* * * * * WEDNESDAY, MARCH 26, 2025 ~ VOL. CCLXXXV NO. 70 WSJ.com HHHH $5.

00
DJIA 42587.50 À 4.18 0.01% NASDAQ 18271.86 À 0.5% STOXX 600 552.59 À 0.7% 10-YR. TREAS. À 6/32 , yield 4.307% OIL $69.00 g $0.11 GOLD $3,023.70 À $10.60 EURO $1.0793 YEN 149.91

What’s Russia to
News Get Help
Business & Finance On Trade
 The Trump family’s World
Liberty Financial is launch-
In Swap
ing a stablecoin, its latest
bid to capitalize on a crypto-
market revival kindled by
the president’s election. A1
For Truce
 Investors’ hopes for a mod- Moscow demanded
erate outcome on tariffs helped easing of Western
lift U.S. stocks, with the S&P
500 and Nasdaq climbing 0.2% sanctions to secure
and 0.5%, respectively, and the Black Sea cease-fire
SAUL LOEB/AGENCE FRANCE-PRESSE/GETTY IMAGES

Dow gaining less than 0.1%. B11

 A key consumer survey The U.S. said it would help
showed a fall in household Russia boost agricultural ex-
sentiment in March, adding ports and restore its access to
to evidence that people are payments systems, after the
taking a more negative view Kremlin demanded the easing
of the economy. A2 of Western sanctions in return
for a cease-fire in the Black Sea.
 The Pentagon’s award to
Boeing of a contract to build
the next-generation jet fighter By Alexander Osipovich,
threw a lifeline to the belea- Laurence Norman
guered company in the form
From left, FBI Director Kash Patel, Director of National Intelligence Tulsi Gabbard and CIA Director John Ratcliffe testified and Ian Lovett
before the Senate Intelligence Committee Tuesday, a day after the report of a group chat that contained U.S. airstrike plans.
of a guaranteed profit through
The announcement, which
the development phase. B1

Officials Minimize War-Plans Breach

followed two days of talks in-
 Samsung Electronics co- volving the U.S., Russia and
CEO Jun Young-hyun will take Ukraine, sets up a potential
over as the electronics com- standoff between the U.S. and
pany’s sole leader following its allies in Europe, who im-
the sudden death of his coun- Democrats challenge vice, while Democrats de-
By Michael R. Gordon,
gence Committee, was chal- posed some of the sanctions
terpart, Jong-hee Han. B1 nounced the security breach as lenged by several senators who at issue.
testimony that group reckless and dangerous. Tarini Parti said it wasn’t plausible that a Russia said it would only
 Tesla’s sales in the Euro- and Alex Leary
pean Union plunged for the chat on Yemen didn’t Tulsi Gabbard, the director chat with such details could be comply with a Black Sea truce
of national intelligence, and unclassified. upon the lifting of some bank-
second consecutive month share classified data John Ratcliffe, the director of ported that the chat, on the “If that is the case, please ing sanctions, which European
in February despite an over-
the Central Intelligence platform Signal, included de- release the whole text stream,” nations have vowed so far to
all increase in demand for
WASHINGTON—President Agency, told Congress Tuesday tails of an imminent operation said Sen. Angus King, a politi- keep in place. President Volod-
electric vehicles. B3
Trump and two top intelligence that the chat among senior of- against the Houthis, including Please turn to page A4 ymyr Zelensky of Ukraine said
officials denied on Tuesday ficials over a pending military the targets to be hit and time he was opposed to weakening
that classified materials about strike against Houthi militants they were to be struck.  Secret chat invite went to sanctions on Russia as a part
military strikes in Yemen were earlier this month didn’t in- Gabbard and Ratcliffe’s object of Trump’s ire....... A4 of a deal.
shared by officials on a group clude classified information. claim, which was made in tes-  How Signal works and why It wasn’t clear what bene-
chat on a nongovernment ser- The Atlantic on Monday re- timony to the Senate Intelli- officials used it.................. A4 Please turn to page A7

Trump Family Venture INSIDE Wary Europe Eyes

Deepens Crypto Push Own Nuclear Force
World-Wide BY VICKY GE HUANG that has sought to forge closer
ties to the president’s family.
 Trump and two of his top The Trump family’s World Stablecoins provide the
Doubts about U.S. commitment spur
intelligence officials denied Liberty Financial is launching backbone to the decentralized countries to consider weapons sharing
that classified materials a stablecoin, its latest bid to web of digital networks that
about military strikes in Ye- capitalize on a crypto-market comprise the crypto markets, PARIS—Two weeks after clear bunker deep under his
men were shared by officials revival kindled by the presi- functioning as digital dollars Russia’s large-scale invasion regal presidential palace to
on a group chat on a non- dent’s election. used widely to store cash or of Ukraine, French President lead an exercise dubbed
government service, while World Liberty’s USD1 will pay for purchases of other to- Poker. Officials had chosen
Democrats denounced the be backed by short-term U.S. kens. They aim to maintain a By Daniel Michaels, that night, in March 2022, for
security breach as reckless Treasurys, U.S. dollar depos- 1:1 exchange ratio with gov- JASON GAY Noemie Bisserbe and its clear skies. They wanted
and dangerous. A1, A4 its, and other cash equiva- ernment-issued currencies, With no underdog Michael R. Gordon to respond to Russian Presi-
lents, the company said Tues- and store reserves in cash or dent Vladimir Putin, who
 The U.S. said it would
day. The token will be issued cash-like assets such as Trea-
team, March Madness Emmanuel Macron descended days earlier had made a
help Russia boost agricul- surrenders to basketball
on the Ethereum network and surys to keep the peg in place. 20 stories beneath Paris to thinly veiled threat to the
tural exports and restore its
access to payments systems
a blockchain created by Bi- World Liberty’s stablecoin powerhouses. A12 send a message to Moscow. West by putting his country’s
nance, the crypto exchange Please turn to page A6 He entered France’s nu- Please turn to page A8
after the Kremlin demanded
the easing of Western sanc-
tions in return for a cease-
fire in the Black Sea. A1 Water Fight Office Downturn Leaves
 Trump signed an order
Captivates
that aims to reshape how
elections are conducted by
setting new voter-registration
Class of ’25
Park Avenue Unscathed
ID requirements and prohib-
iting the counting of absen- i i i BY PETER GRANT new home to investment pow-
tee or mail-in ballots re- erhouse Citadel. He recently
ceived after Election Day. A3 It’s douse or die The U.S.’s oldest and most leased the remaining floors to
venerable office districts are the State Bank of India.
 Trump signed an executive
order targeting Jenner & Block,
in Senior Assassin; struggling to remain relevant Just two blocks east, on
during this period of changing Third Avenue, desperate land-
expanding his campaign of
retribution against law firms
mole in the choir work habits. lords are offering 75% dis-
Then there’s Park Avenue. counts to the going rates on
he perceives as enemies. A4
BY ROBERT MCMILLAN The stately boulevard cre- Park Avenue. But tenants
 The Trump administration ated in the late 1800s is still seeking the Park Avenue ca-
plans to freeze tens of mil- SAN FRANCISCO —A black one of the hottest office mar- chet aren’t interested.
lions of dollars in family-plan- Volvo rolled slowly down a kets in the country. Its towers, Financial firms are willing
ning grants to certain organ- quiet street while passengers filled with white-shoe law to pay in part because peers
izations while it investigates armed with waterguns firms, real-estate companies, are based there. Churchill As-
whether the money was scanned for their target. Then insurers and giant money set Management was outgrow-
used for diversity efforts. A3 at two minutes before 5 p.m., managers such as Blackstone, ing its space in 430 Park Ave.
high-school senior Gabriel command some of the highest Despite finding lower rents in
CONTENTS Opinion............. A13-15 Pardini emerged from a office rents anywhere. the city’s other business dis-
Arts in Review........ A11 Personal Journal A9-10
Business&Finance.. B2 Property Report. B6
YMCA. The stretch of Park Avenue tricts, the money manager
Business News......... B3 Sports....................... A12 From his middle seat, Gra- in Midtown Manhattan is the signed a new lease at the Sea-
Crossword................... A12 Technology.............. B4 ham Iwanchuk raised his Nerf rare boulevard where compa- gram Building, Ludwig Mies
Heard on Street.... B12 U.S. News........... A2-6 Super Soaker XP35 and fired nies are willing to pay up for a van der Rohe’s midcentury-
Markets......................... B11 World News A7-8,A16
through an open window. Par- trophy address. Many CEOs modern classic at 375 Park Ave.
dini never stood a chance. He still consider it as the premier “We’re in good company,”
> was out of the game. location to call home. said Shai Vichness, Churchill’s
They were playing Senior “It’s the best place you can chief financial officer. “It
Assassin, a citywide game of be on the Monopoly board,” makes it easier for investors
water-pistol tag that’s become said David Levinson, whose when they’re coming to see us
s 2025 Dow Jones & Company, Inc.
a rite of passage for students L&L Holding is the developer of that they can go up and down
All Rights Reserved Please turn to page A10 the 47-story 425 Park Ave., Please turn to page A2
A2 | Wednesday, March 26, 2025 * * THE WALL STREET JOURNAL.

U.S. NEWS
U.S. Consumer GSA’s List
Conference Board consumer-confidence survey* show what has actually hap-
pened in the economy.
130 “In a self-fulfilling process of
Four straight sentiment and economic activ-
Of Federal
Outlook Dims
120 months of declines ity, you can think your way into
a recession,” said Jackson Gar-

Buildings
110
ton, chief investment officer at
100
Makena Capital Management, a
Menlo Park, Calif., investment

In Key Survey For Sale

90 Consumer– firm. “But sentiment can shift
confidence index the other way quickly, too.”
80 March: 92.9 Another closely watched

BY MATT GROSSMAN 80 that often signals a reces-

70

60
Expectations
index†
March: 65.2
consumer survey, run by the
University of Michigan, has
fallen precipitously, declining
Is Slashed
sion, the Conference Board said. by 27% over the year through
2021 ’22 ’23 ’2% ’25 (12–year low)
A key consumer survey Meanwhile, the survey’s mid-March. The latest figures BY PETER GRANT
showed a fall in household sen- broader headline index fell to from the Michigan survey are
*Index 1985 = 100 †Based on consumers’ short-term outlook for income,
timent in March, adding to evi- 92.9, down 7.2 points from a business and labor market conditions due on Friday. The Trump administration
dence that people are taking a month earlier, marking the Source: Conference Board via LSEG Earlier Tuesday, a Philadel- is preparing to sell eight fed-
more negative view of the fourth straight month of de- phia Fed survey of nonmanu- eral office buildings, shrinking
economy. clines. economy. Write-in responses a close eye on consumer sur- facturing companies in the re- considerably a previous effort
The Conference Board’s Sentiment among busi- to the March Conference Board veys because of fears that a serve bank’s mid-Atlantic to offload hundreds of build-
monthly survey showed that nesses and households alike survey “showed that inflation gloomy mood could presage a district showed sharply lower ings after it faced widespread
forward-looking expectations has darkened in recent is still a major concern for con- real economic slowdown. So business activity in March. criticism.
for income, business and labor- months, with many respon- sumers and that worries about far, there has been scant sign More data due from the The General Services Admin-
market conditions dropped to dents across recent surveys the impact of trade policies of a downturn in backward- Commerce Department on Fri- istration said it was accepting
the lowest level in 12 years. Ex- citing concerns that the Trump and tariffs in particular are on looking data such as the unem- day will give an update on nonbinding bids on the eight
pectations fell to an index level administration’s fast-changing the rise,” the organization said. ployment rate and gross do- Americans’ income and spend- federal office buildings with a
of 65.2, below the threshold of tariff plans could disrupt the Analysts have been keeping mestic product figures that ing through February. combined 2 million square feet.
The buildings are in Chicago,
Atlanta, Kansas City, Houston

Businesses Bristle at a GOP Tax Proposal

and four other cities. The GSA
said it chose these properties in
part because they have a high
cost to operate.
BY RICHARD RUBIN higher individual SALT, but trying to preserve 2017’s change would respond to to consider state taxes on The agency earlier this
we’ll see,” said Rep. Lloyd wins. Companies want exten- concerns from GOP House particular industries, such as month published a list of 440
WASHINGTON—Congres- Smucker (R., Pa.), who is a sions of some international members from New York, severance taxes on oil, gas federal buildings with 80 mil-
sional Republicans may con- member of the tax-writing rates and restoration of New Jersey and California. and mineral extraction and lion square feet as part of the
sider capping corporations’ House Ways and Means lapsed tax provisions on capi- Like the original $10,000 premium taxes on insurance Trump administration’s effort
ability to deduct state and lo- Committee. tal investment, research costs cap on individual deductions, policies. to downsize the federal govern-
cal taxes from federal taxable Party leaders are still ar- and interest expenses. a C-SALT cap raises signifi- “Done in any way, scoped ment and save money. But in
income, and business lobby- guing about the broader fis- Trump’s promised tax break cant money but isn’t techni- broadly or narrowly, it is an extraordinary reversal, the
ists are rallying to fight the cal framework and the scope for domestic manufacturers cally a rate increase. It is ul- simply a backdoor rate in- GSA backtracked within hours
potential change, which of spending cuts. would be welcome, too. timately paid by higher- crease,” said Aaron Padilla, and took down the list after the
would raise hundreds of bil- Even with that uncer- Most congressional action, income people because much vice president of corporate process came under fire for be-
lions of dollars over a de- tainty, businesses see the C- however, is focused else- of the burden would be felt policy at the American Petro- ing too hasty and disorganized.
cade. SALT risk as real, and they where, on continuing expir- by corporate shareholders. leum Institute. The GSA said it was plan-
Repealing or curbing the are warning that a cap is a ing tax cuts And it creates For life insurers, premium ning to put numerous other
corporate state and local tax tax-rate increase by another for individuals, incentives for taxes effectively operate as a properties out for bidding in
deduction (C-SALT, in tax name. estates and state and local gross receipts tax, said David the months to come.
shorthand) would parallel to- “Retaining a 21% corporate closely held Repealing or governments to Chavern, president and chief GSA had identified the eight
day’s $10,000 cap on SALT rate is by far the No. 1 issue businesses. curbing the lower their executive of the American buildings and numerous others
deductions for individuals of our members, and we see Republicans taxes. Council of Life Insurers. He as surplus before President
and raise money to pay for this as a threat to that,” said are seeking C-SALT would If they pur- said his member companies Trump was elected for the sec-
tax cuts in the major legisla- Catherine Schultz, vice presi- ways to in- sue a C-SALT can’t change where their cus- ond time. But the government
tion Congress is assembling dent for tax and fiscal policy clude Trump’s
raise money to cap, lawmakers tomers live or reprice policies has been reluctant to put office
this year. at the Business Roundtable, promises to pay for cuts. will encounter sold decades ago. buildings on the market be-
Ending deductions for which represents large-com- eliminate several crucial “I can’t quite tell if this is cause office values have plum-
state corporate income taxes pany chief executives. taxes on tips, choices. just the intellectual debate meted since the pandemic.
would yield $223 billion over This isn’t 2017, when cor- overtime pay An income- that people are having or Now, the GSA is determined
a decade, and ending prop- porate pressure to lower the and Social Security benefits, tax deduction limit would be whether there’s something to get surplus office buildings
erty-tax deductions would 35% tax rate and lighten and that has them consider- less far-reaching than one real underneath,” Chavern off the government books—
nearly double that, according taxes on foreign profits moti- ing spending cuts, changes to that also applies to property said. “We kind of need to talk even at a discounted price—to
to the Tax Foundation, which vated Trump’s first-term tax clean-energy tax credits and taxes. But because corporate about it so people understand save the costs of operations
favors a system with lower law. Then, Republicans made ideas like the C-SALT cap income taxes are calculated it is a really bad idea.” and maintenance.
rates and fewer breaks. That corporate changes largely that otherwise might be un- largely based on the location Lawmakers would also de- The GSA said it could save
is easily enough to cover, for permanent and set individu- palatable. of a company’s sales, not its cide how to handle busi- $430 million annually through
example, President Trump’s als’ tax cuts to expire after Republicans also are re-ex- headquarters, companies nesses such as partnerships asset sales. Such savings
no-tax-on-tips pledge or help 2025. amining the 2017 SALT cap can’t avoid them by moving. and S corporations, which would justify selling the build-
offset changes to the individ- This time, with those indi- they imposed on individuals. In that sense, it is quite dif- don’t face corporate income ings at “reasonable offers”
ual SALT cap. vidual expirations looming, There, they are likely to ferent from the individual taxes and instead pay that “are not the pinnacle of
“It might be something to large U.S.-based companies lower the tax burden by rais- cap. through their owners’ per- what others think we should
consider as a pay-for for are mostly playing defense, ing the $10,000 cap. That Congress would also need sonal tax returns. get for a building,” a GSA
spokesman said.
The office market has been
Park Avenue office vacancy rate, quarterly showing signs of rebounding
16%
as more companies require
employees to show up in of-
1% fices more frequently.
The GSA also selected the
12 eight buildings because they
10 are among those furthest
along in the process that the
8 federal government under-
takes before putting a building
6 up for sale.
%

2
CORRECTIONS 
0
2021 ’22 ’23 ’2% ’25
AMPLIFICATIONS
Source: CoStar
SHURAN HUANG FOR WSJ

Signal is a nonprofit mes-

Park Avenue according to data firm CoStar.

Manhattan and U.S. office va-
cancy overall sits at 16.1%.
saging service. In some edi-
tions Tuesday, a U.S. News ar-
ticle about national-security

Retains Park Avenue’s retailers are

also cashing in. One Thursday
the line for lunch at NAYA, a
officials’ use of Signal incor-
rectly called it a commercial
messaging service.

Its Mystique Middle Eastern restaurant,

stretched down the block.
Next door, at Joe & The Juice,
Above, JPMorgan Chase’s new $3 billion headquarters will provide up to 10,000
workers with two outdoor gardens, a 19-restaurant food hall, fitness and wellness
centers and spaces for prayer and meditation; below, Park Avenue around 1934.
Readers can alert The Wall Street
Journal to any errors in news articles
by emailing [email protected] or
midday orders have doubled by calling 888-410-2667.
Continued from Page One from a year ago, to 200. The
that stretch of Park Avenue.” staff can barely keep up.
Park Avenue has also been “We definitely will be hir- THE WALL STREET JOURNAL
a big beneficiary of the recent ing,” store manager Josefien (USPS 664-880)
(Eastern Edition ISSN 0099-9660)
extension of Long Island Rail Planckaert said. (Central Edition ISSN 1092-0935)
Road service to Grand Central Park Avenue’s history dates (Western Edition ISSN 0193-2241)
Terminal, which brings tens of back to the expansion of com- Editorial and publication headquarters:
thousands of daily commuters muter-rail traffic to New York 1211 Avenue of the Americas,
New York, N.Y. 10036
closer to its office towers. The at the end of the 19th century.
Published daily except Sundays and general
city’s major rezoning of a 73- Railroad tycoon Cornelius legal holidays. Periodicals postage paid at
block area in Midtown to en- Vanderbilt led an effort to New York, N.Y., and other mailing offices.
courage new development move tracks underground Postmaster: Send address changes to
gave another boost. to speed the passage of trains, The Wall Street Journal, 200 Burnett
Rd., Chicopee, MA 01020.
The real-estate community creating a grand boulevard.
All Advertising published in The Wall
is responding. New York began Starting in the 1950s, com- Street Journal is subject to the applicable
KEYSTONE-FRANCE/GETTY IMAGES

last week its public review panies from around the U.S. rate card, copies of which are available
process to approve construc- were uprooting their headquar- from the Advertising Services Department,
Dow Jones & Co. Inc., 1211 Avenue of the
tion of 350 Park Ave., a 1.8 ters and moving to iconic Park Americas, New York, N.Y. 10036. The
million-square-foot tower. Avenue addresses such as Le- Journal reserves the right not to accept
Developer Scott Rechler ver House, Seagram Building an advertiser’s order. Only publication of
an advertisement shall constitute final
and his partners announced and the Pan Am Building, now acceptance of the advertiser’s order.
plans for 175 Park Ave., a $6 known as the MetLife Building. Letters to the Editor:
billion tower near Grand Cen- More recently, Park Avenue Fax: 212-416-2891; email:
tral that is slated to be the took a hit when some big com- [email protected]
tallest commercial building in panies relocated to shiny new real-estate services firm square foot. Its tenants in- The tower will include a Need assistance with your subscription?
By web: customercenter.wsj.com;
the Western Hemisphere when towers—with elaborate fitness Cushman & Wakefield. clude Centerbridge Partners, food hall with 19 different res- By email: [email protected]
completed in 2032. centers, soaring rooftop views Developer Aby Rosen, Advent International and Blue taurants, fitness and wellness By phone: 1-800-JOURNAL
“There’s not that much and plenty of natural light—in owner of the Seagram Build- Owl Capital. centers, spaces for prayer and (1-800-568-7625)
availability around Park Ave- the Hudson Yards development ing, opted for a $30 million In the biggest addition to meditation and two outdoor Reprints & licensing:
By email: [email protected];
nue,” Rechler said. on Manhattan’s west side. upgrade after Wells Fargo left Park Avenue in many years, gardens. New York’s zoning By phone: 1-800-843-0008
That is true even during one But now owners of older for Hudson Yards. He added JPMorgan Chase plans this change enabled JPMorgan WSJ back issues and framed pages:
of the worst office downturns Park Avenue buildings are an outdoor terrace and a summer to open its new 60- Chase to add one million wsjshop.com
since World War II, when re- splurging on expensive up- climbing wall, boxing ring, story headquarters. The $3 bil- square feet to make it a 2.5 Our newspapers are 100% sourced from
mote work and a glut of supply grades to remain competi- basketball courts, yoga and a lion tower will house up to million-square-foot building. sustainably certified mills.
have upended the office busi- tive. Since the pandemic, at spinning studio. 10,000 workers and offer 2.5 “It’s a great example of ur-
ness. Park Avenue’s vacancy least three tenants have relo- Seagram is now close to times the ground-level outdoor ban renewal,” said David GOT A TIP FOR US?
rate has fallen to 8.9%, its low- cated from Hudson Yards to 100% leased at rents that ex- space of JPMorgan’s old 1950s- Arena, the bank’s head of SUBMIT IT AT WSJ.COM/TIPS
est rate since the end of 2018, Park Avenue, according to ceed an average of $200 a era headquarters at the site. global corporate real estate.
THE WALL STREET JOURNAL. * * * * Wednesday, March 26, 2025 | A3

U.S. NEWS

Trump Cherry Blossoms Begin to Bloom in Washington, D.C.

Order
Aims to
Overhaul
Voting
BY JOSEPH DE AVILA
AND MARIAH TIMMS

President Trump signed an

executive order on Tuesday
that aims to reshape how elec-
tions are carried out in the
U.S. by setting new identifica-
tion requirements for voter
registration and prohibiting
the counting of absentee or
mail-in ballots received after
Election Day.
The order marks a signifi-
cant push to increase the ex-
ecutive branch’s influence
over elections, which are ad-
ministered by the states.
Trump’s latest action threat-
ens to pull the small amount

ANDREW LEYDEN/ZUMA PRESS

earmarked by Congress for
elections from states that fail
to meet its provisions. It will
likely be challenged in court.
The order creates new
proof-of-citizenship require-
ments for people attempting
to register to vote through CAPITAL IMPROVEMENT: National Park Service officials predict the cherry trees will reach peak bloom in the next few days. A festival runs until April 13.
federal forms. Most people
register to vote via their state.

Family-Planning Grants Set to Be Frozen

The requirements include pro-
viding documentary proof of
citizenship like a passport or a
Real ID compliant driver’s li-
cense for national mail voter
registration. The order also BY LAURA KUSISTO ported the plans. grant recipients to make sure utes the funds under its pro- for diversity, equity and inclu-
enlists the Justice Department AND LIZ ESSLEY WHYTE The groups that would be they comply with President gram known as Title X. The sion efforts, the people said.
and the commissioner of So- subject to the freeze include Trump’s executive orders and $120 million is roughly half the Trump issued an executive
cial Security in efforts to find The Trump administration Planned Parenthood affiliates, federal law. money available for the pro- order on his first day in office
ineligible voters. is moving to freeze tens of the people familiar with the Alexis McGill Johnson, gram for the year, according to directing his administration to
Trump tapped Elon Musk’s millions of dollars in federal matter said. Altogether, the president and CEO of Planned the HHS website. The program scrub DEI efforts from all cor-
Department of Government Ef- family-planning grants to cer- groups were set to get a total Parenthood Federation of gives free or discounted ser- ners of the federal govern-
ficiency to wade into sensitive tain organizations while it in- of about $120 million this America, said: “The Trump- vices to about four million peo- ment.
voter registration data to look vestigates whether the money year. Vance-Musk administration ple annually through a net- HHS could later decide to
for inaccuracies. Earlier this was used for diversity efforts, The freeze would suspend wants to shut down Planned work of roughly 4,000 clinics. fully rescind the grants or re-
month several federal judges people familiar with the mat- funding meant to support, in Parenthood health centers by Planned Parenthood clinics allocate the money to other
blocked DOGE members from ter said. the U.S., pregnancy testing, any means necessary, and in about a dozen states were organizations.
accessing other federal data- The Health and Human provision of contraception, they’ll end people’s access to set to receive roughly $20 mil- The freeze would partially
bases that contain Americans’ Services Department is weigh- treatment of sexually transmit- birth control, cancer screen- lion in family-planning grants fulfill a longtime conservative
personal information. ing an immediate freeze of ted infections and evaluation ings, STI testing and treat- this year. goal of defunding Planned
$27.5 million in grants, an and counseling for infertility. ment and more to do it.” During the freeze, the de- Parenthood because it pro-
agency spokesman said after An HHS spokesman said the The Department of Health partment plans to examine vides abortions and advocates
Congressional effort The Wall Street Journal re- department was reviewing and Human Services distrib- whether the funds were used for abortion rights.
Portions of Tuesday’s order
mirror the Safeguard Ameri-
can Voter Eligibility Act, or
SAVE Act, which was sup-
ported by House Speaker Mike
Johnson (R-La.), and was rein-
Judge Tells Authorities Not to Detain Columbia Student
troduced this year after failing A federal judge ordered im-
to make it out of the Senate in migration authorities to stop
2024. Critics of the bill say im- attempting to detain a Colum-
plementing it could block U.S. bia University junior who par-
citizens who have changed
their names or haven’t up- By Jenna Telesca,
dated their passports from Joseph Pisani
registering. They say it would and Jennifer Calfas
also place unwieldy burdens
on state administrators to cre- ticipated in pro-Palestinian
ate policies and access to sen- protests until further notice
sitive information databases. from the court.
President Trump doesn’t Judge Naomi Reice Buch-
have the authority to issue an wald on Tuesday issued a
executive order establishing temporary restraining order a
new identification require- day after Yunseo Chung sued
ments to register to vote, said the Trump administration to
Wendy Weiser, vice president prevent her deportation. The
for democracy at the Brennan judge, appointed by President
Center for Justice, a left-lean- Bill Clinton, scheduled a hear-
ing advocacy organization. ing for May 20.
“This would actually harm The Department of Home-
DANA EDWARDS/REUTERS

eligible American citizens,” land Security issued an arrest

Weiser said. “This would be warrant for the 21-year-old
tens of millions of American student on March 8, according
citizens who could be excluded to court records. Chung, a per-
from registering from voting.” manent resident, moved to the
Michael Whatley, chairman U.S. at age 7 from South Korea.
of the Republican National Her lawyers say she has Students from across New York City marched outside Columbia University’s Manhattan campus on Monday.
Committee, applauded the or- broken no laws and that the
der. “Requiring proof of citi- Trump administration seeks changes the school agreed to Studies. said, “Hi, Yunseo. This is Au- and pro-Palestinian demon-
zenship, paper ballot trails, to strip her green card be- in negotiations with the fed- Chung attended Columbia drey from the police. My job is strator, saying they were act-
and investigating fraud are all cause of her advocacy work. eral government. student demonstrations last to reach out to you and see if ing on orders by the State De-
commonsense steps to protect “Simply put, immigration Armstrong released a state- year that criticized the Israel- you have any questions about partment. President Trump
the vote,” Whatley said. enforcement—here, immigra- ment emphasizing her support Hamas war’s toll on civilians your recent arrest and the said Khalil’s arrest would be
tion detention and threatened for the changes after holding in Gaza. The university inves- process going forward. When the first of many.
deportation—may not be used weekend meetings with anx- tigated her for vandalism for are [sic] available for a phone Homeland Security has
Misleading claims as a tool to punish noncitizen ious faculty about the deal the posting fliers on campus with call?” cited a seldom-used provision
Trump and fellow Republi- speakers who express political school made in government pictures of the board of trust- Chung’s lawyer called the of immigration law that allows
cans have repeated misleading views disfavored by the cur- talks over federal funding. ees and the words, “Wanted number, and Audrey identified the secretary of state to re-
claims that large numbers of rent administration,” they Some faculty said they were for Complicity in Genocide,” herself as an agent with move a green card holder from
noncitizens have voted in elec- wrote. concerned that Armstrong her lawyers said in court doc- Homeland Security Investiga- the country if he has reason-
tions. It is illegal for noncitizens The Department of Home- was playing down the uments. The school deter- tions, part of U.S. Immigration able grounds to believe that
to vote in federal elections and land Security said it was seek- changes, and presenting mined she hadn’t violated any and Customs Enforcement. person’s presence or activities
states have layers of protection ing Chung’s deportation in mixed messages. policies. She told Chung’s lawyer that “would have potentially seri-
to verify that those casting bal- line with immigration law. “I regret any confusion and On March 5 there was an ous adverse foreign policy
lots are eligible. Studies by “Yunseo Chung has engaged in inconsistent statements and this year, Chung administrative consequences” for the U.S.
groups across the political spec- concerning conduct, including want to make sure our posi- went to a sit-in warrant for The targeting of student
trum have found no evidence of when she was arrested by tion is clear as we go for- at sister college Chung’s lawyer Chung’s arrest activists and Columbia leader-
ineligible immigrants ever vot- NYPD during a pro-Hamas ward,” Armstrong said in a Barnard in sup- was told that and “due to the ship’s decision to cede to the
ing in sufficient numbers to af- protest at Barnard College,” a statement Tuesday. “Let there port of students situation with Trump administration’s de-
fect an election outcome. spokesperson for the depart- be no confusion: I commit to disciplined for the secretary of the protesting, mands has sparked outrage
All states regularly audit ment said. Columbia declined seeing these changes imple- their participa- the State De- and protests on the Ivy
their voter rolls, removing out- to comment. mented, with the full support tion in advo-
state revoked partment was League university’s campus.
dated registrations when voters Columbia, in New York City, of Columbia’s senior leader- cacy events. her green card. at liberty to re- “It’s time for all of us—fac-
move or become ineligible to has become ground zero for ship team and the Board of The New York voke” her legal ulty, students, alumni, elected
vote. The majority of votes in the Trump administration’s Trustees.” Police Depart- permanent res- officials and the public—to
the U.S. are already cast with a campaign to dismantle what it Armstrong put out the ment arrested ident status. lead the defense of universi-
paper record. calls antisemitism on campuses statement after the Trump ad- Chung and released her with a Assistant U.S. Attorney ties,” Michael Thaddeus, a Co-
Several states operate their during pro-Palestinian pro- ministration asked the school desk appearance ticket for ob- Perry Carbone told Chung’s lumbia mathematics professor,
elections almost entirely by tests. Federal agencies threat- to clarify its commitment to struction of governmental ad- lawyer that the secretary of said Monday at a protest.
mail, and report no significant ened to cancel roughly $400 the deal it made Friday with ministration. The university state had revoked her visa. Professors and faculty said
numbers of fraudulent votes. million of Columbia’s funding the government, according to temporarily suspended her a When Chung’s lawyer ex- the attack on Columbia threat-
The Trump order directs the before the school caved to its people familiar with the mat- couple of days later. plained that Chung had a ens academic freedom and
Justice Department to take “all far-reaching demands. ter. The agreement included Immigration agents ap- green card and not a visa, free thought.
necessary action” against states On Tuesday, at the request restricting masks, empower- peared at Chung’s parents’ Carbone said “the secretary of “We know this has nothing
that count mail-in or absentee of the Trump administration, ing campus police and ap- home on the evening of March state has revoked that,” too. to do with opposing antisemi-
ballots received after Election Columbia University interim pointing a senior vice provost 9, asking to speak with her. Earlier this month, immi- tism,” said Kimberly Phillips-
Day. Noncompliant states will President Katrina Armstrong with broad authority to over- She received a text message gration agents detained grad- Fein, a Columbia history pro-
have federal election funding publicly reiterated her com- see the department of Middle around the same time, accord- uate student Mahmoud Khalil, fessor. “We know that this is
withheld, the order said. mitment to implementing East, South Asian and African ing to court documents, that another permanent resident about control.”
A4 | Wednesday, March 26, 2025 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL.

U.S. NEWS

Secret Chat Invite Went President

Goes After
To Object of Trump’s Ire Another
BY MELISSA KORN Signal communications, playbook by elected officials
Law Firm

PAUL MORIGI/GETTY IMAGES FOR THE ATLANTIC

Trump’s team has focused its and others in power who are
The journalist the Trump attention on Goldberg. hostile to journalists and the
administration inadvertently Defense Secretary Pete Heg- First Amendment rights of all
included in a secret chat seth told reporters Monday Americans.” BY C. RYAN BARBER
about military plans happens that Goldberg was “a deceitful Goldberg joined the Atlan- AND ERIN MULVANEY
to be a familiar target of Pres- and highly discredited so-called tic as a national correspon-
ident Trump’s ire. journalist who’s made a profes- dent in 2007 and became its President Trump on Tues-
Trump has long criticized sion of peddling hoaxes time editor in 2016, writing fre- day signed an executive order
Jeffrey Goldberg, the editor in and time again.” quently about targeting Jenner & Block, ex-
chief of the Atlantic, at times He added, “This foreign affairs panding his campaign of retri-
referring to him in rallies and is a guy that and domestic bution against law firms he
on social media as a “sleaze- peddles in gar- The Atlantic politics. Under Jeffrey Goldberg spoke last September in Washington, D.C. perceives as enemies.
bag,” “con man” and “slime- bage.” editor reported him, the maga- Trump cited the firm’s ties
ball reporter.” And that was Speaking to zine has won tle during World War I as profitable, with revenue and to Andrew Weissmann, who
before Goldberg published an reporters at the Trump called multiple Pulit- “losers” and “suckers,” citing subscriptions both growing.) previously served as a top
article Monday saying that he White House on zer Prizes and multiple anonymous sources Goldberg said on MSNBC member of former special
had been invited to a group T u e s d a y,
slain veterans boosted its au- who said they heard the re- that he was initially surprised, counsel Robert Mueller’s in-
chat for senior national-secu- Trump said of ‘suckers.’ dience dramati- marks. Trump contested the but pleased, to receive a mes- vestigation into Russian inter-
rity officials that included de- Goldberg, “He’s cally. It has also reporting, though his chief of sage on Signal from national ference in the 2016 election.
tailed discussions of air- made up a lot repeatedly staff at the time confirmed he security adviser Michael “He’s a bad guy,” Trump said
strikes against Houthi of stories and I raised concerns used those words. Waltz. after signing the order.
militants in Yemen. think he’s basically bad for the about Trump’s fitness to lead, Soon after, Trump posted “It struck me as somewhat The order strips security
National Security Council country.” saying he has autocratic ten- on social media that the At- unusual because we all, and I clearances from lawyers at
spokesman Brian Hughes con- A spokeswoman for the At- dencies and a disregard for lantic was “a failing Radical in particular, have a somewhat the firm, restricts their access
firmed the authenticity of the lantic said, “Attempts to dis- democratic norms. Left Magazine” and said Gold- contentious relationship with to federal buildings, and di-
chat. While lawmakers grap- parage and discredit The At- In September 2020, Gold- berg was a “con man.” (The some people in the Trump ad- rects agencies to end any fed-
ple with questions about the lantic, our editor, and our berg reported that Trump re- Wall Street Journal reported m i n i s t r a t i o n — n a m e l y, eral contracts with the firm
legality and security of the reporting follow an obvious ferred to soldiers killed in bat- last year that the magazine is Trump,” Goldberg said. and its clients.
Tuesday’s order also tar-
gets pro bono work the firm

How Signal Works and Why Officials Used Chat App has taken on to challenge the
administration’s policies, say-
ing it “abused its pro bono
practice to engage in activities
BY SAM SCHECHNER theory, this protects messages Communicating securely app’s founder, cryptographer almost no data about how its that undermine justice and the
AND DUSTIN VOLZ against anyone being able to Normally, conversations and entrepreneur Moxie Mar- users use the app. That means interests of the United States.”
understand them as they pass concerning classified military linspike, with an initial $50 that even if it were hacked, or Jenner has touted its pro bono
Signal, the favorite chat through the internet. plans to strike foreign targets million from WhatsApp co- if the government came with a work in the past, and this year
app for spies and journalists, Top Trump administration would be expected to occur founder Brian Acton. subpoena to ask for informa- has backed lawsuits challeng-
got an unusual kind of en- officials, including Vice Presi- solely in secure compart- Acton left WhatsApp owner tion about a user, it would ing the administration’s poli-
dorsement this week after U.S. dent JD Vance and Defense mented information facilities, Meta Platforms in 2017, but only be able to provide two cies, including on behalf of
national-security officials Secretary Pete Hegseth, used or SCIFs—rooms that are spe- remains on Signal’s board. The kinds of what is called meta- transgender individuals.
were revealed to be using Sig- Signal to hold detailed discus- cifically designed to prevent app is now run by Meredith data: the date an account was The executive order comes
nal to share information about sions of plans to launch air- conversations from being Whittaker, who previously created and the last time it after previous ones meant to
a pending U.S. military strike strikes against Yemen’s Houthi spied on. Cellphones, which worked at Google and co- was used, but not when mes- punish law firms, including
and mistakenly included a militants this month, accord- can be hacked, are typically founded the AI Now Institute. sages were sent or to whom. Perkins Coie and Paul Weiss,
journalist in the chat. ing to the Atlantic magazine, banned from SCIFs, as are The foundation paid more over their ties to lawyers who
Here’s what to know about whose editor was inadver- other electronic devices. than $5.5 million in 2023 for Could Signal be hacked? have worked on investigations
Signal and the rules governing tently included in the Signal While most SCIFs are cloud-hosting services from So far, there is no evidence or cases adverse to Trump. The
how federal officials commu- chat. housed within government of- Amazon Web Services, Google Signal’s open-source encryp- order against Paul Weiss was
nicate: Speaking to reporters at fices, there are overseas se- and Microsoft, according to a tion algorithm has been bro- rescinded after the firm cut a
the White House Tuesday, cure facilities in embassies, federal filing. ken—and indeed intelligence deal with the White House.
What is Signal? President Trump suggested and very senior national-secu- officials sometimes use the Jenner said: “Today, we
Signal is an encrypted chat the administration would limit rity officials often have per- Signal vs. WhatsApp app on their personal smart- have been named in an Execu-
app that offers text, voice and its use of Signal in the future. sonal SCIFs built into their WhatsApp actually uses phones or computers. Follow- tive Order similar to one
video chats free of charge. The “Generally speaking, I think private homes. Signal’s open-source encryp- ing revelations reported by which has already been de-
app, which works on phones we probably won’t be using it tion protocol to power its end- The Wall Street Journal last clared unconstitutional by a
and desktop computers, uses a very much,” he said. Who owns Signal? to-end encryption, making the fall about the deep compro- federal court. We remain fo-
technology called end-to-end National-security experts Signal is owned by a Moun- level of encryption between mise of U.S. telecommunica- cused on serving and safe-
encryption. say discussing classified infor- tain View, Calif.-based non- the two apps similar. Because tions firms by Chinese state- guarding our clients’ interests
That means that it scram- mation on an app designed for profit organization called the the algorithm is open-source, backed hackers, Signal grew with the dedication, integrity,
bles your messages on your use on consumer phones would Signal Technology Foundation, anyone can try to break it, but even more in demand as cy- and expertise that has defined
device in a way that should be a serious breach of security which is largely financed by no one has succeeded. bersecurity officials urged ev- our firm for more than one
only be able to be unscrambled procedures and create a big donations and grants. That Signal, in addition to being eryone to move to encrypted hundred years and will pursue
on your recipient’s device. In risk for leaks. structure was set up by the encrypted, also says it keeps apps. all appropriate remedies.”

Officials this,” he said. He also sug-

gested the administration
would limit its use of Signal.

Play Down In an interview on Fox News

Tuesday night, Waltz said he
didn’t know how the journalist

Breach was added to the chat, even

though Goldberg in his article
said that the invitation came
from a user bearing Waltz’s
Continued from Page One name. “That’s what we’re try-
cal independent from Maine, ing to figure out,” Waltz said.
echoing concerns of his Demo- He called the incident “embar-
cratic colleagues. rassing” and said “we have the
“If this was the case of a best technical minds looking at
military officer or an intelli- how this happened.”
gence officer and they had Asked by Laura Ingraham if
this kind of behavior, they a staffer was responsible for
would be fired,” said Sen. Goldberg being added to the
Mark Warner, a Virginia Dem- chat, Waltz said: “A staffer
ocrat who serves as the vice wasn’t responsible. Look, I take
chair of the Senate Intelli- full responsibility. I built the
gence Committee. “This is one group. My job is to make sure
more example of the kind of everything’s coordinated.”
sloppy, careless, incompetent Hegseth, who was among 18
NAIF RAHMA/REUTERS

behavior, particularly towards users in the Signal group, on

classified information.” Monday criticized Goldberg
Kash Patel, director of the and said that “nobody was tex-
Federal Bureau of Investiga- ting war plans and that’s all I
tion, declined to say in the have to say about that.”
hearing whether his agency People gathered on the rubble of a house hit by a U.S. strike in Saada, Yemen, on March 16. In an interview with CNN,
would investigate whether se- Goldberg said about Hegseth’s
curity procedures were vio- said were “a lot of journalists As the hearing continued, White House’s defiant mes- (information I received before comments: “That’s a lie. He
lated by the discussion on the in this city who have made big Ratcliffe was pressed on his sage. A White House rapid re- attacks were launched); and was texting war plans, he was
chat, saying he was briefed on names for themselves making contention there was no classi- sponse account circulated a real-time damage assessments texting attack plans.”
the chat Monday night and had up lies about this president.” A fied information in the chat. He clip of Sen. Tom Cotton (R., that, again, could compromise When Patel was asked dur-
no updates to provide. spokesman for the White said that nothing that he or his Ark.) appearing on Fox News sources and methods.” ing the intelligence committee
The disclosure that top ad- House National Security Coun- agency had shared had been and commending the Trump The statement continued: hearing if Goldberg could re-
ministration officials had con- cil previously confirmed the classified, adding that there was administration for focusing on “Any responsible national se- lease the texts the Trump ad-
ducted several days of discus- authenticity of the chat re- no reason for the name of a CIA worldwide threats. curity expert would consider ministration said are unclassi-
sion about the military ported by the Atlantic. official who had been part of The text thread over the en- the information contained in fied without fear of being
operation over Signal, which The White House’s defense the chat group to be withheld, crypted Signal app, which is a this Signal chat to be of the prosecuted, the FBI chief said
was revealed in the Atlantic’s didn’t satisfy Democrats on as the Atlantic did when it re- nongovernmental messaging greatest sensitivity, and that would be a decision for
report, has also put a spotlight the Senate Intelligence Com- ported on the Signal discussion. service established by a non- would agree that this infor- the Justice Department.
on national security adviser mittee, who engaged in a con- As for information shared profit, lasted days and in- mation should never be The Signal chat group that
Mike Waltz, who organized the tentious exchange with the in- by Defense Secretary Pete Heg- cluded specific information shared on non-government discussed the planned strikes
group thread about U.S. plans telligence chiefs that lasted seth, Ratcliffe said that about timing, weapons and messaging apps.” against the Houthis also listed
to launch airstrikes against Ye- several hours. shouldn’t be considered to be targets, including people to be White House press secretary as members Vice President JD
men’s Houthi militants and in- Gabbard initially declined to secret because Hegseth has the attacked in the strike, Goldberg Karoline Leavitt also said the Vance, Ratcliffe, Gabbard,
cluded the magazine’s editor in acknowledge that she had par- authority to determine reported on Monday, adding NSC was looking into how Treasury Secretary Scott Bes-
chief, Jeffrey Goldberg. ticipated in the Signal chat, whether Defense Department that he had withheld sensitive Goldberg was added to the sent, and special envoy Steve
The incident has prompted saying that the NSC was re- information is classified and details that he presumed to be group thread. Witkoff, who was visiting Mos-
widespread concern about the viewing the episode. She later has insisted it wasn’t. highly classified. That informa- Former government offi- cow to meet with President
administration’s procedures acknowledged that she was That raised the question of tion was discussed before the cials have said the use of Sig- Vladimir Putin of Russia at the
for protecting sensitive de- traveling abroad during the pe- whether and when Hegseth attack on the Houthis. nal for conducting discussions time. Other users were identi-
fense information. riod in which the chat oc- had formally declassified the Goldberg said in a state- about military plans was a se- fied as “MAR,” which appeared
Earlier Tuesday, Trump, a curred but declined to say if Pentagon information on the ment: “The information I re- rious breach of security proce- to be Secretary of State Marco
Republican, signaled his sup- she participated using her per- pending military operation. ceived on this Signal chat in- dure, which require that clas- Rubio, and “S.M.,” a reference
port for Waltz, who had pri- sonal or government phone, “What you are saying cluded the full name of an sified information be conveyed to Stephen Miller, a top Trump
vately come under criticism saying that would be part of doesn’t make sense on the face active CIA officer; human tar- on secure government sys- domestic adviser.
from some administration offi- the NSC assessment. of it,” Warner said. The Demo- geting information that could tems. Phones are banned from
cials in the aftermath of the in- Ratcliffe confirmed that he cratic senator said that the affect an adversary’s under- many Pentagon offices, and
cident. Later, at a meeting, the had participated but then said committee would seek access standing of U.S. intelligence employees and visitors are re- Watch a Video
president called Waltz “a very he didn’t remember any dis- to the texts so it could make sources and methods; the se- quired to leave them in the Scan this code
good man.” cussion of “weapon packages” its own determination. quencing of upcoming attacks; corridors outside. to see Trump
He then asked Waltz to or other operational details There were early signs the weapons used in forthcom- Trump indicated he would officials’
speak, and the national secu- that the Atlantic reported had Tuesday that many Republi- ing attacks; the exact times at- look into how the chat was responses at
rity adviser attacked what he been mentioned. cans would go along with the tacks were supposed to start used. “Certainly we’ll look at the hearing.
 A6 | Wednesday, March 26, 2025 * * THE WALL STREET JOURNAL.

U.S. NEWS
U.S.WATCH Trump
Family Sets
Crypto Bid

GABBY JONES/BLOOMBERG NEWS

Continued from Page One
project marks the Trump fam-
ily’s latest push into crypto, and
comes as the president’s admin-
istration has sought to make
the U.S. a more-welcoming
market for digital assets. Earlier
this month, President Trump, a The family’s World Liberty Financial is launching a stablecoin.
Republican, pledged to make
the U.S. the “undisputed bitcoin ies that dominate traditional take a financial stake in Bi-
superpower and the crypto cap- finance, with terms written nance’s U.S. arm, The Wall
ital of the world.” directly into the software Street Journal reported, and
DAVID ZALUBOWSKI/ASSOCIATED PRESS

The Trumps launched code. And by swapping stable- Zhao has been pushing for the
World Liberty in October, bill- coins to complete those trans- Trump administration to
ing the entity as a decentral- actions, users don’t have to grant him a pardon.
ized finance, or DeFi, project worry about price volatility. World Liberty Financial
that would help match crypto The most popular stablecoin is said it is taking a conservative
investors eager to borrow and Tether, which traders have approach in ensuring its token
lend from, and trade with, widely used to stash their maintains its stability. Ter-
one another. cash, invest in other tokens raUSD, a so-called algorithmic
Critics said World Liberty’s and swap for traditional cur- stablecoin, used financial en-
An empty space was left on the wall of the Colorado Capitol’s rotunda, next to President stablecoin launch poses a ma- rencies. It has also been heav- gineering to maintain price
Barack Obama, on Tuesday. A portrait of President Trump had hung there since 2019, but it jor conflict of interest for ily used for illicit activities, stability. The token, which
was removed soon after he expressed his dislike for it, calling it ‘purposefully distorted.’ Trump, who has said he hoped including terrorism financing generated yields as high as
to see stablecoin legislation on and drug trafficking. 20%, crashed in May 2022,
COLORADO ALASKA ECONOMY his desk before Congress’s Au- World Liberty said recently wiping out $40 billion and
gust recess. it had raised $550 million from causing financial ruin for in-
Trump Portrait at Good Samaritan Home Prices Rose “We haven’t had a presi- more than 85,000 U.S. and vestors worldwide.
Capitol Removed Saves 3 in Crash 4.1% Over a Year dent in recent memory ever non-U. S. investors—including “USD1 provides what algo-
A portrait of Donald A pilot and two children U.S. home prices acceler- sign legislation that could di- its largest investor Justin Sun, rithmic and anonymous
Trump that he said was “pur- survived on the wing of a ated but at a slower pace in rectly affect his financial inter- the founder of Tron—by sell- crypto projects cannot—ac-
posefully distorted” was re- plane for about 12 hours af- the first month of the year, est,” said Kedric Payne, senior ing a token called WLFI. Ear- cess to the power of DeFi un-
moved from a wall at the ter it crashed and was par- as continued high mortgage director of ethics at the Cam- lier this year, Trump and first derpinned by the credibility
Colorado state Capitol where tially submerged in an icy rates dug into buyer demand paign Legal Center, an ethics lady Melania Trump also and safeguards of the most re-
it had been since 2019. Alaska lake, then were saved and market activity, accord- watchdog group. “It is a clear launched a pair of meme spected names in traditional
After Trump posted com- by a Good Samaritan. ing to a monthly indicator. violation of the ethics norm.” coins, a type of cryptocurrency finance,” Zach Witkoff, a co-
plaints about the painting, Col- Terry Godes said he saw a The S&P CoreLogic Case- The measure that is gaining with no intrinsic value. DT founder of World Liberty Fi-
orado Senate Minority Leader Facebook post Sunday night Shiller National Home Price momentum in Congress now Marks DEFI, an entity affili- nancial, said in a statement.
Paul Lundeen, a Republican, calling for people to help Index, which measures home intends to give issuers of sta- ated with Trump and certain Witkoff didn’t identify
asked that it be taken down search for the missing plane. prices across the country, blecoins a regulatory frame- members of his family, owns those respected names in the
and replaced with one that On Monday morning, he rose 4.1% on year in January, work, specifying rules on re- approximately 60% of the eq- statement, and he and other
“depicts his contemporary like- headed toward Tustumena higher than the 4.0% rise in serves and customer uity interests in WLF Holdco, company executives weren’t
ness.” Colorado Republicans Lake near the toe of a glacier December, a monthly indica- protections. The Trump fam- the parent company of World made available for comment.
had raised more than $10,000 and spotted what he thought tor said Tuesday. ily’s foray into stablecoins Liberty Financial. Witkoff, the son of Trump’s
to commission the oil painting. was wreckage. “It kind of A measure of 20 cities through World Liberty could News about the USD1 sta- Special Envoy to the Middle
By Tuesday morning, the broke my heart to see that, gained 4.7%, a little higher derail those efforts, according blecoin spread on social media East Steve Witkoff, was
portrait was no longer hang- but as I got closer down and than consensus expectations to TD Cowen’s Washington Re- on Monday when Changpeng among two dozen crypto exec-
ing next to those of other lower, I could see that there’s of 4.6%. search Group analyst Jaret Zhao, the founder of Binance, utives who attended the first-
U.S. presidents. three people on top of the Despite the increase, Seiberg. Democrats might now welcomed the token to the Bi- ever White House Crypto
Democrats in the Legisla- wing,” he said Tuesday. growth has continued to press for stronger investor nance Smart Chain in a post Summit earlier this month.
ture didn’t object to the The three were rescued on moderate, with most of the protections and question on X. Zhao later said in an- USD1’s reserves will be safe-
painting’s removal. “If the the eastern edge of Tustu- annual gain taking place in whether the Securities and Ex- other post that scammers cre- guarded by crypto custodian
GOP wants to spend time mena Lake on Monday by the the first six months of the change Commission could be ated coins with the same BitGo and audited regularly by
and money on which portrait Alaska National Guard after past year, said Nicholas Go- trusted as the lead regulator name since his initial post, an unspecified third-party ac-
of Trump hangs in the Capi- Godes alerted other pilots dec, head of fixed income on the stablecoin, Seiberg said. warning that “the official counting firm, World Liberty
tol, then that’s up to them,” searching for the plane that tradables and commodities at DeFi users transact with USD1 isn’t tradable yet.” said. BitGo’s prime brokerage
they said in a statement. he had found it. S&P Dow Jones Indices. each other without the usual Representatives of the business also agreed to facili-
—Associated Press —Associated Press —Ed Frankl banks and other intermediar- Trumps have held talks to tate clients’ USD1 trades.

Your Destination For Exclusive

Subscriber Offers
Introducing The Journal Collection, curated just for subscribers of The Wall Street Journal,
Barron’s, MarketWatch, Financial News and Private Equity News. The Journal Collection is your
destination for subscriber savings on insider deals that save you time and money.
Enjoy exclusive perks on travel, tech, wine and more.

The best way to find out about new exclusive offers?

Sign up for our complimentary newsletter rounding up your subscriber-only savings.

SIGN UP
wsj.com/journalcollection-signup

The Journal Collection is a marketing product, which is separate from The Wall Street Journal news staff.
THE WALL STREET JOURNAL. * * * * Wednesday, March 26, 2025 | A7

WORLD NEWS
Allies Split on Approach to U.S. Tariffs
Canada and the EU On the other side are the But when countries fight
U.K. and Mexico, among oth- back, Trump has struck back
fight back, U.K. and ers, which have decided to EU to Limit Tariff-Free Steel Imports to Protect Sector much harder.
Mexico don’t. No one hold fire in hopes of striking a Earlier this month, Canada’s
deal. Some countries also are The European Union said countries to roll over un- ment and investment in low- Doug Ford, leader of the prov-
knows what is best. loath to disrupt their security it is limiting the amount of used quotas to the next carbon steel, the commission ince of Ontario, said he would
alliances with the U.S., which tariff-free steel its member quarter. said Tuesday. punish the U.S. for tariffs by
President Trump’s trade war are viewed as increasingly states can import, as part The mechanism is being The EU last week said it slapping a 25% export tax on
is forcing America’s closest al- fragile under Trump. of the bloc’s efforts to pro- eliminated for categories plans to reduce its steel im- electricity that goes to 1.5 mil-
lies to choose between fighting “Who is going to do better: tect its steel industry from confronted with high im- ports by 15% from April, and lion American homes. Two days
back, or acquiescing. The trou- The people that poke the bear high exports and U.S. trade port pressure and low con- vowed to introduce further later, the EU also threatened to
ble is, nobody has figured out in the eye, or those who wait barriers. sumption, it said. The elimi- long-term measures to pre- hit the U.S. for its tariffs on
which is the best way to get for the people who are poking The European Commis- nation of the mechanism serve the competitiveness of steel and aluminum, unveiling
Trump to do what they want. to be eaten first?” said Barry sion, the bloc’s executive and the stricter limits on its steel industry. duties of up to 50% on whiskey,
Appleton, an international arm, said it is curbing im- tariff-free steel imports are Last month, President motorcycles and motorboats,
By Vipal Monga, trade lawyer and co-director ports of tariff-free steel by set to take effect July 1. Trump announced 25% tar- among other American prod-
Kim Mackrael and of the New York Law School’s cutting its so-called liberal- The measures aim to iffs on steel and aluminum ucts. Then Trump threatened
Santiago Pérez Center for International Law. ization rate to 0.1% from help European steelmakers imports, prompting the EU to double the 25% steel and
The decision is going to be 1%, and did away with the boost production and re- to say it would retaliate with aluminum tariffs on Canada
The European Union and even more tricky on April 2, so-called carry-over mech- gain lost market share, as tariffs of its own. and slam the EU with a 200%
Canada have led the charge when the Trump administration anism, which enabled well as increase employ- —Pierre Bertrand duty on Champagne and other
against Trump’s tariffs, threat- plans to move forward with a alcoholic products. Canada and
ening their own duties on tens list of so-called reciprocal tar- the EU tapped the brakes,
of billions of dollars of Ameri- iffs that aim to match the duties showing the limits of an ag-
can goods after the U.S. leveled and nontariff trade barriers policies were evolving, adding Among the governments added element of Trump’s gressive retaliatory strategy.
blanket tariffs on steel and alu- that other countries impose on to the confusion. that have pushed back, Canada, stated desire to make the coun- China’s retaliatory mea-
minum, and on imports in American products—an act that So far, the U.S. has put 25% China and the EU feel they have try the 51st state, a proposition sures—new tariffs on U.S. ag-
North America. Officials in both would rewire global trade. duties on many products from enough leverage to hurt the U.S. that Canadian leaders first saw riculture and livestock, a
regions have calculated there is So far choosing between re- Canada and Mexico, citing economy. as a joke but now view as a se- World Trade Organization
value in showing strength. taliation and compliance concerns about border security Canada, the EU and China rious threat. Adding to the fer- lawsuit, and probing U.S.
“Of course, we have to retal- hasn’t mattered at all for Can- and upending the three coun- are among the top importers of vor to hit back: Canada is in firms for potentially “dump-
iate,” said Anna Cavazzini, a ada and Mexico, which have tries’ free-trade agreement. On U.S. goods, and Canada is a ma- the midst of a national election ing” fiber-optic products—are
member of the European Par- used different tactics—Canada March 12, Trump levied 25% jor supplier of energy to the that revolves around which po- seen as muted and symbolic.
liament from Germany. She being more aggressive with re- tariffs on global imports of U.S. The size of the EU’s mar- litical party is best positioned Analysts say it is likely looking
said the European Commission taliation and Mexico taking a steel and aluminum, citing a ket, which includes 27 member to manage Trump. for leverage to make a deal.
wants a deal, but: “We also firm but cooperative approach. need to protect domestic in- states, means that tariffs it im- “I think you have to hit Others with less leverage
have to show our teeth be- Both countries were still hit dustries. China already faced poses on American products back. I don’t think Trump re- have decided to swallow tar-
cause it’s the only language with a 25% duty on many of steep tariffs in the U.S., and will have a noticeable impact on spects rolling over,” said David iffs in the short term, gam-
that this Trump administration their exports in March. Trump raised them even U.S. companies, officials said. MacNaughton, a former Cana- bling that it is safer to stay in
is basically understanding.” Trump suggested the tariff higher in the past two months. In Canada, there is the dian ambassador to the U.S. Trump’s good graces.

U.S. Set to with Russia and Ukraine to

take steps to implement a pre-
viously agreed cease-fire on

Aid Russia attacks on energy facilities in

both countries. It also reiter-
ated the U.S.’s commitment to

For Truce seeking the return of Ukrai-

nian children forcibly moved
to Russia.
The U.S.-Russian agree-
Continued from Page One ment points to one of the
fits the deal confers on many challenges a peace pro-
Ukraine. Ukrainian strikes cess will pose for both sides.
with missiles and sea drones While imposing sanctions on
have long forced the Russian a rogue regime is relatively
navy to withdraw from large straightforward, Western
parts of the Black Sea, facili- countries have repeatedly
tating an increase in Ukrainian found that reversing some re-
grain exports. Kyiv’s defense strictions often has little im-
minister said after the deal pact on the ground.
was reached on Tuesday that In the first year of the con-
Ukraine had the right to self- flict, Russian food and fertil-
defense if Russian warships izer exports were hampered
left the eastern Black Sea. by international sanctions. In
It couldn’t be established December 2022, the EU ad-
whether the agreement meant justed its own sanctions re-
THOMAS PETER/REUTERS

that Russia would curtail its gime under international pres-

missile and drone strikes on sure to make it clear to
infrastructure in Ukrainian customs and port authorities
Black Sea ports, which offi- in member states that they
cials in Kyiv had said they could receive fees from Rus-
wanted to be part of any deal. sian vessels that were stuck in
Moscow said major Russian Ukrainian strikes with missiles and sea drones have long forced the Russian navy to withdraw from large parts of the Black Sea. European ports carrying
banks involved in the food goods not under sanction.
and fertilizer trade would heart of the Western sanc- banks and energy companies days would show whether the Last week, Russia launched However in the past two
need to be reconnected to the tions regime. The European to enable the Kremlin to pull Kremlin was serious about one of its largest drone at- years, Russian agricultural ex-
Society for Worldwide Inter- Union has always said its in the hard currency it desper- reaching a peace deal. tacks of the war on the Black ports and fertilizer sales have
bank Financial Telecommuni- banking sanctions allow ex- ately needs,” said Edward “We need results from Rus- Sea port city of Odesa, injur- been robust. Even in Europe,
cation, or SWIFT, payment emptions for payments to Fishman, senior research sia. We don’t believe them,” ing at least three people and Russian fertilizer exports have
network, singling out Rosselk- Russia for permitted trade, scholar at Columbia University Zelensky wrote. “They must demonstrating the damage it taken up an increasingly big
hozbank, a state-owned bank such as in grain and fertiliz- and a former senior U.S. sanc- prove that they are ready to can do on the eve of cease-fire share of the market, with the
that deals with Russian agri- ers. Among the banks on tions official. “But there ap- end the war and are ready not negotiations. EU importing several billion
business, but suggesting that which the EU didn’t impose pears to be daylight between to lie to the world, not to lie to The White House also said euros of the product from
other banks should also have sanctions, for instance, is Gaz- Moscow and Washington. The Trump, not to lie to America.” on Tuesday that it had agreed Russia annually.
their access restored. prombank, one of Russia’s Russian statement goes much Ukrainian officials said they
Western sanctions never largest, and a key conduit for further on sanctions relief wanted to work toward a last-
targeted Russian grain or ag- payments for Russian natural- than the U.S. statement.” ing peace—but also pushed
ricultural exports directly be- gas sales. The European Commission, Western countries to be ready
cause that is largely prohib- President Vladimir Putin of which manages EU sanctions to respond if Moscow didn’t
ited under international law Russia has in the past com- policy, declined to comment. abide by the agreement.
and out of concern that such plained that his country was A senior EU official said Eu- “Unfortunately, we can al-
sanctions would raise food cheated by the West’s failure ropeans remain determined ready see Russia attempting to
prices and increase global to remove impediments to to keep up the pressure on manipulate and condition
hunger. But Russia said its ag- Russian grain exports, includ- the Russian economy. EU agreements on sanctions re-
ricultural exports were af- ing obstacles to insuring cargo countries would need to lief,” said Andriy Sybiha,
fected by the European port ships and SWIFT’s blacklisting agree to reinstate Russian Ukraine’s foreign minister.
and banking sanctions. of Rosselkhozbank. banks to SWIFT, which is “Moscow must face appropri-
The Kremlin has long “Putin’s endgame is clear— based in Belgium. ate consequences for any ma-
sought the lifting of financial he wants to coax Trump into Zelensky said in a post on nipulation or breach of agree-
restrictions, which lie at the lifting sanctions on Russian social media that the next few ments,” he wrote on X.

Palestinians Protest Against Hamas in Gaza Delivering Secure, Lifetime

Income and Tax Benefits
BY SUDARSAN RAGHAVAN dead, another roughly 250 we remain steadfast when posted on social media.
taken hostage and sparked the we’re dying and bleeding? “Hamas is a terrorist (group).”
In a rare protest against
Hamas, hundreds of Palestin-
war that has devastated Gaza.
Hamas, which governed
Hamas must stop what is hap-
pening in Gaza.”
Some protesters in Beit La-
hiya also openly criticized the
SAMPLE Age 90 14.4%
ians took to the streets in a Gaza for almost two decades “We’re sending a message Qatari network, Al Jazeera, say- ANNUITY RATES Age 85 11.4%
northern Gazan town on Tues-
day, venting their frustrations
before the war left many of its
leaders dead and others on
to the entire world: We reject
the rule of Hamas,” he added.
ing its reports were too favor-
able toward Hamas and didn’t FOR INDIVIDUALS* Age 80 9.4%
openly for the first time since the run, had Shortly after showcase Palestinians in Gaza RATES VALID THROUGH
the start of the 17-month war
that has left much of the en-
long squelched
public displays
the demonstra-
tions began, res-
who were critical of Hamas and
wanted the war to end.
APRIL 30, 2025 Age 75 8.2%
clave in ruins. of anger at its Militants had idents in Gaza More than 50,000 people
*Pomona Plan annuity rates are not
available in all states.
Age 70 7.3%
“Out, Out, Out, Hamas out,” authority. long squelched received text have been killed in Gaza dur-
the crowd of mostly young While the messages from ing the war, according to Pal-
men chanted, some waving militant group public displays Israeli authori- estinian health authorities, AAA Bond Ratings | Endowment over $3 Billion
white flags, in a video posted still retains ties saying that who don’t say how many were
on social media. control, Tues-
of anger at its “the solution is combatants. Most of those who 80+ Years of Stability and Success
The demonstrations began day’s demon- authority. in your hands, survived have been displaced
Call us to explore your options
spontaneously in Beit Lahia strations and Hamas is repeatedly by the fighting.
during a funeral and spread to
the nearby Jabalia refugee
showed how its
hold on at least
insisting on tak-
ing you to hell.”
Israel shattered a two-
month cease-fire last week by (800) 761-9899
camp. By nightfall, Palestin- some parts of the population Not everyone supported the returning to fighting with
ians in Khan Younis, in south- of more than two million peo- protesters. Some people in Gaza waves of airstrikes and incur- 550 N. College Ave.
ern Gaza, had also taken to the ple has weakened as the war’s took to social media to criticize sions by ground troops, saying
streets to denounce Hamas. costs add up. the gatherings and said they Hamas had failed to release Claremont, CA 91711
While their size was lim- “Hamas is demanding our served Israeli interests. hostages remaining in Gaza. pomonaplan.pomona.edu
ited, they were a notable sign people to remain steadfast,” In Khan Younis, in southern Hamas in turn accused Israel
of discontent with Hamas, said one man filming the pro- Gaza, people chanted, “Shame, of failing to uphold commit-
which led the Oct. 7, 2023, at- test and posting the video he shame—you sold Gaza for dol- ments to begin talks on a per- FIND A RATE CALCULATOR ON OUR WEBSITE!
tacks that left around 1,200 narrated on X. “But how can lars,” according to video manent end to the war.
A8 | Wednesday, March 26, 2025 THE WALL STREET JOURNAL.

WORLD NEWS

Oscar-Winning Palestinian Freed From Custody

BY ANAT PELED said his lawyer, Lea Tsemel. frontation and detained three bors and tried to film the
AND OMAR ABDEL-BAQUI Ballal spent the night blind- Palestinian suspects for fur- damage. He tried to lock up
folded and bound on the floor of ther questioning after they his house to protect his family
TEL AVIV—A Palestinian co- a military camp and was beaten, threw rocks at security forces before a settler arrived and
director of an Oscar-winning Tsemel said. The military said and an Israeli citizen, the mili- punched him in the head,
film was released from Israeli he was transferred to police tary said. It said an Israeli ci- causing him to fall. The settler,
custody on Tuesday after he custody and didn’t respond to vilian also was injured. who was accompanied by two
was attacked by Israeli settlers the beating allegations. Ballal and two other Pales- soldiers, then kicked and beat
in the West Bank and then de- The film, which was created tinians were transferred by him, badly injuring him. She
tained and blindfolded by Is- by an Israeli-Palestinian col- the military to police Tuesday said he was denied adequate
raeli forces, his lawyer said. lective, documents life under morning for investigation on medical treatment in custody.
Settlers on Monday de- Israeli occupation. It won the suspicion of throwing rocks, Raviv Rose, an activist from

LEO CORREA/ASSOCIATED PRESS

scended on the West Bank vil- 2025 Academy Award for Best harm to property and endan- the Center for Jewish Nonvio-
lage of Susiya, the hometown Documentary Feature Film. gering regional security, police lence, said about 15 settlers at-
of Hamdan Ballal, a co-director The Israeli military said said. They were released after tacked a car the activists were
of “No Other Land,” according several Palestinians “hurled questioning. Police said the in- riding in. The center, which
to witnesses and footage. Bal- rocks” at Israeli civilians, vestigation is continuing. promotes peaceful resistance
lal, who was breaking the leading to a violent confronta- Tsemel denied Ballal threw to occupation, provided video
Ramadan fast at the time, was tion. The military and police rocks. She said he saw settlers that backed up the account to
beaten by settlers and injured, arrived to disperse the con- throwing rocks at his neigh- The Wall Street Journal. Hamdan Ballal’s ‘No Other Land’ was named best documentary.

FROM PAGE ONE

Europe Eyes at any given time as the rest of

the submarine fleet undergoes
maintenance or training.

Nuclear France reminds Russia of its

power by conducting its Poker
nuclear exercises every few

Umbrella months, dispatching Rafale jets

with dummy hydrogen bombs
strapped under their wings.
Britain, though, can’t engage
Continued from Page One in nuclear signaling like France
nuclear forces on high alert. because each time one of its
Commanders waited for a submarines surfaces, its loca-
Russian spy satellite to pass tion is disclosed, making it a
over their distant airfield and potential target.
launched drills they were confi- Unlike the vast nuclear arse-
dent the Kremlin would watch, nals that Washington and Mos-
according to French officials. cow developed, those in France
Rafale fighter jets took off car- and Britain were supplemental
rying dummy weapons to simu- to America’s nuclear umbrella
late attacks on an unnamed over Europe.
country—part of a high-stakes “The U.K. and France nu-
pantomime that strategists call clear strategy was always pred-
nuclear signaling. icated on a U.S. nuclear back-
France is unusual in its abil- stop,” said Pranay Vaddi, who
ity to send such signals. Of the served as the top nuclear ex-
world’s eight declared nuclear pert on former President Joe
powers, France and Britain are Biden’s National Security Coun-
the only ones in Europe. The cil. “They’ve built forces with
biggest nuclear power in the the assumption that the U.S.
region is the U.S.—North Atlan- strategic arsenal is committed
tic Treaty Organization allies to their defense as well, and
Germany, Italy, the Nether- U.S. conventional and nuclear
lands, Belgium and Turkey host forces in Europe would be en-
American nuclear weapons on gaged in defense of NATO from
bases within their borders. Top, a Rafale fighter jet in Russian attack.”
Now U.S. protection is look- France. Left, British Prime
ing increasingly shaky after Minister Keir Starmer and
President Trump’s diplomatic Defense Secretary John Expensive upgrades
opening to Russia, temporary Healey looked at a submarine Some former Pentagon offi-
halt of aid to Ukraine and an- model on March 20. cials say that the French and
tagonism toward Europe. British nuclear arsenals would
That’s led to growing calls for a bought off the shelf from U.S. need to undergo an extensive
FROM TOP: PHILIPPE LOPEZ/AFP/GETTY IMAGES; OLI SCARFF/PRESS POOL

European nuclear umbrella tap- vendors. The U.S. shares nu- multibillion-dollar upgrade if
ping the arsenals of France and clear targeting information the Europeans’ goal was to
Britain, independent of the U.S. with the U.K. for all of Russia. match the flexibility of the U.S.
“Sharing nuclear weapons is London is now pursuing a nuclear arsenal. A particular
an issue that we need to talk costly and delayed upgrade concern, they say, is that the
about,” German Chancellor- whose price tag risks weaken- British and French nuclear
designate Friedrich Merz said ing the rest of its military. It is forces currently have few, if
recently, referring to other Eu- replacing its Vanguard-class any, low-yield weapons that
ropean countries. Merz and submarines, which date to the could be used to deter or re-
Macron have met at least three 1990s, and upgrading its nu- spond to a small Russian nu-
times since Merz won elections clear warheads, for which it clear attack in the hope of
in November, though neither has allocated around £100 bil- avoiding further escalation.
side has said if they discussed lion (about $129 billion) be- Other experts say that their
nuclear weapons. tween 2023 and 2033. Costs current forces may suffice, es-
have increased sharply in re- pecially if France and Britain
cent years and politicians now make explicit that they’re being
Years of scorn must choose between nuclear committed to NATO’s defense.
Creating a European nuclear cooperation when asked about would need to remain with rine to watch a nuclear-missile and conventional forces. “A couple of hundred nu-
capability would upend de- it by reporters. Paris or London, even on allies’ test-firing. The Trident was The debate cuts to the es- clear weapons is a greater de-
cades-old systems and proce- Germany since the 1950s has territory. It was one thing for supposed to soar several thou- sence of why countries have structive force than the planet
dures established by the U.S. allowed the U.S. to base nuclear Europeans to accept Washing- sand miles into the middle of nuclear weapons. has ever seen,” said Jon Wolfst-
within NATO during the Cold weapons on its territory and ton’s nuclear control during the the Atlantic Ocean. Instead, it Washington and Moscow in hal of the Federation of Ameri-
War. It would be expensive and German officials have said they Cold War, but ceding a degree splashed straight into the sea. the 1950s stumbled into the can Scientists, who served as a
technically demanding, take want to maintain that protec- of sovereignty to a neighboring In the test before that, in Cold War nu- senior official
years to fully implement and tion as long as possible, even if European peer today could 2016, an unarmed missile clear arms race on former Presi-
require a delicate navigation of similar arrangements were prove politically fraught. launched off the coast of Flor- as each devel- dent Barack
nuclear-arms treaties already made with France or the U.K. And all those complexities ida and programmed to fly to- oped weapons ‘Sharing nuclear Obama’s Na-
battered by upstart powers in- The American nuclear arms presume France and Britain ward Africa instead headed to- that one-upped weapons is tional Security
cluding North Korea and Iran. in Europe remain under U.S. have nuclear weapons to ward the U.S., veering so the other in Council.
The Trump administration control and are carried on U.S. spare—which they don’t. dangerously off course that range, accuracy an issue that Whether the
shows no sign of wanting to re- planes by U.S. crews under U.S. commanders triggered its self- and number. U.S. would
linquish its dominance of Eu- command, though they could destruct mechanism. Both explored
we need to launch nuclear
rope’s nuclear posture. Defense be provided to non-nuclear al- Failed tests A close alliance with the U.S. options to use talk about.’ weapons in re-
Secretary Pete Hegseth said at lies for use during time of war Britain relies solely on four has allowed Britain to run its nuclear weap- sponse to a Rus-
NATO headquarters earlier this under NATO oversight. submarines to carry its nuclear nuclear deterrent as cheaply as ons at the out- sian nuclear
year that Europe must “take For Macron and his compa- warheads. It has the smallest possible. Britain leases from set of a war— strike on Eu-
ownership of conventional se- triots, who have long urged Eu- nuclear arsenal of the major the U.S. the ballistic missiles particularly in the U.S.’s case to rope has always been an un-
curity on the continent”—with rope to develop security op- nuclear nations, with around that carry its nuclear war- compensate for the perceived known, because it could
“conventional security” mean- tions independent of the U.S., 250 warheads. The British gov- heads. Those Trident missiles Soviet-bloc advantage in con- prompt Moscow to strike
ing nonnuclear arms. the shift comes as a vindication ernment says its aim is to are test-fired from British sub- ventional forces—and as retri- America, said James Davis,
As Hegseth visited Brussels, after years of scorn. maintain “a minimum, credible, marines near Cape Canaveral bution for an attack. Building chair of international relations
two U.S. B-52 Stratofortress “Until now, French propos- independent nuclear deter- under American supervision systems that could deliver a at the University of St. Gallen
heavy bombers—America’s als were met with little re- rent.” Yet London struggles to and are serviced at a base in second strike demanded in- in Switzerland.
most iconic hydrogen-bomb sponse, except for the occa- manage its nuclear force. Georgia. Many of the compo- creasingly resilient and unde- Would the U.S. risk sacrific-
carrier—arrived at a British sional amused sigh that said: Britain’s top military brass nents inside U.K. nuclear sub- tectable platforms including ing New York as revenge for
airfield to conduct training There go those French again, last year gathered on a subma- marines carrying its bombs are rockets, submarines and stealth the nuking of London or Paris?
runs with allied fighter jets as feeling indispensable,” said aircraft. Perhaps not, Europeans have
far away as Turkey. Jean-Louis Lozier, a former European countries don’t quietly worried.
“It’s nice to see B-52s flying French Navy officer who com- want first-strike capabilities. With European nuclear
over Stockholm, but that alone manded two ballistic missile What they seek from nuclear sharing, the question becomes:
isn’t nuclear deterrence,” said submarines and headed the weapons is the deterrence that Would France sacrifice Paris as
Minna Alander, an associate army’s nuclear forces division. comes from the Kremlin know- revenge for a Russian strike on
fellow at British think tank Swapping nuclear protector ing that Europeans could inflict Prague? “In a way it’s easier
Chatham House. “Deterrence states wouldn’t be easy, even horrific damage if Russia for the Europeans,” said Davis,
depends on the political com- within NATO. Britain can launched a nuclear first-strike. because a nuclear strike on a
mitment of the U.S. president,” launch nuclear weapons only When France developed its nu- European target could irradiate
said Alander, a Finn who lives from submarines. French nu- clear weapons in the 1950s—in much of the continent.
in Stockholm and noted an up- clear arms would need exten- defiance of the U.S.—President What a purely European nu-
surge in talk of nuclear deter- sive redesigning to be launched Charles de Gaulle was quoted clear deterrent might look like
rence and even the concept of a from non-French planes or as saying the bombs only is only now coming under dis-
Nordic atomic bomb. subs, say specialists—if France needed to “tear the arm off the cussion. Whether the U.S.
RUSSIAN DEFENSE MINISTRY PRESS/AP

At a recent meeting at were to even allow such an ar- Russian bear,” not destroy it. would accept it is uncertain.
NATO headquarters, Polish rangement. France has continued to in- Discussions won’t move quickly.
President Andrzej Duda said To stay compliant with in- vest billions of dollars annually French Senator Cédric Per-
that “any nuclear umbrella will ternational agreements includ- to maintain a nuclear arsenal rin, who heads the chamber’s
benefit Polish security.” Coop- ing the 1970 Treaty on the estimated at 290 warheads, op- foreign and defense committee,
erating with NATO ally France Nonproliferation of Nuclear erated independently of the said European countries could
on the issues is “absolutely ob- Weapons—through which 191 U.S. France produces all neces- help pay for France’s nuclear
vious and natural,” he said. countries have pledged to pre- sary components domestically. force, which last year cost
Danish Prime Minister Mette vent the spread of nuclear As with the British, only a roughly $6.6 billion in upkeep.
Frederiksen also refused to ex- arms—command and control A Russian Iskander-K missile launched during a military portion of the French sea- French nuclear protection,
clude European nuclear-arms over French or British nukes exercise in February 2022. based nuclear force is deployed Perrin said, “comes at a cost.”
 PERSONAL JOURNAL.
© 2025 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Wednesday, March 26, 2025 | A9

BY ALICIA MCELHANEY
AND ALEXANDER GLADSTONE

23ANDME filed for bankruptcy,

proposing to try to sell all of its
assets. For consumers who have
provided genetic data to the com-
pany for testing purposes, here’s
what to know:
What happened to
23andMe?
The DNA-testing company was a
hit with consumers who bought
its DNA testing kits but it never
managed to turn that success into
a viable business model.
Efforts to use DNA to develop
pharmaceutical drugs ran into
costly delays and an attempt to
move to subscription-based
services failed to draw enough
interest.
What has the company
said about its plans?
In an open letter to its customers,
23andMe said there will be no
changes to how it stores, manages
and protects customer data. “Any
buyer of 23andMe will be required
to comply with applicable law
with respect to the treatment of
customer data,” the company said.
For the time being, 23andMe
plans to continue operations, and
consumers can continue to order
test kits, which the company will
process.
In court documents, 23andMe

How to Protect Genetic Data

said it plans to try to sell all of its
assets. It has already received
early interest from certain poten-
tial buyers, including former chief

As 23andMe Goes Bankrupt

executive and co-founder Anne
Wojcicki. The company says those
offers are “not actionable.”
How do I delete my
23andMe account data?
Log in to your 23andMe account DNA-testing company holds biological information on millions and plans to try to sell all of its assets
and go to the “Set-
tings” section of your
profile. A 23andMe DNA kit, above. The of Illinois Urbana-Champaign. Cus-
Then scroll to a sec- DNA-testing company and its co- tomers would have to sign off,
tion labeled “23andMe founder, Anne Wojcicki, left, aimed something many people often do
Data” at the bottom of to revolutionize healthcare, without reviewing carefully, she
the page. Click “View” bringing genetic tests into homes said.
next to “23andMe with just a tube of spit. Although 23andMe deals with
Data.” You can down- genetic information, saliva sam-
load your genetic data ples, and self-reported health and
if you want a copy for using customer data to develop family information from its cus-
personal storage. drugs with pharmaceutical com- tomers, it isn’t subject to HIPAA,
After that, scroll to pany GSK, so a new buyer could or the Health Insurance Portability
the “Delete Data” sec- seek to make use of it for similar and Accountability Act, according
tion and click “Perma- development possibilities. to Shannon Hartsfield, partner at
FROM TOP: TIFFANY HAGLER-GEARD/BLOOMBERG NEWS; JORDAN VONDERHAAR/BLOOMBERG NEWS

nently Delete Data.” 23andMe has said it found Holland & Knight who specializes
You will receive an more than 50 “drug candidates.” in health data privacy.
email from 23andMe. So far, two have made it to early A bankruptcy judge can ap-
Follow the link in the stage human trials. Later this year, point a consumer privacy ombuds-
data to confirm your data could be released that will man, who makes a recommenda-
deletion request. show whether one of them works. tion on whether a bankrupt
Some customers company should be allowed to sell
who tried to delete consumers’ private information.
their data after the
What are the legal When lab testing startup
bankruptcy announce- protections and guardrails uBiome filed for bankruptcy in
ment said they re- for my data? 2019, the court appointed one
ceived error messages, A patchwork of state consumer such ombudsman, who ultimately
and the login portal of privacy laws, as well as 23andMe’s recommended approval of the sale
the company’s website went down to delete their genetic data and
What can happen to my original privacy statement, will of personal data, pending certain
Monday evening. destroy any samples of genetic genetic data in a play a role in governing how cus- restrictions.
Certain state authorities are material held by the company. bankruptcy sale? tomer data is used. The company
encouraging 23andMe customers Bonta’s office also said that if It can be sold to the highest bid- says its privacy policy will con-
to delete any personal information you previously opted to have your der, according to legal experts. tinue to apply in the event of a Watch a Video
that may be held by the company. saliva sample and DNA stored by The genetic data it accumu- sale. Scan the code for a
California Attorney General 23andMe, it suggests destroying it lated for more than 15 million cus- But a new buyer could choose video on how
Rob Bonta said this month that in by changing your preference un- tomers is considered one of to immediately change the privacy 23andMe went from a
light of 23andMe’s financial dis- der your account settings page, 23andMe’s core business assets. policy, said Sara Gerke, associate $6 billion valuation to
tress, his agency urged consumers under “Preferences.” The company had already been professor of law at the University a penny stock.

Customers Struggle letter to customers

Monday.
Given that cus-

To Delete Accounts
tomers agreed to
the policy when they
signed up for the
service, the cus-
tomer data isn’t
BY ALICIA MCELHANEY tion were processed received an subject to HIPAA, or
email from the company that said: the Health Insurance

T
he login portal of 23andMe’s “Your data is being deleted,” followed Portability and Ac-
website went down Monday by an added detail: “Your account countability Act,
evening as customers of the will no longer be accessible, and will which protects per-
DNA-testing company rushed to de- be deleted per your request.” sonal health data,
lete their genetic data after it filed Once a buzzy consumer startup, according to legal
for bankruptcy. 23andMe filed for chapter 11 on experts.
Earlier in the day, people trying Sunday and announced the resig- Instead, state
to log in faced long wait times or nation of its chief executive officer, laws in Illinois and
error messages and had to make Anne Wojcicki. Facing inflationary California will gov-
repeated attempts to receive confir- pressures and challenges in its ef- ern data uses after
mation that their requests had been forts to use DNA data to help de- a potential sale.
received. By Monday velop pharmaceutical A new buyer
evening, consumers medicines, the com- could choose to
said the customer- pany is now trying change 23andMe’s
service chatbot gave Customers worry to sell itself through privacy policy, Sara
a message that read about what bankruptcy. Gerke, associate pro-
the company was re- Its customers, passwords, requiring them to com- More than 15 million people fessor of law at the University of Il-
ceiving a “high vol- will happen to more than 15 million plete the process via email using provided the company with their linois Urbana-Champaign, told The
ume of inquiries and
increased web traf-
their data under of whom provided
23andMe with their
two-factor authentication to verify
their identities. These customers
DNA samples. Wall Street Journal. Customers
would still need to sign off on the
fic.” The chatbot di- a new owner. genetic information, said they never received verification changes, she said.
rected customers to saliva samples, and emails, or received them so late able assets,” Jani said. Don Bieber, an 88-year-old New
try reaching out family and personal that the link expired. Ted Weidner, an Indiana resident York resident, spent three hours on
again later. health history, are Amit Jani, a New Jersey resi- who has been a 23andMe customer Monday trying to delete his data, as
Some 23andMe users have worried about what will happen to dent, began trying to delete his ac- for four years, said that he decided well as that of two now-adult chil-
sought unsuccessfully to delete the their data under a new owner. count on Monday. As of Tuesday to delete his data on Monday. The dren he had guardianship over.
data of a deceased family member, 23andMe has a standard pro- midday, Jani still hadn’t been able deletion process was slow, but he Over the course of three hours,
and many expressed uncertainty cess for data deletion, which re- to delete his account. He ran into managed to get through it with lit- he received several error messages
about whether or how they would quires users to confirm they have the two-factor verification issue, tle issue. “I’m trying to audit the before being able to successfully
receive confirmation that the data made a request after receiving an along with the website’s Monday process because there’s some sensi- begin the deletion process.
JUSTIN SULLIVAN/GETTY IMAGES

had been deleted. Several also said email confirmation. Some custom- evening crash. tive information in there,” he said. Customers who had more com-
they have a heightened interest in ers said that the process appeared “The fact that consumers cannot 23andMe’s privacy policy, which plicated situations, including those
what happens to their data because straightforward, but they lost con- sign in to access their information shields customer data from em- who accidentally sent 23andMe
of a password hack at the company fidence in it when they faced de- to even request the deletion of per- ployers, insurance companies, public emails to their spam folders or who
in 2023 that exposed information lays on Monday. sonal data creates a perception databases and law enforcement, couldn’t remember their passwords,
belonging to 6.9 million people. Some customers reported that that the company may be trying to will continue to apply after it is said they faced hourslong customer
Those whose requests for dele- 23andMe asked them to reset their limit their exposure in losing valu- sold, the company said in its open service queues on Monday.
A10 | Wednesday, March 26, 2025 THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

Education Department Order

lege more expensive for borrow-
ers, student loan advisers say, and
some borrowers are factoring it
into their planning.

Stands to Impact Student Loans

David Taylor, a 39-year-old
Kentucky sales manager, began
theological studies at Liberty Uni-
versity in January. Now he is
questioning whether to enroll in
summer classes. He is concerned
Federal agency manages roughly $1.7 trillion disbursed to 45 million borrowers—here’s what to know about access to federal loans,
which typically offer more favor-
able terms than private loans.
“Will federal loans be avail-
able, or will I need private financ-
ing?” said Taylor, who borrows
$2,500 per semester.

What else is happening

with student loans?
Trump signed an executive order
on March 7 that says individuals
employed by organizations that
engage in illegal activities won’t
be eligible for student loan for-
giveness. The order says it is try-
ing to crack down on illegal immi-
gration and child trafficking,
among other things.
The past few years have been
turbulent times for student loan
borrowers. Applicants had been
struggling with the botched roll-
out of the Fafsa form. Borrowers
had forgiveness programs ex-
panded and then frozen. Plus
some 43% of borrowers haven’t
restarted payments after the end
of a pandemic payment pause.

What’s the status of

student loan forgiveness?
Last month, a federal court up-
held an injunction preventing the
Education Department from im-
plementing the Biden administra-
tion’s Saving on a Valuable Educa-
tion Plan, a plan to shrink
monthly bills for more people in
lower-paying jobs. That also
blocked parts of other income-
driven repayment plans.
Income-driven repayment ap-
BY OYIN ADEDOYIN AND DALVIN BROWN “FSA is now de facto the larg-  One of the Education chaos,” Baker said. She said she plications and loan consolidation

S
est consumer bank in the coun- Department’s key responsibilities could see a scenario where people applications were temporarily re-
tudent loan borrowers try,” said Scott Buchanan, execu- is to disburse student financial aid are making payments but nobody moved from the department’s
were already facing a tive director of the Student Loan to colleges and universities. is tracking how many they have website. They are expected to re-
host of challenges. Now Servicing Alliance. made. turn soon, student loan advisers
President Trump is The department administers say.
moving to dismantle forms like the Free Application for Office that the Small Business Ad- Do I still have to pay my Borrowers who are part of the
the agency that man- Federal Student Aid that families ministration would “handle all of student loans? SAVE program remain unable to
ages the loans. fill out when applying to college. the student loan portfolio” cur- Yes. But there is bound to be con- apply and transfer to another in-
The executive order Trump It also oversees repayment and rently administered by the Educa- fusion about this, given the Edu- come-driven repayment plan.
signed Thursday directs Educa- forgiveness programs. tion Department. cation Department changes.
tion Secretary Linda McMahon to That could mean changes to the “If they’re going to dissolve it, What about income-driven
facilitate the closure of the Educa- Will the executive order contracts between loan servicers then essentially my bill no longer repayment plans?
tion Department to the maximum change how loans work? and the government, said Domin- exists,” said Olivia Hardy, a 26- Borrowers should stay up-to-date
extent possible and permitted by Right now, the Education Depart- ique Baker, associate professor of year-old Brooklyn performer with on emails or letters from student
law. The department also cut ment typically disburses money education and public policy at the nearly $10,000 in federal student loan servicers, and independently
nearly half its workforce earlier directly to a student’s school. University of Delaware. loans remaining. She said she track how many payments they
this month. When it is time for borrowers to With servicing changes, there questions how the government have made toward student loans,
Here’s what student loan bor- start repaying, they make pay- can be headaches and delays. Last would enforce repayment. advisers say.
rowers should know: ments to a student loan servicer, year, the Missouri Higher Educa- They should also make sure
which collects on behalf of the tion Loan Authority, or Mohela, a Will the government get their current student loan servicer
What is the connection to government. student loan servicer, transitioned out of student lending? has their most up-to-date contact
student loans? The terms and conditions of record-keeping for the Public Ser- McMahon said Thursday that the information, Buchanan said.
One of the Education Depart- loans aren’t likely to change. But vice Loan Forgiveness program to department would still provide
ment’s key responsibilities is to the executive order suggested FSA the Education Department. While funds and support to college stu-
KEVIN LAMARQUE/REUTERS

disburse student financial aid to is too small to handle such a large the transition was happening, dent borrowers. Watch a Video
colleges and universities. The portfolio of student loans, and that processing of forms and other in- The Heritage Foundation’s Scan the code for a
agency’s Federal Student Aid of- the department “must return bank formation was paused, frustrating Project 2025 suggests the Trump video on the potential
fice manages roughly $1.7 trillion functions to an entity equipped to borrowers. administration consider privatiz- impact of Trump’s plan
in outstanding student loans to serve America’s students.” “The number one thing I would ing all student lending programs. to end the Education
nearly 45 million borrowers. Trump said Friday in the Oval expect from that type of move is Such a move could make col- Department.

Water Fight
Whips Teens
Into a Frenzy
Continued from Page One
across the country—and a major
headache for school administrators.
Variations of the game date back
to the 1980s, but today it is played
with an app called Splashin. Each
week the app gives every five-per-
son team a squad to target. Their as-
signment: take them out with a
splash of water. Iwanchuk’s team,
the Last Troll, is part of a game that
involves 250 other seniors at their
school. Every hit is recorded on High school seniors Clinton desperately tried to talk a gym rat
video and uploaded on the app, Higginbotham, Graham Iwanchuk into opening the door. On the other
where they are widely shared and and Owen Burrell are part of a side, Pardini begged him to leave it
dissected. team called the Last Troll. closed.
Teenagers sneak into bedrooms, Iwanchuk, left, and Higginbotham “Get out of here,” a Y staffer
get younger siblings to knock on Days before the YMCA hit, the board. She says the game pales in aim their waterguns at their target yelled at the would-be assassins.
doors while they hide in the bushes students’ school, Sacred Heart Ca- comparison to what she and her while Burrell drives. They walked out, dejected, and piled
and enlist spies to give up a target’s thedral Preparatory, sent parents a peers got into as teenagers in the into Burrell’s mom’s Volvo.
location. Players can use pretty letter expressing concerns, including 1980s. “They roped me to a flag- $1,000. Then, minutes later, Conor called.
much anything that gets you wet, the water guns’ resemblance to real pole,” she said. “We have a truce within our Pardini was leaving!
from a water balloon to a hose. But guns and the possible adverse ef- Quinn Middleton and two mem- friend group, as of now.” Middleton The Y staffer seemed to be mad
water pistols are the weapon of fects on learning. bers of his Orgasmic Osmosis team said. “We don’t know if anybody’s at Pardini too, so the teen said he
choice. The game has at times taken a recently drove to San Francisco In- going to actually hold it.” decided to walk out and accept his
Students can make themselves darker turn. Last month, a Senior ternational Airport to carry out a The Last Troll’s hit involved a fate before anyone called authori-
untouchable by wearing a goofy Assassin player in Florida was shot hit. Two members of their target mole, too. After tracking down Par- ties. Pardini still hasn’t returned to
item like goggles or swim floaties, in the arm by an off-duty police offi- team, Trouble on the High Seas, dini’s location using their phones, the gym. “That was my local gym
though the game’s administrator cer who thought he saw gun-toting were flying to New York on a school the squad exited their car at the and this guy was pretty mad at me,”
sometimes turns off these protec- prowlers outside his home. Police choir trip. Quinn and his crew had a YMCA in San Francisco’s Richmond he said later.
tions to liven things up. Pardini was say the 18-year-old senior will be mole in the choir who sang like a ca- neighborhood, pulled out a white 5- From down the block, he heard
hit during one of these periods, so fine and no charges have been filed. nary, giving them both the time and gallon bucket containing 60 water the ominous sounds of the Volvo.
there was no power in the pink Players say the game helps the rendezvous point. balloons, and immediately began a Pardini looked back, waiting for the
swim floaty he was clutching. class bond. Some parents say they They pulled into the short-term water fight among themselves. Then inevitable. A water balloon whizzed
Schools and police are warning are just happy that their seniors— parking garage and sneaked into the they remembered why they were by him and hit his friend on the
parents about the game. Despite who spent much of middle school in airport, their faces obscured by there and hatched a plan. They sent neck.
rules barring play on school prop- Covid lockdown—are out in the real hoodies. After a brief chase, they their friend Conor, who had tagged Then came the water pistol shot
erty or school events, teachers and world having fun, and they trust water-pistoled one of the Troubles along with them, into the gym to to his head.
MARISSA LESHNOV FOR WSJ (2)

administrators say players are con- their children won’t take extreme in the United Terminal. The second scope out where in the building Par- The Last Trolls drove away, ec-
sumed. Last Troll team member risks. mark was wearing her protection dini was working on his triceps. static. In the back seats they played
Clinton Higginbotham and a friend Kara Burrell, the mother of the gear and boarded the flight dry. When Conor confirmed that their and replayed the video. After seven
were recently cautioned by his ma- Last Troll Volvo driver, says she Betrayals like this aren’t uncom- mark was inside, they rushed into blocks, Graham Iwanchuk noticed
rine biology teacher not to talk likes the strategy, bonding and ad- mon. Players pay $5 each to partici- the gym only to find the door to the something wasn’t right.
about the game in class because it venture, and that she’s more wor- pate, meaning the last team stand- workout room locked. “Hey. We’ve got to pick up
was too much of a distraction. ried about her son riding a skate- ing gets to share a pot that’s over The Troll’s driver, Owen Burrell, Conor.”
 THE WALL STREET JOURNAL. Wednesday, March 26, 2025 | A11

ARTS IN REVIEW

C
anadian singer-song-
writer Dan Bejar has
been sharing thoughts
about the world outside
his window for 30 years.
Early on as the frontman
of Destroyer, which oscillates be-
tween a solo project and a band,
he wrote songs that touched on
the Vancouver music scene, poli-
tics and the perils of romance,
spicing up his stories with literary
and musical allusions and quirky
diction. As he’s aged, Mr. Bejar’s
wry observations have grown
broader, and details from his life
often serve as punchlines to his
setups. He’s found a comfortable
place as an indie-rock institution.
His audience is modest but loyal,
and they love hearing from him on
new records every couple of years.
Mr. Bejar’s songwriting voice is
specific to him and doesn’t change
much from one LP to the next—he
strings one funny line after an-
other about the people and places
he encounters, and these lines al-
most magically assemble into
complete statements that are both
clever and touching. What varies
is Destroyer’s musical setting.
Early on, the project was rooted in
folk, with Mr. Bejar frequently de-
livering his lyrics over acoustic
guitars. More recently, he’s experi-
mented with a sax-driven ambi-
ence that dances between early-
’80s yacht rock and the new
romantic balladeers who followed
in the wake of Roxy Mu-
sic. The title of the new
Destroyer album “Dan’s
Boogie” (Merge), out
Friday, is characteristi-
cally self-referential and
suggests we could be in
for a bluesy, hip-shaking
record. But this time,
Mr. Bejar opts for a sur-
vey of favored styles
from the past, while his
writing remains as
sharp as ever.
The fake-out of the
title sets the stage for
an album that creates
expectations and then
subverts them. Once
again working with pro-
ducer and multi-instru-
mentalist John Collins,
Mr. Bejar indulges his fascination
with artifice, experimenting with MUSIC REVIEW | MARK RICHARDSON
how a song’s arrangement can Dan Bejar, Destroyer’s frontman,

Destroyer’s Dry Wit

convey gnawing disappointment above; its new record, ‘Dan’s
and puncture pretension with wit. Boogie,’ is out Friday.
“The Same Thing as Nothing at
All” opens like a rapidly rising
curtain, as a wall of synthesized quenced part that sounds like a
strings and horns delivers a cheap, The band’s latest album offers wry lyrics and subversive arrangements sampled harp, and it concludes
knock-off version of grandeur. The with a smoky saxophone solo that
singer’s voice is processed to perfectly reflects Mr. Bejar’s essen-
sound like it’s echoing upward he encounters a priest who mis- couplet like “The sun mostly rises into the earth. “I Materialize” is a tial bearing—charming, sophisti-
from the bottom of a well, and he takes him for a fellow man of the / A great golden spike through the stately piano-led waltz that termi- cated, weary and alive. “Wastrels
sounds exhausted and slightly irri- cloth, and then bumps into some- heart of the world” as if it’s cheer- nates abruptly after barely a min- look at you sideways / As if to say,
tated as he delivers lines like “The one who wonders if Mr. Bejar ful, and then partway through the ute, as Mr. Bejar howls “N-n-n- ‘What happened?’” he offers at
chandelier struggles to light / Up might be a professional basketball song threatens to evaporate into never stop!,” and “Sun Meet Snow” one point. His songwriting consis-
the night.” player. Such cases of mistaken nothingness, a quiet twinkly key- builds from a gently percolating tency, both on this record and
The following “Hydroplaning off identity are common in his music, board line being the only thing synth part to a dense production throughout his career, is admira-
the Edge of the World” is a huge, where all and sundry are trying holding silence at bay. with huge, crashing drums. “I used ble. After more than a dozen De-
electrifying buzz of a song, with desperately to know themselves The skip through genres contin- to clog the world with dreams / stroyer albums, he’s still finding
“ba-di-ba” backing vocals and a and figure out their place in the ues with “Bologna,” a duet with Si- Like a dog bearing a litter,” he new ways to explore old ideas,
rush of synth drone. It’s an oddly universe. mone Schmidt of Fiver, who sings sings as the track kicks into gear, helping those who have never
catchy and even hypnotic number After that jittery and pumped- with the cracked urgency of Mari- perhaps remembering the word- quite figured out their own place
that instantly ranks with Mr. Be- up diptych, Mr. Bejar slows down anne Faithfull. Its groove has the drunk writing of Destroyer’s earli- in the world to feel less alone.
NICHOLAS BRAGG

jar’s finest creations. He delivers a with “The Ignoramus of Love,” a loping shuffle of dub reggae, with est days.
cluster of images and sensations pretty slice of electro-kissed cham- heavy use of echo and reverb and a The penultimate song, “Cata- Mr. Richardson is the Journal’s
detailing a world that’s gone ber pop driven by piano, nocturnal hypnotic bassline pitched low ract Time,” is a gorgeous eight- rock and pop music critic. Follow
mad—as he wanders the streets, synths and slide guitar. He sings a enough that it seems to burrow minute epic built around a se- him on X @MarkRichardson.

TELEVISION REVIEW | JOHN ANDERSON holtz). “I know how to play it cool.”

‘The Studio’: A Streaming-Era Satire

(Asked by a production assistant if
he needs anything, Matt, not want-
ing to be a bother, says “a cold
brew with some oat
milk and just a little

K
icking an industry when it’s She’s delivered “10 straight bombs” bit of agave.”) The
down, “The Studio” operates and spent $30 million refurbishing set visit, and the
on the assumption that Holly- the company’s Frank Lloyd Wright- shot, go off just as
wood runs on equal parts cynicism, designed (not really) headquarters. badly as one antici-
vulgarity, careerism and cowardice. Women execs being fired in Holly- pates, and one can’t
It is not a documentary. But where wood is hardly science fiction. wait for either to end.
it really goes wrong is supposing What rings equally true is Matt’s The virtue of “The
that someone like Seth Rogen’s bravado-cum-cravenness. “If it was Studio”—aside from
Matt Remick—who has absorbed up to me,” he tells his assistant, some cheap jokes in
almost nothing on his way to the Quinn (Chase Sui Wonders)—while questionable taste—is
top—could have so little sense of en route to a meeting about a pro- the torrent of gags
self-preservation in a pool full of posed Jenga film—they’d be making that don’t need a
sharks. He can be funny. He’d be “great” movies. Once he gets context beyond show
funnier if he made sense. Patty’s job, though, he agrees business and/or hu-
The hook to this 10-part comedy wholeheartedly with Continental’s man nature. An epi-
series—created and wiggy owner, Griffin sode devoted largely
directed (mostly) by Mill (a wild Bryan to Quinn and Sal
Mr. Rogen and his Cranston), that what warring over a park-
frequent collaborator An insider’s they should be pro- ing spot at Continen-
Evan Goldberg—is comedic take ducing is . . . a Kool- tal transcends Cali-
the very strong sug- Aid movie. Griffin is fornia and is one of
gestion that this is on the state about to sew up the the funnier chapters
how the movie in-
dustry works; a par-
of Hollywood rights. If “Barbie”
could make $1 billion,
in a show that some-
times has no much-
ody, but not by much. today. Griffin reasons, why feel like Lucy Ricardo taking over Seth Rogen and Catherine O’Hara needed boundaries at all: When
It isn’t an unreason- can’t he make $2 bil- Club Babalu. And if that seems in the 10-part series, which also Matt attends an auction-gala with
able inference to lion with a red bever- anachronistic, the present tense features a host of celebrity cameos. the pediatric oncologist he’s dating
draw, given the pa- age that bursts isn’t all that clear, not at first: The (Rebecca Hall) he argues with a ta-
rade of all-stars—Martin Scorsese, through walls bellowing “Oh cars are all vintage; Griffin dresses ever reason, Matt doesn’t see that ble full of cancer doctors that his
Ron Howard, Anthony Mackie, yeah!”? As Matt says, “Oh yeah!” like Robert Evans; Matt thinks Kool-Aid plus Jonestown equals job is just as important as theirs—
Sarah Polley, Zac Efron, Olivia At this point, I should probably movies matter; and if someone Floppenheimer. while fielding calls from the office
Wilde, Charlize Theron, David admit to watching all 10 episodes hadn’t mentioned “Barbie” the time In another episode, he makes a regarding how much scatological
Krumholtz—burlesquing the indus- fairly enthusiastically, though not frame would be anyone’s guess. set visit during a film being di- content Continental can include in a
try, and even themselves. And it without wondering what people There are good ideas, but they rected by Ms. Polley that is to in- trailer for a new movie. It is a mo-
might not even be an exaggeration. thought they were doing. If Mr. Ro- manage to cancel themselves out. clude a single, uncut camera shot ment in the show when Matt
Too often, though, “The Studio” gen were playing Matt as an im- Mr. Scorsese, playing himself, that Matt thinks is destined to be needs as much sympathy as he can
feels like it was made by film peo- postor, or some crazily eccentric comes to Matt with a script—one the equal of the classic “oners” in get, and he gets none at all.
ple strictly for film people. Inside choice of Griffin’s, or an identical about the Jonestown massacre, “Touch of Evil,” “Children of Men,”
baseball? You can smell the cork. twin in a dream sequence, it would which is exactly the road Continen- “Goodfellas” and “Soy Cuba” (he’s The Studio
In the first episode, we find the have been less puzzling. Instead, tal is not going down. But Matt that kind of film nerd). Matt wants Begins Wednesday, Apple TV+
head of Continental Studios, Patty the wacky situations, slapstick thinks he can turn the Jonestown to watch it happen. “I’ve done a
APPLETV+

Leigh (the beloved Catherine comedy and excruciating mishaps idea into the Kool-Aid movie that thousand set visits,” he tells his Mr. Anderson is the Journal’s TV
O’Hara), on the chopping block: make Matt taking over Continental Griffin wants to make. For what- sidekick, Sal Saperstein (Ike Barin- critic.
A12 | Wednesday, March 26, 2025 THE WALL STREET JOURNAL.

SPORTS
Can it be a Sweet 16 JASON GAY
without a Cinder-
ella?Behold the exis-
tential panic currently
tormenting the 2025 Farewell, Cinderella: March Madness
Surrenders to Basketball Powerhouses
NCAA men’s basket-
ball tournament: There’s no small-
time underdog darling left to de-
light viewers, frighten the blue
bloods, and supply the media with
florid “David vs. Goliath” meta-
There’s not a true outsider left in the Sweet 16 of the NCAA men’s basketball tournament
phors.
Beefy Goliath has prevailed. Af- ger to poach the minnows.
ter two rounds, there’s not a single Sports Illustrated’s Pat Forde of-
remaining team from a small or fered the cautionary example of
mid-major conference. The 16 en- Florida Atlantic, a Cinderella of
trants who will play Thursday and March Madness 2023: Its coach,
Friday hail from just four swanky Dustin May, is now at Michigan,
power conferences: the SEC (7 re- along with star Vlad Goldin. Two
maining teams), Big Ten (4 teams), other Owl players, Alijah Martin
Big 12 (4 teams), and the ACC (one and Johnell Davis, are now at Flor-
team, which sadly is Duke). ida and Arkansas, respectively.
That’s the fewest number of They have reassembled at this
conferences represented in modern Sweet 16—on other teams.
tournament history. The lowest Of course, the lords of college
seed to make it through this year is sports brought this chaos on them-
10th-seeded Arkansas, a very selves, thinking they could hoard a
known program coached by very
known human, John Calipari.

7
In other words: it’s big dogs, ev-
erywhere. Or what the bracketeers
call “chalk,” the term used to de-
scribe the dull betting favorites.
This final 16 is so chalky, War- Number of SEC teams in the
ren Buffett’s finally been forced to
dig up the Chock full ‘o Nuts tins
Sweet 16, including No. 1
buried in his Omaha backyard and seeds Auburn and Florida
reward contestants for picking
near-pristine opening weekend
brackets (though his decision to
loosen his rules may have some- multibillion-dollar economy while
thing to do with that, too.) offering no compensation or work-
Poor Warren! He’ll make his place mobility to players. The
money back somehow, I trust. courts disagreed, the NCAA grudg-
Now everyone’s wondering: Is ingly got on board, and here we
this March Madness power flex a are. The pie is getting sliced more
disaster? (This is the required dra- evenly, but the sport is messier
matic framing for all debates in the than ever.
social media era; events can no lon- Here’s another truth: It might
ger be described as “mildly bad” or not matter in the end. We can howl
“pretty good,” or heaven forbid, about Cinderellas and the soul of
nuanced, they have to be brightly Duke and freshman sensation Cooper Flagg rolled into the Sweet 16 after beating Baylor in the second round. the sport, but the reality is that
marked as BRILLIANT or DISAS- college basketball audiences love
TER, or no one’s going to bother 1985), having party crashers reach the ability of the transfer portal to 18-member Big Ten can continue to (and watch!) brand names, and this
clicking.) the later rounds gives the tourna- drain (and rebuild) rosters has cre- call itself the Big Ten with a 16 is full of them, from Michigan
Personally, I would refrain from ment a soulful ballast, providing at ated havoc in tournament basket- straight face is beyond me. Of and Michigan State, to Florida and
calling this tournament a wreck, least the impression that anyone ball and everywhere else. course, the Big 12 calls itself the Kentucky, to Alabama and Auburn,
because we’re barely started. It’s can beat anyone, no matter the Let’s start with the “conference Big 12 with 16 teams, and gets to yes, Duke, which remains fa-
certainly less interesting: There’s name stitched on the front of the rearrangement.” This is a polite eu- away with it, because everyone is vored to win it all.

STEPHANIE SCARBROUGH/ASSOCIATED PRESS

no Florida Gulf Coast, no St. Pe- jersey. phemism for “breaking away into too tired to do math.) If you’re looking for crowd-
ter’s, no Sister Jean and Loyola So what’s happened? what is effectively a super-league NIL and the portal, meanwhile, pleasing stories, there are still
Chicago to beguile basketball It’s possible this Cinderella and sorry to the rest of you suck- have further weaponized big pro- eight teams left that haven’t won a
hearts. drought is a one-season anomaly— ers.” The SEC, Big Ten and Big 12 grams with free-spending boosters men’s title: Houston, Purdue, Ole
It’s hard to argue that a Cinder- but it’s hard not to suspect a bigger have cherry-picked America’s hubs and other resources. With men’s Miss, BYU, Texas Tech, Tennessee,
ella isn’t an atmospheric advan- trend from the continued tumult and hinterlands to the point each college basketball effectively pro- and the aforementioned Tide and
tage. Even if they never actually across college sports. The rear- conference now has 300 members fessionalized, and no waiting pe- Tigers.
win the whole thing (the lowest rangement of conferences; the infu- each. riod for players wishing to transfer, Cinderellas? Not really. But col-
seed to ever win the NCAA men’s sion of name, image and likeness (OK: It’s 16 members, 18 mem- it’s become tantamount to annual lege basketball is changing, and if
title is 8th-seeded Villanova in money and “collective” conclaves; bers and 16 members, but how an free agency—with the big fish ea- the shoe fits, why not.

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 10 Midas’s
weakness
The Elite Skater
16
13 14

17
15

18
11 Thigh-related
12 Goes places
Who Rewired Her Mind
19 20 21 22 23 16 Fractional BY LOUISE RADNOFSKY said Damon Allen, who has So, twice a week, Glenn
factions coached her since 2022. has been hooked up to sen-
24 25 26 27 21 Pureed FOR YEARS, AMBER GLENN Allen knew that she sors at a clinic called Neuro-
was one of the top figure couldn’t just snap out of it. therapy of Colorado Springs,
28 29 30 31 32 23 Jan. holiday skaters in the U. S.—and also And he could see in real time while she listens to her pro-
honoree its most inconsistent. She was how the stress of competition gram music, or watches vid-
33 34 35
25 Truck type the popular and prodigious would torpedo his skater’s eos of herself skating.
talent who could technical abilities. The adren- The sensors on her head
36 37 38 26 Claim again sail through her aline of landing a triple axel monitor electrical activity in
practices and could literally throw her off her brain, and another on her
39 40 41 42 43 44 45 46 29 Make sound
charge out of the her next jump. A single fall finger keeps track of her
31 Rep. gate, only to stum- would leave her shaky and heart rate and heart rate vari-
47 48 49 ble when it really visibly losing focus. ability.
35 Trade show counted. “It would snowball,” he “She looks
50 51 52 53 54 37 Victory Then, at 25, Glenn said. “Last year at worlds, she like quite the
gesture did what few athletes science experi-
55 56 57 58 with a reputation for ment when she’s sit-
38 Bygone times crumbling under pressure ting here,” said Chris
59 60 61 62 63 ever manage. She figured Edwards, Glenn’s neuro-
39 Strong
proponent it out. therapist. “We’re able to
64 65 66 This time last March, provide them feedback, this is
40 Absolutely Glenn was crashing and burn- what you want to be, the
67 68 69 necessary ing on her way to a 10th- zone you want to be in… as
place finish in the world quantified by your heart rate
41 Rhetorical championships. One year on, and brain activity.”
WHEN IN ROME... | By David Alfred Bywaters substitution, she will take the ice in Boston The idea is to get used to
Across 24 Pool need 50 Eclipse Down like “Wall this week as a favorite to the feeling of being in compe-
Street” for win the world title for tition, until it becomes rou-
1 Soup supplier 25 Flight strip 52 Money bag 1 Class act the !inancial one simple reason: She tine—and to practice staying
6 Minister to 54 “___ all good” 2 Walker Cup sector hasn’t lost a single compe- in control, through breathing
27 Tours sight
King David golfer, e.g. 44 Series unit tition this season. and other techniques, even as
28 Cessation of 55 Perform Glenn credits her clinic staff deliberately move
9 Only hostilities miserably 3 Iris Murdoch 45 No longer stunning turnaround to around or bang doors to try
president to on the old or Agatha working a technique called neuro- to throw her off.
serve on the 30 Furtive fellow Roman SAT? Christie therapy, in which she liter- Glenn can see how she’s
Supreme 46 Indian tea
32 Ore. neighbor 57 NYC ride ally trains her body for doing by watching the raw
Court 4 Insolent region
provider high-stakes situations, data, known as “neuro feed-
33 Syringe !iller answers rather than hop- Amber Glenn back” and “bio feedback.”
13 It may be 48 Shad
34 Den ___ 58 Where most 5 “Middlemarch” product ing to push In the clinic she can
written on a
(Netherlands people live author through with also follow her physio-
tablet 51 Suit yourself? mantras. was in the best shape logical markers in
seat of 59 Fork feature
14 “Bambi” villain 6 What ends Willing herself to calm down ever… Then she makes one the form of a
government, 53 Jibs and
60 Lessen each of !ive wasn’t cutting it. Learning to mistake, and can’t figure out low-tech video-
15 At least one to natives) jiggers
answers in manage her nervous system how to get back in it. We game in which
time 35 Slithery !ish 62 Resolved not this puzzle, in 56 Adroit under competition conditions came back and we’re like, the data is con-
to cash out at a way? has worked out far better. we’ve got to do something to- verted into an
16 Top of an 36 Tenth in a 58 Big do
the old Roman “I was thinking all the tally different here.” image, which she
old Roman series of old 7 Bled or !led
casino before 61 Serpentine right things and doing my That something different tries to control by keeping
most-wanted Roman winning a cool 8 Saying nay neckwear best, but I was still faltering turned out to be physically her heart rate as even as
list? waterfront thousand? at competition,” Glenn said. preparing for what would possible.
17 Grasshopper’s pens? 9 Pace for 63 Japanese The new approach, she added, happen under the bright In one game, the image is
64 Puts on the playing drama genre
fabled foil 39 Summit “helped me feel more in con- lights, and then learning to of a car and the goal is to
!loor
18 Infant’s cry Previous Puzzle’s Solution trol of my own brain than I respond differently. keep it moving around the
42 Brand in the 65 Hostile party ever was before.” Glenn’s longtime sports track with even speed. (“The
N I E T MA N U P G A S
19 Diminutive freezer E B Y A I M A G E P O N E When she skates her short psychologist, Caroline Silby, way you are controlling that
66 “Royals”
ending 43 Librettist’s
W A E T R T I G H T L O G E program on Wednesday, says that they looked to neu- car is by controlling your
singer Glenn will help to answer one rotherapy after years of work
B R C A E R R A I D E D brain,” Edwards says.) If she
AURELIEN MORISSARD/ASSOCIATED PRESS

20 Texter’s assignment R E E F F I R E F L Y
67 Shade of the most-discussed and to embrace discomfort rather gets out of “the zone” then
“wow!” A C T E D A B O A S O F
least-understood questions in than judge it, and shift from the car swerves. In another
47 Post sources H A H A S C A R A B R A H
22 Declaration counterpart E L E M E N T S O F S T Y L E sports: can choking be cured? seeking perfection into a game, she has to move an ele-
68 Roo!ing MA T F L U E N T W O L F It turns out that Glenn’s problem-solving mindset. phant trunk up and down.
of support for
48 Get together supply MU I R A R C R O U S T problem was never all in her For any of that to help in “It’s literally like training a
Proposition A I R C O O L E M I T
again, brie!ly head—and nor was the solu- competition, they realized, dog with a clicker, ‘Good job,
Five, in old 69 Functioned as A T T E N D M A I T A I
Rome? 49 Ring borders a farrier N I L E E A R T H S M A R T tion. “Her heart rate would Glenn needed to be able to good job brain,’” said Glenn.
D E E S S P A S M E X E C get so high during the event, regulate her physiological re- “It is so basic, but also so in-
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. E S S A T E AM D I S H she would get gassed out,” sponses first. tricate.”
THE WALL STREET JOURNAL. Wednesday, March 26, 2025 | A13

OPINION
A ‘Signal’ for Trump to Calm Down? BOOKSHELF | By Howard Schneider

In a different
political uni-
Romney or Mr. Musk. But all
three are products of the pri-
Recall the Romney-Obama
battle coincided with the U.S.
predict an early harbinger)
waiting lists for Medicare,
Lives
In Captivity
verse Elon vate sector. Millions of Ameri- and California doubling down Medicaid and veterans care
Musk’s DOGE cans are also products of the on an already troubled and suddenly balloon to rival
wouldn’t be private sector. They instinc- failing state bullet train proj- those of Britain’s National
needed. A tively realize that a dynamic ect. Thirteen years later, the Health Service.
competent economy produces setbacks as train still hasn’t carried a pas- The saddest part of the
BUSINESS
media would well as advances. They roll senger and possibly never present moment is a reaction-
WORLD
be flogging with it. will. Intact, though, is the ary press’s forgetting that pol-
The Fifteen
By Holman W.
the public Who of a certain age hasn’t message to the Democratic itics still continues. If a pro- By William Geroux
Jenkins, Jr.
sector to experienced working for a Party’s myriad spending inter- gram was genuinely useful, Crown, 400 pages, $33
provide tax- business that was struggling, ests: Always more, never less. well, tomorrow’s another day.

D
payers with effective, cost-ef- that lost a big customer, saw Activists and legislators can uring World War II, the U.S. began amassing huge
ficient service. Programs its product go out of favor, en- try reinventing it to better numbers of German prisoners when the Afrika Korps,
would be examined for their gaged in layoffs? Who hasn’t The intel snafu is serve taxpayers. Take Voice of the Wehrmacht’s elite desert troops, surrendered to
usefulness. It wouldn’t qualify found himself perhaps even America, born in a completely the Allied forces at Tunisia in May 1943. As William Geroux, a
as wanton cruelty if one were beavering away at a job leverage if a GOP different era technologically veteran journalist and the author of “The Ghost Ships of
determined to be obsolete, as though unsure the paycheck Congress wants to and geopolitically. The U.S. Archangel” (2019), tells us in his excellent and insightful “The
happens in the private sector would clear? On an average government still has messag- Fifteen,” some 135,000 of these POWs would end up in U.S.
every day. day 66,000 Americans lose start setting bounds. ing needs. prison camps because “there was nowhere else to put the
This week the chaos and their jobs; 82 businesses file Most of the press, though, Germans but in America.” Britain didn’t have enough space or
disruption the administration for bankruptcy. couldn’t even say what the Ed- food, or the manpower necessary for the guard duty required.
has been intentionally export- But Mr. Romney committed Mr. Musk’s chaos would be ucation Department does and The story of German POWs in America speaks highly (for the
ing to the rest of the govern- a major error in 2012 when he the worst possible solution to yet all know, in its exact pres- most part) of their American captors, but is an indictment of
ment came back home, thanks told an off-the-record group this spending chaos if not for ent form, we can’t live without many hardcore Nazi prisoners.
to the Signal snafu. he didn’t expect the votes of the fact that more-orderly re- it. “Given America’s scant experience with POWs in World
On the messaging app, an the 47% who pay no income forms are all but out of reach, Sadly, if it were sincere War I,” Mr. Geroux writes, “the U.S. government had no
outside journalist was acci- tax or consume public bene- thanks the iron law of concen- about spending, which is un- blueprint for handling an influx of prisoners in World War
dently included in a discus- fits. trated benefits and diffused certain, the Trump adminis- II.” American know-how came to the rescue in the rapid
sion of Yemen war plans, The comment leaked in costs. tration lacks legislative tools construction of the camps. At
raising two questions: How time to echo an Obama ad There ought to be a better to address the morass. The its height, the American POW
did the snafu happen? And campaign focused not on his way, you keep thinking. Unfor- DOGE effort could never be system, which was adminis-
why were officials using a Massachusetts governorship tunately it’s probably DOGE or more than fiscally symbolic, tered by the military, com-
private app for a top-secret or the Salt Lake City Olym- nothing until we’re faced with however useful nonetheless. prised more than 600 camps
discussion? pics. The ads focused on his a pell-mell retreat from gov- But the administration can scattered across the country.
If I had to guess, this may years at Bain Capital, a pri- ernment spending because the still boost growth, and there- By the end of the war the
be the episode that causes the vate-equity firm, which the market will no longer buy U.S. fore tax revenues, with dereg- Army had interned nearly
administration to pull in its ads portrayed not as invest- government bonds at any ulation and investments that 400,000 Germans “without a
horns. Republicans in Con- ing in growth but taking price. make America and the world single act of sabotage or vio-
gress may threaten investiga- things away—jobs, benefits, All this has been a shot of more secure places to do busi- lent crime against an American
tions to gain leverage over a healthcare. rejuvenation for one person, ness (which less trade warfare citizen.” German-on-German
Trump team that has discom- This was the beginning of the human embodiment of would also do). violence in the camps, however,
fited GOPers as well as Demo- the end of Mr. Romney’s presi- the tax, tax, spend, spend, Thus an irony: The Signal was another matter.
crats in some of their cher- dential hopes; also a fight that elect, elect school of Demo- snafu arises over something The German POW experience
ished programs and effectively removed spending cratic politics, namely Chuck actually useful in this regard, was far from excruciating, espe-
prerogatives. control from the national Schumer. Alas, nothing done a Trump initiative to reclaim cially by Nazi standards. The U.S.
And that will be a cause for agenda and ushered in the by Messrs. Trump and Musk freedom of the seas from Ye- government was determined to treat the Germans well, Mr.
mixed feelings. greatest period of debt expan- should have you thinking meni insurgents who’ve Geroux maintains, “for reasons both moral and calculating.”
Donald Trump is a different sion the U.S. has known since Washington will avoid the largely shut down the Suez America was a party to the 1929 Geneva Convention, which
political animal from Mitt it paid for World War II. greater reckoning when (to Canal. outlined, in part, how POWs were to be held. Prisoners, the
author reminds us, could retain “their military ranks and
their chains of command. They were to be housed and fed

Trump’s Dangerous Disregard for the Courts just like American soldiers based in the United States. They
were allowed regular contact with their families, the German
government, the Swiss”—a neutral nation—“the International
As an old- he may disagree with them. land while vowing to reverse it when a president expresses his Red Cross, and other agencies.” The U.S. hoped that if Ger-
fashioned lib- This is Civics 101. But it through peaceful and legal opinion of what the Constitu- man POWs were treated humanely, Germany would recipro-
eral (a shrink- seems Mr. Trump skipped that means. In a speech after the tion means in a disagreement cate in its treatment of American prisoners. (Not surprisingly,
ing tribe, I class. “We have rogue judges decision, Lincoln said that with the legislative branch. this wouldn’t be the case.)
fear), I believe that are destroying our coun- while he would offer “no resis- But what happens when a Wartime imperatives—namely, the military’s need for men
checks and try,” he said in a recent Fox tance” to it, he would do what- court denies the constitution- to join the service—created a worker shortage in America.
balances and News interview. On Truth So- ever he could to get the Court ality of what a chief executive Fortunately for employers, the Geneva Convention also
POLITICS
the rule of law cial, the president denounced to overrule it. “More than this is determined to do? In such allowed for enlisted-rank prisoners to be “compelled to
& IDEAS
are the surest Judge Boasberg as a “Radical would be revolution,” he said. cases, the alternative to judi- work.” German POWs performed a multitude of tasks, from
By William
institutional Left Lunatic” who should be (The alternative mode of re- cial finality is anarchy. emptying bedpans to herding cattle to translating documents;
A. Galston
p ro te c t i o n s impeached. This prompted dress, he recognized, would be The core problem with Mr. “they cut timber in New Hampshire and Maine, packed
for liberty and Chief Justice John Roberts to a constitutional amendment, Trump’s understanding of the kosher meat in New Jersey, and stuffed olives in Texas.” They
against tyranny. I wish I could remind Mr. Trump that “for but only a civil war eventually Constitution goes even deeper. harvested crops, from Kansas wheat to North Carolina toba-
be confident that President more than two centuries, it made that possible.) During his first term, he told cco. Throughout the country, POWs were treated decently.
Trump and his administration has been established that im- an audience at an event: “I German prisoners in the Jim Crow South observed that they
share these commitments. But peachment is not an appropri- have an Article II, where I had more privileges than blacks did. Employers and most of
their recent statements sug- ate response to disagreement ‘I have an Article II,’ have the right to do whatever the prisoners were content with the system. Indeed, thou-
gest that they don’t. concerning a judicial decision.” I want as president.” Article II sands of German prisoners wanted to stay in the country
After Judge James Boas- Earlier this year, Vice Presi- he once said, ‘where I gives a president broad pow- after the war.
berg of the U.S. District Court dent JD Vance tweeted that have the right to do ers, but Mr. Trump’s comment Not all POWs were ready to abandon their Nazi indoctrina-
issued an order temporarily “judges aren’t allowed to con- amounts to saying that a pres- tion. While the average German soldier, Mr. Geroux tells us,
blocking the deportation of al- trol the executive’s legitimate whatever I want.’ ident’s decisions take prece- “was not a Nazi fanatic,” zealots, including “numerous SS
leged members of the Venezu- power.” But who determines dence over those of the Article men and Gestapo agents,” could be found among the POWs.
elan Tren de Aragua gang, the limits of the president’s III branch (the judiciary) and “At the height of the war, the army concluded that” roughly
Tom Homan, the president’s constitutional powers and de- President Andrew Jackson the Article I branch (Con- 15% of the 371,000 German prisoners in the United States
border czar, told a Fox inter- cides when he has exceeded took a different view of the ju- gress). Much of what Mr. were either “rabid Nazis” or “deeply sympathetic” to the Nazi
viewer, “We’re not stopping. I them? Americans throughout dicial branch’s power. A propo- Trump has done in the early cause. Some of these true believers sought to exert their
don’t care what the judges history have generally agreed nent of states’ rights, Jackson months of his second term authority over the other German prisoners. “To bring a pris-
think.” on the answer—the judicial thought the idea of a national rests on this proposition, oner back into line,” for instance, these Nazis might “threaten
Nearly two centuries ago, branch. bank was unconstitutional and which runs counter to the to send coded messages to Germany, either in letters or
Alexis de Tocqueville noted a In Marbury v. Madison vetoed a law to recharter the theory and letter of the Con- inside the bandages of wounded German POWs being sent
distinctive feature of Amer- (1803), Chief Justice John Second Bank of the United stitution. Congress and the ju- home, to sic the SS or Gestapo on their families.” Other
ica’s civic life: “There is almost Marshall declared that “it is States. Jackson asserted in an diciary are coordinate, not offenses might be dealt with in “clandestine ‘courts of honor,’
no political question in the emphatically the province and 1832 message that even if subordinate, branches of our convened at night.” Prisoners might be sentenced to confine-
United States that is not re- duty of the judicial depart- Marshall’s opinion upholding government. ment, or fellow prisoners might be ordered to shun him (“a
solved sooner or later into a ment to say what the law is”— the constitutionality of this Mr. Trump’s approach rep- severe penalty in a place so far from home”)—or worse.
judicial question.” Little has and, he might have added, for bank was correct, that ruling resents the danger against
changed. the other branches of govern- wouldn’t control the entire which James Madison warned
When legitimate questions ment to accept the court’s government. “The Congress, in Federalist No. 47: “The ac- The U.S. hoped that if German POWs were
about the meaning of a law judgment as authoritative, the Executive and the Court cumulation of all powers, leg- treated humanely, Germany would reciprocate
and its application to specific even when they disagree with must each for itself be guided islative, executive, and judi-
cases are raised, the judiciary it. by its own opinion of the Con- ciary, in the same hands . . . in its treatment of American prisoners.
often steps in to answer them. This doesn’t mean that the stitution,” he said. “Each pub- may justly be pronounced the
This is how our system works, courts never err. President lic officer who takes an oath to very definition of tyranny.”
and Mr. Homan doesn’t have Abraham Lincoln loathed the support the Constitution When executive orders super- “A postwar army survey listed 211 violent incidents” com-
the authority to disregard it. Dred Scott decision, which swears that he will support it sede legislation and judges are mitted by Germans against fellow inmates at the POW camps,
As a government official, he ruled that African-Americans as he understands it, and not threatened with impeachment we are told. These included the murder—hangings or gang
has a duty to care what judges weren’t U.S. citizens, but he as it is understood by others.” for doing their jobs, this could beatings conducted by the Rollkommando, or beating squad—
think, however emphatically accepted it as the law of the This stance may be viable be the eventual result. of those prisoners suspected of spying for the Americans or
considered insufficiently devoted to the Third Reich. Mr. Ger-
oux graphically describes the horrifying murder of Johann

Loose Texts Can Cost Lives Kunze in Oklahoma’s Camp Tonkawa. Kunze was beaten to
death by a mob of his fellow POWs for allegedly passing
information to the American authorities.
By Bob Greene overheard by the wrong peo- the perils of discussing mili- 1940s, some posters admon- The U.S. military would arrest and court martial those
ple, disastrous consequences tary information in front of ishing against such leaks were POWs suspected of murder once the authorities believed they

A
soldier sits on a park could follow. unintended listeners. On one basic as could be. A man with had enough evidence. (One of the prosecutors, Leon Jaworski,
bench, his arm around This week it was reported poster a white-bearded Uncle two strips of tape crisscross- would later become the special prosecutor in the Watergate
an attractive blonde. that the highest level of the Sam held a finger to his lips. ing his mouth: “Closed for the scandal.) In total, 15 German POWs would be condemned to
He appears to be bragging to U.S. government’s military and “I’m Counting On You!” his Duration.” A newspaper head- death.
her about something. Next to intelligence officialdom con- printed words proclaimed. line about lives lost aboard a When the Third Reich learned of these sentences, they in
them on the bench is a man ducted battle-planning con- “Don’t Discuss: Troop Move- warship sunk at sea, with a turn sentenced to death (on fraudulent charges) 15 American
in a business suit who bears versations on an unauthorized ments. Ship Sailings. War large finger on the poster POWs and sought to trade, via the Swiss, the 15 Americans
a remarkable resemblance to group-chat app, and that they Equipment.” pointing accusingly at a civil- for the 15 condemned German POWs. The negotiations could
Adolf Hitler. He is listening On another was a cocker ian strolling along blissfully: verge on the bizarre: One of the Americans may not even
intently to the soldier’s ev- spaniel, its head resting “Someone Talked!” A painting have existed. Mr. Geroux’s account of the bureaucratic duel-
ery word. The caption on the The administration’s mournfully atop part of a of a dead American para- ing that ensues is absorbing.
poster that contains this Navy uniform, while in the trooper, bleeding beneath his Ultimately, 14 German prisoners would be executed for
tableau: Signal foul-up calls background a gold star flag helmet, his chute still at- murder, five of them for the killing of Kunze. (The 15th,
“Loose Talk Can Cost to mind warnings hung on a wall. The caption: tached to his body: “Careless initially condemned to death, would eventually have his sen-
Lives.” “ . . . because somebody Talk . . . Got There First.” tence commuted, to 20 years’ hard labor, by President Tru-
Homefront posters like from World War II. talked!” The posters, in those pre- man.) The American prisoners, meanwhile, would escape
that one were everywhere And a wanted poster with a high-tech times, did their best their executions thanks to the end of the war.
during the terrible years of black-and-white photo of a to warn about what was at More than a well-crafted history, “The Fifteen” raises
World War II, and the mes- inadvertently included the ed- stony-faced woman: “Wanted! stake. The artists who drew questions worth considering today. Was the U.S. too lenient
sage to Americans was con- itor of the Atlantic magazine, For Murder. Her Careless Talk them could scarcely have with German POWs? (The columnists Walter Winchell and
sistent: Keep your mouth who at first thought he was Costs Lives.” imagined an era when an er- Drew Pearson thought so.) Was the military justified in some-
shut. You never know who being pranked. They evidently Today the definition of rant tap on a phone screen times cutting corners to prosecute German POWs? (At least
may be listening. had no idea an outsider had “talk” has changed. Literal lips could potentially have a once, German suspects were tortured.) And what was—is—
There was no internet, no been given access to their are but a small part of it. greater impact than millions the responsibility of POWs, of any nationality, to their fellow
social media, no television, no real-time words. Press the wrong button on a of pairs of the loosest of lips. prisoners and their captors? Those reading “The Fifteen” will
email, no text messaging, no It brings to mind those keyboard, and the most sensi- be motivated to make up their own minds.
group-chat apps back then. ubiquitous posters during the tive information can fly un- Mr. Greene’s books include
Still, the government under- years when people were con- guarded into the ether. “Duty: A Father, His Son, and Mr. Schneider reviews books for newspapers and
stood that if war strategy was stantly being cautioned about In the war years of the the Man Who Won the War.” magazines.
A14 | Wednesday, March 26, 2025 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Lessons From the Signal Affair The Case for Green Energy Hasn’t Aged Well
According to Al Gore and David same dynamic applies to solar power.

D
emocrats had fun pounding away at the envoy to wars in the Middle East and Ukraine.
Trump Administration Tuesday over a Press reports say Mr. Witkoff was receiving Blood, “extreme weather events fueled Messrs. Gore and Blood were cock-
by the warming planet . . . have cost ier during President Obama’s first
security leak to a journalist on the Sig- these messages on the commercial app while
the global economy more than $3.5 term in the White House when their
nal messaging app, and we in Moscow. This is security trillion” during the past decade (“The op-ed “A Manifesto for Sustainable
trust the White House has The leak furor will fade malpractice. Russian intelli- Business Case for Green Energy,” op- Capitalism” (op-ed, Dec. 14, 2011) was
learned a lesson. It’s amusing but not JD Vance’s gence services must be listen- ed, March 18). That sounds alarming, published. They set forth a list of
to hear journalists who dine ing to Mr. Witkoff’s every eye- but $3.5 trillion was only 0.4% of totalESG actions that corporations must
out on leaks deplore this leak. contempt for allies. brow flutter. This adds to the global gross domestic product be- take to produce long-term value and
But the lasting import won’t building perception that Mr. tween 2014 and 2023, based on World save the planet.
be the security breach as Witkoff, the President’s friend Bank estimates. Red-state pension plan sponsors,
much as what Trump officials really think about from New York, is out of his depth in dealing Worldwide, people have turned treasurers and governors eventually
our European allies. with world crises. against government-mandated green- started to challenge the wisdom of
The White House is insisting that no classi- The security breach will fade as a story, but energy policies, which have raised en- ESG funds that were producing sub-
ergy costs, fueled inflation and re- par results. Messrs. Gore and Blood
fied information appeared on the now infamous we can’t say the same about what the chat said
duced living standards. The responded with “ESG Investing Is
group chat about the Houthis, and Mr. Trump’s about the views that Trump officials hold about unsustainable sacrifices made by citi- Consistent With Fiduciary Duty” (op-
chief spooks Tulsi Gabbard and John Ratcliffe our allies in Europe. The President had decided zens in developed nations have been ed, Nov. 9, 2022). ESG was the neces-
said as much at a Capitol Hill hearing on Tues- to strike the Houthis in Yemen by the time of nullified by the energy gluttony of sary elixir to “deliver the world we
day. It was nonetheless notable to watch Ms. the leaked Signal chat. China, the world’s largest CO2 emitter. need.” That pitch came as President
Gabbard, the supposed enemy of the intelli- That was a good decision by the Commander The world’s “poor and powerless” Biden was drawing down more than
gence deep state before she became director of in Chief. The Houthis are terrorizing global aren’t suffering primarily due to cli- 30% of America’s strategic petroleum
national intelligence, obfuscate about the shipping and taking shots at U.S. military ships mate change; they’re suffering because reserve to keep oil prices from soar-
thread’s contents. What you admit apparently and planes, which nobody should be allowed to they lack energy for everyday needs ing. An emergency boost from wind
depends on where you sit. do without paying a price. Mr. Trump under- such as cooking and transportation. and solar wasn’t an option.
Businesses, investors and asset man- Messrs. Gore and Blood talk a good
President Trump reacted to the blunder bet- stands that element of deterrence.
agers would do well to deploy capital game about “long-term” investing,
ter than anyone. He defended as “a good man” Yet Vice President JD Vance second-guessed for energy security in the Global but investors generally measure re-
his national security adviser Mike Waltz, who the President’s strikes on the chat because he South, not for questionable “climate sults over a span of five years or so.
may have been the one to add the Atlantic edi- said only “3 percent of US trade runs through projects” concocted by global elites. Social-justice zealots tout diversity,
tor to the group chat. Democrats want heads to the suez” canal, while “40 percent of European CHARLES D. EDENequity and inclusion as part of ESG’s
roll. Mr. Waltz appears to have been defending trade does.” That understates the U.S. interest Atlantainvestment criteria. In recent years, a
the President’s decision to protect freedom of in freedom of navigation. Mr. Vance even sug- portfolio that included oil and gas
navigation from the Houthis, and telling his col- gested his boss didn’t understand that striking Messrs. Gore and Blood began their stocks and other “undesirables” was
leagues they could find classified information the Houthis was at odds with Mr. Trump’s latest piece with the perfect metaphor: more diversified and produced
on the usual secure channels. “message on Europe right now.” He added that Unlike today, four years ago sustain- greater long-term financial equity
Defense Secretary Pete Hegseth’s behavior “I just hate bailing Europe out again.” So the ability-economy advocates “had the than did a pure ESG play. DEI and ESG
wind in our sails.” Welcome to wind- had their day in the sun. A strategy
looks less defensible a day later, as he may have Vice President is willing to let the Houthis shut
power reality. Investors in wind-power producing poor-to-mediocre results
been cavalier about the details of incoming mil- down shipping to spite the Europeans? projects know that sometimes the isn’t sustainable.
itary strikes. He also tried to shift the blame for The lesson Europeans—and many friends wind dies and nongreen power sources P.D. GRANT
the fiasco on the journalist who was put on the elsewhere—will take from this episode is that are needed to keep the lights on. The Palm Coast, Fla.
chat, which is silly given that the Atlantic editor officials at the top of the Trump Administration
did nothing but listen and says he declined to think the U.S. relationship isn’t based on com-
publish information he said might jeopardize mon interests or values. It’s closer to a protec-
U.S. troops. tion racket (see nearby). It’s another reason
A real security scandal is that the Signal chat many of America’s allies may conclude they can
Albany Doesn’t Overlook Chronic Absenteeism
apparently included Steve Witkoff, Mr. Trump’s no longer trust the U.S. in a crisis. We can all agree that students be- ment is shifting from a narrow mea-
long in school and that they do better sure of chronic absenteeism to a more
academically and socially when they comprehensive one that includes the
The Marijuana Laffer Curve attend regularly. Contrary to Jason
Riley’s column “Long Past the Pan-
attendance of all students. The state
will continue to measure and report
demic, Kids Skip School in New York” chronic absenteeism data online to en-

W
hat does it take to persuade a pro- who is proposing to suspend the tax increase (Upward Mobility, March 12), New sure transparency and public account-
gressive to cut tax rates? Answer: to save what he calls California’s “dying” canna- York state’s policy reflects these reali- ability.
Make sure the tax cut applies to the bis industry. “We can either support this legal ties. Mr. Riley adds that “the most effec-
“cannabis industry.” We kid industry, these small busi- Mr. Riley quotes a critic who claims tive way to address the problem in the
you not, as Democrats in Sac- The California left nesses, to be able to build the that the state eliminated chronic ab- short run would be to re-emphasize
ramento are discovering that senteeism as a measure of school the importance of school attendance.”
high tax rates on hooch harm
demands tax-rate relief thriving cannabis industry
that we know California can quality, “which means that this will This is precisely what the depart-
the legal version of their fa- for the high and flighty. grow, or we can tax or over- not be one of the measures by which
the state evaluates the performance of
ment’s new attendance indicator does.
JP O’HARE
vorite recreational drug. Art regulate this industry to school districts.” This is only half the N.Y. State Education Department
Laffer must be on a high. death,” Mr. Haney says. story. New York’s Education Depart- Albany, N.Y.
This delightful discovery of the marijuana Laf- He frets that “California is being outpaced
fer Curve comes from Assemblyman Matt Haney in cannabis sales by states like Michigan, which
of San Francisco—where else?—as he unveiled has demonstrated steady growth due to lower
legislation to prevent a looming tax increase on taxes and fewer barriers to access the legal in-
Congress Can Clean Up the Cannabis Industry
legal cannabis in California. “If you keep on tax- dustry for both businesses and consumers.” The “Location, Low Taxes Boost Weed businesses can operate with certainty
ing and taxing a set of businesses that are already result, he says, is “plummeting sales and tax Industry in Missouri” (U.S. News, while states retain control over legal-
competing with folks who are paying no taxes, revenue.” March 17) highlights the Missouri ization or some form of prohibition,
eventually those folks are going to go out of busi- What’s sad about this Laffer Curve epiphany cannabis industry’s rapid rise to one like seven of the eight states that
of the largest markets in the country, border the Show Me State.
ness entirely, and you’re not going to get any- is that Mr. Haney thinks it only applies to pot.
but it also underscores the glaring Missouri’s experience proves that
thing,” Mr. Haney said this week. Now, where He and his Sacramento friends keep piling taxes problem plaguing the U.S. cannabis well-structured regulation can fuel
have we heard that logic before? and regulation on every other business and in- industry: an unstable, state-by-state economic opportunity. However, its
Progressives sold voters in 2016 on legalizing dustry, driving many out of the state. patchwork of laws that is failing busi- market’s continued success—and that
marijuana for recreational use. They used the In 2023 Mr. Haney co-sponsored legislation nesses and consumers alike. While of the broader U.S. cannabis indus-
usual arguments that legal pot would reduce to establish a state wealth tax. As a San Fran- Missouri has navigated legalization try—depends on Congress’s acting to
drug trafficking and raise tax revenue. But the cisco supervisor in 2020, he crafted an “Over- better than some states, long-term eliminate the uncertainty that stifles
state imposed taxes that are so high and regula- paid Executive Tax” that charged companies a success hinges on a consistent federal investment, access and safety. With-
tion so burdensome that the illegal marijuana 0.1% surtax on their gross receipts in the city framework—something the Strength- out federal action, the disparities be-
growers and sellers are crowding out the folks if their CEO earned more than 100 times the me- ening the Tenth Amendment Through tween state markets will persist, leav-
who follow the rules. dian San Francisco worker. San Franciscans Entrusting States (STATES) Act aims ing states like Missouri vulnerable to
to provide. the same instability that has dis-
Marijuana is subject to a 7.75% state sales voted to reduce the tax in November after it ac-
Legal cannabis businesses cur- rupted other markets.
tax, 15% state excise tax and various local taxes, celerated an exodus of jobs and businesses from rently operate under an unpredictable GREG WALDEN
which have been increasing as cities try to plug the city. regulatory landscape, competing with Hood River, Ore.
budget holes. The 15% excise tax is set to rise It will be fun to watch the progress of Mr. illicit markets fueled by federal prohi- Mr. Walden is co-chairman of the
to 19% in July, which has pot businesses begging Haney’s bill through the Legislature as he seeks bition. High tax burdens, banking re- Coalition for Cannabis Policy, Educa-
Sacramento for tax relief. to explain why marijuana deserves a tax break strictions and varying state policies tion and Regulation.ARepublican, he
Enter Mr. Haney, a Bernie Sanders acolyte but no one else does. create unnecessary barriers to eco- was a U.S. representative (1999-2021).
nomic growth and public safety. The
STATES Act offers a pragmatic solu-
Europe Arms for the Tariff War tion by aligning federal cannabis pol-
icy with state decisions, ensuring
‘Be Creative’ Is Cold Comfort
Jack Hudson puts on a brave face

T
rade wars are easy to win, President Those penalties start with the retaliatory with his call to be creative to survive
Trump once opined. Until, that is, the tariffs the EU is likely to impose in April on Diplomacy’s Key Ingredient the coming artificial-intelligence on-
other side starts fighting back. That’s American motorcycles, beef and whiskey in re- slaught (“How to Live in the Age of
the message from a thinly sponse to the Trump steel Michael Doran and Reuel Marc AI,” Letters, March 19). That works
veiled European threat to im- The U.S. also has much and aluminum tariffs. Step- Gerecht, in their dueling letters about
America’s role in the Middle East,
for the top 10% in any industry. But
simple observation shows that most
pose steep retaliation on the to lose in a dumb-and- ping up a notch, the EU and
may not be as far apart as they seem of us are implementers of a few peo-
U.S. if Mr. Trump slaps tariffs its member countries could (Letters, March 10 and March 12). ple’s creativity. Change happens at
on Europe. dumber trade brawl. ban specific imports from the Mr. Doran praises President Rea- the median. Every company smells
Some European govern- U.S., or block American com- gan for acting as a “manager of frac- the bait of wholesale employee re-
ments, notably France, want to panies from bidding for pub- tious friends” without sending in placement. This won’t end well for a
invoke a relatively new “anti-coercion instru- lic procurement contracts. The nuclear option troops. Mr. Gerecht responds by not- broad swath of knowledge workers.
ment” against America if Mr. Trump opens a is the ability to stop enforcing intellectual- ing that President Truman removed MARK MAISONNEUVE
trade war with the European Union, Bloomberg property protections for American companies the Soviet Union from the Mideast by Berkley, Mich.
reports. This legal tool, originally created with in Europe, such as the trademarks for large threatening military action, and that
China in mind, allows the European Union to im- U.S. companies. Reagan’s “greatest mistake” was fail-
ing to act against Iran after it
pose trade sanctions on foreign countries that This is on top of all the other indignities to
bombed the U.S. Embassy in Beirut.
Pepper ...
try to bully Europeans into changing their eco- which Brussels mandarins can subject American
nomic policies. companies virtually at will. U.S. companies
It is difficult for diplomacy to suc- And Salt
ceed unless it is backed by a credible
The specific bullying the Europeans have in wishing to merge might find their deals tied up threat of force. Otherwise, you get THE WALL STREET JOURNAL
mind concerns Mr. Trump’s complaints about for years by European antitrust regulators. such things as President Obama’s Iran
Europe’s value-added taxes (VATs) on final con- Brussels already files corporate-tax litigation nuclear deal, designed to allow him
sumption. Mr. Trump believes these taxes are against American companies for sport, and ex- to “pivot” out of the region while
protectionist because European companies pect any last vestiges of tax restraint to fade permitting Tehran’s nuclear infra-
don’t pay them on exports but some imported amid a trade war. structure to be advanced for later
goods are taxed. Mr. Trump is threatening to im- The danger is that a trade war unleashes Eu- use. The key isn’t a new peace-in-our-
pose “reciprocal” tariffs on European countries rope’s worst instincts. It’s not an accident that time agreement but rather convincing
Iran that, if it doesn’t abandon its nu-
that charge VATs. But these VATs end up hitting France seems to be the ringleader agitating for
clear program, the result will be mili-
U.S. exporters with the same tax rate they do do- tougher retaliation—especially measures such tary action by America and its frac-
mestic European producers. as the intellectual-property provisions that tious friends, not an American
There’s less and more than meets the eye to would put brute force behind Paris’s longstand- retreat.
the European retaliation threat. The “anti-coer- ing resentment over U.S. tech companies. RICK RICHMAN
cion” policy is a political gimmick that doesn’t None of this would be smart for Europe’s econ- Los Angeles
create any new trade enforcement policies for the omy. Think of it as the dumb-and-dumber trade
Letters intended for publication should
EU or its member countries. But by the same to- war. Still, if Mr. Trump is going to sabotage Amer- be emailed to [email protected]. Please
ken, the EU or its member countries could im- ica with protectionism, he can’t be surprised if include your city, state and telephone
pose many of the same penalties—already avail- other governments are willing to hurt themselves number. All letters are subject to “I advise a slow, steady stream
able under EU law—even without formally to retaliate. And the truth is, they can do a lot of editing, and unpublished letters cannot of lawsuits. We call it
be acknowledged.
invoking the anti-coercion provision. damage to the U.S. in the process. time-release litigation.”
THE WALL STREET JOURNAL. Wednesday, March 26, 2025 | A15

OPINION

A Remedy for Nationwide Injunctions Ukraine Has

By Elizabeth Price Foley The REA respects the separation
A Trump

F
ederal trial judges block-
ing presidential acts via
of powers between Congress and the
Supreme Court by granting final pre-
scription authority to the high court,
Strategy
nationwide injunctions the only federal court established by
are creating a serious the Constitution. Lower federal By Maksym Skrypchenko
conflict between the exec- courts are created by Congress. By
utive and judicial branches. The acknowledging the justices’ power to Kyiv, Ukraine

U
flood of such injunctions provoked prescribe, the REA respects their kraine has navigated a turbu-

CARLOS BARRIA/REUTERS; ALEX WONG/GETTY IMAGES

President Trump to take to social unique constitutional status, while lent political landscape since
media and call for the impeachment retaining Congress’s ability to review Russia’s 2022 invasion. Its
of a judge who issued a temporary and reject any rule they prescribe. strategy has shifted among direct
restraining order. Chief Justice John The question is whether the Su- negotiations, military offensives and
Roberts responded in a statement to preme Court is willing to forgo the increasingly complex diplomatic
reporters that impeachment is inap- process under Section 2073 of the back channels.
propriate and the administration REA, which dates to 1988. Critics will Under President Biden, the U.S.
should rely on “the normal appel- note that Section 2073, which in- pledged support for Ukraine for “as
late review process.” Unsatisfied, volves input from advisory commit- long as it takes,” and it seemed that
Mr. Trump wrote on Thursday: “Un- tees, the Judicial Conference and the military aid and assistance from
lawful Nationwide Injunctions by public, has been routinely employed North Atlantic Treaty Organization
Radical Left Judges could very well and become the usual way of devel- allies would guarantee Ukraine’s re-
lead to the destruction of our Coun- President Trump and Chief Justice John Roberts. oping rules. silience. But Donald Trump’s 2024
try! . . . If Justice Roberts and the But the Section 2073 process of- victory left Ukrainian officials guess-
United States Supreme Court do not Only 12 were issued against George sued under Rule 65 of the Federal ten takes years, and federal courts ing about his next steps. They had to
fix this toxic and unprecedented sit- W. Bush and 19 against Barack Rules of Civil Procedure, which was are in crisis. Nationwide injunctions come to terms with the danger that
uation IMMEDIATELY, our Country Obama during each of their two promulgated under the REA. Rule 65 are frustrating the presidency, erod- the aid they received from the Biden
is in very serious trouble!” terms. Joe Biden faced 28. Mr. authorizes district courts to issue ing the separation of powers, and administration might not be contin-
Trump faced 86 during his first preliminary injunctions but is silent threatening judicial legitimacy. The ued under the new president.
term, almost all issued by Democrat- as to whether they have nationwide justices’ authority as well as the
Congress gave the Supreme appointed judges. Two months into effect or apply only to parties be- president’s is under assault by rogue
Court the authority to curb his second term, more than 15 have fore the court. This ambiguity can judges claiming national power using The U.S. wants a quick end
already been issued. be eliminated by an amendment to nationwide injunctions. Such na-
them by clarifying the Because nationwide injunctions Rule 65, without the need for new tional power must be reserved to the to the war with Russia,
Rules of Civil Procedure. often appear politically motivated, legislation. only court with constitutional au- and Kyiv can’t be seen as
they create cynicism about the The REA empowers the Supreme thority to bind the entire nation: the
courts and the law. Worse, they en- Court to “prescribe general rules of Supreme Court. an impediment to peace.
able lower-court judges to thwart the practice and procedure” such as the An amendment to Rule 65 couldn’t
There is something the justices can president’s Article II authority even Federal Rules of Civil Procedure. The take effect until Dec. 1. But once pro-
do to rein in nationwide injunctions: in national security and defense. Supreme Court can prescribe them posed—by May 1, as required—it Initially, Ukrainian diplomats
exercise their authority under the Lawmakers have introduced bills to on its own under Section 2072. Any would likely have an immediate, ben- were slow to adapt to Mr. Trump.
Rules Enabling Act of 1934 to amend halt nationwide injunctions. One re- rule prescribed must be submitted to eficial chilling effect on rogue judges. His foreign-policy platform seemed
the federal rule on injunctions. cently passed the House Judiciary Congress by May 1 and “shall take ef- For the sake of the Constitution, the at odds with Ukraine’s ambitions. It
The recent outbreak of nation- Committee and will likely pass the fect no earlier than December 1” of court should act quickly. took months for Kyiv to understand
wide injunctions damages our con- full House—then go to the Senate to the same year, “unless otherwise that the president wasn’t particu-
stitutional system. They were al- die in a filibuster. provided by law.” If Congress does Ms. Foley is a law professor at larly concerned with the intricacies
most unheard of before the 1960s. Nationwide injunctions are is- nothing, the rule stands. Florida International University. of Russian aggression—he was
wholly focused on achieving a peace
agreement.

The Teachers Unions Sue Trump for Control This realization was difficult for
many in Ukraine, but as time passed,
their strategy evolved. With advice
Teachers unions The Education Department is Kennedy exclaimed: “What hap- risen while test scores have stag- from British and French diplomats,
sued the Trump ad- also responsible for distributing pened to the children? Do you mean nated, and U.S. performance on in- Ukrainian officials came to a critical
ministration this money that has been appropriated you spent a billion dollars, and you ternational assessments has wors- understanding: They needed to en-
week for trying to by Congress, mainly to low-income don’t know whether they can read ened. Meanwhile, union-allied gage with Mr. Trump’s diplomacy,
abolish the Educa- school districts through the so- or not?” Thirty-five years later Edu- lawmakers have blocked reforms— demonstrate their willingness to co-
tion Department, called Title I program. These federal cation Secretary Rod Paige, who charter schools, vouchers, tuition operate, and wait for Russia to be
which is no surprise funds amount to only about 10% of tax credits—that have proved both the first to reject any potential
UPWARD
MOBILITY given that the de- all education spending, which is popular and effective, especially cease-fire or peace talks. This ap-
By Jason L.
partment was cre- mostly the province of state and lo- The guardians of the among low-income minorities. proach allows Ukraine to avoid blame
ated at their behest cal government. But as Ms. McMa- As guardians of the status quo, when talks inevitably fall apart.
Riley
and mainly serves hon explained during a recent ap- status quo seek judicial teachers unions want the govern- The strategy, however, is depen-
to advance their pearance on CNN, “a lot of the intervention to save the ment to force children into schools dent on Mr. Trump. In his efforts to
agenda of more spending and less funding that goes into states now the unions control, and the Educa- position himself as a peacemaker,
accountability. goes with a lot of red tape, a lot of Education Department. tion Department as currently con- the president faces two paths for-
Federal education policy used to strings attached to it.” The Trump stituted helps them advance that ward—neither of which are simple.
be handled by the Department of administration, she added, wants to agenda. The money continues to The first is to push for a quick set-
Health, Education and Welfare. In make sure that “the funding contin- served under President George W. flow with little or no accounting tlement within strict parameters,
exchange for a presidential endorse- ues, but that the states are allowed Bush, would echo that sentiment. whether it’s being used responsibly, face opposition from one of the war-
ment in 1976, Jimmy Carter prom- to spend the money where they “After spending $125 billion of Title let alone effectively. ring parties, and blame that party
ised the National Education Associ- need to spend it,” instead of where I money over 25 years,” he said, “we Before you buy the argument for the plan’s failure.
ation a stand-alone cabinet the federal government says they have virtually nothing to show for that Mr. Trump’s efforts to elimi- The second, more prolonged route
department. Joseph Califano, must spend it. it.” nate the Education Department will involves pushing both sides for con-
Carter’s HEW secretary, opposed The bigger problem might be Mr. Trump will have performed a be detrimental to students, you cessions. This presents challenges.
the move, predicting in his memoir that the federal funding program much-needed public service if his need to buy the argument that the The U.S. holds some leverage over
that it would be “virtually impossi- for disadvantaged students has a efforts to reorganize and dismantle department’s creation had anything Russia, but it needs Moscow’s coop-
ble for the Education Secretary to near-perfect record of being ineffec- the Education Department lead to a to do with improving student out- eration for crucial nuclear talks
run the new department efficiently.” tive in improving outcomes. It’s a serious reassessment of how federal comes. That’s a hard sell. As usual, about the impending expiration of
Mr. Califano noted that his skep- problem that predates the birth of dollars are spent. It isn’t an exercise teachers unions are acting in their the New Start Treaty, as well as for
ticism was shared by others at the the Education Department. In 1966, that the teachers unions that con- own interests while pretending to the effort to prevent Iran from ac-
time, including the press. “The edi- a year after the Title I program was trol public education welcome, but act in the interests of students and quiring nuclear weapons. Applying
torial content across the nation was created, a frustrated Sen. Robert F. it’s long overdue. Spending has families. pressure on Ukraine is easier but
scathing,” he wrote, “and even in- likely to backfire, especially ahead of
cluded the liberal New York Times the 2026 midterm elections. A
and Washington Post which said,
‘The bill is the inspiration of the
NEA, an organization that has much
Josh Hawley Smears a Pro-Life Lawyer March 9 poll from the research non-
profit More in Common found that
67% of Americans, including 65% of
the same relation to the public By Hilary Perkins abortion groups. In the one case by promoting me to a management Republicans, believe the U.S. should
schools as the plumbers union has brought by pro-life groups, the Su- position, in which I led a team of at- continue sending aid to Ukraine until

I
to the plumbing business.’ ” wanted to serve in President preme Court ruled unanimously in torneys defending the FDA. the end of the war.
Last week, Mr. Trump issued an Trump’s new administration. I the government’s favor. In the vac- As a career attorney, my job The sense among Ukraine’s lead-
executive order instructing Educa- voted for him and admire his re- cine-mandate case, the government wasn’t tied to a political party or ad- ership is that the U.S. will push for
tion Secretary Linda McMahon to silience in the face of adversity from prevailed for lack of jurisdiction. I ministration. So although I voted for a rapid resolution to the war with
“take all necessary steps to facili- politicized prosecutions to assassina- didn’t set these policies or argue for Mr. Trump in 2020, it never crossed little room for deviation. One side
tate the closure of the department tion attempts. So when Marty Ma- them. My job was to defend the U.S. my mind to quit after Joe Biden came will be labeled as a hurdle to peace
and return authority over education kary asked me to join his team as government’s legal position regard- into office. Sometimes my profes- the moment it refuses to make con-
to the States and local communi- chief counsel for the Food and Drug less of my personal views. sional responsibilities conflicted with cessions. This would place Ukraine
ties.” Although it will take an act of Administration, I jumped at the I tried to reach Mr. Hawley the my personal views, such as when I in the untenable position of desper-
Congress to wind the department chance. For years I had defended the day he first tweeted, but he refused had to defend the legality of the Bi- ately needing support from the U.S.
down officially, the administration FDA as a career Justice Department to speak with me. I hoped the issue den administration’s removal of the while facing pressure to deliver re-
believes, with logic on its side, that attorney. would blow over and I would have a in-person dispensing requirement I’d sults in negotiations that are mov-
certain tasks would be handled A few days after I started the job, chance to prove myself to him and previously argued to keep. ing far more quickly than Kyiv can
more efficiently by other agencies. Sen. Josh Hawley (R., Mo.) tweeted the rest of the pro-life community. accommodate.
Among the chief duties of the Ed- an Axios article about me and com- Instead, he issued an ultimatum: Un- Adding to Ukraine’s anxiety is the
ucation Department are administer- mented: “This can’t be right. This re- less I resigned, he would vote against I had to quit the FDA after understanding that while European
ing the federal student-loan pro- port says Marty Makary is trying to Dr. Makary in committee. he falsely accused me of backing remains steadfast, it can’t
gram and enforcing civil-rights sneak a Biden abortion lawyer into a It was a gut punch. But our nation replace the American military and
laws. But why is the government’s top leadership position at FDA.” It needed Dr. Makary at the FDA. So the supporting abortion. intelligence support that has kept
$1.6 trillion student-loan portfolio wasn’t right, but Mr. Hawley esca- next morning I resigned, and Mr. Ukraine in the fight. European lead-
being managed by the Education lated the accusation, later citing two Hawley voted in favor of Dr. Makary. ers privately advise Ukraine to avoid
Department instead of by the Small cases of the many I supervised as ev- I don’t know how I became the I’ve always considered myself pro- provoking the U.S. or becoming an
Business Administration or the idence I had argued “for Joe Biden’s target of a U.S. senator. But I am cer- life, but losing a baby early in preg- obstacle in Mr. Trump’s peace ef-
Treasury? And isn’t it redundant to pro-abortion policies and draconian tain he made a terrible mistake. In- nancy led me to a deeper conviction forts, especially when the Trump ad-
have a separate Office for Civil vaccine mandates.” stead of pushing out a “Biden abor- that all life is precious and deserves ministration’s demands are still
Rights inside the Education Depart- In most of the cases I handled in- tion lawyer,” he forced out an protection. Those are my deeply held forming. The goal for Kyiv is clear:
ment when we already have a Jus- volving the abortion drug mifepris- experienced conservative pro-life at- personal beliefs. My job as a career Don’t become the problem.
tice Department responsible for tone, I defended the FDA’s restric- torney who supports the Trump ad- attorney was to represent the U.S. re- Ukraine is caught between a rock
protecting civil rights? tions against challenges by pro- ministration. gardless of those beliefs. and a hard place. The pace of diplo-
After law school, I served as a Mr. Hawley misjudged me. I am a macy with Mr. Trump is fast, and the
clerk on the Fifth U.S. Circuit Court committed Christian and a common- risk of falling behind is high. The Eu-
of Appeals. I worked in corporate liti- sense pro-life conservative. I’m a ropeans are asking Kyiv to move
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY gation at Jones Day, where I first be- mom of three beautiful girls, and my quickly, but Mr. Trump’s strategy
Lachlan Murdoch came interested in politics. Defend- family’s life centers on our church leaves little room for error. The
Executive Chairman, News Corp ing Gov. Bob McDonnell in his public community and our girls’ Catholic more hesitant Ukraine is, the more it
Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp corruption trial, I found myself school. Nothing I did as a career at- risks being seen as an impediment.
Emma Tucker Almar Latour agreeing with his views and appreci- torney negates who I am or what I Mr. Trump, for his part, is playing
Editor in Chief Chief Executive Officer and Publisher ating the dangers of a weaponized believe. I simply followed my oath to his cards cautiously. On recent calls
Liz Harris, Managing Editor DOW JONES MANAGEMENT: justice system. That prosecution was defend the legality of the govern- with both Volodymyr Zelensky and
Charles Forelle, Deputy Editor in Chief Mae M. Cheng, EVP, General Manager, led by Jack Smith, who years later ment’s actions. Vladimir Putin, he seemed to be try-
Elena Cherney, Senior Editor; David Crow, Leadership; David Cho, Barron’s Editor in Chief; would spearhead the politicized Mr. Trump needs competent and ing to act as an unprejudiced media-
Jason P. Conti, General Counsel, Chief
Executive Editor; Chip Cummins, Newswires; prosecutions of President Trump. experienced attorneys who share the tor. This means Ukraine has to ad-
Taneth Evans, Digital; Alex Martin, Print & Compliance Officer; Dianne DeSevo, Chief People
Officer; Jared DiPalma, Chief Financial Officer; After seven years at Jones Day, I conservative values of his adminis- just to Washington’s ever-shifting
Writing; Michael W. Miller, Features & Weekend;
Bruce Orwall, Enterprise; Philana Patterson, Artem Fishman, Chief Technology Officer; moved into public service at the Jus- tration. I am one. All of us, including priorities. The struggle is less about
Audio; Amanda Wills, Video David Martin, Chief Revenue Officer, Business tice Department. Initially I investi- Mr. Hawley, owe it to the president military might and more about dip-
Intelligence; Dan Shar, EVP, General Manager,
Wealth & Investing; Ashok Sinha, Chief
gated pill mills fueling the opioid epi- to honor his staffing decisions so lomatic agility. The key for Kyiv is
Paul A. Gigot
Editor of the Editorial Page Communications Officer; Josh Stinchcomb, EVP & demic, but soon began defending the that we can focus on achieving his not to fall into the trap of becoming
Gerard Baker, Editor at Large Chief Revenue Officer, WSJ | Barron’s Group; FDA, including its in-person dispens- agenda. the obstacle to peace.
EDITORIAL AND CORPORATE HEADQUARTERS:
Sherry Weiss, Chief Marketing Officer ing requirement for the abortion
1211 Avenue of the Americas, New York, N.Y., 10036 drug mifepristone. The first Trump Ms. Perkins is a former govern- Mr. Skrypchenko is president of
Telephone 1-800-DOWJONES administration rewarded my success ment lawyer. the Transatlantic Dialogue Center.
A16 | Wednesday, March 26, 2025 THE WALL STREET JOURNAL.

WORLD NEWS

U.S. Missile Launcher Enrages Beijing

Land-based Typhon based missile systems are
harder to spot and take out
Weapons System is early on in a conflict. In the
able to strike key future, the U.S. could deploy
the Typhon in locations across
targets on mainland the Indo-Pacific region or sell
it to allies there. That would
BY GABRIELE STEINHAUSER leave adversaries guessing
from where they could be hit.
A new U.S. missile system “The U.S. is shifting away
deployed in the Philippines from a reliance on big central-
puts key Chinese military and ized bases, towards a more
commercial hubs within strik- dispersed resilient force pos-
ing distance, and hands Presi- ture,” said Shawn Rostker, a
dent Trump an early test of research analyst with the Cen-
his commitment to deterring ter for Arms Control and
Chinese aggression against Non-Proliferation.
American allies in Asia. The Typhon’s deployment
Last year, the U.S. Army in the Philippines was a recog-
moved the Typhon Missile nition of the increasingly stra-
System, which can fire mis- tegic importance of the Philip-
siles as far as 1,200 miles, to a pines under the Biden
base on Luzon Island in the administration. The country’s
northern Philippines. It is the president, Ferdinand Marcos

SGT. FIRST CLASS RUDY GONZALEZ/U.S. ARMY

first time since the Cold War Jr., has expanded access to
that the U.S. military has de- military bases for U.S. forces,
ployed a land-based launching and Philippine vessels and air-
system with such a long range planes have pushed back
outside its borders. against Chinese forces in the
The Typhon, military ex- South China Sea, a thorough-
perts say, is part of a broader fare for nearly one-third of
strategic repositioning by the global maritime trade.
American military as it seeks Other American allies in
to counter Beijing’s huge Asia, including Japan, have so
buildup of intermediate- and Philippine and U.S. soldiers handle a Typhon Missile System during an exercise in Northern Luzon, Philippines. far balked at hosting U.S. mis-
long-range missiles in the Pa- siles capable of striking China,
cific. The Typhon can fire two Tomahawk and SM-6 ranges The Army later agreed to but are developing their own
In the event of a conflict types of missiles. Tomahawk extend the deployment indefi- comparable capabilities.
with China, land-based missile missiles bearing conventional nitely. Since then, Philippine There have been some signs
systems like the Typhon could warheads have a range of commanders have said they that the Trump administration
be central to defending key around 1,200 miles, putting Nanjing would like to buy the Typhon also sees the Typhon as key to
U.S. allies such as the Philip- into reach much of southeast- Shanghai for their own military, and the its strategy in the Indo-Pa-
pines, which has clashed with ern China along with the CHINA
East China Sea Tomahawk: country’s troops are now be- cific. Others, however, have
China over Beijing’s claims to South China Sea and the Tai- 1,240 miles ing trained on using the sys- warned that moving such
nearly all of the South China wan Strait. In the case of a Guangzhou tem. powerful U.S. missile systems
TAIWAN
Sea, and Taiwan, which Bei- Chinese invasion of Taiwan, Despite the limited immedi- close to China risks a spiral of
jing has threatened to take, by such missiles could target air- Hong Kong ate military value of the de- escalation and, perhaps by ac-
SM-6:
force if necessary. defense and radar systems on 290 miles* ployment—a full Typhon bat- cident, a war between two nu-
The Chinese government the Chinese coast as well as tery has four launchers and it clear superpowers.
LUZON
has responded to the Typhon’s the Chinese military’s control- Philippine Sea didn’t come with any mis- In the wake of Trump’s
deployment with alarm, re- and-command centers in Chinese-occupied siles—Beijing’s reaction was talks with Putin over Ukraine,
buking the U.S. and the Philip- Guangzhou and Nanjing. islands/reefs PHILIPPINES forceful. there are also concerns in the
pines for fueling what it called The shorter-range Standard China’s Foreign Ministry Philippines that Typhon could
South China
an arms race. Missile 6, or SM-6, could tar- Sea Davao demanded the Typhon’s re- become part of a deal between
Now, the Typhon, which get Chinese or other enemy moval and threatened retalia- Trump and Chinese leader Xi
was moved to the Philippines ships and aircraft, and inter- MALAYSIA Celebes Sea tory action. “China will not sit Jinping that might sacrifice
during the Biden administra- cept cruise missiles and ballis- idly by when its security in- the interests of the smaller
tion, has emerged as an im- tic missiles fired at U.S. inter- terests are harmed or threat- American ally, said Richard
INDONESIA
portant litmus test amid con- ests. Army officials have said ened,” the ministry said in Heydarian, a lecturer in inter-
cerns among American it is the only missile in the February. national studies at the Univer-
allies over the Trump admin- U.S. arsenal capable of inter- Russia, a close ally of sity of the Philippines’s Asian
*The SM-6’s range is estimated to be between 150-290 miles.
istration’s willingness to come cepting, at least in late flight, Sources: Congressional Budget Office (Tomahawk, SM-6 lower estimate); Bulletin of the Atomic
China, also denounced the Center.
to their defense in a conflict the hypersonic missiles that Scientists (SM-6 upper estimate); Asia Maritime Transparency Initiative (Chinese-occupied islands) move. “What the Philippines does
with China. A visit to the Phil- both China and Russia have EMMA BROWN/WSJ Mounted in trailers on the with [the Typhon] and what
ippines and Japan by Defense been testing. back of trucks, the Typhon is the Trump administration will
Secretary Pete Hegseth this The U.S. Army first moved joint military exercises be- tem in late 2022, said it relatively easy to move, in- do about it,” he said, “deter-
week could provide more clar- two Typhon launchers, an op- tween the two countries a wanted to test it in the hot cluding on military transport mines how the game of deter-
ity on the administration’s erations center and support year ago. The Army, which and humid climate of the planes. Compared with ship- rence will play out in the com-
Indo-Pacific strategy. vehicles to Luzon Island for first took delivery of the sys- Indo-Pacific region. based missile launchers, land- ing months and years.”

China Releases Canadians Shun America as Ties Go South

U.S. Firm’s Staffers BY ALLISON POHLE tions for tourists and green-
card holders has further de-
ous about annexing Canada,
they canceled the trip. They
spending by Canadians was
down 14% in January com-
Canadians have long been terred would-be travelers. lost about $500 on hotels, but pared with a year ago, said
BY LIZA LIN vices such as corporate inves- the top international travelers A boycott by the top inter- were able to get credits or re- Brian Schott, a communica-
tigations and background to the U.S. Now, they are stay- national visitor threatens to funds on the other purchases tions contractor for the
SINGAPORE—China has re- checks on new partners and ing home. upend local economies across and will instead travel to Brit- Whitefish Convention & Visi-
leased all detained employees hires, became the prime exam- After President Trump said the U.S. Canadians made ish Columbia. tors Bureau.
of U.S. due-diligence firm ple of the heightened risks he would impose tariffs on about 20.2 million visits to the “I don’t feel right spending He said that in recent
Mintz Group, the company from Beijing’s new rules. Canada, then-Prime Minister U.S. in 2024. Even a 10% re- my money there,” he said of weeks, Canadians have cited
said, marking the end of a The release of the detainees Justin Trudeau encouraged duction in Ca- the U.S., noting the rhetoric out of Washing-
two-year saga that unnerved comes as China looks to en- Canadians to change their va- nadian travel the annexation ton as part of their reason for
American businesses operat- courage more foreign invest- cation plans to focus on ex- could mean $2 threats from canceling.
ing in the country. ment to help lift its sagging ploring sites within the coun- billion in lost ‘I don’t feel right Trump feel Benoit Demeule, a 53-year-
New York-based Mintz said economy. At an annual forum try. It worked. spending and spending my very serious to old branch manager for a seal-
all five of its Beijing employ- in Beijing this week attended Canadian residents re- 14,000 job Canadians. ing company, lives about an
ees—Chinese nationals who by prominent foreign execu- turned from 13% fewer trips by losses, accord- money there,’ The full ef- hour from the U.S. border on
were taken in after a raid in tives, Chinese leaders touted air to the U.S. in February than ing to the U.S. fects might not the south shore of Montréal.
March 2023—have been re- their country as a force for they did a year ago, according Travel Associa-
an Ontario become appar- He regularly traveled to Ver-
leased. “We are grateful to the stability and open trade. to preliminary data from Sta- tion trade resident said. ent for months. mont, Maine and New York,
Chinese authorities that our Chinese authorities accused tistics Canada. Land-border group. While some and has ridden his motorcycle
former colleagues can now be Mintz of conducting unap- crossings fell, too, with Statis- Craig Treu- travelers have extensively across the U.S.
home with their families,” a proved statistical work and tics Canada reporting Febru- lieb, a 34-year- canceled U.S. He says he won’t be back
spokesperson for the company eventually imposed more than ary’s Canadian-resident return old senior software developer bookings, many say they anytime soon. He canceled
said. $2 million in financial penal- trips from the U.S. were down from Ontario, and his wife had hadn’t yet booked stateside plans to ride to New Bruns-
The detention of Mintz em- ties on the company. The five 23% from a year earlier. planned to go to Arizona in travel but have now chosen wick from Boston this sum-
ployees after a raid of its of- staffers were never publicly More than the tariff May to celebrate her complet- other destinations. mer, primarily because he
fices in Beijing in March 2023 charged in the case. threats, Canadians say ing a career change. They The strong U.S. dollar, feels a violation of trust, secu-
sent shock waves across for- Mintz didn’t comment on Trump’s threats of annexation spent about $3,500 on flights, which reduces Canadians’ pur- rity and values.
eign businesses in the country. the accusations, but has previ- have infuriated and scared hotels, an Airbnb booking and chasing power, is also playing His shift isn’t about tariffs,
China had been tightening ously said that it operated them, so much so that they a rental car. a role in helping Canadians re- Demeule said. “It’s as if a
its laws concerning national transparently and within the won’t cross the border to On Feb. 8, the day after consider. In Whitefish, Mont., longtime friend suddenly
secrets and data management, law and was licensed to do spend time or money. Recent Trudeau told business lead- which is 60 miles from the stabbed us in the back for no
and Mintz, a firm offering ser- business in China. news about lengthy deten- ers that Trump might be seri- border of British Columbia, reason.”

SUDAN ISRAEL JAPAN WORLDWATCH

Dozens Are Killed Passing of Budget Unification Church
In Strike on Market Boosts Netanyahu Dissolved by Court
At least 54 people were Israel’s parliament on Tues- The Unification Church in
killed in a military airstrike on day passed a state budget, Japan was ordered dissolved
the weekly market in Tora, a shoring up the governing co- by a court Tuesday after a
village in western Sudan, aid alition of Prime Minister Ben- government request spurred
groups said Tuesday. Support jamin Netanyahu, under pub- by the investigation into the
Darfur Victims, a local organi- lic pressure over the war in 2022 assassination of former
zation, shared video footage Gaza and the hostage crisis. Prime Minister Shinzo Abe.
appearing to show burned The coalition is made up of The 2023 request cited
structures and charred bodies. ultranationalist and ultra-Or- fundraising and recruitment
The Sudanese military said thodox parties that had de- tactics that it said sowed
civilians hadn’t been targeted manded and largely received fear among followers and
and called the allegations “in- hefty allocations for their harmed their families. Tomi-
correct.” constituents. Critics say the hiro Tanaka, president of the
Since open warfare be- budget lacks much-needed church’s Japanese branch, ac-
tween the military and the wartime funding for secular cused the government of
paramilitary Rapid Support education, health and welfare. “fabricating damages.”
Forces began in April of Failure to pass a budget The assassination investi-
YONHAP/EPA/SHUTTERSTOCK

2023, it has killed more than by March 31 would have trig- gation revealed links between
28,000 people, forced millions gered early elections. With its the church and the governing
to flee their homes and passing, Netanyahu’s govern- Liberal Democratic Party. The
spread famine. The fighting ment is more likely to survive man accused of killing Abe
has been marked by atroci- to the end of its term in Oc- blamed the church for his
ties including mass rape. tober 2026, a rarity in Israel. family’s financial troubles.
—Associated Press —Associated Press —Associated Press WILDFIRE: A church burned in southeastern South Korea, 110 miles from Seoul, on Tuesday.
 BUSINESS & FINANCE
© 2025 Dow Jones & Company. All Rights Reserved.

S&P 5776.65 À 0.16% S&P FIN À 0.49%

* * * * * *

S&P IT À 0.29%
THE WALL STREET JOURNAL.
DJ TRANS g 0.80% WSJ $ IDX g 0.14%
Wednesday, March 26, 2025 | B1
2–YR. TREAS. yield 4.002% NIKKEI (Midday) 37890.15 À 0.29% See more at WSJ.com/Markets

Pentagon Throws Boeing Lifeline Death of

Co-CEO
Contract for most
expensive jet-fighter Worsens
program yet means
a guaranteed profit Samsung’s
BY SHARON TERLEP ‘Crisis’
The U.S. is entrusting its
most expensive jet-fighter BY TIMOTHY W. MARTIN
program in history to a com- AND YANG JIE
pany that hasn’t successfully
launched a commercial or mil- SEOUL—Jong-Hee Han, the
itary aircraft in a decade. head of Samsung Electronics’s
Boeing was selected last smartphone and consumer
week by the Pentagon to build electronics business, died from
the Air Force’s next-genera- cardiac arrest on Tuesday, jolt-
tion manned jet fighter, beat- ing the South Korean technol-
ing out Lockheed Martin in a ogy company during a busi-
move that surprised Wall ness slide that leaders have
DAVID CARSON/ST. LOUIS POST-DISPATCH/ZUMA PRESS

Street and left Lockheed dis- called a crisis.

appointed. The 63-year-old executive
The Pentagon’s decision was appointed co-CEO of Sam-
couldn’t come at a more cru- sung Electronics in December
cial time for Boeing, which is 2021. The company’s other
trying to pull itself out of a CEO, Jun Young-hyun, oversaw
nose dive after a series of the unit making semiconduc-
safety problems with its 737 tors and other tech compo-
MAX jet, a crippling strike and nents.
six straight annual losses. Not Jun will lead Samsung as
only did Boeing lock down a solo CEO effective immediately
contract that could top $50 following Han’s death, the
billion, the deal is structured The aerospace company spent $2 billion to expand its St. Louis complex where the F-47 is expected to be built. company said in a Tuesday fil-
to guarantee a profit through ing. It isn’t clear if a direct re-
the development stage of the choice to build the next-gener- Share-price and index Defense, space & security Segment revenue* placement to Han will be
project—something Boeing ation jet fighter. performance, past year segment operating profit/loss named. “Our deepest condo-
sorely needs. Boeing’s defense “It’s not the fighter central lences are with his family and
20% $% billion $80 billion
business represents around that it once was,” Bank of loved ones during this difficult
one-third of the company’s America analyst Ron Epstein S&P 500 time,” the company said.
revenue but has lost billions of said of Boeing, adding that the 10 2
Samsung has traditionally
dollars over the past several company would need to hire 60 used a co-CEO system because
years, while Boeing says it has engineers capable of pulling Global it makes myriad electronic
been locked into money-losing off the project. services gadgets and appliances, from
0 0
Pentagon contracts. The Boeing jet fighters cur- smartphones to washing ma-
The new manned fighter, rently in flight were developed %0 chines to televisions. It is also
Commercia
dubbed the F-47, is designed and launched before the com- –10 –2 airplanes† a major components supplier
to fight with semiautonomous pany’s 1997 merger with rival to other tech companies that
drones and will have new McDonnell Douglas. Lockheed 20 often sell products that com-
stealth and long-range strike and Northrop Grumman make –20 –% Defense, pete with Samsung. But the
capabilities. It is the type of the Air Force’s mainstay F-35 space & Suwon, South Korea-based
sophisticated air-to-air war- jet fighter and B-21 bomber, Boeing security company has stumbled in re-
plane the Air Force says is vi- respectively. Unlike Lockheed, –30 –6 0 cent years, as the tech indus-
tal to deterring China’s mili- Boeing has never before built April 202% ’25 2019 ’2% 2019 ’2% try has undergone an artifi-
tary in the decades ahead. a stealth aircraft. Boeing’s T-7 *Excludes unallocated items, eliminations and other †Includes Boeing capital cial-intelligence boom.
Boeing wasn’t the obvious Please turn to page B2 Sources: FactSet (share performance); S&P Capital IQ (defense segment, revenue) Rival SK Hynix outmaneu-
vered Samsung to become the
early supplier to Nvidia, pro-

Small Investors Get Access to Pre-IPO Shares

viding the niche type of mem-
ory needed for AI chips and
other related technologies. In
Please turn to page B4

BY IMANI MOISE thousands of dollars, the com- vate companies was the do- Many nonpublic companies kets.
panies said. main of institutional investors grow faster than publicly Employees and early inves-
It is getting easier to invest The two marketplaces are and ultrawealthy with the listed ones, which can mean tors in startups are often look-
in high-risk, high-reward pri- also launching a partnership capital and connections to higher returns. They also have ing to cash out, but they can’t
BRIDGET BENNETT/BLOOMBERG NEWS

vate companies. Tuesday with Yahoo Finance, participate in fundraising limited transparency and less just turn around and sell their
Now, all it takes is $5,000 in which they share their data rounds. Those often require liquidity. They can have less shares into an open market.
to buy a stake in a firm that on roughly 100 pre-IPO com- seven-figure minimum invest- stringent financial reporting Firms like EquityZen and
has not yet gone public. Equi- panies on the website. ments and decadelong lock- requirements. Forge have built marketplaces
tyZen and Forge Global, This is the investment in- ups. They are “secretive and that find individual investors
which are marketplaces for dustry’s latest play to put Private-equity firms also opaque,” said Jeff Hooke, a se- to buy these shares.
trading shares of private com- nonpublic companies in the are trying to attract some of nior lecturer at Johns Hopkins The shares are often illiq-
panies, are lowering the mini- hands of individual investors. the estimated $30 trillion held University’s Carey Business uid, and individual investors
mum investment from tens of Until recently, investing in pri- by U.S. individual investors. School, a critic of private mar- Please turn to page B2 The late Jong-hee Han.

Forever 21’s Bankruptcy Offers INSIDE Kroger Says Grocer

Opportunities for Mall Owners Undermined Merger
BY KATE KING BY PATRICK THOMAS Kroger alleged that an
Albertsons executive and oth-
Forever 21’s bankruptcy The bitter fallout from the ers coaxed C&S to make state-
promises to deliver the big- failed tie-up of two grocery gi- ments to regulators that
gest raft of store closures that ants continues. would ratchet up the pressure
enclosed malls have seen in Three months after Albert- on it to divest more stores.
years. sons sued Kroger over their “Albertsons began a surrep-
Mall owners are looking collapsed deal, Kroger has hit titious process of working to
forward to it. CONSUMER LAW back in court. implement its preferred regu-
PAUL KITAGAKI JR./ZUMA PRESS

The fast-fashion retailer is U.K. says Ticketmaster Kroger denied Albertsons’ latory strategy behind
closing all its roughly 350 U.S. claims that it didn’t do Kroger’s back,” said the filing
stores after entering bank-
may have broken the enough to secure regulatory from Kroger.
ruptcy this month for the sec- law in marketing Oasis approval for their failed $20 Kroger also said that
ond time in six years. This concert tour. B2 billion deal and accused its Albertsons developed a “Plan
time, many owners and ana- former merger partner of un- B” to sue Kroger in the event
lysts say Forever 21’s demise dermining its efforts. the merger failed to close.
is an opportunity to bring in The fast-fashion retailer is closing its roughly 350 U.S. stores. BUSINESS NEWS In a Delaware state court An Albertsons spokes-
stronger retailers that will Japan’s sake makers filing unsealed Tuesday, woman said Kroger’s “weak”
pay higher rent and attract chief executive officer of Pa- surprisingly strong landscape Kroger said Albertsons im- claims are a tactic to distract
more shoppers. cific Retail Capital Partners, for the mall industry. High-
are swimming properly worked with C&S from Kroger’s own ongoing
“We are highly confident which has Forever 21 stores at end malls are nearly fully oc- against the rising tide Wholesale Grocers to inflate executive leadership issues
that we will release those 10 of its malls. cupied and rents are rising. of whisky. B12 the number of stores that and that the latter company’s
spaces,” said Steve Plenge, That optimism reflects a Please turn to page B6 needed to be divested. conduct doomed their merger.

MAXIMIZE
WAREHOUSE
PRODUCTIVITY
WITH AUTOMATION
interlakemecalux.com (877) 632-2589
B2 | Wednesday, March 26, 2025 * ***** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

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

U.K. Warns Ticketmaster

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

2 F Peloton..........................................B12
23andMe........................................A9 Forever 21......................................B1 Phillips 66.....................................B3
A Forge Global Holdings........B1 R

On Possible Law Violation

Advent International...........A2 G Renault............................................B3
Albertsons.....................................B1 GeneDx Holdings....................B3 S
Apple.................................................B4 Grail....................................................B3 Saab...................................................B2
Architect Capital.....................B4 I Samsung Electronics...........B1
Authentic Brands Group.B6 SMIC..................................................B4
Illumina...........................................B3
B International Paper.............B11 Seven & I Holdings..............B3
Blackstone.....................................A1 J Shein Group................................B6
Blue Owl Capital....................A2
Jenner & Block........................A4
Shell...................................................B3 BY EDITH HANCOCK
Boeing.......................................B1,B2 Simon Property Group......B6
JPMorgan Chase....................A2
BP........................................................B3 SK Hynix.........................................B1
Brookfield......................................B6 K Stellantis........................................B3 Ticketmaster may have bro-
C Kroger................................................B1 Suntory.........................................B12 ken U.K. consumer law in the
Centerbridge Partners.......A2 L T way it sold certain tickets for
Chewy’s.........................................B12 Live Nation..................................B2 TSMC................................................B4 rock band Oasis’s 2025 tour,
Churchill...........................................A1 Lockheed Martin.....................B1 Temu.................................................B6 the country’s competition reg-
Citadel...............................................A1 M Tesla.........................................B3,B11
CoreWeave...................................B2 ulator said.
Macerich........................................B6 TJ Maxx..........................................B6
Corvex Management...........B3 The Competition and Mar-
N U
Couche-Tard................................B3 kets Authority said on Tues-
C&S Wholesale Grocers....B1 News Corp...................................B6 Unibail-Rodamco....................B6
day that Ticketmaster could
D Northrop Grumman..............B1 V
Nvidia................................................B1 have violated U.K. law by la-
Dave & Buster's......................B6 Volkswagen.................................B3
O beling certain seated tickets
Docusign......................................B12 W—Z
E Ontake Distillery...................B12 as “platinum” and selling
Walmart........................................B11
Elliott Investment..................B3
OpenAI.............................................B6
Wayfair.........................................B12
them for nearly 2½ times the
EquityZen.......................................B1 P Yahoo................................................B2 price of a standard ticket
Etsy..................................................B12 Pacific Retail...............................B1 Zoom...............................................B12 without sufficiently explaining

ADAM VAUGHAN/EPA/SHUTTERSTOCK
that they didn’t offer addi-
tional benefits, and by not let-
INDEX TO PEOPLE ting customers know there
were two categories of stand-
ing tickets at different prices.
A Hsieh, Jack...................................B6 Plenge, Steve..............................B1 The CMA said that many Oasis
Adams, Gary...............................B3 J R fans were left waiting in a
Ashcraft, Brian.......................B12 Jae-yong, Lee............................B4 Ramos, Denise..........................B3 long queue online and then
C L Rodriques, Kelly.......................B2 had to decide whether to pay A ‘platinum’ label on Oasis concert tickets may have misled buyers, a regulatory agency said.
Cassell, Paul................................B2 Lanning, Elle...............................B2 Rostker, Shawn......................A16 a higher price than they origi-
Chan, Christian.........................B2 Lubetzky, Daniel......................B2 S nally expected. concerns. mand was high. ing their customers fairly,”
D M “We’re concerned that Oa- English band Oasis said The CMA said it didn’t find she said.
Samuels, Monica..................B12
Davda, Atish...............................B2 sis fans didn’t get the infor- last year they would reunite evidence the company used al- The CMA said it has told
Meister, Keith............................B3 Sawan, Wael..............................B3
deSouza, Francis.....................B3 Miller, Alex...................................B3 Shannon, Jackie.......................B6
mation they needed or may for a tour in 2025, sending gorithmic pricing, but said Ticketmaster to make changes
Dijkum, Floris van.................B6 have been misled into buying fans racing to get their hands that the company instead re- to the information it provides
N Simon, David..............................B6
E Simons, Thomas....................B11 tickets they thought were bet- on tickets. The watchdog said leased standing tickets at a customers, when that infor-
Nishi, Yoichiro.........................B12
ter than they were,” Hayley that some customers reported lower price and, once they ran mation is given and how it la-
Epstein, Ron................................B1 O T
Fletcher, the CMA’s interim di- issues with Ticketmaster, say- out, released remaining stand- bels some tickets.
G Okazumi, Shuhei...................B12 Ton-That, Hoan........................B4 rector of consumer protection, ing they believed the com- ing tickets at a higher price. Ticketmaster, which is
Gottlieb, Scott...........................B3 Ortberg, Kelly.............................B2 Y said in a statement, adding pany used a dynamic pricing “All ticketing websites owned by Live Nation Enter-
H P Young-hyun, Jun......................B1 that the watchdog expects model to sell the tickets, ad- should check they are com- tainment, didn’t respond to a
Hooke, Jeff....................................B1 Parker, Steve..............................B2 Yushi, Liu.......................................B4 Ticketmaster to address its justing their price when de- plying with the law and treat- request for comment.

U.S. Gives Founder of

Boeing Kind Seeks
A Lifeline To Invest
Continued from page B1
trainer was developed and
In Startups
manufactured jointly with
Saab. BY BRIAN GORMLEY
Boeing has faced delays and
glitches on many programs, Daniel Lubetzky is searching
including its Air Force One re- for the next Kind.
placement and its 777X wide- Lubetzky, founder of Kind,
body jet. the maker of the hugely popu-
Delivery on the new Air lar bars and snacks, sold a con-
Force One is so far behind that trolling stake in the business to
JENNIFER BUCHANAN/PRESS POOL

Boeing told the Air Force last food and pet-care company
year that it would likely hap- Mars in 2020.
pen after President Trump’s Kind and Mars didn’t dis-
second term. The initial con- close the price, but the New
tract, struck with Trump dur- York Times in 2020 reported
ing his first term, called for that the sale valued Kind at
delivery in 2023. Frustrated about $5 billion.
with the delays, Trump has Now, after selling his re-
been pushing for a faster Boeing employees build 777 aircraft in Everett, Wash. The 777X wide-body jet has faced production delays. maining interests in Kind to
timeline, which Boeing Chief Mars in December, Lubetzky is
Executive Kelly Ortberg has That is a change from some seeking to finance startups
said the company is trying to of Boeing’s previous Pentagon with similar growth potential.
meet. Judge Orders Plane Maker to Trial in 737 MAX Case deals—fixed-price agreements Through New York-based
Delays also plague Boeing’s in which the company had to Camino Partners, a platform
commercial business. The The federal judge over- to propose changes to the that it misled air-safety regu- swallow unexpected costs. Or- that deploys his capital, and
777X, designed to connect the seeing the criminal case settlement by April 11. One lators about an aspect of the tberg, Boeing’s CEO, has funds from other members of
globe’s major cities, was ini- against Boeing has ordered possible change that had 737 MAX that was implicated vowed to avoid such deals go- his team, Lubetzky plans to in-
tially set to begin deliveries in a trial, increasing the been under discussion was in the disasters, which killed ing forward. vest $350 million in consumer-
2020 and now might not fly chances the aerospace giant whether Boeing could forgo 346 people. Prosecutors The stakes for Boeing are health and longevity companies
until next year or later. will have to plead guilty or hiring an outside monitor, would rely on that statement high. over the next five years.
Two new 737 MAX variants defend against a charge it the Journal reported. to try the company, said Paul The jet fighter’s name ap- Camino may invest a higher
also are behind schedule be- already said it committed. U.S. District Judge Reed Cassell, an attorney for fami- pears to be a homage to amount if it locates the right
cause of issues with an anti- The order came a day af- O’Connor on Tuesday lies whose relatives perished Trump, who is now serving as opportunity, Lubetzky said. “If
icing system and heightened ter The Wall Street Journal scrapped that deadline and in the crashes. “The judge is the 47th U.S. president. And we do find that superstar in-
regulatory scrutiny following reported that Boeing had ordered the two parties to saying why are we haggling Trump has made the F-47 a vestment, then we will commit
last year’s fuselage-panel been seeking to withdraw prepare to appear for trial over things that were re- personal priority. significantly more resources,”
blowout on an Alaska Airlines an earlier agreement to on June 23. He had earlier solved long ago,” Cassell said. The president—who in he said.
flight. plead guilty for deceiving rejected the proposed plea Boeing said in a statement news conferences and on so- Several venture firms focus
Lockheed’s own woes with regulators before two deal over his concerns about that it continues good-faith cial media has questioned partly or entirely on longevity,
the F-35 program—including deadly crashes of 737 MAX diversity considerations for discussions with the Justice Boeing’s competence—took a broad category that includes
delays, cost overruns and de- jetliners. the outside monitor that Department. A spokesperson the unusual step of announc- products or services designed
sign and software challenges— Boeing and the Justice would oversee Boeing. for the Department declined ing the F-47 contract in an to help people remain healthy
probably didn’t help its case Department were expected Boeing admitted in 2021 to comment. —Dave Michaels Oval Office news conference, longer or to slow the aging
with the Pentagon, either. marveling at the technology process. Camino formed in
Boeing’s storied military involved in Boeing’s experi- 2023 and originally focused on
past includes a raft of jet mental version of the aircraft. consumer-packaged goods. The
fighters, bombers, helicopters, test Boeing couldn’t afford to fense arm made the biggest entire program. The develop- “There’s never been any- company has more recently
transport planes and missiles. lose. The company spent $2 investment in its history to ment phase, in which the com- thing even close to it from widened its strategy to longev-
But in recent years, Boeing billion to expand its St. Louis prepare for the F-47 bid, Boe- pany will develop and test the speed to maneuverability to ity, including consumer-pack-
has been beaten out by rivals complex where the F-47 is ex- ing’s interim defense chief aircraft, is covered by a so- what it can have to payload,” aged goods, Lubetzky said.
in several high-profile compe- pected to be built, and Boeing Steve Parker said. called cost-plus agreement, Trump said. The aircraft is the The change came as the
titions for U.S. government has been flying an experimen- Neither Boeing nor the meaning that the Pentagon “most advanced, most capa- team recognized the widening
programs. tal version of the jet fighter Trump administration re- will cover Boeing’s expenses, ble, most lethal aircraft ever opportunity in consumer
The latest deal was a con- for years. The company’s de- leased cost estimates for the as well as other fees. built.” health to back companies seek-
ing to help people eat better,
exercise better and take other

Pre-IPO sions between 2% and 5% on

each transaction.
Most data on how valuable
“We’re at a tipping point
right now,” he said. “Increased
participation leads to greater
into the private markets,” said
Christian Chan, chief invest-
ment officer of AssetMark,
means earning $200,000 an-
nually (or $300,000 for cou-
ples) or having a net worth
measures to improve their
health, said Elle Lanning, presi-
dent of Camino Partners and a

Access Goes private companies are is in-

complete because it relies on
fundraising data that can be
liquidity.”
The companies declined to
comment on the financial
a technology platform for in-
dependent financial advisers.
Investing in private mar-
over $1 million, excluding a
primary residence. Those
thresholds haven’t changed
former Kind executive.
Camino’s investments in-
clude fitness boutique Barry’s,

Mainstream years old. Forge says it has

compiled bid-ask data from
across its platform to calcu-
structure of the partnership.
As compa-
nies remain
kets isn’t always what it is
cracked up to
be.
since the 1980s, so today
roughly one in five U.S. house-
holds qualifies—up from 1.8%
home-healthcare provider
LiveWell and medical-spa com-
pany Well Labs+. The amounts
late a daily price that reflects private for lon- Private-eq- in 1983, according to an SEC Camino invested are undis-
Continued from page B1 what firms are actually worth. ger in the mori- Investors must uity invest- report. closed, but Camino said its av-
often expect to quickly trade For example, Forge recently bund IPO mar- be ‘accredited’ ments under- Though the $5,000 mini- erage check size is between
in and out of investments. To valued CoreWeave at $29 bil- ket, more performed mum investment represents a $20 million and $80 million.
address this, companies like lion despite the company’s re- investors are to participate in public markets new low for a stake in private One key to success, Lanning
EquityZen and Forge have cre- cent pre-IPO filings signaling worried about last year for companies, EquityZen Chief said, is distinguishing sustain-
ated single-company funds a valuation north of $30 bil- leaving poten-
private-market the third time Executive Atish Davda said he able trends from fads.
that investors can buy into at lion. tial returns on deals. in four years, would like to see it go even Camino approaches invest-
smaller amounts. Originally, Forge sold this the table. The according to a lower—but not too low. ments with a long-term focus,
Still, the process isn’t as data as part of a subscription. average com- McKinsey re- “Just because you can, Lubetzky said.
seamless as trading ETFs on Chief Executive Kelly Ro- pany goes pub- port. doesn’t mean you should,” he LiveWell and Well Labs+
apps like Robinhood. Trades driques said partnering with lic today at 10.7 years old, Investors must be “accred- said. “If I only have $50 to in- were formed in 2023 by Encore
can take days to finalize, and Yahoo to put some of it in compared with 6.9 years in ited” to participate in private- vest, am I better off taking my Management Group, which
buyers are generally required front of the website’s 100 mil- 2015, according to Morning- market deals such as through $50 and going on FanDuel or launches consumer-services
to hold their stake for a mini- lion users adds more value to star. EquityZen and Forge, per Se- something?” he added, refer- businesses around a theme and
mum of six months. Forge and private markets than keeping “A lot of the risk-return op- curities and Exchange Com- ring to the sports-betting builds them through acquisi-
EquityZen charge commis- it behind its own paywall. portunity has been pushed mission requirements. That company. tions and organic growth.
THE WALL STREET JOURNAL. * * Wednesday, March 26, 2025 | B3

BUSINESS NEWS

Activist to Join Illumina’s Board

Meister’s hedge reported they were coming, management to execute Icahn, serving as a top execu- deal, left the company, and Ja-
will take effect Friday. against their plan.” tive for Icahn’s company, be- cob Thaysen was eventually
fund has 2.5% stake Meister’s hedge fund, Cor- Gottlieb, a former Food fore striking out on his own picked to run it.
in maker of gene- vex Management, first in- and Drug Administration and building Corvex into a In recent months, Illumina
vested in Illumina in 2023 commissioner, will succeed multibillion-dollar activist has been caught up in the
sequencing machines and has a stake of about 2.5% current chairman Stephen hedge fund. tariff fight between the U.S.
of the company’s shares, peo- MacMillan, who will retire Icahn ran the Illumina and China.

BRENDAN MCDERMID/REUTERS
BY JARED S. HOPKINS ple familiar with the matter from the board. proxy fight in 2023, after an- After the Trump adminis-
said. Illumina, of San Diego, is a titrust regulators in the U.S., tration imposed extra tariffs
Activist investor Keith He serves on the board of world leader in the manufac- as well as in Europe, chal- on Chinese imports, Beijing
Meister will join the board of GeneDx, a gene-testing com- ture and sale of genetic-se- lenged the company’s agree- added Illumina to a list of
directors of troubled gene-se- pany and Illumina customer. quencing machines and the ment to buy cancer blood-test “unreliable entities” and then
quencing maker Illumina, and “I’m a big believer in the chemicals the machines use. maker Grail. barred sales of Illumina gene-
current board member Scott long-term growth of the ge- It has been buffeted in recent MacMillan, one of two Icahn sequencing machines.
Gottlieb will become chair- nomics market, and I believe years by tougher antitrust en- allies who joined the board, Earlier this month, the Corvex’s Keith Meister.
man. Illumina is the enabling tech- forcement, a proxy fight with was named nonexecutive company reduced its forecast
The moves, which the com- nology for that market,” Carl Icahn and most recently chairman. for this year’s financial per- Shares of Illumina have
pany announced Tuesday af- Meister said in an interview. geopolitics. Francis deSouza, Illumina’s formance and said it would fallen about 34% this year to
ter The Wall Street Journal “I’m excited to work with Meister had worked for CEO who championed the Grail cut $100 million in spending. date.

New car registrations

in the EU
1%2 million vehicles February
Tesla registrations, change
from a year earlier
40%
Shell Lifts Production, Returns Targets
853,670 BY ADAM WHITTAKER
1%0 –3.4%*
20
Shell said it is targeting hy-
0%8 drocarbon production growth
0 and plans to further increase
shareholder returns as the en-
0%6
ergy giant outlined its strategy
–20 for the next five years at its
0%4 capital markets day.
The London-listed company

NICOLAS ECONOMOU/NURPHOTO/ZUMA PRESS

0%2
–40 said Tuesday that its new
February strategy will deliver more
–47% value with less emissions and
0 –60 includes increased cost-reduc-
Feb% 2024 ’25 Feb% 2024 ’25 tion target and lower capital
*Change from a year earlier Source: European Automobile Manufacturers’ Association expenditure.
Its update comes weeks af-

Tesla EU Sales Dive for ter British peer BP jettisoned

its low-carbon strategy and cut
spending on energy-transition

Second Straight Month assets in favor of core oil-and-

gas production.
Shell said it would grow
Shell said it would raise shareholder distributions to 40% to 50% of cash flow from operations.

of 4% a year. At its 2023 capi- pared with the $21.1 billion it assets, Shell said.
top-line production across its tal markets day, Shell in- posted in 2024. HSBC analysts The company will maintain
BY DOMINIC CHOPPING customers wait for the updated upstream and integrated gas creased its shareholder returns wrote in note ahead of the the climate targets and ambi-
model. business by 1% a year through ratio to 30% to 40% of CFFO strategy release that it ex- tion it set out it in its energy
Tesla’s sales in the Euro- Overall, EU passenger-car 2030. This will sustain its 1.4 from a previous target of 20% pected capex guidance of be- transition strategy in 2024, it
pean Union plunged for the registrations fell 3.4% to million barrels a day of liquids to 30%. tween $22 billion to $23 bil- said.
second consecutive month in 853,670 vehicles across the bloc production through 2030, it Meanwhile, Shell increased lion. Analysts hadn’t expected
February, despite an overall in- in February year over year. said. its structural cost-reduction Shell also said that it ex- Shell to make major changes to
crease in demand for electric Sales in all major EU markets The oil major will also tar- target to a range of $5 billion pects to have up to 10% of cap- the strategy it set out in June
vehicles at other carmakers. fell in the month, with the ex- get sales growth of 4% to 5% a to $7 billion by the end of ital employed in lower-carbon 2023 which increased share-
New car registrations for ception of Spain. Germany led year through to 2030 in its liq- 2028, compared to 2022. It had platforms by 2030. holder returns, set cost-reduc-
Tesla models, a mirror of sales, the declines as a strong jump uefied natural gas business. met an original target of $2 The business will seek to tion targets and sought to sta-
fell 47% in February to 11,743 in sales of electric and hybrid Chief Executive Officer Wael billion to $3 billion by the end unlock more value from its bilize oil production.
cars, according to the European cars failed to offset tumbling Sawan said he wants to posi- of 2025 a year early. chemicals assets and will ex- Its previous “sprint through
Automobile Manufacturers’ As- sales of gasoline and diesel tion Shell as the world’s lead- The company is aiming for plore partnership opportuni- to 2025” plan also set the goal
sociation. That decline con- cars. ing integrated gas and lique- capital expenditure of $20 bil- ties in the U.S., and the selec- of simplifying its organization
trasts with a 24% surge in EU Gasoline car registrations fied natural gas business. lion to $22 billion a year com- tive closure of European and portfolio of assets.
battery-electric vehicle sales fell by more than 22% and die- Diversified oil companies
across the industry in Febru- sel car registrations by nearly have pivoted back to hydrocar-
ary, buoyed by car buyers in 29% across the EU in February. bon assets and the lack of visi-
Germany in particular, said the The combined market share bility in Shell’s upstream port- To some, sunglasses are a fashion accessory…
trade group, which is known as of gasoline and diesel cars fell folio beyond 2030 has been a
ACEA.
The latest data follows the
to 38.8% across the first two
months of the year, down from
key concern amongst investors,
analysts at RBC Capital Mar- But When Driving,
These Sunglasses
U.S. carmaker’s 50% sales drop 48.5% in the comparative two kets wrote in a note last week.
across the EU in January, months of 2024. Battery-elec- Its 2023 strategy abandoned
which triggered a slump in its tric vehicles now make up a previous target of letting oil

May Save Your Life!

shares last month. Shares have 15.2% of the EU market across production decline by 1% to 2%
fallen further in the month the first two months of the a year by 2030 versus 2019.
since then. year compared with 11.5% in Shell said it would also in-
Tesla’s stuttering sales the year-ago period, according crease shareholder distribu-
across Europe come as it has to the ACEA. tions to 40% to 50% of cash Drivers’ Alert: Driving can expose you to more
dangerous glare than any sunny day at the beach can…
been retooling its production Volkswagen and Renault flow from operations, or CFFO, do you know how to protect yourself?
lines in Berlin to manufacture a logged some of the biggest in- from a previous target of 30%
refreshed version of its Model creases in car registrations in to 40%. The company will con- Sometimes it does take a rocket scientist.
Y sport-utility vehicle. The February by number of units, tinue to prioritize share buy- A NASA rocket scientist. Some ordinary Navigator™
Black Stainless
switch-over may have limited while Stellantis recorded the backs and said it will maintain sunglasses can obscure your vision by Steel Sunglasses
supplies of the vehicle or made biggest fall. its progressive dividend policy exposing your eyes to harmful UV rays, blue
light, and reflective glare. They can also
darken useful vision-enhancing light. But now,

7-Eleven Owner Says Bidder independent research conducted by scientists

from NASA’s Jet Propulsion Laboratory has
brought forth ground-breaking technology to

Misjudges Antitrust Hurdles

help protect human eyesight from the harmful
effects of solar radiation light. This superior
lens technology was first discovered when
NASA scientists looked to nature for a means Receive the Navigator™ Gold
BY ADRIANO MARCHESE deal that doesn’t close is not a Tard has already faced early to superior eye protection—specifically, by Sunglasses (a $59.95value) FREE!
deal, and it will destroy share- scrutiny. After Couche-Tard’s studying the eyes of eagles, known for their just for trying the Navigator™ Black
Japan’s Seven & i said that holder value,” Seven & i said offer was reported in August, extreme visual acuity. This discovery resulted
Alimentation Couche-Tard in company documents posted Seven & i said it received an in what is now known as Eagle Eyes®.
has underestimated antitrust online Tuesday. unsolicited notice from the The Only Sunglass Technology Navigator™ Gold Stainless
hurdles facing their proposed “The board will not blindly U.S. regulator suggesting that Certified by the Space Foundation for UV
Steel Sunglasses
$47 billion deal and hasn’t enter into a transaction with it would begin an investiga- and Blue-Light Eye Protection. Eagle Eyes®
made concessions to protect no clear path to closing that tion, even before a deal was
features the most advanced eye protection
shareholders should the deal could leave the company in a agreed.
fall apart. value destructive limbo for Seven & i said that despite
technology ever created.
The operator of the 7- multiple years,” it added. acknowledging the likelihood The TriLenium® Lens Technology offers
Eleven convenience store chain A Couche-Tard spokesper- of divestitures, Couche-Tard triple-filter polarization
said that Canada’s Couche- son declined to comment on hasn’t offered to fully assume to block 99.9% UVA
Tard hasn’t gone far enough in the latest statement. Last the risk of potential regula- and UVB—plus Fit-ons available for
addressing the regulatory risks week, Couche-Tard Chief Exec- tory roadblocks, leaving its the added benefit of
tied to their proposed deal, utive Alex Miller said during own shareholders at risk of $39 +S&H
blue-light eye Black or
particularly in the U.S., where an earnings call that “our focus holding the bag if the transac- protection. Eagle Eyes® Tortoise-Shell design
the Federal Trade Commission remains on a friendly approach tion failed. Couche-Tard has is the only optic technology that has earned
has taken a harder stance on on engaging with Seven & i, said the company believed
official recognition from the Space
larger mergers. highlighting the benefits that there was a clear path to ob- Two Pairs of Eagle Eyes®
Certification Program for this remarkable
“We have been insistent on we see to both groups of share- taining regulatory approvals. Navigator™ Sunglasses $119.90†
ensuring a clear path to anti- holders and all stakeholders.” Couche-Tard “is understat- technology. Now, that’s proven science-based
trust regulatory approval as a Seven & i noted that the ing the risk here,” Seven & i protection. Offer Code Price $49 + S&P
first step for one reason: a proposed deal with Couche- said. Offer includes one pair each
The finest optics: And buy one, get one
Navigator™ Black and Navigator™
FREE! We are so excited for you to try the
Gold Sunglasses
Eagle Eyes® breakthrough technology that
Elliott Seeks to Name Phillips 66 Directors we will give you a second pair of Eagle
Eyes® Navigator™ Sunglasses FREE –– a 1-800-333-2045
$59.95 value!
Your Insider Offer Code:
BY COLIN KELLAHER that the investor plans to Elliott wants Phillips 66 to Your satisfaction is 100% guaranteed. If ENS246-01
nominate candidates for elec- consider operational changes you are not astounded with the Eagle Eyes® You must use this offer code to get our
Activist investor Elliott In- tion to the board at this year’s to boost its stagnant stock technology, enjoying clearer, sharper and more special price.
vestment Management, annual meeting. price, most notably a sale or glare-free vision, simply return one pair within
30 days for a full refund of the purchase price.
which has built a more than
$2.5 billion stake in Phillips
66 and is pushing for a
Elliott also plans to submit
a nonbinding proposal to be
made at the meeting request-
spinoff of its big midstream
business.
Phillips 66 on Tuesday said
The other pairis yours to keep. Don’t leave
your eyes in the hands of fashion designers,
Stauer ®

14091 Southcross Drive W. Rating

streamlining of the oil refiner, ing that the board adopt an Gary Adams and Denise Ra- entrust them to the best scientific minds on Dept. ENS246-01
of A+
is seeking more representa- annual election policy for di- mos, board members since earth. Wear your Eagle Eyes® Navigators with Burnsville, Minnesota 55337
tion on the company’s board. rectors. 2016, won’t stand for re-elec- absolute confidence, knowing your eyes are www.stauer.com
In a filing with the Securi- Phillips 66 said the board’s tion at this year’s annual protected with technology that was born in † Special price only for customers using the offer code
ties and Exchange Commis- nominating-and-governance meeting, and that it plans to
space for the human race. versus the price on Stauer.com without your offer code.
sion, Phillips 66 said it re- committee will review Elliott’s reduce the size of the board to
ceived a notice from Elliott notice. 12 from the current 14.
B4 | Wednesday, March 26, 2025 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

An AI Innovator Turns to Private Credit

Clearview AI’s folds, Ton-That’s team will ing to a report by analytics
take over the contracts and firm PitchBook Data.
co-founder joins build the necessary tech and As new entrants jumped
Architect Capital as support team to continue into the sector, new strategies
meeting the contracts’ obliga- sprang up in its riskier cor-
its technology chief tion with customers, allowing ners. For instance, venture
Architect to get the revenue debt, or lending to startups,
BY MARC VARTABEDIAN stream. Architect will collect has become a more common
on the contract until the firm financing option for young
As the co-founder and for- is made whole on the loan. companies, some of which
mer chief of facial-recognition The assurance of being able have scant revenue.
startup Clearview AI, Hoan to assume a contract’s reve- In his role as chief technol-
Ton-That pushed the boundar- nue in the event a company ogy officer, Ton-That will
ies of artificial intelligence goes under will allow Archi- identify business contracts
and privacy. For his next act, tect to take on more risk, Ton- that Architect could realisti-
he is jumping into the world That said. Architect will be cally maintain the tech for on
of private credit. able to offer companies larger its own. Architect wouldn’t re-
After resigning from loans with more lenient cove- build the tech from scratch,
Clearview this year, Ton-That nants and be able to lend to but would need coders to fix
said he has joined Architect companies at up to five times bugs, as well as customer-sup-

ARCHITECT CAPITAL
Capital as head of technology their annual recurring reve- port workers, he said. Compa-
to help the San Francisco in- nue—more than could be done nies would keep their intellec-
vestment firm develop a fi- via a standard corporate loan, tual property rights, even if
nancial strategy that will al- he added. Architect took over a contract.
low it to increase leverage in “We have to do this in or- Hoan Ton-That, right, left Clearview this year and joined James Sagan’s investment firm. In addition to issuing loans,
lending to tech startups. der to convince our investors Architect has made equity in-
The firm issues loans, that we can take on this much background building tech broad area of finance known nies outside the traditional vestments and other types of
largely to tech startups, credit risk,” Ton-That said. companies, running servers as private credit that has banking system. deals. Architect has cut checks
against customer contracts “My job is to be able to, in and building databases.” surged in popularity in recent Last year, private credit di- ranging from $5 million to
they hold, rather than against these downside scenarios, ser- The strategy is a fresh spin years. In essence, private rect lending in the U.S. surged $100 million, founder and
the business as a whole. If one vice a lot of different types of on asset-backed finance and credit refers to nonbank lend- 83% from the prior year to Chief Executive James Sagan
of those software companies software to build. I have that venture debt, both part of a ers providing loans to compa- roughly $274 billion, accord- said.

Samsung’s dent Trump rolls back Biden-

era policies. Samsung also has
a significant production base
by Jun in November.
Of particular concern is
Samsung’s narrowing techno-
representing virtually nothing
five years ago, according to
TrendForce, a market re-

‘Crisis’ in Mexico, which now faces a

25% import tariff, prompting
the South Korean firm to con-
logical advantage over Chinese
upstarts. For instance, Sam-
sung accounted for 40% of the
searcher.
In 2024, Samsung reported
a 16% increase in annual reve-

Worsens sider relocating more manu-

facturing to the U.S.
global AMOLED smartphone
display market in 2024, a 20-
nue to roughly 301 trillion
South Korean won, or the
MATTHIAS OESTERLE/ZUMA PRESS

Samsung Electronics’ share percentage-point drop in two equivalent of about $205 bil-
price has tumbled more than years as Chinese brands lion. Operating profit for its
Continued from page B1 23% over the past year. That turned to domestic manufac- components unit, which in-
2024, for the second straight stands in contrast with Apple, turers, according to CINNO Re- cludes semiconductors, hit 15.1
year, Apple shipped more SK Hynix and TSMC, which search, a Shanghai-based data trillion won, which reversed a
smartphones than Samsung, have each surged more than firm. prior-year loss but stood at
which had long held the No. 1 22%. Samsung, the world’s larg- about one-third of its prepan-
spot. Taiwan Semiconductor The company’s circum- est chip maker by revenue, is demic peak.
Manufacturing, known as stances were highlighted in a Samsung has lost the No. 1 spot in smartphones to Apple. also contending with Chinese But Liu Yushi, a senior ana-
TSMC, has extended its domi- recent message to executives leaps in semiconductors, as lyst at CINNO Research, said
nance in advanced chipmaking delivered from Samsung Elec- Han joined Samsung in vowed a turnaround. “I sin- Beijing gives priority to culti- Samsung still has the most
and recently unveiled plans to tronics Chairman Lee Jae- 1988. During his 37-year ca- cerely offer an apology to our vating a homegrown supply chip-making capacity of any
spend at least $100 billion yong. In an education-seminar reer, he was credited with shareholders for disappointing chain. China-based Semicon- company in the world and has
more in U.S. production. video, Lee was quoted as say- helping the company become stock prices,” Han said. ductor Manufacturing Inter- the financial strength to con-
Spurred by incentives of- ing the company faced a “do- the top player in TVs and Samsung also issued an national Corp., or SMIC, is tinue investing in key technol-
fered by the Biden administra- or-die survival” moment. Par- other consumer-electronics apology last fall for falling be- now the world’s No. 3 con- ogies. “The current narrative
tion, Samsung said it would in- ticipants received an engraved businesses. hind in the AI chip race. It tract-chip manufacturer and of a ‘do-or-die’ crisis is more a
vest tens of billions of dollars plaque that declared Samsung Speaking at the company’s came a few months after the has closed the gap with Sam- reflection of Samsung’s inter-
to expand chip production in employees are “strong in cri- annual shareholder meeting company removed the co-CEO sung. China’s memory makers nal sense of urgency than an
Texas. But those bets now can sis, good at reversals and last week, Han acknowledged overseeing the semiconductor could capture 10% of the global immediate threat to its sur-
be seen as liabilities, as Presi- fierce in competition.” Samsung’s struggles and business, who was succeeded memory market this year, after vival,” Liu said.

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

Learn the warning

signs of Alzheimer’s.
B6 | Wednesday, March 26, 2025 * * THE WALL STREET JOURNAL.

THE PROPERTY REPORT

Landlords mance—and its value to its
host malls—has deteriorated
over the past several years.

See Benefit Now, unless another group

buys it out of bankruptcy,
mall owners will likely be sad-

In Closures dled with closing Forever 21

stores. Many welcome that
outcome.
“It’s pretty simple,” Simon
Continued from page B1 Property Group CEO David Si-
Leasing is even starting to mon said in an email. “De-
pick up in second-tier proper- mand for space is strong, we
ties, as expanding retailers lease to a better retailer at
jockey for limited available higher rents.”
space. At Bridgewater Commons
Business is so good at in New Jersey, Plenge wants
Westfield malls that its Euro- to subdivide the 5,000-
pean owner, Unibail-Ro- square-foot Forever 21 store
damco-Westfield, has decided and lease it to two better-per-
to stick around the U.S. The forming apparel tenants he
Paris-headquartered company says will generate six times
said in 2022 that it would the sales volume as the fast-
move quickly to unload most fashion retailer. At other
of its American portfolio, malls, he expects tenants

PHILIP PACHECO/BLOOMBERG NEWS

which included about two ranging from Dave & Buster’s
dozen malls. to TJ Maxx and local restau-
The company now plans to rateurs to fill the vacancies.
keep about a dozen U.S. prop- “There’s a wide spectrum
erties, where tenant sales well of folks to look at right now,”
outpaced inflation last year he said.
and vacancy is at the lowest At the Westchester, a mall
level since URW acquired owned by Simon in White
Westfield in 2018. Forever 21’s demise is an opportunity to bring in stronger retailers that will pay higher rent and attract more shoppers. Plains, N.Y., the small Forever
“The mall industry right 21 store is surrounded by
now, in terms of supply and rising expenses. Malls recovered from the Forever 21 first filed for snag the latest styles on a higher-end retailers, from
demand, is in the best shape “That means rent is going pandemic much more slowly bankruptcy in 2019. A group budget, Forever 21 has been in athleisure darling Alo Yoga to
that it’s been in probably 20 up,” CEO Jack Hsieh said in than other types of retail, and that included its two largest decline for years due in part Louis Vuitton.
years,” said Floris van Dijkum, an interview. if nervous consumers pull landlords, mall giants Simon to competition from discount Liquidation signs are al-
managing director at the in- The mall industry is still back on spending this year, Property Group and Brook- and online retailers like Shein ready hanging in the win-
vestment firm Compass Point far from its recent heyday of recent gains could easily come field Property Partners, and Temu. dows, and 25-year-old Sabrina
Research & Trading, which packed parking lots and over- undone. bought the struggling re- The new owners closed Biagini stopped in with her
advises institutional clients flowing food courts. But the survivors’ pros- tailer’s operating company in several dozen lower-perform- mother to browse the T-shirt
on investing in malls. Mall values remain far be- pects are brightening, in part February 2020. Authentic ing Forever 21 stores but kept selection.
Rent prices look poised to low the peak of 2016. Closing because no one is building en- Brands Group, which acquires hundreds others open, buoy- Biagini said she often
rise further. Mall owner department stores leaves closed malls anymore. distressed retail brands, ing malls as the pandemic hit. shopped at Forever 21 in high
Macerich said net operating large vacancies that are diffi- “There’s no new supply, in bought the Forever 21 brand The brand generated about $2 school, but now buys her
income, a key industry metric cult and expensive to fill. And fact there’s negative supply and still owns the intellectual billion in revenue in fiscal clothes at more expensive
that measures profitability, is hundreds of low-end malls growth because there are still property associated with it. 2021 as cash-flush shoppers brands like Anthropologie.
at or above 2019 levels across across the U.S. have either crappy malls that are closing Once the go-to spot for flocked back to stores. “I just kind of grew out of
much of its portfolio despite closed or are slowly dying. every day,” said van Dijkum. young shoppers looking to The company’s perfor- it,” she said.

TECHNOLOGY

OpenAI Claims an Image-Creation Breakthrough for ChatGPT

BY BELLE LIN GPT-4o replaces DALL-E 3 version of its most-advanced AI more-lifelike images and para- businesses, OpenAI said. ing it possible for businesses to
as the default image-generation model at the time, GPT-4o was graphs of comprehensible Whereas prior iterations of its create logos or other iconogra-
OpenAI unveiled an updated model behind OpenAI’s Chat- unveiled last year as a multi- text—and even company logos AI systems weren’t able to gen- phy, said Jackie Shannon, an
version of its artificial-intelli- GPT, and the ability to use it is modal model capable of creat- and slide decks, OpenAI said. erate paragraphs of readable OpenAI product lead for Chat-
gence system GPT-4o that can now available to ChatGPT Free, ing and understanding text, With the improvements in re- text with images, GPT-4o is ca- GPT multimodal.
generate more-realistic images, Plus, Team and Pro users, the video, audio and images. search made to GPT-4o, Chat- pable of doing so, it said. Wall Street Journal owner
the result of a yearlong effort company said. Today’s refined GPT-4o GPT’s image generation is a lot The model is able to create News Corp has a content-licens-
with human trainers. Billed as a less-expensive model makes it easier to create more useful for consumers and transparent backgrounds, mak- ing partnership with OpenAI.

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

Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg
BANKRATE.COM® MMA, Savings and CDs
How to Read the Stock Tables
Cemex
Cencora
CX 6.28 0.22 Cullen/Frost CFR 125.34 -0.64 EmersonElec EMR 115.30 -0.07
COR 268.48 0.98 Cummins CMI 330.87 -0.21 Enbridge ENB 44.42 0.16
Average Yields of Major Banks Tuesday, March 25, 2025
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq CenovusEnergy CVE 14.36 0.06 Curtiss-Wright CW 339.49 3.25 EncompassHealth EHC 100.87 0.91 Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR
Stock Market listed securities. Prices are consolidated from trades reported by various
market centers, including securities exchanges, Finra, electronic communications Centene CNC 58.94 -0.40 CyberArkSoftware CYBR 358.28 7.28 EnergyTransfer ET 18.88 ... National average
networks and other broker-dealers. The list comprises the 1,000 largest companies CenterPointEner CNP 35.23 -0.49 EnphaseEnergy ENPH 62.77 0.61 Savings 0.45 0.84 0.95 1.40 1.90 2.00 1.75 1.55 1.68
based on market capitalization. CentraisElBras EBR 7.33 0.12 D E F Entegris ENTG 94.22 -4.10 Jumbo 1.26 0.84 0.95 1.74 2.08 2.31 2.06 1.89 1.98
Underlined quotations are those stocks with large changes in volume compared CharlesRiverLabs CRL 161.35 -5.63 DTE Energy DTE 134.50 -1.65 Entergy ETR 82.92 -1.09 Weekly change
with the issue’s average trading volume.
CharterComms CHTR 375.01 7.51 DT Midstream DTM 100.52 -0.48 EnterpriseProd EPD 33.50 -0.18 Savings 0.00 -0.01 0.00 0.01 0.01 0.00 0.00 -0.01 0.01
Boldfaced quotations highlight those issues whose price changed by 5% or more if EFX 243.32 -2.04
their previous closing price was $2 or higher.
CheckPoint CHKP 230.58 2.53 Danaher DHR 212.40 -0.40 Equifax Jumbo 0.01 -0.01 0.00 0.04 0.02 0.00 0.01 0.00 0.00
Chemed CHE 609.29 2.40 Darden DRI 207.17 -1.39 Equinix EQIX 841.22 -11.22
Footnotes: EQNR 25.62 0.08
CheniereEnergy LNG 232.00 -1.59 Datadog DDOG 110.58 0.41 Equinor
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most recent four
quarters. CheniereEnerPtrs CQP 62.71 0.23 DaVita DVA 150.78 0.37 Equitable EQH 54.30 0.71 Consumer Savings Rates
Stock tables reflect composite regular trading as of 4 p.m. ET and s Chevron CVX 165.94 0.92 Dayforce DAY 60.20 0.04 EquityLife ELS 66.85 -1.05
Below are the top federally insured offers available nationwide according to Bankrate.com's
changes in the official closing prices from 4 p.m. ET the previous day. Chewy CHWY 33.61 -0.41 DeckersOutdoor DECK 122.97 -1.71 EquityResdntl EQR 71.03 -0.33 weekly survey of highest yields. For latest offers and reviews of these financial institutions, please
Chipotle CMG 49.51 -0.09 Deere DE 478.93 -1.03 ErieIndemnity ERIE 414.74 2.62 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed.
Chubb CB 291.40 -0.04 DellTechC DELL 98.86 -0.95 EssentialUtil WTRG 37.90 -0.25
Tuesday, March 25, 2025 Net Net ChunghwaTel CHT 39.10 0.11 DeltaAir DAL 48.67 -0.21 EssexProp ESS 303.01 -2.21 High yield savings
Net Stock Sym Close Chg Stock Sym Close Chg Church&Dwight CHD 104.73 -2.17 EsteeLauder EL 66.08 -1.37 Bank Yield Bank Yield
DescartesSystems DSGX 105.54 2.62
Stock Sym Close Chg EvercoreA EVR 217.19 0.35 Phone number Minimum (%) Phone number Minimum (%)
AB InBev BUD 61.70 0.17 BestBuy BBY 74.62 -0.10 ChurchillDowns CHDN 113.03 -0.70 s DeutscheBank DB 25.25 0.49
CIEN 69.42 -0.11 DevonEnergy DVN 36.97 0.01 Everest EG 362.25 3.12
A B C AnnalyCap NLY 21.39 -0.22 Bilibili BILI 19.31 -0.56 Ciena Money market account Six-month CD
CI Evergy EVRG 66.17 -1.34
s AnteroMidstream AM 18.04 0.05 Bio-Techne TECH 59.98 -1.09 Cigna 316.84 -3.56 DexCom DXCM 73.55 -1.77 Peak Bank $100 4.54 MyBankingDirect $2,500 4.50
EversourceEner ES 59.02 -1.84
AECOM ACM 94.76 -1.06 s AnteroResources AR 41.42 0.21 Biogen BIIB 139.16 -2.44 CincinnatiFinl CINF 145.80 0.13 t Diageo DEO 105.20 -0.99 866-484-5705 516-683-4100
AES AES 12.66 -0.22 Aon AON 396.14 2.99 BioMarinPharm BMRN 71.53 -0.46 Cintas CTAS 193.46 -1.11 DiamondbkEner FANG 161.60 0.59 ExactSciences EXAS 45.67 -1.42 BrioDirect $5,000 4.50 BaskBank,adivofTexasCapitalBank,NA $1,000 4.45
Exelixis EXEL 37.71 -0.01
Aflac AFL 109.73 0.08 APi Group APG 37.97 -0.43 BioNTech BNTX 97.05 -3.59 CiscoSystems CSCO 60.99 0.02 Dick's DKS 207.94 2.38 877-369-2746 877-839-2265
C 74.47 0.43 DigitalRealty DLR 151.42 -4.07 Exelon EXC 42.76 -0.82
AGNC Invt AGNC 9.93 -0.20 ApolloGlbMgmt APO 147.90 -0.50 Birkenstock BIRK 47.17 -0.26 Citigroup Vio Bank $100 4.41 KS StateBank $500 4.40
s ExpandEnergy EXE 109.81 0.71
Ansys ANSS 326.67 0.94 AppFolio APPF 230.33 9.73 BlackRock BLK 973.48 9.98 CitizensFin CFG 42.27 0.03 DiscoverFinSvcs DFS 169.66 -0.47 888-999-9170 785-587-4000
Expedia EXPE 176.86 -1.43
ASE Tech ASX 9.76 -0.12 Apple AAPL 223.75 3.02 Blackstone BX 151.21 -0.87 CleanHarbors CLH 200.74 0.44 Disney DIS 101.61 1.43
CLX 141.76 -2.15 DocuSign ExpeditorsIntl EXPD 118.32 0.45 One-month CD One-year CD
ASML ASML 726.74 -1.10 AppliedIndlTechs AIT 237.41 2.83 Block XYZ 61.33 -1.25 Clorox DOCU 89.39 0.39
NET 127.50 3.57 DolbyLab ExtraSpaceSt EXR 144.59 -1.40 State Bank of India California $1,000 0.50 BaskBank,adivofTexasCapitalBank,NA $1,000 4.40
AST Space ASTS 28.55 -0.75 ApplMaterials AMAT 153.64 -1.31 BlueOwlCapital OWL 21.65 0.09 Cloudflare DLB 81.50 -0.12
ExxonMobil XOM 116.59 0.79 877-707-1995 877-839-2265
AT&T T 27.31 0.35 AppLovin APP 346.29 6.57 Boeing BA 182.59 1.69 Coca-Cola KO 68.81 -0.14 DollarGeneral DG 82.58 -0.58
F5 FFIV 275.05 0.74 Lone Star Bank $1,000 0.20 Citizens Access $5,000 4.35
s AXIS Capital AXS 98.63 0.39 Aptargroup ATR 147.21 -0.78 Booking BKNG 4777.91 68.19 CocaColaCon COKE 1297.18 12.18 DollarTree DLTR 67.14 -2.60
FTAI Aviation FTAI 116.94 2.03 713-358-9400 888-201-6505
AbbottLabs ABT 125.60 -1.61 Aptiv APTV 64.49 0.58 BoozAllen BAH 106.32 1.15 CocaColaEuropac CCEP 84.14 0.35 DominionEner D 52.85 -1.48
Fabrinet FN 222.62 -8.71 Presidential Bank, FSB $1,000 0.10 America First FCU $500 4.35
AbbVie ABBV 201.34 -7.83 Aramark ARMK 34.13 -0.03 BostonSci BSX 103.08 0.41 CognizantTech CTSH 78.82 0.88 Domino's DPZ 460.27 -5.77 800-383-6266 801-627-0900
FactSet FDS 439.40 7.29
Accenture ACN 308.90 1.72 ArcelorMittal MT 31.55 -0.24 BristolMyers BMY 59.19 -1.86 Coherent COHR 75.64 -1.07 Donaldson DCI 68.29 0.16
AcuityBrands AYI 275.44 0.06 ArchCapital ACGL 94.58 0.57 BritishAmTob BTI 40.71 -0.13 CoinbaseGlbl COIN 204.23 1.19 DoorDash DASH 199.72 0.74
FairIsaac FICO 1919.64 21.98 Two-month CD Two-year CD
Fastenal FAST 77.09 0.15 State Bank of India California $1,000 4.25 KS StateBank $500 4.25
Adobe ADBE 403.64 9.17 ADM ADM 46.05 0.12 BrixmorProp BRX 26.00 -0.10 ColgatePalm CL 89.59 -1.31 Dover DOV 185.74 0.23
FederalRealty FRT 97.73 -0.53
AVGO 188.26 -2.99 Comcast A CMCSA 36.94 0.34 t Dow 877-707-1995 785-587-4000
AdvDrainageSys WMS 111.25 0.16 AresMgmt ARES 155.63 1.88 Broadcom DOW 35.32 -0.97
FedEx FDX 241.07 -1.25 Lone Star Bank $1,000 0.20 Banesco USA $1,500 4.20
AdvMicroDevices AMD 114.81 0.96 argenx ARGX 605.52 -2.43 BroadridgeFinl BR 236.94 1.12 Comerica CMA 60.77 0.29 Doximity DOCS 66.07 -0.27
FergusonEnts FERG 164.99 0.52
Aegon AEG 6.74 0.06 AristaNetworks ANET 86.94 -0.57 BrookfieldAsset BAM 51.74 0.30 ComfortSystems FIX 373.06 -6.18 DrReddy'sLab RDY 13.45 -0.26
713-358-9400 888-228-1597
Ferrari RACE 433.98 -1.85 Presidential Bank, FSB $1,000 0.10 First National Bank of America $1,000 4.20
AerCap AER 102.94 -0.69 Arm ARM 124.28 -0.57 Brookfield BN 55.34 -0.01 CommerceBcshrs CBSH 62.85 0.22 DraftKings DKNG 38.95 -1.57
Ferrovial FER 44.74 0.33 800-383-6266 800-968-3626
AffirmA AFRM 50.93 -1.61 AscendisPharma ASND 161.04 -6.95 BrookfieldInfr BIP 30.14 0.15 SABESP SBS 17.86 0.64 Dropbox DBX 27.24 0.11
s FidNatlFinl FNF 65.27 0.39
AgilentTechs A 120.51 -1.46 Assurant AIZ 210.83 1.39
BrookfieldRenew BEPC 29.04 -0.05 ConagraBrands CAG 25.35 -0.38 DukeEnergy DUK 116.08 -2.07
FidNatlInfo FIS 74.17 -0.12
Three-month CD Five-year CD
AgnicoEagleMines AEM 105.45 1.27 AsteraLabs ALAB 72.19 -1.59 BrookWealth BNT 55.26 -0.12 Confluent CFLT 26.89 -0.41 Duolingo DUOL 340.50 10.50 BaskBank,adivofTexasCapitalBank,NA $1,000 4.50 KS StateBank $500 4.30
FifthThirdBncp FITB 40.17 -0.08
AgreeRealty ADC 75.13 -0.58 AstraZeneca AZN 73.05 -1.04 s Brown&Brown BRO 121.39 0.41 ConocoPhillips COP 102.55 0.36 DuPont DD 76.45 -0.62
FirstCitizBcshA FCNCA 1892.29 9.06
877-839-2265 785-587-4000
AirProducts APD 293.16 -0.29 Atlassian Brown-Forman A BF.A 33.16 -0.10 ConEd ED 105.55 -1.28 DutchBros BROS 69.89 -0.56 Merrick Bank $25,000 4.35 America First FCU $500 4.20
TEAM 236.22 1.60 FirstHorizon FHN 19.77 0.11
Airbnb ABNB 129.88 0.06 AtmosEnergy ATO 148.34 -1.30 Brown-Forman B BF.B 33.70 -0.14 ConstBrands A STZ 178.36 -1.92 Dynatrace DT 51.18 0.51
FirstSolar FSLR 131.46 2.64
866-638-6851 801-627-0900
AkamaiTech AKAM 81.85 -0.92 AuroraInnov AUR BuildersFirst BLDR 130.85 -0.88 ConstellationEner CEG 226.87 -1.75 EMCOR EME 412.28 -0.57 America First FCU $500 4.35 Synchrony Bank $0 4.15
7.83 0.19 FirstEnergy FE 37.95 -1.05
s AlamosGold AGI 26.20 0.53 Autodesk BungeGlobal BG 73.45 0.73 Cooper COO 83.70 -0.37 ENI E 30.79 0.26 801-627-0900 800-677-0718
ADSK 273.08 3.89 FirstService FSV 171.48 -2.13
Albemarle ALB 77.67 0.12 ADP BurlingtonStrs BURL 244.99 -3.56 Copart CPRT 55.59 0.53 EOG Rscs EOG 127.38 -0.89
Albertsons ACI 20.81 0.01 AutoZone
ADP 299.38 0.49
AZO 3672.23 14.41
CACI Intl CACI 372.70 1.22 Core&Main CNM 49.52 -0.12 EPAM Systems EPAM 178.99 0.68
Fiserv
Flex
FI 222.62 0.83
FLEX 36.80 -0.62
High yield jumbos - Minimum is $100,000
CAVA CAVA 90.28 -0.05 CorebridgeFin CRBG 33.24 0.21 EQT EQT 54.25 0.25
Alcoa AA 33.71 0.24 Avalonbay AVB 212.66 -1.70
CBRE Group CBRE 133.77 -0.10 Corning GLW 48.99 -0.90 EastWestBncp EWBC 93.03 -0.23
Floor&Decor FND 82.98 -2.69 Money market account Six-month CD
Alcon ALC 92.80 0.45 Avantor AVTR 16.35 -0.14 FlutterEnt FLUT 241.12 -5.37
AlexandriaRlEst ARE 95.98 -1.57 AveryDennison AVY 175.69 -1.32
CDW CDW 168.52 -1.79 Corpay CPAY 358.66 0.71 EastGroup EGP 175.20 -1.16 Peak Bank $100,000 4.54 MyBankingDirect $100,000 4.50
FomentoEconMex FMX 97.10 0.49 866-484-5705 516-683-4100
CF Industries CF 75.03 -1.80 Corteva CTVA 61.85 -0.22 EastmanChem EMN 89.34 -0.75
Alibaba BABA 132.75 -1.73 AxonEnterprise AXON 577.18 4.66 FordMotor F 10.29 0.04
CGI A GIB 101.11 1.01 CoStar CSGP 80.23 0.09 Eaton ETN 300.00 -2.84 Fortinet
Vio Bank $100,000 4.41 Credit One Bank, NA $100,000 4.40
AlignTech ALGN 170.00 -0.37 BCE BCE 22.53 0.01 FTNT 102.09 2.30
CH Robinson CHRW 100.00 -0.48 Costco COST 930.26 4.22 eBay EBAY 66.30 -0.24 Fortis
888-999-9170 (877) 825-3242
Allegion ALLE 129.59 -1.00 BHP Group BHP 49.65 0.35 FTS 44.40 -0.54
CME Group CME 262.06 -0.88 CoterraEnergy CTRA 29.31 -0.05 Ecolab ECL 251.20 -1.42 Fortive
Rising Bank $100,000 4.40 LimelightBank,adivisionofCapitalCommunityBank$100,000 4.35
AlliantEnergy LNT 62.10 -0.88 BJ'sWholesale BJ 109.48 -1.28 FTV 75.97 0.06
CMS Energy CMS 72.04 -1.10 Coupang 888-222-9484 (800) 639-6015
AllisonTransm ALSN 100.07 -0.23 BP BP 34.29 0.18
CPNG 23.40 -0.19 Ecopetrol EC 10.31 0.23 FoxB FOX 50.86 1.15
Allstate ALL 208.12 0.82 BWX Tech BWXT 104.74 0.66
CNA Fin CNA 49.80 ... Crane CR 160.39 1.70 EdisonIntl EIX 57.25 -1.34 FoxA FOXA 54.96 1.57 One-month CD One-year CD
CNH Indl CNH 12.43 -0.35 Credicorp
AllyFinancial ALLY 37.44 -0.44 BXP BXP 68.51 -0.97 BAP 197.40 5.24 EdwardsLife EW 71.24 -0.11 s Franco-Nevada FNV 155.82 0.03 State Bank of India California$100,000 0.50 MyBankingDirect $100,000 4.50
CRH CRH 98.61 0.48 CredoTech CRDO 49.18 -1.35 Elastic ESTC 102.42 0.81 FranklinRscs BEN 20.03 -0.04 877-707-1995 516-683-4100
AlnylamPharm ALNY 280.96 -9.74 Baidu BIDU 95.38 -0.49
CSX CSX 29.53 -0.32 CrowdStrike CRWD 384.95 12.31 ElbitSystems ESLT 405.01 9.51 Lone Star Bank $100,000 0.20 Credit One Bank, NA $100,000 4.40
Alphabet A GOOGL 170.56 2.88 BakerHughes BKR 45.18 0.58 FreedomHolding FRHC 141.39 2.43
CVS Health CVS 66.48 -1.09 CrownCastle CCI 100.45 -3.86 ElectronicArts EA 144.50 -0.05 713-358-9400 (877) 825-3242
Alphabet C GOOG 172.79 2.86 Ball BALL 50.38 -0.40 CadenceDesign CDNS 269.11 1.96 FreeportMcM FCX 43.01 1.40
AltairEngg ALTR 111.85 0.16 BBVA BBVA 14.49 0.33 CAE Crown Holdings CCK 87.15 -1.24 ElevanceHealth ELV 423.47 -3.76 FreseniusMedCare FMS 24.45 0.14 Presidential Bank, FSB $100,000 0.10 LimelightBank,adivisionofCapitalCommunityBank$100,000 4.35
CAE 25.55 0.23 800-383-6266 (800) 639-6015
Altria MO 56.71 0.08 BancoBradesco BBDO 2.09 0.06 CubeSmart CUBE 41.07 -0.66 Embraer ERJ 48.89 -0.60 Continued on Page B9
CamdenProperty CPT 121.23 -0.40
Amazon.com AMZN 205.71 2.45 BancodeChile BCH 27.08 0.07
Cameco CCJ 44.48 -1.26 Two-month CD Two-year CD
Ambev ABEV 2.33 0.03 BancSanBrasil BSBR 4.81 0.14 State Bank of India California$100,000 4.25 Banesco USA $100,000 4.20
Campbell's CPB 38.18 0.13
Amcor
Amdocs
AMCR 9.44 -0.11 BcoSantChile BSAC 23.57 0.43 CIBC
DOX 90.42 0.64 BancoSantander SAN 7.10 0.11 CanNtlRlwy CNI
CM 58.00 0.42
98.35 -0.35
Dividend Changes 877-707-1995
Lone Star Bank $100,000 0.20
888-228-1597
Luana Savings Bank $100,000 4.19
AmerSports AS 28.80 -0.67 BanColombia CIB 43.88 0.65 CanadianNatRscs CNQ 31.12 0.33 713-358-9400 800-666-2012
Amount Payable /
Ameren AEE 97.18 -1.63 BankofAmerica BAC 43.28 0.21 CdnPacKC CP 72.38 -0.91 Company
Presidential Bank, FSB $100,000 0.10 Popular Direct $100,000 4.15
Symbol Yld % New/Old Frq Record
AmericaMovil AMX 14.29 0.11 BankMontreal BMO 98.15 0.68 CapitalOne COF 182.44 1.58 800-383-6266 800-274-5696
AEP AEP 102.50 -1.68 BankNY Mellon BK 85.25 0.55 s CardinalHealth CAH 132.75 -0.46 Reduced Three-month CD Five-year CD
AmerExpress AXP 279.28 1.42 BankNovaScotia BNS 48.75 0.41 Carlisle CSL 349.15 0.45
Cadiz Pfd. A CDZIP 11.6 .55 /.56 Q Apr15 /Apr04
Merrick Bank $100,000 4.35 GTE Financial Credit Union$100,000 4.33
AmericanFin AFG 128.06 0.14 Barclays BCS 16.25 0.26 Carlyle CG 46.53 0.29 Stocks 866-638-6851 888-871-2690
AmHomes4Rent AMH 36.87 -0.22 BarrickGold GOLD 19.35 0.46 CarMax KMX 74.26 0.72 American Rebel Holdings AREB 1:25 /Mar31 America First FCU $100,000 4.35 America First FCU $100,000 4.20
AIG AIG 83.92 -0.28 BaxterIntl BAX 32.94 -0.66 Carnival CCL 21.26 -0.18 801-627-0900 801-627-0900
AmerTowerREIT AMT 209.50 -3.30 BectonDicknsn BDX 228.08 -1.11 Carnival CUK 19.10 -0.13 Foreign Goldwater Bank $100,000 4.30 Luana Savings Bank $100,000 4.19
AmerWaterWorks AWK 139.16 -0.54 BeiGene ONC 250.47 -2.73 CarpenterTech CRS 195.47 0.24 Caledonia Mining CMCL 4.9 .14 Q Apr18 /Apr04 480-281-8200 800-666-2012
BRBR 73.53 -0.02 CarrierGlobal CARR 68.11 0.15 CNH Industrial 3.8 .25 May30 /May21
CNH A
Ameriprise AMP 510.57 2.42 BellRing
MAG Silver MAG 1.5 .18 Apr21 /Apr04 Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of
Ametek AME 179.70 0.88 BentleySystems BSY 41.88 -0.78 Carvana CVNA 221.66 8.03
compounding and rate stated for the lowest required opening deposit to earn interest. CD
Amgen AMGN 306.86 -7.52 Berkley WRB 64.42 0.32 CaseysGenStores CASY 417.42 4.92 Note: Dividend yields as of 3:30 p.m. ET
Sources: FactSet; Dow Jones Market Data figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of
Amphenol APH 69.49 0.19 s BerkHathwy A BRK.A 7929663317.00 Caterpillar CAT 342.62 0.95 which may be checks. Rates are subject to change.
AnalogDevices ADI 213.58 1.24 s BerkHathwy B BRK.B 528.87 3.02 Celestica CLS 97.37 -2.61 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410
AngloGoldAsh AU 35.62 0.76 BerryGlobal BERY 67.98 -0.87 CelsiusHldg CELH 35.26 0.38 spin-off. Internet: www.bankrate.com
B8 | Wednesday, March 26, 2025 * * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures Jan'26 5.438 5.487 5.340 5.374 –.058 127,052 May 17.46 17.67 17.25 17.52 .20 5,576 June .6698 .6750 .6687 .6736 .0031 293,212
Cocoa (ICE-US)-10 metric tons; $ per ton. Canadian Dollar (CME)-CAD 100,000; $ per CAD
Contract Open
Open High hi lo Low Settle Chg interest Agriculture Futures May 8,075 8,147 7,912 7,995 –84 39,580 April .6994 .7015 .6988 .7001 .0007 615
July 8,088 8,139 7,920 7,981 –101 25,862 June .7014 .7036 .7006 .7023 .0008 276,946
Copper-High (CMX)-25,000 lbs.; $ per lb. Corn (CBT)-5,000 bu.; cents per bu. Coffee (ICE-US)-37,500 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £
March 5.0715 5.1885 s 5.0715 5.1830 0.1190 1,162 May 464.50 464.75 457.00 457.75 –6.75 650,835 April 1.2922 1.2966 1.2903 1.2946 .0020 388
May 393.45 401.00 392.10 398.55 5.15 72,227
May 5.0860 5.2285 s 5.0765 5.2105 0.1180 137,209 July 471.50 472.00 464.75 465.25 –6.75 484,235 June 1.2922 1.2966 1.2900 1.2945 .0020 190,083
July 387.20 394.65 386.40 392.65 5.25 44,481
Gold (CMX)-100 troy oz.; $ per troy oz. Oats (CBT)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF
March 3026.40 3028.80 3024.00 3023.70 10.60 397 May 372.00 372.00 365.75 367.50 –6.00 2,201 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
May 19.31 19.60 19.20 19.51 .25 305,986 June 1.1435 1.1475 1.1413 1.1444 .0009 85,557
April 3017.50 3042.40 3010.80 3025.90 10.30 164,807 July 370.00 370.25 365.25 367.00 –5.00 586
July 19.00 19.26 18.90 19.19 .23 205,915 Sept 1.1565 1.1594 1.1532 1.1562 .0009 79
May 3030.60 3055.40 s 3025.70 3039.60 10.30 1,764 Soybeans (CBT)-5,000 bu.; cents per bu.
June 3046.00 3070.70 3039.20 3054.30 10.30 277,245 May 1007.00 1007.75 998.25 1001.75 –5.50 378,001 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD
July 1019.50 1020.50 1012.00 1015.50 –4.00 216,538 May 38.00 38.00 38.00 38.00 … 1,158 April .6291 .6326 .6280 .6300 .0015 675
July 3069.70 3069.70 s 3069.70 3066.30 10.50 126
Soybean Meal (CBT)-100 tons; $ per ton. Cotton (ICE-US)-50,000 lbs.; cents per lb. June .6291 .6330 .6283 .6303 .0015 179,161
Aug 3069.80 3094.60 3066.00 3079.30 10.70 35,826
Palladium (NYM) - 50 troy oz.; $ per troy oz. May 297.30 298.10 294.30 295.10 –2.50 233,270 May 65.44 65.87 64.87 65.14 –.28 131,627 Mexican Peso (CME)-MXN 500,000; $ per MXN
March 961.50 961.50 948.50 953.80 6.10 1 July 304.40 305.30 302.20 302.90 –2.00 163,394 July 67.03 67.44 66.56 66.75 –.28 74,830 April .04938 .04990 .04964 .04965 –.00002 203
June 958.00 971.00 956.50 962.70 5.80 19,992 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. June .04932 .04955 .04914 .04923 –.00002 136,068
Platinum (NYM)-50 troy oz.; $ per troy oz. May 42.12 42.58 41.79 42.30 .15 232,354 May 268.50 274.00 259.75 264.85 –3.70 6,493 Euro (CME)-€125,000; $ per €
March 976.50 976.50 976.40 973.10 10.50 496 July 42.63 43.09 42.30 42.85 .18 164,224 July 263.90 269.00 256.70 260.35 –3.50 1,497 April 1.0812 1.0840 1.0789 1.0809 –.0009 3,744
July 980.80 996.60 977.90 987.60 10.00 53,753 Rough Rice (CBT)-2,000 cwt.; $ per cwt. June 1.0853 1.0881 1.0827 1.0848 –.0009 641,433
Silver (CMX)-5,000 troy oz.; $ per troy oz. May 13.37 13.37 13.12 13.19 –.18 10,496
Interest Rate Futures
March 33.460 34.090 33.460 34.002 0.737 906 July 13.54 13.63 13.40 13.46 –.16 895 Index Futures
May 33.530 34.365 33.430 34.187 0.737 124,649 Wheat (CBT)-5,000 bu.; cents per bu. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. May 548.00 549.50 541.00 543.25 –5.00 224,088 June 121-040 121-220 120-130 121-120 1.0 1,780,378 Mini DJ Industrial Average (CBT)-$5 x index
May 69.16 69.68 68.52 69.00 –0.11 331,185 July 565.25 566.25 557.50 559.75 –5.50 120,795 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% June 42892 43024 42765 42906 8 74,096
June 68.74 69.21 68.12 68.60 –0.06 202,307 Wheat (KC)-5,000 bu.; cents per bu. June 116-110 116-250 115-270 116-190 6.0 1,809,925 Sept 43188 43323 43083 43221 11 332
July 68.27 68.71 67.70 68.17 –0.04 132,672 May 576.25 577.00 567.00 569.25 –8.75 121,908 Sept 116-030 116-140 115-190 116-100 6.0 2,405 Mini S&P 500 (CME)-$50 x index
Sept 67.31 67.62 66.73 67.17 –0.02 119,660 July 591.00 591.75 583.00 584.75 –8.25 71,555 Treasury Notes (CBT)-$100,000; pts 32nds of 100% June 5813.00 5837.25 5802.25 5826.50 11.00 2,086,227
Dec 66.01 66.29 65.48 65.91 … 169,047 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June 110-170 110-260 110-100 110-240 6.5 4,877,908 Sept 5863.25 5887.50 5853.00 5877.00 11.00 4,662
June'26 64.80 65.02 64.32 64.71 0.02 103,942 March 286.550 287.350 285.775 286.975 .375 3,775 Sept 110-195 110-270 110-120 110-255 6.0 1,330 Mini S&P Midcap 400 (CME)-$100 x index
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. May 284.800 285.450 280.675 284.125 –.725 32,902 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% June 3040.20 3053.60 3016.00 3032.30 –8.50 42,885
April 2.2592 2.2920 2.2512 2.2859 .0288 30,360 Cattle-Live (CME)-40,000 lbs.; cents per lb. March 107-132 107-202 107-132 107-205 5.5 14,846 Sept … 3064.10 3047.60 3053.60 –10.70 n.a.
May 2.2217 2.2507 2.2139 2.2433 .0237 94,478 April 205.925 207.025 203.775 206.375 .475 67,465
June 107-202 107-262 107-162 107-255 5.5 6,336,253 Mini Nasdaq 100 (CME)-$20 x index
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. June 202.025 203.450 199.600 202.325 .175 155,421
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% June 20353.00 20524.75 20293.00 20488.50 114.25 225,929
April 2.2080 2.2241 2.1948 2.2087 .0021 37,649 Hogs-Lean (CME)-40,000 lbs.; cents per lb.
April 86.300 87.100 86.300 86.650 .950 36,262
March 103-086 103-107 103-086 103-118 2.1 511 Sept 20571.75 20730.25 20497.25 20696.00 117.75 638
May 2.2094 2.2277 2.1992 2.2141 .0048 136,499
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. June 96.075 98.550 96.050 96.250 .450 89,590 June 103-121 103-145 103-107 103-142 2.1 3,847,819 Mini Russell 2000 (CME)-$50 x index
April 3.909 3.990 3.796 3.840 –.074 25,088 Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. June 2121.90 2128.00 2105.50 2112.30 –12.90 402,794
May 3.947 4.020 3.827 3.877 –.077 289,960 May 685.00 687.00 677.00 685.50 –.50 5,445 March 95.6700 t 95.6700 95.6675 –.0050 259,816
95.6725 Sept 2139.10 2144.30 2122.50 2128.90 –13.10 96
July 4.368 4.445 4.280 4.317 –.061 112,999 July 700.00 701.00 693.00 700.00 … 1,633 April 95.6750 t 95.6700 95.6700 –.0050 541,118
95.6750 Dec 2150.00 2150.00 2150.00 2151.00 –15.20 106
Sept 4.427 4.482 4.319 4.358 –.064 123,433 Milk (CME)-200,000 lbs., cents per lb. Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. Mini Russell 1000 (CME)-$50 x index
Oct 4.455 4.515 4.354 4.392 –.063 128,286 March 18.52 18.54 18.50 18.52 .03 4,467 Jan 95.6475 95.6500 t 95.6475 95.6500 .0025 9,101 June 3189.50 3196.00 3181.30 3188.60 4.60 5,908
June 95.8700 95.8850 95.8550 95.8800 .0050 1,264,746 U.S. Dollar Index (ICE-US)-$1,000 x index
June 104.00 104.15 103.60 103.83 –.11 29,135
Currency Futures Sept 103.48 103.48 103.48 103.46 –.11 391
Cash Prices | wsj.com/market-data/commodities Tuesday, March 25, 2025 Japanese Yen (CME)-¥12,500,000; $ per 100¥
April .6650 .6702 .6641 .6689 .0031 983 Source: FactSet
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 months.
Tuesday
Copper,Comex spot
Tuesday
5.1830 Wheat,No.2 soft red,St.Louis-u
Tuesday
5.3525
Bonds | wsj.com/market-data/bonds/benchmarks
Energy Iron Ore, 62% Fe CFR China-s *103.2 Wheat - Hard - KC (USDA) $ per bu-u 5.7425
Coal,C.Aplc.,12500Btu,1.2SO2-r,w
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w
78.000
14.200
Steel, HRC USA, FOB Midwest Mill-s
Battery/EV metals
*945.0 Wheat,No.1soft white,Portld,OR-u 6.2000 Tracking Bond Benchmarks
Food Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Metals BMI Lithium Carbonate, EXW China, =99.5%-v,w 10375
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 9525 Beef,carcass equiv. index highs and lows for different types of bonds
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,w 6693 choice 1-3,600-900 lbs.-u 321.49 Total Total
Engelhard industrial 3026.00 BMI Nickel Sulphate, EXW China, >22%-v,k 3590 select 1-3,600-900 lbs.-u 303.09 return YTD total Yield (%) return YTD total Yield (%)
Handy & Harman base 3025.20 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 435 Broilers, National comp wtd. avg.-u,w 1.3343 close return (%) Index Latest Low High close return (%) Index Latest Low High
Handy & Harman fabricated 3357.97 Butter,AA Chicago-d 2.3175
LBMA Gold Price AM *3030.25
Fibers and Textiles Cheddar cheese,bbl,Chicago-d 163.50 Mortgage-Backed Bloomberg Fixed Income Indices
Broad Market Bloomberg Fixed Income Indices
LBMA Gold Price PM *3007.75 Burlap,10-oz,40-inch NY yd-n,w 0.8825 Cheddar cheese,blk,Chicago-d 164.00
2138.78 2.3 U.S. Aggregate 4.680 4.100 5.310 2117.50 2.5 Mortgage-Backed 5.000 4.340 5.570
Krugerrand,wholesale-e 3140.75 Cotton,1 1/16 std lw-mdMphs-u 0.6264 Milk,Nonfat dry,Chicago lb.-d 114.00
Maple Leaf-e 3170.95 Cotlook 'A' Index-t *77.50 Coffee,Brazilian,Comp-y 3.9445 U.S. Corporate Indexes Bloomberg Fixed Income Indices 2085.90 2.5 Ginnie Mae (GNMA) 4.990 4.460 5.580
American Eagle-e 3170.95 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 4.0700
Mexican peso-e 3649.15 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u,w 3.8650 3256.33 2.0 U.S. Corporate 5.190 4.640 5.750 1248.66 2.5 Fannie mae (FNMA) 5.000 4.310 5.580
Austria crown-e 2963.15 Flour,hard winter KC-p 15.90
Austria phil-e 3170.95 Grains and Feeds 3187.63 2.0 Intermediate 4.930 4.400 5.670 1924.64 2.5 Freddie Mac (FHLMC) 4.890 4.150 5.510
Hams,17-20 lbs,Mid-US fob-u n.a.
Silver, troy oz. Bran,wheat middlings, KC-u,w 91 Hogs,Iowa-So. Minnesota-u 87.30 4224.13 2.1 Long term 5.740 5.070 6.010 593.14 -0.2 Muni Master 3.584 3.074 3.760
Engelhard industrial 33.7500 Corn,No. 2 yellow,Cent IL-bp,u 4.2900 Pork bellies,12-14 lb MidUS-u 1.6864
Handy & Harman base 33.6640 Corn gluten feed,Midwest-u,w 121.3 Pork loins,13-19 lb MidUS-u 1.0271 617.11 2.1 Double-A-rated 4.850 4.260 5.330 419.12 0.1 7-12 year 3.392 2.858 3.557
Handy & Harman fabricated 42.0800 Corn gluten meal,Midwest-u,w 436.7 Steers,Tex.-Okla. Choice-u n.a.
887.15 2.0 Triple-B-rated 5.390 4.850 5.950 477.06 -0.8 12-22 year 4.074 3.469 4.074
LBMA spot price *£25.5500 Cottonseed meal-u,w n.a. Steers,feeder,Okla. City-u,w 358.50
(U.S.$ equivalent) *33.0850 Hominy feed,Cent IL-u,w 115 High Yield Bonds ICE BofA 453.14 -1.2 22-plus year 4.540 3.959 4.540
Coins,wholesale $1,000 face-a 25855
Fats and Oils
Meat-bonemeal,50% pro Mnpls-u,w 275
578.98 1.8 High Yield Constrained 7.390 6.975 8.322 Global Government J.P. Morgan†
Other metals Oats,No.2 milling,Mnpls-u 4.0750 Degummed corn oil, crude wtd. avg.-u,w n.a.
LBMA Platinum Price PM *973.0 Rice, Long Grain Milled, No. 2 AR-u,w 34.88 Grease,choice white,Chicago-h n.a. 591.39 0.2 Triple-C-rated 12.201 11.050 13.872 546.36 0.3 Global Government 3.630 3.010 3.740
LBMA Palladium Price PM *955.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Platinum,Engelhard industrial 988.0 SoybeanMeal,Cent IL,rail,ton48%-u,w n.a. Soybean oil,crude;Centl IL-u,w 0.4146 3874.36 2.2 High Yield 100 6.578 6.208 7.871 840.74 1.5 Canada 3.040 2.820 3.870
Palladium,Engelhard industrial 976.0 Soybeans,No.1 yllw IL-bp,u 9.7100 Tallow,bleach;Chicago-h n.a.
7.8850 n.a. 505.84 1.8 Global High Yield Constrained 7.116 6.808 8.112 357.09 -1.5 EMU§ 3.318 2.726 3.403
Aluminum, LME, $ per metric ton *2640.5 Wheat,Spring14%-pro Mnpls-u Tallow,edible,Chicago-u
379.72 1.0 Europe High Yield Constrained 5.652 5.219 6.710 648.53 -1.1 France 3.440 2.900 3.530
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;
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 U.S Agency Bloomberg Fixed Income Indices 459.71 -2.2 Germany 2.780 2.080 2.860
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 3/24
Source: Dow Jones Market Data 1874.49 1.8 U.S Agency 4.420 3.960 5.190 262.01 -3.0 Japan 1.910 1.110 1.910
1662.75 1.7 10-20 years 4.360 3.920 5.190 500.54 -2.5 Netherlands 2.980 2.290 3.060

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks 3510.52 2.7 20-plus years 4.970 4.240 5.300 780.55 -0.2 U.K. 4.930 4.030 5.070
2861.70 2.2 Yankee 4.930 4.380 5.580 921.18 2.7 Emerging Markets ** 7.393 7.084 8.073

Money Rates March 25, 2025 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds
** EMBI Global Index
† In local currency § Euro-zone bonds
Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
guide to general levels but don’t always represent actual transactions. Global Government Bonds: Mapping Yields
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Feb. index Chg From (%)
Britain 4.50 4.50 5.25 4.50 13 weeks 4.190 4.205 5.255 4.190 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
level Jan. '25 Feb. '24
Australia 4.10 4.10 4.35 4.10 26 weeks 4.085 4.100 5.170 4.075 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
U.S. consumer price index Coupon (%) Maturity, in years Latest(l) 0 1 2 3 4 5 6 Previous Month ago Year ago Latest Prev Year ago
Overnight repurchase Other short-term rates
All items 319.082 0.44 2.8 4.125 U.S. 2 4.002 t l 4.034 4.097 4.625
U.S. 4.39 4.36 5.45 4.00
Core 325.252 0.44 3.1 Week 52-Week 4.625 10 4.307t l 4.330 4.297 4.252
U.S. government rates Latest ago high low
International rates 4.750 Australia 2 3.742 s l 3.736 3.808 3.804 -26.9 -30.7 -83.0
Discount Call money 3.500 10 4.434 s l 4.412 4.410 4.022 12.3 6.6 -22.4
Week 52-Week 4.50 4.50 5.50 4.50 6.25 6.25 7.25 6.25
Latest ago High Low 0.000 France 2 2.269 s l 2.257 2.181 2.879 -174.2 -178.6 -175.5
Federal funds Commercial paper (AA financial) 3.200 10 3.481 s l 3.465 3.151 2.857 -83.0 -88.1 -139.0
Prime rates Effective rate 4.3300 4.3300 5.3400 4.3300 90 days 4.30 4.27 5.37 4.26
U.S. 7.50 7.50 8.50 7.50
2.200 Germany 2 2.146 s l 2.123 2.069 2.892 -186.5 -192.0 -174.2
High 4.5500 4.5500 5.6500 4.4700
Canada 4.95 5.20 7.20 4.95 Low 4.3200 4.3000 5.3300 4.3000 Secured Overnight Financing Rate 2.500 10 2.801 s l 2.775 2.461 2.377 -151.0 -157.1 -186.9
Japan 1.875 1.625 1.875 1.475 Bid 4.3200 4.3200 5.3300 4.3200 4.31 4.32 5.40 4.27
2.950 Italy 2 2.367 s l 2.361 2.366 3.423 -164.4 -168.2 -121.1
Offer 4.3300 4.3300 5.3600 4.3300 Value 52-Week
Policy Rates Latest Traded High Low
3.650 10 3.897 s l 3.873 3.530 3.694 -41.4 -47.3 -55.2
Euro zone 2.65 2.65 4.50 2.65 Treasury bill auction
0.800 Japan 2 0.875 s l 0.866 0.786 0.202 -313.6 -317.7 -443.2
Switzerland 0.75 1.00 2.00 0.75 4 weeks 4.215 4.225 5.285 4.215 DTCC GCF Repo Index
Treasury 4.388 55.100 5.471 4.286 1.200 10 1.573 s l 1.545 1.376 0.736 -273.8 -280.1 -351.0
Notes on data: MBS 4.399 57.352 5.526 4.294 2.500 Spain 2 2.316 s l 2.309 2.293 3.037 -169.5 -173.4 -159.7
U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
and is effective December 19, 2024. Other prime rates aren’t directly comparable; lending practices Weekly survey 3.150 10 3.430 s l 3.419 3.092 3.213 -88.1 -92.7 -103.3
vary widely by location; Discount rate is effective December 19, 2024. Secured Overnight Financing
Rate is as of March 24, 2025. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted Latest Week ago Year ago 4.125 U.K. 2 4.303 s l 4.263 4.182 4.193 29.2 22.0 -44.2
average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-
funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Freddie Mac 4.250 10 4.762 s l 4.721 4.514 3.993 45.1 37.5 -25.4
Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; 30-year fixed 6.67 6.65 6.87 Source: Tullett Prebon, Tradeweb FTSE U.S. Treasury Close
Tullett Prebon Information, Ltd. 15-year fixed 5.83 5.80 6.21
Corporate Debt
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
ADVERTISEMENT expectations

Business Real Estate & Auctions

To advertise: email [email protected] or WSJ.com/classifieds
Investment-grade spreads that tightened the most…
Issuer Symbol Coupon (%) Yield (%) Maturity
Spread*, in basis points
Current One-day change Last week
Verizon Communications VZ 5.250 5.27 March 16, ’37 96 –9 108
BNP Paribas … 4.400 4.81 Aug. 14, ’28 83 –5 n.a.
Ovintiv OVV 6.500 5.90 Aug. 15, ’34 159 –5 161
MASSACHUSETTS
Toyota Motor Credit … 4.450 4.54 June 29, ’29 46 –5 n.a.
–4
NOTABLE
Goldman Sachs GS 6.750 5.81 Oct. 1, ’37 150 157
Nomura Holdings … 2.172 4.78 July 14, ’28 80 –4 88

COMMERCIAL State Street Bank and Trust

Brighthouse Financial Global Funding
…
…
4.782
5.550
4.52
4.95
Nov. 23, ’29
April 9, ’27
46
95
–4
–3
n.a.
99
PROPERTIES …And spreads that widened the most
EVERY WEDNESDAY Metropolitan Life Global Funding I … 5.050 4.47 Jan. 6, ’28 47 15 53
FedEx FDX 3.900 5.45 Feb. 1, ’35 112 6 n.a.
Bank of New York Mellon BK 3.850 4.30 April 28, ’28 31 4 n.a.
4 n.a.
LIST YOUR Plains All American Pipeline PAA 6.650 5.90 Jan. 15, ’37 160
5.39 108 3 n.a.
PROPERTY TODAY Nomura Holdings
Toronto–Dominion Bank
...
TD
6.181
5.156 4.60
Jan. 18, ’33
Jan. 10, ’28 62 3 64
Wells Fargo WFC 5.606 5.94 Jan. 15, ’44 126 3 127
CDP Financial … 4.250 4.29 July 25, ’28 29 2 n.a.
(800) 366-3975 High-yield issues with the biggest price increases…
[email protected] Bond Price as % of face value
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
For more information visit:
Air Canada … 10.500 5.36 July 15, ’26 106.375 0.75 n.a.
wsj.com/classifieds
Bath & Body Works BBWI 6.750 6.59 July 1, ’36 101.213 0.49 100.000
FiberCop* … 6.000 7.01 Sept. 30, ’34 93.050 0.43 92.280
Rakuten … 11.250 6.18 Feb. 15, ’27 108.875 0.30 108.827
ADT Security … 4.875 5.90 July 15, ’32 94.000 0.25 93.163
Sealed Air SEE 6.875 6.01 July 15, ’33 105.601 0.18 105.010
United States Cellular USM 6.700 5.50 Dec. 15, ’33 108.205 0.14 107.620

…And with the biggest price decreases

Bausch Health … 11.000 11.44 Sept. 30, ’28 98.750 –1.00 99.000
DISH DBS … 7.750 19.84 July 1, ’26 87.000 –0.75 87.005
FiberCop … 7.200 7.58 July 18, ’36 97.125 –0.74 97.651
Verde Purchaser … 10.500 8.46 Nov. 30, ’30 106.323 –0.68 107.056
Venture Global Calcasieu Pass … 4.125 5.78 Aug. 15, ’31 91.276 –0.34 90.750
Mauser Packaging Solutions Holding … 7.875 8.01 April 15, ’27 99.750 –0.25 100.375
Navient NAVI 5.625 7.58 Aug. 1, ’33 88.082 –0.17 86.977
Regal Rexnord RRX 6.050 5.20 Feb. 15, ’26 100.718 –0.14 100.794
*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.
© 2025 Dow Jones & Company, Inc. Note: Data are for the most active issue of bonds with maturities of two years or more
All Rights Reserved. Source: MarketAxess
THE WALL STREET JOURNAL. * * NY Wednesday, March 26, 2025 | B9

BIGGEST 1,000 STOCKS

Continued From Page B6 Net Net Net Net Net Net Net Net
Net Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
Stock Sym Close Chg LatamAirlines LTM 32.01 0.12 MarketAxess MKTX 213.42 1.64 Nasdaq NDAQ 77.67 0.26 PG&E PCG 17.06 -0.06 PulteGroup PHM 105.32 -0.53 RyanSpecialty RYAN 72.53 0.15
s HarmonyGold HMY 12.64 -0.02 InterContHtls IHG 111.44 0.56
FrontierComms FYBR 35.75 -0.01 HartfordIns HIG 121.46 0.38 IBM IBM 249.90 1.45 LKQ LKQ 40.78 -0.13 Marriott MAR 246.48 3.56 Natera NTRA 154.58 0.75 PNC Finl PNC 176.88 0.34 PureStorage PSTG 52.97 0.09 Ryanair RYAAY 45.52 -0.60
FullTruck YMM 12.99 -0.35 Hasbro HAS 61.04 -0.56 t IntlFlavors IFF 76.92 -0.61 LPL Financial LPLA 342.54 0.80 Marsh&McLen MMC 236.62 2.00 NationalGrid NGG 62.99 0.15 POSCO PKX 51.73 -0.31 Qiagen QGEN 39.67 -0.13 SAP SAP 280.23 4.49
L3HarrisTech LHX 212.56 1.85 MartinMarietta MLM 488.30 -2.39 NatWest NWG 12.17 0.06 PPG Ind PPG 111.74 -1.24 Qualcomm QCOM 160.15 0.07 S&P Global SPGI 513.16 9.22
HealthpeakProp DOC 20.16 -0.29 IntlPaper IP 56.26 3.43
G H I HeicoA HEI.A 215.51 2.34 Interpublic IPG 26.29 0.36 Labcorp LH 234.45 -1.99 MarvellTech MRVL 71.67 -1.09 NetApp NTAP 94.39 -0.73 PPL PPL 34.08 -0.70 QuantaServices PWR 276.25 -2.15 SBA Comm SBAC 214.31 -4.38
LamResearch LRCX 77.67 -0.32 Masco MAS 70.39 -0.39 NetEase NTES 99.74 -0.19 PTC PTC 162.80 1.35 QuestDiag DGX 165.66 -1.67 SEI Investments SEIC 78.27 0.84
s GE Aerospace GE 212.13 1.90 Heico HEI 270.85 2.97 s Intra-Cellular ITCI 131.70 ...
LamarAdv LAMR 112.79 -0.07 Masimo MASI 169.70 2.09 Netflix NFLX 997.28 25.29 Paccar PCAR 99.24 0.60 SK Telecom SKM 21.29 0.11
HenrySchein HSIC 69.38 INTU 618.72 5.63
GE HealthCare GEHC 82.46 0.76 -1.38 Intuit
LasVegasSands LVS 40.27 -1.23 MasTec MTZ 128.69 -2.99 Neurocrine NBIX 116.18 0.58 PackagingCpAm PKG 198.76 -2.05 R S SS&C Tech SSNC 83.31 0.56
GE Vernova GEV 336.20 -7.37 Hershey HSY 165.23 -2.78 IntuitiveSurgical ISRG 519.81 11.23
LatticeSemi LSCC 62.76 -0.64 Mastercard MA 545.16 1.49 NYTimes A NYT 49.14 0.52 PalantirTech PLTR 96.50 -0.25
RBC Bearings RBC 333.41 -1.70 Saia SAIA 378.49 -3.00
s GFLEnvironmental GFL 48.62 0.48 Hess HES 158.29 0.94 InvitatHomes INVH 34.07 -0.17
Leidos LDOS 136.25 0.46 MatchGroup MTCH 31.27 -0.39 Newmont NEM 47.55 0.73 PaloAltoNtwks PANW 189.95 5.16 SailPoint SAIL 21.80 0.57
GSK GSK 38.58 0.01 HessMidstream HESM 42.91 -0.07 IronMountain IRM 87.87 -2.22 RB Global RBA 100.52 0.42
Lennar A LEN 117.74 0.18 McCormickVtg MKC.V 80.03 -0.31 NewsCorp B NWS 30.88 0.13 PanAmerSilver PAAS 25.97 0.10 Salesforce CRM 288.61 2.65
Gallagher AJG 337.36 -0.31 HewlettPackard HPE 16.52 0.04 ItauUnibanco ITUB 5.68 0.09 RELX RELX 50.40 0.59
Lennar B LEN.B 112.22 0.50 McCormick MKC 80.23 -0.11 NewsCorp A NWSA 27.46 0.16 ParamountB PARA 11.61 -0.03 Samsara IOT 42.61 0.53
GameStop GME 25.40 -0.21 Hilton HLT 234.67 2.11 RPM RPM 115.77 -0.89
Gaming&Leisure GLPI 50.72 -0.40 Hims&HersHealth HIMS 37.04 -0.37
J K L LennoxIntl LII 587.91 1.66 McDonald's MCD 306.92 1.25 NextEraEnergy NEE 68.59 -1.48 ParamountA PARAA 22.53 -0.13
s RTX RTX 135.66 0.97 Sanofi SNY 55.45 -0.48
LeonardoDRS DRS 34.35 0.40 McKesson MCK 663.60 2.74 Nike NKE 66.54 -0.85 ParkerHannifin PH 651.36 8.78 Schlumberger SLB 42.28 0.58
Gap GAP 21.56 -0.11 Hologic HOLX 60.80 -1.09 JD.com JD 41.47 -1.10 RalphLauren RL 231.73 -4.31
LI Medpace MEDP 324.51 -6.08 NiSource NI -0.23 Paychex PAYX 144.13 -0.70 SchwabC SCHW 80.75 0.79
Garmin GRMN 218.57 4.10 HomeDepot HD 360.99 -2.78 JPMorganChase JPM 251.13 3.07 LiAuto 26.04 -0.14 39.61 RangeResources RRC 40.14 -0.53
LibertyBroadbandC LBRDK 86.31 1.50 Medtronic MDT 88.59 -1.54 Nokia NOK 5.33 ... PaycomSoftware PAYC 223.44 -0.23 Sea SE 130.30 0.82
Gartner IT 421.76 -8.03 HondaMotor HMC 30.13 0.08 Jabil JBL 148.29 -1.68 RaymondJames RJF 145.71 0.75
LibertyBroadbandA LBRDA 86.04 1.69 MercadoLibre MELI 2191.30 56.99 Nomura NMR 6.66 0.01 Paylocity PCTY 194.69 -1.47 Seagate STX 87.96 -0.83
GenDigital GEN 27.66 0.04 Honeywell HON 212.12 0.27 JackHenry JKHY 174.78 1.96 RealtyIncome O 55.65 -0.63
LibertyFormOne C FWONK 89.78 0.80 Merck MRK 87.87 -4.44 Nordson NDSN 205.93 -1.65 PayPal PYPL 70.86 -0.11 Sempra SRE 69.11 -1.15
Generac GNRC 136.17 -1.50 HormelFoods HRL 28.81 -0.45 JacobsSolns J 123.62 0.43 Reddit RDDT 125.43 0.49
MetaPlatforms META 626.31 7.46 NorfolkSouthern NSC 234.00 -1.55 Pearson PSO 15.89 0.21 ServiceIntl SCI 78.60 -0.65
GeneralDynamics GD 267.54 1.66 DR Horton DHI 129.51 -0.84 JamesHardie JHX 23.80 -0.45 LibertyFormOne A FWONA 81.65 0.38 RegalRexnord RRX 124.88 0.48
LibertyLiveA LLYVA 68.15 0.29 MetLife MET 83.74 -0.44 NorthernTrust NTRS 101.60 0.16 PembinaPipeline PBA 40.07 -0.05 ServiceNow NOW 861.38 11.65
GeneralMills GIS 57.79 -0.38 HostHotels HST 14.80 -0.22 JazzPharm JAZZ 135.25 -6.77 RegencyCtrs REG 72.18 -0.26
LibertyLiveC LLYVK 69.10 0.36 Mettler-Toledo MTD 1195.10 -16.96 NorthropGrum NOC 506.62 11.54
PenskeAuto PAG 153.96 -0.35 ServiceTitan TTAN 96.87 1.91
GeneralMotors GM 52.59 1.13 HoulihanLokey HLI 167.94 1.14 JefferiesFinl JEF 61.70 -0.47 t RegenPharm REGN 634.14 -26.86
MicrochipTech MCHP 52.36 -1.53 Pentair PNR 91.20 1.35 SharkNinja SN 91.58 -0.52
Genmab GMAB 19.06 -0.23 HowmetAerospace HWM 137.72 1.62 J&J Light&Wonder LNW 107.49 0.35 NorwegCruise NCLH 20.47 -0.22 RegionsFinl RF 22.42 0.15
JNJ 161.02 -2.27 MicronTech MU 94.18 -2.76 Penumbra PEN 283.42 -2.81
EliLilly LLY 852.35 -12.55 Novartis NVS 110.38 -0.71 Shell SHEL 72.03 0.75
Genpact G 50.58 0.65 Hubbell HUBB 353.62 4.12 JohnsonControls JCI 84.34 -0.18 ReinsGrp RGA 201.36 2.97
Microsoft MSFT 395.16 2.08 PepsiCo PEP 145.54 -0.91 SherwinWilliams SHW 341.16 -1.55
GenuineParts GPC 117.89 -2.78 HubSpot HUBS 627.11 0.21 JonesLang LincolnElectric LECO 196.35 -1.19 t NovoNordisk NVO 73.60 -1.73 Reliance RS 293.22 5.83
JLL 259.69 -0.18 MicroStrategy MSTR 341.81 6.09 PerformanceFood PFGC 76.80 -1.63 Shift4Paymts FOUR 86.69
Linde LIN 457.45 -1.64 NuHoldings NU 11.38 -0.31 -1.46
GileadSciences GILD 107.89 1.15 Humana HUM 273.77 2.05 JuniperNetworks JNPR 36.10 ... RenaissanceRe RNR 239.12 -0.57
MidAmApt MAA 163.04 -0.67 PermianRscs PR 14.25 0.10 ShinhanFin SHG 33.46 0.14
GitLab GTLB 53.13 1.01 JBHunt JBHT 149.95 -2.07 KB Financial KB Lineage LINE 59.02 -1.13 Nucor NUE 127.56 0.16 RentokilInit RTO 22.75 0.16
56.45 -0.07 Middleby MIDD 156.65 -1.89 PetroleoBrasil PBR 14.27 0.30 Shopify SHOP 109.82 0.54
GlobalPayments GPN 98.91 -0.10 HuntingtonBcshs HBAN 15.32 -0.03 KE Holdings BEKE 20.38 -0.26 LithiaMotors LAD 319.38 -0.58 MitsubishiUFJ MUFG 14.65 0.02
Nutanix NTNX 74.92 -0.05 Repligen RGEN 141.95 -3.20
PetroleoBrasilA PBR.A 13.02 0.24 SimonProperty SPG 165.76 -0.36
GlobalFoundries GFS 39.01 -0.71 HuntingIngalls HII 206.25 0.36 KKR LiveNationEnt LYV 127.02 ... Nutrien NTR 50.14 -2.39 RepublicSvcs RSG 237.79 1.80
KKR 122.18 0.21 MizuhoFin MFG 5.86 -0.05 Pfizer PFE 25.55 -0.59 SiriusXM SIRI 24.24 0.29
GlobeLife GL 129.90 0.11 HyattHotels H 125.71 2.02 KLA KLAC 721.85 -5.88 LloydsBanking LYG 3.85 0.04
Mobileye MBLY 16.58 1.32
nVentElectric NVT 58.45 -0.14
PhilipMorris PM 152.21 0.66
ResMed RMD 221.29 -1.62
SkechersUSA SKX 57.35 -1.00
GlobusMedical GMED 76.63 0.57 ICICI Bank IBN 31.51 -0.16 KT KT 17.73 0.04
LockheedMartin LMT 442.07 7.09 NVIDIA NVDA 120.69 -0.72 RestaurantBrands QSR 66.58 -0.50
Moderna MRNA 33.85 -0.32 Phillips66 PSX 125.49 -0.98 Skyworks SWKS 68.22 -0.80
s Loews L 89.19 0.68 RVTY 107.38 -1.21
GoDaddy GDDY 184.19 0.69 IdexxLab IDXX 417.66 -5.94 Kanzhun BZ 19.91 -0.10 MolinaHealthcare MOH 310.53 -2.12 O P Q Pilgrim'sPride PPC 51.07 0.29 Revvity SmithAO AOS 66.73 0.36
GoldFields GFI 20.65 0.08 ING Groep ING 20.29 0.52 Kaspi.kz KSPI 96.26 -0.14 LogitechIntl LOGI 92.45 0.90 MolsonCoorsB TAP 58.76 -0.51 PinnacleFinPtrs PNFP 110.19 0.37 RexfordIndlRealty REXR 39.61 -0.56 Smith&Nephew SNN 28.43 0.40
82.39 -0.11 Lowe's LOW 230.69 -2.20 RIO 62.81 0.64
GoldmanSachs GS 585.94 5.84 IQVIA IQV 181.39 -4.72 Kellanova K monday.com MNDY 277.35 0.83 OGE Energy OGE 44.34 -0.76 PinnacleWest PNW 91.51 -1.58 RioTinto Smucker SJM 111.35 -0.40
KVUE 23.10 -0.27 lululemon LULU 337.35 2.39 OKE 102.38 RIVN 12.36 0.17
Grab GRAB 4.54 -0.08 ITT ITT 139.47 -0.40 Kenvue Mondelez MDLZ 64.69 -0.26 ONEOK 0.08 Pinterest PINS 34.63 0.59 Rivian SmurfitWestrock SW 45.57 0.55
Graco GGG 84.25 0.39 IcahnEnterprises IEP 9.28 -0.13 KeurigDrPepper KDP 33.83 -0.02 t LyondellBasell LYB 69.85 -2.11
MongoDB MDB 198.66 1.18 ON Semi ON 45.31 -0.37 PlainsAllAmPipe PAA 20.18 0.01 Robinhood HOOD 48.15 -0.21
Snap SNAP 9.63 0.09
Grainger GWW 990.20 -1.39 Icon ICLR 179.02 -5.42 KeyCorp KEY 16.57 MonolithicPower MPWR 632.97 5.04 O'ReillyAuto ORLY 1375.48 12.74 PlainsGP 0.06 Roblox RBLX 62.01 0.83
...
M N PAGP 21.52
RKT 13.38 -0.38
Snap-On SNA 335.92 -1.44
GpoAeroportuar PAC 194.54 4.93 IDEX IEX 184.37 -0.73 KeysightTech KEYS 158.47 -0.25 MonsterBev MNST 57.84 0.01 OccidentalPetrol OXY 49.01 1.09 PlanetFitness PLNT 99.80 -2.36 RocketCos. Snowflake SNOW 162.83 -0.34
GpoAeroportSur ASR 286.85 2.29 IllinoisToolWks ITW 254.99 -0.65 KimberlyClark KMB 136.99 -0.83 Macom Tech MTSI 112.24 -0.60 Moody's MCO 477.24 8.09 Okta OKTA 116.72 0.34 Pool POOL 325.63 -0.31 RocketLab RKLB 20.27 0.06
SOQUIMICH SQM 42.71 -0.44
GpoFinGalicia GGAL 58.95 1.21 Illumina ILMN 87.53 -0.49 KimcoRealty KIM 21.19 -0.14 M&T Bank MTB 182.99 0.63 MorganStanley MS 125.20 0.93 OldDomFreight ODFL 167.60 -2.45 Primerica PRI 290.52 -1.52 Rockwell ROK 272.85 4.89
SoFiTech SOFI 13.54 -0.18
Guidewire GWRE 198.27 0.82 ImperialOil IMO 73.34 0.55 KinderMorgan KMI 28.83 0.12 MGM Resorts MGM 32.04 -0.38 Morningstar MORN 305.26 1.63 OldRepublic ORI 38.47 0.09 PrimoBrands PRMB 33.52 1.43 RogersComm B RCI 27.38 0.31
Solventum SOLV 74.93 0.73
HCA Healthcare HCA 336.46 2.62 Incyte INCY 62.08 -0.70 Kinetik KNTK 53.14 -0.47 MPLX MPLX 53.36 -0.53 Mosaic MOS 27.18 -0.45 OmegaHealthcare OHI 37.50 -0.50 PrincipalFinl PFG 85.67 0.42 Roku ROKU 81.73 0.50 Somnigroup SGI 57.50 -0.10
HDFC Bank HDB 65.89 0.09 Infosys INFY 18.83 0.24 s KinrossGold KGC 12.30 0.10 MSCI MSCI 574.61 7.82 MotorolaSol MSI 429.19 -0.15 Omnicom OMC 80.39 0.96 ProcoreTech PCOR 72.35 0.39 Rollins ROL 52.33 0.01 Sony SONY 25.26 -0.01
HP HPQ 28.81 -0.19 IngersollRand IR 82.37 0.14 KinsaleCapital KNSL 486.08 3.38 MagnaIntl MGA 37.21 -0.25 MuellerIndustries MLI 79.22 -0.25 OnHolding ONON 47.97 -0.35 Procter&Gamble PG 162.85 -2.80 RoperTech ROP 579.07 2.42 SouthState SSB 94.43 -0.38
HSBC HSBC 58.37 0.39 Ingredion INGR 132.48 -0.56 Klaviyo KVYO 34.34 0.40 MakeMyTrip MMYT 108.07 1.05 MurphyUSA MUSA 454.56 7.80 Oracle ORCL 153.93 -0.94 Progressive PGR 274.43 0.43 RossStores ROST 128.13 -1.05 Southern SO 87.73 -1.15
H World HTHT 37.33 -0.42 Insmed INSM 78.54 -0.84 Philips PHG 25.47 0.02 ManhattanAssoc MANH 179.55 1.58 NICE NICE 159.00 2.83 Orix IX 21.72 0.04 Prologis PLD 109.23 -1.03 RoyalBkCanada RY 116.65 0.74 SoCopper SCCO 101.48 1.84
Haleon HLN 10.04 -0.10 Insulet PODD 272.71 -1.33 KoreaElecPwr KEP 7.72 0.10 ManulifeFinl MFC 31.41 0.05 NIO NIO 4.39 0.01 OtisWorldwide OTIS 101.40 0.02 PrudentialFinl PRU 114.36 1.12 RoyalCaribbean RCL 225.02 -0.38 SouthwestAir LUV 34.67 -0.17
Halliburton HAL 25.69 0.09 Intel INTC 24.20 -0.02 KraftHeinz KHC 29.10 -0.02 Maplebear CART 41.88 0.97 NRG Energy NRG 102.27 -0.59 Ovintiv OVV 43.80 0.79 s Prudential PUK 21.45 0.20 s RoyalGold RGLD 160.23 3.06 Spotify SPOT 615.88 11.17
HalozymeTherap HALO 64.84 0.82 InteractiveBrkrs IBKR 179.40 -0.54 Kroger KR 64.34 -1.06 MarathonPetrol MPC 149.09 0.41 NVR NVR 7321.35 -40.17 OwensCorning OC 149.30 -1.88 PSEG PEG 81.42 -1.91 RoyaltyPharma RPRX 33.76 0.01 SproutsFarmers SFM 149.70 4.28
HamiltonLane HLNE 157.61 1.72 s ICE ICE 175.63 0.38 Kyndryl KD 34.97 -0.35 Markel MKL 1864.54 -5.27 NXP Semicon NXPI 211.33 0.21 PDD PDD 125.25 -2.87 PublicStorage PSA 289.15 -5.78 Rubrik RBRK 74.28 0.82 Continued on Page B11

ADVERTISEMENT

The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds

PUBLIC NOTICES NOTICE OF SALE COMMERCIAL REAL ESTATE

UCC Public Sale Notice

NOTICE OF PUBLIC SALE OF COLLATERAL PLEASE TAKE NOTICE that CB 141 Willoughby Owner LLC, a Delaware limited liability company (the “Secured
At a Term, Part 42, of the Supreme Court of the State of UNDER NORTH CAROLINA UNIFORM COMMERCIAL CODE
New York, held in and for the County of New York, at 111 Party”), offers for sale at public auction to be conducted via Zoom (or a similar online platform) on May 7, 2025 at 2:30
Centre Street, New York, New York, on March 13, 2025. PLEASE TAKE NOTICE that, pursuant to (a) Section 25-9-610 of the North Carolina Uniform Commercial Code p.m., prevailing Eastern Time, in connection with a Uniform Commercial Code sale of all rights, title, and interest of
PRESENT: Hon. Emily Morales- Minerva, J.S.C. (N.C. Gen. Stat. § 25-9-610) or such other applicable enactment of the Uniform Commercial Code (collectively, the 141 Willoughby Mezz Sub, LLC, a Delaware limited liability company, having an address c/o Savana, 430 Park Avenue,
“UCC”) and (b) that certain Pledge and Security Agreement, dated as of April 1, 2022, by and among BOMA LC 12th Floor, New York, NY 10022 (the “Pledgor”), in 100% of the limited liability company membership interests
SUPREME COURT OF THE STATE OF NEW YORK LLC, a Delaware limited liability company, as pledgor (the “Pledgor”), and SDCK I LLC, a Delaware limited liability (the “Interests”) in 141 Willoughby Property Investors, LLC a Delaware limited liability company (the “Mortgage
COUNTY OF NEW YORK company (the “Secured Party”) (the “Pledge Agreement”), the Secured Party will sell the following assets of the Borrower”), which is the sole owner of the property located at 141 Willoughby Street, Brooklyn, New York 11201
Pledgor pledged in favor of Secured Party as collateral under the Pledge Agreement, including, without limitation, (the “Premises”) and certain rights and property related thereto pledged by the Pledgor under that certain Pledge
-------------------------------------------------------------------X all of the Pledgor’s interests in and to the following: (a) its membership interests in BOMA North Carolina, LLC and Security Agreement, dated as of May 7, 2021 (the “Pledge Agreement”), made by the Pledgor in favor of the
In the Matter of the Application of: (“BOMA NC”; the “Pledged Interests”), (b) all securities, moneys or property representing dividends, distributions, original lender under the Mortgage Loan Documents (as defined below) (“Original Lender”), as more fully set forth in
or interest on any of the Pledged Interests, (c) all right, title, and interest of BOMA NC in, to and under any policy the Pledge Agreement. Original Lender was granted a security interest in the Interests as accommodation collateral
Matt Del Percio, Jose Jara, Allen Waxman, Carol Chen, of insurance payable by reason of loss or damage to the Pledged Interests and any other of the Subject Assets (as to secure a loan to the Mortgage Borrower (the “Mortgage Loan”) made by Original Lender to the Mortgage Borrower
Brigette R. McLeod-Williams, Margery E. Ames, Susan defined herein), (d) all accounts, general intangibles, instruments, and investment property constituting or relating in the aggregate maximum principal amount of $181,000,000 pursuant to (i) a Building Loan Agreement dated May
S. Benedict, Judith Benitez, Joyce R. Coppin-Mondesire, to the foregoing, and (e) any proceeds of the foregoing (collectively, the “Subject Assets”). The Secured Party is 7, 2021 and (ii) a Project Loan Agreement dated May 7, 2021 (collectively, the “Mortgage Loan Agreement”). In
Adani Illo, Rakesh “Rick” Jain, Jason Kyrwood, Dorothy Index. No. 153061 / 2025
not purporting to sell any interest in any asset that is (i) not owned by Pledgor or (ii) not subject to a lien in favor of addition to the pledge of the Interests, the Mortgage Loan is secured by, among other things, (i) the Building Loan
Mehta, Karen Myrie, M.D., Gary Moross, Ellen Polansky, Secured Party. The Subject Assets secure the performance and payment of obligations of DT Lulana Gardens LLC, Mortgage, Assignment of Rents and Leases, Security Agreement and Fixture Filing and (ii) the Project Loan Mortgage,
Matthew Porter, Robert Schanz, David Theobald, Graham a Delaware limited liability company, as purchaser (the “Buyer”), under that certain Purchase and Sale Agreement, Assignment of Rents and Leases, Security Agreement and Fixture Filing encumbering the Premises (collectively, the
Thomas, Duncan Turnbull, and Colleen Wagner, ORDER TO SHOW CAUSE dated as of April 1, 2022, by and among SDCK and Buyer (the “Purchase Agreement”). “Mortgage”). Original Lender subsequently assigned all its right, title and interest in and to the Mortgage Loan,
MS#1 Dissolution Subject to all the terms of this Notice, the Subject Assets will be sold at a public auction (the “Auction”) to be the Mortgage, the Pledge Agreement, and its security interest in the Interests to the Secured Party. Copies of the
Petitioners, Pledge Agreement, the Mortgage Loan Agreement, the Mortgage, documents evidencing the assignment of the
- against – held virtually on or after April 1, 2025 at 10:00 a.m. Central Time, pursuant to instructions to be provided to Qualified
Bidders. The Subject Assets will be sold pursuant to the following terms and conditions: on the date of the Auction, Mortgage Loan to Secured Party, and other documents related to the Mortgage Loan and the Premises are available
For Judicial Dissolution of Edwin Gould Services for the Subject Assets will be offered for sale, in bulk, and sold to the highest or otherwise best bidder at the conclusion for inspection as hereinafter described. The Secured Party is offering the Interests for sale in connection with the
Children and Families, Inc., pursuant to Section 1102 of of the Auction in accordance with Section 9-610 et seq. of the UCC as determined by Secured Party in its sole and foreclosure on the pledge of such Interests.
the Not-for-Profit Corporation Law absolute discretion, on an “AS IS, WHERE IS” basis, with all faults, without recourse, and without representations or PLEASE TAKE FURTHER NOTICE that, it is the understanding of Secured Party (but without representation or
warranties (other than as agreed to in writing by Secured Party), including, without limitation, condition of title, value, warranty of any kind by Secured Party as to the accuracy of the following) that the principal assets of the Mortgage
-------------------------------------------------------------------X Borrower are the Premises and certain related rights. The sale of the Interests will be subject to all applicable third-
or quality of the Subject Assets, or with regard to assets, liabilities, financial condition or earnings of Pledgor or any
Upon the annexed Verified Petition (the “Petition”) sworn to on March 3, 2025, together with the exhibits of its affiliates. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, ALL WARRANTIES OF MERCHANTABILITY, party consents and regulatory approvals, if any.
annexed thereto; FITNESS FOR A PARTICULAR PURPOSE, TITLE POSSESSION QUIET ENJOYMENT OR THE LIKE IN THIS DISPOSITION PLEASE TAKE FURTHER NOTICE that at such public auction, the Interests will be offered as a single asset and not in
Let, all persons interested in EDWIN GOULD SERVICES FOR CHILDREN AND FAMILIES, INC. (the “Company”), ARE EXPRESSLY DISCLAIMED. Secured Party reserves its rights to, on or prior to the Auction date: (1) withdraw parts or as separate assets. All interested prospective purchasers that meet the qualifications for bidding are invited
show cause before this Court at an IAS term thereof to be held before the Hon. Emily Morales-Minerva at 111 Centre all or a portion of the Subject Assets from the Auction for any reason whatsoever, (2) reject any or all bids or to to attend and bid at the auction and will have the option to attend either via Zoom (or similar online platform). The
Street, Part 42, New York, New York, on May 14, 2025, at 10:30-11:30 am, or as soon thereafter as counsel may be continue the Auction to such time and place as Secured Party, in its sole and absolute discretion, may deem fit, (3) Interests are being offered as a single lot, “as-is, where-is”, with no express or implied warranties, representations,
heard, why an order should not be entered dissolving EDWIN GOULD SERVICES FOR CHILDREN AND FAMILIES, INC., cancel the Auction, and/or (4) credit bid at the Auction and to apply the expenses of the Auction and all or any part statements or conditions of any kind made by the Secured Party or any person acting for or on behalf of the Secured
pursuant to Article 11 of the New York Not-for-Profit Corporation Law, (“NY N-PCL”) Section 1102; and it is further of the total amount of the indebtedness owed to the Secured Party under the Purchase Agreement, in satisfaction Party, without any recourse whatsoever to the Secured Party or any other person acting for or on behalf of the Secured
of the purchase price. Secured Party reserves all of the rights accruing to it under the Pledge Agreement, Purchase Party and each bidder must make its own inquiry regarding the Interests. The winning bidder shall be responsible for
ORDERED, that pursuant to NY N-PCL § 1104(b), the Company shall publish or cause to be published a copy of Agreement, and applicable law, including, without limitation, to seek a judgment for any deficiency remaining after the payment of all transfer taxes, stamp duties and similar taxes incurred in connection with the purchase of the
this Order to Show Cause in The Wall Street Journal at least once in each of the three weeks immediately prior to the the conclusion of the auction. Interests. To the extent the successful bid at auction is less than the amount of the Mortgage Borrower’s obligations
return date specified above; and it is further Persons interested in submitting a bid for the Subject Assets shall, by no later than March 31, 2025, submit under the Mortgage Loan Documents, the Premises shall remain encumbered by the Mortgage to the extent of any
ORDERED, that pursuant to NY N-PCL § 1104(c), service of a copy of this Order to Show Cause and the Petition a bid in writing via email to Secured Party’s counsel: Allison E. Yager ([email protected]) and Ethan D. such shortfall.
upon which it is based, upon persons and entities entitled to service thereof and hereof, including, (a) the New York Trotz ([email protected]), which bid shall: (i) not be subject to any financing contingencies, (ii) not be PLEASE TAKE FURTHER NOTICE that, any prospective bidder (other than Secured Party) shall provide to Secured
State Department of Taxation and Finance, (b) the Office of the New York State Attorney General, (c) the Company’s conditioned on the outcome of due diligence, (iii) be binding on such bidder, (iv) be for all of the Subject Assets Party a deposit, in immediately available funds, in the amount of $5,000,000 (the “Deposit”) at least two (2) business
days prior to the scheduled time of the auction. The party declared the winning bidder at the auction (other than
current creditors, (d) plaintiffs and/or their counsel, who have commenced litigation against the Company as set forth and provide for a purchase price of at least $7,000,000 in cash, (v) demonstrate the ability to consummate the Secured Party), shall be required to increase its deposit to an amount equal to ten percent (10%) of its successful bid
in the Petition, and (e) any other state agencies entitled to service thereof and hereof, all as more fully set forth in proposed transaction fully in cash to Secured Party’s satisfaction, (vi) provide a full disclosure of the identity and within twenty-four (24) hours after conclusion of the auction. Secured Party reserves the right to exclude from the
Exhibit E annexed to the Petition, by delivering the same personally, at least ten (10) days before the time appointed ownership of each entity and all other parties that will be participating in such bid to satisfy Secured Party that auctions any prospective bidder that fails to comply with this requirement.
for the hearing, or by mailing a copy of the order, postage prepaid, at least twenty (20) days before the time so such bidder is proceeding in good faith and without collusion in all respects in connection with the sale process, PLEASE TAKE FURTHER NOTICE that the Secured Party reserves the right to credit bid, set a minimum reserve
appointed, addressed to the person or entity to be served at its/his/her last known address, on or before March 21, and (vii) certify that the bidder will serve as a back-up bidder in the event the winning bidder at the Auction fails to price, determine the eligibility of any prospective bidder to participate in the auction, reject all bids (including without
2025 shall be deemed good and sufficient service; and it is further timely consummate the sale. Bidders must also deliver, by no later than March 31, 2025, a deposit equal to 10.0% limitation any bid that it deems to have been made by a bidder that is unable to satisfy the requirements imposed
ORDERED, that pursuant to NY N-PCL § 1104(d), that the Company is directed to file a copy of this Order to Show of the bid price to Secured Party in readily available funds, which Secured Party shall hold in escrow pending the by the Secured Party upon prospective bidders in connection with the sale or to whom in the Secured Party’s sole
Cause and Petition, together with such scheduled furnished to the Court pursuant to NY N-PCL § 1104, in the office of results of the Auction. Persons complying with the foregoing, as determined in Secured Party’s sole discretion, judgment a sale may not lawfully be made) and terminate or adjourn the sale to another time, without further notice.
the New York County Clerk within ten (10) days of the date hereof. #102194 shall constitute “Qualified Bidders.” The Secured Party further reserves the right to restrict prospective bidders to those who will represent that they are
Persons desiring further information may contact counsel for Secured Party, Allison E. Yager, Katten Muchin purchasing the Interests for their own account for investment not with a view to the distribution or resale of such
Dated: 3/13/2025 Rosenman LLP, 525 West Monroe Street, Chicago, Illinois 60661, (312) 902-5519, [email protected]. Interests, to verify that each certificate for the Interests to be sold bears a legend substantially to the effect that such
To the extent the Auction generates proceeds in excess of the Buyer’s indebtedness to the Secured Party under interests have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not
ENTER: Emily Morales-Minerva, J.S.C the Purchase Agreement, such excess proceeds will be remitted to the Secured Party, in accordance with Section be disposed of in violation of the provisions of the Securities Act and to impose such other limitations or conditions in
HON. 9-615 of the UCC. The Pledgor and Buyer, at any time after receipt of this notice and prior to consummation of connection with the sale of the Interests as the Secured Party deems necessary or advisable in order to comply with
the sale transaction contemplated hereby, may request at their expense an accounting from Secured Party of the the Securities Act or any other applicable law.
unpaid indebtedness secured by the Subject Assets. PLEASE TAKE FURTHER NOTICE that all bids (other than credit bids of the Secured Party) must be for cash, and
Secured Party reserves all of its rights and remedies against the Pledgor and Buyer under the Purchase the successful bidder must be prepared to deliver immediately available good funds in the full amount of its winning
Agreement and Pledge Agreement, as applicable, and applicable law for any and all deficiencies on the indebted- bid and close on the purchase of the Interests no later than fifteen (15) calendar days following the conclusion of the
COMMERCIAL REAL ESTATE COMMERCIAL REAL ESTATE ness remaining due to the Secured Party after the sale of the Subject Assets. auction and otherwise comply with the bidding requirements.
PLEASE TAKE FURTHER NOTICE that the full terms and conditions of the sale, copies of the relevant agreements,
information for attending the auction, and other information may be obtained by contacting Jeff Organisciak at
NOTICE OF PUBLIC SALE OF COLLATERAL NOTICE OF SALE Eastdil Secured, L.L.C., 40 West 57th Street, New York, New York 10019, Telephone No.: (212) 315-7200, Email:
Current Principal Balance: 193,806,115.34 [email protected]. In the event of any conflict between the terms herein and the full terms
PLEASE TAKE NOTICE that in accordance with the PLEASE TAKE NOTICE that, in accordance with NOTICE OF SALE CAREERS of public sale, the full terms of public sale shall govern. For further information please visit the following website:
applicable provisions of the Uniform Commercial Code www.141WilloughbyUCC.com.
applicable provisions of the Uniform Commercial Code
of the State of New York, Parkview Financial REIT, as enacted in the State of New York, by virtue of certain
LP, as the agent under certain loan agreements and a Event(s) of Default under that certain Mezzanine UCC Public Sale Notice
pledge agreement (“Secured Party”), will offer at public NOTIFICATION OF ARTICLE 9 DISPOSITION
Loan Agreement (as amended, the “Mezzanine Loan OF COLLATERAL at PUBLIC AUCTION Please take notice that EMERALD CREEK CAPITAL 3, LLC, a New York limited liability company (the “Secured Party”),
auction the limited liability company interests (the Agreement”), dated as of December 24, 2014, between in its capacity as administrative agent, offers for sale at public auction on April 23, 2025 at 11:00 a.m. (prevailing
“Collateral”) in Hudson 1702, LLC (“1702”) and Hudson 401 FIFTH HOLDING LLC, a Delaware limited liability Notice is hereby given that pursuant to (i) Section Delivery Manager Eastern Time) at the offices of HERRICK, FEINSTEIN LLP, 2 PARK AVENUE, NEW YORK, NEW YORK, pursuant to
1701/1706, LLC (together with 1702, the “Company”), company, as Borrower (“Debtor”), and 393 FIFTH 9610 of the California Commercial Code, (ii) that the New York Uniform Commercial Code: (i) 100% of the issued and outstanding shares of capital stock of Global
which entities, upon Secured Party’s information and FUNDING LLC, a Delaware limited liability company, as certain Pledge Agreement dated November 2, 2017, Delivery Manager: Myers-Holum, Joint Venture, Inc., a New York corporation (the “Debtor”); (ii) all other collateral pledged under the Amended and
belief, own a leasehold estate in certain condominium Lender (“Secured Party”), Secured Party will offer for as subsequently amended (the “Cavileer Pledge Inc., New York, NY: Manage end- Restated Pledge and Security Agreement, dated as of April 7, 2023 (the “Security Agreement”), between Hung Kwong
units in the building known as 353 West 57th Street sale at public auction all of the Secured Party’s right, Agreement”) between Craig Cavileer (“Cavileer”) Leung, Chung Lew, Kam Hung Ng, Patrick Wu and 139 Bowery Holdings, LLC (each, a “Pledgor” and collectively, the
Condominium and by the street number 353-361 West and Majestic Realty Co., (“Majestic”), and (iii) that to-end ERP implementat’n &
title and interest in and to (a) 100% of the limited “Pledgors”), as Pledgors, and Secured Party; and (iii) all other tangible and intangible property in respect of which
57th Street a/k/a 356 West 58th Street, New York, liability company interests (the “Interests”) in 401 certain Pledge Agreement dated December 18, 2015, coordinate w/ clients throughout Secured Party is granted any lien, security interest, claim, liability, charge or encumbrance of any kind or nature under
New York, said condominium units being designated FIFTH LLC, a Delaware limited liability company (the as subsequently amended (the “Cavileer Trust Pledge NetSuite implementation & the Loan Documents, as such term is defined in the Security Agreement as “Collateral.”
and described as Unit Nos. 1, 2 and 6 in the Declaration “Owner”), and (b) certain related rights and property Agreement”, and together with the Cavileer Pledge The Pledgors are the owners of all of the issued and outstanding shares of capital stock of the Debtor.
relating to such Condominium, as amended, recorded in Agreement, the “Pledge Agreements”), Edward P. software integrations; provide The Debtor executed an acquisition loan note in favor of the Secured Party pursuant to that certain Acquisition Loan
relating to the Interests (collectively, (a) and (b) are
the Office of the City Register of The City of New York, the “Collateral”) owned by Debtor. The public sale Roski, Jr., Trustee of the Edward P. Roski, Jr. Living rcrt’g support & partner w/ Note, dated as of July 10, 2019, in the principal sum of $3,409,447.39. The Debtor executed a building loan Note in
County of New York. The sale of the Collateral involves (the “Sale”) will take place at 2:00p.m. New York time Trust UID 11/1/1987, as amended (“Secured Party”), leadership & talent team on hiring favor of the Secured Party pursuant to that certain Building Loan Note, dated July 10, 2019, in the principal amount of
the sale of the equity interests of the Company and as successor in interest to Majestic, will sell the assets $26,195,340.37. The Debtor executed a project loan note in favor of the Secured Party pursuant to that certain Project
does not involve the direct sale of the leasehold estate
on April 8th, 2025, both in person and remotely from
of Craig Cavileer, individually and in his capacity as decisions; manage a team of Loan Note, dated as of July 10, 2019, in the principal sum of $2,395,212.24.
the offices of Meister Seelig & Fein PLLC, 125 Park
described above. The Collateral has not been and will Avenue, 7th Floor, New York, New York 10017, with
Trustee of the Craig and Charlene Cavileer Family Trust direct reports incl evalt’g team & The Secured Party is offering the Collateral for sale in connection with the foreclosure on the pledge of the Collateral.
not be registered under the Securities Act of 1933 (the (together, “Debtor”) as generally described below individual performance; among The sale (the “Sale”) will be a public auction sale to be conducted by a licensed auctioneer on terms and conditions (the
access afforded in person and remotely via the link (collectively, the “Collateral”). Braun Internatinoal.
“Act”) and is being offered for sale in a transaction “Terms and Conditions”) as posted to the data room maintained by Secured Party’s broker, BK Real Estate Advisors
exempt from the requirements of the Act. The Collateral
below or by any other web-based video conferencing (“Braun”) will, on behalf of Secured Party, conduct an other duties. BS & 5 yrs work exp LLC, 135 West 36th Street, 5th Floor, New York, New York 10018 (the “Broker”) in connection with the Sale (the
program selected by Secured Party. Secured Party’s auction (the “Auction”) on May 6, 2025 NOON PT VIA in a NetSuite consult role, w/ “Data Room”). The Data Room will contain copies of the relevant loan documents and other information concerning
will be offered for sale as a single unit or in separate understanding is that the principal asset of Owner is
lots. ZOOM (Zoom information will be provided to Qualified having led 10+ end-to-end NS the Collateral. Prospective bidders who wish to obtain access to the Data Room must execute a confidentiality and
certain real property commonly known as, and located Bidders). The unpaid principal and interest which is non-disclosure agreement and be approved by Secured Party. Secured Party reserves the right to amend the Terms
The public auction will be held in person at the offices
of DLA Piper LLP (US) located at 1251 Avenue of the
at, 393-401 Fifth Avenue, New York, New York (the subject to the Pledge Agreements (excluding other implementat’n projs, plus other and Conditions at any time prior to the date of the Sale by posting revised Terms and Conditions to the Data Room.
“Property”). This Sale of the Collateral involves the costs and attorneys’ fees) as of February 28, 2025 is requirements. May telecommute Secured Party further reserves the right to amend the Terms and Conditions of the Sale on the date of the Sale by
Americas, New York, New York, 10020 and virtually sale of the equity interests in the Owner and does not
via Zoom Meetings, on April 10, 2025 at 10:30 a.m. $77,829,536.21, with interest continuing to accrue from any location in U.S., 100% announcement made at the Sale.
involve the direct sale of the Property. after such date. To obtain further information about the Any individual or entity desiring to bid at the Sale must register with the Broker, 135 West 36th Street, 5th Floor,
(ET). The Collateral secures indebtedness owing by the
Company to Secured Party in an amount of not less than Mannion Auctions, LLC (“Mannion”), under the Collateral, bidders must contact Braun at email: info@ remote position. 40% domestic New York, New York 10018, Attention: Robert A. Knakal, [email protected], at 917-509-9501, and Jas Saini, Jas@bkrea.
$193,806,115.34 plus unpaid interest and all other sums direction of Matthew D. Mannion, Auctioneer, (the braunco.com; tel.: 866.568.6638x100 or view at Braunco. and international travel. Salary: com, at (571) 447-0489, and must satisfy the requirements for becoming a qualified bidder (“Qualified Bidder”) as
due under the applicable loan documents. The Collateral “Auctioneer”), will conduct the Sale in respect of com or Braunmimx.com and sign a Confidentiality set forth in the Terms and Conditions on the Data Room. Any individual intending to attend the Sale must contact
an indebtedness with an unpaid principal balance as $170,000-220,000 per year. Email Secured Party’s counsel, Stephen B. Selbst ([email protected]) at 212-592-1405, at least seventy-two (72) hours
will be sold to the highest qualified bidder; provided, Agreement to be provided by Braun. To participate in the
however, Secured Party reserves the right to cancel the of January 21, 2025 in the approximate amount of Auction, bidders will need to execute a Qualified Bidder resume to recruiting.team@ prior to the sale date to obtain access to the offices of Secured Party’s counsel, Herrick, Feinstein LLP, located at 2
sale in its entirety or to adjourn the sale to a future date $32,799,499.96, together with interest thereon and Certification and comply with certain Bid Procedures and myersholum.com (Subject Line: Park Avenue, New York, New York. All attendees must also show a government-issued photo identification to building
at any time. Secured Party also reserves the right to other sums due under the Mezzanine Loan Agreement, Qualified Bid Requirements to be furnished by Braun. security before they will be granted access to the sale location.
subject to all additional costs, fees and disbursements DMT2025). The Collateral is being offered as “as-is, where-is,” with no express or implied warranties, representations,
bid, including by credit bid. There is no warranty relating to title, possession, quiet
Additional documentation and information regarding permitted by law. The Secured Party reserves the right enjoyment or the like in the Collateral or the disposition statements or conditions of any kind made by the Secured Party or any person acting for or on behalf of the Secured
the Collateral will be made available, including the to bid including by credit bid. of the Collateral. A general summary of the Collateral is Party, without any recourse whatsoever to the Secured Party or any other person acting for or on behalf of the
terms of the public sale, to interested parties that Virtual bidding will be made available via Zoom, immediately below. Secured Party, and each bidder must make its own inquiry regarding the Collateral. Any participant that satisfies the
execute a confidentiality agreement. To review and meeting link: https://bit.ly/393401Fifth (URL is case conditions precedent to participation set forth in the Terms and Conditions may bid at the auction. The winning bidder
The Collateral consists of 50% and minority interests shall be responsible for the payment of all transfer taxes, stamp duties and similar taxes incurred in connection with
execute such confidentiality agreement, please visit our sensitive), Meeting ID: 865 0988 5400; Passcode: in limited liability companies which own, directly
website at: https://tinyurl.com/m9njnnnx. 494111; Dial-In: +1 (646) 931-3860; Find your local dial- or indirectly, or operate the following: (i) the Hyatt COMMERCIAL REAL ESTATE the purchase of the Collateral.
Interested parties that intend to bid on the Collateral in number: https://us06web.zoom.us/u/kcZzGdqxom. The Secured Party reserves the right to: (i) credit bid; (ii) reject all bids (including without limitation any bid that
Place Fort Worth Historic Stockyards hotel, the Hotel it deems to have been made by a bidder that is unable to satisfy the requirements imposed by the Secured Party
must contact Brock Cannon of Newmark, Secured Party’s The Collateral will be sold to the highest qualified Drover, the Stockyards Hotel, the Stockyards Station
broker, at [email protected] or (212)-372-2066 bidder; provided, however, that Secured Party reserves upon prospective bidders in connection with the Sale or to whom in the Secured Party’s sole judgment a sale may not
retail complex, historic horse and mule barns, a mixed lawfully be made) and terminate or adjourn the Sale to another time, without further publication or notice; (iii) accept
no later than five (5) business days before the date the right to cancel the Sale in its entirety, or to adjourn use complex, the Cowtown Coliseum, a single family NOTICE OF SALE
scheduled for the auction to receive information on the Sale to a future date. Interested parties who intend a lower bid if the bid is on terms Secured Party determines are more favorable to Secured Party or is from a bidder
residential building, individual warehouses and/or that, in Secured Party’s determination, offers a more certain likelihood of execution; (iv) terminate or adjourn the
how to register for the auction. For questions and to bid on the Collateral should contact Secured Party’s undeveloped land all located in Fort Worth, Texas; UNITED STATES DISTRICT COURT FOR THE
UCC broker, Newmark, at c/o Brock Cannon, Phone: (212) SOUTHERN DISTRICT OF NEW YORK, Sale to another date at any time and from time to time in its sole and absolute discretion; and (v) impose any other
inquiries, please contact Brock Cannon or Neal Kronley (ii) undeveloped land in Pahrump, Nevada, and (iii) commercially reasonable conditions upon the sale of the Collateral as the Secured Party may deem proper.
of DLA Piper LLP (US), counsel to Secured Party, at neal. 372-2066, Email: [email protected] to receive the Hyatt Place Las Vegas Hotel, a Starbucks coffee U.S. BANK NATIONAL ASSOCIATION, -against- GMC
the Terms of Public Sale and bidding instructions. HOLDING, LLC, ET AL. Each prospective bidder (other than the Secured Party or its affiliate) will be required to represent in writing to the
[email protected]. Interested parties who do not franchise, and/or a retail complex all located in Las Secured Party that such bidder: (i) has the financial ability to tender the required deposit and the purchase price for
comply with the foregoing or any other requirement Upon execution of a standard confidentiality and non- Vegas, Nevada. Civil Action No. 1:24-cv-04150 (S.D.N.Y.)
disclosure agreement, additional documentation and Pursuant to the Final Judgment of Foreclosure and the Collateral; and (ii) will comply with the requirements to participate in the Sale as more specifically set forth in the
of the applicable terms of sale, including, without Contact Braun International for bidding information at Terms and Conditions on the Data Room. Meeting any requirements of the foregoing shall be at the sole responsibility,
limitation, any deadlines set forth herein or therein, will information will be made available. Sale (the “Judgment”) entered on January 16th, 2025
Braunco.com or [email protected] in the total sum of $3,162,322.34, plus post-judgment risk, cost, and expense of a prospective bidder.
not be permitted to enter a bid. For further information, please contact the Broker, 135 West 36th Street, 5th Floor, New York, New York 10018,
default interest and expenses of the sale, wherein U.S. Attention: Robert A. Knakal, [email protected], at 917-509-9501, and Jas Saini, [email protected], at (571) 447-0489, and/
BANK NATIONAL ASSOCIATION is the Plaintiff and GMC or counsel for Secured Party, Herrick, Feinstein LLP, 2 Park Avenue, New York, New York 10016, Attention: Stephen
HOLDING, LLC, ET AL. are the Defendants. The Receiver B. Selbst; or via phone or e-mail: Stephen B. Selbst at 212-592-1405 or [email protected]. Interested parties who
will sell at a public foreclosure sale the real property would like additional information regarding the Collateral, the requirements to be a Qualified Bidder, or the Terms and
located at 378 and 380 East 139th Street, Bronx, NY Conditions should visit the Data Room or contact the Broker or Secured Party’s counsel.
10022 (Block 2301, Lots 21 and 22), all that certain plot,
piece or parcel of land situate, lying, and being in the
City of New York, County of Bronx and State of New York

THEMARKETPLACE
(the “Mortgaged Premises”), free and clear of any other
liens, claims, interests and encumbrances, with such CAREERS BUSINESS OPPORTUNITIES
liens, claims, interests, and encumbrances to attach to
the sale proceeds. The Receiver shall conduct the public
auction sale to sell the Mortgaged Premises as defined
mortgage REIT
above on April 3, 2025 at 10:00 a.m., prevailing Eastern
Assistant Vice President,
ADVERTISE TODAY 8%-9%
Time, outside of the public entrance (which faces Worth
Street) of the Daniel Patrick Moynihan United States
Courthouse, 500 Pearl Street, New York, New York
Business Analysis Return
10016. Morgan Stanley Smith Barney, LLC is hiring for
following role in Jersey City, NJ: Assistant Vice
The undersigned will accept the highest bid offered
by a bidder and shall require that successful bidder to President, Business Analysis to dvlp compre- TAX EFFICIENCY
(i) provide proper government-issued identification, (ii)
immediately execute terms of sale for the purchase of
hensive analytical & reporting solutions to sup-
port Wealth Mgmt Field & Advisor Strategy, incl
REAL ESTATE SECURED
(800) 366-3975 GROWTH / INCOME
the Collateral, and (iii) pay by certified or bank check ten but not limited to visual & self-srvc analytics us-
percent (10%) of the sum bid, made payable to “Stephen ing Tableau, executive presentations, & ad-hoc
J. Ginsberg, Esq., as Receiver.” Cash will not be accepted
quantitative insights using SQL/Python (salary SEEKING RIA’S &
For more information visit:
The Plaintiff reserves all rights to credit bid its
allowed claim in satisfaction with the underlying debt range $161,000 - $161,000). Position req’s rel. ACCREDITED INVESTORS
and is not required to post a deposit. Any bidder seeking degree &/or exp &/or skills. For more info & to

wsj.com/classifieds
to participate in the auction and seeking information
regarding the assets should contact the Receiver,
Stephen J. Ginsberg, Esq., by telephone at (516) 880-
apply, visit us at https://morganstanley.eight-
fold.ai/careers?source=mscom &
JR000494 in search field. No calls pls. EOE
enter 866-700-0600
7219 or by email at [email protected]. ALLIANCE MORTGAGE FUND
120 Vantis Dr., Ste. 515 • Aliso Viejo, CA 92656
© 2024 Dow Jones & Company, Inc. All Rights Reserved. www.AlliancePortfolio.com
RE Broker • CA DRE • 02066955 Broker License ID
THE WALL STREET JOURNAL. * * NY Wednesday, March 26, 2025 | B9

BIGGEST 1,000 STOCKS

Continued From Page B6 Net Net Net Net Net Net Net Net
Net Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
Stock Sym Close Chg LatamAirlines LTM 32.01 0.12 MarketAxess MKTX 213.42 1.64 Nasdaq NDAQ 77.67 0.26 PG&E PCG 17.06 -0.06 PulteGroup PHM 105.32 -0.53 RyanSpecialty RYAN 72.53 0.15
s HarmonyGold HMY 12.64 -0.02 InterContHtls IHG 111.44 0.56
FrontierComms FYBR 35.75 -0.01 HartfordIns HIG 121.46 0.38 IBM IBM 249.90 1.45 LKQ LKQ 40.78 -0.13 Marriott MAR 246.48 3.56 Natera NTRA 154.58 0.75 PNC Finl PNC 176.88 0.34 PureStorage PSTG 52.97 0.09 Ryanair RYAAY 45.52 -0.60
FullTruck YMM 12.99 -0.35 Hasbro HAS 61.04 -0.56 t IntlFlavors IFF 76.92 -0.61 LPL Financial LPLA 342.54 0.80 Marsh&McLen MMC 236.62 2.00 NationalGrid NGG 62.99 0.15 POSCO PKX 51.73 -0.31 Qiagen QGEN 39.67 -0.13 SAP SAP 280.23 4.49
L3HarrisTech LHX 212.56 1.85 MartinMarietta MLM 488.30 -2.39 NatWest NWG 12.17 0.06 PPG Ind PPG 111.74 -1.24 Qualcomm QCOM 160.15 0.07 S&P Global SPGI 513.16 9.22
HealthpeakProp DOC 20.16 -0.29 IntlPaper IP 56.26 3.43
G H I HeicoA HEI.A 215.51 2.34 Interpublic IPG 26.29 0.36 Labcorp LH 234.45 -1.99 MarvellTech MRVL 71.67 -1.09 NetApp NTAP 94.39 -0.73 PPL PPL 34.08 -0.70 QuantaServices PWR 276.25 -2.15 SBA Comm SBAC 214.31 -4.38
LamResearch LRCX 77.67 -0.32 Masco MAS 70.39 -0.39 NetEase NTES 99.74 -0.19 PTC PTC 162.80 1.35 QuestDiag DGX 165.66 -1.67 SEI Investments SEIC 78.27 0.84
s GE Aerospace GE 212.13 1.90 Heico HEI 270.85 2.97 s Intra-Cellular ITCI 131.70 ...
LamarAdv LAMR 112.79 -0.07 Masimo MASI 169.70 2.09 Netflix NFLX 997.28 25.29 Paccar PCAR 99.24 0.60 SK Telecom SKM 21.29 0.11
HenrySchein HSIC 69.38 INTU 618.72 5.63
GE HealthCare GEHC 82.46 0.76 -1.38 Intuit
LasVegasSands LVS 40.27 -1.23 MasTec MTZ 128.69 -2.99 Neurocrine NBIX 116.18 0.58 PackagingCpAm PKG 198.76 -2.05 R S SS&C Tech SSNC 83.31 0.56
GE Vernova GEV 336.20 -7.37 Hershey HSY 165.23 -2.78 IntuitiveSurgical ISRG 519.81 11.23
LatticeSemi LSCC 62.76 -0.64 Mastercard MA 545.16 1.49 NYTimes A NYT 49.14 0.52 PalantirTech PLTR 96.50 -0.25
RBC Bearings RBC 333.41 -1.70 Saia SAIA 378.49 -3.00
s GFLEnvironmental GFL 48.62 0.48 Hess HES 158.29 0.94 InvitatHomes INVH 34.07 -0.17
Leidos LDOS 136.25 0.46 MatchGroup MTCH 31.27 -0.39 Newmont NEM 47.55 0.73 PaloAltoNtwks PANW 189.95 5.16 SailPoint SAIL 21.80 0.57
GSK GSK 38.58 0.01 HessMidstream HESM 42.91 -0.07 IronMountain IRM 87.87 -2.22 RB Global RBA 100.52 0.42
Lennar A LEN 117.74 0.18 McCormickVtg MKC.V 80.03 -0.31 NewsCorp B NWS 30.88 0.13 PanAmerSilver PAAS 25.97 0.10 Salesforce CRM 288.61 2.65
Gallagher AJG 337.36 -0.31 HewlettPackard HPE 16.52 0.04 ItauUnibanco ITUB 5.68 0.09 RELX RELX 50.40 0.59
Lennar B LEN.B 112.22 0.50 McCormick MKC 80.23 -0.11 NewsCorp A NWSA 27.46 0.16 ParamountB PARA 11.61 -0.03 Samsara IOT 42.61 0.53
GameStop GME 25.40 -0.21 Hilton HLT 234.67 2.11 RPM RPM 115.77 -0.89
Gaming&Leisure GLPI 50.72 -0.40 Hims&HersHealth HIMS 37.04 -0.37
J K L LennoxIntl LII 587.91 1.66 McDonald's MCD 306.92 1.25 NextEraEnergy NEE 68.59 -1.48 ParamountA PARAA 22.53 -0.13
s RTX RTX 135.66 0.97 Sanofi SNY 55.45 -0.48
LeonardoDRS DRS 34.35 0.40 McKesson MCK 663.60 2.74 Nike NKE 66.54 -0.85 ParkerHannifin PH 651.36 8.78 Schlumberger SLB 42.28 0.58
Gap GAP 21.56 -0.11 Hologic HOLX 60.80 -1.09 JD.com JD 41.47 -1.10 RalphLauren RL 231.73 -4.31
LI Medpace MEDP 324.51 -6.08 NiSource NI -0.23 Paychex PAYX 144.13 -0.70 SchwabC SCHW 80.75 0.79
Garmin GRMN 218.57 4.10 HomeDepot HD 360.99 -2.78 JPMorganChase JPM 251.13 3.07 LiAuto 26.04 -0.14 39.61 RangeResources RRC 40.14 -0.53
LibertyBroadbandC LBRDK 86.31 1.50 Medtronic MDT 88.59 -1.54 Nokia NOK 5.33 ... PaycomSoftware PAYC 223.44 -0.23 Sea SE 130.30 0.82
Gartner IT 421.76 -8.03 HondaMotor HMC 30.13 0.08 Jabil JBL 148.29 -1.68 RaymondJames RJF 145.71 0.75
LibertyBroadbandA LBRDA 86.04 1.69 MercadoLibre MELI 2191.30 56.99 Nomura NMR 6.66 0.01 Paylocity PCTY 194.69 -1.47 Seagate STX 87.96 -0.83
GenDigital GEN 27.66 0.04 Honeywell HON 212.12 0.27 JackHenry JKHY 174.78 1.96 RealtyIncome O 55.65 -0.63
LibertyFormOne C FWONK 89.78 0.80 Merck MRK 87.87 -4.44 Nordson NDSN 205.93 -1.65 PayPal PYPL 70.86 -0.11 Sempra SRE 69.11 -1.15
Generac GNRC 136.17 -1.50 HormelFoods HRL 28.81 -0.45 JacobsSolns J 123.62 0.43 Reddit RDDT 125.43 0.49
MetaPlatforms META 626.31 7.46 NorfolkSouthern NSC 234.00 -1.55 Pearson PSO 15.89 0.21 ServiceIntl SCI 78.60 -0.65
GeneralDynamics GD 267.54 1.66 DR Horton DHI 129.51 -0.84 JamesHardie JHX 23.80 -0.45 LibertyFormOne A FWONA 81.65 0.38 RegalRexnord RRX 124.88 0.48
LibertyLiveA LLYVA 68.15 0.29 MetLife MET 83.74 -0.44 NorthernTrust NTRS 101.60 0.16 PembinaPipeline PBA 40.07 -0.05 ServiceNow NOW 861.38 11.65
GeneralMills GIS 57.79 -0.38 HostHotels HST 14.80 -0.22 JazzPharm JAZZ 135.25 -6.77 RegencyCtrs REG 72.18 -0.26
LibertyLiveC LLYVK 69.10 0.36 Mettler-Toledo MTD 1195.10 -16.96 NorthropGrum NOC 506.62 11.54
PenskeAuto PAG 153.96 -0.35 ServiceTitan TTAN 96.87 1.91
GeneralMotors GM 52.59 1.13 HoulihanLokey HLI 167.94 1.14 JefferiesFinl JEF 61.70 -0.47 t RegenPharm REGN 634.14 -26.86
MicrochipTech MCHP 52.36 -1.53 Pentair PNR 91.20 1.35 SharkNinja SN 91.58 -0.52
Genmab GMAB 19.06 -0.23 HowmetAerospace HWM 137.72 1.62 J&J Light&Wonder LNW 107.49 0.35 NorwegCruise NCLH 20.47 -0.22 RegionsFinl RF 22.42 0.15
JNJ 161.02 -2.27 MicronTech MU 94.18 -2.76 Penumbra PEN 283.42 -2.81
EliLilly LLY 852.35 -12.55 Novartis NVS 110.38 -0.71 Shell SHEL 72.03 0.75
Genpact G 50.58 0.65 Hubbell HUBB 353.62 4.12 JohnsonControls JCI 84.34 -0.18 ReinsGrp RGA 201.36 2.97
Microsoft MSFT 395.16 2.08 PepsiCo PEP 145.54 -0.91 SherwinWilliams SHW 341.16 -1.55
GenuineParts GPC 117.89 -2.78 HubSpot HUBS 627.11 0.21 JonesLang LincolnElectric LECO 196.35 -1.19 t NovoNordisk NVO 73.60 -1.73 Reliance RS 293.22 5.83
JLL 259.69 -0.18 MicroStrategy MSTR 341.81 6.09 PerformanceFood PFGC 76.80 -1.63 Shift4Paymts FOUR 86.69
Linde LIN 457.45 -1.64 NuHoldings NU 11.38 -0.31 -1.46
GileadSciences GILD 107.89 1.15 Humana HUM 273.77 2.05 JuniperNetworks JNPR 36.10 ... RenaissanceRe RNR 239.12 -0.57
MidAmApt MAA 163.04 -0.67 PermianRscs PR 14.25 0.10 ShinhanFin SHG 33.46 0.14
GitLab GTLB 53.13 1.01 JBHunt JBHT 149.95 -2.07 KB Financial KB Lineage LINE 59.02 -1.13 Nucor NUE 127.56 0.16 RentokilInit RTO 22.75 0.16
56.45 -0.07 Middleby MIDD 156.65 -1.89 PetroleoBrasil PBR 14.27 0.30 Shopify SHOP 109.82 0.54
GlobalPayments GPN 98.91 -0.10 HuntingtonBcshs HBAN 15.32 -0.03 KE Holdings BEKE 20.38 -0.26 LithiaMotors LAD 319.38 -0.58 MitsubishiUFJ MUFG 14.65 0.02
Nutanix NTNX 74.92 -0.05 Repligen RGEN 141.95 -3.20
PetroleoBrasilA PBR.A 13.02 0.24 SimonProperty SPG 165.76 -0.36
GlobalFoundries GFS 39.01 -0.71 HuntingIngalls HII 206.25 0.36 KKR LiveNationEnt LYV 127.02 ... Nutrien NTR 50.14 -2.39 RepublicSvcs RSG 237.79 1.80
KKR 122.18 0.21 MizuhoFin MFG 5.86 -0.05 Pfizer PFE 25.55 -0.59 SiriusXM SIRI 24.24 0.29
GlobeLife GL 129.90 0.11 HyattHotels H 125.71 2.02 KLA KLAC 721.85 -5.88 LloydsBanking LYG 3.85 0.04
Mobileye MBLY 16.58 1.32
nVentElectric NVT 58.45 -0.14
PhilipMorris PM 152.21 0.66
ResMed RMD 221.29 -1.62
SkechersUSA SKX 57.35 -1.00
GlobusMedical GMED 76.63 0.57 ICICI Bank IBN 31.51 -0.16 KT KT 17.73 0.04
LockheedMartin LMT 442.07 7.09 NVIDIA NVDA 120.69 -0.72 RestaurantBrands QSR 66.58 -0.50
Moderna MRNA 33.85 -0.32 Phillips66 PSX 125.49 -0.98 Skyworks SWKS 68.22 -0.80
s Loews L 89.19 0.68 RVTY 107.38 -1.21
GoDaddy GDDY 184.19 0.69 IdexxLab IDXX 417.66 -5.94 Kanzhun BZ 19.91 -0.10 MolinaHealthcare MOH 310.53 -2.12 O P Q Pilgrim'sPride PPC 51.07 0.29 Revvity SmithAO AOS 66.73 0.36
GoldFields GFI 20.65 0.08 ING Groep ING 20.29 0.52 Kaspi.kz KSPI 96.26 -0.14 LogitechIntl LOGI 92.45 0.90 MolsonCoorsB TAP 58.76 -0.51 PinnacleFinPtrs PNFP 110.19 0.37 RexfordIndlRealty REXR 39.61 -0.56 Smith&Nephew SNN 28.43 0.40
82.39 -0.11 Lowe's LOW 230.69 -2.20 RIO 62.81 0.64
GoldmanSachs GS 585.94 5.84 IQVIA IQV 181.39 -4.72 Kellanova K monday.com MNDY 277.35 0.83 OGE Energy OGE 44.34 -0.76 PinnacleWest PNW 91.51 -1.58 RioTinto Smucker SJM 111.35 -0.40
KVUE 23.10 -0.27 lululemon LULU 337.35 2.39 OKE 102.38 RIVN 12.36 0.17
Grab GRAB 4.54 -0.08 ITT ITT 139.47 -0.40 Kenvue Mondelez MDLZ 64.69 -0.26 ONEOK 0.08 Pinterest PINS 34.63 0.59 Rivian SmurfitWestrock SW 45.57 0.55
Graco GGG 84.25 0.39 IcahnEnterprises IEP 9.28 -0.13 KeurigDrPepper KDP 33.83 -0.02 t LyondellBasell LYB 69.85 -2.11
MongoDB MDB 198.66 1.18 ON Semi ON 45.31 -0.37 PlainsAllAmPipe PAA 20.18 0.01 Robinhood HOOD 48.15 -0.21
Snap SNAP 9.63 0.09
Grainger GWW 990.20 -1.39 Icon ICLR 179.02 -5.42 KeyCorp KEY 16.57 MonolithicPower MPWR 632.97 5.04 O'ReillyAuto ORLY 1375.48 12.74 PlainsGP 0.06 Roblox RBLX 62.01 0.83
...
M N PAGP 21.52
RKT 13.38 -0.38
Snap-On SNA 335.92 -1.44
GpoAeroportuar PAC 194.54 4.93 IDEX IEX 184.37 -0.73 KeysightTech KEYS 158.47 -0.25 MonsterBev MNST 57.84 0.01 OccidentalPetrol OXY 49.01 1.09 PlanetFitness PLNT 99.80 -2.36 RocketCos. Snowflake SNOW 162.83 -0.34
GpoAeroportSur ASR 286.85 2.29 IllinoisToolWks ITW 254.99 -0.65 KimberlyClark KMB 136.99 -0.83 Macom Tech MTSI 112.24 -0.60 Moody's MCO 477.24 8.09 Okta OKTA 116.72 0.34 Pool POOL 325.63 -0.31 RocketLab RKLB 20.27 0.06
SOQUIMICH SQM 42.71 -0.44
GpoFinGalicia GGAL 58.95 1.21 Illumina ILMN 87.53 -0.49 KimcoRealty KIM 21.19 -0.14 M&T Bank MTB 182.99 0.63 MorganStanley MS 125.20 0.93 OldDomFreight ODFL 167.60 -2.45 Primerica PRI 290.52 -1.52 Rockwell ROK 272.85 4.89
SoFiTech SOFI 13.54 -0.18
Guidewire GWRE 198.27 0.82 ImperialOil IMO 73.34 0.55 KinderMorgan KMI 28.83 0.12 MGM Resorts MGM 32.04 -0.38 Morningstar MORN 305.26 1.63 OldRepublic ORI 38.47 0.09 PrimoBrands PRMB 33.52 1.43 RogersComm B RCI 27.38 0.31
Solventum SOLV 74.93 0.73
HCA Healthcare HCA 336.46 2.62 Incyte INCY 62.08 -0.70 Kinetik KNTK 53.14 -0.47 MPLX MPLX 53.36 -0.53 Mosaic MOS 27.18 -0.45 OmegaHealthcare OHI 37.50 -0.50 PrincipalFinl PFG 85.67 0.42 Roku ROKU 81.73 0.50 Somnigroup SGI 57.50 -0.10
HDFC Bank HDB 65.89 0.09 Infosys INFY 18.83 0.24 s KinrossGold KGC 12.30 0.10 MSCI MSCI 574.61 7.82 MotorolaSol MSI 429.19 -0.15 Omnicom OMC 80.39 0.96 ProcoreTech PCOR 72.35 0.39 Rollins ROL 52.33 0.01 Sony SONY 25.26 -0.01
HP HPQ 28.81 -0.19 IngersollRand IR 82.37 0.14 KinsaleCapital KNSL 486.08 3.38 MagnaIntl MGA 37.21 -0.25 MuellerIndustries MLI 79.22 -0.25 OnHolding ONON 47.97 -0.35 Procter&Gamble PG 162.85 -2.80 RoperTech ROP 579.07 2.42 SouthState SSB 94.43 -0.38
HSBC HSBC 58.37 0.39 Ingredion INGR 132.48 -0.56 Klaviyo KVYO 34.34 0.40 MakeMyTrip MMYT 108.07 1.05 MurphyUSA MUSA 454.56 7.80 Oracle ORCL 153.93 -0.94 Progressive PGR 274.43 0.43 RossStores ROST 128.13 -1.05 Southern SO 87.73 -1.15
H World HTHT 37.33 -0.42 Insmed INSM 78.54 -0.84 Philips PHG 25.47 0.02 ManhattanAssoc MANH 179.55 1.58 NICE NICE 159.00 2.83 Orix IX 21.72 0.04 Prologis PLD 109.23 -1.03 RoyalBkCanada RY 116.65 0.74 SoCopper SCCO 101.48 1.84
Haleon HLN 10.04 -0.10 Insulet PODD 272.71 -1.33 KoreaElecPwr KEP 7.72 0.10 ManulifeFinl MFC 31.41 0.05 NIO NIO 4.39 0.01 OtisWorldwide OTIS 101.40 0.02 PrudentialFinl PRU 114.36 1.12 RoyalCaribbean RCL 225.02 -0.38 SouthwestAir LUV 34.67 -0.17
Halliburton HAL 25.69 0.09 Intel INTC 24.20 -0.02 KraftHeinz KHC 29.10 -0.02 Maplebear CART 41.88 0.97 NRG Energy NRG 102.27 -0.59 Ovintiv OVV 43.80 0.79 s Prudential PUK 21.45 0.20 s RoyalGold RGLD 160.23 3.06 Spotify SPOT 615.88 11.17
HalozymeTherap HALO 64.84 0.82 InteractiveBrkrs IBKR 179.40 -0.54 Kroger KR 64.34 -1.06 MarathonPetrol MPC 149.09 0.41 NVR NVR 7321.35 -40.17 OwensCorning OC 149.30 -1.88 PSEG PEG 81.42 -1.91 RoyaltyPharma RPRX 33.76 0.01 SproutsFarmers SFM 149.70 4.28
HamiltonLane HLNE 157.61 1.72 s ICE ICE 175.63 0.38 Kyndryl KD 34.97 -0.35 Markel MKL 1864.54 -5.27 NXP Semicon NXPI 211.33 0.21 PDD PDD 125.25 -2.87 PublicStorage PSA 289.15 -5.78 Rubrik RBRK 74.28 0.82 Continued on Page B11

ADVERTISEMENT

The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds

PUBLIC NOTICES NOTICE OF SALE COMMERCIAL REAL ESTATE

UCC Public Sale Notice

NOTICE OF PUBLIC SALE OF COLLATERAL PLEASE TAKE NOTICE that CB 141 Willoughby Owner LLC, a Delaware limited liability company (the “Secured
At a Term, Part 42, of the Supreme Court of the State of UNDER NORTH CAROLINA UNIFORM COMMERCIAL CODE
New York, held in and for the County of New York, at 111 Party”), offers for sale at public auction to be conducted via Zoom (or a similar online platform) on May 7, 2025 at 2:30
Centre Street, New York, New York, on March 13, 2025. PLEASE TAKE NOTICE that, pursuant to (a) Section 25-9-610 of the North Carolina Uniform Commercial Code p.m., prevailing Eastern Time, in connection with a Uniform Commercial Code sale of all rights, title, and interest of
PRESENT: Hon. Emily Morales- Minerva, J.S.C. (N.C. Gen. Stat. § 25-9-610) or such other applicable enactment of the Uniform Commercial Code (collectively, the 141 Willoughby Mezz Sub, LLC, a Delaware limited liability company, having an address c/o Savana, 430 Park Avenue,
“UCC”) and (b) that certain Pledge and Security Agreement, dated as of April 1, 2022, by and among BOMA LC 12th Floor, New York, NY 10022 (the “Pledgor”), in 100% of the limited liability company membership interests
SUPREME COURT OF THE STATE OF NEW YORK LLC, a Delaware limited liability company, as pledgor (the “Pledgor”), and SDCK I LLC, a Delaware limited liability (the “Interests”) in 141 Willoughby Property Investors, LLC a Delaware limited liability company (the “Mortgage
COUNTY OF NEW YORK company (the “Secured Party”) (the “Pledge Agreement”), the Secured Party will sell the following assets of the Borrower”), which is the sole owner of the property located at 141 Willoughby Street, Brooklyn, New York 11201
Pledgor pledged in favor of Secured Party as collateral under the Pledge Agreement, including, without limitation, (the “Premises”) and certain rights and property related thereto pledged by the Pledgor under that certain Pledge
-------------------------------------------------------------------X all of the Pledgor’s interests in and to the following: (a) its membership interests in BOMA North Carolina, LLC and Security Agreement, dated as of May 7, 2021 (the “Pledge Agreement”), made by the Pledgor in favor of the
In the Matter of the Application of: (“BOMA NC”; the “Pledged Interests”), (b) all securities, moneys or property representing dividends, distributions, original lender under the Mortgage Loan Documents (as defined below) (“Original Lender”), as more fully set forth in
or interest on any of the Pledged Interests, (c) all right, title, and interest of BOMA NC in, to and under any policy the Pledge Agreement. Original Lender was granted a security interest in the Interests as accommodation collateral
Matt Del Percio, Jose Jara, Allen Waxman, Carol Chen, of insurance payable by reason of loss or damage to the Pledged Interests and any other of the Subject Assets (as to secure a loan to the Mortgage Borrower (the “Mortgage Loan”) made by Original Lender to the Mortgage Borrower
Brigette R. McLeod-Williams, Margery E. Ames, Susan defined herein), (d) all accounts, general intangibles, instruments, and investment property constituting or relating in the aggregate maximum principal amount of $181,000,000 pursuant to (i) a Building Loan Agreement dated May
S. Benedict, Judith Benitez, Joyce R. Coppin-Mondesire, to the foregoing, and (e) any proceeds of the foregoing (collectively, the “Subject Assets”). The Secured Party is 7, 2021 and (ii) a Project Loan Agreement dated May 7, 2021 (collectively, the “Mortgage Loan Agreement”). In
Adani Illo, Rakesh “Rick” Jain, Jason Kyrwood, Dorothy Index. No. 153061 / 2025
not purporting to sell any interest in any asset that is (i) not owned by Pledgor or (ii) not subject to a lien in favor of addition to the pledge of the Interests, the Mortgage Loan is secured by, among other things, (i) the Building Loan
Mehta, Karen Myrie, M.D., Gary Moross, Ellen Polansky, Secured Party. The Subject Assets secure the performance and payment of obligations of DT Lulana Gardens LLC, Mortgage, Assignment of Rents and Leases, Security Agreement and Fixture Filing and (ii) the Project Loan Mortgage,
Matthew Porter, Robert Schanz, David Theobald, Graham a Delaware limited liability company, as purchaser (the “Buyer”), under that certain Purchase and Sale Agreement, Assignment of Rents and Leases, Security Agreement and Fixture Filing encumbering the Premises (collectively, the
Thomas, Duncan Turnbull, and Colleen Wagner, ORDER TO SHOW CAUSE dated as of April 1, 2022, by and among SDCK and Buyer (the “Purchase Agreement”). “Mortgage”). Original Lender subsequently assigned all its right, title and interest in and to the Mortgage Loan,
MS#1 Dissolution Subject to all the terms of this Notice, the Subject Assets will be sold at a public auction (the “Auction”) to be the Mortgage, the Pledge Agreement, and its security interest in the Interests to the Secured Party. Copies of the
Petitioners, Pledge Agreement, the Mortgage Loan Agreement, the Mortgage, documents evidencing the assignment of the
- against – held virtually on or after April 1, 2025 at 10:00 a.m. Central Time, pursuant to instructions to be provided to Qualified
Bidders. The Subject Assets will be sold pursuant to the following terms and conditions: on the date of the Auction, Mortgage Loan to Secured Party, and other documents related to the Mortgage Loan and the Premises are available
For Judicial Dissolution of Edwin Gould Services for the Subject Assets will be offered for sale, in bulk, and sold to the highest or otherwise best bidder at the conclusion for inspection as hereinafter described. The Secured Party is offering the Interests for sale in connection with the
Children and Families, Inc., pursuant to Section 1102 of of the Auction in accordance with Section 9-610 et seq. of the UCC as determined by Secured Party in its sole and foreclosure on the pledge of such Interests.
the Not-for-Profit Corporation Law absolute discretion, on an “AS IS, WHERE IS” basis, with all faults, without recourse, and without representations or PLEASE TAKE FURTHER NOTICE that, it is the understanding of Secured Party (but without representation or
warranties (other than as agreed to in writing by Secured Party), including, without limitation, condition of title, value, warranty of any kind by Secured Party as to the accuracy of the following) that the principal assets of the Mortgage
-------------------------------------------------------------------X Borrower are the Premises and certain related rights. The sale of the Interests will be subject to all applicable third-
or quality of the Subject Assets, or with regard to assets, liabilities, financial condition or earnings of Pledgor or any
Upon the annexed Verified Petition (the “Petition”) sworn to on March 3, 2025, together with the exhibits of its affiliates. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, ALL WARRANTIES OF MERCHANTABILITY, party consents and regulatory approvals, if any.
annexed thereto; FITNESS FOR A PARTICULAR PURPOSE, TITLE POSSESSION QUIET ENJOYMENT OR THE LIKE IN THIS DISPOSITION PLEASE TAKE FURTHER NOTICE that at such public auction, the Interests will be offered as a single asset and not in
Let, all persons interested in EDWIN GOULD SERVICES FOR CHILDREN AND FAMILIES, INC. (the “Company”), ARE EXPRESSLY DISCLAIMED. Secured Party reserves its rights to, on or prior to the Auction date: (1) withdraw parts or as separate assets. All interested prospective purchasers that meet the qualifications for bidding are invited
show cause before this Court at an IAS term thereof to be held before the Hon. Emily Morales-Minerva at 111 Centre all or a portion of the Subject Assets from the Auction for any reason whatsoever, (2) reject any or all bids or to to attend and bid at the auction and will have the option to attend either via Zoom (or similar online platform). The
Street, Part 42, New York, New York, on May 14, 2025, at 10:30-11:30 am, or as soon thereafter as counsel may be continue the Auction to such time and place as Secured Party, in its sole and absolute discretion, may deem fit, (3) Interests are being offered as a single lot, “as-is, where-is”, with no express or implied warranties, representations,
heard, why an order should not be entered dissolving EDWIN GOULD SERVICES FOR CHILDREN AND FAMILIES, INC., cancel the Auction, and/or (4) credit bid at the Auction and to apply the expenses of the Auction and all or any part statements or conditions of any kind made by the Secured Party or any person acting for or on behalf of the Secured
pursuant to Article 11 of the New York Not-for-Profit Corporation Law, (“NY N-PCL”) Section 1102; and it is further of the total amount of the indebtedness owed to the Secured Party under the Purchase Agreement, in satisfaction Party, without any recourse whatsoever to the Secured Party or any other person acting for or on behalf of the Secured
of the purchase price. Secured Party reserves all of the rights accruing to it under the Pledge Agreement, Purchase Party and each bidder must make its own inquiry regarding the Interests. The winning bidder shall be responsible for
ORDERED, that pursuant to NY N-PCL § 1104(b), the Company shall publish or cause to be published a copy of Agreement, and applicable law, including, without limitation, to seek a judgment for any deficiency remaining after the payment of all transfer taxes, stamp duties and similar taxes incurred in connection with the purchase of the
this Order to Show Cause in The Wall Street Journal at least once in each of the three weeks immediately prior to the the conclusion of the auction. Interests. To the extent the successful bid at auction is less than the amount of the Mortgage Borrower’s obligations
return date specified above; and it is further Persons interested in submitting a bid for the Subject Assets shall, by no later than March 31, 2025, submit under the Mortgage Loan Documents, the Premises shall remain encumbered by the Mortgage to the extent of any
ORDERED, that pursuant to NY N-PCL § 1104(c), service of a copy of this Order to Show Cause and the Petition a bid in writing via email to Secured Party’s counsel: Allison E. Yager ([email protected]) and Ethan D. such shortfall.
upon which it is based, upon persons and entities entitled to service thereof and hereof, including, (a) the New York Trotz ([email protected]), which bid shall: (i) not be subject to any financing contingencies, (ii) not be PLEASE TAKE FURTHER NOTICE that, any prospective bidder (other than Secured Party) shall provide to Secured
State Department of Taxation and Finance, (b) the Office of the New York State Attorney General, (c) the Company’s conditioned on the outcome of due diligence, (iii) be binding on such bidder, (iv) be for all of the Subject Assets Party a deposit, in immediately available funds, in the amount of $5,000,000 (the “Deposit”) at least two (2) business
days prior to the scheduled time of the auction. The party declared the winning bidder at the auction (other than
current creditors, (d) plaintiffs and/or their counsel, who have commenced litigation against the Company as set forth and provide for a purchase price of at least $7,000,000 in cash, (v) demonstrate the ability to consummate the Secured Party), shall be required to increase its deposit to an amount equal to ten percent (10%) of its successful bid
in the Petition, and (e) any other state agencies entitled to service thereof and hereof, all as more fully set forth in proposed transaction fully in cash to Secured Party’s satisfaction, (vi) provide a full disclosure of the identity and within twenty-four (24) hours after conclusion of the auction. Secured Party reserves the right to exclude from the
Exhibit E annexed to the Petition, by delivering the same personally, at least ten (10) days before the time appointed ownership of each entity and all other parties that will be participating in such bid to satisfy Secured Party that auctions any prospective bidder that fails to comply with this requirement.
for the hearing, or by mailing a copy of the order, postage prepaid, at least twenty (20) days before the time so such bidder is proceeding in good faith and without collusion in all respects in connection with the sale process, PLEASE TAKE FURTHER NOTICE that the Secured Party reserves the right to credit bid, set a minimum reserve
appointed, addressed to the person or entity to be served at its/his/her last known address, on or before March 21, and (vii) certify that the bidder will serve as a back-up bidder in the event the winning bidder at the Auction fails to price, determine the eligibility of any prospective bidder to participate in the auction, reject all bids (including without
2025 shall be deemed good and sufficient service; and it is further timely consummate the sale. Bidders must also deliver, by no later than March 31, 2025, a deposit equal to 10.0% limitation any bid that it deems to have been made by a bidder that is unable to satisfy the requirements imposed
ORDERED, that pursuant to NY N-PCL § 1104(d), that the Company is directed to file a copy of this Order to Show of the bid price to Secured Party in readily available funds, which Secured Party shall hold in escrow pending the by the Secured Party upon prospective bidders in connection with the sale or to whom in the Secured Party’s sole
Cause and Petition, together with such scheduled furnished to the Court pursuant to NY N-PCL § 1104, in the office of results of the Auction. Persons complying with the foregoing, as determined in Secured Party’s sole discretion, judgment a sale may not lawfully be made) and terminate or adjourn the sale to another time, without further notice.
the New York County Clerk within ten (10) days of the date hereof. #102194 shall constitute “Qualified Bidders.” The Secured Party further reserves the right to restrict prospective bidders to those who will represent that they are
Persons desiring further information may contact counsel for Secured Party, Allison E. Yager, Katten Muchin purchasing the Interests for their own account for investment not with a view to the distribution or resale of such
Dated: 3/13/2025 Rosenman LLP, 525 West Monroe Street, Chicago, Illinois 60661, (312) 902-5519, [email protected]. Interests, to verify that each certificate for the Interests to be sold bears a legend substantially to the effect that such
To the extent the Auction generates proceeds in excess of the Buyer’s indebtedness to the Secured Party under interests have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not
ENTER: Emily Morales-Minerva, J.S.C the Purchase Agreement, such excess proceeds will be remitted to the Secured Party, in accordance with Section be disposed of in violation of the provisions of the Securities Act and to impose such other limitations or conditions in
HON. 9-615 of the UCC. The Pledgor and Buyer, at any time after receipt of this notice and prior to consummation of connection with the sale of the Interests as the Secured Party deems necessary or advisable in order to comply with
the sale transaction contemplated hereby, may request at their expense an accounting from Secured Party of the the Securities Act or any other applicable law.
unpaid indebtedness secured by the Subject Assets. PLEASE TAKE FURTHER NOTICE that all bids (other than credit bids of the Secured Party) must be for cash, and
Secured Party reserves all of its rights and remedies against the Pledgor and Buyer under the Purchase the successful bidder must be prepared to deliver immediately available good funds in the full amount of its winning
Agreement and Pledge Agreement, as applicable, and applicable law for any and all deficiencies on the indebted- bid and close on the purchase of the Interests no later than fifteen (15) calendar days following the conclusion of the
COMMERCIAL REAL ESTATE COMMERCIAL REAL ESTATE ness remaining due to the Secured Party after the sale of the Subject Assets. auction and otherwise comply with the bidding requirements.
PLEASE TAKE FURTHER NOTICE that the full terms and conditions of the sale, copies of the relevant agreements,
information for attending the auction, and other information may be obtained by contacting Jeff Organisciak at
NOTICE OF PUBLIC SALE OF COLLATERAL NOTICE OF SALE Eastdil Secured, L.L.C., 40 West 57th Street, New York, New York 10019, Telephone No.: (212) 315-7200, Email:
Current Principal Balance: 193,806,115.34 [email protected]. In the event of any conflict between the terms herein and the full terms
PLEASE TAKE NOTICE that in accordance with the PLEASE TAKE NOTICE that, in accordance with NOTICE OF SALE CAREERS of public sale, the full terms of public sale shall govern. For further information please visit the following website:
applicable provisions of the Uniform Commercial Code www.141WilloughbyUCC.com.
applicable provisions of the Uniform Commercial Code
of the State of New York, Parkview Financial REIT, as enacted in the State of New York, by virtue of certain
LP, as the agent under certain loan agreements and a Event(s) of Default under that certain Mezzanine UCC Public Sale Notice
pledge agreement (“Secured Party”), will offer at public NOTIFICATION OF ARTICLE 9 DISPOSITION
Loan Agreement (as amended, the “Mezzanine Loan OF COLLATERAL at PUBLIC AUCTION Please take notice that EMERALD CREEK CAPITAL 3, LLC, a New York limited liability company (the “Secured Party”),
auction the limited liability company interests (the Agreement”), dated as of December 24, 2014, between in its capacity as administrative agent, offers for sale at public auction on April 23, 2025 at 11:00 a.m. (prevailing
“Collateral”) in Hudson 1702, LLC (“1702”) and Hudson 401 FIFTH HOLDING LLC, a Delaware limited liability Notice is hereby given that pursuant to (i) Section Delivery Manager Eastern Time) at the offices of HERRICK, FEINSTEIN LLP, 2 PARK AVENUE, NEW YORK, NEW YORK, pursuant to
1701/1706, LLC (together with 1702, the “Company”), company, as Borrower (“Debtor”), and 393 FIFTH 9610 of the California Commercial Code, (ii) that the New York Uniform Commercial Code: (i) 100% of the issued and outstanding shares of capital stock of Global
which entities, upon Secured Party’s information and FUNDING LLC, a Delaware limited liability company, as certain Pledge Agreement dated November 2, 2017, Delivery Manager: Myers-Holum, Joint Venture, Inc., a New York corporation (the “Debtor”); (ii) all other collateral pledged under the Amended and
belief, own a leasehold estate in certain condominium Lender (“Secured Party”), Secured Party will offer for as subsequently amended (the “Cavileer Pledge Inc., New York, NY: Manage end- Restated Pledge and Security Agreement, dated as of April 7, 2023 (the “Security Agreement”), between Hung Kwong
units in the building known as 353 West 57th Street sale at public auction all of the Secured Party’s right, Agreement”) between Craig Cavileer (“Cavileer”) Leung, Chung Lew, Kam Hung Ng, Patrick Wu and 139 Bowery Holdings, LLC (each, a “Pledgor” and collectively, the
Condominium and by the street number 353-361 West and Majestic Realty Co., (“Majestic”), and (iii) that to-end ERP implementat’n &
title and interest in and to (a) 100% of the limited “Pledgors”), as Pledgors, and Secured Party; and (iii) all other tangible and intangible property in respect of which
57th Street a/k/a 356 West 58th Street, New York, liability company interests (the “Interests”) in 401 certain Pledge Agreement dated December 18, 2015, coordinate w/ clients throughout Secured Party is granted any lien, security interest, claim, liability, charge or encumbrance of any kind or nature under
New York, said condominium units being designated FIFTH LLC, a Delaware limited liability company (the as subsequently amended (the “Cavileer Trust Pledge NetSuite implementation & the Loan Documents, as such term is defined in the Security Agreement as “Collateral.”
and described as Unit Nos. 1, 2 and 6 in the Declaration “Owner”), and (b) certain related rights and property Agreement”, and together with the Cavileer Pledge The Pledgors are the owners of all of the issued and outstanding shares of capital stock of the Debtor.
relating to such Condominium, as amended, recorded in Agreement, the “Pledge Agreements”), Edward P. software integrations; provide The Debtor executed an acquisition loan note in favor of the Secured Party pursuant to that certain Acquisition Loan
relating to the Interests (collectively, (a) and (b) are
the Office of the City Register of The City of New York, the “Collateral”) owned by Debtor. The public sale Roski, Jr., Trustee of the Edward P. Roski, Jr. Living rcrt’g support & partner w/ Note, dated as of July 10, 2019, in the principal sum of $3,409,447.39. The Debtor executed a building loan Note in
County of New York. The sale of the Collateral involves (the “Sale”) will take place at 2:00p.m. New York time Trust UID 11/1/1987, as amended (“Secured Party”), leadership & talent team on hiring favor of the Secured Party pursuant to that certain Building Loan Note, dated July 10, 2019, in the principal amount of
the sale of the equity interests of the Company and as successor in interest to Majestic, will sell the assets $26,195,340.37. The Debtor executed a project loan note in favor of the Secured Party pursuant to that certain Project
does not involve the direct sale of the leasehold estate
on April 8th, 2025, both in person and remotely from
of Craig Cavileer, individually and in his capacity as decisions; manage a team of Loan Note, dated as of July 10, 2019, in the principal sum of $2,395,212.24.
the offices of Meister Seelig & Fein PLLC, 125 Park
described above. The Collateral has not been and will Avenue, 7th Floor, New York, New York 10017, with
Trustee of the Craig and Charlene Cavileer Family Trust direct reports incl evalt’g team & The Secured Party is offering the Collateral for sale in connection with the foreclosure on the pledge of the Collateral.
not be registered under the Securities Act of 1933 (the (together, “Debtor”) as generally described below individual performance; among The sale (the “Sale”) will be a public auction sale to be conducted by a licensed auctioneer on terms and conditions (the
access afforded in person and remotely via the link (collectively, the “Collateral”). Braun Internatinoal.
“Act”) and is being offered for sale in a transaction “Terms and Conditions”) as posted to the data room maintained by Secured Party’s broker, BK Real Estate Advisors
exempt from the requirements of the Act. The Collateral
below or by any other web-based video conferencing (“Braun”) will, on behalf of Secured Party, conduct an other duties. BS & 5 yrs work exp LLC, 135 West 36th Street, 5th Floor, New York, New York 10018 (the “Broker”) in connection with the Sale (the
program selected by Secured Party. Secured Party’s auction (the “Auction”) on May 6, 2025 NOON PT VIA in a NetSuite consult role, w/ “Data Room”). The Data Room will contain copies of the relevant loan documents and other information concerning
will be offered for sale as a single unit or in separate understanding is that the principal asset of Owner is
lots. ZOOM (Zoom information will be provided to Qualified having led 10+ end-to-end NS the Collateral. Prospective bidders who wish to obtain access to the Data Room must execute a confidentiality and
certain real property commonly known as, and located Bidders). The unpaid principal and interest which is non-disclosure agreement and be approved by Secured Party. Secured Party reserves the right to amend the Terms
The public auction will be held in person at the offices
of DLA Piper LLP (US) located at 1251 Avenue of the
at, 393-401 Fifth Avenue, New York, New York (the subject to the Pledge Agreements (excluding other implementat’n projs, plus other and Conditions at any time prior to the date of the Sale by posting revised Terms and Conditions to the Data Room.
“Property”). This Sale of the Collateral involves the costs and attorneys’ fees) as of February 28, 2025 is requirements. May telecommute Secured Party further reserves the right to amend the Terms and Conditions of the Sale on the date of the Sale by
Americas, New York, New York, 10020 and virtually sale of the equity interests in the Owner and does not
via Zoom Meetings, on April 10, 2025 at 10:30 a.m. $77,829,536.21, with interest continuing to accrue from any location in U.S., 100% announcement made at the Sale.
involve the direct sale of the Property. after such date. To obtain further information about the Any individual or entity desiring to bid at the Sale must register with the Broker, 135 West 36th Street, 5th Floor,
(ET). The Collateral secures indebtedness owing by the
Company to Secured Party in an amount of not less than Mannion Auctions, LLC (“Mannion”), under the Collateral, bidders must contact Braun at email: info@ remote position. 40% domestic New York, New York 10018, Attention: Robert A. Knakal, [email protected], at 917-509-9501, and Jas Saini, Jas@bkrea.
$193,806,115.34 plus unpaid interest and all other sums direction of Matthew D. Mannion, Auctioneer, (the braunco.com; tel.: 866.568.6638x100 or view at Braunco. and international travel. Salary: com, at (571) 447-0489, and must satisfy the requirements for becoming a qualified bidder (“Qualified Bidder”) as
due under the applicable loan documents. The Collateral “Auctioneer”), will conduct the Sale in respect of com or Braunmimx.com and sign a Confidentiality set forth in the Terms and Conditions on the Data Room. Any individual intending to attend the Sale must contact
an indebtedness with an unpaid principal balance as $170,000-220,000 per year. Email Secured Party’s counsel, Stephen B. Selbst ([email protected]) at 212-592-1405, at least seventy-two (72) hours
will be sold to the highest qualified bidder; provided, Agreement to be provided by Braun. To participate in the
however, Secured Party reserves the right to cancel the of January 21, 2025 in the approximate amount of Auction, bidders will need to execute a Qualified Bidder resume to recruiting.team@ prior to the sale date to obtain access to the offices of Secured Party’s counsel, Herrick, Feinstein LLP, located at 2
sale in its entirety or to adjourn the sale to a future date $32,799,499.96, together with interest thereon and Certification and comply with certain Bid Procedures and myersholum.com (Subject Line: Park Avenue, New York, New York. All attendees must also show a government-issued photo identification to building
at any time. Secured Party also reserves the right to other sums due under the Mezzanine Loan Agreement, Qualified Bid Requirements to be furnished by Braun. security before they will be granted access to the sale location.
subject to all additional costs, fees and disbursements DMT2025). The Collateral is being offered as “as-is, where-is,” with no express or implied warranties, representations,
bid, including by credit bid. There is no warranty relating to title, possession, quiet
Additional documentation and information regarding permitted by law. The Secured Party reserves the right enjoyment or the like in the Collateral or the disposition statements or conditions of any kind made by the Secured Party or any person acting for or on behalf of the Secured
the Collateral will be made available, including the to bid including by credit bid. of the Collateral. A general summary of the Collateral is Party, without any recourse whatsoever to the Secured Party or any other person acting for or on behalf of the
terms of the public sale, to interested parties that Virtual bidding will be made available via Zoom, immediately below. Secured Party, and each bidder must make its own inquiry regarding the Collateral. Any participant that satisfies the
execute a confidentiality agreement. To review and meeting link: https://bit.ly/393401Fifth (URL is case conditions precedent to participation set forth in the Terms and Conditions may bid at the auction. The winning bidder
The Collateral consists of 50% and minority interests shall be responsible for the payment of all transfer taxes, stamp duties and similar taxes incurred in connection with
execute such confidentiality agreement, please visit our sensitive), Meeting ID: 865 0988 5400; Passcode: in limited liability companies which own, directly
website at: https://tinyurl.com/m9njnnnx. 494111; Dial-In: +1 (646) 931-3860; Find your local dial- or indirectly, or operate the following: (i) the Hyatt COMMERCIAL REAL ESTATE the purchase of the Collateral.
Interested parties that intend to bid on the Collateral in number: https://us06web.zoom.us/u/kcZzGdqxom. The Secured Party reserves the right to: (i) credit bid; (ii) reject all bids (including without limitation any bid that
Place Fort Worth Historic Stockyards hotel, the Hotel it deems to have been made by a bidder that is unable to satisfy the requirements imposed by the Secured Party
must contact Brock Cannon of Newmark, Secured Party’s The Collateral will be sold to the highest qualified Drover, the Stockyards Hotel, the Stockyards Station
broker, at [email protected] or (212)-372-2066 bidder; provided, however, that Secured Party reserves upon prospective bidders in connection with the Sale or to whom in the Secured Party’s sole judgment a sale may not
retail complex, historic horse and mule barns, a mixed lawfully be made) and terminate or adjourn the Sale to another time, without further publication or notice; (iii) accept
no later than five (5) business days before the date the right to cancel the Sale in its entirety, or to adjourn use complex, the Cowtown Coliseum, a single family NOTICE OF SALE
scheduled for the auction to receive information on the Sale to a future date. Interested parties who intend a lower bid if the bid is on terms Secured Party determines are more favorable to Secured Party or is from a bidder
residential building, individual warehouses and/or that, in Secured Party’s determination, offers a more certain likelihood of execution; (iv) terminate or adjourn the
how to register for the auction. For questions and to bid on the Collateral should contact Secured Party’s undeveloped land all located in Fort Worth, Texas; UNITED STATES DISTRICT COURT FOR THE
UCC broker, Newmark, at c/o Brock Cannon, Phone: (212) SOUTHERN DISTRICT OF NEW YORK, Sale to another date at any time and from time to time in its sole and absolute discretion; and (v) impose any other
inquiries, please contact Brock Cannon or Neal Kronley (ii) undeveloped land in Pahrump, Nevada, and (iii) commercially reasonable conditions upon the sale of the Collateral as the Secured Party may deem proper.
of DLA Piper LLP (US), counsel to Secured Party, at neal. 372-2066, Email: [email protected] to receive the Hyatt Place Las Vegas Hotel, a Starbucks coffee U.S. BANK NATIONAL ASSOCIATION, -against- GMC
the Terms of Public Sale and bidding instructions. HOLDING, LLC, ET AL. Each prospective bidder (other than the Secured Party or its affiliate) will be required to represent in writing to the
[email protected]. Interested parties who do not franchise, and/or a retail complex all located in Las Secured Party that such bidder: (i) has the financial ability to tender the required deposit and the purchase price for
comply with the foregoing or any other requirement Upon execution of a standard confidentiality and non- Vegas, Nevada. Civil Action No. 1:24-cv-04150 (S.D.N.Y.)
disclosure agreement, additional documentation and Pursuant to the Final Judgment of Foreclosure and the Collateral; and (ii) will comply with the requirements to participate in the Sale as more specifically set forth in the
of the applicable terms of sale, including, without Contact Braun International for bidding information at Terms and Conditions on the Data Room. Meeting any requirements of the foregoing shall be at the sole responsibility,
limitation, any deadlines set forth herein or therein, will information will be made available. Sale (the “Judgment”) entered on January 16th, 2025
Braunco.com or [email protected] in the total sum of $3,162,322.34, plus post-judgment risk, cost, and expense of a prospective bidder.
not be permitted to enter a bid. For further information, please contact the Broker, 135 West 36th Street, 5th Floor, New York, New York 10018,
default interest and expenses of the sale, wherein U.S. Attention: Robert A. Knakal, [email protected], at 917-509-9501, and Jas Saini, [email protected], at (571) 447-0489, and/
BANK NATIONAL ASSOCIATION is the Plaintiff and GMC or counsel for Secured Party, Herrick, Feinstein LLP, 2 Park Avenue, New York, New York 10016, Attention: Stephen
HOLDING, LLC, ET AL. are the Defendants. The Receiver B. Selbst; or via phone or e-mail: Stephen B. Selbst at 212-592-1405 or [email protected]. Interested parties who
will sell at a public foreclosure sale the real property would like additional information regarding the Collateral, the requirements to be a Qualified Bidder, or the Terms and
located at 378 and 380 East 139th Street, Bronx, NY Conditions should visit the Data Room or contact the Broker or Secured Party’s counsel.
10022 (Block 2301, Lots 21 and 22), all that certain plot,
piece or parcel of land situate, lying, and being in the
City of New York, County of Bronx and State of New York

THEMARKETPLACE
(the “Mortgaged Premises”), free and clear of any other
liens, claims, interests and encumbrances, with such CAREERS BUSINESS OPPORTUNITIES
liens, claims, interests, and encumbrances to attach to
the sale proceeds. The Receiver shall conduct the public
auction sale to sell the Mortgaged Premises as defined
mortgage REIT
above on April 3, 2025 at 10:00 a.m., prevailing Eastern
Assistant Vice President,
ADVERTISE TODAY 8%-9%
Time, outside of the public entrance (which faces Worth
Street) of the Daniel Patrick Moynihan United States
Courthouse, 500 Pearl Street, New York, New York
Business Analysis Return
10016. Morgan Stanley Smith Barney, LLC is hiring for
following role in Jersey City, NJ: Assistant Vice
The undersigned will accept the highest bid offered
by a bidder and shall require that successful bidder to President, Business Analysis to dvlp compre- TAX EFFICIENCY
(i) provide proper government-issued identification, (ii)
immediately execute terms of sale for the purchase of
hensive analytical & reporting solutions to sup-
port Wealth Mgmt Field & Advisor Strategy, incl
REAL ESTATE SECURED
(800) 366-3975 GROWTH / INCOME
the Collateral, and (iii) pay by certified or bank check ten but not limited to visual & self-srvc analytics us-
percent (10%) of the sum bid, made payable to “Stephen ing Tableau, executive presentations, & ad-hoc
J. Ginsberg, Esq., as Receiver.” Cash will not be accepted
quantitative insights using SQL/Python (salary SEEKING RIA’S &
For more information visit:
The Plaintiff reserves all rights to credit bid its
allowed claim in satisfaction with the underlying debt range $161,000 - $161,000). Position req’s rel. ACCREDITED INVESTORS
and is not required to post a deposit. Any bidder seeking degree &/or exp &/or skills. For more info & to

wsj.com/classifieds
to participate in the auction and seeking information
regarding the assets should contact the Receiver,
Stephen J. Ginsberg, Esq., by telephone at (516) 880-
apply, visit us at https://morganstanley.eight-
fold.ai/careers?source=mscom &
JR000494 in search field. No calls pls. EOE
enter 866-700-0600
7219 or by email at [email protected]. ALLIANCE MORTGAGE FUND
120 Vantis Dr., Ste. 515 • Aliso Viejo, CA 92656
© 2024 Dow Jones & Company, Inc. All Rights Reserved. www.AlliancePortfolio.com
RE Broker • CA DRE • 02066955 Broker License ID
B10 | Wednesday, March 26, 2025 * * THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
42587.50 s 4.18, or 0.01% Trailing P/E ratio 25.54 27.34 5776.65 s 9.08, or 0.16% Trailing P/E ratio * 22.98 23.83 18271.86 s 83.26, or 0.46% Trailing P/E ratio *† 29.11 31.15
High, low, open and close for each P/E estimate * 19.25 19.16 High, low, open and close for each P/E estimate * 20.95 21.58 High, low, open and close for each P/E estimate *† 25.05 27.98
trading day of the past three months. Dividend yield 1.92 1.83 trading day of the past three months. Dividend yield * 1.37 1.44 trading day of the past three months. Dividend yield *† 0.80 0.81
All-time high 45014.04, 12/04/24 All-time high 6144.15, 02/19/25 All-time high: 20173.89, 12/16/24

Current divisor 0.16268413125742

44900 6100 20000

44100 6000 19500

65-day
moving average
43300 5900 19000

65-day moving average

Session high 42500 5800 65-day moving average 18500
DOWN UP
Session open Close
t

41700 5700 18000

Close Open
t

Session low 40900 5600 17500

Bars measure the point change from session's open

40100 5500 17000
Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar.
*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*1,140,597,522 15,180,471
Industrial Average 42696.61 42441.83 42587.50 4.18 0.01 45014.04 37735.11 8.4 0.1 6.9 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 499,324,030 7,414,181
Transportation Avg 14989.01 14754.74 14806.63 -119.45 -0.80 17754.38 14397.68 -6.6 -6.9 -3.3 Most-active issues in late trading Decl. volume* 625,422,448 7,187,599
Utility Average 1007.05 987.94 992.86 -16.16 -1.60 1079.88 835.53 16.6 1.0 -0.8 Volume After Hours Issues traded 2,831 291
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 57270.18 56989.16 57149.16 55.38 0.10 61024.05 49376.46 10.2 -2.1 7.5 Advances 1,235 113
American Elec Power AEP 13,871.6 102.50 … unch. 102.78 102.36
Barron's 400 1232.84 1224.63 1228.22 -0.76 -0.06 1356.99 1092.05 7.3 -1.9 5.8 Declines 1,527 166
T. Rowe Price Cap Apprec TCAF 13,361.9 33.20 … unch. 33.20 33.20
Unchanged 69 12
Nasdaq Stock Market Direxion TSLA Bull 2X TSLL 7,811.1 11.92 0.07 0.59 12.11 11.84 New highs 52 5
Nasdaq Composite 18281.13 18170.42 18271.86 83.26 0.46 20173.89 15282.01 12.0 -5.4 8.8 NVIDIA NVDA 7,283.2 120.56 -0.13 -0.11 120.77 115.09 New lows 42 1
Nasdaq-100 20292.19 20164.07 20287.83 107.39 0.53 22175.60 17037.65 11.4 -3.4 11.2 Comcast Cl A CMCSA 7,198.6 36.95 0.01 0.03 37.00 36.94 Closing Arms† 0.91 0.62
iSh MSCI Emerging Mkts EEM 7,010.3 44.58 -0.07 -0.16 44.66 44.58 Block trades* 5,186 182
S&P
0.16
Warner Bros. Discovery A WBD 4,633.6 10.99 0.01 0.09 11.04 10.88
500 Index 5786.95 5760.42 5776.65 9.08 6144.15 4967.23 11.0 -1.8 8.3 Nasdaq NYSE Arca
T. Rowe Price Intl Equity TOUS 4,415.8 29.98 … unch. 29.98 29.98
MidCap 400 3030.26 2993.78 3009.58 -9.45 -0.31 3390.26 2825.94 0.8 -3.6 3.5 Total volume*6,475,790,986 222,419,966
SmallCap 600 1322.03 1308.01 1312.22 -8.40 -0.64 1544.66 1241.62 0.5 -6.8 -0.5 Percentage gainers… Adv. volume*2,745,118,459 108,696,872
Perimeter Solutions PRM 122.3 9.80 0.69 7.57 10.46 9.11 Decl. volume*3,700,073,028 113,201,645
Other Indexes
GameStop Cl A GME 4,102.0 26.98 1.58 6.22 27.53 24.66 Issues traded 4,502 2,156
Russell 2000 2110.08 2090.04 2095.38 -14.00 -0.66 2442.03 1942.96 1.2 -6.0 0.3
Advances 1,685 1,209
NYSE Composite 19772.26 19615.99 19678.44 -25.77 -0.13 20272.04 17388.09 9.0 3.0 5.4 Avidity Biosciences RNA 113.0 33.98 1.88 5.86 35.00 32.05
Declines 2,681 919
Value Line 590.11 584.45 586.22 -2.46 -0.42 656.04 560.48 -2.6 -4.0 -2.9 Check Point Software CHKP 61.1 242.10 11.52 5.00 242.10 230.54
Unchanged 136 28
NYSE Arca Biotech 5920.86 5795.03 5831.43 -70.28 -1.19 6318.63 4861.76 11.1 1.5 5.1
Chefs' Warehouse CHEF 57.6 56.25 2.67 4.98 56.25 53.58
New highs 69 17
NYSE Arca Pharma 1010.00 980.65 984.48 -19.88 -1.98 1140.17 912.71 -3.0 5.4 5.7 ...And losers New lows 164 19
KBW Bank 127.22 126.09 126.84 0.47 0.38 140.59 96.78 24.9 -0.5 -1.2 Humacyte HUMA 1,128.3 2.33 -0.55 -18.96 2.88 2.16 Closing Arms† 0.85 1.09
PHLX§ Gold/Silver 179.50 176.13 177.11 2.85 1.63 177.11 119.46 48.3 29.1 3.3 Twist Bioscience TWST 59.1 41.61 -2.64 -5.97 44.25 41.42 Block trades* 37,019 1,012
PHLX§ Oil Service 68.75 67.82 68.18 0.19 0.27 95.25 62.70 -24.0 -6.1 -6.2 Dynavax Technologies DVAX 287.7 13.29 -0.69 -4.94 13.98 13.29 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 4693.19 4648.80 4661.34 -32.88 -0.70 5904.54 4306.87 -3.9 -6.4 9.8 Antero Resources AR 158.8 39.43 -1.99 -4.80 41.82 39.43 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 17.77 17.02 17.15 -0.33 -1.89 38.57 11.86 29.5 -1.2 -6.2 TKO Group Holdings TKO 114.6 147.25 -7.35 -4.75 159.02 147.25 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 853.49 1.76 0.21 1.4 Desktop Metal DM 4.52 2.25 99.12 11.80 1.84 -41.9 Mural Oncology MURA 1.47 -2.36 -61.62 5.12 1.37 -67.3
MSCI ACWI ex-USA 351.95 0.97 0.28 8.0 DatChat DATS 3.78 1.62 75.00 9.34 1.01 170.0 CNS Pharmaceuticals CNSP 1.63 -1.75 -51.78 414.00 1.28 -91.3
MSCI World 3746.87 11.14 0.30 1.1 Zhengye Biotechnology ZYBT 8.20 2.40 41.38 9.28 3.70 ... Mangoceuticals MGRX 2.81 -1.94 -40.84 16.80 2.07 -8.6
MSCI Emerging Markets 1129.41 –6.60 –0.58 5.0 Forte Biosciences FBRX 8.51 2.19 34.65 28.68 4.11 -52.0 Cassava Sciences SAVA 1.90 -0.90 -32.14 42.20 1.80 -90.4
Americas MSCI AC Americas 2179.05 3.67 0.17 –1.5 Markforged MKFG 4.30 1.02 31.10 8.80 1.57 -43.4 CorMedix CRMD 7.34 -3.43 -31.85 13.85 3.61 78.6
Canada S&P/TSX Comp 25339.51 35.40 0.14 2.5 FST KBSX 2.86 0.60 26.55 15.48 1.26 -74.5 VivoPower International VVPR 2.26 -0.96 -29.81 9.90 0.62 52.7
Latin Amer. MSCI EM Latin America 2131.42 19.88 0.94 15.1 BitFuFu FUFU 5.50 1.04 23.32 7.39 2.32 10.2 Visionary Holdings GV 3.18 -1.33 -29.49 9.60 1.00 21.1
Brazil Bovespa 132067.69 746.25 0.57 9.8 SAIHEAT SAIH 9.01 1.61 21.76 26.98 5.30 -46.4 USA Rare Earth USAR 6.71 -2.79 -29.37 20.00 6.71 -35.9
Chile S&P IPSA 4041.60 –13.94 –0.34 11.8 High Roller Technologies ROLR 3.57 0.62 21.02 8.46 2.49 ... Galecto GLTO 4.90 -1.80 -26.87 21.06 3.76 -74.0
Mexico S&P/BMV IPC 53203.26 528.42 1.00 7.5 Porch Group PRCH 7.96 1.10 16.03 8.06 1.05 114.6 LogProstyle LGPS 3.70 -1.30 -26.00 5.39 3.26 ...
EMEA STOXX Europe 600 552.59 3.66 0.67 8.9 Alliance Ent Hldg AENT 4.40 0.59 15.49 11.57 1.10 113.6 ReTo Eco-Solutions RETO 3.62 -1.18 -24.58 34.60 2.86 -67.1
Eurozone Euro STOXX 564.61 4.91 0.8811.8 Edible Garden EDBL 2.89 0.34 13.33 311.75 1.81 -98.1 Aptevo Therapeutics APVO 1.79 -0.53 -22.84 184.92 1.70 -98.8
Belgium Bel-20 4482.20 7.83 0.18 5.1 Xcel Brands XELB 4.35 0.50 13.08 9.97 2.50 -45.6 Click Holdings CLIK 2.53 -0.65 -20.44 4.39 0.91 ...
Denmark OMX Copenhagen 20 1878.69 –14.73 –0.78 –10.6 Better Home & Finance BETR 13.95 1.57 12.68 30.00 7.71 -46.3 TEN Holdings XHLD 1.72 -0.43 -20.00 8.54 0.45 ...
France CAC 40 8108.59 1.08 9.9 Avalo Therapeutics AVTX 8.54 0.91 11.93 34.46 4.60 84.7 Viomi Technology ADR VIOT 1.94 -0.44 -18.49 2.38 0.50 246.4
86.26
Germany DAX 23109.79 1.13 16.1
Israel Tel Aviv 2470.08
257.13
3.58 0.15 3.1
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 39384.95 412.14 1.06 15.2 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 921.00 5.33 0.58 4.8
Norway Oslo Bors All-Share 1762.65 0.28 7.2 Mullen Automotive MULN 415,099 11424.1 0.24 -6.25 47100.00 0.23 BondBlx CCC USD HY Cp Bd XBB 2,472 40576 40.49 -0.02 41.25 39.06
4.86
0.82 Tenon Medical TNON 289,531 24974.8 3.75 283.40 15.79 0.91 T. Rowe Price Intl Equity TOUS 4,687 4562 29.98 0.50 30.70 25.76
South Africa FTSE/JSE All-Share 89713.04 727.43 6.7
Spain IBEX 35 13484.30 161.00 1.21 16.3 Direxion TSLA Bull 2X TSLL 235,187 128.8 11.85 6.99 41.50 4.94 iShares MSCI Qatar ETF QAT 397 3750 17.87 0.06 18.82 16.29
0.27 NVIDIA NVDA 166,693 -38.4 120.69 -0.59 153.13 75.61 Invesco S&P EM Momentum EEMO 244 3597 15.34 -1.54 17.73 14.86
Sweden OMX Stockholm 996.15 2.71 4.4
Predictive Oncology POAI 152,833 7542.3 1.69 51.57 3.06 0.55 Euroholdings EHLD 1,882 2765 4.86 -3.57 37.59 4.76
Switzerland Swiss Market 13013.15 12.91 0.10 12.2
Turkey BIST 100 9715.58 416.22 4.48 –1.2 Bon Natural Life Cl A BON 150,769 2719.4 0.16 5.97 5.31 0.14 iSh Curr Hdgd MSCI Japan HEWJ 1,834 2174 43.84 0.34 45.62 33.73
U.K. FTSE 100 8663.80 25.79 0.30 6.0 Tesla TSLA 147,543 58.5 288.14 3.50 488.54 138.80 James Hardie Indus ADR JHX 5,185 2141 23.80 -1.86 43.57 23.31
U.K. FTSE 250 19981.21 0.30 –3.1 DatChat DATS 143,146 1649.0 3.78 75.00 9.34 1.01 Martin Currie Sust Intl MCSE 206 2059 13.79 -0.07 15.80 13.03
58.78
SES AI SES 106,706 226.4 0.68 14.99 2.53 0.20 First Tr Dow 30 Equal Wt EDOW 634 1988 36.76 -0.14 38.24 32.56
Asia-Pacific MSCI AC Asia Pacific 188.36 –0.25 –0.14 3.7
Digital Ally DGLY 100,806 334.6 0.04 -34.31 3.29 0.03 Franklin FTSE Australia FLAU 151 1824 28.07 0.14 32.28 27.10
Australia S&P/ASX 200 7942.50 5.61 0.07 –2.7
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3369.98 –0.05 –0.002 0.5 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 23344.25 –561.31 –2.35 16.4
India BSE Sensex 78017.19 0.04 –0.2
Scan this code
32.81
Japan NIKKEI 225 37780.54 172.05 0.46 –5.3 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3954.53 18.20 0.46 4.4 track most-active stocks,
South Korea KOSPI 2615.81 –16.26 –0.62 9.0 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 22273.19 166.55 0.75 –3.3 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1184.93 –5.13 –0.43 –15.4
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Tues YTDchg Tues YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00003903 25620 0.5
CREDIT MARKETS Argentina peso .00091070.7392 3.9 Europe
Brazil real .1755 5.6992 –7.8 Czech Rep. koruna .04334 23.075 –5.2
–0.7 –4.0
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race
Canada dollar
Chile peso
.7003 1.4280
.001087 919.78 –7.5
Denmark krone
Euro area euro
.1446 6.9144
1.0793 .9266 –4.0
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000244 4103.75 –6.9 Hungary forint .002702 370.05 –6.9
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007488 133.54 –3.9
A consumer rate against its New car loan Mexico peso .0499 20.0501 –3.7 Norway krone .0950 10.5250 –7.5
benchmark over the past year 6.00% Uruguay peso .02375 42.1050 –3.6 Poland zloty .2591 3.8601 –6.6
Bankrate.com avg†: 7.62% 10% Asia-Pacific Sweden krona .0996 10.0358 –9.3
Bank-Fund Staff FCU 3.75% One year ago 5.00 Switzerland franc 1.1329 .8827 –2.7
t WSJ Dollar Index Australiadollar .6303 1.5865 –1.8
9.00% Washington, DC 202-458-4300 5 Turkey lira .0263 37.9747 7.4
China yuan .1378 7.2574 –0.6
s
Prime rate 4.00 Ukraine hryvnia .0240 41.7500 –0.7
t Citizens Equity First Credit Union 4.49% Hong Kong dollar .1286 7.7751 0.1
UK pound 1.2946 .7724 –3.3
t
8.00 0 India rupee .01169 85.579 ...
Peoria, IL 309-633-3603 Tradeweb FTSE Tuesday Close 3.00 Middle East/Africa
Indonesia rupiah .0000602 16601 2.1
7.00 Navy Federal Credit Union 4.49% 2.00 –5 Japan yen .006671 149.91 –4.6 Bahrain dinar 2.6528 .3770 –0.04
t
s s
Vienna, VA 703-255-8000 Yen Euro Kazakhstan tenge .001989 502.87 –4.2 Egypt pound .0198 50.5728 –0.5
New car loan 6.00 Macau pataca .1248 8.0140 0.1 Israel shekel .2729 3.6647 0.7
SECU 4.99% 1.00 –10
1 3 6 1 2 3 5 7 10 20 30 Malaysia ringgit .2254 4.4365 –0.8 Kuwait dinar 3.2429 .3084 0.02
Baltimore, MD 800-879-SECU 2024 2025
5.00 New Zealand dollar .5733 1.7443 –2.4 Oman sul rial 2.5980 .3849 –0.02
Pentagon FCU 5.04% month(s) years
AM J J A S ON D J F M Pakistan rupee .00357 280.250 0.7 Qatar rial .2743 3.645 ...
Alexandria, VA 703-838-1000 maturity Philippines peso .0174 57.535 –0.9 Saudi Arabia riyal .2665 3.7518 –0.1
2024 2025
3-yr chg Sources: Tradeweb FTSE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7484 1.3361 –2.1 South Africa rand .0547 18.2816 –3.1
Yield/Rate (%) 52-Week Range (%)
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) South Korea won .0006834 1463.36 –1.0

Federal-funds rate target 4.25-4.50 4.25-4.50 4.25 l 5.50 4.00

Corporate Borrowing Rates and Yields Sri Lanka rupee .0033742 296.37 1.1 Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 99.58 –0.14–0.14 –3.09
Taiwan dollar .03024 33.070 0.8
Prime rate* 7.50 7.50 7.50 l 8.50 4.00 Yield (%) 52-Week Total Return (%) Thailand baht .02958 33.810 –1.5 Sources: Tullett Prebon, Dow Jones Market Data
Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 4.31 4.32 4.27 l 5.40 4.04
Money market, annual yield 0.45 0.45 0.40 l 0.51 0.38 U.S. Treasury, Bloomberg 2242.610 4.210 4.210 4.880 3.630 4.271 0.022 Commodities
Five-year CD, annual yield 1.68 1.67 1.62 l 1.69 1.18 Pricing trends on someClose Tuesday
raw materials, 52-Week
or commodities YTD
U.S. Treasury Long, Bloomberg 3145.510 4.700 4.630 5.050 3.990 1.304 –6.823 Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 6.72 6.75 6.69 l 7.72 2.15
15-year mortgage, fixed† 6.09 6.12 6.02 l 7.11 2.26 Aggregate, Bloomberg 2138.780 4.680 4.680 5.310 4.100 4.727 0.692
DJ Commodity 1069.78 0.99 0.09 1095.84 942.52 9.05 4.64
Jumbo mortgages, $726,200-plus† 6.87 6.87 6.76 l 7.79 2.28 Fixed-Rate MBS, Bloomberg 2117.500 5.000 4.980 5.570 4.340 5.060 0.699
Five-year adj mortgage (ARM)† 6.19 6.28 5.88 l 6.78 3.01 FTSE/CC CRB Index 306.51 0.13 0.04 316.63 265.48 6.50 3.30
High Yield 100, ICE BofA 3874.364 6.578 6.745 7.871 6.208 8.126 5.544
New-car loan, 48-month 7.62 7.62 7.18 l 7.94 3.80 Crude oil, $ per barrel 69.00 -0.11 -0.16 86.91 65.75 -15.46 -3.79
Muni Master, ICE BofA 593.137 3.584 3.525 3.760 3.074 1.377 1.518
Bankrate.com rates based on survey of over 1,500 online banks. *Base rate posted by 70% of the nation's largest Natural gas, $/MMBtu 3.840 -0.074 -1.89 4.491 1.575 143.81 5.70
banks.† Excludes closing costs. EMBI Global, J.P. Morgan 921.182 7.393 7.395 8.073 7.084 7.292 3.713
Sources: FactSet; Dow Jones Market Data; Bankrate.com Gold, $ per troy oz. 3023.70 10.60 0.35 3040.00 2175.60 38.98 15.00
Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
THE WALL STREET JOURNAL. * * * Wednesday, March 26, 2025 | B11

MARKETS

Dow Edges Higher as Investors Trump Media

STOCK SPOTLIGHT
after the pork producer

Consider Consumer Confidence

Shares of the operator of reported lower sales in its
Truth Social, majority-owned first set of quarterly results
by President Trump, jumped disclosed since returning to
8.9% after it signed an the U.S. stock market.
agreement with Crypto.com
U.S. stocks edged higher, Index performance on Tuesday to launch exchange-traded Boeing
with hopes for a moderate Elsewhere: funds and products. The jet maker is seeking to
0.5%
outcome on tariffs outweigh-  Treasury yields slipped after withdraw an agreement to
ing another drop in consumer- Nasdaq Composite getting a big lift Monday from Carvana plead guilty in a long-running
sentiment data. 0.4 the uptick in economic opti- The online car seller’s shares criminal case that blamed
Major indexes swung be- mism. The yield on the 10-year ticked up 3.8% to about $220 Boeing for deceiving
tween small gains and losses 0.% note settled at 4.307%. after Morgan Stanley regulators before two deadly
throughout the session, before upgraded its price target for crashes, The Wall Street
l a te - s e s s i o n 0.2  The Stoxx Europe 600 and the company to $280 Journal reported. The
TUESDAY’S gains pulled Japan’s Nikkei 225 rose. Hong from $260. company’s shares edged
MARKETS the S&P 500
0.1
Kong’s Hang Seng Index fell higher by 0.9%.
up 0.2%. The more than 2%, while the Cloudflare
Dow Jones Industrial Average S&P 500 Shanghai Composite ended the Shares of the cloud-services Shell
rose less than 0.1% while the 0 day flat. provider rose 2.9% after Bank The oil-and-gas company said
tech-heavy Nasdaq Composite of America raised its rating it will explore strategic and
climbed 0.5%. –0.1  Gold rose to nearly $3,030 a on the stock to buy from partnership opportunities for
Worries about tariffs have troy ounce. underperform, citing artificial- its chemicals operations in
weighed on share prices this –0.2 —Sam Goldfarb intelligence and security the U.S. Shell’s shares
year. But markets have calmed Dow Jones and Angus Berwick momentum. gained 1.5%.
of late, with stocks rallying on Industrial Average
–0.% Five-minute intervals
Monday following reports that Samsung Electronics
the tariffs expected in April 10 a.m. 11 noon 1 p.m. 2 % 4 AUCTION RESULTS The head of Samsung’s WEDNESDAY'S EVENTS:
Here are the results of Tuesday's Treasury auctions.
could be more narrowly tar- Source: FactSet All bids are awarded at a single price at the market- smartphone and consumer-  Durable-goods orders data
clearing yield. Rates are determined by the difference
geted than some had expected. between that price and the face value. electronics business died are expected at 10 a.m.
President Trump is expected Conference Board reported chief U.S. economist at Jeffer- SIX-WEEK BILLS from cardiac arrest, jolting
to unveil major new tariffs on Tuesday that its consumer ies, wrote in a note to clients. Applications $205,433,577,200 the company during a  St. Louis Fed President
April 2, building off previous confidence index fell around “Some kind of pullback was Accepted bids
" noncompetitively
$70,816,327,200
$727,193,600
business slide that leaders Alberto Musalem, a member
levies that he imposed on the seven points to 92.9, a slightly inevitable, though souring " foreign noncompetitively $100,000,000 have called a crisis. Shares of the rate-setting FOMC,
country’s largest trading part- bigger drop than economists sentiment may lead to a Auction price (rate) 99.506500
(4.230%)
fell 1.2% in Seoul. speaks on the economy.
ners. had expected and a drag on steeper slowdown than we an- Coupon equivalent 4.310%
Investors are generally stocks. ticipated.” Bids at clearing yield accepted 97.50%
Tesla
EARNINGS EXPECTED:
Cusip number 912797NE3
hopeful the U.S. economy can Forward-looking expecta- Among individual stocks, The bills, dated March 27, 2025, mature on May 8, The electric-vehicle maker’s
extend its expansion this tions for income, business and International Paper rose 6.5% 2025. sales in the European Union Before the bell:
year—a view reinforced in re- labor-market conditions after targeting a jump in earn- plunged for the second
cent weeks by a run of solid dropped to the lowest level in ings. A 3.1% decline in Wal- Applications
TWO-YEAR NOTES
$185,324,132,000 consecutive month in
Chewy
reports on the labor market 12 years. mart shares weighed on the
Accepted bids
" noncompetitively
$71,038,027,300
$415,389,200 February, despite an overall Cintas
and consumer spending. “The data today add evi- Dow industrials. " foreign noncompetitively $100,000,000
99.792438
increase in demand for EVs. Dollar Tree
New data showed Tesla
Auction price (rate)
Still, so-called soft data has dence to the case that the (3.984%) Shares advanced 3.5% after
been less encouraging, show- economy has cooled from the sales plunged 47% in the Euro- Interest rate 3.875% rising sharply Monday.
ing declines in consumer and torrid pace of consumer- pean Union in February. Tesla Bids at clearing yield accepted 39.21% After the bell:
91282CMV0
Petco
Cusip number
business sentiment. driven growth of the past 18 shares still rose 3.5%, after a The notes, dated March 31, 2025, mature on March 31, Smithfield Foods
In the latest of those, the months,” Thomas Simons, big rally on Monday. 2027. Shares ticked down 2.4% Jefferies

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
ProAssurance PRA 23.31 0.5 Adaptimmune ADAP 0.25 -9.7 CNS Pharm CNSP 1.28 -51.8 FemtoTech FMTO 1.19 -4.2 JackintheBox JACK 28.82 -5.8 NextCure NXTC 0.49 -6.6 SotherlyHotels SOHO 0.73 -4.5
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Prudential PUK 21.53 0.9 AimfinityUn AIMBU 10.01 -10.6 Caesarstone CSTE 2.65 -2.2 FlowersFoods FLO 17.95 -0.8 KB Home KBH 56.41 -5.2 Nkarta NKTX 1.42 -7.7 SowGood SOWG 1.04 -2.6
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low QuartzseaAcqn QSEAU 10.10 ... AltoNeurosci ANRO 2.53 -4.5 CaribouBio CRBU 0.92 -5.8 ForresterRes FORR 9.10 1.4 KLX Energy KLXE 3.41 3.7 NovoNordisk NVO 73.20 -2.3 SpruceBio SPRB 0.31 -2.1
in the latest session. % CHG-Daily percentage change from the previous trading session. QwestNts2056 CTBB 19.22 2.3 AmRltyInv ARL 11.65 -4.5 CarismaTherap CARM 0.35 1.6 Fortrea FTRE 8.42 -7.0 KinderCareLearning KLC 13.09 -4.5 Nvni NVNI 0.17 -11.0 StandardMotor SMP 25.56 -1.8
QwestNts2057 CTDD 19.21 3.0 AmericanRebel AREB 0.10 -10.1 CassavaSciences SAVA 1.80 -32.1 FranklinCovey FC 27.80 1.1 Knightscope KSCP 3.78 -1.2 Onconetix ONCO 0.09 -17.5 Steelcase SCS 10.50 -2.4
Tuesday, March 25, 2025 RTX RTX 135.94 0.7 AmerVanguard AVD 4.20 -3.4 Cel-Sci CVM 0.25 -6.1 FrontViewREIT FVR 12.97 -2.1 LoboEV LOBO 1.05 -10.3 Organovo ONVO 2.75 -5.0 SutroBioph STRO 0.75 -2.6
RaymondJamesPfdB RJFpB 26.45 0.6 AmicusTherap FOLD 8.52 -0.8 CheerHolding CHR 1.50 -6.6 FuelCell FCEL 4.80 -2.0 LQR House YHC 0.23 -8.4 OrionProperties ONL 2.12 -4.9 SyraHealth SYRA 0.30 -5.4
52-Wk % 52-Wk % 52-Wk % RoyalGold RGLD 162.20 1.9 Ampco-PittsWt AP.WS 0.01 -15.4 CheetahNetSupply CTNT 1.40 1.6 FutureFuel FF 4.08 2.7 LanzaTechGlobal LNZA 0.36 -6.8 System1 SST 0.41 -5.3
OxfordLaneNts2031 OXLCL 23.09 -0.4
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg SKGrowthOppsWt SKGRW 0.71 13.6 AntelopeEnterprise AEHL 0.10 -6.5 Chegg CHGG 0.62 -13.7 GDEV GDEV 12.50 -6.9 LarimarTherap LRMR 2.22 1.3 TelaBio TELA 1.20 -11.4
PACS Group PACS 11.35 -4.8
CantorEqPtrsI CEPO 10.21 0.3 HamiltonIns HG 21.68 0.4 SandstormGold SAND 7.44 7.6 AnterisTech AVR 4.55 -3.9 CitiusPharm CTXR 1.41 -5.2 GalaxyPayroll GLXG 0.65 -16.6 LichenIntl LICN 3.71 -5.0 PMV Pharm PMVP 1.16 -2.4 TandyLeather TLF 2.90 0.2
Highs CardinalHealth CAH
Chevron CVX
133.68 -0.3
167.82 0.6
HanoverIns
HarmonyGold HMY
THG 174.00 0.1
13.12 -0.2
SiriusPoint
SoundThinking SSTI
SPNT 16.65
19.16
1.5
0.3
ApellisPharm APLS
AptevoTherap APVO
23.37 -2.1
1.70 -22.8
Clene CLNN
Co-Diagnostics CODX
3.37 -11.7
0.41 -0.1
GenerationBio GBIO
GlbInteractiveTech GITS
0.46 -4.5
1.30 -16.4
Lightspeed
LiveVentures LIVE
LSPD 9.88 1.6
6.25 4.0
PetrosPharm PTPI 0.05 -18.6 TangoTherap TNGX
Techprecision TPCS
1.60 -5.7
2.12 -4.2
PlanetGreen PLAG 1.18 -28.0
AXIS Capital AXS 100.17 0.4 Chimerix CMRX 8.53 0.1 IntegraResources ITRG 1.35 7.1 Sportradar SRAD 23.49 -0.7 ArcusBiosci RCUS 8.31 -7.9 Collplant CLGN 2.64 -9.7 GlobalWaterRscs GWRS 10.16 -4.9 LogicMark LGMK 0.08 -23.7 Toppoint TOPP 1.22 -14.6
PonyAI PONY 11.75 -8.1
AlamosGold AGI 26.50 2.1 CohenCircleI Wt CCIRW 2.30 -4.1 ICE ICE 176.49 0.2 Tiptree TIPT 25.57 6.9 ArdentHealth ARDT 12.88 -0.8 CompassPfdA CODIpA 22.02 ... Gogoro GGR 0.32 3.9 LogProstyle LGPS 3.26 -26.0 TreasureGlobal TGL 0.09 -11.1
PrairieOperating PROP 4.50 -10.4
AlgonquinNt2079 AQNB 25.95 -1.0 CerveceriasUnid CCU 15.45 2.5 Intra-Cellular ITCI 131.79 ... Tradeweb TW 145.74 1.0 ArmataPharm ARMP 1.63 -8.7 CreativeMedia CMCT 0.21 -7.2 GreeneCnty GCBC 21.75 3.6 LongevityHealth XAGE 0.13 -3.7 TreeHouseFoods THS 25.69 1.3
Primega PGHL 0.59 -0.8
AlignmentHlthcr ALHC 17.80 0.7 DTCloudAcqn DYCQ 10.73 0.7 IntrepidPotash IPI 31.29 -0.9 TripleFlagPrecMtl TFPM 19.83 0.7 AspiraWomen's AWH 0.08 -6.9 CriticalMetals CRML 1.38 -7.5 GreenidgeGenNt GREEL 7.15 -10.3 LyondellBasell LYB 69.79 -2.9 Triller ILLR 0.65 -14.8
ProcessaPharm PCSA 0.39 -8.8
AlphaVestAcqnRt ATMVR 0.24 -11.4 DeutscheBank DB 25.33 2.0 JayudGlblLogistics JYD 5.45 10.7 TriumphGroup TGI 25.51 ... AstroNova ALOT 9.12 -4.0 CrownCrafts CRWS 3.78 -1.0 Greenlane GNLN 0.26 -18.6 LytusTech LYT 0.05 -15.0 22ndCentury XXII 1.60 -4.0
AnteroMidstream AM 18.18 0.3
PsyenceBiomed PBM 0.58 -6.7
DonegalGroup B DGICB 18.50 -5.6 Junee JUNE 9.90 -6.6 TwoHarborsPfdC TWOpC 25.09 -0.1 AtlanticAmerican AAME 1.25 27.1 Curis CRIS 2.42 -3.8 GreenwichLife GLSI 10.20 -5.3 MBX Biosci MBX 7.59 -4.2 23andMe ME 0.61 -11.0
AnteroResources AR 41.74 0.5 RMR Group RMR 16.61 -3.2
EurekaAcqnA EURK 10.31 0.3 KKR PfdD KKRpD 52.24 -0.2 US Cellular USM 70.00 0.8 AtlasClear ATCH 0.87 -5.0 CycloTherapWt CYTHW 0.03 -45.9 HWH Intl HWH 1.18 -1.4 MediromHlthcr MRM 0.40 -5.9 UsanaHealth USNA 26.19 -3.6
ArchimedesII ATIIU 10.10 ... RamacoRscsB METCB 7.60 -3.4
EverQuote EVER 30.03 2.2 Karman KRMN 38.09 -0.3 Uni-Fuels UFG 5.56 7.8 AvanosMedical AVNS 14.12 -1.9 DHI Group DHX 1.42 -6.6 HarvardBioSci HBIO 0.56 -1.1 MGP Ingredients MGPI 28.65 -1.6 USARareEarth USAR 6.71 -29.4
ArcutisBiotherap ARQT 17.75 -1.0 BGSF BGSF 3.32 -2.9 DIH US DHAI 0.26 -20.9 HavertyFurn A HVT.A 20.41 -4.6 Macrogenics MGNX 1.76 -8.7
RegenPharm REGN 633.10 -4.1
Unifi UFI 4.75 -4.2
ExpandEnergy EXE 110.10 0.7 KestraMedTech KMTS 25.98 2.9 US Antimony UAMY 2.41 -0.9
ArisWater ARIS 33.91 2.5 BRP DOOO 35.54 -6.7 Damon DMN 0.03 -19.5 HepionPharm HEPA 0.55 -3.9 MaidenNts46 MHLA 14.41 -0.6 ReinsuranceGrpDeb RZC 25.00 0.1 UnitedHomes UHG 2.80 -4.5
Ezcorp EZPW 15.00 -0.1 KinrossGold KGC 12.59 0.8 USCopperIndex CPER 32.70 2.6
Astronics ATRO 26.59 0.4 B.RileyPfdB RILYL 3.75 -13.4 DestinationXL DXLG 1.53 -7.9 HookerFurnishings HOFT 10.93 -4.4 Metagenomi MGX 1.56 -3.6 RelayTherap RLAY 2.92 -4.5 VerricaPharm VRCA 0.46 -8.7
FidNatlFinl FNF 65.79 0.6 Loews L 89.67 0.8 UnumGroup UNM 84.48 -0.4
AtlasNts2027 ATCOL 25.26 ... Franco-Nevada FNV 158.52 ... LogilitySupply LGTY 14.26 -0.1 BTC Digital Wt BTCTW 0.01 -29.6 DevvStream DEVS 0.25 -13.4 HoustonAmEner HUSA 0.94 -7.8 ModivCare MODV 1.68 -8.8 RepareTherap RPTX 1.03 -4.6 VillageFarms VFF 0.63 -4.7
VSE VSEC 128.72 -0.3
BerkHathwy A BRK.A 799501 0.4 GE Aerospace GE 212.76 0.9 LogProstyle LGPS 5.39 -26.0 BabcockWilcoxPfdA BWpA 8.35 -7.5 Diageo DEO 104.98 -0.9 Hydrofarm HYFM 2.39 -8.8 MullenAuto MULN 0.23 -6.3 ReShapeLife RSLS 0.51 -19.3 VirpaxPharm VRPX 1.60 -17.0
VeriSign VRSN 247.47 0.2
BerkHathwy B BRK.B 533.29 0.6 GFLEnvironmental GFL 49.00 1.0 LumentFinance LFT 2.84 -0.7 Beeline BLNE 1.50 12.6 DianaShipping DSX 1.69 -1.2 IMAC BACK 0.14 -52.7 MuralOncology MURA 1.37 -61.6 RockwellMedical RMTI 1.18 -4.8 BerkleyDeb59 WRBpF 19.95 -0.5
Williams WMB 61.67 -0.3
BlackHawkAcqn BKHA 10.55 ... GSRIIIAcqn GSRT 10.04 ... MarblegateAcqn GATEU 18.93 -11.6 BicycleTherap BCYC 8.75 -3.8 DigiAsia FAAS 0.27 0.6 IN8bio INAB 0.21 -4.5 NLS Pharm NLSP 1.45 -0.7 Rogers ROG 70.66 -3.3 Wang&Lee WLGS 0.41 -42.7
ZhengyeBiotech ZYBT 9.28 41.4
BoldEagleAcqn BEAGU 10.50 0.5 GenesisEnergy GEL 16.35 2.1 MarblegateAcqn GATE 20.72 -2.3 BiodexaPharm BDRX 1.56 -9.1 DigitalAlly DGLY 0.03 -34.3 iCoreConnect ICCT 0.39 -11.5 NaaSTechnology NAAS 0.70 -12.3 RydeGroup RYDE 0.28 -3.2 Wellchange WCT 0.18 -16.3
BoldEagleAcqnA BEAG 10.59 0.6
Bowhead BOW 41.17 4.2
GeniusSports GENI
GigCapital7A GIG
11.16 0.4
10.18 0.5
NextDecade
NorthernDynasty NAK
NEXT 9.71 -1.8
1.29 2.6
Lows BlueHatInt
BonNaturalLife BON
BHAT 1.95 -10.9
0.14 6.0
Dow DOW
DuluthHoldings DLTH
35.23 -2.7
1.90 -5.4
Immunome
InnovAge
IMNM
INNV
6.94 -14.7
2.99 -4.2
NanoDimension NNDM
NatlResearch NRC
1.67 -16.8
13.63 -6.6
SareptaTherap SRPT
SharpLink SBET
72.17 -3.6
0.28 2.0
WheelerREIT WHLR
X4 Pharm XFOR
0.82 -11.2
0.24 -12.1
Brown&Brown BRO 121.85 0.3 GrafGlobalWt GRAF.WS 0.24 -10.0 OaktreeAcqnIII OACCU 10.60 0.2 AC Immune ACIU 1.97 -6.6 BridgerAerospace BAER 1.20 -7.7 EducDev EDUC 1.21 -0.8 InspireVeterinary IVP 1.67 -3.8 NautilusBiotech NAUT 0.90 -7.9 SharpsTech STSS 0.13 -8.7 XTL Biopharm XTLB 1.10 -3.7
BukitJalilGlb1 BUJAU 13.51 -0.1 Groupon GRPN 18.50 1.4 OptionCare OPCH 35.44 1.4 Amcon DIT 115.37 -5.3 Bruker BRKR 42.70 -2.8 EntradaTherap TRDA 10.08 -5.8 IntlFlavors IFF 76.60 -0.8 Neogen NEOG 8.44 -4.6 SilenceTherap SLN 3.30 3.7 Xencor XNCR 11.64 -8.7
CNO Financial CNO 42.77 0.1 HCI Group HCI 142.37 0.6 OxfordLanePfd2027 OXLCP 24.40 0.4 ARKRestaurants ARKR 8.88 -4.7 CMSEnerNts2079 CMSD 22.91 -0.5 ErmenegildoZegna ZGN 7.08 -1.8 IspireTechnology ISPR 2.87 -4.3 NewFoundGold NFGC 1.08 -29.6 SkyQuarry SKYQ 0.62 -10.1 Xerox XRX 5.19 -4.0
CadizPfdA CDZIP 19.28 0.1 HF Foods HFFG 4.38 4.7 Porch Group PRCH 8.06 16.0 AcaciaResearch ACTG 3.34 -1.2 CN Energy CNEY 0.14 -7.2 EvaxionBiotech EVAX 1.67 -5.4 iTeosTherap ITOS 6.40 -5.4 NewtonGolf NWTG 1.60 -4.6 SoloBrands DTC 0.18 -13.5 ZyVersaTherap ZVSA 0.69 -6.7

Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs

Closing Chg YTD Closing Chg YTD Closing Chg YTD Closing Chg YTD
Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%)

Closing Chg YTD iShMSCIEAFEValue EFV 60.32 0.73 15.0 JPMNasdEqPrem JEPQ 54.01 0.47 –4.2 SchwabUS LC Grw SCHG 26.46 0.65 –5.1 VangdLC VV 265.86 0.26 –1.4
Tuesday, March 25, 2025
ETF Symbol Price (%) (%) iShNatlMuniBd MUB 105.35 –0.18 –1.1 JanusHendersonAAA JAAA 50.56 0.02 –0.3 SPDR S&PMdCpTr MDY 549.46 –0.29 –3.5 VangdMegaGrwth MGK 326.17 0.68 –5.0
Closing Chg YTD
ETF Symbol Price (%) (%) iSh1-5YIGCpBd IGSB 52.24 0.06 1.0 JPM EqPrem JEPI 57.65 –0.24 0.2 SPDR S&P Div SDY 133.68 –0.52 1.2 VangdMC VO 264.83 –0.17 0.3
iShCoreMSCITotInt IXUS 71.79 0.36 8.5
iSh1-3YTreaBd SHY 82.50 0.04 0.6 JPM UltShIncm JPST 50.59 0.06 0.4 TechSelectSector XLK 218.35 0.33 –6.1 VangdMBS VMBS 46.07 0.17 1.6
CommSvsSPDR XLC 99.94 1.27 3.2 iShCoreS&P500 IVV 577.96 0.22 –1.8
iShRussMC IWR 87.23 –0.19 –1.3 PacerUSCashCows COWZ 55.38 –0.34 –1.9 VanEckSemicon SMH 229.65 –0.42 –5.2 VangdRealEst VNQ 89.71 –1.12 0.7
CnsmrDiscSel XLY 205.92 0.80 –8.2 iShCoreS&P MC IJH 60.11 –0.25 –3.5
iShRuss1000 IWB 316.23 0.21 –1.8 ProShUltPrQQQ TQQQ 67.31 1.78 –14.9 VangdSC Val VBR 191.57 –0.45 –3.3 VangdRuss1000Grw VONG 97.84 0.56 –5.3
DimenUSCoreEq2 DFAC 33.89 0.04 –2.0 iShCoreS&P SC IJR 107.36 –0.60 –6.8
iShRuss1000Grw IWF 380.26 0.61 –5.3 SPDRBbg1-3MTB BIL 91.67 0.01 0.3 VangdS&P500ETF VOO 530.65 0.24 –1.5
EnSelSectorSPDR XLE 93.23 0.41 8.8 iShCoreS&PTotUS ITOT 125.87 0.19 –2.1 VangdExtMkt VXF 181.08 –0.24 –4.7
iShRuss1000Val IWD 189.34 –0.22 2.3 SPDR DJIA Tr DIA 425.82 0.08 0.1 VangdST Bond BSV 78.03 0.09 1.0
FinSelSectorSPDR XLF 50.43 0.56 4.3 iShCoreS&PUSGrw IUSG 133.90 0.53 –3.9 VangdDivApp VIG 195.98 –0.26 0.1
iShRuss2000 IWM 207.70 –0.56 –6.0 SPDR Gold GLD 278.47 0.44 15.0 VangdSTCpBd VCSH 78.78 0.09 1.0
HealthCrSelSect XLV 145.27 –1.28 5.6 iShCoreS&PUSVal IUSV 92.86 –0.15 0.3 VangdFTSEAWxUS VEU 62.29 0.39 8.5
iShS&P500Grw IVW 97.62 0.53 –3.9 SPDRPtfDevxUS SPDW 37.57 0.54 10.1 VangdShortTrea VGSH 58.55 0.07 0.6
IndSelSectorSPDR XLI 134.49 0.15 2.1 iShCoreTotUSDBd IUSB 45.88 0.11 1.5 VangdFTSEDevMk VEA 52.40 0.54 9.6
iShS&P500Value IVE 191.71 –0.06 0.4 SPDRS&P500Value SPYV 51.41 –0.04 0.5 VangdSC VB 230.26 –0.32 –4.2
InvscNasd100 QQQM 203.13 0.62 –3.5 iShCoreUSAggBd AGG 98.45 0.09 1.6 VangdFTSE EM VWO 46.07 –0.11 4.6
iShSelectDiv DVY 133.12 –0.56 1.4 SPDRPtfS&P500 SPLG 67.88 0.22 –1.5 VangdTaxExemptBd VTEB 49.59 –0.18 –1.1
InvscQQQI QQQ 493.46 0.57 –3.5 iShEdgeMSCIMinUSA USMV 92.85 –0.20 4.6 iSh7-10YTreaBd IEF 94.63 0.17 2.4 SPDRS&P500Growth SPYG 84.50 0.44 –3.9 VangdGrowth VUG 391.70 0.64 –4.6 VangdTotalBd BND 73.09 0.12 1.6
InvscS&P500EW RSP 175.27 –0.24 0.0 iShEdgeMSCIUSAQual QUAL 174.84 0.15 –1.8 iShShortTreaBd SHV 110.39 0.01 0.3 SPDR S&P 500 SPY 575.46 0.24 –1.8 VangdHiDiv VYM 129.18 –0.43 1.2 VangdTotIntlBd BNDX 48.62 0.02 –0.9
iShBitcoin IBIT 50.14 –0.08 –5.5 iShGoldTr IAU 56.99 0.51 15.1 iSh20+YTreaBd TLT 89.76 –0.01 2.8 SchwabIntEquity SCHF 20.39 0.64 10.2 VangdInfoTech VGT 577.08 0.42 –7.2 VangdTotIntlStk VXUS 63.77 0.33 8.2
iShCoreDivGrowth DGRO 61.92 –0.39 0.9 iShiBoxx$IGCpBd LQD 108.40 0.10 1.5 iShUSTech IYW 150.11 0.50 –5.9 SchwabUS BrdMkt SCHB 22.27 0.23 –1.9 VangdIntermBd BIV 76.14 0.16 1.9 VangdTotalStk VTI 284.49 0.17 –1.8
iShCoreMSCIEAFE IEFA 77.97 0.59 10.9 iShMBS MBB 93.25 0.19 1.7 iShUSTreasuryBd GOVT 22.84 0.09 –0.6 SchwabUS Div SCHD 27.84 –0.89 1.9 VangdIntrCorpBd VCIT 81.47 0.16 1.5 VangdTotWrldStk VT 119.32 0.19 1.6
iShCoreMSCIEM IEMG 55.16 –0.16 5.6 iShMSCI EAFE EFA 84.11 0.55 11.2 iSh0-3MTreaBd SGOV 100.61 0.01 0.3 SchwabUS LC SCHX 22.83 0.18 –1.5 VangdIntermTrea VGIT 59.04 0.17 1.8 VangdValue VTV 174.03 –0.30 2.8

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

Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg
Continued From Page B9 Net Net
Stock Sym Close Chg Stock Sym Close Chg TetraTech TTEK 29.44 0.07 Travelers TRV 259.45 0.01 UPS B UPS 109.95 -5.85 Vertiv VRT 91.58 -2.11 WasteConnections WCN 192.90 1.97 Woodward WWD 193.08 0.96
Net
Stock Sym Close Chg TevaPharm TEVA 15.70 -0.48 Trimble TRMB 70.48 -1.59 UnitedRentals URI 653.39 6.31 Viatris VTRS 8.95 -0.35 WasteMgt WM 227.07 0.83 WooriFinl WF 34.44 0.05
Suzano SUZ 9.42 -0.01 Take-TwoSftwr TTWO 217.95 4.44 TexasInstruments TXN 183.97 -1.54 Trip.com TCOM 63.67 -0.24 US Bancorp USB 43.70 -0.06 Viking VIK 41.28 -0.14 Waters WAT 368.53 -4.77 Workday WDAY 252.83 2.92
StandardAero SARO 29.32 0.58 Symbotic SYM 23.38 -0.12 TakedaPharm TAK 15.04 0.03 TexasPacLand TPL 1362.36 TruistFinl TFC 42.00 -0.15 US Steel WSO 517.94 WynnResorts WYNN 86.03
17.38 X 43.00 1.85 VinFastAuto VFS 3.31 -0.07 Watsco 5.42 1.16
StanleyB&D SWK 80.47 -1.53 SynchronyFinl SYF 55.85 0.03 TalenEnergy TLN 217.73 -1.23 TexasRoadhouse TXRH 177.50 TWLO 105.89 -0.38 UnitedTherap UTHR 316.73
1.63 Twilio -3.13 Vipshop VIPS 16.06 -0.35 WebsterFin WBS 52.67 -0.08 XP XP 14.65 -0.09
Stantec STN 83.87 0.43 Tapestry TPR 74.72 -1.00 Textron TXT 74.64 TylerTech TYL 580.30 5.91 UnitedHealth UNH 513.43 WFC 74.24 XPO 111.02
Synopsys SNPS 457.23 -0.54 0.36 -3.07 Visa V 344.62 0.75 WellsFargo -0.04 XPO -1.48
Starbucks SBUX 95.88 0.16 TargaResources TRGP 205.57 0.61 ThermoFisher TMO 514.34 TysonFoods TSN 59.95 -0.42 UnitySoftware U WELL 148.17 XcelEnergy XEL 67.93
Sysco SYY 70.39 -1.04 -5.56 22.89 0.16 Vistra VST 131.81 -3.13 Welltower -1.67 -0.93
StateStreet STT 92.52 -0.34 Target TGT 105.40 -2.95 ThomsonReuters TRI 172.45 UBS Group UBS 33.67 0.71 UniversalHealthB UHS 185.91 WCC 167.01 XChangeTEC.INC XHG
0.88 4.33 Vodafone VOD 9.35 0.06 WescoIntl -1.63 0.82 -0.01
SteelDynamics STLD 128.00 1.34 T U V TechnipFMC FTI 30.39 0.55 3M MMM 153.50 0.35 UDR UDR 44.08 -0.23 s UnumGroup UNM 83.04 -0.30 VornadoRealty VNO 39.32 -0.09
WestPharmSvcs WST 225.80 -6.10 XPeng XPEV 21.01 -0.38
Stellantis STLA 12.40 0.12 TeckResourcesB TECK 42.73 0.82 Toast TOST 36.35 0.20 U-Haul UHAL 65.20 1.48 VICI Prop VICI 31.64 -0.33 WestAllianceBcp WAL 80.56 0.05 Xylem XYL 123.09 2.29
TAL Education TAL 13.03 -0.07 VulcanMatls VMC 240.98 0.17
Steris STE 221.78 -1.23 TeledyneTech TDY 512.25 4.55 TollBros TOL 110.92 0.70 U-Haul N UHAL/B 58.94 0.64 Vale VALE 10.09 0.15 WesternDigital WDC 43.39 -0.92 YPF YPF 37.67 1.50
TC Energy TRP 48.86 -0.41
StifelFinancial SF 101.88 -0.30
TD Synnex SNX 126.60 -3.56
Ericsson ERIC 8.24 0.02 TopBuild BLD 313.21 -1.89 UL Solutions ULS 54.75 0.96 ValeroEnergy VLO 132.00 0.05 W X Y Z WesternMidstrm WES 41.19 -0.18 Yum!Brands YUM 155.80 -0.02
STMicroelec STM 24.04 -0.19 TelefonicaBras VIV 8.60 0.01 TorontoDomBk TD 60.95 0.42 US Foods USFD 65.20 -0.37 Vaxcyte PCVX 71.90 -1.92 Westlake WLK 100.68 -1.97 YumChina YUMC 51.25 -0.56
Stryker SYK 372.87 -1.40 TE Connectivity TEL 150.80 1.82 WEC Energy WEC 104.31 -1.47 Weyerhaeuser WY
Telefonica TEF 4.56 0.04 TotalEnergies TTE 63.52 1.40 UWM UWMC 5.67 -0.11 VeevaSystems VEEV 240.61 1.57 29.20 -0.36 ZTO Express ZTO 19.82 -0.16
SumitomoMits SMFG 16.25 -0.11 Telus TU 13.92 0.13 TelekmIndonesia TLK 14.08 0.05 ToyotaMotor TM 193.01 W.P.Carey WPC 61.62 0.21 WheatonPrecMtls WPM 75.94
0.54 Uber UBER 75.61 -0.90 Ventas VTR 67.63 -0.58 1.03 ZebraTech ZBRA 291.02 -6.39
SummitTherap SMMT 20.24 -0.45 TJX TJX 119.88 0.28 TempusAI TEM 58.57 -0.43 TractorSupply TSCO 52.83 -0.70 Ubiquiti UI 322.62 -10.34 VentureGlobal VG 11.47 -0.10 WPP WPP 39.89 0.25 s Williams WMB 60.91 -0.18 Zillow C Z 73.56 -0.09
SunComms SUI 128.17 -2.19 TKO TKO 154.60 1.69 Tenaris TS 40.28 0.65 TradeDesk TTD 62.00 2.66 UltaBeauty ULTA 370.75 4.59 Veralto VLTO 97.75 -0.51 Wabtec WAB 189.60 0.74 Williams-Sonoma WSM 169.17 -1.13 Zillow A ZG 72.07 -0.23
SunLifeFinancial SLF 57.62 0.24 T-MobileUS TMUS 258.75 -0.21 TencentMusic TME 14.25 0.07 s Tradeweb TW 145.54 1.46 Unilever UL 58.09 -0.05 VeriSign
s VRSN 245.81 0.45 WalgreensBoots WBA 11.12 -0.03 WillisTowers WTW 337.93 0.71 ZimmerBiomet ZBH 110.38 -0.86
SuncorEnergy SU 38.48 0.07 TPG TPG 52.55 0.31 TenetHealthcare THC 130.78 1.29 TraneTech TT 364.00 6.40 UnionPacific UNP 235.79 0.59 VeriskAnalytics VRSK 287.76 2.36 Walmart WMT 84.76 -2.73 Wipro WIT 3.14 0.01 Zoetis ZTS 161.30 -1.87
Sunoco SUN 57.39 0.39 T.RowePrice TROW 95.47 -0.51 Teradyne TER 89.95 -1.05 TransDigm TDG 1394.11 13.76 UnitedAirlines UAL 78.90 -1.32 Verizon VZ 43.49 -0.07 WarnerBrosA WBD 10.98 0.01 Wix.com WIX 173.31 0.56 ZoomComms ZM 78.13 -0.07
SuperMicroComp SMCI 40.64 -1.08 TaiwanSemi TSM 180.90 -0.26 Tesla TSLA 288.14 9.75 TransUnion TRU 87.66 -0.13 UnitedMicro UMC 6.72 -0.07 VertexPharm VRTX 509.04 -2.70 WarnerMusic WMG 32.49 0.16 WoodsideEnergy WDS 14.57 0.04 Zscaler ZS 215.73 5.86

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
FIDZroLgCpIx 20.59 +0.03 -1.6 SrsBlChGroRetail +0.07 -7.1 CorePlusBd
18.43 7.24 +0.01 2.5 PutLargCap 35.50 -0.08 3.3 MuHYAdml 10.56 -0.03 ... TgtRe2060 52.27 +0.07 2.0
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. GlexUSIdxInstPre 15.72 +0.04 9.0 SrsEmrgMkt 19.59
-0.05 6.9 Lord Abbett I Schwab Funds MuIntAdml 13.51 -0.02 0.3 TgtRet2055 56.71 +0.07 2.0
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s GrowthCompanyK6 28.46 +0.04 -6.4 SrsGlobal 15.46
+0.04 9.0 ShtDurInc p 3.87 ... 1.5 1000 Inv r 123.87 +0.17 -1.6 MuLTAdml 10.71 -0.03 -0.3 TgtRetInc 13.34 +0.01 1.8
apply. k-Recalculated by LSEG, using updated data. p-Distribution costs apply, 12b-1. r- IntlIdxInstPrem 52.78 +0.26 11.0 SrsGroCoRetail 22.42
+0.04 -6.5 Metropolitan West S&P Sel 88.94 +0.15 -1.5 MuLtdAdml 10.86 -0.01 0.9 Welltn 42.57 +0.06 ...
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes LgCpGwId InstPre 37.15 +0.16 -5.2 SrsIntlGrw 18.43
+0.09 5.7 TotRetBdI 9.03 +0.01 2.5 TSM Sel r 97.27 +0.10 -1.8 MuShtAdml 15.79 -0.01 0.9 WndsrII 44.92 +0.07 1.4
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete LgCpVlIdxIstPrem 18.65 -0.04 2.8 SrsIntlVal 13.99
+0.10 17.4 MFS Funds Strategic Adviser PrmcpAdml r 170.24 -0.58 2.3 VANGUARD INDEX FDS
price, performance or cost data. NE-Not released by LSEG; data under review. NN-Fund not MidCpInxInstPrem 33.44 -0.09 -1.0 TotalBond 9.52
+0.01 2.3 IIE 37.02 +0.20 9.5 StratAdCorInFnd NA ... NA RealEstatAdml 127.13 -2.77 1.7 ExtndIstPl 339.07 -2.29 -4.3
tracked. NS-Fund didn’t exist at start of period. SAIUSLgCpIndxFd 22.89 +0.03 -1.5 Fidelity SAI MFS Funds Class I StratAdFidCoreS 9.12 +0.01 2.4 SmCapAdml 110.30 -0.42 -4.2 IdxIntl 20.44 +0.04 8.2
SeriesBondFd 8.99 +0.01 2.2 FidSaiInfltnFnd 10.14 +0.02 3.2 GrowthI 193.71 +1.05 -4.0 StratAdFidEmr 12.85 -0.02 6.0 SmGthAdml 93.16 -0.26 -5.4 MdCpGrAdml 109.49 +0.02 0.2
SeriesOverseas 14.79 +0.09 10.0 TotalBd 9.02 +0.01 2.3 ValueI 50.35 -0.35 3.7 StratAdFidUS 17.11 +0.01 -1.3 STBondAdml 10.21 ... 1.6 MdCpVlAdml 84.18 -0.30 0.5
Tuesday, March 25, 2025 SerLTTreBdIdx 5.45 +0.01 3.5 Fidelity Selects Natixis Funds StratAdIntlFnd NA ... NA STIGradeAdml 10.38 +0.01 1.7 SmValAdml 82.32 -0.37 -3.3
Net YTD Net YTD Net YTD SmCpIdxInstPrem 26.09 -0.17 -5.7 Semiconductors r 30.34 -0.27 -9.4 InvGradeBdY 9.85 +0.01 2.1 StratAdMunBond NA ... NA STIPSIxAdm 24.88 +0.03 2.5 TotBd2 9.49 +0.01 2.3
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret TMktIdxInstPrem 158.30 +0.16 -1.8 Tech 33.88 +0.01 -8.1 LSGrowthY 28.46 +0.19 -3.7 StratAdvFidIntl 13.13 +0.07 11.1 TotBdAdml 9.61 +0.01 2.3 TotIntlInstIdx r 136.74 +0.31 8.2
TotalMarketIndex 20.00 +0.02 -1.8 Fidelity Strategic A Northern Funds TIAA/CREF Funds TotIntBdIdxAdm 19.44 -0.02 -0.6 TotItlInstPlId r 136.77 +0.31 8.2
AB Funds Artisan Funds LgCo 38.41 +0.07 -1.5 StratAdEmrMrt
MuniIncmShares 11.13 -0.03 0.7 IntlVal Inst 50.44 -0.02 7.3 US CoreEq1 42.56 +0.01 -1.6
TtlIntIdxInstPr 14.56 +0.04 8.4 NA ... NA StkIdx 58.53 +0.09 -1.5 BdIdxInst 9.62 +0.01 2.2 TotIntlAdmIdx r 34.19 +0.07 8.2 TotSt 138.40 +0.14 -1.8
USBdIdxInstPrem 10.36 +0.01 2.2 First Eagle Funds Old Westbury Fds EqIdxInst 40.30 +0.04 -1.7
TotStAdml 138.45 +0.14 -1.8
VANGUARD INSTL FDS
AB Funds - ADV Baird Funds US CoreEq2 37.95 -0.01 -1.7 GlbA
LgCpGrAdv 105.45 +0.28 -3.6 AggBdInst 9.81 +0.01 2.3 US Small 46.47 -0.23 -5.0
Fidelity Freedom 72.24 +0.17 7.8 LrgCpStr NA ... NA IntlEqIdxInst 24.42 +0.12 11.0
TxMCapAdml 296.78 -0.39 -1.6
BalInst 48.39 +0.05 -0.2
Freedom2030 K 18.06 +0.03 2.9 Franklin A1 Parnassus Fds LrgCpGrIdxInst 63.51 +0.28 -5.2 DevMktsIndInst 16.83 +0.08 9.9
American Century Inv CorBdInst 10.17 +0.02 2.2 US SmCpVal 45.66 -0.29 -5.9 TxMIn r 16.80 +0.07 9.9
Idx2030InsPre 20.64 +0.03 2.3 IncomeA1 2.39 -0.01 2.7 ParnEqFd 59.75 +0.09 0.3
VANGUARD ADMIRAL DevMktsInxInst 26.30 +0.11 9.9
Ultra 87.44 +0.51 -6.3 ShtTBdInst 9.53 ... 1.4 US TgdVal 32.77 -0.17 -4.7 USGroAdml 177.43 +1.00 -4.1
Idx2035InsPre 23.86 +0.04 2.3 FrankTemp/Frank Adv
PGIM Funds Cl Z 500Adml 534.70 +0.86 -1.5 ExtndInst 137.40 -0.92 -4.3
American Funds Cl A BlackRock Funds USLgVa 50.89 +0.03 3.2 IncomeAdv 2.37 ... 2.7 BalAdml 48.39 +0.06 -0.2
ValAdml 67.89 -0.23 2.8
Idx2040InsPre 25.20 +0.04 2.4 TotalReturnBond NA ... NA FTScinst 39.39 +0.10 -2.7
AmcpA 41.83 +0.06 -2.1 HiYBlk 7.10 ... 1.6 Dodge & Cox Idx2045InsPre 26.55 +0.05 2.4 FrankTemp/Franklin A CAITAdml 11.30 -0.02 0.3 WdsrllAdml 79.69 +0.13 1.5
GrwthInst 201.60 +1.14 -4.6
AMutlA 56.67 -0.08 3.1 HiYldBd Inst 7.10 ... 1.5 Balanced 107.36 +0.08 5.6 PIMCO Fds Instl WellsIAdml 61.11 -0.06 2.8
Idx2050InsPre 26.59 +0.04 2.4 DynaTech A 164.86 +1.06 -5.6 CapOpAdml r 190.79 -0.90 0.8 InstIdx 469.36 -1.67 -1.5
BalA 34.71 +0.01 1.4 BlackRock Funds III Income 12.68 +0.01 2.4 TotRt NA ... NA WelltnAdml 73.50 +0.11 ...
Fidelity Invest Growth A 130.76 +0.39 -2.1 DivAppIdxAdm 53.18 -0.16 0.1 InstPlus 469.34 -1.70 -1.5
BondA 11.29 +0.01 2.3 iShS&P500IdxK 677.88 +1.09 -1.5 Intl Stk 56.31 +0.25 12.8 PIMCO Funds A WndsrAdml 71.63 -0.06 1.4
Balanc 29.30 +0.04 -0.9 RisDv A 88.35 -0.27 -0.8 EMAdmr 38.20 -0.13 4.0 InstTStPlus 97.28 +0.10 -1.8
CapIBA 72.32 -0.02 5.6 BlackRock Funds Inst Stock 270.56 +0.27 5.2 Guggenheim Funds Tru
IncomeFd NA ... NA
EqIncAdml 90.29 -0.42 3.1 VANGUARD FDS
BluCh 211.14 +0.72 -7.1 MidCpInst 72.44 -0.14 0.3
CapWGrA 65.32 +0.15 3.1 StratIncOpptyIns 9.53 ... 1.8 DoubleLine Funds BluChpGr K6 34.40 +0.07 -6.6 TotRtnBdFdClInst 23.77 +0.03 2.5 PIMCO Funds I2 ExplrAdml 101.64 -0.36 -4.9 DivdGro 36.27 -0.06 0.2 MidCpIstPl 357.28 -0.69 0.3
EupacA 57.48 +0.24 7.0 TotRet 9.85 +0.01 2.3 TotRetBdI 8.83 +0.01 2.6 Harbor Funds Income NA ... NA ExtndAdml 137.41 -0.92 -4.3 IntlVal 40.56 +0.15 8.0 SmCapInst 110.30 -0.42
Contra 21.00 +0.09 0.6 -4.2
FdInvA 80.96 +0.01 0.5 Calamos Funds Edgewood Growth Instituti ContraK 21.08 +0.10 0.7 CapApInst 108.54 +0.60 -4.5 PIMCO Funds Instl GroIncAdml 99.50 +0.15 -2.4 LifeGro 45.01 +0.06 1.9 SmCapIstPl 318.38 -1.19 -4.2
GwthA 73.54 +0.17 -1.2 MktNeutI 15.14 ... 1.6 EdgewoodGrInst 43.12 +0.29 -2.7 CpInc 10.09 -0.01 0.4 JHF III DispVal IncomeFd NA ... NA GrwthAdml 201.58 +1.14 -4.6 LifeMod 31.89 +0.03 1.8 STIGradeInst 10.38 +0.01 1.7
HI TrA 9.82 +0.01 2.0 CausewayInst Federated Hermes Int GroCo 37.67 +0.07 -6.6 DispValMCI 26.79 -0.05 -0.6 Price Funds HlthCareAdml r 78.75 -0.95 2.4 PrmcpCor 34.04 -0.14 1.8 STIPSIxins 24.90 +0.03 2.5
ICAA 57.74 +0.05 0.4 CausewayInst 21.14 +0.06 13.9 TtlRtnBdI 9.45 +0.01 2.1 InvGrBd 10.02 +0.01 2.4 John Hancock BlChip 178.49 +1.19 -4.2 HYCorAdml r 5.45 ... 2.0 STAR 28.02 +0.03 2.0 TotBdInst 9.61 +0.01 2.3
IncoA 25.51 +0.01 5.2 Columbia Class I Fidelity LowP 41.14 +0.01 1.0 BondR6 13.51 +0.02 2.3 DivGro 79.10 -0.02 2.9 InfProAd 23.22 +0.04 3.1 TgtRe2020 26.97 +0.02 1.9 TotBdInst2 9.49 +0.01 2.3
N PerA 63.44 +0.22 2.1 DivIncom I 33.65 -0.10 2.4 500IdxInstPrem 201.17 +0.33 -1.5 Magin 14.61 +0.06 -1.5 JPMorgan I Class Growth 100.91 +0.61 -4.3 InfTechIdx 295.47 +0.33 -7.0 TgtRe2025 19.04 +0.02 1.9 TotBdInstPl 9.61 +0.01 2.3
NEcoA 60.69 -0.06 -0.7 Dimensional Fds Contrafund K6 31.16 +0.15 0.4 NASDAQ 231.93 +1.05 -5.2 CoreBond 10.28 +0.01 2.4 LgCapGow I 79.84 +0.39 -3.0 IntlGrAdml 108.68 ... 7.0 TgtRe2030 38.55 +0.04 1.8 TotIntBdIdxInst 29.17 -0.03 -0.6
NwWrldA 80.75 +0.03 4.8 EmMktCorEq 24.06 -0.11 3.4 ExtMktIdxInstPre 86.96 -0.29 -4.3 OTC 20.18 +0.07 -6.0 EqInc 24.61 -0.10 3.1 MidCap 95.43 -0.32 -4.3 ITBondAdml 10.30 +0.02 2.6 TgtRe2035 24.42 +0.03 1.8 TotStInst 138.48 +0.14 -1.8
SmCpA 65.64 -0.13 -2.6 IntlCoreEq 16.95 +0.10 9.9 FidSer5 7.64 +0.02 3.7 Puritn 24.46 +0.06 -1.6 LgCpGwth 77.19 +0.43 -3.2 Putnam Funds Class A ITIGradeAdml 8.67 +0.02 2.4 TgtRe2040 44.02 +0.05 1.9 ValueInst 67.89 -0.23 2.8
TxExA 12.31 -0.02 ... IntSmCo 21.01 +0.11 8.3 FidSerInt 8.56 -0.01 -1.4 SAIUSMinVolIndFd 21.95 -0.04 2.3 JPMorgan R Class PutLargCap p 35.49 -0.09 3.3 LarCapAd 134.22 +0.24 -1.4 TgtRe2045 30.24 +0.04 1.9 WCM Focus Funds
WshA 62.51 -0.05 1.9 IntSmVa 24.84 +0.18 13.3 FidSerToMarket 18.84 +0.02 -1.9 SAIUSQtyIdx 21.18 +0.03 -0.5 CoreBond 10.30 +0.02 2.5 Putnam Funds Class Y MidCpAdml 327.92 -0.64 0.3 TgtRe2050 50.83 +0.07 2.0 WCMFocIntlGrwIns 23.83 -0.05 9.5
B12 | Wednesday, March 26, 2025 THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

What Covid Should Have Taught Us

Pandemic darlings had a lot in common with AI, quantum computing and 3-D printing

Where are they now? Stock price performance since

Nearly every American stock re- March 2020*
bounded after the bottom of the
1,400%
Covid-19 bear market five years
ago—a rally that made picking
winners like shooting fish in a 1,200
barrel. A tsunami of government
Wayfair
stimulus and a realization that the 1,000
world wasn’t ending were respon- Chewy
sible for much of that. 800
Zoom
But some companies’ shares did Peloton
especially well precisely because
of the pandemic. While that didn’t 600
last, their lessons about Wall
Street’s hype machine should. 400
Breakthroughs like artificial in-
telligence, quantum computers 200
and 3-D printing induce a fear of
missing out, sending too many
0
stocks rocketing higher. They give
pundits something to talk about,
brokers the next thing to sell and –200
asset managers an excuse to 2021 ’2% ’25

JOE RAEDLE/GETTY IMAGES

launch new funds. *Covid-19 bear market bottom
Covid beneficiaries were like Source: FactSet
those thematic stocks on steroids,
jumping at the same time in a way Peloton’s shares jumped during the
that looks silly with the benefit of Covid-19 pandemic, but they
hindsight. erased all of those gains.
Investors treated their sales
gains in 2020 and 2021 as if they the pandemic. fourth consecutive fiscal year. of permanent monopoly on video- nies—just not that much higher.
would keep going. Even if that Exercise-equipment maker Online pet-goods retailer conferencing—a service others of- Shares of Etsy and Docusign are
were possible, competitors Peloton’s shares jumped 758% as Chewy’s rise and fall were slightly fer free of charge. down by 85% and 71%, respec-
pounced on the same opportuni- demand for home-exercise equip- less extreme, and the boost to its Some other companies bene- tively, from their Covid-19 pan-
ties. Companies that sold in-de- ment exploded, lifting its market business less fleeting, too. fited beyond a temporary sales demic peaks.
mand physical goods during the value to nearly $50 billion. They After all, most of those pets ad- surge. Sometimes a company’s for-
emergency even cannibalized their have erased all of those gains, opted during the pandemic are Online crafts marketplace Etsy tunes really do change overnight.
own future demand. dropping 96% from their peak as still alive. But Chewy’s flatlining was one of the few sources of face Investors lucky enough to own
Take Wayfair: As people found social distancing has become a sales make its trailing price/earn- masks for a while. After demand their shares still need to go back
themselves spending far more thing of the past and other fitness ings ratio of more than 4,000 for them plummeted, the company to the basics of what gives them
time at home with enforced sav- brands have launched online offer- times back in 2021 look insane in still had gained name recognition value—decades of future cash
ings and stimulus checks, the on- ings. retrospect. and new customers. flows. If it is hard to argue that
line furniture retailer experienced Peloton’s new equipment now Zoom became a verb and its Likewise, software company Do- the price gain reflects a business
more demand than it could handle. also has to compete with plenty of stock surged more than 700%, giv- cusign’s benefit from social dis- opportunity that is big and sus-
A year after the Covid bottom, its its own lightly used machines for ing it a market value of more than tancing and a mortgage boom are tainable enough, then the next
stock had surged 1,367%. But Way- sale online. It has never earned an $160 billion. Yet the company’s over, but the public got comfort- step is clear: Take the money and
fair’s sales per share in 2024 were annual profit and analysts polled multiple of 3,000 times trailing able with electronic signatures. run before others figure it out,
lower than during the year before by FactSet see sales falling for a earnings implied it had some sort Sales are higher for both compa- too. —Spencer Jakab

Bank’s Reporting Delay Has Investors Wondering

The Bancorp Inc. jumped the with an extension period under prior auditor, Grant Thornton, justment on its balance sheet, re- said March 21 was the date it ex-
gun with its annual report. Now the securities rules. Three weeks “also did not provide approval to sulting in “no net income impact.” pected to close the sale of an
it’s behind schedule filing the new have passed since then. Bancorp include its audit opinion” covering It also said there was no impact to apartment complex underlying a
version. hasn’t filed the report or ex- 2023 and 2022. its 2022 and 2023 numbers. Ban- delinquent loan with a $41 million
The Delaware-based bank-hold- plained the delay. Investors don’t seem bothered corp hasn’t filed any disclosures balance. The closing date was ex-
ing company on March 4 cau- Bancorp said the original report for now. Bancorp’s stock price is since then. tended once before. Bancorp,
tioned investors not to rely on its was “inappropriately filed,” be- up 2% since March 3, the day it If the fix is that simple, one has which has about $9 billion of as-
2024 annual report—which it had cause its outside accounting firm, filed its original annual report. to wonder what is taking so long. sets, hasn’t said if the sale closed
just filed one day earlier. Crowe, didn’t provide final ap- In a March 10 update, Bancorp When Bancorp files its amended this time.
The company said at the time it proval to include its audit opinion said it expected to revise its credit annual report, it also will have A Bancorp spokesman didn’t re-
expected to file a new report for 2024. losses for “consumer fintech business matters to update. In its spond to requests for comment.
within 15 calendar days, in line In addition, Bancorp said its loans” and make an offsetting ad- original annual report, Bancorp —Jonathan Weil

BUSINESS NEWS

Japan’s Sake Masters Resist a Rising Tide of Whisky

BY DON NICO FORBES I’ll go for a highball. Because Nishi acknowledges the
sake might be delicious, but I jump from sake to whisky was
OSAKA, Japan—The Japa- can’t afford the sugar. Sure I far from straightforward. He
nese have been drinking sake can have maybe just one glass, recalls his fascination with the
since the eighth century. Back that’s fine. But sake is too idea that a drink could im-
then, the rice-based liquor good—you can rarely just have prove over time, maturing for
was believed to ward off one,” Niinami says. five, 10, or 20-plus years. “As
ghosts. But it also speaks to a turn a brewer of sake, a drink best
Today, it has a stronger in local production. Many tra- consumed fresh, this was an
spirit to contend with: whisky ditional sake brewers are now intriguing concept,” he says.
—spelled the Scottish way pivoting to whisky, attracted But time is money, and
here. Enter Nishiya, a bar in not only by strong domestic whisky is by nature a waiting
downtown Osaka, and regulars demand but the high prices game. To get around this, Ni-
will insist you try a highball. premium varieties can com- shi sells casks before they
“It was invented in the mand overseas. International have matured. While waiting,
RICHARD A. BROOKS/AFP/GETTY IMAGES

U.K.,” says the bartender, mix- awards, marketing campaigns customers are invited to stay
ing whisky, ice and soda. “But and Bill Murray’s turn in the in the distillery, sample a few
it was perfected in Japan.” movie “Lost in Translation” drams and sink a few holes in
The cocktail has been gain- have whetted appetites for Ontake’s on-site golf course.
ing ground since the late Japanese whisky to such an The distillery is open to every-
2000s. It pairs well with the extent that a bottle of Sun- one—everyone who can shell
local cuisine, and provides tory’s Yamazaki whisky, aged out $50,000 for a cask, that
momentary relief in neighbor- for 55 years, can set a buyer is.
hood taverns, or izakaya, dur- back close to $1 million. Nishi is one of many new-
ing the country’s hot and hu- A whisky-tasting course and lecture at the Suntory Yamazaki Distillery in Japan. Yoichiro Nishi, an eighth- comers to the industry. In
mid summers. Between 2015 generation sake and shochu 2016, there were 10 whisky
and 2020, domestic whisky unusual ingredients to hit are now popping up around ketsuru, revered as the godfa- producer, opened Ontake Dis- distilleries in Japan. Today
sales increased 50%. hoppy, beer-inspired flavors Tokyo. Festivals debuting new ther of Japanese whisky, who tillery in 2019. there are nearly 130. But an
Contrast that with sake and floral, gin-like notes. One and unusual varieties from traveled to Scotland in 1919 to Nestled in the foothills of increasingly vibrant market
consumption, which by some brewery has developed an around the country are sold- serve an apprenticeship before Mount Ontake, Japan’s sec- has come at a cost. From re-
measures has fallen by more Italian-inspired “margherita” out events. returning to help found ond-largest volcano after Fuji, cords in 2022, exports of Jap-
than 75% since the 1970s, and sake, blending the umami of “They’re like the young, Japan’s first distilleries. The the distillery strikes a blend anese whisky have started
30% in the past decade, dis- sun-dried tomatoes with the punk-rock generation of sake spirit has had its ups and between old and new. Dark falling. Many are worried that
placed in part by invasive spe- amino acids produced during brewing,” said Monica Samu- downs since then, but con- timber panels, autumnal ma- an explosion of distilleries is
cies—sometimes beer, but es- sake’s traditional brewing els, one of roughly a hundred sumption really took off when ple trees and natural springs diluting authenticity, with
pecially whisky. process. government-certified sake people began adding soda and recall the traditional tea blends of local and overseas
The government in Tokyo All this to make the whisky- samurai. “For so long, main- ice. houses of Kyoto, or the tem- whiskies commonly sold under
has stepped in, introducing and-soda brigade look a little stream Japanese culture has Takeshi Niinami, chief ex- ples of Koyasan, but an angu- the Japanese whisky brand.
brand ambassadors—“sake staid. told people to blend in. You’re ecutive of Suntory, Japan’s lar, concrete walkway, echoing Some are calling for tighter
samurai”—to promote the in- “We want to honor tradi- not supposed to be outra- largest distillery, says shifting the masters of Japanese bru- industry regulations. Others
dustry. Last year, the beverage tion but also create things no geous. The craft sake move- consumption patterns are talism, suggests tradition insist the rules are made to be
obtained Unesco world heri- one has ever seen before,” ment wants to change that.” partly demographic. Japan’s might be taking a turn. broken.
tage status, like French Cham- said Shuhei Okazumi, founder They could be in for a long, rapidly aging population Inside, burnt-black sherry “Creativity has always been
pagne or Belgian beer. of the Japan Craft Sake Brew- thirsty fight. means health considerations casks carry a single-malt vital to the Japanese spirit,”
But resistance to whisky ers Association. This commu- Whisky is now deeply en- are at the fore of many drink- whisky, now five years old. A says Brian Ashcraft, an author
also is coming from the fac- nity of young, entrepreneurial trenched in Japanese drinking ers’ minds, he says. Sake first edition was released in who has written extensively
tory floor. Sake brewers have toji want to upend sake’s im- culture. The country’s taste tends to have a high sugar 2023, taking gold at the San on Japanese drinking culture.
begun experimenting with age as the drink of a bygone for the amber nectar can be content. Francisco Wine & Spirits “Any regulation shouldn’t
new “craft” recipes, adding era. Dedicated craft sake bars traced back to Masataka Ta- “When I go out for sushi, Competition. come at the expense of that.”