* * * * * THURSDAY, DECEMBER 12, 2019 ~ VOL. CCLXXIV NO. 139 WSJ.com HHHH $4.

00
DJIA 27911.30 À 29.58 0.1% NASDAQ 8654.05 À 0.4% STOXX 600 406.22 À 0.2% 10-YR. TREAS. À 14/32 , yield 1.786% OIL $58.76 g $0.48 GOLD $1,469.40 À $6.80 EURO $1.1132 YEN 108.55

Fed
What’s
News Signals
Business & Finance
Longer
ed officials held rates
Pause on
F steady and indicated
comfort with leaving
monetary policy on hold
through next year while
Rates
keeping an eye on risks. A1 Chairman Powell cites
 Inflation isn’t likely to
take off anytime soon, re- positive outlook after
cent readings on prices decision to hold
and labor costs show. A2
 Stocks rose and U.S. benchmark steady
government-bond yields fell
after the Fed’s meeting. BY NICK TIMIRAOS
The S&P 500 gained 0.3%. B11
WASHINGTON—The Federal
TASOS KATOPODIS/GETTY IMAGES

 Aramco shares rose 10%

Reserve held interest rates
in Riyadh as investors in Saudi
steady and signaled no appe-
Arabia rushed to buy a piece
tite to raise them soon.
of the world’s largest IPO. B1
After lowering rates at their
 JPMorgan is taking a three previous meetings to
bigger swing at wealth man- guard the U.S. economy from
agement, revamping units to the effects of trade tensions
better compete with rivals. B1 and a global slowdown, Fed
FAA chief Steve Dickson spoke with family members and friends of Boeing 737 MAX crash victims at a hearing Wednesday. officials on Wednesday indi-
 Companies are on track
cated comfort with leaving
to raise more money

FAA Knew Boeing’s 737 MAX

monetary policy on hold
through IPOs on Nasdaq this
through next year while keep-
year than on the NYSE. B1
ing an eye on those risks.
 Huawei secured a com- “Our economic outlook re-
mitment to build part of mains a favorable one,” said
Germany’s 5G infrastructure
despite calls to bar it. A8
 The UAW said unionized
workers at Fiat Chrysler
Was Risky but Allowed Flights Fed Chairman Jerome Powell.
The rate-setting committee
voted 10-0 to leave the cen-
tral bank’s benchmark rate in
a range between 1.5% and
voted to approve a new
BY ANDY PASZTOR ing Wednesday, projected that hazards. March, that led to the global 1.75%, the first unanimous
four-year labor contract. B3
AND ANDREW TANGEL without the agency’s interven- Lawmakers challenged the grounding of the fleet and vote since May.
 Nestlé has agreed to sell tion the MAX could have aver- agency and some of its deci- sparked an international con- New projections released af-
its U.S. ice cream arm to a U.S. regulators decided to aged one fatal crash about ev- sions at Wednesday’s hearing. troversy over the agency’s ter the meeting showed most
joint venture it has with PAI allow Boeing Co.’s 737 MAX jet ery two or three years. That “Despite its own calcula- safety oversight. officials think rates are low
Partners for $4 billion. B3 to keep flying after its first fa- amounts to a substantially tions, the FAA rolled the dice Mr. DeFazio said more than enough to stimulate growth. If
tal crash last fall even when greater safety risk than either on the safety of the traveling 500,000 documents gathered their favorable outlook holds,
 Home Depot tempered
their own analysis indicated it Boeing or the agency indicated public and let the 737 MAX by his panel from the FAA and most expect they could leave
sales targets for next year,
could become one of the most publicly at the time. continue to fly,“ said Rep. Pe- Boeing, combined with emails rates unchanged through 2020.
saying the U.S. economic ex-
accident-prone airliners in de- In the wake of the analysis, ter DeFazio (D., Ore.), chair- and interviews, have “uncov- Please turn to page A2
pansion is expected to cool. B3
cades without design changes. which came the month after man of the House Transporta- ered a broken safety culture
 Continental Resources’ The Federal Aviation Ad- the Lion Air crash in Indone- tion Committee. within” the company and the  Inflation readings remain
Hamm is retiring as CEO. ministration’s November 2018 sia, the FAA took steps to put The FAA’s intervention agency. subdued......................................... A2
Board member Berry will as- internal analysis, released dur- short-term and permanent didn’t prevent a second fatal “The FAA failed to ask the  Heard on the Street: Fed’s
sume the role in January. B4 ing a House committee hear- measures in place to address MAX crash, in Ethiopia in Please turn to page A6 limited options........................ B12
 VW’s parent has acquired
a minority stake in self-driv-
ing sensor startup Aeva. B4
Vatican Uses Donations
FACUNDO ARRIZABALAGA/EPA/SHUTTERSTOCK; OLI SCARFF/AFP/GETTY

World-Wide
For Poor to Fix Budget
 U.S. regulators decided
to allow Boeing’s 737 MAX to BY FRANCIS X. ROCCA their donations, which could
keep flying after its first fatal further hurt the credibility of
crash even when their own VATICAN CITY—Every year, the Vatican’s financial man-
analysis indicated it could be- Catholics around the world agement under Pope Francis.
come one of the most acci- donate tens of millions of dol- The Vatican is currently
dent-prone airliners in decades lars to the pope. Bishops ex- embroiled in a scandal over
without design changes. A1 hort the faithful to support the opaque real-estate invest-
 Most of the donations to weak and suffering through ments in London, which has
the pope’s main charitable the pontiff’s main charitable triggered a power struggle
appeal go toward plugging appeal, called Peter’s Pence. within the Vatican’s bureau-
the hole in the Vatican’s ad- What the church doesn’t cracy and led to the dismissal
ministrative budget, people advertise is that most of that of its chief financial regulator.
familiar with the funds said. A1
Prime Minister Boris Johnson, left, and Labour’s Jeremy Corbyn did their final campaigning. collection, valued at more than In November, the Vatican was
€50 million ($55 million) an- suspended from an interna-
 The Justice Department’s nually, goes toward plugging tional network of anti-money-
inspector general revealed
new details about a disagree-
ment among top department
Whoever Wins Today’s the hole in the Vatican’s own
administrative budget, while
as little as 10% is spent on
laundering watchdogs.
Meanwhile, the Holy See is
struggling with a growing
officials over the propriety
of the FBI’s Russia probe. A4
 The House Judiciary
U.K. Vote, Spending Will Rise charitable works, people famil-
iar with the funds said.
The little-publicized break-
budget deficit, with the pope
warning cardinals of the
“grave impact” on the body’s
Committee began debating down of how the Holy See economic future. The Vatican’s
two articles of impeach- spends Peter’s Pence, known continuing financial problems
ment aimed at Trump. A4 Election is latest to see pledges of bounty soar after austerity only among senior Vatican of- reflect a lack of progress on
ficials, is raising concern improving its management
 Israel will hold its third among some Catholic Church and finances, which Pope
election in less than a year af- BY JASON DOUGLAS in vogue, even among some parties on the leaders that the faithful are Francis was elected in 2013
ter lawmakers missed a dead- right with a traditional zeal for balanced being misled about the use of Please turn to page A11
line to find a consensus candi- BARNSLEY, England—The fiscal brakes budgets and a mistrust of big government.
date to form a government. A8 are coming off. In the U.S., President Trump’s tax cuts and
 The two assailants who Prime Minister Boris Johnson is promis- military spending pushed the federal budget
killed four people in a Jer- ing voters in Thursday’s U.K. election £100 deficit to $1 trillion in the 12 months through
sey City, N.J., rampage sup-
ported anti-Semitic groups
billion ($128 billion) of investment in infra-
structure and billions more for policing and
health care.
October. France and Spain are relaxing budget
goals to pay for tax cuts and extra social ben-
efits to soothe disaffected voters.
Per IDC’s
online, officials said. A3
His main rival, the Labour Party’s Jeremy Normally abstemious countries including
latest annual market share results,
 The Saudi gunman in the Corbyn, is offering an even greater bounty, the Netherlands, Finland and Germany are
Florida naval base shoot-
ing expressed extreme polit-
ical views on Twitter, accord-
with hundreds of billions in spending and
borrowing to remake Britain as a 21st-cen-
boosting outlays on welfare, defense and in-
frastructure. In Japan, Prime Minister Shinzo Oracle is the #1
tury state-run economy, complete with free Abe’s cabinet has approved a $120 billion Enterprise Applications vendor in
ing to excerpts of an internal broadband in every home. stimulus program to revive flagging growth
Saudi government report. A6 With these pledges, the U.K. joins the and help regions hit by an October typhoon.
 Harvey Weinstein, his for-
mer associates, insurers and
ranks of advanced economies where politi-
cians are signaling an end to years of con-
The move toward greater fiscal activism
comes after years of heavy lifting by mone- North America
accusers have reached a nearly strained fiscal policy. Public spending is back Please turn to page A12 based on market share and revenue.
$47 million tentative settle-
ment of almost all the civil O
cases pending against him. A7 Fowl Policy Makes Chicken a Rare Bird R
S
A
L
I
E
 Myanmar’s Suu Kyi de- i i i
A S N
fended her country against C F
O
T
U
S
A
L
genocide allegations. A10 In Nigeria, new rule creates shortage of popular dish E
R
C
E
I
T
P M
S
CONTENTS Markets..................... B11
Business News...... B3 Opinion.............. A17-19
Capital Account.... A2 Sports........................ A16 BY JOE PARKINSON Nigerian cuisine. stars have issued statements IDC Worldwide Semiannual SoftwareTracker, April 2019, results for CY2018.
Crossword.............. A16 Technology............... B4 AND DREW HINSHAW Johnny Rockets ran out of expressing the anger of con- North America is the USA and Canada. Enterprise Applications refer to
the IDC markets CRM, Engineering, Enterprise Resource Management
Heard on Street. B12 U.S. News............. A2-7 wings. Mr. Bigg’s, a chain of sumers. “I don’t get it... a (including HCM, Financial, Enterprise Performance Management, Payroll,
Life & Arts...... A13-15 Weather................... A16
Management.......... B5 World News...... A8-11
LAGOS—One of the largest chicken shops, has closed chicken place wey no get Procurement, Order Management, PPM, EAM), SCM, and Production and
Operations Applications.
restaurant chains in the larg- branches because it couldn’t chicken,” said Funke Akindele
est economy in Africa keeps source drumsticks. KFC Bello, one of Nigeria’s most fa-
> running out of chicken. Its branches are boasting that, un- mous actresses, to her almost
name is Chicken Republic. like their rivals, they have a one million followers, in pid-
In recent weeks, Nigeria has steady supply of their most im- gin English. “Excuse me?!”
been in the grip of a run on portant ingredient. The reason is a policy fowl
s 2019 Dow Jones & Company, Inc.
chicken—a culinary conun- In this country of 200 mil- by Nigeria’s protectionist pres- oracle.com/applications
All Rights Reserved drum since chicken and rice is lion, some of Nigeria’s most ident. This summer Muham-
the most popular pairing in recognizable pop and movie Please turn to page A12
A2 | Thursday, December 12, 2019 * *** THE WALL STREET JOURNAL.

U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip

Three Global Centers Face Unsteady Future

In rankings London, Hong Kong and New York are much more globalized cities than their countries, but as was both freer and wealthier More broadly, the U.S. and
of the world’s globalization reverses their economies are showing strains. than the mainland. The China are slowly decoupling,
international wealth gap has since nar- which diminishes Hong
financial cen- Foreign-born share of Annual change in property Annual employment growth† rowed, and Shanghai and Kong’s value as an interme-
ters, London, population prices, inflation-adjusted Shenzhen are now thriving diary.
New York and 20% New York 5% New York financial centers. But the New York’s challenges are
Hong Kong regularly domi- New York 36.8% London London freedom gap has, if anything, more economic than politi-
nate the top three spots. All 15 Hong Kong 4 Hong Kong widened as China turns more cal. Unlike London, financial-
boast the financial, physical authoritarian under Presi- industry employment has
and human infrastructure U.S. 13.7% dent Xi Jinping. never returned to its precri-
needed to conduct business 10 3 A bill in Hong Kong this sis peak. Social media and
across borders while sharing London 36.7% year to allow the extradition technology have filled that
an openness to the world 5 2 of suspects to China’s gap. But the city’s competi-
rooted in history and cul- opaque legal system looked tive appeal has dimmed.
ture. But those assets matter U.K. 14.3% to many Hong Kongers like Its population is shrink-
0 1
less in a world that is deglo- an effort by China to en- ing for the first time in a de-
balizing. The three are inter- Hong Kong* 8.7% croach on its freedoms. It cade as foreign immigration
–5 0
nationalist outposts out of has sparked months of mas- diminishes and domestic
step in countries that are sive and at times violent out-migration rises.
turning nationalist. China 0.1% –10 –1 demonstrations. Some is the city’s own do-
ing: Its housing is among the

A W
2015 ’16 ’17 ’18 ’19 2015 ’16 ’17 ’18 ’19
ll are magnets for for- hile the bill has country’s most expensive
*Excludes mainland China, Macau and Taiwan †6-month moving average for London, 3-month moving average for Hong Kong
eign workers, for ex- Sources: Office for National Statistics, 2019 (London, U.K.); U.S. Census Bureau, 2018 (New York City, U.S.); Hong Kong Census and Statistics Dept.,
since been with- and its taxes among the
ample, each with a 2016 (Hong Kong); United Nations, 2019 (China); UBS Global Wealth Management's Chief Investment Office (property prices); Office for National drawn, the conflict highest. But it is also on the
foreign-born population Statistics (employment, London); CEIC Data (employment, Hong Kong); Bureau of Labor Statistics (employment, New York) has accentuated the divide losing end of some of Presi-
share far larger than their between the cosmopolitan, dent Trump’s policies. The
countries’. But barriers to pean Union, by a decisive nearly half. If Britain leaves copyright and privacy, Lon- Westernized city and stri- tax cut he signed into law in
immigration are rising in the 60%. Three years later, the the EU without a new deal, don’s thriving digital indus- dently nationalist Chinese 2017 limited deductions for
U.S. and soon, probably, in divide remains. The Conser- services could face new reg- try could face new barriers. Communist Party. Indeed, state and local tax, penaliz-
Britain, while doubts about vatives, who have promised ulatory and licensing barri- An end to freedom of some of the protesters have ing high-tax cities and states
Hong Kong’s autonomy from swift completion of the ers, whereas goods would be movement between Britain looked to the U.S. and Brit- such as New York.
China could diminish its ap- Brexit process, lead the polls partially protected by British and the EU is another threat ain for support while China London, Hong Kong and
peal to foreign expatriates. nationally. But they lag in membership in the World to services: Other Europeans has lashed out at “foreign New York aren’t headed for
In London and New York, job London where two-thirds Trade Organization. account for 10% of London’s forces” that it says are fan- stagnation or decline.
growth has slowed; Hong back Labour, which is more information technology, pro- ning the unrest. Around the world innovation

F
Kong is in recession. In all ambivalent about Brexit, or inancial-service com- fessional and scientific work- Hong Kong remains and productivity are gravi-
three cities, property prices the Liberal Democrats and panies could lose the ers; 12% of its financial China’s pre-eminent financial tating to cities with high
are falling under the com- Greens, who oppose Brexit “passporting rights” workers; and 32% of accom- center. But its appeal is concentrations of talent,
bined pressure of high costs, altogether, according to a that allow them to offer ser- modation and food-service bound to diminish with the skills and amenities, which
economic headwinds and po- poll by YouGov. vices throughout the EU workers, according to Centre prospect of further discord, they have in abundance. But
litical uncertainty. Britain relies heavily on from their base in London. for London, a think tank. a heavier hand from Beijing, these three stood out be-
In 2016, London was the exports of services such as As the EU’s digital single Hong Kong’s challenges and possible U.S. sanctions if cause of their uniquely
only region in England to financial and legal advice, market rolls out common are starker. When it was re- Washington concludes it is global character. They might
vote to remain in the Euro- and London contributes standards on internet taxes, turned to China in 1997, it no longer autonomous. not in the future.

Inflation Readings Fed Signals Moving Target

Most Federal Reserve officials are projecting the fed-funds rate to remain flat over the next year. A
year ago, most forecast short-term increases, while estimates of where the rate would sit in a stable

Remain Subdued A Pause economy, or “in the long run,” have dropped recently.
Where Fed officials think Projected fed-funds rate, in the long run

BY SARAH CHANEY “Our outlook is that this

On Rates 2020 will end

+.5 point
Median estimate
4.5%
Central tendency Full range

tame inflation environment No change

WASHINGTON—Inflation continues,” said Kathy Bost- Continued from Page One  officials 3 6    4.0
isn’t likely to take off anytime jancic, U.S. chief financial In that scenario, most see the
soon, recent readings on economist at Oxford Econom- Fed raising rates once or twice December 2018 projections 3.5
prices and labor costs show. ics. after that. for 2019
Consumer prices rose at a The U.S. placed levies on a But Mr. Powell’s remarks
3.0
2.1% annual pace in Novem- range of Chinese imports in and language in the commit- +.75 point
ber, from 1.8% in October, September, but those tariffs tee’s official policy statement +.5
mainly due to higher energy don’t appear to be having a indicated a lower threshold for +.5 2.5
and shelter costs, the Labor broad-based inflationary im- the Fed to cut rates again than No change
Department said Wednesday. pact yet. to raise them. -.5 The rate was cut 2.0
Meanwhile, U.S. unit labor Core consumer prices, Stocks rose after the Fed’s -.5 0.75 point in 2019
costs—a measure of labor which exclude often-volatile announcement and Mr. Pow- -.75 1.5
costs and production output— food and energy categories, ell’s press conference. The S&P  officials 3 6    2012 ’13 ’14 ’15 ’16 ’17 ’18 ’19
were revised down sharply for rose 2.3% over the year in No- 500 closed up 0.3%, slightly Note: Central tendency excludes three highest and lowest estimates
the second and third quarters vember, in line with October. higher than before the Fed’s Source: Federal Reserve
in a Tuesday productivity re- Overall core goods prices announcement. The yield on
port. were weak in November, the benchmark 10-year Trea- and corporate bond issuance that began in February 2018. ber and October marked an es-
The readings suggest that Wednesday’s CPI report sury declined to 1.786% from dropped late last year over Mr. Trump has made clear his pecially intense period for
companies have less pricing showed. Prices for apparel, 1.833% on Tuesday. signs of a global growth desire for lower interest rates monetary policy and divided
power because of factors in- for instance, rose only 0.1% in Mr. Powell also said that swoon and investors’ concern to help boost exports by weak- the 17 officials who participate
cluding globalization and con- November, while prices for the Fed’s recent market inter- that higher interest rates ening the dollar. in policy deliberations. Some
sumers’ growing tendency to- toys fell 1.1%. ventions to keep short-term could trigger a recession. The central bank has also wanted to wait for more evi-
ward comparison shopping, The unemployment rate hit rates stable are working but That kicked off an intro- been divided over the outlook dence that a global manufac-
say economists, who expect a 50-year low in November, that the central bank could do spective examination of the for an economy buffeted by turing downturn was infecting
these trends to continue even but this has yet to translate more if needed to address any Fed’s guiding framework. Cen- rising trade tensions, a drop in the broader U.S. economy,
though U.S. unemployment is into a meaningful pickup in end-of-year strains. tral to the Fed’s thinking is business investment and a which has been buoyed by
at historic lows and compa- inflation. “Our operations have gone how it perceives progress in global manufacturing slow- solid consumer spending.
nies face higher prices for —Harriet Torry well so far. Pressures in money achieving its twin goals of down. Officials began weigh- Others feared that because
some products tied to tariffs. contributed to this article. markets over recent weeks maximum employment and in- ing rate cuts in June and re- they had less room to cut in-
have been subdued,” Mr. Pow- flation near 2%. The jobless terest rates if the economy
ell said. “We stand ready to rate declined to 3.5% in No- weakened, they should act
adjust the details of our oper- vember from 10% in 2009, but sooner than in past periods.
ations as necessary to keep the Fed’s preferred measure of
Mr. Powell indicated Also, data revisions this year
the federal-funds rate in the inflation reached the central a lower threshold for suggested the economy wasn’t
target range.” bank’s 2% goal for only a few as strong as officials had
Fed officials lifted rates months last year.
the Fed to cut rates thought last year, when they
four times in 2018 and a year “As you can see, inflation is than to raise them. were raising rates.
ago expected to continue rais- barely moving up, notwith- On Wednesday, Mr. Powell
ing them this year because standing that employment is signaled satisfaction with
they anticipated that strong at 50-year lows—and expected those moves and played down
economic momentum, includ- to remain there,” Mr. Powell duced their benchmark rate in any sense of urgency about re-
ing very low unemployment, said. “And so the need for rate July when trade uncertainty versing them soon.
would push inflation higher. increases is less.” damaged the growth outlook, The Fed is in the middle of
Mr. Powell and his col- The Fed chairman has faced fanned fears on Wall Street of a year-long review of its infla-
leagues scrapped those plans a difficult landscape this year recession and raised worries tion-targeting strategy, and
early in 2019 when it became that included a public lashing of a more persistent shortfall Mr. Powell’s remarks illus-
clear prices weren’t rising as from President Trump, who in inflation. trated how that process could
expected. Stocks had tumbled named him to a four-year term Rate cuts in July, Septem- already be influencing his
leadership of the committee.
Currently, the Fed seeks to
THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099-
CORRECTIONS  AMPLIFICATIONS keep inflation at around 2%,
which it regards as a sign of
9660) (Central Edition ISSN 1092-0935)
(Western Edition ISSN 0193-2241) healthy growth. But inflation
Editorial and publication headquarters: 1211 Randy Phillips is head of including rental bungalows on has mostly held under the tar-
Avenue of the Americas, New York, N.Y. 10036 the U.S. Government Policy an island off Lombok. The ar- get since it was adopted eight
Published daily except Sundays and general legal Committee at the American ticle incorrectly omitted that years ago, prompting Mr. Pow-
holidays. Periodicals postage paid at New York,
N.Y., and other mailing offices. Chamber of Commerce in Bei- information. ell to push his colleagues to
Postmaster: Send address changes to jing and a former board mem- consider new strategies.
The Wall Street Journal, 200 Burnett Rd., ber of the chamber. A World Jed E. Rose, author of an In his opening remarks
Chicopee, MA 01020.
News article Tuesday about a April 11, 2016, Journal Report Wednesday, Mr. Powell began
Mühle-Glashütte has partnered with AOPA to create a very special All Advertising published in The Wall Street
Journal is subject to the applicable rate card, Chinese directive to use do- essay in favor of e-cigarettes laying out a public case for re-
timepiece in honor of AOPA’s 80th Anniversary copies of which are available from the Advertising mestic technology gear incor- as a smoking-cessation tool, garding too little inflation as a
The Mühle-Glashütte AOPA AeroSport is an 80th Anniversary Commemorative Services Department, Dow Jones & Co. Inc., 1211
Avenue of the Americas, New York, N.Y. 10036. rectly said he is a current has received research funding problem though central banks
Limited Edition of 500 pieces worldwide. The Journal reserves the right not to accept an
advertiser’s order. Only publication of an
board member. from the tobacco industry and have traditionally focused on
• US retail price is $1,899 advertisement shall constitute final acceptance of serves as a consultant to preventing too much of it
• For more information, and to place your order visit: www.aopa.org/watch the advertiser’s order. The movie “Cats” will be Philip Morris International “Inflation that runs persis-
Letters to the Editor:
Fax: 212-416-2891; email: [email protected]
released Dec. 20. A Life & Arts Inc., all related to noncombus- tently below our objective can
holiday movie guide on Mon- tible nicotine-delivery prod- lead to an unhealthy dynamic”
Need assistance with your subscription?
For more information please contact us via 727-896-4278) By web: customercenter.wsj.com; day incorrectly gave the date ucts. He also was a part in which households expect
or www.muhleglashutteusa.us By email: [email protected] as Dec. 25. holder of a patent for a nico- lower inflation, leading to
Aaron Faber – New York, NY 10103 By phone: 1-800-JOURNAL (1-800-568-7625)
tine-inhalation system that lower actual inflation. This
Arizona Fine Time – Scottsdale, AZ 85260 Reprints & licensing:
Brentwood Jewelers – Brentwood, TN 37027 By email: [email protected]; The partner of Jamie Philip Morris International could make it harder for the
Exquisite Timepieces – Naples, FL 34103
By phone: 1-800-843-0008 James, the author of an Off bought in 2011. These facts Fed to lower interest rates to
Feldmar Watch Co. – Los Angeles, CA 90035 WSJ back issues and framed pages: wsjshop.com Duty travel article Saturday were incorrectly omitted from stimulate growth in a down-
IW Marks Jewelers – Houston, TX 77025 Our newspapers are 100% sourced from about Lombok, Indonesia, the information about the au- turn, he said, “resulting in
sustainably certified mills.
Joseph Gann Jewelers – Boston, MA 02108 owns several businesses and thor that was published with worse economic outcomes for
Martin Pulli Inc. – Philadelphia, PA 19127 some land in Bali and Lombok, the essay. American families and busi-
Orlando Watch Co. – Winter Park, FL 32789
Right Time – Highlands Ranch, CO 80126 GOT A TIP FOR US? nesses.”
SUBMIT IT AT WSJ.COM/TIPS Readers can alert The Wall Street Journal to any errors in news articles by —Michael S. Derby
emailing [email protected] or by calling 888-410-2667. contributed to this article.
 THE WALL STREET JOURNAL. * * Thursday, December 12, 2019 | A3

U.S. NEWS

© D. YURMAN 2019
SETH WENIG/ASSOCIATED PRESS

Authorities say the shooters opened fire at the Jersey City Kosher Supermarket after killing a police officer at a nearby cemetery.

Shooters’ Anti-Semitic Posts

Probed in Jersey City Killings
BY JOSEPH DE AVILA a mile away, Mr. Grewal said. cording to her mother-in-law, “She was a very, very good
AND TYLER BLINT-WELSH Investigators also recovered a Victoria Ferencz. The victim woman,” Mrs. Ferencz said.
pipe bomb from the stolen was born in Brooklyn and was Moshe Deutsch, 24, was
JERSEY CITY, N.J.—The two van, he said, as well as digital married to Mrs. Ferencz’s son, also among those killed in the
n o w o p e n i n n yc : o u r n e w f l a g s h i p s t o r e
shooters who killed four peo- and documentary evidence. Moishe Ferencz, the owner of shootout, according to Rabbi
5 e 57 th street
ple in an hourslong rampage The shooters are also the the store, she said. They had Moshe Schapiro, co-director of
here supported anti-Semitic lead suspects in the murder of three young children, Mrs. Chabad of Hoboken and Jersey
groups online and are the lead Michael Rumberger, 34 years Ferencz said. City.
suspects in the recent murder old, of Jersey City, Mr. Grewal
of an Uber driver, officials said. Mr. Rumberger was
said, adding new twists to a found by police unresponsive
crime that shook a city that in the trunk of a Lincoln Town
publicly heralds welcoming Car in Bayonne, N.J., on Satur-
immigrants and diversity. day with trauma to the head
The assailants, David An- and later died, according to
derson and Francine Graham, the Hudson County Prosecu-
were killed during a shootout tor’s office.
CO L L E C T I O N
with police Tuesday after Anderson had served time
storming a Jewish grocery
store located in the heart of a
in prison for a weapons
charge in 2011, according to Villeret
budding Hasidic community, New Jersey Department of
according to New Jersey At- Corrections. He also pleaded
torney General Gurbir Grewal. guilty to a misdemeanor
Jersey City Mayor Steven criminal mischief charge in
Fulop said Wednesday he had Ohio in 2009, court records
viewed anti-Semitic posts by show.
the shooters on Facebook. Jersey City, located across
Investigators are studying the Hudson River from lower
any links between the suspects Manhattan in the shadow of
and anti-Semitism, according the Statue of Liberty and Ellis
to a city official with knowl- Island, is New Jersey’s second-
edge of the investigation. most populous city and prides
While Mr. Fulop has said itself on attracting immi-
the kosher grocery store was grants. The city is also home
targeted, Mr. Grewal said in- to a growing Hasidic popula-
vestigators are still working to tion, with residents moving to
determine whether anti-Semi- the city from Brooklyn in
tism was a motive in the at- search of more affordable
tacks. housing.
“We are conducting addi- “This is a city where in fact
tional investigations before we a kosher supermarket stands
reach any conclusions as to proudly across the street from
what the motivations were, a Catholic school, down the
what the ideologies were at block from a Dominican bo-
play or weren’t at play here,” dega, on a street named after
Mr. Grewal said. Dr. Martin Luther King,” said
©Photograph: patriceschreyer.com

Anderson, 47 years old, and Mr. Grewal, who was born in

Graham, 50, used high-pow- Jersey City. “That city came
ered rifles to kill three people under attack. Not just the city
inside the Jersey City Kosher but the values that this city
Supermarket on Tuesday af- stand for.”
ternoon after pulling up to the Officials said Douglas Mi-
store in a stolen U-Haul van, guel Rodriguez, 49 and an em- NE W YORK · 6 97 FI FT H AV E NUE BE T W E E N
officials said. The shooters ployee of the grocery store, 54 T H & 55 T H ST RE E T · 2 12 396 1735
had earlier killed a police offi- was among the victims. L AS VE GAS · T H E FORU M SH OP S AT
cer during a confrontation at Another victim was Mindy C AE SARS PAL AC E · 7 02 369 1735
the Bay View Cemetery about Ferencz, who was Hasidic, ac-

Jwy wh  Soy

      !

"

# 
$ %

   
  
  


  

At Select Neiman Marcus

MISAHARA.COM
A4 | Thursday, December 12, 2019 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

Watchdog Spells Out Split Over FBI Probe

BY SADIE GURMAN Trump and his allies on the finding by Mr. Durham that the Trump campaign, as well FBI’s application to surveil Mr. of approving the surveillance.
AND BYRON TAU validity of the FBI’s probe of the FBI didn’t have the as the fact that Mr. Page was Page. “What happened here is Other aspects of the inspec-
possible ties between the grounds to open a full investi- approached by Russian intel- the system failed. People at the tor general’s investigation are
WASHINGTON—The Justice Trump campaign and Russia. gation could mean that it ligence officers in the years highest level of our govern- still ongoing, he said. Under
Department’s inspector general Yet Mr. Horowitz testified didn’t have authority to ask a before joining the campaign. ment took the law into their questioning by Sen. Patrick
revealed new details about an to lawmakers that neither Mr. court for a warrant against Mr. Page has denied being own hands,” said Sen. Lindsey Leahy (D., Vt.), Mr. Horowitz
unusual disagreement among Barr nor the prosecutor, John Mr. Page. such a conduit. Graham (R., S.C.), the chairman said his office continues to ex-
top department officials over Durham, provided him with Mr. Horowitz’s explanation Democrats and Republicans of the Judiciary panel and a amine leaks to then-Trump ad-
the propriety of the FBI’s Rus- evidence before his report was left lingering questions about seized on Mr. Horowitz’s re- close ally of Mr. Trump. viser Rudy Giuliani—who is now
sia investigation, as the politi- released to counter his deter- what, if any, evidence Mr. Dur- port to support their dueling Mr. Horowitz defended his Mr. Trump’s personal lawyer
cal fallout over the bureau’s ac- mination that the FBI had an views of the probe as either a review, which he said “identi- and a central figure in the im-
tions during the 2016 campaign adequate basis to open the legitimate law enforcement fied significant concerns with peachment saga—from FBI em-
intensified on Capitol Hill. probe. And he presented the operation or one that was po- how certain aspects of the in- ployees during the campaign.
During a Senate Judiciary disagreement with Mr. Dur-
Mr. Horowitz said his litically driven and botched. vestigation were conducted Mr. Horowitz said investi-
Committee hearing Wednes- ham as more nuanced than review identified While Mr. Horowitz high- and supervised, particularly gators were having trouble de-
day, lawmakers immediately previously known. lighted serious shortcomings the FBI’s failure to adhere to termining who leaked what in-
pressed Inspector General Mi- Mr. Durham told him in a
‘significant concerns’ in the FBI’s process of apply- its own standards of accuracy formation. Democrats have
chael Horowitz about the dis- meeting that the information about the inquiry. ing for a surveillance warrant and completeness.” His office alleged pro-Trump FBI agents
pute, which centers on a key the FBI had received wasn’t to monitor Mr. Page, he reiter- wasn’t satisfied with agents’ leaked information to hurt the
finding in his report released enough to justify a full counter- ated that he found no evidence explanations for a number of campaign of Hillary Clinton.
Monday that the FBI had an intelligence investigation—but that bias against Mr. Trump errors and missing details in Mr. Trump, speaking at a
adequate legal basis to open it was “sufficient to support ham—who has a broader man- motivated the inquiry. applications submitted to a rally in Hershey, Pa., on Tues-
the investigation and engage the preliminary investigation,” date to use the tools of a crim- Democrats focused on that court to gain permission to day, said the IG report re-
in surveillance of a onetime Mr. Horowitz told lawmakers. inal prosecutor in his probe— aspect of the report. “This was surveil Mr. Page, he said. vealed “outrageous, scandal-
Trump campaign aide. Either type of investigation has developed that has led not a politically motivated in- Mr. Horowitz’s office found ous and unprecedented abuses
Attorney General William allows agents to use confiden- him to a different conclusion. vestigation. There is no deep the FBI had information that of power.” The president also
Barr and a federal prosecutor tial sources. But only in a full The FBI sought the war- state,” said Sen. Dianne Fein- undercut material it was relying criticized the FBI, saying, “You
he tapped to examine some of counterintelligence probe can rant against Mr. Page in 2016 stein (D., Calif.). “Simply put, on from the former British in- have great people in the FBI
the same questions have said agents conduct court-ordered based on information from an the FBI’s investigation was telligence officer, Christopher but not in leadership.”
they disagree, in an unusual surveillance of the sort de- ex-British intelligence officer motivated by facts, not bias.” Steele, but withheld it from —Andrew Duehren
rift that has helped fuel ployed against Trump cam- that Mr. Page was a possible Republicans raised alarms both the Justice Department and Andrew Restuccia
doubts cast by President paign adviser Carter Page. A conduit between Russia and about the errors made in the and a secret U.S. court in charge contributed to this article.

Trade Pact Gives U.S. Economy a Cushion House Committee

BY HARRIET TORRY

WASHINGTON—The new Opens Its Debate

On Impeachment
trade agreement with Mexico
and Canada won’t bring an
economic boom, but it could
cushion the U.S. in the face of
slowing global growth as it
boosts some industries and re- BY SIOBHAN HUGHES with lawmakers.
moves a big source of business “I hope every member of
uncertainty. WASHINGTON—The House this committee will withstand
The deal, reached Tuesday, Judiciary Committee began de- the political pressures of the
also will keep U.S. trade on bating two articles of impeach- moment,” Mr. Nadler said, urg-
track with its two largest part- ment aimed at President ing Republicans to keep an
ners. U.S. trade with Mexico Trump on Wednesday night, open mind. “I hope that none
and Canada topped $1 trillion planning to vote on the charges of us attempt to justify behav-
through October of this year, Thursday and send the mea- ior that we know in our heart
more than double the $470 sure to the full House for ap- is wrong. I hope that we are
billion of trade with China. proval next week. able to work together to hold
The benefits “are not so One day after unveiling two this president—or any presi-
much in what USMCA brings, articles against Mr. Trump al- dent—accountable for breaking
but rather what it prevents,” leging abuse of power and ob- his most basic obligations to
REBECCA COOK/REUTERS

said Gregory Daco, an econo- struction of Congress, Judi- the country and to its citizens.”
mist at Oxford Economics. He ciary Committee Chairman The top Republican on the
estimated that a U.S. with- Jerrold Nadler (D., N.Y.) gav- panel, Rep. Doug Collins of
drawal from the existing trade eled the committee to order Georgia, said Democrats had no
pact, the North American Free around 7 p.m. Over more than basis for their charges, and
Trade Agreement, or Nafta, three hours, the panel’s mem- were instead making good on
without a replacement would A General Motors plant in Michigan. The new North American trade pact could boost the car industry. bers laid out their case, Demo- years of personal dislike for the
have dented U.S. gross domes- crats begging their GOP coun- president. He also said that the
tic product by 0.5% in the first year-old trade pact between the that must originate in North said USMCA would result in terparts to resist partisan Republicans had been shut out
year. U.S. and its immediate neigh- America for the cars and trucks $34 billion in total investment pressure, Republicans urging of the process, after being
The U.S. International bors—a key 2016 campaign to receive duty-free treatment. in the U.S. auto industry and Democrats to do the same. blocked from hearing from wit-
Trade Commission, a biparti- promise. And he threatened U.S. It also includes rules mandat- create 76,000 jobs over five The first of the two articles nesses like the whistleblower
san agency whose review is re- withdrawal from the agreement ing the free flow of data among years in that industry alone. accuses Mr. Trump of abuse of whose complaint touched off
quired for any trade deal, said after he took office. the three countries. But studies have offered con- power by soliciting interfer- the impeachment inquiry.
this spring that the new North Removing the withdrawal Lawrence Kudlow, director flicting views on the economic ence from Ukraine in the 2020 “This is the year you put a
American treaty would have a risk by passing a new agree- of the White House National benefits of the agreement. race in the form of investiga- dagger in minority rights,” Mr.
positive though modest impact ment is the primary upside for Economic Council, said at The In March, an International tions related to former Vice Collins said.
on growth, boosting U.S. gross businesses, economists say, par- Wall Street Journal CEO Coun- Monetary Fund working paper President Joe Biden and 2016 Mr. Trump has denied
domestic product 0.35% and ticularly given the current cil meeting on Tuesday that the estimated that the USMCA election meddling, and by con- wrongdoing.
adding 176,000 U.S. jobs over backdrop of slow global eco- deal “updates Nafta, particu- would generate negligible eco- ditioning U.S. aid to Kyiv and a In battling the charges, he
six years. nomic growth, trade tensions larly in some important new- nomic gains in the three North White House meeting on those has also helped transform the
“In the overall giant U.S. with China and weak invest- economy ways,” such as intel- American countries through im- probes. impeachment into a nationwide
economy these are small ment by U.S. companies. lectual property rights and proved market access to goods. With the second article, issue. Of 23 Democrats from
changes,” said Gary Clyde Huf- The USMCA will replace financial and digital services. And some economists say Democrats allege Mr. Trump the 31 districts Mr. Trump won
bauer, a senior fellow at the Pe- Nafta when ratified and con- “I think you’re going to get a the new pact could raise com- obstructed Congress by pre- who were surveyed by The
terson Institute for Interna- tains provisions aimed at creat- lot of investment that we might modity and wage costs for venting at least nine officials Wall Street Journal, only four
tional Economics. ing more U.S. manufacturing not have had,” Mr. Kudlow said. manufacturers, which could from testifying and by blocking would say publicly that they
President Trump made the jobs. It would increase the pro- The U.S. Trade Representa- make U.S.-produced cars more records from across the federal would vote for impeachment,
renegotiation of Nafta—a 26- portion of parts in vehicles tive’s office, in an April study, expensive and less competitive. government from being shared with the rest undecided.

A LA VIEILLE RUSSIE Giuliani Aide Accused

Established 1851 Of Lying About Income
BY REBECCA DAVIS O’BRIEN forts that this fall helped set
Antique Jewelry AND REBECCA BALLHAUS off the impeachment inquiry.

We invite you Fabergé Federal prosecutors have

Mr. Parnas has turned over
some documents to House

to Auction
asked a judge to revoke bail for Democrats, while Mr. Fruman
Objets de vitrine Lev Parnas, saying the associ- has rebuffed a subpoena.
ate of Rudy Giuliani has lied to Manhattan prosecutors have

in New York! authorities about his assets

and income and should be de-
tained while awaiting trial.
continued to investigate
Messrs. Parnas and Fruman, as
well as Mr. Giuliani, The Wall
In a letter filed Wednesday Street Journal has reported.
evening in federal court in Prosecutor Douglas Zolkind
Manhattan, prosecutors said said in a hearing last week that
Mr. Parnas didn’t disclose to new charges were likely.
pretrial services or to investi- A spokesman for the U.S.
gators income, including a $1
million transfer from a Russian
bank account weeks before his Federal
Auctions @ arrest in October, to an ac- prosecutors
count held in his wife’s name. say they
DOYLE.com Prosecutors said that in the consider Lev
last three years, Mr. Parnas Parnas to pose
212-427-2730 had received more than $1.5 a significant
million from Ukrainian and risk of flight.
Russian sources. They didn’t
provide more detail about
those sources. Attorney’s Office for the
Joseph Bondy, one of Mr. Southern District of New York
Parnas’s attorneys, said they in Manhattan declined to com-
were reviewing the govern- ment.
Georg Jensen Fabergé hardstone and enamel desk seals ment’s letter and would file a Prosecutors have said they
Doyle+Design® response with the court in the considered Mr. Parnas a “sig-
Auction Dec 18 St. Petersburg, 1900-1910. coming days. nificant flight risk,” a concern
H: 2 3/4 in., 1 7/8 in., 2 1/2 in. Mr. Parnas and another as- they said mounted after he
$45,000., 38,000., 45,000. sociate, Igor Fruman, were ar- misled the government. They
rested in October on cam- noted in the letter Wednesday
paign-finance charges. Both that, in October, Mr. Parnas’s
745 Fifth Avenue have pleaded not guilty.
Both men since the begin-
lawyers had negotiated Mr.
Parnas’s release on a $1 million
DOYLE AUCTIONEERS & APPRAISERS NEW YORK
BEVERLY HILLS BOSTON CHICAGO PALM BEACH WASHINGTON, DC
(Between 57th & 58th Streets, 4th Floor) ning of this year had assisted bond secured by just $200,000,
Mr. Giuliani, President Trump’s saying he didn’t have sufficient
CONNECTICUT NEW JERSEY NORTH CAROLINA PENNSYLVANIA ALVR.com • 212.752.1727 personal lawyer, in his push for funds to pay the entire
investigations in Ukraine—ef- amount.
THE WALL STREET JOURNAL. Thursday, December 12, 2019 | A5

FIDELITY WEALTH MANAGEMENT

PERSONALIZED
ADVICE.
UNMATCHED
VALUE.
AT FIDELITY, YOU CAN HAVE BOTH.

PERSONALIZED WEALTH PLANNING UNMATCHED OVERALL VALUE

When you partner with a dedicated advisor We want your money to go further. Fidelity
from Fidelity Wealth Management, you’ll get offers value you won’t find anywhere else,
help creating a flexible plan that can adjust with commission-free online trades for U.S.
as your life changes. Plus, you’ll have access stocks and ETFs1 and zero expense ratio
to tax-smart investing strategies that help you index mutual funds.2 And when you open a
keep more of what you earn. new retail brokerage account, your cash is
automatically invested at a great rate that’s at
least 21x more than other advisory firms.

Rate based on default sweep investment provided for Fidelity Account® as of 12/9/19. 21x calculated using APY/yield from Fidelity’s, Schwab’s, TD Ameritrade’s, and E*TRADE’s websites, as of 12/9/19, and
based on default cash sweep products assuming $10,000 investment with comparable brokerage accounts. Competitor bank sweep products are eligible for FDIC insurance. Fidelity sweep investment
not FDIC insured; may lose value; consider each product carefully.

EXPERIENCE THE VALUE OF

PERSONALIZED WEALTH MANAGEMENT.

Talk with a Fidelity advisor today.

FIDELITY.COM/GETMORE | 800.FIDELITY
A6 | Thursday, December 12, 2019 * * THE WALL STREET JOURNAL.

U.S. NEWS

Base Shooter Had Radical Views

The Saudi air force member in the attack at the Pensacola “There have been some reli- clerics and non-Saudi figures, suspended operational training
PG&E
Report:
who shot dead three people last
week on a naval base in Florida
expressed extreme political
Naval Air Station in Pensacola,
Fla., on Friday, had been active
on Twitter since 2012, the re-
gious and radical inclinations
that have been shown, and
quoting people who are known
rather than accepting institu-
tional responsibility for appar-
ently failing to identify
programs for all of the approx-
imately 850 Saudi military stu-
dents training in the U.S.
Outages
views on Twitter in posts dating

By Summer Said
port said, when he was 14. At
the time, he focused on poetry
and the Quran.
to have very radical views, but
not only anti-American, anti-
Saudi views,” Mr. Saud said.
Alshamrani as a potential secu-
rity risk.
“They shift blame from un-
Approximately a dozen
Saudi students who trained
alongside Alshamrani at the
Could Rise
in Dubai The Saudi report said that Referring to Mr. Sakran and questionable government fail- Pensacola base are being re- BY REBECCA SMITH
and Jared Malsin Alshamrani began forming rad- other religious figures followed ures…to their political rivals,” stricted to the base by a Saudi
in Cairo ical views after 2015, when he by the shooter, he said: “They Hassan Hassan, director of the commander and are cooperat- Sustained power outages
started following some reli- have not been calling for vio- Non-State Actors Program at ing with investigators, Defense caused by electric-wire fail-
back to 2015, according to ex- gious figures who the Saudi lence directly, but advocating the Center for Global Policy, a Secretary Mark Esper told law- ures in Northern Califor-
cerpts of an internal Saudi gov- government has characterized against the official religious es- think tank in Washington, said makers at a congressional nia could double or even qua-
ernment report. as hard-liners. They include tablishment, of course voicing in a Twitter post Wednesday. hearing Wednesday. druple in years to come,
Saudi officials said the mes- Saudis Abdulaziz Al-Tarifi and very strong anti-American The Federal Bureau of Inves- Three sailors were killed unless PG&E Corp. steps up its
sages believed sent by the Ibrahim Al-Sakran, along with views, having conspiracy theo- tigation, which is investigating and eight other people were in- replacement of aging equip-
shooter reflect a radical world Kuwaiti and Jordanian clerics. ries of imperial intentions.” possible terrorism links to Fri- jured in the attack. Ensign ment, according to a utility-
view, but said there was no ev- The two Saudi men were jailed The report appeared to have day’s attack, hasn’t established Joshua Kaleb Watson, 23, from commissioned analysis.
idence that he had any links to in 2016. been hastily assembled from a link between Alshamrani and Coffee, Ala.; Airman Moham- PG&E’s current rate of elec-
extremist organizations. The tweets reflected polemi- the shooter’s Twitter account, any organized terrorist group. med Sameh Haitham, 19, from tric-line replacement falls far
Screenshots of posts re- cal views on the part of the rather than representing a Alshamrani, who was killed St. Petersburg, Fla.; and Air- short of what is needed to
viewed by The Wall Street shooter, said Abdullah bin comprehensive government se- in an exchange of gunfire with man Apprentice Cameron Scott prevent a surge of failures due
Journal show the shooter Khaled Al Saud, the director of curity check. sheriff’s deputies at the base, Walters, 21, from Richmond to the effects of aging, ac-
retweeting messages critical of research at the King Faisal Critics have said the report was a second lieutenant in the Hill, Ga., died, the Navy said. cording to the analysis by re-
Israel and the U.S. Center for Research and Is- broadly reflects a pro-Saudi Saudi air force assigned to a —Nancy A. Youssef searchers at Georgia Tech.
Mohammed Alshamrani, the lamic Studies, a Saudi scholarly government viewpoint that training program in the U.S. in Washington contributed to The analysis suggests the
man identified as the shooter institute. blames the shooting on jailed U.S. military officials have this article. current focus on upgrading
distribution lines in areas of

U.S. WATCH
extreme fire risk fails to solve
a more basic problem of age-
related deterioration, espe-
cially in coastal areas, where
TREASURY DEPARTMENT gear often ages faster. Regula-
tors released the analysis after
Employee Linked to The Wall Street Journal made
School Cheating Quits a public-records request.
If electric-wire replacement
A Treasury Department continues at the rate currently
staffer has resigned after his proposed by the utility, PG&E
mother, Karen Littlefair, agreed customers should expect a
to plead guilty to a charge that doubling of sustained power
she hired an employee of dis- outages in 15 years and a four-
graced college counselor Wil- fold increase in 30 years, ac-
liam “Rick” Singer to take on- cording to the analysis by the
line classes for him so he could
graduate from Georgetown
University.
James Littlefair, who received
Northern California
his Georgetown degree in 2018, power failures might
joined the Treasury Department
as an advance representative in
double in 15 years,
2017, according to financial dis- PG&E analysis finds
closure forms.
A Treasury spokesman said
Mr. Littlefair no longer works at
the department. Reached by National Electric Testing, Re-
phone, Mr. Littlefair declined to search and Applications Cen-
DAVID MCNEW/GETTY IMAGES

comment. ter at Georgia Tech, done for

Ms. Littlefair, from Newport PG&E last year.
Beach, Calif., was charged with To prevent this outcome,
one count of wire fraud conspir- the utility would need to re-
acy. Prosecutors said she paid place at least 1,200 circuit
Mr. Singer $9,000 to have an miles of its oldest distribution
employee take four online lines each year. At that pace,
classes for her son at George- the utility’s distribution sys-
town and Arizona State Univer- HOLIDAY RUSH: U.S. Postal Service workers scan parcels at a Los Angeles facility Wednesday as the busiest time of the year approaches. tem would be completely re-
sity so he could use the credits freshed every 67 years, the
to earn his degree. civilian federal workers, a mea- INDIAN HEALTH SERVICE ernment’s most troubled agen- September-to-September period, study found.
—Melissa Korn sure likely to win over some cies, lawmakers said they ex- a 4% uptick from the previous At the current proposed
Democrats upset that other Nominee Gets Little pected Adm. Weahkee, an officer year. Roughly 86,000 immi- level of replacement—about
WASHINGTON preferred provisions—including a Resistance in Hearing in the U.S. Public Health Service grants were deported after be- 100 circuit miles annually due
prohibition on using defense Commissioned Corps, to be con- ing arrested inside the U.S., sug- to aging—researchers said it
House Passes Bill on funds to build a border wall President Trump’s nominee to firmed. gesting ICE focused most of its would take the utility about
Leave, Space Force with Mexico and language re- lead the Indian Health Service The full Senate must vote to resources handling a surge of 230 years to refresh its distri-
pealing the 2002 authorization breezed through a Senate confir- confirm him to the posting. migrants crossing the border bution system. They assumed
The House approved a bill of force against Iraq—didn’t mation hearing Wednesday, fac- —Christopher Weaver this year. the typical electric wire has a
Wednesday that includes paid make it into the final version of ing few tough questions from The number of migrants who useful life of about 83 years.
parental leave for federal work- the legislation. the handful of lawmakers who IMMIGRATION crossed the border illegally in PG&E has been in crisis
ers and the creation of the U.S. The NDAA also includes an were present. the past year—primarily families mode for more than a year af-
Space Force. overhaul of military housing and Rear Adm. Michael Weahkee, ICE Arrests Fall 10%, and unaccompanied children ter a series of wildfires that
Lawmakers passed the $738 a 3.1% pay raise for troops. a career IHS official who has Deportations Up 4% fleeing violence and poverty in regulators attributed to the
billion National Defense Authori- The legislation hands Presi- served as the agency’s acting di- Central America—doubled from utility’s equipment, including
zation Act, 377 to 48. dent Trump a win with the cre- rector since June 2017, has in U.S. Immigration and Cus- the year before, sending the ad- the Camp Fire that destroyed
The Senate is expected to ation of a sixth branch of the recent weeks gained the support toms Enforcement made about ministration scrambling to re- the city of Paradise, Calif., and
approve the measure in the military, the United States Space of many Native American tribes. 143,000 arrests in fiscal 2019, a spond. killed 85 people.
coming days, and the bill would Force. That made him a shoo-in for 10% decline from the previous The border surge likely con- Regulators this month re-
then go to the White House, Space Force will replace the senators taking signals from year and marking the lowest tributed to the drop in immi- leased a scathing 700-page re-
where President Trump is ex- current Air Force Space Com- their constituents. number of arrests to date under grant arrests this year, as ICE di- port alleging, among other
pected to sign it into law. mand, but remain under the Air During the 45-minute hearing the Trump administration, the verted more of its staff to the things, systemic problems
Among other provisions, the Force. It authorizes $72.4 million before the Senate Committee on agency announced Wednesday. border to detain and transport with how the company over-
bill authorizes 12 weeks of paid for startup costs. Indian Affairs to select the Overall, ICE deported about the migrants arriving each day. saw the safety of its oldest
parental leave for all 2.1 million —Lindsay Wise leader of one of the federal gov- 267,000 immigrants in the same —Michelle Hackman lines.

Agency Saw Between Flights

The number of Boeing 737 MAX planes that are either grounded FAA Probes Claims board and U.S. regulators ig-
nored his warnings about the
how sensors linked to both
crashes could fail on new

High Risk
or undelivered will peak in January if flights resume that month Of Boeing Lapses potential for production issues to planes. “It is alarming that
and production rates are maintained.
affect the quality and safety of these sensors failed on multiple
800 planes planes rolling off the lines. flights mere months after the

In MAX 600
Grounded
Undelivered
The Federal Aviation Adminis-
tration said it is investigating al-
leged production issues at a Boe-
His testimony came at a
hearing largely focused on the in-
terplay between Boeing and the
airplanes were manufactured,”
he said at the hearing.
Both planes involved in the
ing Co. factory near Seattle, FAA over the approval of the fatal crashes were assembled
Continued from Page One where the plane maker assem- MAX; agency deliberations after last year.
right questions and failed to bles the 737 MAX. The disclosure the first of two fatal crashes of FAA chief Steve Dickson
adequately question the an- 400 followed testimony from a retired the jetliner; and its expected re- said he was aware of Mr. Pier-
swers that agency staff re- manager who told a congressio- turn to service in coming months. son’s concerns. Boeing and in-
ceived from Boeing,” he said. nal committee he had warned re- Mr. Pierson said Boeing’s ef- vestigators have said they see
“Our investigation has re- 200 peatedly about quality problems forts to boost production of the no connection between the
vealed that many of the FAA’s arising from pressure to produce MAX led to “chaotic” scenes on problems Mr. Pierson flagged
own technical experts and the aircraft more quickly. the factory floor last year as and the MAX crisis, which has
safety inspectors believe FAA’s Ed Pierson, the retired Boe- work fell behind schedule, been driven by software-design
management often sides with 0 ing manager, told a House which could have compromised issues, not production issues.
Boeing rather than standing Jan. 2019 April July Oct. Jan. ’20 April Transportation Committee hear- established safety procedures. —Doug Cameron
up for the safety of the pub- Note: Projections after Nov. 2019 ing that company executives, its In particular, he questioned and Andy Pasztor
lic.” Source: Cowen & Co
FAA chief Steve Dickson
said at the hearing that he such analyses tend to over- The projected crash total, FAA leaders decided to per- misfire. If crews were aware of to the crashes. The planes
would review the procedures state risk in part because they according to the Journal’s cal- mit the MAX to remain in ser- the risk and knew how to re- aren’t expected to return to
used to certify the MAX origi- take the most conservative ap- culations, was roughly compa- vice with two important safe- spond, the FAA determined it service until the first quarter
nally and left open the possi- proach. rable to all fatal passenger ac- guards, according to another was acceptable to keep the of next year.
bility of further enforcement A Boeing spokesman de- cidents over the previous agency document, from De- planes in service until a per- Boeing said after the Lion
actions holding Boeing ac- clined to comment. three decades—from any cember 2018, interviews with manent design change was in Air crash that it and the FAA
countable for inadequate in- The FAA analysis projected cause—involving Boeing’s 757, FAA officials and information place. “both agreed, based on the re-
formation-sharing related to as many as 15 similar cata- 767, 777, 787 and latest 747 the agency recently provided After the first crash, the sults of their respective rigor-
design decisions and for vari- strophic accidents globally models. The MAX fleet was ex- to the House Transportation FAA shared with Boeing the a ous safety processes, that the
ous production lapses. over the life of the MAX pected to eventually number Committee. report, which stated that the initial action of reinforcing ex-
But, while acknowledging fleet—spanning 30 to 45 nearly 5,000 jets world-wide; The FAA document antici- agency’s analysis found the isting pilot procedures…and
agency missteps, he defended years—unless fixes were made the other fleets together total pated that within roughly “risk is sufficiently low to al- then the development and
FAA personnel. “The system to the automated flight-con- slightly more than 3,800 air- seven months, Boeing would low continued growth of the fielding of a software update,
is not broken,” he told the trol system implicated in the craft. test and with the agency ap- fleet and operations until the were the appropriate actions.”
panel. October 2018 crash. The potential for 15 pro- proval install revised software changes to the system are ret- Pressed on whether the FAA
An FAA spokesman said in The analysis characterized jected crashes “would be an for MCAS, the suspect stall- rofitted,” according to a per- took sufficient action follow-
advance of the hearing that the MAX, before changes to unacceptable number in the prevention system that led to son close to the manufacturer. ing the agency’s internal risk
the agency’s analysis after the the system’s software, as po- modern aviation-safety world,” the Indonesia crash. The FAA and foreign regula- analysis, Mr. Dickson said
first crash provided informa- tentially more prone to crash said Alan Diehl, a retired FAA Meanwhile, the FAA said, tors are now testing changes Wednesday that based on
tion that was useful “in help- than several earlier Boeing and Pentagon air-safety offi- airline crews world-wide to the MAX’s flight-control what he knows today he would
ing determine the mitigation models, according to a Wall cial, who hasn’t had any in- should be briefed about the computers intended to elimi- have grounded the aircraft
action.” The spokesman said Street Journal review. volvement in the MAX crisis. possibility of a similar MCAS nate design problems that led then.
THE WALL STREET JOURNAL. * * * * Thursday, December 12, 2019 | A7

U.S. NEWS

Weinstein U.S. Raises Hurdle for Elite Athletes

Reaches BY LOUISE RADNOFSKY that he hadn’t shown he had

$47 Million For foreign-born swimmers,

jockeys, tennis players, gym-
won a major international
award, even though he had
been part of the team that won

Settlement nasts and ice dancers who

want to work or live in the
U.S., the toughest competition
a world championship silver
medal.
Japan is one of the most
BY CORINNE RAMEY these days may be persuading dominant nations in men’s
the Trump administration they gymnastics. The gymnast, who
Harvey Weinstein, his for- are extraordinary. is identifiable through his
mer associates, insurers and Athletes are among the achievements as Koji Uematsu,
accusers have reached a nearly thousands of prospective immi- is currently coaching on a
$47 million tentative settle- grants claiming exceptional short-term visa at a Bay Area
ment of almost all the civil achievement who have been club. Mr. Uematsu declined to
cases pending against him, caught up in the administra- comment.
about $25 million of which will tion’s bid to more tightly con- Brett McClure, the high-per-
compensate women who have trol access to the U.S., accord- formance director for the U.S.
accused the Hollywood pro- ing to lawyers specializing in men’s gymnastics team, said he

GREGORY SHAMUS/GETTY IMAGES

ducer of sexual misconduct, sports immigration, new data may want to have Mr. Uematsu
according to people familiar from the Trump administration working for him once he knows
with the matter. and a Wall Street Journal re- he can build a life in the U.S.
Under the terms of the view of denied appeals. “We’re still trying to get him
agreement, Mr. Weinstein and They show that it has be- his green card,” Mr. McClure
his former associates, includ- come significantly harder in said.
ing board members of his for- the past three years to get The U.S. men finished fourth
mer studio, didn’t admit green cards for the would-be in the 2019 world champion-
wrongdoing, the people said. coaches, training partners and ships, behind Japan and with-
The deal still needs to be ap- teammates of Americans Canada-born Christina Carreira, seen with American Anthony Ponomarenko, would like to compete out a real shot at the podium.
proved by a bankruptcy judge through the longstanding “ex- for the U.S. in the Olympic Games. Ms. Carreira sued after being rejected for a green card. Japan hasn’t failed to medal
and a judge overseeing a pro- traordinary ability” route. They since 2001.
posed class-action lawsuit. The include a Japanese champion Applicants for “O” or “P” vi- Approval rates for ‘extraordi- petitioner—not the govern- A jockey was rejected to en-
bulk of the settlement money gymnast backed by leaders in sas—another type of document nary ability’ green cards ment—to show that the pro- ter the U.S. for a series of com-
will be paid by insurance poli- the U.S. men’s program and a that allows specifically athletes spective beneficiary meets the petitions because the racing
cies, including those held by Canada-born ice dancer com- and entertainers to live and 90% requirements for eligibility un- business seeking his visa
his former studio, Weinstein peting for the U.S. with an work in the U.S. for a few Approved der the law,” Mr. Bourke said. hadn’t shown he was part of a
80
Co., some of the people said. American partner. years—have had to jump Advocates of immigration coherent team with other iden-
The deal resolves all but The Trump administration through more hoops to suc- 70 restrictions cheered the tified members such as the hot
two of the civil sexual-miscon- has said that restoring integ- cessfully obtain them, too. For stricter stance. “This alignment walkers and farriers, another
duct lawsuits and other legal rity to the immigration pro- those visa categories, the share 60 of the meaning of ‘extraordi- denial said.
claims filed against Mr. Wein- cess is what President Trump of petitions in which an appli- 50 nary’ with reality is long over- A swimmer with top 10 fin-
stein, the people said. campaigned on, and that cant was asked to provide ad- due,” said Mark Krikorian, head ishes at the European champi-
The tentative settlement American taxpayers deserve to ditional evidence went up ap- 40 of the Center for Immigration onships was rejected because
won’t affect the criminal case see visa petitions get the high- proximately 20% from the end Approved after a Studies, a restrictionist group. he hadn’t shown they consti-
brought by Manhattan prose- est scrutiny. of the 2016 fiscal year to the 30 request for evidence The Journal reviewed a file tuted an award for excellence.
cutors, which is set to go to The approval rate for indi- 2019 fiscal year. 20 of dozens of denied appeals, At least one athlete has sued
trial on Jan. 6. Mr. Weinstein vidual immigrant petitions for The hard-line approach has with the subjects’ identities the administration to further
has pleaded not guilty and de- permanent residence based on also hit other groups, including 10 blacked out, for cases involving their cause. Canada-born Chris-
nied all allegations of noncon- “extraordinary ability,” a cate- high-skilled tech workers and sports in the past two years. tina Carreira and her American
sensual sex. gory used by professional ath- intracompany transferees. For 0 Standards appeared to vary partner, Anthony Pono-
The settlement is the culmi- letes, scientists, professors and athletes, though, the hurdles in FY2015 ’16 ’17 ’18 ’19 from office to office or adjudi- marenko, U.S. junior ice dance
nation of more than a year of industry executives, fell from getting to the U.S. also include Note: Fiscal year ends Sept. 30.
cator to adjudicator, and some champions and world junior
negotiations, which involved 82.1% in the 2016 government explaining their sports to im- Source: U.S. Citizenship and adjudicators were particularly silver medalists in 2018, want a
lawyers for Mr. Weinstein, his fiscal year, the last full year of migration adjudicators to show Immigration Services skeptical of individual athletes green card for Ms. Carreira so
former film studio, the New the Obama administration, to how they meet the set criteria in sports that sometimes have the couple can represent the
York attorney general’s office, 69.4% in fiscal 2018. It stood at for determining who is extraor- ternational competition. a team component in competi- U.S. at the Olympic Games.
insurers and alleged victims. 56.3% in fiscal 2019, new U.S. dinary. They’re questioning every- tion. Ms. Carreira was rejected,
A spokesman for Mr. Wein- Citizenship and Immigration “I feel like we’re living in thing; it’s just become absurd.” A gymnast’s appeal for a her lawsuit said, after USCIS
stein declined to comment. Services data show. the Twilight Zone,” said Ksenia USCIS spokesman Matthew green card was rejected be- determined that her medals
Elizabeth Fegan, a lawyer rep- For petitions in which the Maiorova, a Florida immigra- Bourke said requests for evi- cause he hadn’t shown how didn’t constitute internation-
resenting the plaintiffs in the government requested addi- tion lawyer who works with dence were “an additional op- making the Japanese national ally recognized prizes because
proposed class-action suit, tional evidence, which it is do- track and field athletes, of re- portunity afforded to petition- team was a significant achieve- they could be won only by par-
said that “the civil settlement ing more often, the approval cent decisions she had seen. ers to submit requisite ment that proved he was ticipants of those competitions.
will do little to reverse the rate fell from 47.8% in fiscal “ESPN is not major media, Eu- evidence to avoid being de- among the best in the country, She dropped the lawsuit earlier
damage Weinstein caused to 2016 to 37.3% for fiscal 2018 ropean championships in nied.” according to one appeal deci- this year; her family declined
so many.” and 34.4% for fiscal 2019. swimming are not a major in- “It is incumbent upon the sion. He was also initially told to comment on her next steps.

dog•ged
/'dôg d/
adjective

Despite spending my early life in a shelter, there’s no dog more

determined than me. Thanks to the National Disaster Search Dog
Foundation, if you’re ever trapped under rubble after a disaster,
I’ll find you. That’s my job, and what I was born to do. You’ll never find
a dog more dogged.

THE NATIONAL DISASTER SEARCH DOG FOUNDATION

Strengthening disaster response in America by rescuing dogs and partnering them
with first responders to save lives. Be Part of the Search™ today. Call (888) 4K9-HERO,
visit SearchDogFoundation.org, or write to SDF, 6800 Wheeler Canyon Road,
Santa Paula, CA 93060.

Consignments Invited
Chinese Paintings
Victor
Active Search Dog
& Works of Art
Rescued from Redding, CA.
Photographed by Shaina Fishman New York | March 16, 2020
at SDF’s National Training Center.

APPOINTMENTS AND INQUIRIES STYLE OF YUAN JIANG

Bruce Maclaren (ACTIVE 1690-1746)
+1 (917) 206 1677 Landscape
[email protected] 40 1/2 by 24 inches
bonhams.com/chineseart $30,000 - 50,000

© 2019 Bonhams & Butterfields Auctioneers Corp. All rights reserved.

Principal Auctioneer: Matthew Girling, NYC License No. 1236798-DCA
A8 | Thursday, December 12, 2019 THE WALL STREET JOURNAL.

WORLD NEWS
Israel to Hold Third Vote Amid Deadlock
Political stalemate which has begun to violate
terms of a 2015 agreement to
poses risks for security, limit its nuclear program. Of-
economy while leaving ficials also say Tehran has
tried to entrench itself mili-
Netanyahu in power tarily and arm its allies across
the Middle East, from Iraq to
BY FELICIA SCHWARTZ Israel’s borders with Syria and
Lebanon.
TEL AVIV—Israel will hold Israel has responded with
a third consecutive election airstrikes against targets in
after lawmakers missed a Syria, recently expanded to
deadline to find a consensus Iraq and Lebanon. Tehran says
candidate to form a govern- its presence in Syria is meant
ment, prolonging months of to defend against any attacks
political stalemate at a time on Iran.
when the country faces Meanwhile, Israeli officials
threats ranging from Iran to are pursuing a long-term truce
militants in Gaza to an uncer- with Hamas, the militant
tain economy. group that governs Gaza, after
The third election in less several bouts of fighting over

AHMAD GHARABLI/AGENCE FRANCE-PRESSE/GETTY IMAGES

than a year, to be held in the past year.
March following inconclusive Without a new government
votes in April and September, in place, Israel will have less
provides a lifeline for the scope to reach an accord or
country’s right-wing Prime launch a larger military opera-
Minister Benjamin Netanyahu, tion, political analysts and
the country’s longest-serving former officials warn.
leader. He is now better A third election also holds
placed to fight corruption risks for the Trump adminis-
charges while in office at least tration’s peace plan for the re-
until the next election. gion, and might sideline it al-
Mr. Netanyahu was indicted together. U.S. officials say
on corruption charges last they still hope to present the
month on allegations he ac- initiative, but it will likely
cepted hundreds of thousands have to wait until Israel has a
of dollars in champagne and Supporters of Benjamin Netanyahu rallied in Jerusalem on Wednesday as his rival Benny Gantz attended a session in parliament. new government with a fresh
cigars and favorable media mandate.
coverage in exchange for fa- enough support in the 120- the Likud party. The effort, however, could
vors for wealthy supporters. seat parliament, called the Likud and Blue and White be distracted by the 2020 U.S.
Mr. Netanyahu denies any Knesset, in April and Septem- agree on most security and presidential campaign.
wrongdoing. As premier, par- ber. His rival Benny Gantz, a other policy issues, but they Another election campaign
MENAHEM KAHANA/AGENCE FRANCE-PRESSE/GETTY IMAGES

liament is more likely to grant former military chief and head are divided on whether Mr. is potentially perilous for the
him immunity if, as expected, of the centrist Blue and White Netanyahu should continue economy. Without a sitting
he seeks it. party, also failed last month. serving as prime minister af- parliament, the government
Mr. Netanyahu’s Likud The third vote happened af- ter his indictment and over can’t pass a new budget for
party is expected to hold a ter the heads of both of the his growing reliance on Is- 2020 at a time when Israel is
primary leadership contest on largest parties and the parlia- rael’s religious parties. trying to address a growing
Dec. 26, and the leader faces a ment exhausted all the possi- Avigdor Lieberman, head of deficit and to boost productiv-
challenge from popular rival ble avenues to try to form a the secular Yisrael Beiteinu ity, which has sagged in recent
Gideon Saar, a former interior government. It will be the party that controls a pivotal years. Israel’s ministries might
minister. Mr. Netanyahu re- first time Israel holds three eight seats in the Knesset, re- also have to freeze some
mains popular among the elections within a year. fused to join a Netanyahu gov- spending to tamp down the
party’s rank-and-file and it Early polls indicate that ernment in April over the worsening shortfall.
isn’t clear whether Mr. Saar neither side will build enough matter, but has also refused to “One of the weaknesses we
can defeat him. support to form a govern- support Mr. Gantz. He wants a have, which affects our pro-
However, achieving a break- ment, suggesting a continued unity government of Blue and ductivity growth and growth
through at the next election deadlock. White and Likud, the two larg- in general, is an insufficient
may be difficult, given Israel’s Mr. Netanyahu risks losing center-left coalition, led by short of a majority, according est parties, to resolve the investment in infrastructure,”
fractious political system. support. A poll released Tues- Mr. Gantz, would get 60 seats, to Channel 13. The poll also stalemate. said Karnit Flug, a former
Whoever wins the most seats day by Israeli television’s only one seat short of a 61- found that Mr. Saar would The impasse comes at a governor of the Bank of Israel
has to try to cobble together a Channel 13 showed that Mr. seat majority, while Mr. Ne- bring three more seats to the delicate time for Israel. Its se- now with the Israel Democ-
coalition with smaller parties. Gantz’s Blue and White would tanyahu’s right-wing and reli- right-wing coalition than if curity officials are increas- racy Institute, a Jerusalem
Mr. Netanyahu failed to gain get 37 seats to Likud’s 33. The gious bloc would be nine seats Mr. Netanyahu was leading ingly concerned about Iran, think tank.

Germany Selects Huawei

To Build Part of 5G Network
BY SARA GERMANO of vendors for the more-sensi- November, members adopted a
tive core network coming next nonbinding motion to exclude
BERLIN—Huawei Technol- year. 5G bids by foreign equipment
ogies Co. secured a commit- Telefónica’s decision marks makers that could be subject
ment to build part of Ger- the first public commitment to to influence from their gov-
many’s 5G infrastructure, use Huawei equipment for 5G ernments.
strengthening its position in by one of Germany’s three Deutsche Telekom says it
Europe’s largest economy de- main wireless operators, will wait for the dust to settle
spite calls from lawmakers to which also include domestic before signing any new equip-
bar the Chinese company. leader Deutsche Telekom AG ment deals. “In view of the un-
Telefónica SA, one of three and Vodafone Group PLC. clear political situation, we are
major mobile operators in Ger- It comes amid political de- not currently entering into any
many, said on Wednesday that bate in Germany over whether 5G contracts with any manufac-
it planned to use equipment to allow Huawei to supply turer. We informed the manu-
from Huawei and Finland- equipment for mobile net- facturers about this last week,”
based Nokia Corp. to build its works or bar it, as the U.S. the company said. “We hope,
5G wireless network in the has, over concerns that the however, that we will get polit-
country—subject to Huawei gear could be exploited for es- ical clarity for the 5G expansion
equipment meeting govern- pionage by China. in Germany as soon as possible,
ment security standards. The German government so as not to fall behind.”
“Telefónica Germany has recently decided against ex- The U.S. says Huawei is un-
clearly taken care not to pre- plicitly barring Huawei, but der the sway of the Chinese
empt the ongoing political lawmakers from the ruling co- government, but the company
process of defining these secu- alition have threatened to has said it would be willing to
rity guidelines and at the same push an amendment of the na- sign a no-spy agreement and
time not to delay the start of tion’s telecommunications se- welcomes regulatory scrutiny.
the 5G rollout,” said Klaus curity laws that would effec- In Germany, it is already a
Schulze-Löwenberg, a spokes- tively exclude the Chinese major supplier to all three net-
man for the carrier. vendor. A parliamentary vote work operators in their exist-
The company said Nokia on updated security regula- ing infrastructure, and a Hua-
and Huawei would be “equally tions could come soon. wei spokesman said this week
responsible” for supplying At the annual convention of that efforts to build out the
Luxury Suite equipment for 5G antenna
technology, with the selection
Chancellor Angela Merkel’s
Christian Democratic Union in
country’s 4G network are con-
tinuing.
Bulgari “Allegra” Jewelry
Vibrant gems. Legendary designer. Incomparable beauty.
Impeccably crafted by famed Italian designer Bulgari, a U.S. Targets Russian Gas Pipeline
brilliant array of multicolored gemstones make a bold U.S. lawmakers are pushing lobbied against the action. dled most Russian gas deliver-
statement in this Allegra suite. Comprised of a necklace, ahead with enactment of new Provisions imposing the ies to Europe for decades.
bracelet and matching earrings, this incredible set features sanctions meant to prevent sanctions are included in the The $10.5 billion Nord
a rainbow of precious gemstones, including natural the completion of a new pipe- $738 billion 2020 National De- Stream 2 will run parallel to
topaz and tourmalines in a range of hues, dazzling white line constructed to carry Rus- fense Authorization Act, an the existing Nord Stream pipe-
sian natural gas to Germany, annual Department of Defense line and double the capacity
diamonds, iolite, amethyst, citrine, peridot and Akoya
beneath the Baltic Sea. policy bill. for gas shipped directly from
cultured pearls. 18K yellow gold. Necklace and bracelet The House approved the bill Russia to Germany to 110 bil-
adjustable in length. Earrings: 2” length. #31-0099 By Brett Forrest on Wednesday, with a Senate lion cubic meters.
in Washington vote to follow. The bill would U.S. officials worry that the
and Bojan Pancevski then go to the White House. pipeline will weaken Ukraine’s
in Berlin Sen. James Risch (R., geopolitical leverage in its
Idaho), chairman of the Senate struggle with Russia and allow
The measure could set back Foreign Relations Committee, Moscow to dictate political
one of Europe’s largest energy called the gas pipeline sanc- terms across the continent.
deals for the Nord Stream 2 tions provision “highly tar- German and Russian officials
pipeline, which U.S. lawmakers geted” and said that he and have countered that it is a
view as a geopolitical gambit the bill’s supporters hoped the commercial venture advancing
by Russia to strengthen its bill is enacted in time to halt energy security for Europe.
622 Royal Street, New Orleans, LA • 877-677-2801 • [email protected] • msrau.com grip on European energy mar- construction. Sen. Ted Cruz (R., Texas)
kets. However, the sanctions, U.S. officials and lawmakers said that the bill, if signed into
Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry. directed at the companies pro- have asserted Nord Stream 2 law, will safeguard Europe’s
Backed by our unprecedented 125% Guarantee, we stand behind each and every piece. viding pipe-laying services to will allow Gazprom, Russia’s energy security and prevent
the pipeline, might further gas-export monopoly, to all Russia from obtaining billions
strain relations between the but abandon the Ukrainian of dollars “that could be used
U.S. and Germany, which has transit system that has han- to fuel Russian aggression.”
THE WALL STREET JOURNAL. Thursday, December 12, 2019 | A9

Earn more.
Pay 0.
$
At Schwab, you get $0 commissions on online stock, ETF, and
options trades1 with no minimums. Plus, you earn more when you
invest your cash at Schwab than you do at Fidelity.

Schwab Funds® Fidelity

1.53% 1.50%
Schwab Value Advantage Fidelity Money
Money Fund®, SWVXX Market Fund, SPRXX
(with waivers)

$0 Investment Minimum $0 Investment Minimum

7-day yields as of 12/9/2019

&
The only firm with a Satisfaction Guarantee
Schwab Fidelity

Yes No
If you’re not happy for any reason, Schwab will refund your
eligible fee and work with you to make things right.

To learn more about our modern approach to wealth management,

CHAT CALL VISIT visit your local branch, call us, or go to Schwab.com

Wealth Management at Charles Schwab

PLANNING | PORTFOLIO MANAGEMENT | INCOME STRATEGIES | BANKING

Rated #1 Broker Overall

by Investor’s Business Daily.

Source iMoneyNet.com as of 12/9/2019

1
The standard online $0 commission does not apply to large block transactions requiring special handling, restricted stock transactions, trades placed directly on a foreign exchange, transaction-fee mutual funds, futures, or fixed income investments.
Options trades will be subject to the standard $.65 per-contract fee. Service charges apply for trades placed through a broker ($25) or by automated phone ($5). Exchange process, ADR, foreign transaction fees for trades placed on the US OTC market,
and Stock Borrow fees still apply. See the Charles Schwab Pricing Guide for Individual Investors for full fee and commission schedules. Multiple leg options strategies will involve multiple per-contract fees.
Money fund investors should carefully consider information contained in the money fund prospectus, or, if available, the summary prospectus, including investment
objectives, risks, charges, and expenses. You can request a mutual fund prospectus by calling Schwab at 1-800-435-4000. Please read the prospectus carefully
before investing.
You could lose money by investing in the Schwab Value Advantage Money Fund (the Fund). The Fund seeks to preserve the value of your investment at $1.00 per
share, but cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the
Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should
not expect that the sponsor will provide financial support to the Fund at any time.
Data presented reflects past performance which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an
investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance
quoted. For the most recent 7-day yields, see Schwab.com. Yields subject to change without notice.
The 7-Day Yield is the average income paid out over the previous seven days assuming interest income is not reinvested and it reflects the effect of all applicable waivers. Absent such waivers, the fund’s yield would have been lower.
Charles Schwab Investment Management, Inc. (CSIM), the investment advisor for Schwab Funds, and Schwab, Member SIPC, the distributor for Schwab Funds, are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation.
If you are not completely satisfied for any reason, at your request Charles Schwab & Co., Inc. (“Schwab”), Charles Schwab Bank (“Schwab Bank”), or another Schwab affiliate, as applicable, will refund any eligible fee related to your concern within the required
time frames. Schwab reserves the right to change or terminate the guarantee at any time. Go to Schwab.com/satisfaction to learn what’s included and how it works. For more information please see the disclosure brochure for the Participating Services.
The guarantee is only available to current clients. Refunds will only be applied to the account charged and will be credited within approximately four weeks of a valid request. No other charges or expenses, and no market losses will be refunded.
Other restrictions may apply. Schwab reserves the right to change or terminate the guarantee at any time.
From Investor’s Business Daily, January 28, 2019, ©2019 Investor’s Business Daily, Inc. All rights reserved. Used by permission and protected by the Copyright Laws of the United States.
Wealth Management refers to a number of different products and services offered through various subsidiaries of The Charles Schwab Corporation. See Schwab.com/wealth.
©2019 Charles Schwab & Co., Inc. All rights reserved. Member SIPC. (1019-9A7X) ADP108694-00
 A10 | Thursday, December 12, 2019 THE WALL STREET JOURNAL.

WORLD NEWS

China Campaign
Mutes Criticism
Of Uighur Camps
Effort in Indonesia A senior Muhammadiyah reli-

HECTOR RETAMAL/AGENCE FRANCE-PRESSE/GETTY IMAGES

gious scholar who went on the
pays off as Muslim tour was quoted in the group’s
groups accept Beijing’s official magazine as saying a
camp he visited was excellent,
policies in Xinjiang had comfortable class-
rooms and wasn’t like a prison.
BY JON EMONT China’s effort to shape
opinions—bolstered by dona-
JAKARTA, Indonesia—A tions and other financial sup-
year ago, clerics here in the port—has helped to blunt crit-
world’s largest Muslim-major- icism of its treatment of
ity country expressed alarm Uighurs by Muslim-majority
over China’s treatment of eth- nations—in contrast to the
nic-minority Muslims—around outspoken condemnation it
a million of whom have has received from the U.S. and
been detained in re-education other Western nations. A park being built in September on the former site of a Uighur cemetery in Xinjiang region, where many Muslims have been detained.
camps, according to human- Indonesia has been on the
rights groups. front lines of this effort. For Myanmar and others in sign- groups such as Human Rights fast on Ramadan for years prominent Indonesian Islamic
Leaders of Muhammadiyah, months China has worked to ing a letter to the United Na- Watch have offered similar es- with China’s ambassador—im- scholar opposed to China’s
Indonesia’s second-largest persuade clerics, politicians tions Human Rights Council timates. Individuals can be plored readers in the book’s policies in Xinjiang posted a
Muslim organization, issued and journalists to support its praising China’s governance targeted for matters as minor foreword not to rely on media critical report by Human
an open letter in December policies in Xinjiang and courted of Xinjiang. as reciting from the Quran at a and international television Rights Watch on his Facebook
2018 noting reports of vio- social-media influencers to “Now safety and security funeral, according to the U.S. reports to understand Xinjiang. page, only to be accused by
lence against the “weak and promote a more favorable view has returned to Xinjiang and State Department. Mr. Siroj didn’t respond to other Muslim leaders of ampli-
innocent” community of Ui- of China and showcase Islamic the fundamental human rights A message from a Commu- an email requesting comment. fying Western propaganda.
ghurs, who are mostly Mus- culture in the country. of people of all ethnic groups nist Party commission in charge A senior official at Nahdlatul The U.S. has countered by
lims, and appealing to Beijing “There’s a problem” with there are safeguarded,” the of Xinjiang security encouraged Ulama didn’t respond to a having diplomats meet and
to explain. extremism in Xinjiang “and letter said. cadres there to “promote the message asking about China’s pose skeptical questions to
Soon after, Beijing sprang they’re handling it,” said Mas- Uighur activists, in con- repentance and confession of possible influence over the or- clerics after Xinjiang tours.
into action with a campaign to duki Baidlowi, an official with the students for them to under- ganization. In August, the U.S. sponsored
convince Indonesia’s religious Nahdlatul Ulama, Indonesia’s stand deeply the illegal, crimi- Not all Muslim clerics who a Facebook Live discussion on
authorities and journalists largest Muslim organization, nal, and dangerous nature of have gone on China-sponsored China’s alleged mistreatment of
that the re-education camps in who was also on the tour.
China’s bid to shape their past behavior,” according trips to Xinjiang have backed Muslim minorities “to draw at-
China’s northwestern Xinji- “They provide a solution: life opinions has helped to documents uncovered by the China’s line. Muhyiddin Jun- tention to these abuses,” ac-
ang region are a well-meaning skills, a vocation,” he said. International Consortium of In- aidi, head of international rela- cording to a notice for the
effort to provide job training He acknowledged he had
blunt concerns in vestigative Journalists. tions for Majelis Ulama Indo- event, and invited Indonesians
and combat extremism. some concerns—there was no Muslim nations. China has built up goodwill nesia, a powerful Indonesian to a meeting in a mall.
More than a dozen top In- place for detainees to pray, for in Indonesia in recent years clerical body, said that his Feb- U.S. diplomats have also
donesian religious lead- example—which the delega- through programs like scholar- ruary visit was tightly con- lobbied Indonesian counter-
ers were taken to Xinjiang and tion raised with officials. ships for students affiliated trolled and that Uighurs he parts to press Chinese officials
visited re-education facili- Earlier this month, a trast, condemn China’s actions with Nahdlatul Ulama, which met seemed afraid to express to release ethnic minority Mus-
ties. Tours for journalists and top Xinjiang government offi- in Xinjiang, saying China is has tens of millions of followers themselves. lims, a person familiar with the
academics followed. Chinese cial said all students learning wrongfully imprisoning large and presents itself as a cham- He said Beijing’s frequent effort said. U.S. officials “real-
authorities gave presentations vocational skills at the centers portions of the population, pion of moderate Islam. This invitations to influential Indo- ize that the Chinese embassy is
on terrorist attacks by Uighurs had graduated. Rights activists breaking up families, silencing year, Nahdlatul Ulama’s Beijing nesians was designed to doing similar things, with—
and invited visitors to pray at expressed skepticism that this intellectuals and razing holy branch published a book of es- “brainwash public opinion,” frustratingly—a bigger bud-
local mosques. In the camps meant all detained Muslims sites as it seeks to destroy Ui- says by supporters who had and criticized Indonesian Mus- get,” the person said.
they visited classrooms where had been released. ghurs’ religion and culture and studied in China, some of which lims he said had become apol- “We have expressed our con-
they were told students re- In July, a host of Muslim- force them to assimilate into questioned the scale of the ogists for China. cerns about China’s treatment
ceived training in everything majority nations, including broader Chinese society. camp system and whether Mus- Still, the blizzard of out- of its own citizens in meetings
from hotel management to an- Saudi Arabia, Iran, Egypt, The U.S. government says lims were mistreated. reach has made it difficult for with Indonesian officials and
imal husbandry. Syria and the United Arab China has detained more than Nahdlatul Ulama head Said more-critical Indonesian Mus- members of civil society,” a U.S.
Views in Indonesia changed. Emirates, joined North Korea, one million Muslims, and Aqil Siroj—who has broken the lim scholars to speak out. One Embassy official said.

Suu Kyi Defends

Myanmar in Tribunal
BY NIHARIKA MANDHANA The scene stood in contrast
AND FELIZ SOLOMON to a speech by Ms. Suu Kyi in
2012, when she traveled to
Myanmar’s Aung San Suu Norway after years of house
Kyi stood before the Interna- arrest under a military junta
tional Court of Justice and de- to talk about democracy and
fended her country against human rights, the struggle for
genocide allegations, an image which she had received the
that will define the interna- Nobel award 21 years earlier.
tional legacy of the Nobel Since then, Myanmar’s po-
Peace Prize winner once feted litical situation and Ms. Suu
for her fight against repression. Kyi’s global image have both
The lawsuit centers on alle- changed. As the effective head
gations that Buddhist-majority of her country’s government
Myanmar committed genocide since 2016—the result of a
against its mostly Muslim Ro- partial transition to demo-
hingya minority. A brutal cratic rule—Ms. Suu Kyi has
crackdown by security forces faced widespread criticism for
in 2017 forced more than what many see as a failure to
700,000 Rohingya to flee show moral leadership as Roh-
across the border to Bangla- ingya faced crackdowns, block-
desh. Ms. Suu Kyi, who is ing human-rights campaigners
Myanmar’s main civilian from uncovering abuses, and
leader, said what happened presiding over a majoritarian
wasn’t genocide but rather an surge in her nation.
exodus triggered by an armed Speaking Wednesday at The
ADNAN ABIDI/REUTERS

conflict between Rohingya Hague, Ms. Suu Kyi urged the

militants and security forces, international community to
echoing an argument her trust the Myanmar military’s
country’s military has made. justice system, expressing
Ms. Suu Kyi provided de- faith in the men in uniform
tailed accounts of actions by who long ruled with an iron
Supporters of India’s Congress party, whose leaders opposed the citizenship bill, protested the legislation in New Delhi on Wednesday. Rohingya militants, including fist and whom she once
two instances of attacks that fiercely fought.

India Excludes Muslims as It Eases

killed more than 20 security “If war crimes have been
personnel. committed by members of
But she provided few spe- Myanmar’s defense services,
cifics on the military offensive they will be prosecuted

Citizenship for Illegal Immigrants that followed, saying “it is still

not easy to establish clear pat-
terns of events.” Human-rights
groups and a United Nations
through our military justice
system,” she said. “It would
not be helpful for the interna-
tional legal order if the impres-
BY ERIC BELLMAN help illegal immigrants, in- religious law. In August it hya have been part of the BJP’s fact-finding team have gath- sion takes hold that only re-
cluding those who are already ended the special treatment core agenda from its beginning. ered testimonies of indiscrimi- source-rich countries can
NEW DELHI—India’s legisla- in India, and was created to and extra autonomy allowed The BJP has also sought a civil nate shootings of fleeing vil- conduct adequate domestic in-
ture established a path to citi- make it easier to naturalize India’s only Muslim-majority code that is the same for all In- lagers, gang rapes of women, vestigations and prosecutions.”
zenship that excludes Muslim refugees. Muslims don’t need state, Jammu and Kashmir. In dians—instead of allowing dif- and the burning of entire Roh- —Myo Myo
illegal immigrants, as Prime special support from India be- November, the Supreme Court ferences in areas of family law ingya villages. contributed to this article.
Minister Narendra Modi lever- cause they aren’t minorities in ruled that Hindu groups could such as marriage, divorce and
ages his re-election victory to its Muslim-majority neighbors, build a temple in the city of inheritance, as Muslims are al-
push through contentious poli- the government says. Ayodhya on a site where Mus- lowed under Shariah law.
cies that Hindu nationalists “There is no need for any lim groups want to rebuild a India plans to create a na-
have pursued for decades. worry for the Muslims in this mosque torn down by a Hindu tional registry of citizens, for
A bill passed by the lower country,” said Home Minister mob in 1992. which many in India may lack
house of Parliament on Tues- Amit Shah, an ally of Mr. The steps are the culmina- the documentation to prove
day and ushered toward law by Modi. “They are citizens of In- tion of decades of effort by the their citizenship. The new law
the upper house on Wednesday dia now, and will always re- BJP, which has moved from the would allow non-Muslims to
eases citizenship for persecuted main. They should live fear- fringes of India’s politics to the protect themselves by saying
religious groups from Pakistan, lessly,” he said. center, led by Mr. Modi, whose they are minority refugees
Bangladesh and Afghanistan, Opponents of the law said career has been steeped in the from Bangladesh, Pakistan or
but only if they aren’t Muslim. the exclusion of Muslims was Hindu-nationalist cause. Afghanistan.
Some opponents of the Citi- another step in a push by Mr. Since its dominant perfor- Muslims would have to pro-
zenship Amendment Bill, Modi’s Bharatiya Janata Party, mance in elections that con- duce documents to prove they
YVES HERMAN/REUTERS

which now goes to the presi- which is rooted in the Hindu- cluded in May, the BJP has are Indian citizens, at the risk
dent to sign into law, see it as nationalist movement, to mar- moved quickly to implement of becoming stateless. That
a threat to Muslims in India ginalize Muslims, who make up long-sought, sometimes contro- would be difficult for many In-
and to Indian values of secu- about 14% of India’s population. versial measures. The abolition dians to do, including many
larism and diversity. The ruling coalition this of the special status of the state poor Muslims, even if they and
The Modi administration year also banned a method of of Jammu and Kashmir and de- their families have been living
says the law is intended to divorce allowed under Muslim sire to build a temple in Ayod- in India for generations. Aung San Suu Kyi is Myanmar’s main civilian leader.
THE WALL STREET JOURNAL. * * Thursday, December 12, 2019 | A11

WORLD NEWS WORLD WATCH

Vatican FRANCE
New Pension Proposal
forces in recent memory.
The bloodshed comes days
ahead of a summit in France
Renews Protest Calls
Uses Gifts A week into a crippling na-
where French President Emman-
uel Macron is expected to meet
with West African leaders to

For Budget tionwide strike, President Em-

manuel Macron’s government
unveiled details of its plan to
discuss his military’s role in the
Sahel region.
The attack occurred overnight
overhaul the pension system, in a remote area where jihadists
Continued from Page One triggering a rebuke from union linked to Islamic State have long
with a mandate to overhaul, leaders who vowed to dig in for been active, the adviser said.
following allegations of cor- a prolonged fight. —Associated Press
ruption, waste and incompe- Prime Minister Édouard Phi-
tence there. lippe delivered an address that TURKEY
Under church law, Peter’s many hoped might end the im-
Pence is available to the pope passe by spelling out the U.S. Senate Bill Draws
to use at his discretion in any changes and assuaging union Warning From Ankara
way that serves his ministry, concerns about the pension re-
including the support of his vamp. Instead, his announce- The Senate Foreign Relations
administration. The collection’s ment threw fuel on the fire. Committee advanced bipartisan
GUGLIELMO MANGIAPANE/REUTERS

website says that, to support Among the most contentious legislation that would punish
the pope’s charitable works, changes is the introduction of Turkey for its purchase of a Rus-
“Peter’s Pence also contributes incentives for workers to retire sian anti-aircraft missile system
to the support of the Apostolic two years after the legal retire- and alleged crimes against Syr-
See and the activities of the ment age of 62 and penalties ian Kurds, a measure that drew
Holy See,” emphasizing activi- for those who don’t. the ire of Turkish officials.
ties that help “populations, in- Philippe Martinez, leader of Foreign Minister Mevlut Cavu-
dividuals and families in pre- the left-wing CGT union, swiftly soglu told Turkish media ahead
carious conditions.” called on workers to extend the of the committee vote that An-
The assets of Peter’s Pence Pope Francis has stressed the church’s mission to care for and advocate on behalf of the most vulnerable. strike, saying the overhaul kara would retaliate against the
now total about €600 million, “makes a mockery of those who U.S. for any sanctions imposed
down from about €700 million describes individual grants, with the matter. nancial watchdog as part of an are fighting today.” over the Russian air defense pur-
early in the current pontifi- such as €100,000 in relief aid Meanwhile, about two- investigation into a large in- —Noemie Bisserbe chase, including an unspecified
cate, largely on account of un- to survivors of last month’s thirds of the money has been vestment in a building in Lon- warning about the U.S. use of
successful investments, said earthquake in Albania or used to help cover the budget don’s upmarket Chelsea dis- NIGER two military bases in Turkey.
the people familiar with the €150,000 for those affected by deficit at the Holy See, these trict. Vatican officials familiar The measure would impose
funds’ use. cyclone Idai in southeastern people said. The Holy See con- with the secretariat’s opera- Suspected Jihadists sanctions on Turkey for its pos-
The use of Peter’s Pence do- Africa in March. sists of the central administra- tions believe at least some of Kill 70 Soldiers session of the Russian S-400 air
nations mostly to plug the Local church leaders echo tion of the Catholic Church the money for the controver- defense system, and bar the
budget deficit is particularly the Vatican’s line when solicit- and the papal diplomatic net- sial investment came from Pe- Suspected Islamic militants sale or transfer to Turkey of U.S.
sensitive for Pope Francis, who ing contributions. According work around the world. In ter’s Pence. ambushed a military post in F-16 and F-35 fighter jets until
began his pontificate by call- to the website of the U.S. Con- 2018, the budget deficit In November, Pope Francis western Niger and killed at least the U.S. certifies Turkey’s dives-
ing for a “poor church for the ference of Catholic Bishops: reached roughly €70 million said that he had authorized 70 soldiers, a presidential adviser titure of the Russian missile
poor,” and has continually em- “The purpose of the Peter’s on total spending of about the raids because of apparent said Wednesday, marking the system.
phasized the church’s mission Pence Collection is to provide €300 million, reflecting corruption, but he defended deadliest attack on the country’s —Courtney McBride
to care for and advocate on the Holy Father with the fi- chronic inefficiencies, rising the practice of investing Pe-
behalf of the most vulnerable. nancial means to respond to wage costs and hits to invest- ter’s Pence donations in real
The head of the Vatican’s ment income. estate and other assets, rather
press office didn’t respond to Donations to Peter’s Pence than using it for charity imme-
requests for comment on the
use of the funds.
For at least five have dropped notably in re-
cent years, to more than €50
diately.
“When the money from Pe-
Peter’s Pence, a special col- years, about 10% of million in 2018 from more ter’s Pence arrives, what do I
lection from Catholics around
the world every June, is billed
the money has gone than €60 million in 2017, these
people said. Concern among
do? I put it in a drawer? No.
This is bad administration. I
as a fund-raising effort for the to charitable causes. ordinary Catholics over the try to make an investment and
needy. The Vatican’s website church’s clerical sex-abuse cri- when I need to give, when
for the collection, www.peters- sis, as well as about the Vati- there is a need, throughout

RAHMAT GUL/ASSOCIATED PRESS

pence.va, describes it as a can’s financial transparency, the year, the money is taken
“gesture of charity, a way of those who are suffering as a have weighed on donations, and that capital does not de-
supporting the activity of the result of war, oppression, nat- these people said. Another de- value, it stays the same or it
Pope and the universal Church ural disaster and disease.” cline is expected for 2019. increases a bit,” the pope said
in favoring especially the But for at least the past five The Peter’s Pence fund, last month.
poorest and Churches in diffi- years, only about 10% of the which is managed by the Sec- But no more than a quarter
culty. It is also an invitation to money collected—more than retariat of State, the Holy of the annual Peter’s Pence
pay attention and be near to €50 million was raised in See’s executive, has been un- contributions is available for
new forms of poverty and fra- 2018—has gone to the sort of der increased scrutiny since investments, after the bulk is AFGHANISTAN ATTACK: Security personnel neared the site of an
gility.” charitable causes featured in October, when Vatican police spent on the Vatican’s operat- attack close to the U.S.’s Bagram Air Base, north of Kabul. A
A section of the website advertising for the collection, raided the Secretariat’s offices ing costs, the people familiar suicide bomber targeted a medical facility under construction near
dedicated to “works realized” according to people familiar and those of the Vatican’s fi- with the fund said. the base, killing two civilians, the Associated Press reported.

Two-thirds of cyberattacks
affect businesses with
fewer than 1,000 employees.* SAN DIEGO, CA January 9–10, 2020

The average cost of these cybersecurity incidents is $1.43M.†

Only 17% of these businesses have a cybersecurity incident response plan.‡

Are you prepared?

CHARLOTTE, NC March 9–10, 2020
Join us for an immersive two-day event dedicated to minimizing cyber risks,
protecting critical data assets and promoting growth. Sessions include:

• Understanding your cyber risk

• What to do if you’ve been hacked
• How not to be the weak link in the supply chain
• How to deal with law enforcement and regulations
• The role of insurance and vendors CINCINNATI, OH April 28–29, 2020
©2019 Dow Jones & Co., Inc. All rights reserved. 6DJ8126

Exclusive, tailored training delivered by FBI-afiliated InfraGard provides

the opportunity to dive deep into your particular area of concern.

Register now at WSJ.com/cybersymposium

BOSTON, MA June 25–26, 2020

* 2018 Verizon Data Breach Investigations Report, 11 April 2018
†Ponemon: 2018 State of Cybersecurity in Small & Medium Size Businesses, 14 November 2018
‡Better Business Bureau State of Cybersecurity Report, 12 October 2017

SPONSOR EXHIBITORS

FEATURED CYBER
PARTNERS
TRAINING PARTNER READINESS
I N S T I T U T E
A12 | Thursday, December 12, 2019 THE WALL STREET JOURNAL.

FROM PAGE ONE

Chicken der with the tiny nation of Be-

nin. The birds came on the back
of motorcycles, taxis, trucks,
boxes, handbags or car doors.
Rice is poured into jerrycans
that are filled with a tiny
toms department.
The price of a single bird in
Nigeria has soared more than
chicken last week, two people
stopped me to ask which out-
let I bought it from,” said Deb-

Becomes a canoes, bicycles, wheelbarrows

or in buckets atop women’s
heads. Traffickers usually paid
amount of oil at the spout to
disguise the contraband inside.
At night, smugglers on motor-
30% to as high as 1000 Naira,
or $3.50, according to farmers,
almost the same price as a ram.
orah Dede, a customer.
Adiobun Kolawole, 25, in
June set up his own chicken-

Rare Bird off the customs officers in cash,

or sometimes food.
President Buhari’s border In demand
bikes ride in convoys of 10 with
boxes of chicken strapped
across their shoulders. “We go
Dozens of Chicken Republic
branches have been forced to
turn customers away or offer
breeding business to capital-
ize on the market dislocation.
“I have 500 birds and they sell
closure was intended to stimu- in teams because it’s safer,” their signature chicken with immediately, but even if I had
Continued from Page One late domestic production ground, under a mission code- said one smuggler who gave his spicy jollof rice dish, without 50,000 it wouldn’t be enough.”
madu Buhari shocked the enough to reduce an annual named “Exercise Swift Re- name as Tunde. “If the customs its key ingredient. “We will just In Nigeria, KFC says it has
country and its neighbors by food import bill of some $4 bil- sponse.” Dozens of trucks car- officers come, we discard the have to see if the government an entirely domestic supply so
closing the country’s land bor- lion and pry the country away rying chicken and rice have chicken and scatter.” will budge…Is this going to con- it isn’t affected by the import
ders to all goods. from smuggled produce. The been impounded. Nigerian soldiers have ex- tinue?” said Deji Akinyanju, ban. The chain has increased
The move was intended to problem is that Nigeria cur- Because chicken can’t get panded nighttime patrols of founder of Chicken Republic. prices. KFC has 16 stores in
stop rampant smuggling and rently produces less than one- through to Nigeria, Benin was the land border and searches Yahuza Chicken, a popular Nigeria. Chicken Republic has
help enforce a decade-old di- third of the poultry and around stuck with way more than it of small boats sailing along spot set in a garden in Abuja, more than 60, and Mr. Bigg’s
rective that chicken and rice half of the rice it consumes, ac- could use. Thousands of frozen the waterways. has begun to open at 1 p.m. in- has 170.
should be made with only lo- cording to official statistics. chickens have been buried in The government claims the stead of 8 a.m. due to lack of Grace Emmanuel, an Abuja
cally farmed ingredients. Benin doesn’t actually have shallow graves; disposing of closure has been a roaring its core product. “We have resident, said she will have a
The announcement, part of a much chicken of its own to sell them that way was cheaper success, recording record rev- never seen this kind of scar- different item at Christmas for
“Nigeria first” pivot, is popular to Nigeria. So it imports than incinerating them. enue for rice and chicken ar- city before,” said Abubakar the first time. “Chicken is fast
with farmers and local produc- chicken from foreign countries, Smugglers who could once riving at sea ports that is Abdullahi, the manager. becoming the exclusive pre-
ers who want a bigger stake of then exports it to Nigeria. pay a small bribe to bring taxed at 70%. “We are sharp- In Lagos, customers have serve for the rich,” she said.
Nigeria’s $400 billion economy. Now the border is patrolled truckloads of chicken across ening our skills and the odds begun swapping tips on which “This year I think I will take a
For years, the majority of by operatives from Nigeria’s the border are now hacking fro- are now against the smug- restaurant branches have small amount of beef instead.”
the country’s chicken and rice National Security Agency, the zen birds into pieces and wedg- glers,” said Joseph Atta, stocks and where the lines are —Gbenga Akingbule
was smuggled across the bor- CIA’s partner institute on the ing wings and breasts into spokesman for Nigeria’s cus- longest. “When I found contributed to this article.

Spending voters but anathema to free-

marketeers. The government’s
ability to bail out failing com-

Rise on Tap panies is also constrained by

membership of the EU.
Mr. Corbyn’s calculation is

In the U.K. that Britons are ready to

swing behind his vision for a
Britain steered by a more in-
terventionist state, where the
Continued from Page One government owns or controls
tary authorities that have left companies providing banking,
central banks depleted, and postal services, mass transit,
even maligned for exacerbat- generic drugs and telecommu-
ing inequality by turbocharg- nications.
ing asset prices. Labour’s manifesto calls for
Populist movements of the an £80 billion-a-year increase
left and right, meantime, have in day-to-day spending—paid
found fertile soil in regions for through higher taxes on
left behind by patchy eco- corporations and high-earn-
nomic growth, leading main- ers—and hundreds of billions
stream parties to rewrite the of pounds of borrowing to fi-
economic playbook to keep nance nationalizations, public

FABIO DE PAOLA FOR THE WALL STREET JOURNAL

voters sweet. Citizens grumble works and investment in low-
about creaking infrastructure carbon technologies.
and many fret that the private His plans for a greener Brit-
sector isn’t up to challenges ain echo the Green New Deal
such as climate change. proposal in the U.S. that pre-
The shift is coming at a scribes huge public spending
time when economic clouds to wean the country off fossil
are darkening, with a U.S.- fuels and create jobs.
China confrontation over trade Polls suggest the Conserva-
pinching growth. tives will emerge as the larg-
Greater public investment est party, though opposition
could help lighten the gloom, parties may yet deprive Mr.
with spending in areas such as Candidates in the U.K. election promise more spending. Peter Mulrooney, from the hard-hit town of Barnsley, doubts much will change. Johnson of the majority
infrastructure and education needed to govern freely.
contributing to a healthier,
more balanced expansion, say
Max Headroom greatly over the last 10 years,”
said Andrew Mayo, an admin-
Under Conservative plans,
state spending as a share of
policy makers such as Interna- Some G20 countries could run up much bigger debts before istrator with a charity. gross domestic product would
tional Monetary Fund chief getting into trouble with investors. Others, not so much. “There’s no money anymore.” rise modestly, to 41% by 2024,
Kristalina Georgieva and out- One manifestation is the lo- from just under 40%, accord-
400
going European Central Bank cal rail service. Visitors arriv- ing to the Resolution Founda-
President Mario Draghi. REAL GDP 2018, IN TRILLIONS ing by rail from neighboring tion. Labour’s plans imply a
“There’s a whole litany of Sheffield do so on twin-car- bigger uplift, to 45%. Under
China $20
reasons why this is the right The U.K. has riage “Pacer” trains converted both parties’ plans, public in-
FISCAL SPACE 2018*, IN PERCENTAGE POINTS

thing to do,” said Adam Posen, room to increase from buses in the 1980s. vestment would rise to levels
10
a former Bank of England offi- 300 debt-to-GDP “Pacer trains should have not seen since the 1970s.
cial who heads the Peterson by 166 pct. pts. 5 been consigned to the railway On average, government
Institute for International Eco- before risking default. museum many years ago,” said spending in rich nations will
nomics, a think tank in Wash- 1 Dan Jarvis, a Labour lawmaker rise to 41% of national income
ington, D.C. Private investment who is seeking re-election. by 2021, from 40% in 2018, the
is low and in many places in- U.S. Barnsley has been a Labour Organization for Economic Co-
200
frastructure needs updating, stronghold, but it also voted operation and Development
he said, adding that low inter- heavily in favor of leaving the projects.
est rates support borrowing EU in 2016, putting it in Mr. Silvia Dall’Angelo, senior
for productive investment. Johnson’s sights. The Conser- economist at Hermes Invest-
France
A fiscal shift isn’t without vatives are projected to win at ment Management in London,
risk. A year ago, Italy’s then- 100 least one of the area’s four said many investors would
Germany
populist government watered districts Thursday, according welcome higher spending, es-
Japan
down its plan for greater bor- to an analysis by pollster You- pecially if targeted at solving
rowing, in response to rising Italy Gov published Tuesday. economic problems such as
interest rates. A challenge both main par- feeble productivity growth.
With unemployment low in ties face is from the Brexit After a long spell of mone-
many jurisdictions contem- 0 50 100 150 200 250 Party, an upstart group that tary stimulus, “it’s time to try
plating a fiscal splurge, extra advocates an abrupt split with something different,” she said.
TOTAL DEBT AS A PERCENTAGE OF GDP, 2018
spending could cause econo- the EU. As the campaign has
mies to overheat, requiring moved along, the party’s pop-
central banks to step on the
*Estimate of the percentage-point increase in debt-to-GDP ratio the borrower could absorb before severe risk of default.
Source: Moody's Analytics ularity has weakened. But it is Following through
brakes. still siphoning pro-Brexit vot- A major challenge for gov-
If spending promises are fi- out. Unlike Greece or Ireland, ropean Union by the current The economic and political ers in a handful of areas, ernments, say former policy
nanced by borrowing, govern- it wasn’t forced by creditors. target date of Jan. 31. forces fueling the shift toward which could make the differ- makers, will be following
ments need to remember that And unlike the U.S., the U.K. greater spending are at play in ence between an outright vic- through.
today’s low interest rates may eschewed tax increases, with places such as Barnsley, a for- tory or a hung Parliament. Countries pledging new
not last forever, said Kenneth successive Conservative-led ‘Austerity fatigue’ mer coal-mining town in In the campaign, fiscal pol- outlays on roads, railways and
Rogoff, professor of economics governments straining for In promising a fiscal boost, northern England. icy is center-stage. Mr. John- bridges, or promising extra
at Harvard. The bill may fall budget discipline solely by he is aiming to sharpen his ap- Voters complain of dilapi- son has laid out plans for a services such as child care,
due on taxpayers or pension- shrinking state spending. peal among traditional Labour dated transport links and “leveling up” of the economy will have to deal with the
ers when economic conditions Conservative Prime Minis- voters in areas that support worsening homelessness, and to narrow the gap between time-consuming nitty-gritty of
are less benign, he said. ter Margaret Thatcher had Brexit. Research suggests the plead for relief after years of northern regions and the af- securing permissions, drawing
“The notion that it’s just railed against big government British electorate is growing belt-tightening. Between 2010 fluent south around London. up plans and finding workers.
free, that we can just spend when in the 1980s she made more concerned about poverty and 2018, public spending in He has diluted the Thatch- “Just announcing telephone
more money and no one’s go- the U.K. into the crucible of a and eager for more public Barnsley and surrounding dis- erite vision that has long dom- numbers of extra spending
ing to pay for it, is very na- free-market revolution that spending after years of gov- tricts shrank by 40% after ad- inated Conservative thinking. does not necessarily translate
ive,” he said. swept the globe. ernment restraint, said Tor- justing for changes in prices, His party’s manifesto, for ex- into good-value investments
Now, ahead of the election, sten Bell, director of the Reso- according to an analysis by the ample, contains a pledge to or better services,” said Jill
Mr. Johnson has rewritten his lution Foundation, a London Centre for Cities, a think tank hand government ministers Rutter, a former U.K. Treasury
The Brexit factor party’s fiscal rules to permit think tank. focused on boosting urban the power to aid struggling official who’s now a senior fel-
In the U.K., such risks are £100 billion of extra borrowing “Austerity fatigue has defi- economies. businesses with taxpayer low at the Institute for Gov-
heightened by the country’s over the next five years to nitely set in,” he said. “The town has suffered cash—a policy popular with ernment, a London think tank
planned departure from the plow into capital projects. focused on improving policy-
European Union, which is Already the Conservatives Easing Off making.
clouding the economic out- have penciled in £22 billion of Whoever wins, voters in
look, unsettling investors and that for revamping schools, Governments are in better fiscal health and some are already projected to spend more, Barnsley are skeptical much
absorbing huge amounts of building new flood defenses while others are promising to follow suit. will change. “Most people
government time and energy. and greening the economy. Government deficit/surplus Government spending think those promises have
Faced with such uncertainty, They have earmarked £500 as a percentage of GDP as a percentage of GDP been made before and they
investors might be unwilling million a year to fix potholes. never happened,” said Peter
to pony up for Britain at cur- Mr. Johnson’s plans include 5% 60% PROJECTIONS Mulrooney, vice chairman of
rent low rates, said Mr. Posen spending on transport, high- Barnsley Churches Drop-in
of the Peterson Institute. speed broadband and house 55 Project, a charity that helps
“The U.K. may not be be- building, and extra cash for 0 France drug addicts and the home-
coming Greece, but it might be the National Health Service. less.
becoming 1970s U.K.,” Mr. Po- Voters are also being prom- 50 Andrew Shaw, a record-
sen said, referring to boom- ised some personal tax cuts, –5 store owner, said he would
and-bust cycles that dogged paid for largely through scrap- 45 Germany probably vote Labour, but he
the economy in the past dur- ping a planned reduction in fears a new burst of spending
ing spells of political and eco- corporation tax. –10 U.K. from either party could prove
nomic mismanagement. Behind Mr. Johnson’s pitch 40 fleeting, leading to an even-
In the turbulent period af- are political imperatives. He U.S. tual reckoning.
ter 2009, many countries took needs to sweep up opposition- –15 35 Japan “I’m worried that my
steps to rein in ballooning held districts to win big daughter will just get another
2010 ’20 2010 ’20
budget deficits. The U.K.’s enough to meet his goal of raft of austerity in 10 years,”
drive toward austerity stood taking the U.K. out of the Eu- Source: Organization for Economic Cooperation and Development he said.
 THE WALL STREET JOURNAL. * * NY Thursday, December 12, 2019 | A12A

GREATER NEW YORK

Jersey City Attack Rattles Area NYPD
Steps Up
Neighborhood of Jews
and African-Americans
is left reeling after
Security
BY BEN CHAPMAN
shooters kill four people
New York City is increasing
BY KATE KING security measures at potential
AND TYLER BLINT-WELSH terror targets following the
deadly shootings at a Kosher
JERSEY CITY, N.J.—The day market in Jersey City, N.J.,
after two assailants shot up a that may have been motivated
kosher grocery and fired hun- by anti-Semitism, Mayor Bill
dreds of rounds during an de Blasio said Wednesday.
hourslong standoff with police The New York Police De-
here, a restoration crew partment will deploy more of-
boarded up the gaping hole ficers in the city’s Jewish com-
where the storefront’s glass munities, in an effort to
window had been shattered. prevent violence, although
The attack, which left six there were no credible threats
people dead on Tuesday, in- at the time, officials said.
cluding the two suspected New York City has experi-
shooters, rattled the histori- enced a rise in hate crimes in
cally black neighborhood recent years, particularly those
where an ultra-Orthodox Jew- targeting Jewish people, NYPD
ish community recently has records show.
RICK LOOMIS/GETTY IMAGES

taken root. Three people were Mr. de Blasio, a Democrat,

killed inside the store, includ- said at a news conference that
ing the wife of the owner, a the city was suffering a “crisis
customer and an employee. A of anti-Semitism.” The shoot-
Jersey City police detective ings in Jersey City have made
was fatally shot at a cemetery that problem more acute, he
about a mile away, officials be- said.
lieve by the same two shoot- Members of the Jewish community on Wednesday walked near the scene of a deadly Jersey City shooting. Six people, including Moshe “Now we have seen this ex-
ers, who were also found dead Deutsch, below right, were killed. A team of Hasidic emergency and recovery services cleaned up the site on Martin Luther King Drive. traordinarily extreme form of
inside the store. violence reach the doorstep of
Joie Mrava, who walked past New York City, and we have to
the crime scene with her young take that as a warning sign,”
daughter Wednesday, said she Mr. de Blasio said. Two victims
waited out the gunbattle in the in the Jersey City attacks had
hallway of her nearby home. “It ties to the Brooklyn orthodox
was scary, it sounded like a Jewish community, he noted.
war zone,” she said. After learning of the shoot-
The violence highlighted the ings, the mayor said he di-
fact that many Jewish people rected the NYPD to enter a
are increasingly concerned state of high alert and assign
about their safety, said Evan hundreds of officers to dozens
BESS ADLER FOR THE WALL STREET JOURNAL

Bernstein, the regional director of crucial locations in Jewish

for the Anti Defamation League. communities citywide, includ-
“If this was truly a targeted ing museums, community cen-
CHAI LIFELINE/ASSOCIATED PRESS

anti-Semitic attack with mur- ters and synagogues.

derous intent, you’re dealing The mayor also noted that
with the third one of its kind the NYPD is forming a new
now in 18 months on American unit known as Racial and Eth-
soil,” he said. “And I think for nically Motivated Extremism,”
us, we cannot allow this to be- or “R.E.M.E,” within the de-
come normalized.” partment’s Intelligence Bureau.
State and federal investiga- He said the unit would focus
tors said Wednesday that they on identifying trends and signs
hadn’t confirmed whether of the United Jewish Organiza- nized the attack as anti-Semi- sey City Anti-Violence Coali- long grappled with poverty of extremism to prevent
anti-Semitism motivated the tions of Williamsburg and tism to give the community tion. and violent crime, with Ms. crimes.
attack, but Jersey City Mayor North Brooklyn. The store the resources and support The Hasidic community be- Johnson noting a lack of eco- Speaking at news confer-
Steven Fulop was unequivocal opened about four years ago. they needed to recover, Mr. gan growing during the past nomic opportunity, rather ence, NYPD Commissioner Der-
that it was a hate crime. “As a Ms. Ferencz, 33 years old, Niederman said. several years and now num- than organized gangs, are at mot Shea said the force has
grandson of Holocaust survi- was killed along with customer Jersey City, located across bers about 100 families. There the root of the violence. seen a 22% increase in anti-Se-
vors it’s important to me to Moshe Deutsch, 24, who was the Hudson River from lower has been friction with long- Ms. Johnson said she was mitic hate crimes so far this
call it out for what it is and to also Hasidic and lived in Brook- Manhattan, is the state’s sec- time residents who felt they horrified by the attack on the year, compared with the same
call it out aggressively,” he lyn. Douglas Miguel Rodriguez, ond-most populous city and were being aggressively solic- kosher grocery but wants to period in 2018. Hate crimes
said in an interview. 49, worked at the store and has long been a hub for immi- ited to sell their homes, Ms. make sure the daily trauma overall have also risen, he said.
Mindy and Moishe Ferencz was also killed in the attack. grants. The neighborhood Johnson said. suffered by the neighborhood’s The NYPD’s new Racial and
moved to the city with their Mr. Niederman said during where the shooting occurred, These solicitations have African-American community Ethnically Motivated Extrem-
three young children after be- a Wednesday news conference called both Greenville and subsided since the city council isn’t overlooked. “This has ism unit began a few weeks
ing priced out of Brooklyn and with New York City Mayor Bill South Side, is a working class, passed a resolution in 2017 been going on for a very long ago under Deputy Commis-
opened Jersey City Kosher Su- de Blasio that he is heartsick predominantly African-Ameri- creating a “No Knock” regis- time,” she said. sioner of Intelligence and
permarket, said Rabbi David over the violence. It was im- can area, said Pamela Johnson, try, she said. —Ben Chapman Counterterrorism John Miller,
Niederman, executive director portant that officials recog- executive director of the Jer- The neighborhood also has contributed to this article. Chief Shea said.

In With the New in Times Square New York’s GOP Senators Face
A Steeper Climb to Regain Seats
BY JIMMY VIELKIND on Black Friday that he to 43—a two-thirds majority
wouldn’t run again so he could that could override a guberna-
New York state Senate Mi- focus on his family business. torial veto.
nority Leader John Flanagan In power in Albany for the She laughed when asked
acknowledged Wednesday that first time in a decade, Demo- about the Republican retire-
he faces a steep path to retake crats have advanced a more ments.
the chamber majority next progressive agenda, passing “I think they understand
year, especially with many of rent overhauls and tighter that we are going to continue
his GOP colleagues not seeking emissions standards, among to have a Democratic majority
re-election. other measures that had long in the Senate,” Ms. Stewart-
Since Thanksgiving, four been held up by Republicans. Cousins said.
Republicans said they Mr. Flanagan made his first Democrats this year
wouldn’t run for re-election, statement on his colleagues’ strengthened abortion rights,
expanding the field of open departures Wednesday by eliminated cash bail for misde-
TIMOTHY A. CLARY/AGENCE FRANCE-PRESSE/GETTY IMAGES

seats in November. The com- thanking them for their ser- meanor offenses, allowed un-
ing vacancies include districts vice and saying he was work- documented immigrants to ap-
in the Hudson Valley and ing to recruit candidates. ply for driver’s licenses,
Western New York, where “Are we in a tough posi- enacted a system of conges-
Democrats have an enrollment tion? Of course,” he said. “But tion pricing to fund the Metro-
edge. that doesn’t mean we’re not politan Transportation Au-
State Sen. Joe Robach, a going to be in there fighting thority, established a system
Republican from suburban and swinging and advocating of early voting and expanded
Rochester, said Wednesday for the people I represent.” tenant-protection laws.
that he would retire next year. After picking up eight seats Mr. Flanagan said opposi-
State Sens. Betty Little, who in the 2018 elections, Demo- tion to the bail changes,
represents the Adirondack re- crats count 40 of the cham- driver’s license bill and con-
gion, and Mike Ranzenhofer, ber’s 63 senators as members gestion pricing—where people
from Erie County, announced of their conference. Senate are charged a toll for driving
their retirements last week. Majority Leader Andrea Stew- into the most congested parts
NUMBER’S UP: Preparations were under way Wednesday for the city’s New Year’s Eve festivities. State Sen. George Amedore, art-Cousins, a Democrat from of Manhattan—would form
whose district covers areas Yonkers, said Monday that she Republicans’ core campaign
south and west of Albany, said hopes to expand those ranks message.
A12B | Thursday, December 12, 2019 NY * * THE WALL STREET JOURNAL.

GREATER NEW YORK

Snow Hampers New Signal System on 7 Line

BY PAUL BERGER 40 miles an hour. contractor who installed the
Andy Byford, the MTA’s system for not moving more
A new signal system meant subway chief, said during an quickly to resolve the problem.
to speed trains on one of New unrelated news conference at He also demanded the com-
York City’s busiest subway New York Penn Station on pany fix the issue before the
lines can’t handle winter Wednesday that slush pre- next band of snow hits, he
weather. vented the modern signal sys- said.
The Metropolitan Transpor- tem from locating trains. The MTA plans to spend
tation Authority had to slow The system had similar is- billions of dollars upgrading
trains on the 7 line to a maxi- sues earlier this month and in signal systems on six lines in
mum of 25 miles an hour on March, in comparable weather coming years, and Mr. Byford
Wednesday morning because conditions. said he warned the company
light snow was falling, down Mr. Byford said that on that the system’s performance
from a maximum of more than Wednesday he admonished the has jeopardized future busi-
ness. “If they don’t fix it,
there’ll be hell to pay,” Mr. By-
ford said.
A spokesman for the con-
tractor, Thales Transport &
Security Inc., apologized to
riders in a statement on
Wednesday. He said the com-
pany would solve the problem
as quickly as possible.
The MTA spent $600 mil-
lion installing the new signal
system on the 7 line, including
a $344 million contract with
Thales.
The 7 line carries about
500,000 weekday riders be-
tween Flushing, Queens, and
Hudson Yards on the west side
of Manhattan.
Riders endured years of
overnight and weekend shut-
downs while the new signal sys-
tem was installed. The system
went live in November 2018,
two years behind schedule.
Setting the weather-related

AGATON STROM FOR THE WALL STREET JOURNAL

issue aside, Mr. Byford said he
is happy with the signal sys-
tem’s performance.
The upgraded system is in
operation on only two of the
MTA’s 27 subway lines. It pro-
vides a more accurate location
of trains and allows the au-
thority to run trains closer to-
gether.
The similar system installed
on the L subway line by a dif-
ferent contractor hasn’t had The 7 subway line carries about 500,000 weekday riders between Queens and Manhattan.
the same weather-related fail-
ures, Mr. Byford said. from less than 70% of trains Thales developed a cover weeks, an MTA spokesman
Since the system went into before the system went on for the equipment, but hadn’t said. The covers will be put on
operation on the 7 line, the line. finished installing all of them additional equipment in the
MTA has been able to run Thales became aware of the in time for this season’s coming months, he said.
more frequent service. Punctu- issue in March, when slush weather. The MTA and Thales ha-
ality rates on the line have that settled on trackside The company expects to ven’t agreed who will pay the
risen to among the best in the equipment prevented the sys- have fitted covers for all of the additional costs, which are ex-
city, with more than 90% of tem from locating trains, Mr. equipment considered at risk pected to reach as much as
trains arriving on time, up Byford said. during the next couple of $150,000, the spokesman said.

GREATER NEW YORK

CONNECTICUT in marketing and product place- NEW YORK STATE
JOURNALISTS DON’T Sandy Hook Gun Suit
ment in violent videogames.
The Use of Aerial
Remington made the Bush-
‘JUST WRITE STORIES.’ Is Set for Trial in 2021 master AR-15-style rifle used to
kill 20 first-graders and six edu-
Pesticide Is Banned
A lawsuit by families of cators at the Newtown school. New York is prohibiting the
Sandy Hook Elementary School The Connecticut Supreme Court aerial spraying of an agricultural
shooting victims against Rem- ruled 4-3 in March that Remington pesticide that can harm the ner-
THEY RECORD HISTORY. ington Arms will go to trial in could be sued under state law over vous systems of infants and
September 2021, a Connecticut how it marketed the rifle. The deci- children.
judge said Wednesday. sion overturned a ruling by a state Gov. Andrew Cuomo says he
A survivor and relatives of trial-court judge who dismissed the is directing the state Depart-
nine victims of the 2012 massa- lawsuit based on a federal law that ment of Environmental Conser-
cre filed the wrongful-death suit shields gun-makers from liability, in vation to ban nearly all uses of
against Remington in 2015, say- most cases, when their products the pesticide by December
ing the company should never are used in crimes. Remington ap- 2020. New York, however, will
have sold such a dangerous pealed to the U.S. Supreme Court, allow the spraying of the pesti-
weapon to the public and alleging which declined to hear the case. cide on apple tree trunks until
it targeted younger, at-risk males —Associated Press July 2021.
The pesticide also poses the
risk of acute poisoning and neu-
rological damage in farmwork-
ers, says Friends of the Earth,
an Environmental group. Apple
farmers have argued that chlo-
rpyrifos is the only pesticide
available for use against pests.
—Associated Press

CONNECTICUT
Governor Seeks to
Team Up on Climate
Connecticut Gov. Ned Lamont
plans to work with his counter-
parts in Rhode Island, New York
and New Jersey to address climate
change, noting Wednesday that he
hopes the coalition of states can
set an example for the U.S.
Appearing before the newly
expanded Governor’s Council on
Climate Change, the Democrat
said state officials need to take
action, given President Trump’s
skepticism of a warming planet.
The council has been charged
with monitoring Connecticut’s
progress toward reducing the
state’s carbon emissions, eventu-
ally to 0%, by 2040. The group
is scheduled to provide Mr. La-
mont with a report on that
progress by Jan. 15, 2021, and
annually thereafter.
The council also will work
with state agencies to come up
with a strategy to assess and
prepare for the impact of cli-
Learn more about the impact your mate change in areas such as
infrastructure, agriculture, natu-
journalism career can have on the world. ral resources and public health.
Wall Street Journal reporter Erin Ailworth Mr. Lamont said Wednesday
he wants Connecticut to be a
and others share career advice at leader on climate change, noting
dowjonesnewsfund.org/careers. ROBERTO COIN BOUTIQUE the state’s goal of having a car-
Westfield World Trade Center bon-free electric grid by 2040 is
Oculus | Main Level C2 | New York, NY | 212.287.1299 more ambitious than neighbor-
ing states with a 2050 goal.
—Associated Press
 THE WALL STREET JOURNAL. Thursday, December 12, 2019 | A13

LIFE&ARTS
Late in Any Language
London’s Heathrow Airport is often For air travelers, delays due to
ground zero for delays in Europe. air-traffic control problems have
been rapidly increasing in Europe
Total air-traffic control
delay minutes
30 million

25

20

15

10

0
’13 ’14 ’15 ’16 ’17 ’18
Source: Eurocontrol

dled by one controller—than it can

safely handle, planes are delayed on
the ground or rerouted.
RUSSIAN LOOK/ZUMA PRESS

Last summer Eurocontrol worked

to route flights away from bottle-
necks in France, Germany and parts
of Spain to keep travel moving.
That reduced very long delays, but
angered air-traffic control agencies
that rely on overflight fees paid by
airlines, which add up to billions of
euros each year. In addition,
THE MIDDLE SEAT | SCOTT McCARTNEY weather was more accommodating

The All-Continent Traffic Jam

in the summer of 2019 compared
with the previous summer, and
there were fewer strikes.
Delays aren’t all due to air-traf-
fic control. Many airports in Eu-

S
rope have overcrowded airports,
Brussels more people isn’t using all its single sky comes only when there’s that they need to maintain control particularly Heathrow and Gat-
tarting to plan your Eu- planes during the busiest travel a crisis,” says Thomas Reynaert, of their skies for military reasons. wick in London. And analysts say
ropean summer vaca- period. managing director of Airlines for So within Europe, people cross airlines carry some blame for
tion for next year? Plan “We don’t really want to be tak- Europe, an airline lobbying organi- borders freely. But airplanes can’t. packing more flights into already
to be delayed. ing large numbers of aircraft in zation known as A4E. “We have one system for bank- crowded airspace.
Air-traffic control in the summer,” says Kenny Jacobs, A strike in France by transpor- ing in Europe. We have one system “Capacity is the key, including
Europe is a mess ac- Ryanair’s chief marketing officer. tation workers Friday over a gov- directing trains. But airspace airport capacity,” says Chris Tarry,
cording to Eurocontrol, the agency Over the past six years, airline ernment plan to overhaul pensions somehow is different,” Ryanair’s an aviation analyst in London. He
that coordinates it. The average flights have increased 16% in Eu- highlighted the impact of a frag- Mr. Jacobs says. “It’s crazy.” used to fly between London and
delay per flight is tracking 76% rope, while delays blamed on in- mented air-traffic control system. European Union transport min- Glasgow, Scotland, and the flight
higher than 2017, and four times air congestion or other slowdowns When French air-traffic controllers isters said on Dec. 2 that they was scheduled at 55 minutes. Now
as high as 2013. Last summer have quadrupled from 0.38 minute would take another crack at single it’s 85 minutes.
wasn’t as bad as the summer of per flight, on average, in 2013 to European sky by vowing to update About half of all delays in Europe
2018, which smashed delay records 1.68 minutes per flight in 2018. regulations. Part of the action re- result from air-traffic control prob-
and created a travel slog. But The preliminary estimate for this
Air-traffic control quests an analysis from the Euro- lems. Another 30% come from
warning signs about next summer year is 1.6 minutes per flight on experts warn of brutal pean Commission on the impact of weather and the remaining 20%
are already percolating. average. While plenty of flights proposed measures. A4E’s Mr. from airport and airline issues. In
“People need to understand we don’t encounter delays en route,
delays in Europe during Reynaert says that amounts to summer months, close to 30% of all
are in a crisis situation,” says more than a million do. the summer of 2020. more delay. flights in Europe arrived late in the
Iacopo Prissinotti, director of net- Though the Federal Aviation Ad- The EU ministers’ own communi- past two years.
work management for Brussels- ministration has struggled to up- qué showed continued resistance. Eurocontrol and airlines hope
based Eurocontrol. grade to modern air-traffic control “Ministers acknowledged the that growing environmental con-
Ryanair says even if it gets the technology and is often blamed for went on strike, not only were need for swift action to address air- cerns will finally force change on
Boeing 737 MAX back next spring, maddening delays in the U.S., Eu- flights to and from French airports space congestion,” a press release air-traffic control agencies. Circum-
it will add only 10 airplanes to its ropeans look at the FAA as a bea- affected, but also flights through from the European Union said. navigating bottlenecks increased
summer schedule, leaving some 50 con of efficiency by comparison. French airspace in the middle of “However, a large number of minis- fuel burned. Eurocontrol says the
grounded to avoid overloading air- Eurocontrol and airlines say the the continent. Airlines fear contin- ters expressed doubts on certain inefficiency in the system adds 10%
traffic control, or ATC. The budget main problem is that 41 different ued strikes over proposed eco- new measures.” more carbon dioxide emissions. Re-
airline, now the largest in Europe air-traffic control agencies have nomic reform could cripple sum- Mr. Prissinotti says regulators ducing that “would be a huge win,”
in passenger traffic, has upped its continued to operate their own op- mer air travel. need to look past local concerns A4E’s Mr. Reynaert says.
number of spare planes, padded erations, not wanting to give up Beyond labor actions, some about jobs and control. “We need to At Eurocontrol’s headquarters
schedules with extra minutes and sovereignty in the skies. countries have a shortage of air- put our hands in the mud,” he says. here, a new display board shows a
added more ground workers to Twenty years ago governments traffic controllers, particularly in When an airline files a flight plan rolling total of en-route delay-min-
load and unload planes faster to talked of building six regional ATC the summer months. That reduces for a trip, Eurocontrol coordinates utes plus airport delays. On a re-
compensate for ATC delays. centers run by Eurocontrol and traffic flow, Eurocontrol says. And the route. If any particular air-traf- cent day, delay minutes hit 18,000.
You know things are bad when putting traffic under a “single Eu- some nations have updated equip- fic control agency on the proposed Executives say that suggested a
an airline that once threatened to ropean sky.” That didn’t happen. ment while others haven’t. flight path will have more traffic in good, calm day. Summer days usu-
have passengers stand to pack in “The focus of member states on Some countries have argued a sector—a chunk of airspace han- ally top 200,000 minutes.

New Ways to Battle series of images of procrastina-

tion, such as a person reclined in a
lounge chair, feet up, with a glass

Procrastination
of beer. They are also shown pic-
tures of industriousness, like a
stack of papers with a highlighter
and pen at the ready. The pictures
BY ANDREA PETERSEN include corresponding statements.
more likely to have anxiety disor- Users are instructed to physically
NEW STRATEGIES are emerging ders and depression. push images of procrastination
for the cause of many a blown Procrastination is “deferring away via a swipe upward and draw
deadline, late fee and irritated commitments even though you the images of industriousness
boss: Procrastination. know about the negative conse- closer via a swipe down. “It is very
As digital distractions prolifer- quences that lie ahead,” says Chris- much like Tinder,” says Dr. Lukas.
ate, psychologists are adapting tian Aljoscha Lukas, a clinical psy- Images shrink as they are pushed
tactics from cognitive behavioral chologist and postdoctoral away and grow as they are
therapy to target procrastination. researcher at Friedrich-Alexander brought closer. Participants earn
They are also developing smart- University Erlangen-Nuremberg in stars for correct responses.
phone apps to reinforce thoughts Germany. In a small pilot study published
of industriousness. While thera- Alexander Rozental, a psycholo- in 2017 in the journal Internet In-
pists and productivity gurus have gist and postdoctoral researcher at terventions involving 31 procrasti-
long offered techniques to prod Karolinska Institutet in Stockholm, nators, those who used the smart-
ILLUSTRATION BY MICHAEL GLENWOOD

people into action, these new ap- has developed a treatment for pro- phone app for two weeks (for an
proaches are being subjected to crastination—delivered online or in average of about five minutes a
more rigorous scientific study— person by a therapist—based on the day) and also received two ses-
with promising early results. principles of cognitive behavioral sions of in-person group counsel-
The efforts come as some re- therapy, an approach that focuses ing had a statistically significant
searchers believe that procrastina- on changing the thoughts and be- greater drop in their scores on a
tion is on the rise. The fault partly haviors that drive people’s distress. measure of procrastination, com-
lies with the endless supply of dis- Here are its core components: pared with a control group.
tractions we carry around in our Dr. Steel says that the most im-
smartphones, carefully targeted to Revamp Your Goals portant thing you can do to com-
our tastes, says Piers Steel, a pro- Goals need to be specific and bat procrastination is to get
fessor at the University of Calgary scheduled. “Instead of saying, ‘Next beginning a project, Dr. Rozental student who is failing to complete enough sleep. “When your energy
and the author of “The Procrasti- week I’ll start studying for my has people start very small. “If it an assignment might be able to levels are down, your willpower is
nation Equation.” “All those beau- exam,’ say, ‘On Monday between 9 is hard to start with reading one find some motivation by connect- weak,” he says.
tiful AI algorithms are pushing the and 11, I’ll start studying for my page, start with reading one para- ing to her desire to help people as Robert Schachter, an assistant
next most addictive thing it can exam,’” Dr. Rozental says. Since graph. If it is hard to start clean- the doctor she hopes to become. clinical professor of psychiatry at
think of in front of your nose. How motivation increases the closer you ing your kitchen, clean one cup- You can see the “value of doing the Icahn School of Medicine at
could we do anything but procras- get to a deadline, larger goals board,” he says. “Usually people something that is very boring be- Mount Sinai in New York, says he
tinate?” he says. should be divided into smaller sub- say, ‘It wasn’t as bad as I thought, cause it helps get you closer to the has identified 20 different reasons
Studies have found that between goals. Then schedule regular re- I can continue.’ ” things that you value in life,” Dr. for procrastination (being a per-
15% and 20% of American adults wards when you meet those sub- Rozental says. fectionist and being impulsive are
chronically procrastinate. Among goals, such as a cup of coffee or a Eliminate Distractions In a study published in 2015 in two), with each type needing a tai-
college students, the numbers are quick walk after two hours of work. This seems like a no-brainer, the Journal of Consulting and Clini- lored treatment. Since procrastina-
markedly higher: About three-quar- “You want to have something to but remove everything that isn’t cal Psychology that involved 150 tion can be a feature of ADHD and
ters consider themselves procrasti- look forward to,” he says. important for the task at hand. procrastinators, those who did the depression, he screens people for
nators and nearly half say their pro- online treatment saw statistically those disorders.
crastination is chronic and Start Small, but Start Assess Your Values significant improvement. He has patients list the costs of
problematic. Procrastination can For procrastinators, the first Dr. Rozental has participants Other researchers are experi- their procrastination as well as the
cause stress and wreak havoc on step is often the hardest. They identify their core values to help menting with game-like programs. pros. “If in fact they say the nega-
people’s work and relationships. It wait for a burst of motivation or them see the relationship between Dr. Lukas has developed a smart- tives really outweigh the positives,
is also linked to mental-health is- inspiration that often doesn’t ar- the tasks they are putting off and phone app treatment for procrasti- they’ll really want to do something
sues: People who procrastinate are rive. To overcome the resistance to their larger life purpose. A college nation. Users are presented with a about it,” says Dr. Schachter.
 A14 | Thursday, December 12, 2019 THE WALL STREET JOURNAL.

LIFE & ARTS

CLOCKWISE FROM TOP LEFT: UNIVERSAL PICTURES (2); MAGNOLIA PICTURES; IFC MIDNIGHT
The Horror of
Being a Woman
(in the Movies)
BY AMELIA HARNISH film is about an am-
bitious geneticist
IN “BLACK CHRISTMAS,” a and single mom who
slasher flick out this Friday, a invents a plant spe-
group of sorority sisters are cies that emits a
stalked and gruesomely picked off smell that makes
by a mysterious shadow figure people happy (or
right before Christmas break. does it?). Jennifer
It’s directed by Sophia Takal, Reeder directs
who says she drew from “the whirl- “Knives and Skin,”
wind of changing dynamics between the story of a band
men and women right now.” It is geek named Carolyn
one of a spate of horror releases who goes missing
this month helmed by women, after refusing to
which mine the female experience hook up with a toxic
for socially poignant stories that jock. Both films re-
also bring chills and thrills. The ceived praise from
movies are stylistically diverse, critics when they
from commercial to arthouse. made the festival
“Black Christmas” is the most circuit earlier this
commercial of the films out this year and arrived in
month, and marks the first time a a limited number of
woman has directed a wide-theat- theaters last week. Several horror releases directed by women are updating old tropes and finding new ways to thrill. Clockwise from top left: Imogen
rical release for Blumhouse Pro- Coming in Janu- Poots (left) and director Sophia Takal on the set of ‘Black Christmas,’ Lucy Currey as a sorority sister, and Emily Beecham in ‘Little Joe.’
ductions, the studio behind hits in- ary is director Flo-
cluding “The Purge,” “Paranormal ria Sigismondi’s “The Turning,” line of notable women-directed Carolyn’s spirit haunts the story. with plenty of for-fun’s-sake
Activity” and “Get Out.” which updates Henry James’s horror movies that have emerged The film reflects multiple genres— scares. Ms. Sigismondi modernizes
In it the main character, Riley, is gothic ghost story, “The Turn of in the past decade, including not just horror, but also musicals James’ original story. Set in the
a sexual-assault survivor dealing the Screw” about a governess Karyn Kusama’s “Jennifer’s Body” and coming-of-age dramas, Ms. 1990s, it follows Kate, the new
with the emotional fallout of not hired to oversee two children (2009), Jennifer Kent’s “The Baba- Reeder says. “The genre is the governess at a spooky Maine
being believed whose parents dook” (2014) and Julia Ducour- gate,” she says. “You think it’s a manor. The ghost character Miss
by many of her died in a spooky nau’s “Raw” (2016). story about the missing girl. Will Jessel is recast as a victim of the
peers or the po- mansion. When Blumhouse founder Jason she be a ghost or zombie? But it groundskeeper Peter Quint.
lice. Her best “Horror allows Blum said last year that “there are really is about the horror of navi- “With this version, I was really
friend, Kris, is a you to have fun not a lot of female directors pe- gating girlhood.” interested in exploring how a
fiery feminist and be scared and riod, and even less who are in- “Little Joe” follows Alice (played woman can feel in situations where
and campus ac- have an entertain- clined to do horror,” he quickly by Emily Beecham, who won the she doesn’t feel safe,” Ms. Sigis-
tivist who starts ing time at the apologized, calling his comments a best-actress award at Cannes) who mondi wrote in an email. “I wanted
a petition to fire movies but still “stupid mistake.” names her plant creation after her to build a parallel between Jessel
a classics profes- absorb a social Women have succeeded in the son Joe, then gives him one before and Kate. Kate’s fears of what could
sor who refuses message or a genre for multiple reasons, says safety testing is complete. Soon she have happened to Jessel are really
to put women questioning of so- Karina Wilson, a horror historian, notices startling changes in him. fears she has for herself.”
authors on his ciety,” Ms. Takal writer and story consultant. The Critics have compared the film to Ms. Takal, who co-wrote the
syllabus. Soon says. In the way genre tends to attract outsiders to “Invasion of the Body Snatchers.” script for “Black Christmas” with
their friends be- that Jordan the Hollywood machine. “Tradi- Among themes in the film is a April Wolfe, describes the movie as
gin to disappear, Peele’s “Get Out” tionally, there has been a strong mother’s fear about how her ambi- a “fiercely feminist” remake of the
and they have to explored the ways streak of non-studio horror mov- tion has affected her son. “That 1974 original which also commented
fight back on Jennifer Reeder directed ‘Knives racism invades ies,” Ms. Wilson says. The female came from my own experience as a on gender relations of the time—
their own. As and Skin,’ about a missing girl. and terrorizes, experience lends itself to the sub- parent,” the director, Ms. Hausner, though from a male point of view.
Riley says to Ms. Takal says her ject matter, too, she adds. “In an says. “It’s a question of what should “I wanted to make a movie that
Kris: “They didn’t believe me when movie explores the inescapable era where #MeToo is unmasking a mother be like? We’re still living felt as contemporary in 2019 as
I told them what Brian had done forces of sexism and misogyny. monsters, why is it surprising we in a society where we all expect a the original felt in 1974,” she
to me. So what makes you think In some ways, women and hor- prefer stories about monsters? mother to love her child, more than says.“The killer in the original rep-
they are going to believe us now?” ror have always gone together— That’s our lived reality. The horror her job, more than anything else. I resents misogyny. You think you’ve
Among the other new horror Mary Shelley, for example, brought movie helps us make sense of it.” think this needs to be adjusted.” gotten rid of it. But it’s still in the
movie releases is “Little Joe,” di- the world “Frankenstein.” “Knives and Skin” is set in a Ms. Sigismondi’s “The Turning” shadows and will come when you
rected by Jessica Hausner. The The new releases are part of a nondescript Midwest suburb, and is more of a typical ghost thriller totally let your guard down.”

FILM REVIEW | JOE MORGENSTERN

In ‘Bombshell,’ Explosive Potential Defused

BY ALL RIGHTS, “Bombshell” “Bombshell,” on screen. He is not, to put it
ought to be edifying and gratifying, with John Lith- mildly, a sympathetic character.
as well as great fun. We get to gow playing Ailes Nor is he, as written and played, an
watch three gifted stars—Charlize behind jowls the interesting one, let alone a plausi-
Theron, Nicole Kidman and Margot size of foothills, ble portrait of a man who, for bet-
Robbie—play women at Fox News as uses politics ter or worse, created one of the
they struggle, in 2015 and 2016, to mainly as a back- most influential organizations in
bring the company’s CEO, Roger drop—the stuff American media history. In one
Ailes, to public account for sexual that keeps hap- particularly unpleasant encounter,
harassment. The narrative takes us pening outside he humiliates a young seeker of on-
behind the scenes at the channel the office—and air glory by asking her to show him
during a time of high drama, when trots out pallid her legs, then urging her to raise
Donald Trump’s candidacy for the lookalikes as Fox her dress higher and higher. The
Republican presidential nomination News personali- point is made, but the director, Jay
has suddenly caught fire. By all ties. Hey, there’s Roach, working from a screenplay
wrongs, though—beginning with a Neil Cavuto! Is by Charles Randolph, stages the
single-minded script and clumsy di- that supposed to scene witlessly, thuddingly; it’s less
rection—a movie with a compelling be Bret Baier? of an indictment than an ugly em-
story to tell turns into a blunt-force And oh, that’s barrassment.
polemic that can’t stop hammering Chris Wallace, Yet Ailes’s victim in the scene,
its message home. The only thing Sean Hannity, Ms. Robbie’s Kayla Pospisil, is the
that’s missing is a chyron at the bot- Greta Van Sus- movie’s most reliable source of hu-
tom of the screen constantly flash- teren or Jeanine Charlize Theron as Megyn Kelly, Nicole Kidman as Gretchen Carlson and Margot Robbie as Kayla Pospisil manity. She’s a fictional creation,
ing BREAKING NEWS—THIS IS Pirro, each one a reportedly a composite of other
ABOUT A POWERFUL MAN BEHAV- pop-up with perfunctory dialogue. tling accuracy. She’s got the zest, the appears on camera with her face women at Fox News, who speaks
ING DESPICABLY TOWARD WOMEN. (Unlike the electrifying Rupert swagger, the hunger, the smarts, the makeup-free. “Nobody,” he adds volumes for the freedom that fic-
That’s what it intends to be, of Murdoch derivative of the HBO se- self-delight. Kelly gets the lioness’s with elaborate scorn, “wants to see tion can confer in creating rich
course, yet it’s seldom anything ries “Succession,” the Murdoch fig- share of the attention, and not only a middle-aged woman sweat her characters. A conservative Chris-
more—no surprises and precious lit- ure here, played by Malcolm Mc- after candidate Trump, offended by way through menopause.”) tian and a new hire working as a
tle human resonance. Dowell, is hardly more than a bland her combativeness, denounces her Ms. Kidman, too, gives an impres- production assistant, Kayla puts
This is the second time in less walk-on.) with his indirect reference to men- sive performance; her approach, as the wrong chyron on screen to
than six months that Ailes, who died At the center of the action is struation. Her professional relation- always, is remarkably precise and identify a pop singer because, as
in 2017, and the organization he led Ms. Theron’s Megyn Kelly, except ship with Ailes is intricately fraught; economical. Yet her role is under- she says desperately, “I don’t know
have been the focus of fictionalized that Kelly isn’t really at the center they need each other and know it. written, essentially conventional secular music.” Ms. Robbie is her
screen entertainment. In June Show- of the action. Bear with me on this Still, the impetus for the palace and, given the odd shape of the nar- usual self, meaning subtly re-
time launched “The Loudest Voice,” contradiction for a moment, be- rebellion that will bring him down rative structure, both indispens- sourceful and marvelously mag-
with Russell Crowe as the cable- cause it’s the elusive yet pervasive comes not from her—Kelly as de- able—she filed her sexual harass- netic, so she and the role deserve
news pioneer in a seven-part series source of a dramatic vacuum on picted is slow to sort out her con- ment suit against Ailes himself, each other. Instead of ripped-from-
that dealt less with sexual matters screen. flict between ambition and princi- rather than the company, and won— the-news cardboard, this ardent
than with conservative politics and The film begins promisingly, with ple—but from Ms. Kidman’s and off to the side of scabrous de- young woman is flesh-and-blood,
Fox’s role in the rise of the modern Kelly in full cry about an impending Gretchen Carlson, who has long en- velopments at the channel. with huge ambition as well as
Republican Party. That production presidential debate, then speaking dured insults and suggestive ad- All of the scabrousness involves growing doubts, fears and confu-
LIONSGATE

was zestfully dismissed as caricature straight to the camera as she shows vances from Ailes and is finally fired Ailes, either as the subject of inces- sions. For my money Kayla is the
by my colleague Dorothy Rabinowitz us around the channel. Ms. Theron by him. (Makeup is meant to conceal sant conversation by others or as bombshell of the piece. She’s ur-
and needs no further comment here. has nailed her character with star- sweat, her boss tells her after she the perpetrator of serial creepiness gently and explosively alive.
 THE WALL STREET JOURNAL. NY Thursday, December 12, 2019 | A15

LIFE & ARTS

THE BEST ART OF 2019

Where Knowledge and Beauty Meet

BY KAREN WILKIN

AMERICAN MUSEUMS con-

tinued to mount striking tem-
porary exhibitions that com-
bined compelling ideas,
groundbreaking scholarship
and remarkable, often stun-
ning objects. High points of
the past year included every-
thing from medieval Japa-
nese devotional works to
sculpture by a contemporary
master.
CLOCKWISE FROM TOP LEFT: HARVARD ART MUSEUMS/FOGG MUSEUM/PRESIDENT AND FELLOWS OF HARVARD COLLEGE; ESTATE OF ROBERT COLESCOTT/ARTISTS RIGHTS SOCIETY (ARS), NEW YORK/SEATTLE ART MUSEUM; FRANK STELLA/ARTISTS RIGHTS SOCIETY (ARS), NEW YORK/WHITNEY MUSEUM OF AMERICAN ART; YAYOI KUSAMA/OTA FINE ARTS; VILLA MEDICEA DI POGGIO A CAIANO, POLO MUSEALE DELLA TOSCANA/GABINETTO FOTOGRAFICO DELLE GALLERIE DEGLI UFFIZI

“Renoir: The Body, the

Senses,” which opened at the
Clark Art Institute, William-
stown, Mass., and is now at
the Kimbell Art Museum,
Fort Worth, Texas, through
Jan. 26, 2020, commemorates
the centennial of the artist’s
death. The selection focuses
on the nude, usually female—
from youthful copies of old
masters to late depictions of
robust bathers—contextual- Clockwise from
ized by works by artists past above: Robert
and present whom Renoir ad- Colescott’s ‘Les
mired, plus some that he in- Demoiselles
fluenced. We can savor his d’Alabama: Vestidas’
varied paint applications, and (1985); Frank Stella’s
his marriage of inventive ‘Gran Cairo’ (1962);
color and mass, and smile at detail of Bertoldo di
his unabashed pleasure in fe- Giovanni and
male flesh. And we watch collaborators’ Frieze
him think, altering poses and for the Portico of the
searching for expressive con- Medici Villa at
tours in the show’s high Poggio a Caiano
point: a group of stunning, (c. 1490); Renoir’s
life-size red chalk prepara- ‘Seated Bather’
tory drawings of bathers. (c. 1883-84)

“Monet: The Late Years,” at young love in springtime, but nificently wrought studies
the De Young Museum, San on the passage of time and for figures for the Sistine
Francisco, and the Kimbell, mortality. Ceiling, and beyond. Rather
celebrated Renoir’s coeval, than the sweep of genius,
three months older, who out- Finally, “Michelangelo: the focus here is on the tra-
lived his friend, dying at age Mind of the Master,” at the vails of a working artist. One
86 in 1926. A wonderful as- “death is elsewhere,” Cleveland Museum of Art unforgettable sheet shows
sembly of paintings of the lily emerged. The women stayed through Jan. 5, 2020 (and four studies of a knee for the
pond, the Japanese bridge close or drew away from the thence to the J. Paul Getty figure of “Day” on one of the
and the rose arches in Mo- men, who concentrated on Museum in Los Angeles), Medici tombs, Michelangelo
net’s garden at Giverny re- playing their guitars. We no- brings together drawings determined to get that single
vealed him as both the quint- ticed the mountain in the from the Teylers Museum in body part right despite the
essential Impressionist and a background, a reminder of a the Netherlands, their first fact that most visitors to the
radical 20th-century painter, devastating eruption. Death, time in the U.S. Brilliantly sculpture will never see it.
a master of urgent brush- it turned out, was not else- installed and elucidated, the
strokes and intense color. Af- where. Spend enough time show ranges from dry ana- Ms. Wilkin is an independent
ter 1920, the lily pond pic- with the installation, and it tomical renderings of muscu- curator and critic. Eric Gibson
tures, tapestries of seductive became a disquisition not on lature to explosive and mag- contributed to this story.
blues, mauves and pinks, be-
came brushy, blazing orange The show united almost every gested shelter, imprisonment,
and red near-abstractions sculpture attributed to Ber- security and more, with am-
from which the arcs of the toldo, a tantalizing few that biguous forms in fabric,
Japanese bridge momentarily made clear why he was a fa- bronze and wood.
emerged. vorite of Lorenzo de’ Medici.
GLO
“Vija Celmins: To Fix the BAL
SPO
NSO
For pure delight, “The Life “Spilling Over: Painting Image in Memory,” at the R

of Animals in Japanese Color in the 1960s” was a Met Breuer through Jan. 12,
Art,” at the National Gallery, modest show drawn from the 2020, and seen earlier at the
Washington, and the Los An- Whitney Museum’s own hold- San Francisco Museum of
geles County Museum of Art, ings. A refreshingly broad Modern Art, presents the en-
was unbeatable. More than definition of “painting color” tire trajectory of the 81-year-
180 objects—tiny ivory carv- combined dazzling works by old master of ephemeral sub-
ings, vast painted screens, Helen Frankenthaler, Kenneth ject matter, “redescribed”
armor, Issey Miyake Noland, Frank Stella and from photographs: early por-
dresses—from the fifth cen- Morris Louis with a misty traits of utilitarian objects,
tury to the 21st offered a Frank Bowling and a mytho- subtly varied drawings of the
panoply of fish, flesh, fowl logical scene by Bob Thomp- sea and the desert floor,
and the occasional insect, son. A deadpan Alex Katz and pairs of real and replicated
imaginary and real, secular paintings by Kay Walking- rocks, spider webs. We can
and religious, vernacular and Stick and Emma Amos en- revel in the beauty of Ms.
aristocratic. The sumptuous larged the conversation. Celmins’s accumulations of
selection, including seven Many works were acquired fragile marks and their magi-
works designated as Impor- soon after they were made cal transubstantiation into il-
tant Cultural Property, was a but hadn’t been seen for de- lusions of the ungraspable.
visual feast. Many works cades. Let’s hope the Whitney Or we can study each work
were memorable; a pair of keeps revisiting its store- as intently as the artist had
alert 14th-century wooden rooms. when making it. Either way,
foxes, guardians of a Shinto the elegantly installed show
shrine, were irresistible. “Martin Puryear: Liberty/ is eye-testing and fascinating.
Libertá,” at the U.S. Pavilion
At the Frick, through Jan. 12, of the Venice Biennale, as- “Art and Race Matters: The
2020, “Bertoldo di Giovanni: serted his uncanny way of Career of Robert Colescott”
The Renaissance of Sculp- seamlessly fusing form and started its tour of U.S. muse-
ture in Medici Florence”— materials as potent abstract ums at the Contemporary
the first monographic exhibi- metaphors. An immense, Arts Center, Cincinnati, where
tion of a sculptor who bound coil threatened to it can be seen through Jan.
learned from Donatello and, break free of a wooden grid 12, 2020. We watch him find-
as an accomplished practitio- barring the Pavilion court- ing his voice, painting in Eu-
ner and keeper of the Medici yard. Restraint? Resistance? rope, California and Egypt,
sculpture garden of antiqui- Escape? In the neo-Palladian then bursting out with the
ties, was crucial to Michelan- building’s rotunda, the mini- satiric riffs on racism, on
gelo’s evolution. Intimate mal “A Column for Sally tainted representations of fel-
bronzes, including a rousing Hemings”—a tapered, fluted, low African-Americans, on
“Hercules on Horseback,” white-painted base, at once a politics, and on art history
plus an ample relief of bat- classical column and stylized that established his reputa-
tling soldiers, announced clothing, with a cast iron tion. We’re thrown off bal-
both Bertoldo’s dependence shackle, like an abstracted ance by the uneasy coexis-
on classical prototypes and head, driven into the top— tence of Colescott’s lush paint
his originality. So did the raised uncomfortable ques- handling, expressive drawing,
generous polychrome ceramic tions about Thomas Jeffer- rich color, and often brutal
frieze—white low relief fig- son, the statesman and subject matter. We’re at-
ures and horses against a rich admirer of Palladio who tracted by the vital paint and
blue ground—that once enliv- owned Hemings and fathered gesture, then realize we’re
ened the portico of the Villa her children. Elsewhere, enig- looking at a fierce skewering
Medici at Poggio a Caiano. matic constructions sug- of stereotypes: Aunt Jemima
as a babe, Picasso’s “Les
Demoiselles d’Avignon” in the
rural South, Shirley Temple
as a black child. Colescott se-
duces us with paint, sandbags
us with unpleasant truths,
and makes us think. Now through January 5
At the Metropolitan Museum Best Availability Weekday Mats & Eves, and Final Week
of Art, Ragnar Kjartansson’s
mesmerizing “Death Is Else-
where” surrounded us with
Yayoi seven video screens. Two
Kusama’s nearly identical couples—
‘Sho-chan’ pairs of twins—circled a VIP Sweet Seats Available
(2013) grassy landscape, singing nycballet.com or 212-496-0600
mournfully, on a milky, windy
midsummer eve. Occasional
phrases, “my love” and
A16 | Thursday, December 12, 2019 * * THE WALL STREET JOURNAL.

SPORTS
BY ANDREW BEATON

A Hard Check on Intolerance

A
kim Aliu had been a
member of the Colorado
Eagles, a minor-league
hockey team, for just a
small part of the season Akim Aliu’s story of enduring racism inside hockey includes a blackface incident from 2011
in 2011 when he received an invitation
to the team’s Halloween party. The
team’s players, staff, management and
even their families would be there.
A couple of days before the party,
the Nigerian-born player was told to
“come a little bit later,” he says. He
didn’t think much of it, until he
walked in and poured himself a beer.
That’s when he says the team’s
head equipment manager, Tony Deyn-
zer, appeared from behind a corner.
Deynzer was in blackface, wearing an
Afro-style wig and a jersey that had
been custom-made with Aliu’s jersey
number and nickname, “DREAMER,”
emblazoned on the back.
Two years earlier, a coach for a
different team, Bill Peters, had used a
racial slur against Aliu, which re-
sulted in Peters resigning from the
Calgary Flames a decade later when
Aliu brought it to light last month. In
the moment at the Halloween party,
he says, partygoers exhorted Aliu
and Deynzer to pose in a picture to-
gether. Deynzer smiled. Aliu didn’t.
“Guys just started laughing,” Aliu
says. “All I can do is tell my story.”
Deynzer didn’t respond to at-
tempts to reach him, through the
team and directly, for several days.
On Wednesday, the Colorado Ava-
lanche, the current NHL affiliate of
the Eagles, said he was placed on
administrative leave.
The Eagles, after being asked
about the incident, initially said the
team “had absolutely no knowledge
of this event, therefore we feel it
would be premature to comment at
this time.” In a later statement ad-
dressed to Aliu, the team apolo- Top: Akim Aliu with the Calgary Flames in 2013. Left: Aliu with Colorado
gized to him. “We are truly very Eagles staffer Tony Deynzer, in blackface, at a 2011 Halloween party.
sorry, and we will also assure you
that this behavior is not and never network. Colorado Eagles. He was still just 22.
will be acceptable in our organiza- After the incident came to light Aliu says that what troubled him
tion,” the team said. last month, Peters gave a statement most about the incident at the Hal-
Aliu’s story of enduring racism to the Flames general manager say- loween party was how calculated it
and intolerance inside this predomi- ing that he was sorry to the organi- felt. In addition to the blackface and
nantly white sport has already sent zation for the language he had used wig worn by Deynzer, Aliu felt he’d
shock waves through hockey. After a decade earlier. The statement been told to arrive late just to set up
years of silence, he says he has didn’t mention Aliu or apologize to the taunt. “I didn’t even grasp the
been inspired by the activism of him. Aliu called the apology “mis- idea of how vicious of a thing that is
other athletes, such as Colin Kaep- leading” and “insincere.” Peters re- to do,” Aliu says.
ernick, to come forward and culti- signed. The Jets said they weren’t aware
vate change within a sport he sees At the time, Aliu says, he didn’t of the incident until they were con-
as troubled. confront Peters over what he said. tacted by The Wall Street Journal,
In recent weeks, he publicly dis- Aliu was only 20 years old, his pro- and outside of assigning a small
closed that Peters used the N-word fessional career just beginning. But number of players to the Eagles, no
to him a decade ago while they weeks after that happened, he says, member of the organization was
were with the Rockford IceHogs, tensions between Aliu and Peters employed by the Eagles.
another minor league team. Peters, worsened and Aliu was demoted to To get away, he headed to play in
who was coach of the NHL’s Calgary Aliu says the racism he endured later came to light it became front- a lower-level affiliate. Austria, but quickly had to turn
Flames when Aliu made that allega- is reflective of a sport that for page news in Canada. That off-season, in 2010, the around after he was finally dealt to
tion, subsequently resigned. years has lacked diversity and can Because of his refusal to subject Blackhawks traded Aliu to the NHL’s Calgary, who immediately promoted
Last week, Aliu met with NHL of- make the small number of minori- himself to that degrading exercise, Atlanta Thrashers, in what he felt him a level. By the end of the sea-
ficials, including commissioner Gary ties uncomfortable. Aliu says within the small world of was a chance to get a fresh start son, he was playing in the NHL for
Bettman, to confront these issues, “They need to accept the fact elite hockey he developed a reputa- with a new organization. But a year the Flames and appeared in his first
and he says he told them about the that there is a problem,” Aliu says. tion as troublesome. Still, at 6-foot-4, later, it transformed into another two NHL games. He scored two
blackface incident. The NHL, after “That’s the only way you start.” with power and speed, his talent was moment of misfortune unrelated to goals and added an assist in those
the meeting, said in a statement Aliu’s career began with promise, obvious. Two years later, the NHL’s his race: The Thrashers moved and two games.
that the conversation was part of a but from its earliest moments it was Chicago Blackhawks selected him became the Winnipeg Jets, and the The Flames re-signed him after
BILL SMITH/NHLI/GETTY IMAGES (TOP)

broader, thorough review. On Mon- engulfed by ugly incidents. In 2005, with their second-round draft pick. Jets happened to hire an executive the season, but his career didn’t
day, the NHL announced the intro- Aliu was the sixth overall pick in the He joined the Blackhawks’ Amer- from Chicago, the team that had take off. He played only five NHL
duction of mandatory training pro- draft of the Ontario Hockey League, ican Hockey League affiliate full- just traded him away, as their gen- games in the next season, which
grams on diversity and the creation a prominent junior hockey league, time in 2009, where Bill Peters was eral manager. was shortened because of a labor
of a whistleblower hotline. and in that first season he was sub- the coach. In response to music Aliu Aliu’s agent was then told that the lockout, while he also dealt with
“We heard what they had to say, jected to a rookie hazing ritual, in was playing in the locker room, Pe- same team that had just traded for various injuries. From there, he
have initiated our own review and which he and other players were ters repeatedly told him he was him now didn’t see a future with bounced around with different mi-
will ultimately determine how we told to strip naked and cram them- tired of that “n----- s---,” Aliu says. him. Just days into training camp, nor league affiliates. He also played
believe most appropriate to pro- selves into the bathroom of a bus. Two teammates verified Aliu’s ac- Aliu was demoted two levels, to the overseas. He hasn’t received an-
ceed,” Bettman said. Aliu refused, and when the incident count to TSN, a Canadian sports team’s ECHL affiliate at the time, the other shot in the NHL.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
d
Edmonton <0 1 2 3 4 5 6 7 8 9 10 11 12 13 Down 31 Pontiac’s tribe
V
Vancouver 0s 14 15 16
1 Football’s Hilliard, 33 Bounty buy
C gary
gary
Calgary
-0s 10s Taylor and
ip
Winnipeg 17 18 19 Boettger 35 Salon products
Seattle 10s 20s
P d
Portland 30s 0s 2 It debuted after 36 German count’s
Helena Montreal 20s 30s 20 21 22 23
10s Ottawa “Three’s start
Eugene 20s Bismarckk 40s
Billings A g t
Augusta 24 25 26 27 Company” in 38 Gifford’s
30s 40s Boise pls / . P
Mpls./St. Paul T
Toronto 50s
20s 30s l
Buffalo
A b y
bany
Albany t
Boston
28 29 30 31 32 33 1978 successor on TV
oux FFalls
Sioux ll k
Milwaukee rtford
Hartford 60s
30s P
Pierre t
Detroit 3 Cross
C d
Cleveland New Yorkk
ew Y 70s 34 35 36 37 38 39 39 Betsy DeVos’s
50s Reno 30s Des
esMoines
i 30s
30s Cheyenne Chicago
h g
80s 4 Use a 48-Down dept.
Indianapo
Indianapolis Pittsburgh
Pit b gh Philadelphia
hil d l hi
h 40 41 42
Sacramento Salt
lt Lake
L City
C ity
Denver Omahah Springfield
p g
41 Done, in Dunkirk
an Francisco
San 20s hington
hi
Washingtongton D.C.
DC 90s 5 Wolverine’s
Topeka
k Kansas 40s Ch
Charles
l t
Charleston 43 44
60s
Las C d
Colorado City h
Richmond d 100+ cousin 42 QB’s try
V
Vegas p
Springs hit
Wichita St.. Lo
LLouis LLouisville
Lou
gh
Raleighh 45 46 47 6 Facility with tubs 44
50s 40s Nashville
h ill
Young in
Los A
Ange l
Angeles Charlotte
Ch l
Santaa FFe 50s Memphis hi
70s Ph i 40s
Phoenix C b
Columbia 48 49 50 51 52 53 7 Goals Hollywood
San
San Diego
Diego A b q q
Albuquerque Oklahoma City Warm Rain
Little Rock Atl t
Atlanta
T c
Tucson Birmingham
i h 54 55 56 57 58 59 60 61 8 Words of 46 Many a
Ft. Wor h
Worth Dallas
D ll Jack
Jackson
El P
Paso Cold T-storms intimidation Christmas tree
60s bil
Mobile 60s Jacksonville
k 62 63 64 65
10s 0s A ti
Austin
t
Houston l d
Orlando Stationary 9 Manila money 48 See 4-Down
70s Snow 66 67 68
ew Orleans
New
80s an Antonio
San Tampa
Ta p 10 Place to hoist a 49 Bob’s
20s Anchorage 69 70 71 companion?
30s
Honolulu
l l Miami
Showers Flurries pint
Anch 80s
40s 70s Ice 11 Parquetry feature 50 One with a record
THE PRETENDERS | By Frank Virzi 12 Copy changes 52 Ages and ages
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W
Across 26 Gaping hole 51 Got nosy
13 Doofuses 53 Pairs
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 44 26 pc 46 19 pc Frankfurt 41 33 pc 43 38 sn
1 “For real, 28 Defendant’s 54 Panhandle
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice I promise!” 18 Big do 56 Maugham’s
Orlando 78 65 sh 80 64 sh Geneva 40 34 sn 42 37 r plea, for short handle “___ the Villa”
Today Tomorrow Philadelphia 37 29 s 48 46 r Havana 86 61 s 86 59 pc
City Hi Lo W Hi Lo W 6 Investor’s order 22 “Marilyn Diptych”
Phoenix 68 46 pc 70 48 s Hong Kong 71 63 pc 72 64 s 32 Touching the 55 “You betcha!” 58 Letter-shaped
artist
Anchorage 32 28 c 31 29 sf Pittsburgh 38 27 s 44 37 sh Istanbul 58 48 c 57 50 pc 10 Piper descriptor floor, in ballet fastener
Atlanta 54 39 pc 49 46 sh Portland, Maine 32 21 s 41 39 pc Jakarta 88 75 t 88 76 sh 57 Yield 25 Professional
Austin 63 40 pc 76 41 s Portland, Ore. 53 44 r 50 41 r Jerusalem 60 47 pc 56 47 s 14 Unable to 34 Sounds storyteller 59 Not bright
62 Candidate’s
Baltimore 38 27 s 45 44 r Sacramento 62 52 c 61 47 c Johannesburg 79 56 s 79 58 t operate flustered
Boise 49 36 sh 46 32 sf St. Louis 53 33 pc 49 33 c London 49 40 r 47 39 sh concern 27 Grin’s partner 60 Pac-12 member
Boston 33 29 s 45 43 pc Salt Lake City 45 35 c 43 32 c Madrid 47 46 c 59 45 c 15 Free of skin 37 Setting of 191
Manila 88 77 pc 89 77 pc 64 Pretend, and 28 Letters on a 61 Texter’s “ta-ta!”
Burlington 30 24 s 39 35 c San Francisco 62 55 c 60 52 c gates in Chicago
Charlotte 49 33 pc 44 39 r Santa Fe 48 28 s 52 29 s Melbourne 65 50 pc 67 55 pc 16 Countermand what you’ll find rubber check
Chicago 44 32 c 40 30 c Seattle 52 45 r 50 41 r Mexico City 71 48 pc 72 44 s 40 Trivia tidbit five times in this 63 Goal
Cleveland 39 33 pc 47 37 c Sioux Falls 25 19 pc 34 5 c Milan 41 32 pc 39 31 c 17 Bus-riding puzzle 29 Milky gem
Dallas 58 42 pc 64 41 s Wash., D.C. 40 31 s 45 44 r Moscow 35 32 c 34 31 sf requirements, 41 Key location 65 Unit symbolized
Denver 47 32 s 46 26 pc Mumbai 89 72 pc 87 74 pc often 66 Anthony Eden’s 30 Fortune founder by an omega
43 Singer Rimes
Detroit
Honolulu
37 30 pc 42 33 pc
84 72 pc 83 73 r
International Paris
Rio de Janeiro
46
86
42 r
76 t
47 43 r
90 75 t 19 Fleeting
earldom
Today Tomorrow 44 Island with Previous Puzzle’s Solution
Houston 64 48 pc 72 46 pc Riyadh 73 65 pc 80 56 pc deviation from 67 Pituitary
Indianapolis 44 29 pc 46 34 pc City Hi Lo W Hi Lo W Rome 54 40 pc 59 43 t very little L A T H E A R
M S G A L A
the norm hormone, for A MO U R L E
A K O D O R
Kansas City 52 35 s 54 28 pc Amsterdam 43 38 sh 46 41 sh San Juan 85 76 sh 85 76 sh population B A T B A T T E
R Y O U S T
short E N E H O L
E I D L E S
Las Vegas 61 45 pc 62 46 pc Athens 59 50 pc 61 55 pc Seoul 38 25 s 45 29 c 20 Pitch from 45 Mazola rival L AM B D A P L O T
Little Rock 54 31 pc 53 36 pc Baghdad 67 51 pc 69 47 pc Shanghai 57 44 pc 63 46 pc Pelfrey 68 Without zip R A I L R A I L L E R Y
Los Angeles 71 54 pc 73 54 s Bangkok 88 69 pc 89 71 pc Singapore 84 76 c 83 76 t
47 Negotiator’s M I R E D L O G E D R E I
Miami 81 72 pc 82 71 pc Beijing 39 21 pc 49 20 pc Sydney 71 64 c 70 65 c 21 Healthy look 69 Meander I D E A S A B E R D E E P
Milwaukee 42 32 c 40 29 r Berlin 40 32 pc 38 36 c Taipei City 71 64 r 78 66 s skill F O L K I MO N P A R K S
Minneapolis 23 10 sn 28 13 sn Brussels 42 39 r 44 40 r Tokyo 62 43 s 50 44 c 23 Took courses 70 Pool pick F L A T F L A T T E R Y
Nashville 56 41 pc 53 44 r Buenos Aires 80 58 s 76 68 pc Toronto 31 29 pc 42 33 c
48 Offend innocent T H A T M Y S E L F
A L I E N T E AM MA R
New Orleans 63 53 r 67 54 t Dubai 81 65 s 80 69 t Vancouver 48 42 r 46 36 sh 24 Justice covers ears 71 Boost R A V I G A L G A L L E R Y
New York City 35 31 s 48 47 r Dublin 47 38 r 45 34 sh Warsaw 37 32 c 41 34 c A V E C A C M E S I N G E
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s

Oklahoma City 55 35 pc 59 32 s Edinburgh 40 34 r 41 35 sh Zurich 39 28 sn 40 35 sn B A S E B O S S U D D E R

THE WALL STREET JOURNAL. Thursday, December 12, 2019 | A17

OPINION
What Horowitz Debunked BOOKSHELF | By Gary Saul Morson

The battles
b e t w e e n
President
obeisances to Vladimir Putin
during and after the presi-
dential campaign. Dictator
to Clinton’s presidential cam-
paign and others, (2) Simp-
son was paying Steele to dis-
with Mr. Horowitz. This is a
sham issue, a red herring.
From reading this report,
An Intellect
Trump, the
Democrats
and the me-
dia have be-
fawning is nauseating, but
not impeachable.
Thousands of news stories
appeared through this period
cuss his reporting with the
media, and (3) Steele was
‘desperate that Donald Trump
not get elected and was pas-
it is clear that what has had
the attorney general in a
seething white heat has little
to do with defending Donald
Of Empire
WONDER
LAND gun
dispirit
to
a
suggesting myriad, concrete
Trump campaign linkages to
sionate about him not being
U.S. president.’ ”
J. Trump and a lot to do with
protecting John Q. Public.
Ministry of Darkness
By Daniel
populace that Russia. It is more than a little Christopher Steele’s pri- The abuses identified in the By Lesley Chamberlain
Henninger
thinks the insulting to the intelligence mary FBI handler even told Horowitz report—by the (Bloomsbury Academic, 317 pages, $26.95)

R
Trump Wars of the average person to the Horowitz investigators “it Crossfire Hurricane team and
have little to do with them or straight-facedly write now was obvious to him”—as others at FBI headquarters— ussian intellectual historians usually are drawn to
the country’s real needs. The that this massive media out- early as July 2016—that the are a potential threat to the figures who can be readily classified—as revolutionaries
public is right—but the war put based on Beltway leaks producer of the famous anti- civil liberties of any American or reactionaries, or as Slavophiles or Westernizers—
won’t stop. was not for a moment about Trump dossiers “was politi- who becomes a target. In a while neglecting those who cannot. In her splendid book
This week, on the edge of trying to damage the Trump cally motivated.” better world than we’ve got “Ministry of Darkness,” Lesley Chamberlain instead trains her
Mr. Trump’s fourth year in presidency. But let us agree: now, the press—or some of attention on Sergei Uvarov (1786-1855), a paradoxical figure
office, House Democrats filed If something is running off it—would step back from the so original as to transcend all familiar categories. Ms.
articles of impeachment, and the front pages virtually ev- The report refers 19 Trump-Barr obsessions and Chamberlain, an independent historian and novelist,
we got the Justice Depart- ery day of the week, it’s not a revisit its historic role of pro- persuasively shows how he nevertheless exercised a profound
ment Inspector General Mi- conspiracy. times to threats tecting individual freedoms influence on Russian education and thought.
chael Horowitz’s report on Whatever the Horowitz re- to ‘constitutionally from such raw, unaccountable Uvarov was the head of the Russian Academy of Sciences,
Crossfire Hurricane, an FBI view of four FBI Foreign In- government power. The Horo- superintendent of the St. Petersburg educational district under
investigation of the Trump telligence Surveillance Act protected activity.’ witz report contains at least Alexander I, and Minister of Enlightenment under Nicholas I.
presidential campaign that applications and its Crossfire 19 references to the status He founded St. Petersburg University and made Russian
began in July 2016. The Hor- Hurricane investigation did quo’s threat to “constitution- institutions of higher learning world-class. For the first time,
owitz report matters more, or did not “debunk,” the re- True, Mr. Horowitz as- ally protected activity,” nota- university education emphasized learning for its own sake;
by a mile. port is mind-boggling, shock- serted no “documentary or bly the “First Amendment.” previously, it had been treated as vocational training for
Within minutes of the 434- ing and damning. It is page testimonial evidence” of anti- The report has several ref- government service. Students were encouraged to travel
page report’s release Monday, after page—indeed, para- Trump bias inside the bor- erences to the Justice De- abroad, and education was made available to those outside
the generic media headline graph after paragraph—de- ders of this investigation. But partment’s “low threshold” the nobility—even to serfs. Uvarov did everything he could to
was that it “debunks” the tailing gross errors of judg- one has to be obtuse to read for commencing inquiries. resist those who wanted to
idea that the FBI was guilty ment and violations of FBI this report and not see its Surely that low threshold was restrict thought and impose
of political bias against Mr. investigation protocols. Ev- authors are incredulous at intended to give agents the military discipline on students.
Trump, as well as conserva- eryone who purports to have the idea that the only expla- room to get to the bottom of After Nicholas I did impose
tive “conspiracy theories” an opinion about what has nation possible is incompe- important investigations. such discipline, in 1849, he
that there was a deep-state been going on in the U.S. the tence and misjudgment on an This report makes clear that resigned.
effort to get Mr. Trump. past 3½ years should at least unimaginable scale by under its recent leadership, When Uvarov became presi-
Before considering what read the report’s detailed ex- trained FBI professionals. As the bureau lost the ability to dent of the Academy of Sciences
the report says, let us ask: ecutive summary and draw Mr. Horowitz puts it with al- exercise prudential judgment in 1818, it was decrepit. He
What exactly would describe their own conclusions. most bemused understate- or prosecutorial discretion. transformed it into the pres-
what was going on in this One example, regarding ment, “We did not receive The consequence going for- tigious institution it has remained.
country’s political life during the FBI’s applications to the satisfactory explanations for ward is likely to be an even He sponsored scholarships and
the more than two years FISA court. The report notes the errors or problems we more bureaucratized FBI. voyages of exploration, making
from Mr. Trump’s inaugura- that besides the seven signif- identified.” What we’ve had for more Asia a focus for universities and
tion through completion of icant errors in the first Octo- As it did with the Mueller than three years is the Wash- establishing an important museum
the Mueller investigation? ber 2016 application, the report, the media is abandon- ington establishment gone devoted to the East. He also arranged for
Hard to believe, but Donald three renewals in 2017 had ing the actual content to wild. For that, the country translations of Greek lyric and epic poetry, while
Trump himself didn’t create “10 additional significant er- push the public’s attention will pay a high price for a making sure they caught the tone of the originals.
the long Russia collusion nar- rors,” including this: “that (1) toward Attorney General Wil- very long time. Uvarov was himself a minor poet, but he does not figure in
rative, notwithstanding his Steele’s reporting was going liam Barr’s “disagreements” Write [email protected]. histories of Russian literature because he wrote in French.
As a student in Göttingen and a diplomat in Naples and
Vienna, Uvarov learned French, German, Latin, English and

Independents Are Impeachment Skeptics Italian. He later added classical Greek. Russians perceived him
as more European than Russian—his enemies falsely claimed
he had never read a Russian book—but Uvarov seemed to
By Karl Rove crats’ charges seem under- trigger by pressing their ers, and the immunity of the delight in his public image as affected, Frenchified and

‘W
whelming to them, contra- claim. In March 2012 Presi- President himself from con- ostentatiously bisexual. The great portraitist Orest Kiprensky,
hat the heck is go- dicted by evidence and dent Obama was caught on gressional compulsion to whom Uvarov discovered, depicted him as a fastidious,
ing on?” containing land mines of hy- camera telling Russia’s then- testify.” effeminate genius. Alexander Herzen, who despised Uvarov’s
As my recent pocrisy that could blow up President Dmitry Medvedev to This opinion isn’t merely conservative politics, nevertheless compared him to the great
travels sent me ricocheting Democrats, too. let his soon-to-be successor, Mr. Trump’s or Attorney Gen- Renaissance humanist Pico della Mirandola.
around America, I heard this Take the claim that Mr. Vladimir Putin, know that “on eral William Barr’s. It was Despite all of his accomplishments, Uvarov is most often
exasperation about impeach- Trump engaged in a quid pro all these issues, but particu- sent by Eric Holder’s Justice remembered for inventing the infamous formula describing
ment from the people who’ll quo with a foreign power to larly missile defense, this can Department in July 2014 to Nicholas I’s pronounced conservatism: “Orthodoxy, Autocracy,
decide the 2020 election—the advance his political inter- be solved but it’s important the Obama White House in re- Nationality”—evidently a reply to the French revolutionary
small number of moderate ests—that he withheld vital for him to give me space. . . . sponse to Republican de- slogan “Liberty, Equality, Fraternity.” For Uvarov, each term
voters truly up for grabs. military aid from Ukraine un- This is my last election. After mands that a low-level West defined what Russia did not believe: “Orthodoxy” meant a
Democratic and Republican til its government committed my election, I have more flexi- Wing aide appear before the rejection of anti-clericalism, “Autocracy” was opposed to
activists alike are lapping up to investigate his rival Joe Bi- bility.” Mr. Medvedev prom- House Oversight Committee. revolutionary democracy, and “Nationality” meant avoidance
everything about impeach- den and his son Hunter’s ac- ised to alert Mr. Putin that if Which Democrats threatened of radical European ways of thought. “Nationality”
ment. They know the House tivities in the former Soviet he didn’t stir up trouble for to impeach Mr. Obama then or emphatically did not mean Romantic nationalism or the cult
will impeach President Trump state. Mr. Obama, he’d be rewarded the other times he ignored of the Russian people. Quite the contrary: Uvarov wanted
and the Senate will acquit with postcampaign “flexibil- congressional Republican sub- Russia to achieve Western levels of technology and education,
him, but each day’s events ity” on missile defense and poenas? perhaps even some liberalism, if it could do so gradually and
add to the moral outrage both They see partisan other issues. There are expla- This helps explain why without compromising pure learning with political activism.
sides feel. bickering, hypocrisy nations as to why this was some polls suggest indepen- “The Empire of intelligence,” he wrote, “should be, like the
I’ve been trying to divine different from what Mr. dents have turned against im- Elysium of the Ancients, separated from the real world by the
the sentiments of those in the and a waste of time. Trump did—Mr. Obama peachment. These voters are river of oblivion.”
middle, the people who could wasn’t asking Russia for dirt not paying as much attention
vote either for Mr. Trump or on Mitt Romney—but there to all this folderol as their Re-
his Democratic opponent. While many independents was no Democratic outrage publican and Democratic Sergei Uvarov was a singular figure who
They are mostly indepen- believe Mr. Trump was seek- about that quid pro quo. So neighbors. Instead they are exercised a profound influence on Russian
dents, though some are ing such an agreement and why now? asking if this is good for the
loosely linked to one of the don’t like it one bit, they That leaves the obstruction country. Should Congress be education and thought.
two parties. Virtually all re- don’t necessarily see an im- charge. Mr. Trump’s refusal to spending so much time on a
coil from politics. Most have peachable offense. They point honor subpoenas demanding drama in which only the qual-
turned off cable TV. A few fa- out that the aid was delivered, he provide documents and al- ity of the actors’ performance Russian “intelligence” would soon develop in precisely the
vor impeachment but, in my the Ukrainians didn’t even low aides to testify strikes is in question? opposite direction. Out of step with his times and with Russia,
unscientific study, many more know it was delayed, and many independents as Wash- For most swing voters, this Uvarov was, in Ms. Chamberlain’s view, a tragic figure. Not
look at impeachment and ask, Ukrainian President Volodymr ington infighting, not the su- impeachment controversy is only was he trying hopelessly to divert the trajectory of
“As a country, don’t we de- Zelensky says he was never preme threat to our Republic simply affirming their low Russian literature and thought, he attempted to do so by
serve better than this?” asked for a quid pro quo. that Democrats claim. opinion of both parties and appealing to standards like “moderation” and “good taste”
For them, this situation Moreover, when Democrats Here swing voters are delaying the start of the na- that were alien to the very spirit of Russian intellectual life.
lacks the clarity it has for were in power, they never right. The Justice Depart- tional conversation they want “His was a rare attempt at a nuanced conservativism,” Ms.
partisan Democrats, who provided the antitank missiles ment’s opinion is that “the to hear in 2020. And since Chamberlain explains, and while serving Nicholas he found
clamor for Mr. Trump’s de- and other lethal assistance Executive Branch’s longstand- their party is the one pushing himself constantly balancing “the chauvinistic tsar’s demand
fenestration, and partisan Re- Ukraine desired. Mr. Trump ing positive, reaffirmed by nu- impeachment, Democrats have for more Russian studies with his own desire that students
publicans, who scream that did. This leaves many swing merous Administrations of the most to lose. should not lose contact with the Western world.” But conser-
it’s a witch hunt. My rolling voters skeptical that the both political parties, is that vative Westernizing appealed to almost nobody. As an admin-
focus group over the past few Ukraine call justifies removing the President’s immediate ad- Mr. Rove helped organize istrator, an educator and a personality, Uvarov grew ever more
weeks indicates to me that the president from office visors are absolutely immune the political-action committee isolated. His ideal of an apolitical “republic of letters” drawing
independents are mostly months before a national from congressional testimo- American Crossroads and is people from around the globe into a tasteful “fraternity of
skeptical of impeachment and election. nial process.” Moreover, “this author of “The Triumph of sentiments and thoughts” seemed as foreign as his manners.
often see it as a waste of And don’t forget the land immunity is rooted in the con- William McKinley” (Simon & Uvarov has often been blamed for repressive policies he
time and energy. The Demo- mine that Democrats could stitutional separation of pow- Schuster, 2015). tried to restrain. His susceptibility to flattery, and his willing-
ness to settle scores through the censorship powers granted
him by the state, also darkened his image. The radical critic

Dubious Stats Fuel Attack on Jewish Schools Vissarion Belinsky referred to him—unfairly but understand-
ably—as “the Minister of Darkness and the Extinction of
Enlightenment.” Once a friend of Alexander Pushkin, Uvarov
By Yossi Gestetner Younger workers earn less 16.8% for those 60 and into account household size. provoked the poet’s wrath, which would automatically make

C
on average than older ones, over—higher than the 11.5% A New York household with him a villain for later Russians. Like Belinsky, Pushkin was not
ritics of New York’s ye- and Kiryas Joel is a youthful rate for the same age group four children and two par- above crude characterizations of Uvarov’s sexuality.
shivas often point to el- community. Eighty-two per- across New York state, but ents earning a combined Ms. Chamberlain is so good at describing what makes
evated poverty rates cent of adults in Kiryas Joel lower than the 18% rate for $34,000 is considered poor, Uvarov unique that it is disappointing to see her try to argue
among Hasidim as proof that are under 45, compared with New York City. while a household consisting that he exemplified Russia’s later forms of repressive conser-
the Jewish schools fail to ed- 47% of adults in New York And the poverty rate for of a couple earning $17,000 vatism. Absurdly, she even suggests there may be parallels
ucate their students properly. state. According to 2017 cen- Kiryas Joel households and without children is between “Orthodoxy, Autocracy, Nationality” and Lenin’s
“Given this lack of education, sus data, the median income whose head has a high above the poverty line. And totalitarian ideal of partiinost’ (“party-ness”), which utterly
it is not surprising that 43% school diploma (42%) is ac- where two-parent families rejected notions of moderation, tastefulness, gradualism and
of Hasidic households in New tually slightly lower than for are large, it’s more likely learning for its own sake. Contrary to her book’s bathetic sub-
York City are poor,” Lehigh Hasidim have higher households where the head that a parent will stay at title, Uvarov in no way “created conservative modern Russia.”
University scholar Dena Davis has a bachelor’s degree home to care for children, The author is on firmer ground when she observes that
wrote in these pages last measured poverty (47%), although this 5-point leaving households with only Uvarov—who professed in public views he did not hold in
year. because their families difference is within the mar- one earner. private, and believed it was right to do so—looks forward to a
A closer look at the data gin of error. That’s further Some yeshivas may need Russian mentality still very much with us. “What his life
reveals that demography tend to be large. evidence that age, not educa- to review their curricula to shows,” she perceptively concludes, “is a national style of
mostly explains the poverty tion, drives the poverty ensure that no one falls politics that has demanded huge personal sacrifice by . . .
figures. Age distribution and numbers. through the cracks. But that people of intelligence and influence” so that Russia might
household size are the criti- for 25-year-old married male Further, Hasidim are more doesn’t justify heavy-handed project power. To a Westerner, a choice of the nation over
cal variables. Consider the household heads in New York likely than the general popu- state intervention, especially personal integrity is quite wrong-headed, if not incomprehen-
Orange County, N.Y., village state was $37,200—less than lation to marry and have when the pretext for it is a sible, since it entails “a life led in two quite different ethical
of Kiryas Joel, whose Ha- half the $78,700 median in- children. In Kiryas Joel 84% flawed reading of poverty registers” and must lead to dishonesty, hypocrisy and “corrup-
sidic population of more come for comparable 45- of households include chil- levels among Hasidim. tion of the soul.” By making Uvarov a case study of a different
than 25,000 makes it the year-olds. dren under 18, compared approach, Ms. Chamberlain puts her finger on a key quality
largest such community rec- While the poverty rate for with 49% for New York state. Mr. Gestetner is co- that makes Russians very different from ourselves.
ognized by the U.S. Census 18- to 34-year-old Kiryas Joel That contributes to poverty founder of the Orthodox Jew-
Bureau. residents is 52%, it’s only because the statistics take ish Public Affairs Council. Mr. Morson is a professor at Northwestern University.
A18 | Thursday, December 12, 2019 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Incredible Shrinking Impeachment New Wealth Tax in the Age of Consumption?

S
o that’s it? That’s all there is? After all The second Democratic article is weaker in In “Wealth Tax Is a Decent Idea, tax rate can be applied on everything
the talk of obstruction of justice, collu- that it amounts to impeaching Mr. Trump be- Though Probably Unconstitutional” purchased.
(op-ed, Dec. 6), Prof. Alan Blinder ex- Isn’t it time for some 21st-century
sion with Russia, bribery, extortion, cause he is resisting their subpoenas. “Without
plains at length how the federal gov- disturbance of tax systems that
profiting from the Presidency, lawful cause or excuse, Presi- ernment could collect a possible would simultaneously address the
and more, House Democrats The Democratic grounds dent Trump directed Execu- wealth tax and fight plutocracy. How- twin justifications for levying taxes in
have reduced their articles of
impeachment against Presi-
for ousting Trump are tive Branch agencies, offices
and officials not to comply
ever, he doesn’t define plutocracy,
nor explain why Article 1 of the Con-
modern economies—to fund govern-
ment programs and mitigate ex-
dent Trump to two: abuse of weak—and damaging to with those subpoenas,” the stitution is problematic. Nor does he tremes in income equality?
power and obstruction of PROF. IRA SOHN
Congress. Honey, we shrunk
constitutional norms. article charges.
His lawful cause is defend-
explain how the additional revenue
will improve economic conditions for Montclair State University
the impeachment. ing his presidential powers average Americans or reduce inequal- Montclair, N.J.
Democrats on the Judi- under the Constitution. Every ity across the population.
ciary Committee will vote as early as Thursday modern President has to some extent or an- Since he states that “bringing up Prof. Blinder opines that “the best
the bottom . . . is far more important option is ending the exclusion of
on the text of the two articles they unveiled other resisted Congressional or special-counsel
than pulling down the top,” a more taxes on capital gains at death.” If
Tuesday, and then they will rush it to the floor subpoenas. Nixon and Mr. Clinton did until they thorough explanation of how the that were to occur, one could only
next week. It’s enough to suspect that Demo- lost at the Supreme Court. House Democrats wealth tax would accomplish this for hope that the law would be written
crats understand they are offering the weakest are refusing even to fight in court, claiming im- the individual American is required so as to adjust the gain for inflation
case for impeachment since Andrew Johnson, peachment gives them plenary power to see all for his argument to have any sub- over the term of the investment. A
that the public isn’t convinced, and so they documents and any witnesses they want. stance and credibility. capital gain garnered over five years
simply want to get it over with. This ignores that the Constitution stipulates LAURA CURRAN is certainly financially different than
i i i co-equal branches that each have the right to Newport Beach, Calif. one garnered over 50 years. For that
At least Johnson was impeached for violat- defend their powers. If Democrats are right in matter, all capital gains should be
ing a specific statute, the Tenure of Office Act, their claim, then every President essentially Prof. Blinder is, like the rest of us, subjected to the same adjustment re-
trapped in a tax system designed for gardless of when the taxes on them
by firing Edwin Stanton as Secretary of War. works for Congress. We should skip elections
an economy based on production, are paid. Ignoring the impact of infla-
There was wide agreement that Richard Nixon and let Congress choose the President. when we have an economy that is tion is unjustifiable.
and Bill Clinton violated criminal statutes. In Democrats also claim the emergency of propelled by consumption. We should MICHAEL C. FREEMAN
this case Democrats don’t even try to allege a time, and as usual Rep. Adam Schiff puts this abandon a tax system based on mal- Sarasota, Fla.
criminal act. case in the least credible way. “The argument leable definitions of income (and
Whatever happened to bribery and extor- ‘why don’t you just wait?’ amounts to this: Why wealth) and adopt a tax system an- Prof. Blinder states that a wealth
tion? Democrats spent weeks talking them up don’t you just let [Mr. Trump] cheat in one chored in the consumption expendi- tax is a “powerful tool for fighting
as the crimes of Mr. Trump’s Ukraine interven- more election? Why not let him cheat just one tures that comprise more than 70% of plutocracy.” He’s right. But in a coun-
tions. They had turned to those words after fo- more time?,” Mr. Schiff told the press as the U.S. GDP. Consumption expenditures try where the top 1% of earners pay
cus groups with voters found them more com- articles were unveiled. are what they are: dollar amounts of 27% of all income taxes, the top 50%
pelling than “quid pro quo.” Yet suddenly But Mr. Trump didn’t cheat to win in 2016, goods and services purchased by con- pay 96% and the bottom 50% pay
sumers that, when added up over a less than 4%, it is just possible that
they’re gone. Have Democrats concluded that as Robert Mueller’s Russia collusion investiga-
year, approximate a standard of liv- the biggest threat to this democracy
Mr. Trump’s actions aren’t illegal under stat- tion demonstrated after two years of looking. ing. They are not subject to recharac- isn’t plutocracy but tyranny by the
utes that have specific meaning? As for 2020, the Constitution includes no terization or redefinition. near majority who don’t pay federal
Democrats have retreated instead to charge clause for pre-emptive impeachment to pre- As the world prepares for a cash- income tax.
“abuse of power,” a phrase general enough for vent acts that a President might commit. less future, every transaction made GUY RANDOLPH
anything Congress wants to stuff into it. They i i i can be tracked and an appropriate Savannah, Ga.
don’t even pretend any more to prove a quid Democrats wrap these charges in high-toned
pro quo. Instead they assert that Mr. Trump, rhetoric about “this solemn day” and quotes
in his phone call with Ukraine’s president, “so- from Benjamin Franklin. But they are essen- Interagency Is How Adult Governments Work
licited the interference of a foreign govern- tially impeaching Mr. Trump because they de-
ment” in the 2020 election “in pursuit of per- spise him and the way he governs. Carl J. Schramm’s “‘The Inter- ative. Not so long ago, President Rea-
agency’ Isn’t Supposed to Rule” (op- gan was warned by an interagency
sonal political benefit.” They also assert that This is the classic standard of “maladminis-
ed, Dec. 5) reads like it was written group that a certain sentence in a
this “compromised the national security of the tration,” which the Founders explicitly consid- by someone who has never partici- speech would wreak havoc on foreign
United States and undermined the integrity of ered but excluded from the Constitution as pated in the process. The interagency relations. President Reagan knew
the United States democratic process.” grounds for impeachment. They did so because isn’t a long-running cabal but more better, disregarded the advice, and
Their problem is that Mr. Trump didn’t they feared that partisan Congresses would too like a series of ad hoc committees now his, “Mr. Gorbachev, tear down
withhold military aid to Ukraine, and even if easily impeach Presidents of the opposite polit- which typically bring together politi- this wall” line from that speech is
he had he would have merely been returning ical faction on this subjective basis, rather than cal appointees and career government considered a signature moment of
to Barack Obama’s policy of denying lethal aid. for serious offenses. officials to form policy for the execu- his presidency.
How would that have jeopardized national se- In their wisdom, the American people seem tive branch. Policy disputes between JOHN E. MCCARRICK
curity? Every President also solicits actions to have figured all this out. Despite one-sided the departments or agencies are Bethesda, Md.
ironed out in this process, sometimes
from foreign leaders that he hopes will help lobbying by the impeachment press, the polls
at the cabinet or deputy cabinet President Trump’s sin wasn’t act-
him politically at home. show that a majority opposes removing Mr. level—positions usually held by the ing as if he was above the law, but
We don’t condone Mr. Trump’s mention of Trump from office. This may be the real explana- president’s appointees. thinking that he was above the inter-
Joe Biden in his call to Ukraine’s President, tion behind the Democratic move to shrink im- Moreover, Mr. Schramm and many agency. Long after Mr. Trump leaves
which was far from perfect and reflects his of- peachment. Democrats now want a fast and furi- Democrats miss the point that the in- the White House, interagency experts
ten bad judgment. But “abuse of power” on this ous vote to satisfy their most anti-Trump teragency process exists to provide will be determining and executing a
evidence is a new and low standard for im- partisans, dump the mess on the Senate, and the president or his designees with foreign policy that they know is best
peachment that will come back to haunt future campaign on something else. policy options. President Trump, as for the country.
Presidents of all parties. They shouldn’t get off that easy. By defining with all of his predecessors, is free to President Trump, with the consti-
As for corrupting the 2020 election, even if impeachment down, they are turning what adopt, amend or completely disre- tutional power to set defense and dip-
Ukraine had announced an investigation into should be a rare and extraordinary constitu- gard the recommendations of the in- lomatic policy, poked the interagency
teragency group; he is under abso- snake and we got a rare opportunity
Joe and Hunter Biden, Mr. Trump couldn’t tional remedy into a routine tool of partisan
lutely no obligation to take its to see it slither out of the shadows.
know how effective it would be, how long it warfare. They are harming constitutional advice. He was elected to make those GARY DANIELS
would take, or whether it might even exonerate norms, as the liberals like to say. decisions and doing so is his prerog- Sarasota, Fla.
them. The election is still a year away. If the Americans will decide in 11 months whether
mere announcement of a foreign government’s Mr. Trump deserves to remain in office. But
investigation into corruption can poison a U.S. they should also keep the impeachment vote
election, then American democracy must be very much in mind when they decide whether
weaker than even its enemies think. Democrats deserve to keep the House.
Qualcomm, 5G, Security and Patent Wars
Former Homeland Security Secre- and patent applications for 5G tech-
tary Michael Chertoff argues that nologies. In gaining its dominance in
The Zombie Medical Device Tax Qualcomm’s dominant status in the
5G technology arena creates national
the market, the company has re-
frained from monopolistic and anti-

R
security vulnerabilities by perpetuat- competitive behavior.
epublicans and Democrats are trying to eat the tax. While large manufacturers may be ing a “monoculture risk,” and, fur- National security is a real concern
cobble together an end-of-year spend- able to pass on the tax to purchasers, consumers thermore, that the U.S. government, in the 5G race—but not the way Mr.
ing bill. But even if Members can’t agree then pay for it. An Iowa State University study in the name of protecting national Chertoff presents it. China is Amer-
on extending most special-interest subsidies— last year found that the tax on average de- security, is working overtime to pro- ica’s only serious competitor in this
and we hope they don’t—they should stop a re- creased research and investment by $34 million tect Qualcomm from competition area, and Huawei, a company closely
turn of the destructive ObamaCare medical de- and sales by $188 million per company from (“Qualcomm’s Monopoly Imperils tied to the Chinese government, is
vice tax in January. 2013 to 2015. The Tax Foundation recently pro- National Security,” op-ed, Nov. 25). making rapid strides.
Large bipartisan majorities have suspended jected the tax would result in 21,390 job losses. Nothing could be further from the Meanwhile, Qualcomm is locked in
the 2.3% excise tax on medical devices such as Count the tax as another item in ObamaCare that truth. Qualcomm today is the undis- a series of patent disputes with fel-
imaging machines and stents since 2015. The puted leader in the 5G space for the low U.S.-based companies, including
Democrats had to pass before finding out what
simple reason that no other compa- some of Mr. Chertoff’s own clients.
tax was intended to raise spare change to pay was in it. nies can keep up with the San Di- Qualcomm’s position here is rooted
for ObamaCare—an estimated $25 billion over Congress needs to act soon to prevent the ego-based innovator. Qualcomm in the Constitution’s protection of
10 years—but even Democrats don’t believe the damage from starting next month. Bills to re- holds a staggering 140,000 patents intellectual property. Allowing oth-
economic damage is worth the revenue. peal the tax have 256 House cosponsors, includ- ers to erode Qualcomm’s patents
Companies pay the tax on sales rather than ing 66 Democrats, and 36 Senate cosponsors in- weakens the U.S. in the international
income, so small firms with thinner margins face cluding 10 Democrats. Congress should end the Distribute Fed Education 5G race and makes it far more likely
larger tax burdens. Some 80% of manufacturers industry’s perennial uncertainty and kill the tax Money Directly to Teachers that Huawei will overtake our lead.
have fewer than 50 employees, and most must permanently. The best way to invite more innova-
Regarding Michael Q. McShane tion is to show that the U.S. govern-
and Jason Bedrick’s “Warren’s In- ment stands by the intellectual
Anti-Semitism, Real and Imagined sight on Teacher Pay” (op-ed, Dec.
5): Sen. Elizabeth Warren’s revelation
property rights of our innovators.
As technology and national secu-

T
about federal funding for child-devel- rity become increasingly intercon-
uesday’s murder of three people in a ko- Donald Trump was signing an executive order opment centers—“somehow it all nected, the U.S. can ill afford to lose
sher grocery store in Jersey City, New that “will effectively interpret Judaism as a went to the state government and ground to China in the 5G race.
Jersey, now appears to have been an race or nationality” in order to crack down on never made it down” to teachers and JENNY BETH MARTIN
anti-Semitic attack, with the mayor saying the the boycott-Israel movement on college cam- children—hit home with this school- Atlanta
suspects targeted the market frequented by Ha- puses. Thousands of tweets condemned the Ad- district governing-board member.
sidic Jews. The police shootout began “with an ministration for supposedly denying Jews’ The biggest factor in a student’s suc-
attack on civilians in the store,” according to Americanness. cess is a skilled teacher. But the av- Pepper ...
the city’s director of public safety. News re- The order was released Wednesday and it erage teacher quits after five years,
many because teachers don’t earn
And Salt
ports say one of the alleged shooters may have does nothing of the sort. It merely affirms that
enough. THE WALL STREET JOURNAL
been a member of the conspiratorial Black He- discrimination against Jews in education could
How to better “make it down”?
brew Israelites and had anti-Semitic social-me- violate Title VI of the Civil Rights Act if it is based Why not take the $60 billion federal
dia posts. on perceived Jewish ethnic characteristics. Education Department budget and
If anti-Semitism is confirmed as the motive, Overreaction to distorted media reports give it directly to America’s deserv-
this would be the deadliest such attack in the about the Trump Administration isn’t news. But ing 3.7 million school teachers? It
U.S. since a white supremacist murdered 11 at a when it comes to anti-Semitism it can obfuscate would mean an annual salary boost
Pittsburgh synagogue last year. In our polarized the nature of the problem. New York City Mayor of $16,200 a year per teacher.
times, charges of anti-Semitism are often used Bill de Blasio said of the Jersey City attack that WAYNE PEATE
as a cudgel against political opponents, right or anti-Semitism “has reached the doorstep of Tucson, Ariz.
left. Yet anti-Semitism feeds on conspiracy New York City.” Yet Mr. de Blasio’s tenure has
thinking across the political spectrum and is of- seen a surge in attacks by thugs on Orthodox Letters intended for publication should
ten a warning of a wider social decay. Jews in Brooklyn. be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
It’s a commentary on the lack of seriousness Anti-Semitism is confined to the fringes of or emailed to [email protected]. Please
about anti-Semitism that on the night of the American life, and we need to keep it there. include your city and state. All letters
murders, politicians and the media were sound- Stopping the spread requires being clear- are subject to editing, and unpublished
ing the alarm over anti-Semitism where none headed about the world’s oldest hatred, not letters can be neither acknowledged nor “Let’s go—astronauts only.
returned.
existed. The New York Times reported that rushing to project it onto political enemies. No interns.”
THE WALL STREET JOURNAL. Thursday, December 12, 2019 | A19

OPINION

Price Controls Would Stifle Biotech Innovation

By Scott Gottlieb For instance, the Lower cost treatments are pricing

V
Drug Costs Now Act would out a growing number of
ictoria Gray of Mississippi expose the 250 costliest underinsured patients,
recently became the first drugs to government price keeping them from using
U.S. patient with a genetic controls. The high-cost medications that could al-
disorder to be treated us- drugs lawmakers target are ter their providence. This
ing the Crispr gene-editing often the most innovative is unacceptable.
technique. Doctors used a novel drug and potentially transfor- There are ways to make
to overwrite the function of a faulty mative new medications. specialty drugs more af-
gene that gave rise to her sickle-cell This week the House will fordable without eroding
disease. Advances in life science can vote on the legislation, the incentives that drive
define this century, but policy makers known as H.R. 3. capital into the riskiest but
must resist the urge to adopt policies The price-control ap- most promising endeavors.
that impose price controls and pun- proach would increase un- One is to help second-to-
ish drugmakers for taking risks. certainty and reduce re- market drugs get through
The convergence of information turns from biotech the regulatory process.
technology and biology allows sci- investment, raising the Once an effective drug
entists to translate the human ge- cost of capital for these in- is approved to treat a
nome into digital data that can ac- valuable endeavors. It deadly condition, introduc-
celerate diagnoses and cures. Over would alter incentives and ing a second drug to treat
the next decade, it is a near cer- shift money from the most the same disease can be
tainty that we will have gene-ther- speculative but highest- hard. It’s tough to recruit
value science, including re- patients with a debilitating
generative medicine and disease for a clinical trial

CHAD CROWE
A House price-control bill gene editing. Money would when a proven medicine is
flow instead to known dis- already available. More-
would do the most damage ease areas and well-char- over, the smaller pool of
to transformative and life- acterized targets, using patients who will be newly
proven approaches such as pill-form that all the big drugmakers did was eclipsed $13 billion last year. diagnosed each year with the same
saving medications. drugs. develop “me too” medicines—the The Food and Drug Administration disease isn’t always large enough to
New and high-risk drug platforms seventh version of a blood-pressure approved four gene therapies in only support the cost of developing a sec-
like gene therapies are often targeted pill or a cholesterol-lowering statin. the past three years, with 800 simi- ond drug, reducing competition that
apy cures for deadly inherited disor- first to treat rare and serious condi- In response, the federal government lar kinds of products in various can lower prices.
ders such as muscular dystrophy. tions; after they are proven to work took steps, some of which shaped stages of development. An assess- We offer first-to-market break-
Cell-based and regenerative medi- safely, they will be used to treat Medicare Part D, to encourage invest- ment of the current pipeline and his- through drugs an efficient route
cine can restore human functions more-common maladies, such as ment in “specialty” drugs that were torical rates of success in clinical tri- through FDA review. We could give
lost to disease, including returning heart disease. This is how medicine more novel. als suggests that by 2025 the FDA second-to-market competing medi-
some sight to the blind. Gene edit- advances. But if investors knew their Since then, investment capital has will be approving 10 to 20 gene-ther- cines the same regulatory benefits.
ing will be used to alter DNA to returns would be capped, they would shifted sharply. Cancer and rare dis- apy drugs a year. Progress is espe- Further, when the biology of a drug
erase the origins of a range of debil- direct their investments toward safer eases receive substantially more at- cially strong in oncology. The num- target is very well understood, and
itating inherited disorders. projects with lesser payoffs. We tention and resources. The number of ber of cancer drugs in development the basis for how it interacts with a
These are only some of the oppor- would still get new drugs, but the cell, gene and nucleotide therapies in has quadrupled since 1996. disease firmly established, we can
tunities at hand. Yet bad policies treatments would be very different. development has more than doubled These specialty drugs often aren’t create a new regulatory designation
could sap the risk-taking that brings Fifteen years ago, the standard re- over the past three years, while total cheap. They target narrow conditions to streamline development of a
forth the most important innovations. frain from drug-industry critics was investment in cell and gene therapies for which the cost of risk-taking and competing drug and shift data col-
drug development is amortized over lection to real-world, post-approval
a smaller number of eligible patients. settings.

I’m Partial to Impartiality Highly novel drug platforms can also

cost more initially to perfect. Based
on my informal survey of companies,
Many drugs targeted by H.R. 3 for
government price controls are exam-
ples of the innovation we should try
By Joseph Epstein and is touchier generally than a ested, isn’t used much anymore. enrolling a single patient in a clinical to encourage. In fact, they are the in-

W
fresh burn. Complicating this comic When you do see it in print it is trial for a gene-altering drug often vestments that critics who griped
hen the history of the view of Mr. Trump is that he has generally mistaken as a synonym for costs between $500,000 and about me-too medicines said they
Trump administration is done good things for the economy, uninterested, which isn’t at all the $700,000 and can reach as high as $1 wanted. Now the same crowd is
written, I hope the fact— for Israel (where he is said to be re- same thing. Might it be that the million. crafting policies that would shift in-
and I believe it is a fact—that the vered) and for American foreign pol- word disinterested, in its precise To support this innovation, total vestment back into the more mun-
president made it all but impossible icy generally. Not that he’d be inter- meaning, has all but disappeared be- spending on research and develop- dane endeavors they once lamented.
to remain politically impartial is in- ested, but my only serious first-term cause the quality itself has no cur- ment by the 15 biggest drugmakers
cluded. Donald Trump was a room- policy disagreement is with his rent models? It no longer exists in topped $100 billion in 2018, up 32% Dr. Gottlieb, a resident fellow at
divider. Long-held friendships broke abandonment of the Kurds. palpable human form? If so, what a in the past five years. A cancer cure, the American Enterprise Institute,
down in disagreement about him. I wouldn’t care to have lunch serious subtraction from public life! or a gene-therapy remedy, can served as FDA commissioner,
Families split up. He made Richard with Donald Trump, but then the sharply reduce the lifetime cost of 2017-19. He is a venture capitalist at
Nixon, who in his day could arouse last politician I would have cared to Mr. Epstein is author, most re- treating a debilitating disease. It can New Enterprise Associates, whose in-
strong political passions, seem like lunch with was Daniel Patrick Moy- cently, of “Charm: The Elusive dramatically alter the length and pro- vestments include biotech companies,
Mister Rogers. nihan, whom I knew, though not Enchantment.” ductivity of people’s lives. But high- and a board member of Pfizer Inc.
I happen to be someone who, in well. One of Moynihan’s most im-
politics, yearns for impartiality. I pressive aspects was his own sense
have never thought of myself as a of impartiality even while maintain-
locked-in party member, and over the ing an active political career. He
years I’ve voted both for Democrats served the administrations of both
and for Republicans for president. I Richard Nixon and John F. Kennedy.
am, I suppose, the much-referred-to Moynihan was para-party.
independent voter. In 2016, as a sign While serving as a Democrat in
of my own impartiality, I voted nei- the Senate, Moynihan oversaw a
ther for Mr. Trump nor Hillary Clin- study of the health-care system that
ton. His coarseness, her falsity, put found it had serious problems but
me off in equal measure. concluded there was no “health-
care crisis.” The White House asked
him not to release the findings be-
The ructions of the Trump cause President Bill Clinton was
planning a speech on—you will have
presidency have made it guessed it—our “health-care crisis.”
impossible to maintain a The unreality of it, the subsuming
of reality to politics, made Moyni-
cool head about politics. han furious.
Politics, let us agree, does not
generally bring out the best in ev-
I also think of myself as a student erybody. It narrows the lens of un-
of the disease known as Trump de- derstanding, sets people against one
rangement syndrome. I have been in another, is more interested in vic-
conversations with otherwise quite tory than truth. If, as Aristotle con-
reasonable people who are certain ceived it, the end of politics is hap-
that Mr. Trump is stupid, nuts, men- piness or the good life, in recent
tally disabled and above all danger- times it has never achieved much of
ous. Some people would vote for a the former nor gotten us any nearer
terrorist or recent serial killer be- to the latter.
fore voting for Mr. Trump. Discern- Impartiality seems the only hope
ing though many of them are in for negotiating the personal traps
other realms of their lives, they are and public potholes of politics. Yet
ready to abandon what discrimina- impartiality is what Donald Trump
tory powers they have and conclude makes so difficult to maintain. You
that such clearly dubious characters may agree with his policies, but his
as Adam Schiff and Jerrold Nadler braggadocio and egotism will give
are on balance good fellows. Trump you second thoughts. His every ut-
derangement syndrome has driven terance is designed to make you to
them to that sad, low form of poli- take a stand, to love him or loathe
tics in which the enemy of their en- him. And so the nation apparently
emy is their friend. does, at somewhere near a 50-50
These same anti-Trumpers look ratio.
at me strangely when I tell them Another word for impartiality is
that I view the president as essen- disinterestedness. To be disinter-
tially a comic figure. He is a man ested is to be above personal inter-
who uses confidence to cover igno- est in your views and actions, even
rance and insult to combat criticism, your emotions. The word, disinter-

PUBLISHED SINCE 1889 BY DOW JONES & COMPANY

Rupert Murdoch Robert Thomson
Executive Chairman, News Corp Chief Executive Officer, News Corp
Matt Murray William Lewis
Editor in Chief Chief Executive Officer and Publisher
Neal Lipschutz Karen Miller Pensiero DOW JONES MANAGEMENT:
Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer;
Natalie Cerny, Chief Communications Officer;
Jason Anders, Chief News Editor; Louise Story, Chief
Kamilah Mitchell-Thomas, Chief People Officer;
News Strategist, Product & Technology Officer
Edward Roussel, Chief Innovation Officer;
Thorold Barker, Europe; Elena Cherney, News Christina Van Tassell, Chief Financial Officer
Features & Special Projects; Andrew Dowell, OPERATING EXECUTIVES:
Asia; Anthony Galloway, Video & Audio; Kenneth Breen, Commercial;
Alex Martin, Print & Writing; Michael W. Miller, Jason P. Conti, General Counsel;
Features & Weekend; Emma Moody, Standards; Tracy Corrigan, Chief Strategy Officer;
Shazna Nessa, Visuals; Matthew Rose, Enterprise; Frank Filippo, Print Products & Services;
Michael Siconolfi, Investigations; Nikki Waller, Live Kristin Heitmann, Chief Commercial Officer;
Journalism; Stephen Wisnefski, Professional News Nancy McNeill, Corporate Sales;
Thomas San Filippo, Customer Service;
Gerard Baker, Editor at Large Josh Stinchcomb, Advertising Sales;
Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer;
Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International
Barron’s Group: Almar Latour, Publisher
WALL STREET JOURNAL MANAGEMENT: Professional Information Business:
Joseph B. Vincent, Operations; Christopher Lloyd, Head;
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head
EDITORIAL AND CORPORATE HEADQUARTERS:
1211 Avenue of the Americas, New York, N.Y., 10036
Telephone 1-800-DOWJONES
A20 | Thursday, December 12, 2019 THE WALL STREET JOURNAL.
 TECHNOLOGY: VW PARENT PRESSES TOWARD SELF-DRIVING VEHICLES B4

BUSINESS & FINANCE

© 2019 Dow Jones & Company. All Rights Reserved.

S&P 3141.63 À 0.29% S&P FIN g 0.21% S&P IT À 0.71%

* * * *

DJ TRANS À 0.46%
THE WALL STREET JOURNAL.

WSJ $ IDX g 0.32% LIBOR 3M 1.887

Thursday, December 12, 2019 | B1

NIKKEI (Midday) 23443.07 À 0.22% See more at WSJ.com/Markets

Aramco Shares Rise 10% in Market Debut

Price of biggest initial backed Saudi Arabian Oil Co. an initial public offering price Many international investors ing the first 30 days should de- reach 37.5 riyals to value
The public offering of the of 32 Saudi riyals ($8.53) to have argued that at the valua- mand prove higher than ex- Aramco at $2 trillion—a level
public offering reaches world’s most profitable com- 35.2 riyals, with the rise tion of $1.7 trillion, Aramco’s pected. That would increase Prince Mohammed has said he
upper limit set by pany is part of an overhaul of capped by an upward limit set IPO was too expensive com- the money raised to nearly $30 believes the company is worth.
the kingdom’s economy to in- by the exchange. pared with peers such as Exxon billion. Even without the op- The government has encour-
Saudi exchange vest in nonoil industries and In a ceremony in Riyadh, Mobil Corp. and Chevron Corp. tion, the listing is the world’s aged wealthy Saudi families
create jobs for young Saudis. Saudi officials and the com- Global investors have placed largest ever, edging out Alibaba who own large conglomerates
BY RORY JONES The listing falls far short of pany’s delegates gathered at a greater discount on Aramco’s Group Holding Ltd.’s $25 billion to invest as a national duty.
Prince Mohammed’s original the stock exchange to mark the shares than Saudi and regional listing in 2014. Stock analysts don’t consider
Aramco shares rose 10% in goals. He had hoped to sell start of trading, ringing a gold investors over concerns about The jump in the share price them easy sellers. Some were
Riyadh on Wednesday, quickly more than 1.5% of the company bell as confetti showered them the power the Saudi govern- lifted Aramco’s total valuation caught in a government-led
touching their upward limit as and raise as much as $100 bil- and laser lights zipped around ment will continue to wield to $1.877 trillion. The shares corruption crackdown and ar-
investors in Saudi Arabia lion. The Saudi government the stage. over the company and the risks hit the 10% limit in an initial rests of businessmen and
rushed to buy a piece of the couldn’t entice enough foreign Sarah al Suhaimi, chair- to its facilities after recent mis- auction and continued to trade princes in 2017 stifled criticism
world’s largest IPO. investors to buy at the $1.7 tril- woman of the kingdom’s sile attacks that the U.S. at the limit price throughout of the monarchy.
The trading debut caps a lion valuation it set, and Tadawul stock exchange, called blamed on Iran. the day, even though investors Aramco also received com-
four-year drive by Crown Aramco instead raised $25.6 the listing, “an extraordinary Aramco’s underwriters can couldn’t push up the price and mitments valued at $2.5 billion
Prince Mohammed bin Salman billion, largely from Saudis. event in the kingdom of Saudi exercise an option to sell as could only offer less. from regional allies Kuwait and
to deliver the listing of state- The shares increased from Arabia and the world at large.” much as 15% more shares dur- The shares would need to Please turn to page B2

U.S. initial public offerings in 2019 by total amount raised

Jan. Feb. March April May June July August Sept. Oct. Nov. Dec.
JPMorgan
Nasdaq SmileDirectClub Brazilian Revamps
$34.4 billion
$1.3B brokerage

156 deals
debuted
Wednesday Services
Lyft
$2.6B XP
$2.0B
To Wealthy
BY DAVID BENOIT

JPMorgan Chase & Co. is

Peloton taking a bigger swing at
Tradeweb $1.2B wealth management, revamp-
$1.2B ing its business units to better
compete with rivals such as
$20 billion Morgan Stanley.
The bank is creating a unit
10
that will combine its U.S.
05 An outline indicates an IPO that has wealth-management opera-
raised at least $500 million. Nasdaq
01 tions for affluent clients and
has 12 while NYSE has 11.
the Chase branch network’s fi-
Uber nancial-advisory business, ac-
$8.1B cording to a memo reviewed
by The Wall Street Journal.
The restructured business will
Chewy also include JPMorgan’s new
$1.2B You Invest online brokerage,
Pinterest the memo said.
NYSE $1.6B JPMorgan faces an industry
in which big rivals and hot
$26.2 billion startups are fighting to appeal
to millennials and first-time
47 deals
Avantor investors. Charles Schwab
$3.3B Corp. said last month it would
buy TD Ameritrade Holding
Note: Data are as of Wednesday. Corp., cementing its hold in
Source: Dealogic Ana Rivas/THE WALL STREET JOURNAL discount brokerages.
The change positions JP-

Nasdaq Pulls Ahead of NYSE in IPO Race

Morgan to have one set of op-
erations for clients with as
much as $25 million in assets.
(JPMorgan’s private bank for
BY ALEXANDER OSIPOVICH have been $34.4 billion, com- the year. The two rival exchanges tal capital raised. That metric ultrawealthy clients will re-
pared with $26.2 billion for Winning IPOs allows Nasdaq compete fiercely for companies includes not just corporate IPOs main separate.)
Companies are on track to IPOs at NYSE, Dealogic data and NYSE parent Interconti- going public, wooing them but also listings of closed-end The new unit will be headed
raise more money through ini- shows. NYSE, though, says it is nental Exchange Inc. to collect with perks such as bell-ringings funds and follow-on offer- by Kristin Lemkau, currently
tial public offerings on Nasdaq ahead using a broader measure more listing fees and boosts at NYSE’s historic building in ings, in which a company raises the bank’s marketing chief, the
Inc. this year than on the New of how much capital its compa- their trading volumes, so they lower Manhattan or the display additional capital, often by sell- memo said. The bank plans to
York Stock Exchange, the first nies have raised. make more money from trans- of corporate logos on Nasdaq’s ing shares on the exchange name a new head for its mar-
time that has happened since Nasdaq’s tally grew on action fees, too. Landing a big huge electronic billboard facing where it is already listed. keting efforts in the coming
2012’s bungled Facebook Inc. Wednesday with the debut of IPO also can enhance an ex- Times Square. “The New York Stock Ex- weeks, it added.
offering. Brazilian brokerage XP Inc., change’s brand, making it eas- NYSE representatives said change remains by far the JPMorgan Chief Executive
So far this year, total funds which raised nearly $2 billion ier for that exchange to attract the Big Board is ahead of Nas- global leader in capital raised, James Dimon has long said he
raised in Nasdaq-listed IPOs in one of the last big IPOs of more listings down the road. daq this year if measured by to- Please turn to page B2 wants to strengthen the bank’s
wealth-management business,
a strategy that has helped
smooth out the earnings of
Calpers Investing Chief other big banks.
JPMorgan’s fragmented ap-
proach to targeting clients has
Takes on Sacred Cows made that difficult. The new
structure is more in line with

As He Remakes Fund Bank of America Corp.’s Mer-

rill or Morgan Stanley, but
those banks employ thousands
BY HEATHER GILLERS has on hand only about 70% of more advisers than JPMorgan.
AND DAWN LIM the assets it will need to fund
future retirement checks for
HOWARD LIPIN/SAN DIEGO UNION-TRIBUNE/ZUMA PRESS

It didn’t take Yu Ben Meng

long to find problems at the
nation’s largest pension fund.
more than 1.9 million Califor-
nia police, firefighters and
other public workers.
INSIDE
Six months after starting as Mr. Meng’s changes reflect
investment chief of the Cali- the latitude Calpers has given
fornia Public Employees’ Re- him to remake the fund. Mr.
tirement System, he told Meng, who worked for China’s
board members at a Santa foreign-exchange regulator, is
Rosa, Calif., gathering in July the fund’s first investment
that some older investments chief in 10 years who has had
might be valued too richly, a Wall Street investing job.
said people familiar with the “We’re doing too many
matter. By fall, the fund had things. We are not spending BUSINESS
shaved the value of a real-es- enough time on the invest- Nestlé to sell
The maker of pricey yoga pants says its men’s apparel business is growing faster than women’s. tate investment trust and was ment activities,” Mr. Meng told
looking more closely at a more the board in January. He is the
U.S. ice cream operations
to a joint venture
Lululemon Looks to Dress Men than five-year-old bet on a so-
lar developer, other people
said.
The steps are emblematic of
third investment chief in a
challenging decade that fol-
lowed the 2008 financial crisis
and a scandal that sent a for-
it helped form. B3

After Its Success With Women Mr. Meng’s overhaul of the

$389 billion fund known as
Calpers. Now as his first year
mer Calpers chief executive to
prison on bribery charges.
Mr. Meng, a Chinese-born
BY CHARITY L. SCOTT McDonald said total revenue products. comes to a close, Calpers has U.S. citizen, has worked at
for men’s apparel grew 38% in As they seek to expand that cut ties with a longstanding Morgan Stanley, Lehman
Lululemon Athletica Inc. the third quarter, citing strong business, they are hoping to manager on a hometown proj- Brothers and Barclays Global
built its brand by convincing sales of outerwear, pants and persuade male shoppers that ect, jettisoned underperform- Investors. He first joined Calp-
women to wear its pricey yoga underwear. He reiterated the its pants are worth a price tag ing stock pickers, and slowed ers in 2008 and spent seven
pants even when they weren’t company’s goal of doubling approaching $200 for the work on a multibillion-dollar years there before moving to ENTERTAINMENT
headed to the gym. These the men’s business by the end costliest pair. private-equity experiment. China’s State Administration Expect fewer big media
days, the company says its of 2023. Lululemon is betting on Calpers has struggled to of Foreign Exchange, which su-
most promising customers are Company executives have men like Joseph Frilot. The consistently meet its 7% yearly pervises the nation’s trillions
deals next decade,
men. told investors that 21% of Lu- 28-year-old middle-school target at a time of high retire- of dollars in foreign reserves. says LionTree CEO
On Wednesday, Lululemon lulemon’s $3.3 billion in sales teacher says he had been look- ment costs and ultralow inter- He told board members in Jan- Aryeh Bourkoff. B4
Chief Executive Calvin last year came from men’s Please turn to page B2 est rates. The pension fund Please turn to page B10
B2 | Thursday, December 12, 2019 * *** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople

Firms Disagree on Climate

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

A General Motors...........B3 P
AEVA...........................B4 H PAI Partners ............... B3
Amazon.com ............... B2 Hermes Investment Porsche Automobil
Antero Resources.....B10 Management .......... A12 Holding......................B4 BY SAABIRA CHAUDHURI tive,” said Mark Griffiths, It will shift to renewable or dollar of revenue, overall
Apple...............B2,B4,B12 Home Depot.........B3,B11 Poshmark .................... B5 who works on climate issues energy, be more energy effi- emissions could rise, it says.
AT&T............................B4 Huawei Technologies . A8 R Companies increasingly at the World Wide Fund for cient, halve emissions tied to “We see many definitions,
Audi.............................B4
I Range Resources......B10 talk about being climate pos- Nature. travel and invest in refores- and it’s important that it’s a
Avantor ....................... B2 itive, but they disagree on WWF facilitated an event tation to remove carbon from credible claim,” said Andreas
Ikea..............................B2 S
B what that means and how to this week in Madrid at the the atmosphere and store it. Ahrens, who is head of cli-
Inditex.......................B10 Sanofi........................B10
Bayerische Motoren measure it. United Nations conference on The furniture company is mate at Inter IKEA Group.
Intercontinental Saudi Arabian Oil B1,B12
Werke......................B10 Mounting concerns about climate change, known as leading the drive to establish “We don’t want to mislead
Exchange...................B1 Slack Technologies ..... B2
Boeing....................A1,A6 rising temperatures and COP25, for companies to dis- a definition and plans to out- customers.”
J Sony...........................B12
C Spotify Technology.....B2
other environmental impacts cuss the parameters for a But getting companies to
Cabot Oil & Gas........B10 JPMorgan Chase.........B1 from human consumption are global definition. agree on even decades-old
T
Chesapeake Energy .. B10 L
Telefónica....................A8
propelling consumer-facing
brands to make a variety of
It isn’t clear how this
would be implemented, but
Some companies terms, like recyclable, can be
challenging.
Chevron..............B10,B11
Children's Place ........ B11
LionTree Advisors.......B4
Lowe's.........................B3
Toyota Motor..............B5 green pledges. But the prolif- executives say an indepen- worry that ambiguity The Ellen MacArthur
U
Continental Resources Lululemon athletica....B1
Uber Technologies ...... B2
eration of terms tied to this
effort is stirring debate and
dent certification body could
help set standards and verify
hurts environmental Foundation—a U.K.-based
nonprofit that has rallied
.....................................B4
Credit Suisse Group . B10
Lyft..............................B2
UniCredit...................B10 dissent. they are being followed. progress. more than 250 organizations
M Unilever.......................B3 Environmentalists and Companies broadly agree to commit to slashing plastic
D-E
Marathon Petroleum B12 V some companies worry that that being climate positive waste—this year published a
Dominion Energy......B11
Microsoft...................B12 Vanguard Renewables
ambiguity is hurting environ- entails reducing more green- definition of the term.
EQT............................B10
N ...................................B11 mental progress, confusing house-gas emissions than line its approach at the U.N. Many technically recycla-
Exxon Mobil..............B12
Volkswagen.................B4 consumers and opening the they emit but differ on how conference. ble materials go to landfills
F Nestlé..........................B3
door to greenwashing— this should be achieved. IKEA thinks companies because of high processing
Netflix.........................B4 W
Fiat Chrysler where companies appear IKEA has pledged to be should be climate positive on costs or poor infrastructure.
Automobiles ............. B3 Nokia...........................A8 Walt Disney................B4 more sustainable than they climate positive by the year an absolute basis, regardless Agreeing on the definition
Ford Motor..................B3 O X-Y are. 2030 and said last month of growth, rather than a rel- took about a year, said
G Occidental Petroleum XP................................B1 “Our objective is to avoid that it would spend €200 ative basis. Sander Defruyt, who works
GameStop..........B11,B12 ...................................B12 YouGov......................A12 a huge divergence in what it million ($221 million) toward If a company pledges to be on plastics issues at the
means to be climate posi- this effort. climate positive per product foundation.

INDEX TO PEOPLE
A G Ogawa, Tetsuo............B5
Ahrens, Andreas.........B2 Graham, Colleen........B10 P
B Griggs, Nelson ............ B2 Pierson, Ed..................A6
Berry, William.............B4 H R
Bourkoff, Aryeh..........B4 Hamm, Harold.............B4 Rohner, Urs...............B10
C Healy, Patrick..............B2 S
Hitzinger, Alex............B4 Salehian, Soroush.......B4
Cairns, Matt..............B11
Chandra, Manish.........B5 K Sherman, George......B12
Chase, Kevin ............. B11 Khan, Iqbal................B10 Siklos, Richard............B4
Childress, Ryan.........B11 Smith, Hank..............B11
L
Stark, Jack..................B4
D Lemkau, Kristin .......... B1
T
Darr, David................B11 Lentz, Jim...................B5
Temple, Ron..............B11
Dimon, James.............B1 Leopold, Diane..........B11
Thiam, Tidjane..........B10

SAUDI ARAMCO/EPA/SHUTTERSTOCK
F M-O Tiner, John................B10
Frost, Marcie.............B10 Marks, Howard ......... B10 Tuttle, John.................B2

Nasdaq than Nasdaq.

Nasdaq, founded in 1971, be-
came synonymous with tech-

Takes Lead nology IPOs in the 1980s and

1990s by listing companies
such as Apple Inc. and Ama- Officials from the oil company and the stock exchange in Riyadh celebrate the first day of trading for the world’s largest IPO.
zon.com Inc.
On IPOs But Nasdaq was hurt by mis-
steps in the Facebook IPO of Aramco’s market to transfer wealth to
the population. Shares have
Aramco’s allocated listings before trading
Saudi companies 37.5%
May 2012. Glitches in the popu- been priced favorably as a re-
Continued from page B1 lar listing left brokers and trad- sult. In the Aramco IPO, the
with over $100 billion in IPOs
and follow-on offerings in
ers confused for hours about
whether their orders had been
Shares company has promised individ-
ual investors an additional bo-
Saudi asset managers 26.3

2019,” said John Tuttle, vice executed, and the incident

chairman and chief commercial
officer at NYSE.
weighed on Facebook’s stock for
months. Nasdaq paid tens of
Rise 10% nus share for every 10 held for
six months.
“It is the best investment
Saudi government institutions 13.2

NYSE won the two biggest millions of dollars in settle- we could have ever done,” said
Foreign investors 23.0
IPOs of 2019, the $8.1 billion ments with regulators and in- Continued from page B1 Khalid Oraibi, a 29-year-old
debut of Uber Technologies vestors over the incident. Abu Dhabi, which also are un- shop manager in Riyadh who
Inc. and the $3.3 billion debut The debacle upset banks likely to sell in the early days. bought with his two brothers. Note: Saudi companies include listed, private and insurance firms.
of chemicals company Avantor that advise companies on IPOs, In total, non-Saudi institu- “I’m sure in a couple of years Source: Samba Capital (Aramco's lead underwriter)
Inc. But Nasdaq won the No. 3 undermining Nasdaq’s efforts tional investors were allocated we would be so happy we did
listing: Uber rival Lyft Inc., to win deals such as the $25 about 23% of the total two bil- it.” both said they would fast-track companies made up 37.5%, gov-
which raised $2.6 billion—and billion debut of Alibaba Group lion shares available for profes- The Saudi government also Aramco’s inclusion into equity ernment institutions 13.2%, and
fared better than usual against Holding Ltd. in 2015, according sional buyers, or roughly $3.94 has intervened in the market in indexes, tracked by global ac- asset managers and pension
NYSE in winning other deals. to a new memoir by Robert billion, according to a state- recent years to boost prices. tive and passive investors. Ana- funds 26.3%. Non-Saudis made
Of the IPOs that have raised Greifeld, who was chief execu- ment from the lead under- Many stock analysts expect the lysts predict Aramco’s addition up the rest.
at least $500 million so far this tive of Nasdaq at the time. writer. That includes commit- government would support could draw more than $2 bil- Despite what may prove to
year, Nasdaq has won 12 while Nasdaq lost that IPO because ments from regional allies, and Aramco’s stock. lion in passive flows to the be loyal support from inves-
NYSE has won 11, according to of “pressure from the banks market analysts expected about Traders also know the kingdom. tors, the stock will also be tied
Dealogic. If that holds through and IPO underwriters, many of $600 million in potential bids shares could be supported in The breakdown of stock al- to volatile crude-oil prices.
the end of December, this whom were pushing big clients from regional equity funds the next few weeks by an influx location in the IPO also indi- U.S. oil settled 48 cents
would be the first year on re- like Alibaba toward NYSE, ‘just based outside Saudi Arabia. of foreign passive investment cated the share price would be lower, or 0.8%, to $58.76 a bar-
cord when Nasdaq beat NYSE to be safe,’ ” Mr. Greifeld wrote Traditionally, Saudi IPOs flows. MSCI Inc., the largest in- supported in initial trading. Of rel.
in attracting IPOs valued at in the book “Market Mover,” have started positively because dex compiler in emerging mar- the final allocation of shares to —Summer Said
least $500 million, Dealogic released in October. the government has used the kets, and FTSE Russell have institutional investors, Saudi contributed to this article.
data shows. Alibaba and Facebook didn’t
“We’ve been on a mission to respond to requests for com-
win larger deals,” said Nelson
Griggs, executive vice president
for corporate services at Nas-
ment.
Mr. Griggs, of Nasdaq, said in
an interview last week that the
Lululemon crease awareness of the brand,
which he says still isn’t well-
known to many customers,
daq.
Mr. Tuttle, of NYSE, added
that his exchange is a pioneer
exchange operator had worked
to rebuild its relationship with
the banks. After 2012, Nasdaq
Bets on and open additional locations
in North America and interna-
tional markets like Europe and
Stylish • Ergonomic • Comfortable
in direct listings, a process in
which a company lets its shares
float on an exchange without
also revamped its IPO process to
ensure that companies going
public have more information
More Men China.
Lululemon said Wednesday
that overall revenue in the
raising new funds. Once little about what is happening with third quarter jumped 23% to
known, the process gained at- their stock, he said. Continued from page B1 $916 million. The company
tention after it was used by Today, the Facebook IPO has ing for slacks that “looked like raised its outlook slightly for Dynamic Variable
Spotify Technology SA to go largely vanished from discus- dress pants but felt like sweat- the fourth quarter to $1.33 bil-
public on NYSE last year, fol- sions with companies planning pants” when he found them at lion from $1.32 billion for net Lumbar Support
lowed by Slack Technologies to go public, said Patrick Healy, the multibillion-dollar brand. revenue. (DVL) feels incredible!
Inc. in June. Nasdaq has yet to chief executive of Issuer Net- He bought a pair. Shares of the company,
do a significant direct listing, work LLC, which advises com- “They do have a hefty price which have doubled over the
but it offers the process and panies on which exchange to for a pair of pants,” said Mr. past year, fell more than 4% in
has been promoting it with choose. “The Facebook cloud is Frilot, who paid $128 for after-hours trading Wednes-
prospective issuers. gone,” Mr. Healy said. “It took a them. “I do want to get one day.
Nasdaq is typically the un- very long time.” more pair, but the pants are Part of the company’s strat-
derdog when it comes to larger Nasdaq benefited from a probably all I would buy from egy is moving beyond athlei-
IPOs. NYSE, founded in 1792, strong year for biotech IPOs, them.” sure and into other categories
has historically been the home where it has an edge because of Founded in 1998, the Van- like personal-care products.
of blue-chip stocks, and it le- its popular Nasdaq Biotechnol- couver, Canada-based re- Nick Kamenjarin, a 32-year-
verages its prestige to attract ogy Index, which includes all tailer’s emergence was fueled old attorney, said he has
companies, despite generally biotech companies on the ex- by an ardent following of yoga amassed a collection of Lulu-
charging higher listing fees change. That means biotech enthusiasts. The company pat- lemon polo shirts, joggers,
companies going public on Nas- ented “Luon,” a material that shorts and tank tops over the
Capital raised in IPOs daq are included in exchange- gives its yoga pants a soft feel, past several years. He says he
NYSE Nasdaq traded funds tied to the index, and expanded into other prod- touts the brand to other peo-
a potential way for more inves- ucts from sports bras to work ple and even makes product
$80 billion
tors to get in. pants and outerwear. recommendations.
In May, NYSE said it was re- Competitors have since Mr. Kamenjarin said the
ducing listing fees for compa- flooded the market with first time he went into a Lulu-
60 nies with little to no revenue, a cheaper alternatives seeking lemon store, it seemed more
move aimed at attracting bio- to capitalize on the “athlei- focused on women’s clothes
tech IPOs. Still, Nasdaq won all sure” trend, raising pressure but he didn’t let that deter
40 42 U.S. biotech IPOs so far this on the company to lower him.
year, totaling $4.8 billion in prices or expand distribution “The items looked good and Free Shipping & 30 Day Risk Free Trial
capital raised, Dealogic data beyond its own stores and they don’t have a prominent
20 shows. website. logo, so most people wouldn’t Save $100 Now! And, This is Not Your
In April, Nasdaq unveiled yet Mr. McDonald, 46, said in be that familiar with the brand Use code Smooth
another perk for listed compa- an interview with The Wall anyways,” he said.
For Free Premium Wheels Grandfather’s
0 nies: a new event space in its Street Journal in April that he Mr. Kamenjarin’s wife, Ve-
building in Midtown Manhat- feels no need to discount and ronica, said she likes that they BuyXchair.com
Office Chair!
2010 ’19*
tan, including a terrace over- that the company is still in the can shop together at Lulu-
*2019 data as of Wednesday. looking Times Square, designed early stages of growth. The ex- lemon: “It’s good bonding BuyXchair.com | 844-4-XCHAIR | Corporate Discounts Available
Source: Dealogic to host IPO parties. ecutive said he wants to in- time.”
 THE WALL STREET JOURNAL. Thursday, December 12, 2019 | B3

BUSINESS NEWS

Home
Depot Sets
Cautious
Outlook
BY SARAH NASSAUER
AND ALLISON PRANG

Home Depot Inc. tempered

its sales targets for next year,
saying the long U.S. economic
expansion is expected to cool
and the home-improvement
chain will need more time for
some investments to pay off in
sales gains.
The company’s 2020 fore-

DENIS CHARLET/AGENCE FRANCE-PRESSE/GETTY IMAGES

cast reflects slower growth in
gross domestic product and a
housing market that is posi-
tive but “not at a level that
we’ve seen in prior years,”
Chief Executive Craig Menear
told investors on Wednesday.
“We will continue to gain
outsized share in our market,”
he said.
Buoyed by a strong housing
market and low unemploy-
ment, Home Depot has en-
joyed several years of robust
sales growth even as some re- The company says it wants to focus on healthy, nutritious food and has been cutting salt and sugar in many of its products.

Nestlé Set to Sell Ice-Cream Unit

tailers, including its rival
Lowe’s Cos., have struggled.
More recently, its growth has
slowed.
For fiscal 2020, Home De-
pot said it expects total sales
and comparable sales to rise BY SAABIRA CHAUDHURI cream, has faced intense com- model could be extended to open to seasonal vagaries, share to 20.9% last year from
by 3.5% to 4%. Analysts polled petition in that segment from the U.S. through marketing, delivery 17.9% in 2010, according to
by FactSet, on average, were Nestlé SA agreed to sell its market leader Unilever PLC Ice cream, while high and convenience. Euromonitor.
expecting same-store sales to U.S. ice-cream arm to a joint as well as upstart brands such growth compared with many Americans eat more ice In the face of tough com-
increase 4.3%. Two years ago, venture it has with private- as Halo Top. other packaged-foods catego- cream per capita than any petition, the world’s largest
executives were projecting equity firm PAI Partners for In selling its U.S. ice-cream ries, has increasingly looked other people in the world, ice-cream maker has launched
comparable sales would rise $4 billion, a deal the Häagen- operations—the country’s sec- like an oddity at Nestlé. its own high-protein, low-
4.5% to 6% in 2020. Dazs maker hopes will rein- ond largest, with sales of $1.8 The company wants to fo- sugar line under the Breyer’s

15%
The Atlanta-based company, vigorate the struggling busi- billion last year—Nestlé hopes cus on healthy, nutritious brand to counter Halo Top.
which operates nearly 2,300 ness. to replicate a move it says food and has been cutting salt It also last year rolled out
stores, has missed same-store The sale also includes the has been successful in Europe. and sugar in many of its Culture Republick in the U.S.,
sales expectations for the last Dreyer’s and Drumstick The packaged-food com- products. a low-calorie ice-cream brand
four fiscal quarters, according brands and follows a similar pany in 2016 merged its Euro- Nestlé has also recently Market share in the U.S, containing probiotics in fla-
to FactSet, and hasn’t reported move in Europe and comes pean ice-cream business with been sharpening its focus, compared with 19.3% in 2010 vors like turmeric chai and
annual same-store sales below amid fierce competition in the PAI-owned R&R Group, which selling businesses including cinnamon, and milk and
4% since fiscal 2012. largest ice-cream market. makes brands such as Cad- U.S. confectionery, and put- honey.
Home Depot executives said Nestlé has been working to bury Flake Cones and Rown- ting greater emphasis on a Nestlé said the sale of its
heading into 2020, U.S. con- improve profit margins at the tree’s Fruit Pastille lollies, to handful of businesses like with most bought in U.S. ice-cream business was
sumer spending is healthy, division but has seen its U.S. create Froneri. bottled water, coffee and pet supermarkets for consump- expected to close in the first
boosted by low unemployment market share decline in re- That business has since ex- food. tion at home, leaving the cat- quarter and that it would
and rising wages. They also cent years, dropping to 15% panded, logging sales of 2.9 Nestlé and Unilever—which egory open to intense dis- continue to manage its re-
said the overall housing mar- last year from 19.3% in 2010, billion Swiss francs ($2.95 owns Magnum, Ben & Jerry’s counting. maining ice-cream operations
ket is healthy, making Ameri- according to Euromonitor. billion) last year, and Nestlé and Talenti—have both been In contrast to Nestlé’s in Canada, Latin America and
cans more willing to spend on The Swiss company, which said Wednesday that it was working on ways to make declining market share, Uni- Asia as part of its current
improvements. focuses on premium ice convinced the success of that their ice-cream business less lever has increased its U.S. market structure.

PAID ADVERTISEMENT

Secrets of a Billionaire Revealed

“Price is what you pay; value is what you get.
Whether we’re talking about socks or stocks, I like
buying quality merchandise when it is marked down.” Absolute best price
— wisdom from the most successful investor of all time for a fully-loaded
chronograph
B illionaires have billions because they know
value is not increased by an inflated price.
They avoid big name markups, and aren’t
with precision
swayed by flashy advertising. When you look
accuracy...
on their wrist you’ll find a classic timepiece,
not a cry for attention–– because they know ONLY
true value comes from keeping more money
in their pocket. And, so do our two-and-
a-half million clients. It’s time you got
$39!
REBECCA COOK/REUTERS

in on the secret too. The Jet-Setter

Chronograph can go up against
the best chronographs in the
market, deliver more accuracy
and style than the “luxury”
brands, and all for far, far less.
$1,150 is what the Jet-Setter
The ratification brings to a close a grueling round of labor negotiations for UAW leaders. Chronograph would cost
you with nothing more than

Fiat Chrysler Workers Approve a different name on the face.

With over two million
timepieces sold (and
New Contract, Ending Labor Talks counting), we know a
thing or two about creating
watches people love. The Jet-
BY NORA NAUGHTON uncovered in the federal inves- became a focus of GM’s racke- Setter Chronograph is classic
tigation of corruption between teering lawsuit, according to in the looks department and
A lengthy round of labor Fiat Chrysler executives and labor experts. GM’s average a stainless steel power tool
talks in Detroit has ended af- UAW leaders as the backbone hourly spend on labor was $63 of construction, this is all the
ter the United Auto Workers for a civil racketeering law- heading into contract talks watch you need.
said it secured a new four-year suit. In the suit, GM accuses this summer, and Ford’s was
Your satisfaction is 100%
contract with Fiat Chrysler Fiat Chrysler of solidifying its $61, according to the Center
guaranteed. Experience the Jet-
Automobiles NV, the last of labor-cost advantage by brib- for Automotive Research. Fiat
Setter Chronograph for 30 days.
three deals negotiated this ing UAW officials to ensure it Chrysler was spending $55 an If you’re not convinced you got
year by the union. had certain advantages over hour. excellence for less, send it back for a
About 71% of Fiat Chrysler’s its two Detroit competitors, Those figures are expected refund of the item price.
unionized workforce voted to including a less-expensive to increase over the four-year Limited to
approve the agreement, the workforce. span of the new contracts with Time is running out. Now that the
UAW said. The new deal in- The now-ratified contract the UAW due to gains on secret’s out, we can’t guarantee this the first 1900
cludes terms that will likely at Fiat Chrysler, which covers wages and health care won by $39 chronograph will stick around long.
close a longstanding labor- the union, analysts have said. Call today! responders to
cost gap between the Italian-
American car company and its
The UAW’s 40-day strike at
GM is also expected to ding
TAKE 90% OFF INSTANTLY! this ad only.
larger rivals, labor experts say.
Wage increases and the company’s 2019 earnings When you use your OFFER CODE
The ratification brings to a improved health- by nearly $3 billion. Jet-Setter Chronograph $299†
close a grueling round of labor Despite concerns about a
negotiations for UAW leaders,
care benefits are looming downturn in the U.S.
Offer Code Price $39 + S&P Save $260 CLIENTS LOVE
with new contracts in hand at included in the pact. auto market, the union was STAUER WATCHES…
You must use the offer code to get our special price.
Fiat Chrysler, General Motors able to achieve much of what êêêêê
Co. and Ford Motor Co. Talks
were more confrontational
it set out to win in this round
of talks, said Kristin Dziczek, a
1-800-333-2045 “The quality of their
watches is equal to many
Your Offer Code: JCW221-02 Rating of A+
than in previous years, with the company’s roughly 47,000 labor expert and economist at that can go for ten times
the UAW executing one of the UAW-represented workers, in- the Center for Automotive Re- Please use this code when you order to receive your discount. the price or more.”
largest private-sector strikes cludes wage increases, im- search. Still, the companies
Stauer…Afford the Extraordinary.® — Jeff from McKinney, TX
in nearly half a century at GM. proved health-care benefits maintained important flexibili-
Top UAW officials also faced a and enhanced profit-sharing. ties on the use of temporary
• Precision crystal movement • Stainless steel case back & bracelet with deployment buckle
widening federal investigation Full-time workers also will re- workers and where they can
into corruption in its top ceive a $9,000 ratification bo- build vehicles. • 24 hour military time • Chronograph minute & small second subdials; seconds hand
ranks as negotiations pro- nus before the end of the year, “The UAW walks away from • Water resistant to 3 ATM • Fits wrists 7" to 9"
gressed, leading to the resig- the UAW said. this with a lot of money in its
nation of former UAW Presi-
dent Gary Jones last month.
The new contract terms are
likely to close a roughly $8-an-
pockets,” Ms. Dziczek said.
“But what the union didn’t get
Stauer ® 14101 Southcross Drive W., Ste 155, Dept. JCW221-02, Burnsville, Minnesota 55337
www.stauer.com
† Special price only for customers using the offer code versus the price on Stauer.com without your offer code.
As talks began at Fiat hour labor-cost advantage Fiat is any additional job security
Chrysler, GM used evidence Chrysler has over GM, which guarantees or protections.”
B4 | Thursday, December 12, 2019 * * THE WALL STREET JOURNAL.

BUSINESS & TECHNOLOGY WSJ.com/Tech

Shale-Boom Innovator
Stepping Down as CEO
Netflix Recruiting Blocked
Judge forbids hiring edly poaching their executives. In its 2016 complaint, Fox to an end years of unlawful
Walt Disney Co. this year said Netflix had orchestrated a poaching by Netflix,” said
BY CHRISTOPHER M. MATTHEWS Phillips executive, has been on executives signed by acquired the Fox units as part “brazen campaign to unlaw- Daniel M. Petrocelli, an attor-
AND REBECCA ELLIOTT Continental’s board since 2014. Fox studios after rivals of its $71.3 billion purchase of fully target, recruit and poach ney who represented Fox in
He held positions around the 21st Century Fox entertain- valuable Fox executives by ille- the case. “The decision not
Billionaire shale-drilling pi- world for ConocoPhillips, work- claimed poaching ment properties. At the time gally inducing them to break only condemns Netflix’s delib-
oneer Harold Hamm is retiring ing there and at Phillips Petro- the lawsuit was filed against their employment contracts erate violations of the law, but
as chief executive of the oil- leum Co. for more than 30 BY JOE FLINT Netflix, 21st Century Fox with Fox to work at Netflix.” just as importantly, reaffirms
and-gas company he founded, years before retiring in 2008. shared common ownership Netflix countered that Fox’s and protects the rights and
Continental Resources Inc. “Sometimes CEO changes A California judge issued an with Wall Street Journal par- contracts “unreasonably re- choices of employees.”
Mr. Hamm, who turned 74 happen when companies are injunction against Netflix Inc. ent News Corp. strict employee mobility, stifle Netflix can appeal the rul-
on Wednesday, will remain at having problems. That’s not prohibiting the streaming- Big players in Hollywood competition and artificially ing. In a statement, Netflix
Continental in the role of ex- the case here,” Mr. Berry said video giant from trying to hire are battling to sign up top tal- suppress salary levels.” spokesman Richard Siklos said
ecutive chairman, the com- in a video accompanying Con- Fox television and film execu- ent—from executives to TV- In his ruling Tuesday, Judge the company “will continue to
pany said, as board member tinental’s release. tives who are under contract. show and movie creators—as Marc D. Gross said Netflix fight to make sure that people
William Berry, 66, assumes the Jack Stark, the company’s The ruling late Tuesday in competition over streaming doesn’t have the standing to who work in the entertain-
role of CEO in January. president and a longtime ad- Los Angeles Superior Court intensifies. Netflix in recent challenge Fox’s employment ment industry have the same
The son of Oklahoma share- viser to Mr. Hamm, also will hands a victory to Twentieth years has aggressively re- agreements and may not so- rights as virtually every other
croppers, Mr. Hamm built Con- assume the title of chief oper- Century Fox Film Corp. and cruited people with Hollywood licit Fox employees who are Californian and can make their
tinental into one of the largest ating officer, Continental said. Fox 21 Inc., the studios that experience, often promising under fixed-term agreements. own choices about where they
independent U.S. oil compa- Continental, after limited sued Netflix in 2016 for alleg- huge pay increases. “The court’s ruling brings work.”
nies, searching for oil in areas initial success, proved it could
others had ignored or over- extract oil from the Bakken,

Fewer Media Megadeals Are Foreseen

looked. It is now the largest using horizontal drilling and
producer in North Dakota’s hydraulic fracturing to unlock
Bakken Shale, an oil field that fossil fuels many once thought
had been discovered decades were impossible to reach. Mr.
earlier but was considered too Hamm’s successes there BY BENJAMIN MULLIN the firm’s clients.
challenging to exploit. helped prove the Bakken was “Once you hold the con-
Mr. Hamm, who is Conti- one of the largest oil fields in One of the media industry’s sumer’s attention in the form
nental’s largest shareholder, the continental U.S. and con- most prolific deal makers is of a subscription service, in
indicated that he plans to re- tributed to a gold rush in predicting a slowdown in big order to maintain that con-
tain his holdings in the com- shale drilling. acquisitions over the coming sumer engagement and also
pany. He described Mr. Berry Continental went public in decade. maintain pricing power
as a confidant and adviser. 2007, just as the shale boom Aryeh Bourkoff, whose com- around that consumer, a more
“I’m not going anywhere. began, and Mr. Hamm used pany, LionTree LLC, has innovative, diverse set of of-
I’m an oil finder and geologist the proceeds to buy up more helped shepherd about $500 ferings will be required than
at heart. Working together, land in the Bakken. By 2012, billion in transactions since its just straight video,” he said.
Bill and I will help the com- Continental was one of the 10 founding in 2012, expects the Mr. Bourkoff also sees
pany cultivate new strategic largest oil producers in the decade to be defined by the fewer big deals for companies
opportunities,” he said in a U.S. and Mr. Hamm owned a biggest media companies—the in the digital media sector,
statement. stake in the company worth likes of Walt Disney Co., Net- which includes companies like
Mr. Berry, a former Conoco- $11 billion. flix Inc. and AT&T Inc.—build- BuzzFeed Inc., Vox Media Inc.
ing out their direct-to-con- and Vice Media LLC, though
sumer operations and he declined to comment on
developing other strategies deals for any specific com-
that won’t always require huge pany.
deals. Further consolidation will

ROZETTE RAGO FOR THE WALL STREET JOURNAL

“The last decade has been depend, in part, on investors’
characterized by frenetic willingness to give digital me-
[mergers and acquisitions] to dia companies cash to make
reach scaled platforms,” said acquisitions to consolidate the
Mr. Bourkoff, LionTree’s industry, Mr. Bourkoff said,
founder and chief executive. though all-stock deals are also
“That mountain has been a possibility.
climbed. Now, we are going to “There are many more ven-
be level-setting into 2020 and ture-capital-backed digital
over the next decade.” players that exist today than
Mr. Bourkoff is in a position there are buyers for those
to know. This year, his firm companies,” Mr. Bourkoff said.
advised on some of the biggest LionTree CEO Aryeh Bourkoff says there will still be plenty of “And so it will take a very
deals in the sector, helping merger activity over the next decade, despite the slowdown. carefully driven approach to
join Viacom with its sister determine which ones will
company CBS to create a con- ences to sell advertising to “lion” in Hebrew. play through versus which
glomerate valued at about $30 and enjoy more favorable fi- Mr. Bourkoff said there will ones will consolidate.”
billion. nancial terms than their still be plenty of deal activity, Cross-border deal-making
The firm also united New smaller competitors, he said. despite the slowdown. Some of will also probably recede over
York Media with Vox Media in LionTree and Mr. Bourkoff the biggest media conglomer- the next decade, Mr. Bourkoff
an all-stock deal that valued have ridden the cresting tide ates could try to strike deals said, as the biggest companies
New York at about $110 million, of media deals to create a for companies in adjacent in- look to invest in their direct-
and it sold video-streaming global firm with about 75 em- dustries—think Amazon.com to-consumer offerings domes-
startup Cheddar to Altice USA ployees and offices in New Inc.’s $13.7 billion deal for gro- tically.
Inc. for about $200 million. York, San Francisco, London cer Whole Foods Market Inc. in There are also fewer big ac-
Those deals—along with the and Paris. 2017, or Alphabet Inc.-owned quisition targets internation-
ones that LionTree didn’t ad- Mr. Bourkoff’s glass-walled Google’s recent $2.1 billion ally, although that may change
vise on, such as Disney buying corner office on the 15th floor deal for the wearable fitness if U.S. companies sell off
most of 21st Century Fox, of a building in Midtown Man- products company Fitbit. pieces of their global busi-
AT&T buying Time Warner hattan is furnished with me- Companies with popular nesses.
and Discovery Inc. buying mentos of the firm’s notable video-streaming services “As you look towards 2020
Scripps Networks Interac- clients, including a cartoon might try to buy companies and beyond, it will be more
tive—have stacked the deck in featuring references to major that attract subscribers in challenging to really effec-
favor of the biggest compa- firms like Charter Communica- other ways, like audio stream- tively execute global strate-
nies, Mr. Bourkoff said. These tions Inc. and Verizon Commu- ing or videogaming, Mr. gies,” Mr. Bourkoff said.
larger companies now have nications Inc. The firm’s name, Bourkoff said, adding that he “These scale players that have
bigger content libraries to LionTree, contains a reference would be formalizing the pre- now been formed have to re-
draw on, have larger audi- to its founder: “Aryeh” means dictions in his annual letter to trench somewhat.”

VW Parent Makes Self-Driving Push

BY MARC VARTABEDIAN

ADVERTISEMENT Porsche Automobil Holding

SE has acquired a minority

The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
stake in Silicon Valley self-driv-
ing sensor startup Aeva Inc.,
the latest in a flurry of moves
by the auto-manufacturing
holding company in the autono-
BUSINESS OPPORTUNITIES TRAVEL
mous driving sector this year.
As part of the equity deal,
 
 Porsche SE, which houses auto
 
   
 
  makers such as Volkswagen
 
  
 
 AG, Porsche AG and Audi AG,
  
  will partner with Aeva in

 hopes of putting its lidar sen-

 
    sors on Volkswagen ID Buzz
   !  "#$!%
&'% buses to create autonomous
     (  '% $"$)   * taxis, according to Aeva co-
      &  ")  
  ! $! &
   ! (% + '!! !   + (* founder and Chief Executive
  
   

         
 !! %&   & %   ! Soroush Salehian.
  
  
  ( ! &'  !& ,!%! %& ,!% ( ! Aeva, which puts sensor
 
      %! %$"!    %#$ *  $ 
     &'%&  $   %&$!   &* components on small chips,
) $!%&-
AEVA INC/REUTERS

         aims to reduce the size and

    
    

 "# cost of roof-rack-style lidar
            sensors, which help cars drive
  # "# autonomously by bouncing la-
!  "   
# $   $%%&''&(  )$%%&*
%  


   & sers off objects to create a 3-D


 
 ' ()* +,+-. / " 0 view of the world. Aeva hopes to put its sensor, seen atop this car, in Volkswagen Buzz buses to create autonomous taxis.

1'  
  
  
  The technology’s integra-

  
     tion with the Buzz buses, up- in Apex.AI Inc., a Palo Alto, nership with Aurora Innovation velops autonomous sensor

   dated electric throwbacks to Calif.-based startup developing Inc., a Silicon Valley self-driv- technology. Mr. Hitzinger said
     
 
  VW’s iconic vans, is expected autonomous-vehicle operating ing startup that raised more self-driving research efforts in
 
       
  to launch sometime in the systems. than $530 million in February, that partnership potentially
       
 

    
next several years, said Alex Mountain View, Calif.-based roughly a year and a half after could be combined with those
    
   Hitzinger, senior vice presi- Aeva was founded in 2017 by the pair announced their tie-up. in VW’s autonomous unit.
 ! " #$ % $ &' $ %"( dent of autonomous driving at former Apple Inc. engineers Then in October, three months “It may look like many
 )    *&&++,,,
 ! " #- % $ &' $ %"( Volkswagen Group and CEO of Mr. Salehian and Mina Rezk. after it said it would invest moves, but really they are in-

"     *&.&+,,,
  )   *$//,,,, VW Autonomy, an autonomous Earlier this year, the company $2.6 billion in Pittsburgh-based terconnected and part of one
 
   THEMARKETPLACE development spinoff unit VW partnered with a unit owned by Argo AI LLC, VW said it was strategy,” Mr. Hitzinger said.
ADVERTISE TODAY
created in October. Audi that is building self-driv- spinning off its own startup The moves concentrates VW
 
 

 
The deal highlights legacy ing technology for Volkswagen. dedicated to developing auton- Group’s strategy for develop-
 
 
 (800) 366-3975 auto makers’ appetite for part- The undisclosed amount in- omous technology. ing a self-driving system, Mr.

       For more information visit: nering with startups develop- vested in Aeva is Porsche SE’s Meanwhile, Porsche in Au- Hitzinger added. Aeva plays a

     wsj.com/classifieds ing self-driving software and first in lidar technology and gust paid an undisclosed key role in that effort, Mr.
  
 hardware. Earlier this month, caps a year of reshuffling of amount to acquire a minority Hitzinger said, because of its
© 2019 Dow Jones & Company, Inc. Volvo Group through its ven- its self-driving ambitions. stake in Israeli startup TriEye ability to shrink the size and
    All Rights Reserved.
ture-capital division invested In June, VW ended a part- Technologies Ltd., which de- cost of lidar sensors.
THE WALL STREET JOURNAL. Thursday, December 12, 2019 | B5

MANAGEMENT

CEO Knits Together Toyota’s

U.S. Chief
‘Likes’ and Resales To Retire
Poshmark founder
wants secondhand
peared at exactly the right
time. We’ve been working on
commerce creates. In April
getting consumers to really WSJ: What has been your BY BEN FOLDY
fashion platform to be think about reselling for biggest challenge as the busi-
seven, eight years, and Marie ness took off? Jim Lentz, chief executive
a social experience Kondo accelerated that Mr. Chandra: As our business of Toyota Motor Corp.’s North
movement. We think of Ma- scaled, almost every partner- American operations who
BY CHARITY L. SCOTT rie Kondo as a specific mo- ship as well as the technol- played a visible role during a
ment in the evolution of re- ogy broke at the same time. safety crisis this decade, will
What happens when you selling and re-commerce. That was probably one of the retire in April.
mix eBay and Instagram, hardest moments, to take a Mr. Lentz, 64 years old, will
then add millions of fashioni- WSJ: Some of your competi- step back from growth, re- be succeeded by Tetsuo
stas eager to shop each oth- tors allow sellers on their build the systems. But it was Ogawa, chief operating officer
ers’ closets? You get Posh- sites to buy ads; you don’t. a good decision. We started of the Japanese auto maker’s
mark, the Why forgo that revenue? to grow again very fast in North American subsidiary.
BOSS TALK social-com- Mr. Chandra: We have over 2014 and haven’t looked back Toyota is adapting to
merce plat- 30 million items curated by since. changing consumer tastes in
form founded by entrepre- our seller-stylists. That cura- North America, its largest
neur Manish Chandra. tion leads to completely WSJ: What are your Posh- market, while making longer-
A former software execu- fresh discovery by our com- mark shopping tips for the term bets on electric and au-
tive, Mr. Chandra launched munity. It also allows a new uninitiated? tonomous cars that company
Poshmark in 2011, ahead of seller to have an equal Mr. Chandra: One of the executives expect will take de-
the fashion-resale boom that chance of selling compared beautiful things about Posh- cades to play out, Mr. Lentz
has fueled the rise of sites to a seller who may have mark is it’s very social. You said in an interview.
MICHAEL BUCHER/THE WALL STREET JOURNAL

such as The RealReal, millions of followers. Our can ask questions, you can “I’m not going to be around
ThredUp and Tradesy. Differ- mission is to empower any- actually discuss things with long enough to see that
ent from many rival apps, body to become a retailer, the seller. Those conversa- through to the end,” said Mr.
Poshmark looks and behaves tions ultimately create a Lentz, who became the re-
much like Instagram, incen- trusted relationship. What in gion’s CEO in 2015. “So it’s im-
tivizing sellers to give and traditional retail is called re- portant that we bring some-
receive comments and “likes”
Is regifting now peat sales traffic happens one else now that can take us
and allowing users to follow acceptable? Mr. quite frequently on Posh- through that next phase.”
their favorite sellers. Similar mark. Typically, 80% of our Mr. Lentz became the U.S.
to eBay, sellers take photos
Chandra gives a sales come from repeat shop- face of the company in 2010
of their own items and sell definite yes. pers on the platform. when, as head of Toyota’s U.S.
them directly. Poshmark sales arm, he and Toyota Pres-
takes a 20% cut of many WSJ: One of your best-known Manish Chandra says the decluttering trend came at a good time. ident Akio Toyoda testified to
sales. board directors is, perhaps, Congress about unintended ac-
Poshmark is Mr. Chandra’s [so] we want to keep the your most unconventional: you bought it on Poshmark. celeration problems. In 2014,
second bet on the idea that playing field super level. Serena Williams. What ad- WSJ: Would you consider a Today, it’s actually fun to the company agreed to pay a
social networking and e-com- vice do you seek from her? sale? say, “I bought it on Posh- $1.2 billion criminal penalty to
merce can form a lucrative WSJ: How is “liking” items for Mr. Chandra: Serena has been Mr. Chandra: I typically focus mark,” and it’s something settle a federal investigation
partnership. His first was so- sale on Poshmark useful for an amazing partner to bring on building the business and that people are even sharing into whether it had concealed
cial-shopping website Kaboo- shoppers? on the board. She knows not thinking of selling or an shopping tips on. issues that made its cars sud-
dle, which he founded in Mr. Chandra: The platform is many of our sellers who have IPO. I feel like if you continue denly accelerate.
2005 and sold two years really geared towards some- quit their jobs. She’s also a to build the right journey, all WSJ: What are other poten- Mr. Lentz’s tenure as the
later to Hearst Corp. one who’s engaged in the pro- fashion entrepreneur. She the different rewards of that tial areas of expansion be- region’s CEO coincided with a
Poshmark, recently valued cess of shopping. You “like” a gives us advice ranging from journey happen along the yond home goods? shift in U.S. consumer prefer-
at $1.25 billion, expanded this beautiful dress, you “like” a how to think about winning way. Mr. Chandra: We think of, ences. Sales of sport-utility ve-
year beyond mostly second- pair of shoes. For sellers, it to global expansion to cur- what else can we serve hicles have supplanted the
hand apparel to home goods. creates a way to engage with rent trends and even new in- WSJ: We’re now in the within your house? What are smaller, fuel-efficient sedans
Mr. Chandra recently sat shoppers. It’s like if you could ventory. throes of the holiday shop- the other members of your Toyota had been known for,
down with The Wall Street indicate your interest in a ping season. Has gifting sec- household beyond the human leading the company to con-
Journal in New York. Here bunch of items across the WSJ: Where do your IPO ondhand items become so- beings in the household? sider dropping some smaller
are edited excerpts: mall and suddenly people plans stand? cially acceptable? models from its lineup.
came to you and said, “Hey, Mr. Chandra: I think at the Mr. Chandra: We expect this WSJ: It sounds like we may Toyota also is expanding its
WSJ: How has the Marie would you be interested in right time the business can to be a marquee year for sec- be seeing a vertical for pets portfolio of hybrid-electric ve-
Kondo-inspired decluttering buying it for this specific become a public company. But ondhand items being gifted. I in the near future. hicles—which combine a gaso-
trend affected your business? price?” That’s the kind of we currently don’t have any remember, a few years back, Mr. Chandra: Maybe. Pets are line engine with a large bat-
Manish Chandra: She ap- shopping experience social specific plans on that front. you might try to hide that children, too. tery to save fuel.

We began our journey at the end of the world1999 — but Y2K was A-OK. We became mates
at the Sydney Olympics2000 and healed together after a day we’ll never forget.2001 Europe
got the Euro,2002 scientists mapped our DNA2003 and we continued to chart our course.
We friended each other on Facebook and landed safely on Mars.2004 We watched YouTube
views climb and Merkel ascend.2005 Thoughts became tweets, Pluto was dwarfed2006 and the
iPhone took us on Safari.2007 Obama won the top spot; the markets hit rock bottom.2008
We witnessed a miracle on the Hudson2009 and circumnavigated volcanic ash.2010 Buffett
booted Sokol and Wall Street was occupied.2011 Curiosity didn’t kill the cat — Google just used it
to advance AI.2012 We welcomed a new president in China and mourned Mandela.2013 Snowden
and Alibaba went public.2014 Kraft and Heinz got together like mac and cheese and the EU
agreed to bail out Greece.2015 Trump was elected and Britain voted to exit.2016 We marched for
gender equality and said Time’s Up.2017 Snap lost a billion, Musk and Holmes stepped down
— a little bad blood but we stood our ground.2018 From memorable moments to momentous
achievements, we’ve arrived here.2019 And the future of professional research is clear.2020

With you for two decades of mergers,

shake-ups and innovations.
Factiva.com

© 2019 Dow Jones & Co., Inc. All Rights Reserved. 6DJ1051
B6 | Thursday, December 12, 2019 THE WALL STREET JOURNAL.

THIS VETERAN HAS

EXPERIENCED ENOUGH.

HE SHOULDN’T HAVE TO FIGHT HOUSING

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

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

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

50 YEARS OF OPENING DOORS.

A public service message from the U.S. Department of Housing and Urban Development in cooperation with the National Fair Housing Alliance. The federal Fair Housing Act
prohibits discrimination because of race, color, religion, national origin, sex, familial status or disability. For more information, visit www.hud.gov/fairhousing.
THE WALL STREET JOURNAL. Thursday, December 12, 2019 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
27911.30 s 29.58, or 0.11% Trailing P/E ratio 20.78 20.43 3141.63 s 9.11, or 0.29% Trailing P/E ratio * 24.36 21.33 8654.05 s 37.87, or 0.44% Trailing P/E ratio *† 26.15 21.17
High, low, open and close for each P/E estimate * 18.65 15.52 High, low, open and close for each P/E estimate * 19.18 16.45 High, low, open and close for each P/E estimate *† 23.15 18.65
trading day of the past three months. Dividend yield 2.25 2.31 trading day of the past three months. Dividend yield * 1.85 2.01 trading day of the past three months. Dividend yield *† 0.99 1.11
All-time high 28164.00, 11/27/19 All-time high 3153.63, 11/27/19 All-time high: 8705.18, 11/27/19

Current divisor 0.14744568353097

28000 3150 8750

65-day moving average

27500 3075 8550

27000 3000 8350

Session high 26500 2925 8150

DOWN UP
t

Session open Close

26000 65-day moving average 2850 7950
Close Open
t

65-day moving average

Session low 25500 2775 7750

Bars measure the point change from session's open

25000 2700 7550
Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec.
* 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 6:30 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 752,166,714 18,183,041
Industrial Average 27925.50 27801.80 27911.30 29.58 0.11 28164.00 21792.20 13.8 19.6 12.2 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 415,087,133 12,607,941
Transportation Avg 10687.03 10618.28 10678.89 49.02 0.46 11098.99 8637.15 8.6 16.4 4.3 Most-active issues in late trading Decl. volume* 317,405,372 5,420,536
Utility Average 855.26 849.57 855.01 2.43 0.29 880.50 692.00 13.5 19.9 9.8 Volume After Hours Issues traded 3,033 278
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 32165.76 32057.49 32142.60 79.71 0.25 32305.18 24126.04 17.9 24.9 10.9 Advances 1,866 145
VanEck Vectors Gold Miner GDX 17,050.6 27.75 0.04 0.14 27.78 27.68
Barron's 400 716.86 713.83 716.49 1.90 0.27 720.53 571.68 10.6 17.5 5.4 Declines 1,055 121
Danaher DHR 11,921.9 149.85 0.18 0.12 149.87 148.55
Unchanged 112 12
Nasdaq Stock Market VanEck Vectors Jr Gold GDXJ 9,107.3 39.40 -0.03 -0.08 39.49 39.38 New highs 116 10
Nasdaq Composite 8658.48 8622.35 8654.05 37.87 0.44 8705.18 6192.92 21.9 30.4 16.7 SPDR S&P 500 SPY 6,920.9 314.66 0.24 0.08 314.68 313.53 New lows 16 6
Nasdaq 100 8408.08 8361.37 8402.61 48.32 0.58 8444.71 5899.35 24.2 32.7 19.7 General Electric GE 4,779.1 11.12 0.15 1.37 11.19 10.96 Closing Arms† 1.40 0.48
Bed Bath Beyond BBBY 4,770.8 15.50 -0.05 -0.32 15.65 15.50 Block trades* 4,730 112
S&P
0.29
JPM Alerian MLP AMJ 4,057.0 21.02 0.04 0.21 21.02 20.98
500 Index 3143.98 3133.21 3141.63 9.11 3153.63 2351.10 18.5 25.3 11.6 Nasdaq NYSE Arca
iShares MSCI Emg Markets EEM 3,811.7 43.80 0.12 0.27 43.80 43.66
MidCap 400 2017.50 2009.02 2015.75 4.00 0.20 2030.78 1567.40 13.4 21.2 6.0 Total volume*1,929,346,365 207,892,862
SmallCap 600 1000.31 995.07 999.04 0.17 0.02 1002.13 793.86 10.1 18.2 5.2 Percentage gainers… Adv. volume*1,074,600,468 146,944,243
Gerdau ADR GGB 2,322.8 4.40 0.16 3.77 4.45 4.24 Decl. volume* 826,704,228 60,104,555
Other Indexes
BioCryst Pharm BCRX 117.7 2.85 0.09 3.26 2.85 2.76 Issues traded 3,286 1,608
Russell 2000 1634.43 1626.74 1631.93 0.21 0.01 1634.10 1266.93 12.1 21.0 5.5
Advances 1,804 1,241
NYSE Composite 13590.74 13547.68 13579.92 34.61 0.26 13607.62 10769.83 13.7 19.4 6.7 VEREIT VER 150.6 9.70 0.29 3.08 9.70 9.40
Declines 1,369 338
Value Line 538.39 536.13 538.13 1.51 0.28 552.12 446.06 6.2 13.9 1.2 VelocityShares 3x Lg Nat UGAZ 719.5 8.32 0.23 2.84 8.35 8.09
Unchanged 113 29
NYSE Arca Biotech 5121.62 5029.92 5037.74 -52.07 -1.02 5261.79 3890.37 9.9 19.4 17.0
comScore SCOR 90.1 4.85 0.12 2.54 4.85 4.73
New highs 136 107
NYSE Arca Pharma 635.71 632.85 634.71 1.86 0.29 634.71 535.91 7.3 11.6 10.3 ...And losers New lows 62 14
KBW Bank 111.52 110.51 110.56 -0.52 -0.47 111.08 80.78 22.2 28.9 5.9 Entergy ETR 212.0 112.28 -5.90 -4.99 118.18 112.28 Closing Arms† 1.01 1.74
PHLX§ Gold/Silver 99.79 97.17 99.56 2.77 2.86 101.76 66.14 45.0 40.9 7.5 Tricida TCDA 91.8 41.60 -2.11 -4.83 43.71 41.60 Block trades* 9,883 1,038
PHLX§ Oil Service 72.45 71.50 72.38 0.85 1.19 102.39 59.66 -23.8 -10.2 -27.5 lululemon athletica LULU 1,398.0 223.40 -9.79 -4.20 234.00 215.00 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 1760.39 1726.87 1759.20 38.30 2.23 1759.20 1069.39 46.7 52.3 25.4 Sundial Growers SNDL 119.3 2.14 -0.09 -4.04 2.23 2.05 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 15.97 14.98 14.99 -0.69 -4.40 36.07 11.54 -30.1 -41.0 8.5 Callon Petroleum CPE 170.9 4.11 -0.12 -2.84 4.23 4.11 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 The Global Dow 3167.28 10.86 0.34 15.8 Forward Pharma ADR FWP 9.60 3.95 69.91 11.48 4.97 37.1 Iterum Therapeutics ITRM 3.12 -1.73 -35.67 9.30 1.68 -57.7
DJ Global Index 421.20 1.17 0.28 20.1 XP XP 34.46 7.46 27.63 35.00 27.00 ... United Natural Foods UNFI 7.07 -2.80 -28.37 15.63 6.56 -44.7
DJ Global ex U.S. 255.07 0.75 0.30 14.5 Centogene CNTG 11.20 2.15 23.76 15.59 7.80 ... Technical Communications TCCO 5.85 -2.15 -26.88 10.49 1.81 68.2
Americas DJ Americas 739.85 2.02 0.27 24.6 Immunic IMUX 8.82 1.64 22.84 46.80 6.04 -19.4 Children's Place PLCE 54.31 -16.35 -23.14 116.84 53.80 -46.3
Brazil Sao Paulo Bovespa 110963.87 291.86 0.26 26.3 Abeona Therapeutics ABEO 4.02 0.74 22.56 8.60 1.46 -51.4 Aethlon Medical AEMD 2.46 -0.50 -16.81 25.65 2.05 -87.4
Canada S&P/TSX Comp 16939.61 –11.09 –0.07 18.3 Photronics PLAB 15.13 2.56 20.37 15.48 7.95 59.6 Madrigal Pharmaceuticals MDGL 99.08 -19.42 -16.39 148.18 82.31 -12.2
Mexico S&P/BMV IPC 43195.19 561.76 1.32 3.7 Aptose Biosciences APTO 4.41 0.66 17.60 4.41 1.57 83.8 GameStop Cl A GME 5.53 -0.98 -15.05 16.90 3.15 -58.2
Chile Santiago IPSA 3421.40 17.87 0.53 –9.1 Cohen Co COHN 3.50 0.51 17.06 9.50 2.79 -63.2 Relmada Therapeutics RLMD 34.04 -5.91 -14.79 48.00 4.40 673.6
0.22 AcelRx Pharmaceuticals ACRX 2.39 0.35 16.91 4.09 1.64 -18.9 Venus Concept VERO 4.48 -0.73 -14.01 23.25 2.63 -71.0
EMEA Stoxx Europe 600 406.22 0.88 20.3
0.27 Dermira DERM 11.67 1.66 16.58 15.48 5.25 8.0 Rocket Pharmaceuticals RCKT 20.84 -3.39 -13.99 27.59 10.75 31.1
Eurozone Euro Stoxx 397.61 1.07 21.0
Belgium Bel-20 3920.85 –6.79 –0.17 20.9 Aprea Therapeutics APRE 35.70 5.01 16.32 36.50 15.10 ... Francesca's Holdings FRAN 10.70 -1.74 -13.99 21.95 2.78 -39.3
Denmark OMX Copenhagen 20 1114.99 –3.73 –0.33 25.1 Trans World Entertainment TWMC 3.32 0.45 15.68 20.00 2.39 -76.6 FAT Brands FAT 4.45 -0.71 -13.76 6.34 3.51 -15.8
France CAC 40 5860.88 12.84 0.22 23.9 Ollie's Bargain Outlet OLLI 69.33 9.03 14.98 103.03 53.60 2.1 China Online Educ ADR COE 5.48 -0.87 -13.70 8.20 3.68 -30.7
Germany DAX 13146.74 76.02 0.58 24.5 Plus Therapeutics PSTV 2.39 0.29 13.81 24.45 1.78 -84.8 Sigmatron SGMA 4.05 -0.62 -13.28 5.10 2.18 50.0
1690.26 0.14 15.5 Ranpak Holdings PACK 6.60 0.73 12.44 10.35 4.32 -32.7 Momenta Pharm MNTA 15.71 -2.36 -13.06 18.39 9.51 31.2
Israel Tel Aviv 2.37
Italy FTSE MIB 23155.64 32.82 0.14 26.4
Netherlands AEX 598.96 –0.97 –0.16 22.8
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Russia RTS Index 1463.15 8.92 0.61 36.9 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
South Africa FTSE/JSE All-Share 55766.45 348.52 0.63 5.7
Spain IBEX 35 9392.50 71.40 0.77 10.0 VanEck Vectors Gold Miner GDX 74,877 27.6 27.71 2.14 30.96 19.90 JPMorgan Mgd Futures JPMF 797 6593 24.49 0.25 28.10 22.39
Sweden OMX Stockholm 663.22 1.95 0.30 26.3 iShares MSCI Emg Markets EEM 60,081 9.1 43.68 1.46 44.84 38.04 CSOP FTSE China A50 ETF AFTY 252 3741 17.40 0.33 18.26 12.97
Switzerland Swiss Market 10405.31 14.78 0.14 23.4 Danaher DHR 53,190 967.7 149.67 0.56 150.47 94.59 Microbot Medical MBOT 1,266 2338 6.85 5.38 19.40 1.38
107921.68 –0.08 18.2 SPDR S&P 500 SPY 53,155 -10.5 314.42 0.28 315.48 233.76 Children's Place PLCE 11,130 1871 54.31 -23.14 116.84 53.80
Turkey BIST 100 –89.77
0.03 7.3
Chesapeake Energy CHK 49,108 -37.8 0.75 -3.88 3.57 0.55 Global X Copper Miners COPX 829 1844 19.21 2.45 23.54 15.83
U.K. FTSE 100 7216.25 2.49
U.K. FTSE 250 20647.11 –133.98 –0.64 18.0 Camber Energy CEI 47,060 6290.9 2.05 69.42 4965.63 0.50 Gadsden Dynamic Growth GDG 212 1810 24.81 0.40 27.80 19.67
Bank of America BAC 43,056 -15.3 33.64 0.33 33.80 22.66 VanEck Vectors Nat Rscs HAP 104 1805 36.64 0.76 37.00 30.67
Asia-Pacific
PG&E PCG 41,613 103.6 12.14 -1.46 27.38 3.55 Ranpak Holdings PACK 908 1712 6.60 12.44 10.35 4.32
Australia S&P/ASX 200 6752.60 45.69 0.68 19.6
iShares China Large-Cap FXI 38,228 64.3 41.98 1.87 45.96 37.66 PennyMac Mortgage Inv Tr PMT 11,399 1444 22.21 -2.37 23.35 17.88
China Shanghai Composite 2924.42 7.10 0.24 17.3
Comcast Cl A CMCSA 37,578 126.6 42.07 -1.64 47.27 32.61 GS Acquisition Holdings GSAH 8,039 1427 11.04 3.95 11.10 9.70
Hong Kong Hang Seng 26645.43 208.81 0.79 3.1
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
India S&P BSE Sensex 40412.57 172.68 0.43 12.0 5,000 shares =Has traded fewer than 65 days
Japan Nikkei Stock Avg 23391.86 –18.33 –0.08 16.9
Singapore Straits Times 3172.90 10.00 0.32 3.4 Track the Markets
South Korea Kospi 2105.62 7.62 0.36 3.2 Compare the performance of selected CURRENCIES & COMMODITIES
Taiwan TAIEX 11700.77 72.93 0.63 20.3 global stock indexes, bond ETFs,
Thailand SET 1551.82 –1.14 –0.07 –0.8
currencies and commodities at Currencies
WSJ.com/TrackTheMarkets
Sources: FactSet; Dow Jones Market Data
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Wed YTDchg Wed YTDchg
CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency
Vietnam dong
in US$ per US$ (%)
.00004315 23173 –0.1
Americas
Argentina peso .0167 59.7318 58.7 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .2425 4.1241 6.3 Czech Rep. koruna .04363 22.919 2.2

U.S. consumer rates Selected rates and

Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar
Chile peso
.7592 1.3173
.001298 770.60
–3.4
11.0
Denmark krone
Euro area euro
.1489 6.7152 3.1
1.1132 .8984 3.0
notes and bonds major U.S. trading partners .000296 3376.24 .003372 296.54 5.9
5-year CDs Colombiapeso 4.0 Hungary forint
A consumer rate against its
Ecuador US dollar 1 1 unch Iceland krona .008214 121.75 4.8
benchmark over the past year 4.00% Mexico peso .0523 19.1198 –2.7 Norway krone .1097 9.1119 5.4
Bankrate.com avg†: 1.41% 8%
Federal-funds Uruguay peso .02644 37.8200 16.8 Poland zloty .2599 3.8479 2.9
M.Y. Safra Bank, FSB 2.20% Russia ruble .01579 63.330 –8.5
ttarget rate One year ago 3.00 4 s Asia-Pacific
2.25% New York, NY 212-652-7200 t Sweden krona .1065 9.3920 6.1
Yen Australian dollar .6878 1.4539 2.5
Sallie Mae 2.20% Switzerland franc 1.0175 .9828 0.1
2.00 2.00 China yuan .1421 7.0388 2.3
0 Turkey lira .1722 5.8074 9.8
Murray, UT 877-346-2756 Hong Kong dollar .1281 7.8080 –0.3
Ukraine hryvnia .0424 23.6020 –14.9
India rupee .01414 70.740 1.7
2.25%
t
1.75 Citizens Access 1.00 –4 s UK pound 1.3195 .7579 –3.3
s Indonesia rupiah .0000713 14035 –2.4
Westwood, MA 888-201-6505 Tradeweb ICE Wednesday Close WSJ Dollar index Middle East/Africa
Euro Japan yen .009212 108.55 –0.9
Five-year CD yields
t

1.50 Synchrony Bank 2.25% 0.00 –8 Kazakhstan tenge .002590 386.17 0.4 Bahrain dinar 2.6529 .3770 unch
Morristown, NJ 800-903-8154 1 3 6 1 2 3 5 710 30 Macau pataca .1242 8.0485 –0.3 Egypt pound .0619 16.1502 –9.8
1.25 2019 Malaysia ringgit .2401 4.1645 0.8 Israel shekel .2877 3.4764 –7.0
TAB Bank 2.25% month(s) years
J FMA M J J A S O N D New Zealand dollar .6587 1.5181 2.0 Kuwait dinar 3.2943 .3036 0.1
Ogden, UT 800-355-3063 maturity Pakistan rupee .00645 155.000 10.9 Oman sul rial 2.5976 .3850 –0.01
2019
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0197 50.776 –3.3 Qatar rial .2758 3.626 –0.3
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7368 1.3573 –0.4 Saudi Arabia riyal .2667 3.7502 –0.04
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields South Korea won .0008406 1189.61 6.8 South Africa rand .0681 14.6855 2.3
Federal-funds rate target 1.50-1.75 1.50-1.75 1.75 l 2.25 1.25 Sri Lanka rupee .0055197 181.17 –0.9
Yield (%) 52-Week Total Return (%) Taiwan dollar .03287 30.426 –0.5 Close Net Chg % Chg YTD%Chg
Prime rate* 4.75 4.75 4.75 l 5.50 1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03307 30.240 –6.4 WSJ Dollar Index 90.27 –0.29–0.32 0.67
Libor, 3-month 1.89 1.89 1.89 l 2.82 0.93
U.S. Treasury, Barclays 2282.420 1.770 1.750 2.850 1.510 8.76 3.62 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.57 0.57 0.53 l 0.78 0.31
2.180 20.43
Five-year CD, annual yield 1.41 1.42 1.41 l 2.07 0.19 U.S. Treasury Long, Barclays 4109.390 2.190 3.140 1.880 8.53
Commodities
30-year mortgage, fixed† 3.86 3.79 3.60 l 4.70 -0.27 Aggregate, Barclays 2128.880 2.310 2.300 3.470 2.060 10.01 4.26 Wednesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 3.35 3.27 3.14 l 4.04 0.04 Fixed-Rate MBS, Barclays 2140.630 2.570 2.530 3.550 2.200 7.26 3.27
Jumbo mortgages, $484,350-plus† 4.22 4.16 4.15 l 4.72 -0.37 DJ Commodity 622.54 -1.84 -0.29 639.65 572.87 2.08 8.67
High Yield 100, ICE BofAML 3154.069 4.761 5.045 7.825 4.761 10.09 5.69
Five-year adj mortgage (ARM)† 4.31 4.15 3.94 l 4.78 0.73 TR/CC CRB Index 181.49 -0.67 -0.37 189.66 167.89 0.16 6.89
Muni Master, ICE BofAML 565.871 1.600 1.638 2.637 1.459 7.75 4.35 Crude oil, $ per barrel 58.76 -0.48 -0.81 66.30 42.53 14.88 29.40
New-car loan, 48-month 4.44 4.41 4.41 l 4.81 1.43
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 871.856 4.909 5.012 7.085 4.909 13.43 5.93 Natural gas, $/MMBtu 2.243 -0.021 -0.93 4.136 2.070 -45.77 -23.71
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE BofAML Gold, $ per troy oz. 1469.40 6.80 0.46 1550.30 1237.00 18.08 14.95

Get real-time U.S. stock quotes and track most-active stocks, new highs/lows and mutual funds. Plus, deeper money-flows data and email delivery of key stock-market data. Available free at WSJMarkets.com
B8 | Thursday, December 12, 2019 THE WALL STREET JOURNAL.

COMMODITIES WSJ.com/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 May 2.182 2.194 2.165 2.168 –.018 102,642 Milk (CME)-200,000 lbs., cents per lb. Currency Futures
Oct 2.321 2.324 2.299 2.302 –.015 71,415 Dec 19.38 19.47 19.36 19.37 –.06 4,499
Contract Open Jan'20 18.38 18.38 18.11 18.19 –.21 4,468 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Open High hi lo Low Settle Chg interest Agriculture Futures Cocoa (ICE-US)-10 metric tons; $ per ton. Dec .9194 .9222 .9189 .9219 .0018 111,492
Copper-High (CMX)-25,000 lbs.; $ per lb. Dec 2,656 2,656 2,656 2,656 –17 41 March'20 .9247 .9278 .9244 .9274 .0018 84,496
Dec 2.7500 2.7900 2.7490 2.7825 0.0270 2,826 Corn (CBT)-5,000 bu.; cents per bu. March'20 2,583 2,589 2,563 2,568 –17 128,020 Canadian Dollar (CME)-CAD 100,000; $ per CAD
March'20 2.7660 2.7980 2.7575 2.7895 0.0240 145,883 Dec 363.00 363.00 357.00 357.75 –5.50 998 Dec .7558 .7598 .7553 .7595 .0037 118,239
Coffee (ICE-US)-37,500 lbs.; cents per lb.
Gold (CMX)-100 troy oz.; $ per troy oz. March'20 376.50 377.00 371.00 371.25 –5.75 791,606 March'20 .7562 .7603 .7557 .7600 .0037 46,322
Dec 134.45 134.45 s 134.45 133.85 1.80 327
Dec 1463.10 1471.30 1463.10 1469.40 6.80 1,370 Oats (CBT)-5,000 bu.; cents per bu. March'20 133.65 136.85 s 131.85 135.20 1.90 122,621
British Pound (CME)-£62,500; $ per £
Feb'20 1468.50 1477.40 1466.90 1475.00 6.90 493,994 March 294.75 297.00 291.75 293.75 –1.00 5,411 Dec 1.3127 1.3216 1.3114 1.3208 .0001 174,978
April 1474.30 1482.90 1472.70 1480.60 6.90 90,280 May 292.00 293.25 289.25 290.00 –2.00 255
Sugar-World (ICE-US)-112,000 lbs.; cents per lb. March'20 1.3163 1.3258 1.3154 1.3249 .0001 77,742
March 13.46 13.51 13.28 13.42 –.04 456,724
June 1478.50 1488.20 1478.10 1485.80 7.00 62,900 Soybeans (CBT)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF
May 13.49 13.55 13.36 13.50 –.01 199,055 1.0164 1.0193 1.0142 1.0188 .0016 50,376
Aug 1484.10 1493.30 1484.10 1491.10 7.00 15,729 Jan 898.75 902.00 892.00 893.50 –7.75 273,542 Dec
Dec 1500.00 1500.10 1497.50 1500.10 6.90 10,463 March 913.00 916.00 906.25 908.00 –7.50 276,435
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. March'20 1.0236 1.0265 1.0215 1.0261 .0017 25,225
Palladium (NYM) - 50 troy oz.; $ per troy oz. March 26.36 26.36 25.85 26.00 –.36 2,428 Australian Dollar (CME)-AUD 100,000; $ per AUD
Soybean Meal (CBT)-100 tons; $ per ton. May 26.25 26.32 26.25 26.25 –.41 1,526
Dec ... ... ... 1887.30 16.00 44 Dec 296.20 296.20 293.60 293.30 –3.60 945 Dec .6808 .6890 .6806 .6889 .0073 118,990
March'20 1870.00 1892.00 s 1865.00 1885.10 16.00 23,657 March'20 301.50 302.20 298.60 299.30 –3.10 151,214
Cotton (ICE-US)-50,000 lbs.; cents per lb. March'20 .6824 .6905 .6820 .6904 .0074 60,842
June 1863.40 1883.00 s 1863.40 1879.70 16.20 2,184 March 65.93 66.19 65.34 65.88 –.05 118,789 Mexican Peso (CME)-MXN 500,000; $ per MXN
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
Platinum (NYM)-50 troy oz.; $ per troy oz. May 66.83 67.23 66.39 66.95 .05 33,982 Dec .05190 .05232 s .05185 .05229 .00033 160,643
Dec 31.31 31.31 31.20 31.23 –.24 327
Dec ... ... ... 937.40 16.90 23 March'20 31.96 32.03 31.62 31.71 –.24 198,712 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. March'20 .05133 .05171 s .05124 .05168 .00034 144,068
Jan'20 923.80 947.50 915.80 939.50 16.90 68,214 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Jan 98.30 99.10 97.60 98.25 –.60 12,778 Euro (CME)-€125,000; $ per €
Silver (CMX)-5,000 troy oz.; $ per troy oz. Jan 1244.00 1248.00 1234.50 1243.00 –2.00 6,377 March 101.00 101.85 100.40 101.05 –.60 4,761 Dec 1.1096 1.1149 1.1074 1.1142 .0041 408,099
Dec 16.545 16.765 16.545 16.744 0.148 811 March 1263.00 1268.00 1255.00 1266.50 2.00 3,151
March'20 1.1165 1.1219 1.1145 1.1212 .0042 230,802
March'20 16.710 16.905 16.650 16.849 0.147 158,138 Wheat (CBT)-5,000 bu.; cents per bu. Interest Rate Futures
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Dec 534.50 534.50 528.00 530.75 –4.00 243 Index Futures
Jan 59.06 59.22 58.11 58.76 –0.48 292,850
March'20 523.50 523.50 516.75 519.25 –4.50 204,540
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Feb 58.98 59.10 58.02 58.65 –0.49 326,933 Dec 188-050 188-090 186-150 188-020 1-06.0 4,052 Mini DJ Industrial Average (CBT)-$5 x index
March 58.70 58.83 57.74 58.36 –0.52 252,530
Wheat (KC)-5,000 bu.; cents per bu. Dec 27924 27981 27804 27924 3 97,873
Dec 416.00 416.00 416.00 415.50 –.50 10
March'20 185-170 187-150 185-150 187-070 1-06.0 1,207,362
April 58.37 58.47 57.40 57.98 –0.55 119,290 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% March'20 27906 27973 27799 27919 5 9,915
March'20 430.75 433.75 427.50 430.75 –.50 161,934 S&P 500 Index (CME)-$250 x index
June 57.54 57.64 56.61 57.15 –0.57 206,415 Dec 158-310 159-260 158-210 159-220 26.0 11,027
Dec 55.22 55.32 54.44 54.89 –0.53 203,937
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec 3133.80 3144.00 3130.10 3143.10 7.10 28,795
Jan 142.050 142.975 141.525 142.775 1.125 18,841 March'20 157-270 159-020 157-260 158-290 27.0 967,780
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. March'20 3138.50 3145.00 3138.50 3145.80 7.50 362
March 142.825 143.900 142.350 143.675 1.150 15,194 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mini S&P 500 (CME)-$50 x index
Jan 1.9575 1.9590 1.9160 1.9288 –.0367 98,769 Dec 128-290 129-110 128-280 129-095 11.5 23,377
Feb 1.9589 1.9589 1.9157 1.9281 –.0355 73,895 Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 3135.50 3144.50 3129.50 3143.00 7.00 2,534,481
Dec 119.900 120.650 119.900 120.575 .700 13,557 March'20 128-275 129-110 128-265 129-090 11.5 3,630,395 March'20 3138.25 3147.25 3132.00 3145.75 7.50 422,331
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Jan 1.6478 1.6509 1.6100 1.6261 –.0264 115,768 Feb'20 124.550 125.450 124.475 125.325 .750 168,356 Mini S&P Midcap 400 (CME)-$100 x index
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 118-122 118-185 118-102 118-175 6.0 28,247 Dec 2014.30 2019.00 2008.40 2016.30 3.70 76,135
Feb 1.6520 1.6547 1.6150 1.6322 –.0238 75,713
Dec 60.600 60.900 60.425 60.700 .225 13,502 March'20 118-190 118-272 118-180 118-260 6.5 4,163,314 March'20 2015.50 2020.80 2011.10 2018.70 3.70 939
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Jan 2.265 2.303 2.240 2.243 –.021 288,241 Feb'20 67.750 68.450 67.200 67.725 –.250 117,493 Mini Nasdaq 100 (CME)-$20 x index
Feb 2.263 2.292 2.240 2.243 –.020 210,339 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec 107-156 107-181 107-155 107-177 2.0 37,042 Dec 8366.30 8411.00 8345.00 8405.50 41.75 200,139
March 2.217 2.242 2.197 2.200 –.018 229,130 Jan 393.30 399.70 388.60 396.60 3.90 2,043 March'20 107-210 107-239 107-207 107-233 2.3 3,489,314 March'20 8389.30 8435.30 8368.30 8430.00 43.25 12,770
April 2.167 2.176 2.145 2.148 –.017 118,054 March 402.00 407.10 397.70 405.80 5.50 772 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Mini Russell 2000 (CME)-$50 x index
Dec 98.4425 98.4450 98.4400 98.4400 .0000 258,589 Dec 1633.90 1637.60 1625.40 1633.90 .40 476,991
Jan'20 98.4400 98.4400 98.4350 98.4350 –.0050 442,675 March'20 1636.80 1640.00 1628.10 1636.60 .70 23,874
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Mini Russell 1000 (CME)-$50 x index
Cash Prices WSJ.com/commodities Wednesday, December 11, 2019 Dec 97-180 97-300 97-165 97-270 10.5 72,436 Dec
March'20
1733.50 1736.90
… 1627.90
1731.10 1736.20
1627.90 1737.10
4.90
4.20
7,222
915
March'20 102-055 102-190 102-045 102-155 11.0 28,002
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Eurodollar (CME)-$1,000,000; pts of 100% U.S. Dollar Index (ICE-US)-$1,000 x index
Dec 97.49 97.58 97.02 97.06 –.33 34,972
separate from the futures price on an exchange, which reflects what the commodity might be worth in future Dec 98.1050 98.1075 98.1000 98.1025 –.0025 1,554,358
March'20 97.07 97.15 96.58 96.62 –.33 11,813
March'20 98.2750 98.2900 98.2700 98.2800 … 1,589,087
months. June 98.3550 98.3800 98.3500 98.3700 .0100 1,333,201
Wednesday Wednesday Wednesday Dec 98.4050 98.4550 98.4000 98.4450 .0400 1,249,364 Source: FactSet
Platinum,Engelhard fabricated n.a. Wheat,No.2 soft red,St.Louis-bp,u 5.8100
Energy Palladium,Engelhard industrial 1918.0 Wheat - Hard - KC (USDA) $ per bu-u 4.2825
Coal,C.Aplc.,12500Btu,1.2SO2-r,w
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w
61.900
11.800
Palladium,Engelhard fabricated
Aluminum, LME, $ per metric ton
n.a.
*1750.0
Wheat,No.1soft white,Portld,OR-u 5.9100
Bonds | WSJ.com/bonds
Copper,Comex spot 2.7825 Food
Metals Iron Ore, 62% Fe CFR China-s 94.4
Shredded Scrap, US Midwest-s,m 271
Beef,carcass equiv. index
choice 1-3,600-900 lbs.-u 193.90
Tracking Bond Benchmarks
Gold, per troy oz Steel, HRC USA, FOB Midwest Mill-s 557 select 1-3,600-900 lbs.-u 176.40 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Engelhard industrial 1468.00 Broilers, National comp wtd. avg.-u,w 0.8259
Engelhard fabricated n.a. Fibers and Textiles highs and lows for different types of bonds
Butter,AA Chicago 1.9500
Handy & Harman base 1466.80 Burlap,10-oz,40-inch NY yd-n,w 0.5200 Cheddar cheese,bbl,Chicago 186.25 Total Total
Handy & Harman fabricated 1628.15 Cotton,1 1/16 std lw-mdMphs-u 0.6338 Cheddar cheese,blk,Chicago 191.00 return YTD total Yield (%) return YTD total Yield (%)
LBMA Gold Price AM *1464.45 Cotlook 'A' Index-t *74.85 Milk,Nonfat dry,Chicago lb. 125.25 close return (%) Index Latest Low High close return (%) Index Latest Low High
LBMA Gold Price PM *1464.95 Hides,hvy native steers piece fob-u 38.000 Coffee,Brazilian,Comp 1.2929
Krugerrand,wholesale-e 1529.53 Wool,64s,staple,Terr del-u,w n.a. Coffee,Colombian, NY 1.6518 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays
Maple Leaf-e 1544.24 Eggs,large white,Chicago-u 1.3250
American Eagle-e 1544.24 Grains and Feeds Flour,hard winter KC 13.50 2128.88 8.9 U.S. Aggregate 2.310 2.060 3.470 2140.63 6.2 Mortgage-Backed 2.570 2.200 3.550
Mexican peso-e 1781.22 Barley,top-quality Mnpls-u n.a. Hams,17-20 lbs,Mid-US fob-u 0.88
Austria crown-e 1444.58 U.S. Corporate Indexes Bloomberg Barclays 2094.62 5.7 Ginnie Mae (GNMA) 2.550 2.090 3.510
Bran,wheat middlings, KC-u 134 Hogs,Iowa-So. Minnesota-u 60.44
Austria phil-e 1544.24 3.6100 Pork bellies,12-14 lb MidUS-u n.a. 3141.30 14.6
Corn,No. 2 yellow,Cent IL-bp,u U.S. Corporate 2.850 2.770 4.320 1260.99 6.3 Fannie mae (FNMA) 2.570 2.250 3.560
Silver, troy oz. Corn gluten feed,Midwest-u,w 129.0 Pork loins,13-19 lb MidUS-u 0.8963
Engelhard industrial 16.7500 Corn gluten meal,Midwest-u,w 398.1 Steers,Tex.-Okla. Choice-u n.a. 2883.84 9.9 Intermediate 2.460 2.360 4.050 1938.73 6.4 Freddie Mac (FHLMC) 2.580 2.230 3.590
Engelhard fabricated n.a. Cottonseed meal-u,w 253 Steers,feeder,Okla. City-u,w 158.00
Handy & Harman base 16.8210 Hominy feed,Cent IL-u,w 108 4569.24 24.5 Long term 3.560 3.480 4.930 565.87 7.1 Muni Master 1.600 1.459 2.637
Handy & Harman fabricated 21.0260 Meat-bonemeal,50% pro Mnpls-u,w 173
Fats and Oils
638.89 10.8 Double-A-rated 2.360 2.190 3.660 398.83 7.7 7-12 year 1.565 1.386 2.632
LBMA spot price *£12.6600 Oats,No.2 milling,Mnpls-u 3.1125 Corn oil,crude wet/dry mill wtd. avg.-u,w 30.5000
(U.S.$ equivalent) *16.6750 Rice, Long Grain Milled, No. 2 AR-u,w 25.25 Grease,choice white,Chicago-h 0.2300 829.42 16.1 Triple-B-rated 3.140 3.110 4.680 453.10 9.0 12-22 year 1.900 1.741 3.054
Coins,wholesale $1,000 face-a 12374 Sorghum,(Milo) No.2 Gulf-u 7.1038 Lard,Chicago-u n.a.
Other metals SoybeanMeal,Cent IL,rail,ton48%-u 296.00 Soybean oil,crude;Centl IL-u 0.3102
High Yield Bonds ICE Data Services 441.35 10.0 22-plus year 2.377 2.185 3.548
LBMA Platinum Price PM *918.0 Soybeans,No.1 yllw IL-bp,u 8.7850 Tallow,bleach;Chicago-h 0.2600 460.86 12.9 High Yield Constrained 5.648 5.648 8.107 Global Government J.P. Morgan†
Platinum,Engelhard industrial 929.0 Wheat,Spring14%-pro Mnpls-u 6.6575 Tallow,edible,Chicago-u n.a.
423.24 5.9 Triple-C-rated 12.102 10.558 13.784 585.62 6.5 Global Government 1.000 0.690 1.680
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co;
M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data as of 12/10 3154.07 12.7 High Yield 100 4.761 4.761 7.825 807.53 4.4 Canada 1.650 1.260 2.210
Source: WSJ Market Data Group
416.42 12.6 Global High Yield Constrained 5.405 5.405 7.561 402.97 7.7 EMU§ 0.455 0.109 1.261
326.47 10.6 Europe High Yield Constrained 2.840 2.749 4.869 766.38 6.6 France 0.220 -0.160 0.880
Borrowing Benchmarks | WSJ.com/bonds U.S Agency Bloomberg Barclays 540.69 4.1 Germany -0.190 -0.590 0.340
Money Rates December 11, 2019 1769.37 6.1 U.S Agency 1.860 1.700 2.990 297.41 1.9 Japan 0.210 -0.070 0.420
1558.17 4.4 10-20 years 1.760 1.620 2.900 601.48 4.9 Netherlands -0.080 -0.490 0.460
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
guide to general levels but don’t always represent actual transactions. 3859.75 14.0 20-plus years 2.320 2.010 3.440 1010.80 8.0 U.K. 1.090 0.730 1.650
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low 2724.66 11.1 Yankee 2.650 2.470 3.980 871.86 13.1 Emerging Markets ** 4.909 4.909 7.085
Nov. index Chg From (%)
level Oct. '19 Nov. '18 High 1.6000 1.6200 3.0000 1.5200 Commercial paper (AA financial) *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Low 1.4500 1.4500 2.4400 1.4000 90 days 1.80 1.74 2.78 1.63 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan
U.S. consumer price index Bid 1.5300 1.5300 2.4400 1.5200
–0.05 2.1
Offer 1.5500 1.5500 2.5000 1.5400 Libor
257.208
All items
Core 265.108 0.02 2.3 Treasury bill auction One month 1.74050 1.71313 2.52238 1.69113
Global Government Bonds: Mapping Yields
4 weeks 1.500 1.620 2.470 1.500 Three month 1.88738 1.88713 2.82375 1.88500 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
International rates 13 weeks 1.520 1.560 2.465 1.520 Six month 1.88825 1.88750 2.90788 1.87863
26 weeks 1.520 1.565 2.505 1.520 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Week 52-Week One year 1.94325 1.91700 3.11238 1.85313
Latest ago High Low Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Secondary market Euro Libor Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
Prime rates Fannie Mae One month -0.517 -0.511 -0.407 -0.522 1.500 U.S. 2 1.613 t l 1.654 1.670 2.766
U.S. 4.75 4.75 5.50 4.75 30-year mortgage yields Three month -0.436 -0.448 -0.324 -0.482 1.750 10 1.788 t l 1.842 1.942 2.879
Canada 3.95 3.95 3.95 3.95 3.326 3.286 4.319 2.871 Six month -0.395 -0.395 -0.288 -0.474
Japan 1.475 1.475 1.475 1.475
30 days 5.750 Australia 2 0.810 s l 0.765 0.887 1.952 -80.4 -88.8 -81.4
60 days 3.337 3.296 4.338 2.890 One year -0.292 -0.292 -0.159 -0.428
2.750 10 1.164 s l 1.117 1.307 2.465 -62.4 -72.4 -41.4
Policy Rates Other short-term rates Value 52-Week
Euro zone 0.00 0.00 0.00 0.00 Latest Traded High Low 0.000 France 2 -0.621 t l -0.595 -0.569 -0.433 -223.4 -224.9 -319.9
0.50 0.50 0.50 0.50 Week 52-Week 0.000 10 -0.008 t l 0.020 0.056 0.713 -182.2 -216.5
Switzerland
Latest high low
-179.6
Britain 0.75 0.75 0.75 0.75 ago DTCC GCF Repo Index
0.000 Germany 2 -0.629 t l -0.624 -0.612 -0.593 -224.3 -227.7 -336.0
Australia 0.75 0.75 1.50 0.75 Call money Treasury 1.576 49.500 6.007 1.576
3.50 3.50 4.25 3.50 MBS 1.601 81.800 6.699 1.592 0.000 10 -0.320 t l -0.292 -0.243 0.235 -210.8 -213.4 -264.3
Overnight repurchase
1.59 3.40 1.50
0.050 Italy 2 -0.181 t l -0.145 -0.072 1.002 -179.5 -179.9 -176.4
U.S. 1.56
Notes on data: 3.000 10 1.209 t l 1.253 1.263 3.117 -57.9 -58.8 23.8
U.S. government rates
U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, 0.100 Japan 2 -0.112 s l -0.117 -0.187 -0.140 -172.5 -177.1 -290.6
Discount and is effective October 31, 2019. Other prime rates aren’t directly comparable; lending practices vary
widely by location; Discount rate is effective October 31, 2019. DTCC GCF Repo Index is Depository 0.100 10 -0.003 s l -0.022 -0.065 0.046 -179.1 -186.3 -283.3
2.25 2.25 3.00 2.25 Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in
billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. 0.050 Spain 2 -0.396 t l -0.378 -0.365 -0.110 -200.9 -203.2 -287.7
Federal funds Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; 0.600 10 0.415 t l 0.460 0.429 1.431 -137.3 -138.2 -144.7
Effective rate 1.5500 1.5600 2.4800 1.5500 Tullett Prebon Information, Ltd.
3.750 U.K. 2 0.574 t l 0.596 0.582 0.684 -103.9 -105.8 -208.2
1.625 10 0.776 t l 0.802 0.812 1.053 -101.2 -104.0 -182.6
Macro & Market Economics Source: Tullett Prebon

Watching the Gauges: U.S. Supply and Demand Corporate Debt

Inventories, imports and demand for the week ended December 6. Current figures are in thousands of barrels Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
or thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas that same company’s share price.
import and demand data are available monthly only. Investment-grade spreads that tightened the most…
Spread*, in basis points Stock Performance
Inventories, 000s barrels Imports, 000s barrels per day Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year General Electric GE 5.000 Jan. 21, ’49 281 –94 290 10.97 –0.36
Current change week ago avg avg Current change week ago avg avg Apache APA 5.100 Sept. 1, ’40 300 –14 340 21.28 1.67
Crude oil and Enable Midstream Partners ENBL 5.000 May 15, ’44 372 –13 n.a. 9.93 –1.49
petroleum prod 1,281,054 ... 1,264 1,240 1,271 1,242 9,085 ... 8,351 9,136 8,584 9,660 Bayer US Finance II BAYNGR 3.375 July 15, ’24 98 –11 n.a. ... ...
Crude oil Deutsche Bank AG DB 4.500 April 1, ’25 319 –11 350 7.26 0.97
excluding SPR 447,918 -2,800 447 442 449 446 6,887 ... 5,989 7,393 6,260 7,778 EPR Properties* EPR 5.250 July 15, ’23 113 –11 132 68.56 –2.52
Gasoline 234,768 ... 229 228 228 228 579 ... 399 525 567 538 HSBC Holdings HSBC 2.650 Jan. 5, ’22 46 –11 57 37.16 1.23
Finished gasoline 24,645 2,400 25 24 24 27 50 ... 38 53 80 34 Stanley Black & Decker SWK 2.900 Nov. 1, ’22 33 –11 n.a. 159.59 1.48
Reformulated 48 ... 0 0 0 0 0 ... 0 0 0 0
…And spreads that widened the most
Conventional 24,597 ... 25 24 24 27 50 ... 38 53 80 34
Blend. components 210,123 ... 205 204 204 201 529 ... 361 472 486 504 Pitney Bowes PBI 4.625 March 15, ’24 400 28 384 4.57 –5.97
Huntington National Bank HBAN 3.550 Oct. 6, ’23 52 12 n.a. … …
Natural gas (bcf) 3,591 ... 4 3 4 3 ... ... ... ... ... ... PNC Bank NA PNC 2.700 Nov. 1, ’22 52 12 42 … …
Kerosene-type Australia & New Zealand Banking ANZ 2.625 Nov. 9, ’22 39 10 42 ... ...
jet fuel 39,337 ... 38 39 39 40 66 ... 263 144 146 80 Colgate–Palmolive CL 2.300 May 3, ’22 –4 10 –7 67.46 –0.69
Distillates 123,587 1,100 119 124 119 136 162 ... 143 144 215 185 AbbVie ABBV 4.250 Nov. 14, ’28 110 8 106 86.70 0.16
Heating oil 11,279 ... 12 11 12 13 1 ... 0 38 1 51 Amphenol APH 2.800 Feb. 15, ’30 115 8 115 105.93 0.77
Diesel 112,308 ... 108 114 107 123 161 ... 143 106 214 107 Bank of New York Mellon BK 4.625 Sept. 20, ’49 214 8 217 49.88 0.08
Residual fuel oil 31,456 ... 30 28 30 36 178 ... 319 46 257 97
Other oils 288,671 ... 288 279 292 256 1,030 ... 1,123 696 974 834
High-yield issues with the biggest price increases…
Bond Price as % of face value Stock Performance
Net crude, petroleum Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
products, incl. SPR 1,916,022 ... 1,899 1,889 1,907 1,921 148 ... -62 1,322 -28 3,578 Intelsat Connect Finance S.A. INTEL 9.500 Feb. 15, ’23 62.000 4.00 55.875 ... ...
Extraction Oil & Gas XOG 7.375 May 15, ’24 54.250 4.00 43.250 1.91 3.80
Weekly Demand, 000s barrels per day Natural gas storage Genworth Holdings GNW 4.900 Aug. 15, ’23 99.500 2.63 n.a. 4.46 2.53
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals Dean Foods DF 6.500 March 15, ’23 13.125 2.50 17.125 ... ...
Current change week ago avg avg Gran Tierra Energy GTE 7.750 May 23, ’27 89.500 2.35 87.250 1.06 –3.64
Antero Resources AR 5.000 March 1, ’25 72.750 2.04 64.250 2.66 –0.75
Total petroleum TMX Finance TMXFIN 11.125 April 1, ’23 92.000 1.75 n.a. ... ...
4250
product 18,359 ... 21,089 21,481 20,446 20,418 GTT Communications GTT 7.875 Dec. 31, ’24 74.063 1.56 70.000 … …
Finished Five-year average 3250 …And with the biggest price decreases
for each week
motor gasoline 8,882 ... 9,032 9,036 9,078 9,424 t t Staples SPLS 10.750 April 15, ’27 98.750 –6.25 102.750 ... ...
Kerosene-type 2250 GameStop GME 6.750 March 15, ’21 94.500 –5.68 100.575 5.53 –15.05
Natural gas,
jet fuel 1,580 ... 1,956 1,650 1,767 1,601 lower 48 states Noble Holding International NE 7.750 Jan. 15, ’24 42.000 –1.28 47.500 … …
Distillates 3,731 ... 3,556 4,469 4,001 4,081 1250 Oceaneering International OII 6.000 Feb. 1, ’28 95.500 –1.13 92.750 13.47 2.36
Residual fuel oil 86 ... 328 227 304 184 Peabody Energy BTU 6.375 March 31, ’25 89.500 –0.97 n.a. 9.86 –0.50
Propane/propylene 756 ... 1,773 1,997 1,291 ... 250 Valaris VAL 7.750 Feb. 1, ’26 48.250 –0.81 48.500 4.86 –3.57
D J F M A M J J A S O N Banco Bilbao Vizcaya Argentaria BBVASM 6.125 Nov. 16, ’49 100.920 –0.68 100.200 ... ...
Other oils 3,323 ... 4,445 4,102 4,007 ...
2019 APX APXSEC 7.625 Sept. 1, ’23 86.500 –0.63 87.000 ... ...
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires Note: Data are for the most active issue of bonds with maturities of two years or more Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data
THE WALL STREET JOURNAL. Thursday, December 12, 2019 | B9

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: 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, s-New 52-week high.
CheniereEnergy LNG 59.57 -0.66 ENI E 30.08 -0.11 Gildan GIL 28.75 0.24 Kroger KR 28.02 0.15 Nike NKE 97.18 0.17 RogersComm B RCI 47.87 0.25 Tiffany TIF 133.43 -0.03
NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. CheniereEnerPtrs CQP 39.43 0.39 EOG Rscs EOG 74.67 -0.17 GileadSciences GILD 67.78 0.70 LATAMAirlines LTM 11.12 0.01 NiSource NI 26.89 -0.11 Roku ROKU 145.70 -1.39 s Toro TTC 80.19 1.03
Market listed securities. Prices are composite dd-Indicates loss in the most recent Chevron CVX 116.23 -1.66 EPAM Systems EPAM 207.84 -0.69 s GSK GSK 46.29 0.14 LINE LN 47.91 0.29 NobleEnergy NBL 22.03 0.24 Rollins ROL 33.47 -0.21 TorontoDomBk TD 55.25 0.14
quotations that include primary market trades four quarters. Chewy CHWY 26.88 1.38 E*TRADE ETFC 44.93 -0.44 GlobalPayments GPN 174.99 1.01 LKQ LKQ 35.77 0.29 Nokia NOK 3.47 0.05 RoperTech ROP 346.72 3.42 Total TOT 52.68 0.14
as well as trades reported by Nasdaq BX FD-First day of trading. ChinaLifeIns LFC 13.22 0.37 EastWestBncp EWBC 46.01 -0.17 s GlobeLife GL 104.89 0.54 LPL Financial LPLA 92.14 0.18 NomuraHoldings NMR 5.19 -0.03 RossStores ROST 114.85 -0.10 ToyotaMotor TM 141.62 0.44
(formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing ChinaMobile CHL 38.39 0.30 EastmanChem EMN 77.03 0.78 GoDaddy GDDY 66.15 0.13 L3HarrisTech LHX 198.48 1.52 Nordson NDSN 167.00 1.37 RoyalBkCanada RY 78.68 0.18 TractorSupply TSCO 97.03 -0.17
Cboe, NYSE National and Nasdaq ISE. standards ChinaPetrol SNP 56.32 0.65 Eaton ETN 93.39 0.71 GoldmanSachs GS 221.19 -0.69 LabCpAm LH 167.42 -0.12 Nordstrom JWN 38.83 -0.20 RoyalBkScotland RBS 6.02 -0.03 TradeDesk TTD 250.48 0.41
The list comprises the 1,000 largest lf-Late filing ChinaUnicom CHU 8.73 0.06 eBay EBAY 34.92 0.20 Graco GGG 49.91 0.71 LamResearch LRCX 275.40 6.41 NorfolkSouthern NSC 191.01 2.33 RoyalCaribbean RCL 123.32 1.73 Tradeweb TW 45.18 -0.22
companies based on market capitalization. q-Temporary exemption from Nasdaq Chipotle CMG 822.74 5.01 Ecolab ECL 185.11 -0.04 s Grainger GWW 329.52 5.95 LamarAdv LAMR 86.95 -0.15 s NorthernTrust NTRS 108.30 -0.46 RoyalDutchA RDS.A 57.40 0.04 TransDigm TDG 570.05 0.80
Underlined quotations are those stocks with requirements. Chubb CB 151.97 -0.99 Ecopetrol EC 19.36 0.24 Grifols GRFS 22.68 -0.26 LambWeston LW 84.38 0.36 NorthropGrum NOC 348.71 4.23 RoyalDutchB RDS.B 57.31 -0.03 TransUnion TRU 84.55 -0.02
large changes in volume compared with the t-NYSE bankruptcy ChunghwaTel CHT 36.79 -0.06 EdisonInt EIX 71.53 0.25 GuardantHealth GH 70.78 -2.56 LasVegasSands LVS 65.44 1.29 NortonLifeLock NLOK 26.38 0.10 RoyalGold RGLD 115.98 2.41 Travelers TRV 134.63 -0.91
v-Trading halted on primary market. Church&Dwight CHD 69.40 0.05 EdwardsLife EW 230.32 1.16 Guidewire GWRE 107.34 0.80 Lear LEA 126.48 1.48 NorwegCruise NCLH 55.41 0.63 Ryanair RYAAY 84.50 0.58 Trimble TRMB 39.62 -0.33
issue’s average trading volume. HCA Healthcare HCA 142.53 0.09 Leggett&Platt LEG 51.55 0.18 Novartis NVS 93.04 0.24 SAP SAP 134.91 0.21 Trip.com TCOM 31.97 0.12
vj-In bankruptcy or receivership or Cigna CI 191.75 0.04 ElancoAnimal ELAN 26.79 0.33
Boldfaced quotations highlight those issues being reorganized under the CincinnatiFin CINF 105.32 -0.39 s ElbitSystems ESLT 167.70 2.92 HDFC Bank HDB 63.19 0.21 Leidos LDOS 92.08 2.44 NovoNordisk NVO 56.86 -0.08 S&P Global SPGI 272.15 0.49 TruistFinl TFC 53.68 -1.44
whose price changed by 5% or more if their Bankruptcy Code, or securities Cintas CTAS 258.05 2.15 ElectronicArts EA 103.20 1.37 HD Supply HDS 39.48 0.40 Lennar B LEN.B 47.53 0.54 Novocure NVCR 78.90 -0.38 SBA Comm SBAC 235.77 0.17 Twilio TWLO 96.23 -1.13
previous closing price was $2 or higher. assumed by such companies. CiscoSystems CSCO 44.28 0.18 s EmersonElec EMR 75.73 1.18 HP HPQ 20.07 -0.13 Lennar A LEN 59.72 0.59 Nucor NUE 58.12 0.38 SEI Investments SEIC 64.77 0.14 Twitter TWTR 30.55 0.71
Citigroup C 75.55 -0.23 Enbridge ENB 38.65 -0.06 HSBC HSBC 37.16 0.45 LennoxIntl LII 258.38 0.19 Nutanix NTNX 31.91 -1.07 SK Telecom SKM 22.44 0.22 TylerTech TYL 279.42 -1.45
CitizensFin CFG 39.14 -0.19 EncompassHealth EHC 70.67 -1.12 Haemonetic HAE 117.55 0.01 LeviStrauss LEVI 18.02 0.05 Nutrien NTR 46.37 0.01 SLGreenRealty SLG 89.53 -0.41 TysonFoods TSN 88.49 -0.12
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and CitrixSystems CTXS 109.45 -0.23 s EnelAmericas ENIA 10.66 0.39 Halliburton HAL 23.38 0.59 LibertyBroadbandA LBRDA 118.55 1.46 NVIDIA NVDA 217.34 3.36 SS&C Tech SSNC 58.57 -0.02 UBS Group UBS 11.91 -0.03
changes in the closing prices from 4 p.m. the previous day. Clorox CLX 152.13 -0.30 EnelChile ENIC 4.59 0.06 HarleyDavidson HOG 37.57 0.38 LibertyBroadbandC LBRDK 119.89 1.46 StoreCapital STOR 38.56 -0.86 UDR UDR 46.81 -0.92
Coca-Cola KO 53.95 0.18 EnergyTransfer ET 12.16 0.12 HartfordFinl HIG 60.92 -0.25 LibertyGlobal A LBTYA 21.55 -0.63 O P Q SVB Fin SIVB 239.42 0.79 UGI UGI 43.41 -0.06
Coca-Cola Euro CCEP 50.17 0.58 Entegris ENTG 48.70 1.29 Hasbro HAS 100.37 0.44 LibertyGlobal C LBTYK 20.51 -0.49 Sabre SABR 22.18 0.01 US Foods USFD 40.26 0.18
Wednesday, December 11, 2019 Net Net Cognex CGNX 52.45 1.54 Entergy ETR 118.18 0.51 HealthcareAmer HTA 29.88 -0.77 LibertyFormOne C FWONK 45.17 0.21 OGE Energy OGE 43.09 0.37 Salesforce.com CRM 156.39 -0.01 Uber UBER 28.42 0.53
Net Stock Sym Close Chg Stock Sym Close Chg CognizantTech CTSH 60.68 -0.42 EnterpriseProd EPD 27.67 0.50 HealthpeakProp PEAK 33.19 -0.46 LibertyFormOne A FWONA 43.01 0.40 ONEOK OKE 72.59 0.09 s Sanofi SNY 49.01 0.92 Ubiquiti UI 192.50 0.11
Stock Sym Close Chg AnalogDevices ADI 115.85 1.44 BioMarinPharm BMRN 78.77 -0.66 ColgatePalm CL 67.46 -0.47 Equifax EFX 135.95 -0.57 Heico HEI 124.10 -0.21 LibertySirius A LSXMA 47.82 0.43 OReillyAuto ORLY 444.65 2.75 SantanderCons SC 23.14 -0.08 UltaBeauty ULTA 251.64 1.27
Anaplan PLAN 51.56 0.03 BlackKnight BKI 62.45 -0.20 ColumbiaSportswr COLM 92.19 0.21 Equinix EQIX 559.14 1.41 Heico A HEI.A 96.55 0.07 LibertySirius C LSXMK 47.45 0.32 OccidentalPetrol OXY 37.54 -0.03 SareptaTherap SRPT 101.45 -4.72 UnderArmour C UA 17.51 -0.18
A B C Comcast A CMCSA 42.07 -0.70 Equinor EQNR 18.34 0.06 HenrySchein HSIC 69.10 0.77 LibertyProperty LPT 60.53 -0.96 Okta OKTA 117.65 -1.96 Sasol SSL 18.44 0.19 UnderArmour A UAA 19.20 -0.04
AngloGoldAsh AU 20.50 1.23 BlackRock BLK 493.91 -0.12
Blackstone BX 54.92 0.51 Comerica CMA 69.80 -0.11 EquityLife ELS 71.14 -0.64 Herbalife HLF 44.34 -0.74 EliLilly LLY 120.78 0.13 OldDomFreight ODFL 185.70 -1.82 Schlumberger SLB 38.40 1.06 Unilever UN 59.89 -0.29
AB InBev BUD 78.77 0.62
s ABB ABB 22.94 0.26 Boeing BA 350.00 2.10 s CommerceBcshrs CBSH 65.16 -0.01 EquityResdntl EQR 82.68 -1.46 Hershey HSY 149.77 0.37 s LincolnElectric LECO 94.61 1.65 OldRepublic ORI 22.27 -0.50 SchwabC SCHW 49.60 0.41 Unilever UL 59.63 -0.33
AnnalyCap NLY 9.38 ...
ACADIA Pharm ACAD 45.01 -1.25 BookingHldgs BKNG 1925.88 21.25 s SABESP SBS 14.92 0.55 ErieIndemnity A ERIE 172.35 5.09 Hess HES 61.60 -0.13 LincolnNational LNC 57.71 -0.17 OmegaHealthcare OHI 42.12 -0.77 Sea SE 36.77 0.14 UnionPacific UNP 174.45 2.60
Anthem ANTM 280.60 -3.25
ADT ADT 9.18 -0.08 BoozAllen BAH 69.88 -0.72 ConagraBrands CAG 28.63 -0.59 EssexProp ESS 304.76 -4.81 HewlettPackard HPE 15.87 0.03 Linde LIN 205.64 1.69 Omnicom OMC 80.84 0.45 Seagate STX 57.94 0.32 UnitedAirlines UAL 87.02 0.51
Aon AON 205.17 -0.03
AECOM ACM 42.82 0.13 BorgWarner BWA 43.93 0.46 ConchoRscs CXO 77.79 1.12 EsteeLauder EL 198.56 0.64 Hexcel HXL 78.75 -0.74 LiveNationEnt LYV 69.44 -0.16 ON Semi ON 22.42 0.44 SealedAir SEE 38.75 -0.07 UnitedMicro UMC 2.65 -0.02
Apache APA 21.28 0.35
AES AES 18.91 -0.22 BostonProps BXP 137.29 -2.32 ConocoPhillips COP 61.68 -0.08 EuronetWorldwide EEFT 154.67 0.39 Hill-Rom HRC 108.42 1.08 LloydsBanking LYG 3.14 -0.05 OneMain OMF 43.04 -0.08 SeattleGenetics SGEN 111.34 -2.64 UPS B UPS 116.79 -1.75
ApartmtInv AIV 51.53 -0.59
Aflac AFL 53.05 -0.11 BostonSci BSX 43.82 -0.19 ConEd ED 87.59 0.79 EverestRe RE 271.01 0.71 Hilton HLT 105.70 1.00 LockheedMartin LMT 386.24 1.80 OpenText OTEX 42.84 0.34 SempraEnergy SRE 148.77 1.29 UnitedRentals URI 156.97 3.19
ApolloGlbMgmt APO 44.96 0.67
AGCO AGCO 76.59 0.05 s Apple BrightHorizons BFAM 151.20 -0.03 ConstBrands B STZ.B180.00 -0.86 Evergy EVRG 62.89 0.23 HollyFrontier HFC 50.10 0.04 Loews L 49.99 -0.08 Oracle ORCL 56.31 0.49 SensataTechs ST 52.05 0.81 US Bancorp USB 59.25 -0.70
AAPL 270.77 2.29
AGNC Invt AGNC 17.34 0.03 s Bristol-Myers BMY 62.41 0.32 ConstBrands A STZ 181.62 0.69 EversourceEner ES 81.35 0.37 Hologic HOLX 52.60 0.40 LogitechIntl LOGI 43.89 0.43 Orange ORAN 14.77 0.05 ServiceCorp SCI 45.25 0.89 UnitedTech UTX 147.27 1.90
ApplMaterials AMAT 59.04 2.42
Ansys ANSS 251.63 -0.94 BritishAmTob BTI 39.48 0.17 ContinentalRscs CLR 33.30 0.25 ExactSciences EXAS 85.17 -0.13 HomeDepot HD 212.00 -3.90 Lowe's LOW 117.66 1.18 Orix IX 84.99 -0.17 ServiceNow NOW 267.30 0.52 UnitedHealth UNH 280.50 0.98
Aptargroup ATR 112.57 0.63
s ASETech ASX 5.31 0.05 BrixmorProp BRX 21.43 -0.34 Cooper COO 306.68 2.14 Exelon EXC 44.20 -0.52 HondaMotor HMC 28.86 0.10 s lululemon LULU233.19 3.54 Oshkosh OSK 92.39 0.72 ShawComm B SJR 20.36 0.09 UnivDisplay OLED 192.39 3.32
Aptiv APTV 92.99 0.22
s ASML ASML 284.04 4.93 AquaAmerica WTR 45.69 0.20 Broadcom AVGO 319.72 4.66 Copart CPRT 88.29 -0.08 Expedia EXPE 111.96 0.11 Honeywell HON 176.01 1.97 Lyft LYFT 47.36 2.10 OwensCorning OC 65.10 0.02 SherwinWilliams SHW 575.49 4.64 UniversalHealthB UHS 144.70 0.12
AT&T T 38.17 0.11 Aramark ARMK 42.82 0.20 BroadridgeFinl BR 119.42 -1.98 Corning GLW 28.02 0.02 ExpeditorsIntl EXPD 74.43 0.31 HorizonTherap HZNP 32.25 0.28 LyondellBasell LYB 91.18 0.60 OwlRock ORCC 18.00 0.02 ShinhanFin SHG 37.12 0.11 UnumGroup UNM 30.19 0.24
AXA Equitable EQH 24.27 -0.18 Corteva CTVA 26.20 0.33 ExtraSpaceSt EXR 104.96 -0.46 HormelFoods HRL 45.56 -0.04 PG&E PCG 12.14 -0.18 Shopify SHOP 373.08 5.08 VEREIT VER 9.41 -0.18
ArcelorMittal MT 17.71 0.05 BrookfieldMgt BAM 58.16 0.24
AbbottLabs ABT 84.91 0.35 ArchCapital ACGL 41.02 -0.14 BrookfieldInfr BIP 51.43 -0.32 CoStar CSGP 580.57 -1.12 ExxonMobil XOM 68.96 -0.10 s DR Horton DHI 55.91 0.78 M N PNC Fin PNC 155.00 -0.60 SignatureBank SBNY 129.95 3.89 VF VFC 91.66 1.39
AbbVie ABBV 86.70 0.14 Brown&Brown BRO 38.25 0.29 Costco COST 295.30 -0.48 F5Networks FFIV 140.82 2.94 HostHotels HST 17.91 0.01 POSCO PKX 48.73 0.39 SimonProperty SPG 145.40 -3.64 s VICI Prop VICI 24.69 -0.21
ArcherDaniels ADM 44.23 0.23 M&T Bank MTB 166.44 -0.60 PPG Ind PPG 132.31 -0.16 SiriusXM
Abiomed ABMD 178.87 -0.88 Arconic ARNC 31.23 0.22 Brown-Forman B BF.B 63.78 0.28 Coty COTY 11.57 -0.05 FMC FMC 98.25 0.42 Huazhu HTHT 33.98 -0.42 SIRI 6.87 -0.02 VailResorts MTN 238.29 5.33
Hubbell HUBB 146.46 -0.08 MDU Rscs MDU 28.92 0.06 PPL PPL 33.76 -0.04 SkechersUSA SKX 40.75 0.30 Vale VALE 12.58 0.28
Accenture ACN 202.30 0.42 s arGEN-X ARGX 156.42 0.90 Brown-Forman A BF.A 59.27 0.42 CoupaSoftware COUP 144.16 -4.37 Facebook FB 202.26 1.39 s
HubSpot HUBS 149.00 -3.64 MGM Resorts MGM 32.11 0.12 PRA HealthSci PRAH102.05 -5.33 s Skyworks SWKS109.29 4.90 ValeroEnergy VLO 92.89 -1.68
ActivisionBliz ATVI 56.48 0.54 AristaNetworks ANET 191.23 -0.91 Bruker BRKR 49.54 -0.57 CousinsProperties CUZ 40.01 -0.46 FactSet FDS 271.60 1.22
Humana HUM 344.78 0.22 MKS Instrum MKSI 108.89 2.24 PTC PTC 73.93 -0.97 SlackTech WORK 20.75 -1.50 VarianMed VAR 139.22 0.21
Adobe ADBE 303.74 -0.43 ArrowElec ARW 83.29 0.79 Bunge BG 55.28 0.57 Credicorp BAP 204.67 0.78 FairIsaac FICO 354.50 0.32
JBHunt JBHT 111.39 -1.58 MPLX MPLX 25.31 0.08 PVH PVH 102.50 1.14 SmithAO AOS 45.52 0.13 Vedanta VEDL 8.06 -0.03
AdvanceAuto AAP 155.90 -0.27 ArrowheadPharm ARWR 68.22 -2.64 BurlingtonStrs BURL 222.43 -2.04 CreditAcceptance CACC 431.68 0.08 Fastenal FAST 36.24 0.30
s HuntingtonBcshs HBAN 15.21 -0.16 MSCI MSCI 260.79 -0.71 Paccar PCAR 81.40 0.20 Smith&Nephew SNN 44.83 0.46 VeevaSystems VEEV 142.24 -0.66
AdvMicroDevices AMD 39.47 0.03 AspenTech AZPN 118.58 0.32 CACI Intl CACI 238.57 2.19 CreditSuisse CS 12.95 -0.11 FederalRealty FRT 129.79 -1.83
HuntingIngalls HII 253.74 1.96 MadisonSquGarden MSG 273.92 -0.74 PackagingCpAm PKG 111.56 0.20 Smucker SJM 104.43 -1.63 t Ventas VTR 56.35 -0.32
Aegon AEG 4.45 0.01 Assurant AIZ 130.27 0.23 s CBRE Group CBRE 58.41 -0.07 CrowdStrike CRWD 47.73 0.18 FedEx FDX 159.08 2.08 MagellanMid MMP 61.75 1.20 PagSeguroDig PAGS 28.75 0.79 Snap
AerCap AER 61.00 0.31 AstraZeneca AZN 48.19 0.21 CDK Global CDK 53.55 0.09 CrownCastle CCI 134.61 0.61 Ferrari RACE 165.23 0.39 HyattHotels H 81.08 1.12 SNAP 14.23 0.14 VeriSign VRSN 189.92 1.78
IAA IAA 45.65 1.04 MagnaIntl MGA 54.46 0.81 PaloAltoNtwks PANW 226.97 1.68 SnapOn SNA 167.68 2.52 VeriskAnalytics VRSK 146.81 -0.47
AgilentTechs A 83.42 0.49 Athene ATH 43.99 -0.13 CDW CDW 135.66 -0.09 CrownHoldings CCK 72.16 -0.56 FiatChrysler FCAU 14.33 -0.08
IAC/InterActive IAC 216.78 0.83 ManulifeFin MFC 19.33 0.06 ParkHotels PK 24.36 -0.05 SonocoProducts SON 60.84 0.32 s Verizon VZ 61.08 -0.15
AgnicoEagle AEM 60.99 1.78 Atlassian TEAM 118.23 -2.57 CF Industries CF 44.56 0.54 CubeSmart CUBE 30.54 -0.46 FidNatlFin FNF 47.29 -0.14
s ICICI Bank IBN 14.98 0.06 MarathonOil MRO 12.61 0.02 s ParkerHannifin PH 206.34 3.96 Sony SNE 66.54 0.23 VertxPharm VRTX 220.00 -0.27
AirProducts APD 229.50 ... AtmosEnergy ATO 107.20 0.45 CGI GIB 82.69 0.06 Cullen/Frost CFR 95.02 -0.28 FidNatlInfo FIS 135.50 -0.03
IdexxLab IDXX 250.45 -2.39 MarathonPetrol MPC 57.11 -1.56 Paychex PAYX 84.27 -0.24 Southern SO 60.69 0.36 ViacomCBS B VIAC 37.29 -0.33
AkamaiTech AKAM 83.85 -0.24 Autodesk ADSK 179.64 1.18 CH Robinson CHRW 75.89 0.09 Cummins CMI 182.11 2.46 FifthThirdBncp FITB 30.34 -0.10
IHS Markit INFO 73.65 0.32 Markel MKL 1125.11-11.89 PaycomSoftware PAYC 262.07 -3.43 SoCopper SCCO 40.56 0.92 ViacomCBS A VIACA 39.83 -0.72
AlaskaAir ALK 66.74 -0.50 Autohome ATHM 72.20 2.19 CME Group CME 204.71 -0.39 CurtissWright CW 142.19 0.84 58.com WUBA 60.34 1.45
ING Groep ING 11.58 0.05 MarketAxess MKTX 376.81 6.81 Paylocity PCTY 120.26 -0.17 SouthwestAir LUV 54.00 -0.91 s Vipshop VIPS 13.74 -0.02
Albemarle ALB 65.67 0.37 Autoliv ALV 83.22 0.85 CMS Energy CMS 61.45 0.01 CypressSemi CY 23.39 0.01 FirstAmerFin FAF 62.01 -0.36
Invesco IVZ 17.09 0.24 Marriott MAR 142.75 2.18 PayPal PYPL 105.51 1.89 SpiritAeroSys SPR 81.39 -1.02 Visa V 182.01 -0.25
Alcon ALC 55.70 0.66 ADP ADP 167.24 -1.19 CNA Fin CNA 43.84 0.01 CyrusOne CONE 62.04 -1.26 s FirstRepBank FRC 112.42 -0.76 s Marsh&McLen MMC 108.97 0.27 Pearson
AlexandriaRlEst ARE 159.08 -2.96 CNH Indl FirstEnergy FE 48.02 IPG Photonics IPGP 138.64 1.83 PSO 8.48 0.19 Splunk SPLK 145.90 -3.18 VistraEnergy VST 23.90 0.06
AutoZone AZO 1244.83 -5.17 CNHI 10.52 0.05 0.03 MartinMarietta MLM 272.23 3.39 Pegasystems PEGA 75.45 0.01 Spotify
AlexionPharm ALXN 109.50
s Alibaba
-1.70 Avalonbay AVB 212.07 -3.21 CNOOC CEO 146.69 1.14 D E F Fiserv FISV 114.61 0.77 IQVIA
s ITT
IQV 143.84
ITT 72.86
-2.28
1.57 MarvellTech MRVL 24.78 1.10 Peloton PTON 32.03 -0.75 t Sprint
SPOT 147.13 1.16
S 5.25 -0.09
VMware VMW 150.91
Vodafone VOD 18.90
2.18
0.11
BABA 204.64 4.19 Avangrid AGR 48.73 0.20 CPFLEnergia CPL 15.70 0.13 FiveBelow FIVE 120.95 1.92 Masco MAS 46.42 0.58 PembinaPipeline PBA 35.76 0.36 Square
AlignTech ALGN 275.23 1.58 Avantor AVTR 18.52 0.02 s CRH CRH 39.19 0.42 DISH Network DISH 33.89 0.36 FleetCorTech FLT 303.06 0.52 IcahnEnterprises IEP 60.65 1.02 SQ 65.75 -0.09 VornadoRealty VNO 65.61 -1.04
Icon ICLR 161.73 Masimo MASI 154.21 1.52 Pentair PNR 45.50 0.34 StanleyBlackDck SWK 159.59 2.33 VoyaFinancial VOYA 57.37 -0.51
Allakos ALLK 121.26 0.37 AveryDennison AVY 129.81 0.04 CSX CSX 71.73 1.33 DTE Energy DTE 125.34 0.42 Flex FLEX 11.54 0.30 -0.47
Mastercard MA 290.05 1.44 People'sUtdFin PBCT 16.49 -0.05 Starbucks SBUX 86.59 0.55
Alleghany Y 788.03 -2.17 AxaltaCoating AXTA 29.79 0.14 CVS Health CVS 73.35 0.17 DXC Tech DXC 36.07 0.21 FlirSystems FLIR 52.50 0.17 IDEX IEX 163.97 0.84 VulcanMatls VMC 142.40 2.34
MatchGroup MTCH 68.62 0.37 PepsiCo
s Allegion ALLE 125.69 1.60 BCE BCE 49.00 0.34 CableOne CABO 1529.00 2.94 s Danaher DHR 149.67 0.83 Flowserve FLS 48.22 0.28 IllinoisToolWks ITW 176.87 2.42 PEP 137.10 0.83 StarsGroup TSG 24.29 0.10
Allergan AGN 186.64 1.03 BHP Group BHP 53.22 0.63 CabotOil COG 16.00 -0.19 Darden DRI 117.44 -1.14 FomentoEconMex FMX 93.63 1.01 Illumina ILMN 320.57 -6.37 MaximIntProducts MXIM 57.88 1.07 PerkinElmer PKI 94.31 -0.06 StarwoodProp STWD 24.76 -0.11
McCormick MKC 170.65 -0.71 Perrigo
W X Y Z
AlliantEnergy LNT 53.04 0.09 BHP Group BBL 45.77 0.52 CadenceDesign CDNS 65.89 0.04 Datadog DDOG 35.55 0.74 ImperialOil IMO 25.22 -0.01 PRGO 53.81 0.12 s StateStreet STT 78.19 0.36
FordMotor F 9.11 0.04 McDonalds MCD 194.72 -0.23 PetroChina PTR 46.41 0.54 SteelDynamics STLD 34.74 -0.14 WABCO WBC 135.14 -0.03
AllisonTransm ALSN 48.39 0.33 BOK Fin BOKF 84.29 -0.30 CAE CAE 25.81 0.06 DaVita DVA 72.63 0.32 Fortinet FTNT 104.14 0.59 s Incyte INCY 94.93 -0.79
Infosys INFY 10.07 0.03 McKesson MCK 143.36 0.61 PetroleoBrasil PBR 15.71 0.12 Stericycle SRCL 65.61 -0.44 WEC Energy WEC 89.53 0.34
Allstate ALL 109.59 -1.15 BP BP 36.56 -0.45 CaesarsEnt CZR 13.02 ... Deere DE 169.70 -0.20 Fortis FTS 40.47 0.32 MedicalProp MPW 20.74 -0.49 PetroleoBrasilA PBR.A 14.73 0.07 Steris WEX WEX 196.99 0.40
AllyFinancial ALLY 31.52 0.14 BRF BRFS 8.70 -0.12 CamdenProperty CPT 108.20 -1.81 DellTechC DELL 47.71 0.35 Fortive FTV 74.97 1.13 Ingersoll-Rand IR 133.01 1.91 STE 153.68 -0.26
Ingredion INGR 87.80 0.98 Medicines MDCO 84.07 -0.15 Pfizer PFE 38.22 -0.26 s STMicroelec STM 26.42 0.60 W.P.Carey WPC 80.40 -1.22
AlnylamPharm ALNY 118.79 -3.05 BWX Tech BWXT 61.66 1.38 CampbellSoup CPB 47.98 -0.41 DeltaAir DAL 55.08 -0.45 s FortBrandsHome FBHS 65.16 1.16 Medtronic MDT 111.72 0.68 PhilipMorris PM 84.84 0.94 StoneCo WPP WPP 63.47 0.38
Alphabet A GOOGL 1344.25 1.36 Baidu BIDU 116.37 1.59 CIBC CM 82.56 0.20 DentsplySirona XRAY 56.78 -0.59 FoxA FOXA 36.16 0.35 Insulet PODD 180.19 1.99 STNE 38.70 0.79
DeutscheBank DB 7.26 0.07 Intel INTC 57.07 0.48 MelcoResorts MLCO 21.26 0.36 Phillips66 PSX 112.21 0.28 Stryker SYK 197.98 -0.15 Wabtec WAB 74.90 0.42
Alphabet C GOOG 1345.02 0.36 BakerHughes BKR 22.68 0.34 CanNtlRlwy CNI 90.13 0.56 FoxB FOX 35.29 0.37 MellanoxTech MLNX 114.28 -0.21 PilgrimPride PPC 31.71 0.01 SumitomoMits SMFG 7.36 -0.03
ICE ICE 92.31 -0.02 WalgreensBoots WBA 58.01 -0.40
Alteryx AYX 98.41 -9.20 Ball BLL 63.87 -0.04 CanNaturalRes CNQ 29.52 ... DevonEnergy DVN 23.42 ... Franco-Nevada FNV 98.53 -0.23 MercadoLibre MELI 580.31 -6.38 Pinduoduo PDD 37.31 -0.82 SunComms SUI 156.48 -1.91 Walmart WMT 119.00 -0.14
AlticeUSA ATUS 26.10 0.69 BancoBilbaoViz BBVA 5.24 0.02 s CanPacRlwy CP 247.97 2.94 DexCom DXCM 212.36 -3.17 FranklinRscs BEN 25.93 0.09 InterContinentl IHG 63.34 0.28
IBM IBM 133.76 -0.15 Merck MRK 88.98 -0.12 PinnacleWest PNW 85.44 0.23 SunLifeFinancial SLF 44.78 ... WasteConnections WCN 90.16 -0.02
Altria MO 50.30 0.25 BancoBradesco BBDO 7.67 ... Canon CAJ 28.31 0.20 Diageo DEO 162.18 0.68 FreeportMcM FCX 12.84 0.56 MetLife MET 49.09 -0.20 Pinterest WasteMgt WM 111.40 0.14
Amarin AMRN 22.81 -0.42 BancodeChile BCH 21.88 0.08 CanopyGrowth CGC 20.25 0.16 DiamondbkEner FANG 83.83 0.37 IntlFlavors IFF 134.54 0.55 PINS 18.20 0.21 SuncorEnergy SU 31.71 -0.11
FreseniusMed FMS 36.14 -0.36 MettlerToledo MTD 762.35 8.13 PioneerNatRscs PXD 136.19 1.64 Suzano Waters WAT 228.97 1.04
Amazon.com AMZN 1748.72 9.51 BancSanBrasil BSBR 10.73 0.04 s CapitalOne COF 101.43 -0.99 DigitalRealty DLR 117.02 -0.57 IntlPaper IP 46.18 -0.07 SUZ 9.50 0.25
MicrochipTech MCHP 99.35 0.89 PlainsAllAmPipe PAA 17.53 -0.48 SynchronyFin SYF 37.14 -0.28 Watsco WSO 179.44 0.67
Ambev ABEV 4.45 0.05 BcoSantChile BSAC 22.45 0.02 Capri CPRI 38.10 0.22 DiscoverFinSvcs DFS 84.23 -0.63 G H I Interpublic IPG 22.69
InterXion INXN 81.42
0.30
-1.02 MicronTech MU 49.26 1.80 PlanetFitness PLNT 74.19 0.20 SyneosHealth SYNH 56.11 -0.13 Wayfair W 88.10 0.21
Amcor AMCR 10.48 0.13 BancoSantander SAN 3.89 0.01 CardinalHealth CAH 54.28 0.46 DiscoveryA DISCA 32.09 -0.15
Microsoft MSFT 151.70 0.57 Polaris WellCareHealth WCG 316.21 -3.36
Amdocs DOX 69.63 0.10 BanColombia CIB 51.78 0.84 Carlisle CSL 157.37 1.64 DiscoveryC DISCK 29.92 -0.07 GCI LibertyA GLIBA 68.07 0.27 Intuit INTU 251.90 -0.42 PII 98.98 2.00 s Synnex SNX 127.11 1.27
MidAmApt MAA 131.64 -1.79 Pool POOL 207.76 0.41 Synopsys SNPS 132.08 0.47 WellsFargo WFC 53.17 -0.52
Amerco UHAL 356.24 -2.21 BankofAmerica BAC 33.64 0.11 CarMax KMX 99.03 2.09 Disney DIS 147.59 1.49 s GDS Holdings GDS 48.79 0.68 IntuitiveSurgical ISRG 574.79 -0.58
InvitatHomes INVH 29.46 -0.41 Middleby MIDD109.47 -0.21 PostHoldings POST 106.45 -0.85 Sysco SYY 82.88 0.35 Welltower WELL 81.17 -1.52
Ameren AEE 74.95 0.36 BankofMontreal BMO 75.81 0.28 Carnival CCL 45.79 0.47 DocuSign DOCU 72.46 -0.33 Galapagos GLPG 215.00 -0.40
MitsubishiUFJ MUFG 5.41 -0.03 PrincipalFin PFG 53.52 0.28 WestPharmSvcs WST 146.67 1.31
AmericaMovil AMX 15.37 0.23 BankNY Mellon BK 49.88 0.04 Carnival CUK 43.36 0.60 DolbyLab DLB 67.42 0.77 Gallagher AJG 94.44 0.56 IonisPharma IONS 61.69 -1.22
AmerAirlines AAL 26.86 -0.14 BkNovaScotia BNS 56.57 0.20 CaseysGenStores CASY156.87 -1.85 DollarGeneral DG 154.51 0.14 Gaming&Leisure GLPI 42.60 -0.38 iQIYI IQ 19.99 0.12 MizuhoFin MFG 3.12 -0.04 Procter&Gamble PG 124.66 0.39
MobileTeleSys MBT 9.51 0.03 Progressive PGR 71.16 -1.69
T U V WesternDigital WDC 51.07
WesternMidstrm WES 19.65
1.83
0.15
AmCampus ACC 46.73 -1.25 Barclays BCS 8.97 0.04 Catalent CTLT 52.18 -0.91 DollarTree DLTR 91.50 -0.05 Gap GPS 16.17 -0.46 IronMountain IRM 32.67 -0.23
IsraelChemicals ICL 4.51 0.04 Moderna MRNA 18.65 -0.22 Prologis PLD 89.80 -1.34 TAL Education TAL 45.34 0.07 WesternUnion WU 26.59 -0.22
AEP AEP 92.15 0.21 BarrickGold GOLD 17.62 0.48 Caterpillar CAT 144.00 1.13 DominionEner D 80.90 0.81 GardnerDenver GDI 34.29 0.85
MohawkInds MHK 136.67 3.13 Proofpoint PFPT 112.99 -0.79 TC Energy TRP 51.67 0.22 WestlakeChem WLK 69.26 0.72
AmerExpress AXP 120.64 -0.26 s BauschHealth BHC 29.33 0.09 Celanese CE 122.79 1.84 Domino's DPZ 293.62 8.38 Garmin GRMN 97.59 0.88 ItauUnibanco ITUB 8.59 -0.06
MolinaHealthcare MOH 127.84 -2.17 ProsperityBcshs PB 69.81 -0.55 TCF Financial TCF 43.76 0.07 WestpacBanking WBK 16.54 0.14
s AmericanFin AFG 110.16 -0.59 BaxterIntl BAX 83.01 0.72 CenovusEnergy CVE 9.41 0.01 Donaldson DCI 56.43 0.53 Gartner IT 156.98 0.29
AmHomes4Rent AMH 25.78 -0.36 BectonDicknsn BDX 261.06 3.82 Centene CNC 58.64 -0.98 DouglasEmmett DEI 43.93 -0.72 Generac GNRC 99.54 -0.97 J K L MolsonCoors B TAP 51.17 -0.04 PrudentialFin PRU 92.42 -0.03 TD Ameritrade AMTD 51.72 0.39
Momo MOMO 35.90 -0.27 Prudential PUK 34.77 0.15 TE Connectivity TEL 93.15 1.62
WestRock WRK 40.41
Weyerhaeuser WY 29.33
0.34
0.33
AIG AIG 50.41 -0.35 BeiGene BGNE 179.93 -2.45 CenterPointEner CNP 25.11 0.15 s Dover DOV 113.17 0.31 GeneralDynamics GD 179.27 -1.21
JD.com JD 33.24 -0.02 Mondelez MDLZ 53.93 -0.13 PublicServiceEnt PEG 58.27 0.58 Telus TU 38.07 0.15 WheatonPrecMet WPM 27.95 0.45
AmerTowerREIT AMT 211.56 1.56 Berkley WRB 69.56 -0.36 CentraisElBras EBR 8.74 0.14 Dow DOW 53.10 -0.03 GeneralElec GE 10.97 -0.04
JPMorganChase JPM 134.18 -0.32 MongoDB MDB 128.00 -1.18 PublicStorage PSA 209.92 -1.43 TIM Part TSU 17.19 0.17 Whirlpool WHR 146.20 1.73
AmerWaterWorks AWK 120.90 -1.45 BerkHathwy A BRK.A 3336001480.00 CenturyLink CTL 14.01 -0.13 DrReddy'sLab RDY 40.90 -0.18 GeneralMills GIS 51.58 -1.66 s
Jabil JBL 39.80 0.60 s MonolithicPower MPWR 169.05 3.93 PulteGroup PHM 40.71 0.44 TJX TJX 60.39 0.15 Williams WMB 23.19 0.25
AmericoldRealty COLD 35.03 -0.64 BerkHathwy B BRK.B 222.57 1.31 CeridianHCM CDAY 62.04 0.06 t Dropbox DBX 17.24 -0.57 GeneralMotors GM 35.24 0.13
JackHenry JKHY 145.54 -3.17 MonsterBev MNST 62.43 0.92 Qiagen WillisTowers WLTW 194.41
Ameriprise AMP 164.51 -0.70 BerryGlobal BERY 47.05 0.52 Cerner CERN 71.50 -0.21 DukeEnergy DUK 89.00 -0.05 Genesee&Wyoming GWR 111.07 0.38 QGEN 41.40 -0.28 T-MobileUS TMUS 74.62 -0.40 -0.18
JacobsEngg J 88.09 0.96 s Moody's MCO 233.25 2.20 s Qorvo QRVO 113.84 3.98 TRowePrice TROW 123.61 1.26 Wipro WIT 3.66 -0.01
AmerisourceBrgn ABC 86.66 -0.10 s BestBuy BBY 83.83 0.95 CharlesRiverLabs CRL 146.24 0.01 DukeRealty DRE 34.82 -0.34 Genmab GMAB 22.96 -0.11
JamesHardie JHX 19.43 0.01 MorganStanley MS 49.45 -0.22 Qualcomm QCOM 86.99 2.88 s TaiwanSemi TSM 55.90 1.38 Wix.com WIX 119.55 0.50
Ametek AME 98.67 0.59 Bio-Techne TECH 215.69 -4.28 CharterComms CHTR 465.87 4.16 Dunkin' DNKN 75.61 -0.61 Genpact G 40.95 0.36 s Woodward WWD 123.70
JazzPharma JAZZ 148.12 -1.94 Morningstar MORN 151.70 -0.22 QuestDiag DGX 104.73 -0.21 TakeTwoSoftware TTWO 122.40 0.11 1.90
Amgen AMGN 234.01 0.17 Bio-RadLab A BIO 351.88 -2.06 CheckPoint CHKP 113.53 1.14 DuPont DD 64.33 0.29 Gentex GNTX 28.37 0.25
JefferiesFin JEF 21.00 ... Mosaic MOS 18.22 -0.03 TakedaPharm TAK 20.07 -0.18 WooriFin WF 28.88 0.13
s Amphenol APH 105.93 0.81 Biogen BIIB 292.23 -4.97 Chemed CHE 435.50 3.30 Dynatrace DT 24.01 -0.34 GenuineParts GPC 104.25 0.60
J&J JNJ 140.98 0.99
JohnsonControls JCI 42.70 0.61
MotorolaSol MSI 161.78 0.86
Mylan MYL 18.81 0.11
R S Tapestry TPR 25.82 0.29
TargaResources TRGP 36.86 -0.22
Workday WDAY 165.00
WynnResorts WYNN 120.83
1.78
1.42
JonesLang JLL 168.59 -0.15 NICE NICE153.67 2.65 RELX RELX 24.14 -0.06 Target TGT 125.80 0.03 XPO Logistics XPO 81.76 0.76

Exchange-Traded Portfolios | WSJ.com/ETFresearch JuniperNetworks JNPR 24.01 0.27

KB Fin KB 40.35 0.13
NRG Energy NRG 38.92 0.54 RPM
NVR
RPM 74.53 0.14 TataMotors TTM 11.35 0.15
NVR 3838.02 18.02 RalphLauren RL 111.63 -2.37 TechnipFMC FTI 19.34 0.24
XcelEnergy XEL 62.16
Xerox XRX 36.52
0.36
-0.24
KKR KKR 29.14 0.01 s NXP Semi NXPI 121.40 2.30 RaymondJames RJF 89.33 -0.15 TeckRscsB TECK 16.16 0.42 Xilinx XLNX 93.87 2.63
Closing Chg YTD KLA KLAC 167.12 4.75 Nasdaq NDAQ 103.89 -0.72 Raytheon RTN 217.82 1.29 TeledyneTech TDY 348.65 3.76 Xylem XYL 76.83 1.02
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) KSCitySouthern KSU 153.42 2.26 NationalGrid NGG 59.19 0.76 RealtyIncome O 74.58 -1.03 Teleflex TFX 354.78 0.86 Yandex YNDX 41.46 1.00
Kellogg K 66.15 -0.49 NatlOilwell NOV 23.65 0.23 ReataPharm RETA 199.54 -5.58 Ericsson ERIC 9.07 ... YumBrands YUM 99.44 0.20
SchwabUS LC SCHX 75.14 0.29 25.9 KeurigDrPepper KDP 28.83 -0.33 NatlRetailProp NNN 53.11 -1.13 RegencyCtrs REG 62.65 -1.60 TelefonicaBras VIV 13.50 -0.18 YumChina YUMC 45.97 0.81
Wednesday, December 11, 2019 Closing Chg YTD NTAP 60.66 0.30 RegenPharm REGN 373.53 5.86 Telefonica TEF 7.46 0.03
SPDR DJIA Tr DIA 279.72 0.09 19.9 KeyCorp KEY 19.65 -0.06 NetApp ZTO Express ZTO 21.10 0.21
ETF Symbol Price (%) (%) KeysightTechs KEYS 103.24 1.64 Netease NTES 310.50 1.26 RegionsFin RF 16.84 -0.16 TelekmIndonesia TLK 28.64 0.02 ZayoGroup ZAYO 34.26
Closing Chg YTD SPDR S&PMdCpTr MDY 367.90 0.16 21.6 -0.04
ETF Symbol Price (%) (%) iShMSCIBrazil EWZ 44.92 1.15 17.6 SPDR S&P 500 SPY 314.42 0.28 25.8 KilroyRealty KRC 83.14 -0.98 Netflix NFLX 298.93 5.81 ReinsGrp RGA 163.89 -0.04 10xGenomics TXG 65.16 -0.79 s ZebraTech ZBRA 256.82 0.01
iShMSCI EAFE EFA 68.72 0.53 16.9 SPDR S&P Div SDY 106.67 0.18 19.2 KimberlyClark KMB 136.90 0.78 Neurocrine NBIX113.25 -0.40 RelianceSteel RS 120.47 0.14 Tenaris TS 22.34 0.44 Zendesk ZEN 73.39 -0.58
CnsmrDiscSelSector XLY 121.99 0.25 23.2 KimcoRealty KIM 20.83 -0.34 NewOrientalEduc EDU 121.73 1.31 RenaissanceRe RNR 192.79 1.52 Teradyne TER 65.56 1.49 Zillow C Z 42.74 1.22
iShMSCI EAFE SC SCZ 62.05 0.40 19.7 TechSelectSector XLK 87.96 0.68 41.9
CnsStapleSelSector XLP 62.61 0.14 23.3 KinderMorgan KMI 20.20 0.08 NewResidInvt NRZ 15.63 -0.12 RepublicSvcs RSG 88.83 0.29 Tesla TSLA 352.70 3.86 Zillow A ZG 42.28 1.27
iShMSCIEmgMarkets EEM 43.68 1.46 11.8 UtilitiesSelSector XLU 63.15 0.27 19.3
EnSelectSectorSPDR XLE 59.67 –0.17 4.0 KirklandLakeGold KL 42.33 1.17 NewellBrands NWL 19.04 0.21 ResMed RMD 150.48 1.50 TevaPharm TEVA 9.56 0.07 ZimmerBiomet ZBH 147.01 1.78
iShMSCIJapan EWJ 60.42 0.22 19.2 VanEckGoldMiner GDX 27.71 2.14 31.4
FinSelSectorSPDR XLF 30.23 –0.23 26.9 Knight-Swift KNX 37.80 0.47 NewmontGold NEM 40.90 0.91 RestaurantBrands QSR 66.29 -0.87 TexasInstruments TXN 123.72 2.35 ZionsBancorp ZION 49.84 -0.07
iShNatlMuniBd MUB 114.19 0.18 4.7 VangdInfoTech VGT 235.14 0.66 40.9
HealthCareSelSect XLV 100.02 0.09 15.6 Kohl's KSS 47.70 -0.34 NewsCorp B NWS 13.54 0.09 RingCentral RNG 162.37 -3.19 Textron TXT 43.95 -0.19 Zoetis ZTS 123.56 0.78
iShPfd&Incm PFF 37.08 0.35 8.3 VangdSC Val VBR 134.81 0.10 18.2 KoninklijkePhil PHG 47.66 0.39 NewsCorp A NWSA 13.31 0.10 RioTinto RIO 56.91 0.85 ThermoFisherSci TMO 318.08 0.99 ZoomVideo ZM 63.52 -1.05
IndSelSectorSPDR XLI 81.21 0.63 26.1
iShRussell1000Gwth IWF 170.87 0.36 30.5 VangdSC Grwth VBK 194.34 –0.06 29.1 KoreaElcPwr KEP 11.92 0.10 NextEraEnergy NEE 235.78 1.33 RobertHalf RHI 60.89 0.98 ThomsonReuters TRI 71.57 0.53 Zscaler ZS 45.20 -0.93
InvscQQQI QQQ 204.98 0.53 32.9
iShRussell1000 IWB 174.26 0.21 25.6 VangdDivApp VIG 122.53 0.36 25.1 KraftHeinz KHC 31.60 -0.28 NielsenHoldings NLSN 19.63 -0.11 Rockwell ROK 203.26 3.51 3M MMM 168.74 1.08 Zynga ZNGA 6.14 0.01
InvscS&P500EW RSP 113.17 0.29 23.8
iShRussell1000Val IWD 134.37 0.11 21.0 VangdFTSEDevMk VEA 43.37 0.56 16.9
InvscS&P500LowVol SPLV 57.23 –0.28 22.7
iShRussell2000Gwth IWO 210.36 –0.06 25.2 VangdFTSE EM VWO 43.15 1.34 13.3
iSh3-7YTreasuryBd IEI 126.09 0.22 3.9 0.53
iShRussell2000 IWM 162.56 –0.03 21.4 VangdFTSE Europe VGK 56.86 16.9
iShCoreDivGrowth DGRO 41.32 0.19 24.5
iShCoreMSCIEAFE IEFA 64.65 0.42 17.5
iShRussell2000Val
iShRussell3000
IWN
IWV
126.28
184.20
–0.01
0.28
17.4
25.4
VangdFTSEAWxUS
VangdGrowth
VEU
VUG
52.81
176.82
0.67
0.34
15.9
31.6
Dividend Changes
iShCoreMSCIEmgMk IEMG 52.41 1.37 11.2 iShRussellMid-Cap IWR 58.42 0.15 25.7 VangdHlthCr VHT 187.02 0.04 16.5
iShCoreMSCITotInt IXUS 61.00 0.63 16.1 iShRussellMCValue IWS 92.83 0.12 21.6 VangdHiDiv VYM 92.15 0.17 18.2 Dividend announcements from December 11.
iShCoreS&P500 IVV 316.17 0.25 25.7 iShS&P500Growth IVW 189.04 0.32 25.5 VangdIntermBd BIV 87.56 0.29 7.7
iShCoreS&P MC IJH 201.75 0.16 21.5 iShS&P500Value IVE 127.40 0.26 26.0 VangdIntrCorpBd VCIT 91.37 0.27 10.3 Amount Payable / Amount Payable /
iShCoreS&P SC IJR 82.35 –0.02 18.8 iShShortCpBd IGSB 53.63 0.13 3.9 VangdLC VV 144.44 0.25 25.8 Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
iShS&PTotlUSStkMkt ITOT 71.14 0.32 25.3 iShShortTreaBd SHV 110.51 0.01 0.2 VangdMC VO 174.54 0.20 26.3
iShCoreUSAggBd AGG 112.84 0.27 6.0 iShTIPSBondETF TIP 116.91 0.35 6.8 VangdMC Val VOE 117.14 0.26 23.0 Increased Foreign
iShSelectDividend DVY 103.77 0.16 16.2 iSh1-3YTreasuryBd SHY 84.65 0.08 1.2 VangdMBS VMBS 53.25 0.23 3.4 AES AES 2.9 .1433 /.1365 Q Feb14 /Jan31
iShEdgeMSCIMinEAFE EFAV 75.38 0.40 13.1 Enbridge ENB 5.7 .6119 Q Mar01 /Feb14
iSh7-10YTreasuryBd IEF 111.39 0.41 6.9 VangdRealEst VNQ 91.57 –1.02 22.8 Essential Prop Realty Tr EPRT 3.5 .23 /.22 Q Jan15 /Dec31
iShEdgeMSCIMinUSA USMV 64.69 –0.02 23.5 iSh20+YTreasuryBd TLT 139.75 0.79 15.0 VangdS&P500ETF VOO 288.79 0.26 25.7 Itau Unibanco Holding ADR ITUB 5.3 .0036 M Feb13 /Jan03
iShEdgeMSCIUSAQual QUAL 99.06 0.36 29.1 Innovative Ind Properties IIPR 4.2 1.00 /.78 Q Jan15 /Dec31 nVent Electric NVT 2.9 .175 Q Feb07 /Jan24
iShRussellMCGrowth IWP 149.52 0.22 31.5 VangdST Bond BSV 80.64 0.15 2.6
iShFloatingRateBd FLOT 50.93 –0.02 1.1 iShUSTreasuryBdETF GOVT 26.11 0.29 5.9 VangdSTCpBd VCSH 80.98 0.12 3.9 J&J Snack Foods JJSF 1.1 .575 /.50 Q Jan07 /Dec20
Pentair PLC PNR 1.6 .19 Q Feb07 /Jan24
iShGoldTr IAU 14.11 0.79 14.8 JPM UltShtIncm JPST 50.45 0.01 0.6 VangdSC VB 162.54 0.01 23.1 Marriott Vacations VAC 1.4 .54 /.45 Q Jan06 /Dec23
iShiBoxx$InvGrCpBd LQD 128.15 0.39 13.6 PIMCOEnhShMaturity MINT 101.64 ... 0.7 VangdTotalBd BND 84.21 0.33 6.3 SEI Investments SEIC 1.0 .35 /.33 SA Jan08 /Dec27 Special
iShiBoxx$HYCpBd HYG 87.32 0.21 7.7 SPDR BlmBarcHYBd JNK 108.80 0.22 8.0 VangdTotIntlBd BNDX 58.10 0.17 7.1
iShIntermCorpBd IGIB 58.05 0.28 10.7 SPDR Gold GLD 138.92 0.69 14.6 VangdTotIntlStk VXUS 54.66 0.66 15.8 Initial Paccar PCAR 1.6 2.30 Jan08 /Dec20
iShJPMUSDEmgBd EMB 113.35 0.67 9.1 SchwabIntEquity SCHF 33.57 0.54 18.4 VangdTotalStk VTI 160.02 0.24 25.4 AllianzGI AI & Tech Opps AIO ... .10833 M Jan02 /Dec19 Sunstone Hotel Investors SHO 4.9 .57 Jan15 /Dec31
iShMBSETF MBB 108.05 0.19 3.2 SchwabUS BrdMkt SCHB 75.22 0.19 25.5 VangdTotlWrld VT 79.27 0.43 21.1
iShMSCI ACWI ACWI 77.94 0.48 21.5 SchwabUS Div SCHD 57.41 0.31 22.2 VangdValue VTV 117.96 0.23 20.4 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.

New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
Danaher DHR 150.47 0.6 GreatLakesDredge GLDD 11.94 0.9 lululemon LULU 235.50 1.5 Sanofi SNY 49.06 1.9 UnionAcqnII LATNU 10.18 ... Dynatronics DYNT 0.64 -1.5 PolymetMining PLM 0.26 -6.6
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE DarlingIngred DAR 24.89 1.7 GreenVisionAcqnWt GRNVW 0.12 ... MGM Resorts MGM 32.30 0.4 Seaspan SSW 14.04 0.9 VICI Prop VICI 25.05 -0.8 Endologix ELGX 2.04 -4.6 PriorityTechn PRTH 2.52 -8.5
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low DecipheraPharm DCPH 58.51 3.2 Headhunter HHR 24.76 6.8 Marsh&McLen MMC 109.27 0.2 SecurityNatFin SNFCA 5.81 1.2 Verizon VZ 61.42 -0.2 Ferrellgas FGP 0.42 -8.3 PyxusIntl PYX 6.35 -1.7
in the latest session. % CHG-Daily percentage change from the previous trading session. Dick's DKS 48.78 ... HlthSciencesAcq HSAC 11.29 4.8 MastechDigital MHH 9.48 7.1 SenecaFoods B SENEB 38.99 3.2 Vipshop VIPS 13.96 -0.1 FirsthandTechVal SVVC 5.45 -0.9 Q&K Intl QK 12.25 -2.6
Dover DOV 113.57 0.3 HlthSciencesAcqWt HSACW 1.39 15.0 Meridian MRBK 19.69 0.2 Sibanye-Stillwater SBGL 9.33 9.8 Walker&Dunlop WD 66.73 0.1 FutureFinTech FTFT 0.46 1.4 RTW Retail RTW 0.90 -3.6
DynexCapPfdB DXpB 25.45 -0.2 HlthcrTrAmerPfdA HTIA 24.95 0.1 IndxPlus 03-1 IPB 29.37 -1.4 SiliconMotion SIMO 47.89 2.9 WellesleyBancorp WEBK 43.29 1.9 GEE Group JOB 0.34 -4.7 RaMedicalSys RMED 0.85 -11.0
Wednesday, December 11, 2019 ESCO Tech ESE 89.45 2.3 HebronTech HEBT 8.93 10.5 MonolithicPower MPWR 169.25 2.4 SilvercorpMetals SVM 5.67 6.4 WestBancorp WTBA 24.91 -0.5 Genprex GNPX 0.23 -8.4 RiceBranTech RIBT 2.08 -5.0
52-Wk % 52-Wk % 52-Wk % EagleBncpMT EBMT 22.37 0.5 HeritageCrystal HCCI 32.07 1.0 Moody's MCO 233.60 1.0 Skyworks SWKS 109.77 4.7 Woodward WWD 123.84 1.6 GoodTimesRest GTIM 1.44 4.6 RosehillRscsWt ROSEW 0.05 ...
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg EidosTherap EIDX 65.71 9.1 HopeBancorp HOPE 15.04 0.9 MorganStanleyPfdK MSpK 28.11 0.8 SouthPlainsFin SPFI 19.99 0.5 XP XP 35.00 27.6 GreatElmCap GEC 2.92 -0.3 SG Blocks SGBX 0.14 -31.8
ElbitSystems ESLT 167.75 1.8 DR Horton DHI 55.93 1.4 NXP Semi NXPI 122.28 1.9 SouthernFirstBcsh SFST 43.88 -0.5 ZebraTech ZBRA 257.83 ... GreenlandTech GTEC 5.80 -2.6 Safe-T SFET 3.71 -9.9
AptoseBiosci APTO 4.41 17.6 CBRE Group CBRE 59.16 -0.1 EmersonElec EMR 75.77 1.6 HuntingtonBcshs HBAN 15.57 -1.0 NewYorkMtgPfdE NYMTM 25.18 0.3 SparkEnergyPfdA SPKEP 25.64 1.1 HancockJaffeLabs HJLI 0.41 1.8 SanchezMidstrm SNMP 0.22 -3.0
Highs AresMgmt
arGEN-X
ARES
ARGX
33.88
159.00
-0.1
0.6
CRA Intl
CRH
CRAI
CRH
54.25
39.22
2.2
1.1
EnelAmericas ENIA
ExperienceInvtA EXPC
10.72
9.82
3.8
0.2
ICICI Bank
IEC Elec
IBN
IEC
15.01
9.10
0.4
2.6
NorthernTrust NTRS
PRA Group PRAA
109.82
37.41
-0.4
2.1
St.Joe
Stantec
JOE
STN
20.55
27.53
...
0.8
Lows IMAC
IderaPharm
IMAC
IDRA
1.35 -13.0 SenesTech SNES
1.63 -3.5 SinoGlobalShip SINO
0.54 -3.4
0.44 -2.0
ABB ABB 22.96 1.1 ArQule ARQL 20.45 1.2 CABCO SBC Comm GYC 24.99 0.7 FarmersNatlBanc FMNB 15.99 0.8 ITT ITT 72.92 2.2 PacGE pfC PCGpC 23.50 3.4 StateStreet STT 79.71 0.5 ATIF ATIF 2.20 -3.0 IturanLocation ITRN 22.32 0.7 SpartanEnerWt SPAQ.WS 0.50 1.9
AK Steel AKS 3.59 3.2 ArtisanPtrsAsset APAM 30.39 1.4 CanPacRlwy CP 248.25 1.2 FirstGuarBcshs FGBI 21.89 2.9 IVERICbio ISEE 5.79 4.3 PacGE pfI PCGpI 21.00 1.4 STMicroelec STM 26.43 2.3 AEternaZentaris AEZS 0.80 -3.1 Jiayin JFIN 5.68 -9.8 Sprint S 5.25 -1.7
ASETech ASX 5.34 1.0 Arvinas ARVN 44.15 0.6 CapitalOne COF 102.90 -1.0 FirstRepBank FRC 113.70 -0.7 Ichor ICHR 32.84 2.0 ParkerHannifin PH 206.67 2.0 StockYardsBncp SYBT 41.79 0.1 Argan AGX 32.43 5.1 Kopin KOPN 0.41 -11.6 SummitWireless WISA 0.63 -3.0
ASML ASML 284.36 1.8 AsburyAutomotive ABG 114.89 4.0 CarriageSvcs CSV 27.65 1.5 FlexionTherap FLXN 21.14 -0.8 Immunomedics IMMU 21.50 -1.3 Parsons PSN 41.01 2.0 Synnex SNX 127.45 1.0 BK Tech BKTI 2.66 -7.3 Lightbridge LTBR 3.38 -7.9 TSR TSRI 2.85 -5.0
AccelEnt ACEL 11.89 0.5 AspenGroup ASPU 8.00 8.7 ChimeraInvt CIM 20.66 0.3 FormFactor FORM 23.77 2.4 Incyte INCY 96.79 -0.8 Pennant PNTG 29.61 4.0 TaiwanSemi TSM 56.20 2.5 Benefitfocus BNFT 19.61 -3.7 Lipocine LPCN 0.35 -6.1 TabulaRasaHlth TRHC 38.54 -2.6
AccelEntWt ACEL.WS 2.69 6.7 AudentesTherap BOLD 59.68 -0.1 ChoiceHotels CHH 103.33 2.9 FortBrandsHome FBHS 65.38 1.8 InglesMarkets IMKTA 45.80 0.5 PennsWoodsBncp PWOD 33.24 0.2 TenetHealthcare THC 37.40 -1.1 BionanoGenomWt BNGOW 0.08 -28.5 MOGU MOGU 1.87 0.5 TetraphasePharm TTPH 2.06 6.8
AcceleronPharma XLRN 51.05 -2.3 AvadelPharm AVDL 8.00 -1.0 CirrusLogic CRUS 76.00 2.2 FortySeven FTSV 36.73 3.8 Inseego INSG 7.72 2.5 Perficient PRFT 43.88 3.0 TheBancorp TBBK 12.21 2.6 BlueHatInt BHAT 2.05 -9.3 MarinSoftware MRIN 1.23 -2.3 TherapixBiosci TRPX 1.18 -3.4
Acushnet GOLF 31.99 1.4 AvidBioservices CDMO 7.32 6.6 CommerceBcshrs CBSH 65.37 ... FranklinElec FELE 56.95 1.6 Intellicheck IDN 8.35 8.9 PerformanceFood PFGC 47.75 -0.6 Tiptree TIPT 8.28 0.9 BrickellBiotech BBI 1.72 -5.5 McEwenMining MUX 1.05 -3.6 TonixPharm TNXP 0.86 7.8
AdaptHealth AHCO 11.91 3.2 AvonProducts AVP 4.97 1.6 CommercialMetals CMC 22.86 0.6 FrequencyTherap FREQ 17.70 5.7 Jabil JBL 39.92 1.5 Photronics PLAB 15.48 20.4 Toro TTC 80.89 1.3 Bristol-MyersRt CELGr 0.40 -2.0 MereoBioPharma MREO 1.60 -3.0 TransEnterix TRXC 0.16 -7.1
AimmuneTherap AIMT 32.22 -3.4 AxsomeTherap AXSM 50.00 -1.4 CommsSystems JCS 9.08 1.3 GDS Holdings GDS 49.40 1.4 KBLMergerIV KBLM 10.64 0.2 PrestigeCnsHlth PBH 39.34 -0.5 TownsquareMedia TSQ 9.31 6.0 CYREN CYRN 1.25 -2.6 NakedBrand NAKD 0.03 -2.7 TravelCenters TA 8.91 0.2
AirIndustries AIRI 1.84 11.0 B.RileyPrincipalA BRPM 9.99 ... CmntyTrBcp CTBI 45.60 0.1 GS Acquisition GSAH.U 11.85 4.1 Kadant KAI 102.99 1.9 PureCycle PCYO 12.75 0.5 Tredegar TG 23.11 1.2 CambiumNtwks CMBM 5.75 -3.5 NaturalAlt NAII 7.55 2.7 TuanChe TC 1.75 -7.2
Alibaba BABA 204.80 2.1 BadgerMeter BMI 62.83 1.6 SABESP SBS 14.93 3.8 GSAcquisition GSAH 11.10 4.0 Kadmon KDMN 5.02 5.1 Qorvo QRVO 114.53 3.6 Tricida TCDA 44.30 0.3 Canaan CAN 6.05 -6.1 NetfinAcqnWt NFINW 0.26 -3.7 Tupperware TUP 7.16 -0.3
Alico ALCO 36.23 1.2 BancFirst BANF 60.39 0.2 COPEL ELP 15.86 1.7 GSAcquisitionWt GSAH.WS 2.27 19.5 Kaman KAMN 66.42 1.5 QuanexBldg NX 19.96 3.7 TriStateCapital TSC 25.26 0.2 CastorMaritime CTRM 2.07 -2.2 NewAgeBev NBEV 1.80 1.6 UnumTherapeutics UMRX 0.48 -5.6
Allegion ALLE 125.75 1.3 BankofAmPfdL BMLpL 23.99 1.1 Constellium CSTM 14.83 0.6 GSK GSK 46.43 0.3 LGL Systems Un DFNSU 10.09 0.1 Quidel QDEL 73.16 -0.5 TriumphBancorp TBK 38.31 0.3 Children'sPlace PLCE 53.80 -23.1 9F JFU 8.34 10.2 Ventas VTR 55.66 -0.6
AmerantBancorpB AMTBB 16.31 1.2 BankofCommerce BOCH 12.25 2.9 Cosan CZZ 19.98 4.0 GlobeLife GL 105.14 0.5 LIVCapAcqnUn LIVKU 10.03 0.1 RPTRealty RPT 14.89 0.6 TruistFinPfdI TFCpI 24.60 2.3 Conn's CONN 13.04 -3.3 Otelco OTEL 10.85 0.6 Weidai WEI 2.82 2.1
AmericanFin AFG 111.27 -0.5 BauschHealth BHC 29.49 0.3 Costamare CMRE 9.09 2.6 GoldResource GORO 5.20 5.7 LMP Auto LMPX 17.81 10.5 RaPharm RARX 47.38 0.1 TwelveSeasWt BROGW 0.69 30.0 CorrevioPharma CORV 0.43 -67.1 Overstock OSTK 6.92 1.0 WestwaterRscs WWR 2.26 0.4
Amphenol APH 106.39 0.8 BestBuy BBY 84.06 1.1 CountyBancorp ICBK 26.02 1.3 GoldmanSachsBDC GSBD 22.00 0.8 LandmarkBncp LARK 24.75 2.5 ReproMedSys KRMD 6.44 -3.8 TwelveSeasRt BROGR 0.78 36.4 CrossTimbers CRT 7.40 -3.8 PingtanMarineEnt PME 1.11 -7.3 XpresSpa XSPA 0.55 1.5
Apple AAPL 271.10 0.9 BioNTech BNTX 31.30 11.8 Crawford A CRD.A 11.50 0.8 GossamerBio GOSS 26.98 0.2 LawsonProducts LAWS 52.63 0.6 Rexnord RXN 32.12 1.2 UMH Prop UMH 16.22 2.5 Dave&Buster's PLAY 37.20 -3.5 PioneerPwrSols PPSI 2.20 3.7 XtantMedical XTNT 1.53 1.2
ApreaTherap APRE 36.50 16.3 Bristol-Myers BMY 62.98 0.5 CueBiopharma CUE 13.20 1.0 Grainger GWW 329.98 1.8 LincolnElectric LECO 94.85 1.8 SPX SPXC 51.16 0.5 US BancorpPfdA USBpA 861.95 0.1 Dropbox DBX 16.95 -3.2 PivotalInvCorp.IIWt PIC.WS 0.72 -0.9 YoungevityPfdD YGYIP 24.00 -0.5

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
SAIUSQtyIdx 14.58 +0.03 30.6 TotRetBdI NA ... NA AggGrowth r 46.18 -0.03 20.6 ValAdml 46.01 +0.10 22.8 TgtRe2030 36.62 +0.13 18.8 GrwthInst 91.01 +0.33 32.7
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. SrsEmrgMkt 20.01 +0.23 21.9 TRBdPlan NA ... NA Growth r 41.80 +0.11 20.4 WdsrllAdml 68.66 +0.19 25.8 TgtRe2035 22.56 +0.08 19.9 InPrSeIn 10.68 +0.03 8.3
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s SrsGlobal 13.05 +0.08 17.8 MFS Funds Class I Stock r 35.62 +0.16 23.8 WellsIAdml 66.84 +0.17 15.4 TgtRe2040 39.08 +0.14 21.0 InstIdx 285.41 +0.83 27.7
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SrsGroCoRetail 19.06 +0.07 34.9 ValueI 44.28 +0.08 26.8 Schwab Funds WelltnAdml 75.73 +0.13 20.5 TgtRe2045 24.61 +0.09 21.8 InstPlus 285.43 +0.83 27.7
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes SrsIntlGrw 17.72 +0.10 32.2 MFS Funds Instl 1000 Inv r 71.24 +0.19 27.7 WndsrAdml 76.81 +0.23 26.5 TgtRe2050 39.61 +0.15 21.8 InstTStPlus 67.68 +0.17 27.2
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SrsIntlVal 10.06 +0.04 17.0 IntlEq 27.97 +0.11 24.9 S&P Sel 48.92 +0.14 27.7 VANGUARD FDS TgtRet2055 43.00 +0.17 21.8 MidCpInst 47.76 +0.10 27.7
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not TotalBond 10.93 +0.03 9.9 Northern Funds TSM Sel r 55.44 +0.14 27.2 DivdGro 31.03 +0.06 27.9 TgtRetInc 14.10 +0.04 12.3 MidCpIstPl 235.53 +0.50 27.7
tracked. NS-Fund didn’t exist at start of period.
Fidelity SAI StkIdx NA ... NA TIAA/CREF Funds INSTTRF2020 24.40 +0.07 16.0 TotIntBdIxInv 11.62 +0.02 8.1 RealEstaInstl 20.09 -0.20 25.9
TotalBd 10.52 +0.02 9.8 Nuveen Cl I BdIdxInst 11.15 +0.03 8.6 INSTTRF2025 24.92 +0.08 17.7 WellsI 27.59 +0.07 15.4 SmCapInst 77.87 +0.03 24.3
First Eagle Funds HYMunBd 18.01 +0.02 11.9 VANGUARD ADMIRAL INSTTRF2030 25.24 +0.08 18.8
Welltn 43.85 +0.07 20.4
STIGradeInst 10.73 +0.01 5.7
Wednesday, December 11, 2019 GlbA 60.01 +0.23 17.9 Oakmark Funds Invest 500Adml 291.05 +0.84 27.7 INSTTRF2035 25.55 +0.09 20.0 STIPSIxins 24.80 +0.03 4.5
WndsrII 38.69 +0.11 25.7
Net YTD Net YTD Net YTD FPA Funds OakmrkInt 24.52 +0.13 19.8 BalAdml 38.89 +0.09 19.8 INSTTRF2040 25.87 +0.10 21.1 TotBdInst 11.09 +0.02 8.9
VANGUARD INDEX FDS
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret FPACres 34.18 +0.09 17.9 Old Westbury Fds CAITAdml 12.11 +0.02 6.9 INSTTRF2045 26.10 +0.10 21.9 TotBdInst2 11.05 +0.02 8.9
Franklin A1 CapOpAdml r 163.07 +0.57 23.5 INSTTRF2050 26.13 +0.10 21.9
MdCpVlAdml 60.70 +0.20 24.8 TotBdInstPl 11.09 +0.02 9.0
LrgCpStr 14.67 +0.05 21.9 SmValAdml 57.89 +0.07 19.8
American Century Inv CoreBond 10.49 +0.02 9.3 500IdxInstPrem 109.58 +0.32 27.7 CA TF A1 p 7.66 +0.01 9.4 Parnassus Fds DivAppIdxAdm 33.25 +0.12 26.8 IntlVal 37.49 +0.18 16.8 TotIntBdIdxInst 34.86 +0.06 8.2
Ultra 52.66 +0.21 30.2 CorePlusBond 10.35 +0.02 9.3 Contrafund K6 14.05 +0.05 26.8 IncomeA1 p 2.30 +0.01 13.3 EMAdmr 35.74 +0.39 14.9 LifeCon 21.04 +0.05 14.5 TotBd2 11.05 +0.02 8.8 TotIntlInstIdx r 117.29 +0.76 18.0
ParnEqFd 46.20 +0.14 28.1 TotIntl 17.53 +0.11 17.9
American Funds Cl A Intl Eq 11.91 +0.07 19.6 ExtMktIdxInstPre 65.23 +0.03 24.8 FrankTemp/Frank Adv EqIncAdml 79.44 +0.12 22.0 LifeGro 35.81 +0.13 20.4 TotItlInstPlId r 117.32 +0.76 18.0
PGIM Funds Cl Z
AmcpA p 33.93 +0.15 22.3 Del Invest Instl IntlIdxInstPrem 43.27 +0.20 19.3 IncomeAdv 2.28 +0.01 13.5 ExplrAdml 99.69 +0.15 28.2 LifeMod 28.82 +0.09 17.4 TotSt 77.84 +0.19 27.0 TotStInst 77.90 +0.20 27.2
TotalReturnBond NA ... NA
AMutlA p 43.99 +0.07 19.0 Value 22.56 +0.03 16.9 MidCpInxInstPrem 23.64 +0.05 27.3 FrankTemp/Franklin A ExtndAdml 93.67 +0.04 24.8 PrmcpCor 29.10 +0.13 24.4 VANGUARD INSTL FDS ValueInst 46.00 +0.09 22.8
PIMCO Fds Instl
BalA p 28.71 +0.09 17.0 Dimensional Fds SAIUSLgCpIndxFd 16.95 +0.05 27.7 RisDv A p 67.92 +0.34 26.6 GNMAAdml 10.56 +0.01 5.9 STAR 28.25 +0.09 19.9 BalInst 38.90 +0.10 19.8 WCM Focus Funds
BondA p 13.28 +0.03 8.0 5GlbFxdInc 10.98 +0.01 4.1 SmCpIdxInstPrem 21.09 ... 22.8
AllAsset NA ... NA
FrankTemp/Franklin C GrwthAdml 91.00 +0.32 32.7 TgtRe2015 15.76 +0.04 13.7 DevMktsIndInst 13.95 +0.07 19.1 WCMFocIntlGrwIns 18.38 +0.14 31.4
CapIBA p 63.20 +0.24 15.0 DFARlEst 40.50 -0.43 25.2 TMktIdxInstPrem 89.42 +0.22 27.2
TotRt 10.45 +0.02 8.6
Income C t 2.33 ... 12.5
PIMCO Funds A HlthCareAdml r 92.39 -0.15 20.2 TgtRe2020 33.21 +0.10 16.0 DevMktsInxInst 21.80 +0.11 19.1 Western Asset
CapWGrA 51.13 +0.25 21.3 EmgMktVa 27.77 +0.22 5.1 USBdIdxInstPrem 11.97 +0.04 8.9 FrankTemp/Temp Adv HYCorAdml r 5.93 ... 15.0 TgtRe2025 20.02 +0.07 17.7 ExtndInst 93.66 +0.03 24.8 CorePlusBdI NA ... NA
EupacA p 55.46 +0.28 23.1 EmMktCorEq 20.85 +0.22 10.5 Fidelity Advisor I IncomeFd NA ... NA
GlBondAdv p 10.59 -0.01 -0.8 InfProAd 26.22 +0.08 8.3
FdInvA p 63.48 +0.25 23.6 IntlCoreEq 13.58 +0.06 18.8 NwInsghtI 33.95 +0.08 25.8 PIMCO Funds I2
Guggenheim Funds Tru IntlGrAdml 100.04 +0.74 26.3
GwthA p 53.06 +0.23 24.1 IntSmCo 19.02 +0.07 20.5 Fidelity Freedom Income NA ... NA
HI TrA p 9.95 +0.02 10.0 IntSmVa 19.33 +0.10 17.5 FF2020 16.56 +0.05 16.0
TotRtnBdFdClInst 27.26 +0.04 5.1
Harbor Funds
PIMCO Funds Instl
ITBondAdml 11.86 +0.03
ITIGradeAdml 10.06 +0.02
10.5
10.4
IPO Scorecard
IncomeFd NA ... NA
ICAA p 40.30 +0.18 20.7 LgCo 24.35 +0.07 27.7 FF2025 14.51 +0.05 17.2 CapApInst 79.85 +0.39 28.9
Price Funds
LTGradeAdml 11.24 +0.06 21.8 Performance of IPOs, most-recent listed first
IncoA p 23.54 +0.05 16.7 TAUSCoreEq2 20.03 +0.07 26.1 FF2030 18.05 +0.06 19.1 Harding Loevner MidCpAdml 216.18 +0.46 27.7 % Chg From % Chg From
N PerA p 47.38 +0.20 25.8 US CoreEq1 25.70 +0.08 26.6 Freedom2020 K 16.55 +0.05 16.1 IntlEq NA ... NA BlChip 120.99 +0.64 26.0 MuHYAdml 11.80 +0.02 9.3
EqInc 33.02 +0.06 23.0 Company SYMBOL Friday's Offer 1st-day Company SYMBOL Friday3s Offer 1st-day
NEcoA p 47.46 +0.24 22.2 US CoreEq2 23.59 +0.07 25.8 Freedom2025 K 14.49 +0.04 17.3 Invesco Funds A MuIntAdml 14.49 +0.02 6.9
NwWrldA 70.77 +0.43 23.4 US Small 35.09 +0.11 18.9 Freedom2030 K 18.04 +0.06 19.3 EqIncA 10.60 +0.02 17.6 EqIndex 83.96 +0.25 27.5 MuLTAdml 11.98 +0.02 8.6 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
SmCpA p 59.62 +0.13 27.1 US SmCpVal 34.32 +0.13 15.3 Freedom2035 K 15.13 +0.05 21.3 Invesco Funds Y Growth 72.31 +0.35 26.6 MuLtdAdml 11.09 +0.01 4.0
HelSci 83.58 -0.15 24.7 LIV Capital Acquisition 10.01 0.1 ... CHP Merger 10.10 1.0 0.5
TxExA p 13.35 +0.02 7.2 US TgdVal 23.20 +0.07 18.2 Freedom2040 K 10.57 +0.03 21.9 DevMktY 44.82 +0.43 19.2 MuShtAdml 15.85 ... 2.4 LIVKU Dec. 11/$10.00 CHPMU Nov. 22/$10.00
WshA p 48.62 +0.11 22.3 USLgVa 38.51 +0.04 21.8 Fidelity Invest JPMorgan I Class InstlCapG 44.55 +0.21 24.8 PrmcpAdml r 149.72 +0.64 23.8
Baird Funds Dodge & Cox Balanc 24.66 +0.08 21.6 EqInc 19.22 ... 23.3 IntlStk 18.38 +0.13 22.8 RealEstatAdml 129.80 -1.31 25.8 XP 34.46 27.6 ... PropTech Acquisition 10.14 1.4 0.3
AggBdInst 11.26 +0.02 9.6 Balanced 104.80 +0.29 17.2 BluCh 104.17 +0.73 28.6 JPMorgan R Class MidCap 97.76 +0.31 28.0 SmCapAdml 77.87 +0.03 24.3 XP Dec. 11/$27.00 PTACU Nov. 22/$10.00
CorBdInst 11.61 +0.03 10.2 GblStock 13.17 +0.06 19.4 Contra 13.73 +0.05 25.8 CoreBond 11.97 +0.03 9.0 N Inc 9.73 +0.02 9.3 SmGthAdml 68.34 -0.04 29.6
Income 14.20 +0.03 9.7 ContraK CorePlusBd NHoriz 65.04 +0.04 34.9 LMP Automotive Hldgs 15.38 207.6 186.9 Canaan 6.17 –31.4 –31.4
BlackRock Funds 13.75 +0.05 26.0 8.50 +0.02 9.3 STBondAdml 10.57 +0.01 4.7
HiYldBd Inst 7.72 +0.01 14.1 Intl Stk 43.65 +0.19 18.3 CpInc r 10.11 +0.02 17.0 Lord Abbett A OverS SF r 11.15 +0.07 19.9 STIGradeAdml 10.73 +0.01 5.7 LMPX Dec. 5/$5.00 CAN Nov. 21/$9.00
BlackRock Funds A Stock 199.36 +0.67 21.1 GroCo 21.41 +0.08 33.6 ShtDurIncmA p 4.21 ... 5.2 R2020 22.88 +0.08 17.2 TotBdAdml 11.09 +0.02 8.9 Alussa Energy Acquisition 10.03 0.3 0.1 SiTime 20.34 56.5 9.1
GlblAlloc p 19.49 ... 14.5 DoubleLine Funds GrowCoK 21.44 +0.08 33.7 Lord Abbett F R2025 18.28 +0.07 18.5 TotIntBdIdxAdm 23.23 +0.04 8.2 ALUS.UT Nov. 26/$10.00 SITM Nov. 21/$13.00
BlackRock Funds Inst CoreFxdIncmI NA ... NA InvGrBd 11.61 +0.03 9.9 ShtDurIncm 4.21 +0.01 5.3 R2030 26.70 +0.11 19.7 TotIntlAdmIdx r 29.33 +0.19 18.0
EqtyDivd 20.32 +0.03 24.1 TotRetBdI NA ... NA LowP r 49.04 +0.08 22.1 Lord Abbett I R2035 19.62 +0.08 20.7 TotStAdml 77.88 +0.19 27.1 Alpine Income Property Trust 18.60 –2.1 –2.1 Amplitude Healthcare Acquisition 10.02 0.2 0.2
MultiAstIncome 10.90 +0.02 12.7 Edgewood Growth Instituti Magin 11.32 +0.03 27.6 ShtDurInc p 4.21 +0.01 5.4 R2040 27.98 +0.13 21.5 TxMCapAdml 162.10 +0.47 27.8 PINE Nov. 22/$19.00 AMHCU Nov. 20/$10.00
StratIncOpptyIns 9.91 ... 6.6 EdgewoodGrInst 37.26 +0.12 29.4 OTC 12.48 +0.08 34.4 Metropolitan West Value 37.51 +0.14 22.7 TxMIn r 13.93 +0.07 19.0
Bridge Builder Trust Fidelity Puritn 22.51 +0.08 18.6 TotRetBd NA ... NA PRIMECAP Odyssey Fds USGroAdml 112.23 +0.36 29.1 Sources: Dow Jones Market Data; FactSet
B10 | Thursday, December 12, 2019 * * THE WALL STREET JOURNAL.

BANKING & FINANCE

Tax on Financial
Transactions
Gains in Europe
BY PATRICIA KOWSMANN platforms of candidates in
coming elections in the U.S.
Germany, France, Italy and and the U.K. Sen. Elizabeth
seven other countries are Warren (D., Mass.) has vowed
moving forward with a plan to to use the tax to finance her
impose a joint financial trans- Medicare for All health-care
action tax on stock trading, an plan. In the U.K., where for de-
effort that has proved elusive cades there has been a stamp
in Europe. duty on real-estate transac-
Under a new blueprint for tions and share transfers, the
the tax, sent by German Fi- main opposition Labour Party
nance Minister Olaf Scholz to is proposing to widen the se-

KYLE GRILLOT/BLOOMBERG NEWS

the other governments on curities included, from foreign
Monday and seen by The Wall exchange to derivatives.
Street Journal, anyone buying France and Italy have al-
shares in large companies do- ready moved forward with
miciled in those countries and their own national transaction
with a market value of over €1 taxes but have vowed to join
billion ($1.1 billion) will have the new system set up across
to pay a minimum 0.2% tax the 10 European countries
over the transaction value. once it is in force. Shares of BMW and other companies would be subject to the tax. Proceeds would be shared among the participating countries.
No levy would be imposed Taxing financial trades has
on initial public offerings, gained popularity after the fi- countries, which also include generating estimated annual November, the participants for higher state pensions for
market making, share buy- nancial crisis to curb specula- Spain, Greece, Portugal, Bel- revenue of €30 billion to €35 tasked Mr. Scholz with coming the poor starting in 2021. It
backs and purchases by pen- tive excess and fund govern- gium, Austria, Slovenia and billion if imposed by all 28 up with a compromise. expects revenue of about €1.5
sion funds. ment expenditures. Slovakia. countries. After the deal fell “In recent months, we suc- billion a year from the tax.
Companies whose shares Some in Europe have re- Earlier plans for a European apart, 11 countries remained cessfully pressed forward with Given the glacial pace of
would be subject to the tax in- sisted the move, fearing taxing Union-wide transaction tax committed to striking a deal. negotiations at the European progress at the European
clude Germany’s BMW AG, financial trades could further failed to materialize in 2012 Estonia eventually dropped level. We are now close to level, however, a debate has
French drugmaker Sanofi SA, erode the development of the over disagreement among out. reaching our goal,” Mr. Scholz opened in Chancellor Angela
Inditex, the Spanish owner of Continent’s already weak capi- members. The draft plan sent out by wrote. Merkel’s coalition over
fast-fashion retailer Zara, and tal markets. Back then, the European Germany to the other nine Germany is under some whether Germany should de-
Italian lender UniCredit SpA. Proceeds from the charge, Union’s executive arm pro- countries this week suggests time pressure to deliver an ploy its own national tax
The move comes as discus- which the German blueprint posed a 0.1% tax on share and they may be close to complet- agreement since the govern- ahead of a European agree-
sions over such levies have be- estimates at €3.4 billion, bond trades and a 0.01% levy ing a deal, which is smaller in ment has already earmarked ment, following the French
come part of the campaign would be split among the on derivative transactions, scope. At their last meeting in the expected proceeds to pay and Italian approaches.

Repo-Rate Spike Blamed on Concentration Credit

BY MICHAEL S. DERBY These firms have evolved to
keep more of their liquidity in
regulatory requirements and to
be able to borrow and lend
If predictable events like tax
dates and Treasury settlements
money and not lend, even
when they have the funds.
Suisse
Research from the Bank for
International Settlements
found complex factors at work
Treasurys, making it harder for
them to lend money when de-
mand rises, even when rates
with each other.
There are just over $200
billion in short-term central
were behind September’s vola-
tility, as many suspect, the Fed
may be able to wind down
These regulations “were proba-
bly not the decisive contribu-
tors, but they were contribu-
Faces New
in September’s sharp rise in
short-term interest rates.
The widely held view is that
suggest it would be profitable
to do so.
At the same time, demand
bank repos outstanding. Joined
with Fed Treasury bill buying,
the Fed’s balance sheet has
much of the temporary liquid-
ity into next year, as planned.
The longer-term outlook, how-
tors and I think we need to
examine them,” Mr. Quarles
said.
Spy Claim
short-term interest rates went from hedge funds for lendable risen to just over $4 trillion ever, is hazier. Some observers also reckon BY MARGOT PATRICK
wild in mid-September due money has increased, the re- from $3.8 trillion in September. The minutes from the Fed’s markets just need to regain the
mostly to a large Treasury port said, and to further com- late October Federal Open experience they once had in A former Credit Suisse
debt settlement and corporate plicate matters, many market Market Committee meeting navigating short-term markets. Group AG executive has told
tax date. participants had been lulled by showed officials were consid- Before the financial crisis, it top bank executives and U.S.
The BIS report found in- a long period of calm and were
Central-bank group ering two strategies to keep was normal for short-term and Swiss authorities she be-
stead that money-market rates uncertain how to respond to says four firms short-term rates in line with rates to spike for short and of- lieves she was put under sur-
jumped in part because of a unexpected volatility. central bank goals. One was to ten predictable periods. Market veillance in July 2017 while in
shortage of lendable money by The BIS is owned by many
control lending in continue to use temporary op- participants were aware of a dispute with the bank, two
banks that usually take on that of the world’s top central short-term market. erations when needed, and the these risks and knew how to years before a separate spying
role in the repurchase-agree- banks, including the Federal other was to adopt a new facil- navigate them, thus containing scandal rocked Credit Suisse.
ment, or repo, market. Reserve, and helps these insti- ity that would allow financial any broader risks to the finan- Colleen Graham, who
That could make an endur- tutions share information and firms to convert Treasurys into cial system. worked for a joint venture
ing fix harder to find in the coordinate activities. The Fed plans more temporary reserves at the Fed, which pro- “Regulations are not going half-owned by the bank, said
large and critical part of the fi- September’s tumult has gen- operations to navigate the ponents hope would cap short- to change fast,” if that’s the she believes a woman followed
nancial sector where financial erated a significant response year-end. While officials expect term rate volatility. right fix for the market, Co- her over three days that
firms borrow and lend cash from the Fed. It has been some volatility as dealers sort Postfinancial crisis rules lumbia University’s Patricia month, allegedly in retaliation
and securities to one another pumping large amounts of li- out their needs for year-end, may also be an issue. Last Mosser said at a conference over her stance on an account-
on a short-term basis. quidity into markets via tem- they believe their interventions week, Fed Vice Chairman for last week by the Brookings In- ing issue at the joint venture,
Repo lending activities have porary and permanent opera- will help keep rates calm as Supervision Randal Quarles stitution. Ms. Mosser is a vet- according to filings released
become concentrated in four tions to ensure banks have they have been since the Fed told Congress that regulations eran of the Federal Reserve by a U.S. labor court.
firms, the BIS report said. enough reserves to meet their swung back into action. may be driving banks to hoard Bank of New York. Ms. Graham was previously
Credit Suisse’s compliance
head for the Americas and

Calpers goes into its stock index port-

folio, which holds $130 billion.
This resulted in the removal of
slowed work on a plan to de-
sign up to $20 billion in pri-
vate-equity megafunds. Calp-
spent 20 years with the bank
before being selected to co-
head the joint venture, called

Head Seeks 143 stocks, including prison

stocks that Calpers had drawn
heat for, and the addition of
ers remains committed to
implementing the strategy at
the appropriate time, said the
Signac. She wasn’t an em-
ployee of the bank at the time
of the alleged surveillance.

Changes 198, nearly half of them Chi-

nese companies.
Calpers also jettisoned most
spokesman. This year, Mr.
Meng hired the fund’s first
permanent private-equity chief
After reports in September
this year that another former
bank executive, Iqbal Khan,
of its external stock pickers, in more than two years. had similarly been trailed, Ms.
ULLSTEIN BILD/GETTY IMAGES

Continued from page B1 citing lagging results. Acting Some longtime partners ha- Graham emailed Credit Suisse
uary that the world today has on the results of an evaluation ven’t been spared in the over- Chief Executive Tidjane Thiam,
bigger, more nimble asset in progress when he joined the haul. Chairman Urs Rohner and
managers not in Sacramento. fund, Mr. Meng brought man- Mr. Meng’s administration board member John Tiner
“Twenty years ago, maybe agement of about $20 billion scrapped a Calpers-backed with details of her alleged sur-
even 10 years ago, you know, in-house, saving more than plan by Los Angeles real-estate veillance, according to emails
Calpers was one of the biggest $100 million a year, spokes- firm CIM Group to build Sacra- reviewed by The Wall Street
fish in the financial pond,” Mr. man Wayne Davis said. The mento’s tallest tower that had The company is writing down the value of its assets. Journal. She asked them to in-
Meng said. “That luxury of fund also jettisoned four of won applause from local politi- vestigate and to share her in-
ours has diminished today.”
In his first week, Mr. Meng
surprised staffers by introduc-
five firms in a program that
sought to attract women and
minority managers that his
cians. Calpers ratcheted up its
scrutiny of the firm, writing
down its small investment in a
Chevron Move Hits formation with regulators and
a law firm investigating the
spying on Mr. Khan. Ms. Gra-
ing himself to employees from
the most junior to senior level.
Over the next few months, he
predecessor helped grow.
Cuts to such a program
“could be a hot potato and
real-estate investment trust by
tens of millions of dollars after
staffers felt they weren’t given
Oil-Producer Shares ham separately wrote to the
investigating law firm, Hom-
burger, and discussed the mat-
was taken aback by how little have political ramifications,” information they wanted on BY GUNJAN BANERJI Meanwhile, several stock ter with a senior Homburger
some staffers knew about the said Co-Chairman Howard the firm’s valuation methodol- analysts revised their price partner on Sept. 30, according
fund’s investments, a person Marks of Oaktree Capital Man- ogy, said a person familiar Shares of oil and gas pro- targets for Chevron shares to the emails.
familiar with the matter said. agement. “But if your job is to with the matter. CIM said that ducers dropped after Chev- lower, FactSet data show. Ms. Graham met with Swiss
Mr. Meng concluded some achieve investment perfor- it gave Calpers any informa- ron Corp. wrote down the The shares have already financial regulator Finma
lacked information he thought mance, you can’t be confused tion it asked for and made all value of its assets by more lagged behind the S&P 500 about her allegations in No-
needed to be monitored. about what’s No. 1.” required public disclosures to than $10 billion and lowered this year, gaining 6.8%—well vember, according to a person
Mr. Meng has since consoli- Under Mr. Meng, Calpers shareholders. its forecast for commodity behind the broader stock in- familiar with the matter. A
dated oversight, requiring Staffers are looking more prices. dex’s 25% advance. Finma spokesman declined to
staff who monitor valuations Investment return of closely at a CIM-controlled de- Chevron’s move marked a Energy companies within comment.
to report to a central opera- California Public Employees’ veloper of solar energy assets concession that some of its the S&P 500 have been the On Oct. 1, Homburger re-
tions team instead of individ- Retirement Fund that some staffers at the fund holdings wouldn’t be profit- worst performers of the stock leased a report saying the
ual asset-class heads. He tied believe is worth half or less of able soon as it slashed the index’s 11 groups. bank’s chief operating officer
senior staffers’ pay more 20% what it is valued at, a person value of properties like its Analysts have also lowered had ordered surveillance on
closely to the performance of familiar with the matter said. U.S. shale holdings in Appala- their price forecasts on An- Mr. Khan and that, “to date,
15
the entire fund, rather than CIM said that Calpers’s valua- chia. tero Resources Corp., which the investigation has not iden-
just strategies they worked on. 10 tions of its investments have A global glut and mounting focuses on developing and tified any evidence that Credit
Calpers CEO Marcie Frost been appraised by a third worries about demand for buying natural gas in the Ap- Suisse had ordered observa-
praised Mr. Meng for taking “a 5 party and approved by the fossil fuels have weighed on palachian Basin. tions of other employees.” Mr.
hard look at the portfolio.” pension fund. energy prices and shares of They also dropped their Rohner repeated that finding
“He’s doing exactly what he 0 One thing surprised the in- producers recently. targets for Cabot Oil & Gas at a news conference, saying
was hired to do,” she said. vestment chief. He didn’t real- Natural-gas prices have Corp., which fell 1.2% such surveillance was wrong,
–5
He has been re-examining ize dealing with board mem- sunk since Chevron bought Wednesday. inappropriate and “not part of
everything from how the pen- –10 bers and stakeholders would acreage in Appalachia. The Natural-gas prices have our toolbox.” The chief operat-
sion benchmarks returns to take up so much time, said a price of natural gas is down dwindled as supply has out- ing officer resigned.
how it should borrow against –15 person close to his thinking. roughly 46% over the past paced demand, leading oil- A Credit Suisse spokes-
pension assets to clear the Mr. Meng has since readjusted year, according to Dow Jones and-gas companies to dial woman said the bank con-
way for market wagers. He –20 his expectations, people said. Market Data. back on drilling this year. ducted thorough investiga-
told board members in May Meanwhile, Calpers has elimi- Chevron stock slipped EQT Corp. said this year tions into all of Ms. Graham’s
that risk was more complex –25 nated some board meetings $1.66, or 1.4%, to $116.23. that it would spend less on claims, including that she was
than many investors thought. FY2009 ’15 ’19 planned for next year, Mr. Da- Shares of Chesapeake En- drilling in 2019 than it did followed, and found them to
Building on a review already Notes: Fiscal year ends June 30;
vis said, though some officials ergy Corp. lost 3.9%. Range last year. be baseless. Homburger didn’t
under way, Calpers revamped Net time-weighted rate of returns are considering adding back at Resources Corp. fell about —Ryan Dezember respond to a request to com-
the algorithm dictating what Source: Calpers least one. 1.5%. contributed to this article. ment.
THE WALL STREET JOURNAL. * * * * Thursday, December 12, 2019 | B11

MARKETS

Stocks Gain on Stable Outlook for Rates

BY KAREN LANGLEY and Home Depot, reversed on the company fundamentals Index performance economy out of any slump and
AND AVANTIKA CHILKOTI early losses to rise 29.58 and the fundamentals of the that’s the U.S. consumer,” said
points, or 0.1%, to 27911.30. economy,” said Ron Temple, 0.4% Matt Cairns, a rates strategist
Stocks rose after the Federal “It just gave more confi- head of U.S. equity at Lazard Nasdaq Composite at Rabobank.
Reserve kept interest rates dence to the market that the Asset Management. S&P 500 Shares of Chevron fell $1.66,
steady and indicated no inten- Fed is going to be on the side- The WSJ Dollar Index hit its Dow industrials or 1.4%, to $116.23 after the oil
tion of raising them soon. lines in 2020,” said Hank lowest closing value since July, company wrote down the value
The Fed had been expected Smith, co-chief investment offi- falling 0.3% to 90.27, after Mr. of its assets by more than $10
0.2
to neither raise nor lower its cer at Haverford Trust. Powell said the Fed was un- billion and lowered its forecast
benchmark interest rate, but Investors are in the midst of likely to raise rates until it sees for commodity prices.
major stock in- a busy few days, with the U.S. a persistent rise in consumer Home Depot slid $3.90, or
WEDNESDAY’S dexes still and European central banks prices. Expectations that rates 1.8%, to $212 after forecasting
MARKETS edged higher holding policy meetings and won’t rise reduce the dollar’s fiscal 2020 same-store sales
after the rate providing fresh assessments of attractiveness to yield-seeking below Wall Street expectations.
0
announcement and an accom- economic indicators as well as investors. Shares of Children’s Place
panying statement giving an a general election in the U.K. Data released Wednesday dropped $16.35, or 23%, to
upbeat view of the economy. that could prove to be a turn- showed consumer prices rose $54.31 after the retailer’s third-
Stocks continued to rise as Fed ing point for Brexit. moderately in November, indi- quarter sales missed analysts’
Chairman Jerome Powell said The Fed had cut interest cating inflation has remained in estimates and it reduced its
at a press conference that he rates at its past three meetings, check despite low unemploy- –0.2 revenue forecast. GameStop
expects the economy to con- but officials Wednesday sig- ment and the trade conflict lost 98 cents, or 15%, to $5.53
tinue growing moderately. naled that if their economic with China. 9:30 noon 2 4 after the videogame retailer cut
The S&P 500 ended the day outlook holds, rates can remain Investors also continued to Source: FactSet its financial guidance amid
up 9.11 points, or 0.3%, at steady through 2020. look for clues on the progress worse-than-expected results.
3141.63. The Nasdaq Composite “I do think we’re finally at of the U.S.-China trade talks, af- be delayed. economy. Overseas, the Euro Stoxx
added 37.87 points, or 0.4%, to the point where maybe mone- ter the The Wall Street Journal Some analysts remain con- “It’s going to come home to 600 rose 0.2%. At midday
8654.05. The Dow Jones Indus- tary policy will become less of reported Tuesday that new U.S. cerned that existing tariffs im- roost for the one element of Thursday in Tokyo, the Nikkei
trial Average, weighed down by what we need to watch, and in- tariffs on Chinese imports due posed on Chinese imports are the U.S. economy that has al- was up 0.2% and Hong Kong’s
declines in shares of Chevron stead it will be more focused to go into effect on Dec. 15 may already starting to hurt the U.S. ways, always, always pulled the Hang Seng Index was up 1.5%.

Treasurys
Advance
After Fed
Decision
BY MATT WIRZ

U.S. government-bond yields

dropped after the Federal Re-
serve held interest rates steady
and signaled the central bank
was unlikely to raise them
soon.
The yield on the benchmark
10-year Treasury note closed
around 1.786%
CREDIT Wednesday after
MARKETS the Fed’s an-
nouncement, down

ASSOCIATED PRESS
from 1.833% on Tuesday. Bond
yields fall when their prices
rise.
The decision to keep rates
unchanged was expected but
“they are sounding a lot more OPEC held to its 2020 estimate that oil production by nations outside the cartel, as well as world demand, will grow. A tanker off the coast of Kenya, a nonmember.
bullish on the economic out-

Oil Falls as Reports Forecast Strong Supply

look,” said Mary Ann Hurley, a
bond trader at D.A. Davidson &
Co about the comments from
the Fed. “I was also surprised
to see a rate hike on the BY DAVID HODARI fied analysts’ expectations of a changed at 980,000 and 1.08 Aramco amid sagging oil ary reporting cited by OPEC
agenda for 2021—that’s eons AND SARAH TOY drawdown. million barrels a day, respec- prices. showed a drop of only 151,000
away.” Together, the reports tively, and held its global eco- Alongside those cuts, Saudi barrels a day in that month.
Aggressive easing by the Oil prices declined after nudged oil prices lower nomic-growth forecast at 3% Arabia also said it would A growing glut of oil stocks
Fed and the European Central data from OPEC and the U.S. Wednesday. West Texas Inter- for both 2019 and 2020. maintain its overcompliance, from non-OPEC countries and
Bank this year have set the signaled the world will remain mediate, the U.S. benchmark, The report comes days after which would still see the na- stagnant demand growth also
flooded with oil into next year. closed 0.8% lower at $58.76 a OPEC and its allies completed tion produce less oil than its were behind OPEC’s decision
The Organization of the Pe- barrel. Brent crude, the global a new production pact to new quotas. to deepen cuts.
troleum Exporting Countries measure of price, lost 1% to deepen their oil-output cuts of Saudi production swung The EIA said Wednesday
Fed and ECB easing on Wednes- end at $63.72. 500,000 barrels a day to last during September and October that U.S. crude stockpiles rose
has set the stage for COMMODITIES day forecast In its closely scrutinized through the end of March. after attacks on crucial Saudi by 800,000 barrels during the
that oil sup- monthly oil-market report, That move means the coali- oil-processing facilities at week ended Dec. 6, compared
slow, steady growth, ply from countries outside the OPEC held its 2020 estimate tion will hold back roughly 1.7 Abqaiq and Khurais knocked with the decrease of 2.8 million
an economist said. cartel will remain robust in for non-OPEC production million barrels a day from out 5% of global oil supply, but barrels that analysts and trad-
2020. Meanwhile, the U.S. En- growth at 2.17 million barrels global oil markets, and was November’s figures showed ers surveyed by The Wall Street
ergy Information Administra- a day. The cartel also left its partly motivated by Saudi Ara- Saudi output fell by 412,000 Journal had predicted. It was
tion reported a rise in crude world oil-demand growth fore- bia’s need to bolster the initial barrels a day from the previ- the sixth build to inventories
stage for slow-but-steady eco- inventories last week that de- cast for this year and next un- public offering of Saudi ous month. That said, second- out of the last seven weeks.
nomic growth in developed
markets, said S&P Global Rat-
ings economist Paul Gruenwald
in a Wednesday report. “The
outlook for 2020 is therefore
shaping up as, hopefully, unex-
Dominion Energy Turns to Cow Manure in Gas Pact
citing steady-state growth in BY RYAN DEZEMBER Vanguard Renewables has
many advanced economies,” he built five digesters in Massa-
said. Dominion Energy Inc. chusetts, is building one in
A slight increase in a key struck a $200 million pact with Vermont and is in the permit-
U.S. inflation measure in No- a renewable energy producer ting stage for another in New
vember pointed to moderate and the Dairy Farmers of York. The gas has been sold to
economic expansion with America Inc. to extract natural companies as well as a city and
muted price pressures. The gas from cow manure. a Vermont college. Kevin
consumer-price index, which The arrangement calls for Chase, Vanguard’s chief invest-
measures the cost of everyday the utility to fund construction ment officer, said the company
goods and services, rose 0.3% of organic-waste processing fa- found a receptive audience
in November from the previous cilities called anaerobic digest- among dairy farmers as it
month. Inflation hurts the pur- ers amid clusters of large dairy sought participants for the Do-
chasing power of bonds’ fixed farms, connect the facilities to minion venture.
payments and can spur central natural gas distribution pipe- “A lot of the dairies that
bankers to raise rates. lines and sell the gas. we’re talking to are going
The dollar slipped to its Vanguard Renewables, of through succession plans and
VANGUARD RENEWABLES

lowest level since mid-July af- Wellesley, Mass., will build and the younger dairymen coming
ter Federal Reserve Chairman operate the digesters, which through are all about being
Jerome Powell said the central break down organic waste into good stewards of the environ-
bank was unlikely to raise rates usable fuel and fertilizer. Dairy ment,” Mr. Chase said. “They’re
until it sees a persistent rise in farmers, for a fee, will supply also looking at ways to diver-
consumer prices. Expectations manure, and in some cases sify their balance sheet.”
that rates won’t rise tend to di- lease out land upon which the Vanguard Renewables will build digesters, which break down waste into fuel and fertilizer, in a pact Most digesters on dairies
minish the dollar’s attractive- equipment will be built. with Dominion Energy and the Dairy Farmers of America. A digester at a farm in Deerfield, Mass. have been built and operated
ness to yield-seeking investors. It is the latest venture be- by farmers, which had limited
The WSJ Dollar Index was re- tween big livestock concerns in October enlarged to $500 urgency with which investors how we’re approaching sus- appeal among Dairy Farmers of
cently down 0.4% to 90.22. and power producers aiming to million an existing deal to cap- and governments are pushing tainability and greenhouse-gas America’s roughly 8,000 farm
In emerging markets, Ecua- generate pipeline-quality natu- ture gas at Smithfield Foods companies to reduce or coun- reductions,” said Diane Leo- owners for the expense and op-
dorean government bonds re- ral gas from animal waste. Do- Inc. hog farms in five states. ter their greenhouse-gas emis- pold, co-chief operating officer erational complexity involved,
bounded after the country’s ing so results in gas that is Last month, Perdue Farms Inc. sions—has increased the ap- at Dominion. “We’re looking to said David Darr, the coopera-
legislature passed Tuesday tax more expensive than that and a Maryland renewable en- peal of biogas. Demand is be a leader in clean energy.” tive’s chief strategy and sus-
reforms that President Lenin which has flooded the market ergy company said they were growing even though it often The anaerobic digesters are tainability officer. The prospect
Moreno struggled to push from U.S. shale formations. So- building a digester in Delaware costs many times more than to be built over the next five of having third parties handle
through in November. called biogas, however, is in to break down fat, sludge and gas produced by drillers, which years around clusters of dairy gas production and sales while
Investors also took comfort high demand among consum- offal from poultry slaughter- is about $2.25 per million Brit- farms in Georgia, Nevada, Col- earning fees for the manure is
after the International Mone- ers, businesses and local gov- houses into gas. ish thermal units lately. orado, New Mexico and Utah. more enticing, he said. Plus,
tary Fund reached Tuesday a ernments eager to lower their Twelve years ago, the cut- Methane, which cattle pro- Each digester needs the ma- the farmers get their manure
staff-level agreement with Ec- emissions and earn environ- ting edge of utilities’ efforts to duce in abundance thanks to nure of 20,000 to 30,000 cattle back once the methane is gone
uador on the extension of a mental plaudits. It can gener- reduce emissions involved their multichambered stom- to be economical, said Ryan so that they can fertilize with
$498 million lending facility. ate valuable and tradable car- stretching tarps over manure achs, is a particularly potent Childress, director of gas busi- it.
Ecuador’s 10.75% bond due bon offset credits for buyers, lagoons to trap the methane greenhouse gas. The methane ness development at the utility. “You still have access to
2029 climbed to 92 cents on which can make producing bio- fumes so they could be fun- from the manure of a typical Dominion expects the facilities those nutrients for cropping
the dollar, up from about 88.90 gas worthwhile for companies neled to a flare and burned in- cow is roughly equivalent to to produce 1 billion cubic feet operations,” he said. “This is
cents Tuesday and roughly 85 like Dominion. stead of just wafting to the the annual emissions of a car of gas annually. Though just a just to have an additional har-
cents before the passage of the The utility, which serves 7.5 clouds. that gets about 20 miles a gal- sliver of total U.S. output, that vest, to capture that methane
reform bill, according to Mar- million customers in 18 states The advent of markets for lon and is driven 12,000 miles. is still enough to power thou- that would otherwise just be
ketAxess. with electricity or natural gas, carbon offset credits—and the “It’s an entire strategy on sands of homes. emitted into the environment.”
B12 | Thursday, December 12, 2019 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

ECB’s New Head Must Sweat the Details

Arcane nuances of market plumbing may end up becoming a key concern for Christine Lagarde as she takes over the central bank

When U.S. money markets seized Net borrowing/lending

up in September, it was only a mi- position of different countries’
nor headache for Federal Reserve banks vis-à-vis the ECB
Chairman Jerome Powell. Over at
the European Central Bank, arcane Italy
details of market plumbing may Now
end up becoming a key concern of
new boss Christine Lagarde’s 2016
mandate.
Ms. Lagarde, who will hold her Spain
first rate-setting meeting as head
of the ECB on Thursday, has prom-
ised an in-depth review of the cen-
tral bank’s policies. Her predeces-
sor Mario Draghi pushed the ECB’s France
stimulus tool kit to the limit during
his eight years in office, but she is
the one who will need to build ro-
bust financial infrastructure to
Germany
combat the next crisis.
JOHANNA GERON/REUTERS

Europe’s fragmented financial

landscape makes that a herculean
task.
Take the ECB’s efforts to safe-
guard the eurozone banking sys- –€150 0 150 300 450
billions
tem, which have led to massive in-
jections of liquidity into banks Notes: Latest available data; €100 billion = $111 billion
since 2012. Lenders in countries Christine Lagarde is faced with the need to build robust financial infrastructure to combat the next crisis. Source: National central banks
that were healthier to begin with,
such as Germany, hoard most of the While traditional interbank lend- Bank for International Settlements. hopes that, with rates already at ance, Northern European nations
extra money instead of lending it to ing has become clogged up, Italian Yet the Fed has been able to fix the record lows, Ms. Lagarde will lay seem intent on penalizing banks
troubled peers in Italy and Spain. and Spanish banks have been able problem by simply printing the groundwork for fiscal policy to that hold the debt of Southern Eu-
This year, the ECB introduced a to get their hands on much of the extra money. become the main recession- ropean governments. This would
complex system of allowances for money via a different channel: re- Repo markets in the eurozone fighting tool. only widen rifts across eurozone
banks to deposit excess liquidity, purchase agreements, or repos. are fragmented, the BIS report It will be very difficult to accom- markets and make the ECB’s task
designed to give them a better re- Trust is easier there because bor- noted. That may make them much plish this goal without a seamless more difficult in a crisis.
turn on their holdings while still rowers give lenders an asset as col- harder to unblock in times of trou- integration of government paper, Ms. Lagarde, a former politician
lowering interest rates further into lateral—often a government bond. ble. The repo market is safer, but if banks and money markets across and lawyer, may not be as versed
negative territory. But about €30 But repo markets aren’t trouble- Italian banks and investors trade eurozone member states—as hap- as some of her new colleagues in
billion, or $33 billion, of these al- free. In September, borrowing rates locally, using Italian government pens in the U.S. Ultimately, the bloc complex repo-market workings, but
lowances—a significant amount, shot up in the U.S. repo market, bonds as collateral, then a loss of will need to mutualize different investors are counting on her abil-
particularly for struggling banks in mostly due to stricter liquidity re- faith in the country’s debt would countries’ debt. ity to extract compromises from
Italy—can only be used if banks cir- quirements and the concentration still lock lenders out of the euro- Talks among European officials European governments. To succeed
culate funds more freely across of lending among the top four zone support system. about a banking union this month at the head of the ECB, she will
borders, ECB rate setter Benoît Co- banks, according to a report pub- This is of special relevance given haven’t been encouraging. In ex- need politics and market plumbing
euré said in a recent speech. lished Sunday by the Basel-based that money managers have high change for common deposit insur- to go hand in hand. —Jon Sindreu

Japan Keeps Repeating Its Mistakes Fed Has

A sales-tax increase once again dents the nation’s economy more than Tokyo anticipated
Few Options
For the third time, Japan has in- In the aftermath of this down-
To Boost
creased the country’s sales tax
when a tightening of fiscal policy
wasn’t merited. For the third time,
turn, the government might also re-
consider its tortured fiscal policy in
general: The priority it places on
Inflation
the economic hit has been greater debt sustainability is far too high,
than expected. given that its net interest payments The Federal Reserve is bent on
This week, the Japan Center for run to well below 1% of nominal inflation climbing. That doesn’t
Economic Research suggested GDP. Even if rising government debt mean it can do much about it.
Japan’s GDP fell 3.7% in October levels were a concern, it should be The Fed’s policy-setting commit-
from a month earlier, as the govern- clear by now that repeated tax in- tee on Wednesday concluded their
ment increased the sales tax from creases actually contribute to the final meeting of the year by leaving
8% to 10%. The forecast is the worst pile, by continually suppressing de- its target range on overnight rates
AKIO KON/BLOOMBERG NEWS

since the last time the government mand and further ingraining expec- unchanged, with projections show-
made the same mistake and raised tations of low nominal growth. ing that the bulk of Fed officials ex-
the tax from 5% to 8% in 2014. A good first step to fixing pect to stay on hold through the
It isn’t just the rise in sales tax; Japan’s neuralgic relationship with end of next year.
it is also the effect of Typhoon government spending would be not Given that this year’s three rate
Hagibis, which hit in October. But to let next year’s fiscal stimulus dis- cuts were meant to buffer the econ-
there were already signs of a appear into the ether. Japanese omy against uncertainties in trade
greater-than-expected problem in New data suggest Japan’s GDP fell 3.7% in October from the previous month. governments have a habit of over- and growth, and given those uncer-
September before the storm began. stating stimulus efforts by including tainties are expected to abate next
September retail sales at depart- is impossible to tease apart exactly similar effects, successive govern- nonstimulus spending and private year, the Fed’s low-rate stance
ment stores surged 22.8% year over how much of the decline was ments must one day stop acting investment incentives in headline might strike some investors as curi-
year as consumers front-loaded caused by weather and how much surprised when raising the sales tax figures. ous. But over the past year the cen-
purchases. The rise in March 2014 by policy. But that does little to derails an economic recovery. Despite repeated errors, it isn’t tral bank has become increasingly
was only slightly larger at 25.2%. change the fact that the increase International bodies have been too late to start making things concerned about how low inflation
The Japanese government’s was misguided. little help: The International Mone- right. Japan should pursue a real has been, even as the unemploy-
Economy Watchers Survey also History repeats itself in Japanese tary Fund last month called for the fiscal stimulus, ignore the IMF and ment rate has slipped to a 50-year
showed a plunge in expected future economic policy, first as tragedy consumption tax to be raised by an put the prospect of more sales-tax low. The prospect of the U.S. enter-
conditions during September to the and then as farce. Given that tax in- additional 5 percentage points in increases onto the garbage heap of ing the low-rate, low-inflation low-
worst reading since March 2014. It creases in both 1997 and 2014 had the next decade. economic policy ideas. —Mike Bird growth trap that has enmeshed Eu-
rope and Japan is something that it
wants to avoid.
Earlier Wednesday, the Labor De-
partment reported consumer prices

OVERHEARD GameStop’s Long Waiting Game excluding food and energy—the so-
called core used to measure infla-
tion’s underlying trend—was up
2.1% in November from a year ear-
There is probably no great time GameStop's revenue sales decline in the high teens. Its lier. That suggests the core reading
Saudi Crown Prince Moham- these days to be in the videogame prior outlook called for a decline in for the Fed’s preferred inflation
$10 billion
med bin Salman really wanted retail business, but some times are the low teens. measure, from the Commerce De-
to see Saudi Aramco valued at definitely worse than others. Projected GameStop has lived through con- partment, was likely up just 1.6%,
$2 trillion. Market reality got in For GameStop, that turns out to sole transitions before. The last one calculate JPMorgan Chase
8
the way: He had to settle for a be a year before new Xbox and was preceded by seven straight economists.
mere $1.7 trillion in last week’s PlayStation consoles come out. Mi- quarters of flat or declining sales It seems likely that inflation will
offering, which was limited to crosoft and Sony are developing 6 before the Xbox One and PlaySta- perk up somewhat in the year
regional investors. updated versions of their popular tion 4 made their debuts in 2013. ahead, with many economists fore-
But on Wednesday’s debut machines that are expected to But that was before digital transac- casting that the Fed’s preferred
the shares rose by their daily launch next fall. Consequently, 4 tions and downloads took over the core measure will flirt with the 2%
limit of 10%. A repeat—financial game buyers have little motivation videogame business, hurting de- target the Fed has set for overall in-
incentives make that possible— to buy new machines now. mand for new and used game disks. flation. But the Fed is worried that
will see the $2 trillion mark That is bad news for a company 2 Sales for used game products are people’s inflation expectations,
breached. that typically depends on new game still GameStop’s largest source of which help set the course of future
Viewed differently, though, hardware for about 20% of its an- profit, and sales there have logged inflation, have been ground down to
the company’s value is abso- nual sales and was felt distinctly in 0 double-digit declines for the past the point that keeping inflation
lutely pedestrian. Aramco’s 1.5% the retailer’s fiscal third quarter FY2007 ’09 ’11 ’13 ’15 ’17 ’19 six consecutive quarters. around 2% will be very hard. So
free float means shares owned that was reported late Tuesday. Naturally, Mr. Sherman suggested now it is countenancing letting in-
by the public are valued at only Sales of new game hardware Sources: the company (actual); FactSet (projections) Tuesday that investors shouldn’t flation exceed 2% in an attempt to
$28 billion. Microsoft and Apple plunged 46% year over year to $189 use sales to evaluate the company’s reanchor expectations higher.
have floats of $1.08 trillion and million. Sales fell in other key cate- situation won’t improve soon. performance over the next year as The Fed’s commitment to keep-
$1.06 trillion, respectively. gories as well, such as new game George Sherman, who landed the it focuses on strategic initiatives to ing rates low will certainly be sup-
Oil-and-gas midmajors Occi- software and preowned games. That chief executive role in April, said on boost gross margins and cash flow. portive for the economy, but its
dental Petroleum and Mara- brought GameStop’s total revenue a conference call Tuesday that the But GameStop is still a company ability to push growth higher is lim-
thon Petroleum are both larger for the quarter down 31%—the larg- current console cycle has entered a with more than 5,700 stores, and ited—especially when, with its tar-
on this metric and supermajor est drop in at least a decade, which “commoditization phase,” which consoles are one of the few video- get range on interest rates now at
Exxon Mobil has a float 10 was also about 11% shy of Wall means cut-rate pricing to entice game products left that can’t be just 1.5% to 1.75%, there is so little
times as much as Aramco. Street’s projections. GameStop’s bargain shoppers. GameStop revised sold as digital downloads. The com- room to cut further. The Fed can
Now that is a princely sum. shares crashed 15% Wednesday. its outlook for the fiscal year end- ing year will be a painful one. wish for higher inflation but wish-
The company made clear that the ing Feb. 1, projecting a same-store —Dan Gallagher ing won’t make it so.—Justin Lahart