDivApp VIG 206.79 1.32 5.6
calling the Debtors’ Chapter 11 inquiries hotline maintained by PLEASE TAKE NOTICE that the above-captioned debtors iShRuss1000Grw IWF 440.38 1.96 9.7 VangdFTSEAWxUS VEU 67.19 1.22 17.0
NOTICE OF CONFIRMATION HEARING TO CONSIDER FinSelSectorSPDR XLF 51.91 0.99 7.4
the Solicitation Agent at (833) 953-7040 (U.S./Canada, toll-free) and debtors-in-possession (collectively, the “Debtors”) each iShRuss1000Val IWD 194.81 1.06 5.2 VangdFTSEDevMk VEA 56.80 1.39 18.8
CONFIRMATION OF PLAN HELD ON SEPTEMBER 4, or +1 (646) 974-5614 (International, toll); or (d) submitting an HealthCrSelSect XLV 133.01 1.43 –3.3
2025 AT 9:00 AM (PREVAILING CENTRAL TIME) filed a voluntary petition for relief under chapter 11 of title 11 of iShRuss2000 IWM 219.73 2.24 –0.6 VangdFTSE EM VWO 50.00 0.93 13.5
inquiry online at the Debtors’ restructuring website maintained IndSelSectorSPDR XLI 151.12 0.92 14.7
PLEASETAKE NOTICE OFTHE FOLOWING: the United States Code,11 U.S.C.§§ 101 et seq.on July 6,2025,in iShS&P500Grw IVW 113.90 1.95 12.2 VangdFTSE Europe VGK 76.13 1.16 19.9
by the Solicitation Agent at https://cases.ra.kroll.com/Mosaic/, the United States Bankruptcy Court for the District of Delaware InvscNasd100 QQQM 232.22 1.84 10.3
Approval of Disclosure Statement. By order dated, July iShS&P500Value IVE 196.42 1.02 2.9 VangdGrowth VUG 453.60 1.92 10.5
by clicking the “Contact Us” and/or “Live Chat” links at the “Info (the “Bankruptcy Court”). The Debtors are seeking to sell (the InvscQQQI QQQ 564.10 1.85 10.3
31, 2025 [Docket No.386] (the“Disclosure Statement Order”), the iShS&P100 OEF 311.57 1.43 7.9 VangdHiDiv VYM 134.47 1.18 5.4
Center”section of the landing page.You may also obtain copies of “Sale”) all or substantially all of their assets (the“Assets”), free InvscS&P500EW RSP 183.78 1.22 4.9
United States Bankruptcy Court for the Southern District of Texas, any pleadings filed in these Chapter 11 Cases by visiting the Court’s iSh7-10YTreaBd IEF 95.81 0.14 3.6 VangdInfoTech VGT 689.73 2.27 10.9
and clear of all encumbrances other than Assumed Liabilities iShBitcoin IBIT 65.20 1.53 22.9
Houston Division (the“Court”) approved the Disclosure Statement website at https://ecf.txsb.uscourts.gov in accordance with the iSh20+YTreaBd TLT 88.06 0.27 0.8 VangdIntermBd BIV 77.50 0.12 3.7
and Permitted Encumbrances. In connection with the Sale, the iShBrdUSDHYCpBd USHY 37.30 0.32 1.4
for the Amended Joint Chapter 11 Plan of Mosaic Sustainable proceduresandfeessetforththerein. Debtors have entered into an Asset Purchase Agreement (the iShUSEqFactRotat DYNF 55.77 1.34 8.8 VangdIntrCorpBd VCIT 83.17 0.16 3.6
Finance Corporation and Its Affiliated Debtors [Docket No. 403] iShCoreDivGrowth DGRO 64.83 1.09 5.7
2.23
Cure Notices, Rejection Notices and the Plan “Stalking Horse APA”) with Job.com Acquisition Co., LLC (the iShUSTech IYW 181.19 13.6 VangdIntermTrea VGIT 59.78 0.05 3.1
(as amended, modified, or supplemented from time to time, the iShCoreMSCIEAFE IEFA 82.82 1.37 17.8 0.09
Supplement. The Debtors will serve Cure Notices on “StalkingHorsePurchaser”)subjecttotheDebtors’acceptance iShUSTreasuryBd GOVT 22.96 –0.1 VangdLC VV 291.55 1.51 8.1
“Disclosure Statement”)2 as constituting adequate information counterparties to Executory Contracts and Unexpired Leases of higher or otherwise better offers in accordance with the iShCoreMSCIEM IEMG 60.53 1.05 15.9 iSh0-3MTreaBd SGOV 100.41 0.02 0.1 VangdMegaGrwth MGK 379.24 1.99 10.4
within the meaning of section 1125 of title 11 of the United States to be assumed pursuant to Article X of the Plan by no later than BiddingProcedures(asdefinedbelow). iShCoreMSCITotInt IXUS 77.37 1.34 17.0 JPMNasdEqPrem JEPQ 54.64 1.54 –3.1 VangdMC VO 286.21 1.51 8.4
Code,11U.S.C.§§101etseq.(the“BankruptcyCode”). twenty-one (21) days prior to the Confirmation Hearing.The Cure PLEASE TAKE FURTHER NOTICE that by order dated July 28, iShCoreS&P500 IVV 634.17 1.52 7.7 JanusHendersonAAA JAAA 50.61 0.08 –0.2 VangdRealEst VNQ 89.83 1.02 0.8
Confirmation Hearing. On September 4, 2025 at 9:00 Notice will notify such counterparties of, among other things, 2025 [Docket No. 110] (the “Bidding Procedures Order”), the iShCoreS&P MC IJH 62.90 1.30 0.9 JPM EqPrem JEPI 56.23 1.11 –2.3 VangdRuss1000Grw VONG 113.34 1.94 9.7
a.m. (Prevailing Central Time), or as soon thereafter as their proposed treatment under the Plan,their related Cure Claim, Bankruptcy Court approved certain relief requested in the related iShCoreS&P SC IJR 110.29 1.69 –4.3
counsel may be heard, a hearing (the “Confirmation Hearing”) JPM UltShIncm JPST 50.56 0.02 0.4 VangdS&P500ETF VOO 580.14 1.52 7.7
and the procedures to object to the assumption, assumption motion [Docket No. 24] (the “Bidding Procedures Motion”) iShCoreS&PTotUS ITOT 137.95 1.58 7.3 ProShUltPrQQQ TQQQ 87.46 5.48 10.5 VangdST Bond BSV 78.62 0.03 1.7
will be held before the Honorable Christopher M. Lopez, United and assignment, or related Cure Claim for such counterparty’s and certain “Bidding Procedures” that govern the Sale. All iShCoreS&PUSGrw IUSG 155.67 1.99 11.7 SPDRBbg1-3MTB BIL 91.48 0.01 0.1 VangdSTCpBd VCSH 79.49 0.09 1.9
States Bankruptcy Judge, in Courtroom 401 of the United States respective Executory Contract(s) and/or Unexpired Lease(s). If, interested parties should carefully read the Bidding Procedures
Bankruptcy Court, 515 Rusk Street, Houston, Texas 77002, to iShCoreTotUSDBd IUSB 46.22 0.09 2.3 SPDR DJIA Tr DIA 441.81 1.40 3.8 VangdShortTrea VGSH 58.64 ... 0.8
prior to the Confirmation Date, the Debtors identify additional Order and the Bidding Procedures. Copies of all pleadings,
consider confirmation of the Amended Joint Chapter 11 Plan of including the Bidding Procedures Motion,the Bidding Procedures iShCoreUSAggBd AGG 99.22 0.08 2.4 SPDR Gold GLD 310.91 0.58 28.4 VangdSC VB 241.30 1.57 0.4
Executory Contracts and Unexpired Leases to which a Debtor is
Mosaic Sustainable Finance Corporation and Its Affiliated Debtors a counterparty that might be assumed or assumed and assigned Order,the Bidding Procedures and the Stalking Horse APA (which iShEdgeMSCIMinUSA USMV 93.37 1.12 5.2 SPDRPtfDevxUS SPDW 40.37 1.43 18.3 VangdTaxExemptBd VTEB 48.83 ... –2.6
[Docket No. 368] (as amended, modified, or supplemented from by the Debtors, the Debtors will promptly file a Supplemental is attached to the Bidding Procedures Motion) are available iShEdgeMSCIUSAQual QUAL 185.45 1.71 4.1 SPDRS&P500Value SPYV 52.66 1.04 3.0 VangdTotalBd BND 73.64 0.07 2.4
time to time, the “Plan”). The Confirmation Hearing may be Assumed Contracts List and serve such Supplemental Assumed upon request to the Debtors’ claims and noticing agent, Stretto, iShGoldTr IAU 63.64 0.55 28.5 SPDRPtfS&P500 SPLG 74.25 1.50 7.7 VangdTotIntlBd BNDX 49.47 0.11 0.9
adjourned from time to time without further notice to creditors or Contracts List on each applicable counterparty. Each applicable Inc., via telephone at 833.820.5026 (Toll-Free) or 714.442.4486 iShiBoxx$IGCpBd LQD 109.82 0.17 2.8 SPDRS&P500Growth SPYG 98.60 1.90 12.2 VangdTotIntlStk VXUS 69.08 1.23 17.2
other parties in interest other than by an announcement of such counterparty shall have fourteen (14) calendar days of the filing (International) or via email at TeamMyJobMatcher@stretto. iShMBS MBB 93.77 0.05 2.3 SPDR S&P 500 SPY 631.17 1.52 7.7 VangdTotalStk VTI 310.53 1.57 7.1
an adjournment in open court at the Confirmation Hearing. The thereof to object to the applicable Cure Amount set forth on the com, and are available for download at https://cases.stretto. iShMSCIACWI ACWI 130.17 1.44 10.8 SchwabIntEquity SCHF 22.02 1.52 19.0 VangdTotWrldStk VT 130.21 1.40 10.8
Plan may be modified in accordance with the Bankruptcy Code,the SupplementalAssumedContractsList. com/myjobmatcher. A separate notice will be provided to iShMSCI EAFE EFA 88.45 1.33 17.0 SchwabUS BrdMkt SCHB 24.34 1.54 7.2 VangdValue VTV 177.18 0.95 4.7
Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”), On the Plan Supplement Deadline, the Debtors will send a counterparties to executory contracts and unexpired leases
the terms of the Plan, and other applicable law, without further Rejection Notice to the counterparties to Executory Contracts with the Debtors that may be assumed and assigned in
notice,priorto,orasaresultof,theConfirmationHearing. and Unexpired Leases identified on the Rejected Contracts/ connection with the Sale. Any interested bidder should
You may attend the Confirmation Hearing either in person or Lease List, which will be included in the Plan Supplement. The contact Configure Partners, LLC, the Debtors’ proposed
by audio/video communication. Audio communication will be
by use of the Court’s dial-in-facility. You may access the facility
Rejection Notice will notify such counterparties of, among other
things, their inclusion on the Rejected Contracts/Lease List, their
investment banking advisor: Jay Jacquin (404-448-0010
x101; jjacquin@configurepartners.com), or Matt Guill
New Highs and Lows Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
at (832) 917-1510. Once connected, you will be asked to enter proposed treatment under the Plan,the date,time and place of the (404-448-0010x110;mguill@configurepartners.com),
YorkvilleAcqnWt YORKW 2.00 25.4 JinxinTech NAMI 0.84 -3.4
the conference room number. Judge Lopez’s conference room ConfirmationHearing,andtheprocedurestoobjecttotherejection September
number is 590153. Video communication will be by the use of 17,2025at4:00p.m.(ET). The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE ZeppHealth ZEPP 19.26 34.0 KioraPharm KPRX 2.25 ...
of such counterparty’s respective Executory Contract(s) and/or American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low ZurnElkayWater ZWS 45.00 -2.2 Lakeside LSH 0.78 -0.1
the GoToMeeting platform. Connect via the free GoToMeeting Unexpired Lease(s) by the Objection Deadline.The Debtors will file
application or click the link on Judge Lopez’s home page. The connection with the Sale (a “Sale Objection”), other than a in the latest session. % CHG-Daily percentage change from the previous trading session. LandstarSystem LSTR 126.70 ...
meeting code is“JudgeLopez”. Click the settings icon in the upper
the Plan Supplement (as defined in the Plan) and will serve notice
on all holders of Claims entitled to vote on the Plan,which will:(a) Contract Objection, which shall be governed by the Assumption Lows LeeEnterprises LEE 4.46 6.5
right corner and enter your name under the personal information and Assignment Procedures, must: (a) be in writing; (b) comply Monday, August 4, 2025 LiminatusPharma LIMN 4.20 -14.2
inform parties that the Debtors filed the Plan Supplement;(b) list ARKRestaurants ARKR 6.68 -15.9
setting. Hearing appearances must be made electronically in with the Bankruptcy Rules and the Local Rules; (c) set forth the LyondellBasell LYB 50.77 -4.7
the information contained in the Plan Supplement;and (c) explain 52-Wk % 52-Wk % 52-Wk % AcurxPharm ACXP 0.28 -4.8
advance of the hearing. To make your electronic appearance, specific basis for the Sale Objection; (d) be filed with the Clerk of McCormickVtg MKC.V 69.55 0.1
howpartiesmayobtaincopiesofthePlanSupplement. Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Adaptimmune ADAP 0.07 -0.8
click the “Electronic Appearance” link on Judge Lopez’s home the Court, 824 N. Market Street, 3rd Floor,Wilmington, Delaware McCormick MKC 69.76 -0.2
Additional Information. If you have any questions, please Aditxt ADTX 0.96 -4.1
page.Select the case name,complete the required fields and click 19801 on or before 4:00 p.m. (ET) on September 19, 2025 ElbitSystems ESLT 491.77 5.4 NioCorpDevelopWt NIOBW 0.92 4.5 McGrawHill MH 15.00 -0.5
contact the Debtors’ Chapter 11 inquiries hotline maintained
“Submit”tocompleteyourappearance. by the Solicitation Agent at (833) 953-7040 (U.S./Canada, toll- (the “Sale Objection Deadline”), and proof of service of such
Sale Objection upon the Objection Notice Parties,as defined in the
Highs EldoradoGold EGO
EmbraceChangeWt EMCGW
21.86
0.08
3.2
20.3
NiSource NI 43.51 1.7
NorthropGrum NOC 592.16 0.6
AdvancedBiomed ADVB
Amaze AMZE
0.42 1.5
3.91 -5.7
MetaVia MTVA 0.56 -2.1
Voting Record Date and Voting Deadline. The voting free) or +1 (646) 974-5614 (International, toll); or submit an Mobile-health MNDR 0.94 0.9
BiddingProceduresOrder AParadiseAcqn APADU 10.10 ... AmbiqMicro AMBQ 35.00 -3.4
record date was July 31,2025,which was the date for determining inquiry (i) via email to [email protected] (with “Mosaic Emera EMA 47.74 1.3 nVentElectric NVT 91.52 0.7 MoolecScience MLEC 2.98 -3.4
ATAI Life ATAI 4.40 2.2 AppliedDNA APDN 4.15 -7.4
which holders of Claims in Classes 3,4,5,6 and 7 as applicable,are Solicitation Inquiry”in the subject line) or (ii) online at the Debtors’ Entergy ETR 91.90 2.2 OR Royalties OR 28.88 3.4 NIQGlbIntel NIQ 15.99 -4.3
in accordance with the Bidding Procedures Order, will be held AcornEnergy ACFN 29.95 1.7 AptevoTherap APVO 2.55 -3.4
entitled to vote on the Plan.The deadline for voting on the Plan is restructuring website maintained by the Solicitation Agent at Evergy EVRG 73.29 2.2 O'ReillyAuto ORLY 101.74 2.3 NamibMinerals NAMM 3.53 -16.9
on September 23, 2025 at 10:00 a.m. (ET), at the offices of AgnicoEagleMines AEM 131.70 4.9 ArgoBlockchainNts ARBKL 2.70 3.0
August 25,2025,at 4:00 p.m.(Prevailing Central Time) (the https://cases.ra.kroll.com/Mosaic/, by clicking the “Contact Us” FGMergerII FGMC 9.93 ... OkyoPharma OKYO 3.33 0.6 NewCenturyLogistic NCEW 0.66 3.1
Morris James,LLP,500 Delaware Avenue,Suite 1500,Wilmington, AlgonquinNt2079 AQNB 26.00 0.2 authID AUID 3.54 3.6
“VotingDeadline”).IfyoureceivedaSolicitationPackage,including and/or“Live Chat”links at the“Info Center”section of the landing FederatedHermes FHI 51.15 3.7 Ollie'sBargain OLLI 140.27 1.5 NewEraHelium NEHC 0.38 -4.6
DE 19801, or virtually via telephone and/or video conference Allegion ALLE 167.24 1.0 BankFinancial BFIN 10.86 -0.9
a Ballot and intend to vote on the Plan you must: (a) follow the page. Please be advised that the Solicitation Agent is authorized ForgeGlobal FRGE 24.00 11.7 OncologyInst TOI 4.04 8.0 NextNRG NXXT 1.16 -7.1
pursuant to information to be timely provided by the Debtors to AlliantEnergy LNT 66.62 1.3 Birks BGI 0.65 0.3
instructions carefully;(b) complete all of the required information to answer questions about, and provide additional copies of, ForwardIndustries FORD 13.09 6.8 180DegreeCap TURN 4.32 0.9 OSR OSRH 0.62 2.0
on the Ballot; and (c) execute and return your completed Ballot theAuctionParticipants. AlnylamPharm ALNY 422.64 4.4 BlueOwlTech OTF 14.85 -0.9
solicitation materials, but may not advise you as to whether you FossilNts2026 FOSLL 19.13 4.5 Oshkosh OSK 137.33 4.8 OstinTech OST 0.07 2.6
according to and as set forth in detail in the voting instructions so Alphatec ATEC 14.90 8.0 BollingerInnov BINI 5.53 -31.4
shouldvotetoacceptorrejectthePlan. Procedures Order, the Bankruptcy Court will conduct a hearing FreedomHolding FRHC 191.98 3.2 PalantirTech PLTR 161.40 4.1 PowerREIT PfdA PWpA 0.00 4.0
that it is actually received by the Debtors’ solicitation agent, Kroll AlphaTimeAcqn ATMCU 14.00 6.8 BrookfieldNts2084 BIPJ 24.48 0.7
ARTICLE XII OF THE PLAN CONTAINS RELEASE, EXCULPATION, (the “Sale Hearing”) to consider the Sale on September 29, FundamentalGlbl FGF 39.99 -1.3 PlumAcqnIVWt PLMKW 0.28 -1.8 ProCapAcqn PCAPU 10.44 0.3
Restructuring Administration LLC (the “Solicitation Agent”) on or AEP AEP 115.29 1.3 Bruker BRKR 32.07 -8.6
AND INJUNCTION PROVISIONS,AND ARTICLE X.II.3 OF THE PLAN 2025at9:30(ET), GE Aerospace GE 276.85 2.5 Qudian QD 4.36 9.6
CARL 12.90 -4.5
ProficientAuto PAL 6.32 -1.2
before theVoting Deadline.A failure to follow such instructions AmerHlthcrREIT AHR 39.89 2.2 Carlsmed
CONTAINS A THIRD-PARTY RELEASE. THUS, YOU ARE ADVISED WILC 22.51 5.7 RBC Bearings RBC 416.33 1.5 44.88 -1.6
54.53 -2.4 ProgressSoftware PRGS
PLEASE TAKE FURTHER NOTICE THAT IF A SALE OBJECTION G Willi-Food KMX
maydisqualifyyourvote. AngelOakMtgNt30 AOMD 25.25 0.5 CarMax
TO REVIEW AND CONSIDER THE PLAN CAREFULLY BECAUSE YOUR IS NOT FILED AND SERVED ON OR BEFORE THE SALE OBJEC- GeniusSports GENI 12.45 3.4 RamacoRscsNts30 METCI 24.95 0.3 ProspectCapital PSEC 2.87 -2.0
Objection Deadline. The deadline for filing objections to AngloGoldAsh AU 53.18 9.0 CastleBiosci CSTL 14.59 4.6
RIGHTSMIGHTBEAFFECTEDTHEREUNDER. GoldFields GFI 28.38 10.6 ResMed RMD 293.08 4.4 RAL 42.58 -3.3
the Plan is August 25, 2025 at 4:00 p.m. (Prevailing Central TION DEADLINE IN ACCORDANCE WITH THE BIDDING PRO- AppFolio APPF 326.04 0.7 Cenntro CENN 0.48 -1.0 Ralliant
UNLESS YOU TIMELY AND PROPERLY OPT OUT OF THE CEDURES ORDER, THE OBJECTING PARTY MAY BE BARRED GoldRoyalty GROY 2.88 5.2 RithmAcqnWt RAC.WS 0.81 4.5 RamacoRscsNts30 METCI 23.52 0.3
Time) (the “Objection Deadline”). All objections to the relief THIRD-PARTY RELEASE ON YOUR BALLOT OR TIMELY AND argenx ARGX 691.02 2.5 CharterComms CHTR 260.76 -1.1
FROM OBJECTING TO THE SALE AND BEING HEARD AT THE Gyrodyne GYRO 12.00 12.8 RoyaltyPharma RPRX 37.91 2.1 CMG 42.25 0.8 RedHillBio RDHL 1.17 0.4
sought at the Confirmation Hearing must: (a) be in writing; (b) PROPERLY OBJECT TO THE THRID-PARTY RELEASE AS SET AscendisPharma ASND 184.78 5.5 Chipotle
SALE HEARING, AND THE BANKRUPTCY COURT MAY ENTER AuriniaPharm AUPH 11.48 9.2 HCMIIIAcqn HCMAU 10.12 0.1 S&P Global SPGI 563.02 3.2 ColgatePalm CL 82.40 -0.2 ReinTherap RNTX 1.04 0.9
conform to the Bankruptcy Code, the Bankruptcy Rules, the FORTH HEREIN, YOU WILL BE DEEMED TO HAVE CONSENTED THESALEORDERWITHOUTFURTHERNOTICETOSUCHPARTY. AutoZone AZO 3972.19 2.8 Heico HEI 338.23 3.8 SPX Tech SPXC 200.98 2.4 Corvel CRVL 86.14 -0.2 Renovaro RENB 0.24 -1.2
Bankruptcy Local Rules, and any orders of the Court; (c) state, TO THE THIRD-PARTY RELEASE AND WILL BE FOREVER 1
The Debtors in these chapter 11 cases,along with the last four
with particularity, the basis and nature of any objection to the BRileyFinlNt2026 RILYG 18.99 0.5 HeicoA HEI.A 264.71 2.6 Seaboard SEB 3398.00 6.7 CrossTimbers CRT 8.63 -1.9 ResourcesConnect RGP 4.64 -2.7
BOUNDBYTHETERMSTHEREOF. digits of each Debtor’s federal tax identification number, are: My HudsonTech HDSN 10.06 4.0 Seagate STX 157.62 ... RHI 35.13 -0.3
Plan and, if practicable, a proposed modification to the Plan that THIS NOTICE IS BEING SENT TO YOU FOR INFORMATIONAL BT Brands BTBD 5.60 67.7 DatavaultAI DVLT 0.48 -4.1 RobertHalf
Job Matcher,Inc.(9880);Job.com-HV,Inc.(DE) (5873);Job.com-HV, IDACORP IDA 126.70 1.6 SenesTech SNES 6.24 17.1 SPS Commerce SPSC 102.05 3.1
would resolve such objection;and (d) be filed,together with proof PURPOSES ONLY. IF YOU HAVE QUESTIONS WITH RESPECT BTBrandsWt BTBDW 0.78 413.9 Diageo DEO 96.45 0.7
Inc. (FL) (5873); Job.com-Fortus, Inc. (6145); Job.com-Endevis, IdexxLab IDXX 688.12 27.5 SmartShareGlbl EM 1.19 1.7 SDOT 0.84 -2.2
of service, with the Court, and served so that they are actually TO YOUR RIGHTS UNDER THE PLAN OR ABOUT ANYTHING Inc.(1956); Job.com-QCI, Inc.(4364); Princeton One-Job.com, Inc. BWX Tech BWXT 154.78 3.4 Dow DOW 21.31 -0.9 Sadot
received by the following parties on or before the Objection BBVA BBVA 17.16 2.4 IHS Holding IHS 6.67 2.8 SmithfieldFds SFD 25.22 3.7 EDAP TMS EDAP 1.25 -2.6 SafetyInsurance SAFT 68.76 1.1
STATED HEREIN OR IF YOU WOULD LIKE TO OBTAIN (4752); and Princeton Search L.L.C.(6163). For purposes of these
Deadline: (i) counsel for the Debtors: Paul Hastings LLP, 600 Travis BarrickMining B 22.27 3.8 Indivior INDV 21.49 0.8 SoundPointPfdA SPMA 25.51 ... eHealth EHTH 3.18 1.6 ScanTechAI STAI 0.56 1.8
ADDITIONAL INFORMATION, CONTACT THE SOLICITATION chapter 11 cases,the Debtors’service address is 1743 Sidewinder
Street, 58th Floor, Houston, Texas 77002, Attn: Charles Persons BelFuse B BELFB 132.47 3.1 InnovSolSuprt ISSC 17.49 12.6 SpringValleyII SVIIU 12.69 2.3 Enhabit EHAB 6.47 1.2 SCWorx WORX 0.27 -3.9
AGENT. Drive,1stFloor,ParkCity,Utah84060.
(email: [email protected]) and Schlea Thomas BogotaFinl BSBK 8.99 3.2 Insmed INSM 111.28 2.3 Steelcase SCS 17.13 62.9 Enovis ENOV 25.47 3.5 SimonPropPfdJ SPGpJ 53.05 2.8
COUNSEL TO THE DEBTORS AND DEBTORS-IN-POSSESSION, ICE 188.59 2.1 STRL 272.81 3.3 1.20 2.2
(email: [email protected]) and 71 South Wacker
PAUL HASTINGS LLP, Charles Persons (TX Bar No. 24060413), BorgWarner BWA 38.31 2.0 ICE SterlingInfr ErnexaTherap ERNA 1.50 ... SmartPowerr CREG
Drive,Suite4500,Chicago,Illinois60606,Attn: MatthewM.Murphy BritishAmTob BTI 55.95 2.2 iRadimed IRMD 71.91 6.8 StoneX SNEX 100.40 1.3 Escalade ESCA 11.75 2.0 SRxHealthSolutions SRXH 0.32 -6.0
Schlea M.Thomas (TX Bar No. 24131710), 609 Main Street, Suite JobyAviation JOBY 20.95 18.8 SYM 56.65 11.2 0.80 4.4
(email: [email protected]); Geoffrey M. King
2500,Houston,Texas 77002,Telephone: (713) 860-7300,Facsimile: CH Robinson CHRW 116.28 1.0 Symbotic EverbrightDigital EDHL 0.57 -2.7 SteakholderFds STKH
(email: [email protected]); and Michael Jones (email: Calix CALX 57.92 2.5 JobyAviationWt JOBY.WS 9.75 34.0 TalenEnergy TLN 394.07 3.4 FairIsaac FICO 1348.10 -1.5 TTEC TTEC 2.93 -3.9
[email protected]); (ii) counsel to the DIP Agent, (713) 353-3100, Email: [email protected],
Cellectis CLLS 3.24 2.4 J&J JNJ 171.19 2.2 Tapestry TPR 111.93 5.2 FloraGrowth FLGC 15.15 7.9 TriNet TNET 62.90 -0.1
BlankRomeLLP,444WestLakeStreetSuite1650,Chicago,IL60606, [email protected] -and- Matthew M. Murphy,
CenterPointEner CNP 39.34 0.9 JohnsonOutdoors JOUT 39.27 8.8 Techprecision TPCS 5.60 16.4 ForesightAuto FRSX 0.34 -1.4 22ndCentury XXII 2.18 -0.4
Attn: Kenneth J. Ottaviano (email: Ken.Ottaviano@blankrome. Geoffrey M. King, Michael Jones, Angelika S. Glogowski, 71 South
CharltonAria CHARU 12.09 -1.5 JyongBiotech MENS 24.38 22.7 Tecogen TGEN 10.22 -0.9 FranklinCovey FC 18.40 -0.5 VyneTherap VYNE 0.34 3.5
com); (iii) the Office of the United States Trustee for the Southern Wacker Drive, Suite 4500, Chicago, Illinois 60606, Telephone:
(312) 499-6000, Facsimile: (312) 499-6100, Email: mattmurphy@ CharltonAriaA CHAR 11.30 -0.3 KiniksaPharm KNSA 33.10 3.0 ThredUp TDUP 9.74 14.3 GenerationEssen TGE 4.86 1.1 VividSeats SEAT 1.30 -9.3
THEMARKETPLACE

District ofTexas,515 Rusk Street,Suite 3516,Houston,Texas 77002; CityOfficeREIT CIO 6.97 0.3 KinrossGold KGC 17.29 6.5 TritonIntlPfdB TRTNpB 25.79 1.6 GenerationIncm GIPR 1.29 -6.0 WF WFF 0.81 3.9
and (iv) counsel to the Committee,DLA Piper LLP (US),1900 North paulhastings.com, [email protected], michaeljones@
paulhastings.com, [email protected] Cloudflare NET 211.75 4.3 LatamAirlines LTM 44.50 0.5 UYScutiAcqnRt UYSCR 0.48 -8.0 GlenBurnieBncp GLBZ 3.99 -5.1 WPP WPP 26.48 -0.5
Pearl Street,Suite 2200 Dallas,Texas 75201,Attn:James P.Muenker CommScope COMM 15.15 86.3 L3HarrisTech LHX 280.48 -0.1 UraniumEner UEC 9.24 6.2 GoodTimesRest GTIM 1.34 -1.5 Waters WAT 279.19 -1.6
1
(email: [email protected]) and R. Craig Martin The Debtors in these chapter 11 cases,along with the last four LakeshoreIII Rt LCCCR 0.44 9.1 UrbanOutfitters URBN 79.16 3.8 WSOB 425.50 0.1
ConstellationEner CEG 357.00 4.1 HamiltonBeach HBB 12.96 3.5 Watsco B
(email: [email protected]); and 1251 Avenue of the digits of each Debtor’s federal tax identification number, are as
Credicorp BAP 242.45 2.5 LifewayFoods LWAY 28.49 2.6 UroGenPharma URGN 20.13 2.5 Heartbeam BEAT 0.99 -2.0 WesternUnion WU 7.89 1.4
Americas, New York, NY 10020, Attn: Dennis O’Donnell (email: follows: Mosaic Sustainable Finance Corporation (6802); Solar
CrescentCapBDC5% FCRX 25.04 0.2 LincolnElectric LECO 245.25 1.1 VSE VSEC 158.88 7.2 HeliusMedical HSDT 6.00 -1.6 WheelerREIT WHLR 3.21 -1.2
[email protected]). OBJECTIONS NOT TIMELY Mosaic LLC (3655); Modern Home LLC (4998); Mosaic Funding
Cuprina CUPR 8.30 0.4 LixteBiotech LIXT 5.14 -0.2 VerbTech VERB 29.77 114.7 HelixAcqnIIA HLXB 8.77 -9.0 Wix.com WIX 128.10 1.9
FILED AND SERVED IN THE MANNER SET FORTH HEREIN MAY NOT Holdings LLC (0866); and SMCTX LLC (6303). The service address
for each of the above Debtors is 601 12th Street,Suite 325,Oakland, Curtiss-Wright CW 505.43 0.6 MP Materials MP 67.40 2.7 VillageFarms VFF 1.67 7.1 Hotel101Glbl HBNB 1.86 -5.0 WrapTech WRAP 1.27 -1.5
BE CONSIDERED BY THE COURT AND MAY BE OVERRULED WITHOUT
California94607. DTE Energy DTE 141.12 1.7 MedallionFinl MFIN 10.86 5.8 Vistra VST 215.13 2.9 HuadiIntl HUDI 1.09 ... XBP Global XBP 0.74 -25.0
FURTHERNOTICE.
DollarTree DLTR 116.50 0.9 MicroStrategyPfdA STRC 96.39 2.4 WEC Energy WEC 111.64 0.9 IN8bio INAB 1.98 -0.9 XCFGlobal SAFX 1.20 -1.5
Obtaining Solicitation Materials. The materials in the 2
Capitalized terms used but not defined herein shall have the
Solicitation Package are intended to be self-explanatory. If you Domo DOMO 16.94 3.6 Mint MIMI 9.16 9.4 Wayfair W 73.79 12.7 iBio IBIO 0.63 -3.9 Xperi XPER 5.72 -0.9
meanings ascribed to them in the Disclosure Statement, the Plan,
should have any questions or if you would like to obtain additional or the Disclosure Statement Order, as applicable, or as the context DoorDash DASH 258.73 3.9 MyersIndustries MYE 15.91 6.1 Welltower WELL 169.00 1.5 IndaptusTherap INDP 7.17 ... YorkvilleAcqnWt YORKW 1.00 25.4
solicitation materials (or paper copies of solicitation materials otherwiserequires. Ducommun DCO 92.76 3.4 NRG Energy NRG 174.45 3.7 Willdan WLDN 89.48 6.5 InsightEnt NSIT 117.34 -0.4 YouxinTechnologyA YAAS 0.35 -7.6
Earlyworks ELWS 8.77 52.6 NewYorkMtgNts30 NYMTH 25.10 0.5 XcelEnergy XEL 74.45 1.0 Insperity NSP 44.14 7.1 ZJK Industrial ZJK 2.69 -8.9
eBay EBAY 93.46 1.2 NextEraEnerDebU NEEpU 25.36 0.5 YorkvilleAcqn YORKU 12.03 4.8 IterumTherap ITRM 0.68 -2.5 ZipRecruiter ZIP 3.85 -1.3
BANKRUPTCIES BANKRUPTCIES

UNITED STATES BANKRUPTCY COURT IN THE UNITED STATES BANKRUPTCY COURT Mutual Funds Data provided by
Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
SOUTHERN DISTRICT OF TEXAS, HOUSTON DIVISION FOR THE DISTRICT OF DELAWARE
In re: ) Chapter 11 In re: Chapter 11 StkIdx NA ... NA SmCapAdml 115.64 +1.76 1.2
MOSAIC SUSTAINABLE FINANCE ) Case No.25-90156 (CML) MARIN SOFTWARE INCORPORATED,1 Case No. Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Old Westbury Fds SmGthAdml 99.31 +1.69 1.2
CORPORATION, et al.,1 ) (Jointly Administered) Debtor. 25-11263 (LSS) LrgCpStr NA ... NA STBondAdml 10.31 ... 4.1
Debtors. ) Re: Docket No. 387 e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
NOTICE OF DEADLINE FOR FILING PROOFS OF and s apply. k-Recalculated by LSEG, using updated data. p-Distribution costs apply, Parnassus Fds STIGradeAdml 10.49 ... 4.5
NOTICE OF DEADLINES FOR THE FILING OF CLAIM, INCLUDING 503(b)(9) CLAIMS 12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r ParnEqFd 65.13 +1.02 9.4 STIPSIxAdm 25.21 +0.04 4.9
PROOFS OF CLAIM PLEASE TAKE NOTICE that on July 1, 2025 (the “Petition PGIM Funds Cl Z TotBdAdml 9.71 +0.01 4.8
Date”), Marin Software Incorporated (the “Debtor”) filed a apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not
PLEASETAKE NOTICE OFTHE FOLLOWING: TotalReturnBond NA ... NA TotIntBdIdxAdm 19.77 +0.06 2.2
voluntary petition with the United States Bankruptcy Court for available due to incomplete price, performance or cost data. NE-Not released by LSEG;
Deadlines for Filing Proofs of Claim. On July 31, 2025, PIMCO Fds Instl TotIntlAdmIdx r 37.12 +0.49 18.3
the Court entered an order (the “Order”) establishing certain the District of Delaware (the“Court”) under chapter 11 of title 11 data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period.
oftheUnitedStatesCode(the“BankruptcyCode”). TotRt NA ... NA TotStAdml 151.15 +2.26 7.9
deadlines for the filing of proofs of claim in the chapter 11
cases of the following debtors (the “Debtors”): Debtor, Case PLEASE TAKE FURTHER NOTICE that on July 29, 2025, PIMCO Funds A TxMCapAdml325.51 +4.83 8.2
No.: Mosaic Sustainable Finance Corporation, 25-90156 (CML); the Court entered the Order (I) Establishing Deadlines for Filing Monday, August 4, 2025 IncomeFd NA ... NA TxMIn r 18.24 +0.25 20.2
Solar Mosaic LLC, 25-90155 (CML); Modern Home LLC, 25-90157 Proofs of Claim,Including Section 503(b)(9) Claims,(II) Approving Net YTD Net YTD Net YTD PIMCO Funds I2 USGroAdml 206.88 +4.31 11.8
(CML);Mosaic Funding Holdings LLC,25-90158 (CML);SMCTX LLC, the Form and Manner of Notice Thereof, and (III) Granting Related Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Income NA ... NA ValAdml 69.10 +0.62 5.8
25-90154 (CML). Relief [Docket No.77] (the“Bar Date Order”).The Bar Date Order AB Funds Dodge & Cox OTC 23.21 +0.43 8.1 PIMCO Funds Instl WdsrllAdml 83.18 +0.93 6.9
The Bar Dates. Pursuant to the Order, parties holding claims established: IncomeFd NA ... NA WellsIAdml 62.60 +0.32 6.3
against the Debtors arising prior to the Petition Date, no matter (a) General Bar Date: August 29, 2025 as the “General MuniIncmShares 10.85 +0.01 -0.2 Balanced 106.84 +0.60 7.7 Puritn 26.07 +0.30 5.9
AB Funds - ADV Income 12.75 +0.02 5.2 SAIUSMinVolIndFd 22.85 +0.31 6.5 Price Funds WelltnAdml 79.44 +0.81 8.7
how remote or contingent,MUST FILE A PROOF OF CLAIM on or Bar Date” and deadline for all persons or entities, other than
beforethefollowingBarDates: Governmental Units (as defined in section 101(27) of the LgCpGrAdv 119.18 +2.08 8.9 Intl Stk 61.37 +0.66 23.0 SAIUSQtyIdx 23.29 +0.45 9.4 BlChip 207.02 +3.66 11.1 WndsrAdml 71.58 +0.70 2.5
General Bar Date: October 16, 2025, at 4:00 p.m. Bankruptcy Code), to file proofs of claim (each, a “Proof of American Century Inv Stock 266.25 +2.52 5.6 SrsBlChGroRetail 21.60 +0.45 8.9 DivGro 82.57 +0.96 8.0 VANGUARD FDS
(prevailing Central Time) is the date by which all entities Claim”) based on claims against the Debtor that arose prior to Ultra 97.42 +1.82 4.4 DoubleLine Funds SrsEmrgMkt 21.65 +0.23 18.2 Growth 114.37 +2.11 8.4 DivdGro 36.05 +0.43 2.8
(which includes individual persons, estates, trusts, partnerships, the Petition Date,including claims for the value of goods sold to American Funds Cl A TotRetBdI 8.87 +0.02 5.3 SrsGlobal 16.80 +0.20 18.5 LgCapGow I 90.15 +1.61 9.6 IntlVal 43.28 +0.47 15.2
andcorporations,amongothers)mustfileProofsofClaims. the Debtor in the ordinary course of business and received by the SrsGroCoRetail 26.30 +0.55 9.7 Putnam Funds Class A LifeGro 48.36 +0.57 10.5
Governmental Bar Date: December 3, 2025, at 4:00 p.m. AmcpA 45.37 +0.81 10.8 Edgewood Growth Instituti
(prevailingCentralTime)isthedatebywhichallgovernmental
Debtor within twenty (20) days before the Petition Date (each,a AMutlA 60.37 +0.76 10.3 EdgewoodGrInst 47.47 +0.92 7.1 SrsIntlGrw 19.65 +0.27 12.7 PutLargCap p 36.88 +0.38 7.7 LifeMod 33.76 +0.31 9.0

ADVERTISE
“503(b)(9)Claim”)thatremainunpaid;and SrsIntlVal 15.34 +0.25 28.7 Putnam Funds Class Y PrmcpCor 36.57 +0.52 9.4
units holding claims (whether secured, unsecured priority, or (b) Governmental Bar Date: December 29, 2025 as the BalA 37.18 +0.42 9.6 Fidelity
unsecured non-priority) must file proofs of claim,including claims “Governmental Bar Date” and deadline for all Governmental BondA 11.38 +0.01 4.7 500IdxInstPrem219.98 +3.20 8.4 TotalBond 9.62 +0.01 5.0 PutLargCap 36.89 +0.39 7.8 STAR 29.33 +0.26 7.9
Fidelity SAI TgtRe2020 28.39 +0.17 7.2
TODAY
for unpaid taxes,if any,whether such claims arise from prepetition Units to file Proofs of Claim against the Debtor based on claims CapIBA 76.92 +0.77 13.0 Contrafund K6 35.94 +0.60 15.8 Schwab Funds
taxyears. against the Debtor that arose prior to the Petition Date that CapWGrA 71.33 +1.13 13.1 ExtMktIdxInstPre 95.03 +1.79 4.6 FidSaiInfltnFnd 10.27 +0.03 5.7 1000 Inv r 136.38 +2.03 8.3 TgtRe2025 20.25 +0.16 8.3
Rejection Damages Bar Date: Solely as to claims arising from remainunpaid. TotalBd 9.11 +0.01 5.0 IntI Sel r 26.92 +0.35 19.1 TgtRe2030 41.28 +0.38 9.0
the Debtors’ rejection of executory contracts and unexpired EupacA 60.24 +0.95 15.3 FidSer5 7.73 +0.04 6.2
leases,the later of (a) the General Bar and (b) 4:00 p.m.(prevailing
You should consult an attorney if you have any FdInvA 89.40 +1.55 13.7 FidSerInt 8.69 +0.02 1.1 Fidelity Selects S&P Sel 97.87 +1.43 8.4 TgtRe2035 26.27 +0.26 9.5
Central Time) on the date that is thirty (30) days following entry questions, including whether to file a Proof of Claim. If GwthA 84.09 +1.65 12.9 FidSerToMarket 20.66 +0.31 7.9 Semiconductors r 37.31 +0.64 17.8 TSM Sel r 106.94 +1.61 7.9 TgtRe2040 47.57 +0.53 10.1
of the order approving the Debtors’ rejection of the applicable you have any questions with respect to this notice, you
HI TrA 9.85 +0.03 4.8 FIDZroLgCpIx 22.72 +0.34 8.6 Tech 39.99 +0.61 11.4 Strategic Adviser TgtRe2045 32.81 +0.39 10.6
may contact the Debtor’s claims and noticing agent,
executory contract or unexpired lease is the date by which holders ICAA 64.34 +1.02 13.2 GlexUSIdxInstPre 17.09 +0.21 18.5 Fidelity Strategic A StratAdCorInFnd NA ... NA TgtRe2050 55.46 +0.73 11.3
ofsuchclaimsmustfileProofsofClaim. Donlin, Recano & Company, LLC (the “Claims Agent”), at
+ 1 (877) 896-3192 or visit the Claims Agent’s website at (800) 366-3975 IncoA 26.70 +0.23 10.8 GrowthCompanyK6 33.53 +0.71 10.3 StratAdEmrMrt NA ... NA StratAdFidCoreS 9.21 +0.01 4.9 TgtRe2060 57.02 +0.75 11.3
17.0 TgtRet2055 61.87 +0.81
Amended Schedules Bar Date: To the extent applicable, the First Eagle Funds 11.3
later of (i) the General Bar Date or the Governmental Bar Date,as www.donlinrecano.com/mrin. The Claims Agent is not N PerA 70.53 +1.23 13.6 IntlIdxInstPrem 56.65 +0.72 19.2 StratAdFidEmr 14.12 +0.17
applicable,and (ii) twenty-one (21) days from the date on which permittedtoprovidelegaladvice. For more information NEcoA 68.58 +1.30 12.2 LgCpGwId InstPre 43.12 +0.83 10.1 GlbA 77.24 +0.96 15.2 StratAdFidUS 18.43 +0.29 8.7 TgtRetInc 13.81 +0.07 6.8
Franklin A1 NA Welltn 46.01 +0.47 8.7
1
The last four digits of the Debtor’s federal tax identification NwWrldA 88.86 +1.54 15.3 LgCpVlIdxIstPrem 19.19 +0.20 6.3 StratAdIntlFnd NA ...
visit:
the Debtors mail notice of an amendment to the Schedules (as
number are 7180.The Debtor’s address is 149 New Montgomery, IncomeA1 2.41 +0.01 6.0 StratAdMunBond NA ... NA WndsrII 46.89 +0.52 6.8
defined below) is the date by which holders of claims affected SmCpA 72.76 +1.16 8.0 MidCpInxInstPrem 35.99 +0.52 6.8
therebymustfileproofsofclaims. 4th Floor, San Francisco, CA 94105. Copies of all pleadings FrankTemp/Frank Adv VANGUARD INDEX FDS
StratAdvFidIntl 14.17 +0.20 20.0
EXCEPT FOR A PERSON OR ENTITY THAT IS EXEMPT FROM filed in this chapter 11 case may be obtained free of charge at wsj.com/classifieds TxExA
WshA
12.12 +0.01 -0.4 SAIUSLgCpIndxFd 25.19 +0.36 8.4
64.71 +0.90 10.4 SeriesBondFd 9.08 +0.01 4.7
IncomeAdv 2.39 +0.01 6.1 TIAA/CREF Funds ExtndIstPl 369.48 +6.95 4.6
FILING A PROOF OF CLAIM UNDER THE ORDER, ANY PERSON www.donlinrecano.com/mrin. FrankTemp/Franklin A IdxIntl 22.19 +0.29 18.2
OR ENTITY WHO FAILS TO FILE A PROOF OF CLAIM ON OR Artisan Funds SeriesOverseas 15.85 +0.25 17.9 EqIdxInst 44.25 +0.67 7.9
DynaTech A 196.13 +4.19 12.3 IntlEqIdxInst 26.20 +0.35 19.1
MdCpGrAdml125.59 +2.59 15.3
BEFORE THE GENERAL BAR DATE, GOVERNMENTAL BAR IntlVal Inst 52.71 +0.56 13.0 SerLTTreBdIdx 5.40 +0.02 4.0
Growth A 146.69 +2.40 9.8
LrgCpGrIdxInst NA ... NA
MdCpVlAdml 86.85 +0.94 4.9
DATE, OR AMENDED SCHEDULES BAR DATE, AS APPLICABLE, COMMERCIAL REAL ESTATE Baird Funds SmCpIdxInstPrem 27.69 +0.57 ... RisDv A 95.86 +1.27 8.1 SmValAdml 85.15 +1.18 1.1
SHALL NOT BE TREATED AS A CREDITOR WITH RESPECT AggBdInst 9.89 +0.01 4.9 TMktIdxInstPrem173.93 +2.62 7.9 VANGUARD ADMIRAL
TO SUCH CLAIM FOR THE PURPOSES OF VOTING AND Guggenheim Funds Tru TotBd2 9.57 ... 4.6
CorBdInst 10.25 +0.01 4.9 TotalMarketIndex 22.00 +0.34 8.0 500Adml 584.57 +8.51 8.4
DISTRIBUTIONINANYCHAPTER11PLANS. TotRtnBdFdClInst 24.00 +0.04 5.4 TotIntlInstIdx r148.44 +1.96 18.3
BalAdml 50.61 +0.48 7.0
Filing a Proof of Claim. Proof of Claim forms are available LAND GRAB ALERT BlackRock Funds
HiYBlk
TtlIntIdxInstPr 15.93 +0.18 18.6
7.20 +0.02 5.6 USBdIdxInstPrem 10.47 ... 4.6
Harbor Funds
CAITAdml 11.26 +0.01 1.0
TotItlInstPlId r148.48 +1.96 18.4
at https://cases.ra.kroll.com/Mosaic/. Each Proof of Claim CapApInst NA ... NA TotSt 151.12 +2.27 7.8
must be submitted to Kroll in one of the following ways: (i) by HiYldBd Inst 7.20 +0.02 5.6 Fidelity Advisor CapOpAdml r202.76 +3.07 7.1
electronic submission through the interface available at https:// 245+/- PRISTINE ACRES FULLY BlackRock Funds III TotBdFdClZ 9.61 +0.01 5.0
JHF III DispVal
DivAppIdxAdm 56.13 +0.74 6.6
VANGUARD INSTL FDS
PERMITTED FOR CONSTRUCTION! DispValMCI 29.16 +0.38 8.2 DevMktsIndInst 18.27 +0.26 20.3
cases.ra.kroll.com/mosaic/EPOC-Index; or (ii) if submitted iShS&P500IdxK741.10+10.78 8.4 Fidelity Advisor I EMAdmr 41.56 +0.48 13.4
through non-electronic means: (a) if by FirstClass Mail: Mosaic John Hancock DevMktsInxInst 28.55 +0.39 20.2
BlackRock Funds Inst GrOppI 225.21 +4.72 13.8 EqIncAdml 93.67 +1.07 7.6
Sustainable Finance Corporation Claims Processing Center, c/o PROPERTY ENTITLED FOR UP TO 999 StratIncOpptyIns 9.72 +0.02 5.5 Fidelity Freedom
BondR6 13.62 +0.01 4.8
ExplrAdml 106.35 +1.70 -0.5
ExtndInst 149.72 +2.82 4.6
Kroll Restructuring Administration LLC, Grand Central Station, PO HOMES. Calamos Funds Freedom2030 K 18.91 +0.18 10.2
JPMorgan I Class
ExtndAdml 149.73 +2.82 4.6
FTScinst 43.58 +0.74 7.9
Box 4850, New York, NY 10163-4850, and (b) if by Hand Delivery CoreBond 10.36 +0.01 5.0 GrwthInst 233.49 +4.40 10.8
or Overnight Mail:Mosaic Sustainable Finance Corporation Claims MktNeutI 15.48 +0.01 4.2 Idx2030InsPre 21.86 +0.20 8.9 GroIncAdml 111.21 +1.82 9.6
Processing Center, c/o Kroll Restructuring Administration LLC,
BETWEEN ORLANDO & TAMPA; CLOSE CausewayInst Idx2035InsPre 25.43 +0.25 9.5
EqInc 25.25 +0.25 6.5
GrwthAdml 233.48 +4.41 10.8
InPrSeIn 9.57 +0.03 5.8
TO DISNEY WORLD! LgCpGwth 87.04 +1.75 9.2 InstIdx 514.90 +7.50 8.4
850 3rd Avenue, Suite 412, Brooklyn, NY 11232. Proofs of Claim CausewayInst 22.70 +0.30 22.3 Idx2040InsPre 27.15 +0.31 10.6 JPMorgan R Class HlthCareAdml r 72.81 +0.90 -3.5
InstPlus 514.89 +7.49 8.4
submittedbyfacsimileorelectronicmailwillnotbeaccepted. Columbia Class I Idx2045InsPre 28.82 +0.37 11.3 HYCorAdml r 5.52 +0.01 5.7 InstTStPlus 105.59 +1.59
AdditionalInformation. If you have any questions regarding LOCATED IN A BOOMING RESIDENTIAL DivIncom I 35.23 +0.38 7.7 Idx2050InsPre 28.88 +0.37 11.3
CoreBond 10.38 +0.01 5.1
InfProAd 23.49 +0.07 5.7 MidCpInst 78.32 +1.18
7.9
theclaimsprocessand/oryouwishtoobtainacopyoftheBarDate AREA OF CENTRAL FLORIDA! CorePlusBd 7.27 +0.01 5.1 9.4
Notice,a Proof of Claim Form,the Order,or certain other pleadings, Dimensional Fds Fidelity Invest Lord Abbett I InfTechIdx 353.13 +7.79 11.2 MidCpIstPl 386.27 +5.83 9.4
EmgMktVa 34.38 +0.43 16.3 Balanc IntlGrAdml 114.84 +1.64 13.1 SmCapInst 115.63 +1.76
orders, and notices, or related documents you may do so by: (a) Call for pricing, entitlement documents EmMktCorEq 26.65 +0.38 15.6
31.40 +0.32 7.2 ShtDurInc p 3.89 ... 4.0
ITBondAdml 10.50 +0.01 6.1 SmCapIstPl 333.77 +5.09
1.2
contacting Kroll at the following toll-free telephone numbers:
to qualified buyer and tour scheduling. BluCh 246.72 +5.10 8.6 Metropolitan West 1.2
(833) 953-7040 (US/Canada Toll-Free) or +1 (646) 974-5614 IntlCoreEq 18.50 +0.22 21.7 BluChpGr K6 40.75 +0.89 10.6 TotRetBdI NA ... NA ITIGradeAdml 8.86 +0.01 6.6 STIGradeInst 10.49 ... 4.6
(International); and/or (b) visiting the Debtors’ restructuring IntSmCo 23.68 +0.25 23.7 Contra 23.97 +0.38 14.9 MFS Funds LarCapAd 147.22 +2.18 8.8 STIPSIxins 25.22 +0.03 4.9
websiteat:https://cases.ra.kroll.com/Mosaic/.
1
Contact: Mark Cooney (813) 679-3952 IntSmVa 28.08 +0.32 30.3 ContraK 24.06 +0.38 14.9 IIE 38.91 +0.50 15.1 MidCpAdml 354.55 +5.35 9.4 TotBdInst 9.71 +0.01 4.8
The Debtors in these chapter 11 cases, along with the last LgCo 42.02 +0.61 8.4 MuHYAdml 10.27 +0.01 -1.3 TotBdInst2
four digits of each Debtor’s federal tax identification number, are CpInc 10.59 +0.05 7.1 MFS Funds Class I 9.57 ... 4.7
as follows: Mosaic Sustainable Finance Corporation (6802); Solar US CoreEq1 46.02 +0.65 7.1 DivIntl 49.45 +0.79 17.3 GrowthI 219.27 +4.13 10.8 MuIntAdml 13.44 +0.01 1.0 TotBdInstPl 9.71 +0.01 4.8
SHOWROOM
Mosaic LLC (3655); Modern Home LLC (4998); Mosaic Funding US CoreEq2 41.03 +0.60 7.0 GroCo 43.95 +0.91 8.9 ValueI 51.46 +0.55 6.5 MuLTAdml 10.46 +0.01 -1.3 TotIntBdIdxInst 29.67 +0.09 2.3
Holdings LLC (0866); and SMCTX LLC (6303).The service address US Small 48.59 +0.75 -0.1 InvGrBd 10.14 +0.01 5.3 Natixis Funds MuLtdAdml 10.95 ... 2.9 TotStInst 151.18 +2.27 7.9
for each of the above Debtors is 601 12th Street, Suite 325, (800) 366-3975 | wsj.com/classifieds © 2025 Dow Jones & Company, Inc. US SmCpVal 46.80 +0.63 -2.7 LowP 43.71 +0.49 7.3 InvGradeBdY 9.89 +0.01 4.6 MuShtAdml 15.86 ... 2.6 ValueInst 69.10 +0.62 5.8
Oakland,California94607. US TgdVal 33.54 +0.48 -1.5 Magin 16.03 +0.28 13.4 LSGrowthY 32.34 +0.65 9.4 PrmcpAdml r179.61 +2.60 8.0 WCM Focus Funds
© 2025 Dow Jones & Company, Inc. All Rights Reserved.
All Rights Reserved. USLgVa 51.19 +0.43 4.9 NASDAQ 267.81 +5.13 9.4 Northern Funds RealEstatAdml127.33 +1.30 2.9 WCMFocIntlGrwIns 26.22 +0.37 20.5
THE WALL STREET JOURNAL. * * Tuesday, August 5, 2025 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
44173.64 s 585.06, or 1.34% Trailing P/E ratio 24.48 24.01 6329.94 s 91.93, or 1.47% Trailing P/E ratio * 24.81 25.43 21053.58 s 403.45, or 1.95% Trailing P/E ratio *† 32.67 30.65
High, low, open and close for each P/E estimate * 21.10 19.75 High, low, open and close for each P/E estimate * 23.82 22.17 High, low, open and close for each P/E estimate *† 29.95 27.92
trading day of the past three months. Dividend yield 1.65 2.20 trading day of the past three months. Dividend yield * 1.21 1.36 trading day of the past three months. Dividend yield *† 0.69 0.83
All-time high 45014.04, 12/04/24 All-time high 6389.77, 07/28/25 All-time high: 21178.58, 07/28/25

Current divisor 0.16268413125742

45000 6400 22000

44000 6200 21000

43000 6000 20000

42000 5800 19000

Session high
DOWN UP 41000 5600 18000
t

Session open Close 65-day moving average

65-day moving average
65-day moving average
Close Open
t

40000 5400 17000

Bars measure the point change from session's open Session low

39000 5200 16000

Apr. May June July May June July Apr. May June July
* 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*1,087,178,222 16,844,280
Industrial Average 44188.36 43724.02 44173.64 585.06 1.34 45014.04 37645.59 14.1 3.8 10.5 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 865,042,143 14,295,314
Transportation Avg 15320.04 15143.21 15263.76 159.52 1.06 17754.38 12637.04 1.0 -4.0 1.8 Most-active issues in late trading Decl. volume* 204,528,079 2,482,682
Utility Average 1128.46 1107.96 1125.79 17.89 1.61 1125.79 953.88 13.6 14.6 3.3 Volume After Hours Issues traded 2,845 297
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 62569.06 62004.50 62567.09 940.06 1.53 63196.67 49067.76 21.8 7.1 14.4 Advances 2,257 219
Aurora Innovation AUR 26,794.4 5.97 0.01 0.17 5.98 5.70
Barron's 400 1339.18 1324.80 1339.18 22.43 1.70 1356.99 1058.38 19.8 7.0 12.2 Declines 515 72
Palantir Technologies PLTR 14,970.8 165.73 5.07 3.15 172.27 159.88
Unchanged 73 6
Nasdaq Stock Market Kenvue KVUE 14,198.9 22.07 -0.11 -0.50 22.49 22.04 New highs 73 7
Nasdaq Composite 21055.24 20833.86 21053.58 403.45 1.95 21178.58 15267.91 30.0 9.0 18.3 Apple AAPL 12,584.2 203.45 0.10 0.05 210.52 199.74 New lows 33 3
Nasdaq-100 23191.04 22973.60 23188.61 425.30 1.87 23356.27 17090.40 29.6 10.4 20.3 Snap SNAP 11,769.0 9.54 0.07 0.74 9.55 9.45 Closing Arms† 1.04 0.35
Intel INTC 9,363.8 19.55 0.05 0.26 19.56 19.46 Block trades* 5,241 187
S&P
NVIDIA NVDA 8,463.5 180.70 0.70 0.39 190.07 176.67
500 Index 6330.69 6271.71 6329.94 91.93 1.47 6389.77 4982.77 22.1 7.6 15.1 Nasdaq NYSE Arca
Hims & Hers Health HIMS 6,985.0 55.90 -7.45 -11.76 64.30 54.50
MidCap 400 3142.99 3115.98 3142.56 37.96 1.22 3390.26 2560.93 9.6 0.7 8.1 Total volume*7,355,976,440 329,169,546
SmallCap 600 1344.93 1328.13 1344.12 21.07 1.59 1544.66 1106.12 2.9 -4.5 2.9 Percentage gainers… Adv. volume*5,802,231,623 270,393,641
Arteris AIP 1,417.2 13.47 4.02 42.54 14.27 9.22 Decl. volume*1,517,689,111 57,220,930
Other Indexes
Vimeo VMEO 2,194.3 4.52 0.70 18.32 5.23 3.82 Issues traded 4,690 2,317
Russell 2000 2212.45 2177.10 2212.30 45.52 2.10 2442.03 1760.71 8.5 -0.8 5.1
Advances 3,432 2,059
NYSE Composite 20489.31 20267.69 20488.86 221.17 1.09 20950.45 17188.46 15.6 7.3 10.4 Ameresco AMRC 66.3 19.19 2.49 14.91 20.99 16.70
Declines 1,128 231
Value Line 605.23 595.89 604.93 9.04 1.52 656.04 495.50 6.0 -1.0 2.0 Primoris Services PRIM 71.8 106.75 13.66 14.67 112.82 90.88
Unchanged 130 27
NYSE Arca Biotech 5751.85 5635.50 5750.94 47.65 0.84 6318.63 5060.12 3.7 0.1 4.3
Ardelyx ARDX 1,431.9 5.01 0.62 14.12 5.30 4.39
New highs 115 45
NYSE Arca Pharma 918.59 903.91 918.55 12.09 1.33 1140.17 860.88 -10.9 -1.7 4.6 ...And losers New lows 95 8
KBW Bank 141.54 140.20 141.41 1.70 1.22 146.11 103.52 36.6 10.9 9.7 Defiance Tgt 2X Lg HIMS HIMZ 858.3 24.76 -7.53 -23.32 33.41 23.39 Closing Arms† 0.80 2.80
PHLX§ Gold/Silver 215.87 208.49 215.77 9.27 4.49 217.56 136.24 53.7 57.3 25.9 Ichor Holdings ICHR 74.1 16.20 -3.94 -19.56 20.14 15.50 Block trades* 47,407 1,415
PHLX§ Oil Service 59.20 58.36 59.10 0.44 0.74 83.70 50.70 -26.8 -18.6 -2.0 Inspire Medical Systems INSP 208.2 104.86 -25.09 -19.31 129.95 96.00 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 5624.86 5550.12 5624.41 96.80 1.75 5787.32 3562.94 24.4 12.9 22.2 Vertex Pharmaceuticals VRTX 405.5 399.98 -72.29 -15.31 481.10 399.00 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 19.58 17.48 17.52 -2.86 -14.03 52.33 12.77 -54.6 1.0 -6.5 Navitas Semiconductor NVTS 6,898.5 6.91 -1.14 -14.16 8.22 6.52 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 928.45 11.06 1.21 10.4 Verb Technology VERB 20.42 10.91 114.72 29.77 3.81 44.1 Hub Cyber Security HUBC 2.39 -1.12 -31.81 14.00 1.72 -72.0
MSCI ACWI ex-USA 376.30 2.33 0.62 15.5 Psyence Biomedical PBM 4.54 2.18 92.37 343.71 2.36 -98.5 Bollinger Innovations BINI 5.95 -2.73 -31.41 1515000200 5.53 -99.9
MSCI World 4072.66 49.97 1.24 9.8 CommScope Holding COMM 14.51 6.72 86.26 15.15 1.93 620.1 Figma FIG 88.60 -33.40 -27.38 142.92 84.11 ...
MSCI Emerging Markets 1237.05 10.87 0.89 15.0 Steelcase SCS 16.58 6.40 62.87 17.13 9.32 29.7 Nuwellis NUWE 6.61 -2.49 -27.36 175.98 6.33 -93.9
Americas MSCI AC Americas 2392.48 34.32 1.46 8.2 Earlyworks ADR ELWS 8.33 2.87 52.56 8.77 1.04 362.8 Lixiang Education ADR LXEH 2.10 -0.78 -27.08 50.08 1.15 -15.5
Canada S&P/TSX Comp 27020.43 … Closed 9.3 Lichen International LICN 5.61 1.84 48.81 462.00 2.60 -98.6 Replimune Group REPL 5.71 -1.89 -24.87 17.00 2.68 -41.3
Latin Amer. MSCI EM Latin America 2243.40 18.48 0.83 21.1 Zepp Health ADR ZEPP 17.42 4.42 34.00 19.26 2.06 745.6 LZ Technology Holdings LZMH 4.48 -1.23 -21.54 32.10 4.13 ...
Brazil Bovespa 132971.20 533.81 0.40 10.5 Atlas Lithium ATLX 5.65 1.31 30.18 12.48 3.54 -40.0 Mural Oncology MURA 1.85 -0.47 -20.26 4.74 0.95 -41.5
Chile S&P IPSA 4275.60 25.26 0.59 18.3 VirnetX Holding VHC 16.38 3.57 27.87 21.53 3.68 173.9 4D Molecular Therap FDMT 5.24 -1.18 -18.38 17.41 2.24 -65.4
Mexico S&P/BMV IPC 56650.26 –249.81 –0.44 14.4 IDEXX Laboratories IDXX 682.78 147.24 27.49 688.12 356.14 50.0 CEA Industries VAPE 17.43 -3.87 -18.17 82.88 5.60 160.1
EMEA STOXX Europe 600 540.60 4.81 0.90 6.5 Energizer Holdings ENR 28.05 5.91 26.69 39.52 19.70 -4.1 Pineapple Financial PAPL 3.53 -0.78 -18.10 22.00 0.20 -80.8
Eurozone Euro STOXX 559.41 7.31 1.32 10.7 Optical Cable OCC 5.91 1.17 24.68 7.00 2.02 122.2 TG Therapeutics TGTX 28.72 -6.30 -17.99 46.48 16.65 66.9
Belgium Bel-20 4608.87 43.50 0.95 8.1 Health In Tech Cl A HIT 2.49 0.49 24.50 7.59 0.51 ... Namib Minerals NAMM 3.54 -0.72 -16.90 55.00 3.53 -66.7
Denmark OMX Copenhagen 20 1487.69 14.29 0.97 –29.2 LifeMD LFMD 12.35 2.41 24.25 15.84 3.99 106.5 Sensei Biotherapeutics SNSE 8.65 -1.68 -16.22 17.40 5.00 -29.1
1.14 3.4 American Eagle Outfitters AEO 13.28 2.54 23.65 22.83 9.27 -32.9 ARK Restaurants ARKR 7.02 -1.33 -15.93 17.76 6.68 -42.5
France CAC 40 7632.01 85.85
Germany DAX 23757.69 331.72 1.42 19.3
Israel Tel Aviv 2990.24 –19.70 –0.65 24.9
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 40697.38 754.56 1.89 19.0 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 888.75 3.88 0.44 1.2
Norway Oslo Bors All-Share 1868.52 11.45 0.62 13.6 Opendoor Technologies OPEN 266,134 55.7 2.46 17.14 4.97 0.51 Verb Technology VERB 34,763 60921 20.42 114.72 29.77 3.81
South Africa FTSE/JSE All-Share 99312.06 1567.91 1.60 18.1 AtlasClear Holdings ATCH 219,107 2462.0 0.22 39.55 26.94 0.14 F/m 10-Year IG Corp Bd ZTEN 693 9692 50.81 0.11 52.33 48.02
1.84 24.1 NVIDIA NVDA 146,876 -24.3 180.00 3.62 183.30 86.62 Columbia Rsrch Enh Emg ECON 373 6403 24.37 1.56 24.82 18.97
Spain IBEX 35 14386.10 259.40
0.71 0.8 Incannex Healthcare IXHL 146,848 19.1 0.44 15.36 3.12 0.08 T. Rowe Price Div Growth TDVG 3,278 5805 42.52 1.12 43.18 35.39
Sweden OMX Stockholm 961.89 6.82
Erayak Power Solution RAYA 133,041 418.3 0.08 -8.33 3.35 0.06 Ballast Small/MC ETF MGMT 347 3635 40.14 0.60 44.50 32.09
Switzerland Swiss Market 11818.63 –17.37 –0.15 1.9
Turkey BIST 100 10853.49 106.51 0.99 10.4 Direxion Dly Semi 3 Bear SOXS 132,301 -11.4 7.69 -4.00 53.43 6.85 John Hancock Pfd Incm JHPI 623 2443 22.79 0.33 23.49 21.57
U.K. FTSE 100 9128.30 59.72 0.66 11.7 Direxion TSLA Bull 2X TSLL 130,894 -32.2 10.73 3.97 41.50 6.29 Steelcase SCS 20,804 2366 16.58 62.87 17.13 9.32
0.74 6.0 BT Brands BTBD 127,454 1897795.5 2.75 67.68 5.60 1.00 WT Emerg Currency CEW 134 2046 18.54 0.25 19.89 16.91
U.K. FTSE 250 21859.50 160.16
NuCana ADR NCNA 121,599 -48.2 0.05 16.88 10.79 0.03 CORE16 Best of Breed BOBP 148 1796 25.55 1.47 25.60 24.38
Asia-Pacific MSCI AC Asia Pacific 204.86 0.73 0.36 12.8
Oriental Rise Holdings ORIS 120,219 2248.6 0.13 19.22 56.01 0.10 Columbia Res Enh Value REVS 222 1537 26.67 1.17 27.24 21.79
Australia S&P/ASX 200 8663.70 1.65 0.02 6.2
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3583.31 23.36 0.66 6.9 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 24733.45 225.64 0.92 23.3
0.52 3.7
Scan this code
India BSE Sensex 81018.72 418.81
Japan NIKKEI 225 40290.70 –508.90 –1.25 1.0 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 4197.23 43.40 1.04 10.8 track most-active stocks,
South Korea KOSPI 3147.75 28.34 0.91 31.2 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 23378.94 –55.44 –0.24 1.5 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1229.40 11.07 0.91 –12.2
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Mon YTDchg Mon YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00003820 26177 2.7
CREDIT MARKETS Argentina peso .00071357.4649 31.7 Europe
Brazil real .1819 5.4979 –11.1 Czech Rep. koruna .04708 21.242 –12.8
Canada dollar .7257 1.3781 –4.2 Denmark krone .1551 6.4480 –10.5
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001034 966.68 –2.8 Euro area euro 1.1574 .8640 –10.5
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000244 4098.54 –7.0 Hungary forint .002900 344.85 –13.2
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .008093 123.57 –11.1
A consumer rate against its New car loan Mexico peso .0529 18.8976 –9.3 Norway krone .0974 10.2709 –9.8
benchmark over the past year 6.00% Uruguay peso .02491 40.1450 –8.1 Poland zloty .2707 3.6937 –10.6
Bankrate.com avg†: 7.21% 12% Sweden krona .1035 9.6618 –12.7
One year ago Asia-Pacific
First Command Bank 5.24% t 5.00 WSJ Dollar Index Switzerland franc 1.2375 .8081 –10.9
s Australiadollar .6468 1.5461 –4.3
9.00% Fort Worth, TX 817-569-2253 6 Turkey lira .0246 40.6565 15.0
China yuan .1393 7.1787 –1.6
4.00 Ukraine hryvnia .0240 41.7500 –0.7
Prime rate First Savings Bank of Hegewisch 6.20% Hong Kong dollar .1274 7.8500 1.0
8.00 0 UK pound 1.3285 .7527 –5.8
t t
3.00 India rupee .01137 87.913 2.7
Chicago, IL 773-646-4200 Euro Middle East/Africa
Tradeweb FTSE Monday Close s Indonesia rupiah .0000611 16369 0.6
7.00 Cambridge Savings Bank 6.56% 2.00 –6 Japan yen .006799 147.09 –6.4 Bahrain dinar 2.6525 .3770 –0.03
t Cambridge, MA 888-418-5626 s Kazakhstan tenge .001850 540.51 3.0 Egypt pound .0206 48.4522 –4.7
New car loan 6.00 1.00 Yen Macau pataca .1236 8.0890 1.1 Israel shekel .2927 3.4169 –6.1
Firstrust Bank 6.74% –12
Malaysia ringgit .2360 4.2375 –5.2 Kuwait dinar 3.2730 .3055 –0.9
Conshohocken, PA 800-220-2265 1 3 6 1 2 3 5 7 10 20 30 2024 2025
5.00 New Zealand dollar .5908 1.6926 –5.3 Oman sul rial 2.5990 .3848 –0.1
Frost Bank 6.85% month(s) years
ASOND J F M A M J J A Pakistan rupee .00353 283.600 1.9 Qatar rial .2747 3.641 –0.1
San Antonio, TX 210-220-4000 maturity Philippines peso .0174 57.344 –1.3 Saudi Arabia riyal .2665 3.7519 –0.1
2024 2025
Sources: Tradeweb FTSE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7766 1.2876 –5.7 South Africa rand .0558 17.9285 –5.0
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007217 1385.59 –6.3
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0033270 300.57 2.5 Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 95.76 0.0020.003 –6.81
Federal-funds rate target 4.25-4.50 4.25-4.50 4.25 l 5.50 2.00 Taiwan dollar .03345 29.899 –8.9
Yield (%) 52-Week Total Return (%) Thailand baht .03087 32.390 –5.7 Sources: Tullett Prebon, Dow Jones Market Data
Prime rate* 7.50 7.50 7.50 l 8.50 2.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 4.34 4.36 4.26 l 5.38 2.06
Money market, annual yield 0.45 0.45 0.40 l 0.56 0.32
U.S. Treasury, Bloomberg* 2290.487 4.000 4.200 4.640 3.630 1.892 1.124 Commodities
U.S. Treasury Long, Bloomberg* 3157.434 4.800 4.970 5.120 3.990 –4.827 –4.836 Monday 52-Week YTD
Five-year CD, annual yield 1.70 1.70 1.62 l 1.73 -0.14 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 6.79 6.80 6.68 l 7.42 1.53 Aggregate, Bloomberg* 2192.275 4.480 4.670 5.110 4.100 2.729 1.943
15-year mortgage, fixed† 6.05 6.06 6.00 l 6.82 1.43 Fixed-Rate MBS, Bloomberg* 2168.778 4.920 5.100 5.520 4.340 2.581 1.594 DJ Commodity 1045.20 -2.49 -0.24 1115.06 942.52 9.96 2.23
Jumbo mortgages, $726,200-plus† 6.83 6.94 6.75 l 7.49 1.64 High Yield 100, ICE BofA 4018.325 6.356 6.128 7.793 6.082 9.797 7.945 FTSE/CC CRB Index 293.65 -1.63 -0.55 316.63 265.48 9.25 -1.03
Five-year adj mortgage (ARM)† 6.20 6.25 5.88 l 6.58 2.07 Muni Master, ICE BofA 593.352 3.627 3.716 4.179 3.074 –0.683 1.403 Crude oil, $ per barrel 66.29 -1.04 -1.54 80.06 57.13 -9.12 -7.57
New-car loan, 48-month 7.21 7.20 6.81 l 7.86 2.14 EMBI Global, J.P. Morgan 961.473 7.132 7.240 8.038 7.084 9.074 7.313 Natural gas, $/MMBtu 2.932 -0.151 -4.90 4.491 1.904 50.98 -19.30
Bankrate.com rates based on survey of over 1,500 online banks. *Base rate posted by 70% of the nation's largest
banks.† Excludes closing costs. *Bloomberg yield data as of 08/01 Gold, $ per troy oz. 3374.40 26.70 0.80 3439.20 2389.10 40.50 28.34
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
B8 | Tuesday, August 5, 2025 * * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures Jan'26 3442.00 3444.00 3442.00 3440.50 26.70 42 Oct 65.70 66.56 64.52 65.30 –0.90 228,571 Nov 232.30 239.05 231.35 233.75 3.45 2,280
Palladium (NYM) - 50 troy oz.; $ per troy oz. Nov 64.74 65.61 63.79 64.55 –0.73 156,091
Contract Open Dec 64.05 64.87 63.24 63.99 –0.58 254,368
Open High hi lo Low Settle Chg interest Aug 1264.50 1266.00 1264.00 1194.80 –13.10 115 Interest Rate Futures
Sept 1226.00 1232.50 1185.00 1205.00 –13.10 16,137 June'26 62.68 63.40 62.23 62.88 –0.25 131,661
Copper-High (CMX)-25,000 lbs.; $ per lb. Platinum (NYM)-50 troy oz.; $ per troy oz. Dec 62.16 62.89 61.81 62.38 –0.21 161,088 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Aug 4.4235 4.4310 4.4145 4.4150 0.0025 2,259 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
Aug 1323.40 1351.20 1308.60 1326.40 22.40 301 Sept 118-150 119-080 117-240 119-020 7.0 1,955,278
Sept 4.4505 4.4800 4.4005 4.4375 0.0020 81,876 Sept 2.2800 2.3310 2.2664 2.3176 .0177 106,896
Oct 1328.70 1370.30 1311.10 1340.80 23.90 69,022 Dec 117-220 118-310 117-170 118-260 7.0 7,889
Gold (CMX)-100 troy oz.; $ per troy oz. Oct 2.2742 2.3238 2.2627 2.3106 .0147 58,545
3374.40 Silver (CMX)-5,000 troy oz.; $ per troy oz. Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Aug 3367.60 3386.50 3347.40 26.70 3,147 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Sept 115-290
Sept 3377.20 3399.50 3359.40 3386.70 26.20 5,083 Aug 37.145 37.300 37.145 37.192 0.405 106 115-190 116-000 115-000 7.0 1,737,897
Sept 2.1025 2.1265 2.0763 2.1022 –.0164 129,583
Oct 3390.00 3412.40 3371.60 3399.50 26.30 69,351 Sept 37.090 37.520 36.760 37.328 0.399 109,684 Dec 115-060 115-180 114-210 115-170 7.0 10,172
Oct 1.9516 1.9752 1.9281 1.9516 –.0166 71,675
Nov 3399.50 3425.40 3394.30 3413.90 26.40 451 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Dec 3416.60 3439.50 3397.90 3426.40 26.60 334,342 Sept 66.85 67.74 65.46 66.29 –1.04 338,782 Sept 3.065 3.078 t 2.895 2.932 –.151 280,716 Sept 112-085 112-140 111-315 112-120 5.5 4,971,901
Oct 3.170 3.182 t 3.006 3.037 –.151 168,965 Dec 112-100 112-145 112-005 112-130 6.0 27,945
Nov 3.530 3.571 t 3.405 3.430 –.144 129,751 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Bonds | wsj.com/market-data/bonds/benchmarks Jan'26
March
4.483
3.765
4.500
3.794
t
t
4.353
3.672
4.382
3.700
–.121
–.094
153,457
119,132
Sept
Dec
109-030 109-062
109-092 109-110
108-292
109-022
109-045
109-097
3.7 6,979,730
4.0 103,236
April 3.552 3.574 3.472 3.501 –.083 99,728 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Tracking Bond Benchmarks Agriculture Futures
Sept
Dec
104-000 104-019
104-082 104-097
103-291
104-051
104-000
104-082
1.2 4,545,921
1.6 13,891
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Corn (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
highs and lows for different types of bonds Sept 389.50 t 386.50
392.50 387.00 –2.50 547,532
Aug 95.6775 95.6800 95.6750 95.6775 642,104
Total Total Dec 411.00 t 406.75
412.75 407.00 –3.75 671,118 Oct 95.9000 95.9250 95.8800 95.9150 .0250 400,451
return YTD total Yield (%) return YTD total Yield (%) Oats (CBT)-5,000 bu.; cents per bu. Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
close return (%) Index Latest Low High close return (%) Index Latest Low High Sept 350.00 355.50 338.25 339.25 –11.00 405 May 95.6550 95.6550 95.6550 95.6550 9,186
Dec 346.75 352.75 339.00 339.50 –8.75 2,626 Dec 96.2850 96.3250 96.2450 96.2900 .0300 1,348,181
Broad Market Bloomberg Fixed Income Indices*** Mortgage-Backed Bloomberg Fixed Income Indices*** Soybeans (CBT)-5,000 bu.; cents per bu.
4.7 U.S. Aggregate 2168.78 4.9 Mortgage-Backed 4.920 4.340 5.520 Aug 969.50 970.25 962.00 969.00 7.25 891 Currency Futures
2192.27 4.480 4.100 5.110 Nov 990.50 996.75 986.00 994.50 5.25 446,643
U.S. Corporate Indexes Bloomberg Fixed Income Indices*** 2133.34 4.7 Ginnie Mae (GNMA) 4.950 4.460 5.580 Soybean Meal (CBT)-100 tons; $ per ton. Japanese Yen (CME)-¥12,500,000; $ per 100¥
Aug 268.70 273.10 268.70 273.80 6.30 1,387 Aug .6811 .6819 .6764 .6816 .0041 747
3357.04 5.1 U.S. Corporate 4.940 4.640 5.550 1280.35 4.9 Fannie mae (FNMA) 4.920 4.310 5.500 Dec 280.50 285.60 279.10 285.00 4.50 293,436 Sept .6824 .6841 .6785 .6837 .0041 340,520
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD
3294.60 5.3 Intermediate 4.590 4.400 5.320 1979.04 5.2 Freddie Mac (FHLMC) 4.730 4.150 5.450 Aug .7257 .7268 .7251 .7260 .0017 424
Aug 54.72 54.72 54.20 54.50 –.22 658
-0.2 Muni Master 3.627 3.074 4.179 54.02 Sept .7268 .7284 .7264 .7270 .0017 204,896
4332.54 4.7 Long term 5.690 5.070 6.150 593.35 Dec 53.89 54.35 53.52 .12 267,446
Rough Rice (CBT)-2,000 cwt.; $ per cwt. British Pound (CME)-£62,500; $ per £
634.52 4.6 Double-A-rated 4.690 4.260 5.200 425.30 1.6 7-12 year 3.357 2.858 4.016 Sept 12.28 12.37 12.20 12.28 .03 10,492 Aug 1.3294 1.3332 1.3236 1.3278 .0050 546
Nov 12.51 12.59 12.47 12.50 .02 1,532 Sept 1.3286 1.3336 1.3259 1.3282 .0050 207,345
917.80 5.1 Triple-B-rated 5.120 4.850 5.810 469.49 -2.4 12-22 year 4.471 3.469 4.704 Swiss Franc (CME)-CHF 125,000; $ per CHF
Wheat (CBT)-5,000 bu.; cents per bu.
t 513.00 Sept 1.2503 1.2517 1.2416 1.2438 –.0004 79,414
High Yield Bonds ICE BofA 441.04 -3.8 22-plus year 4.999 3.959 5.143 Sept 517.50 523.00 516.75 … 230,952
Dec 537.00 543.00 t 533.50 537.00 … 152,734 Dec 1.2612 1.2649 1.2552 1.2573 –.0003 455
597.88 5.1 High Yield Constrained 7.032 6.975 8.654 Global Government J.P. Morgan† Wheat (KC)-5,000 bu.; cents per bu. Australian Dollar (CME)-AUD 100,000; $ per AUD
Sept 518.25 523.75 t 512.50 517.00 –1.75 148,422 Aug .6475 .6489 .6453 .6461 .0020 665
615.71 4.3 Triple-C-rated 12.226 11.050 14.946 555.37 2.0 Global Government 3.580 3.010 3.740 Sept .6471 .6495 .6464 .6465 .0020 168,368
Dec 538.50 543.50 t 533.00 537.50 –1.00 86,867
4018.33 6.0 High Yield 100 6.356 6.082 7.793 833.81 0.7 Canada 3.340 2.820 3.530 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN
Aug 335.375 338.125 331.925 335.400 .825 17,618 Aug .05320 .05314 .05274 .05273 .00004 122
521.98 5.0 Global High Yield Constrained 6.707 6.695 8.254 365.46 0.8 EMU§ 3.146 2.726 3.403 Sept 335.000 337.700 330.850 334.450 .525 34,244 Sept .05266 .05306 .05253 .05257 .00004 164,346
Cattle-Live (CME)-40,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per €
390.42 3.9 Europe High Yield Constrained 5.017 4.949 6.567 661.11 0.9 France 3.340 2.900 3.530 Aug 1.1593 1.1600 1.1561 1.1575 .0038 3,012
Aug 230.250 232.450 229.125 230.900 .775 23,306
Sept 1.1621 1.1629 1.1582 1.1597 .0038 805,104
U.S Agency Bloomberg Fixed Income Indices*** 467.99 -0.5 Germany 2.670 2.080 2.860 Oct 223.900 226.200 221.900 224.100 .425 168,740
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
1917.61 4.0 U.S Agency 4.190 3.960 4.760 260.48 -3.6 Japan 2.030 1.220 2.080 Aug 107.650 108.375 107.325 108.175 .825 24,500 Index Futures
Oct 90.325 91.375 90.225 90.900 .850 128,956
1701.38 3.9 10-20 years 4.120 3.920 4.710 509.72 -0.7 Netherlands 2.890 2.290 3.060 Mini DJ Industrial Average (CBT)-$5 x index
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft.
Sept 43675 44392 43633 44303 593 84,123
3587.27 4.9 20-plus years 4.940 4.240 5.320 802.77 2.6 U.K. 4.790 4.030 5.070 Sept 694.00 694.50 683.00 691.50 –4.00 6,397
Dec 44012 44697 43952 44616 598 1,064
Nov 710.00 710.00 697.50 708.00 –3.00 2,100
2955.53 5.4 Yankee 4.630 4.380 5.340 961.47 7.2 Emerging Markets ** 7.132 7.084 8.038 Milk (CME)-200,000 lbs., cents per lb. Mini S&P 500 (CME)-$50 x index
Sept 6257.00 6370.00 6251.25 6356.00 91.50 1,881,395
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Aug 17.17 17.34 17.17 17.33 .13 3,377
Dec 6310.50 6422.75 6305.25 6409.50 92.50 19,421
Sept 17.71 18.17 17.62 18.11 .37 5,677
** EMBI Global Index. ***Bloomberg yield data as of 08/01 Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan Mini S&P Midcap 400 (CME)-$100 x index
Cocoa (ICE-US)-10 metric tons; $ per ton. Sept 3111.80 3165.50 3106.30 3155.80 40.50 37,409
Sept 8,226 8,226 7,910 8,102 –130 28,084 Dec … 3168.00 3139.70 3177.40 37.70 n.a.
Dec 7,538 7,538 7,319 7,471 –83 33,841
Global Government Bonds: Mapping Yields Coffee (ICE-US)-37,500 lbs.; cents per lb.
Mini Nasdaq 100 (CME)-$20 x index
Sept 22850.00 23352.50 22821.75 23296.50 412.75 272,613
Sept 287.10 294.05 286.05 288.55 4.35 58,036 Dec 23106.00 23576.75 23048.75 23523.25 414.25 1,401
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Dec 279.45 286.60 279.20 281.65 4.10 58,242 Mini Russell 2000 (CME)-$50 x index
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Sept 2173.40 2228.30 2167.10 2220.10 47.00 427,733
Oct 16.17 16.47 16.17 16.25 .07 389,620 Dec 2201.30 2243.50 2184.90 2236.70 47.50 884
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points March'26 16.79 17.05 16.77 16.88 .10 226,615 March'26 2238.90 2244.80 2210.50 2256.10 45.90 13
Coupon (%) Maturity, in years Latest(l) 0 1 2 3 4 5 6 Previous Month ago Year ago Latest Prev Year ago Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Mini Russell 1000 (CME)-$50 x index
3.875 U.S. 2 3.680 t l 3.702 3.883 3.871 Sept 38.00 38.00 37.75 37.65 .45 645 Sept 3457.30 3478.60 3430.20 3477.90 52.30 5,630
4.250 10 4.197t l 4.218 4.339 3.795 Cotton (ICE-US)-50,000 lbs.; cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index
Oct 64.43 65.18 64.40 64.56 .14 444 Sept 98.51 98.80 98.39 98.59 –.34 30,886
4.750 Australia 2 3.390 l 3.390 3.263 3.816 -30.0 -30.8 -7.4 Dec 66.36 67.16 66.36 66.64 .28 161,976 Dec 98.09 98.37 98.08 98.19 –.33 712
2.750 10 4.326 l 4.326 4.205 4.062 12.5 10.1 26.9 Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Sept 234.65 241.45 231.85 234.30 –.85 4,553 Source: FactSet
0.750 France 2 2.118 t l 2.177 2.114 2.632 -157.2 -152.1 -125.8
3.200 10 3.290 t l 3.356 3.281 2.959 -91.1 -86.9 -83.4
1.900 Germany 2 1.883 t l 1.931 1.817 2.351 -180.7 -176.7 -153.9 Cash Prices | wsj.com/market-data/commodities Monday, August 04, 2025
2.600 10 2.628 t l 2.680 2.607 2.181 -157.3 -154.6 -161.2 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate
2.550 Italy 2 2.095 t l 2.133 2.060 2.989 -159.5 -156.5 -90.1 from the futures price on an exchange, which reflects what the commodity might be worth in future months.
Monday Monday Monday
3.650 10 3.439 t l 3.518 3.449 3.636 -76.2 -70.7 -15.7
Iron Ore, 62% Fe CFR China-s *99.3 Wheat - Hard - KC (USDA) $ per bu-u n.a.
0.900 Japan 2 0.765 t l 0.811 0.742 0.418 -292.5 -288.7 -347.3 Energy *860.0
Steel, HRC USA, FOB Midwest Mill-s Wheat,No.1soft white,Portld,OR-u 6.1500
1.500 10 1.511 t l 1.553 1.435 0.959 -269.0 -267.3 -283.4 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 79.000 Battery/EV metals
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.300 BMI Lithium Carbonate, EXW China, =99.5%-v,w 10050
Food
2.500 Spain 2 2.014 t l 2.040 1.962 2.707 -167.6 -165.9 -118.3 BMI Lithium Hydroxide, EXW China, =56.5% -v,w 8550
Metals Beef,carcass equiv. index
3.150 10 3.147 t l 3.188 3.154 3.068 -105.4 -103.7 -72.6 BMI Cobalt sulphate, EXW China, >20.5% -v,w 7089 choice 1-3,600-900 lbs.-u 360.26
Gold, per troy oz BMI Nickel Sulphate, EXW China, >22%-v,k 3656 select 1-3,600-900 lbs.-u 337.71
4.125 U.K. 2 3.793 t l 3.796 3.872 3.621 10.3 9.8 -26.9 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 435 Broilers, National comp wtd. avg.-u,w 1.2545
Engelhard industrial 3378.00
4.250 10 4.510 t l 4.530 4.563 3.838 30.9 30.5 4.5 LBMA Gold Price AM *3294.90 Butter,AA Chicago-d 2.4625
Fibers and Textiles Cheddar cheese,bbl,Chicago-d 175.00
LBMA Gold Price PM *3346.85
Source: Tullett Prebon, Tradeweb FTSE U.S. Treasury Close 3528.68 Cheddar cheese,blk,Chicago-d 178.00
Krugerrand,wholesale-e Burlap,10-oz,40-inch NY yd-n,w 0.9200
Maple Leaf-e 3613.10 Cotton,1 1/16 std lw-mdMphs-u n.a. Milk,Nonfat dry,Chicago lb.-d 128.50
3613.10 Coffee,Brazilian,Comp-y 2.8213
Corporate Debt American Eagle-e
Mexican peso-e 4356.32
Cotlook 'A' Index-t
Hides,hvy native steers piece fob-u
*78.50
n.a. Coffee,Colombian, NY-y 3.1020
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific Austria crown-e 3312.87 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u,w 3.4950
Austria phil-e 3545.57 Flour,hard winter KC-p 15.00
expectations Grains and Feeds Hams,17-20 lbs,Mid-US fob-u n.a.
Silver, troy oz.
Investment-grade spreads that tightened the most… Engelhard industrial 37.5500 Bran,wheat middlings, KC-u,w 63
Hogs,Iowa-So. Minnesota-u 98.15
Spread*, in basis points Handy & Harman base 37.4040 Pork bellies,12-14 lb MidUS-u n.a.
Corn,No. 2 yellow,Cent IL-bp,u 3.7400 Pork loins,13-19 lb MidUS-u 1.1925
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Handy & Harman fabricated 46.7550
LBMA spot price *£27.7100
Cottonseed meal-u,w 250 Steers,Tex.-Okla. Choice-u 235.00
Pricoa Global Funding … 4.700 4.20 May 28, ’30 45 –18 61 (U.S.$ equivalent) *36.4900 Hominy feed,Cent IL-u,w 112 Steers,feeder,Okla. City-u,w 399.50
GA Global Funding Trust … 4.400 4.35 Sept. 23, ’27 67 –5 59 Coins,wholesale $1,000 face-a 27650 Meat-bonemeal,50% pro Mnpls-u,w 303
Oats,No.2 milling,Mnpls-u 3.7425 Fats and Oils
Goldman Sachs GS 6.750 5.50 Oct. 1, ’37 130 –5 122 Other metals
LBMA Platinum Price PM *1302.0 Rice, Long Grain Milled, No. 2 AR-u,w 34.88 Degummed corn oil, crude wtd. avg.-u,w n.a.
BNP Paribas … 3.500 4.36 Nov. 16, ’27 66 –4 n.a. Sorghum,(Milo) No.2 Gulf-u n.a.
LBMA Palladium Price PM *1227.0 Grease,choice white,Chicago-h 0.6150
John Deere Capital … 4.400 4.33 Sept. 8, ’31 58 –3 54 Platinum,Engelhard industrial 1322.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 253.30 Lard,Chicago-u n.a.
National Australia Bank … 4.534 4.17 June 13, ’30 42 –3 n.a. Palladium,Engelhard industrial 1193.0 Soybeans,No.1 yllw IL-bp,u 9.5900 Soybean oil,crude;Centl IL-u,w 0.5696
Aluminum, LME, $ per metric ton *2545.0 Wheat,Spring14%-pro Mnpls-u 6.9550 Tallow,bleach;Chicago-h 0.6450
Societe Generale … 7.367 6.78 Jan. 10, ’53 195 –3 n.a. Copper,Comex spot 4.4150 Wheat,No.2 soft red,St.Louis-u 4.8725 Tallow,edible,Chicago-u n.a.
Credit Agricole … 5.222 4.68 May 27, ’31 94 –2 86
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;
…And spreads that widened the most 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 8/1
UBS … 7.500 4.18 Feb. 15, ’28 52 15 53 Source: Dow Jones Market Data
Siemens Funding … 4.350 4.04 May 26, ’28 37 13 34
Nomura Holdings … 2.679 4.73 July 16, ’30 95 4 n.a.
Sumitomo Mitsui Financial … 3.040 4.45 July 16, ’29 66 4 n.a. Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks
UnitedHealth UNH 3.875 4.29 Dec. 15, ’28 62 4 54
Wells Fargo WFC 3.900 5.55 May 1, ’45 77 4 76 Money Rates August 4, 2025
Royal Bank of Canada RY 3.875 4.59 May 4, ’32 36 3 30 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
Cisco Systems CSCO 5.500 5.12 Jan. 15, ’40 92 2 88 guide to general levels but don’t always represent actual transactions.
High-yield issues with the biggest price increases… Week —52-WEEK— Week —52-WEEK—
Bond Price as % of face value Inflation Latest ago High Low Latest ago High Low
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week June index Chg From (%)
Japan 1.875 1.875 1.875 1.475 Federal funds
Transocean RIG 7.500 10.86 April 15, ’31 86.000 1.26 86.500 level May '25 June '24
Policy Rates Effective rate 4.3300 4.3300 5.3300 4.3200
Discovery Communications … 6.350 9.27 June 1, ’40 76.740 0.99 75.245 U.S. consumer price index
Euro zone 2.15 2.15 4.25 2.15 High 4.5500 4.5500 5.6500 4.3700
Bausch Health … 11.000 9.63 Sept. 30, ’28 103.625 0.88 101.000 All items 322.561 0.34 2.7 Low 4.3200 4.3200 5.3300 4.3000
Switzerland 0.50 0.50 1.75 0.50
Teva Pharmaceutical Finance … 6.150 5.90 Feb. 1, ’36 101.910 0.66 101.650 Core 328.364 0.26 2.9 Britain 4.25 4.25 5.00 4.25 Bid 4.3200 4.3200 5.3300 4.3200
Offer 4.3300 4.3300 5.3600 4.3300
Bath & Body Works BBWI 6.875 6.47 Nov. 1, ’35 103.000 0.50 103.125 Australia 3.85 3.85 4.35 3.85
International rates
Methanex US Operations … 6.250 6.30 March 15, ’32 99.709 0.42 n.a.
Overnight repurchase Treasury bill auction
Rakuten … 9.750 6.50 April 15, ’29 110.500 0.34 109.969 Week 52-Week U.S. 4.38 4.41 5.45 4.00 4 weeks 4.290 4.245 5.285 4.000
Paramount Global PARA 4.375 6.81 March 15, ’43 75.232 0.30 75.434 Latest ago High Low 13 weeks 4.165 4.235 5.075 4.165
U.S. government rates 26 weeks 3.980 4.120 4.795 3.980
…And with the biggest price decreases Prime rates
U.S. 7.50 7.50 8.50 7.50 Discount Other short-term rates
DISH DBS … 7.750 25.31 July 1, ’26 86.500 –0.43 n.a.
Canada 4.95 4.95 6.70 4.95 4.50 4.50 5.50 4.50
Paramount Global PARA 6.875 6.27 April 30, ’36 104.655 –0.22 104.817 Week 52-Week
Latest ago high low
Occidental Petroleum OXY 6.450 6.11 Sept. 15, ’36 102.689 –0.16 101.372
Bombardier 7.450 6.12 May 1, ’34 108.864 –0.05 108.938
…
Key Interest Rates Call money
Prime Security Services Borrower … 5.750 5.06 April 15, ’26 100.461 –0.04 100.405 6.25 6.25 7.25 6.25
Data are annualized on a 360-day basis. Treasury yields are per annum,
Rakuten … 11.250 5.37 Feb. 15, ’27 108.518 –0.03 108.375 Commercial paper (AA financial)
on actively traded noninflation and inflation-indexed issues that are
*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. adjusted to constant maturities. Data are from weekly Federal Reserve 90 days n.a. 4.26 5.16 4.19
Note: Data are for the most active issue of bonds with maturities of two years or more
Source: MarketAxess release H.15. Secured Overnight Financing Rate
Week Ended 52-Week Week Ended 52-Week 4.34 4.36 5.38 4.26
Aug 1 Jul 25 High Low Aug 1 Jul 25 High Low
Value 52-Week
Federal funds (effective) 6-month 4.27 4.31 5.09 4.18
Dividend Changes 4.33 4.33 5.33 4.33 1-year 4.05 4.08 4.65 3.91
Latest Traded High Low
2-year 3.87 3.88 4.32 3.55 DTCC GCF Repo Index
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off. Commercial paper 3-year 3.83 3.83 4.38 3.46
Treasury 4.368 46.600 5.465 4.286
Nonfinancial
5-year 3.91 3.93 4.49 3.45
Amount Payable / Amount Payable / 7-year 4.11 4.14 4.60 3.55 MBS 4.379 68.768 5.487 4.294
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record 1-month 4.30 4.30 5.30 4.29 10-year 4.35 4.39 4.69 3.67
Betterware de Mexico BWMX 9.7 .2851 Q Aug28 /Aug11 2-month 4.29 4.30 5.26 4.24 20-year 4.88 4.93 5.02 4.05 Weekly survey
Increased 3-month 4.26 4.31 5.15 4.21
Brookfield Bus Partners BBU 1.0 .0625 Q Sep29 /Aug29 Latest Week ago Year ago
AG Mortgage 8% Pfd. C MITTpC 11.2 .706 /.70486 Q Sep17 /Aug29 Financial
Brookfield Renew Pfd A17 BEPpA 6.9 .3281 Q Oct31 /Oct15 Treasury yields (secondary market)
Chemed CHE 0.6 .60 /.50 Q Aug29 /Aug11 1-month 4.32 4.31 5.30 4.28
Brookfield Renewable BEPC 4.3 .373 Q Sep30 /Aug29 Freddie Mac
Crawford & Co B CRD.B 3.0 .075 /.07 Q Aug29 /Aug15 2-month 4.29 4.29 5.25 4.28 1-month 4.28 4.24 5.28 4.05
Brookfield Renewable Ptrs BEP 5.7 .373 Q Sep30 /Aug29
Crawford Cl A CRD.A 3.1 .075 /.07 Q Aug29 /Aug15
Gerdau ADR GGB 3.5 .0216 Q Aug25 /Aug13 3-month 4.28 4.26 5.25 4.25 3-month 4.23 4.25 5.12 4.20 30-year fixed 6.72 6.74 6.73
Illinois Tool Works ITW 2.5 1.61 /1.50 Q Oct10 /Sep30
Gpo Aeroportuario ADR PAC 3.5 4.46559 SA Aug25 /Aug13 6-month 4.09 4.13 4.86 4.02 15-year fixed 5.85 5.87 5.99
Piper Sandler PIPR 0.8 .70 /.65 Q Sep12 /Aug29 Discount window primary credit
Imperial Oil IMO 2.1 .52214 Q Oct01 /Sep04 TIPS Notes on data:
Zions Bancorp ZION 3.3 .45 /.43 Q Aug21 /Aug14
ING Groep ADR ING 4.5 .40016 SA Aug25 /Aug11 4.50 4.50 5.50 4.50
5-year 1.46 1.46 2.05 1.36 U.S. prime rate is the base rate on corporate
Reduced Magna International MGA 4.7 .485 Q Aug29 /Aug15 Treasury yields at constant 7-year 1.70 1.73 2.17 1.50 loans posted by at least 70% of the 10 largest
Taitron Components TAIT 9.5 .035 /.05 Q Aug29 /Aug15 Patria Investments PAX 4.3 .15 Q Sep15 /Aug15 maturities 10-year 1.95 1.98 2.29 1.56 U.S. banks, and is effective December 19, 2024.
Rentokil Initial ADR RTO 2.4 .27382 SA Sep23 /Aug15 1-month 4.44 4.37 5.52 4.18 20-year 2.37 2.40 2.52 1.75 Other prime rates aren’t directly comparable;
Initial Rio Tinto ADR RIO 6.2 1.48 SA Sep25 /Aug15 3-month 4.39 4.41 5.38 4.31 Long-term avg 2.54 2.55 2.64 1.86 lending practices vary widely by location;
MicroStrategy 9% Pfd. A STRC 10.0 .80 Aug31 /Aug15 Shell ADR SHEL 4.0 .716 Q Sep22 /Aug15 Discount rate is effective December 19, 2024.
TELUS Corp. TU 6.9 .3019 Q Oct01 /Sep10 Notes on data: Secured Overnight Financing Rate is as of
Stocks Vale ADR VALE 7.4 .34169 SA Sep10 /Aug13 Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates August 1, 2025. DTCC GCF Repo Index is
Foresight Autonomous ADR FRSX 1:7 /Aug25 on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by Depository Trust & Clearing Corp.'s weighted
Mackenzie Realty Capital MKZR 1:10 /Aug05
Special discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window average for overnight trades in applicable
NuCana ADR NCNA 1:200 /Aug11 Dorian LPG LPG ... .60 Aug27 /Aug12 primary credit rate is charged for discounts made and advances extended under the Federal CUSIPs. Value traded is in billions of U.S. dollars.
Uniti Group UNIT 1:1.65865 /Aug04 MarketWise MKTW 4.3 .20 Sep25 /Aug15 Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Federal-funds rates are Tullett Prebon rates as
SITE Centers SITC ... 3.25 Aug29 /Aug15 Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid of 5:30 p.m. ET.
Foreign US Cellular USM ... 23.00 Aug19 /Aug11 yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor
Ambev ADR ABEV 6.6 .02296 Oct14 /Aug11 Note: Dividend yields as of 3:30 p.m. ET Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet;
AngloGold Ashanti AU 6.1 .80 SA Sep05 /Aug22 Sources: FactSet; Dow Jones Market Data please see, https://www.federalreserve.gov/datadownload/Build.aspx?rel=H15 Tullett Prebon Information, Ltd.
THE WALL STREET JOURNAL. * * Tuesday, August 5, 2025 | B9

BIGGEST 1,000 STOCKS MARKETS

Continued From Page B6 Net Net Net Net

Stock Sym Close Chg

CommvaultSys CVLT 186.50 6.77
SABESP
Net

SBS 19.59 0.08

Stock Sym Close Chg
EquityLife ELS 61.43 1.17
EquityResdntl EQR 62.67 -0.08
ErieIndemnity ERIE 356.21 5.46
Stock
s Heico
s HeicoA
Sym Close Chg
HEI 337.56 12.47
HEI.A 263.87 6.59
HenrySchein HSIC 70.02 2.04
Stock
Lennar B
Sym Close Chg
LEN.B 113.32
LennoxIntl LII 600.48
LeonardoDRS DRS 42.25
Stock
1.88 Nordson
Sym Close Chg
NDSN 212.46 3.21
-5.39 NorfolkSouthern NSC 278.12 3.27
0.58 NorthernTrust NTRS 127.65 0.59
Stocks vestors watching for signs of a
market bubble.
Utility-sector stocks were
quarterly results as of Friday.
Of them, over 80% reported
better-than-expected earnings
ConagraBrands CAG 18.69 0.18
ConocoPhillips COP 92.85 0.09
ConEd ED 105.36 0.92
ConstBrands A STZ 170.29 4.11
EssentialUtil WTRG 38.33 0.15
EssexProp ESS 254.55 -2.17
EsteeLauder EL 92.50 1.46
EvercoreA EVR 300.01 6.00
Hershey HSY 190.41 1.40
HessMidstream HESM 43.11 0.59
HewlettPackard HPE 20.02 0.21
Hilton HLT 262.42 1.58
Hims&HersHealth HIMS 63.35 0.80
LiAuto LI 25.72
LibertyBroadbandC LBRDK 59.51
LibertyBroadbandA LBRDA 59.22
LibertyFormOne A FWONA 88.89
LibertyLiveA LLYVA 83.33
0.48 s NorthropGrum NOC 589.75 3.31
-0.60 NorwegCruise NCLH 25.34 0.84
-0.69 Novartis NVS 117.83 2.53
0.07 NovoNordisk NVO 48.81 0.62
3.32 NuHoldings NU 12.03 -0.02
Rebound among those leading gains in
the S&P 500: Atmos Energy
stock rose 2.3%, while shares
per share, according to Fact-
Set.
That number includes big

Broadly
s ConstellationEner CEG 354.89 14.12 Everest EG 326.04 -5.30 of power provider Vistra tech names like Microsoft, Al-
Cooper COO 71.45 0.58 s Evergy Hologic HOLX 67.91 0.75 LibertyLiveC LLYVK 86.06 3.49 Nucor NUE 136.98 -1.69
EVRG 73.12 1.57
Copart CPRT 45.74 0.23 EversourceEner ES 66.46 0.91
HomeDepot HD 380.82 7.16 LibertyFormOne C FWONK 99.26 0.32 NuScalePower SMR 43.38 -1.05 logged a 2.9% gain. phabet and Meta Platforms,
Core&Main CNM 63.82 1.14 HondaMotor HMC 31.71 0.38 Light&Wonder LNW 94.38 -0.59 Nutanix NTNX 73.76 1.65
CorebridgeFin CRBG 34.79 0.31
ExactSciences EXAS 46.83 -0.93
Honeywell HON 220.79 3.08 EliLilly LLY 769.00 6.67 Nutrien NTR 59.06 0.50 Investors are still contend- which have helped lead stocks
Exelixis EXEL 36.81 -0.45 s LincolnElectric LECO 243.84 2.70 s nVentElectric NVT 90.49 0.61
CoreWeave CRWV 106.01 1.87 Exelon EXC 45.17 0.50
HormelFoods HRL 28.22 0.10
NVDA 180.00 6.28
ing with ever-shifting head- to multiple fresh records this
Corning GLW 63.49 1.44 DR Horton DHI 153.28 2.98 Linde LIN 467.40 7.99 NVIDIA
Corpay CPAY 324.34 7.94
ExpandEnergy EXE 101.23 -0.74 HostHotels HST 15.69 0.16 Lineage LINE 43.15 0.80 Continued from page B1 lines on the president’s tariff summer.
Corteva CTVA 71.92 0.75
Expedia EXPE 184.99 6.93 HoulihanLokey HLI 193.15 3.36 LiveNationEnt LYV 151.29 5.15 O P Q in September. plans. The new trade deadline “As long as the big tech and
ExpeditorsIntl EXPD 116.89 2.24 HowmetAerospace HWM 181.16 -3.10 LloydsBanking LYG 4.41 0.12
CoStar CSGP 96.83 2.23 OGE Energy OGE 45.90 0.57
Costco COST 955.37 2.85
ExtraSpaceSt EXR 138.06 -1.24 Hubbell HUBB 429.06 2.32 LockheedMartin LMT 423.70 2.69
ONEOK OKE 79.83 0.84
“From the market’s point of looms Thursday, and the stage the AI trade has legs, the mar-
ExxonMobil XOM 107.37 -2.27 HubSpot HUBS 502.20 3.69 Loews L 92.82 2.53
CoterraEnergy CTRA 23.93 0.23
F5 FFIV 321.00 13.57 Humana HUM 247.35 0.09 LogitechIntl LOGI 92.27 2.60
ON Semi ON 47.97 -8.85 view, this is going to spur the is set for last-minute negotia- ket is probably going to rally
Coupang CPNG 29.63 0.89 s O'ReillyAuto ORLY 101.37 2.25
Crane CR 195.04 1.55 FTAI Aviation FTAI 141.47 4.15 JBHunt JBHT 142.06 2.50 Lowe's LOW 233.81 7.41
OccidentalPetrol OXY 42.86 -0.55 Fed into action,” tions between the White in the face of economic data
s Credicorp BAP 242.45 5.95
CredoTech CRDO 114.70 7.14
Fabrinet
FactSet
FN 329.57 14.37
FDS 396.16 4.83
HuntingtonBcshs HBAN 16.27 0.23
HuntingIngalls HII 265.67 -4.16
lululemon LULU 196.45
t LyondellBasell LYB 50.90
3.12
-2.52
Oklo OKLO 76.41 4.92
OKTA 97.72 2.59
MONDAY’S said Ross May- House and countries still hop- that might suggest otherwise,”
CrowdStrike CRWD 454.86 8.20 t FairIsaac
Fastenal
FICO 1360.99-20.08
FAST 45.37 -0.07
HyattHotels H 138.23 0.73
ICICI Bank IBN 33.19 -0.45 M N
Okta
OldDomFreight ODFL 144.36 2.51 MARKETS field, an invest- ing to negotiate lower duties. Baird’s Mayfield said.
CrownCastle CCI 107.19 0.31 OldNatlBncp ONB 20.77 0.37 ment strategist Switzerland, stung with a
FedEx FDX 217.49 0.39 ICL Group ICL 6.02 -0.14
Crown Holdings CCK 98.49 0.34 Macom Tech MTSI 140.00 3.69 OldRepublic ORI 36.35 0.44
FergusonEnts FERG 225.31 3.16 IDEX IEX 158.25 -0.87 for Baird Private Wealth Man- surprise 39% tariff, said it was
CubeSmart CUBE 39.72 -0.18
s IdexxLab IDXX 682.78147.24 M&T Bank MTB 188.29 3.30 s Ollie'sBargain OLLI 140.13 2.09
Cullen/Frost CFR 125.53 1.33 Ferrari RACE438.32 2.08
ING Groep ING 22.98 0.27 MGM Resorts MGM 35.51 -0.24 OmegaHealthcare OHI 39.79 0.51 agement. “There is definitely ready to make a more attrac- AUCTION RESULTS
Cummins CMI 361.59 5.75 Ferrovial FER 51.59 0.41 MPLX MPLX 52.71 0.86 Omnicom OMC 72.05 0.94 Here are the results of Monday's Treasury auctions.
Invesco IVZ 21.00 0.39
s Curtiss-Wright CW 496.42 2.84 FidNatlFinl FNF 57.96 1.38
IQVIA IQV 182.75 0.30
s MP Materials MP 65.42 1.73 OnHolding ONON 47.60 0.57 clarity on which way things tive offer to the U.S. The Euro- All bids are awarded at a single price at the market-
CyberArkSoftware CYBR 409.00 -5.00 FidNatlInfo FIS 78.96 0.60 MSCI MSCI 572.04 14.64 Oracle ORCL 252.53 8.11 clearing yield. Rates are determined by the difference
FifthThirdBncp FITB 41.43 0.52
ITT ITT 166.94 2.90
MagnaIntl MGA 41.42 0.10 Orix IX 23.32 0.47 are moving now.” pean Union said it would between that price and the face value.
D E F Figma FIG 88.60-33.40
IcahnEnterprises IEP
Icon
8.95 -0.03
ICLR 164.80 -1.64 MakeMyTrip MMYT 93.56 1.79 s Oshkosh OSK 136.84 6.30 Shares of American Eagle pause for six months the re-
FirstCitizBcshA FCNCA 1883.83-28.81 ManhattanAssoc MANH 218.55 3.89 OtisWorldwide OTIS 85.41 0.48 13-Week 26-Week
s DTE Energy DTE 140.80 2.29
FirstHorizon FHN 21.67 0.33
IllinoisToolWks ITW 253.58 1.27
ManulifeFinl MFC 30.87 0.42 Ovintiv OVV 39.36 -0.06 Outfitters surged 24% after taliatory levies it would have Applications $264,578,385,100 $233,245,419,900
DT Midstream DTM 105.79 0.18 Illumina ILMN 98.44 3.78 137.50 0.94
Danaher DHR 197.46 0.37 FirstSolar FSLR 183.42 -0.55 ImperialOil IMO 84.35 1.03 Maplebear CART 48.73 1.72 OwensCorning OC
PDD 112.04 1.98
Trump posted on social media imposed on the U.S. if a deal Accepted bids $86,573,490,800 $77,071,461,600
FirstEnergy FE 43.84 0.65 MarathonPetrol MPC 167.96 2.43 PDD $2,209,041,200 $1,922,723,400
Darden DRI 204.81 1.32
FirstService FSV 196.80 1.00
Incyte INCY 78.04 2.45
Informatica INFA 24.70 0.07 Markel MKL 1946.42 16.55 PG&E PCG 15.04 0.92 praising the retailer’s ad cam- hadn’t been reached. " noncomp
" foreign noncomp $0 $80,000,000
Datadog DDOG 139.13 3.53 MAR 259.13 3.78 PNC Finl PNC 189.07 3.19
DaVita DVA 139.52 1.04 Fiserv FI 136.15 0.82 Infosys INFY 16.48 0.07 Marriott
Marsh&McLen MMC 199.08 1.30 POSCO PKX 52.36 0.42
paign featuring actress Syd- Traders will also parse Auction price (rate) 98.947181 97.987889
Flex FLEX 50.94 1.42 IngersollRand IR 78.60 3.62 (4.165%) (3.980%)
Dayforce DAY 55.14 -0.13
Floor&Decor FND 81.44 3.13 Ingredion INGR 126.60 0.23 MartinMarietta MLM 602.32 24.46 PPG Ind PPG 105.00 0.56 ney Sweeney. Opendoor Tech- earnings updates from compa-
DeckersOutdoor DECK 105.13 1.78 MarvellTech MRVL 76.53 2.08 PPL PPL 36.18 0.52 4.268% 4.118%
Deere DE 510.56 9.58 FlutterEnt FLUT 303.91 4.29 s Insmed INSM 111.24 2.55
Masco MAS 69.46 0.63 PTC PTC 216.41 4.30 nologies, another freshly nies including McDonald’s, Bids at clearing yield accepted 28.41% 98.27%
FEMSA FMX 88.30 -0.67 Insulet PODD 287.77 2.86
DellTechC DELL 130.23 2.91
FordMotor F 10.95 0.13 Intel INTC 19.50 0.19 Masimo MASI 161.27 7.32 Paccar PCAR 96.34 -0.14 minted meme stock, rose 17%. Disney and Uber later this 912797QP5 912797RL3
DeltaAir DAL 52.52 1.37 MasTec MTZ 177.93 3.88 PackagingCpAm PKG 193.08 1.67
DescartesSystems DSGX 106.46 2.00 Fortinet FTNT 98.55 1.19 InteractiveBrkrs IBKR 64.90 1.29 s
Mastercard MA 569.81 9.92 PalantirTech PLTR 160.66 6.39 The re-emergence of such week. About two-thirds of S&P Both issues are dated Aug. 7, 2025. The 13-week bills
mature on Nov. 6, 2025; the 26-week bills mature on
FTS 50.47 0.58 s ICE ICE 188.45 3.85
DeutscheBank DB 33.68 1.15 Fortis
InterContHtls IHG 115.35 0.68 MatchGroup MTCH 33.88 0.28 PaloAltoNtwks PANW 171.00 -1.88 speculative bets has some in- 500 companies had reported Feb. 5, 2026.
DevonEnergy DVN 31.94 -0.20 Fortive FTV 47.22 0.67
IBM
t
IBM 251.98 1.93 McCormickVtg MKC.V 70.36 0.08 PanAmerSilver PAAS 28.14 1.12
DexCom DXCM 76.25 -3.03 FoxB FOX 52.02 1.29
IntlFlavors IFF 70.15 0.67
t McCormick MKC 70.14 -0.14 ParamountB PARA 12.31 -0.70
t Diageo DEO 98.17 0.71 FoxA FOXA 56.98 1.44
IntlPaper IP 46.06 -0.35
McDonald's MCD 304.23 1.34 ParamountA PARAA 18.60 -1.01
DiamondbkEner FANG 147.78 1.64 Franco-Nevada FNV 166.70 5.02
Interpublic IPG 24.54 0.30 McKesson MCK 710.94 12.14 ParkerHannifin PH 719.04 6.91 Net Net Net Net Net
FranklinRscs BEN 25.13 1.18 Medpace MEDP 432.43 9.34 Paychex PAYX 139.43 0.09 Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
Dick's DKS 209.50 2.73 Intuit INTU 784.87 8.72
DigitalRealty DLR 172.91 0.70 s FreedomHolding FRHC 188.00 5.83
IntuitiveSurgical ISRG 483.36 0.24 Medtronic MDT 89.64 0.30 PaycomSoftware PAYC 229.32 2.88
FreeportMcM FCX 40.42 0.39 MercadoLibre MELI 2395.83 19.91 Paylocity PCTY 183.61 2.18 Reddit RDDT 201.76 13.12 SharkNinja SN 116.27 3.95 Sysco SYY 79.47 -0.41 TransDigm TDG 1608.98 23.98
Disney DIS 119.35 2.76
FreseniusMedCare FMS 24.94 -0.19
InvitatHomes INVH 30.19 -0.15
Merck MRK 79.86 0.57 PayPal PYPL 68.01 0.90 RegalRexnord RRX 147.51 -1.68 Shell SHEL 71.85 -0.15 TransUnion TRU 93.58 1.53 W X Y Z
DocuSign DOCU 75.38 1.54
FrontierComms FYBR 36.57 -0.03
IonQ IONQ 39.86 1.74
MetaPlatforms META 776.37 26.36 Pearson PSO 14.97 ... RegencyCtrs REG 72.18 1.70 SherwinWilliams SHW 347.85 4.44 T U V Travelers TRV 263.00 4.68 s WEC Energy WEC 111.27 1.03
DollarGeneral DG 110.94 2.41 IronMountain IRM 94.77 0.64 Pegasystems PEGA 58.49 1.09 RegenPharm REGN 571.54 12.67 Shift4Paymts FOUR 102.20 0.26 Trimble TRMB 84.25 1.61
FullTruck YMM 10.99 0.33 ItauUnibanco ITUB 6.43 0.14 MetLife MET 74.83 0.82 TC Energy TRP 48.54 0.17 W.P.Carey WPC 66.08 1.10
s DollarTree DLTR 115.72 1.00 Mettler-Toledo MTD 1231.88 34.65 PembinaPipeline PBA 37.28 0.08 RegionsFinl RF 25.18 0.29 ShinhanFin SHG 48.16 0.89 Trip.com TCOM 62.06 1.43
TD Synnex SNX 142.17 1.32 Wabtec WAB 186.99 0.10
DominionEner D 61.13 0.72 MicrochipTech MCHP 66.59 0.23 PenskeAuto PAG 168.40 0.14 ReinsGrp RGA 177.10 -0.23 Shopify SHOP 125.21 6.61
Domino's DPZ 467.98 1.81
G H I J K L PNR 102.21 1.59 RS 284.66 1.23 SimonProperty SPG 163.94 3.26 Telus
TE Connectivity TEL 204.00 2.07 TruistFinl TFC 43.41 0.45 WalgreensBoots WBA 11.66 0.02
MicronTech MU 107.77 2.89 Pentair Reliance TU 15.75 0.15 Twilio TWLO 125.32 4.16 Walmart WMT 99.59 1.10
Donaldson DCI 71.65 0.78 s GE Aerospace GE 276.23 6.85 JBS Microsoft MSFT 535.64 11.53 Penumbra PEN 240.39 -2.62 RenaissanceRe RNR 239.98 -1.85 SkechersUSA SKX 63.07 0.07 TIM
JBS 13.93 0.20 TIMB 19.24 0.56 TylerTech TYL 602.99 21.34 WarnerBrosA WBD 12.80 -0.07
s DoorDash DASH 258.02 9.67 GE HealthCare GEHC 70.64 0.79 JD.com JD 31.62 0.71 MicroStrategy MSTR 389.24 22.61 PepsiCo PEP 139.56 0.28 RentokilInit RTO 23.34 -0.38 Skyworks SWKS 67.94 0.25 TJX TysonFoods TSN 53.81 1.28 WarnerMusic WMG 29.23 0.60
TJX 129.22 3.22
Dover DOV 176.10 1.13 GE Vernova GEV 662.77 6.27 JPMorganChase JPM 294.26 4.89 MidAmApt MAA 140.10 0.10 PerformanceFood PFGC 99.84 -0.66 RepublicSvcs RSG 231.71 0.50 SmithAO AOS 70.34 -0.07 TKO TKO 165.76 0.15 UBS Group UBS 37.35 0.68 WasteConnections WCN 187.37 0.80
t Dow DOW 21.59 -0.20 GFLEnvironmental GFL 50.50 0.72 Jabil JBL 222.29 3.73 MitsubishiUFJ MUFG 13.78 -0.14 PermianRscs PR 13.69 0.04 s ResMed RMD 291.44 12.24 Smith&Nephew SNN 30.79 -0.04 T-MobileUS TMUS 241.01 3.81 UDR UDR 37.97 -0.70 WasteMgt WM 230.54 1.66
Doximity DOCS 58.30 0.97 GSK GSK 37.68 0.12 JackHenry JKHY 170.48 3.20 MizuhoFin MFG 5.93 0.09 PetroleoBrasil PBR 12.76 0.07 RestaurantBrands QSR 69.15 1.13 s SmithfieldFds SFD 25.21 0.89 TPG TPG 57.14 1.30 U-Haul UHAL 56.81 -0.30 t Waters WAT 285.59 -4.72
DrReddy'sLab RDY 13.79 -0.15 GalaxyDigital GLXY 28.89 2.01 JacobsSolns J 139.92 0.84 Mobileye MBLY 14.09 0.16 PetroleoBrasilA PBR.A 11.66 0.06 Revvity RVTY 88.32 0.09 Smucker SJM 109.99 1.74 T.RowePrice TROW 105.94 2.88 U-Haul N UHAL/B 50.59 -0.76 Watsco WSO 425.51 -9.34
DraftKings DKNG 45.05 1.32 Gallagher AJG 284.61 0.44 JamesHardie JHX 26.33 0.45 Moderna MRNA 27.64 0.04 Pfizer PFE 23.53 0.04 RexfordIndlRealty REXR 36.15 0.23 SmurfitWestrock SW 44.06 -0.29 TaiwanSemi TSM 239.00 3.79 UL Solutions ULS 73.04 1.14 t Watsco B WSOB434.83 0.34
GameStop GME 22.63 0.53 JefferiesFinl JEF 56.57 0.66 MolinaHealthcare MOH 158.15 3.02 PhilipMorris PM 162.99 0.03 RioTinto RIO 60.00 0.35 Snap SNAP 9.47 0.42 Take-TwoSftwr TTWO 225.99 5.41 UMB Fin UMBF 110.55 2.16 WattsWater WTS 261.65 2.63
DukeEnergy DUK 124.17 1.26
MolsonCoorsB TAP 48.61 0.40 Phillips66 PSX 121.46 1.86 RIVN 12.41 0.03 Snap-On SNA 318.93 1.14 TakedaPharm TAK 14.26 0.10 US Foods USFD 83.35 0.07 s Wayfair W 73.48 8.26
Duolingo DUOL 352.36 13.37 Gaming&Leisure GLPI 47.08 0.93 s JobyAviation JOBY 20.39 3.23 Rivian
WebsterFin WBS 56.62 0.61
GRMN 225.53 6.80 s J&J Pilgrim'sPride PPC 49.01 1.08 Robinhood HOOD 106.37 6.47 Snowflake SNOW 208.48 3.46 s TalenEnergy TLN 390.68 12.67 Uber
DuPont DD 70.91 0.97 Garmin JNJ 171.04 3.71 monday.com MNDY 249.75 -0.79 UBER 88.43 1.52 WellsFargo WFC 77.58 -0.20
DutchBros BROS 58.48 1.77 Gartner IT 336.71 8.17 JohnsonControls JCI 106.48 ... Mondelez MDLZ 63.53 -0.40 PinnacleWest PNW 92.24 1.56 Roblox RBLX 130.70 5.67 SOQUIMICH SQM 36.38 0.58 s Tapestry TPR 111.89 5.58 Ubiquiti UI 437.87 10.72 s Welltower WELL 168.78 2.54
Pinterest PINS 39.07 1.31 RocketCos. RKT 16.88 0.34 SoFiTech SOFI 21.81 0.58 TargaResources TRGP 164.82 1.90 UltaBeauty ULTA 514.99 7.26
Dynatrace DT 51.61 1.10 GenDigital GEN 28.98 0.19 JonesLang JLL 270.43 5.08 MongoDB MDB 226.56 5.59
WescoIntl WCC 209.07 5.58
EMCOR EME 629.22 4.55
Generac GNRC 196.43 2.80 KB Financial KB 78.78 1.10 MonolithicPower MPWR 830.63 45.01 PlainsAllAmPipe PAA 17.93 -0.07 RocketLab RKLB 44.54 -0.27 Solventum SOLV 73.22 1.49 Target TGT 99.79 0.02 Unilever UL 60.17 -0.30 WestPharmSvcs WST 238.39 -0.87
GeneralDynamics GD 312.78 2.04 KE Holdings BEKE 17.87 -0.33 MonsterBev MNST 60.35 1.33 PlainsGP PAGP 19.26 0.02 Rockwell ROK 350.16 5.66 Somnigroup SGI 74.12 1.93 TechnipFMC FTI 35.69 0.37 UnionPacific UNP 222.06 2.66
ENI E 33.97 ... WestAllianceBcp WAL 77.40 1.07
GeneralMills GIS 49.02 0.08 KKR KKR 145.13 2.58 Moody's MCO 519.85 18.57 PlanetFitness PLNT 110.28 2.67 RogersComm B RCI 34.04 0.35 Sony SONY 24.76 0.39 TeckResourcesB TECK 32.51 0.90 UnitedAirlines UAL 87.01 2.44
WesternDigital WDC 77.29 0.74
EOG Rscs EOG 117.01 0.41 GeneralMotors GM 52.77 0.24 Pool POOL 309.81 1.14 Roku ROKU 85.83 5.85 SouthState SSB 93.59 0.83 TeledyneTech TDY 552.26 7.57 UnitedMicro UMC 6.81
KLA KLAC 915.62 28.98 MorganStanley MS 141.36 2.27 ... WesternMidstrm WES 40.04 0.66
EPAM Systems EPAM 153.30 2.31 Genmab PRI 265.39 5.91
GMAB 21.98 0.20 KT KT 20.56 0.18 Morningstar MORN 270.40 -2.02 Primerica Rollins ROL 58.46 0.72 Southern SO 96.00 1.01 Ericsson ERIC 7.39 0.14 UPS B UPS 85.02 0.52 Westlake WLK 76.25 0.82
EQT EQT 51.87 -0.47 GenuineParts GPC 131.26 2.96 Kanzhun BZ 19.29 0.63 Mosaic MOS 35.52 0.20 PrimoBrands PRMB 26.90 -0.15 RoperTech ROP 546.42 4.31 SoCopper SCCO 93.05 1.39 TelefonicaBras VIV 11.55 0.23 UnitedRentals URI 868.57 8.95 Weyerhaeuser WY 25.27 0.19
EastWestBncp EWBC 100.03 1.83 GileadSciences GILD 114.51 1.33 Kaspi.kz KSPI 86.67 10.51 MotorolaSol MSI 439.97 3.26 PrincipalFinl PFG 75.88 0.35 RossStores ROST 141.97 4.96 SouthwestAir LUV 29.75 -0.05 Telefonica TEF 5.30 0.08 US Bancorp USB 44.42 0.48 WheatonPrecMtls WPM 95.87 3.77
EastGroup EGP 163.60 1.63 GlobalPayments GPN 78.89 0.85 Kellanova K 80.09 0.17 MrCooper COOP 179.14 4.88 ProcoreTech PCOR 62.99 0.95 RoyalBkCanada RY 129.92 1.31 Sportradar SRAD 29.53 -0.04 TelekomIndns TLK 18.22 0.38
UnitedTherap UTHR 292.65 -1.63 Williams WMB 60.26 -0.01
Eaton ETN 384.76 3.47 GlobalFoundries GFS 36.18 -0.40 Kenvue KVUE 22.18 0.59 MuellerIndustries MLI 85.09 1.75 Procter&Gamble PG 150.76 0.11 RoyalCaribbean RCL 315.70 1.45 Spotify SPOT 658.59 31.44 TempusAI TEM 57.52 2.63
UnitedHealth UNH 240.98 3.21 Williams-Sonoma WSM 200.52 12.85
s eBay EBAY 92.86 1.12 GlobeLife GL 139.34 2.10 KeurigDrPepper KDP 33.28 -0.04 NICE NICE 155.82 3.21 Progressive PGR 241.58 0.49 RoyalGold RGLD 156.43 3.79 SproutsFarmers SFM 153.81 -0.27 Tenaris TS 34.67 0.01 34.01 2.18 WillisTowers WTW 320.67 5.90
Ecolab ECL 264.28 3.27 GoDaddy GDDY 158.15 1.68 KeyCorp KEY 17.83 0.18 NIO NIO 4.60 -0.41 Prologis PLD 105.21 0.30 s RoyaltyPharma RPRX 37.88 0.77 StandardAero SARO 28.40 0.54 TencentMusic TME 21.33 0.79 UnitySoftware U Wingstop WING 348.67-13.78
UniversalHealthB UHS 164.68 1.70
Ecopetrol EC 8.35 0.06 s GoldFields GFI 28.30 2.71 KeysightTech KEYS 161.72 3.04 s NRG Energy NRG 173.91 6.28 PrudentialFinl PRU 101.73 1.02 Rubrik RBRK 92.52 4.87 StanleyB&D SWK 67.93 0.95 TenetHealthcare THC 161.07 2.98 WintrustFinl WTFC 124.85 0.83
EdisonIntl EIX 55.22 2.09 GoldmanSachs GS 726.03 16.46 KimberlyClark KMB 133.14 2.50 Prudential PUK 25.32 0.30 Stantec STN 110.01 1.35 UnumGroup UNM 69.95 0.22 WIT 2.67 -0.01
NVR NVR 7871.02110.34 RyanSpecialty RYAN 57.82 -0.03 Teradyne TER 105.72 1.56 VICI Prop VICI 33.93 0.82 Wipro
EdwardsLife EW 80.09 0.76 Grab GRAB 4.96 0.16 KimcoRealty KIM 21.05 0.31 PSEG PEG 90.14 1.17 Ryanair RYAAY 63.77 1.65 Starbucks SBUX 89.78 2.92 Tesla WoodsideEnergy WDS 16.93 0.08
NXP Semicon NXPI 211.99 2.07 TSLA 309.26 6.63
GGG 83.09 0.51 KinderMorgan KMI 28.28 0.18 PublicStorage PSA 280.58 1.69 SAP 283.79 0.79 StateStreet STT 109.78 1.19 TetraTech TTEK 36.55 0.67 Vale VALE 9.85 0.14 Woodward WWD 259.87 0.58
Elastic ESTC 80.53 0.95 Graco Nasdaq NDAQ 96.91 1.74 SAP
GWW 938.27 5.83 s KinrossGold KGC 17.26 1.05 PulteGroup PHM 119.36 2.61 s S&P Global SPGI 563.02 17.36 SteelDynamics STLD 121.36 -1.01 TevaPharm TEVA 15.69 0.31 ValeroEnergy VLO 135.04 1.86 WooriFinl WF 52.20 0.77
s ElbitSystems ESLT 490.00 24.99 Grainger Natera NTRA 136.57 1.99
GRFS 10.72 -0.06 KinsaleCapital KNSL 445.49 1.00 PureStorage PSTG 56.25 1.74 SBA Comm SBAC 230.40 1.83 Stellantis STLA 8.74 -0.05 TexasInstruments TXN 182.73 1.87 VeevaSystems VEEV 285.28 3.93 Workday WDAY 225.12 2.90
ElectronicArts EA 159.77 2.69 Grifols NationalGrid NGG 72.65 0.83
QXO QXO 19.62 0.29 VTR 68.28 0.78
ElevanceHealth ELV 274.93 0.27 GAP PAC 228.88 0.33 Klaviyo KVYO 30.57 0.85 NatWest NWG 14.09 0.35 SEI Investments SEIC 88.34 1.89 Steris STE 228.43 1.56 TexasPacLand TPL 952.04 17.24 Ventas WynnResorts WYNN 107.05 -0.88
ASR 302.74 -1.29 Philips Qiagen QGEN 50.25 0.31 SK Telecom SKM 22.43 0.34 s SterlingInfr STRL 271.74 8.69 TexasRoadhouse TXRH 184.79 1.82 VentureGlobal VG 14.93 0.01 XP XP 16.69 0.34
Embraer ERJ 57.81 0.97 ASUR PHG 26.72 0.26 Nebius NBIS 54.17 2.17
Qualcomm QCOM 147.51 -0.68 VLTO 106.95 2.20 XPO XPO 119.49 0.70
s Emera EMA 47.36 0.59 GrupoCibest CIB 44.65 0.53 KoreaElecPwr KEP 13.50 0.37 NetApp NTAP 103.23 2.13 s SPX Tech SPXC 200.98 4.62 StifelFinancial SF 112.27 1.10 Textron TXT 77.81 0.58 Veralto
Guidewire GWRE 226.19 3.31 KraftHeinz KHC 26.80 -0.61 QuantaServices PWR 393.62 -1.55 SS&C Tech SSNC 85.39 1.16 STMicroelec STM 25.12 0.06 ThermoFisher TMO 466.57 3.53 VeriSign VRSN 268.29 2.92 s XcelEnergy XEL 74.24 0.77
EmersonElec EMR 142.62 0.84 NetEase NTES 130.28 2.97
HCA Healthcare HCA 363.20 6.23 KratosDefense KTOS 59.50 2.79 QuestDiag DGX 172.44 1.59 SYK 381.49 3.70 ThomsonReuters TRI 203.82 2.74 VeriskAnalytics VRSK 268.00 -3.89 XPeng XPEV 18.86 0.81
Netflix NFLX 1170.99 12.39 SailPoint SAIL 20.60 -0.02 Stryker
Enbridge ENB 46.62 0.42 VZ 42.95 0.07 Xylem XYL 143.97 1.79
HDFC Bank HDB 76.48 -0.50 Kroger KR 71.59 0.23 Neurocrine NBIX 128.04 -0.87 R S Salesforce CRM 252.32 1.58 SumitomoMits SMFG 15.24 0.17 3M MMM 147.87 3.46 Verizon YPF 33.48 0.37
EncompassHealth EHC 109.50 0.97 HP YPF
HPQ 24.97 0.52 Kyndryl KD 36.70 0.32 NYTimes A NYT 53.75 1.46 Samsara IOT 37.60 1.59 SummitTherap SMMT 29.32 2.25 Toast TOST 49.30 2.64 VeronaPharma VRNA 105.47 0.29 Yum!Brands YUM 147.00 1.64
EnergyTransfer ET 17.79 ... HSBC HSBC 61.79 0.42 s LatamAirlines LTM 42.98 0.22 Newmont NEM 65.42 2.83 s RBC Bearings RBC 405.98 6.18 Sanofi SNY 48.05 1.30 SunComms SUI 125.84 1.54 TollBros TOL 124.99 3.08 VertexPharm VRTX 472.27 10.14 YumChina YUMC 46.48 -0.21
EnsignGroup ENSG 154.94 3.19 H World HTHT 31.06 -0.17 LPL Financial LPLA 374.57 4.66 NewsCorp A NWSA 29.51 0.42 RB Global RBA 109.83 1.57 Schlumberger SLB 32.88 -0.17 SunLifeFinancial SLF 61.13 0.76 TopBuild BLD 387.19 10.89 Vertiv VRT 140.20 -1.39
Entegris ENTG 73.68 -1.98 Haleon ZTO Express ZTO 20.48 0.25
HLN 9.51 -0.15 s L3HarrisTech LHX 278.06 -0.20 NewsCorp B NWS 33.60 0.35 RELX RELX 51.97 0.38 SchwabC SCHW 97.10 1.57 SuncorEnergy SU 38.99 -0.05 TorontoDomBk TD 73.48 0.93 Viatris VTRS 8.94 0.13 ZebraTech ZBRA341.36 6.12
s Entergy ETR 91.62 1.95 Halliburton HAL 21.67 0.07 Labcorp LH 263.85 2.35 NextEraEnergy NEE 70.53 0.13 RPM RPM 118.60 1.09 Sea SE 156.74 2.53 Sunoco SUN 54.23 0.56 TotalEnergies TTE 59.49 0.33 Viking VIK 58.86 1.30 Zillow C Z 83.65 3.45
EnterpriseProd EPD 31.03 0.29 HamiltonLane HLNE 150.90 3.11 LamResearch LRCX 98.41 2.04 Nextracker NXT 56.31 -0.27 RTX RTX 157.38 0.57 s Seagate STX 154.81 ... SuperMicroComp SMCI 58.23 1.59 ToyotaMotor TM 182.31 2.62 ViperEnergy VNOM 37.50 0.90 Zillow A ZG 80.39 3.23
Equifax EFX 243.24 3.25 HarmonyGold HMY 15.40 1.18 LamarAdv LAMR 123.71 2.80 Nike NKE 74.82 0.20 RalphLauren RL 304.45 10.68 Sempra SRE 82.98 2.01 Suzano SUZ 9.17 -0.14 TractorSupply TSCO 59.50 1.87 Visa V 342.15 2.80 ZimmerBiomet ZBH 92.40 1.78
Equinix EQIX 778.39 6.64 HartfordIns HIG 126.21 3.21 LasVegasSands LVS 52.40 0.14 s NiSource NI 43.33 0.74 RangeResources RRC 34.91 -0.70 ServiceIntl SCI 78.45 0.62 s Symbotic SYM 56.57 5.72 TradeDesk TTD 89.76 3.68 s Vistra VST 214.06 6.01 Zoetis ZTS 151.81 4.43
Equinor EQNR 25.22 -0.23 Hasbro HAS 76.89 2.26 Leidos LDOS 160.95 1.75 Nokia NOK 4.09 0.04 RaymondJames RJF 166.48 3.45 ServiceNow NOW 923.00 8.63 SynchronyFinl SYF 69.25 1.72 Tradeweb TW 141.05 4.01 Vodafone VOD 11.04 0.08 ZoomComms ZM 72.06 1.09
Equitable EQH 50.99 0.90 HealthpeakProp DOC 16.90 0.13 Lennar A LEN 118.77 2.79 Nomura NMR 6.76 0.08 RealtyIncome O 57.45 0.88 ServiceTitan TTAN 114.36 0.57 Synopsys SNPS 636.02 17.37 TraneTech TT 433.97 -5.28 VulcanMatls VMC 281.85 6.91 Zscaler ZS 285.86 5.59

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HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

Big Firms Start to See Tax-Law Windfall

Investors are watching boosts to free cash flow as estimates of tax savings trickle out

The magnitude of the cash sav- Estimated cash tax savings for
ings from this summer’s federal current fiscal year from tax-law
tax legislation is starting to take changes
shape at America’s biggest compa-
nies. Alphabet
AT&T recently said it expected
$1.5 billion to $2 billion in cash
tax savings this year, due to provi- Amazon.com
sions in the tax-and-spending law
dubbed the One Big Beautiful Bill
Act. The high end of the range is
Microsoft
equivalent to an 11% boost to ana-
lyst estimates of 2025 free cash
flow before the law was enacted. Meta
AT&T estimated annual cash tax
KLAUS GALIANO/BLOOMBERG NEWS

Platforms
savings of $2.5 billion to $3 billion
$0 billion 5 10 15 20
in both 2026 and 2027.
In short, changes like allowing Source: Zion Research Group
upfront depreciation of assets and
immediate expensing of research- Amazon.com’s cash tax savings
and-development expenses will this year could be $15.7 billion,
bring swift windfalls to American according to an Zion Research
corporations but also lasting tail- estimate.
winds. This in turn has provided
incremental fuel to stock markets, for things like debt reduction or billion in cash tax savings for a depreciation. This means busi- The savings could be lower, de-
a counterweight to risks from tar- buying back stock. Free cash flow sample that covered 369 of the nesses can fully and immediately pending, in part, on the tax
iffs and other policy uncertainty. typically is defined as cash flow companies in the S&P 500. That expense most depreciable assets choices that companies make. For
The cash savings won’t affect from operating activities minus is equivalent to 8.5% of the com- in the U.S. for tax purposes, if they instance, some companies could
reported earnings, which are cal- capital expenditures. panies’ combined full-year esti- acquired and placed the assets elect not to fully accelerate ex-
culated using different accounting AT&T’s numbers are small pota- mates for free cash flow as of into service after Jan. 19. pensing of unamortized R&D this
rules than taxes. It won’t all end toes compared with the biggest June 30, right before Congress The government also reinstated year.
up in free cash flow either because tech giants’ expected windfalls. passed the tax law, using esti- upfront expensing for U.S. re- Another provision in the new
AT&T plans to reinvest much of Zion in a recent report estimated mates compiled by S&P Global search and development. That in- tax law relaxed the limit on de-
the savings in new capital proj- that Meta Platforms’ cash tax Market Intelligence. cludes letting companies acceler- ductibility of interest expense. The
ects. But the change is still a posi- savings could be as much as $11 Amazon, Meta, Alphabet and ate the expensing of previously Congressional Budget Office esti-
tive for the company’s sharehold- billion this year. That is equivalent Microsoft together accounted for unamortized R&D costs, which mated the new law’s provisions on
ers and valuation, all other things to 31% of previously estimated free 38% of the total. Most companies, mainly is a one-time benefit deductibility for capital expendi-
being equal. cash flow for the year. including those four, haven’t dis- rather than a sustainable source of tures, R&D and interest expense
“More cash in the company’s Similarly, Zion estimates Ama- closed estimates yet quantifying cash. would cost the government $363
pocket. Less cash in Uncle Sam’s zon.com’s cash tax savings this the impact. Zion used 2025 esti- At Meta, for instance, Zion esti- billion, $141 billion and $61 billion,
pocket. That in theory should be year could be $15.7 billion, equiva- mates for companies with calen- mates $4.6 billion of the $11 billion respectively, over 10 years.
good for investors,” said David lent to 43% of the average analyst dar fiscal years and 2026 esti- in savings would come from accel- So while some provisions pro-
Zion, founder of Zion Research estimate for 2025 free cash flow. mates for companies with non- erating expensing of unamortized vide only a near-term boost, oth-
Group and a longtime accounting Other companies with estimated calendar fiscal years. R&D already on the books, while ers will keep paying off for compa-
and tax analyst. one-year savings equivalent to The firm’s $148 billion estimate $3.6 billion would be from upfront nies for years to come. Whatever
AT&T raised its 2026 and 2027 30% of free cash flow or more in- covers three major tax changes expensing of new R&D, and $2.8 one’s views about corporate-tax
estimates for free cash flow by $1 clude Charter Communications, with the biggest potential impact billion would be from full expens- breaks and ballooning budget defi-
billion each year to $18 billion and Targa Resources and Texas In- on free cash flow. ing of business property. cits, they likely have helped bol-
$19 billion, respectively. That struments. For starters, the new tax law Zion used rough, back-of-the- ster stock valuations.
means more available cash to pay All told, Zion estimates $148 brings back so-called 100% bonus envelope math for his estimates. —Jonathan Weil

This Firing Could Burn Finances

Monthly change in nonfarm payrolls
175,000 Before revisions After revisions

150,000
Jerome Powell is a household a successful run atop General tain cities and began to estimate
125,000
name, at least to readers of this Electric, was ridiculed when he more prices rather than checking
newsletter. Erika McEntarfer isn’t. suggested the BLS faked jobs data them the old-fashioned way.
100,000
Let’s hope it stays that way. to help Barack Obama win the You don’t have to be a policy
Markets’ muted reaction to Fri- 2012 presidential election. wonk to be alarmed. If inflation
75,000
day’s firing of the Bureau of Labor Contrast that with China, where figures are less accurate, or if in-
Statistics Commissioner might be economic growth is thought to be vestors suspect they’re subject to
50,000
missing the potential gravity of routinely overstated for political political influence, it could chill
the situation. Just as threats to reasons. Or Greece, which sparked the $2 trillion market for Treasury
25,000
fire Fed Chair Powell have sent the European debt crisis after years Inflation-Protected Securities, or
markets careening recently, her of fake budget data were exposed. TIPS.
0
sacking, and hints over the week- The statistician who repaired Investors’ return is largely de-
end of more changes, should give Greece’s numbers was falsely prose- termined by what government Jan. 2025 Feb. March April May June July
investors pause. cuted for years as part of an al- statisticians report. And owners of Note: July not subject to revision Source: Bureau of Labor Statistics
A loss of confidence in Amer- leged foreign conspiracy. the much larger markets for un-
ica’s economic statistics could A possible reputational hit to protected bonds and mortgage se- people whose Social Security “his own people” in cabinet posts,
have surprising effects on trillions U.S. jobs numbers is only one of the curities watch TIPS prices to glean checks are indexed to inflation. but some government roles are
in assets and payments. issues to watch from shooting the how much inflation to expect in Ditto for taxpayers. All manner of best left to those neither he nor
It has long been a bipartisan ar- messenger. Due to staffing short- the future through so-called payments and exemptions are in- the public have ever heard of. Ms.
ticle of faith that America’s bean ages, the BLS recently spurred breakeven rates. dexed to the cost of living. Mil- McEntarfer’s 15 minutes of fame
counters were honest and compe- alarm in some circles, and ques- Less-reliable inflation data also lions of state and local retirees’ could have surprisingly painful
tent. As respected a figure as the tions from Congress, about inflation could raise suspicions among tens pension benefits are, too. ripple effects.
late Jack Welch, then retired from data. It stopped collecting it in cer- of millions of retired and disabled A president is entitled to have —Spencer Jakab

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