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* * * * * * THURSDAY, NOVEMBER 7, 2019 ~ VOL. CCLXXIV NO. 110 WSJ.com HHHH $4.00
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Candles Light Up Beirut as Protesters Press for New Government Twitter

What’s
News Workers
Business & Finance
Spied for
oftBank’s CEO faulted
Saudis,
S his judgment in champi-
oning WeWork, as the Jap-
anese conglomerate and its
Vision Fund wrote down
U.S. Says
the value of their stakes. A1
Two now-former
Uber’s stock hit a new low
staffers charged with
as the expiration of the post- mining personal data
IPO lockup period sent a flood
of shares into the market. B1
of kingdom’s critics
California is probing BY ARUNA VISWANATHA
Facebook’s privacy practices AND BETSY MORRIS
and accused the firm of fail-
WAEL HAMZEH/EPA/SHUTTERSTOCK
ing to adequately comply Federal prosecutors charged

with information requests. B1 two former Twitter Inc. em-
ployees and a Saudi Arabian
Google is in discussions
national with spying on some
about changing its politi-
users of the social-media plat-
cal ad policy, about a week
form who were critical of Ri-
after Facebook and Twitter
yadh and providing that infor-
diverged on the issue. A6
mation to the kingdom’s
Mattel and its auditor officials.
effectively buried account- CALL FOR CHANGE: Demonstrators burned candles in Lebanon’s capital on Wednesday, in a show of support for antigovernment protests The complaint filed in fed-
ing issues related to one of that have gripped the country. They are demanding officials form a new government to deal with an economic crisis. A18 eral court in San Francisco ac-
the toy maker’s assets, a cuses Ahmad Abouammo, Ali
former executive said. B1 Alzabarah and Ahmed Al-
mutairi of acting as illegal
Saudi Arabia is set to
SoftBank’s Founder Takes Blame

agents of a foreign govern-
.
push OPEC to make deeper
ment.
oil-production cuts ahead
ly
Mr. Abouammo, one of the
of the Aramco IPO. B11
former Twitter employees,
An auction of some of was arrested in Seattle on
Brazil’s richest offshore oil CEO calls his judgment on massive tech-investment fund value of its holdings in U.S. companies and the tumble in Tuesday and is accused of try-
areas fizzled as many major with the biggest quarterly loss ride-hailing company Uber value of several others. ing to obtain personal infor-
firms steered clear. A8 on WeWork ‘really bad’ in its 38-year history. Technologies Inc. and about 20 WeWork, officially known as mation about Saudi Arabia’s
Shares of Xerox and HP as the Japanese group Standing in front of a screen other investments, leading to the We Co., lost almost $40 bil- critics, U.S. authorities said
projection of stormy seas and an operating loss—the fund’s lion in value after an attempt Wednesday. He made an initial
us l,
rose after news of a possi- takes a $4.7 billion hit dire Japanese-language head- first—of nearly $9 billion for to go public backfired a few court appearance Wednesday,
ble tie-up of the legacy
lines, Mr. Son told a news con- the quarter, and a group-wide months ago amid widespread prosecutors said.
technology companies. B4
al a
BY PHRED DVORAK
e
ference in Tokyo that he had net loss of $6.4 billion. skepticism about the company’s Mr. Alzabarah, the other
Huawei can survive with- AND MEGUMI FUJIKAWA made serious errors in judg- “My own investment judg- profitability and management. former Twitter employee, al-
out U.S. suppliers, its CEO ment that led the group to post ment was really bad. I regret it All told, SoftBank and the legedly used employee creden-
ci on
said, dismissing Washington’s TOKYO—Masayoshi Son, the earnings “of the deepest red.” in many ways,” Mr. Son said. Vision Fund have plowed nearly tials between November 2014
campaign against the firm. B4 billionaire founder of SoftBank SoftBank and the Vision Mr. Son is fighting to pre- $20 billion in debt and equity and May 2015 to obtain email
Group Corp., said Wednesday Fund wrote down the value of serve his reputation as one of Please turn to page A7 addresses, dates of birth and
Major U.S. stock indexes
his “really bad” judgment their WeWork stakes by $4.7 the world’s savviest and most Please turn to page A9
were little changed after
championing U.S. office-sharing billion and $3.5 billion, respec- influential tech investors after Uber shares hit new low..... B1
er rs
notching a string of re-

company WeWork left the Jap- tively. The $100 billion Vision the spectacular collapse of one Heard on the Street: Son must California probes Facebook on
cords in recent sessions. B11
anese conglomerate and its Fund also wrote down the of his most prized portfolio dial back ambitions.............. B12 privacy............................................ B1
Prosecutors charged an
ex-UAW vice president with
China Embraces Bankruptcy,

m e
conspiracy to commit fraud

and money laundering. B2 L.A. College Rebuffed
m rp
Admissions Scammer U.S.-Style, to Tackle Debt

World-Wide
Federal prosecutors
charged two former Twit- BY JENNIFER LEVITZ the country, had reason to be
co Fo
ter employees and a Saudi AND DOUGLAS BELKIN hopeful. He had made inroads
Arabian national with spy- into selective schools such as
ing on some users of the One day in 2012, an admis- Yale, Georgetown and the Uni-
After years of rescuing dying companies in the interest of stability,
social-media platform who sions director at Occidental versity of Southern California, Beijing rapidly builds a court system to manage defaults
were critical of Riyadh and College got a surprising email. exploiting higher education’s
providing that information William “Rick” Singer proposed focus on money and willingness XI’AN, China—In the Number of bankruptcy cases until recently, would have
to the kingdom’s officials. A1 that the school reconsider an to give extra consideration to trenches of China’s debt-ad- been swallowed by state
Accepted Completed
House Democrats said application from the academi- wealthy applicants. dled economy, the govern- banks and other creditors.
cally challenged daughter of a Mr. Singer’s illegal opera- ment has made a startling 20,000 It is a sign that Beijing is
open hearings with key im-
peachment-inquiry witnesses wealthy family. tion has spawned criminal decision: Let companies fail. worried about the number of
would begin next week, as Mr. Singer wanted the charges against 52 people, 29 That has left creditors an- failing companies and trying
school to overturn her rejec- of whom have pleaded guilty gry, debtors fighting to save 15,000 to find a fix. The system is
they released the transcript
of testimony from acting tion and suggested the parents or plan to. It also further high- their businesses and judges helping, many lawyers, for-
would give the school money lighted the role of money in on a mission to promote the eign investors and lenders
n-
Ukraine envoy Taylor. A4 10,000

Trump wanted Barr to above and beyond tuition. “Are admissions and the often wide benefits of bankruptcy. say, as it takes some pres-
publicly declare that he you kidding?” an incredulous gulf between high ideals of After years of pumping sure off local governments
hadn’t broken any laws dur- Mr. Singer wrote about her not meritocracy and mercenary out financial support to keep that lack the resources for so
5,000
ing a phone call with the being admitted. “We can create business practices. the economy humming and many bailouts.
no
Ukrainian president, but the a win-win for both of us.” Occidental has charted a dif- workers happy, China has The bankruptcy system in
attorney general refused. A4 Vince Cuseo, the admis- ferent path. Two generations embarked on a debt reckon- China, drawing on U.S. chap-
0
sions official at the small Cali- ago, it opted out of the chase ing. Beijing is building a ter 11 provisions, aims to al-
Roger Stone lied to Con- 2007 ’10 ’15 ’18
fornia liberal-arts school, gave for well-heeled students and bankruptcy system to take low companies to restructure
gress to shield Trump from a simple response: No. put its money into scholarships on a significant pickup in Source: Supreme People's Court of China under court protection to
embarrassment, prosecutors Mr. Singer, the admitted or- for less-well-off minorities. corporate defaults. keep businesses alive and
said at the start of the political ganizer of what federal prose- Those decisions, however, The country now has more than 90 U.S.- pay creditors over time.
consultant’s criminal trial. A4 cutors have called the largest have come at a cost. Occiden- style specialized bankruptcy courts to help China’s system differs significantly in at
admissions-cheating scandal in Please turn to page A2 sort through a morass of corporate debt that, Please turn to page A10
U.S. pressure is rising
on Mexico’s president to
tackle the growing power of
drug cartels after the mas-
sacre of nine U.S. citizens. A8 INSIDE Renegade Pothole Fillers Hit
Democrat Beshear de-
The Road to Smooth Out Streets
clared victory in a tight i i i
Kentucky governor’s race,
but incumbent Republican Two friends, 384 holes, one mission to
Bevin refused to concede. A3
Jeff Sessions plans to fix a bumpy city; ‘instant relief’
announce on Thursday a
ISTOCK
run to reclaim his old Sen-

BY CORINNE ABRAMS pothole repairs themselves,
ate seat in Alabama. A4
putting their efforts on pause.
A judge struck down an THE MIDDLE SEAT MUMBAI—A used-car sales- Wherever there are roads,
administration rule that would Office road warriors’ man and a fishmonger have there are potholes—and hole-
have let medical providers opt made it their mission to fill filling vigilantes have popped
out of procedures due to reli-
travel tips, from the city’s potholes on their up in the U.S., too. But activ-
cutting costs to
gious or moral objections. A3
The U.S. collected a re-
cord $7 billion in import
scoring upgrades A11
own.
On a typical expedition, one
of them would wave away on-
ists in India say they are fed
up with waiting for the gov-
ernment to act. India ranked
CARE runs on
coming traffic while the other 52nd in the world for infra-
CHRISTIAN JUNGEBLODT FOR WSJ
tariffs in September. A2
CONTENTS Markets..................... B11

tossed bricks and other debris
into the hole, smashing the
structure, compared with sev-
enth for the U.S., according to Oracle Cloud.
detritus until the opening was the World Bank. Prime Minis-
Banking & Finance.. B10 Opinion.............. A15-17
Business News....... B3 Sports....................... A14 filled. They would then retreat ter Narendra Modi has prom-
Capital Account.... A2 Technology............... B4 to the side of the road to see ised to improve the country’s
Crossword.............. A14 U.S. News.... A2-4,6-7 how their handiwork stood up infrastructure and pledged 100
Heard on Street... B12 Weather................... A14
Life & Arts....... A11-13 World News... A8-9,18
under the weight of the city’s
dense traffic.
trillion rupees ($1.4 trillion) to
make it happen.
Learn more
The two friends say they In India, more than 3,500 oracle.com/care
> WORLD NEWS filled 384 holes across Mum- people died in accidents in-
Reagan statue backed bai, India’s financial capital. volving potholes in 2017, ac-
Irfan Machiwala, 45, who runs cording to the latest data from
by White House stirs his family’s wholesale fish the Ministry of Road Trans-
political maneuvering business, called it “instant report and Highways.
s 2019 Dow Jones & Company, Inc.
All Rights Reserved in Berlin A18 lief.” Then authorities told cit- In September, a city office,
izens they shouldn’t do any Please turn to page A10
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A2 | Thursday, November 7, 2019 THE WALL STREET JOURNAL.
U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip
Rx for Costs Has Unintended Consequences

At the heart International Monetary Fund, American Exceptionalism ber of new drugs.
of presidential project the federal govern-
The U.S. pays more for health-care providers and drugs than other countries,
F
candidate Sen. ment will, under her plan, inally, Ms. Warren pro-
although all struggle with health costs.
Elizabeth War- spend just under $52 trillion poses to save more than
ren’s ambi- over the next decade on Average health-care salaries in 2011, U.S. dollars Health-care spending as $1 trillion over 10 years
tious Medicare health care, slightly less than percentage of GDP* by slowing the growth of
for All plan is this tantalizing the private and public sectors U.S. Canada health spending to that of
$0 thousand 100 200 300 U.S. Germany
promise: the U.S. can spend are now projected to spend, gross domestic product. This
less on health care than it does largely by rooting out waste Specialist physicians France Canada Italy would be a formidable under-
now yet get a lot more for it: and using the leverage of a Japan U.K. taking. In most advanced
32 million people currently un- single buyer. countries, health spending has
Primary care physicians
insured will have coverage, For example, they note pri- 20% grown faster than GDP. The
while co-pays and deductibles vate insurers spend 12.2% of reasons are structural: health
will disappear and everyone total premiums on administra- Pharmacists 17 care is more resistant to cost-
will get long-term care. tive costs. By reducing that to saving efficiencies than other
14
the 2.3% average that Medi- Registered nurses sectors, the demand for new
H
ow does she do it? By care spends, Ms. Warren would 11 procedures is infinite, and the
saving trillions of dol- save $1.8 trillion over a decade. elderly, who use more care,
lars spent on things Jonathan Gruber, a health EMTs and paramedics 8 are a growing share of most
she claims have zero value: economist at the Massachu- countries’ populations.
administrative overhead, in- setts Institute of Technology Practical and vocational nurses 5 The Congressional Budget
flated salaries of hospital ex- who helped design Obama- 2000 ’05 ’10 ’15 Office estimates aging alone
ecutives and sur- care, agrees big savings in ad- will boost federal health-care
geons, and exorbitant drug- ministrative costs are feasi- *Data break in 2003 for France; 2011 for Japan; 2012 for Italy; 2013 for the U.K. spending by 1.5% of GDP by
manufacturer profits. ble. But “not everything Sources: Jillian Chown, David Dranove, Craig Garthwaite, Jordan Keener, NBER Working Paper #26122 (salaries); OECD (spending) 2049. Mr. Berwick and Mr.
This premise has faced far private insurers do is waste,” Johnson say that if health-
less scrutiny than her tax and he says. Private insurers Warren saves by paying less pay more than foreigners is dren. As a result, they spent care costs do outstrip GDP
financing plans. After all, no guard against overuse of for each procedure could that American providers earn less time with each patient. growth, Ms. Warren has lots
one disputes that a lot of pri- health care by regulating be offset by patients using more than their foreigner Mr. Berwick disputes that of levers to slow costs,
vate spending on health care which care givers members more of them. counterparts. doctors would supply less such as automatically reduc-
is duplicative or useless. But can see, and how often. Ms. Warren notes Ameri- Ms. Warren claims most care but adds that Medicare ing provider payment rates.
that doesn’t mean all of it is. In a 2015 study of eight cans pay far more than for- doctors’ incomes will be little for All’s overseers would Good luck with that. In
By dispensing with many pri- New York counties, Mr. Gruber eigners for the same service: changed once savings on bill- watch for such effects and 1997 Congress decreed that
vate-market mechanisms, Ms. and two co-authors found that nearly five times as much as ing are counted. But North- could adjust payments to ad- Medicare payments to doctors
Warren risks unintended con- patients forced to switch from the Dutch on heart-bypass western University economist dress shortages, such as of would be automatically cut if
sequences such as overuse of Medicare Advantage plans, surgery and nine times as Craig Garthwaite says invari- primary-care physicians. costs grew too fast. Then
health care, fewer break- which are financed by Medi- much as Canadians on a CT ably some doctors will earn Ms. Warren would slash fearing a doctor and patient
through drugs and potentially care but administered by pri- scan. Her plan would narrow less—and supply less care as what the federal government backlash, it repeatedly sus-
fewer doctors. vate insurers, to regular fee- that gap in part by reimburs- a result. Mr. Garthwaite found pays for drugs to closer to pended the provision before
.
In an analysis prepared on for-service Medicare increased ing physicians at 100% and that in the 1990s many pedia- foreign levels. But numerous repealing it altogether in 2015.
ly
Ms. Warren’s behalf, Donald hospital usage by 60%. hospitals at 110% of current tricians saw reimbursement studies have found that drug Lawmakers have often
Berwick, a former health-care This doesn’t mean Medi- Medicare rates—significantly rates drop when patients innovation is correlated to ex- found that getting more
official under President care for All’s expenses will less than private insurers, switched from private insur- pected revenue. This suggests health care for less is easier
Obama, and Simon Johnson, a rise that much. It does mean, on though more than Medicaid. ance to a new federal-state government caps on drug said than done. Ms. Warren is
former chief economist at the though, that a lot of what Ms. A key reason Americans health-insurance plan for chil- prices would reduce the num- unlikely to be the exception.
College U.S. Took

us l,
al a
e
Rebuffed In Record
ci on
Singer $7 Billion
Continued from Page One In Tariffs
er rs
tal’s $434 million endowment

is about $70 million smaller BY JOSH ZUMBRUN
than what it might have been
had the private Los Angeles WASHINGTON—The U.S.
MATTHEW SCOTT GRANGER FOR THE WALL STREET JOURNAL
m e
college prioritized prestige and collected a record $7 billion in

wealth, according to Amos import tariffs in September,
Himmelstein, the school’s vice fresh figures show, as new du-
m rp
president for planning and fi- ties kicked in on apparel,

nance. While it boasts beauti- tools, electronics and other
ful beaux-arts architecture and consumer goods from China.
is building a new aquatic cen- Tariff revenue jumped 9%
ter, its infrastructure hasn’t from August and was up more
co Fo
kept up with improvements than 59% from a year earlier.

made by peers, he said. The revenue is a bounty for
The question, Mr. Cuseo the U.S. Treasury, but is an in-
said, is at what price “are you creasing burden on the Ameri-
willing to sell your soul?” can businesses that import
The once-booming, age-old Chinese products—and their
business model of higher edu- customers.
cation faces tremendous pres- Occidental College’s campus in Los Angeles lacks the high-end amenities of many competing schools, and its endowment is lower. The new figures are based
sure from demographic on an analysis of official Com-
changes, disruptive technology of the nation’s most racially The school eventually had to really prospered.” meetings where it’s been dis- merce Department data com-
and the tightest labor market and socioeconomically inte- dip into its endowment to pay Unlike other schools, it cussed,” Occidental Professor piled by Trade Partnership, an
in half a century. grated private colleges, long the bills. And today, while it doesn’t heavily prioritize ath- John McCormacks said. “But economic consulting firm. The
As a result, colleges and before many universities prior- maintains a strong reputation letes or legacies in admissions. it’s just not who we are.” data was released by Tariffs
universities face rising incen- itized diversity. and a middling $434 million Occidental fields 21 varsity In 2004, Mr. Singer assem- Hurt the Heartland, a coalition
n-
tives to cut corners or outright One concern quickly arose: endowment, it still faces fiscal teams but offers little credit in bled an advisory board for his of business and agricultural
lie to boost rankings. They are If it turned away wealthy white issues. In September, Moody’s the admissions process for then-company CollegeSource, groups who oppose the tariffs.
also under pressure to use le- students, who would pay the Investors Service revised the athletic prowess, according to which at the time had a legiti- The sharp rise was driven
gal backdoor strategies to at- bills? The question divided the outlook on Occidental’s $84 school officials. The idea isn’t mate division. The board in- by a new 15% levy on con-
no
tract affluent students and do- campus, said Mary Weisman- million in debt, which has a to be the best but to stay com- cluded five prominent higher- sumer goods that went into ef-
nations to boost bottom lines. tel, a young Occidental profes- solid Aa3 rating, to negative petitive, said Mr. Cuseo, now education figures, including fect Sept. 1. Imports of these
Mr. Singer exploited these sor in the 1980s. from stable, citing the school’s the vice president for enroll- Ted Mitchell, Occidental’s pres- items were valued at $111 bil-
forces to create what he called Today, Occidental is 49% “commitment to affordability” ment and dean of admissions. ident at the time. lion last year, according to an
his side-door strategy in which nonwhite and attracts fewer and lagging fundraising. In 2017 the school had to can- Mr. Mitchell, who left Occi- analysis by The Wall Street
he bribed college coaches to wealthy students than the vast These headwinds mean dor- cel the last four games of the dental in 2005, has said he was Journal.
tag clients’ children as walk-on majority of its peers. It also football season because there an unpaid adviser to Mr. The U.S. has always col-
athletes even though they boasts one of the highest per- weren’t enough healthy play- Singer’s venture 15 years ago lected tariffs on some items,
didn’t play the sport. He also centages of poor and working- ers. The team has since re- to provide counseling to low- but those duties have soared
rigged SAT and ACT scores. class students receiving Pell
Occidental opted out built. income students. under a series of new levies
Occidental—which gained Grants and has one of the high- of chasing wealthy In September, a study ana- The prominent Occidental that President Trump ordered
attention because President est rates of economic mobility, lyzing admission data at Har- alumnus who also knew Mr. on Chinese imports beginning
Obama attended for two years according to Harvard econo-
students and aided vard showed 43% of white stu- Singer recalls hearing Mr. last year. Mr. Trump said the
before transferring to Colum- mist Raj Chetty and Occidental. poorer ones instead. dents there were either Singer call Occidental “dumb” duties were needed to get
bia University—has largely re- But financial stress has fol- athletes, legacies or children of for having what he portrayed China to curtail trade prac-
sisted these temptations. A lowed. In 1995 Occidental’s en- donors or faculty. A similar as too thick of a wall between tices that penalize U.S. busi-
turning point came in the dowment ranked 120th in the count at Occidental was 18%, the admissions and fundraising nesses.
1980s, as Los Angeles trans- nation. By last year it was mitories are cramped and school spokesman Jim Tran- departments. The tariffs are assessed di-
formed into one of the nation’s 208th. nearly half are without air con- quada said. Mr. Cuseo said he has never rectly to importers in the U.S.,
most diverse cities. Occidental The school has lost ground ditioning. The lawn-irrigation Occidental also resists gam- felt pressure to take any stu- although Mr. Trump has at
trustees, many of them local partly because of its commit- system installed in the 1930s is ing college rankings. Perhaps dents if they don’t meet school times claimed China pays
business owners, felt there ment to students who need rusted out. The campus is the most widespread strategy standards. Five years ago, the them. But when he postponed
weren’t enough educated migrants. Occidental’s need-blind pretty and tranquil, but ameni- to manufacture an appearance development office recom- a batch of tariffs until Dec. 15,
norities to fill jobs. enrollment program climbed ties pale when compared with of selectivity is lowering the mended he look at an applicant he said he didn’t want to cast
Occidental reworked its cur- from 11% of the budget in the those offered elsewhere. bar for applicants in order to whose prominent and widely a pall over the holiday shop-
riculum and enrollment prac- mid-1980s to 24% by 1993. “Does that influence incom- attract more. That generates known name made his “eyes ping season.
tices to draw more black and That December, then-President ing freshman? I think it does,” more rejections, making a kind of open up,” he said. The rising cost of the tariffs
Latino students, said Eric New- John Slaughter said the in- said one prominent alumnus, school appear more selective. Yet “it was pretty darn clear has increased pressure from
hall, a retired Occidental Eng- creased spending “has escaped who has been active in fund- Occidental hasn’t done this. that the student didn’t deserve business groups to resolve the
lish professor who headed the the boundaries of reasonable- raising. “The sad reality is that “There are a lot of things to be admitted to Occidental,” trade dispute.
school’s faculty council then. ness,” according to an alumni colleges that have leveraged you can do that are pretty sim- he said. The school rejected “It’s a massive expansion of
The college emerged as one publication. white wealthy students have ple, and I’ve been in faculty the teen. taxation on American employ-
ers and consumers,” said Peter
Bragdon, chief administrative
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THE WALL STREET JOURNAL. * * Thursday, November 7, 2019 | A3
U.S. NEWS
Voters Put
Pressure
Kentucky Governor Won’t Concede
Democrat declares
On Vaping victory over a GOP
incumbent and Trump
Industry ally in close race
BY JENNIFER CALFAS BY ARIAN CAMPO-FLORES
AND JENNIFER CALFAS
As highly anticipated elec-
FROM LEFT: BRYAN WOOLSTON/ASSOCIATED PRESS; TIMOTHY D. EASLEY/ASSOCIATED PRESS

tions in Virginia, Kentucky and Democrat Andy Beshear de-
Mississippi took center stage clared victory in the Kentucky
Tuesday, millions of U.S. vot- governor’s race and pressed
ers also weighed in on ballot ahead with transition plans,
measures covering issues that despite Republican Gov. Matt
included vaping, affordable Bevin’s refusal to concede and
housing and affirmative ac- his request for a formal review
tion. of vote totals.
Early Wednesday tallies With 100% of counties re-
showed that San Francisco porting, Mr. Beshear led Mr.
voters were poised to over- Bevin by 5,189 votes out of
whelmingly reject a proposal more than 1.4 million cast, ac-
that would have partially re- cording to unofficial results
versed a ban on e-cigarette from the state Board of Elec-
and vaping products, further tions. The race was too close to
cementing restrictions on the call, the Associated Press said.
products in the home of Juul “I feel confident in declaring
Labs Inc. The city was the na- Andy Beshear Gov.-elect
tion’s first to implement such Beshear,” said Kentucky Secre-
a ban, and lawmakers and tary of State Alison Lundergan
health departments in other Grimes, a Democrat, in an in-
states followed suit, creating terview. But she said she would
regulations as vaping-related follow established procedures
illnesses and deaths climbed in response to any petitions With all counties reporting, Democrat Andy Beshear, left, led GOP Gov. Matt Bevin by 5,189 votes in the Kentucky governor’s race.
in the U.S. The results aren’t from Mr. Bevin.
expected to be official for at On Wednesday, Mr. Bevin’s Kentucky to have absolute con- governor, Steve Beshear, said disenfranchised under state Trump, invoking national is-
least a week. campaign formally requested a fidence that their votes were at a news conference he hadn’t law. sues like abortion, immigration
Voters in Washington state recanvass, or review of the counted,” Mr. Bevin said. spoken with Mr. Bevin and was Apart from the recanvass, and the impeachment inquiry
voiced support for a state-im- vote totals in each county, cit- Ms. Grimes said her office moving ahead with transition Mr. Bevin can pursue another into the president.
posed tax on vaping products ing an “election too close to hadn’t received substantiated plans. “We’re confident in the option under the state’s elec- Mr. Trump, who won Ken-
passed earlier this year, ac- call and multiple reports of reports of irregularities. She outcome of the election,” he tion laws: contest the results. tucky by 30 points in 2016,
cording to unofficial results voting irregularities.” At a scheduled the recanvass for said. “Today is about moving He would need to do so within pushed for Mr. Bevin’s re-elec-
from the state Secretary of news conference Wednesday, Nov. 14. forward. The election is over.” 30 days of their certification tion with a rally and a barrage
.
State’s office. The tax would Mr. Bevin said his campaign Eric Hyers, Mr. Beshear’s Mr. Beshear detailed some by the Board of Elections, and of tweets voicing his support.
ly
generate $178 million in its was seeking to corroborate al- campaign manager, said he early priorities: rescind a Med- the process would be guided by But, as he acknowledged in a
first 10 years for public-health leged incidents such as voting hoped Mr. Bevin would honor icaid work requirement pur- a committee formed by the tweet late Tuesday, it didn’t
services, the state said. The machines that didn’t work the results of the recanvass. sued by Mr. Bevin, appoint a state House and Senate. appear to be enough to secure
ballot question was one of properly, and he criticized Ms. on Mr. Beshear, Kentucky’s at- new state Board of Education, Mr. Bevin, a 52-year-old for- victory for the Republican.
several nonbinding questions Grimes for calling the race. torney general and son of the and restore voting rights for mer businessman, ran as a —Stephanie Armour
the state’s residents voted on “We want the people of state’s most recent Democratic about 140,000 felons who were staunch ally of President contributed to this article.
in a survey of public opinion
on tax measures.
Injections Show Promise in PTSD Care

us l,
On another contentious is-

sue, voters appeared to nar-
al a
e
rowly defeat a measure allow-
ing the use of affirmative
action in public employment, BY BEN KESLING JAMA Psychiatry journal.
ci on
contracting and education ac- The trial consisted of 108

cording to unofficial results A few anesthetic injections troops who completed the
updated after 12 a.m. Wednes- to the neck can reduce the ef- study. Among that group, most
day local time. fects of PTSD, promising to were given the actual treat-
In New York City, voters ap- open up new avenues for treatment—a shot to the neck, then
er rs
proved five ballot questions ing troops and veterans suffer- another two weeks later—while
including one that will bring ing from combat trauma, a new a small subgroup were treated
ranked-choice voting to city- study shows. with a placebo. The group that
wide primaries and special The multimillion-dollar received the actual treatment
m e
elections. Under the option, Army-funded effort was the saw clinically significant im-
voters will be able to rank first to test how injections provement in things like de-
their candidates by preference, commonly used to treat arm pression, distress, anxiety and
m rp
rather than picking just one. pain and shingles might be physical and mental function-
Tucson, Ariz., voters de- used to treat troops with posting. Treatments led to a dou-
feated a proposal to become a traumatic stress disorder. Re- ble-digit drop in the score of
sanctuary city, which would searchers found statistically the CAPS-5 test, a multifactor
significant evidence that the evaluation for assessing PTSD
co Fo
injections alleviate the some- symptoms. For many cases, the

times-debilitating symptoms of relief came soon after the first
Across U.S., ballot past trauma. injection. For others it took
issues are decided “Now we have a strong two treatments.
U.S. ARMY
study with the highest level of “Although the new study is

on housing, taxes, evidence that shows that [this promising, it does not ade-
flood protection. treatment] can really help Dr. Sean Mulvaney administering a stellate ganglion block in 2015 on a soldier suffering with PTSD. quately support making [stel-
PTSD symptoms,” said Dr. Sean late ganglion blocks] more
Mulvaney, a study co-investiga- glion blocks, which are injected 1990s, researchers have docu- RTI International, a non- widely available across the
tor who is a former Navy SEAL into the base of a patient’s mented cases where PTSD profit research institute, con- Army,” said a spokesman for
have established policies that and retired Army colonel. neck to block signals along ma- symptoms have been treated ducted the eight-week trial us- the Army’s surgeon general.
protect undocumented immi- “With this study we’re showing jor nerve systems. These types with the shots. Dr. Mulvaney ing Army funding. They The Department of Veterans
grants from law enforcement. clear efficacy.” of shots have been used for de- has used the treatment more published their peer-reviewed Affairs doesn’t offer the injec-
Voters in Albuquerque, The treatment uses a series cades to treat chronic pain of than a thousand times on research Wednesday in the tions as a treatment, a spokes-
n-
N.M., narrowly rejected a pro- of shots, called stellate gan- other kinds, and since the troops, he said. American Medical Association’s woman said.
posal that would have updated
the city’s election code to al-
low residents to use govern-
Judge Rejects New Rule on
no
ment-funded vouchers called

Democracy Dollars to donate
to candidates.
In San Francisco and Dur-
ham, N.C., voters appeared to
approve millions of dollars in
Health Providers Opting Out
bonds for affordable-housing
projects. BY STEPHANIE ARMOUR taking rulemaking in the first thority and empowered HHS to
In San Francisco, where place—a purported ‘significant revoke federal funds for viola-
housing costs have soared A federal judge struck down increase’ in civilian complaints tions. Critics said it would cur-
over the past decade, resi- a Trump administration rule relating to the conscience pro- tail access to care and permit
dents appeared to favor a that would have let medical visions—was factually untrue.” discrimination against many
$600 million bond issue that providers opt out of participat- The Department of Health women seeking to exercise re-
would help fund public housing in medical procedures and Human Services and the productive rights, as well as
ing, low-income housing, and based on their religious or Justice Department declined to the rights of gay and transgen-
middle-income housing, senior moral objections. comment on the ruling. der patients.
housing and housing for edu- The 147-page decision “The refusal of care rule was HHS had said the regulation
cators. Approval required a Wednesday from the U.S. Dis- an unlawful attempt to allow would protect health-care
two-thirds majority, and elec- trict Court in the Southern Dis- health-care providers to openly workers who object to proce-
tion officials said they were trict of New York means the discriminate and refuse to pro- dures such as administering
still counting votes. rule won’t take effect as ex- vide necessary health care to vaccines derived from fetal tis-
Durham voters, meanwhile, pected Nov. 22. patients based on providers’ sue, or to referring patients for
backed a $95 million bond Nineteen states and family- help in making end-of-life care
that will fund 1,600 new af- planning groups had sued to decisions, such as for the use
fordable housing units, among block the Department of Health of breathing machines.
other projects. and Human Services regulation
Federal statute The number of entities cov-
Other real-estate measures that sought to expand enforce- already protects ered by the rule would have in-
won approval around the ment of protections for medical cluded more than 600,000 hos-
country. Jersey City, N.J., vot- workers with moral or faith-
medical workers’ pitals, dentists’ offices,
ers backed regulations on based objections to medical conscience rights. ambulance services and others
Airbnb Inc., requiring owners procedures such as abortion, that get federal funds. It also
of short-term rentals to ac- assisted suicide or sterilization included family-planning clin-
quire a city permit, among at hundreds of thousands of ics, community groups that
other conditions. health organizations. ‘religious beliefs or moral ob- provide HIV treatment, state
Texans approved two disas- The court vacated the rule jections,’ ” New York Attorney and local governments, and
ter-related measures proposed in its entirety in a decision that General Letitia James said in a medical schools. The Trump
following Hurricane Harvey, criticized the administration statement. administration in June delayed
which heavily damaged parts for its rationale. The judge, who was ap- implementation of the rule un-
of the state in 2017. “The court’s finding that the pointed by former President til later this month.
One will create a state fund rule was promulgated arbi- Obama, said the rule would Federal statute already pro-
for flood mitigation and drain- trarily and capriciously calls have impaired patient access, tects health-care-provider con-
age infrastructure, and the into question the validity and adding that the agency “has science rights and prohibits re-
other will temporarily exempt integrity of the rulemaking promulgated a rule that did not cipients of certain federal
residents living in disaster- venture itself,” U.S. District respond to any documented funds from discriminating
stricken areas from property Judge Paul Engelmayer wrote problem.” against providers who refuse to
taxes. in his decision. “Indeed, the The final rule released in participate in these services
—Dan Frosch contributed to Court has found that HHS’s May significantly broadened based on moral objections or
this article. stated justification for under- the agency’s enforcement au- religious grounds.
A4 | Thursday, November 7, 2019 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL.
U.S. NEWS
Impeachment Case to Go Public

BY DUSTIN VOLZ
Trump
Asked for
AND NATALIE ANDREWS
WASHINGTON—House Dem-
Barr to
ocrats said that open hearings
with three key impeachment-
inquiry witnesses would begin
Clear Him
next week, a development that
will shift the probe of Presi-
dent Trump’s dealings with
Over Call
Ukraine from behind closed BY MICHAEL C. BENDER
doors onto television screens AND SADIE GURMAN
across the country.
The announcement of the WASHINGTON—President
public hearings came as Demo- Trump wanted Attorney Gen-
crats released the transcript of eral William Barr to publicly
testimony from Bill Taylor, the declare that he hadn’t broken
acting ambassador to Ukraine. any laws during a phone call
He told investigators it was his with the Ukrainian leader that
“clear understanding,” based is now at the heart of an im-
on conversations with other peachment inquiry, but Mr.
Trump administration officials Barr refused the request, an ad-
working on Ukraine policy, that ministration official said
security assistance to Kyiv in Wednesday.
its fight against Russia would Mr. Trump’s request for a
stay frozen until the new news conference came shortly
Ukrainian president committed after the White House released
JOSHUA ROBERTS/REUTERS
to pursuing political investiga- a rough transcript of the July

tions sought by Mr. Trump. 25 call in which Mr. Trump
Mr. Taylor, whom Democrats pressed Ukrainian President
view as a star witness in their Volodymyr Zelensky to under-
probe, is slated to testify next take investigations related to
Wednesday. George Kent, a Democratic presidential candi-
deputy assistant secretary of date Joe Biden, as well as the
state, is also scheduled to tes- Undersecretary of State David Hale arrived for a closed-door deposition as part of the House impeachment inquiry on Wednesday. 2016 election. Mr. Trump’s de-
tify Wednesday, while Marie sire for such a public announce-
Yovanovitch, the former am- standing,” Mr. Taylor said. “Se- ment was discussed among
bassador to Ukraine who was White House to Add ministration that it needs help Jared Kushner, the president’s curity assistance money would White House officials, who re-
recalled from her post amid at- coordinating a response to the son-in-law and senior adviser, not come” until Ukraine’s new layed it to the Justice Depart-
tacks on her from allies of the Two Aides for Fight House probe, and a compro- and White House counsel Pat president, Volodymyr Zelensky, ment, the official said.
president, is expected to ap- mise between competing fac- Cipollone. committed to the probes. A whistleblower from the in-
pear two days later. tions in the White House after The White House isn’t cur- Mr. Taylor also said that, telligence community said the
The impeachment inquiry is WASHINGTON—President a two-week deliberation over rently considering any addi- while he didn’t believe Ukrai- call showed Mr. Trump had
.
centered on the efforts by Mr. Trump is expected to add two which adviser to bring inside. tional impeachment-related nian officials knew of the hold tried to enlist a foreign power
ly
Trump and his personal lawyer, new aides to the White House Ms. Bondi had the backing hires, officials said. Ms. Bondi on aid before it became public, to help him in the 2020 presi-
Rudy Giuliani, to push Ukraine dedicated to impeachment-re- of Stephanie Grisham, the and Mr. Sayegh declined to Ukrainians believed there was dential election, spurring House
to investigate Democratic pres- lated matters as the House in- White House press secretary, comment. a separate potential trade-off: Democrats to launch an im-
idential candidate Joe Biden vestigation expands into public on and acting chief of staff Mick Ms. Bondi was the first the prospect of a White House peachment inquiry.
and his son, Hunter, as well as hearings, senior administration Mulvaney, White House aides woman to be elected Florida meeting between Mr. Trump Mr. Trump’s request that his
unfounded allegations that officials said. said. Ms. Bondi is also close to attorney general in 2010. and Mr. Zelensky in exchange attorney general publicly exon-
Ukraine interfered in the 2016 Pam Bondi, a former Florida the president, but her work as Mr. Sayegh was a Fox News for the investigations. erate him, earlier reported by
U.S. presidential election. Dem- attorney general, and former a lobbyist presented snarls to contributor and a Republican The transcript also offered the Washington Post, repre-
us l,
ocrats say such actions amount Treasury Department spokes- untangle for both the White strategist before joining the ad- new details about how Mr. Giu- sented an extension of a will-
to an abuse of presidential man Tony Sayegh are likely to House and her firm. ministration previously. liani communicated with the ingness throughout his presi-
al a
e
power designed to boost Mr. join the West Wing on a tem- Mr. Sayegh was pushed by —Michael C. Bender new administration in Kyiv. Mr. dency to pressure the Justice
Trump’s re-election prospects. porary basis and will be tasked Taylor testified that on July 10, Department to defend him.
Mr. Trump has denied any with assisting on communica- he met with Mr. Zelensky’s It also sheds new light on
ci on
wrongdoing and called the im- tions, strategy and other spe- chief of staff and foreign minis- Mr. Barr’s handling of the con-
peachment inquiry a hoax. On cial projects, the officials said. ter, who said they had learned troversy surrounding the whis-
Wednesday, Mr. Giuliani an- Both were offered jobs this from Mr. Giuliani that a phone tleblower complaint.
nounced he hired Robert Cos- week, and details were being fi- call between the two presidents Democrats have criticized
tello to represent him. Mr. Giu- nalized, people familiar with the was unlikely to take place. him for his perceived closeness
er rs
liani has denied wrongdoing. matter said. Both are expected Mr. Taylor testified that Mr. to the president and for not
“Those open hearings will be to leave their current firms and Giuliani had conveyed that in- stepping aside from matters re-
J. SCOTT APPLEWHITE/ASSOCIATED PRESS
an opportunity for the Ameri- return after completing their formation to Yuriy Lutsenko, lated to the Ukraine contro-
can people to evaluate the wit- temporary assignments. the prosecutor general at the versy, even though Mr. Trump
m e
nesses for themselves, to make Mr. Trump and his team time who had fueled many of repeatedly told Mr. Zelensky
their own determinations about have resisted creating a new Mr. Giuliani’s ideas about elec- that he would have the attor-
the credibility of the witnesses, team to handle the probe, de- tion interference and the Bi- ney general call to discuss the
m rp
but also to learn firsthand about spite criticism from some Re- dens, who in turn relayed it to possible Biden investigation
the facts of the president’s mis- publican allies who have called Mr. Zelensky’s advisers. “As we and other issues. Mr. Barr has
conduct,” House Intelligence for a more consistent and know, Giuliani and Lutsenko denied he is Mr. Trump’s de-
Committee Chairman Adam structured response. talked a lot,” Mr. Taylor said. fender and instead has said he
Schiff (D., Calif.) told reporters. Adding Mr. Sayegh and Ms. Republicans have dismissed is defending the presidency.
co Fo
Republicans cast doubt that Bondi is both a tacit acknowl- testimony released this week— A Justice Department
the hearings would be equita- edgment from the Trump ad- Ex-Florida Attorney General Pam Bondi is close to the president. from witnesses who have de- spokeswoman declined to com-
ble, in part because Mr. Trump scribed the purported quid pro ment.
isn’t allowed to participate in quo of security aid to Ukraine After the transcript was re-
the process. Democrats plan to impeachment investigators, but of transcripts of closed-door major thrust of his testimony in exchange for the investiga- leased, the department said it
allow the president’s counsel to their public comments will be sessions. Mr. Taylor’s testimony was reported at the time—in- tions—as not tied to firsthand had evaluated the whistle-
participate when the hearings the first chance for the nation from last month was the fifth cluding the purported tie be- knowledge of the allegations. blower’s complaint to deter-
are in the Judiciary Committee. to hear from them directly and transcript disclosed this week. tween aid and investigations— Undersecretary of State for mine whether Mr. Trump had
“Don’t be fooled. Public evaluate their credibility. The Mr. Taylor told investigators the transcript adds new details Political Affairs David Hale, a violated campaign finance laws
hearings are not the same as impeachment proceedings that the release of nearly $400 about the daylong hearing. career member of the Foreign and concluded no crime had
FAIR hearings,” House Minority against two former presidents, million in U.S. aid to Ukraine According to the transcript, Service, also testified behind been committed. Mr. Trump ap-
Leader Kevin McCarthy (R., Ca- Richard Nixon and Bill Clinton, hinged on whether Kyiv would Mr. Schiff asked Mr. Taylor if closed doors on Wednesday. parently wanted Mr. Barr, who
lif.) tweeted. also featured televised hearings. agree to launch investigations he believed the aid was linked —Siobhan Hughes associates said had favored the
All three witnesses have al- The public phase of the in- related to Mr. Biden and the to the new investigations. and Rebecca Ballhaus transcript’s release, to make a
n-
ready testified privately before quiry also includes the release 2016 U.S. election. While the “That was my clear under- contributed to this article. more public announcement.
Jeff Sessions
Trial Lays Out Stone’s Efforts
no
Expected to
Enter the Race
For Senate Seat
To Contact WikiLeaks in 2016
We invite you to
BY LINDSAY WISE BY BYRON TAU make contact with WikiLeaks bad for Donald Trump.”
AND ANDREW RESTUCCIA AND SHELBY HOLLIDAY in July 2016, though they said Mr. Stone, a flamboyant Re-
the content of that call was publican consultant who has
Auction in New York! Former Attorney General

Jeff Sessions plans to an-
nounce a run for his old Sen-
WA S H I N G T O N — R o g e r
Stone lied to Congress to
shield his longtime friend and
unknown.
What Messrs. Trump and
Stone knew about the
advised Mr. Trump on and off
for years, is charged with lying
to Congress, trying to obstruct
ate seat in Alabama on Thurs- associate Donald Trump from WikiLeaks releases has long a congressional inquiry and in-
day, according to people embarrassment, federal prose- been of interest to the public timidating a witness. He faces
familiar with his decision. cutors alleged Wednesday at and to investigators probing as much as 20 years in prison,
Auctions Mr. Sessions has started the opening of the political Russian activity during the though first-time offenders
@ DOYLE.com making calls to let people consultant’s criminal trial. 2016 election. WikiLeaks pub- rarely get the maximum sen-
know he is running and to Prosecutors, in their open- lished several troves of Demo- tence.
212-427-2730
seek support, one of the peo- ing statement, said Mr. Stone cratic Party emails stolen by The charges stem from tes-
ple said. was in touch with people at Russian hackers as part of a timony Mr. Stone gave in 2017
He also has reviewed poll- the highest levels of the Kremlin campaign to boost Mr. to the House Intelligence Com-
ing and had discussions with Trump campaign about his in- mittee, which at the time was
allies and consultants about teractions with the organiza- investigating Russian interfer-
staffing his campaign. The fil- tion WikiLeaks during the ence in the 2016 election.
ing deadline is Friday. 2016 election.
In evidence were Mr. Stone has pleaded not
Mr. Sessions’ entry into a They introduced into evi- emails, texts and guilty.
crowded Republican primary dence emails, text messages His defense attorney argued
in Alabama comes despite his and call logs, many of which
call logs that hadn’t that Mr. Stone didn’t intend to
public falling out with Presi- hadn’t been made public, that been made public. deceive the committee, and
dent Trump—a rift so severe they said detailed an extensive that Mr. Stone was in turn de-
that the two men were barely campaign by Mr. Stone to con- ceived by some of his associ-
on speaking terms by the time tact the organization and ates about their level of access
Mr. Sessions resigned as Mr. share information about its Trump at the expense of his to WikiLeaks.
Trump’s attorney general ex- plans. Mr. Stone is charged Democratic rival, Hillary Clin- “These people were playing
actly one year ago Thursday. with lying to Congress about ton, U.S. intelligence agencies Mr. Stone. And Mr. Stone took
Rare Books
Mr. Sessions’ allies have those efforts. have concluded. the bait,” defense attorney
Autographs & Maps reached out to people close to Mr. Stone and Mr. Trump Prosecutors invoked Presi- Bruce Rogow said. “There
Auction Nov 12 the White House in an attempt were in constant communica- dent Trump from the outset of were no intermediaries.”
to gauge how the president tion shortly after key develop- the trial. “Roger Stone wanted Two former Trump cam-
might react to his candidacy. ments involving the hacking to hide what he’d done be- paign staffers—chairman
Mr. Sessions hadn’t spoken di- and leaking of Democratic cause the truth looked bad,” Steve Bannon and deputy cam-
rectly to Mr. Trump about his emails, according to call logs said federal prosecutor Aaron paign manager Rick Gates—
plans as of Wednesday eve- introduced in court. Zelinsky in his opening state- are expected to take the stand
DOYLE AUCTIONEERS & APPRAISERS NEW YORK ning, a White House official Prosecutors noted that one ment. and testify about the kind of
BEVERLY HILLS WASHINGTON, DC NORTH CAROLINA FLORIDA said. of their conversations oc- He added: “The truth information Mr. Stone was
MASSACHUSETTS CONNECTICUT PENNSYLVANIA NEW JERSEY CHICAGO Mr. Sessions didn’t return curred within an hour of Mr. looked bad for the Trump providing about WikiLeaks to
calls for comment. Stone telling an associate to campaign and the truth looked the campaign.
THE WALL STREET JOURNAL. Thursday, November 7, 2019 | A5
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U.S. NEWS
Donors Eye Wealth-Tax Proposals Google

Revisits
Financial advisers On the other hand, higher
and charities expect

incentives in plans by
tax rates would reduce the
price of giving to charity. For
someone facing a 40% tax
Political
Warren and Sanders
rate, a $100 donation effec-
tively costs only $60. The
higher the tax rate goes, the
Ad Policy
BY RICHARD RUBIN larger the government subsidy BY EMILY GLAZER
for donations.
WASHINGTON—The wealth Mr. Arnold said a wealth Alphabet Inc.’s Google is in
taxes proposed by top Demo- tax would provide an incentive discussions about changing its
cratic presidential candidates to accelerate some giving. But political ad policy, according
might spark a short-term he said it wouldn’t prompt to people familiar with the
boom in billionaires’ donations him and his wife, Laura Ar- matter, about a week after
to charity, as they accelerate nold, to change that structure Facebook Inc. and Twitter Inc.
gifts to avoid years of taxes or much of their behavior. publicly diverged on how to
eroding their fortunes. The same wealth-tax incen- handle those ads amid the
Facing an annual tax that tive for accelerated charity spread of misinformation.
eats into returns and shrinks could spur other spending, Google has been holding in-
wealth, billionaires would have such as political donations or ternal meetings about chang-
an incentive to move money personal consumption. Groups ing its political ad policy and
out of their control—and out organized under 501(c)(4) of is expected to share more in-
of the wealth-tax base. Other- the tax code—social-welfare formation with employees this
wise, every year would see organizations that have fewer week, the people said. It is un-
more of their money sent to restrictions than charities and clear what the changes will be.
the government for public foundations—could become Some Google employees are
projects and less to charities more attractive, said Beth speculating the changes could
of their choosing. Shapiro Kaufman, a tax lawyer be related to what type of au-
“It’s a tax policy that the at Caplin & Drysdale in Wash- dience targeting the company
Red Hot Chili Peppers would ington. But some kinds of con- allows ad buyers.
love, because they want you to sumption—such as buying Google’s advertising poli-
give it away now,” said Brian property—would just turn tax- cies are uniform across search
Galle, a law professor at able assets into other taxable and YouTube, and any ad pol-
Georgetown University. assets. icy change would be reflected
The long-term effects of For some, a wealth tax across all of its platforms, a
proposals by Sens. Elizabeth would create incentives for ag- Google spokesperson said.
KEREM YUCEL/AGENCE FRANCE-PRESSE/GETTY IMAGES

Warren and Bernie Sanders gressive tax avoidance using Last week, Twitter Chief
would be much more uncer- nonprofits. Executive Jack Dorsey an-
tain and dependent on individ- “The gaps in these rules nounced the company would
uals’ giving strategies—and on would become a lot more visi- stop accepting political and is-
whether the tax prevents accu- ble when you put more weight sue ads world-wide starting
mulations of wealth in the on them,” Mr. Galle said. “I’m Nov. 22, with exceptions such
first place. Wealth taxes would kind of picturing a barrel with as those encouraging voter
.
also put pressure on rules an elephant sitting on it.” registration. Facebook, mean-
ly
meant to ensure that founda- Little direct tax-planning is while, continues to accept po-
tion money gets spent on happening now, and people litical ads and has said it
charitable projects and pre- are waiting to see what hap- won’t fact-check statements
vent people from benefiting on pens in the 2020 election and from politicians, a stance that
from charities they control. beyond, said Melissa Berman, has largely drawn criticism
In addition to other tax in- president and chief executive from those on the left and
creases, Ms. Warren and Mr. Bernie Sanders, shown campaigning in Minneapolis on Nov. 3, proposes a top wealth-tax rate of 8%. of Rockefeller Philanthropy praise from the right.
Sanders have proposed annual Advisers, which works with Facebook CEO Mark Zucker-
us l,
wealth taxes aimed at break- Either tax would mark a is at least 14 months away charitable aims. Some donors foundations and donors. berg has defended the com-
ing up concentrated fortunes major expansion in U.S. taxes from being seriously consid- may see higher taxes as a sub- New taxes and a significant pany’s position and ad-trans-
al a
e
and raising money to pay for on the country’s wealthiest ered and even farther away stitute for giving. expansion of the public sector parency initiatives.
expanded federal programs. citizens, a possibility espe- from becoming law. “There would be a belief might alter the current social Google has historically ac-
The taxes are designed to cially important to a philan- Economists and charity ex- among some that if I’m paying compact, she said, encourag- cepted political ads. Last
ci on
maximize revenue from bil- thropic sector that has become perts debate how tax policy more in taxes than what one ing the wealthy to donate to month it ran an ad by the
lionaires or even split up for- more top-heavy and increas- affects charitable giving. On thought was fair or what one’s more niche causes. Trump campaign that included
tunes over time if the levies ingly reliant on donations one hand, higher taxes reduce recent tax liability was, that “We would start to become an unsubstantiated claim
exceed annual returns. Ms. from the rich. how much money people have that met the moral obligation a society that sees the public about former Vice President
Warren just bumped up her Any wealth tax would re- available to give to charity. or moral rationale for a lot of sector as being responsible for Joe Biden’s role in the ouster
er rs
top wealth-tax rate to 6%, quire a Democrat in the White The government also funds the philanthropic giving,” said taking care of the disadvan- of a Ukrainian prosecutor.
while Mr. Sanders’s plan tops House and Democratic majori- education, health and other John Arnold, a billionaire in- taged and for taking care of —Jeff Horwitz
out at 8% a year. ties in Congress to enact, so it programs that overlap with vestor and philanthropist. the planet,” Ms. Berman said. contributed to this article.
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THE WALL STREET JOURNAL. * * * * Thursday, November 7, 2019 | A7
U.S. NEWS U.S. WATCH
Justices Seek
Compromise in
Maui Water Case
BY BRENT KENDALL tities to costly financial penal-
ties and new regulatory bur-
WASHINGTON—The Su- dens, Mr. Lin said.
FRANK ANDRUSCAVAGE/THE REPUBLICAN-HERALD/ASSOCIATED PRESS

preme Court signaled it was Justices pushed backed,
seeking a compromise out- starting with Chief Justice
come in a Hawaii pollution John Roberts, who suggested
case, untangling how the fed- Mr. Lin’s position meant that
eral Clean Water Act applies any pollutant that mixed with
to pollution sources such as groundwater would remove ju-
pipes and wells whose dis- risdiction of the Clean Water
charges mix with groundwater Act permitting program.
instead of flowing directly into Mr. Lin agreed, saying regu-
rivers, lakes or oceans. lation would instead take
The case, argued Wednes- place in other ways.
day, focuses on a lawsuit from Justice Stephen Breyer said
the island of Maui, where en- Maui’s position would create a
vironmentalists are challeng- road map for polluters that
ing sewage-treatment and dis- wanted to avoid having to get
posal practices by Maui a permit. A polluter, he said,
County. The county injects its could “just cut off the pipes or
treated wastewater under- whatever five feet from the
ground, via four wells. The ocean” and have the discharge FLAT BREAD: Bags of flour tortillas blocked Route 901 in Foster Township, Pa., after a mishap on Wednesday.
go into the ground instead of
directly into the water. FEDERAL RESERVE rate cuts and signaled that he MILWAUKEE White House spokesman
The arguments featured doesn’t see the need for further Judd Deere said the Trump ad-
Arguments included lengthy musings on the mean- Two Officials Doubt action. Hate-Crime Alleged ministration has “repeatedly con-
lawyers’ musings on ing of the word “from,” a cru- Need for New Cuts —Michael S. Derby In Acid Attack demned racism, bigotry and vio-
cial issue in the case. Maui ar- lence,” and said “the only person
the meaning of the gued that treated waste Two top Federal Reserve offi- ST. LOUIS Milwaukee prosecutors on responsible for this heinous act
word ‘from.’ reaching the ocean came cials said Wednesday that they Wednesday charged a 61-year- is the person who committed it.”
“from” the groundwater. Envi- don’t see a need right now for Troubled Streetcar old man with a hate crime for —Associated Press
ronmentalists said it came the central bank to press forward Gets a Reprieve allegedly throwing battery acid
“from” the wells, which meant with more rate cuts after lower- on a Hispanic man’s face. KANSAS CITY, MO.
wastewater eventually flows a permit was needed. ing the cost of short-term bor- St. Louis’s financially troubled The decision from prosecu-
with groundwater into the Pa- While the justices voiced rowing several times this year. Loop Trolley received funding to tors means Clifton Blackwell Vote Strips Dr. King’s
cific Ocean. concerns that the position of “The three rate cuts we did continue operating through the could face an enhanced sentence Name From Street
.
The two sides disagree on Maui and the Environmental were very effective at managing end of the year, the service said if convicted of the charge of
ly
whether the discharges are Protection Agency could cre- the risks” that slowing global Wednesday. first-degree reckless injury. Kansas City voters on Tues-
harming a nearby coral reef. ate a loophole in the Clean growth and trade uncertainty The streetcar operator had Mahud Villalaz suffered sec- day overwhelmingly approved re-
Maui County lost in the lower Water Act, some expressed present to the U.S. economy, said it would have to close down ond-degree burns to his face Fri- moving Dr. Martin Luther King’s
courts. equal concern that the envi- on New York Fed President John later this month if it didn’t re- day night when he says Mr. name from one of the city’s
Environmentalists say Maui ronmentalists’ position could Williams said at a Wall Street ceive additional funds. It had Blackwell confronted him over most historic boulevards, less
needs a federal Clean Water expand the law to the point Journal event in New York. asked local governments to kick the way he parked near a res- than a year after the city council
Act permit for the discharges; that ordinary Americans could Monetary policy is now “posi- in $700,000 to keep operating taurant. Mr. Villalaz said Mr. decided to rename The Paseo
the county disagrees, saying face liability for things like tioned well” to help keep the into next year, when it expects Blackwell threw acid at him af- for the civil-rights icon.
us l,
groundwater is regulated in leaking septic tanks. economy growing, and “where to begin operating a third refur- ter accusing him of being in the Unofficial results showed the
other ways. The court’s eventual deci- we go from here will depend on bished streetcar that would en- U.S. illegally and asking him why proposal to remove the name re-
al a
e
A permit is necessary only sion, expected by June, could the information we receive, what able it to offer full-time service. he was invading the country. ceived nearly 70% of the vote.
when a point source of pollu- have an immediate impact in we’ve learned about the eco- Instead, the Loop Trolley Mr. Villalaz is a U.S. citizen The campaign has been divi-
tion “is the means of deliver- other pending cases, including nomic outlook,” Mr. Williams Transportation Development Dis- who emigrated from Peru. sive, with supporters of Dr.
ci on
ing pollutants to navigable wa- one from South Carolina in- said, indicating that any future trict, a semi-governmental en- Milwaukee Mayor Tom Bar- King’s name accusing opponents
ters,” argued Maui County volving the rupture of a gaso- changes in rates will be reactive tity that owns the trolley, will rett, a Democrat, blamed Presi- of being racist, while supporters
lawyer Elbert Lin, saying the line pipeline owned by a sub- to incoming data and not fo- provide $90,000 to the trolley dent Trump for inciting hatred of The Paseo name say city
wells don’t deliver pollution to sidiary of Kinder Morgan Inc. cused at providing insurance operator, enough to make it to against minorities. The Republi- leaders pushed the name change
the ocean. Some of the spilled gas alleg- against thus-far unrealized risks. the end of the year on its current can president has repeatedly re- through without following
er rs
To hold otherwise would edly traveled through ground- Chicago Fed leader Charles limited schedule while the search ferred to migrants attempting to proper procedures and ignored
“radically change the status water and seeped into wet- Evans, a fellow FOMC voter, also for additional funding continues. cross the U.S.-Mexico border as The Paseo’s historic value.
quo” and expose a range of en- lands and rivers. signed off on the central bank’s —Joe Barrett an “invasion.” —Associated Press
m e
SoftBank’s SoftBank net income, quarterly

m rp
¥1.0 trillion
Chief Takes
Blame
co Fo
0.5
Continued from Page One

into WeWork, yet value the
company at less than half that,
at $7.8 billion. 0
SoftBank had recently
stepped in with a $9.5 billion
bailout that boosted the group
and Vision Fund’s stake in We-
Work to 80%.
–0.5
The collapse was particu-
larly embarrassing for Mr. Son 2004 ’10 ’19
n-
because he had pushed for the Note: ¥1 trillion = $9.2 billion

investment in WeWork—which Source: S&P Global Market Intelligence
before the October bailout had
totaled more than $10 billion— internet bubble of the early missteps like WeWork if it is to
no
and championed its founder, 2000s, making Mr. Son briefly continue to attract investors to
Adam Neumann. Mr. Son said the richest man in the world its next fund and keep its in-
he had been too enamored of before the dot-com crash de- vestment operations humming.
Mr. Neumann’s positive quali- stroyed most of that value. Mr. Son said the first Vision
ties and turned a blind eye to Skeptics said that SoftBank Fund hit its spending limit of
negatives, including governance would be crushed by Japan’s 85% in September and could no
problems. telecommunications giants longer make new investments.
Mr. Son pledged never to when it rolled out supercheap SoftBank is already starting to
mount another rescue of a broadband services in the invest from Vision Fund 2 using
portfolio company and said mid-2000s, and that it would its own money as seed capital,
SoftBank and the Vision Fund fold under the massive debt it he said.
were now using the ability to took on when it bought the One focus of investor con-
turn a profit in the future as country’s third-biggest mobile cern is how solid the valuations
the premier yardstick for mea- carrier. Mr. Son prevailed. of the 88 companies in the first
suring the value of its invest- Vision Fund really are. Soft-
ments. He said the group is Bank has boasted it has a mul-
working on guidelines to en- tistep valuation process, featur-
sure good governance at its
Plans for a second ing checks by independent
portfolio companies. Vision Fund auditors hired by Vision Fund
Yet Mr. Son also mounted a investors. Yet that process
spirited defense of the Vision
continue to move didn’t prevent the Vision Fund
Fund’s overall performance
and outlook, saying that de-
forward. from overpaying for WeWork,
although it did veto a sizable
Black beauty
spite last quarter’s write-
downs the fund still had in-
follow-on investment that Soft-
Bank ended up doing from its
Tahitian Pearls
vestment gains of $11 billion This time, despite the sizable own balance sheet. Monumental pearls. Luminous hue. Perfect symmetry.
since its inception in 2017. Mr. investment losses, SoftBank’s SoftBank said the Vision Extraordinarily rare for their grand size and silvery
Son said the Vision Fund’s re- balance sheet is buoyed by its Fund booked paper gains on 25
turn was well north of 13%. stake in Chinese e-commerce companies whose value went sheen, 29 perfectly matched 13-millimeter black
Mr. Son also said his plans behemoth Alibaba Group Hold- up during the quarter, particu- pearls comprise this classic necklace. Found only in
for a second Vision Fund of ing Ltd. The stake’s value since larly Indian budget-hotel chain the South Pacific, Tahitian pearls are highly prized for
about the same size as the first SoftBank last announced earn- Oyo Hotels & Homes. The Vi- their dark, incandescent coloring. 17” length. #30-9962
continue to move forward, de- ings in August has risen $18 bil- sion Fund now owns about 48%
spite the WeWork mess. Some lion to about $123 billion—al- of Oyo after leading an $800
potential investors have be- most four times the size of its million funding round in Sep-
come more cautious but ha- entire commitment to the Vi- tember at a valuation of $10
ven’t pulled out, and many of sion Fund. The Alibaba cushion billion—double its value from a
the first fund’s investors are means SoftBank’s ratio of debt fundraising the previous year.
still interested in putting to assets is a relatively healthy Yet the Vision Fund itself is
money in its successor, he said. 17%—well below the ceiling of responsible for leading most of
“There’s no need for me to be 25% Mr. Son has imposed. Oyo’s fundraising rounds dur-
so overcome with regret that I SoftBank has also been ing the past few years. And Mr. 622 Royal Street, New Orleans, LA • 877-677-2801 • [email protected] • MSrau.com
wither away,” Mr. Son said. buoyed by recent U.S. govern- Son personally guaranteed a
Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
“The vision remains the same.” ment approvals of plans to loan to Oyo’s young founder
Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
SoftBank and Mr. Son are no merge its poorly performing that let him purchase $2 billion
strangers to wild turns of for- U.S. telecom arm, Sprint Corp., worth of shares during the lat-
tune. SoftBank’s market capi- with rival T-Mobile US Inc. est funding round, The Wall
talization skyrocketed with the SoftBank can’t afford more Street Journal reported.
WORLD NEWS
U.S. Presses Mexico to Take On Cartels
Lawmakers call for jobs, that there be good
wages.”
sanctions, cooperation, Mr. López Obrador and his
but López Obrador allies say the arrest or killing
of cartel leaders often led to vi-
resists changing policy olent succession battles and
turf battles. Mexico’s homicide
BY DAVID LUHNOW rate quadrupled in the past 15
AND NATALIE ANDREWS years to 30 per 100,000 resi-
dents, six times that of the U.S.
MEXICO CITY—U.S. pressure Mr. Shirk said the López Ob-
is rising on Mexican President rador administration assumed
Andrés Manuel López Obrador that if you simply stopped go-
to tackle the growing power of ing after cartel leaders, vio-
HERIKA MARTINEZ/AGENCE FRANCE-PRESSE/GETTY IMAGES

drug cartels after this week’s lence would decline. “That’s a
massacre of nine U.S. citizens. terrible mistake,” he said. “Be-
The killing of three mothers cause Mexico was serving like
and six children by suspected a referee between these
gang members in northwestern groups, and when you take
Mexico prompted President away the referee, the game
Trump to call on Mexico to gets ugly.”
wage war on the cartels, and Another problem, analysts
even offer U.S. troops, a sug- say, is that successive Mexican
gestion Mr. López Obrador governments have used the
quickly declined. army to take on drug gangs but
Senators from both parties, failed to develop capable law
while not backing Mr. Trump’s enforcement. Fewer than 1 in
call for U.S. military involve- 20 homicides in Mexico are
ment, said Mexico needed to do ever solved.
more to take on organized crime Members of the LeBarón family weeping in front of a burned car Tuesday in Bavispe, Sonora, where soldiers, below, patrolled the area. Mr. López Obrador has dis-
gangs, which security analysts banded the federal police built
say largely control as much as a Sinaloa cartel recently laid up by two successive adminis-
third of Mexico’s territory. siege to the northern city of trations, and is creating a new
Sen. Josh Hawley (R., Mo.) Culiacán and forced the gov- National Guard made up mostly
on Wednesday called for the ernment to release a son of of military police and some
U.S. to impose sanctions on former cartel kingpin Joaquín federal police. But analysts say
Mexican officials who won’t “El Chapo” Guzmán after hav- the role of the guard in solving
confront cartels. He wrote on ing just arrested him. Gang crimes is unclear. Meanwhile,
Twitter that cartels were flood- members in Michoacán state funding for state and local po-
JOSE LUIS GONZALEZ/REUTERS

ing Missouri with drugs and killed 13 police in October. lice has been cut.
trafficked children. “Cartels in- “Here we have a clear exam- A top Mexican security offi-
creasingly call the shots in ple where U.S. national security cial said that the government’s
.
Mexico, and for our own secu- interests and lives of U.S. citi- strategy is focused on training
ly
rity, we cannot allow this to zens are in peril because of the the National Guard as a deter-
continue,” he said. menace of Mexican crime rent to violence and is more
Monday’s killing under- groups,” said David Shirk, di- complicated than simply not
scored the growing brazenness rector of the Trans-Border In- on taking on cartels.
of drug gangs since Mr. López stitute at the University of Cal- Democrats in the U.S. say
Obrador took power last De- ifornia at San Diego. cartels. and Governmental Affairs Com- gestions that his “hugs, not Mr. Trump has focused too
cember. The president has Analysts say frustration is “I think the United States mittee, Federal Bureau of In- bullets” strategy isn’t working. much on migration at the ex-
vowed to stop his predecessor’s mounting within U.S. law-en- will begin to move very ag- vestigation Director Christo- “What are we doing? What pense of other issues like
us l,
policy of pursuing the gangs, forcement and intelligence gressively backstage, and pher Wray said the FBI offered is our commitment? First to greater cooperation with Mex-
saying violence only led to communities over Mr. López there will be severity in the Mexican authorities help in in- change the reality of insecurity ico on security. Sen. Ben Cardin
al a
e
more violence. Obrador’s approach. It marks a language in a way that we vestigating the crime, but that and violence,” the president (D., Md.) said the massacre
Mexico’s homicide rate hit sharp break from previous didn’t see before,” said Ed- its involvement will depend on said Wednesday. “Not with the shows that there is a need for
record levels in the January-to- Mexican administrations that uardo Guerrero, a former top Mexico. use of force as the fundamental greater U.S. involvement in the
ci on
September period this year, ac- used U.S. intelligence and Mexican security official. So far, however, the Mexican strategy but addressing the region, with U.S. intelligence
cording to the country’s na- money and deployed the Mexi- In a Senate hearing Tuesday leader has turned down offers causes that led to insecurity and training to help Mexico
tional statistics agency. The can army to target the biggest before the Homeland Security of U.S. help and rejected sug- and violence—that there be combat the cartels.
er rs
Officials Cite Possible Case of Mistaken Identity

m e
BY ANTHONY HARRUP women and six children who Authorities suspect members it was a confusion. That can’t trols drug routes in Sonora, and tended LeBarón family, which
AND JUAN MONTES were members of a local Mor- of La Línea gang but haven’t be. When a woman gets out La Línea—the armed wing of first settled in Mexico in the
mon community formed by a yet identified the perpetrators. and they fire at her, it’s not the Juárez cartel—which con- 1920s as part of a wave of
m rp
MEXICO CITY—Mexican au- breakaway group from the Some family members ex- confusion but a direct attack,” trols much of Chihuahua state. Mormons who emigrated from
thorities investigating the kill- Church of Jesus Christ of Lat- pressed skepticism over the said Lenzo Widmar, a cousin Gen. Mendoza said more the U.S. after being excommu-
ing of nine U.S. citizens on a ter-day Saints. Seven children government’s theory, espe- of one of the victims. than 200 used cartridges from nicated by the church for con-
road in northwestern Mexico and a baby survived. He said that there has been assault weapons were found at tinuing to practice polygamy.
said that a shootout between Gen. Mendoza said one line no incident between drug the sites of the attacks. The The LeBarón family has had
co Fo
two rival drug gangs earlier of investigation is that mem- gangs and the LeBarón com- U.S.-made cartridges were conflicts with criminal gangs
that day might have prompted bers of La Línea were trying to
Some family members munity in recent months. “My Remington brand, with cali- in the past, although Julián
the attack. keep members of Los Salazar say the victims were speculation is that they bers used by M-16 and AR-15 Lebarón, who is related to
Defense Ministry chief of from entering Chihuahua, and wanted to send a message of rifles, he added. three of the victims, said that
staff Gen. Homero Mendoza decided to send an armed cell
intentionally chosen strength to rivals and the Gen. Mendoza said the LeB- in recent years the cartels ha-
said at a press conference on to the area, leading to the at- to send a message. Mexican government,” he said. arón and Langford families ven’t threatened them.
Wednesday that an armed con- tack on the SUVs. He said the A surge in trafficking of who were attacked frequently More recently, in 2018, the
frontation took place early vehicles were similar to those methamphetamine and syn- traveled along the route they family was involved in dis-
Monday in Agua Prieta, Sonora, used by criminal gangs in the thetic opioids has led to rising took Monday. That, he said, putes with other local commu-
between members of La Línea region, possibly explaining a cially when they said one of violence in the borderlands of could explain why there were nities who accuse the family of
drug gang in Chihuahua and misidentification. the female drivers jumped out Sonora and Chihuahua states, only women and children trav- illegally using water from
Los Salazar gang in Sonora. The general said the assail- of the SUV she was driving analysts say. Turf wars have es- eling in the vans without secu- wells to irrigate their pecan
Agua Prieta is about 100 ants let some of the minors with her hands up when con- calated in the past two years rity measures. farms, according to local news
miles from where gunmen at- go, suggesting that they didn’t fronted by the attackers. between Los Salazar, an affiliate The victims of Monday’s at- reports. The LeBaróns denied
n-
tacked the victims—three mean to target the families. “It’s offensive that they say of the Sinaloa cartel that con- tacks were members of the ex- they illegally used water.
Brazil Oil Auction Falls Far Short of Goal

no
BY JEFFREY T. LEWIS trol over development and

production than was offered.
SÃO PAULO—Brazil threw Winning bidders would also
an oil party on Wednesday. have to negotiate with Petro-
Few bothered to turn up. bras over compensation for in-
The country held an auction vestments the Brazilian com-
for some of its richest offshore pany has already made in the
oil areas, expecting the world’s fields.
leading firms to bid on what “The [signing] bonus was
was touted as one of the big- already high,” said a lawyer
gest auctions in industry his- representing one of the com-
tory. Instead, only two Chinese panies at the auction. “When
oil firms and Brazil’s own you add in what Petrobras was
state-controlled firm, Petróleo asking, most companies real-
Brasileiro SA, placed bids. ized it was too expensive and
Two of the four blocks decided not to take the risk.”
weren’t sold, as Exxon Mobil
every
Brazil’s government praised
LEO CORREA/ASSOCIATED PRESS
Corp., Royal Dutch Shell PLC, the outcome of the auction,

BP PLC, Total SA and others saying that raising $17.2 bil-
steered clear. lion was more good news for
“Total disaster is the best President Jair Bolsonaro’s ad-
one
way to describe this morning’s ministration.
round,” said Ruaraidh Mont- Petrobras said the auction
gomery, research director at added to its portfolio of
Welligence Energy Analytics in world-class production assets
Houston. “Not one major par- A Petrobras official with an envelope containing the company’s bid and that it will be able to pay
ticipating is a glaring failure.” the licensing fees without add-
Brazil’s government was largest of the four fields on of- would pay most of the fees ing to debt.
deserves a decent asking for $26.2 billion in up-
front fees, with the companies
fer, Búzios.
Petrobras is already pump-
and play a major role in pro-
duction led Brazil’s currency,
But the outcome disap-
pointed investors who had
place to live. expected to jack up production
and turn Brazil, now the
ing oil from the Búzios block,
and has had test production
the real, to tumble 2.2%
against the dollar. Meanwhile,
hoped for greater foreign par-
ticipation. At a time of a
ninth-largest producer, into from the other three. Brazil’s Petrobras’s U.S.-traded shares world-wide oil glut, analysts
the fifth-biggest. Instead, the National Petroleum Agency es- fell 2.5%. said that Brazil’s terms were
licensing fees amounted to timates that there are up to 15 The Brazilian company was simply not palatable.
$17.2 billion. billion barrels of oil in the re- the sole bidder on the Itapu “It was too expensive,” said
And there was no windfall gion where the fields are lo- field. There were no bids for Oswald Clint, an analyst at
of foreign investment, with cated and will hold another the Sépia and Atapu blocks. Bernstein Research in London.
Learn more at only $1.6 billion in upfront auction of other nearby fields The large signing fees may “Búzios is the best deep-water
fees coming from outside in- on Thursday. have curbed interest in the field ever discovered, and
habitat.org. vestors Cnooc Ltd. and The fees from Wednesday’s auction, analysts said. Total’s none of the majors wanted
CNODC. Those two Chinese auction are more than Brazil chief executive, Patrick Pouy- into it.”
companies will partner with has received from all previous anne, said in October that the —Luciana Magalhaes
the state-controlled company, oil rights sales combined. But company wouldn’t participate and Paulo Trevisani
known as Petrobras, in the the realization that Petrobras because it wanted more con- contributed to this article.
THE WALL STREET JOURNAL. * * * * Thursday, November 7, 2019 | A9
WORLD NEWS
Researchers Identify
New Strain of HIV
BY PREETIKA RANA and P infections are rare but
can also affect humans.
Scientists using advanced Wednesday’s Abbott Labs
DNA-sequencing technology findings have established a 10th
have documented a previously group, M strain. The three peo-
unidentified strain of HIV un- ple who are known to carry it
der the group that is responsi- live in what is now the Demo-
ble for the vast majority of hu- cratic Republic of Congo, where
man infections. the first HIV infection surfaced
The previous strain in that in a human in the mid-1900s.
group was documented in 2000. Decades later, the virus spread
The latest strain was found rapidly around the globe.
in just three people, but the Researchers and epidemiol-
ERIC FEFERBERG/AGENCE FRANCE-PRESSE/GETTY IMAGES

findings by Abbott Laborato- ogists don’t expect the new
ries—a maker of HIV tests— Group M strain to change the
are expected to strike up a way HIV is diagnosed or
broader conversation about treated. Existing diagnostic
how to classify new viral tests and antiretroviral drugs,
strains that could surface. The which suppress the growth of
company described its find- HIV, are designed to target the
ings on Wednesday in an aca- parts of the virus that are
demic journal. common to all groups.
Strains from Group M are Still, they say new strains
the most common in humans can offer clues on how HIV
and are responsible for the evolved and spread.
global AIDS pandemic. M “There’s a lot of mystery
strains have infected about around why certain things
90% of the 37.9 million people happened. New strains can un- Iran’s President Hassan Rouhani, left, and France’s President Emmanuel Macron, second right, attended a 2016 meeting in Paris.
that the World Health Organi- ravel some of that unknown
Macron Says Iran Puts Deal at Risk

zation estimated were living history,” said Brian Foley, an
with HIV last year. Group O, N HIV geneticist at New Mexico’s
Los Alamos National Labora-
HIV Origins tory, which holds the largest
HIV gene bank and sets the BY LAURENCE NORMAN clear deal’s proponents say a 15- steps away from the deal lim- the 2015 deal, which could
A new strain under the
guidelines on classifying new AND SUNE ENGEL RASMUSSEN year ban on the activity at the its so far has been tepid, pro- eventually unravel the accord
group responsible for the
strains. Dr. Foley wasn’t in- site was a major Western win. viding Tehran with little in- and reimpose international
vast majority of HIV
volved in Abbott’s research. French President Emmanuel “I think that for the first centive not to go further. Paris sanctions on Iran. Diplomats
infections was documented.
Eventually, he says, the Macron, a staunch supporter time, Iran has decided in an has tried to arrange a truce say there have been discussions
The last strain under the
findings could help research- of the 2015 nuclear deal with explicit and blunt manner to between Washington and Teh- among the big European pow-
group was documented
ers engineer the Holy Grail in Iran, slammed Tehran’s deci- leave the…agreement, which ran, although Mr. Trump and ers on what Iranian moves
nearly two decades ago.
the fight against the virus: an sion to resume uranium en- marks a significant shift,” Mr. Iran’s Supreme Leader Ayatol- would trigger the dispute
.
HIV vaccine. richment at an underground Macron said on Wednesday at mechanism in recent weeks.
ly
At least three samples are nuclear facility, saying the a news conference in China. Iranian President Hassan
needed to establish a new HIV move raised the risk of the Tehran’s move sharpened Rouhani said Wednesday that
strain. Two samples of the L multilateral accord collapsing. the incremental approach to
The French Fordow would soon be in full
HIV1 groups strain were detected in the on Mr. Macron has led Euro- expanding its nuclear program president has led operation again, as Iranian of-
Originated in gorillas and chimpanzees Democratic Republic of Congo pean efforts to salvage the that Iran adopted in May and ficials transferred a cylinder
in 1983 and 1990. A third sus- deal after the U.S. pulled out signals to President Trump
European efforts to containing around 4,400
Origin: West, pected sample was found by last year and imposed harsh that as long he maintains max- salvage the accord. pounds of uranium gas to its
central an Abbott partner hospital sanctions on Iran. The French imum economic pressure, Teh- enrichment hall.
Democratic Cameroon Africa
us l,
Republic there in 2001. But sequencing leader has argued the agree- ran can cause problems for the The Fordow move won’t
of the Congo Cameroon, technology at the time made it ment safeguards Europe’s se- White House. It also signals to have a major impact on the
al a
France
e
hard for company scientists in curity interests and ensures Iran’s domestic audience that lah Ali Khamenei have both at pace of production of enriched
N P Illinois, where the sample was Iran won’t obtain a nuclear Tehran won’t budge in the times dismissed the efforts. uranium, leaving Iran far from
O
Group M shipped, to read it accurately. weapon in coming years. face of U.S. pressure. However, the mood may be the so-called breakout point.
ci on
Subtypes: It was only in recent years, Iran began enriching uranium The Islamic Republic has changing in Europe, diplomats But resuming enrichment at
A B C D with the falling cost of DNA on Wednesday at its Fordow nu- since May repeatedly urged Eu- say, as Iran’s breaches con- the site, whose underground
F G H J sequencing and the emergence clear plant, a facility buried rope to provide relief from U.S. tinue and concerns about other location presents a major hur-
of so-called next generation deep within a mountain that is sanctions, saying that other- Iranian nuclear activities build. dle to any military effort
K L
sequencing technology, that considered impregnable to most wise, it would make fresh moves Some key European decision aimed at stopping the con-
er rs
Newest 90% of infections Abbott scientists were able to conventional weapons. Enriched away from the limits of the nu- makers, like Britain, appear struction of a nuclear weapon
strain worldwide isolate the viruses in the sam- uranium can be used as fuel for clear deal every two months. more willing to consider trig- there, has high global political
Source: Abbott Laboratories ple and read them. a nuclear weapon and the nu- Europe’s response to Iran’s gering a dispute mechanism in resonance.
m e
U.S. Moves to Fix Turkey Ties WINE OF THE MONTH

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BY MICHAEL R. GORDON tweets that Mr. Erdogan in- In a statement in Ankara,
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co Fo
moved to repair the U.S.-Turk- lamic State] fighters that were Earlier Wednesday, the State
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American Red
ing strains, congressional criti- ing the conflict—including the the top U.S envoy for Syria is-
cism and reports of continued wife and sister of terrorist sues, will travel to Ankara for
skirmishing in northeast Syria killer [Abu Bakr] al-Baghdadi.” meetings Friday and Saturday
weeks after a U.S.-negotiated Baghdadi died in a U.S. raid with top Turkish officials.
truce took effect. on his compound in northwest- There had been some specu-
President Trump said in a
Twitter message that he had
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lation that Mr. Erdogan might
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A10 | Thursday, November 7, 2019 * *** THE WALL STREET JOURNAL.
FROM PAGE ONE

potholes and paid out around lier this year, he created a integrate as rains and flood- ting wasted.” He and Mr. An- the past five years.
Pothole 42,000 rupees to citizens who
complained. All those pot-
video of someone dressed in
an astronaut suit walking on a
ing weaken them and a
scramble of cars, taxis, trucks,
sari said they mostly use
broken bricks they find lying
Mr. Karnani said authori-
ties sometimes take action
holes have now been filled. street so badly pocked and motorbikes, buses and three- around to fill the holes. within a few hours, and some-
Fillers Hit Mr. Machiwala and Mushaq
Ansari, who is 38 and runs a
broken that it looked like the
surface of the moon. Authori-
wheelers hammer away at
them.
A spokesman for the Mu-
nicipal Corporation of Greater
times it can take a month.
After city officials tweeted
The Road used-car business, were in-

spired to start filling holes af-
ter they drove over a particu-
ties fixed the street the next
day.
A truck driver in the city of
The holes fill with rainwa-
ter, making it difficult for
drivers and pedestrians to de-
Mumbai denied the materials
were poor quality and said
the city worked to ensure citi-
out a message in August tell-
ing residents they shouldn’t
fill potholes themselves,
larly deep one on a scooter. Rajkot recently buried himself termine their depth. zens had good roads. Messrs. Machiwala and Ansari
Continued from Page One “We didn’t fall, but we got under a pile of rubble in the Messrs. Machiwala and An- paused their rogue expedi-
the Municipal Corporation of scared,” said Mr. Ansari. They road to draw attention to the sari have gotten attention in tions. They have turned their
Greater Mumbai, announced a registered a complaint with state of the streets. And a local media, posing for photos attention for now to catalog-
new app for residents to re- the city but didn’t want to Mumbai radio DJ created two
In one viral song, a showing off their handiwork. ing hundreds of manhole cov-
port potholes. “Mumbai, wait. They went back the songs about the city’s pot- DJ sang, ‘Should we They have also documented ers that are broken or missing
we’ve found a ‘hole’-some so- same day to fill it. holes, among other infra- their battle against the city’s from Mumbai’s streets—
lution to pothole woes!” read When they fix the holes, structure shortcomings, that
fill the potholes road blemishes on a Twitter crushed by vehicles, stolen for
an official tweet about the Mr. Ansari said, “the vehicles went viral. ourselves?’ account they named “Pothole scrap or washed away in
app. will pass easily, the pedestri- “Should we fill the pot- Warriors,” with more than flooding—which they plan to
Last Friday, the office ans can cross easily. Their holes ourselves?” she sang to 3,000 followers. report to the city. They’ve
launched a weeklong chal- feet won’t get hurt and no a popular Bollywood tune as “We are #PotholeKillers u also noted an abundance of
lenge in which users can sub- one will fall in the potholes.” she danced through her radio Messrs. Machiwala and An- Can B Too!” trumpeted a re- streetlights that don’t work.
mit a selfie with a pothole The duo estimate the largest station’s office with male sari said municipal pothole- cent tweet from their account. They are still considering a
through the app or on the they have filled was 10 feet backing singers. filling work disintegrates rap- Trivankumar Karnani, a return to pothole filling.
web—and if it isn’t fixed wide and at least 8 inches The problem is especially idly due to poor materials and high court lawyer in Mumbai, Some of the cities’ roads are
within 24 hours, the person deep. bad in the June-through-Sep- shoddy workmanship. prefers a more official route. managed by different authori-
who first reported it would Among others who have tember monsoon period, “The quality is not good. He founded an organization to ties, who haven’t said any-
get 500 rupees. A spokesman taken up the pothole cause when Mumbai gets more rain Within four days it comes bring citizens’ grievances to thing about whether citizens
said so far the office has re- across India is an artist in the in four months than London out,” said Mr. Machi- the city that he said has re- should leave holes alone, they
ceived 500 complaints about tech capital of Bangalore. Ear- gets in three years. Roads dis- wala. “Taxpayer money is get- ported hundreds of holes over note.
China In some cases involving

publicly listed companies,
courts give priority to small
Grapples investors who have suffered

losses to keep them from stir-
ring social unrest, at the ex-
With Debt pense of debtholders and

other creditors that rank
higher in repayment priority,
said Xu Defeng, a law profes-
Continued from Page One sor at Peking University.
least one respect: Bankruptcy After the state-owned and
FROM TOP: ZHOU WEI/THE WALL STREET JOURNAL; IMAGINECHINA/ALAMY

courts here sometimes are in- Shanghai-listed Fushun Spe-
clined to protect shareholders cial Steel Co. underwent a
over debtholders—with the bankruptcy reorganization in
aim of averting social unrest. court last year, its debt pay-
.
Reorganizing or liquidating ments to secured creditors
ly
companies is proving to be a were suspended. Under a
messy process in many cases, court-approved plan, the com-
marred by disagreements, pro- pany agreed to pay them an
tests and disarray in a country on annual interest of 2.8% and
with a steep learning curve in start to repay the principal
the bankruptcy process. debt after five years.
Last year more than a thou- Shareholders of the Shang-
sand people, including judges, hai-listed company have fared
us l,
bankers, home buyers and em- better. Their shares rose in

ployees packed into a univer- value after Fushun emerged as
al a
e
sity auditorium here in China’s a debt-lightened company at
northwest to hear how a the end of 2018 when its bank-
court-appointed law firm ruptcy proceedings concluded.
ci on
would sort through more than In the U.S., by contrast,

7.5 billion yuan ($1.07 billion) A bankruptcy process restarted work on the Yihefang complex in Xi’an. China’s Supreme People’s Court, below, oversees the tribunals. shareholders in companies
in claims against a failed real- that have filed for bankruptcy
estate company. businesspeople a chance for a usually lose their ownership
Hundreds of police officers fresh start. That’s the differ- stakes or see them become ef-
er rs
and security personnel stood ence.” fectively worthless when as-

watch because of fears that In a Nanjing courtroom last sets are sold to pay creditors.
grievances would turn to vio- year, Li Xinghua, the chairman Unorthodox court decisions
lence. and owner of a construction that protect shareholders at the
m e
About 7 miles away, a 21- company, bowed in front of expense of debtholders are
building complex had stood judges, creditors and bank- hurting creditors’ rights and
unfinished since late 2014 af- ruptcy administrators and could potentially undermine the
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ter the company sold thou- pleaded for a second chance. bankruptcy system, Mr. Xu said.
sands of apartments and He had made a stupid deci-
storefronts and then defaulted sion, he said, after a state-
on its debts. owned bank refused to extend Blood and sweat
a new loan a few years earlier After construction of the
co Fo
for his company, Nanjing 21-building Yihefang complex

Nothing but this Wonzeal Construction Decora- in Xi’an ground to a halt in
Liu Changyun, now 50 years tion Shares Co.—and he bor- 2014, home buyers and other
old, paid roughly $84,700 in rowed instead from private creditors begged the developer
2013 for a storefront in the lenders at high interest. and the local government to
hopes of opening a small res- The company racked up find a way to resume con-
taurant in the complex. She is more than $28 million in debt. struction.
still waiting, selling food from When activity and revenue Some individuals called
a cart nearby. “I own nothing dropped, it couldn’t repay the government officials on their
in my whole life but this,” she loans, and filed for bank- personal phones to implore
said recently. ruptcy. them to take responsibility for
China introduced formal On the other end was Qian the project, while others pro-
bankruptcy laws in 2007. But director of restructuring and Some are still getting ac- Some people “have pre- Xiaojun, who runs a small tested outside government of-
courts routinely rejected ap- advisory firm Alvarez & customed to the process. pared knives and collected the company that lent more than fices with banners, some read-
n-
plications from struggling Marsal who has worked in As the real-estate and con- personal information of judges $855,700 to Wonzeal. He was ing “give my blood-and-sweat
businesses and their creditors China for close to three destruction company Zhejiang and administrators,” and among creditors who voted in money back,” according to
because of concerns over po- cades. Dengfeng Traffic Group was urged others to do the same, favor of a court plan that let several home buyers.
tential social unrest and large- Concerns grew last year undergoing liquidation in the administrators said in a the company keep operating. The development was run
no
scale layoffs. amid the U.S.-China trade con- Hangzhou, two law firms and public WeChat post. It said If the company closes shop, by Jiao Yanqin, a local busi-
Many insolvent companies flict. In an opinion piece pub- an accounting firm that a staffers working on the bank- “we won’t even get 1 cent nesswoman who had high am-
chugged along with state sub- lished in a state-run media court had appointed as case ruptcy case at one point tem- back,” Mr. Qian said. bitions for the 28.7-acre plot,
sidies and loans from state- outlet, Du Wanhua, a high- administrators said in August porarily moved from a local The plan covers salaries with a blueprint that included
owned banks. Some simply ranking official at the Su- they had received threats from government office into the and allows for a small share of a kindergarten, gardens and
walked away from their debts, preme People’s Court of China, individuals who disagreed city’s court, where security Wonzeal’s debts to be repaid stores surrounded by high-
leaving creditors hanging. said higher trade tariffs could with the order in which credi- was tighter. first, with larger creditors to rises.
Beijing is trying a new tac- lead to more bankruptcies. tors were being repaid. The process is already be repaid over time. Mr. Li Like many private compa-
tic. Most of the country’s The courts should start “re- The company had been a fraught with emotion in China, said the company has reduced nies that ran into financial
bankruptcy tribunals have pairing the house before it large employer, building high- Judge Ye said, where “the in- staff and is undertaking short- trouble, Ms. Jiao’s company
opened since 2015. New courts rains,” he wrote, using a tradi- ways in and around the south- tegrity of a person is the foun- term projects that can gener- took out loans from nonbank
were added this year in Bei- tional Chinese phrase. eastern city. The case adminis- dation of one’s life,” and de- ate cash more quickly. lenders that charged rates of
jing, Shanghai and Shenzhen. trators have been auctioning faulting on debt is seen as a more than 20%. The company
Court-appointed administra- some of the company’s as- moral failing. couldn’t sustain the payments.
tors—law firms and account- ‘Like the hospital’ sets—from unfinished apart- Chinese law only allows for Winners and losers In the summer of 2018, the
ing firms that help verify There are more than $17 ment buildings to jade sculp- companies to declare bank- It is part of a shift from city’s court accepted a bank-
claims, organize creditors’ trillion in outstanding bank tures—on Alibaba Group ruptcy, not individuals. But the what Judge Ye described as ruptcy petition filed by one of
meetings, list and sell assets— loans in China, according to Holding Ltd.’s Taobao, an stigma can make creditors and policy-mandated bankruptcy— Yihefang’s private lenders, and
increasingly make use of Wind, a financial data pro- eBay-like online marketplace, borrowers unwilling to file, the government largely de- reorganization proceedings
China’s online culture, as au- vider. to recoup funds for more than Judge Ye said—whereas in the cides which companies fail or began. Ms. Jiao ceded control
thorities look to handle more Regulators have told banks 2,000 creditors. U.S., “they think it’s giving survive—to a “market-oriented of the developer, and a local
cases and process them faster. to recognize loans more than bankruptcy” process that lets law firm was appointed as the
After a decade of rapid ex- 90 days past due as nonper- Borrowing Binge market forces decide who are case’s administrator.
pansion and heavy borrowing, forming; official data put non- the winners and losers. Following a bidding process
Years of expansive debt policies in China have resulted in rising
China’s growth is slowing. performing loan ratios at Many lawyers, foreign in- that drew half a dozen inves-
stockpiles of troubled loans on commercial banks' balance sheets.
Courts nationwide accepted 1.81%, reflecting a total unpaid vestors and lenders say they tors, another developer was
close to 19,000 corporate principal balance of about Corporate debt as a Outstanding problem loans have found Chinese courts ef- chosen to take over.
bankruptcy filings in 2018, $319 billion. That low ratio is percentage of GDP* ficient in processing cases and The new firm estimates it
Nonperforming Special-mention†
more than triple the number widely thought to understate reorganizing or liquidating will cost $50 million to com-
two years earlier. the level of bad debt on banks’ 160% 6 trillion yuan companies. plete the project. Last month,
They included the reorgani- balance sheets. The caseload is growing. In workers were painting the
4
zation of steelmaker Bohai The court system has re- the southeastern city of Xia- outside walls of several build-
140
Steel Group Co., which buckled lieved some of the burden 2 men, where Judge Ye presides, ings and construction eleva-
under more than $28 billion in from local governments that the local court accepted fewer tors had been installed. Stacks
debt—the largest failure of a kept companies afloat to pre- 0 than 80 bankruptcy cases in of new building materials were
120
state-owned Chinese enter- vent the kind of mass layoffs 2014 ’15 ’16 ’17 ’18 ’19 the decade before the city set on-site.
prise in years. Some of Bohai’s and financial losses that could As a percentage of all loans up a bankruptcy and liquida- Ms. Liu, the food seller, said
assets will be taken over by shake China’s economy and 100 6% tion tribunal in mid-2016. Last she spent her family’s life sav-
another steel company and political leadership. year, the new court processed ings to buy the storefront to
creditors are in the process of The courts’ role in resusci- 4 96 cases, most of them private open a restaurant. A big draw
being repaid partially or in tating or liquidating busi- 80 companies in the manufactur- for her, she said, was the com-
full. nesses is “not only an eco- 2 ing sector. plex’s location near three sub-
Authorities “sensed the nomic issue but also a social- 60 0 Keeping people content way lines used by many morn-
economic slowdown and that responsibility issue,” said Ye throughout the process re- ing commuters.
1995 2000 ’15 2014 ’15 ’16 ’17 ’18 ’19
weaker companies would not Bingkun, a 46-year-old bank- mains a concern. Chinese “If there are a lot of people,
survive, and needed a mecha- ruptcy judge in Xiamen. *Excludes debt issued by financial institutions courts sometimes ignore laws that will be good for breakfast
†Special-mention loans comprise debt that banks deem problematic or at high risk of default.
nism to deal with that,” said “Bankruptcy is like the hospi- Note: 1 trillion yuan = $142 billion that dictate the order in which business,” she said.
Ron Thompson, a managing tal for companies.” Source: Wind creditors should be repaid. —Zhou Wei and Serena Ng
THE WALL STREET JOURNAL. * * NY Thursday, November 7, 2019 | A10A
GREATER NEW YORK

Murders, Shootings Rise
Gang-related violence recorded between Jan. 1 and was also partially driven by a Dermot Shea, a Queens-raised
Nov. 1, compared with 641 in pair of quadruple homicides son of Irish immigrants, will
is behind the increase, the same period in 2018. that occurred over consecutive succeed Mr. O’Neill as com-
NYPD says; crime levels Meanwhile, robberies and weekends. A suspect has been missioner on Dec. 1.
felonies assaults are also both arrested in one of the inci- Mr. de Blasio has faced crit-
remain at historic lows up roughly 1% this year com- dents while the other remains icism from some elected offi-
pared with 2018, while rapes under investigation. cials for not appointing a per-
BY BEN CHAPMAN are up less than 1%. NYPD Commissioner James son of color as NYPD’s top cop.
AND KATIE HONAN Mayor Bill de Blasio said at O’Neill said at the news con- At Wednesday’s news confer-
a news conference Wednesday ference that the murder rate ence, the NYPD’s top black of-
Gang-related crimes have that crime in the city remains in New York City is roughly 3.4 ficial, First Deputy Commis-
EDNA LESHOWITZ FOR THE WALL STREET JOURNAL
led to an increase in murders at historically low levels, and per 100,000 people. In 1990, sioner Benjamin Tucker, said
and shootings in New York the NYPD will work to in- the murder rate was 30 per he was disappointed he wasn’t
City this year, New York Police crease public safety in the re- 100,000, he said. offered the job.
Department officials said maining months of the year. “The numbers are small, “At the same time, it’s the
Wednesday as they released “We’re going to keep fight- the percentages might be up, mayor’s call, right?” Mr.
the latest crime statistics. ing to drive the numbers but the numbers are very Tucker said. “And I’ll leave it
The NYPD’s crime data down,” Mr. de Blasio said. “We small,” Mr. O’Neill said. there.”
show 29 murders in October, can and will do better going The NYPD’s monthly brief- At the news conference, Mr.
an increase of 61% from 18 forward, and this year ain’t ing on crime statistics was the de Blasio expressed some
during the same month in over, and we’re very confident.” last for Mr. O’Neill, who is worry over criminal-justice
2018. Police officials partially at- stepping down from his post changes set to begin Jan. 1, in-
Murders in the city are up tributed the increase in violent at the end of November. He cluding the elimination of cash
3% for the year, with 267 re- crimes to gang activity and will take on a new role as se- bail for most misdemeanors
Melinda Katz was elected district attorney with 75% of the vote. ported between Jan. 1 and the illegal drug trade, espe- nior vice president and global and nonviolent felonies.
Nov. 1, compared with 259 in cially in areas of north Brook- head of physical security for “I have some concerns as
New Queens DA the same period in 2018.

Shooting incidents have in-
creased 4.5% in 2019, with 670
lyn, south Queens and upper
Manhattan.
October’s spike in murders
Visa Inc. on Dec. 2, the com-
pany said Wednesday.
NYPD Chief of Detectives
well,” Mr. de Blasio said, citing
a need to reduce incarceration
while maintaining public safety.
To Push Changes
In Criminal Justice
BY CORINNE RAMEY never worked as a prosecutor.
She spent four years as an as-
Queens’ next top prosecutor, sociate at law firm Weil, Got-
Melinda Katz, has pledged to shal and Manges LLP after
bring a left-leaning approach to graduating from St. John’s Uni-
.
criminal justice in her new job, versity School of Law. She
ly
a challenge in an office that has spent the bulk of her career in
long been known for its tradi- politics, as a member of the
tional law-and-order policies. state Assembly beginning in
Ms. Katz, a Democrat, was 1994, and then the New York on
elected Tuesday as the bor- City Council from 2002
ough’s district attorney with through 2009. She has been
75% of the vote in a decisive Queens borough president
victory over Republican candi- since 2014.
us l,
date Joe Murray, a police-offi- Ms. Katz joins the Queens

cer-turned-prosecutor who district attorney’s office at a
al a
e
supported more traditional time when new state laws are
tough-on-crime policies. requiring major changes.
She is set to take over an of- During Mr. Brown’s tenure,
ci on
fice where the last elected dis- and that of his deputy now in
trict attorney, Richard Brown, a charge, the office followed a
Democrat who died in May af- more conservative approach,
KENA BETANCUR/GETTY IMAGES

ter 28 years in office, publicly with stricter requirements for
supported policies associated guilty pleas, for instance. Mr.
er rs
with quality-of-life enforce- Brown was against legalizing

ment, such as prosecuting sub- recreational marijuana and
way fare beaters. By contrast, criticized the plan to close the
Ms. Katz has talked of import- New York City jail complex on
m e
ing progressive practices from Rikers Island.

other boroughs, such as a con- Ms. Katz said during her
viction-review unit, which campaign that she would urge Voters in Jersey City overwhelmingly approved a ballot measure Tuesday to beef up rules for operating short-term rental properties.
m rp
lawmakers to legalize recre-
Jersey City Votes to Limit Airbnbs

ational marijuana. She sup-
ported closing Rikers but criti-
Priorities include cized the process for building
starting a bureau for new jails.
co Fo
The Queens office has also BY JOSEPH DE AVILA The new rules, which go funded coalition called Share were able to obtain enough
housing protection criticized changes to state law into effect in January, would Better, spent about $1 million signatures to place the mea-
and worksite safety. going into effect Jan. 1, includ- A regulatory crackdown is require owners of short-term backing the new short-term sure on Tuesday’s ballot to
ing one that requires judges to on the way for Airbnb Inc. and rentals to acquire a city per- rental regulations. give voters a final say.
set bail for fewer defendants. other similar short-term rental mit and set caps on the size “Airbnb thought it could That strategy previously
On its website, the office has companies in Jersey City, N.J. and number of units that can spend millions of dollars to worked in San Francisco when
would examine old cases for posted a map that shows the Voters in Jersey City over- be used for such purposes. A undo common-sense home- the company defeated a ballot
possible exonerations. locations of 363 crimes alleg- whelmingly approved a ballot property can be rented for a sharing regulations,” said Pe- measure in 2015 that would
The victory gives Ms. Katz, edly committed by people who measure Tuesday, by 69% to maximum of 60 days a year if ter Ward, president of the New have limited short-term hous-
the Queens borough president, are currently in jail awaiting 31%, to beef up rules for oper- the owner isn’t physically on York Hotel and Motel Trades ing rentals there. In 2018,
a chance to implement her own trial but would be free under ating short-term rental prop- the site. Renters also would be Council. “But Jersey City resi- elected officials in San Diego
law-enforcement vision after a the new bail policies. erties in the city. It was a blow barred from using their units dents could not be fooled.” rescinded new regulations on
bruising Democratic primary Ms. Katz said the new re- to Airbnb, which had spent as short-term rentals under Mr. Fulop, a Democrat, short-term rentals rather than
during which she was labeled a quirements would help ensure more than $4 million opposing the proposed ordinance. along with members of the City put the question before voters.
n-
candidate of the establishment people get both fairness and the measure, flooding the tele- “From the start of this cam- Council began efforts to enact Mr. Fulop said the city will
while vying with a self-de- justice. She said she supported vision airwaves with commer- paign, we knew this was going stronger short-term rental be hiring additional staff in the
scribed Democratic socialist a new law that requires prose- cials and inundating residents to be one of the toughest rules earlier this year. City offi- division of Housing Preserva-
public defender, Tiffany Cabán. cutors to turn over evidence with mailers. fights we’ve faced, with the cials said Jersey City residents tion to handle the registration
no
Ms. Katz defeated Ms. Cabán in sooner to defense attorneys, “It sends a very clear mes- big New York hotel industry were complaining about short- process under the new rules.
the primary by 55 votes after a saying a good prosecutor could sage to other cities and a very determined to fight home term rental properties being “We do think that responsi-
recount of about 90,000 ballots. work effectively under those clear message to Airbnb that sharing, but we had an obliga- used for loud parties and a ble home sharing has a place
Ms. Katz has spent the past circumstances. regular people want reason- tion to stand up for our com- rush of illegal hotels were in cities,” Mr. Fulop said. “That
few months studying criminal- She said her priorities in- able regulations,” Jersey City munity,” a spokesman for pushing up housing prices. said, we aren’t interested in
justice initiatives in Philadel- clude starting a bureau for Mayor Steven Fulop said in an Airbnb said in a statement. The City Council approved the commercial operators that
phia, New Jersey and Califor- housing protection and work- interview Wednesday. “And The Hotel Trades Council, the new regulations in June, absorb housing and put pres-
nia—places where local site safety. She said some gun- this wasn’t even close.” along with a hotel industry- but Airbnb and its supporters sure on affordable housing.”
officials have experimented possession cases could be ad-
with progressive policy dressed through alternatives to
changes in recent years. She
has had frequent conversations
with Eric Gonzalez, Brooklyn’s
jail, a view embraced by left-
leaning district attorneys.
“I do believe that part of
Upstate County Bucks Trend of Incumbent Wins
left-leaning district attorney, lowering gun violence and low- BY JIMMY VIELKIND Gov. Andrew Cuomo, a Demo- carz and Suffolk County Execu- said the GOP did well in areas
and met with law-school deans ering crime is to make sure crat, said during a Wednesday tive Steve Bellone, were re- it needs to rebuild going into
to discuss recruiting. that people never end up in the Incumbents held on to their radio interview. “Statewide, the elected Tuesday. Two next year’s elections for Con-
“Now it’s on to really start- criminal-justice system in the positions in elections to de- Democrats did very, very well.” Republican incumbents in ma- gress and the state Legislature.
ing a job,” Ms. Katz said last first place,” she said. cide control over several New Mr. Bello will be the first jor counties were also re- “We went on offense in
week, sitting in her kitchen in Still, she said she has a York counties. The notable ex- Democrat to hold the seat elected—Marc Molinaro in Democrat strongholds that re-
the borough’s Forest Hills strong sense of justice for vic- ception was in Monroe County, since 1991. His win means the Dutchess County, which in- sulted in many pickups, and
neighborhood. The home, tims, citing a driver who killed which includes Rochester, Democratic Party will control cludes Poughkeepsie, and Ryan despite coming up short in a
where she lives with her 8- and her own mother when she was where Democratic County the five most populous coun- McMahon in Onondaga County, few, we held very competitive
11-year-old sons, has been in 3. “My whole life was knowing Clerk Adam Bello ousted Re- ties outside of New York City. which includes Syracuse. elections that energized our
her family for 75 years. that a criminal act killed my publican Cheryl Dinolfo. Two Democrats, Erie Republican State Committee grass roots,” Mr. Langworthy
Ms. Katz, 54 years old, has mom,” she said. “That was a big, big win,” County Executive Mark Polon- Chairman Nick Langworthy said.
A10B | Thursday, November 7, 2019 NY * * THE WALL STREET JOURNAL.
GREATER NEW YORK
GREATER NEW
YORK WATCH
CONNECTICUT
Local Political Figure
Dies on Election Night
A local political leader in Con-
necticut has died after being
struck by a car on election night.
John Deeb was the chairman
of the Manchester Republican
Town Committee. Police said he
was struck by the car near the
party’s headquarters around 6:30
p.m. Tuesday.
The driver stropped and coop-
erated with police, authorities
said.
The 75-year-old Mr. Deeb was
hit when he went to pick up
some papers that had fallen onto
the street, witnesses said. They
said it appeared he was taking
clipboards to the Republican
headquarters for people to mark
MARK KAUZLARICH FOR THE WALL STREET JOURNAL (2)
down results at the polls.

Mr. Deeb had been a Republi-
can leader in Manchester for
nearly two decades. He wasn’t a
candidate for any office.
The cause of the accident is
under investigation.
—Associated Press
NEW JERSEY
Two People Killed
In Early-Morning Fire
A view of Central Park from the Park Hyatt New York’s new $50,000-a-night suite on the 59th floor of a tower on West 57th Street. The suite’s salon, below. A fast-moving fire that roared
through a New Jersey home has
Suite Offered for $50,000 a Night

left two people dead.
Middlesex County authorities
.
said the fire in Jamesburg broke
ly
out around 3:45 a.m. Wednes-
day. The two bodies were found
Park Hyatt New York Patrick Scholes, senior lodging a short time later inside the sin-
on and leisure analyst with Sun- gle-family home.
ups the ante in battle Trust Robinson Humphrey Inc. The names of the victims ha-
for ultra-rich travelers; “This is for the one-tenth of ven’t been released, and their
1% or even more exclusive cause of death hasn’t been de-
butler service included than that.” termined.
us l,
The Park Hyatt New York’s No firefighters or police offi-

BY KEIKO MORRIS other 92 suites have done well cers were injured in the blaze.
al a
e
with customers from Russia, —Associated Press
A hotel on Manhattan’s Bil- the Middle East, South Ameri-
lionaires’ Row is trying to lure can countries such as Brazil NEW YORK CITY
ci on
royal families, billionaire fi- and in Asian markets like

nanciers and other ultra- China, Mr. Pitkethley said. Trump to Appear at
wealthy customers with a new Park Hyatt is taking aim at Veterans Day Parade
expansive suite in the sky that the city’s other opulent suites,
charges $50,000 a night. including the Four Seasons’ Ty President Donald Trump ac-
er rs
The Park Hyatt New York Warner Penthouse, which cepted an invitation to kick off
hotel on West 57th street has comes with a 360-degree view the New York City Veterans Day
converted a three-bedroom of the city, four glass balco- Parade next week.
apartment at the tower it nies, a ceiling-to-floor water- United War Veterans Council
m e
shares with luxury condo resi- fall and a chauffeured Rolls- Chairman Douglas McGowan
dents into a marquee suite. Royce. The midtown Baccarat’s and the White House said on
The 4,200-square-foot accom- premium suite is adorned with Wednesday that Mr. Trump will
m rp
modation comes with a butler a night. were seeking the opportunity of the suite take a shine to the crystal sconces, marble coun- offer a tribute to veterans at the
and chef, a walk-in closet Unlike other suites in the to have a larger specialty building. “We anticipate many tertops and works of art from opening ceremony of Monday’s
styled by Nordstrom with Park Hyatt, the new palatial suite,” he said. of their guests will fall in love the Baccarat collection. 100th annual parade.
clothes for purchase, and 11- lodging on the 59th floor re- The Park Hyatt can thank with everything One57 has to The Park Hyatt suite also After his remarks, the presi-
foot-high ceilings. Suite guests quires a seven-day stay, said Manhattan’s high-end condo offer and return as buyers,” a includes prints and litho- dent will lay a wreath at the
co Fo
can take helicopter rides to Gus Pitkethley, director of glut for the opportunity. The spokeswoman said. graphs from artists like Philip Eternal Light memorial in Madi-
and from the airport. sales and marketing for the hotel sits at the base of Extell While suites often represent Guston and Mariah Robertson. son Square Park, White House
The postcard views stretch Park Hyatt New York. Development Co.’s 90-story a tiny fraction of a hotel’s room The hotel tailored a collection spokesman Judd Deere said.
from the southern tip of Cen- With suites making up al- residential skyscraper known count, they can account for a of high-end coffee-table books More than 25,000 parade
tral Park to the George Wash- most half of the hotel’s rooms, as One57, where about 15% of disproportionately high per- from publisher Assouline to participants including veterans,
ington Bridge and Yankee Sta- the Park Hyatt has experi- its units are unsold, including centage of a property’s reve- potential customers’ tastes active-duty military personnel
dium. enced a growing demand for the apartment that Park Hyatt nue. Luxury hotels draw cus- with titles such as “Arabian and their supporters are ex-
Hotel representatives said these larger lavish suites, es- is turning into a suite, the de- tomers who travel with Horses, The World of Ajmal pected to march along Fifth Av-
they are seizing an opportu- pecially from big groups trav- veloper’s spokeswoman said. extended family members, nan- Arabian Stud,” “The Impossi- enue.
nity to expand its reach in this eling together, according to The hotel signed a yearlong nies, security guards and other ble Collection of Watches” and —Associated Press
small but profitable niche of Mr. Pitkethley. lease with Extell for the apart- staff. These guests tend to fill “Windows at Tiffany & Co.”
specialty suites. The new suite “In order for us to grow ment and has the possibility of other hotel rooms and can run “It’s a nod to the kind of NEW YORK STATE
is about twice the size of the that suite market and target extending that lease for multi- up large room-service tabs and clientele that we expect to be
hotel’s second-biggest suite international [customer] mar- ple years. other bills at the property. staying in the hotel,” Mr. Pit- Storm Closes Some
n-
and costs about $15,000 more kets coming to New York, we Extell is hoping that guests “This isn’t for the 1%,” said kethley said. Adirondack Areas
Hikers, hunters and other
Dry for Decades, Town Repeals Law people planning to head into the
no
Adirondack backcountry may

find some of their favorite trails
BY JIMMY VIELKIND inaccessible due to damage from
It’s called the Halloween storm.
“Greenwich MeanTime” Residents of the upstate
town of Argyle can finally
The Department of Environ-
mental Conservation has posted
for a reason toast the end of Prohibition
after approving a referendum
an advisory online listing condi-
tions and closures. Many roads
on Tuesday to repeal dry and highways were damaged,
Hand-built on British shores, we aim laws banning the sale of alco- some seasonal roads are im-
RICHARD BEAVEN FOR THE WALL STREET JOURNAL (2)
to restore English watchmaking to its hol in the rural community. passable, and many hiking trails
original prominence. A group of residents in- are blocked by fallen trees or
cluding farmers who grow in- have washed-out bridges.
gredients used to brew beer Powley Piseco Road in the
pushed for the repeal. The Ferris Lake Wild Forest has se-
referendum passed 2 to 1. vere washouts and is closed for
Rick Dennis, co-owner of the foreseeable future. Gulf
Highlander Brewing Co. in Brook Road into the Boreas
Argyle, said he was pleased Pond Tract in North Hudson is
with the resounding result. closed due to washout.
“Keep an eye on Argyle, In the Siamese Ponds Wilder-
and see some of the im- ness, 13th Lake Road is washed
provements that are going to out and state Route 8 has
be possible, and the small washouts in several places.
businesses that are going to Rick Dennis, co-owner of Highlander Brewing Co., plans to open a There are washouts on Route
expand and take advantage taproom on his farm in Argyle. Below, a house on Main Street. 30 in Indian Lake.
of this,” he said on Wednes- —Associated Press
MBIII 10th Anniversary
Limited Edition
day.
Mr. Dennis plans to open a NEW JERSEY
taproom on his farm in com-
ing months, pending approval Woman Wants Late
from the State Liquor Au- Husband’s Ashes Back
thority.
The sale of alcohol has A South Amboy woman
been outlawed in Argyle whose home was burglarized is
since the Prohibition Era, asking that the thieves return a
continuing even after the box containing her late husband’s
federal ban was lifted in ashes.
1933. Jamie Stratton, niece of the
Alcohol has been legal to victim, says burglars kicked down
consume in the community— the front door, stole the box and
and many residents indulge— jewelry that included a commem-
but it had to be purchased orative wedding-band set. She
outside town limits. said her aunt, Liz Stratton, “just
Over the decades, voters in wants the box to be returned,”
Argyle have rejected more and the jewelry has no value
than 10 efforts to allow the compared with the ashes.
sale of alcohol. —Associated Press
LIFE&ARTS
THE MIDDLE SEAT | SCOTT McCARTNEY
Lessons From the Office Travel Guru

Everyone knows that veteran flier who’s aware of all the shortcuts to better, cheaper business and personal trips
S
ome co-workers know all
the hottest new restau-
rants for people in search
of a special meal. Others
pitch in with clever bud-
geting workarounds. But when
you’re the office oracle for travel,
your advice is in constant demand.
In addition to the jet lag and
frustrations that come with fre-
quent travel, road warriors say an
increasing part of their job is be-
ing the travel adviser for co-work-
ers. No question is out of bounds,
from maximizing frequent-flier
miles to changing diapers on air-
planes.
Most embrace the role, often
because they had a travel mentor
when they started learning the ins
and outs—and they know how dif-
ficult travel can be.
“If you let business travel
bother you, it will eat you alive,”
says Dave Menton, a vice president
at a retail industry association.
Co-workers often quiz him about
his travel strategies.
Travel is one area where many
people assume someone else has a
secret solution. Some people al-
ways seem to score that upgrade
or stay at the best hotels for next
.
to nothing.
ly
Since more travel is self-booked,
even at the corporate level, there
often aren’t professionals available
to help. The office road warrior be- on
comes the unofficial travel agent.
SERGE BLOCH
Airline tickets are full of rules
and penalties. It can be challeng-
ing to find good value in rewards
us l,
programs. Safety is always a con-

cern, especially with little-known
al a
e
carriers. And life on the road is Mr. Matlovsky’s current favorite rent on the best new restaurants
full of potholes and stress.
“I think there’s always that feel-
piece of advice: Avoid the bus ride
to a remote lot for catching a taxi
Tips From the Semi-Pros in lots of cities and is happy to re-
search places for friends.
ci on
ing that maybe you’re getting at New York’s LaGuardia Airport Road warriors often find themselves dispensing travel advice in the “They ask about authentic expe-
screwed. Did I actually get the during the construction mess. In- office. Here are some of their suggestions: riences because they don’t want
best deal or not?” says Paul Singh, stead, exit from Terminal B, use touristy,” she says. “They get lazy
chief executive of a venture-capital 94th Street to cross to the other Use trusted traveler programs Accumulate points at cheaper ho- about it and trust me.”
firm in the Washington, D.C., area, side of Grand Central Parkway and (Global Entry, PreCheck, Clear) tels. Redeem at nice brands. Another area she frequently
er rs
who finds himself frequently an- catch an Uber or Lyft within 10 gets questions about: travel anxi-
swering questions from people at minutes from there. Fly, then drive. Don’t wait for a Have a routine at security so you ety, especially from women con-
companies he invests in because, Many people are knowledgeable small plane to a small airport with don’t lose things or slow up the line. cerned about safety and logistics.
well, he’s the one always traveling. about travel, but still seek reassur- infrequent service. Better to land at “It’s a compliment when they
Don’t be afraid to check your bag.
m e
“I think the airlines are their own ance from the experts. Several of- the nearest well-served airport and ask,” she says.
worst enemy. Things shouldn’t be fice oracles say they simply tell drive. Pick a seat as soon as you book Mr. Singh says there’s satisfac-
as hard as they are,” he says. colleagues what they do and which a flight. tion for travel tipsters when their
m rp
Search by duration. Time matters

Sometimes questions get very brands they use. They don’t want more than price. Use points frugally. If the price in disciples stop dreading time on
detailed and even delicate, like the the responsibility of recommend- points is too high, it’s better to pay the road.
diaper question. ing something that turns out Don’t book tight connections. “What I really, really enjoy is
cash.
“You see a look of sheer terror badly. Rookie mistake. when people get past this mental
on someone’s face just thinking What surprises them most is block and see travel as not that
co Fo
about having to do that,” says Mr. how many co-workers don’t bother unachievable thing. You see the
Singh. His answer: “Ask a flight at- to sign up for trusted traveler pro- clothes and baggage and then los- almost always connecting in At- spark in their eyes when they start
tendant which bathroom has a grams like Global Entry from Cus- ing things as he reassembled. lanta since he lives near Fort Lau- to enjoy it,” he says.
foldout changing table.” toms and Border Protection and “You have to have a ritual,” he derdale, Fla. He books connecting Mr. Menton is a bag checker—
Todd Matlovsky, a San Fran- PreCheck from the Transportation says. “Everything in the same flights at least 90 minutes apart, many frequent fliers have come to
cisco-based division vice president Security Administration. (Signing place each time.” especially in summer thunder- loathe the overhead bin “crampeti-
for a hamburger chain, manages a up for Global Entry puts you in Other rookie mistakes: waiting storm season. tion” and recognize that airline
team of workers based all over the PreCheck as well.) Many are also to select your seat when you Because of his longer layovers, baggage handling actually has im-
country. He sees part of his job to big users of Clear, a private service book—always do it right away— he uses miles for an annual Delta proved. And he’s frugal in how he
be helping co-workers book trips that uses biometrics to identify and booking a connection that’s Sky Club membership so he has a redeems his frequent-flier miles.
efficiently so they keep expenses members and lets them jump to the too tight, especially on evening comfortable place to work and He takes an annual fishing trip
down, such as the best way to get front of an airport security line. flights. A small delay can mean avoid crowds. with a friend, and sometimes a
somewhere like Rapid City, S.D. Traveling with one regional missing your connection and get- Ellen Prinzi, a vice president for coach ticket months in advance re-
“It’s probably best to fly to manager one time, Mr. Matlovsky ting stuck someplace overnight if business development for a media quires 60,000 or 70,000 miles. It’s
n-
Sioux Falls and drive,” Mr. Mat- was shocked at how many “mis- it’s the last flight out. company, once bounced around the cheaper to pay cash at that re-
lovsky says, even though it’s more takes” the employee made. He was “It’s happened to me about four U.S. as a member of the St. Louis demption level.
than a four-hour drive. “You have ill-prepared for TSA screening, for times and I learned that’s a really Cardinals front office. She says be- “I can get two round trips for
better air service there.” example, struggling to organize his bad idea,” says Mr. Menton, who is cause of her travels she stays cur- that many miles,” he says.
no
BY CARYN JAMES With ‘Back to Life,’ Daisy Haggard

joins TV’s genre of damaged heroines.
WITH HER WITTY, self-destructive
lead character, “Fleabag” creator would only work if she was an op-
Phoebe Waller-Bridge burst open timist, if she had a sweetness
the doors for the heroine du jour:
the deeply flawed but endearing
train wreck. Joining that group is
The Age of the Flawed Heroine about her, an innocence,” she says.
“It felt like that was interestingly
at odds with what she’d done.”
Daisy Haggard, who created, co- Miri’s lighter side is a source of
wrote and stars in another British much of the show’s comedy. “She’s
comic drama, “Back to Life.” a bit of a goofball,” Ms. Haggard
Her damaged heroine, Miri, in says. In the first episode she cuts
her 30s, returns to her seaside her own bangs just before heading
town after 18 years in prison. “I out to a job interview, which goes
thought it would be lovely to have even more disastrously wrong
a central character who had done than her haircut. She is sur-
something terrible,” Ms. Haggard rounded by comically dysfunc-
says. “What if the worst thing had tional family and friends. Her par-
happened at a very young age? ents’ problems include a sexually
Then how would you start your transmitted disease, and Miri has
life?” The series premieres Nov. 10 a blasé, cookie-chomping parole
with two episodes on Showtime officer. “You can be shocked and
and then all six available on Show- saddened in one minute and then
time’s On Demand and streaming have the giggles the next, as in
platforms. life,” Ms. Haggard says of the
Ms. Waller-Bridge’s Emmy-win- show’s mix of comedy and drama.
ning series, brought to the U.S. by Harry Williams, a producer of
Amazon, didn’t create the marred- “Fleabag” and “Back to Life,” says,
heroine pattern, which owes some- “That kind of flawed heroine is
thing to Lena Dunham’s HBO hit certainly something we’re seeing
“Girls” and includes Hulu’s current more of. It feels like people aren’t
“This Way Up,” created by and afraid to go to darker places now
SHOWTIME
starring the Irish comedian Aisling and put these heroines front-and-
Bea as a woman recovering from center with real problems to ex-
an emotional breakdown. But it is plore.”
a touchstone. When “Back to Life” Ms. Haggard says that heroines
aired on the BBC this spring, it re- produced although she says she The “Back to Life” concept, Ms. from the start see the town’s ani- like Miri are touching viewers now
ceived wide critical praise and was has been writing as long as she Haggard says, came from the idea mosity after she returns to live because, “You just want to see an
heralded as the new “Fleabag,” has been acting, nearly 20 years. of “how hard we are on women with her parents—graffiti scrawled interesting, rounded character,
also a BBC production. It shares Her best-known role is Myra, the who have done something bad and outside their house, a brick thrown don’t you, not someone who’s
that show’s producers, Two Broth- humorless head of an American how quick we are to vilify them, at Miri. cardboard and perfect. I think
ers Pictures. television network’s comedy divi- when we’re more forgiving of Ms. Haggard’s love of coming- we’re enjoying allowing them to
“Back to Life” is the first show sion, in the Showtime series “Epi- men.” Viewers learn in episode of-age films also informed the not be perfect, but also to be
Ms. Haggard, 41 years old, has had sodes,” starring Matt LeBlanc. three why Miri was in prison, but character. “I thought the show loved.”
LIFE & ARTS

Left, climbers on the University of
Colorado’s team, which held tryouts
after interest surged. Below, Amanda
Wooten, now at Georgia Tech.
When he started looking at col-

leges, Steven Kroleski had spent
about five years on the youth team
at The Rock Club, an indoor climb-
ing gym in New Rochelle, N.Y.
He narrowed his list to a hand-
ful of big state universities with
top engineering programs. Then he
looked for competitive climbing. “I
knew that Texas had great youth
climbing, they always win a lot at
nationals, so I knew they’d have a
good college team,” Mr. Kroleski
said. The 19-year-old is now a
sophomore mechanical engineer-
ing major at the University of
Texas and the top speed climber
on the 80-member team.
Harry Ainsworth, from Cam-
bridge, Mass., also used an engi-
neering-plus-climbing formula in
his college search and chose the
University of Colorado. The 20-
year-old junior is a computer sci-
ence major and captain of the CU
climbing team, which placed sev-
FROM TOP: MICHAEL MONTELLA; GREG MIONSKE
enth at the 2019 championships.

The club ballooned to 107
climbers last year, so for the first
time this fall, Mr. Ainsworth and
his co-leaders held tryouts and
made cuts. There are now 48 com-
petitive climbers on the roster.
“We’re all students, so we’re judg-
ing our peers and had to make
some really difficult decisions,” he
said.
Climbing is also getting more
competitive at the University of
The New College Rock Stars

Utah. The team has been on the
podium in each of the last three
Collegiate National Champion-
ships, and captain Ben Roa says
.
more than a dozen teenage climb-
ly
ers and their parents, many from
BY HILARY POTKEWITZ championships in April, up from out of state, have contacted him
67 schools just two years ago. about the climbing program.
AMANDA WOOTEN, a 20-year-old Stanford placed first, followed by
on
from suburban Atlanta, transferred Georgia Tech, Dartmouth, the Uni-
to Georgia Tech last year. A big versity of Utah and Tufts.
part of the draw: the school’s ex- “Our goal is to become an NCAA
Students are leading a
cellent competitive rock-climbing sport,” says Rachel Owens, the boom in competitive
us l,
club. new Collegiate and Paraclimbing

Ms. Wooten was a top-ranked Series manager at USA Climbing,
rock-climbing teams on
al a
college campuses.
e
climber in high school. But the col- who was hired in part to push for
lege she initially attended didn’t NCAA status. “The grassroots
have a strong club. Georgia Tech’s movement that’s been happening
ci on
team, on the other hand, placed is amazing given the limited re-
second in a college climbing cham- sources these clubs have.” (The This year about 70 climbers
pionship this year, and boasts a NCAA says it’s in the “information tried out, says Mr. Roa, a fifth-
50-member team. gathering stage.”) year biology and computer science
The school is one of a growing Rock climbing has burst into major. He and his fellow student-
er rs
number of colleges where students mainstream culture in recent officers whittled it down to 20
are leading a surge in competitive years. The documentary “Free men and 20 women. “I can’t write
climbing. A generation of kids who Solo” won an Oscar this year and workout plans for the entire team
grew up amid the boom in climb- its star climber Alex Honnold anymore because some of them
m e
ing gyms is transforming the col- gained fame on the talk-show cir- are way better climbers than I
lege scene from ragtag recre- cuit. The sport will make its Olym- am,” Mr. Roa said. Nearly two-
ational clubs into a competitive pic debut at the 2020 Tokyo Sum- thirds of the team were competi-
m rp
league. More than 260 colleges mer Games. tive youth climbers, compared
now have competitive climbing Indoor climbing has steadily with just a handful four years ago.
teams, up from about 175 two grown in popularity among kids Audrey Miller, a sophomore
years ago, according to USA Climb- and teens, thanks to an explosion from Atlanta, is one of them. Her
ing, the sport’s national governing of new climbing gyms over the past school choice surprised her par-
co Fo
body. decade. There are about 520 com- ents at first. “I think they were
Rock climbing is not an NCAA mercial climbing gyms in the U.S., just worried that I was going so
sport; there are no athletic schol- up from 230 in 2010, according to far away,” she said. “And that I
arships. The teams are student-led the Climbing Business Journal, a was being impulsive.” But the 19-
and most lack coaches. Students trade publication. More than 90% year-old mechanical engineer has
compete in local and regional com- of them have competitive youth no regrets. “I thought about what I
petitions run by USA Climbing, climbing programs. Some 2.27 mil- really loved, and it was climbing.”
culminating in a national college lion kids under 18 went rock climb- Last year she encouraged three
championship in the spring. Next ing in 2017, up from 1.59 million in younger members of her youth
April, for the first time, ESPN is 2007—a 43% increase over the de- team to consider the University of
planning to broadcast the event. cade, according to the Outdoor Utah. “It wasn’t even on their ra-
Teams from more than 100 Foundation, a nonprofit established dar,” she says. Now they’re fresh-
schools competed in the 2019 by the outdoor industry. man on the climbing team.
n-
DANCE REVIEW light-hearted. “Scudorama” comes with a

no
Paul Taylor Dance Company Still Has Legs

quote from Dante about “the nearly soulless”
and resembles a catatonic rite. “Post Merid-
ian” has a related sinister air; four of its fe-
male dancers sport handsomely colored Katz
costumes with one scarlet, gloved sleeve and
BY ROBERT GRESKOVIC ably alongside any number of Taylor’s more in the first cast, slyly sultry Michelle Fleet in- occasionally suggest conjoined twins in Tay-
ambiguous and poetic creations. triguingly faces away from the audience during lor’s configurations, all part of an array of
New York The suite begins with some sass, as a “Ten Cents a Dance.” Subsequently, grave but stylish grotesqueries.
THE CURRENT SEASON of Paul Taylor Ameri- male-and-female couple cheekily maneuvers buoyant Devon Louis mostly faces forward Elsewhere, the run brings back Taylor’s
can Modern Dance at Lincoln Center’s David to “Wild Is Love.” An encounter, initially for
during the title song, “Only the Lonely.” Both “Company B” (1991), originally performed to
H. Koch Theater (through Nov. 17) is called two men, to “Loads of Love” follows and pro-establish subtle characters who eventually cou- recordings of the Andrews Sisters but now
“Paul Taylor: Celebrate the Dancemaker” and vokes laughter, some of it perhaps nervous, ple up before joining all their fellow dancers to presented with live accompaniment by Duch-
marks the troupe’s first time there under the when it becomes evident that the third conclude things with “Who Am I,” leaving the ess, a three-woman singing group. The result
artistic direction of Michael Novak. The 37- audience to ponder how these distinct individ-
dancer cutting a statuesque figure in slit-skirt is a refreshed crowd-pleaser, stocked with
year-old dancer, who retired from the stage on sheath dress, heeled pumps, blond bob and uals would answer that question. Taylor’s vivid dance numbers. Some brim with
Tuesday during this run, was appointed by rhinestone earrings is in fact devil-may-care A rare revival of “Variations, Opus 30”—a brio, as when a spectacles-wearing Mr. Duve-
Taylor to succeed him as artistic director in Lee Duveneck, one of the troupe’s newer and solo originally choreographed by George neck bounds through “Oh Johnny, Oh Johnny,
2018, months before the choreographer’s more eye-catching men. Balanchine for Taylor, who famously per- Oh!” Others are more shadowy, such as “There
death that August. The following back-to-back songs in the formed it in 1959 as a guest modern dancer Will Never Be Another You” embodied by a
On view during Mr. Novak’s debut Lincoln with New York City Ballet—was also pre-
work feature solo dancers. In the first of these, melancholy Heather McGinley and ghost-like
Center season as director are sented on the gala night. Re- Sean Mahoney.
19 dances by Taylor (some af- cently retired Taylor com- Alas, Margie Gillis’s Bach-accompanied
ter long hiatuses), as well as pany dancer Michael “Rewilding,” first given this June, remains the
new and very recent reper- Trusnovec performed the of- same shapeless meander it proved to be in its
tory additions by other chore- ten knotty and contorted initial outings. The 15-dancer, 20-minute ef-
ographers. The troupe, which choreography to Anton von fort—dressed in pastel, hippie-like clothing by
here numbers 20 dancers, in- Webern’s music with an ease Santo Loquasto—spreads over its stage like
cludes three women and two that ultimately deprived the endless, pale wallpaper.
men most recently hired by dance of its potentially dra- Overall, it’s been a rich run so far, especially
Mr. Novak. matic, formidable edge. in the rewarding way the company, veterans
“Only the Lonely,” the run’s The revivals of “Scudo- and new hires alike, is performing. Notable
solitary world premiere—by rama” (1963), to a some- highlights to come include further works on
Kyle Abraham, the last chore- times eerie and throbbing which Mr. Katz and Taylor collaborated. Among
ographer commissioned by score by Clarence Jackson, these: “Sunset” (1983), to elegiac music by Ed-
Taylor himself—was unveiled and “Post Meridian” (1965), ward Elgar; “Private Domain” (1969), to an aus-
on an Oct. 30 gala program. to a scrappy sound collage tere composition by Iannis Xenakis; and “Dig-
Set to seven recorded songs by Evelyn Lohoeffer de gity” (1978), to a giddy score by Donald York.
evocatively sung by Shirley Boeck—and which hasn’t All have especially memorable choreography
Horn and running 20 minutes, been performed since 1989— closely wedded to Mr. Katz’s distinctive visual
the eight-dancer suite glows both have striking designs designs, revealing various felicities of his paint-
with color and activity from by Alex Katz. Each will be erly sensibility.
start to finish. The inspired part of “Icons: Taylor/Katz,” For his first season as director in this set-
mix of Karen Young’s casual a four-part bill, co-produced ting, Mr. Novak’s aim to “Celebrate the
costumes, Dan Scully’s glow- by the American Dance Fes- Dancemaker” is taking flight nicely, propelling
NINA WURTZEL
ing lighting, Mr. Abraham’s tival, on Monday. Paul Taylor’s legacy into a lively future.
choreography and the danc- The 1960s Taylor efforts
ers’ individually vivid per- on offer here show him at his Mr. Greskovic writes about dance for the
forming sets it all comfort- Robert Kleinendorst and Sean Mahoney perform in ‘Only the Lonely’ most experimental and least Journal.
LIFE & ARTS

CONFESSIONAL singer-songwrit-
ers have been around since at least
the 1960s, and the solitary, guitar-
clutching figure who offers inti-
mate songs drawn from personal
experience is one of pop’s enduring
archetypes. But in the past decade,
a few artists in the indie-folk realm
have taken such narratives to de-
tail-rich extremes. Phil Elverum,
the sole member of Mount Eerie, is
such a performer. His recent al-
bums, filled with lyrics heavy on
in-the-moment observations, deliv-
ered in a stream-of-consciousness
style, are among the most critically The lack of pretension of Phil
acclaimed of his career. Elverum and Julie Doiron is essential
Mr. Elverum, formerly based in to the album’s success.
the small town of Anacortes,
Wash., and more recently in New dence with the quotidian scenes
York, has long made music that happening outside. “I think about
touches on his interior life. But his a snorkeler surfacing / Tangled in
aesthetic, shaped in response to kelp,” he sings, trading lines with
tragedy, has grown especially stark. Ms. Doiron. It’s an atypical subject
Following the 2016 death of his for a song, but that’s what makes
wife, artist Geneviève Castrée, it so alluring.
from cancer, which happened The music throughout the re-
shortly after the birth of their cord is extremely spare, often just
first child, Mr. Elverum has used a lightly strummed acoustic guitar
Mount Eerie as a platform for ex- and bits of piano, with silences
ploring loss and grief with an al- that ring as loudly as the notes.
most unbearable level of detail Both Mr. Elverum and Ms. Doiron
and intimacy. His 2017 album, “A sing with a limited range, but be-
Crow Looked at Me,” which fo- tween them they outline simple,
cused exclusively on her passing pretty melodies in a welcoming
and the wrenching aftermath, tone. Their plainspoken clarity
placed highly on many year-end and lack of pretension are essen-
RIN SAN JEFF MILLER
polls and set the emotional tone tial to the album’s success. What
for his subsequent releases. While could feel voyeuristic and uncom-
it may sound like you need to fortable becomes more like a
know the details of Mr. Elverum’s warm conversation, hearing
story to appreciate his music, ac- thoughts from two sensitive peo-
tually the opposite is true—the ple attuned to what is happening
words he sings provide all the re- MUSIC REVIEW | MARK RICHARDSON around them, with insights that
quired information, and the songs might apply to your own life.
stand on their own.
“Lost Wisdom Pt. 2,” Mr. El-
verum’s new Mount Eerie LP, out From Personal Tragedy, Their quietly devastating lines
suggest that music of outsize feel-
ing can come from artists operat-
.
Friday on his own imprint, is a ing on a small scale.
ly
An Artistic Triumph
moving next chapter in the proj- Mr. Elverum shares harrowing
ect’s development. Here, he shares details in songs like “Widows,” in
vocals with Julie Doiron, a Cana- which he picks up his young
dian singer who played in the on daughter from school right before
1990s indie rock band Eric’s Trip Mother’s Day and commiserates
and has recorded more than a with others who have lost a part-
dozen albums under her own ‘Lost Wisdom Pt. 2,’ Phil Elverum’s new Mount Eerie LP, is filled ner. But everything circles back to
name. This set’s title suggests a the necessity of connection de-
with pain, joy, uncertainty and the mystery of existence itself.
us l,
sequel to the 2008 Mount Eerie spite tragedy. By the album’s clos-
album that included contributions ing track, “Belief Pt. 2,” he returns
al a
e
from Ms. Doiron, but the approach lationship and subsequent split (it ing to the person mentioned, and for material about love and loss, to the question of whether allow-
here is in line with Mr. Elverum’s was reported that they separated notes her uneasy reaction. Mr. Elverum writes about the ing himself to love again after all
hyper-personal music from the earlier this year). On the opening It’s an uncanny sensation, to mystery of existence itself. “When he’s been through is worth the
ci on
past few years, including up-to- “Belief,” he reflects once again on hear a song that is in part about I Walk Out of the Museum” zeroes pain, and the answer is a resound-
the-minute developments. Ms. Castrée’s passing, and then its own creation, and this strange in on the precise moment de- ing yes. It’s a little triumph on an
In 2018, Mr. Elverum married mentions finding someone new, meta quality, upending assump- scribed by its title, that feeling album filled with them.
the actress Michelle Williams which brings an overwhelming tions about performance and au- when you’ve spent hours being
(“Manchester by the Sea,” rush of both joy and uncertainty. thorial distance, lends Mr. El- awed by art and then you find Mr. Richardson is the Journal’s
er rs
“Venom”), and several of these Mr. Elverum even describes play- verum’s music a special poignancy. yourself blinking on the street, rock and pop music critic. Follow
tracks appear to be about their re- ing the composition we are hear- When he’s not mining his life trying to square such transcen- him on Twitter @MarkRichardson.
m e
m rp
co Fo
THE 2019 INNOVATORS ISSUE

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SPORTS
LSU Leaves the Past Behind to Get Back on Top
The Tigers used to be known for smash-mouth football. But to keep up with its top rivals, they had to embrace change.
BY ANDREW BEATON AND LAINE HIGGINS
E
d Orgeron was audition-
ing to become LSU’s head
football coach and he de-
vised an unusual prop: a
book that featured a long
list of everything he had done
wrong in his career.
A coach who was willing to con-
front all the ways this proud, foot-
ball-rich school had erred turned
FROM TOP: CHUCK COOK/REUTERS; GERALD HERBERT/ASSOCIATED PRESS; CHRIS GRAYTHEN/GETTY IMAGES
out to be exactly what LSU needed.
The Tigers had always played old-
school, smash-mouth football, a
style based on running the ball
that was steeped in the program’s
culture. And that was the problem.
While offenses across the rest of
the football universe evolved, the
Tigers were left behind because
their identity was tied to an anti-
quated way of playing the game.
This year, LSU is undefeated and
ranked No. 2 in the country heading
into its Saturday showdown against
No. 3 Alabama, a school that has
lorded over the sport precisely be-
cause it changed with the times in a
way the Tigers did not.
But more shocking than LSU’s
success is the fact that they’re play-
ing nothing like the LSU
of old. They’re running
spread offense schemes,
throwing the ball aggres-
sively and have one of the
most potent passing at-
tacks in the country.
The person they chose
.
to install it was Orgeron, Ed Orgeron, left, and a radical vision revitalized a once-great LSU program that had fallen behind its biggest rivals.
ly
someone who had abjectly
failed in his only other “LSU-style football was good for known simply as Coach O. He had heralded quarterback who trans-
head coaching job but was three losses a year—in a good year,” flamed out as a head coach at Ole ferred from Ohio State in May 2018.
unusually qualified to on said James Carville, the famed po- Miss before going to Southern Cali- The second was Joe Brady, an assis-
overhaul the team and litical strategist and Tigers die- fornia, serving as the interim coach tant with the New Orleans Saints
bring its offense into the hard. there, and then returning back to whom Orgeron hired as the team’s
future. Orgeron, born and Slowly, the Tigers faced a new his home state. passing game coordinator.
raised on the bayou, is as reality. While they could still recruit Orgeron got the full-time job by Fans had been longing for this
us l,
Cajun as étouffée. That the likes of Leonard Fournette and selling Alleva on an unlikely vision: day, but it was still a style of foot-
made him perhaps the some of the other best players in LSU had to become less like LSU. ball that was sacrilege in Baton
al a
e
only person who could the country, they were getting “He knows the world we live in Rouge. But even before the public
make such large-scale lapped by the competition strategi- today: You can’t just score 21 points debut of the team’s new-look of-
changes here palatable. cally. The same thing that had been and hope your defense holds the fense, Orgeron was dumbfounded
ci on
“I can tell you there’s the school’s greatest source of pride other team to 17,” Alleva said. “And by its rapid evolution. At the last
nobody in Louisiana who turned into the same thing you can’t score more points lin- scrimmage before the spring
has ever seen LSU have holding it back. ing up in the I-formation with game—where tens of thousands
this kind of offense,” said “Since forever I watched a fullback.” show up to make spot judgments of
John Bel Edwards, the LSU, it’s always been run the The team improved in the future of the program—Orgeron
er rs
governor of Louisiana and ball, run the ball, run the 2017 and 2018, Org- watched in awe as Burrow com-
a friend of Orgeron. “He’s ball,” said junior tight end eron’s first two full pleted 80% of his passes against ar-
a Louisiana native, and he Thaddeus Moss. “It didn’t seasons, but that guably the best defense in the en-
brings excitement like we matter how many people was playing tire country. If he could do that,
m e
never had before.” Then came Les Miles, who con- were in the box, you knew mostly with Orgeron knew, LSU would be spe-
LSU had forever been inextrica- tinued that legacy to great suc- they were gonna run it.” players Miles cial. He was right.
bly tied with hard-nosed football. cess—at first. He took the 2007 ti- In Miles’s last full sea- had recruited. Burrow is now a front-runner to
m rp
The Tigers bruised other teams into tle and even a famous 2011 son, 2015, LSU passed the Wholesale win the Heisman Trophy: 79% of
submission, produced outstanding showdown against Alabama. It was ball on 37.7% of its changes were in the 260 throws he’s made this sea-
defenders and, most notably, ran the first time two SEC teams met in plays—113th out of 128 the works, son have been completed.
the ball up the gut. the regular season as No. 1 and No. FBS teams, according to Stats though, and the With Burrow at the helm, LSU’s
That wasn’t a problem when the 2, and LSU won the “Game of the LLC. Miles was fired four keys were two offense is passing the ball 54% of
co Fo
Tigers won a national championship Century” in the most LSU possible games into the 2016 season. guys named the time, or 42% more than it did
in 1908 and the forward pass ap- way: by a final score of 9-6. “As the league grows, you Joe. The first just a few years ago under Miles.
peared to be a fad like hoverboards. These two teams met again in can’t just do the same was Joe Bur- Orgeron calls it “basketball on
They won their next title in 1958 on the championship that year. It was thing,” said Terrace Mar- row, a grass.”
the back of a running back aptly only a month later, but it felt like shall, a wide receiver from As LSU gears up to face No. 3 Al-
named Billy Cannon, who later won millennia had passed by. The Tigers Bossier City, La. abama this Saturday in what very
the Heisman Trophy and became lost to the Crimson Tide 21-0 in a To hold the interim job, well could be the “Game of the Cen-
the No. 1 pick in the NFL draft. shutout that was the beginning of a then-athletic director Joe All- tury: Part II,” Orgeron offered a
They were still a run dominant referendum on their inability to eva promoted Orgeron, the prediction Tiger fans are not
team when they won the champion- score the ball. College football— then-defensive line coach Quarterback Joe Burrow used to hearing.
ship in 2003 under a coach named flush with high-octane, passing of- who speaks with a mouth- is a leading Heisman “I expect our offense to come
Nick Saban. fenses—was changing. LSU wasn’t. ful of gumbo and is Trophy contender. out on fire.”
n-
Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
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THE TROOPS | By David Alfred Bywaters 6 Plan identified
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OPINION
Has Warren Wrecked the Left? BOOKSHELF | By Arthur Herman
The fallout
from the re-
lease of Sen.
More surprising was how
quickly more “moderate” Dem-
ocrats, such as Sens. Kamala
together in detail so many pro-
gressive wish lists, she has
made clear how difficult, if not
When Bigger
Elizabeth
Warren’s
Medicare for
All plan is the
Harris and Cory Booker, sa-
luted the left’s agenda. Both
signed on to a Green New Deal
resolution introduced in Feb-
impossible, it is for them to
survive the most basic tests of
political or fiscal plausibility.
Mr. Sanders has always un-
Is Not Better
WONDER
LAND biggest event
so far in the
ruary by the left-wing social-
media influencer Rep. Alexan-
derstood this, which is why he
has risen by never offering
The Great Reversal
By Daniel
2020 presi- dria Ocasio-Cortez. anything more substantive By Thomas Philippon
Henninger
dential cam- Recall also how the Ameri- than the wings and prayers of (Belknap/Harvard, 343 pages, $29.95)
SCOTT OLSON/GETTY IMAGES

‘T
paign. It’s big can Action Forum estimated his stirring stump speech. His
enough that Sen. Warren’s that the Green New Deal, in- pitch to millennials and white he idea that US markets are the most competitive
campaign may have buckled be- cluding its “social justice” poli- gentry liberals is wholly in the world has been widely accepted in economics
neath the weight of her plan’s cies, could cost $51 trillion to emotional. for several decades,” economist Thomas Philippon
fantastic details. But it might $93 trillion between 2020 and No wonder Ms. Ocasio-Cor- writes in “The Great Reversal.” The thrust of his argument
be bigger than that. The War- 2029. No matter. The bended- tez chose to endorse Bernie. is that this idea is largely a myth. Even before the financial
ren meltdown could prove to be knee obeisances of the Demo- Like him, AOC knows the pro- crash of 2007-08, he says, many Americans felt that there
the Democratic left’s Cher- cratic presidential candidates Elizabeth Warren gressive enterprise is about was something not right about the economy—that it wasn’t
nobyl, a lasting catastrophe. to most of this stuff were a sailing into power on a river of performing as advertised. Still, it is routinely assumed that
In 2016, capitalizing on so- testament to the progressive So this is what nationalized aspirational rhetoric. America is a dynamic, wealth-creating powerhouse
cialist Bernie Sanders’s strong left’s ascendancy. health care looks like. We In the wake of Ms. Warren’s compared with its sluggish European rivals, burdened as
performance in the primaries Then Elizabeth Warren be- knew that half the U.S. popula- plan reveal, it just got a lot they are by statist oversight and intervention. What few
against Hillary Clinton, the or- gan to introduce her “plans.” tion—some 177 million peo- harder for the party’s presi- realize, Mr. Philippon says, is that Europe is fast becoming a
ganized left muscled the Dem- In retrospect, the purpose of ple—would lose their private dential candidates to dismiss haven for free-market competition; it’s the U.S. that has be-
ocratic establishment out of her incredible policy detail insurance. Now we find out or duck questions about the come mired in an anti-competitive, quasi-monopolistic envi-
the picture and captured the seems clear: She would be that federalized health care price tag for their spending ronment where companies that are “too big to fail” wield
party’s levers of power and its competing with Mr. Sanders in would cost nearly $52 trillion policies. Surely this is why influence to crowd out newcomers and drive prices up while
ideological direction. the same lane for progressive over 10 years, paid for by myr- Nancy Pelosi, a self-described pushing investment and productivity down.
primary voters. To distinguish iad bureaucratic “savings” and woman of the left, warned this Mr. Philippon, a professor of finance at New York
herself from Bernie’s mystical new taxes. There’d be a new week: “What works in San University’s Stern School of Business, begins “The Great
Her health-care left-wing status, Ms. Warren Employer Medicare Contribu- Francisco does not necessarily Reversal” with a simple observation: “Why on earth are US
offered a welter of progressive tion (i.e., a tax) plus an annual work in Michigan.” cell phone plans so expensive? . . . Why do consumers in
details show that policy detail. tax on the unrealized capital The party’s “moderate” can- Europe or in Asia pay less for cellular service and, on average,
progressivism is Her schools plan, for in- gains of the “wealthiest,” plus didates—Joe Biden, Amy get much more?” He points to a 2017 study showing that
stance, is a paint-by-numbers a threat to abrogate drug com- Klobuchar and the reimagined American consumers could save as much as $65 billion a year
pie in the key. Valentine to the progressive- panies’ patents if they don’t Pete Buttigieg—have been crit- if mobile rates were compar-
controlled teachers unions, a comply with federal price con- icizing Ms. Warren’s health- able with German ones.
force in producing party voter trols. Doctors, some warned, care plan, but whether they Another study from 2015
Recall earlier this year what turnout. She promised to “qua- might leave the profession. will separate themselves from makes the same point about the
happened when the party’s druple” federal spending on If costs outpace economic the party’s dreamland left re- cost of internet service, which in
presidential candidates began education, to $800 billion over growth (and they would), “I mains to be seen. the U.S. is as much as 3½ times
their 2020 runs. Bernie was a decade. (You almost have to will use available policy tools, President Trump has been higher than it is in France.
.
back, and in short order the admire a candidate who vows which include global budgets, telling audiences: You may or According to Mr. Philippon,
ly
progressives put down an ar- to quadruple spending.) This population-based budgets and may not like me, but you’re go- the key drivers of U.S. economic
ray of policy markers and lit- came after her $1.07 trillion automatic rate reductions to ing to have to vote for me to growth—from telecoms and
mus tests—Medicare for All, “universal child-care” plan. bring it back in line.” The left avoid the Democrats destroy- airlines to banking, health care,
the Green New Deal, free pub- Somehow Ms. Warren was onmay never forgive Elizabeth ing the gains in your 401(k). pharmaceuticals and Big Tech—
lic college tuition, forgiveness slipping by with all this Warren for releasing all this It’s not a bad line. Now Mr. are crippled by arrangements that
of student debt. maxed-out progressivism, in- detail. Trump can say—finally: Don’t thwart dynamism and efficiency.
The astonishing thing then cluding kid-glove media pro- Ms. Warren has let the cat take my word for it. Read for He homes in on three problems in
wasn’t Bernie bellowing about files—until last week and the out of the bag: Progressivism yourself what’s in the Demo- particular, providing a variety of data-rich
us l,
Medicare for All or even Ms. release of her Medicare for All is basically undeliverable pie cratic “plan” after he’s gone. charts and graphs to document his claims. First,
Warren waving it forward. plan. Uh-oh. in the sky. Indeed, by stringing Write [email protected]. evidence indicates that competition has declined in most
al a
e
sectors of the American economy, including the high-tech
sector, where Silicon Valley’s vaunted reputation would lead
When I Faced Adam Schiff us to expect endless innovation and productivity but where
ci on
increasing concentration has slowed both. Second, the lack

of competition is due to the influence of lobbying and
By Karl Rove production, following my Sep- position researcher to take Messrs. Schiff and Conyers to campaign spending, aimed at goading politicians and policy
R
tember 2007 departure as down Mr. Siegelman because spin the information and “kick makers to protect monopoly advantage and limit market
ep. Adam Schiff re- deputy White House chief of he threatened the GOP’s hold my ass.” Predictably, they ac- entry by potential challengers. Third, as competition de-
er rs
cently revealed that, be- staff. On May 22, 2008, the on the White House. This was cused me of sidestepping an clines, big players don’t have to lure investors by improving
fore he entered politics, House Judiciary Committee absurd: I never met Ms. Simp- agreement not to discuss my their game. The result, Mr. Philippon says, is “lower wages,
he wanted to be a screen- subpoenaed me to answer son, the governor was never testimony. I’d never made any lower investment, lower productivity, lower growth, and
writer. He even penned scripts questions regarding the Bush going to be president, and her such agreement. more inequality.” These are the fruits of economic policies
m e
for a courtroom drama and an administration’s removal of claims on TV sounded un- Soon Mr. Schiff wrote a that are geared to protect the biggest corporations and
action-filled spy thriller. Mr. nine U.S. attorneys starting in hinged because they were. Huffington Post article to get concentrate “market power” in as few hands as possible.
Schiff, now leading the Demo- 2006 and the prosecution of None of this mattered. As in his shots. He claimed his in- Market power measures inelasticity of demand—i.e., the
m rp
cratic push to impeach Presi- Don Siegelman, a former Dem- House Judiciary Committee terviews of former White ability of a company to raise its prices and increase profits
dent Trump, hasn’t lost his ocratic governor of Alabama, Chairman John Conyers ex- House counsel Harriet Miers at the expense of its customers, because there are no
theatrical flair. who was convicted in 2006 of plained, “We’re closing in on and me revealed that “the alternatives or too few. “My central argument,” Mr. Philippon
He insisted for months that bribery and fraud and sen- Rove. Someone’s got to kick White House brought an un- writes, “is that there has been a broad increase in market
there was “ample evidence of tenced to seven years. his ass.” precedented level of partisan power across the US economy, and that this increase has
co Fo
collusion in plain sight” be- The subpoena raised issues pressure to bear” in the deci- hurt US consumers.” This harm largely derives from
fore the Mueller report blew of executive privilege and was sion to fire the U.S. attorneys, increased concentration in key economic sectors, where “su-
that claim to hell. Then there A 2008 Judiciary stalemated until the Obama and raised the question of perstar firms” dominate and freeze out competitors. Mr.
was Mr. Schiff’s opening administration intervened to “whether criminal charges are Philippon does point out that some concentration can be
statement for the impeach- Committee hearing broker a compromise. So on warranted.” good, when it results in greater efficiency. An example is
ment proceedings, in which he was heavy on drama, July 7, 2009, I met with Judi- No criminal charges were Walmart and big-box retail stores, which overall, from the
reimagined Mr. Trump’s call ciary Committee staff for a ever filed by the special pros- mid-1980s to the mid-2000s, cut costs to consumers by
with Ukrainian President Vo- short on substance. day of questioning. On July 30, ecutor who investigated the some 30%. But elsewhere the effect has been mostly bad,
lodymyr Zelensky, presenting I appeared for nearly 10 hours matter, but Mr. Schiff enjoyed and the trend toward bigness only accelerates when super-
an alternate script. It was before Mr. Schiff, the commit- his moment in the cable-news star firms can increase their market share through a strategy
largely panned as a B-movie A New York Times editorial tee’s designated interrogator. sun, even though the of mergers and buyouts, even as productivity stagnates or
“Godfather” rip-off. supported the Judiciary Com- He hadn’t even prepared. Siegelman issue somehow declines—and government sits by and lets it happen.
Now the would-be drama- mittee’s demand, speculating His staff gave him a large note- disappeared.
tist is staging a new produc- that I “may have been directly book full of questions, which Now Mr. Schiff probably
n-
tion: “Impeaching the Presi- involved” in the “possibly ille- he was evidently seeing for the hopes the public impeachment Competition has declined in most sectors of the
dent.” His script features gal firings” of the U.S. attor- first time. There were long hearings will allow him to re- American economy. Where to look for a truly
secret sessions in the Capitol neys and claiming Mr. pauses as he reviewed ques- prise Tom Cruise’s role in “A
basement, anonymous Siegelman’s prosecution “ap- tions before asking them. He Few Good Men” as Lt. Daniel competitive environment? Europe, of all places.
no
whistleblowers, constant and pears to have been politically was repetitive, leading my law- Kaffee—“I want the truth!”
selective leaks of testimony, motivated.” Never mind that yer to object frequently that I But I know from experience
and, of course, a brilliant per- U.S. attorneys serve at the had already answered a ques- that Mr. Schiff isn’t much in- Mr. Philippon’s examples of market power include Big
formance by the heroic lead. president’s pleasure, that all tion several times. Mr. Schiff terested in the truth. He’s Tech, everyone’s worry these days. The massive increase in
Count me as a skeptic, and nine were removed for cause, barely touched the Siegelman more interested in drama, fic- lobbyist spending by companies like Microsoft, Amazon and
not only because we know and that a career deputy U.S. issue and never raised Ms. tion and fame. His calm de- Google, he argues, aims at restraining antitrust action and
how this drama is likely to attorney with an impeccable Simpson’s accusations. His meanor masks the heart of a other measures that might hurt their market dominance.
end: with an almost straight reputation led Mr. Siegelman’s staffers later admitted to me fierce, untrustworthy partisan. The same companies face a different fate in Europe,
party-line vote by the House prosecution. that they found her a com- however, where their lobbying dollars can’t buy them
to impeach Mr. Trump and a An Alabama lawyer named pletely unreliable witness. Mr. Rove helped organize immunity from the European Union’s efforts to protect
near-straight party-line vote Dana Jill Simpson stoked Mr. Following my appearance, the political-action committee consumers by pursuing antitrust action—or by blocking
by the Senate not to remove Siegelman’s complaints that I in the interest of transpar- American Crossroads and is mergers, like the one between GE and Honeywell that U.S.
him from office. had railroaded him. On “60 ency, I gave my emails and author of “The Triumph of authorities had approved. Mr. Philippon sees today’s
I’m also skeptical because I Minutes” and MSNBC, she al- other documents to reporters. William McKinley” (Simon & Europe, ironically the home of government-driven market
was cast in an earlier Schiff leged I recruited her as an op- I didn’t want to wait for Schuster, 2015). intervention, as the place that has figured out how to set
markets free by spurring competitiveness and thus keeping
services up and prices down. Although the U.S. pioneered
Don’t Take Walking for Granted the business model of low-cost airlines in the 1980s, most
have disappeared. Instead, it’s Europe that has seen an
explosion of low-cost airlines like Ryanair and easyJet,
By Fay Vincent When I dream, I’m never in a has resulted in some imposi- ply do not want the different thanks to targeted deregulation.
A
wheelchair. I’m “normal.” But tion on others. I feel I need to status of the handicapped per- While Elizabeth Warren might like Mr. Philippon’s
s I gaze on the busy my wheelchair offers perspec- apologize. son. Pride and vanity tug at diagnosis,she won’t like his solution: lots more deregulation,
world from my wheel- tives that may escape those Many people move around me. Obviously I am missing backed by aggressive antitrust action to keep market concen-
chair, I tend to notice who hustle by me on the side- cities using motorized scoot- much, and there are admirable tration down and push more opportunities for newcomers.
the way people walk. My fa- walk or into the elevator. Sit- ers and wheelchairs. I find reasons to change this pat- Mr. Philippon is no fan of regulation. On the contrary, in his
ther, who was nearly bald, no- ting at the waistline of most myself staring at them, offer- tern. Yet for me the effort to view political lobbying ensures that regulatory regimes ben-
ticed men with a full head of others, I notice what people ing silent cheers of encour- get more active is daunting. efit the status quo by limiting the entry and growth of small
hair. My envy is not that many are wearing and the size of agement. I see them on side- I do swim daily and enjoy firms that might become challengers to big market players.
walk easily and sturdily, as I their waists. I also immedi- walks with their front baskets the water, where I am most If we could make the economy as competitive as it was 20
did after recovering from a ately notice how they react to full of groceries. They are fre- like others who do not share years ago, Mr. Philippon concludes, overall GDP would increase
fall in college that left me my limitations. quently alone. I marvel at my limitations. Even riding in by 5%. Even more dramatic would be the effect on wages,
partly paralyzed, but rather their independence and wish I a car—I no longer drive—can when competition means having to pay more to hire and keep
that they can take walking for knew their stories and how be uncomfortable. the best workers: “My calculations suggest that the lack of
granted, as I did before aging Even DiMaggio had they manage. They tend to be Like the great DiMaggio I competition has deprived American workers of $1.5 trillion of
took a tight grip of me. discs in his back that elderly. They will never know dwell on brighter days, when I income,” he writes. “This is more than the entire cumulative
Not long before he died, how much their example walked without assistance and growth of real compensation between 2012 and 2018.”
Joe DiMaggio told me he had shriveled in old age. shines as they roll through the did not draw attention by be- “The Great Reversal” argues that the United States has
been to his doctor that day rigors of their daily efforts. ing “different.” But the harsh much to gain by reforming how domestic markets work but
and learned he weighed 165 Many of us have some form reality is that we are all dif- also much to regain—a vitality that has been lost since the
pounds and was 5-foot-10. He Most people are pleasant of disability. I take for granted ferent, in differing ways. We Reagan years. We don’t know if Mr. Philippon is a fan of
softly added that when he was and ignore my situation. I my eyesight and my hearing want to be like everyone else Donald Trump, but his analysis points to one way of making
playing he stood 6-foot-2 and rarely encounter rude or even while I focus on what I do not while hoping we can find ways America great again: restoring our free-market
weighed 190. I had little to say thoughtless behavior. Perhaps have. Sadly I must center my to make a difference. competitiveness.
to comfort him. Even majestic the most common reaction is life on things I can do without
athletes have discs in their my own insecurity when I sus- having to use the wheelchair. Mr. Vincent was commis- Mr. Herman is a senior fellow at the Hudson Institute and
backs that shrivel up. pect, as I often do, that ac- I rarely go out to dinner, mov- sioner of Major League Base- the author, most recently, of “1917: Lenin, Wilson, and the
I understand how Joe felt. commodating my limitations ies or sporting events. I sim- ball, 1989-92. Birth of the New World Disorder.“
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
The Anti-Republican Trend Doc Warren’s Proposal: Fiscal Malpractice
D
emocrats watched to their dismay as avoided talking about Mr. Trump and mobilized Barack Obama sold the public on It’s true that Sen. Warren’s “tax” on
the political reaction to Barack teachers unions with promises of pay raises. Mr. ObamaCare with three untruths of employers in the amount of what
major proportions. He guaranteed “they” pay in health-insurance costs is
Obama’s polarizing governance cost Trump campaigned for Mr. Bevin on election
that under his plan: “If you like your really a middle-class tax on employ-
them the House, most gover- eve and rallied some GOP vot- doctor, you can keep your doctor. If ees. Workers receive compensation in
norships and state legisla- The GOP loses voters ers, but these days Mr. Trump you like your health care plan, you both dollars and benefits. The money
tures, and finally the Senate in the suburbs for the is a double-edged turnout can keep your health care plan,” and paid for that insurance is really in-
and the White House. Republi- sword. it would “cut the cost of a typical come to workers. Pretending that
cans are now experiencing the third election in a row. The governing conse- family’s premium by up to $2,500 a middle-class workers won’t be paying
reverse effect under President quences will be most severe in year.” the government for this under the
Trump, as they learned again Virginia, where the GOP was Sen. Elizabeth Warren is offering Warren plan is pure sophistry.
Tuesday amid more Democratic victories in off- outspent as the national left, led by Mike even bigger lies (“Warren Has a (Fan- GLENN HARRIS
year elections. Bloomberg’s gun-control operation, poured in tasy) Plan,” Review & Outlook, Nov. Santa Fe, N.M.
Democrats flipped the state House of Dele- millions of dollars. Democrats will use their new 4). She is promising that her Medi-
care for All plan will bring no adverse Sen. Warren’s plan involves taxing
gates and Senate in Virginia, which means they majorities to move the state left on spending, a
consequences to the middle class and investors on the increased value of
will control the entire state government for the higher minimum wage, gun regulation, mandates will be paid for by heavily taxing the their assets but doesn’t account for
first time in 25 years. They also appear to have for renewable energy and public unions. rich and corporations. The middle subsequent steep drops in the value of
won the governorship in Kentucky, though the Virginia Democrats received an assist this class will pay nothing, she says. All those assets. Having owned shares in
Republican hasn’t conceded, and they came year from federal judges who redrew the legis- this is in addition to the high cost of Enron, Tyco, WorldCom, Health-
closer than they should have to winning the lative map after liberal groups said they were her other “free stuff” proposals. Source, General Electric and Sears, I’d
governorship in conservative Mississippi (los- racially gerrymandered. The Supreme Court de- Static analyses, such as hers, al- be hard-pressed to support any tax on
ing by 5.6% compared to 34% in 2015). clined on a 5-4 vote to let the GOP House of Del- ways assume no changes resulting unrealized investment gains.
Worse than the defeats for Republicans is egates defend its map on appeal. Democrats will from the draconian taxing of the pri- PAUL L. NEWMAN
the voting trend, which continued the suburban try to gerrymander state legislative and U.S. vate sector. Her tax proposals for Merion Station, Pa.
corporations will likely bring about a
losses of 2017 and 2018 that cost them control House districts after the 2020 census to cement
bigger recession than in 2008. The Do you have a problem with a little
of the U.S. House. In Virginia they could in the their majorities for a decade. Do not wait for wealthy will simply find ways to move totalitarianism if it is conducted by a
past overcome their deficits near Washington, complaints about this from the Washington their money to friendlier nations. master Ivy League academic for the
D.C., with gains downstate. But now their losses Post or former Attorney General Eric Holder, Millions of the assumed beneficia- benefit of us little people? I only went
extend to the suburbs around Richmond and the whose group only opposes gerrymanders that ries will become unemployed as the to a state school, but the economics
state’s southeast. Republicans also lost big in favor Republicans. economy contracts into recession, not professors I had thought they were
local elections in suburban Philadelphia, includ- These results forecast nothing definitive to mention the decimation of the quite capable of correctly structuring
ing Delaware and Bucks counties. about 2020, though the anti-GOP trend of three medical insurance industry, where society. Give the lady a chance.
Kentucky Governor Matt Bevin was crushed years should worry the White House. Mr. Trump nine out of 10 will lose their jobs. JACK WOODRUFF
in the Louisville (99,000 votes) and Lexington won in 2016 on an inside straight in the Elec- The current financial balances be- Vail, Colo.
(36,000) metro areas. Mr. Bevin lost the Lexing- toral College, and he has never had a job ap- tween privately insured patients and
Medicare and Medicaid patients will Sen. Warren wants Congress to
ton area by only 10,000 in 2015 and around Lou- proval rating above 50% despite a good econ-
be destroyed. Overall payments for pass a law that makes the health-in-
isville by 38,000. But turnout statewide this omy. His divisive rhetoric on immigration and medical services will be reduced, surance industry illegal and would
year was up about 50% from 2015, as Democrats so much more may thrill his base but it alien- causing doctors to leave the profes- close the doors of, for example, Unit-
.
showed again that they are highly motivated in ates others. His approval rating with white col- sion and deterring new ones from en- edHealthcare and its competitors.
ly
the Trump era. lege-educated women in particular is dread- tering it. Isn’t that a “taking” under the Fifth
This turnout trend has now continued for ful—34% in the latest WSJ-NBC poll. DEREK HANLEY Amendment to the Constitution that
three Novembers, and Republicans who try to The fair judgment a year from Election Day Santa Barbara, Calif. entitles shareholders to “just compen-
explain it away are fooling themselves. The GOP in 2020 is that Mr. Trump is highly vulnerable
on sation” for the value that Congress
under Mr. Trump is losing more college-edu- in his bid for a second term. He could benefit While very few taxpayers will be has taken from them? What about the
cated suburban voters, especially women, than if the economy rebounds from its recent 2% rate hit with a tax on wealth starting at pension funds that own these stocks?
it is gaining rural voters or working-class for- of growth, and perhaps Democrats bent on im- $50 million, it will eventually be the Where does the Warren plan tell us
responsibility of all taxpayers to item- what amounts would be paid to those
us l,
mer Democrats. peachment will overreach. But Mr. Trump may

ize their wealth to prove they don’t shareholders and how that money
Tuesday’s vote wasn’t a straight referendum need Democrats to nominate an opponent meet that threshold. And when the would be raised by the government?
on Mr. Trump, who wasn’t on the ballot, but in whose agenda is far enough to the left to scare
al a
TIM KELLY
e
funding for all the social programs
Kentucky it was a referendum on the Trump suburban voters who are tired of the daily being planned fall short, as they al- Naples, Fla.
governing style. Mr. Bevin shot from the lip and melodrama of the Trump Presidency. ways do, will the thresholds be re-
ci on
campaigned on cultural issues like immigration, Senate Republicans know this, and they duced? The real question is whether we
abortion and political correctness. The state’s know their majority is also at risk. They can’t DIRCK W. TEN BROECK want to perpetuate a health-care sys-
4.4% unemployment rate wasn’t enough to win merely by turning out the Trump base. The Scio, Ohio tem which will equal almost 20% of
overcome his personal unpopularity. GOP needs a strategy and agenda to regain sup- GDP by 2027. I don’t, for two reasons.
Democrat Andrew Beshear, the son of a for- port in the suburbs or they will lose the House, Estimates vary, but at any given All other developed countries in the
er rs
time, probably 10%-15% of the physi- world pay about half of what we do
mer Governor, ran a centrist campaign that the White House and the Senate in 2020.
cians in clinical practice are well per capita, and these countries have
above the traditional retirement age one form or another of a national
Hope and Despond in Colorado of 65 and are still in practice because health system.
m e
they like what they do, not because As an old, retired guy, I admit that
T
they have to keep working to make Medicare works very well for me.
hey didn’t make the biggest headlines, that the proposition’s point was to let the state ends meet. However, they are neither PHILLIP HAWLEY
m rp
but Tuesday’s elections in Colorado in- government keep more taxpayer money. Voters desperate nor stupid, and they are La Jolla, Calif.
cluded two results that deserve na- weren’t fooled. The measure failed, 45% to 55%, not going to continue to work in a
tional attention. First, a wide as of the tally Wednesday. money-losing reimbursement system. Sen. Warren is correct in saying
margin of voters refused to Voters stood up for The electoral story was less Sen. Warren’s proposal would in- that total health-care costs should not
weaken the state’s Taxpayer encouraging in Denver, where stantly create the biggest doctor go up. We are already paying a lot
tax refunds—but not
co Fo
shortage our country has ever seen. more for it than anyone else. Given
Bill of Rights, a constitutional the teachers union appears to
KEITH O. REEVES, M.D. this, and without significant improve-
provision that prevents state charter schools. have wrested control of the Houston ments in outcomes, it’s legitimate to
tax collections from outpac- school board. As we wrote last ask why we can’t be more efficient at
ing inflation plus population week, charter schools in Den- delivering health care. Let’s face it,
growth. ver have flourished, and the district has a sys- the system is byzantine, inefficient
Voters approved TABOR, as it’s commonly tem of merit pay that’s intended to reward good Richard Feynman on Good, and opaque at best.
called, in 1992. Since then it has delivered Colo- teachers. Now Denver schools seem likely to re- Honest Science and Bad The primary obstacles to reforming
radans about $3.5 billion in tax refunds, which verse course. the American health-care system are
are required whenever state revenue exceeds Three of the Board of Education’s seven Andy Kessler’s excellent “Follow the varied vested interests of the
the calculated limit. But politicians, being poli- seats were up for election. As of the returns on Michael Crichton’s Rule” (Inside View, health-care/pharmaceutical/insurance
ticians, would much prefer to spend the extra Wednesday, all three of the union-backed candi- Nov. 4) on the dumbing down of “sci- complex.
ence, the data and the studies” brings OTTO SZENTESI
funds. Proposition CC would have eviscerated dates were leading. Two of them, Tay Anderson
to mind the great Nobel physicist Hickory, N.C.
n-
TABOR by allowing the state to put any revenue and Scott Baldermann, support a moratorium Richard Feynman’s 1974 Caltech com-
windfall into schools and roads. of some kind that would block new charter mencement address entitled “Cargo People now on Medicare have rea-
A point of worry among fiscal conservatives schools. The third, Brad Laurvick, spoke at the Cult Science.” Feynman’s instructive son to wonder how the addition of 155
was the ballot question’s wording, which began: state Capitol in February in favor of striking words to the students (many of them million people with employer-based
no
“Without raising taxes . . . ” Perhaps this was teachers. future scientists) echoes strongly to- private insurance to “their” plan
strictly accurate, since no tax rates would have Yes on tax refunds, and no on charters—such day: “For example, if you’re doing an would affect the health-care services
changed. But it was misleading in spirit, given is life, apparently, in a purple state. experiment, you should report every- they have now, the rationing that they
thing that you think might make it in- would be subject to and the wait
valid—not only what you think is right times they would experience.
Iran’s Nuclear Escalation about it: other causes that could pos-
sibly explain your results; and things
I ask Sen. Warren: How would my
Medicare benefits, for which I paid
P
you thought of that you’ve eliminated taxes for some 40 years, compare to
resident Hassan Rouhani has announced gela Merkel, Emmanuel Macron and Boris John- by some other experiment, and how the benefits given to someone who ar-
that Iran will violate restrictions on the son have to do more than talk. On Monday the they worked—to make sure the other rived in this country illegally—say six
Fordow underground nuclear facility Trump Administration announced fresh sanc- fellow can tell they’ve been elimi- weeks ago? She should give us that
starting Wednesday. President tions against advisers to Su- nated. Details that could throw doubt answer.
Trump’s detractors will say Time for Europe to join preme Leader Ayatollah Ali on your interpretation must be given, DON SCHOEN
this proves that leaving the Khamenei, the latest pressure if you know them. You must do the Northbrook, Ill.
2015 nuclear deal was a mis-
the U.S. maximum- against the country’s authori- best you can—if you know anything at
take, but this is one more sign pressure campaign. tarian ruling class. Nothing all wrong, or possibly wrong—to ex- Has Sen. Warren explained how she
of the defects in the deal that would focus minds in Tehran plain it. . . . In summary, the idea is to will convince federal and state govern-
give all of the information to help oth- ment employees, police, teachers and
Europe should be helping the more than Berlin, Paris, Lon-
ers to judge the value of your contri- other unionized employees to agree to
U.S. to address. don and Washington coming together to reim- bution [theory]; not just the informa- give up their existing health-care ben-
In a speech Tuesday the Iranian leader said pose the so-called snap-back sanctions that tion that leads to judgment in one efits in favor of Medicare for All?
the regime would begin injecting gas into the were supposed to be the response to Iranian nu- particular direction or another.” EDWARD J. KMIEC
1,044 centrifuges at Fordow, an open violation clear escalation. PHILLIP RULAND Black Mountain, N.C.
of the Joint Comprehensive Plan of Action. This The U.S. wants a revised deal to limit Iranian Newport Beach, Calif.
follows news on Monday that Iran is running ballistic missile development, allow unlimited
new and advanced centrifuges, which shortens inspections of suspect nuclear sites, and re- Pepper ...
its path to a nuclear weapon. The regime al- move the sunset clauses that allow restrictions Rep. Katie Hill Should Take And Salt
ready has been openly violating the deal for on Iran to expire. Recall that Barack Obama ini- Responsibility for Her Acts THE WALL STREET JOURNAL
months by enriching uranium at higher concen- tially wanted the Fordow facility closed in the
Regarding your editorial “Katie Hill
trations and storing more of it. deal but was unable to get the Iranians to agree
Tries the Al Franken Defense” (Nov.
“When they uphold their commitments we to anything beyond the limited restrictions they 2): Do we need another Democrat bel-
will cut off the gas,” said Mr. Rouhani. “So it is are now reversing. President Trump’s pressure lyaching about victimhood? Couldn’t
possible to reverse this step.” The Iranian strat- campaign is meant to bring the regime back to Rep. Katie Hill take responsibility for
egy has been to escalate its violations of the the negotiating table with more leverage than the consequences of her decisions?
deal step by step, hoping to intimidate Mr. Mr. Obama had. That’s the leadership example we need
Trump and divide the U.S. from Europe. One risk is that the mercurial Mr. Trump from the Democratic Party these days.
The strategy worked for a time, but then Iran loses patience with his own strategy and tries ANDREW BLEKE
attacked Saudi oil fields. German, French and to cut a deal favorable to Tehran ahead of his Atlanta
British leaders responded in a statement that re-election campaign. That’s why you can ex-
Iran should “accept negotiation on a long-term pect more Iranian threats to break out of the Letters intended for publication should
framework for its nuclear programme as well deal and perhaps more attacks on U.S. allies in be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
as on issues related to regional security, includ- the Middle East. The best response is for Eu- or emailed to [email protected]. Please
ing its missiles programme and other means of rope and the U.S. to reforge a common front to- include your city and state. All letters
delivery.” ward Iran that shows it will have to return to are subject to editing, and unpublished “Remember, a meeting is only
It was a fine statement—and no small feat the negotiating table to have any hope of sanc- letters can be neither acknowledged nor a failure if you came in with
returned.
that Europe called for a new deal—but now An- tions being eased. expectations of accomplishment.”
OPINION
Parallel Lives of Donald Trump

By Lance Morrow Mr. Trump has boundless confidence nius.” On that, the jury is deadlocked.
CORBIS VIA GETTY IMAGES; OLIVIER DOULIERY/AFP VIA GETTY IMAGES

in himself. Like FDR, Mr. Trump has Intellectuals tend to despise Mr.
arry S. Truman kept a set been known to lie. Unlike Roosevelt, Trump. They also dismissed Eisen-
of Plutarch’s writings at Mr. Trump is a businessman. (FDR hower and Reagan as dunces.
hand in the White House. failed in his minor efforts at busi- Edward Gibbon, author of “The
He said that in Plutarch’s ness investment during the 1920s.) History of the Decline and Fall of the
“Parallel Lives,” he could Roosevelt undertook to make Amer- Roman Empire,” summarized a half-
find everything worth knowing about ica great again by mobilizing the dozen early emperors as follows:
leaders—how they behave, what federal government against the “eco- “the dark, unrelenting Tiberius, the
makes them tick. nomic royalists” in a great depres- furious Caligula, the stupid Claudius,
In the “Lives,” Plutarch (A.D. sion; Mr. Trump wants to accomplish the profligate and cruel Nero, the
47-120) would compare a famous the same goal by demobilizing the beastly Vitellius, and the timid inhu-
Greek to a famous Roman—setting regulators and resisting the cultural man Domitian.”
Alexander the Great, for example, autocracy of the left. Think of how one might compile a
next to Julius Caesar, or Demosthe- Mr. Trump is best understood as similar list of modern presidents:
nes beside Cicero. It was moral por- a businessman and a performer. If “the glamorous, amoral Kennedy; the
traiture; Plutarch had a genius for you analyze him at the intersection Machiavellian, self-destructive John-
details. He believed that a trivial de- of those two identities, you begin to son; the saturnine Nixon; the touch-
tail can reveal a man more pro- understand him. As an actor on the Plutarch and President Trump ingly decent Ford; the fussy weakling
foundly than a great event. Cicero, world stage, his favorite role is a Carter.”
version of Stanley Kowalski. tween Mr. Trump and Jimmy Like Julius Caesar, Mr. Trump is Plutarch or Gibbon would likely
Like Calvin Coolidge, Mr. Trump Carter—Mr. Carter hammering away fussy about his hair. Unlike any other have loved to write about Donald
If Plutarch studied believes that the primary business of for Habitat for Humanity, Mr. Trump president, Mr. Trump has been mar- Trump and his headlong, unfiltered
America is business. Like Truman, putting up Trump Towers. ried three times. (Ronald Reagan singularity. Would they have enter-
American presidents, to Mr. Trump has presided over busi- Mr. Trump’s enemies consider was divorced once, and five other tained (before rejecting it) the
which would he compare nesses that failed. Unlike Coolidge, him a monster of racism. He claims presidents remarried after their first theory that Mr. Trump’s apparently
who was famously laconic, Mr. to be “the least racist man who ever wives died.) Like John F. Kennedy fantastic ego is mere performance,
and contrast the 45th? Trump is noisy. lived.” Twelve American presidents, and Bill Clinton, Mr. Trump has a mere misdirection? That all of the
Unlike Teddy Roosevelt and starting with George Washington history of womanizing and marital Trumpian ego is an act that has
Woodrow Wilson, Mr. Trump does and Thomas Jefferson, owned slaves. infidelity. served to get and keep the world’s
for example, became alert to an un- not read books. In that he resembles Wilson was assuredly a racist. In In a famous remark, Justice Oliver attention, that has gotten him
expected subtlety of Julius Caesar’s Lyndon B. Johnson and Franklin early 1933, President-elect Roosevelt Wendell Holmes Jr. described FDR as elected president, and allowed him
character after noticing, one day in Roosevelt, both of whom preferred visited the state capitol in Montgom- a man with “a second-class intellect to disarm his enemies, in part by re-
the Senate, the way he adjusted his to gather information in conversa- ery, Ala., where Jefferson Davis had but a first-class temperament.” (The ducing them to incoherent rage and
forelock with one finger. tion, face-to-face or on the tele- taken the oath of office as president story was told secondhand, and some hatred?
Suppose Plutarch undertook to phone. Dwight D. Eisenhower read of the Confederacy; FDR referred to thought that the aged Justice Holmes Whether he has deployed it
write one of his “Parallel Lives” on Zane Gray westerns to help him fall it as “this sacred spot.” Truman and was referring to the earlier Roose- consciously or simply cannot help
the subject of Donald Trump. If Plu- asleep. LBJ routinely used the N-word be- velt, Teddy, whom he had also himself, his personality has taken
tarch were to study the biographies LBJ liked to have three television fore they got to the White House. Yet known). In fact, FDR had a first-class him far in an unhappy, disrupted
of the previous American presidents, sets going so that he could monitor Truman racially integrated the intellect. So, notably, did Thomas Jef- land. It is also about to get him
to which of them would he compare the major networks simultaneously; armed forces and Johnson told Con- ferson, Abraham Lincoln, Wilson and impeached.
the 45th? Mr. Trump watches Fox News. gress “we shall overcome” as he (as a manager if not as a philoso-
Like Franklin D. Roosevelt, Mr. Plutarch, in a pairing of opposites, pushed through the greatest civil pher) Eisenhower. Mr. Trump has de- Mr. Morrow is a senior fellow at
.
Trump is an illusionist. Like FDR, might have explored the contrast be- rights acts in American history. scribed himself as a “very stable ge- the Ethics and Public Policy Center.
ly
City Liberals, Country Sitting Ducks on Notable & Quotable: A Joke
By Megan Keller undergo much greater liver growth, he’s confident the New York farms Poppy Noor writing for the Guard- way to tragedy, I know mine
but Messrs. Saravia and Henley will win. At the very least, they ian, Oct. 31: wouldn’t.”
S
Liberty, N.Y. contend the birds suffer no ill ef- won’t give up without a fight. We can only guess that Trump
us l,
ergio Saravia has a law defects. Only 4.38% of Hudson Val- Mr. Saravia sees it as his duty to Word on the street is that on said this in jest, of course. But that
gree, but he prefers the com- ley’s ducks and less than 4% of La treat the people around him like Tuesday, at a private fundraising line can be read in so many ways that
al a
e
pany of ducks to the court- Belle’s die before slaughter. Studies family. Officials like Mr. de Blasio, event for top Republican fundraisers, soon, it was an online talking point
room. Mr. Saravia, 38, wants to be of pekin ducks found mortality by contrast, claim to champion the Donald Trump went a little rogue. for people eager to share their views
a foie gras farmer for the rest of rates of 5% and 5.2% in the U.S. and interests of workers and immi- At first he was just reminiscing, on his and Melania’s relationship.
ci on
his life. But politicians in New York U.K., respectively. grants but seem unconcerned about thinking about that time the Loui- Maybe he is saying Melania
City—2½ hours southeast of here In Hudson Valley’s gavage area, the harm their laws will do. “I don’t sana [sic] Republican Steve Scalise Trump hates him so much she
by car—have other ideas. Last the ducks appear to be in good believe the government’s going to got shot—as you do. wouldn’t even cry at his funeral.
week the New York City Council ap- health. The birds I saw were 16 help me,” Mr. Saravia says. “A per- But then he came out with this Maybe he’s saying that after all the
proved a ban on the sale of foie days into the force-feeding period, fect example is New York City.” gem of a line: “[Scalise’s wife] cried strain that their marriage has gone
er rs
gras within city limits, and Mayor but they were able to stand and her eyes out when I met her at the through, she has no more tears left
Bill de Blasio is expected to sign it. waddle about their 24-square-foot Ms. Keller is an assistant edito- hospital that fateful day . . . I mean to give? Maybe he was genuinely be-
When it takes effect in 2022, Mr. pens with ease. rial features editor at the Journal. not many wives would react that ing funny. Who knows?
Saravia expects he’ll have to shut No New York City Council mem-
m e
down his farm. ber visited the farms, despite re-

peated invitations. A staffer for the
bill’s chief sponsor, Councilwoman
m rp
Farmers in a poor upstate Carlina Rivera, says she had “seri-

ous concerns” that the tours did
county look ahead to a not honestly depict the process.
grim future under New If the ban survives, it will likely
shut down both farms. New York
York’s foie gras ban.
co Fo
City sales bring in around a third of

their revenue, and one of their
highest costs, heating the birds’ en-
The ban, which the council closures, is fixed. Sullivan is one of
passed 42-6, was pushed by a coali- the state’s poorest counties, so the
tion of animal-rights groups. They loss of 400 jobs and $50 million a
say gavage, the process by which year in revenue will hurt.
farmers fatten ducks’ livers into The area will also lose the
foie gras, is abusive. Farmworkers farms’ business and charity. Both
put pipes down a bird’s throat to farms buy their feed locally and
induce it to consume large quanti- give their manure to neighbors at
ties of feed until its liver swells to no charge. Hudson Valley runs a
seven to 10 times its usual volume. health clinic and La Belle an addic-
The process “causes significant de- tion center, both free and open to
n-
cay in the liver almost immedi- the public. Mr. Saravia, whose legal
ately,” Matt Dominguez of Voters specialty is immigration, gives his
for Animal Rights tells me. “You employees free legal assistance.
start seeing bloodshot eyes, trouble Asylum seekers on staff receive
no
breathing.” Farmers are “basically free housing. Mr. Saravia can relate
torturing” the ducks, Mr. to their predicament: His family
Dominguez says. fled war-torn El Salvador when he
Farmers disagree. Both the foie was 8, and when their asylum claim
gras farms here in Sullivan was denied, a farmer at Hudson
County—Mr. Saravia’s La Belle Valley Foie Gras petitioned for
Farm and Marcus Henley’s Hudson them to stay.
Valley Foie Gras—begin gavage “This is home,” Mr. Saravia says
when the ducks are 12 weeks old. over coffee at the town diner. Will
They live longer than the pekin he have to leave when the ban takes
ducks used for ordinary meat, effect? He pauses and says there
which are typically slaughtered at will be lawsuits. That approach
around 7 weeks. Foie gras ducks hasn’t worked in California, where
are fed a gradually increasing a statewide foie gras ban was set to
quantity of liquid feed three times take effect in 2012. It was delayed
a day for 21 days through a 6-inch when a district judge held that the
rubber tube about half an inch federal Poultry Products Inspection
wide. The farmers say the liver ex- Act pre-empted the California law.
pansion mimics a natural process But the Ninth U.S. Circuit Court of
in which ducks’ livers grow to as Appeals reversed that ruling, and
much as double their original size the Supreme Court declined to hear
before migration. Foie gras ducks an appeal. Still, Mr. Henley says
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WORLD NEWS
Russia Hits Dissenters in Bank Accounts

Crackdown on backers For Mr. Yegorov, a longtime political system, Mr. Navalny campaign in particular. “they’ve decided to destroy our was 75 million rubles in debt.
Navalny supporter, the bank-ac- and supporters such as Mr. Ye- An earlier probe by state network before we enlist sev- Mr. Yegorov said he
of opposition leader count move sent an unmistak- gorov have become a growing investigators accused his or- eral million people in a strategy couldn’t understand how it
puts hundreds nearly able message: The cost of stand- irritant. ganization of laundering 75 of smart voting,” Mr. Navalny could have happened. He
ing up to President Vladimir The measures against Mr. million rubles in donations said. “What we’re facing now is called his bank, which said a
$1.2 million in debt each Putin is rising to a level few or- Navalny and other opposition from Russian crime bosses. intimidation and the destruc- Moscow court had ordered the
dinary Russians can withstand. leaders, introduced quietly af- Mr. Navalny said the latest tion of our infrastructure.” amount to be blocked off and
BY THOMAS GROVE “It can psychologically break ter the protests ended, have crackdown is retribution for In addition to blocks on taken from his account.
a person knowing you have no brought the Kremlin’s at- September’s city elections. After around 500 bank accounts The Wall Street Journal in-
MOSCOW—One morning in access to your cash and you tempts to quash political ac- many opposition figures were held by Navalny supporters, dependently reviewed his ac-
September, Andrei Yegorov have a debt that you’ll never tivism to a new level. according to the Anti-Corrup- count statement at Alfa Bank,
woke to discover his bank ac- pay off,” Mr. Yegorov said. Mr. Navalny’s followers and tion Fund, the organization which also provided the order
count was frozen and in the Mr. Navalny, a 43-year-old other opposition activists has faced many court cases in from a Moscow city court that
red to the tune of 75 million lawyer who entered the public joined forces in Moscow over
Alexei Navalny and connection with Moscow pro- froze the account, which Mr.
rubles, almost $1.2 million. eye in 2012 when he organized the summer to rally against his supporters are a tests. Mr. Navalny and other op- Yegorov said had just 2,000 ru-
Across Russia, opposition street protests against Mr. Pu- what they called arbitrary and position leaders are facing more bles in it. The bank didn’t pro-
activists say hundreds of peo- tin, has emerged as Russia’s unlawful detentions of protest-
growing irritant to than 32 million rubles in claims. vide any additional information.
ple have found that they, too, most effective opposition leader ers, the biggest show of dis- President Putin. Kremlin spokesman Dmitry Mr. Yegorov said life 75 mil-
inexplicably are 75 million ru- in years. His Anti-Corruption sent against pro-Kremlin au- Peskov said Mr. Putin was aware lion rubles in the red is more
bles in the hole—the same Fund has become the closest thorities in years. He also led of raids on opposition support- difficult than before.
amount state investigators al- thing Russia has to a nation- efforts to oust pro-Putin city ers, but that the president But he hasn’t changed his
lege Russian opposition leader wide opposition movement. His council members in a Moscow banned from running, he called wasn’t familiar with the details. decision to support Mr. Na-
Alexei Navalny’s organization campaign has exposed alleged municipal vote in September. for supporters to vote for any- Mr. Yegorov suspects he first valny’s political movement, he
had laundered for underworld graft by top officials, including “I know what I’m facing in one but Mr. Putin’s candidates, drew the attention of Russia’s said.
crime lords. Mr. Putin’s top lieutenant, opposing the Kremlin, and my a strategy he calls smart voting. security forces seven years ago. “When you sign up for the
Russia’s Investigative Com- Prime Minister Dmitry Medve- family members understand it, As a result, candidates affil- Now 35, he said his home opposition, you have to know
mittee opened an investigation dev, who has dismissed the too,” Mr. Yegorov said. iated with the pro-government was one of more than 200 po- what you’re getting into,” he
into Mr. Navalny’s opposition claims, calling them fabricated. Russian authorities for United Russia party lost lice raided in September. said. “You could be saddled
group in August, a probe he While Mr. Putin long ago years have pressured Mr. Na- around a third of their seats in Shortly after, an SMS message with a 75-million-ruble debt,
calls a politically motivated at- quashed dissent within the valny’s support base and have the Moscow City Council. from his bank popped up on his you could be killed. But you’ve
tempt to destroy it. country’s tightly controlled targeted his anticorruption With the latest raids, phone. His checking account decided to fight.”
Berlin at Last Receives a Statue of Reagan South

BY BOJAN PANCEVSKI Korea
BERLIN—Ronald Reagan
loved Berlin. For the German
capital, things are more com-
Military
plicated.
To Shrink
.
FROM TOP: CHRISTIAN JUNGEBLODT FOR THE WALL STREET JOURNAL; ROLAND HOLSCHNEIDER/DPA/ZUMA PRESS
For years, the city’s succes-
ly
sive governments have re-
sisted gentle prodding by U.S. BY DASL YOON
dignitaries to erect a statue of AND TIMOTHY W. MARTIN
the late president, who fa- on
mously called in a 1987 speech SEOUL—South Korea’s de-
here on his Soviet counterpart clining birthrate has become a
Mikhail Gorbachev to tear national security challenge:
down the wall that had di- Fewer young men are around
us l,
vided the city since 1961. for military service.

Now, the Trump adminis- That is why Seoul officials
al a
e
tration has decided to break said Wednesday that South
the stalemate by simply put- Korea’s active military will
ting up a Reagan statue on the shrink to half a million per-
ci on
U.S. Embassy’s terrace over- sonnel by 2022, from the cur-

looking the spot where the rent total of about 600,000.
speech took place. South Korea, one of a few
The 7-foot statue, partially countries with ongoing na-
visible from the street, will be tional-service conscription,
er rs
formally inaugurated by Secre- has the lowest fertility rate

tary of State Mike Pompeo on among developed countries.
Nov. 8, a day before the 30th Women are giving birth to
anniversary of the fall of the fewer than one child on aver-
m e
Berlin Wall. age, according to South Ko-

The Ronald Reagan Presi- rean government estimates,
dential Foundation, which far below the 2.1 newborns
m rp
commissioned the artwork, ex- necessary to keep population

pressed regret that it couldn’t steady.
be placed in a public space. The military service, which
Some Berlin politicians said The Ronald Reagan statue on the rooftop terrace of the U.S. Embassy in Berlin. Below, the U.S. president in the city on June 12, 1987. lasts between 18 to 22 months,
there was no need to give Rea- is viewed as a rite of passage
co Fo
gan special honors since he parliament in charge of monu- as president to help bring for South Korean men. But the
had already been made an ments. “At least until now.” down the barrier in a city he pool of able-bodied draftees is
honorary citizen of the city. Singling out Reagan for loved, according to John Heu- projected to shrink by nearly
The stance partly reflects rem- special remembrance, she said, busch, head of the Reagan half over the next two de-
nants of the West German would be unfair to the many Foundation. cades, according to South Ko-
left’s fierce opposition in the foreign leaders who supported In the run-up to the centen- rea’s defense ministry.
1980s to Reagan’s unapolo- German reunification and to nial celebration of Reagan’s The reduced numbers test a
getic devotion to capitalism the people of East Germany birth in 2011, efforts intensi- South Korean military that
and his deployment on Ger- who on their own rose up and fied to honor him. Reagan provides the first line of de-
man soil of nuclear-capable tore down the wall. statues sprang up across for- fense against a potential North
missiles. His visits to Berlin After the end of World War mer socialist states in Central Korean attack. Home to the
were accompanied by violent II, Germany was divided into and Eastern Europe. But the largest overseas U.S. military
riots from far-left protesters. two entities: the Soviet-domi- Berlin campaign ran aground, base, South Korea for decades
While West Germany was a nated German Democratic Re- said Mr. Heubusch. has provided ample foot sol-
n-
close ally of the U.S. then, republic, or GDR, and the Federal This year, the U.S. ambassa- diers intended to cooperate
lations have frayed since Pres- Republic of Germany, a combi- dor to Germany, Richard A. with American air and naval
ident Trump, a frequent and nation of the U.S., British and Grenell, named the embassy forces. North Korea’s military
blistering critic of German French occupation zones that terrace overlooking the Bran- is an estimated 1.2 million.
no
Chancellor Angela Merkel, later became a member of the denburg Gate after Reagan and To meet its staffing chal-
came to power. Western alliance. suggested erecting a sculpture lenge, the South Korean mili-
“There have been many U.S. The Berlin Wall, erected in there. tary plans to use surveillance
presidents who could be hon- 1961 by the East German gov- “We had to place it on drones, satellites and un-
ored,” said Sabine Bangert, a ernment to stop the stream of American soil,” Mr. Heubusch manned combat aircraft, as
member of the liberal Green citizens defecting to the West, said of the embassy site, “but well as increasing the number
Party and chairwoman of the became a symbol of that divi- at least that soil is going to re- of women serving. The Seoul
committee of the Berlin state sion. Reagan saw it as his task side in the city of Berlin.” government also plans to re-
duce the number of national-
WORLD WATCH
service conscripts staffing lo-
cal police and fire
departments and serving at
government facilities or re-
COLOMBIA LEBANON sure on officials to form a new In their third week, protesters mass protests. The protesters search institutes.
government to deal with the have adopted a new tactic of agreed on Tuesday to shift the The reductions could com-
Defense Chief Quits Protesters Keep Up country’s economic crisis. surrounding state institutions to focus of the protests and open promise South Korea’s defense
Over Children Deaths Pressure on Officials Dozens of people gathered disrupt their work. They accuse main roads to ease up traffic and readiness at a time when the
Wednesday outside the justice, officials of dragging their feet on allow people to get back to work. regime of North Korean leader
The deaths of eight children in Lebanese protesters sur- education and other ministries as forming a new government after —Associated Press Kim Jong Un has conducted a
an air force bombardment of a rounded state institutions and well as the state-run electricity Prime Minister Saad Hariri re- series of short-range weapons
jungle camp operated by a drug- ministries to keep up the pres- company and the tax department. signed on Oct. 29 in response to BURKINA FASO tests this year that threaten
trafficking group led to the resig- Seoul, military and security
nation of the defense minister on Attack on Mining experts say. During the recent
Wednesday night. Convoy Kills 37 diplomacy with Pyongyang,
Guillermo Botero stepped both Seoul and Washington
down a day after a heated con- Gunmen attacked a convoy have agreed to cancel or pare
gressional hearing during which a near a Canadian mining site in back joint military exercises.
senator revealed the medical ex- Burkina Faso, killing at least 37 “This is a disturbing situa-
aminer’s office’s determination people and wounding 60 others, tion for the military,” said
that children between the ages of the regional governor said Chun In-bum, a retired lieu-
12 and 17 were among more than Wednesday. tenant general and former
15 people killed in the Aug. 29 Montreal-based Semafo said special-forces commander of
bombing in southern Colombia. the bloodshed happened about the South Korean army.
Congressional opponents of 25 miles from its Boungou mine Seoul’s defense ministry de-
President Iván Duque’s govern- in the African nation’s Eastern clined to comment.
ment had criticized Mr. Botero for region and involved five buses of “We will reform the struc-
not having made public the employees who were being ac- ture of the military force to be
SUNDAY ALAMBA/ASSOCIATED PRESS
deaths of children, even though companied by a military escort. centered around science and
their identities had been known “Boungou mine site remains technology,” South Korea’s
since September. The opposition secured and our operations are government said in a Wednes-
has also cited allegations of hu- not affected,” Semafo said in a day news release.
man-rights abuses by soldiers. statement, adding it is working South Korea has a rapidly
The minister has said he didn’t to ensure the safety of its em- aging population due to the
know about the presence of chil- ployees. A Canadian foreign min- low birthrate. The government
dren in the camp at the time of istry spokeswoman said there expects the population to peak
the attack but defended the were no reports of any Canadian in the next decade at 52 mil-
strategy. MARKET DISASTER: Emergency personnel in Lagos, Nigeria, battled a fire Wednesday at the citizens among the casualties. lion before dropping to 39 mil-
—Juan Forero Balogun Market, one of the nation’s largest textile shopping centers. Two fires broke out Tuesday. —Associated Press lion by 2067.
TECHNOLOGY: DEAL TALK BOOSTS XEROX AND HP SHARES B4
BUSINESS & FINANCE

© 2019 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Thursday, November 7, 2019 | B1
S&P 3076.78 À 0.07% S&P FIN À 0.41% S&P IT g 0.01% DJ TRANS g 0.18% WSJ $ IDX À 0.04% LIBOR 3M 1.904 NIKKEI (Midday) 23294.96 g 0.04% See more at WSJ.com/Markets
Uber Hits Low as Insiders Sell California

Probes
Stock is now about sent a flood of shares onto the and early investors an oppor- Florida. It is unclear how ing price. Daniel Ives of Wed-
40% below its IPO

price as lockup period
market, pushing the stock as
low as $25.58, down 43% from
its IPO price. While stock vola-
tunity to get cash for equity
they have been sitting on.
Uber priced the shares in its
many of those were shares
sold for the first time due to
expiration of the lockup.
bush said that 25%, or about
190 million, of the unlocked
shares would be contenders to
Facebook
expires
tility and losses are common
following lockup expirations,
the loss of $2 billion from its
May IPO at $45, which gave it
a valuation of $82 billion.
Even before Wednesday’s sell-
A spokesman for Uber de-
clined to comment.
Financial-services firm
sell Wednesday.
The stock was already down
more than 10% this week after
On Privacy
BY HEATHER SOMERVILLE market capitalization in 24 off, Uber’s stock performance Wedbush Securities estimates Uber’s third-quarter earnings BY SEBASTIAN HERRERA
hours added injury to Uber af- had disappointed investors. that 763 million shares be- report failed to reassure inves-
Uber Technologies Inc. hit ter a lackluster earnings re- Approximately 130 million came eligible for trading on tors. Uber reported higher rev- California is investigating
a record low Wednesday as port this week. shares traded hands on Wednesday. Out of those, enue and a narrower net loss. Facebook Inc.’s privacy prac-
early stockholders and em- Lockups prevent early Wednesday, much more than Wedbush estimates that 500 After the results, Chief Execu- tices, the state’s attorney gen-
ployees began selling shares shareholders and employees the 65-day daily average of 11 million to 520 million shares tive Dara Khosrowshahi said eral revealed Wednesday in a
after its May listing, delivering from selling shares in the first million and higher than the are underwater, as Uber held the company expects to turn a lawsuit that accuses the Sili-
a blow to a company that has months after an initial public typical trading volume at a several private financing profit in 2021, on an adjusted con Valley tech giant of failing
struggled to satisfy investors. offering. Typically, the expira- lockup expiration, said Jay rounds since 2015 at a share basis excluding interest, taxes, to adequately comply with in-
The expiration of what is tion of the lockup is highly an- Ritter, a corporate-finance and price that was significantly depreciation and amortization. formation requests.
known as the lockup period ticipated, giving employees IPO expert at the University of higher than Wednesday’s trad- Please turn to page B2 Attorney General Xavier
Becerra said he has asked the
San Francisco Superior Court
Talk of Rolling Back Tariffs Lifts Copper, Oil

to force Facebook to comply
with investigators’ subpoenas,
the latest of which were is-
sued in June.
BY SARAH TOY Commodity futures prices, year to date Net bets on higher “The responses we have re-
U.S. crude prices, weekly ceived to date are patently in-
Prices of copper and oil are 50% Trump threatens U.S. reports partial adequate,” he said.
climbing alongside stocks, as new tariffs trade deal with China 300,000 contracts California prosecutors be-
investors hope that a possible gan probing Facebook in 2018,
U.S.-China trade deal could shortly after the company said
boost global growth. data from as many as 87 mil-
.
Front-month copper fu- 40 200,000
lion of its users may have been
ly
tures have gained 4.1% in the improperly shared with Cam-
past month, while U.S. oil bridge Analytica, a British po-
prices have risen 6.7%, helped litical consulting firm that
by a spate of unexpectedly on worked on President Trump’s
sturdy U.S. economic data and 100,000 2016 campaign and has since
reports that officials in the 30 shut down. Facebook says it
world’s two largest economies has complied with requests
are considering rolling back from California authorities.
us l,
some tariffs to help clinch a As it sought to settle a pri-

partial trade agreement. The Crude oil 0 vacy investigation by the Fed-
al a
+24.1%
e
gains have helped lift the Jan. June Oct. eral Trade Commission, Face-
Bloomberg Commodity Index 20 book uncovered emails that
Year to date Net bets on higher
2.8% in that time. appeared to connect Chief Ex-
ci on
Negotiations between the copper prices, weekly ecutive Mark Zuckerberg to

world’s two largest economies 25,000 contracts potentially problematic pri-
have seesawed for months, vacy practices at the company,
sparking swings in commodity The Wall Street Journal previ-
prices. 10 ously reported. Facebook’s un-
er rs
0
Investors are wagering that earthing of the emails while it
a breakthrough between the responded to the federal probe
two countries will help lift raised concerns internally that
growth and demand for raw –25,000 they would harm the company,
m e
materials and energy. 0 Copper at least from a public-relations

The latest boost came standpoint.
Tuesday, with reports that ef- +1.3% The emails suggest Mr.
m rp
forts to reach a trade agree- –50,000 Zuckerberg and other senior

ment between the U.S. and executives didn’t make compli-
China would include a roll- ance with an existing FTC con-
back of tariffs. A stage-one –10 –75,000 sent decree a priority, the
deal would also include Chi- Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Jan. June Oct.
Journal reported. The poten-
co Fo
nese purchases of U.S. farm tial impact of the internal

goods, rules to deter currency Sources: FactSet (futures prices); Commodity Futures Trading Commission (net bets) emails was a factor in the tech
manipulation and some provi- giant’s desire to reach a
sions to protect intellectual weekend that the two coun- be coming shortly. largest copper consumers and late July, though prices speedy settlement.
property and open up Chinese tries were making “good prog- Those developments added accounts for about half of slipped Wednesday after re- In July, the FTC approved a
industries to U.S. firms, offi- ress” and that licenses for U.S. to optimism that trade de- global demand for the metal. ports emerged that an interim roughly $5 billion settlement
cials have said. companies to do business with tente could send copper prices Copper futures for Novem- deal could be delayed until with Facebook related to pri-
U.S. Commerce Secretary Chinese telecom company higher still. ber delivery settled Tuesday December. Hedge funds and vacy missteps by the company.
Wilbur Ross said over the Huawei Technologies would China is one of the world’s at their highest level since Please turn to page B11 California said in its legal
filing that it doesn’t believe
Facebook has searched the
STREETWISE | By James Mackintosh emails of either Mr. Zucker-
berg or Chief Operating Offi-
cer Sheryl Sandberg in re-
Aramco’s IPO Math Probably Doesn’t Add Up

n-
sponse to the subpoena.

“We have cooperated exten-
sively with the state of Cali-
fornia’s investigation,” Face-
no
Is Saudi even less than that. will be the world’s most change. Almost none of the IPO ends up depends on the book Vice President of State
Arabia’s oil Start with the basics: profitable company, with the massive company will be on valuation method. In its mul- and Local Policy Will Castle-
monopoly Aramco is big, jaw-drop- biggest oil reserves and the offer, with bankers talking of tistage nationalization in the berry said Wednesday. “To
more like pingly big. Country big. At lowest cost of extraction per selling between 1% and at 1970s, the Saudi government date, we have provided thou-
Exxon Mobil the low end it will still be barrel. Its planned $75 bil- their most optimistic 5%. compensated the owners— sands of pages of written re-
or a dodgy worth more than all Brazil- lion dividend next year will That could still be the four U.S. oil companies now sponses and hundreds of thou-
government bond? Valuing ian stocks, and the top valu- be five times bigger than Ap- biggest IPO ever, but mostly consolidated into Exxon and sands of documents.”
Saudi Aramco ahead of its ation would make it worth ple’s dividend for its 2019 it will just make visible what Chevron—at around book Mr. Becerra’s office said it
planned initial public offer- more than South Korean, fiscal year, itself the biggest we already know: The Saudi value. If the market were to issued a first round of subpoe-
ing produces an unusually Australian, Swiss or German of any S&P 500 company. government owns the big- pay the Saudis on the same nas to Facebook on June 4,
large range between $1 tril- stocks. This is an asset class At the same time, gest oil company. (Aramco basis, Aramco would be val- 2018, including about the com-
lion and more than $2 tril- all on its own. Aramco’s actual listing will won’t dominate global stock ued at a puny $380 billion. pany’s ties to Cambridge Ana-
lion depending on what in- Assuming the IPO offi- be pitifully small and con- indexes because they exclude Back then, the Saudis had lytica. It waited more than a
vestors think they are cially announced on Sunday fined for now to Saudi Ara- the government holding.) the U.S. over a barrel. Inves- year for responses from the
buying. Maybe it is worth actually goes ahead, Aramco bia’s domestic stock ex- Just how big Aramco’s Please turn to page B11 Please turn to page B4
Mattel, Auditor Hid Accounting Issues INSIDE

BY JEAN EAGLESHAM mated children’s show about a slap on the wrist from the an honest mistake” and that
AND PAUL ZIOBRO talking trains. The finance Securities and Exchange Com- the change in the accounting
team discussed fixing the mission,” Mr. Whitaker said. treatment of Thomas was ap-
Mattel Inc. was already problem and restating earn- “But if the company disclosed propriate.
struggling at the start of 2018 ings, with the expectation that a material weakness, a senior The investigation was
when the finance team deliv- Mattel would have to admit to executive said to me it would started after Mattel received a
ered more bad news. It had un- shortcomings in its accounting be ‘the kiss of death.’” whistleblower letter on the
covered an accounting error and reporting procedures, said Mr. Whitaker resigned from subject in August, forcing it to
that had reduced Mattel’s loss Brett Whitaker, who was Mat- Mattel in March of last year. scrap a debt refinancing. Mr.
for the previous year’s third tel’s director of tax reporting Mattel on Oct. 29 admitted Whitaker said he declined an
quarter and threatened to be at that time, in an interview. the accounting error and said invitation to give evidence to
an embarrassment or worse Instead, senior finance exec- an internal investigation found the internal investigation, add-
for the toy company. utives and Mattel’s auditor, weaknesses in its procedures. ing that he told the company
The maker of Hot Wheels PricewaterhouseCoopers, de- The company said its chief fi- he had already provided the
cars and Barbie dolls had just cided to change the accounting nancial officer, Joe Euteneuer, relevant information before he
finished a weak holiday sea- treatment of the Thomas asset, will leave. Based on firsthand left.
son; Toys “R” Us Inc., the big- effectively burying the prob- knowledge of how Mattel han- Joshua Abrahams, the PwC
gest specialty toy retailer in lem, according to Mr. Whitaker dled the issue, according to partner who led the Mattel au-
the U.S., had filed for bank- and documents reviewed by Mr. Whitaker, Mr. Euteneuer dit team, has been put on ad-
ruptcy; and Mattel had re- The Wall Street Journal. The would have been aware of the ministrative leave, according
jected a takeover offer from ri- executives agreed not to tell decision not to disclose the er- to a person close to PwC. He is
val Hasbro Inc. Mattel’s shares Mattel’s then-chief executive ror. Mr. Euteneuer said he had expected to leave the firm as a
had lost half their value over or its board, an internal inves- no comment to add to Mattel’s result of his conduct during FINANCE
the previous 12 months. tigation found. statement. PwC’s investigation into the A new credit score aims to benefit people who hold
The accounting problem “It was known within Mat- Mattel said in a statement whistleblower allegations, the
was tied to Mattel’s ownership tel that if we took this ap- that its investigation had de- person said. Mr. Abrahams
a professional license, such as hairdressers. B10
of Thomas & Friends, an ani- proach, at worst we might get termined that the error “was Please turn to page B2
B2 | Thursday, November 7, 2019 * *** THE WALL STREET JOURNAL.
INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople
Ex-UAW Official Faces U.S. Charges

in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A Fujifilm ............. B11, B12 Royal Dutch Shell.......A8

Abbott Laboratories...A9 G Saudi Aramcol......B1,
Adidas..................B3,B12 B11 BY NORA NAUGHTON UAW President Rory Gamble Mr. Ashton is also the sec- members, according to the
General Motors...........B2
Semafo......................A18
Agilent Technologies B10
H said in a statement the ond former UAW vice presi- charging document filed in a
Slack Technologies ... B12
Air Products & Federal prosecutors charged charges were inexcusable and dent to be charged in the in- U.S. federal court in Michigan.
Chemicals................B10 Hasbro.........................B1 Société Générale.......B11
former United Auto Workers violate the union’s standards vestigation, which first The money came from a
Alibaba Group Holding HP.................B4,B11,B12 SoftBank Group.A1, B12
Sprint..............A7,B2,B12
vice president and ex-General of conduct. became public in 2017 and had jointly run UAW-GM training
A7,B12 Huawei Technologies
B1,B4 Starbucks....................B6
Motors Co. board member Joe Mr. Ashton’s attorney, Je- initially focused on misuse of center in Detroit, the docu-
Alphabet......................A6
Ashton with conspiracy to rome A. Ballarotto of New Jer- UAW training-center funds at ment says.
B I T
commit fraud and money laun- sey, didn’t immediately return Fiat Chrysler Automobiles NV. GM and the UAW agreed to
Bank of America.......B12 Inspire Brands.............B6 Tesla..........................B12 dering, according to court doc- a phone message requesting Fiat Chrysler has said the mis- close the training center in a
BMW....................B3,B12 J T-Mobile US...........A7,B2 uments filed Wednesday, the comment. conduct was perpetrated by a new labor contract approved
Bohai Steel Group....A10 Total............................A8
Juul Labs.....................A3 latest charges in a yearslong Mr. Ashton, who ran the small group of individuals act- last month by GM workers.
BP................................A8 Toys “R” Us ................ B1
M criminal investigation into UAW’s GM department and led ing in their own interest. In exchange for arranging
Buffalo Wild Wings....B6 Twitter........................A6
corruption in the union’s top negotiations with the auto The latest charges mark an- the contract, Mr. Ashton, along
Mattel..........................B1 Tyson Foods..............B10
C ranks. maker earlier in the decade, is other setback for the UAW with two other UAW officials,
N U Mr. Ashton, who retired now the 13th person charged leadership at a time when accepted hundreds of thou-
Chesapeake Energy .. B11
Cimarex Energy.........B11 Nanjing Wonzeal Uber TechnologiesA1,B1, from the UAW in 2014 and left in the Justice Department’s union officials are still trying sands of dollars in bribes and
Construction B11, B12
CNODC.........................A8 the GM board in 2017, is ac- widening criminal probe into to secure new labor contracts kickbacks from the chiroprac-
Decoration Shares..A10 UBS Group.................B10
CNOOC.........................A8 cused of helping to orchestrate allegations of corruption, brib- at Ford Motor Co. and Fiat tor, prosecutors alleged. The
New York Times.........B3 UniCredit...................B11
CVS............................B11 a scheme to personally enrich ery and other financial mis- Chrysler. The UAW late last chiropractor visited Mr. Ash-
Nike......................B3,B12 W himself and other UAW offi- conduct among top-ranking of- month reached a new labor ton’s house regularly to deliver
D Noble Energy.....B10,B11 WeWork..............A1, B12 cials by steering contracts to ficials at the UAW, one of the agreement with GM after a 40- cash payments of $5,000 to
Discovery...................B10 Nokia...........................B2 Woodbridge Group of vendors in exchange for bribes nation’s oldest unions. The in- day nationwide walkout. $30,000, prosecutors said.
DISH Network.............B2 P Cos...........................B10 and kickbacks, prosecutors al- vestigation has potentially im- As part of the alleged fraud The watches were delivered
E Petroleo Brasileiro......A8 X leged. plicated UAW President Gary scheme, Mr. Ashton in 2012 to the training center in 2014
Experian .................... B10 Pioneer Natural Xerox HoldingsB4, B11, GM said in a statement it Jones, who over the weekend and 2013 arranged a nearly $4 but never distributed to work-
Exxon Mobil................A8 Resources................B11 B12 was disturbed by the charges took a leave of absence. Mr. million contract for his per- ers and remain stored in a
F Puma ......................... B12 Z involving Mr. Ashton, and the Jones hasn’t been charged and sonal chiropractor to provide warehouse, the document said.
Facebook................B1,B4 Q-S Zhejiang Dengfeng company wasn’t aware of the his attorney said he took vol- more than 50,000 custom- —Mike Colias contributed to
Fox...............................B3 Qualcomm............B3,B11 Traffic Group .......... A10 alleged illegal conduct. Acting untary leave. made wristwatches to union this article.
INDEX TO PEOPLE Mattel’s

A Ives, Daniel.................B1 S
Ashton, Joe.................B2
B
K
Khosrowshahi, Dara ... B1
Schiffer, Eric...............B2
Scholz, Olaf...............B10
Seibert, Steffen........B10
Accounting
Bacow, Lawrence S. ... B6
Becerra, Xavier ........... B1
Bilson, Don..................B4
Krüger, Harald...........B12
L
Lores, Enrique.............B4
Shapiro, Robert.........B10
Snyder, Shawn..........B11
Son, Masayoshi...A1,B12
Challenged
Bye, Stephen...............B2 M T
C Continued from page B1
Mahaney, Mark...........B2 Thummel, Rob...........B11 didn’t respond to a phone call
Cappelleri, Frank.......B11 Moynihan, Brian ....... B12 Tick, Lyle.....................B6
JULIA ROBINSON FOR THE WALL STREET JOURNAL
or a LinkedIn message seeking
.
Carolan, Shawn...........B2 N Tran, Michael............B11
comment.
Charles Evans.............A7 V
ly
Coster, Paul.................B4
Neumann, Adam.........A7 The whistleblower letter
Nohria, Nitin...............B6 Velikonja, Urska........B10 also questioned PwC’s inde-
E Visentin, John ..... B4,B12
R pendence. Mattel’s investiga-
Ergen, Charlie ............. B2 W tion found Mr. Abrahams vio-
Ren Zhengfei .............. B4
H-I
Hodgkins, Gerald ...... B10
Ritter, Jay...................B1
Rorsted, Kasper..........B3 Z
on
Wong, Tai..................B11 lated some independence rules
by recommending candidates
Icahn, Carl...................B4 Rouanne, Marc............B2 Zipse, Oliver..............B12 for Mattel’s senior finance po-
sitions. Mattel said that PwC,
us l,
which has audited Mattel for
Dish Chooses Veterans 45 years, will continue in that

al a
e
role.
PwC said in a statement Brett Whitaker, Mattel’s former director of tax reporting, questions its handling of past losses.
For Wireless Venture that “integrity is at the heart

ci on
of who we are and how we op- “walking down the hall, high- Friends, Barney & Friends, and PwC partner told me that they
erate” and the firm takes “ap- fiving people, after this deci- Bob the Builder. Reducing the were looking for a way to say
BY DREW FITZGERALD Sprint is on hold while the car- propriate actions in response sion was made,” Mr. Whitaker allowance lowered Mattel’s this isn’t a material weakness.”
riers fight an antitrust lawsuit to any allegations of miscon- said. A PwC spokeswoman de- loss for the quarter. Mattel decided to reclassify
Dish Network Corp. ap- brought by a coalition of state duct.” nied that this had occurred. Soon after, the company did the Thomas asset in a way that
er rs
pointed two cellular-industry attorneys general who argue When PwC received the Auditors often look for ways an internal review of its intan- would have made its treatment
veterans to run its fledgling the wireless merger will hurt whistleblower letter this sum- to avoid disclosing errors, es- gible assets. Finance executives in the third quarter correct,
wireless business, a sign the competition. Dish has said its mer, it promptly alerted Mattel pecially given that typical ac- discovered that because of the and recorded a tax expense in
company is plowing more re- intervention will replace what- and conducted an internal in- counting standards can be way the HIT liability had been the fourth quarter that offset
m e
sources into the venture. ever competitive force is lost vestigation that involved 30 open to interpretation, accord- categorized, it shouldn’t have the earlier error, according to
The wireless division of the from Sprint’s demise. interviews and a review of ing to people who have worked been used to reduce Mattel’s Mr. Whitaker.
Englewood, Colo., company That case is scheduled to go nearly 45,000 documents, its at Big Four audit firms. loss, according to an internal The company and PwC
m rp
hired former Nokia Corp. exec- to trial on Dec. 9, though Mr. statement said. Mattel was a significant cli- memo reviewed by the Journal. agreed that no restatement
utive Marc Rouanne to be its Ergen is pressing ahead with Mr. Whitaker, who said he ent for PwC, which last year “It was definitely an ‘oh, was needed, he said.
chief network officer and ex- plans to set up a fourth nation- isn’t the August whistleblower, earned more than $9 million in shit’ moment,” said Mr. Whita- The review of the Thomas
Sprint Corp. technology boss wide cellphone network using said that when Mattel didn’t fees from the company, includ- ker, who discovered the error asset had been started before
Stephen Bye as its chief com- assets peeled off from the en- restate earnings or admit to ing $1.2 million for tax ser- when doing the review. “I of- the error came to light, Mattel
co Fo
mercial officer. Dish said both larged T-Mobile as a spring- accounting problems in 2018, vices, according to securities fered my job, that’s how big it said in its statement, although
executives will start in Decem- board. he believed it was a coverup. filings. was.” the decision to reclassify and,
ber and report directly to Mr. Rouanne held several “My team was dumb- The accounting error was After the issue was reported in effect, retroactively fix the
Chairman Charlie Ergen. positions at Nokia and was its founded by it,” said Mr. Whita- tied to a $562 million valua- internally, Mattel’s heads of ac- error was made later.
Dish has spent years amass- president of mobile networks ker, a tax professional who be- tion allowance—a reserve for a counting and internal control The restatement announced
ing a war chest of valuable until 2018. He also served as gan his career at Big Four firm potential loss in value—that believed it was a material er- last week increased the re-
wireless spectrum licenses. Its chairman of Alcatel-Lucent, a Ernst & Young and has worked Mattel created against its de- ror that needed to be dis- ported loss for the third quar-
wireless plans inched forward rival network-gear maker that for a number of public compa- ferred tax assets in September closed, said Mr. Whitaker. ter by $109 million—the
earlier this year after the com- Nokia later acquired. nies. 2017. Mattel said the question of amount of the error—offset by
pany struck a deal with the U.S. Mr. Bye served as Sprint’s PwC was involved in the de- The allowance was reduced whether the errors required a a $109 million reduction in the
Department of Justice to ac- chief technology officer from cision not to disclose the error, by $109 million, which came restatement was “a complex is- net loss for the following quar-
quire divested assets from T- 2011 to 2015. He later ran tech- which the firm would have had from deferred tax liabilities re- sue that required assess- ter.
Mobile US Inc.’s planned pur- nology and operations at south- to admit it missed, Mr. Whita- lated to the company’s 2011 ac- ment…by appropriate experts.” There was no impact on
chase of Sprint. eastern regional cellphone car- ker said. quisition of HIT Entertainment The auditors took a differ- Mattel’s full-year financial re-
n-
T-Mobile’s merger with rier C-Spire. A PwC tax partner was Ltd., which included Thomas & ent view, Mr. Whitaker said. “A sults, the company said.
Lockup Uber Technologies shares fell to a new low on Wednesday.

no
$45 IPO price: $45
End Sends Engage

Stock Down 40
employees with
Continued from page B1
Wednesday
eBooks.
The timeline did little to raise
Share price on Wednesday $26.94
investor enthusiasm.
The company’s shares de-
35 $28.00 Previous close: $28.02 t40% from BookShout makes it easy
clined 3.8% Wednesday to IPO price
close at $26.94. to distribute eBooks to
Venture capital-backed 27.50
companies on average see
your team for onboarding,
their stock price fall by 2% the 27.00 t3.9% training, professional
day before, day of and day af- 30
ter a lockup expiration, ac- development, and personal
cording to Mr. Ritter at the 26.50
enrichment.
University of Florida. Analysts
and investors caution that the 26.00
stock losses could continue.
“It is going to get worse 25
25.50
from a cumulative stand-
point,” said Eric Schiffer, CEO 10 Noon 2 4
of private-equity firm the Pa-
triarch Organization, who is
bracing for a 10% stock drop
20
over the coming weeks. “And
there’s not a lot that is push- May June July Aug. Sept. Oct. N Experience the ease of eBooks,
ing this stock forward because Source: FactSet and get a FREE digital copy of
investors are skeptical about
their true path to profitabil- gives it an advantage when it become profitable and main- late 2017, receiving slightly Seth Godin’s
ity.” comes to pricing power, he tain growth rates,” he said. less than $1 billion through Stop Stealing DreamS, at
Ultimately, investor senti- said. Menlo Ventures investor the sale.
ment hinges not on one day of “The ride-sharing business Shawn Carolan, who led his Early Uber investor Lower- bookshout.com/giveaway with
trading but on Uber’s core globally is a massive market, firm’s early investment in case Capital didn’t sell shares the code PROMO
business performance. and it’s increasingly clear to Uber, said Tuesday on Twitter or distribute shares to limited
Long-term investors have say the global leader in most that the firm would hold its partners on Wednesday when
reason to believe in Uber, said markets is Uber,” Mr. Mahaney shares after the lockup was the lockup expired, and has no
Mark Mahaney an analyst at said. lifted. “Eight years after our immediate plans to do so, ac-
RBC Capital. Uber’s core ride- The lockup expiration initial investment, we remain cording to a person familiar
hailing business remains prof- “doesn’t affect core fundamen- inspired,” Mr. Carolan wrote. with the matter.
itable before interest, taxes, tals if Uber can continue to re- Menlo Ventures sold less —Katie Roof
depreciation and amortization, duce overall losses and con- than half of its Uber stake to and Sebastian Herrera
and its leading market share vince people that it can SoftBank in a tender offer in contributed to this article.
THE WALL STREET JOURNAL. * * * * Thursday, November 7, 2019 | B3
BUSINESS NEWS
Adidas Sales Rise, but Rival Leads Race

Company holds its das? According to analysts— Inside Adidas, frustration
and the company’s third-quar- about the Vaporfly shoes isn’t
own in sneaker retail ter results—it is financially and directed at Nike but at the In-
even as Nike streaks operationally on track. But ternational Association of Ath-
some say there is a lack of ex- letics Federations, according to
ahead in performance citement around the brand’s a person familiar with the mat-
footwear offerings. The white- ter. Executives want the sport
BY SARA GERMANO hot demand for its Superstar to be more proactive about de-
and Stan Smith fashion shoes termining if specific shoes con-
BERLIN—Adidas AG is in- has cooled in recent years and fer competitive advantages, the
creasing sales around the Adidas’s performance-running person said.
world and has rebounded from line, the Boost, is more than Earlier this year, the IAAF
supply-chain challenges and six years old. formed a group to review
stumbles in its home market. “Adidas is doing a nice job, whether a footwear rule
But Nike Inc.’s rising domi- not a great job, while others change is needed. Its results
PACO FREIRE/SOPA IMAGES/ZUMA PRESS

nance in shoe technology could are doing better from a prod- are expected before year-end.
put the German sportswear uct and consumer engagement Adidas’s Mr. Rorsted said
maker on the back foot. standpoint,” said Christopher the world-class-athlete market
For weeks, the talk of the Svezia, footwear and apparel is “very important” to the
sneaker industry has been analyst at Wedbush Securities. company but is a small con-
Nike’s controversial Vaporfly “They’ve got to come up with tributor to the commercial suc-
shoes—which have enabled something more exciting.” cess of its running business.
recreational runners to slash The company’s shares fell Net sales of Boost running
their race times, according to 2.6% to €274 ($303) in Frank- shoes totaled roughly €2.5 bil-
running app Strava, and played furt trading on Wednesday. lion in the first nine months of
a part in two record-shattering Adidas Chief Executive The German sportswear maker’s performance-running line, the Boost, is more than six years old. the year. Precise sales of the
marathons. Vaporflys are so Kasper Rorsted said there have Vaporfly franchise weren’t im-
widely believed to enhance been many product updates ing to comment on our compe- Journal analysis of the six ma- eight in 2016. mediately available.
performance, due to their within the Boost line since its tition specifically, but our aim jor global marathons, Adidas In the past year, both the Adidas’s sales for the quar-
unique incorporation of an ex- debut in 2013. is of course to have the best athletes have won fewer titles men’s and women’s marathon ter ended in September rose
tra-thick sole and a carbon-fi- “We are striving to build the running shoe in the market.” since the Vaporflys were intro- world records were smashed 9% from the year-earlier pe-
ber plate, that some in the run- top running shoe for the best The company reported duced by Nike in 2017, with by runners wearing Vaporflys, riod to €6.4 billion, while profit
ning world question whether athletes and the top running higher third-quarter sales, in- just two victories in 2019, and marathoner Eliud Kip- fell 2% to €646 million, in line
they should be permitted in shoe for people like you and cluding in the North American down from four in 2016. Nike choge set a new standard for with the company’s guidance.
professional races. me, who go out and run in the and Asia-Pacific markets. runners won 10 major mara- the two-hour marathon in an —Laine Higgins
Where does that leave Adi- morning,” he said. “I’m not go- According to a Wall Street thon titles this year, up from unsanctioned race in October. contributed to this article.
EARNINGS WATCH
QUALCOMM down 34% from a year earlier, un- Fox broadcast network and tele- in the third quarter, but earnings earnings of 10 cents a share on large cost-cutting program ear-
derscoring the effect of trade tur- vision stations, and Fox Sports. suffered from a drop in advertis- revenue of $429.1 million. lier this year after its profit mar-
.
Profit Slump moil and a handset market where Revenue for the quarter ing revenue, which the company Advertising revenue fell 6.7% gin was eroded by slowing sales
ly
Starts to Ease many manufacturers are trying to ended Sept. 30 was $2.67 billion, said would accelerate in the fol- to $113.5 million. Revenue from and the costs of shifting toward
sell down 4G phone inventories roughly in line with analysts’ es- lowing quarter. digital advertising declined 5.4% electric cars and self-driving
Qualcomm Inc. signaled a before they introduce 5G ones. timates. Revenue at the televi- The Times reported net in- to $54.7 million, while print adver- technology. It said its efforts to
strong year ahead for 5G phone —Asa Fitch on sion unit grew 6.2% to $1.36 bil- come of $16.4 million, or 10 cents tising revenue dropped 7.9% to boost earnings were bearing
sales. The San Diego chip maker lion, thanks in part to a 14% rise a share, for the quarter, down $58.9 million. The company fore- fruit and could see it achieve an-
gave its first forecast for global FOX in programming fees from third- 34% from $25 million, or 15 cents cast that both total advertising nual savings of €12 billion ($13.3
5G smartphone shipments of party Fox affiliates and higher a share, in the same period a revenue and digital ad revenue billion) by the end of 2022.
between 175 million and 225 Revenue Gains From average rates per subscriber. year earlier. On an adjusted basis would fall in the fourth quarter Net profit in the quarter rose
us l,
million next year. It reported rev- Programming Fees Fox and The Wall Street to exclude severance and some by a percentage in the midteens. to €1.52 billion from €1.36 billion a
enue in its fiscal fourth quarter Journal parent News Corp share retirement costs, earnings per —Lukas Alpert year earlier. Its closely watched
al a
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of $4.81 billion, down 17% from a Fox Corp. said Wednesday its common ownership. share were 12 cents. pretax profit margin in its automo-
year earlier, but exceeding a quarterly revenue rose 5%, —Kimberly Chin Revenue rose 2.7% to $428.5 BMW tive business rebounded to 6.6%
FactSet analyst survey consen- boosted by growth at its televi- and David Marcelis million from $417.3 million in the of sales from 4.4% a year ago.
ci on
sus estimate of $4.76 billion. sion unit and higher proceeds third quarter last year, driven by a Results Bounce Back Revenue rose nearly 8% to
On an adjusted basis, earnings from its Los Angeles studio lot, NEW YORK TIMES 3.7% increase in subscription rev- On SUV Sales Boost €26.7 billion on strong sales in
per share fell to 78 cents, above which is being leasing to rivals. enue and a 26% rise in other rev- China. New car sales rose 3.6%
analysts’ expectations and at the Fox, which was spun off from Subscriptions Fail to enue, mostly coming from the BMW AG returned to profit on the back of higher X3 and X4
higher end of a range manage- 21st Century Fox earlier this Offset Ad Losses Times’s new television program, in the third quarter, helped by SUV sales. BMW’s quarterly
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ment forecast three months ago. year after a sale of most of its “The Weekly.” cost-cutting and a sales shift to earnings were largely in line
The company said it shipped assets to Walt Disney Co., is New York Times Co. reported Analysts polled by Thomson higher-margin sport-utility vehi- with analyst forecasts
152 million chips in the quarter, now built around Fox News, the strong digital-subscription growth Reuters had forecast adjusted cles. The company undertook a —William Boston
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JOURNALISTS DON’T
‘JUST WRITE STORIES.’
co Fo
THEY RECORD HISTORY.

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Learn more about the impact your journalism career

can have on the world. Wall Street Journal reporter
Erin Ailworth and others share career advice at
dowjonesnewsfund.org/careers.
B4 | Thursday, November 7, 2019 * *** THE WALL STREET JOURNAL.
TECHNOLOGY WSJ.com/Tech
Xerox, HP Stocks Gain Amid Deal Talk

The acquisition target is significantly larger than its suitor. BY PATRICK THOMAS pline and an eye towards what ties to shed expenses—to the “The question now is whether
AND CARA LOMBARDO is in the best interest of all tune of more than $2 billion, Icahn (or someone else) is also
30%
our shareholders,” HP said. according to people familiar on the other side and in a po-
Xerox Shares of Xerox Holdings Shares in HP rose 6.4%, with the matter. sition to put pressure on
Market
Corp. and HP Inc. rose after while Xerox shares rose 3.6%, JPMorgan Chase & Co. ana- [HP’s] new CEO, Enrique
capitalization
The Wall Street Journal re- in a sign shareholders of both lyst Paul Coster said in a re- Lores,” Gordon Haskett ana-
20
ported on a possible tie-up of companies might approve of a search note that Xerox Chief lyst Don Bilson said in a re-
the legacy tech companies. union. Executive John Visentin is search note.
HP Xerox Xerox has made a cash-and- HP, which had a market well-equipped to cut costs and Mr. Bilson also said that
$29B $8.2B stock offer for the maker of value of about $29 billion as restructure a combined com- should HP not be receptive,
10
personal computers and print- of Wednesday’s close, is sig- pany. Mr. Coster said a merged the window to launch a proxy
ers, people familiar with the nificantly larger than Xerox, entity could innovate faster. fight for board seats opens on
matter said. The Journal re- whose market capitalization The drawbacks would be Christmas.
HP ported late Tuesday that a bid was about $8 billion. The bid the size and complexity of a It could be the second re-
0
might be forthcoming. includes a takeover premium deal, he said. “The combined cent example of Mr. Icahn or-
HP said late Wednesday and is less than $23 a share, company will still be con- chestrating a deal in which the
that it has held discussions the people familiar with the fronted with the challenge of buyer is smaller than the
with Xerox in the past about matter said. HP stock closed mid-single-digit secular de- seller. Eldorado Resorts Inc. in
–10
combining the businesses and Tuesday at $18.40. cline in printing industry reve- June agreed to acquire Icahn-
received a proposal for such a A deal would join two nues,” Mr. Coster said. backed Caesars Entertainment
Share-price performance combination on Tuesday. household names that have Billionaire investor Carl Corp., which is twice its size,
“We have a record of taking been trying to retool their Icahn, who owns a 10.6% stake for roughly $9 billion.
–20
action if there is a better path businesses as the need for in Xerox and with a partner
Aug. Sept. Oct. Nov. forward and will continue to printed documents declines. A controls its board, would likely Heard on Street: Merger may
Source: FactSet act with deliberation, disci- union could afford opportuni- play a big role in the outcome. only be good on paper........B12
WhatsApp’s Rise Worried Giant Rival

BY SAM SCHECHNER “Those companies are trying competing platform is defi- Duncan Campbell, an Irish jour-
AND PARMY OLSON to build social networks and re- nitely something I’m super- nalist, said on his website
place us,” Mr. Zuckerberg said paranoid about,” Mike Vernal, Wednesday that the court doc-
In the months before acquir- of a trio of Chinese and Korean who was a senior Facebook ex- uments were sent to him anon-
ing WhatsApp in 2014, Face- messaging apps that he had de- ecutive, said in a separate in- ymously in February of this
book Inc. executives described cided should be blocked from ternal email thread in Septem- year, and he supplied them to
the messaging service and oth- advertising on the social net- ber 2013. various publications.
ers like it as a threat to the work in a January 2013 email Facebook announced its The Wall Street Journal
company’s core business, offer- thread that included more than purchase of WhatsApp in Feb- wrote about some of the docu-
ing potential evidence to regu- a dozen senior executives in- ruary 2014 and closed the ments last year, and a subset
lators in the U.S. and Europe cluding Sheryl Sandberg, Face- roughly $22 billion deal eight of the nearly 7,000-page cache
that are pursuing antitrust book’s chief operating officer. months later. The acquisition, was subsequently released by
BEN MARGOT/ASSOCIATED PRESS

.
probes into the social-network- In the same thread, Javier the U.K. Parliament, which was
ly
ing company. Olivan, the company’s head of considering more stringent
In a trove of internal Face- growth, said chat-app firms regulation of social-media
book documents published were dangerous because they
A Facebook executive companies. The latest files
Wednesday, including email could “morph into Facebook,” on was ‘super-paranoid’ could nevertheless present
chains and presentations, Chief then pointed to a recent an- fresh problems for Facebook
Executive Mark Zuckerberg and nouncement from WhatsApp
before the messaging as it faces a range of regula-
other executives repeatedly that it had processed 18 bil- app was acquired. tory inquiries on both sides of
called messaging apps includ- lion messages in a day on the Atlantic into how it treats State Attorney General Xavier Becerra is seeking court action.
us l,
ing WhatsApp a threat to Face- Dec. 31, 2012. competitors and safeguards
book and to its own chat app, The shift to mobile devices, users’ data.
California the companies sought to stifle
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Facebook Messenger. The dan- combined with the rise of mo- as well as the company’s 2012 News Corp, owner of The competition, potentially harm-
ger was perceived to be mount- bile-messaging services that purchase of photo-sharing app Wall Street Journal, has a coming consumers.
ing as the social network’s us- could become social networks, Instagram for $715 million, has mercial agreement to supply
Scrutinizes Federal officials are also ex-
ci on
age moved from desktop to is “the biggest competitive been a focus for antitrust reg- news through Facebook. amining whether other big
smartphones, where chat apps threat we face as a business,” ulators who are looking into Eleanor Fox, a New York tech companies, including Ap-
had proven popular, the docu-
ments showed.
Mr. Olivan wrote.
“WhatsApp launching a
whether Facebook purchased
technology startups to keep
them from challenging its em-
University professor focusing
on market regulation, said evi-
dence that Facebook feared
Facebook ple Inc. and Amazon.com Inc.,
exert too much power over
competitors. Google has said it
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pire. WhatsApp and viewed messag- is complying with the probe.

ADVERTISEMENT The U.S. Federal Trade ing platforms as a potential re- Continued from page B1 Apple and Amazon have gen-
The Marketplace
Commission has reached out placement for Facebook could social-media giant, the attor- erally said they don’t engage
to the founders of WhatsApp, be of use to antitrust investiga- ney general’s office said. in anticompetitive behavior.
m e
Jan Koum and Brian Acton, to tors. “The FTC could use that A second round of informa- While California, where
To advertise: 800-366-3975 or WSJ.com/classifieds
schedule a meeting as part of under the merger statute to tion requests was issued this Facebook is based, hasn’t been
its probe into Facebook’s com- show this was meant to be an- past June. In that case, the involved in the effort by state
m rp
AUCTIONS petitive practices, according to ticompetitive,” she said of the company didn’t answer 19 of attorneys general, Mr. Becerra
a person familiar with the acquisition. 27 sets of written questions, hasn’t officially ruled out the

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BANKRUPTCIES cess user data. build and maintain products,”
Facebook and other tech gi- Konstantinos Papamiltiadis,

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of networking equipment and
BUSINESS OPPORTUNITIES TRAVEL Donate today at care.org/cyclonehelp SHENZHEN—Huawei Tech- No. 2 smartphone vendor,
nologies Co. can survive with- doesn’t figure into the battle

Photo: Josh Estey/CARE out U.S. suppliers, Chief Execu- because “we have virtually no

tive Ren Zhengfei said, business dealings in the U.S.”
$% “Our home has been destroyed by the cyclone. dismissing Washington’s cam- In May, the U.S. added Hua-
&& paign against it. wei to a Commerce Department
& We lost everything. NOTHING IS LEFT.” — JULIA, 37
Mr. Ren also said the Chi- “entity list,” preventing many
'''$% nese telecom company has yet American suppliers from doing
$% %$! "" Since Cyclone Idai slammed southern Africa, more than 2.6 million to receive any expressions of business with the Shenzhen-
survivors fear further death, destruction from flash floods, and interest from U.S. companies to based company.

outbreak of disease. use the intellectual property Beijing has insisted on a re-
! " # underpinning its 5G technol- prieve for the company as a

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) & * * immediate needs of survivors, including emergency food and water, lier this year after years of be- deal.
(+ %& # %" shelter and family kits, and rescue missions.
ing blocked in the U.S. on Huawei last year bought $11
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national-security grounds. The billion of technology from

Your emergency gift to CARE will DOUBLE*, sending help to those proposal remains on the table, American suppliers, including
PUBLIC NOTICES who have lost everything. he said. software from Alphabet Inc.

In an interview with The and Microsoft Corp., and chips

Wall Street Journal, Huawei’s from several manufacturers.
!"# #

FIGHT for Idai’s survivors. FIGHTWITHCARE ®
75-year-old founder struck a The Chinese company has

defiant tone on the Trump ad- moved to find backup sources,
!" ministration’s recent moves while also working on its own
#
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*All gifts to CARE’s Cyclone Idai emergency fund will be
matched starting March 26, 2019, up to $200,000.
against the company, while chips and software.

'(
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praising the U.S.’s entrepre- Huawei executives say the

)
$ *
A donation to this appeal supports CARE’s emergency

) response in southern Africa in the aftermath of Cyclone neurial spirit. company is building its entire

$
Idai. At least 70 cents in every dollar donated will directly
support this emergency response in Mozambique, “We can survive very well portfolio of 5G networking

) +
#
Zimbabwe and Malawi. Other funds raised will support without the U.S.,” Mr. Ren said. products without any American
,-... / * 0 1 2 -33

45.67

CARE’s vital lifesaving work including other emergency

responses around the world. © 2019 CARE He also said trade talks be- technology, at a clip of 5,000
8

--9,,9-:
tween China and the U.S. aren’t base stations a month.
THE WALL STREET JOURNAL. Thursday, November 7, 2019 | B5
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what are you missing?
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B6 | Thursday, November 7, 2019 THE WALL STREET JOURNAL.
MANAGEMENT
Women Gain in M.B.A. Pursuit Buffalo Wild Wings

BY KATHRYN DILL Fires 2, Vows Changes
As applications to American
business schools decline, the
percentage of women enrolled
After Racist Incident
in full-time M.B.A. programs BY JAEWON KANG group, Marcus Riley, said some
continues to rise, climbing this AND BEN KESLING of the staff seemed embar-
fall to an average of 39% at rassed about the incident but
more than 50 of the top pro- Buffalo Wild Wings Inc. managers at the store didn’t
grams in the U.S., Canada and fired two store employees, apologize or tell the families
Europe, new data show. banned a customer from its they were welcome. The group
Washington University in restaurants and plans to speed eventually walked out before
RYAN COLLERD FOR THE WALL STREET JOURNAL
St. Louis Olin Business School up sensitivity training in the posting their story to social
came closest to an even split wake of a racist incident in media.
between male and female stu- suburban Chicago. Buffalo Wild Wings Presi-
dents, with 49% women en- The company is accelerating dent Lyle Tick met with Naper-
rolled this fall, according to the training after its employees ville Mayor Steve Chirico and
data collected by the Forté told a group dining at its res- other community leaders on
Foundation, a nonprofit fo- taurant in Naperville, Ill., on Tuesday to discuss ways to de-
cused on advancing women. Saturday that a regular cus- velop a sensitivity training
Others with high percentages tomer didn’t want to sit by specific to the Chicago region
of female students include the them because they were black. where the incident happened,
Wharton School of the Univer- Christopher Fuller, a spokes- said Mr. Fuller. Atlanta-based
sity of Pennsylvania and the man for Buffalo Wild Wings, Buffalo Wild Wings, part of In-
University of Michigan’s Ross The Wharton School of the University of Pennsylvania had 45% or more women enrolled this fall. said two employees involved in spire Brands Inc., has also met
School of Business, which each the incident had been fired and
had 45% or more women en- would challenge her, she said. that all of its restaurant staff-
rolled. Harvard Business ulty of Harvard Business Even as business schools ers will take part in training
A customer who
Altogether, 19 Forté mem- School in 1988, after earning a become more savvy about re- this fall that aims to address
ber schools had 40% or more School Dean Leaves Ph.D. from the Massachusetts cruiting, some face intractable unconscious bias toward race didn’t want to sit
women enrolled, including Institute of Technology. impediments to attracting fe- and sexual orientation.
Harvard Business School, the During Mr. Nohria’s tenure male candidates, such as a ru- The incident makes Buffalo
near a group of black
Kellogg School of Management Harvard Business School as dean, the school launched ral or remote location. These Wild Wings the latest restau- people was banned.
at Northwestern University, said Dean Nitin Nohria will Harvard Business School On- schools struggle to recruit rant chain to face criticism
Yale School of Management step down in June 2020. line, a digital learning platform, women, said Forté Chief Exec- over its handling of conflicts
and Duke University’s Fuqua Mr. Nohria is the school’s and created two joint-degree utive Elissa Sangster, because involving race at its stores.
School of Business. Women’s 10th dean and has held the po- programs, the Masters in Sci- it can be hard for their part- Starbucks Corp. closed thou- with officials from the neigh-
enrollment in U.S. M.B.A. pro- sition for the past 10 years. ence/Masters in Business Ad- ners to find work when cou- sands of stores for an after- boring city of Aurora and state
grams was also up compared According to a statement, he ministration in Engineering Sci- ples relocate. “There are built- noon last year to conduct anti- and federal officials.
with programs in Europe and will take a sabbatical beginning ences and the MS/M.B.A. in in issues that are hard to bias training after two black Buffalo Wild Wings said
Canada, which report average in June. Biotechnology: Life Sciences. overcome, no matter what men were arrested at a cafe in members of the family in-
women’s enrollment of 36% Harvard University Presi- The school also expanded its kind of amazing program you Philadelphia for allegedly re- volved in the incident hadn’t
for fall 2019. dent Lawrence S. Bacow said Doctor of Business Administra- offer,” she said. fusing to leave the cafe after responded to the company’s at-
.
Forté representatives said the search for Mr. Nohria’s suc- tion degree into a Ph.D. in Tory Voight worked at they were denied use of the tempts to contact them.
ly
the rising share of women in cessor would begin soon. Business Administration. Google for nine years before restroom. The men weren’t “We really want to open a
M.B.A. programs—up from Mr. Nohria joined the fac- —Kathryn Dill leaving to pursue an M.B.A. at charged with any crimes. dialogue with families af-
nearly 38% last year and 32% Harvard this fall. She wanted Justin Vahl, a member of fected,” Mr. Fuller said. He said
in the fall of 2011—reflects im- on to prepare for a leadership the group of 18 people that the customer who refused to
proved recruiting efforts by Schools have increased ef- the school’s efforts to support role at a big tech company and gathered at the Buffalo Wild sit near Mr. Vahl and his group
business schools, which have forts to showcase the versatil- women as students, including to gain experience outside Sili- Wings in Naperville on Satur- has been permanently banned
highlighted on-campus diver- ity of an M.B.A.—once consid- a parental-leave policy and a con Valley. Ms. Voight was day to celebrate a child’s birth- from Buffalo Wild Wings
sity and harnessed alumni net- ered a direct path to the fast support group for M.B.A. stu- drawn to both the diversity day, said the host at the res- stores. He didn’t reveal the
us l,
works to help female candi- track on Wall Street or at ma- dents who are mothers, as im- she saw at Harvard Business taurant told him that a regular identity of the customer.
dates envision themselves in jor U.S. corporations—in en- portant factors in enrolling School and the platinum ros- customer didn’t want to sit “I have met with the leader-
al a
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programs they once might trepreneurship or tech. They more women. ter of female alumni working near his party because they ship of Buffalo Wild Wings at
have assumed were predomi- have also worked to build ties Mollie Breen, a mathemati- at the top of the industry. were black. their request, and they con-
nantly male. with female students as un- cian who previously worked at “There’s this criticism that “I was immediately aston- firmed the events,” Mayor
ci on
Last year, the University of dergraduates, increasing the the Defense Department, said it’s not an accurate reflection ished that I was even asked Chirico said Wednesday. “I
Southern California Marshall chance they will consider an she visited many schools that of the business world, this ide- this question,” he said at a made it known that what oc-
School of Business was the M.B.A. as part of their career- felt like a natural fit during alistic environment,” Ms. Voi- press conference Tuesday. Mr. curred to the families is unac-
first Forté M.B.A. member to building plans earlier. the M.B.A. application process. ght said. “I would disagree. Vahl and his party still took ceptable.” He said he has also
report more than half of its in- Chad Losee, managing di- But she gravitated toward Maybe 20 years from now their seats. He said a manager reached out to the Vahl family.
er rs
coming full-time M.B.A. class rector of M.B.A. admissions Harvard because she believed some of us will also be leading then told them they would A lawyer for the affected fami-
was female. This year, USC’s and financial aid at Harvard the cultural and professional companies and changing the have to move. The group re- lies didn’t respond to a request
incoming class is 42% women. Business School, pointed to diversity of the students statistics.” fused. Another member of the for comment.
m e
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DECEMBER 3, 2019 | CONRAD HOTEL | NYC

n-
What are the lessons learned Speakers

no
after experiencing Cybercrime? Alissa Abdullah

Senior Vice President and Deputy Chief Security Oficer
Mastercard Operations & Technology
For one day only in NYC, WSJ Pro Cybersecurity Executive Forum will
Jamil Farshchi
bring together cybersecurity industry leaders. On stage with senior WSJ
Chief Information Security Oficer
editors, they’ll examine timely topics including: lessons from the most Equifax
recent major hacks, what and how to report to the board and navigating
Christine Izuakor
the complexities of cyber-insurance. Senior Manager, Global Strategy and Awareness
United Airlines
Kevin McNamee
Attendees Include: Director, Threat Intelligence
Nokia
Anne Neuberger
AAA National Nasdaq
Director, Cybersecurity Directorate
NSA
Bank of America Oshkosh Corp
Nasrin Rezai
Bayer Procter & Gamble Global Chief Information and Product Security Oficer
General Electric
Black Knight Inc Tableau
Roger Severino
EY Tompkins Financial Corporation Director, Ofice for Civil Rights,
Department of Health and Human Services
GE Aviation Unisys Corporation
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Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
27492.56 t 0.07, or 0.0003% Trailing P/E ratio 20.36 21.97 3076.78 s 2.16, or 0.07% Trailing P/E ratio * 23.48 21.96 8410.63 t 24.05, or 0.29% Trailing P/E ratio *† 25.28 22.87
High, low, open and close for each P/E estimate * 18.15 15.97 High, low, open and close for each P/E estimate * 18.55 16.59 High, low, open and close for each P/E estimate *† 22.25 19.18
trading day of the past three months. Dividend yield 2.24 2.12 trading day of the past three months. Dividend yield * 1.89 1.95 trading day of the past three months. Dividend yield *† 0.99 1.07
All-time high 27492.63, 11/05/19 All-time high 3078.27, 11/04/19 All-time high: 8433.20, 11/04/19
Current divisor 0.14744568353097

27600 3100 8550
27000 3050 8375

65-day moving average
26400 3000 8200
25800 2950 8025
Session high
65-day moving average
DOWN UP 25200 2900 7850
t
Session open Close
Close Open 65-day moving average

t
24600 2850 7675
Bars measure the point change from session's open Session low
24000 2800 7500
Aug. Sept. Oct. Aug. Sept. Oct. Aug. Sept. Oct.
* Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index
Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 988,134,067 10,869,128
Industrial Average 27526.05 27407.81 27492.56 -0.07 0.0003 27492.63 21792.20 5.0 17.9 15.4 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 405,010,883 3,418,963
Transportation Avg 11043.33 10952.00 11030.04 -19.99 -0.18 11098.99 8637.15 2.9 20.3 11.0 Most-active issues in late trading Decl. volume* 573,192,282 7,246,799
Utility Average 854.73 848.74 850.36 2.10 0.25 880.50 692.00 13.8 19.3 9.2 Volume After Hours Issues traded 3,052 275
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 31467.70 31351.23 31454.72 -3.81 -0.01 31491.40 24126.04 8.5 22.3 13.5 Advances 1,331 129
VanEck Vectors Gold Miner GDX 13,339.2 27.27 -0.03 -0.11 27.33 27.25
Barron's 400 700.78 698.06 700.28 -0.94 -0.13 720.53 571.68 -1.8 14.9 9.8 Declines 1,623 134
General Electric GE 7,290.3 11.04 0.02 0.18 11.04 11.00
Unchanged 98 12
Nasdaq Stock Market Utilities Sel Sector SPDR XLU 6,333.3 63.07 0.21 0.33 63.07 62.44 New highs 106 4
Nasdaq Composite 8426.57 8379.33 8410.63 -24.05 -0.29 8434.68 6192.92 11.1 26.8 18.6 SPDR S&P 500 SPY 6,181.5 307.28 0.18 0.06 307.51 307.07 New lows 33 5
Nasdaq 100 8204.34 8157.36 8196.03 -14.15 -0.17 8210.66 5899.35 13.8 29.5 20.7 iSh Core MSCI Europe IEUR 4,510.2 48.02 0.05 0.10 48.02 48.02 Closing Arms† 1.37 1.62
Roku Cl A ROKU 4,270.2 119.88 -21.17 -15.01 141.05 117.56 Block trades* 6,580 111
S&P
SLM Corp SLM 3,733.2 8.90 -0.01 -0.11 8.91 8.90
.
500 Index 3078.34 3065.89 3076.78 2.16 0.07 3078.27 2351.10 9.3 22.7 13.8 Nasdaq NYSE Arca
Fitbit FIT 3,581.3 6.99 -0.04 -0.57 7.06 6.98
1997.71 1985.73 -8.98 -0.45 1999.33 1567.40 19.7
ly
MidCap 400 1990.35 4.2 10.4 Total volume*2,329,057,086 234,389,869
SmallCap 600 989.19 982.42 984.54 -5.64 -0.57 992.06 793.86 -0.8 16.5 11.7 Percentage gainers… Adv. volume*1,012,266,992 97,442,926
InflaRx IFRX 817.8 3.22 0.63 24.32 3.53 2.84 Decl. volume*1,300,976,220 135,540,125
Other Indexes on Conifer Holdings CNFR 878.4 4.50 0.82 22.27 4.50 4.50 Issues traded 3,264 1,611
Russell 2000 1598.42 1587.02 1589.54 -10.07 -0.63 1614.98 1266.93 0.5 17.9 11.0
Advances 1,137 703
NYSE Composite 13364.94 13319.79 13351.57 11.98 0.09 13355.44 10769.83 5.3 17.4 9.1 DexCom DXCM 319.4 179.85 26.73 17.46 185.00 153.12
Declines 2,004 879
Value Line 536.80 532.98 534.02 -2.78 -0.52 552.12 446.06 -2.9 13.1 5.4 Livongo Health LVGO 163.7 24.00 2.80 13.21 24.95 21.49
Unchanged 123 29
NYSE Arca Biotech 4513.70 4459.54 4465.05 -38.71 -0.86 5261.79 3890.37 -8.4 5.8 15.6
GoDaddy Cl A GDDY 167.9 69.49 6.53 10.37 77.00 62.22
New highs 92 81
us l,
NYSE Arca Pharma 604.10 600.15 603.40 3.07 0.51 612.45 535.91 1.4 6.1 8.9 ...And losers New lows 76 4
KBW Bank 108.97 108.04 108.67 -0.09 -0.08 108.76 80.78 7.1 26.7 14.0 Fossil Group FOSL 236.7 9.33 -3.23 -25.72 12.56 8.80 Closing Arms† 0.73 1.10
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PHLX§ Gold/Silver 94.59 92.99 94.09 0.75 0.81 101.76 61.84 43.5 33.2 1.8 TPI Composites TPIC 94.5 17.01 -4.62 -21.36 21.63 16.26 Block trades* 14,106 1,461
PHLX§ Oil Service 71.54 68.96 69.44 -2.04 -2.85 124.56 59.66 -44.2 -13.8 -22.6 Aerie Pharmaceuticals AERI 158.6 19.42 -4.40 -18.47 23.90 19.00 * Primary market NYSE, NYSE American NYSE Arca only.
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PHLX§ Semiconductor 1722.20 1699.49 1715.67 -14.48 -0.84 1730.15 1069.39 36.4 48.5 28.8 Puma Biotechnology PBYI 424.7 5.85 -1.28 -17.95 7.14 5.30 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 13.39 12.60 12.62 -0.48 -3.66 36.07 12.01 -22.9 -50.4 -17.5 Roku Cl A ROKU 4,270.2 119.88 -21.17 -15.01 141.05 117.56 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

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Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 3147.64 6.09 0.19 15.1 Constellation Pharm CNST 28.10 13.33 90.25 45.42 4.01 368.3 Fluidigm FLDM 2.51 -2.60 -50.88 14.90 2.34 -67.7
0.03
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DJ Global Index 416.17 0.12 18.6 Boingo Wireless WIFI 12.57 2.87 29.59 26.67 8.85 -49.5 BlueLinx Holdings BXC 17.87 -13.13 -42.35 35.40 17.81 -32.3
DJ Global ex U.S. 254.71 0.08 0.03 14.4 comScore SCOR 3.15 0.66 26.51 23.89 1.43 -80.9 Plantronics PLT 25.00 -14.44 -36.61 62.97 23.14 -57.7
0.01 Venator Materials VNTR 3.65 0.72 24.57 7.24 1.85 -46.3 Vapotherm VAPO 8.17 -4.31 -34.54 24.63 7.60 ...
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Americas DJ Americas 725.13 0.07 22.1

Brazil Sao Paulo Bovespa 108360.22 –358.80 –0.33 23.3 Aquestive Therapeutics AQST 5.23 1.00 23.64 18.49 2.95 -70.8 Supernus Pharmaceuticals SUPN 19.93 -9.20 -31.58 49.25 19.35 -55.9
Canada S&P/TSX Comp 16745.64 63.72 0.38 16.9 Trupanion TRUP 29.62 5.58 23.21 37.13 20.84 9.8 NextCure NXTC 67.01 -25.21 -27.34 109.00 13.86 ...
Mexico S&P/BMV IPC 43818.51 206.67 0.47 5.2 SunOpta STKL 2.44 0.42 20.79 6.90 1.30 -58.8 Neonode NEON 1.70 -0.59 -25.76 3.80 1.31 -30.6
Chile Santiago IPSA 3296.24 –93.69 –2.76 –12.4 Provention Bio PRVB 8.29 1.42 20.67 22.82 1.52 143.8 Town Sports Intl Hldgs CLUB 1.57 -0.51 -24.52 8.13 1.11 -79.5
0.21 Precision Biosciences DTIL 8.11 1.23 17.88 19.00 6.24 ... ANI Pharmaceuticals ANIP 60.17 -18.74 -23.75 86.96 36.92 8.9
EMEA Stoxx Europe 600 405.07 0.84 20.0
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0.22 Forty Seven Cl A FTSV 8.01 1.20 17.62 23.83 5.53 -38.4 Eloxx Pharmaceuticals ELOX 5.14 -1.41 -21.53 17.50 2.87 -63.8
Eurozone Euro Stoxx 397.88 0.87 21.1
Belgium Bel-20 3859.71 7.83 0.20 19.0 Aircastle AYR 32.27 4.68 16.96 32.28 15.75 60.6 Camber Energy CEI 2.03 -0.54 -21.01 6640.63 1.92 -100.0
Denmark OMX Copenhagen 20 1070.64 –3.01 –0.28 20.1 Stage Stores SSI 3.04 0.43 16.48 3.12 0.55 73.7 Sierra Wireless SWIR 8.92 -2.36 -20.92 19.81 8.91 -54.9
France CAC 40 5866.74 19.85 0.34 24.0 Computer Programs & Sys CPSI 26.84 3.63 15.64 34.00 20.72 -5.0 HyreCar HYRE 2.01 -0.52 -20.55 8.03 1.54 -22.1
Germany DAX 13179.89 31.39 0.24 24.8 Office Depot ODP 2.53 0.34 15.53 3.82 1.23 -25.8 Amneal Pharmaceuticals AMRX 2.76 -0.68 -19.77 21.22 2.27 -86.6
1664.04 –0.45 13.7 Paysign PAYS 11.43 1.51 15.22 18.67 2.94 212.3 Adesto Technologies IOTS 7.60 -1.71 -18.37 11.97 4.10 64.5
Israel Tel Aviv –7.56
Italy FTSE MIB 23373.22 8.40 0.04 27.6
Netherlands AEX 594.93 4.28 0.72 21.9
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Russia RTS Index 1471.38 10.88 0.74 37.7 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
South Africa FTSE/JSE All-Share 57652.58 405.66 0.71 9.3
Spain IBEX 35 9398.40 –9.55 –0.10 10.1 Chesapeake Energy CHK 347,589 487.4 0.91 -29.15 3.79 0.79 Schwab 5-10 Year Corp Bd SCHI 1,607 26417 49.84 0.26 50.13 49.65
Sweden OMX Stockholm 658.21 –0.77 –0.12 25.3 FuelCell Energy FCEL 184,794 1503.2 0.54 101.57 11.64 0.13 Constellation Pharm CNST 8,186 6602 28.10 90.25 45.42 4.01
0.44 Uber Technologies UBER 131,102 1058.1 26.94 -3.85 47.08 25.58 Aircastle AYR 11,276 4091 32.27 16.96 32.28 15.75
Switzerland Swiss Market 10318.10 45.12 22.4
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101143.74 0.62 10.8 NIO ADR NIO 113,976 279.4 2.03 -13.25 10.64 1.19 William Lyon Homes WLH 6,897 1914 20.32 10.43 21.70 9.85
Turkey BIST 100 618.42
0.12 9.9
General Electric GE 77,939 13.2 11.02 0.46 11.29 6.40 Plantronics PLT 8,776 1867 25.00 -36.61 62.97 23.14
U.K. FTSE 100 7396.65 8.57
U.K. FTSE 250 20216.59 –78.40 –0.39 15.5 SELLAS Life Sciences SLS 76,314 656.6 0.14 -32.78 2.46 0.10 Fidelity MSCI Con Staples FSTA 2,186 1780 36.46 0.41 36.85 29.04
HP HPQ 63,132 405.2 19.57 6.36 25.72 15.93 Invsc DWA Financial Mom PFI 767 1683 37.40 0.65 39.23 26.89
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Asia-Pacific
iShares MSCI Emg Markets EEM 60,664 0.8 43.76 -0.32 44.84 38.04 Invsc Variable Rate Pfd VRP 4,440 1678 25.74 0.16 25.76 22.26
Australia S&P/ASX 200 6660.20 –36.92 –0.55 18.0
Advanced Micro Devices AMD 51,597 -10.9 35.93 -0.61 37.18 16.03 8i Ents Acqn JFK 94 1332 9.95 -0.20 11.50 9.19
China Shanghai Composite 2978.60 –12.97 –0.43 19.4
Altice USA Cl A ATUS 50,551 897.9 25.98 -17.13 31.78 15.15 SPDR Bloomberg ST Int Tr BWZ 654 1327 30.43 -0.52 31.18 30.19
Hong Kong Hang Seng 27688.64 5.24 0.02 7.1
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
India S&P BSE Sensex 40469.78 221.55 0.55 12.2 5,000 shares =Has traded fewer than 65 days
Japan Nikkei Stock Avg 23303.82 51.83 0.22 16.4
Singapore Straits Times 3262.69 14.06 0.43 6.3 Track the Markets
South Korea Kospi 2144.15 1.51 0.07 5.1 Compare the performance of selected CURRENCIES & COMMODITIES
Taiwan TAIEX 11653.07 9.04 0.08 19.8 global stock indexes, bond ETFs,
Thailand SET 1623.99 –2.88 –0.18 3.8
currencies and commodities at Currencies
WSJ.com/TrackTheMarkets
Sources: FactSet; Dow Jones Market Data
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Wed YTDchg Wed YTDchg
CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency
Vietnam dong
in US$ per US$ (%)
.00004310 23200 0.02
Americas
Argentina peso .0168 59.6679 58.5 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .2449 4.0836 5.2 Czech Rep. koruna .04334 23.075 2.9
U.S. consumer rates Selected rates and

Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar
Chile peso
.7586 1.3182
.001349 741.40
–3.4
6.8
Denmark krone
Euro area euro
.1481 6.7516 3.7
1.1066 .9037 3.7
notes and bonds major U.S. trading partners .000300 3338.65 .003334 299.91 7.1
Money market accounts Colombiapeso 2.8 Hungary forint
A consumer rate against its
Ecuador US dollar 1 1 unch Iceland krona .008037 124.43 7.1
benchmark over the past year 4.00% Mexico peso .0522 19.1453 –2.6 Norway krone .1090 9.1711 6.1
Bankrate.com avg†: 0.71% 8%
Yen Uruguay peso .02682 37.2800 15.1 Poland zloty .2594 3.8544 3.0
s
earn.bank 2.05% Russia ruble .01566 63.869 –7.8

t One year ago 3.00 Asia-Pacific
2.00% San Diego, CA 844-371-3276 t 4 Sweden krona .1039 9.6248 8.7
Federal-funds Australian dollar .6885 1.4524 2.4
HSBC Direct Savings 2.05% Switzerland franc 1.0072 .9929 1.2
target rate 1.50 2.00 China yuan .1429 6.9982 1.7
0 Turkey lira .1739 5.7511 8.7
Blue Bell, PA 800-975-4722 Hong Kong dollar .1278 7.8267 –0.1
Ukraine hryvnia .0406 24.6094 –11.2
Money market India rupee .01408 71.010 2.1
2.07%
t
1.00 Vio Bank 1.00 –4 s UK pound 1.2857 .7778 –0.8
account yields t Phoenix, AZ 888-999-9170 Tradeweb ICE Wednesday Close WSJ Dollar index s Indonesia rupiah .0000714 14015 –2.5
Middle East/Africa
Euro Japan yen .009176 108.98 –0.6
0.50 TAB Bank 2.10% 0.00 –8 Kazakhstan tenge .002571 389.02 1.2 Bahrain dinar 2.6527 .3770 0.01
Ogden, UT 800-355-3063 1 3 6 1 2 3 5 710 30 Macau pataca .1239 8.0704 0.02 Egypt pound .0620 16.1406 –9.9
0.00 2018 2019 Malaysia ringgit .2417 4.1370 0.1 Israel shekel .2867 3.4884 –6.7
Live Oak Bank 2.15% month(s) years
ND J FMAM J J A S O N New Zealand dollar .6369 1.5701 5.5 Kuwait dinar 3.2943 .3036 0.1
Wilmington, NC 866-518-0286 maturity Pakistan rupee .00640 156.200 11.7 Oman sul rial 2.5974 .3850 unch
2019
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0197 50.653 –3.5 Qatar rial .2744 3.644 0.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7357 1.3592 –0.3 Saudi Arabia riyal .2667 3.7502 –0.04
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields South Korea won .0008609 1161.58 4.2 South Africa rand .0675 14.8142 3.2
Federal-funds rate target 1.50-1.75 1.75-2.00 1.75 l 2.25 1.25 Sri Lanka rupee .0055356 180.65 –1.2
Yield (%) 52-Week Total Return (%) Close Net Chg % Chg YTD%Chg
Bond total return index Close Last Week ago High Low 52-wk 3-yr Taiwan dollar .03288 30.410 –0.6
Prime rate* 4.75 5.00 4.75 l 5.50 1.25 Thailand baht .03300 30.300 –6.3 WSJ Dollar Index 90.84 0.03 0.04 1.30
Libor, 3-month 1.90 1.91 1.89 l 2.82 1.02 U.S. Treasury, Barclays 2273.600 1.770 1.780 3.120 1.510 10.53 2.31
Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.71 0.71 0.49 l 0.78 0.44 U.S. Treasury Long, Barclays 4050.460 2.240 2.220 3.410 1.880 25.42 4.35
Five-year CD, annual yield 1.44 1.53 1.44 l 2.07 0.24 Aggregate, Barclays 2116.420 2.330 2.330 3.660 2.060 11.14 3.06 Commodities
30-year mortgage, fixed† 3.94 3.98 3.60 l 4.99 0.33 Wednesday 52-Week YTD
Fixed-Rate MBS, Barclays 2133.490 2.590 2.560 3.810 2.200 9.09 2.45 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 3.33 3.35 3.14 l 4.34 0.48
High Yield 100, ICE BofAML 3125.834 5.217 5.196 7.825 5.100 7.74 5.99 DJ Commodity 628.37 -5.05 -0.80 639.65 572.87 1.52 9.69
Jumbo mortgages, $484,350-plus† 4.36 4.35 4.16 l 5.01 0.07
Muni Master, ICE BofAML 561.885 1.706 1.720 2.905 1.459 8.88 3.10 TR/CC CRB Index 180.51 -1.58 -0.87 191.34 167.89 -5.66 6.31
Five-year adj mortgage (ARM)† 4.31 4.32 3.94 l 4.86 1.18
EMBI Global, J.P. Morgan 864.946 5.092 5.235 7.372 5.026 12.72 4.47 Crude oil, $ per barrel 56.35 -0.88 -1.54 66.30 42.53 -8.63 24.09
New-car loan, 48-month 4.56 4.56 4.49 l 4.81 1.60
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest Natural gas, $/MMBtu 2.828 -0.034 -1.19 4.837 2.070 -20.45 -3.81
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE BofAML Gold, $ per troy oz. 1490.20 9.40 0.63 1550.30 1199.20 21.53 16.58
Get real-time U.S. stock quotes and track most-active stocks, new highs/lows and mutual funds. Plus, deeper money-flows data and email delivery of key stock-market data. Available free at WSJMarkets.com
COMMODITIES WSJ.com/commodities
Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Wednesday, November 6, 2019
Metal & Petroleum Futures Sugar-World (ICE-US)-112,000 lbs.; cents per lb. These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Contract Open
March 12.71 12.71 12.54 12.56 –.15 535,795 separate from the futures price on an exchange, which reflects what the commodity might be worth in future
May 12.82 12.82 12.66 12.68 –.14 174,190 months.
Open High hi lo Low Settle Chg interest
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Copper-High (CMX)-25,000 lbs.; $ per lb. Jan 26.82 26.82 26.82 26.82 … 975
Wednesday Wednesday Wednesday
Nov 2.6700 2.6700 2.6700 2.6610 –0.0340 1,342 Platinum,Engelhard fabricated 1033.0 Wheat,No.2 soft red,St.Louis-bp,u 5.4100
May 26.97 26.97 26.97 26.97 .02 1,388 Energy
Dec 2.6995 2.7015 2.6605 2.6650 –0.0355 130,299
Cotton (ICE-US)-50,000 lbs.; cents per lb. Palladium,Engelhard industrial 1804.0 Wheat - Hard - KC (USDA) $ per bu-u 4.3025
Gold (CMX)-100 troy oz.; $ per troy oz.
Nov 1483.20 1491.00 1480.80 1490.20 9.40 36 Dec 63.81 64.11 63.45 63.69 –.12 103,167 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 65.400 Palladium,Engelhard fabricated 1904.0 Wheat,No.1soft white,Portld,OR-u 5.9750
Dec 1484.30 1495.90 1483.80 1493.10 9.40 474,763 March'20 65.35 65.70 65.13 65.27 –.20 90,942 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.150 Aluminum, LME, $ per metric ton *1813.5
Feb'20 1491.20 1503.00 1491.20 1500.30 9.50 119,370 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Copper,Comex spot 2.6610 Food
April 1498.20 1508.10 1497.00 1505.60 9.60 37,940 Nov 95.40 95.40 95.40 95.40 –.95 443 Metals
Iron Ore, 62% Fe CFR China-s 83.4 Beef,carcass equiv. index
June 1502.20 1513.00 1501.70 1510.50 9.60 39,061 Jan'20 100.55 100.80 99.00 99.25 –1.10 13,825
Aug 1510.50 1515.00 1510.30 1515.20 9.30 6,573 Gold, per troy oz Shredded Scrap, US Midwest-s,m 212 choice 1-3,600-900 lbs.-u 199.47
Palladium (NYM) - 50 troy oz.; $ per troy oz. Interest Rate Futures Engelhard industrial 1487.00 Steel, HRC USA, FOB Midwest Mill-s 500 select 1-3,600-900 lbs.-u 174.14
Nov … … … 1763.60 14.40 Engelhard fabricated 1598.53 Broilers, National comp wtd. avg.-u,w 0.7892
Dec 1747.50 1772.90 1739.00 1761.10 14.40 21,741 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Fibers and Textiles
Dec 184-050 185-310 184-040 185-200 1-23.0 1,153,436 Handy & Harman base 1486.05 Butter,AA Chicago 2.0550
March'20 1739.90 1768.90 1736.50 1757.30 14.30 4,207
June 1756.00 1756.00 1754.90 1750.20 13.80 1,532 March'20 183-300 185-050 183-090 184-270 1-23.0 12,715 Handy & Harman fabricated 1649.52 Burlap,10-oz,40-inch NY yd-n,w 0.5000 Cheddar cheese,bbl,Chicago 239.00
Platinum (NYM)-50 troy oz.; $ per troy oz. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% LBMA Gold Price AM *1504.60 Cotton,1 1/16 std lw-mdMphs-u 0.6319 Cheddar cheese,blk,Chicago 214.75
Nov ... ... ... 928.30 1.50 25 Dec 157-310 159-050 157-310 158-310 1-03.0 984,267 Cotlook 'A' Index-t *74.70 Milk,Nonfat dry,Chicago lb. 120.50
LBMA Gold Price PM *1488.95
Jan'20 932.90 936.90 925.90 931.70 1.10 84,217 March'20 157-120 158-090 157-040 158-050 1-03.0 11,159
Krugerrand,wholesale-e 1551.26 Hides,hvy native steers piece fob-u 39.000 Coffee,Brazilian,Comp 1.0741
Silver (CMX)-5,000 troy oz.; $ per troy oz. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Dec 128-310 129-125 128-300 129-105 13.0 3,729,336 Maple Leaf-e 1566.18 Wool,64s,staple,Terr del-u,w n.a. Coffee,Colombian, NY 1.4278
Nov 17.525 17.580 17.370 17.558 0.042 15
17.555 17.630 17.360 17.598 0.030 156,247 March'20 129-000 129-125 128-305 129-110 13.5 179,133 American Eagle-e 1566.18 Eggs,large white,Chicago-u 0.8850
Dec
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Grains and Feeds
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Mexican peso-e 1806.42 Flour,hard winter KC 13.95
Dec 57.26 57.85 56.11 56.35 –0.88 396,036 Dec 118-155 118-227 118-152 118-215 6.5 4,511,885 Barley,top-quality Mnpls-u n.a. Hams,17-20 lbs,Mid-US fob-u 0.81
March'20 118-247 119-002 118-242 118-310 6.7 197,871 Austria crown-e 1465.07
Jan'20 57.30 57.87 56.16 56.38 –0.91 251,632 Bran,wheat middlings, KC-u 110 Hogs,Iowa-So. Minnesota-u 60.75
Feb 57.14 57.71 56.01 56.20 –0.95 139,793 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Austria phil-e 1566.18
Dec 107-186 107-210 107-186 107-200 1.5 3,793,951 Corn,No. 2 yellow,Cent IL-bp,u 3.7000 Pork bellies,12-14 lb MidUS-u n.a.
March 56.76 57.35 55.67 55.84 –1.00 181,742 Silver, troy oz.
June 55.41 56.04 54.37 54.52 –1.07 177,303 March'20 107-247 107-266 107-241 107-256 1.7 273,420 Corn gluten feed,Midwest-u,w 107.7 Pork loins,13-19 lb MidUS-u 0.9410
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Engelhard industrial 17.6000 Steers,Tex.-Okla. Choice-u n.a.
Dec 53.46 54.03 52.47 52.63 –1.06 177,562 Corn gluten meal,Midwest-u,w 385.6
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Nov 98.4250 98.4250 98.4225 98.4250 .0025 387,286 Engelhard fabricated 21.1200 Steers,feeder,Okla. City-u,w 154.50
Cottonseed meal-u,w 215
Dec 1.9601 1.9689 1.9199 1.9278 –.0288 134,141 Jan'20 98.4550 98.4750 98.4500 98.4700 .0150 414,338 Handy & Harman base 17.6480
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Hominy feed,Cent IL-u,w 105
Jan'20 1.9534 1.9621 1.9139 1.9209 –.0292 79,964 Handy & Harman fabricated 22.0600 Fats and Oils
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Dec 97-165 97-255 97-105 97-230 13.5 78,524 Meat-bonemeal,50% pro Mnpls-u,w 213
Eurodollar (CME)-$1,000,000; pts of 100% LBMA spot price *£13.9800 Oats,No.2 milling,Mnpls-u 3.2400
Dec 1.6790 1.6790 1.6226 1.6262 –.0484 146,455 Corn oil,crude wet/dry mill wtd. avg.-u,w 29.7500
Jan'20 1.6586 1.6619 1.6092 1.6120 –.0444 95,902 Nov 98.1050 98.1175 98.1050 98.1150 .0100 332,052 (U.S.$ equivalent) *18.0450 Rice, Long Grain Milled, No. 2 AR-u,w 25.25 Grease,choice white,Chicago-h 0.2250
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Dec 98.0850 98.1100 98.0850 98.1000 .0150 1,496,069 Coins,wholesale $1,000 face-a 12989
March'20 98.3000 98.3250 98.2950 98.3150 .0200 1,582,531
Sorghum,(Milo) No.2 Gulf-u 7.3888 Lard,Chicago-u n.a.
Dec 2.873 2.891 2.820 2.828 –.034 283,614 Other metals
Jan'20 2.952 2.969 2.899 2.907 –.033 229,633 Dec 98.4000 98.4500 98.4000 98.4350 .0350 1,221,441 SoybeanMeal,Cent IL,rail,ton48%-u 300.40 Soybean oil,crude;Centl IL-u 0.3168
Feb 2.896 2.918 2.850 2.858 –.028 79,222
LBMA Platinum Price PM *925.0 Soybeans,No.1 yllw IL-bp,u 8.9000 Tallow,bleach;Chicago-h 0.2400
March 2.733 2.754 2.689 2.696 –.028 143,121 Currency Futures Platinum,Engelhard industrial 933.0 Wheat,Spring14%-pro Mnpls-u 7.0825 Tallow,edible,Chicago-u 0.3500
April 2.436 2.444 2.402 2.407 –.020 85,322
Japanese Yen (CME)-¥12,500,000; $ per 100¥
May 2.400 2.411 2.369 2.371 –.022 79,704
Nov .9184 .9195 .9165 .9186 .0024 1,882 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co;
Dec .9180 .9210 .9179 .9200 .0024 172,202 M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data as of 11/5
Agriculture Futures Canadian Dollar (CME)-CAD 100,000; $ per CAD
Corn (CBT)-5,000 bu.; cents per bu. Nov .7613 .7604 .7581 .7585 –.0016 612 Source: WSJ Market Data Group
Dec 382.25 385.00 377.50 378.75 –3.00 663,358 Dec .7604 .7606 .7580 .7586 –.0015 187,891
March'20 391.75 393.25 387.00 387.75 –4.00 413,842 British Pound (CME)-£62,500; $ per £
Oats (CBT)-5,000 bu.; cents per bu. Nov 1.2883 1.2901 1.2850 1.2858 –.0031 1,102
Dec 298.25 307.75 298.25 307.00 6.25 4,286 Dec 1.2897 1.2913
Swiss Franc (CME)-CHF 125,000; $ per CHF
1.2859 1.2868 –.0031 202,302 Bonds | WSJ.com/bonds
March'20 299.00 302.50 295.00 301.50 5.25 2,222
Soybeans (CBT)-5,000 bu.; cents per bu. Dec 1.0103 1.0113 1.0089 1.0105 .0010 67,742
Nov 922.25 922.50 914.25 915.00 –6.75 1,273 March'20 1.0176 1.0183 1.0159 1.0174 .0010 101 Tracking Bond Benchmarks
Jan'20 934.00 935.75 927.00 927.50 –6.75 323,861 Australian Dollar (CME)-AUD 100,000; $ per AUD
Nov .6897 .6909 .6872 .6881 –.0013 686
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Soybean Meal (CBT)-100 tons; $ per ton.
Dec 302.60 303.00 298.50 298.90 –3.80 146,223 Dec .6900 .6914 .6876 .6886 –.0013 159,527 highs and lows for different types of bonds
Jan'20 304.90 305.30 300.80 301.30 –3.80 106,094 Mexican Peso (CME)-MXN 500,000; $ per MXN Total Total
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Nov .05218 .05210 .05188 .05209 .00013 2 return YTD total Yield (%) return YTD total Yield (%)
Dec 31.60 31.84 31.45 31.75 .18 167,823 Dec .05179 .05193 .05164 .05186 .00012 298,912 close return (%) Index Latest Low High close return (%) Index Latest Low High
Jan'20 31.82 32.06 31.68 31.96 .17 125,261 Euro (CME)-€125,000; $ per €
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Nov 1.1076 1.1101 1.1074 1.1077 .0003 2,756 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays
.
Nov 1173.00 1173.00 1170.00 1173.00 2.00 2 Dec 1.1102 1.1121 1.1091 1.1097 .0003 534,478
2116.42 8.3 U.S. Aggregate 2.330 2.060 3.660 2133.49 5.8 Mortgage-Backed 2.590 2.200 3.810
ly
Jan'20 1195.00 1205.00 1189.00 1200.00 3.00 8,318
Wheat (CBT)-5,000 bu.; cents per bu. Index Futures U.S. Corporate Indexes Bloomberg Barclays 2091.21 5.5 Ginnie Mae (GNMA) 2.530 2.090 3.780
Dec 515.50 521.75 513.50 516.75 1.50 183,352
Mini DJ Industrial Average (CBT)-$5 x index 1255.72 5.9 Fannie mae (FNMA) 2.610 2.250 3.820
March'20 521.00 525.75 518.75 521.50 1.25 117,061
Dec 27420 27470 27337 27430 9 110,829
3103.90 13.3 U.S. Corporate 2.920 2.770 4.370
Wheat (KC)-5,000 bu.; cents per bu.
Dec 428.75 432.25 426.25 427.75 –.75 154,048
March'20 27403
on 27454 27330 27418 6 4,298 2868.31 9.3 Intermediate 2.500 2.360 4.060 1930.90 6.0 Freddie Mac (FHLMC) 2.620 2.230 3.840
March'20 439.00 442.75 436.25 437.75 –1.75 78,819
S&P 500 Index (CME)-$250 x index
Dec 3070.70 3077.50 3064.00 3075.60 3.70 22,694 4461.68 21.6 Long term 3.690 3.480 5.050 561.89 6.3 Muni Master 1.706 1.459 2.905
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March'20 3081.00 3081.00 s 3081.00 3077.70 3.70 1
Nov 147.825 147.850 146.150 146.800 –1.050 5,500
Mini S&P 500 (CME)-$50 x index 633.32 10.0 Double-A-rated 2.380 2.190 3.740 395.73 6.9 7-12 year 1.685 1.386 2.935
Jan'20 145.525 145.700 143.600 144.425 –1.350 20,737
Dec 3071.50 3078.00 3063.00 3075.50 3.50 2,550,577 449.12 8.0 12-22 year 2.013 1.741 3.315
Cattle-Live (CME)-40,000 lbs.; cents per lb. 817.52 14.6 Triple-B-rated 3.220 3.110 4.720
us l,
March'20 3073.25 3079.75 3065.50 3077.75 3.75 121,874

Dec 119.225 119.600 118.200 119.000 –.450 126,176
Feb'20 124.600 124.825 123.750 124.700 .025 88,522
Mini S&P Midcap 400 (CME)-$100 x index High Yield Bonds ICE Data Services 437.00 8.9 22-plus year 2.489 2.185 3.747
Dec 1997.80 2001.50 1984.40 1990.30 –9.10 71,945
Hogs-Lean (CME)-40,000 lbs.; cents per lb. 457.24 12.0 High Yield Constrained 5.825 5.681 8.107 Global Government J.P. Morgan†
March'20 1920.50 2002.60 1989.40 1994.30 –9.10 93
al a
Dec 67.375 67.650 64.450 64.775 –2.500 99,601

e
Feb'20 73.925 74.075 72.100 72.775 –.975 69,195 Mini Nasdaq 100 (CME)-$20 x index 419.90 5.1 Triple-C-rated 12.201 10.558 13.784 586.17 6.7 Global Government 0.970 0.690 1.850
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec 8208.0 8228.3 8161.0 8207.3 –3.5 224,847
389.50 394.00 385.70 388.10 –6.20 319 March'20 8231.8 8248.5 8183.0 8228.8 –3.0 1,973 3125.83 11.7 High Yield 100 5.217 5.100 7.825 807.41 4.4 Canada 1.630 1.260 2.510
ci on
Nov
Jan'20 405.10 405.10 393.70 396.00 –9.10 2,341 Mini Russell 2000 (CME)-$50 x index
Dec 1598.50 1602.40 1586.90 1592.40 –7.00 458,619 413.13 11.7 Global High Yield Constrained 5.529 5.465 7.561 404.98 8.2 EMU§ 0.397 0.109 1.420
Milk (CME)-200,000 lbs., cents per lb.
20.33 20.34 20.23 20.23 –.07 5,437 March'20 1600.90 1603.00 1590.00 1594.30 –7.00 2,296
Nov
Mini Russell 1000 (CME)-$50 x index 323.49 9.6 Europe High Yield Constrained 3.041 2.749 4.869 767.26 6.7 France 0.200 -0.160 0.930
Dec 19.79 19.79 19.62 19.64 –.12 4,865
Cocoa (ICE-US)-10 metric tons; $ per ton. Dec 1695.10 1699.40 1691.40 1697.10 –.20 7,895 U.S Agency Bloomberg Barclays 541.15 4.2 Germany -0.200 -0.590 0.490
Dec 2,491 2,492 2,427 2,444 –40 54,708 U.S. Dollar Index (ICE-US)-$1,000 x index
March'20 2,506 2,511 2,454 2,472 –28 108,211 Dec 97.76 97.81 97.60 97.76 –.04 44,525 1763.56 5.8 U.S Agency 1.870 1.700 3.210 299.04 2.4 Japan 0.150 -0.070 0.490
er rs
Coffee (ICE-US)-37,500 lbs.; cents per lb. March'20 97.34 97.40 97.24 97.36 –.05 2,279
1555.08 4.2 10-20 years 1.770 1.620 3.110 601.88 5.0 Netherlands -0.080 -0.490 0.610
Dec 105.80 108.20 105.05 108.00 2.20 101,189
March'20 109.45 111.70 108.65 111.55 2.10 89,823 Source: FactSet 3824.57 13.0 20-plus years 2.370 2.010 3.700 1013.91 8.3 U.K. 1.060 0.730 1.790
2703.43 10.2 Yankee 2.690 2.470 4.050 864.95 12.2 Emerging Markets ** 5.092 5.026 7.372
Macro & Market Economics
m e
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Watching the Gauges: U.S. Supply and Demand ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan
m rp
Inventories, imports and demand for the week ended November 1. Current figures are in thousands of barrels
or thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas
Global Government Bonds: Mapping Yields
import and demand data are available monthly only. Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Inventories, 000s barrels Imports, 000s barrels per day selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Current change week ago avg avg Current change week ago avg avg Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
co Fo
1.500 U.S. 2 1.601 t l 1.629 1.400 2.932

Crude oil and
1.625 10 1.814 t l 1.862 1.530 3.231
petroleum prod 1,279,426 ... 1,276 1,253 1,280 1,256 8,463 ... 9,201 9,443 8,466 9,437
Crude oil 5.750 Australia 2 0.917 s l 0.898 0.642 2.052 -68.4 -73.1 -88.0
excluding SPR 446,782 1,400 439 432 438 453 6,077 ... 6,697 7,539 6,232 7,564 2.750 10 1.284 s l 1.212 0.899 2.732 -53.0 -65.0 -49.9
Gasoline 217,229 ... 220 228 222 217 493 ... 673 591 629 567 0.000 France 2 -0.585 s l -0.592 -0.698 -0.408 -218.6 -222.0 -334.0
Finished gasoline 22,207 -1,700 22 24 23 26 140 ... 145 9 118 52 0.500 10 -0.025 t l -0.022 -0.279 0.801 -183.9 -188.4 -243.0
Reformulated 41 ... 0 0 0 0 0 ... 0 0 0 0
0.000 Germany 2 -0.633 s l -0.634 -0.776 -0.601 -223.4 -226.2 -353.3
Conventional 22,166 ... 22 24 22 26 140 ... 145 9 118 52
0.000 10 -0.332 t l -0.307 -0.586 0.437 -214.6 -216.9 -279.4
Blend. components 195,022 ... 198 204 199 191 353 ... 528 582 511 515
0.050 Italy 2 -0.182 s l -0.192 -0.268 0.942 -178.2 -182.1 -199.0
Natural gas (bcf) 3,695 ... 4 3 4 4 ... ... ... ... ... ...
3.000 10 1.027 s l 1.018 0.830 3.407 -78.7 -84.5 17.6
Kerosene-type
0.100 Japan 2 -0.195 s l -0.237 -0.332 -0.127 -179.6 -186.5 -305.9
jet fuel 39,393 ... 40 42 41 39 175 ... 210 152 173 133
Distillates 119,132 -1,200 120 123 121 130 306 ... 158 166 199 146 0.100 10 -0.086 s l -0.134 -0.211 0.129 -190.0 -199.6 -310.2
n-
Heating oil 11,472 ... 11 10 11 14 0 ... 1 3 1 36 0.050 Spain 2 -0.413 s l -0.418 -0.525 -0.251 -201.3 -204.7 -318.3
Diesel 107,662 ... 108 113 109 116 305 ... 157 163 198 88 0.600 10 0.304 t l 0.322 0.123 1.584 -151.1 -154.0 -164.7
Residual fuel oil 28,797 ... 28 30 28 37 212 ... 156 102 126 168
3.750 U.K. 2 0.537 t l 0.587 0.354 0.815 -106.3 -104.2 -211.7
Other oils 306,050 ... 308 291 308 273 1,051 ... 1,135 744 970 721
no
1.625 10 0.716 t l 0.775 0.445 1.404 -109.9 -108.7 -182.7

Net crude, petroleum
Source: Tullett Prebon
products, incl. SPR 1,920,378 ... 1,917 1,908 1,922 1,937 1,439 ... 773 2,106 390 3,952
Corporate Debt
Weekly Demand, 000s barrels per day Natural gas storage Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals that same company’s share price.
Current change week ago avg avg Investment-grade spreads that tightened the most…
Spread*, in basis points Stock Performance
Total petroleum Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
4250
product 21,134 ... 21,597 20,386 21,200 20,099
Five-year average Bank of Montreal BMO 4.800 Aug. 25, ’49 189 –18 203 75.44 –0.05
Finished for each week 3250 Macy's Retail Holdings M 2.875 Feb. 15, ’23 139 –15 156 … …
t Pitney Bowes PBI 4.625 March 15, ’24 411 –14 n.a. 5.10 –3.41
motor gasoline 9,145 ... 9,784 9,099 9,468 9,196
4.263 April 10, ’25 125 –13 n.a. ... ...
t
2250 AIB AIB
Kerosene-type
Natural gas, Under Armour UA 3.250 June 15, ’26 240 –12 194 16.51 1.23
jet fuel 1,811 ... 1,830 1,749 1,836 1,684 lower 48 states
1250 Walgreens Boots WBA 3.450 June 1, ’26 136 –12 107 59.49 –2.81
Distillates 4,296 ... 4,263 4,318 4,250 4,054
Fluor FLR 4.250 Sept. 15, ’28 271 –11 254 18.35 –4.18
Residual fuel oil 404 ... 285 148 360 357 Kroger KR 4.450 Feb. 1, ’47 183 –10 200 27.00 –2.98
Propane/propylene 1,107 ... 1,001 907 1,110 ... 250
Other oils 4,372 ... 4,434 4,165 4,177 ... N D J F M A M J J A S O …And spreads that widened the most
2019
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions.
Hewlett–Packard Company* HPQ 4.050 Sept. 15, ’22 90 35 44 … …
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires Walgreens Boots WBA 3.300 Nov. 18, ’21 90 26 51 59.49 –2.81
Unum Group* UNM 4.500 Dec. 15, ’49 256 18 255 29.49 –1.47
Deutsche Bank AG DB 4.500 April 1, ’25 340 12 330 7.65 0.53
Exchange-Traded Portfolios | WSJ.com/ETFresearch British Telecommunications BRITEL 5.125 Dec. 4, ’28 145 10 125 ... ...
Closing Chg YTD Kohls KSS 4.250 July 17, ’25 140 10 140 54.39 –1.65
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) L3Harris Technologies LHX 4.400 June 15, ’28 107 10 105 195.95 1.51
SchwabUS Div SCHD 56.56 0.32 20.4 Eaton ETN 2.750 Nov. 2, ’22 28 9 n.a. 91.20 0.62
Wednesday, November 6, 2019 Closing Chg YTD
ETF Symbol Price (%) (%) SchwabUS LC SCHX 73.35 0.10 22.9
ETF
Closing Chg YTD
Symbol Price (%) (%) 76.85 –0.05 19.8
SPDR DJIA Tr DIA 274.80 –0.00 17.8 High-yield issues with the biggest price increases…
iShMSCI ACWI ACWI SPDR S&PMdCpTr MDY 362.70 –0.42 19.8
iShMSCIBrazil EWZ 44.34 –2.01 16.1 SPDR S&P 500 SPY 307.10 0.02 22.9 Bond Price as % of face value Stock Performance
CnsmrDiscSelSector XLY 122.02 0.11 23.2 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
CnsStapleSelSector XLP 61.01 0.41 20.1 iShMSCI EAFE EFA 68.21 –0.04 16.0 SPDR S&P Div SDY 106.14 –0.05 18.6
60.04 –2.04 4.7 iShMSCI EAFE SC SCZ 60.18 –0.18 16.1 TechSelectSector XLK 84.97 –0.05 37.1
EnSelectSectorSPDR XLE
iShMSCIEmgMarkets EEM 43.76 –0.32 12.0 UtilitiesSelSector XLU 62.86 0.38 18.8 Venator Finance Sarl VNTR 5.750 July 15, ’25 86.500 5.25 80.500 … …
FinSelSectorSPDR XLF 29.63 0.51 24.4
HealthCareSelSect XLV 94.23 0.34 8.9
iShMSCIJapan EWJ 59.61 –0.22 17.6 VanEckGoldMiner GDX 27.30 1.22 29.4 SESI SPN 7.750 Sept. 15, ’24 59.000 2.75 56.875 ... ...
iShNatlMuniBd MUB 113.68 0.03 4.3 VangdInfoTech VGT 227.13 –0.10 36.1
IndSelSectorSPDR XLI 81.37 0.06 26.3
37.31 9.0
William Lyon* WLH 6.625 July 15, ’27 108.000 2.63 105.500 20.32 10.43
iShPfd&Incm PFF 0.16 VangdSC Val VBR 133.94 –0.35 17.4
InvscQQQI QQQ 199.76 –0.22 29.5 Vertiv CORTNP 9.250 Oct. 15, ’24 97.500 2.00 94.550 ... ...
iShRussell1000Gwth IWF 165.33 0.04 26.3 VangdSC Grwth VBK 187.15 –0.49 24.3
InvscS&P500EW RSP 111.28 –0.11 21.8
iShRussell1000 IWB 170.17 –0.01 22.7 VangdDivApp VIG 120.26 0.34 22.8
InvscS&P500LowVol SPLV 57.09 0.46 22.4
iShRussell1000Val IWD 132.41 ... 19.2 VangdFTSEDevMk VEA 42.96 –0.09 15.8
Nouryon Finance SPCHEM 8.000 Oct. 1, ’26 102.750 1.75 100.622 ... ...
iSh3-7YTreasuryBd IEI 126.14 0.17 3.9 Ferroglobe GSM 9.375 March 1, ’22 60.750 1.63 n.a. 0.64 0.27
iShRussell2000 IWM 158.23 –0.58 18.2 VangdFTSE EM VWO 42.95 –0.16 12.7
iShCoreDivGrowth DGRO 40.47 0.17 22.0
iShCoreMSCIEAFE IEFA 64.03 –0.09 16.4
iShRussell2000Val IWN 124.99 –0.58 16.2 VangdFTSE Europe VGK 56.22 –0.05 15.6 Cheniere Corpus CHCOCH 5.125 June 30, ’27 109.329 1.58 108.000 ... ...
iShRussell3000 IWV 179.78 –0.03 22.4 VangdFTSEAWxUS VEU 52.47 –0.10 15.1
iShCoreMSCIEmgMk IEMG 52.52 –0.36 11.4 iShRussellMid-Cap IWR 57.19 –0.33 23.0 VangdGrowth VUG 171.47 –0.13 27.6
Gulfport Energy GPOR 6.000 Oct. 15, ’24 70.800 1.30 65.000 3.46 –1.14
iShCoreMSCITotInt IXUS 60.55 –0.08 15.3 91.73 –0.21 20.1
iShRussellMCValue IWS VangdHiDiv VYM 91.01 0.18 16.7
iShCoreS&P500
iShCoreS&P MC
IVV
IJH
308.88
198.88
0.05
–0.42
22.8
19.8
iShS&P500Growth IVW 183.94 0.01 22.1 VangdIntermBd BIV 87.39 0.24 7.5 …And with the biggest price decreases
iShS&P500Value IVE 124.97 0.03 23.6 VangdIntrCorpBd VCIT 90.97 0.35 9.8
iShCoreS&P SC IJR 81.07 –0.45 17.0 iShShortCpBd IGSB 53.61 0.17 3.8 VangdLC VV 140.94 –0.01 22.7 Chesapeake Energy CHK 6.625 Aug. 15, ’20 85.499 –13.75 n.a. 0.91 –29.15
iShS&PTotlUSStkMkt ITOT 69.41 –0.06 22.3 110.53 0.01 0.2
iShCoreUSAggBd AGG 112.40 0.15 5.5
iShShortTreaBd SHV VangdMC VO 170.94 –0.30 23.7 Brazos Valley Longhorn BVLFIN 6.875 Feb. 1, ’25 69.000 –5.75 79.000 ... ...
iShTIPSBondETF TIP 116.28 0.32 6.2 VangdMC Val VOE 115.63 –0.18 21.4
iShSelectDividend DVY 103.60 –0.34 16.0 iSh1-3YTreasuryBd SHY 84.69 0.06 1.3 VangdMBS VMBS 53.20 0.14 3.3 MDC Partners MDZACN 6.500 May 1, ’24 91.000 –4.75 95.875 ... ...
iShEdgeMSCIMinEAFE EFAV 75.16 –0.03 12.8 iSh7-10YTreasuryBd IEF 111.28 0.29 6.8 VangdRealEst VNQ 92.23 0.22 23.7 Gran Tierra* GTE 7.750 May 23, ’27 91.250 –4.65 95.375 1.09 –6.84
iShEdgeMSCIMinUSA USMV 63.56 0.55 21.3 iSh20+YTreasuryBd TLT 137.98 0.61 13.6 VangdS&P500ETF VOO 282.11 0.05 22.8
iShEdgeMSCIUSAMom MTUM 119.49 0.36 19.2 iShRussellMCGrowth IWP 144.46 –0.17 27.0 VangdST Bond BSV 80.64 0.10 2.6 Mallinckrodt International Finance S.A. MNK 5.625 Oct. 15, ’23 28.500 –4.00 35.750 … …
iShEdgeMSCIUSAQual QUAL 95.69 0.02 24.7 iShUSTreasuryBdETF GOVT 26.05 0.25 5.7 VangdSTCpBd VCSH 80.98 0.14 3.9 Hulk Finance GFLENV 7.000 June 1, ’26 103.000 –3.38 106.500 ... ...
iShFloatingRateBd FLOT 50.93 0.06 1.1 JPM UltShtIncm JPST 50.46 0.02 0.7 VangdSC VB 159.27 –0.44 20.7
iShGoldTr IAU 14.26 0.49 16.0 PIMCOEnhShMaturity MINT 101.60 0.02 0.6 VangdTotalBd BND 83.90 0.22 5.9
Rowan RDC 4.875 June 1, ’22 66.250 –3.25 72.000 ... ...
iShiBoxx$InvGrCpBd LQD 126.87 0.56 12.5 SPDR BlmBarcHYBd JNK 108.15 –0.16 7.3 VangdTotIntlBd BNDX 58.12 0.09 7.1 California Resources CRC 6.000 Nov. 15, ’24 24.500 –3.00 22.938 8.59 –7.14
iShiBoxx$HYCpBd HYG 86.81 –0.12 7.0 SPDRBloomBar1-3MTB BIL 91.47 0.01 0.0 VangdTotIntlStk VXUS 54.26 –0.17 14.9
iShIntermCorpBd IGIB 57.81 0.33 10.3 SPDR Gold GLD 140.45 0.43 15.8 VangdTotalStk VTI 156.19 –0.04 22.4 *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.
iShJPMUSDEmgBd EMB 112.59 0.04 8.4 SchwabIntEquity SCHF 33.32 –0.03 17.5 VangdTotlWrld VT 78.04 –0.01 19.2 Note: Data are for the most active issue of bonds with maturities of two years or more
iShMBSETF MBB 107.93 0.11 3.1 SchwabUS BrdMkt SCHB 73.47 0.01 22.6 VangdValue VTV 115.79 0.13 18.2 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data
BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. Flowserve FLS 49.58 0.14 IBM IBM 138.78 Marsh&McLen MMC 103.45 1.75 PPL
0.89 PPL 33.31 -0.26 s Qorvo QRVO 101.40 0.10 Salesforce.com CRM 158.93 0.78
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. FomentoEconMex FMX 88.92 -0.21 IntlFlavors IFF 133.01 MartinMarietta MLM 256.60 3.30 PRA HealthSci PRAH 97.39 -3.22 Qualcomm
-1.45 QCOM 84.63 -0.83 Sanofi SNY 46.15 0.51
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four FordMotor F 8.92 -0.10 IntlPaper IP 45.40 MarvellTech MRVL 26.66 -0.38 PTC
0.16 PTC 71.77 -1.40 QuantaServices PWR 43.33 -0.42 SantanderCons SC 24.89 -0.17
that include primary market trades as well as quarters. Fortinet FTNT 93.11 1.47 Interpublic IPG 22.36 Masco
-0.04 MAS 46.11 -0.45 PVH PVH 93.20 -1.75 QuestDiag DGX 101.11 0.29 SareptaTherap SRPT 92.31 -1.19
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Fortis FTS 40.63 0.27 InterXion INXN 84.57 Masimo
-0.63 MASI 140.81 -1.38 Paccar PCAR 79.68 0.01 Sasol SSL 19.36 -0.14
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Fortive FTV 73.19 -0.32 Intuit INTU 253.42 Mastercard MA 269.86 0.86 PackagingCpAm PKG 112.36 -0.87
0.26 R S
Schlumberger SLB 35.56 -1.16
Nasdaq ISE. standards FortBrandsHome FBHS 61.82 -0.18 IntuitiveSurgical ISRG 554.16 MatchGroup MTCH 67.04 -1.73 PagSeguroDig PAGS 34.05 -0.05
-9.21 SchwabC SCHW 43.08 -0.34
The list comprises the 1,000 largest companies lf-Late filing FoxA FOXA 33.10 0.27 InvitatHomes INVH 30.00 MaximIntProducts MXIM 59.64 -1.23 PaloAltoNtwks PANW 232.69 -0.83 RELX
0.37 RELX 23.77 0.05
Sea SE 30.65 0.10
based on market capitalization. q-Temporary exemption from Nasdaq FoxB IonisPharma IONS 55.60 1.21 RPM RPM 73.73 0.10
FOX 32.33 0.18 McCormick MKC 159.32 0.30 ParkHotels PK 24.15 -0.05 Seagate STX 57.84 0.17
Underlined quotations are those stocks with requirements. IronMountain IRM 33.63 RalphLauren RL 100.88 -1.18
Franco-Nevada FNV 96.96 1.27 0.24
McCormickVtg MKC.V 159.71 -0.31 ParkerHannifin PH 199.17 0.51 SealedAir SEE 38.73 -3.06
large changes in volume compared with the t-NYSE bankruptcy IsraelChemicals ICL 4.64 ...
RaymondJames RJF 88.33 0.21
FranklinRscs BEN 28.56 -0.43 McDonalds MCD 194.18 2.00 Paychex PAYX 82.66 0.07
issue’s average trading volume. v-Trading halted on primary market. ItauUnibanco ITUB 8.96 -0.23
Raytheon RTN 215.33 2.24 SeattleGenetics SGEN 108.06 1.74
FreeportMcM FCX 10.64 -0.27 McKesson MCK 135.65 -2.12 PaycomSoftware PAYC 213.56 0.76 SempraEnergy SRE 143.22 -0.13
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being RealPage RP 59.74 -1.41
FreseniusMed FMS 37.46 0.02 MedicalProp MPW 19.44 0.26 PayPal PYPL 100.63 -0.36 SensataTechs ST 53.82 0.16
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, J K L Medtronic MDT 106.87 1.34 Pearson PSO 9.00 -0.01
RealtyIncome O 78.80 0.57
ServiceCorp SCI 43.98 0.16
previous closing price was $2 or higher. or securities assumed by such companies. G H I JD.com JD 32.87 -0.11
MelcoResorts MLCO 21.76 -0.57 Pegasystems PEGA 75.60 -0.66
ReataPharm RETA 197.33 -16.81
RegencyCtrs REG 66.72 -0.03
ServiceNow NOW 241.35 -0.51
MellanoxTech MLNX 114.47 -0.03 Peloton PTON 23.02 0.28 ShawComm B SJR 20.36 -0.11
GCI LibertyA GLIBA 68.86 -0.97 JPMorganChase JPM 129.30 0.20 MercadoLibre MELI RegenPharm REGN 324.49 -8.11
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and 482.95 -2.11 PembinaPipeline PBA 35.55 0.07 SherwinWilliams SHW 575.24 10.33
Galapagos GLPG 187.78 5.03 s Jabil JBL 39.12 0.19
Merck MRK 83.25 0.33 Pentair
RegionsFin RF 17.06 -0.14
changes in the closing prices from 4 p.m. the previous day. PNR 42.93 -0.22 ShinhanFin SHG 37.14 -0.26
Gallagher AJG 91.64 1.66 JackHenry JKHY 147.49 1.85 ReinsGrp RGA 167.96 2.79
MetLife MET 48.60 0.22 Penumbra PEN 166.04 2.03 RelianceSteel RS
Gaming&Leisure GLPI 41.90 0.59 JacobsEngg JEC 96.94 -0.39 117.20 -1.37 Shopify SHOP 295.02 -0.48
MettlerToledo MTD 709.78 -4.62 People'sUtdFin PBCT 16.76 -0.19 SignatureBank SBNY 124.46 -0.02
Wednesday, November 6, 2019 Net Net Gap GPS 17.73 -0.20 JamesHardie JHX 17.27 -0.20 MicrochipTech MCHP RenaissanceRe RNR 186.22 2.28
95.62 -4.40 PepsiCo PEP 134.44 0.43 RepublicSvcs RSG 86.13 0.41 SimonProperty SPG 155.08 -1.33
Stock Sym Close Chg Stock Sym Close Chg GardnerDenver GDI 32.73 0.09 JazzPharma JAZZ 127.27 -0.53
Net Garmin GRMN 93.22 -0.07 JefferiesFin JEF 19.41 -0.22
MicronTech MU 47.68 -1.00 PerkinElmer PKI 86.05 -1.03 ResMed RMD 143.25 -0.74 SiriusXM SIRI 6.78 -0.05
Stock Sym Close Chg BankNY Mellon BK Microsoft MSFT 144.06 -0.40 Perrigo PRGO 50.51 -3.64 RestaurantBrands QSR 65.82 0.18 SkechersUSA SKX 38.82 -0.49
49.13 -0.04 ContinentalRscs CLR 31.31 -0.57 Gartner IT 158.42 0.69 JetBlue JBLU 19.66 0.04
MidAmApt MAA 136.41 0.75 PetroChina PTR 50.26 -0.25 RingCentral RNG 167.03 5.07 Skyworks SWKS 98.13 -0.59
BkNovaScotia BNS 58.00 0.02 Cooper COO 291.49 0.55 Generac GNRC 92.90 -0.70 J&J JNJ 130.96 0.54
A B C Barclays BCS 8.61 -0.08 Copart CPRT 81.86 -0.39 GeneralDynamics GD 181.57 2.27 JohnsonControls JCI 44.23 0.34
Middleby MIDD 118.27 -6.47 PetroleoBrasil PBR 15.95 -0.41 RioTinto RIO 55.66 -0.16 SlackTech WORK 20.14 -0.61
MitsubishiUFJ MUFG 5.34 0.03 PetroleoBrasilA PBR.A 14.57 -0.32 RobertHalf RHI 58.23 -0.01 SmithAO AOS 52.03 0.14
GLW 29.84 -0.21 GeneralElec GE 11.02 0.05 JonesLang JLL 157.85 -3.80
s ABB ABB 21.65 0.07 BarrickGold GOLD 16.90 0.36 Corning MizuhoFin MFG 3.17 ... Pfizer PFE 37.61 0.13 Rockwell ROK 178.42 -3.45 Smith&Nephew SNN 42.94 0.09
CTVA 26.13 0.47 GeneralMills GIS 52.47 0.88 JuniperNetworks JNPR 25.96 0.62
ACADIA Pharm ACAD 40.99 -0.63 BauschHealth BHC 25.67 -0.46 Corteva MobileTeleSys MBT 9.32 0.16 PhilipMorris PM 83.70 -0.50 RogersComm B RCI 47.68 0.58 Smucker SJM 108.33 0.89
BAX 78.37 0.89 CoStar CSGP 551.15 -3.63 GeneralMotors GM 38.42 0.19 KB Fin KB 37.06 -0.74
ADT ADT 7.87 -0.17 BaxterIntl MohawkInds MHK 150.17 1.47 Phillips66 PSX 118.42 -0.50 Roku ROKU 141.05 1.48 Snap SNAP 14.41 -0.42
BectonDicknsn BDX 250.79 4.11 Costco COST 301.57 2.39 Genesee&Wyoming GWR 111.39 0.21 KKR KKR 29.30 -0.06
AECOM ACM 41.99 -0.22 KLA KLAC 172.52 0.54
MolinaHealthcare MOH 119.87 -0.57 PilgrimPride PPC 30.55 0.28 Rollins ROL 38.42 -0.26 SnapOn SNA 166.81 -1.26
AES AES 17.68 0.49 BeiGene BGNE 189.59 -0.48 Coty COTY 13.02 1.56 Genmab GMAB 21.96 0.32
MolsonCoors B TAP 54.48 0.10 s Pinduoduo
WRB 68.79 1.16 CoupaSoftware COUP 131.26 0.89 Genpact G 40.19 0.58 s KSCitySouthern KSU 151.40 1.64
PDD 43.49 -0.04 RoperTech ROP 343.97 3.02 SolarWinds SWI 19.24 0.12
Aflac AFL 53.70 0.76 Berkley Momo MOMO 37.22 -0.21 PinnacleWest PNW 91.17 0.39 RossStores ROST 112.26 0.20 SonocoProducts SON 58.34 0.06
Gentex GNTX 29.15 -0.18 Kellogg K 64.41 0.89
AGCO AGCO 78.21 -1.15 BerkHathwy B BRK.B 222.00 1.12 CousinsProperties CUZ 39.88 0.12 Mondelez MDLZ 52.22 0.52 Pinterest PINS 20.04 -0.43 RoyalBkCanada RY 82.00 -0.03 Sony SNE 60.73 -0.71
BerkHathwy A BRK.A 3328551355.00 Credicorp BAP 212.52 -0.02 GenuineParts GPC 107.74 0.50 KeurigDrPepper KDP 28.17 0.14
AGNC Invt AGNC 17.11 0.13
BBY 75.05 0.21 CreditAcceptance CACC 423.62 -6.75 GileadSciences GILD 65.41 0.02 KeyCorp KEY 19.13 -0.06 MongoDB MDB 127.03 1.97 PioneerNatRscs PXD 133.57 -2.29 RoyalBkScotland RBS 5.57 -0.05 Southern SO 61.85 0.49
Ansys ANSS 218.73 0.77 BestBuy MonolithicPower MPWR 160.15 -2.43 PlainsAllAmPipe PAA 18.74 -0.11 RoyalCaribbean RCL 112.78 -0.73 SoCopper SCCO 36.94 -0.63
TECH 204.19 -0.51 CreditSuisse CS 12.98 -0.06 GSK GSK 44.36 0.09 KeysightTechs KEYS 103.38 -0.74
ASETech ASX 5.18 -0.04 Bio-Techne KilroyRealty KRC 83.17 0.10 MonsterBev MNST 55.99 -0.48 Polaris PII 101.71 -1.37 RoyalDutchA RDS.A 59.87 -0.29 SouthwestAir LUV 57.86 -0.02
GlobalPayments GPN 167.06 0.53
ASML ASML 268.74 -3.06 Bio-RadLab A BIO 347.33 -1.08 CrowdStrike CRWD 47.83 -0.87 Moody's MCO 215.80 2.74 Pool POOL 202.31 2.78 RoyalDutchB RDS.B 60.48 -0.22 SpiritAeroSys SPR 86.44 1.36
Biogen BIIB 289.00 -3.18 CrownCastle CCI 133.91 2.25 GlobeLife GL 98.52 0.39 KimberlyClark KMB 131.72 1.35
AT&T T 39.25 0.08 MorganStanley MS 48.56 -0.19 PostHoldings POST 106.19 1.34 RoyalGold RGLD 109.48 -1.26 Splunk SPLK 123.40 0.03
0.80 KimcoRealty KIM 21.39 0.11
AXA Equitable EQH 22.32 -0.19 BioMarinPharm BMRN 74.84 0.19 CrownHoldings CCK 75.53 0.25 GoDaddy GDDY 62.96
Morningstar MORN 161.22 -0.48 PrincipalFin PFG 56.31 0.04 Ryanair RYAAY 83.75 1.19 Spotify SPOT 148.48 -1.89
BlackKnight BKI 57.65 -4.69 CubeSmart CUBE 31.36 0.34 GoldmanSachs GS 218.42 -0.22 KinderMorgan KMI 20.21 -0.31
AbbottLabs ABT 83.12 0.78 KinrossGold KGC 4.81 0.03 Mosaic MOS 20.68 -0.97 Procter&Gamble PG 120.32 1.42 SAP SAP 135.11 1.55 Sprint S 6.15 0.01
AbbVie ABBV 82.08 0.24 s BlackRock BLK 489.54 7.10 Cullen/Frost CFR 93.44 -1.69 Graco GGG 46.55 -0.43
MotorolaSol MSI 158.60 1.51 Progressive PGR 70.93 2.03 S&P Global SPGI 253.39 2.20 Square SQ 61.34 0.28
52.04 -0.75 Cummins CMI 181.39 1.46 Grainger GWW 321.26 -1.21 KirklandLakeGold KL 46.65 1.28
Abiomed ABMD 214.61 -2.93 Blackstone BX
Knight-Swift KNX 38.62 0.10 Mylan MYL 17.17 -0.62 Prologis PLD 87.57 1.67 SBA Comm SBAC 231.50 2.74 StanleyBlackDck SWK 159.24 -0.76
ACN 189.23 2.35 Boeing BA 354.19 -4.10 CurtissWright CW 138.80 0.89 GuardantHealth GH 64.65 -3.34
Accenture
BookingHldgs BKNG 2012.09 -13.34 CypressSemi CY 23.32 0.03 Guidewire GWRE 113.11 -0.48 Kohl's KSS 54.39 -0.91 s NICE NICE 158.57 -0.11 Proofpoint PFPT 114.33 -0.93 SEI Investments SEIC 62.59 -0.04 Starbucks SBUX 82.99 1.10
ActivisionBliz ATVI 56.36 0.82 NRG Energy NRG 39.58 -0.03 ProsperityBcshs PB 71.76 0.07 SK Telecom SKM 22.98 -0.15 StarsGroup TSG 21.46 -0.06
BAH 71.79 0.56 CyrusOne CONE 68.80 -0.28 HCA Healthcare HCA 134.87 0.53 KoninklijkePhil PHG 43.96 -0.13
Adobe ADBE 287.40 -1.89 BoozAllen NVR NVR 3515.00124.56 PrudentialFin PRU 90.55 -1.50 SLGreenRealty SLG 84.63 -0.31 StarwoodProp STWD 24.26 0.04
HDFC Bank HDB 62.11 1.12 KoreaElcPwr KEP 11.63 0.42
AdvanceAuto AAP 169.70 1.56 BorgWarner BWA 44.82 -0.24 KHC 33.14 0.23 NXP Semi NXPI 116.47 -2.19 Prudential
AdvMicroDevices AMD 35.93 -0.22 BostonProps BXP 137.92 1.60
D E F HD Supply HDS 40.83 -0.08 KraftHeinz
Nasdaq NDAQ 99.92 1.50 PublicServiceEnt
PUK 35.82 -0.12 SS&C Tech SSNC 57.41 -0.50 StateStreet STT 70.99 0.73
PEG 61.93 0.01 StoreCapital STOR 39.00 0.08 SteelDynamics STLD 30.84 -0.59
Aegon AEG 4.62 0.05 BostonSci BSX 40.72 0.13 HP HPQ 19.57 1.17 Kroger KR 27.00 -0.83
DISH Network DISH 33.52 -1.12 NationalGrid NGG 57.45 0.18 PublicStorage PSA 214.49 -0.78 SVB Fin SIVB 231.47 -8.06 Steris STE 145.49 0.01
s AerCap AER 59.87 0.82 BrightHorizons BFAM 146.39 1.37 DTE Energy DTE 123.90 0.19 HSBC HSBC 38.50 0.07 LATAMAirlines LTM 11.20 -0.05
NatlInstruments NATI 42.79 -0.49 PulteGroup PHM 38.83 0.55 Sabre SABR 22.45 0.15 STMicroelec STM 23.40 -0.05
AgilentTechs A 75.79 0.24 Bristol-Myers BMY 56.96 0.57 Haemonetic HAE 121.33 -0.38 LINE LN 38.13 -0.16
DXC Tech DXC 29.06 -0.58 Halliburton HAL 20.60 -0.45 LKQ LKQ 35.41 -0.28 NatlOilwell NOV 23.63 -0.52 Qiagen QGEN 31.00 0.71 SageTherap SAGE 138.71 -5.73 Continued on Page B10
AgnicoEagle AEM 59.53 0.48 BritishAmTob BTI 36.40 0.37
Danaher DHR 134.86 1.39 Hanesbrands HBI 15.89 NatlRetailProp NNN 56.31 0.61
AirProducts APD 218.85 2.27 BrixmorProp BRX 22.13 -0.01 -0.03 LPL Financial LPLA 86.50 0.25
Darden DRI 112.79 0.02 HarleyDavidson HOG 38.54 NetApp NTAP 57.88 -1.65
AkamaiTech AKAM 87.40 -0.39 Broadcom AVGO 313.16 -0.88 -0.91 L3HarrisTech LHX 195.95 2.91
Datadog DDOG 33.06 -1.85 HartfordFinl HIG 61.08 0.69 LabCpAm LH 165.27 0.13 Netease NTES 299.31 5.27
IPO Scorecard
AlaskaAir ALK 71.37 -0.01 BroadridgeFinl BR 116.84 -6.56 DaVita DVA 70.51 8.07 Hasbro LamResearch LRCX 275.51 -2.44 Netflix NFLX 288.59 0.56
Albemarle ALB 66.72 -0.65 BrookfieldMgt BAM 56.25 0.30 Deere HAS 94.86 -0.93
Neurocrine NBIX 102.56 0.19
Alcon ALC 58.54 -0.13 BrookfieldInfr BIP 49.78 -0.30
DellTechC
DE 175.97 -2.95 HealthcareAmer HTA 29.48
DELL 54.33 -0.10 HealthpeakProp PEAK 34.53
0.18 s LamarAdv LAMR 82.78 0.39
NewOrientalEduc EDU 120.97 -1.18
Performance of IPOs, most-recent listed first
0.12 LambWeston LW 79.07 2.21 % Chg From % Chg From
AlexandriaRlEst ARE 155.01 -0.07 Brown&Brown BRO 37.75 0.66 DeltaAir DAL 57.58 0.07 Heico A NewResidInvt NRZ 16.03 0.05
AlexionPharm ALXN 106.63 -0.60 Brown-Forman B BF.B 65.28 0.15 DentsplySirona XRAY 55.59 0.69 HEI.A 93.95 -0.40 LasVegasSands LVS 63.15 -0.58
Wed's
LEA 123.94 -2.49 NY CmntyBcp NYCB 12.18 0.05 Company SYMBOL Offer 1st-day Company SYMBOL Wed3s Offer 1st-day
Alibaba BABA 184.16 2.16 Brown-Forman A BF.A 62.06 -0.07 DeutscheBank DB Heico HEI 122.08 -0.01 Lear NewellBrands NWL 20.13 0.16
AlignTech ALGN 256.16 -1.75 Bruker BRKR 48.21 0.62
7.65 0.04 HenrySchein HSIC 68.60 0.87 s Leggett&Platt LEG 54.54 0.54 NewmontGold NEM IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
DevonEnergy DVN 22.08 -0.90 Herbalife Leidos LDOS 85.13 1.95 37.65 0.10
776.44 20.21 Bunge BG 55.21 -0.38 HLF 44.95 0.30 10.00 ... ... Oyster Point 16.28 1.8 –13.3
Alleghany Y DexCom DXCM 153.12 -0.44 Hershey HSY 140.82 0.53 Lennar A LEN 59.22 0.86 NewsCorp B NWS 13.98 -0.21 Merida Merger I
Allegion ALLE 116.58 -0.52 BurlingtonStrs BURL 202.96 4.43 Diageo DEO 160.51 0.53 LEN.B 46.79 0.61 NewsCorp A NWSA 13.55 -0.20 MCMJU Nov. 5/$10.00 OYST Oct. 31/$16.00
Allergan AGN 178.55 0.14 CBRE Group CBRE 53.08 -2.46 t DiamondbkEner FANG 77.20 -13.03 Hess HES 68.66 -1.04 Lennar B NextEraEnergy NEE 227.49 0.38
AlliantEnergy LNT 51.90 0.19 CBS A CBS.A 40.88 -1.12 s HewlettPackard HPE 16.94 0.11 LennoxIntl LII 251.15 2.64
NielsenHoldings NLSN 20.09 -0.80 Q&K Intl Grp 18.08 6.3 2.5 RAPT Thera 15.00 25.0 15.4
DigitalRealty DLR 122.70 -0.63 Hexcel HXL 77.35 0.77 LeviStrauss LEVI 17.15 -0.20 Nike
Allstate ALL 106.95 1.11 CBS B CBS 36.82 -0.67
DiscoverFinSvcs DFS 83.18 0.08 Hill-Rom NKE 89.48 -0.40 QK Nov. 5/$17.00 RAPT Oct. 31/$12.00
AllyFinancial ALLY 31.90 -0.62 CDK Global CDK 50.17 -2.64 HRC 103.22 -0.24 LibertyBroadbandA LBRDA 116.62 -1.41 NiSource NI
DiscoveryA DISCA 27.69 -0.26 27.09 0.15
AlnylamPharm ALNY 90.53 -1.52 CDW CDW 132.96 -2.85 DiscoveryC DISCK 25.80 -0.33 Hilton HLT 99.57 -0.58 LibertyBroadbandC LBRDK 116.59 -1.41 NobleEnergy NBL
20.90 -0.77
Fangdd Ntwk 13.00 ... ... Aesthetic Med Intl Hldgs 8.22 –31.5 –18.0
-2.47 LibertyGlobal A LBTYA 25.03 -0.37 Nokia
3.59 0.05 DUO Nov. 1/$13.00 AIH Oct. 25/$12.00
Alphabet A GOOGL 1291.01 -0.43 CF Industries CF 46.39 -1.34 HollyFrontier HFC 53.42 NOK
Disney DIS 131.27 -0.18 Hologic HOLX 48.56 0.46 LibertyGlobal C LBTYK 23.68 -0.39
Alphabet C GOOG 1291.80 -0.23 CGI GIB 79.44 1.76 DocuSign DOCU 66.08 0.08 NomuraHoldings NMR 4.74 0.06 FinServ Acquisition 10.06 0.6 0.1 Cabaletta Bio 11.00 ... 10.0
Alteryx AYX 93.23 -0.22 CH Robinson CHRW 78.61 2.27 DolbyLab HomeDepot HD 234.01 1.81 LibertyFormOne A FWONA 38.48 -0.97 Nordson NDSN 162.56 -1.81
DLB 65.79 0.09
AlticeUSA ATUS 25.98 -5.37 CME Group CME 198.59 1.64 DollarGeneral DG 159.61 -0.08 HondaMotor HMC 27.67 -0.14 LibertyFormOne C FWONK 40.42 -1.08 NorfolkSouthern NSC 192.96 -0.82 FSRVU Nov. 1/$10.00 CABA Oct. 25/$11.00
Altria MO 45.91 -0.34 CMS Energy CMS 61.36 0.63 DollarTree Honeywell HON 180.81 0.13 LibertySirius C LSXMK 45.60 -0.70 s NorthernTrust NTRS 106.01 0.51
-0.02 LibertySirius B LSXMB 45.56 2.06 NorthropGrum NOC 344.02 6.17 Osprey Technology Acquisition 10.00 ... ... Happiness Biotech Grp 4.74 –13.8 5.3
DLTR 112.79 -0.49
HormelFoods HRL 41.60 s
Amarin AMRN 17.48 0.15 CNA Fin CNA 45.12 -0.01 DominionEner D 80.94 -0.41
Amazon.com AMZN 1795.77 -5.94 CNH Indl CNHI 10.95 -0.61 Domino's DR Horton DHI 52.05 1.34 LibertySirius A LSXMA 45.33 -0.72 NortonLifeLock NLOK 24.00 -0.19 SFTW.U Nov. 1/$10.00 HAPP Oct. 25/$5.50
DPZ 277.82 1.51 LibertyProperty LPT 58.94 0.88
.
Ambev ABEV 4.26 -0.13 CNOOC CEO 156.80 -2.17 Donaldson HostHotels HST 17.43 0.02
DCI 55.75 -0.06
Huazhu HTHT 37.00 0.50 EliLilly LLY 113.82 2.57 NorwegCruise NCLH 52.06 -0.43
Amcor AMCR 9.97 -0.03 CPFLEnergia CPL 16.18 -0.25 DouglasEmmett DEI 43.22 -0.09 Novartis NVS 87.46 0.57 Sources: Dow Jones Market Data; FactSet
-1.13 LincolnElectric LECO 92.29 -0.57 NovoNordisk NVO
ly
Amdocs DOX 66.32 0.41 CRH CRH 36.93 -0.10 Dover Hubbell HUBB 144.01 56.69 0.23
DOV 109.46 -0.04 LincolnNational LNC 60.36 -0.72
s Amerco UHAL 424.50 2.45 CSX CSX 73.64 -0.24 Dow HubSpot HUBS 145.08 -6.49
DOW 54.28 0.08
10.19 Linde LIN 201.12 0.81 Novocure NVCR 77.19 -0.30
Ameren AEE 75.56 0.60 CVS Health CVS 70.93 3.61 DrReddy'sLab RDY 40.30 0.10 Humana HUM 304.94
LiveNationEnt LYV 61.37 -0.58 Nucor NUE 55.14 -0.33
AmericaMovil AMX 16.01 0.08 CableOne
AmerAirlines AAL 30.96 -0.22 CabotOil
CABO 1342.66 12.27 Dropbox DBX 20.56 -0.31
JBHunt
COG 18.38 0.27 DukeEnergy DUK 93.36 0.21 HuntingtonBcshs HBAN 14.91
JBHT 119.92 0.03
0.04
LloydsBanking LYG 2.92 -0.04 Nutrien
LockheedMartin LMT 379.79 6.16 NVIDIA
NTR 49.08 -0.68
NVDA 207.63 -1.98
Borrowing Benchmarks | WSJ.com/bonds
AmCampus ACC 48.29 -0.36 CadenceDesign CDNS 67.14 -0.06 DukeRealty DRE 34.90 0.19 HuntingIngalls HII 233.99 3.85
Loews L 50.87 0.38
Money Rates
AEP AEP 91.98 0.58 CAE CAE 25.45 0.12 Dunkin'
AmerExpress AXP 119.69 0.92 CaesarsEnt CZR 12.42 0.10 DuPont
AmericanFin AFG 107.83 1.15 CamdenProperty CPT 112.26 0.17 Dynatrace
AmHomes4Rent AMH 25.86 0.15 CampbellSoup CPB 46.60 0.11 ENI
DD
DT
E
70.33 -2.05
20.00 -0.48
31.24 -0.24
on
DNKN 75.94 0.82 HyattHotels H
IdexxLab
78.21
IAC/InterActive IAC 212.59
s ICICI Bank IBN 13.40
IDXX 261.45
0.19
-9.46
0.29
-2.70
LogitechIntl LOGI 41.77 0.04
Lowe's
lululemon
Lyft
LOW 112.67 0.47
LULU 200.74 6.40
LYFT 42.92 1.55
O P Q
OGE Energy OGE 42.76 -0.04
ONEOK OKE 70.76 -1.08 Key annual interest rates paid to borrow or lend money in U.S. and
November 6, 2019
AIG 55.52 0.71 CIBC CM 87.06 0.26 EOG Rscs EOG 71.42 -2.59 IHS Markit INFO 69.36 0.87 OReillyAuto ORLY 440.83 7.11
OccidentalPetrol OXY 39.61 -2.30 international markets. Rates below are a guide to general levels but
AIG LyondellBasell LYB 97.06 -0.31 t
AmerTowerREIT AMT 207.98 1.97 CanNtlRlwy CNI 94.01 0.31 EPAM Systems EPAM 178.41 0.60 ING Groep ING 11.77 ...
OKTA 108.23 1.43 don’t always represent actual transactions.
us l,
AmerWaterWorks AWK 121.59 1.50 CanNaturalRes CNQ 25.89 -0.58 EPR Prop EPR 74.60 0.02 Invesco IVZ 18.04 -0.08
M N Okta
AmericoldRealty COLD 38.06 0.39 CanPacRlwy CP 235.21 -0.24 E*TRADE ETFC 43.43 -0.10 IPG Photonics IPGP 148.54 -4.56 s OldDomFreight ODFL 193.14 0.87
s Ameriprise AMP 157.87 -0.42 Canon CAJ 27.32 -0.22 EXACT Sci EXAS 80.84 -3.39 IQVIA IQV 138.04 -1.85 M&T Bank MTB 166.25 0.07 OldRepublic ORI 22.73 0.15
Week —52-WEEK—
AmerisourceBrgn ABC 84.71 -1.42 CanopyGrowth CGC 19.42 -0.44 EastWestBncp EWBC 45.41 -0.40 ITT ITT 68.67 0.68 s MDU Rscs MDU 29.20 -0.05 OmegaHealthcare OHI 42.47 0.08 Inflation Latest ago High Low
al a
Ametek AME 96.37 0.12 CapitalOne COF 97.04 -0.26 EastmanChem EMN 81.09 -0.25 IcahnEnterprises IEP 67.22 -0.99 MGM Resorts MGM 30.52 0.13 Omnicom OMC 78.71 -0.29
e
Amgen AMGN 216.40 1.32 CardinalHealth CAH 51.43 -0.07 Eaton Icon ICLR 149.75 0.22 MKS Instrum MKSI 112.86 -1.30 ON Semi ON 21.51 -0.28 Sept. index Chg From (%)
ETN 91.20 0.56 60 days 3.326 3.360 4.628 2.890
Amphenol APH 102.89 -1.52 s Carlisle CSL 159.91 -0.43 eBay EBAY 35.50 0.02 IDEX IEX 159.66 -0.88 MPLX MPLX 25.25 -0.78 OneMain OMF 41.63 -0.14 level Aug. '19 Sept. '18
AnalogDevices ADI 112.03 -1.42 CarMax KMX 94.27 -1.22 Ecolab ECL 192.96 -0.01 s IllinoisToolWks ITW 177.55 1.37 MSCI MSCI 241.28 2.81 OpenText OTEX 40.95 -0.03
Other short-term rates
ci on
Anaplan PLAN 46.33 0.26 Carnival CCL 44.37 -0.49 Ecopetrol EC 18.71 -0.33 Illumina ILMN 297.25 -3.62 MadisonSquGarden MSG 275.72 4.44 Oracle ORCL 55.70 0.03 U.S. consumer price index
AngloGoldAsh AU 19.96 0.08 Carnival CUK 41.94 -0.49 EdisonInt EIX 65.67 -0.47 ImperialOil IMO 26.39 -0.13 MagellanMid MMP 60.48 -0.59 Orange ORAN 15.99 0.11
AB InBev BUD 79.33 0.23 CaseysGenStores CASY 172.81 -0.54 EdwardsLife EW 235.22 2.81 Incyte INCY 83.68 -0.45 MagnaIntl MGA 56.54 0.30 Orix IX 78.61 0.03 All items 256.759 0.08 1.7 Week 52-Week
AnnalyCap NLY 9.04 0.07 Catalent CTLT 49.12 -1.31 ElancoAnimal ELAN 26.68 -0.75 Infosys INFY 9.88 0.16 s ManulifeFin MFC 19.31 0.13 Oshkosh OSK 88.63 -1.08 Core 264.522 0.13 2.4 Latest ago high low
Anthem ANTM 277.32 4.32 Caterpillar CAT 145.49 -0.88 Elastic ESTC 73.00 -2.25 Ingersoll-Rand IR 131.45 0.69 MarathonOil MRO 12.18 -0.46 OwensCorning OC 63.26 0.07
Aon AON 194.74 1.61 Celanese CE 125.08 0.60 s ElbitSystems ESLT 166.08 1.82 Insulet PODD 159.99 15.18 MarathonPetrol MPC 64.28 -2.16 OwlRock ORCC 17.45 0.15 International rates
Apache APA 23.62 -0.34 Celgene CELG 108.24 0.55 ElectronicArts EA 98.67 0.41 Intel INTC 57.60 0.36 Markel MKL 1178.58 9.66 PNC Fin PNC 151.71 0.68 Call money
ApartmtInv AIV 53.55 -0.08 Cemex CX 3.89 0.03 EmersonElec EMR 73.60 -0.19 ICE ICE 91.11 1.70 MarketAxess MKTX 347.81 4.08 POSCO PKX 46.73 -0.89
Week 52-Week
3.50 3.75 4.25 3.50
ApolloGlbMgmt APO 42.87 -0.84 CenovusEnergy CVE 8.82 -0.24 Enbridge ENB 36.91 -0.01 InterContinentl IHG 61.67 0.04 Marriott s
MAR 132.58 -1.11 PPG Ind PPG 129.77 0.88
er rs
Apple AAPL 257.24 0.11 Centene CNC 50.83 -1.01 Encana ECA 4.65 -0.17
Latest ago High Low
ApplMaterials AMAT 55.82 -0.06 CenterPointEner CNP 28.77 0.03 EncompassHealth EHC 70.05 1.02 Commercial paper (AA financial)
Aptargroup ATR 109.49 0.83 CentraisElBras EBR 9.84 -0.16 EnelAmericas ENIA 9.67 -0.06 Prime rates 90 days 1.78 1.84 2.80 1.71
Aptiv APTV 95.58 0.35 CenturyLink CTL 13.36 -0.31 EnergyTransfer ET
AquaAmerica WTR 44.83 0.53 CeridianHCM CDAY 50.32 0.32 Entegris
12.26 -0.40
ENTG 48.06 -0.41 Dividend Changes U.S. 4.75 5.00 5.50 4.75
Libor
Aramark ARMK 43.21 -0.31 Cerner CERN 66.97 -0.24 Entergy ETR 116.35 0.70 Canada 3.95 3.95 3.95 3.95
ArcelorMittal MT 15.82 -0.54 CharlesRiverLabs CRL 128.74 -1.83 EnterpriseProd EPD 26.32 -0.33 Dividend announcements from November 6. 1.475 1.475 1.475 1.475
m e
Japan One month 1.75500 1.78138 2.52238 1.75500

ArchCapital ACGL 41.32 0.78 CharterComms CHTR 469.03 -4.22 Equifax EFX 135.18 1.93
ArcherDaniels ADM 42.88 -0.09 CheckPoint CHKP 113.74 0.35 Equinix EQIX 531.88 4.69 Amount Payable / Three month 1.90425 1.90913 2.82375 1.89050
Policy Rates 1.91950 2.90788 1.90238
Arconic ARNC 29.44 -0.07 Chemed CHE 413.11 2.16 Equinor EQNR 19.22 -0.28 Company Symbol Yld % New/Old Frq Record Six month 1.92388
AristaNetworks ANET 190.43 1.65 CheniereEnergy LNG 61.04 -1.00 EquityLife Euro zone 0.00 0.00 0.00 0.00
m rp
ELS 67.55 -0.21 One year 1.97663 1.97988 3.14413 1.85313

ArrowElec ARW 82.04 -0.54 CheniereEnerPtrs CQP 42.80 -0.05 EquityResdntl EQR 85.58 0.77 Increased Switzerland 0.50 0.50 0.50 0.50
AspenTech AZPN 115.73 -1.53 Chevron CVX 119.90 -2.04 ErieIndemnity A ERIE 176.83 -5.04
Assurant AIZ 127.55 1.37 Chewy CHWY 23.64 -0.89 EssexProp Chesapeake Granite Wash CHKR 28.0 .0374 /.0323 Q Nov29 /Nov19 Britain 0.75 0.75 0.75 0.75 Euro Libor
ESS 317.95 -0.38
AstraZeneca AZN 47.34 0.14 ChinaLifeIns LFC 13.55 0.14 EsteeLauder EL 187.06 3.06 Delek US Hldgs DK 2.9 .30 /.29 Q Dec02 /Nov18 Australia 0.75 0.75 1.50 0.75
Athene ATH 43.43 -0.52 ChinaMobile CHL 40.83 -0.19 EuronetWorldwide EEFT 147.90 1.04 Emerson Electric EMR 2.7 .50 /.49 Q Dec10 /Nov15 One month -0.505 -0.508 -0.407 -0.522
Atlassian TEAM 115.25 1.06 ChinaPetrol SNP 59.02 -0.35 EverestRe RE 261.68 2.50 Huntington Ingalls Inds HII 1.5 1.03 /.86 Q Dec13 /Nov29 Overnight repurchase Three month -0.446 -0.437 -0.324 -0.482
AtmosEnergy ATO 108.77 0.85 ChinaTelecom CHA 42.93 0.34 Evergy EVRG 62.92 0.39 Utah Medical Products Six month -0.397 -0.401 -0.288 -0.474
Autodesk ADSK 151.51 -0.22 ChinaUnicom CHU 9.92 -0.05 EversourceEner ES
UTMD 1.1 .28 /.275 Q Jan03 /Dec13 U.S. 1.63 1.87 3.40 1.63
81.39 0.31
Autohome ATHM 69.08 -8.42 Chipotle CMG 744.31 3.55 Exelon One year -0.296 -0.300 -0.159 -0.428
co Fo
EXC 44.82 0.04 Reduced

Autoliv ALV 84.39 -0.16 Chubb CB 152.18 3.35 Expedia EXPE 135.36 0.34 U.S. government rates Value 52-Week
ADP ADP 159.66 2.65 s ChunghwaTel CHT 37.12 0.12 ExpeditorsIntl EXPD 77.00 -0.55 ECA Marcellus Trust I ECT 27.8 .021 /.037 Q Nov29 /Nov19
AutoZone AZO 1161.48 10.42 Church&Dwight CHD 67.51 0.24 ExtraSpaceSt EXR 108.90 1.79 Discount Latest Traded High Low
Avalonbay AVB 212.29 1.63 Ciena CIEN 36.73 -0.20 ExxonMobil XOM 71.49 -1.60 Foreign
Avangrid AGR 49.48 0.02 Cigna CI 183.13 1.28 F5Networks FFIV 147.91 1.53 Argo Group Intl Hldgs 2.25 2.50 3.00 2.25 DTCC GCF Repo Index
ARGO 1.9 .31 Q Dec13 /Nov29
Avantor AVTR 15.40 0.55 CincinnatiFin CINF 110.89 0.86 s FMC FMC 97.52 0.64 BrightSphere Invt Group BSIG 4.0 .10 Q Dec27 /Dec13
AveryDennison AVY 132.02 -1.29 Cintas CTAS 264.95 -2.04 Facebook FB 191.55 -2.77 Federal funds Treasury 1.601 51.010 6.007 1.601
AxaltaCoating AXTA 29.90 0.09 CiscoSystems CSCO 48.27 0.51 FactSet FDS 256.98 1.68
CS X-Links Crude Oil ETN USOI 17.3 .3272 M Nov25 /Nov20 MBS 1.619 71.800 6.699 1.619
Effective rate 1.5600 1.8200 2.4800 1.5600
BB&T BBT 55.25 -0.11 Citigroup C 74.42 -0.41 FairIsaac FICO 329.93 -1.44 CS X-Links Silver ETN SLVO 6.8 .0571 M Nov25 /Nov20
BCE BCE 47.65 0.04 CitizensFin CFG 37.68 -0.22 Fastenal FAST 37.15 -0.13 PartnerRe Pfd. F PREpF 5.7 .36719 Q Dec02 /Nov21 High 1.6200 1.8700 3.0000 1.6200
Notes on data:
BHP Group BHP 51.40 -0.45 CitrixSystems CTXS 109.59 0.80 FederalRealty FRT 134.49 0.84 PartnerRe Pfd. G PREpG 6.1 .40625 Q Dec02 /Nov21 Low 1.4500 1.5000 2.4400 1.4500
BHP Group BBL 44.94 -0.36 Clorox CLX 148.65 0.82 FedEx FDX 163.17 -1.68 PartnerRe Pfd. H U.S. prime rate is the base rate on corporate
BOK Fin BOKF 83.00 -0.10 Coca-Cola KO 52.80 0.38 Ferrari
PREpH 6.7 .45313 Q Dec02 /Nov21 Bid 1.5300 1.7800 2.4400 1.5300
RACE 165.44 -0.16 loans posted by at least 70% of the 10 largest
BP BP 39.40 -0.43 Coca-Cola Euro CCEP 51.55 -0.43 FiatChrysler FCAU 15.88 0.01 PartnerRe Pfd. I PREpI 5.7 .36719 Q Dec02 /Nov21 Offer 1.5500 1.8200 2.5000 1.5500 U.S. banks, and is effective October 31, 2019.
BRF BRFS 8.66 -0.49 Cognex CGNX 53.22 -1.29 s FidNatlFin FNF 46.89 0.61 Teekay Offshore Pfd. B TOOpB 9.2 .5313 Q Nov15 /Nov08
Other prime rates aren’t directly comparable;
BWX Tech BWXT 60.70 0.42 CognizantTech CTSH 62.26 0.34 FidNatlInfo FIS 130.89 -1.30 Teekay Offshore Pfd. E TOOpE 9.6 .5547 Q Nov15 /Nov08 Treasury bill auction lending practices vary widely by location;
Baidu BIDU 107.36 -0.69 ColgatePalm CL 66.52 0.56 FifthThirdBncp FITB 30.43 0.08 Teekay Offshore Ptrs Pfd TOOpA 8.1 .4531 Q Nov15 /Nov08
BakerHughes BKR 21.95 -0.68 ColumbiaSportswr COLM 92.55 -0.70 58.com WUBA 55.03 -1.21 Tsakos Energy Pfd D 4 weeks 1.570 1.710 2.470 1.570 Discount rate is effective October 31, 2019.
TNPpD 8.9 .54688 Q Nov29 /Nov25
Ball BLL 66.66 1.95 Comcast A CMCSA 44.22 -0.06 FirstAmerFin FAF 62.57 0.61 13 weeks 1.520 1.620 2.465 1.520 DTCC GCF Repo Index is Depository Trust &
BancoBilbaoViz BBVA 5.38 -0.13 Comerica CMA 70.35 -0.82 FirstCitizBcshA FCNCA 502.30 -1.15 Tsakos Energy Pfd E TNPpE 9.8 .57813 Q Nov29 /Nov25
26 weeks 1.535 1.610 2.505 1.535 Clearing Corp.'s weighted average for overnight
BancoBradesco BBDO 8.01 -0.15 CommerceBcshrs CBSH 66.19 -0.36 FirstRepBank FRC 109.60 -0.21 Westpac Banking ADR WBK 7.1 .55176 SA Dec30 /Nov12 trades in applicable CUSIPs. Value traded is in
t BancodeChile BCH 24.60 -1.07 SABESP
n-
SBS 13.26 -0.34 FirstSolar FSLR 53.36 -0.51

BancSanBrasil BSBR 11.60 -0.35 ConagraBrands CAG 27.84 0.23 FirstEnergy FE 47.11 0.17 Special Secondary market billions of U.S. dollars. Federal-funds rates are
t BcoSantChile BSAC 24.17 -0.48 ConchoRscs CXO 71.66 -1.05 Fiserv FISV 104.91 0.91 American Financial Group Tullett Prebon rates as of 5:30 p.m. ET.
AFG 1.7 1.80 Nov25 /Nov15
BancoSantander SAN 4.11 -0.05 ConocoPhillips COP 57.63 -0.88 FiveBelow FIVE 126.82 -2.11 Fannie Mae
BanColombia CIB 54.45 -0.52 ConEd ED 88.62 0.30 FleetCorTech FLT 294.07 2.34 Sources: Federal Reserve; Bureau of Labor
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: 30-year mortgage yields Statistics; DTCC; FactSet;
BankofAmerica BAC 32.79 -0.03 ConstBrands B STZ.B 193.24 1.81 Flex FLEX 11.71 -0.08
BankofMontreal BMO 75.44 -0.04 ConstBrands A STZ 193.21 1.49 FlirSystems FLIR 53.39 -0.19 spin-off. 30 days 3.315 3.345 4.607 2.871 Tullett Prebon Information, Ltd.
no
New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
FdnBuilding FBM 21.93 4.8 LunaInnov LUNA 7.20 7.8 RPTRealty RPT 14.83 0.5 WesternUnion WU 27.51 3.6 BiomX PHGE 8.11 -3.9 FlexLNG FLNG 8.65 -4.2 PriorityTechn PRTH 3.18 -3.3
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Freshpet FRPT 53.96 3.7 MBIA MBI 10.90 10.8 RadNet RDNT 16.46 3.5 XOMA XOMA 23.00 7.0 Blucora BCOR 19.14 -13.4 Fluidigm FLDM 2.34 -50.9 ProPetro PUMP 7.23 -1.3
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low FrontYardRes RESI 12.68 1.4 MDU Rscs MDU 29.46 -0.2 ReproMedSys KRMD 5.01 5.0 Xerox XRX 38.00 3.5 bluebirdbio BLUE 77.26 -2.8 FreightCarAmer RAIL 2.90 -6.4 QuadGraphics QUAD 4.10 -6.2
GladstoneCap GLAD 10.09 0.5 MFAFinPfdB MFApB 25.88 0.2 RymanHospitality RHP 91.15 0.8 Xunlei XNET 7.20 7.6 BlueLinx BXC 17.81 -42.4 GranTierraEner GTE 0.97 -6.8 RTI Surgical RTIX 1.80 -3.7
in the latest session. % CHG-Daily percentage change from the previous trading session.
GladstoneInvt GAIN 13.65 1.7 ManulifeFin MFC 19.33 0.7 SapiensInt SPNS 23.70 2.3 ZealandPharma ZEAL 33.24 1.9 BrickellBiotech BBI 2.20 5.6 GreatPanther GPL 0.47 ... RattlerMidstrm RTLR 14.55 ...
GraphicPkg GPK 16.11 0.7 MarriottVacations VAC 119.15 2.3 SaratogaInvt SAR 26.33 0.5 ZimmerBiomet ZBH 144.44 2.1 BrighamMin MNRL 18.10 -4.7 GulfIslandFab GIFI 4.71 -3.4 RegalwdGlbEnWt RWGE.WS 0.22 -22.6
Wednesday, November 6, 2019 HaymakerAcqnII HYACU 10.48 0.3 MidPennBancorp MPB 27.30 1.1 SaratogaInv6.25Nts SAF 26.45 1.0 CHF Solutions CHFS 0.74 -1.5 HackettGroup HCKT 14.54 -13.3 Revolve RVLV 19.02 1.1
Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
HerculesCapNts33 HCXY
HewlettPackard HPE
27.22
17.03
0.2
0.7
MidWestOneFin MOFG
ModelN MODN
35.22
32.00
-0.8
0.4
SchweitzerMaud SWM
SouthState SSB
45.50
82.76
0.9
0.3
Lows CPI Card
CamberEnergy CEI
PMTS 1.59 -1.2
1.92 -21.0
HeliusMedical HSDT
Hi-Crush HCR
1.11 -5.0
1.13 -8.0
RibbonComms RBBN
RockwellMedical RMTI
4.22 -2.1
1.93 -3.9
HorizonTherap HZNP 31.25 -0.6 MomentaPharm MNTA 16.29 6.2 SpecialOppFdPfB SPEpB 25.68 0.5 AGBA AcqnWt AGBAW 0.07 -22.2 CasaSystems CASA 3.64 -5.3 HomologyMed FIXX 11.69 -4.8 SRAX SRAX 1.51 -6.9
AvadelPharm AVDL 5.75 -2.0 CompassPfd CODIpB 25.62 -0.6 ICICI Bank IBN 13.43 2.2 MurphyUSA MUSA 121.12 -0.9 SportsmansWrhs SPWH 7.48 1.2 AMC Networks AMCX 39.53 -0.5 Celcuity CELC 13.80 -8.1 ItauCorpBanca ITCB 8.14 -1.9 SalariusPharm SLRX 4.15 -7.5
Highs BRileyFinlPfdA RILYP
B.RileyPrMerg BRPM.U
25.10
10.18
0.2
0.3
Compugen
ComputerTask CTG
CGEN 6.22
5.98
-7.3
-2.3
Ichor ICHR 32.55 0.2 NICE NICE 160.25 -0.1 StageStores SSI 3.12 16.5 A-MarkPrecMetals AMRK
ANGI Homesvcs ANGI
9.85 -7.0
6.39 -4.0
Ceragon CRNT
ChesapeakeEner CHK
1.75 -6.2
0.79 -29.1
IterumTherap ITRM 2.56 -6.8 SandRidgeMS SDT
SentinelEnerWt STNLW
0.26 7.2
0.00 -97.1
IllinoisToolWks ITW 177.62 0.8 NewProvidenceA NPA 9.78 ... Stericycle SRCL 62.79 1.5 JerniganCap JCAP 17.40 -1.5
ABB ABB 21.66 0.3 Balchem BCPC 106.56 4.9 ConsldWater CWCO 17.87 0.1 AVEO Pharma AVEO 0.47 -4.5 ChesapeakeEnPfd CHKpD 19.00 -24.0 SierraWireless SWIR 8.91 -20.9
InglesMarkets IMKTA 43.66 3.1 NewMarket NEU 492.44 1.4 SunLifeFinancial SLF 46.06 0.9 Jiayin JFIN 7.12 14.4
AberdIncmCrRt ACPr 0.42 12.5 BancFirst BANF 60.00 -0.2 ConstellPharm CNST 45.42 90.3 AbraxisPetrol AXAS 0.26 -7.3 Civeo CVEO 0.96 -2.1 SpartanEnerWt SPAQ.WS 0.57 -5.0
InnatePharma IPHA 6.46 2.2 NorthernTrust NTRS 106.07 0.5 SykesEnterprises SYKE 37.54 -0.6 Koss KOSS 1.70 4.7
ADDvantage AEY 2.55 1.3 BancorpNJ BKJ 18.79 0.8 Volaris VLRS 11.42 1.5 AcaciaResearch ACTG 2.46 -1.6 CocrystalPharma COCP 0.70 -7.0 StrongbridgeBio SBBP 1.45 13.2
Innospec IOSP 107.10 8.8 NorthwestPipe NWPX 33.57 1.3 TFF Pharm TFFP 5.34 0.2 Lovesac LOVE 13.70 -18.1
AdvDrainageSys WMS 38.05 0.8 BankofHawaii BOH 89.50 0.2 CrossCtyHlthcr CCRN 12.99 9.0 AcelRxPharm ACRX 1.89 -5.9 CerveceriasUnid CCU 19.33 -0.8 SundialGrowers SNDL 2.66 9.6
InsightEnt NSIT 66.47 -4.9 OaktreeCapPfdA OAKpA 27.30 -0.2 TeledyneTech TDY 340.57 0.7 MidatechPharma MTP 0.85 -3.3
AerCap AER 62.86 1.4 BarrettBus BBSI 95.64 8.8 Cubic CUB 75.20 -0.6 ConcretePumping BBCP 3.16 0.9 SupernusPharms SUPN 19.35 -31.6
InterParfums IPAR 81.40 -0.6 OilDriAmerica ODC 38.15 0.7 Thermon THR 27.73 ... AchieveLifeSci ACHV 0.99 -13.9 Morphic MORF 12.03 -5.9
AgileTherap AGRX 2.97 2.9 ContainerStore TCS 3.85 -0.7 Synchronoss SNCR 4.13 -7.8
BlackRock BLK 491.58 1.5 DouglasDynamics PLOW 51.82 4.3 j2Global JCOM 99.34 0.9 OldDomFreight ODFL 193.31 0.5 Tredegar TG 20.93 ... Akerna KERN 4.15 -9.6 MySize MYSZ 0.40 -0.3
AirLease AL 47.48 -0.2 CorbusPharm CRBP 4.37 -3.9 Tengasco TGC 0.54 ...
BloominBrands BLMN 23.51 11.1 EatonVance EV 47.86 ... Jabil JBL 39.24 0.5 OrionGroup ORN 5.60 1.1 TylerTech TYL 276.44 1.6 AkernaWt KERNW 0.33 -7.5 NaturalResPtrs NRP 24.55 -6.8
Aircastle AYR 32.28 17.0 CyclerionTherap CYCN 2.03 -8.3 TitanMedical TMDI 0.38 3.5
BrookfieldRenew BEP 43.57 0.7 ElbitSystems ESLT 166.77 1.1 KSCitySouthern KSU 151.93 1.1 OrisunAcqn ORSNU 10.08 0.1 UltraClean UCTT 23.26 -0.4 AltusMidstream ALTM 2.15 -3.5 Neuronetics STIM 5.07 -6.6
9.28 0.5 DFB Hlthcr DFBH 9.21 -3.8 TitanPharm TTNP 0.16 5.7
Allot ALLT Brooks Auto BRKS 44.96 0.3 EnvivaPartners EVA 35.82 0.4 KaryopharmTherap KPTI 14.70 -1.1 PPG Ind PPG 130.03 0.7 Unifirst UNF 209.52 1.1 ApexTechAcqnWt APXTW 0.90 ... NexTierOilfield NEX 4.05 -10.0
DiamondbkEner FANG 76.51 -14.4 TonixPharm TNXP 2.50 11.7
Amerco UHAL 426.50 0.6 CF Finance CFFA 10.17 0.3 EverQuote EVER 30.34 4.9 KiteRealty KRG 18.50 -0.5 PapaJohn's PZZA 62.05 6.9 UrstadtBiddle UBP 19.15 -0.4 ApproachRscs AREX 0.08 -5.8 OccidentalPetrol OXY 39.37 -5.5
DiffusionPharm DFFN 0.57 -8.2 Uber UBER 25.58 -3.9
AmerSoftware AMSWA 16.48 -0.1 CNB FinPA CCNE 33.09 0.2 Exagen XGN 21.05 7.8 Koppers KOP 35.29 -0.9 PennsWoodsBncp PWOD 31.57 -0.3 Vectrus VEC 52.83 11.2 ArgoGroup ARGO 60.36 5.6 OpGen OPGN 1.25 3.9
ECA Marcellus ECT 1.05 -1.9 UltragenyxPharm RARE 37.05 -5.9
Ameriprise AMP 158.88 -0.3 CapitalCityBank CCBG 30.78 -0.1 FMC FMC 98.17 0.7 Kulicke&Soffa KLIC 25.53 -0.3 Pinduoduo PDD 45.25 -0.1 VielaBio VIE 26.75 3.9 Astrotech ASTC 1.29 -0.8 EQM Midstream EQM 27.30 -0.9 OysterPtPharma OYST 16.07 -4.3 UnionAcqnII LATNU 10.05 -0.3
ApexTechAcqn APXTU 10.32 0.2 Cardtronics CATM 38.69 2.6 FidelityD&D FDBC 70.00 4.6 LCI Inds LCII 107.06 3.9 Progyny PGNY 20.24 0.6 VinceHolding VNCE 23.87 -0.1 AtlanticAmerican AAME 1.95 -13.3 EmbotellAndinaA AKO.A 14.73 -3.6 PintecTech PT 0.80 -0.2 Uniti UNIT 6.67 -1.9
ArborRealty ABR 15.03 3.9 Carlisle CSL 160.52 -0.3 FidNatlFin FNF 46.95 1.3 LSI Inds LYTS 5.59 6.3 ProspectCapNt28 PBY 26.69 0.6 VoyaFinancial VOYA 59.00 2.6 BancodeChile BCH 24.32 -4.2 EmbotellAndinaB AKO.B 16.70 -2.7 PioneerPwrSols PPSI 3.02 -3.0 UnumTherapeutics UMRX 1.23 -3.9
ArrowFinancial AROW 36.39 0.2 Chase CCF 124.45 -0.1 FinInstitutions FISI 32.45 0.3 LamarAdv LAMR 84.71 0.5 PureCycle PCYO 11.83 -2.9 Walker&Dunlop WD 64.95 0.8 BcoSantChile BSAC 23.84 -1.9 EnelChile ENIC 3.82 1.3 Plantronics PLT 23.14 -36.6 Vapotherm VAPO 7.60 -34.5
ArtisanPtrsAsset APAM 30.18 0.2 ChunghwaTel CHT 37.20 0.3 FlyLeasing FLY 22.46 2.4 Leggett&Platt LEG 54.69 1.0 Qorvo QRVO 102.31 0.1 WaterstoneFinl WSBF 18.95 0.5 BeasleyBroadcast BBGI 2.80 -2.4 Exelixis EXEL 15.02 -3.4 PrefApartment APTS 12.91 1.5 VerbTech VERB 0.81 -8.7
AssuredGuaranty AGO 48.55 1.4 CoeurMining CDE 6.13 2.8 Forterra FRTA 11.41 3.3 LibertySirius B LSXMB 45.56 4.7 RLJLodgingPfdA RLJpA 27.75 -0.4 WestBancorp WTBA 24.40 0.5 Biocept BIOC 0.63 -5.1 Ferroglobe GSM 0.60 0.3 PrimoWater PRMW 10.07 -8.7 WesternMidstrm WES 20.10 -2.7
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 Fund
Net YTD
NAV Chg %Ret
Edgewood Growth Instituti SrsEmrgMkt 19.91 -0.05 21.3 EqInc 18.87 +0.05 20.8 IncomeFd NA ... NA BalAdml 38.25 +0.03 17.9 USGroAdml 108.06 +0.05 24.3 WndsrII 38.07 +0.06 23.7
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. EdgewoodGrInst 35.83 -0.02 24.5 SrsGlobal 12.99 -0.01 17.2 JPMorgan R Class PIMCO Funds I2 CAITAdml 12.05 ... 6.1 ValAdml 45.17 +0.08 20.6 VANGUARD INDEX FDS
Fidelity SrsGroCoRetail 18.04 -0.03 27.7 CoreBond 11.93 +0.02 8.4 Income NA ... NA CapOpAdml r158.57 -0.26 20.1 WdsrllAdml 67.57 +0.12 23.8 MdCpVlAdml 59.92 -0.06 23.2
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
500IdxInstPrem107.04 +0.09 24.8 SrsIntlGrw 17.25 +0.03 28.7 CorePlusBd 8.48 +0.02 8.7 PIMCO Funds Instl DivAppIdxAdm 32.63 +0.11 24.4 WellsIAdml 66.25 +0.21 14.4 SmValAdml 57.50 -0.24 19.0
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply,
ExtMktIdxInstPre 63.48 -0.28 21.4 SrsIntlVal 10.00 ... 16.3 Lord Abbett A IncomeFd NA ... NA EMAdmr 35.71 -0.10 14.8 WelltnAdml 74.72 +0.24 18.9 TotBd2 11.02 +0.02 8.3
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r IntlIdxInstPrem 42.93 +0.02 18.4 TotalBond ShtDurIncmA p 4.21 TotIntl
10.89 +0.02 9.2 ... 4.9 Price Funds EqIncAdml 78.56 +0.23 20.6 WndsrAdml 75.38 -0.05 24.2 17.40 -0.01 17.0
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not MidCpInxInstPrem 23.14 -0.05 24.6 Fidelity SAI Lord Abbett F BlChip 116.93 -0.04 21.8 ExplrAdml 96.46 -0.23 24.0 TotSt 76.01 +0.01 24.0
available due to incomplete price, performance or cost data. NE-Not released by Lipper; VANGUARD FDS
SAIUSLgCpIndxFd 16.56 +0.02 24.8 TotalBd 10.52 +0.02 9.2 ShtDurIncm 4.21 ... 5.0 EqInc 32.67 +0.05 21.7 ExtndAdml 91.16 -0.39 21.4 DivdGro 30.33 +0.15 25.0 VANGUARD INSTL FDS
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. SmCpIdxInstPrem 20.51 -0.12 19.4 First Eagle Funds Lord Abbett I EqIndex 82.02 +0.06 24.6 GNMAAdml 10.56 +0.01 5.6 BalInst 38.26 +0.03 17.9
INSTTRF2020
24.14 +0.02 14.8
TMktIdxInstPrem 87.30 ... 24.2 GlbA 59.81 -0.02 17.5 ShtDurInc p 4.21 +0.01 5.1 Growth 69.98 -0.10 22.5 GrwthAdml 88.29 -0.05 28.8 INSTTRF2025
24.62 +0.01 16.3 DevMktsIndInst 13.82 +0.01 18.0
Wednesday, November 6, 2019 USBdIdxInstPrem 11.93 +0.02 8.2 FPA Funds Metropolitan West HelSci 77.57 -0.25 15.8 HlthCareAdml r 86.11 +0.12 12.0 INSTTRF2030
24.91 +0.01 17.3 DevMktsInxInst 21.60 +0.01 18.0
Net YTD Net YTD Net YTD Fidelity Advisor I FPACres 33.86 -0.08 16.8 TotRetBd 11.04 +0.03 8.6 InstlCapG 43.09 -0.07 20.7 HYCorAdml r 5.91 ... 14.0 INSTTRF2035
25.20 +0.01 18.3 ExtndInst 91.16 -0.39 21.5
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret NwInsghtI 33.18 +0.01 22.9 Franklin A1 TotRetBdI 11.03 +0.02 8.8 IntlStk 18.12 -0.01 21.0 InfProAd 26.07 +0.08 7.7 INSTTRF2040
25.48 ... 19.2 GrwthInst 88.30 -0.04 28.8
Fidelity Freedom CA TF A1 p 7.62 ... 8.3 TRBdPlan 10.38 +0.02 8.8 MidCap 95.18 -0.37 24.6 IntlGrAdml 97.16 -0.03 22.6 INSTTRF2045
25.68 ... 19.9 InPrSeIn 10.62 +0.03 7.7
American Century Inv Baird Funds EmMktCorEq 21.04 -0.06 11.5 FF2020 16.35 ... 14.5 IncomeA1 p 2.30 -0.01 12.8 MFS Funds Class I N Inc 9.70 +0.02 8.7 ITBondAdml 11.84 +0.03 10.0 InstIdx 278.85 +0.28 24.8
Ultra 50.75 -0.07 25.5 AggBdInst 11.22 +0.03 9.0 IntlCoreEq 13.39 +0.01 17.1 INSTTRF2050
25.72 ... 20.0
FF2025 14.31 ... 15.6 FrankTemp/Frank Adv ValueI 43.39 +0.17 24.2 NHoriz 61.59 -0.21 27.8 ITIGradeAdml 10.04 +0.02 9.9 InstPlus 278.87 +0.28 24.8
American Funds Cl A CorBdInst 11.56 +0.03 9.5 IntSmCo 18.42 -0.01 16.7 IntlVal 37.24 +0.05 16.0
FF2030 17.77 ... 17.3 IncomeAdv 2.28 -0.01 13.0 MFS Funds Instl OverS SF r 11.04 ... 18.7 LTGradeAdml 11.06 +0.05 19.5 InstTStPlus 66.06 ... 24.2
AmcpA p 32.70 -0.04 17.9 BlackRock Funds IntSmVa 18.88 ... 14.8 LifeCon 20.85 +0.02 13.5
Freedom2020 K 16.34 ... 14.6 FrankTemp/Franklin A IntlEq 27.67 +0.14 23.6 R2020 22.58 +0.01 15.6 MidCpAdml 211.68 -0.62 25.0 MidCpInst 46.76 -0.14 25.0
AMutlA p 43.15 +0.08 16.7 HiYldBd Inst 7.68 -0.01 12.9 LgCo 23.78 +0.02 24.7 Growth A p 112.34 +0.05 R2025 LifeGro 35.29 +0.01 18.6
Freedom2025 K 14.29 ... 15.7 24.8 Northern Funds 18.01 ... 16.7 MuHYAdml 11.73 ... 8.3 MidCpIstPl 230.62 -0.68 25.0
BalA p 28.30 +0.02 15.3 BlackRock Funds A TAUSCoreEq2 19.62 -0.03 23.5 Freedom2030 K 17.75 ... 17.3 RisDv A p 67.96 +0.12 23.8 StkIdx 35.60 +0.03 24.7 R2030 26.28 ... 17.8 MuIntAdml 14.43 ... 6.2
LifeMod 28.48 +0.02 16.0
RealEstaInstl 20.24 +0.05 26.8
BondA p 13.25 +0.02 7.5 GlblAlloc p 19.31 ... 13.5 US CoreEq1 25.17 -0.04 23.9 Freedom2035 K 14.86 ... 19.1 FrankTemp/Franklin C Nuveen Cl I R2035 19.29 -0.01 18.6 MuLTAdml 11.91 ... 7.7 PrmcpCor 28.56 +0.01 22.1 SmCapInst 76.26 -0.35 21.8
CapIBA p 62.53 +0.09 13.8 BlackRock Funds Inst US CoreEq2 23.12 -0.04 23.2 Freedom2040 K 10.37 ... 19.6 Income C t 2.33 -0.01 12.1 HYMunBd 17.90 ... 10.7 R2040 27.49 -0.01 19.4 MuLtdAdml 11.06 ... 3.5 STAR 27.76 +0.03 17.9 STIGradeInst 10.73 +0.01 5.4
CapWGrA 50.36 -0.04 19.5 EqtyDivd 20.55 +0.05 22.3 US Small 34.64 -0.18 17.3 Fidelity Invest FrankTemp/Temp Adv Oakmark Funds Invest Value 36.98 +0.05 21.0 MuShtAdml 15.84 ... 2.1 TgtRe2015 15.62 +0.01 12.7 STIPSIxins 24.71 +0.02 4.1
EupacA p 54.50 -0.07 21.0 MultiAstIncome 10.85 ... 11.8 US SmCpVal 33.89 -0.17 13.9 Balanc 24.20 -0.01 19.3 GlBondAdv p 10.66 -0.02 -0.6 OakmrkInt 24.88 -0.08 21.6 PRIMECAP Odyssey Fds PrmcpAdml r146.22 -0.06 20.9 TgtRe2020 32.85 +0.02 14.7 TotBdInst 11.06 +0.02 8.4
FdInvA p 61.92 -0.07 20.6 StratIncOpptyIns 9.94 ... 6.6 US TgdVal 23.10 -0.13 17.7 BluCh 100.03 -0.15 23.4 Guggenheim Funds Tru Old Westbury Fds AggGrowth r 44.45 -0.17 16.1 RealEstatAdml130.76 +0.32 26.8 TgtRe2025 19.78 +0.01 16.3 TotBdInst2 11.02 +0.02 8.3
GwthA p 51.34 -0.09 20.1 Bridge Builder Trust USLgVa 38.15 -0.04 20.7 Contra 13.30 -0.01 21.9 TotRtnBdFdClInst 27.24 +0.05 4.8 LrgCpStr 15.14 ... 19.7 Growth r 40.77 ... 17.4 SmCapAdml 76.27 -0.34 21.7 TgtRe2030 36.14 +0.01 17.3 TotBdInstPl 11.06 +0.02 8.4
HI TrA p 9.92 -0.02 9.0 CoreBond 10.46 +0.02 7.0 Dodge & Cox ContraK 13.32 ... 22.1 Harbor Funds Parnassus Fds Stock r 35.08 +0.03 21.9 SmGthAdml 65.77 -0.33 24.7 TgtRe2035 22.24 ... 18.2 TotIntBdIdxInst 34.89 +0.02 8.2
ICAA p 39.20 -0.01 17.4 CorePlusBond 10.33 +0.02 6.9 Balanced 103.29 -0.08 15.5 CpInc r 10.06 -0.03 15.2 CapApInst 76.38 -0.01 23.3 ParnEqFd 48.30 +0.18 24.6 Schwab Funds STBondAdml 10.58 +0.01 4.6 TgtRe2040 38.50 ... 19.2 TotIntlInstIdx r116.42 -0.02 17.1
IncoA p 23.25 +0.02 15.2 Intl Eq 11.77 -0.01 18.2 GblStock 13.06 -0.02 18.4 GroCo 20.32 -0.05 26.8 Harding Loevner PGIM Funds Cl Z 1000 Inv r 69.57 +0.03 24.7 STIGradeAdml 10.73 +0.01 5.4 TgtRe2045 24.22 ... 19.8 TotItlInstPlId r116.44 -0.02 17.1
N PerA p 46.33 -0.03 23.0 Del Invest Instl Income 14.12 +0.02 9.0 GrowCoK 20.35 -0.05 26.9 IntlEq NA ... NA TotalReturnBond NA ... NA S&P Sel 47.79 +0.04 24.7 TotBdAdml 11.06 +0.02 8.4 TgtRe2050 38.99 +0.01 19.9 TotStInst 76.06 +0.02 24.2
NEcoA p 46.14 -0.05 18.8 Value 22.27 +0.05 15.4 Intl Stk 43.56 +0.06 18.0 InvGrBd 11.57 +0.02 9.2 Invesco Funds A PIMCO Fds Instl TSM Sel r 54.12 -0.01 24.2 TotIntBdIdxAdm 23.25 +0.01 8.2 TgtRet205542.32 ... 19.9 ValueInst 45.17 +0.08 20.6
NwWrldA 70.00 -0.19 22.0 Dimensional Fds Stock 195.63 -0.35 18.8 LowP r 47.40 +0.05 18.0 EqIncA 10.50 ... 16.5 AllAsset NA ... NA TIAA/CREF Funds TotIntlAdmIdx r 29.11 -0.01 17.1 TgtRetInc 13.99 +0.02 11.4 WCM Focus Funds
SmCpA p 57.23 -0.18 22.0 5GlbFxdInc 10.96 ... 3.9 DoubleLine Funds Magin 10.92 +0.02 23.1 Invesco Funds Y ShortT 9.78 ... 2.4 BdIdxInst 11.12 +0.02 8.1 TotStAdml 76.04 +0.01 24.1 TotIntBdIxInv
11.63 +0.01 8.1 WCMFocIntlGrwIns 17.79 ... 26.9
TxExA p 13.29 ... 6.5 DFARlEst 40.91 +0.16 26.5 CoreFxdIncmI NA ... NA OTC 11.98 -0.02 29.1 DevMktY 44.59 -0.02 18.6 TotRt 10.46 +0.03 8.4 VANGUARD ADMIRAL TxMCapAdml158.20 +0.09 24.8 WellsI 27.35 +0.09 14.4 Western Asset
WshA p 47.71 +0.10 20.0 EmgMktVa 27.93 -0.12 5.7 TotRetBdI NA ... NA Puritn 22.04 +0.02 16.1 JPMorgan I Class PIMCO Funds A 500Adml 284.40 +0.32 24.8 TxMIn r 13.80 +0.01 17.9 Welltn 43.27 +0.14 18.8 CorePlusBdI NA ... NA
B10 | Thursday, November 7, 2019 * * THE WALL STREET JOURNAL.
BANKING & FINANCE
SEC Fines Rise to 30-Year High

BY DAVE MICHAELS Total sanctions The 10 largest judgments SEC officials said they had a curred more than four years ago.
Germany
Signals
WASHINGTON—A crackdown
targeting the sale of higher-fee
$5. billion
Forfeiture of illegal profits Civil fines as a share of total sanctions
60%
banner year despite headwinds,
such as a U.S. Supreme Court
decision that limited the
The SEC conducted a similar
sweep during the Obama ad-
ministration, when it charged
Support of
mutual funds boosted enforce-
ment results for Wall Street’s
main regulator in 2019, driving
4
40
agency’s ability to claw back il-
legal profits from wrongdoers.
They said the agency returned
72 brokerage firms with failing
to update the investor disclo-
sures for municipal-bond offer-
Bank Union
its annual fines to their highest 3 $1.2 billion to harmed investors ings they sold. BY JULIE STEINBERG
total in more than 30 years. last year, a five-year high that Securities lawyers say both
The Securities and Exchange 2 includes amounts tied to cases enforcement efforts were exam- Germany’s finance ministry
Commission brought 526 en- 20 settled in past years. ples of “broken windows” po- for the first time opened the
forcement actions in the past Securities regulators often ar- licing, in which authorities go door to policies that could
1
fiscal year, which ended Sept. gue that annual fine totals are a after seemingly minor miscon- pave the way for a more uni-
30. The tally was lifted by 95 flawed indicator of their success. duct that can encourage other fied European banking system,
cases against investment advis- 0 0 Investigations often take years types of wrongdoing. But the though questions remain over
ers for inadequately disclosing FY2013 ’14 ’15 ’16 ’17 ’18 ’19 FY2016 ’17 ’18 ’19 before producing settlements or SEC says last year’s invest- whether the political will ex-
their practice of selling more Note: The fiscal year ends on Sept. 30. Source: Securities and Exchange Commission litigation, meaning some recent ment-adviser cases were differ- ists to push through the long-
expensive funds to retail cli- cases could have started during ent because the regulator’s talked-about overhauls.
ents, according to SEC data. SEC enforcement attorney and tration, compared with $12.4 bil- the Obama administration. work earned money back for in- The ministry in a paper sig-
The SEC’s civil caseload pro- now a partner at Covington & lion from 2014 through 2016. Many factors, including how fi- vestors and saved them from naled support for a key aspect
duced monetary sanctions to- Burling LLP. The largest fine obtained last nancial markets are performing, paying extra fees in the future. of closer cooperation that has
taling $4.3 billion, the highest Among the 10 largest fines year, $892 million, stemmed influence their caseload. “These were fraud cases so far held up greater integra-
tally in nominal dollars since at this year, 55% of the total sanc- from the SEC’s lawsuit against But the number of new SEC filed against sophisticated reg- tion: a European deposit-in-
least 1987, according to data tions came from cases in which the defunct Woodbridge Group investigations has been falling. istrants,” Mr. Peikin said. surance program to protect
from Georgetown University individuals and shell compa- of Companies LLC, which au- The SEC opened 869 enforce- Separately, the Commodity depositors in the event of a
law professor Urska Velikonja. nies—entities with no real op- thorities say fleeced 8,400 peo- ment investigations in 2018, Futures Trading Commission, bank collapse.
The total shows how the fo- erations—are responsible for ple through sham real-estate in- compared with 965 in 2017 and the regulator of U.S. derivatives Shares in some of Europe’s
cus on protecting less sophisti- paying the judgments, accord- vestments. The trustee 1,063 during 2016, according to markets, claimed enforcement banks briefly shot higher after
cated traders, as opposed to ing to Ms. Velikonja’s data. handling Woodbridge’s bank- agency budget reports. sanctions last year of $1.3 bil- the paper was released
scouring for bigger cases where “One would expect FY 2019 ruptcy has identified more than “That is a reflection of try- lion, the highest level since 2015, Wednesday. UBS Group AG
institutional or wealthy inves- collections to decline precipi- ing to be judicious in what we according to an agency official. was among those ending
tors were defrauded, can still tously,” Ms. Velikonja said. “All are opening, and that is a re- The agency’s total heavily higher.
yield big fines. It isn’t known, of this means that [SEC Chair- flection that we are operating depends on a single lawsuit Supporters of the idea
though, how much of that man Jay] Clayton’s focus on re-
The agency’s civil with reduced resources and we that obtained $978 million in claim it would make the euro-
money will be collected. tail fraud sounds nice in theory caseload produced are trying to be smarter,” said restitution for investors. The zone’s banks and its govern-
A higher share of the SEC’s but…[t]he SEC’s ability to pun- Steven Peikin, co-director of CFTC filed the suit in 2009 ments more resilient to eco-
largest cases in 2019, as com- ish individuals who cannot pay
monetary sanctions the SEC’s enforcement division. against brokerage firm WG nomic shocks.
pared with prior years, was the fine is limited.” totaling $4.3 billion. The SEC in 2019 returned to Trading Co. and its executives Europe’s lenders are strug-
against private companies or in- According to agency data, the using “sweeps,” or industry- for stealing hundreds of mil- gling to compete with their
dividual defendants, according SEC collects about 57% of its en- wide enforcement campaigns, lions of dollars in client assets. U.S. rivals, having been hit
to Ms. Velikonja, whose research forcement sanctions but has cre- to target what it calls en- The executives, Paul Green- hard by ultralow interest rates
focuses on SEC enforcement. ated a dedicated unit to go after $800 million in assets that trenched misconduct. wood and Stephen Walsh, went that in some cases have meant
Fines against such defen- scofflaws skipping out on fines. could be used to pay claims, ac- More than 90 investment ad- to prison after pleading guilty. central banks have charged
.
dants are usually harder for the “Returning money to cording to court filings. visers who steered clients into The agency filed 69 new them to deposit cash.
ly
government to collect. Unlike harmed retail investors is of The SEC also obtained a $100 higher-fee mutual funds without cases, consistent with its annual Many have responded with
Wall Street banks and public paramount importance, and we million fine against Woodbridge adequately disclosing their prac- average over the past five years. sweeping cost-cutting and re-
companies that are quick to will pursue our efforts with owner Robert Shapiro, who was tice were required to repay $135 The CFTC’s enforcement structuring efforts, while oth-
pay, individuals and smaller vigor no matter how difficult it on sentenced to 25 years in prison million to customers. The com- output this year included 12 ers have sought to add heft by
firms accused of brazen frauds may be,” Mr. Clayton said. in a parallel criminal case. His panies included Wells Fargo & cases against futures traders at merging operations. However,
have often spent much of the The SEC levied fines totaling attorney, Ryan O’Quinn, said Mr. Co. and Raymond James Finan- banks such as JPMorgan Chase the lack of a eurozone-wide
money they took in, said Gerald $12.1 billion during the past three Shapiro was unlikely to be able cial Services Advisors Inc. In & Co. accused of spoofing, a deposit-insurance program has
Hodgkins, formerly a senior years under the Trump adminis- to pay that sum. some cases, the misconduct oc- type of market manipulation. been an impediment to that.
us l,
In addition to member
states’ own deposit programs,
al a
e
A Job License Could Help You Get a Loan

funds would be gathered in a
European deposit-insurance
fund, according to the paper,
ci on
and could be meted out as

BY ANNAMARIA ANDRIOTIS necessary as repayable loans.
The goal of deposit protection
A new credit score will is to prevent bank runs and
soon factor in consumers’ rent stabilize the financial system,
er rs
payments and professional li- the ministry said.

censes to help them get ap- Germany has until now op-
proved for loans. posed such a plan, reluctant to
The score, created by credit- expose savers to problems
m e
reporting firm Experian PLC, elsewhere in the bloc and sub-

is called Lift and can give bor- sidize bailouts in other mem-
rowers a boost if they handle ber states.
m rp
ADAM DELGIUDICE/AGENCE FRANCE-PRESSE/GETTY IMAGES
payday loans responsibly or Finance Minister Olaf

are licensed as hairdressers, Scholz also outlined proposals
real-estate professionals or in for the banking union, includ-
other jobs. Those data sets ing deposit insurance, in the
aren’t typically factored into Financial Times on Wednes-
co Fo
traditional credit reports. day. Mr. Scholz, who repre-

Experian’s new score is the sents the Social Democratic
latest change aimed at helping Party, needs approval from the
lenders make more loans to senior coalition partner, Ger-
consumers with no or limited man Chancellor Angela
borrowing histories. Many Merkel’s conservatives, to
lenders are wary of extending move forward. The conserva-
credit to risky consumers and tives have traditionally been
are looking for more data that more cautious about pooling
could help them identify peo- risks and liabilities among eu-
ple they might overlook. Experian’s new credit score called Lift could help consumers who hold any of about 5,000 professional licenses, such as hairdressers. rozone member states.
The potential field is huge. Ms. Merkel’s spokesman,
About 53 million U.S. adults ple who have a professional li- moves are dressing up risky payments in regular Experian Experian’s priority with Lift Steffen Seibert, appeared to
don’t have credit scores and cense tend to be more likely to borrowers to look like safer credit reports, potentially in- is to increase the number of distance himself from Mr.
n-
another roughly 56 million pay their debts. Experian says bets than they actually are and creasing their FICO scores. people approved, though the Scholz’s proposal on Wednes-
have subprime scores, accord- it identified this correlation whether this could lead to Experian will begin selling company says the new score day.
ing to Fair Isaac Corp., creator with auto lenders and credit- higher loan losses when unem- the Lift score to about 10 lend- can also help lenders identify The proposal was a “contri-
of the widely used FICO scores. card issuers who have pur- ployment begins to rise. ers in a pilot this month. The people who might be riskier bution to a debate” that would
no
Experian says the Lift score chased professional-license For decades, credit reports company says the score will than their traditional credit need to be discussed in detail
could help about 40 million data from the firm. and scores have been based help lenders decide whether to records suggest. The score both in Europe as well as
consumers who might not oth- Proponents of the new mostly on consumers’ history lend to potential borrowers ranges from 300 to 850, like
erwise get approved for loans. lending strategy say the paying back debt. That began who don’t have a regular the FICO scores that are used
Consumers who hold any of changes signal lenders’ confi- to change last year when FICO credit score. Lenders can use it by most U.S. lenders for con- Mr. Scholz’s
about 5,000 professional li- dence in the economy and announced a new score that as a second-chance score when sumer underwriting. plan needs
censes could get a boost. their belief that many consum- would factor in how consum- a consumer’s regular score is In some cases, Lift will fac- approval from
The metrics can help lenders are judged too harshly by ers handle their bank ac- too low, either because of a tor in only positive informa- the German
ers determine whether con- the traditional credit reporting counts. Experian later said it lack of borrowing history or tion. On-time rent payments chancellor’s
sumers are likely to repay and scoring systems. would allow consumers to add because of delinquencies or will be counted, but missed conservatives
their loans. For example, peo- Critics question whether the their cellphone and utility bill other negative marks. payments won’t be. to go forward.
Low Liquidity Spurs Volatility in Earnings Season within the German coalition,
Mr. Seibert said at a press
conference.
An official at Mr. Scholz’s
BY GUNJAN BANERJI translates to higher volatility, have shown high predictive the two days after reporting re- potential for liquidity exacer- party said the proposal fell
they said. When liquidity for power when estimating for- sults, above the five-year aver- bating earnings-day moves,” short of what was needed, and
Earnings season has driven shares of an individual com- ward volatility metrics.” age of 1%. the analysts wrote. that Mr. Scholz had been too
explosive moves for some pany is lower than usual ahead Earnings this season have Goldman measured liquidity Liquidity has come to the beholden to the hawkish leg-
stocks. Poor liquidity is likely of earnings, stocks move 12% largely beaten expectations, based on how easy it was to forefront in derivatives, bond acy of his predecessor, Wolf-
exacerbating the swings. more than normal the day of helping major U.S. stock in- trade a stock each day and the and stock markets in recent gang Schäuble, a member of
Declining liquidity—roughly, earnings, the analysts wrote. dexes break through a narrow market impact that such trad- years and become a headache Ms. Merkel’s party.
how easy or difficult it is to On the other hand, stocks with trading range and hit records. ing would have. for traders at times. The paper’s other proposals
trade shares of different com- better liquidity move 4% less Underneath the surface, the re- The analysts said Noble En- It can be difficult to mea- urged more efficient supervi-
panies—over the past two than normal, they wrote. sults have driven larger-than- ergy Inc., Agilent Technolo- sure, but its impact on swings sion and winding-down of
years has stoked volatility “The relationship between normal swings for shares of in- gies Inc., Tyson Foods Inc., across markets was on display banks, as well as a uniform re-
around earnings, Goldman liquidity and volatility has dividual companies. Discovery Inc. and Air Prod- over the summer, when it got duction of nonperforming
Sachs Group Inc. analysts wrote gained increasing significance,” Through last week, shares of ucts & Chemicals Inc. have tougher to trade stocks, bonds loans across member states.
in a report Wednesday. Goldman analysts wrote. companies that beat analyst lower liquidity ahead of earn- and currencies, driving big —Bojan Pancevski
Basically, lower liquidity “Broad measures of liquidity forecasts rose an average 2% in ings in coming weeks. “We see moves in markets. contributed to this article.
Biggest 1,000 Stocks | WSJ.com/stocks Stock

Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
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Continued From Page B9 Net Net Toro TTC 77.98 0.44 US Foods USFD 40.57 -0.27 VailResorts MTN 236.75 0.01 VulcanMatls VMC 138.12 -2.91 Welltower WELL 84.87 -0.68 XPO Logistics XPO 83.46 -0.21
Net Stock Sym Close Chg Stock Sym Close Chg TorontoDomBk TD 57.84 0.09 t Uber UBER 26.94 -1.08 Vale VALE 12.17 -0.21 WestPharmSvcs WST 147.35 0.44 XcelEnergy XEL 61.26 0.72
Stock Sym Close Chg TCF Financial TCF 42.51 -0.26 TeladocHealth TDOC 80.00 -0.12
Total TOT 54.29 -0.51 UltaBeauty ULTA 243.99 -1.43 ValeroEnergy VLO 100.35 -0.74 W X Y Z WesternDigital WDC 53.72 -0.42 s Xerox XRX 37.66 1.29
ToyotaMotor TM 140.37 -0.37 UnderArmour A UAA 18.17 0.27 VarianMed VAR 124.42 0.68 t WesternMidstrm WES 20.29 -0.56 Xilinx XLNX 93.77 -1.63
StoneCo STNE 34.22 -0.80 TD Ameritrade AMTD 39.83 0.03 s TeledyneTech TDY 339.43 2.38 WABCO WBC 134.97 0.21
TractorSupply TSCO 95.93 -1.64 UnderArmour C UA 16.51 0.20 Vedanta VEDL 8.87 -0.05 s WesternUnion WU 27.47 0.96 Xylem XYL 78.20 -1.47
Stryker SYK 201.01 2.64 TE Connectivity TEL 93.94 -0.62 Teleflex TFX 334.95 -1.27 WEC Energy WEC 91.21 0.21
TradeDesk TTD 194.42 -5.11 Unilever UN 59.96 1.12 VeevaSystems VEEV 140.85 0.17 WestlakeChem WLK 73.48 -1.20 Yandex YNDX 34.20 -0.32
SumitomoMits SMFG 7.27 0.02 Telus TU 35.89 0.33 Ericsson ERIC 8.88 0.03
Tradeweb TW 40.58 0.44 Unilever 60.39 0.95 Ventas VTR 60.31 -0.15 WEX WEX 196.41 1.54 YUM 100.09 2.16
SunComms SUI 156.30 1.05 TIM Part TSU 15.28 0.49 TelefonicaBras VIV 13.32 -0.03 TransDigm
UL
W.P.Carey WPC 86.18 -0.30 WestpacBanking WBK 18.58 -0.04 YumBrands
TDG 536.42 0.95 UnionPacific UNP 176.34 -1.43 VeriSign VRSN 185.66 -0.90 WRK 39.24 -0.38 YumChina YUMC 42.64 -0.10
s SunLifeFinancial SLF 46.02 0.40 TJX TJX 58.83 -0.39 Telefonica TEF 7.49 -0.08 TransUnion TRU 80.78 WPP WPP 63.52 -0.29 WestRock
1.51 UnitedAirlines UAL 93.34 0.22 VeriskAnalytics VRSK 140.78 2.00 ZTO Express ZTO 22.17 -0.03
SuncorEnergy SU 31.18 -0.41 T-MobileUS TMUS 81.86 0.39 TelekmIndonesia TLK 29.29 -0.40 Travelers Wabtec WAB 77.92 0.25 Weyerhaeuser WY 29.54 -0.13
TRV 132.35 1.08 UPS B UPS 121.95 0.56 Verizon VZ 60.13 0.63 ZayoGroup ZAYO 34.29 0.06
SunTrustBanks STI 71.27 -0.15 TRowePrice TROW 120.06 0.93 Tenaris TS 21.92 -0.43 Trimble TRMB 40.13 -0.85 UnitedRentals URI 147.14 0.16 VertxPharm VRTX 195.97 -1.17 WalgreensBoots WBA 59.49 -1.72 WheatonPrecMet WPM 27.07 0.16
ZebraTech ZBRA 242.73 1.41
Suzano SUZ 8.98 -0.27 TaiwanSemi TSM 53.64 0.09 Teradyne TER 63.02 0.42 Trip.com Walmart WMT 119.50 0.64 Whirlpool WHR 156.46 -1.31
TCOM 35.05 -0.70 US Bancorp USB 58.76 0.17 Viacom B VIAB 22.01 -0.38 Zendesk ZEN 70.32 -0.39
SynchronyFin SYF 36.82 0.54 TakeTwoSoftware TTWO 116.68 -0.57 Tesla TSLA 326.58 9.36 TripAdvisor TRIP 40.79 WasteConnections WCN 90.27 0.43 Williams WMB 22.24 -0.71 Zillow C
-0.19 UnitedTech UTX 148.31 0.46 Viacom A VIA 24.39 -0.55 Z 33.63 0.27
Synnex SNX 118.99 -1.84 TakedaPharm TAK 19.34 0.07 TevaPharm TEVA 8.10 -0.44 Twilio WasteMgt WM 109.93 1.62 WillisTowers WLTW 186.67 1.66 Zillow A
Synopsys SNPS 136.57 0.94
TWLO 92.27 0.94 UnitedHealth UNH 250.52 0.22 Vipshop VIPS 11.71 0.11 ZG 33.61 0.32
Tapestry TPR 25.93 -1.02 TexasInstruments TXN 120.36 0.50 Twitter TWTR 29.54 -0.27 UnivDisplay OLED 198.83 -2.84 Visa V 176.77 0.40 Waters WAT 213.07 -0.51 Wipro WIT 3.89 -0.07 s ZimmerBiomet ZBH 143.22 2.91
Sysco SYY 81.06 0.98 WIX 127.18 -0.74 ZionsBancorp ZION 50.37
TargaResources TRGP 39.47 -1.14 Textron TXT 46.93 -0.37 s TylerTech TYL 276.06 4.22 UniversalHealthB UHS 139.92 0.06 VistraEnergy VST 25.75 -0.61 Watsco WSO 178.70 0.23 Wix.com -0.34
Target TGT 110.51 0.45 ThermoFisherSci TMO 294.57 1.94 TysonFoods TSN 83.47 83.76 2.26 Woodward WWD 110.85 1.72 Zoetis
T U V TataMotors TTM 12.18 0.01 ThomsonReuters TRI 66.76 0.13 UBS Group UBS 12.37
1.54 UnumGroup UNM 29.49
... VEREIT VER 9.36
-0.44
-0.13
VMware
Vodafone
VMW 163.91
VOD 20.85
0.66
...
Wayfair
Weibo
W
WB 51.62 -0.71 WooriFin WF 31.41 -0.23 ZoomVideo ZM
ZTS 121.47
66.83
1.22
-0.06
TAL Education TAL 43.68 0.35 TechnipFMC FTI 20.53 -0.56 3M MMM 174.00 -1.27 UDR UDR 48.65 0.15 VF VFC 86.11 -0.09 VornadoRealty VNO 65.26 -0.10 WellCareHealth WCG 289.50 -2.70 Workday WDAY 161.55 0.17 Zscaler ZS 43.91 -0.52
TC Energy TRP 50.35 0.65 TeckRscsB TECK 16.88 -0.46 Tiffany TIF 124.69 0.39 UGI UGI 47.09 -0.21 VICI Prop VICI 24.18 0.12 s VoyaFinancial VOYA 57.62 1.46 WellsFargo WFC 53.80 0.50 WynnResorts WYNN 122.56 -4.04 Zynga ZNGA 6.29 ...
THE WALL STREET JOURNAL. * * * * Thursday, November 7, 2019 | B11
MARKETS
Saudis Seek OPEC Cuts Before Listing

BY BENOIT FAUCON on Dec. 11. On Dec. 5, Saudi Ara- benchmark—is trading around Saudi Arabia’s new energy The Saudis are also commu- Russia—the main participant in
AND SUMMER SAID bian delegates are scheduled to $63 a barrel, and has declined minister, Prince Abdulaziz bin nicating to other members that the cuts outside OPEC—had pri-
join OPEC’s 13 other oil-produc- 12% over the past six months, Salman, sees the pressure cam- a cut deeper than the current vately told the group it wants to
Saudi Arabia is set to push ing nations along with 10 na- as OPEC struggles to respond paign as a way to establish his agreement—which runs through maintain the current targets un-
the Organization of the Petro- tions from a Russian-led coali- to rising U.S. shale production. credibility as a tough negotia- March—could be discussed at til March. Still, in the medium
leum Exporting Countries to tion for a meeting in Vienna. At the December OPEC meet- tor after succeeding oil veteran the December meeting. term, OPEC’s forecasts suggest
make deeper oil-production “They will be under enor- ing, Saudi Arabia, the cartel’s de Khalid al-Falih in September, “Saudi Arabia knows that it it will have to sharply reduce
cuts by pressuring laggard mous pressure to succeed [in facto leader, is expected to back two senior Saudi officials said. would be difficult to get any- production again. Demand for
members ahead of its state- pushing prices up] just before the continuation of the group’s “If everyone complies with one to agree on this, but they OPEC crude is expected to fall
run oil company’s massive ini- the IPO,” which is taking place pact to cut collective produc- cuts, you effectively come out want to put it out there,” an- by 1.1 million barrels a day next
tial public offering. six days later, a Saudi oil ad- tion by 1.2 million barrels a day. with a cut without coming up other Saudi official said. year compared with 2019, the
The effort is viser said. It will also put pressure on pro- with new targets,” a Gulf OPEC But the kingdom is unlikely cartel said in its latest report.
COMMODITIES aimed at bol- Saudi Crown Prince Moham- ducers that haven’t respected delegate said. to push hard for a change in OPEC on Tuesday said it ex-
stering oil med bin Salman wants to keep the existing agreement to en- Saudi Arabia has persuaded collective-reduction targets be- pects its oil supplies to fall con-
prices and reminding potential oil prices high before Aramco’s sure the price of oil is as high Nigeria to lobby other African cause it wants to avoid bearing tinuously in the next five years.
Aramco investors of Saudi Ara- stock-market debut, a Saudi of- as possible on the day of producers to reduce their pro- much of the burden on its own. Still, experts say Aramco
bia’s considerable sway within ficial said. The oil giant’s Aramco’s IPO, Saudi oil advisers duction, OPEC officials said. The Saudis also want to has potential to thrive as a
OPEC, people familiar with the growth assumptions, as well as and an OPEC official said. Iran, which is often at logger- avoid encouraging rival U.S. cheap oil producer in a world
plan said. Nigeria has agreed the dividend it promises inves- If the Saudis were to get heads with Saudi Arabia within shale producers to budget for that has lower crude demand.
to improve compliance and tors, are predicated on oil prices overproducing countries such as OPEC, also expects to see more high production as they com- “The last barrel of oil de-
lobby other African producers around $65 a barrel, according Iraq, Nigeria, non-OPEC member production cuts at the meeting. plete spending plans for next mand is the cheapest,” said
to follow suit, they said. to a document for investors pre- Kazakhstan and a few others to “We will see a further decrease year, the OPEC officials and Ayed al-Qahtani, OPEC’s direc-
Saudi Arabian Oil Co., or pared by one of the bookrun- comply with the agreement, the by OPEC to the market,” Iran’s the Saudi oil adviser said. tor of the research division.
Aramco, this week officially un- ners for Aramco’s IPO and seen result would bring about an ef- semiofficial Mehr news agency OPEC still needs to assess “The long-term advantage will
veiled its plan for an IPO on the by The Wall Street Journal. fective cut of 500,000 barrels a quoted Iranian Oil Minister Bi- first-quarter oil demand, these be the hands of low-cost pro-
Saudi stock market beginning Brent crude—the global day, the Saudi oil advisers said. jan Zanganeh as saying. people said. They added that ducers.”
Aramco’s be valued at less than $1 tril-

lion on this basis. As ana-
lysts at Bernstein suggest,
Put simply, shareholders
are silent investors with the
Saudi government. The bull
The IPO of the world's biggest oil company comes at a time when
oil stocks and crude prices are far below their peaks.
Worth in adjust for Aramco’s lower
debt and a cash-flow-based
valuation could reach $1 tril-
case for the shares is that
the Saudis are serious about
wanting to modernize their
Saudi Aramco's worth depends on what
investors think the yield should be....
But stocks move
with crude oil prices.
Question lion to $1.25 trillion.

The Saudis want investors
to focus on the dividend,
economy and sell more
Aramco stock in the future
so need to treat private in-
Estimated 2020 dividend yield
Aramco worth $ trillion
3.8%
Brent crude-oil futures
$150 a barrel
promising to keep paying it vestors well.
Continued from page B1 on the stock they sell even if And Aramco’s IPO comes Aramco worth $1 trillion
tors don’t have the same they have to cut the payment with global oil stocks 16% 5.0%
power. It is true that the to themselves. Like preferred below the high of October 100
Saudis now want to raise shares, this is a stock with last year and more than a Aramco worth $1 trillion
cash as part of their plan to the characteristics of a bond, third below 2008’s high— 7.5%
.
shift the country’s economy which should make the divi- with dividend yields at their
ly
away from oil, but there is dend more attractive. Put it highest in data back to 1994. Exxon Mobil 50
no risk of the country run- on Exxon’s 5.3% estimated But it would be easy for 5.3%
ning out of cash soon. 2020 dividend yield and the government to revert to Average of eight Western oil majors
Aramco would be worth $1.4 on the past norm of using 5.7%
V
aluation will be based trillion, or $1.7 trillion at Aramco as a piggy bank to 0
on something closer Chevron’s 4.3% yield. To finance the projects they Average emerging-markets oil majors 1994 2000 ’10
to cash flow, earnings reach the $2 trillion the want, like camel beauty con- 6.3% Index performance
or dividends. Put Aramco on Saudi crown prince once de- tests. The company has ap-
us l,
the same multiple of esti- manded would mean a divi- pointed nonexecutive direc- 400%
mated 2020 earnings as dend yield of 3.8%, lower tors to try to reassure ...and global oil stocks have never yielded so much.
al a
e
Exxon or Chevron and it is than Western major oil com- investors about governance. FTSE All-World Oil & Gas dividend yield
worth roughly $1.5 trillion. panies. My concern is that what- 4.52% 300
Saudi oil is so cheap to get ever the valuation, it will fail 4.5%
ci on
A
out of the ground that it is ramco shares are like to take sufficient account of 4.0
unreasonably profitable, jus- preferred stock in an- the political risk. Saudi Ara- 200
tifying a much higher multi- other way, too: Private bia has kept its absolute 3.5
ple of book value than other shareholders will have no monarchy going with a com-
companies. power to influence the bination of crackdowns and 3.0
100
er rs
Focus on cash rather than board. The government will bribery. I can’t predict when
2.5
earnings, and things don’t still have the vast majority or if it might go wrong, but
look quite so good. Exxon of votes, so will be able to if it does, Aramco stock 2.0 0
FTSE All-World Oil & Gas
trades at 8.4 times 2020 do what it likes with Aramco could end up worthless. That
m e
1994 2000 ’10 1994 2000 ’10

cash flow, and Chevron at even without changing the justifies a discount to below
seven times. Aramco would law. $1 trillion. Sources: Refinitiv (index dividend, performance, oil prices); AB Bernstein (estimated dividend)
m rp
Trade trade talks is also boosting

the investor outlook on oil.
Net bets on rising U.S. oil
The rise of crude, combined
with a rally in natural-gas
prices bolstered by forecasts
Xerox, HP
Hopes Lift prices hit a nine-month low in for cold November weather, is
Bonds Fall
co Fo
mid-October on fears of soft- helping to boost shares of

ening demand amid strong beaten-down energy produc-
Copper, Oil production from the U.S., but

have risen in recent weeks.
U.S. crude futures fell 1.5%
ers. Cimarex Energy Co., No-
ble Energy Inc. and Pioneer
Natural Resources Co. have
On Tie-Up
Continued from page B1
other speculative investors
on Wednesday, snapping a
three-session win streak to
settle at $56.35 a barrel.
all gained more than 4% this
week.
Energy stocks in the S&P
Possibility
are the least bearish they Brent, the global gauge of 500, however, remain down BY MATT WIRZ
have been on copper since prices, slipped 1.9% to settle roughly 13% over the past 12
April, according to the Com- at $61.74 a barrel, though it months, dragged lower by Xerox Holdings Corp.’s po-
modity Futures Trading Com- has gained 5.8% in the past worries about a glut. tential takeover of HP Inc.
DONAT SOROKIN/TASS/GETTY IMAGES
mission. month. If a trade deal collapses or provided a lift to shareholders

“Investors are looking at A lot of investors say the signs of slowing demand of both companies Wednesday.
n-
the U.S. and China and saying, market will be oversupplied mount, any rally in crude For bondholders, not so much.
‘Maybe the worst-case sce- next year, said Michael Tran, could prove short-lived. The planned cash-and-stock
nario isn’t going to come to energy strategist at RBC Capi- Still, investors are optimis- offer from Xerox could be
pass anymore,’” said Tai tal Markets. tic about a breakthrough. funded in part by borrowing
no
Wong, head of base- and pre- “That’s why the bulls in the “Hopefully, the worst of the more debt. That prospect sent
cious-metals derivatives trad- market are hanging their hat China-U.S. trade war is over,” bond prices for the potential
ing at Bank of Montreal. on a trade-war resolution—so said Rob Thummel, senior target and acquirer tumbling.
A more positive view on the economic backdrop and portfolio manager at energy HP’s $1.2 bil-
Front-month copper futures have gained 4.1% in the past month. the outcome of the U.S.-China demand can improve,” he said. investment firm Tortoise. CREDIT lion bond due
MARKETS 2041 fell about
6% to 106.24
Stocks Pause as Energy Shares Move Lower

cents on the dollar following a
report about the possible ac-
quisition.
HP has a triple-B invest-
BY PAUL VIGNA fered by China and the U.S. to Shares of HP rose $1.17, or initial offer can now sell shares. capital strength improved in ment-grade credit rating, but
AND AVANTIKA CHILKOTI resolve the dispute. 6.4%, to $19.57 after The Wall The stock is down about 40% the third quarter. UniCredit Xerox has a double-B credit
“The market’s a bit shy Street Journal reported that from its May IPO price. shares increased 1% as the Ital- rating, which places it on the
Major U.S. stock indexes when it comes to the trade Xerox Holdings is considering Shares of CVS Health rose ian lender moved a bad-loan highest rung of the junk-debt
were little changed after notch- stuff and doesn’t want to pull making a cash-and-stock offer $3.61, or 5.4%, to $70.93 after portfolio off its books in what category.
ing a string of records in recent the trigger until they see these for the personal-computer the company posted a stronger- it said would amount to a “sig- Xerox’s bonds due 2039 fell
sessions. things in writing,” said Shawn maker. Xerox shares rose $1.29, than-expected profit and raised nificant risk transfer.” to about 99 cents on the dollar
The Dow Jones Industrial Snyder, head of investment or 3.6%, to $37.66. its outlook. The U.K.’s FTSE 250 index, from 104 cents on Tuesday, ac-
Average eased 0.07 point to strategy at Citi Personal Wealth Shares of Uber Technologies After the bell, shares of which includes companies that cording to data from Market-
27492.56. The S&P 500 added Management. fell $1.08, or 3.9% to $26.94 as Qualcomm rose 5.8% after the are more exposed to the do- Axess.
2.16 points, less than 0.1%, to Without new trade-related the lockup period on the com- company beat earnings expec- mestic economy than their The bonds had risen Tues-
3076.78. The headlines, investors focused on pany’s initial public offering ex- tations, even though revenue larger peers, dropped 0.4% as day after the company’s an-
WEDNESDAY’S technology- single stock moves. pired, meaning investors in the fell 17% from a year earlier. political parties prepared for nouncement that it would sell
MARKETS heavy Nasdaq Energy shares were the the Dec. 12 election. a 25% stake in its joint venture
Composite Index and sector performance Wednesday weakest performers in the S&P In Asia, the Shanghai Com- with Fujifilm Holdings Corp.
dropped 24.05 points, or 0.3%, 500 on Wednesday. posite Index slipped 0.4%, while for $2.3 billion.
0.5%
to 8410.63. What is notable about the the Hong Kong and South Ko- HP stock closed up 6.4%,
The three indexes have set sector, Instinet’s Mr. Cappelleri rean gauges ended the day lit- and Xerox closed up 3.6%
highs this week, driven by opti- S&P 500 said, is energy stocks are un- tle changed. In early trading Wednesday.
0
mism about the potential for a derperforming commodities Thursday, the Shanghai Com- Printer manufacturer Xerox
partial trade deal between the prices, suggesting investors are posite was up 0.2%, Hang Seng is part-owned by activist in-
U.S. and China, easing mone- nervous about investing in the was down 0.3% and Kospi was vestor Carl Icahn, and the
–0.5
tary policy from the Federal companies regardless of the up 0.1%. company has been cutting
Reserve and a better-than- short-term price of oil. U.S. costs this year while pursuing
feared earnings season. crude fell 1.5%. a large acquisition. The mar-
–1.0 AUCTION RESULTS
Given the lingering uncer- Chesapeake Energy Here are the results of Wednesday's Treasury
ket value of HP, which princi-
tainty over the trade war, slumped 37 cents, or 29%, to 91 auction. All bids are awarded at a single price at the pally makes personal comput-
market-clearing yield. Rates are determined by the
though, “seeing a quiet pause –1.5
cents after it said Tuesday it difference between that price and the face value. ers, had dropped about 10%
at new highs is the best-case might not be able to stay in 10-YEAR NOTES this year before the Journal’s
scenario right now,” said Frank business if commodities prices Applications $79,965,982,900 report.
Accepted bids $39,784,731,300
Cappelleri, executive director at –2.0 don’t rise. " noncompetitively $20,011,800
U.S. government bond
Instinet. Energy sector Overseas, the Stoxx Europe " foreign noncompetitively $0 yields slid Wednesday. The
Auction price (rate) 99.462502
Some investors remain cau- 600 index gained 0.1%. Banks (1.809%)
yield on the benchmark 10-
tious because there have been –2.5 were among the biggest gainers Interest rate 1.750% year Treasury note settled at
Bids at clearing yield accepted 45.79%
head fakes in the trade talks in Europe. Shares in Société Cusip number 912828YS3
1.814%, down from 1.865%
10 a.m. 11 noon 1 p.m. 2 3 4
before. Markets are seeking Générale rose 3.4% after a The notes, dated Nov. 15, 2019, mature on Nov. 15, Tuesday. Yields fall as bond
clarity on any concessions of- Source: FactSet measure of the French lender’s 2029. prices rise.
HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY
SoftBank Must Dial Back Ambitions Adidas

Vulnerable
Stung by WeWork, the firm is planning another mammoth fund, but shareholders want it to slow down
A chief executive likely knows
Despite
he has gone too far when he is
asked if the company has any con-
trol process to make sure he
Better Sales
doesn’t go crazy. SoftBank Chair-
man Masayoshi Son, who took that
question from a reporter during Market-share losses to
the company’s earnings briefing Nike remain a concern
Wednesday, needs to do more to
convince his investors.
Mr. Son’s erratic investment Adidas has recovered from the
style has certainly caused him problems with its supply chain ear-
some pain lately: SoftBank’s oper- lier this year. Continued market-
KAZUHIRO NOGI/AGENCE FRANCE-PRESSE/GETTY IMAGES
ating loss in the September quar- share losses in some regions still
ter amounted to $6.5 billion, the leave its expensive stock vulnerable,
first quarterly loss since 2005. Its though.
big bet on WeWork, whose valua- Sales in the three months
tion has fallen to $7.8 billion from through September increased by 6%
a peak of $47 billion, is the major versus the year-earlier quarter,
reason for the loss. As of Septem- stripping out currency movements,
ber, SoftBank, together with its the company reported Wednesday.
near $100 billion Vision Fund, had Demand picked up in North Amer-
lost around two-thirds of its $10.3 ica, where Adidas is growing at
billion investment into the com- more than twice the rate of larger
pany. But SoftBank decided to dou- competitor Nike. Its domestic busi-
ble down on the investment last ness also improved; European sales
month after WeWork’s failed ini- increased by 3% in the third quar-
tial public offering. Uber and The company’s chairman, Masayoshi Son, addressing the WeWork investment., ter, compared with a flat perfor-
Slack—two of the Vision Fund’s mance in the second. A new man-
other investments—also have lost to stop supporting them. pany could quickly put cash to for its shareholders. agement team in place since the
more than 30% over the quarter. He also emphasized free cash work growing revenue, even if that SoftBank is trading at a deep middle of last year is beginning to
Mr. Son tried hard to assure in- flow as the most important metric growth turned out to be unsus- discount to its net asset value. It turn the unit around.
.
vestors that the WeWork debacle to evaluate whether to invest in a tainable. has a market value of $82 billion— More even growth will help Chief
ly
was a one-off. He said SoftBank startup. That, however, isn’t too Paradoxically, a more prudent less than half of the combined Executive Kasper Rorsted to achieve
won’t generally do similar bailouts reassuring for investors given that SoftBank might further drive down value of its three largest listed in- his 2020 target of an 11.5% operat-
of portfolio companies, even if he was talking about projected the value of its investments, at vestments: a 26% stake in Chinese ing margin and average annual
some run into trouble in the fu- cash flows a few years down the on least in the short term. e-commerce giant Alibaba, an 85% sales growth of 10% to 12% between
ture. That is a smart pledge to road. Mr. Son’s rosy views could That is why Mr. Son is eager to stake in wireless carrier Sprint 2015 and 2020. The company’s
make, given investors’ worry that well be far away from reality. launch another $100 billion fund, and a 66% stake in its Japanese three strategic markets—China, the
SoftBank will have to foot the bill The ultimate problem for Soft- which could keep the party going. telecom unit. But monetizing those U.S. and e-commerce—are all doing
if more of the Vision Fund’s in- Bank’s Vision Fund has been that He said the fund remains on track, assets may not be easy: There well.
us l,
vestments go sour, effectively it is hard to invest such an im- but it is unclear how many exter- would be a big tax bill for selling But Adidas is losing market share
throwing good money after bad. mense sum in such a short period nal investors will still put money its Alibaba shares, for example. in Europe, where Nike is growing
al a
e
But it may not be credible. Since without pushing valuations into in after the WeWork debacle. This discount will persist until sales at a pace four times faster.
many of those companies are cash- the stratosphere. WeWork became Eventually, this may just mean Mr. Son has demonstrated he has The German company also is un-
burning startups, it is unclear one of SoftBank’s largest invest- more of SoftBank’s own money in learned his lesson. derperforming the $360 billion
ci on
where SoftBank will draw the line ments probably because the com- the fund, which means more risk —Jacky Wong global sportswear market, which is
expected to expand by 7.7% this
year, according to data provider Eu-
romonitor. Smaller competitor
Xerox-HP BMW Takes a Hybrid Approach Puma is outpacing it, with an antic-
er rs
ipated sales increase of 15% in 2019.

Catching up would help Adidas
to defend its pricey valuation. The
May Only stock is up 50% since the beginning
m e
Investors looking for a radical A surprising bright spot is the of the year and now trades just
new approach from BMW’s new company’s thriving Chinese busi- one-tenth below Nike’s as a multiple
Be Good boss are in for a disappointment. ness. While the world’s largest of projected earnings. In January,
m rp
Oliver Zipse, who replaced car market is shrinking as a the discount was one-quarter.
Harald Krüger as chief execu- whole, luxury-car sales there Adidas will be helped by the
On Paper tive of the German car maker

in August, showed no signs of
deviating from the strategy
are holding up well—those of
BMW in particular: Sales in
China were up 14.5% for the
Euro 2020 soccer championship
next year, which will boost demand
for football kits. But competition in
co Fo
followed by his predecessor first nine months. This running footwear is intensifying.
There are some problems Wall in his first public comments mainly reflects a decision to As a growth stock, Adidas has
Street’s deal machine may be well to the investment community locally produce the X3 SUV. shown impressive endurance in re-
suited to solve. Getting people to on Wednesday. Growth will slow next year as cent years, but after such a strong
print more isn’t one of them. This strategy above all fa- year-over-year comparisons run it may be due for a breather.
That would be only one of the vors flexibility. While other car become less flattering. —Carol Ryan
challenges faced by a combined Xe- makers are increasingly turning The investment case for
rox-HP. The Wall Street Journal re- to dedicated electric-vehicle-pro- BMW depends in large part on Global sportswear market growth
ported Tuesday night that Xerox is duction platforms, BMW is integrat- whether it ends up needing its
10%
considering a bid for HP Inc., the ing all possible drive types—tradi- velopment costs were up 9.4%. prized flexibility. A rapid adoption
PC-and-printer half of the former tional, hybrid, all-electric—into a The whole car industry is being of the all-electric vehicles due to
Hewlett-Packard empire. No price single manufacturing model. squeezed between rising manufac- be released over the coming years 8
HECTOR RETAMAL/AGENCE FRANCE-PRESSE/GETTY IMAGES
has been reported, other than a Flexibility may help BMW navi- turing costs and slower sales. BMW to please environmental regulators
promise that the offer would mark gate what is likely to be a very is responding by finding savings, will reward those that have bet big
n-
a premium to HP’s share price, messy transition to battery technol- with a target of €12 billion ($13.3 on the technology. Greater con- 6
which hit a two-year low last ogy in Europe and China over the billion) by the end of 2022. Up to sumer interest in hybrid cars will
month. This was in the wake of a coming years. But the approach half of the drivetrain options on make BMW’s more hedged ap-
string of events that included a hints at indecision, and it could also traditional engine vehicles will be proach look smart. 4
no
surprise leadership change, disap- constrain BMW’s electric-vehicle axed by 2021, for example. But in- BMW is to investors as hybrids
pointing quarterly results and an designs at a crucial time relative to vestors won’t see the savings, which are to consumers: the choice for
ambitious restructuring move. rivals with purpose-built platforms. will instead finance investments in those who don’t want to be too 2
As such, any bid from Xerox Flexible production doesn’t seem new technology. BMW expects to dependent on battery technology
would certainly have an opportu- to be cheap either. BMW’s capital make an operating margin of be- in an industry currently subject to
0
nistic feel. It still would be a spending rose 14.5% in the third tween 6% and 8% this year, exclud- unusual uncertainty. One thing is
stretch financially, though. Xerox quarter from the same period last ing a one-time antitrust charge it clear: the company under Mr. 2018 ’19 ’20 ’21 ’22
may be landing a $2.3 billion wind- year, the company reported took in the first quarter—below its Zipse isn’t going to change course. Note: 2019 through 2022 are projections.
fall from its settlement with Fujif- Wednesday, while research-and-de- longer-term target of 8% to 10%. —Stephen Wilmot Source: Euromonitor
ilm, but it has relatively little cash
of its own with a net debt position
of about $3.9 billion. Any offer that
would represent an attractive pre-
mium to HP’s unaffected $27 bil- China’s Smog Gauge Is Signaling Trouble
lion market value probably would
rely heavily on issuing a mix of OVERHEARD
more debt plus Xerox’s stock. There is a running joke in Bei- China smog and housing, Two broader gauges measuring
Any such bid also represents a jing that if you want to know how change from a year earlier particulate levels in the Yangtze
gamble from Xerox that it has a Bank of America is taking the the Chinese economy is doing, just Housing prices Air pollution River Delta and northern central
40%
better idea of how to run a print- adage “time is money” to quite look out of your window. The Metals, cement, (five cities)* China respectively averaged 8% and
ing business that is in secular de- the extreme. thicker the smog, the better things glass, power Air pollution 21% lower than a year before in the
cline. Both HP and Xerox have been CEO Brian Moynihan this are. 20 output* (Beijing) three months to September. This
hurt by the fact that consumers week touted the ability to com- In reality, air pollution lines up comes even as policy makers are
and businesses are printing less plete $500 million payments for best with particular parts of the softening pollution targets to help
these days. HP’s stated plan to ad- corporate clients via the bank’s economy—especially the housing- 0 struggling factories. The govern-
dress this involves a shift from its Apple Watch app. A treasurer or driven heavy-industry sector. Dur- ment said in October it was seeking
longstanding practice of taking a chief financial officer on the go ing the last two big run-ups in a 4% drop in fine particulate matter
–20
loss on printer hardware to make can start the ball rolling on his home prices in early 2017 and late in northeastern China this winter,
money on consumables. or her mobile device and finish 2018, pollution levels roared back less ambitious than the 5.5% draft
That is no sure thing as far as things off with a security code after dipping. –40 target.
the market’s judgment goes: HP generated by the watch. In recent months they have been These signs of softening in heavy
2015 ’16 ’17 ’18 ’19
was fetching one of the lowest Mobile payments are clearly trending sharply lower again in industry, along with rising bond
multiples in tech at just over eight moving up the value chain. Last much of China. That adds to other *Average change yields, help to explain the Chinese
Note: Pollution figures six-month moving averages.
times forward earnings before year, Tesla garnered headlines signs that China’s construction sec- Five cities are Beijing and capital cities of Hebei,
central bank’s unexpected 0.05-per-
news of the potential bid. by making it possible to buy an tor, after two years of steady Shandong, Jiangsu and Guangdong provinces. centage-point cut to rates on one of
Xerox would need to show that electric car by tapping a finger strength, is starting to weaken. Source: CEIC its key lending facilities Tuesday.
it can do better while also running with Apple Pay. A columnist at The clues hinting at that deterio- The People’s Bank of China doesn’t
the world’s second-largest PC Inc. magazine accidentally put ration have been piling up for a are now up around 8% from a year want to set off another lending
maker by market share. The fact $2,500 down on a $100,000 ve- while. China’s purchasing managers earlier, versus 11% in mid-2019. frenzy; home prices are still rising,
that Xerox’s relatively new CEO, hicle while lying in bed. index for the construction sector Air-pollution data is the latest if less strongly than before, and
John Visentin, and other top exec- Sadly, Mr. Moynihan won’t be remained at a high level in October, confirmation of this trend. On a food prices are out of control be-
utives there have logged tenures at able to take advantage of the but was down sharply compared three-month moving-average basis, cause of the African swine fever ep-
HP may help them make their case. service himself, he told analysts: with the same month of last year. the concentration of fine particu- idemic. But officials may have de-
But HP holders will still need good “They don’t let me have that Heavy-industry output growth is late matter in Beijing’s air has cided it was time for a reminder
reasons—likely several billion of kind of authority to send weakening, and steel prices are fallen sharply from a year earlier that the central bank stands ready
them—to make what feels like a money.” down around 20% from their since April. to intervene if the housing market
premature vote of no confidence in late-2018 peak. Home-price mo- That is a month after heavy-in- deteriorates too rapidly.
their current team.—Dan Gallagher mentum has weakened, too: Prices dustry output growth peaked. —Nathaniel Taplin

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Candles Light Up Beirut as Protesters Press for New Government Twitter

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U.S. NEWS U.S. WATCH

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Continued from Page One

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