P2JW237000-4-A00100-16DDF61078D

* * * * FRIDAY, AUGUST 25, 2023 ~ VOL. CCLXXXII NO. 47 WSJ.com HHHH $5.00
DJIA 34099.42 g 373.56 1.08% NASDAQ 13463.97 g 1.9% STOXX 600 451.57 g 0.4% 10-YR. TREAS. g 9/32 , yield 4.234% OIL $79.05 À $0.16 GOLD $1,918.20 g $0.30 EURO $1.0811 YEN 145.84

What’s Wagner Mortgage

Trump Booked, Stands for Mug Shot
News Chief Rates Hit
Raced
Business & Finance 7.23%,
To Save
 Mortgage rates pushed to
a 22-year high this week
Highest
Empire
with the average 30-year
fixed mortgage hitting 7.23%,
making it tougher for the
housing market to emerge
Since ’01
from its stark slowdown. A1 Yevgeny Prigozhin spent his
Applications fall to
 A group of Wall Street firms
final days planning for the fu- lowest levels since
ture.
that lent hundreds of millions
Last Friday, the warlord’s pri-
1995 as home market
of dollars to WeWork is ex-
ploring the possibility of a
vate jet touched down in the cap- continues to sputter
ital of Central African Republic,
bankruptcy filing that could
on a mission to salvage one of
help the company exit from
the first client states of his Wag- BY BEN EISEN AND GINA HEEB
expensive office leases. A1
 Asian e-commerce power- By Benoit Faucon, Mortgage rates pushed to a
house Shein is acquiring roughly Drew Hinshaw, 22-year high this week, making
one-third of Forever 21’s opera- Joe Parkinson and it tougher for the housing mar-
tor, Sparc, which is taking a mi- Nicholas Bariyo ket to emerge from its stark
nority stake in Shein. B1 slowdown.
ner mercenary company. His Af- The average 30-year fixed
 Subway agreed to be ac-
rican empire included some mortgage came with an inter-
quired by Roark in a deal
5,000 men deployed across the est rate of 7.23%, according to
that the sandwich chain’s

FULTON COUNTY SHERIFF’S OFFICE/REUTERS

continent. data published Thursday by
CEO said would help spread
In the riverside presidential Freddie Mac. Some borrowers
tens of thousands of new lo-
palace in Bangui, Prigozhin told are paying even loftier rates.
cations around the world. B1
President Faustin-Archange The rate was 7.09% a week ago,
 The Justice Department Touadera that his aborted June its first time above 7% since
sued SpaceX, alleging that mutiny in Russia wouldn’t stop last fall.
the Musk-led company dis- him from bringing new fighters The new high is a turnabout
criminated for years against and investments to his business from two years earlier, when
refugees and others who partners in Central Africa, ac- borrowing rates were below
fled their homelands. B1 cording to three people familiar 3%, near record lows. Millions
with the meeting. ELECTION ALLEGATIONS: Former President Donald Trump turned himself in at the Fulton of people were rushing to buy
 Rolex has agreed to buy
Shortly after, a Wagner heli- County Jail on Thursday on charges of trying to overturn 2020 election results in Georgia. It was homes and refinance. Now, fi-
Bucherer, a major tie-up in the
copter landed nearby carrying the fourth time this year he answered an indictment and the first booking with a mug shot. A4 nancing a typical home pur-
luxury-watch industry that
five commanders from Sudan’s chase costs hundreds of thou-
will give it more control over
Rapid Support Forces, a paramil- sands of dollars more in

Political ‘Rookie’ Upstages

how its watches are sold. B2
itary group reliant on the merce- interest.
 T-Mobile US plans to lay nary group to wage war against Applications for purchase
off about 5,000 employees, their country’s government. The Please turn to page A2
or 7% of its workforce. B3 delegation had traveled to Ban-

His Rivals at GOP Debate

gui bearing a gift for Prigozhin, Average rate on a 30-year
 Turkey’s central bank
who had provided them surface- fixed mortgage
raised its key interest rate
to-air missiles: gold bars from
by 7.5 percentage points as 8%
the mines his mercenaries
it attempts to correct years RECESSION 7.23%
helped secure in Sudan’s war-
of easy-money policies im-
torn west. BY AARON ZITNER draw from the event. hoax,” calling for “war on the 7
posed by Erdogan. A16
On the other side of the Sa- On Thursday evening Trump federal administrative state”
 Declines in tech stocks Tesla hara, Prigozhin’s rivals in Rus- Vivek Ramaswamy, the 38- surrendered in Fulton County, and offering: “Do you want in-
and Amazon and in Disney sia’s defense ministry were deliv- year-old political novice, Ga., over charges that he tried cremental change, or do you 6
helped push the major indexes ering a competing message to grabbed the spotlight at to reverse the results of the want a revolution?”
lower, with the Dow, S&P 500 Wagner’s clients in Libya. The Wednesday’s prime-time Re- 2020 presidential election. Ramaswamy also offered a
and Nasdaq falling 1.1%, 1.3% Kremlin was taking formal con- publican presidential debate, Ramaswamy, a wealthy en- forceful defense of Trump. 5
and 1.9%, respectively. B11 Please turn to page A6 but there was little sign he or trepreneur, started the debate When he called Trump “the
any other contender had found as one of the least-known can- best president of the 21st cen-
4
World-Wide a new strategy for overtaking didates of the eight on stage. tury,” viewers might have
Crash Believed front-runner Donald Trump.
The former president, who
But he was a formidable if
combative presence throughout
asked why the political new-
comer was putting himself for-
 The plane carrying Yevg-
eny Prigozhin, the head of
Sabotage skipped the GOP’s first debate
of the nominating contest in fa-
the event, interrupting and tus-
sling with far more experienced
ward as someone who could do
a better job. He offered an an-
3

the Wagner paramilitary Officials say intelligence vor of a pretaped interview politicians and exciting the Please turn to page A4 2
group, crashed as the result suggests Prigozhin was with Tucker Carlson, was posi- feisty audience with red-meat 2001 ’05 ’10 ’15 ’20
of an assassination plot but assassinated..................... A6 tioned to limit the attention statements, declaring that “the  Trump interview tests new
wasn’t shot down by a sur- that any of his rivals might climate change agenda is a media’s viability................. A5 Source: Freddie Mac via St. Louis Fed
face-to-air missile, U.S. offi-
cials said. A1, A6-7

Wall Street Weighs WeWork INSIDE

 A court in Moscow ex-
tended by three months the
pretrial detention of Evan
Gershkovich, The Wall Street

Potential Bankruptcy Filing

Journal reporter deemed by
the U.S. to be wrongfully
held in Russia. A7
 Trump was booked in Fulton
County Jail and a mug shot
BY ALEXANDER SAEEDY fund managers including leases and in the process hand
taken on charges that he oper-
AND JODI XU KLEIN BlackRock, King Street Capital over control of the company
ated a criminal enterprise that
and Brigade Capital are hold- to creditors like themselves,
sought to overturn Biden’s 2020
A group of Wall Street ing preliminary talks about the people said. If a bank-
electoral win in Georgia. A4
firms that lent hundreds of the company’s restructuring ruptcy process is pursued,
 Vivek Ramaswamy, the millions of dollars to We- options and indicated they WeWork would likely restruc-
38-year-old political novice, Work is exploring the possibil- would support a plan for it to ture its debts and offer credi-
grabbed the spotlight at the ity of a bankruptcy filing that file for chapter 11 bankruptcy, tors shares in the reorganized
first GOP presidential debate, could help the company exit the people said. company, they said.
but there was little sign he or from expensive office The creditors haven’t pre- WeWork’s interim chief, Da-
other contenders had found a leases, one of several options sented proposals related to a vid Tolley, said the company SPORTS MANSION
new strategy for overtaking under discussion, according to bankruptcy or debt restruc- is seeking to avoid filing for The road to Paris Lake Martin in east-
front-runner Trump. A1 people familiar with the credi- turing to the company’s board, chapter 11 by negotiating with
tors’ talks. according to the people. landlords and reducing its
Olympics gets central Alabama draws
 Maui County filed a lawsuit crowded for luxury buyers from
against utility company Hawai- After WeWork raised Bankruptcy could allow We- cost of rent.
ian Electric, alleging that its
doubts about its ability to stay Work to shed a portion of its “To the extent that a subset U.S. gymnasts. A12 near and far. M1
in business a few weeks ago, costly commercial real-estate Please turn to page A8
power lines caused recent
wildfires on the island—includ-

New Approach to Mental

ing one that destroyed the
town of Lahaina and killed at No Newts Is Good Newts
least 115 people. B10
For Some British Homeowners
Health Crises Falls Short
 Taiwan President Tsai or-
dered another jump in de- i i i
fense spending this week as
she tries to step up deter- Amphibian endangers construction plans of
rence against China before
leaving office in January. A8 pop stars and politicians; a ‘newtopia’
 The Brics group of emerg- Units designed as police alternatives in responding to the
ing nations has invited six
additional countries to join
BY MAX COLCHESTER other, been warned they might mentally ill suffer from lack of funds and support
AND HUMZA JILANI have to alter their building
the bloc in an effort to ex-
plans to accommodate the
pand its global importance
EASTCOURT, England—The great crested newt. BY SCOTT CALVERT teams have struggled to make much of a dent
and its ability to challenge
bane of Britain’s great and Britain is a country where AND JULIE WERNAU in what remains a chronic problem in U.S. po-
the West on key political
powerful is a cou- the public proudly licing.
and economic issues. A16
ple of inches long, regard themselves Dispatchers at the 911 center in Mesa, The mayor recently saw a woman down-
has warty skin and as animal lovers. Ariz., have three levers to pull: fire/medical, town who was talking to herself. “In my
CONTENTS Markets...................... B11 a bright orange un- There are no police or mental health. The last one is a rela- heartless way, I ignored her and walked
Arts in Review...A10-11 Markets Digest...... B7
Banking & Finance.. . B10 Opinion................ A13-15
derbelly—and the wolves, lynxes or tively new addition, adopted by dozens of po- away,” he said. Hours later, she was still
Business News........B3,6 Sports.......................... A12 power to disrupt bears left in the lice departments around the country and there. Giles thought she had schizophrenia.
Crossword................. A11 Technology................ B4 some of their most wild here. But it aimed at avoiding violent and often deadly He called 911 for an officer. Police were dis-
Heard on Street....B12 U.S. News.............. A2-5 heartfelt ambitions. turns out parts of confrontations between police officers and patched to the scene and said she was high
Mansion............... M1-12 World News...A6-8,16
Singer Ed the island nation the mentally ill. on methamphetamine. She refused mental-
Sheeran, King have one of the “No hose, no gun,” said Mayor John Giles. health help, and the cops let her go.
> Charles and for- greatest concen- “Just somebody with a clipboard and an ar- “I don’t know what would have been the
mer Prime Minis- trations of great gyle sweater who wants to ask how your day outcome if a mental-health provider had got-
ter Boris Johnson Newt in my back yard crested newts in is going.” ten that call,” Giles said. “I would have liked
are among the Europe. In theory, the new teams are designed to to know.”
s 2023 Dow Jones & Company, Inc.
many homeowners in Britain The tiny amphibian has a better help people in distress who pose little Out of about 250,000 total 911 calls last
All Rights Reserved who have, at one time or an- Please turn to page A9 if any threat to others. In practice, these Please turn to page A9
P2JW237000-4-A00200-1--------XA

A2 | Friday, August 25, 2023 * ** * THE WALL STREET JOURNAL.

U.S. NEWS
All Eyes on Fed at Retreat in Jackson Hole
Powell’s talk Friday u Nirvana for nerds for any discussion of whether to-hold conversation. The last
Most of the conference and how the central bank’s in- mile comes after that.”
will be scrutinized hosted by the Kansas City Fed terest-rate outlook would
for clues on where centers on the presentation of change if a recent acceleration u A new, new normal?
very technical academic pa- in economic activity continues The theme of this year’s
rates will end up pers—nirvana for the nerds in over the coming months. conference, “Structural Shifts
attendance but not the general “The theme I would be em- in the Global Economy,” will
BY NICK TIMIRAOS public. phasizing is trying to get peo- delve into whether and how
But many investors view the ple off the binary view that the Covid pandemic and the
Federal Reserve officials re- event as the Super Bowl of once inflation starts coming policy response permanently

AMBER BAESLER/ASSOCIATED PRESS

turned to Grand Teton National central banking, bringing to- down, it’s mission accom- altered the economy, including
Park in Jackson Hole, Wyo., on gether the international stars plished,” said former Fed Vice trade networks and global fi-
Thursday for their annual eco- of the profession as they deal Chair Richard Clarida, who nancial flows. Papers will ex-
nomic symposium with a with the top policy issues of served with Powell from 2018 amine the potential ramifica-
slightly brighter economic the time. until early 2022. “What they tions of rapid shifts in
backdrop than the one they The event has been a stag- want to avoid is” declaring an monetary policy and the large
faced last year. ing ground for high drama in end to rate rises “and then find increases in public debt. Chris-
They have lifted interest the past. In 2008, officials themselves next spring with tine Lagarde, president of the
rates to a 22-year high in the grappled with a deepening fi- Fed Chair Powell spoke with attendees at last year’s symposium underlying inflation not really European Central Bank, is set
most aggressive sequence of nancial crisis, and in 2014, at Jackson Lake Lodge in Grand Teton National Park. having edged down in a very to speak Friday at 3 p.m. ET.
rate increases in 40 years to then-European Central Bank tight labor market.” One overarching question is
battle inflation, which has re- President Mario Draghi laid the u Main event: Powell could cause inflation to decline It may be too soon for Pow- whether the economy is exiting
treated from four-decade highs. groundwork for a bond-buying The Fed chief was set to more slowly than anticipated. ell to publicly discuss how Fed a period of low inflation and
But the U.S. economy remains campaign to stimulate the Eu- speak Friday at 10:05 a.m. ET As with previous years, officials might manage low interest rates that oc-
surprisingly resilient—with the ropean economy. on the economic outlook. Inves- Powell is unlikely to use his the proverbial last mile of the curred between the 2008 fi-
unemployment rate at 3.5%, es- Last year, Fed Chair Jerome tors are likely to parse his ev- speech to preview the Fed’s inflation fight—in which infla- nancial crisis and the 2020
sentially unchanged over the Powell delivered an unusually ery word for clues about the very near-term policy delibera- tion gets much closer but not pandemic, and which some
past year—and so-called core brief opening address that destination of U.S. interest tions. Rather, he is more likely all the way to their 2% target. economists then dubbed the
inflation, which excludes vola- landed like a bolt of lightning rates. to review what the central But the issue is likely to be a “new normal.” Policy makers
tile food and energy prices, is with markets because of how Officials raised their policy bank has done and provide a topic for lively debate on the concluded over the past decade
nearly double the Fed’s 2% tar- he promised to beat down in- rate by a quarter point last broader framing of where pol- sidelines of the conference. that the neutral rate of inter-
get. flation even at the cost of a re- month to a range between icy might be headed. Such re- “It’s too early to declare vic- est, or the level that should
“All in all, they’re probably cession. The speech jolted in- 5.25% and 5.5%. In June, most marks would likely underscore tory. It’s too early to foreclose prevail when the economy is
in the 90th percentile of out- vestors out of thinking the Fed of them anticipated raising the that the Fed’s inflation-fighting the possibility of another hike growing steadily with low in-
comes they might have hoped saw a shorter and painless rate to a range between 5.5% job isn’t done. down the road,” said Ellen flation, had declined.
for in that the economy is path to fighting inflation. and 5.75% this year. Fed officials have been clear Meade, an economist at Duke In his first Jackson Hole ad-
strong and inflation is declin- This year, the conference Some have said that recent that they see inflation declin- University who is a former se- dress five years ago, Powell
ing,” said Kenneth Rogoff, a comes as global central bank- better-than-expected inflation ing further because they expect nior adviser at the Fed. “Powell warned against fine-tuning in-
Harvard University economist ers are weighing whether or numbers could make another the economy to grow below its will need at some point to talk terest rates based on unobserv-
who has participated in the how much more they need to increase unnecessary. Others long-run trend of around 2% about that last mile, but right able estimates such as neutral,
symposium in previous years. raise interest rates to vanquish worry that if the Fed holds rates over the coming year. Powell’s now he’s navigating the end of which he compared with navi-
Here’s what to watch: inflation. steady, strong economic growth speech will be closely watched tightening and the how-long- gating by the celestial stars.

U.S.WATCH
Loan Rates Banks, which also plowed
their extra cash into mortgage
bonds when rates were low,
feeds into higher rates for peo-
ple taking out mortgages.
Would-be buyers are shelving

Are Highest are now trimming their hold-

ings, wary of keeping long-du-
ration securities on their bal-
purchase plans because homes
are so unaffordable. Would-be
sellers are on the sidelines be-

Since 2001 ance sheet. Silicon Valley Bank

had a big portfolio of mortgage
bonds, which hastened its de-
cause they don’t want to lose
their low rates.
Emily and Caleb Erbert have
mise in March. paused their home search in
Continued from Page One Mortgage-related security the Detroit suburbs. They were
mortgages dropped to their holdings by banks and credit recently quoted mortgage rates
lowest levels since 1995, the unions fell 7% from a year ear- above 8%, far higher than the
Mortgage Bankers Association lier in the first quarter, accord- rate of just over 2% on their
said this week. Existing-home ing to Inside Mortgage Finance current home, she said. They
sales fell for the fourth time in data. Regulators started to liq- hope rates will fall by early
five months in July. uidate tens of billions of dol- next year.
“The conveyor belt of lars in mortgage-backed secu- For the moment, the family
houses that come on and off rities from SVB and Signature of four are making do in the
the market is just grinding to a Bank in the second quarter, house they have outgrown.
halt,” said Sam Khater, chief adding to supply. They plan to convert a room in
economist at Freddie Mac. Other opportunistic players the basement into an office for
Mortgage rates, which rose have stepped in. Investors are Caleb so that their 7-month-old
for most of last year, resumed after yields of over 6% on can have his own room.
their upswing in recent months newly originated mortgage- “We’re constantly having to
when the Federal Reserve sig- backed securities, compared tiptoe around when the kids
naled it is in no rush to loosen with around 4.5% a year ago are sleeping,” Emily Erbert
monetary policy. The economy and less than 2% two years said. “We’re just kind of limp-
has stayed strong in the era of ago, according to Mark Te- ing along until things get bet-
higher rates, meaning the cen- cotzky, vice chairman and head ter.”
tral bank might keep rates high of credit strategies at Connect- At Gateway First Bank in
or lift them further to hold in- icut-based Ellington Manage- Tulsa, Okla., residential mort-
flation in check. ment Group. gage volumes slumped by more
Mortgage rates tend to “You’re starting off at the than a third from a year earlier
JIM LO SCALZO/EFE/ZUMA PRESS

loosely follow the yield on the 50-yard line,” said Tecotzky, in July, according to Steven R.
benchmark 10-year Treasury who is co-chief investment of- Plaisance, president of mort-
note, which also hit multiyear ficer for Ellington’s public real- gage banking.
highs this summer. But mort- estate investment trusts. “This is the worst market
gage rates have risen far more “There’s a lot more yield in the I’ve been in, all things consid-
than government bond yields market.” ered,” said Plaisance, who got
recently. The wider spread directly into the mortgage business in
MARK OF HISTORY: ‘The Soil You See,’ a glass thumbprint with the names of nation chiefs who They have been about 1.75 1991.
signed treaties with the U.S. government, usually with a fingerprint, displayed at the National Mall. percentage points higher than Interest rates, weekly Still, if the gap between
the going Treasury yield on av- Treasury yields and mortgage
8%
NORTH CAROLINA TENNESSEE CALIFORNIA erage over the past half-cen- rates were to shrink back to its
tury, but in the past year they historical level, that could pro-
Governor Vetoes Little Movement Retired Officer have been almost 3 percentage 30-year mortgage rate vide a substantial drop in rates
GOP Elections Bill On Gun Legislation Kills Three at Bar points higher, according to Ur-
6
that brings out purchasers and
North Carolina Gov. Roy Tennessee Republican law- A retired police officer ban Institute data. people needing to refinance.
Cooper vetoed a sweeping makers hit an impasse just a opened fire in a popular The differential has recently Mortgage companies are hope-
4
Republican elections bill that few days into a special ses- Southern California biker bar, been about as large as it was ful that could drum up busi-
would end a grace period for sion sparked by a deadly leaving three dead and at during the financial crisis of ness.
voting by mail and make new school shooting in March, least five others with gun- 2008, according to the Brook- “It really could be any day
allowances for partisan poll leaving little certainty about shot wounds. ings Institution. 2 right now that the rates could
observers. what they might ultimately Deputies arrived at the bar That spread, as it is called drop and it doesn’t need some
In a video message, the pass, yet all but guaranteeing two minutes after the shoot- in industry parlance, is created crazy thing to happen,” said
10-year Treasury
Democratic governor accused it won’t be any significant ing was reported Wednesday by a few components. The big- Mat Ishbia, chief executive of
0 yield
legislative Republicans of using gun control change. night and shot and killed the gest thing to understand is UWM Holdings, the largest U.S.
their slim veto-proof majorities After advancing a few bills gunman, Orange County that lenders don’t usually hold 2015 ’20 mortgage lender, on an earn-
to execute “an all-out assault this week, the Senate quickly Sheriff’s Sgt. Frank Gonzalez on to the mortgages they ings call this month. “It just
Note: Yield is averaged for each full week.
on the right to vote.” The bill adjourned Thursday without said. The sheriff’s depart- make; instead, they look for in- Source: Urban Institute via Freddie Mac and means those spreads come
would make voting more diffi- taking up any more proposals. ment on Thursday identified vestors to buy them. Federal Reserve back to normalized numbers.”
cult for young and nonwhite It plans to return Monday. the gunman as John Snowl- That comes at a price,
voters who are more likely to Meanwhile, the House is ing, 59 years old, and said his though. Investors want to earn
vote absentee and less likely continuing to churn through a wife was injured in the more for taking on the risk of CORRECTIONS  AMPLIFICATIONS
to elect Republicans, he said. full slate of other proposals. shooting. buying mortgages compared
“They’re making it harder Senate Speaker Randy Mc- Three people and the gun- with supersafe Treasurys.
for you to vote, hoping that Nally said Thursday that sena- man were pronounced dead Lenders also have to cover Philadelphia residents article on Thursday about the
you won’t bother,” he said, tors will consider any bills the at the scene. their own costs of making the with remote jobs are required city’s return-to-office picture
urging residents to contact House may amend but held off Six people were taken to a loan. to pay a 3.75% tax on their incorrectly said residents with
their representatives and de- from promising to making a hospital, five of them with There is a lot of uncertainty earnings. A Personal Journal remote jobs don’t have to pay.
mand they uphold his veto. compromise with the other gunshot wounds, the Orange about the economy and inter-
Cooper, who is term-limited chamber. “We’re waiting to see County Sheriff’s Department est rates right now, which Readers can alert The Wall Street Journal to any errors in news articles by
and can’t run for re-election what happens in the House,” posted on social media. Two means that investors are de- emailing [email protected] or by calling 888-410-2667.
in 2024, blocked several com- McNally said. were in critical condition, ac- manding higher yields to com-
ponents of the bill during Republican Tennessee Gov. cording to a statement from pensate for it.
past sessions. But Republi- Bill Lee called lawmakers back Providence Mission Hospital, “If there’s more volatility in THE WALL STREET JOURNAL
cans now hold a narrow into session after the March in nearby Mission Viejo. interest rates, there’s less cer- (USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
three-fifths supermajority shooting at the Covenant California Gov. Gavin tainty that I’m going to benefit Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
needed to override his veto. School in Nashville, where Newsom was monitoring the here, so I end up pricing that Published daily except Sundays and general legal holidays.
Sen. Warren Daniel, a three children and three adults shooting “and coordinating in,” said Michael Neal, princi- Periodicals postage paid at New York, N.Y., and other mailing offices.
Burke County Republican and were killed. Lee had hoped to with local officials as more pal research associate at the Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020.
chair of the Senate Redistrict- cobble together a coalition to details become available,” his Urban Institute’s Housing Fi- All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of
which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of
ing and Elections Committee, pass his proposal to keep guns office said. nance Policy Center. the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s
said that by overriding Coo- away from people who are Local band M Street was There is also less demand order. Only publication of an advertisement shall constitute final acceptance of the advertiser’s order.
per’s veto, Republicans will judged to pose a threat to playing on the indoor stage from key investors for mort- Letters to the Editor: Fax: 212-416-2891; email: [email protected]
guarantee every citizen’s right themselves or others, which he when the shooting happened, gages. The Fed, which pur- Need assistance with your subscription?
By web: customercenter.wsj.com; By email: [email protected]
to vote with confidence in the argued stopped well short of said vocalist Debbie Johnson. chased massive amounts of By phone: 1-800-JOURNAL (1-800-568-7625)
state’s election security. being a so-called red flag law. “We launched into our next mortgage bonds during the Reprints & licensing: By email: [email protected] | By phone: 1-800-843-0008
“We are creating a secure But no Republican would song and somewhere in the pandemic as part of its effort WSJ back issues and framed pages: wsjshop.com
election system that makes it sponsor the bill, and Demo- middle of it this man just to stimulate the economy, has Our newspapers are 100% sourced from sustainably certified mills.
easy to vote and protects cratic versions of it were spiked walks in, doesn’t say a word, bought virtually none over the
election integrity,” Daniel said. this week without debate. and just starts shooting,” she past year because it is shrink- GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS
—Associated Press —Associated Press said. —Associated Press ing its portfolio.
P2JW237000-0-A00300-1--------XA

THE WALL STREET JOURNAL. Friday, August 25, 2023 | A3

U.S. NEWS

U.S. Seeks Glorious Morning Off the Coast of Maine

To Extend
China Pact
On Science
BY SHA HUA

SINGAPORE—The Biden ad-

ministration is seeking a
short-term extension to a
landmark science and technol-
ogy agreement with China de-
spite opposition from Republi-
can lawmakers who say
Beijing has used the agree-
ment to advance its security
and military objectives.
The extension would keep

ROBERT F. BUKATY/ASSOCIATED PRESS

the deal, which sets the rules
for government-level coopera-
tion on scientific research, in
force for six more months and
give the U.S. time “to under-
take negotiations to amend
and strengthen the terms,” a
State Department spokes-
woman said Wednesday.
China’s Foreign Ministry RISE AND SHINE: A stand-up paddle boarder plied her way Thursday as the sun rose behind Ram Island Ledge Light, a lighthouse off Cape Elizabeth.
said it was willing to commu-
nicate closely with the U.S. on

Labor Rift Signals Hurdle for Domestic Chips

the issue and hoped both sides
would “work together to pro-
mote an early renewal” of the
agreement.
The agreement was the first
that the U.S. and China signed BY YUKA HAYASHI insufficient amount of skilled seeking to cut Arizona workers what she called a voluntary rent shortage of semiconductor
after normalizing relations in AND YANG JIE workers with…specialized ex- out of jobs. agreement with TSMC to allow workers.
1979 and kicked off an era of pertise,” TSMC Chairman “This small group of experi- state officials to increase in- “Companies from across the
scientific cooperation that A labor tussle at a semicon- Mark Liu said during the com- enced specialists will share ex- spections and training to en- world are investing in America
produced breakthroughs in ar- ductor-plant construction site pany’s July 20 second-quarter perience and exchange knowl- sure worker safety. She also because they know we have the
eas such as public health and in Arizona points to one of the earnings call. edge with the locals, enabling pledged to double the number best engineers, scientists and
clean energy, but it has come thornier challenges facing the Liu’s remarks drew a sharp the larger objective to localize of construction and trades ap- workers in the world,” White
under increasing scrutiny as U.S. as it moves to revive do- rebuke from Arizona trade the U.S. supply chain,” TSMC prentices. House spokeswoman Robyn
competition between the U.S. mestic chip manufacturing: unions, who say bringing in said. “Arizona will work tirelessly Patterson said. She added that
and China has intensified. ensuring there are enough workers from overseas would TSMC has sought visas for to train the workforce,” she universities, community col-
In June, Rep. Mike Gal- skilled workers to meet new undermine one of the key roughly 500 temporary work- said. leges and companies are ex-
lagher (R., Wis.), chairman of demands. goals of the Chips Act—to cre- ers, according to people famil- Industry executives and panding training of semicon-
the U.S. House of Representa- Taiwan Semiconductor ate more domestic jobs in the iar with the situation. economists say a shortage of ductor workers to meet
tives’ select committee on Manufacturing Co. is investing industry. A State Department spokes- chip-industry workers in the growing talent needs.
China, and nine other Republi- $40 billion for two chip fabri- “TSMC has shown a lack of woman wouldn’t confirm that U.S. is a big hurdle as the U.S. Union members had previ-
can members of Congress sent cation plants in Phoenix and is respect for number, but seeks to entice Asian chip mak- ously taken to social media to
a letter to Secretary of State expected to seek up to $15 bil- American work- said officials ers that dominate global semi- complain about TSMC bringing
Antony Blinken urging him not lion in tax credits and grants ers,” the Ari- there are work- conductor supplies, and who in nonunion workers from
to renew the agreement before for the project under the $53 zona Building TSMC and ing with TSMC enjoy deep pools of skilled Texas and Louisiana to work
its expiration date on Aug. 27. billion Chips Act, The Wall and Construc- unions have “to ensure em- workers and lower production on the Arizona project. They
The letter argued that the Street Journal has reported. tion Trades ployees with the costs at home. have also questioned the com-
agreement was aiding China’s TSMC’s project is expected Council said in clashed on its bid skills required “The Chips Act is doing ex- pany’s safety standards and
military modernization by giv-
ing the country access to cut-
to serve as a cornerstone for
the Chips Act, which aims to
a letter
members
to
of
to draw workers to
and
construct
operate
actly what it was meant to do:
Bring in new investment and
communication style.
TSMC, which provides
ting-edge American research. reduce the U.S.’s reliance on Congress, ask- from Taiwan. complex semi- expand U.S. production capac- nearly all of the U.S.’s needs for
The State Department said imported chips and strengthen ing them to conductor fabri- ity,” said Hamilton Galloway, most advanced chips, has com-
it was “clear-eyed to the chal- domestic manufacturing to block the issu- cation plants head of consultancy for Ameri- plaints of its own. These in-
lenges” posed by Beijing and better compete with China. ance of visas to representing an cas at Oxford Economics, a re- clude high building costs in the
committed to safeguarding the Meeting those goals will Taiwanese workers. Around array of companies and subsid- search firm. “Now we have to U.S. and the Chips Act’s restric-
interests of the American peo- hinge not only on drawing the 1,500 members sent copies of iaries have the opportunity to rise to the challenge of the tions on expanding its existing
ple. world’s biggest chip manufac- the letter to Washington. apply for U.S. visas expedi- workforce needs and the talent facilities in China.
Allowing the agreement to turers to the U.S., but also re- The council is an umbrella tiously and efficiently.” in order to support that out- In response to the Arizona
expire could accelerate a sci- cruiting and developing the organization for 14 trade The Biden administration come.” situation, TSMC said it now
entific decoupling that threat- technical expertise to build unions representing pipe fit- considers the Chips Act one of A study conducted by Ox- holds regular discussions with
ens American progress in stra- and operate the new plants. In ters, electricians, metals work- its signature initiatives, and ford and the Semiconductor In- labor contractors about safety
tegically important areas, say Arizona, however, construction ers and others. The group’s the program’s supporters re- dustry Association projects the and training, as well as the use
many U.S.-based scientists. has been delayed by a shortage members make up 25% to 30% sponded quickly following the industry will face a shortage of of foreign workers, to set up
Data from the London- of skilled workers, TSMC says, of about 12,000 workers cur- complaints by the Arizona roughly 67,000 workers by the factories.
based company Clarivate and it is seeking to bring in rently on the Phoenix site, said Building and Construction 2030, as the Chips Act spurs Devlin, the union spokes-
shows that collaborations with workers from Taiwan to get spokeswoman Brandi Devlin. Trades Council. expansion. woman, said the company’s
Chinese scientists accounted construction back on track. TSMC says its intention was Arizona Gov. Katie Hobbs, a Biden administration offi- pledges to hold regular conver-
for significant percentages of “We are encountering cer- to bring in workers on a tem- Democrat, visited the construc- cials say the labor tension in sations have helped allay con-
U.S. research in areas such as tain challenges as there is an porary basis and it wasn’t tion site on Aug. 9 to announce Arizona doesn’t reflect a cur- cerns.
nanoscience, telecommunica-
tions and semiconductors, The
Wall Street Journal reported
earlier this month.
Allowing the agreement to
lapse would put nongovern-
Emperor Penguin Colonies Collapse as Ice Shrinks
mental cooperation at risk as
China considers the agreement BY ERIC NIILER population of seven colonies Wildlife Service had listed the
the basis for all other science farther south in the Ross Sea of emperor penguin as an endan-
cooperation with the U.S., in- Peter Fretwell is anxiously 70,000 individuals, an area that gered species as the result of
cluding with academic and re- waiting for sunlight to spread hasn’t experienced the same climate change and melting ice.
search institutions, according across Antarctica in the coming temperature increases. This year, the loss of sea ice
to Deborah Seligsohn, a former weeks after a long dark winter Penguins lay eggs from May has been worse, according to
environment, science, technol- season. As soon as it illumi- to June. The eggs hatch 65 data from the British Antarctic
ogy and health counselor at nates the frozen landscape, or- days later, during the South- Survey. As of Aug. 20, the sur-
PETER FRETWELL/BRITISH ANTARCTIC SURVEY

the U.S. Embassy in Beijing biting satellites will train cam- ern Hemisphere’s winter, but face area of Antarctic sea ice
who teaches political science eras on an imperiled emperor the chicks don’t sprout the was 2.2 million square kilome-
at Villanova University. penguin population that is feathers necessary for inde- ters (850,000 square miles)
Mark Cohen, director of the dwindling as sea ice disappears. pendent activity until several smaller than the average for
Berkeley Center for Law and “We’re waiting in trepida- months later. the period between 1981 and
Technology at the University tion for that sun to come back “The chicks have this downy 2022, a loss in area bigger than
of California, Berkeley, said up and see what’s happened to little fluff like you see on the size of Greenland.
that the agreement was worth the breeding success of the new ‘Happy Feet,’ ” said Fretwell, The continued retreat of sea
saving but needed to be colonies,” said Fretwell, geo- referencing a 2006 animated ice is raising concerns among
changed to reflect current re- graphic information officer at children’s film about penguins. scientists that penguins in the
alities. “It needs to be updated the British Antarctic Survey The penguins rely on sea ice to breed, and as those areas in “It isn’t until they grow up that Bellingshausen Sea region will
to address changes in technol- and lead author of a new study Antarctica disappear, adult penguins are failing to reproduce. they start to lose their downy again fail to reproduce.
ogy as well as our complex that paints a dire picture of the feathers and fledge into their Birgitte McDonald, an asso-
peer-to-peer science relation- penguins’ future. waterproof feathers, which hap- ciate professor at Moss Landing
ship with China,” he said. The concern is that for the 50
̊S pens sometime in December.” Marine Laboratories at San
OC ANT H
EA IC

Seligsohn said that one po- second year in a row, several SOUTHER It is too dark during the win- Jose State University, said the
L T
AT OU

N OC
N

tential addition to a renewed colonies of emperor penguins EAN ter for satellite images to cap- new study is a troubling signal
S

agreement would be language will have failed to reproduce. ture activity on the ice. Re- for all of the emperor penguin
Falkland
limiting scientific collabora- Warming ocean tempera- Is. searchers must wait for sunnier colonies, including the larger
tion to peaceful uses, which tures have led to shrinking sea days to see what happened in one that she studies on the
the current agreement lacks. ice in one area of Antarctica, ARGENTINA dark months. In November Ross Sea.
This week, three Republican upending the vital habitat of Weddell
Weddel
Weddell
Wedd
d l 2022, the data revealed that “When reading this article, I
members of the House select the emperor penguin, which re- Sea
eaa 80 100% of the sea ice in the cen- could not help but feel sad,”
̊S
committee on China proposed lies on the ice to breed. tral and eastern Bellingshausen McDonald said. “While models
a bill that would require the “When the sea ice goes, they Bellingshausen Sea region had been lost. have predicted more frequent
secretary of state to give Con- don’t have a breeding plat- Sea South ANT
ANTARCTICA
TAAR
ARC
RC The breeding sites, which reproductive failures with the
gress 30 days’ notice ahead of form,” said Fretwell about the Pole show telltale traces of brown warming climate, and that colo-
any new agreement to cooper- emperor penguins, which at guano on the ice visible from nies in this region would be
ate with China on science and nearly 4 feet tall are the world’s space, were likely abandoned quasi-extinct or threatened by
Rooss
Ros
Ross
R oss Ice
Ice
technology. largest penguins. “They don’t SShe
Sh
Shelf
helf
hheelf
elflf after unsuccessful breeding, ac- 2100, it is happening faster
One of the first successful have a place to molt, and they cording to the scientists. The than most of us expected.”
IND TH
SOU FIC
PAC AN

OCE IAN

Roos
Ross
Ros
R ooss
ss SSea
ss Seeaa
O CE

SOU

AN
An

collaborations carried out un- don’t have foraging habitat.” researchers can’t say for sure Michelle LaRue, associate
I
TH

rct
ta

ic C
der the agreement was a 20- Fretwell and colleagues re- ir cl
e
70̊S what happened to the chicks. professor of Antarctic marine
year joint study of fetal health viewed satellite data from 2022 They might have died or been science at the University of
500 miles
that found that giving women and concluded that several 60
̊S
abandoned. Canterbury in New Zealand,
small doses of folic acid before penguin breeding areas had 500 km Macquarie Island “Some chicks may have sur- said it is unusual for so many
and during early pregnancy disappeared as the ice re- vived on grounded icebergs, but colonies to fail in a single year.
could prevent severe birth de- treated. As a result, they be- Camille Bressange/THE WALL STREET JOURNAL the percentage of the chicks “It very well could be an
fects in the baby’s brain and lieve no chicks survived in four that may have survived on anomaly, and there’s no way to
spine. The research led to a of five colonies in the Bellings- tions Earth & Environment. the continent. There, colonies these refugia is impossible to know that until it’s too late,”
35% drop in such birth defects hausen Sea region, just west of The team focused on the range in size from 630 to 3,500 say from satellite images,” the said LaRue. “We won’t know
in the U.S., as well as drops in the Antarctic Peninsula. Their Bellingshausen Sea region be- penguin pairs, with a total pop- report stated. that for a few more years. But
other countries, the CDC has findings were published Thurs- cause it has been warming ulation of about 10,000 pairs. One month earlier, in Octo- it is a concern that it’s already
said. day in the journal Communica- faster than any other area on That compares with a larger ber 2022, the U.S. Fish and happening.”
P2JW237000-4-A00400-16DDF61078D

A4 | Friday, August 25, 2023 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

FROM LEFT: CHENEY ORR FOR THE WALL STREET JOURNAL, CARLOS ESCALONA/CNP/ZUMA PRESS
Critics and supporters of Donald Trump rallied Thursday
near the entrance of the Fulton County Jail in Atlanta, where
the former president later turned himself in to local
authorities to be booked on charges that he sought to
subvert the 2020 election.

Trump Booked on Georgia Vote Charges

ATLANTA—Former Presi- Criminal prosecutions Iowa caucuses Super Tuesday GOP convention Fulton County Superior
dent Donald Trump surren- Court Judge Scott McAfee set
dered at the Fulton County,
of Donald Trump Georgia election
an Oct. 23 trial date for Chese-
Ga., Jail Thursday to answer interference INDICTED PROPOSED TRIAL
bro, according to a brief court
State case Federal case Aug. 14 Oct. 23
charges that he operated a order signed by him Thursday.
criminal enterprise that sought Efforts to overturn 2020 election The order said the date didn’t
INDICTED
to overturn Joe Biden’s 2020 apply to other co-defendants
Aug. 1
election victory in the state. for now. The date could
Mar-a-Lago classified documents
SCHEDULED TRIAL
change based on certain pre-
INDICTED
By Cameron May 20 trial motions.
June 8
McWhirter, Jan Wolfe Trump opposes Willis’s
and Aruna Stormy Daniels proposed timeline and will ask
Viswanatha payment INDICTED SCHEDULED TRIAL to be tried separately from
April 4 March 25 Chesebro if necessary, accord-
It was the fourth time this 2023 2024 ing to a brief motion Sadow
year that Trump had to pres- filed on Thursday.
ent himself to authorities to Sadow is a well-known de-
Mar-a-Lago Stormy Daniels Efforts to overturn Georgia election
face criminal charges—and the fense lawyer in Atlanta, hav-
first time he, or any former classified documents payment 2020 election interference ing represented entertainers
U.S. president, stood for a 40 charges 34 charges 4 charges 13 charges including the singer Usher and
mug shot. federal New York federal Georgia the rapper Rick Ross.
Trump looked intently into On Thursday morning,
the camera, brow furrowed. 1 Investigation 1 Investigation 1 Investigation 1 Investigation Trump supporters rallied out-
The evening surrender at 2 Indictment 2 Indictment 2 Indictment 2 Indictment side the main gate to the Ful-
the Fulton County Jail was Aug. 14. All charged parties due in Georgia ton County Jail. Many carried
largely procedural, with 3 Arraignment 3 Arraignment 3 Arraignment on Aug. 28 large Trump flags and wore
Trump and most other defen- 4 Hearing 4 Hearing Make America Great Again
4 Hearing 3 Arraignment
dants in the case having Scheduled for Aug. 28, 2024 shirts and hats, milling about
agreed to consent bonds to be 5 Trial 5 Trial 4 Hearing amid a throng of media. Chants
released immediately on cer- Scheduled for May 20, 2024 Scheduled March 25, 2024 5 Trial of “Trump” hung in the air.
tain conditions. But it pro- 5 Trial A day earlier, Black law-
6 Verdict 6 Verdict 6 Verdict Proposed date Oct. 23
vided a striking moment in makers and civil rights and
which, for the fourth time this 7 Appeals 7 Appeals 7 Appeals 6 Verdict faith leaders rallied near the
year, Trump had to present 7 Appeals state Capitol in support of
himself to authorities to face Willis, who is Black.
criminal charges. 6 charges of 32 charges 1 charge 2 charges 1 charge 3 charges On Aug. 14, Willis announced
According to jail records re- obstruction Willful retention of Conspiracy against False statements Violation of Solicitation an indictment of Trump, Rudy
leased shortly after he arrived national defense civil rights and writings Georgia RICO of violation Giuliani, former White House
there, Trump’s hair was listed information of oath by chief of staff Mark Meadows
2 charges public officer
as “Blond or Strawberry,” his Obstructing an and others with a range of fel-
height at 6 feet, 3 inches, and official proceeding 1 charge ony counts, including racketeer-
his weight at 215 pounds, all Filing false ing. In her indictment, Willis al-
information that Fulton documents leges Trump sought to overturn
County releases as part of its his loss in Georgia as part of a
1 charge
booking process. It also as- Conspiracy
broader scheme to keep himself
signed him an inmate number: to commit in the White House.
P01135809. filing false U.S. District Judge Steve
Trump hasn’t yet entered a documents 1 charge Jones in Atlanta will hold a
Conspiracy to
plea in the Georgia case. Ful- hearing Monday to consider
2 charges impersonate a
ton County District Attorney public officer Meadows’s request to move
Fani Willis has said she Conspiracy to the charges against him to fed-
wanted defendants to be ar- 2 charges 34 charges 1 charge commit false 2 charges eral court. Meadows’s lawyers
False statements and concealment Falsifying business records Conspiracy to statements Conspiracy to commit forgery
raigned in early September. in the first degree commit fraud and writings in the first degree
agreed to a $100,000 consent
Speaking on the tarmac bond, which McAfee approved.
next to his private plane be- Source: WSJ analysis of the proceedings Adrienne Tong/THE WALL STREET JOURNAL The indictment charged
fore departing Atlanta, Trump Trump with 13 felonies, alleg-
called his booking a sad day quickly to capitalize on the mo- site, reinstated the account, ditions of the bond bar Trump dent not guilty.” ing he pushed false claims of
for America and repeated his ment, using the mugshot to di- but Trump hadn’t returned from using social media to Last week, Willis, a Demo- voter fraud and pressured
false claim the election was rect people to a fundraising site. until Thursday night. criticize fellow defendants or crat, charged him and 18 oth- Georgia Republican officials to
rigged. Trump—the front-run- And he posted the mug Earlier Thursday, the 77- potential witnesses. ers in the case. help him secure the state’s 16
ner for the 2024 Republican shot on X, the social network year-old former president “The President should Willis on Thursday re- Electoral College votes.
presidential nomination—said formerly known as Twitter— hired a prominent Georgia never have been indicted. He quested an Oct. 23 trial date for Besides Trump, at least 11
he had a right to challenge the marking his first post on the criminal-defense attorney, is innocent of all the charges all 19 defendants. She said the of the 19 defendants had
2020 election. platform since Jan. 8, 2021. shaking up his legal team. The brought against him,” Sadow date would comply with a mo- turned themselves in by
“I did nothing wrong,” he His personal account was lawyer, Steven Sadow, replaces said. “We look forward to the tion for a speedy trial filed this Thursday, according to Fulton
said. “What they are doing is banned following the Capitol Drew Findling, who had helped case being dismissed or, if week by one of the defendants, County jail records.
election interference.” riots on Jan. 6. Elon Musk, af- negotiate Trump’s $200,000 necessary, an unbiased, open Kenneth Chesebro, a lawyer —Alex Leary
Trump’s campaign moved ter taking control of the web- bond in the Georgia case. Con- minded jury finding the Presi- and Trump campaign adviser. contributed to this article.

Novice Gets of criminal offenses.

“This nomination goes
through Donald Trump and not
and donors having second
thoughts about him amid his
substantial decline in public
DeSantis performed best in the
debate, while 26% chose Ramas-
wamy and 15% selected Nikki
The insults brought Ramas-
wamy continual attention on-
stage—and left his rivals fed
erage of polls finds, just behind
DeSantis, at 15%, and well behind
Trump, who tops 50% support.

Spotlight around him,” said Doug Heye, a

former Republican House lead-
ership aide. To win, Heye said,
opinion polls. But he didn’t
draw direct attacks or engage-
ment from the other seven can-
Haley, the former United Na-
tions ambassador and former
South Carolina governor.
up. “I’ve had enough already
tonight of a guy who sounds
like ChatGPT,” said Chris Chris-
But Ramaswamy lags behind
in Iowa, where one recent poll
found him in fifth place, with

In Debate a candidate will have to take on

Trump directly.
A history of policy shifts and
didates on the stage, a sugges-
tion that they no longer saw
him as the same threat as early
Ramaswamy, who called
himself “a skinny guy with a
funny last name”—nearly iden-
tie, the former New Jersey gov-
ernor, referring to the artificial
intelligence chatbot.
4% support. That survey, by the
respected Iowa pollster J. Ann
Selzer, also found that more
controversial claims, including in the campaign season, when tical to the phrase used by Ba- “You have talked down ev- than 40% of likely caucus par-
Continued from Page One a recent statement by Ramas- DeSantis seemed in the best rack Obama in his star-making erybody on this stage—but you ticipants couldn’t yet rate Ra-
swer in an introductory state- wamy that he doesn’t believe position to rival 2004 Demo- know what?” asked Haley. “You maswamy when asked if they
ment, saying it was time to the government has told the Trump. cratic conven- want to go and defund Is- had a favorable opinion of
choose a new generation to full truth about the Sept. 11, His support- tion speech— rael…You have no foreign policy him—an indication that he has
solve the nation’s problems. 2001, terrorist attacks, didn’t ers said DeSan- DeSantis didn’t wore a broad experience, and it shows.” room to grow.
“I think Ramaswamy did a come up in the debate but are tis had distin- make any smile through- “Now is not the time for on- Both Heye and Gonzales said
good job of elevating himself as likely to arise as he draws more guished himself out the evening the-job training,” said former that even if the debate reorders
an equal to politicians and can- attention. as a strong apparent and appeared to Vice President Mike Pence. “We the bottom-tier candidates, it
didates who have been doing
this for a long time,” said Na-
Ramaswamy had been
climbing in national polls be-
presence while
the other candi-
slip-ups at enjoy trading
barbs with his
don’t need to bring in a rookie.”
Other rivals, including De-
likely did nothing to alter
Trump’s dominance in the pri-
than Gonzales, editor of the fore the debate, challenging dates squab- the event. rivals. He said Santis and Sen. Tim Scott (R., mary contest. “It’s rearranging
nonpartisan Inside Elections Florida Gov. Ron DeSantis for a bled. “He was they had all S.C.) seemed to fade to the the deck chairs on a boat that’s
newsletter. “We’ll have to see if claim to the second-place posi- the most presi- been “bought background in parts of the eve- not leaving the port,” Heye
voters warm up to his message tion in the GOP field, albeit a dential looking and paid for” ning as Ramaswamy grabbed a said.
and profile as they hear more distant one behind Trump. On candidate on the stage,” said and were offering “memorized more prominent role. —John McCormick
from him.” Wednesday night, he often ap- Ken Cuccinelli, a former Vir- pre-prepared slogans.” He re- The question for the GOP contributed to this article.
A central question is how he peared to overshadow DeSan- ginia attorney general and ferred to them as “professional field is whether Ramaswamy
can overtake Trump while also tis, who had a more muted eve- Trump administration official politicians, super PAC pup- can turn his debate perfor-
praising the former president’s ning focused largely on his who founded the super PAC pets”—an apparent dig at De- mance into more support, even Watch a Video
record and criticizing the crim- record as governor. backing DeSantis. Santis, who had been embar- if overtaking Trump still ap- Scan this code
inal prosecutions he faces. Ra- DeSantis didn’t make any A FiveThirtyEight/Washing- rassed before the event when a pears unlikely. for a video of
maswamy reiterated during the apparent slip-ups during the ton Post/Ipsos poll of Republi- supportive PAC posted a memo Ramaswamy has about 10% Ramaswamy’s
debate that he would pardon debate, a steady performance can voters who watched the online laying out a debate support among GOP voters na- clashes with
Trump should he be convicted that might reassure any voters event found that 29% thought strategy for him. tionally, the FiveThirtyEight av- debate rivals.
P2JW237000-0-A00500-16DDF61078D

THE WALL STREET JOURNAL. Friday, August 25, 2023 | A5

U.S. NEWS

Trump Interview Tests New Media Viability

Carlson’s program a one-off event than a blue-
print for others to follow in
streamed on X drew future debates.
236 million total “It’s Trump and only
Trump,” he said. While many
view ‘impressions’ viewers were drawn to X on
Wednesday, he said, “it
BY AMOL SHARMA doesn’t mean that all these
AND ISABELLA SIMONETTI people are suddenly going to
be Tucker Carlson viewers—
Tucker Carlson’s interview they love Trump and Trump is
of Donald Trump that streamed in his own category.”
on X on Wednesday night There are risks to trying
wasn’t just an attempt by the something new. In May, tech-
former president to upstage nical issues delayed the
eight Republican rivals who launch of Republican Ron De-
were debating on Fox News. Santis’s presidential campaign
It was a glaring display of on Musk’s platform. Trump’s

PEDRO UGARTE/AGENCE FRANCE-PRESSE/GETTY IMAGES

the fissures in right-wing me- interview sidestepped such is-
dia, and the opening salvo in a sues because it was pretaped,
fight that will test whether not livestreamed.
social-media platforms can Cable news, writ large, has
mount a serious challenge to shown its vulnerability over
TV news. the years, said Jonathan Klein,
Carlson and Trump, who the former president of CNN
each have grievances with Fox U.S. and the chief executive of
News, used the platform streaming platform HANG. At
owned by Elon Musk—another the same time, Carlson’s me-
convention-bucking personal- dia company and show on X
ity—to give the cable network would have to overcome a
unprecedented competition in number of business hurdles to
a big moment. Fox News, which hosted Wednesday night’s Republican primary debate, drew 12.8 million viewers, according to Nielsen. compete with cable news.
Carlson’s interview, which “He would have to demon-
aired during the GOP debate site. TV ratings generally are Journal previously reported. Building a rival business “is a absence at the debate in Mil- strate sustainable revenue
on Fox News, had 236 million the average number of view- Fox News has seen its steep mountain to climb,” Lu- waukee, saying he didn’t see a streams and sustainable audi-
total view “impressions” by ers who tuned in to a telecast prime-time ratings fall since kasiewicz said. “I don’t think reason to do battle with his ri- ence appeal,” Klein said.
Wednesday afternoon. That at any given time. Carlson’s departure, and it television is going to be ced- vals while leading in the polls “You’re not going to be book-
made it Carlson’s highest tally Mark Lukasiewicz, a former faces some competition from ing its place of pre-eminence by a wide margin. ing Donald Trump every night
on X, formerly known as Twit- NBC News executive who right-wing rivals like Newsmax, in political media anytime He also referenced tensions of the week.”
ter, since his acrimonious exit oversaw specials and pro- though it remains the top-rated soon.” with Fox, calling it “a network Carlson launched a free
from Fox in April. Two key duced 10 presidential debates cable news channel. The net- Fox News parent Fox Corp. that isn’t particularly friendly show on X shortly after Fox
measures of engagement, likes and forums between 2004 and work has said and Journal to me,” and said it was similar News ousted him in April, fol-
and reposts, were about 2016, called it an “apples and its prime-time parent News to how he felt in the 2016 lowing Fox’s agreement to
690,000 and about 180,000, oranges” comparison and ratings have Corp share campaign. “I had to fight them pay $787.5 million to settle a
respectively. noted that each side would somewhat re- Fox News has common own- all the way, and they became defamation suit brought by
Nielsen on Thursday said find a way to claim success in bounded since seen its prime- ership. very friendly after I won.” Dominion Voting Systems.
about 12.8 million watched the attracting viewers. it introduced a Carlson and Trump also spoke about the He had occupied the 8 p.m.
Republican primary debate on “I don’t believe one-time new prime-time time ratings fall Patel are trying decline of TV as a medium and slot since 2017 and averaged
Fox News and Fox Business.
That was slightly better than
stunts like the Trump/Carlson
‘interview’ are a game-
lineup in mid-
July.
since Carlson’s to build a sub-
scription-
said, “We’ll get better ratings
using this crazy forum that
more than three million view-
ers a night.
another Fox News Republican changer for Fox News,” said Like all cable departure. driven busi- you’re using than probably the His interview with Trump
primary debate that Trump Lukasiewicz, who is now dean networks, Fox ness, with X as debate—our competition.” was his 19th episode on X. His
also skipped during the 2016 of the Lawrence Herbert faces the long- one likely part- Jonathan Alter, a veteran program on X has featured
cycle, which drew more than School of Communication at term threats of ner. The duo journalist who has covered monologues similar to those
12 million viewers. Hofstra University. “A Carlson- aging viewers and people cut- believes Musk could have even politics and media and is the he did on his Fox show, as
Adequately comparing Carl- backed streaming network, on ting the cable-TV cord. But as more success by venturing be- author of a biography on well as interviews with news-
son’s figures to Fox News’s the other hand, could become of now the cable-TV model is yond right-wing media and Jimmy Carter, said it would be makers including Vivek Ra-
viewership is nearly impossi- that kind of threat,” he said. still very lucrative, with bringing in high-profile left- hard for other politicians or maswamy and Ice Cube.
ble. On X, impressions account Carlson and former White monthly cable-bill fees and ad wing personalities to do news, news personalities to generate Aside from his interview
for the total number of times House adviser Neil Patel are dollars boosting balance people close to them said. the kind of buzz and audience with Trump, Carlson’s largest
a post was seen, which can in- working on plans to turn his sheets. In his interview with Carl- as Trump’s interview with audience was his first episode,
clude multiple views by a sin- social-media act into a broader Threatening the cable-TV son, which was pretaped last Carlson, meaning Wednesday which drew 121.1 million X im-
gle user, according to X’s web- business, The Wall Street news fortress is one thing. week, Trump addressed his night could have been more of pressions.

OVER 40,OOO WINES

TA STE D E ACH YE AR

ONLY THE TOP 2%

M AKE THE CUT

SAVE
$125

THE 12 WINES YOU NEED TO TRY N OW $ 69.9 9 + $19.99 shipping & tax PLUS WE LCOM E G IF TS
Our Top 12 collection features our best finds—all award winners or 5-star favorites. They're $125 off You’ll enjoy two bonus
and come with two bonus gifts as your introduction to the Discovery Club. bottles of this double-
5 more reasons to give us a try: gold-medal Bordeaux
• An exceptional range of international wines and a pair of Dartington
• Convenient home delivery with helpful pairing & serving tips Crystal stemless glasses.
• Total control—delay, skip or cancel cases anytime Worth $62.97
• Extra reward bottles and exclusive member-only deals
• 100% money-back guarantee on every bottle
Raise your wine game today.

O R D E R T O D AY AT wsjwine.com/try12
OR CALL 1-877-975-9463 quote code AF7A007

Offer available to first-time WSJ Wine Discovery Club members only and limited to one case per household. Wines and offer may vary by state. 100% money-back guarantee applies to each wine. Offer subject to availability and club enrollment. All orders fulfilled
by licensed retailers/wineries and applicable taxes are paid. You must be at least 21 years old to order. Offer valid in U.S. only (excluding AR, DE, ID, MS, RI, UT). $75 shipping surcharge applies to AK and HI delivery. CO ($0.28 retail delivery fee per case applies).
WSJ Wine is operated independently of The Wall Street Journal’s news department. Full terms and conditions online. Void where prohibited by law. Please drink responsibly.
P2JW237000-4-A00600-1--------XA

A6 | Friday, August 25, 2023 * ** * THE WALL STREET JOURNAL.

WORLD NEWS
Sabotage Took Down Plane, U.S. Says
Preliminary findings suggestions—from blaming
Ukraine to suggesting that a
suggest bomb might rival of Prigozhin planted a
have exploded on bomb aboard his plane.
A U.K. government official
Russian warlord’s jet said that while Western coun-
tries were still gathering in-
The plane carrying Yevgeny formation about the crash, the
Prigozhin, the head of the most likely suspect of foul
Wagner paramilitary group, play would be Russia’s Federal
crashed as the result of an as- Security Service, or FSB, its
sassination plot but wasn’t domestic intelligence agency.
shot down by a surface-to-air Prigozhin once fielded a
missile, U.S. officials said. force of some 50,000 troops in
Ukraine and spearheaded a
By Michael R. Gordon, monthslong battle to capture
Warren P. Strobel, the city of Bakhmut and hand
Matthew Luxmoore Russia a significant victory.
and Alan Cullison He later said Wagner lost
20,000 men in the fight for
The preliminary Washington the city, most of them convicts
assessments, which officials recruited from Russian jails.
stressed are incomplete, sug- The contingent of Wagner
gest that a bomb exploded on fighters that marched toward
the aircraft or that some other Moscow in June numbered
form of sabotage caused the only several thousand men.
crash northwest of Moscow. Vladimir Osechkin, an ex-
The Kremlin said it is inves- iled Russian-rights activist
tigating the cause of the crash, who helps defectors flee the

ANASTASIA BARASHKOVA/REUTERS
but hasn’t offered an explana- country and is writing a book
tion. Social-media channels about Wagner, said a rift is
close to Prigozhin’s Wagner growing between members of
group have claimed that the air- Wagner’s military command
craft was downed by a Russian and those with access to its fi-
military antiaircraft missile. nances after the death of the
“We have no information at group’s leading figures.
this time to suggest that a sur- Among the victims along-
face-to-air missile was launched A Wagner fighter visits a makeshift memorial in St. Petersburg to honor Prigozhin and nine others who died in a jet crash. side Prigozhin and Wagner’s
against the private aircraft re- top commander Dmitry Utkin,
portedly carrying Yevgeny killed,” Air Force Brig. Gen. Pat offered some praise for Prigo- quarters in the city. “It feels Numerous Telegram chan- according to Russia’s civil avi-
Prigozhin,” said a senior Biden Ryder, a Pentagon spokesman, zhin’s accomplishments, but like losing a father. He was ev- nels close to Wagner Group ation authority, was Valery
administration official. said at a briefing Thursday. It said the Wagner chief made erything for us,” said a man posted a video showing a Chekalov, who had been tasked
U.S. satellites with infrared was the first time the U.S. con- some serious mistakes. “I want who came to mourn Prigozhin. fighter in Wagner uniform with transferring Russian state
sensors can detect the heat firmed Prigozhin’s death. to note that these are the peo- Official information on the kneeling and crying before a money designated to Wagner
from missile launches, and Ryder didn’t describe the ple who significantly contrib- crash and its causes has been makeshift shrine outside a for- through dozens of offshore
none was identified when the downing as an assassination, uted to our common cause of scant. Authorities said all 10 mer Wagner office in Novosi- companies tied to the group.
plane was downed, defense of- and said the U.S. is still as- fighting the neo-Nazi regime people on the plane died, and birsk, a city in southern Russia. “They have no Plan B now
ficials said. sessing the episode. in Ukraine,” he said of the Russia’s Investigative Commit- “All of us are emotional now, that Prigozhin is gone,” Os-
U.S. officials, however, ha- The day after Prigozhin’s Wagner members on the plane. tee launched a criminal probe but we have to hold ourselves echkin said, citing what he
ven’t determined what specifi- death, his supporters flocked “We remember it, we know it, into alleged violations of air- together,” Grey Zone, a channel said were screenshots of text
cally led to the crash and have to makeshift memorials to pay and we will not forget it.” safety rules. close to Wagner, wrote. “Don’t exchanges between Wagner
stopped sort of publicly as- tribute to a man who had In St. Petersburg, Prigo- Russian state media said 10 do anything stupid.” members that had been for-
serting that the downing was staged a short-lived uprising zhin’s hometown, people came bodies were recovered from As with previous deaths of warded to him. “The most im-
an assassination, although nu- against Moscow. to place flowers, candles and the site. State news agency rivals to Putin, the Kremlin is portant Wagner figures died on
merous officials have privately Russian President Vladimir military patches with Wag- RIA cited local residents say- likely to sow confusion over that plane.”
concluded that. Putin broke his silence Thurs- ner’s skull-and-crossbones logo ing they heard an explosion who killed Prigozhin. Russia’s —Nancy A. Youssef
“Our initial assessment is day and offered condolences to outside the building that once before they saw the plane state-run media already has and David Luhnow
that it is likely Prigozhin was the families of the victims. He served as the company’s head- plummet to earth. begun spinning contradictory contributed to this article.

Final Days far as I know, he returned from

Africa only yesterday.”
“Different factions linked to
found pistols, fake passports and
the equivalent of $48 million in
cash and gold bars in his proper-
it had “no precise information
on whether he was in Bangui.”
At the meeting, Prigozhin said

Of Wagner’s the Russian military will proba-

bly try to take over these lucra-
tive business contracts and cre-
ties.
Prigozhin still hoped to sal-
vage the mercenary outposts he
Wagner would reinforce its pres-
ence to ensure security and facil-
itate new investments in agricul-

Prigozhin ate new proxy forces,” said David

Lewis, from the U.K.’s Exeter
University. “Prigozhin was par-
had built in Africa and the Mid-
dle East. A new detachment of
Wagner mercenaries was set to
ture, according to a person
briefed on the meeting.

ticularly skilled at managing rotate into Central African Re-

Continued from Page One these transnational networks, public to secure the country ‘More gold’
trol of a sprawling corporate net- but he is not indispensable.” ahead of an August referendum The following day, Prigozhin
work whose ambitions had out- Countries from Mali to Syria that would allow the president was welcoming the Rapid Sup-
grown President Vladimir Putin’s had come to depend on Prigo- to serve without term limits. An- port Forces commanders from
PMC WAGNER VIA TELEGRAM

comfort. zhin’s hired guns, and just days other contingent was in place, Sudan. As they handed over the
Prigozhin flew back to Russia ago, he was offering his services training the local defense forces. gold, packed in wooden crates
around the same time, stopping to the new military government “We are not drawing down, from Darfur’s Songo mine, the
over in Mali, and weaving of Niger, which seized power last and more than that, we are warlord said he needed more.
through the airspace of client month. ready to go further and increase “I need more gold,” Prigozhin
states he was trying to salvage Yet new mercenary compa- our various contingents,” Prigo- said, according to a Sudanese of-
from Kremlin control. nies, run by Russia’s GRU mili- zhin told Cameroon-based Af- ficial familiar with the conversa-
It was a farewell tour the 62- tary-intelligence agency, were Wagner’s Yevgeny Prigozhin in a video published Aug. 21. rique Media in a July interview. tion.
year-old paramilitary chief didn’t competing to take over Wagner’s But Prigozhin had become Wagner supplies had helped
realize he was making. contracts. Putin had personally from a plastic bag by Prigozhin runways in his jet in case he had concerned that his operations in the paramilitary group score a
When the Embraer Legacy told Touadera, the Central Afri- himself—who in turn often billed to make a swift exit. Africa were being shifted to the series of battlefield victories
600 jet carrying Prigozhin and can Republic president, that the governments by sending his pri- He traveled on fake passports GRU, Russian Telegram channel against Sudan’s Islamist military
his most senior lieutenants fell time had come to distance him- vate jets to collect his arrears in and dispatched advance parties VchK-OGPU, known for leaks government, including the recent
from the sky on Wednesday just self from Prigozhin. When cash. of Wagner cybersecurity experts from FSB, reported. In July, the capture of a weapons factory
40 miles from one of Putin’s Touadera visited Prigozhin’s Since June, the Kremlin had to sweep for bugs. He preferred presidential guard in Niger kid- and the largest police base in
lakeside residences, it cut short hometown of St. Petersburg for a been trying to assert control to brief social media followers napped their pro-American pres- Khartoum. “I am going to make
an international contest that had conference last month, he ab- over that shadowy web of over audio messages—impossi- ident Mohamed Bazoum, and in- sure you defeat them,” he
been quietly playing out for two stained from taking a selfie with murky arrangements. The De- ble to geolocate—or through vid- stalled themselves as the added.
months as both the Kremlin and the Russian warlord. fense Ministry—led by Prigo- eos in locations that were diffi- country’s new military leader- Leaving Bangui, Prigozhin
the self-styled military oligarch For his part, the sardonic ex- zhin’s chief rival, Sergei cult to identify. ship. flew to Bamako, Mali, based on
vied for influence in the coun- convict shrugged off the possibil- Shoigu—had been dispatching Last October, Prigozhin ar- Prigozhin released a voice flight records of a private jet he
tries that once sourced their ity of his impending demise. delegations to inform foreign rived at an air base in eastern memo offering to send merce- frequently used to crisscross the
mercenaries from Wagner. “We will all go to hell,” Prigo- governments that they would Libya to meet the Libyan militia naries to help shore up the junta. continent, posing in front of local
zhin said in an undated video, henceforth do business directly leader Khalifa Haftar. Prigozhin His allies in Mali also met with army pickups in a video, before
released Wednesday by the Grey with the Russian state. After dressed in a military uniform the new Nigerien leadership. heading back to Moscow.
On the run Zone Telegram channel, which the mutiny, Prigozhin struck a with oversize epaulets and So far, Niger appears to have On Tuesday, a delegation
For years, Prigozhin had been frequently publishes official deal with Putin and moved his peaked cap, sporting dark sun- passed on the offer, West African from the Russian Defense Minis-
increasingly living on the run, Wagner statements. “But in hell, forces in Russia to seek shelter glasses and a bushy fake beard. and U.S. officials have said. try landed in Libya at the invita-
changing between wigs to im- we will be the best.” in Belarus. He was surrounded by a retinue Crowds of young men—some tion of Haftar, the Libyan war-
personate bearded Arab military This account is based on in- But Prigozhin refused to re- of six heavily armed henchmen, waving Russian flags and pro- lord who had paid Wagner for
officers while refueling his jet in terviews with more than a dozen tire quietly, crisscrossing the and locals thought he was a fol- Putin placards—however, have securing its oil wells and terri-
the dwindling number of air- African government, military Middle East, Eastern Europe and lower of the fundamentalist Is- marched through the capital, de- tory. Prigozhin’s mutiny had left
ports that would grant him per- and intelligence officials, Wagner Africa in a bid to keep his busi- lamic Salafi movement. manding Niger break from the Haftar’s close circle nervous
mission to land. defectors, activist groups and re- ness links alive. He posted audio Photos from the meeting, re- West. Neighboring Nigeria, wor- about Wagner’s presence in
His Wagner group and the views of encrypted conversa- messages, offering mercenaries viewed by people present, show ried about a band of Russian- Libya, said Mohamed Eljarh, a
hundred-some shell companies it tions and flight data, as well as to the military regime that had Prigozhin smiling through his backed military governments ex- managing director at security
was linked to were mostly corporate organizational charts recently taken power in Niger, beard. Shortly after it was taken, panding across West and Central consulting firm Libya Desk with
known for their mercenary oper- reviewed by the Journal. Prigo- and a video of himself in Mali he shouted at Haftar through a Africa, has threatened to use connections in Haftar’s camp.
ations, but by the end of his life zhin’s flights between Russia and posing with a sniper rifle and translator, demanding some military force to reverse the “They felt that if they do it in
had also expanded into finance, Africa were confirmed by Gleb four magazines strapped to a $200 million for Wagner’s help coup. Russia, they can do it in Beng-
construction, supply and logis- Irisov, a former Russia air force bulletproof vest, vowing to securing the Libyan warlord’s Prigozhin’s death “doesn’t hazi,” said Eljarh, who said the
tics, mining and natural re- officer who spoke to airport “make Russia even greater…and territory, including its oil wells. change anything,” a Nigerian in- two sides discussed a formal de-
sources—and even a thorough- crew. Africa even more free.” Prigozhin later sent another pri- telligence official said. “Russia is fense partnership with the Rus-
bred racing firm, Sporthorses Much of Prigozhin’s dealings vate jet the next month to pick still there. When the Wagner sian government.
Management, controlled by his were shrouded in scores of heav- up the cash. leader is gone, they are still ac- Russian intelligence officers
daughter, Polina. ily sanctioned shell companies Fake passports After the attempted mutiny, tive in Africa…Maybe now the would now be stationed in Beng-
His death leaves the future of that banked in opaque jurisdic- The warlord, who was sanc- the Kremlin began asserting con- Kremlin’s hands will be more hazi, and the head of the Russian
those businesses uncertain. The tions. The veil let the Kremlin tioned by more than 30 govern- trol over the business network strengthened.” contractors will be replaced with
Kremlin now seeks to nationalize claim deniability as the Wagner ments, was accustomed to living Prigozhin had founded. Agents a new mercenary firm set up in
an opaque network centralized group helped Russia amass influ- on the run. from the Federal Security Ser- Wagner’s place. But the same
around Prigozhin’s personal au- ence, fan protests in Africa He flew in planes that regu- vice, or FSB, raided Wagner’s Final campaign fighters would remain.
thority. against pro-Western govern- larly turned their transponders glass office tower headquarters Prigozhin’s last trip began in Haftar asked for spare parts,
On Thursday, Putin expressed ments and swerve around sanc- off and avoided airspace where in St. Petersburg for evidence Bangui, where Touadera and his maintenance and training for its
his condolences for those who tions. Western-allied governments against Prigozhin; across town, intelligence chief Wanzet Lin- aging aircraft fleet and even re-
died on the doomed jet, calling Many of the deals he struck could claim a $10 million State Russian law enforcement seized guissara agreed to meet him in quested that Russia help supply
Prigozhin someone with a “com- with foreign governments were Department reward for informa- computers and servers at his Pa- the Presidential Palace, a white- it with Iranian drones it is using
plicated life story,” who had conducted on a handshake basis, tion on the man alleged to be re- triot Media Group, the social me- washed riverside complex. in Ukraine.
greatly contributed to the Rus- with the details unknown be- sponsible for meddling in the dia troll factory blamed for inter- A spokesman for Touadera “Russia wanted to send the
sian cause. yond a tiny circle of Wagner offi- 2016 U.S. presidential election. fering in the 2016 U.S. election. didn’t respond to a request for message that it’s now a partner-
“He made some serious mis- cials handpicked by Prigozhin. He had been forced to make Pro-Wagner social media chan- comment. Linguissara declined ship between two armies,” a Lib-
takes in life,” Putin said of the His thousands of workers, at least one emergency landing nels were blocked within Russia, to comment. A spokesman for yan security official said, as a
man he once awarded the coun- mercenaries, line cooks, mining in the middle of the Sahara after and some of his subsidiaries the Officers Union, a corps of state-to-state relationship.
try’s highest military honor, the geologists and social-media trolls running out of fuel and fre- were raided by Russian security Russian military instructors in —Gabriele Steinhauser
medal of the Hero of Russia. “As were often paid in cash, at times quently conducted meetings on services, which claimed to have Bangui that backs Prigozhin, said contributed to this article.
P2JW237000-0-A00700-1--------XE

THE WALL STREET JOURNAL. Friday, August 25, 2023 | A7

WORLD NEWS

Moscow Court Extends Instability in Russia Rattles Elites

Reporter’s Detention BY THOMAS GROVE
AND YAROSLAV TROFIMOV
BY ANN M. SIMMONS crets on behalf of Washington.
“Today’s news was expected The mysterious deaths of
A court in Moscow extended but nevertheless deeply disap- Yevgeny Prigozhin and other
by three months the pretrial pointing,” said Emma Tucker, leaders of Russia’s Wagner
detention of Evan Gershkovich, editor in chief of the Journal, paramilitary group, which
the Wall Street Journal re- and Almar Latour, CEO of Dow mounted a short-lived chal-
porter deemed by the U.S. to Jones and publisher of the Jour- lenge to the Kremlin in June,
be wrongfully held in Russia. nal, in a statement. “It’s also a reflect deepening fractures in
A Lefortovo District Court reminder of the fight we’re in as Moscow’s ruling elite as the

ALEXANDER ZEMLIANICHENKO/ASSOCIATED PRESS

judge granted the request of Evan has now been wrongfully country’s bloodiest war in
investigators from the Federal detained for five months—a generations drags on.
Security Service, or FSB, that horrific and sobering milestone The conflict, unleashed by
Gershkovich remain behind in our efforts to free him.” President Vladimir Putin 18
bars awaiting trial until Nov. Gershkovich’s lawyers will months ago in expectation of
30, a court spokeswoman said. appeal the decision, they said. a quick victory, has been
The proceedings occurred be- Legal experts say defen- marked by Russian military
hind closed doors, with no me- dants in Russia, particularly setbacks including an inability
dia allowed in the courtroom. those accused of serious crimes to stop embarrassing Ukrai-
Gershkovich, a 31-year-old such as espionage, rarely suc- nian strikes on Russian cities.
U.S. citizen, was detained while ceed in contesting their deten- Ever-growing losses of men
on a reporting assignment on tion, securing house arrest or and equipment, worsening Russian servicemen on Thursday inspected debris from Wagner group paramilitary leader
March 29. He is being held on being released on bail. economic pain and social fric- Yevgeny Prigozhin’s private jet that crashed in the Tver region north of Moscow on Wednesday.
an allegation of espionage that Russian Foreign Ministry of- tion resulting from the war
he, the Journal and the U.S. ficials have said Moscow would have contributed to growing lieved Prigozhin was right,” loyalty to Shoigu, as well as Prigozhin and other Wagner
government vehemently deny. consider a trade for Gershk- discontent among front-line said Keir Giles, a Russia spe- prominent nationalist critics commanders.
Gershkovich’s pretrial de- ovich only following a verdict troops—discontent that Prigo- cialist at Chatham House, a of the Russian military leader- Questions about Putin’s
tention initially was set to ex- in his case. Some U.S. officials zhin tried to channel. London think tank. ship, have been either detained grip on power have caused
pire on May 29 but was pro- say they think Russian Presi- The result: Growing insta- Wagner’s Council of Com- or relieved of their command. some to wonder whether oth-
longed to Aug. 30 following an dent Vladimir Putin would be bility in Russian politics that manders hasn’t made a state- “What has happened shows ers in Russia’s security estab-
earlier request from the FSB. more likely to consider a swap presents Putin and members ment about the crash. that Putin is no longer con- lishment, perhaps even Shoigu
He is being held in Moscow’s for Gershkovich after the U.S. of his inner circle with poten- Despite mobilizing some trolling the factions that are himself, had given the order to
Lefortovo Prison. presidential election in 2024. tially dangerous new terrain 300,000 reservists last Sep- warring with each other,” said down Prigozhin’s plane.
In certain criminal cases, “The other challenge is Pu- to navigate. tember, the Russian military Russian political economist Ilya Ponomarev, a former
the period of detention before tin saving face,” said Andrea A probe into Wednesday’s hasn’t made any significant Konstantin Sonin, a professor Russian lawmaker who has
trial can be extended for up to Schneider, who directs the plane crash that killed Prigo- new gains in at the Univer- since moved to Ukraine, where
12 months, according to Rus- Kukin Program for Conflict zhin and the founder and chief Ukraine. sity of Chicago. he helps coordinate Russian
sia’s Criminal Procedure Code. Resolution at Cardozo School military commander of Wag- Russian com- “Until the end fighters opposed to Putin, noted
The court can grant extensions of Law in New York. “There’s ner, Dmitry Utkin, has just be- manders in Prigozhin’s ‘death of the war, that Prigozhin’s plane went
in exceptional circumstances. no way he’s going to release gun. But many Wagner sup- s o u t h e r n has created a which will also down just after Shoigu named a
The FSB has said, without an American without him porters say the jet was downed Ukraine have be the end of new commander of the Russian
providing evidence, that Gersh- looking good, however he de- by the Russian military, likely complained martyr and a Putin, we will air force, which is also respon-
kovich was collecting state se- fines that.” on orders from Putin.
Prigozhin’s death rids the
about high ca-
sualties that
focal point for the see more and
more of this. It
sible for air-defense batteries.
At the start of the war, the
Kremlin of one of its loudest have depleted grievances.’ shows a huge Kremlin was most concerned
and most dangerous critics, but the ranks, and disintegration with silencing the tiny liberal
it doesn’t address the root cause military ana- of the system.” opposition. Since June, however,
of the Wagner mutiny or of his lysts say Mos- The conflict Russian authorities have
popularity: Frustration with cow might need another mobi- between Prigozhin and Shoigu started purging “patriotic”
Russian military failures and lization of civilians, a escalated all the way to open critics who support the war
mounting casualties in Ukraine. politically unpopular step, to mutiny this year largely be- but have lost faith in Shoigu
Wagner had been recruiting prevent a collapse of the front. cause Putin was unable or un- and Gerasimov’s ability to suc-
the best within Russia’s armed Prigozhin’s mutiny on June willing to exercise authority cessfully prosecute it.
forces, and its surviving com- 24 sought the dismissal of De- and reconcile the two sides. Andrei Kolesnikov, a senior
YURI KOCHETKOV/EPA/SHUTTERSTOCK

manders have close ties with fense Minister Sergei Shoigu During the uprising, Putin fellow at the Carnegie Russia-
the rest of Russia’s security and the chief of general staff, mostly stayed in the shadows, Eurasia Center, said the Krem-
and military establishment. Gen. Valery Gerasimov. Prigo- outsourcing the talks with lin is most concerned with
“His death has created a zhin, like other hard-line crit- Prigozhin to others, most no- getting its message across to
martyr and a focal point for ics, accused both men of in- tably Belarusian President Al- its own people. “If they are
the grievances not only of the competence and corruption. exander Lukashenko, who said found to be disloyal, they will
remaining Wagner group, but In a purge over the past two he brokered a deal ending the lose not only their posts, but
of the part of Russian society months, several senior military rebellion. As part of that pact, also their health and lives, or
Evan Gershkovich is escorted Thursday to a court hearing. and the armed forces who be- commanders suspected of dis- Putin offered immunity to disappear,” he said.
PP-RES-USA-0191 August 2023 ©2023 Pfizer Inc. All rights reserved. August 2023.

NOT ALL DANGERS

COME WITH
WARNING LABELS

If you’re 60 or older, talk to a pharmacist or doctor Learn more at

about getting vaccinated against RSV today. BewareofRSV.com
P2JW237000-4-A00800-1--------XA

A8 | Friday, August 25, 2023 * ** * THE WALL STREET JOURNAL.

WORLD NEWS

Water Release Vexes a Leader in Seoul Taiwan

Moves
BY TIMOTHY W. MARTIN
AND DASL YOON To Increase
SEOUL—The fallout from
Japan’s release of slightly ra-
dioactive wastewater has al-
Military
ready touched one man in par-
ticular: South
President Yoon Suk Yeol.
Korean Spending
A public fearful of nuclear
exposure is pressing Yoon to BY JOYU WANG
push back harder on Japan.
But the South Korean leader TAIPEI—One year after
has made mending ties with pushing through the biggest
Japan—which strengthens the increase in Taiwan’s military
U.S.’s unified front against budget in recent memory, the
China and North Korea—key island democracy’s departing
to his political identity. president ordered another
A politically weakened Yoon substantial jump in defense
might be unable to bring as spending this week as she tries
much conviction to the trilat- to step up deterrence against
eral relationship with the U.S. China before leaving office.
and Japan. And the Fuku- As if to punctuate its signifi-
shima issue could damage his cance, the unveiling of Tsai
MINWOO PARK/REUTERS

ruling party’s prospects for Ing-wen’s latest defense budget

picking up enough seats in on Thursday coincided with an
next April’s legislative election announcement by China of a
to win majority power. fresh round of live-fire drills
Japan began discharging nearby. It also came hours af-
water from the Fukushima Activists in South Korea protest Japan’s discharge of slightly radioactive wastewater from the Fukushima Daiichi nuclear plant. ter the U.S. State Department
Daiichi nuclear plant on approved the sale of a new
Thursday, just days after Yoon Yoon, a career prosecutor seafood imports from regions beers with Kishida in Tokyo. a plan to settle claims against arms package to Taiwan.
held a high-profile summit at and political neophyte, has ex- near Fukushima will remain in “Yoon only entered politics a Japan by World War II-era Ko- Taiwan’s cabinet proposed
Camp David with President Bi- pressed trust in the science place, officials said. South Ko- few years ago,” Shin said. “If his rean forced laborers without a regular military budget of
den and Japanese Prime Min- and technology behind Japan’s rea’s prime minister said this party loses the election, I don’t Japanese money, a break- $13.9 billion for next year, with
ister Fumio Kishida. The discharge plan, which is ex- week that the country would know who will stay with him.” through in relations between an additional $2.97 billion spe-
Fukushima discharge didn’t pected to take some three de- “always remain ready” to file But on the home front, the two countries. In March, cial budget to cover purchases
come up during that visit, cades and has received a an international lawsuit Yoon lacks a marquee legisla- Yoon became the first South of jet fighters and other weap-
Yoon has previously said. green light from the Interna- against Japan should the tive win, and critics question Korean leader to visit Tokyo in ons. The regular budget, if ap-
Yoon’s approach to the tional Atomic Energy Agency. treated radioactive water fail to his cabinet appointments and 12 years. Kishida made a recip- proved as expected by the leg-
matter upsets many South Ko- He has also called on Japan to meet the promised standards. governance acumen, as well as rocating trip in May. islature, would represent a
reans, roughly 80% of whom be transparent and responsi- Yoon’s approval rating his administration’s string of At Camp David last week, 7.7% increase from last year—
oppose the Fukushima dis- ble, such as by sharing real- stands at about 35%, according prosecutions against rival po- the three sides vowed to coop- the second-largest, year-to-
charge, according to polls. On time monitoring and allowing to a Realmeter poll, a seven- litical leaders. Now Yoon must erate in bolstering security, year jump in the past decade,
Thursday, some 16 college stu- Korean experts to participate point drop from June. deal with the Fukushima back- including by sharing data on trailing only last year’s
dents were arrested for at- in the verification process. A slump in next year’s na- lash without costing the im- North Korean missiles in real roughly 11.3% increase.
tempting to barge into Japan’s The South Korean govern- tional legislative election risks proved relationship with time and conducting annual Military spending in Tai-
Embassy in Seoul. ment has made health and leaving Yoon seen as a lame Japan. joint military exercises. wan was flat for years before
The head of the opposition safety its priority, Yoon’s of- duck for his remaining three or Tokyo-Seoul ties had hit a Like Yoon, Japan’s Kishida Tsai took office in 2016, re-
Democratic Party has likened fice said. “False and manipula- so years in office, said Gi-Wook low point during the adminis- has won generally favorable flecting an era when the risk
Japan’s “contaminated-water tive propaganda does nothing Shin, a Korea expert at Stanford tration of Yoon’s left-leaning marks for his foreign policy of conflict across the 100-mile
terrorism” to its actions dur- to safeguard the health of the University. predecessor, Moon Jae-in. The while facing domestic trou- Taiwan Strait separating the
ing World War II. Another op- Korean people,” it said. His external relations have two countries barely spoke, bles. The water release isn’t island from China was consid-
position lawmaker has floated In a nod to the public un- generally won high marks. He sparring over trade disputes likely to damage his standing ered low. But tensions have
using the party’s legislative ease, the Yoon administration has belted out “American Pie” and historical issues. much, however, because the steadily ratcheted up in recent
majority to pursue Yoon’s im- has held daily briefings and in- in the White House next to Yoon made the Tokyo rela- Japanese public has generally years as Beijing intensified
peachment. creased monitoring. Bans on President Biden and shared tionship a priority. He proposed viewed it as unavoidable. military activity in the strait,
partly in response to warming
ties between Taipei and Wash-

Beijing Casts CIA as Villain in Anti-Spying Push

ington under Tsai.
China’s Communist Party,
which never ruled Taiwan but
claims it as part of China, has
vowed to seize the island—by
BY CHUN HAN WONG tion of an Entire Society,” it as potentially compromising American spy network in the legedly provided intelligence force if necessary.
urged ordinary Chinese to help security, even as foreign busi- country, where authorities to the CIA. The CIA declined Tsai pushed to nearly dou-
SINGAPORE—Chinese build a “people’s line of defense nesses say Beijing’s opacity is jailed about 20 CIA informants to comment. ble Taiwan’s military budget
leader Xi Jinping is expanding for national security.” discouraging them from in- and executed an unknown According to the ministry, during her time in office de-
a campaign to harden the The ministry’s social-media vesting more in the country. number of them, according to the CIA recruited Zeng and Hao spite some public misgivings
country against foreign efforts offensive lands amid rising Earlier this year, the govern- former U.S. officials familiar while they were studying and skepticism about the likeli-
to steal its secrets, with his tensions and mutual distrust ment raided the Beijing offices with the episode. abroad in Italy and Japan, re- hood of conflict. The war in
spymasters warning citizens between the U.S. and China, of the New York-based due-dili- In early August, American spectively. Both suspects be- Ukraine has helped her make
abroad to guard against en- with each power portraying gence firm Mintz Group. Regu- officials announced the arrest came acquainted with officials her case, analysts said, by dem-
ticement from the U.S. Central the other as a strategic threat. lators recently ordered Mintz of two U.S. Navy sailors who at the local U.S. Embassy, who onstrating that unprovoked in-
Intelligence Agency. Both sides have also traded to pay roughly allegedly pro- cultivated close relationships vasion by an authoritarian
The Ministry of State Secu- spying allegations, with Wash- $1.5 million in vided Beijing with the two Chinese nationals. neighbor is a real possibility.
rity—China’s main civilian in- ington accusing Beijing of financial penal- with military Zeng, now 52 years old, “To maintain peace, we must
telligence agency—recently ac- running cyberattacks and es- ties for con- U.S. and China secrets after agreed to provide sensitive in- make ourselves strong first,”
cused two Chinese nationals pionage efforts against Ameri- ducting “for- portray each they were ap- formation on the Chinese mili- Tsai said on Wednesday on the
of spying for the U.S., saying can targets, and vice versa. eign-related proached by tary in return for large re- outlying island of Kinmen.
both were recruited by the Federal Bureau of Investiga- statistical inves- other as Chinese intelli- wards and the promise that Just before the unveiling of
CIA while living overseas. It
publicized the cases soon after
tion Director Christopher Wray
has cast China as a major
tigations” with-
out authoriza-
a strategic gence officers.
That is when
Zeng’s family can migrate to
the U.S., the ministry said.
Taiwan’s latest defense bud-
get, the State Department said
CIA Director William Burns source of spying threats against tion. threat. Beijing began Hao, now 39, agreed to try it had approved a $500 million
said the agency had made the U.S., saying last year that In a throw- to strike back joining a Chinese ministerial- arms package that included
progress in rebuilding its spy his agency had about 2,000 on- back to the with its own level government agency, and infrared tracking systems for
network in China, an assertion going investigations that poten- Cold War, the disclosures. On went on to supply intelligence F-16 jet fighters.
that drew widespread atten- tially involved Beijing, and on Chinese state-security minis- Aug. 11, the state-security to the U.S. in return for fees, “We must continue to im-
tion on Chinese social media. average was opening two new try is promising to make it ministry published a WeChat according to the ministry. plement defense reforms, push
The disclosures are part of China-related counterintelli- easier for members of the post saying a Chinese na- The ministry said Zeng’s for defense self-reliance, and
the Chinese state-security min- gence probes a day. public to report suspicious be- tional, surnamed Zeng, work- case has been transferred to continuously enhance our mili-
istry’s first-ever public foray on China’s counterespionage havior and educate the masses ing for a Chinese military-in- prosecutors, while investiga- tary strength and resilience,”
social media, where it has so- publicity drive reflects the ex- about security threats using dustrial group was recently tions into Hao’s case were con- Tsai told an audience of mili-
licited the public’s help in alted position that national real-life cases. detained for giving sensitive tinuing. The ministry didn’t tary leaders, war veterans,
fighting espionage and other security has acquired under Beijing’s primary spying information to the CIA. On provide any other identifying their families and descendants.
threats to national security. In Xi. Chinese authorities have concern emanates from the Monday, the ministry revealed information, apart from their Hours later, China announced
its debut post on the WeChat appeared particularly con- U.S. In the early 2010s, a U.S. another case, this time involv- birth month and year. a new round of two-day, live-
app on Aug. 1, titled “Counter- cerned about locking down intelligence breach allowed ing a Chinese bureaucrat— —Warren P. Strobel fire drills off the coast of Fujian
espionage Requires Mobiliza- flows of information they see China to dismantle a major surnamed Hao—who also al- contributed to this article. province, facing Taiwan.

FROM PAGE ONE

Funds Eye might not need to file for

bankruptcy and the company
could possibly avoid restruc-
WeWork’s quarterly
net losses
“By finally addressing our
cost of rent in a meaningful
way, we will be able to con-
ties filings. The company said
in its August filing that it is at
risk of running out of cash as
in secondary markets saw its
2027 bond recently quoted at
a discounted price of around

Options for turing its debts, the people $0 billion tinue to invest in our member members are churning at a 55 cents to the dollar, a sign
said. experience and new products faster pace than expected. that investors don’t expect the
Discussions between the and services,” Tolley said. WeWork’s Wall Street cred- company will repay its debts

WeWork
–0.5
company and its creditors Since the end of 2019, We- itors are better positioned to in full.
might begin later this year, Work amended or canceled negotiate with the company Bankruptcy would likely
some of the people said. hundreds of its leases, result- because they are senior se- zero out WeWork’s publicly
–1.0
Bankruptcy would mark a ing in an estimated reduction cured lenders, putting them traded stock. Most companies
Continued from Page One low point for the once-highfly- of $12.7 billion in fixed lease ahead in the line to be repaid that file for bankruptcy usu-
of our creditors have perspec- ing WeWork, which briefly payments, according to securi- before other investors. In ally cancel their shares out-
–1.5
tives on an ultimate financial was the world’s most valuable ties filings. Still, the com- March, BlackRock, King Street, standing and give control to
restructuring of the company, startup valued at $47 billion. pany’s chief has said the cost Brigade and other funds ex- creditors or third-party inves-
they have not yet shared those Concerns about former Chief of rent and low occupancy re- changed over $1 billion of un- tors by issuing new stock.
–2.0
opinions with us,” said Tolley, Executive Adam Neumann and main the company’s main secured bonds for about $700 This could lead to losses for
who was appointed in May. “I his management style led We- challenge. million of secured debt and investors such as SoftBank,
think it would be completely Work’s board to dismiss Neu- –2.5
Bankruptcy protection al- floated WeWork about $500 which is one of WeWork’s big-
premature to develop perspec- mann and shelve plans for an lows companies to exit from million in first-lien debt, ac- gest shareholders. Even as the
tives on that until we hear initial public offering in 2019. 2020 ’21 ’22 ’23 fixed contracts such as prop- cording to company filings. company’s fortunes changed
from a large number of our Since then, WeWork Source: S&P Capital IQ erty leases. WeWork has an Law firm Kirkland & Ellis and in recent years, SoftBank con-
landlords.” slashed about half of its work- estimated $10 billion in lease financial adviser PJT Partners tinued to amass shares in the
The fund managers became force and slowed its growth have been impacted by the re- obligations due starting from advised the company on the company. In March, SoftBank,
some of WeWork’s most im- internationally as it strives to cent increases in member the second half of this year transactions. run by Japanese billionaire
portant investors after they become profitable. This churn…substantial doubt ex- through the end of 2027 and SoftBank, at that time, Masayoshi Son, swapped more
lent $1.2 billion in new debt to month, the company reported ists about the company’s abil- an additional $15 billion start- carved out protections for it- than $1 billion of its debt for
the company in March, ac- it still hasn’t achieved profit- ity to continue as a going con- ing in 2028, according to pub- self. WeWork agreed that Soft- about 1.1 billion of newly is-
counting for about 50% of its ability, attributing that to ex- cern.” lic filings. Bank’s secured debts must re- sued WeWork shares, equal to
long-term debt, according to cess supply of commercial real WeWork’s chief said the Although WeWork has tried ceive the same treatment as about 50% of the company’s
public filings. estate, greater competition for company is facing a challeng- to stem its losses, the com- debts held by the new group total share float, according to
If WeWork is able to rene- flexible space and economic ing quarter and that because pany burned through around of investors, especially if We- public securities filings. Soft-
gotiate a sufficient number of uncertainty. of its high cost of rent, it $530 million during the first Work files for bankruptcy, ac- Bank declined to comment.
its high-cost office leases with WeWork’s management struggled to be able to invest six months of 2023 and has cording to a public company WeWork shares traded at
landlords and bring down its warned at that time that “as a in members’ experiences at its around $205 million of cash presentation. about 14 cents on Thursday,
cost of rent, the company result of our losses…which office spaces. on hand, according to securi- Trading of WeWork’s debt up 13% on the day.
P2JW237000-4-A00900-1--------XA

THE WALL STREET JOURNAL. * * * * Friday, August 25, 2023 | A9

FROM PAGE ONE

Response to old said she asked for the visit

because she had been feeling
depressed.

Mentally Ill As the trio chatted in the

triple-digit heat, Det. Cody
Smith asked her a series of

Falls Short questions and encouraged her

to reach out anytime. If need
be, he said, a patrol officer
could always stop by—a pros-
Continued from Page One pect Sandoval found unnerv-
year in Mesa, dispatchers went ing. She brought up the Perez
with nonpolice mental-health killing, which she said scared
units 3,500 times, according to her.
the city. “I don’t want them to Me-
Getting clinicians to the lissa Perez me. I get very con-
right place at the right time is frontational when it comes to
proving difficult, local officials uniformed officers,” she said.
and behavioral-health experts “We’ll try to avoid that as
say. Cities often don’t have much as we can,” said Officer
enough of them to make a dif- Cynthia Lindley, who wore
ference, blaming funding short- jeans and a button-down shirt.
falls. In addition, knowing San Antonio’s Astin—who
when to send clinicians in- primarily works on a different
volves a large degree of guess- team comprising a police offi-
work. Dispatchers often err on cer, paramedic and clinician—
the side of sending police, par- scanned a log of 911 calls one
ticularly when details of 911 morning looking for a good fit
calls are sketchy. for his co-response team. He
“Unfortunately with only saw one caller had mentioned a
one team, sometimes it means runaway robot before hanging
that we’re not available,” said up. He recognized the address:
Roger Astin, a San Antonio po- The team carried out an emer-
lice officer who is part of a gency psychiatric detention of
three-member mobile team Members of a mobile crisis a woman there in January.
that also includes a paramedic team in San Antonio, above; The crew piled into two un-
and a mental-health clinician. police officer Roger Astin marked white SUVs. Astin radi-
scans 911 call logs, right, for oed to have a uniformed officer
suitable cases for the team sent as backup. Outside the
Deadly encounters home, the team met the stepfa-
Mobile crisis teams—a mix some risk. Two years ago in ther of the woman the team
of police and clinicians, or just Tucson, Ariz., two social work- had assisted in January. The
clinicians—became more popu- ers were abducted at gunpoint 22-year-old was faring better,
lar after the murder of George and then later released physi- the stepfather said, though she
Floyd in 2020 by police offi- cally unharmed by the man believed she was a robot who
cers, when law-enforcement they were sent to assist. had fled the government.

KAYLEE GREENLEE BEAL FOR THE WALL STREET JOURNAL (2)

tactics came under scrutiny. In Orange County, Fla., Sheriff Astin said the team would
the past few years, about a John W. Mina pairs mental- like to see her if it wouldn’t rile
hundred municipalities nation- health workers with a deputy her up. Moments later she
wide have formed or an- because he doesn’t feel com- walked up the driveway from
nounced plans to roll out non- fortable sending them out the back of the house, her
police emergency-response alone. Since the joint teams brown hair mussed and her
teams, according to a tally by started in January 2021, they gaze vacant. “I’m OK,” she said
Indivisible Eastside, a liberal have responded to 8,100 calls quietly, gave two-thumbs-up
activist group in Washington and have made no arrests. No and backed away.
state. In addition, some police mental-health workers have Such an approach helps
departments have boosted the been harmed. safeguard clinicians. It can also
ranks of their own behavioral- “That tells me this is a bet- tie up officers who might oth-
health units. ter way,” Mina said. erwise be dispatched to deal
There is scant comprehen- When police in San Antonio with serious crime.
sive data on police killings of on June 23 confronted Melissa In Houston last year, dis-
people with mental-health is- Perez, a 46-year-old mother of ments from time to time, but hour they were outside her filed on behalf of Perez’s chil- patchers diverted from police
sues. The available numbers four with schizophrenia, she also said she would bring them apartment. dren alleges systemic problems roughly 8,000 of the 1.1 million
suggest a continuing overreli- told them she thought the Fed- home-cooked enchiladas. Rela- Alexis Tovar, Perez’s 24- with the police department. A 911 calls, though officials say
ance on law enforcement, a eral Bureau of Investigation tives described a loving, bois- year-old daughter, said the lawyer for one of the charged 46,000 calls—more than five
finding backed up by local offi- was spying on her. They tried terous mother with a taste for shooting has shaken her long- officers said that his client was per hour on average—involved
cials and behavioral experts. to arrest her for cutting fire- McDonald’s coffee and clothes standing confidence in law en- being scapegoated and that his mental health in some way,
Every year since 2015, police alarm wires at her apartment from Ross. forcement. “I’ve called them actions were lawful. Lawyers meaning cops handled an out-
in the U.S. have killed between complex. Perez barricaded her- Perez began exhibiting signs before and you think, ‘Oh, the for the two other officers size share of such cases.
200 and 300 people who self in her apartment, threw a of paranoia in 2021, according police are there, she’s fine,’” didn’t respond to requests for Tucson has been able to
showed signs of mental illness, glass object at an officer and to family members who say she said. comment. strike a balance between the
according to the nonprofit broke a window with a ham- they paid for online psychiatric San Antonio Police Chief Police in Los Angeles and competing needs of mental-
Mapping Police Violence, which mer. care and medication. City po- William McManus said Perez’s Albuquerque have also killed health and crime calls, behav-
analyzes news accounts and of- “You’re gonna get shot!” an lice twice took her to a psych actions that night constituted people with mental-health ioral experts say.
ficial records. Since 2020, the officer can be heard in body- unit on an emergency deten- an escalated mental-health call. problems in the past 12 When police get involved in
number has declined 15% to camera footage shouting at tion, said Daisy Nieto, Perez’s He said SAPD officers know to months. mental-health calls there, offi-
206 last year. It is an imperfect Perez, about 20 minutes before former sister-in-law who re- contact the mental-health unit, cers can take people to the Cri-
method for tracking mental- three officers opened fire into mained close to her. which operates from 7 a.m. to sis Response Center, a non-
health-related police killings her apartment, killing her. The Nieto, a licensed clinical so- 11 p.m. and has members on Responding to a call profit-run stabilization unit
and doesn’t account for use of three, who have been sus- cial worker, said she doesn’t call overnight. He said a lack of Mental-health-related 911 where a handoff to a clinician
force that doesn’t result in pended, haven’t yet entered understand why officers on the supervision led to the incident, calls in San Antonio soared takes minutes. The center is a
death. pleas to murder charges. scene apparently didn’t learn as well as a failure to follow during the Covid pandemic, better option than a hospital
“These programs have failed Perez lived alone. Neighbors about Perez’s psychiatric his- protocols. rising from about 21,400 in emergency room, let alone jail,
to live up to their potential,” recalled her making odd com- tory during the more than an A wrongful-death lawsuit 2019 to roughly 32,000 last officials say. Quick handoffs
said Rebecca Neusteter, execu- year. The police department’s mean officers can get back on
tive director of the University mental-health unit was formed the street faster.
of Chicago Health Lab and lead 15 years ago. It consists of 20 Police dispatchers, and
investigator of Transform911, officers assisted by three clini- therefore police officers, are of-
an initiative to rethink the na- cians, who together last year ten bypassed altogether. In
tion’s 911 model. She cited in- responded to about 5,200 calls 2019, Tucson placed crisis spe-
adequate and inaccurate call across the city of about 1.5 mil- cialists at the 911 center itself.
coding that can leave 911 oper- lion residents. Members, some In nearly all cases, officials say,
ators without enough informa- of whom have advanced train- they either resolve 911 mental-
tion to send the best response, ing, say they are stretched thin. health calls over the phone or
as well as resource shortages. “We have to really be de- dispatch clinicians to the
In Minneapolis, almost 10% pendent on training our patrol scene.
of 911 calls between 2016 and officers departmentwide on “Back in the day, we would
mid-2022 related directly to a handling what would be a typi- send some brand-new, bright-
behavioral-health issue. Most cal mental-health disturbance,” eyed, bushy-tailed cops with a
SAN ANTONIO POLICE DEPARTMENT

of the time, the Minneapolis said Lt. Paul Castillon, who gun on their hip to go deal
Police Department was the pri- oversees the unit. with somebody who’s in a
mary or sole responder, mostly One July afternoon, two of- mental-health crisis,” said
because a behavioral-health ficers in the unit—not in uni- Sharon McDonough, who di-
team wasn’t available, accord- form but with guns holstered rects the city’s Public Safety
ing to a U.S. Justice Depart- and badges visible—drove to Communications Department.
ment report released in June. northwest San Antonio in re- “And we’ve all seen the head-
Part of the conundrum cities sponse to a text message from lines of how that doesn’t work
face: Sidelining police carries Body camera footage of police at the home of Melissa Perez before she was shot and killed. Vanessa Sandoval. The 37-year- well.”

No Newts Is build a special pond, or, as he

called it, “a newtopia,” to
house them.
lively 8-year-old springer
spaniel, charged around a field
here in southwestern England,
it means the tests must be
completed between March
and July as that is the only
Recently, newts have suf-
fered a public-relations set-
back, becoming a symbol for
for crested newts in nearby
water. She is trying to install
several solar panels at her

Good Newts If a newt is found in a

pond near a construction site,
mitigation measures must be
lying prone whenever she
sniffed a crested newt. Her
handler, Nikki Glover, is an
time the newts get it on, an
elaborate ceremony which
can include the small male
unnecessary bureaucracy in a
country where getting permis-
sion to build anything is
house in Sussex. King Charles
was warned about disturbing
newts by a British amphibian

For Some taken before the first brick is

laid. That can range from
building a special “newt
ecologist who works for Wes-
sex Water, a utility that wants
to install water pipes in the
newt tail-whipping his larger
partner. “There are seasonal
constraints,” says John Wen-
lengthy and expensive. Britain
faces an acute housing short-
age, and homes remain unaf-
lobby group when he recently
proposed to build a gift shop
at his residence at Highgrove.
fence” to protect it from wan- area in September. It needs a man, who runs an ecological fordable for many families. Crested newts briefly threat-
Continued from Page One dering into harm’s way to newt count before it embarks consulting firm in Berkshire. “For many years now, the ened a plan by Ed Sheeran to
protected status here because hand collecting newts to on plans to move them to a The little amphibian plays an great crested newt has had to build a chapel on his property
its population is shrinking. move them to an artificial suitable habi- outsize role in live with a bad name,” Natural until he built an amphibian-
Purposely killing a crested wetland, a la Johnson’s tat. British culture. England, a government agency proof fence to protect them.
newt or destroying its habitat planned pond. Soon after “Eye of newt” is tasked with protecting the en- Many newt consultants rely
can result in a six-month jail The regulations have starting to sniff Trained sniffer a key ingredient vironment, warned on a blog a on low-tech methods such as
sentence and unlimited fine. spawned numerous newt con- around, Freya dogs comb in the witches few years back. “torching,” or shining flash-
So before anything is built, sultants, who charge a fee that tugs at her brew in Shake- When developing the sta- lights at ponds during the
Britons must be sure the area starts at around £200 ($253) leash and dives ponds near speare’s Mac- dium for the 2012 London night to count crested newts.
is newt-free and no newt
home is harmed, a process
to make sure homeowners
don’t run afoul of the law.
into a thick
bush of bram-
construction beth (although
even those
Olympics, newts on the site in
east London were hand col-
Glover, the ecologist,
swears by dogs. When a sew-
that can take months and cost Teams of trained sniffer dogs bles. “There’s sites. w i t c h e s lected in special plastic bottles age pipe cracked near Bristol
thousands of pounds. can be employed to comb interest there,” wouldn’t actu- and moved elsewhere. In 2017 recently, Wessex Water had to
Johnson once railed against ponds near construction sites Glover says, be- ally hurt a the U.K. government reported make sure no crested newts
“newt counting” as a symbol to give the all-clear. There are fore yanking on newt—the ex- that a house builder once paid would be harmed during the
of excessive red tape hamper- special “newt tunnels” dug a plastic glove and reaching pression is a pseudonym for an average of £2,261.55, or repair. Glover and Freya ap-
ing Britain’s notoriously slow under several major British into a small muddy crevice. Her mustard seed). When British more than $2,800, per relo- peared and within days had
housing developers. But when roads—often costing millions hand emerges cradling a newt. people get very drunk they say cated newt. “No newts is good evacuated 86 newts. She esti-
his plan to build a swimming of pounds—that allow the ani- The British government they are “pissed as a newt” (or- newts,” said one headline in mates more traditional meth-
pool at his Oxfordshire manor mals to crawl around freely. champions kits that detect igins unclear but perhaps Building Magazine. ods would have required a
was recently delayed because They have to be over 6 feet DNA in pond water that it linked to young sailors who Actress Cate Blanchett had month of newt hunting.
it might disturb newts that wide; otherwise they get too says can cut the red tape and were called “newts”). Former to acquire a special license “There is no other tool that
might be in his nearby moat, chilly and the newts refuse to find crested newts when they London mayor Ken Livingstone after newt consultants con- would show you there is a
Johnson offered to roll out the use them. congregate during their made political hay by owning cluded there was “average to newt in the burrow,” she
red carpet. He pledged to On a recent day, Freya, a breeding season. Annoyingly pet newts. excellent habitat suitability” says.
P2JW237000-0-A01000-1--------XA

A10 | Friday, August 25, 2023 THE WALL STREET JOURNAL.

ARTS IN REVIEW
FILM REVIEW | KYLE SMITH

Helen Mirren as a Woman at War

The Oscar winner plays Golda Meir, Israel’s first female prime minister, as she leads her country in a life-and-death struggle

T
he 1973 Yom Kippur War
exists in memory as a
relatively straightfor-
ward victory for Israel
19 days after a simulta-
neous attack by Syria
and Egypt on either side of it. But
the war’s conclusion was anything
but foregone, and the sobering
biopic “Golda” revisits those tense
days with a visceral and admirable
sense for how overwhelming it is
to lead a nation through war.
Framed by a postwar investiga-
tory commission that grilled Golda
Meir, the Israeli prime minister
from 1969 to 1974, the film re-
minds us that though she, only the
fourth woman elected to lead a
country, is remembered as a hero,
she was the source of considerable
controversy at home. Opponents
argued during and following the
war that Israel’s Iron Lady waited
too long to mobilize, failing to
heed warning signs. The film,
which is respectful but not hagio-
graphic, suggests instead that
Meir’s performance throughout
was solid.
Helen Mirren stars in the title
role, but she is nearly upstaged by
her co-star, which is the heavy
layer of prosthetics on her face. So
prominent is this makeup job that
it’s almost as if Ms. Mirren is
wearing a Halloween mask. A
lighter touch might have been less
distracting, though one does get
used to the effect as the film goes
on. If it’s Ms. Mirren’s goal to dis-
appear, the mission is accom-
plished and then some. It’s diffi-
cult to spot any trace of the
Oscar-winning actress, who also memories of a thousand fights. ment director Guy Nattiv re-cre- imminent because of the omni-  Lior Ashkenazi and Helen Mirren
transforms her voice to match the She’s old enough to remember ates in all of its brown-and-beige science afforded him by his sur- in ‘Golda,’ written by Nicholas
gravelly tones of the imperious when Cossacks would kill Jews for dinginess. Meir learns at the out- veillance systems: She learns only Martin and directed by Guy Nattiv
premier, a chain-smoker with an sport, and is disinclined to heed set that, although Egypt appears much later that they had not been
almost ludicrous attachment to the urgings of Henry Kissinger to be mobilizing, it has done so switched on when the attack was
cigarettes who even lights up on a (Liev Schreiber) to take it easy on more than 20 times in that year. about to launch. usually blunt about the internal
hospital gurney as her lymphoma Egypt lest she draw the Soviet Moreover, feints are an estab- Nicholas Martin’s script es- devastation that comes with over-
is being discussed. It’s a marvel- Union into the conflict. lished tactic of Israel’s Arab antag- chews stirring speeches and he- seeing military operations. Mr.
ously self-effacing performance, Joining a movie trend toward onists, who understand that a roic posturing in favor of such Nattiv and Mr. Martin stay in the
free of flourishes or preening. Ms. summing up a famous person by small country’s economy can be critical fog-of-war minutiae, show- meeting rooms instead of visiting
Mirren simply is Meir, a Milwau- focusing on a single determining severely damaged by constant mo- casing how leaders in Meir’s posi- the battlefields, which ensures
kee-reared, Kyiv-born woman period, “Golda” takes place almost bilizations. One of her top military tion often find themselves with no there is nothing that could be mis-
whose face is etched with the entirely in October 1973, a mo- advisers swears an attack can’t be good options. As a forward Israeli taken for a rousing action se-
position is overrun by a superior quence, and they are far less inter-
Egyptian force, her military advis- ested than most makers of such
ers tell her to hold back on a films in painting their subject as a
counterattack because that is ex- master strategist for whom con-
actly what the Egyptians hope for. flict brings glory. Even a brief, vic-
And so she listens in horror to ra- torious war brings a cascade of
dio transmissions as the troops horror. Ms. Mirren’s Meir follows
are simply slaughtered. One of the audio and video feeds of the
them is the son of a typist who climactic tank battle—an auda-
works for her; the detail brings cious move across the Suez Canal
home how small the country is. and into Africa—with such inten-
Yet Mr. Martin also brings off sity that this scene becomes a
lighter moments, such as when nerve-twisting illustration of how
Kissinger tells Meir that he’s an even the best days at battle can be
American first, secretary of state utterly exhausting.
second, and a Jew third. “You for- Ms. Mirren and the film do us
BLEECKER STREET/SHIVHANS PICTURES (2)

get,” she replies, “that in Israel we all a service in declining to paint

read from right to left.” Meir as a legendary figure but in-
Though the contours of its stead observing that although she
story are fairly standard states- was a strong leader who can
man-at-war drama, “Golda” is un- rightly be credited with saving her
country from annihilation, crisis
forced her to make grueling deci-
 Ms. Mirren and Liev Schreiber; sions whose psychic burdens she
Mr. Schreiber plays Secretary of bore heavily. No wonder she
State Henry Kissinger. smoked so much.

TELEVISION REVIEW | JOHN ANDERSON Mr. Shorter, in his Dalai

Lama-meets-Yogi Berra

Wayne Shorter, fashion, has much to say.

There’s an elusive,
ephemeral, seductive

Jazz’s Great Mystic

quality to Ms. Alavi’s se-
ries that had me watch-
ing it in one great gulp,
never mind any pre-ex-
isting affinity for Wayne

A
t the end of “Portal 1”—as epi- gentleness is as disarming as his Shorter. The life story
sodes of “Wayne Shorter: observations on music and life, and being told may be one of
Zero Gravity” are desig- whose résumé was as weighty as great reward and numer-
nated—bassist Dave Holland recalls anyone’s in jazz. A saxophone prod- ous awards—including a
a comment by the late, great saxo- igy from Newark, N.J., he studied Kennedy Center Honor in
phonist-composer at the heart of classical composition at NYU, joined 2018—but it is also one
the series. “I wonder what happens Art Blakey’s Jazz Messengers in of multiple calamities, in-
when you get to the end of the uni- 1959, succeeded John Coltrane as cluding having been left
verse,” mused Mr. Shorter, whose Miles Davis’s tenor saxophonist in to raise one daughter as
life and career were spent traveling what would be the great Davis a single father and the
along the edge of the art-jazz cos- quintet of the ’60s (which included suffering of another
mos; it seems perfectly reasonable Ron Carter, Tony Williams and Mr. child, who was neurologi-
that an astrophysicist Shorter’s close friend cally disabled and died
(Neil deGrasse Ty- Herbie Hancock) and very young. His wife Ana
son) should be later founded Maria and a niece per-
among the prominent A documentary Weather Report with yscapes into the narrative; and, in a  Saxophonist and composer ished in the crash of TWA Flight
players in a Shorter explores the keyboardist Joe gesture that may seem right on the Wayne Shorter, who died earlier 800 in 1996 while en route to meet
story. And one of the Zawinul. In each nose, Mr. Shorter himself, superim- this year at age 89. Shorter in Italy. He subsequently
intoxicating things musician’s life, group, Mr. Shorter posed, wearing his monochromatic married Carolina Dos Santos, who
about “Zero Gravity”
is that writer-director
work and cosmic was a principal com-
poser and with
Mao suits and floating through the
series in the chair from which he Hancock, Reggie Workman, Marcus
appears extensively here (she is
among the executive producers,
Dorsay Alavi not only worldview. Zawinul and Weather performed in his later years. (He died Miller, Carlos Santana, Terence along with Brad Pitt, Dede Gardner
appreciates her sub- Report helped bring in March at age 89.) Blanchard, Terri Lyne Carrington and Mr. Santana) and offers enor-
ject’s space-child in- fusion jazz into the Having had several years to com- and Esperanza Spalding. Members mous insight into Mr. Shorter’s
clinations, but makes pop mainstream. plete her series enabled Ms. Alavi of the last Wayne Shorter Quartet— emotional and musical processes.
them an essential part of her musi- Begun in 2013 and completed in to include a pantheon of current bassist John Patitucci, pianist Da- That it is an entirely other world we
cal, celestial, must-see documentary. 2018, “Zero Gravity” strives to com- jazz-pop stars—Joni Mitchell, for in- nilo Pérez and drummer Brian get to enter is something with
You needn’t have met Wayne port itself with Mr. Shorter’s some- stance, with whom Mr. Shorter col- Blade—are playing and talking. And which Mr. Shorter would have likely
Shorter, or gotten very far into the times otherworldly music and self laborated extensively, and Mr. Roll- many musicians who influenced or agreed. But Ms. Alavi rolls out the
three-part “Zero Gravity,” before you through a visual approach that incor- ins, the only living saxophonist hired Mr. Shorter in his early incar- welcome mat.
miss the man, whose standards porates black-and-white, cutout ani- arguably more influential than Mr. nations—including Horace Silver,
were as uncompromising as his mation that recounts Mr. Shorter’s Shorter himself. Jimmy Heath and Charlie Parker, Davis and Blakey— Wayne Shorter: Zero Gravity
point of view may have been pixi- incongruously enchanted Newark Curtis Fuller have died since being are seen in archival footage. The Friday, Prime Video
PRIME VIDEO

lated. As is noted on camera by the boyhood with his brother, Alan; ani- interviewed, but there is a who’s sense is of the fleeting nature of
revered Sonny Rollins, no one mation of various formulations that who of living giants in “Zero Grav- time and space, the musical contin- Mr. Anderson is the Journal’s TV
sounded like Mr. Shorter, whose incorporates animals, nature and cit- ity”—Mr. Holland, Mr. Carter, Mr. uum, and other things about which critic.
P2JW237000-0-A01100-1--------XA

THE WALL STREET JOURNAL. Friday, August 25, 2023 | A11

ARTS IN REVIEW
THEATER REVIEW | CHARLES ISHERWOOD

Two Dramas
Of Discontent
‘Pay the Writer’ is a clichéd play about an acclaimed author
on his deathbed; ‘Small’ is a vivid account of an aspiring jockey

T
New York Bruston comes closer that happens to us when
he title “Pay the than most to being a we’re children.” Presumably
Writer” might fleshed-out character, and his prose was more original
seem to indicate a Mr. Batt (“Mad Men”) gives than his conversation.
ripped-from-the- a solidly engaging perfor-
headlines play mance, but Bruston’s status i i i
about Hollywood as a lovelorn gay man—his
strikes. Unfortunately, no. grand amour may have at- When does a dream become
Watching Fran Drescher tempted to kill him, and a delusion—and a poten-
square off with the studio then absconded with all his tially fatal one? That is the
bigwigs would probably money—also makes the tense question implicitly
have more sizzle than this character feel like a worn posed in “Small,” a gripping
slick but glib drama about a stereotype. and vividly acted one-man
literary lion in late winter. Under the direction of show written and performed
The protagonist of Tawni Karen Carpenter, the actors by Robert Montano.
O’Dell’s play is Cyrus Holt all give respectable perfor- The autobiographical
(Ron Canada), a black writer mances. Ms. Cross (“Desper- “Small” unspools the story
who achieved fame with his ate Housewives”) provides a of young Bobby, whose early
“Pulitzer Prize-winning, polished turn as Cyrus’s love of dancing—of Puerto
seminal novel about racism much-mistreated ex, who Rican descent, he dreams of
in the military during the hasn’t seen him in 20 years. being Bernardo in “West
Vietnam War,” as he help- But their scenes together Side Story”—gives way to a
fully, if wryly, informs us. mostly consist of rehashing new obsession when his
Cyrus has a terminal illness, their turbulent marriage; he mother takes him to the
and the play proceeds as a was a philanderer and alco- Belmont Park racetrack near
travelogue through his life, holic. The scenes between their Long Island home. En-
with scenes in the past alter- Cyrus and his estranged chil- tranced by the horses but
nating with those in the dren also are freighted with also intrigued by the jock-
present, as his agent and unhappy or wistful reminis- eys in their glossy finery,
close friend, Bruston (Bryan cences—less than compelling Bobby, who at age 12 is just
Batt), attempts to facilitate dramatic material. 4 feet 6 inches tall and self-
near-deathbed conscious about
reconciliations his stature, sees
with his ex-wife for himself a new
Lana (Marcia future.
Cross)—there are Mr. Montano,
two more, and a a vibrantly watch-
current spouse— able performer, phetamines seemingly by Marcia Cross and Ron
and his grown plays many char- the fistful. Canada in ‘Pay the Writer,’ Pay the Writer
children, Leo acters as Bobby Directed with finesse by by Tawni O’Dell, above Pershing Square Signature
(Garrett Turner) begins his odys- Jessi D. Hill—one almost Center, 480 W. 42nd St.,
and Gigi (Danielle sey through the imagines a riding crop in New York, $40-$140,
J. Summons). horse-racing her hand as Mr. Montano’s than 30 years, is among the offbroadway.venuetix.com,
The toggling world, and he in- boundless energy keeps him show’s producers). While closes Sept. 30
between time pe- vests each with in constant motion— these scenes do not have
riods, with Brus- sharply different “Small” eventually pivots to the compelling power of Small
ton providing colorings: the pa- a coda in which Bobby re- Bobby’s abortive jockey ca- 59E59 Theaters, 59 E. 59th
great gusts of ternal warmth of turns to his original pas- reer, they bring the show to St., New York, $44,
transitional nar- the jockey who sion for dance (Chita Ri- a conclusion that is satisfy- 646-892-7999, closes Sept. 2
ration, tends to becomes his men- vera, with whom Mr. ing without being senti-
drain the play of tor; the unsavory Montano has had a profes- mental, for the simple rea- Mr. Isherwood is the
momentum. (In an implausi- and casually bigoted atti- sional association for more son that it is true. Journal’s theater critic.
ble flashback, set decades tudes of workers at the
earlier, we learn that on the Robert Montano track; his loving parents,
same day they ran into each delivers a gripping whose marriage isn’t with-
other in passing at Random out flaws (she gambles and
House, Cyrus happened to one-man show spends; he drinks). The WSJ Daily Crossword | Edited by Mike Shenk
later meet Bruston as he
was fleeing a gay-bashing
about dreams and But as Bobby grows in-
crementally closer to
1 2 3 4 5 6 7 8 9 10 11 12 13
PUZZLE
incident; Cyrus had a copy delusions. achieving his goal of getting 14 15 16 CONTEST
of his first manuscript on astride a horse in a profes-
hand, and so was a partner- sional race, he also begins, 17 18 19
ship born.) well, growing. Within just a
28 The ___
Aside from Cyrus, whom Almost all the characters few years he has shot past 5 20 21
Brothers (“It’s
Mr. Canada imbues with a deliver a ringing banality or feet, and naturally with in-
Your Thing”
truculent egoism shadowed two, as when Lana reminds creased height comes in- 22 23 24 25 26 27 28
singers)
by regret, the characters Cyrus, “I gave up my creased weight, a poten-
tend to be thinly drawn, or, dreams for you.” Even tially disqualifying 29 30 31 29 Do one thing
as is the case with Bruston Cyrus, who Bruston informs development for aspiring very well
and Jean Luc (Steven us is “one of the most gifted jockeys, who step on the 32 33 34 35 30 Almost-
Hauck), Cyrus’s French writers of his generation,” scale before each race. endless
translator, borderline clichés. doesn’t sound like a man of Mr. Montano enriches 36 37 38 39 40 stretch
We know Bruston is gay be- startling insight when he la- his story with dollops of hu- 31 Withdrawal
cause he is fond of pocket ments, “I don’t think any of mor, but Bobby’s tale dark- 41 42 43 44 45 32 Fake name
squares and loafers, and is us ever get over the stuff ens as he indulges in in- 33 Skier Hilary
quick with a quip, while Jean creasingly desperate 46 47 48 who won
Luc oozes Parisian sophisti- measures to maintain an ac- silver in
cation, waxing philosophi- Writer and performer Robert ceptable weight, including 49 50 the 1992
cally: “None of us are well. Montano, above and below, “flipping,” otherwise known Olympics
The disease is called life.” in ‘Small’ at 59E59 Theaters as purging, and taking am- 51 52 53 54 55 56
37 Incline
57 58 59 60 61 62 63 40 Simu in
“Barbie”
64 65 66 43 Put to work
44 Simile
67 68 69 segment
47 17 and 71, e.g.
48 Crewmate of
BUY LOW | By Matt Gaffney Chekov
The answer to 34 President who 65 More than 10 Patronize, 53 Abbr. before
this week’s contest signed the requested as a roadside a year
crossword is a Gadsden 66 Big book stand 54 Crewmate of
12-letter money- Purchase 67 New contacts 11 Full of zeal Riker
related word. 35 Org. with might be 12 “___say!” 55 Burlap base
Across yellow flags found there 13 Role for 56 Some singles
1 Security that 36 Claims on 68 Guides to Keanu 57 Pronoun
matures homes adulthood 18 Litter box option
5 Superhero 38 “NewsHour” 69 Market emanation 58 Path
with a sword airer downturns 21 Boo-boos 59 Mutually
10 Put a good 39 Roof material you might 23 Gym unit owned
face on 41 Letters that want to buy
today 24 Barber, in 60 Predating,
mean British slang poetically
14 Taylor-Joy of
business Down
“The Queen’s 25 Alley of 61 Org. for
Gambit” 42 Oscar winner 1 Grammy “Cheers” Scorsese and
Nyong’o winner
15 One of the 26 Bars from the Spielberg
G7 countries 45 Super-small Erykah
store?: Abbr. 62 The end of
46 Body fat, 2 “Come right cash?
16 Storybook 27 Jamie
formally ___!” (“Door’s
entry Dimon’s 63 Pts. of Knicks
49 More on the open!”)
17 Employing alma mater games
ball 3 Letters on
euphemisms, cars in TV
50 Contents of Previous Puzzle’s Solution
say dramas
la Seine L A P E L S S A G P L A N
19 Munch 4 Mustachioed O N A T E E P R E C L U D E
Museum 51 Try to sell a C O V E N S A R MH A I R S
cover story painter
FROM TOP: JEREMY DANIEL; DORICE ARDEN MADRONERO (2)

location O N E G A R Y E T S Y
52 River of 5 Pronoun A T M E D U E T
20 Took apart option L A T C H E S I M R E A D Y
Hades
21 Intel agency 6 H, in Athens E D I T S C U S P S WO E
57 Do the G O B S A U R A S L A D S
actions
butterfly, e.g. 7 Karate studio A R E S L I N G C A R G O
22 Hosp. areas 59 Play with the flooring L E T M E I N R E O R D E R
25 Dinar earner Sphinx 8 Soccer’s A L E G E G A D
O G R E P E G S E MO
29 Lucky 64 View- Krieger I R O N C A G E S T A R E D
32 Food for obscuring 9 Home to 30 A D D I T I O N A E R A T E
Fido weather Rock N O S E D O N C R I S E S
▶ Email your answer—in the subject line—to [email protected] by 11:59 p.m. Eastern Time Sunday,
August 27. A solver selected at random will win a WSJ mug. Last week’s winner: Cindy Nowak. Complete
contest rules at WSJ.com/Puzzles. (No purchase necessary. Void where prohibited. U.S. residents 18 and
over only.)
P2JW237000-0-A01200-1--------XA

A12 | Friday, August 25, 2023 THE WALL STREET JOURNAL.

SPORTS
JASON GAY

College Football Can Get (a Little) Better

Our columnist offers three minor proposals to bring stability to a sport in chaos
I continue to hear into the expanded playoff format,
from Journal readers but let’s make it all home games.
who are rolling their Let’s see Georgia trudge up to Co-
eyes at the chaos in lumbus in January. The nice part
college football—the is: This would be a better TV prod-
Pac-12 whittled to a uct, too. Everyone can tell the dif-
sad quartet; the Atlantic Coast ference between the magic of Penn
Conference considering the addi- State’s Beaver Stadium and a
tion of vaunted East Coast powers rented dome. A home game lifts
Stanford and Cal; the 18-member the whole experience.
Big Ten mulling expansion to Ta- Finally, the games are too long.
hiti, Luxembourg, Greenland, and This, we all know. The average col-
maybe North Jupiter. (“Jupiter’s lege football game today takes
not really that long a flight,” I somewhere between three hours—
think I heard one Big Ten official and the four years it takes to com-
say.) plete medical school. The bigger
Three other complaints have the contest, the longer it takes. The
come up repeatedly with readers, clock stops constantly. Commer-
and I figure they’re worth discuss- cials last forever. Halftime is so
ing here. long, the road team flies home to
All three complaints have been take naps in their own beds.
around for a while, and howling Changes are coming, thankfully
about them in 2023 may make me – this season the clock will no lon-
sound like Grandpa Simpson yelling ger stop for first downs except for
at the clouds, but I don’t care. They the final two minutes of each half,
are minor nitpicks compared with and coaches will be restricted on
the existential madness happening back-to-back time outs. Good. Let’s
around conference realignment, but find more cuts. Last year, you could
I think they’re symbolic of the shut off a game at kickoff, rent a
whole problem, and how we got car, drive to the top of Mount
here—rewriting an entire sport’s Washington in New Hampshire,
traditions because schools thick stop for a three-course dinner at a
with hypocrisy couldn’t help but local inn, drive back home, and still
chase TV dollars at every opportu- be back in time for the third quar-
nity. They are: ter.
1. Night games. A day and night game at Penn State’s Beaver Stadium. Are there too many college football night games? I accept that these are petty
2. Neutral site games. grievances as the entire college
3. Games that last longer than a ball games should be baked into doesn’t want to be watching a 4½ football (students, campus energy, football landscape changes. To beg
flight to Jupiter. the organic flow of campus life, not hour college football game that the alumni revisiting old haunts) college football to shorten games
Let’s start with night games. kicked off at 8:30 p.m. on a ends at midnight, let me tell you and ship it off to a sterile steel as 100-year-old conferences are be-
There are too many college football Wednesday because gamblers want something: I’m a crabby and self- cave sponsored by a faceless finan- ing decimated is like politely asking
night games. I don’t dispute the at- something to gamble on, and TV centered sports columnist who cial institution. Rah-Rah. thieves to turn down the thermo-
mosphere of an occasional night needs something to program doesn’t want to be watching a 4½ Neutrals are often used for con- stat while they prowl the house.
game, the glamour of the bright against “The Great American Dogs hour college football game that ference championship games, At the same time, I do think in-
lights, the cascade of fireworks for Making Cupcakes Hour.” ends at midnight. Guilty as which are useless exercises anyway, cremental positive changes can
victories, but in almost every in- You want sunlight, the stadium charged. and a burden for two fan bases help reset a sport badly in need of
stance, a college-football game lot filling up with breakfast tail- Now if you live in a warm that have to debate: Do I blow my image repair.
should be played somewhere be- gates, a sunburn for the shirtless southern state, and you’re telling money going to this useless confer- College football seems to be
tween noon and 4 p.m., on a Satur- students spelling the coach’s name me, Jason, you want no part of a ence championship game, or do I leaning into the villain look right
day, a few minutes after the aver- on their chests, and everyone get- noon kickoff down here, your hat wait to blow it later? Pretty soon now—conference realignment con-
age college student wakes up. Fox ting home at a reasonable hour. will melt, I accept that, and we will your audience is down to folks who tinues, and there’s a real vibe of,

SCOTT TAETSCH/GETTY IMAGES (2)

has something called Big Noon Also—this is important—you want install a humane carve out for our can afford last minute tickets and this is who we are, what did you
Kickoff, which sounds fine, but it to give a campus a full opportunity warm southern football hives, espe- repeat excursions, which means expect from us?
also means 11 a.m. kickoffs in some to rock all night long after a signif- cially in the early weeks of the folks who own wooden boats and There needs to be someone
Midwest towns, which I know from icant win. Or, conversely, turn into season. have strong opinions about where looking out for the intangibles
experience is still Friday night in Mope Town after a brutal loss. As for neutral site games, I as- to stay in Capri. which made college football so
Madison. If you think I am just saying sume most people agree with this: Does college football care about valuable. It won’t be me. I’m on my
Days other than Saturdays this because I’m a crabby and self- they’re the pits. They take every- this? Not really. An effort is being way to North Jupiter, for a Big Ten
should be close to forbidden. Foot- centered sports columnist who thing that’s special about college made to install some home games road game in 2029.

Ohtani’s Injury Reshapes His Future Simone Biles returned

to competition earlier
this month.
BY LINDSEY ADLER cal intervention of his elbow or shut him down as a pitcher, but he
not—will now need to make an as- continued to hit throughout the

S
hohei Ohtani took the mound sessment of how an unprece- rest of the season and had his sur-
on Wednesday for a seem- dented player might age into his gery as soon as the regular season
ingly meaningless start in 30s. They need to assess whether was over.
the wind down of another fruitless the ligament tear is a harbinger of If Ohtani does need another el-
Los Angeles Angels season. After the end of the two-way experi- bow procedure, he will join a
he walked off, his future as the ment, or simply another bump in growing club of major leaguers to
most valuable free agent of all the road in Ohtani’s see-it-to-be- experience the procedure two
time was complicated as the two- lieve-it career. How that question times in their careers. Thirty miles
way superstar was diagnosed with is answered could have a huge im- north of Angel Stadium, Dodgers
an elbow ligament tear. pact on his value as a free agent. starter Walker Buehler is working
It is unclear if Ohtani will need Ohtani’s heroics, and the An- to return from his second elbow
to undergo what would be his sec- gels’ attempt to capitalize on surgery in the span of seven years.
ond elbow surgery Jacob deGrom, the
since arriving in ace the Texas
Major League
Baseball in 2018,
Rangers signed to
a big deal this off- The Road to Paris Olympics
Crowded for U.S. Gymnasts
but he will not season, is also re-
pitch again for the covering from his
Angels this season. second elbow sur-
Ohtani will seek a gery, though his
second opinion on were 13 years BY LOUISE RADNOFSKY month, showed that she has a lock
the condition of his apart. Nathan on one of those Paris spots if she
elbow ligament, ac- Eovaldi, also with Gymnasts hoping to land a spot continues. The 26-year-old says
cording to Angels the Rangers, is one on Team USA for the 2024 Paris that she’s trying not to look too far
general manager of the pioneers of Olympics will seek to shore up ahead as she plots a course that is
Perry Minasian. success after a sec- their chances at U.S. national as much about managing expecta-
“I felt terrible ond Tommy John championships this weekend. But tions and stress as any feat on the
for him,” Minasian procedure. they all face a daunting reality: It’s floor.
said. “If anybody It is not certain a crowded field, and Simone Biles’s Appearing alongside Biles in
can bounce back that Ohtani will triumphant return to the sport has San Jose will be Sunisa Lee, the
from this, it’s him.” need elbow sur- only made it more so. reigning Olympic all-around cham-
News of a liga- gery. Pitchers Just five women’s berths are pion who won in Tokyo when Biles
ment tear didn’t sometimes pitch available to next summer’s stepped back. It is the first time,
stop Ohtani from through a partial Games—and it’s possible that all of USA Gymnastics says, that two
talking his way tear after platelet- them could be filled by returning Olympic all-around titleholders
into the lineup as a rich plasma injec- members or alternates of the last will compete at the same national
hitter for the sec- tions to aid in the U.S. Olympic squad from the Tokyo championship.
ond game of the management of the Games. Lee, who says she has been bat-
Angels’ double-header on Wednes- Shohei Ohtani was diagnosed with injury. There are also now options Biles’s re-emergence alone tling a kidney disease that has
day, serving as the designated hit- an elbow ligament tear. outside of the classic ligament re- makes the field much more hampered her training, will com-
ter in another Angels loss. construction procedure known as packed, given the seeming cer- pete only on the balance beam and
This was only some of the bad them, have become the great Sisy- Tommy John surgery—including tainty that she will claim a spot on vault this time. But her beam rou-
news on another remarkably hell- phean saga of this era in baseball. what is known as InternalBrace the Olympic team if she wants it. tine was widely praised when she
ish day in the ballpark named for He will often put together a daz- procedure, which may offer a But another factor is that most of debuted it at the same competition
the divine. Center fielder Mike zling performance on the mound shorter back-to-field timeline for the other Tokyo Olympians went where Biles made her return. The
Trout went back on the injured and in the batter’s box, only to see some players. on to compete in college without 20-year-old has ended her college
list just one day after returning his individual statistics rise and Ohtani returned to the MLB retiring from elite gymnastics—a career at Auburn to focus on mak-
from a seven-week absence with a the team’s record weaken in an- mound in July 2020 after under- maneuver that is possible for the ing another Olympic run.
wrist injury. other preventable loss. Minasian going elbow surgery in October first time now that the NCAA al- Jordan Chiles, a 22-year-old
The Angels are almost certainly credited Ohtani for his desire to 2018. Still, it took him until the lows athletes to profit from the member of the Tokyo quartet that
out of the running for a postsea- play in the team’s second game of 2021 season to settle back into his use of their name, image and like- took a silver medal in the team
son spot after going 5-16 in Au- the day despite having just re- typical rate of effectiveness. ness. All of that makes a tougher competition, has deferred her
gust immediately after the team ceived devastating news that has The question hanging over path to Paris for every competitor studies at UCLA to train alongside
decided to “go for it” at the trade the potential to reshape his future. Ohtani’s career since his breakout in San Jose on Friday and Sunday, Biles in Texas for a prospective
deadline and acquire players “We got the imaging right be- 2018 season has been how long he both veterans and the newer tal- second Olympics. She won individ-
rather than trade their most valu- fore the game and had a quick dis- can continue playing both ways. ents that have emerged in the last ual silver medals on floor and
able assets—like Ohtani—away. cussion,” Minasian said. “I think Ohtani’s winter campaign was two years. vault at the world championships
The Angels wanted one more him playing in the second game already destined to be the most “I think it is going to be harder, last fall, and gold with the U.S.
chance to capitalize on Ohtani’s says a lot about the guy, right? fascinating case study over the but it’s also really exciting to see women in the team event there.
MARK J. TERRILL/ASSOCIATED PRESS

guaranteed presence in Anaheim, How much he loves playing, how nearly 50 years of free agency in all of us back out here, so I’m try- Carey, who is now 23 years old,
H. RICK BAMMAN/ZUMA PRESS

but that effort fizzled in August much his teammates mean to him, MLB. He is having another MVP- ing to look at it as an exciting has said she plans to continue
and left Ohtani risking his future and this place means to him. worthy season, hitting .304/.405/ challenge and that it’s cool to be a training for Paris at Oregon State,
earnings to play every day for a Pretty impressive.” .664 (average, on-base, slugging) part of this group,” said Jade where her father and coach, Brian
team that once again couldn’t win Ohtani underwent Tommy John with 44 home runs as a hitter in Carey, the reigning Olympic floor Carey, has taken an assistant coach
around him. surgery on his pitching elbow in 126 games. His pitching season exercise champion. position. She was also part of the
Teams that look to acquire late 2018, after being diagnosed ends with a 3.14 ERA and 10-5 re- Biles’s first competitive outing last U.S. women’s world team, and
Ohtani this winter—second surgi- with a tear midseason. The Angels cord over 132 innings. since the last Olympics, earlier this took the world title on vault.
P2JW237000-0-A01300-1--------XA

THE WALL STREET JOURNAL. Friday, August 25, 2023 | A13

OPINION
Adults on the Debate Stage BOOKSHELF | By Michael Taube

The Republi-
can National
leave the tough particulars to
the states. She called instead
years he’s been fighting in the
conservative trenches. He
career on the boards of Lock-
heed and Raytheon,” he sniped
Nancy Steals
The Show
Committee for federal lawmakers to fo- pressured everyone on stage at Ms. Haley, playing to the
raised its cus on widely held “consen- to take a stand on his actions military-industrial-complex
qualification sus” views—on late-term on Jan. 6, and most ended up gallery. Where exactly would a
c r i t e r i a abortions, the merits of adop- giving him credit. While not President Ramaswamy turn for
POTOMAC enough to en- tion, the need for available often mentioned, Mr. Pence America’s sixth-generation
WATCH sure that this
week’s debate
contraception.
While the press is predict-
helped recruit many of the
movement conservatives who
combat aircraft? The French?
The Chinese? Or maybe he’d
Three Rocks
By Kimberley
featured only ably highlighting Ms. Haley’s created the Trump policy in-house it to all those incom- By Bill Griffith
A. Strassel
one stage—no smackdown of Vivek Rama- agenda, and his deep knowl- petent federal bureaucrats he (Abrams Comic Arts, 265 pages, $24.99)
need for a swamy’s foreign-policy confu- edge of policy issues showed promises to fire.

O
second “kids table” forum as sion, her more consequential on stage. In the middle was Ron De- n Jan. 2, 1933, a young girl named Nancy made her
in 2016. That spared GOP vot- moment was her persuasive Santis, who sounded like a first appearance in a newspaper comic strip. The
ers some headache—though argument that supporting leader when it came to Florida precocious 8-year-old was only supposed to be an
not some teenage drama. Ukraine is entirely in Amer- Nikki Haley and Mike and his vision for the country, incidental character, placed in a few strips for gags and
The good news for the ica’s self-interest. She noted but couldn’t muster conviction giggles, then sent off to permanent retirement in the land of
party is that this was a solid that only a small fraction of Pence gave creditable on any controversial issue of forgotten funnies.
event, showcasing several ca- the U.S. defense budget has performances. Vivek the day. Would he cut off aid But the most unexpected thing happened. Nancy captured
pable, qualified and at times gone to Ukraine and that the to Ukraine? Possibly. Maybe. the hearts of many readers. “I planned to keep her for a
inspiring contenders for the country has become a “first Ramaswamy didn’t. Does he support a national week and then dump her,” remarked Ernie Bushmiller, her
Oval Office. Donald Trump line of defense” against both ban on abortion? Hard to say. talented creator. “But the little dickens was soon stealing the
chose to duck the debate, Russia and its partner China. Most painful was watching the show.”
and one consequence was This is the speech Joe Biden On the other end was Mr. governor scope out all his op- Thus began a decadeslong partnership of mutual benefit.
that he was largely reduced should have given more than a Ramaswamy, the brash 38- ponents before sheepishly Bushmiller used Nancy and her friends, including Sluggo
to an afterthought. The eight year ago. year-old newcomer who seized raising his hand in response to Smith, to achieve fame, fortune and comic-strip immortality.
participants instead sparred Ms. Haley also spoke truth center stage. Mr. Rama- the question whether he’d sup- In turn, he radically transformed Nancy’s comic strip from
over their own differences— about the Republican over- swamy’s appeal is obvious: port Mr. Trump if he won the the occasionally mundane
on domestic policy, global in- spending habit, especially in He’s energetic, articulate and nomination and was convicted to the often magnificent.
volvement, priorities and the Trump years—which optimistic and offers bold of a felony. Mr. DeSantis didn’t Bill Griffith, a longtime
qualifications. earned her strong applause. ideas. Yet much of his usual have a bad night, but he’d have cartoonist and the creator
The biggest dividing line And instead of wading into a sunniness disappeared on had a better one if he’d come of Zippy the Pinhead, has
was the gulf between contend- debate over Mr. Trump’s in- Wednesday, replaced by snarky armed with serious answers to brilliantly captured this
ers when it came to leadership dictments, she addressed the interjections. For all his com- serious questions. important piece of comic-
and seriousness. On one side Trump question in purely plaints about “professional Mr. Trump’s rivals have all strip history in “Three
were the grown-ups. On the pragmatic terms—age and politicians,” he rivaled the best learned an important lesson Rocks: The Story of Ernie
other, the poll-chasers. electability. “It’s time for a of them with an evening of from him: The GOP primary Bushmiller, the Man Who
Nikki Haley was notably new-generational conservative canned sound bites—contrast- electorate wants a fighter. Created Nancy.” Mr.
adult. The former South Caro- leader,” she said, someone ing his “bought and paid for” They each face a harder task Griffith’s graphic-novel
lina governor and United Na- with a better chance of win- “Super PAC puppet” opponents of figuring out precisely biography is a scintillating
tions ambassador showed a ning a general election than with his “patriot” self. what they intend to fight for. concoction of in-depth
command not only of policy “the most disliked politician in While his rivals took shots Wednesday highlighted the research, original art and
issues, but of her own convic- America.” at his lack of experience, it split between those who al- storytelling, as well as, with a
tions. She broke with the oth- Ms. Haley was joined in so- was Mr. Ramaswamy’s own ready know their minds and nod to Bushmiller’s greatest
ers to make a compelling case briety by Mike Pence, who comments that exposed his those still spending too comic-strip creation, a bit o’
for Republicans to approach similarly articulated a holistic unseriousness about global re- much time with pollsters and whimsy, petulance and charm.
the divisive issue of abortion foreign policy vision and re- alities and undermined his bid. consultants. Bushmiller exhibited an early love for comics, among
with more compassion, and to minded viewers how many “I wish you well on your future Write to [email protected]. them Frederick Burr Opper’s “Happy Hooligan,” while
growing up in the Bronx, N.Y. Artistic talent ran in the
family: Bushmiller’s father, an insurance agent, had tried his

A Christian Approach to Fentanyl Addiction hand in vaudeville as a chalk-talk performer. Ernie left high
school at 14 to work as a New York World copy boy. He took
letters and messages to the “bullpen,” where the cartoonists
HOUSES OF Tustin, Calif. the street. With police nearby exciting until it wasn’t. Then, recovery programs that alter- worked, and spent time with legendary cartoonists like
WORSHIP I spent four but not intervening, users they became ready to relish nate classic 12-step state- Rudolph Dirks, Milt Gross and H.T. Webster. He went to art
By Marvin days and place pink fentanyl powder on everyday life. ments (“I realize I’m not school and learned how to draw the female form; at the
Olasky nights last squares of aluminum foil. The ex-addicts weren’t all God”) with Jesus’ words in newspaper he laid out crossword puzzles, inked and lettered
month at the They flick on lighters under- that different from some of the the Sermon on the Mount comic strips—and created several of his own.
O r a n g e neath and inhale fumes affluent. William F. Buckley Jr. (“Blessed are the poor in His big break came most unexpectedly. Larry Whittington,
County Rescue Mission, a through tubes that look like wrote that, to him, “boredom” spirit”). Two or three times a the creator of “Fritzi Ritz,” a popular strip about a ditzy
Christian outfit serving the lo- short straws, and crouch on was the “deadliest poison.” “I day some residents stand in 1920s flapper, approached Bushmiller because, as Mr. Griffith
cal homeless. I left with sto- the sidewalk, catatonic. A am attracted by adventure, re- front of a locked booth and writes, Bushmiller could “draw pretty girls.” Whittington
ries from 40 men and women small dose can be fatal. pelled by marathons,” he wrote receive through a window— privately coached the budding young cartoonist, we are told,
about years of cycling through Two government-funded in “Airborne: A Sentimental like a fast-food pickup lane— on “the fine points of everything Fritzi,” then left the World
drug deals, arrests, jail, proba- “harm reduction” personnel Journey” (1976). “I could be their legal pharmaceuticals. for a competitor in 1925. The World’s comics editor, Myer
tion, parole violations, home- come by pulling what looked persuaded to jump out of an But the residents also need Marcus, approached Bushmiller about taking over “Fritzi.”
lessness and prison. like a Radio Flyer wagon, call- something besides time. Two And so the 19-year-old became the “youngest cartoonist to
Andrew, 36, dropped out of ing out in singsong: “Harm re- centuries ago Scottish minister ever author a syndicated daily comic strip.”
high school and once had a duction! Need anything?” A California rescue Thomas Chalmers preached Throughout a series of his own memorable adventures—
job, but studying and working They bear gifts: foil, straws, about the “expulsive power of including writing gags for Harold Lloyd’s 1932 film “Movie
shifts at Jiffy Lube was bor- glass pipes, clean needles, mission rehabilitates a new affection.” He said the Crazy”—Bushmiller maintained Fritzi Ritz’s basic flapper
ing. Meth was exciting. He en- granola bars, bottles of water, people through love way to expel addictions is to flavor. His Fritzi was largely modeled after Abby Bohnet,
joyed planning robberies and and naloxone to counteract love something—or someone— who became Bushmiller’s wife in 1930. Like Abby, Fritzi had
didn’t mind a few months ev- overdoses. of God and fellowship. more than the addiction. That many suitors in the time-honored tradition, Mr. Griffith
ery couple of years in jail: This isn’t merely a Golden was a recurring theme in con- writes, of “the pretty girl partnering with the doofus, misfit
“Better drugs there than on State problem. It affects my versation with mission resi- boyfriend.” But Fritzi always returned to her long-suffering
the street.” hometown, Boston, where airplane and land in a well in dents. They came here because Wally—and later, Phil Fumble.
He married and had chil- Mayor Michelle Wu on Aug. 2 Death Valley. I could never be they tired of drug life and In 1932, Bushmiller, fearing the strip was becoming dated,
dren but wasn’t sober at their said the fentanyl-heavy blocks persuaded to hike across Death weren’t sure what they decided to introduce a new character. “She’d be
births. He came to the mission around the intersection of Valley or, for that matter, up wanted. Over months of Bible mischievous,” a “real troublemaker” who would cause Fritzi
once and left after three days, Massachusetts Avenue and the Matterhorn.” To former study, prayer and living in the “no end of grief” but could be a “real gag machine.” And so
but in February 2022 he real- Cass Boulevard are overrun by addicts I spoke with, fenta- mission community, they came Fritzi’s niece, Nancy, was born.
ized that “meth ain’t fun no “drug trafficking, human traf- nyl—a leap that often ends in to love Jesus.
more. . . . I felt like a force ficking and violence.” death—made more sense than Ms. Wu said teams of ex-
was bringing me back here.” It doesn’t need to be this the grind of going to work ev- perts had considered Boston’s She was only supposed to be an incidental
The Christian counselors
didn’t hold his past against
way. The 40 people who
talked with me at the Orange
ery day.
Some had gone through
most-concentrated drug scene
to be “so dangerous that we
character, good for a couple of gags and giggles.
him. After 18 months of living County Rescue Mission many 30-day detox programs are pulling our people out— Then the most unexpected thing happened.
at the mission he and his weren’t hand-selected by that insurance covers. They we cannot be in there.” Der-
caseworkers believe he’s ready mission officials from among said the monthlong cures rick Burton, the mission’s
to live an orderly life. the 343 residents. I got to benefit only the organizations chief ministry officer, said re- Mr. Griffith vividly details the young scamp’s
After my time at the mis- know them simply by being that make money from them. garding his program, “We transformation from “bit player to leading lady by the end of
sion, I visited San Francisco’s there and asking questions. The mission’s program typi- have to be here.” the decade.” The popularity of “Fritzi Ritz” exploded after
drug-heavy Tenderloin dis- They didn’t spin tales about cally lasts at least 18 months. Nancy’s introduction; the strip was renamed “Nancy” in
trict, which sorely needs such how miserable their drug ex- I sat through a class on “true Mr. Olasky is a senior fel- 1938. Fritzi was still a prominent character but took a
Christian witness. The scene periences were until they be- contentment” based on Paul’s low at the Discovery Institute permanent back seat to Nancy, Sluggo, and secondary
is far more disturbing than came Christians. Typically letter to the Philippians, and and author of “The Tragedy of characters like Plato Perkins and Nosey Rosie.
addicts sleeping or sitting on they said they found drug life observed drug- and alcohol- American Compassion.” “Nancy” wasn’t your average, run-of-the-mill kids’ strip,
however. Bushmiller’s jokes, gags and guffaws were largely
aimed at an adult audience, with hidden layers of depth and

Ken Paxton and the Texas Constitution intellectual commentary. Like Mark Newgarden and Paul
Karasik’s fascinating study, “How to Read Nancy” (2017), Mr.
Griffith’s book places this strip on the highest pedestal and
By Rick Perry vilifying, them for taking their advised the attorney general gave me their earnest, well- entices readers to crane their necks in Nancy’s direction.
responsibilities seriously. that his actions were illegal or founded counsel. Bushmiller, who died in 1982 at the age of 76, lived,

R
epublicans once believed The Texas Senate is consti- unethical. They stood for the Choosing to disregard your breathed and slept all things comic strip. His eternal quest
in the rule of law. My tutionally authorized to act as rule of law. inner circle’s advice is a red for a gag-a-day “snapper,” or punchline, frequently led him
party had confidence in a jury in the coming trial. These were Mr. Paxton’s flag. It shows bad judgment in to break the fourth wall. There’s a surrealist nature to
the U.S. and Texas constitu- Only the Senate can give own handpicked inner circle. I a leader. But bad judgment Nancy’s adventures. Odd shapes and squiggly lines go
tions and the processes and these allegations the full and can tell you firsthand those alone isn’t impeachable—un- together in “Nancy” like peanut butter and jelly. Characters
freedoms they recognize and fair hearing they deserve, and staffing decisions aren’t made less it involves breaking the can see beyond the boundaries of their panels. There are
protect. That’s why it’s shock- it would be a disservice to the law or abuse of office. That is parallels in the comic strip to paintings by artists like
ing to see some Republicans— state not to fulfill that obliga- what we all want to discover Edward Hopper and Diego Velázquez, critiques of modern-art
through a coordinated effort of tion. By moving forward with through this trial. exhibits, and various references to pop culture. Bushmiller
texts, emails and social-media Texans need a conclusive also had a “conservative viewpoint [that] provided him
posts—working to delegitimize resolution to the serious alle- [with] plenty of targets,” including the Soviet menace and
the impeachment proceedings Shame on those gations raised by this im- the counterculture movement.
against Attorney General Ken peachment. We’ve come this To Mr. Griffith, the three rocks of the title are symbolic.
Paxton. It points to an impor- Republicans working far in the process, and it’s It’s taken from one of Nancy’s earliest appearances in “Fritzi
tant question: Do we trust the to delegitimize the critical that the Senate sees it Ritz” in 1933. “She sits on her lawn atop . . . three rocks. Not
processes outlined in our Texas through to the end. That one rock. Not two rocks. Three rocks,” the author writes in
Constitution or not? impeachment process. means a fair trial that allows his preface. “The three rocks invite meditation. They ask that
As a sitting governor who both sides to lay out all the you pause and take in their ‘three rocks-ness.’ ”
ELIZABETH FRANTZ/REUTERS

was once wrongly indicted, I facts and gives senators the Mr. Griffith is right: “Nancy clearly does not live in the
know that processes can be the trial, the Senate will both opportunity to vote based on real world that we all share.” She doesn’t tell you “what it’s
abused. But that isn’t what I do its duty and answer vot- the evidence. like to be a child” but rather “what it’s like to be a comic
see here. The majority of ers’ legitimate questions All who swear an oath to strip.” That’s rather profound, thought-provoking and, much
House Republicans voted to about the allegations against serve must understand they like her creator, unforgettable.
impeach Mr. Paxton, as is au- Mr. Paxton. will be held to the highest
thorized in the Texas Consti- I’ve spent my adult life Attorney General Ken Paxton standard of integrity—partic- Mr. Taube, a columnist for the National Post and Troy
tution. Those members saw working at almost every level ularly if they serve as a state’s Media, was a speechwriter for Canada’s Prime Minister
allegations of wrongdoing of public service, and it con- lightly. Throughout my time in top law-enforcement official. Stephen Harper.
against a fellow Republican tinues to hold true that you’re office, I hired and worked di- Texans can show the rest of
and felt the charges deserved
a full investigation and trial.
only as good as the people
around you. By all accounts,
rectly with dozens of men and
women who served on my se-
the country that the rule of
law applies to both political Coming in BOOKS this weekend
They followed their oath to the people around Mr. Paxton nior staff. These were my po- parties. Vichy France and Marshal Pétain • Thomas Sowell versus
uphold the Constitution, and were outstanding and princi- litical hires, people I trusted to the social-justice movement • The threat of killer fungi •
that alone warrants careful pled conservatives who felt stand by me in the trenches. Mr. Perry, a Republican, Defending love from science • Rome’s imperial poet •
consideration by the Senate. duty-bound to report what While we may not have agreed served as governor of Texas, China’s uncertain outlook • Sam Sacks on fiction • & more
We should be praising, not they witnessed, after they had on everything, they always 2000-15.
P2JW237000-0-A01400-1--------XA

A14 | Friday, August 25, 2023 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Ramaswamy Doctrine Will the Fed Move the Goalposts on Inflation?

M
illions of voters met Vivek Ramas- maswamy’s summitry ever could by making In “The Fed Should Carefully Aim Mr. Furman’s proposal should be
wamy for the first time in Wednes- Mr. Putin look like a bad bet for Chinese Presi- for a Higher Inflation Target” (op-ed, treated as a trial balloon or, worse, a
Aug. 21), Jason Furman seems to warning to investors, businesses and
day night’s Republican debate, and dent Xi Jinping.
have forgotten the Federal Reserve’s households. When anyone in Wash-
they’re right to like the 38- Many on the right have
year-old’s message about re- The GOP candidate been arguing that the war in
unfortunate recent experience with
changing inflation targets.
ington misses a target, they simply
move the goalposts.
storing America’s common
purpose and identity. But the
revives the old ‘spheres the Ukraine is a distraction from
larger threat from
In August 2020, with the aim of in- While there is nothing magical in a
creasing inflation to its 2% target on 2% inflation target, there is some-
young entrepreneur’s foreign of influence’ illusion. China. But Mr. Ramaswamy a sustainable basis, the Fed shifted thing worse about accepting a 30% a
policy is a different story, now reduces Taiwan’s fate from a fixed inflation target to a flexi- decade decline in purchasing power.
and it’s worth taking its im- to “nationalistic unfinished ble targeting framework, under which These are real costs felt by American
plications more seriously than Mr. Ramas- business,” which is a synonym for border it would temporarily tolerate inflation households, with lower- and fixed-in-
wamy apparently has. dispute. higher than 2%. It did so only to find come families getting hit the hardest.
i i i He says the U.S. should defend Taiwan only inflation surging to a multidecade One fair response is that higher infla-
high of more than 9% by June 2022. tion eases the servicing of all debts,
Ukraine is “not a priority for the United until 2028, when America will supposedly
That surge left the Fed’s inflation- but this is what enablers do—they ra-
States of America,” Mr. Ramaswamy said on have more domestic semiconductor produc- fighting credibility in tatters. tionalize bad behavior until it be-
Wednesday evening, with the hoary line that tion. Mr. Ramaswamy talks about deploying With the Fed still far from regain- comes the norm.
America should focus on its own border, not more submarines to the Pacific, but he’s giving ing that credibility, and given its dubi- The bond market is voting emphat-
Russia’s with Ukraine. Nothing about shipping Mr. Xi a calendar date to invade. ous ability to forecast inflation accu- ically. Long-term Treasury yields are
Stingers abroad precludes the U.S. govern- Mr. Xi has signaled that he wants his mili- rately, it would seem far too early for at their highest levels in 15 years, un-
ment from fixing immigration chaos, and Mr. tary to be ready to retake Taiwan by 2027, so the Fed to think of yet another change convinced that inflation is transitory.
Ramaswamy knows this. He’s repackaging a all he’d have to do under President Ramas- to its inflation-targeting framework. After a long slumber, the vigilantes
Bernie Sanders applause line, with the border wamy is wait another year. Thanks for the DESMOND LACHMAN are back.
replacing social welfare. green light. Mr. Ramaswamy wants other na- American Enterprise Institute JOHN CARLSON
Mr. Ramaswamy has called the Russia-China tions to spend more to defend themselves, but Washington Boulder, Colo.
axis “the single greatest military threat” to the Taiwan won’t if the U.S. has promised to aban-
United States, which is true. But his conceit is don the island.
that with a “modern Monroe doctrine,” as he The naivete here is remarkable for a man
said in a recent speech at the Richard Nixon who wants to be Commander in Chief. Taiwan Is It Time for Lesser Candidates to Step Aside?
Presidential Library, the U.S. could evict all is more than a floating semiconductor fab. It’s Tim Scott, Nikki Haley, Mike Pence, den regarding any crimes they may
threats in the Western hemisphere and live un- part of the first island chain in the Western Vivek Ramaswamy, Chris Christie and have committed while in office.
perturbed at home. This isn’t a new idea. It’s Pacific stretching from Indonesia through Doug Burgum, please wake up (“Cull- This would reassure voters on both
an updated version of the “spheres of influ- Japan. Beijing wants to dominate the Indo-Pa- ing the Republican Herd,” Review & sides of a desire to move the country
ence” doctrine that would cede Asia to China cific, and abandoning Taiwan would be tanta- Outlook, Aug. 18). Every day that forward rather than staying bogged
and Europe to Russia. mount to abandoning the Western Pacific and goes by with all of you in the field, down in vendetta politics. It would
the Trump and Biden teams cele- demonstrate courageous leadership,
Politically Mr. Ramaswamy is channeling betraying Japan.
brate. Although I would love to have in addition to staking out a centrist
Donald Trump and GOP frustration with Presi- It’s a fantasy to believe that either China any of you as president, it isn’t going position well ahead of the general
dent Biden, who hasn’t explained to the Amer- or Russia would then stay out of the Americas. to happen. Please get out of the way election.
ican public what the U.S. aims to accomplish Beijing isn’t spying from Cuba and helping for either Ron DeSantis or Glenn BILL HELENBERG
in Ukraine. Americans are reading stories of left-wing dictators in South America in re- Youngkin, who have a chance of beat- Seattle
slow and bloody fighting in large part because sponse to U.S. bases in the Pacific. It’s pursu- ing both former President Trump and
the Biden crowd has resisted delivering the ing its economic interests and strategic ad- President Biden. Your editorial makes all the sense
weapons Kyiv needs to win. vantage. With artificial intelligence weapons Democrats, you are playing a very in the world—just not this world.
Mr. Ramaswamy has said he’d cut a deal and missiles, China can threaten the U.S. from dangerous game hoping that Mr. The other Republican candidates
with Vladimir Putin to freeze the current lines afar in any case. Trump wins the Republican nomina- have egos too, and Democrats will
of control and vow never to admit Kyiv to the i i i tion. Don’t forget that Mr. Biden is 80 spend advertising money and switch
and sliding, has a son named Hunter parties in the primaries to guarantee
North Atlantic Treaty Organization. In return, Former United Nations Ambassador Nikki
and a vice president named Kamala that Mr. Trump is the nominee. This
Mr. Ramaswamy says, Mr. Putin would exit his Haley (see nearby) and former Vice President Harris. Which would you Democrats is a strategy Democrats employed
alliance with China. Mike Pence exposed Mr. Ramaswamy’s faulty choose—a slightly less than 50% several times in 2020 to win Senate
This would be a free hand for Mr. Putin to worldview in the debate, and they’re right. Mr. chance Mr. Trump is your next presi- seats in which they fielded vulnera-
regroup and strike Ukraine again. It would Ramaswamy is a reminder that a GOP politi- dent, or a slightly greater than 50% ble candidates.
also shock Western Europe, which the U.S. is cian who can’t see the stakes in Ukraine won’t chance Messrs. DeSantis or Youngkin Watch the early voting, and when
trying to persuade to give up export business stand up to a larger test from Beijing. is your next president? the former president outperforms his
to help against Chinese designs on advanced Mr. Ramaswamy debuted in our editorial JOHN KISTLER polling, he will claim it’s because he
technology and the Pacific. pages, and the presidential contest, as a bold Naples, Fla. has the support of the masses and
And why would Mr. Putin suddenly aban- challenger of progressive policies. His venture that the media are against him. What
don a “no limits” partnership with Beijing? into foreign policy may be bold but it’s also If a Republican candidate really it will really mean is that many who
wants to avoid an early exit from the have absolutely no intention of voting
One irony is that a Ukrainian victory against glib and reckless. It will not help him get to presidential campaign, he or she for Mr. Trump in the general election
Russia would accomplish more than Mr. Ra- the White House. would be well served by announcing did so in the primaries.
at the first debate a “prospective par- JOHN TRICKETT

California’s War on Uber Continues don” for both Messrs. Trump and Bi- Charleston, Ark.

I Send Rubio on an Economic Mission to China

nsurers use the term “social inflation” to re- mitigate the growth of those costs.”
fer to rising costs of litigation, which are ul- California law requires ride-share companies
timately borne by businesses, workers and to carry a $1 million bodily injury liability pol- Rep. Mike Gallagher (R., Wis.) so isn’t mentioned by Mr. Gallagher
customers. A case in point is Uber’s decision to icy. Even when drivers have the apps on and urges candidates for the U.S. presi- but is evident in your nearby report
dency to take more seriously the mili- on the failure of Chinese industrial
raise the minimum age for new ride-share drivers aren’t transporting passengers, the policy must
tary threat posed by the Chinese gov- policy (“The EV Bubble Starts to De-
in California to 25 from 19 this week. cover $100,000 in injuries. Driving up insurance ernment (“GOP Candidates Need to flate,” Review & Outlook, Aug. 22).
Uber attributed the decision to the skyrock- costs are dishonest trial lawyers who inflate Talk About China,” op-ed, Aug. 22). The U.S. government should fund
eting costs of commercial auto insurance in Cal- medical claims. One of the best strategies for doing several all-expenses-paid trips to
ifornia owing to lawsuits and state require- The political war on ride-share companies China by Sen. Marco Rubio and other
ments. “Insurance coverage requirements for in California is relentless. Plaintiff attorneys American advocates of industrial pol-
rideshare are baselessly higher than nearly ev- in California have tried to shake down the com- This Letter Was Written icy to persuade the Chinese Commu-
ery other car on the road: up to 30 times that
of taxis and 30 times that of personal vehicles,”
panies for allegedly violating labor laws. Dem-
ocratic lawmakers tried to destroy their busi-
Using Human Intelligence nist Party to double down on its sup-
pression of market forces. If this
Uber said in a statement. ness model by classifying drivers as We authors who have feverishly American delegation succeeds in
“Personal injury attorneys have created a employees, which voters blocked with a 2020 worked on our books without the as- China as it is succeeding here at
sistance of artificial intelligence and home, the weakening of the Chinese
cottage industry specializing in suing rideshare ballot referendum.
have self-published on Amazon are economy will accelerate noticeably.
platforms like ours, pushing Uber’s California Uber’s higher minimum age will shrink the lost in the tidal wave of ChatGPT- This weakening, in turn, will diminish
state-mandated commercial insurance costs to supply of drivers, which will increase fares. As written books. (“Let ChatGPT and the quantity and quality of resources
rise by more than 65% in just two years,” the usual in California, when progressive policy Quillbot Write Your Book” by Peter that President Xi Jinping and his
statement added. “By increasing the age re- boomerangs, the biggest casualties are those Funt, op-ed, Aug. 17). henchmen can divert to military uses.
quirement for new drivers to 25, we hope to who can least afford it. I self-published after receiving no As a bonus, Mr. Rubio and the rest
responses to my 50 requests and be- would spend less time urging Ameri-

Nikki Haley’s GOP Debate Truths

coming too impatient to see if the cans to embrace policies destined to
gods of traditional publishing would further damage the U.S. economy.
deem me worthy of their imperious PROF. DONALD J. BOUDREAUX

I
f Nikki Haley gets a bump in the polls from another 11 seats, he isn’t sharing it. The public scepter. Now that I am stuck in the Mercatus Center, George Mason U.
doldrums of Amazon’s millions, I Fairfax, Va.
Wednesday’s presidential debate, one rea- polling on abortion and where to draw the line, have to admit that while my books
son will be that she respected viewers by while interesting and useful, is complicated by are fantastic, they will only ever be
telling them the truth. Ms.
From abortion to
recent political history. seen by my friends and family. But Disasters on Their Watch
Haley said, accurately, that Abortion advocates won a perhaps you, dear reader, will have a
The comparison of what Presidents
passing a national abortion
ban at 15 weeks is politically
spending to Trump, she of all places,last
referendum year in Kansas,
by 18 points. Then
chance to find my two children’s
books, written—like this letter—with-
Biden and Bush did or didn’t do in the
off the table, since it would leveled with the voters. Michigan passed, by 14 points, out any assistance from AI.
wake of the Maui fires and Hurricane
Katrina is one thing (“Biden Could
require 60 votes in the Sen- a state constitutional amend- CHAYA TOPAS
Learn From Bush After Katrina” by
ate. She has argued this be- ment going beyond Roe v. Silver Spring, Md.
Tevi Troy, op-ed, Aug. 22). How the
fore, but many Republicans might be hearing Wade. Ms. Haley’s point is that to get the kind of press covered it is another consider-
it for the first time. durable consensus that Mr. Pence wants will take
The former South Carolina Governor instead changing more minds and hearts, and incremen-
Politics of Math Education ation entirely. Maybe the better com-
parison, or the more definable one, is
suggested—brace yourself—consensus policy- tal progress can be made until then. Sometimes Math isn’t racist, divisive or biased in how the media covered Mr. Bush
making. “Can’t we all agree that we should ban that’s what leadership looks like, even if nobody (“California’s Weapons of Math De- during Katrina and Mr. Biden during
late-term abortions?” she asked. “Can’t we all finds the results fully satisfying. struction” by Faith Bottum, Cross the disaster in East Palestine, Ohio.
agree that contraception should be available?” Ms. Haley’s honesty didn’t stop there. “Don- Country, Aug. 19). It is objective, a CHARLES LOPRESTO
universal language of successful peo- Phoenix
At the same time, Ms. Haley called herself “un- ald Trump added $8 trillion to our debt,” she ple. Its study in schools shouldn’t in-
apologetically pro-life.” said. “You look at the 2024 budget: Republicans flame emotions. But accepting and re-
The contrast to Ms. Haley came from her fel- asked for $7.4 billion in earmarks. Democrats
low South Carolinian, Sen. Tim Scott, and espe- asked for $2.8 billion. So you tell me who are the
treading math curricula that have the
U.S. sitting well outside the top 20 in
Pepper ...
cially former Vice President Mike Pence, who big spenders.” Those figures are backed by a Roll proficiency doesn’t add up either. And Salt
have endorsed a national abortion ban at 15 Call story last month: “House Republicans have MIKE O’BRIEN
THE WALL STREET JOURNAL
weeks. “A 15-week ban is an idea whose time has so thoroughly stacked the earmarking deck in Leland, N.C.
come,” Mr. Pence said. “It’s supported by 70% of their favor in appropriations bills for the upcom-
the American people. But it’s going to take un- ing fiscal year that the top Democratic recipient CORRECTION
apologetic leadership.” doesn’t even appear in the top 60.”
Mr. Pence is principled, and he’s right that the Then there was the elephant not in the room, Due to inaccurate information from
Democratic Party’s abortion absolutists are far as Fox News host Bret Baier put it, meaning for- Getty Images, a caption in “An Allman
from the center of public opinion. In a recent mer President Trump. “Three-quarters of Brothers Band Classic Turns 50” (Aug.
Gallup survey, 55% of Americans (including 52% Americans don’t want a rematch between 21) stated that the picture of the band
of women) said abortion should be generally ille- Trump and Biden,” Ms. Haley said. “And we was taken in August 1973. The picture
gal in the second three months of pregnancy, have to face the fact that Trump is the most dis- was taken in October 1972.
versus 37% who said legal. liked politician in America. We can’t win a gen-
Letters intended for publication should
Yet Ms. Haley is right that Mr. Pence’s idea eral election that way.” be emailed to [email protected]. Please
would get zero support from Democrats in the This drew some disapproval from the audi- include your city, state and telephone
Senate. Breaking a filibuster would take a su- ence in Milwaukee. But saying true things in the number. All letters are subject to
permajority that Republicans haven’t enjoyed in face of booing? Sometimes that’s what leader- editing, and unpublished letters cannot
be acknowledged.
living memory, and if Mr. Pence has a plan to flip ship looks like, too. “Wake me when the tourists get here.”
P2JW237000-0-A01500-1--------XA

THE WALL STREET JOURNAL. Friday, August 25, 2023 | A15

OPINION

Did the Republican Debate Turn Anyone Up?

By Lance Morrow must happen to get Joe Biden of fraud. Revisionism ridicules

I
to pull out. Something—we the mandate of heaven.
watched the first Republican don’t yet know what—will MAGA longs to have the
presidential debate hoping, make Mr. Trump go away or mandate back and despises the
like the Dickens character persuade his supporters, in left and its elites for persuad-
Wilkins Micawber, that their millions, to abandon him. ing God that America never
“something will turn up.” Or There’s been a surge of wishful deserved the mandate in the
someone. thinking about eliminating Mr. first place. The centrifugal en-
Vivek Ramaswamy turned up and Trump by means of the 14th ergies (mistrust, hatred and a
made himself unexpectedly conspic- Amendment (Section 3 says no civic rage that has taken on a
uous. Someone should speak to him, one can be president who has life of its own) must be turned
however, about his sideburns. No participated in an insurrec- around. Mr. Trump is the last
one trusts a politician with the side- tion). I doubt it would work. man to accomplish that. Mr.
burns of a riverboat gambler. Or For months I’ve kidded my- Biden is the next-to-last.
with teeth like that. Mr. Ramaswamy self with the idea that Mr. Bi- Such reversals have oc-
kept flashing them in his laugh of den has intended, all along, to curred now and then in the
disdain, like Errol Flynn in “Captain withdraw sometime before his past, but with outside help, so

BRIAN SNYDER/REUTERS
Blood.” 81st birthday, on Nov. 20. I to speak, and at terrible cost.
imagined he might tell the There was Dec. 7, 1941, when a
country about it in a graceful, country bitterly divided be-
Americans keep hoping wistful television address, with tween isolationists and inter-
his husky voice reminding old nationalists was united over-
against hope that someone people of Walter Huston sing- Vivek Ramaswamy and Nikki Haley night by the Japanese attack
other than Trump and ing “September Song.” Every- on Pearl Harbor. Something of
one would praise him. How sweet is also to define their identity.” contrary, see it as flawed in its ori- the same effect occurred, for a
Biden will be on the ballot. self-awareness. He’d be smart to do His “Clash of Civilizations” re- gins. The country becomes as op- while, after 9/11.
it. But he won’t. ferred to such world conflicts as Is- pressive and wicked as Howard America can hardly wish for an-
Mr. Trump won’t either. The pres- lam vs. the West. I’d argue that Zinn pronounced it to be in his other Pearl Harbor to rescue it from
Donald Trump didn’t turn up. idential race has become Mr. America, in its increasingly tribal 1980 book, “A People’s History of this macabre political mess. After
The television audience was divided Trump’s existential necessity. He’s alignments—Woke vs. MAGA—has the United States.” the debate, I went to sleep and
between those who missed him and put all his chips on one grand play. fractured into cultures or belief Huntington said the world has dreamed that the Republicans had
those who didn’t. Mr. Ramaswamy All the while, outside the circus systems that are as ferociously in- become multipolar and multiciviliza- nominated a man who, like Mr.
defended Mr. Trump with such tent, the country speeds on. The tolerant as primitive religions. Too tional. The great American experi- Trump, hadn’t been there—Virginia
samurai zeal that one forgot he is American culture wars have, like Mr. many Americans on either side of ment turns the country’s famously Gov. Glenn Youngkin. I’m not sure
actually running against him for Trump’s situation, grown existential. the widening divide have taken to diverse character into a virtue—but whom the Democrats chose, but as
president. They have hardened into a domestic hating fellow citizens with a Balkan only if it is framed, however naively far as the dream went, I found it
Nikki Haley did well. Chris Chris- clash of civilizations, in the Samuel loathing. Tribal identities are flour- or sentimentally, as the melting pot, pleasant enough. My hopeful sub-
tie was a disappointment. So were Huntington sense of the phrase. ishing as the old American identity part of the ideal American unum, of conscious had skipped the primaries
Tim Scott and Ron DeSantis. But I In his 1996 book of that name, weakens. freedom and democracy under a and cast an absentee ballot in the
doubt that first debate will matter Huntington wrote that people “iden- The component American ener- constitution that is revered. If, how- general election.
much as the 2024 campaign kicks tify with cultural groups: tribes, eth- gies become centrifugal. The E ever, the Founding Fathers are radi-
off. Poor Micawberish America will nic groups, religious communities, pluribus unum formula is drained cally demoted, dismissed as slave Mr. Morrow is a senior fellow at
go on muttering, “Something will nations, and, at the broadest level, of mystique without the unum. Peo- owners and hypocrites, then Amer- the Ethics and Public Policy Center
turn up.” civilizations. People use politics not ple stop thinking of America as ica’s grandiose claims about itself and author of “The Noise of Type-
It’s magical thinking: Something just to advance their interests but anything special and may, on the become a bitter joke, mere evidence writers: Remembering Journalism.”

The Fed’s Pro-Inflation Critics Are Off Target

“The beatings will punishing interest-rate increases. most common technical justifica- consumer-price deflation ever did. During those spans, Britain en-
continue until mo- Consumers still digesting the fast- tion for a higher target: that it This is because any inflation tar- joyed a healthy-looking labor market,
rale improves,” the est runup in the price level in 40 leaves the central bank more scope get puts the Fed in the position of helped by welfare reforms passed in
old joke runs, and years might find this debate baffling to cure recessions by cutting inter- fighting against healthy disinflation, 2012. An economist would say rising
along comes the on an intuitive level. It’s not your est rates. such as declines in prices caused by prices reduced Britain’s inflation-ad-
economics equiva- fault if you’re confused. The theory There are many reasons that the freer trade. A higher target would justed unit labor costs relative to its
POLITICAL lent: a debate is questionable. complex theoretical arguments be- force the Fed to fight even harder, competitors. But those labor units—
ECONOMICS about raising the Only in the early 1990s did central hind that assertion are unconvinc- inflating more asset prices as it the non-jargony term is “workers”—
Federal Reserve’s banks start adopting inflation tar- ing. The key point is that the results goes. understandably objected. Lagging in-
By Joseph C.
inflation target geting as a remedy to the monetary on Wall and Main streets of the cur- More troubling than this unin- flation-adjusted pay remains a
Sternberg
while we’re still chaos of the post-Bretton Woods era. rent approach too often have been tended effect is the knowing trade- chronic political problem.
recovering from As these targets caught on, the idea perverse, and a higher target would off higher-target advocates want to Meanwhile, investment and pro-
40-year-high inflation. Except for that they ought to be set at 2% grew make matters worse. make on our behalf. Part of their ductivity growth failed to materialize.
some economists it’s not a joke. in popularity, too. case is that when a business cycle This may be because a higher-infla-
An argument about the suitabil- There is no theory suggesting turns south, households prefer some tion policy mix encourages the econ-
ity of the current 2% target started that 2% inflation produces better Economists who want the inflation rather than job losses. A omy to stabilize via zombification—
in earnest in the late 2010s, when economic outcomes such as growth higher inflation target allows the the limping along of unsuccessful
the Fed was struggling to bring in- or employment than, say, a 1.5% rate target to rise to 3% ignore Fed to create conditions in which companies that avail of inflated prof-
flation up to that level. Some econ- or a 2.25% rate. Instead, the 2% tar- the harm it would do on businesses can shield themselves its and lower borrowing costs despite
omists presented a higher target, get is a sort of economic Franken- from downturns by increasing their their low productivity—rather than a
typically 3%, as a paradoxical way stein’s monster—a cobbling to- Wall and Main streets. prices (to buffer profitability) while painful but necessary process of cre-
for monetary authorities to bolster gether of various theoretical parts allowing wages to lag (reducing in- ative destruction.
their credibility. Setting a higher to create one workable body of flation-adjusted labor costs). The al- The Fed flirted with a version of a
target would show they were really, guidance. The target seemed low Of particular import these days is ternative is layoffs. higher inflation target on the sly in
really serious about prompting enough that businesses and con- the willful blindness to asset prices. No one wants job losses. But as it August 2020, when Mr. Powell intro-
modest inflation. sumers wouldn’t much notice it, but A single-minded pursuit of a con- happens, we know how the inflation- duced a “flexible average inflation
Nowadays, the same crew pro- high enough that aiming for it sumer-price-inflation target during ary alternative works in practice target” under which the Fed would
poses a higher target rate to solve would stave off deflation. periods when inflation was consis- since a version of it has been the allow periods of above-2% inflation
the opposite problem—the Fed’s Also like Frankenstein’s monster, tently below 2% led to the lower-for- U.K.’s de facto policy for long to compensate for earlier periods of
failure to bring inflation down to the target has since taken on a life longer interest-rate policy and quan- stretches since 2008. The Bank of lower inflation. The dismal results
2%. Proponents suggest a higher tar- of its own as some economists have titative easing that have inflated a England has tolerated three periods are all around us. What the Fed
get would allow Chairman Jerome come to treat inflation as a tool to variety of asset bubbles. These bub- of above-the-2%-target inflation, should do instead is a topic for an-
Powell to declare victory over infla- be used rather than a problem to be bles now pose a greater threat to the 2008-13, 2017-18, and since 2021. other day, but one can at least say it
tion without resorting to further solved. This finds expression in the economy than the bogeyman of mild The results aren’t pretty. shouldn’t do more of the same.

China Pays for Economic Mismanagement

By Mickey D. Levy Mr. Xi began clamping down on construction and massive bond is- as large as Japan’s asset bubble of feeling the pain. Asia is bearing the
free enterprise in 2012, mistakenly suance supporting stimulus. Those the late 1980s, which was followed brunt, with declining trade, particu-

I
t’s economic payback time in believing China’s socialist ideals bonds have been purchased by local by a 70% decline in land values and larly of industrial supplies and capi-
China. The bill is coming due for were consistent with sustained eco- government financing vehicles and a 75% collapse in the Nikkei and the tal goods, along with emerging econ-
excesses resulting from Beijing’s nomic health. Beijing set unrealisti- shadow banks that rely on fragile, “lost decade” of the 1990s. China omies that export commodities and
rejection of free enterprise in favor cally high targets for gross domestic unstable funding sources to bear benefits from highly efficient manu- materials to China. Germany has
of communist ideals. Xi Jinping has product even as China’s potential the risk. facturing and advanced high-tech in- outsize exposure to exports of indus-
been a powerful dictator, but his growth slowed naturally as its labor The government-driven excesses dustries—witness its world-leading trial products to China, weighing
stewardship of China’s economy has force and capital approached capac- in real estate and debt began unrav- down European economies. Receding
been awful, proving again that gov- ity, production costs rose, and pro- eling in late 2021, as land sales and global trade is slowing global
ernment leaders who allocate re- ductivity slowed. Constraints on big construction fell. Since then, Ever- The bill is coming due growth.
sources without regard to markets tech and social-media firms were grande and more than 50 Chinese China’s potential growth and pro-
create economic dysfunction. Reces- particularly damaging. developers have defaulted on their for Beijing’s rejection ductivity are significantly dimin-
sionary conditions are beginning to China set GDP targets way above debt. Chinese households know the of free enterprise in favor ished. Estimates of a nation’s poten-
affect global trade and other econo- potential and hit them—despite value of their real estate has fallen tial growth are framed by expansion
mies. China’s overreliance on real slower consumer spending, private much more and the economy is in of communist ideals. of its labor force, capital and pro-
estate and debt will take years to investment and exports—with ag- far worse shape than rosy govern- ductivity. China’s population and la-
unwind. gressive government investment fo- ment statistics suggest. Cash- bor force are falling owing to its
China’s path from an impover- cused on real estate. The unhealthy strapped local governments have surge in production and exports of one-child policy. Its capital stock
ished nation to the world’s second- high gross capital formation that has limited resources for stimulus. Some electric vehicles. China’s total debt may continue to rise rapidly, but
biggest economy was driven by its been maintained above 40% of GDP are having trouble servicing their levels, however, are higher than under the current regime it will be
acceptance of U.S.-style capitalism, and diminishing productivity have debt and need financial support Japan’s. Remember, it took years and driven by low-productivity govern-
which fueled innovation and entre- signaled resource misallocation and from Beijing. Global demand for Chi- a financial crisis for the U.S. to over- ment investment, including allocat-
preneurship and inflows of physical future problems. nese goods is falling, reflecting weak come its debt-financed housing bub- ing resources to state-owned enter-
and financial capital and technologi- China’s fiscal policy is adminis- economies and efforts to reduce ex- ble and reliance on complex deriva- prises. Leaders in Beijing and the
cal know-how from abroad. Profits tered largely by local governments, posure to China supply chains. Re- tives of the early 2000s. nation’s sprawling regulatory appa-
from its export-related manufactur- as dictated by leaders in Beijing. duced production for export means The fallout from China’s economic ratus suppress the innovative and
ing helped build productivity-en- Local governments met their fewer high-paying manufacturing challenges is spreading around the productive private sector.
hancing infrastructure and a modern growth targets by relying heavily on jobs. world. Countries and companies that These negative fundamentals will
society. land sales to real-estate developers, China’s real-estate excesses aren’t rely heavily on exports to China are be reinforced as global companies
reduce supply-chain exposure to
China. The U.S. and other countries

Notable & Quotable: ‘Beacon’

are working to limit investment to
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY China and the export of advanced
Rupert Murdoch Robert Thomson semiconductors and quantum-com-
Executive Chairman, News Corp Chief Executive Officer, News Corp Elizabeth Kim reporting for the request came from the mayor puting capabilities. This will limit
Emma Tucker Almar Latour Gothamist.com, Aug. 22: himself and that compliance would China’s ability to acquire compo-
Editor in Chief Chief Executive Officer and Publisher
be tracked. . . . nents, technology and other critical
Liz Harris, Managing Editor DOW JONES MANAGEMENT: Mayor Eric Adams is ordering all By Tuesday morning, more than 20 elements that fueled its economic
Charles Forelle, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer;
city agencies to promote a positive agencies—including some that have growth.
Elena Cherney, News; Chip Cummins, Newswires; Mae M. Cheng, EVP, General Manager,
Andrew Dowell, Asia; Brent Jones, Culture, Leadership; David Cho, Barron’s Editor in Chief; portrayal of his administration’s re- no apparent role in the migrant cri- Current attempts to achieve GDP
Training & Outreach; Alex Martin, Print & Jason P. Conti, General Counsel, Chief Compliance sponse to the migrant crisis in a sis—had posted the video, accompa- growth above 2% to 3% would lead
Writing; Michael W. Miller, Features & Weekend; Officer; Dianne DeSevo, Chief People Officer; highly coordinated social media blitz nied by pre-written statements tout- to more undesirable excess. Chinese
Frank Filippo, Chief Transformation Officer;
Emma Moody, Standards; Prabha Natarajan, as he faces mounting criticism. . . . ing the administration’s actions and leaders must deal with the social
Professional Products; Philana Patterson, Audio; David Martin, Chief Revenue Officer, Business
Intelligence; Elizabeth O’Melia, Chief Financial On Monday afternoon, city agen- the need for more federal help. fallout, and global economies must
Matthew Rose, Enterprise; Michael Siconolfi,
Investigations; Amanda Wills, Video Officer; Dan Shar, EVP, General Manager, cies were instructed to post a video “New York City remains a beacon adjust to the realities of China’s di-
Wealth & Investing; Josh Stinchcomb, EVP & that showcases the efforts of city for all who come to our shores. And minished potential.
Paul A. Gigot Chief Revenue Officer, WSJ | Barron’s Group;
Editor of the Editorial Page workers involved in helping mi- we will continue to uphold these
Sherry Weiss, Chief Marketing Officer
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
grants apply for asylum, according values and reach out a helping hand Mr. Levy is senior economist at
1211 Avenue of the Americas, New York, N.Y., 10036 to an email from the mayor’s digital to those in need,” read one of the Berenberg Capital Markets and visit-
Telephone 1-800-DOWJONES strategy team. . . . It indicated that messages. ing scholar at the Hoover Institution.
P2JW237000-1-A01600-1--------XA

A16 | Friday, August 25, 2023 * THE WALL STREET JOURNAL.

WORLD NEWS

Six Countries Invited to Join Brics As Moon

Race Heats
Expansion is a
victory for Russia
freedom index, with a score of
85 out of 100. The other five
countries are all designated
Up, Lunar
and China, which
want to bolster bloc
“not free,” with scores rang-
ing from eight to 21.
Still, Brazil and India
Law Trails
voiced their support for the
BY ALEXANDRA WEXLER expansion at the summit on BY JACOB GERSHMAN
Thursday. “India has always
J O H A N N E S B U R G —T h e believed that the addition of India won the race to land
Brics group of emerging na- new members would further a spacecraft on the moon’s
tions has invited six additional strengthen Brics as an organi- south pole, but its success has
countries to join the bloc in an zation,” Prime Minister Nar- cast attention on the next
effort to grow its global im- endra Modi said. stage in the booming space
portance and ability to chal- Bracketed together origi- sector: how the moon and its

XIE HUANCHI/XINHUA/ZUMA PRESS

lenge the West on political nally by the clip of their eco- potential treasure trove of re-
and economic issues. nomic growth, the current sources will be governed.
Saudi Arabia, Egypt, Argen- Brics nations account for more The moon is a potential
tina, Iran, Ethiopia and the than a quarter of the global trillion-dollar payload of pre-
United Arab Emirates have economy and some 42% of the cious minerals and revolution-
been invited to join Brics, world’s population. ary fuel sources. Governments,
which currently comprises The Brics leaders said the investors and state-owned en-
Brazil, Russia, India, China admission of six new members terprises on several conti-
and South Africa, the bloc’s Chinese President Xi Jinping, right, met with Iran’s President Ebrahim Raisi on the summit sidelines. was a first step and further na- nents are working on plans for
leaders said on Thursday, the tions would be invited to join in exploiting the moon’s once-
final day of a summit in Jo- news conference at the end of one that is truly balanced,” Yevgeny Prigozhin, the owner the future. More than 20 coun- thought-unreachable deposits
hannesburg. the summit. said Putin. of the Wagner paramilitary tries, including Nigeria, Indone- and water ice.
The expansion of Brics is a Xi has been wooing devel- The Russian president has group, who died in a plane sia, Venezuela and Argentina, It is also a barren legal
victory for Chinese President oping nations at the summit boosted efforts to court devel- crash on Wednesday. had formally expressed interest landscape, with no consensus
Xi Jinping and Russia’s Vladi- this week, as Beijing looks to oping nations as Russia seeks Brazil and India had advo- in joining the bloc. The first six among the world’s superpow-
mir Putin, who had pushed to shore up friendships among to expand into new markets cated for a more gradual ex- new members will join at the ers on how exploration and
grow the bloc in the face of in- African nations, as well as and make new allies to lessen pansion of Brics amid concerns start of next year. commercial activity should be
tensifying geopolitical and eco- countries in Latin America the impact of Western sanc- that the group could become Analysts said the addition regulated.
nomic competition with the and parts of Asia that are tra- tions over the war in Ukraine. too far aligned against the of new countries could further No country can claim owner-
West. They argued that a big- ditionally suspicious of U.S. Putin couldn’t attend the West, morphing into an auto- undermine coherence and de- ship of the moon. But the U.S.,
ger club would give the devel- power. summit in person, as the host, cratic version of the Group of cision-making in the bloc, China and Russia and other
oping world a stronger voice Joining the summit by South Africa, would have been Seven major economies. whose current members al- countries are at odds over
that is more equal to its size. video link, Putin also wel- obliged to arrest him under a It appears that Brics is ready represent vastly differ- whether a Cold War-era treaty
“Let us work together to comed the addition of new warrant for his arrest issued headed in that direction, with ent economic and governance governing space law allows for
write a new chapter of emerg- members and said they would in March by the International just one of the six newly ad- systems and ideologies and private ownership of resources
ing-market countries…working help galvanize the bloc. “We Criminal Court for alleged war mitted nations—Argentina— which have taken divergent harvested from the moon, leav-
together for development,” Xi all stand for the building of a crimes in Ukraine. He made no ranked as “free” in Freedom approaches to their relation- ing it unclear how competing
said in translated remarks at a new multipolar world order, mention in his remarks of House’s widely used global ship with the U.S. companies might secure and
enforce mining rights.
At the moment, lunar min-

Turkey Raises Rates Sharply to Curb Inflation

ing would be governed by the
1967 Outer Space Treaty, en-
tered into by the U.S. and
more than 100 other coun-
tries. That treaty said coun-
BY JARED MALSIN Turkish benchmark rency. The cost of insuring tries are free to explore the
AND CHELSEY DULANEY interest rate* 25% against a default on Turkish moon and other celestial bod-
+7.5 pct. pts. government bonds fell sharply ies. But the treaty also said
25%
ISTANBUL—Turkey’s cen- and foreign investors poured that outer space “is not sub-
tral bank raised its key inter- nearly $2 billion back into ject to national appropriation
est rate by 7.5 percentage 20 Turkish stocks and, to a lesser by claim of sovereignty.”
points, a higher-than-expected degree, local bonds. The U.S. government has
increase as it attempts to cor- Investors remain hesitant taken the position that the
rect years of easy-money poli- 15 to make bigger bets on Turkey treaty doesn’t preclude pri-
cies imposed by President Re- as the corrective steps taken vate ownership of lunar re-
cep Tayyip Erdogan, which so far have fallen well short of sources. A 2015 law gives U.S.
TOLGA BOZOGLU/EPA/SHUTTERSTOCK

10
has left Turkey with major fi- a full-scale return to economic citizens engaged in space min-
nancial imbalances. orthodoxy. ing the right to “possess, own,
The bank said it increased 5 Turkey’s interest rates re- transport, use and sell” re-
its benchmark rate, the one- main well below the rate of in- sources extracted from the
week repo rate, to 25% from 0
flation, and expectations for moon or asteroids.
17.5%. It was the third consec- inflation are on the rise. Infla- As part of NASA’s lunar ef-
2011 ’15 ’20
utive rise since Erdogan in- tion is expected to end 2023 forts, the U.S. is also advancing
stalled a new team of eco- *the one-week repo rate at around 60%, nearly 16 per- a set of nonbinding principles
nomic leaders after winning a The Turkish lira has lost 90% of its value in the past decade. Source: Central Bank of the Republic of Turkey centage points higher than a known as the Artemis Accords
difficult election in May. month ago, according to the that countries must endorse to
Thursday’s increase came been in for quite a few years tools to calm the economy. Europe. The Turkish lira has central bank’s August survey participate in the program.
after economists expressed now,” said Liam Peach, a se- Erdogan has argued that lost 90% of its value during of market participants. In two Signatories affirm “that the
concern that the government nior emerging markets econo- lower rates will eventually the past decade. years’ time, inflation is ex- extraction of space resources
was acting too slowly to con- mist at Capital Economics, a lead to lower inflation, con- The lira fell sharply in June pected to fall to 23%. does not inherently constitute
trol inflation, which stands at consulting firm in London. trary to what has been ob- in the days after Erdogan ap- Analysts say the govern- national appropriation” under
47.8%, putting the economy at “The only way of doing that served in economies through- pointed his new cabinet, in- ment’s gradual approach to the Outer Space Treaty. As of
risk over the long term. and out of this problem is out the world. He has replaced cluding Finance Minister Meh- tackling inflation puts it at July, 28 countries, including
Central bank governor through just a very quick and four central bank governors met Simsek. Normally a falling risk of another currency crisis. India, have signed on to the
Hafize Gaye Erkan, who was quite painful adjustment.” since 2019 as he has expanded currency would be a sign that The lira has fallen nearly 30% pact since NASA announced it
appointed following the elec- The lira jumped against the control over the economy and investors lacked confidence in against the dollar during the in 2020.
tion, faces the task of stabiliz- dollar and government bond imposed his vision of low in- the new regime. But in Tur- past few months, making im- Spacefaring China and Rus-
ing Turkey’s economy while prices rallied after the deci- terest rates, triggering a cur- key’s topsy-turvy financial ports more expensive and am- sia, whose own lunar probe
also catering to Erdogan’s sion. Analysts had expected a rency crisis in 2021. markets, the lira’s fall was plifying inflation pressure. crashed into the same south
preference for lower interest much smaller increase of 2.5 Erdogan’s policies, com- seen as a positive step as it Erdogan is expected to con- pole region of the moon days
rates to encourage economic percentage points. bined with the global shocks indicated the central bank was tinue to pressure senior offi- earlier, have indicated they
growth. In announcing the de- Investors and analysts criti- of the Covid-19 pandemic and stepping away from a costly cials to slow-walk the rate in- want no part of the accords.
cision, the central bank cited cized Erkan and the govern- Russia’s invasion of Ukraine, effort to prop up the cur- creases with an eye to They are trying to build their
the need to bring down infla- ment after a decision in July raised concerns about eco- rency’s value. winning local elections next own lunar research stations.
tion and “control the deterio- that raised interest rates by nomic stability in Turkey, a Since then, the central bank year, analysts say. Control of And their officials and state
ration in pricing behavior.” only 2.5 percentage points. Er- country with a nearly trillion- has lifted interest rates and the Istanbul and Ankara mu- media have faulted the agree-
“Turkey needs to get itself kan defended her gradual ap- dollar economy that is also a pared back rules meant to en- nicipalities, which are cur- ment as overly geared toward
out of this currency-deprecia- proach to raising rates, saying member of NATO and an im- courage banks to lend and de- rently in opposition hands, is American political and com-
tion inflation trap that it has the bank would also use other portant trading partner for press demand for foreign cur- up for grabs in the election. mercial interests.

WORLDWATCH
SPAIN ZIMBABWE
FIFA Investigates Police Arrest 41
Official Over Kiss Poll Monitors
FIFA has opened disciplin- Zimbabwe police said they
ary proceedings against Span- arrested 41 workers for poll
ish soccer chief Luis Rubiales monitoring groups and seized
after he kissed Spanish player the computers and other
Jenni Hermoso on the lips equipment they were using
during her team’s Women’s to tabulate the results of
World Cup victory ceremony. vote counting Thursday in
FIFA said it told Rubiales, the southern African nation’s
the president of the Royal widely delayed presidential
Spanish Football Federation, election.
that his actions during the Those arrested were work-
World Cup final may violate ing with two accredited moni-
rules against offensive be- toring organizations—the Zim-
havior, according to a state- babwe Elections Support
ment by the international Network and the Election Re-
soccer association. FIFA source Center—which de-
didn’t specify what behavior ployed over 7,500 observers
it was investigating and de- nationwide.
clined to elaborate Thursday. Police spokesperson Paul
Rubiales and the Royal Nyathi accused them of being
Spanish Football Federation, involved in “subversive and
THOMAS KIENZLE/AGENCE FRANCE-PRESSE/GETTY IMAGES

which plans to hold an emer- criminal activities” as part of

gency meeting on the matter an opposition plan to fabri-
Friday in Madrid, didn’t re- cate the results.
spond to requests for com- The arrests, made during
ment. Rubiales apologized in raids on various locations in-
a video earlier this week, call- cluding a hotel, were criti-
ing the incident a mistake. cized by the group Zimbabwe
Video shows Rubiales Lawyers for Human Rights,
grabbing Hermoso by the which said the workers were
head and kissing her lips af- carrying out their mandate as
ter the Spanish team beat accredited election observers.
England 1-0 during the Zimbabwe’s long history of
Women’s World Cup in Syd- disputed elections has left
ney. many wary of official results. GOURD TIMES ROLL: Ludwigsburg Palace in southwest Germany features a fire engine made of pumpkins for its annual
—Joseph Pisani —Associated Press festival. ‘Fire’ is the theme of this year’s event, which runs until Dec. 3, and boasts 450,000 pumpkins and 600 varieties.
P2JW237000-5-B00100-1--------XA

S&P 4376.31 g 1.35%

BUSINESS & FINANCE
© 2023 Dow Jones & Company. All Rights Reserved.

S&P FIN g 0.24%

* * * * *

S&P IT g 2.15% DJ TRANS g 0.76%

THE WALL STREET JOURNAL.
WSJ $ IDX À 0.55% 2–YR. TREAS. yield 5.016%
Friday, August 25, 2023 | B1
NIKKEI (Midday) 31666.36 g1.92% See more at WSJ.com/Markets

Shein Strikes Deal With Forever 21 Subway

Agrees
Partnership paves
way for Asian online
line, Shein shops could operate
inside Forever 21 stores, the
companies said.
Group. Sparc, in turn, is taking
a minority stake in Shein,
which was valued at $66 bil-
For Shein, the deal gives it
access to a brand in its sweet
spot. Shein’s Executive Vice
21’s stores. The brand has 560
stores worldwide, with 414 in
the U.S.
To Buyout
fashion giant to sell
retailer’s products
The arrangement marks the
next step in Shein’s evolution
beyond selling apparel at rock-
lion in a funding round earlier
this year. Additional financial
terms couldn’t be learned.
Chairman Donald Tang said
that as the company expands,
it needs to bring in more
Jamie Salter, founder and
chief executive of Authentic
Brands, said he reached out to
By Roark
bottom prices produced in Sparc is a joint venture be- third-party brands. “We can’t Shein more than a year ago,
BY SUZANNE KAPNER small batches. Shein has be- tween brand-management make everything we sell,” he after he noticed it was taking BY HEATHER HADDON
come one of the largest U.S. company Authentic Brands said. share from other fast-fashion
Shein and Forever 21 may fast-fashion retailers by market Group and mall owner Simon Forever 21 will gain access retailers. Salter said the deal is Subway agreed to be ac-
soon be fast-fashion friends. share, but to grow further it Property Group. Sparc pro- to Shein’s 150 million custom- all about maximizing distribu- quired by Roark Capital in a
The two rivals have entered wants to offer its customers duces and distributes goods for ers, giving it a wider platform tion. deal that the sandwich chain’s
into a partnership that paves goods beyond what it makes it- seven of Authentic’s brands, to reboot since it was bought “Most of our customers are chief executive said will help
the way for the Asian e-com- self. which in addition to Forever 21 out of bankruptcy in 2020. The in physical stores,” he said. spread tens of thousands of
merce powerhouse to sell For- In the deal, Shein is acquir- include Aéropostale, Nautica, arrangement could also allow “Most of their customers are new locations around the
ever 21 dresses, jeans and ac- ing roughly one-third of For- Lucky Brand, Brooks Brothers, customers to return items or- digital.” world.
cessories on its site. Down the ever 21’s operator, Sparc Eddie Bauer and Reebok. dered from Shein at Forever Please turn to page B2 Affiliates of the Atlanta-
based private-equity group
agreed to buy the chain from

Hawaii Industry Giants Rule Carbon Removal

the two founding families that
have owned the sandwich
company for nearly six de-

Fires Amount of carbon dioxide removal pre-purchased by largest buyers* BY AMRITH RAMKUMAR
cades. The majority of the
proceeds from the deal are ex-
pected to go to foundations

Ensnare Microsoft
2.8 million metric tons
JPMorgan
810,167
The technology to remove
carbon from the atmosphere is
affiliated with the founders,
according to Subway.
Terms of the deal weren’t

A Bank unproved at scale and the eco-

nomics are just taking shape.
What has become clear this
disclosed.
The Wall Street Journal pre-
viously reported that Roark’s
year is that carbon removal is offer of around $9.6 billion was
BY DAVID UBERTI now the realm of giant compa- leading a heated auction for
nies and government support. Subway, which included rival
At the heart of embattled The Energy Department this private-equity firms TDR Capi-
Hawaiian Electric Industries month committed $1.2 billion tal and Sycamore Partners.
is an asset that stands to com- Airbus NextGen to create two carbon-removal Roark agreed to pay $9 billion
coalition
plicate the company’s already 400,000 hubs in Texas and Louisiana, upfront for the chain and the
difficult road to recovery after 193,125 home to a large portion of the rest if certain financial targets
the fatal wildfires in Maui: a U.S. fossil-fuel industry. The are met, people familiar with
bank that is the third largest in biggest competitor in the Texas the matter said.
the state. project will be Occidental Pe- Subway early in the process
Shopify
American Savings Bank, troleum, which has its own bil- had aimed for a sale that
which Hawaiian Electric Indus- Frontier coalition 46,685 lion-dollar bet on the technol- would value the company at
tries bought in 1988, is a rem- 121,409 ogy. more than $10 billion.
nant of the holding company’s 44,035 Three deals this year ce- Subway Chief Executive
onetime expansion across in- mented corporate involvement John Chidsey said the com-
Swiss Re UBS 39,500
dustries and continents. Now, in the sector: Exxon Mobil is pany would benefit from
as Wall Street games out what Cumulative amount of buying one of the biggest oper- Roark’s expertise in franchis-
100,000 metric tons
the future of the broader com- carbon dioxide removals ators of pipelines that move ing, digital ordering strategies
pany might look like, the bank completed, monthly* 4 million metric tons
carbon to sites where it can be and international development
80,000
might be its most valuable as- stashed underground. Occiden- as the chain seeks to add
set. tal is buying one of the two around 23,000 restaurants
Wells Fargo estimates 60,000 most established carbon-re- globally in coming years.
American Savings Bank’s value moval technology companies. “They understand our busi-
at about $8 a share, equivalent 3 The other experienced carbon- ness,” Chidsey said in an in-
40,000
now to more than 60% of the removal startup completed the terview. “From the family’s
broader company’s current first third-party verified pro- perspective, it was a compel-
20,000
share price. Analysts say they cess and cashed in on it by ling offer that I think works
believe the financial institution selling carbon credits to Mi- for everybody.”
is walled off from legal liabili- 0 2 crosoft and other big compa- Subway said its manage-
ties its parent might face from Sept. 2021 ’22 ’23 nies. ment will remain after the
class-action lawsuits but warn The most prominent carbon- deal closes. Chidsey said he
that a potential bankruptcy removal technology favored by intends to stay with the brand
could make that outlook more Cumulative amount of carbon dioxide the government, Occidental for the foreseeable future.
removal paid for by companies, monthly*† 1
uncertain. and these startups is called di- The agreement ends
Shares in Hawaiian Electric rect-air capture. It employs months of tussling among
Industries fell 2.1% to $11.86 vacuumlike devices and fans to roughly 10 bidders that sought
each on Thursday. The holding suck in air, pull out the carbon to own one of the world’s
company’s stock has dropped and bury it underground. The largest fast-food chains. Sub-
0
by about two-thirds since Aug. process is a man-made varia- way will continue to be pri-
7 in a selloff that is likely to Sept. 2021 ’22 ’23 tion of what trees do every vately owned, but will shed
hinder its ability to raise *Data provider aggregates data from public sources and private sector †Many purchases are commitments before removals are completed day. the closely held family owner-
Please turn to page B10 Source: CDR.fyi Please turn to page B6 Please turn to page B2

Bud Light Shifts Ads

To Tame NFL Theme
BY KATIE DEIGHTON gear in parking lots. The na-
tionwide TV commercial will
Bud Light is digging deeper be supported by local market-
into grassroots American cul- ing campaigns designed to
ture to reconnect with beer connect with fans of the 27
drinkers following its sales- teams Bud Light now spon-
losing battle in the culture sors, up from 26 in the previ-
wars. ous NFL season.
The Anheuser-Busch InBev The ad encapsulates Bud
brand on Thursday kicked off Light’s strategy to recover
this year’s installment of its from a March promotion with
long-running sponsorship of the transgender influencer Dy-
MACLOLM DENEMARK/FLORIDA TODAY/ASSOCIATED PRESS

the National Football League lan Mulvaney that sparked a

with an ad featuring football backlash and boycott of the
fans carrying out game-day brand: stick to beer, emphasize
traditions. the “Easy to Enjoy” theme,
An extension of Bud Light’s and avoid anything that could
“Easy to Enjoy” campaign, the be perceived as political.
“Easy to Sunday” ad includes The brand’s summer ad
vignettes of fans dancing at campaign showcased seasonal
tailgate parties, celebrating in mishaps, such as burning bare
sports bars and donning team Please turn to page B2

INSIDE Elon Musk’s company has denied it makes hiring decisions based on people’s immigration status. A Falcon 9 launch this month.

U.S. Charges SpaceX Bias Against Refugees

RICHARD B. LEVINE/LEVINE ROBERTS/ZUMA PRESS

BY MICAH MAIDENBERG wrongly claimed that federal lished antidiscrimination pol- he said in a post on X, the so-
export-control laws meant that icy, SpaceX cannot afford to ar- cial-media company formerly
The Justice Department it could only hire U.S. citizens tificially limit the talent pool known as Twitter.
sued SpaceX, alleging that the and permanent residents, the from which it hires by discrim- SpaceX is the busiest rocket
company led by Elon Musk dis- agency said. inating against anyone on the launcher in the world and has
criminated for years against A spokesman for SpaceX basis of their citizenship,” at- developed a large satellite-in-
refugees and others who fled and an attorney at the com- torneys representing SpaceX ternet business. In addition to
their homelands. pany didn’t respond to re- said in a 2021 filing. its headquarters and manufac-
From at least September quests for comment. In a previ- Musk said Thursday that turing facility in Hawthorne,
BUSINESS NEWS TECHNOLOGY 2018 to May 2022, SpaceX dis- ous court filing related to the SpaceX was repeatedly told Calif., the company has major
Rolex will acquire Warner Bros. couraged asylum seekers and Justice Department’s investiga- that hiring anyone who wasn’t facilities in Texas, Florida and
refugees from applying for tion, the company denied that a permanent U.S. resident Washington state.
Bucherer in a tie-up of Discovery will add jobs, and refused to hire them it makes hiring decisions based would violate an international As of early 2021, SpaceX had
two luxury Swiss CNN to its Max or consider their applications, on applicants’ immigration sta- arms trafficking law and be a close to 10,000 employees, in-
watchmakers. B2 streaming platform. B4 the Justice Department said tus. criminal offense. “We couldn’t cluding hundreds of non-U.S.
Thursday. The company “Consistent with its pub- even hire Canadian citizens,” Please turn to page B4
P2JW237000-5-B00200-1--------NS

B2 | Friday, August 25, 2023 NY * ** ** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

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

A F R
Advanced Micro Forever 21......................................B1 Roark Capital..............................B1
Devices......................................B12 Fox ....................................................A5 Rolex..................................................B2
Alibaba Group Holding......B2 G S
Amazon.com............B2,B11,B12
Gap.....................................................B3 Shein..................................................B1
Anheuser-Busch InBev......B1
Glencore.........................................B6 SpaceX..............................................B1
Authentic Brands Group..B1
H Sparc Group.................................B1
B
Heidelberg Materials..........B6 Subway............................................B1
Better Home & Finance
Holding.....................................B10 M T
C MCR Hotels..............................B10 Temu.................................................B2
Microsoft.....................................B12 Tesla.................................................B11
Cava Group..................................B3
N Toronto-Dominion
Chevron.........................................B11 Bank............................................B10
Clarivate.........................................A3 News Corp...................................A5
Trafigura........................................B6
D Nvidia..............................................B11
TSMC................................................A3
O

STEFAN WERMUTH/BLOOMBERG NEWS

Dominion Voting W
Systems......................................A5 Occidental Petroleum..........B1
Walt Disney...............................B11
E Q Woodside Energy
Exxon Mobil.................................B1 Questa Capital.......................B10 |Group.........................................B11

INDEX TO PEOPLE
A Harter, Jim...................................B3 R Switzerland-based Bucherer operates more than 100 stores around the world, while Rolex only owns and operates one store.
Allen, Todd...................................B2 Heppenstall, Mark................B11

Rolex to Buy Watch Seller Bucherer

Roberts, Brian..........................M3
Alter, Jonathan........................A5 Hollub, Vicki................................B6 S
C-D L-M Salter, Jamie...............................B1
Carlson, Tucker.........................A5 Schieldrop, Bjarne................B11
Lukasiewicz, Mark.................A5
Chidsey, John..............................B1 T
Dickson, Richard......................B3 Morse, Tyler
Tang, Donald...............................B1
Drant, Ryan..............................B10 P BY WILL FEUER ute Rolex watches. Bucherer from their peaks since the start The deal comes amid a
Trainer, David...........................B11
H Peach, Liam..............................A16 Tolivar, Tricia..............................B3 runs 48 stores that distribute of 2022, but are still higher larger consolidation among
Rolex has agreed to buy Rolex-owned Tudor watches. than 2019 levels. Rolex doesn’t global luxury brands as U.S.
Bucherer, a major tie-up in Rolex’s move deeper into the sell preowned watches, but Bu- consumers spend less on de-
the closely held luxury-watch retailing side of the business is cherer does. signer goods. Coach owner
industry that will give it more a major shift for the Swiss man- Bucherer also services Tapestry last week struck a
control over how its watches ufacturer. While the company Rolex and Tudor brands. Last multibillion-dollar deal to buy
are sold. authorizes hundreds of retailers year, Rolex said it would begin Capri Holdings, parent of fash-
The companies didn’t dis- around the world to sell its issuing certificates of authen- ion brands Michael Kors and
close financial terms of the watches, Rolex only owns and ticity to authorized dealers Versace. In 2021, LVMH, the
deal. operates one store in Geneva. selling its preowned watches, company behind Louis Vuit-
Switzerland-based Bu- Rolex said its partnerships beginning with Bucherer ton, completed its blockbuster
cherer, a 135-year-old watch with other official retailers in stores in Europe. deal to buy Tiffany.
retailer, will keep its name its sales network won’t At Rolex-authorized deal- More recently, signs have
and continue to independently change. ers, supplies of new watches emerged of shakiness in the
run its business, Rolex said The market for preowned have long been outstripped by Chinese economy, a key source
Thursday. Bucherer operates Rolexes and other luxury demand. Wait lists for the of demand that has for years
more than 100 stores globally, watches surged during the pan- most popular models often helped propel sales of high-
ANHEUSER-BUSCH

53 of which currently distrib- demic. Prices have come down run yearslong. end goods including watches.

An example of a Bud Light ‘Easy to Sunday’ ad. Shein, U.S. fast-fashion market share
100%
tual property of others. Addi-
tionally, Shein reviews prod-
ucts before adding them to its

Bud Light Light’s vice president of mar-

keting, said in an interview.
Allen, previously vice presi-
Forever 21 80
Others
website.
As relations between the
U.S. and China have cooled,

Ads Shift dent of global marketing for

the Budweiser brand, took on
the role with Bud Light in
Strike Deal 60
Zara USA
Shein has tried to distance it-
self from China, where it was
founded in 2012. It moved its

To Football April from Alissa Heinersc-

heid, who oversaw the Mulva-
ney partnership. She subse-
Continued from page B1
Salter said the partnership 40
H&M headquarters in 2021 to Singa-
pore. It doesn’t sell goods in
Forever 21 China. Its roughly $23 billion in
quently went on leave. could later expand to include sales in 2022 came largely from
Continued from page B1 The Mulvaney saga contin- additional Sparc brands “as the U.S., Europe and Brazil.
feet on hot asphalt and falling ues to batter Bud Light sales. Shein establishes itself more 20 Shein In May, Shein raised $2 bil-
out of a hammock. Its NFL In May, it lost the title as the like an Amazon-type market- lion in its latest fundraising
campaign features sports ritu- U.S.’s top-selling beer to Con- place.” round that valued the company
als that vary from team to stellation Brands’ Modelo Es- Forever 21 goods will be 0 at about a third less than a
team and state to state and pecial. sourced and made by Sparc 2018 '19 '20 '21 '22 '23 year earlier.
that aren’t associated with po- U.S. retail-store dollar sales and sold to Shein, which will Note: Data may not add up to 100% because of rounding Source: Earnest Analytics A bipartisan letter signed
litical identities or social of Bud Light fell 26.5% in the make them available on its by more than 20 lawmakers
causes. Only a smattering of week through Aug. 5 and 27.3% website and mobile app. For- with Amazon.com, Alibaba Shein said it doesn’t source asked the Securities and Ex-
dialogue is caught on the mic. in the week ended Aug. 12 ever 21 goods are priced and Temu. any cotton from China and has change Commission to order
It is a shift in tone from the from their respective year-ear- slightly higher than Shein’s. Shein has faced criticism for no manufacturers in Xinjiang. an audit of Shein’s supply-
Super Bowl ads Bud Light lier periods, according to an For instance, a Forever 21 the environmental impact of The company said its manu- chain before the retailer is al-
rolled out at the end of last analysis of NIQ data by Bump graphic T-shirt sells for around its fast-fashion operating facturing model, where it lowed to sell shares on Ameri-
year’s NFL season, which Williams Consulting. $9 compared with around model and has been accused of makes 100 to 200 pieces of an can stock exchanges. Shein has
evoked an air of sophistication Anheuser-Busch InBev, the $4.50 at Shein. copyright infringement. It has item and then increases pro- been diversifying its supply
with actors and celebrities, as world’s largest brewer, earlier Forever 21 is also hoping to also faced questions from duction based on demand, lim- chain away from China to
well as last year’s NFL season this month said its U.S. sales, learn from Shein’s small-batch Western lawmakers about its waste. Shein said it sources other countries such as India.
launch commercial, which was profit and market share fell manufacturing, which allows whether its goods contain cot- excess fabric from other Authentic Brands had flirted
reminiscent of a sitcom. sharply in its second quarter. Shein to feature thousands of ton from China’s Xinjiang re- brands for some of its prod- with going public but delayed
“For me, it’s about relat- But Bud Light’s parent com- new products daily while keep- gion, where the U.S. has ac- ucts, keeping the materials out its IPO in 2021 after receiving a
ability...These are real people pany conveyed optimism to ing inventory levels low, Salter cused Chinese authorities of of landfills. It has a resale pro- big investment from two pri-
doing real things that they do shareholders regarding the said. committing genocide and of gram where customers can buy vate-equity firms that valued it
every Sunday with their brand, noting a survey it com- Earlier this year, Shein using forced labor in its re- preowned goods. at $12.7 billion. A more recent
friends and family, and we missioned of U.S. consumers launched a marketplace selling pression of mostly Muslim Uy- Shein said suppliers must funding round in June placed a
were able to capture that au- found the beer is still viewed third-party goods, putting it ghurs. Beijing denies the alle- certify that their products valuation on the company in
thenticity,” Todd Allen, Bud favorably. more squarely in competition gations. don’t infringe on the intellec- excess of $20 billion.

Subway Top chain restaurants by U.S store count, 2022

0 5,000 10,000 15,000 20,000

Agrees to
Subway
Starbucks
McDonald's

Buyout Dunkin'
Taco Bell
Burger King
Continued from page B1
Domino's
ship structure that guided its
rise from a Connecticut sand- Pizza Hut
wich shop to a global company. Wendy's
For Roark, the deal solidifies
Dairy Queen
the firm as one of the largest
private-equity investors in U.S. Source: Technomic
restaurant chains. In 2020,
Roark-backed restaurant com- gest fast food chain with $9.8 tomers liked the affordable restructuring operations and
pany Inspire Brands bought billion in domestic sales last sandwiches, and Subway ex- focusing on food quality.
Dunkin’ Brands Group for $8.8 year, according to market re- panded through aggressive de- Subway’s U.S. closures
billion. Inspire, which also owns search firm Technomic. Sub- velopment with franchisees, peaked in 2020 with more
Arby’s, Buffalo Wild Wings, way last year did nearly four many of whom owned a small than 1,600 locations shut,
Sonic Drive-In and Jimmy times the U.S. sales of its number of locations. Technomic said. Domestic clo-
John’s, is one of the largest U.S. closest sandwich competitor, The chain’s global sales sures have since slowed and
restaurant groups, with more Jersey Mike’s Subs, though peaked at $18 billion in 2012, the average profitability of its
than 32,000 locations. that chain is growing faster declining for years after, Tech- locations has improved.
Roark also backs Focus and averaging higher sales nomic said. Subway closed The company has pushed
Brands Group, which owns per location, according to thousands of stores and fran- global expansion in recent
Auntie Anne’s, Carvel, Cinna- Technomic. chisees exited the system, years. Since 2021 Subway has
bon, Jamba, McAlister’s Deli, Submarine and other non- while new sandwich shop ri- signed 15 deals with interna-
Moe’s Southwest Grill and burger sandwich chains did vals expanded. tional franchisees and aims to
Schlotzsky’s. Roark is known $35.9 billion in sales last year, DeLuca ran Subway for open around 9,000 restaurants
for holding investments for a representing the fourth-larg- many decades before he was through the agreements. One
longer period than some other est fast-food category, accord- diagnosed with leukemia. He franchisee is on board to open
private-equity firms in restau- ing to Technomic. Sandwich died in 2015 and his sister Su- nearly 4,000 locations in
rants. chains have had slower annual zanne Greco took the reins of China over the next 20 years.
Chidsey said Subway will be growth domestically in the the company. She retired in Chidsey said Subway can
its own entity within Roark’s last three years than burger, 2018, and Buck died in 2021. grow to a chain of about
investment portfolio, and the pizza and chicken categories, The DeLuca and Buck families 60,000 locations from around
firm doesn’t plan to combine in part because of Subway’s have continued to own the 37,000 today, with most of
Subway with any of its other slow U.S. sales growth, Tech- closely held company. that development happening
restaurant holding groups. J.P. nomic said. Chidsey was the chain’s abroad. Roark’s investment
Morgan and Sullivan & Crom- Peter Buck, a physicist, first chief executive officer to will help the company push
well advised Subway on the helped to found Subway in come from outside the found- into new parts of the globe
deal, the company said. 1965 when he lent 17-year-old ing families. Since taking over and compete in the broader
Subway is the largest sub- family friend Fred DeLuca in November 2019 he has restaurant industry, he said.
style sandwich company in $1,000 to open a sandwich worked to turn around Sub- —Ben Dummett
the U.S., and the eighth-big- shop in Bridgeport, Conn. Cus- way, closing weaker locations, contributed to this article.
P2JW237000-2-B00300-1--------XA

THE WALL STREET JOURNAL. * * Friday, August 25, 2023 | B3

BUSINESS NEWS

Workers Feel Disconnect T-Mobile US Plans

Stay-at-homers Share of workers who said To Lay Off About
5,000 Employees
they felt a connection to the
don’t feel tied to purpose of their organizations
mission of their 45%
companies
BY LINDSAY ELLIS BY WILL FEUER and customer-service employ-
40
ees won’t be affected.
People who work from T-Mobile US plans to lay The company had 71,000
FROM LEFT: SCOTT DOBRY; MR. COOPER GROUP

home are feeling more discon- off about 5,000 employees, or full- and part-time employees
nected from the larger mission 35 7% of its workforce, as the cell as of Dec. 31.
of their employers. carrier looks to reduce costs Most affected positions are
In a Gallup survey during amid rising competition in the duplicative roles or aligned
the second quarter of 2023, wireless industry. with company processes that
Hybrid
the share of remote workers 30 “Right now, our company is are changing, Sievert said. T-
On-site
who said they felt a connec- (remote-capable)
at a pivotal crossroads,” said Mobile, the CEO said, is also
tion to the purpose of their Chief Executive Mike Sievert. reducing its reliance on con-
Exclusively remote
organizations fell to 28% from “What it takes to attract and tractors.
32% in 2022—the lowest level 25 retain customers is materially The company has been
since before the pandemic. 2019 ’20 ’21 ’22 2Q ’ 23 more expensive than it was working to digest Sprint after
The findings are from a survey Howard Liu says workers from home are more prone to leave; Source: Gallup surveys of approximately just a few quarters ago.” closing its takeover of the ri-
this spring and summer of Kelly Ann Doherty says on-site work increased productivity. 15,000 U.S. full- and part-time employees T-Mobile and rival carriers val cell carrier in 2020. T-Mo-
nearly 9,000 U.S. workers AT&T and Verizon Communi- bile also agreed earlier this
whose jobs can be done re- mentoring others or spurring prone to drift to other em- mortgage rates climbed and cations have been fending off year to buy Mint Mobile, the
motely. innovation. ployment, feeling less at- business got tougher, the rising competition from cable upstart wireless brand backed
By contrast, a third of full- “That’s much more likely to tached to the workplace,” said lender’s sales managers asked companies, which are offering by actor Ryan Reynolds, for
time office workers reported a happen if they feel they’re Howard Liu, chair of the psy- their teams to come in one to lower-priced wireless plans as $1.35 billion.
similar sense of connection, part of something significant,” chiatry department at the Uni- three days a week, said Kelly part of a bundle with internet T-Mobile said it expects to
nearly the same as last year. he said. versity of Nebraska Medical Ann Doherty, its chief admin- and cable service. An increase book a pretax charge of about
Hybrid workers clocked in Despite the lack of connec- Center, where clinicians can istrative officer. in subscriber counts across $450 million in the third quar-
highest, with 35% saying their tion, the Gallup survey work several days each week The managers felt on-site the industry has also slowed ter related to the workforce
companies’ mission made showed 38% of people who from home and see patients work would help team mem- in recent quarters after a pan- reduction. Once the layoffs are
them feel their jobs were im- work remotely full- or part- virtually. bers learn more from each demic-fueled growth spurt complete, Sievert said he
portant. time are engaged, or enthused There is also a risk that se- other, improve individual per- over the past couple of years. doesn’t expect another round
The findings have broader about their work, compared nior faculty may not think to formance and feel more in- The growth of widespread
implications for businesses with 34% of in-office workers. include junior colleagues on vested in the organization, she in T-Mobile’s reductions in
worried about remote work’s The conflicting metrics presentations or projects if said. It’s paid off: Productivity wireless busi- the foreseeable
effects on employee loyalty show bosses don’t have any they don’t run into them in has improved, and the teams ness has out- T-Mobile and its future.
and team productivity. For easy answers as they try to person, Liu said. have closed more deals since, paced that of rivals have been T- M o b i l e’s
now, many workers say re- provide flexible working ar- His department now plans she said. AT&T and Veri- large rivals
mote work affords them the rangements yet fret about large outdoor events each At Microsoft, just over a zon in recent fending off have also
ability to focus on their essen-
tial duties and avoid some of
worker productivity. Nearly
30% of U.S. workers in remote-
quarter and recently rolled
out smaller-group meals,
quarter of teams work to- years. The com-
gether in the same location, pany has also
rising cable moved to cut
staff over the
the extracurriculars of office capable jobs work exclusively where about 10 colleagues— compared with 61% of them been rapidly competition. past year as the
life. This leaves it to compa- at home, according to Gallup, from clinicians to reception- prepandemic. The company is adding custom- industry re-
nies to try to foster that sense a share that hasn’t wavered ists—sign up to eat together. now using data from internal ers of its 5G- sponds to a
of connection. much in the past year. One The department foots the bill. research on in-person work powered wire- more challeng-
In short, more remote reason they score higher in Companies are fine-tuning and employee surveys to guide less home-internet offering. ing environment.
workers appear to be ap- Gallup’s engagement metrics how they manage their remote managers on when it’s most Sievert said those successes AT&T last month expanded
proaching their jobs with “a than their office peers is that workforces, adding more vir- effective to work face-to-face. aren’t enough. a cost-cutting target by an-
gig-worker mentality,” fulfill- they say they have a clear idea tual check-ins and team-build- One early finding is that “It is clear that doing ev- other $2 billion over the next
ing the basic responsibilities of what’s expected of them. ing activities. Some are also new hires who meet their erything we are doing and just three years. Earlier this year,
of the role rather than antici- Many managers are unsatis- bringing them together physi- manager in person in the first doing it faster is not enough Chief Executive John Stankey
pating the broader needs of fied with the current setup. In cally at more critical moments 90 days are more likely to ask to deliver on these changing said consumers and busi-
their team or company, said a Federal Reserve Bank of New in their work with their teams. colleagues for feedback and customer expectations going nesses are tightening their
Jim Harter, chief workplace York survey of business leaders Mr. Cooper, a Dallas-based say they are comfortable dis- forward,” he said in the belts, including by delaying
scientist at Gallup, which has released this month, the major- mortgage lender and servicer, cussing problems with manag- memo. phone upgrades.
tracked worker engagement ity said remote work helped in introduced a “home-centric” ers. These workers are also T-Mobile’s layoffs will come Verizon has also been re-
since 2000. Most professional recruiting employees yet wors- work model last year, letting more likely to say that their over the next five weeks and tooling its pricing strategy as
roles, he points out, tacitly in- ened workplace culture, team staff still mostly work at home teammates ask them for input mostly affect the company’s it seeks to reinvigorate growth
clude expectations that go be- cohesion and mentorship. while having them come into to inform decisions or solve corporate and back-office em- in its struggling consumer-fo-
yond the actual work, such as “People are a little bit more the office occasionally. But as problems, Microsoft said. ployees, Sievert said. Retail cused unit.

LIMITED TIME READERS SPECIAL OFFER

CL ASSIC BRITISH

PLEATED CHINOS

$85 SAVE $10

only
buy 2 for $160

A traditional pleated front

ensures a generous cut and
MARIO TAMA/GETTY IMAGES

all day comfort. Our classic

Navy 100% cotton chinos are cut
with single pleats plus they
boast our discreet expanding
comfort waistband. Finished
to the highest standards;
Cava has expanded to 279 restaurants across 24 states and the District of Columbia.
elegant with a jacket and

Cava Finance Chief Bets Its

shirt, or casual with your
Sand
favorite sweater. Essential
pants, all year round. Brought

Menu Will Lure Customers

to you from the UK by Peter
Christian, traditional British
gentlemen’s outfitters.

- FREE Exchanges
BY JENNIFER WILLIAMS-ALVAREZ they do visit. states and the District of Colum- - 100% cotton
Cava’s menu items, which bia. The company acquired Zoës NEW Blue - French bearer fly for a trim front
Even as consumers are fac- include spicy falafel, tzatziki Kitchen in 2018 and converted
- 2 buttoned hip &
ing pressure on their wallets, and harissa honey chicken, are its restaurants into Cava loca-
2 deep side pockets
Mediterranean-style restaurant tough to replicate at home, tions to help with its expansion.
chain Cava Group is betting its Chief Financial Officer Tricia The company plans to have at - Hidden, expanding comfort
ingredient mix and the chal- Tolivar said. That, she said, is a least 1,000 restaurants in the waistband allows for 2"
of flexibility
lenge that comes with re-creat- key to consumers continuing to U.S. by 2032.
ing its menu offerings at home spend at Cava locations. Cava recently went public, Colors: Navy, Sand, NEW Blue,
will keep its locations busy. “This is certainly not some- posting a profitable quarter Sage Sage, Tan, Stone, Green
Consumers are continuing to thing you can whip up at home this month in its first earnings
spend even as they are grap- when you’re trying to be quick report since its initial public of- Waist: 32 34 36 38 40
pling with inflation on every- and efficient,” Tolivar said. fering in June. Same-store 42 44 46 48 50 52"
thing from gasoline to groceries, The restaurant chain im- sales rose 18.2% for the quarter Sand Leg: 27 29 31 33"
and staring down the resump- ports feta from Greece for one ended July 9. Traffic grew Model height: 6'1" wears: 34/29"
tion of student-loan repayments menu item and pickles onions 10.3% and revenue rose more
after a more than three-year in-house for another, she of- than 62%, to about $171 million
pause. But they are starting to fered as examples. Cava’s bowls compared with the year-earlier Tan “Good service,
make more judicious decisions
about where they take their dol-
can be purchased for around
$11, Tolivar noted.
period.
Still, same-store sales growth FREE excellent
quality,
lars, buying cheaper and fewer Since opening its first fast- moderated recently, Tolivar told SHIPPING* perfect fit.”
items at supermarkets and cut- casual restaurant in 2011, Wash- analysts this month. And more from the UK
ting back on eating out at res- ington-based Cava has expanded diners have shifted from deliv- Ronald, Connecticut
+ Free Exchanges**
taurants, or ordering less when to 279 restaurants across 24 ery orders.
use code
Stone 53H34
Gap Revenue to Drop More Than Expected
BY SABELA OJEA sumer environment for its low- brands such as Barbie, is simi-
ered outlook. lar to the challenges Gap faces.
Gap said sales for all of its “We have to do things dif- He said both companies had
Green
brands declined in the second ferently, with a clear focus on great assets and talent but Use code 53H34 for FREE SHIPPING
quarter, and the apparel re- redefining our brands’ mean- also a lot of self-inflicted chal-
tailer now expects its full-year ing to consumers,” newly ap- lenges. to order Pleated Chinos (ref. MT06)
revenue to decline further than pointed Chief Executive Rich- “You’ve got to be able to
it had originally anticipated. ard Dickson said. take calculated swings, test, peterchristianoutfitters.com (631) 621-5255
Banana Republic and its On an earnings conference roll and scale very quickly,” Go Online or Call for a Free Catalog Mon-Fri 4am-7pm ~ Sat-Sun 4am-12pm
EST - Local call rates apply
namesake Gap brand dragged call, Dickson said his experi- Dickson said.
*Free shipping from the UK, of 5-10 working days, ends midnight GMT 10/26/23. $50 minimum spend applies. This offer may not be used with
down the company’s results, ence at Mattel, where he —Suzanne Kapner any other offer. Express shipping available at checkout. Sales taxes charged if applicable. **Full Refund and Exchange information available online.
and it cited an uncertain con- helped revive some of its key contributed to this article.
P2JW237000-5-B00400-1--------XA

B4 | Friday, August 25, 2023 * ** ** THE WALL STREET JOURNAL.

TECHNOLOGY & MEDIA WSJ.com/Tech

CNN’s Owner Adds Channel Target Goes Local

To Speed Deliveries
To Max Streaming Platform BY LIZ YOUNG break down shipments to re-
plenish stores with in-demand
Warner Bros. One of the nation’s largest items more frequently and in
retailers has been making big smaller quantities.
Discovery seeks to changes to its distribution Target’s flow centers in
broaden service’s network using smaller ware- Chicago and Perth Amboy,
houses. N.J., have cut lead times for
subscriber base Target said its move to add store replenishment by 20%,
regional hubs with specific said John Mulligan, the re-
BY ISABELLA SIMONETTI roles to its supply chain over tailer’s chief operating officer.
AND JOE FLINT the past five years has helped “With these shipments,
pare its inventories, deliver stores see faster replenish-
Warner Bros. Discovery is online orders faster and speed ment times, require less labor
creating a CNN-branded live up store replenishment. to unload a trailer, and main-
news service for its Max plat- The Minneapolis-based tain lower levels of backroom
form that will carry a signifi- merchant, like competitors inventory,” he said.
cant amount of original pro- Amazon.com and Walmart, Goods ordered online are
gramming as well as content has been trying to hold less then packaged at stores and
from the CNN cable channel. inventory and trim shipping sent to small sortation centers,
CNN Max will debut Sept. 27 costs by placing goods closer which batch them by neigh-
GARY MILLER/FILMMAGIC/GETTY IMAGES

in the U.S. at no additional cost to customers. The strategy has borhood for final delivery to
to Max subscribers, Warner also included fulfilling more customers. Customers close to
Bros. Discovery said Thursday. online orders out of stores. sortation centers receive pack-
It will only be available to Max The tactic marks a move ages on average a day and a
subscribers and won’t be of- away from mega-warehouses half faster than other custom-
fered as a stand-alone service. that ship e-commerce orders ers, Mulligan said.
For CNN and its parent com- out nationwide from a central Target plans to open at
pany, this is the second venture location, industry experts say. least five more sortation cen-
into streaming in less than two Using smaller warehouses to ters by the end of 2026 in ad-
years. CNN launched with great Shows from hosts such as Jake Tapper, along with some new programming, will be serve surrounding areas dition to the 10 it operates to-
fanfare a CNN+ service last simulcast on the CNN Max service. “makes your network more day as part of a $100 million
year, only to see it shut down complex, but it allows you investment to expand next-
weeks later when new manage- that news can make Max Perrette said he doesn’t ex- diminished the platform’s po- shorter distances and more day delivery.
ment took over. “richer” and lower the rate of pect CNN on Max to cannibalize tential reach and impact, he flexibility,” said Inna Kuznets- Amazon and Walmart have
The announced launch of customer defections. the news network’s cable view- said. ova, a logistics expert and chief been making similar changes
CNN Max comes weeks after New programming on CNN ership because younger viewers CNN Max is fundamentally executive of supply-chain soft- to their distribution networks.
Warner Bros. Discovery Chief Max will include “CNN News- are the most likely to either cut different from the defunct ware company ToolsGroup. Amazon recently created
Executive David Zaslav said the room With Jim Acosta, Rahel the cord to cable or not sub- CNN+, which didn’t include ac- Kuznetsova said the tactic eight distribution regions de-
company was working on Solomon, Amara Walker and scribe in the first place. cess to CNN’s highest-profile allows retailers to speed up signed to work self-sufficiently.
bringing news and live sports Fredricka Whitfield,” and “CNN Building a streaming-news content and cost $5.99 a month. deliveries by cutting down the The e-commerce giant opened
to its streaming offerings in the Newsroom With Jim Sciutto.” business comes with its own Instead of having “The Lead distance goods must travel, more warehouses called same-
U.S., a balancing act for an en- The platform will also in- set of challenges, because tra- With Jake Tapper” and “Ander- while keeping costs down by day centers to prepare pack-
tertainment conglomerate look- clude simulcasts of existing ditional pay-television distrib- son Cooper 360,” CNN+ fea- using warehouses that are ages for immediate delivery
ing to broaden its streaming programming from CNN, in- utors might see it as undercut- tured less newsy fare such as more efficient at handling and keeps commonly purchased
subscriber base without canni- cluding “Amanpour,” “Anderson ting the value of the channel “Jake Tapper’s Book Club” and large volumes of orders. items closer to customers.
balizing its ailing television- Cooper 360,” “The Lead With or violating carriage agree- “Parental Guidance With An- Target said the changes to Walmart used its stores to
network business. Jake Tapper” and “The Situa- ments. derson Cooper.” its supply chain helped it im- fulfill more than half of digital
The rationale behind a large, tion Room With Wolf Blitzer.” CNN charges pay-TV dis- Both those aspects con- prove its in-stock inventory orders in the quarter ended
live CNN presence on Max is The effort comes as CNN tributors a monthly fee of cerned the company’s new rates for the quarter ended July 28, helping cut costs and
twofold: to give CNN a platform looks to counter a multiyear about $1.25 per subscriber, ac- leaders, who took the helm af- July 29, even as it reported speed up deliveries. The tactic,
to reach younger viewers who ratings slump that is taking a cording to the research firm ter Discovery’s merger with 17% lower inventory on its bal- along with more warehouse
don’t watch cable television and toll on its bottom line. The net- S&P Global. AT&T’s WarnerMedia was com- ance sheet than a year earlier. automation, helped Walmart’s
to increase the use of the ser- work last week unveiled several Perrette said CNN Max is pleted. They felt the service “By planning the business U.S. business reduce stock-outs
vice by subscribers, according changes to its morning, prime- “completely within the param- would struggle financially and cautiously, by positioning with in the latest quarter while re-
to Warner Bros. Discovery’s time and weekend lineups, an eters of what we can do” but had little appeal to subscribers. flexibility, and by the team re- porting 8% less inventory.
chief of global streaming, JB overhaul that followed the re- added that there is a recogni- With the addition of news acting to some of the sales “What we’re ultimately try-
Perrette. cent departure of CNN’s chief tion that the streaming version and eventually sports, Warner trends we saw in the quarter ing to do with supply chain in
“In streaming, the two most executive, Chris Licht, who has to be different. There was Bros. Discovery is seeking to with urgency, we’ve been able the entire e-commerce busi-
important ingredients for suc- stepped down in June after a little consideration to offering differentiate Max from rival to keep inventory really ness is densify our inventory
cess are habituality and fre- bumpy tenure of a little over a CNN Max as a stand-alone ser- streaming platforms such as clean,” said Michael Fiddelke, at the first mile, make the
quency,” Perrette said, adding year. vice because that would have Netflix and Disney+. Target’s chief financial officer, middle mile as efficient as
on an earnings call Aug. 16. possible, and then shorten the
Target has recently added last mile,” said John Furner,

Studio Delays New ‘Lord of the Rings,’ facilities it calls flow centers,
which use automation to
chief executive of Walmart’s
U.S. business.

‘Dune’ and ‘Godzilla’ Due to Strikes

BY ROBBIE WHELAN Rings: The War of the Rohir- some of the costliest and most or giving interviews about
rim,” all films that are largely highly anticipated movies to be coming titles.
Warner Bros. Discovery finished, underscores the im- delayed by the continuing In late July, Sony Pictures
said Thursday that the releases portant roles that writers and strike. Under union rules laid announced it was delaying
of three of its coming big-bud- actors play in promoting films out by the Writers Guild of “Kraven the Hunter,” a Marvel
GENE J. PUSKAR/ASSOCIATED PRESS

get dramatic-action films will for studios. America and Screen Actors Comics spinoff featuring a
be pushed to later dates, the Warner Bros. said that in Guild—both of which have character who has appeared
latest complication stemming the case of “Dune: Part Two” stopped work while they nego- opposite Spider-Man, as well as
from the dual writers’ and ac- the studio had decided to “de- tiate a new contract with Hol- a “Ghostbusters” sequel. Sony
tors’ strikes that have brought lay the release to when the lywood’s biggest studios—ac- also removed “Spider-Man: Be-
Hollywood to a standstill. film’s global cast and filmmak- tors and writers aren’t yond the Spider-Verse,” its
The delays to “Dune: Part ing team are more likely able to permitted to promote their third animated film featuring
Two,” “Godzilla x Kong: The support it promotionally.” work, including by appearing the web-slinging hero, from the
New Empire” and “Lord of the The three movies represent at premieres and film festivals release calendar. The chain expects the smaller hubs will help it pare inventory.

U.S. Suit The Justice Department said

in its lawsuit that those rules
don’t limit whom SpaceX can
ments were discriminatory.
The suit cited a 2020 post on
X, as Twitter is now called, in
least May 2020, when a Jus-
tice Department division fo-
cused on immigration and em-

Claims Bias hire based on citizenship or

immigration status, such as
bringing on refugees.
which the SpaceX chief execu-
tive said that “US law requires
at least a green card to be
ployee issues received a
complaint from a non-U. S. cit-
izen who claimed that SpaceX

At SpaceX “Through this lawsuit we

will hold SpaceX accountable
for its illegal employment prac-
hired at SpaceX, as rockets are
considered advanced weapons
technology.”
discriminated against him
based on his citizenship sta-
tus, according to a court filing.
tices,” said Kristen Clarke, as- The Justice Department’s The department opened an
Continued from page B1 sistant attorney general for lawsuit also says that over a investigation and sought docu-
citizens, according to the court civil rights at the Justice De- roughly 3½-year period, ments from SpaceX, including
filing from that year. partment. The suit, dated SpaceX cited export-control some related to its hiring
Like other companies that Wednesday, was filed before rules as it repeatedly rejected practices.
handle space- and defense-re- the Office of the Chief Admin- candidates for jobs because of The Justice Department
lated work, SpaceX is subject istrative Hearing Officer, how they responded to a ques- later obtained a subpoena to
to U.S. export-control laws and within a division of the Justice tion on a job application about get information from the com-
regulations that limit the com- Department. their citizenship or immigra- pany after it said SpaceX
pany’s ability to share data or The agency alleged that tion status. failed to provide some respon-
hardware. some of Musk’s public state- The case dates back to at sive documents.
PATRICK T. FALLON/AGENCE FRANCE-PRESSE/GETTY IMAGES

The rocket company has wrongly claimed it is only able to hire U.S. citizens, the government alleged. SpaceX’s Starship.
P2JW237000-0-B00500-1--------XA

THE WALL STREET JOURNAL. Friday, August 25, 2023 | B5

Financial Decision MakersFrom the

World’s Most Influential Companies
A network connecting top executives in this expansive role to examine
their biggest challenges and lead the path to a profitbale tomorrow.

Robert Funck, Abbott Harmit Singh, Levi Strauss & Co.

KC McClure, Accenture Vinit Ajit Teredesai, LTIMindtree
William Zerella, ACV Auctions Tom J. Fennimore, Luminar
Donald E. McGuire, ADP Boris Shulkin, Magna International
Edward J. McGowan, Akamai Technologies Inc. Eric Kutcher, McKinsey & Co.
Shane R. Tackett, Alaska Air Group, Inc. Jonathan Halkyard, MGM Resorts International
Reshma R. Dalia, Alliant Insurance Services Inc. Amy Hood, Microsoft Corp.
Bradley Brown, Ally Financial Andrew Kang, MicroStrategy Inc.
Salvatore Mancuso, Altria Group Inc. Jason J. Winkler, Motorola Solutions
David Trick, Ambac Financial Group Inc. Lee McChesney, MSA Safety
Kael E. Reicin, American Cancer Society Mark C. Thumser, MUFG
Rodney Smith, American Tower Corp. Bryan Riggsbee, Myriad Genetics
Serena Wolfe, Annaly Capital Management, Inc. Jerome Urvoy, Natixis IM
William M. Washington, Baker McKenzie Susan Panuccio, News Corp
Wolfgang U. Nickl, Bayer Dan Berenbaum, NI
Lynn Calhoun, BDO USA, LLP Stefanie Boles, NPower, Inc.
Jasmine Lee, Binance.US Seun Salami, Nuveen
Mark Partin, BlackLine Adam Barsky, NYPA
Howard I. Smith, C.V. Starr & Co., Inc. Guido Torrini, OneTrust
Julie Underwood, CA State Teachers' Retirement System Edward Stelmakh, OptimizeRx
Tim Shannon, CAIS Mike Shapiro, Option Care Health
Michael Cohen, CalPERS Vibhu Sharma, Pacific Life Insurance Co.
Steven Horowitz, CareCentrix Brian LaRose, Petco
Patrick Goris, Carrier Alan M. Schnaid, PetSmart
Jeremy Fox-Geen, Circle Internet Financial Scott Doolittle, Quantum Health
Scott Herren, Cisco Denise Dettingmeijer, Randstad North America
Thomas J. Seifert, Cloudflare Janelle Hopkins, REA Group Ltd
Oddone Incisa, CNH Industrial Sonalee Parekh, RingCentral, Inc.
Stan J. Sutula, Colgate-Palmolive Ewout Steenbergen, S&P Global, Inc.
Dallas Clement, Cox Enterprises Amy Weaver, Salesforce
Janet Lewell, Deloitte LLP Brandi Joplin, Sam's Club
Liz O'Melia, Dow Jones Jeremy Behler, Sargento Foods
Tim Regan, DropBox Inc. Hilary Maxson, Schneider Electric
Jonathan C. Clark, Encore Capital Group, Inc. Stefano Gaggini, Schnitzer Steel Industries
Kevin S. Ingram, Factory Mutual Insurance Co. Warren J. Zaccaro, Securian Financial Group
Paul Lundstrom, Flex Henry Lyons, Sedgwick
Oneal Bhambani, Flutterwave Stephane Biguet, SLB
Rita Kale, FMI Aldo J. Pagliari, Snap-on Inc.
Chuck E. McLaughlin, Fortive Corp. Pat Keel, St. Jude Children's Research Hospital
David Barry, Fortune Brands Innovations, Inc. Rachel Ruggeri, Starbucks Coffee Co.
Marc Charnas, GE Appliances Martin O'Connor, Storyful
Edward Harrington, Genentech Brian Wenzel, Synchrony Financial
Carolina Dybeck Happe, General Electric Kabir Ahmed Shakir, Tata Communications Ltd
Anthony Pagano, Genmab Claire Bramley, Teradata
Jared Hyatt, Globality Sean Maloney, The Auto Club Group
Simone Nardi, Globalization Partners Tucker H. Marshall, The J.M. Smucker Co.
Mark D. McCaffrey, GoDaddy Leonard Williams, The Nature Conservancy
Christopher J. Waters, Goulston & Storrs PC Michael Papadakis, The Ohio State University
Jim E. Stark, Green Plains Dave Dowrich, TIAA
Saurabh Tripathi, Highmark Health David A. Martin, Titan International, Inc.
Ken Goldman, Hillspire Elena Gomez, Toast, Inc.
Aaron Cox, Horizon Therapeutics Scott D. Cooke, Toyota Financial Services
Becky Haight, HRCI Eric R. Marchetto, Trinity Industries Inc.
Craig Resnick, IEX Group Jennifer Hamann, Union Pacific Railroad
Joydeep Goswami, Illumina Stefan E. Freiberg, US Chamber of Commerce
Nilanjan Roy, Infosys Omer F. Sultan, UT MD Anderson Cancer Center
Mary Hall, Ingevity Guy Melamed, Varonis
David Zinsner, Intel Anthony Skiadas, Verizon
Tim Nicholls, International Paper Lauren B. Dillard, Vista Equity Partners
Joseph Wolk, Johnson & Johnson Kevin M. Wiggins, Wawa
Olivier Leonetti, Johnson Controls Dave Schulz, WESCO
Laurent Guerard, Kearney Andrew Krasner, Willis Towers Watson
Trent M. Demulling, Kiewit Corporation Thomas Ream, Workato
Jill Timm, Kohl's Zane Rowe, Workday
Marc T. Macaulay, KPMG LLP Chris L. Turner, Yum! Brands
Lori A. Macomber, Legend Biotech Suky Upadhyay, Zimmer Biomet
Diane J. Bessette, Lennar Wetteny Joseph, Zoetis

Membership is by invitation: [email protected] Learn more: CFONetwork.wsj.com/inquire

TRUST YOUR DECISIONS

© 2023 Dow Jones & Co., Inc. All rights reserved. 6DJ9347
P2JW237000-0-B00600-1--------XA

B6 | Friday, August 25, 2023 THE WALL STREET JOURNAL.

BUSINESS NEWS

U.S. Turns to Congo in Quest for Cobalt

Focus comes as countries. Hundreds of thou-
sands of people work in Congo’s
governments look to artisanal-mining sector, far out-
secure key minerals numbering jobs at established
mines, where the use of heavy
for EV batteries machinery means fewer work-
ers are needed.
BY ALEXANDRA WEXLER Earlier this year, Congo en-
AND YUSUF KHAN tered a nonbinding agreement
with the U.S. and Zambia to de-
The U.S. is turning to a velop supply chains for electric-
much-criticized source as it vehicle batteries as part of a
races to secure supplies of bat- broader industrial development
tery metals to meet the grow- plan. “The U.S. promised inves-
ing demand for electric vehi- tors [that] they are going to
cles. bring energy expertise and
To do so, it is homing in on knowledge,” said Antoinette
cobalt from the Democratic Re- N’Samba Kalambayi, Congo’s
public of Congo’s informal min- mining minister.
ing sector, where miners, some- Commodity traders say that
times including children, often U.S. government intervention
work with no safety equipment could have a major impact on
in dangerous, hand-dug mines. the informal mining sector. If
Congo supplies around 70% of large companies start buying
the world’s cobalt, a key metal cobalt from artisanal miners
in the lithium-ion batteries that have met certain environ-
used in EVs, with about a third mental and labor conditions, it
of that coming from these so- could be transformative for
called artisanal miners. both the U.S. supply chain and
The U.S. Agency for Interna- the workers hauling up the
tional Development said earlier mineral by hand, they say.
this year that it would issue Still, questions remain as to
grants to companies that whether Western auto manu-
source critical minerals from facturers and technology gi-
Congo and were willing to sup- ants—some of cobalt’s heaviest
port artisanal miners. Mean- Workers, sometimes users—will be willing.
while, the Labor Department including children, often “Certainly there hasn’t been
has been working with officials work with no safety a groundswell of American in-
in the country to help improve equipment in dangerous, vestment,” a USAID minerals
working conditions and over- hand-dug mines. adviser said, citing continuing
sight. concerns about security and
The focus on artisanal in sourcing critical minerals governance in the Congolese
mines, long shunned by the from Congo if they agree to mining sector.
West, comes as governments support the integration of local Previous efforts to formalize
and companies increase efforts companies and artisanal miners Congo’s artisanal cobalt sector

JUNIOR KANNAH/AGENCE FRANCE-PRESSE/GETTY IMAGES (2)

to secure greater supplies of into the global supply chain. have failed to take off.
battery metals—an area China Separately, the Labor De- Entreprise Générale du Co-
dominates. Chinese companies partment has pledged $3 mil- balt, or EGC, a subsidiary of
have a tight grip on Congo’s co- lion to implement, strengthen Congo’s state-owned mining
balt mining industry, refining and support labor standards in company, was established in
three-quarters of the world’s Congo, which plans to 2019 with plans to purchase,
cobalt supply and producing hire 2,000 inspectors and con- process and sell cobalt pro-
about 70% of the world’s lith- trollers. The Labor Department duced by the country’s artisa-
ium-ion batteries. also plans to provide protective nal miners. Swiss commodity
“We are building a pipeline equipment to miners and work trader Trafigura signed an
of Congolese investment oppor- to ensure they get fairly paid. agreement to purchase metal
tunities to attract more U.S. in- “It’s really in our interest, from EGC in 2020 but has yet
vestment into the DRC,” said both our financial interest and to purchase a single pound of
John Dunlop, mission director also our interest as human be- cobalt from the project.
for Congo at the U.S. Agency for ings, to make sure that the DRC Trafigura remains commit-
International Development, at is in a position where they can Unlike metals from major turn sell it on to exporting made by major Western compa- ted to its agreement with EGC
an industry conference in June. begin to ensure that the cobalt mines operated by the likes of companies and refineries. nies. As a result, some Western and “the pressing need to kick-
USAID has launched a $20 mining is done in a way which Glencore, cobalt from artisanal That metal is often mixed companies have faced criticism start the large-scale formaliza-
million program to give grants is consistent with international mines isn’t contracted to any with other supplies, meaning it from consumers disturbed by tion of the [artisanal] cobalt
ranging from $100,000 to $4 labor standards,” said Thea Lee, particular company. Instead, in- makes its way into the broader the link to workers toiling in sector,” said James Nicholson,
million to U.S. companies and deputy undersecretary at the formal miners typically sell global supply chain, and ulti- dangerous conditions in one of the company’s head of social
other mining entities interested Labor Department. their ore to local traders who in mately some of the products the planet’s most impoverished responsibility.

Companies Look to Create Less-Polluting Cement

BY YUSUF KHAN 2050 has yet to be built.” cement production is by target- ment producers, has been bustion to produce the heat. absorb roughly 400,000 tons a
About 90% of the emissions ing efficiency gains. working with Switzerland- The International Energy year when fully operational. It
Rising demand for housing in traditional portland cement British startup Carbon Re is based Synhelion to produce Agency considers carbon cap- would be the world’s first large-
in most major cities around the come from producing clinker— aiming to optimize the use of clinker using solar energy ture, use and storage as a scale carbon-capture site at a
world is increasingly at odds the binding agent that holds fuel by employing artificial in- rather than coal. means of reducing emissions cement plant.
with efforts to reduce green- the water, gravel and sand to- telligence and machine learn- Under the approach, mirrors for the industry, but at the mo- Another idea is doing away
house emissions, as the literal gether—that makes up nearly ing. One of the industry’s main concentrate sunlight into Syn- ment uptake has been slow. In with traditional materials alto-
building blocks—concrete and three quarters of the final issues is fuel wastage, accord- helion’s solar receiver which is its Net Zero Emissions by 2050 gether, thereby avoiding the
cement—of the construction product. Typically, clinker is ing to Carbon Re co-founder used to heat a kiln to around Scenario, the IEA says “8% of clinkering process.
projects are extremely pollut- made by heating limestone and Aidan O’Sullivan. 2,700 degrees Fahrenheit to CO2 from the sector needs to Delaware-based Partanna
ing. clay in a rotating kiln to tem- The startup is analyzing a create a clinker without fossil be stored globally by 2030, up avoids using portland cement
Roughly 7% of all carbon peratures above 2,700 degrees number of producers’ actual fuels. “We are eliminating com- from negligible levels today. But as a binder and instead relies
emissions today come from ce- Fahrenheit. Coal is often used fuel usage to train its machine- bustion of fossil fuels while also progress on deployment and in- on natural chemistries. The
ment production, making it one to power these kilns. About two learning algorithm to pre- having high temperature heat,” vestment in this area is as yet company uses a combination of
of the highest-emitting indus- thirds of the clinker emissions dict the optimal fuel needed for said Gianluca Ambrosetti, co- limited. brine from desalination plants
trial sectors, according to con- are released by the limestone a given fuel source and produc- chief executive and co-founder Heidelberg Materials, one and waste products from steel
sulting firm McKinsey. when heated while the rest tion target. “We are looking to of Synhelion. The company of the world’s largest cement production called slag to create
“Concrete is an essential come from the combustion of optimize the fuel-consumption aims to produce solar-powered producers, is currently building a new form of cement.
building material,” said Claude fuels to create the heat. process so you use just enough clinker commercially by 2030. a carbon capture and storage Partanna says the new ce-
Loréa, director of cement, inno- That process has been repli- energy to get the chemical re- Synhelion is also looking to facility to run alongside its ment is as strong as the tradi-
vation and ESG at the Global cated for millennia but compa- action you need,” he said. add carbon capture to its model plant in Brevik, Norway. It aims tional portland form and be-
Cement and Concrete Associa- nies now are looking to change Others are looking to change to absorb the CO2 released by to start capturing emissions cause it uses brine as a raw
tion. “Three-quarters of the in- it. One way the industry is look- the fuel type altogether. Cemex, the limestone, alongside cutting from production by the end of material, it gets stronger if ex-
frastructure that will exist in ing to improve sustainability in one of the world’s largest ce- those emissions from the com- next year with the capacity to posed to seawater.

ADVERTISEMENT Giants Rule executive of power-generation

company NRG.
If funded and completed,
Occidental, the most aggres-
sive fossil-fuel giant in carbon
removal, is spending billions of

The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
Carbon the two carbon-removal hubs
would remove roughly 1 million
metric tons of carbon dioxide
dollars on the effort. Chief Ex-
ecutive Vicki Hollub has said
direct-air capture would enable

BUSINESS OPPORTUNITIES PUBLIC NOTICES

Removal from the atmosphere annually
and store it underground. That
amount is equivalent to the an-
the company to keep producing
oil for decades.
The company said recently
nual emissions of about that it is buying one of its
Continued from page B1 220,000 gasoline-powered cars, technology partners on the
Enormous ESG Opportunity It differs from carbon cap- which is a fraction of what is Texas hub, startup Carbon
Tremendous Expansion Potential ture, which grabs carbon from needed overall to limit climate Engineering, for $1.1 billion,
NY/CT Organic Recycling Business
For Sale or Seeking Investor smokestacks. This effort is con- change. Each project would be the largest such transaction
1,000 stops / res / com clients & service routes. sidered easier because those roughly 250 times bigger than in the industry.
Family owned/operated, est 2016.
Fully licensed, transferable permits. Including emissions are far denser with the only direct-air capture fa- Many climate analysts re-
inventory & trucks. Optional mgmt contract avail. carbon than the open air. cility currently in commercial main skeptical of carbon re-
Call/text 914-403-1766 Serious Inquiries Only The Energy Department operation. moval, worrying that it is too
money, which is a record in- The Energy Department is expensive while fearing it
vestment in the sector and also trying to spur a feasible could give fossil-fuel producers
the largest from a govern- business model for the indus- a social license to continue pol-
ment, is designed to create an try by pledging to pay $35 luting. Critics argue that re-
THE industry that is seen as vital
to limiting climate change.
million for carbon that the
companies remove from the
moving carbon from the atmo-
sphere just to offset new
MARKETPLACE Even the most optimistic sce- air. These are the same type carbon pumped in by fossil fu-
narios of the transition away of carbon-credit purchases els won’t help fight climate
ADVERTISE TODAY from fossil fuels don’t fore- that Microsoft and JPMorgan change. “It really does raise
(800) 366-3975 cast sufficient emissions Chase have made recently to some fundamental questions
progress without removing kick-start the industry. That about the political sustainabil-
For more information visit: some of what is there already funding also isn’t limited to ity of these efforts,” said Danny
wsj.com/classifieds and mitigating unavoidable direct-air capture, potentially Cullenward, a research fellow
emissions in the future. boosting other promising ap- at American University’s Insti-
“We have to get these proj- proaches. tute for Carbon Removal Law
ects up and running so there’s Large fossil-fuel companies and Policy. “People are increas-
a commercial wave that fol- have long been interested in ingly assuming that oil produc-
lows them,” said David Crane, technologies that remove car- tion and [direct-air capture] go
the Energy Department’s un- bon from the atmosphere be- together. That’s not healthy if
© 2023 Dow Jones & Company, Inc.
All Rights Reserved. dersecretary for infrastruc- cause they could neutralize the your goal is to separate those
ture. He previously was chief emissions their products create. things.”
P2JW237000-0-B00700-1--------XA

THE WALL STREET JOURNAL. Friday, August 25, 2023 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
34099.42 t 373.56, or 1.08% Trailing P/E ratio 24.83 19.60 4376.31 t 59.70, or 1.35% Trailing P/E ratio * 22.43 23.18 13463.97 t 257.06, or 1.87% Trailing P/E ratio *† 30.07 27.21
High, low, open and close for each P/E estimate * 19.04 18.05 High, low, open and close for each P/E estimate * 20.15 18.38 High, low, open and close for each P/E estimate *† 27.15 24.36
trading day of the past three months. Dividend yield 2.08 2.11 trading day of the past three months. Dividend yield * 1.56 1.54 trading day of the past three months. Dividend yield *† 0.85 0.82
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21

Current divisor 0.15172752595384

35800 4600 14500
Session high
DOWN UP
Session open Close
t

35200 4500 14000

Close Open
t

Session low 34600 4400 13500

34000 4300 13000

65-day moving average 33400 4200 12500

65-day moving average

32800 4100 65-day moving average 12000

Bars measure the point change from session's open

32200 4000 11500
May June July Aug. June July Aug. May June July Aug.
* Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,009,340,149 8,523,793
Industrial Average 34694.68 34093.65 34099.42 -373.56 -1.08 35630.68 28725.51 2.4 2.9 6.4 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 391,703,132 1,315,623
Transportation Avg 15814.21 15643.58 15647.98 -119.62 -0.76 16695.32 11999.40 4.6 16.8 12.0 Most-active issues in late trading Decl. volume* 597,928,728 6,153,674
Utility Average 890.11 874.16 874.57 -5.47 -0.62 1061.77 838.99 -16.2 -9.6 2.3 Volume After Hours Issues traded 2,998 320
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 44441.52 43636.96 43638.39 -597.90 -1.35 45969.67 36056.21 3.1 13.3 7.7 Advances 728 93
Kenvue KVUE 77,250.1 23.41 -0.25 -1.06 23.67 23.29
Barron's 400 990.42 974.94 974.94 -11.80 -1.20 1036.97 825.73 -1.0 5.9 9.9 Declines 2,174 207
Johnson & Johnson JNJ 11,696.5 165.11 0.02 0.01 165.84 164.45
Unchanged 96 20
Nasdaq Stock Market Advance Auto Parts AAP 7,797.5 68.11 0.20 0.29 68.22 67.45 New highs 32 0
Nasdaq Composite 13834.69 13462.84 13463.97 -257.06 -1.87 14358.02 10213.29 6.5 28.6 5.8 SPDR S&P 500 ETF Trust SPY 7,604.7 436.78 -0.12 -0.03 437.21 436.29 New lows 75 28
Nasdaq-100 15279.24 14814.83 14816.44 -331.62 -2.19 15841.35 10679.34 12.7 35.4 8.4 Affirm Holdings AFRM 6,312.7 14.75 0.94 6.81 15.80 13.30 Closing Arms† 0.81 0.53
iShares Gold Trust IAU 5,179.3 36.31 0.01 0.03 36.31 36.30 Block trades* 4,060 128
S&P
Real Good Food RGF 3,456.0 3.75 -0.29 -7.18 3.75 3.75 Nasdaq NYSE Arca
500 Index 4458.30 4375.55 4376.31 -59.70 -1.35 4588.96 3577.03 4.2 14.0 8.4
Apple AAPL 3,453.5 176.04 -0.34 -0.19 177.22 175.87
MidCap 400 2610.88 2570.52 2570.69 -26.45 -1.02 2728.44 2203.53 -0.2 5.8 9.9 Total volume*4,383,829,114 283,222,360
SmallCap 600 1213.01 1194.41 1194.87 -11.38 -0.94 1315.82 1064.45 -5.6 3.2 9.5 Percentage gainers… Adv. volume* 812,939,799 80,134,941
Affirm Holdings AFRM 6,312.7 14.75 0.94 6.81 15.80 13.30 Decl. volume*3,530,201,745 202,426,773
Other Indexes
Pitney Bowes PBI 79.0 3.65 0.16 4.58 3.65 3.35 Issues traded 4,475 1,754
Russell 2000 1871.86 1845.98 1846.28 -23.75 -1.27 2003.18 1655.88 -6.0 4.8 5.6
Credo Tech Group Advances 1,209 237
NYSE Composite 15894.31 15681.98 15683.01 -140.27 -0.89 16427.29 13472.18 0.6 3.3 6.5 CRDO 234.2 15.51 0.63 4.23 15.90 14.50
Declines 3,101 1,500
Value Line 563.47 555.38 555.41 -6.43 -1.14 606.49 491.56 -4.8 3.6 5.0 Vangd Information Tech VGT 381.8 440.00 17.16 4.06 440.00 419.02
Unchanged 165 17
NYSE Arca Biotech -0.77 Cytokinetics CYTK 92.1 34.92 1.24 3.68 34.92 33.41
5273.84 5207.98 5213.55 -40.39 5644.50 4390.11 6.6 -1.3 -0.8 New highs 45 7
NYSE Arca Pharma 916.79 904.61 905.18 -10.06 -1.10 916.50 737.84 13.9 4.3 10.4 ...And losers New lows 225 23
KBW Bank 81.67 80.17 80.41 0.08 0.10 115.10 71.96 -27.8 -20.3 1.5 Domo Cl B DOMO 72.3 12.95 -4.09 -24.00 17.38 12.49 Closing Arms† 1.69 0.35
PHLX§ Gold/Silver 116.90 114.45 115.62 -0.72 -0.62 144.37 91.40 6.3 -4.3 -7.6 Hawaiian Electric Inds HE 359.5 10.80 -1.06 -8.94 11.92 10.75 Block trades* 32,901 1,323
PHLX§ Oil Service 91.16 89.70 89.81 -1.11 -1.22 94.51 56.08 21.7 7.1 34.0 Real Good Food RGF 3,456.0 3.75 -0.29 -7.18 3.75 3.75 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 3663.94 3474.25 3481.30 -120.71 -3.35 3861.63 2162.32 17.2 37.5 16.2 Electriq Power Holdings ELIQ 273.7 2.80 -0.19 -6.35 3.03 2.77 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 17.32 15.48 17.20 1.22 7.63 33.63 12.91 -21.0 -20.6 -8.4 PagSeguro Digital PAGS 271.0 8.20 -0.50 -5.75 9.00 8.05 Arms of less than 1 indicates buying demand; above 1
§ Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World MSCI ACWI 669.87 –5.59 –0.83 10.7 VinFast Auto VFS 49.00 11.97 32.33 57.80 10.45 ... Better Home Finance BETR 1.15 -16.29 -93.41 62.91 0.77 -88.4
MSCI ACWI ex-USA 295.98 0.30 0.10 5.2 Werewolf Therapeutics HOWL 3.27 0.69 26.74 7.51 1.39 -44.3 ReTo Eco-Solutions RETO 1.14 -5.54 -82.93 8.00 0.95 -81.3
MSCI World 2906.25 –31.45 –1.07 11.7 Guess GES 23.07 4.76 26.00 24.15 14.27 20.4 BTC Digital METX 2.42 -0.96 -28.40 15.60 2.38 -83.6
MSCI Emerging Markets 982.31 12.11 1.25 2.7 TDCX ADR TDCX 5.89 1.11 23.22 15.38 4.75 -38.2 AMC Entertainment AMC 14.37 -5.23 -26.68 94.85 13.33 -83.0
Americas MSCI AC Americas 1656.06 –22.47 –1.34 13.6 Renovaro Biosciences RENB 2.44 0.44 22.00 2.74 0.39 -6.2 Lendway LDWY 4.05 -1.45 -26.36 9.84 4.05 -49.6
Canada S&P/TSX Comp 19775.83 –103.96 –0.52 2.0 Backblaze BLZE 5.28 0.87 19.73 8.19 3.50 -33.6 Momentus MNTS 9.01 -3.05 -25.26 102.50 8.76 -90.9
Latin Amer. MSCI EM Latin America 2401.41 –18.33 –0.76 12.8 Aviat Networks AVNW 33.06 4.50 15.76 39.80 21.15 0.2 Cheetah Net Supply Chain CTNT 2.34 -0.64 -21.48 6.90 2.02 ...
Brazil BOVESPA 117025.60 –1108.99 –0.94 6.6 AEON Biopharma AEON 4.24 0.55 14.91 14.68 3.37 -56.8 VCI Global VCIG 5.47 -1.43 -20.72 24.20 1.53 ...
Chile S&P IPSA 3422.57 –68.92 –1.97 7.9 OSI Systems OSIS 136.69 16.52 13.75 139.90 69.31 52.4 Petco Health Wellness WOOF 5.19 -1.35 -20.64 15.85 4.99 -65.9
Mexico S&P/BMV IPC 53109.83 –525.51 –0.98 9.6 Splunk SPLK 112.83 12.90 12.91 114.60 65.00 16.2 Unifi Inc UFI 6.02 -1.23 -16.97 13.20 5.85 -53.2
EMEA STOXX Europe 600 451.57 –1.88 –0.41 6.3 Doma Holdings DOMA 5.76 0.64 12.50 23.60 4.25 -70.3 Bank of South Carolina BKSC 11.57 -2.14 -15.61 18.17 11.06 -31.7
Eurozone Euro STOXX 447.52 –2.82 –0.63 9.2 Turnstone Biologics TSBX 10.26 1.08 11.76 13.20 8.00 ... Opera ADR OPRA 12.78 -2.31 -15.31 28.58 3.92 163.5
Belgium Bel-20 3619.41 –3.52 –0.10 –2.2 SharkNinja SN 35.61 3.64 11.39 52.90 25.84 ... Xinyuan Real Estate ADR XIN 2.00 -0.35 -14.99 7.55 2.00 -62.3
Denmark OMX Copenhagen 20 2176.20 –0.37 18.6 Fusion Pharmaceuticals FUSN 3.39 0.34 11.15 5.63 1.98 49.3 TriSalus Life Sciences TLSI 7.94 -1.36 -14.62 16.24 7.51 -19.6
–8.07
France CAC 40 7214.46 –0.44 11.4 Scilex Holding SCLX 3.43 0.34 11.00 16.90 2.87 -66.8 ImmunoPrecise Antibodies IPA 1.83 -0.31 -14.49 6.35 1.82 -70.2
–32.16
Germany DAX 15621.49 –106.92 –0.68 12.2
Israel Tel Aviv 1839.56 –8.52 –0.46 2.4
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 28072.12 –161.68 –0.57 18.4 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 733.99 –6.74 –0.91 6.5
Norway Oslo Bors All-Share 1414.46 –0.52 –0.04 3.8 Kenvue KVUE 363,573 1674.7 23.66 0.17 27.80 22.36 Better Home Finance BETR 41,828 15299 1.15 -93.41 62.91 0.77
South Africa FTSE/JSE All-Share 74301.56 278.98 0.38 1.7 Mullen Automotive MULN 332,771 761.0 0.74 -7.50 177.75 0.39 Level Four LC Growth LGRO 1,359 12420 25.02 -1.10 25.34 25.02
Spain IBEX 35 9324.70 0.10 13.3 ProSh UltraPro Shrt QQQ SQQQ 150,533 21.6 20.31 6.73 69.55 16.38 Concord Acqn II Cl A CNDA 16,245 11187 10.30 -0.29 10.75 9.68
9.10
Sweden OMX Stockholm 1.6 EBET EBET 125,909 96.4 0.05 -2.85 2.66 0.03 Northern Star Inv IV A NSTD 491 7554 10.53 -0.66 10.74 9.80
794.69 –4.67 –0.58
0.03 ProShares UltraPro QQQ TQQQ 115,002 15.3 37.16 -6.59 47.14 16.10 PGIM AAA CLO ETF PAAA 361 4271 50.37 0.04 50.38 49.97
Switzerland Swiss Market 10976.83 3.19 2.3
Turkey BIST 100 7491.94 –110.31 –1.45 36.0 NVIDIA NVDA 114,496 120.3 471.63 0.10 502.66 108.13 SPDR Blm EM Local Bd EBND 9,591 3105 20.72 -0.10 21.83 18.45
U.K. FTSE 100 7333.63 13.10 0.18 –1.6 Advanced Micro Devices AMD 108,506 58.6 101.80 -6.97 132.83 54.57 Kenvue KVUE 363,573 1675 23.66 0.17 27.80 22.36
U.K. FTSE 250 18194.57 –31.92 –0.18 –3.5 T2 Biosystems TTOO 105,715 -1.2 0.35 -26.35 6.80 0.05 ReTo Eco-Solutions RETO 20,709 1487 1.14 -82.93 8.00 0.95
Tesla TSLA 99,251 -25.2 230.04 -2.88 313.80 101.81 Gl X FTSE Southeast Asia ASEA 259 1442 14.95 -0.97 15.84 13.26
Asia-Pacific MSCI AC Asia Pacific 160.40 1.30 0.82 3.0
Direxion Dly Semi 3 Bear SOXS 96,220 51.8 10.89 10.00 89.59 8.17 SPDR SSgA Glb Allocation GAL 139 1295 39.36 -0.76 41.10 35.50
Australia S&P/ASX 200 7182.10 33.68 0.47 2.0
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3082.24 3.84 0.12 –0.2 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 18212.17 366.25 2.05 –7.9
India S&P BSE Sensex 65252.34 –0.28 7.3
Scan this code
–180.97
Japan NIKKEI 225 32287.21 276.95 0.87 23.7 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3180.72 6.54 0.21 –2.2 and track most-active stocks,
South Korea KOSPI 2537.68 32.18 1.28 13.5 new highs/lows, mutual funds Currencies
Taiwan TAIEX 16770.87 193.97 1.17 18.6 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1557.41 8.40 0.54 –6.7
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Thurs YTDchg Thurs YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004165 24008 1.6
CREDIT MARKETS Argentina peso .0029349.9638 98.0 Europe
Brazil real .2048 4.8832 –7.6 Czech Rep. koruna .04478 22.332 –1.0

Consumer Rates and Returns to Investor Benchmark

Treasury Yields
yield curve Forex Race
Canada dollar
Chile peso
.7363 1.3582 0.2
.001176 850.23 0.2
Denmark krone
Euro area euro
.1450 6.8949
1.0811 .9250
–0.8
–1.0
U.S. consumer rates Selected rates and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000245 4084.50 –15.8 Hungary forint .002817 354.97 –4.9
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007555 132.37 –6.5
A consumer rate against its 5-year CDs Mexico peso .0594 16.8344 –13.6 Norway krone .0933 10.7167 9.3
benchmark over the past year t
5.00% Uruguay peso .02651 37.7250 –5.6 Poland zloty .2413 4.1435 –5.4
Bankrate.com avg†: 2.85% 14% Russia ruble .01055 94.749 28.5
Tradeweb ICE Asia-Pacific
Federal-funds Colorado Federal Savings Bank 4.45% Thursday Close 4.00 Euro Sweden krona .0910 10.9948 5.3
s Australiadollar .6417 1.5584 6.2
target rate 5.00% Greenwood Village, CO 877-484-2372 7 China yuan
Switzerland franc 1.1306 .8845 –4.4
.1374 7.2778 5.5
t 3.00 Turkey lira .0388 25.7874 38.0
Barclays Bank 4.50% t Yen Hong Kong dollar .1275 7.8428 0.5
4.00 Ukraine hryvnia .0271 36.8500 unch
0
s
One year ago 2.00 India rupee .01211 82.582 –0.2
Wilmington, DE 888-720-8756 UK pound 1.2601 .7936 –4.0
Five-year CD yields Indonesia rupiah .0000656 15246 –2.1
t 3.00 First Internet Bank of Indiana 4.59% –7 s Japan yen .006857 145.84 11.2 Middle East/Africa
1.00
Indianapolis, IN 888-873-3424 WSJ Dollar Index Kazakhstan tenge .002176 459.61 –0.7 Bahrain dinar 2.6522 .3771 unch
2.00 Popular Direct 4.60% 0.00 –14 Macau pataca .1237 8.0820 0.4 Egypt pound .0324 30.9022 24.8
Malaysia ringgit .2153 4.6450 5.4 Israel shekel .2635 3.7951 7.6
Miami Lakes, FL 800-274-5696 1 3 6 1 2 3 5 7 10 20 30 2022 2023
1.00 New Zealand dollar .5923 1.6883 7.2 Kuwait dinar 3.2406 .3086 0.8
First National Bank of America 4.65% month(s) years
S ON D J FMAM J J A Pakistan rupee .00334 299.500 32.1 Oman sul rial 2.5973 .3850 ...
East Lansing, MI 800-968-3626 maturity Philippines peso .0176 56.701 1.8 Qatar rial .2747 3.641 –0.7
2022 2023
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7372 1.3565 1.2 Saudi Arabia riyal .2666 3.7516 –0.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007528 1328.34 5.3 South Africa rand .0531 18.8166 10.5
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0030818 324.49 –11.7
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 5.25-5.50 5.25-5.50 2.25 l 5.50 5.25 Taiwan dollar .03142 31.831 3.9
Yield (%) 52-Week Total Return (%) Thailand baht .02857 35.000 1.1 WSJ Dollar Index 98.49 0.54 0.55 2.00
Prime rate* 8.50 8.50 5.50 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 5.30 5.30 2.25 l 5.31 5.23 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2085.900 4.640 4.640 4.710 3.300 –3.000 –5.457
Money market, annual yield 0.60 0.57 0.12 l 0.60 0.36
Five-year CD, annual yield 2.85 2.83 1.85 l 2.86 2.18 U.S. Treasury Long, Bloomberg 3056.900 4.440 4.520 4.590 3.390 –10.757–14.463 Commodities Thursday 52-Week YTD
30-year mortgage, fixed† 7.62 7.70 5.90 l 7.71 4.57 Aggregate, Bloomberg 1956.950 5.100 5.150 5.210 3.810 –2.499 –4.797 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.93 6.87 5.12 l 6.93 4.32 Fixed-Rate MBS, Bloomberg 1930.680 5.130 5.220 5.380 3.790 –3.706 –4.423
Jumbo mortgages, $726,200-plus† 7.66 7.77 5.91 l 7.78 4.59 DJ Commodity 992.01 1.81 0.18 1113.32 930.59 -9.45 -5.41
High Yield 100, ICE BofA 3303.929 8.127 8.178 8.753 7.022 4.857 1.458 Refinitiv/CC CRB Index 275.83 0.85 0.31 301.75 253.85 -7.05 -0.69
Five-year adj mortgage (ARM)† 6.49 6.46 4.38 l 6.52 3.28
Muni Master, ICE BofA 561.317 3.615 3.527 3.936 2.757 0.817 –1.619 Crude oil, $ per barrel 79.05 0.16 0.20 97.01 66.74 -14.56 -1.51
New-car loan, 48-month 7.32 7.31 5.10 l 7.64 3.06
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 793.320 7.916 8.015 9.159 7.102 2.676 –4.292 Natural gas, $/MMBtu 2.519 0.022 0.88 9.375 1.991 -73.13 -43.71
banks.† Excludes closing costs. Gold, $ per troy oz. 1918.20 -0.30 -0.02 2048.00 1623.30 9.13 5.41
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
P2JW237000-0-B00800-1--------XA

B8 | Friday, August 25, 2023 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures Dec 402.00 413.80 401.00 412.30 11.30 205,934 Dec 110-090 110-140 109-315 110-015 –9.5 856,284 Dec .05826 .05843 .05812 .05832 .00008 5,072
Soybean Oil (CBT)-60,000 lbs.; cents per lb. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Euro (CME)-€125,000; $ per €
Contract Open Sept 105-300 106-005 105-230 105-250 –7.0 4,629,182
Sept 66.18 66.40 64.74 65.54 –.61 38,719 Sept 1.0877 1.0889 1.0817 1.0821 –.0052 729,923
Open High hi lo Low Settle Chg interest Dec 106-140 106-167 106-070 106-095 –6.2 1,098,738
Dec 62.97 63.20 61.63 62.18 –.79 195,295 Dec 1.0926 1.0936 1.0866 1.0870 –.0051 10,988
Copper-High (CMX)-25,000 lbs.; $ per lb. Rough Rice (CBT)-2,000 cwt.; $ per cwt. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Aug 3.7815 3.7815 3.7650 3.7675 –0.0360 406 Sept 101-110 101-114 101-072 101-079 –4.4 3,514,368
Dec 3.8365 3.8390 3.7860 3.7935 –0.0440 112,891
Sept 15.40 15.76 15.40 15.72 .28 2,958
Dec 101-242 101-251 101-207 101-216 –4.1 473,332
Index Futures
Nov 15.80 16.16 15.78 16.10 .29 6,420
Gold (CMX)-100 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Mini DJ Industrial Average (CBT)-$5 x index
Aug 1920.00 1920.80 1920.00 1918.20 –0.30 483 Sept 614.75 615.00 598.25 604.00 –8.50 53,963 Aug 94.6700 94.6725 94.6700 94.6725 .0025 383,199 Sept 34576 34737 34099 34140 –382 94,276
Sept 1918.70 1923.00 1911.60 1919.10 –1.40 3,513 Dec 642.25 642.50 626.50 631.75 –8.00 201,801 Oct 94.6350 94.6400 94.6200 94.6250 –.0150 395,019 Dec 34880 35063 34431 34471 –382 1,845
Oct 1927.50 1932.90 1920.90 1928.50 –1.40 32,004 Wheat (KC)-5,000 bu.; cents per bu. Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. Mini S&P 500 (CME)-$50 x index
Dec 1944.90 1951.30 1939.20 1947.10 –1.00 370,185 Sept 754.50 756.50 746.25 753.00 –2.00 20,311 June 94.7625 94.7625 94.7600 94.7600 –.0025 1,123,209
Feb'24 1965.30 1970.90 1960.00 1967.20 –0.90 16,070 Dec 94.5900 94.5900 94.5500 94.5550 –.0400 1,237,446
Sept 4470.50 4485.50 4378.50 4386.00 –61.00 2,221,866
Dec 763.25 765.75 755.00 762.50 –1.25 104,864 Dec 4519.75 4534.50 4427.00 4434.00 –61.50 32,156
April 1984.00 1990.00 1978.80 1986.20 –0.70 7,665
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
Palladium (NYM) - 50 troy oz.; $ per troy oz. Currency Futures Mini S&P Midcap 400 (CME)-$100 x index
Aug 245.350 246.700 245.150 246.500 1.475 4,698
Aug 1233.70 –36.80 Sept 2605.10 2617.30 2572.90 2575.70 –27.20 37,735
Oct 251.025 253.650 250.750 253.250 2.375 19,628 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Dec 1289.00 1289.00 1236.00 1248.60 –34.10 11,231 Dec 2595.70 –25.10 1
Cattle-Live (CME)-40,000 lbs.; cents per lb. Sept .6932 .6941 .6875 .6881 –.0055 243,618
Platinum (NYM)-50 troy oz.; $ per troy oz. Aug 177.900 180.075 177.600 179.850 1.800 4,461 Mini Nasdaq 100 (CME)-$20 x index
Aug 939.10 6.40 1 Dec .7038 .7042 .6977 .6982 –.0055 4,038
Oct 178.525 180.900 178.125 180.725 2.050 125,877 Sept 15333.00 15418.00 14817.00 14862.00 –333.50 256,094
Oct 936.20 948.00 930.10 943.00 4.80 72,536 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Sept Dec 15520.75 15607.50 15005.00 15048.25 –336.25 9,926
Silver (CMX)-5,000 troy oz.; $ per troy oz. Oct 78.350 80.800 78.250 80.475 1.925 79,336
.7394 .7405 .7361 .7369 –.0018 161,053
Mini Russell 2000 (CME)-$50 x index
Aug 24.285 24.310 24.285 24.211 –0.152 1 Dec .7411 .7413 .7371 .7379 –.0018 4,607
Dec 71.000 72.250 70.775 71.900 .850 60,109 British Pound (CME)-£62,500; $ per £ Sept 1877.40 1883.70 1847.60 1850.30 –24.90 514,595
Dec 24.700 24.740 24.450 24.575 –0.135 90,161
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Sept 1.2722 1.2731 1.2592 1.2609 –.0109 217,489 Dec 1896.60 1901.60 1866.40 1869.20 –24.90 2,936
Sept 532.50 537.00 525.50 529.00 –1.00 3,366 Dec 1.2718 1.2728 1.2592 1.2608 –.0108 12,920 March'24 1902.10 1919.30 1896.80 1888.40 –23.60 31
Oct 78.57 79.28 77.59 79.05 0.16 330,810
Nov 532.50 536.50 525.00 530.50 … 3,465 Swiss Franc (CME)-CHF 125,000; $ per CHF
Nov 78.30 78.95 77.32 78.66 0.07 188,597 Mini Russell 1000 (CME)-$50 x index
Dec 78.04 78.60 77.03 78.26 –0.02 226,476
Milk (CME)-200,000 lbs., cents per lb. Sept 1.1422 1.1444 1.1323 1.1333 –.0088 43,260 Sept 2438.20 2445.70 2401.20 2402.60 –31.10 8,120
Aug 17.20 17.21 17.19 17.19 –.05 4,933 Dec 1.1533 1.1555 1.1437 1.1445 –.0090 859
Jan'24 77.71 78.27 76.75 77.87 –0.09 85,678
Sept 18.42 18.87 18.42 18.76 .37 4,827 U.S. Dollar Index (ICE-US)-$1,000 x index
June 76.12 76.54 75.19 76.07 –0.23 136,154 Australian Dollar (CME)-AUD 100,000; $ per AUD Sept
Dec 74.00 74.48 73.28 73.95 –0.35 123,569
Cocoa (ICE-US)-10 metric tons; $ per ton. Sept .6485 .6493 .6418 .6427 –.0049 222,938
103.28 103.97 103.19 103.92 .59 31,390
Sept 3,328 3,399 3,298 3,363 40 4,894 Dec 102.90 103.60 102.90 103.56 .56 1,798
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Dec .6509 .6514 .6440 .6449 –.0049 3,459
Dec 3,424 3,465 3,389 3,435 12 148,004 Mexican Peso (CME)-MXN 500,000; $ per MXN
Sept 3.1148 3.1586 3.0995 3.1564 .0273 35,637
Oct 3.0893 3.1322 3.0738 3.1271 .0250 89,224
Coffee (ICE-US)-37,500 lbs.; cents per lb. Sept .05928 .05942 .05907 .05929 .00007 227,913 Source: FactSet
Sept 153.80 154.25 151.40 153.00 .05 1,457
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
Dec 154.30 156.25 152.00 154.30 .40 118,286
Sept 2.7726 2.8000 2.7266 2.7800 .0112 38,577
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Oct 2.5565 2.5911 2.5272
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
2.5810 .0215 117,446
Oct
March'24
23.99
24.32
24.37
24.70
23.64
23.99
24.29
24.63
.44 369,526
.45 246,792
Bonds | wsj.com/market-data/bonds/benchmarks
Sept 2.484 2.565 2.425 2.519 .022 41,667
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Oct
Nov
2.583
3.046
2.680
3.144
2.529
2.984
2.636
3.093
.044
.049
205,868
206,172 Nov 40.01 … 1,446 Tracking Bond Benchmarks
March'24 41.75 .08 3,260
Dec 3.546 3.621 3.477 3.565 .023 76,242
Cotton (ICE-US)-50,000 lbs.; cents per lb.
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Jan'24 3.791 3.852 3.722 3.813 .023 91,515
highs and lows for different types of bonds
March 3.414 3.471 3.368 3.436 .010 83,092 Oct 86.77 86.94 85.99 86.09 –.12 90
Dec 85.94 86.59 85.53 86.09 .27 122,431 Total Total
Agriculture Futures Orange Juice (ICE-US)-15,000 lbs.; cents per lb. return YTD total Yield (%) return YTD total Yield (%)
Sept 319.70 325.30 314.00 315.55 –3.50 1,581 close return (%) Index Latest Low High close return (%) Index Latest Low High
Corn (CBT)-5,000 bu.; cents per bu. Nov 311.50 318.35 306.55 308.05 –3.30 7,161
Sept 476.25 480.50 468.50 472.25 –4.00 179,898 Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Dec 490.50 494.50 483.50 488.25 –2.25 665,541 Interest Rate Futures 1956.95 0.4 U.S. Aggregate 5.100 3.810 5.210 1930.68 -0.2 Mortgage-Backed 5.130 3.790 5.380
Oats (CBT)-5,000 bu.; cents per bu. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Sept 441.75 469.50 s 441.50 466.00 21.50 958 U.S. Corporate Indexes Bloomberg Fixed Income Indices 1909.56 0.3 Ginnie Mae (GNMA) 5.150 3.790 5.370
Sept 126-110 126-290 125-190 125-250 –15.0 1,249,615
Dec 470.50 495.50 s 465.75 489.50 19.00 2,950 Dec Fannie mae (FNMA) 5.120 3.790 5.390
127-310 128-160 127-070 127-130 –13.0 417,239 2917.90 1.7 U.S. Corporate 5.760 4.630 6.130 1133.73 -0.3
Soybeans (CBT)-5,000 bu.; cents per bu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Sept 1359.50 1370.75 1352.00 1365.75 6.25 23,290 Sept 120-090 120-230 119-220 119-270 –12.0 1,097,114 2840.36 2.0 Intermediate 5.740 4.430 6.050 1745.62 0.1 Freddie Mac (FHLMC) 5.220 3.780 5.420
Nov 1360.00 1373.00 1356.50 1371.75 11.25 318,300 Dec 120-150 120-270 119-280 120-010 –11.0 332,344
Soybean Meal (CBT)-100 tons; $ per ton. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 3830.61 1.0 Long term 5.800 5.010 6.370 561.32 0.9 Muni Master 3.615 2.757 3.936
Sept 414.50 424.30 414.00 422.70 9.70 33,806 Sept 109-270 109-315 109-165 109-190 –10.0 4,163,031
0.8 7-12 year
561.30 1.0 Double-A-rated 5.150 4.020 5.320 401.14 3.279 2.392 3.794
776.91 2.2 Triple-B-rated 6.020 4.950 6.440 449.00 1.4 12-22 year 3.985 3.257 4.428

Cash Prices | wsj.com/market-data/commodities Thursday, August 24, 2023 High Yield Bonds ICE BofA 421.11 2.2 22-plus year 4.607 4.020 5.131
491.88 6.2 High Yield Constrained 8.641 7.781 9.623 Global Government J.P. Morgan†
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
separate from the futures price on an exchange, which reflects what the commodity might be worth in future 472.48 12.4 Triple-C-rated 13.642 13.506 16.916 524.05 0.5 Global Government 3.340 2.370 3.440
months. 3303.93 6.1 High Yield 100 8.127 7.022 8.753 761.44 -0.3 Canada 3.800 2.880 3.910
Thursday Thursday Thursday
427.69 5.4 Global High Yield Constrained 8.692 7.868 9.945 340.41 2.2 EMU§ 3.293 2.134 3.490
Iron Ore, 62% Fe CFR China-s n.a. Wheat,Spring14%-pro Mnpls-u 8.9475
Energy Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 5.5800 325.82 5.5 Europe High Yield Constrained 7.456 6.537 8.508 629.53 1.6 France 3.160 1.940 3.340
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 70.000 Steel, HRC USA, FOB Midwest Mill-s n.a. Wheat - Hard - KC (USDA) $ per bu-u 7.9300
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.300 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 6.8750 U.S Agency Bloomberg Fixed Income Indices 448.85 1.2 Germany 2.580 1.290 2.760
BMI Lithium Carbonate, EXW China, =99.2%-v,w 31375 Food
Metals BMI Lithium Hydroxide, EXW China, =56.5% -v,w
1716.72 1.5 U.S Agency 5.100 3.550 5.140 278.64 0.3 Japan 1.020 0.630 1.060
29450
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 6090 Beef,carcass equiv. index 1520.53 1.6 10-20 years 5.100 3.520 5.140 485.13 1.1 Netherlands 2.860 1.640 3.040
Engelhard industrial 1914.00 BMI Nickel Sulphate, EXW China, >22%-v,m 4638 choice 1-3,600-900 lbs.-u 292.05
Handy & Harman base 1917.05 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 620 select 1-3,600-900 lbs.-u 267.07 3227.08 1.2 20-plus years 4.980 3.960 5.240 751.49 -4.0 U.K. 4.560 2.780 4.840
Handy & Harman fabricated 2127.93 Broilers, National comp wtd. avg.-u,w 1.1104
Fibers and Textiles Butter,AA Chicago-d 2.7050 2580.39 1.9 Yankee 5.560 4.360 5.840 793.32 3.3 Emerging Markets ** 7.916 7.102 9.159
LBMA Gold Price AM *1904.55
LBMA Gold Price PM *1916.65 Cheddar cheese,bbl,Chicago-d 180.00 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Burlap,10-oz,40-inch NY yd-n,w 0.7200
Krugerrand,wholesale-e Cheddar cheese,blk,Chicago-d 194.50
1999.71 Cotton,1 1/16 std lw-mdMphs-u 0.8309 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Maple Leaf-e Milk,Nonfat dry,Chicago lb.-d 109.50
2047.55 Cotlook 'A' Index-t *94.40 Coffee,Brazilian,Comp-y 1.5192
American Eagle-e 2047.55
Mexican peso-e 2468.73
Hides,hvy native steers piece fob-u
Wool,64s,staple,Terr del-u,w
n.a.
n.a.
Coffee,Colombian, NY-y
Eggs,large white,Chicago-u
1.8526
1.3150
Global Government Bonds: Mapping Yields
Austria crown-e 1878.71
Austria phil-e 2009.28 Grains and Feeds Flour,hard winter KC-p 19.15 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Hams,17-20 lbs,Mid-US fob-u 0.85
Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 91.47 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Engelhard industrial 24.2000 Bran,wheat middlings, KC-u,w 148 Pork bellies,12-14 lb MidUS-u 2.1139
Handy & Harman base 24.2030 Corn,No. 2 yellow,Cent IL-bp,u 4.9500 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Pork loins,13-19 lb MidUS-u 1.2136
Handy & Harman fabricated 30.2540 Corn gluten feed,Midwest-u,w Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
152.0 Steers,Tex.-Okla. Choice-u n.a.
LBMA spot price *£18.8100 Corn gluten meal,Midwest-u,w 540.9 Steers,feeder,Okla. City-u,w 268.88 4.750 U.S. 2 5.016 s l 4.950 4.893 3.384
(U.S.$ equivalent) *23.7500 Cottonseed meal-u,w 350 3.875 10 4.234 s l 4.197 3.855 3.105
Coins,wholesale $1,000 face-a n.a. Hominy feed,Cent IL-u,w 145 Fats and Oils
Other metals Meat-bonemeal,50% pro Mnpls-u,w 438 Degummed corn oil, crude wtd. avg.-u,w n.a.
0.250 Australia 2 3.845 t l 3.901 4.089 3.076 -117.8 -104.9 -31.6
LBMA Platinum Price PM *929.0 Oats,No.2 milling,Mnpls-u 4.7600 Grease,choice white,Chicago-h 0.6600 3.000 10 4.127 t l 4.208 3.996 3.638 -10.8 1.4 52.9
Platinum,Engelhard industrial 938.0 Rice, Long Grain Milled, No. 2 AR-u,w 37.25 Lard,Chicago-u n.a.
Palladium,Engelhard industrial 1260.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.7214 0.000 France 2 3.243 s l 3.242 3.304 0.772 -178.0 -170.7 -262.0
Aluminum, LME, $ per metric ton *2129.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 427.90 Tallow,bleach;Chicago-h 0.6950 3.000 10 3.053 s l 3.051 2.945 1.980 -118.2 -114.2 -112.9
Copper,Comex spot 3.7675 Soybeans,No.1 yllw IL-bp,u 14.0700 Tallow,edible,Chicago-u n.a.
3.100 Germany 2 2.982 s l 2.974 3.028 0.933 -204.1 -197.6 -245.8
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; 2.600 10 2.516 t l 2.521 2.427 1.372 -171.9 -167.3 -173.7
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 8/23 3.600 Italy 2 3.640 s l 3.623 3.715 1.917 -138.3 -132.7 -147.4
Source: Dow Jones Market Data
4.350 10 4.182 s l 4.177 4.022 3.674 -5.4 -1.7 56.6
0.005 Japan 2 0.007 t l 0.023 -0.050 -0.085 -501.6 -492.6 -347.7
Exchange-Traded Portfolios | WSJ.com/ETFresearch 0.400 10 0.649 t l 0.677 0.451 0.224 -358.6 -351.7 -288.4

Closing Chg YTD 0.000 Spain 2 3.364 s l 3.353 3.418 1.143 -165.9 -159.7 -224.8
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) 3.550 10 3.548 s l 3.544 3.434 2.571 -65.0 -53.7
-68.7
TechSelectSector XLK 167.01 –2.30 34.2
Thursday, August 24, 2023 Closing Chg YTD 0.625 U.K. 2 4.950 t l 4.962 4.928 2.929 -7.3 1.2 -46.3
ETF Symbol Price (%) (%) UtilitiesSelSector XLU 63.15 –0.58 –10.4
Closing Chg YTD 4.250 10 4.426 t 4.471 4.255 2.701 27.7 -40.7
ETF Symbol Price (%) (%) VangdInfoTech VGT 422.84 –2.32 32.4 l 19.1
iSh1-3YTreaBd SHY 80.98 –0.06 –0.2
VangdSC Val VBR 164.22 –0.61 3.4
CnsmrDiscSelSector XLY 162.84 –1.96 26.1 iShRussMC IWR 71.23 –1.08 5.6 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
VangdExtMkt VXF 145.83 –1.39 9.8
CnsStapleSelSector XLP 72.02 –0.80 –3.4 iShRuss1000 IWB 240.01 –1.39 14.0
VangdSC Grwth VBK 220.40 –1.77 9.9
DimenUSCoreEq2
EnSelSectorSPDR
DFAC
XLE
26.80
86.75
–1.22
–0.69
10.4
–0.8
iShRuss1000Grw
iShRuss1000Val
IWF
IWD
270.38
155.78
–1.84 26.2
–0.89 2.7
VangdDivApp
VangdFTSEAWxUS
VIG
VEU
159.65
52.89
–0.94
–1.03
5.1
5.5
Corporate Debt
FinSelSectorSPDR XLF 33.83 –0.35 –1.1 iShRussell2000 IWM 183.22 –1.38 5.1
VangdFTSEDevMk VEA 44.58 –1.26 6.2 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
HealthCareSelSect XLV 132.44 –0.87 –2.5 iShS&P500Grw IVW 69.71 –1.57 19.2
IndSelSectorSPDR XLI 105.65 –1.22 7.6 iShS&P500Value IVE 158.16 –1.14 9.0
VangdFTSE EM VWO 40.26 –0.42 3.3 expectations
VangdFTSE Europe VGK
InvscQQQI QQQ 361.22 –2.14 35.7 iShSelectDiv
iSh7-10YTreaBd
DVY
IEF
111.54
93.72
–0.44 –7.5
–0.37 –2.2
VangdGrowth VUG
59.58
277.39
–1.39 7.5
–1.83 30.2 Investment-grade spreads that tightened the most…
InvscS&P500EW RSP 146.47 –0.96 3.7
VangdHlthCr VHT 242.52 –0.77 –2.2 Spread*, in basis points
iShCoreDivGrowth DGRO 51.08 –0.87 2.2 iShShortTreaBd SHV 110.39 0.05 0.4
iShCoreMSCIEAFE IEFA 65.22 –1.36 5.8 iShTIPSBondETF TIP 105.45 –0.45 –0.9 VangdHiDiv VYM 105.81 –0.59 –2.2 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
iSh20+YTreaBd TLT 94.91 –0.66 –4.7 VangdIntermBd BIV 73.67 –0.23 –0.9
iShCoreMSCIEM IEMG 48.66 –0.33 4.2
iShCoreMSCITotInt IXUS 60.89 –1.07 5.2 iShUSTreasuryBd GOVT 22.42 –0.22 –1.3 VangdIntrCorpBd VCIT 77.47 –0.33 –0.1 Sumitomo Mitsui Financial SUMIBK 6.184 6.25 July 13, ’43 174 –274 170
iShCoreS&P500 IVV 439.27 14.3 JPMEquityPrem JEPI 54.49 –0.78 ... VangdIntermTrea VGIT 57.77 –0.22 –1.2
–1.34
JPM UltShIncm JPST 50.16 ... 0.1 VangdLC VV 199.88 –1.41 14.7 Mitsubishi UFJ Financial MUFG 2.048 5.68 July 17, ’30 145 –214 151
iShCoreS&P MC IJH 256.85 –1.01 6.2
iShCoreS&P SC IJR 98.10 –1.00 3.7 ProShUltPrQQQ TQQQ 37.16 –6.59 114.8 VangdMC VO 213.93 –1.09 5.0
SPDRBbg1-3MTB BIL 91.75 0.03 0.3 VangdMC Val VOE 135.61 –0.68 0.3 American Honda Finance HNDA 5.125 5.26 July 7, ’28 86 –176 89
iShCoreS&PTotUS ITOT 96.37 –1.33 13.6
iShCoreTotalUSDBd IUSB 44.51 –0.25 –0.9 SPDR DJIA Tr DIA 341.03 –1.10 2.9 VangdMBS VMBS 44.80 –0.22 –1.6
VangdRealEst VNQ 80.88 –0.38 –1.9 KeyCorp KEY 4.100 6.73 April 30, ’28 234 –30 n.a.
iShCoreUSAggBd AGG 95.93 –0.23 –1.1 SPDR Gold GLD 177.85 –0.02 4.8
iShEdgeMSCIMinUSA USMV 73.83 –0.73 2.4 SPDRPtfDevxUS SPDW 31.42 –1.26 5.8 VangdS&P500ETF VOO 401.54 –1.33 14.3
iShEdgeMSCIUSAQual QUAL 135.15 –1.35 18.6 SPDRS&P500Value SPYV 42.40 –1.14 9.0 VangdST Bond BSV 75.34 –0.05 0.1 Nordea Bank NDASS 4.750 5.33 Sept. 22, ’25 32 –30 n.a.
iShGoldTr IAU 36.30 –0.03 4.9 SPDRPtfS&P500 SPLG 51.39 –1.38 14.3 VangdSTCpBd VCSH 75.42 –0.11 0.3
iShiBoxx$HYCpBd HYG 74.30 –0.55 0.9 SPDRS&P500Growth SPYG 60.37 –1.50 19.1 VangdShortTrea VGSH 57.64 –0.03 –0.3 Oracle ORCL 5.800 5.38 Nov. 10, ’25 38 –17 53
iShiBoxx$IGCpBd LQD 104.90 –0.34 –0.5 SPDR S&P 500 SPY 436.89 –1.39 14.2 VangdSC VB 194.63 –1.22 6.0
iShJPMUSDEmBd EMB 84.75 –0.68 0.2 SchwabIntEquity SCHF 34.38 –1.24 6.7 VangdTaxExemptBd VTEB 49.28 –0.14 –0.4 Ares Capital ARCC 7.000 6.97 Jan. 15, ’27 229 –12 244
iShMBS MBB 90.85 –0.37 –2.0 SchwabUS BrdMkt SCHB 50.92 –1.39 13.6 VangdTotalBd BND 71.09 –0.24 –1.0
iShMSCIACWI ACWI 93.91 –1.27 10.6 SchwabUS Div SCHD 73.01 –0.77 –3.3 VangdTotIntlBd BNDX 48.53 –0.06 2.3 ING Groep INTNED 4.625 5.85 Jan. 6, ’26 116 –11 113
iShMSCI EAFE EFA 69.76 –1.37 6.3 SchwabUS LC SCHX 51.65 –1.34 14.4 VangdTotIntlStk VXUS 54.53 –1.11 5.4
iSh MSCI EM
iShMSCIEAFEValue
EEM
EFV
38.87
48.20
–0.38
–1.13
2.6
5.1
SchwabUS LC Grw
SchwabUS SC
SCHG
SCHA
73.67
42.93
–1.81 32.6
–1.17 6.0
VangdTotalStk
VangdTotWrldStk
VTI
VT
217.11
95.10
–1.34 13.6
–1.25 10.3
…And spreads that widened the most
iShNatlMuniBd MUB 105.14 –0.05 –0.4 SPDR S&PMdCpTr MDY 469.73 –1.08 6.1 VangdValue VTV 141.18 –0.72 0.6 278
iSh1-5YIGCorpBd IGSB SPDR S&P Div SDY 120.20 WisdTrFRTrea USFR 50.51 0.5
AstraZeneca AZN 6.450 5.33 Sept. 15, ’37 114 116
49.99 –0.12 0.3 –0.60 –3.9 ...

Farmers Exchange Capital FARMER 7.050 7.09 July 15, ’28 271 19 n.a.

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Toronto–Dominion Bank TD 5.532 5.65 July 17, ’26 97 16 98
HSBC Holdings HSBC 6.500 6.86 Sept. 15, ’37 265 9 n.a.
Money Rates August 24, 2023
JPMorgan Chase JPM 5.600 5.52 July 15, ’41 102 5 n.a.
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Wells Fargo 4
WFC 3.550 5.78 Sept. 29, ’25 79 79
guide to general levels but don’t always represent actual transactions.
Morgan Stanley MS 3.125 5.71 July 27, ’26 102 3 100
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low 3
Toyota Motor Credit TOYOTA 5.000 5.16 Aug. 14, ’26 48 50
July index Chg From (%)
level June '23 July '22 Federal funds Secured Overnight Financing Rate
Effective rate 5.3400 n.a. 5.3400 2.3300 5.30 5.30 5.31 2.25 High-yield issues with the biggest price increases…
U.S. consumer price index Bond Price as % of face value
High 5.6500 5.6500 5.6500 2.4500 Value 52-Week
All items 305.691 0.19 3.2 Low 5.3100 5.3100 5.3100 2.3000 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Latest Traded High Low
Core 309.402 0.16 4.7 Bid 5.3300 5.3300 5.3300 2.3000
DTCC GCF Repo Index Howmet Aerospace HWM 5.950 6.26 Feb. 1, ’37 97.250 0.40 97.610
Offer 5.3600 5.3500 5.3700 2.3200
International rates Treasury 5.332 14.266 5.365 2.221
MBS 5.351 45.750 5.407 2.319 Bath & Body Works BBWI 6.750 8.04 July 1, ’36 89.750 0.25 90.367
Treasury bill auction
Week 52-Week
Latest High Low 4 weeks 5.285 5.280 5.840 2.310 Weekly survey
ago
13 weeks 5.300 5.295 5.300 2.740 …And with the biggest price decreases
Latest Week ago Year ago
Prime rates 26 weeks 5.295 5.290 5.295 3.110
Howmet Aerospace HWM 6.750 6.29 Jan. 15, ’28 101.720 –0.64 103.347
U.S. 8.50 8.50 8.50 5.50 Freddie Mac
Canada 7.20 7.20 7.20 4.70 Secondary market 30-year fixed 7.23 7.09 5.55 Occidental Petroleum –0.62
OXY 7.500 6.30 May 1, ’31 107.200 107.792
Japan 1.475 1.475 1.475 1.475 Fannie Mae 15-year fixed 6.55 6.46 4.85
CSC Holdings CSCHLD 5.250 13.32 June 1, ’24 94.337 –0.54 95.125
30-year mortgage yields Notes on data:
Policy Rates
30 days 6.740 6.796 6.881 5.086 U.S. prime rate is the base rate on corporate OneMain Finance OMF 7.125 8.01 March 15, ’26 97.988 –0.45 97.750
Euro zone 4.25 4.25 4.25 0.50 loans posted by at least 70% of the 10 largest
60 days 6.759 6.821 6.988 5.128
Switzerland 2.25 2.25 2.25 0.25 U.S. banks, and is effective July 27, 2023. Other
prime rates aren’t directly comparable; lending Hughes Satellite Systems … 6.625 12.57 Aug. 1, ’26 85.800 –0.44 86.250
Britain 5.25 5.25 5.25 1.75 Other short-term rates practices vary widely by location; Discount rate
Australia 4.10 4.10 4.10 1.85 is effective July 27, 2023. Secured Overnight Telecom Italia Capital TITIM 6.375 8.41 Nov. 15, ’33 86.210 –0.43
Week 52-Week
85.095
Financing Rate is as of August 23, 2023. DTCC
Overnight repurchase Latest ago high low GCF Repo Index is Depository Trust & Clearing Dish DBS … 5.875 12.56 Nov. 15, ’24 92.660 –0.40 92.125
U.S. 5.34 5.26 5.35 2.25 Corp.'s weighted average for overnight trades in
Call money applicable CUSIPs. Value traded is in billions of
Teva Pharmaceutical Finance Netherlands … 4.100 7.37 Oct. 1, ’46 64.000 –0.35
U.S. dollars. Federal-funds rates are Tullett 65.140
U.S. government rates 7.25 7.25 7.25 4.25 Prebon rates as of 5:30 p.m. ET.
Sources: Federal Reserve; Bureau of Labor *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.
Discount Commercial paper (AA financial)
Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more
5.50 5.50 5.50 2.50 90 days 5.39 5.39 5.54 2.64 Tullett Prebon Information, Ltd. Source: MarketAxess
P2JW237000-1-B00900-1--------XA

THE WALL STREET JOURNAL. * Friday, August 25, 2023 | B9

BIGGEST 1,000 STOCKS

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
The following explanations apply to NYSE, NYSE s-New 52-week high. Endeavor EDR 24.00 -0.30 Humana HUM 482.63 1.20 MasTec MTZ 95.66 -1.42 PhilipMorris PM 94.08 -0.24 SiteOneLandscape SITE 156.85 -0.75 TysonFoods TSN 54.18 0.71
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. EnergyTransfer ET 12.94 -0.02 JBHunt JBHT 189.36 -1.19 Mastercard MA 397.67 -3.39 Phillips66 PSX 112.39 0.13 SkechersUSA SKX 48.48 -1.81 s UBS Group UBS 24.65 0.33
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four t EnphaseEnergy ENPH 122.34 -8.02 HuntingtonBcshs HBAN 10.95 0.06 MatadorRscs MTDR 59.95 -0.81 PinnacleWest PNW 78.79 -0.11 Skyworks SWKS 104.23 -3.00 UDR UDR 38.72 -0.12
that include primary market trades as well as quarters. Entegris ENTG 95.18 -3.89 HuntingIngalls HII 218.11 -0.87 MatchGroup MTCH 44.62 -0.79 Pinterest PINS 26.74 -0.55 SmithAO AOS 68.80 -1.18 U-Haul UHAL 56.47 -0.04
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Entergy ETR 94.80 -0.70 HyattHotels H 111.11 -0.86 Mattel MAT 21.27 -0.29 PioneerNatRscs PXD 232.78 -1.29 Smith&Nephew SNN 26.66 -0.45 U-Haul N UHAL/B 53.12 -0.44
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing
EnterpriseProd EPD 26.25 -0.22 ICICI Bank IBN 23.35 -0.23 McCormickVtg MKC.V 81.00 -1.90 PlainsAllAmPipe PAA 15.24 -0.11 Smucker SJM 140.72 1.19 US Foods USFD 40.01 -0.70
Nasdaq ISE. standards
The list comprises the 1,000 largest companies lf-Late filing Equifax EFX 196.44 0.21 ICL Group ICL 5.99 -0.03 McCormick MKC 80.99 -0.66 PlainsGP PAGP 15.91 -0.06 Snap SNAP 9.37 0.13 UWM UWMC 5.55 -0.14
based on market capitalization. q-Temporary exemption from Nasdaq Equinix EQIX 765.16 4.97 IdexxLab IDXX 486.02 -17.01 McDonald's MCD 282.35 0.48 PolestarAuto PSNY 3.62 -0.09 Snap-On SNA 262.08 -4.52 Uber UBER 44.68 -0.46
Underlined quotations are those stocks with requirements. Equinor EQNR 29.55 -0.53 ING Groep ING 14.16 -0.08 McKesson MCK 423.35 2.06 Pool POOL 352.32 -4.32 Snowflake SNOW 147.67 -8.03 t Ubiquiti UI 153.97 -5.16
large changes in volume compared with the t-NYSE bankruptcy Equitable EQH 27.59 0.25 Invesco IVZ 15.13 -0.20 Medpace MEDP 252.82 3.05 Primerica PRI 199.72 -1.36 SOQUIMICH SQM 65.16 -0.90 UiPath PATH 14.64 -0.76
issue’s average trading volume. v-Trading halted on primary market. EquityLife ELS 67.41 0.33 IQVIA IQV 215.51 -0.63 Medtronic MDT 81.06 -2.62 PrincipalFinl PFG 76.25 0.35 SoFiTech SOFI 8.12 -0.31 UltaBeauty ULTA 422.74 -15.22
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being EquityResdntl EQR 64.10 -0.07 ITT ITT 97.03 -0.67 MercadoLibre MELI 1215.31 -43.56 ProcoreTech PCOR 62.79 -0.99 t SolarEdgeTech SEDG 156.94 -10.13 Unilever UL 50.56 -0.28
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, ErieIndemnity ERIE 278.41 -1.26 IcahnEnterprises IEP 20.02 -0.76 Merck MRK 109.45 -1.85 Procter&Gamble PG 152.54 -0.71 Sony SONY 81.05 -1.56 UnionPacific UNP 222.52 -0.61
previous closing price was $2 or higher. or securities assumed by such companies. EssentialUtil WTRG 36.67 -0.36 Icon ICLR 252.96 0.21 MetaData AIU 1.01 -0.01 Progressive PGR 131.90 1.51 Southern SO 67.43 -0.12 UnitedAirlines UAL 49.40 -0.99
EssexProp ESS 237.57 -0.53 IDEX IEX 222.69 -0.99 MetaPlatforms META 286.75 -7.49 Prologis PLD 121.74 -1.33 SoCopper SCCO 78.92 -2.50 UnitedMicro UMC 6.78 -0.08
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and EsteeLauder EL 150.73 -2.14 IllinoisToolWks ITW 237.67 -3.10 MetLife MET 62.27 0.54 PrudentialFinl PRU 93.42 1.99 SouthwestAir LUV 31.22 -0.35 UPS B UPS 167.00 -1.88
changes in the closing prices from 4 p.m. the previous day. t Etsy ETSY 71.62 -1.46 t Illumina ILMN 159.60 -4.34 Mettler-Toledo MTD 1161.96 -3.13 Prudential PUK 24.39 -0.36 SouthwesternEner SWN 6.40 -0.10 UnitedRentals URI 445.71 -3.07
Everest EG 358.08 5.47 ImperialOil IMO 54.69 -0.68 MicrochipTech MCHP 77.76 -2.83 PublicServiceEnt PEG 60.72 -0.03 s Splunk SPLK 112.83 12.90 US Bancorp USB 36.13 -0.12
Evergy EVRG 56.23 -0.32 Incyte INCY 64.23 -0.42 MicronTech MU 63.69 -1.50 PublicStorage PSA 273.77 -1.54 Spotify SPOT 135.76 -2.48 US Steel X 30.45 -0.87
Thursday, August 24, 2023 Net Net EversourceEner ES 63.97 -0.16 Informatica INFA 20.00 -0.12 Microsoft MSFT 319.97 -7.03 PulteGroup PHM 78.37 -1.29 StanleyBlackDck SWK 89.41 -1.83 UnitedTherap UTHR 230.53 -0.93
Net Stock Sym Close Chg Stock Sym Close Chg ExactSciences EXAS 79.65 -4.94 Infosys INFY 17.13 -0.14 MidAmApt MAA 143.17 -0.37 PureStorage PSTG 35.69 -2.30 Stantec STN 65.74 -1.08 UnitedHealth UNH 488.10 -1.34
Stock Sym Close Chg s Exelixis EXEL 21.75 ... s IngersollRand IR 68.24 -0.26 Middleby MIDD 141.48 -1.98 Qiagen QGEN 44.33 -0.43 Starbucks SBUX 94.83 -0.35 UnitySoftware U 33.85 -0.78
BancoBradesco BBDO 2.76 -0.03 Chipotle CMG 1872.32 -22.59 Exelon EXC 40.08 -0.17 Ingredion INGR 101.55 -0.18 MitsubishiUFJ MUFG 7.74 0.03 Qorvo QRVO 99.73 -2.49 StateStreet STT 67.75 0.20 UnivDisplay OLED 148.92 -3.11
A B C BancodeChile BCH 21.44 -0.48
BancSanBrasil BSBR 5.45 -0.07
Chubb CB 201.17 -0.11
ChunghwaTel CHT 36.90 0.20
Expedia EXPE 105.96 -1.63 t Insulet PODD 187.84 -0.68 MizuhoFin MFG 3.21 -0.01 Qualcomm QCOM 108.51 -2.66 SteelDynamics STLD 101.05 -1.84 UniversalHealthB UHS 130.13 -0.37
ExpeditorsIntl EXPD 113.98 -0.72 Intel INTC 32.59 -1.39 Mobileye MBLY 34.13 -0.69 QuantaServices PWR 201.56 -6.69 Stellantis STLA 17.86 -0.34 UnumGroup UNM 48.79 0.34
AECOM ACM 86.25 -1.95 BcoSantChile BSAC 18.88 -0.38 Church&Dwight CHD 92.84 0.35 ExtraSpaceSt EXR 127.46 -0.05 InteractiveBrkrs IBKR 91.81 -0.14 Moderna MRNA 112.65 -2.81 QuestDiag DGX 133.22 -0.20 Steris STE 224.57 -0.95 VF VFC 19.20 -0.50
t AES AES 17.72 -0.60 BancoSantander SAN 3.78 -0.04 ChurchillDowns CHDN 123.71 -0.94 ExxonMobil XOM 106.35 -0.80 ICE ICE 115.26 0.43 MolinaHealthcare MOH 318.07 -0.93 Stevanato STVN 31.68 0.35 VICI Prop VICI 30.34 -0.27
Aflac AFL 74.31 1.14 BanColombia CIB 27.20 -0.22 Cigna CI 282.38 0.55 F5 FFIV 155.80 -2.48 InterContinentl IHG 74.62 -1.77 MolsonCoorsB TAP 62.54 -0.27 R S StifelFinancial SF 63.35 0.25 VailResorts MTN 222.39 -3.55
AGCO AGCO 117.56 -2.84 BankofAmerica BAC 28.62 0.17 CincinnatiFinl CINF 104.02 -0.33 FMC FMC 88.25 0.07 IBM IBM 143.55 0.14 monday.com MNDY 164.40 -8.20 STMicroelec STM 45.52 -1.77 Vale VALE 12.73 -0.24
ANSS 298.56 -4.27 BankMontreal BMO 82.99 -0.50 Cintas CTAS 487.90 -3.32 RB Global RBA 58.50 0.03
Ansys FactSet FDS 440.47 2.92 IntlFlavors IFF 65.39 -1.82 Mondelez MDLZ 70.85 -0.63 Stryker SYK 273.44 -2.52 ValeroEnergy VLO 129.46 0.09
BankNY Mellon BK 43.57 0.04 s CiscoSystems CSCO 55.24 -0.74 RELX RELX 31.62 -0.22
APA APA 42.23 -0.31 FairIsaac FICO 846.91 -13.00 IntlPaper IP 33.74 -0.14 MongoDB MDB 360.75 -9.99 SumitomoMits SMFG 8.88 -0.02 VeevaSystems VEEV 186.39 -1.21
ASE Tech ASX 7.52 -0.14 BankNovaScotia BNS 45.95 -0.20 Citigroup C 41.08 ... Fastenal FAST 56.45 -0.85 Interpublic IPG 32.31 -0.34 MonolithicPower MPWR 488.01 -31.44 RH RH 351.00 -6.02
SunComms SUI 124.75 0.84 Ventas VTR 43.30 0.02
ASML ASML 647.82 -29.30 Barclays BCS 7.33 -0.01 CitizensFin CFG 27.08 0.16 FederalRealty FRT 97.61 -0.47 Intuit INTU 498.50 -2.36 MonsterBev MNST 57.03 -0.88 R1 RCM RCM 16.31 -0.18
SunLifeFinancial SLF 47.53 -0.04 VeriSign VRSN 202.57 -2.62
AT&T T 14.15 -0.01 BarrickGold GOLD 15.97 -0.14 CivitasRscs CIVI 79.03 -1.35 IntuitiveSurgical ISRG 285.64 -4.75 RPM RPM 99.34 -0.40
FedEx FDX 258.78 -1.67 Moody's MCO 331.04 -3.63 SuncorEnergy SU 32.56 -0.28 VeriskAnalytics VRSK 234.67 -0.68
AbbottLabs ABT 103.75 -1.38 Bath&BodyWks BBWI 34.59 -1.66 CleanHarbors CLH 168.76 -2.97 RTX RTX 85.15 -0.89
Ferguson FERG 154.98 -2.65 InvitatHomes INVH 33.60 -0.18 MorganStanley MS 83.44 0.05 SuperMicroComp SMCI 262.50 -15.11 Verizon VZ 33.38 0.19
ABBV 146.63 -0.45 Bausch+Lomb BLCO 18.69 -0.89 Cleveland-Cliffs CLF 14.77 -0.40 RalphLauren RL 112.49 -1.21
AbbVie Ferrari RACE 307.53 -5.26 IronMountain IRM 60.54 -0.52 Morningstar MORN 220.95 0.74 Suzano SUZ 10.06 -0.10 VertexPharm VRTX 346.77 -3.83
AcadiaHealthcare ACHC 74.54 -1.03 BaxterIntl BAX 41.46 0.05 Clorox CLX 154.37 3.39 RangeResources RRC 31.15 0.26
FidNatlFinl FNF 40.14 0.18 ItauUnibanco ITUB 5.55 -0.12 Mosaic MOS 38.54 0.33 SynchronyFinl SYF 31.95 -0.08 s Vertiv VRT 35.01 -0.67
Accenture ACN 314.14 -1.20 BectonDicknsn BDX 277.00 -0.08 Cloudflare NET 59.90 -3.21 RaymondJames RJF 101.96 -0.76
FidNatlInfo FIS 55.26 -0.02 MotorolaSol MSI 275.60 -2.19 Synopsys SNPS 435.86 -12.38 Viatris VTRS 10.95 -0.05
ActivisionBliz ATVI 91.41 -0.33 BeiGene BGNE 198.88 -3.92 Coca-Cola KO 60.11 -0.16 FifthThirdBncp FITB 25.72 0.29 J K L MurphyOil MUR 44.51 -0.20
RealtyIncome O 56.36 -0.75
Sysco SYY 69.90 -0.42 s VinFastAuto VFS 49.00 11.97
Adobe ADBE 512.43 -18.28 BentleySystems BSY 46.54 -0.87 Coca-ColaEuro CCEP 62.84 -0.02 RegalRexnord RRX 154.00 -0.07
FirstCitizBcshA FCNCA 1369.46 -5.96 JD.com JD 33.02 -0.79 MurphyUSA MUSA 315.58 3.97 Vipshop VIPS 16.05 0.05
AdvDrainageSys WMS 122.18 -3.06 Berkley WRB 60.81 -0.17 Cognex CGNX 46.77 -0.96 FirstHorizon FHN 12.38 0.06 JPMorganChase JPM 147.23 -0.14 NICE NICE 198.35 -1.89
RegencyCtrs REG 61.38 0.17
RegenPharm REGN 831.21 -9.60
T U V Visa V 239.47 -2.83
AdvMicroDevices AMD 101.80 -7.63 BerkHathwy B BRK.B 354.30 0.04 CognizantTech CTSH 70.03 -0.43 FirstIndRlty FR 51.32 -0.50 Jabil JBL 103.61 -1.11 NIO NIO 10.64 -0.20 Vistra VST 30.01 -0.32
Aegon AEG 5.07 -0.05 BerkHathwy A BRK.A 537780630.07 CoinbaseGlbl COIN 73.66 -4.12 RegionsFinl RF 18.77 -0.03 TC Energy TRP 35.10 -0.36 VMware
FirstSolar FSLR 174.42 -6.16 JackHenry JKHY 157.88 1.35 NNN REIT NNN 39.45 -0.13 VMW 162.00 -1.99
AerCap AER 60.83 -0.98 BerryGlobal BERY 62.63 -0.03 ColgatePalm CL 73.32 -0.19 ReinsGrp RGA 140.50 3.59 TD Synnex SNX 99.14 0.11
FirstEnergy FE 36.04 -0.34 JacobsSolns J 134.19 -1.95 NOV NOV 20.18 -0.21 Vodafone VOD 9.10 -0.09
AgilentTechs A 119.49 0.36 BestBuy BBY 73.13 -1.57 Comcast A CMCSA 45.24 -0.22 RelianceSteel RS 274.65 0.31 TE Connectivity TEL 127.56 -1.41
Fiserv FI 120.66 0.25 JamesHardie JHX 28.33 -0.59 NRG Energy NRG 37.00 -0.26 VoyaFinancial VOYA 70.80 0.75
agilon health AGL 16.72 -0.44 Bio-Techne TECH 78.79 0.11 s SABESP SBS 12.04 -0.11 RenaissanceRe RNR 184.41 2.64 Telus TU 17.10 0.14 VulcanMatls VMC 214.98 -2.08
FiveBelow FIVE 175.10 -11.98 JazzPharm JAZZ 138.77 -0.41 NVR NVR 6070.01 -63.94
AgnicoEagleMines AEM 47.84 -0.06 Bio-RadLab A BIO 382.27 -3.69 ConagraBrands CAG 29.66 0.05 RentokilInit RTO 36.75 -0.41 Ternium TX 40.13 -0.83
FleetCorTech FLT 262.03 -2.48 JefferiesFinl JEF 34.58 -0.09 NXP Semi NXPI 193.82 -7.28
AirProducts APD 286.63 0.88 Biogen BIIB 262.43 -2.37 Confluent CFLT 32.38 -1.50 Flex FLEX 26.07 -0.41 J&J JNJ 165.09 0.56 Nasdaq NDAQ 52.33 -0.32
Repligen RGEN 163.17 -3.15 TFI Intl
RepublicSvcs RSG 145.01 -1.29 TIM
TFII 127.42 -2.12
TIMB
W X Y Z
Airbnb ABNB 124.72 -3.41 BioMarinPharm BMRN 93.14 2.07 ConocoPhillips COP 114.80 -1.01 Floor&Decor FND 96.13 -3.54 JohnsonControls JCI 58.37 -0.92 NationalGrid NGG 61.66 -0.45 t ResMed
15.06 -0.04
AkamaiTech AKAM 101.65 -0.79 BioNTech BNTX 119.05 -3.95 ConEd ED 89.46 -0.58 RMD 159.74 -2.26 s TJX TJX 88.31 -1.70 WEC Energy WEC 84.59 -0.17
FomentoEconMex FMX 115.19 -0.68 JonesLang JLL 167.49 1.73 s NatlInstruments NATI 59.65 0.59 RestaurantBrands QSR 68.28 -1.29 T-MobileUS TMUS 133.32 -3.01 WEX WEX 185.43 -0.83
Albemarle ALB 190.74 -1.04 BlackKnight BKI 74.84 0.52 ConstBrands A STZ 258.27 -3.78 FordMotor F 11.75 -0.21 JuniperNetworks JNPR 27.89 -0.25 NatWest NWG 5.75 -0.02
Albertsons ACI 22.09 -0.07 BlackRock BLK 673.16 -5.61 s ConstellationEner CEG 106.92 -1.52 Revvity RVTY 116.20 -0.09 TPG TPG 26.63 -0.20 W.P.Carey WPC 64.58 -0.44
Fortinet FTNT 58.15 -1.04 KB Financial KB 39.81 0.06 NetApp NTAP 75.53 -1.00
RexfordIndlRealty REXR 52.34 -0.66 T.RowePrice TROW 109.51 -0.86 WPP WPP 47.01 -0.79
Alcon ALC 83.09 -1.35 Blackstone BX 99.02 -0.68 Cooper COO 369.82 -3.74 Fortis FTS 39.42 -0.23 KBR KBR 60.62 -0.47 NetEase NTES 98.59 -4.05
AlexandriaRlEst ARE 116.16 -1.12 Block SQ 55.63 -1.59 Copart CPRT 43.04 -2.04 RioTinto RIO 60.79 -0.90 TaiwanSemi TSM 92.53 -1.69 Wabtec WAB 111.02 -1.21
Fortive FTV 76.05 -1.74 KKR KKR 59.55 -0.67 Netflix NFLX 406.93 -20.62
Rivian RIVN 19.64 -0.68 TakeTwoSoftware TTWO 139.66 -4.89 t WalgreensBoots WBA 25.32 -1.22
Alibaba BABA 89.11 -0.73 BlueOwlCapital OWL 11.13 -0.05 Core&Main CNM 31.15 -0.20 FortuneBrands FBIN 66.46 -0.37 KLA KLAC 476.40 -17.92 Neurocrine NBIX 107.07 -0.62
AlignTech ALGN 350.71 -8.77 Boeing BA 217.31 -11.27 CorebridgeFin CRBG 17.86 0.11 RobertHalf RHI 74.22 -0.57 TakedaPharm TAK 15.14 -0.09 Walmart WMT 156.89 -1.21
FoxA FOXA 32.58 -0.36 Kellogg K 60.83 -0.02 NewOrientalEduc EDU 54.70 0.45 Robinhood HOOD 10.37 -0.13 Tapestry TPR 33.09 -0.33 WarnerBrosA WBD 12.70 ...
Allegion ALLE 108.38 -2.05 Booking BKNG 3026.39 -72.17 Corning GLW 31.95 -0.25 FoxB FOX 30.29 -0.35 Kenvue KVUE 23.66 0.04 NY CmntyBcp NYCB 11.90 -0.03 Roblox
AllegroMicro ALGM 37.66 -1.68 BoozAllen BAH 114.76 1.06 Corteva CTVA 49.65 0.57 RBLX 26.55 0.13 TargaResources TRGP 84.09 0.46 WarnerMusic WMG 32.64 0.09
Franco-Nevada FNV 139.64 -0.78 KeurigDrPepper KDP 33.43 -0.22 NYTimes A NYT 42.48 -0.45 RocketCos. RKT 10.32 -0.20
AlliantEnergy LNT 50.28 -0.27 BorgWarner BWA 39.69 -0.15 Cosan CSAN 14.74 -0.31 t Target TGT 124.10 0.89 WasteConnections WCN 136.41 -1.43
FranklinRscs BEN 25.61 -0.38 KeyCorp KEY 10.87 0.12 Newmont NEM 39.06 -0.13
Rockwell ROK 298.47 0.93 TechnipFMC FTI 18.03 -0.37 WasteMgt WM 157.28 -1.10
Allstate ALL 105.34 -0.28 BostonProps BXP 64.76 0.16 CoStar CSGP 79.56 -0.76 FreeportMcM FCX 38.40 -0.86 KeysightTech KEYS 127.70 -2.40 NewsCorp A NWSA 20.64 -0.23 RogersComm B RCI
AllyFinancial ALLY 26.46 0.18 BostonSci BSX 50.43 0.08 Costco COST 531.71 -8.13 39.62 0.16 TeckResourcesB TECK 39.84 -0.87 Waters WAT 271.17 0.14
FreseniusMed FMS 23.90 -0.29 KimberlyClark KMB 128.54 -0.17 NewsCorp B NWS 21.11 -0.22
AlnylamPharm ALNY 186.77 -3.61 BristolMyers BMY 61.28 -0.28 CoterraEnergy CTRA 27.80 0.17 RoivantSciences ROIV 11.11 -0.60 TeledyneTech TDY 406.00 -5.74 Watsco WSO 346.37 -4.44
FullTruck YMM 6.83 -0.12 KimcoRealty KIM 18.72 -0.18 NextEraEnergy NEE 67.22 -0.67
s Alphabet A GOOGL 129.78 -2.59 BritishAmTob BTI 32.53 -0.04 Coty COTY 11.04 -0.21 Roku ROKU 76.15 -4.12 Teleflex TFX 214.98 -2.57 Wayfair W 65.96 -1.45
Futu FUTU 49.40 0.60 KinderMorgan KMI 17.23 -0.03 Nike NKE 97.63 -1.12
s Alphabet C GOOG 130.42 -2.79 Broadcom AVGO 854.46 -22.12 Coupang CPNG 18.31 -0.45 Rollins ROL 39.04 -0.57 Ericsson ERIC 4.89 -0.07 WebsterFin WBS 41.63 -0.30
KinsaleCapital KNSL 375.93 -3.51 NiSource NI 26.33 -0.19
Altria MO 43.40 0.28 BroadridgeFinl BR 182.51 0.01 Credicorp BAP 141.27 -2.15 G H I Knight-Swift KNX 55.33 -0.56 Noble NE 49.97 -0.88
RoperTech
RossStores
ROP 488.71 -4.36 TelefonicaBras VIV
ROST 118.86 -3.02 Telefonica TEF
8.59 -0.07 WellsFargo
... Welltower
WFC 41.43 -0.18
WELL 80.36 -0.64
Amazon.com AMZN 131.84 -3.68 BrookfieldAsset BAM 33.09 -0.14 CrowdStrike CRWD 145.45 -8.36 Nokia NOK 3.77 -0.06
3.93
GE HealthCare GEHC 68.43 -0.56 Philips PHG 21.89 -0.31 RoyalBkCanada RY 90.31 1.45 TelekmIndonesia TLK 24.35 -0.07 WescoIntl WCC 155.44 -0.51
Ambev ABEV 2.87 -0.06 Brookfield BN 32.42 -0.20 CrownCastle CCI 99.56 0.06
GFLEnvironmental GFL 32.69 -0.84 KoreaElecPwr KEP 6.65 -0.09 Nomura NMR 3.76 -0.02
RoyalCaribbean RCL 99.05 -3.36 TempurSealy TPX 43.40 -0.50 WestPharmSvcs WST 391.72 -1.35
Amcor AMCR 9.40 0.03 BrookfieldInfr BIP 31.73 -0.14 CrownHoldings CCK 88.55 0.65
GSK GSK 34.47 -0.48 KraftHeinz KHC 33.52 0.03 Nordson NDSN 236.69 -2.58
RoyalGold RGLD 110.85 0.07 Tenaris TS 32.46 -0.40 WesternDigital WDC 39.87 -1.18
Amdocs DOX 87.13 -0.36 BrookfieldRenew BEPC 28.45 0.02 CubeSmart CUBE 41.42 -0.50 NorfolkSouthern NSC 208.56 -2.04
Ameren AEE 79.98 -0.34 s Brown&Brown BRO 72.30 -0.61 Cummins CMI 230.75 -1.85 GXO Logistics GXO 60.52 -1.58 Kroger KR 46.49 -0.44 RoyaltyPharma RPRX 29.56 -0.12 TencentMusic TME 6.51 0.10 WesternMidstrm WES 26.65 -0.53
Gallagher AJG 224.86 -0.47 LKQ LKQ 51.39 -0.57 NorthernTrust NTRS 75.38 ...
RyanSpecialty RYAN 45.96 -0.22 TenetHealthcare THC 73.87 -1.23 Westlake WLK 129.71 0.28
AmericaMovil AMX 19.26 -0.07 Brown-Forman A BF.A 68.76 -1.74 Curtiss-Wright CW 204.12 -2.19 NorthropGrum NOC 432.18 -2.34
AmerAirlines AAL 14.57 -0.21 Brown-Forman B BF.B 67.37 -1.92 Gaming&Leisure GLPI 45.82 -0.48 LPL Financial LPLA 234.54 5.38 NorwegCruise NCLH 16.93 -0.64 Ryanair RYAAY 98.00 -1.73 Teradyne TER 102.11 -3.21 WestRock WRK 31.66 -0.41
AEP AEP 78.83 -0.60 Bruker BRKR 61.92 -0.59 D E F Garmin GRMN 102.32 -1.04 L3HarrisTech LHX 177.85 -0.42 Novartis NVS 100.84 -1.99
SAP SAP 135.58 -4.56 Tesla TSLA 230.04 -6.82 Weyerhaeuser WY 32.77 -0.55
Gartner IT LabCorp.ofAmerica LH 212.49 -2.45 S&P Global SPGI 387.02 -4.71 TetraTech TTEK 157.26 -1.63 WheatonPrecMet WPM 42.27 -0.32
AmerExpress AXP 157.79 -1.65 BuildersFirst BLDR 132.84 -3.77 339.26 -0.38
NovoNordisk NVO 185.35 -4.69
AmericanFin AFG 114.68 0.95 Bunge BG 112.09 -0.03 DTE Energy DTE 104.45 -0.82 GenDigital GEN 20.16 -0.54 LamResearch LRCX 655.93 -22.16 NuHoldings NU 7.07 -0.18
SBA Comm SBAC 219.74 -0.53 TevaPharm TEVA 9.67 -0.07 Whirlpool WHR 133.55 -0.45
AmHomes4Rent AMH 35.35 0.04 BurlingtonStrs BURL 154.85 -15.10 Danaher DHR 253.56 -1.30 Generac GNRC 114.79 0.72 LamarAdv LAMR 88.98 -1.33
Nucor NUE 165.02 -1.99
SEI Investments SEIC 60.86 -0.70 TexasInstruments TXN 165.59 -4.24 Williams WMB 34.52 -0.18
AIG AIG 58.09 0.47 CACI Intl CACI 327.72 -3.28 Darden DRI 155.58 -0.72 GeneralDynamics GD 223.88 -0.98 LambWeston LW 95.71 -0.94 SK Telecom SKM 19.74 0.13 TexasPacLand TPL 1887.20 10.89 Williams-Sonoma WSM 139.54 -2.48
Nutanix NTNX 30.09 -1.64
AmerTowerREIT AMT 177.15 -0.69 CBRE Group CBRE 83.56 0.39 DarlingIngred DAR 60.25 -1.23 GeneralElec GE 111.04 -2.43 LandstarSystem LSTR 187.38 -1.98 SPS Commerce SPSC 178.15 -4.34 TexasRoadhouse TXRH 104.96 -1.23 WillisTowers WTW 205.15 2.38
CCC Intelligent CCCS 10.46 -0.29 Datadog DDOG 91.85 -3.59 t GeneralMills GIS 68.01 -0.13 LasVegasSands LVS 53.37 -0.61 Nutrien NTR 60.85 0.49
SS&C Tech SSNC 55.36 -0.49 Textron TXT 75.24 -0.51 WillScotMobile WSC 40.90 -0.48
AmerWaterWorks AWK 138.25 -1.30 nVentElectric NVT 52.80 -0.14
AmericoldRealty COLD 32.71 -0.30 CDW CDW 201.28 -2.96 DaVita DVA 101.05 -1.01 GeneralMotors GM 32.88 -0.68 LatticeSemi LSCC 89.92 -5.41 STAG Indl STAG 36.02 -0.28 ThermoFisher TMO 538.01 -7.23 Wipro WIT 4.95 -0.14
Lear LEA 139.99 -2.23 s NVIDIA NVDA 471.63 0.47
Ameriprise AMP 332.98 -0.45 CF Industries CF 73.56 -0.84 DeckersOutdoor DECK 521.78 -28.44 Genmab GMAB 37.30 -0.05 Saia SAIA 412.95 -6.92 ThomsonReuters TRI 126.19 -1.40 WoodsideEnergy WDS 24.16 -0.07
AmerisourceBrgn ABC 178.77 1.00 CGI A GIB 100.54 -1.04 Deere DE 386.64 -7.64 Genpact G 36.15 -0.69 LegendBiotech LEGN 70.07 1.01 O P Q Salesforce CRM 205.51 -3.62 3M MMM 98.50 -1.15 Woodward WWD 124.28 -2.65
Ametek AME 154.87 -1.42 CH Robinson CHRW 93.14 -0.05 DellTechC DELL 56.71 -0.12 Gentex GNTX 31.77 -0.48 Leidos LDOS 96.41 0.91 Samsara IOT 25.03 -0.15 Toast TOST 20.98 -0.45 Workday WDAY 224.87 -5.35
Amgen AMGN 256.62 -0.74 CME Group CME 200.11 -0.64 DeltaAir DAL 41.90 -0.30 GenuineParts GPC 152.54 -1.82 Lennar B LEN.B 104.45 -1.08 OGE Energy OGE 34.09 -0.25 Sanofi SNY 52.96 -0.54 Toll Bros TOL 78.07 -0.78 s WW Ent WWE 113.76 -1.38
DentsplySirona XRAY 37.24 -0.54 Gerdau GGB Lennar A LEN 115.89 -1.28 ONEOK OKE 64.38 -0.32 SareptaTherap SRPT 116.00 1.54 TopBuild BLD 283.22 -4.20 WynnResorts WYNN 95.49 -0.59
Amphenol APH 85.54 -0.82 CMS Energy CMS 56.74 -0.14 5.04 -0.11
AnalogDevices ADI 173.69 -3.79 CNA Fin CNA 39.01 -0.03 DeutscheBank DB 10.71 ... GileadSciences GILD 76.33 -0.71 LennoxIntl LII 357.67 -7.14 ON Semi ON 89.96 -2.92 Sasol SSL 12.46 -0.54 Toro TTC 98.34 -0.59 XP XP 26.25 -1.21
AngloGoldAsh AU 17.30 0.15 CNH Indl CNHI 12.86 -0.20 DevonEnergy DVN 48.84 -0.50 GitLab GTLB 43.95 -2.46 LiAuto LI 38.83 -0.11 OReillyAuto ORLY 935.14 -12.03 Schlumberger SLB 56.79 -1.10 TorontoDomBk TD 59.41 -2.12 XPO XPO 69.34 -0.95
DexCom DXCM 100.98 -3.40 LibertyBroadbandC LBRDK 87.92 -0.24 OccidentalPetrol OXY 61.35 -0.47 SchwabC SCHW 57.84 -0.18 TotalEnergies TTE t XcelEnergy XEL 57.01 -0.51
AB InBev BUD 56.44 -0.47 CRH CRH 56.85 -1.03 GlobalPayments GPN 121.23 -2.04 61.68 -0.45
AnnalyCap NLY 19.66 0.11 CSX CSX 30.56 -0.44 Diageo DEO 165.34 -1.22 GlobalFoundries GFS 52.17 -2.46 LibertyBroadbandA LBRDA 88.05 -0.18 Okta OKTA 71.37 -2.14 t Sea SE 35.21 -1.64 ToyotaMotor TM 162.78 -3.13 XPeng XPEV 16.20 0.14
DiamondbkEner FANG 149.01 0.79 LibertyGlobal A LBTYA 17.63 -0.26 OldDomFreight ODFL 408.70 -3.95 Seagate STX 64.90 -1.26 TractorSupply TSCO 211.63 -2.96 Xylem XYL 99.65 -0.92
AnteroResources AR 26.11 0.25 CVS Health CVS 66.49 0.09 Globant GLOB 186.89 -4.99
Aon AON 327.03 1.17 CadenceDesign CDNS 228.04 -5.54 Dick's DKS 113.55 2.40 GlobeLife GL 111.44 0.29 LibertyGlobal B LBTYB 17.57 -0.27 OldRepublic ORI 27.19 0.01 Seagen SGEN 197.76 2.12 TradeDesk TTD 74.51 -3.16 YPF YPF 14.69 -0.34
ApolloGlbMgmt APO 82.52 -0.54 CAE CAE 23.24 -0.34 s DigitalRealty DLR 127.46 1.69 GoDaddy GDDY 70.17 -0.83 LibertyGlobal C LBTYK 18.90 -0.25 Olin OLN 56.60 0.16 Sempra SRE 70.78 -1.08 s Tradeweb TW 85.58 0.17 Yum!Brands YUM 129.54 0.14
t LibertyFormOne C FWONK 63.85 -2.28
Apple AAPL 176.38 -4.74 CaesarsEnt CZR 51.83 -1.27 DiscoverFinSvcs DFS 89.14 0.55 GoldFields GFI 12.47 0.16 OmegaHealthcare OHI 30.54 -0.17 ServiceCorp SCI 62.94 0.21 TraneTech TT 199.35 -2.12 YumChina YUMC 53.55 0.52
t
ApplMaterials AMAT 142.52 -5.48 CamdenProperty CPT 106.62 0.02 t Disney DIS 82.47 -3.36 GoldmanSachs GS 319.96 -2.37 LibertyFormOne A FWONA 56.17 -1.99 Omnicom OMC 79.30 -0.79 ServiceNow NOW 549.54 -18.46 TransDigm TDG 859.00 -6.61 ZTO Express ZTO 24.36 0.06
Applovin APP 39.31 -0.87 Cameco CCJ 35.73 -0.23 DocuSign DOCU 46.69 -1.47 Grab GRAB 3.66 -0.04 LibertySirius C LSXMK 23.42 -0.42 OnHolding ONON 28.40 -1.48 Shell SHEL 60.46 -0.27 TransUnion TRU 78.09 -0.06 ZebraTech ZBRA 265.92 -4.17
Aptargroup ATR 125.11 1.72 CampbellSoup CPB 41.77 -0.02 DolbyLab DLB 82.84 -0.74 Graco GGG 76.13 -0.84 LibertySirius A LSXMA 23.14 -0.19 OpenText OTEX 38.40 -0.31 SherwinWilliams SHW 269.23 -2.82 Travelers TRV 161.84 0.91 Zillow C Z 50.16 0.08
s Light&Wonder LNW 75.39 -0.30
Aptiv APTV 96.36 -1.72 CIBC CM 39.72 0.13 DollarGeneral DG 152.98 -5.53 Grainger GWW 708.43 1.30 Oracle ORCL 112.91 -4.93 ShinhanFin SHG 26.44 -0.13 Trex TREX 69.46 -0.92 Zillow A ZG 48.83 0.04
Aramark ARMK 37.20 -0.25 CanNtlRlwy CNI 111.69 -1.31 t DollarTree DLTR 123.88 -18.34 Grifols GRFS 9.73 -0.21 EliLilly LLY 548.00 -5.36 Orange ORAN 11.01 -0.11 ShockwaveMed SWAV 204.19 -18.18 Trimble TRMB 52.26 -0.96 ZimmerBiomet ZBH 114.32 -0.53
ArcelorMittal MT 26.05 -0.24 CanadianNatRscs CNQ 60.06 -0.97 DominionEner D 48.07 0.27 GpoAeroportuar PAC 180.41 -0.60 LincolnElectric LECO 185.62 -2.39 Orix IX 90.31 -0.44 Shopify SHOP 55.46 -1.27 Trip.com TCOM 39.60 0.27 Zoetis ZTS 181.56 -2.69
ArchCapital ACGL 75.41 0.01 CdnPacKC CP 78.13 -1.07 Domino's DPZ 378.86 -3.76 GpoAeroportSur ASR 270.10 -1.16 Linde LIN 377.94 -0.41 OtisWorldwide OTIS 82.84 -1.01 SimonProperty SPG 110.66 -0.98 TruistFinl TFC 28.86 0.38 ZoomVideo ZM 66.95 -1.22
ADM ADM 80.33 -0.80 CapitalOne COF 101.48 -0.14 Donaldson DCI 60.59 -0.85 HCA Healthcare HCA 272.59 -4.58 LithiaMotors LAD 302.59 -2.67 Ovintiv OVV 46.26 -0.72 SimpsonMfg SSD 153.27 -3.08 Twilio TWLO 59.16 -2.37 ZoomInfoTech ZI 17.98 -0.31
DoorDash DASH 76.13 -1.21 LiveNationEnt LYV 83.70 -0.39
OwensCorning OC SiriusXM SIRI 4.01 -0.12 TylerTech TYL 375.12 -5.20 Zscaler ZS 139.74 -5.73
AresMgmt ARES 99.68 0.06 CardinalHealth CAH 86.17 0.80 HDFC Bank HDB 63.05 -0.78 136.92 -1.79
argenx ARGX 507.33 5.28 Carlisle CSL 259.76 -1.48 Dover DOV 141.35 -0.70 HF Sinclair DINO 56.03 0.67 LloydsBanking LYG 2.08 -0.04
PDD PDD 78.27 0.35
Dow DOW 53.54 0.14 LockheedMartin LMT 452.55 -2.02 PG&E PCG 16.71 0.01
s AristaNetworks ANET 179.19 -10.64 Carlyle CG 29.86 -0.11 HP HPQ 30.75 -0.40
DrReddy'sLab RDY 70.98 -1.79 Loews L 62.09 0.13
PNC Finl PNC 117.67 -1.74
ArrowElec ARW 129.18 -1.42 CarMax KMX 78.33 -0.89 HSBC HSBC 37.55 -0.06
AspenTech AZPN 192.02 -2.48 Carnival
Assurant AIZ 140.38 1.21 Carnival
CCL 15.71 -0.54
CUK 14.24 -0.48
DraftKings
Dropbox
DKNG 27.25 -0.56
DBX 26.93 -0.31
H World
Haleon
HTHT 42.49 -2.43
HLN 8.26 -0.05
LogitechIntl LOGI 66.45 -1.56 POSCO
Lowe's LOW 222.97 -4.22
PPG Ind
PKX 107.99 3.61
PPG 137.25 -0.60
Dividend Changes
DukeEnergy DUK 89.99 -0.35 Lucid LCID 5.86 -0.21
AstraZeneca AZN 67.89 -1.21 CarrierGlobal CARR 53.93 -1.30 Halliburton HAL 38.24 -0.48 PPL PPL 25.04 -0.17
DuPont DD lululemon LULU 360.22 -17.49
Atlassian TEAM 184.02 -7.67 Carvana CVNA 37.76 -2.52 74.25 -0.27 HartfordFinl HIG 71.60 0.28 PTC PTC 140.24 -2.62 Amount Payable /
Dynatrace DT LyondellBasell LYB 97.28 0.52
AtmosEnergy ATO 116.40 -0.11 CaseysGenStores CASY 241.82 -4.03 45.69 -0.94 Hasbro HAS 65.95 -0.89 Paccar PCAR 84.23 -1.42 Company Symbol Yld % New/Old Frq Record
Autodesk
Autoliv
ADSK 208.60 4.24 Catalent
ALV 93.20 -1.54 Caterpillar
CTLT 44.60 -0.76
CAT 269.30 -3.73
elfBeauty
EMCOR
ELF 119.70 -5.13
EME 217.94 -1.18
HealthpeakProp PEAK 20.22 -0.03
Heico HEI 165.12 -0.33
M N PackagingCpAm PKG 144.58 -0.82
PalantirTech PLTR 14.14 -1.16 Increased
ADP ADP 249.80 -1.13 Celanese CE 117.59 0.08 ENI E 30.47 -0.20 Heico A HEI.A 132.82 0.57 M&T Bank MTB 126.31 -0.22 PaloAltoNtwks PANW 227.45 -8.21 Atrion
EOG Rscs EOG 125.68 -3.21
ATRI 1.9 2.20 /2.15 Q Sep29 /Sep15
AutoNation AN 155.76 -5.09 CelsiusHldg CELH 177.62 -2.73 HenrySchein HSIC 76.20 -0.07 MGM Resorts MGM 42.40 -0.69 ParamountA PARAA 17.94 -0.30
AutoZone AZO 2447.54 -27.47 Cemex CX 8.01 -0.13 EPAM Systems EPAM 242.09 -6.74 Hershey HSY 213.88 -1.44 s MinisoGroup MNSO 22.70 -0.61 ParamountB PARA 14.73 -0.27 First American Financial FAF 3.5 .53 /.52 Q Sep15 /Sep08
Avalonbay AVB 180.86 0.21 CenovusEnergy CVE 18.48 -0.40 EQT EQT 41.70 -0.05 Hess HES 150.02 -0.80 MPLX MPLX 34.74 -0.11 ParkerHannifin PH 398.33 -5.82
Avangrid AGR 34.64 -0.01 Centene CNC 63.96 0.33 EastWestBncp EWBC 54.37 0.36 HessMidstream HESM 28.89 -0.10 MSA Safety MSA 177.87 -1.30 Paychex PAYX 120.76 -0.86 Stocks
Avantor AVTR 21.82 0.09 CenterPointEner CNP 27.85 -0.31 EastGroup EGP 177.67 -1.69 HewlettPackard HPE 16.70 -0.32 MSCI MSCI 532.46 -3.39 PaycomSoftware PAYC 284.58 -5.29 BTC Digital METX 1:20 /Aug24
AveryDennison AVY 181.53 -0.44 CentraisElBras EBR 7.55 0.09 EastmanChem EMN 81.85 -0.21 Hilton HLT 147.11 -2.61 MagellanMid MMP 65.42 -0.40 Paylocity PCTY 195.30 -4.69 Momentus MNTS 1:50 /Aug24
AvisBudget CAR 229.16 -2.09 CeridianHCM CDAY 70.14 -0.49 Eaton ETN 220.91 -0.39 Hologic HOLX 75.17 -0.14 MagnaIntl MGA 56.23 -0.34 PayPal PYPL 60.71 -1.05 Novo Nordisk ADR NVO 2:1 /Sep20
AxonEnterprise AXON 196.01 -4.29 ChampionX CHX 35.31 -0.19 eBay EBAY 43.14 -0.76 HomeDepot HD 322.59 -3.50 ManhattanAssoc MANH 189.95 -4.39 Pearson PSO 10.51 -0.09
HondaMotor HMC 30.88 -0.63 ManulifeFinl MFC 17.93 0.10 PembinaPipeline PBA 30.08 -0.24 Tivic Health Systems 1:100 /Aug23
TIVC
BCE BCE 41.37 0.82 CharlesRiverLabs CRL 198.62 -3.38 Ecolab ECL 178.87 -1.15
BHP Group BHP 55.37 -1.61 ChartIndustries GTLS 164.92 -4.34 Ecopetrol EC 11.24 -0.10 Honeywell HON 185.16 -1.92 MarathonOil MRO 25.52 -0.21 PenskeAuto PAG 164.67 -2.67
BILL BILL 105.07 -4.54 CharterComms CHTR 411.99 -3.29 EdisonIntl EIX 69.56 -0.36 HorizonTherap HZNP 106.34 0.22 MarathonPetrol MPC 143.60 0.35 Pentair PNR 66.51 -1.00 Foreign
BJ'sWholesale BJ 65.14 -1.06 CheckPoint CHKP 131.94 -1.54 EdwardsLife EW 75.01 -0.89 HormelFoods HRL 38.92 0.45 Markel MKL 1467.27 2.70 Penumbra PEN 248.71 -4.17 Qifu Technology ADR QFIN 4.9 .50 SA Nov01 /Sep22
BP BP 35.77 -0.23 Chemed CHE 500.14 -2.67 ElbitSystems ESLT 196.46 -3.45 DR Horton DHI 116.70 -1.16 MarketAxess MKTX 245.30 -5.13 PepsiCo PEP 177.18 -0.94 Sasol ADR SSL 5.9 .53214 SA Sep29 /Sep15
BWX Tech BWXT 72.78 -0.28 CheniereEnergy LNG 160.97 -5.44 ElectronicArts EA 119.91 -1.41 HostHotels HST 15.64 -0.27 Marriott MAR 198.79 -4.46 PerformanceFood PFGC 61.25 -0.41
Baidu BIDU 134.01 1.50 CheniereEnerPtrs CQP 50.41 -0.34 ElevanceHealth ELV 456.00 -3.84 HoulihanLokey HLI 101.71 0.49 Marsh&McLen MMC 191.79 -0.29 PermianRscs PR 13.20 -0.18 Sources: FactSet; Dow Jones Market Data
BakerHughes BKR 35.23 -0.23 ChesapeakeEner CHK 84.52 -0.38 EmersonElec EMR 95.75 -0.88 HowmetAerospace HWM 48.12 -1.02 MartinMarietta MLM 437.46 -4.79 PetroleoBrasil PBR 14.49 -0.05
Ball BALL 52.76 0.38 Chevron CVX 157.94 -1.31 Enbridge ENB 34.18 -0.26 Hubbell HUBB 316.44 -1.15 MarvellTech MRVL 57.29 -4.21 PetroleoBrasilA PBR.A 13.16 -0.08 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
BancoBilbaoViz BBVA 7.74 0.04 t Chewy CHWY 25.76 -0.42 EncompassHealth EHC 68.88 -1.24 HubSpot HUBS 503.18 -11.04 Masco MAS 56.54 -0.50 Pfizer PFE 36.16 -0.50 spin-off.

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
AirIndustries AIRI 2.67 -3.0 BrenmillerEner BNRG 0.72 -6.3 EvokePharma EVOK 1.05 -4.3 Insulet PODD 185.48 -0.4 Molekule MKUL 1.11 -16.2 PliantTherap PLRX 15.88 -2.8 SunlightFinWt SUNL.WS 0.01 94.1
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE AirspanNetworks MIMO 0.13 -0.6 BrilliantEarthA BRLT 3.21 -6.1 FGFinancial FGF 1.24 -2.8 IntuitiveMachinesA LUNR 3.81 -12.7 Momentus MNTS 8.76 -25.3 PopCulture CPOP 0.30 1.0 SunPower SPWR 6.88 -5.3
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low Akanda AKAN 0.44 -5.2 BukitJalilGlb1 BUJAU 9.70 2.0 FG Merger FGMC 7.48 -8.0 Invitae NVTA 0.79 -14.3 MotusGI MOTS 0.48 -1.1 PowerREIT PW 1.00 -7.8 SuperCom SPCB 0.51 -5.2
in the latest session. % CHG-Daily percentage change from the previous trading session. Akerna KERN 0.30 -8.0 BurkeHerbert BHRB 48.86 -0.2 FLJ FLJ 0.15 -0.1 IronwoodPharm IRWD 9.04 -0.2 Movado MOV 23.94 0.5 Premier PINC 21.16 -3.3 TPIComposites TPIC 4.31 -10.2
AlkalineWater WTER 0.97 3.9 BurningRockBio BNR 1.27 -3.0 FreyrBatteryWt FREY.WS 1.53 -8.8 iSpecimen ISPC 1.10 -0.9 MovingiMage MITQ 0.86 -2.1 Prenetics PRE 0.43 -16.9 TTEC TTEC 28.22 -0.9
AlliedGaming AGAE 0.83 2.0 CalAmp CAMP 0.57 -8.3 Farmmi FAMI 0.33 -2.1 JaguarHealth JAGX 0.40 -6.2 MultiWays MWG 0.39 -5.6 ProcessaPharm PCSA 0.30 -13.2 TalisBiomed TLIS 6.04 -3.1
Thursday, August 24, 2023 AlmacenesExito EXTOw 5.74 0.5 CamberEnergy CEI 0.40 -5.5 FateTherap FATE 2.56 -5.5 JamesRiver JRVR 14.65 1.2 NFTGaming NFTG 0.34 -14.2 ProtaraTherap TARA 2.12 -1.4 Taoping TAOP 2.49 -8.8
52-Wk % 52-Wk % 52-Wk % Altimmune ALT 2.44 -3.9 CambiumNtwks CMBM 8.68 -1.7 FirstGuarBcshs FGBI 10.79 -0.4 JanOne JAN 0.53 -9.0 NanoVibronix NAOV 1.61 -9.0 PurpleInnovation PRPL 2.03 -5.1 Target TGT 122.12 0.7
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg AlzamendNeuro ALZN 0.26 -5.3 CanadianSolar CSIQ 25.51 -3.2 FirstLightAcqn FLAG.U 7.87 -2.6 JetBlue JBLU 6.12 -2.4 NatlBankshares NKSH 25.31 -1.4 Quantum QMCO 0.58 -4.8 TechTarget TTGT 28.12 -5.0
AmericanRebel AREB 1.12 -0.9 CanoHealth CANO 0.22 -9.1 FirstLightAcqnA FLAG 6.78 -4.4 JianpuTech JT 0.87 -6.4 Netcapital NCPL 0.50 -1.0 Radcom RDCM 8.92 -0.9 3D Systems DDD 5.99 -4.9
DigitalRealty DLR 130.95 1.3 RegencyCtrsPfdB REGCO 24.36 6.4 Neuronetics 1.56 1.9 TivicHealth 2.55 -9.4
Highs AmericanWell AMWL 1.24 -7.5 CapstoneGreen CGRN 0.45 -7.0 FirstWaveBio FWBI 0.33 -3.6 JinkoSolar JKS 30.10 -4.3 STIM Recruiter.com RCRT 0.14 -9.9 TIVC
EtonPharm ETON 5.16 9.8 RekorSystems REKR 3.92 -3.3 NexalinTechnology NXL 0.36 -0.8 TopKingWin TCJH 1.09 -5.9
AppliedUV AUVI 0.61 -7.6 Cazoo CZOO 0.99 -3.8 Frontier ULCC 6.60 -3.9 KaryopharmTherap KPTI 1.37 -4.8 RegencyCtrsPfdB REGCO 21.95 6.4
Exelixis EXEL 22.15 ... SKGrowthOpps SKGRU 11.38 0.2 NioCorpDevelopWt NIOBW 0.45 -2.0 TowerSemi TSEM 28.31 -5.1
ANI Pharm ANIP 64.56 -0.7 Aravive ARAV 0.12 -18.5 cbdMD YCBD 1.07 -6.2 FuelCell FCEL 1.32 -6.3 KioraPharm KPRX 0.50 -16.8 ResMed RMD 158.88 -1.4
FTAI Aviation FTAI 36.67 -2.9 SaversValue SVV 26.88 -2.8 NioCorpDevts NB 3.55 -1.9 TremorIntl TRMR 3.86 -4.4
AZZ AZZ 48.20 ... Arcimoto FUV 1.00 1.0 cbdMD PfdA YCBDpA 1.06 -18.9 FullHouse FLL 4.52 -2.5 KnowLabs KNW 0.69 -6.4 ReToEcoSol RETO 0.95 -82.9
FidelisInsurance FIHL 14.95 5.8 SouthportAcqn PORT.U 11.09 -0.2 NoahHoldings NOAH 11.65 -0.7 Trinseo TSE 10.49 -3.1
Abercrombie&Fitch ANF 53.02 -0.8 Arrival ARVL 1.54 -8.1 CenturyTherap IPSC 2.38 -6.6 FusionAcqnIIA FSNB 9.52 -0.3 KodiakSciences KOD 2.23 -4.6 RiceBranTech RIBT 0.56 -15.2
GeospaceTech GEOS 9.85 0.1 SpectrumBrands SPB 83.42 -0.7 NorthwestNat NWN 39.54 -0.9 TrioPetroleum TPET 0.50 -16.9
AetheriumAcqnA GMFI 10.97 0.3 AshfordHospPfdH AHTpH 12.13 -0.4 Cerus CERS 1.66 -3.4 FusionFuelGreen HTOO 1.68 -6.0 LQR House LQR 0.91 -20.2 RichardsonElec RELL 11.49 -1.7
GreatElmNts24 GECCN 25.35 ... Splunk SPLK 114.60 12.9 NuSkinEnts NUS 23.00 0.5 TriSalusLifeSci TLSI 7.51 -14.6
AlchemyInv1 A ALCY 11.18 0.2 AshfordHospPfdF AHTpF 12.15 -0.2 ChargePoint CHPT 6.79 -4.0 G1Therapeutics GTHX 1.70 -2.8 Largo LGO 3.30 -4.8 SEALSQ LAES 5.41 6.2
Groupon GRPN 13.78 3.4 TJX TJX 90.30 -1.9 Nuburu BURU 0.42 -7.8 2seventybio TSVT 5.35 1.1
AlkamiTech ALKT 17.98 -2.6 AtlantaBravesA BATRA 40.76 -1.6 CheetahNetSupply CTNT 2.02 -21.5 GRI Bio GRI 1.42 -25.6 LeaflyWt LFLYW 0.02 -19.3 SignaSports SSU 1.31 -28.9
HarrowHlthNts27 HROWM 26.50 -0.1 Telesat TSAT 22.75 -4.3 NuScalePower SMR 5.80 -4.6 Ubiquiti UI 153.38 -3.2
Alphabet A GOOGL 134.25 -2.0 Tradeweb 87.53 0.2
Atreca BCEL 0.35 -0.1 ChefsWarehouse CHEF 27.82 -2.5 GeneDx WGS 4.05 -3.1 Lendway LDWY 4.05 -26.4 SabineRoyalty SBR 61.29 -2.1
HitekGlobal HKIT 39.80 0.1 TW NuScalePowerWt SMR.WS 0.92 -12.4 Unifi UFI 5.85 -17.0
Alphabet C GOOG 134.97 -2.1 TurkcellIletism TKC 5.52 0.4
Atrion ATRI 464.70 -2.1 Chewy CHWY 25.57 -1.6 GeneralMills GIS 67.78 -0.2 Li-Cycle LICY 4.14 -7.2 SalemMedia SALM 0.65 -4.4
ICF Intl ICFI 131.74 2.9 NutexHealth NUTX 0.26 -7.3 UniversePharm UPC 1.40 -1.4
AnnalyCapPfdG NLYpG 25.28 -0.4 UBS Group 25.02 1.4
AultAlliance AULT 1.26 -14.5 ChijetMotor CJET 1.83 -4.6 GetaroundWt GETR.WS 0.01 -14.6 LibertyFormOne A FWONA 56.13 -3.4 SallyBeauty SBH 9.46 ...
IngersollRand IR 69.15 -0.4 UBS NutribandWt NTRBW 0.59 -18.9 Upexi UPXI 1.42 3.2
AnnalyCapPfdF NLYpF 25.70 -0.6 Vertiv AuroraCannabis ACB 0.46 -4.2 ChinaGreenAg CGA 2.52 0.8 GlobalPtrsPfdA GLPpA 23.65 0.8 LibertyFormOne C FWONK 63.77 -3.4 SangamoTherap SGMO 0.87 -3.0
InsightEnt NSIT 153.88 -0.6 VRT 37.22 -1.9 OddityTech ODD 40.25 -6.1 urban-gro UGRO 1.04 ...
ApogeeTherap APGE 25.54 0.6 VinFastAuto AvidityBio RNA 7.71 -2.2 CoffeeHolding JVA 1.22 -2.5 Gogo GOGO 11.32 -2.5 LionGroup LGHL 2.80 -0.8 SarcosTech&Robotic STRC 1.00 -8.8
IsraelAcqns ISRL 11.51 0.1 VFS 57.80 32.3 OceanPwrTech OPTT 0.42 -3.8 Vizio VZIO 5.52 -9.7
ApolloGlbPfdA APOpA 53.99 -0.5 WW Ent WWE 118.04 -1.2 Avista AVA 32.27 -0.6 CBD Pao Wi CBDw 1.25 -5.2 GrafTechIntl EAF 3.47 -3.6 LufaxHolding LU 1.15 -8.0
180LifeSci ATNF 0.58 -3.4
SarcosTechRobotWt STRCW 0.03 1.3
Vacasa VCSA 0.54 -0.5
AppliedOptoelec AAOI 16.26 -8.1 LifewayFoods LWAY 11.14 2.1 AxcellaHealth AXLA 0.12 -12.9 ContangoOre CTGO 17.43 1.4 GreenDot GDOT 14.76 -1.3 MP Materials MP 19.59 -3.6 SciSparc SPRC 0.16 -3.4
Ontrak OTRK 1.38 -8.9 VenusConcept VERO 1.67 -7.0
AresAcqnA
AristaNetworks ANET
AAC 10.69
193.91
0.2
-5.6
Light&Wonder LNW
Limbach LMB
76.76
37.71
-0.4
0.4 Lows BM Tech Wt BMTX.WS
BM Tech BMTX
0.06 -40.1
2.05 -7.1
ContextLogic WISH
ContraFect CFRX
4.82 -4.9
0.72 -6.5
Greenlane
HanoverIns
GNLN
THG
0.71 -1.2
103.90 ...
MSP Recovery LIFW
Macy's M
0.07 -9.4
12.31 -2.1
OptimizeRx
OrbitalInfr
OPRX
OIG
7.48 -3.0
0.62 -39.2
Sea
SeaStarMedical ICU
SE 34.87 -4.5
0.22 2.2
VerbTech VERB
VicariousSurgicWt RBOT.WS
0.78 -3.3
0.11 -9.7
AuroraTechRt ATAKR 0.17 -2.8 LiminalBioSci LMNL 8.42 0.1 AES Un AESC 68.98 -3.3 BTC Digital METX 2.38 -28.4 CorEnergyInfr CORR 0.91 0.2 HeliusMedical HSDT 6.15 -8.1 Magnachip MX 8.08 -2.8 Seer SEER 2.32 2.5
Orgenesis ORGS 0.40 -27.7 VinceHolding VNCE 2.50 0.8
BlueOceanA BOCN 11.42 0.5 MinisoGroup MNSO 24.07 -2.6 AES AES 17.65 -3.3 BallardPower BLDP 3.90 -3.0 CrackerBarrel CBRL 81.57 -1.1 HillstreamBio HILS 0.23 -1.2 Mallinckrodt MNK 0.40 -15.8 SenesTech SNES 0.67 -5.1
OsiskoDevtWt ODVWW 0.06 -1.6 VirginGalactic SPCE 2.48 -6.5
Brown&Brown BRO 73.43 -0.8 MakeMyTrip MMYT 38.64 -0.1 AGBA AGBA 0.67 -12.0 BancroftFdPfdA BCVpA 22.35 ... CrownElectrokin CRKN 1.22 -9.4 HimalayaShipping HSHP 4.79 -5.3 MariaDB MRDB 0.64 -12.7 Sharecare SHCR 0.85 -10.5
PAM Transport PTSI 20.83 1.6 VisionSensingWt VSACW 0.00 -70.0
Build-A-Bear BBW 30.49 6.5 MereoBioPharma MREO 1.54 ... AMC Ent AMC 13.33 -26.7 BankofSC BKSC 11.06 -15.6 Cutera CUTR 9.34 -10.7 HoraceMann HMN 27.81 2.3 MarketWise MKTW 1.39 -2.1 PLBY Group 1.28 -6.5 SharecareWt SHCRW 0.03 -25.6 vTvTherap 0.42 -20.6
PLBY VTVT
CF Acqn VIII A CFFE 12.30 4.6 MetalsAcqnWt MTAL.WS 2.07 5.1 AST Space Wt ASTSW 0.99 -5.2 BattalionOil BATL 5.15 -1.1 Cyanotech CYAN 0.78 -4.9 HoustonAmEner HUSA 1.75 -2.7 Marpai MRAI 0.95 -7.5 PacGE pfI PCGpI 14.47 -2.8 Shineco SISI 0.16 -12.1 WalgreensBoots WBA 25.30 -4.6
Camtek CAMT 53.14 -0.8 NaborsEnerII NETDU 10.24 0.5 AXT AXTI 2.22 -5.5 BaudaxBio BXRX 0.43 -3.0 Datasea DTSS 0.46 -14.7 ICC ICCH 15.00 -0.3 Materialise MTLS 6.68 -2.1 PacGE pfH PCGpH 14.86 -1.3 ShuttlePharm SHPH 0.71 -2.1 Warrantee WRNT 0.96 -7.7
Celestica CLS 23.19 ... NatlInstruments NATI 59.98 1.0 AbleViewGlobal ABLV 4.20 5.1 BeamGlobal BEEM 7.72 -10.0 Dingdong DDL 1.90 -3.5 IN8bio INAB 0.99 -7.3 MawsonInfr MIGI 0.61 -20.4 PacGE pfD PCGpD 15.80 -1.0 SingularGenomics OMIC 0.46 -1.2 WaterstoneFinl WSBF 12.22 1.3
CetusCapitalAcqnRt CETUR 0.30 8.8 NexGenEnergy NXE 5.27 -2.7 AcastiPharma ACST 2.01 1.0 BeamGlobalWt BEEMW 3.68 -9.5 Disney DIS 82.46 -3.9 iBio IBIO 0.30 -7.1 MaxCyte MXCT 3.49 -5.6 PanbelaTherap PBLA 1.26 -7.7 SiNtxTech SINT 0.88 -4.4 WaverleyCap1 Wt WAVC.WS 0.00 -96.7
CiscoSystems CSCO 56.48 -1.3 99Acqn NNAGU 10.23 ... AcerTherap ACER 0.59 -7.9 BeamTherap BEAM 22.70 -1.9 DollarTree DLTR 123.52 -12.9 Illumina ILMN 159.50 -2.6 Medigus MDGS 3.81 -2.3 Paragon28 FNA 12.47 -2.9 60DegreesPharm SXTP 1.36 8.6 WolverineWwide WWW 7.90 -2.9
ComfortSystems FIX 183.04 -1.3 NuSTAR PfdB NSpB 25.31 0.4 ActelisNtwks ASNS 1.06 -8.9 BetterHome&Fin BETR 0.77 -93.4 Eargo EAR 2.62 -5.2 ImmunoPrecise IPA 1.82 -14.5 MegaMatrix MPU 0.95 -9.3 PassageBio PASG 0.71 4.1 SkyWaterTech SKYT 6.30 -7.9 XOMA XOMA 14.87 -1.9
SABESP SBS 12.39 -0.9 NVIDIA NVDA 502.66 0.1 AcutusMedical AFIB 0.50 -0.2 BioCardia BCDA 0.82 -0.7 eGain EGAN 6.27 -5.0 indieSemiconWt INDIW 1.26 -4.3 MeiwuTechnology WNW 0.13 -11.9 Personalis PSNL 1.53 -9.4 SmartforLife SMFL 1.26 -8.5 XcelEnergy XEL 56.68 -0.9
ConstellationEner CEG 110.25 -1.4 OSI Systems OSIS 139.90 13.7 AdicetBio ACET 1.73 0.6 Biotricity BTCY 1.91 -3.3 Embecta EMBC 16.69 -3.2 InfinityPharm INFI 0.08 -2.2 Mind CTI MNDO 1.88 -0.5 PetcoHealth WOOF 4.99 -20.6 SocietalCDMO SCTL 0.39 -33.9 XinyuanRealEst XIN 2.00 -15.0
Vesta VTMX 38.62 -2.0 OrionGroup ORN 4.30 5.6 Aditxt ADTX 9.24 -6.6 BlinkCharging BLNK 4.06 -5.3 EnphaseEnergy ENPH 121.76 -6.2 InhibikaseTherap IKT 2.00 -4.3 MingZhuLogistics YGMZ 0.55 -9.2 PetMedExpress PETS 10.98 -1.7 SolarEdgeTech SEDG 156.74 -6.1 YoshiharuGlbl YOSH 0.30 2.4
Coursera COUR 16.93 -1.6 PampaEnergia PAM 48.00 -2.1 AdventTech ADN 0.53 1.5 BlueStarFoods BSFC 0.70 -4.7 Entravision EVC 3.59 -4.0 InMedPharm INM 0.78 -0.9 MobiquityTechWt MOBQW 0.01 -39.8 Phunware PHUN 0.28 -10.3 SparkNetworks LOV 0.19 -6.0 Yoshitsu TKLF 0.82 -2.1
CrixusBH3 BHACU 10.97 7.6 ParTechnology PAR 41.96 -0.3 Agiliti AGTI 9.34 -4.2 BostonOmaha BOC 16.12 -0.1 Etsy ETSY 71.59 -2.0 InspiratoWt ISPOW 0.03 -17.8 ModelN MODN 26.69 -3.3 Pixelworks PXLW 1.23 -3.1 SpiritAeroSys SPR 18.80 -12.7 ZeviaPBC ZVIA 2.39 -7.7

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
SAIUSLgCpIndxFd NA ... 15.2 SrsIntlVal NA ... 8.3 Lord Abbett I R2040 26.90 -0.30 10.2 SmCapAdml 93.24 -1.09 6.9 VANGUARD INDEX FDS
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. SeriesBondFd NA ... 0.6 TotalBond NA ... 1.8 ShtDurInc p 3.81 ... 2.5 Putnam Funds Class A SmGthAdml 77.47 -1.43 10.2 ExtndIstPl 272.94-3.82 10.4
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s SeriesOverseas NA ... 10.4 Fidelity SAI Metropolitan West PutLargCap p 29.70 -0.25 5.9 STBondAdml 9.86 -0.01 1.3 IdxIntl 17.51-0.17 6.4
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SerLTTreBdIdx NA ... -2.6 TotalBd NA ... 1.8 TotRetBdI 8.85 -0.03 NA Schwab Funds STIGradeAdml 9.96 -0.01 2.1 MdCpGrAdml 85.33 -1.30 10.7
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes SmCpIdxInstPrem NA ... 6.0 U.S.TreBdIdx NA ... 0.1 TRBdPlan 8.30 -0.03 NA 1000 Inv r NA ... NA STIPSIxAdm 23.67 -0.04 1.9 MdCpVlAdml 70.25 -0.49 1.4
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete TMktIdxInstPrem NA ... 14.5 Fidelity Selects MFS Funds S&P Sel NA ... NA TotBdAdml 9.35
-0.03 0.6 SmValAdml 70.55-0.46 4.6
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not TotalMarketIndex NA ... 14.5 Semiconductors r NA ... 60.7 IIE NA ... NA TSM Sel r NA ... NA TotIntBdIdxAdm 19.39
-0.02 3.4 TotBd2 9.24-0.03 0.5
tracked. NS-Fund didn’t exist at start of period. TtlIntIdxInstPr NA ... 6.5 Softwr NA ... 27.3 MFS Funds Class I TIAA/CREF Funds TotIntlAdmIdx r 29.28
-0.29 6.5 TotIntlInstIdx r 117.11-1.13 6.5
USBdIdxInstPrem NA ... 0.6 Tech NA ... 42.9 GrowthI NA ... NA EqIdxInst 31.05 -0.42 14.4 TotStAdml 105.68
-1.44 14.4 TotItlInstPlId r 117.14-1.13 6.5
Fidelity Freedom First Eagle Funds ValueI 47.88 -0.28 1.1 IntlEqIdxInst 20.63 -0.28 8.0 TxMCapAdml 226.22 -3.10 15.1 TotSt 105.65-1.44 14.3
Thursday, August 24, 2023 FF2025 NA ... 6.4 GlbA 62.08 -0.52 7.1 Natixis Funds LrgCpGrIdxInst 46.97 -0.86 26.7 TxMIn r 14.32
-0.18 7.3 VANGUARD INSTL FDS
Net YTD Net YTD Net YTD FF2030 NA ... 7.2 Franklin A1 LSGrowthY 22.19 -0.45 36.3 VANGUARD ADMIRAL USGroAdml 128.94 -2.68 27.3 DevMktsIndInst 14.34 -0.18 7.4
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret FF2035 NA ... 8.8 IncomeA1 2.24 -0.01 2.4 Northern Funds 500Adml 404.61 -5.49 15.2 ValAdml 55.08
-0.39 1.9 DevMktsInxInst 22.42 -0.28 7.4
AB Funds Artisan Funds US CoreEq1
FF2040
33.15 -0.40 12.1 Freedom2030 K
NA ... 10.3 FrankTemp/Frank Adv StkIdx 46.63 -0.63 15.1 BalAdml 42.53 -0.39 8.8 WdsrllAdml 72.12
-0.74 9.9 ExtndInst 110.60 -1.55 10.4
NA ... 7.3 IncomeAdv 2.22 -0.01 2.5 Old Westbury Fds CAITAdml 11.08 ... 1.2 WellsIAdml 58.90
-0.24 1.1 GrwthInst 142.70 -2.77 30.5
MuniIncmShares 10.69 1.5 IntlVal Inst
... 43.38 -0.22 NA US CoreEq2 29.96 -0.35 11.2 Freedom2035 K
AB Funds - ADV Baird Funds US Small 40.89 -0.40 6.3 Freedom2040 K
NA ... 8.8 FrankTemp/Franklin A LrgCpStr 16.02 -0.21 NA CapOpAdml r 168.91 -1.95 15.6
WelltnAdml 69.60
-0.68 6.1 InPrSeIn 9.36 -0.04 0.6
NA ... 10.3 Growth A 118.15 -1.76 NA Parnassus Fds DivAppIdxAdm 43.32 -0.41 6.2 InstIdx 366.06 -4.97 15.2
LgCpGrAdv 84.14 -1.43 20.3 AggBdInst 9.48 -0.05 0.9 US SmCpVal 41.11 -0.27 5.5 Idx2030InsPre WndsrAdml 71.86
-0.65 6.1
NA ... 6.9 RisDv A 86.56 -0.78 5.4 ParnEqFd 53.44 -0.69 14.2 EMAdmr 33.52 -0.07 4.0 InstPlus 366.06 -4.97 15.2
American Century Inv CorBdInst 9.78 -0.05 1.3 US TgdVal 29.02 -0.19 6.8 Idx2035InsPre VANGUARD FDS
NA ... 8.3 Guggenheim Funds Tru PGIM Funds Cl Z EqIncAdml 84.27 -0.55 1.0 InstTStPlus 75.98 -1.03 14.4
Ultra 70.35 -1.40 27.5 BlackRock Funds USLgVa 42.31 -0.36 3.1 Idx2040InsPre DivdGro 35.26 -0.29 0.9
NA ... 9.7 TotRtnBdFdClInst 22.97 -0.06 1.8
TotalReturnBond 11.60 -0.03 NA
ExplrAdml 94.04 -1.22 8.2 MidCpInst 58.52 -0.64 5.7
American Funds Cl A HiYldBd Inst 6.76 -0.01 6.3 Dodge & Cox ExtndAdml 110.61 -1.54 IntlVal 38.82 -0.40 8.6
Idx2045InsPre NA ... 10.0 Harbor Funds
PIMCO Fds Instl
10.4 MidCpIstPl 288.62 -3.17 5.7
AmcpA 35.16 -0.63 17.2 BlackRock Funds III Balanced 97.32 -0.52 6.3 Fidelity Invest CapApInst 83.95 -1.86 33.8 GNMAAdml 9.01 -0.02 0.2 LifeCon 19.87 -0.13 5.3
RealEstaInstl 17.74 -0.08 0.2
AMutlA 49.02 -0.43 2.1 iShS&P500IdxK 514.18 -6.94 15.2 GblStock 14.13 -0.14 12.1 AllAsset 10.73 -0.02 NA LifeGro 38.95 -0.40 9.2
Balanc NA ... 12.4 Harding Loevner GrwthAdml 142.69 -2.77 30.5 SmCapInst 93.24 -1.08 6.9
BalA 30.14 -0.28 5.5 BlackRock Funds Inst Income 12.19 -0.03 1.9 TotRt 8.33 -0.03 NA LifeMod 29.13 -0.24 7.2
BluCh NA ... 37.9 IntlEq 24.50 -0.25 4.6 HlthCareAdml r 88.48 -0.95 1.8 SmCapIstPl 269.13 -3.12 6.9
BondA 11.08 -0.04 -0.5 EqtyDivd 18.55 -0.11 4.2 Intl Stk 47.30 -0.51 9.7 PIMCO Funds A PrmcpCor 30.73 -0.47 13.1
BluChpGr K6 NA ... 38.0 Invesco Funds A HYCorAdml r 5.18 -0.01 4.5 STIGradeInst 9.96 -0.01 2.1
CapIBA 62.99 -0.44 1.4 StratIncOpptyIns 9.13 -0.01 2.2 Stock 228.30 -1.98 7.6 EqIncA IncomeFd 10.32 -0.03 3.6
InfProAd STAR 25.92 -0.24 8.1
Contra NA ... 25.7 9.93 -0.06 2.1 22.98 -0.10 0.5 STIPSIxins 23.69 -0.04 1.9
CapWGrA 56.15 -0.79 10.0 TotRet 9.72 -0.03 NA DoubleLine Funds PIMCO Funds I2 TgtRe2020 26.77 -0.17 5.6
CpInc NA ... 6.3 Invesco Funds Y IntlGrAdml 96.44 -1.44 6.7 TotBdInst 9.35 -0.03 0.6
EupacA 52.73 -0.74 7.9 Calamos Funds TotRetBdI 8.62 -0.02 0.6 GroCo NA ... 32.3 DevMktY 37.91 -0.29 8.4 Income 10.32 -0.03 3.8 ITBondAdml 9.96 -0.03 0.7 TgtRe2025 17.81 -0.13 6.8 TotBdInst2 9.24 -0.03 0.6
FdInvA 67.11 -1.07 13.1 MktNeutI 14.59 -0.01 6.5 Edgewood Growth Instituti JHF III DispVal PIMCO Funds Instl ITIGradeAdml 8.27 -0.02 TgtRe2030 33.75 -0.29 7.6
InvGrBd NA ... 1.4 1.9 TotBdInstPl 9.35 -0.03 0.6
GwthA 60.01 -1.08 21.3 Columbia Class I EdgewoodGrInst 38.60 -0.76 23.3 LowP NA ... 3.5 DispValMCI 25.90 -0.18 6.1 IncomeFd 10.32 -0.03 3.8 LarCapAd 100.94 -1.39 15.6 TgtRe2035 20.96 -0.20 8.3 TotIntBdIdxInst 29.10 -0.02 3.4
HI TrA 9.13 -0.01 5.1 DivIncom I 29.64 -0.26 3.5 Fidelity John Hancock Price Funds LTGradeAdml 7.62 -0.03 TgtRe2040 37.09 -0.37 9.1 TotStInst
Magin NA ... 17.6 0.7 105.70 -1.44 14.4
ICAA 46.97 -0.71 14.6 Dimensional Fds 500IdxInstPrem NA ... 15.2 NASDAQ NA ... 29.3 BondR6 13.13 -0.04 1.2 BlChip 137.49 -2.78 32.8 MidCpAdml 264.91 -2.92 5.7 TgtRe2045 25.06 -0.27 9.8 ValueInst 55.08 -0.39 1.9
IncoA 22.41 -0.14 0.5 5GlbFxdInc 10.13 +0.01 3.1 Contrafund K6 NA ... 24.3 OTC NA ... 28.2 JPMorgan I Class DivGro 67.22 -0.62 5.5 MuHYAdml 10.23 ... 2.2 TgtRe2050 41.67 -0.46 10.2 Victory Port
N PerA 54.08 -0.84 14.3 EmgMktVa 28.38 -0.09 8.4 ExtMktIdxInstPre NA ... 10.4 Puritn NA ... 11.1 CoreBond 9.98 -0.03 0.9 Growth 80.89 -1.46 31.3 MuIntAdml 13.29 ... 1.3 TgtRe2060 42.81 -0.47 10.2 VsycamoreFnd 45.54 -0.27 2.4
NEcoA 50.42 -0.82 15.9 EmMktCorEq 21.48 -0.03 7.9 FidSerToMarket 14.42 -0.20 14.5 SAIUSQtyIdx NA ... 17.4 EqInc 21.98 -0.15 -1.5 LgCapGow I 59.62 -1.04 29.8 MuLTAdml 10.50 +0.01 1.5 TgtRet2055 46.48 -0.52 10.2 WCM Focus Funds
NwWrldA 72.64 -0.79 9.3 IntlCoreEq 14.24 -0.19 7.2 GrowthCompanyK6 NA ... 30.8 SrsEmrgMkt NA ... 7.2 LgCpGwth 54.00 -1.09 20.7 MidCap 97.46 -1.66 9.9 MuLtdAdml 10.64 ... 1.2 TgtRetInc 12.66 -0.07 4.4 WCMFocIntlGrwIns 21.19 -0.35 7.8
SmCpA 60.82 -0.76 8.4 IntSmCo 18.03 -0.24 4.8 IntlIdxInstPrem NA ... 8.1 SrsGlobal NA ... 6.6 JPMorgan R Class NHoriz 52.36 -0.91 13.0 MuShtAdml 15.58 ... 1.6 WellsI 24.31 -0.10 1.0 Western Asset
TxExA 11.99 ... 1.3 IntSmVa 19.90 -0.26 7.4 LgCpGwId InstPre NA ... 26.8 SrsGroCoRetail NA ... 30.7 CoreBond 10.00 -0.02 1.0 R2025 15.64 -0.12 7.0 PrmcpAdml r 153.67 -2.20 17.4 Welltn 40.30 -0.40 6.0 CoreBondI NA ... NA
WshA 53.86 -0.61 7.0 LgCo 29.90 -0.40 15.2 MidCpInxInstPrem NA ... 6.3 SrsIntlGrw NA ... 10.4 CorePlusBd 7.03 -0.02 1.1 R2030 23.62 -0.20 8.1 RealEstatAdml 114.60 -0.52 0.2 WndsrII 40.66 -0.41 9.9 CorePlusBdI NA ... NA
P2JW237000-4-B01000-1--------XA

B10 | Friday, August 25, 2023 * ** * THE WALL STREET JOURNAL.

BANKING & FINANCE

Questa Capital Closes Fund Mortgage Lender

Better’s SPAC
After Raising $397 Million Takes 93% Dive
BY BRIAN GORMLEY saw as a fragmented model in
which families travel to vari-
Questa Capital has raised ous providers to get services. BY BEN EISEN demand for their bread-and-
$397 million for its largest By coordinating services butter products.
venture fund targeting through its care team, Cortica A mortgage company The average rate on a
growth-stage healthcare com- aims to deliver the optimal started trading publicly today. fixed 30-year mortgage rose
panies, including ones focused level of care, Hattangadi said. Investors weren’t enthused. to 7.23% this week, according
on connected medical devices For example, Cortica physi- Shares of Better Home & to Freddie Mac, its highest
and those seeking to prod the cians often prescribe less anti- Finance fell 93% on Thursday. level since 2001.
medical system toward value- psychotic medication than pa- The company had agreed to Mortgage purchase appli-
based care. tients would receive under a go public in 2021 via a cations were at their lowest
Questa’s third investment conventional model because merger with a special-pur- levels since 1995, the Mort-
pool closed under its $400 its centers can offer various pose acquisition company, but gage Bankers Association said
million fundraising goal but other services, such as behav- the closing this week. And
topped the $348 million raised ioral, occupational and speech date of the homeowners

$1.15
for its second fund in 2020. therapy, first, he added. transaction ran have little rea-
Questa, which has offices in “What we wanted was a into a lengthy son to refi-
Washington and San Fran- company that could really of- delay. nance.
cisco, secured $199 million for fer better outcomes at lower An investi- Better is
its debut partnership in 2018. cost,” Questa’s Drant said. gation of Bet- The company’s share perhaps better
Questa, which invests in Cortica, which operates 23 ter by the Se- known for its
medical devices and health- centers in seven states, has curities and
price at the close cost-cutting ef-
care technology and services, four health plans contracted Exchange Com- Thursday, down from forts.
seeks growth-stage companies for value-based care and ex- mission was $17.44 Wednesday The com-
with $5 million to $40 million pects six to 10 more such disclosed last pany laid off
in revenue, said Managing agreements in the next 18 year, but the 900 workers
Partner Bradley Sloan. months. “Ryan and Brad were company said via a Zoom call
Healthcare venture inves- really thoughtful about seeing this month that the regulator in late 2021, garnering wide-
VYNCACARE

tors are amassing funds this five years ago, before wasn’t planning to bring spread attention. It later
quickly even as financing for health plans saw it, before the charges. That lifted a cloud apologized. The company has
startups has slowed this year. Connected devices are drawing increased investor attention. rest of the industry saw it,” that was hanging over the since cut thousands more
U.S. healthcare venture capi- Hattangadi said. deal. jobs.
talists rounded up $13.7 billion rillator used to treat sudden striking value-based agree- Questa-backed VyncaCare, The SPAC had a share A spokesperson for the
in the first half of this year, cardiac arrest. The device has ments with insurers. which has value-based and price of $17.44 at Wednes- company said many share-
according to Silicon Valley cellular, Wi-Fi, GPS and Blue- One portfolio company fee-for-service contracts, pro- day’s close, but closed Thurs- holders had been waiting to
Bank. That is a similar pace to tooth connectivity and is de- moving toward value-based vides home-based services to day at $1.15, after the com- sell since the deal has been in
2021, when medical venture signed to integrate with 911 care is Cortica, which operates seriously ill people, tending to pletion of the merger. SPACs the works for over two years.
investors gathered a record centers, according to Avive. centers offering comprehen- medical, behavioral health and have a tendency to have big “Nothing about this stock
$28.3 billion for the full year, Connected devices are sive services to autistic people social needs. San Francisco- trading swings. price reflects our long term
according to SVB. drawing increased investor at- and their families. Most of based VyncaCare uses devices A key challenge for com- prospects, and none of it
Limited partners are look- tention because of the poten- Cortica’s services are paid for that transmit data, such as panies like Better, which changes the fact that we are
ing to the long-term potential tial to use data to enhance the through fee-for-service, but blood pressure cuffs, to help hasn’t been profitable re- now incredibly well capital-
of technology to improve med- value of the product and gen- the company aims to sign gather information on pa- cently, is that surging mort- ized thanks to this deal,” the
ical care. Questa’s team, for erate new revenue streams, more insurers onto value- tients. gage rates have dried up the spokesperson said.
example, sees opportunity in said Brad Flint, who co-leads based deals, co-founder and Through data and machine
sectors such as connected the venture-investing and Chief Executive Dr. Neil Hat- learning, it can identify trends
medical devices that wire-
lessly transmit data, said
Managing Partner Ryan Drant,
emerging-company practice of
law firm Ropes & Gray.
Another theme Questa is
tangadi said.
San Diego-based Cortica’s
value-based clinical care deliv-
that signify a patient’s health
is worsening and could lead to
a costly intervention, such as
TD Bank Discloses
Investigation by DOJ
who previously led the health- pursuing is value-based care, ers services through various a hospital visit. This enables it
care practice of venture firm in which healthcare providers types of clinicians, including to take measures such as ad-
New Enterprise Associates. are rewarded for improving pediatricians, nurse practitio- justing medication, said CEO
Questa-backed Avive Solu- outcomes. Most U.S. health- ners, speech therapists and Dr. Darren Schulte.
tions said in January that it care operates under fee-for- behavioral therapists, Hattan- “The technology allows us
has received Food and Drug service, in which providers are gadi said, adding that he to be smarter about providing BY VIPAL MONGA at least some of the inquiries
Administration approval for paid according to volume, but started Cortica in 2017 to pro- the actual care itself,” Schulte were related to an investigation
an automated external defib- some healthcare startups are vide an alternative to what he said. Toronto-Dominion Bank by the Justice Department.
said Thursday that it has been “While the ultimate out-
fielding inquiries from regula- comes of these inquiries and

New York’s Gramercy Park Hotel to Get New Life tory and law-enforcement
agencies related to a Justice
Department investigation im-
investigations are unknown at
this time, the Bank anticipates
monetary and/or non-monetary
plicating its U.S. businesses. penalties to be imposed,” said
BY CRAIG KARMIN utive. His firm has signed a 99- MCR paid about $50 million Real-estate developer Aby The Canadian lender earlier TD in its filing.
year lease and expects to re- for the hotel lease, according to Rosen and hotelier Ian Schrager this year scuttled a $13.4 billion TD didn’t disclose how much
A large hotel owner is taking open the 200-room hotel in a person familiar with the mat- bought the property in 2003. bid to buy Tennessee’s First in penalties it expects to pay as
over Manhattan’s famed Gra- about two years. ter. The Gramercy Park Hotel They renovated it along with Horizon bank, after regulators a result of the U.S. investiga-
mercy Park Hotel, with plans to “We intend to return it to its opened in the 1920s and has painter and filmmaker Julian refused to bless the transaction tions. In the filing, it estimated
reopen the shuttered property original splendor,” Morse said. gone through several incarna- Schnabel, whose art work and over the way TD handled suspi- it could lose as much as about
and restore it as a boutique lux- He aims to make it a five- tions. Early on, it was home to that of Andy Warhol was exhib- cious customer transactions. $950 million to deal with vari-
ury hotel. star property like the Crosby a number of celebrities during ited in the hotel. The place be- In its quarterly letter to ous legal and regulatory risks.
MCR Hotels has acquired Street Hotel in lower Manhat- their stays in New York, includ- came a favorite celebrity haunt shareholders Thursday, TD con- The Wall Street Journal re-
the lease to the property, which tan, which charges some of the ing Yankee sluggers Babe Ruth and drew a fashionable crowd firmed the inquiries into its ported in May that the Office
was foreclosed on last year by highest room rates in the city. and Mickey Mantle and mem- to its Jade Bar and Rose Bar. Its anti-money laundering compli- of the Comptroller of the Cur-
Solil Management, a real-estate MCR also intends to reopen bers of the Rolling Stones. John rooms that ran to 600 square ance program, “both generally rency and Federal Reserve
firm that owns the hotel and Maialino, an Italian restaurant F. Kennedy and his family lived feet were among the largest and in connection with specific were reluctant to give TD a
land beneath it, according to operated by Danny Meyer, at there for months during his standard guest rooms in Man- clients, counterparties or inci- clean bill of health on its anti-
Tyler Morse, MCR’s chief exec- the property. childhood. hattan. dents in the U.S.” The bank said money-laundering practices.

Fires Hawaiian Electric Industries

share price, past six months
Maui Sues

Ensnare Hawaiian Utility

$50

Wildfires reach Lahaina

Maui County filed a

A Bank
40
lawsuit Thursday against
utility company Hawaiian
30 Electric, alleging that its
power lines caused re-
Continued from page B1 cent wildfires on the is-
money for the type of infra- 20 land—including one that
structure improvements that destroyed the town of
YUKI IWAMURA/AGENCE FRANCE-PRESSE/GETTY IMAGES

might limit wildfire risks in Lahaina and killed at

the future. 10 least 115 people.
“If you own a utility that The suit was filed in
could go bankrupt, your equity state Second Circuit
0
could be abolished,” Guggen- Court in Hawaii against
heim analyst Shahriar Pourr- March 2023 Aug. Hawaiian Electric and its
eza said. In the case of Hawai- Source: FactSet subsidiaries on Maui, al-
ian Electric, he added, the leging the company failed
bank “provides, hopefully, a that you either grow or die.” to maintain the electrical
floor.” “The idea was strength system and power grid
Even before the fires, the through diversity,” he added. during a windstorm that
bank was an important part of The push slowed alongside lashed the island, result-
Hawaiian Electric’s earnings. big losses, and then as utilities ing in three different
American Savings Bank, which Employees of the Hawaiian Electric restore electric poles in the aftermath of the Maui around the U.S. gradually sold fires that erupted on
has three dozen branches wildfires in Lahaina, Hawaii. noncore assets over the past Aug. 8.
across Hawaii, generated less decade. In 2016, Hawaiian reg- The fires in Lahaina
than 11% of its parent com- waiian Electric Industries also fires, doesn’t comment on ing Oahu for decades before ulators rejected Florida-based and another community,
pany’s revenue in the second owns three utilities across pending litigation. going public in 1964, eventu- NextEra Energy’s proposed ac- Kula, burned over 3,000
quarter but more than one- Oahu, Maui and the Big Island Hawaiian Electric has been ally buying utilities on the quisition of Hawaiian Electric’s acres, destroyed more
third of its operating income, that operate as Hawaiian Elec- a major local employer for de- fledgling state’s other islands utilities business, a deal that than 2,200 structures
according to securities filings. tric. Investors are less clear cades, meaning that current and looking elsewhere to ex- would have spun off American and caused an estimated
The lender reported that about the divisions there, and and former workers who hold pand. Savings Bank as a stand-alone $5.5 billion in damage.
core deposits were down less whether the utilities in Oahu shares will be ensnared in the After the 1983 launch of the firm. Some 1,000 people are
than 3% so far this year, sug- and the Big Island could be on fallout. holding company known as Ha- The fast-moving blazes this still unaccounted for.
gesting that it avoided the the hook for the Maui fires. “We don’t have any wealth waiian Electric Industries, the month badly burned the bank’s A HECO representati-
steep outflows that imperiled The Wall Street Journal re- in the family, other than my company spent two decades Lahaina branch. All the em- ive said, “Our primary fo-
some regional banks this ported last week that Hawaiian grandma’s stock in [Hawaiian backing energy projects from ployees there have been ac- cus in the wake of this
spring. Electric had consulted restruc- Electric],” said Kaniela Ing, a the U.S. mainland to the Philip- counted for, a bank spokes- unimaginable tragedy has
The financial institution turing advisers. Maui native and former state pines to China. It snapped up woman said, and the company been to do everything we
said Tuesday that “there is no “We are seeking advice legislator whose grandfather an intrastate barge-transport has “provided emergency cash, can to support not just
risk to customer deposits as a from various experts—the goal worked for the utility. company and one of Hawaii’s stable housing and other re- the people of Maui, but
result of legal claims related to is not to restructure the com- “No one is rooting for HECO largest insurance firms, among sources of support during this also Maui County. We are
the fires.” pany but to endure as a strong, to fail,” he added, using an ac- other nonenergy holdings, challenging time.” very disappointed that
However, that relative financially healthy local utility ronym for the company’s util- most of which are long gone. It Maui County chose this
strength won’t help the utility that Maui and this state need ity business. “It is so inter- also purchased American Sav- litigious path while the
side of Hawaiian Electric di- over the long term,” a spokes- twined in our economy.” ings Bank. Watch a Video investigation is still un-
rectly. Banks owned by holding woman said Wednesday. Hawaiian Electric Co. was The chief executive at the Scan this code folding.”
companies are prohibited from She added that the parent founded in 1891, seven years time, C. Dudley Pratt Jr., said for a video on —Jim Carlton and
propping up their parent com- company, which is working before the U.S. formally took in a 1988 speech that the strat- the use of DNA Katherine Blunt
panies in times of stress. with authorities to determine over the islands. The company egy was driven in part by “a to identify fire
In addition to the bank, Ha- the immediate cause of the provided power to a fast-grow- remorseless rule that states victims in Maui.
P2JW237000-5-B01100-1--------XA

THE WALL STREET JOURNAL. * * * * * Friday, August 25, 2023 | B11

MARKETS

Tech Stocks Push Indexes Lower European

Gas Prices
BY ERIC WALLERSTEIN

Nvidia’s record quarter

Fall on
wasn’t enough to lift the stock
market.
The S&P 500 initially
Labor Pact
looked set to build on its best
day since June but finished BY ANNA HIRSTENTEIN
1.3% lower. Each of the bench- AND STUART CONDIE
mark’s 11 sectors closed in the
red. Air came out of big tech Natural-gas prices fell in
stocks: Shares Europe after a major gas ex-
THURSDAY’S of Tesla and porter in Australia fended off
MARKETS A m a - a labor dispute that spooked
zon.com, the market earlier this month.
which comprise hefty portions Woodside Energy reached
of the market, dragged down a preliminary deal with work-
the Nasdaq Composite to a ers that is expected to head
1.9% loss. off a walkout that risked dis-
Disney shares extended rupting global gas supplies.
JOHN RAOUX/ASSOCIATED PRESS

this year’s rout, falling 3.9% to A Euro-

their lowest close in nearly COMMODITIES pean natural-
nine years. Those losses gas bench-
weighed on the Dow industri- mark plunged nearly 12%
als, which slid 1.1%. Thursday, extending its 14%
Nvidia gained just 0.1% af- decline from the previous day.
ter its 3.2% rise the prior day. It had risen to a four-month
The graphics-chip maker at Walt Disney shares extended this year’s rout, falling 3.9% to their lowest close in nearly nine years. high earlier this week, with
the heart of the artificial-in- worries about strikes stoking
telligence boom reported re- highest level on record during Index performance on Thursday that picture can get distorted volatility as Europe prepares
cord sales that doubled from a trading, but those gains fiz- 1.0% by such large tech stocks driv- for its second winter since
year ago. Nvidia looked set for zled as investors took profits ing the market-cap-weighted Russia’s invasion of Ukraine.
a big bounce, reaching its on their positions. indexes,” said Mark Heppen- “Usually these kinds of
Dow Jones Industrial Average
The company’s shares— 0.5
stall, chief investment officer strikes are settled long before
which have more than tripled S&P 500 of Penn Mutual Asset Man- they materialize. But this
AUCTION RESULTS this year—may have reached a Nasdaq Composite agement. came at a sensitive time when
Here are the results of Thursday's Treasury auctions.
All bids are awarded at a single price at the market- valuation on par with its rosy 0
Heppenstall said a reces- everyone wants to stock up
clearing yield. Rates are determined by the difference
between that price and the face value. earnings picture, leaving less sion isn’t on the horizon un- going into winter,” said
FOUR-WEEK BILLS room to further appreciate less the labor market cracks. Bjarne Schieldrop, chief com-
Applications $232,073,018,200 and lift broader indexes. He is keen to see the August modities analyst at Nordic
Accepted bids $80,959,021,200 –0.5
" noncompetitively $4,280,947,200
Nvidia’s results were not jobs figures, due next week. bank SEB.
" foreign noncompetitively $0 good enough to justify its val- Should they come out strong Australia is one of the
Auction price (rate) 99.588944
uation,” said David Trainer, again, “it’s hard not to see world’s largest exporters of
(5.285%) –1.0
Coupon equivalent 5.395% chief executive of investment- ‘higher for longer’ growing as liquefied-natural gas, along
Bids at clearing yield accepted 25.62%
Cusip number 912797GU5
research firm New Constructs. the Fed’s mantra,” he said. with the U.S. and Qatar. Eu-
The bills, dated Aug. 29, 2023, mature on Sept. 26, The stock opened at more Bonds mostly pared some rope is much more dependent
–1.5
2023. than $500. That means the of Wednesday’s gains, as long- on LNG imports since the
EIGHT-WEEK BILLS company would need to in- term yields retraced what was Ukraine war and subsequent
Applications $198,260,585,200 crease revenue by an average Five-minute intervals the biggest one-day slide sanctions disrupted its pipe-
Accepted bids $70,838,740,200 –2.0
" noncompetitively $1,454,622,800 of 20% a year for the next 25 since May. The 10-year Trea- line supplies from Russia.
" foreign noncompetitively $0 years, according to Trainer. 10 a.m. 11 noon 1 p.m. 2 3 4 sury yield climbed to 4.234% The Woodside plants, and
Auction price (rate) 99.177111
(5.290%) “That is an extremely high Source: FactSet from 4.197% on Wednesday. others operated by Chevron
Coupon equivalent 5.423% bar, even with its AI prowess,” Traders said they are waiting in Australia, account for more
Bids at clearing yield accepted 12.90%
Cusip number 912797HC4 he added. slide expected by Wall Street historic lows, another sign for Powell’s speech to jump than 10% of global LNG supply
The bills, dated Aug. 29, 2023, mature on Oct. 24, Meanwhile, precarious Journal-polled economists. that the Fed’s tightening has into action. combined, according to Mas-
2023. signs for the economy’s tra- The prior day, an S&P Global yet to unravel the U.S. labor Overseas, Europe’s Stoxx simo Di Odoardo, head of
29-YEAR, SIX-MONTH TIPS jectory are emerging, just as report showed business activ- market. Thursday’s stock 600 fell 0.4%. Turkish assets global gas analysis at Wood
$20,223,717,400
Applications
Accepted bids $8,831,162,400
the Federal Reserve kicks off ity fell to a six-month low in slump might be the first in- benefited from a massive rate Mackenzie.
" noncompetitively $26,896,400 its Jackson Hole, Wyo., sym- August. Manufacturing is be- kling of investor worry that hike that took interest rates to Workers at the Chevron-
Auction price (rate) 91.890055
(1.970%)
posium. coming worrisomely weak in the market cannot withstand 25% from 17.5%. Early Friday, operated LNG facilities are
Interest rate 1.500% New orders for long-lasting the U.S. even as the labor higher interest rates for much Japan’s Nikkei 225 was down still seeking a similar agree-
Bids at clearing yield accepted 64.10% goods fell 5.2% in July, the market remains strong. longer. 1.9% and Hong Kong’s Hang ment and are due to return
Cusip number 912810TP3
The Treasury inflation-protected securities, dated
steepest slump since April Unemployment filings fell “Equities look like they had Seng Index was down 0.9%. ballots on potential strike ac-
Aug. 31, 2023, mature on Feb. 15, 2053. 2020 and worse than the 4.1% last week and remain near priced in a soft landing, but S&P 500 futures rose 0.1%. tion over coming days.

Monitor the
Market
Build a custom watchlist to track companies and
indexes you care about.

EXPLORE
WSJ.com/buildwatchlist

© 2023 Dow Jones & Co., Inc. All rights reserved. 6DJ8682
P2JW237000-0-B01200-1--------XA

B12 | Friday, August 25, 2023 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

China Faces a Crisis of Confidence

Households are losing faith in the country’s future and could drag down the entire economy
for higher education—has pushed
What ails China? Consumer loans as a percentage Chinese fixed-asset investment, youth unemployment over 20%.
There are plenty of answers, of Chinese disposable income* 100% change from a year earlier†
from demographics to geopolitics to
trade. But the problem might boil
40% Consumer pessimism
down to household finances and, The battered job and property
75
just as important, everyday citi- markets have translated into per-
zens’ deeply shaken confidence that 20 vasive pessimism: Households are
their lives will keep improving after saving at much higher levels than
China’s Covid-19 emergency. 50
before the pandemic and express-
Why look at households specifi- 0 ing deep skepticism about increas-
cally? China has a serious debt and ing consumption or buying a home.
productivity problem, especially in A long-running survey of urban
the state-owned and local govern- 25 Power, gas and bank depositors by the central
ment sectors, but that has been true –20 water supply bank found about 58% of respon-
for years. Exports are falling, but Private dents indicated a preference for
China weathered trade downturns manufacturing boosting savings deposits in the
before. Moreover, private manufac- 0 –40 Real estate second quarter, slightly down from
turing and infrastructure invest- 1998 2000 ’05 ’10 ’15 ’20 2019 ’20 ’21 ’22 ’23 December 2022’s 62% but up close
ment are holding up relatively well. to 15 percentage points since
What is really new and notable mid-2019. Only 24.5% were in-
Quarterly change in bank loans outstanding Residential floor space sold in China, square meters
about the current slowdown is a clined to boost consumption.
combination of exceptionally weak 2.0 trillion yuan 1.5 billion Actual growth in savings depos-
consumer prices, consumption, its remains high, too: above 15%
services-sector investment and 1.5 on a three-month annualized ba-
property investment. All of that sis, according to the research con-
1.0
points firmly at households. 1.0 sulting firm Gavekal Dragonomics.
Reduced willingness to spend Total That compares with a pre-Covid
and take risks by families under- average pace of about 10%.
0.5 Presold
mines other parts of the economy 0.5
All consumer loans
in pernicious and self-reinforcing
ways: consumption directly, and in- 0 Individual residential mortgages Downward spiral
vestment indirectly because house- China’s economy is growing,
hold borrowing, mainly through –0.5 0 and incomes—for those with
mortgages, has long helped keep 2013 ’15 ’17 ’19 ’21 ’23 2000 ’05 ’10 ’15 ’20 jobs—are rising. But as long as
cash-strapped property developers China remains stuck in a negative
and local governments above water. Employment in China, by sector Results from People’s Bank of China feedback loop of failing develop-
urban depositors survey 60% ers, falling home prices and skit-
400 million
tish households, it might be diffi-
The shift to thrift Services Prefer to increase cult to arrest the economy’s slide.
Chinese household debt, pri- savings deposits That risks pessimistic expecta-
marily mortgage debt, rose so rap- tions becoming firmly entrenched,
300 40
idly over the past decade that, as in turn prompting even higher sav-
a percentage of disposable income, ing and an economy with less mo-
it is approaching pre-2009 U.S. Prefer to increase mentum. It could trigger larger
Industry consumption
levels, according to some analysts. problems in the financial system as
But there is a critical difference 200 20 developers and local governments—
with the precrisis U.S.—China isn’t and their bankers—struggle to fill
facing a tidal wave of mortgage de- Agriculture and other Willing to buy a house the hole in the financing ecosystem
linquencies. Instead, households left by retrenching households.
are paying down mortgage debt 100 0 To break the feedback loop, the
rapidly and retrenching financially. 2000 ’05 ’10 ’15 ’20 2010 ’15 ’20 central government probably
This rise in risk aversion has needs to flex its own balance sheet
*Estimated from statistics bureau population and disposable income per capita figures, and central bank loan data.
many causes, but several of Bei- †All figures are year-to-date, e.g. July 2023 represents change in January to July sum compared with a year earlier. with big fiscal transfers to house-
jing’s key policies during the pan- Note: 1 trillion yuan=$137.4 billion holds, or indirectly bail out prop-
demic probably contributed—espe- Source: CEIC erty developers—and reverse
cially the three-year spell of zero- course on some of the aggressive
Covid policies that damaged the regulatory measures that have
services-sector jobs engine and gages—and then passed on that and paying down debt. Individual growth in China since 2012 and ab- alienated foreign investors and
the crackdown on property-devel- cash, interest-free, to property de- residential mortgage debt outstand- sorbs most highly educated gradu- some domestic entrepreneurs.
oper leverage that forced develop- velopers in return for apartments ing fell by 200 billion yuan, or about ates, shed a net 12 million jobs be- But it remains unclear if Beijing
ers to delay the delivery of “pre- that didn’t yet exist. Property de- $28 billion, in the first half of 2023. tween 2020 and 2022, according to will take such steps. For one, Bei-
sold” houses to families. velopers in turn fill local-govern- official figures. Strong exports jing might be wary of big direct
ment coffers by purchasing land helped paper over the cracks for a spending because its effective liabil-
for development. Hard times for jobs while, but as China was reopening ities—in the form of local govern-
Getting stiffed To fully appreciate what a bad To make matters worse, the in early 2023, the pandemic-era ment debt—are substantial. Having
The key thing to understand is deal this was, consider that mort- housing crisis came as the econ- export boom was reversing. invested so much political capital
that Chinese households are giant gage loans in China tend to be “re- omy’s key job engine—the services As a result, China entered the painting housing speculation, tech
lenders to a linchpin of the econ- course.” That means if home buy- sector—was under threat from Bei- second quarter of 2023 with deeply moguls and dependence on foreign-
omy: property developers. About ers walk away, banks can go after jing’s zero-Covid policies and a reg- wounded service and construction ers as social maladies in recent
90% of homes sold in China in their other assets. ulatory crackdown on the internet- sectors, and a manufacturing en- years, an explicit reversal now
2021 were “presold,” meaning de- When big, financially stressed de- platform economy, which, according gine threatening to stall out. The could amount to a significant politi-
velopers sold families rights to velopers such as Evergrande began to some estimates, accounts for job market has struggled to find its cal risk: in essence, an admission
yet-to-be-built apartments. defaulting on these obligations to about a quarter of urban jobs. footing, and a record coterie of new that more of the central leader-
In essence, Chinese households households in 2021, buyers re- The services sector, which until college graduates—many of whom ship’s signature policies have failed.
took out interest-paying mort- sponded by abandoning the market 2020 accounted for all the net job fled the 2021 and 2022 job market —Nathaniel Taplin

Nvidia’s AI Surge Is Just

Getting Started
Much of the world might think less than $4 billion a quarter just
Nvidia’s artificial-intelligence boom six months ago. Wednesday’s re-
is a new thing. It has actually been port trounced Wall Street’s al-
a very long time in coming and will ready-soaring expectations. Ana-
likely last a while too. lysts had projected just under $8
Nvidia has been at the AI game billion in data-center revenue for
for more than a decade now. The the second fiscal quarter. The sur-
company began touting its Cuda prise gave more lift to a stock that
programming language used by AI had already made Nvidia the first
developers to investors as early as chip maker valued at more than $1
SAM YEH/AGENCE FRANCE-PRESSE/GETTY IMAGES

2006, according to transcripts com- trillion.

piled by S&P Global Market Intelli- The shares, which had more
gence. That technology formed the than tripled since the start of the
foundation of a business to sell the year, jumped in early trading but
graphics processors once used gave up nearly all of their gains
mainly in videogames to data-cen- Thursday on a weak day for stocks.
ter operators seeking more-ad- Such a run obviously can’t last
vanced computing capabilities. forever, but Nvidia gave strong in-
Nvidia’s data-center business dications Wednesday evening that
crossed the $1 billion mark in an- its ride is far from over. The com-
nual revenue five years ago and re- pany projected about $16 billion in
cently surpassed the size of its vid- revenue for the current fiscal quar- Nvidia reported $13.5 billion in revenue for its fiscal second quarter, beating its blowout forecast of $11 billion.
eogaming business. ter—nearly double the highest
Even so, its most recent num- quarterly revenue it had ever re-
bers are astonishing. Nvidia on ported before Wednesday. Chief Fi- tention to keep spending on gener- pricing power. Nvidia’s adjusted Chief Executive Officer Andy Jassy
Wednesday reported $13.5 billion in nancial Officer Colette Kress said ative AI capabilities even as they operating margins for the most re- noted on his own earnings call ear-
revenue for its fiscal second quar- on the company’s earnings call that moderate other areas of their capi- cent quarter hit 58%—the highest lier this month that “there’s only
ter, making its blowout forecast of its “demand visibility” extends into tal investments. Microsoft, which in at least a decade and a sharp been one viable option in the mar-
$11 billion three months ago look next year and that it expects to be kicked off the rush into generative jump from the 39% the company ket for everybody, and supply has
like a lowball for the ages. Nvidia’s able to increase the availability of AI services, had a record $8.9 bil- averaged over the previous eight been scarce.” He used the occasion
business has basically doubled in its chips over the next several lion in capital expenditures in the quarters. to tout two of Amazon’s own in-
size compared with the same quar- quarters. June quarter, and the company ex- Stunning results like that will house chips, which are now in their
ter last year, and that is almost en- “We’re not shipping close to de- pects that amount to increase se- spur further competition. Ad- second generation.
tirely a result of booming demand mand,” Chief Executive Officer Jen- quentially every quarter in its new vanced Micro Devices is launching But Jassy also called out Nvidia’s
for the company’s latest artificial- sen Huang told The Wall Street fiscal year as it boosts investments new AI chips later this year to latest AI system—known as H100—
intelligence chips, which are being Journal in a later interview. in “AI infrastructure.” compete with Nvidia’s, and compa- as driving strong demand by its
snapped up by tech giants building Nvidia’s biggest customers seem Nvidia’s biggest risk over the nies including Google, Microsoft own cloud customers. No other
generative AI services. to agree. In their recent financial longer term might actually be its and Amazon have their own in- component supplier was afforded
That demand drove Nvidia’s reports for the quarter ended in amazing success now. The com- house chip efforts that aim to such a distinction. For Nvidia, the
data-center revenue to $10.3 billion June, Microsoft, Amazon.com and pany’s chips and software ecosys- lessen their reliance on outside laws of supply and demand are
in the recent quarter—a huge jump the parent companies of Google tem for AI are far ahead of the suppliers. Speaking of the latest firmly on its side for now.
for a business that was running at and Facebook signaled a strong in- competition and thus confer strong generative AI systems, Amazon —Dan Gallagher
P2JW237000-0-M00100-1--------XA

MANSION
$32 Million Ann Patchett
A San Francisco The ‘brilliant little
home from the liar’ grew up to
Gilded Age is on be a bestselling
the market. M10 author. M8

HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, August 25, 2023 | M1

Splendor in the Dunes

The story behind this East Hampton, N.Y., house has as many twists and turns as its architecture,
from scrapped design plans to an untimely death

BY FRED A. BERNSTEIN

W
hen it came to her houses,
Julia Reyes Taubman, a De-
troit-based philanthropist,
photographer and collector,
followed her gut, however
edgy the results. “She had a fantastically ed-
ucated but also madcap eye,” says Michael
Lewis, the Paris-based interior designer who
worked with her on several homes. Julie—as
she was widely known—“never chose the ob-
vious thing.”
But after years of filling houses with art,
Julie decided to build a house that was art.
Thus began an exhaustive process in which
Julie and her husband, Robert Taubman (a
real-estate mogul known to everyone as
Bobby), who owned an oceanfront site on the
east end of Long Island, searched for just the
right person to design a house there. Already
well-versed in contemporary architecture, Ju-
lie traveled, read and questioned anyone who
might have a suggestion. She ultimately in-
terviewed 22 architects, including several
Pritzker Prize winners.
By 2006, Julie had narrowed the list of ar-
chitects to three, then one. The “winning” ar-
Please turn to page M4 Architect Charles Renfro describes Blue Dream, which overlooks the ocean, as a ‘machine for viewing.’

An Alabama Lake
$1.3
Drawing Buyers From MILLION

Near and Far

Average annual
sale price for a
single-family
FROM TOP: IWAN BAAN (2); KEVIN C. COX/GETTY IMAGES (PEARL); JUSTIN CLAYTON (HOME); R. BRAD KNIPSTEIN (SF)

along Lake
Martin shore

Lake Martin is a coveted destination for those accustomed to

traveling much farther for vacations and weekends away

BY LIBERTINA BRANDT “There’s just no way you’d ex-

AND SARAH PAYNTER pect, in the middle of Alabama, to
have this amazing lake, these in-
EVER SINCE BRUCE PEARL dis- credible golf courses and these
covered Lake Martin in east-cen- multimillion-dollar homes,” he said.
tral Alabama, he dreamed of own- Lake Martin is a man-made
ing property along its shoreline. lake that is fed by the Tallapoosa
Pearl, who has been head coach River and surrounding creeks and
of Auburn University’s men’s bas- supported by the Martin Dam. Its Bruce Pearl bought property on Lake Martin intending to one day build his dream vacation
ketball team for roughly a decade, roughly 40,000 acres include a home on its shores. He started building the home in 2019.
began visiting the lake in 2014 on sinuous shoreline of over 800
the recommendation of a friend. miles. Surrounded by the small Heritage and StillWaters. The area tin Realty. shoreline was around $1.3 million,
In 2019, after he coached his team Alabama cities of Alexander City, has long attracted a high-net The area has seen a growth up about 95% from about
to the NCAA Men’s Final Four, a Dadeville and Tallassee, Lake Mar- worth clientele from nearby cities spurt over the last roughly five $668,000 during the same period
bump in pay allowed Pearl, now tin has dozens of its own residen- including Birmingham, Montgom- years. In July, the annual average in 2019, according to data pro-
63, to build his family a vacation tial neighborhoods including Wil- ery and Auburn, according to lo- sales price for single-family vided by Steve Arnberg, vice pres-
home on the lake. low Point, The Ridge, The cal agent India Davis of Lake Mar- homes along the Lake Martin Please turn to page M6
P2JW237000-0-M00200-1--------XA

M2 | Friday, August 25, 2023 THE WALL STREET JOURNAL.

PRIVATE PROPERTIES
Ivanka Trump. The roster of high-
profile owners has earned the is-
land the moniker “Billionaire’s
Bunker.” Bezos also owns trophy
homes in locations such as Bev-
erly Hills, Calif., and the Hawaiian
island of Maui.

4. A WATERFRONT HOME IN
COCONUT GROVE
Price: $48 million
Date: June 2021
Buyer: Unknown
Seller: Nathan Leight
In June 2021, a trust tied to
private-equity executive Nathan
Leight and his wife, Elizabeth
Leight, sold a waterfront property
in the Coconut Grove section of
Miami for $48 million. The iden-
tity of the buyer couldn’t be de-
termined.
The deal was completed off-
market, so there is little informa-
tion publicly available about the
property itself. Tax records show
it spans about 2.2 acres and has
about 19,000 square feet of living
space. Leight is a managing part-
ner of Miami-based Terrapin Part-
ners, according to his LinkedIn
profile. The Leights bought the
home in 2011 for $13.4 million, re-
cords show.

1. Ken Griffin paid

5. A FISHER ISLAND CONDO
Price: $40 million
$106.875 million for
Date: December 2021
this property.
Buyer: Steve Hafner
Seller: PDS Development and
Heinrich von Hanau

Billionaires Rev Up
Steve Hafner, co-founder of the
BY KATHERINE CLARKE Connecticut-based online travel

S
company Kayak, paid $40 million
ince the pandemic sent for an apartment at Palazzo Della
some of the country’s Luna, a luxury condominium com-

The Miami Market

richest people fleeing to plex on Fisher Island, a private is-
Florida, Miami has seen a land south of Miami Beach. The
series of megadeals, including the price was less than the $48 mil-
city’s first sale over $100 million. lion the project’s developers had
Most recently, billionaire Amazon been asking for the unit.
founder Jeff Bezos The roughly
in June bought a 10,000-square-foot,
$68 million Miami 2. Griffin demolished seven-bedroom
home, joining the the house on this apartment is on
ranks of other Star Island site. the top floor of
uber-wealthy Mi- the 10-story devel-
ami property own- opment, with mul-
ers such as Citadel tiple terraces and
chief executive a rooftop patio
Ken Griffin, Kayak with a pool. It has
co-founder Steve 15-foot ceilings
Hafner and pri- and a private ele-
vate-equity bil- vator entry, ac-
lionaire Orlando cording to the list-
Bravo. 3. Jeff Bezos’s ing.
These sales new home is on Fisher Island
have propelled the Indian Creek. has long been pop-
city’s luxury mar- ular with celebri-
ket to new heights, ties and athletes.
pushing its real-es- It is accessible
tate market closer to those of older of the two homes, “Diddy” Combs and only by ferry or other boats, and
New York, Los Angeles and Palm a Mediterranean Re- singer Gloria Estefan. residents get around by golf cart.
Beach, which have seen nine-fig- vival-style house known 4. A Coconut Elizabeth Lima of Berk- Palazzo Della Luna was devel-
ure deals for years. Another simi- as Villa Serena, dates to Grove home sold shire Hathaway Home- oped by PDS Development and
larity with many of the country’s 1913, when it was built for $48 million. Services Florida Realty Miami developer Heinrich von
priciest real-estate markets? for politician William represented Sanjenis. Hanau. Dora Puig of Luxe Living
Some of the highest prices were Jennings Bryan. The Hertzberg and Eber rep- Realty headed sales at the project.
paid for teardowns. newer house, known as resented Griffin.
Read on for a closer look at Indian Spring, was built 6. A MIAMI BEACH MANSION
some of the biggest sales to close by Arsht about two de- 3. AN INDIAN CREEK Price: $39.25 million
in the Miami area since March cades ago. ESTATE Date: January 2021
2020. Since purchasing the Price: $68 million Buyer: Orlando Bravo
property, Griffin has Date: June 2023 Seller: Phil Collins
1. A PAIR OF TROPHY HOMES IN floated a proposal to re- Buyer: Jeff Bezos  English musician Phil Collins
COCONUT GROVE locate Villa Serena off Seller: MTM Star Inter- sold a mansion on sought-after
Price: $106.875 million the property, meeting resis- Miami’s ultraexclusive Star Island. national North Bay Road in Miami Beach
Date: September 2022 tance from preservation- Records show the seller was In June, Bezos quietly closed to billionaire Orlando Bravo, who
Buyer: Ken Griffin  ists. Lourdes R. Sanjenis, a doctor on a deal for a waterfront heads the private-equity firm
Seller: Adrienne Arsht Ashley Cusack of whose late husband, Modesto home in Miami’s Indian Thoma Bravo. Collins had
Citadel’s Ken Griffin Berkshire Hathaway Mora, bought the property for Creek Village for $68 paid $33 million in 2015 to
set the record for a Mi- HomeServices EWM Re- $1.4 million in 1987. The estate million. The seller was buy the property from en-
ami-Dade County prop- alty represented Arsht in spans close to 2 acres and in- MTM Star Interna- tertainer Jennifer Lopez.
erty last year when he paid the sale. Jill Hertzberg and cludes a roughly 15,000-square- tional, a company tied The roughly 1.2-acre
$106.875 million to buy a 4- Jill Eber of the Jills Zeder foot, nine-bedroom mansion dat- to former hotelier Tulia property included curved
FROM TOP: 1 OAK STUDIOS; EAGLEVIEW (4); DAVID KASNIC FOR THE WALL STREET JOURNAL (GRIFFIN); EVAN AGOSTINI/INVISION/ASSOCIATED PRESS (BEZOS); PALAZZO DELLA LUNA

acre estate from the philanthro- Group at Coldwell Banker Realty ing to the 1990s. Local agents said Soucy de Gonzalez Gor- coconut palms and a 6,000-
pist Adrienne Arsht. The deal was represented Griffin. the home was likely a teardown rondona, which purchased gallon koi pond. The house, a
the first in Miami history to cross and would be replaced with a the property for $1.4 million in 10,769-square-foot Mediterranean
the $100 million mark, and came 2. A STAR ISLAND TEARDOWN more contemporary residence. 1982, property records show. Revival estate built in 1929, was
in the wake of an announcement Price: $75 million The house has since been demol- Bezos’s new, roughly 3-acre considered a teardown. The prop-
that Griffin’s company was relo- Date: January 2022 ished. property includes approximately erty has since been demolished,
cating to Miami from its longtime Buyer: Ken Griffin The home is one of several 10,000 square feet of living according to Daniel Ciraldo, exec-
home in Chicago. Seller: Dr. Lourdes R. Sanjenis Griffin has purchased on Star Is- space, according to records. In- utive director of the Miami Design
The property, which sits di- The Arsht purchase wasn’t the land, at least one of which he sub- dian Creek, a man-made barrier Preservation League.
rectly on Biscayne Bay, had been first in Miami for Griffin, who was sequently resold to former Yan- island, has long been popular Hertzberg and Eber repre-
asking $150 million. It includes born in Florida and is a prolific kees slugger Alex Rodriguez. The with the city’s elite, drawing sented Collins. Judy Zeder of the
two separate houses, totaling 12 collector of luxury homes across island has also been home to stars boldfaced names such as NFL leg- Jills Zeder Group at Coldwell
bedrooms and roughly 25,000 the world. In January 2022, he like NBA commentator Shaquille end Tom Brady, billionaire Carl Banker Realty represented the
square feet of living space. The paid $75 million for a home on O’Neal, hip-hop artist Sean Icahn and Jared Kushner and buyer.

5. Steve Hafner 6. Phil Collins

bought a Fisher sold this Miami
Island condo. Beach home.
P2JW237000-0-M002A0-1--------NS

THE WALL STREET JOURNAL. NY Friday, August 25, 2023 | M2A

944 Fifth Ave, 6, NY • 5BD 5.5BA • $19,750,000 19 E 72nd St, 9/10C, NY • 4BD 4.5BA • $8,750,000 One Brooklyn Bridge Park, PH, NY • $7,500,000 225 E 48th St, NY • 5BD 3BA 3HB • $5,950,000
Chic full floor with CP views, wbfplc, lib, priv elev. Light-filled pre-war duplex. High ceilings, 2 fplcs. 3BD 3.5BA condo with insane views, 1,900 SF terr. Mint, sunny elev TH. Roof deck, 2 terrs. Co-exclu.
Alexa Lambert • [email protected] S. Hackley + E. Goss • [email protected] Eland Blumenfeld Team • [email protected] Pamela D’Arc • [email protected]

340 E 72nd St, PH, NY • 3BD 3BA • $4,650,000 124 W 23rd St, 14, NY • 3BD 3BA • $4,595,000 103 E 75th St, 6FE, NY • 3BD 3.5BA • $3,895,000 145-146 CPW, 11F, NY • 2BD 2.5BA • $3,295,000
Sunny 8 room w wrap terrs, 4 exposures & views. Full floor Chelsea condo with NYC skyline views. Newly renovated w pre-war details. LR w wbfplc. Spacious, airy & light-filled 6 rm w 3 exposures.
Carol Mann • [email protected] M. Cashman • [email protected] Melissa R. Kaiser • [email protected] Catherine Harding • [email protected]

116 E 63rd St, 7C, NY • 3BD 2BA • $3,250,000 234 E 23rd St, 3B, NY • 1BD 1BA • $1,489,000 300 E 54th St, 6D, NY • 1BD 1.5BA • $939,900 300 E 54th St, 9B, NY • 1BD 1BA • $684,000
High floor & light-filled pre-war classic 7 w wbfplc. Gramercy lux condo, casement windows, rooftop. Renovated sunny corner Jr 4 conv 2BD, balcony. Sunny & spacious LR/DR. WIC. FS, indoor pool.
C. Miller Martin • [email protected] Rona Lynn • [email protected] R. Knaster • [email protected] R. Knaster • [email protected]

Manhattan Manhattan Manhattan Brooklyn + Manhattan

888 Park Ave, 6A | 4 BD 4 BA | $11,500,000 1390 Lexington Ave, NY | 5 BD 3 BA | $4,500,000 650 Park Ave, 10D | 2 BD 2 BA 1 HB | $2,600,000 215 N 10th St, PHC | 2 BD 2 BA | $3,299,000
Mint 10 rooms, fplc, vaulted ceil, tree-lined views. 3 renov apts in mixed-use 4-sty bldg. Outdr space. Sunny crnr, open Park Ave vus. White glove co-op Williamsburg crnr convertible 3BD w 550 SF terr.
Mercedes Schwartz • [email protected] Pamela D’Arc • [email protected] Mercedes Schwartz • [email protected] William A. Vitiello • [email protected]

163 W 87th St | 8 BD 7 BA 1 HB | $8,995,000 22 E 18th St, 4E | 2+ BD 2 BA | $4,250,000 20 E 74th St, 12E | 2 BD 2 BA | $2,595,000 376 Hawthorne St | 5 BD 4 BA | $2,000,000
Mint & modern 5 story house, elev & large garden Renovated, spacious dream loft with orig details. Corner apt in FS building, 2 terraces, CP views. Prospect Lefferts Gardens 2 fam brk TH w garden.
Pamela D’Arc • [email protected] Jonathan Lavoie • [email protected] J. Bowden • [email protected] Brad Bateman • [email protected]

45 Walker St, 2 | 4 BD 3 BA 1 HB | $8,950,000 169 Spring St, 2W | 2 BD 2 BA 1 HB | $4,250,000 380 Lenox Ave, PHA | 3 BD 3 BA | $2,395,000 345 E 50th St, 3D | 1 BD 1 BA 1 HB | $950,000
Tribeca pre-war condo, 13’ ceil, wbfp, ≈ 4,800 SF. Chic triple mint pre-war Soho loft with library. Duplex condo w vus, outdr space, wbfpl, parking. Duplex condo with priv outdoor space. 24hr drmn.
Susan Wires • [email protected] Pamela D’Arc • [email protected] Leila Yusuf • [email protected] Laurie Stolowitz • [email protected]

190 Riverside Dr, 4C | 5 BD 4 BA | $7,750,000 737 Park Ave, 2G | 2 BD 2 BA 1 HB | $4,000,000 230 E 18th St, 1C | 2 BD 2 BA | $1,999,000 455 E 51st St, 2D | 2 BD 1 BA | $945,000
Mint 9 rm pre-war in lux FS condo. Park/river vus. Grand loft-like LR/DR, garden views in FS condo. Unique Gramercy triplex, pre-war details. Wbfplc. Former Arthur Schlesinger home, lib, wbfpl, riv vus.
Marcy Grau • [email protected] Alexa Lambert • [email protected] Cornelia V. • [email protected] M. Cashman • [email protected]

335 E 18th St | 4 BD 3.5 BA 4,000 SF | $7,200,000 450 W 17th St, 1709 | 3 BD 3 BA | $3,995,000 710 Park Ave, 14A | 3 BD 3 BA | $1,995,000 155 E 73rd St, 9B | 2 BD 1 BA | $925,000
Gramercy sunny 4 sty 20’w TH, garden. Co exclu. Water vus from The Caledonia Condo in Chelsea. Sun splashed classic 6 in FS co-op. Views, W/D. High-floor pre-war. Fplc, beamed ceils, hdwd flrs.
John Barbato • [email protected] John Barbato • [email protected] S. Meem + K. Meem • [email protected] C. Miller Martin • [email protected]

25 EEA, PH | 3 BD 3 BA 1 HB | $6,950,000 900 Fifth Ave, 4B | 3 BD 4 BA | $3,950,000 845 WEA, 2C | 3 BD 3 BA | $1,950,000 308 E 38th St, 3F | 2 BD 1 BA | $875,000
Grand pre-war penthouse w terraces on the River. Beautiful classic 7 with a lib & direct views of CP. Huge pre-war drmn condo with southern expos. Sunny xxx mint crnr in FS condo. Investor friendly.
Laurie Stolowitz • [email protected] Karen Whiton • [email protected] Tracie Golding • [email protected] Julie Perlin • [email protected]

250 W 81st St, 8B | 4 BD 3 BA 1 HB | $6,250,000 259 Bowery, 2 | 2 BD 2 BA | $3,795,000 389 E 89th St, 21D | 2 BD 2 BA | $1,895,000 245 E 24th St, 9G | 2 BD 1 BA | $799,000
Sprawling triple mint in FS boutique condo. Designer 2,250 SF condo loft w priv terr, wbfpl. High floor condo with N&W expos with city views. Spacious & sunny, FS, 24hr drmn. Prime location.
Catherine Harding • [email protected] Jonathan Lavoie • [email protected] Jonathan Lavoie • [email protected] Julie Perlin • [email protected]

900 Fifth Ave, 4A | 3 BD 4 BA 1 HB | $5,999,000 1080 Fifth Ave, 6B | 2 BD 2 BA | $3,500,000 14 Prince St, 5C | 2 BD 1 BA | $1,895,000 137 E 36th St, 11G | 2 BD 1 BA 1 HB | $775,000
Light-filled corner facing CP & Frick Museum. Lib. New Price. Crnr 5 dir Park, Reservoir skyline views. Renovated NoLita condo w low monthlies & drmn. Spacious jr4 w light & vus. LR/DR. Closets galore.
Karen Whiton • [email protected] Marcy Sigler • [email protected] William A. Vitiello • [email protected] Julie Perlin • [email protected]

15 E 26th St, 9A | 2 BD 3 BA | $5,700,000 1160 Park Ave, 15B | 2 BD 2 BA 1 HB | $3,450,000 123 E 75th St, 9BCD | 3 BD 3 BA | $1,880,500 327 W 83rd St, 6B | 1 BD 1 BA | $599,000
NoMad mint FS condo w vus of Madison Sq Park. Lux living, conv 3BD, light & views, high ceilings. Bright, large with home office & W/D. FS lux bldg. Sunny top flr pre-war co-op. Near Riverside Park.
Tracie Golding • [email protected] Ellen Cohen • [email protected] Nicole Heffner • [email protected] Ellen Cohen • [email protected]

1 EEA, 8/9B | 4 BD 4 BA 1 HB | $5,500,000 180 Riverside Dr, 10C | 3 BD 3 BA | $3,195,000 2 Fifth Ave, 10S | 1 BD 1 BA | $1,795,000 312 W 23rd St | Studio 1 BA 343 SF | $565,000
Renov sunny duplex w East River views, fpl & lib. Grand high floor south facing w sweeping views. Mint GV with terrace & N & W views of the city. Newly renovated. Great location. Move right in.
Kirk Henckels • [email protected] Melissa R. Kaiser • [email protected] Cornelia V. • [email protected] Joseph Gallagher • [email protected]

18 Leonard St, 1C | 3 BD 3 BA | $4,998,000 166 Bank St, 3A, NY | 3 BD 2 BA | $2,900,000 325 W 86th St, 16C | 3 BD 3 BA | $1,695,000 319 E 105th St, 1C | 2 BD 1 BA 721 SF | $539,000
TH living in Tribeca. Duplex condo loft with terr. Sunny WV loft with 2,200+ SF & water views. High flr south facing classic 6 pre-war co-op. Sunny & mod 721 SF condo in E Harlem. Near CP.
Amy Bonomi • [email protected] John Barbato • [email protected] J. Mellon • [email protected] Eyal Zabari • [email protected]

105 E 16th St, PH | 2 BD 1 BA | $4,995,000 188 E 70th St, 21C | 2 BD 2 BA | $2,850,000 234 E 23rd St, 6D | 1 BD 1 BA | $1,499,500 9201 Shore Rd | 2 BD 1 BA ~860 SF | $499,000
Unique PH + rare cottage + lush garden terraces. Mint, interior-designed condo with glorious views. Investor oppty in Gramercy. Loft-like bright condo. Bay Ridge L shape layout, hi ceils, hdwd flrs, EIK.
Susan Wires • [email protected] Elizabeth Goss • [email protected] Rona Lynn • [email protected] Joseph Vassallo • [email protected]

325 E 14th St | 6 BD 3 BA 3 HB | $4,995,000 10 W 66th St, 26EF | 3 BD 3 BA | $2,845,000 11 W 81st St | 1 BD 1 BA | $1,395,000 1036 Park Ave, 7B | Studio 1 BA | $405,000
Gramercy mixed-use, multi family 32’ wide TH. Combine 2 units & create grand apt. So Park vus. South-facing DM pre-war o’looking Museum Park. Bright, Murphy bed, dressing rm. Superb location.
Susan Wires • [email protected] Valerie Artzt • [email protected] Pamela D’Arc • [email protected] Katie Tozer • [email protected]

211 CPW, 18A | 2 BD 2 BA 1 HB | $4,900,000 200 E 78th St, 15DE | 3 BD 3 BA | $2,795,000 401 E 60th St, 15C | 2 BD 1 BA 1 HB | $1,385,000 143 W 78th St | 6 BD 5 BA 1 HB | $23,000/mo.
The Beresford. High floor, light-filled & Park views. Hi flr sprawling sunny crnr. Wall of windows. Pristine renov corner condo, flooded with light. Victorian 4 sty TH. Bsmt, 2 kits, maid’s rm, grdn.
Catherine Harding • [email protected] C. Miller Martin • [email protected] S. Sberro-Cohan • [email protected] Timothy Desmond • [email protected]

23 Park Ave, 4NS | 3 BD 3 BA | $4,500,000 241 W 36th St, 15 | 3BD 3BA | $2,750,000 27 E 65th St, 10EF | 2 BD 2 BA | $1,250,000 159 E 63rd St, 2/3 | 3 BD 2 BA 1 HB | $13,350/mo.
Mint 3,000 SF PH duplex with 2 private terraces. Classic full flr loft with terrace & 16 windows. Mint, spacious, light-filled corner. Close to CP. Parlor flr 20’ wide duplex TH, priv outdoor space.
Julie Perlin • [email protected] Peter Browne • [email protected] William A. Vitiello • [email protected] Beatrice Ducrot • [email protected]

Find exclusive listings

only at compass.com

Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for
informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price,
condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square
footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting
or other professional advice outside the realm of real estate brokerage.
P2JW237000-0-M002B0-1--------NS

M2B | Friday, August 25, 2023 NY THE WALL STREET JOURNAL.

Scan the home that’s right for you.

Upper West Side | Manhattan Upper East Side | Manhattan Carnegie Hill | Manhattan
211 Central Park West Mid-Floor, New York, NY 118 East 83rd Street, New York, NY 1185 Park Avenue 16/17F, New York, NY
5 BR/6.5 Bath | $40,000,000 5 BR/7.5 Bath | $25,000,000 4 BR/5.5 Bath | $15,500,000
Chris Kann
Sherry Matays (m) 646.660.2105 Deborah Kern
(m) 347.215.4182 Jennifer Ireland Kubis Lic. as Jennifer L Ireland Kubis (m) 917.710.1150
(m) 917.669.1440

Open House Sunday, 8/27 | 12PM-1:30PM

Brooklyn Heights | Brooklyn Upper East Side | Manhattan Greenwich Village | Manhattan
140 State Street, Brooklyn, NY 20 East End Avenue 16A, New York, NY 150 West 12th Street 11W, New York, NY
8 BR/5.5 Bath | $9,999,500 3 BR/3.5 Bath | $9,250,000 2 BR/2.5 Bath | $8,500,000

Aurora Singleton Deborah Kern Deborah Kern

(m) 347.989.7929 (m) 917.710.1150 (m) 917.710.1150

Upper West Side | Manhattan Upper East Side | Manhattan Central Park South | Manhattan
7 West 96th Street PH18A19A, New York, NY 912 Fifth Avenue 6B, New York, NY 1 Central Park South PH2006, New York, NY
4 BR/3.5 Bath | $6,600,000 3 BR/4.5 Bath | $5,595,000 1 BR/1.5 Bath | $4,200,000

Deborah Kern Deborah Kern Chris Kann

(m) 917.710.1150 (m) 917.710.1150 (m) 646.660.2105

$70,000/Mo.

Sutton Area | Manhattan Upper East Side | Manhattan Upper West Side | Manhattan
419 East 57th Street MW, New York, NY 165 East 60th Street 6A, New York, NY 50 Central Park West 10D, New York, NY
4 BR/3.5 Bath | $2,350,000 2 BR/2 Bath | $1,695,000 1 BR/1 Bath | $1,175,000
Chris Kann
Julia Cahill (m) 646.660.2105 Doug McCullough Lic. as Walter D Mccullough
(m) 917.951.4547 Christian Fanning (m) 212.787.0881
(m) 917.674.7799

Open House Sunday, 8/27 | 1PM-2:30PM

Midtown West | Manhattan Ditmas Park | Brooklyn Upper West Side | Manhattan
70 West 45th Street 30C, New York, NY 1138 Ocean Avenue 8F, Brooklyn, NY 535 West End Avenue 15FL, New York, NY
1 BR/1 Bath | $1,150,000 2 BR/2 Bath | $1,049,000 7 BR/7 Bath | $70,000/Month
Deanna Kory
Sebastian Lopera Aurora Singleton (m) 917.991.2657
(m) 917.549.2428 (m) 347.989.7929 Dennis R. Hughes
(o) 212.836.1037

CELEBRATING 50 YEARS

Real estate agents affiliated with The Corcoran Group are independent contractor sales associates and are not employees of The Corcoran Group. The Corcoran Group is a licensed real estate broker located at 590 Madison Ave, NY, NY 10022. All listing phone numbers
indicate listing agent direct line unless otherwise noted. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the accuracy thereof. All property
information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice. Equal Housing Opportunity.
P2JW237000-0-M00300-1--------NS

THE WALL STREET JOURNAL. NY Friday, August 25, 2023 | M3

PRIVATE PROPERTIES

Comcast CEO Sells Home

Tory Burch
Bill and Maria Bell Co-founder
Lists in
Miami
J. Christopher Burch, an in-
vestor who co-founded the fash-
ion brand Tory Burch, is listing
a waterfront home in Miami
Beach, Fla., for $49 million.
The renovated house is lo-
cated in the La Gorce subdivi-
sion on North Bay Road, a star-
studded area with bay and
downtown
FOR SALE views, ac-

$49 cording to
the listing
agents. The
MILLION roughly

CLOCKWISE: ERIC PIASECKI/OTTO; DONATO SARDELLA/GETTY IMAGES (BELL); THE WATERFRONT TEAM/ONE SOTHEBY’S INTERNATIONAL REALTY; ADRIAN MORA (WESTWORLD); PATRICK T. FALLON/BLOOMBERG NEWS (ROBERTS)
¾-
5,600 sq. ft., bay
acre lot has
frontage, dock
Comcast CEO Brian the Beverly Hills prop- rooms, records show. SOLD She described the approxi-
Roberts has sold his
Beverly Hills, Calif.,
home for $20.1 mil-
erty in 2016 and sub-
stantially restored
the house, according
Maria Bell, a televi-
sion writer and pro-
ducer, said in an email
$20.1
house as a “jewel box.”
Brian Roberts is
chairman and CEO of the
mately 140
feet of water frontage and a
dock on Biscayne Bay, the
lion in an off-market to property records that she has long been
MILLION media and technology agents said.
4,000 sq. ft.,
deal, according to and people familiar obsessed with Woolf giant Comcast, which is Burch paid $14.2 million for
designed by John
people familiar with with the property. A and the Hollywood Re- based in Philadelphia, the home in February 2020, re-
Elgin Woolf
the transaction. spokesperson for the gency style. “There are according to the com- cords show. “The bones of the
The buyers are Bill Robertses declined to very few Woolfs left in pany’s website. Bill Bell house were beautiful,” he said.
and Maria Bell, art comment. L.A. and they have all had an in- is an investor and son of the late Built in the 1930s, the main
collectors who re- Brian Roberts Built in the 1960s, teresting, usually Hollywood, ped- soap-opera creators William J. house has about 7,000 square
cently sold a Malibu the house was de- igree,” she said. “Although it Bell and Lee Phillip Bell. feet of interior living space with
mansion to Beyoncé and Jay-Z for signed by John Elgin Woolf, an ar- couldn’t be more of a change Judy Feder of the Beverly Hills four bedrooms, the agents said.
about $200 million, Maria Bell chitect known for Hollywood Re- from our previous home, it was Estates represented the sellers. There is a separate, roughly
confirmed. gency-style homes. Set on roughly the romance of his design that re- Kurt Rappaport of Westside Estate 1,500-square-foot guesthouse
Brian Roberts and his wife, Ai- half an acre, the home is about ally captivated us, and the lovely Agency represented the buyers. with two apartments, and a
leen Roberts, paid $11 million for 4,000 square feet with three bed- condition of the house itself.” —E.B. Solomont three-car garage with entrances
on two sides.
Burch said he spent several
years renovating the house from
top to bottom. Although he kept

Discounted California House With wife, Eileen Quinn, who paid $11.1
million for the roughly 6,300-
square-foot home in 2016, records
most rooms intact, he said he
tore out the old kitchen, adding
a larger kitchen and family

Ties to ‘Westworld’ Finds a Buyer show. The identity of the buyer is

unknown.
The sale is the priciest to date
room. A chicken lover, he put a
built-in rotisserie oven in the
kitchen. In the living room, he
A contemporary California in Encinitas, according to Matt added doors to the pool area,
home known as Crescent House Altman of Douglas Elliman, one where he installed a hot tub,
has sold for $16.25 million, ac- of the listing agents. cold plunge, steam, sauna and
cording to the listing agents. Designed by the architectural shower. The grounds also con-
With a swimming pool shaped firm Wallace E. Cunningham Inc., tain a pizza oven and grill. He
like a cres- the home was built in 2003. In declined to say how much he
cent moon, SOLD 2020 it was featured on an episode spent on the renovation.
the house is
located in
Encinitas, a
$16.25 of the HBO series “Westworld.”
The Crescent House sits on a
roughly half-acre blufftop lot,
Burch, who is single, said he
moved in last winter and real-
ized the house was too big. “I
coastal city
MILLION with the kitchen, primary bed- have all these bedrooms,” he
6,300 sq. ft., pool,
just north of room and living areas on the top said. “I love the idea of it, I love
courtyard
San Diego. floor. The home was built around the view. It was just too large.”
The ocean- an open courtyard on the second He said he would look for a
front home hit the market for level that leads to the ocean. smaller home in Miami.
$23.5 million last year, and was Altman had the listing with Burch and his ex-wife, fashion
most recently asking $17.75 mil- colleagues Josh Altman and Ja- designer Tory Burch, launched
lion, according to Zillow. The sell- son Saks. the company named for her.
The pool is shaped like a crescent moon.
ers were Lance Williams and his —E.B. Solomont —E.B. Solomont

NEW CONSTRUCTION 356 Knollwood Rd, Ridgewood, NJ 07450 LUXURY

ALPINE, NJ JUST SOLD! REAL ESTATE
Quick Move-in OPPORTUNITY
Custom Built Sonoma home with pool, home theater, gym,
wine cellar and more! DESERVES A
6 Bed | 5.5 Bath | 5 Fireplaces
$3,450,000 LUXURY AUCTION ®

Alpharetta, GA

Previously $4.1m
Now Selling...
WITHOUT RESERVE
SEPT 1

EXPERIENCE LUXE LIVING

Saratoga Springs, NY
Beautiful Home on 1 Acre
6 Bedrooms, 8 Luxurious Bathrooms Now is the Time Previously $17.9m
Gourmet Chef’s MEIK
Expansive Open Floor Plan to Buy or Sell. Now Selling...

Great Room w/ Wetbar & Fireplace Don’t Take Chances. WITHOUT RESERVE
SEPT 8
Custom Primary Suite Work with Frances.
Salt Water Pool, Spa & Cabana
Lowest Taxes Frances Hanson Ekblom Miami, FL
Broker Associate, Principal Agent
8 Miles to GWB/NYC M: 201.602.4683
2023 NICHE Best Elementary School Previously $15m
For more information, contact: Now Selling...
ANNE VAN DYKE AT OR ABOVE $5.9m
201-401-1040 Frances & Partners is a team of real estate agents affiliated with Compass, a
SEPT 14
[email protected] licensed real estate broker and abides by Equal Housing Opportunity laws. All material
presented herein is intended for informational purposes only. Information is compiled
Coldwell Banker Closter/Alpine from sources deemed reliable but is subject to errors, omissions, changes in price,
condition, sale, or withdrawal without notice. Photos may be virtually staged or digitally
©2023 Coldwell Banker. Realty. All Rights Reserved. Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker enhanced and may not reflect actual property conditions. 1 Franklin Avenue, Suites 2-3 800.262.5132 PlatinumLuxuryAuctions.com
9)15 $B@1@) ??%( 3>) %.5+7)55 &108)D* 64B@)2 ;B -.2,D;B)+ .C -.2,104 .70)+ ."-)B 7>;-> 1D) .70)+ /4 1 B=/B;+;1D4 .C '047>)D)
'+:;B.DB ??% 10+ CD10->;B)+ ."-)B 7>;-> 1D) ;0+),)0+)0@54 .70)+ 10+ .,)D1@)+( 3>) %.5+7)55 &108)D 64B@)2 C=554 B=,,.D@B @>) Ridgewood NJ 07450 O: 551.284.0175.
@>) ,D;0-;,5)B .C @>) #1;D !.=B;0A '-@ 10+ @>) $E=15 <,,.D@=0;@4 '-@( Refer to PlatinumLuxuryAuctions.com for relevant disclaimers and brokerage information for these luxury auction® properties.
P2JW237000-0-M00400-1--------XA

M4 | Friday, August 25, 2023 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. Friday, August 25, 2023 | M5

MANSION MANSION

Inside Blue
Dream 22
Number
Continued from page M1 of architects
chitect completed hundreds of Julie Taubman
pages of construction documents. interviewed
But in 2008, with contractor Ed
Bulgin ready to begin construction,
Julie decided the design wasn’t
revolutionary enough for her and
pulled the plug. Even Bobby was
“startled and unhappy with the
abruptness of Julie’s decision,”
Paul Goldberger writes in a new
book about the Taubmans’ quest.
But she was determined to move
forward. In 2010, her friend Dennis
Freedman, a former creative direc- Julie died in 2018 and only spent one full summer in the finished house.
tor of W Magazine and Barneys She stands at the front door, which is white bronze with bas reliefs of her
New York, suggested she talk to thumbprint on the outside and Bobby’s on the inside. talking to boat builders in the with four corner legs. Why? “This
Diller Scofidio + Renfro, the one Northeast, Bulgin learned of a isn’t a linear house,” he says. “I
firm he believed capable of design- firm near Seattle that made pro- used design to amplify the archi-
ing a house that was groundbreak- land. That gives him the perspec- of them made on the house. It totype wings for military aircraft tecture.”
ing, but also buildable. tive to call Blue Dream a sign that took two years for the team to de- and hulls of America’s Cup racing Among the most prominent ob-
The New York architects had the area—once a hotbed of mod- sign and fabricate the door and yachts. jects are two dining tables by Jo-
gone from being radical outsiders ernist experimentation—is “again for Polich Tallix (now UAP), a The roof became, structurally, seph Walsh, a consummate crafts-
to radical insiders in just over a a place in which new and inventive foundry that has worked with just like a giant surfboard. But man best known for creating
decade. The High Line, which forms of design might flourish.” many famous artists, to make it. while a surfboard can fit on the
opened in 2009, was their first The book, published by Del- But there was a bigger picture roof of a car, the roof of Blue
big splash. Since then, they have Monico Books this September, for Renfro to focus on: making Dream had to be shipped from
renovated the Museum of Modern pairs Goldberger’s words with the sure the house was more than just Washington state on 27 flatbed The exterior glass can
Art, brought Lincoln Center into architectural photography of Iwan a house. That was Julie’s ambition trucks. At the site, the pieces withstand 185-mile-
the 21st century, created a strik- Baan. Baan shot the house in all and part of his firm’s creed. were hoisted onto elaborate scaf-
ing new campus for Columbia four seasons, inside and out (even Beauty alone wouldn’t take it to folds, then joined with additional
per-hour winds.
Business School and designed a from a helicopter), and says it the level of DS+R’s better-known fiberglass. Resembling a potato
Columbia University Medical Cen- was “rewarding to depict a place buildings, which, in Goldberger’s chip to some, the roof is sup-
ter tower with a serpentine con- that is so deeply personal to its words, “try to go beyond striking ported not on columns but by swoopy pieces of wooden furni-
crete surface that acts as floors, creator.” As to why the book is visual images to use architecture swooping down (or as Renfro puts ture at his studio outside Cork,
walls and ceilings. And that is just coming out years after the house as a means of exploring social and it, “kissing the floor”) at several Ireland. In this case, Julie wanted
their contribution to the west side was finished, Goldberger says the cultural ideas.” points. Using foam—technically a large indoor table and an out-
of Manhattan. The firm is working fault was his—other projects, in- That led to a lot of deep think- polyethylene terephthalate, which door table big enough to seat 44,
all over the world. cluding books on Frank Gehry and she wanted Walsh to make
With major institutions vying (2015) and baseball stadiums them out of stone. The outdoor
for their services, partners Eliza- (2019), had to come first. And table was carved from rock ex-
beth Diller, Ricardo Scofidio and Baan was a perfectionist, Bobby tracted from the Joyce family
Charles Renfro had reason to says, waiting for just the right The roof had quarry in County Galway, chosen
avoid taking on residential proj- snowfall, just the right sunset. Yet to be shipped from by Walsh because its Connemara
ects, which are notoriously time Baan caught a rainbow behind the Washington state on green marble is, he says, “vivid,

27
consuming. house—which adorns the book’s rich and varied.” The slab Walsh
Another reason for Diller and front cover—on his iPhone. needed, he says, was so large that
Scofidio to hesitate: the last Bobby waited for Goldberger flatbed trucks the engineering firm Ove Arup
house they designed in the 1980s, and Baan. If his wife wanted the oversaw the extraction, injecting
also for a site on Long Island, was best possible house, he wanted resin into the marble so it
the best possible wouldn’t break as it was cut and
record of it, lifted.
Bobby says. “We The chairs around the marble
did the book for dining table are also art. Julie, ac-
Julie.” cording to Goldberger, admired
Over lunch in Eero Saarinen not just for his ar-
the house’s glass- chitecture but also for his furni-
walled living ture, including his
room, Bobby de- iconic Tulip chairs.
scribes the effort But buying chairs
that went into at Design Within
creating Blue Reach wasn’t how
Dream—named Julie did things. Al-
for a strain of lergic to clichés,
A model of Blue Dream. marijuana fa- when she imagined
vored by Julie’s using Eero Saari-
left unfinished after the clients’ friend, the author Elmore Leon- nen Tulip chairs,
plan to raise the money for the ard, who died in 2013. For the she also wondered
house fell through. Called Slow Taubmans, the name had “just the what she could do
House, it featured a TV screen right amount of sauciness, not to to make each chair
partially blocking its one big win- say irreverence,” Goldberger distinctive. She en-
dow and showing scenes from writes. Blue Dream also evokes listed the furni-
outside that window in real time. the house’s ethereal presence at ture-morphing art-
On top of all that, the Taub- the seashore. ist Chris Schanck.
mans’ site was “awkward—it was The design process lasted more He cut holes of dif-
narrow, with lots of height re- than two years, as every decision ferent sizes and
strictions and major setbacks,” had to be approved by Julie, positions into the
Renfro says. Plus, he says, “We Bobby and Bulgin. Given the backs of 44 vintage
knew they had been through sev- house’s irregular shapes, “there Saarinen chairs,
eral other architects.” In her quest was a challenge every time you flanking it on one of East Hamp- was made in Belgium from recy- then coated them in a carbon-fi-
to find the right designer, Julie turned around,” Bulgin says. For ton’s most desirable beaches. cled plastic water bottles—instead ber fabric with a flocked surface.
“had almost given up,” says part- that reason, he couldn’t give the Blue Dream also makes a state- of concrete reduced the overall Each chair is, Goldberger points
ner Elizabeth Diller. “We were in-
centivized to turn her around.”
Renfro, meanwhile, was per-
Taubmans a fixed price for much
of the job and proceeded, instead,
on a cost-plus basis. Construction
10+
Years it took to
ment about the intimacy of family
life. Even with four children, Julie
wanted spaces to flow into each
weight of the house by 220 tons,
or about 2/3, says Bulgin.
The house also makes a state-
out, a unique, handcrafted object,
“both a Schanck and a Saarinen.”
One of the living room’s most
suaded, by a mutual friend, that took about five years. Costs have complete other, often without doors. So ment about the ability of modern- startling pieces is an array of yel-
Julie loved architecture enough to never been divulged. Blue Dream Renfro used level changes to cre- ism to coexist with copious low seating by the Chinese artist
make something great happen. Designing handrails that were ate privacy. Some spaces, includ- amounts of furniture and art. Un- Yin Xiuzhen, which Julie pur-
The firm signed on. just right for the house’s stairs re- ing the primary bedroom, are like many modernist houses, chased in Beijing. Called Life Raft,
But the story doesn’t have a quired some 150 sketches. And the raised above the main level; oth- which are almost furniture-free it consists of seats upholstered in
happy ending. Julie, who helped windows needed 92 pieces of of its predecessors, it ers, like the kids’ rooms, are (or become so when the archi- found fabrics, bound to each other
found the Museum of Contempo- glass, only four of them the same, Construction makes a statement about tucked below. But there are excep- tect’s chosen photographer ar- by metal tubes and intended to
rary Art Detroit, or MOCAD, and Bobby says. Himself an experi- took about the connection between tions to the no-door policy: Julie rives), Blue Dream is stuffed with evoke the experience of immi-
was often described as a force of enced builder, he notes that the five years. buildings and their set- wanted to enclose Bobby’s study, pieces Julie loved. “If there is one grants pressing together.
nature, died at age 50 of cancer in exterior glass can withstand 185- tings: The house’s main because he was sometimes loud tenet of modernism that the Julie also commissioned table
2018, after enjoying only one full mile-per-hour winds. Renfro, play- level rises and falls in con- when talking business on the house rejects completely,” Gold- and floor lamps, some by accom-
summer in the house. That made ing on Le Corbusier’s description cert with the dunes. Stairs phone. (Bobby concurs.) That berger writes, “it is the notion of plished artists. “Light reflected off
Blue Dream not part of her life of modernist houses as “machines aren’t free-standing study, doorless or not, is one of minimalism. It is almost baroque the ceiling is the best,” Bobby
but of her legacy. for living,” calls Blue Dream “a flights, but are molded the house’s triumphs. A complex, in its complexity.” says. “It creates an ambient glow
The saga is told in the book machine for viewing.” into the concrete floors. braided cash- that makes peo-
“Blue Dream and the Legacy of The front door, meanwhile, is Says Renfro, “We were mere rug by ple feel better
Modernism in the Hamptons” by its own work of art: a massive mimicking the site, bring- New York’s ‘Given the house’s and in this case
Goldberger, the Pulitzer Prize-win- sculpture of white bronze with ing the rolling dunes into Dana Barnes al- accentuates the
ning architecture critic and long- bas reliefs of Julie’s thumbprint and through the house.” most steals the
irregular shapes, there curves of the
time chronicler of the modernist on the outside and Bobby’s on the The ground floor steps up show. But from was a challenge every house.” In the
architecture of eastern Long Is- inside, symbolizing the mark each three times, but, thanks to his Vladimir Ka- time you turned end, the house
the deployment of stairs gan chair at his would have
as part of the interior Maarten Baas around.’ only one hang-
landscape, he says, “You desk, Bobby can —Contractor Ed Bulgin ing light, a 350-
hardly notice that you’ve see both the pound white
been elevated.” house’s lush en- bronze chande-
DILLER SCOFIDIO + RENFRO (2); DILLER + SCOFIDIO (SLOW HOUSE)

In becoming part of the try court to the north and the Designer Michael Lewis, who lier that its creator, sculptor
dunes, Blue Dream goes a vast expanse of ocean to the joined the team in 2014, commis- Darcy Miro, has compared with a
step further than the south. sioned many items on Julie’s be- meteor.
beach houses of the 1950s The house also makes a state- half, and picked out others in her Julie herself was something of
and ’60s, many of which ment about architecture’s depen- storage space in Michigan. That a meteor, a bright light visible
ing on Renfro’s part. Some works former, a kind of bubble rising were small and left the existing dence on technology. For nearly space, filled with things Julie only for an instant. But the result
of art, he says, are notable simply from a dunescape. “It looks like topography intact. “We con- two years, the Taubmans, Renfro, hadn’t yet found—or built—a of her efforts survives. As Gold-
for their forms—to be enjoyed form is its primary issue,” says sciously tried to bring the beach Bulgin and others looked for a home for, had become “a kind of berger writes, “The ambitions of
and appreciated viscerally. Other Renfro. “But the form we came up modernism of midcentury into the way to make Blue Dream’s roof accidental museum of 20th-cen- the clients drove the architects;
artworks make statements, politi- with was determined by ideas.” 21st,” Renfro says. And that light enough to seemingly float tury design,” Goldberger writes. the ambitions of the architects
cal or otherwise. But the best art, Of course, that form has prece- meant making the house, if not over the house. Concrete, which is Lewis worked not from plans, drove the clients. They occasion-
Renfro says, tries to do both. dents—everything from igloos to tiny, compact. At about 8,000 heavy, would have necessitated in- which couldn’t capture the com- ally irritated each other, but they
Renfro tried to give the Taub- geodesic domes to Eero Saari- square feet, Goldberger writes, it terior columns. Eventually, the plexity of the spaces, he says, but more often inspired each other.”

IWAN BAAN (10)

mans a true work of art—an ob- nen’s swoopy TWA terminal at satisfied Julie’s preference for a group came up with the idea of from visiting and experiencing the Says Renfro, “the house never
In the 1980s, the firm then known as Diller + Scofidio designed Slow ject both beautiful and meaning- John F. Kennedy Airport, a build- house that would appear modest making the roof out of foam pan- rooms. In the end, he says, there would have been what it is with-
House. The project was abandoned after the clients couldn’t pay.. ful. The house is unmistakably the ing Julie loved. But unlike some compared with the behemoths els covered in fiberglass. After are hardly any tables or chairs out Julie.”
P2JW237000-0-M00600-161CF43070D

M6 | Friday, August 25, 2023 THE WALL STREET JOURNAL.

MANSION

Alabama well over list price.

In 2018, Pearl, who is
based in Auburn, Ala., said

Lakefront he bought a waterfront lot

in The Ridge for around
$900,000. “At the time, I
Continued from page M1 didn’t have the money to do
ident of real-estate sales both, buy land and build a
and company broker at home,” he said. Nor did he
Russell Lands, which, have the time. “So I bought
among other things, is a it as an investment and I
major developer of Lake said, ‘Someday I’m going to
Martin property. build my dream home.’ ”
Arnberg said that Lake That day came sooner
Martin’s central location, than Pearl expected. In
ongoing development 2019, Auburn’s NCAA
and family-friendly Men’s Final Four
lifestyle are key Birmingham appearance
attractions for AL earned him an
Alabama- ALABAMA extended con-
based vaca- Willow Point tract with the
Golf Course
tioners, some university
Lake
of whom used Martin Auburn with a higher
to travel four salary, he said.
to five hours to Montgomery
He spent the
visit the Gulf of next year and a
Mexico, but now opt half building a home
for the one to three hours on Lake Martin with his
it takes to drive to Lake wife, Brandy Pearl.
Martin. The area has also The building cost of the
Construction cost: $22 million
seen a recent rise in out-of- roughly 8,000-square-foot,
state home buyers, said lo- five-bedroom house was
cal agent Amanda Scrog- around $3 million, Pearl
gins with Re/Max. Many of said, and it now serves as of Irma, Susanna, and parts berg. The power company Matthew Meehan and his husband, Rod Hildebrant, at their
them are from Florida, Ten- his family’s getaway. In of Benson, a notable Black and Russell Lands are the 26,000-square-foot Lake Martin home, above.
nessee and Georgia. One 2020, to increase privacy, he community founded by a area’s largest landowners.
draw, according to Arnberg, combined his property with former slave, John Benson, The Russell Corp., a com-
is Russell Lands’ new an adjacent lot, which he after the Civil War. It had pany founded by Russell, un-
Wicker Point Golf Club, bought for $380,000, ac- farms, manufacturing facili- veiled the Willow Point Golf
which will have a Coore & cording to property records. ties, a railroad and a & Country Club in the 1960s.
Crenshaw-designed golf Lake Martin was created school, said Thomas T.C. Russell Lands acquired the
course and is scheduled to by the Alabama Power Coley Jr., a Tallapoosa course in the 1970s and be-
open in late September. Company in the 1920s to County commissioner and gan major development
Home lots near it are get- generate hydroelectric local historian. Alabama around the lake, sectioning
ting multiple bids, many power. The land acquired Power acquired the land to off neighborhoods and sell-
over $1 million, he said, for the creation of the lake create the lake piecemeal, ing residential lots.
and are going into contract included the farming towns taking some by eminent do- Over the next few de-
main, buying some as a re- cades, Russell Lands contin-
sult of legal settlements, ued to sell lots and invest
acquiring smaller power in commercial development,
companies that owned land, including Russell Cross-
and buying some parcels di- roads, a town center serv- ees. After three visits, they bama? Why Alabama?’ ”
rectly, records show. The ing Lake Martin communi- were hooked. “You can Matthew Meehan said. “But
company was unable to ties. The center is home to jump off the boat, swim when they arrive at our
provide records regarding a community square, an down and see 10 feet under home and they walk to our
how much compensation equestrian center and sev- the water. The water is that back veranda, sit down and
was paid to landowners. eral dining options includ- clean and that clear,” said look out to the lake they
Benjamin Russell bought ing SpringHouse, which was Meehan. say ‘All right, I see why you
land around the lake in the designed by Birmingham Shortly after their visit, like it here.’ ”
1920s and 1930s and architect Jeffrey Dungan in Meehan and Hildebrant Robert Cobb upgraded
launched its hospitality in- the mid-2000s. It was bought three waterfront his Lake Martin home in
One of five bedrooms in dustry by renting out small around this time that de- lots in The Ridge, totaling 2016 when he learned the
Bruce Pearl’s vacation home cabins around it, said Arn- mand started picking up for around 6 acres, for just lot across from his existing
large homes around the over $3 million, according home was for sale. The for-
shoreline, said Dungan, and to Meehan. They combined mer CEO of Cobb Theaters
it began to evolve into a the lots and spent the next and his wife, Mary Cobb,
year-round destination. five years and about $22 began visiting friends at
Miami-based serial en- million building a roughly Lake Martin in the late
trepreneurs Matthew Mee- 26,000-square-foot vacation 1990s. Before that, he and
han, 43, and his husband, home. his family made the roughly
Rod Hildebrant, 66, heard “Anytime we have a new- five-hour drive to the Gulf
about Lake Martin in 2015 bie coming to the lake, they of Mexico for vacations.
from one of their employ- look at us and say ‘Ala- The Birmingham-based cou-
ple fell in love with the
lake’s serenity, he said. In
TIME FLIGHT GATE STATUS 1998, the couple bought
their first home on the lake
for $630,000, according to
property records. The
roughly 5,000-square-foot
home in the Willow Point
neighborhood was their
family’s vacation home for
about 20 years until Cobb
sold it last year for $2.375
million, records show.
Their new lot cost
$800,000 in 2016, accord-
ing to public records, and
Cobb spent about $5 mil-
lion building a roughly
6,000-square-foot home on
it, said Dungan, who de-
signed the home for him.
Cobb said his favorite fea-
tures are the pecky cypress-
beamed ceilings and the

Insights That Go
sound the rain makes when
it hits the deck’s metal roof.
Mary Cobb died just be-
fore the house was com-

the Extra Mile

pleted last year. Cobb, 74,
said that even after about
25 years, Lake Martin is
Construction cost: still one of his favorite
Want to keep up with the latest trends in travel? roughly $5 million places to be.
Let WSJ’s Carry On be your guide. Each week, “You just can’t help but
enjoy yourself here,” he
columnist Dawn Gilbertson navigates the highs Robert Cobb built this roughly 6,000-square-foot waterfront said. “It’s so peaceful and
and lows of travel—helping travelers prepare home on the lot across from his first Lake Martin property. serene.”
for whatever comes their way.

READ NOW
WSJ.com/CarryOn
STACY K. ALLEN FOR THE WALL STREET JOURNAL (5).; JASON LEE (MAP)

©2023 Dow Jones & Co. Inc. All rights reserved. 3DJ9353
P2JW237000-0-M00700-165DF63070D

THE WALL STREET JOURNAL. Friday, August 25, 2023 | M7

PRIVATE PROPERTIES
Kris Halliday came to California
in pursuit of perfection.
A luxury home-builder from
Australia, he built a roughly
20,000-square-foot Malibu spec
mansion named Kaizen—the Japa-
nese term for continuous im-
provement—and listed it for $74.8
million in March 2022.
But instead of achieving perfec-
tion, Kaizen became a casualty of
the rocky
SOLD spec-home

$26.5 market in the

Los Angeles
area. After a
MILLION series of price
20,000 sq. ft.,
cuts, the
6 bedrooms,
house sold to
pool
an unidenti-
fied buyer at
auction last month for $26.5 mil-
lion. The deal closed Monday.
“Of course I have some disap-
pointment,” said Halliday, who
owns MKH Developments. “Hind-
sight’s easy to say what you could

First Asking $74.8 Million, a Malibu

have done and what you would
have done differently.”
Halliday spent a decade devel-

Spec House Sells for Less Than Half

oping spec mansions in Canada
before turning his attention to
Malibu. In 2018, he paid $5.4 mil-
lion for a 1-acre lot, where he
started building Kaizen.
The home has floor-to-ceiling ing was poor. Kaizen
motorized glass walls, a 2,000- was completed in
gallon aquarium and a koi pond. early 2022, around
Each of the home’s six bedrooms the time Russia in-
has its own terrace, and the living vaded Ukraine, tech
room overlooks a 95-foot tiled in- stocks plunged and
finity pool. interest rates soared,
Halliday declined to say how while a new Los An-
much it cost to build Kaizen. But geles mansion tax
he said it was insured for a $35 was about to take ef-
million rebuild, and it was valued fect. The house was
at north of $50 million for insur- first listed in March
ance purposes. 2022, and sales of
In retrospect, he says, the tim- U.S. luxury homes
dropped 18% during the three lion house, buyers want to be in
months ended April 30, 2022, the heart of Malibu,” said Aaron
The home was sold furnished.
compared with the prior year, ac- Kirman of AKG | Christie’s Inter-
cording to data from Redfin. Since national Real Estate, one of Kai-
then, luxury home sales have con- zen’s listing agents. market and the market worsened. cided to sell the furnished house
tinued to slide. Located a block from the Pa- Halliday disputed the idea the at auction. Estel Hilton of the
Timing wasn’t the only factor. cific Coast Highway, Kaizen also house was overpriced to begin Beverly Hills Estates represented
People familiar with Kaizen said lacks direct beachfront. with. “I believe it was a fair price, the buyer.
the initial price set by the devel- Rayni Williams of the Beverly if I found the right person at the Halliday said he went the auc-

CONCIERGE AUCTIONS (4)

oper, new to the California mar- Hills Estates, another one of the right time.” tion route to expedite the sale and
ket, may have been too high given listing agents, said she thinks if the After several broker swaps and move onto his next project, an-
its location on the edge of Malibu, property had been initially priced price cuts—the most recent ask- other spec home nearby known as
miles from prime areas. at $50 million, it likely would have ing price was $47.8 million, ac- Simka Malibu.
“When you’re selling a $75 mil- sold. Instead, it lingered on the cording to Zillow—Halliday de- —E.B. Solomont

I asked what kind

of family Amina
wanted. She said,
‘A family like
yours.’ That’s
when I knew I
had to adopt her.
Denise, adopted 17-year-old Amina

LEARN ABOUT ADOPTING A TEEN

YO U C A N ’ T I M A G I N E T H E R E WA R D

A D O P T U S K I D S .O R G
P2JW237000-0-M00800-1--------XA

M8 | Friday, August 25, 2023 THE WALL STREET JOURNAL.

MANSION
HOUSE CALL | ANN PATCHETT

A Late Reader,
She Made Up Stories
The novelist on the grammar-school nun who inspired her love of books,
and the trauma of her childhood Christmas

I
n 1969, when I was 5, my Frank, a police captain,
mother, older sister and I combing and braiding my
drove from Los Angeles to hair, taking Heather and me
Nashville, Tenn. My parents to church and teaching us
had divorced a year earlier and to swim and ride a bike.
my mom, a nurse, had fallen in Leaving my dad behind was
love with a surgeon in L.A. who awful for Heather and me.
relocated to Nashville to set up a In Nashville, when I was
practice. 7, my mother married Mike,
At first, we stayed with the the surgeon. At first, the
family of the surgeon’s medical new arrangement was a
partner, and I was enrolled at St. drag for me, especially on
Bernard’s Catholic School down Christmas. Heather and I
the street. Sister Nena was my both spoke with our father
first-grade teacher. But we moved by phone on the second of
around so much that my sister, third grade, we returned to Nash- every month and on holi-
Heather, and I hardly ever went to ville, and I was back in Sister days. The one day he’d cry
school. Nena’s classroom. I had never on the line was Christmas.
When second grade rolled learned to read. He was heartbroken we
around, I was again with Sister What I had become was a bril- weren’t there.
Nena. After a few months, we liant little faker. I knew how to To complicate matters, Ann Patchett in Nashville in April, above, and, far left, in 1972 with her sister,
moved to Murfreesboro, 45 min- pretend to read, to be clever, to my stepfather’s birthday Heather, at left, and her mother, Jeanne.
utes away. Then in the middle of make up stories and to be enter- was on Christmas, and he’d
taining to get by. But by third fall apart every year. He
grade, Sister Nena had enough. never had a birthday party or cake but I want to be able to,” which about terrorists and hostages.
ANN’S FOOTWORK “This isn’t acceptable,” she said. growing up, nor did his parents became “I want to become a Today, I live in Nashville with
She kept me from recess and acknowledge his birthday. Christ- writer to tell stories.” Karl VanDevender, my husband. I
Writing space? Two upstairs made me stay after school. Ini- mas made him relive the past. I suppose my ability to tell a moved into his pink-washed brick
rooms—one with a formal desk tially, I was terrified of her and hid After he married my mom, story came from my good nature house after we married in 2005.
and the other with a treadmill in the coat closet. But she’d find Christmas became a holiday of lo- and a desire to keep everyone to- When I was a kid, my stepfa-
desk. me, have me sit down and we set gistics. His ex-wife would have gether. Catholicism also was the ther had a cousin, Ann. She and
to work. She explained what the their four children Christmas perfect prep. Religion, in general, her husband didn’t have children
“Tom Lake”? I wrote it while alphabet was and how the letters morning in L.A. Then the kids is story-based and teaches you to and I stayed with them for long
walking on the treadmill, which went together to form words and would fly to Nashville to spend believe in what you can’t see. stretches.
is wonderful for concentration. how to make sounds. By the end of Christmas night with their dad. School was hard until eighth or Their house is near where I live

FROM LEFT: ANN PACHETT (FAMILY PHOTO); EMILY DORIO

third grade, I not only could read, Despite all that went on, my ninth grade. Then I got it. Nothing now. Growing up, I rode my bike
How so? It shuts down mental but she had made me fall in love mother was there for me and be- came easy, but I had fantastic work up and down this street and
distractions. with books. lieved in me as a writer. I didn’t habits. I never put off my home- dreamed about living here. Now I
I was a positive, cheerful child. make good grades, but she never work and I studied hard. This con- do.
Book strategy? I block out an My mother, Jeanne, used to say worried. She thought I was smart tinued at Sarah Lawrence College. —As told to Marc Myers
entire book’s story and charac- that when I was a toddler, any- and that I’d catch up and every- My first novel was “The Patron
ters in my head before writing. body who came to our front door thing would be fine. Saint of Liars.” I was 27 when it Ann Patchett, 59, is an award-win-
got a hug, including neighbors and My desire to be a writer started came out in 1992. The publication ning author whose novels include
Best idea spot? Everywhere. In the postman. early, probably because I didn’t of my fourth, “Bel Canto,” in 2001 “Bel Canto” and “The Dutch
fact, while talking to you I’ve I also have fond memories of know how to read or write at was a turning point. After 9/11, House.” She is the owner of Par-
been making up a novel in my my parents through the bars of first. As a little kid, I kept think- the paperback sold a million cop- nassus Books in Nashville. Her
head. my crib. I remember my dad, ing, “I don’t know how to do this, ies. People wanted to read a novel new novel is “Tom Lake” (Harper).

ADVERTISEMENT

BOCA RATON, FLORIDA MALIBU, CALIFORNIA COLVILLE, WASHINGTON

Lotus Palm, the next generation of contemporary living by GL Homes Malibu Land For Sale. 3 Contiguous Lots • 35+ Acres • Prime Ocean Stunning mountain-modern, luxury, 3 BR/3BA, 4,000 sq. ft. home
features cutting-edge home designs. Upscale onsite amenities like Views. Available individually or in combination. A magnificent, commanding with radiant floor heating throughout on 40 wooded acres, unobstructed
resort-style pools, dining, and fitness plus access to the best restaurants, site for your architectural dreams in one of the world’s most celebrated mountain views in all directions including the Little Pend Oreille Nat.
shopping, beaches and top-rated schools, make it easy to enjoy the best locations. Less than an hour from downtown Los Angeles and LAX, Wildlife Refuge. Triple tempered krypton insulated large 7’ tall, fixed glass
lifestyle South Florida has to offer. Discover the hottest new homes in Boca surrounded by parkland and very private, this is one of the largest remaining in multiple panels provide panoramic views. Home is close to miles of
Raton today! assemblages of undeveloped land within the City of Malibu. recreational opportunities in beautiful NE Washington state.
$1.3 million to $3 million LotusBoca.com Individually $850,000 to $1,195,000 SnyderSocal.com $1,795,000 4degrees.com
Coldwell Banker Realty
GL Homes John & Sheryl Snyder (DRE#’s 01785277 & #01491844) Len Brandt
phone: 800.616.0416 310.270.7463 phone: 509.680.3916 [email protected]

CLINTON, NORTH CAROLINA NEWPORT, RHODE ISLAND 55+ LIVING IN 4 GREAT FLORIDA LOCATIONS
204.9 wooded acres, Governor Moore Road (almost 0.5-mile road Poised high on a 1.27 acre lot, this sunny, single level offers expansive The Florida lifestyle of your dreams can be yours at Valencia, where
frontage), just outside Clinton, North Carolina (2 miles to city limit, 13 miles views of Newport Harbor and the bustling downtown waterfront. Potential gorgeous new homes, world-class amenities, and an exciting lifestyle await!
to I-40 Exit 355). About an hour to Raleigh. Plentiful deer and other wildlife. to expand or build to suit. Enjoy tranquil and peaceful surroundings in a Enjoy a magnificent clubhouse, resort-style pool, pickleball, and so much
spectacular location. Existing home consists of three bedrooms, 2 baths, more. Single-family homes include luxury standard features. 4 amazing
living room with expansive water views, kitchen, and separate oversized locations – Boynton Beach, Naples, Port St. Lucie and Tampa. Experience
two-car garage. the best today! Call or visit for more.
$1,122,000 $9,000,000 GustaveWhite.com From the $400s to $1.5 million ValenciaLiving.com

Southern Heritage Realty LLC Gustave White Sotheby’s International Realty GL Homes
phone: 910.385.7836 phone: 401.849.3000 phone: 800.495.6406

To Advertise email [email protected] or visit classifieds.wsj.com

P2JW237000-0-M00900-1--------XA

THE WALL STREET JOURNAL. Friday, August 25, 2023 | M9

ADVERTISEMENT

Distinctive Properties
To advertise: email [email protected] or WSJ.com/classifieds

AU ST IN’ S # 1 AN O R I G I N AL
I NDEP E N D ENT B R O K ER AGE AUSTI N B R O KER AG E
for Lakefront & Luxury Sales Serving ATX & surrounding areas since 1986

moreland.com | @MorelandProperties Austin | Lake Travis | Westlake | Downtown

1208 W 8th St | $4,900,000 2704BerensonLn.com | $5,395,000 ModernWestlakeEstate.com | $8,900,000 WestlakeCoveLot.com | $7,950,000

4Bd | 3F+2H Ba | Stunning new DT construction | Scenic views Striking custom | 5Bd | 5Ba | 5Liv | Pool | Wine cellar 5Bd | 5F+2H Ba | 1.39 Acres | DT & Hill country views ±100-Ft waterfront | .67-Acre lot on Lake Austin | Eanes ISD
STEWART SHANK 512-905-2777 COLLEEN LOCKWOOD 512-825-6503 ERIC MORELAND 512-480-0844 ANDREW WARE & ERIC MORELAND 512-484-3409

3210 Pickwick Ln | $5,985,000 LakeTravisResidence.com | $2,400,000 BlackbirdFarmTx.com | $1,800,000 224LakeComoDr.com | $1,095,000

6Bd | 5.5Ba | Pool | October completion in Rollingwood 4Bd | 4.5Ba | Cozy & inviting | Barton Creek Lakeside amenities 32+Acs near Round Top | Main house, cabin, warehouse, pond 5Bd | 4Ba | Pool | Views | Lakeway
SEAN KUBICEK 512-826-1135 ERIC MORELAND 512-480-0844 WENDE PARKS 512-680-5199 JAMIE NOVAK 512-426-9957

ModernOnLakeAustin.com | Price Upon Request McIntyreCircleLakeTravis.com | $2,750,000 5thandWest1204.com | $1,345,000 HaciendaWooldridge.com | $5,999,950
4Bd | 4.5Ba | Stunning contemporary | Gated entry 4Bd | 4.5Ba | Travis Landing | Extensively updated retreat 2Bd | 2Ba | Luxurious Fifth & West Residence 5Bd | 5.5Ba | Extensive historic renovation in Pemberton Hts
GREG WALLING 512-633-3787 ERIC MORELAND & TREY PHILLIPS 512-480-0844 KELLY MARTIN & JESSICA YATES 512-632-9091 AMY DEANE 512-695-4820

LostCreekResidence.com | $1,995,000 70Rainey1706.com | $1,985,000 3305 Westland Dr | $2,695,000 1901 Valentino Cv | $919,500
4.4 Serene acres in the Foothills of Barton Creek 3Bd | 3Ba | The pinnacle of Rainey St living 4Bd | 3.5Ba | Expertly designed, new construction Premier cul-de-sac lot in The Reserve at Lake Travis
KELLY MARTIN & JESSICA YATES 512-632-9091 TREY PHILLIPS 512-415-5424 STEWART SHANK 512-905-2777 ELSA DECKER 512-771-6831

CHICAGO | HINSDALE | LAKE FOREST | LAKE GENEVA | NAPLES | NEW BUFFALO | PARK CITY | WINNETKA

The Dawn McKenna Group

# 4 R E A L E S TAT E T E A M I N T H E N AT I O N

FEATURED LISTING FOR RENT

16167 BONITA LANDING CIRCLE | BONITA SPRINGS, FL 1135 3RD AVE S #319 | NAPLES, FL
Private, Gated Community | Open Floor Plan | Located in Coveted Naples Square | Walking Distance
Upgraded Porch with Screened-In Lanai from 5th Ave and The Beach | Luxury Building Amenities |
Available Now Through January 2023

2550 N. LAKEVIEW AVE. #N1601 | CHICAGO, IL 2451 W. THOMAS ST. #1 | CHICAGO, IL

Located in Iconic 2550 Building | Expansive Floor Plan | Newly Renovated Duplex | Upgraded Chef’s Kitchen |
Private Terrace with City & Lake Views Expansive Garage Roof Deck

C U R AT I N G T H E

Extraordinary W4321 N. LAKE SHORE DR. | LAKE GENEVA, WI

Immaculate Lakefront Home | Nestled on 2-Acres |
Spacious Pier Allows 3 Boat Slips
4275 LAKE SHORE RD. | NEW BUFFALO, MI
Gorgeous Beachfront Property on 3 Lots | Opportunity to
Build Dream Home
Top: 3017, 3009, 3003 N Street, NW, Washington, DC
Presenting Georgetown’s most iconic estate, once home to First Lady Jaqueline
Kennedy. Comprised of three historic homes that have been seamlessly connected
and renovated with the finest materials and attention to detail, this estate boasts over
16,000 interior square feet, with 13 beds, 13 full baths, and 5 half baths. $19,500,000
Middle Left: 2660 Connecticut Avenue, NW #6A Washington, DC
This spacious and sophisticated three bed, three full and one half bath residence
at Wardman Tower offers over 3,400 square feet of meticulously-appointed space.
Recently reimagined, it boasts designer finishes, panoramic views, multiple outdoor
spaces, two parking spots, and a host of first-rate amenities. $3,475,000 Jonathan Taylor
Middle Right: 2700 Calvert Street, NW #716, Washington, DC
This fully renovated residence boasts one bedroom + office/two full and one half
Founder &
bath across 2,400 square feet. Luxury abounds, with a sprawling floorplan, multiple Managing Partner
exposures, gleaming hardwood floors, and three assigned parking spaces. Shoreham m +1 202 276 3344
239.316.3883
West is a full-service cooperative offering world-class amenities. $1,895,000
Bottom: 2501 M Street, NW #717, Washington, DC o +1 202 333 1212 W W W. D AW N M C K E N N A G R O U P. C O M
This one-of-a-kind penthouse at the Westgate boasts 2 bedrooms, three full and one [email protected] @ T H E DAW N M C K E N N A G R O U P
half bath across over 3,300 square feet and two levels. Grand in appearance and feel,
jtaylorgroup.com
this home offers soaring ceilings, sweeping views, and every modern convenience at
your fingertips. $3,695,000 ©2023 Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker Real
Estate LLC. The Coldwell Banker System and Dawn McKenna Group fully support the principles
of the Fair Housing Act and the Equal Opportunity Act. *Source: #1 Team in Illinois among all
©2023 Sotheby’s International Realty Affiliates LLC. All Rights Reserved. Sotheby’s International Realty® is a licensed
trademark to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned And Operated. SIR1 brokerages ranked by Wall Street Journal RealTrends The Thousand 2022.
P2JW237000-0-M01000-1--------XA

M10 | Friday, August 25, 2023 THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

A Gilded Age Home in San Francisco

A Gilded Age mansion in San
Francisco is coming on the market
for the first time in decades, ask-
ing $32 million.
The sellers of the circa-1900
home are tech investor Jim Wil-
lenborg and his wife, Barbara Wil-
lenborg, who paid around $3.4
million for the
property in FOR SALE
1988, records
show.
Located on a
$32
corner lot a
MILLION
11,000 sq. ft.,
block from the
2 kitchens,
Presidio, the
solarium
Dutch Colonial
brick home has
views of the Golden Gate Bridge,
the listing agents said. It was de- main living and entertaining area,
signed by the architect Walter D. said Gould.
Bliss, designer of several land- There is a second family room
mark San Francisco buildings. and kitchen on the top floor. The
The Willenborgs said they style is known as an “upside
spent about $2 million renovating down” house, typical of the area
and upgrading the home initially, since many times the best views
and have done other remodeling are from the top floor, Armour
projects along the way. In 1989, said.
The house has views of the Golden Gate Bridge.
they renovated the kitchen and The Willenborgs said they are
baths in conjunction with the San selling to be closer to their chil-

R. BRAD KNIPSTEIN (2)

Francisco Decorators Showcase, Spanning about 11,000 square cisco Bay and the Golden Gate round it on the sides soothe the dren and grandchildren.
said listing agent Karen Mendel- feet over five levels, the house Bridge from every level. soul,” the Willenborgs said in an —E.B. Solomont
sohn Gould of Compass, who is has about 10 bedrooms, including “It is in a neighborhood with email.
marketing the property with col- a caretaker’s quarters, the agents many wonderful houses, but the The home has eight fireplaces,  See more photos of notable
league Max Armour. said. There are views of San Fran- views and the greenery that sur- and there is a solarium off the homes at WSJ.com/RealEstate.

ADVERTISEMENT

Distinctive Properties
To advertise: email [email protected] or WSJ.com/classifieds

CALIFORNIA TEXAS

21 1 W E LLE S LE Y H I LL | SA N A NTO NIO, TX 7 82 31

ENGAGE
LESLIE B ROWN S CAN
REALTOR®, SRES ME
(210) 845-4484

BERKELEY • CA
284 THE UPLANDS
AU STIN BO E R N E FR E D E R I CKSB U RG NE W B R AUN FE L S SA N A NTONI O 10.3MM
VIRGINIA
AFFLUENT READERS WITH
A NET WORTH OF $1MM+
Serene and Historic
⊲ OPEN SUN 2-4:30PM ⊳ Riverfront Retreat
Fabulous architecture, design and style. 1700's log cabin and log
Private artist retreat spaces perfect tavern reconstructed and
for home offices. Level meandering integrated into a charming
gardens and intimate patio with a very 4 bedroom country home
European vibe. A great place to live and on 75 acres overlooking the
vibrantly enjoy. 284theuplands.com beautiful Middle River.
5BR • 5.5BA • $3,895,000 Property also features a large
Bebe McRae outdoor patio with 17-foot
510.928.3912 limestone fireplace, fully
CALDRE#00875159 remodeled 3 bedroom/3 bath
guesthouse and a majestic
2-story treehouse. Located 15
NJ NEW JERSEY minutes from regional airport
and Downtown Staunton, VA.

River Hill | Ben Halterman, Realtor

SKILLMAN, NJ [email protected] | 540.471.0111

MULTI STATE

SALES | AUCTIONS | FINANCE | MANAGEMENT

Three levels of luxury living,

newly constructed in the shadow of the HOMEWOOD RANCH | TELLURIDE, COLORADO
Bedens Brook Country Club. Homewood Ranch is one of the last and largest pieces of deeded land
Offered at $2,500,000 left in proximity to Telluride. Featuring 2,010± deeded acres with
dramatic views of the surrounding mountain ranges.
Alison Covello,
REALTOR ASSOCIATE
C 609-240-8332; O 609-921-2600
Offered at $67,750,000
BAR CROSS RANCH | CORA, WYOMING YOUR PROPERTY HAS A HOME IN MANSION.
30planters.foxroach.com Rare opportunity to own one of Wyoming’s historic operating ranches an
hour south of Jackson. Operating on 35,000± total acres with adjacency
to USFS, a blue-ribbon fishery, and outstanding improvements.
Reduced to $32,000,000 For more information on advertising opportunities,
please contact: [email protected]
A member of the franchise system of BHH Affiliates, LLC. WWW.HA LL A N D HA LL.CO M | IN FO @ HA LLA N D HA LL.CO M | 8 8 8 .557.3 0 9 0

DISTINCTIVE PROPERTIES
SELECT RESIDENTIAL LISTINGS FRIDAYS IN MANSION
LIST YOUR PROPERTY TODAY
(800) 366-3975 | [email protected]
For more information visit: wsj.com/classifieds

Source: Ipsos Affluent Survey USA Spring 2022 Adults 18 or older, HHI $125,000+.
© 2022 Dow Jones & Company, Inc. All Rights Reserved.
© 2023 Dow Jones & Company, Inc. All Rights Reserved.
P2JW237000-0-M01100-1--------XA

THE WALL STREET JOURNAL. Friday, August 25, 2023 | M11

N O RT H T E X AS ’ #
1 LU X U RY B R O K E RAG E

Nothing compares to what’s next.

The North Texas brokerage with the famous clients and why its agents will never say who
BRIGGSFREEMAN.COM

L
FROM MY oose lips sink ships.” wanted to rent a home that was very seclud- it has a notable owner. In fact, we treat all
PERSPECTIVE My father taught me that fa- ed. He first worked with one of our competi- our clients as celebrities. And, we don’t talk.
mous phrase when I joined him in tors, who doesn’t understand the importance A dear friend used to sell fine jewelry at
the real estate business. The idiom of discretion and quickly broke the news. the Neiman Marcus store in downtown Dal-
comes from a headline on U.S. propaganda The star’s manager fired the broker immedi- las. Her clientele included movie stars, mo-
posters during World War II — a catchy way ately and contacted me to help. We found the guls and the movers and shakers of the city.
of stressing that unguarded talk could give star a great home at the end of a cul-de-sac. You could never get a peep out of her about
all kinds of useful information to the enemy. No one knew where he rented. (That is, until her business. In my opinion, that is the way
In our business, when you are working Halloween, when little trick-or-treaters were business should be done.
on a deal, the less said outside the transac- shocked when the star and his wife, also a Thanks, Dad, and the tight-lipped lady,
tion the better. At our brokerage, our agents famous actor, answered the door. But, no one for teaching us all this very important lesson.
take this very seriously. Our clients do not heard it from us.) Because of you, I watch what I say. As do the
want what they are doing to be public — Every year, our agents are involved in nearly 400 agents at our brokerage.
why they’re selling, why they’re buying, some of the largest transactions in North Nobody’s talking.
ROBBIE BRIGGS what they’re paying or where they’re moving. Texas. They occur without fanfare or disclo-
CEO It’s no one’s business but theirs. sure of any information that isn’t required by
Briggs Freeman Sotheby’s I will never forget when one of today’s law or the Multiple Listing Service system WHAT THE LUXURY LEADERS SAY
International Realty
biggest Hollywood stars — you’ve seen his here. If we do market a home publicly, it is Don’t miss our executives’ weekly thoughts,
[email protected] movies — came to Dallas to shoot a film. He only with our client’s permission that we say always on briggsfreeman.com/blog

SOUTHLAKE, TEXAS / 1.5+ ACRES

1161 La Mirada Court / $7,850,000
Local expertise.
Worldwide wow.
The growing Raleigh Green
Real Estate Group isn’t just the
go-to team for those in Fort Worth,
Dallas and all points between. With
their unmatched connections and
JASON CLARK / 662-279-9191 / [email protected]
26,500 global colleagues in the
Sotheby’s International Realty®
UNIVERSITY PARK / DALLAS, TEXAS
network, these amazing agents 4409 University Boulevard
find homes for people from all $
1,695,000 or $8,200/month
© 2023 Sotheby’s International Realty.All Rights Reserved. Sotheby’s International Realty® is a registered trademark and used with permission. Each Sotheby’s International Realty office is independently owned and operated, except those operated by Sotheby’s International Realty, Inc.The Sotheby’s International Realty network fully supports
the principles of the Fair Housing Act and the Equal Opportunity Act. All images are a combination of photography and artist renderings.The artist representations and interior decorations, finishes, appliances and furnishings are provided for illustrative purposes only. Prices and features are subject to change.

over. First homes, forever homes,

vacation homes and more: No one
FOR SALE OR LEASE
knows North Texas like this team.

ALEX TRUSLER / 214-755-8180 / [email protected]

KARLA TRUSLER / 214-682-6511 / [email protected]

OAK LAWN / DALLAS, TEXAS

4330 Gilbert Avenue #B / $875,000

Raleigh Green Megan Green Stefany Nau

214-208-7417 281-687-4134 469-805-1588
[email protected] [email protected] [email protected]

SHELLE CARRIG / 214-450-8782 / [email protected]

CHIHUAHUA, MEXICO / 27,458± ACRES PRESTON HOLLOW / DALLAS, TEXAS TWIN CREEKS / ALLEN, TEXAS
Los Pilares / Price upon request 6605 Stichter Avenue / $3,500,000 1905 Marshall Drive / $650,000

OPEN HOUSE
COMING SOON Saturday, August 26,
12 to 3 pm

JAMES SAMMONS III / 214-701-1970 / [email protected] VICKI FOSTER / 214-642-8966 / [email protected] JESSICA SMITH / 214-908-4724 / [email protected]

GLEN LAKES / DALLAS, TEXAS / GATED COMMUNITY TURTLE CREEK / DALLAS, TEXAS CARUTH HILLS / DALLAS, TEXAS
6 Glenkirk Court / 1,495,000 $
3535 Gillespie St #701 / Listed for 2,850,000 $
7726 Marquette Street / Off-market sale

SOLD* SOLD
*REPRESENTED BUYER

JEANNIE NETHERY / 214-803-3787 / [email protected]

PAM BRANNON / 214-912-1756 / [email protected] CATHERINE LEE / 214-500-7002 / [email protected] PETE RYAN / 214-957-3547 / [email protected]

214-350-0400 FIND US ON SOCIAL MEDIA @BRIGGSFREEMAN AND #BRIGGSFREEMAN

P2JW237000-0-M01200-10100410008

M12 | Friday, August 25, 2023 THE WALL STREET JOURNAL.

ADVE NTU R E AWAITS

WHER E LUXU RY LIVES

Discover a world of luxur y with Christie’s International Real Estate.
From haute homes to ex traordinar y estates, our distinguished
network is your connection to the finest proper ties and experiences
across the globe. No matter the destination or lifest yle, Christie’s
International Real Estate is where luxur y lives.

Islamorada, Florida Key Largo, Florida Keys North Palm Beach, Florida
5-acre oceanfront estate. 4-bed, 4-bath, main home, Catch spectacular sunsets. 4-bed, 2-bath Bayfront Custom home, 5-bedroom, 5.5-bath, and office with
plus a guest cottage. Deep water dockage and pool estate. Private beach with 3 entryways, boat basin, 132’ ICW waterfrontage. Dock, summer kitchen, and
area. Property ID 605003. US$14,950,000. chickee hut, hot tub, and garage. Property ID 605581. pool. US$6,950,000.
US$3,795,000.
Joy C. Martin Christine Garcia Castellanos Peter Erdmann
American Caribbean Real Estate American Caribbean Real Estate Lost Tree Realty
Christie’s International Real Estate Christie’s International Real Estate Christie’s International Real Estate
+1 305 394 7866 +1 305 495 5184 +1 561 329 2383
[email protected] [email protected] [email protected]

Palm Harbor, Florida St. Petersburg, Florida Savannah, Georgia

Fantastic opportunity to build your dream home in This renovated waterfront home is located in the Iconic 5-bedroom, 3.5-bath childhood home of U.S.
one of the most sought-after streets in the Ozona exclusive Venetian Isles subdivision on an elevated Poet Laureate Conrad Aiken. Newly renovated c.1855
area. US$1,500,000. waterfront lot with easy access to Tampa Bay. brick row house in Landmark District with elevator and
US$1,395,000. exquisite interiors. US$4,900,000.
Margot Toomey John & Brenda Fullerton Staci Donegan
Coastal Properties Group International Coastal Properties Group International Seabolt
Christie’s International Real Estate Christie’s International Real Estate Christie’s International Real Estate
+1 727 515 1445 +1 727 433 2979 +1 912 247 2052
[email protected] [email protected] [email protected] | stacidonegan.com

Tarrytown, New York Toronto, Canada Paris, France

Enjoy luxury living in this stunning 3-bedroom Luxury penthouse in Yorkville spanning 4,400 sq ft. This stunning renovated 1,280 sq m property is the
penthouse with private elevator access, soaring Two units combined with 3.5 bedrooms, 4 bathrooms, work of famous designer Kenzo Takada and architect
ceilings, and Hudson River views. Property ID 6259900. and grand principal spaces. Includes 4 parking spots Kengo Kuma. Property ID 8101826. Price upon request.
US$1,875,000. and 2 lockers. CAD$6,195,000
Alicia Goldman Maggie Lind Marie-Hélène Lundgreen
Christie’s International Real Estate Group Chestnut Park Real Estate Limited Brokerage Belles demeures de France
+1 914 355 1137 Christie’s International Real Estate Christie’s International Real Estate
[email protected] +1 416 925 9191 +33 6 60 34 14 62
[email protected] [email protected]

Chicago London Hong Kong

806 N Peoria 8 King Street, St. James’s 22nd Floor, Alexandra House
Chicago, Illinois 60642 London, SW1Y6QT, United Kingdom 18 Chater Road, Central, Hong Kong
+1 312 254 0200 +44 20 3824 1951 +852 5808 7680 christiesrealestate.com