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The Wall Street Journal 12 September 2017

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What’s
News
Business & Finance
hina is preparing to shut
down bitcoin exchanges,
reflecting unease with the
virtual currency and its recent surge in value. A1
Fintech firm SoFi said
that Chairman and CEO
Cagney would step down
by the end of the year. B1
The S&P 500 hit a fresh record and the Dow rose 259.58
points to 22057.37 as investors’ fears about North Korea
and Hurricane Irma eased. B1
Record demand for private equity is prompting
industry executives to sell
all or part of their firms. B10
Blackstone is readying an
IPO or sale of smart-home
tech company Vivint. B4
Teva named a Danish
drug-industry veteran as its
CEO after a long search. B3
The FCC called the wireless sector competitive for
the first time since 2009. B4
Google appealed the EU’s
record $2.91 billion antitrust
fine against the company. B4
World-Wide
Irma hammered almost
every inch of Florida, leaving
widespread damage and
knocking out power, though
the state’s coasts were largely
spared from the catastrophe
many had feared. A1, A6
Some of Trump’s lawyers
earlier this summer concluded
that Kushner should step down
due to possible complications
related to the Russia probe. A1
The U.N. Security Council
unanimously adopted new
North Korea sanctions after
the U.S. eased demands. A7
May won a key Brexit
vote but still faces a battle
in Parliament over how Britain will leave the EU. A8
Islamic State militants
attacked Egyptian police in
the Sinai Peninsula, killing
at least 18 people. A7
A Taiwanese activist
pleaded guilty in China to
charges he had plotted to
overthrow Communist rule. A7
The U.S. will deploy a
drone to the Philippines to
help battle militants. A7
Americans marked 9/11
with tributes and a warning
by Trump to terrorists. A3
CONTENTS
Business News.. B3,5
Capital Journal...... A4
Crossword.............. A12
Heard on Street. B12
Life & Arts....... A11-13
Markets............. B11-12
Opinion.............. A15-17
Sports....................... A14
Streetwise................. B1
Technology............... B4
U.S. News............. A2-6
Weather................... A12
World News........ A7-9
>
s Copyright 2017 Dow Jones &
Company. All Rights Reserved
TAMPA: In the aftermath of the storm Monday, homes were left
damaged. Meanwhile, the city’s port was cleared to reopen Tuesday.
JACKSONVILLE: Tommy Nevitt carried Miranda Abbott through
floodwaters Monday. Much of the city’s downtown was under water.
After Storm,
Florida Turns
To Recovery
MIAMI: A tree blocked a road on Monday. Elsewhere, residents
cleaned up debris and Miami Beach establishments worked to reopen.
PUNTA GORDA, Fla.—Hurricane Irma hammered almost
every inch of Florida, knocking
out power to millions of people while causing wreckage in
By Cameron
McWhirter, Jon Kamp
and Scott Calvert
the Keys and record flooding
in Jacksonville, though the
state’s coasts were largely
spared from the catastrophe
many had feared.
From Miami to Naples to
Tampa, many Floridians said
they felt lucky to have avoided
the epic flooding they feared
when authorities ordered
some 6.5 million people—
nearly a third of Florida’s population—to evacuate, and were
Some Trump
Lawyers
Wanted
Kushner Out
Some of President Donald
Trump’s lawyers earlier this
summer concluded that Jared
Kushner should step down as
senior White House adviser beBy Peter Nicholas,
Rebecca Ballhaus
and Erica Orden
cause of possible legal complications related to a probe of
Russia’s involvement in the
2016 presidential election and
aired concerns about him to
the president, people familiar
with the matter said.
Among their concerns was
that Mr. Kushner was the adviser closest to the president
who had the most dealings
with Russian officials and
businesspeople during the
campaign and transition, some
of which are currently being
examined by federal investigators and congressional oversight panels. Mr. Kushner, Mr.
Trump’s son-in-law and confidant, has said he had four
such meetings or interactions.
Another issue was Mr.
Kushner’s initial omission of
any contacts with foreign officials from the form required
to obtain a security clearance.
He later updated the form several times to include what he
has said were more than 100
contacts with foreign officials.
The president’s lawyers
weren’t united in the view that
Mr. Kushner should step down.
John Dowd, who first joined
Please see PROBE page A4
Politicians in both parties
turn to lawyer Lowell........... A4
JOE RAEDLE/GETTY IMAGES
Equifax lobbied for looser
regulation of credit-reporting firms in the months
before its data breach. B1
CHRIS WATTIE/REUTERS
C
HHHH $4.00
WSJ.com
TUESDAY, SEPTEMBER 12, 2017 ~ VOL. CCLXX NO. 61
* * * *
relieved to discover their communities weren’t wiped out.
Few deaths in Florida have
been attributed to the storm,
which killed at least 38 people
in the Caribbean, including
U.S. territories there. Estimates of insurance losses declined considerably.
But Florida officials still
warned of a long recovery
ahead after the massive storm
barreled up the entire peninsula, dropping heavy rain and
causing surging seas. ReconPlease see STORM page A6
Tallahassee
Pensacola
Jacksonville
Irma’s
path
Westward Track
Orlando
Hurricane Irma's shift to the west coast
of Florida likely spared insurers billions
in projected damage claims. B12
Tampa
Property values by county*
$50billion 100 200 300
Houston re-evaluates land
development............................... A2
Death toll in Caribbean rises
to at least 38............................. A6
Hurricane Irma spares
disaster bonds........................... B1
500
Naples
*Data include residential, commercial and industrial property.
Value is calculated by adding the cost to replace the building
and the value of the building’s contents.
Source: Karen Clark & Co.
Miami
THE WALL STREET JOURNAL.
EURO $1.1953
YEN 109.39
China
Cracks
Down on
Bitcoin
BY CHAO DENG
AND PAUL VIGNA
BEIJING—Chinese authorities are preparing to shut
down the country’s bitcoin exchanges, according to people
familiar with the matter, reflecting a growing unease with
the virtual currency and its recent surge in value.
The policy shift in the
world’s No. 2 economy shows
how nations are wrestling with
bitcoin and its place in the financial system. In China, specifically, the government’s attack
on bitcoin comes amid a focus
on preventing capital from fleeing to digital currencies.
The move could send shock
waves through the burgeoning market for virtual currencies and hundreds of new
companies that have sprouted
up to take advantage of the
open-ledger technology that
underpins bitcoin. The largest
of these virtual, or “crypto,”
currencies, bitcoin has surged
since March in part due to a
loosening of restrictions in
places such as Japan and advancements in buying and
selling.
After a Chinese news organization Friday reported on
China’s commercial-trading
ban, Bitcoin slid around 10%
to $4,186, from levels above
$4,600 on Thursday, according to research site CoinDesk.
It has hovered around that
level since, closing Monday at
$4,211.
China has long been a major hub for bitcoin, which was
Please see BITCOIN page A8
GOOGLE LEARNS TO SPEAK DETROIT
Alphabet’s self-driving car unit hires auto-industry veteran to bridge divide with the Motor City
BY TIM HIGGINS
MOUNTAIN VIEW, Calif.—John
Krafcik can speak two languages, Motor
City and Silicon Valley, and if Google
makes progress in developing self-driving cars, it might have his translation
skills to thank.
After building his career at Ford Motor Co. and Hyundai Motor Co., Mr.
Krafcik, 55 years old, now heads
Google’s self-driving car effort, called
Waymo. Unlike automotive industry executives, who tend to have plush offices, he has a desk among software engineers. On a recent afternoon, the desk
was mostly clear except for a copy of
trade journal Automotive News.
The tech and auto industries have
been at loggerheads for years. General
Motors Co. was so annoyed with
Google, a unit of Alphabet Inc., it once
tossed one of its software engineers off
a test track for plowing through cones.
After Multiple Invasions, the U.S.
Army Is Tired of Liberating Atropia
i
i
i
Military planners use fake countries for
war games, creating real-world problems
BY JAMES MARSON
AND JULIAN E. BARNES
is reality. It keeps interfering
with an elaborately constructed military-training sceThe U.S. Army always knew nario.
The U.S. Army’s training
defending Atropia would be a
command in 2012 developed a
slog.
But officers didn’t expect al- rich back story for various erlies to abandon the authoritar- satz countries in its war
ian regime. And they didn’t games. The fictional country of
think war weariness would be- Atropia, according to the playbook, is a proset the troops
western dictaso quickly.
torship.
The
“Candidly,”
Army ordered
says Lt. Col.
its
training
Joe Buccino of
centers adopt
the 82nd Airthe scenario.
borne Division,
Soldiers, like
a veteran of
Atropia’s flag
Col. Buccino,
multiple Atrosoon tired of
pia
actions,
“having liberated that place rerunning the same old script.
four times in 15 months, it is Bigger problems with Atropia
about time we let the Atropi- arose when some European
ans provide security for them- U.S. allies balked at the idea of
selves.”
propping up faux dictators—
Please see DRILLS page A10
Atropia’s problem, it seems,
Fiat Chrysler Automobiles NV’s Dodge
ran a television ad that took a thinly
veiled shot at the tech giant. More than
two years of on-and-off talks with Ford
were fruitless.
The mutual mistrust has fostered a
confusing array of alliances between
auto makers, ride-hailing companies,
rental-car concerns and tech giants. SilPlease see CARS page A10
Google appeals EU antitrust penalty.... B4
A2 | Tuesday, September 12, 2017
* ***
THE WALL STREET JOURNAL.
U.S. NEWS
BY DOUGLAS BELKIN
AND SHIBANI MAHTANI
HOUSTON—For years there
hadn’t been much debate over
how to regulate land use here.
Developers in the nation’s
fourth-largest city mostly built
what they wanted, where they
wanted.
Now, after Hurricane Harvey killed at least 50 people
and caused roughly $180 billion in damage, a battle is
shaping up over how best to
oversee real-estate development in Houston.
“If Houston does not
change, it will not survive
from an economic standpoint,”
said Jim Blackburn, a professor of environmental law and
co-founder of Rice University’s
Severe Storm Prediction, Education and Evacuation from
Disaster Center. “This absolutely should change our policies and our trajectory.”
Two men in particular will
have a large say in Houston’s
path forward.
Stephen Costello, whose official title is chief resilience
officer, but who is known to
many as Houston’s flood czar,
says the go-go culture of
growth is here to stay. “I don’t
think you’re going to see a
dramatic change in the way
we are developing,” he said.
Regulating development
through, say, a stricter zoning
code is a nonstarter, he said.
“Zoning is never going to
happen here, not in my lifetime,” he said.
Instead, he believes the city
needs to build its way out of
its flooding problem by investing in a better system to more
quickly and efficiently move
rainwater out of town and into
the bayous during heavy rains.
The second man with a large
say in this argument is Russell
Poppe, executive director of
the Harris County Flood Control District. He hopes to leverage a Federal Emergency Management Agency program to
buy hundreds, if not thousands,
of homes in vulnerable areas.
For that to come to pass, it
needs to happen soon, he said.
“We would prefer to buy
these homes out now before
they start making improvements,” Mr. Poppe said.
“We’re interested in homes we
consider hopelessly deep in
the floodplain.”
Many Houston residents
would appear eager for such a
plan. Mr. Poppe says his phone
SHIBANI MAHTANI/THE WALL STREET JOURNAL
Houston Re-Evaluates Land Development
Stephen Costello, Houston’s so-called flood czar, says the city’s
culture of growth isn’t going to change in response to Harvey.
has rung in the wake of Harvey with dozens of people asking for the city to buy their
homes.
Federal officials and scientists like Mr. Blackburn have
long urged Houston, one of the
nation’s fastest-growing cities,
to preserve more of its prairie
and regulate development to
mitigate the flooding that has
plagued residents for decades.
They haven’t had the ear of the
area’s politicians who, by and
large, have championed development to push economic growth.
Harris County, where Houston sits, added more people
than any other U.S. county
during the eight years before
2015, according to Census Bureau data. To make way for
that growth, developers have
paved over tracts of prairie
land that once soaked up the
rains that sweep in from the
Gulf of Mexico.
The tabletop-flat city is now
a sprawling metropolis stitched
together by 10-lane elevated
highways connecting far-flung
subdivisions filled with singlefamily homes. The unmanaged
growth has meant cheap housing relative to other parts of
the country, which helps attract even more people.
“Almost all the flooding in
Houston is the result of poor
development decisions,” said
John Jacob, a professor of watershed science at Texas A&M
University.
To mitigate the loss of prairie land and the increase in
homes near rivers, the city has
built drainage systems that
channel rainwater toward the
city’s bayous. A half-dozen
major floods in recent years
show that infrastructure
hasn’t been equal to the task,
and critics say the catastrophic damage caused by
Harvey is the last straw.
But developers and city officials say the scale of Harvey
CORRECTIONS AMPLIFICATIONS
M Y L A G O S M Y W AY
Billie Jean King beat Bobby
Riggs in a tennis match at the
Houston Astrodome on Sept.
20, 1973. A Sports article Saturday about Ms. King incorrectly said the match took
place in May 1973. The article
also misspelled actor Steve
Carell’s last name as Carrell.
The Cessna Citation M2
was incorrectly referred to as
the Cessna Citation C2 in one
instance in an Off Duty article
Saturday about personal jets.
Martin Brudnizki Design
Studio is based in New York
and London. An Off Duty article Saturday about carpet as
upholstery incorrectly located
it in London only.
The photos with the Rumble Seat column about Volvo’s
XC60 SUV in Saturday’s Off
Duty
section
incorrectly
showed the Volvo XC90.
Consumers can apply for
free credit reports every 12
months from each of the three
major credit-reporting companies, Equifax Inc., Experian
PLC and TransUnion, at annualcreditreport.com. A sidebar
with a Page One article Friday
about hackers gaining access
to Equifax’s systems directed
readers to creditreport.com, a
website that provides a free
credit report from Experian.
Readers can alert The Wall Street Journal to any errors in news articles by
emailing wsjcontact@wsj.com or by calling 888-410-2667.
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was so massive it is neither
fair nor smart to draw conclusions from the storm yet. They
note that building code restrictions and other regulations have gradually become
more strict since the 1990s.
Fred Caldwell, president
and chief executive of Caldwell
Cos., a real-estate developer,
believes the development community has done an “incredible job in protecting natural
areas,” adding his company
has incorporated green space
into its planned residential
communities.
He disputed the notion that
stronger regulations would
have mitigated Harvey’s impact. The record amount of
rainfall would have devastated
an area with stricter zoning,
building regulations and more
green space, he said.
Mr. Jacob called possible
FEMA buyouts a step in the
right direction, albeit a costly
one. “I’d like to see a sign in
every subdivision that shows
where the water came up to
during each storm,” he said.
“If you shine a light on things
you can make a tremendous
difference. Let people make
their own choices, and you
won’t need any regulation.”
U.S. WATCH
TEXAS
ARIZONA
Man Kills 8 at Party
in Dallas Suburb
Bison Hunt Planned
For Grand Canyon
A gunman opened fire at a
house party in the Dallas suburb
of Plano on Sunday night, killing
at least eight people before being shot dead by police, authorities said.
Police Chief Gregory Rushin
said Monday that a group of
people had gathered a singlefamily residence to watch the
Dallas Cowboys football game
when the gunman began shooting.
An officer who happened to
be nearby rushed to the area after police received reports of
gunfire at the home.
As he entered the back of
the house, the officer saw multiple shooting victims before
quickly confronting the gunman
and killing him, Mr. Rushin said.
Seven victims died at the
scene, and another who had
been hospitalized was pronounced dead on Monday, the
chief said. A ninth victim who
was wounded in the shooting is
still in the hospital. Mr. Rushin
said he is uncertain of that victim’s condition. All of those shot
were adults, according to authorities. Investigators were still trying to piece together a motive
for the shooting, but Mr. Rushin
said the gunman, whose identity
hasn’t yet been released, had
ties to the residence.
—Dan Frosch
The National Park Service
plans to thin a herd of bison in
the Grand Canyon through
roundups and by seeking volunteers who are physically fit and
proficient with a gun to kill the
animals that increasingly are
damaging park resources.
Some bison would be shipped
out of the area and others legally hunted on the adjacent forest. Within the Grand Canyon,
shooters would be selected
through a lottery to help bring
the number of bison roaming
the far northern reaches of the
park to no more than 200
within three to five years.
Some 600 of the animals are
in the region, and biologists say
the bison numbers could hit
1,500 within 10 years if left uncontrolled. The Grand Canyon is
still working out details of the
volunteer effort, but it is taking
cues from national parks in Colorado, the Dakotas and Wyoming
that have used shooters to cut
overabundant or diseased populations of elk.
Sandy Bahr of the Sierra Club
says she hopes the focus will be
on nonlethal removal.
The bison are descendants of
those introduced to northern Arizona in the early 1900s as part
of a ranching operation to crossbreed them with cattle.
—Associated Press
Tuesday, September 12, 2017 | A3
THE WALL STREET JOURNAL.
U.S. NEWS
JACQUELYN MARTIN/ASSOCIATED PRESS
America Remembers 9/11 on 16th Anniversary of Terrorist Attack
Americans commemorated
9/11 on Monday with tearstreaked tributes, a presidential
warning to terrorists and appeals from victims’ relatives for
unity 16 years after the deadliest terrorist attack on U.S. soil.
Thousands of family members, survivors, rescuers and
others gathered for the hourslong reading of victims’ names
at the World Trade Center in
New York, while President Donald Trump spoke at the Pentagon and Vice President Mike
Pence addressed an observance
at the Flight 93 National Memorial near Shanksville, Pa.
At the Pentagon Memorial,
West Virginia National Guard
Staff Sgt. Sean Ruth, above,
mourned the loss of his father,
Army Chief Warrant Officer 4 William Ruth, who died in the attack.
Nearly 3,000 people were
killed when planes hijacked by terrorists hit the Trade Center, the
Pentagon and a field near Shanksville on Sept. 11, 2001.
Mr. Trump issued stern words
to extremists. “America cannot
be intimidated, and those who
try will join a long list of vanquished enemies who dared test
our mettle,” he said.
—Associated Press
Virginia Ends Touch Voting
BY BYRON TAU
Election administrators in
Virginia ordered the state’s remaining touch-screen electronic voting machines be
taken out of service in advance of the coming statewide
election, after hackers demonstrated vulnerabilities in an
array of election technology at
a recent security convention.
Virginia, one of two states
holding statewide elections for
governor and state Legislature
this year, won’t use any touchscreen machines in the Nov. 7
general election after the State
Board of Elections voted on
Friday to revoke the certifications on all such systems still
being used in the state.
Virginia will switch to paper ballots counted and processed by computerized scanners.
James Alcorn, chair of the
board, said the move was
“necessary to ensure the integrity of Virginia’s elections.”
The decision by Virginia to
end the use of all touch-screen
voting technology, known as
direct recording electronic
voting machines, is part of a
renewed focus on election security and integrity after U.S.
intelligence agencies publicly
accused Russia of interference
in the 2016 U.S. presidential
election to boost Donald
Trump at the expense of his
Democratic rival, Hillary Clinton.
According to a January report from the U.S. intelligence
community, the highest levels
of the Russian government
were involved in directing the
electoral interference. Its tactics included hacking state
The state acted after
one of its machines
was hacked at a July
security convention.
election systems, infiltrating
and leaking information from
party committees and political
strategists and disseminating
through social media and
other outlets negative stories
about Mrs. Clinton and positive ones about Mr. Trump,
the report said.
Those known hacking efforts were mostly aimed at
third-party vendors and penetrating state voter-registration
databases. Officials have said
there is no evidence any votes
were changed in vote casting
or counting systems, but no
forensic audits have been conducted of voting technology
used in the election to fully
assess the scope of Russian efforts.
Russia has denied any interference in the election, and
Mr. Trump has dismissed the
notion that meddling by Russia or any other foreign entity
affected the race.
Virginia’s decision came after one of the state’s electronic voting machines was
hacked in less than two hours
at the DEF CON hacking and
security convention in Las Vegas in July. As part of a security demonstration on the vulnerabilities
of
election
technology, hackers cracked a
machine last used in a 2014
election in Fairfax County, Va.,
by exploiting a security flaw
that has been known to systems administrators for more
than a decade, but hadn’t been
patched on the voting system.
Though the model that was
hacked at the conference was
already decertified by the
state and wasn’t used in the
2016 election, the state still allowed use of seven other kinds
of electronic voting machines
until this month.
The Virginia Department of
Elections cited the conference
in a recommendation to the
state board as a reason to end
the use of electronic voting
machines.
The decision by the board
gives the state’s jurisdictions
that still use touch-screen
electronic machines just eight
weeks to obtain and deploy
new technology. Administrators noted just 140 precincts
serving roughly 190,000 of
Virginia’s five million voters
will be affected by the decision. Most jurisdictions in the
state have already eliminated
the technology.
The decision by Virginia to
stop using touch-screen electronic voting machines marks
a victory for advocates who
have criticized paperless electronic-voting systems as insecure and potentially vulnerable to tampering and mischief.
“Paperless voting machines
with no paper backups should
never have been used in the
first place,” said Barbara Simons, president of the nonpartisan group Verified Voting
that advocates for a paper
trail and random audits. She
said she hoped other states
would follow Virginia’s lead.
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A4 | Tuesday, September 12, 2017
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THE WALL STREET JOURNAL.
U.S. NEWS
CAPITAL JOURNAL
By Gerald F. Seib
A few weeks after Donald
Trump won the presidential
election last year, The Wall
Street Journal/NBC News
poll asked Trump voters why
they went for the man who
had just shocked the world.
Four in 10 Trump voters
said a primary reason was
that he would change business as usual in Washington.
By contrast, only one in 10
said they
picked Mr.
Trump because they
thought he
would pursue
traditional Republican policies.
Those two numbers explain why now-President
Trump probably is on safe
ground in his sudden pivot
to wooing Democratic leaders in Congress, while openly
scorning those of his own
Republican Party.
A large share of Trump
voters picked him because
they thought he would rattle
the status quo—and by that
they meant the status quo of
both parties. Mr. Trump
wasn’t a true ideological
conservative, and his supporters knew that.
He was barely a Republican, and his supporters also
knew that. In the first moment of the first Republican
primary debate, after all, Mr.
Trump alone among the candidates refused to say he
would support the eventual
GOP nominee or forswear
running as an independent if
he didn’t get the nomination.
In sum, Mr. Trump ran as
a virtual independent. He
used the Republican Party
apparatus when he had to,
particularly when he rented
it as a substitute campaign
infrastructure. But the
party’s congressional leaders
had no love for him, and he
none for them. After he won,
he stood on the steps of the
Capitol on Inauguration Day
and delivered an angry address that attacked the entire Washington power
structure arrayed around
him, without regard to party.
G
iven all that, it’s actually surprising it took
Mr. Trump this long to
really break with his own
party and to exercise an option that was always available to him: the option of
trying to govern as he ran,
which was as an independent
in pursuit of working-class
Democratic support.
Indeed, one of the great
what-ifs of the current political era is this one: What if
KEVIN LAMARQUE/REUTERS
Why Trump Is Free to Show Independence
President Trump last week at the White House with, from left, Senate Majority Leader Mitch
McConnell, Senate Democratic leader Chuck Schumer and House Democratic leader Nancy Pelosi.
Mr. Trump had decided to
adopt this tack at the very
beginning of his administration? Bolstered by the support of those populist and
working-class Democratic
voters, he could have opened
his presidency by moving
out on three issues where he
had the chance to win the
support of some lawmakers
in both parties: a plan to rebuild America’s infrastructure, establishment of a new
trade regime and a tax cut
focused on the middle class.
On the first two, he had at
least the tacit backing of
Senate Democratic leader
Chuck Schumer.
But that isn’t what happened. Instead, Mr. Trump
opened his presidency with
two issues guaranteed to
drive away Democrats: a ban
on travel to the U.S. by residents of seven Muslim-majority countries he said were
terrorist hotbeds, and an attempt to repeal the crown
jewel of recent Democratic
domestic policies, the Affordable Care Act.
He also accepted Republican congressional leaders’
assurances that they would
produce a new health plan
and a tax cut in short order,
opening the way for the bipartisan favorite of infra-
structure spending. The effort failed, Mr. Trump was
embarrassed and infuriated,
and that helped spur his decision to turn to Democrats
to strike a deal on hurricane
relief and short-term budget
problems.
A
t this point, if Mr.
Trump really wants to
operate as a political
independent, and attract the
support of independent
Americans to bolster the effort, picking a fight with Republican leaders probably
will only help him. In recent
Journal/NBC News polling,
the share of independents
who had a negative view of
the GOP outstripped those
with a positive view by a
hefty 31 percentage points.
Still, the limits to bipartisanship are real and significant. Disdain for Mr. Trump
among rank-and-file Democrats will put a ceiling on
how far Mr. Schumer or any
other party leader can go in
cooperating with him. Just
8% of Democrats say they approve of the job the president is doing, the latest Journal/NBC poll found. That’s
half the share of Republicans
who approved of Democrat
Barack Obama’s performance
at this stage of his presidency and one-seventh the
share of Democrats who approved of Republican George
H.W. Bush at this point.
That means Democrats
probably have license to cooperate with Mr. Trump on
raising the debt ceiling,
funding government and improving infrastructure, and
on some trade matters. But
the party base figures to rise
up against the kind of largescale tax cut and defensespending increases Mr.
Trump envisions and revolt
if he doesn’t agree to extend
legal status for “Dreamers,”
immigrants brought to the
U.S. as young children.
So cooperation with Democrats has distinct boundaries. But nobody should be
surprised Mr. Trump is
choosing to test those
boundaries at this point.
Both Parties Turn
To Lawyer Lowell
JOSHUA ROBERTS/REUTERS
BY DEL QUENTIN WILBER
Jared Kushner, senior White House adviser, shown in July, drew concerns over a probe of Russia’s involvement in the 2016 election.
PROBE
Continued from Page One
the legal team in June and
now heads it, said in an interview Monday that “to my
knowledge” the proposal
wasn’t taken to Mr. Trump.
Mr. Dowd also said he did not
side with some of his colleagues who believed Mr.
Kushner needed to go.
“I didn’t agree with that
view at all. I thought it was
absurd,” Mr. Dowd said. “I
made my views known.” He
called Mr. Kushner “absolutely
terrific” and “a great asset,
real gentleman, a pleasure to
work with.”
After some members of the
legal team aired their concerns
to Mr. Trump in June, including in at least one meeting in
the White House, press aides
to the legal team began to prepare for the possibility that
Mr. Kushner would step down,
drafting a statement explaining
his departure, said people familiar with the matter.
Mr. Trump wasn’t persuaded that Mr. Kushner
needed to leave. One person
said Mr. Trump’s view was that
Mr. Kushner hadn’t done anything wrong and that there
was no need for him to step
down.
The legal team has been reshuffled since it was first assembled in late May, after the
Justice Department appointed
Special Counsel Robert Mueller to oversee the federal
probe of Russian interference
in the U.S. election. In midJuly, Mr. Dowd took over leadership of the team from Marc
Kasowitz, Mr. Trump’s longtime attorney.
Mr. Kasowitz in a statement
said: “I never discussed with
other lawyers for the President that Jared Kushner
should step down from his position at the White House, I
never recommended to the
President that Mr. Kushner
should step down from that
position and I am not aware
that any other lawyers for the
President made any such recommendation either.”
According to a January report from the U.S. intelligence agencies, the highest
levels of the Russian government directed electoral interference. Its tactics included
hacking state election systems;
infiltrating and leaking information from political strate-
President Trump
wasn’t persuaded
that Mr. Kushner
needed to leave.
gists;
and
disseminating
through social media and other
outlets negative stories about
Democratic nominee Hillary
Clinton, the report said.
Mr. Mueller also is investigating whether anyone in the
Trump campaign colluded with
Russia. Mr. Kushner has denied
any collusion, as has Mr.
Trump. Russia also has denied
interfering in the election.
“I did not collude, nor know
of anyone else in the campaign
who colluded, with any foreign
government,” Mr. Kushner
wrote in a July statement.
Mr. Kushner played a top
role in the campaign and oversees a sweeping policy portfolio that includes Middle East
peace, China relations and the
workings of the federal government. In a measure of the
president’s loyalty, Mr. Kushner has often prevailed in battles with internal rivals, according to people familiar
with those dynamics. During
his time in the White House,
several other senior aides have
come and gone.
Some of Mr. Trump’s attorneys worried that Mr. Kushner’s continued employment
carried risks that could possibly involve other White House
officials, a person familiar with
the matter said.
If, for example, Mr. Kushner
mentioned the probe—even
casually in a meeting—aides
who heard his remarks could
face inquiries from Mr. Mueller’s agents.
Some lawyers were also
concerned that Mr. Kushner
might discuss the probe with
the president without a lawyer
present.
By June, when the lawyers
told the president of their concerns, federal investigators had
begun examining a meeting
during the transition that included Mr. Kushner and the
Russian ambassador to the
U.S., and another one that he
held with the head of a Russian-run bank that has faced
U.S. sanctions.
Trump attorneys were also
aware of a meeting that hadn’t
yet been made public: one at
Trump Tower in June 2016
that involved a Russian lawyer
with ties to the Kremlin, Mr.
Kushner and the president’s eldest son, Donald Trump Jr., according to people familiar with
the matter.
That meeting became public
on July 8. It was organized by
Donald Trump Jr. In a series of
evolving statements, the younger Mr. Trump initially said
the meeting had covered foreign adoptions. He later released emails showing that,
before agreeing to the meeting, he had been promised
damaging information about
Mrs. Clinton, collected as part
of a Russian effort to boost his
father’s campaign.
Anticipating that the meeting would become public,
members of the legal team in
June already had developed
talking points to manage the
political fallout—including a
statement that would explain a
potential Kushner resignation.
The statement on behalf of Mr.
Kushner expressed regret that
the political environment had
become so toxic that what he
viewed as a standard meeting
was becoming a weapon for
Mr. Trump’s critics, according
to two people familiar with the
documents.
Those talking points were
never used.
Both Mr. Mueller’s office
and congressional investigators are looking into the
Trump Tower meeting. Donald
Trump Jr. met with Senate Judiciary Committee staff last
week in a private interview
that lasted five hours. He also
denied collusion with Russia
during the campaign in a
statement.
Mr. Kasowitz took on a reduced role less than two weeks
after reports of the meeting
emerged. His spokesman, Mark
Corallo, also resigned.
In July, about two weeks after reports of the Trump
Tower meeting first emerged,
Mr. Kushner held a closed-door
interview with Senate Intelligence Committee staff and released an 11-page statement
denying collusion.
In the statement, Mr. Kushner detailed four contacts with
Russian officials and businesspeople in the two years since
Mr. Trump had launched his
presidential campaign.
NEWARK, N.J.—Washington
lawyer Abbe Lowell has represented high-profile clients on
both sides of the political
spectrum—a Republican governor, a conservative superlobbyist and a former Democratic
vice-presidential
nominee—and even played a
key role in defending President
Bill Clinton during his impeachment proceedings.
Now, he is representing major players in separate cases
that could have big implications for both parties.
Last week, Mr. Lowell
launched his courtroom defense of Sen. Bob Menendez, a
New Jersey Democrat facing
federal charges he sold political favors for luxurious trips
and campaign contributions. If
Mr. Menendez is convicted and
leaves the Senate, it could further tilt the balance in the
chamber toward the GOP.
Mr. Lowell is also representing Jared Kushner, the
son-in-law and senior adviser
to President Donald Trump.
Mr. Kushner faces scrutiny
from congressional and federal
investigators over his dealings
with Russians in the 2016 campaign. Mr. Lowell’s ability to
keep Mr. Kushner from becoming a target of Special Counsel
Robert Mueller’s investigation
of possible collusion between
Russia and Mr. Trump’s campaign could affect Mr. Trump’s
presidency.
Mr. Lowell’s decades of representing major Washington
figures in trouble, including
2004 Democratic vice-presidential candidate John Edwards, led to his unusual situation juggling arguably the two
biggest political cases unfolding today.
“He is brilliant and organized, so taking on several
wars at once doesn’t seem to
Washington Clients
Of Super-Attorney
John Edwards, Democratic
vice-presidential candidate
Mr. Edwards was charged
with campaign-finance violations related to an extramarital
affair. After a 2012 trial, he was
acquitted on one count and a
mistrial was declared on others.
John Ensign, Nevada Republican senator
Mr. Ensign, a rising political
star, admitted to an affair with
an aide who was married to a
former aide. He was forced to
resign from the Senate in 2011.
Robert Torricelli, New Jersey Democratic senator
Mr. Torricelli withdrew from
faze him,” said Jack Abramoff,
a conservative lobbyist whom
Mr. Lowell helped obtain a
plea deal in 2008.
Mr. Lowell, a trim and balding 65-year-old, declined an interview request.
He is obsessive in his preparation for a negotiating session or a trial. He insists on
printing out every piece of evidence and inspecting it before
entering a courtroom. In some
cases, that can amount to
thousands of pages of mindnumbing material.
Such efforts helped him
successfully defend Mr. Edwards, according to associates.
The former senator was accused by federal prosecutors
of accepting more than
$900,000 from campaign donors, in part to help him cover
up an extramarital affair and
resulting pregnancy. Mr. Lowell argued that donors provided the money out of personal friendship and not to
help Mr. Edwards’s 2008 presidential campaign.
Mr. Lowell deployed a similar line of attack in his opening
statement last week in the
trial of Mr. Menendez, who is
accused of doling out political
favors to a Florida physician in
exchange for $1 million in
gifts, lavish trips and campaign contributions.
Mr. Lowell told jurors Mr.
Menendez and the doctor were
longtime pals, not a politician
and influence-seeker trading
favors. “Acting out of friendship is not improper,” he said.
For Mr. Kushner, Mr. Lowell’s work has been behind the
scenes, helping him respond to
inquiries from investigators
looking into alleged Russian
meddling in the 2016 election.
Moscow has denied the allegations, and Mr. Trump has
denied collusion with Russia.
—Thomas MacMillan
contributed to this article.
a 2002 re-election campaign
after allegations related to improper gifts. Mr. Torricelli was
“severely admonished” by the
Senate Ethics Committee but
not charged criminally.
Republican lobbyist Jack
Abramoff
Mr. Abramoff pleaded guilty
in 2006 to fraud, tax evasion
and conspiracy and was sentenced to prison.
President Bill Clinton
Mr. Lowell served as chief
counsel to the minority Democrats on the House Judiciary
Committee in 1998, arguing
that then-President Clinton’s
behavior didn’t amount to impeachable offenses. Mr. Clinton
was impeached by the House
but acquitted by the Senate.
—Naftali Bendavid
THE WALL STREET JOURNAL.
Tuesday, September 12, 2017 | A5
A6 | Tuesday, September 12, 2017
THE WALL STREET JOURNAL.
* ***
IRMA’S AFTERMATH
Storm’s Caribbean Death Toll Rises to 38
ST. MARTIN—Joseph Richardson and his wife Sheila rode
out plenty of hurricanes over
the decades in their house next
to this island’s aquamarine waters. None of those storms prepared him for the force of Hurricane Irma.
The sea rammed through his
wall, pulling him and his wife
into the water. Mr. Richardson
reached for Sheila.
Neighbors found her body
hours later washed ashore.
“I was trying to pull her out,
but I couldn’t get her,” he said.
“The sea took everything.”
The death toll from Hurricane Irma’s sweep through the
Caribbean rose to 38 on Monday, even as some islands remained largely cut off or struggled to maintain order as
essential supplies ran low.
Irma’s unprecedented force
has convinced many residents
of St. Martin that the death
toll will rise sharply in the
days to come.
Bernard Chance, an electrician and onetime local politician
on St. Martin, said he knows at
least three people who tried to
ride out the storm on houseboats and then disappeared or
drowned. Mr. Chance said that
the last major hurricane to hit
St. Martin—Luis in 1995—left
the island complacent.
“I myself was saying, ah, we
can handle whatever comes,”
he said, “but this hurricane was
beyond anything.”
Cuban officials said at least
ERNESTO MASTRASCUSA/EFE/ZUMA PRESS
BY MATTHEW DALTON
AND DUDLEY ALTHAUS
Cleanup efforts in Havana, above, after the Cuban capital was hit by Hurricane Irma. The country said at least 10 people have died.
10 people were killed on the island-nation after the storm
scraped across its north coast
over the weekend. Most of
those killed were hit by falling
debris from crumbling homes
pummeled by Irma’s Category
5, 155-mile-per-hour winds.
Many islands remained without power and eyewitnesses
said some were also running
low on food and water. Tens of
thousands of tourists remained
stranded in different locations,
and the widespread damage to
hotels and homes will likely
batter the region’s tourism
trade—the economic lifeblood
of the Caribbean.
Virgin Group founder Richard Branson, whose home on
Necker Island was damaged in
Why Irma’s Florida Strike
Wasn’t as Bad as Feared
BY VALERIE BAUERLEIN
Irma evacuee Frank Rizzo
woke up in his hotel in South
Carolina on Monday bracing
for the seemingly likely news
that his 3,600-square-foot waterfront home in Cape Coral,
Fla., was a total loss.
Instead, he learned from a
neighbor that he didn’t lose a
shingle. What happened?
Hurricane Irma was a powerful, sprawling storm that
decimated parts of the Caribbean and as a weaker tropical
storm, it continues to inundate
northern Florida and the South
Carolina coast. But the storm
didn’t obliterate Miami, inundate the Gulf Coast with excessive storm surge or destroy
thousands of homes on the
west coast of Florida as feared.
Meteorologists say there
are three main reasons why.
First, Irma ran low on fuel.
The storm had grown ferociously for more than a week,
forming off the west coast of
STORM
Continued from Page One
necting power to most of the
state’s 20.6 million people may
be a mammoth, weekslong undertaking.
Irma wasn’t done after
crossing out of Florida. The
storm knocked at least a million power customers offline
in Georgia and the Carolinas,
according to local utilities,
while flooding downtown
Charleston, S.C.
The Keys, where Irma made
landfall with Category 4
strength early Sunday, appeared to bear the worst of
the storm, with water, power
and sewer services knocked
out amid scenes of overturned
mobile homes and boats
Millions Lose Power
In Florida, Georgia
Nearly 65% of utility customers in Florida, or 6.7 million,
were without power Monday
evening as Irma passed over the
northern part of the state and
into Georgia as a tropical storm,
the state’s disaster agency said.
As the storm moved to Atlanta Monday, it caused outages
for more than a million customers across Georgia.
Customers of Florida Power
& Light Co., a unit of NextEra
Energy Inc. and the state’s largest investor-owned utility, were
the most affected by outages.
As of Monday morning, nearly
the storm, urged governments
to send money and aid to help
with disaster relief and rebuild
the region. “What makes the
Virgin Islands unique is its isolated location—every island has
been devastated, so there is no
support to come from nearby,”
Mr. Branson said.
Jeff McNutt, the co-owner of
Dive BVI, a scuba-diving busi-
ness on Virgin Gorda, one of
the smaller of the British Virgin
Islands, traveled by boat from
Puerto Rico to the port of
Spanish Town on Friday to deliver ready-made meals, water
and other supplies organized
by the private sector.
Mr. McNutt said virtually all
electrical and telephone poles
on the island have been
knocked down, and roughly
90% of structures have no roof.
Community leaders on Virgin Gorda reported no casualties. But a humanitarian crisis
is mounting as islanders run
low on essentials, Mr. McNutt
said.
“People are going to be out
of food and water in the next
day or two if they’re not resupplied,” he said, speaking by
phone from Orlando, Fla.
Adding to the island’s troubles, it will likely take six
months or more to restore
power, he said, endangering its
tourist-centric economy for the
next year.
Freeman Rogers, editor of
the Beacon newspaper on Tortola, the largest of the British
Virgin Islands, said that U.K.
Marines were on the ground
distributing supplies and
keeping order.
British Foreign Secretary Boris Johnson said Monday the
U.K. now has 700 troops in the
region and more than 50 police
officers helping with the relief
effort. Evacuations were taking
place by sea and air. The first
transport plane of evacuees
from St. Maarten landed at a
military airfield in the Dutch
town of Eindhoven.
Many smaller islands were
still busy digging out from the
storm. In a region heavily dependent on tourism, many islands are only beginning to
glimpse the long-term economic costs of the storm.
—Robbie Whelan
and Valentina Pop
contributed to this article.
Predicting Irma’s Storm Surge
As forecasts for Hurricane Irma’s path changed, so did predictions of the threat of storm surges to Florida
and other states.
Predicted storm surge
A 1 in 10 chance of exceeding ground level by:
3 ft.
5 ft. 7 ft. 10 ft.
Irma’s projected route
Africa and fueled by the evaporation of unusually warm waters. It traveled unimpeded by
land, building intensity and
forming a massive and symmetrical Category 5 storm.
But after nicking the coast
of Cuba Friday, the hurricane
winds slowed and Irma was
downgraded to Category 4.
Even a comparatively brief
brush with land can cause
speed to diminish rapidly and
destabilize a storm’s internal
dynamics, said Gary Lackmann,
a climatology professor at
North Carolina State University.
“Hurricanes don’t survive
very long when they’re over
land,” he said. They need
warm water, he said.
If Irma had taken a track
just 10 to 15 miles north, the
storm would have likely
missed Cuba and continued to
intensify, Mr. Lackmann said.
Instead, the storm never regained its previous ferocity of
winds of 160 miles an hour.
Then, the winds changed.
A hurricane is influenced by
thousands of variables, from
other storms faraway to
changes in water temperature
to wind patterns.
The winds had been relatively calm and consistent
around the storm until Irma
approached the Florida Keys,
when it encountered a different weather system. The
winds at the upper level of the
atmosphere where planes fly
were blowing much stronger
south to north than the winds
at the surface of the Earth,
said Brian Tang, a hurricane
expert at the State University
of New York at Albany. The
upper-level winds sheared off
part of the top of the storm.
Those factors contributed
to a shift in Irma’s path from
first aiming at Miami to then
turning to Tampa Bay. Ultimately, on Sunday, after making landfall on Marco Island,
Irma went right up the center
of the state on a new path altogether and lost power.
A third reason was the
weakening of the eyewall, the
whirling vortex of intense wind
and heavy rain at the center of
a hurricane. The rainstorms encircling the eye moved less
quickly and evenly—in part be-
cause of the loss of fuel and the
storm getting knocked off-kilter
by wind shear. By late Sunday,
satellite images of Irma looked
like a wheel with its bottom
broken, meteorologists said.
A hurricane “is like a per-
fect engine,” Mr. Tang said.
“Even if you mix just a little
bit of water in your gasoline,
it’s probably going to start
knocking, because you’re disturbing the machinery of the
hurricane itself.”
thrown on top of each other.
Residents who evacuated
there may not be able to return
for weeks, President Donald
Trump’s homeland security adviser warned. And the 10,000
people who stayed behind may
need to be evacuated, according
to the U.S. Defense Department.
“For our entire state but especially for the Keys, it’s going
to be a long road,” Florida Gov.
Rick Scott said Monday after an
aerial tour on a Coast Guard
plane. “There’s a lot of damage.”
With phone lines down and
the only road to the Keys inaccessible, displaced residents
turned to a Facebook page
called “Evacuees of the Keys,”
which had more than 7,000
members and hundreds of
pleading posts.
Paul Keever, a 56-year-old
evacuee from Key Largo, said
that the storm battered his 27slip sailboat marina. “Boats are
setting on top of pilings, boats
on top of boats,” he said by
phone from Orlando, where he
had evacuated with his 21-yearold daughter.
Jacksonville, the state’s most
populous city, was dealing with
“record and historical flooding
along the St. Johns River,”
which meanders through downtown, the governor said. Much
of the sprawling city’s downtown was under water, and city
officials said they expected dangerous conditions to continue
for days due to heavy rain, high
tides and the overtopping of the
river.
Irma devastated Florida’s
power grid, leaving untold numbers in the subtropical state to
sweat it out without air condi-
tioning for a repair effort the
state’s largest investor-owned
utility said could take weeks,
even with a record mobilization
of utility crews on hand.
More than 6.5 million power
customers—62% of the state—
were without power late Monday, according to a state tally.
The massive scale of the outages left some two dozen nursing homes and 54 hospitals relying on backup generators,
according to trade groups for
the sectors.
Gov. Scott talked about the
importance of getting fuel back
into Florida’s ports to keep
those generators running. Two
Lee Health hospitals in Fort Myers were without power for a
second day Monday with five
days of backup diesel, Chief Executive Lawrence Antonucci
said. “We’ll have to have power
by then or we’ll have to get refueled,” Dr. Antonucci said.
Tampa’s sprawling port,
which mainly handles bulk
cargo like cars and fuel, was
cleared to reopen Tuesday afternoon.
While estimates for insured
losses dropped, Irma still could
be among the costliest storms.
AIR Worldwide estimated private-sector insured losses in the
U.S. of $20 billion to $40 billion
from Hurricane Irma, which
could rival Katrina’s record-setting $50 billion in inflation-adjusted dollars. Still, that was below the more than $100 billion
forecast by some firms on Friday.
Many Floridians felt relieved
to have dodged the kind of
widespread loss that Hurricane
Harvey wrought on Texas,
where massive evacuations
4.5 million of the company’s
nearly 5 million customers were
without power, according to a
company outage map.
Eric Silagy, chief executive of
FPL, said that many could be
without power for weeks.
“You need to understand,
particularly if there’s structural
damage, it absolutely could be
weeks,” said Mr. Silagy, who estimated that the FPL outages
affected about 9 million people.
In the parts of Florida where
the weather had started to
clear, utilities had crews out to
assess the damage wrought by
the storm, which hit the state
as a hurricane. In advance of
Irma, the utilities had called on
thousands of repair workers
from across the U.S. and had
been staging them in areas
where the storm was expected
to do its worst.
Ana Gibbs, a spokeswoman
with Duke Energy Corp., the
state’s second-largest investorowned utility, said the company
had been given the all clear to
start work in the Tampa and
Orlando areas. As of Monday
evening, about 1.2 million Duke
customers were still affected by
outages.
Georgia Power, a Southern
Co. unit, said it expected “widespread, extensive damage due
to high winds, heavy rain and
fallen trees” and was prepared
to mobilize about 3,400 repair
workers. A company outage
map showed more than
748,000 customers were with-
were needed to rescue people
from flooding that sometimes
left only rooftops peeking above
newfound lakes.
“I thought we would be underwater or my roof would be
gone,” said Debra Rommel, a
65-year-old in Punta Gorda, a
small west-coast city devastated by Hurricane Charley 13
years ago. Irma’s floodwaters
and wind left a mark, but Ms.
Rommel’s home came through
unscathed.
In Miami-Dade County,
where authorities ordered massive evacuations amid fears of a
direct Irma hit, cities were
cleaning up debris under a
warm sun. Floodwaters from
Biscayne Bay receded from Miami’s Brickell financial district,
leaving pavement caked with
mud and small pools of water.
Downed lampposts, trees
and street signs carpeted
nearby South Beach, but there
was little evidence of damage to
the hotels, condo towers and
bars filling the chic tourist haven at the tip of Miami Beach.
At the News Café on Ocean
Drive, managing partner Tony
Magaldi and some employees
worked to get the bar ready to
open on Tuesday.
Beyond the sand and dirt
coating the sidewalk and a
ripped awning, the establishment, already a veteran of Hurricanes Andrew, Katrina and
Wilma, appeared little worse
for wear.
“We have a nice clean-up to
do, and we’re back in business,”
said Mr. Magaldi.
—Arian Campo-Flores, Valerie
Bauerlein, Leslie Scism and
Melanie Evans contributed
to this article.
Irma’s
actual
route
G EO RGIA
FLA.
Thursday
Irma was expected to move north on
Florida’s east coast and on into
southern Georgia and South Carolina,
where storm surges were expected.
Saturday
Forecasts for Irma’s route shifted
west, showing the storm turning
north along Florida’s west coast and
making landfall south of Tampa.
Source: National Oceanic and Atmospheric Administration
Percentage of customers
affected, by county
20%
40
60
80
out power shortly after 5 p.m.
Monday. It serves 2.5 million
customers.
Meanwhile, an outage map
kept by Georgia EMC, a trade
association representing the
state’s 41 electric cooperatives,
showed more than 471,000 affected by power outages. Those
cooperatives serve 4.4 million
people.
—Erin Ailworth
Note: As of Monday
at 2:56 p.m. EST
Source: Florida Division of
Emergency Management
Monday
As the storm dissipated, so did the
intensity of predicted storm surges.
But its route through central Florida
threatened flooding in some areas.
THE WALL STREET JOURNAL.
THE WALL STREET JOURNAL.
Tuesday, September 12, 2017 | A7
NY
* * * *
WORLD NEWS
U.N. Tightens Sanctions on North Korea
Security Council
adopts penalties after
U.S. eases demands to
appease China, Russia
UNITED
NATIONS—The
United Nations Security Council
unanimously adopted new
sanctions against North Korea
on Monday after U.S. officials
eased their demands to convince China and Russia to approve the measure.
The U.S., which drafted the
initial resolution while pledging
the harshest possible sanctions
yet, rolled back its initial insistence on a complete oil embargo
and asset and travel freezes targeting North Korean leader Kim
Jong Un, diplomats said.
Despite the compromises,
U.S. Ambassador Nikki Haley
said of the adopted resolution:
“This will cut deep.”
“Today we are saying the
world will never accept a nuclear-armed North Korea,” she
said, crediting the accord to the
“strong relationship” between
President Donald Trump and
China’s President Xi Jinping.
“We are not looking for war.
North Korea has not yet passed
the point of no return,” Ms. Haley said.
Diplomats and North Korea
ANDREW GOMBERT/EPA/SHUTTERSTOCK
BY FARNAZ FASSIHI
Members of the U.N. Security Council adopted a resolution on Monday that they said would reduce North Korea’s oil imports by 30%.
watchers say while the new
measures will add economic
pressure, they won’t force the
regime to abandon its nuclear
and missile programs.
The resolution targets North
Korea’s export economy, sanctioning 90% of its annual revenue, diplomats said.
It will reduce oil imports by
North Korea by 30%, placing an
annual cap of 2 million barrels
on refined petroleum products
such as gasoline and diesel and
capping crude oil at about 4
million barrels, U.S. officials
said. The U.N. measure also
completely bans natural gas imports.
North Korea now imports a
total of 8.5 million barrels of oil
a year, mostly from China, said
a U.S. official.
The resolution also imposes
an embargo on all textile trade
and requires inspections and
monitoring of North Korea’s
sea vessels by member states.
But it stops short of providing
for the use of military force to
gain access to the ships. The
textile industry, the last big
economic sector that hadn’t yet
been targeted in North Korea,
accounted for $760 million in
2016 revenue, U.S. officials said.
A proposed ban on North
Korean foreign workers, a
source of hundreds of millions
of dollars in annual revenue to
the regime, was reworded to allow countries to employ North
Korean nationals if deemed vital for humanitarian reasons.
Current contracts on the workers, estimated to number
around 93,000 from Russia to
Africa, will be phased out and
not renewed, diplomats said.
China and Russia, economic
and political allies of North Korea who both hold U.N. Security
Council veto power, said they
endorsed the new sanctions because of Pyongyang’s repeated
violations of council resolutions
banning it from conducting nuclear and ballistic missile tests.
But they both also criticized
the U.S. and allies for not having a clear path toward diplomatic negotiations with North
Korea and the ratcheting up
rhetoric on military action.
“We hope that the U.S. will
not seek regime change in
North Korea” or the “collapse
of North Korea,” or send its
army into North Korea, said
China’s Ambassador Liu Jieyi.
China is reluctant to pressure the North Korean regime
to the brink of collapse, fearing
instability at its border, a flow
of refugees and a possible
American military presence.
Russia and China have both
said they favor direct talks and
not sanctions.
North Korea this month conducted its sixth nuclear-weapons test and asserted that it had
acquired the capacity to mount
a hydrogen bomb on an intercontinental ballistic missile.
North Korea issued a statement on its official KCNA news
agency on Monday warning
that if the “illegal and unlawful”
sanctions
resolution
passed, Pyongyang would inflict “the greatest pain and suffering” on the U.S.
Taiwan Rights Activist Pleads Guilty in China Court
BY CHUN HAN WONG
A Taiwanese human-rights
activist pleaded guilty in a Chinese court to charges he had
plotted to overthrow Communist rule in China, a case seen
as a marker of soured ties between Beijing and Taipei.
Lee Ming-che stood trial
Monday alongside an alleged
Chinese accomplice, Peng
Yuhua. Both faced charges of
“subverting state power”
through activities conducted
mainly on social media, a municipal court in the Chinese
city of Yueyang said on its official microblog.
Subversion of state power is
a broadly defined crime that
Chinese authorities have used
to jail critics and quash dissent.
Taiwanese media reported that
the case against Mr. Lee, 42
years old, marked the first time
China brought such charges
against someone from Taiwan.
Mr. Lee disappeared in
March after traveling to China,
Lee Ming-che and a
co-defendant faced
charges of ‘subverting
state power.’
spurring concern among some
Taiwanese who fear Beijing
may be seeking new ways to
punish Taiwan’s President Tsai
Ing-wen for not endorsing a po-
litical principle holding that the
island is part of “one China.”
Chinese officials confirmed
Mr. Lee’s detention 10 days after
he disappeared, saying he had
been detained for “endangering
national security.” Authorities
in Taipei have called on Beijing
to ensure Mr. Lee’s well-being.
Beijing’s Taiwan Affairs Office has said Mr. Lee’s legal
rights are protected, and denounced efforts to characterize
his detention as a human-rights
case as attempts to interfere in
China’s judicial system. At Monday’s trial, Messrs. Lee and Peng
both acknowledged guilt and expressed remorse to the court,
according to videos of the proceedings published by the Yueyang Intermediate People’s Court.
A verdict will be announced
at a later date, the official Xinhua News Agency reported.
Messrs. Lee and Peng
couldn’t be reached. A lawyer
representing Mr. Lee didn’t
respond to a request for comment, while a lawyer for Mr.
Peng declined to comment.
Prosecutors say the charges
stem from activities dating
back to 2012, when Mr. Peng
set up online chat rooms where
members often promoted Taiwanese and Western political
systems while criticizing Communist Party rule in China.
In court-published videos,
Mr. Lee said he oversaw “education” work on Mr. Peng’s behalf,
writing and distributing essays
that criticized China’s Communist Party and political system.
U.S. to Deploy Drone to Assist
Philippine War on Militants
The U.S. will deploy one of
its most advanced surveillance
drones to the southern Philippines, joining other powers in
escalating foreign involvement
alongside the government’s beleaguered forces as a battle with
Islamic State-linked militants
grinds into a fourth month.
The Gray Eagle Unmanned
Aircraft System, an upgraded
version of the well-known
Predator, will provide surveillance support to the Philippine
military, the U.S. Embassy said
on Monday. The drone is capable of carrying cameras with
infrared capability, radar and
missiles and can remain airborne for 25 hours.
The military is struggling to
clear an estimated few dozen
militants dug in positions in
the southern city of Marawi,
which hundreds of fighters invaded and occupied on May 23
in a dramatic attempt to launch
a caliphate, or Islamic state, in
a predominantly Muslim part
of the southern Philippines.
The ill-equipped military,
inexperienced in modern urban warfare, is fearful of inflaming religious tensions if it
levels the mosques where the
militants have holed up. The
YONHAP/ZUMA PRESS
BY JAKE MAXWELL WATTS
The MQ-1C Gray Eagle Unmanned Aircraft System
military also said it is trying
to free an unknown number of
hostages. After vowing to
launch a final battle two
weeks ago, the army was stymied by improvised explosive
devices scattered throughout
the crumbling neighborhoods
once occupied by militants.
A key battle took place in
late August over a bridge providing access to the area where
the militants are holding out.
At least 16 soldiers and 59 militants have died in the past
two weeks.
For months, military snipers have been trading fire with
insurgents hiding in high-rise
buildings, in mosques, and in
the rubble of houses. The military has been taking back territory house by house, engaged in close-quarter combat
as it pushes the militants into
an even smaller area.
The prolonged fighting has
concerned other countries that
Islamic State could gain a new
foothold in Southeast Asia after losing its Middle East
strongholds, said Richard Heydarian, assistant professor of
political science at De La Salle
University. If other nations
don’t come to Manila’s aid, he
said, “the situation is going to
get out of control.”
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Islamic State Attacks Police in Sinai
BY DAHLIA KHOLAIF
CAIRO—Islamic State militants armed with guns and a vehicle bomb attacked Egyptian
police forces in the Sinai Peninsula, killing at least 18 civilians
and policemen, the interior ministry said, the deadliest assault
in months in the restive region.
The roadside bomb blew up
after intercepting a group of
police vehicles west of the city
of Al Arish, an interior ministry statement said, and an ensuing gunbattle erupted between security forces and the
militants. The hourslong clash
left three militants dead, state
newspaper Al-Ahram reported,
adding that ambulances had
difficulty reaching the injured
as the clash wore on.
Five people were wounded,
an interior ministry spokesperson said. He didn’t say how
many of the dead were police.
Islamic State claimed Monday’s assault through its official Amaq news agency, saying
its fighters had carried out an
ambush on the outskirts of Al
Arish, a hotbed of activity for
Egypt’s growing insurgency.
It marks the bloodiest day
in Sinai—home of a militancy
led by Islamic State’s powerful
Egyptian affiliate—since July 7,
when 23 soldiers were killed
and wounded in attacks orchestrated by the group.
The resurgent violence
came the same day as Egypt’s
army chief of staff, Lt. Gen.
Mahmoud Hegazy, met in the
capital, Cairo, with Lt. Gen. Joseph Votel, commander of the
U.S. Central Command.
It also underscores Islamic
State’s fallback on guerrillastyle warfare, including suicide
bombings, as it suffers crippling battlefield losses in its
Syrian and Iraqi strongholds.
Egypt has for several years
battled its increasingly ferocious Islamic State-led homegrown insurgency, which regularly targets military and
government installations in Sinai, killing thousands of police
and security forces.
The extremists have in recent months begun a campaign
of violence against Egypt’s
Coptic Christian minority.
Learn more at mufgamericas.com/future
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A member of MUFG, a global inancial group
1
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Mitsubishi UFJ Financial Group, Inc., and is used by The Bank of Tokyo-Mitsubishi UFJ, Ltd., with permission.
A8 | Tuesday, September 12, 2017
THE WALL STREET JOURNAL.
* *
WORLD NEWS
Theresa May Wins Vote on Brexit Bill
Legislation is designed
to move EU laws to U.K.
books; debate rages on
over how to leave bloc
LONDON—British
Prime
Minister Theresa May won a
key vote on Brexit legislation
early Tuesday, but she faces
tough battles ahead in getting
Parliament to support her vision for how the U.K. should
exit the European Union after
more than four decades.
Lawmakers voted 326-290
in favor of a bill designed to
transpose more than 10,000
EU laws onto the U.K. statute
book. The bill would come into
effect on March 29, 2019, the
day the U.K. is scheduled to
leave the bloc, and aims to
prevent a legal vacuum once
Britain departs the EU.
However, critics argue the
bill hands too much power to
the prime minister and her
cabinet because it allows them
to alter laws without parliamentary approval.
The bill’s difficult journey
through the early stages of
parliamentary scrutiny—nor-
TOLGA AKMEN/AGENCE FRANCE-PRESSE/GETTY IMAGES
BY JENNY GROSS
Demonstrators opposed to Brexit protested outside the Houses of Parliament on Monday.
mally a formality—signals further hurdles along the line for
Mrs. May, who lost her party’s
majority in an election gamble
earlier this summer. While negotiations with the EU over
Britain’s
departure
have
reached an impasse over issues such as how much the
U.K. owes the bloc as part of
its divorce, a bigger issue for
Mrs. May could be getting a
divided Parliament and country behind her negotiating
aims.
Mrs. May said the bill gives
“certainty and clarity” ahead
of Brexit. “Although there is
more to do, this decision
means we can move on with
negotiations with solid foundations and we continue to encourage MPs from all parts of
the U.K. to work together in
support of this vital piece of
legislation,” she said.
The vote on the bill is just
one step in a longer legislative
process. While some lawmakers who supported staying in
the EU said they would vote in
favor of the bill, they said they
would seek to attach amendments at a later stage that restrict the government’s authority to make substantial
changes to U.K. law without
parliamentary approval, such
as watering down laws protecting workers’ rights or environmental standards.
Keir Starmer, the opposition Labour Party’s Brexit
spokesman, said in an interview with The Wall Street
Journal that the government’s
attempt to weaken the role of
lawmakers in the Brexit process had set the stage for a
lengthy standoff between Mrs.
May’s cabinet and the rest of
Parliament.
“This is only the beginning
of quite a turbulent two
years,” Mr. Starmer said ahead
of the vote. “There are a number of shared concerns across
the house about the nature of
this bill.”
He said after the vote that
Labour would seek to remove
the worst aspects of the bill as
it passes through Parliament,
but said its flaws are so fundamental that it was hard to see
how the bill could be made fit
for purpose.
Brexit Secretary David Davis warned the U.K. would descend into chaos if the bill
weren’t approved.
“The British people did not
vote for confusion and neither
should Parliament,” Mr. Davis
said ahead of the vote.
Mr. Starmer said Labour
isn’t voting against Brexit, but
against the principle that ministers should have the power
to modify elements of EU law
once they are incorporated
into U.K. law. These powers
are known as Henry VIII
clauses, after a 16th-century
statute that gave the king
power to legislate by proclamation.
“Even if you’re a Labour MP
that campaigned and voted for
leaving the EU, you still think
it’s right that Parliament has a
say over what the withdrawal
looks like,” Mr. Starmer said.
“Whether we’re leaving is a
closed question, but how we’re
leaving isn’t.”
The Labour Party has increased pressure on the Conservatives to pursue a closer
relationship with the EU than
Mrs. May has outlined. Mr.
Starmer said the U.K. shouldn’t
rule out staying in the EU’s
customs union indefinitely if
trade deals forged outside it
won’t make Britain better off.
The bill’s scope highlights
the complexity of leaving the
EU, a process that has absorbed
most of Parliament’s time.
Catalans Rally as Polls Show Support for Secession Ebbs
BY JEANNETTE NEUMANN
Support for an independent Catalonia has fallen as
Spain's economy has improved.
Catalonia should be an
independent state
Gross domestic product
Change from previous year*
50% of Catalans
4%
3
2
JOSEP LAGO/AGENCE FRANCE-PRESSE/GETTY IMAGES
TARRAGONA, Spain—Hundreds of thousands of Catalans
raised pro-independence flags
and chanted during the region’s annual celebration of its
history on Monday in Barcelona, but their leaders face
waning support for Catalonia’s
secession from Spain.
Concerns about derailing
Spain’s robust economic recovery, fatigue over the yearslong
independence campaign and
the messiness of Britain’s exit
from the European Union have
taken some wind out of the
sails of the secession movement, polls suggest.
Last week, Catalonia’s parliament decreed a referendum
to secede from Spain to be
held on Oct. 1. The government
of Prime Minister Mariano Rajoy has branded the vote illegal, saying it violates Spain’s
constitution and vowing to
block it. In the case of a “yes”
vote, Catalonia would declare
independence 48 hours later,
under the bill, and the region’s
political leaders promise to
persist with the vote.
With that date looming, this
year’s celebration of Catalonia’s history and culture was
billed by organizers and au-
A Split from Spain?
Q2 2017
3.1%
1
30
July 2017
34.7% agree
0
20
–1
–2
10
–3
0
–4
’13
’14
’15
’16
’17
’13
’14
’15
’16
’17
*Seasonally adjusted
Sources: Spain's National Statistics Institute (GDP); Catalonia's Center for Opinion Studies
in-person polls, most recent of 1,500 residents in Catalonia conducted June 26-July 11; margin
of error: +/-2.53 percentage points
THE WALL STREET JOURNAL.
People in Barcelona Monday hold an ‘Independence now!’ banner.
thorities as a show of strength
for the referendum. Supporters
on Monday showcased the regional tradition of building human towers, or castells, and
chanted “We will vote.”
But it isn’t clear the fervor
on show was a true reflection
of sentiment in the region. As
in previous years, there were
widely disparate estimates of
40
turnout on the day. Barcelona’s municipal police said
around one million people took
part in Monday’s rally, about a
10% increase from last year.
Local representatives of the
central government in Madrid,
on the other hand, said there
were around 350,000 participants, a decline from 2016.
Next month’s planned ballot
is the fruit of a fervor for independence that peaked during
Spain’s deep economic crisis,
the severity of which aggravated many Catalans’ historic
frustrations with Madrid.
Tensions also grew after the
conservative Popular Party—
avowed opponents of Catalan
independence—won a majority
in parliamentary elections in
2011 and implemented austerity measures unpopular with
many in Catalonia.
Now Spain is on track to record its third year of 3%-plus
growth. Catalonia, which accounts for one-fifth of Spain’s
economic output and is powered by construction, tourism
and chemical and pharmaceutical manufacturing, is growing
even faster. Unemployment
among the region’s 7.5 million
inhabitants is below the national rate of 17%.
“When things begin to improve a bit, people begin to
think, ‘I’m a bit better. I’ve got
more to lose, so I’m not going
to take as many risks,’ ” said
Jordi Argelaguet, head of Catalonia’s polling agency. Its surveys show support for an independent Catalonia has fallen to
35% in July from a peak of 49%
in autumn 2013.
Pro-EU feeling in Catalonia
and confusion over Brexit have
also damped enthusiasm for
secession. Catalonia’s leaders
say the region would seek EU
membership as an independent
state, but opposition from Madrid and other member states
would make such a move unlikely.
Pro-independence
sentiment could surge again if Madrid prevents the vote. If the
October referendum is held in
defiance of Madrid, the results
are likely to tilt in favor of independence.
Catalan officials have set no
minimum participation for the
vote to be considered legitimate, and parties and voters
opposed to the ballot have
pledged to boycott it.
BY NOUR MALAS
AND ERDEM AYDIN
ISTANBUL—A Turkish court
ruled on Monday that five journalists and executives from one
of the country’s last dissident
newspapers have to remain in
jail awaiting the outcome of
their high-profile trial on
charges of aiding terrorism.
The five are among 18 defendants from Cumhuriyet, Turkey’s oldest running newspaper
and a consistent critic of Turkish governments over decades.
Their trial has become a barometer of the government’s resolve
to prosecute its critics despite
international condemnation.
Critics of President Recep
Tayyip Erdogan see the case as
an example that a government
sweep of the military, judiciary,
civil service and media in re-
BITCOIN
Continued from Page One
created by an anonymous programmer during the depths of
the 2008 financial crisis as an
alternative to official currencies. Much of the world’s bitcoin is mined—created through
powerful algorithms—in China.
As recently as this past January, before new rules damped
trading in the country, more
than 80% of global bitcoin activity took place in yuan.
In the latest move, China’s
central bank together with
other regulators has drafted
instructions banning Chinese
platforms from providing virtual-currency trading services,
according to people familiar
with the matter.
sponse to an attempted military coup last year has been
overly severe.
After hearing testimony
late into the night, a prosecutor recommended that the imprisoned defendants remain in
detention until more complete
evidence is secured. After deliberating for two hours, a
panel of judges concurred and
set the next hearing for Sept.
25. The defendants, charged
with aiding or abetting terrorist groups, face between 7½
and 43 years of imprisonment
if convicted.
The U.S. and some European governments have criticized as disproportionate Mr.
Erdogan’s response to the 2016
coup attempt, which he blames
on Islamist cleric Fethullah Gulen and his followers. Under a
state of emergency since then,
The end of commercial
trading in virtual currencies in
China is likely to further diminish bitcoin use in a large
and once-promising market. It
also offers a guide to other
countries’ regulators seeking
to bring order to what can be
a chaotic market for these instruments, analysts said.
The ban was surprising for
some, given that Chinese authorities have allowed bitcoin
exchanges to operate within
the mainland for years.
Beijing’s crackdown on bitcoin is part of a broader effort
to root out risks to the country’s financial system. Officials
earlier this year circulated a
draft of anti-money-laundering
rules for bitcoin exchanges, a
powerful
warning,
even
though the regulations were
never formalized, according to
OZAN KOSE/AGENCE FRANCE-PRESSE/GETTY IMAGES
Turkish Trial Targets Dissident Newspaper Saudi Clerics Detained
Protesters held copies of
Cumhuriyet before Monday’s
reopening of the trial of the
paper’s employees.
thousands of public officials
and activists have been jailed,
and dozens of media organizapeople familiar with the matter. The People’s Bank of China
didn’t respond to a request for
comment.
Now, regulators told at
least one of the exchanges
that the decision to shut them
has been made, one of the
people said. Another said the
order may take several months
to implement.
More virtual-currency activity in China is moving off
exchanges, where individuals
can trade with each other privately, analysts say.
The stakes for Beijing grew
as prices of virtual currencies
like bitcoin soared, adding to
the risk that Chinese investors
would continue to speculate
and expose themselves to big
losses. Analysts and investors
attribute the sharp rise in bitcoin last year to Chinese in-
tions have been shut down.
The Cumhuriyet journalists
are accused of being members
of or supporting Mr. Gulen’s
organization through their
work, or of links to other militant groups, including Kurdish
separatists battling the government. Mr. Gulen has denied
any involvement in the attempted coup.
At home, Mr. Erdogan’s critics say the long pretrial detention of some of the country’s
best-known columnists and reporters was a way to further
intimidate the media.
Government representatives
say the trial is following the
due course of law, referring
further questions to the judiciary.
International monitors observing the trial have called
the charges baseless.
vestors, who began buying it
up while at the same time selling the yuan amid worries
that the Chinese currency
would weaken.
In recent days, bitcoin
prices in China dipped lower
Beijing’s crackdown
is part of an effort to
root out risks to the
financial system.
than they did in other markets, reflecting uncertainty
over the ban, said Charles
Hayter, chief executive of research site CryptoCompare.
While China in the past accounted for a bulk of global
BY MARGHERITA STANCATI
Saudi authorities have detained two prominent clerics
who came under fire for failing to publicly declare their
support for the monarchy’s
hard-line stance toward Qatar
in the Gulf crisis.
Security officers took one
of the clerics, Salman al-Odah,
into custody over the weekend
and cited his failure to come
out in support of the Saudi
stance on Qatar as the reason
for his detention, according to
human-rights activists.
Mr. Odah, a former radical
Islamist who in the past at
times opposed the Saudi government, is popular in Saudi
Arabia.
He has more than 14 million Twitter followers, and
many of them are speaking
out on the social-media plat-
form against his detention.
Saudi officials didn’t immediately respond to requests to
comment on Monday.
Saudi Arabia, the United
Arab Emirates, Bahrain and
Egypt broke diplomatic ties
with Qatar in June over its
ties with Islamist groups such
as the Muslim Brotherhood
and its alleged links to terrorist groups such as al Qaeda—a
claim Doha rejects.
Unlike other clerics who
have spoken out in support of
the Saudi government’s split
with Qatar, Mr. Odah had kept
silent on the subject, drawing
criticism on social media.
Authorities also detained
cleric Awad al-Qarni in the
southern city of Abha over
the weekend after he tweeted
in support of better relations
with Qatar, rights activists
said on Monday.
bitcoin trading activity, the
country’s share has dropped
dramatically since the government started making moves to
cool the market.
In April, Japan’s Financial
Services Agency put in place
rules that recognized bitcoin
as a payment method. Since
then, Japan has become the
top market for bitcoin trading,
accounting for almost half of
global volumes. The U.S. share
of trading has jumped to
above 25% from 5% over the
past year.
Virtual currencies in theory
allow holders to bypass
China’s traditional banking
system to move money outside
its capital-controlled borders.
That could make it more difficult for Chinese regulators to
maintain a tight grip on the
yuan.
Regulators overseeing cyberspace
administration,
banking and securities trading—as well as central-bank
officials—considered various
options for months but ultimately came to a consensus to
shut down the exchanges, said
the people familiar with the
matter.
“Too much disorder was
naturally a basic reason” for
the ban, said one of the people.
The people said that regulators will likely have to tolerate
noncommercial trading of virtual currencies. “The government also doesn’t have the
power to control” that, one of
the people said.
This person said that regulators expect exchanges to report back on how they plan to
unwind their businesses.
THE WALL STREET JOURNAL.
WORLD WATCH
Spaniard Shot Dead
At Red Cross Clinic
A man in a wheelchair
opened fire with a pistol Monday in an orthopedic clinic operated by the Red Cross in northern Afghanistan, killing a
physiotherapist from Spain, local
officials and the aid group said.
The shooting occurred after
the gunman and a man accompanying him were admitted to
the clinic in the city of Mazar-eSharif, said Sheer Jan Durrani, a
spokesman for the provincial police department. The two men
were immediately taken into
custody, he said.
The motive for the attack
wasn’t immediately known. The
Taliban, the country’s largest insurgency, denied any involvement in the attack. However, the
group has been blamed for attacking humanitarian workers in
the past.
The International Committee
of the Red Cross released a
statement confirming the death
of a Spanish national, Lorena
Enebral Perez, 38 years old, in
the ICRC’s center in the northern
city.
Earlier this year, the ICRC
suspended its operation in Afghanistan after an attack on a
convoy delivering relief to a remote area of the country.
—Habib Khan Totakhil
and Ehsanullah Amiri
EUROZONE
Exchange-Rate Role
Morphs, Coeuré Says
A top European Central Bank
official said Monday that the exchange rate doesn’t weigh on
growth the way it once did, offering some comfort to those
worried about whether a strong
currency would undermine the
eurozone’s growth outlook.
Benoît Coeuré also said monetary policy in the currency bloc
would remain loose for longer.
“Compared with past demand
shocks, policy will remain more
accommodative for longer,
thereby likely muting further the
pass-through of any growthdriven exchange-rate appreciation,” said Mr. Coeuré, who sits
on the ECB’s executive board.
—Todd Buell
WORLD NEWS
India’s Vigilante Cow Protectors
Court urges crackdown on Hindus who confront suspected Muslim bovine smugglers
BY NIHARIKA MANDHANA
PANIPAT, India—Across
this northern town, clusters
of young men embarked on
patrols one recent night,
some along a highway, others
in shadowy alleys and on
rooftops. Their mission: to
rescue cows they suspect are
being transported for slaughter.
Much of India bans killing
the animal, which is revered
by hundreds of millions of
Hindus. The vigilantes, sometimes working with police,
nab men they believe are cow
smugglers, a job that sometimes involves high-speed car
chases and even deadly
shootouts.
“We are 100% committed
to saving cows from being
mutilated and killed,” said
Rinku Arya, a 36-year-old father of three who spends
most nights scouring streets.
The activities of such
groups, with thousands of
members, have come under
increased scrutiny at a time
of heightened sectarianism
and polarized debate in India
over cows. Last week, India’s
Supreme Court instructed
state governments to appoint
special police officers and
step up highway patrols to restrain the groups, in response
to a petition seeking stronger
action against vigilantes.
Prime Minister Narendra
Modi’s party, which has roots
in Hindu nationalism, has
made cow protection a priority—part of a broader electoral strategy that relies on
harnessing religious votes
and promising economic development. It tightened antislaughter laws in numerous
states and stirred the issue
during election campaigns.
Hindu groups that form
the backbone of support for
Mr. Modi say their ire is directed against Muslims who
kill cows, either unlawfully or
by supplying them to the
handful of states where
VIVEK SINGH FOR THE WALL STREET; NIHARIKA MANDHANA/THE WALL STREET JOURNAL (BELOW)
AFGHANISTAN
Tuesday, September 12, 2017 | A9
NY
Cows are revered by India’s Hindus while Islam, practiced by 14% of Indians, doesn’t prohibit eating beef. Below, members of the Cow
Protection Group gathered for patrol and checks recently, accompanied by a police officer from the special cow-protection unit.
slaughter is permitted. They
cast cow slaughter as a symbol of Muslims’ longstanding
hostility toward Hindus. Islam, practiced by 14% of Indians, doesn’t prohibit beef-eating.
Many Muslims say in this
charged environment, even
rumors or suspicions involving cows are being used as
pretexts to target their community. Mob attacks on Muslims, including killings, have
for months made headlines.
In response to an uproar
from a section of Indians, Mr.
Modi has condemned such violence.
Cow-vigilante outfits say
they help enforce the law, not
break it.
On a poorly lit highway
one recent night, as vehicles
slowed down at toll booths, a
dozen members of the Gau
Raksha Dal, or Cow Protection Group, leapt noisily onto
trucks. They peered in,
banged the sides to unearth
hidden animals and searched
for leaks of cow urine. Vehicles that aroused their suspicion were encircled and
pulled over for questioning.
They were joined by two
constables from a recently
created cow-protection police
unit who watched as the vigilantes sprinted, shouted and
interrogated. “We’ll intervene
if they find something,” one
policeman said.
Such “joint operations” are
ideal, Mr. Arya said, but the
police aren’t always reliable
partners, leaving the group to
sometimes act alone.
Their primary targets are
criminals involved in the illegal cow trade, the men said.
“Cows are broken down
and each part sold for a hefty
sum—it makes my blood
boil,” said 21-year-old Vikram
Arya, who isn’t related to
Rinku Arya and who uses the
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reverential term “cow
mother” when referring to
the animal. Other groups act
on information about alleged
beef-eating.
Seasoned cow smugglers
fire pistols and hurl rocks
when confronted, police and
vigilantes said. Five men from
the cow-protection group
have died in the past decade,
the first Mr. Arya said. Mr.
Arya said he and his associates use weapons, including
guns, for self-defense. Other
vigilantes said they sometimes thrash their foes to
send a message.
The group relies on a vast
network of informers: watchmen, storekeepers, villagers
and tollbooth operators.
When Mr. Arya receives a
tip—men spotted feeding
drug-laced food to stray cows
or animal horns seen bobbing
atop vehicles—he mobilizes
his men using phone calls and
WhatsApp. “We have boys
who are available 24 hours a
day,” he said.
A10 | Tuesday, September 12, 2017
* ***
THE WALL STREET JOURNAL.
IN DEPTH
CARS
Alphabet Inc.'s self-driving car
unit, Waymo, drove more miles
in California last year than its
competitors.
Others
3.1%
Waymo (Google)
96.9%
CAYCE CLIFFORD FOR THE WALL STREET JOURNAL (PHOTOS)
Continued from Page One
icon Valley looked down its
nose at the mundane work of
manufacturing. Detroit feared
being turned into a commodity
producer making a shell for
others to fill, like cellphone
handset makers, a problem Mr.
Krafcik wants to solve.
“We’re not a disruptive element, we’re an enabling element,” he said in an interview.
Whether Mr. Krafcik can
knit the two industries together will go a long way in
determining the future shape
of the robot-car market and
who stands to profit from it.
At Waymo, Mr. Krafcik is
leading efforts to apply driverless technology to a range of
uses—whether for ride-hailing,
freight delivery or public
transportation—and possibly
license it to car makers. He has
forged partnerships with Fiat
Chrysler and is in talks with
Honda to build self-driving
cars. That’s helped Waymo deploy the largest fleet of selfdriving cars, racking up more
than 3 million miles of testing
on public roads and leaving
GM, Ford and dozens of other
auto makers rushing to develop their own technology.
There have also been setbacks. GM, the largest U.S.
auto maker by sales, explored
partnerships with Waymo but
shifted tactics after talks
stalled and instead acquired an
autonomous-car tech startup
called Cruise Automation in a
deal that could be worth more
than $1 billion. It also invested
$500 million in ride-sharing
startup Lyft Inc. Talks also unraveled with Ford, which earlier this year pledged to invest
$1 billion in artificial intelligence startup Argo AI.
plans to acquire Cruise Automation.
Mr. Page and Google’s other
founder, Sergey Brin, realized
they needed someone from the
automotive industry with relationships, according to a person familiar with their thinking.
In September 2015, they
hired Mr. Krafcik. He had begun his automotive career
more than 30 years ago at a
car factory about a half-hour
drive from Waymo’s offices.
As a young engineer-turned
business student at the Massachusetts Institute of Technology, he visited 90 car factories
in 15 countries to study why
the Japanese companies were
better at making cars than U.S.
companies. His studies contributed to a seminal book, “The
Machine That Changed the
World,” on “lean production”
techniques that inspired a generation of car makers.
As chief executive of Hyundai Motor America, he helped
make sales gains in the wake
of the 2008 financial crisis
when other auto makers were
failing. His name had been
floated as a potential Ford
chief when Alan Mulally retired in 2014 and as a candidate to run GM after it
emerged from bankruptcy. He
also had experience in the tech
sector as president of online
car-buying website TrueCar.
“Being able to speak the
language of the automotive
ecosystem is very important to
us,” said Astro Teller, head of
Alphabet’s Google X, an R&D
division that was home for the
self-driving project until being
spun out as Waymo last year.
Mr. Krafcik joined Google
when the company was months
into talks with Ford about investing in an electric car program in exchange for thousands of cars. The sides were
so close to a deal that a news
release had been drafted, according to people familiar with
the matter. Mr. Krafcik told
Messrs. Page and Brin he
thought the project was too
costly and time consuming, the
people said. Google ended the
talks.
Several of the program’s top
engineers have left under Mr.
Krafcik’s watch, including the
program’s former leaders,
Chris Urmson and Anthony Levandowski, who both set up
competing companies.
Mr. Levandowski is at the
center of a legal battle between Waymo and Uber Technologies Inc. Waymo alleges
Mr. Levandowski stole trade
Miles Apart
Waymo (Google) 635,898 miles
Cruise (GM)
9,776
Nissan
4,099
Delphi
3,090
Bosch
983
Mercedes-Benz
673
BMW
638
Ford
590
Tesla
550
Note: Annual reporting period covers Dec. 1,
2015 through Nov. 30, 2016.
Source: Company disclosures to the California
Department of Motor Vehicles
THE WALL STREET JOURNAL.
Lost in Translation
DRILLS
Continued from Page One
even if the blood on their
hands was only stage paint.
The U.S., its NATO allies,
Russia and other militaries
around the world use fictional
scenarios to make their military drills more sophisticated.
They require soldiers to understand the political environment
and motivations of the people
they are trying to protect, and
defeat.
In North Carolina, where
war games often involve the
People’s Republic of Pineland,
locals who live near Fort Bragg
sometimes serve as amateur
actors in military drills. Some
play good guys to be protected.
Others play bad guys.
“I mock-assassinated the
mayor of this bad-guy-held
town,” says an Army Green Beret who was struck by how war
games can intersect with local
life. “It was actually the real
mayor.”
The flag of Pineland, a nation spun from whole cloth,
can be purchased online for
$22 (U.S. dollars only).
Because the role playing can
disrupt North Carolina communities, after the military exercise is complete, Army Special
Forces sweep through the
John Krafcik is Waymo’s CEO. Below, he poses with some of the company’s autonomous vehicles
tance.”
Around the same time,
members of the Google team
were invited to an event by GM
as it began selling in late 2010
the plug-in hybrid Chevrolet
Volt, Detroit’s high-profile effort to counter Toyota’s Prius.
During a driving session on a
closed course, one of the
Google employees began showing off his drifting skills—
where the driver intentionally
over steers through a turn. The
stunt knocked over safety
cones. A furious GM manager
threw the team out, said a person at the event.
The incident became lore
among some GM managers.
“We had to restrict them a bit.
They weren’t very good drivers,” said a former senior GM
executive involved with the
Volt introduction. “At least not
as good as the car guys from
Detroit.” Google declined to
comment.
Google’s so-called Chauffeur
team, which in its earliest days
was a ragtag bunch, tried to
polish its pitch to charm Ford.
The Dearborn, Mich., company
was interested in replacing its
vehicles’ software with Google
products such as maps and
music but the Google team
only wanted to talk about rocountryside, doing community
service, repainting firehouses,
rebuilding fences and tending
to animals.
In Belarus, a war-game
country created by Russia is
being brought to life by none
other than Belarus’s beleaguered political opposition.
Russian and Belarusian military planners invented the
country of “Veishnoriya” for
their Zapad war game, which
starts Thursday. On maps of
the exercise, the fictional country lies in the northwestern
part of Belarus. Locals are embracing it.
Internet users created the
virtual accouterments of a real
country: a foreign ministry,
passports, a national anthem, a
currency and a flag. And
they’re ready to defend their
made-up turf.
“Veishnoriya will stand
firm!” the unreal ministry
wrote on its Twitter account,
before offering “enemy soldiers” stew, honey, bread and
lard to lay down their weapons.
In some cases, war games
spark anxiety and conspiracy
theories. Russia in 2008 used
military exercises to obscure
its invasion of Georgia. Russia
repeated the feint in 2014 to
intervene in eastern Ukraine.
Moscow then helped carve out
new autonomous regions in-
bot cars, a person familiar with
the effort said. “We came
across as arrogant Valley
punks—and we were,” a former
Google employee said.
Ford executives were put off
by the fact that Google was
testing vehicles on the roadways, a practice Ford considered premature. “They were
looking at our vehicles and
thinking of them like sciencefair projects,” the former
Google employee said.
Driving a ‘Larry’
Google didn’t have luck with
Japanese auto makers, either.
Discussions with Honda Motor
Co. before 2014 didn’t progress, said Nick Sugimoto, the
head of Honda’s Silicon Valley
office. “They were inflexible.
They weren’t clear about what
they wanted, and they really
didn’t listen to me,” he said.
Google couldn’t decide
whether it should develop its
own car or leave that to an
auto maker. At one point they
debated the merits of acquiring electric-car company Tesla
Inc. Google co-founder Larry
Page told the group, according
to a person in attendance, that
“he didn’t want to drive a
Tesla, he wanted to drive a
Larry.” A Waymo spokesman
declined to comment.
In 2014, Google sent a chill
through the automotive industry with the unveiling of a podlike car it had designed. The
“Firefly” car sent a clear message to Detroit that Silicon Valley could compete. Apple’s efforts to develop its own selfdriving technology leaked out
in 2015.
Google was eager to put
more vehicles on the road to
test with real customers and
pushed for putting the technology in Ford and GM vehicles.
Those talks also stalled.
Jon Lauckner, GM’s head of
R&D, visited the Google campus and expressed doubt the
technology was ready for use,
according to people familiar
with the meeting. Months later
GM dispatched its president
and its product chief to smooth
things over with Google, but
the two sides still couldn’t cement a deal.
GM executives were unhappy Google wanted the auto
maker to only supply vehicles,
these people said. Google
thought it had the leverage,
thinking GM didn’t have another option, this person said.
To its chagrin, GM surprised
the industry last year with
Slovenian soldiers during an exercise at the Hohenfels Training
Area in Germany in 2016.
side Georgia and Ukraine—regions that most of the rest of
the world views as fakes.
Russia said it acted in 2008
to protect civilians and denies
sending its army into eastern
Ukraine.
In Texas two years ago,
fears of something similar
proved exaggerated. Jade
Helm, a U.S. special operations
forces exercise, drew national
attention when the governor of
Texas ordered the State Guard,
a volunteer group, to observe
the drills. Some Texans had
voiced concern the drill was
practice for a federal takeover.
In Atropia, the problem was
maps. The fictional country exists so that Western allies can
learn to cooperate. But imaginary national boundaries superimposed onto actual geography stirred friction.
Atropia’s borders roughly
coincide with Azerbaijan.
Neighboring Limaria, a madeup country, coincides with Armenia. The fake country of Kemalia is roughly equivalent to
Turkey. In 2014, Turkey’s top
general wrote to the head of
U.S. European Command complaining that a historically
Turkish town was inside the
boundary of Limaria, not Kemalia.
Turning the corner
secrets from Google to help
jump start Uber’s self-driving
program. Uber denies wrongdoing and fired Mr. Levandowski, who hasn’t commented
on the allegations.
Mr. Krafcik’s message to
auto makers is that he wants
to make better drivers, not
cars. In a world of self-driving
cars, many industry executives
expect traditional car ownership to be upended as consum-
“The thing that the industry
is struggling with right now is
that for the 100 years it’s been
in existence it’s been focused
on the number of units built,”
he said. “We are moving to a
world where…it has to be miles
driven.”
Mr. Krafcik said he began
talks with Sergio Marchionne,
the chief executive of Fiat
Chrysler, which lacked the resources to develop its own selfdriving software. Months later
the two executives announced
a deal for Waymo to integrate
its hardware into 100 minivans,
a partnership that was expanded to 500 more minivans
this year.
Mr. Krafcik liked that the
new Chrysler Pacifica minivan
had two things: rear doors that
open and close with the push
of a button and plenty of electrical power to run onboard
computers needed to drive the
car. The trial program marked
a turning point for Google. For
the first time it was working
with an auto maker to install
its own software and hardware. That allowed it to retire
the Firefly. Mr. Krafcik then developed a deal with Avis Budget Group to maintain the
growing fleet.
Waymo is also working on a
user experience that allows
passengers to feel comfortable
in a vehicle without a human
driver. It includes a display
system that tells riders why
the vehicle is making decisions,
such as stopping, people familiar with the effort said.
In December, Mr. Krafcik announced that Waymo and
Honda had rekindled talks over
a possible partnership. This
time around, Google’s attitude
was sharply different, said
Honda’s Mr. Sugimoto. “John
was very clear about his intention is not to invade the auto
industry or destroy the existing supply chain,” he said.
During a tour that he often
gives to curious automotive executives, Mr. Krafcik rushed
through a garage with rows of
decommissioned robot cars,
now being prepared for exhibits. Then he opened a door to
the employee parking lot and
pointed to his ride, a white
1990 Porsche 964 Targa.
“People worry that with the
work we’re doing…that we’re
going to take all of the joy out
of driving,” he said. “I don’t
believe that’s true. There’s always going to be stuff like
this.”
—Mike Colias and Christina
Rogers contributed to this
article.
“They weren’t fooled by the
fake names,” says a U.S. official. “It caused a diplomatic
kerfuffle.”
Turkish officials did not
comment on the episode.
The U.S. training center in
Hohenfels, Germany, now bases
its war games on a country
called “Germany.” The alternate reality includes a fictional
“Great Fatherland Party” that
resembles France’s National
Front and the like-minded Alternative for Germany.
“We don’t make stuff up,”
says James Derleth, the senior
interagency training adviser at
the Joint Multinational Readiness Center in Hohenfels. “We
take the stuff and change the
name so it doesn’t create umbrage to real politicians or political parties.”
The new scenario also
doesn’t give soldiers a realworld adversary. Instead,
North Atlantic Treaty Organization troops face off against
the thinly veiled “Skolkan Alliance,” which was originally
created by NATO in 2012. It
has a fearsome propaganda
television network, “The Voice
of Reason.”
“They are dangerous, devilish,” Mr. Derleth says of the
Skolkan forces. “It replicates a
threat from the east.”
NATO allows its partners
and members to take the Skol-
kan scenario and adapt it, but
says it’s not responsible for
any alterations. “We sell it as a
boiled egg,” says German Lt.
Col Michael Derksen of NATO’s
Joint Warfare Centre. “You get
it and we cannot unboil it for
you.”
Russia’s fictional adversary
Veishnoriya replicates an aspiration of sorts for some Belarusians. Its portion of the former Soviet republic is the
region most opposed to Belarusian strongman leader, Aleksander Lukashenko, once
dubbed “Europe’s last dictator”
by the U.S. State Department.
“Veishnoriya is a country
without Lukashenko, without
Russian troops, a country that
is friendly with its Western
neighbors,” the not-quite-country’s
“foreign
ministry”
tweeted last month.
Alexander Feduta, an opposition political analyst, composed an irony-laden national
anthem for the fake country
that riffs on themes including
Belarus’s struggle to find foreign loans.
Aliaksandr Arsionau, a 28year-old journalist who created
Veishnoriya’s blue-and-white
flag, says the fictional land is
like a dream come almost true.
“People want to imagine being in a different country,” he
says. “Then the government
came up with one for us.”
‘People worry…that
we’re going to take
all of the joy out of
driving.’
MARKUS RAUCHENBERGER/PLANET PIXZUMA PRESS
Some question whether Mr.
Krafcik has figured out how to
maneuver the levers of power
within the large tech company.
“He needs to be a futurist, a
technologist, a salesman, a
counter-regulator, a hacker, a
financier,” said one Google car
alum.
Misunderstandings between
Detroit and Silicon Valley were
commonplace after Google began teasing details about its
car efforts in 2010. Automotive
executives were dismissive of
the engineers Google recruited
from self-driving car competitions held by the Department
of Defense. Google’s engineers,
meanwhile, turned their noses
up at Detroit in their pursuit to
quickly put the technology on
the road.
One of the earliest flirtations with an auto maker, Fiat
Chrysler’s Dodge brand, didn’t
go far. Google gave a test ride
to a senior executive, according to people familiar with the
matter. Soon after, Dodge began running commercials
mocking the idea of self-driving vehicles made by “a search
engine company.” In the TV
spots, the baritone voice of actor Michael C. Hall says,
“We’ve seen that movie…it
ends with robots harvesting
our bodies,” followed by footage of the 2011 Dodge Charger
that he introduced as the
“leader of the human resis-
ers begin paying for rides
rather than sheet metal.
In a conference room named
after a robot, Mr. Krafcik scribbled numbers on a whiteboard:
3 trillion and 17 million. The
bigger number was the total
miles driven in the U.S. last
year, while the smaller one was
roughly the number of new car
sales across the country. The
challenge was to get consumers spending on the distances
they travel in cars rather than
on the cars themselves.
If the average large automotive company turns a profit of
about $1,400 per vehicle sold,
he said, a vehicle that lasts
150,000 miles only garners
about a penny per mile.
THE WALL STREET JOURNAL.
Tuesday, September 12, 2017 | A10A
NY
* *
GREATER NEW YORK
City Grieves for Victims of Sept. 11, 2001
Respects are paid to
the nearly 3,000 killed
16 years ago in attacks
on World Trade Center
Hundreds of people gathered Monday morning in lower
Manhattan where the Twin
Towers once stood to commemorate the 16th anniversary
of the terrorist attacks of Sept.
11, 2001.
The annual event, organized
by the National September 11
Memorial and Museum, began
at 8:40 a.m. with the singing of
the national anthem and the
reading of the names of the
nearly 3,000 people killed in
the 2001 and the 1993 attacks
on the World Trade Center.
The ceremony also called for
six moments of silence, marking significant events of the
tragic morning.
A crowd of mourners gathered around a stage near the
memorial reflecting pools that
sit in the footprints of the towers, many holding photographs
of their relatives and American
flags. Outside the ceremony on
Greenwich Street, four firefighters stood in formation, saluting an American flag.
Margie Miller, 67 years old,
of Baldwin, N.Y., said her husband, Joel, worked at Marsh &
McLennan Cos. on the 97th
floor of North Tower. In the 16
years since he died, she has
kept in contact with other families who lost loved ones, often
going out to dinner and attending others’ memorials.
“This is my community,” Ms.
BRENDAN MCDERMID/REUTERS
BY THOMAS MACMILLAN
AND ZOLAN KANNO-YOUNGS
A New York City Police Department at the edge of the south reflecting pool during ceremonies on Monday at the National September 11 Memorial and Museum.
Miller said. “This is where he
worked, this is what he loved
to do. These are the people I’ve
gotten to know.”
She said she married Joel
Miller later in life and would
often stare at him and say, “I
cannot believe that this worked
and how happy we were.”
“I always say I want people
to know the life that he lived,”
she said. “And not just the famous way that he died.”
At 8:40 a.m., police officers
in formation carried a large
American flag to the stage as
dozens more stood and saluted. At 8:46 a.m., a police officer rang a bell to mark the
first moment of silence, signaling when the first plane hit the
North Tower.
Other moments of silence
marked the plane striking the
South Tower, the instant when
Flight 77 hit the Pentagon, the
moment when the South Tower
fell, the crash of Flight 93 near
Shanksville, Pa., and finally,
at 10:28 a.m., the collapse of
the North Tower.
Eleni Kousoulis, 47, of New
Jersey, said she was planning a
surprise birthday party for her
29-year-old sister Danielle
when she was killed on the
104th floor of the North Tower.
“We’re one of the families
that never got anything back
from Danielle,” Ms. Kousoulis
said of her sister’s remains.
“To us, ground zero is like a fi-
nal resting place.”
Patrick Winn said his
mother, Virginia Fox, went to
work at Marsh & McLennan at
the World Trade Center 16
years ago on Sept. 11, despite
being on vacation.
“It took me a long time to
learn how to love again,” Mr.
Winn said, as he looked at his
baby daughter with tears in his
eyes.
Rob Fazio, 43, lost his father, Ronald Carl Fazio, who
worked on 99th floor of the
South Tower. He said he later
received phone calls from the
people his father had saved.
While some in Tower 2 were
telling people to wait for help,
his father urged everyone to
escape the building, Mr. Fazio
said.
“They were calling the
house afterward and asking,
‘Where is your dad?’ ” Mr.
Fazio said. “He was holding the
door for us.”
For Ill First Responders,
9/11 Is Still Taking a Toll
In the 16 years since
the Sept. 11, 2001, terrorist attacks, Sal Turturici has watched
as friends he worked with at
the World Trade Center site fell
ill. Now Mr. Turturici is sick
too, battling stage 4 neuroendocrine cancer that doctors believe could be linked to his service on an FDNY medical team
at the site.
Though researchers say it
could take decades to prove a
clear link between time spent
at Ground Zero and illnesses,
they say it appears that toxins
at the site heightened the occurrence of certain diseases.
Mr. Turturici, 52 years old,
is one of thousands of firefighters, police officers, EMTs, journalists and others who worked
and lived near the World Trade
Center who say they are becoming sick after breathing in
toxic air in the days and
months after the attacks.
In recent years, some doctors working with 9/11 first responders and other survivors
say they believe the rate of cancer among those who were at
Ground Zero is rising.
Michael Crane, who runs a
treatment and monitoring center financed by the federally
funded World Trade Center
Health Program at Mount Sinai
Health System, said the rate of
9/11-related cancers he sees has
risen in recent years, to more
than 15 new cases a week, up
from about 10 a week two years
ago. “It’s been building
steadily,” Dr. Crane said in an
interview. “I am very concerned.”
Dr. Crane said more research
was needed to determine
whether the increase was
caused by exposure to 9/11 toxins and not simply age.
Several studies have shown
a possible link between exposure to the World Trade Center
site and cancer. One 2011
study by the head doctor for
the Fire Department of the City
of New York found that firefighters who worked at Ground
Zero are 19% more likely to
have cancer than their peers.
Of the nearly 80,000 people
enrolled in the World Trade
Center Health Program, the
federal initiative, about 7,000
have cancers that could
be linked to 9/11, Dr. Crane said.
City officials have estimated
that up to 400,000 people
breathed in the toxic air that
hovered over lower Manhattan
in the months after the Sept.
11 attacks. Anyone who lived,
worked or went to school in the
area at the time should be regularly screened for illnesses, Dr.
Crane said.
Owen Ortiz, 41, a first responder on 9/11, was diagnosed
with carcinoma in 2012. Mr. Ortiz said that while he sometimes talks with his young
daughter about his experience
on Sept. 11, cancer has brought
ENID ALVAREZ FOR THE WALL STREET JOURNAL
BY MARA GAY
Owen Ortiz, a 9/11 first responder diagnosed with carcinoma in 2012, shown with his cancer medications.
the trauma home.
“I tell her about 9/11, about
the buildings falling,” he said.
“But with the cancer, she saw
me diminish little by little up
close.”
The deaths and illnesses
have hit the city’s fire and police departments especially
hard. At the FDNY, 159 people
have died of diseases, mostly
cancers, that could be tied to
9/11, according to city officials,
At the New York Police Department, 132 people had
died as of December 2016, according to the most recent
available data. That figure
doesn’t include Kelly Korchak,
38, a police officer who died of
cancer thought to be linked to
her 9/11 exposure in June, six
months after giving birth.
“She never got to be a
mother. She couldn’t hold him,
she couldn’t bathe him, she
won’t be around for his first
birthday,” said Steven Attarian,
Ms. Korchak’s widower. “You
live with the pain constantly.”
New Yorker Makes Rescue in St. Martin New Standards Will
When New York restaurateur Jim Goldman heard
friends and their families were
trapped in St. Martin in the
wake of Hurricane Irma, he
knew he had to do something.
So Mr. Goldman, founder of
the Brother Jimmy’s restaurant
chain, flew to San Juan, Puerto
Rico, and then took a helicopter
to St. Martin and rescued them.
He returned to New York on
Sunday after 30 hours on St.
Martin. He was still feeling the
effects Monday afternoon as he
stood in Little Bamboo, his
Harlem sushi restaurant.
“I’m shaking,” he said. “I’m
jittery. I feel like I’ve had too
much caffeine, and I haven’t
had any.”
It was an unlikely scenario
for Mr. Goldman, who describes himself as “a middleaged, bald, bit overweight Jewish guy.” Riding in the
helicopter, which had its own
fuel onboard for the return
trip, he saw the full scope of
the devastation and asked himself what he was doing.
“I’m not exactly trained for
combat,” he said.
Within two days of the hurricane hitting St. Martin, loot-
MANNY ALMIRAKIS
BY KATE KING
A destroyed nightclub in St. Martin owned by Manny Almirakis,
who was rescued by New York restaurateur Jim Goldman.
ing and lawlessness were
spreading and many people
were anxious to escape. At one
point, Mr. Goldman said he
was walking around looking
for cell service when he saw a
pregnant woman being robbed.
“These guys came up on a
scooter,” he said. “They put the
gun towards her belly and they
grabbed the chain off her neck
and ran away.”
The helicopter was rented
by Puerto Rican businessman
Alberto de la Cruz, president
and chief executive of two beverage and food distributors on
St. Martin. Mr. de la Cruz said
he got the helicopter to bring
security guards to St. Martin
to protect his plants from looters and agreed to drop Mr.
Goldman off on the way.
“We didn’t deal with the authorities,” Mr. de la Cruz said,
referring to government officials on the island. “At that
point, there’s no authorities to
talk to. And there’s complete
chaos, so we felt that we just
needed to get in there.”
A spokeswoman for Puerto
Rico Gov. Ricardo Rosselló said
she didn’t have information on
nongovernment evacuations
from St. Martin. U.S. and
Puerto Rican government evacuations have so far removed
1,627 people from the island,
she said. An additional 1,000
people may be evacuated, she
added.
One of the people Mr. Goldman got off St. Martin was his
longtime business associate,
Manny Almirakis. Mr. Almirakis
said he had planned to stay on
the island with his wife and
young son but decided to leave
after seeing men with machetes break into a restaurant.
“The looting and no electricity and no power—it became dangerous,” he said.
St. Martin is jointly controlled by France and the Netherlands. Over the weekend,
French authorities said they
were sending 2,000 additional
police officers and soldiers to
the island to restore order.
Mr. Almirakis, an American,
had only enough time to retrieve his family’s passports
before boarding the helicopter.
His 3-year-old son was hospitalized for several hours in
San Juan after suffering from
dehydration and carbon monoxide poisoning from an undetermined source, but the entire
family is now with Mr. Almirakis’s parents in Norwalk, Conn.
Replace Common Core
BY LESLIE BRODY
New York education officials voted Monday to replace
the politically charged Common Core with a new set of
academic standards and a new
name.
Dubbed the “Next Generation Learning Standards for
English Language Arts and
Math,” they spell out skills
and concepts that children
should learn in each grade.
State Education Commissioner MaryEllen Elia said the
new standards would maintain
rigor while clarifying expectations and cutting redundancy.
She emphasized the rollout
would be slow enough to let
schools train teachers and adjust courses before students
are tested. “That’s the fair and
smart thing to do,” she said.
Full implementation is expected in September 2020,
with tests tied to the new
standards in spring 2021.
Both critics and supporters
of the Common Core, a voluntary set of standards adopted
by most states around 2010,
said its New York rollout was
too rushed. After its first
round of tougher testing in
2013, scores dropped on the
state’s standardized tests, and
the next year a surge of families opted out.
A Board of Regents committee voted unanimously for the
new standards on Monday, and
the full board—made of the
same members—expects to vote
again Tuesday in a final step.
The new standards, which
don’t dictate books or specific
lessons, resulted from a nearly
two-year process with teachers
poring over the drafts. The
new ones emphasize reading a
balance of nonfiction and literature after some teachers complained the Common Core put
too much stress on informational texts, such as manuals.
Teachers said that in math,
the new standards clarified expectations that were vague
and changed the timing of
some units.
The Regents highlighted
their effort to ensure that expectations for prekindergarten
through grade 2 emphasized
the value of “play,” after some
critics argued the academic
standards were inappropriate
for young children.
A10B | Tuesday, September 12, 2017
NY
* *
THE WALL STREET JOURNAL.
GREATER NEW YORK
BY CHARLES PASSY
Producers and theatrical artists who try to make their living
off-Broadway in New York City
say this is a golden age for their
small-scale brand of theater.
But that doesn’t mean they are
reaping financial rewards.
Off-Broadway is home to
nearly 40 theaters, which, by
definition, must have 100 to
499 seats, according to the
Off-Broadway Alliance, an industry group. In recent years,
the off-Broadway theaters
have welcomed a plethora of
new shows—as many as 130 a
season, says Peter Breger, the
alliance’s chairman.
“Is there another city in the
world where you have 130 shows
in small theaters?” he asks.
Moreover, Mr. Breger and
others in the industry note the
sheer variety of productions,
from cutting-edge plays to
spoof-filled musical revues, as
proof of off-Broadway’s vitality.
And yet, all that activity
has been overshadowed by the
challenging economics of offBroadway, industry insiders
say. They point to the demise
of several off-Broadway theaters and groups, including
the Pearl Theatre Company, a
nonprofit off-Broadway institution with a three-decade history that closed this year.
Even if the theaters survive,
commercial off-Broadway producers say it is harder than
ever to turn a profit on a
show.
Consider the case of one recent production, “The Crusade
of Connor Stephens,” a drama
examining faith, family and
antigay views that opened at
Midtown Manhattan’s Jerry
Orbach Theater in late June.
Despite garnering some positive reviews online and having
financial backing from actor
Bryan Cranston, the show,
which had startup costs of
$700,000, closed in less than
two months.
Dewey Moss, the playwright
and director of “Connor Stephens,” wouldn’t specify how
much money the production
lost, except to say it was
“quite a bit.”
He also says the experience
taught him the daunting math
behind off-Broadway. “You
look at the numbers, and you
just realize it’s not a smart investment,” he adds.
The key problem facing offBroadway, some insiders say, is
rising costs for everything from
theater rentals, which easily
can reach five figures a week,
to advertising.
Talent costs also are increasing, with actors benefiting
from a new contract negotiated
last year by the Actors’ Equity
Association. The union said salaries, which went as high as
$1,008 a week in the previous
contract, are set to increase by
as much as 81% during the
coming five-year period.
Broadway also faces higher
costs, but it has the benefit of
much greater capacity—up to
nearly 2,000 seats in some
cases.
Off-Broadway producers say
they can’t offset expenses by
raising ticket prices beyond a
certain point because part of
off-Broadway’s appeal is that
it is more affordable. OffBroadway prices average $45 a
ticket, according to industry
sources, compared with Broadway’s $109 average price.
Despite off-Broadway’s difficulties, producers continue
to be drawn to it, saying the
small size of the theaters allows for an intimacy that can’t
be realized on Broadway.
SEASIDE SERVICE: Hundreds of followers of the Yoruba religion—which comes from West Africa and was brought to the Americas by
slaves—paid homage to one of their most important deities, the female spirit of the oceans, at a Queens beach over the weekend.
STEPHANIE KEITH FOR THE WALL STREET JOURNAL (3)
Off-Broadway
Golden Age
Faces Hurdles
Yoruba Faithful Worship in Rockaways in Annual Celebration
S U I T U P,
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Retailer Hopes New Store
Will Spur Sales in U.S.
BY MICHAEL ROVNER
Preppy clothing retailer J.
Press said it is trying to ignite
U.S. sales by opening a store
in the Midtown Manhattan
building that houses the Yale
Club this October.
The 112-year-old haberdashery said it closed its 4,100square-foot flagship store on
Madison Avenue in 2014 after
it couldn’t renew its lease because of a building renovation.
J. Press now will be opening a
new 2,800-square-foot store
on Vanderbilt Avenue, near
Grand Central Terminal.
The move near the Yale
Club is one of the biggest investments for the brand in a
long time, according to
Jun Murakami, chief executive
officer of Japanese company
Onward USA, whose parent
owns J. Press. He added the
Midtown space is expected to
generate 25% of total U.S.
sales.
Mr. Murakami also said he
forecasts 30% of J. Press’s
sales will be generated online
in the near future, and the
company hopes to increase
that number to 50% by relaunching its website and
boosting its presence on social
media.
The proximity to the Yale
Club represents a homecoming
of sorts for J. Press, which began by selling ties, belts and
odd trousers near the school’s
New Haven, Conn., campus in
1905. The brand is known in
preppy circles for its embroidered collegiate logos and
cocktail-themed accessories
such as needlepoint martinithemed cuff links.
The retailer is betting that
these clothes will still resonate with today’s buyers. Richard Press, former CEO of J.
‘When you’re a small
company, your
e-commerce is
expensive.’
Press and grandson of its
founder, said: “Finding the appropriate audience became a
challenge starting in the ’70s
because 70% of the sales at J.
Press were dress clothing,
sport jackets and ties. If this is
gone with the wind, the key is
identifying the replacements
that don’t denote slobdom.”
Some point to challenges
for the brand in today’s tough
retail environment, which has
many companies cutting back
their brick-and-mortar presence.
Paulette Garafalo, CEO of
Paul Stuart, a 79-year-old upscale men’s retailer, also with
a Japanese parent company,
said: “Nothing’s ever a slam
dunk. When you’re a small
company, your e-commerce is
expensive, advertising is expensive, and operations for ecommerce is expensive, too.
They also need to keep their
eye on clienteling, which may
be different here” than in
Japan.
In 1986, the brand was acquired by Onward Holdings
Co., which operates a portfolio
of fashion and hospitality
companies in Japan. Onward
now runs 131 J. Press shops inside department stores across
Japan. It also has small stores
in New Haven, near the Yale
campus; Cambridge, Mass;
Washington; and downtown
New York City. The latter will
close when the Midtown store
opens in the fall. The brand
has 35 employees in the U.S.,
compared with 365 in Japan.
GREATER NEW YORK WATCH
UPSTATE NEW YORK
Woman Who Aided
Escape Denied Parole
MADE TO ME ASURE
BOSTON | NEW YORK | PHILADELPHIA | WASHINGTON DC
*Offer ends October 15, 2017. Other restrictions apply
Parole has been denied to
prison tailor Joyce Mitchell, who
was sweet-talked into providing
hacksaw blades, chisels and
other tools that two killers used
in a prison break.
Ms. Mitchell will remain behind bars for at least two more
years for helping killers Richard
Matt and David Sweat escape
through a manhole outside the
walls of the maximum-security
Clinton Correctional Facility in
Dannemora in June 2015, according to a parole board decision released Monday.
The panel said it was likely
the 53-year-old Ms. Mitchell
would again violate the law if
freed.
The escape prompted a threeweek manhunt that ended with
Mr. Matt fatally shot and Mr.
Sweat captured near the Canadian border.
—Associated Press
QUEENS
Boy Is Killed in Fall
From Condo Window
A 5-year-old boy has died after falling out of a third-floor
bathroom window in Queens,
authorities said.
The boy, who was being
watched by his grandparents,
went to the bathroom in the
apartment on Sunday afternoon
and managed to get out of the
window, police said.
—Associated Press
NEW JERSEY
Hindering Charges
Against Judge Stand
An appellate court has ruled
that a suspended New Jersey
judge who allegedly hindered the
search for a wanted man she
was dating and living with won’t
have to face an official misconduct count. But Carlia Brady will
still face two hindering counts.
The ruling, made public Monday, upheld a lower-court decision. Ms. Brady’s lawyer has argued she was acting as a private
citizen and had no legal obligation
to tell police that the man was
headed to and later in her home.
Ms. Brady was a Superior
Court judge in Middlesex County
when she was arrested in 2013.
—Associated Press
THE WALL STREET JOURNAL.
F. MARTIN RAMIN/ THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS
LIFE&ARTS
Tuesday, September 12, 2017 | A11
BY JILLIAN BERMAN
FOR MAKERS OF breath-freshening mints and gum, there is no
such thing as over-sharing. From
big candy companies to small artisanal confectioners, the makers
of mints are tinkering with product design, packaging, and marketing, all to encourage us to
share.
A mint is “a social currency,”
said Jeff Wurtzel, a marketing
brand director for Mars Wrigley
Confectionery, which makes Wrigley’s gum, Life Savers, Altoids and
other breath-freshening treats.
“You connect with someone else
by offering something small.”
U.S. retail sales for mints have
grown by 26%, between 2012 and
2017, to $1.5 billion, according to
data from Euromonitor International, a research firm headquartered in London. A growing appetite for spicy food and continuous
snacking are helping create more
opportunities for breath fresheners, said Jared Koerten, a lead analyst at Euromonitor. Companies
are rolling out packaging and
products, spurring growth in the
category, industry representatives
say.
Wrigley’s recent marketing
campaigns for Extra gum revolve
around the idea that sharing
something as small as a mint or
piece of gum can help facilitate a
connection, Mr. Wurtzel said. This
year, the company plans to launch
STYLE
Thanks for Sharing,
It Helps Sell Mints
Clear boxes, individual wrappers and lids that click actually prompt us
to take one and offer up one, boosting sales of candies and gum
Extra Chewy Mints,
which will come in a
plastic package with
an opening designed
for easy sharing.
Originally, many
mints were eaten to
aid digestion. But it
didn’t take long for
sharing to become integral to the product,
according to Beth
Kimmerle, a food
consultant and the
author of “Candy:
The Sweet History.”
Beginning in the late
1800s, mints were
sold in decorative
tins to encourage hosts to offer
them to friends after meals.
“Everybody went in for one,”
Ms. Kimmerle said.
Makers of mints embrace the
‘You connect with
someone else by
offering something
small,’ says a
marketing executive for
Mars Wrigley.
notion of breath fresheners fueling friendly interactions. In the
early 1900s, Altoids were packaged in a tin to keep the mints
fresh, according to Mr. Wurtzel.
But the container
turned out to have
unexpected sociable
benefits. “It’s literally
in your hand and it’s
an extension of you
when you open it,”
Mr. Wurtzel said of
the Altoids tin.
Mints can play a
communal role in offices and restaurants.
At the Minneapolis location of Industrious Office, a co-working
space, the community manager,
Marie Adrian, keeps a bowl of individually wrapped mint Life Sav-
ers on her desk. The mints have
become a post-lunch routine for
many people, creating a natural
“touchpoint” with the space’s
members, Ms. Adrian said.
“When you’re taking a mint, it
might be for yourself, but you’re
probably also considering other
people,” she said.
Simply Gum, a small confectionery company in Manhattan
which promises to use all natural
ingredients, launched Mints by
Simply Gum this year in part
through marketing on social media. The company asked fans to
tag friends with the hashtag
#complimint and awarded some
free mints.
“We’re all about creating a fun
moment for people,” said Adeena
Cohen, the director of marketing
and business development at Simply Gum.
A few years ago, a Tic Tac ad
campaign portrayed offering the
mints as a “social spark,” according to Todd Midura, the vice president of marketing of Tic Tac
North America. The clear package
lets anyone nearby see them and
the opening at the top makes it
easy to shake a few into someone’s palm.
All that sharing doesn’t just
spark sociability. It means more
business for Tic Tac and other
mint makers. “If you’ve got people sharing, it adds more occasions,” Mr. Midura said. “Before
you know it, you pass around that
pack and it’s empty.”
BONDS: ON RELATIONSHIPS | By Elizabeth Bernstein
FROM LEFT: ESTHER BOYKIN; ISTOCK
YOUR CHILD IS AT COLLEGE:
A PARENT’S SURVIVAL GUIDE
A family therapist offers advice on navigating the range of emotions parents of
college freshmen can feel that first fall; ‘Create some new routines’
IT’S THE BEST OF TIMES and
the worst of times: You just became an empty nester.
When a child leaves for college,
parents have the happiness of seeing their son or daughter mature
and start off on an independent
life. They also miss constant connection, fret about their child’s
well-being, and worry about the
way the relationship may change.
Esther Boykin, a licensed marriage and family therapist in Washington, D.C., says that empty nesters
may experience a type of grief—for
the loss of the relationship as it
was. In some cases, some see a
therapist. In an interview, she talked
about the mixed feelings empty
nesters often have and what they
can do. Here are edited excerpts.
WSJ: What are some of the emotions
that empty nesters typically feel?
Ms. Boykin: The empty nest kicks
while raising their child. This can
range from specific negative interactions along the way to a broad
sense of not having done enough
to prepare them for the “real
world.” And they can feel a great
deal of anxiety and worry about
how their child will fare in a new
environment.
Parents can also feel excitement, pride, joy, and relief as they
get a glimpse of a life that doesn’t
center around kids and their goals
all the time.
up much more than just sadness
or loneliness. For many parents,
there is also guilt about what they
wish they had, or hadn’t, done
Why is this such a complicated issue?
Parents experience an ambiguous
loss, or a loss that doesn’t really
look like loss. Their child is typically just a few hours or a short
plane ride away, so they haven’t
lost them. Yet the emotional experience of their absence can feel incredibly profound and permanent.
This person whom you have cen-
The time after dropping off a child at college can bring some unexpected
emotions for parents. Family therapist Esther Boykin, left, has some solutions.
tered your life around for 18 years
is no longer around on a daily basis and is loosening the connection
that had been all-encompassing.
The greatest challenge for parents is that they know that the
goal of good parenting is to raise a
self-sufficient, independent adult.
But the realization of that goal
creates a deep sense of loss that
can be confusing. It’s like realizing
that you did an awesome job and
the reward is that the person you
love most is leaving you for good.
Do both fathers and mothers experience the emotions of empty nesting
the same way?
The truth is that a parent’s emotions are more related to the rela-
tionship they have with their
child and their role as a caregiver
than they are with gender. Often
the parent who has the more
emotionally intimate relationship
will have an easier time processing empty-nest emotions. They
may find it easier to trust their
child is ready for the challenges
of adulthood and to establish regular communication.
Are empty nesters ever envious of
their children?
Sometimes. If you see this as a
sign that you are old and your
life is winding down, then it is
easy to be envious of your children and all of the new experiPlease see PARENTS page A13
THE WALL STREET JOURNAL.
A12 | Tuesday, September 12, 2017
LIFE & ARTS
ART REVIEW
Lusting After Beauty
An aesthetic journey though the life and times of that most famous Lothario, Casanova
Fort Worth, Texas
WHO KNEW the American Modernist architect Louis Kahn had
Rococo tendencies? How else do
you explain the seamless integration of “Casanova: The Seduction
of Europe”—a lavish romp
through the Rococo—with the
monumental minimalism of Kahn’s
Kimbell Art Museum? This exhibition’s nearly 200 mostly 18th-century European artworks—boasting
an abundance of shimmering surfaces, flushed bare flesh and roiling curves—feel right at home (if
not dutifully tamed) among the
broad arcs and neutral planes of
the Kimbell’s spare, concretevaulted galleries.
The opulent show was inspired
by the life and times of that most
famous Lothario, Casanova, whom
we know from his 3,500-page memoirs as the man who seduced more
than 100 partners, including virgins, married women, men, family
members and at least one nun—an
act that landed him in prison. But
Giacomo Casanova (1725-1798) was
much more than a Casanova.
The self-professed hedonist traveled 40,000 miles throughout Europe in search of fame, fortune and,
certainly, sex. “Despite an excellent
moral foundation, the inevitable
fruit of the divine principles which
were rooted in my heart,” Casanova
wrote in his memoirs, “I was all my
life the victim of my senses.”
Yet, he was also a man of letters and a true actor on the world
stage. Casanova met or knew
seemingly everyone: Voltaire,
Rousseau, Samuel Johnson, Benjamin Franklin, King George III,
Pope Clement XIII, Catherine the
Great, King Louis XV and his paramour Madame de Pompadour—
all represented here in portraits
by Joshua Reynolds, Jean-Antoine
Houdon and Anton Raphael
Mengs, among others. Casanova
was a lawyer, priest, medic, diplomat, violinist, gambler, gourmand,
con man and spy. He wrote numerous works of fiction and nonfiction. He translated Homer’s “Iliad” into its earliest version of
modern Italian and may have contributed to the libretto for Mozart’s “Don Giovanni.” In France,
he created the world’s first national lottery.
A grand European tour, “Casanova” comprises paintings, sculptures, drawings, prints, furnishings, books and decorative arts,
and chronologically and geographically follows Casanova’s exploits in
Venice (his birthplace), France and
London. The show combines history, games, silver, Sèvres porcelain, animal-headed tureens and a
luxurious sedan chair, as well as
life-size tableaus with mannequins
dressed in glamorous period costumes. As much about the era and
FROM TOP: KIMBELL ART MUSEUM, FORT WORTH; FINE ART IMAGES/HERITAGE IMAGES/GETTY IMAGES
Francois Boucher’s ‘Juno Asking
Aeolus to Release the Winds’ (1769),
left, and a portrait of Giacomo
Casanova (c. 1750), by Francesco
Giuseppe Casanova, below
circles of Casanova as it is about
the man, the exhibition explores
the tastes, mores and philosophy
of the Rococo period.
“Casanova” begins vividly with
an intimate gallery devoted to
Canaletto’s crystalline Venetian
panoramas of the Grand Canal, the
Rialto Bridge, the Ducal Palace, the
bay of San Marco. The canvases
share the same palette of rose,
turquoise and greenish-cream, yet
each conveys unique qualities of
twinkling light and water.
Next, we move indoors. Here
are lovely interiors by Pietro
Longhi and mythological and religious paintings featuring tumbling,
bare-breasted nymphs and chubby,
nude putti by Giovanni Battista
Tiepolo. These hang above flamboyant tables and are flanked by
jaunty gilded sconces and luxurious Venetian armchairs. No sooner
have we begun, however, than we
are thrust into the section “Amorous Pursuits.”
Casanova, we learn, was “perpetually torn between chivalry and
lust.” No wonder that the French
painters François Boucher, JeanHonoré Fragonard and Jean-Baptiste Greuze dominate these galleries. Little is subtle. In Fragonard’s
“Two Girls Playing on a Bed With
Their Dogs” (c. 1770), their night-
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87 60 s
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88 71 pc 89 73 pc
Philadelphia
80 65 pc 77 67 sh
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108 84 s 105 82 s
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74 60 pc 79 61 pc
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78 56 s
Portland, Ore.
82 54 s
72 52 pc
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89 62 pc 83 57 pc
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78 62 r
74 61 c
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91 68 pc 86 65 pc
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78 63 pc 74 60 pc
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85 54 s
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75 54 s
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84 60 s
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74 66 pc 83 67 pc
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57 45 sh
46 sh 57 43 sh
City
Frankfurt
Geneva
Havana
Hong Kong
Istanbul
Jakarta
Jerusalem
Johannesburg
London
Madrid
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Melbourne
Mexico City
Milan
Moscow
Mumbai
Paris
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Rome
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Seoul
Shanghai
Singapore
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Taipei
Tokyo
Toronto
Vancouver
Warsaw
Zurich
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63
63
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94
85
91
92
84
64
80
84
63
72
79
76
90
64
86
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76
89
81
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88
83
93
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76
69
61
61
Mr. Esplund writes about art for
the Journal.
Today
Tomorrow
Lo W Hi Lo W
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47 pc 67 59 sh
72 t
88 73 s
81 s
90 79 s
72 s
84 70 s
74 pc 92 76 s
68 s
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54 pc 82 54 s
52 pc 63 48 t
56 s
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79 r
87 79 t
51 r
58 43 sh
50 pc 72 55 pc
53 pc 76 58 pc
59 pc 74 54 sh
81 sh 89 80 sh
56 pc 66 51 r
67 s
85 68 s
78 s 107 78 s
56 s
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79 pc 89 79 sh
63 s
77 61 s
73 pc 83 74 pc
79 t
87 79 t
65 pc 88 52 s
78 s
81 77 r
73 sh 85 71 pc
54 s
74 57 pc
53 c
66 52 s
51 r
66 57 pc
46 sh 65 56 sh
37 Wood that’s
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resistant to
1 Bearer of the
splitting
heavens
17
18
19
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2 Stop
the Stars” judge
3 Live and
20
21
22
23
Goodman
breathe
24
25
26
40
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4 Pre-race ritual
lady
27
28 29
30
5 Pressing needs?
41 Cabinet
6 Revered figure
31 32 33
34
35
36
37 38
department that
7 Brisbane
oversees the
39
40
41
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greeting
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43
44
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46
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8 Baylor buildings
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9 Reduced
47
48
49
50
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10 ___ Cruces, New
51 52
53
54
55 56 57
46 Household hints
Mexico
columnist
58
59
60 61
11 Superhero whose
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62
63
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66
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SUPER DUPERS | By David Poole
delivery?
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53 “Get lost!”
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54 Sniggler’s activity 22 Bellini opera
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34 Refrain
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28 ___ Hari
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Solve this puzzle online and discuss it at WSJ.com/Puzzles.
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s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
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Anchorage
57 51 c
54 50 r
Atlanta
68 59 r
76 64 pc
Austin
93 62 s
94 68 s
Baltimore
74 62 pc 78 64 pc
Boise
90 62 pc 84 52 pc
Boston
85 62 s
81 65 s
Burlington
78 55 s
80 59 s
Charlotte
79 60 r
79 62 pc
Chicago
76 60 pc 73 59 c
Cleveland
79 62 pc 78 63 pc
Dallas
86 65 s
93 69 s
Denver
87 60 pc 89 58 pc
Detroit
78 59 pc 75 60 sh
Honolulu
87 74 r
87 74 sh
Houston
88 67 s
91 71 pc
Indianapolis
73 61 r
70 59 r
Kansas City
82 56 s
83 59 pc
Las Vegas
100 77 pc 95 70 pc
Little Rock
68 61 r
81 60 pc
Los Angeles
84 66 pc 78 63 pc
Miami
92 77 s
91 77 pc
Milwaukee
74 59 s
73 61 pc
Minneapolis
83 61 s
84 62 s
Nashville
68 58 r
64 59 r
New Orleans
82 65 s
86 68 s
New York City
82 66 pc 78 66 pc
Oklahoma City
82 59 s
88 64 s
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Philadelphia
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Montreal
Ottawa
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Billings
Eugene
Reno
20s
70s
Portland
90s
0s
80s
60s
Casanova: The Seduction of
Europe
Kimbell Art Museum, through Dec. 31
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.
V
Vancouver
shirts are provocatively raised.
And in his “The Desired Moment”
(c. 1770), two women make love as
if on a bed of fire. Want more? A
sexually explicit side gallery with
magnifying glasses displays 12
tiny, erotic watercolor-andgouache gems by Claude-Louis
Desrais, which illustrate in encyclopedic scope various forms of
sexual relations.
Following are galleries devoted
to Casanova’s dalliances with mysticism, numerology and the occult;
his visits to Venetian convents
(holding pens that were supposed
to protect wealthy girls’ chastity,
but which were actually “sexual
playgrounds”); and his imprisonment and escape from the Doge’s
Palace, fleshed out here with Giovanni Battista Piranesi’s fantastical
etchings of prisons.
Casanova fled to France, the
next focus of the show, whose centerpiece is a large gallery that reunites six monumental mythologies Boucher painted for a Parisian
residence in 1769. After encountering the heated, nuanced intimacy
of Fragonard, I found Boucher’s
big pictures of gods and flesh at
once overstuffed and rote. And,
frankly, by then I felt I had overdosed on nude maidens and pinkcheeked putti. A little Rococo goes
a long way. And this sprawling
show, which travels on to the Legion of Honor in San Francisco
and the Museum of Fine Arts, Boston, also includes sections devoted
to London, “The Theater of Identity,” “In the Company of Great
Minds,” “Casanova as Author” and
“The Delights of the Table.”
This exhibition was a bit of a
gamble for its organizers, all former or current curators at the
three museums presenting “Casanova.” They include C.D. Dickerson, George T.M. Shackelford, Esther Bell, Virginia Brilliant, Kirk
Nickel, Martin Chapman, Frederick
Ilchman, Thomas Michie and Pamela Parmal. How do you sell Rococo extravagance to a contemporary audience brought up on the
no-frills decor of Ikea and the design minimalism of the smartphone? Why, with sex, of course,
but also the cult of the personality: Enter Casanova. This informative, seductive show has it all and
then some. Just pace yourself.
A B L E
H E E D
E T H E R
T A S E S
P E A K
S A S S
THE WALL STREET JOURNAL.
Tuesday, September 12, 2017 | A13
LIFE & ARTS
Wide Range of Vaccines for Teens
Percentage of adolescent boys and girls who have received one or more doses of HPV vaccine
49% or less
50-59%
60-69%
70% and over
Maine
N.H.
Wash.
Vt.
Mont.
N.D.
Minn.
Ore.
Idaho
Wis.
S.D.
N.Y.
Wyo.
Iowa
Pa.
Ind.
Ill.
Utah
Ohio
W.Va.
Colo.
Kan.
Calif.
Conn.
N.C.
Tenn.
Okla.
N.M.
R.I.
Va.
Ky.
Mo.
Ark.
N.J.
Del.
S.C.
Miss.
Ala.
Md.
Ga.
D.C.
Texas
Alaska
La.
Fla.
Hawaii
THE WALL STREET JOURNAL.
Source: Centers for Disease Control and Prevention
YOUR HEALTH | By Sumathi Reddy
A Tough Sell for the
HPV Vaccine
New research from the CDC finds 43% get the full set of shots,
while over 80% get Tdap and meningitis vaccines at the same age
A RECENT REPORT on HPV vaccinations in teenagers found that
only 43% are completing the vaccination series required to prevent several types of cancer.
More than 80% get other vaccines
recommended at the same age.
Preventive steps against human papillomavirus, which is
transmitted sexually, are recommended for boys and girls at age
11 or 12. The Centers for Disease
Control and Prevention recommends that children under 15 get
two doses at least six months
apart. The organization suggests
those who get their first dose at
15 or older get three doses over
the course of six months. The virus can cause various types of
cancer, including cervical, throat
and anal cancers.
Getting the full series is “an
PARENTS
Continued from page A11
ences that lay ahead of
them. Envy can also be a
problem for parents who
felt they didn’t get the
same opportunities. Unfortunately this is often
wrapped up in guilt as well.
Parents who find themselves feeling jealous of
their child’s opportunities
often then feel guilty or
ashamed of that feeling.
How does empty nesting affect
a couple?
It can be easy to neglect
your relationship while the
kids are home and life is
centered around family
rather than romance, but
once the kids leave you
have to figure out how to
reconnect. At a time when
you both may need comfort
and companionship, you are
faced with the realization
that you don’t know how to
do that with each other
very well anymore.
area where we can definitely see
improvement,” says Shannon
Stokley, associate director for science for the immunization services division at CDC, and one of
the authors on the report. “We’re
excited that people are coming in
and starting the series. But now
we need to work on getting them
back in so they’re getting all the
doses to complete the series.”
She says researchers are unsure how much protection getting
just the first dose of the vaccine
provides.
HPV vaccine usage has likely
been hurt by antivaccine sentiments that have spread in recent
years. It also carries a stigma
from being associated with a sexually transmitted infection, causing some critics to say it might
encourage sexual behavior in
Think about this long before the kids leave home.
Don’t assume that once your
schedules are your own you
will magically rekindle the
spark of passion or find it
easy to connect. It is also
important to talk openly
about what’s going on—not
only about your individual
experiences but what you
want and need from each
other as partners.
I see lots of couples
where one partner is excited about all the free
time and ready to go on adventures while the other
one is sad, lonely, and just
wants to grieve. This difference isn’t bad, but it usually sets the stage for some
resentment and judgment
on both sides.
teens or isn’t a worry for children
who aren’t yet sexually active.
But major medical associations
support the vaccine, which they
say helps prevent cancer. H. Cody
Meissner, chief of the division of
pediatric infectious disease at
Floating Hospital for Children at
Tufts Medical Center in Boston,
says studies have demonstrated
that children who are vaccinated
at younger ages produce more antibodies to the virus.
The HPV vaccine can be administered to children as young as
age 9. Some health-care providers
advocate beginning the vaccine
series at 9 rather than 11 or 12,
says Dr. Meissner, who is also a
member of the American Academy of Pediatrics’ committee on
infectious diseases.
HPV causes more than 30,000
tional state. One way to
check yourself before sharing is to ask yourself what
you hope to get from the
conversation. If the answer
is comfort and caretaking,
then it is probably best for
you talk to a friend, family
member or your significant
other first.
ISTOCK
Neb.
Nev.
Ariz.
Mass.
Mich.
Despite efforts to get more doctors and parents on board with vaccinating
children against HPV, experts say more work is needed, particularly in rural
areas where vaccination rates are lower.
cases of cancer every year. The
HPV vaccine protects against
about 90% of those cancers. More
than 70% of the U.S. population
will experience at least one HPV
infection at some point.
“For a parent to decide not to
vaccinate his or her child is very,
very disturbing,” Dr. Meissner
says.
The annual survey, administered by the Centers for Disease
Control and Prevention, was published in August in its Morbidity
and Mortality Weekly report. The
telephone survey included the
parents of 20,000 teens across
the country. They were interviewed and their children’s vaccination data was confirmed with
health-care providers.
The Tdap vaccine—which protects against tetanus, diphtheria
and pertussis, or whooping
cough—is also recommended at a
similar age, and 88% of teens got
that in 2016, according to the report. Also, 82% of teens got the
vaccine that protects against
meningitis.
Doctors should administer the
HPV vaccine at the same time as
the Tdap and meningococcal vaccines, Dr. Meissner says, but
that’s clearly not happening.
“There are lots of missed opportunities,” he says.
Experts hope the rates of full
HPV vaccination increase soon.
The CDC changed its recommendation in 2016 to two doses of
the HPV vaccine from three doses
for those who begin the series
before age 15.
One new finding from the survey was that teens living in rural
areas were much less likely to receive the vaccine than those in urban and large metropolitan areas.
Dr. Stokley says researchers
were pleased to see that the percentage of teenagers receiving
the first dose of the HPV vaccine
How can you renegotiate your
relationship with your child?
Create some new routines.
Some things will happen organically, like a phone call
on Thursdays as you head to
work and they head into
their early class. Be intentional about establishing
some simple ways to con-
went up 4 percentage points last
year, to 60%.
Additionally, the gap between
boys and girls getting the vaccine
has narrowed to 9 percentage
points. Fewer boys receive the
vaccine because the recommendation for them to get it was made
in 2011, five years after the recommendation for girls.
Jennifer Young Pierce, an associate professor of gynecology-oncology at the Medical University
of South Carolina, says she was
disappointed to see that her state
ranked last in the country for the
percentage of teenage girls who
completed the HPV vaccination series, with only 30.8% completing it.
More than 70% of the
U.S. population will
experience at least one
HPV infection.
“The thing that was most worrisome to us is actually a decline
in the percentage of women who
completed the vaccination,” she
says. “I think that speaks to the
difficulty getting kids back into
the office.”
Dr. Pierce is co-founder and cochair of the group Cervical Cancer-Free South Carolina, which is
hosting a statewide conference in
January to bring awareness to
the issue and develop ways to improve HPV vaccination rates. She
has also been involved in regional
town halls and training sessions
for doctors to preach the importance of HPV vaccination.
“There’s still this perception
that cervical cancer is not that
bad and HPV-related disease is
easily treatable, which is frankly
not true,” she says.
nect regularly. This could include anything from emails,
texts and phone calls, to social media check-ins or setting a schedule for visits.
And remember that being emotionally supportive
to an adult is much more
about being available than
it is about fixing problems.
Practice being a good listener and ask before giving
advice. Not only will you
respect your child’s desire
for autonomy but you send
the message that you believe in their ability to
manage their life without
your input even when you
want to give it.
WE’RE
BULLISH ON
COMFORT
Should you talk to your child
about your feelings?
Part of cultivating a new relationship with your child is
having more grown-up conversations. The goal is to
share appropriately without
making your child feel responsible for your emo-
Steps for the First Fall
Some advice from Esther
Boykin on weathering
empty nesting:
Feel the feelings. Cry,
write in a journal, vent to
a friend, family member or
therapist. Do whatever
you can to let those emotions out.
Take care of yourself. Eat
healthy, go outside, listen
to music, get adequate
sleep. It’s easy for sadness
to overwhelm us and that
can put us in a cycle of
poor self-care, which only
amplifies difficult emotions.
Develop a check-in ritual.
Tell your child you miss
him or her and establish a
routine for phone calls,
text messages or FaceTime. Respect your child’s
need for independence but
also honor your need for
connection.
Let go of the guilt. There
is so much time now to
question all the parenting
decisions made over the
previous 18 years. Don’t
waste time looking back.
Focus your energy on remembering the fun and
joy of parenting at each
stage of your child’s life.
Build a support circle.
Reach out to other parents who have gone
through this life stage.
Many universities have
parent groups in various
cities and on social media.
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THE WALL STREET JOURNAL.
A14 | Tuesday, September 12, 2017
SPORTS
MLB
Stanton Stokes a Home-Run Debate
The Marlins slugger recently called Barry Bonds’s 73 home-run record ‘tainted,’ and pointed to Roger Maris’s mark of 61
AS MIAMI Marlins slugger Giancarlo
Stanton continues his march toward
60 home runs, his power surge has
reignited one of baseball’s fiercest
debates: What makes a player the
“true home run king?”
From a strictly numerical standpoint, this isn’t a complicated
question. Regardless of one’s opinion about performance-enhancing
drugs and their legacy in the game,
Barry Bonds holds the single-season home run record with 73, a total he reached in 2001. As Major
League Baseball’s official historian
John Thorn puts it, “There’s no
getting around the arithmetic.”
If only it were that simple.
Bonds’s connection to PEDs has
cast a shadow of illegitimacy over
his achievements in the eyes of
many. The same goes for Mark
McGwire and Sammy Sosa, two
other steroid-era mashers who
surpassed Roger Maris’s hallowed
mark of 61. Stanton himself has
stoked these flames, telling local
reporters last month that “considering some things” he views 73 as
tainted and that 61 had “always
been that printed number.”
“But at the same time, it
doesn’t matter,” Stanton said. “The
record is the record.”
There is perhaps no record in all
of sports that inspires as much
passion and scrutiny as home runs.
They are “linked to male potency,”
Thorn said, while singles and doubles “are described as ‘artistry.’”
You might think Maris’s record
is the one that should count. Well,
Maris needed 162 games to do
what Babe Ruth did in 154. Plus,
1961 was an expansion year, with
two teams added to the American
League, thinning the quality of
pitching. So that should make
Ruth’s 60 homers the “real” record,
right? Well, Ruth played before
MLB was integrated and therefore
faced subpar competition.
Go back nearly a full century,
and people were already arguing
about this topic. Thorn said that in
1919, the baseball community initially celebrated a new record
when Ruth hit No. 26, surpassing
the 25 hit by Buck Freeman for the
1899 Washington Senators. But not
long after, researchers uncovered
that a player named Ned Williamson had actually hit 27 home runs
for the Chicago White Stockings in
1884. The New York Times referred to Freeman’s as the “modern home run record,” with Williamson’s mark “discovered in the
dusty archives of the game.”
Naturally, this sparked a whole
new controversy: The fence in
CLOCKWISE FROM TOP: JASEN VINLOVE/REUTERS; WILLIAM SMITH/ASSOCIATED PRESS; JOHN G. MABANGLO/AFP/GETTY IMAGES
BY JARED DIAMOND
Miami Marlins slugger Giancarlo Stanton, top, has 54 home runs this season. Barry Bonds, bottom left, hit 73 home
runs in 2001. Roger Maris, bottom right, wears the Sultan of Swat crown after hitting 61 home runs in 1961.
some areas at Williamson’s home
park was less than 200 feet away
from home plate, so balls hit over
it were ruled doubles. Except in
1884, that is, when the White
Stockings changed the ground
rules to make those balls home
runs. Williamson’s homer total
jumped from two to 27, with 25 of
them coming at home.
Thorn shared this story to raise
a larger point, that “home runs are
a product of context.” If Stanton
becomes the first hitter since 2001
to top 60, he will do so within a
context all his own.
“It will mean he is the best home-
run hitter in a season marked by a
home-run bump,” Thorn said.
Indeed, home runs are flying out
of ballparks this season like never
before seen. Teams across the
league are on pace to smash more
than 6,000 homers, shattering the
all-time record of 5,693 set in
2000, the heart of the steroid era.
Plenty of theories have
abounded as to why this is happening. Some pitchers, like Houston’s Justin Verlander and Boston’s David Price have pointed to
the physical properties of the
baseballs themselves, suggesting
that they are flying farther. MLB
commissioner Rob Manfred has
denied that any changes have been
made and insisted that the balls
fall within the league’s specifications, though independent studies
have uncovered some evidence
that balls are behaving differently.
Hitters, meanwhile, attribute
the homer barrage to pitchers going away from sinkers and sliders
and toward high fastballs, as well
as batters moving to an offensive
approach that emphasizes hitting
the ball in the air. Arizona outfielder J.D. Martinez, who resurrected his career by overhauling
his swing to incorporate a slight
uppercut, said in a recent interview that, “10 years ago, nobody
knew what a good swing was.”
“There’s just more work being
done and more study being done
about the swing now,” Diamondbacks hitting coach Dave Magadan
said. “For a lot of years it was,
‘Swing down, swing down.’”
Whatever explains the massive
home-run spike, Stanton’s power
stands alone. He has 54 home runs,
13 ahead of his closest competitor,
New York Yankees outfielder Aaron
Judge, entering Monday’s action.
There hasn’t been a larger gap between the home-run leader and No.
2 over a full season since 1933, when
Jimmie Foxx hit 48 to Ruth’s 34.
That’s a testament to Stanton, a
6-foot-6, 245-pound specimen consisting almost entirely of muscle.
Eleven of his home runs this season have traveled more than 450
feet. Injuries had limited him to an
average of about 115 games a year
from 2012 through 2016. This season, he’s showing the extent of his
capabilities.
“Guys like Stanton are extremes,”
Martinez said. “How the heck are
you going to find a guy like him?
The guy is built like a freaking
freight train. Stanton’s going to hit
homers if he’s hitting lefty or is
holding the bat upside-down.”
Then there’s the issue of steroids, and the possibility that the
use of illegal substances have returned in force. Lloyd Smith, the director of the sports science laboratory at Washington State University,
said, “The last time we had a big
controversy in the game and people
were wondering about juiced balls,
it turned out to be juiced players.”
But while the total number of
homers are surpassing the steroid
era, the distribution of those homers is dramatically different. Outside of Stanton, it appears nobody
else will even hit 50 home runs, let
alone 60. Instead, nearly 125 players are on pace to hit at least 20
homers; in 2000, the year with the
most home runs ever, 102 players
reached the 20-homer mark, but
16 had at least 40.
All of this is the context in
which Stanton is chasing 60 homers. Lots of homers are being hit,
but nobody is hitting them like
Stanton. He is on track to become
the first player to hit 60 since
MLB started testing for PEDs.
What Stanton won’t have, however, is the single-season homerun record. Neither will Maris or
Ruth. The record belongs to Bonds.
“This sudden nostalgia for Maris
or Ruth has something to do with
our need to have heroes and villains
in this game,” Thorn said. “This is a
game of mythology, baseball.”
SOCCER
BY JOSHUA ROBINSON
NO SPORTS DYNASTY has ever
been made by winning a title just
twice in a row. But on the field of
Cardiff’s Principality Stadium last
spring, with the Champions
League trophy back in its hands,
Real Madrid offered a compelling
case to the contrary.
Their argument was simple: in
the tournament’s modern era, no
other club had ever won Europe’s
most prestigious tournament
back-to-back. “I didn’t think it
was possible to defend this title,”
midfielder Toni Kroos said on the
field that night. “It is so difficult
to win it once.”
Four months later, Real’s case for
dynasty status hasn’t just grown, it
has reached a ridiculous new high.
As the Champions League kicks off
on Tuesday, it not only seems possible that Real Madrid will defend
this title again—it’s difficult to
imagine any other outcome.
Until Real did it last season,
repeating as champions was considered an almost impossible task
in the modern game. In the European championship tournament
that preceded the Champions
League, AC Milan won back-toback titles in 1989 to 1990; the
last three-time winner was Bayern Munich in the mid-1970s.
But those triumphs came long
before the billionaire-driven Champions League was born in 1992.
The current tournament features a
long group stage before proceeding to a knockout round.
When Milan won the 1990 title,
for instance, it played just nine
games. The modern slog through
the final takes nine months and 13
games—more time for things to go
wrong, more time for Barcelona or
Bayern or Juventus to throw a
wrench in the Real works.
And yet, Los Blancos still manage historic levels of consistency.
They have reached the semifinals
in each of the past seven seasons.
Their secret is tricky to pin
down. They spend huge amounts
on player salaries, but their payroll isn’t that much more absurd
than any other superclub’s. They
haven’t built a particularly distinctive style of play. And they replace
managers like Cristiano Ronaldo
changes hairstyles.
But there is one thing about the
club that no one else in Europe
can match. Over the years, Real
Madrid has convinced itself that it
isn’t just a worthy winner of the
Champions League. Rather, it believes it is the only worthy winner
of the Champions League. In the
2014 final, it found a stoppagetime equalizer to topple Atletico
Madrid. In the 2016 final, it survived a penalty shootout to beat
Atletico again. And in 2017, Real
trailed in five of its six knockout
games before the final and won
the tournament anyway.
“We’re Real Madrid and we always fight until the very end,” defender Marcelo said after clinching
a spot in last season’s final.
That Real’s string of semifinal
appearances coincides with the
Cristiano Ronaldo era at the club
FRANK AUGSTEIN/ASSOCIATED PRESS
REAL MADRID LOOKS
LIKE A REAL DYNASTY
Real Madrid’s Cristiano Ronaldo, right, celebrates after scoring during the Champions League final in June.
is no coincidence. The team has
been built around him since his arrival from Manchester United in
2009 and has molded itself to his
evolving game.
Now 32 years old, Ronaldo is no
longer the full-time playmaker he
was earlier in the career. He has
simplified things to focus on scoring goals while Real manager Zinedine Zidane makes sure he has the
legs to do so by managing his minutes more carefully.
Ronaldo repaid the team’s flexibility last season by saving his
best performances for the Hollywood occasions. He scored hat
tricks against Bayern Munich and
Atletico Madrid in the quarters
and semis, respectively, before
banging in two more goals in the
final against Juventus.
This season, Ronaldo has barely
featured for Real, due to a five-
game domestic suspension for
shoving a referee. (Possibly the
one thing in soccer that even Ronaldo can’t get away with.) Without
him, the club has drawn its past
two games, fallen four points behind Barcelona already and
sparked talk of an attacking crisis.
But Ronaldo’s ban doesn’t apply to
European competition. So when he
returns for Real’s opener against
Cypriot club APOEL on Wednesday, all will seem right in the Real
universe again.
“He can’t wait,” Zidane said of
his biggest star. “He’s fed up of
not playing for us.”
As for the rest of Europe, Real’s
biggest opponents will be the
same cast of usual suspects it has
wiped the floor with in the past
two years. The likes of Bayern Munich, Atletico Madrid, and Juventus are not significantly improved
since last season. Barcelona, under
new coach Ernesto Valverde, could
easily go backwards without Neymar and Paris Saint-Germain has
yet to prove it can move forward
with Neymar. (The scars of PSG’s
collapse at Barcelona last season
have yet to heal, too.)
Then there are the five English
clubs in the competition this year.
Their greatest enemy, as ever, is
each other and the grueling Premier
League schedule, which softens
them up in the Champions League.
While Real’s opponents scrambled to re-arm this summer, the
Spanish champions tried something
new: stability. Over the past two
summers, Zidane has spent a total
of just $76 million on new players.
Then again, Zidane knows there
is no stamp of approval for a
squad like winning the Champions
League twice.
THE WALL STREET JOURNAL.
Tuesday, September 12, 2017 | A15
OPINION
The Cruelty of Barack Obama
Throughout
his political
life, Barack
Obama
has
been hustling
America on
immigration,
MAIN
pretending to
STREET
be one thing
By William
while doing
McGurn
another.
Now he’s at
it again. Mr. Obama calls it
“cruel” of Donald Trump both
to end the Deferred Action for
Childhood Arrivals program
that protected hundreds of
thousands of people who
came to the U.S. as children illegally—and to ask Congress
to fix it. The former president
further moans that the immigration bill he asked Congress
to send him “never came,”
with the result that 800,000
young people now find themselves in limbo.
Certainly there are conservatives and Republicans who
oppose and fight efforts by
Congress to open this country’s doors, as well as to legalize the many millions who
crossed into the U.S. unlawfully but have been working
peacefully and productively.
These immigration opponents
get plenty of attention.
What gets almost zero
press attention is the sneakier
folks, Mr. Obama included.
Truth is, no man has done
more to poison the possibilities for fixing America’s broken immigration system than
our 44th president.
Mr. Obama’s double-dealing begins with his time as junior senator from Illinois,
when he helped sabotage a bipartisan immigration package
supported by George W. Bush
and Ted Kennedy. Mr.
Obama’s dissembling continued during the first two years
of his own presidency, when
he had the votes to pass an
immigration bill if he had
chosen to push one. It was all
topped off by his decision,
late in his first term, to institute the policy on DACA that
he himself had previously admitted was beyond his constitutional powers.
Let this columnist state at
the outset that he favors a
generous system of legal immigration because he believes
it is good for America. Let him
stipulate too that a fair and
reasonable
solution
to
800,000 children who are here
through no fault of their own
should not be a sticking point
for a nation as large as America. But once again, here’s the
point about Mr. Obama: For
all his big talk about how
much he’s wanted an immigration bill, whenever he’s had
the opportunity to back one,
he’s either declined or actively
worked to scuttle it.
Start with 2007, when a
coalition of Republican and
Democratic senators came up
with a bill that also enjoyed
the support of the Bush
White House. It wasn’t perfect, but it extracted compromises from each side—e.g.,
enhancements for border security, a guest-worker program, and the inclusion of the
entire Dream Act, the legislation for children who’d been
brought here illegally that
Mr. Obama claims he has always wanted.
Sen. Obama opted to back
11th-hour amendments that
Kennedy rightly complained
were really intended as dealbreakers. At a critical point,
Kennedy urged that President
Bush ask then-Senate Majority
Leader Harry Reid to keep the
Senate in session to get the
On immigration
reform, the former
president isn’t
what he says he is.
last few votes the bill needed.
Mr. Reid opted for the Obama
approach: Concluding he’d
rather have the political issue
than actual reform, he adjourned the Senate for the
July 4 recess.
A year later Mr. Obama was
running for president. Before
the National Council of La
Raza, he vowed: “I will make
[comprehensive immigration
reform] a top priority in my
first year as president.” Yet
notwithstanding the lopsided
Democratic majorities he enjoyed in Congress his first two
years, he didn’t push for immigration legislation, which
makes his promise to La Raza
rank right up there with “if
you like your health care plan
you can keep it.”
Mr. Obama frequently noted
the limits on his powers. “I
know some here wish that I
could just bypass Congress
and change the law myself.
But that’s not how democracy
works,” he said. Then in 2012
he decided he would indeed
change the law himself. A June
2012 Journal editorial captures the cynicism built into
the DACA memo.
The president’s move, the
Journal predicted, “will further
poison the debate and make
Republicans more reluctant to
come to the negotiating table
and cut a deal.” The editorial
went on: “One begins to wonder if anything this President
does is about anything larger
than his re-election.”
Today Carl Cannon, executive editor and Washington
bureau chief for RealClearPolitics, is almost alone in the national press in pointing to this
history, in a piece pegged to
the Democratic response to
President Trump’s pitch to
codify DACA into law. “Instead
of responding to this overture
in a spirit of compromise,” Mr.
Cannon writes, “Democrats
chose vitriol and name-calling,
their default position in the
Trump era.”
Perhaps, suggests Mr. Cannon, a “certain ex-president”
is accusing Mr. Trump of cruelty “to help us forget” that
when he and other Democrats
“had the chance to grant 11
million immigrants access to
the American dream, they instead chose, for partisan purposes, to keep them in the
shadows.” Fair enough to criticize Mr. Trump and Congress
for whatever they do going
forward to clean up this mess.
But let’s remember the Obama
duplicity that created it.
Write to mcgurn@wsj.com.
How Do Palestinians Define ‘Terrorism’?
By Jonathan Schanzer
And Grant Rumley
T
he Taylor Force Act is
gathering momentum in
Congress. Named for a
West Point graduate who was
stabbed to death by a Palestinian during a 2016 trip to Israel,
the bill would cut American aid
to the Palestinian Authority
until it takes “credible steps to
end acts of violence” and stops
paying stipends to convicted
terrorists. The legislation recently passed the Senate Foreign Relations Committee with
rare bipartisan support, and
last week Sen. Lindsey Graham
attached it to the 2018 Foreign
Operations budget, all but
guaranteeing it will go into effect next year.
That means the clock is now
ticking for the Palestinian Authority, which receives around
$350 million from the U.S. each
year. The Taylor Force Act
wouldn’t block humanitarian or
security aid, meaning U.S. funds
wouldn’t be zeroed out, but our
sources say the total could fall
as low as $120 million, depending on how far Congress and
the Trump administration want
to go. At the same time the PA’s
support from other donors is
dropping, putting further strain
already on the government in
Ramallah.
Palestinian Authority President Mahmoud Abbas and his
coterie say they cannot roll
back the practice of paying convicted terrorists, which dates to
1964. They say failing to pay
the salaries—estimated at
around $350 million a year—
would create an opening for the
terror group Hamas or even
Iran. They further argue that
pulling the funding would deprive thousands of families of
their livelihoods, which could
spark protests and threaten the
Palestinian Authority’s rule.
Congress will rightly reject
these arguments. The PA’s obstinacy is the reason the Taylor Force Act is so close to becoming law. Lawmakers and
the White House signaled for
months that a cutoff was coming, yet Mr. Abbas refused to
take action.
As the U.S. moves
to cut aid, setting out
a clear legal meaning
would be a good step.
There is one step Mr. Abbas
could take to demonstrate that
he is taking Congress seriously: He could issue a definition of terrorism to his own
people. Remarkably, the Palestinian Authority’s “Basic Law”
does not mention terrorism.
The State Department says
that although the PA has criminalized acts of terror, it lacks
legislation “specifically tailored to counterterrorism.”
The PA’s security forces do
regularly raid terror cells and
detain operatives across the
West Bank. In late July, for example, they nabbed Hamas
members in four major cities.
But the PA typically justifies
such actions under presiden-
tial decrees, such as one that
prohibits “harming public
security.”
In the past, PA forces also
had claimed jurisdiction under
a combination of legal parameters, including the Palestine
Liberation Organization’s Revolutionary Penal Code of 1979
and a set of Jordanian military
codes. But since Mr. Abbas’s
election in 2005, and especially after the 2006 elections
and the devastating 2007 civil
war with Hamas, he has governed almost exclusively by executive decree.
A law passed by the PA’s
parliament that defines and
criminalizes terrorism would
carry greater weight and almost certainly garner more respect from the Palestinian people. But internecine conflict
has rendered the parliament
defunct, making a new law all
but impossible to pass.
Mr. Abbas’s decrees provide
the Palestinian security forces
with a broad mandate for arresting terror operatives who
plot attacks against Israel or
the PA. Mr. Abbas issued an
order in 2007 that states “all
armed militias and military
formations . . . are banned in
all their forms.” At times, he
has condemned acts of terror,
such as last month after three
Arab-Israelis killed two police
officers in Jerusalem. The PA’s
news agency reported that Mr.
Abbas called Israeli Prime
Minister Benjamin Netanyahu
and “expressed his strong rejection and condemnation of
the incident.”
Yet the PA continues to pay
stipends to people convicted of
such attacks. The Palestinians
could buy considerable goodwill merely by defining what
the PA considers terrorism.
Setting out such a definition
would not change Congress’s
demands or prevent the Taylor
Force Act from passing. But it
would signal the PA is taking
steps to address the problem.
From there, the PA’s next step
would be to cut off money to
convicted terrorists, pursuant
to its new definition.
The Taylor Force Act’s current language demands that the
State Department certify every
180 days that the Palestinian
Authority is “taking credible
and verifiable steps to end acts
of violence against Israeli citizens and United States citizens.” Defining terrorism would
be a credible and verifiable
step, even if a limited one.
If Mr. Abbas were to do this,
the world would closely watch
his next move. If Palestinian
leaders continued to condemn
American lawmakers for considering cuts to aid, and if the
PA kept paying prisoners convicted of terrorism, then the
exercise would mean little.
Congress would have every
right to withhold funds, and
the Taylor Force Act could be
merely the beginning. But if
Mr. Abbas truly wants to take
an alternative path, defining
terrorism would be a start.
Mr. Schanzer is a senior
vice president at the Foundation for Defense of Democracies, where Mr. Rumley is a research fellow.
Canada’s Tax on Being American
By Yvonne Morris
McCallum
M
y husband and I were
living in California
when, in 2002, we
used retirement funds to buy a
picturesque condominium in
Vancouver, British Columbia.
Over the next 15 years, we
paid our property taxes, tried
to be good neighbors, and supported the local economy.
Then last year the welcome
mat was pulled from under
our feet.
For decades the U.S. and
Canada have been tangling
over trade issues, like rules on
dairy products and softwood
lumber. But Canada’s latest
creative attack is on the retirement savings of Americans
like me. President Trump may
have a point when he says that
“people don’t realize Canada’s
been very rough on the United
States.”
In August 2016, Vancouver
introduced a 15% tax on realestate purchases by foreigners.
Within eight months, the levy
had scooped up 102 million
Canadian dollars. The tax was
implemented so abruptly—going into effect six days after it
was passed—that buyers in escrow either had to lose their
down payments or cough up
an additional 15% of the purchase price.
Vancouver, where I
have a condo, is trying
to soak outsiders.
A few months later, Vancouver introduced an annual
“empty home tax” equal to 1%
of the property’s assessed
value. Since the levy is inapplicable if your Vancouver home
is your principal residence, it’s
obviously aimed at foreigners
like us. At our condo’s current
valuation, the tax will cost us
almost US$33,000 a year.
According to the Vancouver Sun, the city will ensure
compliance by relying on
“snitch-and-audit enforcement.”
Neighbors will be “leaned on”
to help uncover homes claimed
as principal residences that actually aren’t. When the public
objected to the tax, the Vancouver City Council’s response was
simple: pay up, rent out your
property, or sell.
Renting our place out for at
least six months a year would
circumvent the tax. Except
that our condo rules require a
minimum lease of six months.
This is impractical given that
we want to be there during
the summer and allow friends
and family to stay periodically
throughout the year. Even
worse, if we did decide to
rent, we’d be liable for
“deemed disposition” taxation
and would have to file a Canadian return, even though we’re
Americans.
Nationality-based taxes are
among the worst kinds of protectionism. The North American Free Trade Agreement expressly covers real estate
owned by Americans in Canada. For that matter, Nafta
covers real estate owned by
Canadians in the U.S., of which
there is plenty.
When America’s neighbors
buy U.S. property, they aren’t
targeted for extra taxation. Canadians are quick to criticize
Americans for protectionism,
but if Phoenix and Palm
Springs were to pull the same
stunt as Vancouver, the
squawking of the “snow birds”
from up north would be deafening.
With Prime Minister Justin
Trudeau at the helm, Canadians are reveling in international adoration, which stokes
their national self-identity of
kindness, politeness and fairness, supposedly in contrast to
their brutish southern neighbors. Perhaps it’s time Canada
practiced what it preaches.
Ms. McCallum is a retired
professor of psychiatry and
behavior sciences at Stanford
Medical School.
BOOKSHELF | By Edward Kosner
The Gotham
Growth Spurt
Greater Than Ever
By Daniel L. Doctoroff
(PublicAffairs, 371 pages, $28)
I
n a certain way, Michael Bloomberg was the ideal mayor
for 21st-century New York: He was an out-of-towner with
no sentimental notions about fabled Gotham; an
entrepreneurial businessman used to getting his way and to
success; a multibillionaire who financed his own campaigns
and owed no favors to greedy donors. And he was a very
smart man who managed to keep his big ego and non-P.C.
sense of humor snugly under wraps.
He also had a tough-minded fix on the city’s place in the
economic pecking order. New York is a luxury good, he liked
to say, and people—Fortune 500 corporations, investors,
tourists—are willing to pay for it. He then spent 12 years
polishing what has become a golden age for New York out of
the smoky nightmare of
9/11 and the Great
Recession that began six
years later. Critics carped
that he and his fellow onepercenters intensified
economic inequality in the
city, but the argument
never really slowed down
development, and the city
flourished.
Now, with many New Yorkers complaining that life in
New York is raveling under
Mr. Bloomberg’s progressive
successor, Bill de Blasio, a top
Bloomberg lieutenant is telling
his version of how the city was
revitalized. Daniel L. Doctoroff, a recovering
investment banker, was the city’s economic czar as a deputy
mayor for much of the Bloomberg era. “Greater Than Ever:
New York’s Big Comeback” is an exhaustive reconstruction of
the city’s revival from 2002 to 2014.
Mr. Doctoroff’s book is actually a memoir disguised as an
account of metropolitan renewal. It can be tedious going for
all but urban-affairs buffs, but it does offer a valuable lesson
in how much money, brainpower and relentless application it
takes to achieve real progress in a big city beset by oldschool politics, racial and ethnic conflict, and crumbling
infrastructure.
As the author tells it, the redemption of New York had
its origin in Mr. Doctoroff’s quixotic 1996 brainstorm to
have the city host the 2008 Olympics. Preparing the bid,
he scouted the boroughs for existing and prospective sites
for Olympic events, eventually identifying the railyards on
the far West Side of Midtown Manhattan and the Queens
and Brooklyn waterfronts as prime locations for a
stadium, the athletes’ village and other venues. Days
before he was sworn in on New Year’s Day 2002, the new
mayor hired Mr. Doctoroff to direct the city’s economic
development and rebuilding. The Olympic bid ultimately
slid to the 2012 Games, but the Doctoroff template for
regenerating the city was in place.
As deputy to Mayor Michael Bloomberg,
Daniel Doctoroff oversaw the renewal of the
Brooklyn waterfront and West Side railyards.
Mr. Doctoroff is so transfixed by his Olympic dream that it
nearly overwhelms his story of the Bloomberg renaissance.
Page after page is devoted to numbing accounts of his world
travels to court shifty Olympic committee voters who
determine the winner of the host competition. “Waiting
around in a lobby until I spied someone to grab, often a
person with whom I had nothing in common and who didn’t
speak English well, brought out my biggest anxieties,” he
confides, unnecessarily. Perpetually jet-lagged, he exhausted
himself and strained his marriage. Early on, a sympathetic
Olympic insider tipped him that New York stood no chance,
but he pressed on anyway. He made building a football
stadium for the Jets on a choice parcel of the railyards the
heart of the Olympic bid—a misguided idea if ever there was
one—and saw it scuttled by the sensible opposition of the
New York Times editorial page and the opaque State
Assembly Speaker Sheldon Silver.
The stadium foundered in part because the city’s focus at
the time was the resurrection of the World Trade Center site
ravaged on 9/11. Mr. Doctoroff paints an unflattering picture
of New York Gov. George Pataki, who, he claims, viewed
decisions about the nascent Freedom Tower through the
prism of his own outlandish quest for the Republican
presidential nomination.
Still, impressive progress was made. During Mr.
Doctoroff’s time in City Hall, the rescue of Ground Zero
was one of many accomplishments. There was the
transformation of abandoned elevated rail tracks on the
Lower West Side of Manhattan into the tourist-magnet
High Line; new stadiums for the Mets and Yankees;
spanking-new waterfront parks in Brooklyn, plus
rehabilitation of the Brooklyn Navy Yard and Coney Island
and a new arena, the Barclays Center, and other
development in downtown Brooklyn; the conversion of
Governors Island into a park just 800 yards from lower
Manhattan; and the transformation of those old West Side
railyards into a new Manhattan neighborhood with its
own subway station, though no ugly football stadium.
The key to much of this was an early decision to rezone
140 neighborhoods from outdated manufacturing areas to
mixed-use—a laborious process involving endless meetings
with neighborhood groups and landlords, painstaking
analyses, and more carrot-and-stick politicking than you
want to know about. Some of the projects were public, some
private, most a combination of the two. The Wall Street
savvy of Mr. Doctoroff and the people he recruited conjured
innovative financial solutions that often saved the day.
Mr. Doctoroff’s reconstruction of how he and the mayor
broke the impasse that was stalling the resurrection of
Ground Zero is a depiction of political sausage-making at its
most pungent. After six exhausting years at the mayor’s side,
Mr. Doctoroff left to run the Bloomberg media empire and
now works with Google on the digital future of cities.
As Mr. Doctoroff points out, nearly all the projects that he
and the mayor outlined at the start have now been
completed. Intractable problems—homelessness and the
public schools, among others—endure. But no one can fairly
argue that Bloomberg and Co. didn’t leave New York far, far
stronger than they found it.
Mr. Kosner is the former editor of Newsweek, New York,
Esquire and the New York Daily News.
THE WALL STREET JOURNAL.
A16 | Tuesday, September 12, 2017
OPINION
P
REVIEW & OUTLOOK
LETTERS TO THE EDITOR
Trump, Taxes and the Democrats
Standing Up to the Bullies of Left and Right
resident Trump is elated with the media Joe Manchin (W.Va.) and Joe Donnelly (Ind.).
applause for his new political condominYet Mr. Trump says he wants a large tax cut,
ium with Democrats Chuck Schumer and including a corporate tax rate of 15% from the
Nancy Pelosi, and it is amuscurrent 35%, and big tax cuts
Young immigrant
ing to see sudden praise from
for “the middle class” and
the same circles that claim
“pass-through” busiadults aren’t the only small
he’s unfit for the Presidency. If
nesses that pay at the individ‘Dreamers’ in D.C.
Mr. Trump endorses Medicare
ual tax rate. Democrats might
for all, maybe they’ll put him
go along with the middle-class
on Mount Rushmore.
tax cuts, but those won’t help
But anyone who thinks this really heralds a the economy.
brave new world underestimates the current
The lowest corporate tax rate that Barack
polarization in American politics. Democrats Obama would consider is 28%, which isn’t
might be able to deal with Mr. Trump if the nearly low enough to cause corporations to
President embraces their agenda. But then he’s change investment plans. With Ireland at 12.5%
going to have a heck of a time getting anything and Britain headed for 17%, the U.S. needs to get
through this Republican Congress. On tax re- to 20% to lift investment enough to spur growth
form in particular, there’s little potential com- to raise incomes. Will Mr. Schumer go along
mon ground.
with that?
Recall that Mr. Trump didn’t negotiate with
As for not adding to the deficit, that requires
Democrats last week. Like a first-time home eliminating tax loopholes and using “dynamic”
buyer, he accepted their first offer. His conces- revenue scoring that assumes faster growth
sion was mainly on process, delaying for three from the tax cut. Democrats aren’t likely to go
months a fight over government spending and along with either one. They want to raise tax
the debt ceiling—as part of a $15.25 billion hur- rates on investment income, but that is also a
ricane relief bill. Yet even that split the GOP, growth killer.
passing the House 316-90 and the Senate 80-17.
The best chance to win Democratic support
All the nays were Republicans, who think Mr. is if the GOP and Mr. Trump move to eliminate
Trump handed Democrats greater leverage for the state-and-local tax deduction. Then Demoshowdowns in December.
crats from high-tax states might want to deal
Mr. Trump seems to be warning Mitch on the corporate rate in a trade for retaining the
McConnell and Paul Ryan that he can turn to deduction. But after routing Republicans on
Democrats if they can’t get things done. But health care, Democrats for now seem to believe
turn to them for what? Infrastructure spending they can defeat tax reform simply by claiming
is a possibility, except that Mr. Schumer wants it’s a tax cut for the wealthy.
all of it to be public money, not a private-public
Which means that if the President really
bond issuance. An immigration deal might have wants Democratic votes on tax reform, he’ll
a chance, assuming Mr. Trump abandons his have to prove first that he has 50 Republican
wall on the Mexican border. What else?
votes to pass it in the Senate. Only then will Ms.
The December showdown will tee up another Heitkamp or Mr. Manchin come along to pad the
fight over the size of government. Does Mr. victory margin and neutralize a 2018 campaign
Trump think Mr. Schumer and Mrs. Pelosi will issue. They’ll never agree to be the 50th vote
sign off on his spending increase for the Penta- to pass a bill because that would mean courting
gon? Or steep cuts for the EPA? Even if Mr. the wrath of anti-Trump voters on the left.
Schumer were willing, the antipathy that grass- They’d have to switch parties.
roots progressives feel for Mr. Trump won’t let
Mr. Trump has few policy convictions, and
Democrats compromise on much.
if Democrats win the 2018 elections we can see
The same holds for tax reform, which Mr. him cutting deals in the next Congress to blow
Trump says is his top priority. Mr. Schumer and out spending, impose price controls on drugs,
44 Senate Democrats stipulated their condi- raise tariffs on China, and maybe even Medicare
tions for tax cooperation in a letter this sum- for all. But if Mr. Trump wants tax reform in this
mer: No tax cut for the wealthy, no increase in Congress, he’ll need Republican votes. Chuck
the deficit, and no use of the 50-vote budget and Nancy won’t help him unless he surrenders
reconciliation process. Only three Democrats to their vision of tax reform—which means a tax
didn’t sign that letter: Heidi Heitkamp (N.D.), increase.
S
The Ninth Circuit ‘Resistance’
ome federal judges have joined the “resistance” to President Trump, but the
Supreme Court doesn’t seem happy
about it. See the Court’s pithy rebuke Monday
to the Ninth Circuit Court of Appeals, which last
week defied a Supreme Court decision on the
Trump travel ban.
In June the High Court allowed most of Mr.
Trump’s executive order temporarily suspending refugee admissions and visas for travelers
from six countries pending legal challenges. The
Court carved out an exception for foreigners
with a “credible claim of a bona fide relationship with a person or entity in the United
States.” For instance, those with children or
parents in the U.S. or who have been admitted
to American universities.
Federal Judge Derrick Watson in July effectively enjoined the Trump travel ban in toto—
and overruled the Supreme Court’s order—by
extending the “bona fide” exemption to grandparents, aunts, uncles, nieces, cousins, brothers-in-law as well as refugees with no claim on
T
the U.S. The judge held that refugee resettlement agreements between nonprofits and the
federal government could constitute a formal
relationship. But if the Supreme Court had intended an exception for refugees, it would have
said so.
A Ninth Circuit panel—all Bill Clinton appointees—upheld Judge Watson, but the Justice Department asked the Supreme Court to stay the
ruling. Justice challenged only the Ninth Circuit’s decision applying to refugees, which it argued “would as a practical matter render” the
Supreme Court’s decision a “dead letter.”
The Supreme Court seems to agree, judging
by Justice Anthony Kennedy’s one-sentence order staying the Ninth Circuit ruling. The order
allows the Trump Administration and Hawaii
Attorney General to submit arguments on
whether refugees can claim a “bona fide” relationship by virtue of their resettlement agreements. These arguments can be fleshed out next
month when the High Court hears challenges
to the travel ban on the legal merits.
The Better IRS Reform
he long saga of Lois Lerner is coming to putting riders in spending bills to bar the IRS
a close. Ms. Lerner was the infamous from imposing restrictions on nonprofit speech.
Obama Administration cat’s paw at the But this thumbs-in-the-dike approach does
Internal Revenue Service,
nothing about powers that IRS
Sessions decides not to functionaries already have
which harassed conservative
political groups in the Tea
political activity.
prosecute Lois Lerner. over
Party era. Now the Trump
The solution is to get the
The GOP has options. IRS out of the political arena
Justice Department has decided there is no cause to purby limiting its role to the most
sue criminal charges against
basic administrative task of
Ms. Lerner, and Congressional Republicans are giving initial approval to nonprofits. Transfer
howling.
to the Federal Election Commission the job of
They’re upset over a letter Assistant Attor- deciding whether a nonprofit is abiding by the
ney General Stephen Boyd sent Friday to existing rules governing political spending. The
House Ways and Means Chairman Kevin Brady FEC’s commissioners would decide if comand tax subcommittee head Peter Roskam lay- plaints against the political activities of noning out DOJ’s reasons. The letter notes that profits had merit.
the initial Obama DOJ investigation found
Democrats will rebel because the design of
“substantial evidence of mismanagement” at the FEC makes it difficult to sic the commission
the IRS but no “evidence of criminal intent by on political enemies. That’s why they made the
any IRS official”—the necessary hurdle for IRS their political enforcer. Legislators deprosecution.
signed the FEC to prevent partisans from turnMr. Boyd assured the House that the offices ing it into a political weapon.
of both Attorney General Jeff Sessions and DepIt takes a majority vote among its six biparuty Attorney General Rod Rosenstein met with tisan FEC commissioners to proceed with a
Justice’s Criminal Division to review that ear- judgment. Commissioners are confirmed by the
lier investigation and to consider additional de- Senate and operate in the open. The status quo
tails provided by House investigators. They gives this job—and power—to the IRS’s unconfound no basis to reopen a criminal probe.
firmed, unseen federal bureaucrats.
Republicans are furious. But this mess hapCampaign-finance fights make Republicans
pened because the Obama Administration used nervous, but they’ve got a political self-interest
federal bureaucracies for raw political pur- in permanently transferring this job to the FEC.
poses. If Mr. Sessions’s Justice Department has Once back in power, Democrats will mobilize a
found no way to prove criminal intent beyond crackdown against their single biggest obsesa reasonable doubt, Republicans could begin sion—“dark money.” Meaning the conservatives
the road back to accountability by respecting who fund their opposition.
that decision.
Lois Lerner’s IRS operation was the swamp
What House Republicans should do now is at its worst. The GOP would do the country’s
create a structure that will stop assaults by bu- politics a favor by draining these bureaucrats
reaucrats on political activity. They’ve been of partisan political power.
Regarding Tunku Varadarajan’s
“The Weekend Interview with Richard
A. Epstein” (Aug. 26): Mr. Epstein
surely senses that institutional safeguards of free speech for all, no matter how offensive, are crumbling. The
ACLU’s new screen for “potential for
violence” amounts to a loophole for
keeping progressive supporters
happy. If left-wing extremists
threaten to disrupt conservative
speakers—not just neo-Nazis, but
credible intellectual voices on the
right—at every event, there always
will be a potential for violence. The
ACLU’s standards will curtail support
for conservative freedom of expression in any state that permits carrying of firearms or whenever extremist
counterprotests are planned.
Mr. Epstein and his dying breed of
classical liberals can no longer count
on courageous allies who used to defend the speech rights of the indefensible. Millennials and post-millennials,
according to opinion surveys, have little interest in free speech rights for
those who offend fellow snowflakes.
Many are prepared to use sticks and
stones to break some bones because
names forever hurt them. In that context, an ACLU commitment to freedom of speech only when there is no
potential for violence is akin to having a license to drive but only when
there is no chance of being hit by another car. Old freedoms never die,
they just fade away.
CHRIS ROGERS
Charleston, S.C.
I would go even further than Mr.
Epstein and say that if someone is a
neo-Nazi or KKK member, I want to
hear what they say, I want to see
them fly their flag. That way I know
who they and their associates are so
I can monitor them. I want to know
so I can avoid patronizing their businesses and other associations, or
hire them, etc. If we ban their
speech, we simply drive them underground where they will simmer in silence until they react, and then it
will be too late.
Better to be uncomfortable and
forewarned than live in a false sense
of utopia until it is too late.
DAVID KVERAGAS
Newton, Pa.
Few LGBT Supporters for the Cardinal’s Plan
In Cardinal Robert Sarah’s “How
Catholics Can Welcome LGBT Believers” (Houses of Worship, Sept. 1), he
argues that the Roman Catholic
Church can accept members of the
LGBT community if these members accept chastity as a practice. Choosing a
lifetime of chastity is fine for priests
and nuns who have a calling to do so,
and there are clearly gay men and lesbians in the church who have so chosen. However, requesting chastity of
LGBT lay people as a requirement to
be accepted by the church is a demand
that strikes at the heart of a person’s
identity and is a discriminatory and
unreasonably high price for admission
into the Catholic tent.
Rather than requesting we all become chaste, I would ask Cardinal
Sarah to ponder the question of how
much the church’s suppression of sexuality through vows of chastity is responsible for the church scandals of
the past few decades.
DAVID SOUTHERN
San Francisco
The cardinal and the Catholic
Church owe us an argument on both
the theological and humanistic levels.
Yet he only makes the assertion that
same-sex actions are “at odds with human nature.” The cardinal risks betraying the natural-law tradition he’s
relying on that maintains the principle
that reason and experience and revelation aren’t in contradiction. So far it
hasn’t been a part of the Catholic tra-
dition to see revelation at odds with
informed, honest people of good will.
KEVIN COLLINS
Pleasant Hill, Calif.
Can we agree that coerced chastity
usually doesn’t work? I’m afraid the
cardinal’s “love the sinner, hate the
sin” argument fails to offer a real solution for real people living in the
real world and is unlikely to win over
converts.
BENJAMIN KRUEGER
Washington
The Catholic Church is not a political body looking to create a bigger
tent. It is a beacon of light, drawing all
closer to God. While Cardinal Sarah is
often described by detractors as being
an enemy of LGBT rights, the contrary
is true. Those who experience samesex attraction have no greater advocate, no greater pastor, no greater
friend than this man who is uncompromising with the truth.
Cardinal Sarah rightly warns that
we cannot be more compassionate or
merciful than Jesus.
DOUG MAINWARING
Gaithersburg, Md.
Too often the media distort or misrepresent the teachings of the Catholic
Church. You gave the cardinal the opportunity to set the record straight,
which he did clearly and concisely.
FRANCES BROWN
Newburgh, Ind.
Why Is Short-Term Insurance in Demand?
Why is “Short-Term Health Insurance” (Letters, Aug. 28) so attractive? Because the Affordable Care Act
has created a dysfunctional individual
market. The majority of private insurance runs through employers who
negotiate low premiums based on
large groups, subsidize employees’
costs and benefit from low illness
rates due to the “healthy worker effect.” Those not covered by employers must purchase policies on the individual market but have no
bargaining power, limited choice and
a smaller risk pool in which medical
needs are overrepresented. As a result, premiums have skyrocketed in
every state. These cannot be called
“better-functioning markets.” Sandy
Earth to Mayor de Blasio:
We Don’t Want You as King
Regarding the Sept. 6 Notable &
Quotable from New York Mayor Bill
de Blasio’s interview in New York
Magazine: Really? Mayor de Blasio
believes that people of every background want the city government to
make decisions about infrastructure
for living? What planet did he arrive from?
I find it amazing with all the evidence of failure in governmentplanned housing, he rides this wornout imaginary horse. Worse is his
denial of the basis of our Constitution and the Declaration of Independence, and he calls the rule of law
and property rights an obstacle to
government’s self-aggrandizement.
Will he have the city pay for a balloon in his likeness for the Macy’s
Thanksgiving Day Parade? Then will
he deny that parade a permit because it harks back to those Christian marauders formerly known as
Pilgrims.
RONALD FERRILL
Greenville, S.C.
Letters intended for publication should
be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
or emailed to wsj.ltrs@wsj.com. Please
include your city and state. All letters
are subject to editing, and unpublished
letters can be neither acknowledged nor
returned.
Praeger’s solution is to trap consumers in the individual market but
throw in more (i.e., government)
money that is likely to increase premiums as an unintended side effect.
Katherine Hempstead decries market “fragmentation” due to sales of
limited policies, but this is exactly
the “central conceit” of the ACA. If
“pooling risk is the central feature of
any well-functioning insurance market,” how can dividing it into a large,
low-risk, low-cost employer pool and
a smaller, high-risk, and thus highcost individual-market pool be justified? The demand for short-term alternatives arises not from a desire to
game the system, but to prevent the
system from gaming an unlucky fraction of its participants, arbitrarily
based on their work status.
The ACA forces the self-employed
and small-business employees to subsidize what should be a national
health-insurance pool, and it creates
a barrier to entrepreneurship. The
not-so-subtle double taxation of first
overpaying for a policy, and then being forced to defray the higher costs
in the individual-market pool, cannot
be called equal protection under the
law. Is it any wonder that people
want out?
MICHAEL D. GROSS, M.D., J.D.
Chicago
Pepper ...
And Salt
THE WALL STREET JOURNAL
“You may think you want socks,
but your internet consumer profile
says you want a jet ski.”
THE WALL STREET JOURNAL.
Tuesday, September 12, 2017 | A17
OPINION
By Jennifer C. Braceras
D
ear female members of
the class of 2021:
Now that you’ve set up
your rooms and purchased your course materials, it’s time for some straight talk
about sexual assault. If you follow
the news, you’ve probably heard that
1 in 4 of you will be sexually assaulted on campus before graduation. Don’t panic. Your parents did
not just drop you and your belongings in a crime zone. Claims of a
“campus rape crisis” are wildly inflated, and a little common sense will
go a long way toward keeping you
safe.
Be prudent about alcohol,
and know that school
administrators don’t have
your interests at heart.
The assertion that nearly a quarter of all college women are sexually
assaulted is based on surveys that
ask vaguely worded questions about
behavior ranging from an unexpected
kiss to rape. In analyzing the responses, those who lump all such
conduct into a catchall category of
“sexual assault” deliberately create a
false impression in order promote
their view of the campus as a “rape
culture.” The truth is, you are far
less likely to be raped than women
your age who are not in college. The
Justice Department estimates approximately 1 in 53 college women
will be victims of rape or sexual assault—an unacceptable number, but
hardly an epidemic.
So what are campuses doing
about it? Many have instituted mandatory training sessions aimed at
changing cultural attitudes about
sex and rape and making sure students are aware of college resources
for addressing misconduct. Schools
have built large administrative bureaucracies to investigate and respond to charges of campus assault.
But while such responses may placate gender activists and insulate
colleges from legal liability, they do
little to keep you safe or punish
criminal offenders.
Why? To begin with, the resources
colleges offer are institutionally biased. The first job of any college administrator is to protect the college.
College victim advocates and Title IX
coordinators may have an interest in
appearing “tough on assault,” but
they also have an interest in avoiding
bad publicity, which means limiting
your options and discouraging police
involvement.
Workshops and training sessions
will also do nothing to keep students
safe if those sessions ignore the elephant in the room: the hookup culture. Academics and college administrators today operate under the
assumption that alcohol-infused sex
between virtual strangers is a matter of “private choice.” They fear
that any warnings to avoid such
ISTOCK/GETTY IMAGES
Straight Talk for College Women
risk-fraught encounters will be lambasted as old-fashioned or, worse,
judgmental. They live in fear that if
they tell the truth about alcohol and
hookup culture, they will be accused
of “blaming the victim.” So they refuse to give you tips that might actually keep you safe:
• Do not get drunk and go home
with someone you don’t know. Anyone who has followed the recent turmoil knows that binge drinking is the
common denominator in reported incidents of campus assault. A drunken
stupor never justifies criminal behavior, but staying sober can help
avoid dangerous or compromising
situations.
• There’s safety in numbers. If you
are out for a night of revelry, stay
with friends. Don’t leave the group
to go home with that cute guy you
just met. If he is really interested
(and worth your time), he will contact you tomorrow—when you’re
both sober.
• Reject the hookup culture. Sex
without trust and commitment often
ends poorly. It may sound old-fashioned, but it’s really common sense:
If you don’t know someone well, and
you are unsure whether you can
trust him, is it really a smart idea to
be alone with him in a state of partial undress?
• Be self-confident. It’s OK to meet
a guy around the keg or at the pong
table, but hold out for a real date.
You deserve it.
• Buyer beware. If you do decide
to participate in the “hookup” culture, go in with your eyes open.
Promises made in the heat of passion
are meaningless. Suitors will promise
the moon to get you into bed. Many of
them will want nothing to do with you
the next day, which will (understandably) leave you feeling humiliated and
exploited. That doesn’t make you a
rape victim. It makes you naive.
• Be clear about your wishes. If
you do not want to do something,
say so clearly. You are an adult, and
you have free will and moral agency.
You have a right to say no at any
stage. But do not expect your partner
to infer reluctance from your demeanor. Only you know what makes
you uncomfortable, and it is up to
you to articulate it.
• If you are assaulted, seek immediate help from someone you trust
who is not affiliated with the college.
Remember, the college’s interests are
not your own. Call your parents or
another trusted adult, call 911, seek
medical attention, or call a rape
hotline. Do it as soon as possible.
Although you won’t hear any of
the above common-sense advice on
campus, the best way to protect
yourself is to follow it. College
should be four of the greatest years
of your life. Enjoy it, but be careful.
And if, God forbid, you are assaulted,
remember that the best way to punish offenders is through the criminal
justice system. Don’t let college administrators or ideologically motivated activists scare you into thinking otherwise.
Ms. Braceras is a lawyer and
writer in Boston.
The Air Force Needs a Budget That Aims Higher
By Heather Wilson
And David Goldfein
W
e recently stood on the tarmac at Bagram Air Base in
Afghanistan and watched as
the brothers-in-arms of a young
Green Beret carried a flag-draped
transfer case containing his remains
toward the aircraft that would bring
him home. He was killed fighting Islamic State.
We visited Afghanistan and Iraq
to meet with airmen and assess Air
Force operations. We met B-52
crews in Qatar who had launched
573 sorties without once being canceled for maintenance, as well as Air
Force surgical teams deployed in a
bombed-out bunker to provide
trauma care for Iraqi soldiers. We
heard stories from heavy-construction crews keeping wells operating
and runways open in 120-degree
heat. We watched as combat air
controllers choreographed layers of
air support over Tal Afar, Iraq, and
Raqqa, Syria.
Americans should be proud of
U.S. airmen and their brethren in all
of the services. They are competent
citizens of character. But lingering
in our minds at every stop was a
question: Will these men and
women get the support they need to
remain ready when called?
The American military has surged
to the fight in Iraq and Afghanistan,
but surges aren’t sustainable. The Air
Force as currently constituted is too
small to do what the nation expects
of it. In 1991, when the U.S. went to
war to drive Saddam Hussein out of
Kuwait, the Air Force had 134 fighter
squadrons, which typically have 18 to
24 aircraft each. Today, the Air Force
has only 55 fighter squadrons, and
1,500 fewer pilots than it needs. We
have been doing too much, with too
little, for too long.
On an average sortie protecting
ground forces in Syria and Iraq, an
American fighter aircraft refuels
eight times. It takes about 60 tanker
sorties a day to support U.S. operations in Iraq, Syria and Afghanistan.
As a result, tanker pilots today have
six months in a combat theater and
six months at home. And when they
are home, they are not really home.
They have to cram in the training
they were not able to accomplish
while “in the desert.”
A return to sequester-level
funding would inhibit
our ability to fly, fight
and win America’s wars.
U.S.-based remotely piloted aircraft crews work 12-hour shifts—
six days on with one day off. And
the cycle doesn’t end. Despite their
dedication and that of their families, going six, seven or eight years
at this rate leaves people exhausted. They become increasingly
likely to try a different career that
will afford them a more normal
life. As a result, we lose the skilled
people we need to continue the
fight.
The readiness of those who stay
is also compromised by an operating tempo too high for a force of
our size. Those B-52 crews that have
done 573 straight missions against
ISIS will return home soon. Ten
days after arriving at home base,
they will undergo inspection to
make sure they are ready for their
mission carrying nuclear weapons,
for which they will not have practiced in at least four months.
In addition to the risk posed by
the enemy, the lack of a defense
budget puts U.S. forces at risk. The
Air Force has requested $132.4 billion for fiscal 2018. We cannot continue on last year’s funding level of
$123.8 billion indefinitely.
Much worse would be a return to
sequester. A budget this year at sequester levels—while we take the
fight to ISIS, deter aggression in the
Pacific, and support emergency responders at home—would almost
certainly result in significant cuts in
flying hours. Squadrons deployed or
preparing to deploy would get to fly,
but we would likely be forced to
ground entire squadrons at home.
During sequestration in 2013, the
Air Force grounded 13 squadrons of
combat aircraft, rendering them ineffective. No training and no flying
today would worsen the exodus of
pilots and other skilled airmen. Airlines are eager to hire them.
The effects of a sequester-level
budget on weapons purchases and
munitions would also reduce readiness and lethality. We worry most
about the effect on our airmen.
Their skills are vital to our success,
and, once gone, they cannot be
quickly replaced.
On the ramp at Bagram, hundreds
of airmen saluted a fallen soldier.
They are the best our nation has
and are committed to its defense.
The nation must commit to them.
Ms. Wilson is secretary of the Air
Force. Gen. Goldfein is Air Force
chief of staff.
What It’s Like to Be Smeared by the Southern Poverty Law Center
By Carol M. Swain
R
ichard Cohen, president of the
Southern Poverty Law Center,
was to testify before the House
Homeland Security Committee about
threats posed by domestic extremist
groups. The hearing, scheduled for
Tuesday, has been postponed because
of Hurricane Irma. As a black conservative who has been smeared by the
SPLC, I recommend against reinviting
Mr. Cohen.
When Morris Dees and Joseph J.
Levin Jr. started the SPLC in 1971, it
was needed and it had noble goals. In
recent years, however, it has become
a tool of the radical left. Domestically, it uses its influence to paint
with a broad brush that smears immigration restrictionists, orthodox
Christian churches and pro-family organizations as “hate groups.”
What landed me in the SPLC’s
crosshairs was a Sept. 10, 2009, Huffington Post blog entry titled “Mission
Creep and the Southern Poverty Law
Center’s Misguided Focus.” I pointed
out the SPLC’s silence about video
footage released after the 2008 elections showing members of the New
Black Panther Party, decked out in
full paramilitary regalia, patrolling a
polling precinct in Philadelphia
where they were clearly intimidating
white voters.
Although several news organizations covered the story, the SPLC ignored the incident. At the time, the
law center was spending an inordinate
amount of time attacking then-CNN
host Lou Dobbs for his relentless focus
on illegal immigration. It demanded
that CNN fire the anchor. After CNN
and Mr. Dobbs parted ways, the SPLC
took credit for getting him off the air.
I ended my post with a one-liner that
raised the ire of the organization and
had a devastating effect on my life. I
wrote: “Rather than monitoring hate
groups, the Southern Poverty Law
Center has become one.”
The SPLC’s retaliation was vicious
and effective. On Oct. 17, 2009, my
photo appeared on the front page of
my local newspaper, the Tennessean,
with the headline “Carol Swain is an
apologist for white supremacists.”
That was a quote from Mark Potok, at
the time the SPLC’s national spokesman. The context for Mr. Potok’s attack was a review I gave for a film titled “A Conversation About Race.” I
endorsed it for classroom use because
it offered a perspective on race rarely
encountered on university campuses.
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Mr. Potok argued that the filmmaker
was a bigot. I felt then and now that
the perspective needed to be heard.
This negative article was featured
on the front pages of several newspapers and it went viral, especially in
black media outlets. The attacks did
not subside until this newspaper’s
website published a lengthy article titled “In Defense of Carol Swain.”
Being targeted by the SPLC has
had a lasting impact on my life and
career. Offers from other universities
ended and speaking opportunities
declined. Once you’ve been smeared
in this way, mainstream news outlets
are less likely to cite you as an expert
of any kind.
Yet today I wear the SPLC’s mud as
a badge of honor because I know I am
in the company of many good men
and women who have been similarly
vilified for standing for righteousness
and truth. Other SPLC targets have included Ben Carson (who eventually
received an apology and retraction),
Somali refugee Ayaan Hirsi Ali, terrorism expert Steve Emerson, political scientist Guenter Lewy (who successfully sued the SPLC), attorney
I paid a professional price
when the group attacked
me in 2009. Now I wear its
mud as a badge of honor.
Robert Muise, Frank Gaffney of the
Center for Security Policy, and Princeton professor Robert P. George. The
SPLC has tagged Mr. George, a devout
Catholic intellectual, as “anti-LGBT.”
Whatever label the SPLC assigns,
such smears are harmful and designed to destroy the individual’s
credibility and ability to have influence in the public square.
Some of those vilified by the SPLC
have been subjected to even worse
treatment. The Family Research
Council and House Majority Whip
Steve Scalise have been violently attacked by individuals inspired by the
propaganda the SPLC regularly
dishes out—which is often accepted
without criticism and passed on by
media, law-enforcement agencies and
universities.
The SPLC should not be dignified
with invitations to provide congressional testimony about domestic extremism as long as it continues to
advance a transparently partisan
agenda—one Mr. Potok has publicly
acknowledged is designed to “destroy” groups it opposes.
Ms. Swain, a former professor of
political science and law at Vanderbilt University, is author of “The New
White Nationalism in America: Its
Challenge to Integration.”
The Immigrant Who Became My Poppa
By Bob Brody
H
arry Brody grew up during
the early 1900s in an Austrian
village that denied Jewish
children like him admission to
school. His father, a tavern owner,
had no choice but to hire a tutor.
Even so, the boy could barely read
and write.
When the Russians took over the
town around 1910, they would have
conscripted Harry into the army. Instead the 16-year-old fled the village,
alone and virtually penniless, never to
return. He landed on Ellis Island.
Harry went to Newark, N.J., and
moved in with an uncle and aunt,
Louis and Gussie, whom he had never
met. He neither had skills nor spoke
much English, but he worked at any
job he could get. Harry lost a finger
in an accident at a paper-box factory.
But he saved almost every penny he
earned.
Within 10 years, Harry had
scraped together enough to bring
over 14 members of his family: his
father and mother, his six brothers
and sisters, a sister-in-law, a brotherin-law and four young children. He
rented and furnished an apartment
where they all lived, supporting the
adults until they found jobs.
That enterprising young man become my father’s father and, eventually, my grandfather.
During Prohibition, Harry took a
job tending bar in a tavern in Newark, catering to workers from nearby
factories. He put in 18 hours a day to
support his wife and three children,
coming home only to sleep. By 1920,
he was able to put down $200 to buy
a saloon of his own.
Soon my Poppa, as we grandchildren called Harry, saw an opportunity to invest in property. He and a
wealthy friend went 50-50 on a residential apartment building in Newark, which he managed until he
worked off the borrowed half and
owned it outright.
Then Harry bought another building with a brother of his. He borrowed still more money, picking up
houses cheap and selling them at a
profit, only to buy others. So went
the pattern: Borrow, buy and sell,
then, with the capital accrued, borrow, buy and sell some more.
By 1941, still a bar owner, Harry
had brought other partners into his
real estate ventures. As a minor investor, he managed and maintained
the properties, collecting the rents
and paying taxes.
Within the span of a generation,
my Poppa graduated from factory
worker to bartender to saloonkeeper
to landlord. In later years, he sent his
three children to college, lived in a
luxury high-rise, drove a Cadillac,
joined a country club, traveled to Europe and Asia, and retired to Florida.
He lived to see seven grandchildren.
Ultimately he referred to all of his
offspring as his “dividends.”
My Poppa is every immigrant who
ever came to America to get down to
business. He started with nothing
but created everything.
Mr. Brody is author of the memoir
“Playing Catch With Strangers: A
Family Guy (Reluctantly) Comes of
Age” (Heliotrope, 2017).
THE WALL STREET JOURNAL.
A18 | Tuesday, September 12, 2017
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Tuesday, September 12, 2017 | B1
THE WALL STREET JOURNAL.
* * * **
DJ TRANS À 1.07%
WSJ $ IDX À 0.66%
LIBOR 3M 1.317
NIKKEI (Midday) 19741.42 À 1.00%
See more at WSJMarkets.com
Stocks Jump as Dark Clouds Recede
Bouncing Back
The Dow Jones Industrial
Average rallied on Monday to its
highest level since early August.
Monday
22200
22057.37
22100
s1.2%
22000
21900
21800
21700
21600
Aug.
Sept.
Source: WSJ Market Data Group
THE WALL STREET JOURNAL.
Irma
Spares
Disaster
Bonds
Dow tops 22000
as concerns over Irma
and North Korea ebb;
Treasury yields rise
BY CORRIE DRIEBUSCH
AND MARINA FORCE
The S&P 500 hit a record
and the Dow Jones Industrial
Average closed above 22000
for the first time in nearly a
month, as investors’ fears
about North Korea and Hurricane Irma eased.
Stocks rose broadly and haven assets retreated Monday, a
reversal from last week when
major U.S. stock indexes, the
dollar and Treasury yields fell
as investors worried about
worst-case scenarios from
summer storms and threats
from North Korea.
The gains sent the Dow up
259.58 points, or 1.2%, to
22057.37, its biggest one-day
gain in six months. The last
time the Dow closed above
22000 was Aug. 16, and before
Monday it hadn’t posted a 1%
gain since April.
The S&P 500 rose 26.68
points, or 1.1%, to 2488.11—its
31st record close of 2017—and
the Nasdaq Composite jumped
72.07, or 1.1%, to 6432.26.
Some analysts had expected
North Korea to conduct a
weapons test on Saturday, co-
inciding with the country’s
founding day, as it did last
year to mark the celebration.
The absence of news from
Pyongyang supported stocks
and the dollar, while weighing
on haven assets, analysts say.
“That North Korea didn’t do
anything, on a weekend they
knew our country was going to
be in flux because of hurricanes,
is the primary reason we’re seeing this big rally,” said JJ Kinahan, chief market strategist at
TD Ameritrade. “The market
has gone back up to where we
were in early August before
these North Korea fears.”
Government-bond prices
declined, pushing up yields.
The yield on the 10-year U.S.
Treasury note rose to 2.125%
from 2.058% Friday, its largest
one-day yield rise in more than
a month.
Meanwhile, concerns about
Hurricane Irma’s impact on the
U.S. economy decreased. A reduction in the storm’s strength
and a shift in its expected
course—there was no direct
hit on Miami—meant insured
damage estimates were likely
to be less than originally anticipated by some analysts.
Reinsurance
companies,
which tumbled last week,
jumped on Monday. The KBW
Nasdaq Insurance index rose
1.8%, nearly wiping out last
week’s 1.9% drop.
The WSJ Dollar Index, which
Ferrari Still Wants to ‘Win on Sunday, Sell on Monday’
Equifax
Lobbied
To Limit
Liability
BY LESLIE SCISM
AND ANUPREETA DAS
BY MICHAEL RAPOPORT
AND ANNAMARIA ANDRIOTIS
GETTY IMAGES
What looked like a dark
turn in the booming market
for catastrophe bonds may
wind up being little more than
a blip.
With damage estimates for
Hurricane Irma tumbling, investors in “cat bonds” will
likely avoid the significant
losses they may have absorbed
had earlier, more aggressive
estimates borne out.
Cat bonds are essentially a
vehicle for insurance companies to transfer some of their
financial risk to the global
capital markets. Wall Street
and other middlemen help insurers sell these bonds to sophisticated investors with the
understanding that they could
lose some or all of their principal to help pay claims.
These high-yielding bonds
have surged in popularity in
recent years among investors
including pension funds, endowments and wealthy families. The rally has also come
during a long stretch of few
hurricanes hitting the U.S.
So the past couple of weeks
have tested investor appetite
as North America suffered
three of its worst natural disasters in a decade. Private-sector
insurers face as much as about
$60 billion in costs in the U.S.
from Hurricane Irma, which
landed in Florida Sunday, Hurricane Harvey with historic
flooding in Houston and an 8.1magnitude earthquake in Mexico, according to some riskmodeling firms’ estimates.
But these events appear
likely to affect only a few, if
any, of the outstanding $26
billion in cat bonds.
The spate of catastrophes
“may cause some investors to
Please see BOND page B11
NO TIME TO RETIRE: Ferrari driver Sebastian Vettel during a pit stop at a Formula One race in Monza, Italy, earlier this month. B3
INDUSTRY FOCUS
Chicken Processors Seek Speedup
BY JACOB BUNGE
U.S. chicken companies
slaughter and process about
170 million chickens each
week. They want to do it
faster.
Meatpackers are seeking
U.S. Department of Agriculture approval to raise processing-line speeds by about
25%, aiming to keep pace
with growing domestic and
international demand for
poultry. The National
Chicken Council, which represents poultry companies,
said in a petition filed this
month that would mean processing at least 175 birds a
minute, up from most plants’
current limit of 140.
The speed increase, if
granted, would reverse a
2014 Obama administration
Poultry Push
Companies have been stepping up their chicken production, but say
restrictions make it hard to meet demand. U.S. broiler chicken output:
50 billion pounds of ready-to-cook chicken
1990
’95
2000
decision to limit U.S. poultry
plants to the slower speed.
Union officials, academics
and some meat inspectors
’05
’10
’15
are pushing back, warning
that a speedup would make
it harder to ensure food and
worker safety.
STREETWISE | James Mackintosh
New Amazon Headquarters Should Alarm
The list of
warning signals for
shareholders
includes diversification
into new industries, changes
of business model, massive
hiring programs, unfettered
CEO power, distracted management and high capital
spending. But at the top of
the list for many is the construction of a new headquarters. Hubris, meet Amazon.com.
Amazon has achieved extraordinary feats, most notably in speed of expansion.
It hired more than 30,000
people in the latest quarter
alone, and in the past three
years has tripled its head
count to 382,400.
It appears to have managed this without a hitch,
even as it spent billions of
dollars on Hollywood productions, launched a hit
gadget and ramped up its
measures the U.S. dollar
against a basket of other currencies, rose 0.7%, after sinking
to its lowest level in more than
two years on Friday. The euro
fell 0.7% against the greenback,
paring some of last week’s
gains, to trade at $1.1953.
The Stoxx Europe 600 advanced 1%. The increases continued in some Asia/Pacific
markets early Tuesday, Japan’s
Nikkei 225 was up 1%, while
Australia’s S&P ASX 200 was
up 0.8%.
Gold, another traditional
haven for money managers,
fell 1.1% Monday. The yen and
Swiss franc, which traditionally
rise when markets are volatile,
both fell against the dollar.
Investment Trumps Hunt for Yield
Shares in companies spending a lot on capital projects and R&D have been
rising faster recently than those with fat dividends and share buybacks.
Total return since 2014*
30%
High capital spending and R&D
20
High return of cash to shareholders
10
0
–10
–20
–30
2015
’16
’17
*Sector-neutral equal-weight basket of 50 S&P 500 stocks
Source: Goldman Sachs
THE WALL STREET JOURNAL.
spending on research and
development.
Investors are betting that
CEO Jeff Bezos will keep his
magic touch and that money
plowed into expansion today
represents big profits to be
made some time in the future.
History and human nature are against Mr. Bezos—
and may eventually prove a
headwind for much of the
rest of the market, too.
The lesson from the long
term is that companies with
high capital spending tend
to underperform. Kenneth
French, a professor at the
Tuck School of Business at
Dartmouth College, calculates that shares in the 30%
of U.S. companies with the
lowest investment returned
six times as much as those
with the highest investment
since 1963.
Human nature provides a
story to back up the findings. CEOs like to expand,
chase new ideas and to do
what shareholders want.
The three come together
when a company or sector
is in vogue, as shareholders
give it cheap capital and
cheer on plans for growth.
Often it turns out that
the premise for the expansion is mistaken, and much
capital spending is wasted.
Please see STREET page B2
The petition comes as
companies, including Tyson
Foods Inc. and Sanderson
Farms Inc., are planning new
plants that will each process
more than 1 million birds a
week.
Rising sales of shrinkwrapped chicken breasts and
deep-fried wings have per
capita chicken consumption
in the U.S. on track to hit a
record 91.3 pounds this year,
with the U.S. meat industry
expected to process 41 billion pounds of poultry meat.
“This change will not affect food safety—if anything,
it will enhance it,” wrote Michael Brown, the National
Chicken Council’s president.
He suggested that poultry
plants could hire more workers, automate more tasks
Please see MEAT page B2
INSIDE
DIY PAINTERS
TURN IN THEIR
BRUSHES
HOME IMPROVEMENT, B5
GOLDMAN’S
HR CHIEF
DEPARTS
BUSINESS, B10
Equifax Inc. was lobbying
lawmakers and federal agencies to ease up on regulation
of credit-reporting companies
in the months before its massive data breach.
Equifax
spent
at
least $500,000 on lobbying
Congress and federal regulators in the first half of 2017,
according to its congressional
lobbying-disclosure reports.
Among the issues on which it
lobbied was limiting the legal
liability of credit-reporting
companies.
That issue is the subject of
a bill that a panel of the House
Financial Services Committee,
which oversees the industry,
discussed the same day Equifax disclosed the cyberattack
that exposed personal financial data of as many as 143
million Americans.
Equifax has also lobbied
Congress and regulatory agencies on issues around “data security and breach notification”
and “cybersecurity threat information sharing,” according
to its lobbying disclosures.
The amount Equifax spent in
Please see LOBBY page B2
Consumer options to battle
Equifax data hack................... B2
SoFi’s CEO
To Depart
At Year-End
BY PETER RUDEGEAIR
Social Finance Inc., one of
the most highly valued private
financial-technology startups
in the U.S., said on Monday
night that Chairman and Chief
Executive Mike Cagney would
step down by the end of the
year.
Mr. Cagney said in a note to
employees that recent litigation brought against the company and “negative press have
become a distraction from the
company’s core mission.” The
company said he would remain
in the role until SoFi’s board
chooses a successor, a process
that it has already started.
On Sunday, The Wall Street
Journal reported that Mr. Cagney was previously involved in
a dispute with a lower-level
employee that resulted in a settlement approved by the board.
SoFi said Mr. Cagney was
stepping down as chairman effective immediately. Tom Hutton, managing director of an insurance-focused venture-capital
firm called XL Innovate, will
take over as executive chairman, effective immediately.
Steve Freiburg, a SoFi board
member and former CEO of
E*Trade Financial Corp., will
become vice chairman.
A former derivatives trader
Please see SOFI page B4
B2 | Tuesday, September 12, 2017
INDEX TO BUSINESSES
BUSINESS & FINANCE
A
F
Aberdeen Standard
Investments............B10
ADT..............................B4
A & E Networks..........B4
Allergan ............... B5,B12
Allianz ....................... B12
Allstate ..................... B12
Alphabet................A1,B4
Amazon.com ............... B1
AMC Networks ........... B4
Apollo Global
Management.............B4
Apple....................B4,B12
AT&T............................B4
Ferrari..........................B3
Fiat Chrysler
Automobiles........A1,B3
Florida Power & LightA6
Ford Motor..................A1
B
C
CBS..............................B4
Chubb.........................B12
Citizens Property......B12
comScore.....................B5
Cooper ....................... B12
D
Deutsche Bank............B4
Discovery
Communications.......B4
Duke Energy ............... A6
E
Electricité France......B11
Endo International......B5
Equifax ............. A2,B1,B2
Everest Re Group ..... B12
Experian.................A2,B2
G
General Electric ........ B12
General Motors...........A1
Goldman Sachs Group
...................................B10
Google ......................... B4
H
Halliburton................B12
Hamilton Lane..........B10
HCI Group..................B12
Heritage Insurance
Holdings..................B12
H. Lundbeck.........B3,B12
Hyundai Motor............A1
J-M
Johnson & Johnson....B5
Lloyd's of London.....B12
MAXpower Group.....B10
N
Nestle..........................B3
Neuberger Berman
Group.......................B10
NextEra Energy .......... A6
Novo Nordisk.......B3,B12
P
Philo ............................ B4
PPG Industries............B5
Progressive ............... B12
Purdue Pharma...........B5
S
Sanderson Farms........B1
Schroders..................B10
Scripps Networks
Interactive.................B4
Secquaero Advisors..B11
Sherwin-Williams.......B5
Silver Lake................B10
SNCF..........................B11
Social Finance.............B1
Sprint .......................... B4
Standard Chartered..B10
SunEdison ................... B4
T-U
Teva Pharmaceutical
........................ B3,B5,B12
T-Mobile US................B4
Tokio Marine Holdings
...................................B12
TPG Capital...............B10
Travelers....................B12
21st Century Fox........B4
Tyson Foods................B1
Universal Insurance
Holdings..................B12
V
Veolia Environnement
.....................................B5
Verizon Communications
.....................................B4
Viacom.........................B4
Virgin Group ............... A6
Vista Equity Partners
...................................B10
Vivant..........................B4
Vivint Solar.................B4
W-Y
Walt Disney................B4
Waymo........................A1
XL Group...................B12
Yelp..............................B4
INDEX TO PEOPLE
B
G
Barer, Sol .................... B3
Bezos, Jeff..................B1
Bouvet, Antoine........B11
Brown, Michael...........B1
Gamble, John..............B2
Greenspan, Elyse......B12
C
Cagney, Mike...............B1
Cooper, Edith.............B10
E
Edwards, David...........B2
F
Fairbank, Richard........B2
Feld, Harold.................B4
Foraker, John .............. B3
Freiburg, Steve........... B1
French, Kenneth..........B1
H
Martucci, Gary..........B11
Moss, Steve..............B12
O
Ohlhausen, Maureen .. B4
P
Hutton, Tom................B1
J
Painter, Stan...............B2
S
Jaisingh, Nainesh.....B10
K
Kinahan, JJ..................B1
Krafcik, John...............A1
L
Schultz, Kare.......B3,B12
Smith, Patrick J..........B4
Smith, Richard............B2
Strang, Jim ............... B10
Lohmann, Dirk .......... B11
U
M
Ursano, Tony.............B11
Mangione, Paul...........B4
Marchionne, Sergio .... B3
Wu, Chi Chi.................B2
W
Capital Spending Mostly Wasted
Over the long run the companies which invest the most have underperformed, suggesting they make poor decisions about capital spending.
U.S. stocks split by corporate investment
Value of $100 invested in 1963
$60,000
Lowest 30%
Middle 40%
40,000
Highest 30%
20,000
0
1963
’70
’80
’90
’00
’10
Value of $100 invested in 2008
$400
Highest 30%
300
Lowest 30%
Middle 40%
200
100
0
’09
’10
’11
’12
Source: Prof. Kenneth French
STREET
Continued from the prior page
Remember peak oil, the race
to dig new mines to satisfy
forecasts of endless emerging-market growth and the
vast overinvestment in
shipping to prepare for
global trade’s expansion?
Those early in the
expansion are right to
invest, but as more capital
is deployed it can drive
down prices and destroy the
very opportunity
shareholders hoped to
exploit.
Other times CEOs just
fritter the money away, as
in the dot-com bubble. If
you exercise little control
over management and
actively encourage them to
spend money as quickly as
possible, you shouldn’t be
surprised if much of it is
wasted.
The rise—and rise—of
Amazon has come as the
patterns of the past seem to
have been suspended. Since
the start of 2009, the
runaway success of big tech
stocks and big dividend
payers has helped
companies with the most
and least investment do
well, while middling
companies underperformed.
Amazon shareholders
might argue that the
company won’t fall victim to
misplaced spending because
it is exploiting disruptive
technology, investing in
growth and spending on
R&D.
History offers plenty of
examples of disruptive
technologies leading to
investment booms, but
those caught up in the
spending spree usually lose
out horribly. The British
’13
’14
’15
’16
’17
THE WALL STREET JOURNAL.
“railway mania” of the
1840s is a classic example:
Money poured in from
excited shareholders,
railroad companies found
ways to spend it and were
rewarded with ever-higher
share prices, until investors
discovered just how much of
the capital had been wasted.
Investing in growth is
more plausible. Academics
have shown that higher R&D
spending on average is
followed by better stock
performance than for
companies with lower R&D
spending.
For this to justify further
increases in Amazon’s stock
price means assuming
investors are once again
underestimating the future
profits from its R&D
spending. Given how hard it
is even to work out how
much the company is
spending on R&D, it is
impossible to come up with
a firm view of how well the
money is spent, or what
profits might result.
The share price might
well be underestimating
future products, but might
equally be extrapolating the
past successes of the webhosting division or the
voice-controlled Echo device
to unknown future products.
Amazon expects to hire
another 50,000 staff earning
on average above $100,000
a year at its second HQ over
a decade and a half, adding
$5 billion a year of pay to
the more than $5 billion
capital cost of “HQ2.”
Amazon shareholders
betting on it bucking history
have to hope that by the
time HQ2 is completed, the
company has both grown
enough to justify its vast
scale and found a way to
profit from all of its capital
and R&D spending.
Options to Battle the Data Hack
BY DAISY MAXEY
Consumers who have been
affected by the Equifax Inc.
data breach and seek to protect their credit lines may find
themselves navigating a confusing maze of new terms,
costs and responsibilities.
There are a few ways consumers can protect their
credit lines, including a credit
freeze, requesting a fraud alert
or credit monitoring. The
costs for taking some of these
actions can vary from state to
state and bureau to bureau,
and some take days to go into
effect.
The most important thing
for individuals to remember
following the Equifax hack is
that they have to be their own
best defender, says Matt Masterson, a wealth adviser with
Regent Atlantic Capital LLC
in Morristown, N.J. “You really
have to keep a close eye on
your accounts,” he says.
A credit freeze will prevent
a new creditor from accessing
a consumer’s credit report.
This move prevents anyone
from opening a new line of
credit in the name of the consumer who enacted the freeze.
LOBBY
Continued from the prior page
the first half of this year appears to be in line with previous
spending. In 2016 and 2015, the
company’s reports show it
spent $1.1 million and $1.02 million, respectively, on lobbying
activities. While the company
had broadly similar lobbying issues in those years, the liability
matter was new in 2017.
Equifax’s credit-reporting
peers, TransUnion and Experian PLC, spent at least
$128,000 and $690,000, respectively on lobbying in the
year’s first half, disclosure records show. They were lobbying on similar issues as Equifax, including liability.
In a statement Monday
night, Equifax said it “works
closely” with lawmakers and
regulators “to ensure that we
are communicating the benefits of credit reporting to the
U.S. economy, as well as the effects of certain legislation on
the financial system.” The company said it believes in “fair industry regulation and advocating for policies that protect
consumers’ rights.”
The size of the hack at
Equifax is second only to the
breach of user information
disclosed last year by Yahoo
Inc. But the Equifax attack is
potentially more damaging
given the gatekeeper role it
and other credit-reporting
companies play in how U.S.
To initiate a freeze, consumers must contact each
credit firm.
While some say consumers
should consider freezing their
credit at all three firms—Equifax, TransUnion and Experian
PLC—after the breach, it isn’t
a move that is for everyone. If
a consumer does wish to open
a new line of credit, he must
first unfreeze his credit re-
‘You really have to
keep a close eye on
your accounts,’ says
one wealth adviser.
ports. That may take several
days.
Keep in mind, too, that a
freeze won’t do anything to
monitor current lines of
credit, such as credit cards.
Fees for adding and removing a credit freeze vary by
state, but are nominal, generally from $3 to $10. Generally,
fees are waived for victims of
identity theft if they submit a
valid investigative or incident
consumers go about getting
loans.
The Equifax data breach revealed a slew of personal information—names, addresses,
dates of birth, Social Security
numbers and in some cases
driver’s license information—
in one swoop. This made the
exposure far broader than
other hacks that revealed, say,
a consumer’s name and creditcard number.
“This one is a different animal in the sense of the nature of the information that
was breached,” Capital One Financial Corp. Chief Executive
Richard Fairbank said at a financial-services industry conference Monday. “We have not
been through the equivalent of
this one.”
John Gamble, Equifax’s finance chief, was scheduled to
speak at the same conference,
but canceled.
He and Equifax chief Richard Smith have spoken in recent days, though, with some
analysts and investors, according to people familiar with the
matter. In those conversations,
the executives said the database that was hacked had retained consumer information
going back five to 10 years, the
people said.
That, the executives said,
was part of the reason so
many people were affected.
They added that a portion of
the affected database included
people who had contacted the
firm to dispute information in
their credit reports, the people
report or complaint with a
law-enforcement agency or
other government agency.
Those who request fraud
alerts will receive notification
whenever there is an attempt
to check on their credit history. In such cases, the credit
firm will contact those who
have requested the alerts to
ensure they’re legitimate.
Fraud alerts are a federal
right for victims of identity
theft and are free. And if you
place a fraud alert request
with one of the three major
credit firms, it will automatically be placed with the other
two.
But fraud alerts have their
limits. An initial alert will last
90 days but can be renewed.
With an alert request in place,
a third party may still access
your credit reports. But if they
do so, they will be asked to
take certain steps to verify
their identity.
Even if other steps are
taken, experts say consumers
may want to consider having
their credit monitored for suspicious activity. Such a service
will generally alert consumers
to credit inquiries, new credit
lines and other important
changes to one’s credit profile.
Consumers typically pay a
monthly fee of $10 to $30 for
such monitoring, and more expensive packages are available
that offer more advanced
monitoring, such as identitytheft protection services.
Credit monitoring is sometimes offered as an employment benefit or as a rider on
homeowners’ insurance, so
consumers should check to see
if they already have such benefits, says Eva Velasquez, chief
executive and president of
Identity Theft Resource Center, a San Diego nonprofit.
Equifax,
following
its
breach, is offering U.S. consumers the option to sign up
for credit-file monitoring and
identity-theft protection for
one year at no cost. The enrollment period for the offering ends Nov. 21.
But consumers who want
credit monitoring shouldn’t
sign up for it with one of the
credit firms, says David Edwards, president and wealth
adviser at Heron Wealth in
New York. He suggests they go
to a service such as Identity
Guard, LifeLock or myFICO instead.
familiar with the matter said.
Messrs. Smith and Gamble
also said the hacked database
was separate from the credit
reports that Equifax sells to
consumers and lenders, the
people said.
The executives said the
company waited more than a
month to announce the breach
the recipients was Committee
Chairman Rep. Jeb Hensarling
(R., Texas), who received
$1,000. Last Friday, he called
for his committee’s hearing
into the breach.
Rep. Blaine Luetkemeyer
(R., Mo.), chairman of the Financial Institutions and Consumer Credit subcommittee
that directly handles matters
relating to the reporting companies, received $2,000. Also
receiving $2,000 was Rep.
Barry Loudermilk (R., Ga.),
sponsor of the bill that would
place a $500,000 cap on the
statutory damages consumers
could win in a lawsuit against
the credit-reporting companies, as well as eliminate punitive damages against them entirely.
The Equifax PAC also gave
two additional $1,000 donations to Rep. Luetkemeyer this
year, in April and June, according to Federal Election
Commission records. The April
donation was eight days before Rep. Loudermilk’s bill was
introduced.
Equifax said its PAC contributions “are made in a legal,
ethical and transparent manner” in accordance with federal laws and regulations. No
corporate funds are used in
the PAC, which is funded
solely by Equifax employees’
voluntary contributions, the
company said.
Staff for Reps. Hensarling,
Luetkemeyer and Loudermilk
couldn’t be reached for comment.
Equifax CEO
Richard Smith
has spoken
with some
analysts and
investors in
recent days.
in part because of the need to
set up a website for affected
consumers and decide on services for them, according to a
person familiar with the matter.
Equifax has faced widespread criticism following its
disclosure of the hack, both for
the breach and for perceived
flaws in its actions beforehand
and response afterward. Several regulatory agencies have
said they will investigate, and
two congressional committees,
including the Financial Services Committee, said they
would hold hearings.
Equifax’s political-action
committee made contributions
to 13 members of the Financial
Services Committee during the
2016 election cycle, according
to data from the Center for
Responsive Politics. Among
MEAT
Continued from the prior page
and change plant layouts to
ensure employees’ safety.
USDA officials said they are
considering the petition.
Consumer groups and
meat worker unions warn
that moving carcasses more
rapidly through processing
lines will add risk to jobs already prone to cuts, infection and repetitive-motion
injuries. Meat worker injury
and illness rates run about
64% above the national average, according to the Bureau
of Labor Statistics, outpacing
mines and construction sites.
“What we know currently
in these plants is that there
are very high injury rates,”
said Celeste Monforton, a
professorial lecturer at
George Washington University who researches worker
safety. “I have no reason to
believe that increasing line
speeds is somehow going to
make things better.”
Meat industry officials argue that poultry plants already running at the higher
speeds—under a pilot program that started in 1999—
have shown fewer instances
of carcass contamination,
while helping plants run
more profitably and saving
money for the USDA’s meat
inspection division. Overall,
the industry’s illness and injury rate has fallen 81% from
1994 to 2015, and many
sped-up functions would be
performed by machines, the
National Chicken Council
said in its petition to the
USDA.
The Washington-based
trade group said boosting
KELLY KISSEL/ASSOCIATED PRESS
These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
Baker Hughes ........... B12
Benjamin Moore.........B5
BlackRock.............B5,B10
Blackstone Group B4,B10
BP..............................B10
THE WALL STREET JOURNAL.
* ****
Meatpackers want U.S. approval to raise processing-line speeds by about 25%, aiming to keep pace
with demand. Consumer groups and meat worker unions say moving carcasses faster adds risks.
processing plant speeds
aligns with President Donald
Trump’s regulatory reform
agenda and his goal of expanding domestic manufacturing.
Running plants more efficiently, the group said,
would help the U.S. reclaim
international chicken-meat
sales lost to competitors like
Brazil, which in 2010 surpassed the U.S. in terms of
chicken export sales.
The USDA in 2014 revamped its process for inspecting U.S. poultry plants,
aiming to ensure the safety
of about 9 billion chickens
processed for food annually.
That plan entailed new
steps for processors to pre-
vent contamination, requiring companies to test products multiple times—though
it drew criticism for pulling
some USDA inspectors away
from directly supervising
processing lines.
While an initial proposal
would have allowed faster
processing lines, the agency
stuck with the 140-bird cap
after public pushback.
Last June, the USDA submitted for internal review
what is anticipated to be a
similar revamp to pork-plant
oversight. Pork industry officials expect updated rules to
allow pork plants to operate
at faster speeds—up to 1,300
hogs per hour, versus about
1,100 currently—that have al-
ready been tested at some
U.S. plants.
Daniel Kovich, deputy director of science and technology for the National Pork
Producers Council, said the
meat industry wouldn’t
speed up their plants without first taking steps to ensure food and worker safety,
and animal welfare laws
would still apply.
Union officials, academics
and some USDA inspectors
plan to oppose potential
speed increases.
“No one benefits but industry,” said Stan Painter, a
USDA meat inspector for
more than 30 years and
chairman of a food inspectors’ union.
THE WALL STREET JOURNAL.
Tuesday, September 12, 2017 | B3
* *
BUSINESS NEWS
Ferrari Bets Racing Boosts Sales
Sports-car maker
hopes end to its
Formula One slump
pays off financially
BY RORY JONES
BY ERIC SYLVERS
The world’s biggest seller of
generic drugs sought out for
months an experienced chief to
help the company navigate a series of daunting challenges,
from falling medicine prices to
heavy debt.
Teva Pharmaceutical Industries Ltd. ended that search
on Monday by appointing Kare
Schultz, a Danish pharmaceutical-industry veteran, as its new
chief executive, a position without a permanent holder since
February.
Mr. Schultz honed his skills
at Novo Nordisk A/S, one of
Denmark’s biggest firms, before
taking the helm in 2015 at H.
Lundbeck A/S. There a restructuring put the Danish company
on track to record earnings.
That know-how will be key
in turning around Teva, which
recently shuffled its board, as it
sheds assets and copes with
new rivals. Its shares have been
under pressure for months.
“This is a critical time in
Teva’s history,” Chairman Sol
Barer said in an interview. “We
had to make sure we got the
right person.”
Teva had searched since February for a new chief executive
to fill a vacancy left by Eli Hurvitz, who is credited with turning the company from a smalltime pharmaceutical firm into a
global generics-drugs seller and
a household Israeli name. Mr.
Hurvitz was CEO for more than
25 years and involved in Teva
until his death in 2011.
Since then, the firm has
churned through a series of
chief executives who struggled
to manage global expansion, including the acquisition last year
of Allergan PLC’s generics unit,
which left Teva with debt of
roughly $35 billion.
Boardroom squabbles over
whether the chief should be Israeli also hampered the company’s performance in the eyes
of many investors. Mr. Schultz,
56 years old, is only the second
non-Israeli to lead the firm.
MILAN—In the world of
elite sports-car manufacturing,
it is an article of faith that victory on the racetrack translates into sales in the showroom. “Win on Sunday, sell on
Monday,” goes the old saw.
So for Italian sports car
maker Ferrari NV, the end of a
decadeslong losing streak on
Formula One racetracks is a
great relief, more so as it came
just when the company—the
biggest spender on Formula
One racing—is stretching its
brand by removing a longstanding ceiling on the number
of cars it sells and expanding
into other products.
All that provides a backdrop
for Tuesday’s unveiling of the
Portofino model at Germany’s
Frankfurt auto show. Like its
predecessors, Ferrari’s newest
road car will benefit from
technology developed for the
racetrack.
That technology, which includes new metal alloys for the
frame, engine and bodies,
trickles down from the handful
of race cars made annually to
limited-edition road models
costing more than $1 million.
It then makes its way into
higher-volume Ferraris like the
Portofino, which is expected to
start at about $225,000.
After failing to win a Formula One racing title for almost a decade and closing out
the 2016 season without a single victory, Ferrari’s Sebastian
Vettel has won four of this
year’s 13 races and is close on
the tail of Mercedes’s Lewis
Hamilton with seven races to
go, including the U.S. Grand
Prix on Oct. 22 in Austin,
Texas.
Ferrari Chief Executive Sergio Marchionne, who also is
chief of Fiat Chrysler Automobiles NV, has called winning in Formula One “nonnegotiable,” reflecting the belief
that victory on the racetrack is
Teva's debt has more than tripled
since it acquired Allergan's generic
drug business for $40.5 billion.
Total debt
35.1
$9.9B
Dec. 2015
June 2017
Revenue…
…by drug type, Q4 2016
Generic
Specialty
Multiple sclerosis
Other
57%
18
16
9
…by region, Q4 2016
U.S.
Europe
Rest of world
53%
24
23
Source: the company (debt and revenue);
THE WALL STREET JOURNAL.
critical in luring weekend enthusiasts to shell out huge
amounts for the road cars.
Ferrari’s financial success
over the past 15 years has
“been achieved on the back of
Formula One,” Mr. Marchionne
said in March, adding that the
company couldn’t afford many
more losing seasons without
suffering financially.
But there is little empirical
evidence that winning races
translates into increased sales.
AllianceBernstein, a wealth
manager,
argues
Ferrari
doesn’t need Formula One.
“There can’t be a soul on
earth who doesn’t know that
Ferrari makes fast red cars,
with excellent technology and
that it has a motor sport heritage,” AllianceBernstein wrote
in a report last month.
Mr. Marchionne, who follows most races from inside
the paddock, berates his team
when it loses. The CEO’s impatience with losing stems in
part from the investment Ferrari puts into Formula One rac-
ing each year—which some
outsiders estimate at hundreds
of millions of dollars.
Mr. Marchionne told analysts in July the company has
lost money on its Formula One
team every year for close to a
decade. He said it is a price he
is willing to pay given “the
huge repercussions on the
quality of the brand” when it
wins.
Investment bank Jefferies
estimates Ferrari’s racing team
generated €420 million ($502
million) in revenue last year
while booking an operating
loss of €100 million.
Ferrari generates racing
revenue through sponsorships—including all those ads
plastered on the race cars—
and payouts from the company
that organizes the races. Ferrari’s quarterly revenue breakdown includes a line titled
“sponsorship, commercial and
brand” that includes Formula
One, but is also thought to encompass licensing and other
items.
China Auto Market
Keeps Growing,
But at Modest Rate
anything beyond single-digit
growth.
The Chinese auto market
grew 4.3% in the first eight
months of the year—a jarring
slowdown for a market that
grew 14% last year. This year
passenger-car sales have
slowed the sector’s expansion,
increasing only 2.2% during the
January-to-August period.
Sales of commercial vehicles
are up 17% so far this year.
The sector’s slowing
growth comes against a backdrop of uncertainty over for
new regulations mandating
electric-car production. Draft
versions of the rules suggest
they could come into force as
early as next year.
Beijing’s seriousness about
shifting to electric vehicles was
underscored Saturday with
confirmation that China is
planning to impose a deadline
to end the sale of gasoline and
diesel-powered vehicles.
—Trefor Moss
SHANGHAI—China’s car
market continued to expand in
August after a weak start to
the year prompted by a rise in
the country’s auto-sales tax.
Total sales increased 5.3%
last month compared with August 2016 to 2.19 million vehicles, the government-backed
China Association of Automobile Manufacturers said Monday. That is consistent with
the 6.2% expansion recorded in
July and June’s 4.5% growth.
Even so, the manufacturers’
association struck a bearish
tone for the full year, warning
that the Chinese auto sector
would likely fall short of the
5% growth forecast the group
made in January, saying the increasing maturity of the Chinese market all but rules out
Organic-Brand Veteran Aims to Liven Up Baby Food
BY ANNIE GASPARRO
Heavy Burden
Ferrari’s new Portofino model, set to be unveiled Tuesday. The company is removing a traditional ceiling on the number of cars it sells.
The former chief executive
of organic food brand Annie’s
Homegrown is heading into the
crowded baby-food business.
John Foraker is taking on
the top role at a two-year-old
startup Once Upon a Farm,
which is partnering with actress Jennifer Garner to help
market the brand.
Baby food has become boring, Mr. Foraker said, because
conventional brands are continuing to struggle with a lack
of innovation.
Baby-food sales, by volume,
have declined an average of
4% a year for the past four
years, according to market-research firm Nielsen. Brands,
especially the longtime industry leader Gerber, which is
owned by Nestlé SA, have lost
market share to new ones
with organic ingredients that
are sold in the increasingly
popular pouches.
Organic varieties’ sales dollars have risen 25% in the past
two years, accounting for
about $415.4 million of the
$1.75 billion in sales of baby
food in the U.S., according to
Nielsen data. More parents
also are making baby food at
home, according to market-research firm Euromonitor International.
Mr. Foraker, who left Annie’s last month, a few years
after selling the company to
packaged-food giant General
Mills Inc., is an investor in
Once Upon a Farm, along with
Ms. Garner. He plans to expand the company’s refrigerated organic baby food to
more stores and add products
that he hopes will steal shoppers from mainstays.
The company, founded by
Cassandra Curtis and Ari Raz,
has less than $1 million in annual sales so far and is going
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ONCE UPON A FARM
Heard on the Street: Hard
part begins for Teva............ B12
KAI PFAFFENBACH/REUTERS
Teva Fills
CEO Spot
After Long
Search
Former Annie’s CEO John Foraker is teaming up with Jennifer Garner.
up against Gerber and other
big brands like Campbell Soup
Co.’s Plum Organics and
Beech-Nut baby food, as well
as many other startups.
The competition in the sector makes it hard to get shelf
space and meetings with major retailers, said Mr. Foraker.
Once Upon a Farm also requires refrigerated baby-food
cases, which don’t exist in
most stores.
Mr. Foraker led Annie’s for
18 years, helping to make Annie’s mac-and-cheese, bunnyshaped graham crackers and
other ubiquitous products. He
orchestrated the sale of the
company to General Mills for
$820 million in 2014.
Ms. Garner, who has
starred in movies such as
“Pearl Harbor” and “13 Going
on 30,” has three children. She
follows other celebrities to
lead consumer brands, like
Jessica Alba’s Honest Co. and
Oprah Winfrey’s recent joint
venture with Kraft Heinz Co.
for O, That’s Good! soups and
other meals.
Ms. Garner said she plans to
grow some ingredients for the
baby food such as kale and
blueberries on her family’s farm
in Oklahoma. “As moms, we are
all starting to expect to have
something that’s non-GMO and
organic, and we’re starting to
expect that not to cost an arm
and a leg,” she said.
B4 | Tuesday, September 12, 2017
* *****
THE WALL STREET JOURNAL.
TECHNOLOGY
WSJ.com/Tech
FCC Deems Wireless Competitive Blackstone
Readies
Agency applies label for
first time since 2009;
consolidation has given
way to price wars
Competition has officially
returned to the U.S. wireless
sector.
For the first time since
2009, the Federal Communications Commission has concluded there is “effective competition” in the wireless
market.
The U.S. agency is required
by law to conduct an economic
analysis of the sector. Starting
in 2010, after years of major
consolidation among wireless
carriers, the FCC declined to
say whether it believed the industry was competitive.
While the FCC had stopped
short of declaring the industry
noncompetitive, many industry
observers still took it to mean
the agency thought the nation’s
largest carriers, AT&T Inc. and
Verizon Communications Inc.,
were too powerful. In 2011, the
government blocked AT&T’s attempted buyout of T-Mobile
GARY HERSHORN/GETTY IMAGES
BY RYAN KNUTSON
Commuters with their phones in New York. Aggressive tactics have changed the wireless industry.
US Inc.
Since then, T-Mobile and
Sprint Corp. have been resurgent, stealing subscribers and
transforming the industry by
doing away with two-year contracts and bringing back unlimited data plans. AT&T and Verizon have lost customers and
wireless prices have fallen by
the largest margins on record,
according to government data.
The FCC’s finding, which
comes days before carriers are
expected to duke it out with
promotions for Apple Inc.’s latest iPhone, could have antitrust
implications.
If the wireless market is
competitive, regulators may
believe competition could withstand another large merger.
The nation’s smaller players,
Sprint and T-Mobile, have been
in talks about combining, people familiar with the matter
have said.
“A finding of effective competition certainly helps rhetorically for those trying to consol-
idate or trying to deregulate,”
Harold Feld, a senior vice president at Public Knowledge, a
consumer group.
But the increased competition could also work against a
deal’s chances. If prices are
falling for consumers while
network quality is increasing,
then that might be a dynamic
the FCC doesn’t want to upset.
The FCC reviews telecom mergers along with the Justice Department.
Mr. Feld says T-Mobile has
forced big players to drop data
caps and offer unlimited data
plans, but “it is not clear that
prices have been dropping for
lower cost plans that low-income people are dependent
upon.”
The FCC acknowledges in its
121-page analysis that the “effective competition” determination is subjective and “there
is no single definition of effective competition that is generally accepted by economists or
competition policy authorities.”
FCC commissioners must
vote on the report before it becomes final. That vote is scheduled for Sept. 26.
—John D. McKinnon
contributed to this article.
New Streaming Service Will Skip the Sports
People who are tired of
paying for TV sports channels
they don’t watch will soon
have a new option.
Cable channels owned by
Discovery Communications,
Viacom Inc., AMC Networks,
A+E Networks and Scripps
Networks Interactive will be
part of a new streaming service expected to have a “soft
launch” in coming weeks, people familiar with the situation
say. Subscriptions will cost
less than $20 a month.
The entertainment-focused
service is meant to appeal to
consumers who want a collection of nonsports programming. They will get a bundle
of networks with nonfiction
and lifestyle programming,
children’s fare and scripted
dramas.
The precise list of networks
to be carried isn’t clear,
though the media companies
are expecting all their core
channels to be part of it, the
people said. Discovery, in addition to its namesake channel, owns ID, TLC and Animal
Planet, among others. Scripps,
which Discovery is in the pro-
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signals from ABC, CBS, Fox
and NBC, and perhaps a subscription to another web TV
bundle for additional channels.
Sports programming has
been the subject of intense debate in the media world, in
part because those channels
make up a big chunk of the average cable bill, with ESPN
leading the way.
Given how the pay-television business is structured, it
has been tough for consumers
to avoid paying for sports
channels. But the streaming
business offers new possibilities. Still, leaving out sports
risks excluding a significant
audience—many pay-TV executives say the prices of sports
channels are a reflection of the
zeal fans have for their teams.
The new service will be
powered by a company called
Philo that has specialized in
streaming TV for college campuses and will also be branded
“Philo,” the people familiar
with the situation say.
The name is a reference to
Philo Farnsworth, the inventor
who developed the first allelectronic television system.
—Alexandra Bruell
contributed to this article.
Blackstone Group LP is
preparing for an initial public
offering or sale of smart-home
technology company Vivint.
Blackstone recently invited
investment banks to pitch for
a dual-track process that could
lead to an IPO or sale of
Vivint, people familiar with
the matter said. A deal could
value Vivint at more than $3
billion, or $6 billion including
debt, some of them said. The
latter would be about three
times what Blackstone paid for
the company five years ago.
Vivint sells smart locks, security cameras, burglary-detection systems and other
such items and services. Demand for connected homes,
cars and other gadgets is rising as the functionality of
hand-held devices improves
and consumers spend more
time on them.
Home security has been a
lucrative niche for private-equity firms lately.
Apollo Global Management
LLC last year bought Vivint
competitor ADT Corp. in a
nearly $7 billion deal, and is
already preparing an IPO that
could value the company at
well over $15 billion, including
debt, The Wall Street Journal
has reported.
Two years after it bought
Vivint in 2012, Blackstone took
sister company Vivint Solar
public.
Last year, the maker of solar panels terminated a
planned merger with SunEdison Inc. after SunEdison’s
board began investigating
claims from both a former and
a current employee challenging the accuracy of SunEdison’s financial disclosures.
Google Appeals EU Antitrust Penalty
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cess of acquiring, is the parent
of such channels as HGTV and
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own suites of networks.
Left out will be major
sports networks, including
Walt Disney Co.’s ESPN, 21st
Century Fox Inc.’s FS1 and a
host of league-oriented and regional channels. But there is
also plenty of high-profile entertainment programming that
isn’t part of the mix. To get it,
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Alphabet Inc.’s Google appealed the European Union’s
record €2.42 billion ($2.91 billion) antitrust fine against the
company for allegedly abusing
the power of its dominant
search engine, setting up a legal battle that could set the
tone for a series of cases and
probes against the company.
The filing on Monday
comes shortly before the
deadline under EU law to file
an appeal against the decision,
which was issued by the European Commission, the bloc’s
executive body, in late June.
The EU accused Google of
discriminating against rival
comparison-shopping sites in
search rankings and, along
with the fine, ordered the tech
giant to revamp its search results in Europe.
A Google spokesman confirmed that the company had
filed an appeal but declined to
discuss the legal rationale it
had offered to overturn the
ruling. Google had previously
said it disagrees with the decision and had indicated it
would consider appealing.
“The commission will defend its decision in court,” a
European Commission spokesman said in response.
ARTUR WIDAK/NURPHOTO/ZUMA PRESS
BY AMOL SHARMA
An IPO
For Vivint
Google Developer Days in Poland last week. The EU has told Google to revamp its search results.
Google’s decision to appeal
comes after the commission
suffered a blow last week at
the European Union’s highest
court, an unusual development
for the regulator. Judges at
the European Court of Justice
effectively dismissed some arguments on which the commission had rested its antitrust case when it fined Intel
Corp. €1.06 billion in 2009 for
abusing its dominance.
Google’s appeal, however,
won’t stop the company from
having to pay its fine or comply with other elements of the
June ruling, which could—if
BUSINESS WATCH
DEUTSCHE BANK
Ex-Executive Accused
In Subprime Case
Federal prosecutors on Monday accused the former head of
subprime mortgage trading at
Deutsche Bank AG of misleading investors about loans backing $1.4 billion in securities issued in 2007, leading to
hundreds of millions of dollars in
losses, according to a fraud
complaint filed in Brooklyn federal court.
The civil claims against Paul
Mangione, of Scarsdale, N.Y.,
come nearly a decade after the
financial crisis, and months after
Deutsche Bank settled with the
U.S. Justice Department for $7.2
billion to resolve related claims.
“The decision to sue Paul
Mangione for civil penalties in
this case is both wrong and unfair,” Patrick J. Smith, a lawyer
for Mr. Mangione, said in a writ-
ten statement.
A spokesman for Deutsche
Bank declined to comment.
—Rebecca Davis O’Brien
YELP
Reviews Firm Says
Google Broke Word
Online-reviews firm Yelp Inc.
alleged that Google is breaking
a promise it made as part of a
2012 regulatory settlement to
not scrape content from certain
third-party sites including Yelp.
Yelp said in a letter Sunday to
Federal Trade Commission Chairwoman Maureen Ohlhausen that
Google is using Yelp photos for
local-business listings in its search
results, despite Yelp’s request
that Google not pull such content
from its site. Google, the core unit
of Alphabet Inc., didn’t respond to
a request for comment. The FTC
declined to comment.
—Jack Nicas
upheld—have far-reaching impacts on Google’s increasingly
sprawling business. In the ruling, the EU ordered the company to treat equally its competitors’ offerings and its own
shopping service equally—a
precedent that could be repeated against other parts of
Google’s business, such as
maps and travel search.
In late August, Google made
moves to comply with the EU’s
decision, sketching out to the
antitrust authority how it
plans to overhaul its shopping
search results by a late September deadline. The changes
SOFI
Continued from page B1
and hedge-fund manager, Mr.
Cagney co-founded SoFi in 2011
with an eye toward shaking up
the student-loan market. Since
then, he plotted SoFi on a
course to move into more traditional banking businesses, such
as mortgages, wealth management, life insurance and smartphone apps for bank accounts.
SoFi has raised nearly $2 billion in equity and was valued in
a fundraising round earlier this
year at more than $4 billion,
the Journal has reported. The
company has extended more
than $20 billion in loans to
more than 350,000 borrowers
in its six-year history.
In recent months, however,
it has run into workplace and
business challenges. Earlier
this month, the company
launched an outside investigation into claims that current
and former employees were
would have to apply for users
in all European countries
where Google offers its shopping service. The company
faces penalties of up to 5% of
average daily global revenue
for each day it doesn’t comply.
At issue in the case are
Google’s shopping ads, which
often appear atop search results when a user searches for
a product, like “gas grill.”
The EU says those ads,
which appear before other
search results, illegally disadvantage other comparisonshopping services, whose results appear lower down.
sexually harassed at work.
That investigation followed a
lawsuit from a former employee who said he was
wrongfully terminated after he
reported that another manager had made sexual or inappropriate comments about
women who worked at SoFi.
The San Francisco-based
company has also missed targets for its new initiatives in
wealth-management and international expansion. An ambitious plan to start a SoFi bank
in Utah has drawn opposition
from
consumer-advocacy
groups as well as questions
from a powerful member of
Congress.
“I want SoFi to focus on
helping members, hiring the
best people, and growing our
company in a way consistent
with our values,” Mr. Cagney
wrote in the companywide
note. “That can’t happen as
well as it should if people are
focused on me, which isn’t
fair to our members, investors, or you.”
THE WALL STREET JOURNAL.
Tuesday, September 12, 2017 | B5
NY
* *
BUSINESS NEWS
Most of comScore
Board Resigns
Ahead of Review
ComScore Inc. said Monday
that most of its board members will resign and it would
complete a strategic review of
the business amid pressure
from shareholders over the
media-analytics company’s
management and lack of transparency on finances.
ComScore, which has been
dogged by accounting problems that led to it being delisted from the Nasdaq in May,
The company says it
expects to complete
all filings by March
2018 at the earliest.
named a new interim finance
chief on Monday, but it also
delayed the time frame on getting current on overdue financial disclosures because of the
complexity of the task.
Earlier this year, ComScore
said it expected to be done with
revisions to financial statements
and releasing new statements
this summer. With autumn fast
approaching, the firm which
measures audience and advertising reach through various
platforms including digital and
television, now expects to be
up-to-date on its filings by
March 2018 at the earliest.
“We regret the need to extend further the date for filing
our restated financials and we
share the frustration of our
stockholders,” said Gian Fulgoni,
comScore’s co-founder and chief
executive, in prepared remarks.
Shares in comScore, which
now trade over the counter,
fell 0.7% to $28.55 on Monday.
The company said in September 2016 that it needed to restate financial results for 2013,
2014 and 2015 after an internal
investigation discovered problems with accounting for nonmonetary transactions. The
company hasn’t submitted its
annual securities filing for 2015
or any of its filings for 2016 and
2017.
Starboard Value Fund LP,
which the company said owns
4.9% of its shares, was among
investors to criticize comScore
amid concerns including that
an annual meeting hadn’t been
held in more than two years.
Calls to Starboard and comScore weren’t immediately returned.
With the resignations, comScore shrunk the size of its
board to five members from 12
members.
The remaining members are
Mr. Fulgoni, Bill Livek and Brent
Rosenthal and special-committee members Jacques Kerrest
and Sue Riley. The special committee is also charged with
oversight of comScore’s engagement process with Starboard.
Separately, comScore has
named David Kay as its interim chief financial officer,
replacing David Chemerow,
who resigned from the position Friday. Mr. Kay is a cofounder and managing partner
of CrossCountry Consulting
LLC, which has been providing
accounting consulting services
to comScore since July 2016.
Mr. Chemerow joined comScore last year following the
company’s merger with rival
Rentrak Corp., where he was
CFO. ComScore also said it has
reached
settlements
in
multiple legal proceedings,
subject to court approval.
Under the terms of one proposed settlement, shareholders in a class-action suit filed
against the company and current and former directors
would receive $27.2 million in
cash and $82.8 million in common stock.
SARA STATHAS FOR THE WALL STREET JOURNAL
BY EZEQUIEL MINAYA
Consumers increasingly have the means to pay someone else to do their home-improvement projects. A professional works on a kitchen.
DIY Paint Projects Dry Up
Pros find demand
in home improvement
amid rising incomes,
firmer housing market
BY ANDREW TANGEL
Homeowners are increasingly leaving painting to the
pros, complicating business
for paint makers and retailers.
The U.S. housing market is
strengthening, unemployment
is low and incomes are rising.
That means consumers have
the means to pay someone
else to do their home-improvement projects, analysts and executives at paint makers say.
“More and more is being
done by the professional
painter,” said Dan Calkins,
president of global sales at
Benjamin Moore & Co. “People just don’t have the time.”
Executives at PPG Industries Inc., the Pittsburghbased paint and coatings giant, say that younger home
buyers are too scarce to propel
retail paint sales.
Just more than 40% of
Sherwin-Williams Co. cus-
tomers were do-it-yourself
painters in 2015, the Cleveland-based company said,
down from nearly 60% in 1980.
Senior Vice President Robert
Wells said Sherwin-Williams
can benefit from the shift because it sells to professional
painters, too, and sales are increasing overall.
“While we don’t like to see
our DIY business in our stores
slowing down, we are the beneficiaries of this shift from DIY
to do-it-for-me,” he said in a
recent call with analysts.
Indeed, paint sales are rising overall. But margins on
sales to consumers can be
higher than on sales to professionals that sometimes buy in
bulk or at a discount. Both
PPG and Sherwin-Williams,
which each operate their own
retail stores as well, serve
both types of customer.
The shift is also hitting bigbox chains that cater to homeowners. Paint sales have weakened in recent months at
Home Depot Inc. and Lowe’s
Cos. stores. Both retailers say
they are trying to capture
more of the professional paint
market. Home Depot’s sales to
DIY or Do It for Me?
Homeowners are increasingly
hiring professional painters.
Percentage of paint sold to
DIYers
Pro painters
60%
40
20
0
1980
2015
Source: Sherwin-Williams’s industry estimate
THE WALL STREET JOURNAL.
professional painters now outpace those to do-it-yourselfers.
Chris Richter, Home Depot’s
head paint buyer, said the retailer wants both kinds of customer. “We’re also still passionate about our DIY paint
business,” he said.
A Lowe’s spokeswoman said
paint remains a core product.
“The DIY paint project remains one of our customers’
most frequent home improve-
ment projects,” she said.
Another driver of business
to professional painters is
baby boomers who are fixing
up their homes.
“As they’re getting older
they’re doing more renovations and they’re actively investing in their home in preparation for retirement,” said
Nino Sitchinava, principal
economist at Houzz, an online
platform for pairing homeowners and contractors.
Demand for professional
painters is outstripping supply
of available labor. Surveys provided by HomeAdvisor, which
helps homeowners find contractors, indicate nearly all
professional painters’ are seeing strong revenue growth
that would be even stronger if
they could find more workers.
Nicole Buddin, a 31-year-old
marketing manager in Chicago,
recently hired pros to help
paint her new house in the
suburbs after she and her husband painted their condo in
the city themselves three
years ago.
“It’s just so time consuming,” she said. “We swore we
wouldn’t do that again.”
A group of opioid painkiller
makers has asked an Ohio
court to dismiss the state’s
case alleging the companies
misrepresented the addiction
risks of their drugs, arguing
the lawsuit is “fatally defective.”
Ohio’s lawsuit, filed in state
court in May, targeted parent
companies or subsidiaries of
Purdue Pharma LP, Johnson
& Johnson, Teva Pharmaceutical Industries Ltd., Allergan
PLC and Endo International
PLC, alleging they fraudulently
marketed their drugs by overselling the benefits and playing down the addictive risks of
the painkillers, helping create
an addiction crisis.
Since then, several other
states have filed similar lawsuits against painkiller makers
or distributors, including New
Hampshire, South Carolina,
JOHN MINCHILLO/ASSOCIATED PRESS
BY JEANNE WHALEN
AND SARA RANDAZZO
Ohio’s attorney general, Mike
DeWine, last week
Oklahoma, Missouri and New
Mexico.
In a joint motion to dismiss,
the companies argued that Ohio
failed to offer any specifics to
its fraud allegations, as required under the law, and that
the claims are pre-empted by
federal law and Food and Drug
Administration regulations.
The companies also took is-
sue with one of Ohio’s main
claims: that the drug industry
engaged in a decadeslong
fraud to persuade doctors and
patients to use opioids for
chronic pain rather than just
severe, short-term pain.
The FDA has approved extended release, long-acting versions of some opioids to be
used to treat chronic pain, the
companies argued, which they
said undermines Ohio’s allegations.
The pharmaceutical companies also argued that Ohio
failed to support two additional claims: that the defendants deceived the state into
reimbursing opioid prescriptions, or that specific doctors
relied on the companies’ allegedly fraudulent marketing
when writing prescriptions.
On Monday, the Ohio Attorney General’s office said it was
reviewing the companies’ filings and would file a response
in court “in due course.”
Negative Rates Fuel a Struggle
BY NINA TRENTMANN
Claire Bechaux doesn’t have
a lot of options.
The treasurer of Veolia Environnement SA can only
store limited amounts of
money in bank deposits without having to
CFO
pay for it. So,
JOURNAL she is forced to
park
around
two-thirds of the
French environmental services
company’s cash in European
money-market funds.
Since December 2016, returns on these investments in
money-market funds have been
negative. Investors and companies like Veolia use money-market funds as an alternative to
bank deposits because they can
quickly be converted into cash.
European banks no longer
want to hold as much corporate cash. Negative interest
rates and regulatory changes
make it less attractive to accept large corporate deposits.
This presents treasurers and
finance chiefs with a daunting
task: to lose the least amount
possible when storing cash.
“Options to store cash with
our banks are limited,” said
Ms. Bechaux.
Other treasurers are following suit. Company holdings of
constant net asset value euro
funds in Europe rose to €209.4
billion ($252 billion) at the end
of 2016, from €139.3 billion at
the end of 2012, according to
the Institutional Money Market Fund Association.
In France—a big market for
variable net asset value
funds—corporate holdings rose
to €95 billion in the first quarter of 2017, compared with €72
billion in the first quarter of
2016, according to the AFG asset management association.
Overall, holdings of European money-market funds
stood at €1.21 trillion at the
end of March, according to the
European Central Bank, an increase compared with previous
quarters. Still, total holdings
are slightly below their March
2009 peak of €1.32 trillion.
BlackRock Inc., the U.S. asset manager, had substantial
corporate inflows into its European money-market funds in
the first and second quarter.
New Basel III bank regulations
have “in many cases reduced
the availability or attractiveness of bank deposits as an alternative for treasurers to
manage short-term cash,” said
Beccy Milchem, head of Blackrock’s treasury cash sales team.
Ms. Bechaux therefore only
managed to find an interestyielding deposit for around onethird of the company’s corporate cash, which totaled around
€4 billion at the end of June.
On average, Veolia’s moneymarket fund investments have
generated yield of minus 0.08%
in 2017. The bank deposits, on
the contrary, provided average
yield of 0.70% during the same
period. “We would move more
cash into deposits if the banks
provided us with interesting
returns,” Ms. Bechaux said.
Overall, the company still
makes money with its investments, she said.
Changes
to
European
money-market funds, kicking
in next year and 2019, could
further dent returns, as they
prescribe mandatory liquidity
fees as well as redemption hurdles. But, the changes are expected to be less dramatic than
the reforms that went into effect in the U.S. in October 2016.
© NEX Group plc 2017. NEX and other service marks and logos are service marks of NEX Group plc and/or one of its group of companies. All rights reserved. Group companies of NEX Group plc are registered as applicable.
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THE WALL STREET JOURNAL.
B6 | Tuesday, September 12, 2017
Annual
Meeting
November 13–14, 2017
Washington, D.C.
Speakers Include:
Betsy DeVos
Secretary, U.S. Department
of Education
Kevin Hassett
Nominated to be Chairman,
Council of Economic Advisors
Amy Klobuchar
Senator (D., Minn.), U.S. Senate
Wilbur L. Ross, Jr.
Secretary, U.S. Department
of Commerce
Lawrence H. Summers
President Emeritus,
Harvard University
Mark Warner
Senator (D., Va.), U.S. Senate
Proudly supported by:
© 2017 Dow Jones & Co., Inc. All rights reserved. 6DJ5909
Join WSJ Editor in Chief Gerard Baker
at this year’s meeting to examine the
shift in policy currently underway
in Washington. Taxes, trade, health
care, regulation, America’s role in
the world—they are all up for notable
change, and the consequences for
business are considerable.
CEO Council membership is by invitation.
Learn more: CEOCouncil.wsj.com
THE WALL STREET JOURNAL.
Tuesday, September 12, 2017 | B7
MARKETS DIGEST
EQUITIES
S&P 500 Index
Dow Jones Industrial Average
Last Year ago
22057.37 s 259.58, or 1.19%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio 20.18 19.87
P/E estimate *
18.39 17.79
Dividend yield
2.34
2.56
All-time high 22118.42, 08/07/17
Nasdaq Composite Index
Last
2488.11 s 26.68, or 1.08%
High, low, open and close for each
trading day of the past three months.
Year ago
Trailing P/E ratio 23.82 24.86
P/E estimate *
18.83 18.52
Dividend yield
2.00
2.12
All-time high: 2488.11, 09/11/17
Last Year ago
6432.26 s 72.07, or 1.13%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio * 25.87
23.79
P/E estimate *
21.43
19.87
Dividend yield
1.11
1.23
All-time high: 6435.33, 09/01/17
Current divisor 0.14523396877348
Session high
UP
Close
t
DOWN
Session open
2500
6500
22000
2475
6400
21600
2450
6300
21200
2425
6200
20800
2400
6100
2375
6000
65-day moving average
Open
t
Close
22400
65-day moving average
65-day moving average
Session low
20400
Bars measure the point change from session's open
July
Aug.
5900
2350
20000
June
June
Sept.
July
Aug.
June
Sept.
July
Aug.
Sept.
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.
Major U.S. Stock-Market Indexes
Volume, Advancers, Decliners
20.4
11.6
9.0
9483.82
9419.19
9483.69
99.95
1.07
9742.76
7755.40
19.7
4.9
3.5
Most-active issues in late trading
755.37
745.91
754.80
7.86
1.05
754.80
625.44
13.1
14.4
10.5
25731.70 25591.94 25721.67 277.31
648.28
639.95
8.13
648.10
1.09
25721.67 21514.15
661.93
521.59
15.1
17.9
10.5
7.7
7.2
6.4
Latest
Close
Low
Net chg
% chg
High
52-Week
Low
% chg
% chg
3-yr. ann.
YTD
Dow Jones
1.19
22067.10 21927.79 22057.37 259.58
Transportation Avg
Utility Average
Total Stock Market
Barron's 400
Trading Diary
Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer.
and Nasdaq issues from 4 p.m. to 6:30 p.m. ET as reported by electronic
trading services, securities dealers and regional exchanges. Minimum
share price of $2 and minimum after-hours volume of 5,000 shares.
High
Industrial Average
Late Trading
Nasdaq Stock Market
Nasdaq Composite
6439.11
Nasdaq 100
5990.87
Standard & Poor's
500 Index
6410.71
5960.87
2488.95
6432.26
5980.53
2474.52
1.27
1.13
72.07
67.16
2488.11
26.68
1.14
22118.42 17888.28
6435.33
5988.60
1.08
2488.11
1.16
MidCap 400
SmallCap 600
1741.51
848.77
1730.19
844.28
1739.02
847.73
19.93
8.81
1.05
1791.93
876.06
Other Indexes
Russell 2000
1415.75
1400.56
1414.83
15.40
1.10
1450.39
1.03
12015.79 11943.47 12010.37 122.39
5046.37
4660.46
23.4
25.5
2085.18
19.5
23.0
11.9
13.5
15.2
11.1
1476.68
703.64
12.5
13.3
4.7
1.2
6.6
8.1
1156.89
14.5
4.3
6.5
Ford Motor
20,797.9
F
VanEck Vectors Gold Miner GDX
40.54
INTC
3,088.5
35.85
0.08
0.22
35.94
35.72
General Electric
GE
3,048.4
23.72
…
unch.
23.75
23.70
Percentage gainers…
Western Digital
WDC
111.1
91.13
3.75
4.29
91.78
87.23
NuSTAR Energy
NS
32.3
42.14
1.37
3.36
42.14
40.77
McKesson
MCK
37.9 163.50
4.26
2.68 163.50 159.13
QEP Resources
QEP
24.9
7.36
0.15
2.08
7.36
7.21
B2Gold
BTG
79.0
2.73
0.05
1.87
2.73
2.68
1.2
2834.14
23.2
36.7
10.5
NYSE Arca Pharma
1.01
549.20
463.78
4.4
13.3
1.0
...And losers
99.33
69.71
27.4
0.2
8.4
Health Ins Innovations A HIIQ
99.20
73.03
-7.4
13.6
-1.2
1.39
192.66
117.79
-18.7
2.01
1138.25
22.51
PHLX§ Oil Service
126.91
124.51
126.58
1.73
1117.50
11.39
1103.33
10.51
1115.46
10.73
PHLX§ Semiconductor
CBOE Volatility
21.97
-1.39 -11.47
Philadelphia Stock Exchange
Region/Country Index
Americas
Brazil
Canada
Mexico
Chile
435.8
19.40
-3.95
-16.92
23.95
18.50
Limoneira
LMNR
7.2
21.65
-2.72
-11.16
24.51
21.52
-31.1 -23.8
BioCryst Pharm
BCRX
75.2
5.29
-0.46
-8.00
5.75
5.05
23.1
-23.6
Tremor Video
TRMR
10.1
3.71
-0.20
-5.12
3.88
3.71
18.0
42.07
-1.77
-4.04
43.44
41.99
19.8
-5.7
Brookfield Infrastructure BIP
Sources: SIX Financial Information; WSJ Market Data Group
International Stock Indexes
World
776.73 42.3
9.36 -29.2
24.53
Intel
4232.90
-2.23
24.61
19.36
0.32
-2.04
0.20
40.80
13.33
89.61
0.05
0.34
4203.91
89.50
45.23
24.61
0.14
4179.81
91.82
45.53
5,660.7
40.77
4222.39
PHLX§ Gold/Silver
-0.13
3,911.7
NYSE Arca Biotech
2.03
-0.06
HAL
2.8
1.83
45.43
Halliburton
8.6
5.46
Close
Percentage Gainers...
Net chg
2881.46
374.01
254.22
29.67
3.09
1.47
DJ Americas
600.41
Sao Paulo Bovespa 74319.22
S&P/TSX Comp
15040.30
S&P/BMV IPC
50359.32
Santiago IPSA
3912.23
6.32
1240.36
54.98
275.52
44.28
The Global Dow
DJ Global Index
DJ Global ex U.S.
Latest
% chg
YTD
% chg
1.04
0.83
0.58
13.8
14.7
18.8
1.06
1.70
0.37
0.55
1.14
11.1
23.4
–1.6
10.3
21.4
EMEA
Eurozone
Belgium
France
Germany
Israel
Italy
Netherlands
Russia
Spain
Sweden
Switzerland
U.K.
Stoxx Europe 600
Euro Stoxx
Bel-20
CAC 40
DAX
Tel Aviv
FTSE MIB
AEX
RTS Index
IBEX 35
SX All Share
Swiss Market
FTSE 100
379.43
379.97
3977.54
5176.71
12475.24
1404.03
22134.11
523.96
1126.74
10322.60
563.57
8982.23
7413.59
3.92
4.94
39.30
63.22
171.26
19.16
357.45
5.14
7.13
193.00
6.33
70.18
35.99
1.04
1.32
1.00
1.24
1.39
1.38
1.64
0.99
0.64
1.91
1.14
0.79
0.49
5.0
8.5
10.3
6.5
8.7
–4.5
15.1
8.4
–2.2
10.4
5.4
9.3
3.8
Asia-Pacific
Australia
China
Hong Kong
India
Japan
Singapore
South Korea
Taiwan
S&P/ASX 200
5713.10
Shanghai Composite 3376.42
Hang Seng
27955.13
S&P BSE Sensex
31882.16
Nikkei Stock Avg
19545.77
Straits Times
3228.51
Kospi
2359.08
Weighted
10572.16
40.50
11.18
286.66
194.64
270.95
–0.05
15.36
–37.79
0.71
0.33
1.04
0.61
1.41
0.8
8.8
27.1
19.7
2.3
12.1
16.4
14.3
–0.002
0.66
–0.36
Company
Symbol
Tahoe Resources
Marinus Pharmaceuticals
Remark Holdings
Heritage Insurance
Veritone
TAHO
Akari Therapeutics ADR
Teva Pharmaceutical ADR
HCI Group
TravelCenters of America
GDS Holdings ADR
AKTX
IntriCon
Atomera
Universal Insurance Hldgs
AirMedia Group ADR
Federated Natl Hldg
IIN
MRNS
MARK
HRTG
VERI
TEVA
HCI
TA
GDS
ATOM
UVE
AMCN
FNHC
High
52-Week
Low
% chg
Symbol
Teva Pharmaceutical ADR
Finl Select Sector SPDR
Bank of America
VanEck Vectors Gold Miner
SPDR S&P 500
TEVA
Advanced Micro Devices
General Electric
iShares MSCI Emg Markets
Snap
Apple
AMD
XLF
BAC
GDX
SPY
GE
EEM
SNAP
AAPL
33.40
33.01
26.10
21.56
20.76
14.60
5.44
4.74
16.48
24.86
4.24
0.82
1.93
8.85
7.76
-55.5
145.6
-13.2
-18.9
...
Achillion Pharm
Health Ins Innovations A
Pulse Biosciences
Alamos Gold
ENDRA Life Sciences
ACHN
4.81
18.50
36.15
3.75
11.03
0.81
3.00
5.38
0.50
1.45
20.25
19.35
17.48
15.38
15.14
22.20 3.18
52.66 15.22
50.93 24.35
7.75 2.95
11.92 6.90
-46.1
-64.1
13.0
-45.2
...
Aileron Therapeutics
ProSharesUltVIXST
Oncobiologics
Cloudera
VS 2x VIX Short Term
ALRN
10.25
5.39
20.05
2.83
13.54
1.30
0.67
2.34
0.33
1.49
14.53
14.19
13.21
13.20
12.37
10.70 4.34
9.60 3.73
29.20 15.08
3.78 1.35
21.19 9.78
127.8
-40.7
-19.8
-3.4
-24.9
Trans World Entertainment
Foamix Pharmaceuticals
McEwen Mining
Identiv Inc.
Apollo Endosurgery
TWMC
Volume % chg from Latest Session
(000) 65-day avg Close % chg
52-Week
High
Low
1.89%
800-288-3425
t
Prime rate
Lake Elmo Bank
Lake Elmo, MN
1.99%
651-777-8365
3.00
UniBank for Savings
Whitinsville, MA
2.24%
800-578-4270
2.50
TrustCo Bank
Orlando, FL
2.37%
407-422-7129
De Witt Savings Bank
Clinton, IL
2.45%
217-935-6342
3.50
t
New car loan
2.00
ON D J FMAM J J A S
2016
2017
WSJ Dollar index
5
–10
Euro
Yen
–15
30
Federal-funds rate target
1.00-1.25 1.00-1.25
Prime rate*
4.25
4.25
Libor, 3-month
1.32
1.32
Money market, annual yield
0.27
0.27
Five-year CD, annual yield
1.45
1.45
30-year mortgage, fixed†
3.80
3.73
15-year mortgage, fixed†
3.04
2.99
Jumbo mortgages, $424,100-plus† 4.24
4.29
Five-year adj mortgage (ARM)† 3.22
3.26
New-car loan, 48-month
3.01
3.06
HELOC, $30,000
4.67
4.65
3-yr chg
52-Week Range (%)
Low 0 2 4 6 8 High (pct pts)
0.25 l
l
3.50
0.84 l
0.24 l
1.17 l
l
3.44
l
2.70
l
4.22
l
3.13
l
2.85
l
4.57
1.25
4.25
1.32
0.36
1.47
4.33
3.50
4.88
4.03
3.36
5.22
1.00
1.00
1.08
-0.13
0.05
-0.44
-0.27
-0.32
-0.27
-0.16
0.27
2017
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com
Corporate Borrowing Rates and Yields
Bond total return index
Close
Yield (%)
Last Week ago
52-Week
High
Low
Total Return (%)
52-wk
3-yr
1476.180
1.880
1.908
2.237
1.321 –0.981 2.962
10-yr Treasury, Ryan ALM 1762.821
DJ Corporate
378.463
Aggregate, Barclays Capital 1947.720
High Yield 100, Merrill Lynch 2845.860
Fixed-Rate MBS, Barclays 1990.410
Muni Master, Merrill
524.385
2.125
2.945
2.420
5.186
2.670
1.752
2.157
2.946
2.450
5.104
2.730
1.784
2.609
3.390
2.790
6.448
3.120
2.516
1.556
2.567
1.920
4.948
2.000
1.496
2.714
2.365
1.003
8.397
0.812
1.556
808.137
5.301
5.361
6.290
5.197
5.642 5.752
Treasury, Ryan ALM
EMBI Global, J.P. Morgan
Symbol
Country/currency
WSJ
.COM
-11.57
-11.37
-10.89
-10.43
-9.84
14.66
522.00
5.28
23.35
284.90
10.37
27.86
0.78
15.40
15.40
...
-92.7
-65.4
...
-92.6
2.35
5.16
2.57
4.38
3.97
-0.25
-0.53
-0.26
-0.43
-0.38
-9.62
-9.31
-9.19
-8.94
-8.74
4.21
11.27
4.43
7.81
22.28
1.50
4.03
2.15
1.95
3.55
-31.9
-49.3
-33.2
119.7
-73.4
DBE
PBS
HIIQ
EFX
IEI
KURA
BYLD
CASH
Volume % chg from Latest Session
(000) 65-day avg Close % chg
52-Week
High
Low
2409 10.25 14.53
1859 12.39 0.16
1821 27.33 0.31
1594 23.35 -21.91
1208 113.12 -8.20
10.70 4.34
14.01 10.78
29.49 24.02
37.38 4.00
147.02 110.87
243
1,840
675
8,950
9,779
932 11.03
849 124.56
821 11.65
796 25.21
757 74.35
1,259
4,463
4,536
77
594
US$vs,
YTDchg
Mon
in US$ per US$ (%)
Americas
Argentina peso
.0584 17.1310 7.9
Brazil real
.3223 3.1027 –4.7
Canada dollar
.8258 1.2110 –9.9
Chile peso
.001605 622.90 –7.0
Colombia peso
.0003421 2922.89 –2.6
Ecuador US dollar
1
1 unch
Mexico peso
.0566 17.6728 –14.8
Peru new sol
.3095 3.232 –3.6
Uruguay peso
.03477 28.7600 –2.0
Venezuela b. fuerte .100150 9.9851 –0.1
3.152
4.206
2.899
3.843
2.606
3.095
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
Australian dollar
.8029 1.2455 –10.3
China yuan
.1532 6.5291 –6.0
Hong Kong dollar
.1280 7.8108 0.7
India rupee
.01563 63.976 –5.9
Indonesia rupiah .0000759 13182 –2.5
Japan yen
.009141 109.39 –6.5
Kazakhstan tenge .002963 337.44 1.1
Macau pataca
.1247 8.0188 1.3
Malaysia ringgit
.2382 4.1975 –6.4
New Zealand dollar
.7252 1.3789 –4.5
Pakistan rupee
.00949 105.330 0.9
Philippines peso
.0196 50.956 2.7
Singapore dollar
.7425 1.3468 –6.9
South Korea won .0008847 1130.34 –6.4
Sri Lanka rupee
.0065441 152.81 2.9
Taiwan dollar
.03331 30.023 –7.5
15.14
-0.26
-1.27
-0.04
11.47
11.92 6.90
126.81 121.46
13.80 4.00
26.01 24.45
106.90 59.52
Track the Markets
Compare the performance of selected global stock
indexes, bond ETFs, currencies and commodities at
WSJ.com/TrackTheMarkets
US$vs,
YTDchg
Mon
in US$ per US$ (%)
Country/currency
.03019 33.120 –7.5
.00004401 22720 –0.2
Thailand baht
Vietnam dong
Europe
Czech Rep. koruna
Denmark krone
Euro area euro
Hungary forint
Iceland krona
Norway krone
Poland zloty
Russia ruble
Sweden krona
Switzerland franc
Turkey lira
Ukraine hryvnia
UK pound
.04582 21.823 –15.0
.1607 6.2242 –12.0
1.1953 .8366 –12.0
.003900 256.40 –12.9
.009383 106.58 –5.6
.1275 7.8415 –9.3
.2816 3.5517 –15.2
.01750 57.156 –6.7
.1248 8.0126 –12.0
1.0458 .9562 –6.2
.2936 3.4060 –3.3
.0384 26.0350 –3.9
1.3160 .7599 –6.2
Middle East/Africa
Bahrain dinar
Egypt pound
Israel shekel
Kuwait dinar
Oman sul rial
Qatar rial
Saudi Arabia riyal
South Africa rand
2.6527 .3770 –0.1
.0567 17.6430 –2.7
.2839 3.5223 –8.5
3.3229 .3009 –1.5
2.5970 .3851 0.02
.2688 3.720 2.2
.2666 3.7504 –0.01
.0770 12.9795 –5.2
Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 85.04
0.55 0.66 –8.50
Sources: Tullett Prebon, WSJ Market Data Group
Commodities
COMMODITIES
Monday
52-Week
Pricing trends on someClose
raw materials,
or commodities
Net chg % Chg
High
Low
DJ Commodity
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
-1.62
-3.62
-0.22
-2.19
-1.70
Asia-Pacific
2016
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Yield/Rate (%)
Last (l)Week ago
12.38
28.21
1.80
18.80
15.58
U.S.-dollar foreign-exchange rates in late New York trading
10%
0.75
One year ago
0.00
-51.8
385.4
147.8
-19.1
...
Currencies
Yen, euro vs. dollar; dollar vs.
major U.S. trading partners
0
3.15
4.00
5.20
5.95
2.77
* Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
5,000 shares =Has traded fewer than 65 days
Forex Race
–5
9.19
37.38
39.50
9.00
4.00
Ranked by change from 65-day average*
Company
GDS
1.50
-22.10
-21.91
-21.00
-15.98
-13.66
APEN
GDS Holdings ADR
iShares 3-7Y Treasury Bd
Kura Oncology
iSh Yield Optimized Bd
Meta Financial Group
52-Week
Low
% chg
-1.09
-6.55
-4.11
-1.35
-0.44
INVE
15.65
5.66
32.38 23.58
45.52 33.94
29.44 11.28
164.94 102.53
High
3.83
23.35
15.46
7.10
2.77
MUX
12.55 2.45
23.72 -0.42
45.49 1.34
15.27 -0.46
161.50 1.81
2.25
1 2 3 5 710
years
maturity
NYSE Arca
* Primary market NYSE, NYSE American NYSE Arca only.
†(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Arms of less than 1 indicates buying demand; above 1
indicates selling pressure.
Latest Session
Close Net chg % chg
FOMX
-43.8
1.9
-20.7
25.3
9.0
3.75%
1
3 6
month(s)
TVIX
42,530
40,253
39,384
32,693
29,667
3.00
Monday
CLDR
IIN
t
Think Mutual Bank
Rochester, MN
4.00%
ONS
IntriCon
PowerShares DB Energy Fd
PowerShs Dynamic Media
Health Ins Innovations A
Equifax
Benchmark
Yields
Treasury
yield
curve
andtoRates
Yield
maturity of current bills,
3.06%
UVXY
52.66 15.22
25.59 18.94
25.80 14.81
28.56 18.58
249.30 208.38
notes and bonds
Bankrate.com avg†:
NDRA
18.50 19.35
24.52 1.74
23.36 2.05
24.56 -2.69
249.21 1.07
* Volumes of 100,000 shares or more are rounded to the nearest thousand
t
New car loan
AGI
492.7
20.3
1.4
36.0
-8.3
s
A consumer rate against its
benchmark over the past year
PLSE
97,791
72,470
71,287
61,665
59,495
s
Selected rates
HIIQ
Volume Movers
s
U.S. consumer rates
Symbol
1.57
1.03
0.71
2.02
4.16
CREDIT MARKETS & CURRENCIES
Consumer Rates and Returns to Investor
Company
6.27
4.15
3.43
11.39
24.20
Most Active Stocks
Company
Nasdaq
Total volume*1,794,321,528 240,422,889
Adv. volume*1,308,274,569 162,383,791
Decl. volume* 454,787,327 77,822,640
Issues traded
3,071
1,287
Advances
2,094
956
Declines
816
318
Unchanged
161
13
New highs
238
322
New lows
24
29
Closing tick
379
11
Closing Arms†
0.89
1.30
Block trades*
6,945
1,424
Percentage Losers
Latest Session
Close Net chg % chg
Sources: SIX Financial Information; WSJ Market Data Group
Interest rate
0.03 249.35 246.53
5,955.2
19.42
8.4
92.00
11.40
0.21
11.8
545.76
Low
11.45
0.04
455.65
91.04
0.07
0.35
19.42
533.62
541.81
0.04
4,106.4
1.03
92.36
11.45
After Hours
% chg
High
JBLU
5.32
545.79
Net chg
JetBlue Airways
520.18
KBW Bank
Last
11,803.5 249.28
SPY
SPDR S&P 500
iShares MSCI Emg Markets EEM
514.86
3.0
Volume
(000)
Symbol
520.67
NYSE Composite
Value Line
12010.37 10289.35
7.6
Company
NYSE NYSE Amer.
Total volume* 794,832,485 5,773,536
Adv. volume* 639,634,287 2,747,679
Decl. volume* 148,472,708 2,906,288
Issues traded
3,079
334
Advances
2,334
162
Declines
635
143
Unchanged
110
29
New highs
209
2
New lows
14
8
Closing tick
319
5
Closing Arms†
0.95
1.52
Block trades*
6,136
105
TR/CC CRB Index
Crude oil, $ per barrel
Natural gas, $/MMBtu
Gold, $ per troy oz.
582.74
1.65
181.66
48.07
2.950
1331.00
0.49
0.59
0.060
-15.00
0.28
589.81
515.72
0.27 195.14
54.45
1.24
3.93
2.08
-1.11 1346.00
166.50
42.53
2.56
1127.80
% Chg
11.38
YTD
% chg
2.73
-0.70 -5.64
3.85 -10.52
1.20 -20.78
0.76 15.74
THE WALL STREET JOURNAL.
B8 | Tuesday, September 12, 2017
COMMODITIES
Futures Contracts
Open
Metal & Petroleum Futures
Contract
Open
High hi lo
Low
Settle
Chg
Copper-High (CMX)-25,000 lbs.; $ per lb.
Sept
3.0255
3.0610
3.0225
3.0460 0.0245
Dec
3.0425
3.0830
3.0325
3.0660 0.0245
Gold (CMX)-100 troy oz.; $ per troy oz.
Sept
1330.00 1330.00
1327.30 1331.00 –15.00
Oct
1338.80 1340.00
1326.80 1331.80 –15.50
Dec
1341.50 1344.60
1330.60 1335.70 –15.50
Feb'18
1345.00 1347.80
1334.80 1339.80 –15.50
June
1350.10 1355.40
1342.90 1347.50 –15.40
Dec
1365.70 1366.50
1354.60 1359.30 –15.20
Palladium (NYM) - 50 troy oz.; $ per troy oz.
Sept
935.50
939.15
935.50
937.30
0.35
Dec
928.50
950.00
928.00
931.65
0.40
March'18 923.45 940.00
923.45
927.15
2.40
Platinum (NYM)-50 troy oz.; $ per troy oz.
Sept
991.20 1006.90 s
991.20
997.90 –13.20
Oct
1005.00 1008.40
991.60
998.80 –13.50
Silver (CMX)-5,000 troy oz.; $ per troy oz.
Sept
17.890
17.890
17.695
17.807 –0.220
Dec
17.920
17.990
17.770
17.902 –0.221
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
Oct
47.58
48.27
47.00
48.07
0.59
Nov
48.15
48.78
47.59
48.62
0.56
Dec
48.65
49.20
48.09
49.07
0.51
Jan'18
49.00
49.53
48.51
49.42
0.47
June
49.91
50.19
49.36
50.18
0.41
Dec
50.16
50.38
49.62
50.35
0.32
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
Oct
1.7674
1.7693
1.7227
1.7427 –.0230
Nov
1.7545
1.7560
1.7121
1.7334 –.0178
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
Oct
1.6497
1.6581
1.6006
1.6345 –.0131
Nov
1.5807
1.5899
1.5480
1.5810 .0005
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
Oct
2.910
2.953
2.899
2.950
.060
Nov
2.984
3.022
2.972
3.019
.054
Dec
3.140
3.180
3.128
3.178
.055
Jan'18
3.249
3.291
3.238
3.289
.059
March
3.218
3.253
3.200
3.251
.057
April
2.915
2.938
2.914
2.937
.036
Open
interest
4,077
212,653
828
42,789
454,725
36,280
9,501
9,502
30
32,548
959
1
65,489
1,301
162,901
384,975
334,495
336,989
194,081
170,047
204,007
97,595
84,483
104,900
102,132
262,168
177,915
106,343
144,010
104,319
122,742
Contract
High hilo
Low
Settle
Open
interest
Chg
346.50
359.25
342.75
354.75
Settle
345.50
357.50
1.25
1,157
.75 803,092
Oats (CBT)-5,000 bu.; cents per bu.
Dec
232.75
234.75
232.00
234.25
2.25
March'18 241.00 242.75
240.00
242.00
2.00
Soybeans (CBT)-5,000 bu.; cents per bu.
Sept
955.00
955.50
952.00
954.75 –1.75
Nov
964.00
968.50
956.75
960.00 –2.00
Soybean Meal (CBT)-100 tons; $ per ton.
Sept
300.50
300.80
298.60
298.90 –2.00
Dec
305.80
306.80
302.80
303.60 –1.60
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
Sept
34.59
34.76
34.59
34.79
.20
Dec
34.95
35.21
34.81
35.15
.21
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
Sept
...
...
... 1240.00 –5.50
Nov
1270.00 1272.00
1263.50 1265.50 –6.50
Wheat (CBT)-5,000 bu.; cents per bu.
Sept
417.75
418.50
413.50
412.25 –1.50
Dec
437.75
440.00
431.50
434.75 –3.00
Wheat (KC)-5,000 bu.; cents per bu.
Sept
409.00
415.75
409.00
409.25 –6.25
Dec
441.00
442.75
433.25
434.75 –6.75
Wheat (MPLS)-5,000 bu.; cents per bu.
Sept
620.75
626.25
620.75
626.25 –4.00
Dec
646.25
646.50
635.25
642.25 –4.50
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
Sept
148.200 148.700
147.375 148.450
.575
Oct
148.550 149.700
148.325 149.350
.925
Cattle-Live (CME)-40,000 lbs.; cents per lb.
Oct
107.500 107.950
106.825 107.200 –.125
Dec
113.000 113.600
112.475 112.875
.025
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
Oct
61.825
62.275
61.250
61.575 –.575
Dec
58.600
58.875
58.150
58.625 –.275
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
Sept
393.50
394.00
386.10
391.80 –7.70
Nov
380.90
382.80
378.10
378.10 –10.00
4,526
947
105
369,919
531
189,043
928
216,351
73
9,371
80
262,520
60
145,395
Currency Futures
16.30
15.93
16.32
16.02
16.20
16.22
–.06
Interest Rate Futures
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Sept
Dec
158-040 158-050
156-250 156-290
157-030
155-230
157-090 –1-09.0 19,170
156-000 –1-09.0 724,420
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
6,380
17,707
Sept
Dec
122,057
96,695
Sept
Dec
127-165 127-175
127-090 127-100
127-045
126-280
127-080
127-000
–16.0 88,367
–16.0 3,267,438
118-265
118-175
–8.5 48,274
–9.2 3,128,758
108-102
108-060
–2.7 24,092
–3.0 1,497,281
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
118-285 119-000
118-195 118-240
118-245
118-152
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
108-120 108-122
108-085 108-087
108-095
108-052
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Sept
Jan'18
98.848
98.785
98.848
98.785
98.845
98.755
98.845
98.760
… 81,673
–.025 366,709
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Sept
Dec
103.844
103.500
103.859
103.516
103.563
103.266
103.656
103.344
–.531
–.547
29,531
4,841
1 Month Libor (CME)-$3,000,000; pts of 100%
Sept
Cash Prices | WSJ.com/commodities
Monday, September 11, 2017
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
months.
Monday
Monday
13441
Coins,wholesale $1,000 face-a
Energy
0.8349
0.9775
2.850
2.820
2.340
2.560
2.650
0.920
2.700
53.250
11.500
Propane,tet,Mont Belvieu-g
Butane,normal,Mont Belvieu-g
NaturalGas,HenryHub-i
NaturalGas,TranscoZone3-i
NaturalGas,TranscoZone6NY-i
NaturalGas,PanhandleEast-i
NaturalGas,Opal-i
NaturalGas,MarcellusNE PA-i
NaturalGas,HaynesvilleN.LA-i
Coal,C.Aplc.,12500Btu,1.2SO2-r,w
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w
Other metals
LBMA Platinum Price PM
*1014.0
Platinum,Engelhard industrial
997.0
Platinum,Engelhard fabricated
1097.0
Palladium,Engelhard industrial
940.0
Palladium,Engelhard fabricated
1040.0
Aluminum, LME, $ per metric ton
*2072.0
Copper,Comex spot
3.0460
Iron Ore, 62% Fe CFR China-s
73.6
Shredded Scrap, US Midwest-s,w
317
Steel, HRC USA, FOB Midwest Mill-s
627
Fibers and Textiles
Metals
Gold, per troy oz
1334.91
1435.03
1334.20
1480.96
*1350.90
*1346.25
1384.97
1398.29
1398.29
1613.63
1308.33
1398.29
Engelhard industrial
Engelhard fabricated
Handy & Harman base
Handy & Harman fabricated
LBMA Gold Price AM
LBMA Gold Price PM
Krugerrand,wholesale-e
Maple Leaf-e
American Eagle-e
Mexican peso-e
Austria crown-e
Austria phil-e
Silver, troy oz.
17.8100
21.3720
17.8850
22.3560
£13.5074
17.8500
Engelhard industrial
Engelhard fabricated
Handy & Harman base
Handy & Harman fabricated
LBMA spot price
(U.S.$ equivalent)
Burlap,10-oz,40-inch NY yd-n,w
Cotton,1 1/16 std lw-mdMphs-u
Cotlook 'A' Index-t
Hides,hvy native steers piece fob-u
Wool,64s,staple,Terr del-u,w
0.6050
0.7296
*84.05
n.a.
n.a.
Grains and Feeds
Barley,top-quality Mnpls-u
Bran,wheat middlings, KC-u
Corn,No. 2 yellow,Cent IL-bp,u
Corn gluten feed,Midwest-u,w
Corn gluten meal,Midwest-u,w
Cottonseed meal-u,w
Hominy feed,Cent IL-u,w
Meat-bonemeal,50% pro Mnpls-u,w
Oats,No.2 milling,Mnpls-u
Rice, 5% Broken White, Thailand-l,w
Rice, Long Grain Milled, No. 2 AR-u,w
Sorghum,(Milo) No.2 Gulf-u
SoybeanMeal,Cent IL,rail,ton48%-u
4.70
67
3.1900
78.4
474.4
200
88
318
2.7975
385.00
23.75
7.6788
300.90
Monday
9.2950
7.2475
4.1700
3.6675
5.0500
Soybeans,No.1 yllw IL-bp,u
Wheat,Spring14%-pro Mnpls-u
Wheat,No.2 soft red,St.Louis-bp,u
Wheat - Hard - KC (USDA) $ per bu-u
Wheat,No.1soft white,Portld,OR-u
Food
Beef,carcass equiv. index
choice 1-3,600-900 lbs.-u
select 1-3,600-900 lbs.-u
Broilers,dressed 'A'-u
Broilers, National comp wghtd-u,w
Butter,AA Chicago
Cheddar cheese,bbl,Chicago
Cheddar cheese,blk,Chicago
Milk,Nonfat dry,Chicago lb.
Cocoa,Ivory Coast-w
Coffee,Brazilian,Comp
Coffee,Colombian, NY
Eggs,large white,Chicago-u
Flour,hard winter KC
Hams,17-20 lbs,Mid-US fob-u
Hogs,Iowa-So. Minnesota-u
Pork bellies,12-14 lb MidUS-u
Pork loins,13-19 lb MidUS-u
Steers,Tex.-Okla. Choice-u
Steers,feeder,Okla. City-u,w
166.47
163.97
n.a.
0.8976
2.4100
154.00
164.00
82.00
2198
1.2700
1.4890
0.9750
15.10
n.a.
66.20
1.2644
0.9884
105.00
n.a.
Fats and Oils
36.7500
0.3125
0.3450
0.3413
0.3463
n.a.
Corn oil,crude wet/dry mill-u,w
Grease,choice white,Chicago-h
Lard,Chicago-u
Soybean oil,crude;Centl IL-u
Tallow,bleach;Chicago-h
Tallow,edible,Chicago-u
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=Hurley Brokerage; I=Natural Gas Intelligence;
L=livericeindex.com; M=midday; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=The Steel Index; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted.
*Data as of 9/8
Source: WSJ Market Data Group
...
...
...
Eurodollar (CME)-$1,000,000; pts of 100%
Sept
Dec
March'18
Dec
98.6975
98.6200
98.5700
98.4050
98.6975
98.6250
98.5700
98.4100
98.6825
98.5950
98.5300
98.3550
98.6850
98.6000
98.5400
98.3650
–.0125
–.0300
–.0350
–.0500
2,382
1,341,652
2,087,067
1,224,726
1,622,169
September 11, 2017
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
guide to general levels but don’t always represent actual transactions.
Week
Latest ago
Inflation
July index
level
Chg From (%)
June '17 July '16
U.S. consumer price index
244.786
251.936
All items
Core
–0.07
–0.03
1.7
1.7
Latest
52-Week
High
Low
4.25 4.25 4.25 3.50
2.95 2.95 2.95 2.70
1.475 1.475 1.475 1.475
Policy Rates
Euro zone
Switzerland
0.00
0.50
0.00
0.50
0.00
0.50
0.25
1.50
0.25
1.50
1.14
U.S.
1.18
1.38
0.00
0.50
Week
Latest ago
—52-WEEK—
High Low
Treasury bill auction
1.300 0.960 1.300 0.160
1.035 1.020 1.180 0.250
1.140 1.115 1.140 0.420
4 weeks
13 weeks
26 weeks
0.15
U.S. government rates
Prime rates
U.S.
Canada
Japan
0.25
1.50
Overnight repurchase
International rates
Week
ago
0.25
1.50
Britain
Australia
—52-WEEK—
High Low
.9248
.9286
.9134
.9174
.9148 –.0131 193,102
.9186 –.0132 17,770
Sept
Dec
.8231
.8232
.8267
.8269
.8217
.8219
.8257
.8260
Sept
Dec
1.3195
1.3234
1.3226
1.3262
1.3163
1.3200
1.3177 –.0026 203,577
1.3214 –.0026 31,763
Sept
Dec
1.0569
1.0634
1.0571
1.0634
1.0455
1.0517
1.0483 –.0104
1.0544 –.0104
.8055
.8050
.8034
.8048
.8030
.8060
.8054
.8051
.8050
.8030
.8018
.8017
.8014
.8009
.8000
Dec
.05555
.05588
.05554
.05575 .00011
Sept
Dec
1.2029
1.2082
1.2034
1.2092
1.1951
1.2009
1.1967 –.0065 398,098
1.2025 –.0066 74,033
Canadian Dollar (CME)-CAD 100,000; $ per CAD
British Pound (CME)-£62,500; $ per £
Swiss Franc (CME)-CHF 125,000; $ per CHF
Australian Dollar (CME)-AUD 100,000; $ per AUD
Sept
Oct
Nov
Dec
March'18
Total
return
close
YTD total
return (%)
Yield (%)
Latest Low High
Index
Mexican Peso (CME)-MXN 500,000; $ per MXN
Euro (CME)-€125,000; $ per €
1.75
1.75
1.75
1.00
Federal funds
Effective rate 1.1700
High
1.3125 1.3125 1.3125 0.5625
1.0500 1.1500 1.1600 0.2000
Bid
1.1600 1.1600 1.1700 0.2800
Offer
1.1700 1.1700 1.1900 0.3000
Week
ago
Latest
Index Futures
Mini DJ Industrial Average (CBT)-$5 x index
Sept
Dec
21848
21835
Sept
Dec
2477.00
2471.00
Sept
Dec
Call money
3.00
3.00
3.00
2.25
Commercial paper (AA financial)
Key Interest Rates
90 days
Data are annualized on a 360-day basis. Treasury yields are per annum,
on actively traded noninflation and inflation-indexed issues that are
adjusted to constant maturities. Data are from weekly Federal Reserve
release H.15.
Libor
Week Ended
Sep 8
Sep 1
52-Week
High
Low
Federal funds (effective)
1.15
1.16
0.35
1.10
1.13
1.17
1.11
1.13
1.18
1.11
1.15
1.18
0.37
0.45
0.51
1.19
1.20
1.25
1.15
1.21
1.26
1.19
1.22
1.26
0.44
0.57
0.66
Discount window primary credit
1.75
1.75
1.75
1.00
Conventional mortgages
n.a.
n.a.
3.50
3.42
Treasury yields at constant
maturities
1-month
3-month
6-month
1-year
2-year
3-year
5-year
7-year
10-year
20-year
1.07
1.05
1.15
1.23
1.29
1.40
1.65
1.90
2.07
2.43
0.96
1.01
1.11
1.23
1.33
1.45
1.72
1.97
2.14
2.49
52-Week
High
Low
Treasury yields (secondary market)
1.16
Commercial paper
Nonfinancial
1-month
2-month
3-month
Financial
1-month
2-month
3-month
Week Ended
Sep 8
Sep 1
1.07
1.13
1.15
1.24
1.41
1.64
2.08
2.37
2.55
2.91
0.13
0.24
0.43
0.57
0.75
0.87
1.13
1.40
1.58
1.96
1-month
3-month
6-month
1.05
1.03
1.13
0.95
1.00
1.09
1.05
1.11
1.13
0.12
0.24
0.43
0.05
0.24
0.28
0.60
0.65
0.14
0.32
0.38
0.69
0.74
0.29
0.49
0.63
0.97
0.97
-0.30
-0.16
0.02
0.41
0.44
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
1.00
1.09
1.17
1.25
1.33
1.48
1.65
2.00
0.94
1.00
1.05
1.10
1.16
1.27
1.43
1.75
TIPS
5-year
7-year
10-year
20-year
Long-term avg
Interest rate swaps
1-year
2-year
3-year
4-year
5-year
7-year
10-year
30-year
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
1.27
21848
21817
22053
22017
241
239
84,215
72,959
2488.20 s
2486.70 s
2476.00
2468.00
2487.50
2485.80
24.90
24.80
66,137
13,586
2468.00
2467.75
2488.75
2487.25 s
2468.00
2466.75
2487.50
2485.75
25.00 2,288,874
24.75 1,244,827
Sept
Dec
1720.40
1717.00
1741.70
1741.70 s
1720.40
1717.00
1738.40
1738.20
20.30
20.20
Sept
Dec
5928.8
5943.8
5991.8
6000.3
5928.8
5942.0
5982.5
5990.8
66.3 198,497
66.3 114,235
Sept
Dec
1405.80
1405.00
1417.10
1416.30
1405.80
1405.00
1416.70
1415.90
13.70 468,022
13.60 22,404
Sept
Dec
1369.90
1371.50
1378.50
1377.80 s
1369.90
1371.50
1378.00
1377.40
14.60
14.50
5,442
201
Sept
Dec
91.39
91.19
91.39
91.17
91.85
91.62
.53
.51
44,864
8,358
S&P 500 Index (CME)-$250 x index
Mini S&P 500 (CME)-$50 x index
Mini S&P Midcap 400 (CME)-$100 x index
Mini Nasdaq 100 (CME)-$20 x index
Mini Russell 2000 (ICE-US)-$100 x index
U.S. Dollar Index (ICE-US)-$1,000 x index
n.a.
n.a.
n.a.
n.a.
3.49
4.41
3.33
4.25
0.62
One month
Three month
Six month
One year
1.23611
1.31667
1.44933
1.69900
1.23167
1.31611
1.45389
1.71289
1.23889
1.31778
1.46544
1.82761
0.52222
0.83769
1.23363
1.54489
-0.404
-0.376
-0.304
-0.215
-0.401
-0.373
-0.308
-0.209
-0.373
-0.319
-0.205
-0.071
-0.405
-0.378
-0.308
-0.215
Euro Libor
One month
Three month
Six month
One year
Euro interbank offered rate (Euribor)
-0.373
-0.331
-0.274
-0.168
One month
Three month
Six month
One year
Latest
-0.372
-0.329
-0.274
-0.161
Value
Traded
-0.366
-0.301
-0.198
-0.053
-0.375
-0.332
-0.275
-0.168
52-Week
High
Low
DTCC GCF Repo Index
Treasury
MBS
1.138
1.163
15.700 1.366 0.244
92.250 1.506 0.257
Open Implied
Settle Change Interest Rate
DTCC GCF Repo Index Futures
State and local bonds
n.a.
n.a.
3.06
2.83
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
0.50
0.93
1.30
0.50
0.93
1.30
Eurodollars
1 month
3 month
6 month
1.28
Notes on data:
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window
primary credit rate is charged for discounts made and advances extended under the Federal
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday;
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid
yields for all TIPS with remaining terms to maturity of 10 years or more; Swap rates are International
Swaps and Derivatives Association (ISDA(R)) mid-market par rates for a fixed-rate payer, who in
return receives three-month Libor, and are based on rates collected at 11:00 a.m. ET by Garban
Intercapital PLC; Source is Reuters; Moody's triple-AAA rates are averages of industrial bonds only;
Muni rates are Thursday quotes based on the Bond Buyer Index for general obligation, 20 years to
maturity, mixed quality debt; Mortgage rates are contract rates on commitments for fixed-rate first
mortgages
Sources: Federal Reserve; for additional information on these rate data and their derivation,
please see, www.federalreserve.gov/releases/h15/data.htm
91.97
91.74
50,037
38,545
Source: SIX Financial Information
567.23
Mortgage-Backed
Ginnie Mae (GNMA) 2.640 1.920 3.090
3.090 2.800 3.520
1167.22
2.7
Fannie mae (FNMA) 2.680 2.030 3.120
2.580 2.240 3.010
1797.43
2.8
Freddie Mac (FHLMC) 2.680 2.030 3.130
Long term
4.190 4.020 4.710
524.39
5.1
Muni Master
1.752 1.496 2.516
4.1 Double-A-rated
2.530 2.150 2.870
367.55
5.8
7-12 year
1.762 1.488 2.618
3.400 3.180 3.870
410.15
6.3
12-22 year
2.236 1.831 3.047
394.26
6.2
22-plus year
2.814 2.270 3.622
U.S. Corporate
5.7
713.28
Triple-B-rated
High Yield Bonds Merrill Lynch
413.28
6.4
High Yield Constrained 5.602 5.399 6.858
411.29
6.9
Triple-C-rated
10.590 9.584 13.459
546.20
6.1
High Yield 100
5.186 4.948 6.448
749.73
375.29
6.6
Global High Yield Constrained 5.126 5.073 6.450
370.29
Europe High Yield Constrained 2.245 2.236 3.814
710.52
5.6
511.56
U.S Agency Bloomberg Barclays
1648.08
2.6
U.S Agency
1.740 1.260 1.960
1472.41
1.7
10-20 years
1.560 1.090 1.750
564.21
2.800 2.460 3.460
937.41
2.650 2.350 3.090
808.14
8.6 20-plus years
3395.30
5.0
2462.54
Yankee
2.670 2.000 3.120
Global Government J.P. Morgan†
2845.86
303.09
Yield (%)
Latest Low High
Index
2.5
8.0
3795.88
YTD total
return (%)
2.0
2.420 1.920 2.790
4.0 Intermediate
2623.57
Total
return
close
1.7
Global Government 1.330 0.880 1.560
-0.5
Canada
2.090 1.240 2.120
0.4
EMU§
1.083 0.534 1.363
0.6
France
0.820 0.290 1.210
Germany
0.380 -0.100 0.620
Japan
0.360 0.150 0.460
Netherlands
0.530 0.030 0.760
U.K.
1.410 1.080 1.790
-0.6
0.3
289.01
-0.4
2.6
9.3 Emerging Markets ** 5.301 5.197 6.290
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds
† In local currency § Euro-zone bonds
Sources: Merrill Lynch; Bloomberg Barclays; J.P.Morgan
Global Government Bonds: Mapping Yields
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/
Coupon (%) Maturity, in years
1.250
2.250
1.266
2.052
1.298
2.192
0.786
1.674
1.870 s
2.613 s
l
1.863
1.772
1.560
55.5
59.7
l
2.587
2.598
1.973
49.0
53.4
29.9
France 2 -0.541 s
10 0.632 s
l
-0.560
-0.497
-0.577
-182.6
-136.3
l
0.622
0.679
0.243
Germany 2 -0.746 s
10 0.338 s
l
-0.755
-0.718
l
0.312
Italy 2 -0.109 t
10 1.967 s
l
-0.106
l
Japan 2 -0.154 s
10 -0.002 s
10
2.750
1.450
Spread Under/Over U.S. Treasurys, in basis points
Latest
Prev
Year ago
l
Australia 2
2.200
Year ago
U.S. 2 1.315 s
10 2.123 s
2.750
0.050
Month ago
l
2.750
0.000
Yield (%)
Latest(l) 0 20 40 60 80 100 120 Previous
-185.5
77.4
-143.1
-143.1
-202.1
-141.5
0.384
-0.629 -206.1
0.013 -178.5
-174.1
-166.1
-0.031
-0.070
-142.3
-137.2
-85.6
1.963
2.035
1.251
-15.6
-9.0
-42.4
l
-0.161
-0.112
-0.211
-99.7
-0.005
0.059
-146.9
-0.024 -212.4
-142.7
l
-205.8
-169.8
Spain 2 -0.330 s
10 1.568 s
l
-0.343
-0.353
-0.129
-164.4
-160.9
-91.5
l
1.537
1.436
1.084
-55.5
-51.6
-59.0
0.214 s
1.046 s
l
0.167
0.210
0.178
-110.1
-109.9
-60.8
l
0.990
1.065
0.768
-107.7
-106.2
-90.7
1.750
U.K. 2
4.250
10
-149.1
Source: Tullett Prebon
Corporate Debt
in that same company’s share price.
Corporate bonds, Moody's seasoned
Aaa
Baa
1.27
22068
22030
1958.16
5.2
2769.16
0.100
52-Week
high
low
38,907
1990.41
3.6 U.S. Aggregate
U.S. Corporate Indexes Bloomberg Barclays
0.100
Other short-term rates
n.a. 1.2000 0.3300
Low
3.309 3.338 3.865 2.842
3.336 3.361 3.899 2.870
30 days
60 days
–.0031 149,088
–.0031
580
–.0030
193
–.0031 22,719
–.0030
313
Mortgage-Backed Bloomberg Barclays
Broad Market Bloomberg Barclays
1947.72
0.500
30-year mortgage yields
.8030
.8028
.8025
.8021
.8012
42,143
2,412
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
highs and lows for different types of bonds
0.000
Fannie Mae
Discount
.0022 185,226
.0022 24,746
Bonds | WSJ.com/bonds
Tracking Bond Benchmarks
1.000
Secondary market
Open
interest
.9243
.9282
Mini Russell 1000 (ICE-US)-$100 x index
98.7525 –.0125
Chg
Sept
Dec
** EMBI Global Index
Borrowing Benchmarks | WSJ.com/bonds
Money Rates
Settle
Japanese Yen (CME)-¥12,500,000; $ per 100¥
Sept
Dec
285
4,268
Contract
High hilo
Low
Open
5,478
36
43,073
82,844
77,330
Open
interest
Chg
t
15.78
15.80
–.22
4,312
Cocoa (ICE-US)-10 metric tons; $ per ton.
1,960
1,960
1,960
1,973
1
102
Sept
Dec
1,936
1,943
1,912
1,934
1 144,721
Coffee (ICE-US)-37,500 lbs.; cents per lb.
129.65
129.65
128.75
130.60
1.20
357
Sept
Dec
130.65
131.95
129.75
131.85
1.20 117,283
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
14.09
14.36
13.80
14.29
.20 303,747
Oct
March'18
14.64
14.89
14.36
14.84
.20 278,211
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
26.15
26.15
26.15
27.19
.41
3,170
Nov
March'18
27.00
27.00
27.00
27.05
.15
1,504
Cotton (ICE-US)-50,000 lbs.; cents per lb.
75.57
75.57
72.59
73.71 –1.88
200
Oct
Dec
75.37
75.45
71.59
72.11 –2.48 149,427
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
155.00
155.00
153.00
154.10
–.40
64
Sept
Nov
153.70
158.25
145.10
151.45 –2.55
7,125
Sept
Oct
Corn (CBT)-5,000 bu.; cents per bu.
345.25
356.50
Contract
High hilo
Low
Open
Milk (CME)-200,000 lbs., cents per lb.
Agriculture Futures
Sept
Dec
WSJ.com/commodities
Treasury Sep
Treasury Oct
Treasury Nov
98.835 unch. 3759 1.165
98.815 -0.005 3052 1.185
98.825 0.005 4090 1.175
Notes on data:
U.S. prime rate is the base rate on corporate
loans posted by at least 70% of the 10 largest
U.S. banks, and is effective June 15, 2017. Other
prime rates aren’t directly comparable; lending
practices vary widely by location; Discount rate
is effective June 15, 2017. DTCC GCF Repo Index
is Depository Trust & Clearing Corp.'s weighted
average for overnight trades in applicable
CUSIPs. Value traded is in billions of U.S. dollars.
Federal-funds rates are Tullett Prebon rates as
of 5:30 p.m. ET. Futures on the DTCC GCF Repo
Index are traded on NYSE Liffe US.
Sources: Federal Reserve; Bureau of Labor
Statistics; DTCC; SIX Financial Information;
General Electric Capital Corp.; Tullett Prebon
Information, Ltd.
Investment-grade spreads that tightened the most…
Spread*, in basis points
One-day change
Stock Performance
Close ($)
% chg
Issuer
Symbol Coupon (%)
HB Fuller
Standard Chartered
Morgan Stanley
XLIT
FUL
STANLN
MS
XL
4.000 Feb. 15, ’27
7.500
April 2, ’49
5.450 July 15, ’49
5.500 March 31, ’45
275
275
129
229
–23
–19
–17
–15
n.a.
n.a.
n.a.
214
54.53
...
45.16
40.55
0.61
...
2.61
5.02
American International
Teva Pharmaceutical Finance IV BV*
Verizon Communications
Credit Agricole S.A.
AIG
TEVA
VZ
ACAFP
3.900
April 1, ’26
3.650 Nov. 10, ’21
4.125 March 16, ’27
7.875 Jan. 23, ’49
115
180
149
288
–11
–11
–11
–10
n.a.
195
150
288
60.77
…
46.30
...
1.66
…
0.41
...
Maturity
Current
Last week
…And spreads that widened the most
Charter Communications Operating
Wells Fargo
Nabors Industries
Apple
CHTR
WFC
NBR
AAPL
6.484 Oct. 23, ’45
2.600 July 22, ’20
4.625 Sept. 15, ’21
3.850
May 4, ’43
290
62
391
108
15
15
10
8
269
55
388
103
…
50.66
6.68
161.50
…
2.18
3.41
1.81
ING Bank
Anadarko Petroleum
Discovery Communications
Toyota Motor Credit
INTNED
APC
DISCA
TOYOTA
2.750 March 22, ’21
4.850 March 15, ’21
4.875
April 1, ’43
2.150 Sept. 8, ’22
55
124
252
54
8
7
7
7
n.a.
120
237
n.a.
...
41.02
20.80
...
...
0.24
–2.12
...
High-yield issues with the biggest price increases…
Bond Price as % of face value
Current
One-day change
Issuer
Symbol
Swestn Energy*
Ahern Rentals
Hexion
HCA
SWN
AHEREN
HXN
HCA
5.800
7.375
6.625
4.750
Jan. 23, ’20
May 15, ’23
April 15, ’20
May 1, ’23
107.090
93.125
93.250
106.300
Icahn Enterprises
Tenet Healthcare
Fiat Chrysler Automobiles
Diamond Offshore Drilling
IEP
THC
FCAIM
DO
6.750
6.750
5.250
7.875
Feb. 1, ’24
June 15, ’23
April 15, ’23
Aug. 15, ’25
105.125
97.500
107.000
102.563
Coupon (%)
Maturity
Last week
Stock Performance
Close ($)
% chg
1.43
103.250
90.250
91.000
105.730
…
...
...
78.35
…
...
...
1.69
1.38
1.38
1.28
1.06
105.530
100.005
106.625
101.000
53.18
17.18
...
12.89
0.43
3.49
...
1.66
75.240
83.500
76.500
n.a.
...
...
4.11
23.57
...
...
–2.38
1.68
n.a.
113.875
96.000
21.93
...
...
1.20
...
...
3.56
2.63
2.25
…And with the biggest price decreases
Acosta
PetSmart
Sanchez Energy
Hertz
ACOSTA
PETM
SN
HTZ
7.750
8.875
6.125
7.625
Oct. 1, ’22
June 1, ’25
Jan. 15, ’23
June 1, ’22
69.500
81.250
77.002
102.500
Plains All American Pipeline
Bombardier
Toys R US
PAA
BBDBCN
TOY
4.700
8.750
7.375
June 15, ’44
Dec. 1, ’21
Oct. 15, ’18
89.625
113.125
71.500
–1.75
–1.19
–1.10
–0.94
–0.79
–0.63
–0.63
*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.
Note: Data are for the most active issue of bonds with maturities of two years or more
Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
THE WALL STREET JOURNAL.
Tuesday, September 12, 2017 | B9
BIGGEST 1,000 STOCKS
How to Read the Stock Tables
The following explanations apply to NYSE,
NYSE Arca, NYSE MKT and Nasdaq Stock
Market listed securities. Prices are composite
quotations that include primary market trades
as well as trades reported by Nasdaq OMX
BXSM (formerly Boston), Chicago Stock
Exchange, CBOE, National Stock Exchange, ISE
and BATS.
The list comprises the 1,000 largest
companies based on market capitalization.
Underlined quotations are those stocks with
large changes in volume compared with the
issue’s average trading volume.
Boldfaced quotations highlight those issues
whose price changed by 5% or more if their
previous closing price was $2 or higher.
Footnotes:
s-New 52-week high.
t-New 52-week low.
dd-Indicates loss in the most recent
four quarters.
FD-First day of trading.
h-Does not meet continued listing
standards
lf-Late filing
q-Temporary exemption from Nasdaq
requirements.
t-NYSE bankruptcy
v-Trading halted on primary market.
vj-In bankruptcy or receivership or
being reorganized under the
Bankruptcy Code, or securities
assumed by such companies.
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and
changes in the closing prices from 4 p.m. the previous day.
Monday, September 11, 2017
Net
Stock
Sym Close Chg
NYSE
ABB
ABB 24.23 0.20
AES
AES 11.39 0.18
Aflac
AFL 82.47 1.29
AT&T
T
35.74 0.15
s AbbottLabs ABT 52.45 0.43
s AbbVie
ABBV 87.00 1.66
s Accenture ACN 136.23 2.51
AcuityBrands AYI 179.95 0.20
Adient
ADNT 73.57 1.02
AdvanceAuto AAP 94.40 0.37
AdvSemiEngg ASX 6.19 0.02
Aegon
AEG 5.70 0.10
AerCap
AER 49.17 0.17
s Aetna
AET 163.21 0.38
AffiliatedMgrs AMG 177.25 3.94
s AgilentTechs A
66.11 1.09
AgnicoEagle AEM 49.46 -1.74
Agrium
AGU 102.55 2.79
AirProducts APD 149.18 4.21
AlaskaAir ALK 75.59 1.29
s Albemarle ALB 123.85 5.57
Alcoa
AA 43.60 0.99
AlexandriaRealEst ARE 120.36 1.00
Alibaba
BABA 174.06 5.06
Alleghany
Y 561.73 21.00
Allegion
ALLE 81.07 0.26
Allergan
AGN 232.38 -1.17
AllianceData ADS 219.19 4.87
AllianceBernstein AB 23.60 0.20
s AlliantEnergy LNT 43.60 0.41
Allstate
ALL 91.23 1.62
AllyFinancial ALLY 22.50 0.13
AlticeUSA ATUS 28.66 0.47
Altria
MO 62.49 0.26
s AlumofChina ACH 20.49 1.71
s Ambev
ABEV 6.48 0.05
s Ameren
AEE 60.91 0.82
AmericaMovil AMX 18.60 0.27
AmericaMovil A AMOV 18.52 0.38
AmCampus ACC 48.65 0.43
s AEP
AEP 74.55 0.36
AmericanExpress AXP 85.69 1.44
AmericanFin AFG 100.04 1.50
AmerHomes4Rent AMH 22.34 0.75
AIG
AIG 60.77 0.99
AmerTowerREIT AMT 146.18 1.19
s AmerWaterWorks AWK 82.92 0.96
Amerigas APU 43.48 0.18
Ameriprise AMP 136.54 3.77
AmerisourceBrgn ABC 84.39 1.89
Ametek
AME 64.41 0.36
s Amphenol APH 81.94 1.42
AnadarkoPetrol APC 41.02 0.10
s Andeavor ANDV 102.19 0.62
AB InBev BUD 121.63 0.14
AnnalyCap NLY 12.42 0.07
AnteroMidstream AM 31.45 0.24
AnteroResources AR 19.60 0.36
Anthem
ANTM 195.95 2.10
s Aon
AON 142.66 0.02
Apache
APA 39.76 0.46
ApartmtInv AIV 46.27 -0.18
ApolloGlobalMgmt APO 28.89 0.44
s AquaAmerica WTR 34.62 0.48
Aramark
ARMK 41.00 0.32
ArcelorMittal MT 27.20 0.36
ArcherDaniels ADM 42.79 0.42
Arconic
ARNC 24.98 0.56
AristaNetworks ANET 175.31 2.63
ArrowElec ARW 77.96 1.22
AstraZeneca AZN 32.99 0.74
Athene
ATH 52.20 0.79
AtmosEnergy ATO 88.01 0.79
Autohome ATHM 66.19 0.74
Autoliv
ALV 110.15 0.14
AutoZone AZO 540.32 -0.19
Avalonbay AVB 188.55 1.79
Avangrid
AGR 48.62 0.25
AveryDennison AVY 94.18 0.99
AxaltaCoating AXTA 28.86 0.41
BB&T
BBT 44.68 0.71
Stock
Net
Sym Close Chg
BCE
BCE 48.03 0.12
BHPBilliton BHP 43.70 0.71
BHPBilliton BBL 37.85 0.47
BP
BP 35.56 0.24
BRF
BRFS 14.24 0.15
BT Group BT 18.91 0.04
BakerHughes BHGE 35.48 1.06
Ball
BLL 40.94 0.66
BancoBilbaoViz BBVA 8.85 0.22
BancodeChile BCH 88.06 1.35
BancoMacro BMA 102.42 -1.43
BcoSantChile BSAC 29.52 0.46
BancoSantander SAN 6.62 0.21
BanColombia CIB 48.23 0.32
BankofAmerica BAC 23.36 0.47
BankofMontreal BMO 74.99 1.00
BankNY Mellon BK 51.53 1.10
s BkNovaScotia BNS 63.32 0.62
Barclays
BCS 9.82 -0.01
s Bard CR
BCR 323.73 -0.18
BarrickGold ABX 17.41 -0.40
BaxterIntl BAX 64.28 1.00
BectonDickinson BDX 203.87 0.17
Berkley
WRB 65.79 1.30
BerkHathwy A BRK/A 2668703270.00
BerkHathwy B BRK/B 177.87 2.37
BerryGlobal BERY 56.99 0.68
BestBuy
BBY 55.96 0.46
Bio-RadLab A BIO 218.86 0.44
BlackKnightFin BKFS 43.05 0.70
BlackRock BLK 424.04 8.09
BlackstoneGroup BX 32.15 0.54
BlockHR
HRB 26.09 0.01
BoardwalkPipe BWP 15.06 0.27
Boeing
BA 240.59 1.81
BorgWarner BWA 46.99 0.79
BostonProperties BXP 120.71 0.54
s BostonScientific BSX 28.95 0.16
s Braskem
BAK 26.30 0.92
Bristol-Myers BMY 62.72 0.10
BritishAmTob BTI 64.45 -0.06
BrixmorProp BRX 19.28 0.15
s BroadridgeFinl BR 80.16 1.08
BrookfieldMgt BAM 39.61 0.57
BrookfieldInfr BIP 43.84 0.49
s Brown&Brown BRO 46.90 -1.23
Brown-Forman A BF/A 57.31 0.54
Brown-Forman B BF/B 54.65 0.32
BuckeyePtrs BPL 56.52 0.71
Bunge
BG 75.75 0.93
BurlingtonStores BURL 87.71 -0.30
CBD Pao
CBD 24.43 0.31
CBRE Group CBG 36.99 0.75
CBS A
CBS/A 58.55 -1.35
CBS B
CBS 58.00 -1.42
CF Industries CF 32.31 0.27
CGI Group GIB 52.22 0.29
CIT Group CIT 44.76 1.08
s CMS Energy CMS 49.10 0.44
CNA Fin
CNA 48.52 1.10
CNOOC
CEO 119.90 1.22
CPFLEnergia CPL 17.52 0.05
CRH
CRH 34.86 -0.03
CVS Health CVS 79.72
...
CabotOil
COG 26.03 0.06
s CamdenProperty CPT 94.92 -0.78
CampbellSoup CPB 47.73 -0.19
CIBC
CM 87.51 0.85
CanNtlRlwy CNI 81.91 0.42
CanNaturalRes CNQ 32.19 -0.08
CanPacRlwy CP 160.64 0.43
Canon
CAJ 34.56 0.08
CapitalOne COF 79.06 0.85
CardinalHealth CAH 69.73 1.37
Carlisle
CSL 94.99 -0.97
CarMax
KMX 68.50 0.03
Carnival
CCL 67.65 2.08
Carnival
CUK 68.51 2.06
Caterpillar CAT 118.87 1.05
Celanese A CE 98.26 1.47
Cemex
CX
9.12 -0.05
CenovusEnergy CVE 8.36 0.24
s Centene
CNC 90.54 1.00
s CenterPointEner CNP 30.45 0.44
Stock
Net
Sym Close Chg
CentraisElBras EBR 6.75
CenturyLink CTL 18.34
Chemours CC 50.50
Chevron
CVX 112.52
ChinaEastrnAir CEA 27.75
ChinaLifeIns LFC 15.87
ChinaMobile CHL 53.16
ChinaPetrol SNP 80.06
ChinaSoAirlines ZNH 41.00
ChinaTelecom CHA 52.10
ChinaUnicom CHU 14.59
Chipotle
CMG 305.14
Chubb
CB 145.88
ChunghwaTelecom CHT 34.82
Church&Dwight CHD 49.62
s Cigna
CI 186.32
CimarexEnergy XEC 100.32
Citigroup
C
67.71
CitizensFin CFG 33.46
Clorox
CLX 135.03
Coach
COH 40.80
s Coca-Cola KO 46.52
Coca-Cola Euro CCE 42.58
Coca-Cola Femsa KOF 81.89
Colgate-Palmolive CL 72.02
ColonyNorthStar CLNS 13.21
Comerica
CMA 66.75
SABESP
SBS 10.85
ConagraBrands CAG 34.75
ConchoRscs CXO 114.16
ConocoPhillips COP 44.93
s ConEd
ED 86.05
s ConstBrands A STZ 203.70
ContinentalRscs CLR 34.18
Cooper
COO 253.39
Copa
CPA 132.42
Corning
GLW 28.92
Coty
COTY 16.72
s Credicorp
BAP 208.35
CreditSuisse CS 15.05
CrestwoodEquity CEQP 24.90
CrownCastle CCI 106.93
CrownHoldings CCK 60.40
Cummins
CMI 164.67
s DCT Industrial DCT 59.82
s DTE Energy DTE 113.51
DXC Tech DXC 85.25
Danaher
DHR 87.07
Darden
DRI 79.74
DaVita
DVA 59.80
Deere
DE 117.93
s DellTechnologies DVMT 75.46
DelphiAutomotive DLPH 97.49
DeltaAir
DAL 48.82
DeutscheBank DB 16.34
DevonEnergy DVN 31.81
Diageo
DEO 136.97
s DigitalRealty DLR 126.04
DiscoverFinSvcs DFS 58.19
Disney
DIS 97.09
DollarGeneral DG 75.97
DominionEner D
79.92
Domino's
DPZ 189.02
Donaldson DCI 43.51
DouglasEmmett DEI 38.96
s Dover
DOV 87.94
DowDuPont DWDP 66.85
DrPepperSnap DPS 92.11
DrReddy'sLab RDY 33.91
s DukeEnergy DUK 88.34
s DukeRealty DRE 30.14
ENI
E
32.47
EOG Rscs EOG 87.93
EQT
EQT 60.98
EQT Midstream EQM 74.97
EastmanChem EMN 85.59
Eaton
ETN 73.35
Ecolab
ECL 129.83
Ecopetrol
EC
9.23
EdisonInt
EIX 81.49
EdwardsLife EW 115.13
EmersonElectric EMR 60.91
EnbridgeEnPtrs EEP 15.16
Enbridge
ENB 40.86
0.42
-0.20
0.79
1.74
0.48
0.31
0.47
1.71
1.52
0.66
0.17
5.11
5.03
0.07
0.50
1.76
0.84
1.54
0.65
0.99
0.37
0.22
0.34
0.63
0.20
0.08
2.03
0.08
0.25
2.09
0.46
0.52
1.31
0.43
1.91
1.66
0.38
0.25
4.79
0.37
0.20
0.44
1.41
1.85
1.15
0.67
1.08
0.31
1.19
1.49
0.63
1.20
0.83
1.37
0.34
0.34
0.34
5.41
0.53
0.02
0.41
0.68
2.59
0.08
0.29
0.64
2.00
0.59
0.55
0.56
0.81
0.21
1.15
0.31
0.71
0.76
1.21
-1.29
-0.06
0.75
1.94
0.51
-0.05
0.34
New Highs and Lows | WSJ.com/newhighs
Monday, September 11, 2017
Stock
52-Wk %
Sym Hi/Lo Chg Stock
16.43
MCO 136.79
17.37
MSF
10.22
MSD
NVR 2821.07
39.38
NAV
18.11
GF
NEWR 50.16
NEE 151.60
NOMD 15.39
38.08
OSB
NSC 126.42
NWN 68.60
48.87
NVO
15.55
JCE
16.68
JTD
ORCL 52.61
11.93
PCM
71.57
PCG
43.05
PNM
PKG 117.46
34.93
PEB
90.92
PNW
PLNT 25.60
48.22
POR
19.03
PGZ
94.19
PG
65.13
PLD
26.25
PHM
56.23
QTS
CTDD 25.95
RENX 21.59
RELX 22.56
RHT 108.13
66.28
RSG
81.87
RMD
64.97
QSR
REXR 30.53
ROK 169.35
53.29
RCI
SAP 110.32
57.05
SJW
STAG 28.95
98.22
CRM
SNDR 23.61
SRE 120.10
SHOP 118.60
52.41
SQM
88.11
STE
19.09
STM
16.05
SLD
12.90
SWZ
33.18
TAL
32.54
TX
DATA 75.41
37.88
TSM
31.89
TEO
TDY 153.78
236.02
TFX
16.37
VIV
16.68
EMF
40.36
TEX
TRNO 37.40
51.19
TXT
TMO 193.67
60.00
BLD
54.91
TD
70.62
TSS
TVPT 15.42
25.24
TY
TROX 23.06
60.90
UN
59.68
UL
106.15
V
MTN 231.90
VNTV 72.82
VAR 107.34
68.30
VVC
VEDL 20.87
VNTR 22.37
37.88
VSM
11.15
IGA
67.20
WEC
70.38
WPC
68.08
WCN
77.81
WM
WAT 189.14
50.56
XEL
63.44
XYL
42.69
YRD
78.14
YUM
65.39
ZTS
MonmouthRealEst MNR
NYSE highs - 209 Moody's
MS EmMktFd
AbbottLabs
ABT
AbbVie
ABBV
AberdeenGrChinaFd GCH
Accenture
ACN
AcornIntl
ATV
Aetna
AET
AgilentTechs
A
Albemarle
ALB
Allete
ALE
AlliantEnergy LNT
AlpnGlblPrProp AWP
AlumofChina ACH
Ambev
ABEV
Ameren
AEE
AEP
AEP
AmHomes4RentPfdG AMHpG
AmerWaterWorks AWK
Amphenol
APH
Andeavor
ANDV
Aon
AON
AquaAmerica WTR
ArcosDorados ARCO
AsiaPacificFund APB
Azul
AZUL
BancoBradescoPf BBD
BancoBradesco BBDO
BkNovaScotia BNS
Bard CR
BCR
BarnesGroup B
BiohavenPharm BHVN
BlkRkIntlGrInco BGY
BlkRkSci&Tech BST
BlkRkUtility
BUI
BostonScientific BSX
BoydGaming
BYD
Braskem
BAK
BrightScholarEduc BEDU
Brink's
BCO
BroadridgeFinl BR
BrookfieldBusPtr BBU
BrookfieldRenew BEP
Brown&Brown BRO
CMS Energy
CMS
CamdenProperty CPT
CampingWorld CWH
CementosPacasm CPAC
Centene
CNC
CenterPointEner CNP
Ctrl&EasternEurFd CEE
Cigna
CI
CinnBell pfB
CBBpB
Coca-Cola
KO
CommunityHlthcr CHCT
ConEd
ED
ConstBrands A STZ
Credicorp
BAP
DCT Industrial DCT
DTE Energy
DTE
DarlingIngred DAR
DellTechnologies DVMT
DigitalRealty
DLR
DNB Select
DNP
Dover
DOV
DukeEnergy
DUK
DukeRealty
DRE
DupontFabros DFT
EastGroup
EGP
ElPasoElectric EE
EmbotellAndinaB AKO/B
EmergentBiosol EBS
EssexProp
ESS
EsteeLauder
EL
EversourceEner ES
FMC
FMC
FibriaCelulose FBR
FidelityNtlInfo FIS
FirstAmerFin FAF
FirstIndRlty
FR
ForestCIty A
FCE/A
Fortive
FTV
GOLLinhas
GOL
GabelliEquity GAB
Gallagher
AJG
GettyRealty
GTY
Gildan
GIL
GlShipLeasePfdB GSLpB
Graco
GGG
GreenDot
GDOT
HalyardHealth HYH
HawaiianElec HE
Humana
HUM
IDACORP
IDA
IDEX
IEX
IndependenceHldg IHC
IndustrsBachoco IBA
IntlFlavors
IFF
InterXion
INXN
IntrepidPotash IPI
IronMountain IRM
ItauUnibanco ITUB
JapanSmlCap JOF
KoninklijkePhil PHG
LaQuinta
LQ
Landauer
LDR
LatAmDiscv
LDF
LazardGlblFd LGI
LibertyProperty LPT
LithiaMotors
LAD
MGMGrowthProp MGP
MSCI
MSCI
Marsh&McLennan MMC
Mastercard
MA
McDonalds
MCD
Meritor
MTOR
MerLynCapTr I MERpK
MettlerToledo MTD
MohawkIndustries MHK
52.60
87.10
12.11
136.26
16.47
164.05
66.27
124.32
79.61
43.69
6.61
20.78
6.57
60.91
74.59
25.75
83.06
82.07
102.58
144.81
34.66
9.80
13.79
27.15
11.45
11.07
63.34
324.58
65.61
38.86
6.51
24.28
21.57
29.40
27.00
26.51
20.00
84.00
80.16
31.48
36.00
48.32
49.11
96.39
39.47
13.00
91.09
30.45
25.58
186.32
52.37
46.59
26.98
86.16
204.47
208.61
59.94
113.71
18.00
75.61
127.23
11.51
88.34
88.40
30.14
69.33
91.51
56.58
29.59
38.00
270.04
109.84
64.19
90.21
14.17
93.39
49.53
31.79
26.30
67.61
20.94
6.43
60.33
29.00
31.87
22.82
117.97
48.66
46.36
34.64
259.76
91.98
121.78
22.45
67.33
144.03
52.15
4.00
40.39
13.92
12.50
40.64
16.48
68.45
12.16
16.85
43.36
111.35
31.74
115.98
82.86
141.99
161.72
21.60
26.24
623.94
259.91
0.8
1.9
0.7
1.9
3.6
0.2
1.7
4.7
...
0.9
-0.5
9.1
0.8
1.4
0.5
0.4
1.2
1.8
0.6
...
1.4
6.6
0.5
0.5
3.5
4.7
1.0
-0.1
-0.7
0.2
...
1.7
1.0
0.6
0.6
3.6
2.9
-0.7
1.4
2.3
-0.6
-2.6
0.9
-0.8
0.5
-0.5
1.1
1.5
1.4
1.0
2.4
0.5
1.5
0.6
0.6
2.4
2.0
0.6
0.8
1.6
4.5
1.1
0.7
0.6
2.8
3.7
1.0
0.7
1.2
...
1.1
-0.1
1.0
2.1
0.5
1.2
0.8
1.8
2.1
1.6
2.9
0.8
0.6
0.7
0.6
0.1
0.8
0.8
0.2
0.8
0.3
0.5
0.1
2.1
3.6
0.9
0.8
5.7
0.8
1.5
0.4
0.9
1.0
-0.1
1.3
1.3
1.4
-0.5
1.5
0.8
-0.9
3.5
1.1
2.1
0.1
1.8
0.1
MS EmMktDebtFd
NVR
NavistarIntl
NewGermanyFund
NewRelic
NextEraEnergy
NomadFoods
Norbord
NorfolkSouthern
NorthwestNatGas
NovoNordisk
NuvCoreEqAlpha
NuvTaxAdDivGr
Oracle
PCM Fund
PG&E
PNM Resources
PackagingCpAm
PebblebrookHotel
PinnacleWest
PlanetFitness
PortlandGenElec
PrincipalRealEst
Procter&Gamble
Prologis
PulteGroup
QTS Realty
QwestNts2057
RELX
RELX
RedHat
RepublicServices
ResMed
RestaurantBrands
RexfordIndlRealty
Rockwell
RogersComm B
SAP
SJW Group
STAG Indl
Salesforce.com
SchneiderNatl
SempraEnergy
Shopify
SOQUIMICH
Steris
STMicroelec
SutherlandAsset
SwissHelvFd
TAL Education
Ternium
TableauSoftware
TaiwanSemi
TelecomArgentina
TeledyneTech
Teleflex
TelefonicaBras
TemplMktFd
Terex
TerrenoRealty
Textron
ThermoFisherSci
TopBuild
TorontoDomBk
TotalSystem
TravelportWorldwd
Tri-Continental
Tronox
Unilever
Unilever
Visa
VailResorts
Vantiv
VarianMed
Vectren
Vedanta
VenatorMaterials
VersumMaterials
VoyaGlbAdvantage
WEC Energy
W.P.Carey
WasteConnections
WasteMgt
Waters
XcelEnergy
Xylem
Yirendai
YumBrands
Zoetis
0.3
0.3
1.3
-0.1
2.4
-1.4
1.5
2.7
2.1
1.6
1.0
2.0
1.2
1.5
1.4
1.3
1.8
-0.1
1.3
0.9
2.6
0.6
0.8
1.2
0.7
0.8
1.2
1.8
1.6
1.5
0.5
1.0
0.6
0.5
1.3
1.9
2.8
1.6
2.9
0.2
1.7
0.2
0.7
1.3
-0.1
0.8
3.9
7.0
0.5
2.0
...
0.2
-0.5
3.4
2.7
0.9
4.0
1.7
0.5
2.4
0.8
1.3
1.1
4.0
1.0
-1.4
0.6
0.4
0.3
0.6
1.9
0.3
0.5
1.6
1.2
0.3
0.7
1.2
2.3
2.7
0.5
1.0
0.6
0.4
1.2
0.8
1.4
0.6
0.3
3.7
1.7
0.9
NYSE lows - 14
AHBeloA
AHC
AllianceOne
AOI
CedarRealty6.5%PfC CDRpC
CobaltIntlEner CIE
EtnVncFR2022 EFL
KeyEnergySvcs KEG
CBTCS 01-31 XKE
NewellBrands NWL
RAIT Financial RAS
RAIT Fin PfdA RASpA
RAIT Fin PfdB RASpB
RAIT Fin PfdC RASpC
Satrn JCPen
HJV
ScienceApplicat SAIC
4.45
9.85
24.30
1.58
9.81
11.78
3.58
42.88
0.52
10.21
10.42
11.70
14.61
60.21
-1.1
0.5
...
-2.9
-0.1
5.0
-3.8
...
6.2
...
-1.7
-7.2
-1.8
0.4
NYSE Arca highs - 322
45.97
ALPS CohenStrs GRI
ALPSEmgDivDogs EDOG 25.50
65.82
ALPS EqSecWgh EQL
ALPSIntlDivDogs IDOG 28.05
ALPSMedBreak SBIO 31.32
ARKGenomicRev ARKG 25.50
ARKIndlInnovation ARKQ 30.60
AdvShDorseyADR AADR 54.35
BarcETNFIEnhEur50 FEEU 126.42
0.6
0.8
0.9
0.7
0.5
0.8
2.1
1.4
1.5
52-Wk %
Sym Hi/Lo Chg
BarclaysETN FI Enh FLEU
BarcETN+FIEnhGlHY FIGY
CambriaGlbMomentum GMOM
CambriaGlbValue GVAL
ClearSharesOCIO OCIO
ColumbiaBeyBRICs BBRC
ColumbiaEMConsumer ECON
ColumbiaIndiaInfr INXX
ColumbiaIndiaSC SCIN
CS FI LC Grwth FLGE
CurrShSGD
FXSG
DeutschexFTSEDev DEEF
DeutscheXCSI500ChA ASHS
DeutscheXNikkei400 JPN
DeutscheXAllChina CN
DeutscheXMSCIAWxUS DBAW
DeutscheXMSCIBrazl DBBR
DeutscheXMSCIEMHdg DBEM
DiamondHillVal DHVW
DirexCSIChinaInt CWEB
DirexDevMktBl3 DZK
DirexESTOXX50Bl3x EUXL
DirexEM Bull3 EDC
DirexChinaBl3 YINN
DirexFTSEEurBull3x EURL
DirexHlthcrBull3 CURE
DirexLatinAmBl3 LBJ
DirexS&P500Bl1.25 LLSP
EmgMktInternetEcom EMQQ
ETFMG PrimeMob IPAY
AlphaCloneIntl ALFI
FIEnhancedEur50ETN FIEU
FIEnhEurope50ETN FIEE
FidelityDivRising FDRR
FidelityLowVol FDLO
FidelityMSCIHlthCr FHLC
FidelityMSCIIT FTEC
FidelityRealEst FREL
FidelityMSCIUtils FUTY
FidelityQualFactor FQAL
FT DJ GlbSelDiv FGD
FTHorizonMgdVolDev HDMV
FT MatAlpDX FXZ
FT TechAlphaDEX FXL
FT USEquityOpp FPX
FlexShCurrHdgEM TLEH
FlexGlbQualRealEst GQRE
FlexShIntQuDivDyn IQDY
FlexShIntlQualDiv IQDF
FlexShEM FactTilt TLTE
FlexShSTOXXGlb NFRA
FrankIntlOpps FLIO
FranklinLibEM FLQE
FranklinLibQGlbDiv FLQD
FranklinGlbEquity FLQG
GlbXBrazilConsumer BRAQ
GlbX BrazilMC BRAZ
GlbX ChinaConsumer CHIQ
GlbXFTSENordReg GXF
GlbXJPMEfficiente EFFE
GlbXLithium&Batt LIT
GlbXNextEmerging EMFM
GlbXSciBetaAsiaXJ SCIX
GlbXSciBetaEurope SCID
GlbXSciBetaJapan SCIJ
GlbXSciBetaUS SCIU
GSActiveBetaEM GEM
GSActiveBetaIntlEq GSIE
GSActiveBetaJapan GSJY
GSActiveBetaUSLC GSLC
GuggBRIC
EEB
GuggChinaRE TAO
GuggChinaSC HAO
GuggChinaTech CQQQ
GuggDefEqty DEF
GuggFronMkts FRN
GuggS&P500EWHlthcr RYH
GuggS&P500EWTech RYT
GuggS&P500PureGr RPG
GuggInsider
NFO
GuggMSCIEMEq EWEM
GuggGlbTimber CUT
GuggMC Core CZA
GuggS&PGlblWtr CGW
GuggS&PHiIncmInfr GHII
HartfordMultiDvxUS RODM
HartfordMultiEM ROAM
HealthCareSelSect XLV
IQ50%HdgFTSEJapan HFXJ
IQGlobalResources GRES
IQ HedMultStra QAI
InnovatorIBD50Fd FFTY
InspireGlblHope BLES
iShA/PDividend DVYA
iShConsAllocat AOK
iShCoreDivGrowth DGRO
iShCoreMSCIEmgMk IEMG
iShCoreMSCIEurope IEUR
iShMSCIIntlDev IDEV
iShCoreMSCIPacific IPAC
iShModAllocation AOM
iShCoreS&P500ETF IVV
iShS&PTotlUSStkMkt ITOT
iShCurHdgMSCIEAFE HSCZ
iShUSBasicMaterial IYM
iShUSHealthcare IYH
iShU.S.Utilities IDU
iShUSMedDevices IHI
iShEdgeMSCIIntlMom IMTM
iShEdgeMSCIIntQual IQLT
iShEdgeMSCIMinJapn JPMV
iShEdgeMSCIMultif ACWF
iShEdgeMSCIMultInt INTF
iShEdgeMSCIMlIntSC ISCF
iShEmgMktDividend DVYE
iShEuropeETF IEV
iShGlobal100 IOO
iShLatinAmerica40 ILF
iShACWILowCarbon CRBN
iShMSCIAustriaCap EWO
151.46
160.68
26.64
25.93
25.64
18.44
27.94
14.92
20.92
194.90
74.03
28.85
37.49
27.20
35.90
26.77
12.03
23.46
29.43
51.81
74.64
28.79
111.37
30.33
35.76
47.62
38.00
33.05
36.89
32.43
24.89
130.42
168.50
28.88
28.50
40.03
46.09
25.06
36.27
29.63
25.85
33.81
39.63
46.90
63.29
30.13
62.77
28.17
26.65
57.93
48.82
28.66
32.32
28.62
29.19
18.23
11.90
16.55
24.07
26.40
36.09
23.66
25.75
28.17
30.44
29.33
34.31
29.11
31.22
49.63
37.19
29.67
28.88
56.63
43.68
14.86
179.46
132.94
99.08
58.05
34.23
29.86
62.03
34.27
29.20
28.41
25.09
83.20
20.40
27.13
29.89
30.91
27.19
50.23
34.53
32.17
54.90
49.25
56.21
56.61
37.95
251.01
56.94
29.09
93.89
174.40
139.74
170.67
29.82
28.82
64.75
28.66
27.75
30.65
43.60
46.46
87.45
35.92
111.75
23.36
1.6
1.5
0.8
1.0
0.5
0.5
1.3
1.7
0.8
1.9
-0.8
0.6
1.1
0.2
1.0
1.4
1.5
1.1
1.0
3.9
2.3
3.1
4.1
5.0
2.2
2.6
4.0
1.2
2.5
1.5
2.1
1.5
1.8
1.0
0.8
0.8
1.5
0.7
0.9
1.0
0.7
0.6
1.6
1.6
1.1
0.9
0.6
0.8
0.8
1.1
0.5
1.0
1.2
0.7
0.8
0.9
1.7
1.5
0.7
0.3
4.7
1.2
1.8
1.2
2.6
1.2
1.1
0.7
1.2
1.0
1.5
1.8
1.2
2.0
0.9
1.8
0.9
1.6
1.0
1.3
0.4
1.2
1.2
0.8
0.8
0.3
1.1
0.8
1.0
0.3
0.3
1.8
0.4
0.4
0.1
1.2
1.3
0.8
0.8
0.5
0.3
1.1
1.1
1.1
1.4
0.8
0.9
0.6
0.9
0.7
0.7
1.4
0.6
0.6
0.6
0.8
1.1
1.4
1.0
0.5
Net
Sym Close Chg
Encana
ECA 9.48 0.26
EnelAmericas ENIA 10.41
...
EnelChile
ENIC 5.92 0.05
EnelGenChile EOCC 25.50 0.02
EnergyTrfrEquity ETE 17.70 -0.08
EnergyTransfer ETP 18.68 0.13
EnLinkMidPtrs ENLK 16.25 0.22
Entergy
ETR 80.34 0.53
EnterpriseProd EPD 26.26 0.01
EnvisionHlthcr EVHC 50.62 1.37
Equifax
EFX 113.12-10.11
EquityLife ELS 88.93 2.70
EquityResdntl EQR 68.61 0.52
s EssexProp ESS 269.39 2.81
s EsteeLauder EL 108.74 -0.07
EverestRe RE 231.96 9.48
s EversourceEner ES 64.11 0.62
Exelon
EXC 38.47 0.30
ExtraSpaceSt EXR 79.73 -2.52
ExxonMobil XOM 79.25 0.43
s FMC
FMC 88.97 1.83
FactSet
FDS 159.15 0.02
FederalRealty FRT 130.25 0.87
FedEx
FDX 212.40 1.92
Ferrari
RACE 111.48 2.12
FiatChrysler FCAU 16.35 0.04
s FibriaCelulose FBR 13.93 0.07
FidelityNatlFin FNF 47.78 0.75
FNFV Group FNFV 16.75 0.55
s FidelityNtlInfo FIS 93.39 1.09
58.com
WUBA 66.28 2.31
FirstData
FDC 18.85 0.36
FirstRepBank FRC 96.03 2.13
FirstEnergy FE 32.51 0.30
FleetCorTech FLT 146.10 1.75
Fluor
FLR 39.34 0.24
FomentoEconMex FMX 98.62 0.47
FordMotor F
11.41 0.05
s ForestCIty A FCE/A 26.20 0.54
Fortis
FTS 37.50 -0.08
s Fortive
FTV 67.52 1.04
FortBrandsHome FBHS 64.50 0.07
Franco-Nevada FNV 82.69 -1.89
FranklinRscs BEN 41.73 0.69
Freeport-McMoRan FCX 14.39 0.15
FreseniusMed FMS 48.31 0.34
GGP
GGP 21.59 0.31
s Gallagher AJG 60.04 0.35
Gap
GPS 25.94 0.24
Gartner
IT 125.40 1.03
Gazit-Globe GZT 9.88 0.12
GeneralDynamics GD 200.33 2.46
GeneralElec GE 23.72 -0.10
GeneralMills GIS 55.78 0.43
GeneralMotors GM 37.35 0.35
GenuineParts GPC 85.82 0.47
Gerdau
GGB 3.92 0.02
s Gildan
GIL 31.60 0.20
GlaxoSmithKline GSK 40.27 0.22
GlobalPayments GPN 96.50 1.41
GoDaddy
GDDY 43.98 0.46
Goldcorp
GG 13.83 -0.36
GoldmanSachs GS 221.06 3.85
s Graco
GGG 116.59 0.96
Grainger
GWW 164.59 -0.38
GreatPlainsEner GXP 31.01 0.27
GpoAeroportuar PAC 107.33 -1.00
GpoAeroportSur ASR 200.97 0.10
GpoAvalAcciones AVAL 9.01 -0.06
GpFinSantandMex BSMX 10.41 0.29
GrupoTelevisa TV 25.19 0.18
GuidewireSoftware GWRE 79.71 -0.10
HCA Healthcare HCA 78.35 1.30
HCP
HCP 30.33 0.12
HDFC Bank HDB 98.95 1.52
HP
HPQ 19.32 0.20
HSBC
HSBC 48.47 0.61
Halliburton HAL 40.63 0.34
Hanesbrands HBI 25.43 0.30
HarleyDavidson HOG 47.57 0.56
Harris
HRS 123.27 0.76
HartfordFinl HIG 53.94 0.77
HealthcareAmer HTA 31.78 0.32
Heico
HEI 85.49 0.09
Heico A
HEI/A 72.45 0.05
Herbalife
HLF 69.01 -0.04
Hershey
HSY 109.65 1.50
Hess
HES 40.92 0.65
HewlettPackard HPE 13.35 0.23
Hilton
HLT 65.95 0.81
HollyFrontier HFC 32.71 0.31
HomeDepot HD 158.37 -1.29
HondaMotor HMC 28.89 0.43
Honeywell HON 139.00 1.43
HormelFoods HRL 31.68 0.08
DR Horton DHI 36.93 0.68
HostHotels HST 18.21 0.06
HuanengPower HNP 26.36 0.31
Hubbell
HUBB 112.96 1.01
s Humana
HUM 257.21 0.65
HuntingtonIngalls HII 211.78 1.35
Huntsman HUN 27.52 0.68
HyattHotels H
60.05 0.49
ICICI Bank IBN 9.12 0.02
ING Groep ING 17.86 0.15
Invesco
IVZ 32.10 0.41
s IDEX
IEX 120.70 0.15
IllinoisToolWks ITW 141.52 1.48
Stock
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE
MKT and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in
the latest session. % CHG-Daily percentage change from the previous trading session.
52-Wk %
Sym Hi/Lo Chg Stock
Stock
Stock
Infosys
INFY 14.57 0.04
Ingersoll-Rand IR
88.52 1.06
Ingredion
INGR 124.60 0.37
ICE
ICE 65.71 0.37
InterContinentl IHG 50.17 0.44
IBM
IBM 144.86 2.41
s IntlFlavors IFF 143.14 1.31
IntlPaper
IP
56.10 1.32
Interpublic IPG 20.32 -0.06
InvitationHomes INVH 22.91 0.58
s IronMountain IRM 40.38 0.34
IsraelChemicals ICL 4.29 -0.08
s ItauUnibanco ITUB 13.72 0.20
JPMorganChase JPM 89.79 1.37
Jabil
JBL 31.25 0.81
JacobsEngineering JEC 54.89 0.26
JamesHardie JHX 14.67 0.03
JanusHenderson JHG 33.59 0.20
J&J
JNJ 133.21 2.23
JohnsonControls JCI 39.40 0.24
JonesLangLaSalle JLL 121.99 1.73
JuniperNetworks JNPR 26.98 0.36
KAR Auction KAR 45.76 0.68
KB Fin
KB 46.98 1.62
KKR
KKR 18.66 0.50
KT
KT 15.17 0.03
KSCitySouthern KSU 106.04 1.61
Kellogg
K
68.77 0.32
KeyCorp
KEY 17.03 0.41
KeysightTechs KEYS 39.99 0.37
KilroyRealty KRC 68.65 0.51
KimberlyClark KMB 119.60 1.47
KimcoRealty KIM 20.30 0.13
KinderMorgan KMI 19.44 0.30
KinrossGold KGC 4.67 -0.16
Kohl's
KSS 43.38 1.38
s KoninklijkePhil PHG 40.49 0.38
KoreaElcPwr KEP 18.25 0.13
Kroger
KR 21.34 0.28
Kyocera
KYO 61.22 0.90
LATAMAirlines LTM 13.19 0.21
L Brands
LB 37.90 0.80
LG Display LPL 14.29 0.34
LINE
LN 35.47 -0.08
L3 Tech
LLL 183.26 1.06
LabCpAm LH 159.21 1.66
LambWeston LW 45.63 0.19
LasVegasSands LVS 64.28 1.16
Lear
LEA 152.99 1.99
Leggett&Platt LEG 45.37 0.07
Leidos
LDOS 57.41 0.30
Lennar A
LEN 51.74 1.20
Lennar B
LEN/B 43.15 1.19
LennoxIntl LII 168.60 -0.27
LeucadiaNatl LUK 22.73 0.37
Level3Comm LVLT 52.49 -0.32
s LibertyProperty LPT 43.35 0.58
EliLilly
LLY 82.63 -0.29
LincolnNational LNC 67.18 1.38
LionsGate A LGF/A 30.30 -0.08
LionsGate B LGF/B 29.00 -0.25
LiveNationEnt LYV 41.16 0.55
LloydsBanking LYG 3.37 0.01
LockheedMartin LMT 304.48 1.58
Loews
L
46.73 0.76
Lowe's
LOW 77.50 -1.06
LyondellBasell LYB 93.66 2.06
M&T Bank MTB 146.52 2.45
MGM Resorts MGM 33.08 -0.17
MPLX
MPLX 34.24 0.19
s MSCI
MSCI 115.77 0.88
Macerich
MAC 54.39 0.16
MacquarieInfr MIC 73.83 0.85
Macy's
M
21.48 0.16
MagellanMid MMP 69.70 0.36
MagnaIntl MGA 48.86 0.24
Manpower MAN 114.12 1.76
ManulifeFin MFC 19.76 0.30
MarathonOil MRO 11.49 0.18
MarathonPetrol MPC 53.75 0.33
Markel
MKL 1035.65 6.76
s Marsh&McLennan MMC 81.20 -0.75
MartinMarietta MLM 204.26 -7.74
Masco
MAS 37.64 0.07
s Mastercard MA 141.99 4.77
McCormick MKC 98.04 0.44
McCormickVtg MKC/V 98.49 2.16
s McDonalds MCD 161.53 1.82
McKesson MCK 159.24 2.30
Medtronic MDT 81.56 -0.47
Merck
MRK 65.13 0.86
MetLife
MET 47.59 0.45
s MettlerToledo MTD 623.74 11.04
MichaelKors KORS 42.69 0.54
MidAmApt MAA 109.11 1.17
MitsubishiUFJ MTU 6.14 0.11
MizuhoFin MFG 3.45 0.01
MobileTeleSys MBT 10.84 0.20
s MohawkIndustries MHK 258.07 0.15
MolsonCoors B TAP 89.41 1.16
Monsanto MON 117.23 -0.19
s Moody's
MCO 135.72 0.37
MorganStanley MS 45.16 1.15
Mosaic
MOS 20.01 0.62
MotorolaSolutions MSI 87.01 1.89
NRG Energy NRG 23.88 -0.04
NTTDoCoMo DCM 23.08 -0.21
s NVR
NVR 2818.99 67.29
52-Wk %
Sym Hi/Lo Chg Stock
iShMSCIBRICETF BKF
iShMSCIBelgiumCap EWK
iShMSCIBrazilCap EWZ
iShMSCICanadaETF EWC
iShMSCIChinaSC ECNS
iShMSCI EAFE EFA
iShMSCIEmgMarkets EEM
iShMSCIEmgMktSC EEMS
iShMSCIFranceETF EWQ
iShMSCIGermanyETF EWG
iShMSCIHongKong EWH
iShMSCIIrelandCap EIRL
iShMSCIItalyCapped EWI
iShMSCIJapanETF EWJ
iShMSCIJapanSC SCJ
iShMSCIKLD400Soc DSI
iShMSCIKokusaiETF TOK
iShMSCINetherlands EWN
iShMSCIPacificxJp EPP
iShMSCIThailandCap THD
iShMSCIUSAESGSelct SUSA
iShMSCIWorldETF URTH
iShMorningstarLC JKD
iShMornLCGrowth JKE
iShRussell1000Gwth IWF
iShRussell1000ETF IWB
iShRussell3000ETF IWV
iShRussellTop200Gr IWY
iShRussellTop200 IWL
iShS&P100
OEF
iShS&P500Growth IVW
iShGlobalTechETF IXN
iShGlobalHealthcr IXJ
iShIntlDevProperty WPS
iShGlobalUtilities JXI
iShGlobalMaterials MXI
iShGloblIndustrial EXI
iShNorthAmerTech IGM
iShDowJonesUS IYY
iShChinaLC
FXI
iShRussellMCGrowth IWP
iShYdOptimizedBd BYLD
HancockDevIntl JHMD
HancockLC
JHML
HancockTech JHMT
HancockUtils JHMU
JPM DivRetEM JPEM
JPMDivReturnEurope JPEU
JPM DivRetGlEq JPGE
JPM DivRetIntlEq JPIN
JPM DivRetUS Eq JPUS
KnowldgLdrDevWrld KLDW
NatixisSeeyondIntl MVIN
OShFTSEAsiaPacQlty OASI
OShsFTSEEurQltyDiv OEUR
OShFTSERussIntl ONTL
OShFTSEUSQuality OUSA
PIMCO DynMultEM MFEM
PIMCO DynMultIn MFDX
PIMCO DynMultUS MFUS
PwrShUsRealEst PSR
PwrShCleantch PZD
PwrShDynBiot PBE
PwrShDynPharm PJP
PwrShDynSoftware PSJ
PwrShEmergInfra PXR
PwrShDynLC Grwth PWB
PwrShDevMkt xUS PXF
PwrShFTSERAFIDevMk PDN
PwrShFTSE EM PXH
PwrShGlbClEngy PBD
PwrShS&PEM Mom EEMO
PwrShS&PIntlDev IDHQ
PwrShRussMCGrw PXMG
PwrShRussTop200 EQWL
PwrShRussTop200G PXLG
PwrShS&P500LoVol SPLV
PwrShS&P500xRate XRLV
PwrShS&P500Qual SPHQ
PwrShS&PIntDev IDLV
PwrShS&PIntlDev IDMO
ProShDJBrkGlIn TOLZ
ProShS&P500xEner SPXE
ProShXinhuaChina25 XPP
ProShrUlHlthCr RXL
ProShUltBrazil UBR
ProShUltMSCIEM EET
ProShrUltraJapan EZJ
ProShrUltraRE URE
ProShrUltraUtil UPW
RealEstSectorSPDR XLRE
ReavesUtilitiesETF UTES
RenaissanceIPOETF IPO
SPDRBloomBarEMLoBd EBND
SPDREUROSTOXXSC SMEZ
SPDRFactSetInnTech XITK
SPDRGlobalDow DGT
SPDRMFSSysGrowth SYG
SPDRMSCIACWIIMI ACIM
SPDRACWILowCarbon LOWC
SPDRMSCICAStrat QCAN
SPDREAFEFossilFr EFAX
SPDRMSCIEMStrat QEMM
SPDRMSCIDEStrat QDEU
SPDRMSCIUSAStrat QUS
SPDRMSCIWorldStrat QWLD
SPDR NYSE Tech XNTK
SPDRRussell1000ETF ONEK
SPDRS&P500Growth SPYG
SPDRS&PGlbDividend WDIV
SPDRS&PGlbInfr GII
SPDRS&PHlthCareEqp XHE
SPDRS&PTransport XTN
SPDRGenderDivers SHE
SPDRSSgAGlbAll GAL
SPDRSSgAIncmAllctn INKM
SchwabEM Equity SCHE
SchwabFundEmgLrg FNDE
SchwabFundIntLrgCo FNDF
SchwabFundIntlSmCo FNDC
SchwabIntEquity SCHF
SchwabIntlSC SCHC
SchwabUS BrdMkt SCHB
SchwabUS Div SCHD
SchwabUS LC SCHX
SchwabUS LC Grw SCHG
SPDR EurSTOXX FEZ
SPDR MSCI exUS CWI
SPDREmMktSmlCp EWX
SpdrSPIntDiv DWX
43.30
21.22
42.93
28.49
50.03
68.16
45.52
50.45
30.48
32.00
25.05
45.11
31.09
55.43
73.66
92.05
61.85
31.22
47.20
84.84
105.33
83.32
151.21
146.48
124.78
138.64
147.43
67.88
57.25
110.52
143.44
141.95
113.46
38.97
53.07
65.63
86.75
154.85
124.72
44.57
111.41
26.01
29.39
32.32
37.81
28.92
57.72
60.48
59.57
58.16
66.83
31.80
45.52
29.67
25.88
27.50
30.05
25.33
25.53
25.25
81.33
40.35
49.86
65.84
61.04
37.54
38.48
43.81
32.93
22.30
12.57
20.56
23.47
38.14
49.42
42.76
45.95
31.35
28.56
33.69
27.19
44.51
52.17
76.06
87.62
88.12
85.92
111.13
66.69
51.82
33.46
34.83
26.36
30.47
62.51
76.36
79.94
75.06
74.53
85.79
59.02
71.39
62.07
62.48
72.11
71.69
78.63
117.08
123.95
68.49
53.74
63.19
58.15
68.90
36.87
33.33
27.48
29.33
29.58
34.58
33.25
35.63
60.14
46.34
59.53
65.97
40.87
37.77
50.84
41.46
1.6
0.7
1.5
0.7
1.0
0.8
1.3
0.8
0.8
1.1
1.3
0.2
1.2
0.5
...
1.1
0.9
0.7
0.8
1.0
1.3
1.0
1.3
0.8
1.0
1.1
1.0
0.9
0.9
1.0
0.9
1.6
0.7
0.1
0.6
1.0
0.9
1.5
1.1
1.7
1.0
...
1.2
1.1
1.7
1.1
0.9
0.7
0.7
0.6
0.9
0.8
0.3
0.7
1.0
0.5
0.8
1.0
0.7
1.0
0.5
1.0
0.6
1.3
1.4
1.5
1.2
0.9
0.4
1.1
1.6
1.8
0.7
1.1
1.0
0.9
1.0
0.9
0.9
0.2
1.4
0.6
0.9
3.4
1.5
2.9
2.8
1.6
1.6
1.7
0.7
1.2
1.4
-0.1
0.9
1.6
0.8
0.8
1.0
0.7
0.9
0.7
0.8
1.2
1.1
0.6
1.6
1.0
1.0
0.6
0.6
0.7
0.8
1.0
0.5
0.3
1.1
1.3
0.8
0.5
0.8
0.3
1.1
0.8
1.1
1.0
1.0
0.9
1.0
0.7
Net
Sym Close Chg
Stock
NationalGrid NGG 65.04
NatlOilwell NOV 32.26
NatlRetailProp NNN 43.09
NewOrientalEduc EDU 90.01
NY CmntyBcp NYCB 11.97
t NewellBrands NWL 44.02
NewmontMining NEM 38.22
s NextEraEnergy NEE 151.40
NielsenHoldings NLSN 39.00
Nike
NKE 53.03
NiSource
NI
27.23
NobleEnergy NBL 25.04
Nokia
NOK 6.08
NomuraHoldings NMR 5.41
Nordstrom JWN 44.72
s NorfolkSouthern NSC 126.42
NorthropGrumman NOC 269.30
Novartis
NVS 85.59
s NovoNordisk NVO 48.69
Nucor
NUE 53.97
NuSTAREnergy NS 40.77
OGE Energy OGE 36.59
ONEOK
OKE 56.52
OccidentalPetrol OXY 60.41
Och-Ziff
OZM 2.91
OmegaHealthcare OHI 32.55
Omnicom OMC 73.34
s Oracle
ORCL 52.49
Orange
ORAN 16.71
OrbitalATK OA 108.56
Orix
IX
79.22
Oshkosh
OSK 75.41
OwensCorning OC 74.48
s PG&E
PCG 71.56
PLDT
PHI 32.82
PNC Fin
PNC 123.77
POSCO
PKX 74.99
PPG Ind
PPG 105.90
PPL
PPL 39.83
PVH
PVH 129.60
s PackagingCpAm PKG 116.80
PaloAltoNtwks PANW 144.88
ParkHotels PK 27.11
ParkerHannifin PH 165.09
ParsleyEnergy PE 24.04
Pearson
PSO 7.73
PembinaPipeline PBA 33.54
Pentair
PNR 63.65
PepsiCo
PEP 115.69
PerkinElmer PKI 68.30
Perrigo
PRGO 85.07
PetroChina PTR 65.12
PetroleoBrasil PBR 9.98
PetroleoBrasilA PBR/A 9.66
Pfizer
PFE 34.32
PhilipMorris PM 117.93
Phillips66 PSX 85.19
PinnacleFoods PF 59.71
s PinnacleWest PNW 90.75
PioneerNatRscs PXD 129.69
PlainsAllAmPipe PAA 21.93
PlainsGP
PAGP 22.81
PolarisIndustries PII 98.99
PostHoldings POST 84.93
Potash
POT 18.29
Praxair
PX 135.01
PrincipalFin PFG 61.88
s Procter&Gamble PG 93.99
Progressive PGR 46.42
s Prologis
PLD 65.13
PrudentialFin PRU 100.93
Prudential PUK 47.16
PublicServiceEnt PEG 46.74
PublicStorage PSA 213.40
s PulteGroup PHM 26.17
QuantaServices PWR 36.16
QuestDiag DGX 108.23
QuintilesIMS Q
96.94
s RELX
RENX 21.55
s RELX
RELX 22.52
RPM
RPM 49.58
RalphLauren RL 92.15
RaymondJames RJF 77.09
Raytheon RTN 182.72
RealtyIncome O
59.45
s RedHat
RHT 107.62
RegencyCtrs REG 65.00
RegionsFin RF 13.52
ReinsuranceGrp RGA 133.72
s RepublicServices RSG 66.28
s ResMed
RMD 81.38
s RestaurantBrands QSR 64.85
RiceEnergy RICE 27.09
RioTinto
RIO 49.24
RobertHalf RHI 45.86
s Rockwell
ROK 168.84
RockwellCollins COL 130.81
s RogersComm B RCI 53.17
Rollins
ROL 44.56
RoperTech ROP 236.82
RoyalBkCanada RY 75.14
RoyalBkScotland RBS 6.50
RoyalCaribbean RCL 121.69
RoyalDutchA RDS/A 56.85
RoyalDutchB RDS/B 58.58
s SAP
SAP 110.19
S&P Global SPGI 152.77
SINOPECShanghai SHI 62.23
52-Wk %
Sym Hi/Lo Chg Stock
SPDR S&P 500 SPY
SPDR SP China GXC
SPDR SP EmAsPac GMF
SPDR SP EmMkt GMM
SPDR IntlSC
GWX
SPDR S&P exUS GWL
Whiskey&SpiritsETF WSKY
TierraXPLatAmRlEst LARE
UBS FIEnhGlbHY FIHD
UBS FIEnhLCGrw FBGX
UtilitiesSelSector XLU
VanEckAgribus MOO
VanEckBrazilSC BRF
VanEckSMEChiNxt CNXT
VanEckEM AggBd EMAG
VanEckGaming BJK
VanEckMornIntlMoat MOTI
VanEckNatRscs HAP
VanEckOilRefin CRAK
VanEckRareEarth REMX
VanEckUranium NLR
VangdInfoTech VGT
VangdAWxUSSC VSS
VangdFTSEDevMk VEA
VangdFTSE EM VWO
VangdFTSE Europe VGK
VangdFTSE Pac VPL
VangdFTSEAWxUS VEU
VangdGrowth VUG
VangdHlthCr
VHT
VangdHiDiv
VYM
VangdLC
VV
VangdMegaCap MGC
VangdMegaGrwth MGK
VangdMCGrowth VOT
VangdS&P500 VOO
VangdS&P500 Grw VOOG
VangdTotalStk VTI
VangdTotlWrld VT
VangdUtilities VPU
WBITacticalRotatn WBIR
WisdTrAPxJp AXJL
WisdTrBrazilReal BZF
WisdTrEmgCurr CEW
WisdTrEMxSOE XSOE
WisdTrEM HiDiv DEM
WisdTrEM SC DGS
WisdTrEurQualDiv EUDG
WisdTrEuropeSC DFE
WisdTrGlbXMexico XMX
WisdTrGlbxUSQual DNL
WisdTrGlbxUSREFd DRW
WisdTrGlbHiDiv DEW
WisdTrIntDivxFin DOO
WisdTrIntlEquity DWM
WisdTrIntlHiDiv DTH
WisdTrIntlLC Div DOL
WisdTrIntlMC Div DIM
WisdTrIntlSC DLS
WisdTrJapanSC DFJ
WisdTrUSEarn500 EPS
WisdTrUSLCDivFd DLN
WisdTrUSTotalDivFd DTD
249.30
102.19
100.76
73.99
34.92
30.43
31.55
32.56
159.50
193.83
55.90
57.74
25.59
35.34
22.06
41.95
35.82
34.94
26.25
26.33
53.50
151.89
115.27
43.33
45.09
58.04
68.46
52.98
132.99
154.29
80.15
114.53
85.63
105.05
120.99
229.01
128.66
127.91
70.50
122.77
24.93
69.54
19.45
19.39
29.88
44.79
50.43
26.52
68.83
27.92
57.47
32.32
46.91
43.20
54.36
43.81
49.53
66.65
73.60
73.93
86.09
85.93
86.75
1.1
1.9
1.3
1.2
0.2
0.8
0.6
0.2
1.3
1.7
0.8
0.8
0.7
0.7
0.2
1.0
0.4
0.5
-0.4
4.1
1.0
1.5
0.5
0.7
1.2
0.8
0.7
0.8
0.9
0.7
1.1
1.1
1.1
0.9
0.8
1.1
0.9
1.1
1.0
0.9
0.7
0.9
...
...
1.3
0.9
1.1
0.7
0.4
2.0
0.9
0.8
0.9
0.8
0.7
0.9
0.8
0.6
0.2
-0.1
1.0
1.1
0.9
NYSE Arca lows - 29
DirexDevMktBear3 DPK
DirexEM Bear3 EDZ
DirexChinaBr3 YANG
DirexHlthcrBr3 SICK
DirexRealEstBr3 DRV
DirexRussiaBr3 RUSS
DirexS&P500Br3 SPXS
DirexS&P500Br1 SPDN
FrankIntMunOpp FLMI
ProShShtBasicMat SBM
ProShShXinhuaCh25 YXI
ProShShMSCI EAFE EFZ
ProShShtMSCI EM EUM
ProShShtRE
REK
ProShShrtS&P500 SH
ProShUltVIXST UVXY
ProShUltProShS&P SPXU
ProShrUSBscMtls SMN
ProShrUltShFTSEEur EPV
ProShXinhuaChina25 FXP
ProShrUltraBrazil BZQ
ProShrUS MSCI EAFE EFU
ProShrUS MSCI Jpn EWV
ProShrUS MSCI EM EEV
ProShrUSRlEst SRS
ProShUltShtS&P500 SDS
ProShrUSTech REW
ProShrUSUtil SDP
VelocityShVIXTail BSWN
13.96 -2.2
10.69 -4.2
7.33 -5.2
19.65 -2.1
10.25 -2.3
24.00 -4.6
37.66 -3.2
33.03 -1.0
25.04 ...
19.33 -2.1
20.56 -1.6
26.50 -0.8
18.92 -1.4
15.90 -0.7
32.54 -1.0
27.86 -11.4
14.29 -3.2
16.04 -2.8
32.94 -2.0
19.63 -3.4
8.75 -2.8
24.77 -1.6
31.51 -2.0
9.34 -2.7
29.43 -1.6
47.79 -2.1
19.86 -2.1
23.57 -1.7
18.59 -2.1
NYSE American highs - 2
AberdeenEmgSmCos ABE
AbrdIndonesiaFd IF
14.75 1.3
7.81 -0.4
NYSE American lows - 8
1.83 2.6
AvalonHoldings AWX
3.23 -6.8
GEE Group
JOB
Gabelli6%CumPfdA GLUpA 50.52 -0.6
1.23 ...
InnSuitesHosp IHT
0.66 -3.2
NorthernOil&Gas NOG
0.13 -27.8
ReavesUtilityRt UTGr
0.37 1.3
TanRoyExplr
TRX
1.65 2.3
Zedge
ZDGE
Nasdaq highs - 238
AGNC InvPfdC AGNCN
ASML
ASML
Abiomed
ABMD
AdaptimmuneTher ADAP
AdestoTech
IOTS
AdobeSystems ADBE
AdvAcceltrApp AAAP
AkebiaTherap AKBA
AlignTech
ALGN
AllscriptsHlthcr MDRX
Amgen
AMGN
AnaptysBio
ANAB
AnikaTherap
ANIK
AppFolio
APPF
Appian
APPN
ArbutusBiopharma ABUS
AspenTech
AZPN
25.40
162.88
158.13
9.29
7.30
157.89
52.83
17.44
185.61
13.97
186.71
32.47
56.46
45.65
27.36
4.80
64.45
-0.1
1.9
0.6
-0.9
8.3
1.0
6.2
2.4
1.5
3.4
3.2
1.8
0.7
3.2
3.6
-4.3
1.0
Net
Sym Close Chg
-0.11
0.51
0.43
2.12
0.24
-0.02
-1.09
3.14
0.52
0.83
0.12
0.42
0.09
0.10
-1.38
2.50
1.85
-0.04
0.72
-0.58
0.59
0.44
0.30
0.17
-0.05
0.09
0.51
0.91
0.07
0.66
-0.27
0.96
-2.32
0.92
-0.22
2.26
1.24
2.31
0.28
1.84
3.01
0.85
0.49
3.76
0.18
0.06
0.18
1.63
0.65
0.65
2.28
0.78
0.18
0.16
0.22
0.87
0.49
0.71
0.74
1.19
0.26
0.23
0.90
1.15
0.54
2.55
1.21
1.15
1.01
1.16
2.02
0.77
0.29
-4.91
0.41
0.03
0.69
-0.06
0.22
0.13
0.49
1.36
1.77
1.03
0.12
0.50
0.82
0.26
3.50
0.82
1.54
1.75
0.30
0.97
0.37
4.83
-0.14
0.10
-0.08
2.44
0.61
...
4.24
0.30
0.37
1.89
0.84
-0.22
Net
Sym Close Chg
Stock
SK Telecom SKM 24.15
SLGreenRealty SLG 96.60
s Salesforce.com CRM 97.71
Sanofi
SNY 48.74
Sasol
SSL 30.35
Scana
SCG 59.63
Schlumberger SLB 65.77
SchwabC
SCHW 39.31
ScottsMiracleGro SMG 94.30
SealedAir SEE 43.61
s SempraEnergy SRE 120.06
SensataTech ST 45.70
ServiceCorp SCI 34.97
ServiceMaster SERV 46.89
ServiceNow NOW 117.67
ShawComm B SJR 22.78
SherwinWilliams SHW 347.52
ShinhanFin SHG 43.80
s Shopify
SHOP 117.99
SimonProperty SPG 160.32
SmithAO
AOS 57.53
Smith&Nephew SNN 37.03
Smucker
SJM 107.10
Snap
SNAP 15.27
SnapOn
SNA 147.21
s SOQUIMICH SQM 51.81
Sony
SNE 40.35
Southern
SO 50.61
SoCopper SCCO 40.13
SouthwestAirlines LUV 53.60
SpectraEnerPtrs SEP 44.15
SpectrumBrands SPB 104.62
SpiritAeroSys SPR 75.27
Sprint
S
7.61
Square
SQ 27.57
StanleyBlackDck SWK 147.46
StarwoodProp STWD 22.06
StateStreet STT 94.33
Statoil
STO 19.03
s Steris
STE 87.48
s STMicroelec STM 19.05
Stryker
SYK 143.69
SumitomoMits SMFG 7.48
SunCommunities SUI 90.03
SunLifeFinancial SLF 38.82
SuncorEnergy SU 33.08
SunTrustBanks STI 53.57
SynchronyFin SYF 29.15
Syngenta SYT 92.07
Sysco
SYY 53.29
s TAL Education TAL 32.04
TE Connectivity TEL 80.97
Telus
TU 36.09
s Ternium
TX 32.40
TIM Part
TSU 18.17
TJX
TJX 72.84
s TableauSoftware DATA 74.80
s TaiwanSemi TSM 37.84
TargaResources TRGP 45.55
Target
TGT 57.29
TataMotors TTM 29.74
TechnipFMC FTI 25.77
TeckRscsB TECK 23.35
s TelecomArgentina TEO 31.68
TelecomItalia TI
9.48
TelecomItalia A TI/A 7.59
s Teleflex
TFX 233.85
s TelefonicaBras VIV 16.16
Telefonica TEF 10.90
TelekmIndonesia TLK 35.72
Tenaris
TS 27.69
Teradyne
TER 35.74
TevaPharm TEVA 18.50
s Textron
TXT 51.19
s ThermoFisherSci TMO 193.57
ThomsonReuters TRI 45.64
ThorIndustries THO 109.83
3M
MMM 209.56
Tiffany
TIF 95.60
TimeWarner TWX 100.57
Toll Bros
TOL 39.67
Torchmark TMK 76.84
Toro
TTC 60.77
s TorontoDomBk TD 54.81
Total
TOT 53.12
s TotalSystem TSS 69.75
ToyotaMotor TM 116.23
TransCanada TRP 51.65
TransDigm TDG 255.00
TransUnion TRU 47.86
Travelers
TRV 122.56
TurkcellIletism TKC 9.61
TurquoiseHill TRQ 3.27
Twitter
TWTR 17.66
TylerTech TYL 171.15
TysonFoods TSN 65.50
UBS Group UBS 16.48
UDR
UDR 39.79
UGI
UGI 49.44
US Foods USFD 27.15
UltraparPart UGP 24.09
UnderArmour A UAA 17.42
UnderArmour C UA 16.34
s Unilever
UN 60.81
s Unilever
UL 59.63
UnionPacific UNP 108.10
UnitedContinental UAL 60.46
UnitedMicro UMC 2.67
52-Wk %
Sym Hi/Lo Chg Stock
AtlAcquisitionWt ATACR
AudentesTherap BOLD
BldrsAsia50ADS ADRA
BallardPower BLDP
Biogen
BIIB
BioTelemetry BEAT
BldrsEmg50
ADRE
BldrsEur100
ADRU
BlueBuffaloPet BUFF
BluStrTABIGIIsrael ITEQ
Bottomline
EPAY
BroadSoft
BSFT
CME Group
CME
CSW Industrials CSWI
CasellaWaste CWST
CelsiusHldg
CELH
Celyad
CYAD
Cerner
CERN
ChurchillDowns CHDN
CitizensFirst
CZFC
Co-Diagnostics CODX
Codexis
CDXS
Cognex
CGNX
CognizantTech CTSH
ColumbusMcKinn CMCO
ComtechTel
CMTL
Control4
CTRL
CorceptTherap CORT
CoriumIntl
CORI
CryoPort
CYRX
Cutera
CUTR
CyrusOne
CONE
DigitalTurbine APPS
DynavaxTechs DVAX
EXACT Sci
EXAS
ElbitSystems ESLT
EldoradoResorts ERI
Epizyme
EPZM
Equinix
EQIX
ExtremeNetworks EXTR
FNBBancorp
FNBG
FarmersBancp FMAO
FedStreetAcqnUn FSACU
FederalStrWt FSACW
FireEye
FEYE
FirstCapital
FCAP
FT BICK
BICK
FTBrazilAlphaDEX FBZ
FT CapStrength FTCS
FT ChinaAlphaDEX FCA
0.44
24.50
33.02
3.56
329.95
39.20
43.33
22.33
26.39
30.64
31.12
50.53
129.75
42.20
17.87
7.00
54.16
70.50
202.19
24.25
6.49
5.80
111.16
72.33
33.25
20.41
27.18
17.95
9.74
9.46
40.15
65.73
1.40
21.85
43.50
143.69
24.98
18.80
474.71
11.88
32.48
83.63
10.32
1.15
16.61
37.00
29.31
18.20
47.19
28.32
10.0
4.4
1.2
6.3
0.1
-1.3
2.0
1.0
-0.5
0.7
1.1
1.5
0.6
1.0
-1.0
2.0
-5.4
1.6
-0.2
3.9
4.0
3.6
2.8
1.5
0.9
2.3
2.5
3.1
2.3
1.7
0.8
1.5
1.5
7.9
0.8
1.3
2.7
-2.1
2.7
5.1
1.3
1.8
0.6
9.5
2.5
1.2
1.6
0.9
1.0
2.4
-0.11
1.15
1.28
-0.63
...
0.40
0.91
0.63
0.05
0.59
0.90
0.64
0.27
0.39
1.27
0.08
2.97
0.94
4.38
0.76
1.01
-0.04
-0.04
-0.07
0.21
3.37
0.42
0.41
0.54
0.73
0.25
1.56
-0.28
-0.13
1.04
0.41
0.09
1.83
0.07
0.43
0.37
1.19
0.04
1.44
0.55
0.37
1.20
0.60
0.01
0.37
-0.17
2.04
0.24
1.07
0.37
0.45
1.95
0.34
0.34
0.02
0.10
0.27
0.11
1.22
0.02
-0.02
1.10
0.38
0.19
0.24
-0.01
0.66
3.00
1.95
1.94
0.11
0.13
3.87
2.44
0.37
0.21
0.77
0.74
0.34
0.30
0.27
1.26
0.50
0.98
0.36
2.80
0.21
-0.03
0.21
1.44
0.11
0.08
0.24
0.73
0.05
0.10
...
0.22
0.20
0.31
0.89
2.08
0.02
Net
Sym Close Chg
Stock
UPS B
UPS 116.20
UnitedRentals URI 125.03
US Bancorp USB 50.88
US Steel
X
26.86
UnitedTech UTX 109.64
UnitedHealth UNH 199.58
UniversalHealthB UHS 112.59
UnumGroup UNM 48.04
VEREIT
VER 8.61
VF
VFC 63.36
s Visa
V
106.15
s VailResorts MTN 230.38
Vale
VALE 11.25
ValeantPharm VRX 14.19
ValeroEnergy VLO 69.81
s Vantiv
VNTV 72.47
s VarianMed VAR 107.19
s Vectren
VVC 68.11
s Vedanta
VEDL 20.80
VeevaSystems VEEV 57.78
Ventas
VTR 69.38
Verizon
VZ 46.30
Vipshop
VIPS 9.46
VistraEnergy VST 17.72
VMware
VMW 107.72
VornadoRealty VNO 74.91
VoyaFinancial VOYA 36.83
VulcanMaterials VMC 117.00
WABCO
WBC 141.86
s WEC Energy WEC 67.04
s W.P.Carey WPC 69.93
Wabtec
WAB 71.23
Wal-Mart WMT 79.08
s WasteConnections WCN 68.07
s WasteMgt WM 77.72
s Waters
WAT 189.11
Watsco
WSO 152.81
Wayfair
W 77.08
WellCareHealth WCG 176.15
WellsFargo WFC 50.66
Welltower HCN 75.36
WestPharmSvcs WST 91.34
WestarEnergy WR 51.28
WesternGasEquity WGP 40.07
WesternGasPtrs WES 50.90
WesternUnion WU 18.89
WestlakeChem WLK 77.45
WestpacBanking WBK 25.35
WestRock WRK 57.75
Weyerhaeuser WY 33.33
WheatonPrecMetals WPM 20.52
Whirlpool WHR 173.60
Williams
WMB 30.25
WilliamsPartners WPZ 39.45
Wipro
WIT 5.98
WooriBank WF 45.76
Workday
WDAY 108.27
Wyndham WYN 99.83
XPO Logistics XPO 61.77
s XcelEnergy XEL 50.51
Xerox
XRX 32.06
s Xylem
XYL 62.97
YPF
YPF 20.52
s YumBrands YUM 77.80
YumChina YUMC 36.05
ZTO Express ZTO 14.29
ZayoGroup ZAYO 34.59
ZimmerBiomet ZBH 115.80
s Zoetis
ZTS 65.28
NASDAQ
AGNC Invt AGNC 21.51 0.15
Ansys
ANSS 129.81 1.37
s ASML
ASML 162.78 3.06
s Abiomed
ABMD 157.81 0.91
ActivisionBliz ATVI 66.16 1.23
s AdobeSystems ADBE 156.87 1.53
AkamaiTech AKAM 46.47 0.47
AlexionPharm ALXN 142.93 1.74
s AlignTech ALGN 184.12 2.68
Alkermes ALKS 52.44 1.88
AlnylamPharm ALNY 78.68 4.99
Alphabet A GOOGL 943.29 1.88
Alphabet C GOOG 929.08 2.58
Altaba
AABA 65.14 1.56
Amazon.com AMZN 977.96 12.06
Amdocs
DOX 64.00 0.26
Amerco
UHAL 390.21 6.79
AmericanAirlines AAL 45.86 2.26
s Amgen
AMGN 186.49 5.85
AnalogDevices ADI 82.22 1.78
Apple
AAPL 161.50 2.87
AppliedMaterials AMAT 45.58 1.23
ArchCapital ACGL 96.91 2.59
Atlassian
TEAM 35.03 0.68
Autodesk ADSK 116.48 2.04
ADP
ADP 107.50 -0.91
Baidu
BIDU 233.50 4.27
s Biogen
BIIB 326.54 0.21
BioMarinPharm BMRN 90.36 0.26
Bioverativ BIVV 56.62 -0.46
bluebirdbio BLUE 126.90 2.10
BrighthouseFin BHF 55.11 0.57
Broadcom AVGO 247.74 3.63
CA
CA 33.41 0.25
CBOE Holdings CBOE 104.38 -0.36
CDK Global CDK 62.61 0.15
52-Wk %
Sym Hi/Lo Chg Stock
FT DevIntlEquity RNDM
FT DevMkts
FDT
FT DorseyIntl5 IFV
FT EM Alphadex FEM
FT EM EquitySel RNEM
FT EM SC Alpha FEMS
FT EuropeAlpha FEP
FTEurozoneAlpha FEUZ
FT GerAlpha
FGM
FT HK AlphaDEX FHK
FT GlblAgri
FTAG
FT GlbNatRscs FTRI
FT Intl IPO
FPXI
FT JapanAlpha FJP
FT LC GrwthAlpha FTC
FTLatAmAlphaDEX FLN
FT MegaCap FMK
FT NasdClEdSmGr GRID
FT NasdGlblAuto CARZ
FT RBAQualIncm QINC
FT RiverFrDynDev RFDI
FT RiverFrDynEM RFEM
FT RiverFrDynEur RFEU
FT SwitzAlpha FSZ
FT USEquityDiv RNDV
FirstService
FSV
FlexShRealAsset ASET
FlexSTOXXGlbESGImp ESGG
FlirSystems
FLIR
FulingGlobal
FORK
GDSHoldings GDS
G1Therapeutics GTHX
Galapagos
GLPG
GlbXConsciousCos KRMA
GlbXFinTech
FINX
GlbXInternetThings SNSR
GlbXLongevityThem LNGR
GlbX Robotics&AI BOTZ
GlbXSocialMedia SOCL
GlbX Yieldco
YLCO
Gogo
GOGO
GriffinIndlRealty GRIF
HeartlandExp HTLD
HorizDAXGermany DAX
JBHunt
JBHT
Hurco
HURC
I-AMCapAcqn IAMXU
ICU Medical
ICUI
IHSMarkit
INFO
51.21
59.20
21.55
27.58
54.51
43.97
37.46
42.66
48.27
42.60
26.25
11.90
35.17
54.80
56.72
22.85
31.57
47.59
38.69
24.60
62.79
68.59
64.28
51.44
20.08
70.83
28.52
89.75
39.03
3.95
11.92
28.67
101.11
17.87
20.43
18.81
19.71
21.16
31.75
12.87
14.76
36.20
22.98
30.38
102.99
37.30
10.20
180.15
48.15
0.5
0.9
1.1
1.8
0.8
1.1
0.8
0.7
1.0
1.0
1.2
1.1
1.4
0.5
1.1
1.3
1.2
0.6
0.7
0.7
0.7
1.4
0.3
0.8
0.9
0.7
0.7
0.9
2.4
9.7
15.1
2.3
1.4
1.1
1.2
1.3
...
1.3
1.5
0.6
1.5
1.0
-0.8
1.1
-0.3
5.4
-0.5
1.5
0.9
IPG Photonics IPGP
Illumina
ILMN
Inogen
INGN
IntelliaTherap NTLA
IntersectENT XENT
Intricon
IIN
iRhythmTechs IRTC
iShAsia50ETF AIA
iShCoreMSCITotInt IXUS
iShCoreS&PUSGrowth IUSG
iShEurDevRealEst IFEU
iShExponentialTech XT
iShGlbTimber WOOD
iShMSCIACWIETF ACWI
iShMSCIACWIexUSETF ACWX
iShMSCIACxJpn AAXJ
iShMSCIBrazilSC EWZS
iShMSCIChinaETF MCHI
iShMSCIEAFEESGOpt ESGD
iShMSCIEAFESC SCZ
iShMSCIEMESGOpt ESGE
iShMSCIEmMkAsia EEMA
iShMSCIEMxChina EMXC
iShMSCIEuropeSmCp IEUS
iShMSCIGlbImpact MPCT
iShMSCIUSAESGOpt ESGU
iShS&P EM Infra EMIF
iShGlobalInfra IGF
JA Solar
JASO
JanusSGGlbQualIncm SGQI
KewauneeSci KEQU
KraneCSIChInt KWEB
LamResearch LRCX
LandstarSystem LSTR
LeggMasonEMDivCore EDBI
LeggMasonGlbInfr INFR
LeMaitreVascular LMAT
LibertyFormOne A FWONA
LigandPharm LGND
Limoneira
LMNR
LivaNova
LIVN
LoncarCancerETF CNCR
MillAcqn Un
MIIIU
MarinusPharma MRNS
MartenTransport MRTN
MicrochipTech MCHP
MicronTech
MU
MicroVision
MVIS
Natera
NTRA
NationalBeverage FIZZ
Amount
Yld % New/Old Frq
RA
INF
DHG
KMM
KTF
KST
KSM
EGIF
AGGP
AGGE
BANX
THQ
THW
10.1
7.1
5.5
4.7
5.6
4.1
5.1
6.0
3.4
2.5
7.5
7.2
9.6
.199
.0817
.069
.035
.06
.042
.0525
.083
.05651
.04078
.38
.1125
.1167
M
M
M
M
M
M
M
M
M
M
Q
M
M
lululemon LULU 61.89 -0.45
MarketAxess MKTX 179.81 1.43
Marriott
MAR 104.63 1.20
MarvellTech MRVL 17.37 0.12
MatchGroup MTCH 22.93 0.76
MaximIntProducts MXIM 46.52 0.65
MelcoResorts MLCO 23.21 0.37
MercadoLibre MELI 285.26 25.28
s MicrochipTech MCHP 88.38 1.81
s MicronTech MU 33.44 0.99
Microsemi MSCC 49.45 0.65
Microsoft MSFT 74.76 0.78
Middleby
MIDD 122.06 2.18
Momo
MOMO 38.15 0.44
Mondelez MDLZ 41.19 0.56
MonsterBeverage MNST 56.66 0.34
Mylan
MYL 33.04 0.94
NXP Semi NXPI 112.55 0.25
Nasdaq
NDAQ 74.17 -0.18
s NationalBeverage FIZZ 126.40 3.86
NetApp
NTAP 39.46 0.83
Netease
NTES 271.81 -1.23
Netflix
NFLX 181.74 5.32
NewsCorp A NWSA 13.34 0.20
NewsCorp B NWS 13.65 0.25
Nordson
NDSN 111.25 1.68
NorthernTrust NTRS 90.03 1.57
NorwegianCruise NCLH 56.65 1.53
NVIDIA
NVDA 169.00 5.31
OReillyAuto ORLY 196.41 -2.69
OldDomFreight ODFL 101.97 0.04
ON Semi
ON 17.12 0.52
OpenText OTEX 32.33 0.26
PTC
PTC 56.05 0.65
Paccar
PCAR 67.70 0.10
Paychex
PAYX 57.33 0.43
s PayPal
PYPL 62.64 1.51
People'sUtdFin PBCT 16.60 0.35
PilgrimPride PPC 28.17 -0.93
Priceline
PCLN 1868.86 30.29
Qiagen
QGEN 32.20 0.20
Qorvo
QRVO 72.63 1.02
Qualcomm QCOM 50.57 0.93
RandgoldRscs GOLD 104.26 -3.06
RegenPharm REGN 445.11-26.38
RossStores ROST 59.27 0.75
RoyalGold RGLD 91.64 -1.21
Ryanair
RYAAY 116.31 0.28
SBA Comm SBAC 150.13 0.68
SEI Investments SEIC 56.82 0.64
s Sina
SINA 113.97 2.81
SS&C Tech SSNC 38.55 0.05
SVB Fin
SIVB 168.57 6.11
ScrippsNetworks SNI 85.24 -0.23
Seagate
STX 30.95 -1.04
SeattleGenetics SGEN 53.64 0.65
Shire
SHPG 161.67 1.59
SignatureBank SBNY 125.93 2.22
SiriusXM
SIRI 5.53 0.05
Skyworks SWKS 107.19 2.55
Splunk
SPLK 68.21 1.03
Staples
SPLS 10.24
...
Starbucks SBUX 54.02 0.53
SteelDynamics STLD 33.40 -0.81
Stericycle SRCL 70.95 0.69
Symantec SYMC 32.75 1.12
Synopsys SNPS 79.60 0.06
TD Ameritrade AMTD 43.71 0.75
TESARO
TSRO 118.68 -1.64
T-MobileUS TMUS 63.03 0.29
TRowePrice TROW 83.35 1.22
s TakeTwoSoftware TTWO 100.11 0.49
Tesla
TSLA 363.69 20.29
TexasInstruments TXN 82.22 0.84
TractorSupply TSCO 60.93 0.62
s Trimble
TRMB 39.55 0.68
TripAdvisor TRIP 44.48 -0.58
21stCenturyFoxA FOXA 26.06 0.27
21stCenturyFoxB FOX 25.67 0.29
UltaBeauty ULTA 228.60 1.62
UltimateSoftware ULTI 193.73 2.81
UniversalDisplay OLED 132.30 4.65
VCA
WOOF 92.98
...
VEON
VEON 4.20 0.02
s VeriSign
VRSN 104.65 1.34
VeriskAnalytics VRSK 82.03 -0.45
VertxPharm VRTX 157.81 -1.02
Viacom A VIA 36.80 -0.55
Viacom B VIAB 27.19 -0.08
Vodafone VOD 28.92 0.42
WPP
WPPGY 92.04 0.04
WalgreensBoots WBA 82.28 0.89
Weibo
WB 106.61 1.80
WesternDigital WDC 87.38 0.38
s WillisTwrsWatson WLTW 151.53 -0.31
WynnResorts WYNN 145.90 1.47
Xilinx
XLNX 64.72 1.05
s Yandex
YNDX 33.11 1.24
Zillow A
ZG 39.30 1.16
Zillow C
Z
39.11 1.31
ZionsBancorp ZION 42.73 1.09
NYSE AMER
NeoGenomics NEO
Novanta
NOVT
Okta
OKTA
OraSureTechs OSUR
OrganicsETF
ORG
OtterTail
OTTR
PatternEnergy PEGI
PayPal
PYPL
PointerTel
PNTR
Potlatch
PCH
PwrShDWA DevMkt PIZ
PwrShDWA EM PIE
PwrShDWANasdMom DWAQ
PwrShDWA Util PUI
PwrShDynIndls PRN
PwrShGlblAgricult PAGG
PwrShGlbWater PIO
PwrShGoldDragon PGJ
PwrShIntlBuyBack IPKW
PwrShIntlDivAch PID
PwrShRuss1000Low USLB
PwrShS&P ScHealth PSCH
PwrShWaterRscs PHO
PrincipalPriceSet PSET
Pro-Dex
PDEX
ProgressSoftware PRGS
ProShrUltNdBTh BIB
ProShUltNasdBio UBIO
QAD A
QADA
Qualys
QLYS
REGENXBIO
RGNX
ROBOGlblRobotics ROBO
Reading B
RDIB
Sina
SINA
Sientra
SIEN
SoundFinBancorp SFBC
TCG BDC
CGBD
TICCCapNts24 TICCL
TakeTwoSoftware TTWO
Tantech
TANH
TiGenix
TIG
TimberlandBncp TSBK
TradeDesk
TTD
Trimble
TRMB
USA Truck
USAK
UnivLogistics ULH
VSE
VSEC
VangdGlblxUS RE VNQI
VangdIntlDivApp VIGI
11.63
41.45
33.64
22.15
31.38
43.25
25.70
63.26
16.35
49.35
27.16
19.33
95.87
29.49
56.76
26.22
24.63
44.24
35.07
16.17
29.64
89.75
27.69
30.01
7.90
34.63
62.65
40.00
34.20
51.95
26.35
37.79
22.52
114.94
13.09
32.95
18.70
26.38
101.40
3.73
23.56
28.50
60.89
39.64
11.97
18.15
54.04
60.26
64.58
Symbol
-3.8
2.5
-0.4
1.9
1.7
0.9
1.1
2.5
1.6
-0.4
0.6
1.2
1.2
1.1
0.9
1.4
0.5
1.5
0.4
1.1
1.2
0.9
0.7
2.4
2.0
2.1
0.1
0.2
0.9
0.9
-0.2
1.6
7.2
2.5
-3.3
1.4
1.3
1.1
0.5
9.2
1.0
1.7
7.7
1.7
3.0
2.5
3.8
0.4
0.8
42.49
26.94
24.37
31.00
CheniereEnergy LNG
CheniereEnerPtrs CQP
CheniereEnHldgs CQH
ImperialOil IMO
52-Wk %
Sym Hi/Lo Chg Stock
THL Credit Senior Loan Fd
Tri-Continental
Payable /
Record
-0.66
-0.32
-0.71
0.34
52-Wk %
Sym Hi/Lo Chg
VangdIntlHiDiv VYMI
VangdRuss1000 VONE
VangdRuss1000Grw VONG
VangdRuss3000 VTHR
VangdTotIntlStk VXUS
VeriSign
VRSN
Veritone
VERI
VicShEMVolWtd CEZ
VicShIntlVolWtd CIL
VicShUSEQIncmEnh CDC
VicShUSLCHiDivVol CDL
VidentIntlEquityFd VIDI
WernerEnterprises WERN
WestportFuelSys WPRT
WillisTwrsWatson WLTW
WisdTrChinaxSOE CXSE
WisdTrEMConGrwth EMCG
WisdTrEM CpBd EMCB
WisdTrEMQualDivGrw DGRE
WisdTrUSQltyDiv DGRW
Yandex
YNDX
YangtzeRiverDev YERR
Zogenix
ZGNX
65.95
114.34
127.97
114.31
55.02
104.86
24.86
29.69
39.32
44.11
43.35
27.48
35.10
2.93
153.25
77.53
25.42
73.94
26.29
37.76
33.33
19.00
16.50
0.8
1.1
1.0
1.0
0.9
1.3
20.8
0.8
0.7
0.9
0.9
0.7
-2.0
4.3
-0.2
1.7
1.1
-0.5
0.9
1.0
3.9
5.2
-4.6
Nasdaq lows - 24
ATN Intl
ATNI
Airgain
AIRG
AmerOutdoor AOBC
ArtWayMfg
ARTW
Atlanticus
ATLC
BurconNutraScience BUR
ConsldComm CNSL
DarioHealth
DRIO
ENDRA LifeSci NDRA
Evogene
EVGN
HalladorEnergy HNRG
Harmonic
HLIT
ImprimisPharm IMMY
iShMSCIQatarCapped QAT
LM Funding
LMFA
LifewayFoods LWAY
LongIslandIcedTea LTEA
Matlin&PtrsWt MPACW
OHAInvestment OHAI
SpokHoldings SPOK
SynergyPharm SGYP
Uni-Pixel
UNXL
VS2xVIXShortTerm TVIX
VertexEnergy VTNR
Amount
Yld % New/Old Frq
53.20 -2.1
8.72 -0.8
13.28 -4.4
2.00 4.9
2.14 -4.9
0.50 -2.4
17.21 -2.3
1.78 -1.6
2.77 -13.7
4.31 -1.5
5.28 -2.5
2.80 1.7
1.47 -4.3
15.79 -1.2
1.26 -19.2
8.11 2.0
3.11 -4.1
0.38 -13.6
0.85 -2.1
14.45 -2.4
2.63 -1.1
0.05 -21.7
15.40 -9.8
0.65 -0.4
Payable /
Record
TSLF
TY
6.6
4.2
.096
.2614
M
Q
Sep29 /Sep18
Sep26 /Sep18
DVYL
LRET
HDLV
SMHD
LMLP
DVHL
MRRL
CEFL
MORL
SDYL
VCO
9.9
6.0
12.0
15.4
34.0
13.6
3.3
13.9
3.3
6.6
1.3
.539
.1364
.3157
.2502
.4277
.241
.0496
.213
.0496
.3985
.11284
M
M
M
M
M
M
M
M
M
M
Q
Sep21 /Sep13
Sep21 /Sep13
Sep21 /Sep13
Sep21 /Sep13
Sep21 /Sep13
Sep21 /Sep13
Sep21 /Sep13
Sep21 /Sep13
Sep21 /Sep13
Sep21 /Sep13
/Sep22
Foreign
DJ 2xSelect Div ETN
ETRACS 2xLev MSCI US REIT
ETRACS 2xLev US Hi Div
ETRACS Monthly 2xLev ETN
ETRACS Monthly 2xLev xEn
ETRACS Monthly Pay 2xLev
ETRACS Monthly Pay 2xLev
ETRACS Monthly Pay 2xLev
ETRACS Mortgage REIT
S&P 2xDiv Aristo ETN
Vina Concha y Toro ADR
Funds and investment companies
Brookfield Real Assets
BrookfieldGlblLstdInfrInc
Deutsche Hi Incm Opps Fd
Deutsche MultiMkt Income
Deutsche Mun Income Tr
Deutsche Strat Income Tr
Deutsche Strat Mun Incm
Eagle Growth & Incm Opps
IQ Enh Core Plus Bd US
IQ Enhanced Core Bd US
StoneCastle Financial
Tekla Healthcare Opps Fd
Tekla World Hlthcr Fd
1.9
1.2
1.3
1.1
2.7
14.5
1.4
1.6
0.8
0.9
0.6
1.1
1.3
0.9
0.9
1.4
0.9
2.1
0.7
0.2
1.4
1.5
0.9
0.6
1.3
1.0
0.7
0.8
3.2
0.6
0.5
2.0
2.5
-0.2
2.3
0.7
1.2
0.7
-0.2
6.8
-0.7
0.2
0.5
33.0
0.8
2.1
3.1
-3.9
1.8
3.1
Company
Dividend announcements from September 11.
Symbol
177.51
212.40
104.80
22.88
33.25
10.70
50.51
61.73
60.91
50.39
39.68
33.96
65.73
68.39
48.28
72.95
17.67
62.85
65.79
61.37
70.24
70.24
52.09
55.49
57.66
54.56
34.31
46.75
7.99
28.93
27.90
57.75
170.65
96.15
32.77
30.39
38.25
38.53
137.97
24.50
66.67
27.03
10.35
5.44
18.68
88.48
33.44
3.18
13.49
129.82
Net
Sym Close Chg
Stock
CDW
CDW 59.94 0.98
CH Robinson CHRW 72.83 -0.91
s CME Group CME 128.80 0.76
CSX
CSX 52.07 0.93
CadenceDesign CDNS 37.61 -0.63
Carlyle
CG 21.45 1.30
Celgene
CELG 140.92 0.42
s Cerner
CERN 70.49 1.14
CharterComms CHTR 381.01-11.89
CheckPointSftw CHKP 112.70 0.07
ChinaLodging HTHT 112.40 -0.96
CincinnatiFin CINF 76.52 0.75
Cintas
CTAS 135.00 1.28
CiscoSystems CSCO 32.19 0.71
CitrixSystems CTXS 76.28 1.14
s Cognex
CGNX 110.90 2.99
s CognizantTech CTSH 72.18 1.08
Coherent
COHR 245.99 10.56
Comcast A CMCSA 37.83 -0.38
CommScope COMM 33.90 0.86
Copart
CPRT 32.60 0.25
CoStarGroup CSGP 281.56 1.16
Costco
COST 157.36 0.05
Ctrip.com CTRP 52.46 0.92
s CyrusOne CONE 64.95 0.93
DISH Network DISH 54.56 -0.04
DentsplySirona XRAY 59.24 0.80
DexCom
DXCM 73.13 1.87
DiamondbackEner FANG 89.45 0.55
DiscoveryComm A DISCA 20.80 -0.45
DiscoveryComm C DISCK 19.62 -0.44
DollarTree DLTR 83.40 0.57
E*TRADE ETFC 40.44 0.78
EastWestBancorp EWBC 55.10 1.57
eBay
EBAY 38.09 0.30
s ElbitSystems ESLT 142.80 1.81
ElectronicArts EA 121.19 2.91
s Equinix
EQIX 474.42 12.42
Ericsson
ERIC 5.75 0.03
ErieIndemnity A ERIE 120.20 -1.40
Exelixis
EXEL 26.24 0.27
Expedia
EXPE 144.12 2.71
ExpeditorsIntl EXPD 57.15 0.18
ExpressScripts ESRX 63.67 0.77
F5Networks FFIV 117.55 1.99
Facebook
FB 173.51 2.56
Fastenal
FAST 42.96 0.27
FifthThirdBncp FITB 25.70 0.60
Fiserv
FISV 124.32 1.66
Flex
FLEX 16.66 0.37
Fortinet
FTNT 38.24 0.68
Gaming&Leisure GLPI 38.52 0.10
Garmin
GRMN 52.15 -0.11
GileadSciences GILD 84.52 -0.58
Goodyear GT 31.55 1.24
Grifols
GRFS 21.29 0.13
HD Supply HDS 33.42 -0.03
Hasbro
HAS 95.80 1.71
HenrySchein HSIC 177.57 2.23
Hologic
HOLX 39.20 0.40
s JBHunt
JBHT 101.50 -0.34
HuntingtonBcshs HBAN 12.54 0.22
IAC/InterActive IAC 116.71 2.12
IdexxLab
IDXX 160.23 2.74
s IHSMarkit INFO 47.95 0.42
INC Research INCR 54.95 -0.60
s IPG Photonics IPGP 177.10 3.32
IRSA Prop IRCP 58.00
...
IcahnEnterprises IEP 53.18 0.23
Icon
ICLR 115.98 0.88
s Illumina
ILMN 212.24 2.56
Incyte
INCY124.95 -4.51
Intel
INTC 35.77 0.58
InteractiveBrkrs IBKR 41.72 0.27
Intuit
INTU 142.64 1.08
IntuitiveSurgical ISRG 1045.48 2.89
IonisPharma IONS 56.73 0.57
JD.com
JD 42.04 0.89
JackHenry JKHY 102.50 0.53
JazzPharma JAZZ 153.21 0.93
JetBlue
JBLU 19.38 0.68
KLA Tencor KLAC 97.17 2.82
KitePharma KITE178.67 0.44
KraftHeinz KHC 82.55 0.83
LKQ
LKQ 35.38 0.57
s LamResearch LRCX 169.96 4.21
LamarAdvertising LAMR 63.63 0.33
LibertyBroadbandA LBRDA 98.22 -2.58
LibertyBroadbandC LBRDK 99.89 -1.82
LibertyGlobal A LBTYA 32.07 -0.55
LibertyGlobal B LBTYB 31.95 -0.55
LibertyGlobal C LBTYK 31.04 -0.52
LibertyLiLAC A LILA 25.62 0.10
LibertyLiLAC C LILAK 25.22 -0.09
LibertyQVC B QVCB 23.14 0.68
LibertyQVC A QVCA 22.70 0.02
LibertyVenturesA LVNTA 59.16 -1.01
s LibertyFormOne A FWONA 38.17 0.26
LibertyFormOne C FWONK 39.12 0.19
LibertyBraves A BATRA 25.35 0.23
LibertyBraves C BATRK 25.45 0.22
LibertySirius A LSXMA 42.72 0.16
LibertySirius B LSXMB 44.56 -1.34
LibertySirius C LSXMK 42.69 0.17
LincolnElectric LECO 88.80 1.34
LogitechIntl LOGI 36.80 1.01
LogMeIn
LOGM 110.90 0.90
52-Wk %
Sym Hi/Lo Chg Stock
Dividend Changes
Company
1.15
-1.66
0.90
-0.10
0.09
1.83
2.09
0.93
-0.04
0.88
1.72
2.65
0.14
0.58
0.27
0.20
0.77
0.83
0.47
0.82
0.69
0.19
0.25
0.07
1.62
1.01
0.31
-4.52
-0.04
0.40
0.29
0.95
0.20
0.81
0.60
2.55
-0.39
-0.15
3.95
1.08
0.69
-0.09
0.42
0.32
0.40
0.20
0.87
0.46
1.28
-0.25
-0.24
1.31
0.56
0.32
...
0.93
0.37
1.36
0.50
0.28
0.50
0.19
0.48
1.32
0.42
0.39
0.46
0.10
0.58
Net
Sym Close Chg
Stock
Sep28 /Sep20
Sep28 /Sep20
Sep29 /Sep18
Sep29 /Sep18
Sep29 /Sep18
Sep29 /Sep18
Sep29 /Sep18
Sep29 /Sep18
Sep15 /Sep12
Sep15 /Sep12
Sep28 /Sep21
Sep29 /Sep18
Sep29 /Sep18
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
S2:1: stock split and ratio; SO: spin-off.
Exchange-Traded Portfolios | WSJ.com/ETFresearch
Largest 100 exchange-traded funds, latest session
ETF
Monday, September 11, 2017
Closing Chg YTD
Symbol Price (%) (%)
AlerianMLPETF
CnsmrDiscSelSector
CnsStapleSelSector
DBGoldDoubleLgETN
DBGoldDoubleShrt
DeutscheXMSCIEAFE
EnSelectSectorSPDR
FinSelSectorSPDR
GuggS&P500EW
HealthCareSelSect
IndSelSectorSPDR
iShIntermCredBd
iSh1-3YCreditBond
iSh3-7YTreasuryBd
iShCoreMSCIEAFEETF
iShCoreMSCIEmgMk
iShCoreMSCITotInt
iShCoreS&P500ETF
iShCoreS&PMdCp
iShCoreS&PSmCpETF
iShS&PTotlUSStkMkt
iShCoreUSAggBd
iShSelectDividend
iShEdgeMSCIMinEAFE
iShEdgeMSCIMinUSA
iShGoldTr
iShiBoxx$InvGrCpBd
iShiBoxx$HYCpBd
iShJPMUSDEmgBd
iShMBSETF
iShMSCIACWIETF
AMLP
XLY
XLP
DGP
DZZ
DBEF
XLE
XLF
RSP
XLV
XLI
CIU
CSJ
IEI
IEFA
IEMG
IXUS
IVV
IJH
IJR
ITOT
AGG
DVY
EFAV
USMV
IAU
LQD
HYG
EMB
MBB
ACWI
11.21
89.64
55.43
27.69
5.17
30.49
65.01
24.52
94.27
83.18
68.86
110.41
105.43
124.56
63.75
54.85
60.83
250.90
173.81
69.69
56.93
110.14
93.33
71.70
50.80
12.76
120.87
88.07
117.06
107.43
68.31
0.90 –11.0
0.53 10.1
7.2
0.62
2.33 37.6
3.40 –24.6
8.7
1.57
0.95 –13.7
5.5
1.74
8.8
1.01
0.78 20.7
0.86 10.7
2.1
–0.23
0.5
–0.12
1.7
–0.26
0.71 18.9
1.33 29.2
0.83 20.5
1.09 11.5
5.1
1.22
1.4
1.07
1.12 11.0
1.9
–0.27
5.4
0.89
0.13 17.1
0.75 12.3
–1.47 15.2
3.1
–0.31
1.8
0.32
6.2
–0.17
1.0
–0.17
0.92 15.4
ETF
ETF
Closing Chg YTD
Symbol Price (%) (%)
iShMSCI EAFE
iShMSCIEAFESC
iShMSCIEmgMarkets
iShMSCIEurozoneETF
iShMSCIJapanETF
iShNasdaqBiotech
iShNatlMuniBdETF
iShRussell1000Gwth
iShRussell1000ETF
iShRussell1000Val
iShRussell2000Gwth
iShRussell2000ETF
iShRussell2000Val
iShRussell3000ETF
iShRussellMid-Cap
iShRussellMCValue
iShS&PMC400Growth
iShS&P500Growth
iShS&P500ValueETF
iShUSPfdStk
iShTIPSBondETF
iSh1-3YTreasuryBd
iSh7-10YTreasuryBd
iSh20+YTreasuryBd
iShRussellMCGrowth
PIMCOEnhShMaturity
PwrShQQQ 1
PwrShS&P500LoVol
PwrShSrLoanPtf
SPDRBloomBarcHYBd
SPDR Gold
SchwabIntEquity
SchwabUS BrdMkt
EFA
SCZ
EEM
EZU
EWJ
IBB
MUB
IWF
IWB
IWD
IWO
IWM
IWN
IWV
IWR
IWS
IJK
IVW
IVE
PFF
TIP
SHY
IEF
TLT
IWP
MINT
QQQ
SPLV
BKLN
JNK
GLD
SCHF
SCHB
68.04
61.17
45.49
42.85
55.22
334.41
111.46
124.75
138.56
116.60
171.07
140.68
116.88
147.31
194.39
83.85
197.15
143.37
105.91
38.88
114.78
84.61
108.02
127.46
111.38
101.69
145.87
45.95
23.12
37.05
126.19
33.20
60.12
0.79
0.23
1.34
1.01
0.45
0.09
–0.18
0.96
1.06
1.19
0.82
1.05
1.21
1.04
1.10
1.19
1.11
0.92
1.18
0.31
–0.38
–0.09
–0.57
–1.19
1.01
–0.03
1.15
1.03
0.13
0.32
–1.39
0.76
1.08
17.9
22.7
29.9
23.8
13.0
26.0
3.0
18.9
11.3
4.1
11.1
4.3
–1.7
10.8
8.7
4.3
8.2
17.7
4.5
4.5
1.4
0.2
3.1
7.0
14.4
0.4
23.1
10.5
–1.0
1.6
15.1
19.9
11.0
SchwabUS LC
SPDR DJIA Tr
SPDR S&PMdCpTr
SPDR S&P 500
SPDR S&P Div
TechSelectSector
UtilitiesSelSector
VanEckGoldMiner
VangdInfoTech
VangdSC Val
VangdDivApp
VangdFTSEDevMk
VangdFTSE EM
VangdFTSE Europe
VangdFTSEAWxUS
VangdGrowth
VangdHlthCr
VangdHiDiv
VangdIntermBd
VangdIntrCorpBd
VangdLC
VangdMC
VangdMC Val
VangdREIT
VangdS&P500
VangdST Bond
VangdSTCpBd
VangdSC
VangdTotalBd
VangdTotIntlBd
VangdTotIntlStk
VangdTotalStk
VangdTotlWrld
VangdValue
WisdTrEuropeHdg
WisdTrJapanHdg
Closing Chg YTD
Symbol Price (%) (%)
SCHX
DIA
MDY
SPY
SDY
XLK
XLU
GDX
VGT
VBR
VIG
VEA
VWO
VGK
VEU
VUG
VHT
VYM
BIV
VCIT
VV
VO
VOE
VNQ
VOO
BSV
VCSH
VB
BND
BNDX
VXUS
VTI
VT
VTV
HEDJ
DXJ
59.49
220.76
317.17
249.21
90.41
58.85
55.83
24.56
151.80
123.08
93.90
43.26
45.05
57.93
52.89
132.94
154.25
80.10
85.32
88.20
114.48
145.35
103.99
85.71
228.87
80.10
80.22
136.61
82.33
54.87
54.96
127.85
70.47
98.14
63.20
52.52
1.05
1.15
1.19
1.07
0.93
1.41
0.85
–2.69
1.50
1.15
0.90
0.75
1.17
0.82
0.76
0.88
0.74
1.07
–0.43
–0.34
1.09
1.03
1.24
0.92
1.09
–0.11
–0.10
1.07
–0.30
–0.15
0.86
1.08
0.96
1.22
1.64
2.30
11.7
11.8
5.1
11.5
5.7
21.7
14.9
17.4
24.9
1.7
10.2
18.4
25.9
20.8
19.7
19.3
21.7
5.7
2.7
2.9
11.8
10.4
7.0
3.9
11.5
0.8
1.1
5.9
1.9
1.1
19.8
10.9
15.5
5.5
10.1
6.0
B10 | Tuesday, September 12, 2017
THE WALL STREET JOURNAL.
* *
BANKING & FINANCE
BP Files for IPO of Part of Its American Pipeline Network
Goldman Staffing
Chief Is Leaving
LONDON—BP PLC is moving
forward with plans to float
some of its vast network of
U.S. pipelines, a move that
would spin out cash from the
company’s infrastructure assets
across America.
In a filing with the U.S. Securities and Exchange Commission
on Monday, the company’s sub-
sidiary, BP Midstream Partners
LP, said it planned an initial offering on the New York Stock
Exchange of as much as $100
million.
BP had flagged in July that
it was considering such an offering and said in a news release Monday it expected the
IPO to take place in the fourth
quarter.
The new entity will be structured as a master limited partnership, or MLP, a tax-advantaged entity that has gained
popularity among pipeline operators and other capital-intensive
companies.
Though MLPs suffered in the
oil-price downturn as investors
worried about the safety of
their steady dividends—another
characteristic of the MLP structure—they have proved a beneficial way for big energy companies to manage their midstream
assets. When Royal Dutch Shell
PLC floated its MLP in 2014, it
raised nearly $1 billion.
—Sarah Kent
Bank Summoned in Bribery Probe
The U.K. financial regulator
has summoned Standard
Chartered PLC officials to a
meeting this week over a whistleblower’s claims of misconBy Ben Otto in Jakarta,
Indonesia, and Margot
Patrick in London
duct at an Indonesian power
plant builder owned by the
bank, people familiar with the
matter said.
The meeting, set by th Financial Conduct Authority,
adds to the international scrutiny of the London-based bank
related to Maxpower Group
Pte. Ltd.
The Bank of England also is
in contact with the FCA about
the Maxpower whistleblower’s
allegations, documents seen by
The Wall Street Journal show.
The Journal reported last
year that an internal audit and
a separate probe at Maxpower
by a law firm found evidence
of possible bribery and other
misconduct to win and maintain contracts. Standard Chartered reported the findings to
the U.S. Justice Department
and other authorities. The department began an investigation into the allegations as
well as whether Standard
Chartered took adequate steps
to prevent or stop the alleged
misconduct, people with
knowledge of the matter said.
Maxpower specializes in
setting up gas turbines for
electricity production, primarily in Indonesia and often in
remote locations of the archipelago nation. Standard Char-
tered holds a majority stake in
the company through investments by its private equity
unit. The head of the unit,
Nainesh Jaisingh, is one of two
remaining members of Maxpower’s board.
The whistleblower at Maxpower has alleged that company executives paid bribes to
win business and that Standard Chartered’s representatives on the board failed in
their oversight. The employee,
who has been negotiating an
agreement to separate from
Maxpower, alleges facing intimidation and retaliatory
measures from executives of
both companies, documents
reviewed by the Journal show.
The whistleblower also has
alleged that Standard Chartered executives on Max-
power’s board were aware of
potentially fraudulent accounting and compliance failings
and didn’t act.
Two of the three Standard
Chartered executives who sat
on the board of Maxpower
during the period in question—around 2012 to 2015, according to the probe by a law
firm—left the firm last year.
Mr. Jaisingh was put in charge
of selling off Standard Chartered’s private-equity investments after his former boss
was pushed out of the unit in
November, a person familiar
with the matter told the Journal last year.
Standard Chartered declined to comment on the
FCA’s summon for a meeting
and Maxpower didn’t respond
to a request for comment.
Edith Cooper, Goldman
Sachs Group Inc.’s head of human resources and one of the
highest-ranking black women
on Wall Street, is leaving the
firm at the end of the year, according to an internal memo.
In her nine years overseeing Goldman’s workforce, Ms.
Cooper managed huge changes
in recruiting and compensation as Goldman sought to refine its sharper edges and
grappled with the fallout of
the financial crisis.
Her next step isn’t clear,
though many associates expect it to be in academia—she
has been an advocate for diversity in higher education
and campus recruiting—or in
Silicon Valley, where several
highflying startups are hoping
for a cultural reboot.
She will remain a senior director at Goldman after Jan. 1,
according to the memo, which
signals she isn’t heading to a
competitor.
Ms. Cooper once planned a
career in fashion, imagining a
boutique on Madison Ave., but
instead joined Bankers Trust
in 1986 out of business
school. Ten years and three
children later, she came to
Goldman in securities sales
and rose quickly, becoming a
managing director in 1998 and
partner two years after that.
Like many of Goldman’s current top executives, she comes
from its J. Aron commoditiestrading arm.
In her current role, which
she has held since 2008, Ms.
Cooper has overseen a revamp
in how Goldman recruits and
manages its 34,000 employees.
The firm recently began accepting video submissions
from college applicants, aiming to broaden its recruiting
reach beyond elite schools in
an attempt to hire a more diverse workforce. It has also
done away with end-of-year
numerical scorings in favor of
more constant, qualitative
feedback.
Ms. Cooper has spoken
about her experiences as a
black woman in finance, not
all of them positive. “I’ve been
questioned about whether
I really went to Harvard (I
did) or how I got in (I applied),” she wrote last year
in an essay for LinkedIn. “I’ve
been asked to serve the coffee
at a client meeting (despite
being there to ‘run’ the meeting).”
GRAHAM MORRISON/BLOOMBERG NEWS
DANIEL ACKER/BLOOMBERG NEWS
BY LIZ HOFFMAN
Edith Cooper oversaw huge changes in recruiting and pay.
Private Equity Draws Crowd, Sparking Stake Sales
BY SIMON CLARK
AND WILLIAM LOUCH
Paying Up
Money pouring into private equity hit a new record this year....
Funds completed every six months
$250 billion
200
150
100
50
0
2007 ’08
’09
’10
’11
...pushing up prices in the U.S....
U.S. leveraged buyouts
’12
’13
’14
’15
’16
’17
...and in Europe
European leveraged buyouts
12 to 1 ratio to earnings*
10
8
6
4
2
0
’07
’09
’11
’13
’15
’17†
’07
’09
’11
’13
’15
’17†
*Earnings before interest, tax, depreciation and amortization (EBITDA); †First half
THE WALL STREET JOURNAL.
Sources: Prequin (capital); Fitch (ratios)
Mutual Funds | WSJ.com/fundresearch
Fund
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. rRedemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not
tracked. NS-Fund didn’t exist at start of period.
Monday, September 11, 2017
Net YTD
Net YTD
NAV Chg % Ret Fund
NAV Chg % Ret Fund
American Century Inv
42.97
Ultra
American Funds Cl A
30.37
AmcpA p
40.17
AMutlA p
BalA p
26.93
BondA p
13.03
CapIBA p
63.01
51.01
CapWGrA
55.49
EupacA p
60.95
FdInvA p
49.21
GwthA p
10.44
HI TrA p
39.97
ICAA p
23.13
IncoA p
N PerA p
43.47
NEcoA p
45.16
NwWrldA
64.70
54.62
SmCpA p
13.08
TxExA p
43.78
WshA p
+0.44 23.2
+0.36
+0.37
+0.14
-0.04
+0.27
+0.47
+0.44
+0.52
+0.51
...
+0.43
+0.14
+0.37
+0.57
+0.49
+0.38
-0.01
+0.38
13.2
10.1
9.8
3.7
11.1
17.7
25.6
13.8
17.1
5.6
11.2
8.3
23.0
25.6
25.8
18.8
4.9
10.5
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
DoubleLine Funds
10.77 -0.03
10.77 -0.02
TotRetBdI
TotRetBdN
Del Invest Instl
Value
+0.20
5GlbFxdInc
EmgMktVa
EmMktCorEq
IntlCoreEq
IntlVal
-0.02
+0.20
+0.17
+0.08
+0.14
20.53
Dimensional Fds
11.06
30.54
22.35
13.91
19.31
5.2
3.9
3.8
E
2.6 Edgewood Growth Instituti
27.8 EdgewoodGrInst 29.00 +0.35 30.6
29.5
20.9
17.3 Federated Instl
F
500IdxInst
500IdxInstPrem
500IdxPrem
ExtMktIdxPrem r
IntlIdxPrem r
TMktIdxF r
TMktIdxPrem
USBdIdxInstPrem
H
21.09 +0.05 22.9
IntSmCo
B
22.94 +0.06 20.9
IntSmVa
21.06 +0.23 10.1
US CoreEq1
Baird Funds
19.91 +0.23 7.8
US
CoreEq2
10.97 -0.04 4.2
AggBdInst
34.00 +0.41 0.9
11.32 -0.03 4.5 US Small
CorBdInst
36.02 +0.50 -3.4
US
SmCpVal
BlackRock Funds A
23.47 +0.33 -1.7
GlblAlloc p
20.13 +0.05 10.7 US TgdVal
37.18 +0.41 6.9
USLgVa
BlackRock Funds Inst
22.20 +0.25 8.2 Dodge & Cox
EqtyDivd
106.64
+0.44 5.8
20.25 +0.05 10.9 Balanced
GlblAlloc
13.63 +0.12 14.4
HiYldBd
7.80
... 6.2 GblStock
13.90 -0.03 3.8
StratIncOpptyIns 9.95
... 3.6 Income
45.82 +0.39 20.3
Intl Stk
Bridge Builder Trust
193.62 +1.67 7.3
10.26 -0.04 4.1 Stock
CoreBond
D
6.44 +0.04 11.6 IncomeAdv
2.34 +0.01
FrankTemp/Franklin A
NA
... NA CA TF A p
7.54
...
NA
... NA Fed TF A p
12.06 -0.01
NA
... NA IncomeA p
2.36 +0.01
NA
... NA RisDv A p
57.86 +0.65
NA
... NA FrankTemp/Franklin C
NA
... NA Income C t
2.39 +0.01
NA
... NA FrankTemp/Temp A
NA
... NA GlBond A p
12.20 +0.14
Fidelity Advisor I
26.56 +0.20
Growth A p
NA
... NA FrankTemp/Temp Adv
NwInsghtI
Fidelity Freedom
GlBondAdv p 12.15 +0.13
FF2020
NA
... NA
NA
... NA
FF2025
NA
... NA Harbor Funds
FF2030
NA
... NA CapApInst
FreedomK2020
72.19 +1.00
NA
... NA IntlInst r
FreedomK2025
69.95 +0.60
FreedomK2030
NA
... NA Harding Loevner
NA
... NA IntlEq
FreedomK2035
NA
...
FreedomK2040
NA
... NA
Fidelity Invest
Balanc
NA
... NA
Invesco Funds A
NA
... NA
BluCh
EqIncA
10.99 +0.09
NA
... NA
Contra
NA
... NA
ContraK
NA
... NA
CpInc r
DivIntl
NA
... NA John Hancock Class 1
15.71 +0.08
NA
... NA LSBalncd
GroCo
16.70 +0.12
NA
... NA LSGwth
GrowCoK
John
Hancock
Instl
NA
... NA
InvGB
22.92 +0.30
NA
... NA DispValMCI
InvGrBd
LowP r
NA
... NA JPMorgan Funds
38.88 +0.43
NA
... NA MdCpVal L
LowPriStkK r
NA
... NA JPMorgan I Class
MagIn
11.72 -0.04
NA
... NA CoreBond
OTC
NA
... NA JPMorgan R Class
Puritn
CoreBond
11.74 -0.04
TotalBond
NA
... NA
Fidelity Selects
Biotech r
NA
... NA
Lazard Instl
First Eagle Funds
19.49 +0.14
59.19 +0.17 9.1 EmgMktEq
GlbA
Loomis Sayles Fds
FPA Funds
14.34
...
34.11 +0.23 5.8 LSBondI
FPACres
Lord Abbett A
FrankTemp/Frank Adv
Fidelity
Data provided by
Top 250 mutual-funds listings for Nasdaq-published share classes with net assets of at least
$500 million each. NAV is net asset value. Percentage performance figures are total returns,
assuming reinvestment of all distributions and after subtracting annual expenses. Figures don’t
reflect sales charges (“loads”) or redemption fees. NET CHG is change in NAV from previous
trading day. YTD%RET is year-to-date return. 3-YR%RET is trailing three-year return
annualized.
A
Record demand for private
equity is prompting industry
executives to take unusual action—selling all or part of
their firms.
Some of the world’s largest
publicly traded fund managers are snapping them up.
Private-equity firms are using money from the stake
sales to hire more staff, create new kinds of funds and
settle the often thorny question of how to buy out retiring founders.
Such sales are sometimes
interpreted as signals the private-equity market is peaking.
Why would such savvy deal
makers sell at any time other
than the top, the thinking
goes. Blackstone Group LP,
the world’s largest private-equity firm, sold shares to the
public as the stock market
peaked in 2007. The shares
subsequently slumped, taking
six years to bounce back.
The rise in stake sales
comes as private-equity firms
are paying higher prices than
ever for companies and raising record-breaking funds.
StraValDivIS
Explanatory Notes
Fund
Private-equity firms delivered
double-digit returns in 12 of
the past 14 years and only
lost money once in that time,
according to Preqin Ltd. data.
This makes them attractive
targets for asset managers
seeking more profitable alternatives to offering cheap and
popular passive investments
such as exchange-traded
funds.
BlackRock Inc., Neuberger
Berman Group, Schroders
PLC and Aberdeen Standard
Investments are all buying.
Private-equity funds charge
an annual fee of 1.5% and
keep 20% of the profits from
asset sales. An ETF typically
charges a 0.26% fee.
“Is it a bubble? My answer
is no,” said Alan Cauberghs,
head of private assets at
Schroders, one of the U.K.’s
biggest fund managers, which
bought Zurich-based privateequity investment firm Adveq
Management this year. “Private equity gives us the opportunity to create longstanding relationships with clients
as opposed to clients who buy
an ETF today and sell it back
tomorrow.”
Traditional fund managers
I
J
L
Net YTD
NAV Chg % Ret Fund
6.3 ShtDurIncmA p 4.29 -0.01
Lord Abbett F
4.29
...
5.9 ShtDurIncm
3.7
6.2
10.6 Metropolitan West
10.74 -0.03
TotRetBd
6.1 TotRetBdI
10.74 -0.03
10.11 -0.03
TRBdPlan
3.6 MFS Funds Class I
39.52 +0.41
12.7 ValueI
MFS Funds Instl
24.85 +0.09
3.7 IntlEq
Mutual Series
32.05 +0.32
GlbDiscA
GlbDiscz
32.71 +0.33
27.4
19.8
Oakmark Funds Invest
32.85 +0.26
NA EqtyInc r
80.57 +0.83
Oakmark
OakmrkInt
28.10 +0.11
Old Westbury Fds
14.57 +0.11
4.8 LrgCpStr
Oppenheimer Y
41.47 +0.25
DevMktY
IntGrowY
42.20 +0.20
3.3
3.5
3.6
9.9
22.7
6.6
6.8
P
ParnEqFd
6.8 PIMCO Fds Instl
42.97
AllAsset
NA
6.8 TotRt
10.38
PIMCO Funds A
3.9 IncomeFd
12.44
PIMCO Funds D
4.0 IncomeFd
12.44
PIMCO Funds Instl
IncomeFd
12.44
PIMCO Funds P
22.7 IncomeP
12.44
Price Funds
7.6 BlChip
92.60
CapApp
29.27
8.0
11.2
23.8
13.6
29.7
21.7
The proceeds of Adveq’s
sale to Schroders went to its
founders. Other private-equity
firms have sold stakes to
raise money to hire staff to
create funds in new asset
classes, ranging from private
debt to infrastructure and
real estate.
Creating new funds enables
private-equity firms to put
more money to work, said Michael Rees, who co-founded
Dyal Capital Partners in 2011
specifically to buy shares in
private-equity firms and
hedge funds. Dyal, a unit of
New York-based Neuberger
Berman, raised $5.3 billion for
its third fund earlier this year.
“Investors want more private equity, so private-equity
firms want to offer bigger
funds and different strategies,” Mr. Rees said. “To do
that, they need more capital
and so they come to firms like
us.”
Dyal has snapped up stakes
in top-performing private-equity firms Vista Equity Partners and Silver Lake as well
as buyout giant TPG Capital’s
special-situations arm, TPG
Sixth Street, in the last 18
months.
Net YTD
NAV Chg % Ret Fund
HlthCareAdml r 90.80
HYCorAdml r 5.97
26.15
InfProAd
IntlGrAdml
91.98
ITBondAdml 11.55
ITIGradeAdml 9.89
LTGradeAdml 10.60
MidCpAdml 179.97
MuHYAdml
11.45
14.30
MuIntAdml
11.75
MuLTAdml
11.04
MuLtdAdml
MuShtAdml 15.83
PrmcpAdml r 128.01
REITAdml r 121.45
SmCapAdml 65.48
STBondAdml 10.50
STIGradeAdml 10.72
10.85
TotBdAdml
... NA TotIntBdIdxAdm 21.92
TotIntlAdmIdx r 29.47
-0.05 5.8 TotStAdml
62.23
TxMIn r
13.88
S
38.28
ValAdml
Schwab Funds
WdsrllAdml
66.44
S&P Sel
38.79 +0.42 12.7 WellsIAdml
64.75
72.07
WelltnAdml
T
75.37
WndsrAdml
33.44
67.08
67.39
74.69
HelSci
InstlCapG
37.45
18.91
IntlStk
15.02
IntlValEq
MCapGro
88.94
30.24
MCapVal
N Horiz
53.31
9.56
N Inc
11.07
OverS SF r
R2020
22.80
17.53
R2025
R2030
25.76
18.80
R2035
26.96
R2040
Value
37.28
Principal Investors
DivIntlInst
NA
Prudential Cl Z & I
14.61
TRBdZ
EqIndex
2.4 Growth
O
Parnassus Fds
Net YTD
NAV Chg % Ret Fund
2.1 EqInc
M
10.9
13.6
debated how to respond to
the popularity of passive investments at a conference in
London on Sept. 5. Jupiter
Fund Management PLC Vice
Chairman Edward Bonham
Carter cautioned that private
equity is becoming “a
crowded space,” though he
acknowledged its appeal.
“It is a high fee model,” he
said. “Managers can make
four, five, six times the
amount they can make as a
more conventional active fund
manager.”
A bubble in private equity
isn’t inevitable because firms
have plenty of room to grow,
according to Jim Strang, an
executive at Hamilton Lane, a
major investor in private equity. “Private equity, despite
how much it has grown, is
still tiny,” he said. “If you
think about the scale of the
industry in the context of the
global public investment market it’s a very small part.”
Private-equity assets have
more than doubled in the last
decade to $1.75 trillion at the
end of 2016. That is still
equivalent to less than 3% of
the $71.5 trillion of publicly
traded shares.
+0.36
+0.72
+0.86
+0.41
+0.47
+0.12
+0.09
+0.75
+0.24
+0.44
-0.03
+0.07
+0.10
+0.09
+0.17
+0.14
+0.21
+0.42
7.1
12.5
26.6
26.4
28.1
23.7
17.3
18.0
4.1
23.1
3.9
22.1
11.7
13.1
14.3
15.4
16.2
10.8
VANGUARD FDS
TIAA/CREF Funds
25.94
18.57 +0.20 11.9 DivdGro
EqIdxInst
215.23
+0.39 10.0 IntlEqIdxInst 19.86 +0.13 20.0 HlthCare r
Tweedy Browne Fds
INSTTRF2020 22.14
27.79 +0.19 11.0 INSTTRF2025 22.33
... NA GblValue
INSTTRF2030 22.46
-0.04 5.5
INSTTRF2035 22.59
INSTTRF2040 22.72
... 6.8 VANGUARD ADMIRAL
230.65 +2.47 12.7 INSTTRF2045 22.83
500Adml
38.22
... 6.9 BalAdml
33.47 +0.17 8.6 IntlVal
32.29
11.91 -0.01 5.1 LifeGro
CAITAdml
26.42
... 7.1 CapOpAdml r 148.18 +2.06 19.3 LifeMod
25.54
37.30 +0.29 26.3 PrmcpCor
EMAdmr
31.61
... 7.0 EqIncAdml
73.78 +0.79 9.3 SelValu r
26.50
ExtndAdml
78.54 +0.87 8.6 STAR
10.72
+1.27 27.5 GNMAAdml
10.57 -0.03 2.1 STIGrade
15.71
68.44 +0.63 20.1 TgtRe2015
+0.11 11.8 GrwthAdml
V
Net YTD
NAV Chg % Ret
TgtRe2020
TgtRe2025
TgtRe2030
TgtRe2035
TgtRe2040
TgtRe2045
TgtRe2050
TgtRetInc
TotIntBdIxInv
WellsI
Welltn
WndsrII
31.05 +0.12
18.15 +0.09
32.70 +0.19
20.04 +0.14
34.42 +0.27
21.59 +0.17
34.73 +0.27
13.51 +0.02
10.96 -0.01
26.72 +0.04
41.73 +0.24
37.44 +0.38
VANGUARD INDEX FDS
230.60 +2.46
500
193.84 +2.15
ExtndIstPl
52.90 +0.63
SmValAdml
10.81 -0.04
TotBd2
17.62 +0.12
TotIntl
62.20 +0.67
TotSt
VANGUARD INSTL FDS
33.48 +0.17
BalInst
DevMktsIndInst 13.90 +0.09
DevMktsInxInst 21.72 +0.14
78.54 +0.87
ExtndInst
68.45 +0.63
GrwthInst
10.65 -0.04
InPrSeIn
227.60 +2.44
InstIdx
227.62 +2.44
InstPlus
55.85 +0.60
InstTStPlus
39.76 +0.41
MidCpInst
196.08 +2.01
MidCpIstPl
65.48 +0.72
SmCapInst
STIGradeInst 10.72 -0.02
10.85 -0.04
TotBdInst
10.81 -0.04
TotBdInst2
10.85 -0.04
TotBdInstPl
TotIntBdIdxInst 32.89 -0.04
TotIntlInstIdx r 117.85 +0.77
TotItlInstPlId r 117.87 +0.77
62.24 +0.67
TotStInst
ValueInst
38.28 +0.47
+0.48
...
-0.09
+1.32
-0.05
-0.03
-0.09
+1.85
-0.01
-0.02
-0.01
...
...
+1.48
+1.03
+0.72
-0.02
-0.02
-0.04
-0.02
+0.19
+0.67
+0.09
+0.47
+0.68
+0.11
+0.41
+0.98
19.8
6.2
2.9
36.6
4.5
4.5
8.3
11.2
6.7
4.9
5.7
2.9
1.4
17.6
5.7
6.6
1.8
2.3
3.6
1.9
21.3
12.0
20.1
6.9
7.6
6.4
8.2
9.8
+0.21
+1.12
+0.09
+0.11
+0.13
+0.15
+0.17
+0.18
+0.27
+0.22
+0.12
+0.31
+0.37
+0.14
-0.02
+0.04
12.4
19.7
9.9
11.0
12.0
12.9
13.9
14.3
20.4
13.0
10.5
15.1
9.8
12.7
2.2 Western Asset
8.3 CorePlusBdI
9.9
11.0
12.0
13.0
13.9
14.3
14.3
6.3
1.8
6.4
8.2
7.6
12.6
8.6
2.5
3.5
21.3
11.9
8.6
20.1
20.1
8.6
20.1
2.9
12.7
12.7
11.9
11.2
11.2
6.6
2.3
3.6
3.6
3.6
1.9
21.3
21.3
12.0
6.9
W
NA
...
NA
THE WALL STREET JOURNAL.
Tuesday, September 12, 2017 | B11
MARKETS
Treasury
Prices Fall
As Irma
Weakens
Hurricanes Gore the Oil Bulls
More of the fuel is
likely to wind up in
storage as demand
for crude takes a hit
BY STEPHANIE YANG
U.S.
government-bond
prices slipped Monday, as investors piled into riskier assets like stocks.
The yield on the 10-year
Treasury note settled at
2.125%,
comCREDIT
pared
with
MARKETS 2.058% Friday.
Yields rise as
bond prices fall.
Yields on the 10-year note
posted their biggest one-day
gain since July 25 after early
estimates suggested damage
from Hurricane Irma would be
less severe than analysts initially feared.
Concerns over the hurricane, which made landfall in
the U.S. before being downgraded to a tropical storm,
last week had sent Treasury
yields to fresh lows for the
year. Bond yields had also
fallen after some analysts
warned that North Korea
could launch another intercontinental ballistic missile over
the weekend—a development
that would have renewed fears
of an escalation in the country’s nuclear program.
The fact that there appeared to be no such launch,
and that analysts have downgraded their hurricane-damage estimates, helped stoke
appetite for stocks on Monday
while putting pressure on assets considered safer stores of
value, said Dan Heckman, senior fixed-income strategist at
U.S. Bank Wealth Management. Treasurys, alongside assets such as gold and the Japanese yen, tend to attract
money during times of economic or political uncertainty.
“Although the storm caused
a lot of damage, it didn’t appear to be the worst-case scenario,” Mr. Heckman said, adding that Treasurys have swung
because of short-term developments in recent sessions.
Later this week, bond investors will get a fresh look at inflation, with the producerprice index scheduled to be
released on Wednesday and
the consumer-price index set
for Thursday.
While various measures of
the U.S. economy have picked
up this year, inflation readings
have remained largely muted,
adding to investors’ view that
the Federal Reserve will be
unlikely to raise rates quickly.
That has helped keep yields
in a narrow range, despite expectations at the start of the
year that policy changes from
the Trump administration
would kick-start economic
growth and inflation and, in
turn, sap demand for Treasurys. The yield on the 10-year
note finished 2016 at 2.446%.
“We think the market will
continue to trade in a tight
range until we see changes on
the inflationary front,” Mr.
Heckman said.
The havoc wreaked by major summer storms stands
to deepen a global crude-supply glut that has depressed oil
prices for more than three
years.
By paralyzing giant swaths
of the southern U.S. ranging
from Texas
COMMODITIES to
South
Carolina for
days at a
time, hurricanes Harvey and
Irma will dent energy demand
from consumers and refiners
even as drilling continues and
crude in storage is abundant.
The effect, analysts say, will
be to push millions more barrels of crude oil into oil caverns and floating tankers at a
time when storage is already
in heavy use. That will undermine efforts by producers
such as the Organization of
the Petroleum Exporting
Countries to rebalance the
market by cutting output.
U.S. crude prices haven’t
exceeded $50 a barrel for
more than a trading day since
May, and futures for October
delivery fell 3.3% Friday to
$47.48 ahead of Irma’s landfall. On Monday, crude settled
up 1.2%, to $48.07.
While regional economic
activity will gradually recover
AUCTION RESULTS
Here are the results of Monday's Treasury auctions.
All bids are awarded at a single price at the marketclearing yield. Rates are determined by the difference
between that price and the face value.
13-WEEK AND 26-WEEK BILLS
13-Week
26-Week
$118,320,945,800 $102,980,163,400
$39,000,560,800 $33,000,394,900
$539,865,800 $419,850,400
$223,000,000 $400,000,000
99.738375
99.423667
(1.035%)
(1.140%)
1.052%
1.163%
Coupon equivalent
8.18%
46.77%
Bids at clearing yield accepted
912796MG1
912796NW5
Cusip number
Applications
Accepted bids
" noncomp
" foreign noncomp
Auction price (rate)
Both issues are dated Sept. 14, 2017. The 13-week bills
mature on Dec. 14, 2017; the 26-week bills mature on
March 15, 2018.
THREE-YEAR NOTES
$64,883,398,300
Applications
$24,000,020,800
Accepted bids
$47,698,300
" noncompetitively
$100,000,000
" foreign noncompetitively
99.830281
Auction price (rate)
(1.433%)
1.375%
Interest rate
87.71%
Bids at clearing yield accepted
9128282V1
Cusip number
The notes, dated Sept. 15, 2017, mature on Sept. 15,
2020.
Major summer storms in the U.S. are increasing stockpiles of
oil and widening the spread between supply and demand.
Global supply minus demand
U.S. stockpiles, weekly data
U.S. crude-oil futures
$55 a barrel
million bpd oversupply*
50
45
40
J
*Average in barrels a day Note: Stockpiles excludes Strategic Petroleum Reserve
Sources: International Energy Agency (supply and demand);
U.S. Energy Information Administration (stockpiles); WSJ Market Data Group (price)
after the storms and rebuilding efforts will help to push
demand higher, the disruptions are nearly certain to intensify the downward pressure
on U.S. prices.
The sheer size of Harvey
and Irma, two of the largest
storms to hit the U.S. in recent
years, likely will drive significant declines in consumption,
said Thomas Pugh, a commodities economist at Capital Economics.
Mr. Pugh expects the impact from the two storms to
exceed that of Hurricane Katrina in 2005, which drove total U.S. oil demand down 2%
from a year earlier in the
three months that followed.
The scale of the storms
points to an outsize impact on
the oil market. Hurricane Harvey is expected to be one of
the costliest storms in U.S.
history, after dumping torrents of rain on the Greater
Houston metropolitan area of
more than 6.7 million people.
More than 300,000 homes in
Texas were damaged or destroyed by the floods.
Even more is potentially at
stake in Irma, which hit Sunday in large sections of Florida, a state with more than 20
million people. Data provider
CoreLogic Inc. estimated that
12 million properties in Flor-
F M A M J
J
A S
THE WALL STREET JOURNAL.
ida could be damaged by
winds or the storm surge.
The energy industry has already taken a significant hit.
U.S. crude prices fell after
Harvey hit the eastern coast of
Texas and forced the shutdown of more than 20% of U.S.
refining capacity.
Crude prices began recovering last week as refiners near
the Gulf Coast planned restarts, easing demand concerns. Gasoline prices remain
elevated, reflecting refinery
outages and the vulnerability
of the U.S. gasoline-distribution system to storms that hit
the Southeast.
Goldman Sachs Group Inc.
said Monday that the demand
loss will be a “bearish shock
for global oil balances.” The
bank estimated that U.S. crude
inventories will climb by 40
million barrels in the month
following Harvey, which would
push stockpiles to nearly 500
million barrels.
Crude inventories declined
steadily through July and August, which oil bulls took as a
sign that the market was beginning to move back into balance.
But a buildup of 40 million
barrels would negate most of
those inventory reductions. On
Thursday, the U.S. Energy Information Administration reported that 4.6 million barrels
of crude oil were added to
storage in the week ended
Sept. 1. Days of supply covered
by inventories rose for the
first time in two months to
27.5 that week, below the peak
this year of 34.2 days, according to the EIA.
Some analysts are skeptical
that hurricane season will
have a long-term impact on
the oil market. If refiners restart more quickly than anticipated, it could mitigate another wave of U.S. supply.
“It’s definitely not good
news in the short term,” said
Ed Morse, global head of commodities research at Citigroup
Inc. But “in the end, it’s probably the case that supply and
demand are balancing themselves out.”
—Benoit Faucon
and Amrith Ramkumar
contributed to this article.
GERALD HERBERT/ASSOCIATED PRESS
BY AKANE OTANI
Global Glut
Flooding in Immokalee, Fla., on Monday. Florida hurricane risk is so large that half of the $26 billion in outstanding catastrophe bonds include that as a risk exposure.
BOND
Continued from page B1
rethink their positions in the
market” and expect a higher
rate of return, said Gary Martucci, a director at Standard &
Poor’s Global Ratings. But
“these bonds are generally two
to three times oversubscribed,
so even if a few investors walk,
there’s still sufficient capital
available to buy the risk that is
being offered in the market.”
Hurricane Irma made landfall in the Florida Keys early
Sunday, then moved up the
state’s west coast. Even at the
upper end of Monday’s projections of roughly $40 billion of
damage, the storm is well below
the $130 billion mark that put
cat-bond investors on edge last
week as Irma barreled across
the Caribbean and seemed destined to strike Miami.
Mr. Martucci said he doesn’t
expect any of the cat bonds
rated by S&P, representing a
slice of those outstanding, to
suffer a principal reduction
based on the current $40 billion
upper-end damage estimate.
Many insurance executives
and cat-bond promoters are
gathered in Monte Carlo for
one of the biggest annual industry confabs. As the conference began over the weekend,
attendees said they were getting frequent updates on the
storm’s trajectory from various
sources and using smartphones
to stay on top of the U.S. National Hurricane Center’s forecasts of Irma’s strength.
Which cat bonds might suffer, and how much will have to
be paid out, will become clearer
in coming days as the industry
tallies up actual losses.
“There is a mountain of alternative capital on the sidelines that will be available to
be deployed if the insured loss
from Irma results in significantly higher expected returns
for cat bonds,” Tony Ursano,
president of TigerRisk Partners LLC, a risk and capital adviser to insurers and reinsurers, said from the conference.
In simplest terms, a catastrophe bond works like this:
An investor buys the bond,
taking into account a calculation by an independent riskmodeling firm of the odds of a
specified disaster occurring.
The principal and interest are
held in escrow and typically
invested in Treasurys.
These bonds are typically
sold in tranches, each with a
different trigger. Triggers vary
across the bonds. Some specify
a deductible amount that an insurer must pay before tapping
into the principal, while others
are based on metrics tied to a
weather event. Some are tied
to a single event, while others
reference damage accumulated
over designated periods.
Florida hurricane risk is so
large that around half of the
$26 billion in outstanding cat
bonds include that as a risk
exposure. In return for their
investment, owners of the
bonds are paid interest rates
higher than conventional
bonds for taking on the risk.
Aon Benfield’s U.S. hurricane bond index had an 8.7%
average annual return over the
past 10 years, compared with a
6.9% average over the decade
for high-yield bonds. But cat
bonds returned less over the
12 months through June 30:
6.4% compared with 7.9% for
the high-yield index.
Over the years, investors
have lost some principal and
as Irma barreled toward the
U.S. last week, S&P said at the
time that 13 cat bonds it rates
totaling $1.35 billion could be
at risk. These included $250
million in a class of notes issued in 2014 by Kilimanjaro Re
Ltd., an entity affiliated with
the reinsurer Everest Re. Payouts from the bond would be
made to Everest if insured industry losses in Florida exceed
$68 billion, a figure that now
seems unlikely.
Last week in thin trading
on a secondary market, part of
a series of bonds tied to Florida-focused Heritage Insurance
Holdings traded as low as
about 50 cents on the dollar
before recovering to 68 cents,
market participants said.
But as estimates of the insurance industry’s costs fell
Monday, “the cat-bond market
has basically recovered,” said
Dirk Lohmann, chief executive
of Switzerland-based insurance advisory Secquaero Advisors AG. Mr. Lohmann was
among the pioneers of cat
bonds in the early 1990s.
“There will be some isolated
hits” but not widespread loss
of principal, he said.
The bonds were born in the
1990s, when Mr. Lohmann and
other then-colleagues at Hannover Re in Germany were inspired to turn to the capital
markets after Hurricane Andrew hurt many insurers’ capital bases.
The securities took off after
the 2008 financial crisis because investors were attracted
to their relatively high returns
and to the fact that their performance wasn’t correlated to
market swings.
A record $11.3 billion of
new cat bonds was issued in
the 12 months through June,
according to Aon Securities.
Cat bonds and other “alternative” reinsurance investments
collectively stand at roughly
$90 billion, according to Aon.
Austria Considers Going Long With a 100-Year Bond
BY EMESE BARTHA
Austria may be about to go
ultralong as it mulls selling a
100-year bond that would be
the first such deal to be sold
into public markets in the eurozone.
Eurozone countries and
companies have been able to
raise cash for lengthier periods as the European Central
Bank’s stimulus measures push
down bond yields and lower
borrowing costs across the
euro area. Faced with a growing stock of low- and negativeyielding debt, investors have
been forced into longer-dated
bonds that offer the prospect
of positive returns.
Late last year, Austria sold
a €2 billion ($2.2 billion), 70year bond at a yield of 1.53%,
while Ireland and Belgium
have both sold privately
placed bonds that don’t come
due for a century.
On Monday, the banks hired
for the sale of a coming five-
year bond for Austria said that
they are looking at the possibility of a 100-year euro
tranche, subject to investor
feedback.
“The potential for a 100year deal is a sign that the
market for very long issuance
is not closed yet,” said Antoine Bouvet, vice president
for rates strategy at Mizuho
International PLC.
A bond-buying program and
negative interest rates have
pushed down yields across the
eurozone. While investors believe that the ECB is now looking to unwind that stimulus,
they believe that the pace of
that tightening may be slower
than assumed earlier this year.
Longer-dated bonds tend to
be popular with investors such
as local pension funds and insurance companies, which buy
them to match their liabilities.
Because bonds that have longer maturities carry more risk,
they typically pay investors a
higher return, which has made
these securities more popular
when yields are low across
fixed-income markets.
While 20-year to 50-year
government bonds have mushroomed in the eurozone in recent years, centurylong bonds
remain rare.
Ireland and Belgium each
sold €100 million in 100-year
bonds in 2016 in private placements.
Outside the eurozone, Argentina and Mexico have issued 100-year bonds.
In 2015, French state-owned
railroad company SNCF issued
a 100-year euro bond for €25
million, while power utility
Electricité de France SA sold
100-year bonds in 2014.
With no comparably long
publicly issued sovereign bond
available in the eurozone, Austria’s own, 2086-dated bond
might be the pricing reference,
Mr. Bouvet said. The 2086dated bond is trading at a
yield of 1.82%, according to
Tradeweb.
B12 | Tuesday, September 12, 2017
THE WALL STREET JOURNAL.
* *
MARKETS
Battered Insurance Shares Are Recovering
Cost to the industry
Relief Rally
appears to be lower
Insurance stocks in the S&P 500 rallied Monday as Hurricane Irma dissipated. The gains extended
than feared as Irma
damage estimates fall a rebound that began late last week following a sharp decline over storm-damage fears.
Share-price performance
BY ERIK HOLM
5%
Hurricane Irma’s brutality
burdened millions. Wall Street
was relieved it wasn’t as intense as feared.
The insurance sector had
been hit hard last week as the
powerful storm headed toward
Florida, but damage estimates
indicate the cost to the insurance industry will be far less
than was expected when the
storm was forecast to pass
closer to Miami.
Travelers Cos., the only insurer in the Dow Jones Industrial Average, rose 2.3% Monday, adding 19 points to the
blue-chip index’s 260-point
climb. The business and home
insurer had fallen in 12 of the
15 trading sessions through
Thursday, declining 11% in that
time, before beginning its recovery in Friday’s session.
Reinsurer XL Group Ltd.
rose 5% and Everest Re Group
Ltd. rose 4.3%, among the best
performers in the S&P 500.
The reinsurance industry plays
a large role in the Florida insurance market and was expected to bear the financial
brunt of Hurricane Irma’s
damage to potentially millions
of homes across the state.
A
catastrophe-modeling
firm, AIR Worldwide, early
Monday estimated that Irma
would cause private-sector insured losses in the U.S. of $20
billion to $40 billion. That is
well below the more than $100
billion or more that was predicted by some insurance-industry experts on Friday. At
that time, some projections
for the storm had it hitting
Miami and the east coast of
Florida directly. Instead, the
storm shifted west along the
Gulf Coast.
The total insured value in
0
Chubb
Allstate
Travelers
Progressive
–5
XL Group
–10
Everest Re Group
–15
–20
September
Aug. 28
Some Florida-based insurers have had an even-starker move over the
past few weeks.
The insurers’ recovery helped the financial sector lead the S&P 500
higher Monday.
Share-price performance
One-day S&P 500 sector performance
10%
Heritage Insurance
0
–20
Federated National
Holding
Universal Insurance
Holdings
–30
HCI Group
–10
September
Aug. 28
1.7%
1.5%
1.4%
1.0%
0.9%
0.9%
0.8%
0.7%
0.7%
0.5%
0.3%
Financials
Information technology
Materials
Energy
Utilities
Industrials
Health care
Real estate
Consumer staples
Consumer discretionary
Telecommunications
Other stocks pressured in the run-up to the storm, such as
cruise-ship operators, also climbed Monday...
...while a measure of expected volatility across the entire stock
market declined for multiple reasons.
Share-price performance
CBOE Volatility Index
16
4%
14
2
Royal Caribbean
Cruises
0
Carnival
–2
12
10
8
–4
Aug. 28
Aug. 1
September
Sept. 1
THE WALL STREET JOURNAL.
Source: FactSet
coastal counties along the Gulf
Coast up to Tampa is about
$1 trillion, but “Irma’s forward
motion should prevent the
kind of accumulations and resulting flooding seen two
weeks ago in Texas” from Hurricane Harvey, AIR analysts
noted. The firm’s damage estimates are among those closely
watched by the insurance industry after major natural disasters.
Elyse Greenspan, an analyst
at Wells Fargo Securities,
wrote in a note to clients that
Irma didn’t bring “the big hit
to Miami that models had
called for most of last week,”
but noted that the damage estimate indicates “this will still
be a significant loss for the insurance industry.”
Still, after declines last
week, Chubb Ltd. gained 3.6%,
Progressive Corp. climbed
2.2% and Allstate Corp. added
1.8% on Monday.
The S&P 500’s propertyand-casualty insurers were up
2.7% as a group, reaching their
highest point of the month
HEARD ON THE STREET
Email: heard@wsj.com
FINANCIAL ANALYSIS & COMMENTARY
Hurricane Has Mercy on Insurers
Hurricane Irma has left a
trail of destruction across
Florida, but it could have
been much worse. For insurers, investors and consumers,
the news is also good. The
industry has avoided extreme
losses and insurance rates
are unlikely to rise significantly.
Estimates of total potential losses from the storm
came down after Irma lessened in strength and avoided
a direct hit on Miami. AIR
Worldwide, a catastrophe
modeling firm, has cut its estimate of losses to a range of
$20 billion to $40 billion,
down from its earlier forecast of up to $65 billion.
This will still be painful
for the smaller Florida-focused primary insurers such
as Heritage Insurance and
Citizens Property, as well as
for their reinsurers.
Aside from the Florida
Hurricane Catastrophe Fund,
a state-backed reinsurer that
takes the biggest share of
hurricane exposure, the private reinsurers likely to be
most exposed are the Lloyd’s
of London market, Allianz of
Short Reinsurance Memories
Guy Carpenter Global Property Catastrophe Reinsurance
Rate-on-Line Index
400
300
200
100
Hurricane
0 Andrew
1990
Hurricane
Katrina
’95
2000
’05
’10
’15 ’17
THE WALL STREET JOURNAL.
Source: Guy Carpenter
Germany, Tokio Marine and
Everest Re, according to
Moody’s Investors Service.
But the losses look manageable: Allianz, for instance,
estimates a net exposure of
€200 million ($240.74 million) from Irma, less than 2%
of its expected full-year operating earnings. Analysts at
Wells Fargo, meanwhile,
forecast that the big U.S.listed reinsurers are likely to
suffer losses equivalent to
less than 70% of expected
2017 earnings.
There is still uncertainty
around the damage estimates. Steve Moss of RMS,
another catastrophe-modeling firm, noted there was
flooding from seawater on
both sides of the Florida
peninsula, spreading the
damage. But he added that
the strongest winds around
Tampa fortunately blew
westward, so seawater
wasn’t pushed directly into
the city from the bay.
The market for catastrophe bonds, an alternative
form of reinsurance, will also
be affected. However it
seems there may be no total
defaults, though it will be a
while before that is confirmed.
The scale of losses, even
when combined with Hurricane Harvey, are unlikely to
mean a big loss of capital
from the industry.
Reinsurance rates spiked
after Hurricane Katrina in
2005, but have steadily declined ever since. The Guy
Carpenter index of global
property catastrophe reinsurance rates is down 42%
from its 2006 peak. This has
allowed primary insurers to
remain solidly profitable and
build up capital, despite a
competitive, buyer-friendly
market for policies.
There are still two months
to go in the hurricane season, so more large storms
could appear. But a fundamental reordering of the insurance landscape now
seems remote.
—Aaron Back
and Paul J. Davies
OVERHEARD
Should Apple be worth $1
trillion?
Ahead of the unveiling of
this year’s new iPhones, even
Wall Street isn’t taking that
bet.
Apple shares got a nice lift
Monday to over $161. A price
a little over $193 would garner the company a total market value of $1 trillion.
But even though about
76% of covering brokers rate
the shares as a “buy,” most
analysts aren’t projecting that
sort of gain.
The current median price
target is $180.
Only two analysts currently have targets on the
stock that would put the
company’s market cap over
$1 trillion, according to S&P
Capital IQ.
Of course, that could all
change once Apple officially
reveals the new gizmos at
Tuesday’s big event.
The median target rose
19% in the three months that
followed the iPhone 6 launch
three years ago.
Even cynical stock pickers
aren’t immune to hype.
An Undervalued New Player Arises in the Energy Industry
If they gave out grades for
corporate names, “Baker
Hughes, a GE Company”
would get a D-minus. In
terms of recent financial
performance, neither of the
parties to the merger completed two months ago deserved more than a gentleman’s C.
But the company’s grade
should go higher over the
next few years as new management, a solid balance
sheet and strong business
lines combine to boost Baker
Hughes ahead of its competitors.
While the company is still
exposed to energy prices, it
expects $1.6 billion in annual
deal synergies and cost savings by 2020, a boost its ri-
and helping the financial sector lead the S&P 500 higher.
Florida-based insurers were
up even more sharply, with
Heritage Insurance Holdings
Inc. climbing 22%, HCI Group
Inc. rising 17% and Universal
Insurance Holdings Inc.
shares up 13%.
Such companies dominate
the Florida home-insurance
market, as bigger firms such
as Allstate and Travelers have
retreated from the state over
the past two decades.
Consolation Prize
Total shareholder return, past
three years
Baker-Hughes
20%
Schlumberger
Halliburton
0
–20
–40
–60
2014 ’15
’16
’17
Source: FactSet
vals won’t get.
As the name suggests, the
new company is the result of
an unusually structured
merger between General
Electric’s energy business
and oil-services company
Baker Hughes. Business has
been tough and remains so
for the industry. Earnings expectations have fallen this
year for Baker Hughes and
its rivals.
Over the past three years,
a period encompassing the
oil bear market, the aborted
merger with rival Halliburton and its merger with GE,
legacy shareholders of Baker
Hughes have a minus-21% total shareholder return. That
compares with minus-31% for
industry-leader Schlumberger and minus-36% for
Halliburton.
Now, though, Baker
Hughes is effectively a
brand-new company run by a
man who has never held that
role. Chief Executive Lorenzo
Simonelli and his team have
been handed fresh incentives
to meet financial goals—
something that often spurs
results when new public
companies are created. Besides the synergies and cost
savings, Baker Hughes is the
only big player in the industry with net cash on the balance sheet. It has business
lines, mostly courtesy of the
legacy GE oil-and-gas business, that are less sensitive
than most peers to petroleum prices remaining in the
doldrums.
With GE owning 62.5% of
the operating company and
having signed a five year
standstill agreement on buying the rest, a bid for the
37.5% rump is out of the
question. But GE has a new
CEO and an activist shareholder looking to shake
things up. The awkward status quo could change in two
years, or even sooner with
approval from a conflicts
committee, which could include a tax-free spinoff.
That perceived overhang
is a temporary weight on the
share price but, on enterprise value to forecast 2018
earnings before interest,
taxes, depreciation and
amortization, Baker Hughes
trades at about a 15% discount to the average of five
industry peers. If it can exceed muted expectations
once it begins reporting consolidated results, that gap
should narrow.
—Spencer Jakab
Property-andcasualty insurers’
stocks were up 2.7%
as a group Monday.
The smaller insurers are
typically required by Florida
regulators to buy reinsurance,
which is backup protection
that protects insurers from
catastrophic losses. Both Irma
and last month’s Hurricane
Harvey are expected to be
costly events for the global reinsurance industry, but reinsurers have substantial capital
cushions after several years
without a major hurricane hitting the U.S.
Past catastrophes sapped
enough capital from the industry that insurers and reinsurers raised prices, but some
Wall Street analysts said Monday that they didn’t appear
likely to significantly raise
prices from what they knew of
Irma’s damage so far.
Irma made landfall in the
Florida Keys on Sunday morning as a Category 4 storm,
weakened to a Category 2 by
late afternoon and was downgraded to a tropical storm
Monday morning. It moved
into southern Georgia on Monday afternoon.
—Leslie Scism
and Nicole Friedman
contributed to this article.
WSJ.com/Heard
For Teva,
Hard Part
Starts Now
The board at Teva Pharmaceutical Industries has
scored a clear victory. Investors’ celebration shouldn’t
last much longer, however.
The struggling genericdrugs giant announced Monday that Kare Schultz will
take over as president and
chief executive. Shares rocketed 19% in New York.
Mr. Schultz brings a
strong résumé, having recently served at H. Lundbeck
and Novo Nordisk. He also
brings experience with generic drugs as well as corporate restructuring.
A new CEO with cost-cutting experience and fresh
eyes can quickly make a big
impact. But that was before
Teva’s balance-sheet-busting
acquisition of Allergan’s generics business last year. For
Teva to return to health, it
needs to cut its $35 billion
debt load. The trick is to do
that in a way that doesn’t
slash profits.
Teva announced the sale
of its intrauterine contraceptive business to a unit of
Cooper for $1.1 billion Monday.
The task will be harder for
Mr. Schultz because genericdrug prices are falling. Teva’s
operating cash flow was
down 23% in the second
quarter from a year earlier.
Teva’s stock isn’t as cheap
as it seems, despite this
year’s 48% decline. Teva
shares trades at just four
times forward earnings. Include the debt, however, and
the company is valued at 8.5
times enterprise value to forward earnings before interest, taxes, depreciation and
amortization. That is right in
line with the 10-year average.
Monday’s news was a
good start in the rebuilding
project. Investors should
want to see much more before betting that the rebound
will last.
—Charley Grant
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