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 DJIA 22761.07 g 12.60 0.1% NASDAQ 6579.73 g 0.2% STOXX 600 390.21 À 0.2% 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 T H E OR IGI NAL CU R B -LI N KS Ve rdura’s sig n ature bracelet s, in 18k gol d Bracelet $ 22 ,50 0 • Watch $ 25,50 0 74 5 F I F T H AV E N U E , 12 T H F LO O R 212 .758 . 33 8 8 • V E R D U R A .CO M 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. 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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. * * * * 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. 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 A4 | Tuesday, October 10, 2017 P W L C 10 11 12 H T G K B F A M 1 2 3 4 5 6 7 8 9 O I X THE WALL STREET JOURNAL. X 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 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 | A5 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 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.” 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 | 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 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 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 Set it free at Drexel University. Our unique academic design and cooperative education program turn students into professionals with real experience at the world’s leading corporate, research and cultural institutions. Ordinary students take tests. At Drexel, you will test the world. drexel.edu/AmbitionCantWait 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. 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. SHORT STORIES OF ORDINARY PEOPLE WHO DEMONSTR ATE E X TR AORDINARY COU R AG E . SEASON 2 NOW AVAIL ABLE starbucks.com/upstanders Also streaming on © 2017 Starbucks Coffee Company. All rights reserved. BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER UPSTANDER. BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER BYSTANDER Tuesday, October 10, 2017 | A9 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 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.” 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 | A11 Luxury Card is the industry leader versus the competition for airfare and cash back redemptions. Cardmembers enjoy a first-class experience including a 24/7 concierge service, patented metal cards, a members-only magazine and VIP travel benefits at over 3,000 exclusive destinations around the world. 2% 2% 2% The Best Airfare Redemption Rate Versus the Competition1 1.5% 1.25% 1% MASTERCARD® GOLD CARDTM MASTERCARD® BLACK CARDTM MASTERCARD® TITANIUM CARDTM CHASE® SAPPHIRE RESERVESM CITI® PRESTIGE® CARD PLATINUM CARD® AMERICAN EXPRESS® 1 Information as of October 2017. The earn rates at which points can be accumulated vary among these credit card products and can impact the relative dollar value of the redemption. 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Luxury Card products are issued by Barclays Bank Delaware (Barclaycard) pursuant to a license by Mastercard International Incorporated, owner of registered trademarks MASTERCARD and WORLD ELITE MASTERCARD. All trademarks are the property of their respective owners. © 2007—2017 Black Card LLC. 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. 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. THIS IS OLD BRICK. THIS IS NEW BRICK. OR IS IT THE OTHER WAY AROUND? You can’t tell the difference by looking. Or even by touching. But compare weight, ease of use, environmental impact, system cost, and energy efficiency, and the difference between old brick and NewBrick becomes very clear. Learn more at newbrick.com, or call 1-833-NEWBRIK. 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 | A13 A Resource for the Ambitious Don’t wait for opportunity. Create it. Get the news, tools and insight you need to get ahead—because good things come to those who don’t wait. Make the most of your subscription. Visit WSJ.com or call 1-800-JOURNAL. © 2017 Dow Jones & Co., Inc. All rights reserved. 6DJ6051 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. 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. 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 | 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.” 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 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 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. 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 email@example.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 d t 50s <0 40s Calgary C ryy 50s 0s 60s 20s 50s Seattle Helena l Portland P d Eugene Billings Toronto T Mpls./St.. Paul Pau 40s 50s Ottawa Bismarckk Boise 70s 10s Winnipeg ip 60s Sioux oux FFalls ll Pierre P k Milwaukee Detroit t 50s Montreal 40s Albany A b y Boston 50s t d 80s Hartford New Yorkk e Y Philadelphia Philade hil d lph 50s 60s l Buffalo Cheyenne Ch y 40s A h Anchorage 30s 70s Augusta A t Cleve d Cleveland Des es Moines Chicago Ch h g Omaha h Pittsburgh 80s Salt lt Lake L Cityy C Indianapolis di p Sacramento Springfield p d Denver Washington h on n D.C. D.C D D.C 40s 40s 60s San an Francisco Charles h Charleston St.. 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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 P L U S H S A N T A P I N T A U T U R N C H P E O R S N O U T T A P P R P I D U P A S A N S E A S T L E T E E O R D N N Y E O T B O O N E S P U R T O T E U O N S E D T S P U L I N T O N I T WA N S E N T R E H U S H R E U N O D M E L T P O L O C L O T H S N A F U S H O R T E N C O E R N G T E R S U I N MA MO T T V E M L A E T R N O I G N A T I S S N A R E E B E R T 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. FloorLiner® No-Drill MudFlaps Seat Protector Cargo/Trunk Liner See our full line of Automotive Accessories at WeatherTech.com 800.441.6287 International #001.630.769.1500 Your Fine Pen Authority Featuring more than a dozen of the world’s most iconic brands, including our own signature line. 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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 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 firstname.lastname@example.org. 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 email@example.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?” 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 | 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 PUBLISHED SINCE 1889 BY DOW JONES & COMPANY Rupert Murdoch Executive Chairman, News Corp Robert Thomson Chief Executive Officer, News Corp Gerard Baker Editor in Chief William Lewis Chief Executive Officer and Publisher Matthew J. Murray Deputy Editor in Chief DEPUTY MANAGING EDITORS: Michael W. Miller, Senior Deputy; Thorold Barker, Europe; Paul Beckett, Washington; Andrew Dowell, Asia; Christine Glancey, Operations; Jennifer J. Hicks, Digital; Neal Lipschutz, Standards; Alex Martin, News; Shazna Nessa, Visuals; Ann Podd, Initiatives; Matthew Rose, Enterprise; Stephen Wisnefski, Professional News Paul A. Gigot, Editor of the Editorial Page; Daniel Henninger, Deputy Editor, Editorial Page WALL STREET JOURNAL MANAGEMENT: Suzi Watford, Marketing and Circulation; Joseph B. Vincent, Operations; Larry L. Hoffman, Production EDITORIAL AND CORPORATE HEADQUARTERS: 1211 Avenue of the Americas, New York, N.Y., 10036 Telephone 1-800-DOWJONES DOW JONES MANAGEMENT: Mark Musgrave, Chief People Officer; Edward Roussel, Innovation & Communications; Anna Sedgley, Chief Operating Officer & CFO; Katie Vanneck-Smith, President OPERATING EXECUTIVES: Ramin Beheshti, Product & Technology; Jason P. Conti, General Counsel; Frank Filippo, Print Products & Services; Steve Grycuk, Customer Service; Kristin Heitmann, Transformation; Nancy McNeill, Advertising & Corporate Sales; Jonathan Wright, International DJ Media Group: Almar Latour, Publisher; Kenneth Breen, Commercial Professional Information Business: Christopher Lloyd, Head; Ingrid Verschuren, Deputy Head 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. 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 A22 | Tuesday, October 10, 2017 THE WALL STREET JOURNAL. I CAN READ 300,000 PAGES OF REGULATIONS WITHOUT BLINKING AN EYE. With Watson, compliance ofˇcers can keep up with 20,000 new or modiˇed regulations a year and 200 revisions a day. Ongoing training by Promontory Financial Group, a marketleading risk management and regulatory compliance consulting ˇrm, allows Watson to help companies avoid costly ˇnes and penalties. Find out more at ibm.com/regtech This is compliance to the power of IBM. IBM and its logo, ibm.com and Watson are trademarks of International Business Machines Corp., registered in many jurisdictions worldwide. See current list at ibm.com/trademark. Other product and service names might be trademarks of IBM or other companies. ©International Business Machines Corp. 2017. 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 TECHNOLOGY: SPACEX LAUNCHES SATELLITES AT WARP SPEED B4 BUSINESS & FINANCE © 2017 Dow Jones & Company. All Rights Reserved. S&P 2544.73 g 0.18% S&P FIN g 0.37% * * * ** S&P IT À 0.24% Tuesday, October 10, 2017 | B1 THE WALL STREET JOURNAL. DJ TRANS g 0.22% WSJ $ IDX À 0.005% LIBOR 3M 1.356 NIKKEI (Midday) 20769.77 À 0.38% See more at WSJMarkets.com 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.” Borrow, Earn, Spend & Invest at Lower Costs and Higher Returns1 ● Borrow against your account at 1.41% to 2.66% APR.2 ● Earn interest of 0.66% APR on your qualifying idle balances and extra income by lending your fully paid shares.3 ● Spend and borrow directly against SETH WENIG/ASSOCIATED PRESS your account with Interactive Brokers Debit Mastercard® anywhere Debit Mastercard is accepted around the world. ● Invest in stocks, options, futures, NO SLOWING DOWN: Ferrari lined up sports cars in front of the New York Stock Exchange on Monday to mark its 70th anniversary. 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.” forex and bonds on over 100 global exchanges at lower cost.4 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.” To ttransfer T f your accountt visit: i it ibkr.com/ibcard One World, One Account Margin borrowing is only for sophisticated investors with high risk tolerance. You may lose more than your initial investment. Interactive Brokers LLC is a member of NYSE, FINRA, SIPC.  Lower investment costs will increase your overall return on investment, but lower costs do not guarantee that your investment will be proﬁtable.  Annual Percentage Rate (APR) on USD margin loan balances as of 9/06/17. Interactive Brokers calculates the interest charged on margin loans using the applicable rates for each interest rate tier listed on its website. For additional information on margin loan rates, see ibkr.com/interest.  Credit interest rate as of 9/06/2017. USD credit interest is paid on balances over USD 10,000 in accounts with Net Asset Value exceeding USD 100,000. For more information, see ibkr.com/interest.  According to Barron’s Broker Survey 2017: How They Stack Up, March 20, 2017. For complete information, see ibkr.com/info Margin loan rates and credit interest rates are subject to change without prior notice. BY USING THIS CARD YOU AGREE WITH THE TERMS AND CONDITIONS OF THE CARDHOLDER AGREEMENT AND FEE SCHEDULE, IF ANY. This card is issued by Metropolitan Commercial Bank (Member FDIC) pursuant to a license from Mastercard International. “Metropolitan Commercial Bank” and “Metropolitan” are registered trademarks of Metropolitan Commercial Bank © 2014. All interest and borrowing activity is through Interactive Brokers LLC. Please see your customer agreement with Interactive Brokers LLC for further details. Card program marketed and administered by Interactive Brokers LLC, the Program Manager of the Interactive Brokers Debit Mastercard. 09-IB17 1130CH1125 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 | 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. ADVERTISEMENT Only $29! You would be hard pressed to find a timepiece of this outstanding quality and precision at this price. The Mart To advertise: 800-366-3975 or WSJ.com/classiﬁeds AUCTION “Are you kidding? What a great watch at a ridiculous price. Thank you Stauer!” !"#"$$ % — Gitto, Hicksville NY BUSINESS OPPORTUNITIES It’s Enough to MakeYou Blue in the Face Time to take a stand against overpriced watches with the Stauer Urban Blue, now only $29. Y &&'( )*+ !!,, &) -'. () ++*/ ! " # $ % ! && -'. 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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 !"#$%& '() '*+,- ./++. 0/ #1 2+. 0 345- 4 6 ! ++5 6 7+8++ ' 9345- 4: . ;53 &<&= ' 9>/+ .: 44 ?+5 345- 4 @. . 5>/. .. 0/ #1 ;A++ 53 &<&= ' 9,:# 665+@ .>. + , 554. !" 44 >/+ . 4, ?+ @+.. B+, . 6 4 8. - . 54- - A54- 5 2A+. ) ,, 6 6 ,+/ ?+ 5 ,+/ 8+ - ++8 6/ C5+ 6 A54- 5 2A+. ) +6 - /4 >,. ?+ 345- 4 ?++ ,! 554 6 ' "1 .- 6 4. 6 + ,.,. 6 C5. ,D . 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ritics 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. Homes For Our Troops Our homes enable injured Veterans to REBUILD THEIR LIVES Join us in our mission to build and donate specially adapted custom homes for severely injured Post-9/11 Veterans. Learn more at www.hfotusa.org A HISTORY OF EXCELLENCE HFOT is evaluated as one of America’s Top-Rated Veterans and Military Charities 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 | 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 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. 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 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 | 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. 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 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. 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 | 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: firstname.lastname@example.org 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 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 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 world seek out such opportunities.1 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. 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 JOURNAL REPORT F The Eollow Onlinxperts e wsj.c om/e at x 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% 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. 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 email@example.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 | R3 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. 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 firstname.lastname@example.org. 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 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 | 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. P DCASTS Secrets of Wealthy Women Join The Wall Street Journal’s Veronica Dagher together with renowned experts and successful leaders, as they reveal how women can empower themselves and thrive both ﬁnancially and professionally. © 2017 Dow Jones & Co., Inc. All rights reserved. 6DJ6042 LEXEY SWALL FOR THE WALL STREET JOURNAL 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 email@example.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 firstname.lastname@example.org. 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 email@example.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 firstname.lastname@example.org. 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 email@example.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 firstname.lastname@example.org. 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 email@example.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.