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What’s
Haitians Keep Guard Up During Tense Transition Schumer
News Calls for
Business & Finance Change
 Former Treasury Secre-
tary Steven Mnuchin said he
At Helm
is assembling a consortium
to try to buy TikTok, as a bid
to divorce the popular so-
cial-media platform from its
Of Israel
Chinese owners gathers mo- Top U.S. senator
mentum in Congress. A1
urges new elections;
 Major U.S. stock indexes
declined, with the S&P 500 some in GOP say it
and Nasdaq both retreating is wrong to interfere
0.3% and the Dow industri-
als falling back 0.4%. B9
BY NATALIE ANDREWS
 A cockpit-seat mishap
might have pushed a pilot WASHINGTON—Senate Ma-
into the controls on a Boeing jority Leader Chuck Schumer
787 Dreamliner that took a said Prime Minister Benjamin
ODELYN JOSEPH/ASSOCIATED PRESS

sudden plunge on a flight to Netanyahu of Israel “has lost

New Zealand this week, U.S. his way” and called for new
industry officials said. B1 elections aimed at choosing a
new government, a sign of
 Hilton agreed to pay $210
growing U.S. pressure on Is-
million for a hotel operator
rael over the war in Gaza.
that focuses on college
Netanyahu is “allowing his
towns, a bet that business
political survival to take prece-
near campuses can fuel the
ON EDGE: A National Police officer stands guard in Port-au-Prince on Thursday. A plan to create a transitional presidential dence over the best interests of
next leg of the lodging
council moved forward as Haitian parties and coalitions submitted names of people charged with finding new leaders. A18 Israel,” the New York Democrat
heavyweight’s growth. B2
said in a speech on the Senate
 SpaceX’s Starship craft floor on Thursday. Schumer,

Mnuchin Plans to Form Group

achieved an extended flight the highest ranking Jewish
through space on the third test elected official in the U.S. gov-
mission of a vehicle that could ernment, said Israel “cannot
one day transport astronauts hope to succeed as a pariah op-

Of Investors to Acquire TikTok

to the moon and beyond. B1 posed by the rest of the world.”
His speech is the latest in a
 Hapag-Lloyd expects
series of high-level warnings
earnings to fall sharply this
and White House moves aimed
year, joining other container
at pressuring Israel and Ne-
lines suffering from weak de-
tanyahu’s government to per-
mand and the impact of the
BY RACHEL LOUISE ENSIGN than $100 billion. But his com- that would ban TikTok from tious approach. A forced sale mit more humanitarian aid
Red Sea shipping crisis. B3
AND GARETH VIPERS ments show that should there web-hosting services and app on such a scale would have lit- into Gaza and to rethink its
 Foxconn reported a 33% be a forced sale, interest would stores in the U.S. if its Chinese tle precedent and would have war plans for Hamas, the U.S.-
rise in fourth-quarter net Former Treasury Secretary likely be high in a platform owner, ByteDance, doesn’t di- to overcome hurdles, including designated terror group whose
profit and forecast signifi- Steven Mnuchin said he’s put- that boasts more than 170 mil- vest itself of the business. a reluctance of regulators to bloody Oct. 7 attack on Israel
cant growth this year, ting together a consortium to lion U.S. users. President Biden supports the bless big tech combinations sparked the war. The address
boosted by investments in try to buy TikTok, as a bid to “I think the legislation bill. and the challenges a bidder like also marked an unusually di-
artificial intelligence. B4 divorce the popular social-me- should pass and I think it TikTok has said it sees that Mnuchin could face raising suf- rect criticism of the democrat-
dia platform from its Chinese should be sold,” said Mnuchin, as an effective ban and that ficient funds. ically elected leader of a close
 Federal regulators fined
owners gathers momentum in who served in the Trump ad- separating the U.S. portion The app has faced scrutiny ally, and sparked sharp push-
JPMorgan Chase roughly
Congress. ministration, on CNBC Thurs- wouldn’t be practical and over its China-based owner- Please turn to page A8
$350 million for failing to
Mnuchin, who has long spo- day. “It’s a great business and would undercut the appeal of ship, which U.S. officials said
properly monitor billions of
ken out against Chinese owner- I’m going to put together a the app as a global product. Please turn to page A4  Israel pledges to increase
trades that the bank has
ship of the app, didn’t specify group to buy TikTok.” The bill faces an uncertain aid into Gaza....................... A7
executed since 2019. B9
how he might buy the business, The House voted on path in the Senate, where law-  TikTok stars wonder, what  Hamas urges confrontation
which could be valued at more Wednesday to approve a bill makers signaled a more cau- if it goes away?................. A4 in Jerusalem........................ A8
World-Wide

 Senate Majority Leader

Chuck Schumer said Prime
President Lithium Mine
Gets a Boost Shut Out of Top Jobs,
Minister Benjamin Netan-
yahu of Israel “has lost his
way” and called for new
Opposes A $2.26 billion U.S. loan will
aid refining efforts at a major Women Leave Goldman Sachs
elections aimed at choosing
a new government, a sign of
growing U.S. pressure on Is-
Proposed lithium-mining project. A4

Average price for

rael over the war in Gaza. A1
 Israel’s military said it would
work with the U.S. to set up a
Takeover of battery-grade lithium
$70,000 a metric ton
Wall Street giant pledged to bring more women into senior ranks.
Instead, key talent say better opportunities are elsewhere.
maritime corridor to help flood
northern Gaza with aid to al-
leviate the hunger crisis in
U.S. Steel 60,000
BY ANNAMARIA ANDRIOTIS AND ANDREA FULLER No woman currently runs a major division
or is seen internally as a credible candidate to
the Palestinian enclave. A7 50,000 When David Solomon became CEO of Gold- succeed Solomon. Two of the eight executive
BY ANDREW DUEHREN man Sachs just over five years ago, he made officers at Goldman are women—in legal and
 Biden’s decision to op-
AND BOB TITA 40,000 promoting women to senior levels of the firm accounting, nonrevenue generating positions.
pose Nippon Steel’s attempt
a priority. On Monday, he’ll host several In Goldman’s core division of investment
to buy U.S. Steel was the
President Biden’s decision to 30,000 women partners for dinner at his Manhattan banking and markets, a number of star women
culmination of months of ag-
oppose Nippon Steel’s attempt apartment where he’ll face questions on why partners have left or are no longer partners
itation against the deal. A1
to buy United States Steel on 20,000
that hasn’t worked out. after they saw little or no path to moving up
 A federal judge in Florida Thursday was the culmination Roughly two-thirds of the women who were the ranks. Many women who left the firm
heard two arguments from of months of agitation against partners at the end of 2018 have left the firm found better opportunities elsewhere.
Trump’s attorneys about 10,000
the deal. or no longer have the title, a Wall Street Jour- “Advancing women into our most senior
why she should dismiss the Republican and Democratic Jan. 2023 ’24 nal analysis found. The same can be said of ranks is an area where we have not accom-
charges over his handling of lawmakers had called for the Source: Benchmark Mineral Intelligence just under half of male partners at the time. Please turn to page A9
classified documents. A6 Biden administration to use na-
tional-security powers to block

Media Dealmaker’s Own Deal Turns Sour

 The father of a teenager
the $14.1 billion deal for the
who killed four people at a
high school in Oxford, Mich., Pittsburgh-based company. The
was found guilty of four United Steelworkers union
counts of unintentional man- blasted it. Former Presi-
dent Donald Trump, the pre- BY SUZANNE VRANICA phones and wears custom and branding opportunities. advertising executives on
slaughter weeks after his
sumptive GOP presidential AND SARAH KROUSE Brunello Cucinelli clothes. Roughly two years later, both coasts, offer a glimpse at
wife was held accountable
for their child’s attack. A3 nominee, promised to scuttle it Michael Kassan’s relation- UTA and Kassan are embroiled the money, ego and power
if he wins a second term. With One of Madison Avenue’s ships in the advertising and in legal spats over their tie- that fuel Hollywood and Mad-
 The Energy Department is the political pressure mount- savviest connectors holds media worlds helped entice up, his spending and the cir- ison Avenue.
readying a $2.26 billion loan to ing, Biden signaled his opposi- court on the French Riviera Hollywood talent agency UTA cumstances under which he Kassan accused UTA and its
Lithium Americas to stimulate tion to the deal without explic- each spring, forging deals to buy MediaLink, the company left UTA. chief executive, Jeremy Zim-
domestic production of the itly saying he would block it. with industry bigwigs and he founded, in 2021 for $125 Dueling legal actions filed mer, of breaching his contract
batteries that power EVs. A4 “U.S. Steel has been an wooing clients with help from million as part of a push to ex- this week, which have raised and acting in bad faith after
iconic American steel company celebrities. He often uses two pand further into marketing eyebrows among media and Please turn to page A2
 A Harvard University probe
for more than a century, and it
into researcher Francesca Gino
is vital for it to remain an
found that her work contained
manipulated data and rec- American steel company that is
domestically owned and oper-
This Apple Video Feature INSIDE
ommended that she be fired,
according to a court filing. A4 ated,” Biden said Thursday.
Behind the scenes, a com-
Awkwardly Crashes Meetings
 A major storm dumped pany with more bottom-line i i i
heavy snow in Colorado, considerations is helping or-
forcing flight cancellations chestrate the populist revolt. Users’ hand motions accidentally trigger
CHARLIE NEIBERGALL/ASSOCIATED PRESS

and shutting down a high- Ohio-based Cleveland-

way that connects Denver to Cliffs had also tried to buy U.S. on-screen confetti, balloons at odd times
the state’s ski resorts. A6 Steel last year, and now con-
fronts the prospect of a com- BY ANN-MARIE ALCÁNTARA pened? Oh my gosh,’” says
CONTENTS Markets Digest..... B6 petitor vastly strengthened by Nolte, who lives in Cedar Falls,
Arts in Review. A10,13 Markets & Finance B9
Business& Finance B2,3,5 Opinion................ A15-17
Nippon Steel’s deep pockets Alyssa Nolte, a 33-year-old Iowa.
Capital Account..... A2 Sports.......................... A14 and close ties to Japanese au- consultant, was on a somber The meeting had just been
Crossword................ A13 Technology................ B4 tomakers. business call a couple months hijacked by the latest tech
Heard on Street.. B10 U.S. News.......... A2-4,6 After losing in the board- ago. A client was shar- that has us cringing at work:
Mansion............... M1-14 World News.. A7-8,18
room, Lourenco Goncalves, the ing news about com- the new Apple camera ef-
combative CEO of Cleveland- ing layoffs. The client fect that made its debut in BUSINESS & FINANCE MANSION
> Cliffs, is trying to kill the deal on raised her hands and a September software up- New streaming service Atlanta’s metro area is
Capitol Hill as well as through an suddenly her screen date for Macs and other
unusual alliance with the United was filled with bal- devices.
aims to fix the fast becoming a mecca
Steelworkers. loons. Users are inadver- fragmented experience for the film and TV
s 2024 Dow Jones & Company, Inc.
In meetings with Republican “We’re all like, tently triggering del- of watching sports. B1 industries. M1
All Rights Reserved Please turn to page A6 ‘What just hap- Sorry, boss! Please turn to page A9
P2JW075000-0-A00200-1--------XA

A2 | Friday, March 15, 2024 THE WALL STREET JOURNAL.

U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip

Big Profits, High Prices: There Is a Link

S
ometimes President highest since the 1960s. Change in prices, costs and profit since Corporate profit margins, feather. In a report last week
Biden sounds as Take autos. In the two fourth quarter, 2019* excluding finance† economists at Goldman Sachs
though he is running years ended in February found prices across the econ-
60% 20.0% RECESSION
for re-election 2022, new-vehicle prices shot omy in recent years behave
against John D. up 19%, according to Labor like rockets and feathers: Ris-
Rockefeller, not Donald Department data, as a short- 17.5 ing input costs are passed
Trump. age of semiconductors sty- 40 through to prices more
In his State of the Union mied supply. The chip short- Profit quickly than falling input
15.0
address last week, Biden ages have ended, but in the costs.
slammed “big pharma,” “big past year prices are still up Goldman found that indus-
landlords” and the “biggest 0.4%. Not coincidentally, De- 20 12.5 tries where margins had ben-
corporations” that “pad their troit’s Big Three automakers Price efited the most from supply
profits” with “shrinkflation,” boasted wider profit margins Labor constraints have seen mar-
10.0
“price gouging,” “deceptive last year than they did in Nonlabor gins reverse the most. While
pricing,” “exorbitant prices” 2019, despite plowing billions 0 the firm expects that to con-
and “price-fixing.” into money-losing electric ve- 7.5 tinue, it also thinks margins
Inflation, of course, is a hicles. in some sectors such as retail
macroeconomic phenomenon and wholesale trade will stay

D
-20 5.0
reflecting supply, demand o higher margins con- higher than before the pan-
and monetary and fiscal pol- tribute to inflation? 2020 ’21 ’22 ’23 2001 ’05 ’10 ’15 ’20 demic because of increased
icy, including Biden’s own Well, profits reflect *Based on prices and unit costs of nonfinancial corporate value added. †Profits with inventory valuation adjustment and capital consumption
concentration.
spending. Yet cut through the prices minus costs. Since the allowance, as share of nonfinancial corporate gross value added Why prices rise like rock-
hyperbole, and there is a fac- end of 2019, prices are up Source: Commerce Department ets and fall like feathers
tual core to Biden’s accusa- 17%, outpacing both labor might reflect companies’
tions in need of investigation. and nonlabor costs. The re- tured, they refinanced at the products ranging from food 2023, the net profit margin ability to exploit human psy-
Between late 2019 and the sult: Profit grew by 41%. If much lower rates the Federal delivery to concert tickets. of information technology chology. Customers won’t
second quarter of 2022, cor- profits had grown at the Reserve engineered during A Labor Department study companies in the S&P 500 necessarily revolt if a com-
porate profit margins shot up same, slower rate as costs, the pandemic. This alone found widespread instances (which isn’t representative of pany raises prices owing to a
to 17% from 13.4%. (These are that would have translated to equals roughly two-thirds of of shrinkflation—the price the overall economy since its surge in costs that everyone
pretax profits as a share of a cumulative price increase the rise in margins. Since stays the same while the members are larger and more suffered—and won’t stop
revenue, minus inputs such of only 12.5%, and an average rates started heading higher package gets smaller. But nei- global) was a whopping buying just because the com-
as imported parts, and ex- annual inflation rate roughly in 2022, that will soon re- ther found these practices 26.4%, up 4 percentage points pany didn’t pass on a lower
cludes financial companies.) 1 percentage point lower. verse. have become more prevalent from four years earlier. cost.
The reason was obvious: Two caveats. The inflation Still, that doesn’t explain and so they can’t explain in- But it’s hard to link this to “If people are paying $3
As the economy emerged rate referred to here includes why margins stayed high. In flation. inflation since, adjusted for for a dozen eggs last week,
from pandemic shutdowns, some things the more famil- a competitive market, compa- In theory, growing corpo- quality and performance, they’ll pay $3 this week. And
companies faced a wall of de- iar measures of consumer in- nies ought to respond to rate concentration could tech product prices are often firms take advantage of
mand they couldn’t meet be- flation don’t, and excludes lower costs by lowering raise prices. Yale University falling, and many are free that,” said Sinkinson. “It is
cause of shortages of labor, others. Second, this doesn’t prices to avoid losing market economist Mike Sinkinson (think of web search) and unfortunate for the con-
parts, transportation and prove profits drove prices, or share. said that while serving on thus don’t appear in the con- sumer. These prices shouldn’t
other inputs—a recipe for that prices drove profits. Could deceptive practices the Council of Economic Ad- sumer-price index. be elevated, but they are.”
pricing power and high mar- But it certainly points to a be a factor? In a recent re- visers in 2022-23, he looked If companies can exploit

T
gins. connection, and a question: port, Biden’s Council of Eco- for but found no evidence here is one final possi- human psychology, maybe
As of the third quarter of Why are margins so high? nomic Advisers estimates that concentration was con- ble explanation. It’s of- presidents can, too—by nam-
2023, the supply problems One possible reason is that that the average household tributing to inflation. ten said that when oil ing and shaming those same
had largely been fixed, and interest expense has plum- each year pays more than Certainly some companies prices go up, gasoline quickly companies. Which probably
profit margins had fallen, but meted to just 1.3% of revenue, $650 in so-called junk fees, are de facto monopolists or follows, like a rocket. When explains why Biden has dis-
only to 16.4%. Outside the the lowest since the 1960s. which it defines as manda- duopolists, such as in big oil prices go down, gasoline covered his inner Teddy Roo-
pandemic period, that is the As companies’ debts ma- tory but not disclosed fees on tech. In the fourth quarter of only follows slowly, like a sevelt.

MediaLink funds to pay off nearly

$500,000 in personal credit-
card debt and used company

Founder’s money to pay his personal

driver and the driver’s rent as
well as the housekeeper for

Ugly Exit his New York residence.

Private flights were another
point of contention. Kassan in-
sisted on them for himself and
Continued from Page One his family, including for per-
the acquisition, according to a sonal trips without a business
demand for arbitration filed purpose, UTA alleges.
Tuesday. Kassan is seeking at Kassan said in his arbitra-
least $25 million in damages. tion filing that Zimmer and
The agency accused Kassan his wife were on “numerous”
of “wasting millions of UTA’s such flights. Flight records
dollars on his lavish personal provided by representatives
AMANDA STRONZA/GETTY IMAGES FOR SXSW

lifestyle,” including paying for Kassan show at least

for an apartment for his three instances in which Zim-
driver and using nearly mer was on board Kassan’s
$500,000 in corporate money private flights.
to pay off personal credit- Counsel for UTA said Zim-
card debt and compensate his mer flew with Kassan “less
New York housekeeper, ac- than a handful of times.”
cording to a suit filed Tues- “This is about the hundreds of
day in Superior Court of Cali- thousands of dollars of private
fornia in Los Angeles County. aviation that had no legiti-
Allegations in the suit include MediaLink founder Michael Kassan in 2022, a year after UTA paid $125 million for the company. mate business purpose,” coun-
constructive fraud and breach sel for UTA said.
of fiduciary duty. UTA told clients it is sorry wood agencies are increas- brands and media companies Kassan sought assurances
for any disruption the legal ingly seeking ways to profit sort out the ever-changing that he could continue his
fight has caused and that the from brand partnerships, in- digital landscape. Detractors level of spending and claims Card-carrying
‘Desperate attack’ agency is committed to con- cluding by helping companies routinely gripe about his con- Zimmer “agreed to how Kas- UTA also alleges that a cor-
Representatives for Kassan tinuing to grow and invest in land product placements in flicts of interest and how he san rolls.” porate credit card was issued
said he resigned from UTA on MediaLink. films and television shows and has managed to work with UTA asked that the money to Kassan’s wife, who isn’t a
March 6, forfeiting a nearly Kassan spent time Wednes- sourcing opportunities for the most entities in the media and be used only for business MediaLink or UTA employee,
$10 million severance pay- day reassuring ad and market- stars that agencies represent. ad space that often compete costs, while Kassan sought and that she used it to buy
ment, and that the agency’s ing executives that he would The agency, whose roster in- with each other. flexibility to spend it accord- luxury goods.
claims “are a desperate at- continue to work with brands, cludes Greta Gerwig and Paul Kassan points out that he is ing to “past business prac- Kassan’s lawyers said that
tack” in response to his resig- according to people familiar Giamatti, forged partnerships transparent about working tices,” a term the agency his wife used the credit card
nation and lawsuit. They with the matter. He hosted a with Hummer and General with everyone and has long agreed to, according to legal to buy gifts for business asso-
called the suit “an attempted cocktail party at San Vicente Motors to place products in said “no conflict, no interest.” filings. ciates such as LionTree’s
diversion tactic by UTA to Bungalows, a members-only the hit film “Barbie.” A trained lawyer, Kassan Kassan said in his arbitra- Aryeh Bourkoff; Mattel CEO
hide that they fraudulently in- club in West Hollywood, Calif., Agency leaders hoped buy- was suspended from practic- tion case that without that Ynon Kreiz; JT Batson, the
duced Michael into agreeing for the Ad Council, a non- ing MediaLink would further ing law in 1996 after a felony wording, he wouldn’t have CEO of the U.S. Soccer Federa-
to a transaction when Zimmer profit that facilitates public- those goals. When the deal conviction for grand theft by agreed to the sale. In its suit, tion; and Zimmer. A represen-
had no intention of honoring service campaigns. was announced, Zimmer said embezzlement UTA said the tative for Kassan added that
his word.” “It’s been a busy press day in an interview with The Wall during his time $950,000 was his wife has had a MediaLink
Bryan Freedman, counsel to today,” Kassan told the room Street Journal that MediaLink as a limited intended to be credit card since the firm’s
UTA, said Kassan was fired of ad executives, according to “is the perfect piece to help partner in MediaLink is used for reim- founding almost two decades
March 7 and made aware people who attended the event. accelerate our strategy in the Chicken Enter- among the ad bursement of ago.
“well before that UTA had “I want to introduce my- way we face, communicate prises, operator Kassan’s busi- UTA said it was unaware of
grounds to fire him.” Kassan’s self: I used to be Michael Kas- and partner with brands.” of El Pollo Loco industry’s most ness expenses the card’s existence and what
claim “has no merit and is an
attempt to divert attention
san…oh no, I’m still Michael
Kassan,” he said as he cued
Kassan built MediaLink into
a firm offering services in-
restaurants in
Southern Cali-
influential beyond normal
costs and that
it was used for.
For his part, Kassan said in
from the misappropriation of the bartender to bring him a cluding helping companies fornia, accord- organizations. he didn’t pro- his legal filing that Zimmer
company funds that led to his martini. adapt to the digital age, find ing to state bar vide documen- would complain about the ex-
termination,” Freedman said. UTA and other major Holly- ad agencies, recruit talent and records. The tation for how penses and attempted to re-
offer advice on mergers and charge was that money was nege on the agreed-upon bud-
CORRECTIONS  AMPLIFICATIONS acquisitions. It is among the
ad industry’s most influential
later reduced to a misde-
meanor and expunged.
spent.
UTA also claimed that Kas-
get. The UTA chief executive
refused to integrate Medi-
Readers can alert The Wall Street Journal to any errors in news articles by organizations, with clients A few years later, Interpub- san directed large chunks of aLink into the firm, making it
emailing [email protected] or by calling 888-410-2667.
that have included Unilever, lic Group’s Western Initiative MediaLink and UTA money to a “silo,” and backtracked on
Pfizer, Snap, Adobe, General Media said Kassan, its presi- himself without documenta- promises made during negoti-
Motors, Microsoft, NBCUniver- dent, had been terminated. tion that they were business ations, Kassan’s complaint
THE WALL STREET JOURNAL sal and Condé Nast. Kassan sued, alleging that the expenses. In some cases, UTA said.
(USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
With a Gray Goose martini company tried to force him said Kassan described the Kassan’s arbitration filing
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 (with a lemon twist) in hand, out and the parties later set- payments as reimbursements claims that UTA reneged on
Published daily except Sundays and general legal holidays. Kassan is known for hosting tled the litigation. for charitable donations. its promise to have its market-
Periodicals postage paid at New York, N.Y., and other mailing offices. the industry’s must-attend The agency said Kassan ing business report to Kassan
Postmaster: Send address changes to The Wall Street Journal,
events, such as his annual VIP failed to comply with its inter- after its acquisition and pres-
200 Burnett Rd., Chicopee, MA 01020.
All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of which dinner in Cannes at Hotel du How Kassan ‘rolls’ nal expense-documentation sured Kassan to increase
are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Cap-Eden-Roc, the tony The new legal filings reveal and control processes soon af- prices for MediaLink’s clients.
Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only
publication of an advertisement shall constitute final acceptance of the advertiser’s order. movie-star retreat on the terms of MediaLink’s sale to ter the sale closed. It also alleged that UTA
Letters to the Editor: Fax: 212-416-2891; email: [email protected] French Riviera. Guests are ser- UTA and show a relationship “Kassan presented himself tried to cut costs at Medi-
Need assistance with your subscription? enaded by top talent, from that quickly soured after the as a trustworthy businessman, aLink, failed to invest in grow-
By web: customercenter.wsj.com; By email: [email protected]
By phone: 1-800-JOURNAL (1-800-568-7625) Lizzo to Mariah Carey to deal. who had operated within the ing the firm and wanted Medi-
Reprints & licensing: Mumford & Sons to Sting. At While negotiating the sale, stringent controls and regula- aLink to close its executive-
By email: [email protected]
By phone: 1-800-843-0008
one such event in 2012, Elton Kassan said he told UTA that tions of a publicly traded com- search business for the benefit
WSJ back issues and framed pages: wsjshop.com
John performed, playing an MediaLink’s then-parent pany. That turned out not to of another UTA company.
Our newspapers are 100% sourced from sustainably certified mills. oversize piano that had been company, London-based As- be the case,” the agency wrote “The only fraud here is
airlifted into the hotel. cential, gave an entity he in its complaint. Kassan stealing from the com-
GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS Industry executives credit controls $950,000 each year Among its other accusa- pany,” said Freedman, the
Kassan for his ability to help to spend at his discretion. tions: Kassan used MediaLink counsel for UTA.
P2JW075000-2-A00300-1--------XA

THE WALL STREET JOURNAL. * * Friday, March 15, 2024 | A3

U.S. NEWS

School
Shooter’s
Father
Convicted
BY JOE BARRETT

The father of a teenager

who killed four people at a
high school in Oxford, Mich.,
was found guilty Thursday of
four counts of unintentional
manslaughter weeks after his
wife became the first parent of
a school shooter to be held ac-

CHRIST CHAVEZ FOR THE WALL STREET JOURNAL (4)

countable for a child’s attack.
James Crumbley is the fa-
ther of Ethan Crumbley,
who pleaded guilty to four
counts of murder in the killings
at Oxford High, about 40 miles
north of Detroit, and is serving
life in prison. His wife, Jennifer
Crumbley, was convicted last
month on four counts of unin-
tentional manslaughter and is
in custody awaiting sentencing.
James Crumbley showed
little reaction to the verdict Ruben Garcia, above in white, has run Annunciation House in El Paso, Texas, for 46 years.
other than shaking his head Migrants typically stay at the shelter, below, a few days until they can obtain bus tickets
side to side. Some victim fam- elsewhere. On one recent day, left, migrants spent their time styling hair or watching TV.
ily members in the courtroom

Texas Border Battle Engulfs Catholic Charity

smiled in relief.
Prosecutors said Crumbley
had purchased the gun for his
son and then failed to secure it
or tell school officials about it
during a meeting on Nov. 30, El Paso group is first support her parents and 6-
2021, the day of the shooting, year-old daughter back home.
after Ethan made troubling migrant shelter to Garcia, who joked with
drawings on a math sheet. be a target of state’s women styling a little girl’s
“James Crumbley failed to hair between dorm bunk beds
use ordinary care which could investigations on a recent day, said he finds
have prevented the death of the state’s use of the term
these four kids,” said Oakland BY ELIZABETH FINDELL “stash house” baffling. In
County Prosecutor Karen stash houses, smugglers im-
McDonald in her closing argu- EL PASO, Texas—For nearly prison migrants, placing them
ment. half a century, migrants who under squalid and violent con-
The defense countered that have crossed the border near ditions. Annunciation House,
neither James Crumbley nor El Paso have sought shelter in with its brightly colored walls,
the school administrators who a small brick flatiron building, where children play with toys
saw the math sheet had rea- where Border Patrol agents while teens watch soccer on
son to suspect what Ethan drop off recent arrivals daily. television, is an attempt to of-
was planning to do. But now, Annunciation fer dignity, Garcia said.
“You saw no evidence that House and other organizations Investigators from the
James had any knowledge that like it—many with religious Texas Attorney General’s Of-
his son was a danger to any- affiliations—are coming into based migrant-aid groups, involved” with Catholic Chari- and the unwanted,’ ” Garcia fice came knocking on Feb. 7,
one,” said defense attorney the legal crosshairs of Texas which see it as an attack on ties, which operates shelters recalled in an interview. seeking reams of documents,
Mariell Lehman. politicians seeking to stop aid their religious mission. The on the border. And a January The group still serves refu- including all communication
The cases against the elder to people who have crossed move has exacerbated tension report by the U.S. Conference gees who show up on its door- with its guests. According to
Crumbleys were the first time the border illegally. between local Catholic dio- of Catholic Bishops named step, but that has become rare court records, the office had
prosecutors had sought to Texas Attorney General Ken ceses, whose influence along hostility toward those giving these days, Garcia said. Nearly been surveilling the organiza-
pin direct responsibility for a Paxton has sued to revoke the the border is strong, and poli- aid to newcomers as one of all its guests come directly tion, observing “several His-
fatal school shooting on the registration of Annunciation ticians seeking aggressive ac- the five biggest threats to reli- from Border Patrol, after they panic individuals.” In court re-
parents of the shooter. House, calling it a “stash tions against migrants. gious liberty in the country. have been caught or requested cords, the state accused the
Both Crumbley trials hinged house” for migrants. A judge The state has publicly said “It is a grave concern in asylum and given a court date. organization of catering to il-
on a meeting among the par- this week blocked the state’s ef- it is targeting nonprofits sus- church circles,” said J. Kevin Border Patrol agents text legal border crossers, trans-
ents, Ethan Crumbley and two forts temporarily, saying Pax- pected of smuggling people Appleby, a senior fellow at the Garcia every morning with the porting them and, by referring
school officials the morning of ton’s office acted “without re- over the border, but the only Center for Migration Studies number of migrants they need them to attorneys, encourag-
the shooting. On a school math gard to due process” in a move specific instances it cited in who previously worked for the to find beds for—on a recent ing them to stay.
sheet, Ethan had drawn a pic- he said seemed predetermined Annunciation House’s case U.S. Conference of Catholic day it was 468—and he re- After attorneys from the of-
ture of a 9mm handgun like to shut the charity. were of a lawyer advocating Bishops. “If Abbott and Paxton sponds to tell them how many fice told Annunciation House
the one he had received as a Andrew Mahaleris, a for the lawful admission of escalate this and make it a people to bring to which shel- representatives that they had
Christmas present, a person spokesman for Gov. Greg Ab- families at a port of entry. campaign against the church ters. Migrants usually stay a 24 hours to turn over docu-
bleeding and the words, “blood bott, didn’t answer questions Religious leaders said they …it would galvanize Catholic few days until they can obtain ments that the staff said it
everywhere,” “the thoughts about the governor’s order but fear other faith-based mi- interests, certainly.” a bus ticket elsewhere. would take weeks to collect,
won’t stop” and “help me.” said the governor “expects all grant-aid organizations could Annunciation House for- Some migrants also come Annunciation House sued. The
School officials recom- organizations operating in our be next. The move against An- mally opened its doors as a to the facilities from local hos- organization said it wanted a
mended the parents seek im- state to comply with the law.” nunciation House comes as shelter in 1978. Ruben Garcia pitals. Many have broken judge to advise what informa-
mediate mental-health ser- The Catholic charity is the rancor toward migrants and has run the organization, now bones from falling off the bor- tion the attorney general had
vices for their son, but the first shelter to be the target of those who help them has been comprising the original down- der wall, including Magnolia rights to, noting that the re-
parents opted to leave him in state investigations that the on the rise. town house and a network of Santos, 33 years old, who said quests included medical re-
school after school officials ex- governor requested more than In October, an alt-right so- others across El Paso, from violence in her native Chiapas, cords and other private infor-
tended the deadline to 48 a year ago. The state’s move cial-media influencer with the start. “We said, ‘This is Mexico, had driven her north. mation. Paxton then counter-
hours. He opened fire in a hall- on that order is sending shock more than 900,000 followers who God was talking about She is trying to join friends in sued, seeking to shut the
way shortly after the meeting. waves through Texas faith- called for “shooting everyone when he said help the poor Tulsa, Okla., and get a job to organization entirely.

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A4 | Friday, March 15, 2024 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

TikTok Stars Wonder, What If It Goes Away? Harvard

Concerned creators makeup, said she is more wor-
Finds
say it is impossible
to grow anywhere
ried than she was last March,
when rumblings of legislation
began. This time, TikTok asked
Researcher
else as quickly
users to contact their represen-
tatives to urge them to vote
against a ban, making it feel “a
Misconduct
Kim Hale started posting little more real,” she said.
videos of her hip-hop routines Influencer-marketing experts BY NIDHI SUBBARAMAN
on TikTok three years ago, said their guidance to creators
when she was in her early 50s. and brands remains the same A Harvard University probe
She had danced professionally as in 2020: Don’t be overly con- into prominent researcher
centrated on any one platform. Francesca Gino found that her
By Sara Ashley “We still see brands plan- work contained manipulated
O’Brien, Ashley Wong ning out the year with TikTok data and recommended that
and Lindsey Choo as a top media channel for con- she be fired, according to a vo-
tent and spending,” said Ryan luminous court filing that of-
in her youth, she said, but it Detert, CEO and founder of in- fers a behind-the-scenes look
had been a decade since she fluencer-marketing firm Influ- at research misconduct inves-
had trained. Now here she was, ential. Influential, he said, has tigations.
a woman in midlife moving been advising clients about the It is a key document at the
with ease and confidence for a possibility of a ban since center of a continuing legal
potential audience of millions. Trump raised the executive or- fight involving Gino, a behav-
“People were like, ‘Get it, der. He said that brands devote ioral scientist who in August
Grandma,’ ” said Hale, 56. She up to 30% of their marketing sued the university and three
doesn’t have grandchildren, but budgets to TikTok creators and data bloggers for $25 million.
her white hair, contagious smile paid media. The case has captivated re-
and choreography have helped Ryan Lu, who makes videos searchers and the public as
her stand out. She has built a about astrology and spirituality, Gino, known for her research
following of 709,000 and a list said that a big part of his liveli- into the reasons people lie and
of paid brand partners that in- hood comes from his daily cheat, has defended herself
cludes L’Oréal, HomeGoods and livestreams on TikTok, where against allegations that her
Tylenol. virtual gifts from viewers can work contains falsified data.
Hundreds of thousands of lead to payments from TikTok. The investigative report had
people have found rapid TikTok Livestreaming on Instagram, by remained secret until this
fame displaying their talents— comparison, feels like “yelling week, when the judge in the
from dance to comedy to cook- into the void,” he said. case granted Harvard’s request
ing to extreme crafting. For But Lu understands he may to file the document, with
many, TikTok has gone from need to diversify his income some personal details re-
hobby to full-time career, as streams. “It’s important to not dacted, as an exhibit.
brands have flooded them with completely invest in one plat- The investigative committee
offers to advertise products and form,” Lu, 27, said. that produced the nearly
talent scouts have leveraged TikTok talents range from Abelyn Salazar, 24, has been 1,300-page document included
their followings to secure book Kim Hale’s dancing, above, to posting videos about makeup three Harvard Business School
deals, product lines and more. Macy Eleni’s thrift shopping. and fashion on TikTok for professors tapped by HBS dean
Now, their income hangs in about three years. TikTok was Srikant Datar to examine accu-
FROM LEFT: MACY ELENI; KIM HALE

the balance of pending legisla- Dance, a tech company in Bei- where she found the most suc- sations about Gino’s work.
tion. After House lawmakers jing, quickly faced scrutiny from cess, the Los Angeles-based They concluded after a
voted overwhelmingly Wednes- federal officials all the way up creator said, after several monthslong probe conducted
day for a bill that could ban the to the Oval Office. In 2020, years of trying out different in 2022 and 2023 that Gino
app in the U.S., TikTok is lobby- then-President Donald Trump social-media sites. “engaged in multiple instances
ing Washington to avoid a moved to implement a ban on Losing TikTok scares her, of research misconduct” in the
tough choice: Sell it or lose the the app, calling it a national se- she said, but she has been try- four papers they examined.
170 million users who make up curity threat, but he was de- ing to spend more time creat- They recommended that the
its biggest market. railed by legal challenges. Creators who got their start app, which led to her first book, ing videos on YouTube, where university audit Gino’s other
When TikTok became avail- Now there is bipartisan sup- on sites like YouTube and Insta- “Second Chances,” out later she sees potential for long- experimental work, request re-
able in the U.S. in 2017, its bite- port for keeping American us- gram say it is impossible to this year with a Simon & term, stable growth. tractions of three of the papers
sized video format launched a ers’ data out of a Chinese cor- grow anywhere else as quickly Schuster imprint. “I’ve been migrating some (the fourth had already been
new wave of online stars. poration’s hands. A U.S. ban as on TikTok. Macy Eleni, who “There’s obviously been talks of my TikTok content to Insta- retracted at the time they re-
Thanks to the app’s hypersensi- would be a boon for Meta’s In- posts about thrift shopping and of TikTok bans on and off gram Reels, because I have a viewed it), and place Gino on
tive algorithm, people could stagram, which launched its mental health as @blazedandg- throughout the whole time I’ve similar audience there,” Sala- unpaid leave while taking
discover content and personali- Reels video feature in 2020 as lazed, said that within weeks of been on the platform,” said zar said. steps to terminate her em-
ties that aligned with their in- an answer to TikTok. joining the app in 2020, she Eleni, 31, based in Los Angeles. But TikTok is still the place ployment.
terests just by scrolling the TikTok declined to comment. had 100,000 followers and a She said she isn’t concerned where she draws in the most “The Investigation Commit-
app’s main feed. Brands quickly “If it’s about national secu- brand deal with a sustainable about the security of her data. business, she said, and where tee believes that the severity
noticed who was commanding rity, I get that,” said Hale. But laundry company. She’s more worried that a ban she has spent the most time of the research misconduct
an audience and started making she didn’t understand why the Now she has 479,000 follow- could affect the promotion of building relationships with that Professor Gino has com-
deals to get their products in government was “acting so ers and has had deals with her book. brands and viewers. mitted calls for appropriately
front of the rapidly growing quickly on this when there are companies like Coach, Super- Dana Hasson, a 26-year-old “I’m concerned about poten- severe institutional action,”
user base. so many other big issues loom- goop and Major League Soccer. creator in New York City whose tially losing the strong commu- the report states.
But TikTok, owned by Byte- ing right now.” An editor discovered her on the videos focus on baking and nity I’ve built,” she said. HBS declined to comment.
In court filings and public
statements, Gino and her at-

Mnuchin by Chinese laws and regula-

tions.”
The comment was seen by
short videos. Bobby Kotick, the
former chief executive of vid-
eogame publisher Activision,
Mnuchin was one of
Trump’s closest advisers and
one of the few senior officials
torney have denied wrongdo-
ing.
Harvard started looking into

Plans Bid
PATRICK T. FALLON/AFP/GETTY IMAGES

some ByteDance executives as has expressed interest to Byte- to last all four years in his ad- Gino’s work in October 2021
reinforcing Beijing’s message Dance co-founder Zhang Yim- ministration. after a group of behavioral sci-
to the company that it would ing, The Wall Street Journal As Treasury secretary, he entists who write about statis-

To Buy App face regulatory hurdles if it

sought to shed TikTok, people
familiar with the matter said.
has reported. Other major
technology-industry players in-
cluding Microsoft and Oracle
chaired the Committee on For-
eign Investment in the U.S., or
Cfius, which reviews foreign in-
tical methods on their blog
Data Colada complained to the
university. They had analyzed
Last year, China warned that a tried to buy it a few years ago vestments for national-security four papers co-authored by
Continued from Page One sale or divestiture of TikTok when the Trump administra- concerns. That panel played a Gino and said data in them ap-
potentially gives Beijing a way would involve exporting tech- tion pushed to ban the app. key role in the Trump adminis- peared falsified.
to collect data on U.S. citizens nology and would have to be Steven Mnuchin TikTok ended up striking a tration’s efforts to ban or force Harvard placed Gino on ad-
and influence public opinion. approved by the government. deal with Oracle that took ef- a sale of TikTok. ministrative leave in June
Officials are concerned about ByteDance has said it pany own something like this fect in 2022 whereby all U.S. Over the years, Mnuchin has 2023, after the university com-
the way its algorithm works to wouldn’t comply with any de- in China.” user data was to be routed tapped his personal wealth and pleted its probe. A few days
select content for users on sen- mand for data from the Chi- Sen. Mark Warner (D., Va.), through the cloud infrastruc- network to put together deals later, the Data Colada bloggers
sitive issues such as teen de- nese government and that it the chairman of the Senate In- ture of the software giant. for companies under stress. Af- published their criticisms of
pression and the Israel-Hamas has never faced such a request. telligence Committee, said he Former President Donald ter leaving the government, he the four papers Gino co-au-
war. On CNBC, Mnuchin indicated was “really glad to see” Trump, the presumptive GOP started Liberty Strategic Capi- thored in a series of posts that
TikTok and ByteDance he was aware of concerning in- Mnuchin’s comments, as they presidential nominee, criticized tal, which has made a number stunned the psychology and
didn’t respond to requests for formation about TikTok from pointed to a possible avenue the new legislation last week. of investments and raised behavioral-sciences commu-
comment. During a news con- his time in government but for TikTok to be sold to non- But earlier this week, he said money from investors in the nity.
ference on Thursday, a spokes- couldn’t discuss details pub- Chinese investors rather than the possible ban was “a tough Middle East. She sued the university in
man for China’s Ministry of licly. shut down. decision.” Mnuchin said Thurs- In the television appearance, August, arguing that the inves-
Commerce said the U.S. should “This should be owned by Mnuchin isn’t the first well- day he hadn’t discussed TikTok Mnuchin declined to say who tigation was flawed and bi-
“stop unreasonably suppress- U.S. businesses,” he said. known businessman to recently with Trump this week but be- would be part of any group ased.
ing” TikTok, adding: “The rele- “There’s no way that the Chi- signal a desire to own TikTok, lieved the former president buying TikTok, which currently —Melissa Korn
vant party should strictly abide nese would ever let a U.S. com- which is known for its viral would support a sale. has major U.S. investors. contributed to this article.

U.S. Jump-Starts Electric-Vehicle Push With Lithium-Mining Loan

BY SCOTT PATTERSON EVs by 2030. office finances businesses that
That push has recently run are unable to borrow from tra-
WASHINGTON—The Biden into speed bumps. An unex- ditional lenders, often because
administration is providing a pected slowdown in EV sales their technology is seen as too
shot of energy into America’s growth in the U.S. this past risky or because the terms are
flagging electric-vehicle in- year helped weigh on battery too onerous. Loans from the
dustry. metal prices, with lithium office are linked to rates on
The country’s biggest lith- down about 80% since early Treasury bonds and are gener-
ium-mining project is on track 2023. The declines prompted ally cheaper than loans they
to get a $2.26 billion loan some mining companies to could get from a bank.
from the Energy Department, suspend or delay new projects Founded in 2005, the office
part of the administration’s and expansions. The disrup- funded Tesla in its early days
BRIDGET BENNETT FOR THE WALL STREET JOURNAL

push to increase domestic tions threaten to deepen but was criticized when a solar-
production of the rechargeable shortages of key materials in panel maker it backed, Solyn-
batteries that power EVs. coming years. dra, went bankrupt in 2011. The
Lithium Americas will use Jonathan Evans, chief exec- office was largely dormant af-
the funds to build a refining utive of Lithium Americas, ter Solyndra’s bankruptcy until
plant at its Thacker Pass mine said the project delays likely Shah took over in 2021.
in Nevada, which sits on the mean higher prices for lithium Then in 2022, climate-re-
largest U.S. deposit of the as EV adoption picks up. lated provisions in the Infla-
metal. The plant accounts for “We’re setting ourselves up tion Reduction Act gave Shah’s
a majority of the project’s for more volatility in the fu- office a windfall, multiplying
cost, given the difficulty of ture because people pull back its lending capacity 10-fold.
processing raw lithium into very quickly,” he said. The law also said a $7,500
battery-grade material. Lithium Americas expects Workers maintained a drill during construction of the Thacker Pass mine in Nevada last April. tax credit for people who buy
The effort is one of dozens its Thacker Pass mine to ini- EVs can’t go toward buying
of projects across the U.S. rac- tially produce 40,000 metric 2027 and eventually increase dominates global production of Led by former clean-energy cars with battery parts from a
ing to build up a domestic tons of battery-quality lithium to 80,000 tons a year. battery minerals. In 2023, a entrepreneur Jigar Shah, the “foreign entity of concern,”
supply of lithium and other annually, enough for as many The infusion of federal fund- Ford Motor joint venture won a Energy Department’s Loan Pro- which includes China. Auto-
battery minerals, with the Bi- as 800,000 EVs a year, the En- ing into the EV industry is in- record $9.2 billion loan com- grams Office has become a key makers have been scrambling
den administration aiming for ergy Department said. Produc- tended to help break the coun- mitment for battery plants in engine of the administration’s to retool their EV supply
half of new vehicle sales to be tion is expected to start in try’s reliance on China, which Tennessee and Kentucky. clean-energy transition. The chains ever since.
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THE WALL STREET JOURNAL. Friday, March 15, 2024 | A5

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A6 | Friday, March 15, 2024 * ** * THE WALL STREET JOURNAL.

U.S. NEWS

For Trump,
Delay Tactics
Are Paying Off
Judge in documents another of his criminal cases,
on charges related to a hush-
case hears motions money payment on the eve of
for dismissal; more the 2016 election, said in a fil-
ing Thursday they would
hearings expected agree to delay the trial by 30
days. That trial is scheduled to
BY SADIE GURMAN begin later this month. The
AND ARUNA VISWANATHA filing, from the Manhattan
district attorney’s office, said
FORT PIERCE, Fla.—Donald that the U.S. attorney’s office
Trump’s strategy of trying to in Manhattan, which also in-

HOUSTON COFIELD FOR THE WALL STREET JOURNAL

delay his criminal cases, in- vestigated the hush-money
cluding through a barrage of payment, had handed over
long-shot legal motions, ap- 73,000 pages of evidence since
pears to be paying dividends. March 4, and expects to turn
At a hearing in a sleepy, over additional documents
beachfront community, a federal next week. That judge has yet
judge spent Thursday entertain- to rule on the matter.
ing two arguments from the At the Thursday Florida
former president’s attorneys hearing, Cannon peppered both
about why she should dismiss sides with dozens of questions.
the charges over his handling of She pressed prosecutors from
classified documents. She didn’t special counsel Jack Smith’s
immediately rule on either mo- team about whether other for- President Biden and former President Donald Trump are both wooing steelworkers ahead of this fall’s election.
tion and didn’t provide clarity mer executive branch officials
on a realistic trial date.
At U.S. District Judge Aileen
Cannon’s request, lawyers for
had previously been charged
for offenses similar to those
facing Trump, suggesting
President Top steel producing companies in 2022, by tonnage
U.S. Steel

Opposes
Trump and prosecutors de- Trump may have been unaware 16.0 tn Cleveland-Cliffs
bated the legal meaning of that he might be breaking the 18.5 tn Nippon Steel China Baowu Group
terms like “entitled to” and law if other former senior lead- 48.9 tn 145.3 tn
“unauthorized,” while Trump
himself looked on.
ers had not been charged.
Prosecutors routinely
charge former government of-
Steel Deal
ficials with mishandling clas-
A lot to review sified information, but both Continued from Page One 0 million tons 50 100 150
Cannon appeared skeptical sides agreed Trump’s case and Democratic lawmakers,
of Trump’s claims, but asked stood apart. Cleveland-Cliffs staff have ampli- Source: World Steel Association
questions that highlighted Cannon was nominated to fied union concerns about how
how much more material she her post by Trump and con- Nippon Steel could lay off work- mains central to the identity, if ular trading session down 6.3% country’s second-largest steel
potentially has to review be- firmed to the federal bench ers at U.S. Steel plants in Penn- not the economy, of Pennsylva- at $38.26, below the $55 Nippon company almost overnight. To
fore setting a trial. Trump’s days after he lost his 2020 re- sylvania, Indiana and elsewhere, nia—a swing state in Novem- Steel agreed to pay and below expand production capacity
legal team has filed two other election bid. She has previ- according to people familiar ber’s election where Biden risks the price just prior to the deal. even more, Brazil-born Gon-
motions to dismiss the case ously come under scrutiny for with the matter. During a recent losing support if he greenlights U.S. Steel was born in 1901 of calves called U.S. Steel CEO Da-
that the judge didn’t address, rulings that favored the for- private call with investors, Gon- the transaction. one of the 20th century’s first vid Burritt this past summer
potentially leading to addi- mer president but were over- calves appeared to mock the Nippon Steel is fighting back. megamergers that involved in- with an acquisition offer. The
tional hearings that would turned on appeal. Nippon Steel executives while “Our transaction delivers clear dustrial and banking moguls United Steelworkers embraced
bring the case to a crawl. speaking with what sounded to benefits to U.S. Steel, union Andrew Carnegie, Charles the bid attempt, encouraged by
“I take the motions under two people on the call like a Jap- workers, the broader American Schwab and J.P. Morgan. By the Goncalves’s enthusiasm for leg-
advisement and I will rule on Voicing skepticism anese accent, the two people steel industry, and American na- 1950s, the plants for U.S. Steel acy, union-represented steel
them promptly,” she said. Af- The judge said some of said. Cleveland-Cliffs didn’t re- tional security,” Nippon Steel and its rivals lined the banks of mills.
ter the hearing she denied one Trump’s arguments—includ- spond to requests for comment. said in a statement Thursday. Pennsylvania’s Monongahela The two companies spent
of the motions in a brief or- ing one that Trump had au- “A deal is only a done deal “We are deter- River, employing months negotiating behind
der, but said Trump could thority to designate any re- when it closes, and recent re- mined to see this tens of thou- closed doors. A key concern

$14.1B
raise the argument at a later cords he removed from the ports make it clear that their an- through and sands of work- dogged the talks: The merged
date. White House as personal re- nounced transaction with Nip- complete the ers. company would control the
Trump’s team, with some cords—were better suited to pon faces a very uncertain path transaction.” Those glory country’s iron ore market and its
success, has tried to slow the be argued at trial. to close,” Goncalves said during Nippon Steel days ended de- share of some types of automo-
clock in his criminal cases and “Your argument might have a recent earnings call. “So, their has rushed to Amount that Nippon cades ago. In a tive steel would be as much as
push court proceedings beyond some force, perhaps, in the saga is not over.” hire lobbyists, bid to raise prof- 80%, according to industry esti-
the 2024 election. The other context of a trial defense, but The guerrilla lobbying cam- while Takahiro
Steel is paying to its, U.S. Steel has mates. Lawyers working for U.S.
federal criminal case Trump it’s difficult to see how this paign is shaping a decision that Mori, the com- acquire Pittsburgh- shifted some Steel told its board in Pittsburgh
faces, on charges that he plot- gets you to a dismissal of an goes to the heart of Biden’s in- pany’s head of based U.S. Steel production to a in October that antitrust regula-
ted to overturn his 2020 elec- indictment,” she said. dustrial ambitions. In many global business new lower-cost tors would almost certainly scru-
tion loss, is on hold as the Su- Another argument Trump’s ways, the deal is a victory for Bi- development, mill in Arkansas, tinize, and probably block, such
preme Court considers his attorneys raised, that a por- den’s attempts to revive Ameri- traveled to where it makes a combination, according to a
claim that he has immunity tion of the Espionage Act un- can manufacturing. Washington and Pittsburgh re- steel from melted scrap with a regulatory filing on the negotia-
from prosecution because he der which Trump is charged is The Japanese giant, whose cently for a series of meetings. nonunion workforce a fraction of tions.
was president at the time. unconstitutional, seemed to imports once tormented Ameri- The company pledged to invest the size at one of its legacy mills. Nippon Steel, the world’s
In the classified documents similarly fall flat. “Declaring a can steelmakers, would make $1.4 billion in U.S. Steel’s older Since 2020, as U.S. Steel has fourth-largest steelmaker, had
case, Cannon had initially set statute unconstitutionally steel in the U.S. An industrial mills and refrain from layoffs of closed some older mills, it has been eyeing opportunities to en-
the trial to begin May 20, but vague is quite an extraordi- legend, U.S. Steel would receive hourly workers through 2026. laid off a quarter of its unionized ter the American steel market
both sides have acknowledged nary step,” she said. an injection of capital and tech- Their strategy in the U.S. workforce. for years to offset anemic sales
that the schedule would slip. A judge in Atlanta on nology. The U.S. and Japan counts on winning over the While U.S. Steel cut back at in Japan. But the company was
Federal prosecutors had Wednesday dismissed six of 41 would together take on China’s United Steelworkers, which rep- older, union-represented mills, initially only interested in U.S.
pushed for a July start date, counts in the election-interfer- dominance in the global steel resents about 10,000 of U.S. Cleveland-Cliffs expanded into Steel’s Arkansas mill and its iron
and Trump’s lawyers sought a ence indictment against Trump market. Steel’s hourly workers. “If we those types of mills. The 176- ore mines in Minnesota, feeding
longer delay while he runs for and five co-defendants, saying Spiking the deal on national- can get into an agreement, the year-old mining company union skepticism about Nippon
the presidency. On Thursday, prosecutors hadn’t properly security grounds could make political headwinds will calm bought up its iron ore custom- Steel’s commitment to unionized
Cannon didn’t raise the date laid out those legal claims. foreign investors think twice down,” Mori said. ers in Ohio-based AK Steel and mills elsewhere.
for discussion. —Corinne Ramey about pouring resources into the Some investors have doubts. most of ArcelorMittal’s Ameri- —River Davis
The prosecutors handling contributed to this article. U.S. At the same time, steel re- U.S. Steel closed Thursday’s reg- can mills in 2020, becoming the contributed to this article.

U.S.WATCH ECONOMY
Retail Sales Rose
COLORADO
Storm Brings Piles
0.6% in February Of Heavy, Wet Snow
U.S. retail sales rose a sea- A major storm dumped
sonally adjusted 0.6% in Feb- heavy snow in Colorado, forc-
ruary compared with a month ing flight cancellations and
earlier, the Commerce Depart- shutting down a highway
ment said Thursday, below an that connects Denver to the
expected 0.8% increase from state’s ski resorts.
economists polled by The Wall More than 75,000 custom-
Street Journal. ers were without power
Excluding autos, sales were across Colorado on Thursday.
up 0.3%. Economists had ex- The storm, which began
pected an increase of 0.4%. Wednesday night, delivered
The monthly report on how the slushy, wet snow typical
consumers are spending or for March, one of the snowi-
pulling back is viewed as a est months in Denver, and
harbinger for the state of the wasn’t expected to wind down
U.S. economy. Many econo- until Friday morning. The
mists believe Americans are heaviest snow accumulations
close to spending down their were expected in Colorado’s
pandemic-buffered savings Front Range region, where the
and are feeling stretched by vast majority of the state’s
inflation, which has affected population lives, with most
the prices of everyday essen- falling in the foothills and
tials from groceries to rent. mountains west of Denver.
Earlier this week, the Labor Those higher elevations
Department released data were expected to get 18 to
showing that consumer prices 36 inches, and some amounts
rose 3.2% in February from a exceeding 4 feet, the Na-
year earlier. tional Weather Service said.
Meanwhile, producer prices A stretch of Interstate 70
rose 0.6% in February from was closed in the Colorado
the prior month, topping the mountains, following numerous
0.3% increase economists ex- reports of stranded vehicles.
pected. The producer-price in- Since the storm is the
YUKI IWAMURA/ASSOCIATED PRESS

dex, out Thursday, shows the rarer kind that brings more
hottest inflation for goods snow to the eastern half of
since August 2023 drove the state rather than Colo-
much of the increase, largely rado’s higher mountains to
fueled by rising gas prices. the west, it may not do much
The Federal Reserve tends to to help feed the Colorado
ignore volatile gas prices River, which supplies water to
when gauging inflation. more than 40 million people.
TOUCHDOWN: A Concorde supersonic airliner returned to the Intrepid Museum in New York on Thursday after a restoration. —Angel Au-Yeung —Associated Press
P2JW075000-4-A00700-1--------XA

THE WALL STREET JOURNAL. * * * * Friday, March 15, 2024 | A7

WORLD NEWS
Israel Pledges to Increase Aid Into Gaza
Military says it will aid as a means of pressuring
Hamas. Netanyahu has said that
coordinate with U.S. Israel is doing all it can to en-
on sea corridor amid sure aid delivery, and that the
effort is important to sustain
pressure from allies support from Israel’s allies.
The prime minister also has
BY RORY JONES delayed making a decision on
AND MARCUS WALKER whether a Palestinian adminis-
trative body should be estab-
The Israeli military said it lished to help distribute aid.
would work with the U.S. to Members of Israel’s security
set up a maritime corridor as establishment recommend that
part of an effort to flood the the West Bank-based Palestin-
northern part of the Gaza ian Authority should facilitate
Strip with aid as international deliveries. But Netanyahu, un-
pressure grows to do more to der pressure from right-wing
counter the hunger crisis in allies who oppose that, has
the Palestinian enclave. said it should have no future
Aid groups are warning of a role in administering Gaza.
looming famine as the Israel- The U.S. has said a revital-
Hamas war rages in Gaza, ized Palestinian Authority
spurring countries including should govern in Gaza after the
the U.S. and humanitarian war. Pressed by the Biden ad-
agencies to organize deliveries ministration, the authority’s

HAITHAM IMAD/EPA/SHUTTERSTOCK
of food and other supplies via government resigned last
airdrops, boat shipments or month. On Thursday, Palestin-
truck convoys to the strip’s ian Authority President Mah-
virtually isolated north. moud Abbas appointed Mo-
Israeli military spokesman hammad Mustafa, a former
Rear Adm. Daniel Hagari said Palestinian economy minister
senior U.S. military officials and World Bank executive, to
would visit Israel in the com- form a government.
ing days to coordinate the con- Palestinians struggle to get food in the southern Gaza city of Rafah. Aid groups are warning of a looming famine in the enclave. “The United States will be
struction and protection of a looking for this new govern-
temporary pier off the coast of 100 aid trucks a day that Ga- ment to deliver on policies and
Gaza to facilitate maritime de- zans relied on before the war. implementation of credible and
liveries. A U.S. military ship The humanitarian situation Many in Israeli Military Criticize Political Leadership far-reaching reforms,’’ National
carrying personnel and equip- for the strip’s population of Security Council spokesperson
ment set sail from Virginia this more than two million contin- Many in the Israeli mili- open criticism in various warned about the lack of a Adrienne Watson said in a
past weekend. It will take ues to worsen. Doctors say the tary have become increas- ways of the lack of strat- day-after plan and now statement Thursday night.
about 60 days to get the pier in lack of aid has begun to lead ingly frustrated with Is- egy,” said Mairav Zonszein, we’re seeing that happen in Netanyahu’s postponement
place, U.S. officials have said. to deaths from starvation, rael’s political leadership. an analyst with the Inter- real time,” Zonszein added. of decisions on rebuilding a civil
In the coming days, Israel malnutrition and dehydration. In a rare example of national Crisis Group in Is- Tensions could heighten authority has left a governance
and the U.S. will discuss ways Disease is spreading. public criticism, Israeli Brig. rael. in Jerusalem for the first Fri- vacuum. Israel’s military has
to protect the temporary The war, in response to Gen. Dan Goldfus in a “Israel’s approach so far day prayers of the Ramadan routed Hamas in parts of the
coastal terminal from poten- Hamas’s Oct. 7 attack on Is- speech on Wednesday said has been to chip away at holy month. Hamas has enclave, battering its military
tial Hamas attacks, including rael, has driven Hamas under- politicians need to unite Hamas, but without any- called on Palestinians to capabilities and dismantling its
from rockets or close-quarter ground in most of Gaza, but and be worthy of the sol- body or any entity to re- march on Jerusalem’s Al civilian administration.
assaults involving rocket-pro- the widespread destruction of diers fighting and those place specifically the civil Aqsa Mosque on Friday—the One of the problems Israel
pelled grenades, Hagari said. urban areas, combined with a who lost their lives. situation there,” she said. holiest day of the week for and aid agencies have high-
U.S. officials have said they lack of security, the absence of “We’re seeing public and The military “has Muslims—to confront Israel. lighted is how to distribute
need to determine who would a civil authority and continu- food and supplies. No admin-
provide security at the pier. ing warfare have hampered the istration is distributing air-
President Biden has promised delivery of food and other aid. dropped food, leading to Pal-
there would be no American Hunger and desperation have tarian aid,” Hagari told re- to reduce lawlessness around Prime Minister Benjamin Ne- estinians scrambling among
boots on the ground. spread among the civilians, es- porters late Wednesday. the distribution is to “flood all tanyahu faces calls from the U.S. themselves to access the aid.
The potential aid delivered pecially in Gaza’s north, where David Satterfield, the U.S.’s of Gaza with aid from every and inside Israel’s military to do The humanitarian situation
via the maritime route, equiv- very little aid has reached the special envoy for the humani- available avenue so everyone in more to alleviate the humani- could worsen if Israel attacks
alent to 200 trucks a day, remaining residents. tarian crisis, echoed that notion need receives assistance.” tarian crisis. Far-right members Rafah, the last stronghold for
would compare with about “We are trying to flood the Thursday, telling The Wall Israel’s vow to improve aid of his governing coalition have Hamas, where more than a mil-
500 commercial trucks and area, to flood it with humani- Street Journal that the best way distribution in Gaza comes as said the government should use lion people are seeking refuge.
P2JW075000-0-A00800-2--------XA

A8 | Friday, March 15, 2024 THE WALL STREET JOURNAL.

WORLD NEWS

Schumer ing have taken refuge. Israel

sees an assault on Rafah as vi-
tal for the defeat of Hamas.

Urges Vote Schumer said he didn’t be-

lieve Netanyahu was fit to
lead his country into a post-

In Israel war future. “Nobody expects

Prime Minister Netanyahu to
do the things that must be
done to break the cycle of vio-
Continued from Page One lence, preserve Israel’s credi-
back from congressional Re- bility on the world stage, and
publicans and from Israel’s work towards a two-state so-
ambassador to the U.S. lution,” he said, calling for ne-
Schumer’s call for a new gotiations on a “demilitarized
TANYA HABJOUQA/NOOR IMAGES FOR THE WALL STREET JOURNAL (2)

election comes amid growing Palestinian state living side-

frustration in the Biden ad- by-side with Israel.”
ministration with Netanyahu John Kirby, a spokesman
over the civilian death toll and for the White House’s National
his resistance to U.S. postwar Security Council, declined to
plans, including a new push comment on the contents of
for the creation of an indepen- Schumer’s speech. He said the
dent Palestinian state. White House was made aware
Schumer said the U.S. ahead of time but didn’t coor-
wasn’t trying to dictate who dinate with Schumer’s office
should lead Israel. But, he apart from knowing he would
said: “At this critical juncture, give the remarks.
I believe a new election is the “We fully respect his right
only way to allow for a healthy to make those remarks and
and open decision-making decide for himself what he’s
process about the future of Is- going to say on the Senate
Muslims on Wednesday celebrated Ramadan at the Al Aqsa Mosque, one of Islam’s holiest sites, in East Jerusalem. rael, at a time when so many floor,” Kirby said. “We’re go-
Israelis have lost their confi- ing to stay focused on making

Hamas Calls for Confrontation

dence in the vision and direc- sure that Israel has what it
tion of their government.” needs to defend itself while
Schumer has been less crit- doing everything that they can
ical of Netanyahu’s govern- to avoid civilian casualties.”

At Jerusalem’s Al Aqsa Mosque

ment than some other Demo- President Biden warned on
crats in the Senate, who have Saturday that an Israeli attack
called for restricting deliveries on Rafah would cross a “red
of U.S. military aid as a way to line” and left open the possi-
force changes in its war strat- bility that the U.S. might with-
egy. He took a hold some
BY JARED MALSIN Since Israel seized East Je- bipartisan dele- types of mili-
AND FATIMA ABDULKARIM rusalem and the West Bank gation to Israel tary assistance
from Jordan in 1967, Israeli shortly after The senator to Israel if the
JERUSALEM—Hamas has authorities have allowed a del- Hamas’s Oct. 7 said Netanyahu operation
called for Palestinians to con- icate status quo to remain in terrorist attack caused exten-
front Israel at the Al Aqsa place in which a Muslim reli- that killed more wasn’t fit to sive civilian ca-
Mosque on Friday, when the
arrival of large numbers of
gious authority under the Jor-
danian government adminis-
than 1,200 Is-
raelis, and
guide nation’s sualties.
Schumer
worshipers presents a test for ters the Al Aqsa site, but helped steer an postwar future. outlined four
Israeli authorities aiming to Israeli police control its en- aid package for obstacles
sustain a fragile peace at the trances. Jews are forbidden to Israel through standing in the
site over Ramadan as war pray on the site, although in the Senate. The way of a two-
rages in Gaza. recent years more have done funding package, which also state solution: Hamas, Pales-
In recent years, the Islamic so without repercussions. includes funding for Ukraine tinian Authority President
holy month has been an occa- This year, Israeli military and other U.S. allies, has Mahmoud Abbas, Netanyahu
sion for violent confrontations authorities imposed restric- stalled in the House. and “radical right-wing Israe-
among Palestinians, Israeli au- tions on Palestinians from the Schumer’s comments drew lis.”
thorities and Jewish worship- Israeli police patrolled in Jerusalem’s old city on Wednesday. West Bank from entering Jeru- criticism from Israel and con- The U.S. intelligence com-
ers at the compound in East salem for prayers, allowing gressional Republicans. munity said in its annual
Jerusalem, considered the ho- Palestinian leaders said Israeli If there’s any single event only men over 55, women over The Likud party, which Ne- threats-assessment report re-
liest site in Judaism, and one police have in recent days alone, that could possibly trig- 50 and children under 10 to en- tanyahu leads, said Schumer leased this week that Netan-
of Islam’s holiest. managed to facilitate entry by ger a regional war,” said Dan- ter. The restrictions are similar should respect Israel’s politi- yahu’s rule was in jeopardy.
Jerusalem is holding its Palestinians, after restricting iel Seidemann, a Jerusalem- to those imposed in the past. cal system. “Distrust of Netanyahu’s
breath. access since the beginning of based Israeli civil rights “Ramadan is sacred to “It is unhelpful, all the more ability to rule has deepened
“The situation is dire in Je- the war in Gaza. lawyer and onetime adviser to Muslims; its sanctity will be so as Israel is at war against and broadened across the
rusalem and this Ramadan we “Last night, there were no Israeli-Palestinian peace talks. upheld this year, as it is every the genocidal terror organiza- public,” the report said. “We
are not feeling any of its spirit, restrictions for East Jerusa- A visit to the site in 2000 year,” the Israeli Prime Minis- tion Hamas, to comment on expect large protests demand-
neither in celebrations nor in lemites and Palestinian citi- by former Israeli Prime Minis- ter’s Office said on March 5. the domestic political scene of ing his resignation and new
worship, because the occupa- zens of Israel,” said Mustafa ter Ariel Sharon, then a right- Palestinians streamed to Al a democratic ally. It is coun- elections. A different, more
tion has turned the city into a Abu Sway, an Islamic scholar wing opposition leader, was Aqsa this week to enjoy mo- terproductive to our common moderate government is a
military zone,” said Maha Yaish, at Al Aqsa Mosque, on Thurs- one of the triggers of the sec- ments of prayer and quiet goals,” said Michael Herzog, possibility.” It is rare for U.S.
a tourism operator who lives in day. In the past, as many as ond Palestinian intifada, conversation. At night, the Israel’s ambassador to the U.S. spy agencies to make public
East Jerusalem, referring to the 250,000 worshipers have con- which resulted in years of sound of tarawih, Ramadan Sen. Mitch McConnell of assessments of the political
Israeli security presence. verged on the site on Fridays fighting with Israeli forces. In prayers in which worshipers Kentucky, the chamber’s GOP standing of leaders of friendly
Hamas political leader Is- during Ramadan, he said. 2021, Hamas fired rockets into read long sections of the leader, took to the floor to nations.
mail Haniyeh in February As for the risk of violence, Israel following confrontations Quran, could be heard drifting blast Schumer’s speech. “It is —Gordon Lubold
called for Palestinians to march he said, “The worshipers are at the site between Palestinian over the walls of the old city. grotesque and hypocritical for contributed to this article.
on Al Aqsa at the start of Ram- not interested in anything like worshipers and police, spark- “We’re standing watch over Americans who hyperventilate
adan, which began on Sunday. that. So far, so good.” ing an 11-day war in Gaza. Al Aqsa,” said Samira Egh- about foreign interference in
The march didn’t materialize. Israeli police said Palestin- Some Palestinians described bariya, 59, who traveled to Je- our own democracy to call for
On Thursday, Hamas issued ians were entering the complex Ramadan this year as a time for rusalem from Umm al-Fahm, a the removal of a democratically
another demand for action. after enhanced security checks. resistance to Israeli occupation. town in northern Israel. She elected leader of Israel,” he
“We call upon our people in Israel says it often faces at- Israel has expanded its security said Israeli police questioned said. “This is unprecedented.
Jerusalem, the West Bank, the tacks by Palestinians during operations across the West her on her way into the com- We should not treat fellow de-
interior, and the occupied Ramadan, including the pelting Bank, following the Hamas at- pound. mocracies this way at all.”
lands to mobilize and confront of Jewish worshipers with tack on Israel on Oct. 7 that led Nearby, Umm Mahmoud, 51, House Republican leaders
the occupation’s schemes stones or shooting fireworks. to the Israeli offensive in Gaza. stood in the shadow of the echoed that criticism. Speaker
against the blessed Al Aqsa The religious importance of “What does the world ex- Dome of the Rock, collecting Mike Johnson (R., La.) said,
SENATE TV/ASSOCIATED PRESS

Mosque,” Hamas said. “Pro- the compound, which is known pect from people who are hav- donations for her family in “it’s just plain wrong for an
tecting Jerusalem is among to Jews as the Temple Mount ing to live with such brutality?” Gaza. On her phone, she American leader to play such
the utmost duties, especially and to Muslims as the Noble said Adham Manasra, a 39- swiped through photos of killed a divisive role in Israeli poli-
as we are in the month of Ji- Sanctuary, means even small year-old accountant and father and injured relatives, a flipbook tics.”
had and victories.” disputes over access have the of three in Ramallah. “Of of bloody and bandaged faces. Schumer’s speech comes as
Al Aqsa has been largely potential to erupt into conflict. course the natural reaction is As she stood there, her Israel prepares to attack the
calm this week, following brief “Add to that, the backdrop to revolt, but not because any- daughter called from Gaza. southern Gaza city of Rafah,
scuffles between Israeli police of carnage in Gaza. That cre- one is calling them to. It’s a re- “We just want to sleep in where more than one million Chuck Schumer’s remarks
and Palestinians on Sunday. ates a very, very volatile mix. action to the daily humiliation.” peace,” the daughter said. Palestinians displaced by fight- drew GOP and Israeli criticism.

In Nepal, a Host of Deities Play Host to Worshipers

SUNIL SHARMA/ZUMA PRESS

DEVOTED: Attendees on Thursday offered prayers to Dipankar Buddha during the Samyak Mahadan festival, which is held every five years in Lalitpur.
P2JW075000-0-A00900-1--------XA

THE WALL STREET JOURNAL. Friday, March 15, 2024 | A9

FROM PAGE ONE

Women See ing markets division, which in-

cludes sales and trading, lost

CLOCKWISE FROM TOP: MICHAEL COHEN/GETTY IMAGES; JEENAH MOON/BLOOMBERG NEWS; ERIC THAYER/BLOOMBERG NEWS
many of its women partners to

Ceiling at other divisions or to other

companies between 2020 and
2022, when Nachmann and

Goldman Ashok Varadhan were in

charge. Nachmann, now the as-
set and wealth management
head, and Varadhan, now co-
Continued from Page One head of global banking and
plished our goals,” Solomon markets, Goldman’s two major
said in a written statement to divisions, are both seen as po-
the Journal. “Our longer term tential president and CEO can-
success depends significantly didates.
on developing female partners
in senior roles.”
Stephanie Cohen was a suc- New requirements
cessful investment banker who At markets, the executives
was moved to co-head the con- decided that in order to run
sumer and wealth management groups in the division, espe-
business around the end of cially in the U.S., candidates
2020, making her one of the would need to have experience
few women in Goldman’s his- across the markets business,
tory to run a major division at including on risk and liquidity.
the firm. But the consumer Many women partners at the
business already had deep time were in sales rather than
flaws and high-level critics trading and as a result didn’t
within the company, and it con- meet some of those require-
tinued to be disparaged—in one ments. While men
gathering of the partners last were also affected,
year, its strategy was called Goldman Sachs pledged to bring more women into the the policy in practice
“bullshit.” After billions in highest ranks, but instead many top female partners had a bigger impact
losses, Goldman is pulling back have left or plan to leave, including Stephanie Cohen, on women and be-
from the business. Cohen went above, shown in 2018; Katie Koch, right, shown in came a reason for
on leave last June for per- June; and Susie Scher, below, shown in 2016. some of the depar-
sonal reasons, and now tures.
she isn’t expected to re- The Goldman
turn, according to some spokesman said many
partners. of the women part-
Beth Hammack, a top- ners who left transi-
performing trader for two tioned into significant
decades, was moved to opportunities at the
co-head global financing firm, including run-
in the investment banking ning businesses.
division after losing out In asset manage-
on the CFO position. ment, changes in
Goldman announced last early 2022 overseen
month Hammack would by Solomon and Pres-
retire and become a se- ident and COO John
nior director, which Gold- Waldron created sev-
man described as an advi- eral new leadership
sory role. She is leaving But the current roster isdiscriminated against women jobs. Men were chosen to fill
because she doesn’t see disproportionately made up in associate and vice president the positions, in some cases
either of the positions she of women from recent part- positions in some divisions. passing over women with more
is interested in, one of ner classes. About a third of Hammack, who has been at or equal tenure and experience
which is the CFO job, current women partners are the firm for roughly 30 years, in the division. The new setup
opening up anytime soon. Ham- long-tenured and more recently harder to do what I do because from the 2022 class, the last was named partner in 2010 and and other changes resulted in a
mack said she has had “incredi- appointed partners who are in I am a woman here,” said one time Goldman announced its had become global treasurer in bigger distance between some
ble opportunities” at Goldman. investment banking, markets female partner. new partner group, compared 2018. She was on a shortlist of executives and their ultimate
Susie Scher, who was named and asset and wealth manage- “The women I’ve worked with roughly 17% for men. candidates to become finance boss and contributed to depar-
partner in 2006, knew her rise ment. with here are the best leaders The median current partner chief when the job turned over tures from the company.
to the top of investment bank- Few firms on Wall Street in our industry,” Nachmann tenure is roughly three years around the end of 2021. She The spokesman said the
ing was over when she was have mastered moving women said in a statement. “I continue for women and seven for men. lost out to current CFO Denis changes involved consolidating
named chair of global financing up to their highest ranks, but to be committed to personally Partners with longer tenure Coleman, who had been named multiple businesses that had
in 2021—a less coveted position some Goldman peers appear to investing in their growth and tend to be more powerful, rep- partner in 2008 and was a co- their own leadership struc-
widely understood to put her have made more progress. At advancement to the most se- resent greater decision-making head of the tures, allowing
out of the running to become a JPMorgan Chase, two leading nior levels on my team and authority and are more likely to
global financing Goldman “to re-
division head. Scher, who is contenders to replace CEO Ja- across the firm.” run major divisions. group. Ham- duce the num-
now a senior adviser at Gold- mie Dimon are women. Citi- Jacqueline Arthur, Gold- mack instead Goldman’s CEO ber of partners
man, told Solomon in the sum- group’s CEO and Morgan Stan- man’s global head of human took over the will face necessary to
mer she no longer wanted to be ley’s CFO are women. capital management, said in a More recruits global financing run that busi-
a partner. statement that in the develop- Goldman said it has in- role from Cole- questions on the ness by 29
Goldman’s sprawling mar-
kets division, a moneymaking Impact on women
ment process for the firm’s creased the number of women man.
most senior professionals, se- it recruits out of college and Hammack is
issue at a dinner across 2022 and
2023, 24 of
center of the company, has lost Turmoil in general at Gold- nior leaders need to be able to those it promotes to vice presi- one of two on Monday. whom were
nearly all of its longer-tenured man in recent years has led to have candid discussions about dent, managing director and women with a men.”
women partners. One of the both men and women leaving. both strengths and areas of de- partner. “We are very fortunate revenue-produc- Cohen, the
last ones remaining, Anne Ma- But management decisions and velopment. to have extraordinary female ing role on the Platform Solu-
rie Darling, is planning to leave practices have had a bigger im- The overall problem of partners,” Solomon said in his firm’s 25-person management tions head who is not likely to
the firm soon, according to pact on the smaller pool of bringing women into the top statement to the Journal. “We committee. The other is Cohen, return, was regarded as a ris-
some partners. women partners. In one divi- levels will be discussed at the are encouraged where we’ve the partner who is on leave and ing star from early in her ca-
Other high-level departures sion, restructuring had the ef- Monday dinner at Solomon’s made progress and very fo- now not likely to return. Cohen reer. In 2017, she was promoted
in recent years include Katie fect of adding male executives apartment. Women partners cused on where we have not.” has been in charge of Platform to chief strategy officer and
Koch, who was in Goldman’s as- above some women, putting said gatherings on the issue Last year, Goldman agreed Solutions, which includes the was later tapped to co-head
set-management division for 20 more distance between them have occurred previously and to pay $215 million to settle a consumer-lending efforts Gold- consumer and wealth manage-
years and now runs money and a top decision maker. In that they’ve seen little results. class-action lawsuit covering a man is winding down. ment. In the fall of 2022, she
manager TCW Group. Dina another division, new experi- Some women who are invited large group of current and for- Scher was the first woman was named head of the new
Powell McCormick, global head ence requirements were added to the coming dinner said they mer female employees that al- to co-head the global financing unit that would include Gold-
of Goldman’s sovereign busi- for advancement that by their plan to press Solomon on just leged the bank systematically group and was in the running man’s credit-card partnerships
ness and a member of its man- nature came from working in how much women are to eventually become a and other consumer lending.
agement committee, left to be- areas where there were fewer being included, as one co-head of investment Less than a decade earlier,
come vice chairman at women. Some women were said, “in the real work- banking—viewed by Goldman’s move into Main
merchant bank BDT & MSD moved to divisions outside ings of the firm.” Some many as one of the Street was seen as a hot new
Partners. Christina Ma, Gold- their areas of expertise, which of the longer-tenured most powerful jobs in avenue for growth. More re-
man’s head of Greater China eq- partners say hobbled their suc- women partners who the investment bank- cently, the company was find-
uities, is now HSBC’s head of cess. weren’t invited are said ing industry. ing that much of the consumer
global banking for Asia Pacific. Current partners also de- to be displeased. When she instead business didn’t gel with its tra-
Heather Miner, who during a scribed cases in which, separate Goldman said the was made chair of the ditional investment banking
roughly 19-year career at Gold- from performance reviews, the percentage of the global financing group and trading focuses, and pow-
man held senior posts including work of female partners was roughly 400 current in 2021, the job that erful executives were unhappy
global head of investor rela- denigrated. Some female part- partners who are has little potential for with its money-losing endeav-
tions, is now chief operating of- ners have been concerned that women is the highest advancement within ors.
ficer at Advent International. one of the most powerful exec- in the firm’s history. the company, Scher ex- During a discussion about
And Margaret Anadu, also with utives at Goldman, Marc Nach- The Journal found that pressed her disap- the consumer business at a
PATRICK MCMULLAN/GETTY IMAGES

the firm for roughly 19 years, is mann, now global head of asset about 19% of partners pointment to higher- management-committee meet-
now a senior partner at private- and wealth management, has are now women, up ups including Solomon. ing in the fall of 2022, Nach-
investment firm Vistria Group. been undermining their careers from 16% in 2018, She was told room mann told Cohen she wasn’t
Goldman’s spokesman said by saying to other executives based on a Securities needed to be made for making sense, the Journal pre-
that partner departures are that they can’t lead, don’t know and Exchange Commis- others to move up. Her viously reported. Then at a
within historical norms. how to do their jobs, are “light” sion filing and other previous position on meeting of the partnership last
The Journal spoke with close or lack substance. publicly available infor- the global financing year, he said the consumer
to 20 current Goldman part- While some said Nachmann mation, as well as in- group was filled by a business had a “bullshit” strat-
ners, both male and female, for is equally critical of men, “He is terviews with current Goldman said partner Beth Hammack, male partner. egy, according to partners who
this article. The sources include blind to the fact that it is and former employees. shown in 2016, will retire. Goldman’s sprawl- heard him.

Video Tech rious discussions,

Pennsylvania Sen.
Fetterman recently released
too.
John
pear in FaceTime, Google
Meet, Zoom, Microsoft Teams,
—even telehealth platforms.
Perpetua has since figured
out how to trigger the reac-
tions stealthily and surprise
awkward,” he says. Holmquist
won’t turn off reactions be-
cause he likes their playful-
a nuisance.”
Because the setting was on
by default when people up-

Interrupts confetti during a live Zoom in-

terview on MSNBC.
During video calls, people
An Apple spokeswoman
says that in a new update to
MacOS Sonoma, these third-
his colleagues. “I’ll take these
little things as ways to get a
laugh or two in a day.”
ness. He has, however, moved
his camera closer to his face
so his hands won’t set them
dated their Macs, some users
wonder if the source is a con-
ferencing provider. Zoom says,

Meetings on newer Macs running Ma-

cOS Sonoma (and other re-
cently updated Apple devices)
party apps now have the op-
tion to change the default set-
ting on reactions.
Zach Holmquist, co-founder
of AI startup Seer, loves trying
out new software. As a devel-
off accidentally.
Jacquelyn Tenaglia, a 38-
year-old mental-health coun-
“We are in the process of
making changes to the default
state of Apple’s gesture detec-
can use hand gestures to set Dennis Perpetua, a 46-year- oper, he makes a point to selor in Boston, mostly holds tion when using Zoom.”
Continued from Page One off the eight 3-D effects, called old digital workplace experi- download Apple’s beta soft- virtual appointments. She Miranda Mendelson was in
uges of fireworks, rain, “reactions.” If someone holds, ence officer based in Wilming- ware for early access. tends to rest her chin on the the middle of a remote ther-
thumbs-down signs and even say, a thumb up or down, a ton, N.Y., was on a one-on-one The 38-year-old in Salt back of her hand when listen- apy session, tearfully spilling
on-screen laser shows at all transparent bubble appears video call with his boss, in Zu- Lake City has been triggering ing to clients—which Apple’s out her emotions, when a
the wrong times: board meet- with the corresponding hand rich, when suddenly a reactions since June—three software can interpret as a thumbs-down emoji appeared
ings, therapy sessions, during sign. A peace sign triggers thumbs-down emoji bubbled months before Apple made the thumbs-down gesture. behind her therapist’s head.
a pitch to potential investors. balloons, while a double peace up beside Perpetua’s head. software widely available. She was on a call with a cli- The therapist immediately
The new Apple feature is sign summons confetti. “We’re kind of having a But the reactions have ent when she triggered the apologized and told Mendel-
part of a long line of fun, The reactions have been on fairly serious conversation caused a lot of “chaos” on his thumbs-down bubble, and had son the emoji didn’t reflect
cheeky extras intended to hu- by default, resulting in emoji around strategy…and it calls with potential investors, to apologize. “It was embar- how she viewed the session.
manize the technology in our misfires, especially for people popped up,” Perpetua recalls. he says. “We would be having rassing.” Clients have set off The two laughed off the gaffe.
lives. But sometimes they who like to talk with their “To be quite candid I kind of a really serious conversation reactions, too. “She was really concerned
cause awkward silence in- hands. (Fetterman appeared to snort-laughed, which probably about finances and trajecto- She has emailed them to about me thinking that she
stead. Remember the Texas call up confetti by using his wasn’t a great move.” ries and all this stuff and you encourage them to turn the put the thumbs-down emoji
lawyer who turned himself fingers to make air quotes.) Fortunately, his boss trigger confetti and balloons,” feature off. “I think of myself while I was crying,” says Men-
into a cat during a court ap- Since the Apple feature is started chuckling— “What he he says. “I feel like balloons is as someone with a great sense delson, a 31-year-old, Las Ve-
pearance? Apple’s new flour- part of the computer’s cam- laughed at was me snort the one I trigger all the time.” of humor, but I can say confi- gas-based beauty content cre-
ish has begun interrupting se- era, these reactions can ap- laughing,” says Perpetua. It “just gets really freaking dently that this has only been ator.
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ARTS IN REVIEW
though this wrinkle creates the
potential for crews to leapfrog
one another it also adds the
stress of navigational choices to
the physical trials.
Sturdily directed by Simon Cel-
lan Jones, who previously handled
the same duties on Mr. Wahlberg’s
hit-man-turned-family-man caper
“The Family Plan,” “Arthur the
King” appears to be a fairly pre-
dictable adventure about rugged
people mastering even more rug-
ged nature to win a prize, but
then there’s the curiosity of that
title. What does a dog named Ar-
thur have to do with any of this?
Plenty, but only in the second
half. To say much more would be
to spoil things. In the meantime,
Michael’s quartet finds itself try-
ing to make up time with major
tactical gambles. Facing a ravine,
they find a dodgy-looking zip-line
offering the quickest avenue
across. Two teammates, Leo and
Chik (Simu Liu, Ali Suliman),
snap on their pulleys and coast
effortlessly to the other side. But
when Olivia (Nathalie Emmanuel)
gets stuck midway because the
cable frays, it looks like a bad day
at the office. It’s almost comical
how coolly Mr. Wahlberg once
again puts things to right—as
though detaching a pulley, hang-
ing on by one hand hundreds of
feet above doom, then reattaching
the device, all with a mountain
bike dangling from his body, were
the kind of thing Michael has
done many times—but my palms
were sweaty. As I write, the
morning after seeing the film, my
LIONSGATE (2)

palms are still sweaty, and I’m

thinking about investing in a pair
of gloves. The sequence exempli-
fies how much more riveting hu-
man-centered filmmaking is than,
FILM REVIEW | KYLE SMITH say, the CGI splatter of the latest

Mark Wahlberg Meets ‘Arthur,’

Doctor Strange, Ant-Man and
Thor escapades.
Not that the movie is perfect.
Michael Brandt’s script sometimes
slips into banality, the supporting

An Indefatigable Dog
characters are thinly drawn, and
at times Mr. Cellan Jones fails to
generate enough intensity. After a
12-mile slog up a mountain in un-
bearable humidity, someone re-
The actor stars as an adventurer who comes upon a remarkable stray animal in ‘Arthur the King’ marks that “it’s like a sauna,” yet
no one looks any sweatier than,
say, the combatants in an average
STORIES ABOUT REAL MEN who cult to picture without Mr. Wahl- game of billiards.
rise to the occasion and summon berg’s disarming boy-scout ear- Still, Mr. Wahlberg’s open-
exceptional fortitude—but can’t fly nestness and his lightly worn Ali Suliman, faced appeal is one of the cin-
or fire lasers out of their eyes— physical splendor. As always, his Mark Wahlberg, ema’s major assets, and he carries
are very much not the way to ex- T-shirts struggle to contain his Nathalie things along nicely even before
cite Hollywood suits these days. chest and arms, but the marble Emmanuel and the dog finally becomes a vital
But Mark Wahlberg is doing an build is less important than the Simu Liu, player. This isn’t, it turns out, an
admirable job of keeping this sub- seriousness of purpose. In this above; Mr. adventure tale: It’s a sneaky love
genre going, producing and star- case he pours everything he has Wahlberg, right. story. If you have a heart, prepare
ring in films about oil-rig techni- into a multisport endurance race, it for significant warming. Pop-
cians (“Deepwater Horizon”), a then pauses to consider whether ping up at a pair of sites 200
grieving dad marching against any of it means as much as the life miles apart, and displaying more
teen bullying (“Joe Bell”), and a of a stray dog he meets in the forgiveness toward Michael’s
ne’er-do-well turned priest (“Fa- wilds of the Dominican Republic. packaged meatballs than anyone
ther Stu”), not to mention his Mr. Wahlberg’s Michael Light else on the excursion, the abused
gritty portrayals of more conven- (based on Sweden’s Mikael Lind- and forlorn animal at first seems
tional cinematic heroes such as a nord, who wrote the memoir “Ar- like a friendly mascot, but then
resourceful Navy SEAL (“Lone thur—The Dog Who Crossed the saves everyone’s life. This
Survivor”), a written-off boxer Jungle to Find a Home”) is a Col- wouldn’t be a typical M.W. movie
(“The Fighter”) and a determined orado man who once went on if his character failed to honor the
policeman yanked into a terrorist competitive journeys with his debt, and in an emotionally fulfill-
attack (“Patriots Day”). Film by wife, Helena (Juliet Rylance), but ing final act, Michael and the
film, Mr. Wahlberg is using his never won anything. His specialty other three weigh the value of
pull to create a tribute to the is an extended jungle race in their dreams against the life of a
world’s tough, decent, humble which, over five days spent in plucky canine they’ve known for
working guys. pitiless terrain, a four-person only a day or two. Not many per-
His latest honorable effort team goes trekking, cycling, rock formers can please an audience as
along these lines, “Arthur the climbing and kayaking. Creative much as Mark Wahlberg, but the
King,” is yet another that is diffi- use of shortcuts is allowed, but pooch comes close.

TELEVISION REVIEW | JOHN ANDERSON so many stories, so many nonsense Sound of Silence,” is on the one the house or studio or the church
lyrics (koo koo ka-choo, Mrs. Robin- hand a retrospective; on the other, where some recording is done. (Mr.

A Documentary’s Graceful son) and so much biographical ma-

terial that “Restless Dreams”
seems endowed by an embarrass-
it is a making-of feature about Mr.
Simon’s “Seven Psalms” release of
2023, the 15th solo album of his ca-
Simon’s preoccupation with religion,
presumably Christian religion, goes
surprisingly unexamined.) But

Tribute to Paul Simon ment of riches, like diamonds on

the soles of one’s shoes. The title is
a strategically self-governing de-
reer and one through which he
struggles. Mr. Gibney may not have
been making an obituary here, but
the non-Simon commentary is used
only in voiceover, behind archival
footage or photos of related events

I
s Paul Simon the greatest song- nights and almost four hours, isn’t vice—this isn’t the “life of Paul Si- he is making a film about mortality and people. It is a striking technique.
writer in the history of American long enough. mon,” it’s the “music of Paul Simon” and the exhaustion of a man’s ar- Which is not to say that “In Rest-
popular music? Director Alex You can feel the acceleration in and everything is rooted somehow tistic reservoir. Mr. Simon has little less Dreams” is not an exhilarating
Gibney lets someone else say it at episode 2, when an hour and a to the evolution, inspiration and voice left—Wynton Marsalis finds trip through Mr. Simon’s musical
the beginning of “In Restless quarter has gone by and this very technical aspects of what Mr. Si- his friend’s effort to past, which includes
Dreams: The Music of Paul Simon,” tuneful, very poignant portrait fi- mon has been creating since even reach almost any his epic Central Park
though he makes a good case, while nally arrives at “Graceland,” which his pre-Simon & Garfunkel days. note “soulful,” but Mr. concerts—one with
inviting the argument. What most may be Mr. Simon’s masterpiece— But Mr. Simon has been so prolific Simon knows the jazz The film makes a Mr. Garfunkel, one
will likely agree on is that Mr. Gib- but that would be grist for more that trying to put bookends on his trumpeter is being powerful case without; and his per-
ney’s film, being presented over two debate. There are so many songs, career would be like counting the kind. The material, formance of the
cars on the New Jer- too, seems weak, and for Mr. Simon’s “Graceland” music in
sey Turnpike.
Mr. Gibney, an Os-
Mr. Gibney makes
that point by juxta-
peerless talent Zimbabwe with Mir-
iam Makeba and
car-winning docu- posing throughout his as a songwriter. Hugh Masekela (pos-
mentarian (“Taxi to two-part film perfor- sibly the most mov-
the Dark Side”) and a mances and record- ing sequence in the
prolific artist himself, ings of the best Si- film). The evolution
is well aware that mon stuff, including a voice that— of Mr. Simon as a songwriter is
making a documen- with the possible exception of Art tracked, though he always seemed
tary about any cele- Garfunkel’s—may have been the to have burst forth fully formed,
brated public figure purest and most innocent of his with sophisticated instrumentation
who has reached 82 generation. (he was always a first-rate guitar-
years old is going to The director drives this point ist), lyrics that are the equal of any
feel like pure valedic- home by sometimes letting us hear of his contemporaries or even the
tion, unless some cur- Simon without seeing him, in ex- American Songbook composers, and
rent project is under cerpts old and new—when a de- melodies that were, not counting
way. “In Restless cades-old interview segues into the those of Paul McCartney, unparal-
Dreams,” which takes singer at 82, both the timbre and leled. And Mr. McCartney is English.
its title from “The register of the voice are easily con- So the premise of “In Restless
fused as having come from different Dreams” must in fact be so. Argue
people. In a gesture of fairness, per- amongst yourselves.
The legendary haps, Mr. Gibney never interviews
musician on his anyone else—not Mr. Simon’s wife, In Restless Dreams: The Music of
GUIDO HARARI/MGM+

‘Graceland’ tour in singer Edie Brickell; not Mr. Garfun- Paul Simon
South Africa; a two- kel; not longtime friend Lorne Mi- Begins Sunday, 9 p.m., MGM+
part film on MGM+ chaels; not Mr. Marsalis—in conven-
examines his tional, talking-head fashion. We may Mr. Anderson is the Journal’s TV
decades-long career. see them in vérité footage around critic.
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THE WALL STREET JOURNAL. Friday, March 15, 2024 | A13

ARTS IN REVIEW

Maryann
Plunkett, Joy
Woods and
Jordan Tyson;
each actor plays
the character
Allie at a
different age.

THEATER REVIEW | CHARLES ISHERWOOD new generations were ac- songs—hopeful, ecstatic, piteous suffering of Ms.

A Melodrama
tively rebelling against their elegiac, rueful, sensual— Plunkett’s Allie, and the de-
parents and the social or- that they gradually blur to- termined devotion of Mr.
der; these characters seem gether. Although Ms. Mi- Harewood’s Noah. And yet,
to exist in a world apart. chaelson is a gifted affecting and realistically de-
The plot, for instance, turns composer and lyricist, and tailed as most of the scenes

Becomes a Musical
in part on Allie’s ignorance the gentle sonorities of the between them are, even their
of the daily letters Noah score—orchestrated for just travails are airbrushed into a
wrote after their first meet- 10 musicians—make for a sentimentally tinged ending.
ing, which were intercepted restful contrast with the Few may complain, as they
by Allie’s mother (the fine overmiked, overpowering take out their handkerchiefs,
Nicholas Sparks’s ‘The Notebook’ is reincarnated on Andréa Burns, almost too style that larger-scale but “The Notebook” cannot
sympathetic for a woman Broadway musicals favor, resist putting a filter of soft-
Broadway in a show with a score by Ingrid Michaelson who would do such a thing), the stream of similar songs ening gauze over even the
but one wonders why, in threatens to drench the au- most tragic human circum-
1967, he didn’t attempt at dience in a waterfall of sim- stances.

A
New York book” never rises to truly tory together. Ms. Plunkett is least one phone call—as Al- ilar emotion. (That said, a
s a woman suf- transporting heights—except heartbreaking as we watch lie herself points out. few, such as “Carry You The Notebook
fering the cruel- when Ms. Plunkett, as the Allie, her eyes clouded by These details tended to Home” and “If This Is Love,” Gerald Schoenfeld Theatre,
ties of what ap- heroine, Allie, in her later confusion, her voice some- nag because the musical, might easily find their way 236 W. 45th St., New York,
pears to be years, and Dorian Harewood, times faltering, radiating an while staged with a clean to the pop charts.) $59-$199, 212-239-6200
Alzheimer’s dis- as her husband, Noah, are air of intense anxiety and simplicity by Michael Greif For this viewer the musi-
ease, desperately the focus. frustration, struggling, mo- and Schele Williams, is so cal’s distinction, as noted, Mr. Isherwood is the
trying to recall the lost The musical moves the ment by moment, to grasp abundantly stuffed with love lies in its depiction of the Journal’s theater critic.
memories of her life’s great story forward in time. While her surroundings, and even
love, the veteran stage actor the novel has Noah (John who this man before her is.
Maryann Plunkett gives a Cardoza) and Allie (Jordan Mr. Harewood is similarly
performance of such breath- Tyson) meeting as teenagers moving as Noah, whose gen- The WSJ Daily Crossword | Edited by Mike Shenk
taking delicacy and truth before World War II, and re- tle ministrations and sooth-
that she elevates the new uniting after, in the show ing voice coax Allie, as best
1 2 3 4 5 6 7 8 9 10 11
PUZZLE
musical “The Notebook” they meet in 1967 and re- they can, into retrieving the 12 13 14 CONTEST
simply by her presence— unite in 1977, presumably be- deep emotional bond be-
even if much of the show cause, in another switch tween them. Their scenes to- 15 16 17
takes place in the past, from the book, Allie is black gether are so beautifully ren-
27 Arizona
which has eluded her char- and Noah is white. Until, dered that they constitute a 18 19 20
State’s
acter’s faltering mind. sad but captivating drama
setting
Based on the debut novel within the larger story of 21 22 23 24 25 26 27
of Nicholas Sparks, which their lives. 29 George
became a runaway best- Though told Perhaps in part due to 28 29 30 Gershwin’s
brother
seller and inspired a popu- effectively, this the narrative’s time-travel-
lar 2004 movie starring ing nature, with the roles of 31 32 33 34 35 31 Capital on
Ryan Gosling and Rachel lachrymose love the younger Noah and Allie the Gulf of
36 37 38 39 40 41 Guinea
McAdams, the musical fea-
tures a melodic, gracefully
story suffers from played by two actors each,
the characters in the earlier 32 More ticked
orchestrated score by the its simplicity. chapters of their story 42 43 44 45 46 off
singer-songwriter Ingrid Mi- never attain much depth or 33 Lot unit
chaelson, and a book by the complexity, but seem merely 47 48 49 50
playwright Bekah to exist as exemplars of 34 Word often
Brunstetter that knits to- somewhat bizarrely, they true love thwarted and true 51 52 53 54 55 56 paired with
gether the three time peri- switch races in their later love regained. She paints; he hunter
ods depicted effectively. years—perhaps meant as a restores a house that when 57 58 59 60 39 Sculpting
Nevertheless, the compar- metaphor for their intense they first met he told her he medium
ative simplicity of the teary communion? If we are meant hoped they would live in to- 61 62 63 64 65 40 Netflix’s
tale at its center—love at to be theoretically blind to gether. But aside from de- “Cobra ___”
first sight strikes boy and their race, why do the actors picting her parents’ objec- 66 67 68
43 Tear up the
girl like lightning, they are in the middle years, Joy tion to the relationship, the dance floor
separated for a decade, and Woods and Ryan Vasquez, musical leaves their lives 69 70 71
then the couple reunites for share the same skin colors otherwise unexplored. This 45 Oscar winner
a striding-into-the-sunset as their younger selves? is no fault of the actors, Spencer
happy ending (before age In any case, after an en- who are uniformly excellent, FLIGHT OF FANCY | By Mike Shenk 46 Richie’s dad,
and illness impinge)—left me semble opening the musical channeling the ardency of The answer to 31 Confident act 64 Treeless tract 7 1985 August to the Fonz
dry-eyed and occasionally depicts Allie and Noah in a fiery young love, and later this week’s contest 35 Kensington of South Wilson play 48 Close
tempted to check my watch. nursing home, where Noah, the excitement of a rekin- crossword is a Gardens America 8 Forerunner of 49 Cervantes
This may put me in the mi- himself ailing, tries desper- dled affection. famous artist. conveyance 66 Fresh the fox trot character
nority, given the story’s ately to maintain his connec- But Allie and Noah seem
Across 36 Arresting 67 Narrowest of 9 Scoundrel 54 Yoga pose
proven success in other me- tion to Allie through a note- more like young people of
diums, but for all its sweet- book he reads to her in the 1930s and 1940s than 1 Lacking figure margins 10 Sculpting 55 Board game
ness and polish “The Note- which is written their his- the 1960s and 1970s, when force 37 Obstinate 68 It’s “Returns medium from ancient
5 Org. animal and 11 Balloon Egypt
honoring 38 Invite allowances,” sound 56 Nitrous acid,
sports on the IRS’s chemically
41 Useful 12 Burlap
legends Schedule C
suggestion material 58 Blues score
8 Fall preceder, 69 “Ragtime”
42 Rugged 13 Starter 59 Some wings
often lyricist Ahrens
outcrop follower 61 “East of Eden”
12 Kind of hole 70 Finish for
44 Real 17 Make whole brother
to retreat to pay or plug
stunner 20 Euro divisions 62 One or more
13 Affect deeply 71 Board
14 Baylor’s
47 House break, membership 22 That duchess 63 Jerry’s
of a sort 25 Sister brand partner
setting Down
50 Organist’s of Beautyrest 65 Avoid the
15 Dodge 1 Skin care
accompaniers brand whose 26 Benefit truth
16 Name shared 51 Franklin
by four name comes Previous Puzzle’s Solution
with many from the Latin
pharaohs Grammys S O B A A D E L A F E U D
for “snow” E N I D M E MO S OMN I
18 Country 52 X, sometimes
music’s Tillis 2 Tom who’s A R K S P F U N K Y O D A
Biden’s L E E S U I D O E T E L
53 Checkout A P R G L AMO U R I R E
19 Areas of choice ambassador N O B T E N A N T S C D C
study to Samoa and T R A C T E E MO O T
57 Heavy denim
21 Buds New Zealand S T R U D E L R A T I N G S
60 D.C. figure T I D Y S L E D
23 Put a stop to 3 Went ahead MA S O N S B A D R E P
61 Where
24 Distresses 4 Caustic A L O U E R A S E L E N A
Jessica
JULIETA CERVANTES (2)

compounds D I N T L A T H E E N T R
28 Delhi Fletcher lived A N I T A D O I GMA I L
tongue on “Murder, 5 Focused (on) M E C H A I M P A AM C O
30 Chevron site She Wrote” 6 Browning site E S S E S O S S S N E E R
▶ Email your answer—in the subject line—to [email protected] by 11:59 p.m. Eastern Time Sunday,
March 17. A solver selected at random will win a WSJ mug. Last week’s winner: Renae Norwood, Rosenberg,
Ms. Woods and Ryan Vasquez as the musical’s central lovers in their middle years; the TX. Complete contest rules at WSJ.com/Puzzles. (No purchase necessary. Void where prohibited. U.S.
production is directed by Michael Greif and Schele Williams. residents 18 and over only.)
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A14 | Friday, March 15, 2024 THE WALL STREET JOURNAL.

SPORTS

FROM TOP: ASSOCIATED PRESS; IAN MAULE/ASSOCIATED PRESS

The A’s Still Need a Plan to Get to Las Vegas
The club released renderings of its new home, but questions remain on where they will play during construction
BY LINDSEY ADLER The A’s released Comcast/NBC, which is obligated
renderings of the to pay the team $70 million in

T
he Oakland A’s last week re- club’s planned stadium rights fees next year—but only if
vealed to the world a fan- in Las Vegas. Left, A’s the team is still playing in the Bay
tastical vision of what base- outfielder Lawrence Area. A new television deal in
ball could look like on the Las Butler warms up. Utah might be an option, or Com-
Vegas Strip. The conceptual ren- cast/NBC could agree to expand
derings released show an innova- tium that kept the San coverage to Sacramento, where
tive canopy roof and a seating Francisco Giants in they already broadcast games for
structure that promises the inti- the Bay Area in the the Sacramento Kings.
macy of Fenway Park with con- early 1990s, John has The easiest solution might be
temporary-sized seats and modern been the only member for the team to stay put in Oak-
amenities. of his family known to land, though that would give the
It’s an exercise that has be- be actively interested mayor’s office the leverage to at-
come familiar to the A’s and their in the business of tempt to extract concessions from
fans. In the two decades since the baseball. Fisher. In recent meetings with
new stadium saga began, the team Fisher declined to the A’s, the city of Oakland has
has released image after image of discuss his access and said it wants MLB to guarantee an
ballparks that ultimately didn’t control over the assets expansion team in Oakland, an in-
come to fruition. in the Fisher family crease from the current $1.2 mil-
Yet the grandiosity of these lat- trust, but said that lion in rent that the A’s currently
est stadium renderings, and the “my brothers are both pay to play at the Coliseum, and a
signs of progress they are meant investors in this.” promise to leave behind the team
to convey, sit atop a pair of funda- The Fisher family’s name and colors for future use in
mental questions about the A’s ability to complete the Oakland.
plan to leave Oakland and settle in relocation project is Fisher declined to address
Vegas. essential, since the A’s whether or not the Coliseum
Where, exactly, will the team three seasons. Construction on the literally the past 20 years.” currently have no Plan B. The would be the team’s preferred in-
play between next season and the new ballpark is scheduled to begin The plan to finance the esti- team’s relocation is a top priority terim home until 2028.
day that their new ballpark opens? in April 2025—except the Athlet- mated $1.5 billion overall cost of for MLB, which wants the team to “We haven’t really decided that
And how will team owner John ics’ current lease at the Coliseum building a brand-new ballpark in finally move out of the Coliseum one is better than the other,” he
Fisher produce the estimated $1 expires at the end of 2024. The Sin City includes $380 million of and is eager to follow the NHL and said.
billion in private financing to pull team is exploring alternate in- public funding, along with $200 NFL to Las Vegas. It is essential to In the meantime, A’s staff
this off? terim venues—namely minor million of debt. Fisher recently the league that this team reloca- members and players don’t know
The A’s are in the situation be- league ballparks in Sacramento said that he planned to generate tion process is completed. where they will spend the next
cause Major League Baseball has and Salt Lake City. Fisher’s associ- his own $1 billion obligation “We hope we’ll have an answer three summers waiting for the
apparently run out of patience ates have even returned to discus- through $500 million in family on that soon,” Fisher said of the ballpark to be built. Failure to
with the use of the Oakland Coli- sions with Oakland to discuss ex- money and $500 million from eq- team’s interim venue. “We are complete the new ballpark and at-
seum as a major-league venue. In tending the lease in the city they uity investors. He later told the working closely with Major League tendant relocation would be an
the 20 years since the new ball- are so publicly abandoning. Journal that his family would Baseball, but you know, this is a outright catastrophe for Fisher
park campaign began, the facilities Fisher sees all this as only a make up any shortfall from inves- big decision, both operationally and MLB. Both parties have upset
have deteriorated from charmingly temporary inconvenience. tors and was “prepared to make and otherwise. the existing fan base. And neither
anachronistic to decrepit and ro- “My focus is on making sure that billion-dollar investment our- MLB hasn’t set a deadline for one wants to imagine a future
dent-infested. that it does get done,” Fisher said selves as a family.” when the A’s must have a plan for without the move to Nevada. They
But the hasty nature of Fisher’s of the move. “And then we open The Fisher family made its for- 2025 to 2027. know that if the Vegas project
plan to relocate has created a new with a new ballpark, which is tune by founding Gap, and al- Part of the hold-up around were to collapse, a new ballpark in
problem for the team: It currently something that the Athletics have though John and his father Don choosing an interim venue is the Oakland would still be at least a
has nowhere to play for at least been needing and working on for were part of an ownership consor- team’s current television deal with decade away.
TIMMY HUYNH/WSJ, SCOTT STUART/ZUMA PRESS, ANDY LYONS/GETTY IMAGES, PATRICK SMITH/GETTY IMAGES, KYLE TERADA/USA TODAY SPORTS, SAQUAN STIMPSON/ZUMA PRESS

The NFL Offseason

Of Running Back Chaos
BY ANDREW BEATON angsty era for NFL running backs.
Teams across the league have de-
WHEN NFL FREE AGENCY began valued the position, and their
this week, the frenzy of activity earning power has been dimin-
focused on one position in particu- ished. These days, the only posi-
lar. Over the course of just a few tions cheaper to franchise tag are
days, the running back landscape kickers and punters. Among the
was completely reordered as high- backs who changed clubs this off-
profile ones rushed to find landing season, Barkley was the only one
spots with new teams. to receive more than $20 million
What unfolded was an unusual in guarantees.
series of chain reactions, where None of that has altered the
teams ditched their own running fact that ball carriers remain some
backs and switched them out for of the sport’s biggest names.
ones that belonged to other When Barkley returns to the
teams: Meadowlands as a member of the
The Commanders signed Austin Eagles, the Giants’ bitter rivals,
Ekeler from the Chargers, who he’ll be greeted with a level of
signed Gus Edwards from the Ra- hostility usually reserved for
vens, who signed Derrick Henry someone who insults New York
from the Titans, who signed Tony pizza. It will be utterly bizarre for
Pollard from the Cowboys. Titans fans to watch Henry steam-
At the same time, the Bears roll defenders with the Ravens af- From left to right, Zack Moss, Joe Mixon, Devin Singletary, Saquon Barkley and D’Andre Swift.
signed D’Andre Swift from the Ea- ter building a Hall of Fame resume
gles, who signed Saquon Barkley in Tennessee. Jones was one of the fantasy version, which makes tion last year. Five of them— deals.
from the Giants, who signed Devin the Packers’ most popular players them enormously valuable to the Ekeler, Barkley, Jacobs, Henry and Henry, for instance, is now 30
Singletary from the Texans, who before they replaced him. millions of armchair GMs across Pollard—were typically first or years old and has led the NFL in
acquired Joe Mixon from the Ben- But there’s no constituency of the country. second round selections. rushing attempts in four of the
gals, who signed Zack Moss from fans who place a higher value on All of this reshuffling means The question many of these last five seasons. That could mean
the Colts. When the Packers running backs than fantasy foot- draft boards will look very differ- players face is just how much they he’s running out of gas—or that
signed Josh Jacobs from the Raid- ball players. ent ahead of next season. have left in the tank. The steep ag- he’s the missing piece who will
ers, Green Bay released Aaron While quarterbacks are the The running backs on the move ing curve for running backs is one help deliver the Ravens and quar-
Jones, who joined the Vikings. kings in real-life football, running include eight of the top-25 players of the reasons why so many strug- terback Lamar Jackson a Super
All this happened during an backs are the scarcest resource in ball carriers by average draft posi- gle to land lucrative long-term Bowl.
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THE WALL STREET JOURNAL. Friday, March 15, 2024 | A15

OPINION
The GOP’s Senate Opportunity BOOKSHELF | By Terry Golway

By Brad Todd The next objective for Re-

publicans should be to sweep
that he gets, and it can
squeeze out a few more from
have a conservative capitalist
ethos: Pour money into
The Upwardly
R Mobile Masses
epublicans long ago the Great Lakes in what used suburbanites who dislike Mr. proven performers and safe
earned the nickname to be called the Democrats’ Trump but don’t want Demo- bets. They wait to see which
“the stupid party,” and blue wall—by taking out in- crats in charge of everything. candidates survive months of
we’re threatening to prove it cumbents Bob Casey of Penn- Democrats know they’re onslaught from Democrats
again. Democrats haven’t sylvania, Sherrod Brown of vulnerable, and that’s why before sending in air cover.
been this vulnerable in the
U.S. Senate in a decade, yet
Ohio and Tammy Baldwin of
Wisconsin and winning the
Majority Leader
Schumer’s Senate Majority
Chuck Our low-dollar donors are
driven by personalities, not
Plentiful Country
GOP donors and our Wash- open seat now held by Deb- PAC this week announced party, since they hate “the By Tyler Anbinder
ington geniuses seem to be bie Stabenow of Michigan, all nearly a quarter-billion dol- official Republican Party” al- Little, Brown, 512 pages, $32.50
focusing on a shrinking num- states that Donald Trump lars in ad reservations for most as much as they detest

T
ber of seats. It’s not too late carried in 2016 by winning the fall, covering all of those the Democratic Party. he Irish Famine of 1845 to 1852 was one of the worst
to correct course. Long-term working-class white voters. states plus Montana. Repub- Democratic donors are human catastrophes of 19th-century Europe. Two
control of the Supreme Court These are all Democrats from licans have so far booked risk-taking and mission- million migrants from a small island in the North
might depend on it. another era, and all are char- fall airtime only in Montana driven. They tend not to be- Atlantic fled their homes to escape death by hunger or
The 100-member Senate is ter members of the lucky-cal- long to traditional religions, disease. Another million perished at home, their bodies
divided into three classes of endar club. so donating to left-wing can- often buried in mass graves. Ireland’s population shrank
33 or 34 members each, and This class faced election in The party will have a didates is the equivalent of from eight million to five million in a few years.
every two years one class’s 2006, one of the best Demo- putting money on the collec- Those who fled to America by the hundreds of thousands
members face re-election. cratic years since Watergate. favorable map in 2024 tion plate. Lefty megadonors became the original huddled masses, so unlike the relatively
Only 12 Democratic senators All won in 2012 on the coat- for the last time in are either trial lawyers ac- privileged, skilled immigrants who came before them. Their
come from states that a Re- tails of Barack Obama, who customed to front-loading in- poverty, their customs and their Catholic faith led to a
publican has carried in any ran hard for blue-collar Mid- several voting cycles. vestments, guilt-ridden heirs virulent nativist movement that captured statehouses and
presidential election since western voters by painting to legacy wealth or tech-in- congressional seats throughout the Northeast and elsewhere
the iPhone was introduced in Mitt Romney as a soulless dustry zillionaires trained to in the 1850s.
2007. Those are the Demo- corporate vulture. Then they and Ohio. Minority Leader risk money on prospective The story sounds grim, but the full picture is more
crats whom Republicans rode the wave of 2018, when Mitch McConnell said in De- concepts. complex, according to Tyler Anbinder’s “Plentiful Country:
should be most able to beat. left-wingers deranged by cember that those two While Democrats held 60 The Great Potato Famine and the Making of Irish New York.”
Seven of those 12 Demo- Donald Trump’s presidency states, plus Pennsylvania, Senate seats as recently as Mr. Anbinder, an emeritus
cratic seats are up this year, showed up in droves and his were his focus. 2009-10, it’s been a century professor of history at George
along with one from Nevada, fans stayed home. A GOP sweep of the close since Republicans had more Washington University,
a state that was closely con- This year’s election will be states would give the party than 55, and we’ve had that demonstrates that many of
tested in 2016 and 2020. the first neutral or hostile 57 seats. That’s unlikely, but many only four times. those despised migrants
Only five will be in 2026 and electoral climate this crop of you can’t know which seats There’s no reason to think overcame bigotry and other
2028 combined, along with Senate Democrats has faced will be winnable late if you we can’t do better. The GOP obstacles to live the American
at least six Republican-held this century, and Republicans don’t bet on all of them should aim for as many seats dream. They didn’t simply
seats in competitive states. need to try to beat them early. That truism is lost on as possible in 2024. If we survive. They prospered.
You don’t have to be a all—and to go after opportu- Republican megadonors and don’t, we’ll wish we had Mr. Anbinder has combed
math wizard to realize Re- nities in Nevada (against on too many politicians, when the pickings get slim in the extensive and miraculously
publicans had better pad Jacky Rosen) and Arizona whose ambitions are tem- 2026 and 2028. preserved archives of the
their margin now. A 51-seat (where Democrat turned in- pered by the donations Emigrant Savings Bank, which
majority isn’t enough. dependent Kyrsten Sinema is made. In the two decades Mr. Todd is a co-founder served New York’s Irish
The retirement of West vacating her seat). And they since the McCain-Feingold of OnMessage Inc., a Republi- community, to provide a series
Virginia’s Joe Manchin and should support unusually campaign-finance law made can consulting firm, and co- of riveting and deeply personal
the clear primary field for strong candidates in the blue Super PACs the main adver- author with Salena Zito of stories of men and women who
Tim Sheehy against Montana’s states of Maryland (former tisers in American elections, “The Great Revolt: Inside the moved up the socioeconomic ladder through hard work,
Jon Tester makes 51 an easy Gov. Larry Hogan) and Vir- GOP donors have settled Populist Coalition Reshaping entrepreneurial vision and a wee bit of luck. Their deposit
reach for Republicans. Nobody ginia (Hung Cao). into a pattern of not engag- American Politics.” and withdrawal slips, along with personal information that
with any sense will bet on Mr. Mr. Trump will either win ing with big contributions only Emigrant collected, gave Mr. Anbinder the raw material
Tester, given that Mr. Biden is or come close in all these until late in the election Kimberley A. Strassel is to tell a superb revisionist history of the Famine generation.
likely to lose the Treasure states. A well-run Senate year—too late. away. “Despite the common depiction of the Famine Irish as
State by 20 points. campaign will get every vote Big Republican donors immigrants locked in gloomy lives of poverty,” he writes,
“they actually found—or made—many opportunities for
socioeconomic advancement.” He points to an “avid

Aramean Christians Train to Fight for Israel entrepreneurship” among the Irish who landed and
remained in New York. “About one out of every three
Famine immigrants in New York,” he writes, “ended his
HOUSES OF Forty-eight He laments that young deny Jewish existence here, She adds: “I feel that God career operating a business (mostly small) of one kind or
WORSHIP Israelis grad- Aramean Christians study in we deny our own.” needs me to help in this time, another, and about half as many more tried doing so before
By Rebecca uated in Feb- Israel’s Muslim educational There is a practical benefit especially now.” Her eldest returning to wage work.”
Sugar and ruary from system, where they aren’t to military service as well. son, Elias, is serving in the That is an eye-opening revelation. Generally—and not
Michael Kinneret, a taught about their own heri- Christians have been perse- IDF, an example Ms. Elias without reason—the Famine Irish are described as the
Freund premilitary tage or historical ties with the cuted in the Mideast for centu- hopes others will follow. poorest of the poor, consigned to neighborhoods like the
program, or Jewish people. Students “be- ries. “Only in Israel are Chris- Wasam Salameh has. He notorious Five Points, finding work where they could as
mechina, in come anti-Israel under this tians safe,” Mr. Khaloul says. graduated from Kinneret last laborers and needleworkers. Thanks to Mr. Anbinder’s years
Kibbutz Beit-Zera, near the system,” Mr. Khaloul says. “It’s “They want to keep the coun- month and says his goal is “to of working with the Emigrant records and other newly
Sea of Galilee. They spent what they are taught.” He says try strong. They saw what be recruited to 8200,” one of available digital resources, we now learn that they were also
seven months undergoing he filed a complaint two years Hamas did, and they say that the IDF’s most storied intelli- watchmakers, clerks, grocers, saloonkeepers and (who
training, lectures and field ex- ago with the Education Minis- this threat will follow them gence units. The 18-year-old knew?) peddlers.
ercises to prepare for army try after a Muslim teacher in too.” from the Galilean village of And such peddlers. In a wonderful bit of scholarship, Mr.
service. Unlike the country’s Jish reprimanded an Aramean Tur’an says military service Anbinder tells us that immigrants from County Donegal
dozens of other mechinot, high-school student for honor- will help him feel “more Is- made up only 3% of the city’s Irish population in the 1850s
Kinneret’s founder and half of ing Israel’s fallen soldiers on For decades, the raeli” and that he wants to be but accounted for “a quarter of the city’s Irish peddlers.”
its students are Aramean Memorial Day. “This is not our “a good citizen” and protect The author is not afraid to get granular: Three-quarters of
Christians. holiday,” the teacher report- country classified this his family. those Donegal peddlers, he notes, came from Killybegs, a
The Jewish state is home to edly told the teenager. Mr. Kha- community as Arab “Before this program, I small fishing village in Ireland’s far northwest.
some 185,000 Christians, in- loul says there are many such didn’t know about the modern “Plentiful Country” includes dozens of profiles of
cluding around 15,000 incidents in the schools. over its objections. existence of the Aramean peo- ordinary people who never thought anybody would be
Arameans, whose ancestors As a result, Israeli ple. I was sure they had disap- interested in their life story. We meet the three Morgan
lived in the Levant before the Arameans, who aren’t drafted peared from the world,” says brothers who came to New York during the Famine via
Arab conquest and were early like their Jewish peers, don’t He created Kinneret with Jonathan Heimann, a Jewish “chain migration,” Mr. Anbinder slyly notes. They got into
followers of Jesus. For decades usually volunteer for the IDF. this in mind. The program Kinneret graduate from Kfar the soda-water trade quite by accident not long after
Israel registered them as Ar- For Mr. Khaloul this is both an teaches Hebrew to Christians, Saba. Today, he says he appre- arriving from County Cavan, and soon they gobbled up some
abs over their objection. individual and communal trag- prepares them for IDF en- ciates the significance of the real estate and eventually created a moving and storage
In 2014 Israel recognized edy. The military is one of the trance exams, and connects Arameans and their connec- company, Morgan Manhattan, that still exists, as does their
the Aramean Christian com- most important institutions in them with Jewish peers. Kin- tion to the Jews. soda water.
munity. That recognition was Israeli life. Soldiers form life- neret has graduated 315 men “The Jews are an open-
an important step toward long social bonds and vital ca- and women since its incep- minded people,” Mr. Khaloul
fuller integration into Israeli reer networks. “Joining the tion, all of whom have joined says. “They want to know The Irish who fled the potato famine and
society, says Shadi Khaloul,
who founded Kinneret in 2017.
IDF opened many doors for
me,” Mr. Kahloul says. “When
the IDF. In 2023 Mr. Khaloul
says limited funding allowed
about the people who are
sharing statehood with them,
came to New York arrived in poverty and
Mr. Khaloul, 48, was born in the youth in my community him to accept only 48 out of who are willing to defend the social ostracism. Many managed to prosper.
Jish, a mixed Christian-Muslim don’t serve, this affects their 1,000 applications. country.” That shared sense of
community in north Galilee, whole lives.” Neveen Elias became an IDF affection and purpose binds
and educated in Haifa. His un- The IDF also promotes officer last year at 39. She is Jews and Christians together Not every story has the same happy outcome, but Mr.
cle served in the Israel Defense shared identity, bringing to- the main recruiter for Kinneret at one of the most critical mo- Anbinder convincingly shows that the Famine Irish were
Forces, and his father was an gether disparate groups from and proudly walks around Jish ments in Israel’s history. “This eager to work and succeed in a country that allowed them to
Israeli policeman. It was no across Israeli society. Aramean in her military reserves uni- is our role in this land as do so. The artisans, barkeepers, junk dealers, boardinghouse
surprise, then, when he joined Christians who don’t enlist are form. “I am an Israeli Christian Christians,” he says, “to build operators and other modestly mobile Irish who populate the
the army and became a para- disconnected from their his- Aramaic citizen belonging to bridges.” book weren’t necessarily rubbing shoulders with the city’s
trooper at 18. “I was taught tory and destiny. “Jews and the Maronite Church of Anti- most successful Famine migrant, W.R. Grace, the two-term
that the Jews are our brothers Aramean Christians are the in- och,” she says. “I don’t care Ms. Sugar is a columnist for mayor who founded a global company that still bears his
and our allies,” Mr. Khaloul digenous people of the re- what they say about my uni- the New York Sun. Mr. Freund name, but they were also not without hope and prospects, as
says. “This state is our state. gion,” Mr. Kahloul says. “We form. There is no safer place is a columnist for the Jerusa- has often been assumed.
We need to defend it too.” developed from Jews. If we for Christians than in Israel.” lem Post. Mr. Anbinder doesn’t intend to rewrite or erase the
earlier depictions of the Famine Irish—he acknowledges that
most could never dream of opening an account with the

Don’t Put Your Stash in the Overhead Bin Emigrant Savings Bank—but he does want to complicate our
understanding of how the Irish in America saved
themselves. Lest anybody conclude that he is making light of
By Bob Greene get in trouble for being in the gambling, could lead to police room and said hello to the the Irish Famine, the author’s chapter on the potato failures
airport with marijuana in their raids and despairing nights in desk officer, the kind of no- that led to mass starvation is devastating, heartbreaking and

T
his country, and its atti- pockets or carry-on bag. Offi- the hoosegow. nonsense fellow who once enraging. He rightly notes that the British official in charge
tudes, can change cials were just trying to be But in the same way that ca- might have made marijuana of relief in Ireland, the justly infamous Charles Trevelyan,
through the years in helpful: Recreational mari- sinos and professional-sports users jittery. viewed the Famine as “part of God’s plan.” So why fight it?
startling ways. Sometimes a juana has been legal in Illinois leagues have turned gambling He said there was nothing to Mr. Anbinder shows that in their new home in America,
seemingly mundane sight since 2020, as it is in many from something done in the be jittery about. The police, in the members of the Famine generation put the lie to
drives that truth home. states, but transporting pot on shadows to a sparkling all- 2024, weren’t going to swoop Trevelyan’s assertion—heartily echoed by the British
So it was on a recent after- a plane is still illegal under American activity, rapid legal- in on anyone who dropped establishment—that the Irish had only themselves to blame
noon in Concourse C of Chi- federal law. The amnesty box ization has destigmatized mari- something into the box. In the for their plight, for they were lazy and improvident. Given a
cago’s Midway International juana. Whatever you may think ’60s or ’70s, pot users might chance to succeed in America, the Irish made the most of it.
Airport when I glanced at of bringing pot into the don’t- have fretted that this was a Mr. Anbinder quotes a newspaper that took note of the
three heavy metal boxes A ‘Cannabis Amnesty be-embarrassed mainstream of trick, set up to trap them like Famine generation’s relative prosperity in 1878, around
against a wall, each intended
for travelers to deposit items
Box’ at Chicago’s national life, that’s what has
happened. Here, beneath the
flypaper. Not any longer; the
box was merely an amiable
three decades after their arrival in poverty and social
ostracism. “This Celtic success,” the paper concluded, “is
before boarding their flights. Midway Airport. airport’s bright lights, stood civic gesture. New world. truly miraculous.”
The first was a white, purple the Cannabis Amnesty Box, as I don’t know whether it was
and orange FedEx box for any- forgiving and nonjudgmental as a coincidence or brilliant mar- Mr. Golway, who teaches at the College of Staten Island,
one who needed to send a meant what it said: Leave your a no-fault divorce. keting by Einstein Bros. Ba- is the author of “I Never Did Like Politics: How Fiorello La
package overnight. The second drugs here so you’re worry- I noticed that the metal box gels, but there was an adver- Guardia Became America’s Mayor, and Why He Still
was a blue mailbox. The third free in the sky. was next to a hall leading to a tisement close to the Cannabis Matters.”
was a green box. It was labeled Not so long ago, fear about Chicago police substation in Amnesty Box. It said: “Late
“Cannabis Amnesty Box.” The
City of Chicago’s official seal
being arrested for marijuana
use was visceral across towns
the airport. My flight had been
delayed; while waiting, I sat
Night Cravings Satisfied!” For
anyone with the munchies, the Coming in BOOKS this weekend
was affixed to its front. A sec- and cities. Pot smokers were across from the box for two airport bagel shop was open Gen. George C. Marshall before the Plan • Percival
ond label warned travelers not nervous that undercover nar- hours without seeing a single until midnight. Everett’s take on Huck Finn • Making clothes in America
to throw trash into the recep- cotics agents would pounce on person drop anything in it or • The UCLA basketball dynasty • Mathematics and
tacle—only pot. them and send them to jail. give it more than a glance. Fi- Mr. Greene’s books include Michelangelo • The best books about wine • & more
Passengers weren’t going to Marijuana use, like furtive nally I went into the police “Late Edition: A Love Story.”
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A16 | Friday, March 15, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Nippon Steel Fiasco Javier Milei Must Dollarize to Raise Incomes

E
veryone knows the Trump-Biden elec- But the political opposition to Nippon Steel In “Does Milei Fear Dollariza- and central bankers profit from de-
tion campaign is going to be nasty, brut- isn’t about the economic merits. It’s about Cleve- tion?” (Americas, March 11), Mary valuations even as poverty worsens.
Anastasia O’Grady commends Presi- They say devaluations make people
ish and not short enough, but the un- land-Cliffs, the steelworkers union and the elec-
dent Javier Milei’s outreach to gov- “competitive”—but that just means
known is how much policy toral competition for blue-col-
damage it will do. One unfold- Biden folds under union lar workers in November.
ernors to support reforms but cau- “poor.” Would President Reagan have
tions that delaying monetary succeeded without quickly stopping
ing example is the fiasco of
self-destructive opposition to
and Trump pressure, Like U.S. Steel, Cleveland-
Cliffs is a unionized U.S. com-
stabilization is a gamble. President Carter’s devaluations? No.
She’s right. Allowing people access Mr. Milei campaigned and was
Nippon Steel’s proposed ac- which will hurt the U.S. pany. Its CEO, Lourenco Gon- to stable money is the starting point elected as a populist. His popularity
quisition of U.S. Steel. calves, is sore because U.S. for reform and growth, not the mid- depends on median incomes going up.
The American political con- Steel rejected his merger offer point. Too many leaders have applied The biggest opportunity and one of
sensus used to be that foreign investment is a as inadequate last year. Smart move. Nippon austerity instead of currency stabili- the most fast-acting pain reducers is
sign of U.S. economic strength and a source of Steel’s bid is roughly double what Cleveland- zation—often under pressure from to complete dollarization.
good-paying jobs. Protectionists focused on Cliffs offered. Cleveland-Cliffs and its political the financial community. In Nigeria, DAVID MALPASS
Egypt, Ethiopia, Haiti, Argentina and Former president, World Bank
blocking imported goods that compete with patrons in the Ohio and Pennsylvania Senate
many other poor countries, financiers Washington
American products. But now they’re targeting delegations are now lobbying furiously to block
even investment in U.S. manufacturing from the Japanese company’s purchase. Donald
friendly countries. Trump also opposes the deal, claiming to be a
That’s the case with Nippon Steel’s non-hos- tribune of the working man.
tile $14.1 billion offer to buy U.S. Steel, a venera- If you really care about workers, Nippon
Joe Biden Speaks Loudly, Carries Small Stick
ble American name that has fallen well down Steel’s bid is better. The firm has promised to Your editorial “Biden Draws a moment” with him. Who would say
the ranks of world producers. Nippon Steel ex- honor the United Steelworkers collective-bar- ‘Red Line’ for Israel” (March 11) il- that to the head of the Jewish
ecutives plan a major capital infusion to make gaining agreement and says it won’t move cur- lustrates an unfortunate trend in state?
U.S. Steel more productive. But the merger is rent U.S. production or jobs overseas. A more President Biden’s foreign policy: He Surely he recalls that Jews had a
opposed by Cleveland-Cliffs, a U.S. Steel com- competitive U.S. Steel is less likely to have to speaks boldly, then backtracks. He falling out with Jesus a couple of
pledged to evacuate all Americans millennia ago. Perhaps it’s actually
petitor, and the United Steelworkers, and the lay off workers in the future. and allies from Afghanistan, then Yahya Sinwar, the head of Hamas in
politicians are following like sheep. i i i didn’t. He strongly supported Gaza, who needs a “come to Jesus
The latest is President Biden, who issued a Mr. Biden as President is supposed to repre- Ukraine then, spooked by Vladimir moment.”
statement Thursday expressing his opposition sent the national interest, and maintaining Putin’s threat of going nuclear, with- CHRIS DAVIS
to the sale to Nippon Steel: “U.S. Steel has been America’s reputation for inviting foreign capital held game-changing weapons, re- Jacksonville, Fla.
an iconic American steel company for more really is a “vital” interest. So is treating allies sulting in a bloody stalemate. He
than a century, and it is vital for it to remain well, and mistreating a Japanese firm as hostile sends warnings to Iran, but contin- Your editorial concludes: “The
an American steel company that is domestically won’t make friends in Tokyo. Mr. Biden has al- ues to allow the sale of Iranian oil best way [Mr. Biden] can help him-
owned and operated.” ready jolted allies with his recent decision to as proxies attack our troops in the self politically is to let Israel win
The world is awash in steel, so it isn’t clear stop approvals for liquefied natural gas export Middle East. the war as rapidly as possible.” But
His “red line” pledge continues it seems we no longer fight wars to
why steel must be made in the U.S. But if steel projects. Barring Nippon Steel for political rea-
the trend. It may win votes in Dear- win. We disgracefully abandoned Af-
is made in U.S., why is it “vital” that it be “do- sons sends a rotten message to friends—espe- born, Mich., but at what cost? ghanistan. We help Ukraine enough
mestically owned”? Nippon Steel is the world’s cially since it would be a boon to Chinese steel He’s had four self-inflicted strate- not to lose but certainly not enough
fourth-largest steel maker and far more effi- makers that compete with Nippon. gic defeats in less than four years. to win, and our support may further
cient than U.S. Steel’s aging plants. Nippon Mr. Biden’s rhetorical intervention is also a After the humiliation of our magi- diminish. We tell Israel’s leaders
Steel’s expertise and capital would enhance U.S. bad look because his government’s Committee cally disappearing red line in Syria what they can’t do but we don’t tell
economic strength by making U.S. Steel’s opera- on Foreign Investment in the United States is one would think that the holdovers them what they can do to win in a
tions more competitive. reviewing Nippon Steel’s bid. His comments from President Obama’s foreign-pol- way acceptable to us. We don’t even
Nippon Steel already employs some 4,000 look like an attempt to tilt the committee, which icy team would be a bit more cir- fight for the U.S. hostages being
Americans, and it has wanted to expand here is composed of executive branch agencies, cumspect in threatening red lines, held by Hamas.
for some time. One reason is the 25% tariff on against the acquisition. It’s the kind of thing especially against an ally. After Vietnam we should have
TOM SEAL learned not to go to war unless we
steel imports that Donald Trump imposed and you’d expect from Mr. Trump.
Stafford, Va. are willing to do what it takes to
Mr. Biden hasn’t lifted. Manufacturers are mov- And that may explain it. Mr. Biden is scared win. We will have to learn that les-
ing to the U.S., especially from Europe, to avoid of Mr. Trump’s trade shadow, which is leading Mr. Biden was overheard after his son, hopefully before Russia, China
U.S. tariffs and take advantage of lower-cost to many bad economic decisions. The political State of the Union speech saying and Iran force us to realize it.
American energy and the vast subsidies for competition to appear to be populist—while re- that Israeli Prime Minister Benjamin STEVEN CHENENKO
green energy. The U.S. needs more steel to meet ally being corporatist—is going to do a lot more Netanyahu needs a “come to Jesus Rochester, N.Y.
this demand. harm in the next seven months.

Your First Job Shouldn’t Come After College

The Chicago Teachers Union’s Student Army I am dismayed to see that Alex were 11 years old. We worked as box

C
Hernandez, president of Champlain boys and shelf stockers in local gro-
hicago high school students may not be properties over $1 million and 3% for those over College, wants to “turn the college cery stores and did the work of
reading at grade level, but the Chicago $1.5 million, is supported by Chicago Mayor curriculum upside-down” by focusing maybe half a man on a farm when we
Teachers Union (CTU) is making sure Brandon Johnson. But that’s not the only reason on careers from the start and turning were 14.
they know how to vote like the CTU likes it. The measure colleges into “engines of opportunity” Most of our classmates worked
union members. The union plans to would supposedly raise funds (Letters, March 4). This thinking is summers at local stores or canneries,
In a letter on Monday, CTU
Vice President Jackson Potter
organize students and the to combat homelessness, but
union has identified it as a
now pervasive.
But on their one trip through this
and many worked part time during
the school year and on weekends. We
said the union would be aim- march them to the polls. revenue source for subsidizing vale of tears, shouldn’t the young be also worked our way through college.
ing to “fill CTU HQ with Chi- teacher and student housing able to reach, to wonder, to explore? That is how we got good first jobs.
cago’s newest voters” for a as well. Things are out there: the Upanishads, Work was not foreign to most of our
paleontology, Zeno’s paradoxes. Is generation.
special “Student Power Forum.” High school In a leaked summary of the CTU’s demands
success merely getting a job in the Then came Pell grants and open-
students drafted by teachers and staff would for its next contract, reported by the Illinois machine? ended loans covering all living ex-
be gathered to hear from “candidates/political Policy Institute, the union notes that CTU EM. PROF. PERRY LINK penses for students. Now taxpayers
organizers” and then join a “Parade to the Members “have demanded that we have more Princeton University are paying off those entitled college
Polls, where students will march to an early resources, and what better resources could Riverside, Calif. graduates loans and the loans of col-
voting site . . . making their voices heard along there be than ACTUAL housing!” Among the Mr. Link is chancellorial chair for lege graduates employed by the gov-
the way.” key proposals the CTU lists is “Financial as- teaching across disciplines at the Uni- ernment. I wonder how many of their
This inspiring display of democracy, Mr. Pot- sistance for CTU members to live & work in versity of California, Riverside. bosses would say they now know how
ter’s letter says, would be operated in partner- the city.” to work?
ship with Chicago Votes, La Casa Norte and “Our campaign begins now with Bring Chi- Kudos to Mr. Hernandez for inno- GREG PILCHER
Bring Chicago Home. The latter outfit is push- cago Home, on March 19 and continues in our vative thinking for his college stu- Silverton, Ore.
dents. Unfortunately too many stu-
ing to pass a real-estate tax increase referen- contract campaign,” the union adds.
dents get their first jobs after college.
dum on March 19. Chicago news station WBEZ So the CTU has donated $400,000 to sup-
reported that the CTU said the letter’s refer- port Bring Chicago Home and the union will be
Sixty years ago my brother, sister and Israel Won’t Forget Hostages
I had our first job picking berries and
ence to Bring Chicago Home’s participation was marching student to the polls to vote on the In his March 12 letter, Stuart Gold-
beans under supervision of our
a “mistake.” Whoops. referendum. That’s political coercion so explicit berg notes the disparity in the world’s
school teachers and bus drivers at lo-
outrage at Boko Haram’s abduction of
The Bring Chicago Home referendum, which even Richard Daley and the old Democratic cal farms.
276 Nigerian schoolgirls in 2014 and
would raise the real-estate transfer tax to 2% on Party Chicago machine would blush. My brother and I had a small busi-
Hamas’s abduction of Israeli hostages
ness buying newspapers and reselling
last year. It’s true that global outrage

Chuck Schumer Lectures Israel

them on our paper routes when we
followed Boko Haram’s act and that
First Lady Michelle Obama tweeted

T
he Israel-Hamas war is melting brains allowed that Israel “is surrounded by vicious
Wars Rage and the President #BringBackOurGirls.
But nearly a decade later, more
on the Democratic side of the aisle, and enemies.” Worries About Potato Chips than 90 of the 276 Nigerian girls re-
the latest evidence is a remarkable So what does the Democrat from New York main missing. Although the world
Regarding your editorial “Biden
speech Thursday by Sen. want? He hopes a different Is- seems almost indifferent to the
Plays Whack-a-Bank” (March 11):
Charles Schumer calling for Democrats are making raeli Prime Minister would ad- Nero fiddled while Rome burned. Mr.
plight of the Israeli hostages, Israel
isn’t. Though the world lost interest
new elections to replace Is-
raeli Prime Minister Benja-
Netanyahu a scapegoat the vance a two-state solution of
sort Mr. Netanyahu has re-
Biden used his State of the Union
speech to talk about junk fees and ex-
in the fate of the Nigerian school-
girls, Israel will not become indiffer-
min Netanyahu. Yes, the Ma- to appease the left. sisted. This reflects the politi- press concern about the number of
ent to the fate of those held by
jority Leader is telling cal neurosis developing chips in a bag of potato chips. He
Hamas. And while Islamists have car-
Israelis to replace their gov- among Democrats, who wish wants to save us from the evil greedy
ried out more mass abductions just
corporations that may be taking ad-
ernment—or the U.S. “will have no choice” but some deus ex machina would allow Israel to last week in Nigeria, including 250
vantage of us.
to intervene to “change the present course,” “win” the war against Hamas in a way that Meanwhile, two wars are raging,
students from one school, Israel is
whatever that means. would minimize the anger of the anti-Israel left committed to ensuring that Hamas
the southern border is in chaos, cities
Mr. Netanyahu is the duly elected Prime Min- in the U.S. and its ilk never repeat the atrocities
are being overrun with crime and
ister of an American ally. Israeli voters will have This is foolish on the merits, and Mr. of Oct. 7.
American families can’t afford grocer-
a chance to hold him accountable, if they Schumer’s intervention may backfire in Israel, STUART CREQUE
ies. Maybe he should be thinking
Moraga, Calif.
choose, for whatever policy and security lapses where it was roundly denounced Thursday as more about how his policies have
left his country vulnerable to Hamas’s vicious unwelcome interference. It’s not obvious any Is- caused these problems and trust the
invasion on Oct. 7. He also will have to answer raeli politician would rush after Oct. 7 to nego- public to deal with bank fees and
for how effectively he has prosecuted the war, tiate with the Palestinians over a state unless missing potato chips. Pepper ...
including whether he has struck the right bar- or until Hamas is defeated in Gaza—at a mini- ANDRÉ MONTERO
Brooklyn, N.Y.
And Salt
gains in exchanging temporary cease-fires for mum. The idea that Israel is the obstacle to
THE WALL STREET JOURNAL
the release of Israeli hostages, and whether the Middle East peace, rather than the Iranian re-
ultimate end-state for Gaza leaves Israel safer gime sponsoring terror proxies across the re- Nikki Haley Bumper Stickers
or otherwise. gion, is so naive it’s more suited to a faculty
But precisely because Israel is a democracy, lounge than the Senate floor. Your March 7 editorial “What Nikki
Haley Accomplished” has me getting
accountability for Mr. Netanyahu is baked in. The bigger problem is Mr. Schumer’s own
ready to place an order for “Don’t
The Prime Minister at this moment represents surrender. Rather than placating the anti-Israel blame me, I would have voted for Ha-
a broad consensus in Israeli society that the left in his party, he and President Biden ought ley” bumper stickers.
country can’t afford to allow Hamas to continue to be trying to lead them. JAMIE CHUMAS
its violent and corrupt control of Gaza after the The first half of Mr. Schumer’s speech largely Wyckoff, N.J.
horrors unleashed on Oct. 7. set out the reasons that friendship with Israel
Mr. Schumer knows all this and said as much remains in America’s national interest, and
Letters intended for publication should
in his speech on the Senate floor. He blamed what’s at stake for Israel in its war. As unchar- be emailed to [email protected]. Please
Hamas for the atrocities of Oct. 7, and he noted acteristic as it would have been for Mr. include your city, state and telephone
that the terror group has “knowingly invited Schumer, it would have been better for his number. All letters are subject to
an immense civilian toll during this war” by us- country, his party, Israel and his own reputation editing, and unpublished letters cannot
be acknowledged.
ing Gazans as human shields. The Senator also if he had left it at that and stopped talking.
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THE WALL STREET JOURNAL. Friday, March 15, 2024 | A17

OPINION

‘Altruism’ Biden’s Budget Neglects the Military

Was Central By Michael J. Boskin ating more efficiently. In 1970 the

To SBF’s And Kiran Sridhar National Defense Authorization Act

P
was 10 pages long and passed in one
resident Biden has again day by voice vote; today, it is 100

Crimes proposed a vastly inade-

quate Defense Department
budget. His proposal for
times as long and filled with onerous
requirements. Pentagon leaders
should have more flexibility, with ap-
2025 is a mere 1% increase propriate accountability.
By Scott Bessent from this year’s agreed level. Ad- Congress also should separate the
justed for inflation, it’s about $140 investment account from the rest of

S
am Bankman-Fried deserves to billion below the 2010 budget that the budget, the better to highlight
go to prison for a long time— many analysts, including these new capital investment, depreciation
and his own lawyers’ sentenc- pages, deemed insufficient in far and inventory depletion. Borrowing
ing memo shows why. less challenging times. While Amer- to acquire assets, as a family does
Mr. Bankman-Fried, founder of ica’s military remains the strongest with a mortgage or car loan, is far
cryptocurrency exchange FTX, was and most capable in the world, our more sensible than borrowing to fi-
convicted last year of fraudulently advantage over potential adversar- nance regular continuing expenses.
using customers’ assets to cover ies has been shrinking rapidly. We Franklin D. Roosevelt’s huge military
losses at his hedge fund, Alameda Re- must do better if we are to deter our investment for World War II and

DAVID KLEIN
search. Prosecutors seek a 100-year enemies. Ronald Reagan’s buildup that con-
sentence. His lawyers propose less For decades, the nation expected vinced the Soviets they couldn’t win
than six years, and even suggest that the military to be able to fight and the Cold War are historic examples
supervised release might be enough. win two wars simultaneously. That of wise debt financing.
Their own arguments actually make expectation has been gradually re- of that money would have enhanced dustrial base; and increased capabili- We see reasons for optimism.
the case against leniency. duced to winning one war while de- current readiness, the shortfall has ties in cyber and space, where Russia Over the past three years, bipartisan
terring “opportunistic aggression” still battered the military’s capabili- threatens to disable our satellite majorities in a Congress with grow-
elsewhere. The Biden administration ties. With an average age of 28 years, communications. ing numbers of recent veterans
His moral arrogance makes has placed less emphasis on military only 70% of combat aircraft are mis- Fiscal constraints from excessive added billions of dollars to Mr. Bi-
capability and more on tools such as sion-ready. The Navy is retiring a deficit spending in recent decades, den’s inadequate requests. The 2024
the case for punishing him sanctions. Yet at a Hoover Institu- submarine every two years, while and a deteriorating outlook driven NDAA enables the Pentagon to em-
harshly, not for leniency as tion conference we convened in China, which already has the world’s by Social Security and Medicare, ploy some multiyear contracts for
early 2023, a bipartisan group of largest navy, recently deployed ad- mean the defense buildup will need critical munitions and missiles. Poll-
his lawyers argue in court. three dozen former top leaders from vanced subs that can run silent. more bang for the buck as well as ing suggests that while the public
the Pentagon, Congress, think tanks more bucks. Some allies must step greatly overestimates the defense
and academia agreed that insuffi- up their spending and integrate their share of the budget, it wants more
In their 100-page sentencing cient and inflexible budgeting en- Sequestration and chronic forces better with ours, as Japan is information and backs increased
memo, Mr. Bankman-Fried’s lawyers sures the military will struggle to doing. But there is no substitute for spending.
offer a raft of bad arguments for let- meet even this diminished standard. underfunding have opened American military supremacy. But episodic supplemental appro-
ting their client off lightly, citing ev- As Colin Powell once put it, “Show a yawning gap in American The public and lawmakers will priations are no substitute for a con-
erything from his autism to his ve- me your budget and I’ll show you justifiably demand accountability. sistently adequate budget. And as
ganism. The dominant theme is the my strategy.” strength and readiness. The Pentagon is hardly a paragon Reagan showed, only a determined
most damning: Mr. Bankman-Fried The Navy can’t send ships it of efficiency. Despite progress, the president can persuade a war-weary
thinks he should get off lightly be- doesn’t have to keep sea lanes open. Defense Department recently failed public and wary Congress to support
cause he wants to make the world a The Army can’t deploy troops it has What’s necessary to catch up? its sixth straight audit. Three re- the sustained investment in national
better place. been unable to recruit and train. The Sustained yearly increases of $100 forms, among many possibilities, security that is the foundation of
At least 10 times, the lawyers refer budget is the basis for modernizing billion or more—about 0.4% to 0.5% would make the Pentagon much freedom, peace and prosperity. The
to their client’s supposed strategy of technology, replacing old equipment of gross domestic product. The Rea- more efficient. next president will have a lot on his
“earning to give,” or what Mr. Bank- and restoring the defense industrial gan-era buildup that helped win the First, around $100 billion of the plate, but rebuilding the nation’s mil-
man-Fried termed “effective altru- base with capacity to supply needed Cold War peaked at 6% of GDP, about defense budget funds activities not itary must be job No. 1.
ism.” They quote his father as saying stockpiles. twice the current level, which is near closely related to national security—
that “Sam started FTX as a way to Following mandatory sequestra- a historically low point. including environmental, educational Mr. Boskin is a Hoover Institution
earn to give”; they laud his “commit- tion cuts and endless continuing res- Among the most urgent priorities: and healthcare programs. Many of senior fellow and economics profes-
ment to the world” and his “great olutions, U.S. defense spending has a larger Navy with greater sea-lift those programs should be shifted to sor at Stanford. He served as chair-
gifts to offer the world”; they de- never returned to that 2010 level. capacity and advanced submarines; different agencies, with some of the man of the president’s council of eco-
scribe him as a man “who can still Even sizable supplemental aid for modern air- and missile-defense sys- current funding reallocated to core nomic advisers, 1989-93. Mr. Sridhar
have a significant, positive impact on Ukraine and Israel wouldn’t get it tems; a larger Army; expanded for- military capabilities. Second, the mil- is an investment affiliate at Shield
this world.” close this year. The cumulative fund- ward-basing capabilities, especially itary should buy more up-to-date Capital and a senior fellow at the
I could go on, as they do, at great ing gap since 2010 totals about $2 in the Pacific; modernized nuclear and less expensive commercial tech- McCrary Institute for Cybersecurity.
length. But here’s the thing: Mr. trillion in today’s dollars (and Mr. Bi- deterrence; upgraded fighters and nology. Third, we should trim con- They are co-editors, with John
Bankman-Fried’s commitment to his den’s 10-year plan fails even to keep bombers in a portfolio matched to gressional micromanagement, which Rader, of “Defense Budgeting for a
utilitarian mission of making the up with inflation). While only some mission needs; a rebuilt defense in- hamstrings the Pentagon from oper- Safer World: The Experts Speak.”
world “better” is what led him into
fraud and criminality in the first
place. Far from making the case for
leniency, his legal brief’s emphasis on
his good intentions and larger pur-
Portugal’s Lucky Losers on the Right
pose demonstrates that he has Congratulations from Portuguese museums of arti- and quadrupled its seat count com- when confronted with the exigency
learned nothing, or the wrong les- are in order for facts ostensibly looted during the pared with the 2022 election. But of Hungary’s need for more Euro-
sons, from his convictions for fraud Chega, the latest colonial era. voters don’t seem to view Chega as pean Union financial support.
and conspiracy. lucky loser in Eu- Mr. Ventura claimed in the ensu- a credible governing party. Which is The excuse often is some form of
He acted as if he were above the ropean politics. ing uproar he had been speaking just as well since it probably isn’t. paranoid conspiracy, commonly in-
law. He played fast and loose with The Portuguese ironically, and it takes a certain Winning elections has become volving resistance from deep-state
customers’ assets because he thought
POLITICAL party of the far willful blindness not to see the something of a kiss of death for Eu- bureaucrats or EU bullies in Brus-
he knew better. He lied to customers
ECONOMICS right emerged as point he was making—even if it’s rope’s insurgent right-wing move- sels. There’s a kernel of truth to
about the safety of their assets, lent the big winner of hard to find the joke funny. It’s an- ments. Remember when Giorgia that.
By Joseph C.
them to himself to speculate with in last weekend’s other classic example of how the But the real reason is less flatter-
Sternberg
his hedge fund, and concealed the re- election despite, left’s own ridiculousness provides ing for the insurgent right and for
sulting losses by “borrowing” still or rather because the fodder for the right’s outra- Governing has been the its voters. The far right’s gimmick is
more from his unwitting clients. This of, its failure to come anywhere geousness. Donald Trump at his that everyone knows the system is
is the stuff of garden-variety Ponzi close to a majority. peak can be a master of the art. kiss of death, or at least broken but no one is willing to fix
schemes. In the now familiar pattern, The most important element of compromise, for Europe’s things—except for these parties’
His lawyers would have us believe Chega was founded as a protest the European far-right playbook, blunt, “common sense” supporters.
that because Mr. Bankman-Fried party (the name translates as an however, is never, ever actually to insurgent movements. But the mainstream became the
“never valued or desired great per- exasperated “enough”) by an en- win an election. Here too Mr. Ven- mainstream for a reason. The par-
sonal wealth or status,” he lived fru- tertainment personality, André tura has succeeded admirably. ties and ideas the insurgent right
gally, he is “unable to experience joy Ventura. Some of Chega’s signa- The freakout in the global press Meloni’s win in Italy in 2022 her- hates represent the least-bad com-
or pleasure,” his guilt is mitigated. In ture issues are common across Eu- about Chega obscures that Mr. Ven- alded the return of Italian fascism? promise European electorates could
fact, his moral arrogance drove his rope—anger about rising immigra- tura’s party finished third, and not Power has moderated her into a live with, at least in decades past,
crimes. And although federal prose- tion and government corruption a close third either. Chega’s 48 leg- pro-euro, pro-U.S., even pro-Ukraine on a range of issues from economics
cutors have so far declined to pursue top of the list. Other issues are islative seats (in a chamber of 230) center-right leader, to the point to immigration and you-name-it.
the campaign-finance charges on more parochial, such as ancient and roughly 18% share of the popu- where she often is in conflict with That consensus matters because
which Mr. Bankman-Fried was in- tensions related to Portugal’s lar vote compare with 79 seats and that other tribune of the Italian pro- parties of government, as opposed
dicted last year, he allegedly brought Roma community. nearly 30% for the first-place cen- test right, her coalition partner to parties of protest, must maintain
the same utilitarian outlook when he Having identified such com- ter-right Social Democratic Party Matteo Salvini. a baseline level of broader acquies-
spent at least $100 million in stolen plaints, it remains only to state the and 77 seats and 29% for the center- Geert Wilders, fresh off a plural- cence for the sake of social stability
customer funds to influence the 2022 party’s case as provocatively as pos- left Socialist Party. ity win in November elections in the and their own political longevity.
elections. sible. When Mr. Ventura calls for Mr. Ventura became a spoiler by Netherlands, is abandoning many of Europe’s consensus isn’t immuta-
By arguing that he deserves a chemical castration of pedophiles or denying either major party enough his more flamboyant campaign ble, it is plainly broken and it needs
lighter sentence because his motives the return of the death penalty, votes and seats to win outright, and promises on immigration and assim- a revamp. But that revamp requires
were supposedly altruistic, Mr. Bank- should one take him literally or only would be a kingmaker if either of ilation for the sake of trying to cob- the hard labor of persuasion and
man-Fried’s legal team is asking seriously? Who knows? This game is the mainstream parties were willing ble together a governing coalition. good governance rather than crude
Judge Lewis A. Kaplan to endorse the rarely about specific policies. The to form a coalition with him. The Hungary’s Viktor Orbán (the Ameri- political vandalism. Portugal’s third-
same twisted moral calculus that led point is to force a prissy establish- party is on the up for now, having can right’s favorite European) keeps place Chega is lucky to be spared
the defendant into criminal activity ment into arguing sex abusers more than doubled its vote share folding in his battles with Brussels the indignity of having to try.
in the first place. shouldn’t be chemically castrated
It doesn’t matter if you agree and murderers shouldn’t be put to
with Mr. Bankman-Fried about how
to make the world better, whether
you support his veganism, his
death.
This is the background for one of
Mr. Ventura’s most offensive state-
Israel Will Defeat Hamas in Rafah
global-warming alarmism or his pri- ments. He wrote on social media in By Ophir Falk Israel doesn’t need prompting Rafah is preventing the destruction
orities for spending his ill-gotten January 2020 that lawmaker Joa- to provide humanitarian aid or to of Hamas and the freeing of Israel
gains. History teaches us that the cine Katar Moreira, an immigrant Jerusalem act with caution. According to re- and Gazan civilians from Hamas’s

M
greatest crimes are committed by who is black and holds dual citizen- ounting international pres- tired British Col. Richard Kemp, stranglehold. Gen. David Petraeus,
those who believe they are man- ship, should “be returned to her sure to end the war won’t the average combatant-to-civilian who led the 2007 American surge in
kind’s benefactors. own country.” This came after Ms. weaken Israel’s resolve to death ratio in Gaza is about 1 to Iraq, said last week that the “key
Moreira—whose native Guinea-Bis- accomplish its mission of destroy- 1.5. This is astonishing since, ac- now is to not stop until Hamas is
Mr. Bessent is CEO and founder of sau became independent of Portu- ing Hamas, freeing the hostages and cording to the United Nations, the fully destroyed.”
Key Square Capital Management. gal in 1974—demanded the return guaranteeing that Gaza will never Asking Israel to stop the war
pose a threat to Israel again. De- now is akin to telling the Allies to
tractors dismiss total victory as im- We’ve incapacitated most stop halfway to Berlin in World War
plausible, but the facts on the II. If Hamas isn’t eradicated, geno-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY ground indicate otherwise. of the terror group. Rafah cidal terrorists will continue to
Lachlan Murdoch
Executive Chairman, News Corp
Israel has already dismantled 18 is its last stronghold, and emerge. As Prime Minister Benja-
of Hamas’s 24 battalions, incapaci- min Netanyahu told new Israel De-
Rupert Murdoch
Chairman Emeritus, News Corp
Robert Thomson
Chief Executive Officer, News Corp tated more than 21,500 Hamas ter- we must win there too. fense Forces cadets last week,
Emma Tucker Almar Latour rorists—about two-thirds of its “when we defeat the murderers of
Editor in Chief Chief Executive Officer and Publisher force, including two of the top October 7, we are preventing the
Liz Harris, Managing Editor DOW JONES MANAGEMENT: four leaders—and destroyed signif- average combatant-to-civilian next 9/11.” Global leaders should
Charles Forelle, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; icant terror tunnels. By contrast, it death ratio in urban warfare has take note.
Elena Cherney, Senior Editor; David Crow, Mae M. Cheng, EVP, General Manager, Leadership;
Executive Editor; Chip Cummins, Newswires; David Cho, Barron’s Editor in Chief; Jason P. Conti, took U.S. military forces nine been 1 to 9. Israel seeks to mini- High-intensity combat will wind
Andrew Dowell, Asia; Taneth Evans, Associate General Counsel, Chief Compliance Officer; months to take out 5,000 ISIS mize civilian casualties, while down after Rafah, humanitarian aid
Dianne DeSevo, Chief People Officer; Jared DiPalma,
Editor; Brent Jones, Culture, Training & Outreach;
Chief Financial Officer; Frank Filippo, Chief
fighters in Mosul. Hamas seeks to maximize civilian will no longer be hijacked by
Alex Martin, Print & Writing; Michael W. Miller,
Transformation Officer; Artem Fishman, Chief John Spencer, chairman of urban casualties and use them as a pro- Hamas, and safety for civilians can
Features & Weekend; Prabha Natarajan,
Professional Products; Bruce Orwall, Enterprise;
Technology Officer; David Martin, Chief Revenue warfare studies at West Point, de- paganda tool. We cannot let be realized. Total victory is within
Officer, Business Intelligence; Dan Shar, EVP,
Philana Patterson, Audio; Amanda Wills, Video General Manager, Wealth & Investing; Ashok Sinha, scribed Israel’s achievements as “un- Hamas’s strategy pay off. reach. Israel will finish the job.
SVP, Head of Communications; Josh Stinchcomb, precedented,” especially given the Hamas has four terror brigades Anything less will endanger the rest
Paul A. Gigot EVP & Chief Revenue Officer, WSJ | Barron’s
Editor of the Editorial Page complex combat conditions above in Rafah. That city is Hamas’s last of the civilized world.
Group; Sherry Weiss, Chief Marketing Officer
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
and below ground. Mr. Spencer says stronghold, and its defeat is a pre-
1211 Avenue of the Americas, New York, N.Y., 10036 that Israel is setting the “gold stan- requisite for victory. Whoever pres- Mr. Falk is an adviser to Prime
Telephone 1-800-DOWJONES dard” for avoiding civilian casualties. sures Israel to refrain from entering Minister Benjamin Netanyahu.
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A18 | Friday, March 15, 2024 THE WALL STREET JOURNAL.

WORLD NEWS

MICHAEL CHOW/THE REPUBLIC/USA TODAY NETWORK/REUTERS

PETER LANDERS/THE WALL STREET JOURNAL

The TSMC chip factory in Japan, left, was built in less than two years. The company’s Phoenix plant, which isn’t identical, has faced delays and won’t open this year as originally planned.

U.S., Japan Craft a Tale of Two Chip Plants

Fate of TSMC countered resistance bringing working around the clock. I’m not on the Christmas card
in the Taiwanese specialists “It felt like practically ev- list of a lot of these CEOs of
factories highlights the company said it needed to A Drive to Restore Its Mojo ery construction crane from these chip companies, because
different approaches build the plant. And the com- across Japan was swarming we’re squeezing every dollar,”
pany has backtracked from its In the 1980s, Japan was in the 1990s alongside a here,” said Ikuo Kabashima, Raimondo said.
on tech investment original schedule, planning to the world leader in semi- crashing stock market that governor of the region that in- TSMC is playing its cards
open its first plant in 2025 in- conductor manufacturing. only in February returned cludes the plant, recalling how to get maximum support,
BY PETER LANDERS stead of this year, while push- Bureaucrats at the ministry to its 1989 level. Even dur- a construction boss told him a pushing back the opening date
AND YANG JIE ing back a second plant at now known as the Ministry ing those doldrums, METI project of this scope typically for its plants while it negoti-
least a year to 2027 or later. of Economy, Trade and In- maintained its influence takes a decade to finish. ates for more money. In Janu-
KIKUYO, Japan—It was a The two projects aren’t dustry were renowned— over tech policy. Hundreds of engineers and ary, TSMC Chairman Mark
signature feat for the country identical: The U.S. plant is big- and sometimes denounced Since 2021, Japan’s gov- other skilled workers from Liu suggested government in-
that made industrial policy fa- ger and slated to make more- in Washington—for guiding ernment has allocated about Taiwan are helping the plant centives would play a role in
mous. In less than two years, advanced chips. TSMC has Japan’s development into $25 billion to support the in- get ready. determining whether the sec-
an $8.6 billion semiconductor said it doesn’t believe the U.S. an export powerhouse in dustry, and it has pledged In Phoenix, meanwhile, ond Phoenix plant would make
factory on a plot the size of 40 and Japan projects should be cars and electronics. additional support for a sec- thousands of workers also are an advanced type of chip.
football fields sprang up amid compared because of differ- “I remember like it was ond TSMC factory that toiling on the facility’s two The U.S. is striving to re-
the cabbage fields here. ences in setup and scope. yesterday how America would bring its total contri- semiconductor factories, with claim its position as the world
Tokyo, eager to boost the Still, the diverging timelines tried frantically to curtail the bution to the Taiwanese a total projected investment of leader in advanced chip manu-
country’s standing as a chip- point to the experience and competitiveness of Japan’s company to about $8 billion. $40 billion. facturing—a more-expensive
making hub, provided more funding gap between the U.S. semiconductor industry,” The U.S., meanwhile, is A shortage of skilled work- quest—while Japan has a
than $3 billion in subsidies for and Japan when it comes to the said the METI minister, Ken spending $53 billion under ers, rising construction costs more modest focus on manu-
Taiwan Semiconductor Man- government directing high-tech Saito, who was then a the Chips and Science Act and disputes with local labor facturing specialized chips
ufacturing and helped round investment. The U.S. is laying young ministry official. to support manufacturing unions have led to delays, peo- such as those for autos.
up thousands of workers to down more conditions that can Japan Inc. lost its mojo and research. ple involved in the project said. A TSMC spokeswoman said
construct the buildings. The slow the process, say people in- Negotiations between TSMC the company was making
plant, operated by TSMC sub- volved in the projects. and the U.S. government over steady progress in its talks
sidiary Japan Advanced Semi- “I think there’s something subsidies have dragged on for with Washington on funding,
conductor Manufacturing, is of a culture of speed in Asia,” base for its Japanese plant. first Japanese plant. more than 18 months since the and was on track to begin vol-
set to start mass production said Tokyo Electron CEO To- During the Covid pandemic, What followed was a mad 2022 Chips and Science Act. ume production next year in
this year on schedule. shiki Kawai, whose company concerns arose about the dash to finish on time. Con- Commerce Secretary Gina Arizona with the same quality
Across the Pacific in Phoe- supplies chip-making equip- world’s reliance on Taiwan for struction in Japan started in Raimondo in February said as in Taiwan. Raimondo said
nix, TSMC also is building a ment to TSMC. making advanced chips amid April 2022, about 10 months the government had about $28 she, too, was confident.
semiconductor plant—but Being first to finish doesn’t regional tensions stoked by after the Phoenix construction billion to hand out to leading- “What TSMC is contem-
there are some differences. guarantee Japan will end up a Beijing. With help from TSMC started. At the peak, some edge chip makers, a category plating doing in Arizona is
The Biden administration winner. Chip demand is vola- partner Sony, the Ministry of 6,500 workers descended on that includes TSMC, but had pathbreaking,” she said.
hasn’t committed to giving the tile, and TSMC still needs to Economy, Trade and Industry the site in the small town of received requests for more “We’re going to make sure it’s
company money. TSMC en- ensure an ample customer persuaded TSMC to open its Kikuyo in southern Japan, than $70 billion. “That’s why successful.”

Putin Makes Feud With West Centerpiece of Election

BY ANN M. SIMMONS the Russian leader, as have a who is also a professor of Rus- tions is considered to be a
relatively buoyant economy sian politics at King’s College punishable criminal offense,
The video splashing across and new proposals to spend London. “They’re not playing because it “can prevent citi-
Russian television screens in billions of dollars to eradicate that game this time around.” zens from freely exercising
the run-up to this weekend’s poverty and rebuild Russia’s That polling stations, digi- their voting rights.”
presidential election didn’t aging infrastructure. tal voting and the election Presidential spokesman
leave much room for sur- The messaging ahead of the commission are all controlled Dmitry Peskov last week dis-
prises. “Who will ensure de- vote, which runs until Sunday, by the regime means the out- missed criticism from over-
AGENCE FRANCE-PRESSE/GETTY IMAGES

velopment?” it asked. “Who was careful to project Putin as come of the vote is essentially seas, saying, “Our democracy
guarantees stability? Who the only figure who can keep a done deal, government op- is the best.” The Kremlin
unites? And, in whom do you Russia united and save it from ponents said. didn’t respond to a request for
have confidence?” its foes in the West. The election commission comment on the allegations
“Only in him!” the narrator “He’s been very careful to “will cook up figures in accor- that the election results have
declared, as a highlight reel make sure there’s nobody else dance with instructions that already been fixed.
showed Vladimir Putin at work on the ballot projecting a vision have already been issued by the Meanwhile, in a televised
in his office, being exalted by for the future,” said Samuel Kremlin,” exiled Russian busi- address Thursday, Putin ap-
adoring crowds and walking Greene, director for democratic nessman and opposition activ- pealed to Russians to exercise
across red carpets to meetings resilience at the Washington- A mobile polling station is set up early in Donetsk, as ist Mikhail Khodorkovsky told a their civic duty and cast their
with Asian and Arab leaders. based Center for European Pol- Russia’s election will be held in some territories of Ukraine. media briefing Wednesday. votes for the candidate of
As voting begins Friday, icy Analysis. “The message Khodorkovsky, a former po- their choice.
Putin has left little to chance from Putin essentially is that “The Kremlin is interested, ballot, though they are care- litical prisoner, said the coun- The election won’t only be
in his bid to secure another whatever future this country first of all, in the absolute fully vetted. All three are try’s political opposition, in- held across Russia but also in
six-year term as Russia’s pres- has runs through him.” number of votes,” said Nikolai members of parliamentary op- cluding Navalny’s widow, Yulia the territories of eastern
ident, and with it the chance The Russian leader, who Petrov, a consulting fellow at position parties that seldom Navalnaya, have joined forces Ukraine that Moscow seized in
to become its longest-reigning nominated himself to run, is British think tank Chatham go against the Kremlin’s in calling for voters to flood 2022, though none are fully un-
leader since Joseph Stalin. Po- all but guaranteed to win, House. “Both turnout and vot- wishes. Two local politicians polling stations at noon on der Russian control. A polling
tential challengers have been binding the country to his ing for Putin should exceed who opposed the war in March 17 and, for those brave precinct has even been estab-
barred from the ballot, critics deepening confrontation with 2018, indicating that citizens Ukraine, Boris Nadezhdin and enough, to wear blue and lished in the eastern Ukrainian
have been jailed or have fled. the West over the war in support their leader at a time Yekaterina Duntsova, were white—colors that have been town of Avdiivka, which Russia
His most potent opponent, Ukraine and what Putin sees of war.” Turnout in the latest blocked after the electoral used to symbolize opposition captured in February.
Alexei Navalny, is dead, after as Russia’s rightful place in presidential vote was 67.5%. commission said it found er- to Russia’s invasion of Ukraine.
falling ill, Russian authorities the world. But that isn’t to say “Governors as well are inter- rors in their paperwork. The idea is to show that Pu-
said, in the Arctic penal col- the vote doesn’t matter. Some ested in reporting high figures “In the past, they would let tin’s opponents “are not mar- Watch a Video
ony where he was serving a analysts say the Kremlin is ea- to demonstrate their loyalty somebody on the ballot who ginalized, that there are lots of Scan this code
sentence totaling 30 years. ger to present a semblance of and efficiency,” he said. might be able to at least plau- us,” Khodorkovsky said. to learn why the
Handouts for families who democracy and use a high To make the vote resemble sibly make a go of it to show On Thursday, the Moscow battle for a 12-
lost relatives fighting in turnout to legitimize, and an actual election, there are that they have the strength to Prosecutor’s Office said simul- mile bridge is
Ukraine have won support for strengthen, Putin’s authority. opposition candidates on the see them off,” said Greene, taneous arrival at polling sta- crucial to Russia.

WORLD WATCH HAITI JAPAN UNITED KINGDOM

Plan for Transition High Court Backs Judge Discredits
Takes Step Forward Same-Sex Marriage Bitcoin Claimant
A plan to create a transi- Japan’s Sapporo High Britain’s high court ruled
tional presidential council is Court ruled Thursday that de- Thursday that Australian
moving forward after most nying same-sex marriage is computer scientist Craig
Haitian parties and coalitions unconstitutional and called for Wright isn’t, as he claimed
submitted names of those the government to address for eight years, “Satoshi Na-
charged with finding new the lack of a law allowing kamoto,” the pseudonymous
leaders, Caribbean officials such unions. The court creator of bitcoin.
said Thursday. The names doesn’t have the power to The case was brought by
were provided to a regional overturn the current marriage the nonprofit Crypto Open
trade bloc helping lead the law, which has been inter- Patent Alliance, which alleged
transition, a day after Haitian preted to restrict marriage as Wright has used his claim to
politicians and influential fig- between a man and a woman. file litigation to drive devel-
ures bickered about the plan Support for same-sex mar- opers away from further de-
and names to submit, seem- riage has grown among the veloping the technology.
ingly putting it at risk. Japanese public in recent Bitcoin’s roots date to a
NEIL HALL/EPA/SHUTTERSTOCK

Caribbean leaders had an- years, but the governing Lib- 2008 paper by a person or
nounced plans for the council eral Democratic Party re- group using the Nakamoto
after meeting Monday with mains opposed. Chief Cabinet pen name. It explained how
officials including U.S. Secre- Secretary Yoshimasa Hayashi digital currency could be sent
tary of State Antony Blinken. told reporters that the gov- worldwide anonymously,
Prime Minister Ariel Henry ernment plans to closely without banks or national
pledged to resign after the watch public opinion and the currencies. Nakamoto seemed
INSPIRATION FOR ‘LAYLA’: The original cover artwork for Derek and the Dominos’ 1970 album council is created. parliamentary debate. to vanish three years later.
‘Layla and Other Assorted Love Songs’ goes on sale at Christie’s Auction House in London. —Associated Press —Associated Press —Associated Press
P2JW075000-5-B00100-1--------XA

S&P 5150.48 g 0.29%

BUSINESS & FINANCE
© 2024 Dow Jones & Company. All Rights Reserved.

S&P FIN g 0.71%

* * * * *

S&P IT g 0.11% DJ TRANS g 1.34%

THE WALL STREET JOURNAL.
WSJ $ IDX À 0.45% 2–YR. TREAS. yield 4.689%
Friday, March 15, 2024 | B1
NIKKEI (Midday) 38751.54 g 0.14% See more at WSJ.com/Markets

Tesla Faces Blowback in Germany Cockpit

Mishap
Factory expansion in
Suspected
On Wednesday, almost two Tesla’s growing image prob- ticians have mobilized against he shouted back: “They can’t
years to the day later, Musk lem here has tracked Musk’s Musk’s no-union policy. stop us!” and “Ich liebe Dich!”—
small town is target was back, this time to cheer up own transformation from an EV Tesla didn’t respond to re- German for “I love you.”
of environmental workers after an act of sabo- pioneer focused on saving the quests for comment on the As he left, reporters asked

activists of all types

tage by suspected ecoactivists
shut down the plant for more
than a week.
planet and colonizing Mars to a
polarizing social-media persona
known for controversial posts.
various incidents. In a post on
his X social-media platform,
Musk has called the ecoactiv-
him whether he was still com-
mitted to expanding the plant
and producing vehicles in Ger-
In Boeing
BY WILLIAM BOSTON

GRÜNHEIDE, Germany—
When Tesla opened its first
Musk’s ambition to cement
Tesla’s position as the EV
leader in Europe has become
entangled in local culture
In recent weeks, nearly two-
thirds of Grünheide’s residents
had voted against Tesla’s ap-
plication for an extension of
ists “dumber than a doorstop”
for their criticism of electric
vehicles.
As the plant’s managers and
many.
“Yes, absolutely,” he said.
“Germany rocks!”
Manuela Hoyer, a 63-year-
Jet Plunge
full-scale European factory in wars, making his shining fac- the plant. The company has workers gathered in a tent on old pensioner and Grünheide BY ANDREW TANGEL
this sleepy community outside tory a lightning rod for a range also been targeted by climate- the factory grounds for a “team resident, hopes he won’t ex- AND SHARON TERLEP
of Berlin, Elon Musk was feted of critics—from local citizens change skeptics opposed to huddle” on Wednesday, Musk pand the plant.
as a hero, the chancellor gave to environmental activists, their country’s green-technol- could be seen carrying his son. Hoyer is one of the central A cockpit seat mishap
a speech and workers cheered left-wing militants and far- ogy transition, while trade Hoisting the boy onto his shoul- figures organizing opposition might have pushed a pilot into
the rollout of new Model Ys. right politicians. unionists and center-left poli- ders amid calls of “Elon, Elon,” Please turn to page B2 the controls on a Boeing 787
Dreamliner that took a sud-
den, terrifying plunge on a

New Streamer Aims to Fix Watching Sports

flight to New Zealand this
week, according to U.S. indus-
try officials briefed on prelim-
inary evidence from an inves-
tigation of the incident.
BY DAVID MARCELIS Share of national sports rights, by league† Most-viewed TV programs A Latam Airlines flight at-
AND NATE RATTNER in the U.S., 2023* tendant hit a switch on the pi-
A new service from Disney, 0 25 50 75 100% lot’s seat while serving a meal,
New York Yankees fan Deb Fox and Warner Bros. No. 1 Super Bowl leading a motorized feature to
Wan pays over $160 a month to Discovery will offer access push the pilot into the con-
NFL DISNEY FOX PARAMOUNT+ PEACOCK PRIME
watch her favorite team. Phoe- to most major sports trols and push down the
nix Suns fan Jordon Low has a content, including all NFL plane’s nose, these officials
much better deal: $0. nationally broadcast said. The switch has a cover
Wan relies on a cable-TV National Basketball College and isn’t supposed to be used
football
subscription and several Association and National MLB DISNEY FOX WBD when a pilot is in the seat.
streaming services to catch all Hockey League games. Men’s college Around 50 passengers on
Yankees games. All Low needs basketball the flight from Sydney to
to watch the near-totality of the The vast majority of sports Nonsports Auckland required medical at-
Suns’ regular season is a free content not available on the 25 tention, and some passengers
antenna he got from the team. new service is available on NBA DISNEY WBD were pinned to the ceiling as
The wide gap between both two separate streaming the airplane suddenly de-
fans’ experiences is indicative of platforms: Paramount+ scended. Latam, a Chile-based
the fragmented nature of sports and Peacock . airline, has said the Dream-
watching in the U.S., where liner suffered a “technical
NHL DISNEY WBD
cord-cutting and the prolifera- event during the flight which
tion of platforms made things Amazon Prime Video caused strong movement.”
easier for some and more com- and Apple TV+ own the Macy’s A spokesman for Latam
plicated and costly for others. remainder of National Thanksgiving said the company is working
Last month, a consortium of Football League and Major College DISNEY FOX WBD Day Parade with authorities on the inves-
media giants unveiled plans for League Baseball rights, 50
tigation but declined to com-
a streaming service that is ex- respectively. ment further until the investi-
pected to make sports watching The Oscars gation is finished. Latam’s
simpler. Ohio State vs.
pilots union declined to com-
The streamer, which is U.S. households with and without a pay-TV subscription‡ Michigan ment. The company’s flight-
scheduled to go live this fall, will attendant union didn’t re-
bundle ESPN+ with 14 sports- With pay-TV Without pay-TV spond to requests for
heavy channels owned by its comment.
parents—Fox, Disney’s ESPN 100 million SEC “We are in contact with our
and Warner Bros. Discovery. Traditional Internet TV championship customer, and Boeing stands
The companies have yet to come pay-TV ready to support investiga-
up with a name or disclose a 75 75
tion-related activities as re-
price for the service. National quested,” Boeing said in a
Sports has never been more championship statement.
crucial to traditional television: 50
The investigation is ongo-
Of the 100 most-watched broad- ing and evidence can emerge
casts in 2023, sports accounted later to contradict preliminary
for 96, according to Nielsen. The findings.
popularity of sports led some 25 Two investigators from
observers to proclaim that the Chile’s civil aviation agency
planned sports service would arrived in New Zealand on
deal the final blow to traditional National Wednesday to lead the investi-
0
championship
TV, while others brushed off the 2005 ’10 ’15 ’20 2005 ’10 ’15 ’20 gation, which also includes an
100
effort as a half-baked attempt to expert from New Zealand, a
fix Americans’ long-broken *Excludes repeats, programs lasting less than 25 minutes or airing without commercials, and live events requiring extended runtimes. Sources: Nielsen (most viewed); Ampere spokeswoman for the agency
sports-viewing experience. †As of March 8. Share based on rights paid by the companies behind the service or their parents for sports content available on streaming Analysis (share of rights, household said Thursday. The Latam air-
platforms. Paramount+ share is for Paramount+ with Showtime tier and excludes some college-sports content. NFL data include regional subscriptions)
The new service’s appeal de- in-market games and exclude Sunday Ticket. ‡2024 numbers are forecasts; other years are estimates. Traditional TV includes cable and craft that took the sudden
Please turn to page B9 satellite providers. Internet TV includes providers like YouTube TV and Sling TV. Erik Brynildsen/THE WALL STREET JOURNAL Please turn to page B5

Fund Managers Push

Into Consumer Lending
BY MATT WIRZ If asset-based finance by
private funds grows as quickly
Private fund managers such as corporate lending did, con-
as Apollo, Ares, Blackstone sumer, equipment and spe-
and KKR have grown to domi- cialty lending by private funds
nate corporate finance over could rise to $900 billion in
the past decade. Now they are the next few years from $350
targeting the biggest prize in billion currently, according to
the global economy: the U.S. research by Atalaya Capital
consumer. Management. The estimate
The firms are pushing ag- doesn’t include residential and
gressively into “asset-based fi- commercial mortgages, which
nance,” a kitchen sink of debt many of the funds also buy.
including auto loans, credit Apollo Global Management
cards, real-estate mortgages Chief Executive Marc Rowan
and loans backed by equip- has led the charge—acquiring
ment such as fiber-optic net- last year a division of Credit
works. Such financings touch Suisse that was the biggest
CHENEY ORR/REUTERS

almost every piece of the U.S. Wall Street producer of asset-

economy, and tapping into the based finance. Apollo’s stock
market could mean riches for price has since grown 60% and
the fund’s executives and their he has made personal paper
shareholders. Please turn to page B2
SpaceX’s Super Heavy rocket launched from the company’s site in Texas on an uncrewed test flight Thursday morning.

INSIDE
SpaceX Starship’s Third Test Mission
Marks Major Progress Before Explosion
JEFF CHIU/ASSOCIATED PRESS

BY MICAH MAIDENBERG separated the booster from mercial ambitions, NASA’s “Starship will make life
the spacecraft, which pro- space exploration plans, and multiplanetary,” he said not
SpaceX’s Starship spacecraft ceeded to fly for around an company founder Elon Musk’s long after the mission ended.
pulled off an extended flight hour before it was lost while goal of one day sending hu- The rocket lifted off from
through space on its third test re-entering Earth’s atmo- mans to Mars. the company’s launchpad in
TECHNOLOGY HEARD ON mission, marking major prog- sphere, according to a com- On X, Musk marked key Texas at 9:25 a.m. ET. The
Meta Platforms to THE STREET ress for a vehicle that could pany livestream. moments during the flight, in- spacecraft was able to sepa-
one day transport astronauts The mission advanced cluding the spacecraft’s reach- rate from the booster shortly
replace popular Robust wage gains to the moon and beyond. much farther than the previ- ing an orbital velocity and the after launch, and reached a
research tool, cutting change rate calculus Shortly after launching the ous test flights. It was a mile- intense heat blasting the vehi- coast phase about 10 minutes
off journalists. B4 for Bank of Japan. B10 nearly 400-foot-tall rocket stone for a vehicle that is a cle as it re-entered the atmo- following liftoff.
Thursday, SpaceX successfully centerpiece of SpaceX’s com- sphere from space. Please turn to page B4
P2JW075000-4-B00200-1--------XA

B2 | Friday, March 15, 2024 * ** * THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

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

A H PG&E.................................................B9
AJ Capital Partners..............B2 Hapag-Lloyd................................B3 Public Storage...........................B9
Apollo Global Management Hilton Worldwide...................B2 R
................................................................ B1 J Restaurant Brands
Apple..................................A1,B4,B9 International...........................B3
JPMorgan Chase....................B9
Ares Management................B2 Rheinmetall.................................B5
K
B Robinhood....................................B9
KKR......................................................B1
Blackstone.....................................B1 S
Kyverna Therapeutics......B10
Boeing...............................................B1 Shell...................................................B5
BP........................................................B5 L
Sony...................................................B4
ByteDance.....................................A1 Latam Airlines...........................B1
SpaceX..............................................B1
C Lithium Americas..................A4
T
Chevron...........................................B5 M
Taiwan Semiconductor
Cleveland-Cliffs.........................A1 Meta Platforms.......................B4 Manufacturing....................A18
Comcast..........................................B9 Microsoft.......................................B9 Tesla...................................................B1
E Morgan Stanley....................B10 Toyota Motor..........................B10
Exxon Mobil................................B5 N-P U

ODD ANDERSEN/AGENCE FRANCE-PRESSE/GETTY IMAGES

F New York Community U.S. Steel........................................A1
Bancorp.......................................B3
Fox.......................................................B1 UBS....................................................B9
Nippon Steel.....................A1,B10
Foxconn Technology............B4 Under Armour...........................B9
Nissan Motor..........................B10
G Nordic Capital............................B9 W
Goldman Sachs.........................A1 Nvidia.......................................B4,B9 Walt Disney.................................B1
Graduate Hotels......................B2 Paramount Global.................B9 Warner Bros. Discovery....B1

INDEX TO PEOPLE
B K Papperger, Armin...................B5
Batson, JT....................................A2 Kassan, Michael.......................A1 Paulson, John............................A4 Demonstrators marched on Sunday during a protest against the expansion plan for Tesla’s electric-car plant in Grünheide.
Bourkoff, Aryeh.......................A2 Kawai, Toshiki.........................A18 Pietrzak, Dan..............................B2
Burritt, David.............................A6
C
Klein, David.................................B9
Kock, Katie...................................A9
R
Rowan, Marc...............................B1 Tesla Faces Tesla’s current installed annual vehicle capacity, by location*
0 thousand 200 400 600 800
cutting down the forest.
“We will stay until they
come and carry us out,” said

Blowback
Kotick, Bobby.............................A4
Cohen, Stephanie...................A9 S Rene Sander, a 28-year-old so-
Kreiz, Ynon...................................A2 Shanghai† Model 3 / Model Y
Coleman, Denis........................A9 Sawan, Wael..............................B5 cial worker, as other activists
Cummings, Nick......................B4 L behind him hung from indus-
Scholes, C. Patrick.................B2
D
Darling, Anne Marie............A9
Detert, Ryan...............................A4
Liu, Mark.....................................A18
Liu, Young.....................................B4
Looney, Bernard......................B5
Shah, Jigar...................................A4
Siddiqui, Sami...........................B3
Sinkinson, Mike.......................A2
In Germany California Model 3 / Model Y
Model S / Model X trial climbing gear while
erecting wooden platforms in
the upper reaches of the pine-
M wood forest.
Dimon, Jamie.............................A9 Solomon, David.........................A1
Continued from page B1 “The narrative of clean
Dryden, Michael......................B2 Mnuchin, Steven......................A1 Soros, George............................A4
to GigaBerlin, as Tesla calls its electric cars is a dirty lie,” said
Drysdale, Ian..............................B9 Mori, Takahiro...........................A6 W plant. She and her allies Sander, citing the environmen-
Berlin Model Y
Dunnigan, Matt........................B3 Muscolino, Michael...............B2 Waldron, John...........................A9 scored a victory last month tal and social impact of mining
E Musk, Elon....................................B1 Walter, Mark..............................B9 when 62% of residents voted in for battery materials, including
Cybertruck
Evans, Jonathan.....................A4 N Weprin, Ben................................B2 a nonbinding referendum to lithium and cobalt. “We need
Nachmann, Marc....................A9
deny Tesla’s bid to knock down Model Y
more and better public trans-
G Z Texas†
250 acres of local woodlands portation, not luxury SUVs.”
Näslund, Fredrik......................B9
Gerstenmaier, Bill..................B4 Zaslav, David..............................B9 to make room for more factory Last week, an underground
Nassetta, Chris.........................B2
Goncalves, Lourenco.............A1 Zhang, Yiming..........................A4 buildings, a train yard and a *As of 4Q 2023 †Approximate Source: the company left-wing group calling itself
Grant, Sinead Colton..........B9 P Zimmer, Jeremy.......................A1 daycare center. Vulkangruppe, or the Volcano
Hoyer said Tesla’s plan is higher rents, higher prices, have also raised eyebrows in a Group, claimed responsibility
unlikely to be the last land more heavy truck traffic and country where organized labor for setting fire to an electricity

Funds Push nance head Michael Dryden in

2022 and has built a 30-person
asset-based finance team.
grab, noting that the plant is
built in the middle of a large
water and woodland conserva-
unfamiliar faces. Official sta-
tistics suggest most of the
12,000 jobs created by the
has a tradition of working
hand-in-hand with manage-
ment across industries.
pylon. The act cut power to
the factory for over a week
and caused a production stop-

Loans for “Banks are less willing to

hold these assets, and a hand-
ful of funds will become big
tion area.
“Our concern is about the
water protection areas in the
plant have gone to outsiders,
with unemployment in Land-
kreis Oder-Spree, the county
IG Metall, the dominant
manufacturing-sector union,
has set up an office where Gi-
page that Tesla said cost it
close to a billion euros. Ger-
many’s Federal Prosecutor is

Consumers scale players to fill those

gaps,” said Sixth Street co-
founder Michael Muscolino.
forest,” she said. GigaBerlin
sits amid acres of pinewood
forests and country roads
where Grünheide is located,
steady at around 6%.
Tesla’s critics, and some of
gafactory buses drop off and
pick up Tesla workers. Its rep-
resentatives have been sign-
investigating the act as poten-
tial terrorism.
In an unexpected conflu-
Asset-based finance also winding past lakes whose its local supporters, say ing up employees ahead of a ence of trends, local leaders of
Continued from page B1 gives private funds a way to shores are dotted with bunga- Musk’s behavior in public and key vote inside the plant later Germany’s far-right AfD have
gains of about $1.2 billion. grow because they can sell it lows and boat docks. on social media has contrib- this month to elect a new joined the far-left in opposing
“Everywhere in the world, to large institutional investors For many here, Tesla’s ar- uted to the polarization. Last works council. the factory’s expansion. In ad-
people are choosing more from who don’t buy junk-rated cor- rival marked a rare economic year, he was criticized after Shortly after the results of dition to concerns about the
the investment marketplace, porate debt—which the firms opportunity. The city treasurer retweeting a post on X that the Grünheide referendum were landscape, the AfD points to
less from the banking system,” typically traffic in. Consumer said in December that Tesla claimed German-government- made public last month, a group the thousands of foreigners
Rowan said at an event hosted and mortgage loans can be re- provided €6 million, equivalent funded groups were rescuing of about 100 environmental ac- from Poland and elsewhere re-
last month by the Economic packaged into complex instru- to $6.6 million, from local asylum seekers in the Medi- tivists, most of them from Ber- cruited to work here.
Club of Washington, D.C. ments with investment-grade taxes in 2022. State officials terranean. The post expressed lin’s left-wing scene, erected a Recent public opinion polls
Private-equity firms began credit ratings often required say the impact on local water hopes that German voters forest camp in the woods out- project the AfD could become
replacing banks as the go-to by insurers, pensions and en- resources has been less severe would back the anti-immigra- side the plant. Their protest, the strongest party in the state
providers of corporate loans dowments. than expected. tion Alternative for Germany they say, aims to force the city of Brandenburg, where Grün-
after the 2008 financial crisis A flood of deals has fol- For others, Tesla’s arrival party, or AfD, in protest. council to honor the outcome of heide is located, at regional
and began edging into asset- lowed: has mainly translated into Musk’s antiunion positions the vote and stop Tesla from elections in September.
based finance in recent years. KKR bought $7.2 billion of
Banks still provide the lion’s loans backed by recreational
share of the debt, but they
have been scaling back.
Rising interest rates hit
banks with heavy losses start-
vehicles from BMO in Decem-
ber after agreeing in June to
purchase from PayPal up to
$44 billion of existing and fu-
Hilton to Buy College-Focused Hotel Chain
ing in 2022, triggering failures ture buy-now-pay-later loans. BY WILL FEUER
last year at institutions such Apollo has rebranded as At- AND CRAIG KARMIN
as Silicon Valley Bank and a las the Credit Suisse business
subsequent regulatory crack- it purchased, and has provided Hilton Worldwide Hold-
down. Fintech companies such dozens of “warehouse” credit ings has agreed to pay $210
as Upstart that make consumer lines to companies backed by million for a hotel operator
and mortgage loans also took a assets such as freight ships that focuses on college towns,
hit because they borrow and solar power projects. The a bet that business near cam-
money from banks and credit companies use the money to puses can fuel the next leg of
unions. make loans to their customers the lodging heavyweight’s
That gave private fund man- that are eventually bundled up growth.
agers an opening at a critical and sold to private credit firms It is acquiring Graduate
time. The firms had raised $1.5 or buyers of asset-backed Hotels, a 10-year old company
trillion from their clients to in- bonds. that owns and operates dozens
vest in private debt by the end Sixth Street, Pacific Invest- of hotels in some of the coun-
of 2022, but $434 billion of the ment Management and KKR try’s biggest college towns,
money was sitting idle, accord- bought Goldman Sachs’s con- from Ann Arbor, Mich., and
ing to financial data company sumer lending unit GreenSky Oxford, Miss., to Chapel Hill,
PitchBook. To charge fees on in October and took over $8 N.C. It also owns hotels in the
the capital, the fund managers billion of its loans. Last month, U.K., including one by Cam-
needed to put it to work. Blackstone purchased $1.1 bil- bridge University.
Asset managers have been lion of credit card debt from Hilton Chief Executive Chris
GRADUATE HOTELS

hiring teams that can churn the U.S. unit of Barclays. Nassetta said college towns
out asset-based finance and Ares Management bought a have been historically under-
distribute it to their invest- $3.5 billion package of spe- served by their current hotels,
ment clients. cialty loans from PacWest last which he said tend to be older,
KKR nabbed Deutsche summer before the ailing bank high-end properties central to Graduate Hotels operates dozens of hotels in college towns including Chapel Hill, N.C.
Bank’s structured-finance chief got sold. In December, Black- campus or more boilerplate,
Dan Pietrzak in 2016 and now stone and Canada Pension Plan limited-service hotels removed tionship with college students Share-price performance over nentially around the world.”
manages about $48 billion of Investment Board purchased from the action. and build loyalty with parents. the past year College campuses and their
asset-based investments. Sixth $17 billion of mortgages from Graduate properties tend to Wrapping the brand in Hilton’s surrounding areas in recent
50%
Street Partners recruited the liquidation of Signature be closer to the campuses and rewards system and infra- Hilton Worldwide years have become a hot mar-
Credit Suisse’s structured-fi- Bank. strive to offer guests a stay structure, Nassetta said, will ket for hotel operators, which
that reflects the community. help supercharge its growth. 40 are seeking new sources of
Share-price performance over the past year The chain’s Chapel Hill hotel, “While it is definitely a growth in a mature market,
100% for example, boasts a replica niche within the industry, it’s according to C. Patrick Sc-
30
KKR of Michael Jordan’s University a very big niche that we think holes, an analyst at investment
Apollo Global of North Carolina dorm room has a huge addressable market bank Truist. He said booming
80 Management as well as a plush, carpeted in- that we’re not really cover- 20 interest in college sports and
Ares
door basketball court. ing,” he said. other big alumni events such
Management The Madison, Wis., hotel’s Nassetta said he thinks as reunions and homecomings
10 S&P 500
60 bar, called Camp Trippalindee, Graduate can become a make campus hotels attractive.
is a nod to the 1986 movie “megabrand” with an opportu- “You go to homecoming or
“Back to School,” starring nity to expand into at least 0 something in Alabama, forget
40 Blackstone Rodney Dangerfield, that was 400 to 500 hotels. it,” Scholes said. “Those are
filmed on the University of AJ Capital Partners, the insane room rates.”
S&P 500 –10
Wisconsin campus. Keycards Nashville, Tenn.-based prop- Hilton isn’t the only com-
at many of the properties are erty firm selling the Graduate April 2023 '24 pany in the lodging sector to
20
styled as student ID cards for brand, will hold on to the real Source: FactSet set its eyes on college towns
the nearby school. estate of the 37 hotels it owns for the next frontier of growth:
0 College sports events, re- or is developing in the portfo- have driven growth in their In 2023, timeshare operator
unions, parents’ weekends and lio. AJ Capital Chief Executive markets. Travel + Leisure struck a deal
typical university business will Ben Weprin said Graduate Ho- “These are not just college to help open Sports Illus-
–20 help drive demand at the ho- tels benefit from the nostalgia towns,” he said. “They’re state trated-branded resorts in col-
April 2023 ’24 tels, Nassetta said. He added people associate with their capitols. They’re hospital sys- lege towns, starting at the Uni-
that the brand is an opportu- college experiences, as well as tems. They’re life-science mar- versity of Alabama in
Source: FactSet nity to establish an early rela- from demographic factors that kets. Those have grown expo- Tuscaloosa.
P2JW075000-0-B00300-1--------XA

THE WALL STREET JOURNAL. Friday, March 15, 2024 | B3

BUSINESS NEWS

Hapag-Lloyd Expects Profit NYCB Offers Detail

On Its ‘Weaknesses’
To Fall as Shipping Struggles BY GINA HEEB bank lacked “effective periodic
risk assessment processes,” in-
New York Community Ban- cluding in the way it assesses
corp on Thursday provided de- and monitors loans.
tails on the “material weak- Its internal loan review pro-
nesses” at the bank that have cesses “lacked an appropriate
fanned concerns about its sta- framework” to ensure that
bility since they were disclosed loan ratings were “consistently
last month. accurate, timely, and appropri-
NYCB got a $1 billion infu- ately challenged.” That has im-
sion in a bid to steady the bank paired its ability to “accurately
after weeks of turmoil, The disclose loan rating classifica-
Wall Street Journal first re- tions, identify problem loans,
ported last week. and ultimately the recognition
In an annual filing with se- of the allowance for credit
curities regulators, NYCB dis- losses on loans and leases.”
closed that at the end of 2022, NYCB is “currently working
MARCO BERTORELLO/AGENCE FRANCE-PRESSE/GETTY IMAGES

its board of directors didn’t to remediate the material

“exercise sufficient oversight weaknesses,” it said in the fil-
responsibilities” and that the ing.

Restaurant Brands
Taps Veteran as CFO
BY ADRIANO MARCHESE those years he served as
Hostilities in the Middle East helped push up containership rates early this year, but those rates have since declined. brand president for Popeyes in
Restaurant Brands Inter- Miami, all of the brands in the
BY DOMINIC CHOPPING shipping demand as big retail- Hapag-Lloyd’s annual sions Trading System—which national said it has appointed Asia-Pacific region and Tim
ers rein in their inventory re- net profit seeks to cap industry emis- Sami Siddiqui to the role of Hortons in Toronto.
Hapag-Lloyd expects earn- plenishment. Carriers ordered sions—are expected to more chief financial officer, suc- Siddiqui first joined the
€18 billion
ings to fall sharply this year, the ships, including mega- €2.95B than offset the company’s ceeding Matt Dunnigan, effec- company as head of finance
the latest in a string of sized vessels, after a rush to planned cost-cutting mea- tive immediately. and investor relations before
gloomy outlooks from contain- restock during the pandemic 15 sures. Siddiqui has been with the becoming brand CFO for Tim
ership operators that are see- helped trigger sky-high freight The German shipping com- quick-service restaurant com- Hortons and later Burger
ing profits collapse under rates and record earnings for pany posted a net profit of pany, which houses the Tim King. Before his time at Res-
12
weak demand and the impact box lines. €2.95 billion, or about $3.22 Hortons and Burger King taurant Brands, Siddiqui
of the Red Sea shipping crisis. Hostilities in the Middle billion, in 2023, down from brands, for 11 years. The com- worked at alternative asset
The German carrier said East helped push up rates 9 €17.04 billion in the previous pany said that for eight of manager Blackstone.
Thursday that average world- early this year, as attacks by year, as revenue dropped 48%.
wide freight rates fell about Houthi rebels in Yemen forced 6 Hapag-Lloyd now expects
48% in 2023 from the year be- carriers to divert their vessels earnings before interest,
fore, even as transport vol- by thousands of miles to avoid taxes, depreciation and amor-
umes edged 0.5% higher. the area, constraining capac- 3 tization of between €1 billion
Hapag-Lloyd, the world’s ity. But rates have fallen more and €3 billion in 2024, with
fifth-largest container line by recently: U.K.-based Drewry 0 earnings before interest and
capacity, according to ship- Shipping Consultants said this taxes of between a €1 billion
2019 ’20 ’21 ’22 ’23
ping research group Alpha- week that the price to ship a loss and €1 billion profit. It re-
liner, said it is responding 40-foot container from Shang- Note: €1 = $1.095 Source: S&P Capital IQ ported Ebitda of €4.46 billion

CHRIS HELGREN/REUTERS
to the rate pressure by inten- hai to Rotterdam declined and EBIT of €2.53 billion in
sifying cost-cutting and ad- about 30% from late January to further depress freight 2023.
justing its operations. to mid-March. rates, Hapag-Lloyd said. Germany-listed shares of
The container-shipping in- The large number of ship The carrier said higher the company fell more than
dustry is being weighed down deliveries this year will lead to costs from sailing around the 15% on Thursday.
by a glut of new vessels hit- a gradual increase in trans- Red Sea as well as the impact —Paul Page
ting the waters and waning port capacity, which is likely of the new European Emis- contributed to this article. Siddiqui has been with the Tim Hortons parent for 11 years.
P2JW075000-0-B00400-1--------XA

B4 | Friday, March 15, 2024 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Meta to Replace Data Tool, Foxconn Posts Rise in

Cutting Off Journalists’ Access Profit, Sees Growth
Only nonprofits and
Driven by AI Demand
academics can use BY YANG JIE Foxconn’s quarterly revenue,
the successor to AND KOSAKU NARIOKA change from a year earlier

the popular service Contract manufacturer Fox-

25%
conn Technology Group re- 20
BY JEFF HORWITZ ported a 33% rise in fourth-
quarter net profit and 15
Meta Platforms plans to projected significant growth
shut down a data tool long this year, boosted by invest- 10
used by academic research- ments in artificial intelligence.
ers, journalists and others to Foxconn, whose clients in- 5
monitor the spread of content clude Apple, Sony and other
on its Facebook and Insta- technology companies, had ear- 0
gram services, the company lier provided a cautious outlook 4Q 2023
–5 –5.7%
said on Thursday. for 2024, but it said Thursday
The social-media giant said the AI boom would enable sig-
it will decommission Crowd- nificant growth. Foxconn –10
Tangle in five months and is makes servers and other de-
replacing it with a tool called vices used in AI applications. –15
CAROLYN FONG FOR THE WALL STREET JOURNAL

the Meta Content Library, Young Liu, the company’s 2022 ’23
which will be available only chairman, said industrywide Source: the company
to academic and nonprofit re- demand for graphics-process-
searchers, not to most news ing modules often used in AI creasingly integrating AI into
outlets. applications would more than personal computers and
CrowdTangle has been double this year. Industrywide smartphones and predicted
widely used by journalists, re- revenue from AI servers is ex- that “killer apps” for AI are
searchers and regulators pected to rise 40% this year, likely to surface soon. He dis-
seeking to understand social- and AI servers are forecast to cussed potential applications,
media platforms and studying account for more than 40% of such as an AI-powered kara-
the viral spread of content in- Foxconn’s overall server reve- oke app that could call up a
cluding false information and CrowdTangle has been widely used to study social media and the viral spread of content. nue, he said. song based on hummed tunes.
conspiracy theories. Report- Foxconn, formally known as Liu said he would attend a
ing based on data that the Rebekah Tromble, director hosted by the University of studying subjects such as Hon Hai Precision Industry, Nvidia conference next week
tool produced often caused of the Institute for Data, De- Michigan’s Inter-university outperformance of content said net profit in the final in the U.S. Foxconn said in Oc-
frustration for Meta’s leaders, mocracy and Politics at Consortium for Political and from small publishers push- quarter of 2023 rose to about tober it would expand its part-
who have been gradually lim- George Washington Univer- Social Research. But for- ing conspiracy theories, click- 53 billion New Taiwan dollars, nership with Nvidia to develop
iting the tool in recent years. sity, said that the Meta Con- profit organizations—which bait and material that ran or $1.68 billion, beating ana- a new class of data centers
Meta has already started tent Library currently limits include most American news afoul of Meta’s policies re- lysts’ estimates. that can power AI services.
taking applications for access how much data search results organizations—won’t be eligi- garding pornography. It said revenue in the quar- Liu said Foxconn has built
to the new tool, which it said can return, and that its pri- ble. A Meta spokesman noted But CrowdTangle’s utility ter fell 5.7%, owing to lacklus- up its abilities in AI devices
it is continuing to develop. vacy restrictions prevent us- that other tools for tracking in spotting the viral success ter demand for cloud and net- and is strong in technologies
The company said it will be ers from downloading data on successful content on its plat- of controversial content on working products and a needed to build AI data centers
an upgrade over CrowdTan- even public posts from forms remain commercially Facebook didn’t always en- slowing personal-computer such as power-supply compo-
gle, with features the old tool elected officials. available. dear it to Meta’s leadership. market. Its operating profit nents and cooling systems.
lacked, such as the ability to “If carried through to their Researchers have voiced Internal divisions came to margin improved slightly over Foxconn has been taking
search content based on how full potential, there are a lot frustration about a lack of a head after a New York the same period in 2022, when steps in recent years to diver-
widely it was viewed and to of features that transparency Times journalist in 2020 set Covid-19 outbreaks affected sify its lines of businesses to
see data on public comments could make on other social- up an automated Twitter ac- some operations in China. include electric vehicles and
on posts. Meta’s Content media plat- count that listed the most The company said it ex- AI. It is expanding production
Two researchers granted Library a more Reporting based forms as well. widely shared links on Face- pected business at its con- in countries such as India to
early access to the new sys- powerful tool on the tool’s Even with the book each day, highlighting sumer-electronics segment to reduce concentration in China.
tem offered a mixed ap- for social sci- restrictions on the success that conservative be largely flat this year com- Foxconn said it started deliver-
praisal. ence,” she said. data often its new tools, political publishers enjoyed pared with 2023. ing its Model C electric vehi-
Cody Buntain, a researcher
at the University of Mary-
“But we’re not
there at the
frustrated Meta said, its
new tool will
on the platform.
Meta publicly pushed back
Liu said companies are in- cles to customers this quarter.

land’s College of Information moment. Meta Meta’s leaders. still provide against the daily updates,
Studies, agreed that the new has a track re- more access to which it said weren’t the
features are valuable, but said cord of making platform data most widely viewed even
the new system lacks Crowd- big promises to than is avail- though they drew heavy user
Tangle’s ability to study so- researchers, getting positive able from rivals TikTok and engagement.
cial-media activity in specific press coverage, and then Google’s YouTube, which gen- Ultimately, Meta disbanded
geographic locations. backtracking.” erally give data access only to the team that ran CrowdTan-
Buntain also raised con- In a Thursday statement academics in the U.S. and Eu- gle in the summer of 2021. By
cern about the timing of announcing the planned end rope. early 2022, the company had
CrowdTangle’s planned termi- of CrowdTangle, Meta TikTok declined to com- cut off new CrowdTangle user
nation, set for Aug. 14. While pledged that it would “con- ment and YouTube didn’t re- registrations and was plan-
RITCHIE B TONGO/EPA/SHUTTERSTOCK

the advance notice will give tinue to gather feedback from spond to a request for com- ning to shutter it entirely.
researchers time to finish ex- researchers and add new fea- ment. It held off until it could
isting projects, closing it in tures and data sets over Facebook acquired Crowd- build a replacement, however,
the final months of 2024 U.S. time.” Tangle in 2016 to help news in response to the Digital Ser-
election campaigning will al- Perhaps the biggest change publishers track and emulate vices Act, a European law
most certainly disrupt re- from CrowdTangle will be the highest-performing con- that includes transparency
search into political activity who can use it. Academics tent on Facebook and other requirements for large inter-
on Facebook and Instagram. and nonprofit organizations social-media platforms. The net platforms, according to
“That’s really bad timing,” can apply for access to the tool also proved useful to people familiar with the mat-
he said. content library, which will be staffers inside the company ter. Nvidia co-founder Jensen Huang, left, and Foxconn’s Young Liu.

Starship
ADVERTISEMENT
a version of Starship to return that Starships used for deeper- the surface on the moon, in

The Marketplace
U.S. astronauts to the moon’s space missions can take on part because of challenges
surface in the coming years. propellant while in orbit. That tied to Starship.
To advertise: 800-366-3975 or WSJ.com/classifieds
Test Shows NASA Administrator Bill
Nelson congratulated SpaceX
on the flight. “Together, we
procedure hasn’t been demon-
strated at the scale the com-
pany has envisioned.
Under the agency’s Artemis
exploration program, two as-
tronauts would board a lander
BANKRUPTCIES
Progress are making great strides
through Artemis to return hu-
manity to the Moon—then
Current and former SpaceX
leaders have said the company
embraces failing fast to try to
Starship from a NASA space-
craft called Orion while both
are in lunar orbit. From there,
UNITED STATES BANKRUPTCY COURT look onward to Mars,” he said rapidly identify fixes and im- the Starship vehicle would take
MARKETPLACE

EASTERN DISTRICT OF VIRGINIA, Richmond Division Continued from page B1 in a post on X, referring to the prove. The company took 63 the astronauts to the surface
In re: LeClairRyan, PLLC, Case No. 19-34574-KRH
Debtor Chapter 7 SpaceX showed images of agency’s exploration program. corrective actions to address of the moon. That mission,
NOTICE OF DEADLINE TO CLAIM AN INTEREST IN the vehicle in space, with data The previous test launches, issues from the initial launch, previously scheduled for late
CERTAIN FUNDS HELD IN A SEGREGATED ACCOUNT
On September 3, 2019, LeClairRyan PLLC (the “Debtor”)
at one point indicating it was last April and November, both and 17 more following the sec- next year, is now slated for no
filed for relief under Chapter 11 of the Bankruptcy Code. The traveling at more than 16,000 ended well before the full ond, according to the FAA. earlier than September 2026.
Debtor initially operated as a debtor-in-possession but the
Debtor’s case was converted to Chapter 7 on October 4, 2019
miles an hour at about 145 flight plans were achieved—in Closely held SpaceX hasn’t SpaceX executives have
(the“ConversionDate”). LynnL.Tavenner(the“Trustee”)was miles above Earth. fiery explosions. Those mis- said how much each mission raised concerns about the
appointedinterimtrustee,and,shecontinuestoserveastrustee.
On September 12, 2019, the Debtor filed a motion to The booster was lost as it sions, SpaceX has said, yielded costs, but it is preparing to FAA’s ability to license Star-
ADVERTISE TODAY

address amounts owed to certain third-party vendors (“Client tried to conduct an engine troves of data that engineers launch Starships at an aggres- ship for flights as it seeks to
Vendor”) who had provided services and/or goods to, or
for the benefit of, clients (“Clients”). In connection with the burn that would have brought and technicians have been us- sive pace in 2024. conduct frequent test mis-
same it was represented that the Debtor had received certain it down in the Gulf of Mexico. ing to further “We’ve got sions. Bill Gerstenmaier,
sums for which the Debtor had previously billed its Clients for
(800) 366-3975

reimbursement of certain expenses (the “Client Expense Instead, it exploded at an alti- refine the four sets of SpaceX’s vice president for
Reimbursements”) and that certain of said funds were tude of about 1,500 feet, rocket. Starships and build and flight reliability, said
placed in a separate account (the “Segregated Account”).
SpaceX said. No injuries or S p a c e X SpaceX has Super Heavies at a Senate hearing last Octo-
THE

Said motion was continued for a hearing to be held after the

ConversionDate.
Upon her appointment, the Trustee examined the facts
damage to public property had aimed to referred to its basically al- ber that the FAA’s space office
and circumstances related to funds in the Segregated been reported, according to achieve a num- ready built at needs more resources to more
Account received before the Petition Date (the “Pre-Petition
Segregated Funds”). Thereafter, she proposed to the Court a the Federal Aviation Adminis- ber of objec- rocket as the Starbase, ready quickly permit safe launches.
processtodistributethesameECFNo.2105.TheCourtenteredan
order (the “Pre-Petition Segregated Funds Claim Bar Date
tration, which licenses com-
mercial space flights.
tives during
Th u rs d ay ’s
most powerful to go for the
next flights,”
“Regulation is important,
but so are the technical chal-
Order”),ECF No.2147,establishing the following procedures for
assertinganyinterestinthePre-PetitionSegregatedFunds:
Additional Pre-Petition Segregated Funds Claim
Re-entering Earth’s atmo- flight, including ever built. Nick Cum- lenges associated with devel-
Bar Date: Any Person (other than Previously Established sphere is a difficult maneuver a propellant- mings, senior oping and operating transfor-
For more information visit:
Interest Holders in Pre-Petition Segregated Funds as said given the immense heat. The transfer dem- director of pro- mative vehicle systems like
term is defined in the Pre-Petition Segregated Funds Claim
Bar Date Order) asserting any interest in any Pre-Petition
wsj.com/classifieds vehicle was aiming to splash onstration it gram develop- Starship,” he said at the time.
Segregated Funds must, on or before April 12, 2024 (the
“Pre-Petition Segregated Funds Claim Bar Date”) submit
down into the Indian Ocean, said it completed. Earlier, ment at SpaceX, said at a re- Kelvin Coleman, the FAA’s
a claim by overnight delivery (one or two day is acceptable) to but was lost at some point, ac- technicians at SpaceX had cent industry conference. top leader for its space office,
Paula S.Beran, Esquire,Tavenner & Beran, PLC, 20 N.8th Street, cording to the company’s loaded 10 million pounds of Lori Garver, a former dep- told reporters last month that
Richmond,VA 23219.No specific form for asserting any interest
to any Pre-Petition Segregated Funds is necessary,but a Person livestream. The company propellant into the vehicle. uty administrator at NASA, the agency is working closely
asserting any interest must include documentation necessary
toprovearighttothefunds. hadn’t expected the spacecraft The rocket consists of two said any mission that ad- with SpaceX on Starship,
List of Claims in Pre-Petition Segregated Funds: On or to survive that impact, SpaceX stages: the Super Heavy vances the company beyond given the company’s launch
before five (5) business days from the Pre-Petition Segregated
Funds Claim Bar Date,theTrustee,through counsel,will file with officials said. booster and the Starship space- what it learned from the first plans for this year.
the Court a list of all timely tendered claims (“Claims in Pre- The launch was SpaceX’s craft, stacked on the booster two flights would be seen as “We’ve been talking to
Petition Segregated Funds”).If any claimant believes it has
timely tendered a Claim in Pre-Petition Segregated Funds but latest demonstration mission of for the first phase of flight. The successful. “The goal of this is SpaceX constantly,” he said.
the same is not on the List of Claims in Pre-Petition Segregated what it has called the most spacecraft is designed to sepa- data—as much data as you can The FAA said SpaceX will
Funds, claimant shall, on or before five (5) business days from
the filing of the List of Claims in Pre-Petition Segregated Funds, powerful rocket ever built. rate from the booster and fly get,” she said. investigate what caused the
notify Paula S. Beran, Esquire at [email protected]. Starship is a major part of on its own shortly after launch. The company has promoted loss of the Starship booster
To the extent the parties disagree as to the timeliness of any
said Claim in Pre-Petition Segregated Funds, the same shall be SpaceX’s business plans. The SpaceX aims to break new Starship for commercial satel- and spacecraft during the mis-
broughttotheCourtfordetermination.
Copies: Copies of the Trustee’s Motion and/or the
company aims to use the rocket ground with Starship, but the lite and for private human sion before the next test flight.
Pre-Petition Segregated Funds Claim Bar Date Order to deploy satellites for its Star- technical hurdles are formida- flights, but those aren’t ex-
may be obtained by written request to Paula S. Beran at
link internet division, transport ble. “Starship is a hard, hard, pected to happen until the ve-
[email protected]. Questions concerning this Notice
shouldalsobedirectedtoMs.Beran. private space travelers and fly hard, hard project,” Musk said hicle is much further devel- Watch a Video
Bar to Claims: Any Person (other than Previously
Established Interest Holders in Pre-Petition Segregated everything from a planned at a Wall Street Journal event oped. A more immediate Scan this code
Funds) asserting any interest in the Pre-Petition space station to moon rovers. in 2021. deadline is with NASA. to watch a
Segregated Funds that fails to do so on or before the
Pre-Petition Segregated Funds Claim Bar Date shall be © 2024 Dow Jones & Company, Inc. The National Aeronautics Among the challenges: mak- In January, officials at the video on the
forever barred, estopped, and enjoined from asserting All Rights Reserved. and Space Administration has ing both stages of the rocket agency delayed a planned mis- SpaceX test
anyinterestinthePre-PetitionSegregatedFunds.
contracted with SpaceX to use reusable and demonstrating sion to return astronauts to flight.
P2JW075000-2-B00500-1--------XA

THE WALL STREET JOURNAL. * * Friday, March 15, 2024 | B5

BUSINESS & FINANCE

IEA View of Growth

In Oil Demand Rises
Agency also cut its tacks on Red Sea shipping. output expectations were low-
Still, the IEA confirmed de- ered by 920,000 barrels a day.
supply projection mand growth is expected to “Our balance for the year
on lower expected decelerate significantly from shifts from a surplus to a
last year’s growth of 2.3 mil- slight deficit,” the IEA said.
output from OPEC+ lion barrels a day. The agency previously said it
“The slowdown in growth expected a surplus assuming

ALEXANDER MANZYUK/REUTERS
BY GIULIA PETRONI means that oil consumption OPEC+ would start unwinding
reverts towards its historical cuts from the second quarter
The International Energy trend after several years of of the year, but the group of
Agency lifted its forecast for volatility from the postpan- oil-producing countries earlier
oil-demand growth this year demic rebound,” it said on this month decided to extend
on an improved outlook in the Thursday. “A weaker economic its voluntary curbs until June.
U.S. and increased bunkering, outlook further tempers oil In the first quarter, global
while it cut estimates for use, as do efficiency improve- oil output is projected to fall Demand growth is still expected to slow from last year’s growth of 2.3 million barrels a day.
global supply on lower output ments and surging electric ve- by 870,000 barrels a day com-
expectations from OPEC+. hicle sales.” pared with the fourth quarter bounded by 270,000 barrels a mercial revenue down 1% com- in a narrow range in recent
Oil-demand growth is now The IEA’s projection re- of 2023 due to weather-related day in February compared pared with the previous weeks as the market grapples
seen at 1.3 million barrels a mains substantially lower than constraints and OPEC+ output with the previous month, as month to $15.7 billion. with conflicting signals on
day from a previous forecast OPEC’s, as the group of oil- cuts. Non-OPEC production is operations in the U.S. and The IEA’s latest report supply and demand. OPEC+
of 1.2 million barrels a day, the producing countries reiterated set to dominate from the sec- Canada partially recovered came after crude futures rose extension of output cuts and
Paris-based organization said. this week that it sees global ond quarter onward. from an Arctic freeze. on signs of healthy demand af- geopolitical risks in the Middle
Total demand is expected to oil-demand growth of 2.2 mil- “The United States is set to According to the IEA, non- ter the Energy Information East continue to underpin
average 103.2 million barrels a lion barrels a day this year lead the world’s supply growth OPEC+ supply is expected to Administration reported a prices, but concerns over Chi-
day from a previous forecast and 1.8 million barrels a day for a fourth year running,” the rise by 1.6 million barrels a large weekly draw in U.S. in- nese demand and the path of
of 103 million barrels a day. the next. IEA said. “Saudi Arabia, on the day this year compared with ventories and Ukraine intensi- U.S. interest-rate cuts linger,
The revision was attributed Meanwhile, the global sup- other hand, could post the 2.4 million barrels a day in fied attacks against Russia’s capping price gains.
to surging ethane demand in ply-growth forecast was cut to world’s largest decline for a 2023. energy infrastructure, damag- Brent crude, the interna-
the U.S. for the petrochemical an average of 102.9 million second straight year if it con- Meanwhile, Russian crude ing some major refineries and tional benchmark, currently
sector and increased bunker barrels a day from 103.8 mil- tinues to shoulder the bulk of exports fell by 140,000 barrels raising fears around supply trades around $85 a barrel,
fuel use due to trade flow dis- lion barrels a day previously, the OPEC+ reduction.” a day in February to 7.6 mil- disruptions. while WTI, the U.S. oil gauge,
ruptions caused by Houthi at- the agency said, after OPEC+ Non-OPEC+ production re- lion barrels a day, with com- Oil prices have been trading is around $81 a barrel.

Shell to Slow the Pace of Its Carbon-Emissions Cuts

BY CHRISTIAN MOESS LAURSEN

Shell plans to loosen its

target for carbon-emissions
cuts from its operations, fol-
lowing in the footsteps of rival
BP, as Chief Executive Wael
Sawan focuses on last year’s
pledge to prioritize value.
The Anglo-Dutch energy
heavyweight said Thursday
that it now targets a reduc-
tion of 15% to 20% by 2030 in
the net carbon intensity of
the energy products it sells,
compared with the 2016 base,
while introducing a goal for
customers’ emissions.
In its last energy-transi-
tion strategy report published
in 2021, the company, in a
historic shift, vowed to re-
duce its net carbon intensity
20% by 2030, 45% by 2035
and to reach net zero in 2050.
Net carbon intensity mea-
sures emissions from each
unit of energy Shell sells to
ANP/ZUMA PRESS

customers.
By pivoting from previous
pledges of higher renewable-
energy spending, and focus-
ing more on shareholder re- The company also set a new target to reduce customer emissions from the use of its oil products by 15% to 20% by 2030 compared with 2021.
turns, London-listed BP and
Shell seek to close the valua- of 6% to 8% was reached, with gas and biofuels, Shell said. ergy products sold—to a the company said. Bernard Looney said in Feb-
tion gap with their cross-At- 6.3%, Shell said. Still, significant invest- range of 15% to 20% from 20% Given this focus, Shell said ruary of last year.
lantic peers, Chevron and In addition, the London- ment will be required to keep by 2030—is a result of a nar- it expects lower total growth Shell said it will continue
Exxon Mobil, which have based company set a new tar- supplying oil and gas as de- rowing of its markets and of power sales to 2030. The to halve its absolute emis-
been more firmly committed get to reduce customer emis- mand is expected to drop at a segments for the integrated revised target follows a simi- sions from operations by
to fossil fuels. sions from the use of its oil slower rate than the decline power business, which in- lar decision from BP, which 2030, having already achieved
Since taking over the com- products by 15% to 20% by of the world’s oil-and-gas clude selling more power to last year said it would slow more than 60% of this target
pany at the start of last year, 2030 compared with 2021. fields, it said. commercial customers and its shift to lower-carbon en- in 2023.
Sawan has made clear that he This will mean reducing sales It expects its oil produc- less to retail, Shell said. ergy and increase spending It also confirmed it will in-
wants to address that dis- of oil products, such as petrol tion to remain stable through “Our focus on where we on oil-and-gas production. vest $10 billion to $15 billion
crepancy. and diesel, and an increase in to 2030. can add the most value has “At the end of the day, between 2023 and the end of
The net carbon intensity low-carbon fuels, including The revised carbon-emis- led to a strategic shift in our we’re responding to what so- 2025 in low-carbon energy
target for 2023 of a reduction natural gas, liquefied natural sion reduction target on en- integrated power business,” ciety wants,” then-BP CEO solutions.

Cockpit as well as passengers who

weren’t wearing their seat
belts were thrown to the ceil- Rheinmetall Predicts
Mishap ing of the plane. “I saw a baby
fly up. It was terrible.”
Boeing is expected to issue Sales, Margins Will
Suspected a memo related to the seat
switch to airlines that operate
the 787 Dreamliner, a popular
Increase This Year
wide-body aircraft often used
Continued from page B1 on long-haul international
FABIAN BIMMER/REUTERS

plunge returned to Chile dur- flights. Industry publication

ing a flight with just crew on the Air Current earlier re- BY MAURO ORRU “A new decade of security
board. It is parked at Santi- ported a cockpit seat move- policy has begun,” Chief Exec-
ago’s airport, the spokes- ment was a focus of the inves- Rheinmetall expects sales utive Armin Papperger said.
woman said. tigation. and profit margins will con- “We are investing massively,
“It was a horrible experi- Boeing faces scrutiny for tinue to grow this year as the building new plants and sig-
ence,” Verónica Martínez, a separate manufacturing and wars in Ukraine and Gaza nificantly increasing our per- The German arms maker has benefited as governments
passenger on the flight, told safety lapses after a Jan. 5 ac- show little sign of abating and sonnel.” ramped up spending on military hardware amid global conflicts.
Chilean media after she re- cident involving a fuselage governments ramp up spend- Rheinmetall, best known
turned to Santiago on another panel that flew off an Alaska ing on military hardware. for its armored vehicles and sales of €1.76 billion for 2023 the Israel-Hamas war broke
aircraft. Airlines 737 MAX jet mid- The German arms maker munitions production, as a whole, while the group’s out in October 2023.
She said flight attendants flight. said Thursday that sales emerged as a key beneficiary vehicle systems business— Rheinmetall’s net profit in-
should climb to around €10 of Russia’s invasion of Ukraine which includes military creased to €535 million last
billion, equivalent to about in February 2022, securing a wheeled and tracked vehi- year from €474 million in
$10.95 billion, this year from steady stream of orders from cles—contributed €2.61 billion 2022. Operating profit—more
the €7.18 billion reported for members of the North Atlantic in sales. Rheinmetall’s order closely watched by analysts
2023. Rheinmetall expects an Treaty Organization seeking backlog reached €38.29 billion and investors—rose to €918
operating margin between 14% to replenish their stockpiles at the end of December. million from €769 million.
and 15%, above the 12.8% it after diverting significant The volume of orders Analysts had forecast an-
posted for last year. caches of weapons to Kyiv. shows demand for ammuni- nual sales of €7.31 billion and
Sales guidance is above an- In the fourth quarter alone, tion remains resilient more a net profit of €558.6 million,
BRETT PHIBBS/AGENCE FRANCE-PRESSE/GETTY IMAGES

alysts’ €9.64 billion projection, the group signed two con- than two years into Russia’s an operating profit of €922.8
while the operating margin is tracts valued at about €860 invasion of Ukraine. In a deal million and a 12.6% operating
within expectations of 14.5%. million in total to modernize completed last year, Rhein- margin, according to a Vara
The company’s sales fore- air-defense systems in Austria metall acquired Expal Muni- Research consensus based on
cast marks an improvement of and Romania. tions in Spain in an effort to estimates from 12 analysts.
roughly €2.82 billion year over Meanwhile, orders for am- boost production. Rheinmetall said it would
year and the first time in its munition continued to pour in, Meanwhile, the stock con- propose a 2023 dividend of
history that sales are expected including one valued at more tinues to climb. Shares rose €5.70 a share at its annual gen-
to reach the €10 billion mark, than €300 million to supply more than 5% to €443.60 in eral meeting on May 14 com-
signaling confidence among multiple-rocket launcher am- Thursday trading. The stock pared with the €4.30 a share it
Rheinmetall management that munition to an undisclosed traded at roughly €95 in the paid for the previous year.
geopolitical tensions will con- European NATO member. days before Russia’s invasion “The course is set for fur-
tinue to translate into orders Rheinmetall’s weapon and of Ukraine in February 2022, ther growth and increasing
The Latam Boeing 787 jet that suddenly lost altitude. in the coming months. ammunition division reported and at roughly €235 before profitability,” Papperger said.
P2JW075000-0-B00600-1--------XA

B6 | Friday, March 15, 2024 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
38905.66 t 137.66, or 0.35% Trailing P/E ratio 27.07 21.40 5150.48 t 14.83, or 0.29% Trailing P/E ratio * 23.83 17.85 16128.53 t 49.24, or 0.30% Trailing P/E ratio *† 32.89 25.04
High, low, open and close for each P/E estimate * 18.68 17.10 High, low, open and close for each P/E estimate * 21.10 18.12 High, low, open and close for each P/E estimate *† 31.32 24.25
trading day of the past three months. Dividend yield 1.85 2.16 trading day of the past three months. Dividend yield * 1.44 1.76 trading day of the past three months. Dividend yield *† 0.80 0.92
All-time high 39131.53, 02/23/24 All-time high 5175.27, 03/12/24 All-time high: 16274.94, 03/01/24

Current divisor 0.15265312230608

39000 5300 16400

38000 5100 15900

37000 4900 15400

Session high 36000 4700 14900

DOWN UP
Session open Close 65-day moving average
t

65-day moving average

35000 4500 14400
Close Open
t

65-day moving average Session low 34000 4300 13900

Bars measure the point change from session's open

33000 4100 13400
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*1,168,872,529 16,368,598
Industrial Average 39160.25 38704.36 38905.66 -137.66 -0.35 39131.53 31861.98 20.7 3.2 5.9 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 214,975,964 7,017,525
Transportation Avg 15813.54 15490.13 15607.71 -212.75 -1.34 16695.32 13444.01 11.8 -1.8 3.3 Most-active issues in late trading Decl. volume* 935,720,732 8,274,416
Utility Average 860.24 845.60 851.27 -7.90 -0.92 975.39 783.08 -8.7 -3.4 0.3 Volume After Hours Issues traded 2,910 308
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 51558.37 50956.00 51237.71 -235.94 -0.46 51544.11 39185.17 29.1 7.2 7.1 Advances 599 108
SPDR S&P 500 ETF Trust SPY 17,222.6 514.41 -0.54 -0.10 516.88 514.21
Barron's 400 1137.42 1119.88 1125.58 -11.79 -1.04 1141.48 881.58 23.2 5.0 5.0 Declines 2,246 181
Geron GERN 11,307.8 3.38 1.63 93.14 3.71 2.01
Unchanged 65 19
Nasdaq Stock Market SoFi Technologies SOFI 6,442.3 7.10 0.05 0.71 7.14 7.04 New highs 139 6
Nasdaq Composite 16245.32 16039.68 16128.53 -49.24 -0.30 16274.94 11630.51 37.6 7.4 6.6 AT&T T 6,167.4 16.96 -0.05 -0.29 17.02 16.95 New lows 59 5
Nasdaq-100 18142.90 17913.63 18014.81 -53.66 -0.30 18302.91 12519.88 43.2 7.1 11.7 Ford Motor F 5,839.9 12.09 0.01 0.04 12.10 12.06 Closing Arms† 1.21 0.45
iSh iBoxx $ IG Corp Bd LQD 5,175.4 107.78 … unch. 107.83 107.60 Block trades* 4,788 180
S&P
Carrier Global CARR 4,652.3 57.31 … unch. 59.00 57.31 Nasdaq NYSE Arca
500 Index 5176.85 5123.30 5150.48 -14.83 -0.29 5175.27 3916.64 30.1 8.0 9.3
Comcast Cl A CMCSA 4,412.4 43.15 0.33 0.78 43.15 42.45
MidCap 400 2964.52 2907.06 2926.30 -37.48 -1.26 2968.54 2326.82 20.4 5.2 3.4 Total volume*5,450,988,045 429,062,384
SmallCap 600 1299.01 1273.03 1281.50 -20.80 -1.60 1339.63 1068.80 9.9 -2.8 -2.9 Percentage gainers… Adv. volume*1,326,438,808 121,664,160
Geron GERN 11,307.8 3.38 1.63 93.14 3.71 2.01 Decl. volume*4,103,404,079 303,661,795
Other Indexes
Cardlytics CDLX 334.3 11.15 2.97 36.22 12.00 8.10 Issues traded 4,391 1,897
Russell 2000 2064.28 2017.28 2031.18 -40.54 -1.96 2084.74 1636.94 14.7 0.2 -4.8
Madrigal Pharmaceuticals MDGL Advances 1,045 283
NYSE Composite 18030.92 17797.58 17886.27 -132.37 -0.73 18018.63 14599.05 20.6 6.1 4.4 326.9 300.10 56.53 23.21 305.00 272.00
Declines 3,217 1,594
Value Line 601.16 589.64 592.97 -8.18 -1.36 602.24 498.09 9.5 -0.1 -3.4 Aquestive Therapeutics AQST 365.3 5.86 0.61 11.62 6.39 5.20
Unchanged 129 20
NYSE Arca Biotech Lithium Americas LAC 336.5 6.55 0.56 9.38 6.60 5.54
5311.48 5165.39 5205.61 -105.87 -1.99 5511.46 4544.40 -0.3 -3.9 -2.1 New highs 100 75
NYSE Arca Pharma 1026.25 1014.90 1019.35 -2.22 -0.22 1029.37 800.13 26.3 12.0 14.0 ...And losers New lows 196 17
KBW Bank 99.87 97.45 98.03 -1.78 -1.79 99.81 71.71 17.9 2.1 -7.4 Altus Power AMPS 157.4 5.24 -0.70 -11.78 6.20 5.00 Closing Arms† 1.00 0.32
PHLX§ Gold/Silver 120.46 118.94 119.69 -1.66 -1.37 144.37 102.94 1.3 -4.8 -5.0 Smartsheet SMAR 385.3 36.21 -4.09 -10.15 40.91 35.55 Block trades* 31,952 2,588
PHLX§ Oil Service 87.59 86.30 87.12 0.72 0.83 98.76 69.29 16.7 3.9 11.6 Adobe ADBE 1,549.2 514.00 -56.45 -9.90 574.00 503.34 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 4880.03 4741.59 4783.65 -85.30 -1.75 5165.83 2906.29 54.4 14.6 17.3 PagerDuty PD 599.9 20.75 -2.18 -9.51 23.21 19.50 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 15.33 13.42 14.40 0.65 4.73 25.51 12.07 -37.4 15.7 -11.4 Zumiez ZUMZ 86.3 13.80 -0.93 -6.31 14.73 12.80 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 772.65 –2.65 –0.34 6.3 Aptorum Group APM 6.77 2.44 56.35 17.49 1.35 183.3 Spruce Biosciences SPRB 0.81 -4.38 -84.38 5.95 0.78 -64.6
MSCI ACWI ex-USA 328.24 –1.17 –0.35 3.7 Turtle Beach HEAR 13.95 2.92 26.47 14.99 7.45 74.8 Immuneering IMRX 2.90 -2.98 -50.68 14.29 2.80 -63.2
MSCI World 3382.48 –13.71 –0.40 6.7 Veritone VERI 2.73 0.56 25.81 6.03 1.48 -45.9 Solowin Holdings SWIN 10.50 -9.29 -46.94 72.55 1.84 ...
MSCI Emerging Markets 1048.68 2.17 0.21 2.4 ShiftPixy PIXY 3.97 0.72 22.15 115.09 3.02 -96.4 Envoy Medical COCH 4.11 -1.75 -29.86 11.72 0.75 -58.9
Americas MSCI AC Americas 1947.86 –6.99 –0.36 7.4 FutureFuel FF 6.88 1.19 20.91 10.31 5.27 -7.3 RumbleON Cl B RMBL 5.00 -2.10 -29.58 13.52 4.96 -39.2
Canada S&P/TSX Comp 21829.85 –140.26 –0.64 4.2 Vaalco Energy EGY 5.34 0.88 19.73 5.66 3.51 26.5 XTI Aerospace XTIA 2.54 -0.96 -27.43 165.46 2.40 -93.7
Latin Amer. MSCI EM Latin America 2516.63 –3.47 –0.14 –5.5 Bit Origin BTOG 4.65 0.75 19.23 11.40 1.25 -41.5 Katapult Holdings KPLT 13.48 -4.92 -26.74 24.76 8.26 -2.0
Brazil Bovespa 127689.97 –316.08 –0.25 –4.8 Cheer Holding CHR 3.00 0.46 18.11 12.50 2.18 -60.8 Pagaya Technologies PGY 11.55 -3.96 -25.53 33.96 9.36 -10.9
Chile S&P IPSA 3605.70 –16.97 –0.47 4.0 Minim MINM 7.23 1.06 17.18 14.00 0.60 146.1 RCM Technologies RCMT 21.60 -7.17 -24.92 32.15 10.11 66.4
Mexico S&P/BMV IPC 56059.26 210.54 0.38 –2.3 Sigma Additive Solutions NTRP 5.15 0.74 16.78 11.00 2.39 -50.5 Nature's Miracle Holding NMHI 1.76 -0.58 -24.79 11.55 1.71 -83.1
EMEA STOXX Europe 600 506.40 –0.93 –0.18 5.7 Autonomix Medical AMIX 3.49 0.49 16.33 7.60 2.63 ... NextNav NN 4.24 -1.37 -24.35 6.07 1.59 99.1
Eurozone Euro STOXX 509.39 –0.71 –0.14 7.4 Build-A-Bear Workshop BBW 29.02 4.02 16.08 30.49 17.85 21.1 Hello Group ADR MOMO 5.96 -1.71 -22.29 11.12 5.59 -22.7
Belgium Bel-20 3691.85 –36.64 –0.98 –0.4 Dick's Sporting Goods DKS 216.81 29.05 15.47 222.92 100.98 47.8 Puyi ADR PUYI 6.69 -1.86 -21.75 9.70 1.96 26.2
Denmark OMX Copenhagen 20 2751.08 1.21 20.5 Alarum Technologies ADR ALAR 21.17 2.82 15.37 21.45 1.48 1223.1 WW International WW 1.87 -0.48 -20.43 13.31 1.59 -56.9
32.90
France CAC 40 8161.42 0.29 8.2 Spectral AI MDAI 2.42 0.31 14.69 19.50 1.70 -75.7 Lensar LNSR 3.40 -0.76 -18.27 5.30 1.80 4.6
23.84
Germany DAX 17942.04 –0.11 7.1
Israel Tel Aviv 1884.16
–19.34
–15.40 –0.81 1.0
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 33786.18 –99.25 –0.29 11.3 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 858.75 –1.58 –0.18 9.1
Norway Oslo Bors All-Share 1495.17 0.07 0.005 –1.6 Fisker FSR 314,573 490.0 0.15 -51.94 7.22 0.14 Invsc S&P Intl Dev Lo Vl IDLV 3,954 10922 28.14 -0.64 28.60 25.24
South Africa FTSE/JSE All-Share 73340.70 –917.93 –1.24 –4.6 Direxion Dly Semi 3 Bear SOXS 230,490 84.2 3.51 5.41 23.22 2.76 Immuneering IMRX 6,192 9260 2.90 -50.68 14.29 2.80
Spain IBEX 35 10490.50 3.8 SoundHound AI SOUN 223,614 423.7 8.37 -3.24 10.25 1.49 Swiftmerge Acqn Cl A IVCP 502 9101 10.94 -10.33 12.20 10.00
–70.00 –0.66
Sweden OMX Stockholm 5.4 ProSh UltraPro Shrt QQQ SQQQ 185,691 46.0 10.96 0.74 37.57 10.28 Spruce Biosciences SPRB 25,333 6181 0.81 -84.38 5.95 0.78
951.96 –0.99 –0.10
Presto Automation PRST 141,542 7494.0 0.30 34.06 5.74 0.15 BlkRk US Equity Rotation DYNF 62,458 4601 43.74 0.14 44.10 30.84
Switzerland Swiss Market 11720.70 –69.76 –0.59 5.2
Turkey BIST 100 8883.52 –26.71 –0.30 18.9 Tesla TSLA 125,593 17.1 162.50 -4.12 299.29 152.37 Invsc Taxable Muni Bd BAB 9,476 3671 26.40 -1.01 27.33 24.29
U.K. FTSE 100 7743.15 –29.02 –0.37 0.1 SPDR S&P 500 ETF Trust SPY 105,736 38.2 514.95 -0.20 518.22 386.29 BondBloxx Bbg 7Y US Trea XSVN 603 3661 47.11 -0.67 50.41 44.79
U.K. FTSE 250 19486.01 –77.91 –0.40 –1.0 iShares Bitcoin Trust IBIT 97,720 205.2 39.51 -5.82 41.99 22.02 FT Nasdaq Semiconductor FTXL 2,107 3653 88.55 -1.48 95.48 57.43
Nikola NKLA 95,050 -9.2 0.60 -6.00 3.71 0.52 IX Acquisition Cl A IXAQ 247 3455 11.16 0.18 12.15 10.00
Asia-Pacific MSCI AC Asia Pacific 176.38 0.13 0.07 4.1
Advanced Micro Devices AMD 83,133 9.1 187.06 -3.97 227.30 81.02 Avantis Short-Term Fix AVSF 746 2586 46.12 -0.17 46.60 45.15
Australia S&P/ASX 200 7713.60 –15.84 –0.20 1.6
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3038.23 –5.60 –0.18 2.1 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 16961.66 –120.45 –0.71 –0.5
India S&P BSE Sensex 73097.28 0.46 1.2
Scan this code
335.40
Japan NIKKEI 225 38807.38 111.41 0.29 16.0 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3186.40 25.68 0.81 –1.7 track most-active stocks,
South Korea KOSPI 2718.76 25.19 0.94 2.4 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 19937.92 9.41 0.05 11.2 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1394.93 10.42 0.75 –1.5
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Thurs YTDchg Thurs YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004049 24700 1.8
CREDIT MARKETS Argentina peso .0012850.3282 5.2 Europe
Brazil real .2004 4.9897 2.8 Czech Rep. koruna .04319 23.154 3.5

Consumer Rates and Returns to Investor Benchmark

Treasury Yields
yield curve Forex Race
Canada dollar
Chile peso
.7389 1.3535 2.2
.001062 941.82 7.6
Denmark krone
Euro area euro
.1460 6.8509 1.1
1.0883 .9189 1.4
U.S. consumer rates Selected rates and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000257 3895.66 0.5 Hungary forint .002750 363.60 4.8
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007329 136.45 0.3
A consumer rate against its 30-year mortgage, Rate Mexico peso .0599 16.7019 –1.6 Norway krone .0946 10.5672 3.9
benchmark over the past year 6.00% Uruguay peso .02587 38.6550 –1.0 Poland zloty .2536 3.9437 0.2
Bankrate.com avg†: 7.12% Tradeweb ICE 14% Sweden krona .0967 10.3392 2.3
Asia-Pacific
30-year fixed-rate Hills Bank and Trust Company 5.88% Thursday Close 5.00 Switzerland franc 1.1315 .8838 5.0
Australiadollar .6579 1.5200 3.6
mortgage 8.00% Hills, IA 800-445-5725 t 7 WSJ Dollar Index Turkey lira .0311 32.1491 9.1
t China yuan .1390 7.1936 1.1
t
s
4.00 Ukraine hryvnia .0258 38.7500 1.6
Farmers State Bank 6.13% Hong Kong dollar .1278 7.8227 0.2
6.75 One year ago UK pound 1.2752 .7842 –0.1
0 India rupee .01205 82.966 –0.3
10-year Treasury Marion, IA 319-390-2534 3.00 Middle East/Africa
s Indonesia rupiah .0000640 15625 1.5
note yield 5.50 Penn Community Bank 6.13% s Japan yen .006742 148.31 5.2 Bahrain dinar 2.6536 .3769 –0.03
t 2.00 –7 Euro
Perkasie, PA 215-257-5035 Yen Kazakhstan tenge .002229 448.63 –1.5 Egypt pound .0209 47.8071 54.6
4.25 Chemung Canal Trust Company 6.25% 1.00 –14 Macau pataca .1240 8.0620 0.1 Israel shekel .2736 3.6553 1.4
Malaysia ringgit .2134 4.6860 2.0 Kuwait dinar 3.2531 .3074 0.1
Elmira, NY 607-737-3711 1 3 6 1 2 3 5 7 10 20 30 2023 2024
3.00 New Zealand dollar .6130 1.6313 3.1 Oman sul rial 2.5976 .3850 –0.01
Marathon Bank 6.25% month(s) years
AM J J A S O ND J F M Pakistan rupee .00358 279.065 –0.7 Qatar rial .2742 3.647 0.1
Wausau, WI 715-845-7331 maturity Philippines peso .0180 55.408 0.02 Saudi Arabia riyal .2666 3.7504 0.01
2023 2024
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7485 1.3360 1.2 South Africa rand .0534 18.7343 2.4
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007549 1324.69 2.3
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0032718 305.64 –5.6
WSJ Dollar Index 97.96
Close Net Chg % Chg YTD%Chg
0.44 0.45 2.22
Federal-funds rate target 5.25-5.50 5.25-5.50 4.50 l 5.50 5.25 Taiwan dollar .03167 31.573 2.9
Yield (%) 52-Week Total Return (%) Thailand baht .02793 35.800 4.1 Sources: Tullett Prebon, Dow Jones Market Data
Prime rate* 8.50 8.50 7.75 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR
Money market, annual yield
5.31
0.49
5.31
0.49
4.55
0.46 l
l 5.40
0.64
5.30
0.39
U.S. Treasury, Bloomberg 2137.410 4.510 4.310 5.120 3.610 0.423 –3.054 Commodities
Thursday 52-Week YTD
Five-year CD, annual yield 2.83 2.83 2.76 l 2.87 2.38 U.S. Treasury Long, Bloomberg 3082.940 4.530 4.340 5.280 3.630 –6.069 –8.699 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 7.12 7.33 6.75 l 8.28 3.85 Aggregate, Bloomberg 2026.350 4.940 4.760 5.740 4.200 2.167 –2.751
15-year mortgage, fixed† 6.63 6.00 7.42 4.09 DJ Commodity 980.90 2.31 0.24 1035.63 930.59 0.71 2.41
6.60 l Fixed-Rate MBS, Bloomberg 1994.810 5.140 4.950 6.050 4.290 1.514 –3.229
Jumbo mortgages, $766,550-plus† 7.20 7.39 6.79 l 8.33 3.89 Refinitiv/CC CRB Index 282.95 1.86 0.66 290.29 253.85 10.25 7.25
High Yield 100, ICE BofA 3565.928 7.277 7.195 9.101 7.030 12.453 2.381
Five-year adj mortgage (ARM)† 6.43 6.48 5.64 l 7.16 3.22 Crude oil, $ per barrel 81.26 1.54 1.93 93.68 66.74 18.89 13.41
Muni Master, ICE BofA 587.207 3.237 3.192 4.311 2.801 3.676 –0.343
New-car loan, 48-month 7.86 7.86 6.75 l 7.88 3.83 Natural gas, $/MMBtu 1.741 0.083 5.01 3.575 1.576 -30.75 -30.75
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 849.726 7.388 7.319 8.842 7.206 9.499 –1.548
banks.† Excludes closing costs. Gold, $ per troy oz. 2163.00 -12.40 -0.57 2182.50 1816.60 12.71 4.88
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
P2JW075000-0-B00700-1--------XA

THE WALL STREET JOURNAL. Friday, March 15, 2024 | B7

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 Soybean Oil (CBT)-60,000 lbs.; cents per lb. June 110-290 110-305 110-060 110-065 –23.5 4,299,240 June .05913 .05922 s .05891 .05901 –.00004 236,084
March 48.01 48.01 48.01 47.94 –.05 157 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Euro (CME)-€125,000; $ per €
Contract Open March 106-255 106-270 106-127 106-125 –13.5 1,357
May 48.57 49.27 48.28 48.39 –.18 232,277 March 1.0950 1.0956 1.0882 1.0886 –.0068 221,608
Open High hi lo Low Settle Chg interest June
Rough Rice (CBT)-2,000 cwt.; $ per cwt. 107-040 107-052 106-220 106-227 –15.0 5,874,288 June 1.0993 1.0997 1.0922 1.0927 –.0068 507,361
Copper-High (CMX)-25,000 lbs.; $ per lb. March 17.54 –.08 48 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
March 4.0550 4.0550 4.0180 4.0370 –0.0155 2,422 March 102-002 102-018 101-307 102-000 –2.4 557
May 4.0600 4.0810 s 4.0175 4.0455 –0.0145 147,886
May 17.97 18.00 17.85 17.87 –.11 8,724
June 102-106 102-115 102-063 102-068 –4.7 3,601,234
Index Futures
Gold (CMX)-100 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu.
March 519.50 –12.75 9
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Mini DJ Industrial Average (CBT)-$5 x index
March 2162.30 2162.60 2160.30 2163.00 –12.40 271 March 94.6725 t 94.6700 94.6700
94.6725 239,881 March 39090 39244 38704 38913 –154 24,962
April 2179.50 2181.30 2157.00 2167.50 –13.30 262,104 May 542.75 543.00 528.25 532.25 –12.00 197,218
April 94.6750 t 94.6700 94.6750
94.6750 481,607
May 2190.00 2190.50 s 2168.30 2177.80 –13.30 646 Wheat (KC)-5,000 bu.; cents per bu. Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
June 39555 39698 39136 39347 –174 92,779
June 2201.30 2202.70 2178.40 2189.10 –13.30 220,579 March 613.50 … 3 Mini S&P 500 (CME)-$50 x index
Dec 94.6475 94.6475 94.6450 94.6450 1,224,841
Aug 2221.30 2222.00 2198.60 2208.60 –13.40 30,920 May 586.75 586.75 570.75 574.75 –12.75 116,263 March 5171.50 5189.50 5124.25 5153.75 –14.25 680,461
March'24 94.6700 94.6750 t 94.6650 94.6675 –.0025 1,123,382
Oct 2240.10 2240.10 2218.80 2227.70 –13.40 7,531 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June 5236.50 5253.50 5188.00 5218.00 –14.50 2,001,503
Palladium (NYM) - 50 troy oz.; $ per troy oz. March 250.300 251.625 246.525 247.475 –2.800 4,779
Currency Futures Mini S&P Midcap 400 (CME)-$100 x index
March 1080.00 1080.00 1080.00 1071.80 9.00 8 May 258.625 259.875 254.250 254.825 –3.775 17,867 March 2965.50 2976.30 2907.20 2928.00 –36.90 3,152
June 1072.00 1107.00 1062.50 1078.60 7.60 19,712 Cattle-Live (CME)-40,000 lbs.; cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥ June 3003.10 3011.30 2940.80 2963.30 –36.20 35,535
Platinum (NYM)-50 troy oz.; $ per troy oz. April 189.450 190.275 s 186.775 186.950 –2.975 87,658 March .6775 .6786 .6743 .6746 –.0028 140,008 Mini Nasdaq 100 (CME)-$20 x index
March 933.40 –8.90 9 June 185.650 186.625 s 183.150 183.375 –2.675 106,753 June .6870 .6881 .6838 .6841 –.0029 185,606 March 18094.25 18177.75 17915.50 18024.50 –54.00 96,532
April 945.60 948.00 930.10 935.70 –9.20 52,884 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD June 18342.00 18428.25 18161.25 18271.75 –56.75 225,923
Silver (CMX)-5,000 troy oz.; $ per troy oz. April 84.800 85.300 84.350 85.025 .150 43,384 March .7425 .7430 .7385 .7390 –.0036 93,812 Mini Russell 2000 (CME)-$50 x index
March 24.875 24.980 s 24.875 24.874 –0.085 285 June 101.700 101.950 100.900 101.425 –.300 80,896 June .7435 .7440 .7395 .7399 –.0037 103,613 March 2073.70 2081.90 2016.20 2032.70 –40.00 111,177
May 25.225 25.370 s 24.950 25.060 –0.096 115,511 Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. British Pound (CME)-£62,500; $ per £ June 2098.10 2106.20 2040.40 2057.00 –40.10 468,246
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March 570.00 576.00 555.00 555.00 –11.00 340 March 1.2800 1.2823 1.2730 1.2750 –.0045 84,753
Sept 2119.70 2125.70 2060.50 2077.20 –39.50 22
April 79.63 81.62 s 79.57 81.26 1.54 141,154 June 1.2806 1.2830 1.2737 1.2757 –.0045 168,530
May 79.24 81.03 s 79.15 80.74 1.44 293,341
May 607.00 616.00 607.00 611.00 .50 7,418
Swiss Franc (CME)-CHF 125,000; $ per CHF Mini Russell 1000 (CME)-$50 x index
Milk (CME)-200,000 lbs., cents per lb. March 2820.70 2836.00 2807.10 2821.70 –10.70 1,276
June 78.74 80.41 s 78.68 80.19 1.35 197,848 March 1.1384 1.1389 1.1313 1.1317 –.0074 43,698
March 16.49 16.50 16.44 16.47 –.05 4,131 June 2860.20 2871.10 2842.30 2857.70 –10.10 6,079
July 78.15 79.75 s 78.15 79.57 1.26 144,763 June 1.1495 1.1499 1.1423 1.1427 –.0075 49,349
Sept 76.86 78.26 s 76.86 78.16 1.14 106,037
April 16.26 16.60 16.14 16.25 .06 6,627
Australian Dollar (CME)-AUD 100,000; $ per AUD U.S. Dollar Index (ICE-US)-$1,000 x index
Dec 75.03 76.18 s 75.03 76.15 1.01 187,626
Cocoa (ICE-US)-10 metric tons; $ per ton. March .6622 .6632 .6570 .6582 –.0044 79,349 March 102.75 103.39 102.73 103.34 .58 11,725
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. May 7,185 7,715 s 7,063 7,405 370 78,322 June 102.37 103.03 102.36 102.99 .59 15,428
June .6640 .6650 .6587 .6600 –.0044 182,919
April 2.6949 2.7260 2.6875 2.7088 .0237 62,151 July 6,570 7,021 s 6,491 6,759 277 47,803 Mexican Peso (CME)-MXN 500,000; $ per MXN
May 2.6640 2.6941 2.6570 2.6857 .0302 70,813 Coffee (ICE-US)-37,500 lbs.; cents per lb. March .05996 .06007 s .05976 .05985 –.00003 127,251
March Source: FactSet
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. 190.00 191.25 189.05 191.35 –.30 121
April 2.6601 2.7055 s 2.6548 2.7033 .0418 72,683 May 183.00 184.20 181.25 183.85 1.20 97,953
May 2.6496 2.6947 s 2.6464 2.6926 .0392 95,057 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
April 1.668 1.767 1.643 1.741 .083 155,723
May
July
22.00
21.68
22.23
21.92
21.66
21.41
21.77
21.51
–.16 283,684
–.16 199,020
Bonds | wsj.com/market-data/bonds/benchmarks
May Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
June
1.791
2.064
1.884
2.138
1.761
2.034
1.862
2.123
.078
.068
374,895
94,859 May 40.50 .50 2,160 Tracking Bond Benchmarks
July 2.386 2.460 2.366 2.449 .067 148,298 July 40.50 .70 1,868
Sept 2.481 2.558 2.459 2.546 .075 121,737 Cotton (ICE-US)-50,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Oct 2.565 2.639 2.544 2.628 .074 115,302 May 95.05 95.54 93.20 93.48 –1.42 126,264 highs and lows for different types of bonds
July 94.50 94.92 93.00 93.26 –1.08 71,767 Total Total
Agriculture Futures Orange Juice (ICE-US)-15,000 lbs.; cents per lb. return YTD total Yield (%) return YTD total Yield (%)
May 365.00 366.50 356.80 360.55 –3.65 6,301 close return (%) Index Latest Low High close return (%) Index Latest Low High
Corn (CBT)-5,000 bu.; cents per bu.
July 361.30 362.00 356.15 356.95 –3.35 1,139
March 426.00 426.00 423.00 422.50 –4.00 58
Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
May 441.00 442.25 433.00 433.75 –7.50 625,709
Oats (CBT)-5,000 bu.; cents per bu. Interest Rate Futures 2026.35 -1.6 U.S. Aggregate 4.940 4.200 5.740 1994.81 -2.0 Mortgage-Backed 5.140 4.290 6.050
March 385.00 385.00 385.00 385.00 5.00 2 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% U.S. Corporate Indexes Bloomberg Fixed Income Indices 1970.11 -2.0 Ginnie Mae (GNMA) 5.170 4.350 6.020
May 372.25 376.75 368.50 371.50 –1.50 2,397 March 126-250 127-030 124-270 124-280 –1-30.0 7,830
Soybeans (CBT)-5,000 bu.; cents per bu. June 128-250 128-280 126-140 126-150 –2-03.0 1,580,629 3076.03 -1.4 U.S. Corporate 5.400 4.990 6.430 1173.02 -2.0 Fannie mae (FNMA) 5.140 4.280 6.050
March 1182.00 1198.50 1182.00 1180.75 –1.00 46 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
May 1196.00 1217.50 1191.50 1195.25 –1.50 343,586 March 120-130 120-130 118-240 118-230 –1-17.0 17,162 2980.32 -0.4 Intermediate 5.320 4.890 6.350 1814.11 -1.5 Freddie Mac (FHLMC) 5.070 4.240 6.190
Soybean Meal (CBT)-100 tons; $ per ton. June 120-120 120-140 118-220 118-230 –1-17.0 1,485,576
4074.51 -3.3 Long term 5.570 5.160 6.600 587.21 -0.2 Muni Master 3.237 2.801 4.311
March 333.20 2.20 60 Treasury Notes (CBT)-$100,000; pts 32nds of 100%
May 336.40 344.50 334.80 337.40 1.00 218,943 March 110-130 110-155 109-240 109-235 –21.5 1,668 Double-A-rated 417.96 -0.1 7-12 year 2.883 2.404 4.097
586.81 -2.0 4.970 4.320 5.760
828.92 -1.2 Triple-B-rated 5.610 5.250 6.700 475.42 -0.1 12-22 year 3.552 3.294 4.742

Cash Prices | wsj.com/market-data/commodities Thursday, March 14, 2024 High Yield Bonds ICE BofA 448.94 -0.01 22-plus year 4.164 4.020 5.274
530.38 0.9 High Yield Constrained 7.784 7.620 9.560 Global Government J.P. Morgan†
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
separate from the futures price on an exchange, which reflects what the commodity might be worth in future 522.22 3.0 Triple-C-rated 12.695 12.616 15.457 535.74 -1.5 Global Government 3.330 2.740 3.810
months. 3565.93 0.7 High Yield 100 7.277 7.030 9.101 788.75 -1.7 Canada 3.560 2.880 4.260
Thursday Thursday Thursday
463.04 1.5 Global High Yield Constrained 7.623 7.567 9.440 352.01 -1.2 EMU§ 3.076 2.669 3.790
Copper,Comex spot 4.0370 Wheat,No.2 soft red,St.Louis-u 5.2575
Energy Iron Ore, 62% Fe CFR China-s *107.2 Wheat - Hard - KC (USDA) $ per bu-u 6.1375 352.59 1.9 Europe High Yield Constrained 6.239 6.207 8.022 648.24 -1.8 France 3.000 2.540 3.630
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 77.800 Steel, HRC USA, FOB Midwest Mill-s *800.0 Wheat,No.1soft white,Portld,OR-u 5.4750
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.850 Battery/EV metals U.S Agency Bloomberg Fixed Income Indices 456.97 -2.3 Germany 2.520 2.020 3.030
BMI Lithium Carbonate, EXW China, =99.2%-v,w
Food
15125 U.S Agency Japan
Metals BMI Lithium Hydroxide, EXW China, =56.5% -v,w 13550 Beef,carcass equiv. index
1773.24 -0.4 4.850 4.130 5.390 276.31 -1.0 1.170 0.710 1.300
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 4413 choice 1-3,600-900 lbs.-u 290.74 1570.36 -0.2 10-20 years 4.850 4.120 5.370 497.35 -2.3 Netherlands 2.720 2.260 3.320
Engelhard industrial 2163.00 BMI Nickel Sulphate, EXW China, >22%-v,m 3920 select 1-3,600-900 lbs.-u 279.58
BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 538 Broilers, National comp wtd. avg.-u,w 1.2588 3347.17 -3.0 20-plus years 4.940 4.300 5.740 787.79 -3.0 U.K. 4.310 3.510 4.880
Handy & Harman base 2160.80
Butter,AA Chicago-d 2.8475 Yankee
Handy & Harman fabricated 2398.49 Fibers and Textiles Cheddar cheese,bbl,Chicago-d 143.25
2700.01 -0.9 5.230 4.720 6.110 849.73 0.1 Emerging Markets ** 7.388 7.206 8.842
LBMA Gold Price AM *2160.85
Burlap,10-oz,40-inch NY yd-n,w 0.7800 Cheddar cheese,blk,Chicago-d 147.25 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
LBMA Gold Price PM *2168.40
Krugerrand,wholesale-e 2257.98 Cotton,1 1/16 std lw-mdMphs-u 0.9073 Milk,Nonfat dry,Chicago lb.-d 116.25 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Maple Leaf-e Cotlook 'A' Index-t *100.20 Coffee,Brazilian,Comp-y 1.8326
2312.00
Coffee,Colombian, NY-y 2.0699
American Eagle-e
Mexican peso-e
2312.00
2787.58
Hides,hvy native steers piece fob-u
Wool,64s,staple,Terr del-u,w
n.a.
n.a. Eggs,large white,Chicago-u 2.1450 Global Government Bonds: Mapping Yields
Flour,hard winter KC-p 17.60
Austria crown-e 2120.97 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u 0.83 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Austria phil-e 2268.79
Bran,wheat middlings, KC-u,w 80 Hogs,Iowa-So. Minnesota-u 86.50 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Silver, troy oz. Corn,No. 2 yellow,Cent IL-bp,u Pork bellies,12-14 lb MidUS-u n.a.
4.0400
Engelhard industrial 25.0000 Pork loins,13-19 lb MidUS-u 1.1560 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Corn gluten feed,Midwest-u,w 125.8
Handy & Harman base 24.8300 Corn gluten meal,Midwest-u,w Steers,Tex.-Okla. Choice-u n.a. Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
407.9
Handy & Harman fabricated 31.0380 Cottonseed meal-u,w Steers,feeder,Okla. City-u,w 300.75 4.625 U.S. 2 4.689 s l 4.620 4.576 4.221
n.a.
LBMA spot price *£18.9800 Hominy feed,Cent IL-u,w 120
(U.S.$ equivalent) *24.3000 Fats and Oils 4.000 10 4.297 s l 4.191 4.266 3.633
Meat-bonemeal,50% pro Mnpls-u,w 305
Coins,wholesale $1,000 face-a 19747 Oats,No.2 milling,Mnpls-u 4.3650 Degummed corn oil, crude wtd. avg.-u,w n.a. 0.250 Australia 2 3.813 s l 3.780 3.958 3.107 -88.5 -86.1 -114.3
Other metals Rice, Long Grain Milled, No. 2 AR-u,w 35.75 Grease,choice white,Chicago-h 0.3750 3.000 10 4.065 s l 4.028 4.277 3.464 -23.6 -16.6 -22.6
LBMA Platinum Price PM *931.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Platinum,Engelhard industrial 939.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 367.35 Soybean oil,crude;Centl IL-u,w 0.4567 2.500 France 2 2.871 s l 2.848 2.781 3.059 -182.7 -179.3 -119.1
Palladium,Engelhard industrial 1088.0 Soybeans,No.1 yllw IL-bp,u 11.6300 Tallow,bleach;Chicago-h 0.4350 3.500 10 2.867 s l 2.799 2.838 2.973 -139.5 -71.7
-143.4
Aluminum, LME, $ per metric ton *2224.0 Wheat,Spring14%-pro Mnpls-u 8.2525 Tallow,edible,Chicago-u n.a.
2.500 Germany 2 2.921 s l 2.892 2.724 2.873 -177.7 -174.9 -137.7
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; 2.200 10 2.428 s l 2.366 2.344 2.415 -187.3 -182.8 -127.6
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 3/13 3.600 Italy 2 3.400 s l 3.367 3.336 3.475 -129.8 -127.5 -77.5
Source: Dow Jones Market Data
4.200 10 3.675 s l 3.588 3.862 4.310 -62.6 -60.6 62.0
0.200 Japan 2 0.190 t l 0.196 0.144 -0.024 -450.8 -444.5 -427.5
Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs 0.600 10 0.776 s l 0.761 0.760 0.283 -352.5 -343.3 -340.7

Closing Chg YTD 2.800 Spain 2 3.072 s l 3.033 2.980 3.184 -162.6 -160.8 -106.6
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) 3.250 10 3.224 s l 3.152 3.287 3.516 -104.3 -17.4
-107.7
TechSelectSector XLK 208.78 0.02 8.5
Thursday, March 14, 2024 Closing Chg YTD 0.125 U.K. 2 4.329 s l 4.272 4.550 3.448 -36.9 -36.9 -80.3
ETF Symbol Price (%) (%) VangdSC Val VBR 183.94 –1.30 2.2
Closing Chg YTD 4.250 10 4.192 s l 4.121 4.044 3.474 -7.3 -21.6
ETF Symbol Price (%) (%) iShRussMC IWR 81.47 –1.00 4.8
VangdExtMkt VXF 169.15 –1.43 2.9 -10.9
VangdSC Grwth VBK 252.51 –1.54 4.4
CommSvsSPDR XLC 80.09 –0.24 10.2 iShRuss1000 IWB 283.08 –0.29 7.9 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
VangdDivApp VIG 180.00 –0.21 5.6
CnsmrDiscSel XLY 179.84 –0.64 0.6 iShRuss1000Grw IWF 333.91 0.07 10.1
VangdFTSEAWxUS VEU 58.25 –0.63 3.8
DimenUSCoreEq2
EnSelSectorSPDR
DFAC
XLE
31.12
91.29
–0.54
1.03
6.5
8.9
iShRuss1000Val
iShRuss2000
IWD
IWM
173.92
202.03
–0.79
–1.79
5.2
0.7
VangdFTSEDevMk
VangdFTSE EM
VEA
VWO
49.78
41.76
–0.66
–0.55
3.9
1.6
Corporate Debt
FinSelSectorSPDR XLF 40.83 –0.80 8.6 iShS&P500Grw IVW 83.67 0.13 11.4
VangdFTSE Europe VGK 67.12 –0.74 4.1 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
GrayscaleBitcoin GBTC 61.80 –5.76 78.5 iShS&P500Value IVE 182.13 –0.65 4.7
HealthCrSelSect XLV 145.94 –0.36 7.0 iShSelectDiv DVY 119.00 –1.02 1.5
VangdGrowth VUG 342.09 0.04 10.0 expectations
VangdHlthCr VHT
InvscNasd100 QQQM 180.81 –0.24 7.3 iSh7-10YTreaBd
iShShortTreaBd
IEF
SHV
93.81
110.30
–0.74
0.05
–2.7
0.2
VangdHiDiv VYM
266.70
117.67
–0.50
–0.56
6.4
5.4 Investment-grade spreads that tightened the most…
InvscQQQI QQQ 439.14 –0.25 7.2
VangdInfoTech VGT 522.42 –0.38 7.9 Spread*, in basis points
InvscS&P500EW RSP 164.74 –0.90 4.4 iShTIPSBond TIP 106.39 –0.61 –1.0
VangdIntermBd BIV 74.81 –0.57 –2.1 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
iShCoreDivGrowth DGRO 56.95 –0.40 5.8 iSh20+YTreaBd TLT 92.97 –1.54 –6.0
iShUSTreasuryBd GOVT VangdIntrCorpBd VCIT 79.82 –0.54 –1.8
iShCoreMSCIEAFE IEFA 73.26 –0.70 4.1 22.57 –0.53 –2.0
VangdIntermTrea VGIT 58.21 –0.48 –1.9 BHP Billiton Finance BHP 5.000 5.33 Sept. 30, ’43 78 –177 83
iShCoreMSCIEM IEMG 51.44 –0.54 1.7 iSh0-3MTreaBd SGOV 100.50 0.04 0.2
iShCoreMSCITotInt IXUS 67.20 –0.58 3.5 JPM EqPrem JEPI 57.33 –0.07 4.3 VangdLC VV 236.41 –0.26 8.4 Massachusetts Electric NGGLN 5.900 5.90 Nov. 15, ’39 161 –156 n.a.
iShCoreS&P500 IVV 517.44 –0.22 8.3 JPM UltShIncm JPST 50.33 0.06 0.2 VangdMegaGrwth MGK 285.85 0.22 10.1
VangdMC VO 242.61 –0.96 4.3 Credit Agricole ACAFP 5.365 5.40 March 11, ’34 112 –108 116
iShCoreS&P MC IJH 58.56 –1.21 5.6 PacerUSCashCows COWZ 55.89 –0.46 7.5
ProShUltPrQQQ TQQQ VangdMBS VMBS 45.24 –0.77 –2.4 –93
iShCoreS&P SC IJR 105.68 –1.53 –2.4 59.95 –0.81 18.2 Williams WMB 6.300 5.87 April 15, ’40 133 141
iShCoreS&PTotUS ITOT 113.19 –0.36 7.6 SPDRBbg1-3MTB BIL 91.61 0.04 0.2 VangdRealEst VNQ 85.38 –1.50 –3.4
iShCoreTotUSDBd IUSB 45.23 –0.55 –1.8 SPDR DJIA Tr DIA 390.07 –0.29 3.5 VangdRuss1000Grw VONG 85.96 0.07 10.2 John Deere Capital … 5.150 4.95 Sept. 8, ’26 27 –60 27
iShCoreUSAggBd AGG 97.11 –0.63 –2.2 SPDR Gold GLD 200.35 –0.42 4.8 VangdS&P500ETF VOO 473.27 –0.22 8.3
SPDRPtfDevxUS SPDW VangdST Bond BSV 76.43 –0.17 –0.8 Barclays BACR 5.200 5.72 May 12, ’26 103 –48 122
iShEdgeMSCIMinUSA USMV 82.36 –0.35 5.5 35.35 –0.70 3.9
iShEdgeMSCIUSAQual QUAL 163.01 –0.16 10.8 SPDRS&P500Value SPYV 48.88 –0.63 4.8 VangdSTCpBd VCSH 77.00 –0.16 –0.5 –32
Sumitomo Mitsui Trust Bank SUMITR 5.200 5.15 March 7, ’29 86 88
iShGoldTr IAU 40.92 –0.44 4.8 SPDRPtfS&P500 SPLG 60.57 –0.23 8.4 VangdShortTrea VGSH 57.93 –0.07 –0.7
iShiBoxx$IGCpBd LQD 107.78 –0.74 –2.6 SPDRS&P500Growth SPYG 72.53 0.14 11.5 VangdSC VB 220.17 –1.37 3.2 Toronto–Dominion Bank TD 5.264 5.02 Dec. 11, ’26 33 –24 n.a.
iShMBS MBB 91.73 –0.78 –2.5 SPDR S&P 500 SPY 514.95 –0.20 8.3 VangdTaxExemptBd VTEB 50.61 –0.33 –0.9
iShMSCIACWI ACWI 108.37 –0.40 6.5 SchwabIntEquity SCHF 38.52 –0.75 4.2 VangdTotalBd
VangdTotIntlBd
BND
BNDX
72.06
48.81
–0.59
–0.35
–2.0
–1.1
…And spreads that widened the most
iShMSCI EAFE EFA 78.86 –0.73 4.7 SchwabUS BrdMkt SCHB 59.91 –0.40 7.6
iSh MSCI EM EEM 41.02 –0.51 2.0 SchwabUS Div SCHD 78.83 –0.54 3.5 VangdTotIntlStk VXUS 59.88 –0.63 3.3 New York Life Global Funding NYLIFE 4.700 5.12 April 2, ’26 43 114 48
iShMSCIEAFEValue EFV 53.07 –1.01 1.9 SchwabUS LC SCHX 61.06 –0.33 8.3 VangdTotalStk VTI 255.22 –0.39 7.6
iShNatlMuniBd MUB 107.71 –0.29 –0.6 SchwabUS LC Grw SCHG 91.90 0.01 10.8 VangdTotWrldStk VT 109.04 –0.45 6.0 JPMorgan Chase JPM 4.950 5.43 June 1, ’45 89 97 93
iSh1-5YIGCpBd IGSB 51.04 –0.18 –0.5 SPDR S&PMdCpTr MDY 535.73 –1.14 5.6 VangdValue VTV 158.52 –0.61 6.0 87
Bank of America BAC 5.875 5.36 Feb. 7, ’42 82 85
iSh1-3YTreaBd SHY 81.54 –0.09 –0.6 SPDR S&P Div SDY 128.15 –0.76 2.5 WT FRTrea USFR 50.40 0.04 0.3
Electricite de France EDF 5.600 5.90 Jan. 27, ’40 135 64 n.a.
59
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks John Deere Capital … 5.150 4.96 Sept. 8, ’33 66
47
66
RWJ Barnabas Health RWJBHI 2.954 5.21 July 1, ’26 52 55
Toyota Motor Credit 1.150 Aug. 13, ’27 36
Money Rates March 14, 2024
ING Groep
TOYOTA

4.550
5.14
Oct. 2, ’28
68
21
n.a.
INTNED 5.12 82 80
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. High-yield issues with the biggest price increases…
Bond Price as % of face value
Week —52-WEEK— Week —52-WEEK— Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Inflation Latest ago High Low Latest ago High Low
Feb. index Chg From (%) Macy's M 6.375 6.92 March 15, ’37 95.375 2.38 91.250
level Jan. '24 Feb. '23 Federal funds Secured Overnight Financing Rate
U.S. Steel X 6.650 6.47 June 1, ’37 101.600 0.85 103.595
Effective rate 5.3300 5.3300 5.3500 4.6000 5.31 5.31 5.40 4.55
U.S. consumer price index Transocean RIG 7.500 9.16 April 15, ’31 91.500 0.50 90.000
High 5.6500 5.6500 5.6500 4.9100 Value 52-Week
All items 310.326 0.62 3.2 Low 5.3100 5.3100 5.3300 4.5800 Latest Traded High Low Dish DBS … 5.875 14.37 Nov. 15, ’24 94.814 0.31 94.000
Core 315.419 0.57 3.8 Bid 5.3100 5.3100 5.3300 4.5800 DTCC GCF Repo Index 0.30
Offer 5.3300 5.3300 5.3700 4.6000 Telecom Italia Capital TITIM 7.200 7.47 July 18, ’36 97.800 99.500
International rates Treasury 5.340 21.240 5.504 4.585
MBS 5.364 35.090 5.689 4.624 Prime Security Services Borrower PRSESE 5.750 6.08 April 15, ’26 99.375 0.13 99.500
Treasury bill auction
Week 52-Week 0.09
Latest High Low 4 weeks 5.280 5.280 5.840 3.190 Weekly survey Hat Holdings I … 3.750 6.98 Sept. 15, ’30 83.375 82.875
ago
13 weeks 5.250 5.240 5.345 4.675 Oxford Finance OXDFLL 6.375 8.39 Feb. 1, ’27 94.941 0.02 n.a.
Latest Week ago Year ago
Prime rates 26 weeks 5.100 5.105 5.350 4.620
U.S. 8.50 8.50 8.50 7.75
Secondary market Freddie Mac …And with the biggest price decreases
Canada 7.20 7.20 7.20 6.70 30-year fixed 6.74 6.88 6.60
Fannie Mae Telecom Italia Capital TITIM 7.721 7.74 June 4, ’38 99.800 –1.20 102.100
Japan 1.475 1.475 1.475 1.475 15-year fixed 6.16 6.22 5.90
30-year mortgage yields Notes on data: Bath & Body Works BBWI 6.750 6.87 July 1, ’36 99.000 –1.00 99.875
Policy Rates
30 days 6.231 6.197 7.495 5.496 U.S. prime rate is the base rate on corporate Dish DBS … 5.125 25.18 June 1, ’29 43.500 –1.00 45.000
Euro zone 4.50 4.50 4.50 3.00 60 days 6.235 6.205 7.554 5.500 loans posted by at least 70% of the 10 largest
Switzerland 2.25 2.25 2.25 1.50 U.S. banks, and is effective July 27, 2023. Other Occidental Petroleum OXY 6.200 6.06 March 15, ’40 101.441 –0.95 102.787
prime rates aren’t directly comparable; lending
Britain 5.25 5.25 5.25 4.00 Other short-term rates practices vary widely by location; Discount rate –0.65
Australia 4.35 4.35 3.60
Hughes Satellite Systems … 6.625 29.37 Aug. 1, ’26 62.970 n.a.
4.35 is effective July 27, 2023. Secured Overnight
Week 52-Week Financing Rate is as of March 13, 2024. DTCC Bausch Health BHCCN 11.000 23.18 Sept. 30, ’28 66.875 –0.63 67.375
Overnight repurchase Latest ago high low GCF Repo Index is Depository Trust & Clearing
Corp.'s weighted average for overnight trades in Sealed Air SEE 6.875 6.45 July 15, ’33 102.938 –0.61 104.000
U.S. 5.36 5.34 5.48 4.55
Call money applicable CUSIPs. Value traded is in billions of
–0.53
U.S. dollars. Federal-funds rates are Tullett Rakuten RAKUTN 11.250 8.82 Feb. 15, ’27 106.100 106.722
U.S. government rates 7.25 7.25 7.25 6.50 Prebon rates as of 5:30 p.m. ET.
Sources: Federal Reserve; Bureau of Labor *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Discount Commercial paper (AA financial)
Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more
5.50 5.50 5.50 4.75 90 days 5.28 n.a. 5.54 4.74 Tullett Prebon Information, Ltd. Source: MarketAxess
P2JW075000-1-B00800-1--------XA

B8 | Friday, March 15, 2024 * THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net
How to Read the Stock Tables Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Duolingo DUOL 228.24 2.67 Grab GRAB 3.24 0.01 Lennar B LEN.B 139.20-11.19 NVIDIA NVDA 879.44-29.44 RoyaltyPharma RPRX 29.85 -0.03 TIM TIMB 18.85 0.25 UnumGroup UNM 51.65 0.37
Nasdaq Stock Market listed securities. Prices are consolidated from trades DuPont DD 73.81 0.03 s Graco GGG 93.46 -0.41 Lennar A LEN 152.86-12.64 s RyanSpecialty RYAN 55.17 0.34 TJX TJX 98.63 0.57 VICI Prop VICI 28.82 -0.49
reported by various market centers, including securities exchanges, Finra, Dynatrace DT 46.90 0.20 s Grainger GWW 991.69 16.95 LennoxIntl LII 469.39 -1.23 O P Q Ryanair RYAAY 136.20 -2.63 TKO TKO 79.70 -1.07 VailResorts MTN 220.81 -0.68
electronic communications networks and other broker-dealers. The list elfBeauty ELF 200.29 -6.13 GraphicPkg GPK 27.79 -0.48 LeviStrauss LEVI 18.32 -0.46 SAP SAP 190.45 -2.06 T-MobileUS TMUS 162.86 -1.23 t Vale VALE 12.11 -0.17
comprises the 1,000 largest companies based on market capitalization. ONEOK OKE 77.11 -0.01
EMCOR EME 326.72 2.86 GpoAeroportuar PAC 148.96 3.82 LiAuto LI 36.79 -1.62 S&P Global SPGI 423.47 -4.56 TPG TPG 44.38 -0.39 s ValeroEnergy VLO 159.39 0.76
ON Semi ON 77.17 -2.72
Underlined quotations are those stocks with large changes in volume ENI E 31.88 -0.88 GpoAeroportSur ASR 308.26 4.91 LibertyBroadbandC LBRDK 57.67 -0.90 s SBA Comm SBAC 216.13 -3.67 T.RowePrice TROW 114.91 -1.45 Vaxcyte PCVX 69.28 -3.97
compared with the issue’s average trading volume. OReillyAuto ORLY 1116.90 15.50
EOG Rscs EOG 123.79 1.22 Guidewire GWRE 114.48 -0.35 LibertyBroadbandA LBRDA 57.39 -0.91 SEI Investments SEIC 69.10 -0.40 TaiwanSemi TSM 139.62 -2.52 s VeevaSystems VEEV 232.47 -2.32
OccidentalPetrol OXY 62.58 0.52
Boldfaced quotations highlight those issues whose price changed by 5% or EPAM Systems EPAM 302.24 -0.75 HCA Healthcare HCA 324.78 3.54 LibertyLiveA LLYVA 38.93 -0.77 s SK Telecom SKM 22.52 0.13 TakeTwoSoftware TTWO 143.77 -1.12 Ventas VTR 42.59 -0.81
Okta OKTA 107.70 -1.96
more if their previous closing price was $2 or higher. EQT EQT 33.78 -0.23 HDFC Bank HDB 55.41 -1.58 LibertyLiveC LLYVK 40.22 -0.77 SS&C Tech SSNC 62.40 -0.46 TakedaPharm TAK 14.34 -0.08 Veralto VLTO 88.23 -0.87
OldDomFreight ODFL 426.57 -7.25
EagleMaterials EXP 250.36 0.61 HF Sinclair DINO 58.25 -0.99 LibertyFormOne A FWONA 61.81 -0.74 Saia SAIA 588.70 -4.11 Tapestry TPR 47.35 -0.45 VeriSign VRSN 190.58 -0.59
Footnotes: OldRepublic ORI 29.13 -0.19
EastWestBncp EWBC 74.59 -2.05 HP HPQ 30.61 -0.14 LibertyFormOne C FWONK 69.97 -0.07 Salesforce CRM 303.32 -1.36 TargaResources TRGP 105.64 -0.78 VeriskAnalytics VRSK 232.85 -3.02
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most OmegaHealthcare OHI 30.88 -0.15
recent four quarters. EastGroup EGP 179.36 -1.72 HSBC HSBC 37.53 -0.46 LibertySirius A LSXMA 29.83 -0.30 Samsara IOT 36.87 -1.49 Target TGT 164.31 -2.36 Verizon VZ 39.77 -0.49
Omnicom OMC 92.63 -3.04
EastmanChem EMN 91.21 -1.00 H World HTHT 38.68 -0.63 LibertySirius C LSXMK 29.77 -0.33 Sanofi SNY 48.09 -0.15 s TechnipFMC FTI 24.04 0.81 VertexPharm VRTX 408.77 -4.43
Stock tables reflect preliminary closing values as of 4 p.m. ET and OnHolding ONON 32.68 -0.60
Eaton ETN 300.29 0.05 Haleon HLN 8.23 -0.25 Light&Wonder LNW 100.60 -1.51 SareptaTherap SRPT 123.76 1.80 TeckResourcesB TECK 44.78 -0.81 s Vertiv VRT 73.92 0.55
changes in the official closing prices from 4 p.m. ET the previous day. OntoInnovation ONTO 175.01 -2.02
s eBay EBAY 52.25 -0.16 Halliburton HAL 37.61 1.08 EliLilly LLY 760.73 2.89 Schlumberger SLB 53.23 0.66 TeledyneTech TDY 415.56 -5.68 Viatris VTRS 11.82 -0.23
OpenText OTEX 38.76 -0.39
Ecolab ECL 224.83 -0.35 HartfordFinl HIG 98.97 -0.49 LincolnElectric LECO 246.78 -1.99 SchwabC SCHW 66.60 -0.53 Teleflex TFX 218.21 -3.96 VikingTherap VKTX 65.05 -6.91
Oracle ORCL 125.53 0.01
Ecopetrol EC 10.77 0.12 Hasbro HAS 52.97 -0.07 Linde LIN 473.94 -0.95 ScienceApplicat SAIC 143.18 -0.37 Ericsson ERIC 5.68 -0.01 VinFastAuto VFS 4.89 -0.09
Thursday, March 14, 2024 Net Net Orange ORAN 11.38 -0.01
EdisonIntl EIX 68.45 -1.20 HealthpeakProp DOC 16.91 -0.33 LithiaMotors LAD 282.53 -6.78 Sea SE 60.75 0.18 TelefonicaBras VIV 10.58 0.15 Vipshop VIPS 17.27 0.18
Net Stock Sym Close Chg Stock Sym Close Chg Orix IX 105.71 -0.20
s EdwardsLife EW 93.36 0.43 Heico HEI 186.35 -1.44 s LiveNationEnt LYV 103.41 -0.87 Seagate STX 85.76 -2.91 Telefonica TEF 4.21 -0.02 s Visa V 286.41 1.27
Stock Sym Close Chg Oshkosh OSK 114.62 -1.35
BJ'sWholesale BJ 73.60 -0.41 CenterPointEner CNP 27.89 -0.11 ElancoAnimal ELAN 15.75 -0.16 Heico A HEI.A 149.51 -1.79 LloydsBanking LYG 2.47 -0.03 Sempra SRE 70.22 -0.60 TelekmIndonesia TLK 25.24 0.14 s Vistra VST 63.11 1.95
s OtisWorldwide OTIS 98.49 0.19
BP BP 37.49 0.17 CentraisElBras EBR 8.82 0.09 Elastic ESTC 103.06 -3.17 HenrySchein HSIC 74.39 -0.95 LockheedMartin LMT 435.77 1.17 SentinelOne S 23.29 -4.65 TempurSealy TPX 54.47 -1.29 Vodafone VOD 8.49 -0.07
A B C BWX Tech BWXT 99.35 -1.89 CerevelTherap CERE 42.24 0.03 ElbitSystems ESLT198.75 -4.51 Hershey HSY 195.06 -0.83 Loews L 76.01 -0.14
Ovintiv OVV 50.87 -0.56
ServiceIntl SCI 72.72 -2.14 s Tenaris TS 38.69 -0.33 s VulcanMatls VMC 270.73 1.41
s OwensCorning OC 157.53 -4.84
Baidu BIDU 104.64 -3.25 CharlesRiverLabs CRL 260.50 -0.68 ElectronicArts EA 135.03 -1.93 Hess HES 150.66 1.69 LogitechIntl LOGI 93.55 0.24 ServiceNow NOW 779.49 2.61 TencentMusic TME 10.45 -0.12
AECOM
AES
ACM 90.85 -0.59
AES 15.03 -0.72 BakerHughes BKR 31.94 0.19 CharterComms CHTR 297.00 -1.40 ElevanceHealth ELV 510.57 1.08 HessMidstream HESM 35.30 -0.11 Lowe's LOW 244.63 -2.78
PDD
PG&E
PDD 123.20 0.84
PCG 16.17 -0.23
s SharkNinja SN 57.53 -0.80 TenetHealthcare THC 100.04 -0.34 W X Y Z
Ball BALL 64.67 -0.63 s CheckPoint CHKP 166.28 1.48 EmersonElec EMR 110.41 0.06 HewlettPackard HPE 17.53 -0.24 lululemon LULU 470.01 4.46 Shell SHEL 65.78 0.07 Teradyne TER 103.85 -1.60 WEC Energy WEC 80.38 -0.39
Aflac AFL 83.57 -0.23 PNC Finl PNC 148.49 -4.23
BBVA BBVA 11.05 -0.20 Chemed CHE 650.04 3.41 Enbridge ENB 35.67 -0.47 s Hilton HLT 206.92 -1.61 LyondellBasell LYB 100.00 -1.71 SherwinWilliams SHW 334.92 -1.89 Tesla TSLA 162.50 -6.98 WEX
AGCO AGCO 115.99 -1.11 POSCO PKX 82.53 -2.65 WEX 233.95 0.56
BancoBradesco BBDO 2.55 -0.02 CheniereEnergy LNG 157.99 1.16 EncompassHealth EHC 75.11 -1.01 Hologic HOLX 75.34 -0.99 s ShinhanFin SHG 37.74 1.60 TetraTech TTEK 179.72 -3.42
Ansys ANSS 330.29 0.92
BancodeChile BCH 23.76 0.16 CheniereEnerPtrs CQP 47.84 -0.31 Endeavor EDR 25.16 0.51 HomeDepot HD 375.27 -3.72 M N PPG Ind
PPL
PPG 138.96 -2.92
PPL 26.58 -0.38
ShockwaveMed SWAV 266.25 -3.12 TevaPharm TEVA 13.50 -0.15
W.P.Carey WPC 55.52 -0.94
WPP WPP 44.63 -0.94
APA APA 32.47 -0.09
BancSanBrasil BSBR 5.72 -0.03 ChesapeakeEner CHK 84.40 -0.56 EnergyTransfer ET 15.04 -0.06 HondaMotor HMC 35.24 0.08 Shopify SHOP 78.42 -0.26 TexasInstruments TXN 171.14 -1.54
ASE Tech ASX 10.98 -0.25 M&T Bank MTB 140.34 -2.85 PTC PTC 184.51 -1.24 Wabtec WAB 140.85 -1.46
BcoSantChile BSAC 20.35 -0.20 Chevron CVX 155.70 1.81 EnphaseEnergy ENPH 110.41 -7.76 Honeywell HON 196.35 -3.38 MGM Resorts MGM 42.77 -0.09 PVH SimonProperty SPG 149.36 -2.13 TexasPacLand TPL 1642.81 36.34
ASML ASML 959.78 -9.00 PVH 131.28 -0.72 WalgreensBoots WBA 20.62 -0.43
BancoSantander SAN 4.38 -0.06 Chewy CHWY 17.24 -0.75 Entegris ENTG 137.56 -2.06 HormelFoods HRL 33.72 -0.76 MKS Instrum MKSI 122.59 -2.23 Paccar SimpsonMfg SSD 196.65 -4.62 TexasRoadhouse TXRH 152.93 -1.67
AT&T T 17.01 -0.18 PCAR 115.21 -0.76 Walmart WMT 61.02 -0.05
AbbottLabs ABT 118.85 -1.31
BanColombia CIB 32.40 -0.22 s Chipotle CMG 2748.52 25.83 Entergy ETR 102.49 -0.50 DR Horton DHI 150.32 -4.88 MPLX MPLX 40.28 -0.51 PackagingCpAm PKG 183.01 -0.16 SiriusXM SIRI 4.08 -0.06 Textron TXT 92.25 0.07 WarnerBrosA WBD 8.53 -0.32
BankofAmerica BAC 35.69 -0.39 Chubb CB 257.63 -1.72 EnterpriseProd EPD 28.64 -0.13 HostHotels HST 20.67 -0.14 MSA Safety MSA 183.65 -3.16 PalantirTech PLTR 24.43 -0.57 SiteOneLandscape SITE 168.61 -6.67 ThermoFisher TMO 584.91 -8.02
AbbVie ABBV 181.20 1.34 WarnerMusic WMG 32.95 -0.25
Accenture ACN 378.21 -0.51
BankMontreal BMO 93.77 -1.76 ChunghwaTel CHT 38.44 0.04 Equifax EFX 256.71 -5.07 HoulihanLokey HLI 124.08 -0.77 MSCI MSCI 553.07 -4.45 PaloAltoNtwks PANW 287.58 -2.54 SkechersUSA SKX 61.42 -0.78 ThomsonReuters TRI 157.21 0.81 WasteConnections WCN 169.23 -0.59
AcuityBrands AYI 256.70 -0.76
BankNY Mellon BK 54.45 -0.83 Church&Dwight CHD 104.38 -1.04 Equinix EQIX 864.72 -2.51 HowmetAerospace HWM 65.50 -0.13 MagnaIntl MGA 52.05 -1.86 ParamountA PARAA 22.00 -0.43 Skyworks SWKS 105.13 -2.25 3M MMM 103.12 -0.95 WasteMgt WM 210.31 0.06
Adobe ADBE 570.45 -3.10
BankNovaScotia BNS 49.49 -0.78 ChurchillDowns CHDN115.77 2.20 Equinor EQNR 26.28 0.10 s Hubbell HUBB 401.83 2.30 ManhattanAssoc MANH 250.67 -1.00 ParamountB PARA 11.26 -0.37 SmithAO AOS 86.62 0.46 Toast TOST 24.16 -0.93 Waters WAT 343.57 -8.16
AdvDrainageSys WMS 162.30 -0.68
Barclays BCS 8.98 -0.19 Ciena CIEN 50.23 -1.33 s Equitable EQH 35.28 0.13 HubSpot HUBS 630.01 5.01 ManulifeFinl MFC 24.20 -0.09 s ParkerHannifin PH 536.25 -3.31 Smith&Nephew SNN 27.48 -0.34 TollBros TOL 118.20 -4.86 Watsco WSO 397.15 -5.60
BarrickGold GOLD 15.76 -0.22 s Cigna CI 349.51 0.79 EquityLife ELS 65.68 -1.25 Humana HUM 348.89 3.69 Maplebear CART 35.74 0.39 Parsons Smucker SJM 121.72 -2.01 TopBuild BLD 408.96 -2.54 Wayfair
AdvMicroDevices AMD 187.06 -7.73 PSN 81.40 -1.05 W 62.58 -1.84
Bath&BodyWks BBWI 45.90 0.23 CincinnatiFinl CINF 119.81 0.90 EquityResdntl EQR 62.37 -0.93 JBHunt JBHT 198.22 -3.25 MarathonOil MRO 26.26 0.36 Paychex Snap SNAP 11.39 -0.51 Toro TTC 88.40 -1.22
Aegon AEG 5.79 -0.04 PAYX 121.57 -0.56 s WeatherfordIntl WFRD 112.72 -0.17
AerCap AER 84.43 0.39
BaxterIntl BAX 42.02 -0.66 Cintas CTAS 629.70 6.42 ErieIndemnity ERIE 408.69 0.85 HuntingtonBcshs HBAN 13.06 -0.38 s MarathonPetrol MPC 188.98 0.09 PaycomSoftware PAYC 189.80 1.55 Snap-On SNA 290.85 -3.91 TorontoDomBk TD 60.05 -0.76
WebsterFin WBS 48.10 -1.03
BectonDicknsn BDX 237.17 -1.63 CiscoSystems CSCO 49.79 -0.32 EssentialUtil WTRG 35.99 -0.48 HuntingIngalls HII 286.87 -3.03 Markel MKL 1506.19 4.91 Paylocity Snowflake SNOW 158.92 -3.39 TotalEnergies TTE 68.07 0.28
AffirmHldgs AFRM 33.42 -5.37 PCTY 167.41 -1.23 WellsFargo WFC 57.37 -0.45
BeiGene BGNE 168.90 -7.57 s Citigroup C 57.09 -0.67 EssexProp ESS 237.13 -5.21 HyattHotels H 156.13 -0.89 MarketAxess MKTX 216.63 -8.31 PayPal SOQUIMICH SQM 49.03 -1.44 ToyotaMotor TM 230.97 -1.86
AgilentTechs A 145.21 -2.61 PYPL 63.00 0.55 Welltower WELL 91.70 -0.98
BellRing BRBR 59.37 -1.16 CitizensFin CFG 33.16 -1.14 EsteeLauder EL 152.84 -5.10 ICICI Bank IBN 25.84 -0.22 Marriott MAR 248.00 -3.41 Pearson Sony SONY 87.10 -0.74 s TractorSupply TSCO 253.87 0.20
AgnicoEagleMines AEM 55.62 -0.60 PSO 13.08 ... WescoIntl WCC 159.53 -3.30
AirProducts APD 245.14 -2.15
BentleySystems BSY 48.82 0.14 CleanHarbors CLH 188.56 1.23 Etsy ETSY 67.42 -2.34 IdexxLab IDXX 535.58 -4.60 s Marsh&McLen MMC 207.74 -0.16 PembinaPipeline PBA 35.07 -0.37 Southern SO 69.38 -0.56 TradeDesk TTD 77.53 -2.63
WestPharmSvcs WST 399.39 13.64
Airbnb ABNB 166.44 1.68
Berkley WRB 85.23 -0.26 Cleveland-Cliffs CLF 19.66 -0.77 EvercoreA EVR 189.97 -4.72 ING Groep ING 15.26 -0.14 MartinMarietta MLM 606.54 1.62 PenskeAuto PAG 151.73 -2.52 s SoCopper SCCO 97.18 0.88 Tradeweb TW 104.66 0.01
WesternDigital WDC 60.80 -1.68
BerkHathwy B BRK.B 406.73 -1.40 Clorox CLX 151.66 -4.94 Everest EG 388.31 2.27 IQVIA IQV 254.26 -1.39 MarvellTech MRVL 66.08 -1.55 Pentair SouthwestAir LUV 28.11 -0.17 s TraneTech TT 291.94 6.01
AkamaiTech AKAM 108.95 -0.58 PNR 80.61 -1.42 WesternMidstrm WES 33.53 -0.46
Albemarle ALB 119.89 -5.50
BerkHathwy A BRK.A 612500-1400.00 Cloudflare NET 94.21 -1.69 Evergy EVRG 50.94 -0.50 ITT ITT 126.90 -0.64 Masco MAS 73.92 -1.17 Penumbra PEN 229.54 -3.88 SouthwesternEner SWN 7.09 -0.05 TransDigm TDG 1185.90 -1.50 Westlake WLK 142.51 -1.66
BestBuy BBY 77.46 -0.06 Coca-Cola KO 60.50 -0.13 EversourceEner ES 59.06 -0.08 IcahnEnterprises IEP 17.34 -0.14 s Mastercard MA 479.48 3.87 PepsiCo s Splunk SPLK156.51 -0.14 TransUnion TRU 77.77 -1.28 s
Albertsons ACI 20.62 -0.33 PEP 164.78 -0.52 WestRock WRK 47.93 1.03
Bio-Techne TECH 71.22 -1.27 CocaColaCon COKE 843.60 3.61 ExactSciences EXAS 58.53 -2.55 Icon ICLR 333.68 0.18 MatadorRscs MTDR 66.39 0.13 PerformanceFood PFGC 75.93 0.15 Spotify SPOT 257.13 -0.13 s Travelers TRV 221.42 -2.07
Alcon ALC 85.92 -1.41 Weyerhaeuser WY 34.26 -0.30
AlexandriaRlEst ARE 123.49 -1.70
Bio-RadLab A BIO 332.40 -4.03 Coca-ColaEuro CCEP 71.97 -0.10 Exelon EXC 36.57 -0.42 s IDEX IEX 241.35 0.54 MatchGroup MTCH 33.32 0.03 PermianRscs PR 16.38 0.11 StanleyBlackDck SWK 89.59 -2.53 Trex TREX 94.84 -1.48 WheatonPrecMtls WPM 45.02 -0.57
Alibaba BABA 73.40 -2.99
Biogen BIIB 219.62 -6.94 CognizantTech CTSH 76.35 -0.67 Expedia EXPE 135.74 0.42 IllinoisToolWks ITW 264.92 2.25 McCormickVtg MKC.V 67.50 -1.21 PetroleoBrasil PBR 14.72 -0.09 Stantec STN 84.92 -0.35 Trimble TRMB 62.33 -1.00 Williams WMB 36.88 -0.06
AlignTech ALGN 316.92 -3.77
BioMarinPharm BMRN 84.39 -0.38 Coherent COHR 59.73 -2.04 ExpeditorsIntl EXPD 118.89 -2.52 Illumina ILMN 128.10 -4.68 McCormick MKC 67.98 -0.69 PetroleoBrasilA PBR.A 14.50 -0.07 Starbucks SBUX 91.66 0.05 Trip.com TCOM 43.87 -0.80 s Williams-Sonoma WSM285.65 1.78
BioNTech BNTX 92.91 -1.04 CoinbaseGlbl COIN 233.67-18.06 ExtraSpaceSt EXR 142.31 -3.91 s ImperialOil IMO 67.74 0.60 McDonald's MCD 281.73 -1.13 Pfizer StateStreet STT 71.86 -0.99 TruistFinl TFC 35.02 -1.43 WillisTowers WTW 274.00 -0.90
Allegion ALLE 130.06 -2.22 PFE 28.13 -0.09
AlliantEnergy LNT 48.07 -0.86
Birkenstock BIRK 46.43 -0.42 ColgatePalm CL 88.35 -0.85 ExxonMobil XOM 111.47 1.94 Incyte INCY 58.54 -0.38 McKesson MCK 529.36 9.15 PhilipMorris PM 93.95 -1.37 SteelDynamics STLD 132.16 -1.79 Twilio TWLO 60.89 -1.41 WillScotMobile WSC 45.16 -0.97
Allstate ALL 159.38 -0.70
BlackRock BLK 808.80-17.19 Comcast A CMCSA 42.82 -0.46 F5 FFIV 191.01 -2.77 Informatica INFA 33.90 -0.14 Medpace MEDP 404.61 -3.27 s Phillips66 PSX 154.38 -0.09 Stellantis STLA 27.50 -0.26 TylerTech TYL 418.28 -2.87
Wingstop WING 350.19 5.93
s AllyFinancial ALLY 37.59 -0.78
Blackstone BX 124.80 -1.30 ComfortSystems FIX 302.44 2.38 FMC FMC 64.07 -1.64 Infosys INFY 19.66 0.27 Medtronic MDT 84.39 -0.69 s Pilgrim'sPride PPC 33.76 0.78 Steris STE 231.56 -2.23 TysonFoods TSN 56.05 0.18
Wipro WIT 6.10 0.09
Block SQ 81.24 -4.48 SABESP SBS 15.30 -0.12 FactSet FDS 478.88 -2.74 IngersollRand IR 91.01 0.48 MercadoLibre MELI 1561.27 10.65 PinnacleWest PNW 70.81 -0.66 Stevanato STVN 29.55 -0.32 UBS Group UBS 31.31 -0.42 Wix.com WIX 138.36 -4.29
AlnylamPharm ALNY 148.53 0.11 BlueOwlCapital OWL 17.34 -0.17 StifelFinancial SF 73.55 -1.42 UDR
ConagraBrands CAG 27.90 -0.45 FairIsaac FICO1202.00-43.82 Ingredion INGR 115.41 -1.59 Merck MRK 120.51 -0.88 Pinterest PINS 34.07 -0.53 UDR 36.67 -0.73 WoodsideEnergy WDS 19.19 -0.09
Alphabet A GOOGL 143.10 3.31 Boeing BA 181.15 -1.20 Confluent CFLT 31.08 -0.56 Fastenal FAST 75.27 0.23 Insulet PODD 167.70 -7.84 MetaPlatforms META 491.83 -3.74 PioneerNatRscs PXD 250.47 4.74 STMicroelec STM 46.51 -1.10 U-Haul UHAL 66.33 -0.52 Woodward WWD 145.16 -1.63
Alphabet C GOOG 144.34 3.57 Booking BKNG 3511.56 11.56 ConocoPhillips COP 119.78 2.23 FederalRealty FRT 99.34 -1.85 Intel INTC 42.75 -0.48 MetLife MET 71.90 -0.77 PlainsAllAmPipe PAA 16.58 -0.28 Stryker SYK 355.64 -1.25 U-Haul N UHAL/B 65.24 -0.51 s WooriFinl WF 35.30 0.62
Altria MO 44.28 0.93 BoozAllen BAH 145.17 -0.93 SumitomoMits SMFG 11.60 -0.14 US Foods USFD 53.89 0.39
ConEd ED 88.67 -0.90 FedEx FDX 255.53 0.31 InteractiveBrkrs IBKR 107.83 -0.63 Mettler-Toledo MTD 1298.13 -7.52 PlainsGP PAGP 17.23 -0.24 Workday WDAY 272.04 2.31
Amazon.com AMZN 178.75 2.19 BorgWarner BWA 32.03 -0.44 SunComms SUI 131.10 -2.72 UWM
ConstBrands A STZ 260.83 -2.87 Ferguson FERG 205.87 0.68 ICE ICE 135.45 -1.57 MicrochipTech MCHP 88.98 -1.56 Pool POOL 395.34-10.24 UWMC 6.71 -0.20 WynnResorts WYNN 101.00 -1.33
Ambev ABEV 2.52 -0.01 BostonProps BXP 62.60 -1.66 SunLifeFinancial SLF 54.58 -0.59 Uber
ConstellationEner CEG 164.64 -3.22 Ferrari RACE 420.38 -2.07 InterContinentl IHG 105.60 -0.97 MicronTech MU 91.43 -2.73 Primerica PRI 245.52 -3.15 UBER 77.65 -0.60 XP XP 25.28 -0.64
Amcor AMCR 9.43 -0.09 BostonSci BSX 66.86 0.82 Cooper COO 101.50 -0.86 FidNatlFinl FNF 49.65 -1.17 IBM IBM 193.43 -3.27 s Microsoft MSFT 425.22 10.12 PrincipalFinl PFG 80.51 -0.38 s SuncorEnergy SU 36.07 0.50 UiPath PATH 22.75 -1.68 XPO XPO 123.43 0.68
Amdocs DOX 92.94 -0.63 BristolMyers BMY 52.49 -0.16 s Copart CPRT 56.42 0.17 FidNatlInfo FIS 68.22 -0.68 IntlFlavors IFF 81.60 -1.00 MicroStrategy MSTR 1676.85-89.30 ProcoreTech PCOR 78.93 -0.07 SuperMicroComp SMCI 1130.11-57.96 s UltaBeauty ULTA565.44 -1.74 XcelEnergy XEL 51.88 0.93
AmerSports AS 15.54 -0.69 BritishAmTob BTI 30.47 -0.39 s Core&Main CNM 50.28 0.67 FifthThirdBncp FITB 35.42 -0.81 IntlPaper IP 36.19 -0.10 MidAmApt MAA 130.27 -1.68 Procter&Gamble PG 161.50 -0.80 Suzano SUZ 11.92 -0.04 Unilever UL 49.28 -0.48 XPeng XPEV 9.39 -0.61
Ameren AEE 71.38 -1.02 Broadcom AVGO 1262.27 4.40 CorebridgeFin CRBG 25.50 0.80 FirstCitizBcshA FCNCA 1531.00-18.47 Interpublic IPG 32.66 -0.37 Middleby MIDD 153.50 -2.66 s Progressive PGR 201.87 2.13 s SynchronyFinl SYF 43.25 -0.23 UnionPacific UNP 246.06 -3.19 Xylem XYL 127.96 -0.06
AmericaMovil AMX 19.38 -0.07 BroadridgeFinl BR 199.73 -2.45 Synopsys SNPS 559.31 -1.89 UnitedAirlines UAL 42.85 -0.18
Corning GLW 32.53 -0.20 FirstHorizon FHN 14.68 -0.04 Intuit INTU 650.04 -5.03 MitsubishiUFJ MUFG 10.25 -0.15 Prologis PLD 130.75 -2.58 YPF YPF 18.00 -0.11
AmerAirlines AAL 13.99 -0.01 BrookfieldAsset BAM 41.18 -0.83 Corteva CTVA 55.20 -0.10 FirstSolar FSLR 149.39 -8.65 IntuitiveSurgical ISRG 384.31 1.32 MizuhoFin MFG 3.93 -0.04 PrudentialFinl PRU 111.74 -1.09 Sysco SYY 80.03 -0.49 UnitedMicro UMC 8.23 -0.09
Yum!Brands YUM 137.16 -1.20
AEP AEP 81.86 -1.14 Brookfield BN 41.10 -0.92 CoStar CSGP 87.87 0.06 InvitatHomes INVH 34.87 -0.35 Mobileye MBLY 28.46 -0.29 Prudential PUK 20.49 -0.50
AmerExpress AXP 220.47 -2.34 BrookfieldInfr BIP 28.87 -0.78 Costco COST 731.95 -2.25
FirstEnergy FE 38.02 -0.07
FirstService FSV 171.13 1.80 IronMountain IRM 78.05 -1.40 Moderna MRNA 103.46 -3.05 PublicServiceEnt PEG 63.99 0.06 T U V UPS B UPS 153.89 -0.87 YumChina YUMC 42.22 -0.46
UnitedRentals URI 672.48 4.05 ZTO Express ZTO 21.58 -0.09
s AmericanFin AFG 131.49 1.13 BrookfieldRenew BEPC 23.84 -0.39 CoterraEnergy CTRA 26.60 -0.08 Fiserv FI 149.94 -1.11 ItauUnibanco ITUB 6.95 -0.08 MohawkInds MHK 116.95 -4.61 PublicStorage PSA 280.64 -8.21 TAL Education TAL 12.54 -0.19 US Bancorp USB 42.35 -1.12 ZebraTech ZBRA 281.77 -2.73
AmHomes4Rent AMH 36.32 -0.27 Brown&Brown BRO 84.99 -0.52 Coty COTY 12.33 -0.28 FiveBelow FIVE 201.55 -4.95 MolinaHealthcare MOH 406.68 1.79 PulteGroup PHM 109.72 -4.36 TC Energy TRP 40.37 -0.47 US Steel X 38.26 -2.60 Zillow C Z 55.15 -0.83
AIG AIG 75.85 0.36
AmerTowerREIT AMT 199.19 -3.16
Brown-Forman A BF.A 54.60 -1.16 Coupang CPNG 18.51 -1.11 s FleetCorTech FLT 295.90 -3.03 J K L MolsonCoorsB TAP 65.93 -0.28 PureStorage PSTG 50.77 0.19 TD Synnex SNX 103.19 -0.93 UnitedTherap UTHR 238.11 -3.16 Zillow A ZG 53.14 -0.96
Brown-Forman B BF.B 53.31 -1.01 Crane CR 129.15 -2.48 Flex FLEX 28.23 -0.52 monday.com MNDY 217.58 -1.86 Qiagen QGEN 44.02 -0.27 TE Connectivity TEL 139.45 -1.94 UnitedHealth UNH 489.00 1.00 ZimmerBiomet ZBH 125.73 -0.86
AmerWaterWorks AWK 118.48 -2.06 Bruker BRKR 91.83 -0.77 JD.com JD 27.05 -0.96
Credicorp BAP 172.03 -1.27 Floor&Decor FND 121.37 -4.24 Mondelez MDLZ 70.96 -0.53 Qorvo QRVO 113.58 -2.55 Telus TU 16.50 -0.43 UnitySoftware U 26.00 -0.18 Zoetis ZTS 173.88 -2.35
Ameriprise AMP 413.95 -2.80 BuildersFirst BLDR 195.42 -5.72 JPMorganChase JPM 187.97 -3.41
MongoDB MDB 368.94 -3.87 Qualcomm QCOM 168.45 -0.80 Ternium
Crocs CROX 125.99 -3.33 FlutterEnt FLUT 222.89 -2.74 Jabil JBL 147.46 TX 39.69 -0.59 UnivDisplay OLED 159.94 -2.58 ZoomVideo ZM 67.26 -1.18
Ametek AME 181.62 0.09 BungeGlobal BG 94.21 -0.56 -1.33
MonolithicPower MPWR 693.00-15.18 s QuantaServices PWR 242.36 0.53 TFI Intl
CrowdStrike CRWD 328.59 -3.58 FomentoEconMex FMX 125.28 0.75 JackHenry JKHY 170.81 TFII 151.12 0.55 UniversalHealthB UHS 172.93 -1.48 Zscaler ZS 198.83 -2.60
Amgen AMGN 271.54 -4.45 BurlingtonStrs BURL 218.46 -2.63 -1.54
MonsterBev MNST 60.30 -0.55 QuestDiag DGX 127.12 -2.29
CrownCastle CCI 106.19 -2.34 FordMotor F 12.08 -0.29
JacobsSolns J
AmkorTech AMKR 31.46 -1.62 CACI Intl CACI 372.05 -1.94 149.33 -1.31
Moody's MCO 383.41 -5.61
Crown Holdings CCK 77.26 -0.70 Fortinet FTNT 68.04 -2.14 JamesHardie JHX 40.31
Amphenol APH 109.38 -1.15 -0.47
AnalogDevices ADI 194.43 -4.17
CAVA CAVA 63.70 -1.74 CubeSmart CUBE 43.65 -1.74 Fortis FTS 39.39 -0.34 JazzPharm JAZZ 118.30 0.53
MorganStanley MS 89.10 -0.25 R S
AngloGoldAsh AU 22.18 -0.50
AB InBev BUD 61.01 -3.54
CBRE Group CBRE 93.28 -0.89
CCC Intelligent CCCS 12.12 -0.14
Cummins CMI 263.58 -6.66
Curtiss-Wright CW 240.97 0.03
Fortive FTV 85.78 0.32
FortuneBrands FBIN 79.20 -2.03
JefferiesFinl JEF 43.72
J&J JNJ 159.21
-0.56
-1.89
Morningstar MORN309.38 0.69
Mosaic MOS 31.63 -0.32 RBC Bearings RBC 260.16 -5.28 Dividend Changes
CDW CDW 246.48 -2.15 CyberArkSoftware CYBR 259.15 -2.27 FoxA FOXA 29.32 -0.46 MotorolaSol MSI 342.69 -0.01 RB Global RBA 75.87 -0.23
AnnalyCap NLY 19.41 -0.52 CF Industries CF 83.87 -0.81 JohnsonControls JCI 63.09 0.79 MurphyUSA MUSA 413.23 -1.62 RELX RELX 43.33 -0.39
FoxB FOX 26.71 -0.38 Amount Payable /
AnteroResources AR 26.18 0.12
Aon AON 320.48 0.20
CGI A GIB 117.40 -1.05 D E F Franco-Nevada FNV 114.45 -1.74
JonesLang JLL 184.74
JuniperNetworks JNPR 36.47
-0.06
-0.12
NICE NICE 240.53 -0.08 RPM RPM 115.80 -2.09
RTX 91.76 1.20 Company Symbol Yld % New/Old Frq Record
CH Robinson CHRW 74.90 -0.41 FranklinRscs BEN 27.04 -0.78 NIO NIO 5.58 -0.34 RTX
APi Group APG 37.86 -0.64 DTE Energy DTE 109.39 -1.67 s KB Financial KB 57.62 -0.47
CME Group CME 219.41 0.05 FreeportMcM FCX 43.32 -0.09 NNN REIT NNN 41.07 -0.65 RalphLauren RL 182.26 -0.55 Increased
ApolloGlblMgmt APO 110.01 0.03 CMS Energy CMS 58.29 -0.51 Danaher DHR 253.22 -2.13 KBR KBR 60.62 -0.52 s NRG Energy NRG 63.39 0.95 RangeResources RRC 32.15 -0.22
FreseniusMedCare FMS 19.63 -0.45
... InvenTrust Properties 3.7 .226 /.2155 Q Apr15 /Mar31
AppFolio APPF 222.90 -2.92 Darden DRI 171.77 -2.80 KE Holdings BEKE 14.02 -0.36 IVT
CNA Fin CNA 44.12 0.03 FullTruck YMM 7.69 -0.12 s NVR NVR 7559.53-186.77 RaymondJames RJF 120.00
Apple AAPL 173.00 1.87 CNH Indl CNHI 12.44 0.16 Datadog DDOG 122.65 -0.94 KKR KKR 96.84 -1.12 NXP Semicon NXPI 243.73 -7.25 RealtyIncome O 51.66 -0.62 Logan Ridge Finance LRFC 4.4 .32 /.30 Q Apr02 /Mar25
Futu FUTU 56.40 -9.00
NDAQ 58.69 -0.85 RegalRexnord RRX 171.04 -3.61 Realty Income 6.0 .257 /.2565 M Apr15 /Apr01
ApplMaterials AMAT 200.75 0.19 s CRH CRH 84.56 0.20 DaVita DVA 136.00 -2.27 KLA KLAC 692.33 3.62 O
Nasdaq
AppLovin APP 63.19 0.10 CSX CSX 37.03 -0.75 Dayforce DAY 67.64 -0.03 G H I Kanzhun BZ 19.60 -1.09 Natera NTRA 87.71 -1.25 RegencyCtrs REG 59.26 -1.36 Toll Brothers TOL 0.7 .23 /.21 Q Apr19 /Apr05
Aptargroup ATR 140.93 -0.23 CVS Health CVS 76.42 1.34 s DeckersOutdoor DECK 933.05 5.39 s KarunaTherap KRTX329.74 7.76 NationalGrid NGG 67.45 -0.15 RegenPharm REGN 959.04 -6.43 Williams-Sonoma WSM 1.3 1.13 /.90 Q May24 /Apr19
Aptiv APTV 76.20 -3.52 CadenceDesign CDNS 306.24 0.03 Deere DE 380.23 1.38 GE HealthCare GEHC 88.33 -0.15 s Kaspi.kz KSPI 114.87 3.76 NatWest NWG 6.23 -0.11 RegionsFinl RF 18.89 -0.51
Aramark ARMK 31.77 -0.88 CaesarsEnt CZR 39.92 -1.69 DellTechC DELL 106.45 -3.55 GFLEnvironmental GFL 34.15 -0.58 Kellanova K 52.94 -1.06 NetApp NTAP 102.13 -1.06 s ReinsGrp RGA 184.17 -1.25 Reduced
ArcelorMittal MT 26.41 -0.55 CamdenProperty CPT 97.92 -1.11 DeltaAir DAL 43.06 -0.85 GSK GSK 43.08 -0.28 Kenvue KVUE 20.07 -0.34 NetEase NTES 107.53 -2.40 Reliance RS 319.25 -4.82 US Bancorp Pfd. A USBpA 7.8 16.6722 /17.05956 Q Apr15 /Mar29
ArchCapital ACGL 91.03 0.03 Cameco CCJ 39.95 0.38 DescartesSystems DSGX 92.77 -0.21 s Gallagher AJG 254.91 -0.47 KeurigDrPepper KDP 29.00 0.10 Netflix NFLX 613.01 3.56 s RenaissanceRe RNR 237.84 1.53 US Bancorp Pfd. B USBpH 6.3 .3903 /.39966 Q Apr15 /Mar29
ADM ADM 58.21 -0.06 CampbellSoup CPB 41.96 -0.85 DeutscheBank DB 14.69 -0.16 Gaming&Leisure GLPI 45.26 -0.45 KeyCorp KEY 14.42 -0.51 Neurocrine NBIX 139.16 -2.64 RentokilInit RTO 30.84 -0.35
AresMgmt ARES 132.78 -1.01 CIBC CM 49.21 -0.68 DevonEnergy DVN 47.86 0.89 Gap GPS 23.00 0.08 KeysightTech KEYS 150.96 -1.01 NewOrientalEduc EDU 93.44 -1.38 Repligen RGEN 193.58 -0.81 Initial
argenx ARGX 378.65 -3.12 CanNtlRlwy CNI 128.18 -2.18 DexCom DXCM 129.50 -2.18 Garmin GRMN 147.03 -0.59 KimberlyClark KMB 124.81 -3.09 Newmont NEM 34.21 -0.16 RepublicSvcs RSG 186.33 0.44 Albemarle Pfd. Cl A ALBpA 6.6 .8559 Jun03 /May15
AristaNetworks ANET 284.02 3.31 CanadianNatRscs CNQ 73.63 0.49 Diageo s
DEO 148.20 -2.19 Gartner IT 468.94 -7.76 KimcoRealty KIM 18.80 -0.57 NewsCorp B NWS 27.03 -0.27 ResMed RMD 191.75 -0.72
Arm ARM 130.96 -0.31 CdnPacKC CP 89.75 -1.64 s DiamondbkEner FANG 189.50 1.94 GenDigital GEN 21.58 -0.53 KinderMorgan KMI 17.56 -0.33 NewsCorp A NWSA 26.09 -0.26 RestaurantBrands QSR 81.54 -1.21 Stocks
AscendisPharma ASND 149.89 -4.08 CapitalOne COF 139.43 -1.18 s Dick's DKS 216.81 29.05 GeneralDynamics GD 275.40 0.04 KinsaleCapital KNSL 505.89 -8.13 NextEraEnergy NEE 59.54 ... Revvity RVTY 104.88 -3.12 ReWalk Robotics LFWD 1:7 /Mar15
AspenTech AZPN 200.90 0.04 CardinalHealth CAH 109.93 -1.15 DigitalRealty DLR 142.81 0.10 GeneralElec GE 166.75 -3.41 Knight-Swift KNX 54.64 -1.49 Nextracker NXT 59.10 -1.44 RexfordIndlRealty REXR 51.64 -1.41
Assurant AIZ 179.82 -1.69 Carlisle CSL 363.41 0.52 s DiscoverFinSvcs DFS 123.84 -2.12 GeneralMills GIS 65.55 -0.48 Philips PHG 21.45 -0.11 Nike NKE 100.26 -1.10 RioTinto RIO 62.05 -1.12 Foreign
AstraZeneca AZN 67.04 -0.54 Carlyle CG 45.15 -1.22 Disney DIS 112.06 -0.44 GeneralMotors GM 39.38 -0.88 s KoreaElecPwr KEP 9.50 0.28 NiSource NI 26.36 -0.29 Rivian RIVN 10.69 -1.02 Arcos Dorados Holdings A ARCO 1.6 .06 Q Mar28 /Mar25
Atlassian TEAM 202.70 -5.03 CarMax KMX 80.94 -2.28 DocuSign DOCU 57.46 -1.95 Genmab GMAB 30.30 -1.04 KraftHeinz KHC 34.32 -0.21 Nokia NOK 3.66 -0.01 RobertHalf RHI 78.76 -1.70 BCE Inc BCE 8.4 .74045 Q Apr15 /Mar15
AtmosEnergy ATO 114.90 -1.33 Carnival CCL 16.20 -0.45 DolbyLab DLB 83.46 -0.69 Gentex GNTX 35.93 -0.09 s Kroger KR 55.51 -0.57 Nomura NMR 6.09 -0.01 s Robinhood HOOD 18.05 0.89 Intl General Insurance
Autodesk ADSK 258.53 -0.17 DollarGeneral DG 150.06 -8.11 GenuineParts GPC 151.87 -1.62 LKQ LKQ 51.38
IGIC 0.3 .51 Q Apr22 /Apr01
Carnival CUK 14.70 -0.43 -0.45 Nordson NDSN 264.18 -0.77 Roblox RBLX 40.65 0.26
s Autoliv ALV 121.39 -0.74 CarrierGlobal CARR 57.31 -0.55 DollarTree DLTR125.23 -3.19 Gerdau GGB 4.24 -0.15 LPL Financial LPLA 264.24 1.67 NorfolkSouthern NSC 258.48 -4.65 RocketCos. RKT 12.31 -0.18
Johnson Controls Intl JCI 2.4 .37 Q Apr19 /Mar25
ADP ADP 243.25 -0.96 Carvana CVNA 76.68 -2.99 DominionEner D 47.61 -0.46 GileadSciences GILD 74.21 -0.96 L3HarrisTech LHX 213.36 -2.36 NorthernTrust NTRS 80.25 -1.48 Rockwell ROK 280.00 -4.38 MINISO Group Holding ADR MNSO 2.0 .29 Apr12 /Mar28
AutoZone AZO 3119.04 29.80 CaseysGenStores CASY 297.52 1.61 Domino's DPZ 443.66 -7.31 GitLab GTLB 54.77 -0.90 LabCorp.ofAmerica LH 209.01 -6.74 NorthropGrum NOC 460.86 2.63 RogersComm B RCI 42.58 -0.81 Rentokil Initial ADR RTO 1.6 .37842 SA May28 /Apr05
Avalonbay AVB 182.38 -3.86 Catalent CTLT 56.70 0.10 Donaldson DCI 72.49 0.58 GlobalPayments GPN 132.00 -1.75 LamResearch LRCX 925.68 -1.03 NorwegCruise NCLH 19.33 -0.54 RoivantSciences ROIV 10.23 -0.39
Avangrid AGR 35.53 -0.05 s Caterpillar CAT 341.92 0.40 DoorDash DASH 132.55 0.13 GlobalFoundries GFS 52.56 -1.17 LamarAdv LAMR 116.45 0.32 Novartis NVS 98.13 -0.87 Roku ROKU 64.66 0.19 Special
Avantor AVTR 25.28 -0.11 s Celanese CE 157.76 -0.09 Dover DOV 175.07 -2.15 Globant GLOB 215.45 0.40 LambWeston LW 101.33 -1.61 NovoNordisk NVO 134.58 1.09 Rollins ROL 45.94 -0.33 Greystone Housing Impact GHI 8.9 .07 Apr30 /Mar28
AveryDennison AVY 215.97 1.14 s CelsiusHldg CELH 93.46 -2.65 Dow DOW 57.32 -0.65 GlobeLife GL 115.99 -3.09 LasVegasSands LVS 52.36 -0.99 s NuHoldings NU 11.62 0.03 RoperTech ROP 547.08 -2.44 Note: Dividend yields as of 3:30 p.m. ET
AxaltaCoating AXTA 33.18 -0.54 Cemex CX 8.46 0.30 DrReddy'sLab RDY 75.45 0.18 GlobusMedical GMED 51.87 -3.48 LatticeSemi LSCC 76.50 -1.44 Nucor NUE 182.09 -2.01 RossStores ROST 146.02 -0.70 Sources: FactSet; Dow Jones Market Data
AxonEnterprise AXON 306.43 -0.35 Cencora COR 237.68 2.91 DraftKings DKNG 42.11 -0.13 GoDaddy GDDY 117.14 -0.57 Lear LEA 140.09 -3.52 Nutanix NTNX 63.83 -0.91 RoyalBkCanada RY 99.76 -1.32
t BCE BCE 34.04 -0.99 CenovusEnergy CVE 18.65 0.33 Dropbox DBX 24.20 0.17 GoldFields GFI 14.79 -0.46 LegendBiotech LEGN 66.11 -1.90 Nutrien NTR 53.09 -0.59 RoyalCaribbean RCL 128.71 -3.40 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and
BHP Group BHP 56.04 -0.83 Centene CNC 76.05 -0.67 DukeEnergy DUK 95.05 -0.45 GoldmanSachs GS 388.61 -3.70 Leidos LDOS 127.79 0.10 s nVentElectric NVT 70.28 -0.47 RoyalGold RGLD 111.66 -2.46 ratio; SO: spin-off.

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52-Wk %
Sym Hi/Lo Chg
NaturalGrocers NGVC 18.12 -1.8 Starrett A SCX 15.90 -0.1 AkariTherap AKTX 1.95 -5.1 Concentrix CNXC 61.72 -1.4 HorizonSpaceI Wt HSPOW 0.01 -45.0 MolecularTemp MTEM 2.52 1.1 ShenandoahTel SHEN 17.37 -2.8
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE NuHoldings NU 11.72 0.3 SuncorEnergy SU 36.30 1.4 AlignmentHlthcr ALHC 4.76 -3.6 ConcordMed CCM 0.40 -9.5 INNOVATE VATE 0.61 -12.2 Momentus MNTS 0.41 -3.1 Shineco SISI 0.81 -16.7
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low nVentElectric NVT 71.41 -0.7 SuperiorGroup SGC 16.70 13.5 AllarityTherap ALLR 0.32 -3.8 Conmed CNMD 78.46 -8.0 Immuneering IMRX 2.80 -50.7 MonogramOrtho MGRM 2.00 -13.0 ShoalsTech SHLS 11.66 -1.4
in the latest session. % CHG-Daily percentage change from the previous trading session. OReillyAuto ORLY 1118.10 1.4 Sweetgreen SG 22.03 1.1 Allego ALLG 0.69 -13.5 ConsensusCloud CCSI 12.61 -4.2 InariMedical NARI 40.40 -0.9 MotorsportGames MSGM 2.10 -4.1 SilvercrestAsset SAMG 14.57 -5.2
OaktreeCapPfdA OAKpA 23.58 0.6 SynchronyFinl SYF 43.84 -0.5 AmericanWell AMWL 0.88 -6.7 CureVac CVAC 3.26 -1.2 InfoSvcs III 3.91 -1.5 Movano MOVE 0.45 -4.9 60DegreesPharm SXTP 0.22 -7.3
1stdibs.com DIBS 6.30 -0.2 TechnipFMC FTI 24.29 3.5 AppliedDNA APDN 0.37 -23.1 CustomTruckWt CTOS.WS 0.00 -33.3 InnovAge INNV 4.22 -8.6 MullenAuto MULN 5.65 -10.6 Skillsoft SKIL 10.13 -7.7
Thursday, March 14, 2024 OtisWorldwide OTIS 98.98 0.2 Tenaris TS 39.08 -0.8 AptoseBiosci APTO 1.36 -2.8 DTCloudAcqn DYCQU 10.11 0.1 InnovativeEyewr LUCY 0.33 -8.6 NACCO Inds NC 28.88 -2.1 SoloBrands DTC 2.07 -12.0
52-Wk % 52-Wk % 52-Wk % OwensCorning OC 163.44 -3.0 TractorSupply TSCO 256.37 0.1 ArdaghMetalWt AMBP.WS 0.03 -29.3 DestinationXL DXLG 3.62 -0.5 InnovizTech INVZ 1.29 -5.1 Nature'sMiracle NMHI 1.71 -24.8 SpruceBio SPRB 0.78 -84.4
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg PBF Energy PBF 56.66 -0.5 TrailblazerI A TBMC 10.57 ... ArrayTech ARRY 11.56 -0.6 DigitalTurbine APPS 2.74 -6.0 IntlGameTech IGT 20.45 -4.6 NavitasSemi NVTS 4.62 -8.6 Stem STEM 1.75 -5.8
Palomar PLMR 84.58 8.9 TraneTech TT 294.46 2.1 ArriVentBio AVBP 17.70 -6.0 DouglasDynamics PLOW 22.94 -4.3 InvestcpCredit ICMB 2.98 -8.0 NeoVolta NEOV 0.63 -14.8 StitchFix SFIX 2.22 -3.9
ColombierAcqnIIWt CLBR.WS 0.96 51.2 Grindr GRND 10.54 -3.5 Travelers TRV 224.00 -0.9 StoneBridgeA APAC 6.00 -15.8
Highs ConstructionPtrs ROAD 52.89
Copart CPRT 56.96
0.4
0.3
GpoFinGalicia GGAL 24.69
HamiltonBeach HBB 21.71
-3.9
-2.2
ParkerHannifin PH 544.99
PartnerRePfdJ PREpJ 21.45
-0.6
-1.0 TurningPoint
TurtleBeach
TPB
HEAR
28.12
14.99
-0.6
26.5
Auddia
AuriniaPharm AUPH
AUUD 2.52 -6.2
4.98 -3.0
Edgio
EnsysceBio
EGIO
ENSC
6.78 -7.4
0.72 ...
IridiumComm IRDM
iRobot IRBT
27.21 -4.7
9.19 -4.6
Netcapital
Next.e.GO
NCPL
EGOX
0.13 4.1
0.05 -5.1 StryveFoods
SunnovaEnergy NOVA
SNAX 1.22 -1.6
3.80 -9.7
AcresCmclRlty ACR 11.24 1.0 PebblebrookPfdH PEBpH 19.68 0.4 AuroraCannabis ACB 2.84 -2.7 EnterpriseBncp EBTC 24.38 -3.1 iSpecimen ISPC 0.34 -21.8 NoahHoldings NOAH 10.36 -4.1
Core&Main CNM 50.87 1.4 HarleyDavidson HOG 41.33 1.3 PegasusDigWt PGSS.WS 0.44 39.1 TwoHarborsPfdA TWOpA 23.80 -0.1 BCE BCE 33.54 -2.8 Entravision EVC 1.36 -8.0 IssuerDirect ISDR 11.50 -6.1 Noodles NDLS 1.78 -5.3 SunPower SPWR 2.52 1.1
AeonBioWt AEON.WS 1.20 38.8 CostamarePfdD CMREpD 26.90 2.2 HeartlandPfdB HTLFP 25.75 -0.6 UltaBeauty ULTA 574.76 -0.3 SurgePaysWt SURGW 0.78 -13.2
AXIS Capital AXS 63.05 0.7 PerceptionCapIII PFTA 11.39 ... ByndCannasoft BCAN 0.02 -11.7 EveHolding EVEX 5.10 -0.8 J-Long JL 1.66 -8.6 NutexHealth NUTX 0.09 -8.1
CostamarePfdE CMREpE 26.81 0.4 Hilton HLT 209.71 -0.8 Phillips66 PSX 156.85 -0.1 VaalcoEnergy EGY 5.66 19.7 Bakkt BKKT 0.50 -10.5 Everi EVRI 8.74 -1.7 Joann JOAN 0.20 -16.7 OpalFuels OPAL 4.43 -1.4 SyprisSolutions SYPR 1.64 ...
AdTheorent ADTH 3.98 13.1 Criteo CRTO 35.97 1.0 Hubbell HUBB 404.15 0.6 ValeroEnergy VLO 161.10 0.5 TopFinancial TOP 2.51 -3.4
AdTheorentWt ADTHW 0.25 63.0 Pilgrim'sPride PPC 33.77 2.4 BallardPower BLDP 2.70 -2.2 EvolvTechWt EVLVW 0.37 2.3 JamesRiver JRVR 6.35 -0.3 OcuphirePharma OCUP 1.85 -7.8
CymaBayTherap CBAY 32.47 0.1 IDEX IEX 241.73 0.2 PowerFleet PWFL 4.19 5.9 VeevaSystems VEEV 236.90 -1.0 Barnes&NobleEduc BNED 0.60 -3.0 ExtremeNetworks EXTR 11.22 -1.2 Jeffs'Brands JFBR 0.37 0.6 OfficePropIncm OPI 1.92 -8.0 TTEC TTEC 10.20 -4.3
AirshipAIWt AISPW 0.80 23.3 DTCloudAcqn DYCQU 10.24 0.1 ImperialOil IMO 68.02 0.9 Vertiv VRT 76.28 0.7 TerraPropNts2026 TPTA 15.03 -6.5
AlarumTech ALAR 21.45 15.4 PrimoWater PRMW 17.69 -0.7 BetterTherap BTTX 0.03 -82.8 Figs FIGS 4.91 -4.6 Jet.AI JTAI 0.66 -22.2 OutsetMedical OM 2.15 -10.7
DXP Ents DXPE 48.89 5.2 InFinTAcqnUn IFIN.U 14.80 12.6 Progressive PGR 202.70 1.1 Visa V 289.04 0.4 Big5SportingGds BGFV 3.55 -0.6 FLJ FLJ 0.63 -0.6 JohnsonOutdoors JOUT 42.57 -1.9 PAM Transport PTSI 15.29 -5.8 TigoEnergy TYGO 1.15 -5.7
AllyFinancial ALLY 38.94 -2.0
DataStorage DTST 7.19 0.9 Inter INTR 6.44 -3.2 VistaEnergy VIST 40.86 -1.1 ToughBuiltInds TBLT 3.17 -8.5
AmericanFin AFG 131.64 0.9 PubMatic PUBM 23.86 2.6 BioCryst BCRX 4.82 -4.9 FSD Pharma HUGE 0.70 -2.8 KLX Energy KLXE 6.91 -1.7 P3HealthPartners PIII 0.66 -12.8
DeckersOutdoor DECK 951.52 0.6 JacksonFinl JXN 62.81 0.4 QuantaServices PWR 245.43 0.2 Vistra VST 63.22 3.2 BiodexaPharm BDRX 1.11 -11.0 Falcon'sBeyondGlbl FBYD 7.02 -10.1 KearnyFinancial KRNY 5.86 -6.1 ParamountPfdA PARAP 13.11 -4.4
Tredegar TG 3.99 -2.4
Amrep AXR 24.15 1.3 VitalFarms VITL 21.79 3.5 TriplePtVent TPVG 9.12 -2.5
DiamondbkEner FANG 189.70 1.0 KB Financial KB 58.52 -0.8 QuickLogic QUIK 18.60 1.5 BionanoGenom BNGO 1.01 -5.6 Farmmi FAMI 0.85 1.5 Kennedy-Wilson KW 7.85 -3.3 PennsWoodsBncp PWOD 18.62 -1.7
Arq ARQ 5.70 2.9 VulcanMatls VMC 272.73 0.5 TritiumDCFC DCFC 0.07 -17.7
DiamondrockPfd DRHpA 27.53 ... KarunaTherap KRTX 329.80 2.4 Ranpak PACK 7.40 7.1 BitFuFu FUFU 4.26 -7.5 FinanceofAm FOA 0.67 -6.6 Kineta KA 0.55 -0.7 PerfectMoment PMNT 3.76 -7.5
AssurantNts2061 AIZN 22.49 ... WeatherfordIntl WFRD 115.22 -0.2 TuanChe TC 1.61 -8.2
DianaShippingPfd DSXpB 26.65 0.6 Kaspi.kz KSPI 115.14 3.4 ReinsGrp RGA 186.15 -0.7 BostonBeer SAM 293.36 -1.4 Fisker FSR 0.14 -51.9 Klaviyo KVYO 23.41 -3.3 PetcoHealth WOOF 2.03 -18.3
Atkore ATKR 177.20 -1.3 WestRock WRK 47.97 2.2 23andMe ME 0.45 -9.7
AtlanticusPfdB ATLCP 24.43 0.8
Dick's DKS 222.92 15.5 Kingstone KINS 4.18 0.5 RenaissanceRe RNR 238.06 0.6 Boxlight BOXL 0.76 -17.5 FluenceEnergy FLNC 13.34 -5.9 LL Flooring LL 1.78 -5.7 PetMedExpress PETS 4.68 ...
DieboldNixdorf DBD 35.20 -0.1 KoreaElecPwr KEP 9.55 3.0 WheelerReitNts WHLRL 61.00 3.7 U Power UCAR 0.05 -9.7
AtmusFiltration ATMU 27.30 1.1 RichmondMutBncp RMBI 12.98 8.2 BraemarHtls BHR 1.87 -4.0 ForwardAir FWRD 28.22 -3.9 Lantronix LTRX 3.47 -5.4 PineappleEner PEGY 0.05 -2.9
uniQure QURE 4.80 -5.7
DirectDigital DRCT 29.79 3.1 Kroger KR 56.20 -1.0 RithmCapPfdB RITMpB 24.55 0.4
Willdan WLDN 27.95 2.5
BriaCellTherap BCTX 2.76 1.0 Fossil FOSL 0.79 -6.5 LeadRealEstate LRE 3.56 1.1 Playstudios MYPS 1.90 -7.0
Autoliv ALV 123.01 -0.6 Williams-Sonoma WSM 292.40 0.6 UniversalHealth UHT 36.89 -2.4
AvidityBio RNA 26.24 -3.5 DiscoverFinSvcs DFS 127.70 -1.7 LairdSuperfood LSF 2.67 25.8 Robinhood HOOD 19.23 5.2 BridgeInvt BRDG 6.29 -5.2 FractylHealth GUTS 6.11 -0.7 Leafly LFLY 2.11 -2.6 PlaystudiosWt MYPSW 0.05 -0.2
Eastern 26.30 1.8 LianBio 4.99 0.8 WiMiHologram WIMI 1.68 30.9 UplandSoftware UPLD 2.33 1.7
BancoBBVA BBAR 7.97 -3.3 EML LIAN RossAcqnIIA ROSS 11.12 0.2 BrightSpring BTSG 7.94 -5.9 FuelCell FCEL 0.98 -2.9 Leggett&Platt LEG 18.40 -1.6 Portillo's PTLO 12.57 -2.7
WisdomTree WT 8.64 0.6 UrbanOneA UONE 2.12 -3.6
BancoMacro BMA 43.22 -1.5 eBay EBAY 52.82 -0.3 LibertyBroadPfdA LBRDP 23.76 -0.4 RyanSpecialty RYAN 55.19 0.6 Bumble BMBL 10.38 -2.1 FulgentGenetics FLGT 22.05 -3.7 LightInTheBox LITB 0.71 -0.5 QuoinPharm QNRX 0.99 -13.8
WooriFinl WF 35.92 1.8 UrbanOne D UONEK 1.96 -3.9
BankofAmPfd1 BMLpG 22.09 -0.5 EdwardsLife EW 95.27 0.5 LifeMD LFMD 10.18 9.8 SIGA Tech SIGA 7.02 7.1 BurningRockBio BNR 0.57 -2.8 GD Culture GDC 1.33 0.7 LionElectric LEV 1.25 -3.8 RadiusRecycling RDUS 18.98 -3.6
XtrkRreefGlbNat NRES 26.31 -0.4 Vacasa VCSA 6.19 -4.3
BrightView BV 10.36 2.5 Embraer ERJ 23.59 9.5 LifeMD PfdA LFMDP 22.96 ... SK Telecom SKM 22.71 0.6 CFAcqnVII A CFFS 9.73 -1.0 GRIID Infr GRDI 1.29 -0.7 LionElectricWt LEV.WS 0.02 -22.1 RealGoodFood RGF 0.44 -11.0 Vale VALE 12.05 -1.4
enGeneWt ENGNW 4.87 -1.7 Liquidia LQDA 16.51 4.0 ZeoEnergyWt ZEOWW 0.16 37.2
BukitJalilGlb1Rt BUJAR 0.25 26.1 SM Energy SM 47.03 -0.3 CN Energy CNEY 1.13 -7.3 Genelux GNLX 6.07 -3.3 LionGroup LGHL 0.66 3.7 RebornCoffee REBN 0.92 -12.5 ValensSemicon VLN 1.91 -2.5
CRH CRH
CSI Compressco CCLP
84.91
2.28
0.2
0.4
EnstarPfdD
Equitable
ESGRP 25.97
EQH 35.49
0.4
0.4
LiveNationEnt LYV 104.64
MDU Rscs MDU 23.34
-0.8
0.8
SachemNts2027 SCCF 23.34
ScorpioTankers STNG 73.27
0.1
0.8 Lows CPS Tech
C3is
CPSH
CISS
1.62 -2.2
0.08 -12.2
Gevo
GinkgoBioworks DNA
GEVO 0.62 -4.3
1.05 -9.4
LivePerson
LuminarTech
LPSN
LAZR
0.98 -5.7
1.73 -8.1
ReconTech
RedRobin
RCON
RRGB
0.13 -8.6
6.37 -5.7
VintageWineEstates VWE
VisionMarineTech VMAR
0.37 -9.1
0.59 ...
CardiffOncology CRDF 6.06 ... FleetCorTech FLT 299.97 -1.0 MGIC Investment MTG 21.21 0.1 SeapeakPfdB SEALpB 25.50 0.5 AIM Immuno AIM 0.32 -7.4 Canoo GOEV 1.22 -3.7 GoPro GPRO 2.13 -3.6 LumosPharma LUMO 2.51 -10.8 RevelationBio REVB 2.28 -9.2 Volcon VLCN 0.56 -13.8
Caterpillar CAT 346.84 0.1 Flowserve FLS 45.09 -1.3 Macy's M 21.65 3.5 SharkNinja SN 59.10 -1.4 AMTD Digital HKD 3.35 -4.9 CanopyGrowth CGC 2.76 -6.4 GreatAjax AJX 3.55 -7.2 MP Materials MP 13.44 -1.7 RevivaPharm RVPH 2.81 -8.0 voxeljet VJET 0.40 -9.8
Celanese CE 159.48 -0.1 GEO Group GEO 12.68 1.5 MagnoliaOil MGY 24.34 -0.2 Shimmick SHIM 7.99 6.7 Arko ARKO 5.51 -4.6 CartesianTherap RNAC 0.50 -2.7 GreenwaveTech GWAV 0.33 -17.5 MagicEmpire MEGL 0.64 -6.8 RichardsonElec RELL 8.08 -2.5 Vuzix VUZI 1.27 -8.6
CelsiusHldg CELH 99.62 -2.8 GMS GMS 93.41 0.7 MakeMyTrip MMYT 64.78 0.5 ShinhanFin SHG 38.65 4.4 ArkoWt ARKOW 0.40 -12.1 Cazoo CZOO 2.21 -11.8 GuardantHealth GH 17.94 -3.3 MalibuBoats MBUU 37.70 -5.3 RumbleON RMBL 4.96 -29.6 W&T Offshore WTI 2.45 -1.6
CementosPacasm CPAC 6.60 1.2 Gallagher AJG 255.71 -0.2 MarathonPetrol MPC 192.27 ... SilenceTherap SLN 27.72 -7.0 AdamasOne JEWL 0.36 -16.4 CERoTherap CERO 2.12 -7.1 HF Foods HFFG 3.33 -1.2 MaxeonSolar MAXN 2.96 -5.1 SIMPPLE SPPL 0.84 -18.3 WW Intl WW 1.59 -20.4
CheckPoint CHKP 168.82 0.9 Gartner IT 479.00 -1.6 Marsh&McLen MMC 209.20 -0.1 SilverBoxIIIUn SBXC.U 11.04 1.7 AehrTestSys AEHR 14.32 -4.2 ChickenSoupPfdA CSSEP 0.65 -17.6 HainCelestial HAIN 8.74 -3.6 Medifast MED 34.09 -3.3 SOS SOS 1.35 -5.4 WestwaterRscs WWR 0.46 -1.5
CherryHillPfdB CHMIpB 24.50 0.5 GenerationAsiaI GAQ.U 11.12 2.5 Mastercard MA 482.00 0.8 SolidBiosci SLDB 14.48 0.4 AgEagleAerial UAVS 0.97 -5.7 ChijetMotor CJET 0.31 -6.3 HalladorEnergy HNRG 6.30 -6.6 Medigus MDGS 2.60 0.3 Sabre SABR 1.81 -1.0 Worksport WKSP 0.80 -10.2
Chipotle CMG 2775.66 0.9 GladstoneNts2028 GLADZ 25.45 -0.1 MatrixService MTRX 13.54 -0.3 SoundHoundAI Wt SOUNW 5.98 13.3 AgileTherap AGRX 0.52 -16.3 CitizensFinlSvc CZFS 41.44 -2.6 HamiltonIns HG 13.21 -3.9 MetaData AIU 0.73 -11.8 Safe&Green SGBX 0.20 -4.6 WorksportWt WKSPW 0.04 -18.2
ChurchillCapVII CVIIU 10.68 2.0 GoldenstoneAcqn GDSTU 11.31 4.7 Microsoft MSFT 427.82 2.4 SoundHoundAI SOUN 10.25 -3.2 agilon health AGL 5.10 -1.3 CleanEnerFuels CLNE 2.44 -3.5 HanoverBancorp HNVR 16.05 -0.4 MetaMaterials MMAT 1.85 -7.8 SaratogaInvt SAR 22.51 -1.4 XTI Aerospace XTIA 2.40 -27.4
Cigna CI 350.22 0.2 GoldmanSachsPfC GSpC 23.20 -0.1 MiX Telematics MIXT 12.21 4.4 SoCopper SCCO 98.20 0.9 Agriforce AGRI 0.14 -12.0 EngGr-Cmg C CIG.C 2.75 0.3 Hanryu HRYU 0.29 -12.0 MethodeElec MEI 12.45 -4.9 SciSparc SPRC 2.54 -7.5 ZeoEnergy ZEO 5.46 -6.7
Citigroup C 58.67 -1.2 Graco GGG 94.57 -0.4 NRG Energy NRG 64.49 1.5 SouthportAcqnA PORT 12.00 -5.1 AimfinityWt AIMAW 0.01 -47.2 CompassMinerals CMP 18.69 -5.6 HealthcareRealty HR 12.78 -3.4 Microvast MVST 0.56 -7.4 SequansComms SQNS 0.47 -13.1 ZeviaPBC ZVIA 1.19 -7.8
CognyteSoftware CGNT 8.22 -4.6 Grainger GWW 1016.89 1.7 NVR NVR 7840.00 -2.4 Splunk SPLK 156.87 -0.1 Akanda AKAN 0.15 -4.4 CompleteSolaria CSLR 0.57 -6.7 HelloGroup MOMO 5.59 -22.3 MicrovastWt MVSTW 0.06 -11.9 ServiceProperties SVC 6.31 -1.2 Zoomcar ZCAR 1.12 -6.7

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
LgCpGwId InstPre 32.50 +0.01 10.2 SrsEmrgMkt -0.11 2.9 JPMorgan R Class
17.83 NHoriz 58.71 -0.68 4.4 MuShtAdml 15.75 -0.01 0.4 Welltn 42.95 -0.09 3.8
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. MidCpInxInstPrem 31.38 -0.34 4.8 SrsGlobal -0.08 3.9 CoreBond
14.39 10.14 -0.05 -1.0 R2030 NA ... NA PrmcpAdml r 166.12 -0.88 6.2 WndsrII 45.52 -0.14 6.2
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s SAIUSLgCpIndxFd 21.37 -0.06 8.3 SrsGroCoRetail -0.14 14.6 CorePlusBd
22.31 7.14 -0.04 -0.9 Putnam Funds Class A RealEstatAdml 120.94 -1.86 -3.4 VANGUARD INDEX FDS
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SeriesBondFd 8.87 -0.06 -1.5 SrsIntlGrw 18.62
-0.07 8.7 Lord Abbett I PutLargCap p 33.26 -0.10 8.1 SmCapAdml 105.38 -1.50 3.1 ExtndIstPl 316.50 -4.76 2.9
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes SeriesOverseas 13.98 -0.06 7.8 SrsIntlVal 12.25
-0.08 5.0 ShtDurInc p 3.84 ... 0.8 Schwab Funds SmGthAdml 88.72 -1.38 4.4 IdxIntl 19.23 -0.10 3.3
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SerLTTreBdIdx 5.55 -0.08 -4.6 TotalBond 9.41
-0.06 -1.0 Metropolitan West 1000 Inv r 110.61 -0.40 8.0 STBondAdml 10.01 -0.03 -0.3 MdCpGrAdml 99.11 -0.89 4.8
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not SmCpIdxInstPrem 25.18 -0.48 0.6 Fidelity SAI TotRetBdI 8.96 -0.07 -1.7 S&P Sel 79.18 -0.21 8.3 STIGradeAdml 10.17 -0.02 0.2 MdCpVlAdml 77.87 -0.87 3.7
tracked. NS-Fund didn’t exist at start of period. TMktIdxInstPrem 141.71 -0.61 7.6 TotalBd 8.91 -0.05 -0.9 TRBdPlan 8.40 -0.07 -1.8 TSM Sel r 87.09 -0.37 7.6 STIPSIxAdm 23.90 -0.05 0.4 SmValAdml 78.99 -1.03 2.1
TotalMarketIndex 17.89 -0.07 7.6 U.S.TreBdIdx 8.64 -0.05 -1.6 MFS Funds TIAA/CREF Funds TotBdAdml 9.49 -0.06 -1.6 TotBd2 9.37 -0.06 -1.6
TtlIntIdxInstPr 13.60 -0.07 3.4 Fidelity Selects IIE 34.56 -0.21 4.9 EqIdxInst 36.21 -0.15 7.5 TotIntBdIdxAdm 19.53 -0.06 -0.7 TotIntlInstIdx r 128.64 -0.67 3.3
Thursday, March 14, 2024 USBdIdxInstPrem 10.20 -0.07 -1.6 Semiconductors r 29.87 -0.65 23.2 MFS Funds Class I IntlEqIdxInst 22.87 -0.16 4.6 TotIntlAdmIdx r 32.17 -0.16 3.3 TotItlInstPlId r 128.67 -0.67 3.3
Net YTD Net YTD Net YTD Fidelity Advisor I Softwr 29.05 -0.02 5.0 GrowthI 198.23 +0.31 15.2 LrgCpGrIdxInst 57.11 +0.02 10.2 TotStAdml 124.18 -0.51 7.5 TotSt 124.13 -0.52 7.5
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Total Bd 9.40 -0.06 -1.1 Tech 32.12 -0.23 12.7 ValueI 50.34 -0.23 5.8 VANGUARD ADMIRAL TxMCapAdml 266.85 -0.86 8.0 VANGUARD INSTL FDS
Fidelity Freedom First Eagle Funds Natixis Funds 500Adml 476.58 -1.26 8.3 TxMIn r 15.98 -0.11 3.8 BalInst 46.34 -0.23 3.9
AB Funds Artisan Funds US CoreEq2 34.70 -0.19 6.9 FF2030 GlbA
MuniIncmShares 11.13 -0.03 0.9 IntlVal Inst 48.07 -0.05 4.6 US Small 44.39 -0.67 0.1 FF2040
17.17 -0.11 3.6 66.14 -0.32 4.8 LSGrowthY 25.78 -0.11 11.0 BalAdml 46.34 -0.22 3.9 USGroAdml 163.07 -0.62 11.2 DevMktsIndInst 16.01 -0.10 3.8
11.12 -0.07 6.0 Franklin A1 Northern Funds CAITAdml 11.43 -0.03 0.2
ValAdml 61.82 -0.38 6.1 DevMktsInxInst 25.02 -0.16 3.8
AB Funds - ADV Baird Funds US SmCpVal 44.50 -0.69 -1.0 Freedom2030 K 17.16 -0.11 3.7 IncomeA1 2.31 -0.01 0.6 StkIdx CapOpAdml r 190.40 -1.22 6.2 ExtndInst 128.25 -1.93 2.9
LgCpGrAdv 104.82 -0.07 13.0 AggBdInst 9.67 -0.06 -1.4 US TgdVal 31.50 -0.49 -1.2 Freedom2035 K 15.19 -0.10 4.7 53.05 -0.14 8.3 WdsrllAdml 80.75 -0.25 6.2
FrankTemp/Frank Adv Old Westbury Fds DivAppIdxAdm 48.82 -0.12 5.6 GrwthInst 176.01 +0.03 10.0
American Century Inv CorBdInst 10.00 -0.06 -1.1 USLgVa 47.50 -0.36 6.6 Freedom2040 K 11.12 -0.07 6.0 WellsIAdml 60.56 -0.40 0.2
IncomeAdv 2.29 -0.01 0.6 LrgCpStr 18.83 -0.03 8.5 EMAdmr 34.87 -0.05 2.0 InPrSeIn 9.28 -0.06 -1.1
Ultra 81.76 -0.08 9.7 BlackRock Funds Dodge & Cox WelltnAdml 74.17 -0.16 3.9
Idx2030InsPre 19.45 -0.11 2.9 FrankTemp/Franklin A
Parnassus Fds EqIncAdml 87.88 -0.61 4.3 InstIdx 426.21 -1.13 8.3
American Funds Cl A HiYldBd Inst 7.03 -0.02 1.3 Balanced 103.35 -0.60 2.1 Idx2035InsPre 22.30 -0.12 3.7 DynaTech A 151.99 -0.56 13.7 ExplrAdml WndsrAdml 74.19 -0.64 2.4
ParnEqFd 59.55 -0.17 8.1
107.12 -1.33 3.8 InstPlus 426.22 -1.12 8.3
AmcpA 41.46 -0.13 8.8 BlackRock Funds III GblStock 15.34 -0.10 2.8 Idx2040InsPre 23.26 -0.12 4.8 VANGUARD FDS
Growth A 134.22 -0.26 9.4
PGIM Funds Cl Z
ExtndAdml 128.26 -1.92 2.9 InstTStPlus 88.55 -0.36 7.5
AMutlA 53.37 -0.18 5.1 iShS&P500IdxK 605.34 -1.59 8.3 Income 12.47 -0.08 -1.2 Idx2045InsPre 24.36 -0.13 5.2 RisDv A 93.94 -0.03 6.2 GNMAAdml 9.11 -0.07 -1.9 DivdGro 39.15 -0.15 5.2 MidCpInst 66.34 -0.67 4.2
TotalReturnBond 11.83 -0.08 -0.9
BalA 33.27 -0.12 4.3 BlackRock Funds Inst Intl Stk 49.95 -0.36 1.6 Idx2050InsPre 24.40 -0.13 5.2 Guggenheim Funds Tru GroIncAdml 99.48 -0.22 10.3 IntlVal 41.61 -0.29 3.1 MidCpIstPl 327.16 -3.31 4.2
PIMCO Fds Instl
BondA 11.21 -0.08 -1.6 EqtyDivd 20.05 -0.14 4.5 Stock 255.15 -1.13 4.8 Fidelity Invest TotRtnBdFdClInst 23.38 -0.14 -1.0 GrwthAdml 176.00 +0.03 10.0 LifeCon NA ... NA RealEstaInstl 18.72 -0.29 -3.4
CapIBA 67.26 -0.31 2.2 StratIncOpptyIns 9.37 -0.03 0.2 DoubleLine Funds Harbor Funds AllAsset NA ... NA
HlthCareAdml r 91.46 -0.73 LifeGro NA ... NA
Balanc 28.38 -0.12 5.4 3.7 SmCapInst 105.38 -1.49 3.1
CapWGrA 64.04 -0.12 6.9 TotRet 9.83 -0.06 -1.1 TotRetBdI 8.68 -0.06 -1.0 BluCh 198.19 -0.86 14.4 CapApInst 109.43 -0.26 13.4 TotRt 8.50 -0.06 -0.9
HYCorAdml r 5.37 -0.01 0.3 LifeMod NA ... NA SmCapIstPl 304.17 -4.31 3.1
PIMCO Funds A
EupacA 58.53 -0.12 7.0 Calamos Funds Edgewood Growth Instituti BluChpGr K6 30.49 -0.17 13.6 Harding Loevner InfProAd 22.79 -0.14 -1.0 PrmcpCor 33.89 -0.16 6.8 STIPSIxins 23.92 -0.05 0.4
FdInvA 77.71 -0.20 8.9 MktNeutI 14.40 ... 1.6 EdgewoodGrInst 49.62 -0.18 13.4 Contra 18.69 -0.03 16.2 IntlEq 26.55 -0.26 2.3 IncomeFd NA ... NA InfTechIdx 267.42 -1.10 7.9 STAR NA ... NA TotBdInst 9.49 -0.06 -1.6
GwthA 69.64 -0.26 10.3 Columbia Class I Federated Hermes Int Invesco Funds Y PIMCO Funds I2 IntlGrAdml 107.20 -1.35 5.3 TgtRe2020 NA ... NA
ContraK 18.75 -0.03 16.3 TotBdInst2 9.37 -0.06 -1.6
HI TrA 9.52 -0.03 1.5 DivIncom I 32.29 -0.13 6.2 TtlRtnBdI 9.37 -0.06 -1.4 CpInc 9.86 -0.03 3.2 DevMktY 39.30 -0.17 1.8 Income NA ... NA ITBondAdml 10.13 -0.06 -1.5 TgtRe2025 NA ... NA TotBdInstPl 9.49 -0.06 -1.6
ICAA 54.34 -0.05 8.1 Dimensional Fds Fidelity GroCo 36.44 -0.23 14.2 JHF III DispVal PIMCO Funds Instl ITIGradeAdml 8.51 -0.05 -1.1 TgtRe2030 NA ... NA TotIntBdIdxInst 29.30 -0.10 -0.7
IncoA 23.85 -0.11 2.5 EmgMktVa 30.08 +0.06 2.2 500IdxInstPrem 179.26 -0.47 8.3 InvGrBd 9.88 -0.07 -1.4 DispValMCI 28.94 -0.23 5.7 IncomeFd NA ... NA LarCapAd 119.30 -0.32 8.2 TgtRe2035 NA ... NA TotStInst 124.20 -0.51 7.5
N PerA 60.11 -0.21 7.5 EmMktCorEq 22.93 +0.02 2.3 Contrafund K6 26.69 -0.04 15.9 LowP 46.08 -0.30 4.6 John Hancock Price Funds LTGradeAdml 7.79 -0.10 -3.2 TgtRe2040 NA ... NA ValueInst 61.82 -0.38 6.1
NEcoA 58.84 -0.18 9.0 IntlCoreEq 15.78 -0.09 3.0 ExtMktIdxInstPre 80.30 -1.21 2.9 Magin 14.08 ... 14.4 BondR6 13.36 -0.09 -1.0 BlChip 168.76 +0.14 13.0 MidCpAdml 300.28 -3.04 4.2 TgtRe2045 NA ... NA WCM Focus Funds
NwWrldA 78.83 -0.15 5.1 IntSmCo 19.58 -0.11 1.4 FidSer5 7.50 -0.07 -2.1 NASDAQ 204.64 -0.59 7.6 JPMorgan I Class DivGro 75.35 -0.22 6.4 MuHYAdml 10.71 -0.03 0.8 TgtRe2050 NA ... NA WCMFocIntlGrwIns 25.51 -0.15 12.1
SmCpA 67.03 -0.62 1.2 IntSmVa 21.81 -0.08 2.7 FidSerToMarket 16.88 -0.07 7.6 OTC 20.39 +0.02 11.5 CoreBond 10.12 -0.06 -1.2 Growth 96.50 -0.01 11.4 MuIntAdml 13.69 -0.03 0.2 TgtRe2060 NA ... NA Western Asset
TxExA 12.42 -0.03 0.2 LgCo 34.25 -0.09 8.3 GrowthCompanyK6 25.90 -0.21 15.4 Puritn 25.07 -0.08 7.6 EqInc 23.98 -0.12 4.7 LgCapGow I 73.64 +0.05 11.9 MuLTAdml 10.94 -0.03 0.1 TgtRet2055 NA ... NA CoreBondI NA ... NA
WshA 60.82 -0.10 6.7 US CoreEq1 38.77 -0.19 7.5 IntlIdxInstPrem 49.56 -0.32 4.7 SAIUSQtyIdx 21.12 +0.03 9.1 LgCpGwth 69.24 +0.02 15.1 MidCap 105.53 -0.98 5.5 MuLtdAdml 10.83 -0.02 0.3 TgtRetInc NA ... NA CorePlusBdI NA ... NA
P2JW075000-5-B00900-1--------XA

THE WALL STREET JOURNAL. * * * * * Friday, March 15, 2024 | B9

MARKETS & FINANCE

JPMorgan Fined
For Inadequately
Policing Trading
BY ALEXANDER SAEEDY without admitting or denying
the allegations.
Federal regulators fined JP- “Certain remedial actions
Morgan Chase roughly $350 are complete and others are
million on Thursday for failing under way, and we have not
to properly monitor billions of found any employee miscon-
trades that the bank has exe- duct or harm to clients or the
cuted since 2019. market in our review,” a
The Federal Reserve said spokesman for JPMorgan
JPMorgan didn’t adequately said.
surveil trading and order ac- JPMorgan also said that it
FRED GREAVES/REUTERS

tivity through the firm’s cor- is in discussions to resolve

porate and investment bank claims with a third regulator
across 30 exchanges and over its collection of client
other trading venues. The data related to trading.
trades were for the firm and In the settlements, JPMor-
A rise in bond yields weighed on the utility sector of the S&P 500 on Thursday. Shares of PG&E fell 1.4%. for clients. gan agreed to review the old
Regulators and law en- trading data to ensure that no

Stocks Fall as Inflation Gauge

forcement require banks to market misconduct had taken
watch and record clients and place and to take appropriate
trades as a front line in mar- action if needed.
ket policing and to ensure The bank isn’t allowed to

Exceeds Economist Forecasts

their own risks are under con- trade on new exchanges or
trol. Banks are required to flag trading venues without per-
suspicious activity and hand mission from the Federal Re-
over documents to investiga- serve.
tors when asked. Additionally, JPMorgan
JPMorgan agreed to pay a agreed to appoint a compli-
BY KAREN LANGLEY Index performance on Thursday Nvidia shares falling 3.2%. combined $348.2 million pen- ance committee that would
0.4%
Among individual stocks, alty to its regulators at the ensure the bank is better
Stocks fell after another shares of Robinhood Markets Fed and the Office of the overseeing its trading busi-
round of inflation data came in S&P 500
advanced 5.2% after the com- Comptroller of the Currency, ness.
hotter than expected. 0.2
pany said trading volumes
Nasdaq Composite
Producer prices rose 0.6% in jumped in February. Under Ar-

Another Top Official

February from the prior month, Dow Jones Industrial Average mour shares slumped 11% after
more than the 0.3% increase 0
news that founder Kevin Plank
economists had projected. That is returning as chief executive.

Leaves Credit Suisse

was after data Tuesday showed In energy markets, Brent
consumer crude, the global oil bench-
–0.2
THURSDAY’S prices climb- mark, gained 1.7% to $85.42 a
MARKETS
After UBS Takeover
ing more than barrel.
forecast over The Stoxx Europe 600
–0.4
the past year. slipped 0.2%. At midday Friday,
Investors have been scruti- Hong Kong’s Hang Seng Index
nizing the path of inflation as was down 1.9% and Japan’s
–0.6
they try to anticipate when the Nikkei 225 was down 0.1%. S&P BY ROD JAMES TWG controls businesses
Federal Reserve will begin to 500 futures were off 0.1%. across financial services, re-
cut interest rates. Fed Chair Je- Five-minute intervals —Sam Goldfarb A Credit Suisse executive in newable energy, sports, media
–0.8
rome Powell has said the cen- contributed to this article. charge of advising private-eq- and entertainment, art, eco-
tral bank wants to be more 10 a.m. 11 noon 1 p.m. 2 3 4 uity firms on their fundraising tourism and agriculture, ac-
confident that inflation is re- Source: FactSet and secondary-market deals cording to the website of TWF
turning to its 2% target. AUCTION RESULTS has left, the latest in a series of Causes, a Chicago-based non-
Here are the results of Thursday's Treasury auctions.
The data Thursday appeared ing it down 0.5% from its re- cline of 0.8%. All bids are awarded at a single price at the market- high-level exits since the in- profit backed by Walter and his
clearing yield. Rates are determined by the difference
to weigh on investors’ hopes cord close Tuesday. The Dow Shares of real-estate invest- between that price and the face value. vestment bank’s acquisition by wife Kimbra Walter.
that the time for rate cuts will Jones Industrial Average lost ment trust Public Storage fell FOUR-WEEK BILLS Swiss rival UBS last year. UBS completed its rescue of
soon be at hand. 0.4%, or about 138 points, while 2.8%, and shares of utility Applications $265,599,428,000 David Klein, who led Credit Credit Suisse in June, ending
Accepted bids $95,097,858,000
“From a central banker’s the tech-heavy Nasdaq Com- PG&E fell 1.4%. " noncompetitively $5,632,178,600
Suisse’s global private fund 167 years of independence for a
perspective, the worst thing posite declined 0.3%. A big day for Microsoft, the " foreign noncompetitively $0 group out of New York, left in bank that was once a flag-
Auction price (rate) 99.589333
you can do is have the economy In bond markets, the yield largest U.S. company by market (5.280%)
recent months after nearly 21 bearer for the famously discreet
take a lot of medicine in terms on the benchmark 10-year U.S. value, helped cushion major in- Coupon equivalent 5.375% years with the Zurich-head- Swiss banking system. Credit
Bids at clearing yield accepted 90.28%
of higher interest rates to get Treasury note jumped to dexes. Microsoft shares gained Cusip number 912797JN8
quartered investment bank, ac- Suisse had been roiled by scan-
inflation under control and 4.297%, from 4.191% on 2.4% to $425.22, their 15th re- The bills, dated March 19, 2024, mature on April 16, cording to several people famil- dal in recent years. In early
then cut rates too early, before Wednesday, its largest one-day cord close of the year, accord- 2024. iar with the matter. 2023, the Swiss government en-
you’ve really seen inflation gain in a month. ing to Dow Jones Market Data. EIGHT-WEEK BILLS He has been hired by TWG, a gineered UBS’s takeover of
come down materially to a The rise in yields weighed The company said Wednesday Applications $258,350,794,800 holding company controlled by Credit Suisse, forming a $1.7
Accepted bids $90,091,935,800
level where you’re confident on corners of the stock market that its artificial-intelligence " noncompetitively $1,717,320,700 Mark Walter, co-owner of the trillion banking behemoth.
that it will continue to be low sought out by investors for product Copilot for Security " foreign noncompetitively $10,000,000 Los Angeles Dodgers and co- The takeover triggered mass
Auction price (rate) 99.179444
and move lower,” said Sinead their chunky dividend pay- will be available worldwide (5.275%) founder of investment bank departures from Credit Suisse,
Colton Grant, chief investment ments. Real estate was the next month. Coupon equivalent 5.393% Guggenheim Partners, the peo- including among many of its
Bids at clearing yield accepted 17.79%
officer at BNY Mellon Wealth worst performer of the S&P The picture for other big Cusip number 912797JW8 ple said. Klein will help raise private-equity bankers, who
Management. 500’s 11 sectors, falling 1.6%, tech stocks was mixed, with The bills, dated March 19, 2024, mature on May 14, money for TWG investments, were largely untarnished by the
The S&P 500 fell 0.3%, leav- followed by utilities with a de- Apple shares adding 1.1% but 2024. among other responsibilities. bank’s problems.

Streamer of subscribing to it on top of

Peacock and Paramount+ would
be $68, which would make that
regional sports networks, which
carry local-market telecasts for
major professional teams, is a
scriptions—to Amazon’s Prime
Video, Apple TV+ and Peacock—
to be able to watch every game

Takes Aim combination a relative bargain

compared with most cable and
internet-TV alternatives. In
turnoff for some prospective
customers. Several of these net-
works launched direct-to-con-
because each service had exclu-
sive rights to some of them.
Wan said she has the three

At Sports 2023, U.S. households that don’t

have traditional pay-TV—known
in the industry as cord-cutters
sumer streaming platforms in
recent years, but many others
are limited to pricier internet-
services, but doesn’t pay for
them specifically—she gets Pea-
cock through her cable-TV plan,
and cord-nevers—outnumbered TV or traditional pay-TV bun- Apple TV+ as part of a promo-
Continued from page B1 the households that do, marking dles. Amazon is inching into tional offer and Prime Video for
pends on the sports you like to an important inflection point. that market. the free-shipping perks.
watch. The new service will es- The chief executives of the The importance of local This season, Apple TV+ will
sentially be an online, heavily companies behind the sports- games—and the convenience of once again have exclusive rights
NORDIC CAPITAL

curated version of a cable bun- streaming venture say they ex- having most content on a single to some Yankees matchups, and
dle. It will carry entire channels pect the new service to bring platform—has some sports fans Prime Video will carry 21 of the
such as ESPN, Fox and ABC, but cord-nevers into the fold. “We sticking with cable TV. team’s games.
Fredrik Näslund, partner with European buyout shop Nordic. won’t offer regional sports net- don’t see a lot of people unsub- “The Yankees are the main Low used to pay upward of
works that are crucial to many scribing to cable in order to get reason why I still have cable,” $100 a month for dozens of

Nordic Capital Invests in fans. Its monthly cost could ap-

proach $50, The Wall Street
Journal reported.
this,” Warner Bros. Discovery
Chief Executive David Zaslav
said of the new service during a
said Wan, an engineer from
New Haven, Conn. Wan said she
has no interest in the new
channels that he barely watched
just so he could follow the Phoe-
nix Suns.
Insurance Payments Firm The question is whether that
will appeal to consumers when
recent earnings call. “We’re go-
ing after the 60 million-plus”
sports service because it doesn’t
carry YES Network, the Yan-
Then in 2023, the Suns said
most of their games would be
they can buy a fuller online ca- U.S. households without cable kees’ local broadcaster. available on over-the-air net-
BY MARIA ARMENTAL we can send a check” to settle ble bundle such as YouTube TV TV, he said. In 2023, Yankees fans also works beginning this season.
claims, Drysdale said. for $73 a month—getting the 14 The service’s lack of access to needed three streaming sub- Low canceled his plan, DirecTV
European buyout shop Nor- Stockholm-based Nordic’s channels included in the news Stream, and signed up for a free
dic Capital is investing in in- investment exceeded €300 sports-streaming package plus Monthly prices antenna from one of the Suns’
surance payments company million in cash, or more than dozens of others such as CNN, partners.
THREE PLATFORMS COMBINED
One Inc, betting on the future about $328.5 million, accord- CBS, NBC and Bravo. Some 74 of the 82 Suns regu-
of cashless transactions in a ing to a person familiar with The Journal spoke to dozens $68 a month lar-season games are available
centuries-old industry that has the deal. It let Boston-based of sports fans, most of whom over the air. When he doesn’t
New sports-streaming Paramount+ Peacock
historically relied on a patch- Great Hill partially cash out its say they rarely—if ever—watch service* with Showtime Premium have access to a game, Low, a
work of systems and paper majority stake, which will nonsports content on the hun- 40-year-old technology special-
forms to process and settle drop to match Nordic’s inter- dred-plus channels available on BUNDLES WITH COMPARABLE SPORTS OFFERINGS TO THE ABOVE ist from Gilbert, Ariz., says he
claims. est. Great Hill first backed One their cable or internet-TV pack- listens to it on the radio. His an-
Average traditional cable-TV bundle
Nordic Partner Fredrik Näs- Inc in 2020. One Inc’s manag- ages. They rely on Netflix and tenna will give him access to
lund describes the disparate ers remain minority share- other streaming services for $107 a month Suns games for the first round
methods as “technology spa- holders. their entertainment needs. DirecTV Stream Entertainment + Sports Pack
of the NBA Playoffs. Should the
ghetti.” Ian Drysdale, chief ex- The One Inc investment Many said they would con- team make it past that point,
95
ecutive of One Inc, said the represents Nordic’s third tech- sider signing up for the new ser- Low says he plans to sign up for
mishmash comes with the ter- nology deal in North America vice even though it doesn’t offer Fubo Elite (Doesn’t offer TNT, TBS and truTV) an internet-TV bundle for a
ritory, with insurers typically in as many months. As with access to all live sports. One 90 month or two.
using three separate systems data analytics software maker workaround, some suggested, Other teams negotiated deals
for writing policies, handling ActiveViam and Canadian would be to sign up for Com- Hulu + Live TV recently to have most of their
bills and processing claims. banking software maker Zafin, cast’s Peacock and the pricier 77 games available over the air, in-
Also backed by Great Hill Nordic backed One Inc tier of Paramount Global’s Par- YouTube TV cluding the NBA’s Utah Jazz and
Partners, Folsom, Calif.-based through its main €9 billion amount+ on top of the new ser- the NHL’s Arizona Coyotes and
73
One Inc works across a client buyout fund. vice because they offer access to Vegas Golden Knights.
company’s various systems to Nordic entered the pay- most of the NFL and college- Sling Orange + Blue + Sports Extra (Some broadcast exclusions) Low said he is happy with
create a more seamless experi- ments sector in 2004, buying sports content that the new 70 the overall experience, but said
ence for customers, giving pol- Point International and a platform is missing. Many using an antenna to watch the
*Assumed price of $50 based on staff reports
icyholders the option to pay smaller company that merged sports fans already subscribe to Note: The planned sports-streaming service also features ESPN+, which isn't available on rival Suns wasn’t something he could
premiums and receive claims with it. Nordic sold the busi- these two services for their in- packages, with the exception of Hulu + Live TV and select cable-TV plans. The Sling package have foreseen when he cut the
payments through digital sys- ness to VeriFone Systems, ternational-soccer offerings. doesn't include CBS. In some markets, it also doesn’t include ABC, NBC and Fox. In markets where cable cord a few years ago. “It’s
all three of ABC, NBC and Fox are available, it costs $5 more.
tems such as Venmo or PayPal. which was later acquired by a Assuming a $50 price tag for Sources: S&P Global Market Intelligence (traditional bundle), staff reports (new service), kind of like a time warp,” he
“And if they absolutely insist, Francisco Partners-led group. the new venture, the total cost the companies (all others) said.
P2JW075000-0-B01000-1--------XA

B10 | Friday, March 15, 2024 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

Japan Finally Gets a Raise

Robust wage gains have been the missing piece of the puzzle keeping Japan’s rates low—now they are finally here

Japanese workers are about to Average pay rises from Japan’s growth is to be celebrated: It
receive much bigger paychecks. annual wage negotiations could point to more steady con-
That could make the Bank of 3.5% sumption growth, too.
Japan’s decision on whether to The robust job market will also
ditch its ultralow-interest-rate pol- 3.0
give the Bank of Japan more room
icy—which could come as soon as to contemplate an exit from its
next week—easier. 2.5
longstanding negative interest-
Some of Japan’s biggest compa- rate regime. Japan has held back
nies have agreed to give their em- 2.0
from raising rates, unlike other
ployees their largest pay rise in de- major central banks, because of
cades, as workers demand higher worries that it could snap the
1.5
wages to combat inflation. Every country back into deflation. Now
spring, labor unions in Japan nego- the BOJ may be more comfortable
1.0
tiate with companies on wages in a raising rates soon, perhaps as

TOYOTA MOTOR CORPORATION/REUTERS

process called the Shunto. The av- soon as at next week’s meeting on
0.5
erage pay rise last year from the Monday and Tuesday.
Shunto was 3.6%, already much The market has been expecting
0
higher than previous years. a rate rise. Yields on Japan’s one-
This year, the unions are asking 2013 ’15 ’20 ’23 year government bonds have risen
for a pay rise of more than 5% and Source: Japan’s Ministry of Health, Labour and Welfare by around 0.15 percentage points
they may well get it, according to to 0.19% so far this year. The Japa-
figures from the Japanese Trade dard—has pushed employees to nese yen appreciated about 2% in
Union Confederation, also known ask for more. the past two weeks against the
as Rengo. The first round results of the Many large companies like Toyota have accepted what unions requested. dollar on hopes of higher rates—
Many of the largest companies Shunto will come out Friday and especially with expectations of rate
like Toyota and Nissan have ac- Morgan Stanley estimates average ered by some smaller unions. The Western countries might worry cuts in the U.S. also building.
cepted what their unions asked for wage increases could be 5.2%. The pay raise also includes regular in- that a wage-price spiral could re- The Japanese yen was one of the
and some, such as Nippon Steel, bank thinks the final round re- creases depending on seniority. sult in dangerously entrenched worst-performing currencies in the
have even gone further. An aging sult—which will be announced in While the Shunto is for unionized and elevated inflation. But for world during the past few years.
population has contributed to la- the summer—will be around 4.8%. workers, the results are a good in- Japan, a country that has been But a strong labor market means
bor shortages while inflation—2.6% That final figure is usually lower dication of the overall trend for mired in deflation for much of the this year could be very different.
in 2023, high by Japan’s stan- because it includes employees cov- wages. past several decades, strong wage —Jacky Wong

Why That Hot Biotech IPO

Biotech IPO total raised, quarterly SPDR S&P Biotech ETF, past five years
$7 billion $180

Could Be a Winner
6 160

5
140
4
The best time to make money in first quarter, which isn’t yet done, companies went public and rose an 120
biotech is usually during periods of the best haul in six quarters so far, average of 32% in their first day of 3
cautious optimism. There are according to Jefferies. Initial public trading. Those stocks went on to
100
strong signs that right now might offerings, however, are still far deliver negative three-year returns, 2
be one of those moments. from where they used to be, with as measured from the first close,
The always-volatile industry has IPO funding of more than $1.2 bil- according to Ritter’s analysis. Con- 1 80
just gone through a major roller- lion so far this quarter still far be- trast that with 2004, when 30 bio-
coaster ride, even by its standards, low precrash levels, Jefferies data tech companies went public. Their
0 60
in recent years. The stocks surged show. initial first-day gain was lower, ris-
in 2021 amid a vaccine-fueled bub- That might be a sign that condi- ing an average of 7.8%. But within 2018 ’19 ’20 ’21 ’22 ’23 ’24* 2020 ’21 ’22 ’23 ’24
ble and then crashed hard for the tions are ideal for investing in new three years, investors saw a 48% *Through end of February Sources: Jefferies (total raised); FactSet (ETF)
next two years, forcing companies biotech offerings. Historically, return from the first close. A simi-
to undertake huge layoffs while long-term returns are better when lar thing happened after the 2008 autoimmune diseases, surging on reason is that valuations tend to be
putting many clinical trials on the industry is recovering but not crash. In 2010, when financing its first day, the average first-day cheaper right after a crash, when
hold. yet sizzling, according to an analy- started to come back, 11 biotech return stood at 9.8%, says Ritter. the market isn’t yet euphoric. An-
We are now past the downturn sis by University of Florida finance companies went public, rising an That isn’t as high as the 24% first- other reason might be that the bar
but not yet in bubble territory. Bio- professor Jay Ritter going back to average of only 0.9% on their first day bump they got in 2021, when for IPOs tends to be higher during
tech stocks started to bounce back 1983. While there are exceptions, day. From the first close, though, 89 companies went public, accord- those times, so the companies that
during the second half of last year and single-stock performances can their three-year return was 51%. ing to Ritter’s list. Those compa- sell shares to the public have, on
as the Federal Reserve signaled it skew numbers heavily in any given “There does seem to be a pat- nies went on to deliver a 60% de- average, better prospects than the
was done raising interest rates, year, the first-day move, which tern,” Ritter says. “When public- cline through 2023 as the market ones listing at the height of a bub-
with cuts penciled in for 2024. A serves to highlight enthusiasm in market investors are enthusiastic, crashed. In 2022 and 2023 com- ble.
leading biotech exchange-traded the sector, seems to be predictive as reflected in big first-day jumps, bined, the IPO market was much Biotech stocks are especially bi-
fund jumped by nearly 40% in just of long-term performance. When the long-run results have been slower, with just 29 companies go- nary, as clinical-trial results tend
the last two months of 2023. The initial demand for IPOs is sky-high very poor.” ing public. to make or break drug developers
growing appetite for risk has, in and stocks surge on the first day of How might investors extrapolate “We are definitely on pace to (see Amylyx’s recent wipeout). But
turn, opened the window for new trading, they tend to perform this data for companies going pub- eclipse the volume of the last two from a broader perspective, timing
rounds of biotech financing this poorly in subsequent years. When lic now? In 2024, there have been years, but with no sign of excessive is important as well. And history
year. demand is more muted, IPOs tend eight life-science IPOs so far. While investor enthusiasm,” says Ritter. suggests that investing at this mo-
Biotech companies raised $15.5 to do better. there have been some impressive So why might new listings dur- ment, as markets begin to thaw,
billion through the first two At the height of the dot-com performances, with Kyverna Ther- ing a thaw, when excitement isn’t tends to be best.
months of this year, making the bubble, in 2000, 50 life-science apeutics, a company focused on as high, outperform? One obvious —David Wainer

How to Invest? More Than Ever, It Depends on Who You Are

“There is no alternative” to In a market like today’s, returns could be very different depending on when you want the money That brings home the point that
stocks was the consensus among Average compound annual growth rate when rates are this high, those
financial advisers not long ago, no who may need the money in one
matter who you were. Now, your All quarters between 1960 and 2023 Stocks Bonds Cash
or two years’ time are better off
specific financial needs should leaving it in the bank.
One year
very much determine how you in- Bonds were the best investment
vest. over five-year horizons. Their an-
Stocks are still the default in- Two years nual returns were almost on a par
vestment in a strong economy. At with stocks for far less risk. His-
the same time, bond yields remain Five years torically, investors have still occa-
the most attractive in 16 years. sionally lost money: Buying a 10-
And if you are searching for ele- 10 years year Treasury for $1,000 in the
vated returns, cash is even better: final quarter of 2017, for example,
Money-market funds pay 5%. left them with only $969 by the
20 years
This embarrassment of riches is end of 2022. But this isn’t the case
a departure from the post-2008 0% 2 4 6 8 10 12 in periods similar to today, thanks
period, in which near-zero rates to high yields: The worst-case sce-
made equities the only source of Quarters similar to today* nario still resulted in $1,225 in the
big returns. It is also uncommon bank.
One year
historically: Looking at quarterly Extend the time frame to two
data since 1960 for the U.S., only decades, though, and equities had
13% of the time has the economy Two years no substitute: $1,000 was turned,
expanded faster than 2% while on average, into $9,993. For bonds
cash returns were above bond re- Five years and cash it was $5,192 and $3,527,
turns and yields in the fixed-in- respectively.
come market were still above 4%. 10 years This would appear to confirm
So what to do? Traditional ad- that there are good reasons to in-
vice on asset allocation holds that 20 years vest in each of the three big asset
stocks are best for those saving 0% 2 4 6 8 10 12
classes right now. Yet many seem
for retirement decades down the to have chosen a “barbell” strat-
*Quarters with four-quarter rolling GDP growth above 2%, 10-year Treasury yields above 4% and cash rates above yields
line, whereas those setting aside Note: Cash is proxied by one-year T-bills. Bonds are proxied by 10-year Treasurys. Bond total return calculated following Swinkels (2019). egy of favoring cash and equities
funds to, say, put down a deposit Sources: Federal Reserve (cash, bonds); Robert Shiller (stocks) over the space in between. Data by
for a home in the next couple of State Street shows that institu-
years should leave it in cash. no matter whether the funds were time, the danger abates: With a on average than bonds and cash. tional investors have only 27% of
Somewhere in the middle are taken out a year, five years or 20 20-year time frame, even choosing This was because of a combination their holdings in bonds, when the
people who will perhaps retire in years after the initial investment. the worst entry point would have of weak equity returns—often due historical average is 31%.
five years, or who are starting to But equities are more volatile, transformed $1,000 into $1,765. to a frothy market such as the One lesson is to remember the
save to send a teenage son or which makes a one-year invest- When it comes to the few quar- 2000 dot-com bubble—and strong value of fixed income. But the
daughter to college. They should ment horizon risky regardless of ters that match today’s character- performance from the other two broader one is that even more
bias their portfolios toward bonds. averages. istics—strong growth, high yields, asset classes. than usual, asset allocations need
The historical record broadly In the worst example from the even higher cash rates—the pic- In fact, cash ruled supreme over to fit investment horizons. Timing
backs this up. The compound an- past, buying $1,000 in equities at ture is clearer. On a one-year per- one year. Its returns almost the market is often less important
nual return since 1960 of investing the 2007 market top left investors formance basis, stocks weren’t matched those of fixed income, than timing oneself.
in stocks has averaged around 11%, with only $637 a year later. Over just riskier, they also returned less but without risk of capital loss. —Jon Sindreu
P2JW075000-0-M00100-1--------XA

MANSION
$1.2 Million $85 Million
Take a look at A Beverly Hills
‘the coolest man mansion with a
cave ever.’ nightclub lists.
M10 M3

HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, March 15, 2024 | M1

Paid: $2.9 million

FROM LEFT: ZUMA PRESS; CHEYENNE CRAWFORD/HOMESTAR MEDIA; ANTHONY BARCELO (BEVERLY HILLS)
Norman Reedus and Diane Kruger. Reedus bought a home in Serenbe, outside of Atlanta, when he was acting in ‘The Walking Dead’ series. The property is now listed for $3.85 million.

BY E.B. SOLOMONT TV industries, thanks to Georgia state tax

W
credits and incentives for film and video

ATLANTA:
hen actor Norman Ree- production that were enacted in 2005. Over
dus was first cast in the past decade-plus, hundreds of movies
AMC’s drama series and TV shows have been shot in Georgia,
“The Walking Dead,” he including films such as “Baby Driver” and
found a rental apart- “Black Panther,” and the TV series
ment not far from the show’s Atlanta-area “Stranger Things,” “Atlanta” and “Will

From Peaches to
set, expecting the housing arrangement Trent,” to name a few.
would be temporary. While some production crews and ac-
“I thought they’d kill me off in the first tors rent homes for short-term stays,
week,” he said recently, recalling playing more editors, cameramen, stuntmen,
Daryl Dixon in 2010. When Reedus real- makeup artists and producers are moving

‘Y’allywood’
ized his character wasn’t going any- to Georgia and buying homes closer to
where—“The show just becomes this giant what is becoming a burgeoning epicenter
show”—he decided to buy a house. He of film production.
paid $2.9 million in 2015 for a Frank Lloyd “There’s so much Hollywood going on
Wright-inspired home in Serenbe, a luxury in Georgia that they call it Y’allywood
residential community about 30 miles out- now,” said Reedus. “They’re all moving
side Atlanta. there because the work is there. It has be-
“Georgia was our home for the run of come The Place to film.”
the show,” which ended some 12 years The city’s metro area is fast becoming a mecca for Like Reedus, some are landing in bu-
later, in 2022, said Reedus, who was the film and TV industries, thanks to state tax colic enclaves like Serenbe, located in
joined in Atlanta by his fiancée, Diane credits and incentives Chattahoochee Hills, while others are
Kruger. planting roots in old-money neighbor-
Long a hub for hip-hop artists, musi- hoods like Tuxedo Park in the Buckhead
cians and pro athletes, Atlanta and its envi- district as well as areas near Piedmont
rons have become a mecca for the film and Please turn to page M4

Paid $2.3 million

FROM LEFT: COMPASS MIDTOWN ATLANTA; EMMA MCINTYRE/GETTY IMAGES

Actress Melissa McCarthy and her husband, Ben Falcone, bought a house in Buckhead in 2018. They sold it for $4.5 million in 2023.

BY E.B. SOLOMONT

AN OCEANFRONT penthouse
in Miami Beach, Fla., is in
contract for north of $120
Miami Beach Penthouse
million—a sum that would
make it the most expensive
condominium ever sold in
In Contract for a
the Miami area, according to
people familiar with the
deal. The previous record
was half that price.
Record Price
The unit is located at the The oceanfront penthouse would be
under-construction Shore the most expensive ever sold in the
Club Private Collection in Mi-
ami Beach. When completed,
Miami area—by far
the unit will span about
10,500 square feet with
around 7,500 square feet of
terraces and a private roof-
top pool. The identity of the
buyer is unknown.
The Witkoff Group and IN CONTRACT
Monroe Capital, which are MORE THAN
developing the Shore Club,
couldn’t be reached for com-
ment.
$120
THE BOUNDARY (RENDERING)

Miami’s current condo re- MILLION

cord was set in 2015, when 10,500 sq. ft.,
hedge-fund billionaire Ken private rooftop
Griffin paid $60 million for a pool
pair of penthouses at Faena
House. He has since sold the
Please turn to page M7 Located at the Shore Club Private Collection in Miami Beach, the unit will have around 7,500 square feet of terrace space when completed.
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M2 | Friday, March 15, 2024 THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

Florida Home Has Titanic Room, Stiletto

Room and Queen Elizabeth Bathroom
The late trial lawyer Fred Levin
battled Big Tobacco and won. He
became a boxing manager and had
his own television show. And he
did it all without leaving his
hometown of Pensacola, Fla.,
where he owned an ornate resi-
dence with a room modeled after
the Titanic.
Known as Timeless Tangle-
wood, the waterfront home spans
approximately 6,500 square feet;
the Titanic Room is on a lower
level and features a replica of the
ocean liner’s bar and a clock set
to the time the ship sank.
Levin “loved things that were
over the top,” said Teri Levin,
Fred’s sister-in-law.
Now Timeless Tanglewood is
coming on the market for the first
time in decades, said listing agent
Stephan Vance of Levin Rinke Re-
alty. The asking price is $2.999
million.
Set on roughly 1.2 acres on
Bayou Texar, the property served
as Fred’s party house, while he
lived in another home across the
bayou, Teri said. A few years be-
fore his death in 2021, Fred do-
nated Timeless Tanglewood and
all its contents to Pensacola’s Uni-
versity of West Florida, its cur-
rent owner.
At the time, the property and
furnishings were valued
at $8 million, according FOR SALE gains taxes and get- more than $35 million to UWF and nitely doesn’t look like something The Armory Room has a collec-

$2.999
to Anamarie Mixson, an ting an income-tax others. In the 1980s, he had a local you’d see in Pensacola,” Vance tion of cigars and hidden wine
assistant vice president deduction. television talk show, BLAB-TV, the said. Each room of the three-bed- coolers. “He held court there,”
in UWF’s office of the Born and raised in book said. room house has its own name and Teri said. The Stiletto Room dis-
president, who said MILLION Pensacola, Fred won Fred purchased Timeless Tan- theme: The Irving Berlin music plays a collection of designer
proceeds of the home 6,500 sq. ft., a major legal fight in glewood for $1.6 million in 2007. room has a light blue player baby shoes, including pairs from Cha-
sale will go toward a 3 bedrooms the 1990s to change Fred loved entertaining, Teri said, grand piano, for example. nel, Fendi, Manolo Blahnik and
scholarship fund in Florida’s Medicaid so he worked with interior de- A bedroom dubbed Marilyn’s Christian Dior. The shoes belong
Fred Levin’s name. The home’s law. The decision paved the way signer Phillip Morris (no relation Room was a tribute to Fred’s wife, to Teri, who said Fred saw her
contents, including a 425-piece for a $13 billion settlement with to the tobacco company) to rei- Marilyn Levin, who died in 2011. collection and asked if he could
collection of Tiffany silver flat- the tobacco industry, according to magine the circa-1988 house for It has silk-paneled walls and display some of it in this home.
ware, are set to be sold at auction a 2014 biography of Fred titled grand-scale entertaining. The ren- hand-painted ceilings. The Queen On the lower level, the Titanic
in New Orleans. “And Give Up Showbiz?” ovation took about three years, Elizabeth Bathroom has a portrait Room pays homage to the sunken
Donating real estate to a public Outside the courtroom, Fred during which time Fred “spent of the late English monarch, a ocean liner. Stocked with replica
charity has several benefits for was father of four and a manager millions on the home, not worry- solid marble toilet and a crystal White Star Line stemware and
the homeowner, tax experts said, for the boxer Roy Jones Jr. A ma- ing about the cost,” Teri said. chandelier. Even the sink stopper fine china, the bar has inlaid
including avoiding paying capital- jor philanthropist, he donated Timeless Tanglewood “defi- is bejeweled. woodwork and antique cameos.
The room also has a miniature
replica of the ship. Off the bar
area is a room designed to look
like a ship’s hull.
The idea for a Titanic-themed
room came from Fred’s antique
RIPTIDE MEDIA/MARK LEE TEAM (2); MARK LEE TEAM/LEVIN RINKE REALTY (TOILET)

car collection, Morris said. Fred

purchased a 1912 Renault, the sis-
ter car of one that went down on
the Titanic. For a time, the Re-
nault was on display in the house,
Morris said, and partygoers often
snapped pictures in front of it.
UWF has used Timeless Tangle-
wood as a president’s club and
event space, Mixson said.
As for why the university is
selling the house, she said, “the
goal is to have the biggest impact
possible on our students, and
that’s scholarships.” She added
that “houses like this can be very
expensive to maintain.”
The Titanic Room
—E.B. Solomont

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ORALREPRESENTATIONSCANNOTBERELIEDUPONASCORRECTLYSTATINGTHEREPRESENTATIONSOFTHEDEVELOPER.FORCORRECTREPRESENTATIONS,MAKEREFERENCETOTHISBROCHUREANDTOTHEDOCUMENTSREQUIREDBYSECTION718.503,FLORIDASTATUTES,TOBEFURNISHEDBYADEVELOPER
TO A BUYER OR LESSEE. This is not intended to be an offer to sell, or solicitation to buy, condominium units to residents of any jurisdiction where prohibited by law, and your eligibility for purchase will depend upon your state of residency. All images and designs depicted herein are artists’ conceptual renderings, which are
based upon preliminary development plans, and are subject to change without notice in the manner provided in the offering documents. All such materials are not to scale and are shown solely for illustrative purposes. This project is being developed by N Flagler Drive Developer, LLC, a Delaware limited liability company, which
wasformed solely forsuch purpose.Olara issponsored bya Savanna affiliate.Savannaisaproven owner, operator,developer, and institutionalfund managerwitha 30-yeartrack record. Ithas invested inand developed over17 millionsquare feetof real estate. Other affiliated parties include the Mactaggart Family Partnership,
which has invested in and developed premier real estate projects in the United States and England for over 100 years, as well as Haymes Investment Company and Brandon Rinker. Haymes and Rinker assisted in the acquisition of six of the eight parcels within the assemblage that became the Olara development site and served
as development consultants as the site was assembled and the development vision was finalized. The principals of Haymes Investment Company have owned, operated, and developed millions of square feet of commercial, residential, and retail real estate in New York, Florida, and around the United States. Brandon Rinker has
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HAS BEEN ACCEPTED IN NEW YORK AS FILE NO. CP22-0089. WARNING: THE CALIFORNIA DEPARTMENT OF REAL ESTATE HAS NOT INSPECTED, EXAMINED, OR QUALIFIED THIS OFFERING. This advertisement is a solicitation for the sale of units in Olara Condominium; N.J. Registration #: 22-04-0012. Equal Housing Opportunity.
P2JW075000-0-M00300-1--------XA

THE WALL STREET JOURNAL. Friday, March 15, 2024 | M3

PRIVATE PROPERTIES
feet underground, it is built with
an escape tunnel, 1-foot-thick re-
inforced concrete, and 2,000-
pound blast-proof, bulletproof
doors, he said. It also has a 4,500-
bottle wine cellar, which was com-
pleted just as the Covid-19 lock-
downs started, Jim said. “I told
Nancy, ‘We might run out of food,
but we won’t run out of wine.’ ”
The estate also has a large out-
door pool, a chicken coop and
about 140 fruit trees, including
grapefruit, orange, avocado, pas-
sion fruit, pear and apple.
“We walk out in the morning
with our coffee and we just pick
the fruit off of the tree and that’s
our breakfast,” Nancy said.
The Demetriades children were
home-schooled, so there is a
classroom on the property. When
the children were young, the fam-
ily spent at least three months of
the year abroad and went to
about 20 countries, Jim said,
spending time with chimpanzees
in Tanzania and fishing for hali-
but in the Scottish Hebrides. The
couple valued those experiences
for their children more than the
traditional school experience. “We
were able to travel, so the last
thing I wanted was to be beholden
to the schedule of schools,” said
Jim, who is now founder and CEO

Beverly Hills Compound With

of Kairos Ventures, a venture-cap-
ital firm that partners with uni-
versities to identify scientific dis-

Nightclub, Escape Tunnel Lists

coveries and commercialize them.
A former actress, Nancy helped
run and design some of the cou-
ple’s other investments, such as
hotels and restaurants.
Now, three of their children are
A collection of redbrick and velvet couches and a custom in college and their youngest is
stucco structures overlooking Los 50,000-watt speaker system with thinking of attending boarding
Angeles evokes a small, rural subwoofers built into the ceiling. school in Europe.
Mediterranean village, but the The space provided a place for the The couple decided to put Villa
walls conceal modern amenities couple’s children, now college-age Theos on the market as they con-
worthy of a theme park: a bowling or approaching it, to gather with sider their options, including a
alley, nightclub, shooting range friends. move to Florida or pieds-à-terre
and even an escape tunnel. A bowling alley has animatron- in Paris and New York, they said.
Known as Villa Theos, the ics including faux boulders and The listing agents are Kurt
roughly 28,000-square-foot, 13- lanterns that swing, shake and Rappaport of Westside Estate
bedroom compound in Beverly flash with each strike, Jim said. In Agency and Drew Fenton of Carol-
Hills is the decadeslong project of the shooting range, users can wood Estates.
software mogul Jim Demetriades shoot the traditional way or with Villa Theos is coming on the
and his wife, lasers. Images of objects like wa- market amid a slowdown in big-
FOR SALE Nancy Deme- termelons or soda cans are pro- ticket sales in the area.

$85
triades. The jected onto a screen and explode In 2023’s fourth quarter, the
couple bought when they are hit. number of single-family home

MILLION the main

house for
One of Jim’s contributions to
the house is a giant man cave that
sales in Beverly Hills dropped
28.9% from the same period of the
28,000 sq. ft., $8.45 million doubles as an emergency bunker prior year, according to real-estate
13 bedrooms in 2000 and were married in 2000, the same Jim, who grew up in Pasadena, is in the event of fire, earthquake or appraisal firm Miller Samuel.
renovated it, year they purchased the house. of Greek descent. The name is apt, other disaster. Located about 24 —Katherine Clarke
and have spent tens of millions Before that, Jim had been living Nancy said: “We just thank God
adding more structures to the on the ocean in Manhattan Beach, every day for allowing us to live
roughly 2.5-acre property over the where the decor was marble and in this. I felt like he gave it to us.”
years. stainless steel with a three-story The six-bedroom main house
“Jim and I really sat down and crystal waterfall running through was built about 30 years ago. The
thought, ‘OK, if we could have it. “It was the ultimate bachelor living room has a bar, an antique
anything we wanted—the sky’s the pad,” said Nancy. fireplace imported from France,
limit—what would we want?’ And Jim was convinced he would and dramatic reclaimed wood-
we just went for it,” said Nancy. stay there forever, he said, but beamed ceilings. The home’s de-
Now the couple, faced with the Nancy insisted that they move to cor—classical statues, heavy up-
prospect of becoming empty-nest- a more child-friendly location holstery and chandeliers—reflects
ers sooner than expected, are put- with a large garden. The couple Nancy’s self-described “eclectic”
ting the compound on the market went on to have five children. style. “It’s Old World,” she said,
for $85 million. Villa Theos comprises several “with old fabrics and old carpets.”
ANTHONY BARCELO (3)

Jim founded SeeBeyond Tech- structures, including the main The coach house, which was
nology, a software company that house, the “coach house” and a completed in the last few years, is
was sold to Sun Microsystems, four-bedroom guesthouse, the home to the property’s more un-
now part of Oracle, in 2005 for al- couple said. The name Theos ref- usual amenities. An Old West-
The nightclub has custom speakers.
most $400 million. He and Nancy erences the Greek word for God; themed nightclub has a disco ball,

SUNSHINE

350
D A Y S
YEAR

The
h end
d off the
h rainbow.
b
The author Zane Gray said, “There’s something wonderfully healing in the Arizona air.” He’d want you and your
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The Ritz-Carlton Residences, Dove Mountain is not owned, developed or sold by The Ritz-Carlton Hotel Company, L.L.C. Dove Mountain Investors, LLC uses The Ritz-Carlton marks under license from The Ritz-Carlton Hotel Company, L.L.C.
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improvements referenced herein are subject to change without notice. Sales are conditional upon buyer’s receipt and acceptance of the Arizona Subdivision Public Report.
P2JW075000-0-M00400-1--------NS

M4 | Friday, March 15, 2024 NY THE WALL STREET JOURNAL.

MANSION

Atlanta, Now Listed for $11.5 million

‘Y’allywood’
Continued from page M1
Park and the BeltLine. New hous-
ing is also popping up near stu-
dios, including Trilith Studios in
Fayetteville, about 30 miles south
of downtown Atlanta.
The actor Josh Brolin and his
wife, Kathryn Boyd Brolin, bought a
house in the Atlanta area in 2020,
paying $3.25 million for a home in
Sandy Springs, a suburb about 15
miles north of Atlanta. (It’s listed
for rent asking $35,000 a month,
according to Zillow.) Melissa
McCarthy and her husband, Ben
Falcone, purchased a house in
Buckhead for $2.3 million in 2018;
they sold it for $4.5 million in Sep-
tember 2023. TV host and producer
Steve Harvey bought a nearly Ryan Millsap paid $5.15 million for his 1930s house in
35,000-square-foot mansion in Tuxedo Park, then spent $4 million on renovations.

FROM TOP LEFT: MATT ODOM FOR THE WALL STREET JOURNAL (3); HYOSUB SHIN/THE ATLANTA JOURNAL-CONSTITUTION/ZUMA PRESS; DIMITRIOS KAMBOURIS/GETTY IMAGES; FUTURE-IMAGE/ZUMA PRESS; JASON KEMPIN/GETTY IMAGES; ERIC MCCANDLESS/ABC/GETTY IMAGES
Buckhead for $15 million in 2020,
records show. The seller was actor
and filmmaker Tyler Perry, who
has since built a sprawling estate
in Douglasville, a city 25 miles west
of his production studio headquar-
ters in Atlanta. None responded to
requests for comment.
Overall, Georgia had 4 million
square feet of stage space in
2023, up from 45,000 square feet
in 2010, according to the Georgia
Film Office, which projected an-
other roughly 2 million square
feet by 2025.
Film and TV productions spent
$4.1 billion in Georgia in fiscal Park, one of to diversify his investments.
2023, the office said, and between Atlanta’s oldest “I love the South,” he said, add-
2011 and 2021, Georgia added residential ing that Atlanta has four seasons
more than 15,600 movie and neighborhoods. and feels like a “gigantic small
video-industry jobs, according to He did a $4 town” with a dynamic economy
the U.S. Census Bureau. (After A bonus: Hartsfield-Jackson At- L.A. if I don’t have to?” million renovation, then listed it despite a slower pace of life.
topping $1 billion in tax credits lanta International Airport, al- Around 2015, he purchased a for $11.5 million in December. He The cost of living is drastically
certified last year, lawmakers are ready one of the busiest airports 108-acre farm in Social Circle, a said his family—his wife, Brittany lower, too. “If you’re coming from
considering certain limits on the in the U.S., opened a private ter- small city about 50 miles outside Millsap, three daughters from his L.A., you live like your billionaire
tax incentive.) minal for VIP travelers in 2022. of Atlanta. The same year, he first marriage and an 18-month-old friends without being a billion-
“The film and TV production Ryan Millsap, whose back- founded Blackhall Studios, which son—prefer the farm, 45 minutes aire,” Millsap said.
credits are huge economic drivers, ground is in commercial real es- owned and operated an 850,000- from Buckhead. “We have too During 2023’s fourth quarter,
but the city is also a cultural tate, moved to Atlanta from Los square-foot film-production facil- much housing in one location,” the median sales price for luxury
mecca,” said Steve Cohen, a partner Angeles around 2014 and pivoted ity on 100 acres in Atlanta. It ulti- said Millsap, who has homes in homes in Atlanta—defined as the
at United Talent Agency, which to developing real estate for the mately grew to about 400 acres. Colorado and Florida. top 5% of the market—was $1.3
opened an office in Atlanta in 2023. film-production business. The “The tax credit is everything,” In 2021, Millsap sold a control- million in 2023, up 10.8% com-
A New Jersey native who attended Missouri native said the move Millsap said. “Georgia is punching ling stake in Blackhall, now known pared with the fourth quarter of
Emory University, Cohen moved to was predicated by his divorce. At way above its weight class.” as Shadowbox Studios, to an L.A.- 2022, according to real-estate bro-
Atlanta’s Ansley Park neighborhood the time, he owned apartments in After remarrying in 2021, Mill- based private-equity firm, Com- kerage Redfin. In March, a house
in 2022. “People realized it was OK the Sunbelt and found himself sap paid $5.15 million for a 1930s monwealth Group, for a reported on nearly 3.4 acres in Buckhead
to not live in L.A. or New York.” wondering, “Why am I living in house on about 3.5 acres in Tuxedo $120 million. He said he wanted Please turn to page M5

Wyatt Russell
Tyler Perry Josh and Kathryn Boyd Brolin Mariel Molino Steve Harvey
and Meredith Hagner

Oceanfront Investment Opportunity RORY O’DARE

772.234.9999
545’ OF OCEANFRONT
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THE WALL STREET JOURNAL. NY Friday, March 15, 2024 | M4A

The SKYis the LIMIT

for EKLUND|GOMES
$3.77 BILLION THE #1 MEGA TEAM RATED #1
IN TRANSACTIONS IN IN THE NATION IN NEW YORK
20231 3 YEARS IN A ROW 2 BY THE REAL DEAL3

THE HIGHEST 100+ SUCCESSFUL

NEW DEVELOPMENT PROJECTS
PRESENCE OF ANY TEAM4 SOLD OUT & COUNTING4

90 AGENTS, 13 OFFICES, 5 STATES

FREDRIK EKLUND JULIA SPILLMAN JOHN GOMES

LIC. ASSOC. R.E. BROKER LIC. ASSOC. R.E. BROKER LIC. ASSOC. R.E. BROKER
[email protected] [email protected] [email protected]
DRE# 02074900 DRE# 02102202 DRE# 02074901

WWW.EKLUNDGOMES.COM | O: 212.598.3199

© 2024 DOUGLAS ELLIMAN REAL ESTATE. EQUAL HOUSING OPPORTUNITY. 575 MADISON AVENUE, NEW YORK, NY 10022. 212.891.7000. FREDRIK EKLUND, LIC. ASSOC. R. E. BROKER,
LICENSED IN NEW YORK, CALIFORNIA, AND FLORIDA. JOHN GOMES, LIC. ASSOC. R. E. BROKER, LICENSED IN NEW YORK, CALIFORNIA, FLORIDA AND TEXAS. JULIA SPILLMAN, LIC. ASSOC.
R. E. BROKER, LICENSED IN NEW YORK AND CALIFORNIA. 1) BASED ON 2023 DOUGLAS ELLIMAN TRANSACTIONS (BOTH PENDING AND CLOSED). 2) AT DOUGLAS ELLIMAN REAL
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P2JW075000-0-M004B0-1--------NS

M4B | Friday, March 15, 2024 NY THE WALL STREET JOURNAL.

Make Your Next Move

Exceptional

25 Columbus Circle, 54B | Lincoln Square 16 West 77th Street, 16E | Upper West Side
$8,250,000 | 2 BR, 2.5 BA | Web# 22875982 $8,150,000 | 3 BR, 3 BA | Web# 22690947
Richard Phan: O 212.303.5363 Joanne Douglas: M 1 917.539.2800 | Donna Renna: O 212.909.7961

Virtually Staged

1 Sutton Place South, 4C | Sutton Place 104 Parrish Pond Court East | Southampton
$7,400,000 | 6 BR, 5 BA | Web# 22756161 $5,999,999 | 6 BR, 7 BA, 2 HALF BA | Web# H374920

Joanne Douglas: M 1 917.539.2800 | Donna Renna: O 212.909.7961 Kimberly Cammarata: O 631.898.2210

870 Fifth Avenue, 4H | Lenox Hill 52 East 4th Street, 11 | East Village
$3,150,000 | 4 BR, 4.5 BA | Web# 22804951 $2,995,000 | 2 BR, 2 BA | Web# 22884198
Dianne Van Laer: O 212.891.7192 Jon Capobianco: O 212.460.0655

425 Fifth Avenue, 23B | Murray Hill 350 Albany Street, 10BC | Battery Park City
$1,425,000 | 2 BR, 2 BA | Web# 22576519 $1,375,000 | 3 BR, 2 BA | Web# 22873520
Raphael De Niro: O 212.460.0655 Raphael De Niro: O 212.460.0655

49 East 12th Street, 3I | Greenwich Village 157 West 57th Street, 39F | Midtown West
$650,000 | 1 BR, 1 BA | Web# 22882938 $35,000/monthly | 3 BR, 3 BA | Web# 22884199
Quinn Ferree: O 212.460.0655 Jon Capobianco: O 212.460.0655
elliman.com

575 MADISON AVENUE, NY, NY 10022. 212.891.7000 © 2024 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT
NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. EQUAL HOUSING OPPORTUNITY.
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THE WALL STREET JOURNAL. Friday, March 15, 2024 | M5

MANSION
Serenbe, where Reedus owns a
home, has also attracted high-pro-
The home rents for up to $65,000 a month.
file residents. In addition to res-
taurants, gyms and a school, part
of the allure is privacy, said Mon-
ica Olsen, Serenbe’s head of mar-
keting. A sign at the entrance ad-
vises visitors not to take
unsanctioned photographs.
Olsen moved to Atlanta from
California 20 years ago when her
husband got a job at Turner Broad-
casting. She said Georgia’s tax cred-
its have had a huge impact on the
entertainment industry’s presence
in the state. “You don’t have to be
in L.A. to work in L.A.,” she said.
At Serenbe, prices range from
Investor and developer Maximilian Deitermann paid $1.9 million in 2018 for a property with a 12,700-square-foot home in the Buckhead district. $450,000 to $4 million plus. Plans
call for nearly 2,000 homes, about
sold for $19.8 million, setting a re- For actor Wyatt Russell—son of lanta’s Old Fourth Ward neighbor- 750 homes when completed, in 30% of which are built, Olsen said.
cord for the Atlanta metro area, Goldie Hawn and Kurt Russell— hood. She is aiming to spend un- about five years. So far, some 300 Reedus said privacy was a key
according to agents involved in the buying a house in Atlanta meant der $1 million and said there is homes have sold. About 30% of selling point when he bought his
deal. Atlanta luxury sales volume having a more-permanent home nothing remotely as affordable in buyers are connected to the enter- house in 2015. The roughly 4,150-
in 2023’s fourth quarter rose 3.4% for his family, including his wife, California, where buying a home tainment industry, said Rob Parker, square-foot, four-bedroom house
compared with the fourth quarter Meredith Hagner, while he was is “daunting.” president of the Town at Trilith. features a small river encircling
of 2022, Redfin data show. shooting Marvel’s miniseries “The About seven years ago, the Residences include apartments, the house and yard.
Real-estate investor and devel- Falcon and the Winter Soldier.” owners of Atlanta’s largest film- micro units, cottages and estate After “The Walking Dead”
oper Maximilian Deitermann, who In 2020, they paid about $1.6 production studio—then known as homes with prices from $500,000 ended in 2022, he listed the house
splits his time between Atlanta million for a house in the BeltLine Pinewood Atlanta Studios—began to $4 million and up, said Lori Lane for rent. He has recently put it on
and Miami, said the city is going area and decorated it in three building a live-work-play commu- of Berkshire Hathaway HomeSer- the market for $3.85 million, ac-
through a renaissance with up- days with antique-store finds. “It’s nity in Fayetteville, about 30 min- vices GA Properties, which is mar- cording to agent Addie Bartlett of
and-coming neighborhoods, a a traditional Southern home,” utes from the Atlanta airport. (An keting the residences. Compass. Reedus said he doesn’t
growing restaurant and bar scene, Russell said. They rent it out entity tied to former Chick-fil-A Lane said homes are designed need the house because he is film-
and the BeltLine, an urban rede- when they aren’t there. CEO Dan Cathy and others in the style of European villages. ing another show in Europe. He
velopment that includes parks and “The Watchful Eye” actress brought U.K.-based Pinewood to “Everything was designed inten- has an apartment in Paris as well
trails on 22 miles of unused rail- Mariel Molino, who lives in L.A., Atlanta in 2013. In 2018, the en- tionally to have a movie atmo- as homes in upstate New York and
road tracks. said she is looking to buy in At- tity bought out Pinewood and re- sphere,” she said. The community Costa Rica, he said. “When you
Over the past few years, Deiter- lanta, having worked there on and branded it Trilith Studios.) has 1,000 trees, 15 miles of trails, have a family full of actors, you
mann has renovated and devel- off for the past few years. “It’s Known as the Town at Trilith, 54 acres of forest and 19 parks. go where the work is.”
oped about 10 luxury homes in just a good investment,” she said. the 235-acre
the Atlanta area. One of his prop- “I think I will probably end up go- master-planned
erties—a roughly 12,700-square- ing back at some point in my ca- community is
foot house on 3.7 acres in Buck- reer, either to work there or visit part of the
head—cost him $1.9 million in friends.” 1,000-acre stu-
2018. After light renovations, he Molino said she is looking to dio complex. It

FROM TOP: ILYA ZOBANOV (2); MATT ODOM FOR THE WALL STREET JOURNAL
has rented it consistently for be- buy a house or townhouse in At- will have about
tween $45,000 and $65,000 a
month, he said.
Real-estate agent Hasan Pasha
of Pasha Luxury, who caters to the GEORGIA
entertainment industry, said actors Tuxedo Park
typically rent during their first Buckhead
stint in Atlanta, but want a perma-
Downtown BeltLine
nent place if they return a second Douglasville
time. Many gravitate to areas like
Serenbe Atlanta
Piedmont Park, the BeltLine and
Buckhead, which has larger homes
Fayettev ille
with more privacy. He added that ALA. Newnan Town at Trilith
the inventory, especially for high-
rises, is growing. “If you look at G riffi n
10 miles
10 miles

Atlanta, there is a crane on every 10 km

km

third block,” he said. Camille Bressange/THE WALL STREET JOURNAL Serenbe offers a sense of privacy. A sign at the entry advises against unsanctioned photos.
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M6 | Friday, March 15, 2024 NY THE WALL STREET JOURNAL.

PRIVATE PROPERTIES
lazy hours those writers spent
communing with nature in their
country estates,” the book said.
The roof of the house is copper,
and the wood siding was painted
in yellow ocher, a color “as Rus-
sian as borscht,” the book said.
Ahmet, who worked with musi-
cal acts including Ray Charles and
the Rolling Stones, sold Atlantic
Records to Warner Bros in 1967
but stayed on as chairman. Mica,
an interior designer, had clients
including Leon Black and Alice
Walton.
The Erteguns had homes
around the world, including a
five-story townhouse in Manhat-
tan, a summer home in Bodrum,
Turkey, and an apartment in
Paris, according to the book “The
Last Sultan: The Life and Times of
Ahmet Ertegun.” Ahmet felt that
the definition of success was
“when you have no keys,” the
book said; when he arrived at
each of his homes, there was al-
ways an assistant there to open
the door for him.
Davis is listing the property
with Erica Grossman of Douglas
Elliman.
The Hamptons market has been
slow for the past few years but is
showing signs of life, according to
a fourth-quarter 2023 report by

The Longtime Hamptons Home of

the Corcoran Group, which
showed the first sales-activity
growth in eight quarters. There

Music Mogul Ahmet Ertegun Lists

were two deals over $50 million
in the fourth quarter, up from
none in the same period of 2022.
—Katherine Clarke

The Hamptons home of the late 2023, the waterfront home on ing that the property is in very
Ahmet Ertegun, the Atlantic Re- about 5.5 acres is coming on the good condition. The living room is
cords co-founder who has been market for $52 million, according designed as a two-story cube,
called the “greatest re- to listing agent Tim Davis with a pyramidal vault ceiling.
cord man” in U.S. his- FOR SALE of the Corcoran Group. The home’s walls are hung with

$52
tory, was built for enter- The couple had no chil- large-scale Turkish portraits,
taining on a grand scale. dren. while the rooms are filled with
The Southampton Known as Boatman antique furniture. The furniture
house was built in the MILLION House, the property has a isn’t included in the sale.
style of a Russian dacha 11,000 sq. ft., private dock on a creek The property also includes a

FROM TOP: RISE MEDIA; AERIAL AESTHETICS

by the Turkish Ertegun 10 bedrooms leading to Shinnecock roughly 75-foot-long outdoor pool
and his wife, Romania- Bay, and the ocean is visi- and manicured gardens with
born society doyenne Mica Erte- ble from the upper floor, Davis cherry and pear trees.
gun. After seeing the initial plans, said. Designed by the late archi- The idea of the dacha arose
Ertegun had the living room en- tect Jaquelin T. Robertson around from the property’s proximity to
larged to accommodate an orches- 1990, the roughly 11,000-square- nature, according to the 2002
tra, according to Vanity Fair. foot, 10-bedroom house has Palla- book “Beach Houses.” The site re-
Ahmet died in 2006, and fol- dian architectural features such as minded Mica of “the Russia of
The creekfront property is about 5.5 acres.
lowing Mica’s death in December classical columns, said Davis, not- Chekhov and Pushkin, and of the
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THE WALL STREET JOURNAL. NY Friday, March 15, 2024 | M6A

P2JW075000-0-M006B0-1--------NS

M6B | Friday, March 15, 2024 NY THE WALL STREET JOURNAL.

STAR POWER
Coldwell Banker Warburg's Top Agents & Teams of 2023
We celebrate our top-producing agents who provide their clients with exemplary real estate services
every day. Through years of hard work, these agents have honed their craft, mastering the intricacies
of the market and forging strong client relationships built on trust and integrity. In a city of endless
opportunites, each day begins and ends at home—our top agents will lead you to yours.

Photographed on Location
535 West End Avenue,12th Floor
Listed by Wendy Greenbaum

Wendy Greenbaum Lisa Chajet

Maria Daou Harriet Kaufman Annie Cion Gruenberger

Blacker & Reed Team The Gottlieb Team Reiner Deslauriers Team
Rebecca Blacker & Arlene S. Reed June Gottlieb & Steven Gottlieb Linda Reiner & Lisa Tarnopol Deslauriers

Upper East Side Tribeca AN HERE

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654 Madison Avenue 124 Hudson Street
New York, NY 10065 New York, NY 10013
212-439-4500 212-380-2400
cbwarburg.com [email protected]
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P2JW075000-0-M00700-1--------NS

THE WALL STREET JOURNAL. NY /NE Friday, March 15, 2024 | M7

MANSION

Expected completion date: 2026

SUPERB OCEAN FRONT

FLORIDA KEYS ESTATE
THE BOUNDARY (2, RENDERINGS); PETER JAKUBOWSKI (STERN)

Designed by Robert A.M. Stern Architects, the project will have 49 private residences split
between the original Cromwell Hotel and a new, adjoining 200-foot tower.

Shore Club as wealthy Northeasterners

flocked to Florida.
In 2022, Griffin paid a

Record record $75 million for a

mansion on Star Island. A
few months later, three
Continued from page M1 homes in Golden Beach—
units for $46.2 million com- about 20 miles from down-
bined, records show. town Miami—sold for a
The Shore Club redevel- combined $93 million. Then
opment has been years in Griffin handed Miami its
the making. It involves re- Robert A.M. Stern first $100 million deal when
developing two landmark he paid $106.875 million for
hotels: the circa-1940s prices at the time ranging a waterfront estate in Mi-
Shore Club hotel and the from around $6 million to ami’s Coconut Grove.
Cromwell Hotel, a 1930s Art about $40 million, exclud- Over the past year, Miami
Deco building. ing the penthouse. The condo developers have intro-
Designed by Robert A.M. project is expected to be duced a slew of high-priced
Stern Architects, the proj- completed in 2026. units aiming to establish a
ect will have 49 private res- RAMSA collaborated on new level of condo pricing,
idences split between the the project with Kobi Karp including Aman Miami
• Open Ocean Views • Private Beach
• Deep Water Access • Infinity Pool & Spa
Miami’s current condo record was set in 2015,
• 4 Bedroom, 5 Baths • 29,786 Lots Total Sq. Ft.
when hedge-fund billionaire Ken Griffin paid $60 million
for a pair of penthouses at Faena House. • 4,752 Sq. Ft. Under Roof • 4 + Car Garage

original Cromwell Hotel and Architecture & Interior De- Beach and the redevelop- Lisa Ferringo
a new, adjoining 200-foot sign, and the interiors are ment of the historic Raleigh
tower. yacht-inspired and have a Hotel by a group headed by 305.797.1221
There will also be a color palette of dune, coral New York-based developer
roughly 6,000-square-foot and sky. SHVO. A penthouse there is
[email protected]
stand-alone mansion facing Douglas Elliman Develop- asking $150 million.
the beach, and a five-star ment Marketing is leading Since 2020, at least 24
resort operated by Auberge sales. homes nationwide have
Resorts Collection. Sales Miami’s luxury market traded for $100 million and
launched early 2023, with skyrocketed during Covid up.

Tampa
Port St.
Lucie

Naples
Boynton
Beach
3 Days &
Spectacular On-Site Amenities Stunning Contemporary Home Designs
$
99 STAY AND

2 Nights
55+ FLORIDA LIVING AT IT’S FINES T FREE
BROCHURE
Valencia in Florida offers beautiful new homes and a world-famous 55+ lifestyle centered around YOU! Every Valencia community features an impressive clubhouse with dozens of sports and fitness programs, hundreds of clubs, daily activities,
and events you won’t find anywhere else. Choose from four of Florida’s most desirable locations, and get ready to vacation year-round from your own home close to beautiful beaches, world-class shopping, dining, and so much more.
YourValencia.com | (800) 429-2185 | $400s - $2M
Broker must accompany client during client’s initial visit to each community. Both the client and Broker must execute the Developer’s Registration Form on the initial visit. Broker must also execute the Developer’s Broker Participation Agreement. Each community is owned, developed, and sold by a separate and distinct entity, and no entity is responsible for or has any obligation or liability for
any other entity. Valencia Grand is being developed and sold by Boynton Beach Associates 30, LLLP, a Florida limited liability limited partnership. This advertisement is a solicitation for the sale of Lots at Valencia Grand. Applicable to NY Residents: THE COMPLETE OFFERING TERMS ARE IN A CPS-12 APPLICATION AVAILABLE FROM THE OFFEROR. FILE NO. CP22-0092. Applicable to NJ Residents:
N.J. Reg. No. 22-04-0011. Valencia Walk at Riverland® is being developed and sold by Riverland Associates II, LLLP, a Florida limited liability limited partnership. Valencia Parc at Riverland® is being developed and sold by Riverland Associates IV, LLLP, a Florida limited liability limited partnership. Valencia Trails is being developed and sold by Naples Associates IV, LLLP, a Florida limited
liability limited partnership. Valencia Ridge is being developed and sold by Pasco County Associates I, LLLP, a Florida limited liability limited partnership. Purchase in one community does not grant any rights to use any recreational or other facilities and amenities of any other community. No representation or guarantee is made as to the timing of construction of the facilities and amenities.
Renderings are for illustrative and conceptual purposes only and are subject to change at any time without notice. Floorplans are not to scale and may be the reverse (mirror) image of those shown. Map Locations are approximate. See a sales associate for details. Map locations are approximate and not to scale. Valencia Walk, Valencia Parc, Valencia Grand, Valencia Trails, and Valencia
Ridge are designed for residents aged 55 & older and are intended to meet the exemption under the Federal Fair Housing Act. This is not an offering in states where prior registration is required. Equal Housing Opportunity. All rights reserved. © 2024 1100-779 3-1-24
P2JW075000-0-M00800-1--------NS

M8 | Friday, March 15, 2024 NY THE WALL STREET JOURNAL.

MANSION
LIVING HISTORY

Renovating a Historic Eyesore

This English couple turned a roughly 180-year old, decrepit forge into a warm,
inviting space for family and friends
BY RUTH BLOOMFIELD

V
isitors to Stepha- COST TO RENOVATE

$707,000
nie and Robert
Grundy’s historic
English cottage
2 bedrooms, 2 bathrooms
used to be inevitably drawn
to the incongruous, ram-
shackle building that stood
just beyond the backyard.
“They would always ask
what the funny old building
was, and was it ours,” said
Grundy. “It started me
thinking.”
Those early questions set
him on a nearly two-decade
project to acquire, redesign
and rebuild the former vil-
lage forge, fashioning a
contemporary house out of
its bare bones.
The Grundys bought
their family home, a four-
bedroom worker’s cottage,
in the village of Chenies,
about 24 miles northwest of
central London, in 2000.
By asking around among
his new neighbors, Grundy,
64, a semiretired chartered
surveyor, learned some of
the history of the adjacent
forge. In his professional
opinion it dates from the
1840s. He believes, based
on the property’s name, the
Old Forge, and its layout
that it had once been used
to smelt metal for making
and repairing agricultural
machinery and shoeing The renovation of the Old Forge took almost two decades from when Robert Grundy
horses. By the time Grundy purchased it from a local power company. He says he wanted to save the old building.
moved to the village, the
forge had been repurposed
as an electricity substation,
supplying local power.
“It was very dilapidated,”
said Grundy. “The roof was
about to fall in, the walls
were unstable, and the win-
dows were heavily rusted. It
was beginning to lose bricks
from the upper parts of the
walls, and it was heavily
overgrown with vines. I re-
JOANNA YEE FOR THE WALL STREET JOURNAL (4)

ally wanted to bring the

building back to life.”
Grundy’s first step was
to approach the power com-
pany, which told him it had
bought the forge in the
1950s. In 2004, the com-
pany management accepted
The ‘after’ view
his offer of about $154,000.
But the deal had strings at-
tached: Grundy had to also
agree to purchase a small to start work on his newly Finding the right architect turn his attention to his who suggested he play up Grundy. “It needed to be ca-
plot of land nearby as a site acquired building. Then was also difficult. “I had a forge, aware that if he de- the industrial heritage of pable of existing as a dwell-
for a new substation, and came the 2007-2008 finan- busy life, busy career and I layed much longer it could the building. ing, we also wanted it to be
contribute to its building cial crisis, not a smart time just did not get around to simply fall down. He hired “The brief was to do an entertaining space, and it
costs, adding around to spend large sums of it,” he said. architect Kathy Basheva, di- something exciting with the had to work with the historic
$51,000 to the investment. money on a completely dis- Eventually, in 2016, rector of London-based Stu- space, which needed to have character of the village.”
Grundy was in no rush cretionary project, he said. Grundy was finally ready to dio Basheva Architecture, a range of purposes” said Basheva’s plan was to

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*Source: NJMLS MLS 01.01.2023–12.31.2023.

Frances Hanson Ekblom is a team of real estate agents affiliated with Compass, a licensed
real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is
intended for informational purposes only. Information is compiled from sources deemed reliable
© 2023 Dow Jones & Co., Inc. All rights reserved. 6DJ7834 but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice.
Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
1 Franklin Avenue, Suites 2-3 Ridgewood NJ 07450
P2JW075000-0-M00900-1--------NS

THE WALL STREET JOURNAL. NY Friday, March 15, 2024 | M9

MANSION
extend the building into a
two-bedroom, two-bath-
The ‘before’ view
room house. She designed
an open-plan kitchen and
living room, divided by the
forge’s original twin fur-
naces and arched chimney.
To add more floor space, a
mezzanine room, accessed
by a metal spiral staircase,
was added above one of the
bedrooms.
Before any of that could
be done, however, the old
building needed a lot of ba-
sic, structural work to
shore it up. Work began in
April 2019. New black-
painted steel trusses were
commissioned to replace its
rotten wooden beams, its
slate roof was replaced, and
the crumbling exterior
walls repaired. Private Residence
Meets Private Resort
The original front door-
way, large enough for carts
and tractors to be brought
in and out, was replaced by
a more modestly sized mod- At Salato, we’ve created a first-of-its-kind living experience across from the
ern door, and the rusting pristine oceanfront in Pompano Beach, Florida. Our boutique, ultra-luxury
windows replaced with new development is comprised of just 40 expertly designed residences including
powder-coated steel models.
six stunning penthouses that will rise nine stories only steps from the ocean.
The brick wall at the The forge was being used “We wanted to use it for
back of the forge was par- as a substation when the entertaining, and we can Features include floor to ceiling windows that provide spectacular views of
tially dismantled, leaving Grundys bought it. It make the place rock.” the Atlantic Ocean, direct beach access, and an amenity deck that spans over
the furnaces and their required extensive work. For now, Grundy said he 20,000 square feet and is designed to feel like luxury resorts from around
chimney standing. An addi- wants to use the forge as a
the world. Perfectly located between Boca Raton and Fort Lauderdale, our
tion increased the size of place for parties and extra
the building from 915 to guest accommodation. In premiere location in Pompano Beach is one of the last in South Florida still
1,238 square feet. the future, he could rent it available for new development along the shore. We invite you to be among
Timber floors were laid out to long- or short-term the fortunate few to come home to Salato. Call or visit us online to learn
throughout. Bifold doors tenants or subdivide it
about our newest release of ocean view residences.
lead out to a paved back- from the family house and
FROM TOP: PETER KRIGE/KRIGE CONSULTING; JOANNA YEE FOR THE WALL STREET JOURNAL

yard. The forge is heated by sell it. They could also

a mixture of traditional and move in and sell off the
modern methods. An air- main house.
source heat pump provides Work was completed in
sustainable energy, while a November 2022. Including
pair of less environmentally landscaping, the project
friendly but more evocative cost around $707,000.
wood burners have been Grundy believes that the
fitted into the original fur- forge would sell for around
naces. $960,000 to $1.02 million,
The décor is simple, and meaning any profits earned LUXURY RESIDENCES STARTING UNDER $2 MILLION
largely monochrome. There its taupe en-suite bathroom would be minimal. “This
are white walls throughout, has a walk-in shower and a was a passion project,” he 305 Briny Avenue, Pompano Beach, Florida 33062
an almost-black painted black glass wall. said. “I couldn’t possibly
kitchen with off-white com- The main living area is recommend anybody do a 954 284 0090 | SalatoResidences.com
posite stone worktops, and lighted by three modern project like this thinking
sections of exposed brick- chandeliers, and a series of they are going to make ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS OF THE SELLER.
work. The principal bed- speakers hang from the money, but I did it because FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY
room is lighted by three beams. “We have nightclub- I really wanted to save the SECTION 718.503, FLORIDA STATUTES TO BE FURNISHED BY A SELLER TO A BUYER OR LESSEE. All dimensions,
features, and specifications are approximate and subject to change without notice. Brokers warmly welcomed.
more arched windows and quality sound,” said Grundy. building.”

Sun-Flooded Triple Mint Meyer Davis Designed Condominium San Remo Southeast Corner Triple Mint Residence with
Duplex I 155 East 79th Street, 9/10 I 9 Rooms I 5 Bedrooms, 5 Central Park Views I 145 Central Park West, 4C I 13 into
Bathrooms, Powder Room, Terrace, 2 Juliet Balconies, WBFP, 10 Rooms I 3 Bedrooms+ Library+ Staff Bedroom, 4 Bathrooms,
Central Air, Ceilings up to 10’ 3” | 4,292 SF Int., Powder Room, Juliet Balcony, Central Air, Ceilings up to 10’ I
131 SF Ext. I Condo | $11.65M | Web# 22670491 Co-op | $15.75M | Web# 21835968

Lic. RE Salesperson & Senior Global RE Advisor

m 917.863.8209 | o 212.323.3236
[email protected] | @cathyffranklin
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M10 | Friday, March 15, 2024 THE WALL STREET JOURNAL.

MANSION
ANNOTATED ROOM

Is This the Ultimate Man Cave?

Inside a Florida car
condo, which includes a Cost: $1.2 million
ground-floor area that
can hold five of the
owner’s 20 cars at
a time
1
BY LAURA HINE

S
uzanne Lovell, a Chi-
cago-based designer,
had already worked
with her clients—who
are in their late 50s
and work in the boating indus-
try—on a condo in Chicago and a
15,000-square-foot penthouse in
Naples, Fla., when the husband
5 4
called with a special request. “He
had just purchased a car condo
about 5 miles from their Naples
residence,” Lovell says. “And he
asked me to design the coolest
man cave ever.”
The car condo is in a gated
community, but instead of front 2
doors, there are garage doors.
The units don’t have bedrooms.
Instead, there’s generous space
for cars and for entertaining—
complete with bathrooms and
wet bars—making it a prime lo- 3
cation to host a Formula One
viewing party. The double unit,
which they bought in 2021 and
would cost about $3 million in
today’s market, is about 3,400 1. Mural lounge chairs in Ferrari racing red, complete work. Lovell outfitted it with a CEO Cube
square feet. The second-floor en- Lovell’s client suggested she work with art- with the owner’s race number. “I was able to desk designed by Lella and Massimo Vi-
tertaining space overlooks the ist Marcus Zotter to create a wall mural in pair classic furniture with a classic car collec- gnelli for Poltrona Frau. Says Lovell, “I’ve
ground floor, which has space for the space. “When I met with Marcus, we tion,” Lovell says. // Price: $25,000 for both wanted to do that desk for so long, and to
five of the owner’s 20 cars, in- talked about making it feel like you’re on a do it in red was fabulous.” // Price: $35,000
cluding a 1957 Porsche Speedster, racetrack, in the race,” she says. “That’s 3. Rug
a 1962 Ferrari 250GT and a 1961 what inspired the painting on the walls.” This automobile shrine is not the place for 5. Le Corbusier Lounge Chairs
Facel Vega. Along with multiple The client chose his favorite cars to be pic- subtlety. Hence, Lovell worked with Kyle Even in an exuberantly decorated room
seating areas, the entertainment tured in the mural that covers three of the Bunting to create a custom hair-on-hide rug such as this one, Lovell took care to balance
floor also has a race simulator walls. // Price: $75,000 with a pattern that mimics a checkered rac- the pieces that vroom with ones that play a
and a room for the owner’s cus- ing flag. // Price: $15,000 supporting role. In this case, the black
tom slot-car track. The couple 2. Eames Lounge Chairs leather Le Corbusier lounge chairs don’t

ERIC PIASECKI/OTTO
spent about $1.2 million to outfit After a little research, Lovell discovered Rac- 4. Desk scream F1, but provide a grounding pres-
the space. Cars not included! ing & Emotions will customize classic Eames The space includes an area for the owner to ence. // Price: $20,000 for both
Here are some of the space’s de-
sign elements.

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

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M12 | Friday, March 15, 2024 THE WALL STREET JOURNAL.

MANSION
HOUSE CALL | BUSY PHILIPPS Busy Philipps in I attended Loyola Marymount
New York in 2023, University in Los Angeles. I ma-

She Turned Being

left, and, far left, jored in drama but left in the sec-
at home in ond semester of my sophomore
Scottsdale, Ariz., year. I had landed a part in TV’s

Weird Into a Career

in the early 1990s. “Freaks and Geeks.”
Today, I live in New York with
my daughters, Birdie and Cricket.
Mrs. Carrick, My now-ex-husband, Marc, and I
my high-school came to New York in September
drama teacher, 2020. Then, I was offered the role
The ‘Girls5eva’ actress on her outcast childhood, was the first to of Summer on “Girls5eva.” We
her resilient mom and her unusual first name see something in bought a place in Manhattan.
me. We did some My husband and I separated in
ambitious produc- 2021, and we decided to “nest.”
GROWING UP, I didn’t fit in. I was when I was 6. She brought over tions, like “Pip- Instead of our daughters shuttling
a blonde, blue-eyed weirdo with a brownies, and we loved playing pin” and “The back and forth, they stay put in
ton of energy. Everyone else in my Pound Puppies and riding bikes. House of Blue the “family home,” and we take
family had dark hair and dark My family moved to Scottsdale Leaves,” in which turns staying over. I also have an
eyes. I definitely had ADHD, so I from Oak Park, Ill., in August 1985. I played Bunny apartment nearby.
was a little annoy- My father, Joe, Flingus. Mrs. Car- Emily and I still talk daily.
ing at school. worked for an engi- rick was con- We’ve shared an entire life to-
From my per- neering consulting vinced I was going gether and she’s like a sister.
spective, I just had firm and had been to do great things. When the “Mean Girls” musical

FROM TOP: TINA TURNBOW; BUSY PHILIPPS (FAMILY PHOTO)

a different way of transferred to the In my junior film came out in January, she
looking at the nuclear power plant year, I got an said, “I’m really proud of you,
world. I had strong in Palo Verde. The agent and she Pup,” which made me feel great.
opinions and easily job lasted 10 years. sent me to audi- Best friends forever.
became obsessed Afterward, he 4½ years older than me. tion for Mattel’s live version of a —As told to Marc Myers
with things I liked. worked as a consul- I was born Elizabeth, but a Barbie doll in their toy fair. I was
One of the few tant that required babysitter was the first to call me cast as a doll based on the Cher Busy Philipps, 44, is an actress
girls who under- travel. Busy. After that, my mom started Horowitz character from the 1995 best known for her roles in TV’s
stood me was Em- My mom, Barbara, referring to me in my baby book film “Clueless.” I killed my imper- “Freaks and Geeks,” “Dawson’s
ily. I met her the was a homemaker, as Busy Beth but dropped the sonation. Actress Sharon Stone Creek” and “Cougar Town.” She
day we moved into but she became a Beth by the time I was seven came through the fair and said, currently co-stars in the musical
our rental house in real-estate agent. My months old. From then on, I was “You’re going to be a big star film “Mean Girls” and in the
Scottsdale, Ariz., sister, Leigh Ann, is known as Busy. someday.” I almost died. Netflix series “Girls5eva.”

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

MULTI STATE

DISTINCTIVE
PROPERTIES
SELECT RESIDENTIAL LISTINGS FRIDAYS IN MANSION

LIST YOUR PROPERTY TODAY

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C U R AT I N G T H E

Extraordinary
Top: 9200 Beech Hill Drive, Bethesda, MD
Presenting this stately, custom-built Augustine Homes Colonial nestled on a tranquil,
0.5 acre corner lot in Congressional Forest Estates, boasting 7 bedrooms, 5 full
baths and 3 powder rooms with just over 8,000 square feet of living space. With a
stately stone and shingle exterior, this home exudes timeless elegance and old-world
European charm. Enjoy the heated outdoor pool and large flagstone patio, sport court,
outdoor pond, and tot-lot. A large motor court leads you to three garage doors with
ample parking. An ideal location near Potomac Village, the vibrancy of downtown
Bethesda, major commuter routes, and three major airports. This is a home without
compromise, offering unparalleled luxury and comfort. $2,995,000
Middle: 2700 Calvert Street NW #716, Washington, DC
Rare offering - fully renovated 2,450 sqft one-level unit, with one bedroom +office/two
full and one half bath, beautiful hardwood floors, high ceilings, thick crown molding,
and recessed lighting throughout. Three assigned garage parking spaces included.
Shoreham West is a highly sought-after full-service cooperative with doorman and 24- Jonathan Taylor
hour desk, located in DC’s premier Massachusetts Heights neighborhood. $1,795,000 Founder &
Bottom: 2139 Tunlaw Road NW, Washington, DC
Managing Partner
Contemporary 4 bed, 3.5 bath, 2,980 finished sqft home (3,475 total sqft) in the
heart of Glover Park. Designed by renowned architect Ben Van Dusen, this striking m +1 202 276 3344
residence boasts immense curb appeal, with its sleek brick, white-painted stucco, and o +1 202 333 1212
copper façade adorned with natural wood and slate accents. Inside, you’ll discover a [email protected]
luminous and airy 30-foot wide residence boasting walls of windows, soaring ceilings, jtaylorgroup.com
oak floors, and the highest grade construction and finishes throughout. The attached
1 car garage plus parking pad complete the offering. $1,775,000

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Drive right up to your front door! Originally
designed by Julia Morgan with easy
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[email protected]
Codornices Park and transportation. Place an ad at:
3++BR • 3.5BA • $2,395,000 wsj.com/classifieds
Bebe McRae
510.928.3912 © 2024 Dow Jones & Company, Inc.
© 2024 Dow Jones & Company, Inc. All Rights Reserved.
CALDRE#00875159 All Rights Reserved.
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THE WALL STREET JOURNAL. Friday, March 15, 2024 | M13

P2JW075000-0-M01400-1--------XA

M14 | Friday, March 15, 2024 THE WALL STREET JOURNAL.

Nothing compares to what’s next.

NASSAU, THE BAHAMAS MONTE SERENO, CALIFORNIA

La Mouette & Petite Mouette bit.ly/15890Viewfield

$4,150,000 | sirbahamas.com/id/48593 $11,980,000
INDIGO BAY, ST. MAARTEN
Bahamas Sotheby’s International Realty Golden Gate Sotheby’s International Realty
Vielven.com | Starting from $800,000’s
SAMIRA COLEBY AMY MCCAFFERTY
St. Maarten Sotheby’s International Realty
[email protected] [email protected]
[email protected] | +1 721.544.1545 | +1 305.307.0669
+1 242.376.6248 +1 408.387.3227

ORINDA, CALIFORNIA SAN FRANCISCO, CALIFORNIA SANTA MONICA, CALIFORNIA GUILFORD, CONNECTICUT

40ValleyViewRoad.com 340 Crestlake Drive 407UpperMesa.com 66HighStreet54.com

$10,500,000 $1,650,000 | sothebysrealty.com/id/W7JT5B $6,695,000 $1,795,000
Golden Gate Sotheby’s International Realty San Francisco Brokerage Brentwood Brokerage William Pitt Sotheby’s International Realty
ANN NEWTON CANE GRANT BEGGS SIMON BEARDMORE MARGARET MUIR
[email protected] [email protected] [email protected] [email protected]
+1 415.999.0253 +1 415.815.9701 +1 310.892.6454 +1 203.415.9187

KILLINGWORTH, CONNECTICUT MADISON, CONNECTICUT KEY LARGO, FLORIDA KEY LARGO, FLORIDA

ChatfieldHollowFarmKillingworth.com 118MiddleBeachRoad.com 32 East Snapper Point Drive 52 Marlin Lane, Unit B

$2,500,000 $3,350,000 $16,900,000 | sothebysrealty.com/id/JLTS37 $6,595,000 | sothebysrealty.com/id/ZSF42Z
William Pitt Sotheby’s International Realty William Pitt Sotheby’s International Realty Ocean Reef Club Sotheby’s International Realty Ocean Reef Club Sotheby’s International Realty
BETSY ANDERSON MARGARET MUIR RUSSELL POST | MOLLY TAYLOR ERIC WOODWARD
[email protected] [email protected] [email protected] [email protected]
+1 203.641.3233 +1 203.415.9187 +1 508.524.4633 +1 305.394.4461

SKIDAWAY ISLAND, GEORGIA LAKE FOREST, ILLINOIS BOSTON, MASSACHUSETTS BOSTON, MASSACHUSETTS

3CactusPoint.com 999Lake.com 1 Franklin Street, Penthouse 4B 150 Seaport Blvd, Unit 6D

Price Upon Request $12,999,000 $10,900,000 | sothebysrealty.com/id/Y2JCSK $4,495,000 | sothebysrealty.com/id/QKJBQC
Daniel Ravenel Sotheby’s International Realty Jameson Sotheby’s International Realty Gibson Sotheby’s International Realty Gibson Sotheby’s International Realty
EMILY TRUST PATRICK MILHAULPT | TIM SALM | AMY DAVIDSON MICHAEL L. CARUCCI CHRISTINA SANTANGELO
[email protected] [email protected] [email protected] [email protected]
+1 912.547.3001 +1 847.849.9828 +1 617.901.7600 +1 617.593.0889

CONCORD, MASSACHUSETTS NEW YORK, NEW YORK NEW YORK, NEW YORK GIBSONIA, PENNSYLVANIA

75 Buttricks Hill Drive 21West11Townhouse.com 525ParkAvenue11AB.com 10752 Babcock Boulevard

$6,495,000 | sothebysrealty.com/id/JK5J49 $20,000,000 $13,995,000 $2,950,000 | sothebysrealty.com/id/WH5JX2
Gibson Sotheby’s International Realty Downtown Manhattan Brokerage East Side Manhattan Brokerage Piatt Sotheby’s International Realty
MICHAEL L. CARUCCI MARA FLASH BLUM | NIKKI FIELD LINDA M. MALONEY KIM ELLIOTT
[email protected] [email protected] [email protected] [email protected]
+1 617.901.7600 +1 917.607.7456 +1 917.544.4604 +1 412.848.1281

CHARLESTON, SOUTH CAROLINA CHARLESTON, SOUTH CAROLINA HILTON HEAD ISLAND, SOUTH CAROLINA HILTON HEAD ISLAND, SOUTH CAROLINA

5Motley.com 673Wampler.com 3DriftwoodLn.com 3Charlesfort.com

$3,200,000 $2,990,000 $4,500,000 $2,635,000
Daniel Ravenel Sotheby’s International Realty Daniel Ravenel Sotheby’s International Realty Daniel Ravenel Sotheby’s International Realty Daniel Ravenel Sotheby’s International Realty
KATIE COLEMAN RUTHIE RAVENEL | JOHN HUGULEY III THE ETHERIDGE GROUP THE ETHERIDGE GROUP
[email protected] [email protected] [email protected] [email protected]
+1 843.860.4985 +1 843.532.8130 +1 828.551.8043 +1 828.551.8043

ISLE OF PALMS, SOUTH CAROLINA ISLE OF PALMS, SOUTH CAROLINA AUSTIN, TEXAS AUSTIN, TEXAS

58GrandPavilion.com 36Seagrass.com 8818BigViewDrive.com BridlePathEstate.com

$7,250,000 $2,950,000 Price Upon Request Price Upon Request
Daniel Ravenel Sotheby’s International Realty Daniel Ravenel Sotheby’s International Realty Kuper Sotheby’s International Realty Kuper Sotheby’s International Realty
RUTHIE RAVENEL RUTHIE RAVENEL KUMARA WILCOXON KUMARA WILCOXON
[email protected] [email protected] [email protected] [email protected]
+1 843.696.8858 +1 843.696.8858 +1 512.423.5035 +1 512.423.5035

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subject to errors, omissions, changes including price or withdrawal without notice. Equal Housing Opportunity. Agent DRE’s: Amy McCafferty #00967324;
Ann Newton Cane #02084093; Grant Beggs #01976692; Simon Beardmore #1321605. SOTHEBYSREALTY.COM