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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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DJIA 22761.07 g 12.60 0.1%
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10-YR. TREAS. Closed ,yield 2.370%
HHHH $4.00
WSJ.com
TUESDAY, OCTOBER 10, 2017 ~ VOL. CCLXX NO. 85
* * * * * *
OIL $49.58 À $0.29
GOLD $1,281.80 À $10.20
Wildfires Ravage California Wine Country, Send Thousands Fleeing
What’s
News
E is giving activist investor Trian a board seat,
bowing to mounting pressure
as it looks for ways to revamp operations and reverse
its slumping stock price. A1
G
Concession to Trian
comes as new CEO
seeks to stem slide,
overhaul leadership
The dollar is rebounding
as investors bet that an aggressive tone by the Fed and
political tumult in Europe
will help lift the currency. A1
Weinstein Co. is considering a name change as it moves
to distance itself from Harvey
Weinstein, who was fired amid
a sex-harassment scandal. A1
Bowing to mounting pressure, General Electric Co. is giving activist investor Trian Fund
Management a seat on its
board as the industrial company looks for ways to revamp
its operations and reverse its
slumping stock price.
Google found that Russian-linked entities bought
thousands of dollars of political ads on its platform
around the U.S. election. B1
U.S. stocks edged lower
in the slowest session of the
year. The Dow eased 12.60
points to 22761.07. B12
ESPN said it suspended
host Jemele Hill for violating the sports network’s
social-media guidelines. B2
Germany’s Eurex plans
to share profits with banks
in an effort to claw clearing
business from London. B11
SpaceX blasted 10 satellites into orbit as it ramps
up operational tempo. B4
World-Wide
The EPA is withdrawing
federal limits on carbon
emissions at power plants,
pushing forward on a Trump
pledge to roll back Obamaera environmental rules. B1
Wildfires ravaged
Northern California, leaving
at least 10 people dead and
destroying at least 2,000
houses and businesses. A3
Emails shed light on the
period leading up to a June
2016 meeting between a
Kremlin-linked lawyer and
Trump campaign aides. A6
Trump’s demand for immigration-enforcement measures threatens to derail
talks on Capitol Hill over legislation to aid “Dreamers.” A4
Mattis said the U.S. is pursuing diplomacy and sanctions to thwart North Korea’s
nuclear drive, but told the
Army it needs to be ready. A8
The Las Vegas gunman
shot a security guard minutes
before the attack on concertgoers, officials said, a change
in the timeline of events. A3
California Sen. Feinstein
said she will run for re-election despite criticism from
the Democrats’ left flank. A4
Britain’s May signaled
that she expects EU Brexit
concessions before the U.K.
offers more of its own. A10
A Philippine poll found
a sharp drop in President
Duterte’s approval rating
to its lowest level ever. A12
Opinion.............. A19-21
Sports....................... A18
Streetwise................. B1
Technology............... B4
U.S. News............. A2-6
Weather................... A16
World News..... A8-12
>
s Copyright 2017 Dow Jones &
Company. All Rights Reserved
The concession comes a
week after GE’s longtime leader,
Jeff Immelt, resigned as chairman and left the company’s
board. Since taking over as
CEO, John Flannery, who is
now chairman too, has been
moving aggressively to break
with the past, replacing GE’s finance chief and two other senior leaders on Friday.
The GE veteran is also expected to unveil his restructuring efforts and reset financial
targets in November, according
to people familiar with the matter. They include a plan to generate more savings than the $2
billion previously targeted by
the end of 2018, the people
said.
The new GE chief is under
pressure to share with investors his plans to cut costs and
boost profits at a company
whose shares have fallen more
than 25% so far this year, missing out on a broad stock market
rally and erasing more than $50
billion in market value. The
shares fell 3.9% on Monday to
$23.43, their lowest close in
more than two years.
Trian first invested $2.5 billion in GE in 2015 in what was
portrayed as a collaborative
move. But the investor has been
unhappy with GE’s stock perPlease see GE page A6
INFERNO: More than a dozen wildfires in Northern California destroyed at least 2,000 houses and businesses and left at least 10 people
dead, officials said Monday. Gov. Jerry Brown declared a state of emergency in several counties as the blazes continued to rage. A3
Battered Dollar Climbs Back
BY DANIEL KRUGER
AND IRA IOSEBASHVILI
Investors are buying the U.S.
dollar again, betting that an increasingly aggressive Federal
Reserve and tumult in European politics will help lift the
currency as it rebounds following its longest slide in a decade.
The dollar has already
bounced roughly 2.9% from its
September lows and has risen
in five of the past six weeks,
powered by gains against the
euro, yen and emerging-market
currencies. Investors betting
against the dollar have also cut
back on their positions recently.
The surge in demand for
dollars caught some investors
off guard. The Fed took an unexpectedly aggressive tone
when officials signaled they expect four rate increases by the
end of next year and the Republican tax overhaul plan
spurred hopes for faster U.S.
growth.
Meanwhile, strong showings
by antiestablishment parties in
Germany and a secession push
in Spain’s Catalonia region led
to renewed concerns about the
European Union, halting gains
in the euro that had sapped the
greenback’s strength.
The surprise recovery in the
currency highlights the unpredictable turns financial markets
have taken this year. ExpectaPlease see DOLLAR page A10
Upswing
A selloff in the dollar has reversed in recent sessions, boosted by
signals the Federal Reserve remains on course to raise rates and a
Republican proposal to overhaul taxes.
WSJ Dollar Index
95
The dollar
rebounds
after hitting
its 2017 low
90
85
The dollar rises
after Donald
Trump’s election
80
2016
’17
Sources: WSJ Market Data Group
THE WALL STREET JOURNAL.
Weinstein Co. Eyes New Name Amid Scandal
LOS ANGELES—Weinstein Co.
is considering changing its name
as it moves to distance itself
from former co-chairman Harvey
Weinstein, the larger-than-life
By Erich Schwartzel,
Joe Flint and Ben Fritz
Hollywood mogul who was once
the studio’s biggest asset, but
who has become its biggest liability.
A Weinstein-free name is in
the works as the studio has en-
listed two ad agencies to develop
a new brand identity, a person
close to the company said. In addition, Harvey Weinstein’s name
is being scrubbed from the credits of coming film and television
projects, people familiar with the
matter said, as the company
tries to contain the fallout from
allegations that Mr. Weinstein
had for decades sexually harassed actresses, female subordinates and other women.
The changes are among the
most tangible signs yet of Har-
The Shopper Retailers
Want Is 26 Years Old
vey Weinstein’s downfall. The
producer behind Oscar-winning
hits like “The King’s Speech” was
fired by his board Sunday after a
New York Times report last week
said he had paid financial settlements to at least eight women
following allegations of sexual
misconduct.
Earlier on Sunday, worried
that he could soon be dismissed,
Harvey Weinstein emailed several powerful Hollywood business associates imploring them
to send letters to Weinstein Co.
INSIDE
The Scotts Miracle-Gro Co.
has started offering gardening lessons for young homeowners that cover basic
tips—really, really basic—like
making sure sunlight can
reach plants.
“These are simple things
we wouldn’t have really
thought to do or needed to
do 15 to 20 years ago,” says
Jim King, senior vice president of corporate affairs for
Scotts. “But this is a group
who may not have grown up
putting their hands in the
dirt growing their vegetable
garden in mom and dad’s
backyard.”
The biggest single age cohort today in the U.S. is 26year-olds, who number 4.8
million, according to Torsten
Slok, chief international
economist for Deutsche
Bank. People 25, 27 and 24
follow close behind, in that
order. Many are on the verge
of life-defining moments
such as choosing a career,
buying a house and having
children.
Companies looking to grab
a piece of that business have
run into a problem. This generation, with its over-scheduled childhoods, tech-dependent lifestyles and delayed
adulthood, is radically different from previous ones.
Companies are developing
new products, overhauling
marketing and launching educational programs—all with
the goal of luring the archetypal 26-year-old.
“They grew up playing
soccer, having dance recitals
and playing an Xbox,” says
Scott’s Mr. King. “They probably didn’t spend as much
time helping mom and dad
out in the yard as their prePlease see TARGET page A14
board members asking that he
be given “a second chance.” If he
were to be fired, Harvey Weinstein predicted, it “would destroy the company,” he wrote. It
is unclear whether any of the
email’s recipients complied with
the request.
The tumult has also put pressure on Bob Weinstein, brother
of Harvey and now the company’s sole chairman, as well as
David Glasser, a longtime lieutenant of the brothers who is
president and chief operating of-
ficer. Messrs. Weinstein and
Glasser are now in charge at
Weinstein Co. and have spent the
past several days assuring others
in Hollywood that the studio will
stay open and keep releasing
movies. Weinstein Co.’s board is
scheduled to meet Wednesday to
decide whether Bob Weinstein
and Mr. Glasser should be named
to run the company permanently, a person with knowledge
of the plans said.
A spokeswoman for WeinPlease see STUDIO page A6
McDonald’s McSpicy Problem:
An Indian Partner Gone Rogue
i
i
i
After chain tries to pull out of 150
outlets, defiant franchisee keeps serving
Marketing, products revamped for millennials
BY ELLEN BYRON
Turkey urged the U.S. to
reverse its decision to suspend visa services for Turkish citizens over the arrest
of a consulate employee. A10
CONTENTS
Business News.. B3,6
Crossword.............. A16
Heard on Street.. B13
Journal Report.. R1-8
Life & Arts....... A15-17
Markets............. B12-13
By Thomas Gryta,
David Benoit
and Joann S. Lublin
JEFF CHIU/ASSOCIATED PRESS
GM is grappling with
ways to trim excess capacity
in the U.S. despite its drastic
downsizing a decade ago. B3
GM said it bought Strobe,
a startup that makes laserbased sensors that help selfdriving cars navigate. B3
YEN 112.68
GE Adds
Activist
To Board
As Stock
Slumps
Business & Finance
Richard Thaler won the
Nobel in economics for upending the notion that people
make rational decisions about
their futures and finances. A2
EURO $1.1743
THE HIDDEN
BATTLE OF THE
SEXES AT WORK
JOURNAL REPORT, R1
ECONOMIST
THALER WINS
NOBEL PRIZE
U.S. NEWS, A2
BY CORINNE ABRAMS
AND ERIC BELLMAN
ganization, this [multinational]
monster, whatever you want to
call it, to truly belittle our conNEW DELHI—McDonald’s tributions,” says Connaught
Corp. has a baffling problem in Plaza’s defiant managing direcIndia. It can’t get restaurants tor, Vikram Bakshi.
McDonald’s has accused
there to stop selling its food.
In August, after a lengthy Connaught Plaza, a joint vendispute, the fast-food giant or- ture between Mr. Bakshi and
dered its partner of 22 years in McDonald’s India Pvt. Ltd., of
breaking
agreenorthern and eastments on financial
ern India to stop
management, interusing
the
nal controls and
McDonald’s brand
paying
royalties,
and system. But
among other things.
Connaught Plaza
“We’ll continue
Restaurants
Pvt.
to take steps to exLtd., which operercise our legal and
ated
40%
of
McDonald’s Indian Veg Maharaja Mac contractual rights
and enforce the teroutlets, about 150
mination,” says a McDonald’s
restaurants, went rogue.
It has continued to sell Ma- spokesman in Hong Kong, Ron
haraja Macs, McAloo Tikki and Christianson. “It will take time
McSpicy Paneer burgers under to bring the current situation
the golden arches—using the to a final resolution.”
Mr. Bakshi denies most accuMcDonald’s name and recipes.
Please see INDIA page A14
“I cannot allow a large or-
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A2 | Tuesday, October 10, 2017
THE WALL STREET JOURNAL.
U.S. NEWS
Nobel Goes to Economist Richard Thaler
Honor Roll
Top 10 universities, research institutions or companies that have
received Nobel prizes, based on recipients' affiliation at the time of
prize announcement.
Economics
Physics, chemistry, and physiology or medicine
Harvard University
Stanford University
By Ben Leubsdorf
in Washington and
David Gauthier-Villars
in Stockholm
The University of Chicago
professor helped to advance automatic enrollment in retirement-savings plans and automatic increases in contributions
to these plans, a major shift in
how Americans save money. He
also influenced public policy on
smoking, organ donations and
beyond.
“I basically have made a career stealing ideas from psychologists,” the economist
quipped at a news conference in
Chicago.
Monday’s award highlighted
the decadeslong rise of behavioral economics from the profession’s margins. The strain of
research came to prominence in
the 1980s and 1990s and challenged the popular view in eco-
29
7
2
MIT
University of Cambridge
20
5
15
4
16
California Institute of Technology
19
13
University of Chicago
Columbia University
University of California Berkeley
Princeton University
Rockefeller University
4
6
KAMIL KRZACZYNSKI/REUTERS
American Richard Thaler
won the Nobel Prize in economics for upending the longstanding notion that individuals
make rational decisions about
their futures and finances and
helping to develop policies intended to nudge people toward
altering their choices.
14
5
13
6
8
12
Notes: Institution shown is the parent institution. Winners with multiple affiliations are
counted in the totals for both institutions. Excludes winners for whom no affiliation is
available.
Source: Nobel Foundation
THE WALL STREET JOURNAL.
‘I basically have made a career stealing ideas from psychologists,’
economist Richard Thaler quipped at a news conference Monday.
nomics that individual decisionmaking
was
rational,
predictable and easily modeled.
The Royal Swedish Academy of
Sciences said his “contributions
have built a bridge between the
economic and psychological
analyses of individual decisionmaking.”
Asked to describe the takeaway from his research, Mr.
yond the world of economics,
aided by his mischievous sense
of humor and the popularity of
“Nudge,” the 2008 book he cowrote. Mr. Thaler appeared as
himself in “The Big Short,” the
2015 film centered on the collapse of the housing bubble that
shook financial markets a decade ago, explaining Wall
Street’s creation of collateral-
Thaler told reporters: “The
most important lesson is that
economic agents are humans
and that economic models have
to incorporate that.”
The 72-year-old economist
said he would spend his cash
award of 9 million Swedish kronor ($1.1 million) “as irrationally as possible.”
Mr. Thaler is known well be-
ized debt obligations at a blackjack table with the singer Selena Gomez.
Mr. Thaler, who is from New
Jersey, has said he “began to
have deviant thoughts about
economic theory” when he was
a graduate student at the University of Rochester, where he
earned his Ph.D. in 1974. He
wrote in his 2015 book “Misbe-
© Verdura. All rights reserved.
Laureate Broke With the Herd,
And Changed Lives of Millions
BY JASON ZWEIG
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Original gouache by Duke Fulco di Verdura
This year’s Nobel Prize in
economics was awarded for
calling out loud, “The emperor
has no clothes.”
Richard Thaler, an economics professor at the University
of Chicago Booth School of
Business,
ANALYSIS
has spent
most of the
past four
decades pointing out that people don’t act—or invest—the
way economists say they do.
He has also changed the investing world itself, enabling
millions of people to save
more than they otherwise
would have thought possible.
In the 1970s, experiments
by Amos Tversky and Daniel
Kahneman, two Israeli psychologists, had poked so many
holes in the idea that people
are “rational” that it already
resembled a battered kitchen
colander. But economists, ignoring that attack from outside their field, still clung to
their notion of rationality as if
it were a pristine golden bowl.
So Prof. Thaler shattered
the idea from within. In a series of brilliant and startlingly
funny articles published in
prestigious academic journals
beginning in the early 1980s,
60 YEARS OF ADVENTURE
AND DISCOVERY
he pointed out that only economists think that people think
the way economists think they
think. Instead, non-economists
think like human beings: impatiently, inconsistently, easily
distracted by irrelevant factors.
Worse, Prof. Thaler pointed
out, even most economists
think like human beings.
“The fact that people are
human is only interesting if
uttered by an economist,”
Prof. Richard Thaler
pointed out that even
most economists think
like human beings.
Prof. Thaler said when I spoke
to him on Monday. “It’s obvious to everybody else.”
To an economist, everything is about incentives and,
to a lesser extent, information.
Prof. Thaler showed that financial behavior is largely a
problem of faulty self-control.
Instead of figuring out their
goals and then immediately investing in a diversified portfolio likely to achieve the highest
return for an acceptable level of
risk, people often can’t act on
their own best intentions. Why
invest today when you will have
even more to invest tomorrow?
As a result, says Stephen
Utkus, head of the Vanguard
Group’s Center for Investor
Research, “we’re a nation of
procrastinators, not a nation
of portfolio managers.”
In research done primarily
with Shlomo Benartzi at the
University of California Los
Angeles, Prof. Thaler figured
out that people will save far
more for retirement if you
take the effort out of it.
Sign them up automatically
for a 401(k) retirement plan,
instead of asking them
whether they would like to
join, and 90% of them will stick
with it. Get them to commit
now to invest more when they
get their next raise, and they
won’t feel any shrinkage in
their paycheck. Stop mechanically putting a portion of their
savings into their employer’s
own company stock, while still
enabling them to invest there
if they wish, and people will
diversify more broadly.
At least 15 million people in
the U.S. are saving more for
retirement thanks to this line
of research, estimates Prof.
Benartzi of UCLA. Mr. Utkus of
Vanguard thinks the number
may be closer to 50 million.
having” that he “was never
quite sure whether the problem
was in the theory or in my
flawed understanding of the
subject matter,” as he wasn’t a
star student. “We did not expect much of him,” was his thesis adviser’s assessment.
After teaching stints at Rochester and Cornell University, in
1995 he took his contrarian notions to the University of Chicago, the heart of efficient-market theories. He argued that
human and financial behavior is
often messier and more complicated than is laid out in traditional economic models.
If financial markets were rational, he asked during the tech
boom of the late 1990s, then
why were technology stocks so
badly mispriced? His evidence
was the case of Palm Inc., which
was valued more than 3Com
Corp., which owned it.
Mr. Thaler said at his news
conference that the rising
prominence of behavioral economics has reflected new generations of researchers embracing
its ideas more than older economists abandoning their models.
“I don’t think I’ve changed
anybody’s mind in 40 years, you
basically don’t change anybody’s mind,” he said.
CORRECTIONS AMPLIFICATIONS
An article from last month
about an advisory panel that
was jointly established by Hong
Kong’s regulator and the city’s
stock market was inadvertently
published in Monday’s Business
& Finance section.
Readers can alert The Wall Street
Journal to any errors in news articles
by emailing wsjcontact@wsj.com or
by calling 888-410-2667.
THE WALL STREET JOURNAL
(USPS 664-880)
(Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935)
(Western Edition ISSN 0193-2241)
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THE WALL STREET JOURNAL.
* * * *
Tuesday, October 10, 2017 | A3
U.S. NEWS
Thousands flee as
blazes kill 10 people
and destroy scores of
homes and businesses
BY ALEJANDRO LAZO
AND ERIN AILWORTH
SANTA ROSA, Calif.—More
than a dozen wildfires ravaging Northern California killed
at least 10 people, destroyed
at least 2,000 houses and
businesses, and turned parts
of the state’s bucolic wine
country into an inferno.
State fire officials said
Monday that some people
were injured and thousands
had fled their homes.
The fires started overnight Sunday, driven by wind
gusts of 50 miles an hour. By
Monday, more than 18 fires
had burned a total of 80,000
acres across at least seven
northern counties, including
Napa and Sonoma, in the wine
region.
Separately on Monday, another wildfire charred 2,000
acres in Southern California,
east of Anaheim, burning several homes and prompting
evacuations. One firefighter
was injured.
Gov. Jerry Brown declared a
state of emergency in seven
northern counties and one
southern county, and asked
President Donald Trump to declare a major disaster, calling
the devastation “extraordinary.”
“Presently, these fires continue their path of destruction,” Mr. Brown wrote. “Many
residents had little time to
flee due to the fires’ rapid and
erratic rate of spread through
the rural terrain. Tragically,
these fires have already taken
lives and emergency responders anticipate the number of
fatalities could grow.”
The Northern California
fires may be among the most
damaging in recent state history, according to fire officials.
In 2003, the Cedar Fire in San
Diego County burned more
than 280,000 acres, destroyed
2,820 buildings and killed 15
people. A 1991 fire in Oakland
burned 2,900 homes and killed
25 people.
Firefighters on Monday
faced a “dynamic situation,
things are changing very rapidly,” said Mark Ghilarducci,
director of the California Governor’s Office of Emergency
Services.
Around 4,500 police, fire
JUSTIN SULLIVAN/GETTY IMAGES
Deadly Fires
Wreak Havoc
In California
Northern California’s wine region was hit hard by the wildfires. Above, a burned-out home next to a vineyard in Sonoma County.
and emergency medical personnel were deployed to the
Northern California fires.
California and other western
states are accustomed to wildfires sparking in the hot dry
late summer and fall months. It
isn’t uncommon for the fires to
burn tens of thousands of
acres—often in remote forests
and hills. But Monday’s fires in
both Northern and Southern
California burned near population centers.
In Sonoma County, a part of
the county seat of Santa Rosa,
a city of about 175,000 people,
was under mandatory evacuation orders, while the county’s
main jail and North County jail
were being evacuated, the
county sheriff posted on Twitter. Other parts of Sonoma
County also were under mandatory evacuation orders
James Gore, a Sonoma
County supervisor, said the
strong winds overnight had
caused the fire to jump from
the wild, rural parts of the
county straight into the urban infrastructure “in a
heartbeat.”
“We are in dire straits here
and we are just trying to hold
on,” he said.
By early afternoon in Santa
Rosa, the sky overhead had
turned completely white and
was tinged with an orange
haze. Ash was falling like snow
and residents walked the
streets wearing medical face
masks.
Residents fearing the fire
would spread, packed up and
prepared to evacuate. All patients at Kaiser Permanente’s
Santa Rosa Medical Center
and at the Sutter Santa Rosa
Regional Hospital were evacuated on Monday, the hospitals
said in statements.
Large patches of the usually
golden hills nearby were
charred black. A huge plume
of gray smoke billowed over
the hills.
Many residents had lost
communication services like the
internet and cable television.
Anthony Robinson, 32,
walked out of Coddingtown
Mobile Estates, a mobile home
park in Santa Rosa, with a
twisted mass of metal under
his arm. It was all that was
left of his car after fire swept
through the area late Sunday,
burning his mobile home and
others, as well as nearby businesses to the ground.
Mr. Robinson said he fled
his home with his dog and cat
on Sunday around 11 p.m.
when the smoke-filled air became too thick to breathe.
“Came back two hours
later to see hellfire over
here,” he said.
Military Doctors Pitch In After Las Vegas Shooting
BY JEANNE WHALEN
As he raced to triage victims of the Las Vegas shooting
on the night of Oct. 1, Brandon
Snook encountered many familiar wounds. He had seen
them in the bodies of U.S. soldiers evacuated from battle in
Fallujah, Iraq.
Dr. Snook, a surgeon and
colonel in the Air Force, is one
of several military personnel
who pitched in to treat shooting victims at University Medical Center of Southern Nevada. The nearby Nellis Air
Force Base supplies the hospital with doctors and nurses
aiming to maintain their battlefield skills when they are
stateside, where gun violence
in some cities provides a
steady supply of horrific
wounds.
“Unfortunately, what we often see in the military are penetrating wounds from gunshot
or shrapnel,” Dr. Snook said.
The Las Vegas onslaught, he
added, was “pretty comparable” to a tough day in combat.
Air Force surgeons staff
trauma wards at hospitals in
Baltimore, Miami and Birmingham, Ala. Brooke Army Medical Center in San Antonio provides trauma care to civilians
in southwest Texas. Navy physicians team up with a Los Angeles hospital, considering it
an “ideal trauma training environment with over 25,000
trauma evaluations and over
6,000 trauma admissions annually,” according to a Navy
website.
The programs “reflect the
reality that you have 34,000 to
35,000 people who die of a
gunshot a year, and also two
to three times that many who
are injured,” said Sandro
Galea, dean of Boston University’s School of Public Health.
“So it’s entirely rational for
the military to send people for
training at civilian hospitals.”
The training opportunities
don’t always stem from violence. High-speed car crashes
can produce injuries that resemble those caused by improvised explosive devices, military surgeons say. But much of
what military medical staff see
Timeline Changes
As More Is Learned
LAS VEGAS—The gunman
responsible for the deaths of 58
people here shot a hotel security
guard minutes before he began
firing into the crowd of concertgoers from his room, law-enforcement officials said Monday.
That revelation significantly
changes the timeline of events
and deepens the mystery
around the Oct. 1 shooting.
The Las Vegas Metropolitan
Police Department last week
said that security guard Jesus
Campos was responding to an
in civilian trauma centers is
gun-related—sometimes involving the same weapons
used in battle zones.
Stephen Paddock, who carried out the massacre in Las
Vegas that killed 58 people
and wounded nearly 500, used
semiautomatic rifles that resemble military arms, law-en-
open-door alarm on Stephen
Paddock’s floor as the shooting
was under way at the Mandalay
Bay Resort and Casino, and
speculated that the encounter
was what caused Paddock to
stop shooting.
The change to the timeline
leaves it unclear why Paddock
stopped shooting, and investigators didn’t comment on the
matter. They had earlier said he
fired on the crowd for nine to 11
minutes.
Clark County Sheriff Joseph
Lombardo said Monday that
“some things are going to
change” in the investigation as
police learn more information.
After the press conference,
Las Vegas Metropolitan Police
Department spokeswoman
Laura Meltzer said police believe
Mr. Campos was able to notify
his security dispatcher after he
was shot, allowing police to
more quickly find Paddock’s
room.
Mr. Lombardo said police
have found evidence showing
Paddock moving around Las Vegas more than 200 times in the
days before the shooting, and he
was always alone.
“We believe he decided to
take the lives he did and he had
a very purposeful plan he carried
out,” the sheriff said.
—Chris Kirkham
and Jim Carlton
forcement
officials
said.
Known as high-velocity weapons, they can do more damage
than a typical handgun because the greater speed of the
bullet creates a larger zone of
injured tissue, trauma surgeons say.
“There’s a lot of trauma at
these locations,” Col. Spencer
Cocanour, vice commander of
the Air Force’s 24th Special
Operations Wing, said of the
U.S. cities where the military
trains. The arrangements get
military personnel “to the
level of skill we need” and give
the hospitals free labor, he
said.
A report from the National
Academies of Sciences, Engineering and Medicine last year
recommended greater cooperation between military and civilian trauma care, saying it
would improve survival rates
on both sides. Among the
steps it advised were better
sharing of data on treatment
approaches and outcomes, and
more placement of military
personnel in civilian trauma
wards.
The training can go both
ways. University of Alabama at
Birmingham Hospital learned
about a new type of tourniquet from Air Force medical
personnel embedded at the
hospital, according to Jeff
Kerby, head of trauma surgery
at the hospital. They used it
“in the field in a military operation...and brought it back
here,” he said.
The device—a balloon that
expands inside the aorta to
block deadly bleeding from injuries to the chest, abdomen
and pelvis—was developed by
two Air Force surgeons working in Iraq, Todd Rasmussen
and Jonathan Eliason.
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A4 | Tuesday, October 10, 2017
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THE WALL STREET JOURNAL.
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U.S. NEWS
Donald Trump, a President Without a Party
Increasingly, Donald Trump
is a president without a party.
With virtually no Republican votes to spare in the Senate, where his agenda hangs
in the balance, he has nonetheless become estranged
from two key figures in his
own party. First it was John
McCain of Arizona, over his
defiance of the
president on
health care.
Next it was
Bob Corker of
Tennessee,
who feuded
with the president in a remarkable weekend of exchanged insults.
As it happens, Mr. McCain
is chairman of the Senate
Armed Services Committee;
Mr. Corker is chairman of the
Senate Foreign Relations
Committee. Thus, the president is alienated from the
two most important Senate
figures on national security
just as two critical national
security issues are coming to
a boil: the fate of the nuclear
deal with Iran and the increasingly dangerous standoff
with North Korea.
Meanwhile, Mr. Trump
backed the losing candidate
in a Republican primary in Alabama, finding himself
trapped between the party establishment whose choice he
supported and the social conservative foot soldiers who
backed Roy Moore, the candidate who actually won.
Now, Mr. Trump’s once and
SHAWN THEW/POOL/ZUMA PRESS
CAPITAL JOURNAL
By Gerald F. Seib
President Trump has opened the door to cooperation with Democrats as he becomes estranged from leaders of his own GOP.
whom he regards as hostile
to his brand of nationalism.”
Mr. Trump has tried to
adjust to this growing estrangement from leaders of
his own party by opening
the door to cooperation with
Democrats on immigration
and health care. But after
seemingly striking a deal
with Democrats to protect
the legal status of so-called
Dreamers—young immigrants brought here illegally
as youths—he plotted strategy over how to follow
through on that agreement
with a group of Republican
senators last week.
What emerged was a list
perhaps current political
guru, Steve Bannon, has set
out to attack much of the rest
of the Republican caucus in
the Senate. He’s also gunning
for the GOP congressional
leadership, with which the
president is himself increasingly disillusioned.
A
fter a conversation
with Mr. Bannon in recent days, Robert
Kuttner of the American
Prospect summarized his
agenda this way: “Bannon’s
current obsession is to blow
up Senate Majority Leader
Mitch McConnell and Republican Senate incumbents
of demands that may well
blow up any pending immigration deal. To get the
Dreamers deal Democrats
want, Mr. Trump called for,
among other things, funding
for a wall along the Mexican
border, new restrictions on
those seeking asylum in the
U.S. and punishment for localities that declare themselves “sanctuary cities.”
Those principles surely
are negotiable. Still, they
seem to leave Mr. Trump in
a kind of immigration no
man’s land, between Democrats wanting a Dreamers fix
and Republicans hoping to
use that as a lever to push
broad immigration changes.
T
he question is: Where
is this all supposed to
lead?
There is an answer to
that—in the long run. Mr.
Trump would like to lead,
and Mr. Bannon would like
to create, a Republican Party
different from the one that
exists. It would be molded in
the Trump image: nationalist, skeptical of immigration
and trade agreements, dubious about the virtues of diplomacy and international
negotiations, with economic
strategies skewed to help
workers in traditional Amer-
WASHINGTON
WIRE
Immigration Plan
Imperils Talks to
Aid ‘Dreamers’
WASHINGTON—President
Donald Trump’s demand that
Congress approve dozens of immigration-enforcement measures threatens to derail negotiations on Capitol Hill over
legislation that would help
young people brought to the
U.S. illegally as children.
Most of the demands released Sunday pleased his core
supporters, but drew opposition from Democrats and even
some Republicans, including
funding for a Southern border
wall, making it easier to deport
people and new limits on future
legal migration.
Several people involved in
the issue said Monday they
weren’t sure whether Mr.
Trump and his aides were trying to kill the “Dreamer” legislation by setting conditions
that they know can’t be met.
Another possibility, they said,
was that the president is trying
to signal to his strongest supporters that he is with them in
spirit but he would in fact be
willing to settle for something
much less sweeping.
One GOP leadership aide
said the Trump move was unhelpful because it gives conservatives “false hope about what
can be achieved” and also upsets Democrats whom they
need to pass any measure.
“The Trump administration
created a crisis by terminating
the DACA program,” said Sen.
Dianne Feinstein (D., Calif.), using the program’s official name,
Deferred Action for Childhood
Arrivals. “Now it’s demanding
draconian changes to our immigration system in exchange for
fixing that crisis. It’s wrong to
play with people’s lives and
DACA recipients shouldn’t be a
political football.”
Administration
officials
said Monday that the president
believes in the proposals laid
out Sunday and thinks most of
them can pass Congress. Still,
they said he is willing to negotiate. “There is always room for
discussion with the president,”
FAMILY PLANNING
State Sues Over
Birth-Control Rules
SANDY HUFFAKER/GETTY IMAGES
BY LAURA MECKLER
Prototype sections of a border wall under construction between Mexico and the U.S.
the protections provided by
DACA.
At that dinner, Mr. Trump
agreed with Senate Minority
Leader Chuck Schumer (D., N.Y.)
and House Minority Leader
Nancy Pelosi (D., Calif.) on a
package that would include a
legalization
program
for
Dreamers and border security
measures, not including the
border wall, according to all
three people and their aides.
That alarmed immigration
conservatives both inside and
outside the White House. Peo-
a White House official said.
Democrats could try to force
the GOP’s hand by insisting that
Dreamer protections be included in a government spending bill that Congress must pass
by Dec. 8, which will need Democratic votes to be approved.
For now, immigration hardliners were thrilled that Mr.
Trump had taken a tough line,
particularly after a White
House dinner last month where
he agreed with Democratic
leaders on the contours of a
much narrower deal to continue
ple familiar with the situation
said the response prompted Mr.
Trump’s top domestic policy
aide, Stephen Miller, to begin
developing new principles to
toughen Mr. Trump’s position.
Last week, Mr. Miller participated in a White House dinner
with key congressional Republicans and made clear he was
putting together the immigration principles that were released Sunday, according to a
person familiar with the dinner.
—Eli Stokols
contributed to this article.
California’s Feinstein Is ‘All In’ for Re-Election Bid
ALEX EDELMAN/ZUMA PRESS
BY NATALIE ANDREWS
Sen. Dianne Feinstein of
California said she would run
for re-election, ending speculation that the Senate’s oldest
member could sit out the race
amid criticism from the Democratic Party’s progressive wing.
“I am running for re-election to the Senate,” the senator, who was first elected to
the chamber in 1992, tweeted
on Monday. “Lots more to do:
ending gun violence, combating climate change, access to
healthcare. I’m all in!”
Ms. Feinstein, 84 years old,
is the top Democrat on the
Senate Judiciary Committee
and she introduced legislation
last week that would ban the
sale, transfer, manufacture or
possession of “bump stocks”
and other accessories that accelerate a semiautomatic
weapon’s rate of firing. The
proposal, made in the wake of
the Las Vegas mass shooting,
has drawn bipartisan support.
U.S. Sen. Dianne Feinstein, the top Democrat on the Judiciary
Committee, tweeted Monday she plans to seek another term.
The senator, who has prided
herself on being a pragmatist
who is able to work with Republicans, has faced criticism
this year from her party’s left
flank. As progressives call for
blanket resistance to President
Donald Trump’s agenda, Ms.
ican industries.
After all, Mr. Trump has
said—most notably at a conservative conference in February—that he wants the
GOP to be the party “of the
American worker.”
There are three problems
with that vision, though.
First, that party doesn’t exist
today. The current version of
the GOP was built largely by
merging the interests of the
business community with the
agenda of social conservatives. Neither of those
groups would win top billing
in the vision for a new,
Trump-inspired party.
The second problem is that
it isn’t at all clear that such a
new Republican Party would,
in fact, be a majority party.
There are disaffected people
in both current major parties—disgruntled blue-collar
workers, fearful middle-class
Americans, those who feel
culturally alienated from the
current Democratic establishment—who are drawn to such
a vision. But ultimately, Mr.
Trump failed to win the popular vote, and he has never
come close to winning majority approval for the job he’s
doing as president.
The third problem is that,
while waiting for that GOP
to emerge, Mr. Trump confronts the job of governing
today. The current party has
just 52 members in the Senate, and, as noted, Mr.
Trump doesn’t have the loyal
support of all of them. Mr.
Bannon and his allies are
threatening to challenge
other Republican incumbents
next year, which won’t exactly keep those targeted at
his side. Meantime, Mr.
Trump hasn’t forged reliable
tactical alliances with
enough Democrats to make
up the difference. Which
leaves him a leader in search
of reliable followers.
Feinstein drew criticism early
for voting to confirm several
of the GOP president’s cabinet
nominees and for not ruling
out working with Mr. Trump.
One of her most prominent
critics is California state Senate President Pro Tempore
Kevin de León, a Democrat
who has said Californians are
owed “resistance” to Mr.
Trump’s agenda, not patience
with it. Mr. de León’s criticism
has led to speculation that he
could challenge Ms. Feinstein
in a Democratic primary. He
hasn’t announced a bid, nor
has any other challenger.
“We all have different ways,
we all have different words we
use, we are all marching toward the Democratic vision,”
Ms. Feinstein said in an interview last month.
Ms. Feinstein didn’t sign on
to a single-payer health-care
proposal that Sen. Bernie
Sanders of Vermont, who is
unaffiliated with any party but
caucuses with the Democrats,
unveiled in September. California’s junior U.S. senator, Sen.
Kamala Harris, also a Democrat, endorsed Mr. Sanders’s
proposal.
Ms. Harris posted her support for Ms. Feinstein on social
media soon after her colleague
posted her plans on Twitter,
writing on Facebook: “What
Californians get from Dianne is
someone who sticks to her principles and achieves results regardless of powerful opponents,
from the assault weapons ban
to the CIA torture report.”
U.S. Rep. Ro Khanna (D., Calif.), who beat an incumbent
Democrat to win his seat last
year, is encouraging progressive lawmakers to challenge
Ms. Feinstein’s seat.
“Feinstein supported the
war in Iraq,” he said, a reference to her 2002 vote to authorize the use of force, which
was supported by many centrist Democrats at the time.
He also criticized her stances
on internet freedoms and the
Patriot Act. “Put simply, she
doesn’t represent the views or
values of most Californians.”
Democrats in the Senate
face a tough map in 2018, with
23 seats to defend, along with
the two independent senators
who caucus with them.
Washington state said it is
suing President Donald Trump
over his decision to let more
employers claiming religious or
moral objections opt-out of providing no-cost birth control to
women.
State Attorney General Bob
Ferguson, who successfully sued
to block President Trump’s initial
travel ban early this year, announced his latest lawsuit on
Monday, just three days after
the new rules were issued.
President Trump’s policy is
designed to roll back parts of
former President Barack
Obama’s health-care law, which
required that most companies
cover birth control as preventive
care for women, at no additional
cost.
Mr. Ferguson says the administration’s actions violate the
First Amendment, because it requires individuals to bear the
burden of religions to which
they don’t belong, and the equal
protection requirements of the
Fifth Amendment, because it applies to women but not men.
—Associated Press
DEMOCRATIC PARTY
Actor to Speak
At Iowa Event
Actor Alec Baldwin is scheduled to headline the Iowa Democratic Party’s annual fundraising banquet next month.
State Democratic Party officials on Monday announced the
actor, who received an Emmy
for his parody of President
Donald Trump last month,
would be the keynote speaker
at the Nov. 27 event in Des
Moines.
The annual event typically
draws would-be presidential
candidates, given Iowa’s role as
the lead-off presidential caucus
state.
Mr. Baldwin is expected to
make other political appearances, including in Virginia
ahead of the governor’s election in November there.
Iowa Democrats, after reveling in Barack Obama twice carrying their state, are at a 20year low with Republicans
holding the Statehouse majority, the governorship, both U.S.
Senate seats and a majority of
U.S. House seats.
—Associated Press
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THE WALL STREET JOURNAL.
Tuesday, October 10, 2017 | A5
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A6 | Tuesday, October 10, 2017
THE WALL STREET JOURNAL.
* ***
U.S. NEWS
Emails Shed Light on Campaign Meeting
Lawyer Natalia Veselnitskaya has said she didn’t have damaging information about Hillary Clinton.
the Magnitsky Act. As part of
that effort, she routinely
reached out to Russian authorities, she said earlier this year.
She didn’t respond to a request
to comment Monday.
In October 2015, Ms. Veselnitskaya shared information
U.S. WATCH
MICHIGAN
HURRICANE NATE
New Charge Coming
in Flint Water Case
Storm’s Effects Felt
In Northeast States
A special prosecutor said
Monday that he would add a
charge of involuntary manslaughter against Michigan’s
chief medical executive in a
criminal investigation of the
tainted water crisis in Flint and
an extraordinary outbreak of Legionnaires’ disease.
Eden Wells was in court for a
key hearing on other charges,
but the hearing was postponed
until Nov. 6 after the announcement by Todd Flood of the
Michigan Attorney General’s Office. Mr. Flood said he would offer additional evidence and ask a
judge to send Dr. Wells to trial
on four charges, including involuntary manslaughter and obstruction of justice.
Five other people have been
charged with involuntary manslaughter tied to an outbreak of
Legionnaires’ disease in the Flint
area in 2014-15.
The attorney general’s office
says key officials knew about a
jump in Legionnaires’ cases, but
failed to tell the public until January 2016.
—Associated Press
Remnants of Hurricane Nate
buffeted the U.S. Northeast with
wind and rain Monday while
power crews restored most electrical service on the Gulf Coast
and an overdue cruise ship delayed by the storm finally
headed into port.
With the center of the tropical depression located near the
eastern shore of Lake Erie,
forecasters said parts of Pennsylvania and New York could receive 2 inches of rain or more.
Police in Amherst, N.Y., shared
photos of water covering some
roads.
Meanwhile, in the Southeast,
utilities said crews had restored
electrical service to all but a few
thousand of the more than
100,000 homes and businesses
that lost power because of Nate
in Mississippi, Alabama, Louisiana and Florida.
Stuck in the Gulf of Mexico
for two days because of Nate,
the Carnival Fantasy began moving toward its berth after the
Coast Guard reopened the port
of Mobile, Ala.
—Associated Press
about her anti-Magnitsky campaign with Prosecutor General
Yuri Chaika, a top official appointed by the Kremlin, Mr. Balber said. In May 2016, less than
two weeks before the June 9
Trump Tower meeting, Ms. Veselnitskaya also provided Mr.
STUDIO
Continued from Page One
stein Co. declined to comment
about the company, Bob Weinstein or other executives. Sallie
Hofmeister, a spokewoman for
Harvey Weinstein, declined to
comment. In a statement to the
Times last week, Mr. Weinstein
apologized for how he had “behaved with colleagues in the
past.”
Few names in Hollywood
were as synonymous with their
company as Harvey Weinstein’s,
and his dismissal has thrown
Weinstein Co. executives into
damage-control mode. On Monday, high-profile celebrities who
have worked with Mr. Weinstein,
including Meryl Streep and Judi
Dench, denounced the producer.
The blowback has reached far
outside Hollywood, given Harvey
Weinstein’s prominence as a
Democratic fundraiser and his
closeness to Presidents Bill Clinton and Barack Obama, as well
as to Hillary Clinton. Several
Democratic politicians said over
the weekend that they would donate contributions from Mr.
Weinstein to charity. But critics
complained that the Clintons and
Mr. Obama have not publicly addressed the allegations against
Mr. Weinstein.
Representatives for Mr.
Obama and the Clintons didn’t
immediately respond to requests
GE
DON’T TAKE NEWS
AT FACE VALUE.
Support news literacy at
thenewsliteracyproject.org
Continued from Page One
formance and restructuring efforts under Mr. Immelt, who
stepped down as CEO on Aug. 1.
GE began serious discussions
about giving Trian co-founder
Ed Garden a board seat six
months ago after it became
clear company executives
“couldn’t execute themselves
out of that discussion,’’ one
person familiar with the matter
said Monday.
Mr. Immelt didn’t have a say
in the board’s final decision to
appoint Mr. Garden, this person
said. In any case, this person
said, Mr. Immelt “wasn’t going
to enjoy sitting around with
them [Trian officials] in the
room.”
Mr. Immelt didn’t respond to
a request for comment.
For Trian, GE’s decision
comes a day before the largest
proxy battle in history is expected to be decided as it
wages a high-profile fight for
its co-founder Nelson Peltz to
take a board seat at Procter &
Gamble Co.
Mr. Garden, who had worked
closely with Mr. Immelt and departing finance chief Jeff Bornstein, is currently on the board
of Bank of New York Mellon
Corp. and Pentair PLC.
“Like other GE shareholders,
I am disappointed by the recent
performance of GE’s stock,” Mr.
Garden said in a statement. He
succeeded former Deere & Co.
Agalarov with a five-page set of
talking points that included the
same information she had given
Mr. Chaika, Mr. Balber said.
Included in the information
she shared with the men, Mr.
Balber said Monday, was a single reference to Mrs. Clinton.
for comment.
The Weinstein brothers’ relationship has long been tumultuous, according to people who
worked with them. The men
have even allegedly come to
blows in their own offices.
An employee town hall was
held at Weinstein Co. headquarters Monday morning, where
Bob Weinstein and Mr. Glasser
sought to reassure shaken employees. Bob Weinstein, who until now has overseen the Dimension Films division of Weinstein
Co., has called producers on
coming projects to tell them it is
business as usual at the studio.
“[Bob Weinstein] said, ‘No
fear at all,’” said Marvin Peart, a
producer whose production company shares offices with Weinstein Co. A film Mr. Peart produced, “The War With Grandpa,”
is scheduled for release by Weinstein Co.’s Dimension Films on
Feb. 23.
Bob Weinstein told Mr. Peart
that Harvey Weinstein’s name
will be removed from the “War
With Grandpa” credits. “He said
he was fired, and that it was a
complete separation,” Mr. Peart
recalled of the conversation on
Monday.
On Monday, Weinstein Co.
reached out to Viacom Inc.’s
MTV and Paramount Network,
as well as Lifetime to let them
know Harvey Weinstein’s name
would no longer appear among
the executive producers of shows
the company is making for those
Ms. Veselnitskaya alleged that a
U.S. firm, Ziff Brothers Investments, had dodged taxes in
Russia and later donated to
Democrats, including possibly
Mrs. Clinton.
Mr. Chaika’s office released a
statement in spring 2016 alleging Ziff Brothers Investments of
evading taxes in Russia. The
company hasn’t been charged
and has previously declined to
comment on the allegations.
According to Donald Trump
Jr., the meeting proved disappointing. In July of this year, after reports of the meeting first
emerged, he said that Ms. Veselnitskaya “stated that she had
information that individuals
connected to Russia were funding the Democratic National
Committee and supporting Clinton,” but “It quickly became
clear that she had no meaningful information.”
The meeting is now being
probed by Special Counsel Robert Mueller, who is investigating whether associates of Mr.
Trump colluded with Moscow
as part of his probe into Russia’s alleged interference in the
2016 U.S. election, according to
people familiar with the matter.
President Trump has denied
his campaign colluded with
Moscow, and Russia has denied
meddling in the U.S. election.
On June 3, 2016—less than a
week before the meeting took
place—British publicist Rob
Goldstone, who was working for
Mr. Agalarov, wrote to the
younger Mr. Trump to say that
Russia’s “crown prosecutor”
Harvey Weinstein’s name is
being scrubbed from credits.
channels, including “Project Runway,” according to people at
those networks.
In addition, Apple Inc. Monday terminated plans for a biopic
series on Elvis Presley that was
going to be produced by Weinstein Co., according to a person
familiar with the company’s decision.
Removing Harvey Weinstein’s
name from the company and its
credits won’t immediately solve
the problems facing the studio.
Weinstein Co. has a relatively
successful television arm it has
been trying to unload for years
and a valuable library of past
movies, according to a banker
who has worked with the studio.
But its film arm, which has al-
Separate Ways
GE share performance versus the broader market since Trian first
disclosed its investment in the conglomerate.
30%
S&P 500
s30%
20
10
0
General
Electric
t8%
–10
2015
2016
Source: FactSet
CEO Robert Lane, who retired
Monday from GE’s board after
12 years. The board has 18
members.
GE has proven a drag on
Trian’s performance this year,
given the investment has been
among the biggest bets in a
portfolio of eight stocks. The
value of Trian’s GE position
Monday is about $1.7 billion,
down from $2.1 billion at the
end of December, according to
public disclosures, even though
Trian has bought more shares
this year.
Trian’s flagship fund was up
4% for the year, after expenses,
through Friday, according to a
person familiar with the matter,
significantly underperforming
the S&P 500 index, which has
returned 16% including divi-
was offering “to provide the
Trump campaign with some official documents and information that would incriminate Hillary and her dealings with
Russia and would be very useful
to your father.”
The “crown prosecutor” was
believed to be a reference to
Mr. Chaika, the Russian prosecutor general.
Mr. Balber said on Monday
that Mr. Goldstone had “gotten
it backwards”—that Ms. Veselnitskaya had provided information to Mr. Chaika, rather than
the other way around. Mr. Goldstone’s attorney declined to
comment.
In July 2017, asked whether
Mr. Chaika had a role in arranging Ms. Veselnitskaya’s
meeting in Trump Tower, the
Russian prosecutor general’s office said it “does not exchange
information and does not conduct any meetings at the international level outside the
framework regulated by international legal agreements and
Russian procedural legislation.”
In a newly disclosed email
from the morning of the meeting, Ms. Veselnitskaya also referenced her campaign against
the Magnitsky Act.
In an email to Mr. Goldstone,
Ms. Veselnitskaya asked to
bring lobbyist Rinat Akhmetshin to the meeting, saying he
was “working to advance these
issues with several congressmen.” Mr. Akhmetshin is a Russian-born lobbyist who has
worked to overturn the Magnitsky Act.
RICHARD SHOTWELL/ASSOCIATED PRESS
Newly disclosed emails shed
light on the period leading up
to a June 2016 meeting at
Trump Tower between a Russian lawyer linked to the Kremlin and top campaign aides to
President Donald Trump.
The new information appears to bolster lawyer Natalia
Veselnitskaya’s position that
she wanted the meeting to argue her case for overturning
the Magnitsky Act, a U.S. law
targeting Russian human-rights
abuses. Ms. Veselnitskaya has
previously said the meeting
wasn’t organized to provide
damaging information about
Mr. Trump’s Democratic opponent, Hillary Clinton.
The meeting became a flashpoint of controversy this summer when Mr. Trump’s eldest
son, Donald Trump Jr., released
emails showing that he had
been told the purpose of the
meeting was for the Russian
government to provide allegedly incriminating information
about Mrs. Clinton.
Scott Balber, a lawyer for the
Azerbaijani-Russian billionaire
Aras Agalarov, provided emails
Monday from the period leading up to the meeting, which
Mr. Agalarov helped arrange for
Ms. Veselnitskaya. In an interview, he also offered more information that, along with the
emails, supported Ms. Veselnitskaya’s account that the meeting
wasn’t about Mrs. Clinton.
Ms. Veselnitskaya has waged
a yearslong campaign against
KOMMERSANT PHOTO/ASSOCIATED PRESS
BY REBECCA BALLHAUS
2017
THE WALL STREET JOURNAL.
dends.
Trian will now have access
to GE board’s deliberations and
detailed financial results, just
as the nearly 300,000-person
company is conducting a strategic review of its business portfolio and deciding how to cut
costs and spend its cash. Mr.
Flannery’s initial moves include
cutting corporate staff, delaying
construction of part of GE’s
new Boston headquarters and
moving to sell its fleet of corporate jets.
Under Mr. Immelt, GE
shifted its focus back to its core
industrial units, which make everything from jet engines to
MRI machines, while using a
series of acquisitions to push
deeper into the oil business. Mr.
Immelt sold off NBCUniversal
ready endured disappointing
box-office returns in recent
years, faces challenges without
Harvey Weinstein and the connections he brought to the prestige projects.
“Film is the higher risk,” the
banker said. “Harvey’s name has
been attached to success for
many years.”
Mr. Glasser, a former child actor whose credits include “Pee
Wee’s Big Adventure,” is well
known to agents and other behind-the-scenes players in Hollywood. Only recently has he become involved in projects as a
hands-on producer.
Persuading A-list talent to
continue working with Weinstein
Co. will largely fall to Bob Weinstein, who has worked alongside
his brother for decades but kept
a much-lower profile while focusing on horror films and other
genre movies, like the “Scream”
series.
Like his brother, Bob Weinstein also has a reputation for a
hot temper, said people who
have worked with him.
In one particularly heated
conflict in the company’s New
York office several years ago,
Harvey punched Bob in the face,
knocking him to the ground, said
people who witnessed the incident. Afterward, these people
recalled, Bob Weinstein loudly
declared: “I’ve been assaulted!”
—Keach Hagey
and Tripp Mickle
contributed to this article.
and GE’s appliances business
while also scaling back its financing arm, which once was
one of the country’s biggest
lenders.
Some GE investors and analysts have questioned whether
the latest changes meant that
GE’s longstanding dividend
could be altered to free up cash.
“The dividend remains a top
priority,” GE spokeswoman
Deirdre Latour said Monday.
Earlier this year, Messrs.
Garden and Peltz met with
Messrs. Immelt and Bornstein
to push them on cost-cutting
targets that were ultimately announced in March, people familiar with the matter said.
Trian raised the possibility it
would seek a board seat for Mr.
Garden, but wouldn’t if GE
management proved it could
make the savings hit the bottom line, the people said.
But when Mr. Immelt in May
seemed to walk back a longterm profit target, and the market began sending the stock
down,
Trian’s
executives
stepped up their effort to get a
board seat, the people said.
GE wanted to avoid the distraction of a potential proxy
fight and no directors opposed
Mr. Garden’s selection, though
some were more encouraging
than others, one person said.
Some argued GE has so
much restructuring to do that it
cannot spend six months battling Trian, this person added.
Mr. Garden’s appointment
“avoids a big fight and avoids a
big distraction.”
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THE WALL STREET JOURNAL.
Tuesday, October 10, 2017 | A7
Export Food,
Not Jobs !
• Last year at our inaugural Global Food Forum, our goal was to start a
national conversation on how to double American food production
sales to $1.8 trillion.
• How ? Mainly by exporting safe American food for the Asian middle-class
boom and in the process create millions of American jobs.
• I’m pleased to announce that as a result of the great work of American
farmers and food processors, American exports are up more
than 9 percent after recent years of decline.
Anthony Pratt
Executive Chairman, Pratt Industries
Pratt Industries is one of the largest corrugated box manufacturers in the United States.
Our boxes save money and save the environment.
www.prattindustries.com
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A8 | Tuesday, October 10, 2017
THE WALL STREET JOURNAL.
WORLD NEWS
Satellite Gives Japan Global Edge Mattis
Advises
Tokyo looks to new
system for driverless
cars and defense
against North Korea
Army to
Be Ready
Japan launched a geo-positioning satellite from the island of Tanegashima in August. It sent up a fourth one on Tuesday morning.
System, or QZSS, will provide
the most precise location data
of all.
The Japanese system will
work in conjunction with the
GPS network but can potentially run independently when
it reaches seven satellites
around 2023.
One of the most significant
benefits may be in the development of self-driving cars.
Several companies are
working to develop the technology, including top Toyota
Motor parts supplier Denso
Corp., which in June disclosed
a new venture with Japanese
government funding to commercialize a service for centimeter-level precision global
satellite positioning and support development of autonomous vehicles in fields such as
agricultural and construction.
Tokyo is also studying military uses as the nation eases
restrictions on its armed
forces in the face of growing
challenges from North Korea
and China.
Kazuto Suzuki, a member of
Geo-positioning
network to provide
location accuracy to
just a few centimeters.
a panel on security at the government’s Committee on National Space Policy, said the
Japanese system would be a
backup for the military if the
U.S. system is damaged or becomes unavailable.
But some defense experts
say QZSS could eventually give
Japan more control of its
weapons systems.
“It gives Japan an independent capability that has military utility,” said Lance Gatling,
head of defense consultancy
Nexial Research in Tokyo.
One common military application for existing GPS: guidance systems for missiles.
Japan doesn’t have missiles
that could strike North Korea,
but it is considering the purchase of cruise missiles as part
of a political debate over developing the ability to hit back at
Pyongyang’s missile bases in
response to an attack.
The threat has been highlighted by two ballistic missiles
that were fired over Japan by
North Korea in July.
Offensive military capabili-
ties are controversial in Japan,
which renounced war after its
World War II defeat and relies
heavily on a bilateral security
treaty with the U.S. for its defense. Under President Donald
Trump, the U.S. has welcomed
moves by Prime Minister
Shinzo Abe to loosen restrictions on the military, including
allowing it to engage in battle
to aid Japan’s allies if they
come under attack.
Defense Minister Itsunori
Onodera is a leading advocate
of Japan developing a “strike
capability” against North Korean missile bases.
A Japanese defense ministry
official handling space policy
said the ministry was “gathering information with interest”
on the new geo-location system, but hasn’t decided on potential uses.
WASHINGTON—Defense Secretary Jim Mattis said the U.S.
is using diplomacy and economic pressure to turn back
North Korea’s nuclear-weapons
program, but cautioned a gathering of Army officers and
troops that they need to be
ready in case negotiations fail.
Mr. Mattis said the State
Department and United Nations are leading the way in
diplomacy and sanctions.
“It is right now a diplomatically led, economic sanctionbuttressed effort to try to turn
North Korea off this path,” Mr.
Mattis told the annual meeting
of the Association of the U.S.
Army, a conference attended
by active-duty troops, liaison
officers from allied armies and
defense contractors.
President Donald Trump
last week referred to a gathering of top generals as the
“calm before the storm,” and
over the weekend said talks
with North Korea had failed.
“Sorry, but only one thing will
work,” he wrote on Twitter,
appearing to refer to military
action. Mr. Trump’s threats
have come as the U.S. aircraft
carrier Ronald Reagan and its
strike group head toward the
Korean Peninsula.
The U.S. warships left port
in Japan en route to maneuvers near the Korean Peninsula expected in coming days.
While he called for a strong
military for a complicated international situation, Mr. Mattis said the U.S. is losing its advantage against other countries
because of budget constraints.
“I want the Congress back in
the driver’s seat of budget decisions, not in the spectator’s
seat of automatic cuts.”
—Nancy A. Youssef
contributed to this article
KIM KYUNG-HOON/REUTERS
TANEGASHIMA, Japan—
With its latest satellite launch,
Japan is taking a leap in technology to keep its self-driving
cars in their highway lanes,
land delivery drones on
matchbox-sized targets in the
country, and potentially help
destroy North Korean missile
sites.
Tuesday’s launch, Japan’s
fourth of a geo-positioning
satellite, will allow the country
to start operating its own version of the U.S. military-controlled Global Positioning System in April, a network that
will cover Japan and the surrounding region.
The new system—working
in coordination with the American system until it can stand
alone in a few years—will provide location accuracy down to
a few centimeters, compared
with a few meters for GPS.
Japan says the service is
aimed at providing better location data for its commercial users. Under its new system, geolocation satellites will hover
directly above Japan, fixing the
problem in the country’s dense
urban areas of existing GPS
signals occasionally being
blocked by tall buildings.
As GPS has become deeply
integrated in many nations’
economies, such as the tracking of delivery trucks, other
countries and regions have
been developing their own geolocation systems.
A new European system began at the end of last year. After the launch of its final satellite last year, India expects its
own satellite-navigation system
to become operational in 2018.
China forecasts its own system
will start in 2020. Japan’s system, the Quasi-Zenith Satellite
BY BEN KESLING
KYODO/REUTERS
BY ALASTAIR GALE
AND CHIEKO TSUNEOKA
Prime Minister Shinzo Abe and Tokyo Gov. Yuriko Koike at a debate on Sunday in Tokyo.
A Critic of the Establishment
Challenges Japan’s Leader
BY PETER LANDERS
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TOKYO—The woman who is
launching a campaign to oust
Japanese Prime Minister
Shinzo Abe aims to strike a
delicate balance: Be the face of
change, but don’t promise too
much change.
Yuriko Koike, who was
elected last year as Tokyo’s first
female governor, founded a new
political party shortly after Mr.
Abe indicated last month that
he planned to call a snap parliamentary election. The campaign
officially begins on Tuesday,
and the election is Oct. 22.
If the Party of Hope wins
power, Ms. Koike said she
would shake up the rigid political establishment in Japan,
where many members of parliament are the children or grandchildren of people who held the
same office—an arrangement
she said can lead them to favor
business interests.
“It’s a question of whether
you’re sticking to the status
quo or want to take a bold step
forward,” Ms. Koike said in an
interview Monday. “The difference is whether you’re oriented toward industry groups
or oriented toward the people.”
Yet Ms. Koike is also trying
to reassure Japanese voters
that she will maintain Mr. Abe’s
tough-on-North Korea policy
and the close alliance with the
U.S. just weeks after Pyongyang
sent a test missile over Japan
and at a time when Mr. Abe has
forged a strong bond with
President Donald Trump.
“On foreign policy and national security, there are no
differences,” she said.
The Party of Hope faces an
uphill battle. Japan’s economy
has enjoyed its longest growth
streak in more than a decade
13%
Level of support for Yuriko
Koike’s Party of Hope, in a poll
and the stock market is near a
two-decade high.
A poll published in the Yomiuri newspaper on Monday
found 32% of voters favored
Mr. Abe’s Liberal Democratic
Party versus 13% for Ms.
Koike’s party, with many still
undecided. No margin of error
was given. That compares with
40% support for the LDP in a
similar Yomiuri poll a month
ago, when the leading opposition group drew only 5%.
Three months ago, Ms.
Koike’s forces swept local To-
kyo elections over the Liberal
Democrats. Mr. Abe acknowledges he mishandled allegations that his government
helped his friends win favors
but says he did nothing wrong.
And there are other signs
that support for Mr. Abe has
weakened. The recent Yomiuri
poll found opposition to Mr.
Abe’s cabinet slightly outweighed support at 46% to
41%, while supporters outnumbered opponents in the earlier
poll, 50% to 39%.
The video introducing Ms.
Koike’s Party of Hope shows
her striding on high heels past
older men who jeer at her.
Ms. Koike has said she herself won’t run for parliament,
which would mean that she
would not be eligible to serve
as prime minister even if her
party won. Tuesday is the deadline for candidates to declare if
they are running. She said she
would figure out later who to
support for prime minister.
That stance drew a sharp response from Mr. Abe’s closest
aide, Chief Cabinet Secretary
Yoshihide Suga. “Taking on the
burden of national government
is an extremely serious responsibility,” he said last week, adding it was “hard to understand”
how the leader of a national
party could fail to say who she
wanted as prime minister.
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THE WALL STREET JOURNAL.
SHORT STORIES OF ORDINARY PEOPLE
WHO DEMONSTR ATE E X TR AORDINARY COU R AG E .
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Also streaming on
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A10 | Tuesday, October 10, 2017
THE WALL STREET JOURNAL.
WORLD NEWS
U.K., EU Strain to End Brexit Stalemate
Prime Minister May
seeks concessions on
payments to bloc,
court’s jurisdiction
British Prime Minister Theresa May signaled that she expects the European Union to
offer concessions over Brexit
before the U.K. will make more
of its own as negotiations resumed.
“As we look forward to the
next stage, the ball is in their
court,” Mrs. May said on Monday in a speech to Parliament.
“But I am optimistic we will
receive a positive response.”
Seven months after the U.K.
opened the two-year negotiating window to leave the EU, the
two sides have hit a stalemate
over preliminary issues around
terms of Britain’s exit.
The EU is insisting on “sufficient progress” being made on
these issues before moving on
to talk about their future relationship. It wants more clarity
on British plans to make payments it committed to before
the referendum and to what extent the EU’s top court should
have jurisdiction over the rights
of EU citizens living in the U.K.
Margaritis Schinas, the Eu-
AGENCE FRANCE-PRESSE/GETTY IMAGES
By Jenny Gross in
London and Valentina
Pop in Brussels
U.K. Prime Minister Theresa May, seen addressing the House of Commons on Monday, said the ball is in the EU’s court in Brexit talks.
ropean Commission’s chief
spokesman, rejected Mrs.
May’s view that the ball is
EU’s court. “There is a clear
sequencing to these talks. And
so far no solution has been
found to step one, which is the
divorce proceedings. So the
ball is entirely in the U.K.’s
court for the rest to hap-
pen,” he said. The commission,
the EU’s executive branch, is
conducting the negotiations
on behalf of the bloc.
“For the ball to be in our
court, you actually need to
kick it. At this point, we don’t
see that,” an EU diplomat said.
London had hoped that an
offer made by Mrs. May in a
speech last month in Florence,
Italy, would unblock the talks
and accused the EU of not being
flexible enough in its negotiating strategy. In Florence, Mrs.
May promised that the U.K.
would pay into the EU budget
until the end of 2020 and honor
commitments made during its
period of membership. EU offi-
cials say these statements haven’t been translated into concrete negotiating positions.
Mrs. May is fighting to regain credibility in Parliament
after a damaging several
months, starting with poor election results and most recently, a
poorly delivered keynote speech
at her party’s conference last
week. A delay in settling the
initial issues could pose further
uncertainties for the U.K. economy and British businesses.
Mrs. May told parliamentarians that the U.K. would have to
negotiate what EU rules it had
to continue to abide by during
the two-year transitional period, including around the jurisdiction of Europe’s top court,
the European Court of Justice.
In government papers published Monday, the U.K. said it
intended to pursue new trade
deals with countries outside
the EU during the transition
period, but that it wouldn’t
bring any new arrangements
into effect during this period
if this violated the terms of
the agreement on the implementation period. As it prepares to leave the EU, the U.K.
said it would seek to adopt existing EU trade agreements
and other preferential arrangements to provide continuity for businesses.
The stalemate is hindering
any prospective talks among the
bloc’s 27 other nations on Mrs.
May’s proposal for a transition
period of “around two years”
after Brexit “under current
terms.” If negotiations were to
advance this week on some of
the technical details, however,
EU diplomats expect that such
discussions could take place.
Germany’s Eurex heats up
Brexit clearing battle........... B11
Turkey Urges U.S. to Reverse Visa Suspension Global
ISTANBUL—Turkey urged
the U.S. to reverse its decision
to suspend most visa services
for Turkish citizens, as a
growing diplomatic spat between the two NATO allies unsettled local markets and
threatened widespread travel
disruptions.
Foreign Ministry officials
summoned the U.S. Embassy’s
undersecretary, Philip Kosnett,
on Monday and told him the
U.S. visa freeze has led to an
“unnecessary escalation” of
tensions, the state-run Anadolu news agency reported,
citing diplomatic sources.
The U.S. stopped processing nonimmigrant visas for
Turkish citizens on Sunday
following the arrest of a U.S.
Consulate employee accused
of having ties to the movement of U.S.-based Turkish
cleric Fethullah Gulen, whom
Turkey blames for last year’s
failed coup. Mr. Gulen denies
being behind the coup at-
VALENTYN OGIRENKO/REUTERS
BY YELIZ CANDEMIR
Turkish President Erdogan, center, in Kiev on Monday.
tempt, and U.S. officials have
said the evidence provided by
Turkey isn’t strong enough to
extradite him.
Turkey responded to the
U.S. visa action hours later
with its own freeze on U.S.
visa applications.
U.S. Ambassador John Bass
said in a statement posted on
the embassy’s website that
the U.S. suspended visa services because of the detention
of the Turkish employee of the
consulate.
“We realize that the suspension of visa services will
inconvenience people,” he
said. “The duration will be a
function of ongoing discussions between our two governments about the reasons
for the detention of our local
staff members and the Turkish
government’s commitment to
protecting our facilities and
our personnel here in Turkey.”
The ambassador said the
arrested employee’s job was
to strengthen law-enforcement cooperation between the
U.S. and Turkey. “Speaking to
and traveling with Turkish police was a part of his regular
duties and the Turkish government has not shared any
information to indicate the
employee was involved in any
illegal activity,” he said.
Turkish President Recep
Tayyip Erdogan, speaking during a visit to Kiev on Monday,
called the decision by the U.S.
to suspend visa services “very
saddening.”
In imposing the visa suspension, the U.S. Embassy in
Ankara said Sunday that “recent events have forced the
United States government to
reassess” Turkey’s commitment to securing U.S. diplomatic personnel.
Turkish Justice Minister
Abdülhamit Gül defended the
Turkish decision to arrest the
employee, telling broadcaster
A Haber, “It is Turkey’s right
to try a Turkish citizen.”
Istanbul prosecutors said
on Monday that they had summoned a second U.S. Consulate employee for questioning
as a suspect, Anadolu reported.
Investors have been unsettled by the political tensions.
The Turkish lira tumbled
against the dollar in the afternoon, according to FactSet,
while Turkey’s main stock index BIST-100 closed nearly 3%
lower.
ISLAMABAD—Pakistan’s former Prime Minister Nawaz
Sharif failed to appear before an
antigraft tribunal, where he was
to be indicted on corruption
charges along with several family members and co-defendants.
One of the co-defendants in
the case—Mr. Sharif’s son-inlaw, Mohammad Safdar—was
arrested at Islamabad airport,
after he and his wife, Maryam
Nawaz Sharif, arrived from
London, cabinet minister Tallal Chaudry said. Police later
brought Mr. Safdar before the
antigraft tribunal, called Accountability Court, where he
appeared alongside his wife.
The corruption charges
against Mr. Sharif, his two
sons, his daughter Maryam and
his son-in-law stem from an investigation into documents
leaked from a Panama law firm
that showed the Sharifs had
undisclosed assets abroad.
Mr. Chaudry said Mr. Safdar
and his wife had returned to
Pakistan “to appear before the
court, as they believe in the
rule of law.” Mr. Sharif is in
London with his wife, who is
said to be recovering from
throat cancer surgery.
The Supreme Court disqualified Mr. Sharif from office in
July, forcing him to step down
following an investigation into
the corruption allegations. Mr.
Sharif has denied any wrongdoing. He and some of his
party leaders have claimed
there are “hidden hands” behind his dismissal and spate of
corruption cases.
Mr. Sharif recently appeared
before the anticorruption court
but the tribunal had to delay
his indictment after his chil-
BY PAUL HANNON
dren, who are co-defendants in
the case, failed to appear.
On Monday, his lawyer requested the judge exempt Mr.
Sharif from appearing. The
judge reserved his decision but
granted Mr. Sharif’s daughter
and her husband bail. He adjourned the case until Friday.
Mr. Sharif’s two sons, who
didn’t appear at Monday’s
hearing, are also said to be in
London with their mother.
The global economy is set
for continued strong growth
into 2018, but the U.K. and
Russia are likely to miss out,
according to leading indicators
released Monday by the Organization for Economic Cooperation and Development.
The research body’s gauges
of future activity, based on
data for August, pointed to
faster growth in China, Italy
and Brazil, while the strong
growth over recent months is
set to continue in the U.S., the
eurozone as a whole and Japan.
The combined output of the
Group of 20 leading economies
was 3.6% higher in the three
months through June than in
the 2016 period. That was the
strongest expansion since the
first three months of 2015.
Among advanced economies,
growth was also more evenly
balanced, with the U.S. and the
eurozone expanding at roughly
the same pace.
The OECD’s leading indicators suggest growth is set to
continue at that faster and
more balanced pace through
the early months of next year.
However, the U.K. is likely
to lag behind, joined by Russia,
the indicators show. Among the
Group of Seven largest developed economies, the U.K. had
the slowest economic growth
in the first half of the year.
Events in Europe have also
supported the dollar, which rallied after German elections offered Chancellor Angela Merkel
a more tenuous governing majority than had been forecast,
increasing anxiety about the
stability of Europe’s largest
economy.
Those concerns were amplified after the Oct. 1 vote in Catalonia, where the Spanish region supported secession in a
plebiscite that the central government deemed unconstitutional. This marked a reversal
after investors bought the euro
following a May election in
France where business-friendly
centrist Emmanuel Macron defeated right-wing populist Marine Le Pen.
While this dollar bounce may
be temporary, and could end
with the next piece of bad data
or dovish Fed comment, these
rebounds can also last many
months, making their impact
felt on corporate balance sheets
and affecting global fund flows.
Currency investors had favored the euro over the dollar
on the basis of expectations
that the eurozone, with its surprisingly strong growth, of-
fered greater potential for interest-rate increases than the
U.S. Money managers, having
looked askance at the Fed’s relatively modest expectations for
a long-term interest rate of
about 3%, were looking to the
ECB to do more.
The increase in political risk
is hurting some of the optimism surrounding Europe. After the Catalan vote, the bond
market responded to the upturn in political risk by widening the gap between yields on
10-year debt issued by Germany
and Spain to 1.31 percentage
points from 1.13, the most since
May, according to Tradeweb.
Greater differences between
the yields on bonds issued by
Germany and other European
countries suggests higher investor concern, as the largest
and strongest economy in the
region tends to serve as its
benchmark for risk.
The dollar is “not a one-way
trade anymore,” said Tim Alt,
director of rates and currencies
at Aviva Investors. The firm is
betting the greenback will gain
versus currencies of commodity-producing countries such as
Australia and New Zealand.
Turkish lira slumps on
diplomatic spat....................... B12
Pakistan Former Premier Fails to Appear in Court
Associated Press
Economy
Seen Set
For Growth
FROM PAGE ONE
DOLLAR
Continued from Page One
tions that stock prices would
remain flat as rising inflation
pushed bond yields and the
dollar higher have been upended in recent months as
stocks soared while yields and
the dollar fell. The currency’s
bounce began at a point where
many investors were looking
for the euro to extend its gains.
The dollar is still down 6.4%
for the year against a basket of
16 other currencies tracked by
The Wall Street Journal, and
few investors believe that its
woes are over.
But even a temporary reversal in the currency could have
widespread implications for asset markets. A stronger dollar
could dent profits for U.S. exporters and multinationals, after rising corporate earnings
have helped propel major stock
indexes to records.
Dollar strength tends to
make dollar-denominated commodities more expensive to foreign investors. It could also
complicate the plans of many
investors who have notched big
gains this year by betting on
the euro, yen and emerging
markets.
“This looks like the beginning of a reversal,” said Christopher Stanton, chief investment officer at Sunrise Capital
LLC. He bought dollars while
betting on declines in the euro,
sterling and Australian dollar
last month for the fund’s
shorter-term strategies.
The dollar received a jolt after Fed officials were unexpectedly emphatic about the path
of future interest rate increases, following a period of
soft inflation data.
Fed officials indicated last
month that they are aiming for
a third rate increase by the end
of this year, and support three
more in 2018. That is important,
as rising interest rates typically
attract yield-seeking investors
to a currency in search of higher
returns.
The dollar had fallen earlier
in the year as hopes that the
Trump administration could enact pro-growth policies waned
and as accelerating expansion in
Europe boosted hopes that the
European Central Bank might
Getting a Lift
A weakening euro has helped lift the dollar.
How many U.S. dollars one euro buys
$1.20
1.15
1.10
1.05
1.00
2016
’17
A more hawkish Fed also has boosted short-term bond yields.
Yield on the two-year U.S. Treasury note
1.4%
1.2
1.0
0.8
0.6
2016
’17
Sources: Tullett Prebon (euro); Ryan ALM (yield)
end its €60 billion ($70.46 billion) a month in bond purchases.
The lack of sustained inflation isn’t restraining the Fed in
its efforts to bring its policies
into alignment with precrisis
standards. “It would be imprudent to keep monetary policy on
hold until inflation is back to
2%,” Fed Chairwoman Janet Yellen said in a Sept. 26 speech in
THE WALL STREET JOURNAL.
Cleveland. The measure of inflation preferred by U.S. central
bankers held at 1.4% in August.
“We’ve repriced the Fed,”
said Edward Al-Hussainy, a
strategist at Columbia Threadneedle Investments. The firm
has been placing bets on a
stronger dollar for the past two
months. “Our view is the dollar
has been too cheap.”
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THE WALL STREET JOURNAL.
Tuesday, October 10, 2017 | A11
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THE WALL STREET JOURNAL.
A12 | Tuesday, October 10, 2017
WORLD WATCH
President Rodrigo Duterte, center, inspected an honor guard at a ceremony at Fort Bonifacio in Manila on Friday.
Philippine Poll Hits Leader
BY JAKE MAXWELL WATTS
Philippine President Rodrigo Duterte’s approval ratings fell sharply in September
to their lowest level since he
took office nearly 16 months
ago, following a series of political scandals and an outpouring of opposition to his flagship antinarcotics campaign.
The president’s net satisfaction rating fell 18 points to 48,
classified as “good,” in a survey conducted late last month
by independent pollster Social
Weather Stations, compared
with figures from its June survey. Mr. Duterte’s net trust
rating fell 15 points to 60, or
“very good,” over the period,
the pollster said Sunday.
In the past three months Mr.
Duterte has fended off increasingly vocal opposition to his
government’s bloody drug war,
a policy his administration says
has been successful in curbing
crime but opponents say has
been unnecessarily brutal.
Thousands of antigovernment protesters thronged Manila three weeks ago to call for
an end to the campaign, during which more than 3,000
people have been killed by po-
Diminishing Returns
From June to September,
Philippine President Rodrigo
Duterte's net trust rating fell 15
percentage points and net
satisfaction rating fell 18 points.
Net trust rating*
Net satisfaction rating†
100%
75
50
25
0
2017
*Much trust minus little trust
†Satisfied minus dissatisfied
Source: Social Weather face-to-face
interview, latest of 1,500 adults conducted
Sept. 23-27; margin of error +/-2.5
percentage points
THE WALL STREET JOURNAL.
lice. Estimates from humanrights organizations and local
media place the number as
high as 13,000 when killings
by unknown vigilantes are included.
Social Weather Stations
said it didn’t have enough data
to explain the drop in Mr. Duterte’s ratings, but noted the
numbers showed the biggest
change among poorer Filipinos
and those living outside Mr.
Duterte’s home region of Mindanao.
Declines like this, a normal
phenomenon in Philippine
presidencies, “can be broadly
explained by expectations not
being met,” said Leo Laroza,
director for communications
at Social Weather Stations. “A
single drop in the satisfaction
rating doesn’t mean that it’s
the end of a honeymoon period,” he cautioned.
It is common for Philippine
presidents to enjoy at least a
year of high approval ratings:
Mr. Duterte’s net satisfaction
rating has consistently been
above 60 until now and his allies still dominate both houses
of Congress.
Mr. Duterte’s opponents said
the results were an indication
that the president’s strongman
style of governance is losing its
appeal. Sen. Risa Hontiveros
said the results are an ominous
warning that signaled “widening rumblings of discontent.”
In a press conference on
Monday, presidential spokesman Ernesto Abella acknowledged the survey results, conducted two days after a
designated “national day of
protest” on Sept. 21, and said
the decline was expected “given
the fact that people start measuring their expectations usually after the honeymoon period, or after a year in office.”
The Social Weather survey
was conducted Sept. 23-27 using face-to-face interviews of
1,500 adults nationwide.
Opposition politicians have
accused the president of hiding
substantial sums of undeclared
wealth, triggering an investigation by the government ombudsman. In a separate case,
the president’s son and son-inlaw appeared in a Senate hearing that sought to establish
whether they were connected
to an attempt to smuggle hundreds of kilograms of methamphetamine through customs.
The president’s family has
denied wrongdoing and no
family members face charges.
Mr. Duterte denies having any
hidden wealth and has said he
won’t cooperate with the ombudsman probe.
AFGHANISTAN
CHINA
Red Cross Scales
Back After Attacks
Foreign-Exchange
Reserves Climb
The International Committee
of the Red Cross said it would
sharply reduce its presence in
Afghanistan after deadly attacks
on its staff in the north of the
country.
Since December, the attacks
have left one foreign and six Afghan staff members of the ICRC
dead. Three workers were abducted and later released.
Last month, a 38-year-old
Spanish national, physiotherapist
Lorena Enebral Perez, was fatally shot in an ICRC rehabilitation center by a patient in Balkh
province. Her killing had particularly shaken the organization,
which has been present in Afghanistan for around 30 years.
Physical rehabilitation was
one of the ICRC’s first activities
in Afghanistan, starting in Kabul
in 1988, according to the organization, which now has seven
centers across the country.
Those centers manufacture
more than 19,000 artificial legs,
arms and other orthopedic devices a year and treat hundreds
of thousands of patients, according to the ICRC.
After discussions with the organization’s headquarters in Geneva, the ICRC reached the conclusion that “there is no other
choice but to drastically reduce
presence and activities in Afghanistan, in particular in the
north of the country,” said Monica Zanarelli, head of delegation
for the ICRC in Afghanistan.
—Associated Press
China’s foreign-exchange reserves rose last month to their
highest level in nearly a year,
giving Beijing a breather in its
campaign to constrain capital
outflows.
Reserves increased by $16.98
billion in September from August to $3.109 trillion, the eighth
straight month of gains and the
highest level since October 2016,
data from the People’s Bank of
China showed.
The larger-than-expected increase likely came from stronger
global demand for Chinese exports and Beijing’s success in using capital controls to stanch the
flow of capital offshore and shore
up the yuan, economists said.
The State Administration of Foreign Exchange also cited changes
in the values of the dollar and
other currencies and assets.
The increase was large
enough, some economists said,
that China may also have seen a
real net inflow of capital—unlike
August’s $10.81 billion gain, which
was largely due to changes in asset values. “If that’s the case,
then that would be a notable reverse from August, which still
saw net outflows,” said Ning
Zhang, an economist at UBS.
China tightened scrutiny on
capital movements starting last
year to reduce outflows. Meanwhile, a weaker dollar has
helped strengthen the yuan and
reduced Beijing’s need to dig
deeper into reserves.
—Liyan Qi and Grace Zhu
JEAN-PHILIPPE KSIAZEK/AGENCE FRANCE-PRESSE/GETTY IMAGES
TED ALJIBE/AGENCE FRANCE-PRESSE/GETTY IMAGES
WORLD NEWS
SHEPHERDING PROTESTS: French sheep breeders flocked to Lyon
on Monday to draw attention to rising wolf attacks on herds.
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THE WALL STREET JOURNAL.
Tuesday, October 10, 2017 | A13
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THE WALL STREET JOURNAL.
A14 | Tuesday, October 10, 2017
IN DEPTH
INDIA
Continued from Page One
sations. He vows to continue to
fight the company in court and
serve its trademark grub for as
long as he can.
The standoff has produced a
tit-for-tat battle that may be
unique in the annals of fastfood wars. McDonald’s notified
suppliers that Connaught
Plaza’s outlets were no longer
allowed to use the McDonald’s
brand or trademark menu, and
some have stopped supplying
to them. Mr. Bakshi has labored
to keep his suppliers on board.
Menu items have started disappearing. First to go were the
McFlurry desserts and other
items that use soft serve. Last
Friday, the popular Maharaja
Mac—an Indian version of the
Big Mac in which the beef has
been replaced by either chicken
or cheese-and-corn patties—
and McSpicy chicken dropped
off the menu at a restaurant in
New Delhi’s popular shopping
district Connaught Place. “Sold
out” signs appeared.
The sandwiches were back
on Saturday, but restaurants in
New Delhi said they were still
missing jalapeños, tomatoes,
milk and Pizza McPuffs.
Mr. Bakshi says he has been
trying to calm his suppliers. He
says the Maharaja Mac was off
the menu because one had
stopped sending jalapeños,
which he is trying to buy elsewhere. He says a tomato shortage was a quality issue.
Amitabha Ray, managing director at Schreiber Dynamix
Dairies Ltd., says his company
stopped selling dairy products
to the rebel outlets after being
contacted by McDonald’s. Other
suppliers declined to comment
or didn’t respond to requests
for comment.
McDonald’s fans in Delhi are
chowing down while they can.
The branch in Connaught Place
was buzzing over the weekend.
Rajini Saraf squeezed into a
booth and complained about
the loss of the McFlurry. “Our
taste buds are settled on that
flavor. We require it” or we will
go elsewhere, she said. “We
have more options that are easily available and are more
classy than this.”
McDonald’s needs to find a
way to reintegrate or close the
rebel outlets. At risk is a market many consider one of the
last great untapped opportunities. India currently accounts
for a tiny slice of McDonald’s
nearly $25 billion in revenues,
yet fast-food companies are
hoping to find growth there.
Mr.
Bakshi
opened
McDonald’s first outlet in India
in 1996 as the company’s first
beefless restaurant. In the
Hindu-majority nation, eating
beef is frowned upon and many
people are vegetarian, so
McDonald’s built a menu
around chicken and vegetarian
patties. The top-selling McAloo
Tikki burger has a spicy potato
and pea patty. The McSpicy
Paneer uses tandoori mayonnaise slathered on a crispy slab
of paneer, a fresh cheese.
Mr. Bakshi’s northern franchise grew to nearly 170 restaurants, while its southern and
western counterpart, Hardcastle Restaurants Pvt. Ltd., a subsidiary of Westlife Development
Ltd., has 258 outlets.
Mr. Bakshi says the fast-food
giant first wanted to buy him
out around 2008. He contends
McDonald’s has been increasingly tough in an effort to force
him out and take what he has
built without paying much for
it. McDonald’s, in written statements to The Wall Street Journal, has said it has been cutting
ties to Mr. Bakshi because of
breaches in his agreements
with the chain.
While Mr. Bakshi denies
most of McDonald’s accusations, he admits Connaught
Plaza has missed royalty payments. He says the company
was only occasionally in violation of its contract—and that it
had McDonald’s tacit approval.
A McDonald’s spokesman in
Hong Kong, Barry Sum, said
McDonald’s India didn’t allow
Connaught Plaza to avoid fulfilling “essential obligations.”
McDonald’s wouldn’t discuss
details of the feud, citing continuing court cases. Mr. Sum
said McDonald’s is looking for a
new partner for the region.
Mr. Bakshi says he has asked
India’s
courts
to
stay
McDonald’s cancellation of the
company’s franchise agreement. He is willing to leave, he
says, if he is paid a fair price
for his half of the joint venture,
which he contends could be
worth more than $100 million.
McDonald’s has offered him as
much as $7 million, he says,
which he considers an insult.
McDonald’s declined to comment on any offers.
Customers are acting as if
the end is near. Delhi University
physics student Mayank Pant
traveled 30 minutes from campus with two friends to the
McDonald’s in Connaught Place.
He said the outlet next to the
campus, now closed, was a popular hangout for students.
“We have a kind of nostalgia
for McDonald’s,” he said. “We
are saying goodbye.”
—Julie Jargon in Los Angeles
and Vibhuti Agarwal in New
Delhi contributed
to this article.
TARGET
Snagging movers
P&G research also showed
that some 44% of millennials
say they will move in the next
year. “Spending as well as interest in different solutions really
peaks in those first few weeks,”
Mr. Wenzel says. “It’s a critical
point to influence.”
It established a “new mover”
program and sends about four
million consumers who have recently moved coupons and
product samples such as a Mr.
Clean Magic Eraser, Swiffer
duster, Tide detergent pods,
Downy fragrance beads and
even Old Spice deodorant.
J.C. Penney Co. says the
group is willing to hire others
for projects. The retailer has
pushed into home services, including furnace and air-conditioning repair, water-treatment
systems and bathroom renovations, and expanded its window-covering installation.
ACKERMAN + GRUBER FOR THE WALL STREET JOURNAL
Continued from Page One
decessors or their predecessors’ predecessors.”
Companies such as Scotts,
Home Depot Inc., Procter &
Gamble Co., Williams-Sonoma
Inc.’s West Elm and the Sherwin-Williams Co. are hosting
classes and online tutorials to
teach such basic skills as how to
mow the lawn, use a tape measure, mop a floor, hammer a
nail and pick a paint color.
Lawn-mower engine maker
Briggs & Stratton Corp. built a
professional studio inside its
Milwaukee office last year to
make how-to videos. Power-tool
maker Andreas Stihl AG calls
these new consumers “Willie
Wannabes,” compared to their
elders, who are “Eddie Experts.”
Millennials as a whole are
America’s latest demographic
bubble, overtaking the baby
boom generation and, like them,
transforming popular culture,
retailing, media and lifestyles.
They make up about 42% of all
home buyers today, and 71% of
all first-time home buyers, according to Zillow Group. Some
86% of millennial home buyers
reported making at least one
improvement to their home in
the past year, more than any
other generation, Zillow says.
The group of 93 million comprises people born roughly between 1980 and 2000. Baby
boomers, born between 1946
and 1964, numbered 78.8 million at their peak and today
have 74 million, according to
2016 U.S. Census Bureau population estimates.
Nick Bruno, 26, recruited his
father to help assemble a wardrobe for the studio apartment
he recently rented in New York
City’s Harlem neighborhood. He
spent the past year living with
his parents to save money.
In addition to a new dining
table, chairs and a TV stand, the
sales representative has bought
an arsenal of supplies, including
laundry detergent, window
cleaner, dish soap and a Swiffer
mop for the apartment’s wood
floors, instead of the mop and
bucket Mr. Bruno used on his
parents’ floors growing up. “I
had to read the instructions,”
he says.
P&G, which makes Swiffer,
found millennials clean their
homes differently from older
generations. “We find that the
younger generation is a bit
more crunched for time and
less likely to do a big, deep
clean,” says Kevin Wenzel, an
associate brand director for
P&G’s North America surface
care business.
Instead, millennials are more
likely to clean as needed, which
P&G calls “maintenance” cleaning. Swiffer advertisements
highlight how its mops and
dusters help “in the moment.”
When considering the
store’s furniture assortment,
West Elm creative director Johanna Uurasjarvi keeps in mind
the dream studio apartment
she would furnish for her 21year-old son.
The company is making tables, chairs, bookcases and sofas to better fit inside smaller
starter homes and apartments,
including a scaled-down sectional couch that can flip from
right to left orientation so it
accommodates the multiple
moves common among young
adults.
Breanne Loes, right, 26, and her husband, Pat Ferrell, worked on decorating their apartment in Minneapolis.
Millions Ready to Spend
Millennials have replaced baby boomers as the largest generation—with 26-year-olds as the largest single
age group—creating a wave of consumers for companies to target.
U.S. population by age, December 2016
26-year-olds: 4.75 million
5 million people
4
3
2
1
MILLENNIALS
0
10-year-olds
20
GEN X
30
40
BABY BOOMERS
50
60
Millennials are entering prime spending years as they buy homes and
make improvements. Their outlays are growing as more of the
generation moves into adulthood…
Baby boomers
Generation X
Homebuyers, by age, in the
past year
Millennials
Pct. of homeowners who made
improvements in the past year
100%
70
80
90
…but they are taking longer to
reach milestones of adulthood
than earlier generations.
Percentage of 25- to 34-year
olds who…
Lived away from parents, were ever
married, lived with a child and were in
the labor force
in 1975
75
42%
50
25%
4%
Other
Housekeeping supplies, 2016*
45%
in 2016
29%
100+
24%
Lived away from parents, were ever
married and lived with a child
22%
25
8%
0
Lived away from parents, were ever
married and were in the labor force
15%
Household furnishings, 2016*
$400
$1,000
300
750
200
500
100
250
13%
Lived away from parents and were in
the labor force
6%
23%
In the labor force only
3%
0
0
8%
Note: Baby boomers are people aged 52-70 for the Labor Department and 53-72 for Zillow; Generation X are 36-51 (Labor) and 38-52 (Zillow);
Millennials are 35 and younger (Labor) and 18-37 (Zillow). *Average annual spending for each household member
Sources: Deutsche Bank (population by age); Zillow (homebuyers, home improvements); Labor Department (spending);
Census Bureau (living situation)
THE WALL STREET JOURNAL.
“They’re much more of a
‘Do-It-for-Me’ type of customer
than a ‘Do-It-Yourself’ customer,” says Joe McFarland, executive vice president of J.C.
Penney stores. “You don’t need
a ladder or a power drill, you
don’t even have to wonder if
you measured your window
right.”
Home-furnishings retailer
West Elm offers service packages, which start at $129, to
provide plumbing and electrical
work, painting, installing TVs
and hanging art and mirrors.
Home Depot executives want
to establish stores as an educa-
tion center so young adults can
learn maintenance for themselves. Snagging a new homeowner’s first purchases, says
Ted Decker, Home Depot executive vice president of merchandising, helps drive return trips
and represents potentially
“thousands and thousands of
dollars” in lifetime sales.
The company credited home
purchases by young adults as a
factor in its 9.5% rise in net income in its most recent quarter
and raised sales and profit expectations for the rest of the
year.
In June the company intro-
duced a series of online workshops, including videos on how
to use a tape measure and how
to hide cords, that were so basic some executives worried
they were condescending. “You
have to start somewhere,” Mr.
Decker says.
Lisa DeStefano, Home Depot
vice president of marketing, initially hesitated looking over the
list of proposed video lessons,
chosen based on high-frequency
online search queries. “Were we
selling people short? Were
these just too obvious?” she
says she asked her team. On the
tape-measure tutorial, “I said
‘come on, how many things can
you say about it?’ ” Ms. DeStefano says.
In the end, Ms. DeStefano
herself learned a new tape-measure trick: Attach the end of the
tape to a nail and hold a pencil
against the tape measure’s base
to draw a circle. More lessons
are coming, Ms. DeStefano says,
including how to hang Christmas lights.
On a recent Saturday, Nadera
Algoo, 25, attended a ceiling-fan
installation class at a Home Depot store in Manhattan. She has
also attended the store’s workshop on painting and drywall
repair.
Though the high-school
chemistry teacher lives at home
with her parents in Brooklyn,
Ms. Algoo wants to learn to do
basic repairs for when she
eventually moves out, so she
doesn’t have to hire help. “It’s
so easy to get ripped off,” she
says. “And it’s cool to know.”
Al Manigault, the Home Depot workshop captain leading
the class, asked Ms. Algoo to attach the fan to an electrical box.
He nodded as she twisted wire
connectors into place. “Very
nice,” he said, as the four other
students—all
middle-aged
men—looked on.
John Goldbach, vice president of sales for Stoner Inc.’s
auto, DIY and household
brands, ramped up basic online
training to demonstrate products including paint and varnish
removers. Online sales have increased about 20% this year
thanks to online education efforts, the company says.
Baby boomers changed the
consumer-products industry as
they grew up, sending diaper
sales soaring in the 1960s, buying power suits in the 1980s
and luxury cars and handbags
in the 2000s. Marketers promised goods and services that
would enable boomers’ independent, free spirits.
Millennials are different,
though, especially in the rate at
which they achieve independence in adulthood. In 2016, just
24% of 25- to 34-year-olds had
experienced all four of what the
Census Bureau called major life
milestones: having lived away
from parents, having been married, having lived with a child
and being in the labor force.
That compares to the same
age group in 1975, when 45%
had reached all of those milestones. “Today’s young adults
look different from prior generations in almost every regard:
how much education they have,
their work experiences, when
they start a family and even
who they live with while growing up,” according to a report
from the Census Bureau.
Edible plants
Targeting this demographic,
J.C. Penney last year re-entered
the appliance business after 33
years and now calls it one of its
best-performing areas. Early
on, J.C. Penney assumed that
its best-selling refrigerators
would be in the $899 to $999
price range. But the $1,599 to
$1,799 models with stainlesssteel or sleek black finishes and
the latest door styles topped
sales. Millennials were buying
the pricier appliances as a
quick cosmetic upgrade to their
homes. “It’s millennials’ beginner way to remodel their
kitchen,” Mr. McFarland says.
Briggs & Stratton collaborated with Toro Co. to introduce the Mow N’ Stow foldable
mower, which takes up 70%
less room than standard mowers. It is designed to appeal to
owners of starter homes, which
often have small garages, the
company says. The Mow N’
Stow also doesn’t require users
to know how to prime, choke
or change the oil of its engine.
“We want to be there when
you’re ready to buy your first
piece of equipment, when you
first move into a house, all the
way to the last piece of equipment you’re going to buy,
whenever that is,” says Briggs
& Stratton Chief Executive
Todd Teske.
Scotts’s approach is driven
by its discovery that millennials aren’t trying to achieve the
lushest lawn or biggest flowers,
as their elders are, executives
say. They want to get something out of gardening, Mr.
King says.
Scotts last year said it
bought a stake in Bonnie
Plants, a grower and supplier
of vegetables and herbs, because sales of edible plants are
strong among millennials, with
a growth rate nine times the
rate for baby boomers. Millennial households that participated in food gardening increased by four million during
2011 to 2015, equaling the rise
of all other age groups combined over the same period,
the company says.
Mindful of millennials’ propensity to scour product ingredients, Scotts also said it accelerated work to remove
phosphorus from fertilizers
and bee-killing neonicotinoids
from pesticides.
Breanne Loes, a 26-year-old
apparel buyer in Minneapolis,
likes the idea of gardening, but
it doesn’t come naturally yet.
Her mother picked out two
pots of flowers for her apartment’s outdoor patio, and reminded her during every phone
call this summer to water
them. “Last year, my flowers
were dead by July,” Ms. Loes
says. “Now, they’re pretty close
to dying, but my mom was impressed they lasted this long.”
Ms. Loes enjoys do-it-yourself projects, and two summers
ago built with her now-husband a wooden headboard in
her parents’ garage, with help
from an online tutorial, her
dad, two older brothers and
their tools.
The saw wasn’t working at
first because the blade was
backward. “That was embarrassing,” says Ms. Loes.
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THE WALL STREET JOURNAL.
Tuesday, October 10, 2017 | A14A
NY
* *
GREATER NEW YORK
Scandals
Hang Over
Nassau Race
ALEXANDER COHN/THE WALL STREET JOURNAL
BY JOSEPH DE AVILA
Re-enactors prepared for the Columbus Day Parade in New York City on Monday. Mayor de Blasio was booed as he walked in the event.
Mayor Booed at Columbus Parade
BY MARA GAY
AND MIKE VILENSKY
New York City Mayor Bill
de Blasio was bombarded
with boos as he walked in the
annual Columbus Day parade
because of the city’s decision
to review an iconic sculpture
of Christopher Columbus.
Mr. de Blasio, a Democrat,
in August established a commission to make recommendations on how the city
should handle monuments
some may view as offensive.
Columbus, whose statue
adorns the Midtown Manhattan traffic circle named after
him, is revered by many in
New York’s vast Italian-American community. Others have
said the explorer’s legacy
should be re-examined because of the deaths of Native
Americans after the arrival of
Europeans to the Americas.
Some parade watchers
were having none of it. “Leave
Columbus alone!” one man
shouted as the mayor walked
by. A woman cursed at the
mayor in Italian.
Mr. de Blasio, whose
grandparents were born in Italy, ignored the shouts, walking about 30 blocks while
waving an Italian flag and
smiling.
“I’m very proud of my fam-
ily,” he said ahead of the parade Monday. “I don’t care
about any critics.”
The mayor said he had no
plans to dissolve the monuments commission, which he
formed in the aftermath of a
violent
white-supremacist
rally in Charlottesville, Va., in
August.
“We’re going to have a real
public discussion,” Mr. de Blasio said. “That should be a
conversation people aren’t
afraid of.”
The monuments commission is expected to meet for
the first time on Tuesday.
Gov. Andrew Cuomo, a
Democrat who is also Italian-
American, has said the Columbus statue should stay
put. Walking a few blocks
from Mr. de Blasio, the governor defended Columbus as
“the symbol for the ItalianAmerican people.”
Mr. Cuomo has questioned
the usefulness of removing
monuments some view as offensive.
“Are you for indigenous
people or are you for Christopher Columbus?” the governor said Monday.
“I’m a New Yorker. I’m an
American. I’m with all the
above. These are all false
choices that are more wedges
in society,” he said
Recent political corruption
scandals in Nassau County are
casting a shadow on the race
to lead this sprawling section
of western Long Island.
Nassau County’s top elected
official, Republican County Executive Edward Mangano, was
indicted last year on charges
of bribery, conspiracy and extortion. Former North Hempstead Democratic Committee
Chairman
Gerard
Terry
pleaded guilty to criminal-tax
fraud last month.
While Mr. Mangano, who
pleaded not guilty, continues
to serve as county executive as
he awaits his trial, the Republican Party nominated former
state Sen. Jack Martins to run
for the position. Mr. Martins,
who lost a 2016 congressional
race to former County Executive Tom Suozzi, faces Laura
Curran, a Democratic legislator in the county legislature
and a former school board
trustee in Baldwin, N.Y.
Nassau County Democrats
are hoping to persuade voters
that their party is the best
equipped to clean up politics
in the county, despite their
own corruption scandals, political analysts said. The Republican Party, on the other
hand, has focused the race
more on pocketbook issues
like property taxes, they said.
“The challenge for Jack
Martins is to distance himself
from the local corruption issues and change the conversation to one of competence and
leadership,” said Lawrence
Levy, executive dean at the
National Center for Suburban
Studies at Hofstra University.
“The challenge for the Democrats is to tie the Republican
candidate to corruption issues
when the connection is pretty
tenuous,” Mr. Levy said.
Democrats
in
Nassau
County, with a total population of 1.3 million, outnumber
Republicans
396,000
to
337,000 in what was historically a GOP stronghold.
Republicans, however, are
more reliable voters in nonpresidential elections, typically giving them the edge in
these races, said Michael
Dawidziak, a political consultant who often works with Republicans. But it is possible
the corruption scandals could
motivate more Democrats to
vote this year, he added.
The Republicans also were
hurt by the 2015 conviction of
former Senate Majority Leader
Dean Skelos, a Nassau County
Republican who was one of
New York’s most influential
politicians. A federal appeals
court recently overturned the
conviction, citing a U.S. Supreme Court ruling that established a higher standard for
federal anticorruption laws,
Please see RACE page A14B
Bolshoi
And Met
Pair Up
In Three
Classics
The Metropolitan Opera will
partner with Russia’s Bolshoi
on three productions in the
coming seasons, officials with
both companies said on Monday.
The joint venture marks the
New York company’s first such
partnership with the Moscowbased institution. The Met said
the two organizations have
been planning the collaboration
since the summer of 2016.
The plan calls for the companies to co-produce three
classic works—Verdi’s “Aida,”
Wagner’s “Lohengrin” and
Richard Strauss’s “Salome”—
with performances taking place
for each in Russia and New
York between 2019 and 2022.
“We’re very pleased to be
partnering with such a renowned company as the
Bolshoi and to be pooling our
resources with them,” said
Metropolitan Opera General
Manager Peter Gelb.
DANNY GHITIS FOR THE WALL STREET JOURNAL
BY CHARLES PASSY
The Bolshoi Ballet’s Kristina Kretova rehearsed at Lincoln Center in 2014 for a ‘Don Quixote’ production. The Met and the Bolshoi are now planning their first co-productions.
The Met didn’t say what the
productions will cost—or what
its share of that expense will
be. This season, the Met is
spending $1.5 million to $4.5
million on each new production
it is presenting, company officials said earlier this year.
Casts and creative teams
have yet to be fully set for the
collaborative stagings with the
Bolshoi. But the Met did say
that Yannick Nezet-Seguin, who
will take over as the company’s
music director in the 2020-21
season, will conduct the initial
New York performances of each
production.
Additionally, acclaimed Russian-born soprano Anna Netrebko will perform in all three
operas in both Russia and New
York, the Met said.
Co-productions are hardly
new to the Met. This season,
for example, the company is
collaborating with the English
National Opera on a production
of Mozart’s “Così fan tutte.”
Still, the relationship with
the Bolshoi is significant because of the Russian institution’s storied history, which
goes back to the 18th century.
While the Met hasn’t collaborated before with the Bolshoi
on a production, the Bolshoi,
which hosts both opera and
dance, has a history at the Met
going back decades, Met officials noted. The Bolshoi Ballet,
for example, first appeared at
the Met in 1959.
The Met, however, has never
appeared in Russia.
Pensions Are a Key Concern in Constitutional Convention Vote
BY MIKE VILENSKY
With roughly five weeks until New Yorkers vote on
whether to hold a constitutional convention, concerns
about public pensions are driving the opposition.
Convention supporters say
the event wouldn’t make
changes to pension benefits for
state retirees, which are guaranteed in the state constitution.
But unions opposed to the convention have raised worries
about the possibility.
“If you want retirees to
phone bank, put up signs, place
bumper stickers on their cars,
you need a compelling issue to
motivate them,” said J.H.
Snider, an expert on state constitutional conventions who is
running the New York State
Constitutional
Convention
Clearinghouse. “If I were protecting a lifelong pension worth
a million dollars or more, I’d react the same way.”
On November ballots, New
Yorkers can vote for or against
the convention, where specially
elected delegates from the
state’s legislative districts can
propose amendments to the
state constitution. To become
law, those amendments must
be ratified in a voter referendum.
Much of the campaigning
against a convention has come
from the state’s labor unions,
which say the event could roll
back worker rights. Collectively
these unions, including New
York State United Teachers and
AFL-CIO, have donated more
than half a million dollars to
New Yorkers Against Corruption, a group pushing New
Yorkers to vote no, state records show.
Backers say unions
oppose a convention
because it offers a way
around legislators.
In literature to its 20,000
members, the Retired Public
Employees Association, a group
advocating for New York retirees, wrote that a convention
poses a threat to “the integrity
of public pensions.” Earlier this
year, the teachers union used
similar language, writing to
members that the convention
could bring a day when New
York “is relieved of its pension
obligations to retirees.”
“We don’t know who the
delegates would be at this
point,” said Ed Farrell, director
of the Retired Public Employees
Association. “But we do know
there are groups that exist who
describe themselves as fiscally
conservative or antigovernment and believe the idea of a
pension should not exist at all.”
Convention supporters say
unions are misleading their
members.
Evan Davis, a New York City
lawyer and convention supporter, has argued that the
state’s pension payouts to its
existing employees and retirees
are federally protected and
couldn’t be touched.
“It’s a scare tactic being
used by the unions,” said John
Bergener Jr., a retiree who is
running a pro-convention
group.
Mr. Bergener and other convention backers say unions oppose a convention because it is
a rare way to bypass the legislative system and their influence over state lawmakers.
There is interest among
some fiscal conservatives in
pushing pension reform at a
convention, but they stressed
that their proposals would affect only future state hires.
Assemblyman Michael Fitzpatrick, a Long Island Republi-
can who has raised concerns
about municipal pension obligations, said the convention
marks an opportunity to transition future public pensions to a
system more like a 401(k),
where an employer invests retirement money instead of
promising a fixed sum. “The
system needs to be adjusted to
meet a modern fiscal reality,”
Mr. Fitzpatrick said.
Despite assurances that proposals would affect only future
hires, some current and former
public employees said they are
opposing a convention to protect their pensions.
Crystal Richberg, a New York
state public school teacher voting no, said her pension is her
“main concern…because it hits
home for me personally.”
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A14B | Tuesday, October 10, 2017
NY
* ****
THE WALL STREET JOURNAL.
GREATER NEW YORK
Organizer
Goes to Bat
For Tenants
Aaron Carr, above, who has become a self-appointed enforcer of state rent laws, goes after landlords he suspects aren’t complying
with regulations. He helped Sudesh Chohan, below, get a refund from his landlord at this building in Flushing, Queens.
MICHAEL BUCHER/THE WALL STREET JOURNAL (3)
Sudesh Chohan was thinking
of leaving his Flushing, Queens,
apartment after 28 years because he couldn’t afford the latest rent increase. His plans
changed when the 62-year-old
auto mechanic bumped into
Aaron Carr.
At Mr. Carr’s suggestion, Mr.
Chohan attended a June meeting at a playground where Mr.
Carr said the building’s tenants
may have a legal case against
their landlord, Kaled Management. Mr. Carr contended that
Kaled had overcharged them by
ignoring their apartments’ rentstabilized status, which limits
price increases.
In August, Kaled offered tenants refunds, including $6,030
for Mr. Chohan. Ed Kalikow,
Kaled’s president, said in a
statement tenants were “inadvertently” overcharged and that
“making residents financially
whole was not only legally compliant, but it was the right thing
to do.”
At age 29, Mr. Carr has become New York City’s self-appointed enforcer of state rent
laws. Last year, he started a
nonprofit, Housing Rights Initiative, through which he organizes class-action lawsuits
against landlords he suspects of
breaking the law.
He hopes to launch 75 to 100
cases over the coming year to
enforce a requirement that
landlords who collect a popular
tax break known as “J-51” limit
rent increases on tenants. For
years, regulators let thousands
of owners ignore that rule,
making housing less affordable
for renters like Mr. Chohan.
Property managers and investors are watching with inter-
est. One class-action lawsuit
over the J-51 issue resulted in
$69 million of refunds for
22,000 tenants at the Stuyvesant Town-Peter Cooper Village
residential complex in Manhattan and lowered rents by $105
million. A 2007 class-action
case against landlord Pinnacle
Group settled for $2.5 million in
2011.
Many in the industry view
Mr. Carr’s work with skepticism.
“I look at it as the equivalent
of, like, an ambulance chaser,”
said Brian Newman, who manages about 30 properties for
Heritage Realty, one of the
firms targeted by Mr. Carr. The
Rent Stabilization Association, a
landlord group, calls Mr. Carr’s
efforts “nothing more than fishing expeditions.”
Mr. Carr disagrees. “If the
landlords are not doing anything wrong, why are they restabilizing units?” he asks.
“They’re doing that because
they got caught.”
Mr. Carr grew up on Long Island, the only child of an autism
researcher and a psychologist.
Both parents died in a car crash
when he was 20.
“Life took on a whole new
meaning,” he said. “I needed to
attach myself to things that
would have an impact on people’s lives. I may not be able to
get back what was stolen from
me, but I can get back what has
been stolen from others.”
Helping tenants recover
overcharges fit that mission. He
got the idea while working as
chief of staff to New York Assemblyman Michael Blake, a
Democrat who represents a
gentrifying section of the
Bronx.
“There is not a day that goes
by that someone is not contacting us about housing concerns,”
Mr. Blake said. He recalled seeing “a visceral anger” in Mr.
Carr when he learned of owners
mistreating tenants.
In early 2016, he left Mr.
Blake’s office to launch Housing
Rights Initiative, using personal
savings and donations to get
started. Now he is getting ready
to scale-up with a $100,000
Continued from page A14A
and Mr. Skelos will be retried.
The Republicans’ corruption
scandals “could help level the
playing field for the Democrats,”
Mr. Dawidziak said.
Both candidates said fixing
the county’s fiscal problems is a
priority. Nassau County is forecast to finish the year with a
$53 million deficit, according to
the Nassau County Interim Finance Authority. NIFA, which
has overseen the county’s finances since 2000, estimates
the county’s budget hole will be
nearly $190 million by 2020.
Ms. Curran, 49 years old,
said she would focus on negotiating expiring municipal con-
BESS ADLER FOR THE WALL STREET JOURNAL
RACE
Democrat Laura Curran, Left, and her Republican rival Jack Martins.
tracts to get better terms and
on redeveloping downtowns in
the county with transitfriendly projects to grow Nassau’s tax base.
Mr. Martins said he wants
towns to take over propertytax assessments from the
county. The towns would handle it more accurately, reduc-
crowdfunding campaign.
The state housing agency
says it “aggressively” enforces
rent laws, but Mr. Carr openly
mocks that claim, saying city
and state agencies have often
turned a blind eye to tenants’
plight.
“We all live in an enforcement desert,” he said while
standing in front of a slide of
the Sahara one August evening
when more than 40 residents of
eight Manhattan buildings gathered at a Lutheran church to
hear him pitch litigation.
Mr. Carr doesn’t file the lawsuits himself. He leaves that to
attorneys who agree to charge
tenants legal fees only if they
prevail. Ten lawsuits have been
filed so far, all of which are in
various stages of litigation.
Soon after the August meet-
ing, Mr. Carr goes to Civic Hall,
a Chelsea co-working space that
serves as his informal headquarters, to identify potential
plaintiffs. Kim Powell, a tenant
activist who helped organize
the Pinnacle class-action case,
reviews tenant records with
him.
“Slam dunk,” she says as
they review potential plaintiffs
in one building.
ing what Nassau County owes
to homeowners in propertytax refunds by up to $100 million annually, he said.
Ms. Curran said Mr. Martins’s
plan would shift costs from the
county to the towns. She has
called for beefing up the
county’s assessment department
and assessment review commission, among other measures.
If Ms. Curran wins the election on Nov. 7, she would become only the third Democratic county executive in
Nassau County history and the
first woman. Mr. Suozzi, who
served from 2002 to 2009,
was Nassau’s last Democratic
county executive.
Ms. Curran, a former newspaper reporter, said there is “a
feeling of deep distrust” of politics in Nassau County. “The Re-
publican party, the way it is
now, has no credibility to” address it, she said.
Ms. Curran has proposed a
host of ethics reforms, including
creating an independent office
of the inspector general to review county contracts. She also
wants to prohibit any political
party leaders from being appointed to a job by the county
executive, as well as limiting
how much money county contractors can donate to county
political campaigns.
Mr. Martins, 50, also has
called out corruption, but has
stressed that both parties
have been tainted by it, citing
the recent incarceration of former Democratic county legislators Roger Corbin and Patrick Williams.
“If there is a culture of cor-
ruption in Nassau County then
it is a Democratic and Republican culture,” said Mr. Martins,
a former mayor of Mineola,
N.Y. “And the fact that she is
celebrating that for political
purposes is truly sad and just
demonstrates how little vision
she has.”
Mr. Martins is pitching his
own ethics reform plan, including giving the County Legislature the authority to remove
the county executive for cause.
He also proposes overhauling
the existing county board of
ethics and having it work more
closely with the commissioner
of investigations.
Some political consultants
aren’t convinced that fighting
corruption will matter more to
voters than issues like property
taxes.
Upscale Sports Bar
Set to Extend Reach
BY CHARLES PASSY
ROBERTO COIN BOUTIQUE
Westfield World Trade Center
Oculus | Main Level C2
New York, NY | 212.287.1299
POIS MOI COLLECTION | robertocoin.com
The Ainsworth wants to
take its Mac & Cheese Burger
national.
The dining and drinking
spot, whose signature burger
is topped with macaroni and
cheese, has plans to expand
well beyond its four current locations in Manhattan and New
Jersey. Among the cities slated
to come on board within the
coming year are Philadelphia,
Nashville and Kansas City, Kan.
The restaurant chain, whose
first location opened in the
Chelsea neighborhood nine
years ago, has two more Manhattan locations planned for
the months ahead.
The Ainsworth is an upscale
take on a sports bar. Its menu
features such fare as short-rib
tacos, truffle fries and a
chopped salad with baby kale,
fennel and pomegranate seeds.
Several “handcrafted” cocktails
are among the drink offerings,
including the Ains Martini.
And there is the Mac &
Cheese Burger. It doesn’t come
cheap—at the Manhattan locations, it runs $19 (or $24 if you
add candied bacon). The chain
estimates it has sold close to
30,000 of them in the past
three years.
The Ainsworth is the latest
in a long line of New York dining spots that have expanded
beyond the city. Recent exam-
ples include the Dos Toros
fast-casual chain and even the
Halal Guys food cart-turnedrestaurant chain.
Stephen Zagor, dean of culinary business and industry
studies at the Institute of Culinary Education, says going beyond the city successfully isn’t
so easy, since diners elsewhere
aren’t necessarily wowed by a
restaurant’s New York track record. “You have to play to the
local culture and adapt to local
tastes,” he said.
Ainsworth founder Matt
Shendell said he thinks his restaurant concept is “super-scalable and Middle Americafriendly” and hopes to grow to
as many as 15 locations within
three years. The chain currently
does $17 million in annual
sales, but anticipates that figure more than doubling in 2018.
The Ainsworth, which once
operated a restaurant in Las
Vegas, says it is prepared to
tweak its menu as needed in
different markets. At the Kansas City location, for example,
Mr. Shendell said he is considering rolling out a burger
topped with ribs, playing off
that city’s barbecue tradition.
The Ainsworth may benefit
from the growth that sports
bars are enjoying nationwide.
In 2016, the category’s sales
increased 4.4% to $13 billion,
according to Technomic, a restaurant consultancy.
Yankees Tie Series With 7-3 Win
ABBIE PARR/GETTY IMAGES
BY CEZARY PODKUL
SAFE: Yankee third baseman Todd Frazier slides home. The
deciding game will be played on Wednesday in Cleveland.
GREATER NEW YORK WATCH
NEW JERSEY
NEW YORK CITY
Four People Dead
In Head-On Crash
Reward Offered After
Fatal Hit-and-Run
Four people were killed and
two others were injured in a
head-on crash in which the drivers lived on the same street.
Gloucester Township police
said 53-year-old Richard Mason
and 43-year-old Panagioti Ramoundos crashed on Sicklerville
Road on Sunday evening.
The drivers, who were killed,
lived on Wilson Drive in Winslow Township.
Two passengers in Mr. Ramoundos’s vehicle also died and
two passengers were injured.
—Associated Press
The family of a New York City
emergency medical technician
killed in a hit-and-run accident is
offering a $25,000 reward for information to catch the culprit.
Kevin Liang, 27 years old, was
riding his motorcycle when he
was struck by an SUV on the
new Kosciuszko Bridge on Sept.
30. The SUV driver took off and
Mr. Liang was later pronounced
dead at a hospital, police said.
A funeral service for Mr. Liang will be held Tuesday in
Brooklyn.
—Associated Press
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THE WALL STREET JOURNAL.
LIFE&ARTS
Tuesday, October 10, 2017 | A15
BONDS: ON RELATIONSHIPS | By Elizabeth Bernstein
When to Go With Your Gut
Making a big decision? Experts weigh in on when instinct or conscious thought is a better bet
When should you trust
your gut?
Consult your gut for
complex decisions.
YOU HAVE AN important decision to make. You’ve done research, made a list of the pros and
cons, asked friends and family for
advice.
When should you just trust your
gut? Scientists, authors and motivational speakers (plus plenty of
moms) have long touted the power
of intuition—our mind’s ability to
understand something without the
need for conscious reasoning.
Think of all the recommendations
you’ve heard: “Put the problem
away and come back to it later.”
“Intuition doesn’t lie.” “Sleep on
it.” Many studies support this advice, showing that the decisions
we make unconsciously, before our
rational mind can get involved, are
often better.
But not always.
John Bargh, a psychology professor at Yale and director of the
ACME (Automaticity in Cognition,
Motivation, and Evaluation) Laboratory, has a book coming out this
month: “Before You Know It: The
Unconscious Reasons We Do What
We Do.” Dr. Bargh says that we
tend to trust our gut reactions
more than our rational ones because they happen so quickly we
think they must be true. But there
is a problem with this belief, he
says: Our emotional states change
what our gut tells us. “Say you are
angry and tell someone off and
think that is the truth,” Dr. Bargh
says. “The next day you may be in
a very different emotional state
and the truth is different.”
Dr. Bargh says that our gut is
better at helping us sort out some
things, such as whether we are in
ROBERT NEUBECKER
immediate danger. It can
help us quickly identify our
preferences. And it’s good at
helping us make complex decisions—say, buying a car—when the
amount of information and choices
can be overwhelming.
But our gut can push us to be
impulsive, to drink or smoke when
we shouldn’t. It’s a bad idea to
rely on it when the consequences
of our decision are dangerously
high. (You’ll want to make a few
conscious calculations
before passing that
semi-trailer in the
driving rain.) And if the outcome of our choice will affect
someone else, it’s best not to rely
on our gut alone.
The connections between the
gut and the brain are extremely
complex, with multiple pathways
of communication: the nervous
system, immune system and hormonal system, which facilitate
messages from the microbiome—
the trillions of micro-organisms
that live in our gut and produce
molecules similar to the neurotransmitters found in the brain,
such as serotonin and dopamine.
“The gut is not a blind tube,”
says Raphael Kellman, an internist in New York City and author
of “The Whole Brain.” “It’s a complex system explicitly interconnected with the brain.”
In a study published in May
2013 in the journal “Social Cognitive and Affective Neuroscience,”
researchers at Carnegie Mellon
University in Pittsburgh and
Northeastern University in Boston performed brain scans on
participants who were asked to
consider 48 aspects of four different cars, to determine the best
choice. Some participants were
asked to make an immediate decision, some were allowed to deliberate and some were distracted
by a difficult counting task. The
researchers found that the same
regions of the brain that were activated when the participants
were reading about the car
choices remained active even
when they were distracted. Their
unconscious kept working on the
problem, even as their conscious
mind moved on.
These include important,
but not life-or-death, choices
such as what car to buy, where
to move, which job offer to accept. Your conscious mind will
have too much information to sort
through, and there may not be one
clear choice. For example, there’s a
lot to consider when deciding on a
new home: neighborhood (Close to
work but not as fun? Farther away
but nicer?), price, type of home
(Condo or house?). Research shows
that when people are given four
choices of which car to buy or
which apartment to rent—with
slightly different characteristics to
each—and then are distracted
from consciously thinking about
their decision, they make better
choices. “Our conscious mind is
not very good at having all
these choices going on at
once,” says Dr. Bargh. “When
you let your mind work on this
without paying conscious attention,
you make a better decision.”
Make a list and set it aside
Using unconscious and conscious
thought to make a decision is often
best. And conscious thought should
come first. An excellent way to do
this is to make a list of the benefits
and drawbacks of each choice you
could make. We are trained in rational decision-making, so this will
satisfy your conscious mind. And
sometimes the list will be enough
to show you a clear decision.
But if it isn’t, put it away and
do something that absorbs your
conscious mind. Go for a hike or
run, walk on the beach, play chess,
practice a musical instrument. (No
vegging out in front of the TV;
that’s too mind-numbing, experts
say.) “Go into yourself without distractions from the outside, and
your unconscious will keep working on the problem,” says Emeran
Mayer, a gastroenterologist and
neuroscientist and the author of
“The Mind-Gut Connection” and a
professor at UCLA’s David Geffen
School of Medicine.
your intuition. If you’re angry,
your gut will give you a different
answer than it normally would.
Ditto if you’re stressed, in the
middle of some kind of competition, or even happy and relaxed.
“Remember that what we think is
right to do changes from moment
to moment,” Dr. Bargh says. So
ask yourself if this is the time to
listen to your gut.
Eat well
What you put in your gut makes a
difference. Refined foods can damage the microbiome in your gut,
and this harms the gut’s connections to the brain. “When we eat
If the stakes are high, try to
think rationally
chemicals—and too much food and
too fast—the bacteria in our gut
will become deforested and lose
their abundancy,” says Dr. Kellman.
“And that will affect the transmission of signals to the brain.”
He suggests limiting refined
foods and eating more vegetables
as well as fermented foods that
promote healthy bacteria. “Good
foods create mental clarity,” Dr.
Kellman says.
Stop asking for advice.
You can’t listen to your own intuition if it’s drowned out by other
people’s opinions, Dr. Mayer says.
You’re likely getting their gut reactions, not yours. And you may feel
obligated to take their advice. Ask
others for guidance if you want. But
at a certain point you need to stop
and be quiet, so you can hear your
own gut.
Write to Elizabeth Bernstein at
elizabeth.bernstein@wsj.com or
follow her on Facebook, Twitter or
Instagram at EBernsteinWSJ.
Even if time is tight. For example,
if your gut tells you to jump in
front of a train to help someone who just fell on the
tracks, that might be worth
risking your life. If it’s telling
you to jump in front of that train
because you dropped your purse,
it’s not. Your rational mind, not
your gut, will know the difference,
Dr. Bargh says.
Pay attention to your
state of mind
Remember that strong
emotions can change
YOUR HEALTH | By Sumathi Reddy
SASHA MASLOV FOR THE WALL STREET JOURNAL
DOCTORS FEEL WHAT IT’S LIKE TO BE IN THE ICU
Artist Shannon Yee prepares Steven Yung, a pediatric critical care doctor at Mount Sinai Hospital, to listen to a recording
as part of an art piece that recreates what Ms. Yee experienced as a patient in the ICU.
New York
DRESSED AS A NURSE, Shannon
Yee welcomes eight of us as we enter a room in the rehabilitation department of Mount Sinai Hospital.
She passes around paperwork
and secures a hospital bracelet on
each of us. Among our ranks: a
pediatric doctor, a physical therapist, a nurse, and an occupational
therapist.
She guides each person to a
low-lying cot, covered in white
sheets like a hospital bed.
“For the next hour you’re going
to be lying down,” she explains, in
an “immersive artwork experiencing the first 18 months of my
[brain injury].”
“I would like you to take your
shoes off, lie down, pull the blankets up around you and that’s it,”
she says. “I will do the rest.”
She comes around and places a
sleep mask and headphones on
each. There is silence. And then,
loud noise.
For 48 minutes we are immersed in the world of Ms. Yee’s
experience with a rare brain infection that left her critically ill and
in the hospital for nine weeks. The
experience is meant to give people
a sense of what it’s like to have a
brain injury and be immobilized in
an ICU, and the difficult path of
rehabilitation.
In what Ms. Yee describes as an
audio-based artwork, the voices of
doctors and nurses and her partner come in and out from far and
near as her own thoughts cycle
through. An explosion signals one
of two craniotomy surgeries she
had. We listen to the sounds of her
getting washed by a nurse removing staples from her head, being
incessantly picked and prodded
with needles, and learning to walk
again. By the end, she is home on
the road to recovery.
“One, two, three. Take your
time removing the eye mask and
headphones,” she says gently, tapping each person’s shoulder.
A bit foggy and disoriented we
reassemble to talk five minutes
later.
“Reassembled, Slightly Askew,”
was borne out of Ms. Yee’s experience of getting a sinus infection
that caused a subdural empyema,
or infection under the skull, at the
Please see HEALTH page A16
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
A16 | Tuesday, October 10, 2017
LIFE & ARTS
HEALTH
DANCE REVIEW
Fashion at Center Stage
PAUL KOLNIK (2)
Continued from page A15
age of 30. A playwright and producer, she experienced a coma,
temporary paralysis of her left
side, and extensive rehabilitation.
The 39-year-old now lives in
Belfast, Ireland, with her partner
and 15-month-old baby. For five
years, she and a team of four others researched and produced the
artwork. It has been on tour since
2015 in the United Kingdom, Ireland and most recently Canada.
Robert McConnell, who was
Ms. Yee’s neurosurgeon at Royal
Victoria Hospital in Belfast, says
her condition was rare. They see
maybe two to three such cases a
year, in a population of 1.9 million, he says.
Dr. McConnell was consulted
on the artwork, as were Ms Yee’s
head injury nurse and neuropsychologist. All the voices were recorded by actors.
“Often when we see unconscious people or people who are
emerging from reduced consciousness it can be very hard to
have a perspective of how
they’re feeling, or even the impact of minor things you say to
them,” Dr. McConnell says.
The Mount Sinai exhibition is
the first in a hospital and in the
United States. For two weeks, 160
employees, most from the rehabilitation department, have filtered into the room to experience
what many of their patients do.
Ms. Yee hopes to bring the
production to other hospitals.
Mount Sinai staff are filling out
surveys to assess the project’s effectiveness to determine if the
hospital will bring it back on a
larger scale to reach other departments. She received funding
from the Wellcome Trust, the
big U.K. charity among others.
Grants from Mount Sinai funded
bringing the work to the hospital.
To achieve the unusual sound
effects Ms. Yee worked in a sonic
lab at Queen’s University Belfast. “It has speakers everywhere
so you can send sound 360 degrees and then record it and manipulate it and capture it,” Ms.
Yee says. The effect is a cacophony of sounds that can sound far
away or near, above or below.
New York
GEORGE BALANCHINE, who in
1948 founded the New York City
Ballet, memorably suggested that if
audiences didn’t care for the dancing he offered, they could close their
eyes and listen to the music. Nowadays, Ballet Master in Chief Peter
Martins might suggest that if audiences don’t care for the choreography crafted for NYCB’s Fall Fashion
Gala, now in its sixth year, they
could pick up their opera glasses
and study the costuming instead.
This autumn’s four new fashionconnected ballets entered NYCB’s
repertory of one-act works amid a
13-performance run of Mr. Martins’s strung-out and often unsightly two-act “Swan Lake”
(1996). Before the season’s end, the
costume-pegged new works, dominating a program called “21st Century Choreographers,” will be presented two more times.
If previous years’ fashion-featured dances are any indication,
their afterlife could well be limited
to displays of their garments. One
vitrine with three past creations is
now in the lobby.
Of this year’s collaborations,
Troy Schumacher’s “The Wind Still
Brings” proved the most harmonious blend of design and dance.
Jonathan Saunders’s summery
play-clothes, suggesting beachwear
in blue and coral cabana stripes,
helped give the romping and at
times slumbering arrangements of
the choreography an apt air. Three
movements of William Walton’s Piano Quartet in D Minor smoothly
underpin the dance’s formal configurations as well as its informal,
breezy forays, even as the threepart ballet fails to especially distinguish any of its 14 dancers.
“Composer’s Holiday,” the first
professional choreographic effort by
18-year-old Gianna Reisen, has costumes by Virgil Abloh of Off-White
and takes shape as a curiously detailed affair for two couples and a
Indiana Woodward, above, and Chase
Finlay and Tiler Peck, top.
“Not Our Fate,” Lauren Lovette’s
three-part, 10-dancer work, is set
to selections of Michael Nyman’s
churning, pulsing “Concert Suite
From Prospero’s Books” and brings
two couples into focus amid the
sometimes mad-dash pacing. With
its nontraditional presence, the at
times acrobatic male duet for Preston Chamblee and Taylor Stanley
catches the audience’s attention
more than the predictable femalemale pairing of Meaghan DuttonO’Hara and Ask la Cour. The costuming of Fernando Garcia and
Laura Kim of Monse and Oscar de
la Renta only puzzles; it dresses
the women in laced-up black bodices and full, white, handkerchiefhem skirts and the men in blackand-white couture takes on James
Dean-style jeans and T-shirts.
“Pulcinella Variations,” the latest effort from NYCB resident choreographer Justin Peck, grabs its
audience’s attention from the start.
With its cast of five women and
four men clustered in Tsumori
Chisato’s cartoonish costumes—
with surrealist, Salvador Dalí-like
details and gaudy, geometric designs suggesting the heavy-handed
whimsy of Niki de Saint Phalle—
Mr. Peck’s nine-part dance suite
takes off, covering the stage with
lively, artful movements.
Mr. Peck’s felicities include not
only often-fleet solos—in which, in
particular, Indiana Woodward and
Anthony Huxley especially shine—
but also two dynamic duets. One,
silken and amorous, showcases radiant Sara Mearns and poetic Jared
Angle; another, more playful and
teasing, features quicksilver Tiler
Peck and eager Gonzalo Garcia.
But, set to Igor Stravinsky’s
1922 concert-suite reduction of his
1920 “Pulcinella,” a commedia
dell’arte “ballet with song in one
act,” the 20-minute dance largely
lacks the flashes of fun-loving
spontaneity that have become a
Peck hallmark. One brief leaning-in
arrangement for the men checking
out a darting solo by Sterling Hyltin is an isolated fillip in a conventionally accomplished dance.
Elsewhere, one of the run’s
“Here/Now” programs offers “The
Times Are Racing,” Mr. Peck’s work
from January flush with energy
and moment. With a cast of 20
costumed by Humberto Leon as if
off the racks of a savvy shop, “The
Times” mates fashion with dance
in a way the latest Fall Fashion
Gala never quite managed.
Mr. Greskovic writes about dance
for the Journal.
Edmonton
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Calgary
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50s
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60s
20s
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Seattle
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Portland
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Toronto
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40s
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Ottawa
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Boise
70s
10s
Winnipeg
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60s
Sioux
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Pierre
P
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Milwaukee
Detroit
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Montreal
40s
Albany
A b y Boston
50s
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Hartford
New
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Philadelphia
Philade
hil d lph
50s
60s
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Buffalo
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Cleveland
Des
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Ch
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Indianapolis
di p
Sacramento
Springfield
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Denver
Washington
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D.C
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D.C
40s
40s
60s
San
an Francisco
Charles
h
Charleston
St.. Louis
L
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Colorado
C l d
Colorad
Topeka
Top k
Richmond
h
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Springs
80s
Las
Kansas
LLouisville
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Vegas
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Wichita
Raleigh
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50s
Nashville
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Angel
80s
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Charlotte
Cityy 60s
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Santa
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Memphis
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Columbia
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90s
Atlanta
Atl t
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Birmingham
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Ft. Worth Dallas
D ll
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El Paso
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Mobile
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Austin
A ti
30s
90s Orlando
l d
New
ew
w Orleans
Houston
Tampa
San
n Antonio
A t i
80s
Reno
Honolulu
l l
70s
U.S. Forecasts
City
Omaha
Orlando
Philadelphia
Phoenix
Pittsburgh
Portland, Maine
Portland, Ore.
Sacramento
St. Louis
Salt Lake City
San Francisco
Santa Fe
Seattle
Sioux Falls
Wash., D.C.
Tomorrow
Hi Lo W
59 43 s
88 72 pc
75 62 c
96 65 s
72 55 r
64 46 pc
57 42 sh
75 49 s
67 55 pc
74 45 pc
70 51 pc
67 41 s
56 44 sh
61 43 s
75 66 sh
International
City
Amsterdam
Athens
Baghdad
Bangkok
Beijing
Berlin
Brussels
Buenos Aires
Dubai
Dublin
Edinburgh
Hi
60
73
97
89
52
56
62
68
98
58
57
Today
Lo W
57 c
59 s
66 s
76 t
40 sh
51 c
54 c
51 pc
79 s
52 c
52 r
Tomorrow
Hi Lo W
62 53 pc
74 60 s
92 64 s
88 78 t
61 44 pc
59 51 pc
64 55 pc
68 47 s
99 82 s
58 45 pc
58 44 sh
City
Frankfurt
Geneva
Havana
Hong Kong
Istanbul
Jakarta
Jerusalem
Johannesburg
London
Madrid
Manila
Melbourne
Mexico City
Milan
Moscow
Mumbai
Paris
Rio de Janeiro
Riyadh
Rome
San Juan
Seoul
Shanghai
Singapore
Sydney
Taipei
Tokyo
Toronto
Vancouver
Warsaw
Zurich
2
5
7
37
8
18
27
34
29
35
13
30
31
32
57
58
36
39
40
42
43
46
44
47
49
50
54
55
48
51
56
Cold
T-storms
59
60
61
Stationary
Snow
62
63
64
Showers
Flurries
65
66
67
Today
Tomorrow
Hi Lo W Hi Lo W
60 51 c
65 49 pc
66 46 pc 70 46 pc
88 70 pc 86 72 pc
91 80 t
91 78 r
68 55 s
69 56 s
89 78 t
91 77 t
71 59 s
74 57 s
68 44 s
74 50 s
65 56 c
65 50 r
82 50 s
83 51 s
87 78 t
88 80 t
70 52 s
75 48 sh
75 56 pc 70 53 pc
71 52 pc 72 52 pc
48 41 c
48 44 r
87 77 t
87 80 t
64 52 c
67 52 c
90 72 s
90 73 s
99 71 s 101 68 s
72 53 pc 73 54 pc
85 78 sh 87 78 sh
76 61 c
67 54 r
85 70 pc 78 65 sh
86 77 c
87 77 c
70 64 c
76 67 r
93 80 s
91 79 t
81 68 s
78 69 pc
73 51 pc 57 49 r
54 40 sh 54 41 sh
55 48 r
57 50 sh
61 44 pc 66 44 pc
12
19
28
38
53
11
24
26
Rain
10
22
41
52
9
16
21
45
Warm
6
15
23
25
33
90s
4
20
70s
100+
3
17
80s
Ice
Today
Hi Lo W
46 38 r
89 72 pc
84 64 pc
92 69 s
77 62 pc
76 52 pc
59 44 sh
83 48 s
76 52 t
67 48 s
74 53 s
57 35 s
57 44 c
56 36 pc
85 68 pc
1
14
BELIEVE IT OR NOT | By Peter A. Collins
Across
1 Washington
Monument
setting
5 Dust bit
9 Theater backdrop
14 Miscellaneous
collection
15 Call from a
cruiser
16 Without help
17 Lunch spot
18 Frightful
19 Try to pass the
bar?
20 •Was acquainted
with rock
drummer Keith?
22 Sporters of
dreadlocks
23 Composer
Sibelius
24 Bombay and
Beefeater
25 Jennifer Lopez
album “J to ___
L-O!”
27 •Wildebeest
Preserve?
33 For one
35 Burn soother
36 Golfer Palmer,
familiarly
37 Canon
competitor
39 Number before
quattro
40 Source of
“shampoo” and
“bungalow”
41 Ski resort in
Vermont
42 Ski resort trails
44 Round hammer
part
45 •Declaration of
love for a Greek
consonant?
48 Quartet of
Monopoly
properties: Abbr.
49 Temple
attendees
50 “Immediately!”
52 Company with a
star logo
55 Inaccurate
information, and
what the starred
answers have in
common
59 “Take ___” (office
request)
60 Pants pioneer
Strauss
61 Olympic track
medalist Devers
62 Sheet material
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Today
Tomorrow
City
Hi Lo W Hi Lo W
Anchorage
52 42 c
50 42 pc
Atlanta
86 72 pc 86 69 pc
Austin
74 56 s
78 59 pc
Baltimore
84 61 pc 74 59 c
Boise
69 46 pc 58 33 pc
Boston
78 58 pc 65 53 pc
Burlington
73 48 pc 59 45 pc
Charlotte
85 71 c
86 68 t
Chicago
66 56 r
64 57 r
Cleveland
76 61 pc 71 58 r
Dallas
73 51 pc 76 57 pc
Denver
53 32 s
66 42 s
Detroit
72 54 pc 63 54 r
Honolulu
87 73 pc 87 76 t
Houston
81 62 pc 81 65 pc
Indianapolis
77 59 sh 69 55 pc
Kansas City
50 40 r
61 44 s
Las Vegas
77 57 s
86 60 s
Little Rock
84 51 pc 75 52 pc
Los Angeles
84 60 s
77 58 s
Miami
89 80 pc 88 78 t
Milwaukee
64 54 pc 63 55 r
Minneapolis
57 41 pc 61 51 pc
Nashville
83 67 r
79 54 pc
New Orleans
88 74 pc 88 74 pc
New York City
80 63 pc 72 58 pc
Oklahoma City
59 40 pc 68 49 pc
Miami
80s
Shannon Yee brought her immersive art project to Mount Sinai in New York
so hospital staff could experience what it is like to be in the ICU.
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.
40s
Jaimie Porter, an occupational
therapist who works on the brain
injury rehabilitation unit, says
she was struck by how repetitive
some of the questions were. “You
do kind of ask the same types of
things and there’s a reason for
it,” she says. “It’s evaluative and
you want to see progress, and to
be able to point that out to the
patient is really impactful. But
maybe acknowledging that more
or maybe even changing it up a
little bit so it’s not so rote.”
Andrea Johnston, a senior occupational therapist, has helped
facilitate some of the discussions
of the artwork after each session.
One day last week, she grew
emotional talking about how the
project has changed how she
does her job.
“I now have a visceral memory
that I will carry with me,” she
said in the discussion which she
facilitated. “I will try to remember every time I pass that
threshold into a patient’s room. I
really, I feel it in me, I feel differently in the unit.”
New York City Ballet
Through Oct. 15
Weather
Vancouver
V
‘We have to keep
personalizing the
patient,’ says one
critical-care doctor.
SASHA MASLOV FOR THE WALL STREET JOURNAL
framing ensemble of four women
and four men. Set to “Three American Pieces for Violin and Piano” by
Lukas Foss, Ms. Reisen’s work is an
array of sometimes oddball choreographic elements. Some find her
tutu-wearing women pulled along
like a little train as they variously
sink to their knees. The basic-black
garb, with a few of the women in
white or peeled-apple pink, is more
plain than pointed. The unadorned
costuming feels disconnected from
the intriguing eccentricity of Ms.
Reisen’s dancemaking.
BY ROBERT GRESKOVIC
Some participants said they
were struck by how much Ms.
Yee absorbed when unconscious,
when medical staff assumed she
couldn’t hear what they were
saying.
“We have to keep personalizing the patient,” says Steven
Yung, a pediatric critical care
doctor at Sinai, who experienced
the artwork last week. “Even
though we have such good medicines and such good therapies to
keep them completely asleep,
there’s a lot happening,” he says.
“And we’re taught that and know
that but to experience that is
completely different.”
Dr. Yung says the artwork
made him even more aware of
how loud intensive care units can
be. “I think we really need to
work on what is constructive
sound, what is therapeutic sound
and what is not,” he says.
63 Lots
64 Lampshade
shade
65 Message
machine button
66 Explosive report
67 Libertine’s look
Down
1 Teasingly mimic
2 Mathematician
Turing
3 What to wear
when taking out
the junk?
4 “Camelot”
composer
Frederick
5 Pieta figure
6 River that forms
much of
Kentucky’s
border
7 Undecided
8 Scope out
9 Georgia’s oldest
city
10 Museum visit,
sometimes
11 Lopsided victory
12 At the Staples
Center, perhaps
13 Citi Field squad
21 Waiting room
read, for short
22 Copacabana
Beach setting
24 “The Third Man”
author
25 Mortise
counterpart
26 A poetry form/
With seventeen
syllables/And
only three lines
28 Extremists
29 Discussion venue
30 Meditative goal
31 You might get
down from it
32 Means of control
34 Request to a
chauffeur
38 Rocket
component
43 Sinusoidal
46 Bill featuring
Jefferson’s
portrait
47 Mao follower?
51 Michael or
Gabriel
52 Account
53 Gulf States ruler
54 Warrior of 1990s
TV
55 Salad cheese
56 River past Rugby
57 Marionette
mover
58 Insult
60 Where you might
find a solution
Previous Puzzle’s Solution
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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Tuesday, October 10, 2017 | A17
LIFE & ARTS
EXHIBITION REVIEW
An Unsubtle Reminder, Comrade
Bolshevik posters offered utopian visions, often focused on the mundane, undergirded with an unmistakable message of power
BY EDWARD ROTHSTEIN
Clockwise from above ‘For the Proletarian Park
of Culture and Leisure’ (1932); an installation
view; ‘1905: The Road to October’ (1929)
tant progressives, which is as theyare often
treated. . When the Museum of the American
Revolution opened recently in Philadelphia,
it illustrated late 18 th century demands of
American farmers and laborers by arranging
their tools as a Communist Party’s hammer
and sickle. Similar implications occasionally
appear here. In some posters, women are
portrayed as “active, strong, young, and often androgynous.” The Bolsheviks’ goal was
“to liberate all women and men from discrimination and exploitation, from sexual
prejudice, and gender stereotypes.” Such implied admiration is cherry picking as we can
see from the posters’ sweeping absolutism,
but even greater adoration persists in many
contemporary street demonstrations that
thrive on notions of fat-cat villainy being
vanquished by populist militarism.
Lenin, who dominates many posters, accompanied by smiling marchers and smokebelching industrial plants, also gets off too
easily. But look more closely: These posters
brook no opposition. In 1919, we read, the
writer Leonid Andreev boasted: “In the
matter of world propaganda and the art of
fighting with the world, the Bolsheviks
could teach even the Germans.” The Germans learned well.
And in March 1922, though never publicly acknowledged, Lenin privately noted
that in some regions starvation is so rampant that people are eating human flesh
and “thousands of corpses are littering the
roads.” The solution? To “carry out the
confiscation of church valuables with the
most savage and merciless energy.” Lenin
advocated “crushing any resistance.” Of
this, the posters are silent. But you can see
their slashing swords and know that revolutionary ideals were steeped in blood.
COLLECTION OF SVETLANA AND ERIC SILVERMAN/ (3)
Brunswick, Maine
HOW MARVELOUS it must be to be certain that you are at the vanguard of both
aesthetic taste and political ideology. You
understand not only what the utopian future should be, but what it must be, and
not only what it must be but what it shall
be, quashing all opposition. Your will is supreme, your artistic vision compelling.
Such is the mental world of Bolshevik
posters, slapped on walls in Russia beginning with the October Revolution of 1917
(now the focus of centennial commemorations). They were expressions of just such
certainty; many bore warnings that any
who defaced them would suffer as counterrevolutionaries.
Some 70 posters from the collection of
Svetlana and Eric Silverman are at the
Bowdoin College Museum of Art, mounted
with illuminating if partially restrained
commentary, in “Constructing Revolution:
Soviet Propaganda Posters From Between
the World Wars.” Their impact remains
daunting, their mental world surprisingly
familiar. It has been embraced not just by
other regimes but by contemporary political movements. But these posters, read
closely, undercut such advocacy.
It might be tempting to treat them as
aesthetic artifacts invoking Futurism, Constructivism and modernist montage. But
these posters were meant to be populist
not elitist, their meanings grasped instantly, and their mass-produced presence
inescapable.
As utopian visions, they are also surprisingly preoccupied with the mundane.
Through a megaphone, a woman hails a
“proletarian park of culture and leisure”
(1932). Another image proclaims: “Radio.
Let Us Create a Single Will Out of the Will
of Millions” (1925). (Titles here are translations of their bold-faced messages.)
Images are also ominous, as if engaged
in battle. In Gustav Gustavovich Klutsis’s
“Development of Transport Is One of the
Most Important Tasks in Fulfillment of the
Five-Year Plan” (1929), a giant train speeds
at us, dwarfing an ethnic citizen sauntering
along on a camel.
The dialectic is ruthless. In these posters, proportions are distended, the vertical
is skewed, space is split by pastiche. Utopia
is a realm of power, not peace.
In one 1930 poster by Klutsis coal workers bear hammers and drills like weaponry,
looming diagonally over us, prepared to
stomp where needed. In many, gestures
slash as a sword does in Dmitry Moor’s
“Long Live the Worldwide Red October!”(1920): Bolshevik forces are in red, opponents in black—a mob of rapacious bankers, monstrous monarchists and conniving
colonialists.
One stunning 1931 graphic shows a factory worker swinging a mallet that arcs
through the air outlining a Communist
sickle. We imagine a utopian clang as it
lands slamming the head of a sleeping
slacker.
Stalin, here, gets his due. Many poster
artists fell out of favor, we read: “Mayakovsky committed suicide (or was assassinated) in 1928, Klutsis was executed in 1938,
Dmitry Bulanov was arrested in 1941 and
died while serving his sentence.” We see,
too, a 1947 poster urging care for orphans
that incorporates a 1936 image of Stalin
holding a happy young girl. We learn that
she later became a real orphan: Stalin had
her father shot and her mother exiled. A
companion exhibition here, “Dmitri Baltermants: Documenting and Staging a Soviet
Reality,” shows remarkable World War II
photographs by Baltermants, whose journalism was also propaganda: ”I was the leader
of staged photography,” he later confessed.
“I made some truly grandiose stagings.”
But neither exhibition provides much context for the Bolsheviks. Descriptions really
do make them sound just like slightly mili-
Constructing Revolution: Soviet
Propaganda Posters From Between the
World Wars
Bowdoin College Museum of Art, through Feb.
11, 2018
Mr. Rothstein is the Journal’s Critic at
Large.
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A18 | Tuesday, October 10, 2017
THE WALL STREET JOURNAL.
* ***
SPORTS
NFL | By Jason Gay
Pence, Peyton and Protests
Above, Vice President Mike Pence
and his wife, Karen, before Sunday’s
Colts-49ers game. Right, Peyton
Manning and Colts owner Jim Irsay.
porters, who believe his statement
is fully justified. But there’s already
simmering boil about the apparent
theater of it—and how much public
money was spent for it, especially
since the White House’s position on
the matter isn’t exactly murky.
Even if you believe Pence’s walkout is just, was it necessary?
Planes, protection, press—the vice
president does not travel light.
What would the comparative
cost have been to fly Reid and a
half-dozen or so NFL players to
Washington, D.C. for a Monday
session at the White House? The
president and the vice president
could make a face-to-face case as
to why they want players to stand.
They could also listen to what the
players have to say about the issues of injustice and inequality
they’re protesting.
Does this make me sound like a
T-B: MICHAEL CONROY/ASSOCIATED PRESS; SAM RICHE/TNS/ZUMA PRESS
Did anyone relay to
the vice president that
the Colts won the football game?
In overtime! And
they honored the great
Colts legend Peyton Manning at
halftime.
It was quite the afternoon in Indianapolis. The vice president,
however, opted to leave it.
Hey, I’m on the record as being
OK with the protests of NFL players, so who am I to caterwaul
about Mike Pence’s very public exit
from the Colts-49ers game Sunday?
Freedom of expression applies to
all. Even those who walk out before
the first quarter. At the apparent
behest of the president. On Peyton
Day. Without even a $7 hot dog.
Yes: the vice president is far
from alone in his stance. There are
many Americans who disagree with
the national anthem as a setting for
protest at NFL games. Over the past
year, I’ve heard from plenty of folks
who say they don’t have an issue
with protest or athletes expressing
an opinion—but they vehemently
object to anyone taking a knee during the “Star-Spangled Banner,” and
consider it especially disrespectful
to U.S. military and veterans.
(To be fair, I’ve also heard from
plenty of people who have an issue
with athletes expressing an opinion.
Or, rather, an opinion that doesn’t
correspond with their opinions.)
Trump and Pence have seized
upon this. The NFL is now the
White House’s go-to political football. We’re now three weeks into
Trump vs. NFL, and this drama
may make the playoffs.
Sunday’s post-anthem walkout
appears to have been prepared
for—Pence’s traveling press was
reportedly told the vice president
might be leaving early, and President Trump himself announced via
Twitter he’d told Pence in advance
to leave if any players knelt during
the anthem.
The Colts stood, but a lot of
49ers players knelt. The Niners are
Team Zero of the protests, the former club of NFL exile Colin Kaepernick, who began kneeling during
the anthem last season as a way to
protest what he saw as the unjust
treatment of African-Americans,
particularly by law enforcement.
San Francisco safety Eric Reid was
one of the first players to join
Kaepernick, and Reid was among
the kneeling Niners on Sunday.
Telling someone to leave a Niners game if the Niners protest is
like telling someone to walk out of
the toy store if the toy store has
toys. The White House had to
know the score.
The vice president has his sup-
crazy person?
Inviting players for a conversation might have been a constructive, less expensive approach. But
don’t think the White House is interested in a conversation. They are
enjoying every minute of this confrontation. They want to win by be-
ing the loudest voice in the room.
(Can you believe sportswriters
are now weighing in about presidential politics? I can’t. It’s still so
strange to me…I should be writing
about Michigan losing to Michigan
State (pity), or the mighty, mighty
Super Bowl bound 3-2 New York
Jets. Please know: This story came
to sports. It came to my house. I
woke up one morning, walked
downstairs, and found Trump on
my couch. Eating my Pringles!)
The NFL, meanwhile, has to be
in full freakout. The Journal’s Matt
Futterman reported last week that
the league’s ownership was not
happy with what they perceived to
be the NFL’s combativeness with
the White House. The public calls
for NFL boycotts and advertiser
boycotts continue, and now Pence
has thrown more coal atop the jersey-burning grill.
We need a cool-down period
here, and it would be nice to see it
initiated by elected leadership.
The protesting players started this
isn’t a position befitting a White
House. It doesn’t even work in
pre-kindergarten.
And what about Peyton Manning? Can we give him his due for
a second?
Here’s a guy who is inarguably
one of the greatest NFL players
ever, a quarterback who lifted Indianapolis out of the league basement
and made them one of the most
consistently excellent franchises in
sports, the winners of a Super Bowl
in the 2006 season.
The Manning Colts not only reshaped the game of football, but
became part of a city’s impressive
ascension. All of this, Indiana native Mike Pence knows.
“When I lived here, it was like a
minimum-security prison with a
racetrack,” another Indy native,
David Letterman, quipped Saturday
at the unveiling of Manning’s
statue outside the Colts stadium.
Today, Indianapolis is, among
other attributes, an American
sports Mecca. Not long ago, Lucas
Oil Stadium was a Super Bowl host.
“There is simply no way to adequately express what this all
means to me,” Manning said at the
unveiling. “Thank you, Indianapolis. Thank you, Indiana. I am proud
to have been a citizen of this
town…I will always be a Colt.”
At halftime Sunday, he thanked
the fans again and threw one last
touchdown pass to old teammate
Reggie Wayne, for old times’ sake.
Celebrating Manning was a
beautiful moment for a deserving
town. Too bad it isn’t what everyone’s talking about today.
ESPN host is suspended.................... B2
WORLD CUP
BY JOSHUA ROBINSON AND
MATTHEW FUTTERMAN
PORT OF SPAIN, Trinidad and
Tobago—It took 15 nail-biting
games, two managers and the improbable emergence of an American
wunderkind, but the U.S. national
soccer team is now just 90 minutes
from a spot in next summer’s World
Cup in Russia.
Despite a series calamities in
qualifying, Team USA requires only
a draw against a floundering Trinidad and Tobago squad on Tuesday
night to punch its ticket. Then it can
go to the World Cup and pretend
that none of this ever happened.
Because no matter what happens
here, the past two years of performances will not be remembered
fondly by the Americans. This has
been their worst qualifying run
since the World Cup expanded to
32 teams in 1998.
Four years ago, on the road to
Brazil, it all seemed so smooth. The
Americans cruised through the final
six-team qualifying round-robin
known as the Hexagonal with an alltime high 22 points from 10 games
and in four previous trips through
the Hex, it had never averaged
fewer than 1.7 points per game.
Now, even victory against Trinidad and Tobago would only give
the U.S. a total of 15 points, or an
average of 1.5 per game. It may be
enough to qualify, barely, but in
any European league that kind of
season average might get a manager fired. (Brazil, by comparison,
has averaged 2.4 points per game
in the more challenging South
American qualifying zone, while
Germany has posted a perfect 3.0.)
Manager Bruce Arena, who was
brought in to salvage the sinking
ship, offered no apologies. Anyone
who expected the U.S. to sail
through, he said, didn’t have a clue
about how physical the competition
was in Concacaf and how difficult it
had become to win on the road on
poor pitches in challenging weather.
“I would love to see one of these
hotshot teams from Europe come
here and play our Concacaf qualifying, really get a taste of this,”
Arena said here on Monday. “This
is like survival of the fittest.”
Projecting the team’s form onto
how the team will fare in Russia
next year is difficult. Mexico in
2013 was worse than the U.S. has
been this time around, and nearly
made the quarterfinals in Brazil.
The Americans stumbled near the
end of qualifying in 2001 and
reached the final eight in 2002.
The U.S. backed itself into a corner from the start. Defeats at home
to Mexico and on the road in Costa
Rica last November spelled the end
for the team’s German manager Jurgen Klinsmann, whose players
weren’t good enough for the possession-based approach that was
never suited to the rough-and-tumble world of Concacaf matches.
Replacing Klinsmann with Arena
and his more pragmatic style put
the team back on course, but three
victories in seven games was the
absolute minimum.
The U.S. knows just how
stressful this Caribbean trip
could have been. It might have
traveled to Trinidad needing a
Jozy Altidore and the U.S.
team have struggled during
World Cup qualifying.
victory at Ato Boldon Stadium—
where the choppy, waterlogged
field is barely suitable for
rugby—if it hadn’t dismissed Panama 4-0 last week in Orlando and
Costa Rica hadn’t scored a last
minute goal to draw with Honduras Saturday.
But even in victory, the team’s
longer-term issues were apparent.
Top of the list is its over-reliance
on Christian Pulisic, the 19-yearold attacker who starts for Borussia Dortmund in Germany’s
Bundesliga. He has scored or assisted 11 of the team’s 16 goals in
the Hex, playing through defenders
whose favorite method for stopping him was often a swift kick
around the ankles.
“You expect it. He’s our No. 10,”
defender DeAndre Yedlin said. “He’s
a player that teams want to get off
the field.”
Arena has also relied on calling
back older players for short-term
fixes, such as DaMarcus Beasley, 35,
Clint Dempsey, 34, and goalkeeper
Tim Howard, 38. Other than Pulisic,
the talent pipeline the past four
years has proven largely empty.
But Beasley, trying to make his
fifth World Cup squad, said Sunday
it’s hard to understand how much
“blood sweat and hard work” were
required to survive Concacaf’s selection process. Style and swagger
barely register. As U.S. captain Michael Bradley put it on Monday,
“You either qualify or you don’t.
There’s no extra points for how you
qualify.”
In the Hex
Since 1998, the number of
points the U.S. men’s soccer
team has picked up during the
Hexagonal qualifying stage.
QUALIFYING YEAR
POINTS
1998
2002
2006
2010
2014
2018
17
17
22
20
22
15*
*A win on Tuesday would give the U.S. 15 points.
Source: Concacaf; WSJ
BROOKS VON ARX/ZUMA PRESS
U.S. SOCCER LIMPS
TOWARD RUSSIA
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Tuesday, October 10, 2017 | A19
OPINION
When Life Imitates ‘The Sopranos’
When “The
Sopranos”
took up the
issue of Christopher Columbus back in
2002, the epiMAIN
sode
was
STREET
widely panned
By William
as the series’
McGurn
worst.
The show
features Tony Soprano’s son
reading Howard Zinn’s “A People’s History of the United
States” at the breakfast table—and then dismissing Columbus as a “slave trader” to
his parents’ irritation. Likewise, members of Tony’s crew
learn of a scheduled protest
by Native Americans at a local
Columbus Day parade, and
then go to bust it up. In a discussion with his associates,
one of them tells Tony that
Columbus was “no better than
Adolf Hitler.” By the end, we
have real life: Even the gangsters are divided, and everyone is aggrieved.
In its own time, critics
ripped the episode as inauthentic. Fifteen years later, it
looks spot on. Not for its depiction of Italian-Americans,
but for the way it captures the
strife and mindlessness that
are the harvest of progressive
protests pretending to be
about diversity and expanded
respect for other cultures.
In the run-up to this Monday’s parades and commemorations, one Antifa group
called for a “Deface Columbus
Day” in support of indigenous
peoples who have been victims
of “colonialism and genocide.”
Some didn’t need the call:
Even before the holiday weekend, Columbus statues across
America have been beheaded,
sledgehammered and splashed
with paint.
In response to the provocations, some have tried reason.
Christopher Scalia, a media
consultant for the National
Christopher Columbus Association, says the organization
has just launched a new webpage called TruthAboutColumbus.com in hopes of putting
forward a more balanced portrait of the man. Columbus, it
says, was both a man of his
time and a man ahead of his
time.
But for all the talk about
the “real” Columbus, protesters are unlikely to take up the
invitation for further study
and debate. For the defining
fact of the modern progressive is that he is a pest, and
what he wants here is simply
to ruin any public celebration
an ordinary American might
enjoy, whether it be ItalianAmericans celebrating Columbus or NFL fans sitting down
to watch a game.
Ditto for the call to replace
Columbus Day with Indigenous People’s Day. Few Americans would have an issue with
dedicating a day to the
achievements of our continent’s native peoples, or even
with the claim that these
achievements have not been
given their just due. But again,
the anti-Columbus movement
is not about making room for
the celebration of indigenous
peoples. It’s about taking
away a holiday enjoyed by
others, or at least creating
enough dissonance to suck the
life out of it.
Their problem is that Columbus is not so easy to exorcise from American life. At the
time of the Revolutionary War,
Columbus symbolized the New
World and its break from the
Old. Still later the idealized
Columbus has become
another excuse to
ruin a celebration
of America.
Columbus, which was feminized along classical lines, became even more important
than the man. There’s a reason
the nation’s capital became the
District of Columbia.
Later,
Catholic
immigrants—and not only Italians—saw in Columbus a way
to connect their faith, which
many American-born citizens
regarded as alien, to their new
home. It is no coincidence, for
example, that the University
of Notre Dame’s main building
features a series of Columbus
murals that depict the story of
what some regard as America’s Catholic founding.
Later still, these same
facts—that Columbus was not
English, was not Protestant,
and resembled the new waves
of immigrants from Southern
Europe—became the basis for
the Ku Klux Klan to fight the
monuments raised to him. It is
perhaps a backhanded tribute
to the successful assimilation
of Italian-Americans that they
today find their big day derided as an expression of
white supremacy.
New York City Mayor Bill
de Blasio is the poster child
for this new war. As the nation’s self-styled progressive
in chief, he may not be out
there defacing Columbus statues himself. But he encourages
those who do by his weaselly
language, not to mention his
recent appointment of a panel,
including folks such as singeractivist Harry Belafonte,
charged with seeking out “all
symbols of hate on city property.” No doubt the panelists
will do their job with zeal.
On Monday the mayor was
booed at the annual Columbus
Day parade by New Yorkers
who rightly suspect that when
he assures them there are no
plans in the “short term” to
knock the admiral off his 59th
Street pedestal, what it really
means is that in the long term
the man who sailed the ocean
blue in 1492 is going the way
of Robert E. Lee.
Meanwhile, there is now a
24-hour police presence
around Columbus Circle. Welcome to the progressive normal, where antagonisms are
inflamed, celebrations of a
hero of the American founding become politicized—and
statues that went unmolested
for decades aren’t safe without police protection.
“To paraphrase Mencken,”
says Mr. Scalia, “progressivism has become the haunting
fear that someone, somewhere
may be celebrating America.”
Write to mcgurn@wsj.com.
The Kurds Confront a New ‘Gang of Four’
By Bernard-Henri Lévy
T
he Iraqi Kurds held a
dignified, orderly referendum Sept. 25 that
conformed with all the rules of
a democratic vote. Afterward,
they refrained from declaring
the independence that is their
right and that a century of
treaties promised them.
President Masoud Barzani—who has stood with
America and the West against
Islamic State for two years—
made this crucial point: In his
mind, independence can come
only after patient, sustained,
possibly drawn-out negotiation with Baghdad.
And yet all the region’s dictatorships immediately unleashed their ire on him and
his people. From the instant
the results were announced, it
was a race to see which one
could go further to condemn,
smother, block, embargo and
imprison a small population
whose only crime is to express the desire to be free, to
flourish as an island of democracy and peace.
We have Iraq, a supposedly
federal state that in recent
years has observed none of its
constitutional obligations to
the Kurds—yet it has the
nerve to declare the referendum unconstitutional.
We have Turkey, which has
traduced the rule of law in its
treatment of intellectuals,
journalists, lawyers, dissidents
and defenders of human
rights—yet asserts its offense
at the affront to legal form
the Kurds allegedly committed
by expressing their desire for
orderly independence.
We have Iran, which has
temporarily suspended the
Sunni-Shiite quarrel, so urgent was the need to conclude
with the Turks an alliance
that will allow it to deal with
the irredentism of its own
Kurds.
And we have the Syrian regime, butcher of its own people, divider of its own nation,
now touting the unity of Iraq
and declaring the Kurdish referendum “unacceptable.”
Years ago, the phrase
“Gang of Four” was coined to
describe a cabal of leaders
who believed that the Chinese
revolution had not devoured
enough of its children and
that the massacre had to continue. Here we have a new
Gang of Four composed of
Haider al-Abadi, Recep Tayyip
Erdogan, Bashar al-Assad and
Ali Khamenei, who, in their
distinctive ways, are threatening an air blockade, a land
blockade, an oil embargo, a
military intervention. How
long before we hear the threat
of rivers of blood?
Sorriest of all, when the
Kurds—who
have
faced
threats before, but sense in
the Gang of Four a threat to
their existence—call for help,
the world, with the U.S. in the
lead, finds nothing to say,
averts its eyes and in so doing
takes the side of the dictators.
The Peshmerga were all we
could talk about when we
needed them to fight Islamic
State. But now that the Iraqi
phase of the war is almost
won, we are discarding
them—a disposable ally.
Will the West betray
its ally in the face of
threats from Turkey,
Iraq, Iran and Syria?
True, French President Emmanuel Macron mentioned
the rights of the Kurdish people when Prime Minister
Abadi visited Paris. Mr. Macron declared that the Kurds
have long been a friend of
France.
But that is not enough. In
the absence of a stern and
solemn warning to the Gang
of Four—without a clear reminder that there is only one
side to the escalation and it
is theirs, without the reaffirmation of the great principles that underpin international law and universal
morality—the worst may
come to pass.
And France would find it
difficult to carry on, without
America, a fight for the
honor, dignity, and the larger
interest of the democracies.
Don’t they urgently need, in
this region, an ally with the
mettle of the Kurds?
So, are we facing Munichgrade appeasement? Are we
agreeing that might makes
right? Will we give in to the
world’s consummate blackmailers? Is the West—and the
U.S. in particular—making a
colossal error of judgment in
not grasping that there is
something suicidal about abandoning a brave and loyal ally
in favor of its adversaries?
Or perhaps the Kurdish
people—who are not Arabs,
are secular, believe in pluralist
democracy, practice equal
rights for women, and have
consistently protected, rescued and taken in minorities—
are one more of the world’s
expendable peoples.
There is only one solution:
to speak up; to say calmly but
firmly that there is something
absurd about allowing authoritarian regimes to preach constitutional law to a people
who only yesterday were under their boot; and to ensure
that the Iraqi authorities respond, without delay or precondition, to the offer of dialogue the Kurds have extended
to them.
Mr. Lévy is director of the
documentary films “Peshmerga” and “The Battle of Mosul.” Translated from French
by Steven B. Kennedy.
Rules for the NFL’s Radicals
By Mike Gecan
C
olin Kaepernick and
other National Football
League players are doing
what Saul Alinsky, founder of
the Industrial Areas Foundation, often advised: They are
engaging in public action and
achieving the first goal of any
action—generating reactions.
The most important and fundamental reaction is recognition: See us. Hear us. And
once you’ve done that, recognize our cause.
The problem is that they
are not taking the next step,
which is to get into a public
relationship so that a real exchange of views can occur and
meaningful change can take
place. By “public relationship,” I don’t mean a warm
and fuzzy embrace; I mean a
thorny, knotty, often tensionfilled relationship.
Both on the left and the
right, this step has been forgotten, rejected or just plain
missed. Both extremes act not
to get into relationship with
others who don’t agree with
them, but to get their own
narrow political bases to react
and respond. Today liberals
applaud the players and enjoy
the discomfort of moderates
and conservatives, while conservatives applaud each
Trump tweet because it drives
progressives to distraction.
You have the public’s
attention. Now do
something with it.
As Alinsky wrote: “There
are rules for radicals who
want to change their world;
there are certain central concepts of action in human politics that operate regardless of
the scene or the time. To
know these is basic to a pragmatic attack on the system.
These rules make the difference between being a realistic
radical and being a rhetorical
one.”
If the NFL players want to
be realistic radicals, they
should think about two questions. With whom do they
need to connect to help address their concerns? And how
can they break the problem of
police-community conflict into
specific issues that can be
corrected?
My advice to the players:
You’ve run your action, gotten
your reactions and are already, as athletes, recognized.
Now is the time to identify
key judges, prosecutors and
police chiefs and to focus on
proven ways to reduce the
number of violent encounters
between law enforcement and
local residents.
Here’s one. Every cop in every city should do what the 36
police departments in Memphis and Miami-Dade County,
Fla., do: provide comprehensive Crisis Intervention Team
training for their officers. This
equips police with the knowledge and tools to respond effectively to situations, especially when mental illness is a
factor. In Miami-Dade, according to Steven Leifman, the
judge in charge of the county’s
courts and a jail diversion program, responding officers
know how to divert troubled
individuals to the facilities and
the programs that can deal
with their mental illness.
Out of 71,000 calls to 911
over a recent five-year period,
only 150 arrests were made.
The rest of the situations
were calmly defused, and
those who needed treatment
received it. Before CIT training, there was a deadly shooting every month by police of
individuals with mental illness. After the training there
is less than one a year.
Officers have embraced this
approach. They feel well-prepared and less exposed. They
suffer fewer injuries and experience less stress. They earn
the trust and gratitude of
families and residents, not
suspicion or hatred.
There are other specific
and pragmatic changes that
can and should be made, but
they depend on NFL protesters to run a new play. It’s time
to do the less dramatic work
of forging relationships and
identifying improvements that
can begin to bring lasting
peace and justice to our communities—saving thousands of
precious lives.
Mr. Gecan is a co-director
of the Chicago-based Industrial Areas Foundation.
BOOKSHELF | By Roger Lowenstein
Bullying
The Bank
The Myth of Independence
By Sarah Binder and Mark Spindel
(Princeton, 282 pages, $35)
P
aul Warburg, the émigré banker who in the early 20th
century urged the U.S. to found a central bank, would
be disappointed today. Although the Federal Reserve
was indeed created in 1913, Warburg wrote in his memoirs
that he hoped his creation would gain broad, bipartisan
acceptance so that it might become a national monument,
“like the old cathedrals of Europe.”
These days, alas, the Fed is beleaguered, its balance sheet
swollen, its reputation tarnished. “The Myth of
Independence,” by Sarah Binder and Mark Spindel, suggests
that the Fed may have been set up for failure from the outset.
The thesis of the authors—Ms. Binder is a senior fellow
at the Brookings Institution, Mr. Spindel a Washingtonbased hedge-fund manager—is that the central bank’s
prized independence has always been illusory. Although it’s
a standard trope that the Fed is a “creature” of Congress,
what’s surprising is how intrusive Congress and the
executive branch have been.
At times, the Fed has surrendered actual control over
interest-rate decisions; at
other times, the threat of intervention has been sufficient
to quietly undermine its policy.
Even for readers who get
through the day without
thinking about monetary policy,
Ms. Binder and Mr. Spindel offer
compelling insights. Their book
is less about the Federal Reserve than
about Congress’s tortured relationship to one
of its offspring. The authors see the Fed as trapped in a
cycle of crisis, accusation and reform, in which Congress
off-loads blame for each financial disaster, threatening the
Fed with stricter controls and accountability while,
contrariwise, expanding its powers. As the authors put it,
“crisis begets blame and blame begets reform”—a scenario
re-enacted after the 2008 financial meltdown.
Reform legislation has often been politicized, beginning
with the “horse trading” in 1913 that contorted Warburg’s
dream of a highly centralized bank into a network of regional
reserve banks. The dispersion of power was, the authors note,
the “price of enactment” demanded by Southern Democrats,
led by Rep. Carter Glass (D., Va.), who were hard-wired
against a strong central agency. To the authors, this
structure was the original sin. The Fed had limited power
all right—too limited to fight the Great Depression.
Legislative efforts—the authors count 18 amendatory
laws—have been similarly politicized. Senators and
representatives are more likely to support “reform” when
they are up for re-election. Those with a Federal Reserve
bank in their districts support the agency as a sort of home
industry.
After each financial disaster, Congress offloads blame on the Fed, threatening stricter
controls and fuller accountability.
The authors’ prose can be dry, but their research is rich.
During the Depression, as they show, Congress enacted
several laws to usurp the Fed’s authority. An amendment to
the 1933 Agricultural Adjustment Act enabled the president
to direct the Fed to buy securities, which Congress hoped
would raise farm prices. In 1934, it created a fund within the
Treasury—in effect, a rival monetary entity. FDR’s Treasury
secretary, Henry Morgenthau Jr., threatened to use this fund
to usurp policy if the agency didn’t bend to White House
dictates. Naturally, the Fed acceded to FDR’s pro-inflation
policy. Morgenthau boasted: “Our power . . . has kept the
[Fed] open-market committee in line and afraid of me.”
Although a pro-inflation policy was probably the correct
one during the Depression, it would not always be. Yet well
into the Truman era, when the Treasury was desperate to
hold down borrowing costs, the Fed meekly kept interest
rates low—even as inflation spiked and a tougher policy
was needed. Finally, in 1951, the central bankers demanded
the freedom to raise rates—that is, genuine independence.
As is well known, the Fed and the executive reached an
“accord,” in which Truman backed down and the Fed did
gain everyday control. Yet as Ms. Binder and Mr. Spindel
demonstrate, this occurred only thanks to intense pressure
from Congress, which resented the White House meddling
with its creation. In effect, the Fed had merely exchanged
one master for another.
Arthur Burns, who chaired the Fed during the miserable
1970s, was so cowed by Richard Nixon that he concluded
that the Fed was powerless. Paul Volcker proved him
wrong, sharply raising interest rates in the early 1980s to
combat inflation—but even Mr. Volcker was mindful of the
need to trim policies to the political winds. More recently,
Ben Bernanke refused to proceed with a pet innovation—
publicly targeting an inflation rate—without an
endorsement from Rep. Barney Frank, the powerful House
committee chair. When Mr. Frank objected, Mr. Bernanke
deferred the policy.
One pattern that emerges from “The Myth of
Independence” is that, over the Fed’s first century,
Democrats favored inflationary policies, Republicans
“hard” money. Each have been harsh critics of the Fed
when their approach was out of favor. The irony is that
Republican populists today, such as Sen. Rand Paul, who
seek to curb the Fed’s powers (or abolish it) and generally
favor hard money, are the stepchildren of an earlier
generation of agrarian Democrats who were equally
suspicious of the Fed but claimed that the agency’s policies
were too hard—i.e., that money was too scarce.
At times, the authors’ judgments seem formulaic. With
respect to Congress, they repeat the phrase “blame
avoidance” like a mantra. But surely some legislators are
motivated by genuine policy concerns. Indeed, opposition
to the Fed today (mostly Republican) doesn’t seem so much
political as ideological. The Fed’s critics are animated by a
philosophical aversion to easy money, even if their
warnings of runaway inflation have, so far, been wrong. The
more general point—irrespective of the party in power—is
that high-handed interventionism is a dubious route to
responsible policy, as Ms. Binder and Mr. Spindel show in
this impressively researched and often riveting study.
Mr. Lowenstein is the author of “America’s Bank:
The Epic Struggle to Create the Federal Reserve.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
A20 | Tuesday, October 10, 2017
OPINION
REVIEW & OUTLOOK
D
Immigration Bait and Switch
oes President Trump want a bipartisan holders would also be abolished, thus encourdeal on immigration, or is his talk aging more illegal entries.
merely for cable-TV show? Two weeks
The White House also calls for restricting
ago he suggested the former,
grants to “sanctuary” jurisdicTrump bows to the
but on Sunday evening the
tions that don’t cooperate with
White House issued demands
federal authorities or even
restrictionists and
that will make any agreement
that merely provide services or
may scupper a deal.
well-nigh impossible.
benefits to immigrants that
The issue is how to fix Dearen’t covered by federal law.
ferred Action for Childhood ArThis means far more than leftrivals, or DACA, the Obama program that granted wing cities such as San Francisco and could enwork permits and legal immunity to some compass Florida and Texas, which provide immi800,000 young adults who were brought into the grants in-state tuition benefits.
U.S. illegally as minors. Last month the AdminisThe Administration also wants Congress to
tration announced that it would end DACA in six finance an additional 10,000 Immigration and
months, giving Congress time to pass a perma- Customs Enforcement officers. But the greater
nent fix for these so-called Dreamers.
imperative is hiring more immigration judges to
Mr. Trump declared at the time that he and work through the current backlog of 632,000
Democratic leaders—“Chuck and Nancy”—were cases, including 24,000 involving criminals.
close to a deal that traded DACA legalization for
It’s hard to know if Mr. Trump intends all this
bolstering border security but no “wall” on the as a serious negotiating offer, or merely as poiMexican-U.S. border. But Mr. Trump’s anti-immi- son pills. The case for the latter is that he is degration supporters howled in protest, and it now manding money for the wall, which he knows is
appears they have turned the President against a nonstarter with Democrats.
his own deal-making.
Many Republicans also oppose the wall as a
The new White House demands include 70 needless waste of money that won’t stop crimiimmigration “priorities” that amount to every- nals and drug traffickers. The costs would vastly
thing that the restrictionist right has ever outweigh any benefits, especially since border
sought. They include appropriating funds to apprehensions have been falling during the
complete a wall along the southern border and Trump Administration and are down 24% from
slashing legal immigration by half.
last year. The number of unaccompanied chilThe White House also wants to mandate that dren who are apprehended has dropped by more
all employers use E-Verify to check workers’ le- than half since last October.
gal status despite the program’s spotty record.
If Mr. Trump feels he needs a symbolic wall
And it wants Congress to expand employment- victory, he’d be smarter to settle for a virtual
discrimination laws to replace U.S. citizens with wall with drones, aerostat blimps and towers
foreign workers, which would be a sop to trial with infrared sensors to fill gaps in fencing
lawyers and unions. Just what the American where the border patrol has difficulty accessing.
economy needs: more labor lawsuits.
Newer technology has facial recognition feaAccording to the White House document, tures that can capture biometric data. A virtual
“immigrants who come here illegally and enter wall could be installed within months, not years,
the workforce undermine job opportunities and and it can be continually improved.
i
i
i
reduce wages for American workers, as does the
The political reality is that most of Mr.
abuse of visa programs.” What alternative economy are they living in? The real labor problem Trump’s demands have no chance of passing no
is a shortage, as the jobless rate has hit 4.2% na- matter which party controls Congress. The Prestionwide. America’s tight visa caps are sending ident and his anti-immigration strategist—
high-tech jobs to Canada and agricultural pro- White House aide Stephen Miller—may think
DACA is the only carrot big enough to leverage
duction to Mexico.
These problems would be exacerbated by their agenda through Congress. But most Demothe White House demand that Congress re- crats will be only too happy to blame Republistrict “low-skilled immigration” and establish cans next year if DACA expires without a fix and
a putative merit-based immigration system young adults start getting deported to countries
with too few visas or green cards. Politicians where they have no family.
This would be a humanitarian calamity, and
would arbitrarily assign points to foreign applicants based on metrics like pay and educa- a monumental lost political opportunity. Mr.
tion. Farm and construction workers need not Trump needs legislative victories to show he can
apply. “Chained” immigration for extended govern, but his immigration bait and switch may
family members of U.S. citizens and green card guarantee another failure.
E
Ireland Falls for a Lousy T-Shirt
ducation often means relearning old les- dergrads might wear one of those T-shirts with
sons, which means fighting for historical Che’s face for social cachet in coffee shops. But
fact against political mythologists. on an Irish national stamp?
That’s especially true these
The struggle for Irish indedays as millennials indulge a The Irish commemorate pendence was about equality
romantic view of socialism
under the law, property rights
Che Guevara on
having never having seen its
and political self-determinaa special stamp.
consequences. So it’s excrucition. Guevara represents none
ating to see the nation of Ireof that. He hailed from an upland, a capitalist democracy
per-middle-class family and
that should know better, fall for the myth of Er- became a Marxist revolutionary who murdered
nesto “Che” Guevara Lynch.
an unknown number of political opponents durOn Friday the Irish post office released a spe- ing and after the 1959 Cuban revolution.
cial stamp to mark the 50th anniversary of the
Guevara was captured and shot by the Bolivan
death of Guevara, who became Fidel Castro’s military in the Andes while attempting to spread
right-hand man. The stamp features a black, the revolution. During the Cold War the global
white and red drawing of the Argentine-born political left used a photo of his corpse to make
medic and is accompanied by an envelope with him a martyr to the socialist cause, but his real
a quote from Che’s father: “in my son’s veins legacy continues in the suffering and privation
flowed the blood of Irish rebels.”
of the Cuban people. Irish democrats of all parWe can understand how untutored Dublin un- ties should be embarrassed.
D
The Truth About Trump and Corker
onald Trump’s weekend Twitter spat
He is like Lindsey Graham of South Carolina
with Tennessee Senator Bob Corker is in engaging Mr. Trump even as he tells the Presa familiar story: The President is a ident things he doesn’t like to hear. We hope
Party of One for whom perthey and others keep it up, unThe Senator is giving derstanding that doing so is
sonal loyalty is the only test.
He isn’t going to change, so good advice, not that the difficult and might make them
the meaningful question is
a target of the President’s
President will take it. wrath.
how Republicans should navigate his periodic explosions to
The other priority for Rehelp the country and maintain
publicans has to be to keep
their majorities in Congress.
their eye on good policy and fulfilling their
Mr. Trump unleashed his tirade because he campaign promises. The Senate’s ObamaCare
is still sore that Mr. Corker said this summer failure has been so damaging because it gave
that the President hadn’t shown the stability or Mr. Trump an incentive to promote a betrayalcompetence to be successful. The two later had by-the-establishment narrative while absolving
it out in the Oval Office, but Mr. Corker stood his own weakness as a political persuader.
by his words. And why shouldn’t he?
It also gave ammunition to Steve Bannon and
Mr. Corker was expressing views that are his Breitbart propaganda arm to run more priwidely held on Capitol Hill and even within the mary candidates against Republican Senators
Trump Administration. These men and women next year. As a force of permanent opposition,
support the President’s policies, or at least the Bannonites might prefer to have Democrats
most of them, and they remain in their jobs for running Congress.
the good of the cause and country. What they
The only plausible Republican strategy now
fear, and want to contain, are the President’s is to keep pressing good policies, and in particulack of discipline, short fuse, narcissism and lar to pass a strong, pro-growth tax reform.
habit of treating even foreign heads of state as Some Members might think they can hurt Mr.
if they are Rosie O’Donnell.
Trump by blocking reform, but the President
In other words, Mr. Corker was trying to be will merely blame Republicans and gladly work
helpful by telling the truth. And he has standing with Democrats if they take back the House and
to do so because he has tried to steer Mr. Trump Senate in 2018. Mr. Corker recently worked with
in a constructive direction without personal Pat Toomey (Pennsylvania) to allow $1.5 trillion
grandstanding. He agreed to interview for Vice in budget room over 10 years for tax reform,
President until he withdrew from the running. and we hope he continues to play a constructive
He might have agreed to be Secretary of State role even as he plans to leave the Senate at the
had he been asked. And as Chairman of the For- end of this term.
eign Relations Committee he has had numerous
The more Congress and the Cabinet can acprivate discussions with the President on a va- complish on their own, the less hostage they
riety of national security subjects.
will be to Mr. Trump’s impulsive turns.
LETTERS TO THE EDITOR
Two Takes on Science and Evergreen State
Regarding Heather Heying’s “First,
They Came for the Biologists” (op-ed,
Oct. 3): I’m a member of the faculty at
the Evergreen State College. In multiple media outlets, including the Journal, Heather Heying and her husband
Bret Weinstein have repeated their
claim that so-called “postmodernists”
at Evergreen are hostile to science.
They’ve continually accused postmodernists of “abandoning rigor” and “the
idea of objective reality.” They’ve argued that what happened at Evergreen last spring had nothing to do
with racism and inequity on campus,
but was a manifestation of a “culture
war” against science.
Evergreen offers interdisciplinary
programs, taught by teams of faculty
who coordinate to teach common
themes. Scientists often teach with
faculty from social sciences, humanities and the arts. I’m a documentary
filmmaker. Last academic year it was
my privilege to teach in a year-long,
full-time program with a public health
scientist and an anthropologist that
included substantial lessons in genetics, eipigenetics, physiology and research ethics, as well as exposure to
both modern and postmodern theories
of culture, community, health and
identity. Our program also paid close
attention to the concerns raised by
students about institutional racism.
This fall we’re all part of a group of
students, faculty and staff who are
committed to removing barriers to equity on our campus. This group is
large and growing.
Profs. Heying and Weinstein have
severed their relationship to Ever-
green, but we are still here. I ask
Heather and Bret to please refrain
from the simplistic and distorted representations of Evergreen that you
continue to voice. Let us do our work
in peace.
ANNE FISCHEL
Olympia, Wash.
The effort by the extreme left to
not only silence the scientific community but to reject the validity of the
scientific method is of course the logical and inevitable result of the postmodernist embrace of moral relativism and deconstructionism.
The article’s headline, which paraphrases Pastor Martin Niemöller’s poetic insights regarding events during
the creep of Nazism and the cowardice of the German intellectuals in confronting that accompanying purging of
all dissidents and the rationalizations
for not doing so, is apposite. We are in
an analogous period, particularly
when the extreme left is condoning
the use of violence in furtherance of
its goals. The left casually employs
terms such as equity and social justice
in the formulation of their goals and
the disparagement of their opponents.
When I have asked for a definition of
those terms, it’s obvious there is no
consensus other than “we know injustice when we experience or observe
it.”We will all be disadvantaged and
eventually our constitutional republic
itself threatened if both scientific
methodology is discredited and opposing points of view summarily rejected.
K. TUCKER ANDERSEN
Warren, Conn.
Oil and Spectrum Rights Models Offer a Clue
Thomas W. Hazlett’s “How Politics
Stalls Wireless Innovation” (op-ed, Oct.
2) outlines the irrationality of the current political mismanagement of the
electromagnetic spectrum and the
challenges that a dynamic economy
faces when the underlying resource is
politically controlled.
As the late Warren Nutter put it:
“Markets without property rights are a
grand illusion.” The spectrum rights issue might better be understood by a
thought experiment: Consider how efficiency and growth were promoted by
the evolution of subsurface mineral
property rights. Surface owners were
able to divest surface from subsurface
rights, allowing them both to farm the
land and gain value from the extracted
oil. Moreover, the oil developer could
seek to acquire most of the subsurface
oil pool by multiple purchases. The resulting “unit” reduced leakage, created
stronger boundaries for the extracting
firm and encouraged more investment
in geology and exploration. Unitization
made it possible to develop large oil
fields and a secondary and tertiary recovery system. Property rights harness
the discovery process—encouraging efficiency.
Perhaps most relevant, however, is
the ease with which subsurface mineral
rights could be reconfigured. Early oil
rights focused on acquiring rights to
oil pools—the “lakes” of this resource
beneath the ground. When innovators
made possible the joint fracking and
horizontal drilling breakthroughs, horizontal ownership rules became the focus and ownership shifted from “lakes”
of oil to “strata” of oil containing rock.
The oil industry was fortunate.
Nothing that was a common property
resource in 1900 has moved into private ownership. Columns and work
such as Thomas Hazlett’s one might
hope would reignite interest in restoring the property right prerequisites for
market.
FRED SMITH
Founder
Competitive Enterprise Institute
Washington
California’s Emigres Are Everyone’s Concern
Regarding Allysia Finley’s “Why
Housing Is Unaffordable in California” (Cross Country, Sept. 30) and
the same day “California Targets Affordable-Housing Shortage” (U.S.
News): The government of California
provides the finest examples of lack
of basic understanding of Economics
101, Government 101 and Real Estate
101. Adding more taxes to the cost of
a real-estate transaction doesn’t
make housing more affordable. Passing additional bonds to support affordable housing by adding taxes to
existing housing doesn’t lower prices.
Implementing zoning regulations that
make buildable land less available
doesn’t lead to lower cost housing.
Lengthy permitting processes involve
the time value of money and increase
cost without added value to the finished product. Instituting “environmental protections” that make no
sense and have no actual benefit only
ObamaCare’s Disparate
Impact on the Working Poor
Thank you so much for your editorial “ObamaCare’s Tax on the Poor”
(Sept. 23). The person who pays the
“individual shared responsibility payment” (SRP) makes $12 an hour, has
his FICA deducted from his paycheck
and waits for his federal tax refund at
the end of the tax year. This time the
feds kept his refund and sent him a
bill for $60. The tax/fine for not buying health insurance is aimed at the
poor. I keep my SRP notice from the
IRS on my dresser mirror as a reminder of my relationship to my government. At a time when we are taking down statues of old ideas, I tell
my son that when you talk to the IRS
on the phone you say “yes, sir” and
“no, sir” and “yes, ma’am” and “no,
ma’am.” And don’t sass your betters.
ALAN CULTON
Chapel Hill, N.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.
increases the cost of construction. If
the environmental concerns were
real, maybe the California coast from
Santa Barbara to Redwood City would
be restored to its natural state and
its inhabitants resettled elsewhere.
JACK HAMILTON
Silverdale, Wash.
As Ms. Finley reports, about
80,000 people a year over the past
decade migrated out of California, so
the state’s problems are affecting
other states. Affluent beneficiaries of
soaring home prices in California can
cash out and buy McMansions in lessexpensive states for a fraction of the
proceeds realized on their California
properties, and then live large.
California emigrants can drive
housing prices up because prices in
their adopted states seem so cheap.
Worse, the affluent Californian transplants bring their progressive sensibilities with them when they settle
into well-to-do areas and help tilt red
states into purple ones or purple
states into blue. Then they work on
bringing California regulatory hurdles
and housing-price miracles to their
new homelands. Unless Californians
can afford to stay in California, we all
may be forced to feel their pain.
ROGER KELLY
Ormond Beach, Fla.
Pepper ...
And Salt
THE WALL STREET JOURNAL
“What do you like more . . . charging
your phone, saving the rainforest
or getting wired on caffeine?”
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THE WALL STREET JOURNAL.
Tuesday, October 10, 2017 | A21
OPINION
By Heather Mac Donald
F
ew academic ideas have
been as eagerly absorbed
into public discourse
lately as “implicit bias.”
Embraced by Barack
Obama, Hillary Clinton and most of
the press, implicit bias has spawned
a multimillion-dollar consulting industry, along with a movement to
remove the concept of individual
agency from the law. Yet its scientific basis is crumbling.
Implicit-bias theory burst onto
the academic scene in 1998 with the
rollout of an instrument called the
implicit association test, the brainchild of social psychologists Anthony
Greenwald and Mahzarin Banaji. A
press release trumpeted the IAT as a
A test purports to reveal
hidden prejudice, but
there’s little evidence its
findings are meaningful.
breakthrough in prejudice studies:
“The pervasiveness of prejudice, affecting 90 to 95 percent of people,
was demonstrated today . . . by psychologists who developed a new tool
that measures the unconscious roots
of prejudice.”
In the race IAT (there also versions for everything from gender to
disability to weight), test-takers at
a computer are asked to press two
keys to sort a series of black and
white faces and a set of “good” and
“bad” words. For part of the exercise, the test-taker presses one key
for white faces and words like
“happy,” and the other key for
black faces and words like “death.”
Then the protocol is reversed, pairing white faces with “bad” words
and black faces with “good” words.
(The order is randomized, so some
test-takers sort black faces with
“good” words first.)
A majority of test-takers—including about 50% of blacks, according to some accounts—are
faster at the sorting game when
white faces are paired with good
words. This difference is said to
represent an “implicit bias” in favor
of whites that can explain racial
disparities in society.
Mr. Greenwald and Ms. Banaji
did not pioneer response-time studies; psychologists already used the
methodology to measure how
closely concepts are associated in
memory. And it’s widely accepted in
psychology that automatic cognitive processes and associations help
people navigate daily life. But Mr.
Greenwald and Ms. Banaji, now at
the University of Washington and
Harvard, respectively, pushed the
technique into charged political territory. Not only did they confidently
assert that any differences in sorting times for black and white faces
flowed from unconscious prejudice,
they claimed that the implicit bias
allegedly measured by the IAT
could predict discriminatory behavior. In the final link of their causal
chain, they argued that this unconscious and pervasive predilection to
discriminate is a powerful cause of
racial disparities.
As they wrote in “Blindspot,”
their 2013 best seller: “Given the
relatively small proportion of people who are overtly prejudiced and
how clearly it is established that
automatic race preference predicts
discrimination, it is reasonable to
conclude not only that implicit bias
is a cause of Black disadvantage but
also that it plausibly plays a greater
role than does explicit bias.”
If these sweeping claims were
correct, every personnel decision
could be challenged as the product
of implicit bias. The pressure to
RICKY CARIOTI/THE WASHINGTON POST/GETTY IMAGES
The False ‘Science’ of Implicit Bias
An ‘implicit bias’ training session for Baltimore cops, Nov. 19, 2015.
guarantee equality of outcome
through quotas would grow stronger. But the politics of the IAT had
leapfrogged the science behind it.
Core aspects of implicit-bias doctrine are now under methodological
challenge.
A person’s IAT score can vary
significantly each time he takes the
test, undercutting its reliability as
a psychological instrument. Test
scores have almost no connection
to what IAT research ludicrously
counts as “discriminatory behavior”—trivial nuances of body language during a mock interview, say,
or a hypothetical choice to donate
to children in Colombian slums
rather than South African ones.
Mr. Greenwald and Ms. Banaji
now admit that the IAT does not
predict “biased behavior” in the
lab. (No one has even begun to test
its connection to real-world behavior.) The psychometric problems associated with the race IAT make it
“problematic to use to classify persons as likely to engage in discrimination,” they wrote, along with a
third co-author, in 2015.
Although most of the psychology
profession initially accepted the
startling claim that the IAT reveals
a predilection to discriminate in
real life, possible alternative meanings of a “pro-white” score have
since emerged. Older test-takers
may have cognitive difficulty with
the shifting instructions. The association of black faces with negative
words may reflect an awareness of
socioeconomic realities. Greater familiarity with one racial group over
another could affect reaction times.
These alternative meanings should
have been ruled out before psychologists announced that a new “scientific” test had revealed the ubiquity
of prejudice.
Nevertheless, the idea of implicit
bias has marched through American
institutions. This summer nearly
200 CEOs signed a pledge to pack
their employees off to implicit-bias
training, part of an economywide
diversity initiative championed by
PricewaterhouseCoopers. Plaintiffs
in employment discrimination cases
regularly try to introduce implicitbias research into their lawsuits.
President Obama sent federal
law-enforcement personnel to implicit-bias training; many local police departments are doing the
same, spending millions of dollars
that could be used instead to improve officers’ tactical and communication skills.
Faculty hiring committees routinely have to take the IAT to confront their hidden biases against
minority and female candidates.
College students are being encouraged to take it as well. UCLA’s vice
chancellor for equity, diversity and
inclusion, Jerry Kang, has argued
for federal regulation of local news
coverage, especially crime stories,
to lessen implicit prejudice.
The need to plumb the unconscious to explain racial gaps arises
for one reason: It is taboo to acknowledge that socioeconomic disparities might be caused by intergroup differences in cultural values,
family structure, interests or abilities. The large racial gap in academic skills renders preposterous
any expectation that, absent bias,
blacks and whites would be proportionally represented in the workplace. And vast differences in criminal offending are sufficient to
explain racial disparities in incarceration rates.
In light of such realities, the
minute distinctions of the IAT are a
sideshow. America has an appalling
history of racism and brutal subjugation, and the public should always be vigilant against any recurrence of that history. But the most
influential sectors of the economy
today employ preferences in favor
of blacks. The main obstacles to racial equality now lie not in bias but
in culture and behavior.
Ms. Mac Donald is a fellow at
the Manhattan Institute. This article is adapted from the Autumn issue of City Journal.
This Year’s Nobel Economist Makes Sense of Irrationality
By David R. Henderson
R
ichard H. Thaler, a professor
at the University of Chicago’s
business school, won the 2017
Nobel Memorial Prize in Economics
for “his contributions to behavioral
economics.” Since 1976, when Mr.
Thaler and I were both assistant
professors at the University of Rochester, he has challenged the standard economic assumption that people behave rationally. He has done it
systematically, detailing how cognitive biases predictably lead consumers to poor decisions. Mr. Thaler has
used his insights to propose ways to
help people save—and save more—
for retirement.
Economists often assume that it is
always better to have more choices.
But if that were the case, Mr. Thaler
reasoned, no partygoer would be
happy if the host removed a bowl of
cashews. Yet those of us who know
we are powerless around cashews
are often glad to be relieved of the
temptation to eat them. Mr. Thaler
argued that reducing choice in such
a case could offset a lack of self-control, leading to better outcomes.
This simple idea, plus many more
that Mr. Thaler had over the years,
led him to divide the population
into what he called “econs” and “humans.” Econs are economically rational people, a tiny percentage of
the population who fit the standard
model more or less completely. Humans are the rest of us.
In his 2015 book “Misbehaving,”
Mr. Thaler applied his insights
about self-control to one of the biggest choices people make: whether
and how much to save for retirement. Some companies might allow
workers to opt in to a retirement
plan, while others might automatically enroll their employees, with
an option to opt out. If everyone
were an “econ,” the difference
wouldn’t matter: Opting in and opting out are trivial relative to the
stakes, so the same percentage of
employees should theoretically enroll no matter how the program is
presented.
But not everyone is an “econ,”
and myopic “humans” tend to discount the future heavily. Mr. Thaler
pointed to a 2001 study by Brigitte
Madrian and Dennis F. Shea showing
that after one company changed its
retirement plan from an opt-in design to an opt-out, the number of
employees who were enrolled
jumped 71%.
In 2004 Mr. Thaler and Shlomo
Benartzi, a UCLA economist, proposed what they called “Save More
Tomorrow.” The idea was that when
workers get a raise, their employers,
Richard Thaler has
challenged the standard
assumption that people
act in their best interests.
with the earlier consent of employees, would automatically increase
the percentage of their gross pay directed into their 401(k) accounts.
“Econs” were probably already doing that, but many “humans”
weren’t. At one midsize manufacturing firm that implemented Save
More Tomorrow, participants almost
quadrupled their saving rate after
four annual raises.
Mr. Thaler has unorthodox views
in other areas, too. Most economists
think companies selling fresh water,
food or plywood should raise prices
during and immediately after floods
or hurricanes. That way, suppliers
have an incentive to bring more
goods to market, and shoppers have
an incentive to buy only what they
urgently need, meaning that shelves
won’t empty as quickly. Mr. Thaler
has found that most people—i.e.
non-economists—think it’s unfair to
raise prices in such situations.
His own view on so-called price
gouging seems to have evolved, although it’s unclear why. In 2012, Mr.
Thaler opposed a proposed law
against price-gouging in Connecticut.
Big companies, he said, worry about
their reputations, so they already refrain from price-gouging and stock
up in advance of emergencies. On the
other hand, one-time entrepreneurs,
who may not be as worried about
their reputations, are happy to supply items at high prices during a crisis. But in a radio interview last
month, Mr. Thaler had changed his
tune. “A time of crisis is a time for
us all to pitch in; it’s not a time for
us to grab,” he said. True, but the
ability to charge high prices encourages more of us to “pitch in.”
In Mr. Thaler’s influential 2008
book “Nudge,” written with Harvard
law professor Cass Sunstein, he advocated “libertarian paternalism”—
having government set default rules
but allowing people to opt out at
low cost. One example is making
helmets mandatory for motorcyclists. The libertarian twist? Messrs.
Thaler and Sunstein tout writer
John Tierney’s idea to let daredevils
opt out by taking an extra driving
course and showing proof of health
insurance.
Mr. Thaler has yet to apply in a
serious way his theory of irrationality to government officials. Their
bad decisions are even worse because citizens bear most of the
costs. It would be great if Mr. Thaler
explored this area more. Someone
should nudge him.
Mr. Henderson is an emeritus
professor of economics at the Naval
Postgraduate School and a research
fellow with Stanford University’s
Hoover Institution.
A Flawed Study Depicts Drug Companies as Profiteers
By Peter J. Pitts
A
re drug companies ripping off
cancer patients? Of course they
are, suggests a much-hyped
study published last month in the
journal JAMA Internal Medicine. The
truth is more complicated.
Drug companies receive a staggering return on investment “not
seen in other sectors of the economy,” write Vinay Prasad of Oregon
Health and Science University and
Sham Mailankody of Memorial Sloan
Kettering Cancer Center. They estimate that pharmaceutical firms
spend $720 million on average to develop a single cancer drug, while the
average cancer therapy generates
sales of $6.7 billion.
The editors at JAMA are brilliant
physicians, but they could use a refresher on the economics of drug development. Several methodological
flaws in the study lead the authors
to underestimate drug-development
costs.
Messrs. Prasad and Mailankody examined 10 publicly traded companies
that secured their first-ever Food and
Drug Administration approval between 2006 and 2015. They pulled
data on companies’ research spending and revenues from annual financial reports filed with the Securities
and Exchange Commission. These
selection criteria are a joke. By looking at 10 companies that produced
only one cancer drug each, the authors screened out big multinational
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corporations that had previously secured FDA approval for one or more
drugs. Small biotech firms that
hadn’t secured FDA approval for any
treatments were also excluded.
The authors admit that the selection criteria are a “critical limitation.” No kidding: They only looked
at 15% of all cancer drugs approved
from 2006 to 2015, ignoring the
other 85% of cancer therapies introduced that decade. This helped them
“prove” their hypothesis.
The analysis also overlooks hundreds of millions of dollars of research spending at companies that
never develop an FDA-approved
medicine. Nine of every 10 publicly
traded drug companies lost money in
2014, according to a 2016 International Trade Administration report.
Most therapies don’t make it out of
the lab and into clinical trials. Of
those that do, only 12% are brought
to market.
Those that defy the odds and win
FDA approval don’t accurately represent the broader biopharmaceutical
industry. Consider the success of
these 10 drugs against those that are
still going through clinical trials.
Even if all of these companies’ other
experimental drugs in the development pipeline failed, the success of
Even the authors admit
their selection criteria
are a ‘critical limitation.’
That’s an understatement.
this study’s 10 drugs would have resulted in an overall clinical approval
success rate of 23%, twice the industry average.
Worse, five of the companies in
question had purchased their drugs
from smaller biotech firms. The authors didn’t count any of the research-and-development spending of
these “nurturer” firms, only by the
acquiring firm.
The other five drugs were developed entirely in-house—and the authors lowballed cost estimates for
Notable & Quotable: Weinstein
Lee Smith writing at WeeklyStandard.com, Oct. 9:
A thought experiment: Would the
Weinstein story have been published
if Hillary Clinton had won the presidency? No, and not because he is a big
Democratic fundraiser. It’s because if
the story was published during the
course of a Hillary Clinton presidency,
it wouldn’t have really been about
Harvey Weinstein. Harvey would have
been seen as a proxy for the president’s husband and it would have embarrassed the president, the first female president. . . .
The 2016 election demolished Clinton world once and for all, to be replaced by the cult of Obama, an austere sect designated by their tailored
hair shirts with Nehru collars. “That
is not who we are as Americans,”
they chant, as Harvey Weinstein’s
ashes are scattered in the wind.
developing these drugs. Messrs.
Prasad and Mailankody counted only
two years of development costs before the first mention of the drugs in
the medical literature. They figured
this would accurately reflect preclinical costs, such as lab tests.
Their assumption is wrong. In reality, the initial, preclinical research
period often lasts four years or
more. And for four of the 10 drugs
examined, companies started lab research at least seven years before
the first mention of the drug in any
published medical studies.
Drug development is much more
expensive than the JAMA study suggests. More reliable is a November
2014 study from the Tufts Center for
the Study of Drug Development. This
more thorough examination estimates total research costs are about
$2.6 billion for new cancer drugs.
Politicians who advocate price controls undoubtedly will cite the JAMA
study anyway. Never mind that government-imposed price caps would
hamstring researchers and prevent
the development of new treatments
and cures.
In the past 17 years, biopharmaceutical companies have invented
more than 550 FDA-approved medications. More than 800 experimental
cancer drugs are currently under development at companies of all sizes,
from tiny biotechs to giant multinationals. By misinforming readers, the
JAMA study undermined the great
work that drug companies are doing
today.
Mr. Pitts, a former FDA associate
commissioner (2002-04), is president
of the Center for Medicine in the
Public Interest.
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A22 | Tuesday, October 10, 2017
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TECHNOLOGY: SPACEX LAUNCHES SATELLITES AT WARP SPEED B4
BUSINESS & FINANCE
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EPA to End Power-Plant Emission Curbs
Agency’s head plans
to reverse Obama-era
limits aimed at
greenhouse gases
BY TIMOTHY PUKO
The Trump administration
is formally withdrawing federal limits on carbon emissions at power plants, triggering the next stage of what is
likely to be a yearslong fight
over the government’s centerpiece regulation for slowing
climate change.
The move pushes forward
on a central pledge of President Donald Trump: a rollback
of Obama-era environmental
rules he has criticized for
harming businesses and coal
miners in particular. And it
pushes the federal government
further away from any effort
to combat global warming, following Mr. Trump’s June announcement that he intends to
withdraw the U.S. from the
Paris climate accord.
Environmental Protection
Agency Administrator Scott
Pruitt said in Kentucky that he
would sign a proposal Tuesday
to reverse the rules. The announcement, made at an event
organized by Senate Majority
Leader Mitch McConnell (R.,
Ky.) in the coal-mining town of
Hazard, Ky., confirmed what
many had expected for weeks.
“Repealing this Obama-era
rule would close a chapter of
regulatory overreach that set
standards without regard to
the steep costs or availability
of technology necessary to
meet them,” Hal Quinn, chief
executive of the National Mining Association, said in a statement applauding the decision.
Power-plant emissions are
one of the largest sources of
greenhouse gases, and President Barack Obama’s administration targeted them with limits outlined by the EPA’s Clean
Power Plan in 2015. The Obama
limits became central to the
country’s ability to reduce emissions under the Paris accord.
But Mr. Trump, who has
called global warming a
“hoax,” ordered a review of
the Clean Power Plan in
March. The EPA’s review
called the plan a legal overreach, and both Mr. Trump
and Mr. Pruitt have said it is
burdensome to U.S. compa-
nies, and an unfair punishment for the fossil-fuel businesses to the benefit of windand solar-power producers.
“The past administration
was unapologetic,” Mr. Pruitt
said during Monday’s announcement. “They were using
every bit of power, every bit of
authority to use the EPA to
pick winners and losers in how
we generate electricity in this
country. And that’s wrong.”
The EPA’s assessment under
Mr. Pruitt calls the plan an unlawful expansion of the
agency’s authority under the
Clean Air Act by holding power
generators responsible for limiting emissions through control
systems that work from outside of their sites, according to
documents obtained by The
Wall Street Journal last week.
Eliminating that requirement would be in line with
what many industry officials
wanted.
The American Petroleum
Institute, the Washington lobbying group for U.S. oil and
gas producers, called the
Clean Power Plan flawed and
said emissions were improving
even without it.
Please see EPA page B2
Google
Finds Ads
Linked to
Russia
ALVIN BAEZ/REUTERS
BY JACK NICAS
People checked for a mobile-phone signal in Dorado, Puerto Rico, two days after Hurricane Maria. Employers struggled to make contact with workers after the storm.
Maria Tested Firms’ Communications Links
BY PETER LOFTUS
AND DANIELA HERNANDEZ
In the days after Hurricane
Maria hit Puerto Rico, medical-device maker Boston Scientific Corp. was having trouble contacting its more than
1,000 employees on the island.
The storm had knocked out
cellphone and landline service
for many, and some workers left
damaged homes to stay with
friends and relatives. Several
days after the Sept. 20 storm,
the company had accounted for
only about 700 workers.
Other companies, including
Bacardi Ltd., Medtronic PLC
and Eli Lilly & Co., contended
with similar challenges as they
struggled to find staffers on
INSIDE
GM COPES WITH
TOO MANY
FACTORIES
AUTOS, B3
ESPN HOST
SUSPENDED
OVER TWEETS
MEDIA, B2
the island. The storm presented a trial of the businesscontinuity and employeesafety plans many companies
adopt but don’t always have
an opportunity to test.
“I started losing sleep
about the fact that we had 300
people unaccounted for,” Brad
Sorenson, Boston Scientific’s
senior vice president of manufacturing and supply chain,
said in an interview. “And
thinking, ‘Are they going to
show up on that list of people
who were injured or died?’ ”
Boston Scientific turned to
the airwaves. It began running
advertisements on a Puerto
Rican radio station, asking
employees who hadn’t contacted the company to do so
by phone or social media. A
worker visited the station in
person to relay the ad text because it was difficult to get in
touch by phone, a company
spokeswoman said.
The company also issued
social-media and text messages, and dispatched workers
to knock on colleagues’ doors.
Rum maker Bacardi relied on
radio ads, social media and
word-of-mouth to account for its
workers, with managers setting
up WhatsApp networks to communicate with direct reports.
Medical-device
maker
Medtronic also used a mix of
radio and social-media messages to reach employees, and
hired about 40 drivers to visit
workers’ homes, a spokesman
said. As of Friday, the company had verified the well-being of more than 90% of its
5,000 direct and contract employees in Puerto Rico, and
most had returned to work.
Medical-device and pharmaceutical companies are
among Puerto Rico’s top employers because of corporatetax breaks the island offers.
Efforts to locate workers have
been important not only for
their safety, but also to help
restart operations and avoid
disruptions to Puerto Rico’s
supply of medicines and devices for the rest of the U.S.
Pharmaceuticals manufactured in Puerto Rico make up
nearly 10% of all drugs consumed by Americans, the U.S.
Food and Drug Administration
said, citing data from the Bureau of Economic Analysis.
Some companies’ plants
weren’t severely damaged, but
“the issue is getting the employees back to work, because
these people have been devastated by the storm,” FDA Commissioner Scott Gottlieb said in
an interview. He said the FDA
is monitoring about 40 critical
medicines produced in Puerto
Rico to try to avoid shortages.
Medtronic said the storm
could limit the availability of
certain newer products or
those that had lower inventory
levels before the storm. The
company is providing water,
food and power generators to
Please see STORM page B2
STREETWISE | By James Mackintosh
The False Prophet of ‘Long-Term Investing’
A decade to
the day since
the precrisis
peak of U.S.
stocks, it has
become easier
and easier for investors to
take a long-term view. Those
who bought on the day the
S&P 500 hit its top on Oct. 9,
2007, and held on through
the subsequent panic and
market collapse, have more
than doubled their money,
including dividends.
Better still, they have performed not much below
what the market has delivered throughout history, despite the worst crash in generations. The S&P 500 has
returned an annualized 5.6%
above inflation, including
dividends, against a return
over the previous two centuries calculated at 6.5%-7% by
Jeremy Siegel, a Wharton finance professor and author
of “Stocks for the Long Run.”
This apparent triumph for
long-termism comes as many
large investors are express-
Investing for Tomorrow
U.S. private-sector investment has rebounded since 2009, but is well below previous peaks.
Private nonresidential fixed investment as a percentage of gross domestic product
THE WALL STREET JOURNAL.
Source: Federal Reserve Bank of St. Louis
ing concern about exactly
the opposite, the damage
that short-termism is doing
the economy. Academics,
central bankers and big
money managers worry that
companies aren’t investing
enough, and that it is at
least in part because of a
dysfunctional finance system. Shareholders with a
short-term view encourage
management to focus even
more on the short run, re-
sulting in sensible long-term
projects being ditched to hit
quarterly targets.
There is something in
this. Next week, think tank
FCLT Global, backed by some
Please see STREET page B11
Google Inc. found that Russian-linked entities bought
tens of thousands of dollars
worth of politically motivated
ads on its platform around
the U.S. presidential election,
according to people familiar
with the investigation, the
first sign that Russia’s alleged
attempts to influence the
2016 vote spread to the
world’s largest advertising
business.
Similar to ads that ran on
Facebook Inc., the ads on
Google touched on a variety
of topics, without a clear bent
toward one candidate or political position, these people
said.
The ads mainly ran above
Google search results and on
third-party websites where
Google serves ads, another
person said.
Google, a unit of Alphabet
Inc., has shared some of the
Russian-bought
advertisements with congressional investigators, the people said.
“We have a set of strict
ads policies including limits
on political ad targeting and
prohibitions on targeting
based on race and religion,”
Google said in a statement.
“We are taking a deeper look
to investigate attempts to
abuse our systems, working
with researchers and other
companies, and will provide
assistance to ongoing inquiries.”
Google found that accounts
linked to the Russian government bought $4,700 worth of
ads, while accounts with
other Russian links spent
$53,000 on ads, one of the
people said. Google used
signs such as Russian IP addresses, Russian language
settings or payments in Russian rubles to link customers
to Russia, the person said. It
isn’t clear how Google tied
some accounts to the Russian
government.
Russia has denied U.S. intelligence agencies’ reports
that it interfered in the election.
Google discovered the ad
buys as part of a broad internal investigation into Russian
use of its services ahead of
the election, one of several
probes into Russian meddling
in the election by federal investigators, Congress and
technology firms.
Google’s investigation extends beyond ad purchases
and examines whether Russian actors used other Google
tools, such as posting videos
on YouTube.
Facebook and Twitter Inc.
both have found Russian attempts to use their websites
to influence U.S. voters, including by buying ads.
Congressional investigators
have asked Google, Facebook
and Twitter to testify publicly
on Nov. 1.
Notice to Readers
Bond Markets were closed
Monday for Columbus Day.
Stock markets were open.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B2 | Tuesday, October 10, 2017
THE WALL STREET JOURNAL.
* ***
INDEX TO BUSINESSES
BUSINESS & FINANCE
These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
Bacardi International . B1
Bank of America.......B11
BlackRock..................B11
Blackstone Group ....... R1
Boston Scientific........B1
C
Chevron.......................R6
Citigroup....................B11
Comcast.................B4,R5
Connaught Plaza
Restaurants..............A1
C.R. England................B6
CVS Health..................R6
D
DaVita HealthCare
Partners..................B12
Deere...........................A6
E-F
Electronic Arts..........B13
Eli Lilly...................B1,B2
Expedia........................R6
Express Scripts Holding
...................................B12
G
N
National Life Group....R2
Nvidia........................B12
O-P
General Electric..........A1
General Motors...........B3
Goldman Sachs Group
...................................B11
Goodby, Silverstein &
Partners....................B4
Google ......................... R8
H
Helix Energy Solutions
Group.........................B3
Helmerich & Payne...B12
HSBC Holdings............R4
I
International Business
Machines...................R6
Intuit ........................... R6
Iridium Communications
.....................................B4
J
Onion...........................B4
Opsolutely...................R8
Performance Pricing...B4
Procter & Gamble..A6,R6
PubMatic.....................B4
R-S
Redfin..........................R8
Rockwell Collins..........B3
Sephora.......................R7
Siemens.......................B3
Space Exploration
Technologies.............B4
Strobe..........................B3
T
Take-Two Interactive
Software.................B13
tronc............................B3
Twilio...........................R8
Twitter ...................... B13
U
J.P. Morgan Chase....B11
L
LCH Group.................B11
LVMH Moet Hennessy
Louis Vuitton............R7
Lyft..............................R1
M
McDonald's ................. A1
McKinsey...................B11
Medtronic....................B1
Merck...........................R5
Micron Technology....B12
MillerCoors..................B2
Morgan Stanley........B11
Ubisoft.......................B13
Unilever.......................B6
UnitedHealth Group ... R6
United Technologies...B3
V
Verizon Communications
.....................................B4
W
Westlife Development
...................................A14
X
Xerox.................R4,R5,R6
INDEX TO PEOPLE
A-B
Assadi, Mehran...........R2
Baehr, Sarah ............... B4
Bakshi, Vikram ........... A1
Barkindo, Mohammed
...................................B12
Bechtel, Brad ............ B12
Benartzi, Shlomo......B13
Brown, Danielle .......... R8
C
Creutz, Doug.............B13
Gillis, Deborah ............ R6
Glasser, David.............A1
Goel, Rajeev................B4
Goodby, Jeff................B4
H
Haberkorn, Toby..........R6
Heddleston, Kate........R8
Hill, Jemele.................B2
Huselid, Alison ........... R7
I-J
D
Immelt, Jeff................A1
Johnson, Alissa...........R5
Davis, LaFawn.............R8
Davis, Noopur.............R5
Dean, Annie ................ R2
De Bondt, Werner.....B13
D'Vorkin, Lewis...........B3
Kelan, Elisabeth..........R2
Kelman, Glenn ............ R8
E
Emerson, Joelle..........R5
England, T.J.................B6
F
Falk, Janet...................R6
Fink, Larry.................B11
Finn-Braun, Kevina.....R6
Flannery, John............A1
Foley, Stephanie.........R2
Frey, Bridget...............R8
G
Geiser, Catherine........R6
K
L
Lache, Rod...................B3
Laughton, Mary Beth.R7
Layton, Terre...............R7
Levinsohn, Ross..........B3
Linnenbach, Asheley .. R7
M
Marino, Alvise .......... B12
Marks, Judy ................ B3
McAvoy, Mike.............B4
McIntyre, Lindsay-Rae
.....................................R6
Melendez, Jenna.........R7
Mitchell, Nida ............. R7
Mitchell, Olivia ........... R6
N-O
Nichols, Yvette ........... R7
Orlando, Phil.............B12
Owodunni, Shayla.......R6
P
Peart, Marvin..............A6
Peltz, Nelson .............. A6
Pflueger, Michelle.......R6
R
Ratnasinghe, Sree......R6
Rice, John....................R5
Rosenberg, Ari............B4
S
Saintil, Merline...........R6
Smith, Dara.................R6
Solotar, Joan...............R1
Sorenson, Brad ........... B1
V
vanThiel, Mischelle.....R4
W
Warren, Celeste..........R5
Weinstein, Bob...........A1
Werner, Tony...............R5
Williamson, Sarah....B11
X-Z
Xu, Mandy.................B12
Zacharias, Anne..........R6
ESPN Host Is Suspended
BY ALEXANDRA BRUELL
ESPN suspended network
host Jemele Hill for violating
its social-media policy, after
she advocated a boycott of
Dallas Cowboys sponsors who
are also ESPN sponsors, according to a person familiar
with the situation.
In a statement, ESPN said
Ms. Hill has been suspended for
two weeks for violating its
guidelines for a second time,
but provided no further details.
Ms. Hill sent out a series of
tweets Sunday criticizing Jerry
Jones, owner of the NFL’s Dallas Cowboys, for suggesting
that players who don’t stand
for the national anthem will be
benched. In one tweet she
noted, “Change happens when
advertisers are impacted,” and
she then retweeted what another Twitter user said was a
list of Cowboys sponsors.
The details of ESPN’s policy
in this area weren’t clear, but
Ms. Hill’s commentary on Twitter was deemed detrimental to
ESPN because some of its sponsors were listed, the person familiar with the situation said.
A “Sponsorship Summit”
page on the Dallas Cowboys
website lists several team
sponsors including Ford, Bank
of America, Miller Lite, Pepsi
and Dr Pepper. MillerCoors
confirmed through a spokesman it is a sponsor, but had no
further comment. The other
brands didn’t respond to requests for comment.
The Dallas Cowboys declined comment.
Some NFL players have
been kneeling for the anthem
to protest racial and social
injustice, creating a continuing controversy for the
league. President Donald
Trump has criticized players
for kneeling and owners for
allowing it. On Sunday, Vice
President Mike Pence left an
Indianapolis Colts game after
players were kneeling.
In a follow-up tweet on
Monday, Ms. Hill sought to
clarify her remarks, saying she
wasn’t advocating for a boycott
of the NFL. “But an unfair bur-
RON JENKINS/ASSOCIATED PRESS
B
Facebook................B6,R8
Ford Motor..................B3
Fusion Media Group ... B4
The Dallas Cowboys and staff stand on the sidelines during playing of the national anthem Sunday.
JOHN W. MCDONOUGH/SPORTS ILLUSTRATED/GETTY IMAGES
A
Accenture....................R2
Activision..................B13
Advanced Micro Devices
...................................B12
Alphabet......................B1
Amazon.com ............. B13
Apache.......................B12
Apple...........................R7
AppNexus....................B4
A.T. Kearney................R2
Atlassian.....................R7
AT&T............................R6
The network says Jemele Hill violated its social-media policy.
den has been put on players”
with the directives to stand for
the anthem, she wrote.
Ms. Hill, co-host of ESPN’s
flagship “SportsCenter” program, came under scrutiny
last month for referring to Mr.
Trump in a tweet as a “white
supremacist.” She apologized
for the incident and wasn’t
disciplined by the network.
At an event last week, Walt
Disney Co. Chief Executive
Robert Iger said he felt that
was the right approach, given
intense feelings employees
Ferrari Celebrates 70 Years of Sexy Sports Cars
have about recent political
events. “We’ve got to take into
account what we’re seeing societally and what people are
feeling,” Mr. Iger said.
In its statement Monday,
ESPN said: “She previously acknowledged letting her colleagues and company down
with an impulsive tweet. In
the aftermath, all employees
were reminded of how individual tweets may reflect negatively on ESPN and that such
actions would have consequences. Hence this decision.”
ESPN’s handling of the controversies regarding Ms. Hill
shows how it has struggled to
strike a balance that allows its
commentators the right to
speak their minds beyond the
world of sports—especially at
a moment of intense political
debate—without getting blowback from viewers and advertisers who disagree passionately with those views.
There has also been scrutiny
of ESPN’s perceived political
leanings. When Ms. Hill was
left in place after her tweet
about Mr. Trump, ESPN public
editor Jim Brady wrote that
the network “leans left.” He
had previously noted that some
staffers internally felt that bias
had stifled discussion.
ESPN President John Skipper wrote in a memo after the
first incident involving Ms.
Hill that ESPN is not a political organization, but “where
sports and politics intersect,
no one is told what view they
must express.”
“We have issues of significant debate in our country at
this time,” he added. “Our employees are citizens and appropriately want to participate
in the public discussion.”
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STORM
Continued from the prior page
employees, the spokesman said.
Drugmaker Eli Lilly, which
has manufacturing operations
in Carolina, Puerto Rico, sent
workers to colleagues’ homes
and monitored social media to
account for its employees, a
spokesman said Monday.
Most of Boston Scientific’s
Puerto Rico employees work at
a plant in Dorado that makes
wires for implanted heart devices such as pacemakers. It
also has a sales office in the
capital, San Juan.
The company prepared for
the storm by shipping some
products off the island in advance, and giving some workers satellite phones, Mr. Sorenson said. It closed the
Dorado plant shortly before
the storm made landfall.
The two-story factory had
been upgraded several years
ago to withstand major storms
and suffered relatively minor
damage.
The morning after the storm,
Paul Martin, the factory’s head
of operations, drove there from
his home 2 miles away. Normally a six-minute commute,
the drive turned into a 45-minute journey because of flooded
roads, debris and downed telephone poles, he said.
About 50 workers showed
up at the plant that morning
to help clear debris and find
people. More arrived each day
thereafter. “It was very encouraging, very uplifting on
Day One,” Mr. Martin said.
Later that day, he drove out
to look for other workers he
couldn’t reach by phone. He
found four at their homes trying to clean up damage.
Costas Manganiotis, Boston
Scientific’s Latin America regional director for urology and
pelvic health, was cleaning up
his house near the plant. He
had sent his wife and 11-yearold son to Austin, Texas, before the storm, and stayed behind with his four dogs.
Two of his colleagues
showed up to check on him,
satellite phone in tow so he
could call his family in Texas
and his native Greece.
The company had counted
on using standard delivery
services such as UPS and
FedEx to send water, food and
gasoline cans from a supply
center in Fort Lauderdale, Fla.,
but they weren’t immediately
available, so Boston Scientific
hired a small cargo-jet service
to make twice-daily runs to
the island, Mr. Sorenson said.
The company flew in information-technology
technicians, engineers and other U.S.
employees to help restore operations, executives said.
Boston Scientific also didn’t
anticipate the extent of the
phone outages, Mr. Sorenson
said. That forced the company
to switch to social-media and
messaging service WhatsApp
to track down remaining employees.
Another obstacle: Boston
Scientific hadn’t asked its employees in advance to tell the
company where they planned
to stay during and after the
storm, Mr. Sorenson said,
making it harder to find them.
To help employees get back
on their feet, the company is providing hundreds of generators
and fuel to workers so they can
power their homes. The company also opened a child-care facility at the plant, and contributed $2 million to a relief fund
for workers, Mr. Sorenson said.
It took until Oct. 4 to locate
the remaining employees, Mr.
Sorenson said. Limited production began at the plant in late
September, though it is still relying on generators for power.
Mr. Manganiotis has temporarily moved his family to
Austin so his son can attend
school. He will travel back and
forth for work, and hopes to
move the family back in a few
months.
“This small island has a lot of
things that a lot of people care
about,” said Mr. Manganiotis,
who has lived in Puerto Rico for
18 years. The loss of productivity is “really something that
cannot only impact Puerto Rico,
but also the world.”
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EPA
Continued from the prior page
“Market forces and technological innovation have driven
the increased use of natural
gas which has brought great
benefits to American consumers, workers, and the environment,” Jack Gerard, the
group’s chief executive, said in
a statement.
Utility industry officials
were reserving comment
ahead of Mr. Pruitt’s formal
signing of the withdrawal
Tuesday.
Mr. Pruitt’s decision was
met with swift opposition from
both states and environmental
groups. New York’s attorney
general said he would sue to
stop the repeal and his California counterpart said he “will
do everything in my power to
defend the Clean Power Plan.”
Environmental groups made
similar promises and many experts have said they expect the
Trump administration’s actions
to lead to years of rule-making
procedure and litigation.
“The fight against this dangerous decision is only just beginning,” the Sierra Club said in
a statement. “Trump can’t reverse our clean energy and climate progress with the stroke
of a pen, and we’ll fight him
and Scott Pruitt at the state
and local level across America.”
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THE WALL STREET JOURNAL.
Tuesday, October 10, 2017 | B3
BUSINESS NEWS
HELIX ENERGY SOLUTIONS
Possible Sale
Is Explored
Offshore energy company Helix Energy Solutions Group Inc.
is exploring strategic alternatives.
The Houston-based company
is working with bankers on a potential sale, according to people
familiar with the matter. The
process is in its very early
stages and as with all processes,
it may not result in a deal.
Helix Energy Solutions had a
market value of $979 million as
of Friday’s close. Year to date,
the company’s stock price is
down nearly 25%. For the second
quarter, Helix reported a net loss
of $6.4 million and revenue of
$150.3 million.
The oil-field services space
has been consolidating as
boards have identified a need for
greater scale to advance.
—Dana Mattioli
TRONC
Los Angeles Times
Gets New Top Editor
The Los Angeles Times has
hired media veteran Lewis
D’Vorkin as editor in chief, as
parent company Tronc Inc. continues to shake up management
of its flagship newspaper.
The paper announced Mr.
D’Vorkin’s appointment on Monday, less than two months after
Tronc dismissed several senior
editors and brought in media industry veteran Ross Levinsohn
as chief executive and publisher.
The Times also named Mickie
Rosen as its new president.
Mr. D’Vorkin has served for
the past seven years as chief
product officer at Forbes. He had
previously been an executive at
AOL and an editor at Newsweek
and was briefly the page one
editor at The Wall Street Journal in the late 1980s.
—Lukas I. Alpert
UNITED TECHNOLOGIES
Siemens Executive
Hired to Run Otis
United Technologies Corp.
hired the chief executive of Siemens AG’s U.S. unit to lead its
Otis elevator and escalator manufacturing business.
Siemens USA CEO Judy
Marks will succeed Philippe
Delpech as president of the unit
and report to United Technologies’s CEO Greg Hayes. Mr.
Delpech left in July “to accept another opportunity in Europe,” the
company said earlier this year.
United Technologies reached
a deal in September to buy
Rockwell Collins Inc. for $23 billion. That move could trigger additional portfolio changes, and
people familiar with the company’s plans told the Journal it
is reviewing whether to break
up some units.
—Allison Prang
GM Wrestles With Excess Capacity
Auto maker is operating
too many U.S. plants,
which saddles it with
higher fixed costs
BY MIKE COLIAS
ORION TOWNSHIP, Mich.—
Despite its drastic downsizing
a decade ago under a federally
funded bailout and bankruptcy
restructuring, General Motors
Co. again finds itself with too
many U.S. factories that can
turn out too many vehicles.
But as GM considers how to
trim the excess capacity,
which saddles the company
with higher fixed costs, it
faces a tricky political factor:
President Donald Trump’s insistence that auto makers assemble more of their vehicles
in America and not in lowercost plants elsewhere.
This year through August,
GM built about 7% more vehicles at its North American
plants than rival Ford Motor
Co. but used about one-third
more assembly plants to do so,
according WardsAuto.com.
GM’s factory-utilization rate
in North America averaged
95.1% over the past two years,
below Ford’s 111.9% and Toyota’s 101.4%, Wards data show.
(Rates can exceed 100% when
factories work a third shift or
schedule overtime work on
weekends.)
GM’s sprawling factory here
in Orion Township, a suburb
north of Detroit, is a glaring
example of the company’s predicament. It makes the slowselling Chevrolet Sonic subcompact and the new Bolt
electric model, for which GM
has modest though undisclosed sales goals.
One recent afternoon, workers filed into the parking lot a
few minutes after the day’s
sole production shift ended—a
rarity in an industry that often
runs its factories from down
to dusk or even around the
clock to boost their efficiency.
GM recently lowered production at Orion by 20%, resulting in 100 lost jobs, people
familiar with the matter said.
GM declined to quantify the
cuts but confirmed it is making fewer Sonics.
“The Bolt is hanging in
there, which is good,” Henrietta Holland, an Orion factory
worker, said after her shift.
“But we are worried” about
job security. “We feel like we
should be getting another
product.”
Factory-utilization rates
typically measure how much
production capacity a plant
uses, based on a 16-hour workday. GM says its utilization
rate is 100% on average when
its round-the-clock truck and
sport-utility vehicle lines are
figured in with the relatively
sleepy factories making cars.
While GM has boosted its
U.S. employment by more than
REBECCA COOK/REUTERS
BUSINESS
WATCH
GM’s factory in Orion Township, Mich., makes the slow-selling Chevrolet Sonic subcompact, above, and the new Bolt electric model.
Production Shift
While GM’s truck and SUV plants are running flat out, several lightly
used passenger-car factories hurt overall capacity utilization and add
fixed costs.
LOCATION
VEHICLE TYPE
Wentzville, Mo.
Pickups
Arlington, Texas
SUVs
Fort Wayne, Ind.
Pickups
Kansas City, Kan.
Passenger cars
Lordstown, Ohio
Passenger cars
Detroit
Passenger cars
SECOND-QUARTER
CAPACITY UTILIZATION
159%
156%
145%
72%
59%
35%
Note: Capacity utilization is measured on a two-shift basis. Rates can exceed 100% when
factories work a third (overnight) shift and/or schedule overtime work on weekends.
Source: WardsAuto.com
6,000 factory jobs since 2010,
it also has bulked up production in Mexico for export to
the U.S. under the North
American Free Trade Agreement. It recently started making two popular crossover SUV
models south of the border,
and for years has imported
large pickup trucks from there.
GM has no plans to construct new U.S. factories, and
executives in recent years
have weighed closing at least
two existing ones, according
to people familiar with the
matter.
Some of the low usage of its
U.S. plants stems from a decision GM made a number of
years ago to revitalize its
lineup of sedans and coupes,
including a new Chevy Malibu
that has garnered glowing reviews from critics. But in the
past few years, low gasoline
prices prompted millions of
Americans to gravitate from
passenger cars to less-fuel-efficient SUVs and pickup trucks.
To be sure, all auto makers
have been grappling with the
dramatic consumer shift. Less
THE WALL STREET JOURNAL.
than 10 years ago, passenger
cars accounted for roughly
half of U.S. vehicle purchases
at retail. Last month, cars accounted for a record low 35%,
according to J.D. Power.
While leaving some GM
plants with unused capacity,
this switch has boosted the
company’s bottom line. Its
plants that build the highly
profitable Chevrolet Silverado
pickup, for instance, are working overtime, which helped GM
earn a record $12.5 billion operating profit in 2016. GM’s stock
price has hit a multiyear high.
Chief Executive Mary Barra,
a GM lifer of more than three
decades who once roamed the
factory floors as a plant manager, must contend with the
capacity glut at the same time
the company is making costly
investments in electric cars
and self-driving vehicles.
GM said it is working to
“drive further improvements”
in its plant utilization, including adding crossover SUVs to
more factory lines. A plant in
the Kansas City area that now
makes only the Malibu is
Acquisition boosts
self-driving efforts
Seeking to bolster its position in the race to commercialize self-driving cars, General
Motors Co. said Monday it has
acquired a company that
makes lidar, laser-based sensors that help autonomous vehicles navigate.
The nation’s largest auto
maker by sales said it bought
Strobe Inc., a startup based in
Pasadena, Calif., with 11 employees. Strobe’s engineers will
work with Cruise Automation,
the San Francisco autonomousvehicle developer that GM acquired in early 2016, the company said. Terms of the Strobe
acquisition weren’t disclosed.
Kyle Vogt, chief executive
of Cruise, said Strobe is developing a lidar system that will
be much smaller and cost a
tiny fraction of the bulky lidar
sensors that the company and
others now use on their test
cars. “By collapsing the entire
scheduled to begin assembling
a small Cadillac SUV by late
2018. But such a switch-over
typically takes car makers several years of lead time, to order and install new assemblyline equipment and tooling.
GM operates 17 vehicle-assembly plants in North America, after closing several during its bankruptcy. Most,
except for five that operate
around the clock to build
trucks and SUVs, have ample
unused capacity.
GM’s Detroit-Hamtramck assembly plant, the lone factory
in the auto maker’s hometown,
in 1999 cranked out more than
200,000 Cadillacs and Buicks.
sensor down to a single chip,
we’ll reduce the cost of each
lidar on our self-driving cars by
99%,” Mr. Vogt said in a blog
post.
Lidar uses lasers to measure the distance of objects in
the car’s field of vision. Most
autonomous-vehicle developers
use lidar in conjunction with
radar and cameras to recognize
other vehicles, street signs, pedestrians and other objects.
The deal comes amid growing investor interest in the potential of GM’s stable of advanced technologies, including
the autonomous-driving system now in testing. “Businesses built off of this platform
will ramp much faster than is
widely expected,” Deutsche
Bank analyst Rod Lache wrote
in a client note last week.
GM shares have risen 21%
in the past month, closing at
$45.33 on Monday.
The auto maker has been
testing autonomous Chevrolet
Bolt electric cars in San Francisco and the Detroit and
Phoenix areas.
It will likely make about
80,000 vehicles this year.
Compared with competitors,
GM has a larger number of
plants that make only cars.
That has forced GM to make
more drastic moves when adjusting production toward
trucks and SUVs. It has cut
nearly 3,000 jobs since late last
year, leaving many U.S. factories on reduced schedules.
GM has more leeway to cut
factory workers under more
flexible terms under its recent
contracts with unionized workers. It pays less in unemployment benefits and uses more
temporary workers who aren’t
due money when they are let go.
WE’RE
BULLISH ON
COMFORT
GEORGE SALKIND
Founder, Elco Ltd.
1930-2017
The Un-Sneaker™ goes to work.
With leather-lined interior, padded
collar and custom soles — the world’s
most comfortable shoe is now
dressed for the office.
Free shipping and returns. Order online or call 844.482.4800.
The worldwide team at the Elco Ltd. and
Electra and Electra America family of companies
mourns the passing of founder and former
CEO George Salkind, a visionary titan
of industry and a true gentleman.
He will be deeply missed.
B4 | Tuesday, October 10, 2017
THE WALL STREET JOURNAL.
TECHNOLOGY
WSJ.com/Tech
Upstart’s placement
of 10 satellites in orbit
keeps up aggressive
schedule for launches
At Fusion Media,
Bonuses Dangled
For Engaging Ads
BY ANDY PASZTOR
BY BENJAMIN MULLIN
LOMPOC, Calif.—Space Exploration Technologies Corp.
blasted 10 commercial satellites into orbit Monday, completing the first of a pair of
consecutive launches slated
from opposite coasts in
roughly two days.
The predawn liftoff from
central California’s Vandenberg Air Force Base, which put
the cluster of communications
satellites into space for Iridium Communications Inc.,
was the 14th consecutive successful launch this year for
SpaceX, as entrepreneur Elon
Musk’s closely held company is
called.
The bright orange glow during ascent filled the night sky,
and the clear weather meant
the plumes of the returning
first stage were clearly visible
as it headed back for a pinpoint landing on a floating
platform in the Pacific Ocean.
More than an hour after
launch, SpaceX confirmed all
of the satellites had been deployed in their proper orbits.
SpaceX previously launched
20 satellites for Iridium, its
largest commercial customer,
and is contracted to carry out
five additional unmanned
launches for the company.
SpaceX plans to put up a
commercial satellite for a different customer on another
Falcon 9 rocket from Florida’s
Kennedy Space Center as early
as Wednesday afternoon, demonstrating its bicoastal prowess to dispatch and organize
launch personnel on such a
compressed timeline.
Through the end of 2018, Mr.
Musk’s management team is
targeting one launch every two
weeks on average, a pace ex-
Many publishers believe
consumers would pay more attention to online ads if they
were just better. Now Fusion
Media Group is acting on that
sentiment: It is trying out a
new system that rewards advertisers
that
CMO
make the most
TODAY
engaging ads by
giving them bonus impressions.
The Univision-owned digital
media company, whose 12 sites
include the Onion and Jezebel,
is implementing the new approach by licensing advertising technology from ad-tech
firm Performance Pricing
LLC. The technology, called
Impressions Per Connection,
gauges the quality of ads by
monitoring the number of user
clicks and mouse-overs.
Bonuses are doled out on a
sliding scale: The ads with the
highest engagement rates get
higher bonuses, which are
capped at 20% of the impressions purchased. The benefits
for Fusion Media, theoretically: happier readers, happier
advertisers and an added incentive to help close deals.
“We always have this desire, as most publishers do, to
get the best possible advertisers on the site and the best
possible creative,” said Mike
McAvoy, executive vice president of sales for Fusion Media
Group, who also serves as
president and chief executive
of Onion Inc.
Fusion Media’s effort comes
as the media world debates
the causes for what many parties agree is a broken online
ad model that has consumers
tuning out marketers’ messages. Advertisers and agen-
MATT HARTMAN/ASSOCIATED PRESS
SpaceX Picks Up Speed
A Falcon 9 rocket lifted off from California’s Vandenberg Air Force Base before dawn on Monday,
ceeding any company or government schedule world-wide.
The company pulled off a
similar double-header feat
over two days during the summer, with the moves signaling
increasing capabilities to conduct fast-paced operations.
SpaceX officials have said
their long-term goal is to
launch several times a day and
quickly turn around reused
boosters more akin to commercial aircraft than traditional rocketry.
The Air Force recently suggested it is moving toward the
ability to launch two rockets
from various Florida pads on
the same day. To boost its
overall launch capability and
avoid delays often associated
with sharing Florida facilities
with the Pentagon, SpaceX is
building a separate pad near
Brownsville, Texas. That facility has been delayed by at
least a couple of years and
isn’t likely to begin operations
until the end of the decade.
Wednesday’s launch in Florida is scheduled to precede the
first launch of a larger, more
powerful derivative of the Falcon 9, called the Falcon Heavy,
featuring three times as many
engines and a substantially
greater payload capacity. The
beefed-up rocket is slated to
blast off from the same Florida
pad before the end of the year.
Emergence of the Falcon
Heavy, roughly four years
later than initially proposed,
comes as the market generally is shrinking for such
heavy-lift rockets tailored to
handle the largest commercial
payloads. Instead, commercial-fleet operators increasingly are looking to buy and
launch midsize and smaller
satellites designed to be more
flexible and efficient.
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cies tend to put blame on publishers and ad-tech companies
for cluttering sites with too
many ads, using intrusive formats that take over people’s
screens and slowing down
page-load times in the process. But publishers often pin
the blame on the advertisers
for not coming up with ads
that are engaging.
Performance Pricing’s technology isn’t widely adopted at
this stage: Publishers have run
72 campaigns using it so far,
said Ari Rosenberg, the company’s president and founder.
Sarah Baehr, executive vice
president and managing partner of digital investment at
Horizon Media, has firsthand
experience with the ad technology. “It is a tactic that can
help us extract more value
from the media we purchase,”
she said.
In theory, without any bonus, advertisers should already have an incentive to create ads that people actually
want to engage with. But Jeff
Goodby, co-chairman and
partner of Goodby, Silverstein
& Partners, said the technology, over time, could lead to a
higher standard of work.
“I think in general, advertisers are insensitive to the experience on the other end of
their messages,” Mr. Goodby
said. “And this is a really good
sign that perhaps there’s a
mechanism for rewarding
them.”
Publishers can pay Performance Pricing a flat licensing
fee for its technology or a single-digit percentage of the total value of the campaign run
using the application.
Fusion Media Group declined to comment on the specifics of its agreement.
FT Beset
By Sales
Of Phony
Ad Space
BY JACK MARSHALL
The Financial Times has determined that a host of advertising technology companies offered counterfeit, or “spoofed,”
FT ad space, suggesting that
some of the industry’s major
players are unable to prevent
the fraudulent tactic.
The publisher recently sent
letters to at least six companies it believes offered fake FT
ad space, including Verizon
Communications Inc.’s Oath,
AppNexus, PubMatic, Teads,
SpotX and Comcast Corp.’s
FreeWheel, people familiar
with the situation said.
In “domain spoofing,” bad
actors disguise the nature of
the ad space they are selling.
That inventory is made available via automated marketplaces run by ad tech companies.
In a statement, an Oath
spokeswoman said the company removed the problematic
inventory from its systems as
soon as it was alerted to the
issue by the FT. The spokeswoman said the company has
technology and processes in
place to prevent domain
spoofing on its platform, but
couldn’t explain why the those
safeguards weren’t effective in
the case of FT.
An AppNexus spokesman
said it identified and “turned
off” the sellers on its platform
offering the spoofed ad space,
and said only 20 cents of
counterfeit inventory was sold.
PubMatic CEO Rajeev Goel
said the company received a
“general request” from FT
and is investigating the matter.
A FreeWheel spokesman
confirmed the company had
been contacted by the FT, but
said in a statement, “FreeWheel had no role in this domain spoofing issue. We
sourced a very small amount
of legitimate FT inventory via
authorized resellers, following
normal business practices, and
have made our position clear
to the FT.”
Digiday earlier reported
some of the names of ad exchanges that the FT contacted.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Tuesday, October 10, 2017 | B5
B6 | Tuesday, October 10, 2017
THE WALL STREET JOURNAL.
BUSINESS NEWS
ADVERTISEMENT
Legal Notices
Unilever Yanks Dove Ad
BANKRUPTCIES
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Critics slammed the
online video for its
popular body wash
as racially insensitive
BY SAABIRA CHAUDHURI
Unilever PLC pulled an online video ad for its blockbuster body wash brand Dove
and apologized after critics
called the spot racist.
The video, which recently
appeared on Dove’s U.S. Facebook page, showed a young
black woman taking off a Tshirt and then morphing into a
white woman, who in turn
takes off her T-shirt, and turns
into a woman appearing to be
Asian. It quickly attracted criticism on Facebook and Twitter
over the weekend—users accused the treatment of being
racist and insensitive—culminating in Unilever’s decision to
take down the ad.
“The short video was intended to convey that Dove
body wash is for every woman
and be a celebration of diversity, but we got it wrong,” said
a Unilever spokeswoman Monday. “We apologize deeply and
sincerely for the offense that
it has caused and do not condone any activity or imagery
that insults any audience.”
It wasn’t immediately clear
who created the spot. Ogilvy &
DANIEL SORABJI/AGENCE FRANCE-PRESSE/GETTY IMAGES
To advertise: 800-366-3975 or WSJ.com/classifieds
Twitter users responded to the ad, which showed a black woman transforming into another race.
Mather has historically handled much of Unilever’s advertising on Dove, but Unilever—
which is on a cost-cutting
drive—has recently been moving more of its advertising
work in-house. Ogilvy didn’t
respond to a request to comment. A Unilever spokeswoman didn’t respond to a
question about who created
the ad.
Unilever, in a statement,
said it is re-evaluating its internal processes for creating
and approving content “to
prevent us making this type of
mistake in future.”
The backlash marks the second time in a few months that
Dove—one of Unilever’s biggest brands—has courted controversy.
In May, the company
launched body washes in variously shaped bottles that were
ridiculed on Twitter. Some
people accused Unilever of
trivializing body issues.
“From curvaceous to slender, tall to petite, and whatever your skin color, shoe size
or hair type, beauty comes in
a million different shapes and
sizes,” said Unilever at the
time. “Our six exclusive bottle
designs celebrate this diversity: just like women, we
wanted to show that our
iconic bottle can come in all
shapes and sizes, too.”
In 2011, Dove came under
fire after running a beforeand-after ad showing what appeared to be a black woman
transitioning into a white
woman after using the body
wash.
C.R. England Fleet Decertifies Union
BY CARA LOMBARDO
The sole fleet of unionized
truck drivers at C.R. England
Inc. has voted to decertify its
union, dealing a blow to organized labor in an industry that
still enjoys higher-than-average membership.
The group of drivers, based
in the Chicago suburb of McCook, Ill., which represents
less than 1% of the company’s
8,000 employees, was the only
one to unionize in the private
company’s history, said T.J.
England, the company’s chief
legal officer.
C.R. England had argued
that the nearly 80 drivers
would be better off negotiating directly with the company
than through a union, which
made the decision in a Sept.
20 vote.
The workers voted to
unionize in 2013 but never
were able to secure a collective-bargaining
agreement
with the company. International Brotherhood of Teamsters Local 705, which had
been the employees’ bargaining representative, didn’t immediately respond to a request for comment.
According to a post on the
union local’s website, the drivers voted to unionize after citing issues with high health-insurance premiums and low
effective pay due to long waits
at pickup locations.
The Salt Lake City familyowned firm refused to recognize the union until July 2014.
A decertification petition was
sent to the National Labor Re-
lations Board last year.
“We prefer the opportunity
to help drivers deal with their
individual needs rather than
getting a third party involved,” Mr. England said.
Of the 77 employees eligible
to vote in the decertification
election, 39 voted against
union representation, while 33
voted for it, according to results posted on the NLRB’s
website.
—Eric Morath, Paul Page
and Bowdeya Tweh
contributed to this article.
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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL.
Tuesday, October 10, 2017 | B7
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, October 9, 2017
Stock
Net
Sym Close Chg
Stock
Net
Sym Close Chg
AdvanceAuto AAP 91.12
AdvSemiEngg ASX
6.26
Aegon
AEG 5.56
s
AerCap
AER
52.09
ABB
ABB 24.96 -0.10
AET 158.23
AECOM
ACM 36.17 -0.20 Aetna
AffiliatedMgrs AMG 194.12
AES
AES 11.20 0.01
s AgilentTechs A
66.56
Aflac
AFL 82.58 0.31
AgnicoEagle AEM 46.30
AGCO
AGCO 75.05 -0.43
Agrium
AGU 106.03
AT&T
T
38.30 -0.29 AirProducts APD 152.74
AbbottLabs ABT 54.66 -0.34 AlaskaAir
ALK 80.41
AbbVie
ABBV 90.78 0.29 Albemarle
ALB 136.55
Accenture
ACN 136.99 0.74 Alcoa
AA
47.07
AcuityBrands AYI 171.15 -3.05 AlexandriaRealEst ARE 120.96
Adient
ADNT 83.93 -0.74 s Alibaba
BABA 182.09
NYSE
Cash PricesMonday,
October 09, 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
Energy
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
0.9322
1.0620
2.860
2.830
2.890
2.470
2.480
1.060
2.740
55.500
11.750
Metals
Gold, per troy oz
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
1283.83
1380.12
1278.75
1419.41
*1268.20
*1261.80
1334.32
1347.15
1347.15
1554.91
1260.60
1347.15
Silver, troy oz.
Engelhard industrial
Engelhard fabricated
Handy & Harman base
Handy & Harman fabricated
LBMA spot price
(U.S.$ equivalent)
Coins,wholesale $1,000 face-a
16.9400
20.3280
16.9050
21.1310
£12.8600
16.9200
12805
Other metals
LBMA Platinum Price PM
*911.0
Platinum,Engelhard industrial
917.0
Platinum,Engelhard fabricated
1017.0
Palladium,Engelhard industrial
930.0
Palladium,Engelhard fabricated
1030.0
Aluminum, LME, $ per metric ton
*2121.5
Copper,Comex spot
3.0170
Iron Ore, 62% Fe CFR China-s
61.6
Shredded Scrap, US Midwest-s,w
316
Steel, HRC USA, FOB Midwest Mill-s
n.a.
Fibers and Textiles
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
0.6100
n.a.
*78.30
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
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
n.a.
Closed
Closed
81.3
474.1
225
88
263
2.9275
380.00
Closed
7.7138
n.a.
Closed
7.1825
4.1850
Closed
5.2800
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
174.44
165.10
n.a.
0.8587
2.3200
171.00
176.00
82.25
n.a.
1.2763
1.4765
n.a.
14.30
0.71
57.24
1.0549
0.8820
109.00
156.38
Fats and Oils
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
35.5400
0.2750
n.a.
n.a.
0.3025
n.a.
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=Platts-TSI; T=Cotlook Limited; U=USDA;
W=weekly, Z=not quoted. *Data as of 10/8
Source: WSJ Market Data Group
Stock
Stock
s
s
s
s
s
Net
Sym Close Chg
s
Y
-3.17 Alleghany
538.10 -10.15
0.01 Allegion
ALLE 87.62 0.43
0.04 Allergan
AGN 202.94 -3.81
0.12 AllianceData ADS 226.22
...
-3.05 AllianceBernstein AB
24.90 0.15
-0.50 AlliantEnergy LNT 41.99 0.07
ALL 93.20 -0.09
0.20 Allstate
0.48 s AllyFinancial ALLY 24.36 -0.04
ATUS 27.22 -0.71
0.30 AlticeUSA
MO 63.57 1.02
-0.56 Altria
-0.15 AlumofChina ACH 22.40 -0.14 s
ABEV 6.57 -0.04
-0.64 Ambev
AEE 59.15 0.37
-0.42 Ameren
0.51 AmericaMovil AMX 17.32 -0.18
2.89 AmericaMovil A AMOV 17.25 -0.11
Net
Sym Close Chg
AmCampus ACC 45.08
AEP
AEP 71.74
AmericanExpress AXP 91.69
AmericanFin AFG 105.13
AmerHomes4Rent AMH 21.59
AIG
AIG 61.78
AmerTowerREIT AMT 137.94
AmerWaterWorks AWK 83.21
Amerigas
APU 44.88
Ameriprise AMP 150.63
AmerisourceBrgn ABC 78.35
Ametek
AME 67.11
Amphenol
APH 86.55
AnadarkoPetrol APC 48.86
Andeavor
ANDV 106.66
AB InBev
BUD 122.40
AnnalyCap
NLY 12.13
AnteroMidstream AM
31.73
AnteroResources AR
20.34
Anthem
ANTM 190.74
Aon
AON 147.35
Apache
APA 45.85
ApartmtInv AIV 44.75
ApolloGlobalMgmt APO 30.56
Aptargroup ATR 88.46
AquaAmerica WTR 34.29
Aramark
ARMK 41.42
ArcelorMittal MT
26.27
ArcherDaniels ADM 42.61
Arconic
ARNC 27.39
AristaNetworks ANET 193.37
ArrowElec
ARW 82.00
AstraZeneca AZN 34.48
Athene
ATH 54.65
AtmosEnergy ATO 85.36
0.24
0.21
0.14
-0.53
0.09
-0.48
-1.17
0.44
-0.28
-0.36
-2.13
0.12
-0.03
0.22
0.67
0.79
0.01
-0.13
0.10
-2.48
0.51
0.68
0.35
0.10
-0.12
0.04
...
-0.44
-0.39
0.29
0.44
-0.16
0.22
0.13
0.13
Stock
Net
Sym Close Chg
Autohome
ATHM 61.53
s Autoliv
ALV 127.09
AutoZone
AZO 592.04
Avalonbay
AVB 178.75
Avangrid
AGR 47.38
s AveryDennison AVY 100.71
AxaltaCoating AXTA 29.68
BB&T
BBT 47.48
BCE
BCE 46.59
BHPBilliton BHP 41.11
BHPBilliton BBL 36.13
BP
BP
38.46
BRF
BRFS 14.37
BT Group
BT
18.62
s BWX Tech
BWXT 59.33
BakerHughes BHGE 35.84
Ball
BLL 42.06
BancoBilbaoViz BBVA 8.46
BancodeChile BCH 92.83
BancoMacro BMA 120.68
BcoSantChile BSAC 30.29
BancoSantander SAN
6.76
BanColombia CIB
44.57
BankofAmerica BAC 25.85
BankofMontreal BMO 76.60
BankNY Mellon BK
54.33
BkNovaScotia BNS 63.85
Barclays
BCS
9.92
Bard CR
BCR 321.22
BarrickGold ABX 16.70
BaxterIntl
BAX 61.45
BectonDickinson BDX 197.14
Berkley
WRB 67.25
s BerryGlobal BERY 59.51
BestBuy
BBY 59.04
Stock
Net
Sym Close Chg
0.11 Bio-RadLab A BIO 224.66
0.45 s BlackKnight BKI
44.20
BLK 462.45
-9.45 BlackRock
-0.15 BlackstoneGroup BX
33.26
-0.26 BoardwalkPipe BWP 14.96
BA 258.39
0.37 Boeing
BAH 37.64
-0.85 BoozAllen
-0.21 BorgWarner BWA 52.00
-0.13 BostonProperties BXP 127.17
-0.23 BostonScientific BSX 29.33
BAK 28.75
-0.04 s Braskem
0.20 Bristol-Myers BMY 64.15
63.19
-0.21 BritishAmTob BTI
-0.16 BrixmorProp BRX 18.69
82.11
-0.08 s BroadridgeFinl BR
-0.69 BrookfieldMgt BAM 42.06
42.98
0.04 BrookfieldInfr BIP
-0.08 Brown&Brown BRO 48.85
-0.46 BuckeyePtrs BPL 58.41
BG
67.18
-1.60 Bunge
-0.13 BurlingtonStores BURL 91.96
CBD 24.51
0.02 CBD Pao
-0.69 CBRE Group CBG 38.81
CBS 57.92
-0.36 CBS B
34.44
-0.30 CF Industries CF
GIB
52.48
-0.14 CGI Group
CIT
48.79
-0.36 CIT Group
-0.06 CMS Energy CMS 46.48
CNA 50.51
-0.78 CNA Fin
CEO 127.48
0.11 CNOOC
-1.46 CPFLEnergia CPL 17.11
CRH 36.01
-0.94 CRH
CVS 74.30
-0.32 CVS Health
COG 25.44
0.25 CabotOil
0.28 CamdenProperty CPT 93.33
Stock
Net
Sym Close Chg
-1.60 CampbellSoup CPB
CM
0.80 CIBC
-0.77 CanNtlRlwy CNI
-0.18 CanNaturalRes CNQ
-0.10 CanPacRlwy CP
CAJ
-0.19 Canon
COF
-0.05 CapitalOne
0.13 CardinalHealth CAH
CSL
0.25 Carlisle
KMX
-0.17 CarMax
CCL
-0.25 Carnival
CUK
-0.66 Carnival
CTLT
0.86 Catalent
CAT
0.06 Caterpillar
0.43 s Celanese A CE
CX
0.07 Cemex
-0.11 CenovusEnergy CVE
CNC
0.12 Centene
-0.83 CenterPointEner CNP
-1.54 CentraisElBras EBR
-1.19 CenturyLink CTL
CC
-0.25 s Chemours
CVX
-0.03 Chevron
-0.38 ChinaEastrnAir CEA
0.24 ChinaLifeIns LFC
0.09 t ChinaMobile CHL
-0.58 ChinaPetrol SNP
0.18 ChinaSoAirlines ZNH
0.03 ChinaTelecom CHA
0.69 ChinaUnicom CHU
-0.15 Chipotle
CMG
-0.24 Chubb
CB
-2.62 ChunghwaTelecom CHT
-0.27 Church&Dwight CHD
CI
0.92 Cigna
45.51
87.99
80.46
32.99
165.28
34.70
87.30
64.92
101.56
76.18
66.45
66.13
41.48
126.88
107.54
8.63
9.53
97.22
28.73
6.48
20.10
54.82
117.71
24.84
15.34
50.30
74.46
35.24
51.22
13.99
303.92
146.05
33.62
47.02
189.09
-0.97
-0.55
0.01
0.22
0.49
0.15
0.26
-0.96
-1.18
-0.63
0.82
0.67
-0.81
-0.05
-0.38
-0.31
-0.08
-0.79
-0.15
-0.09
0.10
0.15
0.68
-0.49
0.03
0.17
0.08
-0.17
0.41
0.01
-3.72
-0.10
0.04
-0.43
-1.86
Stock
s
s
t
s
Net
Sym Close Chg
CimarexEnergy XEC 115.74
Citigroup
C
75.39
CitizensFin CFG 37.31
Clorox
CLX 127.82
Coach
COH 39.68
Coca-Cola
KO
45.41
Coca-Cola Euro CCE 41.10
Coca-Cola Femsa KOF 73.51
Colgate-Palmolive CL
72.36
ColonyNorthStar CLNS 12.48
Comerica
CMA 76.41
SABESP
SBS 10.81
ConagraBrands CAG 33.46
ConchoRscs CXO 134.96
ConocoPhillips COP 48.91
ConEd
ED
81.49
ConstBrands A STZ 208.19
ContinentalRscs CLR 37.00
Cooper
COO 236.62
Corning
GLW 30.12
Coty
COTY 16.75
Credicorp
BAP 203.50
CreditSuisse CS
15.80
CrestwoodEquity CEQP 24.70
CrownCastle CCI 102.12
CrownHoldings CCK 60.14
Cullen/Frost CFR 94.91
Cummins
CMI 171.74
DTE Energy DTE 107.93
DXC Tech
DXC 88.41
Danaher
DHR 87.03
Darden
DRI 79.74
DaVita
DVA 53.89
Deere
DE 128.64
DellTechnologies DVMT 79.26
Stock
Net
Sym Close Chg
0.10 DelphiAutomotive DLPH 100.12 -0.33
-0.25 DeltaAir
DAL 51.74 -0.27
-0.18 DeutscheBank DB
16.87 -0.34
-1.32 DevonEnergy DVN 35.89 0.11
-0.15 Diageo
DEO 133.66 0.70
-0.08 DigitalRealty DLR 118.96 0.74
0.28 DiscoverFinSvcs DFS 65.38 -0.37
-0.48 Disney
DIS
99.57 -0.50
-0.36 DolbyLab
DLB 57.93 0.51
-0.07 DollarGeneral DG
79.18 -1.15
-0.51 DominionEner D
76.64 -0.17
0.20 Domino's
DPZ 205.80 0.41
-0.62 Donaldson
DCI
46.03 -0.31
0.05 DouglasEmmett DEI
40.21 0.15
0.05 s Dover
DOV 93.83 -0.24
-0.07 s DowDuPont DWDP 71.68 0.46
-1.92 DrPepperSnap DPS 88.06 -0.20
0.45 DrReddy'sLab RDY 36.61 0.30
-4.71 DukeEnergy DUK 84.82 0.18
0.03 DukeRealty DRE 29.02 0.01
-0.13 ENI
E
32.41 -0.18
-2.68 EOG Rscs
EOG 96.50 0.31
-0.25 EQT
EQT 62.90 -0.71
-0.10 EQT Midstream EQM 76.22 -0.63
0.60 EastmanChem EMN 89.65 -1.35
-0.48 Eaton
ETN 77.68 -0.07
0.02 s EatonVance EV
49.90 -0.15
-0.37 Ecolab
ECL 132.06 0.09
0.25 Ecopetrol
EC
9.44 -0.06
0.97 EdisonInt
EIX
77.55 -0.07
-0.60 EdwardsLife EW 110.22 -1.24
-1.09 EmersonElectric EMR 63.82 0.12
-5.93 EnbridgeEnPtrs EEP 16.01 -0.13
0.51 Enbridge
ENB 41.12 -0.20
0.22
Continued on Page B10
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THE WALL STREET JOURNAL.
B8 | Tuesday, October 10, 2017
MARKETS DIGEST
EQUITIES
Dow Jones Industrial Average
S&P 500 Index
Last Year ago
22761.07 t 12.60, or 0.06%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio 20.85 20.31
P/E estimate *
19.30 17.61
Dividend yield
2.26
2.56
All-time high 22775.39, 10/05/17
Nasdaq Composite Index
Last
2544.73 t 4.60, or 0.18%
High, low, open and close for each
trading day of the past three months.
Year ago
Trailing P/E ratio 24.70 24.59
P/E estimate *
19.27 18.42
Dividend yield
1.96
2.13
All-time high: 2552.07, 10/05/17
Last Year ago
6579.73 t 10.45, or 0.16%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio * 25.98
24.35
P/E estimate *
21.15
19.97
Dividend yield
1.10
1.20
All-time high: 6590.18, 10/06/17
Current divisor 0.14523396877348
22800
2560
6600
22400
2530
6500
22000
2500
6400
21600
2470
6300
21200
2440
Session high
UP
Close
t
DOWN
Session open
65-day moving average
20800
20400
Aug.
6100
2410
Session low
Bars measure the point change from session's open
July
6200
65-day moving average
Open
t
Close
65-day moving average
Sept.
6000
2380
Oct.
July
Aug.
Sept.
July
Oct.
Aug.
Sept.
Oct.
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.
Major U.S. Stock-Market Indexes
High
Latest
Close
Low
Net chg
% chg
High
52-Week
Low
% chg
% chg
3-yr. ann.
YTD
Dow Jones
Industrial Average
Transportation Avg
22803.37 22739.38 22761.07 -12.60
9919.90
9836.96
733.83
730.94
Utility Average
Total Stock Market
Barron's 400
9864.89 -21.99
26496.86 26379.57 26409.76 -57.59
688.50
683.97
684.92 -2.13
Nasdaq Stock Market
Nasdaq Composite
6599.34
Nasdaq 100
6078.80
6572.44
6051.33
-0.22
0.64
731.79
6579.73 -10.45
6058.53 -6.04
22775.39 17888.28
-0.06
0.09
-0.22
-0.31
24.2
15.2
11.0
9973.80
7967.02
21.2
9.1
7.0
754.80
625.44
12.9
10.9
9.5
26496.16 21514.15
687.05
521.59
17.9
23.8
13.5
13.8
9.8
11.1
6590.18
6064.57
-0.16
-0.10
5046.37
4660.46
23.5
23.8
22.2
24.6
2551.82
2541.60
2544.73
-4.60
-0.18
2552.07
2085.18
17.6
13.7
9.7
MidCap 400
SmallCap 600
1822.14
917.61
1810.81
909.23
1813.17
910.72
-5.26
-4.38
-0.29
-0.48
1819.96
918.72
1476.68
703.64
17.3
20.3
9.2
8.7
10.9
13.8
Other Indexes
Russell 2000
1513.30
1501.77
1503.56
-6.66
-0.44
1512.09
1156.89
20.2
10.8
12.1
12334.31 12281.17 12293.96 -23.74
NYSE Composite
7,283.0 254.08
SPY
0.13
Healthcare Tr of America HTA
6,793.4
29.60
-0.34
-1.14
29.94
ENSCO PLC
ESV
3,567.2
5.60
…
unch.
5.60
5.60
AT&T
T
2,759.8
38.31
0.01
0.03
38.66
38.13
Intel
INTC
2,683.4
39.87
0.01
0.03
39.89
37.47
ExxonMobil
XOM
1,965.7
82.15
0.12
0.15
82.15
81.95
Citigroup
C
1,718.8
75.43
0.04
0.05
75.45
75.17
1,659.6
45.60
-0.03
-0.07
45.73
45.00
iShares China Large-Cap FXI
29.60
Percentage gainers…
Criteo ADR
CRTO
34.8
46.57
2.70
6.15
46.57
43.87
Ichor Holdings
ICHR
29.2
28.50
1.59
5.91
28.80
26.91
Urban Outfitters
URBN
5.1
24.30
1.35
5.88
24.30
22.95
CyrusOne
CONE
5.3
63.94
2.99
4.91
63.94
60.91
VirnetX Holding
VHC
5.7
8.25
0.35
4.43
8.25
7.70
39.79
-4.41
-9.98
44.20
39.79
5.7
4268.03 -14.45
-0.34
4304.77
2834.14
29.4
38.8
12.4
-0.80
-0.14
552.55
463.78
7.6
14.6
2.2
-0.59
-0.59
100.75
70.90
36.8
9.1
12.8
IHS Markit
INFO
57.9
0.88
96.72
73.03
7.0
11.2
3.5
BlackRock
BLK
21.7 434.40 -28.05
192.66
117.79
-17.8
-24.4 -17.3
AbbVie
ABBV
810.1
85.35
-5.43
-5.98
90.81
85.35
802.88 44.1
9.19 -22.8
32.4 25.8
-26.4 -18.0
Charles Schwab
SCHW
74.1
42.83
-2.58
-5.68
45.41
42.83
Werner Enterprises
WERN
58.0
33.70
-1.85
-5.20
35.55
33.70
551.75
99.92
100.15
87.86
87.16
87.66
0.76
542.02
-0.19
139.77
138.30
138.97
0.65
0.47
1201.09
10.53
1194.18
9.88
1199.86
10.33
8.41
0.68
0.71
1199.86
22.51
7.05
Philadelphia Stock Exchange
...And losers
-6.07 462.45 434.40
Sources: SIX Financial Information; WSJ Market Data Group
International Stock Indexes
Region/Country Index
Close
–2.86
–0.28
0.14
2926.90
379.41
255.39
The Global Dow
DJ Global Index
DJ Global ex U.S.
Percentage Gainers...
Net chg
DJ Americas
613.96
Sao Paulo Bovespa 75726.81
S&P/TSX Comp
15728.32
S&P/BMV IPC
50071.94
Santiago IPSA
4164.28
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
Asia-Pacific
Australia
China
Hong Kong
India
Japan
Singapore
South Korea
Taiwan
S&P/ASX 200
5739.30
Shanghai Composite 3374.38
Hang Seng
28326.59
S&P BSE Sensex
31846.89
Nikkei Stock Avg
20690.71
Straits Times
3291.56
Kospi
2394.47
Weighted
10532.81
Latest
% chg
YTD
% chg
15.6
16.4
19.4
–0.10
–0.07
0.06
13.6
25.7
2.9
9.7
29.2
–1.32 –0.21
–327.91 –0.43
Closed
…
–231.02 –0.46
Closed
…
0.19
0.18
0.17
0.11
0.16
–0.20
8.0
11.5
12.4
10.4
13.0
–1.8
16.9
12.0
–1.7
9.5
10.0
12.6
5.1
0.50
28.60
0.76
25.43
–131.45 –0.46
0.10
32.67
Closed
…
0.01
0.27
Closed
…
Closed
…
1.3
8.7
28.8
19.6
8.2
14.3
18.2
13.8
0.74
0.72
7.03
5.93
20.46
–2.29
84.44
1.29
–1.85
50.50
0.33
7.22
–14.98
390.21
390.56
4054.40
5365.83
12976.40
1444.89
22476.75
541.19
1132.45
10236.00
588.03
9259.34
7507.89
EMEA
Eurozone
Belgium
France
Germany
Israel
Italy
Netherlands
Russia
Spain
Sweden
Switzerland
U.K.
–0.16
0.38
0.24
–0.16
0.50
0.06
0.08
Company
Symbol
Cleantech Solutions Intl
Social Reality Cl A
Helios Matheson Analy
Alphatec Holdings
Bioptix
CLNT
Takung Art
Sphere 3D
Altimmune
Optibase
China Distance Educ ADR
TKAT
inTEST
Celsion
Jupai Holdings ADR
Veritone
U.S. Auto Parts Network
INTT
SRAX
HMNY
ATEC
BIOP
10.70
8.95
23.49
7.36
9.50
2.31
1.11
2.20
1.58
2.14
66.3
-48.8
180.8
-44.5
240.1
LiNiu Technology Group
Marinus Pharmaceuticals
K2M Group Holdings
Surgery Partners
American Renal Associates
LINU
3.10
2.89
2.59
8.00
7.85
0.44
0.37
0.32
0.90
0.83
16.54
14.68
14.10
12.68
11.82
10.50
23.00
35.00
10.40
13.83
2.15
2.13
2.01
6.40
6.61
-54.4
-77.6
-90.9
-5.9
-43.1
22nd Century Group
GRAVITY ADR
RMG Networks Holding
Proteon Therapeutics
Smart Final Stores
XXII
9.50
3.72
20.04
40.98
2.97
1.00
0.37
1.96
3.95
0.28
11.76
11.04
10.84
10.67
10.41
10.25
16.66
22.04
74.92
4.13
3.80
1.24
7.36
7.76
2.40
140.5
-77.3
155.3
...
-8.0
Proteostasis Therapeutics
DaVita
Fred's
Endocyte
Sachem Capital
PTI
DL
PRTS
Most Active Stocks
Company
Symbol
General Electric
Bank of America
Advanced Micro Devices
Rite Aid
Finl Select Sector SPDR
GE
SPDR S&P 500
Ford Motor
Micron Technology
Lloyds Banking Group ADR
VanEck Vectors Gold Miner
SPY
BAC
AMD
RAD
XLF
F
MU
LYG
GDX
Volume % chg from Latest Session
(000) 65-day avg Close % chg
139,025
54,522
53,649
44,810
31,107
256.8
-17.3
-15.1
60.3
-40.5
28,457
28,011
26,815
25,438
24,833
-54.6
-19.5
-8.3
459.1
-41.7
Benchmark
Yields
Treasury
yield
curve
andtoRates
Yield
maturity of current bills,
4.00%
t
Prime rate
3.50
3.00
t
2.50
2.00
N D J FMAM J J A S O
2016 2017
1.89%
800-288-3425
Hilltop National Bank
Casper, WY
2.24%
307-265-2740
UniBank for Savings
Whitinsville, MA
2.24%
800-578-4270
TrustCo Bank
Albany, NY
2.37%
518-436-9043
Lake City Bank
Warsaw, IN
2.49%
888-522-2265
3.00
Friday
t
New car loan
Think Mutual Bank
Rochester, MN
1
3 6
month(s)
One year ago
1 2 3 5 710
years
maturity
Federal-funds rate target
1.00-1.25 1.00-1.25
Prime rate*
4.25
4.25
Libor, 3-month
1.34
1.36
Money market, annual yield
0.30
0.35
Five-year CD, annual yield
1.44
1.45
30-year mortgage, fixed†
3.87
3.93
15-year mortgage, fixed†
3.14
3.21
Jumbo mortgages, $424,100-plus† 4.44
4.37
Five-year adj mortgage (ARM)† 3.54
3.38
New-car loan, 48-month
3.06
3.07
HELOC, $30,000
4.92
5.26
3-yr chg
52-Week Range (%)
Low 0 2 4 6 8 High (pct pts)
0.25 l
l
3.50
0.87 l
0.26 l
1.19 l
l
3.54
l
2.79
l
4.23
l
3.13
l
2.85
l
4.57
1.25
4.25
1.36
0.36
1.47
4.33
3.50
4.88
4.03
3.36
5.30
1.00
1.00
1.13
-0.07
-0.07
-0.25
-0.12
0.09
-0.21
-0.16
0.85
253.95 -0.17
12.34 0.24
40.96 3.25
3.58 0.28
23.74 0.64
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
ECYT
SACH
Nasdaq
NYSE Arca
Total volume*1,477,738,310 138,028,716
Adv. volume* 710,113,066 60,039,115
Decl. volume* 746,370,894 77,217,296
Issues traded
3,006
1,243
Advances
1,142
522
Declines
1,701
687
Unchanged
163
34
New highs
195
150
New lows
24
28
Closing tick
213
5
Closing Arms†
0.71
1.00
Block trades*
6,304
842
* 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.
0
1.50
–5
0.75
–10
0.00
–15
30
Euro
52-Week
Low
% chg
1.54
5.63
17.77
9.85
13.46
-0.81
-1.32
-4.01
-1.45
-1.96
-34.47
-18.93
-18.41
-12.83
-12.71
5.33 0.97
8.22 0.82
25.99 16.32
24.05 8.53
25.42 13.38
-19.8
251.9
-7.1
-50.5
-24.8
2.99
29.00
2.12
2.35
6.95
-0.42
-3.96
-0.27
-0.30
-0.85
-12.32
-12.01
-11.47
-11.32
-10.90
3.50
39.00
4.42
11.45
15.45
0.81
4.50
1.55
1.10
6.60
110.6
448.2
-29.5
-73.7
-46.5
1.99
53.89
5.89
5.19
4.52
-0.22
-5.93
-0.64
-0.56
-0.48
-9.95
-9.91
-9.80
-9.74
-9.66
16.67 1.71
70.16 53.86
21.77 5.62
6.55 1.17
5.35 3.72
-87.0
-15.4
-37.9
56.8
...
JHMM
BIOP
FEMB
ISDR
FCOR
MDA
FALN
FLXN
Volume % chg from Latest Session
(000) 65-day avg Close % chg
52-Week
High
Low
242
683
1,031
215
139
3375
3287
2932
2630
2150
18.29
32.56
8.74
42.67
13.70
0.61
-0.34
18.11
-0.33
3.40
18.62 17.29
32.81 26.43
9.50 2.14
48.17 38.90
13.75 7.15
425
144
190
99
8,713
1789
1355
1336
1199
1192
24.64
50.83
56.14
27.69
28.24
0.08
0.12
-0.20
0.18
-5.65
25.45
51.37
60.76
29.44
32.25
23.56
48.72
45.15
25.90
15.93
Currencies
U.S.-dollar foreign-exchange rates in late New York trading
Country/currency
US$vs,
YTDchg
Mon
in US$ per US$ (%)
Americas
Argentina peso
.0573 17.4545
Brazil real
.3136 3.1884
Canada dollar
.7968 1.2551
Chile peso
.001579 633.40
Colombia peso
.0003385 2954.58
Ecuador US dollar
1
1
Mexico peso
.0536 18.6731
Peru new sol
.3056 3.272
Uruguay peso
.03427 29.1800
Venezuela b. fuerte .099684 10.0317
Yen
10.0
–2.0
–6.6
–5.4
–1.6
unch
–9.9
–2.4
–0.6
0.4
Asia-Pacific
2016 2017
Yield (%)
Last Week ago
High
* Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
5,000 shares =Has traded fewer than 65 days
WSJ Dollar index
5
Latest Session
Close Net chg % chg
Ranked by change from 65-day average*
IBDR
52-Week
High
Low
Bond total return index
Close
Treasury, Ryan ALM
n.a.
n.a.
2.070
2.237
1.466
n.a.
DJ Corporate
n.a.
Aggregate, Barclays Capital
n.a.
High Yield 100, Merrill Lynch 2864.190
Fixed-Rate MBS, Barclays
n.a.
Muni Master, Merrill
521.296
n.a.
n.a.
n.a.
5.102
n.a.
1.927
2.337
3.008
2.560
5.052
2.810
1.947
2.609
n.a.
n.a.
6.448
n.a.
2.516
1.739
n.a.
n.a.
4.948
n.a.
1.629
n.a.
n.a.
5.420
n.a.
n.a.
Total Return (%)
52-wk
3-yr
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
7.558 4.430
n.a.
n.a.
1.483 2.548
n.a.
n.a.
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
Australian dollar
.7754 1.2897
China yuan
.1509 6.6255
Hong Kong dollar
.1281 7.8063
India rupee
.01529 65.423
Indonesia rupiah .0000740 13517
Japan yen
.008875 112.68
Kazakhstan tenge .002930 341.35
Macau pataca
.1247 8.0170
Malaysia ringgit
.2363 4.2320
New Zealand dollar
.7064 1.4156
Pakistan rupee
.00950 105.255
Philippines peso
.0195 51.249
Singapore dollar
.7334 1.3635
South Korea won .0008743 1143.83
Sri Lanka rupee
.0065215 153.34
Taiwan dollar
.03292 30.373
Track the Markets
Compare the performance of selected global stock
indexes, bond ETFs, currencies and commodities at
WSJ.com/TrackTheMarkets
–7.1
–4.6
0.7
–3.7
–0.1
–3.7
2.3
1.3
–5.7
–2.0
0.8
3.3
–5.8
–5.3
3.3
–6.4
US$vs,
YTDchg
Mon
in US$ per US$ (%)
Country/currency
.02996 33.380 –6.8
.00004400 22726 –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
.04536 22.047 –14.2
.1577 6.3397 –10.3
1.1743 .8516 –10.4
.003769 265.33 –9.8
.009468 105.62 –6.5
.1253 7.9833 –7.6
.2730 3.6634 –12.5
.01715 58.304 –4.8
.1231 8.1252 –10.8
1.0206 .9798 –3.8
.2702 3.7011 5.0
.0377 26.4950 –2.2
1.3141 .7610 –6.1
Middle East/Africa
Bahrain dinar
Egypt pound
Israel shekel
Kuwait dinar
Oman sul rial
Qatar rial
Saudi Arabia riyal
South Africa rand
2.6506 .3773 0.03
.0568 17.6160 –2.8
.2848 3.5110 –8.8
3.3087 .3022 –1.1
2.5973 .3850 0.01
.2746 3.642 0.04
.2666 3.7505 –0.01
.0724 13.8082 0.8
Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 86.96 0.0040.005 –6.44
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
FRED
iSh iBonds Dec 2026 Corp
Fidelity Corporate Bd
MacDonald Dettwiler
iSh Fallen Angels USD Bd
Flexion Therapeutics
Corporate Borrowing Rates and Yields
EMBI Global, J.P. Morgan
DVA
254.70 208.38
13.27 10.47
40.99 16.17
3.87
2.56
25.93 18.58
10%
2.25
10-yr Treasury, Ryan ALM
SFS
ICB
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Yield/Rate (%)
Last (l)Week ago
PRTO
MS Income Secs
John Hancock Multi MC
Bioptix
First Trust Emg Mkt Local
Issuer Direct
Yen, euro vs. dollar; dollar vs.
major U.S. trading partners
3.75%
3.07%
RMGN
23.25
15.60
6.22
1.88
19.11
Forex Race
notes and bonds
Bankrate.com avg†:
GRVY
32.38
26.30
15.65
8.77
26.46
-3.94
-1.37
1.81
-3.57
-0.38
23.43
25.85
13.47
1.89
26.25
* Volumes of 100,000 shares or more are rounded to the nearest thousand
t
New car loan
ARA
Symbol
s
A consumer rate against its
benchmark over the past year
SGRY
Company
s
Selected rates
KTWO
52-Week
High
Low
s
U.S. consumer rates
MRNS
Volume Movers
CREDIT MARKETS & CURRENCIES
Consumer Rates and Returns to Investor
Symbol
96.39
38.40
33.90
18.79
18.11
OBAS
VERI
Company
3.20
0.91
5.34
0.59
1.34
ALT
JP
High
52-Week
Low
% chg
6.52
3.28
21.09
3.73
8.74
ANY
CLSN
Total volume* 615,477,603 9,202,628
Adv. volume* 232,209,742 3,852,042
Decl. volume* 372,103,314 5,144,255
Issues traded
2,995
319
Advances
1,250
131
Declines
1,609
168
Unchanged
136
20
New highs
188
6
New lows
23
3
Closing tick
3
12
Closing Arms†
1.33
1.13
Block trades*
5,670
108
Percentage Losers
Latest Session
Close Net chg % chg
Sources: SIX Financial Information; WSJ Market Data Group
WSJ
.COM
Low
0.05 254.20 253.91
5.5
550.65
Interest rate
After Hours
% chg
High
7.1
553.25
Americas
Brazil
Canada
Mexico
Chile
Net chg
11.2
100.92
World
Last
15.1
NYSE Arca Pharma
PHLX§ Semiconductor
CBOE Volatility
SPDR S&P 500
Volume
(000)
12.4
KBW Bank
PHLX§ Oil Service
Symbol
455.65
4254.52
PHLX§ Gold/Silver
Company
545.78
4293.42
NYSE Arca Biotech
NYSE NYSE Amer.
-0.48
541.54
12338.93 10289.35
Volume, Advancers, Decliners
-2.59
545.36
Value Line
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.
Most-active issues in late trading
14.5
15.1
Standard & Poor's
500 Index
Late Trading
TR/CC CRB Index
Crude oil, $ per barrel
Natural gas, $/MMBtu
Gold, $ per troy oz.
582.60
1.28
180.96
49.58
2.833
1281.80
0.001
0.29
-0.030
10.20
0.22
591.05
527.06
0.001 195.14
54.45
0.59
3.93
-1.05
0.80 1346.00
166.50
42.53
2.56
1127.80
% Chg
7.13
YTD
% chg
2.70
-4.90 -6.00
-3.45 -7.71
-13.50 -23.93
1.93 11.46
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Tuesday, October 10, 2017 | B9
COMMODITIES
Futures Contracts
Contract
High hilo
Low
Open
Open
interest
1,820
177,503
220
403,283
57,519
11,335
11,443
10,829
29,523
1,336
38
69,595
522
143,454
Dec
350.50
351.75
348.00
349.50
March'18 363.50 364.75
361.00
362.75
Oats (CBT)-5,000 bu.; cents per bu.
Dec
251.50
252.25
246.25
248.25
March'18 250.25 253.00
250.25
252.25
Soybeans (CBT)-5,000 bu.; cents per bu.
Nov
974.50
977.00
965.25
966.75
Jan'18
985.00
987.50
976.00
977.25
Soybean Meal (CBT)-100 tons; $ per ton.
Oct
313.70
316.20
311.40
311.50
Dec
320.00
320.60
315.30
315.50
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
32.81
32.97
32.81
33.02
Oct
Dec
33.01
33.30
32.97
33.26
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
Nov
1191.50 1201.00
1182.00 1184.00
Jan'18
1215.50 1215.50
1212.50 1213.00
Wheat (CBT)-5,000 bu.; cents per bu.
Dec
444.00
445.75
435.50
436.00
March'18 462.75 464.50
455.25
456.00
Wheat (KC)-5,000 bu.; cents per bu.
Dec
436.50
439.00
430.00
430.75
March'18 455.00 456.50
447.75
448.75
Wheat (MPLS)-5,000 bu.; cents per bu.
Dec
623.50
625.00
618.50
623.25
March'18 636.75 638.25
631.75
637.25
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
Oct
154.100 154.400
153.000 153.775
Nov
156.150 156.450
154.700 155.500
Cattle-Live (CME)-40,000 lbs.; cents per lb.
Oct
111.425 111.775
111.000 111.425
Dec
117.225 117.575
116.475 116.925
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
Oct
59.325
59.700
58.850
59.025
Dec
60.925
61.325
60.600
60.950
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
313,310
155,893
162,762
85,587
134,582
123,734
–.50 798,350
–.50 266,821
.95 113,427
1.00 49,454
.02 424,256
… 121,619
–.41
.01
528
2,133
.11
31
.11 128,439
.35
1.10
4,139
3,080
.8900
.8930
.8873
.8897
.0002
1,734
.0002 236,776
Oct
Dec
.7981
.7982
.7982
.7987
.7965
.7966
.7970 –.0011
443
.7973 –.0011 173,519
Oct
Dec
1.3084
1.3109
1.3186
1.3211
1.3081
1.3101
1.3154
1.3178
Dec
March'18
1.0267
1.0406
1.0277
1.0415
1.0240
1.0365
1.0254 –.0013
1.0324 –.0013
.7774
.7775
.7768
.7770
.7766
.7780
.7778
.7776
.7772
.7767
.7748
.7746
.7740
.7740
.7736
Swiss Franc (CME)-CHF 125,000; $ per CHF
7,725
2,285
.0084
817
.0084 176,056
Australian Dollar (CME)-AUD 100,000; $ per AUD
Oct
Nov
Dec
Jan'18
March
–7.50 248,282
–6.75 94,700
–6.00 136,568
–6.00 78,373
.7757
.7755
.7751
.7750
.7745
Mexican Peso (CME)-MXN 500,000; $ per MXN
47,079
132
–.0016
828
–.0016
732
–.0016 141,384
–.0016
357
–.0016
588
Dec
.05324
.05326
.05284
.05293 –.00038 195,050
Oct
Dec
1.1742
1.1779
1.1761
1.1800
1.1725
1.1762
1.1754
1.1793
Euro (CME)-€125,000; $ per €
.0015
1,874
.0015 427,425
Index Futures
Mini DJ Industrial Average (CBT)-$5 x index
.400 18,640
… 151,889
22705
22709
22751 s
22730 s
22676
22677
22711
22694
2543.80
2550.30 s
2540.00
2543.80
Dec
March'18
S&P 500 Index (CME)-$250 x index
–.150 16,123
.025 119,996
Dec
Mini S&P 500 (CME)-$50 x index
17 154,394
19
1,376
–1.30
49,966
October 9, 2017
Aug. index
level
Chg From (%)
July '17 Aug. '16
U.S. consumer price index
0.30
0.21
245.519
252.460
All items
Core
1.9
1.7
Week
ago
0.980 0.970 1.300 0.240
1.050 1.050 1.180 0.310
1.190 1.190 1.190 0.470
4 weeks
13 weeks
26 weeks
52-Week
High
Low
4.25 4.25 4.25 3.50
3.20 3.20 3.20 2.70
1.475 1.475 1.475 1.475
0.00
0.50
0.25
1.50
0.00
0.50
0.25
1.50
0.00
0.50
0.25
1.50
0.00
0.50
0.25
1.50
Overnight repurchase
Week
Latest ago
1.38
0.15
U.S. government rates
Discount
1.75
1.75
1.00
1.1800
1.3125
1.0000
1.1600
1.1700
1.2000
1.3125
1.1600
1.1700
1.1900
0.3500
0.5625
0.2400
0.3000
0.3200
1.75
Federal funds
Effective rate
High
Low
Bid
Offer
1.1700
1.3125
1.0500
1.1600
1.1700
3.00
Treasury Oct
Treasury Nov
Treasury Dec
2.25
Commercial paper (AA financial)
n.a.
1.30
0.62
1.23722
1.35639
1.52489
1.80900
1.23333
1.33556
1.50933
1.79067
1.23889
1.35639
1.52489
1.82761
0.52400
0.87389
1.24267
1.55622
-0.405
-0.376
-0.309
-0.221
-0.404
-0.381
-0.309
-0.221
-0.376
-0.319
-0.212
-0.071
-0.405
-0.381
-0.309
-0.223
Euro Libor
One month
Three month
Six month
One year
Largest 100 exchange-traded funds, latest session
AlerianMLPETF
CnsmrDiscSelSector
CnsStapleSelSector
DBGoldDoubleLgETN
DBGoldDoubleShrt
EnSelectSectorSPDR
FinSelSectorSPDR
GuggS&P500EW
HealthCareSelSect
IndSelSectorSPDR
iShIntermCredBd
iSh1-3YCreditBond
iSh3-7YTreasuryBd
iShCoreMSCIEAFEETF
iShCoreMSCIEmgMk
iShCoreMSCITotInt
iShCoreS&P500ETF
iShCoreS&PMdCp
iShCoreS&PSmCpETF
iShS&PTotlUSStkMkt
iShCoreUSAggBd
iShSelectDividend
iShEdgeMSCIMinEAFE
iShEdgeMSCIMinUSA
iShGoldTr
iShiBoxx$InvGrCpBd
iShiBoxx$HYCpBd
iShJPMUSDEmgBd
iShMBSETF
iShMSCIACWIETF
iShMSCIBrazilCap
AMLP
XLY
XLP
DGP
DZZ
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
EWZ
11.34
91.43
53.66
24.83
5.51
68.21
26.25
96.15
82.37
71.74
110.00
105.19
123.30
64.12
54.91
61.16
255.68
180.73
74.75
58.29
109.43
94.12
71.11
50.69
12.35
121.05
88.41
115.53
106.90
69.27
42.00
–0.53 –10.0
–0.32 12.3
3.8
–0.28
–0.72 23.4
–1.81 –19.6
0.21 –9.4
–0.38 12.9
–0.35 11.0
–0.63 19.5
–0.28 15.3
1.7
0.11
0.2
0.03
0.6
0.06
–0.02 19.6
–0.09 29.4
–0.05 21.1
–0.17 13.6
9.3
–0.33
8.7
–0.47
–0.21 13.6
1.3
0.14
6.3
0.09
0.08 16.2
–0.22 12.1
0.90 11.5
3.3
0.08
2.1
0.01
4.8
–0.14
0.5
0.07
–0.19 17.1
–1.45 26.0
Dividend Changes
Company
Symbol
Amount
Yld % New/Old Frq
Payable /
Record
Reduced
BP Prudhoe Bay Royalty Tr
BPT
12.4 .6758 /.83293 Q
Oct20 /Oct16
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
RA
INF
DHG
KMM
KTF
KST
KSM
10.0
7.4
5.5
4.7
5.0
4.2
4.9
.199
.0817
.069
.035
.0525
.044
.05
M
M
M
M
M
M
M
Oct26 /Oct18
Oct26 /Oct18
Oct31 /Oct16
Oct31 /Oct16
Oct31 /Oct16
Oct31 /Oct16
Oct31 /Oct16
LBDC
DVYL
BDCL
LRET
15.6
8.4
15.6
13.8
.7127
.4671
.7127
.3054
Q
M
Q
M
Oct23 /Oct13
Oct23 /Oct13
Oct23 /Oct13
Oct23 /Oct13
Foreign
2xLeveraged Lg ETRACS WF
DJ 2xSelect Div ETN
ETRACS 2x BDC
ETRACS 2xLev MSCI US REIT
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
68.45
61.73
45.60
43.16
56.06
339.48
110.79
126.83
141.50
119.54
180.90
149.43
124.91
150.88
199.01
85.49
205.14
145.27
108.76
38.32
113.42
84.34
106.24
123.98
114.67
101.72
147.49
46.17
23.17
37.21
122.08
33.47
61.53
Company
Dividend announcements from October 9.
Closing Chg YTD
Symbol Price (%) (%)
ETF
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 (%) (%)
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
Source: SIX Financial Information
60,893
Total
return
close
YTD total
return (%)
Yield (%)
Latest Low High
Index
n.a.
n.a.
Total
return
close
YTD total
return (%)
Yield (%)
Latest Low High
Index
Mortgage-Backed Bloomberg Barclays
U.S. Aggregate
n.a. n.a. n.a.
U.S. Corporate Indexes Bloomberg Barclays
n.a.
n.a.
Mortgage-Backed
n.a. n.a. n.a.
n.a.
n.a.
Ginnie Mae (GNMA)
n.a. n.a. n.a.
Fannie mae (FNMA)
n.a. n.a. n.a.
Freddie Mac (FHLMC) n.a. n.a. n.a.
n.a.
n.a.
U.S. Corporate
n.a. n.a. n.a.
n.a.
n.a.
n.a.
n.a.
Intermediate
n.a. n.a. n.a.
n.a.
n.a.
n.a.
n.a.
Long term
n.a. n.a. n.a.
521.30
4.5
Muni Master
1.927 1.629 2.516
n.a.
n.a.
Double-A-rated
n.a. n.a. n.a.
364.60
5.0
7-12 year
1.965 1.619 2.618
n.a.
n.a.
Triple-B-rated
n.a. n.a. n.a.
408.32
5.8
12-22 year
2.390 2.020 3.047
392.58
5.8
22-plus year
2.927 2.463 3.622
High Yield Bonds Merrill Lynch
7.2
416.73
High Yield Constrained 5.469 5.399 6.858
Global Government J.P. Morgan†
416.81
8.4 Triple-C-rated
10.424 9.584 13.189
n.a.
n.a.
Global Government
n.a. n.a. n.a.
2864.19
6.7
High Yield 100
5.102 4.948 6.448
n.a.
n.a.
Canada
n.a. n.a. n.a.
378.01
7.3
Global High Yield Constrained 5.027 5.003 6.450
n.a.
n.a.
EMU§
n.a. n.a. n.a.
304.84
6.2
Europe High Yield Constrained 2.248 2.161 3.814
n.a.
n.a.
France
n.a. n.a. n.a.
n.a.
n.a.
Germany
n.a. n.a. n.a.
n.a.
n.a.
U.S Agency
n.a. n.a. n.a.
n.a.
n.a.
Japan
n.a. n.a. n.a.
n.a.
n.a.
10-20 years
n.a. n.a. n.a.
n.a.
n.a.
Netherlands
n.a. n.a. n.a.
n.a.
n.a.
20-plus years
n.a. n.a. n.a.
n.a.
n.a.
U.K.
n.a. n.a. n.a.
n.a.
n.a.
Yankee
n.a. n.a. n.a.
n.a.
n.a.
Emerging Markets **
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds
** EMBI Global Index
0.03
0.06
–0.07
–0.05
0.13
–0.29
0.08
–0.06
–0.18
–0.33
–0.58
–0.41
–0.29
–0.19
–0.29
–0.27
–0.26
–0.06
–0.38
0.03
0.04
...
0.11
0.32
–0.27
–0.01
–0.12
–0.02
–0.09
0.08
0.82
0.03
–0.24
n.a. n.a. n.a.
† 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
1.375
2.250
U.S. 2 1.520
10 2.361
0.854
1.722
1.926 t
2.830 s
l
1.931
1.863
1.679
40.6
41.1
l
2.824
2.587
2.130
46.9
46.3
40.9
France 2 -0.490 s
10 0.720 t
l
-0.494
-0.560
-0.602
-201.4
-145.6
l
0.735
0.622
Germany 2 -0.686 s
10 0.449 t
l
-0.691
-0.755
l
0.461
Italy 2 -0.106 s
10 2.113 t
l
-0.117
l
l
10
0.100
0.100
2.750
1.450
Spread Under/Over U.S. Treasurys, in basis points
Latest
Prev
Year ago
1.266
2.052
Australia 2
0.000
Year ago
1.520
2.361
2.750
1.000
Month ago
l
2.750
0.000
Yield (%)
Latest(l) 0 20 40 60 80 100 120 Previous
Japan 2 -0.139
l
0.324
-201.0
82.5
-162.6
-139.8
-221.1
-151.8
0.312
-0.664 -220.7
0.021 -191.2
-190.0
-170.0
-0.106
-0.072
-162.7
-163.7
-92.6
2.148
1.963
1.387
-24.8
-21.3
-33.5
-0.139
-0.161
-0.273
-165.9
-165.9
-112.7
-164.1
l
0.055
-0.005
-0.063 -230.6
-230.6
-178.5
Spain 2 -0.284 t
10 1.673 s
l
-0.260
-0.343
-0.206
-180.4
-178.0
-106.0
l
1.661
1.537
1.020
-68.8
-70.0
-70.2
0.419 t
1.361 t
l
0.435
0.167
0.181
-110.1
-108.6
-67.4
l
1.369
0.990
0.885
-100.0
-99.2
-83.7
10
1.750
U.K. 2
4.250
10
0.055
Source: Tullett Prebon
98.880 unch. 5020 1.120
98.885 unch. 5503 1.115
98.735 unch. 1940 1.265
Exchange-Traded Portfolios | WSJ.com/ETFresearch
ETF
44,650
1,721
22.950 1.366 0.244
79.210 1.506 0.257
Data delayed due to holiday; expected for tomorrow’s editions.
ETF
–.14
–.14
52-Week
High
Low
Key Interest Rates
Monday, October 9, 2017
Closing Chg YTD
Symbol Price (%) (%)
296
-0.375
-0.332
-0.275
-0.176
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.
Libor
One month
Three month
Six month
One year
-0.366
-0.305
-0.203
-0.064
76
–1.80
DTCC GCF Repo Index Futures
Call money
1.21
—52-WEEK—
High Low
–4.00
Open Implied
Settle Change Interest Rate
52-Week
high
low
3.00
-0.373
-0.329
-0.272
-0.172
Value
Traded
1.127
1.193
Treasury
MBS
Other short-term rates
3.00
–4.00
Open
interest
DTCC GCF Repo Index
3.461 3.457 3.865 2.960
3.483 3.485 3.899 2.990
90 days
1.10
1.13
U.S.
-0.373
-0.329
-0.274
-0.176
Latest
30-year mortgage yields
Policy Rates
Euro zone
Switzerland
Britain
Australia
One month
Three month
Six month
One year
Fannie Mae
30 days
60 days
92,094
.3 278,318
.5
875
Chg
March'18 1505.60 1505.60
1505.60 1507.80
Mini Russell 1000 (ICE-US)-$100 x index
Dec
1414.50 1414.60
1409.00 1410.50
U.S. Dollar Index (ICE-US)-$1,000 x index
93.63
93.67
93.46
93.51
Dec
March'18
93.32
93.36
93.20
93.23
Euro interbank offered rate (Euribor)
Secondary market
Prime rates
U.S.
Canada
Japan
Week
Latest ago
Treasury bill auction
International rates
Latest
—52-WEEK—
High Low
–5.60
Settle
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
2.200
Week
Latest ago
–1.25 3,050,587
–1.50 23,902
Contract
High hilo
Low
Open
Bonds | WSJ.com/bonds
Tracking Bond Benchmarks
0.050
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.
Inflation
Open
interest
Chg
Dec
2543.25 2550.50 s
2539.25 2543.75
March'18 2544.25 2550.50 s 2539.75 2544.00
Mini S&P Midcap 400 (CME)-$100 x index
Dec
1815.90 1823.80 s
1810.70 1813.20
Mini Nasdaq 100 (CME)-$20 x index
Dec
6062.5
6084.0 s
6054.8
6064.5
March'18 6081.8 6095.8 s
6067.5
6077.0
Mini Russell 2000 (ICE-US)-$100 x index
Dec
1510.90 1518.00 s
1502.80 1507.60
0.500
Borrowing Benchmarks | WSJ.com/bonds
Money Rates
Settle
U.S Agency Bloomberg Barclays
.8877
.8902
British Pound (CME)-£62,500; $ per £
Contract
High hilo
Low
Open
Broad Market Bloomberg Barclays
Canadian Dollar (CME)-CAD 100,000; $ per CAD
.31
313
.31 185,933
8,619
22,188
.8893
.8906
Oct
Dec
–3.50
982
–3.70 168,792
–.175
–.250
–77 117,532
–70 71,796
Japanese Yen (CME)-¥12,500,000; $ per 100¥
–5.50 309,792
–5.75 148,095
36,452
23,667
4,097
4,488
Currency Futures
4,521
1,271
–.50
.50
–.06
–.17
Dec
152-020 152-100
151-280 152-030
6.0 747,165
March'18 150-270 151-020
150-250 150-290
6.0
63
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Dec
125-015 125-055
124-315 125-030
2.0 3,122,629
March'18 124-240 124-240
124-240 124-240
2.0
3,892
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Dec
117-100 117-117
117-090 117-105
1.2 2,974,068
March'18 117-045 117-045
117-045 117-032
1.2
221
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Dec
107-250 107-252
107-242 107-245
–.2 1,615,293
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Nov
98.845
98.845
98.840
98.845
… 214,667
Jan'18
98.650
98.650
98.645
98.650
… 344,759
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Dec
101.031 101.188
101.016 101.047
… 29,640
1 Month Libor (CME)-$3,000,000; pts of 100%
Oct
...
...
... 98.7625
…
1,354
Eurodollar (CME)-$1,000,000; pts of 100%
Oct
98.6375 98.6375
98.6300 98.6325 –.0050 165,474
Dec
98.4850 98.4900
98.4750 98.4800 –.0050 1,876,167
March'18 98.3600 98.3650
98.3500 98.3550 –.0050 1,348,662
Dec
98.0950 98.1000
98.0850 98.0900
… 1,632,626
117,825
96,645
–4.50
–4.50
4,347
1,424
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
108,460
92,704
–2.75
–2.25
1.60
.50
Interest Rate Futures
453,631
375,272
241,206
212,674
195,786
259,528
Agriculture Futures
Corn (CBT)-5,000 bu.; cents per bu.
Open
interest
Chg
414.00
417.00
411.60
413.70
Nov
Jan'18
401.50
403.50
399.90
401.50
Milk (CME)-200,000 lbs., cents per lb.
Oct
16.80
16.85
16.66
16.74
Nov
16.59
16.61
16.24
16.40
Cocoa (ICE-US)-10 metric tons; $ per ton.
Dec
2,091
2,099
1,999
2,008
March'18
2,097
2,109
2,015
2,023
Coffee (ICE-US)-37,500 lbs.; cents per lb.
Dec
131.00
131.90
129.80
130.95
March'18 134.50 135.40
133.40
134.60
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
March
14.09
14.18
13.84
14.00
May
14.19
14.28
13.97
14.11
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Nov
27.25
27.25
27.25
26.62
March'18
27.00
27.00
27.00
26.99
Cotton (ICE-US)-50,000 lbs.; cents per lb.
69.11
69.30
68.80
69.58
Oct
Dec
68.68
69.07
68.05
68.95
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Nov
157.10
159.05
155.00
157.50
Jan'18
156.75
158.90
155.75
157.95
Metal & Petroleum Futures
Contract
Open
High hi lo
Low
Settle
Chg
Copper-High (CMX)-25,000 lbs.; $ per lb.
Oct
3.0100
3.0160
3.0100
3.0170 0.0025
Dec
3.0185
3.0365
3.0120
3.0310 0.0020
Gold (CMX)-100 troy oz.; $ per troy oz.
1280.60 1284.00
1279.00 1281.80 10.20
Oct
Dec
1278.60 1288.00
1277.70 1285.00 10.10
Feb'18
1283.30 1291.90
1282.00 1289.10 10.10
April
1286.60 1295.50
1286.30 1293.10 10.10
June
1291.00 1299.20
1290.90 1297.00 10.20
Dec
1303.70 1311.50
1303.70 1309.10 10.40
Palladium (NYM) - 50 troy oz.; $ per troy oz.
Dec
919.45
929.80
918.55
928.00
9.00
March'18 916.75 923.90
915.10
923.00
8.80
Platinum (NYM)-50 troy oz.; $ per troy oz.
Oct
913.50
913.50
913.50
914.40
1.50
Jan'18
918.60
925.00
914.50
918.20
1.50
Silver (CMX)-5,000 troy oz.; $ per troy oz.
16.865
16.930
16.865
16.916 0.182
Oct
Dec
16.850
17.030
16.765
16.971 0.181
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
Nov
49.25
49.79
49.13
49.58
0.29
Dec
49.65
50.13
49.48
49.93
0.28
Jan'18
49.86
50.40
49.74
50.18
0.26
March
50.26
50.74
50.07
50.53
0.26
June
50.41
50.85
50.22
50.70
0.29
Dec
50.23
50.61
50.02
50.50
0.27
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
Nov
1.7368
1.7435
1.7200
1.7352 –.0087
Dec
1.7327
1.7417
1.7188
1.7341 –.0078
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
Nov
1.5575
1.5666
1.5366
1.5594 .0006
Dec
1.5385
1.5544
1.5275
1.5463 –.0011
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
Nov
2.859
2.886
t
2.827
2.833 –.030
Dec
3.047
3.068
t
3.013
3.018 –.028
Jan'18
3.166
3.188
t
3.134
3.140 –.030
Feb
3.173
3.196
3.146
3.152 –.027
March
3.139
3.158
3.116
3.122 –.022
April
2.908
2.928
2.903
2.911 –.001
Settle
WSJ.com/commodities
18.6
23.9
30.2
24.7
14.7
27.9
2.4
20.9
13.7
6.7
17.5
10.8
5.0
13.5
11.3
6.3
12.6
19.3
7.3
3.0
0.2
–0.1
1.4
4.1
17.7
0.4
24.5
11.0
–0.8
2.1
11.4
20.9
13.6
Symbol
ETRACS 2xLev US Hi Div
ETRACS 2xM Lev Alern MLP
ETRACS 2xM Lev S&P MLP
ETRACS Alerian MLP Infr
ETRACS Monthly 2xLev ETN
ETRACS Monthly 2xLev xEn
ETRACS Monthly Pay 2xLev
ETRACS Monthly Pay 2xLev
ETRACS Monthly Pay 2xLev
ETRACS Mortgage REIT
ETRACS WF Bus Dev Co Indx
S&P 2xDiv Aristo ETN
Safe Bulkers 8% Pfd. C
Safe Bulkers Perp. Pfd. D
Safe Bulkers Pfd B
UBS AG TRACS Alerian
UBS E TRACS Aler MLP Infr
UBS Wells Fargo ETN
HDLV
MLPQ
MLPZ
MLPB
SMHD
LMLP
DVHL
CEFL
MRRL
MORL
BDCZ
SDYL
SBpC
SBpD
SBpB
MLPG
MLPI
BDCS
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
60.70
227.53
329.63
253.95
91.88
60.10
53.50
23.74
154.97
128.71
95.27
43.38
44.22
58.11
52.86
134.33
153.48
81.93
84.48
87.88
116.68
148.11
106.10
83.50
233.27
79.73
80.04
142.60
81.73
54.56
54.94
130.93
71.24
100.84
64.87
55.05
Amount
Yld % New/Old Frq
10.7
14.7
14.3
6.6
29.8
1.7
20.4
16.6
45.8
45.8
8.3
4.7
8.5
8.5
7.8
5.7
6.6
8.3
.2875
1.5309
1.6214
.4153
.5162
.0224
.3623
.2606
.718
.718
.4547
.3019
.50
.50
.50
.3588
.4153
.4547
M
Q
Q
Q
M
M
M
M
M
M
Q
M
Q
Q
Q
Q
Q
Q
–0.18
–0.01
–0.29
–0.17
–0.22
0.25
0.13
0.64
0.22
–0.33
–0.43
0.05
–0.34
–0.05
–0.08
–0.08
–0.72
...
0.08
0.11
–0.20
–0.32
–0.45
0.24
–0.18
0.05
0.06
–0.32
0.10
0.08
–0.02
–0.20
–0.14
–0.27
–0.25
0.07
14.0
15.2
9.2
13.6
7.4
24.3
10.2
13.5
27.5
6.4
11.8
18.7
23.6
21.2
19.6
20.5
21.1
8.1
1.7
2.5
14.0
12.5
9.2
1.2
13.6
0.4
0.8
10.6
1.2
0.5
19.7
13.5
16.8
8.4
13.0
11.1
Payable /
Record
Oct23 /Oct13
Oct23 /Oct13
Oct23 /Oct13
Oct23 /Oct13
Oct23 /Oct13
Oct23 /Oct13
Oct23 /Oct13
Oct23 /Oct13
Oct23 /Oct13
Oct23 /Oct13
Oct23 /Oct13
Oct23 /Oct13
Oct30 /Oct23
Oct30 /Oct23
Oct30 /Oct23
Oct23 /Oct13
Oct23 /Oct13
Oct23 /Oct13
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
S2:1: stock split and ratio; SO: spin-off.
Hoping
can’t help a kid
struggling
with drugs.
But together,
we can.
We partner with parents and families to
get help for kids whose drug or alcohol use
threatens their lives with addiction.
We provide the science-based information
parents need to understand substance use
and programs to help parents effectively
engage with their teens and young adults.
Our counselors will listen to parents and
provide one-on-one guidance for families
struggling with their son or daughter’s use.
And we offer support from a network
of families that have successfully faced
this disease.
We’re here to help.
Our services are free.
Let’s work together.
Call our toll-free helpline,
1-855-DRUGFREE.
Or visit us at drugfree.org.
© Partnership for Drug-Free Kids, Inc.
Partnership is a nonprofit, 501(c)(3) charitable organization.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
B10 | Tuesday, October 10, 2017
NEW HIGHS AND LOWS
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.
Stock
Monday, October 9, 2017
Stock
52-Wk %
Sym Hi/Lo Chg Stock
NYSE highs - 188
12.44
AberdeenSingapore SGF
15.40
AdamsDivEquityFd ADX
45.54
AdvanSix
ASIX
52.37
AerCap
AER
66.77
AgilentTechs
A
Alibaba
BABA 183.13
24.62
AllyFinancial
ALLY
10.84
AlpineGlblDyn
AGD
9.17
AlpineTotDynDiv AOD
29.89
AmEqtyLf
AEL
91.96
AmericanExpress AXP
AmHomes4RentPfdG AMHpG 25.89
52.46
AmerStWater
AWR
83.54
AmerWaterWorks AWK
67.36
Ametek
AME
86.81
Amphenol
APH
Andeavor
ANDV 107.71
25.86
AnnalyCapPfdF NLYpF
147.87
Aon
AON
AristaNetworks ANET 196.27
52.60
ArmstrongWorld AWI
34.28
ArtisanPtrsAsset APAM
14.23
AsiaPacificFund APB
127.75
Autoliv
ALV
101.49
AveryDennison AVY
59.80
BWX Tech
BWXT
37.15
BankofButterfield NTB
BeldenPfdB
BDCpB 113.51
85.73
Belden
BDC
59.72
BerryGlobal
BERY
50.61
Bitauto
BITA
44.55
BlackKnight
BKI
11.43
BlackRockCorpHiYd HYT
15.82
BlkRkCapEnIncoFd CII
9.20
BlckRkEnDivTr
BDJ
13.68
BlkRkEnhGlbDiv BOE
16.35
BlkRkNJ MI Tr
BNJ
25.10
BlkRkSci&Tech BST
10.42
BoulderGrowth BIF
29.14
Braskem
BAK
82.33
BroadridgeFinl
BR
29.50
BrookfieldDTLAPf DTLAp
24.17
CNO Financial
CNO
29.81
CSS Industries CSS
25.90
CTS
CTS
27.89
CVR Energy
CVI
41.25
CalWtrSvc
CWT
16.61
Care.com
CRCM
109.09
Celanese A
CE
110.82
CharlesRiverLabs CRL
21.72
ChathamLodging CLDT
54.96
Chemours
CC
27.89
ChesapeakeLodging CHSP
8.45
ChinaRapidFin
XRF
21.60
ChnStrPfInco
RNP
CompassPfdA
CODIpA 25.63
26.75
ContinentalBldg CBPX
CostamarePfdC CMREpC 25.98
CostamarePfdB CMREpB 25.20
CrownCastlePfdA CCIpA 1113.86
172.74
Cummins
CMI
110.96
CurtissWright
CW
19.50
CushingRenaissance SZC
89.52
DXC Tech
DXC
-0.5
-0.2
3.9
0.2
0.3
1.6
-0.2
0.1
0.3
-0.5
0.2
...
0.3
0.5
0.2
...
0.6
...
0.3
0.2
0.4
1.5
0.1
0.4
0.4
-0.1
0.1
-0.3
-0.2
0.4
1.7
1.8
0.8
0.1
-0.2
0.7
2.2
0.3
0.4
-0.9
0.5
1.4
0.2
1.0
0.4
0.6
0.9
-1.2
-0.4
0.5
-0.4
0.3
0.2
5.3
0.1
0.7
0.6
0.1
0.7
1.1
-0.2
0.8
-0.5
1.1
52-Wk %
Sym Hi/Lo Chg Stock
32.00
11.97
79.52
92.67
34.12
25.30
13.10
94.50
71.88
50.56
12.50
57.30
46.80
6.30
27.48
54.65
31.00
20.70
30.89
15.07
94.45
17.15
72.10
24.90
49.29
45.43
99.15
125.60
55.57
41.18
20.73
41.00
136.21
79.64
59.60
69.97
145.30
25.65
41.45
236.94
81.35
46.76
67.56
23.15
36.23
12.76
22.04
26.42
18.39
25.27
15.19
63.59
17.04
11.50
62.12
5.64
318.34
121.79
145.18
47.95
656.78
20.60
11.30
37.00
10.20
37.82
294.98
DaqoNewEnergy DQ
DelEnhGlDivInc DEX
DellTechnologies DVMT
DelticTimber
DEL
Despegar.com
DESP
DigitalRealtyPfdJ DLRpJ
Dividend&IncomeFd DNI
Dover
DOV
DowDuPont
DWDP
EatonVance
EV
eHiCarServices EHIC
ElPasoElectric
EE
EmployersHldgs EIG
EnelChile
ENIC
EnelGenChile
EOCC
Envestnet
ENV
EnvivaPartners EVA
ExtendedStayAmer STAY
FederatedInvest FII
FibriaCelulose
FBR
FidelityNtlInfo
FIS
Forestar
FOR
Fortive
FTV
GOLLinhas
GOL
Generac
GNRC
GeneralMotors GM
GlobalPayments GPN
Graco
GGG
GreenDot
GDOT
HFF
HF
HP
HPQ
HamiltonBeach HBB
Harris
HRS
Herbalife
HLF
Hexcel
HXL
Hilton
HLT
Honeywell
HON
HorizonTechNts22 HTFA
DR Horton
DHI
HuntingtonIngalls HII
HysterYaleMatls HY
ITT
ITT
Ingevity
NGVT
InvestmentTech ITG
JELD-WEN
JELD
JapanSmlCap
JOF
JupaiHoldings
JP
KB Home
KBH
KKR IncomeOpps KIO
Kemet
KEM
KirklandLakeGold KL
Kyocera
KYO
LazardGlblFd
LGI
LazardWorldDiv LOR
Leidos
LDOS
LibertyASGFd
ASG
LockheedMartin LMT
MSCI
MSCI
Mastercard
MA
MeritageHomes MTH
MettlerToledo
MTD
ModineMfg
MOD
NamTaiProperty NTP
NatlBankHoldings NBHC
NewAmFd
HYB
NoahHoldings
NOAH
NorthropGrumman NOC
5.0
0.3
0.3
-1.4
3.1
0.7
0.7
-0.3
0.6
-0.3
6.1
0.4
-0.9
-1.1
0.3
1.1
0.5
...
1.2
1.8
0.5
3.4
0.5
-1.4
-0.6
0.9
1.2
-0.8
1.4
0.8
...
2.7
0.2
2.1
0.3
0.3
...
-0.5
0.4
...
0.7
1.5
2.5
1.2
0.2
-0.7
10.8
1.5
0.6
3.9
5.6
0.2
0.8
-0.2
0.4
1.5
0.3
0.2
0.7
-1.3
1.0
2.8
-0.4
-1.8
-0.1
5.9
0.2
52-Wk %
Sym Hi/Lo Chg
NorthstarRltyEur NRE
NuvDow30Dyn DIAX
OasisMidstream OMP
OilDriAmerica
ODC
OneMain
OMF
OwensCorning
OC
PIMCODynamicCred PCI
PIMCO DynIncmFd PDI
PaycomSoftware PAYC
Penumbra
PEN
PerkinElmer
PKI
Progressive
PGR
PublicServiceEnt PEG
RELX
RELX
Raytheon
RTN
RedHat
RHT
Rockwell
ROK
Rollins
ROL
RoperTech
ROP
RoyceValue
RVT
SAP
SAP
SJW Group
SJW
SafeBulkersPfdC SBpC
SafeBulkersPfdD SBpD
SantanderConUSA SC
ServiceNow
NOW
SiteOneLandscape SITE
SocialCapHed
IPOA
SpiritAeroSys
SPR
Square
SQ
StanleyBlackDeckUn SWP
TE Connectivity TEL
TableauSoftware DATA
TeekayOffshrPfB TOOpB
TeledyneTech
TDY
Terex
TEX
Textron
TXT
ThorIndustries
THO
TierReit
TIER
Toll Bros
TOL
TransportadGas TGS
Tri-Continental TY
Tronox
TROX
UMHPropPfdC
UMHpC
UrstadtBiddlePfdH UBPpH
Visa
V
VirtusTRFd
ZF
Vishay
VSH
VMware
VMW
VoyaAsiaPacHiDiv IAE
WNS
WNS
Workiva
WK
Wyndham
WYN
XeniaHotels
XHR
Xylem
XYL
Yirendai
YRD
YumChina
YUMC
13.52
17.19
17.51
50.48
33.39
79.64
23.36
31.08
78.86
94.65
70.85
49.75
47.71
22.61
188.62
117.97
183.88
47.06
252.56
16.02
112.31
60.04
24.11
23.48
15.87
122.45
62.63
10.85
79.82
31.52
118.76
86.60
77.77
24.89
164.06
45.82
55.80
129.88
19.92
42.91
22.08
25.98
25.75
27.46
26.00
107.65
13.16
20.65
112.24
10.86
37.52
22.35
107.92
21.76
64.86
48.44
43.32
0.4
...
1.0
0.6
10.2
0.4
0.4
...
0.5
-1.2
...
0.3
...
0.1
0.1
...
0.5
0.3
-0.3
0.6
1.2
1.2
3.0
2.9
-2.2
-0.3
-0.4
-0.1
0.9
1.0
-0.1
...
0.3
1.2
0.4
-1.2
-0.3
0.1
0.4
0.2
0.3
0.5
0.7
0.8
0.4
0.3
...
...
0.3
1.0
1.0
-0.2
0.8
1.1
0.1
3.6
5.3
NYSE lows - 23
13.38
2.24
10.24
50.07
4.75
13.35
15.00
AmericanRenal ARA
AvonProducts
AVP
BrookdaleSrLiving BKD
ChinaMobile
CHL
ComstockRscs
CRK
Corts JCPen JBS JBN
Corts JC KTP
KTP
-12.7
-0.9
-4.3
0.3
-1.6
-0.4
0.1
Stock
s
s
s
s
s
t
t
s
s
s
s
s
Stock
Net
Sym Close Chg
Encana
ECA 11.32
EnelAmericas ENIA 10.65
EnelChile
ENIC 6.13
EnelGenChile EOCC 27.09
EnergyTrfrEquity ETE 17.90
EnergyTransfer ETP 18.34
EnLinkMidPtrs ENLK 16.45
Entergy
ETR 78.86
EnterpriseProd EPD 26.40
Equifax
EFX 112.25
EquityLife
ELS 87.29
EquityResdntl EQR 66.44
EssexProp
ESS 257.60
EsteeLauder EL 109.63
EverestRe
RE 226.02
EversourceEner ES
60.32
Exelon
EXC 38.04
ExtraSpaceSt EXR 80.02
ExxonMobil XOM 82.03
FMC
FMC 90.76
FactSet
FDS 178.44
FederalRealty FRT 126.11
FedEx
FDX 220.64
Ferrari
RACE 114.83
FiatChrysler FCAU 17.74
FibriaCelulose FBR 14.91
FidelityNatlFin FNF 34.17
FNFV Group FNFV 18.00
FidelityNtlInfo FIS
94.35
58.com
WUBA 64.51
FirstData
FDC 17.98
FirstRepBank FRC 104.66
FirstEnergy FE
31.41
FleetCorTech FLT 162.16
Flowserve
FLS 43.21
Fluor
FLR 42.59
FomentoEconMex FMX 94.35
FordMotor
F
12.34
Fortis
FTS 36.10
Fortive
FTV 71.90
FortBrandsHome FBHS 66.00
Franco-Nevada FNV 79.49
FranklinRscs BEN 44.71
Freeport-McMoRan FCX 14.32
FreseniusMed FMS 48.30
GGP
GGP 21.29
Gallagher
AJG 61.60
Gap
GPS 28.73
Gartner
IT
123.49
Gazit-Globe GZT
9.63
GeneralDynamics GD 213.53
GeneralElec GE
23.43
GeneralMills GIS
50.19
GeneralMotors GM
45.33
Genpact
G
29.25
GenuineParts GPC 95.18
Gerdau
GGB 3.31
Gildan
GIL 30.62
GlaxoSmithKline GSK 40.60
GlobalPayments GPN 98.15
GoDaddy
GDDY 44.10
Goldcorp
GG
13.38
GoldmanSachs GS 242.80
Graco
GGG 123.96
Grainger
GWW 177.60
GreatPlainsEner GXP 31.07
GpoAeroportuar PAC 98.68
GpoAvalAcciones AVAL 8.92
GpFinSantandMex BSMX 9.57
GrupoTelevisa TV
23.48
GuidewireSoftware GWRE 77.70
HCA Healthcare HCA 75.31
HCP
HCP 26.83
HDFC Bank HDB 93.00
HP
HPQ 20.57
HSBC
HSBC 49.59
Halliburton HAL 44.93
Hanesbrands HBI 23.52
HarleyDavidson HOG 45.78
Harris
HRS 135.88
HartfordFinl HIG 55.58
0.09
-0.15
-0.07
0.08
-0.02
-0.20
-0.08
0.21
0.11
0.91
0.80
0.02
0.59
-0.11
1.01
-0.06
-0.11
-0.36
0.32
-0.40
-1.25
0.43
-0.16
2.23
0.14
0.26
-0.23
-0.05
0.44
-0.34
-0.09
-0.33
0.03
1.40
-0.11
-0.33
-0.25
0.03
-0.04
0.35
0.04
0.30
0.04
-0.01
-0.64
0.08
-0.16
-0.66
1.10
0.03
0.93
-0.96
-1.21
0.40
0.11
-0.37
-0.05
-0.90
-0.01
1.20
-0.12
0.08
-3.22
-0.96
-2.47
0.30
-0.90
-0.11
-0.10
-0.58
-0.54
-1.33
-0.09
-0.40
-0.01
0.09
0.18
-0.23
-0.43
0.22
-0.04
Net
Sym Close Chg
NYSE Arca highs - 150
s
s
s
s
s
t
s
s
HealthcareAmer HTA 29.94
Heico
HEI
89.51
Helmerich&Payne HP
51.93
Herbalife
HLF 76.84
Hershey
HSY 107.89
Hess
HES 44.33
HewlettPackard HPE 14.80
Hilton
HLT 69.66
HollyFrontier HFC 36.18
HomeDepot HD 165.71
HondaMotor HMC 30.09
Honeywell
HON 143.60
HormelFoods HRL 31.25
DR Horton
DHI 41.23
HostHotels HST 18.39
HuanengPower HNP 25.07
Hubbell
HUBB 116.13
Humana
HUM 240.41
HuntingtonIngalls HII 235.94
Huntsman
HUN 27.17
HyattHotels H
61.58
ICICI Bank
IBN
8.38
ING Groep
ING 18.47
Invesco
IVZ
35.73
IDEX
IEX 123.13
IllinoisToolWks ITW 151.70
Infosys
INFY 14.69
Ingersoll-Rand IR
92.06
Ingredion
INGR 122.03
ICE
ICE
69.46
InterContinentl IHG 54.07
IBM
IBM 147.39
IntlFlavors
IFF 146.38
IntlPaper
IP
57.03
Interpublic
IPG
21.04
InvitationHomes INVH 22.42
IronMountain IRM 38.32
IsraelChemicals ICL
4.41
ItauUnibanco ITUB 13.84
JPMorganChase JPM 96.41
JacobsEngineering JEC 58.38
JamesHardie JHX 13.78
JanusHenderson JHG 34.80
J&J
JNJ 133.45
JohnsonControls JCI
40.60
JonesLangLaSalle JLL 128.59
JuniperNetworks JNPR 27.32
KAR Auction KAR 47.61
KB Fin
KB
49.93
KKR
KKR 20.20
KT
KT
13.90
KSCitySouthern KSU 104.16
Kellogg
K
61.04
KeyCorp
KEY 18.57
KeysightTechs KEYS 41.76
KilroyRealty KRC 71.57
KimberlyClark KMB 115.49
KimcoRealty KIM 19.16
KinderMorgan KMI 19.03
Knight-Swift KNX 39.68
Kohl's
KSS 42.99
KoninklijkePhil PHG 41.09
KoreaElcPwr KEP 16.90
Kroger
KR
20.29
Kyocera
KYO 63.43
LATAMAirlines LTM 13.72
L Brands
LB
42.17
LG Display
LPL 13.68
LINE
LN
36.28
L3 Tech
LLL 187.69
LabCpAm
LH 149.27
LambWeston LW
48.83
LasVegasSands LVS 63.66
Lazard
LAZ 44.81
Lear
LEA 173.72
Leggett&Platt LEG 48.27
Leidos
LDOS 62.00
Lennar A
LEN 56.20
LennoxIntl
LII
184.11
LeucadiaNatl LUK 25.12
Level3Comm LVLT 55.16
LibertyProperty LPT 41.55
0.18
0.63
0.40
1.59
-0.76
-0.26
...
0.18
0.76
-0.14
...
-0.02
-0.37
0.15
0.05
0.26
-1.02
-6.49
0.11
-0.38
-0.02
-0.09
...
-0.04
-0.75
0.07
0.06
0.01
-1.12
0.43
0.50
0.91
0.75
-0.42
-0.08
0.06
0.20
...
-0.30
-0.51
-0.58
-0.02
0.01
0.23
-0.47
-0.03
-1.11
-0.23
0.04
-0.10
-0.08
0.42
-1.36
-0.12
-0.04
-0.75
0.10
0.05
0.01
-0.14
-0.35
-0.01
0.04
-0.34
0.13
-0.20
-0.75
-0.06
-0.14
-1.69
-2.38
-0.30
-0.60
-0.62
-0.03
-0.19
0.25
0.31
-0.21
-0.14
0.08
-0.09
Stock
s
s
s
s
s
Stock
Net
Sym Close Chg
EliLilly
LLY
87.05
LincolnNational LNC 74.70
LiveNationEnt LYV 42.85
LloydsBanking LYG
3.58
LockheedMartin LMT 317.30
Loews
L
48.56
Lowe's
LOW 81.74
LyondellBasell LYB 99.04
M&T Bank
MTB 161.17
MGM Resorts MGM 30.81
MPLX
MPLX 35.22
MSCI
MSCI 121.54
Macerich
MAC 56.93
MacquarieInfr MIC 72.55
Macy's
M
20.35
MagellanMid MMP 70.50
MagnaIntl
MGA 54.09
Manpower
MAN 121.95
ManulifeFin MFC 20.18
MarathonOil MRO 13.58
MarathonPetrol MPC 56.14
Markel
MKL 1077.13
Marsh&McLennan MMC 83.35
MartinMarietta MLM 205.93
Masco
MAS 38.94
Mastercard MA 144.55
McCormick MKC 96.83
McDonalds MCD 160.12
McKesson
MCK 148.14
Medtronic
MDT 76.93
Merck
MRK 64.33
MetLife
MET 52.99
MettlerToledo MTD 651.95
MichaelKors KORS 47.30
MicroFocus MFGP 31.73
MidAmApt MAA 108.34
MitsubishiUFJ MTU 6.48
MizuhoFin
MFG 3.53
MobileTeleSys MBT 10.43
MohawkIndustries MHK 256.74
MolsonCoors B TAP 82.26
Monsanto
MON 119.65
Moody's
MCO 141.95
MorganStanley MS
49.38
Mosaic
MOS 20.94
MotorolaSolutions MSI 89.10
NRG Energy NRG 25.74
NTTDoCoMo DCM 22.81
NVR
NVR 2889.61
NationalGrid NGG 62.62
NatlOilwell
NOV 35.24
NatlRetailProp NNN 41.91
NewOrientalEduc EDU 91.64
NY CmntyBcp NYCB 12.81
NewellBrands NWL 43.00
NewfieldExpln NFX 29.99
NewmontMining NEM 38.28
NextEraEnergy NEE 147.90
NielsenHoldings NLSN 40.39
Nike
NKE 51.52
NiSource
NI
25.91
NobleEnergy NBL 28.05
Nokia
NOK
5.92
NomuraHoldings NMR 5.67
Nordstrom
JWN 43.54
NorfolkSouthern NSC 130.79
NorthropGrumman NOC 293.86
Novartis
NVS 85.45
NovoNordisk NVO 49.21
Nucor
NUE 55.40
NuSTAREnergy NS
40.29
OGE Energy OGE 35.75
ONEOK
OKE 56.07
OccidentalPetrol OXY 64.00
Och-Ziff
OZM 3.36
Olin
OLN 36.47
OmegaHealthcare OHI 31.28
Omnicom
OMC 74.67
Oracle
ORCL 48.36
Orange
ORAN 16.24
OrbitalATK OA 133.50
Orix
IX
81.24
Mutual Funds | WSJ.com/fundresearch
Data provided by
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. r-Redemption 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, October 9, 2017
Net YTD
NAV Chg %Ret Fund
NAV Chg %Ret Fund
A
44.89 -0.10 13.8 EmgMktVa
American Century Inv
Ultra
43.71 -0.11
American Funds Cl A
AmcpA p
31.32 -0.05
AMutlA p 40.87 -0.06
BalA p
27.16 -0.02
12.96 +0.01
BondA p
62.81 +0.11
CapIBA p
CapWGrA 51.43 +0.02
55.87 +0.02
EupacA p
62.37 -0.04
FdInvA p
50.25 -0.07
GwthA p
10.49
...
HI TrA p
40.69 -0.05
ICAA p
23.34 +0.02
IncoA p
44.05
...
N PerA p
46.39 -0.04
NEcoA p
NwWrldA 65.23 -0.04
55.95 -0.13
SmCpA p
TxExA p
13.00 +0.01
WshA p
25.6
28.5
22.2
19.6
24.2
22.6
14.2
12.5
8.2
4.6
5.1
11.6
109.23 -0.30
14.01 -0.07
13.82 +0.01
46.64 -0.10
Del Invest Instl
201.95 -0.92
Value
20.96 -0.08 7.8 DoubleLine Funds
Dimensional Fds
NA
...
TotRetBdI
5GlbFxdInc 11.02 +0.01 2.2 TotRetBdN
NA
...
9.2
17.6
3.9
22.4
12.7
B
AggBdInst
CorBdInst
10.89
...
11.25 +0.01
BlackRock Funds A
GlblAlloc p 20.14 -0.01
BlackRock Funds Inst
22.89 -0.08
EqtyDivd
20.27 -0.01
GlblAlloc
7.85 -0.01
HiYldBd
StratIncOpptyIns 9.97 -0.01
Bridge Builder Trust
NA
...
CoreBond
D
3.6
4.1
10.8
EmMktCorEq
IntlCoreEq
IntlVal
IntSmCo
IntSmVa
US CoreEq1
US CoreEq2
US Small
US SmCpVal
US TgdVal
USLgVa
11.6
11.0
7.3
4.1 Dodge & Cox
Balanced
NA GblStock
Income
Intl Stk
Stock
NA
NA
-0.15
0.35
-0.19
-0.51
-0.08
-0.10
-0.64
0.11
-2.50
0.22
-0.95
0.29
0.15
-0.06
0.04
-0.08
-0.02
-0.39
0.01
0.19
-0.04
-0.03
0.09
2.10
0.50
-0.90
0.04
0.49
-0.25
-0.30
0.48
-0.43
0.08
-1.09
-0.06
-0.21
0.17
0.31
-0.59
0.15
0.01
0.41
-0.08
-0.17
-1.36
0.09
0.08
0.03
-0.30
-1.30
-0.20
0.27
0.05
0.01
0.33
-0.20
-0.44
-1.21
-0.93
0.44
-1.11
-0.64
-0.37
-1.01
0.12
0.96
0.58
-0.16
0.16
-0.73
-0.47
...
1.14
1.34
0.72
-0.31
0.21
-0.66
-0.05
-0.15
-0.35
0.60
0.44
-0.01
0.07
Net YTD
NAV Chg %Ret Fund
Stock
s
t
s
s
s
s
s
s
s
s
F
Federated Instl
StraValDivIS 6.43 +0.01 11.8
Fidelity
89.02 -0.16
89.02 -0.16
89.02 -0.16
62.45 -0.25
42.63 +0.07
73.99 -0.16
73.97 -0.17
11.62 +0.01
11.62 +0.01
Fidelity Advisor I
NwInsghtI 32.58 -0.06
Fidelity Freedom
16.58
...
FF2020
14.34
...
FF2025
17.93 -0.01
FF2030
Fidelity Invest
Balanc
24.78 -0.03
BluCh
85.08 -0.14
123.19 -0.22
Contra
123.18 -0.22
ContraK
10.29
...
CpInc r
40.82 +0.07
DivIntl
GroCo
177.85 +0.06
GrowCoK 177.79 +0.05
7.93
...
InvGB
11.30 +0.01
InvGrBd
52.05 -0.12
LowP r
LowPriStkK r 52.01 -0.12
103.50 -0.19
MagIn
OTC
105.46 -0.38
Puritn
23.34 -0.03
15.4
15.4
15.4
13.8
20.8
15.2
15.1
3.1
3.1
22.0
12.4
13.3
15.5
13.4
28.9
25.9
26.0
10.3
22.6
30.0
30.1
3.4
3.8
13.6
13.7
19.9
32.4
14.3
32.67
76.40
53.87
153.08
89.37
96.46
60.81
56.16
94.27
63.01
106.00
148.73
127.11
141.92
182.52
150.68
96.77
68.94
58.53
112.88
206.00
145.62
145.10
103.34
158.95
127.80
115.14
33.30
39.10
29.54
68.12
32.46
65.61
52.60
32.02
91.68
46.43
50.68
39.56
39.34
43.67
26.75
32.32
4.84
99.42
111.94
113.70
66.45
69.07
107.23
78.17
73.69
80.00
27.26
51.69
79.70
72.45
76.25
63.23
74.77
74.26
80.61
190.58
73.59
108.52
150.03
125.88
82.31
61.95
64.69
74.96
67.74
61.75
Net YTD
NAV Chg %Ret Fund
20.97 -0.05
17.45 +0.01
16.02 +0.06
10.75 +0.01
10.70
...
Fidelity Selects
Biotech r 234.25 -1.17
First Eagle Funds
59.90 +0.01
GlbA
FPA Funds
NA
...
FPACres
FrankTemp/Frank Adv
...
IncomeAdv 2.37
FrankTemp/Franklin A
7.43 +0.01
CA TF A p
Fed TF A p 11.96 +0.01
2.39
...
IncomeA p
RisDv A p 59.26 -0.28
FrankTemp/Franklin C
Income C t 2.42
...
FrankTemp/Temp A
GlBond A p 12.23 -0.05
Growth A p 26.92 -0.01
FrankTemp/Temp Adv
GlBondAdv p 12.18 -0.05
H
Harbor Funds
CapApInst
IntlInst r
73.48
70.21
Harding Loevner
NA
IntlEq
I
0.7
1.0
-0.1
0.3
...
-0.1
0.2
0.1
-0.2
...
-0.2
-0.2
-0.1
-0.2
-0.6
-0.4
-0.5
...
-0.2
-0.1
-0.3
-0.1
0.3
-0.2
0.2
-0.2
-0.3
-0.2
0.1
0.4
-0.4
...
-0.4
0.1
-0.4
-0.1
0.3
0.6
0.2
...
-0.2
-0.4
0.4
-0.8
-1.9
-0.1
0.5
-0.2
-0.8
1.7
0.6
-0.2
-1.2
0.2
0.1
0.3
-0.3
0.1
0.3
0.3
...
...
...
-0.5
0.2
-0.3
-0.1
0.3
-0.3
-1.7
0.4
0.2
-0.2
33.6
30.6
25.2
17.4
3.7
-0.83
0.16
0.39
0.68
0.16
-0.62
-0.08
-0.42
-0.07
-1.47
-0.16
-0.54
0.52
-0.24
-0.47
-1.34
-0.08
1.67
-0.40
-0.04
0.06
-0.69
-0.78
-0.39
-1.46
0.68
-0.04
0.31
1.18
0.02
-0.71
0.06
-0.60
-0.07
-3.07
0.02
0.65
0.04
-0.10
-0.37
0.13
-0.08
-0.22
-0.26
0.38
...
0.07
-0.60
-0.15
-0.57
0.27
0.31
-0.20
-0.87
0.03
0.18
-0.83
-0.44
0.05
0.60
-2.43
-0.13
0.08
-0.06
-0.27
0.05
-0.17
-0.16
0.05
-0.17
0.13
0.16
-1.17
0.05
0.10
-0.28
-0.40
-0.20
-0.08
0.47
-0.20
0.02
1.43
-0.11
0.1
-0.3
...
0.3
0.1
-0.3
-0.2
0.7
0.2
-0.5
-0.3
-0.1
-0.4
-0.2
-0.2
-0.1
-0.2
...
-0.3
-0.2
...
...
0.2
36.89
20.05
2.90
13.73
15.45
19.57
12.96
8.45
12.46
25.01
16.26
11.72
37.50
42.99
7.73
18.21
25.27
34.22
18.61
14.93
18.09
45.40
12.19
18.94
30.63
6.15
9.49
18.13
iPathS&P500VIXST VXX
PathS&P500VIXMT VXZ
DBAgricDoubleLgETN DAG
DirexFinlBear3
FAZ
DirexMcBear3
MIDZ
DirexSemiBear3 SOXS
DirexScBear3
TZA
DirexTechBear3 TECS
GlbXSuperIncPfd SPFF
NuShESGUSAggBd NUBD
ProShShtDow30 DOG
ProShShtMC400 MYY
ProShShortQQQ PSQ
ProShShtRus2000 RWM
ProshUltBlmNatGas BOIL
ProShUltVIXST UVXY
ProShUltShtDow30 SDOW
ProShShtRus2000 SRTY
ProShrUSInd
SIJ
ProShUltShtQQQ QID
ProShrUlShtRus TWM
ProShUltShtS&P500 SDS
ProShrUSSemi SSG
ProShrUSTech
REW
ProShsVIXSTFut VIXY
US NatGas
UNG
VelocityShares3xLg UGAZ
VelocityShVIXTail BSWN
2.2
1.2
-2.0
0.4
0.7
-2.3
1.3
-0.6
-0.5
...
0.1
0.3
0.1
0.4
-2.1
4.1
0.1
1.4
0.3
0.2
0.9
0.4
-1.9
-1.0
1.9
-1.3
-3.5
-0.2
NYSE American highs - 6
AbrdnGlobIncFd
AdamsRes
CentralSecs
inTEST
TasekoMines
VirnetX
9.08
46.66
26.33
10.25
2.46
8.75
FCO
AE
CET
INTT
TGB
VHC
1.0
-3.7
-0.1
11.8
-0.2
-3.1
NYSE American lows - 3
50.45 0.1
0.83 -6.5
8.49 -0.1
Gabelli6%CumPfdA GLUpA
RegionalHlthProp RHE
Servotronics
SVT
Nasdaq highs - 195
ABMD
ACTA
Abiomed
Actua
s
s
s
s
s
175.72 -0.5
15.65
...
Travelers
TRV 124.95
TurkcellIletism TKC
8.47
TurquoiseHill TRQ
3.24
Twitter
TWTR 17.67
TylerTech
TYL 178.25
TysonFoods TSN 70.64
UBS Group UBS 17.03
UDR
UDR 38.36
UGI
UGI 46.85
US Foods
USFD 26.91
UltraparPart UGP 23.74
UnderArmour A UAA 16.65
UnderArmour C UA
15.30
Unilever
UN
58.51
Unilever
UL
57.08
UnionPacific UNP 113.88
UnitedContinental UAL 64.70
UnitedMicro UMC 2.57
UPS B
UPS 117.15
UnitedRentals URI 142.49
US Bancorp USB 53.85
US Steel
X
25.02
UnitedTech UTX 118.63
UnitedHealth UNH 196.30
UniversalHealthB UHS 107.13
UnumGroup UNM 52.29
VEREIT
VER
8.35
VF
VFC 64.41
Visa
V
107.01
VailResorts MTN 216.56
Vale
VALE 9.81
ValeroEnergy VLO 77.13
Vantiv
VNTV 71.16
VarianMed
VAR 100.37
Vedanta
VEDL 19.88
VeevaSystems VEEV 58.10
Ventas
VTR 63.31
Verizon
VZ
49.05
VistraEnergy VST 18.93
VMware
VMW 111.85
VornadoRealty VNO 77.80
VoyaFinancial VOYA 40.45
VulcanMaterials VMC 120.19
WABCO
WBC 150.59
WEC Energy WEC 64.26
W.P.Carey
WPC 68.31
Wabtec
WAB 75.35
Wal-Mart
WMT 80.53
WasteConnections WCN 68.94
WasteMgt
WM 76.79
Waters
WAT 183.80
Watsco
WSO 162.45
Wayfair
W
68.28
WellCareHealth WCG 170.75
WellsFargo WFC 55.14
Welltower
HCN 68.25
WestPharmSvcs WST 94.07
WestarEnergy WR 50.99
WestAllianceBcp WAL 53.18
WesternGasEquity WGP 39.94
WesternGasPtrs WES 52.30
WesternUnion WU 19.52
WestlakeChem WLK 84.72
WestpacBanking WBK 25.05
WestRock
WRK 58.54
Weyerhaeuser WY 34.12
WheatonPrecMetals WPM 20.03
Whirlpool
WHR 179.96
Williams
WMB 30.06
WilliamsPartners WPZ 39.44
Wipro
WIT
5.50
WooriBank WF
47.14
Wyndham
WYN 107.90
XPO Logistics XPO 67.20
XcelEnergy XEL 47.58
Xerox
XRX 32.61
Xylem
XYL 64.65
YPF
YPF 22.23
YumBrands YUM 76.00
YumChina
YUMC 42.99
ZTO Express ZTO 13.58
ZayoGroup ZAYO 34.23
ZimmerBiomet ZBH 117.52
Zoetis
ZTS 63.73
Net YTD
NAV Chg %Ret Fund
LSGwth
8.50
71.00
48.48
69.06
42.55
4.09
51.95
53.04
27.25
11.50
65.23
40.00
16.15
254.28
5.50
114.72
332.24
0.35
21.45
34.44
11.00
70.51
47.85
41.08
12.42
25.72
153.95
84.90
42.62
20.70
138.44
209.05
106.98
149.96
117.10
73.91
9.28
21.56
35.53
18.25
8.90
15.72
7.60
14.16
1.95
22.27
24.73
24.20
1.60
29.99
39.27
3.84
151.67
15.13
46.20
60.50
34.81
21.72
259.60
35.90
18.35
44.36
48.18
42.78
24.86
26.64
32.89
27.32
58.65
32.47
62.81
22.51
41.78
s
s
s
s
s
s
s
s
s
s
s
s
s
t
s
s
s
AGNC Invt
AGNC 21.50
Ansys
ANSS 126.11
ASML
ASML 170.14
Abiomed
ABMD 173.99
ActivisionBliz ATVI 61.18
AdobeSystems ADBE 151.50
AkamaiTech AKAM 50.31
AlexionPharm ALXN 141.14
AlignTech
ALGN 188.13
Alkermes
ALKS 51.28
AlnylamPharm ALNY 121.50
Alphabet A GOOGL 992.31
Alphabet C GOOG 977.00
Altaba
AABA 68.74
Amazon.com AMZN 990.99
Amdocs
DOX 65.04
Amerco
UHAL 364.14
AmericanAirlines AAL 50.60
Amgen
AMGN 185.46
AnalogDevices ADI 87.71
Apple
AAPL 155.84
AppliedMaterials AMAT 52.69
ArchCapital ACGL 99.51
Atlassian
TEAM 39.59
Autodesk
ADSK 117.14
ADP
ADP 113.57
BOK Fin
BOKF 89.35
Baidu
BIDU 252.22
BankofOzarks OZRK 47.42
Biogen
BIIB 329.01
BioMarinPharm BMRN 95.02
Bioverativ
BIVV 58.86
BlackBerry
BBRY 11.27
BlueBuffaloPet BUFF 29.10
bluebirdbio BLUE 131.50
BrighthouseFin BHF 60.12
Broadcom
AVGO 246.42
CA
CA
33.57
CBOE Holdings CBOE 109.22
CDK Global CDK 65.02
CDW
CDW 70.28
CH Robinson CHRW 75.45
CME Group CME 137.99
CSX
CSX 52.81
CadenceDesign CDNS 41.01
Carlyle
CG
24.00
Celgene
CELG 139.27
Cerner
CERN 71.44
CharterComms CHTR 366.05
CheckPointSftw CHKP 116.11
ChinaLodging HTHT 135.91
CincinnatiFin CINF 76.36
Cintas
CTAS 149.60
CiscoSystems CSCO 33.76
CitrixSystems CTXS 80.62
Cognex
CGNX 116.39
CognizantTech CTSH 73.65
Coherent
COHR 245.46
Comcast A CMCSA 37.80
CommerceBcshrs CBSH 57.98
CommScope COMM 33.09
Copart
CPRT 35.39
CoStarGroup CSGP 276.78
Costco
COST 154.61
CreditAcceptance CACC 279.12
Ctrip.com
CTRP 55.30
DISH Network DISH 51.68
DentsplySirona XRAY 58.09
DiamondbackEner FANG 99.94
DiscoveryComm A DISCA 20.83
DiscoveryComm C DISCK 19.79
DollarTree
DLTR 88.37
E*TRADE
ETFC 44.43
EastWestBancorp EWBC 59.82
eBay
EBAY 38.99
ElbitSystems ESLT 151.06
ElectronicArts EA 118.62
Equinix
EQIX 451.32
Ericsson
ERIC 5.89
Exelixis
EXEL 25.66
Expedia
EXPE 146.46
ExpeditorsIntl EXPD 59.99
3.3
3.3
M
NA
NA
NA
13.3
24.2
8.8
9.0
O
NA
NA
NA
14.7
Stock
s
s
s
s
s
s
s
s
s
69.44
29.13
56.46
59.94
41.99
26.00
58.88
24.50
47.35
12.71
9.59
21.28
23.49
43.83
196.09
24.40
14.35
5.04
397.23
51.25
34.84
55.72
162.58
37.50
26.31
53.58
261.75
143.25
205.98
74.76
51.75
22.66
0.57
25.60
112.79
25.76
55.66
53.56
91.99
40.99
76.55
2.19
40.83
109.04
6.50
37.30
114.67
9.69
43.87
199.40
12.16
28.88
96.63
17.49
19.37
1.83
11.34
81.37
9.55
64.00
66.55
33.70
59.55
3.07
49.74
100.48
27.68
33.81
59.35
51.90
25.03
114.46
148.01
0.3
0.5
-0.5
-0.9
-0.9
...
-0.5
1.0
-2.3
3.4
-4.5
0.5
33.9
0.3
0.6
-0.4
4.9
10.4
0.3
-0.1
-0.2
-0.2
0.8
0.7
-0.6
-0.3
-1.0
0.5
-0.6
0.2
-0.7
1.0
2.4
0.7
0.9
-0.3
4.8
-0.9
-0.1
3.3
0.4
6.8
...
...
21.4
-1.4
0.5
0.5
0.9
-0.6
-0.3
3.6
-0.2
2.3
0.4
4.6
-1.4
1.9
0.5
...
0.3
-2.8
0.3
-3.4
-0.2
-0.2
...
0.1
0.4
0.2
0.2
-0.1
-0.1
-3.14
-2.70
0.27
-0.24
-0.06
0.03
-0.08
-0.18
-0.26
0.27
0.09
-0.24
-0.16
-0.05
0.06
-0.25
0.36
-0.89
-0.80
-0.82
-0.05
-0.51
-0.68
0.22
1.40
1.15
0.01
0.05
-0.91
-0.71
0.23
0.11
-0.22
-6.86
-0.43
-0.33
0.90
-1.16
-0.15
1.48
-0.85
-0.25
-0.17
-0.17
-0.81
-0.85
-0.72
-0.60
-0.72
-0.86
-0.73
-0.26
-0.33
-0.29
-0.21
-0.14
0.04
...
-0.13
0.16
1.15
0.65
1.92
1.00
0.25
-0.07
0.24
0.31
1.10
-0.06
1.29
-0.22
0.29
-2.87
-0.50
-0.32
0.02
-0.04
0.57
0.60
0.37
-0.06
-1.06
-1.15
-0.11
P
S
V
81.05
31.84
40.28
120.26
35.47
54.15
2.50
3.85
40.90
4.06
63.11
33.43
41.00
16.49
2.17
12.20
17.00
20.60
57.43
82.84
92.41
48.40
91.86
66.42
10.60
41.35
89.15
7.90
2.84
117.03
130.33
117.36
44.20
103.44
110.82
46.30
46.33
2.44
1.10
108.04
38.98
36.90
3.93
15.00
138.49
72.70
17.20
0.2
-0.9
0.3
-0.3
2.6
-1.4
...
7.0
1.4
1.5
...
0.6
...
-0.3
12.6
0.4
-3.2
1.0
2.0
0.3
0.3
...
0.3
-0.2
6.5
0.6
1.1
0.7
8.5
-0.2
-0.1
-0.2
0.5
-1.9
-0.1
-0.3
-0.2
8.2
17.1
1.2
2.9
0.3
8.9
-0.1
-0.3
0.8
1.2
Nasdaq lows - 24
22.01
9.55
0.27
51.63
0.43
25.20
10.18
5.21
8.64
11.61
2.01
12.09
25.43
1.29
36.64
5.09
1.71
2.59
10.00
15.61
25.37
33.65
1.45
70.21
BedBath
BBBY
ConstellationAlphaCap CNAC
ConstellAlphaRt CNACR
DISH Network
DISH
DianaContainer DCIX
GladstonePfdB GAINO
GreatElmCap
GECC
HalladorEnergy HNRG
InsysTherap
INSY
LexiconPharm
LXRX
Moxian
MOXC
Navient
NAVI
ProShUltraProShQQQ SQQQ
Radisys
RSYS
Synaptics
SYNA
TrinityBiotech
TRIB
US Gold
USAU
Valeritas
VLRX
VS2xVIXShortTerm TVIX
VSVIXShortTerm VIIX
Viacom B
VIAB
Viacom A
VIA
VistaGenTherap VTGN
WalgreensBoots WBA
Stock
s
s
s
s
s
s
s
s
s
t
t
t
s
-2.7
0.2
-3.4
-3.1
-25.4
-0.4
-0.9
-0.8
-2.3
0.1
-2.2
-3.0
0.3
-2.2
-3.8
-3.7
-2.2
-0.4
3.8
2.0
-6.4
-4.1
-3.8
-3.2
Net
Sym Close Chg
NewsCorp B NWS 13.55 -0.10
Nordson
NDSN 122.07 0.23
NorthernTrust NTRS 92.65 -0.62
NorwegianCruise NCLH 58.89 0.05
NVIDIA
NVDA 185.39 4.09
OReillyAuto ORLY 207.82 -5.12
OldDomFreight ODFL 108.80 0.02
ON Semi
ON
19.31 0.08
OpenText
OTEX 33.36 0.11
PTC
PTC 58.58 0.26
Paccar
PCAR 73.30 0.02
PacWestBancorp PACW 49.10 -0.04
Paychex
PAYX 63.65 0.03
PayPal
PYPL 66.23 0.18
People'sUtdFin PBCT 18.15 -0.09
PilgrimPride PPC 28.97 0.22
Priceline
PCLN 1926.93 8.93
Qiagen
QGEN 35.04 0.90
Qorvo
QRVO 72.66 -0.03
Qualcomm
QCOM 52.88 0.39
RandgoldRscs GOLD 98.54 0.97
RegenPharm REGN 469.56 -0.39
RossStores ROST 65.29 -0.70
RoyalGold
RGLD 89.03 1.18
Ryanair
RYAAY 104.61 -1.12
SBA Comm SBAC 147.73 0.41
SEI Investments SEIC 62.81 0.03
Sina
SINA 113.74 -1.53
SS&C Tech SSNC 40.80 -0.11
SVB Fin
SIVB 188.00 -1.10
ScrippsNetworks SNI
85.73 -0.29
Seagate
STX 33.85 0.06
SeattleGenetics SGEN 57.57 0.06
Shire
SHPG 150.24 -0.85
SignatureBank SBNY 124.02 -1.35
SiriusXM
SIRI
5.72 -0.01
Skyworks
SWKS 104.74 -0.22
Splunk
SPLK 65.53 -1.32
Starbucks
SBUX 55.02 -0.15
SteelDynamics STLD 35.51 -0.66
Stericycle
SRCL 70.27 -1.31
Symantec
SYMC 32.63 -1.29
Synopsys
SNPS 82.71 0.23
TD Ameritrade AMTD 48.64 0.32
TESARO
TSRO 119.11 -0.72
T-MobileUS TMUS 61.56 -0.85
TRowePrice TROW 91.98 0.26
TakeTwoSoftware TTWO 104.11 -3.12
Tesla
TSLA 342.94 -13.94
TexasInstruments TXN 91.58 0.23
TractorSupply TSCO 60.22 -0.83
Trimble
TRMB 40.59 -0.03
TripAdvisor TRIP 42.04 0.43
21stCenturyFoxA FOXA 26.58 -0.41
21stCenturyFoxB FOX 25.97 -0.50
UltaBeauty ULTA 217.34 -2.57
UltimateSoftware ULTI 194.22 -0.59
UniversalDisplay OLED 130.30 2.20
VEON
VEON 3.94 -0.02
VeriSign
VRSN 109.77 -0.15
VeriskAnalytics VRSK 83.33 -0.17
VertxPharm VRTX 155.55 0.45
Viacom A
VIA 33.95 -1.45
Viacom B
VIAB 25.42 -1.73
Vodafone
VOD 28.06 -0.01
WPP
WPPGY 91.89 0.24
WalgreensBoots WBA 70.87 -2.33
Weibo
WB 100.33 -0.07
WesternDigital WDC 84.27 0.42
WillisTwrsWatson WLTW 154.68 -0.34
Workday
WDAY 108.69 -1.54
WynnResorts WYNN 143.37 -0.57
Xilinx
XLNX 72.57 0.56
Yandex
YNDX 32.47 -0.04
ZebraTech
ZBRA 109.91 -0.85
Zillow A
ZG
41.95 0.06
Zillow C
Z
42.13 0.01
ZionsBancorp ZION 47.34 -0.54
NYSE AMER
CheniereEnergy LNG
CheniereEnerPtrs CQP
CheniereEnHldgs CQH
ImperialOil
IMO
Net YTD
NAV Chg %Ret Fund
...
35.37 -0.02 23.5 MuLtdAdml 10.99
Growth r
... NA Principal Investors
...
MuShtAdml 15.80
... NA DivIntlInst
...
NA
... NA PrmcpAdml r133.49
REITAdml r 118.38 +0.27
Prudential Cl Z & I
68.31
-0.22
SmCapAdml
NA
... NA
TRBdZ
Parnassus Fds
STBondAdml 10.45
...
43.24 -0.19 11.0
ParnEqFd
...
STIGradeAdml 10.69
PIMCO Fds Instl
TotBdAdml 10.78 +0.01
Schwab Funds
NA
... NA S&P Sel
AllAsset
39.73 -0.07 15.4 TotIntBdIdxAdm 21.79 +0.02
10.31 +0.01 5.0
TotRt
TotIntlAdmIdx r 29.48 -0.01
PIMCO Funds A
TotStAdml 63.72 -0.13
IncomeFd
NA
... NA TIAA/CREF Funds
TxMIn r
13.94 +0.01
PIMCO Funds D
39.33 -0.11
19.10 -0.04 15.1 ValAdml
EqIdxInst
IncomeFd
NA
... NA IntlEqIdxInst 19.99 +0.02 20.8 WdsrllAdml 68.41 -0.29
PIMCO Funds Instl
WellsIAdml 64.82 +0.04
Tweedy Browne Fds
NA
... NA
IncomeFd
WelltnAdml 73.00 -0.09
28.31
... 13.1
GblValue
PIMCO Funds P
WndsrAdml 78.42 -0.23
VANGUARD FDS
NA
... NA
IncomeP
Price Funds
DivdGro
26.06 -0.11
VANGUARD ADMIRAL
94.71 -0.09 30.4
BlChip
HlthCare r 215.29 -1.52
500Adml 235.05 -0.43 15.4
29.51 -0.06 12.7
CapApp
INSTTRF2020 22.33
...
33.79 -0.03 10.2
BalAdml
34.45 -0.09 11.0
EqInc
INSTTRF2025 22.57 -0.01
... 4.6
CAITAdml 11.82
68.36 -0.13 15.2
EqIndex
INSTTRF2030 22.74 -0.01
CapOpAdml r154.29 -0.08 24.2
68.37 -0.10 28.4
Growth
INSTTRF2035 22.91 -0.02
36.65 -0.15 25.5
EMAdmr
HelSci
74.63 -0.66 26.3
INSTTRF2040 23.08 -0.03
EqIncAdml 75.42 -0.02 12.5
InstlCapG
38.32 -0.05 31.1
INSTTRF2045 23.21 -0.03
ExtndAdml 82.05 -0.32 13.8 IntlVal
IntlStk
19.02 -0.02 24.4
38.69 +0.01
GNMAAdml
10.53
...
2.0
IntlValEq
15.26 +0.01 19.1
LifeCon
19.72
...
69.13
-0.09
21.7
GrwthAdml
91.02 -0.24 20.8
MCapGro
LifeGro
32.75 -0.03
90.82
-0.65
19.8
HlthCareAdml
r
30.85 -0.17 6.2
MCapVal
LifeMod
26.67 -0.01
... 7.1 PrmcpCor
54.69 -0.21 26.3 HYCorAdml r 5.99
N Horiz
26.68 -0.04
25.69
+0.04
1.7
InfProAd
9.50
... 3.5
N Inc
SelValu r
32.82 -0.06
OverS SF r 11.21 +0.02 23.6 IntlGrAdml 93.50 +0.14 38.9 STAR
26.93 -0.01
NA
... NA ITBondAdml 11.44 +0.01 3.8 STIGrade
R2020
10.69
...
NA
... NA ITIGradeAdml 9.82 +0.01 4.1 TgtRe2015 15.80
R2025
...
NA
... NA LTGradeAdml 10.56 +0.01 8.4 TgtRe2020 31.32 -0.01
R2030
R2035
NA
... NA MidCpAdml 183.41 -0.61 13.7 TgtRe2025 18.34 -0.01
... 6.5 TgtRe2030 33.10 -0.03
NA
... NA MuHYAdml 11.38
R2040
... 4.4 TgtRe2035 20.32 -0.02
Value
38.18 -0.10 13.5 MuIntAdml 14.19
PRIMECAP Odyssey Fds
... 5.3 TgtRe2040 34.96 -0.04
MuLTAdml 11.66
NA
NA
52-Wk %
Sym Hi/Lo Chg
PwrShS&P InfTech PSCT
PrincipalHlthInnov BTEC
ProgressSoftware PRGS
ProShUltPrQQQ TQQQ
Qiagen
QGEN
Qualys
QLYS
RF Industries
RFIL
RadaElectronic RADA
RepublicBcpKYA RBCAA
RigelPharm
RIGL
SEI Investments SEIC
SMART Global SGH
SPPlus
SP
Sientra
SIEN
SifyTech
SIFY
SpartanMotors SPAR
SpringBkPharm SBPH
StarsGroup
TSG
SunHydraulics
SNHY
Synopsys
SNPS
TRowePrice
TROW
TetraTech
TTEK
TexasInstruments TXN
TradeDesk
TTD
TransActTechs
TACT
TriCoBancshares TCBK
US Lime&Min
USLM
Ultralife
ULBI
UTStarcom
UTSI
VangdRuss1000 VONE
VangdRuss1000Grw VONG
VangdRuss3000 VTHR
VaronisSystems VRNS
VSInverseVIXSTerm XIV
VeriSign
VRSN
VicShUS500EnhVol CFO
VicShUS500Vol CFA
VikingTherap
VKTX
VikingTheraWt VKTXW
VirtusInvtPfdD VRTSP
Virtusa
VRTU
WshgtnFirstBksh WFBI
WestportFuelSys WPRT
WhiteHorseFin WHF
Winmark
WINA
Xilinx
XLNX
ZAGG
ZAGG
Net
Sym Close Chg
ExpressScripts ESRX 59.22
F5Networks FFIV 116.30
Facebook
FB 172.50
Fastenal
FAST 45.79
FifthThirdBncp FITB 28.13
Fiserv
FISV 127.51
Flex
FLEX 17.00
FlirSystems FLIR 41.11
Fortinet
FTNT 38.77
Gaming&Leisure GLPI 36.72
Garmin
GRMN 53.92
Gentex
GNTX 20.15
GileadSciences GILD 81.98
Goodyear
GT
32.72
Grifols
GRFS 21.19
HD Supply
HDS 36.14
Hasbro
HAS 96.62
HenrySchein HSIC 80.10
Hologic
HOLX 36.89
JBHunt
JBHT 105.91
HuntingtonBcshs HBAN 13.85
IAC/InterActive IAC 121.73
IdexxLab
IDXX 158.29
IHSMarkit
INFO 44.20
INC Research INCR 55.85
IPG Photonics IPGP 193.98
IcahnEnterprises IEP
55.91
Icon
ICLR 113.68
Illumina
ILMN 203.27
Incyte
INCY 113.99
Intel
INTC 39.86
InteractiveBrkrs IBKR 47.56
Intuit
INTU 143.96
IntuitiveSurgical ISRG 354.61
IonisPharma IONS 55.12
JD.com
JD
38.91
JackHenry
JKHY 105.31
JazzPharma JAZZ 145.31
JetBlue
JBLU 19.49
KLA Tencor KLAC 103.95
KraftHeinz
KHC 77.33
LKQ
LKQ 36.63
LamResearch LRCX 184.66
LamarAdvertising LAMR 67.65
LibertyBroadbandA LBRDA 95.12
LibertyBroadbandC LBRDK 96.15
LibertyGlobal A LBTYA 32.37
LibertyGlobal C LBTYK 31.29
LibertyLiLAC A LILA 23.94
LibertyLiLAC C LILAK 23.65
LibertyQVC A QVCA 22.35
LibertyVenturesA LVNTA 59.05
LibertyFormOne A FWONA 38.44
LibertyFormOne C FWONK 40.16
LibertyBraves A BATRA 25.46
LibertyBraves C BATRK 25.37
LibertySirius A LSXMA 43.81
LibertySirius C LSXMK 43.58
LincolnElectric LECO 93.99
LogitechIntl LOGI 35.67
LogMeIn
LOGM 117.15
lululemon
LULU 61.95
MarketAxess MKTX 189.37
Marriott
MAR 112.76
MarvellTech MRVL 18.45
MatchGroup MTCH 25.31
MaximIntProducts MXIM 48.81
MelcoResorts MLCO 23.88
MercadoLibre MELI 269.92
MicrochipTech MCHP 91.49
MicronTech MU
40.96
Microsemi
MSCC 52.38
Microsoft
MSFT 76.29
Middleby
MIDD 125.43
Momo
MOMO 31.47
Mondelez
MDLZ 40.81
MonsterBeverage MNST 55.39
Mylan
MYL 38.25
NXP Semi
NXPI 114.52
Nasdaq
NDAQ 74.50
NatlInstruments NATI 43.71
NetApp
NTAP 44.37
Netease
NTES 275.63
Netflix
NFLX 196.87
NewsCorp A NWSA 13.18
Net YTD
NAV Chg %Ret Fund
T
Lazard Instl
8.1 EmgMktEq 19.19 -0.09 20.8
Loomis Sayles Fds
14.25 -0.01 7.2
4.6 LSBondI
2.8 Lord Abbett A
... 2.2
8.0 ShtDurIncmA p 4.28
13.5 Lord Abbett F
... 2.5
ShtDurIncm 4.28
7.9
0.04
0.05
0.70
-0.89
-2.07
0.38
-0.32
-0.16
1.09
-0.22
-1.15
-1.33
-1.89
0.89
1.41
-0.13
-0.45
-0.70
-0.36
-0.16
0.54
0.29
-0.43
0.92
0.18
0.09
-0.36
4.53
-0.69
1.53
0.21
-0.07
0.20
0.08
3.75
-0.90
0.68
-0.29
1.05
0.36
0.64
-1.07
0.79
0.46
0.33
-0.15
0.06
-0.08
-1.35
-0.64
7.95
-0.34
0.52
0.01
1.15
0.18
-0.15
0.37
-0.21
-0.43
-0.31
0.15
-0.13
-2.48
-7.84
-0.41
-1.65
-0.42
0.85
-0.58
-0.46
-1.05
0.48
-0.19
0.18
1.50
-1.47
2.49
0.16
-0.05
-1.53
-0.35
52-Wk %
Sym Hi/Lo Chg Stock
FT Nasd100Tech QTEC
FT NasdSemicon FTXL
FT Nasd100 EW QQEW
FT SC CoreAlpha FYX
FT SC GrwthAlpha FYC
Five9
FIVN
ForwardAir
FWRD
FosterLB
FSTR
FoundationMed FMI
GDSHoldings
GDS
GalmedPharm
GLMD
GlbXFinTech
FINX
Helios&Matheson HMNY
Hurco
HURC
IPG Photonics
IPGP
IXYS
IXYS
Ignyta
RXDX
InterNAP
INAP
IridiumCommPfdB IRDMB
iShCoreS&PUSGrowth IUSG
iShExponentialTech XT
iShMSCIUSAESGOpt ESGU
iShPHLXSemicond SOXX
IturanLocation
ITRN
KellyServices A KELYA
LPL Financial
LPLA
LendingTree
TREE
LigandPharm
LGND
Littelfuse
LFUS
LivaNova
LIVN
LoralSpace
LORL
MCBCHoldings MCFT
MillAcqn Wt
MIIIW
MMACapitalMgmt MMAC
Marriott
MAR
MatchGroup
MTCH
MazorRobotics MZOR
MercurySystems MRCY
MicrochipTech
MCHP
MicronTech
MU
Microsoft
MSFT
ModusLink
MLNK
MonarchCasino MCRI
MonolithicPower MPWR
MotifBioWt
MTFBW
MyriadGenetics MYGN
NXP Semi
NXPI
NatlEnerSvs
NESR
NatlInstruments NATI
Netflix
NFLX
NewStarFinancial NEWS
NortheastBancorp NBN
OSI Systems
OSIS
OakValleyBncp OVLY
ON Semi
ON
180DegreeCap
TURN
OramedPharms ORMP
PRA HealthSci PRAH
PacificMercBncp PMBC
Paychex
PAYX
PayPal
PYPL
pdvWireless
PDVW
Plexus
PLXS
PlugPower
PLUG
PwrShDWA Mom PDP
PwrShDWANasdMom DWAQ
PwrShDWATactical DWTR
PwrShDynFinl
PFI
PwrShDynIndls PRN
PwrShDynTech PTF
PwrShGlbWater PIO
PwrShNasdInternet PNQI
PwrShQQQ 1
QQQ
NASDAQ
Net YTD
NAV Chg %Ret Fund
DevMktY
11.2 IntGrowY
9.0
1.2
-5.7
1.0
1.3
1.6
-3.6
1.6
0.6
-0.2
0.3
-0.1
2.4
-0.4
1.8
-0.8
9.1
0.5
13.4
-0.2
...
6.2
0.9
0.1
0.8
-0.2
0.6
1.5
1.0
5.0
-2.2
6.2
-0.4
1.1
0.3
0.2
-0.2
...
4.5
0.4
-3.9
3.5
0.1
0.3
2.5
4.9
0.1
...
1.7
1.9
1.5
0.5
-1.4
1.0
-0.6
-0.9
-0.6
0.6
4.1
-0.2
0.3
-0.3
-1.0
-0.1
-0.3
-0.1
...
0.2
1.2
0.1
0.3
0.1
-0.6
-0.4
Net
Sym Close Chg
Stock
15.3 Oppenheimer Y
L
4.1 Metropolitan West
NA
...
14.3 TotRetBd
NA
...
TotRetBdI
NA
...
4.2 TRBdPlan
MFS Funds Class I
40.59 -0.10
ValueI
MFS Funds Instl
25.17 +0.10
... 29.7 IntlEq
... 20.2 Mutual Series
GlbDiscA
32.73 -0.13
33.41 -0.13
... NA GlbDiscz
-0.12
-0.33
-0.01
-0.18
0.79
-0.02
-0.08
0.20
0.15
-0.22
-0.70
-0.37
-0.16
-0.01
0.09
-0.07
-0.55
...
-0.55
0.25
-0.33
-1.03
0.40
-1.76
-3.01
-0.25
0.06
-1.24
0.28
-1.09
-0.32
-0.10
0.34
-2.02
-0.17
...
-0.03
0.24
0.14
0.32
-0.29
-0.25
-0.06
0.80
-0.04
0.40
-0.25
1.53
0.04
0.51
-2.08
-0.10
-0.71
-3.29
-0.44
-0.10
-1.38
0.54
-0.17
-0.59
-0.38
...
0.19
0.02
0.37
-0.08
0.12
-1.37
-0.05
-0.10
0.01
-0.05
0.85
0.21
0.19
-0.31
0.09
-0.02
0.07
2.17
-0.03
-0.31
-1.75
-0.02
52-Wk %
Sym Hi/Lo Chg Stock
AdestoTech
IOTS
AdvAcceltrApp AAAP
Alarm.com
ALRM
Altaba
AABA
AmNtlBcsh
AMNB
AntaresPharma ATRS
AppFolio
APPF
AppliedMaterials AMAT
arGEN-X
ARGX
ArrowInvDWATact DWAT
AspenTech
AZPN
Atlassian
TEAM
BGC Partners
BGCP
Baidu
BIDU
BallardPower
BLDP
BeiGene
BGNE
Biogen
BIIB
BisonCapAcqnRt BCACR
BlueBird
BLBD
Bottomline
EPAY
BoulevardAcqnIIUn BLVDU
CDW
CDW
CSW Industrials CSWI
CadenceDesign CDNS
CalamosStratTot CSQ
CarlylePfdA
TCGP
CavcoIndustries CVCO
CenturyBancorpA CNBKA
ChartIndustries GTLS
ChefsWarehouse CHEF
ChinaLodging
HTHT
ChurchillDowns CHDN
Cimpress
CMPR
Cintas
CTAS
Cognex
CGNX
CognizantTech
CTSH
CommunityBkrs ESXB
ComtechTel
CMTL
Copart
CPRT
Cowen
COWN
CymaBayTherap CBAY
CypressSemi
CY
DASAN Zhone DZSI
Daseke
DSKE
DasekeWt
DSKEW
DavisUSEquity DUSA
DavisWorldwide DWLD
DecipheraPharm DCPH
DigitalTurbine
APPS
DovaPharm
DOVA
eBay
EBAY
eGain
EGAN
ElbitSystems
ESLT
ElectroScientific ESIO
EncoreCapital
ECPG
ExpeditorsIntl
EXPD
FNBBancorp
FNBG
Fauquier
FBSS
FidelityNasdComp ONEQ
FirstBancorpNC FBNC
FirstFoundation FFWM
FirstMerchants FRME
FT CapStrength FTCS
FT CloudComp SKYY
FT DorseyDyn5 FVC
FT DorseyFoc5 FV
FT NasdTechDiv TDIV
FT GlblAgri
FTAG
FT LC GrwthAlpha FTC
FT MegaCap
FMK
FT MCGrAlpDX FAD
FT NasdCybersec CIBR
FT NasdGlblAuto CARZ
Net
Sym Close Chg
Stock
Oakmark Funds Invest
Invesco Funds A
NA
...
11.28 -0.03 8.0 EqtyInc r
EqIncA
NA
...
Oakmark
NA
...
OakmrkInt
Old Westbury Fds
John Hancock Class 1
LSBalncd
15.83 -0.02 12.1 LrgCpStr
14.72 -0.01
J
47.56
67.07
227.96
60.23
164.31
202.21
27.45
95.61
155.35
146.08
155.26
134.68
136.21
117.03
87.50
106.27
123.45
130.59
127.75
131.36
88.58
90.64
27.38
NYSE Arca lows - 28
16.95 -0.02
John Hancock Instl
DispValMCI 23.87 -0.07
JPMorgan Funds
MdCpVal L 39.69 -0.15
JPMorgan I Class
34.6 CoreBond
11.63 +0.01
JPMorgan R Class
10.4 CoreBond
11.64
...
NA
52-Wk %
Sym Hi/Lo Chg Stock
SchwabUS Div SCHD
SchwabUS LC Grw SCHG
SPDR DJIA Tr
DIA
TechSelectSector XLK
UBS FIEnhGlbHY FIHD
UBS FIEnhLCGrw FBGX
VanEckOilRefin CRAK
VanEckSemiconduc SMH
VangdInfoTech VGT
VangdCnsmrDiscr VCR
VangdSC Grwth VBK
VangdGrowth
VUG
VangdIndls
VIS
VangdLC
VV
VangdMegaCap MGC
VangdMegaGrwth MGK
VangdMCGrowth VOT
VangdS&P500 Grw VOOG
VangdS&P400Grwth IVOG
VangdTotalStk
VTI
WisdTrUSEarn500 EPS
WisdTrUSTotalEarn EXT
XtrkrsJpnJPXNik400 JPN
Net
Sym Close Chg
ScottsMiracleGro SMG 96.85
SealedAir
SEE 44.32
SemicondctrMfg SMI 6.26
SempraEnergy SRE 112.63
SensataTech ST
48.46
ServiceCorp SCI
33.95
ServiceMaster SERV 47.23
ServiceNow NOW 121.33
ShawComm B SJR 22.76
SherwinWilliams SHW 382.00
ShinhanFin SHG 44.89
Shopify
SHOP 97.38
SimonProperty SPG 160.76
SmithAO
AOS 60.76
Smith&Nephew SNN 36.14
Smucker
SJM 102.90
Snap
SNAP 14.71
SnapOn
SNA 150.94
SOQUIMICH SQM 58.54
Sony
SNE 37.04
Southern
SO
49.65
SoCopper
SCCO 40.95
SouthwestAirlines LUV 57.66
SpectraEnerPtrs SEP 45.10
SpectrumBrands SPB 102.53
SpiritAeroSys SPR 79.30
Sprint
S
7.32
Square
SQ
31.07
StanleyBlackDck SWK 156.67
StarwoodProp STWD 21.67
StateStreet STT 98.09
Statoil
STO 19.94
Steris
STE 89.91
STMicroelec STM 19.66
Stryker
SYK 145.93
SumitomoMits SMFG 7.75
SunCommunities SUI
88.49
SunLifeFinancial SLF 39.84
SuncorEnergy SU
34.57
SunTrustBanks STI
60.40
SynchronyFin SYF 31.44
Syngenta
SYT 92.05
SynovusFin SNV 46.60
Sysco
SYY 53.97
TAL Education TAL 34.33
TE Connectivity TEL 86.23
Telus
TU
35.87
Ternium
TX
30.25
TIM Part
TSU 18.33
TJX
TJX 73.03
TableauSoftware DATA 77.65
TaiwanSemi TSM 38.77
TargaResources TRGP 47.88
Target
TGT 56.25
TataMotors TTM 32.27
TechnipFMC FTI
27.60
TeckRscsB
TECK 22.14
TelecomArgentina TEO 31.39
TelecomItalia TI
8.98
TeledyneTech TDY 163.62
Teleflex
TFX 243.62
TelefonicaBras VIV 15.96
Telefonica
TEF 10.59
TelekmIndonesia TLK 34.19
Tenaris
TS
27.63
Teradyne
TER 37.95
TevaPharm TEVA 15.77
Textron
TXT 55.33
ThermoFisherSci TMO 193.26
ThomsonReuters TRI
45.81
ThorIndustries THO 129.20
3M
MMM 216.68
Tiffany
TIF
93.44
TimeWarner TWX 103.35
Toll Bros
TOL 42.81
Torchmark
TMK 80.53
Toro
TTC 62.18
TorontoDomBk TD
55.96
Total
TOT 53.36
TotalSystem TSS 67.33
ToyotaMotor TM 121.67
TransCanada TRP 49.26
TransDigm
TDG 266.40
TransUnion TRU 49.75
SrsEmrgMkt
SrsGroCoRetail
Edgewood Growth Instituti
SrsIntlGrw
EdgewoodGrInst 29.29 -0.02 31.9 SrsIntlVal
TotalBond
500IdxInst
500IdxInstPrem
500IdxPrem
ExtMktIdxPrem r
IntlIdxPrem r
TMktIdxF r
TMktIdxPrem
Net YTD USBdIdxInstPrem
NAV Chg %Ret USBdIdxPrem
29.68 -0.15
21.98 -0.08
14.00
...
19.59 -0.01
21.25 +0.02
23.18 -0.01
21.75 -0.05
20.70 -0.06
36.35 -0.15
38.94 -0.14
25.04 -0.10
38.61 -0.15
25.3 Baird Funds
16.7
12.6
11.1
3.3
11.7
19.1
26.4
16.7
19.5
6.5
13.6
10.1
24.7
29.0
26.8
21.7
4.5
Oshkosh
OSK 84.09
s OwensCorning OC
79.60
PG&E
PCG 68.65
PLDT
PHI
32.24
PNC Fin
PNC 135.61
POSCO
PKX 69.80
PPG Ind
PPG 112.64
PPL
PPL 37.43
PVH
PVH 125.03
PackagingCpAm PKG 116.72
PaloAltoNtwks PANW 146.42
ParkHotels PK
28.03
ParkerHannifin PH 177.33
ParsleyEnergy PE
26.49
Pearson
PSO
8.19
PembinaPipeline PBA 33.92
Pentair
PNR 70.00
PepsiCo
PEP 110.01
s PerkinElmer PKI
70.62
Perrigo
PRGO 87.01
PetroChina PTR 63.81
PetroleoBrasil PBR 10.29
Pfizer
PFE 36.14
PhilipMorris PM 113.37
Phillips66
PSX 93.32
PinnacleFoods PF
56.24
PinnacleWest PNW 85.37
PioneerNatRscs PXD 150.96
PlainsAllAmPipe PAA 21.34
PlainsGP
PAGP 21.90
PolarisIndustries PII 104.47
PostHoldings POST 86.45
Potash
POT 19.00
Praxair
PX 140.87
PrincipalFin PFG 66.59
Procter&Gamble PG
92.12
s Progressive PGR 49.45
Prologis
PLD 64.83
PrudentialFin PRU 109.06
Prudential
PUK 47.84
s PublicServiceEnt PEG 47.61
PublicStorage PSA 213.83
PulteGroup PHM 27.15
QuantaServices PWR 37.37
QuestDiag
DGX 91.06
QuintilesIMS Q
95.79
RELX
RENX 21.61
s RELX
RELX 22.58
RPM
RPM 51.33
RalphLauren RL
86.95
RaymondJames RJF 86.07
s Raytheon
RTN 188.00
RealtyIncome O
56.53
s RedHat
RHT 117.07
RegencyCtrs REG 62.63
RegionsFin RF
15.01
ReinsuranceGrp RGA 141.06
RelianceSteel RS
75.10
RenaissanceRe RNR 136.79
RepublicServices RSG 63.62
ResMed
RMD 76.14
RestaurantBrands QSR 64.85
RiceEnergy RICE 27.37
RioTinto
RIO 48.07
RobertHalf RHI 51.26
s Rockwell
ROK 183.27
RockwellCollins COL 133.20
RogersComm B RCI
51.67
s Rollins
ROL 47.03
s RoperTech
ROP 251.26
RoyalBkCanada RY
77.78
RoyalBkScotland RBS
7.20
RoyalCaribbean RCL 124.53
s SAP
SAP 112.31
S&P Global SPGI 159.17
SINOPECShanghai SHI
61.39
SK Telecom SKM 24.85
SLGreenRealty SLG 104.35
Salesforce.com CRM 96.27
Sanofi
SNY 50.42
s SantanderConUSA SC
15.33
Sasol
SSL 28.46
Scana
SCG 48.80
Schlumberger SLB 68.33
SchwabC
SCHW 45.41
Fund
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.
Fund
Net
Sym Close Chg
E
Explanatory Notes
Net YTD
-0.03
-0.30
0.03
0.01
0.84
-0.36
-0.12
0.14
-0.91
...
-0.24
0.26
0.49
-0.15
-0.46
-0.23
0.13
-0.17
-0.09
0.03
0.12
0.60
0.15
-0.02
-0.29
1.03
-1.35
0.52
-3.15
-2.88
-0.22
-0.03
6.19
-0.18
0.15
0.41
0.01
-0.01
0.02
-0.03
-0.92
-0.08
-0.54
-0.38
-0.08
-0.34
0.25
0.05
-1.28
0.36
0.21
0.21
0.01
-0.16
-0.90
-0.26
0.22
0.43
-0.76
-0.90
0.19
-0.26
0.01
0.03
-0.77
0.33
0.53
-0.32
0.09
-0.75
-0.54
0.17
-0.12
0.09
-0.29
-0.14
0.13
-0.75
-0.04
-0.14
-0.28
0.18
52-Wk %
Sym Hi/Lo Chg Stock
53.86 -9.9 InnovatorIBD50Fd FFTY
DaVita
DVA
12.48 -1.8 iPathCBOE S&P500BW BWV
DeutscheMuniIncmTr KTF
24.51 0.2 iShAggrAllocation AOA
FedRealtyInvPfdC FRTpC
23.25 -3.9 iShU.S.Technology IYW
GeneralElec
GE
IOO
50.13 -2.4 iShGlobal100
GeneralMills
GIS
24.70 -0.4 iShIntRtHdgCorpBd LQDH
GeorgiaPwrNt77 GPJA
iShJPX-Nikkei400
JPXN
25.26 -0.2
KKR Fin Pfd A KFNp
61.03 -2.2 iShMSCIJapanETF EWJ
Kellogg
K
12.25 -1.9 iShMSCIKLD400Soc DSI
PartyCity
PRTY
1.88 -3.6 iShMSCIKokusaiETF TOK
RiteAid
RAD
24.78 -0.7 iShMSCIUSAESGSelct SUSA
SCE Tr VI 5% Pfd L SCEpL
102.79 -1.3 iShMornLCGrowth JKE
Smucker
SJM
SteelPtrsPfdA
SPLPpA 20.76 -0.1 iShRussell1000Gwth IWF
18.77 -2.8 iShRussell1000ETF IWB
TejonRanch
TRC
0.15 -29.2 iShRussell2000Gwth IWO
TejonRanchRt
TRCr
8.12 -2.3 iShRussell2000ETF IWM
Vipshop
VIPS
iShMicro-CapETF IWC
iShRussellTop200Gr IWY
iShRussellTop200 IWL
27.17 -0.5 iShS&P100
ARKGenomicRev ARKG
OEF
32.79 -0.1 iShS&PMC400Growth IJK
ARKIndlInnovation ARKQ
35.29 -0.2 iShS&P500Growth IVW
ARKInnovationETF ARKK
41.80 -0.3 iShGlobalTechETF IXN
ARKWebx.0ETF ARKW
36.00 0.5 iShGlobalConsDiscr RXI
AdvShCornerSC SCAP
56.90
... iShNorthAmerTech IGM
AdvShDorseyADR AADR
21.81 0.2 iShDowJonesUS IYY
AdvShNewTech FNG
42.20
... iShRussellMCGrowth IWP
AlphaCloneAltAlpha ALFA
164.09 0.3 HancockLC
BarcETN+FIEnhGlHY FIGY
JHML
40.29 -0.4 HancockTech
Barrons400ETF BFOR
JHMT
30.87 -0.2 JPM DivRetIntl JPIH
BuzzUSSentLdrs BUZ
202.98 0.2 JPM DivRetUS Eq JPUS
CS FI LC Grwth FLGE
DiamondHillVal DHVW 30.36 -0.1 MeidellTactical
MATH
41.67 0.6 OppenheimFclsSect RWW
DirexAeroBl3
DFEN
60.96 -0.2 PwrShAerospace PPA
DirexHmbldrBull3 NAIL
63.35 -0.1 PwrShDynBldg&Con PKB
DirexJapanBl3
JPNL
39.85 -0.4 PwrShDynMkt
DirexS&P500Bl3 SPXL
PWC
45.37 0.4 PwrShDynNetwork PXQ
DirexS&P500Bull2X SPUU
124.00 2.1 PwrShDynSemicon PSI
DirexSemiBl3
SOXL
68.23 -1.2 PwrShDynLC Grwth PWB
DirexSCBull3
TNA
94.65 0.7 PwrShRussMCGrw PXMG
DirexTechBull3
TECL
31.49 0.2 PwrShRussTop200G PXLG
Direx iBillionaire IBLN
42.05 -0.5 PwrShS&P500Down PHDG
DirexNasd100EW QQQE
33.42 0.5 PwrShS&P500Mom SPMO
ETFMG PrimeMob IPAY
16.49 -0.5 PwrShWldrClean PBW
ETRACS2xLevxEn LMLP
48.94 1.2 ProShShtVIXST SVXY
ETRACSMnthly2xLev SPLX
32.55 -0.4 ProShrUltraDow30 DDM
EthoClimateLeader ETHO
36.60 -0.6 ProShrUltraJapan EZJ
FidelityMSCICnDisc FDIS
47.16 0.3 ProShrUltraQQQ QLD
FidelityMSCIIT
FTEC
33.78 -0.1 ProShrUltraRus UWM
FidelityMSCIMatls FMAT
29.50 -0.1 ProShrUlSemi
FidelityMomFactor FDMO
USD
30.32
... ProShrUlTech
FidelityQualFactor FQAL
ROM
105.36 -0.2 ProShUltDow30 UDOW
FT DJ Internet FDN
49.09
... ProShUltRus2000 URTY
FT TechAlphaDEX FXL
64.94
... RenaissanceIPOETF IPO
FT USEquityOpp FPX
22.90
... SPDRBloomBarCvSecs CWB
FT ValueLine100 FVL
46.56 0.1 SPDRFactSetInnTech XITK
FT Water
FIW
41.86 -0.1 SPDRMFSSysCore SYE
FlexShQualDivDef QDEF
18.12 -0.1 SPDRMFSSysGrowth SYG
GlbX ChinaConsumer CHIQ
28.75 -0.4 SPDRMFSSysValueEqu SYV
GlbX GuruIndex GURU
31.57 0.3 SPDRMSCIJapanStrat QJPN
GSActiveBetaJapan GSJY
50.61 -0.3 SPDRMSCIUSAStrat QUS
GSActiveBetaUSLC GSLC
52.13 0.1 SPDR NYSE Tech XNTK
GSHedgeIndVIP GVIP
59.16 0.1 SPDRRussell3000ETF THRK
GuggChinaTech CQQQ
137.83 0.1 SPDRRuss1000Mom ONEO
GuggS&P500EWTech RYT
101.56 -0.1 SPDRMomentumTilt MMTM
GuggS&P500PureGr RPG
147.15 -0.2 SPDR S&P500MidGr MDYG
GuggS&P400PrGrwth RFG
180.59
... SPDRS&P500Growth SPYG
GuggS&P500Top50 XLG
34.92 0.2 SPDR Aero & Dfns XAR
GuggS&PGlblWtr CGW
27.82 -0.1 SPDRS&P500Fossil SPYX
HullTacticalUS
HTUS
21.32
... SPDRS&PHlthCareEqp XHE
IQHedgeEventDriven QED
26.32 0.2 SPDRS&PInternetETF XWEB
IQ HedMacrTrac MCRO
30.05
... SPDRS&PSft&Svs XSW
IQ HedMultStra QAI
72.11 -0.3 SchwabUS BrdMkt SCHB
IndSelSectorSPDR XLI
Biggest 1,000 Stocks | WSJ.com/stocks
Continued From Page B7
52-Wk %
Sym Hi/Lo Chg Stock
2.7
1.4
22.7
4.1
11.6
1.5
2.2
3.2
1.3
22.0
15.2
21.1
10.6
10.8
7.3
10.3
14.2
46.17
28.45
24.86
31.19
-0.26
-0.19
-0.32
-0.14
Net YTD
NAV Chg %Ret
TgtRe2045
TgtRe2050
TgtRetInc
TotIntBdIxInv
WellsI
Welltn
WndsrII
21.95 -0.03
35.31 -0.04
13.50 +0.01
10.90 +0.01
26.76 +0.02
42.27 -0.05
38.55 -0.16
VANGUARD INDEX FDS
235.04 -0.43
500
ExtndIstPl 202.47 -0.79
SmValAdml 55.28 -0.17
TotBd2
10.74 +0.01
TotIntl
17.62 -0.01
TotSt
63.69 -0.14
VANGUARD INSTL FDS
33.79 -0.04
BalInst
DevMktsIndInst 13.96 +0.01
DevMktsInxInst 21.81 +0.01
82.05 -0.31
ExtndInst
GrwthInst 69.14 -0.08
10.46 +0.01
InPrSeIn
231.90 -0.42
InstIdx
231.92 -0.42
InstPlus
InstTStPlus 57.15 -0.13
MidCpInst 40.52 -0.13
MidCpIstPl 199.82 -0.66
SmCapInst 68.31 -0.22
STIGradeInst 10.69
...
10.78 +0.01
TotBdInst
TotBdInst2 10.74 +0.01
TotBdInstPl 10.78 +0.01
TotIntBdIdxInst 32.69 +0.02
TotIntlInstIdx r117.87 -0.05
TotItlInstPlId r117.89 -0.05
63.73 -0.13
TotStInst
39.33 -0.11
ValueInst
12.9
19.8
10.9
12.2
13.4
14.5
15.7
16.2
21.9
8.5
14.6
11.5
20.3
14.0
14.5
2.1
8.9
10.8
12.2
13.4
14.5 Western Asset
15.7 CorePlusBdI
NA
16.2
16.2
6.6
1.3
7.3
10.2
10.8
15.3
13.8
7.7
3.1
21.9
15.1
10.2
21.2
21.1
13.8
21.7
1.7
15.4
15.4
15.1
13.7
13.7
11.6
2.2
3.2
3.2
3.2
1.4
22.0
22.0
15.2
10.6
W
... NA
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THE WALL STREET JOURNAL.
Tuesday, October 10, 2017 | B11
BANKING & FINANCE
Eurex to Share
Profits to Lure
Banks From U.K.
Flagging Global Gatherings
BY MAX COLCHESTER
ANDREW HARRER/BLOOMBERG NEWS
German clearinghouse Eurex said Monday it is setting
up a profit-sharing system
with some of the world’s biggest investment banks, in an
unusual attempt to claw business away from the City of
London ahead of Brexit.
Eurex Clearing will hand a
portion of the profits from its
interest-rates swap-clearing
business back to banks in an
effort to steal market share
from its much larger U.K.
competitor, LCH Group Ltd.
J.P. Morgan Chase & Co.,
Citigroup Inc. and Morgan
Stanley are among the clients that have registered interest in participating in the
program, Eurex said. The details of how the profits will
be shared have yet to be
made public.
The move comes as the battle to wrestle clearing from
the U.K. after Britain leaves
the European Union heats up.
A clearinghouse sits between
the buyers and sellers of instruments such as commodities and derivatives, pledging
to complete the deal even if
one side reneges.
London houses much of this
financial plumbing that man-
ETF Trading Slumps
BY CHRIS DIETERICH
HIGH FINANCE: Central bankers and finance officials from around the world are convening in Washington this week as the
International Monetary Fund and World Bank hold their fall meetings, as advertised on a sign Monday. The IMF is to release its
World Economic Outlook on Tuesday. Central-bank chiefs making appearances include those from Europe, China, Japan and the U.S.
Citi, BofA Shares Still Recovering
BY BEN EISEN
How far are Citigroup Inc.
and Bank of America Corp.
from a post-financial-crisis recovery?
It depends on the metric
you look at. By measuring the
two megabanks’ market capitalizations, they have climbed
a long way back. Bank of
America, which made some
big acquisitions during the crisis, traded above its precrisis
peak this month. Citigroup,
with a total market value of
about $205 billion, is about
25% off its 2007 peak.
But stockholders aren’t
feeling that flush. In fact, their
experience tells a much different story. Shares of Bank of
America are down 51% from
early 2007 and those of Citi-
ages trillions of dollars of derivatives contracts every day.
Britain clears more euro-denominated interest-rate derivatives than other EU countries
combined—about three-quarters of the EU total.
European officials worry
that a key piece of financial
infrastructure could be outside the EU once the U.K.
leaves the trading block. In
June, the EU’s executive arm
proposed plans that could
force clearinghouses that do
a chunk of business in euros
to move into the EU. In a
draft law, the European Commission also said that large
clearinghouses operating outside the EU would be subject
to tougher oversight including on-site inspections and
access to financial accounts.
The International Swaps
and Derivatives Association
warned that this policy presented “serious concerns.”
ISDA said forcing parts of the
clearing business to migrate
to Europe would fragment
markets and create instability. Banks have warned that
splitting off a piece of the
clearing market to a new
venue could increase the
amount of capital they have
to hold against those trades.
group are down 86%.
Blame it on the cruel math
of share dilution.
The poor performance of
Citi and Bank of America is
one legacy of their huge share
sales after the financial crisis.
The U.S. government took
stakes in the largest U.S. financial institutions in late
2008 and early 2009 in an effort to stem the spiraling financial crisis through its
Troubled Asset Relief Program. All six of the biggest
U.S. banks received bailouts,
but Citi and Bank of America,
which each got $45 billion in
two increments, were by far
the biggest beneficiaries.
As banks looked to escape
federal ownership at the end
of 2009, they sold shares to
raise capital from the public
markets. Citi and Bank of
America were among the biggest issuers of their own
shares. By one measure, banks
accounted for half of stock
sales by already-public companies in 2009.
Selling more shares
tends to dilute their
value, holding down
stock prices.
Bank of America’s shares
outstanding more than doubled to 10.1 billion between the
end of 2007 and the end of
2010, according to S&P Global
Market Intelligence. Citi’s
shares climbed almost sixfold
over that span. By contrast,
J.P. Morgan Chase & Co.’s
share count climbed only
about 17% and Goldman Sachs
Group Inc.’s increased about
27% over that stretch.
At the time, the share sales
served as one sign that struggling banks could once again
raise capital from private investors. But selling more
shares also tends to dilute
their value, holding down
stock prices despite the value
of the business remaining unchanged. That made it harder
for the shares to climb out of
the wreckage of the financial
crisis, even as the value of the
companies began growing
again. Even now, Bank of
America and Citigroup continue to lag behind their peers.
concerns about the global
economy and currency fluctuations in China, the 30-day average of ETP volume rose
above 33% in multiple trading
sessions.
And in 2009, when the U.S.
economy was crawling out of
recession and equity markets
were rebounding from the financial-crisis lows, daily ETP
trading volume averaged more
than 32% of total exchange
trading.
Fast-forward to 2017, and
the 30-day average ETP trading volume has yet to top 30%
of total volume on any day.
The recent slowdown in
ETP trading is also noteworthy
because there are now more
ETP shares in the market compared with equities. From 1996
through 2016, the number of
listed U.S. stocks dropped by
roughly 50% because of an increase in mergers and a slowdown in initial public offerings
of shares, according to Credit
Suisse.
And the slower trading
comes despite growing investor demand to own ETPs.
Some $41 billion in new
money entered ETPs last
month while about $19 billion
exited from domestic equity
mutual funds.
Another signal of financialmarket tranquility: Daily turnover in exchange-traded products is plunging relative to the
trading of single stocks.
Daily trading volume in
ETPs, a catchall that includes
both exchange-traded funds
and notes, averaged $66 billion in September, well below
the bull-market average of
$70.2 billion, according to data
from Credit Suisse. The 30-day
average of ETP trading as a
proportion of total U.S. exchange volume ended last
month at 24.8%, well below
the 28% long-term average
and near the lowest readings
in three years.
The falling proportion of
ETP trading volume indicates
that portfolio managers are
standing pat in their positions,
loath to reshuffle with equity
benchmarks hitting fresh
highs and corporate bonds in
rally mode.
ETP volume tends to rise
and fall with market volatility,
so it is logical that sluggish
volume would coincide with
ultralow readings on the CBOE
Volatility Index.
In January of 2016, when
the S&P 500 swooned amid
Continued from page B1
of those most vocal about the
dangers of short-termism—including BlackRock Inc. Chief
Executive Officer Larry Fink,
McKinsey & Co. and several
large Canadian pension
funds—will launch an assault
on quarterly earnings guidance. They are right: Companies that provide quarterly
earnings guidance feel obliged
to hit their numbers, with
shareholders ready to penalize them if they miss. The
guidance means any upset to
business creates an incentive
either to meddle with the accounts or to cut planned investment when earnings fall
short. Both are obviously bad
for shareholders, and quarterly guidance should end.
FCLT’s Sarah Williamson
suggests other behavioral
nudges—similar to those
from Richard Thaler, who on
Monday won the Nobel Prize
in economics—such as listing
long-term performance before short-run results in mutual-fund marketing.
These and other tweaks
make sense, but the broader
problem of low investment
isn’t so obvious. It is true
that corporate investment in
the U.S. was low after the financial crisis and took longer than usual to recover.
Yet, it has now largely recovered, at a gross level. The
cleanest measure of private
investment strips out housing and changes in invento-
SPENCER PLATT/GETTY IMAGES
STREET
The New York Stock Exchange floor on Oct. 9, 2007. Since that precrisis peak, U.S. stocks returned an annualized 5.6% above inflation.
ries, and stood at 12.6% of
the economy in the second
quarter—on par with 1986,
1996 or 2006.
Still, companies are investing less in the U.S. than
at the peak of every economic cycle since the
mid-1970s, and when residential construction or depreciation is included it
looks even worse. That has
worried many who think low
interest rates ought to
prompt companies to invest,
including lots of central
bankers and politicians.
There are two decent arguments for why low rates don’t
make companies rush out to
invest. The first is simple signaling: Low rates tell chief executives that the economic
outlook is grim, so naturally
they choose not to invest.
The second is kind of the
point of low rates. Central
banks cut rates to encourage
consumption and discourage
saving, to boost the economy. It worked. But investors discouraged from saving
have sent a clear signal to
CEOs, pushing up the shares
of companies that give cash
back to shareholders via dividends and buybacks. CEOs
who want to maximize their
bonuses shouldn’t go on an
investment splurge. It may
be that eventually higher
consumption uses up capacity and leads to more investment, but in themselves superlow rates should be
discouraging investment.
There are supporting arguments to justify lower in-
vestment, too. China has
been overinvesting and accepting a low return on capital; why would a U.S. company invest when China is
willing to do it more cheaply
on their behalf? American
consumers get cheaper products, and China gets factories. The aftermath of the
2007-08 financial crisis also
naturally suppressed investment, both from fear of a repeat and from banks pulling
back from lending.
Perhaps the strongest rea-
son not to worry too much
about corporate investment
is that, in the past decade,
capital has followed the fashions just as it always has.
When it looked like miners would profit from “peak
everything” as China
boomed in the post-2009 recovery, shareholders cheered
on the construction of vast
new holes in the ground.
When Chinese demand
slowed, mining CEOs were
fired and replaced with accountants charged with limiting capital spending. Something similar is under way in
London, where a five-year
construction boom in luxury
apartments has turned sour.
Disruptive new technologies from Silicon Valley and
elsewhere are most obviously attracting more capital
than they can use, in a boom
that has gone on for years.
Companies showered with
cash in the private markets
have less incentive to go
public than in the past, while
those that are listed can
splash billions of dollars on
new headquarters and vast
facilities without shareholder complaints.
There is a genuine problem from the short-termism
of investors creating the
wrong incentives for corporate management. But investors should be careful about
generalizing from that to the
assumption that overall capital spending is too low. After
all, the whole point of investing is to consume at some
point in the future. Maybe
that moment has arrived.
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B12 | Tuesday, October 10, 2017
* ***
THE WALL STREET JOURNAL.
MARKETS
Oil Rises
But Stays
Below $50
After Cuts
Oil prices rose Monday as
Saudi Arabia announced it
would further curtail oil exports, but U.S. crude futures
remained below $50 a barrel
as investors awaited fresh
data this week.
U.S. crude futures rose 29
cents, or 0.59%, to $49.58 a
barrel on
COMMODITIES the
New
York Mercantile Exchange. Brent, the global
benchmark, gained 17 cents, or
0.31%, to $55.79 a barrel on
ICE Futures Europe.
Saudi Arabia said Monday
that its state oil company was
undertaking an “unprecedented” effort to cut petroleum exports, as the kingdom
tries to bolster oil prices by
withholding supply. The move
is part of Saudi Arabia’s efforts to boost confidence in
production cuts totaling almost 2% of the global oil market by the cartel, the Organization of the Petroleum
Exporting Countries, and allies
such as Russia.
Saudi Arabian Oil Co.,
known as Aramco, is slashing
more than 7% of the crude it
exports by sea in November
compared with last year, the
kingdom’s oil ministry said.
The move underlined Saudi
Arabia’s new emphasis not
only on cutting oil production
but also the amount that it exports into the global market.
The export allocation of 7.15
million barrels a day in November exceeds the 6.7 million
barrels a day of exports that
Saudi Arabia sent into global
crude markets in September.
Saudi officials said the figure
went up because customers
are demanding more oil in November.
OPEC
Secretary-General
Mohammed Barkindo said in a
speech Monday that there is
“clear evidence” that the oil
market is coming into balance
and that the group remains
committed to its goal of reducing global stockpiles.
“We will not waiver; we will
not tire,” he said.
—Neanda Salvaterra
contributed to this article.
EMILY MOLLI/NURPHOTO/ZUMA PRESS
BY ALISON SIDER
AND SUMMER SAID
A Catalonia pro-unity protest in Barcelona over the weekend. UBS strategists said the impact on markets of the crisis in Catalonia should remain contained.
Shares Inch Down in Quiet Trading
BY RIVA GOLD
AND AKANE OTANI
U.S. stocks edged lower in
the slowest session of the year.
Major indexes wobbled in a
narrow tradMONDAY’S
ing range afMARKETS
ter they hit
several fresh
records the
previous week. Roughly 4.6
billion shares changed hands
on exchanges owned by the
New York Stock Exchange and
Nasdaq, making it the quietest
full session of 2017.
Shares of health-care and financial companies were among
the day’s biggest decliners.
The Dow Jones Industrial
Average fell 12.60 points, or
less than 0.1%, to 22761.07. The
S&P 500 fell 4.60, or 0.2%, to
2544.73, and the Nasdaq Composite edged down 10.45, or
0.2%, to 6579.73.
In the S&P 500 health-care
sector, kidney-care company
DaVita lost $5.93, or 9.9%, to
$53.89 after J.P. Morgan cut its
rating for the stock to “underweight” from “neutral,” while
Express Scripts Holding fell
3.14, or 5%, to 59.22 after brokerage Raymond James cut its
stock rating to “underperform”
Sluggish
from “neutral.”
The S&P 500 financial sec- Shares of health-care companies dragged down the
tor fell 0.4% after posting its S&P 500 on Monday.
fourth consecutive weekly gain
S&P 500
0%
Friday.
Earnings and economic data
have been largely upbeat, helpS&P 500 health-care sector
–2
ing stocks trading near records
and at historically high valuations keep climbing.
–4
The S&P 500 has risen 14%
Express Scripts
so far this year, while the Dow
industrials are up 15% and the
–6
Nasdaq Composite is up 22%.
As long as corporate earnings continue to point to solid
–8
growth, some analysts said
DaVita
they favor looking at shortterm pullbacks in the stock
–10
market as buying opportuni9:30 10
11
noon
1
2
3
4
ties. Should there be a 3% deTHE WALL STREET JOURNAL.
cline or so, “we’re going to tell Source: FactSet
clients to treat that as manna
nomic growth.
from heaven,” said Phil Or- cline since May.
Technology stocks in the
Elsewhere, the Stoxx Europe
lando, chief equity strategist
S&P 500 gained 0.2%, led by 600 rose 0.2%, lifted by shares
at Federated Investors.
Also Monday, energy shares semiconductor firms Ad- of utilities companies.
Over the weekend, hundreds
in the S&P 500 rose 0.3%, with vanced Micro Devices, Nvidia
Apache and Helmerich & and Micron Technology. The of thousands of Spaniards
Payne among the biggest gain- group has been among the gathered in Barcelona to decry
best performers in the stock Catalonia’s secessionist push,
ers in the sector.
U.S. crude for November de- market this year, as investors while some Spanish companies
livery rose 0.6% to $49.58 a have bet that fast-growing said they would move their
barrel, rebounding after post- companies will outperform in headquarters out of Catalonia
ing its largest one-week de- times of slow, but steady eco- to mitigate risks associated
Turkish Lira Slumps on Diplomatic Spat
The Turkish lira tumbled
against the U.S. dollar Monday
as a diplomatic row between
the two countries escalated.
Investors dumped a broad
range of Turkish assets a day
after the U.S.
CURRENCIES and Turkey
stopped issuing nonimmigrant visas to each others’ citizens. Though neither country
explained what precipitated
the actions, they come after
Turkey arrested a Turkish employee at the U.S. consulate in
Istanbul last week.
The rising tensions sent the
dollar up about 6% against the
lira in the Asian trading session. The U.S. currency pared
some of those gains but remained up 2.4% at 3.7011 in
New York afternoon trading,
its biggest one-day gain
against the lira since July 2016
when a failed military coup attempt rattled Turkey’s financial markets.
Monday’s big move is the
latest reminder of the risks of
investing in emerging-market
countries like Turkey, which
SEDAT SUNA/EUROPEAN PRESSPHOTO AGENCY
BY CHELSEY DULANEY
AND IRA IOSEBASHVILI
The dollar’s rise against the lira is the biggest one-day gain since a failed military coup in July 2016.
have attracted investors this
year with higher yields and
potential for growth.
The lira has been one of the
most volatile emerging-market
currencies in recent years as investors grapple with concerns
about the country’s economic
woes and political situation.
The lira fell to a record low
against the dollar in January.
“Part of this just comes with
the turf,” said Alvise Marino, a
strategist at Credit Suisse. “Being exposed to emerging markets generally means higher
political volatility.”
Worries over Turkey rippled
out to other emerging-market
currencies. The dollar rose 0.8%
against the Mexican peso to
18.67 and 1% against the Brazilian real to 3.18. It also notched
gains against the Russian ruble
and South African rand.
Despite the occasional
blowup, developing markets
have rewarded investors with
big returns this year, as developing countries benefit from a
weaker dollar and higher commodity prices. The MSCI
Emerging Markets Index, which
measures stock performance, is
up nearly 28% in 2017.
The lira already had been
sliding in recent weeks as a
rebound in the U.S. dollar has
pressured emerging-market
assets that have been rallying
for much of this year.
“Under normal conditions
this would be the type of
move you sell [dollars]
into…but against the backdrop
of a rising U.S. dollar and
broader
emerging-market
weakness it’s better to leave it
alone for now,” wrote Brad
Bechtel, a currency strategist
at Jefferies Group, in a research note. He said Monday’s
big move in the lira was exacerbated by thin liquidity.
The yield on the 10-year
Turkish government bond rose
to 11.23% from 10.82% Friday,
its biggest daily increase since
July 2016. Yields rise when
bond prices fall. The Turkey
ISE 100 index fell 2.73% Monday, its biggest daily loss in
nearly a year.
Investors Get Ready for a Stock Pickers’ Market
BY CHRIS DIETERICH
The days of stomach-churning risk-on, risk-off stock price
swings are gone.
One indicator shows traders
are positioned for a so-called
stock pickers’ market as the
third-quarter earnings season
kicks off this week.
The one-month implied correlation for the 50 largest U.S.
stocks last week plumbed a record low, according to Credit
Suisse’s equity derivatives
strategy team. Last week’s
reading of 9% is far below the
44% average stretching back to
1996.
This environment tends to
be viewed as a fertile one for
active stock pickers that focus
on corporate fundamentals because prices are swayed more
by company-specific news.
Correlation is measured on
a scale of minus 100% to 100%.
A reading of 100% means uniform price moves, while minus
100% means perfect opposition. Zero means no relationship.
Implied correlation parses
the difference between options
prices for single stocks and the
S&P 500 index. When the implied correlation is low, traders expect the components of
the index to dart around more
than the index itself.
“Investors expect the upcoming earnings season to
drive dispersion and alpha,
with zero macro risk being
priced in,” said Mandy Xu, an
equity derivatives strategist at
Credit Suisse.
U.S. stock prices moved to-
gether for long periods during
this bull market, buffeted by
headlines about central bank
policy and Europe’s debt crisis.
High-correlation markets tend
to see wholesale buying and
selling of individual stocks in
disparate sizes and sectors.
That results in chunky index
moves.
Now, market-implied measures of stock-market correlation show that investors foresee corporate fundamentals
driving stock prices in the
weeks ahead.
This kind of market is characterized by de minimis index
moves at the same time that
individual stocks jump around
idiosyncratically.
Correlations have largely
been on the wane since the
middle of last year, taking a
leg lower after November’s
U.S. election.
Since then, individual
stocks and sectors moved in
divergent directions as investors aimed to suss out winners
and losers under the new administration.
with potential Catalan independence.
The crisis in Catalonia could
lead to strikes and acts of violence that worsen the social
and economic climate, UBS
strategists said. But the impact
on markets should remain contained, they added, since the
European Central Bank’s plans
for its bond-purchase program
will likely remain the most important performance driver of
European government bonds
over the next six months.
Political worries weighed on
the Turkish lira as tensions escalated between the U.S. and
Turkey. The two countries on
Sunday stopped issuing nonimmigrant visas to each others’ citizens after Turkey last
week arrested a Turkish employee at the U.S. Consulate in
Istanbul.
In Asia on Monday, the
Shanghai Composite rose 0.8%.
Hong Kong’s Hang Seng Index
fell 0.5%, weighed down by declines in Chinese property-developer stocks. Both indexes
were flat early Tuesday.
Also early Tuesday, Japan’s
Nikkei was up 0.4%, while
South Korea’s Kospi was up
1.7%.
Traders
Take Sugar
Break After
Wild Week
BY CAROLYN CUI
Sugar prices were little
changed Monday as traders
took a breather after a wild
week and awaited the release
of the latest data for the producing region in Brazil.
Raw sugar for March delivery edged up 0.1% to settle
at 14.00 cents a pound on the
ICE Futures U.S. exchange.
Sugar suffered a nearly 3%
loss on Friday as short sellers doubled down on their
bearish bets as prices slid.
The price drop also reflected a stronger dollar, as
traders seized on the fact
that average weekly earnings
in the U.S. rose more than
expected in the September
jobs report, which could support another increase in the
federal-funds rate before
year-end.
Prices stabilized on Monday, in part due to the bullish
Commitment of Traders report, which showed that nonindex funds had increased
their net short position to
106,000 lots.
As of Oct. 3, total outstanding contracts in the
New York raw-sugar market
dropped to the lowest level
since December 2011, according to Sucden Financial Research.
Unica, Brazil’s cane-sugar
association, is expected to release its latest crushing activity report this week. Traders are closely monitoring
whether the sugar millers in
the central-south region
would direct more cane
crushing toward ethanol over
sugar, as the ethanol premium has increased over
sugar in recent weeks.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL.
Tuesday, October 10, 2017 | B13
MARKETS
Ten Years After S&P 500’s Precrisis Peak
While major indexes are A Topsy-Turvy Decade for U.S. Stocks
again setting records, Monday marked the 10th anniversary of the S&P 500's peak
some market sectors before the financial-crisis downturn. The index fell 57% to its
haven’t fully recovered low but has more than tripled since.
BY AKANE OTANI
AND TOM DESTEFANO
By the summer of 2007, U.S.
investment banks and the Federal Reserve were struggling
to contain the fallout from the
mortgage meltdown, but many
investors were still betting a
crisis would be averted. The
S&P 500 closed at a record on
Oct. 9, 2007. It would be its
last until March 2013.
That Oct. 16, Citigroup Inc.
reported a 57% drop in profit after it had to write down bets on
mortgage-backed securities and
loans to fund deals—showing
how deeply the summer’s credit
crisis hit its business and driving up anxiety over its future.
Merrill Lynch & Co. posted a
$2.24 billion loss for the quarter
on Oct. 25, as it took a $8.4 billion hit from revaluing bonds
backed by mortgages and other
write-downs. Merrill Chief Executive Stan O’Neal resigned shortly
thereafter. Countrywide Financial
Corp. posted its first quarterly
loss in 25 years on roughly $1 billion in write-downs late that
month. Both Merrill and Countrywide would eventually be
bought by Bank of America Corp.
In the months that followed
October 2007, stock indexes
plunged, the U.S. economy fell
into recession and central
banks around the world began
providing an unprecedented
amount of monetary stimulus
to stave off a deepening financial crisis.
Although major indexes are
now back at record highs,
thanks to a combination of a
brightening global outlook,
solid earnings growth and
still-accommodative monetary
policy, some areas of the U.S.
stock market have yet to fully
recover from the losses they
sustained a decade ago.
2500
2250
2000
1750
1750
1500
1500
1250
1250
1000
Oct. 9, 2007
Record before
crisis-era slump
750
750
500
500
2007
’08
’09
’10
’11
’12
’13
’14
Consumer-discretionary and technology stocks have led the S&P 500 higher
over the past decade, while financial stocks haven't fully recovered.
Performance since Oct. 9, 2007
144.1%
’15
’16
Internet and biotechnology companies
have been among the best performers.
Performance since Oct. 9, 2007
143.1
Netflix
Regeneron Pharmaceuticals
90.1
Priceline Group
60.0
Incyte
34.9
29.0
14.1
Technology Consumer Health
discretionary care
Consumer Industrials Materials
staples
Utilities
Real
estate*
Financials Telecom
-9.6
-10.3
Energy
Alaska Air Group
0%
-13.5
1,000
2,000
3,000
4,000
5,000
6,000
Some major financial firms and commoditieslinked companies have lagged behind.
Performance since Oct. 9, 2007
AIG and Citigroup have risen recently but are still far from precrisis
levels, following steep declines and reverse stock splits.
Performance since Oct. 9, 2007, weekly intervals
0%
Citigroup
MGM Resorts International
AIG
–20
Freeport-McMoRan
Citigroup
–40
Chesapeake Energy
–60
American International Group
–100%
–80
–80
–60
–40
–20
0
–100
2007 ’08
’09
’10
’11
’12
’13
’14
’15
*The real-estate sector was split off from the financial sector in 2016.
Note: Best and worst performers based on current components. Sources: FactSet; WSJ Market Data Group (AIG and Citigroup)
FINANCIAL ANALYSIS & COMMENTARY
come, with the remainder
paid by workers through
lower wages.
Under those terms, the
corporate tax cut would deliver outsize benefits to the
rich, who hold far more
stocks and debt than their
lower-income counterparts.
According to recently released Federal Reserve data,
as of last year 95% of families in the top 10% by income
hold stocks directly or indirectly through mutual funds
and the like. The median
value of stockholdings
among those families that
held them was $365,000. In
contrast, 52% of families in
the middle-income quintile
held stocks, with a median
value—just for families who
held stocks—of only $15,500.
Change the assumptions
around so that workers pay
a greater share of corporate
taxes than the Tax Policy
Center estimates, and a corporate tax cut benefits the
Who Owns Stocks
Share of families with direct
or indirect stockholdings,
by income percentile
94.7%
85.2%
73.9%
51.6%
32.4%
11.5%
Less
than 20
20–39.9
40–59.9
60–79.9
80–89.9
90–100
Income percentiles
Source: Federal Reserve
THE WALL STREET JOURNAL.
middle class more.
But before wading into
the great corporate-tax-incidence debate, investors
might want to consider who
experiences the benefits of a
corporate tax cut first: Probably the rich, since companies are more likely to respond to an influx of money
by either holding on to it or
paying it out in dividends.
And don’t forget asset values. If the stock-market response to a tax-cut-induced
increase in earnings is to
push share prices higher,
shareholders will become
wealthier right away.
One implication for investors is that the initial boost
to consumer spending
wouldn’t be as strong as it
would be if the cuts more directly go toward the middle
class.
That is because the richer
people are, the less they respond to income and wealth
gains by spending more.
Another is that companies
that cater to the hoity-toity
over the hoi polloi would see
sales pick up first.
—Justin Lahart
OVERHEARD
Remember when a mention of “over the top” and
“football” meant a running
back literally leaping over his
offensive line?
These days the phrase refers to how games are
viewed—or rather can be
viewed. Last year Twitter pioneered the practice by allowing users to watch
“Thursday Night Football.”
It wasn’t a huge commercial success, except perhaps
for the National Football
League, which managed to
get Amazon.com to pay five
times as much this year to
stream the games. Amazon
reported that the first game
attracted 1.9 million Amazon
Prime customers, which is
400,000 less than Twitter
got for its first game.
Maybe fewer people
watched because they realized that it was easier to see
the game on CBS or NBC,
which show the games too.
Amazon’s famous customer
loyalty didn’t work too well,
either. Just 372,000 people
watched more than 30 seconds of the three-hour event.
Why Nobel Laureate Richard Thaler Matters to Investors
Sciences recognized Mr. Thaler for applying psychology
to economics. One place he
did this, to great effect, was
in financial markets. When
he came on the scene, the
view that markets rapidly
absorbed new information to
reflect the underlying asset
values—the efficient market
hypothesis—was ascendant
in academia.
Mr. Thaler began to pick
apart this idea, notably in
the series “Anomalies” he
wrote and co-wrote for the
Journal of Economic Perspectives starting in the late
1980s. If markets are efficient, he asked, why do
stocks do well in January?
Why don’t closed-end funds
reflect their underlying asset
values?
But his greater insight
was to use psychological insights to explain such anomalies. He and his student
Werner De Bondt in the
1980s hypothesized that the
reason stocks that performed poorly over the past
three years tended to bounce
back is that people tend to
“‘overreact’ to unexpected
and dramatic news events,”
driving valuations out of
whack.
Stocks have done better
than Treasurys over time,
Mr. Thaler and Shlomo Benartzi argued, because investors hate losses more than
they love gains and they fo-
cus too much on the near
term even when it comes to
long-term investment goals
like retirement. That makes
stocks cheaper and gives
them more room to rise.
Mr. Thaler used
psychological insights
to explain anomalies
in financial markets.
Such insights are important to investors, says Wesley Chan, director of stock
selection research at Acadian
Asset Management, because
’16
’17
THE WALL STREET JOURNAL.
HEARD ON THE STREET
How Fair Are the Trump Tax Cuts?
Nobody gets a Nobel Prize
for saying that stupid things
can happen in financial markets. One of the reasons
economist Richard Thaler
just got one is that he helped
explain why.
In doing so, he upended
how people think about financial markets, helping
found the field of behavioral
finance. Today, billions of
dollars are staked by fund
managers who use his insights to try to profit from
the biases he helped expose—and yet irrationality
still hasn’t been arbitraged
away.
In announcing he had won
the economics Nobel, the
Royal Swedish Academy of
’17
126.3
Email: heard@wsj.com
Whether the rich would
be the biggest beneficiaries
of tax-reform efforts is a
matter of fierce political debate. But they would likely
be among its first beneficiaries, and for investors that
alone would matter.
The tax-code outline Republicans released at the end
of September lacked many
details, and major components of it, including repeals
of the estate tax and the individual deduction for state
and local taxes, already are
looking tenuous. As it
stands, though, the top 1% of
households would get an average tax cut of $129,030 in
2018, according to an analysis by the Tax Policy Center,
while the remaining 99%
wouldn’t fare nearly as well.
A big assumption behind
that figure is how much corporate tax cuts would benefit
the rich.
Companies’ ultimate
shareholders, lenders and
employees are all individuals. The Tax Policy Center
assumes shareholders and
lenders pay 80% of the corporate tax through lower in-
Oct. 9, 2017
2544.73 1000
▲63% in ten years
March 28, 2013
Next record
“it gives us a framework for
how investors behave.” Without that window into what is
driving irrational-seeming
behavior, it is hard to understand how market inefficiencies might resolve themselves.
Ironically, Mr. Thaler’s
anomalies now seem rarer
because of his work. Investors try to profit from them
and their cash effectively
makes the anomalies disappear. The investors also
don’t broadcast their discoveries like academics would.
But behavioral biases still affect markets in ways Mr.
Thaler documented. People
don’t really change.
—Justin Lahart
WSJ.com/Heard
High-Quality
Problem for
Videogames
Have videogames gotten
too good? At current valuations, it is possible they
have.
Videogame publishers
have been on a strong run
this year. Sector leaders
Electronic Arts and Activision now trade at about 27
times forward earnings while
Take-Two Interactive commands a premium of 33
times. None have traded at
levels like these since 2010.
That sets a high bar as the
industry approaches the holiday selling season and next
year’s big slate of planned
releases. These include the
first sequel to Take-Two’s
“Red Dead Redemption” and
a new “Battlefield” title from
EA. Doug Creutz of Cowen &
Co. noted Monday that Wall
Street’s expectations for
sales growth in 2018 imply
the strongest year for the industry in a decade.
But the game business has
changed since then. Gamers
play fewer titles for much
longer. That helps publishers
find more digital upsell opportunities, but it also makes
it harder for other games to
break out. That could make it
difficult for the industry to
live up to the Street’s current
projections for next year—a
concern that spurred Mr.
Creutz to downgrade Activision Blizzard, Take-Two Interactive and Ubisoft to neutral ratings.
Skeptics will note that a
similar call on EA by Mr.
Creutz a year ago hasn’t
worked out so well—the publisher’s stock has surged
nearly 50% since. But he then
correctly projected that “Titanfall 2” sales would underperform its predecessor despite higher critical scores.
With valuations fully powered up now, game publishers can’t afford many more
trips.
—Dan Gallagher
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B14 | Tuesday, October 10, 2017
THE WALL STREET JOURNAL.
EMERGING MARKETS
ARE ON THE MOVE.
We see a rising middle class in Southeast Asia move from
motorcycles to cars. Frontier economies leap into the digital era,
adopting fintech faster than developed nations. Trade and travel
surge between emerging nations.
The monolithic view of emerging markets is obsolete. At PGIM,
we see new opportunities for alpha across emerging market
sectors and themes.
And every day, our 1,100 investment professionals around the
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Partner with PGIM to see the investable implications.
Get our perspective at pgim.com/EM
The Global Investment Management
Businesses of Prudential
FIXED INCOME | EQUITIES | REAL ESTATE | ALTERNATIVES | PRIVATE DEBT
1
Data as of 6/30/17.
© 2017 Prudential Financial, Inc. (PFI) and its related entities. PGIM Inc. is the principal asset management business of PFI. PGIM is a trading name of PGIM Inc. and its global
subsidiaries. Prudential Financial, Inc. of the United States is not affiliated with Prudential plc, which is headquartered in the United Kingdom. The PGIM logo and the Rock design are
service marks of PFI and its related entities, registered in many jurisdictions worldwide.
Alpha indicates the performance, positive or negative, of an investment when compared against an appropriate standard, typically a group of investments known as a market index.
This information is not intended as investment advice and is not a recommendation about managing or investing assets. Investing is subject to investment risk, including the loss of the
principal amount invested.
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JOURNAL REPORT
F
The Eollow
Onlinxperts
e
wsj.c
om/e at
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THE WALL STREET JOURNAL.
© 2017 Dow Jones & Company. All Rights Reserved.
Tuesday, October 10, 2017 | R1
perts
The Hidden Battle of
The Sexes at Work
When it comes
to equality in U.S.
companies, women see a
work in progress where men
view it as mission accomplished.
A landmark study suggests
that gap may be stalling women’s
careers—and shows how
managers can jump-start them.
BY VANESSA FUHRMANS
hold top leaders accountable for how well they
meet those goals.
It isn’t just lip service that is driving such measures. A growing body of evidence shows that having more women in power and having more diverse
decision makers boosts the bottom line.
A 2015 McKinsey study of 366 companies, for instance, found those with more women on their leadership teams and boards of directors were more
likely to post higher profits than their competitors
compared with companies that had relatively low
numbers of senior women. More than three-quarters of the companies tracked by Lean In and
McKinsey say they have made that business case to
employees.
But at every career stage, the disparities between
men and women have barely narrowed in recent
years. Though roughly equal shares of men and
women make up entry-level jobs, men outnumber
women nearly 2 to 1 by the first move up the management ladder.
And that gap widens with every step toward the
C-suite, where women hold just one-fifth of top roles.
The drop-off is even steeper for women of color,
who make up less than 4% of senior jobs. Black
women in particular face a precipitous trek to the
top: They are less likely than other women to get
promotions and more likely to have never interacted with senior leaders.
Along the way, many women come to see a workplace tilted against them. Some 37% of women say
their gender has played a role in losing a promotion
or other chance to get ahead, compared with 8% of
men. While nearly half of men feel promotions at
their companies are given out fairly,
only 40% of women agree. Frequent face
time with senior leaders feeds both
men’s and women’s ambitions to climb
to the top, Lean In and McKinsey found,
yet women were less likely to report
having such interactions.
Some companies are trying to improve women’s odds, not just as they
launch their careers but well before and after. At
Lyft Inc.—where 36% of the firm’s leadership and
18% of its tech staff are women—hiring bosses are
required to include at least one woman and one ethnic minority in the final round of interviews for director-level positions and higher.
Blackstone Group LP, where women made up
just 15% of its entry-level analyst positions a few
years ago, no longer waits to seek out female recruits in their final years of college. Instead, it is
cultivating them as sophomores with a program to
introduce them to the private-equity giant and build
résumé and interviewing skills.
“It is really hard to imagine how you’re going to
expand your pipeline if your applicant pool isn’t any
bigger,” says Joan Solotar, senior managing director
and head of Blackstone’s private-wealth solutions
business and external relations. Since the program’s
2015 start, the percentage of analysts at the firm
who are women has increased to 40%.
Across corporations, though, the study suggests
that efforts to diversify the workforce are getting
Please turn to the next page
MORE ONLINE
See more at wsj.com/womenintheworkplace,
including:
Take a poll to see how your work life compares
with others.
Watch videos on using data to negotiate better,
and why young women’s speech
patterns draw comments at work.
Tune in live for Sheryl Sandberg’s
remarks at tonight’s Women in the
.COM
Workplace event.
WSJ
INSIDE
Recognizing the Problem
For Women of Color, Ambition
Unfulfilled
There’s still far to go for gender
equality, writes Sheryl Sandberg
R2
What keeps them from the C-suite
R5
The Risk in Requesting a Raise
Stuck in Middle Management
Preventing Gender Fatigue
Young Workers Find Their Voice
For women, there’s a catch
R4
Dominic Barton on how companies
can build on their gains
R4
To Promote More Women...
Firms open women’s groups to all
R4
How women can escape
R6
Where Women and Tech Fit
How Sephora does it
R7
A Lower Bar, or a Higher One?
The debate on tech diversity
R8
AT WSJ.COM/
WOMENINTHEWORKPLACE
More assertive and ambitious
R6
What Uber Is Doing to Attract
More Women Employees
Hiring Hurdles for Older Women
Companies Look Outside
the C-Suite for Women Directors
One challenge: Time out for family
can carry a stigma
R6
Tales From a Year on the Road
ILLUSTRATION BY BRIAN STAUFFER
FOR ALL THE EFFORT EMPLOYERS ARE
pouring into advancing women in the
workplace, why are they making so little
headway?
One big obstacle: Men and women
are at odds over whether there even is
a problem to begin with.
In the same offices and on the same
teams, women largely view gender
equality as a work still in early progress, while many
male colleagues see a mission accomplished. Significantly more men than women say their companies
are level playing fields and have plenty of women
leaders, even in places where less than 1 in 10 top
executives are women. And they are much more
likely to say gender diversity isn’t a priority for
them, often because they think merit would suffer.
The disconnect matters given that so many middle
and senior managers are men. Among factors that
smooth or stymie career advancement, women say
that daily interactions with their direct bosses are
more important than the tone set by top leadership—
and one of the many ways that their experiences diverge from those of their male co-workers. Women
are less likely than men to feel that their managers
give them opportunities to grow, and less likely to
feel that their managers consider a diverse set of
people for promotions. The sexes are even more divided on whether bosses consistently challenge biased or disrespectful behavior toward women.
Those are some of the findings of LeanIn.Org and
McKinsey & Co.’s 2017 Women in the Workplace report. In one of the largest efforts ever to gauge the
attitudes and experiences of working women, researchers collected data on promotions, attrition
and career arcs at 222 companies and surveyed
70,000 of those companies’ employees in North
America.
The perception gap could explain why so many
employers are still struggling to crack the code to
retaining and promoting more women, despite no
shortage of initiatives.
The information shows that 85% of the companies surveyed track women at each rung of the
managerial ladder. Roughly one-third set gender
targets for senior roles and in key operations; 40%
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
R2 | Tuesday, October 10, 2017
JOURNAL REPORT | WOMEN IN THE WORKPLACE
Getting to Gender Equality Starts With
Realizing How Far We Have to Go
GENDER INEQUALITY is so pervasive that we often don’t see it.
Nearly 50% of men think that
when just 1 in 10 senior leaders in
their company is a woman, that’s
sufficient. And remarkably, a third of
women agree. When so many people
see a leadership team that’s only 10%
women—who, let’s remember, are
half the population—and think,
“That’s good enough,” it’s a sign that
we’re too comfortable with the status quo.
This is a key finding of the 2017
Women in the Workplace report, a
joint study by LeanIn.Org and McKinsey & Co. that’s being released today.
It reflects input from 222 companies
employing more than 12 million people. To our knowledge, that makes
this the largest study of its kind.
This year’s report shows that
progress toward equality in the
workplace continues to be slow—and
may even be stalling.
Women on average are still underrepresented at every step of the
corporate ladder. The gap begins
with entry-level jobs and widens the
higher you climb. This isn’t because
of attrition; women and men stay
with their companies at roughly the
same rate. And it’s not for lack of
asking; women seek promotions at
the same rate as men, but are promoted less often. The situation is
worse for women of color, who face
more obstacles and receive less sup-
port. All told, only 1 in
work—Asian-American
5 C-suite executives is a
women and Latinas rewoman—and not even 1
ceive less support than
in 30 is a woman of
white women, and black
color.
women receive the least
It’s a sobering picsupport of all. It’s proture, and it raises a critfoundly unfair. As one
ical question. These
black woman put it, “We
gender gaps persist
can have the same deeven though companies’
gree, the same years of
commitment to gender
work…[but] we are not
diversity is at an alltapped on our shoulders
time high. What’s going
as often as other folks
wrong?
are. And we’re not getThe study’s findings
ting feedback on why.”
point to at least part of
Here’s the good news.
the answer: Blind spots
For companies that want
are getting in our way.
to do better—and many
It’s hard to solve a probdo—there are steps they
lem we don’t fully see
can take to get on the
or
understand—and
right track.
when it comes to gender
First, make a compelin the workplace, too ofling case for gender diten we miss the scope
versity—and link it to
and scale of the issue.
business results. IllusMany men look right
trating how supporting
past it. More than 60%
women helps an organiof men believe that
zation’s long-term suctheir company is alcess can bring more emready doing what it
ployees on board. While
takes to improve gen78% of companies say
The good news is that there are steps companies can take
der diversity. And 50%
they already articulate a
to get on the right track, Ms. Sandberg says.
of men think their manbusiness case for equalagers already consider
ity, only 16% back it up
a diverse lineup of candidates to fill time.
with numbers. And firms should
Companies have blind spots, too. show their commitment: When emopen slots. On both counts, women
disagree. And on a key question— Many overlook women of color, who ployees see higher-ups prioritizing
“How is disrespectful behavior to- face distinct challenges shaped by equality, they’re more likely to do
ward women handled by your com- the intersection of gender and race. the same.
pany?”—men are 60% more likely On virtually every measure—from
Second, recognize the key role
than women to say that it’s ad- how often they are promoted to that managers play. They make many
dressed quickly all or most of the whether their managers defend their of the day-to-day decisions that
FACEBOOK
BY SHERYL SANDBERG
AND RACHEL THOMAS
shape women’s careers. They’re often the ones who decide whether a
companywide program or policy is
embraced or ignored. When they’re
committed to gender diversity, their
teams follow their lead. Companies
should take steps to ensure that
managers understand why equality
matters, have the tools and training
to make a difference, and are rewarded when they do.
And third, resist a one-size-fits-all
approach. More companies prioritize
gender diversity than racial diversity, perhaps hoping that focusing on
gender alone will be sufficient to
support all women. But women of
color face bias both for being women
and for being people of color, and
this double discrimination leads to a
complex set of constraints and barriers. When companies fail to see this,
they miss the chance to level the
playing field for everyone.
In a competitive global economy,
no business can afford to leave talent on the sidelines. And in a country founded on equality, everyone
deserves a fair shot at success, no
matter his or her gender, race, background or beliefs. We need to resist
the tyranny of low expectations. We
need to open our eyes to the inequality that remains. We won’t unlock the full potential of the workplace until we see how far from
equality we really are.
Ms. Sandberg is the chief operating
officer of Facebook Inc. and the
founder of LeanIn.Org. Ms. Thomas
is the president of Lean In.
The Hidden Battle of the Sexes at Work
Continued from the prior page
lost in translation.
Nearly 90% of companies surveyed, represented by their HR departments or other senior spokespeople, say that advancing women
is very important to their chief executives, but
when individuals are asked, only 44% of
women think so, compared with 57% of men.
Neither sex puts significant stock in one of
the most common diversity initiatives: socalled employee affinity groups, where women
and other underrepresented employees network and exchange career advice.
Some 83% of companies provide such
groups. Yet 58% of women feel the groups have
no impact on their careers, nearly the same
percentage as men.
How is there such a disconnect between
companies’ goals and the experiences of the
women they employ? And how can business
leaders help move the needle toward gender
equality at every level of the workplace?
MANAGING IN THE MIDDLE
One group with a lot of potential to make a
difference: midlevel managers.
Lean In and McKinsey’s findings echo those
of other studies which show that these bosses,
direct managers of teams or departments, often hold the greatest sway over employees’
ambitions and the speed at which they climb
the career ladder. Yet many of these managers
aren’t aware of the subtle efforts that can help
women employees, says Elisabeth Kelan, professor of leadership at Cranfield School of
Management in Bedfordshire, England.
“It isn’t that these men, and sometimes
women, get up in the morning and say, ‘OK,
I’m going to be a barrier to women,’ ” Ms.
Kelan says.
In her own research, Ms. Kelan shadowed
male, midlevel managers at several companies
who were seen as inclusive bosses. Often, they
would suggest women take so-called stretch
assignments, and lauded their achievements to
other colleagues and higher-ups. In meetings,
they put the kibosh on behavior that alienated
women—such as when male colleagues began
to outboast each other—and praised other men
for considering women for promotions.
The challenge for companies is showing
midlevel male managers they aren’t the problem—even if, sometimes, they are.
Frank Dobbin, a Harvard University professor of sociology who has studied employment
data from more than 800 companies, says tactics such as mandatory diversity training,
grievance protocols and hiring restrictions often backfire as managers bridle at new rules.
More promising is tapping them to act as
sponsors for women or to take part in groups
charged with finding solutions, he says.
National Life Group, a Montpelier, Vt.based financial-services company with 1,100
employees, evaluates its 200 managers each
year on how they meet broad principles—such
as “value an inclusive, diverse culture” and
“encourage others to speak their minds”—
aimed partly at bolstering women.
Both peers and direct reports evaluate those
managers, who afterward meet with their
teams to discuss what they do well and where
there is room for improvement. Those assessments, Chief Executive Mehran Assadi says,
are conducted separately from the annual bonus cycle so that the managers don’t view
them as punitive.
In the same vein, Mr. Assadi says he doesn’t
push diversity quotas. “I never want a situation where someone says, ‘The CEO wants a
woman in this role,’ ” he says.
Instead, Mr. Assadi says, he will often weigh
in on hiring or promotion conversations by
asking, “Are we getting enough diversity of
The Pipeline Narrows
Agenda Item
The share of jobs held by women shrinks with
every step up the managerial ladder.
More women than men say they consider gender
diversity very important.
Entry level
47%
37%
Manager
Senior manager/director
33%
Vice president
29%
Senior vice president
Not a priority / slightly important priority
A moderately important priority
A very important / top priority
Women
Men
21%
C-suite
17%
20%
24%
Board
58%
24%
47%
25%
29%
Perception Gap
Men are more likely than women to say that plenty
of women are in senior levels, even at companies
where only one in 10 senior executives is female.
At firms where...
the percentage of men and
share of
women in women who say women are well
top jobs is* represented in high-level roles
0–10%
Women
Men
33%
49%
43%
11–20%
42%
61%
67%
78%
86%
41%+
Network Access
Women are less likely than men to say they
have substantive interaction at least monthly with
a senior leader, a difference that grows as they
move up the career ladder.
Entry level
Women
Men
Middle
management
Senior level*
It means deprioritizing individual performance
Women
38%
Men
49%
Diversity efforts highlight differences,
not commonalities
21%
23%
53%
31–40%
Men and women who say gender diversity isn't a
priority for them cite the following reasons.
Other more pressing issues require attention
27%
23%
60%
21–30%
Taking a Pass
30%
31%
It has already been addressed
17%
21%
I do not see the value
14%
15%
It gives women an unfair advantage
6%
13%
We have not made any progress so far
4%
1%
39%
44%
51%
59%
*Vice president and above
thinking here?”
These combined efforts have helped boost
the number of women in senior roles at National Life Group by nearly a third over the
past five years, with women now representing
39% of senior leaders, the company says.
ROLES THAT MATTER
Some companies are trying to alter the drift
of many women into roles that don’t have a direct impact on the bottom line, such as marketing or legal affairs, roles from which it is
hard to climb to the most senior positions.
“Let’s face it, getting more women into
[profit-generating] roles is what’s going to
change the percentage of women CEOs in the
Fortune 500,” says Ellyn Shook, chief leadership and human-resources officer at global
consulting firm Accenture PLC.
The company has set goals of a 50% female
workforce for its U.S. operations by 2025—up
from just over 40% now—and a staff of managing directors that is 25% women by 2020—up
from about 20% currently.
Source: LeanIn.Org and McKinsey & Co. Women in the Workplace
2017 survey of 70,000 men and women and study of 222 companies
THE WALL STREET JOURNAL.
To help it reach those goals, the company
looked at internal data about the kinds of jobs
its women employees were doing. Many of its
women managers were gravitating toward
project-management roles, which, though important, tend not to fast-track careers.
So, two years ago, it began a program to
train Accenture women to become technical architects, a role in high demand with clients that
involves shaping and implementing strategies
around new technologies, and that opens doors
more quickly to high-level jobs. Some 1,200
women are currently in the program; 350 have
already gotten certified as technical architects.
Accenture also operates a four-year sponsorship program to help launch women managing directors into senior operational roles.
In any given year, some 30 women are taking
part in the program. Each of the protégés gets
two sponsors on Accenture’s global leadership
team who mentor them and help launch them
on a path to promotions.
The role of the sponsors, Ms. Shook says, is
critical: “When the leadership appointments
are being made, the sponsors are at the table
saying what their sponsees have done.” About
80% of the sponsored women have since expanded core business, or line, responsibilities
or gone on to senior roles that have an impact
on the bottom line.
TWO-CAREER JUGGLE
Another challenge for employers is the
work-life crunch their ambitious women managers face at home.
Overall, more than half of senior women
managers have a spouse with a similarly demanding career, Lean In and McKinsey found,
compared with just 31% of their male counterparts. The majority of high-level men, in contrast, have a stay-at-home spouse or one who
works part time, enabling them to focus more
on their careers.
For many women in two-career partnerships, the division of household responsibilities is far from equal. Among women who say
they are the primary breadwinners in their
households, 43% say they are still the ones primarily responsible for coordinating children’s
schedules and taking care of home chores.
That’s the case for only 12% of men who are
their families’ main breadwinners.
Those duties appear to chip away at
women’s ambitions over time. Though 60% of
women 30 and under say they aspire to be a
top executive, once many women are in the
thick of raising families—in their 30s and after—only about 37% do.
Perhaps unsurprisingly, the only way up for
a good number of women has been to be unburdened by the demands of family life: Nearly
a quarter of senior female executives say they
are single, in contrast to 10% of men.
Companies “will never heal the problem [of
gender inequality] if we aren’t honest about
the one-size-fits-all structure of work failing
women,” says Annie Dean, co-founder and coCEO of Werk, an online job marketplace for
women seeking flexible work arrangements
without giving up the leadership track.
Ms. Dean was a corporate real-estate lawyer
with aspirations of becoming partner, until becoming a mother collided with 16-hour days in
the office. Days would go by without seeing
her first child awake (she now has two), nor
did she have time to gain new skills to accelerate her career.
“My ambition had not changed,” she says.
“But what had been laid out before me to succeed was logistically impossible.”
Nearly half of women surveyed by Lean In
and McKinsey say flexible work schedules
would help their careers..
A.T. Kearney, where 26% of senior managers and 39% of the total workforce are women,
has come up with its own approaches to flexible roles for those firmly on the path to becoming a partner at the professional-services
firm. One initiative lets project teams sort out
a “charter” of flexible arrangements among
themselves, with tips from human resources
on what has worked for other groups. The
team could decide that one person doesn’t fly
out on business trips until Monday, so she can
put her children to bed the night before, for
instance, while another stops work at 5 p.m.
two nights a week so he can go for a run.
The decentralized approach lets both men
and women co-workers avail themselves of
flexibility when they need it and spurs empathy for others’ work-life challenges, says
Stephanie Foley, A.T. Kearney’s human-resources chief for the Americas.
Advancing women “is a collective effort,”
she says. “It can’t be just something HR or
women do.”
Ms. Fuhrmans is a reporter for The Wall
Street Journal in New York. She can be
reached at vanessa.fuhrmans@wsj.com.
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Tuesday, October 10, 2017 | R3
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THE WALL STREET JOURNAL.
R4 | Tuesday, October 10, 2017
JOURNAL REPORT | WOMEN IN THE WORKPLACE
The Tricky Task of Negotiating for Higher Pay
Women are advocating for
themselves more, and getting
results. But there’s a catch.
WOMEN DON’T GET raises, the conventional wisdom goes, because they
simply don’t ask.
A new study conducted by LeanIn.Org and McKinsey & Co. casts
doubt on that assumption. Women
are in fact negotiating for raises and
promotions just as much as their
male counterparts and, at the senior
levels, at even higher rates, according to survey results from 70,000
men and women.
That isn’t the end of the story,
though. The data also shows that negotiation carries a special risk for
women. Women who do seek a raise
or promotion are more likely to receive feedback that they are “bossy,”
“intimidating” or “aggressive,” compared with women who don’t negotiate and men who do. (Male employees are also more likely than women
to report that they got a raise without asking, or didn’t ask for one because they were already being well
compensated.)
Need for research
As part of that, the experts say,
women must back up their requests
with research into pay standards and
other information.
“If you come [into a negotiation]
with a figure, don’t just say, ‘I want
more,’ ” says Ariane Hegewisch, program director for employment and
earnings at the nonprofit research
organization Institute for Women’s
Policy Research. ”Think through
good reasons why they
should pay you more
in terms of what
you’ve achieved.”
Negotiating is as
critical for women as
it is for men. Both
women and men in the
survey who didn’t ask
for a specific amount
in a salary negotiation
received 32% less on
average than the ones
who did.
Though women are
advocating for themselves much more,
asking carries risks. In
2003, Linda Babcock
co-wrote the book “Women Don’t
Ask,” exploring the gender divide in
workplace negotiations. More than a
decade later, she says she has observed awareness around the issue
shift dramatically.
“I think the remaining challenge
we have is how people respond to
women when we do negotiate,” says
Ms. Babcock, an economics professor
at Carnegie Mellon’s Heinz School of
Public Policy and Management.
Mischelle vanThiel, age 50, is the
chief executive officer of Victoria
Hospice in Victoria, British Columbia, a position she has held since
2013. When she was hired, she negotiated for—and received—a hefty increase on the hospice boards’ initial
salary offer.
To make a convincing case, Ms.
vanThiel knew she had to be specific,
both about how she came to her fig-
A tough first step
ALISON SEIFFER
BY MICHELLE MA
hiring panel, she was prepared. After
identifying the specific challenges
the hospice was facing, she gave a
multihour presentation that highlighted her experience managing
those same issues and presented reference letters from previous employers, staff and external peers that
backed her up.
Ms. vanThiel says she got what she
wanted because she presented clear
evidence and concrete examples:
“This is what I can do. Here’s proof
that I can do it. Here’s the market
value of what these jobs are worth.”
Social Penalty
Asking for a promotion or raise can change how employees are perceived. The
percentage of those surveyed who said they received feedback that they were
“bossy,” “intimidating” or “aggressive”:
PROMOTION
RAISE
WOMEN
MEN
WOMEN
MEN
Did not negotiate
11%
9%
12%
10%
Asked
17%
14%
18%
15%
Asked for specific amount
N.A.
N.A.
18%
14%
Successfully received
17%
14%
19%
15%
Source: LeanIn.Org and McKinsey & Co. Women in
the Workplace 2017 survey of 70,000 men and women
ure and why she deserved it. She
looked at salaries at comparably
sized charities and governmental
health authorities, all publicly available information. And because pay
THE WALL STREET JOURNAL.
can vary widely by city and province,
she called up executives at Victoriabased competitors to get a sense of
the local salary ranges.
When she made her case to the
Yet even armed with the data,
women fear repercussions from asking—and perhaps for valid reasons.
Malia Mason, an associate professor of management at Columbia
Business School who teaches a negotiations course, has collected data
from her students over the past
three years, through a simulation
where they put themselves in the
role of a recruiter and are told they
are either hiring “Christopher” or
“Christine.”
Both ask for an $80,000 salary—
and, across the board, Ms. Mason’s
students, regardless of their gender,
perceived the $80,000 ask from
Christine as more assertive than
Christopher’s.
“We tolerate mistakes a woman
might make less than a man’s mistake” in how they approach negotiating, says Ms. Babcock. She suggests
that women counter these potential
reactions by “being incredibly prepared” and “knowing what the standards are” in terms of salaries and
promotions.
Ms. Ma is a former Wall Street
Journal intern. She can be reached
at reports@wsj.com.
MCKINSEY & COMPANY
versity metrics, or use
financial incentives to
encourage action. Employees notice: Less than
20% in the survey said
they saw leaders regularly being held accountable for performance on
gender diversity.
If you want to help
keep your organization
on track, show your
people that senior leaders are taking responsibility for the outcomes
of the initiatives they
are driving. Forty percent of the companies in
our survey do emphasize top management
accountability,
and
many of them are seeing
much better results.
Make men part of
the solution: Less than
half of men report that
advancing women is an
Despite some encouraging signs, the overall picture is one of uneven results, which can
important priority for
breed skepticism, Mr. Barton writes.
them. Leaders hoping to
bring them on board
parency
is
rarer
still.
Most
companeed
to
show,
through actions, not
BY DOMINIC BARTON
nies say they share a majority of di- just words, how things can be differAND LAREINA YEE
versity metrics with senior leaders, ent: The data shows that when men
but just 23% do so with managers, think their company or direct manMOST OF THE corporate world has and a mere 8% with all employees. ager is highly committed, or get exset a bold aspiration to achieve It’s the same with the business case: plicit guidance on how to improve
equality for women in the work- 78% of companies say they articulate from a senior leader, they are more
place. Ninety percent of U.S. compa- one, but only 16% back up the case likely to embrace the cause.
nies in our latest research, for exam- with data.
Emphasize race and gender:
ple, say they are “very committed”
Top-performing companies are Sometimes change efforts benefit
to this goal, and just about all of executing with greater intensity, and from a bit of shock therapy, and our
them are taking action.
have the results to show for it. For newest research provides such a jolt:
It’s also obvious that we’re still in example while many managers work evidence that there’s a disquieting
the early stages of the journey: Cur- with their teams to identify develop- racial component to gender bias.
rently, just 20% of C-suite executives ment opportunities, top companies Just 3% of C-suite roles are held by
in the U.S. are female. Although that also have programs aimed specifi- Asian, black, Latina or other women
figure is inching up—from 19% a cally at boosting the mentorship of of color.
year ago—more than one CEO has women and their promotion rates.
Black women face the longest
confided to us, “We’re implementing
Or consider flexibility: The top- odds. Promotion rates for them are
all the best practices, but the num- performing companies in our re- 50% below those of white women,
bers aren’t moving fast enough, and search are more than twice as likely and only 23% of black women say
I’m worried about maintaining the as those at the bottom to offer managers help them navigate organienergy we need to keep going.”
emergency backup child-care ser- zational politics, compared with 36%
The good news is there are ways vices; three times as likely to offer for white women. These challenges
to counter change fatigue. Our third on-site child care; and more likely to are a critical, too-often-overlooked
annual Women in the Workplace re- offer extended maternity and pater- piece of the gender puzzle that deport, developed in collaboration with nity leave, as well as programs to mand their own attention, commitLeanIn.Org, shows the importance of smooth the transition to and from ment, and solutions.
executing the basics with conviction. extended leave.
i
i
i
The experience of 70,000 surveyed
Moves like these build broademployees, coupled with perfor- based enthusiasm because they help
In the first year of our research,
mance benchmarking of the 222 par- men and women alike.
we shared data suggesting that
ticipating companies, shines a light
American corporations were 100
on bolder actions we see from com- Maintain momentum
years from parity at the top. Two
Despite these encouraging signs, years later, even if the top-performpanies that are top performers in
employing and promoting women. the overall picture is one of uneven ing companies are still early in the
results, which sometimes breeds journey, they’re providing the clues
Break through on the basics
skepticism. Barely half of the men on how to break through.
Many companies have put in place and women in our survey expressed
That’s encouraging: The data is
the right building blocks: They’re de- confidence that their company is do- getting clearer, and the answers are
veloping a business case, tracking ing what it takes to advance women. in front of us. If we stay committed,
gender representation across the To keep organizational uncertainty lead boldly and execute relentlessly,
workforce, and developing training, from slowing progress, leaders we can build momentum and accelflexibility and networking programs. should take additional steps like erate change.
Breaking through on the basics these:
isn’t easy, though. Consider metrics:
Hold yourself accountable: A Mr. Barton is the global managing
Some 85% of companies surveyed majority of companies say they don’t partner of McKinsey & Co. Ms. Yee
track gender representation. Yet less hold their senior leaders accountable is a senior partner in McKinsey’s
than a third set targets, and trans- for performance against gender di- San Francisco office.
RYAN PELLTIER
How Companies Can Guard
Against Gender Fatigue
To Promote More Women, Firms
Open Women’s Groups to All
BY KELSEY GEE
WOULD WOMEN and minorities go
further in their careers without
separate professional networks?
One of the first such corporate
groups was founded nearly 50 years
ago at Xerox Corp. to boost recruiting of African-Americans after the
passage of the 1964 Civil Rights
Act. Similar groups are now common at many major employers. But
while women and minorities have
made impressive gains in management since, white men still hold the
vast majority of C-suite and nextin-line senior vice president roles—
about 80% at last count, according
to a new study conducted by LeanIn.Org and McKinsey & Co.
Now some companies, admitting
their early efforts haven’t done
enough, are diminishing the role of
stand-alone affinity groups and diversity chiefs to involve wider
groups of employees in their efforts. Other companies are ending
officewide antibias training sessions and instead focusing on making staff more directly responsible
for progress as part of their everyday business activities.
Shared goal
Consulting giant Deloitte Touche
Tohmatsu Ltd., which has had
longstanding affinity groups and
mentoring programs aimed at
women and minorities, is shaking
things up as it tries to get more
employees to care about workplace
diversity. Deloitte says that bringing more of the firm’s staff into
programs and groups like WIN, its
24-year-old initiative for advancing
women, will engage dissimilar employees in the shared goal of retaining and promoting women,
people of color and others.
Deloitte has opened some formerly women-only programs to
men, for example. One fellowship,
named for Ellen Gabriel, the first
leader of the firm’s women’s networking initiative, has since 2001
assigned mentors to promising female employees and put them in
business-school courses. Shortly
after the program’s creation, the
firm opened the program up to all
senior managers, and several men
have been awarded the fellowship
in recent years. Deloitte men also
can now participate in a coaching
program for employees taking parental leave.
Mike Preston, chief talent officer, says Deloitte wants to be a
place where all types of people feel
they can get ahead. Since WIN was
founded, men have become more
likely to drop out of the company’s
workforce than women, suggesting
Deloitte needs a broad, mixed-gender coalition to ensure an inclusive
culture, he says. To do that, he
says, there needs to be “cognitive
diversity” in the room, since people with different experiences and
perspectives are likely to pose different solutions to the problems
they identify.
Last year, the firm began forming “inclusion councils” in a halfdozen pilot offices to organize activities like Deloitte’s participation
in the annual LGBTQ Pride Parade
in Chicago. These councils now involve employees across the firm
and may replace the company’s
eight gender-, sexuality-, race-,
ability- and veterans-focused employee networks.
It has been a tricky sell among
staff. After reports of the plans
came out earlier this year, some
Deloitte employees questioned the
wisdom of forming the inclusion
groups and worried the councils
would “water down the effectiveness” of the smaller identity-specific groups, according to postings
on Fishbowl, an anonymous professional-discussion app used by
many in the consulting industry.
Company leaders say there are
no firm plans to eliminate those
groups, but a spokesman notes
that the inclusion councils are
drawing more participants at
events, and attracting a more diverse mix of employees than the
affinity groups do.
New focus
Diversity consultant Avivah Wittenberg-Cox has advised large
companies like HSBC Holdings PLC
to dissolve their affinity groups or
to retrain their focus specifically
Please see INCLUSION page R7
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THE WALL STREET JOURNAL.
Tuesday, October 10, 2017 | R5
JOURNAL REPORT | WOMEN IN THE WORKPLACE
For Women of Color, Ambition Unfulfilled
BY ALINA DIZIK
WHEN ALISSA JOHNSON, one of Xerox’s most senior minority female
executives, mentors women of color,
she tells them to forget their comfort zone. With a shortage of female
executives—especially in technology
roles—she is often the only minority
and the only woman in meetings.
“Everyone wants one person to
break in and bring the rest of us
along,” says Ms. Johnson, chief information security officer at Xerox, who
previously was deputy chief information officer at the White House.
But so far it hasn’t worked out
that way. As female executives of
color, including Ms. Johnson, reach
the upper echelons of large corporations, plenty more say they want to
be there but can’t find a way.
When it comes to corporate ambition, women of color are far more
likely than white women to say they
aspire to a top executive role, according to a new study from LeanIn.Org and McKinsey & Co., which
surveyed 70,000 women and men in
North America. Yet black, Latina and
Asian women still hold only 3% of Csuite roles, compared with 16.7% of
entry-level roles, the study found.
Black women are most likely to
say they don’t have interactions with
top bosses, and only 23% say managers help them navigate organizational politics, compared with 36% of
white women, according to the data.
Those figures have remained largely
unchanged in the past three years.
One reason for these struggles is
blind spots at the management level,
says John Rice, founder of Management Leadership for Tomorrow, a
nonprofit focused on increasing diversity at the top of the business
world.
Some managers don’t realize that
minority women often face extra
hurdles to succeed, he says. And
women of color moving up the ladder generally don’t have the same
informal networks as white male
counterparts who may meet for a
round of golf or a drink after a long
day at the office, Mr. Rice says.
Managers need to be
explicit about what it
takes to succeed rather
than doling out information during the kinds of
informal interactions
that leave out women of
color, he says. “They can
make what we would
call the ‘high-performance-bar playbook’
much more transparent,” says Mr. Rice. One
fix is for companies to
level the playing field by
offering
day-to-day
coaching that can be
tapped into more frequently than formal
Alissa Johnson cultivated a variety of mentors in her rise to a senior IT post at Xerox.
mentorships, he adds.
As chief executive of
Atlanta-based Worldpay US, Kim
Crawford Goodman says some upper- Gender and Ethnicity
level and midlevel executives are also Representation of the following groups within each job level
hesitant to promote women of color,
White men
Men of color
White women
Women of color
like her, because it can feel like a
risk. Since taking over the U.S. divi- 100%
sion of the British payments-process80
ing firm, Ms. Crawford Goodman has
urged employees not to promote
60
people based on common interests or
40
personality types. Managers “have a
tendency to take chances on people
20
that are most like themselves,” Ms.
0
Crawford Goodman says. Instead, she
encourages managers to take risks on
Entry Manager
VP
Sr. VP
C-suite
Board
Sr.
U.S.
level
manager/
ADULT
people they aren’t familiar with.
director
POP.
Xerox’s Ms. Johnson has deliberately cultivated male and female
mentors with varied backgrounds.
The percentage of women, by ethnicity, who say they receive these forms of
Those mentors have advised her on
support from managers
negotiations and presenting to execBlack
Latina
Asian
White
utives earlier in her career, and help
her in her current role, she says.
50%
Three years ago, pharmaceuticals
giant Merck started training manag- 40
ers at the vice president level and
30
above to recognize unconscious bi20
ases in the workplace. The program
was expanded to all managers this
10
year, says Celeste Warren, Merck’s
0
vice president of human resources
Defend
Help them
Provide
Advocate
Give them
and chief diversity officer. The online
them or
navigate
advice to
for them
stretch
workshops discuss bias in everyday
their work
organization
help them
for an
assignments
situations, which has helped make di-al politics
advance
opportunity
versity a topic of managerial conversations rather than something lim- Source: LeanIn.Org and McKinsey & Co. Women in the Workplace 2017
THE WALL STREET JOURNAL.
study of 222 companies and survey of 70,000 men and women
ited to the HR office, she says.
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Black, Latina and Asian women
say they want C-suite roles.
What’s holding them back?
Others who have climbed the
ranks are calling for more involvement from white male counterparts.
Noopur Davis, chief product and information security officer at Comcast, has met with fellow executives
to find ways that male colleagues can
take a “collaborator role” in championing women in tech, she says.
After attending technology conferences geared toward women a few
years ago, Ms. Davis, then an Intel
vice president, realized she needed
to encourage colleagues from nonminority backgrounds to focus on diversity. That’s now happening at
Comcast, where male executives regularly attend and participate in gatherings aimed at promoting female executives. This year, “one of our core
principles is how do we get better allies,” she says. “Initially these conferences were just women.”
Comcast’s Tony Werner, president
of technology and product, who
hired Ms. Davis, says he seeks out
high-potential minority candidates
to meet with once a quarter and introduces potential hires to other minorities at the top levels of Comcast
management. The practice is a way
to get more diversity at the top, he
says. During internal conferences
aimed at women in technology, such
as the ones organized by Ms. Davis,
Mr. Werner either attends or prepares a message that’s played at the
event. And it’s not without a business reason: Without diverse teams,
“you don’t get the diverse product
that’s attractive to a diverse customer base,” he says.
That kind of support can help executive women of color with another
challenge: They also may be perceived as less competent in their primary roles because of the perceived
time commitment of the “second
shift” they take on when advocating
for diversity, says Joelle Emerson, a
San Francisco consultant for diversity
and inclusion programs. “The burden
shouldn’t be on women of color in
leadership roles to be the only ones
having this conversation,” she says.
Still, some senior leaders, Ms. Davis among them, say the commitment to diversifying leadership at
the very top is part of the job description. “As a senior leader in the
company, you have to do more than
your job,” she says.
Ms. Dizik is a writer in Chicago.
Email her at reports@wsj.com.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
R6 | Tuesday, October 10, 2017
JOURNAL REPORT | WOMEN IN THE WORKPLACE
Stuck in the Middle
BY JOANN S. LUBLIN
AFTER RISING EARLY in their careers, many women get stuck in middle management.
More big businesses are trying to
fix that by taking inventive steps to
propel female managers into the executive suite.
International Business Machines
Corp. helps high-potential women
win critical stretch assignments
through an intensive leadership program. Other companies, including
Chevron Corp. and Xerox Corp., take
flexible approaches to relocation better tailored to the lives of women
staffers. Rising technology stars at
Intuit Inc. enhance their professional
visibility through coaching and intro-
duction to important contacts from
powerful executive sponsors.
Increased efforts to move women
up the ladder come amid their slow
gains at work. The share of women in
middle management was unchanged
at 33% and rose slightly in C-suite
roles to 20%, concludes a new study
by LeanIn.Org and McKinsey & Co.
Less optimism
And while more than half of senior managers want to be a top executive, the study showed, just 39% of
female ones think they will achieve
their career goal, compared with
44% of men.
The disparity in advancement expectations and achievements reflects
deep-rooted attitudes about women
as potential leaders, gender experts
Voices of the Young
BY FRANCESCA FONTANA
RECRUITING MANAGER Casey
Miller noticed something different
about the intern presentations at
Enterprise Holdings Inc. this summer.
In previous years, the proceedings at the car-rental company followed a similar pattern: Male interns
typically
organized,
delegated and spoke on behalf of
the groups, says Ms. Miller.
This year, in many cases, female
interns took the lead, and the men
played supporting roles. “The male
interns weren’t concerned or giving it another thought,” Ms. Miller
says. “It was very natural.”
The recruiter was witness to
what researchers say are changing
attitudes and behaviors among the
youngest entrants to the workforce. Young millennial women,
those born from 1988 to 1995, are
joining the workplace with significantly higher levels of ambition
than older women. And though
women still trail men in the desire
to be a top executive, the gap in
ambition appears to be narrowing.
More surprisingly, men and
women under age 30 hold similar
views on some issues concerning
gender at work, according to a
large study of women in the workplace conducted by LeanIn.Org and
McKinsey & Co.
Changing times
Women’s growing assertiveness
may stem from their formative
years, which coincided with the
2008 recession, says Lisa Walden,
a researcher and communications
director at the research and consulting firm BridgeWorks.
Younger women “have seen how
tipped the scales are and are showing up a little more guarded, but
more ready to fight for that equality on day one, whereas the early
millennial women had to readjust,”
Ms. Walden says.
Shayla Owodunni, a 27-year-old
finance manager at Expedia, was
finishing high school in the Minneapolis suburbs when her father
was laid off from his engineering
job at Northwest Airlines. She
originally wanted to study law in
college and “fight for the underdog,” she says, but the recession
prompted her to change course.
Taking her father’s advice to
consider financial security in her
career choices, she went into accounting. Her sights are now set on
rising to chief financial officer of a
company someday, she says.
Like Ms. Owodunni, other socalled recessionist millennial
women are expressing more ambition than other age cohorts. The
McKinsey and Lean In survey,
which asked 70,000 men and
women about their experiences at
work, found that 60% of younger
millennial women—those under
30—said they want to be a top executive, compared with 37% of
older women. Those figures compare with 69% of young millennial
men and 50% of older men.
Throughout the hiring process,
“they ask questions like, ‘Show me
how women within the company
have the same opportunities to
achieve that men do,’ ” Ms. Miller
says. These women are also asking
more questions about benefits like
adoption assistance and maternity
leave that they might want down
the line, she says.
Younger millennial women are
also speaking up more about discrimination and inappropriate behavior, says Becky Roth, senior
product marketing manager at the
online travel company Expedia Inc.
Ms. Roth, 31, is what generational
researchers call an “early millennial,” and works with many younger millennials.
Ms. Roth recalls having male
colleagues at other companies
early in her career who would rest
their hands on her leg during
meetings.
“I talked to older [female] mentors who started their careers
when that stuff happened all the
time, and they wouldn’t say anything,” Ms. Roth says. “They didn’t
want to ruffle any feathers.”
Now, the younger women come
into the workplace with the expectation that they will be heard, she
says.
New attitudes
Young millennial men, meanwhile, show signs that their attitudes on some issues are converging with those of their female
peers—even if they remain far
apart in other areas.
The biggest divergence: Young
millennial men are the least-likely
workers to say that gender diversity is a top priority for them,
while young millennial women are
the most likely of all age groups to
say it is important to them.
At the same time, young men
share with women a skepticism
about company efforts to support
women. For example, the McKinsey and Lean In survey found that
29% of young men and 22% of
young women think managers address biased language and behavior when it happens. The gap is
much wider among older men and
women—38% to 23%.
Ms. Fontana is a writer in
New York. She can be reached
at reports@wsj.com.
say. “Women aren’t given a real
chance at the fast track,’’ says Deborah Gillis, president of Catalyst, which
conducts research about women.
“Unconscious bias, the lack of
sponsorship and a lack of access to
hot jobs are key barriers that hold
women back from making that transition from middle management to
those more senior roles,” Ms. Gillis
continues. “They are still not getting
the acceleration they need.”
Getting key women the acceleration they need is why IBM introduced
its Elevate program in 2015. The technology company targets female middle managers in sales, consulting and
technical jobs who deal directly with
customers—especially in artificial intelligence and cloud computing.
“We want to prepare more women
for executive roles in [these] new
business areas,” which represent “a
super-important piece of our transformation,” says Lindsay-Rae McIntyre, IBM’s chief diversity officer.
Bosses in 20 countries propose top
female performers for Elevate. Participants in the one-year program devise
both their personalized development
plan and leadership plan, with help
from their bosses. They also get the
chance to shadow executives, among
other activities. IBM says about half
of its 700 participants already have
won executive positions.
Among them is Sree Ratnasinghe.
The Raleigh, N.C.-based manager
took her first executive spot in July.
She supervises 40 cloud-computing
staffers, up from 15 while a middle
manager. Ms. Ratnasinghe landed
three stretch projects through Elevate, such as helping a vice president craft the budget and set strategic priorities at a 300-person unit.
She recalls earning valuable skills
“that I am using every day in my executive role.”
Stretch assignments and a manager’s advancement advice significantly improve the odds of women
Views of the Workplace
The percentage of surveyed women
and men who say:
Women
Men
I have equal opportunity for growth
as my peers
57%
62%
Promotions at this company are based
on fair and objective criteria
40%
48%
The best opportunities go to the most
deserving employees
39%
47%
My gender has played a role in missing
out on a raise, promotion or chance to
get ahead
37%
8%
Source: LeanIn.Org and McKinsey & Co. Women in the
Workplace 2017 study of 222 companies
THE WALL STREET JOURNAL.
the operational opportunity, lack of
relocation and time off to travel with
her significant other, a Chevron colleague who lives in Australia with
four children from a prior marriage.
Two years ago, Chevron promoted
Ms. Pflueger to offshore installation
manager—the highest spot on the
Nigerian vessel. This August, she became a U.S. upstream adviser, a post
Chevron considers a steppingstone
to executive management, she adds.
A different tactic
Yet companies still give more international assignments to men even
when both genders express willingness to move, according to a Boston
Consulting Group survey of 203,756
employees world-wide. In an analysis
issued in May, the consultancy said
fewer than 30% of the women willing
to move for international postings
had done so, compared with nearly
40% of men in similar situations. The
practice disadvantages promising female managers, BCG warned.
Intuit, which makes TurboTax and
QuickBooks, uses a different tactic to
keep promising women from getting
stuck in middle management. Several
female executives recently sponsored
such staffers through its advancement
initiative for midlevel tech women.
Intuit formalized its sponsorship
push this summer, matching nearly
two dozen male and female leaders
with midcareer women.
Merline Saintil, Intuit’s head of
operations, product and technology,
says being a sponsor often involves
urging women to step outside their
comfort zone by expanding their internal and external visibility. She believes would-be executives must develop strong personal brands.
Ms. Saintil encouraged technology
middle manager Kevina Finn-Braun
to speak at a major industry conference in June. She also critiqued her
protégé’s draft speech and provided
presentation pointers.
“She went way out of her way,”
Ms. Finn-Braun says. “That was the
largest presentation I had done.”
Ms. Lublin is The Wall Street
Journal’s management news editor
in New York. She can be reached at
joann.lublin@wsj.com.
Older Women Face Hiring Hurdles
Time out for family can
carry a stigma; study finds
evidence of discrimination
BY LAUREN WEBER
ANNE ZACHARIAS was nearly 50
years old when she retired from her
job as a regional vice president with
a national marketing company. She
stopped working to be with her children more after years of long hours
and frequent business trips, she says.
When she tried to restart her career a few years later, though, she
was told that the hiring manager at
one company believed she didn’t
have enough corporate experience. In
fact, Ms. Zacharias had spent more
than 25 years in sales jobs with firms
including Kimberly-Clark Corp. and
Johnson & Johnson.
“The message was, ‘She’s been out
of the workforce too long and she’s
too old,’ ” says Ms. Zacharias, now 62.
Older women in the U.S. are eager
to work. And employers, facing a tight
labor market and a dwindling supply
of workers as older baby boomers retire, need these women. Yet women
over 50 find the doors of American
corporations are often closed to them,
according to academic studies, employment experts and interviews with
women struggling to get hiring managers to take them seriously. They
face multiple barriers: potential gender and age discrimination, sometimes combined with the stigma of
having been out of the workforce for
periods of caregiving.
Hiring discrimination of any kind
is difficult to prove, but age discrimination is particularly tricky. The Supreme Court held in 2009 that age
needed to be the deciding factor in
an employment decision for a finding
of discrimination. The decision created a higher standard of proof than
is required with other forms of bias,
says Dara Smith, a lawyer with the
AARP Foundation.
Half of the age discrimination
charges filed annually with the Equal
Employment Opportunity Commission from 2012 to 2016 came from
women, even though women comprise a smaller share of the overall
labor force than men. In 2016, employers paid out $45.7 million to
women to resolve those charges,
while $42.5 million went to men.
‘They get marginalized’
In 2015, researchers at the University of California, Irvine, and Tulane
University submitted more than
40,000 job applications from fake
male and female candidates in three
age ranges and analyzed the rate of
callback responses from employers.
They found “robust evidence” of age
discrimination against older women,
and mixed evidence regarding older
BECKY THURNER BRADDOCK
ROBERT NEUBECKER
What some companies are doing to finally get
more women into upper management
receiving promotions, McKinsey and
LeanIn found.
At energy giant Chevron, socalled 28/28 rotations assist female
middle managers eager to advance
in its upstream operation to search
for potential oil and gas fields,
among other things (though the
longstanding program “wasn’t designed specifically for women,” a
spokeswoman says).
The arrangement requires jobsharing pairs to work 28 consecutive
days followed by 28 days off. Rotations often occur abroad.
“You get the best of both worlds,”
says Chevron staffer Michelle Pflueger. “You get to run an operation
and get family flexibility.”
Ms. Pflueger speaks from experience. She was a U.S. front-line supervisor in 2012 when Chevron sounded
her out about becoming a middle
manager overseas. She considered a
28/28 job aboard a deep-water vessel
offshore Nigeria and conventional expatriate gigs elsewhere.
Ms. Pflueger chose the Nigeria rotation. She says she was attracted by
Anne Zacharias helps women trying to restart their careers, as she once did.
men. One factor hurting women, they
suggest, is that older female workers
are more likely to be judged negatively for their appearance than men.
In addition, “older women still
suffer from a lot of stereotypes about
their competence,” AARP’s Ms. Smith
says, based on her observations and
evidence presented in lawsuits.
“Once they reach a certain age, they
get marginalized.”
For women over 55, the unemployment rate in September was a low
3.3%. But that partly reflects the fact
that women in this age group often
settle for jobs that don’t match their
skills or potential, says Toby Haberkorn, an executive-search consultant
and author of a book for older job
seekers. Employers are more inclined
to hire older workers as freelancers
or in part-time jobs, she says, to reduce their “commitment in terms of
benefits or long-term relationships.”
In fact, women over 55 are the
only growing segment of the female
labor force. The share of women ages
55 to 64 either working or looking
for work grew to 58.5% in 2015 from
51.9% in 2000, and is projected to
reach nearly 63% by 2024, according
to the Bureau of Labor Statistics.
Older women may be seeing a
greater need to work as well. Many,
particularly low-skilled workers, face
precarious financial futures. Overall,
women are living longer and they’re
better educated than previous generations.
For employers, the scarcity of
workers shows no signs of abating.
That will force them to look for talent in populations they might otherwise have ignored, says Olivia Mitchell, a professor at the University of
Pennsylvania’s Wharton School of
Business. If they don’t explore those
neglected pools, “they won’t find the
trained, educated, mature workforce
they need,” she says.
Janet Falk, 64, says she believes it
is “very unlikely that I’ll get a fulltime job.” The New York public-rela-
tions professional believes her age
plays a big role. Hiring managers tell
her she’s overqualified, she says. “I
think that’s code for ‘we want to hire
someone who’s younger and to whom
we can pay lower compensation,’ ”
she says. She now is a self-employed
consultant.
Some employers are making an effort to hire or retain older workers of
both sexes. AT&T Inc., CVS Health
Corp. and UnitedHealth Group Inc.,
for example, have programs to attract and retain older employees. At
CVS, older employees can request job
modifications like telecommuting,
job-sharing and shortened weeks to
encourage them to stay with the
company longer, a spokesman says.
Helping hands
A crop of small firms focused on
helping women restart their careers
has arisen as well. Ms. Zacharias is
now a consultant for iRelaunch, an organization that works with large companies to place people who are trying
to re-enter the workforce after breaks.
The Mom Project, a Chicago-based
organization, works with companies
and individuals to place women in
corporate jobs. Catherine Geiser, age
50, recently started a contract role
on a research team at Procter &
Gamble Co., which asked the Mom
Project to suggest a few candidates.
“Getting the first job is very, very
difficult,” says Ms. Geiser, who was
an associate partner at Accenture before taking a long break to stay home
with her three children. “A lot of
companies weed you out immediately
because there’s no current experience on your résumé.”
Ms. Geiser says her job “is like a
lifeline.” Even if she doesn’t stay
with P&G, she says, “there are now
two people seeing my work who can
be advocates for me in the future.”
Ms. Weber is a reporter for The
Wall Street Journal in New York.
Email lauren.weber@wsj.com.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Tuesday, October 10, 2017 | R7
JOURNAL REPORT | WOMEN IN THE WORKPLACE
At Sephora, Tech and Women Are a Good Fit
SEPHJASON HENRY FOR THE WALL STREET JOURNALORA
More than 60% of the retailer’s tech workers are
female. Here is how the company does it.
Sephora’s formula for women in tech includes urging them to take risks without fear of failure.
BY JOHN SIMONS
IN A SAN FRANCISCO office
an hour’s drive from some of
the biggest companies in Silicon Valley, Sephora has managed a corporate feat that
would make the leaders of
Google Inc., Apple Inc. and
Facebook Inc. envious: a majority of the cosmetics retailer’s technology workers—62%—are women.
At a time when technology
companies are struggling
mightily to attract and retain
women with computing and
engineering skills, the beauty
retailer’s tech staffing is notable not only for the numbers
but also for the relatively simple way it got there.
Women hold 23% of roles in
the technical ranks at the top
75 Silicon Valley companies,
according to the U.S. Equal
Employment Opportunity Commission. A report from the
commission attributes the
scarcity of women in those
roles to inhospitable work cultures, isolation, a “firefighting”
work style, long hours and a
lack of advancement.
Looking for potential
At Sephora, women make
up the majority of its 350-person digital and engineering
staff and hold all but one of
the roles on its six-person
digital executive leadership
team. Women lead everything
from digital marketing and
customer experience in apps
to back-end programming of
the company’s e-commerce
systems.
Though large tech companies employ several times as
many engineers as Sephora,
its share of female digital talent is worth noting. Managers
say the retailer has managed
to attract technical women by
recruiting with an eye toward
candidates’ potential rather
than specific skills, encouraging hiring managers to take
risks and ensuring that job
performance is assessed fairly.
The key to Sephora’s success, says Mary Beth Laughton, the company’s senior vice
Inclusion
Continued from page R4
on more equal representation
of women and minorities on
leadership teams.
HSBC in 2015 changed the
name of its women’s network
to Balance, to reflect its new
mission for a more representative workforce at the bank,
says Terri Pearce, U.S. head of
talent development.
“The assumption with employee-resource groups is that
there is something women or
minorities are doing, or something they lack, that makes
them less promotable,” says
Ms. Wittenberg-Cox. Reframing diversity efforts as race- or
president of digital, is a dedication to technology with a
strong connection to the consumer. And, women at the
company are encouraged to
take risks without fear of failure, she adds.
While tech companies commonly urge workers to embrace failure, the message at
Sephora is specifically tailored
to help employees avoid common pitfalls that women encounter in tech careers, people
at the company say.
Jenna Melendez worked in
a number of digital roles at
Sephora until she left last
May. Before joining in 2012,
she spent two years as a website merchandiser in Amazon’s
Paris offices and observed few
female colleagues. When she
arrived at Sephora’s San Francisco headquarters, Ms. Melendez says, meetings were
free-flowing and open. “Everyone spoke,” she says, “and felt
comfortable offering opinions
on anything from e-commerce
to a shade of blush.”
Ms. Melendez recalls one
meeting about three years ago
where she and other members
of the digital-marketing team
talked about spotting edgy
fashion photos where models
were using highlighter—a type
of makeup that accentuates facial contours. In a matter of
days, the team was working on
a separate landing page for
Sephora’s site to showcase the
product.
“It’s easier to forecast
what’s coming and what’s going to be needed because the
line is so fine between you as
an employee and you as a client,” says Ms. Melendez, now
digital-marketing director at
Aquis Inc., a San Franciscobased beauty company.
Terre Layton, an engineer
by training, had worked in Silicon Valley for nearly two decades, for small startups and
large companies such as HP
Inc. and Sun Microsystems
Inc., before she joined Sephora
in 2011. Recruited as a product
manager to lead the retailer’s
website redesign, Ms. Layton
says she found being in the
presence of so many women
gender-balancing networks
shifts accountability to the majority groups, and to managers
and executives, she adds.
The vast majority of corporate employers are sticking
with women’s networks. According to the Lean In and
McKinsey report, 83% of the
222 companies in the study
sponsor employee resource
groups. Around half offer formal mentorship programs for
women or individuals in other
underrepresented groups.
Bucking a similar trend, Atlassian Corp. recently stopped
providing its unconscious-bias
workshops. This type of training, which identifies the subtle
gender and race stereotypes
that can influence people’s be-
Diversity Programs
The percentage of companies that offer these types of diversity
and inclusion training
Offered and required
Antiharassment
4%
Offered
Not offered
Nondiscrimination To foster an inclusive
work environment
Unconscious bias
12%
30% 22%
16%
22%
80%
66%
Source: LeanIn.Org and McKinsey & Co. Women in
the Workplace 2017 study of 222 companies
48%
33%
19%
48%
THE WALL STREET JOURNAL.
leaders empowering after
years spent in male-dominated
workplaces.
When it came time to
brainstorm ideas, or even articulate concerns about a project’s direction, bosses made a
point of asking team members
for their opinions, she says.
“You knew you were being
heard. You had a voice,” says
Ms. Layton, who last worked
for Sephora in 2015 and now
advises early stage startups on
product management and user
experience.
Digital passage
Sephora’s owner, the French
luxury conglomerate LVMH
Moët Hennessy Louis Vuitton
SA, maintains a global workforce of 134,500 that is 74% female. Some 38% of key executive positions are filled by
women, up from 26% in 2007.
And LVMH has committed to a
goal of having women in at
least half of its key executive
positions by 2020.
Recruiters say those numbers, along with Sephora’s
success—the company opened
100 stores in 2016 and recorded double-digit profit
growth, according to LVMH
filings—make it easy to attract
talented women in tech.
Women are drawn to a
company of “bright, intense
and accomplished women,”
says Asheley Linnenbach, an
executive-search consultant
who has helped the retailer fill
a number of roles in recent
years.
Ms. Linnenbach, who served
as Sephora’s interim vice president of talent for six months
in 2014, says the company
makes a point of moving highperforming women into digital
and tech roles that round out
their skills and experience.
“They are willing to put a
person in a position where
[the company is] willing to
lose ground so this person
gets exposure on the international side or experience with
a P&L,” she says.
A similar philosophy applies to staffing technology
teams, where company recruiters encourage women to
havior in prejudicial ways, has
soared in popularity among
corporate employers, particularly in tech.
The Sydney-based workplace-software maker had put
about 700 employees through
a two-hour training session,
but some employees felt that
concepts like giving effective
feedback were “too removed
from their day-to-day work,”
says Aubrey Blanche, the diversity chief, who led most of
the sessions.
Instead, Atlassian delivers
the message to employees
when issues of bias are most
likely to arise—for example,
just before job interviews or
performance conversations.
Alison Huselid, who works on
HipChat, Atlassian’s group
messaging app, says emails
sent automatically before interviews with job candidates
remind her to apply consistent
criteria in evaluating all applicants, regardless of the person’s background.
Says Ms. Huselid, “Having
that reminder to pause and reflect on my actions before
walking into a room with new
people keeps everyone honest.”
Ms. Gee is a Wall Street
Journal reporter in New York.
Email kelsey.gee@wsj.com.
consider roles that might not
fit precisely with their skills
and experience.
“Even if a female candidate
doesn’t have all the requirements for a technical job, we
want that person to come in
and show what they can do,”
says Yvette Nichols, the company’s vice president of talent.
Sephora’s approach represents a departure from the
way many large technology
companies, especially those in
Silicon Valley, handle recruitment, says Jane Hamner, a
veteran recruiter with Harvey
Nash Group PLC, whose clients
include Amazon.com Inc., Expedia Inc. and Uber Technologies Inc.
“Most companies that we
work with are looking at skills
over all else,” she says. “They
can be very picky about skill
sets and go only for the top of
the talent pool.”
At Sephora, Nida Mitchell,
29, got her chance to grow
into a new role when she was
promoted from web developer
to IT project manager after
two years at the company. The
new job put her in charge of
14 male engineers, most of
whom were at least 10 years
her senior. She encountered
roadblocks on one of the
team’s first big projects, updating Sephora’s computing
infrastructure ahead of the
chain’s expansion to Brazil.
“My first week, I had a oneon-one with my boss and said,
‘No one listens to me,’ ” Ms.
Mitchell says. He advised her
to get to know the team and
show the men how she could
help make them better at their
jobs, she recalls. Things eventually turned around. She
credits that manager for helping her grow more confident
and comfortable, she says,
“being the girl who’s telling
everybody what to do.”
In August, Ms. Mitchell took
a new role as a web producer
at Workday, a human-resources services company.
Mr. Simons is a Wall Street
Journal deputy bureau chief
in New York. Email him at
john.simons@wsj.com.
Industry Pipeline
Women’s share of total employment at each level, by industry
Senior manager/director
Entry level
Manager
Senior vice president
Vice president
C-suite
Board
75%
50
25
0
Asset management
and institutional
investors
Automotive
and industrial
manufacturing
Banking
and consumer
finance
Consumer
packaged
goods
Energy
and
basic materials
Food, beverage
and
restaurants
Health care
Insurance
Media
and
entertainment
Pharmaceutical
and medical
products
Professional and
information services
Retail
Technology
(hardware and
software)
Telecom
and
IT services
75%
50
25
0
75%
50
25
0
75%
50
25
0
(incl. legal)
75%
50
25
0
Source: LeanIn.Org and McKinsey & Co. Women in
the Workplace 2017 study of 222 companies
Transport,
travel, logistics,
infrastructure
THE WALL STREET JOURNAL.
The Wall Street Journal would like to thank the sponsors for their
generous support of tonight’s Women in the Workplace event.
For more information please visit womenin.wsj.com.
© 2017 Dow Jones & Co., Inc. All rights reserved. 3DJ5981
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
R8 | Tuesday, October 10, 2017
JOURNAL REPORT | WOMEN IN THE WORKPLACE
Where Men See a Lower Bar,
Women See a Higher One
The push for more diversity at tech companies has ignited a public debate
WHEN MAXINE WILLIAMS, Facebook Inc.’s head of diversity and inclusion, addresses new hires every
Monday, she runs through the company’s initiatives to recruit more
women and people of color. Afterward she asks the group, “When
you’re hearing about these things,
does anyone here think that we’re
lowering the bar?”
A hand is rarely raised, but Ms.
Williams says she assumes some
people at Facebook hold those
views. The phrase “lowering the
bar” is sometimes used on the company’s internal forums, she says.
Indeed, it crops up all over the
tech industry. Companies’ efforts to
achieve greater diversity in hiring
and promotion have prompted some
white and Asian male tech employees, who are a majority in the field,
to privately complain that companies are dropping their standards to
attain diversity goals.
The idea that entry standards are
being lowered for women burst into
the open this summer when James
Damore, then a Google engineer,
wrote a memo arguing that biological differences between men and
women help explain the gender gap
at the search giant. The memo was
posted to an internal forum at
Google and then leaked to the media.
Mr. Damore was later fired for
what the company called “perpetuating gender stereotypes.” In subsequent media appearances, he has
said that Google had different hiring
practices for people based on their
race or gender, “making it easier to
get into Google.” Google, which has
expanded recruiting to a larger number of universities, among other efforts to broaden its talent pool, rejects suggestions that the company
has variable hiring standards.
“The notion that hiring diverse
talent ‘lowers the bar’ in any way is
simply false, and it’s harmful,” said
Danielle Brown, Google’s vice president of diversity, in a statement. “To
cast a wider net, we’re looking to
find potential employees in different
and new places, but every candidate
ANASTASIA VASILAKIS
BY YOREE KOH
goes through the same rigorous hiring process.”
Other tech companies acknowledge the existence in the industry of
questions about lowering the bar,
but few say such questions arise in
their firms. Instead, they say greater
transparency about hiring and promotions at their companies assures
employees that everyone is evaluated fairly.
It’s a tricky balance, though. A
study conducted by LeanIn.Org and
McKinsey & Co. shows men are much
less likely than women to say gender
diversity is an important workplace
priority. The study, which surveyed
70,000 employees at 222 companies
in North America, shows that 15% of
men think their gender will be an
impediment to getting a raise or
promotion. Moreover, the more gender diversity is a priority at a company, the more likely it is for men to
think their gender works against
them, according to the survey.
But many women in tech talk
about a higher bar for them, not a
lower one. They often talk about the
stress around what they feel is an
unspoken standard that they can
never make a mistake.
Kate Heddleston, the founder and
Dueling Perspectives
Men think their company is doing better
on gender diversity than women do. The
percentage of those surveyed who say:
Gender diversity is a very
important or top priority to their
company, CEO, or immediate boss
Women
Men
60%
40
20
0
COMPANY
CEO
DIRECT
MANAGER
Their company is doing what it
takes to improve gender diversity
49%
Women
63%
Men
Their company often or always
addresses disrespectful
behavior toward women quickly
34%
Women
55%
Men
Source: LeanIn.Org and McKinsey & Co. Women in the
Workplace 2017 survey of 70,000 men and women
THE WALL STREET JOURNAL.
chief executive of Opsolutely, a
startup that helps engineering teams
deploy code, recalls struggling to
break into tech companies despite
her experience and a master’s degree
in computer science from Stanford.
She says that when she began to
consult for tech companies on diversity and inclusion efforts, she was
surprised to hear managers say, “We
want to hire more women, but we
just can’t lower the bar.”
“Hearing that was emotionally
jarring for me because it was just so
counter to my experience of having
to fight tooth and nail to get into the
industry” despite being highly qualified, Ms. Heddleston says.
At Facebook, Ms. Williams says
she works to make it clear that all
recruits are put through the same
hiring gantlet.
“It would be very hard to suggest
that we are being unfair to men
when our [workforce] population is
still 65% men and the world is 50%
men, right?” she says. “We have
these open discussions, and we’re
not afraid to address people’s concerns around that.”
What some employees call lowering the bar is just “removing the
barriers to entry” for groups that
haven’t historically had an easy way
into a firm, says LaFawn Davis,
global head of culture and inclusion
at communications company Twilio.
Twilio is among companies trying
different ways to evaluate candidates.
For some roles that means trading
the “whiteboard interview”—in which
job candidates solve problems live,
before an interview panel—for a takehome assessment of technical skills.
“Using different interview methods is
not about lowering the bar, it’s how
we evaluate the bar and understand
what our bar is,” Ms. Davis says.
At real-estate startup Redfin, the
bar-lowering debate didn’t happen,
because diversity was achieved without being the stated goal. When Redfin reorganized its engineering systems to make them less vulnerable
to inadvertent mistakes, it enabled
people with limited engineering experience to contribute code without
affecting existing features, a change
that allowed the company to hire
from a broader pool of potential employees with a wider range of skills.
Bridget Frey, then the company’s
engineering director, told her boss,
CEO Glenn Kelman, that the engineering change was the only way the
real-estate company could hire
enough engineers to meet company
targets. She didn’t mention diversity.
Had she done so, “that would’ve
been hard for me” to get behind the
initiative, Mr. Kelman says, because
it wouldn’t have seemed directly related to the task at hand—scaling up
the engineering team as quickly as
possible. He was consumed by worries over running out of money and
getting crushed by bigger competitors at the time, he says.
When Ms. Frey, who is now Redfin’s chief technology officer, offered
the change as a business solution,
Mr. Kelman was sold, but it paid off
in diversity, too: In roughly four
years, the percentage of female engineers in the company’s Seattle office
has gone from zero to 33%. Mr. Kelman says Redfin has benefited from
a wider range of talents as a result.
Ms. Koh is a Wall Street Journal
reporter in San Francisco. She can
be reached at yoree.koh@wsj.com.
#WeSeeEqual
We aspire to build a better world for all of us —
inside and outside of P&G — a world free from
gender bias, and a world with an equal voice
and equal representation for women and men.
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