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The Wall Street Journal December 05 2017

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For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
NASDAQ 6775.37 g 1.1%
STOXX 600 387.47 À 0.9%
10-YR. TREAS. g 5/32 , yield 2.379%
OIL $57.47 g $0.89
GOLD $1,274.30 g $4.50
Trump Signs Orders to Cut Back Federally Protected Lands in Utah
What’s
News
Business & Finance
T
echnology, banking and
other industries mounted
a new round of lobbying to
save a wide range of tax
breaks following the lastminute switch in the federal
tax overhaul by the Senate. A1
N EV.
Grand
StaircaseEscalante
National
Monument
Bears Ears
National
Monument
Reduced
monument
boundaries
Previous
boundaries
U TA H
100 miles
ARIZONA
100 km
THE WALL STREET JOURNAL.
ROUGH TERRAIN: President Donald Trump Monday moved to reduce the size of two Utah national monuments: The 1.35-million-acre Bears Ears,
pictured, will be cut to about 200,000 acres and the 2-million-acre Grand Staircase-Escalante to nearly half. The decision faces a legal challenge. A6
Firms Press for Tax Breaks
Ireland will begin collecting $15.46 billion in back
taxes from Apple next year
after an escrow accord. B5
Business lobbyists say
Senate plan to keep
corporate AMT would
undercut tax overhaul
Bitcoin futures will begin
trading for the first time in
the U.S. next week. B12
BY THEO FRANCIS
AND RICHARD RUBIN
Woodbridge filed for
chapter 11, as the real-estate
developer faces SEC questions over its fundraising. B6
Mulvaney said he has
frozen the CFPB’s collection
of personal information due
to cybersecurity concerns. B6
World-Wide
Five-day performance
4%
Dow Jones
Industrial Average
s3.0%
2
0
–2
Nasdaq
Composite
t1.5%
Tuesday
Wednesday
Thursday
Friday
Source: WSJ Market Data Group
The president signed orders to slash the size of two
monuments in Utah, the
largest-ever withdrawal of
federally protected lands. A6
Supreme Court justices
voiced skepticism over a federal law that bans sports
betting in most states. A6
Mueller’s office withdrew
its support for a less-restrictive confinement of Mana–
fort pending his trial. A3
Britain and the EU failed
to reach a deal to advance
talks on the U.K.’s exit. A8
The U.S. and South Korea
began five days of war exercises on the peninsula. A7
A Spanish judge ordered
the release of six ex-Catalan
government officials. A8
Died: John Anderson, 95,
congressman who ran as independent for president. A6
Opinion.............. A17-19
Sports........................ A16
Streetwise.............. B12
Technology.......... B4-5
U.S. News............. A2-6
Weather................... A14
World News...... A7-11
>
s Copyright 2017 Dow Jones &
Company. All Rights Reserved
The Dow Industrials have been buoyed by the promise of tax cuts
that may help manufacturers and financial companies, but the
tech-heavy Nasdaq has given back some of this year’s gains. B13
no
Arab leaders appealed to
the U.S. not to declare Jerusalem Israel’s capital, saying
the move would undermine
efforts at peace talks. A11
Israel recently warned
Syria of a possible strike if
Iran is allowed to set up
military bases there. A11
CONTENTS
Business News.. B3,6
Capital Journal...... A4
Crossword.............. A14
Heard on Street.. B13
Life & Arts...... A13-15
Markets............. B13-14
Technology, banking and
other industries mounted a
new round of lobbying Monday
to save a wide range of tax
breaks following the last-minute switch in the federal tax
overhaul by the U.S. Senate.
The Senate on Saturday decided to keep a corporate al-
n-
Yemen's ex-president was
killed after he renounced his
alliance with Houthi rebels,
opening an uncertain chapter
in the nation’s conflict. A1, A10
Trump gave his strongest endorsement yet to
Alabama Republican Senate candidate Moore. A4
ternative minimum tax, or
AMT, a move that gave the
senators $40 billion over a decade to use on other priorities,
according to the official estimate.
The move blindsided CEOs
and business groups, who
acted quickly on Monday to try
to persuade legislators to kill
or modify the provision, arguing that keeping it would undercut several goals of the legislation, including fostering
investment in the U.S.
The corporate AMT is a parallel system with low rates and
fewer breaks that kicks in if a
variety of tax breaks bring a
Dow Gets a Boost, While Tech Lags
The Supreme Court said
the Trump administration for
now can implement all parts
of its latest ban on travelers
from certain countries. A1
YEN 112.41
Justices
Say Travel
Ban Can
Proceed
For Now
WASHINGTON—The
Supreme Court on Monday said
the Trump administration for
now can implement all parts
of its latest ban on travelers
from certain countries, a significant boost to the White
House after a string of setbacks in lower courts.
The high court’s action
came in a brief written order
that granted an emergency request by the administration to
let the rules take full effect
while litigation challenging the
travel restrictions continues.
The Supreme Court hasn’t
yet had an opportunity to resolve legal questions about
President Donald Trump’s efforts, but Monday’s order suggests Mr. Trump could face favorable prospects when a full
case on the travel ban gets to
the high court.
Mr. Trump, citing nationalPlease see TRAVEL page A6
ly
.
Workers who receive tips
could be required to share
them with nontipped colleagues under a proposed
Labor Department rule. A2
Salt Lake City
co Fo
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The Dow rose 58.46
points to 24290.05, but tech
declines weighed on the
S&P 500 and Nasdaq. B13
ANDREW CULLEN/REUTERS
The SEC announced the
first-ever enforcement action
by its new cyber unit against
an initial coin offering. B1
Broadcom said it plans to
submit candidates for Qualcomm’s board, shifting its
takeover bid to higher gear. B3
EURO $1.1865
BY BRENT KENDALL
WYOMIN G
IDAH O
The CVS-Aetna combination will attempt to create a major integrated
health-care enterprise that
isn’t built around doctors. B1
Facebook launched a
messaging app for children
between the ages of 6 and 12,
its youngest audience yet. B1
HHHH $4.00
Monday
THE WALL STREET JOURNAL.
The Apostrophe Catastrophe:
Its You’re Smartphones Fault
i
i
firm’s regular tax bill too low.
Currently, the corporate AMT
of 20% rarely applies, since
most corporations face a
higher 35% tax rate and benefit from breaks eligible under
both systems.
With a proposed 20% corporate rate, many companies
could end up in the AMT—and
lose some of their tax breaks
in the process.
Business lobbyists argue
that keeping the corporate
AMT would make it harder for
tech companies to claim tax
credits for research and development
spending
and
for banks to claim credits for
Late tax changes buoy some
industries..................................... A4
Laura Saunders: Many will
need to adjust paychecks... B1
President
Backs Moore
Trump endorsed the Alabama
GOP Senate candidate and the
RNC restored its support...... A4
Crisis in Yemen Deepens
As Ex-Leader Is Killed
SAN’A, Yemen—Yemen’s former president was killed Monday after his alliance with
Houthi rebels collapsed, opening an uncertain chapter in a
conflict that has left thousands
dead and fueled a regional
power struggle between Saudi
Arabia and Iran.
Ali Abdullah Saleh effectively renounced his alliance
with the rebels on Saturday,
saying he was open to dialogue
with the Saudi-led military coalition that his forces and the
Houthis have been fighting
since 2015.
His announcement plunged
the capital San’a into violence
INSIDE
i
Once a versatile star, the quirky little
mark can’t cope with the age of texting
BY MIKE CHERNEY
eroded many English rules,
but the apostrophe’s fall from
The poor apostrophe. As if grace has been particularly
things weren’t hard enough dramatic.
It once had high status for
for the little mark already, social media and smartphones its versatility. It created poshave made us even less likely sessives and contractions and
single quotation marks. On
to give it a little respect.
old typewriters, one
Autocorrect can
could type it, backproduce “it’s” for
space, and add a
“its” in texting apps
period to create an
or offer an errant
exclamation point!
left-hand
single
Sure, the aposquotation
mark.
trophe faced abuse,
Certain databases
such as in what
don’t recognize the
Apostrophe key
grammarians deapostrophe. Masses
rided as the “greenof social-networkgrocer’s apostrophe,” after
ers ignore its rules.
Dan Kenitz, a 33-year-old vendors whose signs hawked
Wisconsin writer and editor, “apple’s” or “carrot’s.”
But now “the apostrophe is
skips apostrophes when texting friends with words such on its way out,” says Nenagh
as “you’re” to avoid toggling Kemp, who led a 2017 study
of texting at the University of
to the symbol keyboard.
“That’s my compromise,” Tasmania. With texts and sohe says. “At least I care cial media, she says, “the
enough to get the spelling message is the main thing,
rather than the correctness of
right.”
Please see MARK page A12
The mobile-social age has
investing in troubled U.S. areas. It also could undermine
the international-tax structure
Republicans created elsewhere
in the same bill, undercutting
incentives to put intellectual
property in the U.S., tax experts say.
The provision is “hugely
problematic,” said Jennifer
McCloskey, director of government affairs at the Information
Technology Industry Council,
Please see TAXES page A4
DANIEL ACKER/BLOOMBERG NEWS
DJIA 24290.05 À 58.46 0.2%
WSJ.com
TUESDAY, DECEMBER 5, 2017 ~ VOL. CCLXX NO. 132
* * * * * *
GIVE YOUR
BRAIN
A WORKOUT
LIFE & ARTS, A13
U.K.-EU BREXIT
NEGOTIATIONS
STALL
WORLD NEWS, A8
By Mohammed al-Kibsi,
Saleh al-Batati
and Asa Fitch
between his fighters and the
rebels, who control the city.
Early Monday Houthi forces
said they had killed Mr. Saleh
in an attack on his convoy outside the capital. A person close
to Mr. Saleh confirmed the exleader’s death.
Mr. Saleh, whose authoritarian rule spanned more than
three decades until he was
forced to step down during the
Arab Spring protests in 2011,
was considered a wily politi-
cian who had a unique ability
to juggle the multifaceted elements of Yemen’s society.
Saudi Arabia had been trying for months to drive a
wedge between Mr. Saleh and
the Houthis, said Stephen
Seche, who served as U.S. ambassador to Yemen from 2007
to 2010. His death makes it
easier to paint the Houthis as
an Iranian-assisted and -funded
proxy force, he said.
“The U.S. will see this as another reason for D.C. to double
Please see YEMEN page A10
Saleh forged alliances to
maintain power........................ A10
Dollar General
Is Rural America’s
Indispensable Store
Its core customers—lower-income, rural
shoppers—are increasing in number
BY SARAH NASSAUER
EVENSVILLE, Tenn.—The
local Dollar General store,
built on a rural highway and
surrounded by farmland,
sells no fresh meat, greens
or fruit. Yet the 7,400square-foot steel-sided store
has most of what Eddie Watson needs.
The selection echoes a
suburban drugstore chain,
from shower curtains to
breakfast cereal, toilet paper,
plastic toys and camouflagepattern socks. Refrigerators
and freezers on one wall
hold milk, eggs and frozen
pizza.
Many items are sold in
mini bottles or small bags,
keeping costs lower than a
trip to the Wal-Mart Supercenter down the road. The
two registers are staffed by
one cashier, except during
rush hours after school and
after work.
“It’s just closer,” said Mr.
Watson, a 53-year-old construction worker who filled
his cart with cans of chicken
soup, crackers, cold cuts and
toilet paper. “We call this
the Evensville Wal-Mart.’ ’’
The store, 10 miles from
the nearest small town, is
one of three locations in
Rhea County where Dollar
General plans to open stores
by next year. More than one
in five people there receive
government food assistance,
higher than the U.S. average,
and the county has Tennessee’s highest unemployment
rate.
Dollar General is expanding because rural America is
struggling. With its convePlease see DOLLAR page A12
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
A2 | Tuesday, December 5, 2017
U.S. NEWS
Change Proposed on Who Gets Tips
Rule would let owners
require workers to split
gratuities with peers
who don’t get them
BY ERIC MORATH
WASHINGTON—Restaurant
servers and other workers who
receive tips could be required
by their employers to share
that money with nontipped colleagues under a proposed Labor Department regulation that
undoes an Obama-era rule the
restaurant industry has fought.
The proposal, made public Monday morning, is a win
for restaurant owners because
that pooled tip money, and not
the business itself, would be
providing part of the compensation for staffers who don’t
typically interact with customers. The proposed rule also
would mean that by sharing
that gratuity more widely, waiters bring home less tip income.
The rule, subject to public
comment before it is finalized,
would likely have the greatest
impact on the restaurant industry. But it could also apply
at casinos, hotels and other
establishments.
The National Restaurant
Association challenged the Labor Department’s 2011 restric-
tion on so-called tip-pooling in
court and has lobbied for the
reinstatement of the practice.
Tip-pooling “is a way to
even the discrepancy between
the front of the house to the
back of the house,” said Angelo
Amador, executive director of
the Restaurant Law Center, an
arm of the association. The Labor Department, in a statement, largely echoed that sentiment, saying such “back of the
house” employees, those who
don’t typically interact with the
public, “contribute to the overall customer experience.”
Worker advocates say restaurant owners should pay
higher wages to cooks, dish-
washers and other nontipped
staff, rather than asking fellow
employees to supplement
those workers’ incomes. “Tips
belong to the workers who
have earned them—period,”
said Christine Owens, executive director of the National
Employment Law Project.
To be required to share under the proposed rule, tipped
workers must be paid at least
the federal minimum wage of
$7.25 an hour. Under federal
law, workers who earn tips as
part of their compensation can
be paid a lower minimum,
$2.13 an hour. Eight states
don’t have a lower minimum
for tipped workers.
U.S. WATCH
FEDERAL RESERVE
ly
.
SORTING IT OUT: A worker in Florida on Monday for the Postal
Service, which expects about 850 million packages over the holidays.
and earned law- and businessschool degrees there, as well. He
will start his new job on Jan. 1.
The heads of the Fed’s 12 reserve banks are chosen by the
nonbank directors of each institution. Finalists must also interview with and win approval
from the Fed’s Washingtonbased board of governors.
—David Harrison
and Nick Timiraos
BUDGET
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The Federal Reserve Bank of
Richmond has selected Thomas
Barkin, a top executive at
McKinsey & Co., as its next
president and chief executive,
the bank said Monday.
Mr. Barkin, 56 years old, succeeds Jeffrey Lacker, who
stepped down in April after admitting his involvement in the
unauthorized disclosure of Fed information to an analyst in 2012.
Mr. Barkin has worked for
McKinsey for about 30 years and
is based in the firm’s Atlanta office, where his clients include financial institutions and travel
and transportation companies. He
is currently the global consulting
firm’s chief risk officer and previously served as its finance chief.
From 2009 to 2014, he sat
on the board of directors of the
Atlanta Fed, serving as chairman
in 2013 and 2014. Mr. Barkin
studied economics as an undergraduate at Harvard University
JOE RAEDLE/GETTY IMAGES
New President Picked
At Richmond Bank
THE WALL STREET JOURNAL
(USPS 664-880)
(Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935)
(Western Edition ISSN 0193-2241)
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We perfect each part of this watch by hand.
Even the ones that you can’t see.
GOT A TIP FOR US?
SUBMIT IT AT WSJ.COM/TIPS
Trump, Congressional
Leaders Set to Meet
President Donald Trump and
congressional leaders have
scheduled a summit to begin
sorting out their budget differences, top lawmakers and the
White House said.
The summit, set for Thursday
CORRECTIONS AMPLIFICATIONS
A Page One article on Nov.
25 about InfiLaw System law
schools included criticism
from David Frakt about the academic credentials of Florida
Coastal Law School’s incoming
students. The article omitted
the company’s response that
the school’s incoming class of
2013 had a median undergraduate grade-point average of
2.97 and that 73% of its graduates between 2007 and 2014
with an LSAT score below 145
passed the bar exam.
Stride Health, which runs
a platform that helps freelancers get health insurance, currently has $39 million in investment. A Small Business
report article on Nov. 27
about apps for freelance
at the White House, comes just
a day before the expiration of
federal funding that is needed to
keep government agencies functioning beyond midnight Friday
night. Complicating the search for
a pact are disputes over immigration, health and other issues.
Republican leaders want to
push a bill through Congress this
week keeping the government
afloat through Dec. 22 as bargainers seek a longer-term spending
pact. But the GOP will need Democratic votes to succeed, and potential opposition from Democrats
and GOP conservatives has left
the pathway unclear for averting
a closure just weeks before the
start of the 2018 election year.
Hours before Trump and Capitol Hill leaders were to hold a
budget meeting last Tuesday,
House Minority Leader Nancy
Pelosi (D., Calif.) and Senate Minority Leader Chuck Schumer (D.,
N.Y.) abruptly called off the session. The cancellation came after
Mr. Trump took to Twitter to vilify their stances on taxes, immigration and crime and say he saw
no prospects for an agreement.
The two Democrats said they
had accepted an offer from Mr.
Trump to meet with them.
—Associated Press
workers said only that the
company had raised $13 million in 2015.
The prescription drug
OxyContin was misspelled as
OcyContin in a photo caption
with a Business & Technology
article Saturday about Food
and Drug Administration approval of a new treatment for
opioid addiction.
“Small, harmless, coldblooded animals” including
baby alligators and caimans
up to 20 inches long are permissible to mail under postoffice rules. In some editions
Monday, a Page One article
about live animals in the mail
incorrectly referred to coldblooded mammals.
Readers can alert The Wall Street Journal to any errors in news articles by
emailing wsjcontact@wsj.com or by calling 888-410-2667.
POLITICS
Former Rep. Brown
Is Sentenced to Prison
A federal judge in Florida sentenced former U.S. Rep. Corrine
Brown to five years in prison, followed by three years of probation, for fraud and other charges
related to a purported charity for
poor students that she used as a
personal slush fund.
The 71-year-old Ms. Brown
will be allowed to turn herself in
no earlier than Jan. 8.
The Democrat served a Florida district that included Jacksonville during her nearly 25year career. She was convicted
by a federal jury in May on 18 of
the 22 charges against her,
which included fraud and lying
on her tax returns and on her
congressional disclosures.
—Associated Press
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For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Tuesday, December 5, 2017 | A3
* * * *
©T&CO. 2017
U.S. NEWS
MEREDITH HEUER FOR THE WALL STREET JOURNAL(PHOTOS)
TIFFANY T COLLECTION
Former Newtown Police Chief Michael Kehoe in his home in Watertown, Conn. ‘To have that much in one day can really hit you hard,’ he says.
Lessons Learned From Newtown
The town opened a new Sandy Hook Elementary School in 2016.
has several new initiatives
aimed at officer trauma. One
program focuses on collective
healing within a police department and the broader community following a mass-casualty
event. Another concentrates on
improving resiliency to everyday trauma among officers.
Mr. Kehoe, who retired in
2016 after more than three decades on the force, says he has
learned to live with the horrors
of Dec. 14, 2012, in part by
working with police departments around the country to put
in place mental-health care to
support officers.
Studies show that about 15%
of police officers will develop
Post-Traumatic Stress Disorder
over the course of their career,
said John Violanti, research professor at School of Public Health
and Health Professions at the
University of Buffalo. About
one-third of officers will develop
some PTSD symptoms, he said.
In the immediate aftermath
of traumatic events, it is common for a person to shake, have
stomach butterflies and experience tunnel vision. The longterm effects, which may not
show up for months or years,
can include depression, anxiety,
alcoholism, marital problems or
suicidal thoughts.
Prosecutors: Manafort Violates Judge’s Order
no
WASHINGTON—Special
Counsel Robert Mueller’s office
on Monday withdrew its support for a less-restrictive confinement of former Trump campaign chairman Paul Manafort
pending his trial on moneylaundering and other charges.
In a court filing, prosecutors
alleged Mr. Manafort had been
secretly writing an editorial
with a business colleague “assessed to have ties to a Russian
intelligence service” in violation
of a court order.
The court papers didn’t
identify the business associate
beyond saying he was a longtime Russian colleague who
lives in that country.
The pair were “ghostwriting” an op-ed in English regarding Mr. Manafort’s political
work for Ukraine that was designed “to influence the public’s
opinion” of the veteran political
consultant, prosecutors wrote,
alleging that it was “not a dispassionate recitation of the
facts.”
The prosecutors said the editorial would have violated U.S.
n-
BY DEL QUENTIN WILBER
800 843 3269
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In the days following the
2012 school shooting at Sandy
Hook Elementary School, Newtown, Conn., Police Chief Michael Kehoe would scream in his
sleep, reliving the gruesome
scene in his dreams.
After encountering the mass
killing of 20 schoolchildren and
six adults nearly five years ago,
Mr. Kehoe says he found himself
overwhelmed at times. His relationship with his wife suffered
because he ordered her around
in an attempt to exert control.
And he was racked with guilt.
“To have that much in one
day can really hit you hard,”
says Mr. Kehoe, 62 years old.
“This is your watch. This is your
community. This is where you
are paid to keep the community
safe.”
The Sandy Hook school
shooting helped accelerate how
police departments approach
mental-health care for their officers, particularly in preparing
for mass-casualty events. It
prompted many police chiefs
across the U.S. to become more
receptive to proactively addressing trauma, said James
Baker, director of advocacy for
the International Association of
Chiefs of Police.
The police chief’s association
Nearly every member of the
Newtown Police Department’s
45-person squad was at Sandy
Hook Elementary School the day
of the shooting. Many are still
with the force. “I think our officers are doing well,” says Police
Chief James Viadero. “There’s
been a lot of work getting us to
the point where we are....We
found what worked for us over
here. It’s still ongoing.”
The police department began
working with HEART 9/11, an
organization made up of first
responders of the Sept. 11, 2001,
terrorist attack that provides
peer counseling to police officers, following the school shooting. Attitudes about counseling
among cops have improved, said
Bill Keegan, founder of the
group.
“There has been a cultural
change,” Mr. Keegan said. Years
ago, “there was that attitude of
‘suck it up, get over it, have a
few beers.’ ”
Looking back, Mr. Kehoe
credits the counseling he received and the support of his
wife for making him a better
person who has come to grips
with the tragedy.
“Sometimes things are out of
your control. What we did that
day was save a lot of people,” he
said. “Because if we don’t show
up, others die.”
District Judge Amy Jackson’s
order in early November prohibiting either side from making public statements that
might interfere with a fair trial.
A spokesman for Mr.
Manafort declined to comment.
By writing such an op-ed,
Mr. Manafort has proved he “is
willing to violate a Court Order” and shouldn’t be trusted
with more lenient bail conditions that had been negotiated
with defense lawyers, prosecutors wrote.
That deal, unveiled in court
filings last week, would have
released Mr. Manafort from
home confinement at his residence in Alexandria, Va., as well
as GPS monitoring.
Mr. Manafort and a longtime
business associate, Richard
Gates, were indicted in late October on charges of conspiring
against the U.S., money laundering, failing to file reports on
foreign bank and financial accounts, as well as making false
statements connected to their
work for a pro-Russian political
party in Ukraine.
They have both pleaded not
guilty.
|
TIFFANY.COM
ly
.
BY JOSEPH DE AVILA
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A4 | Tuesday, December 5, 2017
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THE WALL STREET JOURNAL.
U.S. NEWS
CAPITAL JOURNAL
By Gerald F. Seib
The tax bill is expected to pass the full Congress in coming days.
undo the health law, known
as Obamacare, and the concurrent exposure of deep intraparty divisions.
Moreover, it’s clear that
Mr. Trump’s barbs directed at
senior members of his own
party—Senate Majority
Leader Mitch McConnell,
Sens. John McCain, Jeff Flake
and Bob Corker, and House
Speaker Paul Ryan—don’t get
in the way of the GOP uniting
for something really important. The idea that Republicans can repeat that feat in
2018 on health and infrastructure doesn’t seem so farfetched.
In short, the first year of
the Trump presidency suddenly looks a lot better, which
sets the table nicely for the
2018 midterm elections. Republican plans to make Democratic House leader Nancy
Pelosi rather than Mr. Trump
the unpopular face of the
election year succeed. Republicans suffer some losses in
House races but retain control
of Congress.
Meanwhile, the Mueller investigation picks off a few
more figures around Mr.
Trump but never quite proves
either collusion with Russians
or a presidential effort to obstruct justice. Mr. Trump
manages to avoid stirring the
pot with Twitter rants that
actually make his case worse,
and the inquiry wraps up
early next year having struck
blows but no fatal damage.
The Negative Scenario:
Middle-class Americans revolt against the tax bill, concluding that they agree with
Democrats that the rich and
corporations are the real beneficiaries, not them. Middle
America also is frightened
and then appalled by the tax
bill’s coming boost to the national debt, and Trump voters
decide the party and the president they supported in 2016
don’t share their commonsense aversion to running up
big bills and leaving them for
the kids.
Meantime, a failure to
agree on a new spending bill
forces a government shutdown just before Christmas,
and the GOP fails to put the
blame off on Democrats. That
instantly sullies Republicans’
newfound reputation for governing effectively.
Corporate leaders don’t
make the kinds of job-creating investments Republicans
predict. Meanwhile, the tax
cut’s stimulative effect overheats an economy already
near full employment, pumps
up an overextended stock
market and compels the Fed
to keep raising interest rates.
The bubble bursts.
The Obamacare infrastructure also collapses in 2018,
and Republicans now are the
party bearing the blame for
health-market chaos.
Something bad for Republicans happens in Alabama’s
special Senate race next week.
Either a victory by party
nominee Roy Moore, who
takes on those party leaders
who disowned him over allegations of sexual misconduct
involving teens, which he has
denied, or a shocking Deep
South victory by his opponent
cascades into momentum for
Democrats in 2018.
Mr. Mueller uses information from Mr. Flynn and others to carry his inquiry deep
into the Trump circle. Two
potential nightmare scenarios
for the White House emerge:
Trump world financial entanglements with Russians gave
the Kremlin leverage over the
eventual president, and it’s
shown Mr. Trump obstructed
justice to stop investigators
from finding out. Mr. Trump,
feeling the pressure from Mr.
Mueller, becomes ever more
defensive and wedded to conspiracy theories that he vents
on Twitter, as he did over the
weekend. Impeachment by a
Democratic House becomes a
possibility.
Either scenario is entirely
plausible, which says plenty
about today’s volatile climate.
J. SCOTT APPLEWHITE/ASSOCIATED PRESS
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In the era of President
Donald Trump, when up can
be down and down can be up,
it’s no surprise that the Republicans’ hour of great accomplishment
also is their
hour of great
peril.
That is precisely where
things stand
as a new week dawns upon a
thoroughly changed political
landscape. Washington’s tectonic plates shifted twice last
week, first when Special
Counsel Robert Mueller announced a guilty plea from a
now-cooperative former
Trump national security adviser, Mike Flynn, and then
when the Republican Senate
passed the party’s top legislative priority, a giant tax cut.
(And by the way, passage
of a tax bill by the full Congress, which now seems
nearly assured in coming
days, was always the highest
priority for most GOP leaders,
outstripping even repeal of
the Affordable Care Act.)
The Republican establishment’s bargain with Mr.
Trump always has been essentially this: It is worth putting up with his excesses and
an undercurrent of mutual
mistrust because ultimately
he would promote and then
sign the Republicans’ longsought tax cut. The benefits
of the latter would outweigh
the dangers of the former.
Now the test of that proposition begins. Will it go well
or badly for the GOP? Let’s
look at the two potential scenarios for the party:
The Positive Scenario:
The tax cut and its benefits
for American businesses extend and solidify already-robust economic and job
growth. The prospect, and ultimately the reality, of greater
business investment send
positive ripple effects into
wage growth. All that builds a
firmer footing beneath a
booming stock market.
Politically, the tax bill
erases 11 months of doubts
about Republicans’ ability to
govern effectively and washes
away the party faithful’s
memories of failed efforts to
J. SCOTT APPLEWHITE/ASSOCIATED PRESS
Republicans Feel Triumph, Fear a Debacle
Senate Majority Leader Mitch McConnell (R., Ky.) on Friday, hours before the chamber passed a tax bill that included a last-minute decision to keep the corporate AMT.
TAXES
Republican senators inserted last-minute changes into
their tax overhaul bill early Saturday morning, including ones
aimed at helping cruise-ship operators, auto dealers and mortgage bankers.
The question now is
whether they survive as House
and Senate lawmakers attempt
to reconcile their bills into one
measure that can pass both
chambers.
An amendment from Sen.
Mike Rounds (R., S.D.) would
exempt mortgage servicers
from a provision in the bill that
would have them pay taxes upfront on projected income they
receive over the life of a mortgage. Current law says lenders
can pay taxes as cash comes in.
The Mortgage Bankers Association fought for keeping
no
Continued from Page One
whose members include Amazon.com Inc., Apple Inc. and
Alphabet Inc. “We will be
working to see it resolved this
week.”
A Congressional aide familiar with the legislative change
said it is unlikely the alternative minimum tax would have
the dramatic effect that critics
fear, since the Joint Committee
on Taxation pegged its savings
below the value of the R&D tax
credit. Other tax experts, in
contrast, warn the $40 billion
estimate could prove too
small.
The House and Senate hope
to reconcile competing versions of the tax overhaul and
pass a final bill by Christmas.
The corporate pushback is
getting results. House Majority
Leader Kevin McCarthy (R.,
Calif.) said Monday that negotiators from the House and
Senate needed to remove the
corporate AMT.
The U.S. House’s tax-overhaul bill, passed Nov. 16, would
eliminate the corporate AMT.
Earlier drafts of the Senate bill
would have as well, but
changes to the version adopted
in the early hours of Saturday
morning preserved it.
The discovery of the change
sparked consternation among
corporate lobbyists and trade
associations over the weekend,
including among members of
the influential Business Roundtable, a trade association of
chief executives at some of the
biggest U.S. companies.
Most of the overhaul was
drafted without taking an alternative minimum tax into account, and so could conflict
with it, tax experts concluded.
For example, the Senate bill
initially preserved the New
n-
Late Changes Buoy
Some Industries
Markets Tax Credit, which incentivizes projects in distressed areas and then reduces
banks’ tax bills. The retention
of the corporate AMT reversed
that, said Michael Novogradac,
managing partner of Novogradac & Co., a San Francisco accounting firm that specializes
in the credit and similar
breaks. “I know it’s got to
harm some. And it may harm
many,” he said.
As emails flew, trade groups
issuing statements broadly
praising the Senate bill began
to also raise concerns about
the alternative minimum tax—
and then urged action to reverse the decisions.
“You really have to scratch
your head at an effort like this
that would negatively impact
research and development in
the U.S.," said Linda Moore,
the status quo. It was a win
for an industry that saw big
losses from other provisions, including changes to mortgageinterest deduction rules.
Sen. Rand Paul (R., Ky.) delivered a victory to auto dealers
with an amendment aimed at
preserving their ability to deduct interest on their inventory.
The Senate tax plan includes a
provision that would scale back
the ability of companies to deduct interest on their debt,
something the National Automobile Dealers Association
fought hard against.
Sen. Susan Collins (R.,
Maine) struck a deal to revert
the medical expense deduction
to levels in place before the
Affordable Care Act. That
would allow taxpayers to deduct medical expenses exceeding 7.5% of their income—compared with 10% under current
law—for two years.
While an aide to Ms. Collins
said Friday the change would
be available to all taxpayers, it
was a win in particular for the
AARP, which had lobbied to revert to pre-ACA treatment for
senior citizens.
Sen. Dan Sullivan (R.,
Alaska) scored an important
win for the cruise-ship industry
with an amendment striking a
provision that would have
raised taxes on cruise lines. A
spokesman for Mr. Sullivan said
the tax would have “disproportionately impacted the Alaska
economy and its workers, particularly in communities that
rely on cruise ship tourism.”
Rather than give something
out, Sen. Joni Ernst (R., Iowa)
offered a rare amendment designed to take something away.
Hers would eliminate a provision allowing members of Congress to deduct their living expenses from income taxes
while they are living and working in Washington.
—Kate Davidson
and Joshua Jamerson
CEO of TechNet, a trade association that includes top officials at Oracle Corp., Cisco
Systems Inc., Visa Inc., and Microsoft Corp.
On Monday, than two days
after applauding the Senate for
“This cannot be the intended impact from a Congress who has worked for
years to enact a more globally
competitive tax code,” Caroline Harris, its chief tax counsel, wrote on the trade
group’s website. “The U.S.
Chamber wants tax reform to
be as pro-growth as possible,
and that means repealing the
AMT.”
In a letter to the lawmakers who will hash out differences between the House and
Senate bills, an Intel Corp. executive warned against maintaining the alternative minimum tax, writing on behalf of
the R&D Credit Coalition and
its 100-plus members.
“Maintaining the corporate
AMT will add the complexity
of dealing with two tax systems and will penalize compa-
The U.S. Chamber of
Commerce called the
reinstatement ‘a very
unpleasant surprise.’
passing the tax bill, the U.S.
Chamber of Commerce called
the reinstatement of the AMT
“a very unpleasant surprise,”
saying it would prove more
harmful under the overhaul
than in current law.
nies that engage in research,”
wrote Ronald Dickel, Intel’s
vice president of finance and
director of global tax.
Much of the R&D tax break
goes to giant firms. Among
S&P 500 companies reporting
a combined $3.1 billion in tax
benefit from the credit in
2016, roughly 85% went to 20
corporations, mostly in the
technology, pharmaceutical
and defense industries, according to an analysis by financial-data firm Calcbench.
Last year, Alphabet reported a $483 million benefit
from research tax credits,
while Intel reported nearly
$300 million, according to
Calcbench. In the year ended
Sept. 30, Apple reported $678
million. Intel declined to comment. Apple and Alphabet
didn’t immediately respond to
requests for comment.
But smaller companies
benefit as well, including a
number of farm- and construction-equipment makers
that belong to the Association
of Equipment Manufacturers,
said Kip Eideberg, vice president of public affairs and advocacy for the trade association.
The corporate AMT’s effects are also worrying banks
that hold municipal bonds,
said Neil Barr, head of the tax
department at Davis, Polk &
Wardwell LLP in New York.
The interest on that debt,
normally tax-free, would effectively become taxable.
Retaining the corporate
AMT would also alter the new
features of the international
tax system that Senate Republicans wrote, Mr. Barr
said. For example, companies
that were counting on lower
tax rates on foreign profits or
profits from intangibles such
as patents wouldn’t get them.
—Doug MacMillan
contributed to this article.
Trump
Fully
Endorses
Moore
BY DANIEL NASAW
WASHINGTON—President
Donald Trump on Monday
gave his strongest endorsement yet to Alabama Republican Senate candidate Roy
Moore, linking his candidacy
to the need to pass tax cuts,
criminal-justice
measures,
stricter immigration laws and
enforcement, and more.
Mr. Trump’s statement in an
early-morning tweet marked
the first time the president has
backed Mr. Moore by name
since the former judge’s candidacy was rocked by allegations
of sexual misconduct involving
teenage girls decades ago,
which he has denied.
“Democrats refusal to give
even one vote for massive Tax
Cuts is why we need Republican
Roy Moore to win in Alabama,”
Mr. Trump wrote of the Dec. 12
Alabama election.
“We need his vote on stopping crime, illegal immigration,
Border Wall, Military, Pro Life,
V.A., Judges 2nd Amendment
and more. No to Jones, a Pelosi/
Schumer Puppet!” he said, referring to Democratic Senate
candidate Doug Jones, and
Democratic leaders Sen. Chuck
Schumer of New York and Rep.
Nancy Pelosi of California.
After the president’s endorsement Monday, the Republican National Committee restored support for the Moore
campaign it had cut off after the
allegations of sexual misconduct
emerged, an RNC official said.
The restoration of support was
reported earlier by Breitbart.
Mr. Moore said in a statement that Mr. Trump followed
up his Twitter endorsement by
calling him from Air Force One.
According to Mr. Moore, the
president called him a “fighter”
and ended the conversation by
saying, “Go get ’em, Roy.” A
White House spokesman said
Mr. Trump had a positive call
with Mr. Moore and “endorsed
Judge Moore’s campaign.”
In the primary election for
the Alabama Senate race, Mr.
Trump endorsed Sen. Luther
Strange, the incumbent who
was appointed this year to fill
the seat left vacant by Attorney
General Jeff Sessions. Mr.
Strange, who was backed by
Senate Majority Leader Mitch
McConnell (R., Ky.), lost the
September race to Mr. Moore.
Since the news reports of allegations against Mr. Moore
broke last month, Mr. McConnell and other Republican leaders have called on him to withdraw from the race. On Sunday,
Mr. McConnell softened his position. “We’re going to let the
people of Alabama decide a
week from Tuesday who they
want to send to the Senate,” he
said on ABC. “And then we’ll address the matter appropriately.”
—Janet Hook
contributed to this article.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Tuesday, December 5, 2017 | A5
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A6 | Tuesday, December 5, 2017
THE WALL STREET JOURNAL.
* ****
U.S. NEWS
President Donald Trump at the Utah Capitol on Monday after signing orders that reduce the size of two national monuments in the state.
the support of the entire Utah
congressional delegation, as
well as the governor and commissioner representing Navajo
districts.
He said he personally briefed
the president and Chief of Staff
John Kelly on the plan, with a
focus on restoring the land for
public use, which includes
“healthy hunting and fishing.”
Mr. Zinke said energy wasn’t
the reason and that there is no
oil or gas in Bears Ears, though
there is coal in Grand StaircaseEscalante. Instead, he said, the
goal was to increase public access to the area for roads, grazing and active management for
conservation.
Detractors said the two million acres being removed from
monument status contain rich
oil, coal and uranium deposits
that could be exploited by Mr.
Trump’s backers in the resource
industry, threatening one of the
nation’s largest repositories of
Native American artifacts. Mr.
Zinke said of 150 monuments
examined, 27 underwent a
more detailed review and a
handful were changed, the biggest two of which were in Utah.
Mr. Trump signed proclamations cutting the monuments
after excoriating previous presidents for what he called “overreach” in creating them. “Past
administrations have severely
abused the purpose, spirit and
intent of a century-old law
known as the Antiquities Act,”
Mr. Trump said. “I’ve come to
Utah to take a very historic action, to reverse federal overreach and restore the rights of
this land to your citizens.”
The 1906 law allowing the
creation of monuments can
limit commercial and other activities on the land, such as
mining and logging. But monuments also encourage tourism.
Mr. Trump is expected to act
later this week on the rest of
Mr. Zinke’s recommendations,
which include downsizing or
making protections less restrictive on five other land monuments and three in the Atlantic
and Pacific oceans.
—Louise Radnofsky
contributed to this article.
ly
.
President Donald Trump
signed orders that significantly
reduce the size of Utah’s Bears
Ears and Grand Staircase-Escalante national monuments,
marking the largest-ever withdrawal of federally protected
lands in the U.S., experts say—
an act already facing legal challenge.
Bears Ears, established last
year by former President Barack Obama, will be reduced to
about one-seventh of its original size—to roughly 200,000
acres from 1.35 million—and
split into two separate sections.
Grand Staircase-Escalante,
created by former President Bill
Clinton in 1996, will be cut
nearly in half, to just over a
million acres from nearly two
million acres—and separated
into three sections.
Mr. Trump signed the orders
Monday in the rotunda of the
Utah capital on a brief visit to
Salt Lake City, surrounded by
state and federal lawmakers, as
well as county officials from rural parts of Utah.
Late Monday, a coalition of
10 environmental groups filed a
lawsuit in U.S. District Court in
Washington seeking to invali-
date the president’s action.
“This is really a disgraceful
attack on America’s natural and
cultural heritage,” said Heidi
McIntosh, a managing attorney
for Earthjustice, a legal nonprofit representing environmental groups.
Monuments are federally
protected reserves that may include culturally or historically
important features. Monuments
function much like national
parks but can be created by the
president. National parks are
created by an act of Congress.
In Utah, hundreds of monument supporters—including Native American tribes and environmentalists—staged noisy
demonstrations Monday, after
holding a bigger protest Saturday. Leaders of the groups
pledged to file lawsuits to try
to block the move.
The president acted on the
recommendation of Interior
Secretary Ryan Zinke, who conducted a review of dozens of
recently established monuments.
Mr. Zinke told reporters
ahead of Mr. Trump’s speech
that the president was right to
take action “when a monument
is used to prevent rather than
protect” and that the move had
co Fo
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BY JIM CARLTON
FRANCISCO KJOLSETH/ASSOCIATED PRESS
Monuments
Cut as Trump
Signs Orders
Independent Who Ran for President High Court Questions
tutional amendment that
stated the U.S. “devoutly recognizes the authority and law
of Jesus Christ, Savior and
Ruler of Nations.” He later disavowed that proposal.
Mr. Anderson cast votes
against President Lyndon
Johnson’s Great Society programs. But he became moved
by the civil-rights movement
and the segregationist backlash to it.
He was key to the passage
of the Fair Housing Act, part
of the Civil Rights Act of 1968,
breaking with the GOP and
casting the deciding committee vote to send the bill to the
House floor.
“I legislate today not out of
fear, but out of a deep concern
for the America I love,” he
said in an impassioned speech
to his colleagues. “We do
sued rulings against all three
bans.
“We are not surprised by
today’s Supreme Court decision permitting immediate enforcement of the president’s
proclamation,” said White
House spokesman Hogan Gidley. “The proclamation is lawful and essential to protecting
our homeland. We look forward to presenting a fuller defense” as the cases move
through the courts.
It wasn’t clear precisely
when the rules will change. A
meeting is scheduled for Tuesday including officials from the
White House, and the departments of Homeland Security,
State and Justice to plan for implementation, one official said.
Challengers expressed disappointment in the development, but said it was an interim one that didn’t decide
the important issues raised by
the cases.
“President Trump’s antiMuslim prejudice is no secret,”
said American Civil Liberties
Union lawyer Omar Jadwat.
“It’s unfortunate that the full
ban can move forward for now,
but this order does not address the merits of our
claims.”
In the latest round of cases,
trial judges in Hawaii and
Maryland issued initial deci-
sions against Mr. Trump in October before the new ban’s
start date. They ruled that the
new restrictions, like the administration’s previous attempts, were likely unlawful.
The Hawaii judge ruled the
new ban made improper judgments about the risks of certain travelers based on their
nationality, while the Maryland
judge said Mr. Trump’s new
ban was tainted by the same
kind of religious animus that
undermined the legality of his
previous travel restrictions.
The Trump administration
quickly appealed, and two federal appeals courts are hearing
oral arguments this week.
In the interim, courts had
adopted a compromise approach that was endorsed by
the Supreme Court last summer during litigation over the
now-expired second travel ban.
Under that middle ground, Mr.
Trump was allowed to impose
the ban on people with no connections to the U.S., but not
against travelers from the
banned countries who have
close ties to families or organizations in the U.S.
The Supreme Court’s order
on Monday entitles Mr. Trump
to apply the ban to both camps
of travelers. The one-page order didn’t explain the court’s
reasoning. There were only
n-
run came in June 1980, when
multiple polls put his support
at around one-quarter of the
electorate.
Third-party candidates tend
to fade as voters begin to coalesce around contenders, and
Mr. Anderson was no exception.
In the final tally, he received 6.6% of the vote, badly
trailing Messrs. Carter and
Reagan. Mr. Reagan won in a
landslide, kicking off 12 years
of Republican control of the
executive branch.
Mr. Anderson, liberal on social issues but an economic
conservative, didn’t always
carry the pragmatic mantle.
Soon after he was elected to
the House on his record as a
former prosecutor and World
War II veteran, Mr. Anderson
offered an unsuccessful consti-
TRAVEL
Continued from Page One
security concerns, issued his
latest travel restrictions on
Sept. 24, applying them to
eight countries: the Muslimmajority nations of Chad, Iran,
Libya, Somalia, Syria and Yemen, as well as North Korea
and some government officials
in Venezuela. It is Mr. Trump’s
third attempt at a travel ban.
Civil-rights and immigration
advocates, as well as the state
of Hawaii, again filed lawsuits
to challenge the latest restrictions, arguing Mr. Trump was
attempting another improper
ban against Muslims entering
the U.S., a claim the president
denies. Lower courts have is-
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stand at a crossroad. We can
continue the gadarene slide
into an endless cycle of riot
and disorder, or we can begin
the slow and painful ascent toward that yet-distant goal of
equality of opportunity for all
Americans, regardless of race
or color.”
He developed a liberal
streak in the late 1960s and
’70s, as Mr. Anderson helped
pass campaign contribution
limits, supported legislation to
create national parks in
Alaska, pressed for ratification
of the ERA, and supported
abortion rights.
The ERA passed both
houses of Congress but wasn’t
ratified by enough states.
By the time Mr. Anderson
ran for president, entering the
Republican primary contest in
1979, he had shifted on his
party or, in Mr. Anderson’s
view, it moved on him.
Two years before he began
his run, Mr. Anderson said
“extremist fringe elements” of
the Republican Party were
seeking to mount an “ideological coup d’etat.” That route, he
said, would throw the GOP
into the “historical junk heap.”
In the GOP state primary
contests, he made several
strong challenges to George
H.W. Bush and Mr. Reagan, the
Republican front-runners. Seeing no path to victory, he
withdrew from the party contest to run in the general election as an independent.
Ban on Sports Betting
BY BRENT KENDALL
WASHINGTON—Supreme
Court justices voiced skepticism of a 25-year-old federal
law that has prevented formal
betting on sports in most
states, a sign that the landscape for wagers on professional and college games could
dramatically open up.
The high court heard oral
arguments Monday in New
Jersey’s challenge to the 1992
Professional and Amateur
Sports Protection Act, which
says that states can’t “sponsor,
operate, advertise, promote, license, or authorize” sports
gambling. Legal wagering on
individual sports contests currently takes place only in Nevada, which was grandfathered into the federal law.
New Jersey, which is trying
to clear the way for sports wagers within its borders, argues
the federal law violates principles of states’ rights. A group
of 18 state attorneys general
and three governors filed a
brief supporting New Jersey.
Justices across the ideological spectrum appeared receptive to the state’s claim. Justice Anthony Kennedy, a
conservative who often is a
key vote in close cases, said
the federal government was
trying to force New Jersey to
keep in place a state wagering
ban that it doesn’t want.
WIN MCNAMEE/GETTY IMAGES
Rep. John Anderson of Illinois and his wife, Keke, on April 24, 1980,
when he announced he would seek the presidency as an independent.
no
John B. Anderson, the former 10-term congressman who
mounted an independent challenge for the presidency in
1980, died Sunday night in
Washington, his family announced in a statement Monday. He was 95 years old.
A once deeply conservative
House member from Illinois,
Mr. Anderson ran for president as a centrist assured of
his principles in
JOHN
his challenge to
ANDERSON former Califor1922-2017
nia Gov. Ronald
Reagan, the Republican nominee, and the incumbent Democratic President
Jimmy Carter.
Mr. Anderson, born in Rockford, Ill., cast his effort as a
“campaign of ideas,” an alternative to what he called the “mean
and evasive” Mr. Carter and the
“simplistic” Mr. Reagan.
Among his stances: a higher
gasoline tax to cut reliance on
energy imports, taking steps
to cut the federal deficit and
backing the Equal Rights
Amendment, which aimed to
prevent discrimination against
women.
Mr. Anderson captured support from many young Republicans and Democrats disillusioned with his opponents in
the face of the long-running
Iranian hostage crisis and an
economic slump. His high
point in the general-election
BOB DAUGHERTY/ASSOCIATED PRESS
BY CHRIS GORDON
The Supreme Court order came after an emergency appeal.
two recorded dissenters: Justices Ruth Bader Ginsburg and
Sonia Sotomayor, both members of the court’s liberal wing.
The court’s action signals
the justices may be more likely
to uphold the latest travel ban
than lower-court judges who
have faulted the president’s efforts. One factor the justices
consider when evaluating
emergency appeals is whether
the party seeking intervention
has some likelihood of succeeding in any eventual Supreme Court case. Whichever
side loses the two appealscourt cases will very likely
seek Supreme Court intervention. That could happen in a
matter of weeks or months.
The Justice Department’s
emergency appeal to the Supreme Court last month had
argued that preventing Mr.
Trump from effectuating his
latest ban “will cause ongoing
irreparable harm to the government and the public” by requiring the president to disregard inadequacies in traveler
vetting procedures in the
countries subject to the ban.
Some of the countries were
facing a near-total ban, while
others were facing more tailored restrictions that allowed
some travelers, such as students, to come to the U.S. on
nonimmigrant visas.
“That seems commandeering” of state governments by
Washington, he said.
Other conservative justices
suggested the federal government had erred by trying to
use state governments to
carry out federal policy.
Justice Stephen Breyer, a
member of the court’s liberal
wing, said the federal law appeared to differ from other instances in which Congress had
legitimately regulated interstate commerce. The difference, he said, was that Congress hadn’t actually set out a
federal policy against the authorization of sports bets.
Other liberal justices like
Ruth Bader Ginsburg and Sonia Sotomayor appeared more
sympathetic to the federal
government’s position.
The National Collegiate
Athletic Association, along
with Major League Baseball,
the National Hockey League,
the National Football League
and the National Basketball
Association, sued to stop New
Jersey from going forward
with state-sanctioned sports
betting. The leagues traditionally have opposed sports betting because they believed it
could threaten the integrity of
their games. The Justice Department also argued Monday
in defense of the federal law.
A decision is expected by
the end of June.
The continuing litigation
hadn’t affected the president’s
plan to prohibit travel by North
Koreans and certain government officials in Venezuela. Legal challengers didn’t contest
the ban’s application to those
two non-Muslim countries.
The third version of the
ban, unlike the previous two,
came after a government study
of vetting procedures used
around the world for travelers
seeking visas for U.S. travel.
The Trump administration has
argued the study provides important support for the new
policy and will encourage better cooperation from foreign
governments.
While the Justice Department defends the president’s
approach in court, Mr. Trump’s
opponents cite his social-media
activity as evidence of religious
animus. The president last
week retweeted anti-Muslim
videos posted by a British farright nationalist, a move that
drew rebukes from U.S. allies
and civil-rights advocates.
Challengers of the travel rules
said the retweets were further
evidence of religious animus by
Mr. Trump, and they referenced
the retweets in a letter to the
Supreme Court on Monday.
—Laura Meckler
and Louise Radnofsky
contributed to this article.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Tuesday, December 5, 2017 | A7
WORLD NEWS
U.S. Presses China, Lightly, on Pyongyang
Trump administration
targets small bank for
ties to regime, but is
wary of tougher steps
North Koreans gather to celebrate the country’s progress in its nuclear program, a development the U.S. hopes to curb with the help of China, Pyongyang’s main benefactor.
sanctions against Pyongyang
and ordered its banks to comply with U.N. resolutions.
The U.N. on Monday said
Jeffrey Feltman, its undersecretary general for political affairs, would travel to North
Korea on Tuesday for three
days of political talks at
Pyongyang’s invitation.
Mr. Feltman is scheduled to
meet North Korea’s foreign
minister and vice president
but not Mr. Kim. Mr. Feltman
also will meet diplomats and
U.N. staff stationed in Pyongyang, officials said.
The U.S. mission to the U.N.
said it was aware of Mr. Feltman’s trip as part of the U.N.’s
interactions with North Korea
and that the U.S. would continue to work with Security
Council members to increase
“diplomatic and economic
pressure” on the regime until
it abandoned its nuclear and
ballistic-missile programs.
Military Exercises
Between Allies
Start on Peninsula
SEOUL—The U.S. and South
Korean militaries began five
days of simulated war exercises
on the peninsula, involving
bombers, fighters and thousands of troops, less than a
week after North Korea tested
its most advanced missile.
The annual exercises,
known as Vigilant Ace, are
aimed at developing interoperability between the two countries’ air forces, a spokesman
for South Korea’s Defense Ministry told reporters on Monday.
About 12,000 U.S. military
personnel stationed in South
Korea, Japan and other regions,
along with an undisclosed number of South Korean troops, are
co Fo
m rp
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er rs
ci on
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us l,
e
on
smallest banks.
But longtime North Korea
experts and former top U.S.
sanctions officials said Washington would need to hit more
banks to make the threat real
to the rest of China’s financial
system. Short of that, hefty
fines also could encourage
them to conduct better due
diligence to avoid being used
by front companies and North
Korea’s agents, some lawmakers and analysts said.
The administration says it
will levy new sanctions
against the country in coming
days, in part a reaction to
Pyongyang’s latest missile test.
The administration maintains that navigating a diplomatic path between the threat
of stronger unilateral action
and giving China room to act
on its own has yielded a measure of success.
China has backed the strongest set of United Nations
taking part in the maneuvers,
which will feature latest-generation stealth U.S. fighters.
The U.S. military said the
drills are “comparable in size to
previous Vigilant Ace exercises” and aren’t in response to
“any incident or provocation.”
The exercises come as tensions build over North Korea’s
missile program. Some security
analysts fear Pyongyang is
close to mastering the technology needed to hit U.S. cities
with nuclear-tipped missiles.
As the allies kicked off the
joint exercises, North Korea’s
state-run newspaper Rodong
Sinmun condemned the maneuvers as a “prelude to nuclear war,” the North’s Korean
Central News Agency reported.
China on Monday urged all
sides to avoid exacerbating the
“highly sensitive” situation.
—Andrew Jeong
ly
.
on those who help finance the
regime,” said a joint statement
by U.S. Sens. Chris Van Hollen,
(D., Md.), and Pat Toomey, (R.,
Pa.), advocates of a Senate bill
that would require harsh penalties against banks aiding
North Korea.
Officials in Beijing have
said they are categorically opposed to unilateral U.S. sanctions, calling such actions extraterritorial interventions.
Administration officials this
year signaled they would take
a much more stringent position with China after North
Korea stepped up weapons
testing, promising to freeze
Chinese banks out of the U.S.
financial system if they continued to allow their accounts
to be used to launder money
for the Kim Jong Un regime.
In June, the administration
said it would block access to
American markets by the Bank
of Dandong, one of China’s
n-
FRANCIS R. MALASIG/EUROPEAN PRESSPHOTO AGENCY
WASHINGTON—The Trump
administration is locked in a
diplomatic quandary as it tries
to pressure North Korea: how
to sanction Pyongyang’s top
ally and patron—China—without alienating an economic
powerhouse that is arguably
the best hope to slow its rogue
nuclear-weapons program.
That predicament helps explain why the U.S has targeted
only one small Chinese bank
with sanctions, even though
American officials and analysts say they believe financial
institutions in China represent
key nodes in Pyongyang’s illicit finance network.
With North Korea now
boasting that it has the entire
U.S. in range of its missiles,
the Trump administration has
navigated a diplomatic path
between the threat of stronger
unilateral action and giving
China room to act on its own,
which officials say has yielded
a measure of success even as
the threat has grown.
China has long been North
Korea’s primary benefactor. U.S.
officials say that relationship
extends into North Korea’s financing operations, even if not
always officially licensed by Beijing. After decades under international sanctions, Pyongyang
has developed highly sophisticated, illicit financing networks
that rely heavily on Chinese
agents, front companies and
banks, those officials say.
As North Korea accelerates
its weapons program, U.S. lawmakers are urging the White
House to hit China’s banks
with fresh sanctions to spur
more-aggressive
action
against its nuclear-armed ally.
“We must finally put real
teeth in economic sanctions
and impose severe penalties
KCNA/REUTERS
BY IAN TALLEY
An exterminator spraying to eradicate mosquitoes during an anti-dengue campaign in Manila in June.
no
Dengue Fever Vaccine
Is Suspended in Philippines
The Philippines suspended
a dengue fever vaccine that
was given to thousands of
children and launched an investigation, after the drug’s
manufacturer said new evidence showed it could worsen
symptoms in some cases.
The tropical country last
year became the first nation to
widely distribute the vaccine,
branded Dengvaxia, after a fasttrack approval process. The
government says more than
730,000 people, mostly children
older than 9, were given the
vaccine, manufactured by the
vaccinations division of French
pharma giant Sanofi SA.
A person can be infected by
dengue as many as four times
due to the existence of different strains. Subsequent infections are often more severe.
Sanofi said last week new
data found the vaccine was effective for people who had already had dengue, but for those
who hadn’t, “more cases of severe disease could occur following vaccination.” The company
said it had asked regulators to
change the vaccine label to recommend that people don’t take
the vaccine if they haven’t been
infected previously.
It isn’t the first time warnings have surfaced about the
vaccine. In a July 2016 report,
the World Health Organization
ROMEO RANOCO/REUTERS
BY JAKE MAXWELL WATTS
An immunization-program worker
holds up Dengvaxia in Manila.
noted that the vaccination
“may be ineffective or may
theoretically increase the future risk of hospitalized or severe dengue illness” in those
who have not had dengue at
the time of vaccination.
WHO reiterated its Nov. 30
recommendation that “as a precautionary and interim measure,” Dengvaxia be given only
to people known to have already
been infected with dengue.
The government last week
suspended its vaccination program. Though no deaths or
cases of severe dengue have
been definitively linked to the
vaccine, some politicians have
pointed to cases of children who
have died since receiving it.
Philippine Health Secretary
Francisco Duque III told local
media Monday the government
would assess responsibility for
the vaccine, which was approved
under the previous administration, and consider charges
against its manufacturer.
Sanofi said it doesn’t comment on legal topics, but
noted that “the vast majority
of those vaccinated to date
live in high endemic settings
and, therefore, will have had a
prior dengue infection before
vaccination.” It said the company had “not seen any evidence of increased incidence
of severe dengue in vaccinated
individuals in the real world
experience with the vaccine.”
In a statement last week,
Sanofi Pasteur, the firm’s vaccinations division, said the
new analysis of clinical data
highlights the complex nature
of dengue infection. “We are
working with health authorities to ensure that prescribers,
vaccinators and patients are
fully informed of the new findings, with the goal of enhancing the impact of Dengvaxia in
dengue-endemic countries,”
said Su-Peing Ng, global medical head of Sanofi Pasteur.
Dengvaxia was recommended
for use by the WHO in April
2016. It was the first of its
kind, targeting a mosquitoborne disease that infects
about 390 million people a
year globally. The virus causes
a severe flulike illness.
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A8 | Tuesday, December 5, 2017
THE WALL STREET JOURNAL.
NY
WORLD NEWS
U.K. Exit Talks With EU Stalled
Two sides are divided
over the issue of Irish
border commitments
but remain hopeful
JOHN THYS/AGENCE FRANCE-PRESSE/GETTY IMAGES
British Prime Minister Theresa May and European Commission President Jean-Claude
Juncker failed to reach a deal
to advance Brexit negotiations
after hours of talks Monday
afternoon, with progress stalling on differences over the
Irish border, officials said.
By Laurence Norman
in Brussels and Paul
Hannon in London
Mr. Juncker expressed confidence that a deal could come in
time to allow European Union
leaders later this month to permit Brexit negotiations to start
focusing on the future trade relationship between Britain and
the bloc. Mrs. May said talks
would resume this week.
“Despite our best efforts
and the significant progress we
and our teams have made…it
was not possible to reach a
complete agreement today,”
Mr. Juncker said in a joint
press appearance with Mrs.
May. “We now have a common
understanding on most rele-
U.K. premier Theresa May and European Commission chief Jean-Claude Juncker before meeting in Brussels.
vant issues with just two or
three open for discussion.”
“We will reconvene before
the end of the week and I am
also confident that we will
conclude this positively,” Mrs.
May said.
The talks have been dominated in recent days by negotiations among Dublin, Brussels
and London on what commitments the U.K. must give to
prevent a hard border on the
island of Ireland after Brexit.
Irish Foreign Minister Simon Coveney told Irish media
Monday afternoon that Britain
was close to agreeing on a
joint text with the EU that
would commit Britain to ensuring broad regulatory alignment between the Republic of
Ireland and Northern Ireland.
That could erase the need for
customs checks and the restoration of a hard border after
Brexit, slated for March 2019.
The issue is of crucial importance to the Republic of
Ireland, where officials fear
that Britain’s decision to leave
the EU will cleave Irish business links and social ties that
have deepened since the end of
violence in Northern Ireland
almost two decades ago. If fu-
ture rules on issues such as agriculture and animal health are
different in Northern Ireland
than in the Republic of Ireland,
they say border and customs
checks would be inevitable.
But while Mr. Coveney was
signaling an imminent breakthrough, Arlene Foster, leader
of Northern Ireland’s Democratic Unionist Party, warned
Mrs. May to tread carefully.
The DUP is committed to
Northern Ireland remaining
unequivocally in the U.K., and
Mrs. May’s Conservative Party
depends on the party’s votes
for its parliamentary majority.
In the evening, Irish Prime
Minister Leo Varadkar said he
believed Mrs. May’s government had pulled back from a
deal. He said the Irish government had received confirmation from the British government of a text on the border
issue that “met our concerns.”
He said that he believed Mrs.
May was negotiating in good
faith and that the issue could
be settled in coming days.
British officials denied they
had settled on any particular
version of the joint text with Ireland and said different wording
was still under discussion when
the Brussels meeting began.
—Jenny Gross
contributed to this article.
ahead of the regional parliamentary elections that are
scheduled for Dec. 21.
The officials were jailed on
Nov. 2 pending an investigation by state prosecutors on
charges of sedition, rebellion
and misappropriation of public
funds for their sustained bid
to split with Spain.
Mr. Puigdemont and four
other former cabinet members
fled to Belgium after Catalan
lawmakers voted to declare
the wealthy region—which
generates around one-fifth of
Spain’s annual economic output—independent. A Belgian
court said Monday that it will
announce on Dec. 14 its decision on whether Mr. Puigdemont and the other former
separatist leaders should be
extradited to Spain, a decision
that could be appealed.
Mr. Puigdemont has said
the jailing of his former colleagues is politically motivated
and said he wouldn’t receive a
fair trial if he were to return
to Spain.
Spanish Prime Minister
Mariano Rajoy dismissed Mr.
Puigdemont and his entire
cabinet hours after the independence declaration on Oct.
27 and seized temporary control of the region.
co Fo
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ci on
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on
PIERRE-PHILIPPE MARCOU/AGENCE FRANCE-PRESSE/GETTY IMAGES
BY JEANNETTE NEUMANN
no
n-
Former regional officials leave Estremera’s prison, near Madrid.
MADRID—A Spanish judge
ordered the release on bail of
six former government officials in Catalonia, but ruled
Monday that the former Catalan vice president and three
other separatist leaders must
remain in jail while prosecutors investigate them for their
independence drive.
If the six ex-officials, who
had been cabinet members under former Catalan President
Carles Puigdemont, post the
€100,000 ($118,950) bail ordered by the judge, they will
be able to campaign in events
22.02 carat emerald cut diamond 3 stone ring
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European finance ministers
shifted power from the north
of the continent to the south,
providing a boost to opponents of austerity policies.
By Todd Buell in
Brussels and Jeannette
Neumann in Madrid
On Monday, the ministers
chose Portugal’s Finance Minister Mário Centeno to lead the
group of finance ministers,
known as the Eurogroup, which
steers policy in the eurozone.
Mr. Centeno’s peers elected him
to succeed former Dutch Finance Minister Jeroen Dijsselbloem as president of the
group, which plays an essential
role in important eurozone policy discussions, such as those
pertaining to Greece’s bailout.
Mr. Centeno has been Portugal’s finance minister since
November 2015. The European
Council’s press office said in a
Twitter post that he will take
office on Jan. 13.
Opponents of austerity policy welcomed the selection of
Mr. Centeno, whose country
has in recent years rejected
the spending cuts often
pushed by European authorities and Northern European
countries. Sven Giegold of the
Green group in the European
Parliament, said that Mr. Centeno was the “anti-Schäuble
among Europe’s finance ministers,” a dig at former German
Finance Minister Wolfgang
Schäuble, a staunch advocate
of balanced budgets.
“Portugal has successfully
refuted the austerity dogma.
Centeno has shown that, after
necessary structural reforms,
investing is the right way forward,” Mr. Giegold said.
Mr. Centeno completed a
Ph.D. in economics in 2000
from Harvard University,
where he also earned a master
of science in economics.
ly
.
Six of 10 Catalan Separatists Released on Bail
New Chief
Will Steer
European
Finance
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Tuesday, December 5, 2017 | A9
no
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co Fo
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ly
.
GOOD
DELIGHTS
Two bold ristretto shots of espresso topped
with sweet, velvety steamed whole milk.
Merry sipping to you this holiday at Starbucks.
At participating stores. While supplies last.
© 2017 Starbucks Coffee Company. All rights reserved.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A10 | Tuesday, December 5, 2017
* ***
THE WALL STREET JOURNAL.
WORLD NEWS
Houthi rebels stood outside the burning residence of former President Ali Abdullah Saleh in Yemen’s capital San’a on Monday.
Former President
Forged Alliances
To Maintain Power
in the early 2000s as Yemen became a haven for the terrorist
group al Qaeda and the rebel
movement by Houthi tribesmen
gained traction in the north.
Popular dissatisfaction with
Mr. Saleh’s harsh rule peaked in
2011 during the Arab Spring uprisings. Following a bombing
that left him wounded in an apparent assassination attempt, he
agreed in late 2011 to relinquish
power to his vice president.
He formally stepped down in
early 2012 and left the country
for medical treatment. But Mr.
Saleh was soon back in Yemen.
Mr. Saleh was born in 1942
into a family of sheep herders
following the Zaidi offshoot of
Shiite Islam. He entered the
armed forces in the early 1960s.
—Asa Fitch
longer than what at first
seemed likely.
Their alignment was formalized in 2016 through the formation of a power-sharing
council that included Houthis
and members of Mr. Saleh’s
General People’s Congress
party.
Tensions worsened between
Mr. Saleh, who had longstanding ties to Saudi Arabia, and
the Houthis, a movement with
its power base among Zaidi
Muslim tribes in the north, and
a history of Iranian support.
When representatives of
the International Crisis Group
met with Mr. Saleh earlier this
year, “he was getting fairly
desperate,” said Joost Hiltermann, the group’s Middle East
and North Africa program director. “He was clearly stuck:
The Saudis didn’t want to deal
with him because he had betrayed them, and basically the
Houthis didn’t like him, be-
cause he had fought them as
president.”
Though Mr. Saleh had been
known for decades of cobbling
together alliances to retain
power, in declaring a break
with the Houthis and reaching
out to Saudi Arabia, Mr. Hiltermann said, “it looks like Ali
Abdullah Saleh overplayed his
hand,” he said
Mr. Seche, the former U.S.
envoy, noted Yemen has always
been a fractious country. “Ali
Abdullah Saleh’s genius was his
ability to preside over so many
centers of power. Saleh was
able to weld that together in
some manner.”
A Houthi official said Mr.
Saleh had been traveling in a
convoy of three cars about 40
miles outside San’a on Monday
when rebels manning a checkpoint clashed with the convoy.
Mr. Saleh was shot to death
with one of his top aides, the
officials said.
Opposition to
Ali Abdullah
Saleh’s harsh
rule peaked
during the
Arab Spring
uprisings.
ly
.
less political institutions to thrive.
He held periodic elections panned
by opponents as fraudulent.
Challenges to his rule mounted
Former Yemeni President
Ali Abdullah Saleh, killed in an
attack by Houthi rebels Monday, was a military commander
and political maverick who
managed to survive by striking
alliances of convenience even
after he was ousted.
Over past decades, Mr.
Saleh, who was 75, proved a
wily navigator of Yemen’s complex political landscape—something he once described as
“dancing on the heads of snakes.”
Yemen was divided into two
countries, north and south, when
he became president of North Yemen in 1978. A year later, he
started a war with the south—
taking the first step in a drawnout attempt to unite his country.
Soviet support for the Marxist south had waned as the Cold
War wound down, which eased
the way for unification and
raised Mr. Saleh’s prestige.
Like other Arab “presidentsfor-life” who rose to power in the
latter half of the 20th century,
Mr. Saleh tightly controlled the
new republic while keeping unrest in check by allowing tooth-
co Fo
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Continued from Page One
down,” Mr. Seche said. “In
Washington they see this as
another Iranian influence.
Washington still views the Saudis as doing our work for us in
Yemen, pushing back against
Iran.”
Pentagon spokesman Eric
Pahon said the development
wouldn’t change U.S. support
for the Saudi-led coalition’s
war against the Houthis.
“It is in our national security interests to support our
partners in the Gulf as they
face continued threats from
nonstate groups enabled by the
Iranian regime, and to combat
extremist organizations such
as al Qaeda in the Arabian Peninsula and ISIS in Yemen,” Mr.
Pahon said.
Yemen’s President Abed
Rabbo Mansour Hadi, the
country’s internationally recognized leader, delivered a televised speech from Saudi Arabia
in which he expressed condolences over Mr. Saleh’s death—
and said he had instructed his
military to open a new front to
liberate San’a from the Houthi
rebels.
“I call on all the people of
Yemen in all provinces still under the rule of these criminal
militias to rise up and our heroic army will support you,” he
said.
Houthi leader Abdel-Malik
al-Houthi also delivered a televised speech marking what he
said was an exceptional and
historic “death day.”
Though Mr. Saleh agreed in
2011 to relinquish power to Mr.
Hadi, his vice president at the
time, he continued to wield influence and command a fighting force of his own.
A man with a longtime reputation as a savvy politician,
Mr. Saleh made the alliance
with the Houthi rebels in 2015
despite having fought six wars
against them when he was
president.
Though the alliance was
rooted in expediency and
lacked deep political or cultural bonds, the Houthis and
forces loyal to Mr. Saleh fought
together against the U.S.backed, Saudi-led coalition, for
AGENCE FRANCE-PRESSE/GETTY IMAGE
YEMEN
A video circulated on social
media showed rebels cheering
as they carried what appeared
to be the body of Mr. Saleh on
a blanket and placed it on the
back of a pickup truck. The
source of the images was unclear.
“This is a huge deal on two
levels,” said Adam Baron, Yemen expert at the European
Council on Foreign Relations.
“First: Saleh, for better or for
worse, was the architect of
modern Yemen,” he said. “Second: within the context of the
conflict, the Houthi-Saleh alliance didn’t just fall apart—it
has dramatically exploded.”
Amid the violence unfolding
in the capital, U.N. humanitarian personnel on the ground
were receiving desperate calls
for help, said U.N. spokesman
Stephane Dujarric. The latest
development “obviously adds
an extreme level of complexity
to an already difficult political
situation. We’ve seen an extreme rise of violence in San’a,
this only adds another level of
suffering to the people of Yemen,” he said.
As of Monday, 125 people
had been killed and 238 injured
in the capital in fighting in the
aftermath of the collapse of the
Saleh-Houthi alliance, according to the International Committee of the Red Cross. “The
streets of San’a have become
battlegrounds and people are
trapped in their homes, unable
to move out in search of safety
and medical care and to access
basic supplies such as food,
fuel and safe water,” said Jamie McGoldrick, the United Nations humanitarian coordinator
for Yemen.
The war in Yemen has
brought a yearslong humanitarian crisis, in which more
than 10,000 civilians have died
since the conflict began in
2015, according to U.N. estimates.
After prolonged conflict,
many Yemen provinces are on
the brink of famine, compounded by trouble delivering
aid to affected areas. A cholera
epidemic exacerbated by poor
sanitation is nearing a million
suspected cases, according to
the World Health Organization.
—Margherita Stancati, Ben
Kesling and Farnaz Fassihi
contributed to this article.
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THE WALL STREET JOURNAL.
Tuesday, December 5, 2017 | A11
* *
WORLD NEWS
French president joins
regional officials urging
U.S. not to declare the
holy city Israel’s capital
The Trump administration’s
expected announcement on
the future status of Jerusalem
has the potential to derail tenuous U.S. attempts to revive
moribund Middle East peace
talks, reaction from capitals in
the region suggests.
By Dion Nissenbaum
and Felicia Schwartz
in Washington and
Rory Jones in Tel Aviv
Arab leaders across the
Middle East are making lastditch appeals to the U.S. not to
declare Jerusalem the capital
of Israel, a move that could
trigger widespread violence
and immediately torpedo efforts led by White House special adviser Jared Kushner to
launch a regional peace plan.
The foreign ministers of
Jordan and Egypt have called
Secretary of State Rex Tillerson to warn about the dangers
of such an announcement. Palestinian leaders met with U.S.
officials on Monday in Wash-
ington to warn them that any
declaration on Jerusalem that
tilts toward the Israelis would
undermine President Donald
Trump’s attempt to relaunch
peace talks.
Palestinian leaders say they
will stop working with the U.S.
if Mr. Trump makes any declaration about Jerusalem this
week.
“Such a step is in the opposite direction of his intention
to achieve the ultimate deal,”
Husam Zomlot, the Palestinian
diplomatic envoy to Washington, said on Monday.
In a phone call Monday
with Mr. Trump, French President Emmanuel Macron voiced
concern about Mr. Trump’s
proposed move of the U.S. Embassy from Tel Aviv to Jerusalem. Mr. Macron said the
question of Jerusalem “should
be resolved in the framework
of peace negotiations between
the Israelis and the Palestinians,” his office said.
A White House statement
on the same call said the two
leaders discussed the “path to
peace” but made no mention
of Mr. Macron’s concerns.
Israeli leaders have largely
kept silent as they wait to see
what Mr. Trump decides to do.
Ron Dermer, Israel’s ambassa-
THOMAS COEX/AGENCE FRANCE-PRESSE/GETTY IMAGES
Arab Leaders Caution Trump on Jerusalem
People walking in the Mount of Olives area of the city of Jerusalem on Monday.
dor to the U.S., said in an interview with Politico published Monday that declaring
Jerusalem the capital of Israel
would “lay a cornerstone for
peace because what it says is
that under any peace agreement in the future, Jerusalem
will be the capital of Israel.”
Trump administration officials were fine-tuning the details of the announcement on
Monday, with Mr. Trump ex-
pected to deliver a speech
about it on Wednesday. State
Department officials have already warned embassies
around the world to brace for
potential protests.
Jerusalem was divided in
1948 when Israel was founded,
with Israel controlling the
western parts of the city and
Jordan controlling the eastern
parts, including the Old City
and its sacred sites for Mus-
lims, Jews and Christians. Israel seized control of East Jerusalem in the 1967 Six Day
War and eventually annexed
the occupied parts of the
city—something most of the
international community refuses to recognize. No country
currently has its embassy to
Israel in Jerusalem, but Mr.
Trump has repeatedly vowed
to move the U.S. Embassy to
the holy city.
For now, Mr. Trump is expected to defer that official
move as he lays the groundwork for the policy shift.
Mr. Trump got unusually involved in a National Security
Council meeting last week
about Jerusalem, where U.S.
officials said he was frustrated
and urged aides to find a way
to make good on his campaign
promise to move the embassy.
West Jerusalem houses Israel’s parliament, Supreme
Court and the prime minister’s
office, but official U.S. policy
is that Israelis and Palestinians have to agree on the
city’s future status. The Palestinians want East Jerusalem to
serve as capital of a future
Palestinian state, but Israelis
are opposed to any deal that
would divide the city again.
By making an announcement about Jerusalem without
moving the U.S. Embassy right
away, the Trump administration may be looking for a way
for the president to demonstrate his commitment without
sabotaging peace talks. The
administration also could be
gambling that any protests
will be short-lived and that the
Palestinians would find they
have no choice but to eventually return to negotiations.
ly
.
Israel Warned Syria About Iranian Military Presence
JALAA MAREY/AGENCE FRANCE-PRESSE/GETTY IMAGES
An armored personnel carrier blocked a road during an exercise in the Israeli-controlled Golan Heights near the border with Syria on Nov. 20.
Canada and China Ease
Pace Toward Trade Pact
BY PAUL VIEIRA
Canadian Prime Minister
Justin Trudeau said he was
ready to forge ahead with formal talks toward a free-trade
deal with China, but at “a
proper pace” and with assurances any pact addresses the
environment, labor standards
and gender rights.
His comments to Canadian
reporters traveling with him
came after a meeting Monday
in Beijing with Chinese Premier Li Keqiang, in which the
two leaders said they would
continue to explore the feasibility of a bilateral free-trade
pact but offered no timeline.
They didn’t announce a formal
launch of free-trade talks, as
analysts in Beijing and Canada
had widely expected.
Mr. Trudeau’s trip to China
is being watched in light of
the problematic state of talks
to revamp the North American
Free Trade Agreement. The
White House wants to make
the terms of trade in the 23year-old treaty more favorable
to the U.S. through changes
Mexico and Canada oppose.
A rapid Canadian move to
launch formal trade talks with
China would signal to the U.S.
that Ottawa has other trading
options should Nafta collapse.
Mr. Li said the China-Canada relationship presents
“huge potential and broad
prospects,” expressing hope
the two countries would lift
bilateral ties “to a new high.”
Mr. Trudeau said Canada
was committed to pressing
ahead with trade talks “in a
responsible way.”
“There’s a desire to make
sure that we get it right,” Mr.
Trudeau said, adding that talks
with China would need to address nontariff measures such
as the environment, labor conditions and gender equality.
The Liberal government under Mr. Trudeau has made this
so-called progressive agenda a
priority in trade talks, including in any revamp of Nafta.
The push to include measures not related to lower tariffs and market access could
be a sticking point to getting
talks under way, analysts said.
“The Chinese position is
they don’t want to see social
and political issues attached to
treaties meant to facilitate the
flow of goods,” said Charles
Burton, a former Canadian
diplomat in China and now a
political-science professor at
Brock University in St. Catharines, Ontario.
—Sofia McFarland
contributed to this article.
any other threat to Syrian territorial integrity, we will be beside the Syrian nation,” Gen.
Mohammad Bagheri, chief of
staff of the Iranian armed
forces, said during an October
visit to Syria, according to Iranian state news agency IRNA.
Israeli officials say Iran is
trying to set up production facilities inside Syria and Leba-
non to supply Hezbollah with
precision missiles. Iran has denied it is seeking to establish
bases in Syria. A spokesman
for the Iranian foreign ministry declined to comment. Lebanon has denied the existence
of Hezbollah weapons production facilities on its territory.
According to Israeli officials, the current construction
of weapons factories and the
presence of Iran-backed Shiite
militias near the border with
the Israeli-controlled Golan
Heights are key factors in
their country’s shifting approach to Syria.
“We have kept out of the
Syrian civil war, but we are
now saying that we won’t let
this happen,” Michael Oren,
deputy minister in Mr. Netanyahu’s office and former Israeli ambassador to Washington, said of the factories and
Iran’s presence in Syria.
Israel says the biggest
threat to its military edge over
Arab neighbors comes from
precision missiles that could
threaten Israeli cities and infrastructure. Israel and Hezbollah fought a 2006 war, and the
Israelis want to prevent the
Lebanese militia from amassing
more-sophisticated weapons.
Iran already holds considerable sway in Lebanon through
Hezbollah and with the Palestinian militant group Hamas,
which controls the Gaza Strip.
Mr. Netanyahu has repeatedly voiced opposition to
Iran’s presence in Syria to
Russian President Vladimir
Putin, according to Israeli officials. The two leaders spoke
by phone in late November
and have spoken in more than
two dozen phone calls or
meetings since Russia entered
the Syrian conflict on the side
of the regime in 2015.
Russian officials didn’t respond to a request to comment.
In the attack Saturday, Israeli missiles hit close to a
Syrian base outside Damascus
that has been converted for
Iranian use, pro-Syrian regime
media said. The strike scrambled Syrian air defense systems, according to Syrian state
media, and loud explosions
rocked the capital.
—Raja Abdulrahim, Aresu
Eqbali, Dion Nissenbaum
and Felicia Schwartz
contributed to this article.
WORLD WATCH
PAKISTAN
Mattis Insistent on
Pursuit of Militants
Visiting U.S. Defense Secretary Jim Mattis pressed top Pakistani leaders to “redouble” efforts to pursue insurgents
operating in havens, the Pentagon said, underscoring a long
frustration with Islamabad over
Taliban-linked militants who
freely cross the border to conduct attacks against the U.S.
and allies in Afghanistan.
In brief comments before
talks with Mr. Mattis, Pakistan
Prime Minister Shahid Khaqan
Abbasi said his country is committed to the war on terror and
shares the same objectives as
the U.S.
Mr. Mattis didn’t speak while
reporters were present. A Pentagon statement said that during
the meetings, he discussed Pakistan’s role in the peace process
and “reiterated that Pakistan
must redouble its efforts to confront militants and terrorists”
operating there.
—Associated Press
week’s interest-rate decision, the
bank’s first since he took the
helm on Friday and one that
comes as inflation remains
above expectations. The bank’s
policy meeting is scheduled for
Dec. 14.
Mexico’s central bank has
been on hold since June after a
prolonged cycle of interest-rate
increases that put borrowing
costs at 7%, the highest since
early 2009.
Alejandro Díaz de León, in
one of his first interviews as
governor, said the central bank
would be “extremely prudent.”
He suggested that inflation data
for November to be reported
GREECE
GDP Grows for Third
Straight Quarter
The country’s economy expanded for a third consecutive
GERMANY
Bavarian Leader
To Cede Post in 2018
MEXICO
Central Bank Leader
Keeps Options Open
The new governor of the
Bank of Mexico ruled nothing
out as he contemplated next
quarter for the first time in
more than a decade, but at a
slower pace, according to figures
published Monday.
Gross domestic product increased by 0.3% in the July-toSeptember period from the previous quarter, compared with an
upwardly revised 0.8% growth in
the second quarter, data from
Greece’s statistics service Elstat
showed.
The slower pace of expansion
makes it more challenging to
reach the downwardly revised
annual growth target of 1.6% set
by Greece and its European
creditors. —Nektaria Stamouli
this week and the Fed’s December rate decision would be key
factors in the bank’s policy decision. The U.S. central bank has
hinted at a rate increase in December.
Many analysts expect the
Bank of Mexico to keep rates
unchanged next week, although
several say an increase can’t be
ruled out.
—Juan Montes
THIBAULT CAMUS/ASSOCIATED PRESS
n-
Syria, where Iran-backed forces
played significant roles in defeating the Sunni extremists of
Islamic State. Iran and the Shiite forces it backs—most notably the Lebanese militia Hezbollah—were crucial in helping
the Assad regime prevail.
“We are in Damascus to announce that in the time of
threats by Zionists, terrorists or
no
Israeli Prime Minister Benjamin Netanyahu recently sent
a message to Syria’s leader
threatening to strike the country if it allows Iran to set up
military bases there, a sign Israel is prepared to drop its
neutral stance on the yearslong war next door, according
to Israeli officials.
It isn’t clear when the message was sent, but it came before what pro-regime media in
Syria described as an Israeli
missile strike Saturday on a
military base controlled by
Iran near the Syrian capital,
Damascus.
Israel didn’t confirm that it
had launched the strike. Hours
after the strike, Mr. Netanyahu
said, “We will not allow a regime hellbent on the annihilation of the Jewish state…to entrench itself militarily in Syria.”
Syrian officials didn’t respond to requests to comment.
Whether Syrian President
Bashar al-Assad responded to
the Israeli message isn’t known.
The new Israeli position
raises the risk of clashes with
an array of Iran-backed forces
in Syria, Western diplomats
said. Israel has largely stayed
out of the nearly seven-year
Syrian war, though it has
launched some 100 airstrikes
on what it has said were convoys ferrying Iranian weapons
to Hezbollah through Syrian
territory.
Israeli officials say Iran is
emerging from years of Middle
East turmoil as one of the big
victors, particularly in Iraq and
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BY RORY JONES
HELLO: French first lady Brigitte Macron visits Yuan Meng, a 4month-old panda, at Beauval Zoo, Saint-Aignan-sur-Cher, France.
Bavarian Premier Horst Seehofer will step down as leader
of the southeastern German
state and focus on his party’s input in negotiations to form Germany’s next government.
Mr. Seehofer will hand over
his position to Markus Söder in
the first quarter of 2018 but remain chairman of the Christian
Social Union, which is allied with
Chancellor Angela Merkel’s center-right Christian Democrats at
the national level, Thomas Kreuzer, the party’s Bavarian parliamentary group leader, said on
Monday.
—Andrea Thomas
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
A12 | Tuesday, December 5, 2017
IN DEPTH
DOLLAR
0.5
0
’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17
Employees
150,000 employees*
100,000
50,000
0
’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17
Locations
15,000 stores
10,000
5,000
0
’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17
Continued from Page One
the spelling.”
Purists still resist, including Carole Seawert, a London
copywriter who, as “Apostrophe Woman,” posts pictures
on Twitter of apostrophe misuse on London storefronts
and menus, posing on the site
in a black cape decorated with
apostrophes.
“It's almost like the start
of a slippery slope,” she says,
“where people aren’t bothering to use apostrophes.”
Resistance is increasingly
futile, says Simon Griffin, a
British copywriter who wrote
a book about proper apostrophe use and says since its
publication, “I’ve generally
stopped correcting people
when they make mistakes.”
“I feel a small pang of pity
for them, but I know there are
many reasons,” he says, including “autocorrect, general
rushing, fat fingers.”
The apostrophe, with Greek
roots, appeared in an English
book in 1559 in usage such as
“th’earth,” according to a
2009 paper from researchers
at Panthéon-Sorbonne University in Paris.
As late as 1755, an influential dictionary from Samuel
Johnson indicated “halo’s”
tucky and started the company
there in 1955, making the
store’s rural locations a natural fit. When Wal-Mart Stores
Inc. grew past 3,000 stores in
the early 2000s, a strategy
surfaced: “We went where
they ain’t,” said David Perdue,
Dollar General’s chief executive from 2003 to 2007.
That meant opening stores
“where Wal-Mart’s 40 miles
away and we can meet those
JESSICA TEZAK FOR THE WALL STREET JOURNAL
The entrance to the Dollar General store in Evensville, Tenn.
Low prices
dollars for the average grocery
or big-box store, company executives said.
When Dollar General began
adding refrigerated sections to
sell frozen and chilled foods,
its real-estate team pinched
pennies elsewhere. “My team
is quite innovative,” Mr. Nieser
said.
Dollar-store chains flourished in the wake of the recession. Wal-Mart opened more
than 100 mostly rural WalMart Express stores, a chain
the company has since closed,
selling dozens of the stores to
Dollar General last year.
Dollar General executives
said in 2012 the chain would
shift more attention to cities,
attempting to assuage investors who worried the company’s growth could stall. “As
we look further and further
out where our growth opportunities are, we’re going to be
in more urban environments
versus rural,” then-CEO Rick
Dreiling said at an investor
meeting that year.
Instead, demand by rural
shoppers kept Dollar General’s
focus on sparsely populated
communities. In 2013, Dollar
General refined its formula for
new locations, incorporating
such data as proximity to a
post office or church. The company identified 14,000 spots,
with “the highest improvement
in opportunities in small town
and rural markets,” Mr. Dreiling told analysts in 2014.
After the company lost a
2015 battle to buy Family Dollar—the more urban chain—
Dollar General decided to
speed up its rural expansion.
The company has since
opened hundreds of diminutive stores, about the size of a
basketball court, that can generate profits in communities
with fewer than 1,000 homes,
Mr. Vasos said.
Dollar General still dreams
of one day conquering metro-
Many popular brands are
packaged in small quantities
to keep prices under $10—generally yielding higher profits
per item than bulk goods at
such warehouse chains as
Costco, which sells half-gallon
bottles of cooking oil and 7pound packages of fresh
chicken.
Lower-priced items are often
a financial necessity for shoppers. At a Dollar General in
Nashville, Tenn., store manager
Damon Ridley said, he has
helped older children put together a dinner menu for their
younger siblings with the few
dollars they have. “I am more of
an outreach manager,” he said.
The founders of Dollar General lived in small-town Ken-
Low Prices, Big Returns
and “memento’s” as acceptable plural forms, says David
Crystal, honorary professor of
linguistics at Bangor University in Wales.
Today’s apostrophe rules
started materializing in the
mid-1800s in the publishing
industry, Mr. Crystal says.
They weren’t always intuitive,
such as the rule placing possessive apostrophes in nouns
but not pronouns.
“You can say ‘the cat’s
bowl,’ you can say ‘its bowl,’
but there’s no apostrophe in
the second one. Logically,
there should be.”
The mark was deemed important enough to appear on
the first commercially successful typewriter, the Sholes
and Glidden, in the 1870s,
says Peter Weil, an associate
professor emeritus at the University of Delaware who has
studied early typewriters.
Symbols such as “#,” “$” and
“!” were excluded.
Early keyboards, he says,
offered marks that were “the
lowest common denominator
of what almost anybody
would want to use.”
Then, modern tech habits
happened. Skipping apostrophes in texting “stems back
from the old 12-key days
when it was very difficult to
get your thoughts into a
phone,” says David Kay, vice
president of product develop-
ment at Massachusetts-based
Nuance Communications Inc.,
which creates autocorrect
software. “People came up
with a lot of shortening methods, a big one being skipping
capitalization, skipping apostrophes.”
“It’s an interesting sort of
chicken-and-egg problem,” he
says. Are people skipping
those things “because it has
become the style of texting?”
or “because it’s difficult to do
those things?”
A 2013 study found many
consider apostrophes optional
in new electronic communication. National University of
Ireland Maynooth researchers
who looked at university students’ texts determined apostrophe errors were the most
frequent midmessage punctuation mistake.
Newer technology has
more reliable autocorrect,
says Fiona Lyddy, the study’s
lead author, and the apostrophe tends to appear more frequently in text messages.
“Whether the user understands why the apostrophe is
appropriate,” she says, “is another question, however.”
An apostrophe gaffe on
Tinder stars on the front
cover of a new book, “#single,” about the dating app.
“Wow, your beautiful,” writes
a suitor in an image of the
text exchange. The book’s cre-
Dollar General’s growth rate in net sales has been stable
in recent years.
Dollar General net sales
Wal-Mart* total revenue
’09
’13
15%
10
5
0
–5
2006
’07
’08
’10
’11
’12
’14
’15
’16
*Walmart counts membership income from Sam’s Club as separate from net sales; the two
incomes combined is Wal-Mart’s total revenue.
Source: the companies
THE WALL STREET JOURNAL.
ator, Alison Green, responds,
“No. You’re beautiful.” The
suitor asks, “don’t you mean
handsome?” before Ms. Green
replies that she was correcting his grammar.
After nearly a year of apostrophe errors from potential
lovers on Tinder, she met her
current boyfriend, who “I can
guarantee would have been on
point with grammar,” says
politan areas. This year, the
company bought 322 stores
from a private-equity firm that
had bought them from Dollar
Tree as it sought antitrust approval for the Family Dollar
purchase. The acquisition included stores in Brooklyn, N.Y.,
Chicago and other cities, locations that will be a useful testing ground, he said.
The percentage of Dollar
General stores in and around
cities has fallen slightly over
the last two years to under
30%, a spokeswoman said.
Dollar General opened its
first store in Rhea County near
Tennessee’s eastern border in
1965. It was the company’s
48th store. It opened a second
one in the county in 1980 and
another in 1998. The county is
famous for being the setting for
the 1925 Scopes Monkey Trial,
where a teacher was prosecuted for teaching evolution.
Last year, a subsidiary of
Fujifilm Holdings Corp., which
made photo-developing chemicals, and an air-conditioner
maker owned by Daikin Industries Ltd. closed plants, shedding about 700 jobs. The plant
closures pushed the county’s
unemployment rate to 10.2% in
January. By October, it had
fallen to 5.4%, still the highest
in the state.
Finnish
tire
company
Nokian Tyres broke ground on
a local factory this fall. A hotel
has opened, as have some new
restaurants, “but the only retailer expanding is Dollar General,” said Dennis Tumlin, executive director of the Rhea
County economic and community development group.
After opening the Evensville store last year, Dollar
General added another in
nearby Graysville. Across the
street,
the
ramshackle
Graysville Market & Deli advertises the “Cheapest Beer
and Cigarettes in Town!”
Both Dollar General locations, as well as a third scheduled to open next year, are located on roads leading to the
county seat of Dayton, population 7,250, which has a WalMart, grocery stores and a
Dollar Tree.
ly
.
people’s needs,” said Mr. Perdue, now Georgia’s junior U.S.
senator.
Dollar General doesn’t own
most of its stores. It mostly
leases steel-sided stores built
to its own bare-bones specifications, said Dan Nieser, senior vice president of real estate and store development.
The average Dollar General
store costs $250,000 to open,
compared with several million
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camouflage-gear brand Mossy
Oak. “Even off-brand camo
does well here,” said the
Evensville store manager Justin Ray, who has a display of
camouflage merchandise, including pacifiers and pet toys.
Coca-Cola Co. created a line
of soda cans for the chain this
spring that carry such labels
as “Service Member” and
“Military Spouse” because
many Dollar General shoppers
have a personal link to the
armed forces. Stores started
selling cigarettes in 2012, a
few years before CVS Health
Corp. and Costco Wholesale
Corp. moved to phase out tobacco sales.
For decades, Dollar General
prices have been marked in 5cent increments, making it
easier for shoppers to estimate the total price of their
purchases. “They don’t want
to be embarrassed when they
get up to the register,” said
Mr. Vasos, who started working in retail as an assistant
manager at Eckerd Drug and
rose to executive before joining Dollar General in 2008.
THE WALL STREET JOURNAL.
Ms. Green, a 31-year-old Sydney publishing executive.
“Apostrophes leading to love,
who would have known?”
The apostrophe trips up
some databases that don’t
recognize it, as David D’Arezzo found. The retired retail
executive says in August a
pharmacy drive-through-window employee couldn’t find
his prescription. The database
LUCY WILLIAMS PHOTOGRAPHY
MARK
*Full and part-time employees
Source: the company
Dalton Cranfield, 3 years old, and his father, David, at the Dollar General store in Evensville, Tenn.
no
holds earning $40,000 or less.
Its primary competitor, Dollar
Tree Inc., has more suburban
locations and sells all items
for $1, including unbranded
knickknacks that attract shoppers browsing for fun. In 2015,
Dollar Tree bought another
competing low-price chain,
Family Dollar Stores Inc.
which has more urban locations.
This lower-end market is
better protected from Amazon
and competitors that target
wealthier shoppers, company
executives and analysts said.
Dollar General’s typical
shopper “doesn’t look at her
pantry or her refrigerator and
say, ‘You know, I’m going to be
out of ketchup in the next few
days. I’m going to order a few
bottles,’” said Mr. Vasos, the
company’s chief executive.
“The core customer uses the
last bit of ketchup at the table
the night prior, and either on
her way to work or on her way
home picks up one bottle.”
Camouflage is a proven
winner. This year, Dollar General became the exclusive
seller of dog food from the
1.0
n-
Dollar General has
thrived building
convenient locations
for frugal shoppers.
Profits
$1.5 billion
JESSICA TEZAK FOR THE WALL STREET JOURNAL
Continued from Page One
nient locations for frugal
shoppers, it has become one of
the most profitable retailers in
the U.S. and a lifeline for
lower-income customers bypassed by other major chains.
Dollar General Corp.’s
14,000 stores yielded more
than double the profit of
Macy’s Inc. on less revenue
during its most recent fiscal
year. And its $22 billion market value eclipses the largest
U.S. grocery chain, Kroger Co.,
which has five times the revenue.
The retailer relies on rapid
store openings to keep revenue climbing and investors
happy; 2016 marked its 27th
consecutive year of sales
growth in stores open at least
a year.
While many large retailers
are closing locations, Dollar
General executives said they
planned to build thousands
more stores, mostly in small
communities that have otherwise shown few signs of the
U.S. economic recovery.
The more the rural U.S.
struggles, company officials
said, the more places Dollar
General has found to prosper.
“The economy is continuing to
create more of our core customer,” Chief Executive Todd
Vasos said in an interview at
the company’s Goodlettsville,
Tenn., headquarters.
“We are putting stores today [in areas] that perhaps
five years ago were just on the
cusp of probably not being our
demographic,” he said, “and it
has now turned to being our
demographic.”
Dollar General’s target
shoppers come from house-
Dollar General
at a Glance
Carole Seawert, who as ‘Apostrophe Woman’ campaigns on
Twitter against apostrophe misuse, warns of ‘a slippery slope.’
Close to home
Mr. Ray, the Evensville
store manager, said most
shoppers stop by a few times a
week for a handful of items
they need that day. Best sellers include canned Vienna sausages and frozen pizza. Mr.
Ray, who grew up about 10
miles away, said Gain detergent sells better than Tide because shoppers gravitate to
more heavily scented cleaning
products.
Sales at the store are up
17% so far this year compared
with last year, a spokeswoman
said.
On a recent weekday, Jackie
Buchanan pulled up to the
store astride a forest-green
Craftsman riding mower, to
buy shampoo and lawnmowercarburetor cleaner. “I’m just
one mile down the road,” said
Mr. Buchanan, 51, who is unemployed.
Robin Swift, 48, arrived to
buy after-school snacks rather
than drive 10 miles to the WalMart. “It’s a small town,” she
said, “and we don’t have another choice.”
didn’t use apostrophes, she
told him.
Mr. D’Arezzo, 58, says companies often can’t find his
name for the same reason. A
cousin stopped using the
apostrophe in his name, he
says. “It’s kind of like a heresy
in the family. He’s actually
changed his name in order to
accommodate technology.”
Then there’s the troubling
matter of the smart apostrophes. Typographers often prefer what some of them call a
“smart” apostrophe—a curved
right-hand single quotation
mark (’)—over the “dumb”
vertical variety. But autocorrect software can turn an
apostrophe typed before a
word—as in “the ’90s”—into
an incorrect single left-hand
quotation mark (‘).
Apple’s new operating system includes “Smart Punctuation,” which by default turns
apostrophes into the smart
variety.
“Having the proper apostrophe and smart punctuation
in iOS 11 may seem like small
details,” an Apple spokeswoman wrote in an email,
“but its these small details
that have always helped set
our products apart.”
Um, shouldn’t that be
“it’s,” with an apostrophe?
“OMG,” the spokeswoman
responded, “my level of mortification is off the charts.”
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Tuesday, December 5, 2017 | A12A
NY
* * * *
GREATER NEW YORK
Sexual-Abuse
Claims Pose
Risk for Met
Keri Rogers worked with prekindergarten students in Queens. Mayor Bill de Blasio has made public preschool free for all children.
Spending Balloons Under de Blasio
Agencies that saw the biggest increase in city dollars in fiscal
2018 from 2014 under Mayor Bill de Blasio
FY2018,
FY2014,
in millions in millions Change
Agency
Health + Hospitals*
Emergency
Management
Planning
$485.5
$80.1
35.3
6.9
32.8
7.3
16.7
6.8
145
143.8
58.9
144
2.8
1.2
128
1,786.9
874.5
104
143.3
71.3
101
4.0
0
100
586.7
295.7
Design and Construction
Housing Preservation
and Development
Correction
Children’s Services
Small Business
Services
Veterans’ Services
costs that come from hiring
thousands of workers. In the
event of a downturn, she believes layoffs would be inevitable. “I wouldn’t be quite so hubristic about it,” Ms. Gelinas
said. “There could be a time
when we wish we had this
money back.”
Carol Kellermann, president
of the Citizens Budget Commission, a watchdog group,
said the mayor isn’t building
enough reserves in the face of
likely cuts in federal aid and
the constant threat of an economic slowdown. “We are very
concerned,” she said. “The
mayor is not showing any interest in additional fiscal discipline to address these factors.”
Mr. de Blasio has never
made any secret of his desire
to expand government. He ran
for office in 2013 promising to
address rising income inequality. He is a liberal Democrat
who believes in the ability of
government to improve peoples’ lives.
Of the top 10 agencies that
grew the most during the past
four years under Mr. de Blasio,
half oversee programs to fight
poverty and build affordable
housing. De Blasio administration officials say that is the
right approach for a wealthy
city that is still home to a
large number of people living
in poverty, where even middleincome residents struggle to
find affordable housing.
Please see
BUDGET page A12B
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Under Bill de Blasio, the
first Democratic mayor of New
York City in more than two
decades, the city has added
more than 25,000 employees
and spending has increased by
nearly 20%.
Since he took office in 2014,
Mr. de Blasio has made preschool free for all children, an
initiative that costs the city
about $300 million a year. He
has added nearly 1,300 police
officers at an annual cost of
$75 million. He spent more
than $300 million to launch
citywide ferry service and $4
million to create a new agency
to work with veterans.
“Our economy is strong and
we can afford to help New
Yorkers who need it most,” the
mayor told The Wall Street
Journal in a recent emailed
statement. “Making those investments is not only moral,
but it will help keep our economy strong and our city the
greatest in the world.”
City spending has risen by
nearly 20%, to roughly $61.3
billion this year from about
$51.2 billion in fiscal year 2014,
the last budget negotiated by
former
Mayor
Michael
Bloomberg, a Republican
turned independent. The rise is
roughly four times the rate of
inflation for the same period.
Mr. de Blasio, who was reelected on Nov. 7, has been able
to spend freely because city tax
revenues have risen sharply
New York City Government Expands
Youth and Community
Development
506%
409
348
98
*City funding increased to make up for declines in federal aid.
Note: Figures are estimates. Fiscal year ends June 30.
Source: NYC Office of Management and Budget
THE WALL STREET JOURNAL.
during the past four years as
well, outpacing the budget increases amid a booming economy. But the heavy spending
means city finances could be
pinched in the future, especially if the economy contracts.
“We believe we can afford
it,” said Dean Fuleihan, the
mayor’s budget director. “We
make sure we have reserves in
place to protect us. At the same
time, we have significant needs
we need to address in the city.”
The city’s overall budget
has risen from $72.7 billion in
November
2013,
Mr.
Bloomberg’s final months in
office, to nearly $86 billion last
month. Mr. Fuleihan noted that
the city has increased its general-reserve fund to $1.2 billion from roughly $300 million
when Mr. de Blasio took office.
Nicole Gelinas, a senior fellow at the Manhattan Institute, a conservative think
tank, studies the city budget
and has expressed concerns
about the increase in fixed
no
Unions See Benefits
From Bigger Outlays
LOUISE WATERIDGE/ZUMA PRESS
In New York City, which has
a unionized municipal workforce
of more than 322,000, Democratic Mayor Bill de Blasio’s highspending approach to governing
comes with political advantages.
Pay raises helped calm
seething tensions between Mr.
de Blasio and the Patrolmen’s
Benevolent Association, the
city’s largest police union. The
union had handed the mayor
what some current and former
aides say was the low point of
his first term: The moment in
Union members rallied to support
2015 when hundreds of police
turned their backs on Mr. de
Blasio at a funeral for an officer. served as a frequent thorn in
the side of former Mayor MiYet, since reaching a $1.9
billion contract with the union
chael Bloomberg. But it has
this year, the group has receded been largely supportive of Mr.
from the political fray.
de Blasio, who agreed to raises
The city’s teachers union
his predecessor rejected.
Mayor Bill de Blasio’s affordable housing agenda in March 2016.
Pension obligations in the
city are up $1.2 billion from four
years ago, and now total about
$9.5 billion annually. Administration officials say a significant
part of the increase in person-
nel and pension costs is the result of the city reaching labor
agreements with municipal
unions that Mr. Bloomberg left
office without addressing.
—Mara Gay
The problem is the
accusations against
Mr. Levine taint the
broader institution.
years of Mr. Levine’s affairs,
though no one could point to
firsthand knowledge of an incident involving alleged sexual
misconduct.
“During the ‘80s, there were
a lot of rumors about Jimmy
and relationships with young
musicians or young people,”
said Joseph Volpe, who served
as the Met’s general manager
from 1990 to 2006. “No allegations were ever brought to my
attention.”
Mr. Levine’s manager didn’t
respond to a request for comment Monday. Mr. Levine, who
was the Met’s music director
from 1976 until last year when
he stepped down for medical
reasons, had continued to
work as the Opera’s music director emeritus.
—Charles Passy
contributed to this article.
Tri-State Officials
Decry GOP Tax Bill
BY JOSEPH DE AVILA
AND KATE KING
n-
BY MARA GAY
The Metropolitan Opera already was struggling to get its
financial house in order when
the bombshell hit: Multiple allegations of sexual abuse by
famed conductor James Levine,
who served as the company’s
music director for four decades.
Those accusations, which
led the Met this past weekend
to suspend its relationship
with Mr. Levine and launch an
internal probe, could complicate its funding woes.
The largest opera company
in the U.S., the Met is heavily
dependent on support from its
loyal and moneyed donor base.
The institution is working to
reverse a yearslong box-office
slide and restore its endowment, which stands at about
$255 million.
The risk is that the accusations against Mr. Levine taint
the broader institution in the
eyes of donors and attendees,
both of which it can ill-afford
to lose. The Met’s box-office
dipped to $88 million in fiscal
2016, down from $91 million
the previous year, according to
the company’s most recent annual report.
“The Metropolitan Opera…has survived the burning
of the opera house, the Depression, and two world
wars,” said Marc Scorca, chief
executive of Opera America,
an umbrella organization for
the opera industry. “I would
like to think the Met is about
more than a century of great
art, and not about any one
particular individual.”
For more than a year, the
Met has known about an October 2016 police report from
Lake Forest, Ill., alleging that
Mr. Levine, who is now 74
years old, sexually abused a
minor there three decades earlier. The company didn’t
launch an internal probe until
this weekend, after media reports surfaced outlining the
alleged misconduct.
“The right road is to get
ahead of it,” said Davia Temin,
chief executive of Temin and
Company Inc., a reputation and
crisis-management consultancy.
“You have to demonstrate,
from the time you start hearing
of a report…that you are taking
the moral high ground.”
The Met didn’t take action
until this weekend because the
company was waiting for the
police to determine if there
was a case and didn’t want to
interfere, a spokesman said
Monday.
“At the time, Mr. Levine
said that the charges were
completely false. It wasn’t until this weekend that more information, including people
coming forward with new accusations, came to light,” the
spokesman, Tim McKeough,
said in an email.
Many in the classical-music
community said Monday that
there have been rumors for
ly
.
MARK KAUZLARICH FOR THE WALL STREET JOURNAL
BY JENNIFER SMITH
Elected officials in the tristate region Monday slammed
the $1.4 trillion tax overhaul
pending in the GOP-controlled
Congress, calling it a politically
motivated attack that would
hurt middle-class homeowners.
Democratic governors and
lawmakers said the bill’s move
to partially repeal state and
local tax write-offs amounted
to “double taxation” and “redistribution.” In a conference
call with reporters, New York
Gov. Andrew Cuomo and New
Jersey Gov.-elect Phil Murphy,
both Democrats, said limiting
the deductions would increase
taxes for homeowners in New
York, New Jersey and Connecticut as a way to help pay
for the overall proposal.
“This takes from the richer
states and has them subsidize
a tax cut in the less wealthy
states,” Mr. Cuomo said, noting
that the states that would be
most affected typically vote
Democratic. “It’s political retaliation through the tax code.”
Both U.S. House and Senate
bills would allow for up to a
$10,000 write-off for property
taxes but no break for state
and local income or sales
taxes, often referred to as
SALT. Supporters of the bill
want to use funds created by
limiting the deductions to help
pay for business tax cuts,
which they argue will accelerate economic growth.
In New York about 35% of
all filers claimed state and local tax deductions in 2015,
along with 41% in both Connecticut and New Jersey, according the Pew Charitable
Trusts. That compares with
about 30% of all U.S. tax filers.
U.S. Sen. Richard Blumenthal, a Connecticut Democrat,
said limiting the deductions
would damage the state’s
housing market. “It will diminish the value of homes across
the state,” he said.
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oyster perpetual and yacht-master
are ® trademarks.
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A12B | Tuesday, December 5, 2017
NY
THE WALL STREET JOURNAL.
* ***
GREATER NEW YORK
City Officials Grilled About Rikers Closure
BY CORINNE RAMEY
Average daily number of inmates
in New York City jails, including
Rikers.
JULIE JACOBSON/ASSOCIATED PRESS
Facing pressure from New
York City Council members,
city officials defended their
progress toward closing Rikers
Island, saying doing so isn’t
merely a question of real estate but requires a sea change
in how the criminal-justice system functions.
“While ‘Close Rikers’ has
become a convenient moniker,
it masks the seismic system
change that must happen in order to achieve that one goal,”
said Elizabeth Glazer, director
of the Mayor’s Office of Criminal Justice, during a City
Council committee hearing on
Monday to mark the progress
of the jail complex’s closure.
To close Rikers Island,
which houses the city’s main
jail complex, the New York
City’s average daily population
must shrink to 5,000 from
about 9,100 today, city officials
said. Closing the complex also
would involve building jails in
the boroughs, where they could
face community opposition.
Council members and others questioned whether sufficient progress had been made
toward closing Rikers, which
has long been plagued by violence. Administration officials
say shuttering the island’s jails
Some lawmakers question the 10-year time frame for closing the city’s jail complex on Rikers Island.
would take about a decade, an
estimate frowned upon by
some council members on
Monday.
“The time for incremental
reforms has come and gone,”
said Queens Councilwoman
Elizabeth Crowley, who chairs
the council’s criminal-justice
committee. “There has been a
lot of talk but little action,” she
added, saying fellow Democrat
Mayor Bill de Blasio had announced plans to close the facility months ago.
Councilman Daniel Dromm
referred to Rikers Island as a
“hellhole,” drawing sustained
applause from the audience.
Fellow Queens Democrat Don-
ovan Richards Jr. said the idea
that it would take 10 years
was “shameful.” Inmates, he
said, “come home broken”
from Rikers Island.
De Blasio administration officials said they had taken concrete steps toward planning for
new jails in the boroughs and
ultimately shuttering the com-
plex. These have included reducing the number of people
who are incarcerated and creating jail alternatives, Ms.
Glazer said. The city has
formed working groups to address issues involved with closing Rikers, including one that
would focus on changing jail
culture, she said.
This fall, the city began
working to eliminate sentences
of less than 30 days, meaning
some convicted of low-level
crimes such as shoplifting or
drug possession could participate in a social-service program instead of spending time
in jail.
Last month, officials issued
a request for proposals for
consultants to assess current
jail sites in the boroughs and
identify new ones.
As the number of inmates
decreases, shrinking the population further becomes increasingly tricky, Ms. Glazer
said. “Who is left at Rikers Island will increasingly be those
accused of violent offenses,”
she noted.
Earlier this year, an independent panel led by former
Chief Judge of New York Jonathan Lippman recommended
closing Rikers.
Testifying at Monday’s hearing, Mr. Lippman lauded the
political consensus around
closing Rikers but said the officials must think more boldly
about decreasing the population and not get caught up in
city bureaucracy. Removing
three populations that he said
shouldn’t be on Rikers—
women, children and the mentally
ill—should
happen
quickly, he said. There should
be one jail in each borough,
near the courthouses. “This
isn’t nuclear science,” he
added.
space at 55 Hudson Yards, according to Related Cos., which
is developing the building with
Oxford Properties Group and
Mitsui Fudosan America.
The companies will be joining
Point72 Asset Management LP,
as well as Third Point LLC. The
1.3 million-square-foot tower is
90% leased, Related said.
Engineers Gate, founded by
investor Glenn Dubin, and Mr.
Dubin’s family office will leave
their current location at the
GM Building in midtown.
HealthCor plans to depart from
Carnegie Hall Tower on West
57th Street and will take about
18,000 square feet in the Hud-
son Yards building.
Arosa Capital Management
LP, now at 120 W. 45th St., has
signed a lease for just more
than 10,000 square feet. Till
Bechtolsheimer, chief executive of Arosa, cited the “stateof-the-art facilities, infrastructure and mixed-use design” as
reasons why the company was
attracted to the project, according to a statement.
The venture led by Related
has been on a roll, completely
leasing or selling space at two
other towers in the 18-million
square-foot development. Earlier this year, the venture closed
on a $1.5 billion construction
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BY KEIKO MORRIS
ly
.
Hudson Yards Draws More Firms
Three investment firms
soon will be heading to Hudson Yards, the latest indication
that the mammoth far-West
Side development rising above
a rail yard is luring financial
companies away from moreestablished office corridors.
Quantitative-trading firm
Engineers Gate Manager LP,
along with energy-market focused Arosa Capital Management LP and health-care and
life-sciences investment firm
HealthCor Management LP,
have signed leases totaling
about 56,000 square feet of
MIKE SEGAR/REUTERS
no
®ROBERTOCOIN
n-
A Foggy Day in New York City
LOW VISIBILITY: Commuters on a Hudson River ferry photographed the shrouded skyline as the
sun rose Monday. Rain was forecast for Tuesday with mild temperatures reaching a high of 60.
BUDGET
ROBERTO COIN BOUTIQUE
Westfield World Trade Center
Oculus | Main Level C2
New York, NY | 212.287.1299
PRINCESS FLOWER COLLECTION | robertocoin.com
Continued from page A12A
Spending on the city’s
homeless-services
agency
roughly has doubled, to $888
million in Mr. de Blasio’s first
four years in office. City
spending on the child-welfare
agency is up 17%, to more than
$1 billion this year from
$874.5 million under Mr.
Bloomberg. Spending on its
cash-strapped hospital system
has grown to $485.5 million
this year, a more than 500%
increase from four years ago.
For James Anthony Brown,
a Navy veteran who has struggled with bouts of homelessness, those investments may
have made a difference. Mr.
Brown, 58 years old, was living
in a homeless shelter near the
East River when he got help
from a man named Tommy
Lloyd—a specialist with the
newly created Department of
Veterans’ Services—and things
began to turn around.
“He took me out on housing
interviews, he made sure I
stayed employed, he gave me
words of wisdom,” Mr. Brown
said. Before long, Mr. Brown
moved into an apartment not
far from the Bronx Zoo.
Despite increased spending
on poverty programs under Mr.
de Blasio, education and police
continue to make up two of the
largest agency expenditures, as
they did under Mr. Bloomberg.
City spending on the Department of Education, which
oversees the largest school district in the country and makes
‘Our economy is
strong...we can afford
to help New Yorkers
who need it most.’
up nearly 20% of the total city
budget, rose to $11.6 billion
this year from $9.3 billion four
years ago.
Spending on the New York
Police Department grew by a
fifth, to $5.2 billion this year
from $4.3 billion under Mr.
Bloomberg. The NYPD makes up
more than 8% of the budget in a
city that has seen record drops
in crime for two decades.
Asked at what point spending becomes unsustainable, Mr.
Fuleihan said city budget officials are “making that evaluation on a constant basis…there’s no magic number.”
Ratings firms have agreed.
Fitch Ratings and Moody’s Investors Service regularly have
published reports praising the
mayor’s handling of the city
budget during the past four
years, while sounding gentle
notes of caution about increases in pension costs. Underlying their analysis, they
say, is a confidence in budget
controls that have been in
place since the city’s fiscal crisis in the late 1970s.
The ratings firms say New
York City enjoys unusual advantages that make its economy
more resilient than most because of its status as a global
tourist destination, and its massive and diverse tax base.
“It’s a growing city and so
we would expect the budget to
grow,” said Amy Laskey, a
managing director at Fitch.
While the city is thriving, it
isn't invincible, said Gerald
Benjamin, a political scientist
at the State University of New
York at New Paltz. “New York
City is exceptional, but the
question is, how exceptional?
We don’t know.”
loan for 50 Hudson Yards,
which will be anchored by giant
money manager BlackRock Inc.
Last year, 10 Hudson Yards,
which is home to fashion retailer Coach Inc. and software
giant SAP SE, opened and is
fully leased. Another building,
30 Hudson Yards, also is fully
committed and is set to open
in 2019 with a roster that includes one of the world’s largest private-equity firms, KKR
& Co., which signed its deal in
2015. “KKR’s decision to move
to the west side was a pivotal
moment,” said Stephen Winter, vice president of commercial leasing at Related.
GREATER NEW
YORK WATCH
MEDIA
City Council Curbs
Reporters’ Access
The New York City Council on
Monday banned news reporters
from the east wing of City Hall,
limiting access to the lawmakers
inside a public building.
Council officials offered no explanation for the change, which
ended a decadeslong tradition of
giving the city’s press corps access to the Council’s side of City
Hall. The informal policy gave reporters robust access to ask
questions of the city’s 51 council
members. It had been in place
for at least 20 years.
A spokeswoman for City
Council Speaker Melissa MarkViverito didn’t immediately respond to a request for comment.
Robin Levine, the spokeswoman,
said on Twitter that reporters
were only protesting the change
because they wanted access to a
coffee machine and a restroom.
—Mara Gay
TRANSPORTATION
Double-Decker Buses
Come Under Scrutiny
A lawmaker is raising concerns about double-decker sightseeing buses in New York City,
saying Monday that tougher
regulations are needed to protect tourists, pedestrians and
motorists on the busy streets of
the nation’s largest city.
Democratic state Sen. Brad
Hoylman, of Manhattan, urged
the state to beef up its rules for
the tourist buses. He said several legal loopholes allow the
buses to skirt the safety and
regulatory rules that apply to
other kinds of buses.
Double-decker tourist buses
are treated differently in state
law than school, charter or public transit buses. Double-decker
buses don’t have to follow the
same rules requiring driver medical exams and driving tests, are
exempt from laws barring sex
offenders from driving other
kinds of buses and aren’t held to
the same insurance regulations.
Twin America LLC, the largest
provider of bus tours in the city,
didn’t return a message seeking
comment.
—Associated Press
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Tuesday, December 5, 2017 | A13
LIFE&ARTS
Happier Holidays
With Meditation
Dr. Goleman’s tips on how to use
meditation to help you this holiday season.
Start with your breath.
Find a quiet place where you
won’t be distracted. Sit upright in
a comfortable chair. Close your
eyes, relax and bring your full focus to your breath. Don’t try to
control it. Just notice your natural
inhales and exhales. Do this for
at least 10 minutes.
Notice if your mind wanders.
And rein it back in. Refocus on
your breath. Dr. Goleman says
that paying attention to each
breath takes your mind off the
thoughts that are troubling you.
Think of them as distractions.
Don’t judge yourself. Your
mind is going to wander continuously.
BONDS: ON RELATIONSHIPS | By Elizabeth Bernstein
going to the gym and lifting
weights. Every time you lift the
weight, you make that muscle a
little stronger. And every time you
bring your mind back to your meditation, you make the neural circuity in your brain a little stronger.
There are many beneficial effects of this simple exercise. Attention strengthens. Concentration
improves. Memory improves.
Learning improves. And because
the same circuitry in the brain
that focuses your attention also
manages the amygdala, which
causes you to get anxious or upset
or depressed, people have a double
benefit: They react less strongly to
things that used to upset them and
recover more quickly when they
do get upset.
n-
Can everyone benefit from
meditation?
I just taught a 5-year-old. He was
at Thanksgiving with a Batman
costume on. I said: “Do you want
to know how Batman got his powers?” He sat still watching his
breath for a half-hour.
Everyone’s mind can become
more quiet. Often people have the
wrong idea that meditation is
about thinking no thoughts, that
your mind is totally quiet. It isn’t
about that. It’s about noticing
when your mind wanders and
bringing it back.
no
What are the key elements of
meditation?
Every kind of meditation retrains
attention. It’s the basic mental-fitness exercise. Ordinarily, our mind
wanders half the time. In meditation, you bring discipline to the
mind and try to keep it focused on
one thing. When your mind wanders, you bring it back to that
thing. This is roughly parallel to
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A Daily Workout for the Brain
SHOULD YOU MEDITATE?
Psychologist and author Daniel
Goleman—well-known for his 1995
book “Emotional Intelligence”—
spent almost two years combing
through more than 6,000 academic
studies on meditation with a team
of researchers to sort through the
hype and discover the real benefits. He wrote about his findings in
a new book, “Altered Traits: Science Reveals How Meditation
Changes Your Mind, Brain and
Body,” which he co-authored with
Richard J. Davidson, a neuroscientist who directs a brain lab at the
University of Wisconsin-Madison.
Dr. Goleman, who has been
meditating for almost 50 years
and wrote his 1973 psychology dissertation at Harvard on meditation
and stress, says that research
shows meditation can decrease
symptoms of depression and anxiety. A specific practice called loving-kindness meditation can boost
compassion. And people who meditate regularly will have lasting
positive changes in their brain.
Here are edited excerpts from
an interview with Dr. Goleman:
Use flashcards. If you have recurring thoughts that are particularly troubling, write them down
on one side, then write your counter-thoughts on the other. (If you
feel lonely or unloved this holiday
season, write down all the people
who do love you.) Carry the card
with you and pull it out and focus
on it when you need to.
ly
.
ILLUSTRATION BY JEAN TUTTLE
Don’t get frustrated. The challenge is to notice that your mind
has wandered and bring it back.
That’s just another thought, and
there are no good or bad
thoughts.
What are the main types of meditation?
There is concentration—keeping
your focus on one point, such as
‘Everyone’s mind can become more
quiet,’ Daniel Goleman says.
your breath. Transcendental Meditation is one variety of this,
where you use a Sanskrit sound—
a mantra—as your point of focus.
Visualization is where you use an
image, such as the Buddha, or
something you find pleasant.
Movement meditation can be used
while you are walking or doing
Tai chi. In mindfulness, you don’t
try to control what comes into
your mind but rather try not to
get caught up in it. You watch
your thoughts come and go.
Can meditation be used in therapy
for depression?
One of the new findings is a metaanalysis that shows that meditation decreases symptoms of anxiety and depression as well as
medication. Another study shows
that mindfulness-based cognitive
therapy (MBCT) lowers the relapse rates of chronic depression.
Cognitive therapy encourages
people to counter their negative
thoughts, but doesn’t give them a
method for first recognizing
them. Mindfulness helps you spot
the thought as it is happening.
You use it like a radar.
Let’s say it’s Christmas and
you’re alone and have the repetitive thought that no one loves
you, your life is worthless. If you
get sunk in those thoughts, that
is a recipe for a very blue holiday.
Mindfulness allows you to notice
when you have those thoughts
and not get lost in them, and to
challenge them using methods
from cognitive therapy.
How can we use meditation to
make us more compassionate?
This is called loving-kindness meditation. You think of people who
have been kind to you in your life
and feel gratitude and wish them
well. Then you think of yourself,
and you send yourself those feelings—you wish yourself well.
Research shows this activates
the dopamine circuitry in your
brain, strengthens the regulatory
circuits that manage stress and
lowers your stress hormones. It
makes you more generous and more
likely to help others. And it lessens
activity for self-focus, which also
helps you become more compassionate because you are more open
to noticing people around you and
what their needs are.
Send yourself love. Remember
all the people in your life who
have been kind to you and loved
you. Focus on feeling that love
again, from them.
Accept that your mind is normal. When you start meditation,
you feel like it is out of control. In
the East, they call this your monkey mind. Realize everyone is like
this. And it’s a good sign that you
are feeling it. It means that
you’re aware of how the mind behaves and trying to tame it a bit.
How can someone start meditating?
If you have a good meditation center near you, go there. If that’s not
easily done, you can get a number
of apps. The way you evaluate an
app is to evaluate the person teaching the meditation: How long have
they been doing this? What is their
reputation? How serious are they?
How quickly can we feel positive
effects from meditation?
The compassion studies show effects within seven minutes, although they’re short-lived. The
longer you do it, the stronger the
benefits. This is why we called the
book “Altered Traits.” A trait is a
lasting change. Every time you
meditate you strengthen the neural circuits that are used during
that meditation. At a certain point,
this becomes lasting. We think this
happens gradually—the more
hours you put into it, the stronger
the effect is, just like strengthening a muscle.
Write to Elizabeth Bernstein at
elizabeth.bernstein@wsj.com and
follow her on Facebook, Twitter
and Instagram at EBernsteinWSJ.
YOUR HEALTH | By Sumathi Reddy
SCIENCE SOURCE
WHICH HEART PATIENTS NEED STENTS?
Stents are metal devices implanted during common angioplasty procedures to prop open clogged
arteries in patients with cardiovascular disease. But recent studies are increasingly questioning
whether they really benefit patients with stable coronary artery disease.
NEARLY EVERY DAY for the past month
Roxana Mehran, an interventional cardiologist at Mount Sinai Hospital in New York
City, and her colleagues have been getting
calls from patients wondering if their stents
were really necessary.
Yes, the doctor assures them, they were
prime candidates to receive a stent, a small
device used to prop open clogged arteries in
patients with cardiovascular disease.
Dr. Mehran, who is chair of the American
College of Cardiology’s Interventional Council,
says she told one such patient, “Don’t worry, I
made sure with the physiology test. You were
having three to four episodes of chest pain a
week. You couldn’t walk two blocks.”
A study in the journal the Lancet in November has fueled an already contentious
debate within cardiology over which patients really need stents. Doctors are far
from a consensus on the matter. Lost in the
fray: confused and concerned patients.
Stents are implanted during angioplasty
procedures called percutaneous coronary interventions, or PCIs. Over one million stents
were implanted in U.S. patients last year, according to the American College of Cardiology’s national registry of heart catheterization facilities, which encompasses about
85% of facilities in the U.S.
Most cardiologists agree that in patients
with acute coronary syndrome—those who
have a heart attack or frequent chest pain—
stents can be a lifesaver.
It’s in patients with stable angina, or
chest pain that occurs only when they exert
themselves, that questions remain.
Some experts say a landmark 2007 New
England Journal of Medicine study proved
that stents don’t prevent heart attacks and
death in patients with stable coronary artery disease. The 2,287-patient study found
that heart medication was just as effective
as stents in preventing heart attacks and
death in such patients.
The new Lancet study was conducted by
researchers in the U.K. and was nicknamed
the ORBITA trial. It found that patients with
stable chest pain who received stent devices
had no statistically significant improvement
in their exercise time on a treadmill when
compared with patients who received no
stents during a fake procedure. All the patients took heart drugs for six weeks before
their procedures.
Doctors perform about 500,000 PCI procedures every year world-wide on patients
with stable angina, according to the study.
Studies have estimated that 20% of those
Please see STENT page A14
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THE WALL STREET JOURNAL.
A14 | Tuesday, December 5, 2017
LIFE & ARTS
STENT
LYNN LANE (2)
Continued from page A13
surgeries in the U.S. are done on that
subset of patients.
Long criticized as an overused procedure, the unnecessary insertion of
stents fell by about 50% between 2010
and 2014, according to a 2015 study published in JAMA. The drop followed guidelines issued in 2009 that discouraged
stent use in patients with stable disease
and minimal symptoms of chest pain.
The Lancet study included only patients with one narrowed artery. Patients
had chest-pain symptoms for over eight
months, though about 10% had no further chest pain after being treated with
medication for six weeks. They were still
included in the study.
Doctors perform over 20% of angioplasty procedures on U.S. patients with
stable angina who have no symptoms,
says Rasha Al-Lamee, lead author of the
Lancet study and an interventional cardiologist at Imperial College London. But
Dr. Mehran notes that some patients had
a borderline lesion, which is an artery
that is 50% to 70% blocked. “This was really a healthy patient population,” she
says. “These are not the patients we see
every single day.”
Ian Meredith, chief medical officer at
Boston Scientific, a leading maker of
stents, says that there is a wide spectrum of symptoms in patients with stable
angina and that some patients can’t tolerate taking multiple heart medications.
Lauren Snouffer and Daniel Belcher, above, and the cast of ‘The House
Without a Christmas Tree,’ top
ments to that season’s program.
“The House Without a Christmas Tree” is a charming, familyfriendly piece that manages to
be heartwarming without being
sappy. Royce Vavrek’s skillful libretto, based on an original
story by Gail Rock and the 1972
television movie of the same
name, embraces its theme of
how relentless holiday cheer can
magnify the grief of loss. Preteen Addie, growing up in a
small Nebraska town, cannot understand why her widowed father, James, won’t allow her to
have a Christmas tree. Over the
course of the well-structured,
72-minute opera, she learns that
he associates that symbol with
Weather
the only Christmas he had with
her mother, Helen. When Addie
wins a Christmas tree at school
and brings it home, everyone is
forced to confront the elephant
in the room.
Mr. Gordon’s score employs
accessible, Coplandesque tonality, which has its apex in Addie’s
arias. Sung with appealing urgency by soprano Lauren
Snouffer, they capture a young
girl’s imagination and optimism.
The darker side of the story, especially James’s seeming rejection of his daughter, is less
clearly defined in the music. The
text is clearly set, and wellcrafted ensembles vary the texture, as do bigger choruses, most
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VEDGETARIAN | By Brian Thomas
Across
1 From Cardiff, say
6 Pursuers of
perps
10 Letters on a
Soviet spacecraft
14 Wed secretly
15 Aftereffect of
overexertion
16 Post-bath
garment
17 Raisins or prunes,
e.g.
19 “Frozen” queen
20 Lieberman’s
running mate
21 Under the
weather
22 Atlantic
swimmer
24 Scoped out
25 Empty space
27 In the midst of
30 French or Italian,
e.g.
33 Golf goal
34 Responses to
bad jokes
37 “Didn’t need to
know that, BTW”
38 He had the
title role in “An
Officer and a
Gentleman”
39 Phrase
differently
41 Researcher’s
field
43 End for novel or
sermon
44 Pretense
46 Attempts to pick
up
47 Make a blunder
48 Little bread
boxes?
50 Eucalyptus
muncher
52 Massachusetts
congressman
Richard
53 Situated on
57 Largest island in
the Caribbean
59 Jamaican genre
60 Country singer
McCann
61 Ireland, to poets
63 Entree
accompaniers,
and a feature of
this puzzle
66 Sphinx site
67 Brit’s baby buggy
68 Shift-6, on most
keyboards
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
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Hong Kong
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Jerusalem
Johannesburg
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Mumbai
Paris
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Minneapolis
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58 34 r
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60 48 r
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“Certainly medications are the desired
therapy for people with a low burden of
symptoms and who are coping pretty
well with their daily living,” he says.
Deepak L. Bhatt, executive director of
interventional cardiovascular programs
in the Heart & Vascular Center at
Brigham and Women’s Hospital in Boston, cautions that ORBITA was a small
study that shouldn’t change current clinical practice.
As to the broader question of whether
too many patients are getting stents, Dr.
Bhatt says it depends on which category
of heart patients you look at.
“The majority of stents go in for acute
coronary syndromes,” he says. “In that
situation, if anything there’s an issue of
patients being undertreated, especially
the highest-risk patients.”
Dr. Bhatt says the use of stents for
stable coronary artery disease has gone
down ever since the landmark 2007 trial
was published. “I don’t think there’s this
vast overuse of stents,” he says. (He adds
that he has no financial ties to any stent
makers.)
But David Brown, a professor of medicine at Washington University School of
Medicine in St. Louis, wrote a strong accompanying editorial in the Lancet saying it showed “unequivocally that there
are no benefits for PCI compared with
medical therapy.” Dr. Brown hopes clinical practice will change as a result. He
says most patients with stable angina
likely have obstruction of their microscopic arteries, so stenting of the large
vessels wouldn’t relieve symptoms.
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.
d
t
Edmonton
Some doctors argue that
stents are overused.
Others say they’re underused
for certain patients.
co Fo
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A Temporary
Home for
The Holidays
n-
Houston
HOUSTON GRAND Opera’s latest world premiere, Ricky Ian
Gordon’s “The House Without a
Christmas Tree,” which opened
on Thursday, is a holiday tale
that celebrates the victory of
the sweet over the bitter. The
fact that it happened at all is a
similar victory. When Hurricane
Harvey devastated Houston in
August, the Wortham Theater
Center, HGO’s home, was catastrophically flooded. To salvage
the seven-opera season, Perryn
Leech, HGO’s managing director,
came up with a plan for an alternative performance space in
the nearby George R. Brown
Convention Center. Thus was
born HGO’s Resilience Theater,
built in two weeks in a raw
space the size of two football
fields, at a cost of about
$500,000, just in time for the
company’s first performance of
“La Traviata” on Oct. 20.
With heavy curtains, rows of
bleacher seats, and specialized
lighting, HGO conjured something from nothing. There’s even
a spacious lobby area with seating, food service, and portable
toilets. The theater is not ideal;
one key issue is acoustics, and
both Handel’s “Julius Caesar”
and “Christmas Tree” used amplification. The theater has no
flying capability, so some scenery has had to be tweaked.
While the company’s subscribers have taken the new digs in
stride, single-ticket purchases
are down 40%. Including physical
losses (the costume shop, for example, was destroyed) and other
Harvey consequences, HGO estimates an overall impact of $12
million to $15 million. It expects
to be back in the Wortham for
2018-19, but is already making
some financially prudent adjust-
notably Mr. Gordon’s original
carol, “Gather Round the Christmas Tree,” which also recurs as
a motif in the orchestration.
Patricia Schuman sounded
woolly but sincere as Grandma
Mills; Daniel Belcher was a
gloomy presence as James. The
protean Heidi Stober brought
distinctive characters to three
roles: bright as Adelaide (the
adult Addie); warm as Miss
Thompson, Addie’s teacher; and
sweet as the ghost of Helen, who
appears to James and draws him
into a waltz of memory. Megan
Mikailovna Samarin displayed a
rich mezzo as Addie’s best
friend, Carla Mae (the two share
a funny duet, in which they
smash hard-boiled eggs that
they pretend are boys), and two
high-school students, Maximillian Macias and Elisabeth Leone,
were capable as Billy and Gloria,
Addie’s schoolmates. (One caveat: The fact that Billy bullies
Addie because he actually likes
her feels very creepy today.) The
Juvenile Chorus of high-school
students played the other children, and Bradley Moore ably
led the chamber orchestra,
which was positioned to the side
of the stage. The amplification,
with sound design by Andrew
Harper, was subtle enough to
bring out the transparency of
the orchestration and preserve a
balance with the singers.
James Robinson’s production—with sets by Allen Moyer,
early 1960s costumes by James
Schuette, and lighting by Christopher Akerlind—cleverly captured the small-town feel of the
show, with the Nebraska house
rotating to reveal different
rooms. For the schoolroom
scenes, two simple panels were
pulled in front of it. Like the opera, it was homespun and sophisticated at the same time.
—Ms. Waleson writes about
opera for the Journal.
ly
.
OPERA REVIEW
BY HEIDI WALESON
69 Attendee, in
combinations
70 Island with a
terrier named
for it
71 Yoga position
Down
1 Club for the sand
trap
2 Youngest Jetson
3 Its valley is
called “the cradle
of the French”
4 Matchmaking
event with a
timer
5 “___ fly through
the air with the
greatest of ease”
6 Music’s Santana
7 Ophthalmologist,
quaintly
8 Letter before
chi
9 Filming locations
10 Filling for a
doughnut
11 Scenes preceding
title sequences
12 “Scorpion” airer
13 Unimpressive
brain size
18 First-class
23 Spooky woman
26 Turns down,
in a way
28 Drug trafficker
29 Golf goal
31 Virus component,
often
32 Saint plied with
milk and cookies
34 Alphabet that
gave us the word
“alphabet”
35 Nostalgically chic
36 Shut out
38 Knocks it out of
the ballpark,
academically
40 Business sch.
course
42 “There’s no ___
team”
45 Mardi Gras, for
one
48 Fare catch?
49 “I wanna come
too!”
51 Like some rovers
54 Pageant crown
55 Of yore
56 Starchy staple
58 Hieroglyphic
creatures
61 Spur (on)
62 Where Simone
Biles won four
gold medals
64 Bother
65 Obamacare, for
short
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For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Tuesday, December 5, 2017 | A15
LIFE & ARTS
BOOKS
Sam Shepard’s Dying Words
BY CARYN JAMES
co Fo
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on
ly
.
FROM TOP: RICHARD SCHROEDER/CONTOURGETTY IMAGES; JIMI CELESTE/PMC
IN THE LAST YEAR of his
life, as the degenerative disease ALS made his muscles
progressively useless, Sam
Shepard completed an autobiographical novel about a
man suffering from a similar
but unnamed illness. Unable
to hold a pen, Mr. Shepard
spoke into a voice-activated
recorder. When he could no
longer hold the recorder, he
dictated to his daughter,
Hannah, or his sisters, Roxanne Rogers and Sandy Rogers, who transcribed and
read the notes back to him.
“Sometimes he wanted to
dictate things at night before
going to sleep,” Roxanne
Rogers says. “I kept a notebook close so that he could
just ask to write something
down and it could be dictated on the spot.”
This week, Knopf will publish “Spy of the First Person”
by Mr. Shepard, who died in
July at age 73. “People think
of Sam Shepard as the solitary cowboy of American
myth riding off into the distance,” says LuAnn Walther,
his longtime editor. “But in
truth he was dedicated to his
family his whole life.” In
turn, his family gathered to
help him put his last and
most personal book on paper. “He’s a writer so he
needed to write every day to
be himself, and that was our
mission, to help him be as
close to normal as possible,”
says Sandy Rogers.
The elliptical “Spy,” only
82 pages long, is stylistically
similar to the eloquent, often
droll fiction he had been
writing for decades, with
multiple narrative voices and
some chapters as short as a paragraph. Along with plays considered
among the best of the 20th century, including “True West” and
the dark family saga “Buried
Child,” Mr. Shepard wrote many
fiction collections that are teasingly autobiographical. “The line
between fact and fiction in his
own work was always very ambiguous to Sam, I believe. Many
things blended together for him,”
Hannah Shepard says.
In “Spy,” an unidentified firstperson narrator looks voyeuristically across the street, fascinated
by a strange man in a rocking
chair on the porch. “His hands and
arms don’t work much,” the narrator says. “He wavers when he
stands.” The man in the chair becomes suspicious of the neighbor
peering at him through binoculars.
It soon becomes clear that they
are the same person, a man observing himself from the outside,
his failing body so alien that he
doesn’t recognize it as his own.
to talk about Mr. Shepard’s
illness; they simply respected his privacy. “Because it was generally
known in the industry that
Sam was publicity-averse,
that created its own cloak
of protection,” Mr. Herald
says. “There was no selfpitying that I ever observed. He just wanted to
keep working.” That spring,
he returned to his home, a
farm near Midway, Ky.,
where various family members would come to stay.
For Mr. Shepard, who
had always written on a
typewriter, finding a new
way to compose was a challenge. He tried voice-activated software. “Sam was
suspicious of technology,
and the failure of these devices and computer programs just confirmed his
lack of faith in them, I
think,” his daughter says.
“Recording was a very different experience for him
than the physical act of
writing, and he found it
somewhat disorienting,”
but adjusted.
“He wrote almost every
day and as the pages expanded I read the book to
him many times, sometimes
twice a day,” says Roxanne
Rogers. “Each time I read it
to him he made some small
changes.” He didn’t ever
talk about his artistic intentions for the book, she
says, only “that he wanted
to complete it.”
His old friend Patti
Smith came for extended
visits, reading the manuscript aloud so he could
structure the book’s short
sections. He made final edits just a week before his
death, dictating changes to
his daughter as she read the manuscript to him, start to finish.
“Some of the funniest lines in the
book, in my opinion, he added in
our last edit,” Hannah says. She
chooses not to point them out. “I
would rather keep this personal,
as a memory between me and my
father.”
The book’s last chapters are the
most brutal and the most emotional. “One year ago exactly more
or less, he could walk with his
head up,” the narrator says of himself. “He could wipe his own ass.”
The final scene is happier: a
family dinner in a Mexican restaurant, the man in the wheelchair
surrounded by his three children
and two sisters. As his sons wheel
him home, the book lifts the veil of
fiction, and Mr. Shepard mentions
his family members by name.
“Perhaps naming everyone just
let us exist in that one moment together,” Roxanne Rogers says. “Or
perhaps it is just a ‘thank you.’ We
don’t know.”
Above, Sam Shepard in Cannes in May 2005. Below, in New York City in 2006
with Jessica Lange and their children, Hannah Shepard and Walker Shepard.
Herald says. “Even though he was
a deeply private man, he was very
open with people about saying,
I’ve been diagnosed with ALS.”
Scott Elliott, who directed that
production, says Mr. Shepard
came to rehearsals and was actively involved. “In the inner circle, everybody in rehearsal, it was
all open and honest, and beautiful
and horrible,” he says.
No one was explicitly told not
no
n-
At times a third-person voice
describes memories of the past
and poetic observations of nature.
But the trajectory is of a man who
is eventually pushed in a wheelchair by his three children, as Mr.
Shepard was. Hannah, 31, and her
brother Walker, 30, are his children with Jessica Lange, his partner for nearly 30 years. His older
son, Jesse, 47, is from his early
marriage to O-Lan Jones.
Although the public was
stunned to hear of Mr. Shepard’s
death, by early 2016 friends and
colleagues knew about his diagnosis of ALS (amyotrophic lateral
sclerosis). The disease leads to total paralysis, is irreversible and always fatal. His last major New
York production, a revival of “Buried Child,” opened that February.
Patrick Herald, Mr. Shepard’s
agent, remembers him sitting in
the lobby of the theater. “He was
physically drooping and his mobility was impaired. You could see his
hands were getting gnarled,” Mr.
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THE WALL STREET JOURNAL.
A16 | Tuesday, December 5, 2017
SPORTS
OLYMPICS
IOC to Rule on Russian Olympic Ban
The decision comes amid continued investigations into a widespread doping and cover-up scheme at the 2014 Sochi Games
implementation of the sample-swapping scheme was one of the worstever blows against the integrity and
reputation of the Olympic Games.”
Ahead of the meeting in Lausanne, sport officials, athletes, and
the Russian government have
taken a range of positions on the
range of potential sanctions.
Some federations have already
indicated they are against collective
punishment, as the International Ice
Hockey Federation stated last week.
“Although we recognize the
need to confront doping in sport,
Olympic participation should not
be used to sanction the many for
the actions of the few,” the federation said in a statement.
Max Cobb, the president and
chief executive of the U.S. Biathlon
Association and a member of the International Biathlon Union, said the
global governing body has already
scheduled an extraordinary meeting
in the days after the IOC decision to
discuss the outcome of the decision.
“Russia’s been a perennial
medal favorite in the sport of biathlon, so it would change the face
of the competition if they weren’t
NFL
there,” he said. Two of the Sochi
medals rescinded by the IOC disciplinary commission were taken
from the Russian biathlon team.
Martin Fourcade, a double
Olympic champion in biathlon
from France, said in an interview
with French news agency Agence
France-Presse, that “if it is
proven that there has been institutionalized doping and that all
athletes in Sochi have benefited,
these athletes should not go to
Pyeongchang. If it is only a few
individuals, then we must punish
these individuals and not the entire Russian nation.”
Anti-doping authorities from
seven nations, including the U.S.,
U.K., Germany, and South Korea,
launched a social media campaign
in October featuring Olympic athletes who say that dopers “stole”
medals and precious memories
from previous Games.
“Don’t let clean athletes lose out
on their moment in Pyeongchang
to doping,” said Canadian biathlete
Rosanna Crawford, in a video from
the campaign, called #MyMoment.
The Russians, meanwhile, are
pushing back aggressively on all
fronts.
On Friday, Russian deputy
prime minister and former minister of sport Vitaly Mutko said
sport officials should look into
doping in other nations. “I don’t
understand why you have to trample Russia underfoot,” he said during the draw for the 2018 World
Cup, which Russia will host. Still,
Mutko said retesting doping control samples years after collection
“will kill sports if we go this way.”
Earlier in the week, Kremlin
spokesman Dmitry Peskov said
that doping allegations were part
of an anti-Russian smear campaign, accusing the U.S. of ignoring Moscow’s own accusations
against Rodchenkov.
Calling Rodchenkov an “odious
figure,” Peskov said the former
head of Russia’s anti-doping center
was accused in Russia of forcing
others to dope Russian athletes,
the news agency Interfax said.
“Unfortunately, his protectors and
harborers are neither paying attention nor demonstrating any interest,” Peskov said, Interfax reported.
ADRIAN DENNIS/AGENCE FRANCE PRESSE/GETTY IMAGES
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
The Russian team during
the opening ceremony of
the 2014 Sochi Olympics.
A lawyer for Rodchenkov, Jim
Walden, said “there is no way Mr.
Rodchenkov could have done this
by himself, the allegations lack
credibility on its face. Russia is doing itself a disservice by denying
this to the rest of the world.”
The Kremlin spokesman said
that Russia was doing everything
it could to protect the interests of
Russian athletes and overcome
tensions over the doping scandal,
Interfax said. The spokesman also
repeated the Kremlin denial of any
Russian government conspiracy to
force athletes to take performance-enhancing drugs.
In the event that the IOC prohibits Russian participation at
the Pyeongchang Games, it would
not be the first such national
team suspension. Olympic officials have suspended teams from
South Africa, North Korea, Rhodesia, Afghanistan, and India in
previous years for a variety of
sport and political reasons, and
individual sports federations have
suspended teams for rules violations, according to sport historians at OlympStats.
n-
THE INTERNATIONAL Olympic
Committee will decide Tuesday
whether to ban Russia from the
2018 Winter Olympics, the second
time in as many years it has confronted the question of sanctioning
Russian athletes because of the
country’s alleged state-sponsored
doping program.
Yet despite being armed with
more evidence than ever that Russia staged a massive doping fraud
at the 2014 Sochi Games it hosted,
it is far from clear whether the
IOC will dispense harsh discipline.
The IOC meeting in Lausanne,
Switzerland, this week comes just
two months ahead of February’s
Winter Olympics in Pyeongchang,
South Korea. The decision on Russia’s participation comes even as
the organization continues to investigate a widespread Russian doping
and cover-up scheme at the 2014
Olympics in Sochi. The IOC considered, but ultimately passed, on banning Russia prior to last summer’s
Olympics in Rio de Janeiro.
But unlike last year’s evaluation,
based on investigations by the
World Anti-Doping Agency and
other sport officials, the IOC will
this week also have the findings of
its own inquiry of the Sochi allegations, chaired by former Swiss
President Samuel Schmid. The report will be delivered to IOC members on Tuesday.
It is unclear what, if any, recommendations the so-called Schmid
report may offer. A separate IOC
disciplinary commission, however,
has investigated the alleged manipulation of drug testing samples in
Sochi; through last week it has issued more than 20 lifetime bans for
Russian athletes and revoked 11
Russian medals from the 2014
Games.
The IOC disciplinary commission
last week began the process of issuing more specific rationales for the
discipline in each case. The only of
those released so far involves the
disqualification of Sochi cross-country skiing gold medalist Alexander
Legkov. The committee wrote that
it had independently confirmed evidence presented by whistleblower
Grigory Rodchenkov, the former
head of the Moscow anti-doping
laboratory and the man responsible
for carrying out the Sochi scheme.
“After reviewing all aspects of
the case, the Disciplinary Commission was convinced that Dr. Rodchenkov was telling the truth, for a
large number of reasons,” the commission wrote, adding that, “ the
ly
.
BY SARA GERMANO
IN NEW YORK
AND THOMAS GROVE
IN MOSCOW
no
NEW YORK GIANTS
FIRE MCADOO, REESE
LESS THAN a year since making
the playoffs, and six days after the
widely panned benching of quarterback Eli Manning, the New York
Giants moved to try to clean up
the stunning mess that developed
over the course of this season.
The team that hasn’t fired a
head coach mid-season in more
than four decades did just that on
Monday, sending Ben McAdoo out
the door along with general manager Jerry Reese. The unusual timing of the decision for this team
speaks to just how much, how
quickly and how uncharacteristically everything fell apart.
John Mara, whose family has
owned the team since its founding,
said it reached the point where he
was embarrassed and had to act.
“It was pointless to wait any
longer,” Mara said. “We’ve kind of
been spiraling out of control here.
I just felt like we needed a complete overhaul.”
In several respects, the sweeping
change is a jarring turnaround for
the Giants. Last year, in McAdoo’s
first season, they went 11-5. They
were expected to be a strong Super
Bowl contender this year.
But as the season quickly unraveled—they are 2-10 now—so did the
franchise’s uncanny ability to project
stability and calm. Not only was the
team struggling on the field, but it
became the focal point of the entire
football world for the wrong type of
reason when Manning, the quarter-
back who won two Super Bowls for
the team, wound up on the bench.
Immediately, fans expressed
their outrage online and on the radio. The anger wasn’t just that
Manning, the face of the franchise
for 15 years, was being treated unceremoniously in their eyes. It was
that this team had lacked offensive
‘We’ve kind of been
spiraling out of control
here,’ Giants co-owner
John Mara said.
ELSA/GETTY IMAGES
BY ANDREW BEATON
Giants quarterback Eli Manning, left, on the sideline with head coach Ben McAdoo. McAdoo was fired on Monday.
punch ever since McAdoo took
over. It also had to do with Manning’s replacement, New York Jets
castoff Geno Smith, not being a
particularly inspiring substitute.
As that Manning bombshell
spread across the country, Mara
was meeting with other owners on
the NFL’s compensation committee
at the league’s New York offices.
Across the river, his proud franchise took its turn in the role
that’s usually occupied by the
team it shares its stadium with.
The Giants were at the center of
an embarrassing debacle.
Last week, Mara said he had spoken with Reese about potentially
giving other quarterbacks on the
roster—Smith and rookie Davis
Webb—a look with the team out of
playoff contention. But giving Smith
some snaps turned into a full-on
benching of a team icon when Manning told McAdoo that it wasn’t fair
to him or Smith to split snaps, and
if they wanted to play Smith they
should just start him, Mara said.
That’s how the iconic quarterback with the longest active streak
of consecutive starts found himself
sitting out Sunday’s loss to the
Raiders.
Mara said last week he spoke to
Manning and told him he “didn’t
want him to go out like this.”
A week after all of that unfolded, the face of the team’s
woes, McAdoo, was ousted. The
team that had just two coaches
from 1997-2015, didn’t last two
seasons with McAdoo.
Just a few weeks prior, the team
had said it would wait until after the
season to make any potential
changes. Mara said Tuesday that the
Manning situation didn’t factor into
the decisions, and that interim coach
Steve Spagnuolo, who had been the
defensive coordinator, will decide
the quarterback going forward.
But it isn’t just McAdoo who
was relieved. It was the general
manager too.
Reese, who had been with the
organization for more than two
decades and its general manager
since 2007, was also let go. He was
general manager during both of
the team’s Super Bowl wins and
worked in the front office when
Manning was drafted.
Kevin Abrams, a long-time assistant general manager, is now the
team’s interim general manager.
Whoever the Giants tap to take over
for the long haul will face no shortage of issues. Most notably, there’s
the fate of Manning, who is 36
years old but still clearly a capable
quarterback. But whether he still
sees a future for himself in New
York—or if the new boss still sees
him as part of the Giants future—
are still unanswered questions.
That could also play into the
draft, where the team will have
one of the top picks and could
have the chance to take a heralded
quarterback prospect such as
Southern California’s Sam Darnold
or UCLA’s Josh Rosen.
Then there are big questions
about the rest of the roster. The Giants haven’t found a steady running
back in years. The offensive line
has been annually problematic. And
the biggest question may have to
do with the team’s best player—injured wide receiver Odell Beckham
Jr.—who could demand the largest
contract for a wide receiver, ever.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Tuesday, December 5, 2017 | A17
OPINION
leaders such as Senate Majority Leader Mitch McConnell
and House Speaker Paul Ryan,
among others.
Then again, the remaining
GOP support, including that of
Alabama Gov. Kay Ivey and
now President Donald Trump,
may carry more pull. Mr.
Moore further benefits from
the backing of the evangelical
community, many of whose
pastors have stuck with him.
But there’s another potent
force in this race, which gets
little media attention. These
are the liberals who are enabling him. Let’s run through
a short list:
• Bill Clinton. Remember
the argument “It was only
sex”? Or reporter Nina Burleigh saying she’d be happy to
give then-President Clinton
oral sex “just to thank him for
keeping abortion legal”?
Some who backed Mr. Clinton now recognize that their
unqualified support through
all his lies and bad behavior
leaves them in a poor position
to lecture others about how to
treat women, or why policy
should not trump character.
Now they are throwing Mr.
Clinton under the bus to try
to regain the moral high
ground. How persuasive must
Alabamans find this?
• Doug Jones. He is the
Democrat in the race. When
your rival is credibly accused
of sexual misbehavior with underage girls, the race is yours
to lose. And yet Mr. Jones is
doing his best to do just that,
over a classic Democratic
blind spot: abortion.
Alabama is one of America’s
most pro-life states. Mr. Jones
might have expanded his appeal by opting for the Bill
Clinton formula of “safe, legal
and rare,” or supporting popular restrictions such as the ban
after 20 weeks. Instead, Mr.
Jones has opted for the Hillary
Clinton view that abortion
must be sacrosanct. If he ends
up losing, abortion will be a
big reason.
If he wins, he can
thank Al Franken
and Jimmy Kimmel
among others.
• Al Franken. On the hypocrisy front there’s plenty on all
sides to go around. Still, it has
to be hard for Alabama Republicans not to notice that they
are being called on to reject
their guy at a time when Democrats are keeping theirs.
• Jimmy Kimmel. Mr. Kimmel recently dispatched a comedian to heckle Mr. Moore at
a rally at the Magnolia Springs
Baptist Church. He succeeded
in disrupting the event. Mr.
Kimmel and Mr. Moore then
got into a Twitter tiff after Mr.
Moore suggested Mr. Kimmel
put up his dukes, and Mr. Kimmel accepted.
Mr. Kimmel and his audience have had some good
yucks at the expense of the
local yokels. But again, just a
guess that this may not be
playing as well in Alabama.
• The national press corps.
When Donald Trump tweets
about “fake news,” the smart
set groans. But just this weekend, ABC News suspended
Brian Ross for reporting,
falsely, that retired general
Mike Flynn would testify Mr.
Trump asked him to reach out
to the Russians during the
campaign, when it was in fact
after he’d been elected president. At nearly the same time
America learned that the top
FBI agent on Robert Mueller’s
team investigating Russian interference in the 2016 election
had exchanged pro-Hillary/
anti-Trump texts with an FBI
lawyer with whom he was
having an extramarital affair.
And then liberals wonder at
a CBS poll finding that 71% of
Alabama Republicans don’t
believe the allegations against
their candidate. They may well
be wrong about Mr. Moore
and his accusers, but is their
skepticism really that difficult
to understand?
Now we are entering the final week of the race. Perhaps
sensing a Moore victory, President Trump Monday morning
offered an unconditional endorsement, tweeting that “we
need Roy Moore to win.” But
Mr. Trump’s endorsement
hasn’t always been dispositive:
Remember, Mr. Moore is the
GOP’s candidate because Alabama Republicans in the primaries rejected the man the
president endorsed.
So if Mr. Moore does find
himself Alabama’s newest senator next Tuesday night, it
may be as much the fault of
those who opposed him as
those who supported him.
Write to mcgurn@wsj.com.
Trump Leads From Behind in Syria
P
John Kerry trusted
Russia. The president
should ask him how
that worked out.
the Russians to coordinate
attacks in Syria—but the
Russian onslaught against
Aleppo in 2016 precluded its
implementation. The Russians fulfilled none of their
obligations, leading a frustrated Mr. Kerry to declare
that Moscow and its allies
have to decide whether “they
are serious about implementing a United Nations Security
Council resolution.”
Russia’s actions since have
only proved it is not serious
about Resolution 2254. The
Trump administration might
think it will be different this
time, because the de-escalation zone in southwest Syria
has been working. The administration clearly hopes to
broaden the de-escalation
no
resident Trump has
made reversing his predecessor’s legacy a guiding principle, except in one
area: Syria. Much like President Obama, Mr. Trump’s policy has been exclusively antiIslamic State, giving Iran and
Russia a free hand to dictate
outcomes in the country. This
won’t end well.
Mr. Trump apparently sees
cooperation with the Russians
as the best solution. On July 7,
in Germany, Mr. Trump and
Vladimir Putin announced a
cease-fire in southwest Syria.
On Nov. 11, in Vietnam, they
issued a joint statement confirming “the importance of
de-escalation areas as an interim step to reduce violence
in Syria, enforce cease-fire
agreements, facilitate unhindered humanitarian access,
and set the conditions for the
ultimate political solution to
the conflict.” That ultimate
political solution, they declared, should follow the
guidelines set by United Nations Security Council Resolution 2254.
This sounds great at first:
The resolution, passed in December 2015, sets timelines for
cease-fires, a new constitution
and a transitional government.
Yet Bashar Assad, employing
sieges and starvation, has prevented the delivery of humanitarian assistance to his own
people. This—along with his
barrel bombs and political obstructionism—has prevented
any progress in achieving the
resolution’s goals. The Russians and Iranians have only
enabled him.
In November 2015, Secretary of State John Kerry
reached an agreement on
Syria with Russian Foreign
Minister Sergei Lavrov. The
agreed-to principles were incorporated in Resolution 2254
the following month. Later,
Mr. Kerry would negotiate a
joint operational center with
n-
By Dennis Ross
zone and pursue a diplomatic
solution. As Defense Secretary
Jim Mattis explained in November, the U.S. can demilitarize the country area by area,
until a diplomatic solution offers a way forward. While it
would be good if this approach
could work, the indicators
aren’t positive.
Take the de-escalation
zones: The one in southwestern Syria has worked, but only
because it freed up the Assad
regime and its Iranian allies to
attack the other so-called deescalation zones relentlessly.
In one such area, Syrian regime cluster bombs have been
hitting Eastern Ghouta, near
Damascus. U.N. diplomat Jan
Egeland has spoken of a “massive loss of civilian life” and
declared that “there is only
escalation in this de-escalation zone.” In a different zone,
the town of Atarib was recently bombed, killing more
than 50 civilians. Once the regime retakes these areas, it
will surely turn its attention
to southwestern Syria.
Also worrying: The day after the presidential joint statement last month, Mr. Lavrov
declared that the departure of
foreign forces called for in the
recently concluded memorandum of principles between the
U.S., Russia and Jordan did
not apply to the “Iranian or
pro-Iranian forces.”
Iran is also developing a
front in Syria against Israel,
with no sign of Russian opposition—despite talk of a buffer. During a recent visit to
the Golan Heights, the local
Israeli commander showed me
a Quds Force-Hezbollah command post on a hill less than
4 miles away. Here is a conflict waiting to erupt.
There is little chance of the
Russians implementing a
peace agreement in good faith
so long as they see no cost for
noncompliance. The Trump
administration could alter Mr.
Putin’s calculus—and make
the diplomatic process more
credible—by conveying quietly
that if the Russians will not
stop the Assad-Shia expansion
into the de-escalation zones,
the U.S. will.
Boots on the ground
wouldn’t be necessary. The
U.S. already has air power in
the region dwarfing what the
Russians used to secure Assad
and change the balance of
power in Syria. Mr. Putin
knows that. He wants Russia,
not the U.S., to be seen as the
arbiter of Syria’s future. If
there are any doubts about
this, consider his active diplomacy with Assad and the leaders of Iran and Turkey over
the past few weeks.
John Kerry eventually realized that words alone
would not get Mr. Putin to
respond in Syria. Time will
tell whether the Trump administration has learned that
lesson.
Mr. Ross has held senior
national security positions in
several presidential administrations and is counselor at
the Washington Institute.
Listen to Women—Except . . .
By Molly Gurdon
S
ince the Harvey Weinstein scandal broke, the
feminist battle cry has
been: “Listen to women.” Listen as they tell of sexism and
abuse in the workplace. Listen
as they accuse men who outrank them. This kind of openness and respect is overdue,
but it comes with an asterisk:
“Listen to women (unless
they’re pro-life).”
Last month, pro-life students at the University of Oxford held a discussion on Ireland’s 2018 abortion referendum. It was disrupted by
protesters organized by the
Women’s Campaign, a studentunion-sponsored group that
claims it “advocates for the
rights of everyone who identifies as a woman.” The protesters chanted abusive slogans—
“pro-life, that’s a lie, you don’t
care if women die”—for 40
minutes, preventing anyone
else from being heard.
Several organizers faced the
protesters, holding makeshift
Choosing Sides
In a Battle Royal
The White King
By Leanda de Lisle
(PublicAffairs, 401 pages, $30)
R
evolutions escape control and arrive at a destination
that few who set them in motion either expected or
desired. This was the case with the English Revolution
of 1640-41. Intended to re-assert the rights of Parliament and
curtail the power of the crown, it led to civil war and the trial
and execution of the king, Charles I. In the subsequent
republic (1649-60), Parliament itself, in its traditional form,
would be abolished by the dictator Oliver Cromwell.
Leanda de Lisle’s engaging biography of Charles I is
titled “The White King,” a phrase that grew out of his
decision to wear white rather than purple on his coronation
day. The book’s subtitle—“Traitor, Murderer, Martyr”—
points to the division of opinion Charles has always provoked. His enemies called him the “man of blood,” a biblical
reference that threw the guilt for the Civil War on the king
alone. At his trial in 1649 he was officially accused of being
“tyrant, traitor, murderer.”
But Charles’s defense of the
established Church of
England, threatened by
Parliament’s rebellion, also
made him a “martyr”; after
the monarchy’s restoration in
1660, the revised Book of
Common Prayer celebrated his
martyrdom on Jan. 30, the
anniversary of his execution.
Charles had many virtues,
and Ms. de Lisle does justice
to them. He was a loving and
faithful husband, a fond father,
and a loyal friend. He was
courageous, high-minded, intelligent,
dignified. He had a strong paternalist sense
of public duty. In a different age he might have been an
exemplary constitutional monarch. Yet he lacked the
common touch. He could not disarm criticism with a jest
but took refuge in an icy silence.
Many would look back on the 11 years during which he
governed without Parliament (1629-40) as a golden time—a
fair enough judgment given the civil war that followed. Yet
they were years in which grievances festered. “There was,”
Ms. de Lisle says, “anger at the loss of liberty represented by
eleven years of personal rule and taxes raised without
parliamentary consent. Charles had also given them”—that
is, his opponents—“fresh reasons to fear a ‘popish’ CounterReformation conspiracy.” His wife, Henrietta Maria, was a
Roman Catholic, and Catholics flocked around her in defiance
of anti-Catholic laws. Moreover the king’s foreign policy—
nonintervention in the religious wars in Germany and
friendship with Catholic Spain—was unpopular with those
who feared the defeat of the German Protestant states and
who regarded Spain as England’s rival in the New World.
Yet Charles might have governed largely untroubled if he
had been king only of England. But he was also king of Scotland and of Ireland, and it was events in these kingdoms that
gave his English enemies their opportunity. First, he provoked
the Scots, threatening the nobility with the restitution of
church lands seized more than a half-century before. Then,
seeking to impose a uniformity of religious practice throughout his dominions, he threatened the autonomy of the Presbyterian Kirk. The result was defiance and armed rebellion.
co Fo
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When
Alabamans go to
the polls a
week
from
now in a special election to
choose their
MAIN
next senator,
STREET
not even Mrs.
By William
Roy
Moore
McGurn
will be rooting
as hard for
her Republican husband as the
junior senator from Minnesota,
Al Franken.
The reason is simple. Mr.
Franken knows that if Mr.
Moore takes his Senate seat,
it becomes less likely the former “Saturday Night Live”
comic will have to relinquish
his. And therein lies a larger
tale about how the liberal opposition to Mr. Moore may be
backfiring.
Until this race, plausible accusations that a candidate had
engaged in sexual conduct
with girls as young as 14
would be enough to sink most
any man. Coming as these
charges do amid a national
sexual reckoning that has already brought down many
powerful men hitherto thought
untouchable, they ought to be
even more potent.
But Mr. Moore is not sinking. To the contrary, at last
check the Real Clear Politics
polling average gives him a
2.6-point lead. A CBS News
poll released this past weekend
has him up by 6 points.
If Mr. Moore does win, it
will be despite calls by Republicans and conservatives for
him to step aside. The calls
have come from Republican
BOOKSHELF | By Allan Massie
ly
.
Roy Moore’s Liberal Enablers
signs that read: “I’m a woman,
where is my right to speak?”
It’s a good question. If women
of childbearing age aren’t allowed to question the ethics of
abortion without being bullied
and humiliated, who is?
Feminists try to shout
down even female
critics of abortion.
“Bodily autonomy is not up
for debate,” the Women’s
Campaign said in a statement
after the protest. But the
claim that abortion is a closed
question just isn’t true. Philosophical, legal and scientific
discussion of it dates to ancient Egypt and ancient
Greece. Within the university,
no issue of moral importance
should be shielded from examination. Abusing women
who try to have such conversations gives the lie to any
stated commitment to female
empowerment.
Yet pro-life women across
the West routinely face these
kinds of tactics. Earlier this
year the pro-life New Wave
Feminists were booted as
partners in the Women’s
March on Washington. In October, Katie Ascough, the president of the student union at
University College Dublin, was
impeached after removing
from a student handbook a
page of abortion information
that she says was illegal under
Irish law. Two months ago,
Rachael Harder, a pro-life
member of Canada’s Parliament, was blocked from leading the Status of Women Committee. Apparently positions
of power are open only to the
right kind of women.
This intolerance should
worry anyone who cares about
the future of feminism. When
defenders of abortion harass
and silence their ideological
opponents, they lose not only
the moral high ground but also
the opportunity to persuade. If
they’re confident in the moral
and intellectual superiority of
their position, what’s so distressing about another woman
who wants to think about it for
herself?
Some pro-choice activists
agree, such as Ann Furedi, CEO
of (in her words) “the unapologetic abortion provider, the
British Pregnancy Advisory Service.” In 2014 Ms. Furedi saw
pro-choice students trying to
stop people from attending an
abortion debate in Cambridge.
“When you try to silence someone,” she wrote, “you simply
tell the world that you fear
what they might say.”
It’s dishonest to call for society to “listen to women”
while shouting down those
with different views. Pro-life
women represent a variety of
backgrounds and experiences.
They deserve better than to be
censored, insulted and bullied
out of jobs. So yes, listen to
women—even ones with whom
you disagree.
Ms. Gurdon is a former
president of Oxford Students
for Life.
Charles I was courageous and intelligent but
lacked the common touch. His reign ended in
rebellion, civil war and his own execution.
To finance a war against the rebel Scots, Charles was
compelled, at last, to summon a Parliament. The opposition
followed a practice familiar since the Middle Ages: no funds
without redress of grievances. The parliamentary leaders
proceeded to dismantle the instruments of state that Charles
had inherited from Tudor despotism. Soon after, the king’s
most capable minister, the Earl of Strafford, was charged
with treason and sentenced to death. Charles reluctantly
consented to his execution as angry crowds besieged
Whitehall uttering threats against the Catholic queen.
The Revolution had achieved its aims—reducing the
king’s power and restoring Parliament’s—but the unity of
the parliamentarians began to crumble, and a Catholic
rebellion broke out in Ireland. It must be suppressed, but
who should command the army? The opposition would not
trust the king with it; and he would not surrender command.
Attempting to break the impasse, Charles invaded the
House of Commons seeking to arrest five leaders of the
opposition. Forewarned, they had fled. Charles left his
hostile capital. England was on the brink of civil war.
Ms. de Lisle’s account of the Revolution and the war is
excellent—clear, fair, sympathetic and detailed. She makes
the point early on that, contrary to what one might expect,
more than a third of the members of the House of Commons
adhered to the king. The royalists needed an early victory
and nearly secured it, but the longer the war lasted, the more
the advantage lay with the king’s enemies. They controlled
London and the treasury. The navy on which Charles had
lavished so much money deserted him. Then, in 1643, the
parliamentarians made a decisive military alliance with the
Scots, based on a promise to establish Presbyterianism in
both kingdoms (a promise they could not keep).
The war ended in complete defeat for Charles. Yet he
was still king and for three years negotiated with the
victors. Several times a compromise peace seemed possible.
Yet there were points on which he would not yield, and
when he was found to have encouraged a resumption of
hostilities—the short-lived Second Civil War of 1648—the
parliamentary leaders decided to put him on trial for his
life. “Until the last day of his trial he hoped he could yet
strike a deal,” Ms. de Lisle writes. “He had always
underestimated the ruthlessness of his enemies.”
She tells his story fairly and sympathetically while not
glossing over Charles’s weaknesses. Though she subscribes to
the judgment of Archbishop Laud that Charles was “a mild
and gracious prince who knew not how to be, or be made
great,” she grants him the stature of a tragic hero. As for the
victors in 1649, “Parliament had by then become a monster
that devoured its own,” Ms. de Lisle writes. The irony is that
the legal basis of the Restoration in 1660, when Charles’s
eldest son returned as king, was legislation from 20 years
before aimed at guiding England toward a parliamentary monarchy. The Civil War had been as unnecessary as it was cruel.
Mr. Massie is the author of “The Royal Stuarts: A History
of the Family That Shaped Britain.”
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
A18 | Tuesday, December 5, 2017
OPINION
LETTERS TO THE EDITOR
Mueller’s Credibility Problem
Education Loans Should Teach Responsibility
T
Supreme Rebuke for the Judiciary
law. The Supreme Court had already intervened
once to rebuke the lower courts over Mr.
Trump’s initial travel ban, but judges ignored
the warning and kept overturning modified versions with injunctions that blocked their implementation even before considering the merits.
Yet the executive has considerable latitude on
immigration and national security, as the Justices seem to recognize.
We don’t think the travel ban is wise or necessary policy, but opposition to a policy is not
justification for judges to ignore the law.
no
n-
he Supreme Court almost never intervenes in a case that appellate courts are
still considering, but on Monday it did
precisely that to allow President Trump’s third
travel ban to take effect. The 7-2 order granted
the Administration’s request to block the stay
of the ban that had been issued by judges in Hawaii and Maryland. The Fourth and Ninth Circuit Courts of Appeal had refused to block the
stay, and the Supremes intervened to grant it
after the Administration appealed.
This is an important moment for the rule of
L
“GOP Seeks Major Changes for Colleges” (U.S. News, Nov. 30) asserts
that congressional Democrats believe
that the best way to help students is
to provide them more direct subsidies
and then let them pay off what they
can afford for a set time, then forgive
the balances. As a current graduate
student, I understand the heavy burden of paying back student loans.
However, forgiving student loans fails
to prepare students for a realistic financial future. I am attending graduate school because I want to increase
my future earning potential, and that
comes with responsibility to pay for
that education. I’m making the sacrifice to take a loan now so that I can
still invest on the side, while also
paying my day-to-day bills.
Asking students to pay back only
“what they can afford for a set time”
discourages students from doing
whatever they can to make their payments. Additionally, simply forgiving
a loan isn’t how the real world works.
I can’t just make minimum payments
on my mortgage for a set time and
then be forgiven the loan after a
number of years. We’re sending the
wrong message to students by allowing debt forgiveness on student loans.
STEPHANIE TURO
Alexandria, Va.
I have a suggestion for an addition
to the higher-education bill: an option
to allow companies to offer a student-loan payment match as an alternative to the 401(k) match. Companies that have already committed to
match 401(k) contributions wouldn’t
be out additional funds. Students
would be able to pay off their loans
at a faster pace, and the government
(as guarantor of many student loans)
would benefit as well.
Students who are working and paying student loans often can’t afford to
also contribute to retirement accounts. Let this country be smart
about student loans and have companies contribute. After all, they are the
ones benefiting from the education
the students received. Companies
that are early adopters would also
gain a fantastic benefit for recruiting
new employees.
K.C. MORRISON
Fogelsville, Pa.
Navigating by Sight and Not by Electronics
A.P.D.G. Everett and Alex Berezow
assert that “the most likely threat”
to U.S. GPS satellites comes from a
possible Russian or North Korean
EMP attack in space (“If GPS Failed,
We’d Be More Than Lost,” op-ed,
Nov. 27). However, any such attack
would be indiscriminate, causing the
same harmful effects to Russia’s Glonass and China’s BeiDou positioning,
navigation and timing systems. Such
a nuclear explosion could also kill
Russian cosmonauts on the international space station and Chinese on
the Tiangong-2 station, if occupied
at the time. These factors suggest
that such an EMP attack is probably
the least likely adversary tool for
degrading the U.S. GPS system. Signal spoofing and regional-area jamming are far more likely and, fortunately, much less harmful adversary
countermeasures.
PROF. CLAY MOLTZ
Naval Postgraduate School
Monterey, Calif.
In early 1983, when I was navigator aboard a Coast Guard cutter,
our ship was diverted to the deep
southern Caribbean. GPS wasn’t yet
available, and both Loran and
Omega systems were unreliable
south of the Greater Antilles. No
nearby islands either. So it was
back to the sextant and the sun and
stars for a week.
We had to rendezvous with another ship at a specific point. That
ship, relying on electronic signals
only, wound up 66 miles from the
agreed position. We had ascertained by a four-star sight reduction that we were in the proper
place. Captain Cook would have
smiled.
Today most of us technologically
subservient moderns get around by
looking at an electronic display or
listening to an anonymous voice in a
box. There will come a reckoning.
RAYMOND J. BROWN, CAPT. USCG (RET.)
Londonderry, N.H.
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onald Trump is his own worst enemy, FBI investigation. The public has a right to know
as his many ill-advised tweets on the whether the Steele dossier inspired the Comey
weekend about Michael Flynn, the FBI probe, and whether it led to intrusive governand Robert Mueller’s Russia
ment eavesdropping on camThe special counsel is paign satellites such as Carter
probe demonstrate. But that
doesn’t mean that Mr. Mueller
stonewalling Congress Page.
and the Federal Bureau of InAll of this reinforces our
and protecting the FBI. doubts about Mr. Mueller’s
vestigation deserve a pass
about their motives and methability to conduct a fair and
ods, as new information raises
credible probe of the FBI’s
troubling questions.
considerable part in the Russia-Trump drama.
The Washington Post and the New York Mr. Mueller ran the bureau for 12 years and is
Times reported Saturday that a lead FBI investi- fast friends with Mr. Comey, whose firing by Mr.
gator on the Mueller probe, Peter Strzok, was Trump triggered his appointment as special
demoted this summer after it was discovered counsel. The reluctance to cooperate with a conhe’d sent anti-Trump texts to a mistress. As gressional inquiry compounds doubts related to
troubling, Mr. Mueller and the Justice Depart- this clear conflict of interest.
i
i
i
ment kept this information from House investiMr. Mueller’s media protectorate argues that
gators, despite Intelligence Committee subpoenas that would have exposed those texts. They anyone critical of the special counsel is trying
also refused to answer questions about Mr. to cover for Mr. Trump. But the alleged TrumpStrzok’s dismissal and refused to make him Russia ties are the subject of numerous probes—
Mr. Mueller’s, and those of various committees
available for an interview.
The news about Mr. Strzok leaked only when in the House and Senate. If there is any evidence
the Justice Department concluded it couldn’t of collusion, Democrats and Mr. Mueller’s agents
hold out any longer, and the stories were full of will make sure it is spread far and wide.
Yet none of this means the public shouldn’t
spin that praised Mr. Mueller for acting
“swiftly” to remove the agent. Only after these also know if, and how, America’s most powerful
stories ran did Justice agree on Saturday to law-enforcement agency was influenced by Russia or partisan U.S. actors. All the more so given
make Mr. Strzok available to the House.
This is all the more notable because Mr. Mr. Comey’s extraordinary intervention in the
Strzok was a chief lieutenant to former FBI Di- 2016 campaign, which Mrs. Clinton keeps saying
rector James Comey and played a lead role in- turned the election against her. The history of
vestigating alleged coordination between the the FBI is hardly without taint.
Deputy Attorney General Rod Rosenstein,
Trump campaign and Russia during the 2016
election. Mr. Mueller then gave him a top role who appointed Mr. Mueller, is also playing an
in his special-counsel probe. And before all this increasingly questionable role in resisting conMr. Strzok led the investigation into Hillary gressional oversight. Justice has floated multiClinton’s emails and sat in on the interview she ple reasons for ignoring House subpoenas, none
gave to the FBI shortly before Mr. Comey pub- of them persuasive.
First it claimed cooperation would hurt the
licly exonerated her in violation of Justice DeMueller probe, but his prosecutions are propartment practice.
Oh, and the woman with whom he suppos- ceeding apace. Then Justice claimed that proedly exchanged anti-Trump texts, FBI lawyer viding House investigators with classified mateLisa Page, worked for both Mr. Mueller and dep- rial could hurt security or sources. But House
uty FBI director Andrew McCabe, who was ac- Intelligence Chairman Devin Nunes has as broad
cused of a conflict of interest in the Clinton a security clearance as nearly anyone in governprobe when it came out that Clinton allies had ment. Recently Justice said it can’t interfere
donated to the political campaign of Mr. Mc- with a probe by the Justice Department InspecCabe’s wife. The texts haven’t been publicly re- tor General—as if an IG trumps congressional
leased, but it’s fair to assume their anti-Trump oversight.
Mr. Nunes is understandably furious at the
bias must be clear for Mr. Mueller to reassign
Strzok news, on top of the other stonewalling.
such a senior agent.
There is no justification for withholding all He asked Justice to meet the rest of his commitof this from Congress, which is also investigat- tee’s demands by close of business Monday, and
ing Russian influence and has constitutional if it refuses Congress needs to pursue contempt
oversight authority. Justice and the FBI have citations against Mr. Rosenstein and new FBI Dicontinued to defy legal subpoenas for docu- rector Christopher Wray.
The latest news supports our view that Mr.
ments pertaining to both surveillance warrants
and the infamous Steele dossier that was fi- Mueller is too conflicted to investigate the FBI
nanced by the Clinton campaign and relied on and should step down in favor of someone more
credible. The investigation would surely conanonymous Russian sources.
While there is no evidence so far of Trump- tinue, though perhaps with someone who doesn’t
Russia collusion, House investigators have think his job includes protecting the FBI and Mr.
turned up enough material to suggest that anti- Comey from answering questions about their
Trump motives may have driven Mr. Comey’s role in the 2016 election.
ly
.
D
REVIEW & OUTLOOK
The Trial Bar’s Tax Break
indsey Graham appears to work for the the Ninth Circuit, reinforcing that gross-fee
trial bar on political retainer, and last contracts are structured “to provide the attorweek the South Carolina Republican ney with a percentage of recovery sufficient
stripped the Senate tax bill of
to cover advanced expenses.”
Lindsey Graham
a provision that eliminated a
No other circuit has adopted
contingency-fee carve-out for
the Ninth’s opinion, and
preserves a carve-out
plaintiff attorneys on the
other tax courts have susfor his plaintiff pals.
West Coast.
tained the IRS position.
The IRS has long held that
The Ninth Circuit’s tax dislegal expenses incurred by
pensation subsidizes litigaattorneys in contingency-fee lawsuits are tion and can reduce legal costs by up to 40%.
loans and thus not deductible. Attorneys front Plaintiff attorneys are more likely to file dubithe costs for depositions, expert witnesses ous lawsuits—and drag out cases—when they
and discovery in expectation that they’ll re- can immediately deduct expenses. Democrats
coup their expenses when cases settle or their unsuccessfully sought to extend the Ninth Circlients win. On the rare occasion with no re- cuit’s contingency-fee tax break nationwide in
covery, attorneys may deduct expenses as they 2008 with legislation and later petitioned the
would a bad loan.
Obama IRS to do so by fiat. But businesses
Tax courts have consistently upheld this in- howled, so the plaintiff attorney carve-out is
terpretation, as have federal appellate courts still limited to Ninth Circuit states.
dating to the 1930s. But in 1995 the Ninth CirThe House tax bill includes a provision
cuit Court of Appeals indulged a creative Cali- that would codify the IRS’s interpretation of
fornia lawyer who sought to reduce his tax bill advanced fees as loans, which would create
by drawing a dubious distinction between con- parity throughout the U.S. and yield $500
tingency net-fee and gross-fee lawsuits.
million in revenues over the next decade.
In net-fee arrangements, attorneys are first While the original Senate bill included a simireimbursed for their expenses from their cli- lar provision, Mr. Graham pulled some strings
ent’s recovery and then receive a share of the and got it removed in the final manager’s
remainder. Gross-fee contracts merely entitle amendment.
attorneys to a percentage of the recovery,
A spokesperson for Mr. Graham says that
which is supposed to cover litigation expenses. “disallowing a deduction for those expenses
This is a distinction without a legal or pecuni- disincentivizes equal access to justice for those
ary difference since both arrangements allow of limited financial means.” Does the Senator
attorneys to recoup expenses.
really believe that individuals in Florida or
The Ninth Circuit in Boccardo v. Commis- New York have less access to the justice system
sioner of Internal Revenue (1995) broke with than they do in California and Hawaii?
precedent and allowed attorneys to immediThe House-Senate tax conference commitately deduct expenses they incur in gross-fee, tee should adopt the House provision, which
but not net-fee, contingency contracts. But the is likely to be the most significant tort reform
IRS instructed staff to apply Boccardo only in that Republicans pass this Congress.
Trump’s Foreign Policy Isn’t a Huge Change
In “The Peril of Trump’s Populist
Foreign Policy” (op-ed, Nov. 29), Robert B. Zoellick raises the alarm on
President Trump’s foreign policy.
Where was this article during the
past nine years? Mr. Zoellick says
that Mr. Trump is breaking with postwar presidents of both parties dating
back to Harry Truman. Was President
Obama’s further destabilization of the
Middle East and the measures taken
to strengthen Iran in keeping with
U.S. policy? Was the Syrian crisis,
which resulted in the largest mass
migration since World War II in
America Is Right to Exploit
Its Energy for Diplomacy
Regarding your editorial “America’s New Energy Diplomacy” (Nov.
28): Finally, after years of President
Obama’a delays in authorizing the export of natural gas, we are seeing
fruit. Not unlike the Keystone pipeline for liquids, natural gas is a
cleaner and safer alternative to other
fossil-fuel choices, e.g., coal.
The real irony of this story lies in
the fact that Europe, including Poland, has shale reserves. For a variety
of reasons, primarily bureaucratic,
shale fracturing isn’t a reality. This is
good for the U.S. and bad for Europe
and Russia.
Editorials like this need to be read
from the perspective of comparative
economics and business. Poland
doesn’t want to buy Russian gas. Poland has shale natural-gas reserves.
Poland can’t figure out how to produce its own gas. Thus Poland purchases gas from the U.S. What a great
country America is.
STEVE SZYMCZAK
Spring, Texas
Ignorance Is Not an Excuse
Regarding Daniel Brady’s Nov. 25
letter about Brady orders: How in a
country whose citizens are held to a
standard of “ignorance of the law is
no excuse,” with a legal code running
to the hundreds of thousands of criminal laws, do prosecutors—officers of
the court—get a pass because a judge
didn’t remind them of the law about
turning over exculpatory evidence to
the defense at the beginning of a trial?
JARED GORDON
New York
Letters intended for publication should
be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
or emailed to wsj.ltrs@wsj.com. Please
include your city and state. All letters
are subject to editing, and unpublished
letters can be neither acknowledged nor
returned.
which Mr. Obama threatened but abdicated a U.S. role, in keeping with
previous presidential policy? Mr.
Zoellick seems to believe that other
countries can no longer rely on
American leadership since the election of Donald Trump. I suppose
North Korea has only been a concern
for U.S. foreign policy for the past
year?
JOE HODGE, CAPT. USN (RET.)
Pensacola, Fla.
Mr. Zoellick’s ridicule of President
Trump’s foreign policy misses one
point: The train of American world
leadership has left the station and is
not coming back. The world has
changed. It is multipolar and nuclear.
It has no precedent. Balance of
power will not work. Pope Francis offers an alternative. Donald Trump
has chosen personal ties with heads
of state instead.
JOSEF BURGER
Wausau, Wis.
Maybe the Lesson From U.K.
Politics Is a Different One
Joseph C. Sternberg argues that
“expanding the [economic] pie is the
only fail-safe way to ensure everyone gets a bigger piece (“Theresa
May’s Warning for the Republican
Party,” Political Economies, Nov.
24). Is it? Perhaps the reason people are turning to politicians like
Bernie Sanders and Jeremy Corbyn
is that the pie has been expanding,
but nearly all the gains are swallowed by the very wealthy. Income
inequality is at its worst since the
Gilded Age. Growing the pie isn’t
the problem; sharing the pieces is.
BART BROOKS
Hoboken, N.J.
Pepper ...
And Salt
THE WALL STREET JOURNAL
“Is there anything at the hardware
store you’d like for Christmas?”
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Tuesday, December 5, 2017 | A19
OPINION
To Spur Homeownership, Stop Subsidizing It
second homes. In conference, House
negotiators should push their Senate
counterparts to adopt the lower
threshold.
How would the House’s approach
affect the housing supply? In three
ways. First, the stock of second
homes totals some six million units;
eliminating the interest subsidy on
second homes would cause demand
for the existing stock to decrease.
Most second homes could also be
used as a primary residence, either
of the tax code provides other important benefits. The percentage of mortgage holders who itemize would drop
from about 60% to 12%. This would
free nearly half of mortgaged homeowners from a massive federal tax incentive hanging over their financial
decisions, thereby greatly reducing
the market-distorting impact produced by the interest deduction.
Moreover, the cost per square foot
of financing expensive houses would
rise as big mortgages lose their tax
subsidy. Some households that might
otherwise buy such homes will buy
cheaper or smaller homes instead,
thereby reducing the capital allocation
distortion of the subsidy. Others will
borrow less to buy their home, reducing the inflationary impact of leverage
on home prices.
The doubling of the standard deduction (this is in the Senate bill, too)
will have a similar effect on financing
homes in the $150,000 to $400,000
range. More buyers in this price
range will take the larger standard
deduction instead of deducting their
mortgage interest. The reduction in
the tax subsidy for these homes will
once again lead some households to
consider smaller or cheaper options,
or else borrow less, with the same
benefits noted above.
Religious Freedom Is for Christians, Too
C
an the government in America
force a Christian baker to design a cake celebrating a
same-sex wedding? That’s the question before the U.S. Supreme Court
Tuesday. The dispute in Masterpiece
Cakeshop v. Colorado Civil Rights
Commission comes on the heels of
two other high-profile religiousfreedom cases involving Christians—
Burwell v. Hobby Lobby (2014), in
which the court said a business
couldn’t be forced to pay for contraception in violation of its owners’
religious beliefs, and Zubik v. Burwell, which effectively said the same
thing about religious nonprofits, including the Roman Catholic order
Little Sisters of the Poor.
Why Hindus, Muslims,
Native Americans and
other minorities root for
Masterpiece Cakeshop.
no
This cluster of Christian cases
has prompted critics on the left to
claim we’ve entered a new phase
in the pursuit of “religious freedom”—scare quotes required.
Gone are the days when religious
freedom was primarily a shield for
protecting Jews, Hindus, Muslims,
Native Americans and other religious minorities. Now, these critics claim, “religious freedom” is a
sword for imposing Christian values, particularly on matters of
sex.
A new study that Rachel Busick
and I conducted demonstrates that
the truth is precisely the opposite.
We examine a comprehensive database of more than 10,000 federal
cases decided in the past five
years. We look at how many religious freedom cases are in court,
who is bringing them, and how often they win. The results are
striking.
First, religious-freedom cases
are rare, only 1% of all cases in
federal court. Half of those involve
inmates challenging prison policies or asylum seekers claiming
religious persecution at home. Religious-freedom cases involving
nonincarcerated citizens are less
than 0.5% of federal cases.
Successful religious freedom
claims are even rarer. Many claims
are dismissed on procedural grounds
before a ruling on the merits of the
claim. Of those that remain, the majority still lose.
The 10th U.S. Circuit Court of
Appeals decided both the Hobby
Lobby and Little Sisters of the Poor
cases before the justices took them
up. The 10th Circuit decided more
than 10,000 cases in the past five
years. Aside from those regarding
the contraception-mandate, there
were only four victorious claims of
religious freedom.
None of them involved Christian
issues. The four victories were for
Muslims challenging an anti-Shariah law, Native Americans challenging a ban on killing eagles, reality TV stars challenging a ban
on polygamy and atheists challenging a Ten Commandments
monument.
Most strikingly, a disproportionate share of religious freedom cases
are brought by non-Christian minorities. The proportion of religious-freedom cases brought by
Hindus was five times their share
of the population in the six states
under 10th Circuit jurisdiction. The
factor was 10 for Native Americans
and 17 for Muslims. The most
underrepresented group? Christians, who were involved in only
one-fourth as many cases as their
share of the population.
That means that religious freedom protections remain especially
important for non-Christian minorities. But it also raises a question:
Why is there so much hand-wringing
about a handful of religious-liberty
cases brought by Christians?
This is because the political left
applies a double standard. If religious liberty is invoked by a favored minority, it is legitimate. But
if it is invoked by a Christian with
traditional moral views, it is seen
as an excuse for hate. Progressives
engage in culture-war bullying
when religious liberty would stand
in the way of their social views.
One of the Colorado state commissioners in Masterpiece Cakeshop
called the Christian baker’s religious-freedom claim “one of the
most despicable pieces of rhetoric
n-
By Luke W. Goodrich
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Rupert Murdoch
Robert Thomson
Executive Chairman, News Corp
Chief Executive Officer, News Corp
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Editor in Chief
Matthew J. Murray
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Lower prices due to loss of
subsidies will ultimately allow
more low-wealth Americans to
become homeowners, since
less cash will be needed to
close a purchase. Rents will remain roughly constant as
house prices decline, thus reducing the cost of homeownership compared with renting—
another positive outcome.
Recent research by economists
from the Federal Reserve and
American University found
that the combined impact of
these effects would cause
prices to fall and homeownership rates to rise.
As an added bonus, reducing the subsidization of mortgage debt would reduce the
need for taxpayer-backed
mortgage debt. In 2016 about
one-third of Fannie and Freddie’s business involved mortgages greater than $500,000,
second homes, or cashing out
home equity. The same is true
of one-sixth of the Federal Housing
Administration’s business. These activities could likely be scaled back.
Importantly, the resulting shrinkage in the $6.7 trillion pool of outstanding government-guaranteed
mortgage debt will lead to lower
Treasury rates as competition with
Treasury debt is reduced. Mortgage
interest rates will also go down, as
Treasury rates and mortgage rates
are highly correlated.
Finally, the reduction in subsidies
could result in lower overall mortgage leverage and slower growth in
home prices and therefore result in
greater financial stability. Now is a
particularly good time to make this
change. According to the National Association of Realtors, existing home
sales have been in a seller’s market
for 62 straight months. This is true
even at the higher price end of the
home market.
It is time to put the interests of
taxpayers and aspiring homeowners
ahead of the interests of the housing
lobby. Tax reform—especially if the
final bill fully implements the House’s
subsidy cuts—will improve the housing market and make homeownership
more accessible to all.
ly
.
The House tax bill would
create about 870,000
newly available housing
units over the next decade.
DAVID GOTHARD
T
ax reform could make housing more affordable. Done
correctly, it could increase
the supply of homes by reducing federal tax subsidies
for homeownership. The House’s Tax
Cuts and Jobs Act furthers this aim in
several ways—by raising the standard
deduction, capping new loans qualifying for the mortgage-interest deduction at $500,000, eliminating the deduction on loans for second homes
and the deduction on cashing out
home equity, and capping the property-tax deduction at $10,000.
The Senate’s version contains
some of these provisions, but it
leaves the mortgage-interest deduction intact at $1 million and retains
tax deductibility for mortgages on
for a new buyer or as a primary home for the current
owner after retirement. A
conservative estimate is that
over 10 years 600,000 second
homes, or 10% of this stock,
will convert to use by a primary resident.
Second, demand for newly
built second homes would decrease. I estimate that second
homes constitute about 62,000
units annually, or 10% of newhome construction. If demand
were reduced by 25%, or
15,000 units, builders, in an effort to maintain volume, would
choose instead to build more
homes targeted for primary
occupancy. That represents
another 150,000 units added to
supply over 10 years.
Third, the demand for
newly built homes costing between $625,000 and $1.25
million would go down, since
mortgage interest would no
longer be fully deductible (assuming the standard 20% down payment). In the past year an estimated
50,000 such homes have been built. If
annual demand were reduced by 25%,
or 12,000 units, builders would likely
choose to replace these with less expensive homes, adding another
120,000 lower-cost units to the housing supply over 10 years.
In total, it is reasonable to forecast
that the House tax bill would create
about 870,000 additional available
units over 10 years. This represents a
boost of 14% (the current build rate
will yield about 6.2 million units over
10 years).
Cutting homeowner subsidies out
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
By Edward Pinto
William Lewis
Chief Executive Officer and Publisher
DOW JONES MANAGEMENT:
Mark Musgrave, Chief People Officer;
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Anna Sedgley, Chief Operating Officer;
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DJ Media Group:
Almar Latour, Publisher;
Kenneth Breen, Commercial
Professional Information Business:
Christopher Lloyd, Head;
Ingrid Verschuren, Deputy Head
that people can use—to use their
religion to hurt others.”
But if religious liberty means
anything, it means the right to live
according to your beliefs when most
people think you are wrong.
So when Jack Phillips, the owner
of Masterpiece Cakeshop, stands before the Supreme Court Tuesday, he
may have some unlikely allies rooting for him: non-Christian religious
minorities. Those groups know better than anyone that religious liberty
protects the “right to be wrong.”
They have been the main beneficiaries of religious liberty victories in
the past, and they will be in the future. You might say a victory for
Masterpiece Cakeshop would be a
victory for everyone.
Mr. Goodrich is deputy general
counsel at the Becket Fund and represented Hobby Lobby and the Little
Sisters of the Poor. He is a co-author
of a new study, “Sex, Drugs, and Eagle Feathers: An Empirical Study of
Federal Religious Freedom Cases.”
60 YEARS OF ADVENTURE
AND DISCOVERY
Mr. Pinto is a co-director of the
American Enterprise Institute’s Center on Housing Markets and Finance.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
A20 | Tuesday, December 5, 2017
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For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
TECHNOLOGY: APPLE APP DELVES INTO MATTERS OF THE HEART B5
BUSINESS & FINANCE
S&P 2639.44 g 0.11%
S&P FIN À 1.55%
* * * *
S&P IT g 1.93%
THE WALL STREET JOURNAL.
DJ TRANS À 1.79%
WSJ $ IDX À 0.16%
Tuesday, December 5, 2017 | B1
LIBOR 3M 1.508
CVS Deal Is Leap of Faith
Aetna tie-up creates
health company not
built around key cost
gatekeepers: doctors
BY ANNA WILDE MATHEWS
AND SHARON TERLEP
CVS Health Corp. and Aetna
Inc. are attempting to create
something with little precedent: an integrated health-care
enterprise that isn’t built
around doctors.
The combination of the two
companies, in a deal valued at
$69 billion and announced Sun-
day, is supposed to bring together Aetna’s patient data and
CVS’s sprawling network of
nearly 10,000 brick-and-mortar
sites to squeeze out costs while
improving care and convenience.
But no major health-care
company has tried to build a
vertical system around the
combination of drugstores, insurance and pharmacy-benefit
management, the main businesses of CVS and Aetna, experts said. The merged company will lack a strong
foundation of its own doctors,
who make many of the decisions that influence both costs
and quality of care.
CVS Chief Executive Larry J.
Merlo said Monday that the
company will consider adding
its own physicians, and it will
coordinate closely with patients’ existing doctors to fill
gaps in their care. “Everything
that we’re talking about is a
complement to the care that is
provided for by the physician,”
Mr. Merlo said Monday in a call
with analysts.
Creating the new setup will
be a heavy lift operationally, according to experts including
managed-care veterans. A company doesn’t have to own every
part of the health-care food
NIKKEI (Midday) 22611.61 g 0.42%
Warnings
The SEC has raised concerns over initial coin offerings as monthly ICO
proceeds build.
chain to achieve gains from
vertical
integration,
said
George Halvorson, former chief
executive of Kaiser Permanente, the large insurer and
health-care provider. But, he
said, “the question is implementation.” For instance, he
said, information such as prescription renewals and test results needs to flow easily to all
of those who help care for a patient, including doctors.
Other vertical operators in
health care have taken a different path. Major Aetna competitor UnitedHealth Group Inc.
owns a growing roster of docPlease see CVS page B2
$800 million
3
2
1
600
400
200
0
J
F
M
1
A
M
European startups have less
financing available, and from
smaller funds, than their U.S.
counterparts do.
U.S.
Venture-capital funds raised
€40 billion
July 25
Warns that
some coin
deals may
be securities
Sept. 25
Forms cyber
unit for digital
currencies and
ICOs
The Securities and Exchange Commission on Monday announced its first-ever
enforcement action by its new
cyber unit against an initial
coin offering, alleging a Canadian company violated U.S. securities laws in raising $15
million through this new, redhot area of finance.
Charges against the company, described by the agency
as a “scam” run by a “recidivist Canadian securities law
violator,” were brought by the
unit as it looks to crack down
on potential abuse in the
cryptocurrency arena.
The SEC alleged that PlexCorps violated securities laws
by marketing and selling up to
$15 million worth of cryptocurrencies, also called PlexCoins, to investors in the U.S.
and elsewhere.
The
commission
also
charged Dominic Lacroix and
Sabrina Paradis-Royer, the
company’s founders, in connection with the sale.
The SEC said it had obtained an emergency court order to freeze the assets of
PlexCorps and the two individuals.
In July, the Financial Markets Administrative Tribunal
of Quebec banned PlexCorps
and Mr. Lacroix from all investment-related activities
targeted at Quebec residents.
In October, Quebec’s Superior
Court declared the company
and Mr. Lacroix in contempt
of court, finding the defendants continued to market and
solicit investments in PlexCorps.
The company, Mr. Lacroix
’09
’11
’13
’15
Avg. venture-capital fund size
€300 million
200
JOHN NGUYEN/ZUMA PRESS
100
0
2012 ’13
’14
’15
’16
Note: €1 = $1.19
Source: Invest Europe
THE WALL STREET JOURNAL.
AIMING HIGH: The European Union is working on a $2.38 billion fund to help tech startups gain the scale to compete internationally.
The seed money would be part of a public-private operation to bring new products to the global marketplace. B4
load the app on a child’s tablet
computer or smartphone and
activate and control it from
their own Facebook account,
including who is on the child’s
contact list.
Facebook, which owns the
Messenger messaging app,
said it consulted child-development and online-safety experts, the parent-teacher organization National PTA and
thousands of parents as it developed Messenger Kids. There
will be no advertising on the
app and Facebook said it
won’t create separate Facebook accounts for the youngsters. The only data the company will collect on them will
no
BY BETSY MORRIS
AND DEEPA SEETHARAMAN
n-
Facebook Offers App for 6-Year-Olds
Facebook Inc. said it is rolling out a new messaging app
for its youngest audience yet—
children between the ages of 6
and 12—in response to growing safety concerns from parents. But experts are questioning whether such young
children are ready for any social-media access.
Messenger Kids, released
Monday, is a stand-alone chat
and messaging app that allows
children to send texts, messages and videos to a list of
contacts their parents have
approved. Parents can down-
be their names. “What parents
told us is there is a clear need
for a service that looks like a
responsible on-ramp to the internet,” said Facebook spokesman William Nevius.
But the app also stands to
help Facebook attract future
users in a demographic group
in which it has been vulnerable. Facebook hasn’t been as
popular with teens and young
adults as Snap Inc.’s Snapchat.
Messenger Kids looks a lot like
Snapchat, in that it offers silly
masks and other Snap-like features—even one like the popular rainbow-vomit filter.
Children are spending increasing amounts of time on
smartphones and tablets at
younger ages, Facebook and
other researchers say. But
Facebook doesn’t allow children under 13 to have accounts without parental consent. Messenger said it won’t
migrate the Kids users to the
main app when they turn 13.
Other tech platforms have
created products for children,
including YouTube, a part of
Alphabet Inc.’s Google. The
YouTube Kids service, launched
almost three years ago, drew
criticism as hosting videos inappropriate for children, but
that garnered millions of
views. The videos included aniPlease see APP page B4
With Changes Afoot, Focus on Adjustments
just withholding to avoid underpayment penalties.
Some tax changes are almost certain, such as the repeal of state and local income-tax deductions. Other
parts of the two bills are far
apart.
Alternative minimum
tax. The Senate bill retains
the alternative minimum tax,
or AMT, for individuals. This
levy could sting many, as it
is projected to raise $133 billion over 10 years. The
House bill repeals the AMT.
The AMT is a parallel tax
system that rescinds the
benefit of some tax breaks,
such as for property taxes or
medical expenses.
Joe Rosenberg, an analyst
with the Tax Policy Center,
estimates that the Senate’s
lower tax rates alone could
propel some couples earning
between $300,000 and
$750,000 into the AMT.
Pass-through proposals. The two bills have fundamentally different approaches for businesses such
as partnerships and S corporations that pass income
through to owners’ tax returns, says Dustin Stamper, a
director with Grant Thornton. Some in the Trump administration favor the Senate’s approach because it
costs less and is easier to
administer.
The House bill taxes a
portion of income at 25%,
but it isn’t available to many
service professionals such as
accountants, architects or
doctors. It also cuts the rate
for some lower-earning
small-business owners. The
Senate bill allows passthrough owners to deduct
23% of business income, and
it is available to some service professionals. It has
complex limits, however.
Mortgage-interest deductions. The Senate bill preserves current law, which allows interest deductions on
a total of $1 million of mortgage debt on up to two
Please see TAX page B2
N
Nov. 1
Warns celebrities
over coin-offering
endorsements
and
Ms.
Paradis-Royer
couldn’t immediately be
reached for comment. A Facebook page for PlexCorps was
active as recently as Friday.
The action against PlexCorps indicates the SEC’s interest in pursuing potential
fraud in the mushrooming
area of digital coin offerings.
Private firms have raised
more than $3 billion this year
by selling new cryptocurrencies, according to research
firm CoinDesk.
This area of finance is
largely unregulated, and many
companies involved aren’t
based in the U.S. or say that
the offerings aren’t open to
U.S. investors.
Initial coin offerings don’t
typically offer equity in a
company issuing them. Rather,
the offerings are more like
crowdfundings, usually offering buyers of digital tokens
the right to use them at some
future date to buy a product
or service the company plans
to develop.
The SEC has said it is focused on the prospects for
fraud in such sales as well as
the possibility that startups
will sell tokens that should be
registered as securities.
The commission formed its
cyber unit in September to focus on the area of cryptocurrencies.
In the PlexCorps action, the
SEC alleged the company
promised investors that their
money would be going toward
development of a new cryptocurrency along with related
products.
Investors were also promised a return of 1,354% over
29 days on their investment.
INSIDE
TAX REPORT | By Laura Saunders
Even
though the
Senate and
House of Representatives
have passed
tax bills with a host of differences, many Americans
should start to examine how
they will adjust their paychecks.
Following the Senate’s
passage of its sweeping revisions to the U.S. tax code
last week, it is now up to a
small group to reconcile the
two bills.
Most provisions in both
tax bills would take effect Jan. 1, which means
many people will need to ad-
O
SEC Cyber Unit
Alleges Scam
In Coin Offering
20
0
S
THE WALL STREET JOURNAL.
BY PAUL VIGNA
2007
A
Sept. 29
Files charges over
fraudulent promotion
of purported real-estate
coin offering
30
10
J
3
co Fo
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ci on
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Kick-Starting Tech Development in Europe
J
2
Source: CoinDesk
Europe
See more at WSJMarkets.com
ly
.
© 2017 Dow Jones & Company. All Rights Reserved.
RECKONING
LOOMS
FOR BITCOIN
BROADCOM
STEPS UP FIGHT
AT QUALCOMM
STREETWISE, B12
MOBILE, B3
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B2 | Tuesday, December 5, 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.
E-F
N
eBay.............................B4
Facebook......................B1
Nokia...........................B4
Nuance Communications
...................................A12
NXP SemiconductorsB13
Bank of America . B2,B12
Barclays.....................B12
Betterment ............... B12
Broadcom.............B3,B13
C
Cardiogram..................B5
Cboe Global Markets B12
China Evergrande Group
.....................................B7
Cisco Systems ............ A4
CME Group................B12
Cornell Capital ............ B7
Crown Resorts............B6
CVS Health..........B1,B13
D
Dianrong.com..............B4
Discovery
Communications.......B3
Dollar General.............A1
Dollar Tree................A12
O-P
Oracle..........................A4
Panasonic..................B13
Pine Brook Partners...B7
Q-R
Qualcomm............B3,B13
Recreational Equipment
.....................................B2
H
S
Harpo...........................B3
Hartford Financial
Services Group ......... B7
Samsung SDI............B13
SoftBank Group..........B4
Sun Life Financial.......B7
I-J
T
Intel.............................A4
J.P. Morgan Chase....B12
J. Safra Group.............B7
Tesla..........................B13
TRB Advisors..............B7
21st Century Fox........B4
K-L
U
Kaiser Permanente.....B1
LendingClub.................B4
LG Chem....................B13
L.M. Ericsson Telephone
.....................................B4
UBS Group...................B2
UniCredit...................B12
UnitedHealth Group....B1
V
Visa.............................A4
M
W
Media Rights Capital..B3
Microsoft...............A4,B4
Morgan Stanley...B2,B12
Wal-Mart Stores......A12
Wells Fargo...............B12
Woodbridge Group......B6
INDEX TO PEOPLE
B
Bailey, Andrew..........B12
Ballinger, Brandon......B5
Barnier, Michel ......... B12
Bernstein, Rachel
Witlieb......................B4
Bertolini, Mark T. ....... B2
Boylan, John...............B2
Burns, Lawton RobertB2
C-E
Choi, Jimmy................B7
Crone, Nathan E. ........ B5
Elhage, Samih.............B3
Ellinghaus, Uwe..........B4
F-G
Fernandez, Raul J.......B3
Geltzeiler, Michael S..B3
Girsky, Stephen J. ...... B3
Golden, David G..........B3
H
Hagen, Veronica M.....B3
Halvorson, George......B1
Hassan, Naureen ...... B12
Hauser, Herman..........B4
Henderson, Jeffrey.....B3
Hill, Julie A.................B3
Htite, Soul...................B4
K
Kispert, John H...........B3
Kocher, Robert............B2
M
McFarlane, John........B12
McLaughlin, Mark.......B3
Merlo, Larry..............B13
Merlo, Larry J.............B1
Moedas, Carlos...........B4
Montag, Tom.............B12
N
Nevius, William..........B1
Newman, Fredric S.....B4
Nysschen, Johan de....B4
O
Radesky, Jenny...........B4
Reyes, Gregorio .......... B3
S
Lautenschläger, Sabine
...................................B12
Sacconaghi, Toni.........B5
Sieg, Andy...................B2
Spacey, Kevin..............B3
Steele, Glenn .............. B2
T
Tan, Hock .................... B3
Tsai, David .................. B7
V
Vinciquerra, Anthony J.
“Tony”.......................B3
Volpe, Thomas S.........B3
W
Winklevoss, Cameron
...................................B13
Winklevoss, Tyler.....B13
Wong, Charlene .......... B5
O'Reilly, Bill................B4
P-R
Pierre, Jean...............B12
Y-Z
You, Harry L................B3
Zuckerberg, Mark ..... B13
Merrill Will Adhere
To Recruitment Pact
CVS
no
Merrill Lynch will remain
part of a recruiting pact that
its biggest competitors have
recently abandoned, a move
that may help the firm in retaining and recruiting at a
time when Wall Street brokerages are under threat from independent rivals.
Under the 2004 recruiting
pact—known as the Protocol
for Broker Recruiting—departing brokers are limited to taking names, addresses, phone
numbers and email addresses
of “clients that they serviced
while at the firm.” Firms that
aren’t party to the pact are
able to make it tougher for departing brokers to bring clients with them through litigation and by temporary
restraining orders.
“While other firms are focused on leaving the broker
protocol as a way of retaining
advisers and clients, we’re staying focused on making sure that
our advisers have everything
they need to serve their clients
and grow their businesses,”
Andy Sieg, head of Merrill
Lynch Wealth Management,
said in a conversation with his
leadership team, according to a
person familiar with it.
Mr. Sieg told leaders that
Merrill, a unit of Bank of
America Corp., is asking advisers, “in turn, to concentrate
on two things: first, to help
existing clients achieve their
financial goals, and second, to
acquire new client relationships.” A spokeswoman confirmed the conversation.
n-
BY LISA BEILFUSS
Continued from the prior page
tor practices, surgery centers
and urgent-care clinics, as well
as the nation’s biggest insurer
and a major pharmacy-benefit
manager.
Big integrated players such
as Kaiser Permanente and Geisinger Health System bring together the full spectrum of
health-care services, including
health plans, hospitals, clinics
and physicians. Large hospital
systems have been buying up
doctor practices, as well as
merging with one another.
“It’s much harder to have a
cost and quality advantage if
you’re owning an ancillary part
of the health-care delivery system, not the main part,” said
Robert Kocher, a partner at
venture-capital firm Venrock.
CVS has around 1,100 retail
clinics in its stores, with nurse
practitioners and physician assistants offering services such
as vaccinations. But it is doctors who traditionally stand at
the center of patients’ care.
Doctors write prescriptions, order imaging scans, make referrals and recommend treatments. They also play a littleknown but hugely important
role in documentation and
other practices needed for insurers to generate profits in the
increasingly central Medicare
business.
“The reason individual doctors are so credible is because
patients are generally pretty
happy with their individual
doctors. That’s a huge advan-
On a cool day in October,
Joe Clark and other North
Carolina credit-union executives met on Capitol Hill, reviewed talking points, and
headed to the first of 15
scheduled meetings in a twoday blitz of the state’s congressional delegation.
Credit-union
members
across the nation made similar
trips. Their main message: A
polite reminder that credit
unions were poised to defend
a crucial federal-income-tax
exemption, should eliminating
it come up as part of the Republican tax plan.
“We just want to make sure
you are still on board with us,”
Mr. Clark told House Chief
Deputy Whip Patrick McHenry
(R., N.C.) and others as they
crisscrossed the Capitol complex.
Mr. Clark’s trek, which he
says he makes twice a year
from Truliant Federal Credit
Union in Winston-Salem, N.C.,
is one brick in a fortress that
credit unions have been building for decades around their
tax-exempt status.
The industry last year recorded $9.6 billion in net income that wasn’t subject to
corporate income tax. That
has made it a thorn in the side
of banks, which must pay the
tax and have for years been
lobbying to kill the exemption
by arguing it gives credit
TAX
Continued from the prior page
homes. The House bill allows
home buyers who take out
mortgages after Nov. 2, 2017,
to deduct interest only on
$500,000 of debt, and only
for a first home. It appears
to prohibit mortgage-interest
deductions for all second
homes.
Child tax credit. The
House credit is $1,600 per
child under 17, plus $300 for
each parent and nonchild dependent. The income phaseout begins at a higher income than under current
law, $230,000 for joint filers
and $115,000 for singles.
The Senate bill has a
$2,000 credit for each child
age 18 and under, plus a
$500 credit for nonchild dependents. The income phaseout begins far higher than
under current law, $500,000
for both joint filers and single filers.
Medical expense deductions. The House bill repeals
the deduction for medical
expenses.
The Senate bill retains the
deduction and expands
it. The current threshold is
expenses greater than 10% of
income, and the Senate bill
shrinks that to 7.5%. The
lower threshold would apply
Different Mix
CVS and Aetna together will offer a mix of drugstores,
pharmacy-benefit management and insurance, but they won't have a
foundation of doctors.
Revenue:
unions an unfair advantage.
But credit unions have kept
themselves off the chopping
block as lawmakers scurried to
find tax breaks to eliminate to
help fund an overhaul of the
tax code, making it a case
study on why the tax code is
so hard to rewrite.
Credit unions don’t have to
pay federal income tax as long
as they serve a defined group
of members and use profits to
provide more services.
Bankers say this requirement has grown meaningless.
Congress and the National
Credit Union Administration,
the industry’s regulator, have
gradually relaxed limits on
credit
unions’
activities.
Though the industry is still
smaller than the banking sector, it has grown: 282 credit
unions had more than $1 billion in assets at the end of the
second quarter.
Bankers also say credit
unions are using their resources for purposes that
don’t justify the costs to the
Treasury, such as lobbying.
An NCUA spokesman said
the agency hasn’t relaxed limits, but has “worked to modernize regulation to respond
to the changes occurring in
the financial industry” and
done so within the law.
Credit unions say they are
complying with legal limits set
by Congress while their members enjoy the benefit of
lower-cost financial services.
Profitable Exemption
Credit unions' net income has
grown over time. It isn't subject
to federal income tax.
$3 billion
2
1
0
2010
’12
’14
’16
Source: Callahan & Associates
THE WALL STREET JOURNAL.
Bankers have organized
their own lobbying this year to
kill the exemption. But the
problem for bankers is that
when they take up a political
fight with credit unions, they
often lose. Credit unions’ secret weapon is their ability to
tap not only credit-union executives but also their roughly
110 million members, part of
what boosters call the “creditunion movement.”
When Dennis Ross, a Florida Republican congressman,
proposed taking away the taxexempt status of credit unions
in 2012 as part of a broader
deficit-reduction bill, he faced
immediate blowback. All of a
sudden the freshman congressman “felt very popular,”
he said in an interview.
co Fo
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A
Aernoudt, Rudy...........B4
BY RYAN TRACY
Pharmacy benefits
Retail/pharmacy
CVS Health
$120 billion
Health insurance
$81
+
Aetna
$63
$23B (cross-segment sales)
Other companies, including UnitedHealth Group, have a different mix.
UnitedHealth includes a growing number of physician practices, plus an
insurer and pharmacy-benefit manager.
UnitedHealth
$60
$149 $24
Other*
$48B (cross-segment sales)
*Doctor practices included
Source: S&P Capital IQ
tage,” said Glenn Steele, former
CEO of Geisinger. But, he said,
“there’s a huge amount that is
doable conceptually outside the
classic doctor-run medical system.”
The merged CVS’s vertical
reach may also bring a risk, as
the combined CVS-Aetna seeks
business from companies that
may now become direct competitors. “They will lose those
insurers that valued having a
stand-alone
PBM,”
said
Leemore Dafny, a professor at
Harvard Business School. The
companies said Aetna will be
operated as a stand-alone unit
under CVS with strong firewalls
to protect confidentiality, and
that they expect to continue to
win business from competitors.
CVS and Aetna say that by
integrating pharmacy-benefit
and medical coverage, as well
as offering expanded health-
THE WALL STREET JOURNAL.
care offerings at its stores, the
combined company will be able
to bring down costs and fill
gaps that physician practices
may not cover. For instance,
the tie-up would result in better care for patients with
chronic conditions and fewer
expensive, avoidable events
such as readmission to the hospital, executives said.
“We can play that complementary role of supporting that
physician between visits,” Mr.
Merlo said. One immediate focus, the companies said, would
be to reduce emergency-room
use.
“All-in-all, this is a good
strategy but not without its integration risks,” Edwards Jones
senior equity analyst John Boylan said. He said the deal appears to provide enough benefits and potential savings to
justify the risk involved in cre-
Dan Berger, now president
of the National Association of
Federally-Insured
Credit
Unions, recalled phoning Mr.
Ross’s office within minutes.
“Hey, we are coming to see
you,” he said.
Credit-union representatives showed up soon after, arguing the bill would hurt
members and could force
credit unions to close. Mr.
Ross withdrew his proposal.
Had Mr. Ross gone further,
he might have encountered
“Project ZIP Code,” a tool created by the Credit Union National Association, another
trade group. It identifies
credit-union members by their
home address and matches the
data with congressional districts to target lawmakers it
sees as a threat.
When Republicans started
laying the groundwork for the
rewrite of the tax code in
2014, Project ZIP Code was
triggered to help credit-union
members write their congressmen or post on social media:
“Don’t tax my credit union.”
Rep. Tom Rice (R., S.C.), a
member of the House Ways
and Means Committee, said
Republicans didn’t consider
provoking credit unions in this
year’s tax overhaul.
“I have heard both sides of
the story from both sides of
the spectrum and I do believe
there is a space” for credit
unions, he said. “I think that
place should be maintained.”
LUCY NICHOLSON/REUTERS
B
G
Geisinger Health
System......................B2
General Motors...........B4
Global Atlantic Financial
Group.........................B7
GNC Holdings..............B4
Goldman Sachs Group
............................. B4,B12
Guggenheim Partners.B7
Credit UnionsKeep TheirTax Break
ly
.
A
Aetna..............B1,B7,B13
Alcatel.........................B4
Alphabet................A4,B1
Amadeus Capital
Partners....................B4
Amazon.com...............A4
Amperex....................B13
Apple.........A4,B2,B5,B13
ARM Holdings.............B4
Atlas Merchant Capital
.....................................B7
The House bill would repeal an exemption for certain university tuition waivers.
for 2017 as well.
Education. The House bill
eliminates several education
benefits that the Senate
doesn’t.
The House bill would repeal an exemption for certain university tuition waivers, and they would count as
taxable income to recipients.
This would affect many graduate students whose tuition
is waived in return for teaching classes or performing research. The House bill also
repeals an exemption for education assistance that employers provide to employees. Under current law, up to
$5,250 of education assistance isn’t taxable.
It also eliminates the cur-
ating a new business model.
“It’s one of those things that,
unfortunately, is going to have
to play out over time.”
The merged CVS’s stores will
offer wellness services, as well
as vision, hearing, nutrition and
medical equipment, the companies said. Among other possible
offerings are blood draws for
lab testing, infusion of specialty
medications and help with durable medical equipment, a category that includes products
such as wheelchairs, executives
said. Some stores will become
health hubs, company executives said, with staff able to answer questions about insurance
coverage as well as clinical queries.
Aetna CEO Mark T. Bertolini
compared the new CVS sites
with Recreational Equipment
Inc. outposts and Apple Inc.’s
Genius Bars, where consumers
could get guidance as well as
help with tasks such as making
medical appointments and purchasing insurance plans.
Lawton Robert Burns, a professor at the University of
Pennsylvania’s Wharton School
who has long studied healthcare providers, said he is “skeptical because it’s a super-big
challenge” to re-engineer patterns of care on a national
scale. “It sounds good on paper,
but this stuff is so hard to deliver,” he said. “You could have
CVS offering stuff, but then you
have to ask why is that going to
lead to people going to the
pharmacy and doing things differently than they have been
doing?…They’re not there to
have a sustained conversation
with their pharmacist.”
rent deduction for up to
$2,500 of interest paid on
federal student loans. This is
available now for most singles with income below
$80,000 and couples earning
below $160,000.
The House bill slightly expands the American Opportunity Tax Credit, but it
eliminates other education
benefits, such as the Lifetime
Learning Credit.
First-in, first-out stock
sales. Unlike the House bill,
the Senate version has a provision requiring individual
investors selling part of a
holding in a taxable account
to sell their oldest shares
first.
This means investors
could no longer identify
which shares they are selling
to minimize taxes. The provision would apparently consider each account separately, according to tax
specialists.
Alimony. Unlike the Senate bill, the House proposal
repeals the current treatment of alimony, in which
the payer gets a deduction
and the recipient claims it as
income, for divorce agreements signed after 2017.
Individual mandate. Unlike the House bill, the Senate version repeals the individual mandate requiring
most Americans to pay a
penalty tax if they don’t
have health insurance.
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Tuesday, December 5, 2017 | B3
THE WALL STREET JOURNAL.
BUSINESS NEWS
Oprah Winfrey Sells
Part of OWN Stake
no
n-
Discovery Communications
Inc. is taking majority control
of OWN, the cable network it
co-owns with Oprah Winfrey.
Under the terms of the
deal, Discovery said it has purchased 24.5% of OWN for $70
million from Ms. Winfrey’s
company Harpo Inc. Ms. Winfrey’s Harpo will still hold a
25.5% stake in OWN, which
had previously been a 50/50
joint venture, and Ms. Winfrey
will continue as chief executive
of the network.
As part of the sale, Ms.
Winfrey extended her contractual relationship with the network through 2025. This is the
first time Ms. Winfrey has
taken any money out of OWN.
OWN launched in 2011 and
initially struggled to establish
itself with viewers. In recent
years, however, its ratings have
improved thanks to original dramas including “Queen Sugar”
and “Greenleaf.” By taking majority ownership in OWN, Discovery will be able to include its
results on its balance sheet.
“This transaction allows Discovery and Oprah to unlock
more value from our partnership,” Discovery Chief Executive
David Zaslav said.
—Joe Flint
Qualcomm said the proposal from Broadcom faces several challenges, including financing issues for the $105 billion transaction.
Broadcom Turns Up Heat
Takeover bid for
Qualcomm shifts into
higher gear with plans
for board candidates
BY TED GREENWALD
Broadcom Ltd. opened the
next front in its $105 billion
takeover bid for Qualcomm
Inc., saying Monday it plans to
submit its own candidates to
sit on its target’s board.
Nominees are due by the
end of the week. Broadcom
said it intends to propose 11
new independent directors, and
would support expanding the
board to reappoint three outside directors who were added
as part of a mid-2015 deal with
activist investor Jana Partners.
Broadcom didn’t signal
whether it intends to raise its offer beyond the initial $70 a
share. The company likely will
do so before Qualcomm’s annual
shareholder meeting, expected in
March, according to a person familiar with Broadcom’s strategy.
In a statement, Broadcom
Chief Executive Hock Tan said
his company has “repeatedly
attempted to engage with Qual-
comm, and despite stockholder
and customer support for the
transaction, Qualcomm has ignored those opportunities.”
Qualcomm said Broadcom’s
proposal faces several challenges, including financing and
the prospective acquirer’s current domicile in Singapore. Mr.
Tan, shortly before submitting
his bid, said he planned to
move Broadcom’s headquarters to the U.S. but didn’t set a
firm schedule for doing so.
San Diego-based Qualcomm
also touted its leadership in
innovative markets such as automotive and next-generation
cellular technologies—an apparent shot at Broadcom’s
strategy of focusing on predictable markets.
“Qualcomm stockholders
expect a board that will support this innovation while
evaluating objectively the full
range of opportunities available to maximize value for all
Qualcomm stockholders,” Tom
Horton, Qualcomm’s presiding
director, said in a statement.
Broadcom’s announcement
Monday wasn’t a surprise.
Qualcomm’s directors in midNovember rejected Broadcom’s
offer unanimously, and a per-
son familiar with the matter
had said Broadcom would consider its own directors if met
with resistance.
Broadcom, which is scheduled
to release fourth-quarter earnings Wednesday after the market closes, said it hopes to complete a deal on friendly terms.
Still, its move to pack Qualcomm’s board pushes the effort
into a more aggressive phase.
“Now the clock is running,”
said Marcel Kahan, a law professor at New York University.
“The vote can be postponed by
days or weeks, but they can’t
drag it out forever.”
Nominating directors is a
common tactic used to pressure
a reluctant target into talks.
Seldom does it result in the
election of hostile directors, as
the parties usually either strike
a deal, the acquirer withdraws
its bid or a third party makes a
competitive offer.
Broadcom’s slate includes
Samih Elhage, a former Nokia
Corp. executive; Raul J. Fernandez, vice chairman at Monumental Sports & Entertainment; Michael S. Geltzeiler,
former financial chief at ADT
LLC; Stephen J. Girsky, managing partner at VectoIQ; David
G. Golden, managing partner
at Revolution Ventures; Veronica M. Hagen, former CEO of
Polymer Group Inc., later renamed Avintiv Specialty Materials Inc.; Julie A. Hill, owner
of Hill Co.; John H. Kispert,
managing partner at Black Diamond Ventures; Gregorio
Reyes, former board chairman
at Dialog Semiconductor PLC
and LSI Corp.; Thomas S.
Volpe, managing member of
Volpe Investments LLC.; and
Harry L. You, finance chief at
GTY Technology Holdings Inc.
The three directors Broadcom would seek to reappoint
are Mark D. McLaughlin, CEO
of Palo Alto Networks Inc.; Anthony J. “Tony” Vinciquerra,
chief of Sony Pictures Entertainment; and Jeffrey W. Henderson, an advisory director at
Berkshire Partners LLC. Broadcom hasn’t had any discussions with the three, a person
familiar with the matter said.
Together, Broadcom and
Qualcomm would be the thirdlargest semiconductor supplier
by revenue and a dominant
maker of chips for a wide range
of communications functions.
—Allison Prang
contributed to this article
ly
.
“House of Cards” will return on Netflix for one more
season, ending speculation
that the sexual-harassment
scandal that led to the firing
of actor Kevin Spacey would
also bring an abrupt finish to
the critically acclaimed political drama.
The final season will include eight episodes to be
shown on the streaming service next year, Chief Content
Officer Ted Sarandos said
Monday at the UBS Global Media and Communications Conference in New York. Mr. Sarandos didn’t say how Mr.
Spacey’s absence will be explained on the show.
Co-star Robin Wright, who
plays Claire Underwood, wife
of Mr. Spacey’s Frank Underwood, is on board for the sixth
season.
Earlier this fall, Mr. Spacey
was fired by “House of Cards”
producer Media Rights Capital. Netflix had also indicated
it wouldn’t proceed with another season of the show if
Mr. Spacey remained involved.
After the allegations against
Mr. Spacey emerged, Netflix
and Media Rights Capital
halted production while they
evaluated the show’s future;
the coming season was already
expected to be its last.
In late October, BuzzFeed
published a story in which actor Anthony Rapp alleged that
Mr. Spacey made an unwanted
sexual advance toward him
when he was 14 years old in
1986. Other complaints of sexual assault and harassment
against Mr. Spacey have since
emerged.
In a response to Mr. Rapp,
Mr. Spacey said he had no recollection of the incident but
said “if I did behave then as he
describes, I owe him the sincerest apology for what would
have been deeply inappropriate drunken behavior.”
Media Rights Capital has acknowledged there was an incident involving Mr. Spacey and
a “House of Cards” crew member in 2012 that it said was resolved “promptly to the satisfaction of all involved.” Netflix
said it had been unaware of
the 2012 incident until this fall.
Mr. Spacey is one of several
entertainment and media personalities whose careers have
been torpedoed by allegations
of sexual harassment or inappropriate behavior.
co Fo
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BY JOE FLINT
GEORGE ROSE/GETTY IMAGES
‘House of Cards’
Sets Final Season
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B4 | Tuesday, December 5, 2017
THE WALL STREET JOURNAL.
* *
TECHNOLOGY
WSJ.com/Tech
Chinese
Loan Firm
Dianrong
Plans IPO
Seed Fund Targets Europe Tech
European Union
pushes plan to pump
over $2 billion in
support into startups
BY DANIEL MICHAELS
By Julie Steinberg,
Anjani Trivedi
and Chuin-Wei Yap
DAVID RAMOS/GETTY IMAGES
Europe’s erstwhile tech leaders include Nokia. Now investors must look outside the continent for big technology plays.
APP
Share of screen time, children up to 8 years old
Television
FACEBOOK
2017
n-
the U.S. use tablets or smartphones every day. Facebook
said it didn’t commission the
research from Dubit, which
also creates online entertainment for children, including a
virtual-reality game for the
Facebook-owned Oculus Rift,
according to its website.
Children in the 6-12 age
bracket aren’t ready for a messaging app, says Dr. Radesky.
“It’s the content of messaging—the unintentional slights,
insults or oversharing—that I
would want parents to be able
to monitor.”
Parents won’t be able to
monitor their children’s usage
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in real time. They don’t have
access to the content of those
messages from their accounts,
Facebook said, citing its research showing that parents
are accustomed to scanning
those messages directly from
their child’s devices from time
to time.
Messenger designed the
app to be engaging. It includes
GIFs, stickers and the ability
to draw on photos. Messenger
Kids also allows for simultaneous group video chats, which
look a lot like Houseparty, a
new app popular with young
users that lets groups of people hang out on live video.
17
Mobile
device
17
10 6
14 5
48
Daily time with screen media
Where mobile media used, 2017
150 minutes
< 2 years
2 to 4
5 to 8
60% often/sometimes use a device
Total screenmedia time
120
Messenger Kids lets children send text messages and videos.
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Computer
40
90
60
20
Mobile devices
30
0
Computer
Videogame
’17 players
0
2011
Vehicle Restaurant At home,
during meals
Percentage of children
using social media, 2017
Percentage of children using
virtual assistants*, 2017
Play games
AGE
<2 years
2%
2-4
Boys
11
5-8
23
Use a website†
28%
4
15
Girls
6
*Voice-activated device like Amazon Echo or Apple’s Siri
†Such as Club Penguin, Animal Jam or Minecraft, if played online
Source: Common Sense Media
THE WALL STREET JOURNAL.
BUSINESS WATCH
FOX NEWS
GNC HOLDINGS
Ex-Producer
Sues Bill O’Reilly
Wellness Retailer
To Explore Options
An ex-producer has sued former Fox News Channel personality
Bill O’Reilly, claiming he violated a
confidentiality agreement related
to a 2002 settlement reached
over his alleged mistreatment.
Rachel Witlieb Bernstein said
Mr. O’Reilly defamed her by
falsely suggesting publicly that
claims against him were motivated by politics and money. Ms.
Bernstein had complained about
abuse, nonsexual in nature, by
Mr. O’Reilly when she worked at
Fox.
She said Fox, a unit of 21st
Century Fox Inc., and Mr.
O’Reilly misled the public by
claiming that no one complained
to a Fox hotline about his behavior. She said she talked repeatedly to bosses about Mr.
O’Reilly’s actions, but there was
no hotline in place at the time.
The lawsuit was filed Monday in
federal court in Manhattan.
Mr. O’Reilly’s lawyer, Fredric S.
Newman, said his client has never
mentioned Ms. Bernstein’s name
in any context. “Today’s lawsuit
has absolutely no merit, and Mr.
O’Reilly will respond aggressively
in court,” Mr. Newman said.
21st Century Fox and News
Corp, which owns The Wall Street
Journal, share common ownership.
—Associated Press
GNC Holdings Inc. said it
hired an adviser to explore strategic alternatives nearly three
months after it brought in a
new chief executive.
The Pittsburgh-based health
and wellness retailer said Monday
that it hired Goldman Sachs &
Co. to help evaluate its capital
structure and “other alternatives
to enhance shareholder value.”
The company also withdrew plans
to secure new debt, while reiterating annual cash-flow targets.
In September, GNC named
Ken Martindale, the former chief
executive of Rite Aid Corp.’s Rite
Aid stores, as its CEO. GNC had
struggled with sales and its interim CEO had called the company’s business model “broken.”
In May 2016, GNC said it
hired Goldman Sachs to look at
alternatives, which could have
included a sale.
—Allison Prang
share slide, even as the brand
grows rapidly in China.
Uwe Ellinghaus chose to
leave his position as Cadillac’s
chief marketing officer effective
Dec. 31, according to a statement from President Johan de
Nysschen. Recruited from BMW
AG earlier in the decade, Mr. Ellinghaus was charged with rebooting Cadillac’s image, but U.S.
sales have declined even as the
overall luxury market expanded.
With only a sliver of the U.S.
market, the brand has turned its
attention to China, where sales
have tripled over the past four
years and are on pace this year
to top Cadillac’s U.S. sales for
the first time.
In an email, Mr. Ellinghaus, an
avid marathoner, said he is leaving Cadillac for personal reasons,
including an expected monthslong recovery from a complex
foot surgery. Cadillac will conduct a search for a new marketing chief, Mr. de Nysschen said.
The resignation was reported
earlier by trade publication Automotive News.
—Mike Colias
GENERAL MOTORS
Cadillac’s Chief
Of Marketing Exits
The marketing chief for General Motors Co.’s Cadillac division is leaving the luxury brand
following a four-year turnaround
effort that has seen U.S. market
MIKE STONE/REUTERS
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years is less than half the size
of the average U.S. fund, according to Invest Europe.
That means European private investors lack the deep
pockets that established startups rely on to become international players. U.S. companies
in this scale-up phase have access to almost 30 times the
funding that EU companies do,
estimates Rudy Aernoudt, a
professor of economics and
business at Ghent University
in Belgium.
Europe’s equity markets are
fragmented among 28 members of the EU. That limits the
pool of funding in each country, even though the EU economy, with 500 million consumers, rivals the U.S.
Children up to 8 years old are spending slightly more time in front of a
screen, and that screen is more likely to be a mobile device.
no
The Mart
By comparison, many U.S.
venture-capital funds have
more than $1 billion under
management.
Funding is a leading reason
Europe fails to profit from its
ideas. Europeans start companies at about the same rate as
Americans do, according to EU
Budget Commissioner Günther
Oettinger. But European venture-capital funds have raised
less than one-fifth the amount
amassed by their U.S. counterparts in each of the past three
years, down from almost onethird as much a decade ago,
according to Invest Europe, an
investor trade group.
Also troubling for EU startups: The average European VC
fund created over the past five
Screen Time
Continued from page B1
mated characters in graphic
cartoons that critics said were
disturbing to children.
In response to the reports,
YouTube said it strengthened
rules around age-restricted
videos, terminated dozens of
channels and removed ads
from hundreds of thousands of
videos.
Child-development experts
are concerned by Facebook’s
Messenger Kids launch, which
could present dangers with
the messages children see, and
the way they could get hooked
on social media.
“In my research, clinical
work and friendships, I’ve
never heard parents say that
they want their child using social media earlier,” said Jenny
Radesky, assistant professor,
pediatrics at the University of
Michigan. Her research includes examining how increased screen time might affect early childhood behavior
and development.
Facebook cited research
from U.K. consulting firm Dubit showing that about twothirds of 6- to 12-year-olds in
ADVERTISEMENT
In parallel with financing,
the EU is gathering seasoned
private investors for a pilot
European Innovation Council,
to help identify and filter commercially promising ideas and
startups.
“I think it will make a difference,” said Herman Hauser,
co-founder of Amadeus Capital Partners, in Cambridge,
England, and previously a
founder of British chip designer ARM Holdings PLC,
which Japan’s
SoftBank
Group bought for $32 billion
last year. The new EU-led
funding “is not a trivial
amount,” said Mr. Hauser, who
recently led a panel of investors who advised on creating
the innovation council.
that could raise at least $500
million, according to people
familiar with the matter.
The Shanghai-based company is planning to list its
shares in Hong Kong, the people said. Founded in 2012, Dianrong makes loans and sells
investment products to individuals and small businesses.
Dianrong’s
American
founder and chief executive officer, Soul Htite, co-founded
LendingClub in 2006. Mr. Htite
was head of technology at
LendingClub and left in 2011
before the San Franciscobased company went public.
Dianrong has raised several
rounds of private funding, the
most recent of which was a
$220 million capital raise announced in August from investors including Singapore’s sovereign-wealth fund GIC Pte
Ltd. Other shareholders include Northern Light Venture
Capital, Tiger Global Management LLC and the private equity arm of Standard Chartered PLC.
Online lending volume in
China reached 1.2 trillion yuan
($181.4 billion) in November,
about 54% higher than a year
earlier, according to data provider Wangdaizhijia. Dianrong
previously said it issued 23
billion yuan worth of loans in
2016 funded by more than 3.6
million investors.
The broader consumer-finance industry has come under increased scrutiny from
Chinese regulators, who are
concerned about a rise in risky
lending practices and the potential for predatory lending
behavior among some companies.
Last Friday, the China Banking Regulatory Commission
pledged to clean up lax lending practices among businesses that make microloans,
which are small, short-term
loans that carry high interest
rates. The regulator said online microlenders without
proper licenses would be
banned from operations, and
announced caps on interest
rates and financing fees.
Dianrong could push back
its listing plans if market conditions aren’t optimal, according to a person familiar with
the situation. An IPO, however,
could enable the company’s
backers to monetize some of
their shares and profit in what
has been a hot market for
tech-related IPOs in Hong
Kong in the past year.
ly
.
ropean stock portfolios and
pension funds. Today those
jobs are gone, and European
investors must look abroad for
big tech plays, adding currency risk to investments.
Mr. Moedas is spearheading
a plan for the European Union
to provide €400 million (about
$476 million) in seed money for
a €2 billion ($2.38 billion) public-private funding operation,
whose goal is to help small tech
firms gain the scale needed to
compete internationally.
In coming weeks, Mr. Moedas aims to name the first
management groups selected
to build five investment funds
around the EU kick-start, part
of the EU’s Horizon 2020 research program.
co Fo
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on
BRUSSELS—In the world of
corporate R&D, Europe excels
at R but struggles at D. Investors and technocrats are trying to fix that.
Despite years of financial
crises, European scientific research—the R—remains worldleading. From Estonia to Portugal, Europe’s tech scene is
coming to life.
Where the Continent falls
short is in developing (the D)
breakthroughs into products
and companies that generate
jobs, profits and tax revenue.
Instead, many of Europe’s best
ideas become blockbusters for
U.S. and Asian companies.
Skype, an Estonian startup,
was bought by eBay and is
now part of Microsoft. Bluetooth technology was invented
by a Dane at Sweden’s
Ericsson in the 1990s.
“It saddens me that we are
not able to do better” at turning innovation into jobs and
profits, said European Commissioner Carlos Moedas, a
onetime
Goldman
Sachs
banker who oversees European Union financing of research projects. He wants government largess not only to
spur innovation, but also to
keep it at home.
The impact can be profound. Erstwhile tech leaders
including Ericsson, Finland’s
Nokia and Alcatel of France
were once big employers
whose shares pumped up Eu-
Dianrong.com, a Chinese
online
lending
platform
started and run by a cofounder of LendingClub Corp.,
is planning an initial public offering as soon as next year
Cadillac’s U.S. market share has fallen but has grown in China.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Tuesday, December 5, 2017 | B5
TECHNOLOGY
Apple Delves Deeper Into Health
Anyone 22 or older with an Apple Watch can join the study.
Health Researchers
Deploy Apple Tools
eas such as epilepsy, chronic
pain, diabetes and exercise.
Nathan E. Crone, professor
of neurology at the Johns Hopkins University School of Medicine, is optimistic his “EpiWatch” study will show the
Apple Watch can detect an epileptic seizure using heart-rate
and motion-sensor data. It
could then alert patients,
though if they have lost awareness, it could alert family members and care givers.
Researchers have been encouraged by their ability to enroll patients quickly using Ap-
ple’s software tools. Stanford
researchers have been helping
to run a separate heart study
called MyHeart Counts using
participants’ iPhones or
watches and an app to detect
patterns that might be linked
to cardiovascular health. Anyone 18 and older is eligible to
enroll by downloading the free
app from the Apple app store.
But it is just as easy to
drop out. In the first seven
months of the study during
2015, nearly 49,000 people
downloaded the app but only
about 4,990 stuck with it.
curately
than
study
participants relying on recollection or making entries into
log books, they say.
But researchers also see
limitations, including high
dropout rates, as well as patient demographics that don’t
always represent the broader
population—partly because of
the high cost of some devices.
The Apple Watch costs between $249 and $399.
Concerns
also
have
emerged about the privacy of
participants’ health data because many of the devices and
apps involve third-party vendors, said Charlene Wong, an
assistant professor of pediatrics at the Duke University
School of Medicine who has
studied the use of technology
in pediatric health care.
Apple will face those challenges firsthand with the
co Fo
m rp
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er rs
ci on
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us l,
e
on
Launching a research study
of its own is a departure for
Apple Inc. In 2015, just before
it launched its smartwatch, Apple introduced ResearchKit, a
software system medical researchers could use for creating
apps to use for studies.
A host of researchers have
taken Apple up on that, placing
the smartwatches and iPhones
at the center of research in arthis year. Researchers are deploying the technologies to detect epileptic seizures, prevent
cardiovascular disease and
help U.S. combat veterans adjust to civilian life.
Researchers say the digital
tools can make participating
in medical studies more convenient for healthy volunteers
and patients. And built-in features such as heart-rate monitors can record data more ac-
n-
Medical researchers are increasingly turning to mobile
devices such as smartphones
and watches as a way to monitor patients in trials, an approach they hope improves
participation and accuracy but
that also has limitations.
If the tactic catches on, it
could prove another selling
point for products such as Apple Inc.’s watch, which thus
far has failed to gain the type
of widespread adoption the
iPhone and iPad have enjoyed.
The company last week released an app that will enable
it to test the Apple Watch’s
ability to track irregular heart
rhythms as part of a study
done in collaboration with
Stanford University researchers. The study is the latest
aiming to tap the ubiquity of
mobile devices to monitor or
improve health, and it is Apple’s most aggressive attempt
to elbow into the $3.2 trillion
U.S. health-care market.
While Apple has sold 30
million watches since the
product made its debut in
2015, it hopes to boost sales of
the device by bolstering its
health-care capabilities in addition to its timekeeping and
fitness-monitoring functions.
The company also could push
further into medical-records
management and more.
“Everyone is looking at the
fact that about a fifth of the
economy is health care,” said
Brandon Ballinger, co-founder
of Cardiogram Inc., which
uses wearable technology to
conduct health diagnostics.
Since 2009, at least 940
clinical trials using mobile devices have been registered
with ClinicalTrials.gov, a database run by the National Institutes of Health. About 290 of
these were registered so far
APPLE
BY PETER LOFTUS
AND TRIPP MICKLE
study of the app’s ability to
detect irregular heartbeats—a
condition known as atrial fibrillation that can lead to
strokes. Anyone 22 and older
with an Apple Watch will be
able to participate and choose
to wirelessly share their heart
data with Apple and researchers at the Stanford University
School of Medicine.
The study will combine the
watch’s LED lights, which
monitor blood flow through
the wrist and already were
able to measure heart rate,
with the app’s software algorithm that can detect irregular
rhythms. If there is an issue,
participants will be notified
and given a free consultation
with a study doctor as well as
an electrocardiogram patch
that adheres to the skin for
more monitoring.
The project is being led by
Apple’s growing health team.
Since at least 2012, LinkedIn
shows the company has hired
or reassigned hundreds of engineers, clinical researchers
and doctors to an internal
team focused on health. The
company also has acquired
health startups such as Gliimpse Inc., which worked on
shareable medical records.
People at Apple with knowledge of the study said the
company plans to submit the
app, known as the Apple Heart
Study, to the U.S. Food and
Drug Administration for approval as a regulated software.
The company doesn’t need
to submit the watch itself to
the FDA, however, because the
agency plans to regulate medical software and the sensors
in wearable devices—but not
the actual wearables, an FDA
spokeswoman said.
Sanford C. Bernstein & Co.
analyst Toni Sacconaghi says
efforts to accelerate sales of
the Apple Watch rest on proving it is capable of more
health-monitoring functions
than tracking heart rate and
steps. Capabilities such as
tracking glucose would help
encourage health insurers or
doctors to encourage watch
use, he wrote earlier this year.
no
EVERY MARKET
TREND HAS AN
EXPIRATION
DATE
BY NATALIA DROZDIAK
BRUSSELS—Ireland will begin collecting €13 billion
($15.46 billion) in back taxes
from Apple Inc. as soon as
early next year after both
sides agreed to the terms of
an escrow fund for the money,
Ireland’s finance chief said
Monday.
The European Union in 2016
ordered Dublin to retrieve the
billions of euros from Apple in
uncollected taxes, which the
EU said Apple avoided paying
with the help of sweetheart
tax deals from Ireland.
A year after that decision,
however, Ireland still hadn’t
recouped the money, leading
the EU in October to refer
Dublin to the bloc’s highest
court, the European Court of
Justice, for failing to implement the decision.
Ireland has said the money
collection was held up by negotiations over the escrow account, which will hold the
company’s dues while both
Apple and Ireland appeal the
EU’s 2016 decision in court.
Irish Finance Minister Paschal Donohoe Monday said he
expected the flow of money
from Apple to begin in the
first quarter of 2018 once they
complete the tendering processes to determine who
would operate the account and
who would then manage the
fund. The Irish finance chief
made the remarks to reporters
before a meeting Monday with
EU antitrust chief Margrethe
Vestager.
In a statement, Apple said,
“We have a dedicated team
working diligently and expeditiously with Ireland on the
process the European Commission has mandated. We remain
confident the General Court of
the EU will overturn the Commission’s decision once it has
reviewed all the evidence.”
ly
.
Study with Stanford
uses the company’s
watch to keep track
of irregular heartbeats
iPhone
Maker
In Irish
Tax Pact
Which is why we offer funds and
ETFs across asset classes to help
your clients weather every market
trend for the long-term.
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contains this and other information about the fund and should be read carefully before investing. To obtain a prospectus for Mutual
Funds: Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 or visit jpmorganfunds.com. Exchange Traded Funds: Call
1-844-4JPM-ETF or visit jpmorgan.com/ETF. International investing has a greater degree of risk and increased volatility due to political
and economic instability of some overseas markets. Changes in currency exchange rates and different accounting and taxation policies
outside the U.S. can affect returns. Investing involves risk, including possible loss of principal. J.P. Morgan ETFs are distributed by
JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for
providing various services to the funds.
J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide. This communication is issued by Distribution Services Inc.
and J.P. Morgan Institutional Investments, Inc., both members of FINRA/SIPC.; and J.P. Morgan Investment Management Inc .© JPMorgan Chase & Co., November 2017
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B6 | Tuesday, December 5, 2017
THE WALL STREET JOURNAL.
BUSINESS NEWS
Woodbridge Filing Hits Small Investors
Real-estate firm
seeks protection from
creditors as it is under
investigation by SEC
The Owlwood estate, a 1930s mansion that once belonged to Sonny and Cher, is owned by Woodbridge.
Woodbridge owns the Owlwood estate, a 1930s Italian
Renaissance-style
mansion
once owned by the pop duo
Sonny and Cher. A Woodbridge affiliate paid $90 million for Owlwood in September 2016, and has it on the
market for $180 million.
Owlwood was purchased
the same month the SEC
started asking questions about
Woodbridge and its practice of
raising money from mom-andpop retail investors. The investors, which included a number
of retirees, were sold notes
that were supposedly safe, secured by first-lien positions on
valuable properties and that
were supposed to pay off in 12
to 18 months.
One of Woodbridge’s first
moves in bankruptcy will be to
Casino Operator Faces Lawsuit
ADVERTISEMENT
Legal Notices
BY MIKE CHERNEY
To advertise: 800-366-3975 or WSJ.com/classifieds
CLASS ACTIONS
A new lawsuit alleges Crown
Resorts Ltd. misled investors
about the risks involved in its
efforts to woo lucrative Chinese
high rollers, the latest fallout
for the Australian casino operator after its employees were arrested in China for gambling
crimes last year.
The class action was filed in
the federal court of Australia by
law firm Maurice Blackburn on
behalf of shareholders who purchased Crown stock between
Feb. 6, 2015 and Oct. 16, 2016.
Michael Donelly, senior associate at Maurice Blackburn, said
hundreds of shareholders had
registered to participate and
that the case is similar to others that were settled for more
than 100 million Australian dollars (US$76 million).
In a brief statement, Crown,
which booked revenue of
about A$3.2 billion in the
most recent fiscal year, acknowledged the lawsuit had
been filed and promised to
“vigorously defend” itself
against the allegations.
Crown shares fell 14% on
Oct. 17, 2016, when Crown said
that some employees in China
had been detained. The episode rattled the global casino
industry, which had targeted
Chinese VIPs in recent years,
and Crown’s VIP revenue in
Australia ended up falling 49%
in the fiscal year. Other casino
companies in the region said
their VIP revenue also fell after the detentions.
Jason O’Connor, an Australian who was Crown’s head of
international VIP operations,
was charged and pleaded guilty
along with 18 other current and
former employees, including two
other Australians and one Malaysian. Mr. O’Connor and four
co Fo
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others received 10-month sentences and 11 were given ninemonth sentences. That group of
16 were fined an equivalent of
A$1.7 million. Mr. O’Connor was
released in August.
Gambling is illegal in China
except in the special administrative region of Macau, and
foreign companies aren’t allowed to market their casinos
specifically, although they can
advertise their resorts more
generally. Still, perks to entice
VIPs could include free food
Legal Notices
To advertise: 800-366-3975 or WSJ.com/classifieds
PUBLIC NOTICES
!
" #
$ /
1 *! . ! #+
Crown Resorts faces
allegations it misled
investors on wooing
Chinese high-rollers.
ADVERTISEMENT
/
: 32 / ,, 2
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*
through chapter 11 bankruptcy
with flying colors and makes
good on the $750 million or
more of debts, there may be
nothing left for equity stakeholders.
As for Robert Shapiro, the
former chief executive who
stepped down recently, Woodbridge is asking to keep him
on as a $175,000-a-month consultant and to allow him to
stay in his company-owned
personal residences in California and Colorado “without
fear of foreclosure” as long as
the leases remain in effect.
Woodbridge said the accommodation with Mr. Shapiro
is in the best interests of the
company. Mr. Shapiro couldn’t
be reached to comment.
The SEC has been investigating Woodbridge for more
than a year, court papers say,
looking into possible securities-law violations including
the alleged offer and sale of
unregistered securities and
the commission of fraud in securities sales. No charges have
been brought.
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and drink, Chinese-speaking
service staff and complimentary hotel suites.
Given that the Chinese trial
of Crown employees was
closed to the public, “this will
be the first time that the
events that occurred in China
will be publicly examined in
open court,” Mr. Donelly said.
After the arrests, Crown,
controlled by Australian billionaire James Packer, signaled it
would pull back from its global
ambitions. It dialed back its efforts to lure Chinese VIPs to its
resorts, sold its stake in a
Macau casino operator and exited a Las Vegas casino project.
Crown shares have recovered somewhat over the past
year, trading Monday at
A$12.12, compared with the
A$11.15 closing price on Oct.
17, 2016—though the previous
trading day, on Oct. 14, 2016,
shares had closed at A$12.95.
The lawsuit says Crown
should have notified investors
that its Chinese operations
were risky, especially given
that employees of South Korean casino operators had been
arrested by Chinese authorities
in mid-2015. Mr. Donelly said
he hoped the case against
Crown and other companies
would prompt firms to provide
more “accurate and timely disclosures to the market.”
ly
.
Real-estate
developer
Woodbridge Group of Cos.
filed for chapter 11 bankruptcy
protection as it grapples with
questions about its fundraising practices from the Securities and Exchange Commission.
The bankruptcy filing
means thousands of individual
investors, including retirees
who helped finance Woodbridge’s real-estate dealings,
are at risk of losing hundreds
of millions of dollars in Woodbridge’s chapter 11 case. The
bankruptcy filing may also
send tremors through the
Southern California real-estate
market, where many of the
company’s properties—worth
an estimated $650 million to
$750 million—are located.
GETTY IMAGES
BY PEG BRICKLEY
challenge the secured status of
these notes—some $750 million lent by an estimated 8,998
noteholders, according to papers filed Monday in the U.S.
Bankruptcy Court in Wilmington, Del. The company says the
investors failed to register
their notes properly and so will
be classed as unsecured creditors in the bankruptcy.
In a press release, the company said the bankruptcy proceeding will be a debt recapitalization.
The plight of investors who
bought Woodbridge Group
units may be even worse.
More than 1,500 people
bought, in the aggregate, $226
million of units sold by Woodbridge. The unit investors
would be classed as equity
holders, which occupy the bottom rung of the chapter 11
bankruptcy payment order.
A Woodbridge unit-offering
document obtained by The
Wall Street Journal said the
units offered a return of 10%
per annum.
Unless the company sails
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CFPB
Curbs Data
Collection
BY YUKA HAYASHI
WASHINGTON—The Trump
administration’s interim director of the Consumer Financial
Protection Bureau said he has
frozen the agency’s collection
of personal information due to
cybersecurity concerns, a step
in changing policies criticized
by the financial industry.
Mick Mulvaney, who is
splitting his time as acting
CFPB director and the White
House’s budget chief, on Monday said the decision is part of
his effort to improve the
agency’s data-security program. The longtime critic of
the CFPB was appointed as its
acting director by President
Donald Trump on Nov. 24, succeeding Richard Cordray, an
Obama appointee who left after a six-year tenure at its
helm.
Critics of the CFPB have
long complained about the bureau’s efforts to collect consumer data on credit cards and
mortgages through its disclosure rules, consumer complaint
database and enforcement actions. They say such actions
threaten privacy and information security. CFPB officials
have in the past said such data
help the agency identify discrimination and other industry
misconduct, and can serve as a
basis for writing rules.
“I am taking data security
very, very seriously,” Mr. Mulvaney said in a briefing with
reporters. “I think we should
find ways to have as rigorous a
data-security program as possible here before we start expecting that from people who we
oversee out in the industry.”
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
Tuesday, December 5, 2017 | B7
THE WALL STREET JOURNAL.
BUSINESS & FINANCE
Debt Issuers Across Asia Look Inward
More companies in Asia are selling bonds to local investors in U.S.
dollars, highlighting the intense demand.
U.S. dollar-bond sales by location
100%
BY SAUMYA VAISHAMPAYAN
U.S. marketed
75
Non-U.S. marketed
50
25
0
2009 ’10
’11
’12
’13
’14
’15
’16
*Through Dec. 4
Source: Dealogic
’17*
THE WALL STREET JOURNAL.
Companies and governments in Asia are issuing more
dollar bonds without tapping
investors in the U.S. thanks to
robust appetite for such securities at home.
Nearly two-thirds of the
$313 billion U.S. dollar-bond
sales in Asia excluding Japan
this year were marketed only
outside the U.S., according to
data provider Dealogic. It is
the highest rate since at least
1995, when 18% of such bond
deals were done in this man-
ner. Such bond offerings—
known as Regulation-S, or
Reg-S, deals—allow debt securities to be offered and sold to
investors outside the U.S.
without being registered under U.S. law.
Asian issuers are willing to
forgo cash from U.S. investors
because there is strong demand for dollar-denominated
bonds in their own backyard,
according to bankers from
Australia & New Zealand
Banking Group Ltd.
The trend has been more
pronounced among companies
with below-investment-grade,
or “junk,” credit ratings that
have historically sought U.S.
buyers for their debt, said David Tsai, a partner at law firm
Clifford Chance in Hong Kong.
“The Asian issuers are mak-
Hartford Is Selling Its Annuities Business
Hartford Financial Services Group Inc. said it would
sell an annuities operation
that it has been winding down
since 2012 to a group of investors, helping close the door on
a painful chapter in the 207year history of Hartford.
The Connecticut-based insurer created the unit, Talcott
Resolution, several years after
the 2008-09 financial crisis to
house a business that had
made it one of the hardest-hit
U.S. life insurers during the
market’s steep slide. As a
“runoff” business, Talcott services existing insurance contracts but doesn’t sell new
products.
Hartford said Monday that
it would receive total consideration of about $2.05 billion,
which includes $1.4 billion in
cash, a 9.7% stake in the new
company, transferred debt and
a preclosing dividend. Hartford expects to book a loss of
about $3.2 billion in the fourth
quarter because of the deal’s
structure.
The investors buying Talcott include Cornell Capital
LLC, Atlas Merchant Capital
LLC, TRB Advisors LP, Global
Atlantic Financial Group,
Pine Brook and J. Safra
Group, Hartford said.
At the heart of Talcott is a
retirement-savings product
called a variable annuity. Hartford had helped turn the product into an industrywide hot
seller in the early- to
mid-2000s with innovative income-stream guarantees. Variable annuities are a tax-advantaged form of investing in
stock and bond funds. If the
funds perform poorly, the
guarantees kick in, sometimes
providing lifetime income.
Hartford had so many guarantees on its books when markets slid in 2008 that it had to
take $3.4 billion in U.S. government aid to help meet regulatory requirements for backing up its obligations to
contract holders. It was one of
just three U.S. insurers to take
the federal assistance; all have
fully repaid the government.
Hartford quit selling the
annuities in 2012 after retool-
ing the product to seek to
make it less risky to the insurer, while still attractive to
consumers. At the time, it decided to focus more heavily
on other operations, including
its property-casualty, groupbenefits and mutual-funds
businesses.
Other insurers also pulled
The insurer took a
big hit from variable
annuities during the
2008 financial crisis.
to Guggenheim Partners LLC.
As of Sept. 30, Talcott had
more than $40 billion of variable-annuity contracts on its
books, and more than $7 billion of other types of annuities, according to Hartford’s financial filings.
Hartford Chief Executive
Christopher Swift has said the
insurer wasn’t rushing to sell
Talcott because it produces
profits, but it would dispose of
the unit at the right price. For
the third quarter, Hartford
said the unit had “core earnings” of $83 million, out of the
company’s total core earnings
of $222 million.
Since the 2008 financial
crisis, Hartford has been continuing to reshape its operations. In October, it agreed to
pay $1.45 billion to health insurer Aetna Inc. for a unit
that provides life-, disabilityincome and other insurance
products to employers’ benefits programs in the U.S.
Hartford is also a leading
seller of car and home insurance to individuals, and workers’ compensation to businesses.
out of the variable-annuities
market after the crisis. Those
seeking buyers found them
scarce because of the complexities of the guarantees and the
high cost of running financialhedging programs. In 2012,
Sun Life Financial Inc., a Canadian insurer, struck one of
the industry’s first deals to
unload a large volume of the
contracts, in a $1.35 billion
pact with a company with ties
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liant in funding, thanks in part
to an expanding wealthy population in the region, which is
now home to the most billionaires in the world. Some of the
appetite also comes from Chinese investors with funds outside the mainland that they
need to put to work.
Australian companies are
also catching on. Jimmy Choi,
co-head of capital markets at
ANZ in Hong Kong, said some
Australian debt issuers are
trying to take advantage of investor demand in the region
by soliciting orders from Asian
buyers before heading to the
U.S. Eight Australian companies have raised $3.9 billion
through Reg-S offerings since
the start of 2016, compared
with two such deals previously, according to ANZ.
Exchange-Traded Portfolios | WSJ.com/ETFresearch
Largest 100 exchange-traded funds, latest session
ETF
Monday, December 4, 2017
Closing Chg YTD
Symbol Price (%) (%)
AlerianMLPETF
CnsmrDiscSelSector
CnsStapleSelSector
EnSelectSectorSPDR
FinSelSectorSPDR
GuggS&P500EW
HealthCareSelSect
IndSelSectorSPDR
iShIntermCredBd
iSh1-3YCreditBond
iSh3-7YTreasuryBd
iShCoreMSCIEAFE
iShCoreMSCIEmgMk
iShCoreMSCITotInt
iShCoreS&P500
iShCoreS&P MC
iShCoreS&P SC
iShS&PTotlUSStkMkt
iShCoreUSAggBd
iShSelectDividend
iShEdgeMSCIMinEAFE
iShEdgeMSCIMinUSA
iShGoldTr
iShiBoxx$InvGrCpBd
iShiBoxx$HYCpBd
iShJPMUSDEmgBd
iShMBSETF
iShMSCI ACWI
iShMSCIBrazilCap
iShMSCI EAFE
iShMSCI EAFE SC
iShMSCIEmgMarkets
iShMSCIEurozone
iShMSCIJapan
iShNasdaqBiotech
iShNatlMuniBd
iShRussell1000Gwth
iShRussell1000
iShRussell1000Val
iShRussell2000Gwth
iShRussell2000
iShRussell2000Val
iShRussell3000
iShRussellMid-Cap
iShRussellMCValue
iShS&PMC400Growth
iShS&P500Growth
iShS&P500Value
iShUSPfdStk
AMLP
XLY
XLP
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
EFA
SCZ
EEM
EZU
EWJ
IBB
MUB
IWF
IWB
IWD
IWO
IWM
IWN
IWV
IWR
IWS
IJK
IVW
IVE
PFF
10.47
97.73
56.72
69.65
28.00
100.26
82.28
74.21
109.28
104.57
122.43
65.29
55.60
62.14
265.98
189.26
77.06
60.54
109.15
98.86
72.39
52.71
12.27
120.91
87.35
115.49
106.43
71.36
39.64
69.58
63.15
45.93
43.49
59.01
104.03
110.18
132.43
147.03
123.67
184.11
152.45
127.69
156.55
206.71
88.82
215.49
150.79
113.45
38.43
–0.48 –16.9
1.16 20.1
9.7
0.25
–0.88 –7.5
1.52 20.4
0.21 15.7
–1.22 19.4
0.84 19.3
1.0
–0.06
–0.09 –0.4
–0.07 –0.1
–0.49 21.7
0.14 31.0
–0.40 23.1
–0.11 18.2
–0.04 14.5
0.05 12.1
–0.13 18.0
1.0
–0.01
0.52 11.6
–0.45 18.2
–0.26 16.6
–0.24 10.7
3.2
0.16
0.9
–0.03
4.8
0.06
0.1
0.02
–0.25 20.6
1.56 18.9
–0.09 20.5
–0.44 26.7
0.20 31.2
0.16 25.7
–0.59 20.8
–1.58 17.6
1.8
0.04
–0.67 26.2
–0.12 18.1
0.45 10.4
–0.88 19.6
–0.37 13.1
7.4
0.23
–0.15 17.7
–0.01 15.6
0.32 10.4
–0.37 18.3
–0.65 23.8
0.60 11.9
3.3
–0.08
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BY LESLIE SCISM
AND CARA LOMBARDO
ing a decision, along with the
investment banks, that there
should be sufficient liquidity
outside of the U.S. for their
high-yield issuances to succeed,” Mr. Tsai said, adding
that Reg-S deals can generally
be done more quickly than
sales offered in the U.S.
Most debt issuers appear to
be getting along just fine
without tapping U.S. investors.
In October, China’s dollar-bond
sale valued at $2 billion, a
Reg-S offering, was heavily
oversubscribed by investors in
Asia and Europe. Junk-rated
property developer China Evergrande Group’s sale of dollar debt valued at $6.6 billion
in June was also aimed at investors outside the U.S.
The trend indicates that
Asia is becoming more self-re-
ETF
Closing Chg YTD
Symbol Price (%) (%)
iShTIPSBondETF
iSh1-3YTreasuryBd
iSh7-10YTreasuryBd
iSh20+YTreasuryBd
iShRussellMCGrowth
PIMCOEnhShMaturity
PwrShQQQ 1
PwrShS&P500LoVol
PwrShSrLoanPtf
SPDR BlmBarcHYBd
SPDR Gold
SchwabIntEquity
SchwabUS BrdMkt
SchwabUS Div
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
XtrkrsMSCIEAFE
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IEF
TLT
IWP
MINT
QQQ
SPLV
BKLN
JNK
GLD
SCHF
SCHB
SCHD
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
DBEF
ly
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and companies are
finding strong demand
for their dollar bonds
Eastern Shift
SimpliSafe.com/Wall
113.65
83.93
105.88
126.61
119.02
101.64
152.71
48.11
23.05
36.73
121.18
34.13
63.88
50.65
63.09
243.11
344.92
264.14
96.87
62.49
56.09
22.20
160.91
133.11
100.82
44.25
44.20
58.26
53.77
138.60
153.10
85.19
84.06
87.37
121.31
153.39
110.60
84.17
242.64
79.23
79.43
147.18
81.57
55.11
55.90
135.89
73.29
105.53
64.40
57.64
31.67
0.04
–0.06
–0.05
0.05
–0.50
...
–1.15
0.02
...
–0.05
–0.34
–0.44
–0.16
0.40
–0.16
0.27
–0.03
–0.12
0.84
–1.61
–0.57
–0.29
–1.94
0.38
0.24
–0.41
0.34
–0.12
–0.30
–0.65
–1.41
0.24
–0.07
–0.03
–0.13
–0.05
0.44
–0.50
–0.11
–0.03
–0.11
–0.30
0.01
0.05
–0.36
–0.13
–0.18
0.35
0.36
–0.65
–0.06
0.4
–0.6
1.0
6.3
22.2
0.3
28.9
15.7
–1.3
0.8
10.6
23.3
17.9
16.2
18.5
23.1
14.3
18.2
13.2
29.2
15.5
6.1
32.4
10.0
18.4
21.1
23.5
21.5
21.7
24.3
20.8
12.4
1.2
1.9
18.5
16.5
13.8
2.0
18.2
–0.3
0.1
14.1
1.0
1.5
21.8
17.8
20.1
13.5
12.2
16.4
12.9
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
B8 | Tuesday, December 5, 2017
NEW HIGHS AND LOWS |
WSJ.com/newhighs
The most expensive Mercedes-Benz® ever made.
Rarer than a Stradivarius violin.
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
iShCurHdgMSCIACWI HACW 29.22 0.1
FreseniusMed
52-Wk %
Sym Hi/Lo Chg Stock
FMS
GMS
NYSE highs - 292 GMS
GabelliEquityRt GABr
Not actual size.
Shown is model in Pearl White finish.
Also available in Ruby Red finish.
How to Park $11.7 Million
on Your Desktop
The 500K Special Roadster is one of the rarest and
most-sought after automobiles ever built.
I
t's hard to deny that one of the signature models of Mercedes-Benz® is the 500 series.
So many striking and elegant bodies would grace the stalwart
chassis. The 500K's of the 1930s were beautiful, elegant,
and exclusive models often outfitted with voluptuous
coachwork and sold to the wealthiest of clientele.
The most ravishing model of this species was the twoseater 500K Special Roadster launched in 1936. It was
a limited production cabriolet, in total less than 30
were made, adding to its near-mythical qualities. In its
day it went for top dollar—over $106,000. Today, these
ultra rare masterpieces are going for millions. In 2012,
a Special Roadster fetched more than $11.7 million
metal body features doors, hood
at auction at the Pebble Beach Concours d'Elegance. Die-cast
and trunk that open, steerable wheels
The masters at Maisto® produced this die-cast metal that roll, and four wheel suspension.
Available in Ruby Red finish.
replica capturing the sexy curves and sumptuous coachwork of the full-size model in striking detail. Just shy
of a foot long, and available in pearl white or ruby red. You don’t need to spend millions to
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on Stauer.com without your offer code.
Gannett
GCI
Gap
GPS
GeneralCable BGC
Genesee&Wyoming GWR
Gildan
GIL
GlobusMedical GMED
GraniteConstr GVA
GreatPlainsEner GXP
HartfordFinl
HIG
HartfordFinSvcsWt HIG.WS
HawaiianElec HE
HealthSouth
HLS
HercHoldings HRI
Hillenbrand
HI
Hilton
HLT
HomeDepot
HD
Hubbell
HUBB
HyattHotels
H
ITT
ITT
Ingevity
NGVT
Ingredion
INGR
InstalledBldg
IBP
ICE
ICE
InterContinentl IHG
Invesco MIO
OIA
InvestorsRE PfdC IRETpC
JMP Nts2027 JMPD
JPMorganWt JPM.WS
JPMorganChase JPM
JacobsEngg
JEC
JohnBeanTech JBT
HancockFinlOpp BTO
KAR Auction KAR
KB Fin
KB
KB Home
KBH
KSCitySouthern KSU
KeyCorp
KEY
LCI Inds
LCII
La-Z-Boy
LZB
LambWeston LW
Lannett
LCI
Lazard
LAZ
Lennar B
LEN.B
Lennar A
LEN
LennoxIntl
LII
LifeStorage
LSI
LincolnNational LNC
Loews
L
Lowe's
LOW
M&T Bank
MTB
M&TBankWt MTB.WS
MGIC Investment MTG
MI Homes
MHO
MSCI
MSCI
MagnaIntl
MGA
MainStayMuniFd MMD
MarathonPetrol MPC
Marsh&McLen MMC
Masco
MAS
MaxarTech
MAXR
Maximus
MMS
McDonalds
MCD
MetropolitanBk MCB
MichaelKors
KORS
MitsubishiUFJ MTU
Moelis
MC
MohawkInds
MHK
MolinaHealthcare MOH
MonmouthRealEst MNR
Moody's
MCO
MorganStanley MS
MurphyUSA
MUSA
NatlStorage
NSA
Navistar pfD NAVpD
NeenahPaper NP
NewHome
NWHM
NewMediaInvt NEWM
NexPointCreditFd NHF
NorfolkSouthern NSC
Northwestern NWE
NuvDow30Dyn DIAX
NuvTaxAdDivGr JTD
OM AssetMgmt OMAM
Oppenheimer A OPY
OwensCorning OC
PGT Innovations PGTI
PJT Partners PJT
PNC Fin Wt
PNC.WS
PNC Fin
PNC
PNM Resources PNM
POSCO
PKX
ParkerHannifin PH
PeabodyEnergy BTU
PebblebrookHotel PEB
PerformanceFood PFGC
Phillips66
PSX
Progressive
PGR
ProPetro
PUMP
PrudentialFin PRU
PublicStoragePfD PSApD
PublicStoragePfE PSApE
PublicStoragePfdF PSApF
QuantaServices PWR
RadianGroup RDN
RaymondJames RJF
51.54
38.08
0.10
11.95
34.30
29.75
81.73
32.31
41.70
67.40
34.56
58.61
53.33
38.72
50.41
61.96
46.00
78.62
186.31
129.21
73.33
54.79
80.18
140.85
79.40
72.99
59.94
8.11
25.80
25.30
67.21
108.40
67.69
120.55
38.41
50.92
55.55
31.47
114.85
19.93
132.00
34.25
55.16
30.14
50.99
52.16
63.94
213.78
91.25
78.44
51.02
88.48
176.62
101.36
15.40
36.92
130.58
56.82
20.45
64.32
86.54
43.79
66.03
70.43
173.48
45.14
59.61
7.15
48.85
286.85
80.74
18.45
153.86
53.37
81.30
26.93
18.90
90.65
13.20
17.62
24.19
141.81
64.47
18.42
17.34
16.74
28.65
91.40
16.50
45.63
78.34
145.66
46.00
79.20
190.00
34.47
38.96
31.25
99.35
54.54
19.62
117.99
25.28
25.13
25.48
39.20
21.94
91.29
2.4
1.5
-1.2
2.9
6.6
35.1
1.5
-2.5
6.8
0.1
-0.5
-1.6
-0.2
0.4
0.9
1.6
...
0.5
2.5
3.2
0.2
0.5
-0.1
0.3
...
-0.3
0.2
1.1
0.5
0.8
3.6
2.1
1.9
-0.8
2.2
0.9
1.4
-1.1
2.8
2.6
-1.1
1.5
0.2
-0.5
3.2
0.9
0.7
0.3
0.5
1.3
0.3
4.5
1.6
6.2
2.5
-0.2
-1.1
-1.6
-0.5
0.7
1.1
1.9
0.1
-0.6
-1.3
1.6
1.4
1.0
0.1
-0.1
-0.8
1.1
0.3
1.4
2.4
-0.6
...
0.7
0.9
0.6
1.6
1.7
-0.4
0.6
0.1
-0.4
3.7
2.9
0.3
3.2
3.5
2.0
-0.2
3.5
-0.6
-0.8
1.1
5.4
...
1.4
-1.3
1.2
0.4
0.1
0.6
3.8
1.8
2.1
RayonierAdvMatls RYAM
RegionsFin
RF
RexfordIndPfdB REXRpB
RobertHalf
RHI
RosettaStone RST
RoyceValue
RVT
RymanHospitality RHP
S&P Global
SPGI
SPX FLOW
FLOW
SantanderCons SC
SchwabC
SCHW
ServiceCorp
SCI
ServiceMaster SERV
ShakeShack
SHAK
SherwinWilliams SHW
SimpsonMfg
SSD
SiteOneLandscape SITE
SixFlags
SIX
SkechersUSA SKX
SonocoProducts SON
SouthwestGas SWX
SpecialOpFd
SPE
Spire
SR
StanleyBlackDck SWK
SterlingBancorp STL
StifelFinancial SF
SunComms
SUI
SunLifeFinancial SLF
SunTrustBanksWtA STI.WS.A
SunTrustBanksWtB STI.WS.B
SunTrustBanks STI
SutherlandAsset SLD
SynovusFin
SNV
Sysco
SYY
TCF Fin
TCF
TCF Fin Wt
TCF.WS
TelecomArgentina TEO
TVA Bds D
TVC
Teradata
TDC
Textron
TXT
3M
MMM
Tiffany
TIF
Toll Bros
TOL
TransUnion
TRU
Travelers
TRV
Tri-Continental TY
TrinityIndustries TRN
Triple-S Mgmt GTS
TylerTech
TYL
TysonFoods
TSN
USG
USG
Unifirst
UNF
UnionPacific
UNP
UPS B
UPS
UnitedRentals URI
UnitedHealth UNH
UnumGroup
UNM
Valhi
VHI
ValmontInds
VMI
VarianMed
VAR
VectorGroup
VGR
Verso
VRS
Vonage
VG
VoyaFinancial VOYA
WasteMgt
WM
Waters
WAT
Watsco
WSO
WattsWater
WTS
WebsterFin
WBS
WestAllianceBcp WAL
WestlakeChem WLK
WestRock
WRK
WildHorseResource WRD
WW Ent
WWE
Wyndham
WYN
Xylem
XYL
YumBrands
YUM
Zoetis
ZTS
19.14
17.12
25.09
57.67
12.40
16.24
70.77
169.00
46.12
18.73
51.89
37.58
50.49
42.46
410.66
61.62
75.66
66.55
36.43
55.77
86.87
16.20
82.85
170.90
26.48
60.92
95.44
40.91
30.93
20.60
64.61
16.20
51.09
59.66
21.29
4.35
38.54
25.97
38.28
56.47
244.23
98.64
51.08
56.44
137.95
26.84
36.55
29.43
184.38
84.65
38.91
168.05
132.00
125.16
163.92
231.77
57.49
6.99
176.35
113.58
23.11
12.25
10.49
45.75
83.93
201.95
171.15
75.28
59.25
60.25
99.71
63.63
17.76
29.34
114.13
69.88
84.29
72.79
-1.1
1.8
0.3
1.0
-2.5
-0.4
0.4
0.8
0.2
3.8
4.1
0.8
1.8
1.4
3.0
1.2
-0.9
-0.4
-0.8
3.1
-0.7
0.2
...
0.6
2.8
3.4
1.4
0.3
9.6
9.9
3.9
-0.9
1.0
3.0
2.0
7.8
-0.2
1.4
0.7
0.5
-0.8
-1.8
2.0
-1.1
0.1
...
1.6
1.1
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0.6
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4.4
2.8
1.7
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0.4
-2.5
1.2
2.4
-1.6
1.7
1.6
-1.8
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0.6
2.5
1.2
-1.4
1.7
-2.0
1.2
0.5
-0.3
-0.1
-1.8
NYSE lows - 28
® 14101 Southcross Drive W., Dept. MBD334-01
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Rating of A+
ARCDocumentSolns ARC
AXIS Capital
AXS
AllerganPfdA AGNpA
Allergan
AGN
BEST
BSTI
BlkrkMuni2018 BPK
CONSOL Energy CEIX
Cannae
CNNE
ChinaOnlineEduc COE
ChinaRapidFin XRF
Despegar.com DESP
DeutscheStratMuni KSM
Doubleline Oppor DBL
GNC Holdings GNC
HugotonRoyalty HGT
InvescoHiIncm2023 IHIT
MFS Intermd MIN
MaidenHldg6.7%PfdD MHpD
Natuzzi
NTZ
NordicAmerTankers NAT
NuvCT QualMuni NTC
RubiconProject RUBI
SandRidgeMS II SDR
ScorpioTankers STNG
SocialCapHed IPOA
SocialCapHedWt IPOA.WS
Sogou
SOGO
Switch
SWCH
25.08
25.72
69.84
32.30
46.07
31.25
30.67
71.77
169.53
41.79
15.83
37.77
26.64
31.60
32.23
98.37
226.08
32.72
53.82
31.73
43.45
69.50
95.44
35.55
48.92
28.50
45.43
49.64
35.87
50.97
36.41
74.09
36.51
19.05
74.40
85.76
44.00
168.00
30.69
28.70
30.56
38.91
41.39
38.48
34.83
31.61
31.71
32.57
28.20
42.21
49.19
21.91
22.16
22.12
31.69
69.96
23.38
40.13
39.09
42.70
30.27
67.99
31.38
49.27
111.60
44.14
43.57
44.84
49.22
31.29
28.16
29.47
26.44
31.41
53.27
47.43
34.07
99.84
132.58
101.06
44.60
119.65
110.10
66.17
155.94
69.22
63.06
29.47
31.52
67.05
22.39
43.07
189.27
11.28
36.15
64.90
52.12
31.06
28.87
25.16
75.10
28.07
25.79
55.44
34.89
45.91
90.09
38.60
268.65
191.55
78.34
61.20
0.7
1.9
0.4
-1.9
0.4
1.5
0.4
1.2
0.8
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1.1
1.4
1.2
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1.6
...
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1.9
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0.3
0.6
0.7
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0.6
0.3
0.1
0.7
1.1
0.6
0.1
-0.2
0.8
-0.1
0.9
0.1
-0.1
0.1
1.2
1.8
1.7
0.2
1.3
0.8
0.8
0.6
-0.6
0.6
-0.2
10.4
...
-0.1
0.7
-0.5
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0.1
0.3
0.5
0.1
0.1
...
0.9
0.8
-0.1
0.4
-0.3
0.4
...
0.7
...
-0.1
...
0.1
-0.1
iShUSConsumerGoods IYK
iShUSFinlServices IYG
iShUS Finls
IYF
iShUSHealthcarePrv IHF
iShU.S.Insurance IAK
iShUSRegionalBanks IAT
iShEdgeMSCIUSASC SMLF
iShEdgeMSCIUSASize SIZE
iShACWILowCarbon CRBN
iShMSCICanadaETF EWC
iShMSCIFrontier100 FM
iShMSCIGlblAgriPrd VEGI
iShMSCIKLD400Soc DSI
iShMSCIUSAESGSelct SUSA
iShMSCIUSAEqWeight EUSA
iShMSCIWorldETF URTH
iShMorningstarLC JKD
iShMornLCGrowth JKE
iShMornLCValue JKF
iShMorningstarMC JKG
iShMornMCGrowth JKH
iShMorningstarSC JKJ
iShMornSCValue JKL
iShRussell1000Gwth IWF
iShRussell1000 IWB
iShRussell1000Val IWD
iShRussell2000Gwth IWO
iShRussell2000 IWM
iShRussell2000Val IWN
iShRussell3000 IWV
iShMicro-CapETF IWC
iShRussellMid-Cap IWR
iShRussellMCValue IWS
iShRussellTop200Gr IWY
iShRussellTop200 IWL
iShRussellTop200Vl IWX
iShS&P100
OEF
iShS&PMC400Growth IJK
iShS&P500Growth IVW
iShGloblFinancials IXG
iShS&P500Value IVE
iShGlobalConsDiscr RXI
iShS&PMC400Value IJJ
iShS&PSC600Value IJS
iShDowJonesUS IYY
iShUSBrokerDealers IAI
HancockConsDisc JHMC
HancockMultFinls JHMF
HancockIndustrials JHMI
HancockLC
JHML
HancockMatls JHMA
HancockMC
JHMM
JPM DivRetUS Eq JPUS
JPM Div US SC JPSE
JPM USQualFactor JQUA
MadronaDomestic FWDD
MatlsSelSectorSPDR XLB
MeidellTactical MATH
NationRiskBasedUS RBUS
OShRussSC Qu OUSM
OShFTSEUSQuality OUSA
OppESGRevenue ESGL
OppenheimFclsSect RWW
OppenheimerLgCpRev RWL
OppenheimerMdCpRev RWK
OppenheimerSmCpRev RWJ
OppenheimUltraDiv RDIV
PIMCO DynMultUS MFUS
PwrShDynBldg&Con PKB
PwrShDynLCValue PWV
PwrShDynLeisure PEJ
PwrShDynMkt PWC
PwrShFTSE US1000 PRF
PwrShDynLC Grwth PWB
PwrShRussMC EW EQWM
PwrShRuss1000EqWt EQAL
PwrShRussTop200 EQWL
PwrShRussTop200Val PXLV
PwrShS&P500Down PHDG
PwrShS&P500HiDiv SPHD
PwrShS&P500LoVol SPLV
PwrShS&P500EnhVal SPVU
PwrShS&P500xRate XRLV
PwrShS&P500HiBeta SPHB
PwrShS&P500Qual SPHQ
PwrShS&PIntDev IDLV
PwrShS&P400LowVol XMLV
PwrShZacksMicro PZI
ProShS&P500xEner SPXE
ProShS&P500xTech SPXT
ProShrUlBscMtls UYM
ProShrUlConsmrGd UGE
ProShrUlCnsmr UCC
ProShrUltraDow30 DDM
ProShrUltraFnl UYG
ProShrUltraInd UXI
ProShrUMdCp400 MVV
ProShrUltraRus UWM
ProShrUltraS&P SSO
ProShrUlSmC600 SAA
ProShUltDow30 UDOW
ProShUltraProFin FINU
ProShUltMC400 UMDD
ProShUltRus2000 URTY
ProShUltS&P500 UPRO
REXGoldHdgS&P500 GHS
RenaissanceIntlIPO IPOS
RivFrDynUSFlex RFFC
SPDRGlobalDow DGT
SPDRMFSSysCore SYE
2.51 -4.9
51.11 -0.9
595.74 -1.6
166.06 -1.8
9.24 -2.4
14.93 -0.3
19.55 -7.9
16.16 -7.2
10.65 -5.8
5.10 -13.6
22.73 -3.4
11.78 -0.5
22.11 -1.2
5.03 -2.4
1.48 ...
9.94 -0.4
4.09 -1.4
23.25 -2.7
1.53 -3.1
3.89 -2.5
11.90 -0.1
1.73 0.6
1.17 -0.8
3.06 2.6
9.89 -0.2
1.42 -4.5
10.85 -1.4
16.23 -2.8
101.06
177.96
126.06
130.89
120.41
158.23
68.07
50.93
40.38
84.19
116.87
29.52
33.40
28.99
98.00
110.98
55.45
87.97
159.85
155.67
105.66
185.81
202.15
175.00
153.18
134.50
148.55
124.58
188.57
155.41
129.59
158.29
97.35
208.85
89.57
72.98
61.31
52.35
118.31
218.64
152.90
69.99
114.27
108.84
161.62
156.65
133.69
63.55
30.44
37.11
34.99
34.87
34.70
34.30
71.48
30.18
25.85
53.14
60.17
33.63
26.32
27.51
31.88
30.93
69.48
51.09
60.97
71.14
36.97
27.60
35.01
39.35
43.90
95.56
113.44
41.49
47.71
31.12
52.70
39.09
27.49
42.90
48.48
35.14
34.00
42.03
30.37
33.93
46.85
19.86
56.02
52.08
72.00
48.04
79.52
130.10
130.00
71.77
125.19
73.11
108.55
101.93
92.10
107.83
118.06
86.89
138.31
33.44
23.71
32.60
83.98
75.09
0.7
1.1
0.7
1.3
0.7
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1.7
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2.7
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1.2
1.0
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0.5
0.8
0.6
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0.8
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Continued On Page B9
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AlexandriaRlEst ARE 130.46
81.24
Allete
ALE
104.10
Allstate
ALL
27.94
AllyFinancial
ALLY
78.07
AEP
AEP
99.17
AmerExpress AXP
11.89
AmRltyInv
ARL
Ameriprise
AMP 166.99
31.28
ArcelorMittal MT
15.72
ArmadaHoffler AHH
ArtisanPtrsAsset APAM 40.65
AtHomeGroup HOME 30.00
93.56
AtmosEnergy ATO
51.11
BB&T
BBT
11.13
BRT Apartments BRT
BWX Tech
BWXT 62.85
34.45
BancorpSouth BXS
BankofAmWtB BAC.WS.B 2.05
BankofAmWtA BAC.WS.A 17.24
29.31
BankofAmerica BAC
BankofAmPfdI BACpI 26.87
BankofAmPfdL BACpL1337.00
40.80
BankofButterfield NTB
BankofMontreal BMO 78.93
55.40
BankNY Mellon BK
BerkHathwy A BRK.A 299080
BerkHathwy B BRK.B 199.48
BerryGlobal
BERY 61.30
16.10
BlkRkCapEnIncoFd CII
515.60
BlackRock
BLK
281.83
Boeing
BA
39.85
BoiseCascade BCC
BostonBeer
SAM 189.40
10.90
BoulderGrowth BIF
33.02
BoydGaming
BYD
52.42
Brown&Brown BRO
62.20
Brown-Forman B BF.B
62.70
Brown-Forman A BF.A
BurlingtonStrs BURL 113.00
22.93
BylineBancorp BY
44.00
CBRE Group
CBG
51.19
CIT Group
CIT
25.83
CNO Financial CNO
CadenceBancorp CADE 25.71
57.04
CalAtlantic
CAA
96.64
CIBC
CM
180.34
CanPacRlwy
CP
CantelMedical CMD 108.00
CapitalOnePfdG COFpG 25.50
116.53
Carlisle
CSL
145.19
Caterpillar
CAT
Centene
CNC 103.15
Chemed
CHE 251.00
ChesapeakeLodging CHSP 29.36
Chevron
CVX 122.30
79.80
ChoiceHotels CHH
77.92
Citigroup
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42.52
CitizensFin
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143.18
Clorox
CLX
86.78
Comerica
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CreditSuisse
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125.00
CurtissWright CW
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CushingRenaissance SZC
62.98
DST Systems DST
116.74
DTE Energy
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152.68
Deere
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10.92
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13.66
Dividend&IncomeFd DNI
92.11
DollarGeneral DG
49.00
Domtar
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98.60
Dover
DOV
113.30
DycomInds
DY
81.88
EMCOR
EME
EagleMaterials EXP 114.96
56.74
EatonVance
EV
22.83
EtnVncTxAdvDiv EVT
12.08
EtnVncTxMgdEqu ETY
137.79
Ecolab
ECL
44.97
EmergentBiosol EBS
89.58
EnPro
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25.32
EntergyMS Bds EMP
7.60
Entravision
EVC
91.51
EquityLife
ELS
EssentGroup ESNT 46.15
9.00
Euronav
EURN
90.70
EvercoreA
EVR
EvoquaWater AQUA 23.22
44.08
FB Financial
FBK
54.10
FCB Financial FCB
FactSet
FDS 204.66
FairIsaac
FICO 159.00
34.18
FederatedInvest FII
FedEx
FDX 243.06
40.75
FidNatlFin
FNF
15.67
FirstCmwlthFin FCF
32.91
FirstIndRlty
FR
15.87
FT EnhEquity FFA
38.70
Flagstar
FBC
186.04
FleetCorTech FLT
22.70
Forestar
FOR
FortBrandsHome FBHS 69.61
52-Wk %
Sym Hi/Lo Chg
AAMS&PEMHiDivVal EEMD
AAMS&P500HiDivV SPDV
ALPS EqSecWgh EQL
ALPSMedBreak SBIO
ALPSSectorDivDogs SDOG
AdvShFocusedEqu CWS
AdvShStrGlbBW VEGA
AdvShWilshireBuybk TTFS
BarcETN+FIEnhGlHY FIGY
Barrons400ETF BFOR
BrandValueETF BVAL
CambriaShareholder SYLD
ClearSharesOCIO OCIO
ColumbiaSustGlb ESGW
ColumbiaSustUSEqu ESGS
CnsmrDiscSelSector XLY
CS FI LC Grwth FLGE
DeepValueETF DVP
DeltaShS&P500Mgd DMRL
DiamondHillVal DHVW
DirexAllCapIns KNOW
DirexFinlBull3 FAS
DirexHmbldrBull3 NAIL
DirexIndlsBl3 DUSL
DirexMcBull3 MIDU
DirexPharmBl3X PILL
DirexS&P500Bl3 SPXL
DirexS&P500Bull2X SPUU
DirexS&P500Bl1.25 LLSP
DirexSCBull2 SMLL
DirexScBl1.25 LLSC
DirexSCBull3 TNA
DirexTransportBl3 TPOR
ETF Exposure TETF
DJ 2xSelect Div DVYL
S&P2xDivAristoETN SDYL
EcoLogicalStrat HECO
FIEnhancedGlbHiYd FIEG
FidelityDivRising FDRR
FidelityHiDiv
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FidelityMSCIFinls FNCL
FidelityMSCIIndls FIDU
FidelityMSCIMatls FMAT
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GuggS&P500EW RSP
GuggS&P500EWFin RYF
GuggS&P500EWIndl RGI
GuggS&P500EWMat RTM
GuggS&P500PrVal RPV
GuggS&P400PrGrwth RFG
GuggS&P400PureVal RFV
GuggInsider
NFO
GuggLC OptDiv OPD
GuggGlbTimber CUT
GuggMC Core CZA
GuggMltiAstIncm CVY
GuggRayJamesSB1 RYJ
GuggS&P500Top50 XLG
GuggS&PGlbl LVL
GuggS&PGlblWtr CGW
GuggS&PMC400EW EWMC
GuggS&PSpinOff CSD
HartfordMultiUSEqu ROUS
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IQMacKayShMuni MMIN
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InspireGlblHope BLES
Inspire100ETF BIBL
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iShCoreDivGrowth DGRO
iShGrwthAllocation AOR
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ly
.
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
IYM
NYSE Arca highs - 341 iShUSBasicMaterial
iShUSConsumerSvcs IYC
Monday, December 4, 2017
Stock
52-Wk %
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THE WALL STREET JOURNAL.
Tuesday, December 5, 2017 | B9
BIGGEST 1,000 STOCKS
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.
Net
Sym Close Chg
NYSE
ABB
ABB 25.73 0.07
AECOM
ACM 37.99 0.30
AES
AES 10.77 0.10
s Aflac
AFL 88.14 0.54
AGCO
AGCO 72.22 -0.17
AT&T
T
37.27 0.77
AbbottLabs ABT 54.71 -1.27
AbbVie
ABBV 95.22 -1.10
Accenture ACN 147.15 0.58
AcuityBrands AYI 172.18 5.17
Adient
ADNT 78.10 -0.30
AdvanceAuto AAP 104.02 4.74
AdvSemiEngg ASX 6.40 -0.07
Aegon
AEG 6.18 0.04
AerCap
AER 51.98 -0.16
Aetna
AET 178.70 -2.61
AffiliatedMgrs AMG 197.36 -0.49
AgilentTechs A
66.24 -2.45
AgnicoEagle AEM 43.17 -0.54
Agrium
AGU 106.69 -3.23
AirProducts APD 162.40 0.76
AlaskaAir ALK 68.28 1.37
Albemarle ALB 129.35 -2.80
Alcoa
AA 41.79 0.15
s AlexandriaRlEst ARE 129.03 0.34
Alibaba
BABA 169.58 -5.03
Alleghany Y
585.00 3.98
Allegion
ALLE 83.43 -1.15
t Allergan
AGN 166.90 -3.04
AllianceData ADS 238.17 4.14
AlliantEnergy LNT 44.69 -0.14
AllisonTransm ALSN 41.21 0.24
s Allstate
ALL 103.62 0.52
s AllyFinancial ALLY 27.56 0.31
AlticeUSA ATUS 18.36 -0.08
Altria
MO 70.08 1.50
AlumofChina ACH 16.63 0.41
Ambev
ABEV 6.28 0.06
Ameren
AEE 63.09 -0.66
AmericaMovil AMX 17.07 0.04
AmericaMovil A AMOV 17.05 -0.01
AmCampus ACC 42.75 -0.05
s AEP
AEP 77.39 0.15
s AmerExpress AXP 98.59 0.73
AmericanFin AFG 105.82
...
AmerHomes4Rent AMH 21.59 0.03
AIG
AIG 59.26 -0.62
AmerTowerREIT AMT 138.97 -4.64
AmerWaterWorks AWK 91.32 0.10
s Ameriprise AMP 165.55 3.08
AmerisourceBrgn ABC 87.42 2.47
Ametek
AME 71.79 -0.30
Amphenol APH 88.46 -1.34
AnadarkoPetrol APC 48.59 -0.13
Andeavor ANDV 106.97 2.54
AndeavorLog ANDX 46.45 0.01
AB InBev BUD 115.41 -0.05
AnnalyCap NLY 11.99 0.19
AnteroResources AR 18.61 -0.78
Anthem
ANTM 224.95 -6.69
Aon
AON 139.67 -2.57
Apache
APA 43.21 -1.01
ApartmtInv AIV 43.94 -0.05
ApolloGlbMgmt APO 31.05 0.10
AquaAmerica WTR 37.67 -0.08
Aramark
ARMK 42.76 -0.31
s ArcelorMittal MT 31.13 0.64
ArcherDaniels ADM 41.20 0.37
Arconic
ARNC 24.73 0.23
AristaNetworks ANET 209.48-19.17
ArrowElec ARW 77.71 -1.49
AstraZeneca AZN 32.17 -0.68
Athene
ATH 46.69 -0.62
s AtmosEnergy ATO 91.70 -0.54
Autohome ATHM 55.59 -0.01
Autoliv
ALV 127.35 -2.26
AutoZone AZO 709.77 31.37
Avalonbay AVB 181.12 -0.21
Avangrid
AGR 52.29 -0.43
AveryDennison AVY 112.02 -0.61
AxaltaCoating AXTA 32.33 1.30
s BB&T
BBT 50.24 0.64
BCE
BCE 48.42 0.02
BHPBilliton BHP 42.10 0.14
BHPBilliton BBL 36.70 0.03
BP
BP 39.91 -0.04
BRF
BRFS 11.85 0.02
BT Group BT 17.48 -0.01
s BWX Tech BWXT 61.76 -0.12
BakerHughes BHGE 31.71 1.01
Ball
BLL 40.65 0.91
BancoBilbaoViz BBVA 8.49
...
BancodeChile BCH 82.40 -0.61
BancoMacro BMA 104.50 1.34
BcoSantChile BSAC 27.11 -0.34
BancoSantander SAN 6.57 -0.02
Stock
Net
Sym Close Chg
BanColombia CIB 38.29 -0.20
s BankofAmerica BAC 29.06 0.96
s BankofMontreal BMO 78.28 -0.09
s BankNY Mellon BK 54.97 0.52
BkNovaScotia BNS 64.24 -0.21
Barclays
BCS 10.38 0.12
Bard CR
BCR 332.55 -3.51
BarrickGold ABX 13.91 -0.16
BaxterIntl BAX 64.25 -1.24
BectonDicknsn BDX 218.92 -7.41
Berkley
WRB 69.75 0.23
s BerkHathwy A BRK.A2954904489.80
s BerkHathwy B BRK.B 196.96 2.40
s BerryGlobal BERY 60.79 0.71
BestBuy
BBY 62.55 2.20
Bio-RadLab A BIO 257.49-11.31
BlackKnight BKI 44.80 -0.35
BlackBerry BB 10.44 -0.35
s BlackRock BLK 513.50 11.42
Blackstone BX 32.11 0.53
s Boeing
BA 277.97 6.59
BorgWarner BWA 54.24 -0.77
BostonProps BXP 127.84 0.71
BostonSci BSX 24.90 -1.25
Braskem
BAK 27.62 -0.29
Bristol-Myers BMY 62.47 -0.77
BritishAmTob BTI 64.95 0.21
BroadridgeFinl BR 90.17 0.04
BrookfieldMgt BAM 41.92 -0.27
BrookfieldInfr BIP 43.66 0.10
s Brown&Brown BRO 51.53 -0.22
s Brown-Forman A BF.A 62.57 1.50
s Brown-Forman B BF.B 62.09 1.39
BuckeyePtrs BPL 47.40 0.73
Bunge
BG 67.49 0.35
s BurlingtonStrs BURL 111.55 2.77
CBD Pao
CBD 22.33 0.65
s CBRE Group CBG 43.37 0.18
CBS A
CBS.A 61.51 5.21
CBS B
CBS 60.10 2.99
CF Industries CF 36.90 -0.69
CGI Group GIB 52.76 -0.31
s CIT Group CIT 50.57 1.05
CMS Energy CMS 49.76 0.02
CNA Fin
CNA 54.40 0.01
CNOOC
CEO 136.99 -0.12
CPFLEnergia CPL 11.69 -0.41
CRH
CRH 35.13 0.43
CVS Health CVS 71.69 -3.43
CabotOil
COG 28.57 -0.11
s CalAtlantic CAA 56.18 0.50
CamdenProperty CPT 91.96 0.19
CampbellSoup CPB 50.32 1.10
s CIBC
CM 94.75 -0.72
CanNtlRlwy CNI 79.19 0.52
CanNaturalRes CNQ 34.85 -0.39
s CanPacRlwy CP 175.68 -2.44
Canon
CAJ 37.78 -0.18
CapitalOne COF 94.89 2.17
CardinalHealth CAH 61.02 2.12
s Carlisle
CSL 115.91 2.34
CarMax
KMX 70.71 2.33
Carnival
CCL 67.25 1.25
Carnival
CUK 67.20 1.15
s Caterpillar CAT 141.50 -0.02
Celanese A CE 106.80 0.31
Cemex
CX
7.44 -0.07
CenovusEnergy CVE 9.78 -0.34
s Centene
CNC 98.28 -2.82
CenterPointEner CNP 29.36 -0.17
CentraisElBras EBR 5.86 0.16
CenturyLink CTL 14.81 0.51
Chemours CC 49.44 -2.40
s Chevron
CVX 120.84 1.33
ChinaEastrnAir CEA 30.36 1.31
ChinaLifeIns LFC 16.12 0.01
ChinaMobile CHL 50.17 -0.25
ChinaPetrol SNP 71.42 0.50
ChinaSoAirlines ZNH 45.71 1.87
ChinaTelecom CHA 48.99 0.70
ChinaUnicom CHU 14.37 -0.10
Chipotle
CMG 315.60 8.01
Chubb
CB 150.82 -0.82
ChunghwaTel CHT 34.39 -0.03
Church&Dwight CHD 48.35 1.51
Cigna
CI 204.11 -4.30
CimarexEnergy XEC 112.80 -4.09
s Citigroup
C
77.10 1.59
s CitizensFin CFG 41.85 1.16
s Clorox
CLX 142.99 3.35
Coca-Cola KO 46.23 0.26
Coca-Cola Euro CCE 39.73 -0.02
Coca-Cola Femsa KOF 69.92 1.55
ColgatePalm CL 74.52 1.48
ColonyNorthStar CLNS 12.07 -0.06
s Comerica
CMA 85.11 1.33
SABESP
SBS 10.26 0.28
ConagraBrands CAG 37.93 0.46
ConchoRscs CXO 139.19 -2.27
Stock
Net
Sym Close Chg
ConocoPhillips COP 51.29
ConEd
ED 88.48
ConstBrands A STZ 216.34
ConstBrands B STZ.B 216.00
ContinentalRscs CLR 47.81
Cooper
COO 229.74
Corning
GLW 32.21
Coty
COTY 17.56
Credicorp
BAP 209.11
s CreditSuisse CS 17.20
CrownCastle CCI 109.63
CrownHoldings CCK 60.19
Cullen/Frost CFR 96.57
Cummins
CMI 164.96
s DTE Energy DTE 115.53
DXC Tech DXC 93.22
Danaher
DHR 92.82
Darden
DRI 86.06
DaVita
DVA 61.93
s Deere
DE 150.97
DellTechs DVMT 74.89
DelphiAuto DLPH 104.30
DeltaAir
DAL 52.91
DeutscheBank DB 19.12
DevonEnergy DVN 38.64
Diageo
DEO 139.90
DigitalRealty DLR 110.59
DiscoverFinSvcs DFS 73.44
Disney
DIS 110.22
DolbyLab
DLB 61.82
s DollarGeneral DG 90.77
DominionEner D
83.55
Domino's
DPZ 187.62
Donaldson DCI 48.50
DouglasEmmett DEI 40.44
s Dover
DOV 97.54
DowDuPont DWDP 72.13
DrPepperSnap DPS 93.10
DrReddy'sLab RDY 34.90
DukeEnergy DUK 88.62
DukeRealty DRE 27.85
ENI
E
32.81
EOG Rscs EOG 101.05
EQT
EQT 59.65
EastmanChem EMN 91.40
Eaton
ETN 76.41
s EatonVance EV 56.48
s Ecolab
ECL 137.26
Ecopetrol
EC 11.90
EdisonInt
EIX 80.26
EdwardsLife EW 113.80
EmersonElec EMR 65.10
EnbridgeEnPtrs EEP 14.36
Enbridge
ENB 38.31
Encana
ECA 11.90
EnelAmericas ENIA 10.08
EnelGenChile EOCC 25.57
EnergyTransferEq ETE 16.73
EnergyTransfer ETP 16.85
Entergy
ETR 84.37
EnterpriseProd EPD 24.99
Equifax
EFX 113.40
s EquityLife ELS 91.13
EquityResdntl EQR 66.30
EssexProp ESS 246.28
EsteeLauder EL 125.34
EverestRe RE 213.56
EversourceEner ES 65.48
Exelon
EXC 41.56
ExtraSpaceSt EXR 84.85
ExxonMobil XOM 83.57
FMC
FMC 91.47
s FactSet
FDS 204.49
FederalRealty FRT 133.57
s FedEx
FDX 239.05
Ferrari
RACE 104.34
FiatChrysler FCAU 17.18
FibriaCelulose FBR 13.60
s FidNatlFin FNF 39.69
FidNatlInfo FIS 93.63
58.com
WUBA 66.98
FirstAmerFin FAF 55.28
FirstData
FDC 15.97
FirstRepBank FRC 95.81
FirstEnergy FE 32.58
s FleetCorTech FLT 183.60
Fluor
FLR 49.39
FomentoEconMex FMX 93.24
FordMotor F
12.63
ForestCIty A FCE.A 24.08
Fortis
FTS 37.14
Fortive
FTV 74.23
s FortBrandsHome FBHS 68.89
Franco-Nevada FNV 78.60
FranklinRscs BEN 44.62
FreeportMcM FCX 14.30
s FreseniusMed FMS 50.95
GGP
GGP 23.63
Gallagher AJG 66.58
Mutual Funds | WSJ.com/fundresearch
Explanatory Notes
-0.45
-0.34
-2.26
-2.04
-0.66
-8.36
0.36
0.51
-2.11
0.07
-2.92
0.68
-1.27
-0.05
0.32
-2.36
-1.00
1.02
0.82
1.03
-5.07
0.79
0.85
0.14
-0.20
0.68
-8.22
2.32
4.97
-0.20
2.79
-0.02
3.00
0.09
-0.10
0.66
1.12
2.84
0.13
-0.11
-0.43
-0.21
-1.86
0.08
-0.58
-1.29
0.99
2.37
0.12
-0.50
-2.61
0.41
-0.41
0.02
-0.21
0.03
0.44
0.31
0.32
-1.15
-0.06
0.47
0.93
-0.23
-0.76
0.57
-4.50
0.05
-0.27
-0.35
0.11
-2.46
3.04
1.03
8.21
-3.13
0.09
-0.05
-0.89
-0.12
-5.43
-0.24
-0.32
0.13
-1.18
2.76
0.93
0.56
0.05
-0.10
-0.25
-0.35
1.37
-2.05
1.14
0.19
1.19
0.04
0.01
s Gap
GPS 34.09
GardnerDenver GDI 31.45
Gartner
IT 121.25
Gazit-Globe GZT 10.54
GeneralDynamics GD 201.69
GeneralElec GE 17.95
GeneralMills GIS 57.86
GeneralMotors GM 43.05
Genpact
G
32.25
GenuineParts GPC 93.96
s Gildan
GIL 31.18
GSK
GSK 35.00
GlobalPayments GPN 95.96
GoDaddy
GDDY 47.32
Goldcorp
GG 12.56
GoldmanSachs GS 250.65
Graco
GGG 128.70
Grainger
GWW 227.50
s GreatPlainsEner GXP 34.17
GrubHub
GRUB 66.94
GpoAeroportuar PAC 104.44
GpoAvalAcc AVAL 8.27
GpFinSantMex BSMX 7.86
GrupoTelevisa TV 18.78
HCA Healthcare HCA 84.27
HCP
HCP 26.40
HDFC Bank HDB 94.21
HP
HPQ 21.08
HSBC
HSBC 49.34
Halliburton HAL 43.89
Hanesbrands HBI 21.15
HarleyDavidson HOG 51.81
Harris
HRS 141.69
s HartfordFinl HIG 56.50
HealthcareAmer HTA 30.49
Heico
HEI 88.79
Heico A
HEI.A 74.45
Helm&Payne HP 58.43
Herbalife
HLF 67.66
Hershey
HSY 112.82
Hess
HES 46.57
HewlettPackard HPE 14.23
s Hilton
HLT 77.66
HollyFrontier HFC 44.31
s HomeDepot HD 184.90
HondaMotor HMC 33.40
Honeywell HON 153.77
HormelFoods HRL 37.68
DR Horton DHI 50.58
HostHotels HST 19.86
HuanengPower HNP 25.50
s Hubbell
HUBB 128.29
Humana
HUM252.28
HuntingIngalls HII 234.31
Huntsman HUN 31.81
s HyattHotels H
72.60
ICICI Bank IBN 9.35
ING Groep ING 18.09
Invesco
IVZ 36.88
IQVIA
IQV 101.27
IDEX
IEX 133.59
IllinoisToolWks ITW 166.22
Infosys
INFY 15.46
Ingersoll-Rand IR
85.12
s Ingredion
INGR 140.09
s ICE
ICE 71.83
s InterContinentl IHG 59.35
IBM
IBM 156.46
IntlFlavors IFF 154.34
IntlPaper
IP
56.88
Interpublic IPG 20.68
InvitatHomes INVH 23.47
IronMountain IRM 40.53
IsraelChemicals ICL 4.11
ItauUnibanco ITUB 12.89
s JPMorganChase JPM 106.95
s JacobsEngg JEC 66.69
JamesHardie JHX 16.46
JanusHenderson JHG 36.03
J&J
JNJ 139.01
JohnsonControls JCI 37.43
JonesLang JLL 150.93
JuniperNetworks JNPR 27.96
s KAR Auction KAR 50.65
s KB Fin
KB 54.75
KKR
KKR 19.95
KT
KT 15.74
s KSCitySouthern KSU 113.44
Kellogg
K
67.54
s KeyCorp
KEY 19.63
KeysightTechs KEYS 41.90
KilroyRealty KRC 75.21
KimberlyClark KMB 123.11
KimcoRealty KIM 19.09
KinderMorgan KMI 17.25
Knight-Swift KNX 42.87
Kohl's
KSS 50.15
KoninklijkePhil PHG 38.32
KoreaElcPwr KEP 17.45
Kroger
KR 26.88
Kyocera
KYO 69.00
LATAMAirlines LTM 12.54
L Brands
LB 57.10
LG Display LPL 13.78
LINE
LN 42.52
L3 Tech
LLL 192.94
LabCpAm LH 157.91
s LambWeston LW 54.95
LasVegasSands LVS 69.78
s Lazard
LAZ 50.74
Lear
LEA 177.00
Leggett&Platt LEG 48.30
Leidos
LDOS 63.46
s Lennar A
LEN 62.98
s Lennar B
LEN.B 51.18
s LennoxIntl LII 209.03
LeucadiaNatl LUK 26.39
LibertyProperty LPT 44.75
EliLilly
LLY 85.58
s LincolnNational LNC 77.50
LionsGate A LGF.A 33.16
LionsGate B LGF.B 31.56
Data provided by
Top 250 mutual-funds listings based on total net assets for Nasdaq-published share classes.
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. f-Previous day’s quotation. p-Distribution costs apply,
12b-1. r-Redemption charge may apply. t-Footnotes p and r apply. NA-Not available due to
incomplete price, performance or cost data. NE-Not released by Lipper; data under review. NNFund not tracked. NS-Fund didn’t exist at start of period.
BlackRock Funds A
-0.45 29.7 GlblAlloc p
20.43
BlackRock Funds Inst
-0.23 19.6 EqtyDivd
23.70
+0.05 16.6 GlblAlloc
20.56
-0.02 13.9 HiYldBd
7.81
... 3.2 StratIncOpptyIns 9.93
-0.02 13.1 Bridge Builder Trust
-0.12 22.0 CoreBond
NA
-0.18 28.3 Dimensional Fds
-0.10 20.6 5GlbFxdInc
11.01
-0.43 23.2 EmgMktVa
30.38
+0.01 6.7 EmMktCorEq 22.45
-0.01 17.5 IntlCoreEq
14.25
+0.03 11.7 IntlVal
20.01
-0.23 27.2 IntSmCo
21.53
-0.48 31.9 IntSmVa
23.36
-0.25 28.8 US CoreEq1
22.72
-0.37 24.3 US CoreEq2
21.61
+0.01 5.0 US Small
37.49
+0.07 18.4 US SmCpVal 39.93
26.00
US TgdVal
... NA USLgVa
40.41
-0.01 4.4 Dodge & Cox
n-
American Century Inv
45.23
Ultra
American Funds Cl A
32.10
AmcpA p
42.33
AMutlA p
27.83
BalA p
12.91
BondA p
CapIBA p
63.60
52.68
CapWGrA
EupacA p
56.67
64.46
FdInvA p
51.80
GwthA p
HI TrA p
10.42
42.07
ICAA p
IncoA p
23.69
44.93
N PerA p
47.41
NEcoA p
NwWrldA
66.28
57.14
SmCpA p
TxExA p
13.00
46.68
WshA p
Baird Funds
AggBdInst
NA
11.23
CorBdInst
Net YTD
NAV Chg % Ret
Balanced
111.43 +0.31
14.10 +0.05
13.85
...
46.01 +0.04
208.58 +0.85
DoubleLine Funds
NA
...
TotRetBdI
Edgewood Growth Instituti
EdgewoodGrInst 29.34 -0.52
Federated Instl
6.54 +0.01
StraValDivIS
Fidelity
500IdxInst
92.62 -0.09
500IdxInstPrem 92.61 -0.10
500IdxPrem 92.61 -0.10
ExtMktIdxPrem r 64.14 -0.22
IntlIdxPrem r 43.30 -0.11
SAIUSLgCpIndxFd 14.20 -0.01
76.80 -0.11
TMktIdxF r
TMktIdxPrem 76.79 -0.11
...
USBdIdxInstPrem 11.59
Fidelity Advisor I
NwInsghtI
33.59 -0.32
Fidelity Freedom
-0.04 12.4 GblStock
Income
+0.10 16.1 Intl Stk
-0.04 12.6 Stock
no
Fund
Monday, December 4, 2017
Net YTD
Net YTD
NAV Chg % Ret Fund
NAV Chg % Ret Fund
...
...
7.7
4.3
...
NA
-0.01
+0.06
+0.04
-0.06
-0.07
-0.10
-0.10
+0.01
+0.04
+0.08
+0.16
+0.11
+0.19
2.1
28.6
31.2
24.4
22.2
25.9
23.5
19.3
17.4
11.5
7.3
9.2
16.8
New Highs and Lows | WSJ.com/newhighs
52-Wk %
52-Wk %
Sym Hi/Lo Chg Stock
Sym Hi/Lo Chg
52-Wk % Stock
Sym Hi/Lo Chg SPDR DJIA Tr DIA 245.57 0.3 WBITacticalLCV WBIF 28.59 1.1
SPDRMFSSysGrowth SYG
SPDRMFSSysValueEqu SYV
SPDRMSCIACWIIMI ACIM
SPDRMSCICAStrat QCAN
SPDRMSCIUSAStrat QUS
SPDRMSCIWorldStrat QWLD
SPDRPortfolioLC SPLG
SPDRPtfMC
SPMD
SPDRS&P500Value SPYV
SPDRS&P500Growth SPYG
SPDRS&P500HiDiv SPYD
SPDRPtfSC
SPSM
SPDR Ptf TSM SPTM
SPDRRuss1000LowVol ONEV
SPDRRuss1000Mom ONEO
SPDRRuss1000Yd ONEY
SPDRMomentumTilt MMTM
SPDRS&P1500ValTilt VLU
SPDR S&P500MidGr MDYG
SPDR S&P400MidVl MDYV
SPDRS&P600SmallCap SLY
SPDR S&P600SCpGr SLYG
SPDR S&P600SCapVal SLYV
SPDRS&PBank KBE
SPDRS&PCapitalMkts KCE
SPDRS&P500Buyback SPYB
SPDRS&P500Fossil SPYX
SPDRS&PGlbDividend WDIV
SPDRS&PInsurance KIE
SPDRS&PRegionalBkg KRE
SPDRS&PTransport XTN
SPDRGenderDivers SHE
SPDR US LC Low Vol LGLV
SPDRSSgAIncmAllctn INKM
SPDRSSgAMultiAsset RLY
SchwabFundUSBrd FNDB
SchwabFundUSLrgCo FNDX
SchwabFundUSSmCo FNDA
Schwab1000Index SCHK
SchwabUS BrdMkt SCHB
SchwabUS Div SCHD
SchwabUS LC SCHX
SchwabUS LC Grw SCHG
SchwabUS LC Val SCHV
SchwabUS MC SCHM
SchwabUS SC SCHA
SerenityShImpact ICAN
78.68
66.91
78.80
61.10
77.47
75.48
31.33
34.05
30.90
33.04
38.11
30.65
33.23
76.75
77.42
75.13
115.84
104.65
159.37
104.79
137.42
240.64
133.39
48.95
58.01
62.15
64.84
70.45
31.48
61.26
64.71
73.24
93.94
33.78
26.02
37.16
37.32
38.36
26.23
64.58
50.96
63.74
70.48
54.78
53.53
70.88
26.97
-0.6
2.4
0.3
-0.2
0.1
1.1
-0.1
...
0.6
-0.7
0.3
-0.1
-0.1
0.8
0.8
1.3
0.4
1.3
-0.4
0.4
0.2
-0.2
0.3
1.7
1.6
2.0
0.2
-0.1
0.1
1.7
1.2
...
0.2
0.3
-0.3
0.3
0.4
0.2
-0.1
-0.2
0.4
-0.2
-0.5
0.2
-0.2
-0.2
...
SPDR S&PMdCpTr MDY
SPDR S&P 500 SPY
SPDR S&P Div SDY
SPDR S&P Home XHB
UBS FIEnhGlbHY FIHD
USAA USA SC Val USVM
VanEckAgribus MOO
VanEckCoal
KOL
VanEckMornWideMoat MOAT
VanEckNatRscs HAP
VanEckOilRefin CRAK
VanEckRetail RTH
VanEckVietnam VNM
VangdExtMkt VXF
VangdMatrls VAW
VangdCnsmrDiscr VCR
VangdSC Val VBR
VangdSC Grwth VBK
VangdDivApp VIG
VangdFinls
VFH
VangdGrowth VUG
VangdHiDiv
VYM
VangdIndls
VIS
VangdLC
VV
VangdMegaCap MGC
VangdMegaGrwth MGK
VangdMegaVal MGV
VangdMC
VO
VangdMC Val VOE
VangdS&P500 VOO
VangdS&P500 Grw VOOG
VangdS&P500Val VOOV
VangdS&PMC400 IVOO
VangdS&P400Grwth IVOG
VangdS&P400Val IVOV
VangdS&P600 VIOO
VangdS&P600Grwth VIOG
VangdS&P600Val VIOV
VangdSC
VB
VangdTotalStk VTI
VangdTotlWrld VT
VangdValue
VTV
VelocityLgLIBOR ULBR
VirtusWMCGlb VGFO
WBIPwrFactorHiDiv WBIY
WBITacticalHiIncm WBIH
WBITacticalLCGD WBIE
WBITacticalLCQ WBIL
349.16
266.80
97.39
44.49
188.88
51.63
61.49
15.54
42.50
36.59
29.64
90.65
17.47
112.81
135.77
155.50
134.67
162.42
101.60
71.15
140.47
85.83
141.42
122.50
91.66
111.21
76.58
154.93
111.50
245.07
137.42
110.05
129.32
135.61
124.20
143.09
148.51
134.94
149.58
137.38
73.92
106.43
29.84
25.82
26.81
25.00
25.72
27.33
...
-0.1
0.8
1.1
0.5
-0.5
-0.5
-0.2
0.3
0.5
0.8
1.6
2.3
-0.3
0.9
1.0
0.4
-0.9
0.2
1.5
-0.6
0.2
0.8
-0.1
-0.2
-0.6
0.3
...
0.4
-0.1
-0.6
0.6
-0.1
-0.3
0.4
0.1
-0.1
0.4
-0.3
-0.1
-0.2
0.4
...
1.6
2.1
0.2
0.5
0.2
Net
Sym Close Chg
LiveNationEnt LYV 43.66 -1.04
LloydsBanking LYG 3.56 0.01
LockheedMartin LMT 311.78 -1.79
s Loews
L
50.65 0.16
s Lowe's
LOW 88.04 3.81
LyondellBasell LYB 103.81 0.61
s M&T Bank MTB 172.25 2.78
MGM Resorts MGM 34.22 0.20
MPLX
MPLX 35.64 -0.49
s MSCI
MSCI 127.57 -1.38
Macerich
MAC 65.20 0.98
Macy's
M
25.80 1.61
MagellanMid MMP 67.73 -0.35
s MagnaIntl MGA 55.46 -0.91
Manpower MAN 127.03 0.02
ManulifeFin MFC 21.16 -0.11
MarathonOil MRO 14.90 -0.18
s MarathonPetrol MPC 63.30 0.46
Markel
MKL 1112.46 0.05
s Marsh&McLen MMC 85.97 0.91
MartinMarietta MLM 208.44 5.79
s Masco
MAS 43.30 0.80
Mastercard MA 143.43 -6.26
McCormick MKC 104.48 1.63
McCormickVtg MKC.V 102.27 0.70
s McDonalds MCD 170.65 -2.22
McKesson MCK 153.09 6.70
Medtronic MDT 79.87 -1.40
Merck
MRK 56.22 0.35
MetLife
MET 53.62 0.01
MettlerToledo MTD 606.80-17.84
s MichaelKors KORS 58.79 0.81
MicroFocus MFGP 32.68 -0.33
MidAmApt MAA 102.52 -0.32
s MitsubishiUFJ MTU 7.11 0.07
MizuhoFin MFG 3.62
...
MobileTeleSys MBT 9.81 -0.20
s MohawkInds MHK 284.65 -0.17
MolsonCoors B TAP 80.51 1.30
Monsanto MON 118.61 -0.32
s Moody's
MCO 151.75 0.45
s MorganStanley MS 52.68 0.73
Mosaic
MOS 23.70 -0.58
MotorolaSol MSI 93.63 0.60
NRG Energy NRG 27.41 -0.54
NTTDoCoMo DCM 25.39 -0.25
NVR
NVR 3456.42-23.58
NationalGrid NGG 59.95 -0.09
NatlOilwell NOV 33.98 -0.11
NatlRetailProp NNN 41.95 0.18
NewOrientalEduc EDU 84.69 0.41
NY CmntyBcp NYCB 13.63 0.37
NewellBrands NWL 31.81 0.30
NewfieldExpln NFX 31.40 -0.48
NewmontMin NEM 36.84 -0.35
NextEraEnergy NEE 155.97 -1.50
NielsenHoldings NLSN 37.61 1.38
Nike
NKE 60.10 0.22
NiSource
NI
27.03 -0.30
NobleEnergy NBL 26.84 -0.16
Nokia
NOK 4.74 -0.21
NomuraHoldings NMR 5.87 0.02
Nordstrom JWN 47.26 1.76
s NorfolkSouthern NSC 139.89 2.39
NorthropGrum NOC 300.56 0.93
Novartis
NVS 84.88 -1.17
NovoNordisk NVO 51.04 -0.95
Nucor
NUE 58.82 1.52
OGE Energy OGE 35.05 -0.18
ONEOK
OKE 52.29 0.18
OccidentalPetrol OXY 70.06 -0.18
Olin
OLN 34.58 -0.40
Omnicom OMC 74.70 1.32
Oracle
ORCL 48.40 -1.21
Orange
ORAN 16.87 -0.05
OrbitalATK OA 132.77 0.49
Orix
IX
84.42 -1.18
Oshkosh
OSK 92.10 3.21
s OwensCorning OC 90.21 2.55
PG&E
PCG 53.52 -0.61
PLDT
PHI 28.33 -0.63
s PNC Fin
PNC 143.84 2.84
s POSCO
PKX 78.46 2.62
PPG Ind
PPG 117.56 1.63
PPL
PPL 35.96 -0.31
PVH
PVH 134.28 -3.03
PackagingCpAm PKG 118.91 1.51
PaloAltoNtwks PANW 142.89 -0.88
ParkHotels PK 28.74 -0.07
s ParkerHannifin PH 185.85 -1.20
ParsleyEnergy PE 26.66 -0.78
Pearson
PSO 9.54 -0.06
PembinaPipeline PBA 34.83 -0.30
Pentair
PNR 69.16 -1.03
PepsiCo
PEP 117.46 0.68
PerkinElmer PKI 69.78 -3.34
Perrigo
PRGO 86.30 -0.70
PetroChina PTR 67.82 0.16
PetroleoBrasil PBR 9.94 0.08
PetroleoBrasilA PBR.A 9.56 -0.02
Pfizer
PFE 36.06 -0.29
PhilipMorris PM 104.61 0.90
s Phillips66 PSX 97.53 -0.04
PinnacleFoods PF 58.21 0.75
PinnacleWest PNW 90.21 -0.80
PioneerNatRscs PXD 156.35 -0.81
PlainsAllAmPipe PAA 20.20 0.04
PlainsGP
PAGP 21.13 0.35
PolarisIndustries PII 124.13 -1.98
Potash
POT 19.01 -0.64
Praxair
PX 153.36 1.49
PrincipalFin PFG 70.85 0.33
Procter&Gamble PG 91.41 -0.36
s Progressive PGR 54.36 0.76
Prologis
PLD 65.94 -0.25
s PrudentialFin PRU 116.76 1.36
Prudential PUK 49.15 -0.27
PublicServiceEnt PEG 52.89 -0.18
PublicStorage PSA 209.97 -2.10
PulteGroup PHM 34.44 0.50
s QuantaServices PWR 38.80 1.41
QuestDiag DGX 100.24 1.03
WBITacticalLCY WBIG
WBITacticalSMGD WBIA
WBITacticalSMQ WBID
WBITacticalSMV WBIB
WisdTrCBOES&P500 PUTW
WisdTrGlbHiDiv DEW
WisdTrUSDivxFin DTN
WisdTrUSEarn500 EPS
WisdTrUSExport WEXP
WisdTrUSHiDiv DHS
WisdTrUSLCDivFd DLN
WisdTrUSLCValueFd EZY
WisdTrUSMCDivFd DON
WisdTrUSMCEarn EZM
WisdTrUSSCDiv DES
WisdTrUSTotalDivFd DTD
WisdTrUSTotalEarn EXT
WorkplaceEquality EQLT
XtrkrsRussell2000 DESC
11.3
18.4
4.2
20.8
16.4
NA
32.1
14.3
20.1
20.1
20.1
16.9
22.7
20.1
19.5
19.5
3.3
25.8
Fund
Net YTD
NAV Chg % Ret Fund
FF2020
FF2025
FF2030
Freedom2020 K
Freedom2025 K
Freedom2030 K
Freedom2035 K
Freedom2040 K
16.85
14.60
18.31
16.86
14.60
18.32
15.39
10.82
Net
Sym Close Chg
Stock
RELX
RENX 22.86 -0.07
RELX
RELX 23.50 -0.12
RPM
RPM 53.87 1.43
RSP Permian RSPP 36.68 -1.07
RalphLauren RL 99.71 4.11
s RaymondJames RJF 90.11 1.87
Raytheon RTN 185.54 -1.35
RealtyIncome O
55.34 -0.21
RedHat
RHT 120.31 -4.95
RegencyCtrs REG 68.60 0.54
s RegionsFin RF 16.95 0.30
ReinsGrp
RGA 161.71 1.00
RelianceSteel RS 81.62 3.05
RepublicSvcs RSG 65.03 0.81
ResMed
RMD 83.57 -0.68
RestaurantBrands QSR 60.95 -1.97
RioTinto
RIO 48.29 -0.01
s RobertHalf RHI 56.66 0.58
Rockwell
ROK 190.78 0.32
RockwellCollins COL 132.84 -0.06
RogersComm B RCI 51.72 -0.50
Rollins
ROL 46.10 -0.60
RoperTech ROP 261.87 1.27
RoyalBkCanada RY 79.80 -0.01
RoyalBkScotland RBS 7.48 0.05
RoyalCaribbean RCL 125.08 -0.15
RoyalDutchA RDS.A 64.15 -0.02
RoyalDutchB RDS.B 65.69 -0.08
SAP
SAP 111.44 -0.34
s S&P Global SPGI 167.46 1.29
SINOPEC
SHI 58.07 0.19
SK Telecom SKM 27.46 0.08
SLGreenRealty SLG 103.95 1.92
Salesforce.com CRM 99.85 -3.98
Sanofi
SNY 44.16 -0.46
s SantanderCons SC 18.03 0.66
Sasol
SSL 31.40 -0.26
Scana
SCG 44.33 0.07
Schlumberger SLB 64.60 -0.13
s SchwabC
SCHW 51.55 2.05
SealedAir SEE 48.12 0.38
SemicondctrMfg SMI 6.97 -0.13
SempraEnergy SRE 120.49 0.01
SensataTech ST 47.56 -1.10
s ServiceCorp SCI 37.27 0.29
s ServiceMaster SERV 50.08 0.88
ServiceNow NOW 113.62 -9.04
ShawComm B SJR 22.92 -0.11
s SherwinWilliams SHW 406.93 11.86
ShinhanFin SHG 44.48 0.90
Shopify
SHOP 96.62 -6.65
SimonProperty SPG 163.67 1.32
SmithAO
AOS 62.20 -0.61
Smith&Nephew SNN 35.68 -0.17
Smucker
SJM 119.39 3.78
Snap
SNAP 13.57 -0.30
SnapOn
SNA 173.32 5.07
SOQUIMICH SQM 52.57 -1.84
Sony
SNE 45.78 0.22
Southern
SO 50.33 -0.78
SoCopper SCCO 43.12 0.36
SouthwestAir LUV 62.03 2.11
SpectraEnerPtrs SEP 40.41 -0.69
SpectrumBrands SPB 114.07 -0.14
SpiritAeroSys SPR 84.00 1.03
Sprint
S
5.95 -0.02
Square
SQ 36.87 -1.35
s StanleyBlackDck SWK 169.81 1.08
StateStreet STT 97.10 1.62
Statoil
STO 20.39 0.14
Steris
STE 89.47 -0.18
STMicroelec STM 21.89 -0.31
Stryker
SYK 152.36 -3.51
SumitomoMits SMFG 8.12 -0.03
s SunComms SUI 95.02 1.29
s SunLifeFinancial SLF 40.49 0.14
SuncorEnergy SU 34.45 -0.65
s SunTrustBanks STI 64.36 2.39
SynchronyFin SYF 37.45 1.51
Syngenta SYT 92.43 0.03
s SynovusFin SNV 50.13 0.52
s Sysco
SYY 59.53 1.75
TAL Education TAL 27.33 -0.66
TE Connectivity TEL 92.87 -0.86
Telus
TU 37.65 0.07
TIM Part
TSU 18.20 0.23
TJX
TJX 77.00 1.65
TaiwanSemi TSM 39.39 -0.31
Tapestry
TPR 41.65 0.11
TargaResources TRGP 44.80 -0.37
Target
TGT 62.56 3.05
TataMotors TTM 31.13 0.36
TechnipFMC FTI 28.91 -0.34
TeckRscsB TECK 23.53 0.22
Net
Sym Close Chg
Stock
s TelecomArgentina TEO 35.99 -0.09
TelecomItalia TI
8.33 0.07
TelecomItalia A TI.A 6.92 0.06
TeledyneTech TDY 181.92 -1.57
Teleflex
TFX 252.98-12.60
TelefonicaBras VIV 14.96 0.12
Telefonica TEF 10.07 -0.16
TelekmIndonesia TLK 30.85 0.21
Tenaris
TS 30.07 0.36
Teradyne
TER 39.24 -0.87
TevaPharm TEVA 15.05 -0.21
s Textron
TXT 55.18 0.29
ThermoFisherSci TMO 182.03-10.17
ThomsonReuters TRI 44.28 -0.26
ThorIndustries THO 148.67 -2.92
s 3M
MMM 239.26 -1.89
s Tiffany
TIF 95.54 -1.71
TimeWarner TWX 92.71 1.41
s Toll Bros
TOL 50.66 0.99
Torchmark TMK 89.40 0.87
Toro
TTC 66.25 0.77
TorontoDomBk TD 57.81 0.02
Total
TOT 56.35 -0.23
TotalSystem TSS 73.10 -0.78
ToyotaMotor TM 123.92 -0.44
TransCanada TRP 48.64 0.08
TransDigm TDG 275.01 -4.86
s TransUnion TRU 55.03 -0.62
s Travelers
TRV 136.36 0.15
TurkcellIletism TKC 9.49
...
TurquoiseHill TRQ 3.00
...
Twitter
TWTR 20.40 -0.31
s TylerTech
TYL 183.71 1.92
s TysonFoods TSN 83.56 1.17
UBS Group UBS 17.36 -0.16
UDR
UDR 39.29 0.07
UGI
UGI 48.98 0.36
US Foods USFD 30.10 0.79
UltraparPart UGP 21.91 0.39
Unilever
UN 57.36 0.16
Unilever
UL 56.00 0.14
s UnionPacific UNP 130.08 5.46
UnitedContinental UAL 62.59 0.02
UnitedMicro UMC 2.62 0.04
s UPS B
UPS 123.72 3.41
s UnitedRentals URI 159.75 2.66
US Bancorp USB 55.63 0.73
UnitedTech UTX 120.04 -0.08
s UnitedHealth UNH 221.42 -5.36
UniversalHealthB UHS 106.26 -1.80
s UnumGroup UNM 57.02 0.54
VEREIT
VER 7.87 -0.01
VF
VFC 71.22 -0.57
Visa
V 107.43 -3.30
VailResorts MTN 220.86 -2.85
Vale
VALE 11.32 0.42
ValeantPharm VRX 17.49 0.24
ValeroEnergy VLO 83.63 -0.54
Vantiv
VNTV 71.87 -3.26
s VarianMed VAR 109.56 -2.85
Vectren
VVC 68.68 -0.24
Vedanta
VEDL 17.87 0.17
VeevaSystems VEEV 57.25 -2.21
Ventas
VTR 62.82 -1.99
Verizon
VZ 51.72 0.47
VistraEnergy VST 18.57 -0.16
VMware
VMW 115.09 -9.35
VornadoRealty VNO 77.32 -0.60
s VoyaFinancial VOYA 45.09 0.75
VulcanMatls VMC 125.25 4.04
WABCO
WBC 144.73 -2.80
WEC Energy WEC 68.58 -0.56
W.P.Carey WPC 71.01 -0.15
WPP
WPP 88.26 -0.01
Wabtec
WAB 77.60 1.30
Wal-Mart WMT 97.01 -0.34
WasteConnections WCN 69.13 0.22
s WasteMgt WM 83.15 1.34
s Waters
WAT 194.67 -3.49
s Watsco
WSO 168.51 2.52
Wayfair
W 71.90 1.67
WellCareHealth WCG 203.23 -8.12
WellsFargo WFC 57.39 1.19
Welltower HCN 67.13 -0.83
WestPharmSvcs WST 99.39 0.28
WestarEnergy WR 56.54 -0.34
s WestAllianceBcp WAL 58.92 0.72
WesternGasEquity WGP 36.38 -0.12
WesternGasPtrs WES 45.57 -0.39
WesternUnion WU 19.71
...
s WestlakeChem WLK 97.19 -1.35
WestpacBanking WBK 23.57 -0.38
s WestRock WRK 63.47 1.07
Net
Sym Close Chg
Stock
Weyerhaeuser WY 35.13
WheatonPrecMet WPM 20.96
Whirlpool WHR 169.63
Williams
WMB 29.05
WilliamsPartners WPZ 36.93
Wipro
WIT 5.12
WooriBank WF 44.41
s Wyndham WYN 112.21
XPO Logistics XPO 76.33
XcelEnergy XEL 51.08
Xerox
XRX 29.37
s Xylem
XYL 68.77
YPF
YPF 22.99
s YumBrands YUM 83.31
YumChina YUMC 41.05
ZTO Express ZTO 15.83
ZayoGroup ZAYO 34.67
ZimmerBiomet ZBH 114.82
s Zoetis
ZTS 71.02
-0.27
-0.02
2.17
-0.24
-0.08
-0.03
0.17
0.54
-1.66
-0.28
-0.35
-0.24
0.05
-0.09
0.48
-0.17
-0.68
0.25
-1.28
NASDAQ
AGNC Invt AGNC 20.32 0.30
Ansys
ANSS 142.01 -4.53
ASML
ASML 169.33 -3.10
Abiomed
ABMD 189.57 -5.03
ActivisionBliz ATVI 58.60 -3.36
AdobeSystems ADBE 168.44-11.08
AdvMicroDevices AMD 10.03 -0.70
AkamaiTech AKAM 56.44 0.65
AlexionPharm ALXN 111.75 2.79
AlignTech ALGN 225.80-28.27
Alkermes ALKS 54.58 0.88
AlnylamPharm ALNY 128.01 -9.30
Alphabet C GOOG 998.68-11.49
Alphabet A GOOGL 1011.87-13.20
Altaba
AABA 68.31 -1.79
Amazon.com AMZN 1133.95-28.40
Amdocs
DOX 65.24 0.23
Amerco
UHAL 383.89 5.50
AmerAirlines AAL 49.93 0.93
Amgen
AMGN 178.69 1.49
AnalogDevices ADI 84.79 -0.61
Apple
AAPL 169.80 -1.25
ApplMaterials AMAT 49.77 -2.14
ArchCapital ACGL 93.63 -1.23
Atlassian TEAM 44.28 -2.73
Autodesk ADSK 107.95 0.89
ADP
ADP 114.81 1.06
BOK Fin
BOKF 90.17 1.62
Baidu
BIDU 229.66 -5.41
BankofOzarks OZRK 47.92 0.25
Biogen
BIIB 317.40 -1.95
BioMarinPharm BMRN 83.62 -1.38
BlueBuffaloPet BUFF 30.29 0.08
bluebirdbio BLUE 162.30 -8.80
BrighthouseFin BHF 58.49 0.05
Broadcom AVGO 263.61 -7.95
CA
CA 33.28 0.09
CDK Global CDK 69.54 0.78
CDW
CDW 70.14 1.00
s CH Robinson CHRW 86.76 0.22
s CME Group CME 153.41 2.62
s CSX
CSX 56.99 0.85
CadenceDesign CDNS 42.42 -1.30
CaesarsEnt CZR 12.93 -0.32
Carlyle
CG 20.55 0.50
Cavium
CAVM 85.71 0.30
s CboeGlobalMkts CBOE 123.11 -1.14
Celgene
CELG 102.61 0.47
CentennialRsc CDEV 19.94 -0.67
Cerner
CERN 69.79 -0.38
CharterComms CHTR 334.00 -2.27
CheckPoint CHKP 102.65 -1.65
ChinaLodging HTHT 109.92 2.39
CincinnatiFin CINF 75.37 0.85
s Cintas
CTAS 158.71 1.21
CiscoSystems CSCO 37.72 0.12
CitrixSystems CTXS 86.77 -1.58
Cognex
CGNX 63.31 -5.94
CognizantTech CTSH 70.32 -1.04
Coherent COHR 274.15-15.42
Comcast A CMCSA 40.32 1.89
s CommerceBcshrs CBSH 57.15 0.50
CommScope COMM 36.59 0.52
s Copart
CPRT 42.99 -0.02
CoStar
CSGP 295.77 -6.24
s Costco
COST 189.56 4.43
s CreditAcceptance CACC305.88 1.61
Ctrip.com CTRP 46.12 -0.20
DISH Network DISH 51.60 1.28
DentsplySirona XRAY 65.75 -0.33
DiamondbkEner FANG 109.02 -1.89
DiscovComm C DISCK 19.52 1.12
Net
Sym Close Chg
Stock
DiscovComm A DISCA 20.85 1.39
s DollarTree DLTR 106.37 3.36
s E*TRADE ETFC 50.54 1.65
EXACT Sci EXAS 55.18 -2.77
s EastWestBncp EWBC 62.18 0.85
eBay
EBAY 35.70 0.50
EchoStar
SATS 59.54 -0.81
ElbitSystems ESLT 139.61 1.25
ElectronicArts EA 100.83 -5.19
Equinix
EQIX 442.28-26.88
Ericsson
ERIC 6.22 -0.03
Exelixis
EXEL 27.57 -0.55
Expedia
EXPE 122.24 -0.46
s ExpeditorsIntl EXPD 64.93 0.46
ExpressScripts ESRX 68.16 3.75
F5Networks FFIV 132.53 -0.18
Facebook
FB 171.47 -3.63
s Fastenal
FAST 54.88 2.70
s FifthThirdBncp FITB 31.36 0.67
FirstSolar FSLR 57.27 -3.03
s Fiserv
FISV 132.24 1.83
Flex
FLEX 18.04 0.03
FlirSystems FLIR 46.25 -0.18
s Fortinet
FTNT 41.54 -0.65
Gaming&Leisure GLPI 35.76 -0.38
Garmin
GRMN 60.85 -0.38
Gentex
GNTX 20.78 0.19
GileadSciences GILD 73.09 -2.25
Goodyear GT 32.07 -0.05
Grifols
GRFS 22.15 -0.05
s GpoFinGalicia GGAL 58.24
...
HD Supply HDS 36.49 0.26
Hasbro
HAS 92.14 0.30
HenrySchein HSIC 71.21 0.55
Hologic
HOLX 41.85 1.00
s JBHunt
JBHT 110.20 1.19
s HuntingtonBcshs HBAN 14.70 0.26
IAC/InterActive IAC 121.93 -2.36
IdexxLab
IDXX 159.30 4.30
IHSMarkit INFO 44.44 -0.27
IPG Photonics IPGP 200.80-23.33
IRSA Prop IRCP 56.50 0.62
IcahnEnterprises IEP 52.55 -0.34
Icon
ICLR111.97 -4.58
Illumina
ILMN 213.45-11.79
t Incyte
INCY 93.68 -4.26
Intel
INTC 44.49 -0.19
s InteractiveBrkrs IBKR 58.91 0.83
Intuit
INTU 154.54 -1.90
IntuitiveSurgical ISRG 369.95-26.71
IonisPharma IONS 52.26 -4.67
JD.com
JD 36.75 -0.52
JackHenry JKHY 115.48 1.45
JazzPharma JAZZ 136.56 -1.63
JetBlue
JBLU 21.97 0.66
JunoTherap JUNO 54.66 -2.04
KLA Tencor KLAC 100.88 -2.99
KraftHeinz KHC 81.92 0.71
LKQ
LKQ 39.28 -0.04
LamResearch LRCX180.74 -7.07
LamarAdv LAMR 76.14 0.33
LibertyBroadbandA LBRDA 87.62 -0.20
LibertyBroadbandC LBRDK 89.00 0.17
LibertyGlobal C LBTYK 31.31 0.52
LibertyGlobal A LBTYA 32.16 0.46
LibertyLiLAC A LILA 21.04 -0.47
LibertyLiLAC C LILAK 20.88 -0.29
LibertyQVC B QVCB 24.75 -0.05
LibertyQVC A QVCA 24.96 0.24
LibertyVenturesA LVNTA 57.31 0.09
LibertyFormOne C FWONK 34.98 -0.87
LibertyFormOne A FWONA 33.35 -0.89
LibertyBraves A BATRA 22.56 0.12
LibertyBraves C BATRK 22.55 0.16
LibertySirius C LSXMK 42.64 0.52
LibertySirius A LSXMA 42.65 0.53
LincolnElectric LECO 90.83 0.42
LogitechIntl LOGI 33.13 -1.18
LogMeIn
LOGM 113.50 -3.20
lululemon LULU 67.22
...
MarketAxess MKTX 197.19 1.84
s Marriott
MAR 127.73 0.87
MarvellTech MRVL 22.30 0.12
MatchGroup MTCH 28.22 -0.19
Mattel
MAT 16.85 -0.41
MaximIntProducts MXIM 51.41 -0.50
MelcoResorts MLCO 25.48 -1.08
MercadoLibre MELI 271.73 -1.18
MicrochipTech MCHP 86.30 -0.70
MicronTech MU 39.90 -2.09
Microsemi MSCC 51.15 -1.45
Microsoft MSFT 81.08 -3.18
Middleby
MIDD 126.41 -0.18
25.45
25.60
24.83
26.52
30.04
48.25
88.43
31.08
32.93
73.07
91.99
82.50
35.37
39.91
29.55
92.92
31.94
36.35
35.23
1.3
0.5
1.1
1.1
-0.1
0.2
0.4
0.2
4.5
0.3
0.2
0.4
0.5
0.5
0.5
0.3
0.8
0.6
0.7
52-Wk %
Sym Hi/Lo Chg Stock
ProShrUSCnsmrGd SZK
ProShrUSCnsmrSvc SCC
ProShUltShDow30 DXD
ProShrUSFnl
SKF
ProShrUSInd SIJ
ProShUltMC400 MZZ
ProShrUlShtRus TWM
ProShUltShtS&P500 SDS
ProShrUlShtSmC600 SDD
VelocityShLIBOR DLBR
13.97
25.00
8.85
20.76
17.20
18.60
16.94
41.47
15.38
22.12
-2.8
-3.4
-0.3
-1.3
...
-0.5
0.6
0.3
-5.6
-0.1
NYSE American highs - 4
AdamsRes
AE
ConTomka
CTO
IssuerDirect
ISDR
LadenburgThalPf LTSpA
50.59
64.31
17.95
25.64
0.6
2.9
2.6
1.0
NYSE American lows - 4
iBio
IntlTowerHill
NeubrgrBrmCA
TelInstrElec
IBIO
THM
NBW
TIK
0.17
0.35
13.61
2.15
-5.6
-0.6
-0.5
-2.3
81.75
66.60
1.32
15.41
38.60
42.70
16.90
14.90
23.82
11.00
77.90
17.00
12.32
64.88
2.44
0.40
2.82
22.46
46.25
20.86
61.70
89.11
154.03
58.25
25.49
-0.1
-5.4
0.9
-0.1
1.4
2.6
0.9
0.1
0.7
0.5
4.4
0.7
2.5
-0.6
8.3
16.1
10.8
3.4
3.0
1.8
-0.2
0.3
1.7
1.5
1.2
NYSE Arca lows - 36 Nasdaq highs - 292
AdvShRangerEqBear HDGE
DirexFinlBear3 FAZ
DirexMcBear3 MIDZ
DirexRgBanksBear3X WDRW
DirexS&P500Br3 SPXS
DirexS&P500Br1 SPDN
DirexScBear3 TZA
GuggBull2018CpBd BSCI
iSh0-5YTIPSBd STIP
iShCurHdgMSCIMex HEWW
KraneCSIChInt KWEB
ProShDecRetail EMTY
ProShLgOnline CLIX
ProShShtBasicMat SBM
ProShShtDow30 DOG
ProShShtFinls SEF
ProShShtMC400 MYY
ProShShtRus2000 RWM
ProShShrtS&P500 SH
ProShShrtSC600 SBB
ProShUltShtDow30 SDOW
ProShUltraProShFnl FINZ
ProShShtMC400 SMDD
ProShShtRus2000 SRTY
ProShUltProShS&P SPXU
ProShrUSBscMtls SMN
7.88
11.58
13.26
28.22
30.39
30.82
11.73
21.11
99.82
19.69
54.54
34.23
37.63
17.92
15.06
11.52
11.15
41.66
30.33
33.97
20.02
8.12
10.10
30.97
11.54
13.61
-1.2
-1.8
0.1
-5.7
0.4
0.2
1.1
...
-0.1
-0.5
-1.1
-3.0
-1.9
-2.7
-0.3
-0.9
-0.2
0.3
0.2
-0.3
-0.8
-7.3
-0.8
1.2
0.3
-1.8
Company
AdvAcceltrApp AAAP
AeriePharm
AERI
AndinaAcqnIIWt ANDAW
ApellisPharm APLS
ArcBest
ARCB
Astronics
ATRO
BGC Partners BGCP
Bancorp34
BCTF
Bandwidth
BAND
BankMutual
BKMU
BankofMarinBncp BMRC
BankFinancial BFIN
BayBancorp
BYBK
BeaconRoof
BECN
BellerophonTherap BLPH
BigRockPtrsRt BRPAR
BioanalyticalSys BASI
BloominBrands BLMN
BrynMawrBank BMTC
BuildersFirstSrc BLDR
C&F Fin
CFFI
CH Robinson CHRW
CME Group
CME
CSX
CSX
CVB Fin
CVBF
Symbol
-0.1
0.5
9.7
2.1
-0.9
1.0
6.1
5.9
-2.9
0.9
0.8
-0.1
-0.5
2.0
0.9
-0.5
1.5
...
2.4
0.5
0.4
0.1
3.3
2.7
3.4
1.4
-1.2
-7.1
0.8
0.2
0.2
11.1
6.4
19.1
0.7
0.4
0.4
5.2
2.2
1.2
1.0
-2.0
0.6
0.5
1.4
-0.3
-0.7
0.5
0.3
-0.2
-1.1
0.8
Amount
Yld % New/Old Frq
Payable /
Record
Company
NYSE AMER
CheniereEnergy LNG
CheniereEnerPtrs CQP
CheniereEnHldgs CQH
ImperialOil IMO
Meridian Bancorp
Nucor
PNM Resources
Raymond James
SL Green Realty
EBSB
NUE
PNM
RJF
SLG
1.0 .05 /.04 Q
2.6 .38 /.3775 Q
2.3 .265 /.2425 Q
1.1 .25 /.22 Q
3.1 .8125 /.775 Q
Jan02 /Dec19
Feb09 /Dec29
Feb01 /Jan18
Jan17 /Jan03
Jan16 /Jan02
48.34
27.27
26.27
31.14
-0.14
-0.46
-0.53
-0.05
.3542
Jan02 /Dec15
.09677
.01418
.02563
Dec22 /Dec11
Dec13 /Dec11
Dec13 /Dec11
ESV
NMKpB
NMKpC
STM
TNP
0.9
3.7
3.8
1.1
4.5
.01332
.90
.975
.06
.05
0.7
0.7
8.5
.0732
.13
.1564
Q
Q
Q
Q
Q
Payable /
Record
Dec15 /Dec04
Dec29 /Dec15
Dec29 /Dec15
Dec27 /Dec19
Dec29 /Dec21
Special
Camping World Cl A
Camping World Cl A
John Hancock Hdg Eq Fd
Initial
Plymouth REIT 7.5% Pfd A PLYMpA
Amount
Yld % New/Old Frq
Symbol
ENSCO PLC
Niagara Mhwk Pwr 3.6% pfd
Niagara Mhwk Pwr 3.9% pfd
STMicroelectronics
Tsakos Energy Navigation
Increased
CWH
CWH
HEQ
Dec29 /Dec15
Dec29 /Dec15
Dec29 /Dec11
Foreign
Brasil DistrGrupo Pao ADR
Energ Gerais-Cemig ADR
Energ Gerais-Cemig ADR C
Net YTD
NAV Chg % Ret Fund
14.85
77.55
17.55
21.71
127.78
27.95
42.28
40.84
55.15
237.83
159.68
27.43
29.74
48.06
57.91
25.41
28.20
43.70
189.88
309.25
23.99
23.11
107.11
61.05
50.90
63.92
78.08
31.81
31.35
27.00
51.33
23.18
18.14
50.95
66.01
12.25
16.86
55.35
31.83
33.85
14.95
24.87
41.00
45.42
25.86
51.13
27.76
28.65
23.15
58.53
61.40
21.64
Mondelez MDLZ 43.11 0.19
s MonsterBev MNST 63.35 0.43
Mylan
MYL 37.44 -0.68
NXP Semi NXPI 113.87 -0.91
s Nasdaq
NDAQ 78.93 -0.33
NektarTherap NKTR 50.73 -2.61
s NetApp
NTAP 55.93 -0.48
Netease
NTES 328.91 5.01
Netflix
NFLX 184.04 -2.78
Neurocrine NBIX 71.98 -1.62
s NewsCorp B NWS 16.75 0.30
s NewsCorp A NWSA 16.54 0.34
Nordson
NDSN 127.52 -1.04
s NorthernTrust NTRS 98.95 1.29
NorwegCruise NCLH 55.41 0.60
Nutanix
NTNX 34.04 -2.02
NVIDIA
NVDA 186.66-11.02
OReillyAuto ORLY 250.39 15.99
s OldDomFreight ODFL 127.74 0.33
ON Semi
ON 18.98 -0.88
OpenText OTEX 32.27 -0.20
PTC
PTC 61.61 -1.03
Paccar
PCAR 70.27 0.62
PacWestBancorp PACW 48.58 0.98
s Paychex
PAYX 67.61 0.74
PayPal
PYPL 70.97 -4.33
People'sUtdFin PBCT 19.25 0.34
s PilgrimPride PPC 37.55 0.27
Priceline
PCLN 1723.24-12.06
Qiagen
QGEN 31.24 -0.43
Qorvo
QRVO 72.40 -1.81
Qualcomm QCOM 64.56 -0.93
RandgoldRscs GOLD 91.28 -0.44
RegenPharm REGN 378.37 4.90
s RossStores ROST 78.01 2.28
Ryanair
RYAAY 120.89 0.44
SBA Comm SBAC 162.20 -6.96
s SEI Investments SEIC 70.18 -0.01
Sina
SINA 97.00 1.21
SS&C Tech SSNC 40.48 -0.49
s SVB Fin
SIVB 231.27 3.10
ScrippsNetworks SNI 83.37 1.07
Seagate
STX 39.20 0.09
SeattleGenetics SGEN 57.88 -1.57
Shire
SHPG 145.34 -2.91
SignatureBank SBNY 138.50 2.26
SiriusXM
SIRI 5.61 0.07
Skyworks SWKS 98.26 -3.97
Splunk
SPLK 77.68 -2.02
Starbucks SBUX 58.76 1.44
s SteelDynamics STLD 39.79 1.47
Symantec SYMC 27.75 -1.36
Synopsys SNPS 87.72 -2.60
s TD Ameritrade AMTD 53.34 1.67
T-MobileUS TMUS 60.24 -0.66
TRowePrice TROW 102.82 0.03
TakeTwoSoftware TTWO 102.11 -8.65
Tesla
TSLA 305.20 -1.33
TexasInstruments TXN 95.97 -1.21
TractorSupply TSCO 68.27 0.11
Trimble
TRMB 41.61 -0.39
s 21stCenturyFoxB FOX 32.31 0.84
s 21stCenturyFoxA FOXA 33.09 0.90
UltaBeauty ULTA 221.64 9.06
UltSoftware ULTI 213.61 5.70
UnitedTherap UTHR 134.02 0.70
UnivDisplay OLED 167.55 -9.15
VEON
VEON 3.94 -0.07
VeriSign
VRSN 112.56 -2.40
VeriskAnalytics VRSK 96.01 0.37
VertxPharm VRTX 138.79 -2.00
Viacom B VIAB 29.18 0.78
Viacom A VIA 34.50 0.30
Vodafone VOD 30.73
...
WalgreensBoots WBA 71.57 0.12
Weibo
WB 102.03 -2.80
WesternDigital WDC 77.11 -2.25
WillisTowers WLTW 158.48 -3.47
Workday
WDAY 96.58 -3.94
WynnResorts WYNN 158.07 -0.94
Xilinx
XLNX 68.16 -0.08
YY
YY 101.12 0.39
Yandex
YNDX 32.03 -0.50
ZebraTech ZBRA 109.51 -0.85
Zillow C
Z
39.99 -0.82
Zillow A
ZG 39.88 -1.05
s ZionsBancorp ZION 51.74 1.66
Dividend announcements from December 4.
52-Wk %
Sym Hi/Lo Chg Stock
CalamosGlblTot CGO
CalavoGrowers CVGW
CanterburyPark CPHC
CasellaWaste CWST
CboeGlobalMkts CBOE
CenterStateBank CSFL
CentralGarden CENT
CentralGardenA CENTA
ChemungFinl CHMG
ChurchillDowns CHDN
Cintas
CTAS
ClearBr AC Grw CACG
CollectorsUniv CLCT
ColumbiaBanking COLB
CommerceBcshrs CBSH
ConcertPharm CNCE
ConnectOneBncp CNOB
Copart
CPRT
Costco
COST
CreditAcceptance CACC
DavisFinl
DFNL
DavisUSEquity DUSA
DollarTree
DLTR
Dunkin'
DNKN
E*TRADE
ETFC
EastWestBncp EWBC
Ebix
EBIX
EditasMedicine EDIT
EldoradoResorts ERI
EmpireResorts NYNY
EnantaPharma ENTA
EsquireFinancial ESQ
Etsy
ETSY
Exactech
EXAC
ExpeditorsIntl EXPD
Ezcorp
EZPW
FSB Bancorp FSBC
Fastenal
FAST
FifthThirdBncp FITB
FirstBancshares FBMS
FirstBank
FRBA
FirstComSC
FCCO
FirstInternetBncp INBK
FirstMerchants FRME
FirstMidwestBncp FMBI
FT CapStrength FTCS
FT DorseyFoc5 FV
DorseyWrightPeople DWPP
FT HighIncome FTHI
FT LC CoreAlpha FEX
FT LC GrwthAlpha FTC
FT LC US Equity RNLC
Net
Sym Close Chg
Stock
Dividend Changes
-0.02 14.2 FrankTemp/Franklin C
2.40 +0.01
-0.01 15.3 Income C t
-0.03 17.9 FrankTemp/Temp A
12.21 +0.06
-0.02 NS GlBond A p
27.24 +0.08
-0.02 NS Growth A p
-0.03 NS FrankTemp/Temp Adv
-0.03 NS GlBondAdv p 12.17 +0.07
-0.02 NS Harbor Funds
75.07 -1.25
CapApInst
Fidelity Invest
70.23 -0.28
23.94 -0.05 15.4 IntlInst r
Balanc
87.55 -1.06 32.7 Harding Loevner
BluCh
NA
...
126.69 -1.55 29.5 IntlEq
Contra
126.70 -1.55 29.6 Invesco Funds A
ContraK
11.52 +0.03
10.27 -0.02 10.7 EqIncA
CpInc r
41.39 -0.06 24.3 John Hancock Class 1
DivIntl
16.10 -0.03
181.82 -2.92 32.9 LSBalncd
GroCo
17.30 -0.05
181.79 -2.92 33.1 LSGwth
GrowCoK
John
Hancock
Instl
InvGB
7.93
... 3.8
24.66 +0.06
11.28
... 4.2 DispValMCI
InvGrBd
54.26 +0.03 18.4 JPMorgan Funds
LowP r
41.45 +0.31
MdCpVal
L
LowPriStkK r 54.22 +0.03 18.5
102.40 -0.69 23.9 JPMorgan R Class
MagIn
11.63
...
OTC
108.26 -1.19 35.9 CoreBond
23.36 -0.09 17.1 Lazard Instl
Puritn
19.55 +0.08
SrsEmrgMkt 21.22 +0.01 35.2 EmgMktEq
SrsGroCoRetail 17.86 -0.28 33.7 Loomis Sayles Fds
14.20 +0.01
16.27 -0.05 27.1 LSBondI
SrsIntlGrw
10.85 -0.01 18.4 Lord Abbett A
SrsIntlVal
...
10.67
... 4.1 ShtDurIncmA p 4.26
TotalBond
Lord Abbett F
First Eagle Funds
4.26
...
61.06 -0.18 12.5 ShtDurIncm
GlbA
Metropolitan West
FPA Funds
10.66
-0.01
TotRetBd
35.17 -0.01 9.1
FPACres
10.66 -0.01
TotRetBdI
FrankTemp/Frank Adv
10.03 -0.01
IncomeAdv
2.35 +0.01 8.2 TRBdPlan
MFS
Funds
Class
I
FrankTemp/Franklin A
41.85 +0.20
7.44 +0.01 5.4 ValueI
CA TF A p
2.37 +0.01 8.0 MFS Funds Instl
IncomeA p
25.44 -0.05
NA
... NA IntlEq
RisDv A p
Stock
Continued From Page B8
Stock
2.11
-0.63
1.30
0.15
-0.95
0.07
1.40
0.26
0.25
1.10
-0.79
-0.32
-4.79
-0.68
-0.16
1.70
-0.76
9.27
-0.17
0.34
-0.14
0.03
-0.14
0.48
0.22
-0.26
-1.80
-0.33
-0.22
0.83
0.31
1.78
-1.17
-0.93
-0.26
0.05
0.05
-1.13
-2.00
1.81
-0.52
-0.21
0.41
0.06
4.48
0.02
-0.63
0.91
0.15
0.35
...
3.95
-6.25
-1.68
0.09
0.14
-0.03
0.11
0.67
-1.00
-0.40
1.35
0.40
-1.09
0.38
-0.24
0.13
0.50
-0.36
1.25
0.59
-0.04
-0.22
-0.02
0.26
2.16
1.23
-0.03
-0.99
-0.97
0.01
-1.13
-0.42
0.46
0.76
0.07
0.35
3.05
1.55
0.50
-1.56
-0.37
2.60
0.59
-0.16
0.02
2.10
0.16
-0.12
1.21
-0.96
-0.04
1.25
0.20
0.20
-2.60
1.42
0.09
-0.06
1.56
-1.34
0.42
1.14
0.42
0.48
0.63
-0.04
-0.33
0.26
0.99
-0.29
-0.18
Stock
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
Monday, December 4, 2017
Stock
Net
Sym Close Chg
Stock
ly
.
How to Read the Stock Tables
CBD
CIG
CIG.C
Net YTD
NAV Chg % Ret Fund
Mutual Series
7.8 GlbDiscA
32.62 +0.09
Oakmark Funds Invest
4.3 EqtyInc r
34.51 -0.01
15.6 Oakmark
86.33 +0.10
28.83 +0.11
OakmrkInt
4.6 Old Westbury Fds
15.05 -0.01
LrgCpStr
32.5 Oppenheimer Y
20.2 DevMktY
NA
...
43.20 -0.05
IntGrowY
NA Parnassus Fds
42.66 +0.05
ParnEqFd
10.3 PIMCO Fds Instl
12.22 +0.01
AllAsset
14.0 TotRt
10.25
...
17.7 PIMCO Funds A
NA
...
IncomeFd
14.9 PIMCO Funds D
NA
...
IncomeFd
13.9 PIMCO Funds Instl
NA
...
IncomeFd
3.7 PIMCO Funds P
NA
...
IncomeP
23.1 Price Funds
96.83 -1.53
BlChip
7.4 CapApp
NA
...
NA
...
EqInc
2.3 EqIndex
71.10 -0.08
69.79 -1.10
Growth
2.6 HelSci
73.80 -1.72
39.36 -0.67
InstlCapG
2.9 IntlStk
19.16 -0.06
3.3 IntlValEq
15.21 -0.04
3.3 MCapGro
93.32 -0.56
32.38 +0.09
MCapVal
16.8 N Horiz
56.01 -0.38
NA
...
N Inc
25.6 OverS SF r
11.29 -0.05
52-Wk %
Sym Hi/Lo Chg Stock
FT LC Value
FTA
FT LowBetaIincm FTLB
FT MC CoreAlpha FNX
FT MC GrwthAlpha FNY
FT MC US Equity RNMC
FT MC ValAlpha FNK
FT MCGrAlpDX FAD
FT MuCValAlpha FAB
FT Nasd100xTech QQXT
FTNasdaqBk
FTXO
FT NasdaqTrans FTXR
FT Nasd100 EW QQEW
FT RBA AmerInd AIRR
FT RBAQualIncm QINC
FTRisingDivAch RDVY
FT SC CoreAlpha FYX
FT SC GrwthAlpha FYC
FT SC Value
FYT
FT USEquityDiv RNDV
Fiserv
FISV
FiveBelow
FIVE
FlexSTOXXGlbESGImp ESGG
FlexShUSQualLC QLC
Fortinet
FTNT
ForumMergerRt FMCIR
ForumMergerWt FMCIW
FoundationMed FMI
Freshpet
FRPT
Funko
FNKO
FusionTelecom FSNN
GlacierBancorp GBCI
GladstonePfd2024 GLADN
GlbPartnerAcqnWt GPACW
GlbXConsciousCos KRMA
GlbXS&P500Catholic CATH
GoldenEnt
GDEN
GreatElmCap GEC
GpoFinGalicia GGAL
GuarantyBncp GBNK
H&E Equipment HEES
HMN Fin
HMNF
HamiltonLane HLNE
HawaiianTelcom HCOM
HeartlandFinUSA HTLF
HeritageCommerce HTBK
HeritageFin
HFWA
HinghamSvg
HIFS
HomeTrustBcshs HTBI
HookerFurniture HOFT
HowardBancorp HBMD
JBHunt
JBHT
HuntingtonBcPfC HBANN
54.63
22.86
66.22
39.50
21.79
36.57
65.90
57.10
48.22
29.99
25.54
57.74
27.62
26.04
29.85
61.88
43.02
37.56
21.60
133.11
65.48
94.10
33.05
42.49
0.68
0.75
70.75
19.30
9.88
3.94
41.23
26.14
1.14
19.37
33.07
34.75
4.40
59.76
30.42
37.98
19.16
35.24
31.91
56.40
16.63
33.25
237.15
27.80
51.00
23.05
112.50
26.69
0.8
-0.2
-0.1
-0.8
0.7
1.0
-1.2
1.0
0.4
2.1
1.9
-0.5
1.2
1.1
1.0
0.3
-0.7
1.0
0.6
1.4
5.7
0.4
0.6
-1.5
11.7
5.8
-0.6
1.1
3.2
0.8
0.1
1.1
6.2
0.4
...
-1.1
1.2
...
2.0
-0.5
1.1
-2.5
0.6
1.1
1.0
0.3
3.6
...
3.5
3.2
1.1
0.6
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
S2:1: stock split and ratio; SO: spin-off.
Net YTD
NAV Chg % Ret Fund
R2020
R2030
13.4 R2035
19.1 R2040
27.0 Value
NA
...
NA
...
NA
...
NA
...
NA
...
39.94 -0.03
PRIMECAP Odyssey Fds
37.19 -0.34
Growth r
Principal Investors
13.80 -0.07
DivIntlInst
Prudential Cl Z & I
14.53 -0.01
TRBdZ
Schwab Funds
41.38
...
S&P Sel
TIAA/CREF Funds
19.83 -0.02
EqIdxInst
IntlEqIdxInst 20.31 -0.09
Tweedy Browne Fds
GblValue
28.55 +0.10
VANGUARD ADMIRAL
500Adml
244.55 -0.25
BalAdml
34.60 -0.03
CAITAdml
11.75 +0.01
CapOpAdml r 157.76 -1.02
EMAdmr
36.91 +0.06
EqIncAdml
78.43 +0.09
ExplrAdml
96.84 -0.73
ExtndAdml
84.26 -0.28
...
GNMAAdml 10.49
GrwthAdml
71.38 -0.44
HlthCareAdml r 89.32 -1.10
...
HYCorAdml r 5.93
InfProAd
25.88 +0.01
93.97 -0.81
IntlGrAdml
...
ITBondAdml 11.39
...
ITIGradeAdml 9.78
LTGradeAdml 10.73 +0.02
MidCpAdml 190.01 -0.04
11.40 +0.01
MuHYAdml
14.10 +0.01
MuIntAdml
NA
NA
NA
NA
NA
18.7
17.3
29.9
8.4 R2025
NA
24.6
16.0
12.3
4.8
NA
NA
NA
NA
33.4
NA
NA
19.9
31.1
24.9
34.6
25.3
18.7
23.8
11.4
29.3
NA
24.5
52-Wk %
Sym Hi/Lo Chg Stock
HuntingtonBcshs HBAN
INTL FCStone INTL
IQ Chaikin US SC CSML
IndependentBank IBTX
InteractiveBrkrs IBKR
IntlBcshs
IBOC
InvestorsTitle ITIC
iPath2yearBear DTUS
iSectorsPostMPT PMPT
iShCoreS&PUSGrowth IUSG
iShCoreS&PUSValue IUSV
iShSelectDividend DVY
iShMSCI ACWI ACWI
iShMSCIUSAESGOpt ESGU
iShMornMCValue JKI
iShRuss1000PureUS AMCA
iShS&PSC600Growth IJT
J&JSnackFoods JJSF
JensynAcqn
JSYN
Kingstone
KINS
LGI Homes
LGIH
LPL Financial LPLA
LakeShoreBancorp LSBK
LandstarSystem LSTR
LeggMasonLVHD LVHD
LeggMasonSCQualVal SQLV
LeggMasonUSDivCore UDBI
LendingTree
TREE
LivaNova
LIVN
MGC Diagnostics MGCD
MagellanHealth MGLN
MainSourceFncl MSFG
ManTechIntl
MANT
Marriott
MAR
MellanoxTech MLNX
MerchantsBancorp MBIN
MeridianBancorp EBSB
Methanex
MEOH
MonsterBev
MNST
Morningstar
MORN
NMI Holdings NMIH
Nasdaq
NDAQ
NationalVision EYE
Neogen
NEOG
NetApp
NTAP
NewsCorp B
NWS
NewsCorp A
NWSA
NorthernTrust NTRS
NorthrimBanCorp NRIM
NuvNasd100Dyn QQQX
OakValleyBncp OVLY
14.93
44.91
28.67
70.75
60.12
42.90
203.97
35.01
28.26
53.94
55.44
99.53
72.03
58.26
159.50
27.13
173.48
154.02
11.10
19.60
71.96
55.39
16.80
104.80
32.01
27.46
32.42
316.25
88.56
11.20
95.55
40.67
52.35
129.56
62.00
20.35
20.73
55.05
63.41
94.79
17.95
80.00
33.88
85.89
58.11
17.05
16.87
99.66
38.15
24.72
18.53
1.8
0.3
0.5
0.6
1.4
-0.2
-1.4
1.6
2.7
-0.6
0.5
0.5
-0.3
0.3
0.6
2.7
-0.3
0.8
-0.3
-1.0
-3.1
3.3
2.1
...
0.6
1.1
0.6
-0.3
-6.0
0.1
6.7
0.8
0.9
0.7
-2.7
1.4
2.8
-0.3
0.7
1.4
3.2
-0.4
-0.6
-0.4
-0.9
1.8
2.1
1.3
3.1
-0.7
...
25.5
6.0
20.2
19.5
22.7
14.0
20.1
12.9
4.4
27.0
26.4
17.0
20.4
16.9
2.0
25.7
17.8
6.9
2.5
39.6
3.8
4.2
10.8
17.8
7.3
4.2
Net YTD
NAV Chg % Ret Fund
11.66
MuLTAdml
10.89
MuLtdAdml
MuShtAdml 15.72
PrmcpAdml r 137.96
REITAdml r 119.28
SmCapAdml 70.52
STBondAdml 10.39
STIGradeAdml 10.65
10.76
TotBdAdml
NA
TotIntBdIdxAdm
TotIntlAdmIdx r 30.00
66.15
TotStAdml
14.22
TxMIn r
41.16
ValAdml
70.83
WdsrllAdml
66.07
WellsIAdml
75.23
WelltnAdml
80.89
WndsrAdml
+0.01
...
...
-0.83
-0.66
-0.17
-0.01
...
...
...
-0.08
-0.09
-0.05
+0.13
+0.20
+0.03
+0.11
-0.11
5.9
2.0
1.1
26.8
4.9
15.2
1.1
2.1
3.4
NA
24.2
19.5
23.5
15.7
14.8
9.4
13.7
17.8
VANGUARD FDS
DivdGro
27.19
211.70
HlthCare r
INSTTRF2020 22.74
INSTTRF2025 23.03
INSTTRF2030 23.25
INSTTRF2035 23.47
INSTTRF2040 23.69
INSTTRF2045 23.85
39.55
IntlVal
20.01
LifeCon
LifeGro
33.56
27.20
LifeMod
PrmcpCor
27.54
33.95
SelValu r
27.43
STAR
STIGrade
10.65
16.04
TgtRe2015
TgtRe2020
31.89
18.72
TgtRe2025
33.85
TgtRe2030
+0.11
-2.63
-0.02
-0.04
-0.03
-0.04
-0.04
-0.04
-0.12
-0.03
-0.06
-0.03
-0.03
+0.10
-0.07
...
-0.02
-0.05
-0.03
-0.05
17.8
17.8
12.9
14.5
16.0
17.3
18.8
19.4
24.6
10.1
17.4
13.7
24.2
18.0
16.6
2.0
10.5
12.8
14.5
15.9
52-Wk %
Sym Hi/Lo Chg Stock
ObesityETF
SLIM
OhioValleyBanc OVBC
OldDomFreight ODFL
OldLineBcshs OLBK
Ollie'sBargain OLLI
OrganicsETF
ORG
Otelco
OTEL
PacificMercBncp PMBC
PatrickIndustries PATK
Paychex
PAYX
PennNational PENN
PeregrinePharmPf PPHMP
PilgrimPride
PPC
PlumasBancorp PLBC
Pool
POOL
PwrShBuybackAch PKW
PwrShDWA Mom PDP
PwrShDWASCMom DWAS
PwrShDivAch PFM
PwrShDynConDis PEZ
PwrShDynConsStp PSL
PwrShDynHlthcr PTH
PwrShUS1500 PRFZ
PwrShGlbWater PIO
PwrShHY EqDiv PEY
PwrShKBW Banks KBWB
PwrShKBW RegBk KBWR
PwrShRuss1000Low USLB
PwrShS&P SC CD PSCD
PwrShS&P SC ConStp PSCC
PwrShS&P SC Fin PSCF
PwrShS&P ScHealth PSCH
PwrShS&P SmInds PSCI
PwrShWaterRscs PHO
PrincipalPriceSet PSET
PrincipalUSSCMulti PSC
ProShEquRising EQRR
PyxisTankers PXS
RBB Bancorp RBB
Radware
RDWR
RecroPharma REPH
RedRockResorts RRR
Resonant
RESN
RiverviewBncp RVSB
RossStores
ROST
RoyalBcshsPA A RBPAA
SEI Investments SEIC
SVB Fin
SIVB
Saia
SAIA
SandersonFarms SAFM
SangamoTherap SGMO
ScientificGames SGMS
30.24
40.25
130.71
30.94
49.75
34.46
13.49
9.85
102.95
68.56
29.84
25.00
38.39
22.50
130.92
58.34
52.19
49.44
26.36
50.16
64.93
71.80
132.62
26.09
18.07
55.73
58.95
31.34
60.41
76.62
56.99
99.27
67.63
30.55
32.00
31.05
45.50
12.22
26.00
20.78
10.59
31.91
8.06
9.54
78.81
4.87
71.13
236.18
68.70
176.43
18.40
54.95
0.1
-1.1
0.3
1.4
4.4
-0.3
5.6
1.6
-1.1
1.1
-0.3
1.2
0.7
1.4
2.4
0.8
-1.3
-1.1
0.4
-0.7
1.1
-4.3
-0.3
1.1
1.0
2.1
2.1
0.6
1.6
1.6
1.3
-1.3
0.3
0.1
1.1
0.8
4.7
62.9
2.8
0.8
1.9
2.0
-3.4
1.2
3.0
4.3
...
1.4
3.5
0.4
0.6
-0.6
TgtRe2035
TgtRe2040
TgtRe2045
TgtRe2050
TgtRetInc
TotIntBdIxInv
WellsI
Welltn
WndsrII
20.81 -0.04
35.88 -0.06
22.55 -0.04
36.27 -0.07
13.65 -0.01
NA
...
27.27 +0.01
43.56 +0.07
39.91 +0.12
VANGUARD INDEX FDS
244.50 -0.25
500
207.94 -0.69
ExtndIstPl
57.18 +0.19
SmValAdml
10.72
...
TotBd2
17.93 -0.05
TotIntl
66.11 -0.10
TotSt
VANGUARD INSTL FDS
34.61 -0.03
BalInst
DevMktsIndInst 14.24 -0.05
DevMktsInxInst 22.25 -0.09
ExtndInst
84.26 -0.28
71.38 -0.44
GrwthInst
10.54
...
InPrSeIn
241.27 -0.25
InstIdx
241.30 -0.24
InstPlus
59.34 -0.08
InstTStPlus
MidCpInst
41.98
...
MidCpIstPl
207.02 -0.04
70.52 -0.17
SmCapInst
...
STIGradeInst 10.65
10.76
...
TotBdInst
10.72
...
TotBdInst2
10.76
...
TotBdInstPl
NA
...
TotIntBdIdxInst
TotIntlInstIdx r 119.97 -0.32
TotItlInstPlId r 119.99 -0.32
66.16 -0.09
TotStInst
41.16 +0.13
ValueInst
Western Asset
...
CorePlusBdI 11.86
52-Wk %
Sym Hi/Lo Chg Stock
scPharm
SCPH
ShoreBancshares SHBI
SierraOncology SRRA
SimplyGoodFoods SMPL
SleepNumber SNBR
SodaStream
SODA
SoMO Bancorp SMBC
SprottFocus
FUND
StarsGroup
TSG
SteelDynamics STLD
StemlineTherap STML
SterlingBancorp SBT
SunshineBancorp SBCP
Syntel
SYNT
TD Ameritrade AMTD
TechTarget
TTGT
TexasCapBcshs TCBI
TheStreet
TST
TitanMachinery TITN
TriumphBancorp TBK
Tucows
TCX
21stCenturyFoxA FOXA
21stCenturyFoxB FOX
USA Truck
USAK
Umpqua
UMPQ
UnitedNatFoods UNFI
UnitedSecBcshrs UBFO
UniversalForest UFPI
UnivLogistics ULH
UTStarcom
UTSI
VangdIntlHiDiv VYMI
VangdRuss1000 VONE
VangdRuss1000Grw VONG
VangdRuss1000Val VONV
VangdRuss3000 VTHR
VangdRuss2000 VTWO
VangdRuss2000Grw VTWG
VangdRuss2000Val VTWV
VarexImaging VREX
VicShDivAccel VSDA
VicShUSDiscEnhVol CSF
VicShUSEQIncmEnh CDC
VicShUS500EnhVol CFO
VicShUS500Vol CFA
VicShUSLCHiDivVol CDL
VicShUSSCHiDiv CSB
VidentCoreUSEquity VUSE
ViperEnergyPtrs VNOM
WAVE LifeSci WVE
WD-40
WDFC
WeatherStorm FLAG
18.17
17.93
3.41
13.72
37.94
72.05
40.80
8.01
23.70
40.41
15.95
13.01
24.80
25.81
54.24
14.10
95.20
1.63
22.82
34.70
64.65
34.02
33.19
19.05
22.86
52.69
10.20
39.58
24.44
5.50
66.79
122.50
137.92
108.83
122.57
124.67
136.76
112.36
38.80
28.17
46.17
47.09
48.85
48.89
45.84
45.43
33.52
22.00
39.70
122.65
42.08
Net YTD
NAV Chg % Ret
4.4
0.2
-5.4
-0.5
4.0
2.3
0.3
0.4
1.1
3.8
-2.6
-0.2
1.7
0.3
3.2
-1.7
-0.7
2.0
1.9
3.8
-1.2
2.8
2.7
-1.8
2.1
9.8
2.5
1.6
-1.5
5.8
...
-0.1
-0.6
0.5
...
-0.3
-0.8
0.7
1.3
1.8
0.6
0.6
0.3
0.2
0.8
2.2
0.7
...
-0.8
1.6
1.9
17.3
18.8
19.4
19.3
7.8
NA
9.3
13.6
14.7
20.0
16.9
11.4
3.3
24.1
19.4
12.9
23.6
23.5
16.9
25.7
2.5
20.1
20.1
19.5
17.8
17.8
15.2
2.2
3.4
3.4
3.4
NA
24.2
24.2
19.6
15.7
6.7
52-Wk %
Sym Hi/Lo Chg
WernerEnterprises WERN
WintrustFin Wt WTFCW
WintrustFin
WTFC
WisdTrUSQltyDiv DGRW
WisdTrUSSCQltyDiv DGRS
XenithBkshrs XBKS
ZionsBancorpWt ZIONW
ZionsBancorp ZION
ZionsBancorpWt ZIONZ
38.95
63.47
86.64
41.25
36.42
36.44
19.58
52.16
15.75
-1.7
1.2
3.5
0.3
1.1
0.7
9.5
3.3
10.1
Nasdaq lows - 40
AclarisTherap ACRS
Altimmune
ALT
Bio-Path
BPTH
Biolase
BIOL
CAS MedSys CASM
Check-Cap
CHEK
Compugen
CGEN
ConforMIS
CFMS
Conifer
CNFR
ConsldComm CNSL
ContraVirPharm CTRV
DragonVictory LYL
FibrocellScience FCSC
FortressBioPfdA FBIOP
Incyte
INCY
InterlinkElec
LINK
InVivoTherap NVIV
iShESG1-5YCpBd SUSB
iSh1-3YTreasuryBd SHY
LeisureAcqnUn LACQU
Medigus
MDGS
MerrimackPharm MACK
MongoDB
MDB
NanoDimension NNDM
NeuroMetrixWt NUROW
OceanPwrTech OPTT
OrexigenTherap OREX
OriginAgritech SEED
OxbridgeRe
OXBR
PICO
PICO
RaPharm
RARX
ResearchFrontiers REFR
ReToEcoSol
RETO
SalemMedia
SALM
SecurityNatFin SNFCA
SenesTech
SNES
Sunworks
SUNW
trivago
TRVG
USAutoPartsNtwk PRTS
VangdSTGovBd VGSH
21.32 -3.6
1.77 -1.1
0.20 -15.4
0.28 -22.0
0.59 -4.6
0.84 -4.6
2.25 -4.1
2.65 -12.1
5.50 -0.8
12.97 -0.3
0.42 -4.2
3.70 -5.0
1.26 -5.8
22.20 -0.5
93.65 -4.3
5.65 -3.4
1.05 -6.4
24.90 -0.2
83.91 -0.1
9.93 -0.3
1.50 1.3
11.10 -3.7
27.26 -1.6
3.54 -9.4
0.02 -11.3
1.08 -5.8
1.48 -5.1
0.77 -28.2
2.20 -8.3
12.55 -3.1
8.45 -37.3
0.95 -7.6
7.55 31.3
4.05 -11.8
4.70 4.0
0.76 -6.5
0.92 -7.4
6.46 -2.6
2.05 -5.5
60.31 -0.1
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
B10 | Tuesday, December 5, 2017
MARKETS DIGEST
EQUITIES
S&P 500 Index
Dow Jones Industrial Average
Last Year ago
24290.05 s 58.46, or 0.24%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio 21.39 20.96
P/E estimate *
19.82 18.02
Dividend yield
2.16
2.47
All-time high 24290.05, 12/04/17
Nasdaq Composite Index
Last
2639.44 t 2.78, or 0.11%
High, low, open and close for each
trading day of the past three months.
Year ago
Trailing P/E ratio 24.94 24.22
P/E estimate *
19.72 18.41
Dividend yield
1.90
2.12
All-time high: 2647.58, 11/30/17
Last Year ago
6775.37 t 72.22, or 1.05%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio * 26.25
23.45
P/E estimate *
21.01
18.96
Dividend yield
1.07
1.25
All-time high: 6912.36, 11/28/17
Current divisor 0.14523396877348
24600
2640
6900
24000
2600
6750
23400
2560
6600
22800
2520
6450
22200
2480
6300
2440
6150
Session high
t
DOWN
Session open
t
Close
UP
Close
Open
Session low
65-day moving average
65-day moving average
65-day moving average
21600
Bars measure the point change from session's open
Sept.
Oct.
Aug.
Nov.
6000
2400
21000
Aug.
Sept.
Oct.
Sept.
Aug.
Nov.
Oct.
Nov.
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.
High
Latest
Close
Low
Net chg
% chg
High
52-Week
Low
% chg
YTD
% chg
3-yr. ann.
Dow Jones
Industrial Average
24534.04 24288.19 24290.05
0.24
58.46
1.79
Transportation Avg 10504.80 10278.92 10368.58 181.95
-4.44
-0.58
27629.33 27332.64 27336.03 -39.87
716.02
705.81
0.58
705.85
-0.15
770.08
Utility Average
Total Stock Market
Barron's 400
761.32
Nasdaq Stock Market
Nasdaq Composite
6899.23
Nasdaq 100
6380.77
762.72
6770.69
6256.81
6775.37 -72.22
6263.70 -74.17
0.08
-1.05
24290.05 19216.24
26.4
22.9
10.7
10368.58
8783.74
14.2
14.6
4.4
774.47
631.38
20.3
15.6
8.2
27433.82 22948.06
708.56
591.26
19.1
19.4
17.4
17.3
8.4
9.4
6912.36
6422.56
-1.17
5308.89
4778.14
27.6
31.1
25.9
28.8
12.4
13.3
Standard & Poor's
500 Index
2665.19
2639.03
2639.44
-2.78
-0.11
2647.58
2204.71
19.7
17.9
8.4
MidCap 400
SmallCap 600
1916.71
952.10
1893.68
937.50
1894.07
938.01
-0.51
0.70
-0.03
1899.18
944.10
1642.79
815.62
15.3
13.8
14.1
11.9
9.5
11.4
Other Indexes
Russell 2000
1559.61
1531.73
1532.41
-4.61
12724.50 12632.88 12634.89
20.33
Volume, Advancers, Decliners
NYSE Arca Biotech
563.35
557.14
4313.97
4168.41
0.42
557.56
NYSE Arca Pharma
545.29
537.92
538.08
-5.35
107.77
105.57
2.16
PHLX§ Gold/Silver
106.84
79.37
78.69
-0.93
PHLX§ Oil Service
78.73
141.14
137.59
137.66
-0.24
1268.66
11.86
1220.69
10.26
PHLX§ Semiconductor
Cboe Volatility
-0.30
1544.14
0.16
0.08
4171.40 -84.50 -1.99
KBW Bank
-0.98
2.06
-1.16
-0.17
1227.85 -30.80 -2.45
0.25
11.68
Philadelphia Stock Exchange
Most-active issues in late trading
Company
Volume
(000)
Symbol
SPDR S&P 500
SPY
Last
Net chg
10,510.9 263.93
After Hours
% chg
High
-0.21
Region/Country Index
Cnsmr Staples Sel Sector XLP
6,672.0
56.72
...
unch.
56.84
Digital Power
5,561.2
2.90
-0.59
-16.91
4.40
2.45
4,633.6
74.21
...
unch.
74.50
74.17
DPW
Industrial Select Sector XLI
56.33
Cisco Systems
CSCO
4,130.5
37.68
-0.04
-0.11
37.75
37.64
Comcast Cl A
CMCSA 4,081.1
40.00
-0.32
-0.79
40.40
39.73
NVIDIA
NVDA
3,940.2 186.40
-0.26
-0.14 199.00 186.05
Bank of America
BAC
3,692.2
28.97
-0.09
-0.31
29.12
Percentage gainers…
2.19
1337.79
14.5
12634.89 10910.90
12.9
9.3
25.06
MYO
124.5
2.68
0.42
18.58
2.70
2.27
Collegium Pharmaceutical COLL
9.5
18.26
1.32
7.79
18.26
16.94
4.04
Gold Field ADR
GFI
130.8
4.27
0.23
5.69
4.27
DepoMed
DEPO
37.8
7.50
0.35
4.90
7.89
7.00
Alpine Immune Sciences ALPN
22.6
11.10
0.50
4.72
11.50
11.08
15.8
14.3
4.9
559.05
503.17
10.8
10.2
3.9
4304.77
3075.02
31.3
35.7
6.8
560.52
463.83
14.9
11.7
-0.8
...And losers
106.84
88.02
19.7
16.4
13.4
Ascena Retail Group
ASNA
96.72
73.03
-4.9
-0.2
3.3
Digital Power
DPW
192.66
117.79
-25.0
-25.1 -13.8
Cleveland-Cliffs
1341.69
16.04
858.13
9.14
43.1
-3.8
35.5
-16.8
20.8
-1.9
863.9
2.07
-0.54
-20.69
2.67
2.03
5,561.2
2.90
-0.59
-16.91
4.40
2.45
CLF
549.2
6.32
-0.43
-6.37
6.75
6.26
Community Health Systems CYH
30.0
3.91
-0.24
-5.78
4.15
3.75
Performance Food Group PFGC
5.1
30.10
-1.05
-3.37
31.15
30.10
Close
Percentage Gainers...
Net chg
3017.76
389.92
260.28
13.90
0.32
0.77
DJ Americas
633.33
Sao Paulo Bovespa 73090.17
S&P/TSX Comp
15969.03
S&P/BMV IPC
47161.32
Santiago IPSA
3801.07
–0.75
825.72
–69.94
–103.99
–7.54
The Global Dow
DJ Global Index
DJ Global ex U.S.
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
387.47
390.20
4001.11
5389.29
13058.55
1466.28
22362.11
541.54
1133.87
10208.60
578.05
9328.63
7338.97
3.50
4.66
36.83
72.40
197.06
10.96
256.01
5.97
0.54
123.60
7.94
54.08
38.48
Asia-Pacific
Australia
China
Hong Kong
India
Japan
Singapore
South Korea
Taiwan
S&P/ASX 200
5985.60
Shanghai Composite 3309.62
Hang Seng
29138.28
S&P BSE Sensex
32869.72
Nikkei Stock Avg
22707.16
Straits Times
3438.47
Kospi
2501.67
Weighted
10651.11
–4.20
–8.00
64.04
36.78
–111.87
–11.07
26.26
50.74
Latest
% chg
YTD
% chg
0.46
0.08
0.30
–0.12
–0.44
–0.22
–0.20
1.14
0.91
1.21
0.93
1.36
1.53
0.75
1.16
1.11
0.05
1.23
1.39
0.58
0.53
19.2
19.6
21.7
17.2
21.4
4.5
3.3
17.9
7.2
11.4
10.9
10.8
13.7
–0.3
16.3
12.1
–1.6
9.2
8.1
13.5
2.7
n-
EMEA
Eurozone
Belgium
France
Germany
Israel
Italy
Netherlands
Russia
Spain
Sweden
Switzerland
U.K.
no
–0.07
–0.24
0.22
0.11
–0.49
–0.32
1.06
0.48
5.6
6.6
32.4
23.4
18.8
19.4
23.5
15.1
Company
Symbol
Astrotech
Pyxis Tankers
General Cable
Nuverra Envtl Solutions
ReTo Eco-Solutions
ASTC
Exactech
BeiGene ADR
Blue Apron Cl A
NexGen Energy
Aptevo Therapeutics
EXAC
Eagle Bancorp
TDH Holdings
Flanigan's Enterp
Cameco Corp
Carvana Cl A
EGBN
BGC
NES
RETO
BGNE
APRN
NXE
APVO
PETZ
BDL
CCJ
CVNA
52-Week
Low
% chg
High
Symbol
Bank of America
Finl Select Sector SPDR
Advanced Micro Devices
SPDR S&P 500
Micron Technology
BAC
iShares MSCI Emg Markets
General Electric
iPath S&P 500 VIX ST Fut
Comcast Cl A
PwrShrs QQQ Tr Series 1
EEM
9.00 2.24
12.22 0.90
29.75 14.95
21.00 9.25
12.48 7.55
-40.5
178.3
52.6
...
...
Ra Pharmaceuticals
Daqo New Energy ADR
Windstream Holdings
Immunomedics
Eros International
RARX
50.43 8.08
94.50 13.50
3.76 0.53
2.73 0.38
3.45 0.46
19.07
16.67
16.41
16.17
15.38
50.95 23.30
118.95 26.43
11.00 2.94
3.40 1.50
3.85 1.15
87.1
233.8
...
78.8
78.8
China Rapid Finance ADR
ConforMIS
Salem Media Group
Presbia
VOXX International
XRF
57.10
7.44
24.00
10.71
20.21
14.31
14.11
13.21
12.97
12.84
69.80 46.20
31.75 5.86
30.95 20.20
13.36 7.68
23.70 8.14
-4.9
...
2.0
9.7
...
Cellect Biotechnology ADR
Zogenix
Cancer Genetics
Align Technology
Ichor Holdings
APOP
7.15
0.92
2.80
1.23
2.30
Volume % chg from Latest Session
(000) 65-day avg Close % chg
52-Week
High
Low
A consumer rate against its
benchmark over the past year
Five-year ARM, Rate
5-year adjustablerate mortgage
t (ARM)
4.00%
3.00
1.00
5-year Treasury
note yield
0.00
D J F M A M J J A S O ND
2017
Proponent Federal Credit Union
2.75%
Nutley, NJ
973-338-1133
Epic Funding
Fort Myers, FL
2.88%
800-530-2680
FinancialResourcesFederalCreditUnion
2.88%
Bridgewater, NJ
800-933-3280
Affinity FCU
Bedminster, NJ
t
3.00%
800-860-3700
1
3 6
month(s)
EFZ
0
–5
–10
0.00
–15
30
Country/currency
Euro
Yen
WSJ Dollar index s
Federal-funds rate target
1.00-1.25 1.00-1.25
Prime rate*
4.25
4.25
Libor, 3-month
1.48
1.51
Money market, annual yield
0.33
0.33
Five-year CD, annual yield
1.49
1.49
30-year mortgage, fixed†
3.89
3.90
15-year mortgage, fixed†
3.29
3.32
Jumbo mortgages, $424,100-plus† 4.29
4.28
Five-year adj mortgage (ARM)† 3.65
3.61
New-car loan, 48-month
3.00
3.18
3-yr chg
52-Week Range (%)
Low 0 2 4 6 8 High (pct pts)
0.25 l
l
3.50
0.95 l
0.26 l
1.19 l
l
3.73
l
2.99
l
4.21
l
3.20
l
2.85
1.25
4.25
1.51
0.36
1.49
4.33
3.50
4.88
4.03
3.36
1.00
1.00
1.27
-0.10
-0.09
-0.04
0.17
0.06
0.35
0.01
2017
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com
Corporate Borrowing Rates and Yields
Bond total return index
Close
Yield (%)
Last Week ago
52-Week
High
Low
Total Return (%)
52-wk
3-yr
1461.128
2.221
2.159
2.237
1.818
2.604 1.793
10-yr Treasury, Ryan ALM 1731.233
DJ Corporate
380.397
Aggregate, Barclays Capital 1941.640
High Yield 100, Merrill Lynch 2858.979
Fixed-Rate MBS, Barclays 1985.680
Muni Master, Merrill
520.072
2.379
3.150
2.700
5.502
2.910
2.201
2.328
3.108
2.640
5.529
2.870
2.172
2.609
3.390
2.790
5.890
3.120
2.471
2.058
2.879
2.380
4.948
2.660
1.736
2.346
5.933
3.540
8.088
2.343
5.428
803.435
5.567
5.530
6.223
5.279
Treasury, Ryan ALM
EMBI Global, J.P. Morgan
1.508
3.907
2.288
4.405
1.915
2.460
10.383 5.901
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
...
-69.4
-25.0
-49.6
19.6
13.50 2.30
42.60 7.70
5.30 1.30
266.41 88.56
35.51 9.76
173.0
171.9
50.0
140.2
...
BGC
GTYH
LLSP
DSUM
JKF
RARX
IGM
Volume % chg from Latest Session
(000) 65-day avg Close % chg
2792
2737
2477
2242
2130
151
28,711
1,016
123
741
372
161
2,393
302
511
US$vs,
YTDchg
Mon
in US$ per US$ (%)
52-Week
High
Low
-0.78
35.09
0.30
1.59
-2.04
27.43
29.75
13.00
35.87
24.00
19.74
14.95
9.75
28.19
21.36
2086 25.95 0.39
1817 105.33 1.07
8.92 -37.32
1759
1743 26.14 -0.38
1388 164.61 -1.92
32.67
105.66
27.84
26.44
172.32
25.65
92.40
8.45
21.97
120.86
23.60
29.45
9.90
35.76
23.04
Track the Markets
Compare the performance of selected global stock
indexes, bond ETFs, currencies and commodities at
WSJ.com/TrackTheMarkets
US$vs,
YTDchg
Mon
in US$ per US$ (%)
Country/currency
Americas
Europe
Argentina peso
.0577 17.3412 9.3
Brazil real
.3082 3.2442 –0.3
Canada dollar
.7890 1.2675 –5.7
Chile peso
.001543 648.00 –3.3
Ecuador US dollar
1
1 unch
Mexico peso
.0537 18.6146 –10.2
Uruguay peso
.03448 29.0000 –1.2
Venezuela b. fuerte .099420 10.0584 0.6
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
Australian dollar
.7597 1.3163 –5.2
China yuan
.1511 6.6195 –4.7
Hong Kong dollar
.1279 7.8180 0.8
India rupee
.01554 64.357 –5.3
Indonesia rupiah .0000741 13498 –0.2
Japan yen
.008896 112.41 –3.9
Kazakhstan tenge .003003 333.00 –0.2
Macau pataca
.1242 8.0517 1.7
Malaysia ringgit
.2458 4.0681 –9.3
New Zealand dollar
.6859 1.4579 1.0
Pakistan rupee
.00949 105.400 1.0
Philippines peso
.0197 50.682 2.2
Singapore dollar
.7421 1.3476 –6.9
South Korea won .0009206 1086.30 –10.1
Sri Lanka rupee
.0065121 153.56 3.4
Taiwan dollar
.03330 30.031 –7.5
Thailand baht
.03068 32.590 –9.0
Vietnam dong
.00004402 22715 –0.2
Commodities
.04635 21.577 –16.0
.1594 6.2718 –11.3
1.1865 .8429 –11.3
.003781 264.45 –10.1
.009662 103.50 –8.4
.1201 8.3268 –3.7
.2821 3.5455 –15.3
.01701 58.804 –4.0
.1188 8.4196 –7.5
1.0154 .9848 –3.3
.2582 3.8732 9.9
.0368 27.1740 0.3
1.3478 .7419 –8.4
Middle East/Africa
Bahrain dinar
Egypt pound
Israel shekel
Kuwait dinar
Oman sul rial
Qatar rial
Saudi Arabia riyal
South Africa rand
2.6514 .3772
...
.0565 17.6980 –2.4
.2867 3.4876 –9.4
3.3141 .3017 –1.3
2.5974 .3850 0.01
.2750 3.636 –0.1
.2666 3.7504 –0.01
.0740 13.5123 –1.3
Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 86.64
TR/CC CRB Index
Crude oil, $ per barrel
Natural gas, $/MMBtu
Gold, $ per troy oz.
0.14 0.16 –6.78
Sources: Tullett Prebon, WSJ Market Data Group
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
5.10
2.65
4.05
1.86
4.05
Asia-Pacific
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Yield/Rate (%)
Last (l)Week ago
12.86
9.47
8.25
5.88
9.00
U.S.-dollar foreign-exchange rates in late New York trading
10%
5
-13.62
-12.09
-11.76
-11.65
-11.45
Currencies
Yen, euro vs. dollar; dollar vs.
major U.S. trading partners
2.25
-0.82
-0.37
-0.60
-0.31
-0.75
* Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
5,000 shares =Has traded fewer than 65 days
Forex Race
1.50
1 2 3 5 710
years
maturity
Symbol
ProShrs Short MSCI EAFE
iSh Morningstar LC Value
Ra Pharmaceuticals
iSh Edge MSCI Intl Value
iShares North Amer Tech
One year ago 0.75
t
2.00
t
Monday
Company
47.93 33.94
32.38 17.46
112.32 31.05
42.18 34.04
156.69 115.77
3.00
5.20
2.66
4.50
2.35
5.80
Ranked by change from 65-day average*
45.93 0.20
17.95 0.39
32.59 -0.73
40.32 4.92
152.71 -1.15
3.75%
-34.0
136.1
-70.6
174.4
-19.1
7.70 -0.98 -11.28
34.53 -4.38 -11.25
CGIX
2.18 -0.28 -11.22
ALGN 225.80 -28.27 -11.13
ICHR
23.61 -2.86 -10.80
IVLU
52-Week
Low
% chg
27.84 8.45
58.49 18.01
8.35 1.73
14.48 3.16
17.30 6.65
ZGNX
29.4
-11.0
66.3
90.6
67.9
Benchmark
Yields
Treasury
yield
curve
andtoRates
Yield
maturity of current bills,
High
-37.32
-17.40
-15.04
-14.12
-13.73
VOXX
65,720
GE
65,682
VXX
53,983
CMCSA 51,056
QQQ
48,124
* Volumes of 100,000 shares or more are rounded to the nearest thousand
Third Federal Savings and Loan
2.69%
Cleveland, OH
866-627-1785
* 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.
-5.31
-9.91
-0.40
-1.48
-1.75
LENS
AKO.A
MU
NYSE Arca
8.92
47.04
2.26
9.00
11.00
SALM
Embotell Andina A ADR
General Cable
GTY Technology Hldgs Cl A
Direxion S&P500 Bull 1.25
ChineseYuanDimSumBd
SPY
Nasdaq
Total volume*2,384,247,863 306,830,202
Adv. volume* 960,007,568 127,948,018
Decl. volume*1,400,245,538 178,052,843
Issues traded
3,088
1,350
Advances
1,310
633
Declines
1,663
690
Unchanged
115
27
New highs
292
341
New lows
40
36
Closing tick
36
81
Closing Arms†
1.15
1.31
Block trades*
8,104
1,601
Latest Session
Close Net chg % chg
CFMS
29.31 21.46
28.20 22.00
15.65
8.45
266.80 220.42
49.89 18.40
AMD
3.65%
EROS
29.06 3.42
28.00 1.52
10.03 -6.52
264.14 -0.12
39.90 -4.98
notes and bonds
Bankrate.com avg†:
IMMU
109.0
72.0
67.4
27.9
101.0
s
Selected rates
WIN
141,880
96,772
95,312
83,440
72,957
XLF
s
U.S. consumer rates
DQ
Volume Movers
CREDIT MARKETS & CURRENCIES
Consumer Rates and Returns to Investor
Symbol
69.34
62.93
35.09
32.34
31.31
Most Active Stocks
Company
Company
1.90
2.58
7.65
3.03
2.68
4.64
6.68
29.45
12.40
11.24
PXS
Total volume* 985,618,941 15,368,278
Adv. volume* 569,701,660 9,258,428
Decl. volume* 402,782,540 5,683,338
Issues traded
3,095
334
Advances
1,506
138
Declines
1,459
174
Unchanged
130
22
New highs
292
4
New lows
28
4
Closing tick
71
7
Closing Arms†
0.75
0.42
Block trades*
6,941
144
Percentage Losers
Latest Session
Close Net chg % chg
Sources: SIX Financial Information; WSJ Market Data Group
WSJ
.COM
Low
-0.08 266.19 263.68
Sources: SIX Financial Information; WSJ Market Data Group
International Stock Indexes
Interest rate
NYSE NYSE Amer.
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
NYSE Composite
Americas
Brazil
Canada
Mexico
Chile
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.
Myomo
Value Line
World
0.07
Late Trading
ly
.
Major U.S. Stock-Market Indexes
607.36
-5.76
188.69
57.47
2.985
1274.30
-2.00
-0.89
-0.076
-4.50
-0.94
616.58
532.01
-1.05 195.14
58.95
-1.53
3.93
-2.48
-0.35 1346.00
166.50
42.53
2.56
1127.80
% Chg
6.15
YTD
% chg
7.07
-2.47 -1.99
6.98
10.97
-18.31 -19.84
8.54 10.81
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Tuesday, December 5, 2017 | B11
COMMODITIES
Open
Metal & Petroleum Futures
Contract
Open
High hi lo
Low
Settle
Chg
Copper-High (CMX)-25,000 lbs.; $ per lb.
Dec
3.0680
3.0840
3.0590
3.0630 –0.0025
March'18 3.0965 3.1180
3.0840
3.0900 –0.0025
Gold (CMX)-100 troy oz.; $ per troy oz.
Dec
1272.50 1276.10
1270.30 1274.30 –4.50
Feb'18
1277.60 1280.50
1273.50 1277.70 –4.60
April
1282.60 1284.60
1277.80 1282.10 –4.60
June
1285.80 1289.00
1284.00 1286.50 –4.60
Aug
1291.20 1291.30
1289.40 1291.00 –4.60
Dec
1300.00 1302.40
1297.50 1300.10 –4.70
Palladium (NYM) - 50 troy oz.; $ per troy oz.
Dec
1020.85 1024.40 s
1006.90
998.75 –21.30
March'18 1014.00 1017.15
986.50
991.75 –24.50
June
1006.65 1007.40
979.60
985.25 –24.40
Platinum (NYM)-50 troy oz.; $ per troy oz.
Dec
926.20
927.80
926.20
924.80 –14.60
Jan'18
938.40
939.20
924.30
926.00 –14.60
Silver (CMX)-5,000 troy oz.; $ per troy oz.
Dec
16.310
16.340
16.190
16.284 –0.013
March'18 16.370 16.455
16.265
16.373 –0.015
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
Jan
58.32
58.34
57.35
57.47 –0.89
Feb
58.44
58.44
57.37
57.49 –0.89
March
58.25
58.28
57.32
57.42 –0.89
April
58.00
58.07
57.21
57.31 –0.86
June
57.58
57.58
56.79
56.87 –0.79
Dec
55.53
55.53
55.02
55.09 –0.53
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
Jan
1.9383
1.9450
1.8932
1.8945 –.0468
Feb
1.9330
1.9449
1.8951
1.8962 –.0455
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
Jan
1.7365
1.7392
1.6908
1.6922 –.0494
Feb
1.7495
1.7535
1.7078
1.7092 –.0466
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
Jan
3.091
3.127
2.953
2.985 –.076
Feb
3.077
3.124
2.956
2.988 –.075
March
3.040
3.082
2.926
2.955 –.070
April
2.891
2.906
2.814
2.834 –.044
May
2.887
2.891
2.809
2.829 –.040
Oct
2.957
2.962
2.885
2.903 –.040
Open
interest
5,710
164,899
7,372
366,359
26,183
37,734
10,404
13,671
127
34,129
653
26
64,325
1,837
151,412
534,868
238,274
305,574
140,684
240,997
263,206
136,897
61,057
169,971
57,428
378,827
150,294
207,682
134,799
115,934
88,029
Contract
High hilo
Low
Settle
Open
interest
Chg
Agriculture Futures
Corn (CBT)-5,000 bu.; cents per bu.
Dec
344.75
346.00
338.75
339.50 –5.25
7,367
March'18 359.00 360.50
352.50
353.50 –5.25 859,178
Oats (CBT)-5,000 bu.; cents per bu.
March
264.50
265.00
256.75
257.00 –6.25
5,875
May
271.00
271.00
262.00
262.25 –6.75
968
Soybeans (CBT)-5,000 bu.; cents per bu.
Jan
998.25 1008.50
996.75
998.50
4.25 291,354
March
1010.00 1020.00
1008.50 1010.25
4.25 181,311
Soybean Meal (CBT)-100 tons; $ per ton.
Dec
329.00
337.60
328.70
335.40
7.20
3,642
Jan'18
330.80
341.00
330.70
337.50
7.30 138,998
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
Dec
33.85
33.86
33.36
33.36
–.24
2,187
Jan'18
33.80
33.96
33.42
33.44
–.25 161,338
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
Jan
1247.50 1248.00
1211.50 1218.00 –28.00
6,868
March
1271.00 1277.00
1242.50 1247.50 –28.50
3,214
Wheat (CBT)-5,000 bu.; cents per bu.
Dec
416.00
419.00
410.25
410.25 –4.25
1,777
March'18 439.50 443.00
434.25
435.25 –3.25 292,611
Wheat (KC)-5,000 bu.; cents per bu.
Dec
423.00
423.75
420.50
420.00
–.50
446
March'18 437.00 441.00 s
432.75
434.00 –3.50 204,277
Wheat (MPLS)-5,000 bu.; cents per bu.
Dec
611.75
615.75
611.75
614.00
3.50
342
March'18 631.00 634.00
627.50
629.00 –2.50 43,057
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
Jan
150.025 150.875
148.825 149.950 –.375 24,877
March
147.750 148.525
146.700 147.750 –.275 17,735
Cattle-Live (CME)-40,000 lbs.; cents per lb.
Dec
117.000 117.525
116.225 116.375 –.850 21,205
Feb'18
121.450 122.150
120.825 121.175 –.800 153,418
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
Dec
65.425
65.650
64.425
64.950 –.325 22,502
Feb'18
70.625
71.800
69.700
71.675
.950 99,863
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
Jan
437.40
438.60
431.20
432.50 –2.90
4,721
March
426.00
427.70
420.10
422.40 –2.70
1,199
Cash Prices | WSJ.com/commodities
Monday, December 04, 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
0.9791
1.0457
2.900
2.840
2.860
2.560
2.690
2.240
2.760
59.850
12.100
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
Metals
Monday
16.3300
12270
(U.S.$ equivalent)
Coins,wholesale $1,000 face-a
Other metals
LBMA Platinum Price PM
*934.0
Platinum,Engelhard industrial
931.0
Platinum,Engelhard fabricated
1031.0
Palladium,Engelhard industrial
1020.0
Palladium,Engelhard fabricated
1120.0
Aluminum, LME, $ per metric ton
*2046.5
Copper,Comex spot
3.0630
Iron Ore, 62% Fe CFR China-s
71.3
Shredded Scrap, US Midwest-s,w
276
Steel, HRC USA, FOB Midwest Mill-s
625
Gold, per troy oz
1279.32
1375.27
1273.45
1413.53
*1277.25
*1275.50
1326.26
1339.01
1339.01
1545.57
1253.00
1339.01
Engelhard industrial
Engelhard fabricated
Handy & Harman base
Handy & Harman fabricated
LBMA Gold Price AM
LBMA Gold Price PM
Krugerrand,wholesale-e
Maple Leaf-e
American Eagle-e
Mexican peso-e
Austria crown-e
Austria phil-e
Silver, troy oz.
16.4000
19.6800
16.2700
20.3380
£12.0900
Engelhard industrial
Engelhard fabricated
Handy & Harman base
Handy & Harman fabricated
LBMA spot price
Settle
Chg
Open
interest
Milk (CME)-200,000 lbs., cents per lb.
15.32
15.39
15.26
15.37
.05
4,387
Dec
Jan'18
14.45
14.45
t
14.25
14.28
–.21
3,687
Cocoa (ICE-US)-10 metric tons; $ per ton.
2,077
2,077
2,050
2,002
–38
107
Dec
March'18
2,033
2,039
1,994
2,003
–38 133,669
Coffee (ICE-US)-37,500 lbs.; cents per lb.
126.20
127.25
126.15
126.75
–.80
1,370
Dec
March'18 129.10 130.20
128.05
128.50 –1.05 114,476
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
15.02
15.15
14.84
15.06
.08 384,322
March
May
14.99
15.09
14.82
15.00
.06 137,708
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
27.35
27.35
27.35
27.05
–.07
2,826
March
May
27.22
27.22
27.22
27.22
–.02
2,217
Cotton (ICE-US)-50,000 lbs.; cents per lb.
75.00
75.34
75.00
75.03
–.40
70
Dec
March'18
73.33
73.35
72.50
72.58
–.70 171,140
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
163.20
163.35
160.00
161.80
–.90
7,508
Jan
March
162.60
162.60
160.00
161.85
–.75
2,579
Interest Rate Futures
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Dec
153-200 154-100
153-060 154-040
–8.0 41,761
March'18 152-160 153-060
152-020 153-010
–7.0 756,472
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Dec
124-065 124-185
124-065 124-160
–5.5 143,760
March'18 123-310 124-105
123-300 124-080
–5.5 3,190,546
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Dec
116-152 116-187
116-142 116-170
–4.7 155,603
March'18 116-075 116-117
116-052 116-095
–5.2 2,985,476
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Dec
107-115 107-115
107-102 107-107
–1.7 65,611
March'18 107-057 107-060
107-042 107-050
–2.0 1,703,171
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Dec
98.710
98.710
98.708
98.710
… 121,923
Jan'18
98.605
98.605
t 98.600
98.605 –.005 355,639
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Dec
100.609 100.703
100.516 100.641 –.281 27,202
March'18 98.000 98.000
t 97.969
98.094 –.281
93
1 Month Libor (CME)-$3,000,000; pts of 100%
Dec
...
...
... 98.5300
…
2,462
Eurodollar (CME)-$1,000,000; pts of 100%
Dec
98.4525 98.4525
98.4375 98.4400 –.0100 1,581,546
March'18 98.2600 98.2600
98.2400 98.2500 –.0250 1,565,677
June
98.1100 98.1100
98.0850 98.1000 –.0200 1,340,242
Dec
97.9200 97.9250
97.8950 97.9100 –.0300 1,574,938
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
0.6200
0.7183
*83.15
72.500
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
n.a.
98
3.2000
95.6
477.3
235
88
215
2.7400
392.00
25.00
7.5363
Food
Beef,carcass equiv. index
choice 1-3,600-900 lbs.-u
select 1-3,600-900 lbs.-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
189.07
167.57
0.8590
2.1900
155.00
152.00
71.00
n.a.
1.2584
1.4659
1.7650
15.90
0.72
64.72
n.a.
0.8596
120.00
165.88
Fats and Oils
34.7500
n.a.
0.3900
0.3244
0.2650
0.3300
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
Borrowing Benchmarks | WSJ.com/bonds
Money Rates
December 4, 2017
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
guide to general levels but don’t always represent actual transactions.
Week
Latest ago
Chg From (%)
Sept. '17 Oct. '16
U.S. consumer price index
–0.06
0.28
2.0
1.8
Week
ago
Britain
0.50
0.50
0.50
0.25
Treasury bill auction
1.50
1.50
1.50
1.50
4 weeks
13 weeks
26 weeks
1.38
0.24
Overnight repurchase
Prime rates
4.25 4.25 4.25 3.50
3.20 3.20 3.20 2.70
1.475 1.475 1.475 1.475
Euro zone
Switzerland
0.00
0.50
0.00
0.50
0.00
0.50
Key Interest Rates
0.00
0.50
1.75
1.16
1.16
1.75
1.75
1.00
Currency Futures
Dec
March'18
.8877
.8923
.8905
.8952
.8848
.8896
.8884 –.0046 223,431
.8931 –.0045 13,051
Dec
March'18
.7872
.7879
.7903
.7909
.7859
.7868
.7877 –.0001 139,039
.7885 –.0001
6,122
Dec
March'18
1.3480
1.3526
1.3545
1.3585
1.3419
1.3465
1.3475
1.3519
Dec
March'18
1.0213
1.0285
1.0219
1.0289
1.0143
1.0218
1.0153 –.0104
1.0227 –.0103
.7594
.7594
.7591
.7590
.7590
.7614
.7612
.7610
.7610
.7590
.7579
.7580
.7576
.7576
.7590
Canadian Dollar (CME)-CAD 100,000; $ per CAD
British Pound (CME)-£62,500; $ per £
Swiss Franc (CME)-CHF 125,000; $ per CHF
1.1600 1.1600 1.1700 0.4000
Offer
1.1700 1.1700 1.1900 0.4200
0.40
Commercial paper
Nonfinancial
1-month
2-month
3-month
Financial
1-month
2-month
3-month
1.18
1.26
1.32
1.16
1.26
1.31
1.18
1.26
1.32
0.49
0.58
0.70
1.23
1.30
1.36
1.22
1.28
1.35
1.23
1.30
1.36
0.48
0.60
0.72
Discount window primary credit
1.75
1.75
1.75
1.00
Conventional mortgages
n.a.
n.a.
n.a.
n.a.
Treasury yields at constant
maturities
1-month
3-month
6-month
1-year
2-year
3-year
5-year
7-year
10-year
20-year
1.15
1.28
1.44
1.62
1.77
1.87
2.10
2.26
2.36
2.60
1.14
1.30
1.45
1.62
1.76
1.86
2.08
2.25
2.35
2.58
1.15
1.30
1.45
1.62
1.77
1.87
2.10
2.37
2.55
2.91
0.34
0.48
0.60
0.80
1.11
1.39
1.65
1.90
2.07
2.43
Week
Latest ago
Total
return
close
YTD total
return (%)
Yield (%)
Latest Low High
Index
Australian Dollar (CME)-AUD 100,000; $ per AUD
Dec
Jan'18
Feb
March
June
1-month
3-month
6-month
1.13
1.26
1.41
1.11
1.27
1.42
1.13
1.27
1.42
0.33
0.48
0.59
0.39
0.50
0.52
0.72
0.76
0.34
0.47
0.51
0.71
0.74
0.39
0.50
0.63
0.97
0.97
-0.02
0.20
0.28
0.60
0.65
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
TIPS
5-year
7-year
10-year
20-year
Long-term avg
Interest rate swaps
1-year
2-year
3-year
4-year
5-year
7-year
10-year
30-year
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Call money
3.00
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
State and local bonds
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Eurodollars
1 month
3 month
6 month
3.00
2.25
Mexican Peso (CME)-MXN 500,000; $ per MXN
Dec
.05349
.05363
March'18 .05268 .05278
Euro (CME)-€125,000; $ per €
Dec
1.1879
1.1888
March'18 1.1950 1.1958
Notes on data:
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window
primary credit rate is charged for discounts made and advances extended under the Federal
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday;
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid
yields for all TIPS with remaining terms to maturity of 10 years or more; Swap rates are International
Swaps and Derivatives Association (ISDA(R)) mid-market par rates for a fixed-rate payer, who in
return receives three-month Libor, and are based on rates collected at 11:00 a.m. ET by Garban
Intercapital PLC; Source is Reuters; Moody's triple-AAA rates are averages of industrial bonds only;
Muni rates are Thursday quotes based on the Bond Buyer Index for general obligation, 20 years to
maturity, mixed quality debt; Mortgage rates are contract rates on commitments for fixed-rate first
mortgages
Sources: Federal Reserve; for additional information on these rate data and their derivation,
please see, www.federalreserve.gov/releases/h15/data.htm
–.0017 132,329
–.0017
915
–.0017
309
–.0018
2,437
–.0017
260
.05332
.05249
.05362 .00010 175,190
.05279 .00010
957
1.1838
1.1910
1.1866 –.0037 465,091
1.1937 –.0036 16,765
Index Futures
Mini DJ Industrial Average (CBT)-$5 x index
Dec
March'18
24536 s
24542 s
24346
24338
24287
24296
S&P 500 Index (CME)-$250 x index
24305
24314
Dec
2659.60 2664.70 s
2634.10 2638.20
March'18 2662.00 2667.00 s 2639.90 2640.40
Mini S&P 500 (CME)-$50 x index
Dec
2654.50 2665.25 s
2633.75 2638.25
March'18 2655.50 2667.25 s 2636.25 2640.50
Mini S&P Midcap 400 (CME)-$100 x index
Dec
1903.50 1917.30 s
1890.80 1894.50
March'18 1912.40 1918.20 s 1895.80 1896.80
Mini Nasdaq 100 (CME)-$20 x index
Dec
6371.0
6391.8
6250.8
6265.3
March'18 6371.8 6418.5
6269.3
6283.5
Mini Russell 2000 (ICE-US)-$100 x index
Dec
1544.80 1561.90 s
1529.20 1531.10
March'18 1553.20 1564.70 s 1533.50 1533.70
Mini Russell 1000 (ICE-US)-$100 x index
Dec
1474.80 1477.60 s
1462.80 1462.20
U.S. Dollar Index (ICE-US)-$1,000 x index
Dec
93.04
93.35
93.01
93.14
March'18
92.81
93.06
92.70
92.86
67 149,346
69
4,171
–5.70
–5.50
69,970
5,727
–5.75 3,231,700
–5.50 218,589
–.80
–.50
93,312
22
–81.0 292,953
–80.5
4,448
–6.60
–6.40
67,430
228
–3.50
355
.30
.32
36,907
4,647
Source: SIX Financial Information
3.3
1941.64
2.700 2.380 2.790
U.S. Aggregate
5.9
U.S. Corporate
1985.68
1953.17
U.S. Corporate Indexes Bloomberg Barclays
2786.30
Total
return
close
YTD total
return (%)
Index
3.7
2616.47
Intermediate
10.7 Long term
3891.90
4.2 Double-A-rated
567.80
6.5
719.44
3.260 3.030 3.520
1164.49
2.870 2.530 3.010
1793.14
2.3
Mortgage-Backed
1.8
Ginnie Mae (GNMA) 2.850 2.630 3.090
2.4
Fannie mae (FNMA) 2.920 2.670 3.120
2.5
Freddie Mac (FHLMC) 2.940 2.680 3.130
Triple-B-rated
7.3
8.9
418.99
n.a.
1.39
2.910 2.660 3.120
4.090 4.080 4.710
520.07
4.2 Muni Master
2.700 2.470 2.870
363.52
4.7 7-12 year
3.560 3.340 3.870
409.69
6.2
12-22 year
2.508 2.213 3.000
397.07
7.0
22-plus year
2.892 2.770 3.588
High Yield Bonds Merrill Lynch
417.02
Yield (%)
Latest Low High
High Yield Constrained 5.743 5.373 6.496
2.201 1.736 2.471
2.235 1.744 2.550
Global Government J.P. Morgan†
Triple-C-rated
10.633 9.584 12.165
545.22
1.5
Global Government 1.410 1.300 1.560
2858.98
6.5
High Yield 100
5.502 4.948 5.890
758.08
0.6
Canada
2.000 1.570 2.190
378.46
7.5
Global High Yield Constrained 5.199 4.934 6.161
374.59
1.5
EMU§
0.991 0.933 1.363
306.68
6.9
Europe High Yield Constrained 2.349 1.897 3.792
717.99
1.6
France
0.730 0.690 1.210
Germany
0.410 0.210 0.620
Japan
0.410 0.280 0.460
Netherlands
0.520 0.360 0.760
U.K.
1.600 1.340 1.790
U.S Agency Bloomberg Barclays
511.20
-0.7
1637.98
2.0
U.S Agency
2.140 1.690 2.140
288.10
-0.02
1462.75
1.1
10-20 years
2.010 1.490 2.010
565.12
-0.2
20-plus years
2.920 2.730 3.460
920.33
2.930 2.610 3.090
803.44
8.2
3382.52
5.0 Yankee
2461.05
0.8
8.7
Emerging Markets ** 5.567 5.279 6.223
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds
† In local currency § Euro-zone bonds
Sources: Merrill Lynch; Bloomberg Barclays; J.P.Morgan
Global Government Bonds: Mapping Yields
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/
Coupon (%) Maturity, in years
1.750
2.250
1.774
2.363
1.613
2.334
1.100
2.387
1.787 s
2.554 s
l
1.773
1.779
1.816
l
2.544
2.581
2.869
France 2 -0.588 s
10 0.652 s
l
-0.591
-0.591
l
0.604
0.617
Germany 2 -0.703 t
10 0.347 s
l
-0.701
-0.754
l
0.309
0.365
Italy 2 -0.311 t
10 1.716 s
l
-0.289
-0.211
0.059
l
1.702
1.794
1.911
Japan 2 -0.148 s
10 0.039 s
l
-0.153
-0.161
-0.177
l
0.034
0.053
Spain 2 -0.364 s
10 1.412 t
l
-0.372
-0.363
-0.150
-217.0
l
1.422
1.470
1.555
-96.7
0.506 s
1.288 s
l
0.473
0.448
0.071
l
1.235
1.267
1.238
10
2.050
0.100
2.750
1.450
Spread Under/Over U.S. Treasurys, in basis points
Latest
Prev
Year ago
l
Australia 2
0.050
Year ago
l
2.750
0.750
Month ago
U.S. 2 1.806 s
10 2.379 s
2.750
0.000
Yield (%)
Latest(l) 0 20 40 60 80 100 120 Previous
1.750
U.K. 2
4.250
10
-0.1
71.6
18.0
48.2
-0.687 -239.4
0.716
-172.7
-236.5
-178.7
-176.0
-167.0
-0.729 -251.0
0.282 -203.2
-247.5
-182.8
-205.5
-210.5
-211.7
-206.3
-104.1
-66.2
-66.1
-47.6
-195.4
-192.7
-127.6
-1.9
17.5
0.040 -234.0
-130.1
-109.1
-232.9
-234.7
-214.6
-125.0
-94.2
-83.2
-130.1
-102.9
-112.9
-114.9
Source: Tullett Prebon
0.69
Corporate Debt
in that same company’s share price.
Libor
One month
Three month
Six month
One year
1.39181
1.50849
1.69313
1.98169
1.34676
1.47725
1.65832
1.94294
1.39181
1.50849
1.69313
1.98169
0.64889
0.94806
1.29100
1.64400
-0.399
-0.383
-0.312
-0.258
-0.402
-0.381
-0.316
-0.247
-0.376
-0.329
-0.220
-0.083
-0.405
-0.383
-0.322
-0.258
Euro Libor
One month
Three month
Six month
One year
Euro interbank offered rate (Euribor)
-0.368
-0.326
-0.272
-0.190
One month
Three month
Six month
One year
Latest
-0.372
-0.329
-0.272
-0.186
Value
Traded
-0.366
-0.313
-0.216
-0.078
-0.375
-0.332
-0.276
-0.192
52-Week
High
Low
DTCC GCF Repo Index
Treasury
MBS
1.116 27.450 1.366 0.264
1.091 105.122 1.506 0.284
Open Implied
Settle Change Interest Rate
Corporate bonds, Moody's seasoned
Aaa
Baa
3.00
1.36
90 days
52-Week
High
Low
.7593
.7593
.7591
.7589
.7588
78,109
1,338
Mortgage-Backed Bloomberg Barclays
Broad Market Bloomberg Barclays
0.100
52-Week
high
low
Commercial paper (AA financial)
Week Ended
Dec 1 Nov 24
.0002 183,067
.0003 15,822
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
highs and lows for different types of bonds
0.500
Other short-term rates
1.0500 1.0500 1.1600 0.2500
Bid
Open
interest
Bonds | WSJ.com/bonds
Tracking Bond Benchmarks
0.000
3.494 3.455 3.865 3.253
3.520 3.475 3.899 3.281
30 days
60 days
Effective rate 1.1700 1.1700 1.2000 0.4200
High
1.3125 1.3125 1.3125 0.5625
Treasury yields (secondary market)
1.16
Secondary market
Federal funds
52-Week
High
Low
Federal funds (effective)
1.170 1.130 1.300 0.340
1.290 1.285 1.290 0.490
1.450 1.435 1.450 0.590
Fannie Mae
Data are annualized on a 360-day basis. Treasury yields are per annum,
on actively traded noninflation and inflation-indexed issues that are
adjusted to constant maturities. Data are from weekly Federal Reserve
release H.15.
Week Ended
Dec 1 Nov 24
—52-WEEK—
High Low
30-year mortgage yields
Discount
Low
Policy Rates
1.17
no
U.S.
Canada
Japan
1.13
U.S.
U.S. government rates
52-Week
High
Low
Week
Latest ago
Australia
International rates
Latest
—52-WEEK—
High Low
n-
246.663
253.638
All items
Core
Chg
Japanese Yen (CME)-¥12,500,000; $ per 100¥
** EMBI Global Index
Inflation
Settle
Monday
332.50
9.6150
7.5150
4.3600
3.9700
5.1750
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
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 12/1
Source: WSJ Market Data Group
Oct. index
level
Contract
High hilo
Low
Open
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
Fibers and Textiles
Contract
High hilo
Low
Open
ly
.
Futures Contracts
WSJ.com/commodities
DTCC GCF Repo Index Futures
Treasury Dec
Treasury Jan
Treasury Feb
98.665 0.005 2488 1.335
98.560 unch. 1284 1.440
98.555 -0.005 549 1.445
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;
Tullett Prebon Information, Ltd.
Investment-grade spreads that tightened the most…
Issuer
Symbol Coupon (%)
ING Groep
Citadel
Macy's Retail Holdings
Teva Pharmaceutical Finance Netherlands Iii
BNP Paribas
Citigroup
Pacific Gas And Electric
Bank of America
INTNED
CITADL
M
TEVA
BNP
C
PCG
BAC
6.000
5.375
2.875
3.150
5.125
5.350
5.400
3.875
Maturity
April 16, ’49
Jan. 17, ’23
Feb. 15, ’23
Oct. 1, ’26
Nov. 15, ’49
May 15, ’49
Jan. 15, ’40
Aug. 1, ’25
Current
149
235
233
307
235
185
116
68
Spread*, in basis points
One-day change
–38
–17
–10
–10
–9
–9
–9
–8
Last week
Stock Performance
Close ($)
% chg
153
n.a.
263
303
232
187
n.a.
81
...
...
…
…
...
77.10
…
29.06
...
...
…
…
...
2.11
…
3.42
266
102
n.a.
110
n.a.
n.a.
n.a.
n.a.
16.85
17.95
…
71.69
169.80
...
52.29
40.32
1.94
0.39
…
–4.57
–0.73
...
0.35
4.92
…And spreads that widened the most
Energy Transfer
General Electric
Wells Fargo Bank NA
CVS Health
Apple
Cox Communications
ONEOK
Comcast
ETP
GE
WFC
CVS
AAPL
COXENT
OKE
CMCSA
5.950
5.000
2.150
3.875
2.850
3.850
7.500
3.000
Oct. 1, ’43
Jan. 21, ’49
Dec. 6, ’19
July 20, ’25
May 6, ’21
Feb. 1, ’25
Sept. 1, ’23
Feb. 1, ’24
283
112
35
125
17
102
153
55
9
9
9
8
7
7
7
6
High-yield issues with the biggest price increases…
Issuer
Symbol
EP Energy
Valeant Pharmaceuticals International
Noble Holding International
J. C. Penney
California Resources
Talen Energy Supply
Range Resources
Sprint
EPENEG
VRXCN
NE
JCP
CRC
TLN
RRC
S
Coupon (%)
Maturity
9.375
May 1, ’20
5.500 March 1, ’23
5.250 March 15, ’42
5.875
July 1, ’23
8.000 Dec. 15, ’22
6.500
June 1, ’25
5.000 March 15, ’23
7.625 Feb. 15, ’25
Bond Price as % of face value
Current
One-day change
Last week
Stock Performance
Close ($)
% chg
76.813
88.406
61.000
96.438
77.250
85.500
100.125
106.625
1.81
1.53
1.25
1.19
1.00
1.00
0.91
0.89
75.750
86.094
n.a.
n.a.
73.750
83.625
99.125
106.250
...
...
…
3.40
18.17
...
17.87
5.95
...
...
…
1.19
4.13
...
–3.41
–0.34
90.000
95.176
107.960
112.125
105.125
108.250
103.938
88.813
–1.25
–0.97
–0.79
–0.63
–0.63
–0.56
–0.56
–0.56
89.250
n.a.
n.a.
112.720
106.750
108.375
106.000
89.520
…
16.85
...
10.03
...
2.71
...
14.81
…
–2.38
...
–6.52
...
–3.90
...
3.57
…And with the biggest price decreases
CHS/Community Health Systems
Mattel
Cloud Peak Energy Resources
Advanced Micro Devices
Inmarsat Finance
K. Hovnanian Enterprises
Altice Financing S.A.
CenturyLink
CYH
MAT
CLDXX
AMD
ISATLN
HOV
ALTICE
CTL
8.000
5.450
12.000
7.500
6.500
10.000
7.500
5.625
Nov. 15, ’19
Nov. 1, ’41
Nov. 1, ’21
Aug. 15, ’22
Oct. 1, ’24
July 15, ’22
May 15, ’26
April 1, ’25
*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Note: Data are for the most active issue of bonds with maturities of two years or more
Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
B12 | Tuesday, December 5, 2017
BANKING & FINANCE
LIU XINGZHE/EPA/SHUTTERSTOCK
The BTCC bitcoin exchange in Shanghai this year. Central bankers are unlikely to sit on the sidelines as bitcoin use expands.
all London stocks.
Still, size alone isn’t the
danger. When bubbles have
burst in the past, the effects
depended both on their size
and how much they relied on
debt. The far-bigger dot-com
bubble popped in 2000 with
nasty results for the stock
market, but the lack of leverage helped the U.S. economy
avoid the standard definition
of a recession, as it didn’t
shrink for two consecutive
quarters.
central banks and regulators:
Bitcoin might not crash. If
the speculative fervor in the
cryptocurrency is merely the
precursor to it being widely
used as an alternative to the
dollar, it will threaten central banks’ monopoly on
money.
Bitcoin can’t carry out
enough transactions speedily
enough to become a true
currency, but modifications
to the code or another cryptocurrency might succeed.
No central banker could allow that to happen, both because she would be out of a
job and because it would be
economically disastrous.
Bitcoin enthusiasts tend
to worry about the inflationary effects of central bank
money printing, despite the
absence of any significant inflation in the eight years
since the Federal Reserve
started to pump up its balance sheet. There is an irony
in the fact that bitcoin creation is running at about 4%
a year, while the Fed has begun to shrink the U.S. monetary base.
F
I
f bitcoin crashes soon it
won’t be a big problem.
But the more the traditional financial system interacts with bitcoin, the more
of a danger it will pose, as
speculators borrow dollars
to bet on bitcoin moves.
There is another danger,
perhaps even more serious
from the point of view of the
Central bankers, says
Tony Yates, an economist
and former Bank of England
official, “are taking [bitcoin]
seriously because they don’t
want to lose control of the
money supply.”
Central banks can’t print
bitcoin, so if the world
switches away from fiat currencies, they would be unable to create new money to
alleviate a crisis.
If bitcoin ever threatens
to become a runaway
success, governments won’t
stand by and watch the
currencies they issue wither.
The in-between outcome
would be that bitcoin fails as
a currency and finds a role
as an alternative to gold,
instead. If that is all bitcoin
becomes, regulators will be
less worried. Unfortunately
for speculators, they should
be less excited about it, too.
ly
.
Bitcoin has
been the ideal
proving
ground for investment’s
most powerful
advice: caveat emptor, or
buyer beware.
Individuals who lose
money day trading a cryptocurrency hyped as a way to
avoid central bank meddling
can hardly expect to appeal
to governing institutions
when things go wrong.
Watchdogs have intervened
occasionally to restrict
money laundering. But financial regulators have mostly
steered clear.
Regulators are unlikely to
sit on the sidelines much
longer, and that is a shame.
People duped into putting a
small amount of bitcoin into
a worthless initial coin offering or persuaded to day
trade bitcoin on margin are
taught important lessons in
trust and security.
Aside from a change of
heart on consumer protection, there are two decent
reasons for them to interfere, both of which would
have potentially catastrophic
results for the survival of
bitcoin and other digital currencies.
The first and most important is the danger to the financial system as it becomes
entangled with bitcoin.
Those links are just starting
to be developed, with dozens
of new funds pitching bitcoin
to mainstream investors,
while futures contracts will
next week open bets on bitcoin to ordinary speculators.
The top 1,000 or so cryptocurrencies are valued at
$350 billion, and if they all
went to zero tomorrow
banks would barely notice.
To get a sense of the
scale, if bitcoin repeats this
year’s rise next year it would
be valued at more than all
Canadian-listed companies,
or half the market value of
or enthusiasts,
bitcoin’s widespread
use would be a
welcome digital return to the
19th-century gold standard.
Central bankers are more
realistic, recognizing that it
is politically impossible for
authorities to ignore a crisis.
The gold standard was
suspended repeatedly by the
U.K. whenever it became too
onerous. The U.S. went
further in the Great
Depression, banning private
holdings of gold coins and
bullion for decades after its
1933 devaluation of the
dollar.
Morgan Stanley to Offer Automated Advice
BY LISA BEILFUSS
Morgan Stanley launched
an automated-advisory service,
the latest wealth-management
firm to expand digital offerings in a bid for younger investors’ assets.
The New York brokerage
firm said its Access Investing
“robo” service became available Monday to clients with at
least $5,000 to invest. The service will charge 0.35% of assets
annually. Fees exclude those
levied by fund managers.
By comparison, Bank of
America Corp.’s Merrill Lynch
charges 0.45% for a similar offering open to clients with at
least $5,000. The robo service
run by Wells Fargo & Co.’s
no
The first U.S. bitcoin futures will start trading next
week, as dueling Chicago futures exchanges seek to cash
in on surging investor interest
in the digital currency.
Cboe Global Markets Inc.’s
new bitcoin futures will go live
at 5 p.m. Central Time on Dec.
10, with the first full day of
trading set for Dec. 11, the
firm said Monday.
That gives Cboe a head
start on CME Group Inc., its
larger crosstown rival, which
plans to launch its own bitcoin
futures on Dec. 18. The Commodity Futures Trading Commission on Friday allowed
both exchange operators to go
forward with bitcoin futures.
Cboe is working with online
brokerages to allow retail investors to start trading its bitcoin futures as soon as possible, a spokeswoman for the
company said.
Bitcoin futures would allow
traders to bet on rises and
falls in the digital currency,
similar to the way oil, corn or
gold futures work.
The emergence of bitcoin
futures could make it easier
for both Wall Street banks
and small investors to trade
bitcoin.
A huge price run-up this
year has sparked intense investor interest in bitcoin,
which soared to more
than $11,800 at one point on
Sunday, up more than 12fold from the beginning of
2017, according to CoinDesk.
The currency was trading at
$11,510.54 late Monday.
Still, many financial institutions remain wary of bitcoin
due to its volatility, uncertain
regulatory status and lingering association with illicit activity. Skeptics call it a bubble.
Announcements by Cboe
and CME that they would seek
to launch bitcoin futures were
seen as a vote of confidence in
the digital currency.
Cboe was the first to unveil
its plans, in August, while
CME followed in October.
The race between the two
rivals could determine which
exchange establishes the dominant bitcoin futures contract.
CME is the world’s largest exchange company, with a market capitalization of $51 billion and roots in the mid-19th
century.
Cboe, valued at $14 billion,
was founded in 1973 as the
Chicago Board Options Exchange. Its first trading floor
was a space that had once
been the smoking lounge for
the Chicago Board of Trade—
an exchange that is now part
of CME.
Traders Beware, a Reckoning Awaits
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
BY ALEXANDER OSIPOVICH
STREETWISE | By James Mackintosh
n-
Bitcoin
Futures
Trading
Starts
Next Week
wealth-management
arm
charges 0.50% and has a
$10,000 account minimum.
Robo pioneer Betterment LLC
has no account minimum and
charges 0.25% annually for its
basic offering.
Morgan Stanley’s advisers,
like those at rivals, will have
the ability to offer discounts.
Brokers will receive referral
bonuses for bringing clients
onto the robo service.
Executives said Morgan
Stanley’s robo launch is meant
to attract a new generation of
clients, many of them the children of existing customers positioned to inherit significant
wealth. “Access Investing is an
opportunity for financial advisers to grow their book of
business by making connections early,” said Naureen Hassan, chief digital officer.
The industry has long
struggled with retaining ac-
the end of 2016 and will have
$385 billion in the next five
years, eating into the multitrillion-dollar asset base of traditional brokerage firms.
Similar to others’ robo offerings, Morgan Stanley’s automated-investing service relies
on an algorithm to gauge an
investor’s risk appetite and
then recommend an appropriate portfolio of funds that it
automatically rebalances.
Morgan Stanley’s robo service will offer access to call
centers in Florida and Utah,
staffed by representatives who
will offer basic assistance. The
representatives aren’t financial
advisers.
In addition to offering a selection of passive mutual funds
Executives said the
launch of the service
is meant to appeal to
younger investors.
counts that move from parents
to children who grew up in the
digital age. Researcher Cerulli
Associates has estimated the
robo advice industry had more
than $80 billion in assets by
and exchange-traded funds
that aim to track market indexes, Morgan Stanley’s menu
includes actively managed
products that seek to beat the
market. The service also offers
“thematic portfolio” options,
with themes including sustainability and gender diversity.
Executives say such options
are meant to appeal to younger investors who show particular interest in socially responsible investing.
Morgan Stanley said the Access Investing robo service is a
core piece of its developing
digital strategy. The offering’s
capabilities, which include
goals-based planning tools,
will be available to all clients,
executives said.
In London, Bankers Are Losing Hope of Special Treatment
After Britain voted to leave
the European Union, the U.K.’s
finance industry launched a
lobbying offensive: The EU
had better help London’s
banks, or the Continent’s businesses and consumers would
suffer.
That pitch hasn’t worked.
Bankers in London, in private conversations and public
comments, say they are now
resigned to not getting any
special treatment. They are
moving from contingency
planning for Brexit to executing those plans. “We are prepared for the most severe outcome,”
Barclays
PLC
Chairman John McFarlane told
a U.K. Parliament committee.
The reason for the gloom:
European officials are playing
hardball, saying financial services aren’t high on their list
of Brexit worries, according to
people familiar with their
thinking. And there appears to
be muted political appetite in
the U.K. to press the matter.
British Prime Minister Theresa May traveled to Brussels
on Monday for talks with EU
counterparts aimed at breaking a deadlock, but they failed
to reach a deal to advance the
negotiations. Mrs. May said
talks would resume later this
week.
YVES HERMAN/REUTERS
BY MAX COLCHESTER
EU officials, meeting in Brussels Monday, say financial services aren’t a priority in Brexit talks.
But even if those talks succeed, the focus will then likely
switch to several more-pressing matters, including strategies for keeping complex manufacturing supply chains
humming across the Continent, European officials say.
Britain’s bank lobbyists
have argued that centralization of financial services in
London promotes efficiencies
that keep costs down for consumers across the trade bloc.
They also say that bruising
London’s investment banks
will harm an EU attempt to
create a capital-markets union
across the trade bloc.
But those arguments haven’t resonated. On Wednesday, Andrew Bailey, one of the
U.K.’s top banking regulators,
said that his European counterparts “don’t put a lot of
weight” in them. Michel
Barnier, who is leading the negotiations for the EU, recently
played down the notion that
financial services would get
special treatment during negotiations. “Brexit means Brexit
everywhere,” he said.
For years, the U.K. acted
as Europe’s de facto investment bank. About 90% of
euro-denominated interestrate swaps flow through London-based clearinghouses.
Banks from across the world
built up offices in London to
service clients across Europe
and beyond.
After Brexit, banks based in
the U.K. are likely to lose their
right to sell to customers
across the EU. There is a
pricey but practical solution:
Create a hub in the EU. Bankers and capital are considered
relatively mobile. “There will
be pragmatic solutions found,”
says Jean Pierre Mustier, chief
executive of Italy’s UniCredit
SpA.
The initial unwinding is
unlikely to be huge, bankers
say. The Bank of England expects 10,000 banking jobs to
have left by March 2019, the
time of the U.K.’s expected departure. That is about 2% of
people employed in the City
of London. Big banks’ preparations are well under way,
according to people familiar
with them.
JPMorgan Chase & Co. has
leased more office space in
Frankfurt. Goldman Sachs
Group Inc. booked spaces in a
school in the German city for
future employees’ children.
Morgan Stanley is pushing
ahead with license applications in Europe. Barclays is
hunting for board members
for its future European hub in
Ireland.
The scaling-up of these operations will be gradual. Bank
of America Corp. plans to
move about 200 people in
sales and trading to Paris and
Frankfurt. The bank has leased
office space in Paris that will
take several months to refurbish. It aims to start putting
more staff into its Paris office
in the latter half of next year,
according to a person familiar
with the matter. It is unclear
how many staffers will have to
move into its EU hub.
“We’ll see what actually
happens and what they allow
us to do and don’t do,” Bank of
America Chief Operating Officer Tom Montag said at a recent conference.
Over time, European regulators could require that international banks bolster their
presence in the EU. The European Central Bank has warned
lenders not to game the system by setting up entities that
just shuffle risk back to their
London offices. “We won’t accept more inventive setups,”
Sabine Lautenschläger, a
member of the ECB’s executive
board, said recently.
Bank executives believe it
could take years for negotiations over future trade agreements between the U.K. and
the EU to play out. And banks
don’t have time on their side.
It can take about two years to
create a fully licensed and capitalized European banking hub,
according to a study by PricewaterhouseCoopers LLP.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Tuesday, December 5, 2017 | B13
* * * *
HEARD ON THE STREET
Email: heard@wsj.com
WSJ.com/Heard
FINANCIAL ANALYSIS & COMMENTARY
Broadcom Can Wait on Qualcomm CVS-Aetna Is More
Hang Ups
Qualcomm's closing share price
$80
60
40
20
2010
Source: FactSet
price is best understood as
Qualcomm’s pre-Apple valuation, meaning the peak value
the stock reached just before
a bitter legal battle erupted
between Qualcomm and its
largest customer—which also
happens to be the world’s
largest company by market
value.
That price is unlikely to
get the deal done. Many
Qualcomm shareholders and
analysts have signaled a
price closer to $80 as more
palatable, but Broadcom has
good reason not to rush
things. It has no competitors
on the deal—few, in fact,
could manage a transaction
of this size. And serious
problems weighing on Qualcomm’s share price aren’t going away anytime soon.
Its legal battle with Apple
escalated last week with the
companies filing fresh patent-infringement lawsuits
against one another. Another
unidentified company also
has joined Apple in withholding royalty payments from
Qualcomm.
Qualcomm’s pending acquisition of NXP Semiconductors also has turned into
a complication. That deal,
struck this year, looked like
a solid move by Qualcomm
to diversify its business and
make use of trapped, offshore cash. But the proposed combination still
hasn’t cleared key regulatory hurdles, and NXP now
has activist shareholders
clamoring for a better price.
Qualcomm can afford to offer more, but a significant
boost now runs the risk of
looking like an effort to create an effective poison pill
to financially sabotage
Broadcom’s designs on it.
Still, Broadcom’s patience
isn’t without risk either.
Pressing an alternative slate
of directors now is effectively a bet that Qualcomm’s
shareholders are disillusioned enough to vote
against the company’s current management. Broadcom
will still have to make the
case of why it thinks it can
do better.
—Dan Gallagher
EV-Battery Makers Face Price Crunch
Electrifying
Average price for electric-vehicle battery packs
$1,000 per kWh
800
600
400
200
0
Panasonic may be best
positioned to defend itself
against a flood of supply,
thanks to superior
technology—its cells have a
higher energy density—
greater scale and a captive
client in Tesla, though having
its fate so tied to a single car
maker carries its own risks.
But the two Korean makers
are catching up. LG Chem, in
particular, has improved the
energy density of its battery
cells by more than 70% since
2011, according to Deutsche
Bank.
Low prices aren’t a
problem for the battery
makers if they kick-start
electric-car sales. But to
drive production costs low
enough to foment an EV
revolution may require an
advance beyond the current
lithium-ion technology. That
makes picking winners in the
EV-battery race difficult
indeed.
—Jacky Wong
Next on the corporate
agenda at CVS Health Corp.:
lightening up the balance
sheet.
CVS announced new financial details from its $69
billion agreement to buy
Aetna Corp. on Monday
morning. Investor reaction
was lukewarm: CVS shares
fell nearly 5%.
That reaction is understandable since CVS will see
little short-term benefit from
the acquisition, which is set
to close in the second half of
next year. Management
doesn’t expect a boost to
earnings per share until two
years after the deal closes.
There is little overlap between the Aetna and CVS
business models, so annual
synergy targets of $750 million are modest for a deal of
this size.
So much for the income
statement. What about the
balance sheet? Since 70% of
the deal consideration is in
cash, CVS will need more
than $45 billion in new debt,
boosting the company’s net
borrowings to near $70 billion. After adjusting for operating leases for CVS retail
stores, net leverage is expected to rise to 4.6 times
earnings before interest,
taxes, depreciation and
amortization.
CVS Chief Executive Larry
Merlo plans to reduce leverage to a more reasonable
three times Ebitda as soon
as possible. That is an ambitious but manageable goal.
CVS is halting share buybacks and has pledged not to
raise its dividend until that
target is reached. That won’t
help the share price in the
short term, but the decision
will speed up the balancesheet cleanup.
Investors shouldn’t lose
sight of the deal’s rationale.
The premise is a long-term
reshaping of the business
model rather than financial
engineering.
That means the balancesheet cleanup should coincide with the benefits of
strategic investment in the
new business model.
Meanwhile, the absence of
near-term financial benefits
means the shares aren’t particularly expensive for believers in the long-term strategic vision. CVS trades at
about 15 times trailing earnings, well below its 10-year
average.
Shareholders’ patience
should be rewarded.
—Charley Grant
OVERHEARD
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
Lower battery costs will
help electric vehicles go
mainstream, but not before
the leading battery makers
feel the pain.
Though the battery pack
remains the single costliest
part of an electric car, the
price has fallen 80% since
2010, to $227 a kilowatthour, according to McKinsey.
Tesla claims an even lower
$190, and the price could fall
further as the company
ramps up production.
Increased supply, especially from China, has been a
key driver, and there is more
coming. Global EV battery
supply could double to 260
gigawatt-hours by 2020,
Bernstein estimates, outstripping demand by more
than 70%.
Such aggressive investment will create headwinds
for the three market leaders,
LG Chem, Samsung SDI and
Panasonic, Tesla’s sole sup-
Tortoise Than Hare
ly
.
There are two things that
Broadcom Ltd. made very
clear Monday morning: It is
still very interested in buying
Qualcomm Inc., but it is in
no particular hurry to do so.
The former is no surprise.
Broadcom’s unexpected $105
billion offer to buy Qualcomm a month ago was
widely seen as an opener,
particularly given Qualcomm’s lack of enthusiasm at
the prospect of being taken
over by its onetime legal foe.
Broadcom then indicated
that it was in for the long
haul, a fact confirmed Monday with its announcement
of an alternative slate of directors for Qualcomm’s
board.
The announcement, however, didn’t include a change
to Broadcom’s bid price. That
remains at $70 a share, $60
of which is in cash. That
A million dollars isn’t cool.
You know what’s cool? A billion dollars.
Cameron and Tyler Winklevoss, who famously sued Facebook founder Mark Zuckerberg over the idea behind the
social network, are now billionaires themselves. Sort of.
Various outlets estimated
Monday that a hoard of bitcoins the twins purchased with
their share of a legal settlement with Mr. Zuckerberg is
now worth over $1 billion,
making them the first cryptocurrency billionaires. If the
math were correct, the duo
still would have a net worth
that is about one-seventieth
that of their onetime nemesis.
But it isn’t correct because,
despite sharing the same DNA,
the twins are two different
people and therefore have only
half a billion apiece. In other
words, bitcoin will have to hit
about $23,000 to give them
each billionaire status. Now
that would be cool.
Dow Gains, but Tech Knocks S&P, Nasdaq
Treasurys
Decline as
Tax Plan
Advances
2010
Source: McKinsey
’11
’12
plier. They have a technology
margin over Chinese rivals,
but it isn’t insurmountable.
China’s Contemporary Amperex Technology, for example, meets standards high
enough to supply BMW.
And Chinese makers have
advantages of their own,
starting with economies of
scale. The country is by far
the biggest market for elec-
’13
’14
’15
’16
THE WALL STREET JOURNAL.
tric cars, and protectionist
policy has effectively shut
out foreign battery makers.
Beijing’s relentless efforts
to secure key raw materials
like lithium, cobalt and
graphite may sharpen its
makers’ edge, and the government could sharpen it
further by encouraging consolidation in the fragmented
industry.
MARKETS
no
The Dow Jones Industrial
Average closed at another record Monday after the Senate
passed a tax bill, while declines in shares of technology
companies
MONDAY’S
weighed on
MARKETS
the S&P 500
and Nasdaq
Composite.
Investors also dialed back
on assets that many consider
havens, such as U.S. Treasurys
and gold, while lifting the dollar.
The Senate passed revisions
to the U.S. tax code over the
weekend after Republicans
overcame internal divisions,
moving one step closer to
pushing through $1.4 trillion
in tax cuts. The House and
Senate still need to reconcile
competing versions of the tax
plan, something GOP leaders
hope to do by Christmas.
Cuts to the corporate tax
rate could boost earnings
growth and help the long U.S.
stock rally keep going, investors and analysts say.
“Obviously, for corporates,
it’s a windfall,” said Ronald
Temple, head of U.S. equity at
Lazard Asset Management.
“It’s unlikely to materially
change the growth trajectory,
but it is likely to materially
change earnings growth.”
The Dow industrials rose
58.46 points, or 0.2%, to
24290.05, its 64th record close
this year. The S&P 500 fell
2.78 points, or 0.1%, to
2639.44, after being up much
of the day, and the tech-heavy
Nasdaq Composite slipped
72.22 points, or 1.1%, to
6775.37.
Analysts say the Republican
plan to cut corporate tax rates
has contributed to a shift out
of stocks that have outperformed this year into those expected to benefit the most
from the overhaul.
Some analysts also say
technology stocks in the S&P
500, which have nearly doubled the broad index’s gains
this year, have been vulnerable
to a pullback.
Banks, which some analysts
say could be among the biggest beneficiaries of a tax cut,
rallied, with the KBW Nasdaq
Bank Index of large U.S. lenders rising 2.1% for its fifth
consecutive session of gains.
Shares of technology companies in the S&P 500 slid
1.9%, posting the steepest
daily loss of the broad index’s
11 sectors.
Meanwhile, the WSJ Dollar
Index, a measure of the dollar
against a basket of 16 currencies, gained 0.2% while government-bond prices fell,
n-
BY CHRISTOPHER WHITTALL
AND AKANE OTANI
Dow in the Driver’s Seat
The Dow Jones Industrial Average rose on the prospect of tax cuts
Monday. The Nasdaq Composite, which is heavy on the tech
companies that have surged this year, declined.
1.5%
Index performance on Monday
1.0
Dow
0.5
0
S&P 500
–0.5
–1.0
Nasdaq
–1.5
9:30 10
11
noon
1
2
3
4
Some of the year’s best-performing tech stocks have tumbled
over the past week.
Past five days Stock
-2.5%
Apple
-5.2
Amazon.com
-6.3
Facebook
-12.8
-8.8
Year to date
Nvidia
PayPal
Source: FactSet
sending the yield on the
benchmark 10-year U.S. Treasury note to 2.379% from
2.363% on Friday. Yields rise
as prices fall.
A tax overhaul could help
46.6%
51.2
49.0
74.9
79.8
THE WALL STREET JOURNAL.
boost economic growth, lifting
the dollar.
But it also could send bond
yields higher, analysts say, in
part by expanding the federal
budget deficit, which could
push the government to sell
more bonds.
Other havens retreated.
Gold for December delivery
fell 0.4% to $1,274.30 a troy
ounce.
With U.S. stock markets at
or near highs, some investors
say they see greater value in
other regions. Jeroen Blokland, a portfolio manager at
Dutch asset manager Robeco,
said that given economic momentum is already building,
the Senate tax bill “is another
sign for investors that this
rally can continue for quite
some time even though valuations are stretched.”
Still, those high valuations
in the U.S. have led him to favor European and Japanese
stocks.
“Japan is doing great, and
Europe has some catching up
to do,” Mr. Blokland said.
The Stoxx Europe 600
climbed 0.9% Monday, lifted
by broad gains across sectors.
Some Asia-Pacific stock
markets struggled after pockets of selling last week, notably in technology. Japan’s Nikkei Stock Average closed down
0.5% as tech stocks again came
under pressure. At midday
Tuesday in Tokyo, the Nikkei
was down 0.4%. At that time,
Hong Kong’s Hang Seng Index
was also down 0.4% and South
Korea’s Kospi was flat.
U.S. Oil Resists $60 Barrier
LISI NIESNER/EPA/SHUTTERSTOCK
BY ALISON SIDER
AND CHRISTOPHER ALESSI
Russia’s Alexander Novak and Khalid Al-Falih of Saudi Arabia
Oil prices fell as the market
appeared to look past OPEC’s
agreement late last week to
extend its
COMMODITIES crude production
c u t s
through the end of 2018.
U.S. crude futures fell 89
cents, or 1.53%, to $57.47 a
barrel on the New York Mercantile Exchange. Brent crude,
the global benchmark, fell
$1.28, or 2.01%, to $62.45 a
barrel on ICE Futures Europe—its biggest daily drop
since Oct. 6.
The moves reversed gains
after the Organization of the
Petroleum Exporting Countries and a group of non-OPEC
producers led by Russia
agreed last week to extend a
deal to hold down crude output by nearly 2% through the
end of 2018.
But higher prices could
spur higher production from
places such as the U.S. and
Canada, something that could
cap price increases.
“It seems as if as WTI gets
close to $60 and Brent pushes
toward $65, worries that some
of the cuts will basically be
offset by the production expected to come seems to take
some of the wind out of the
sails of the market,” said Gene
McGillian, research manager
at Tradition Energy.
In the second half of 2017,
higher compliance with the
pact and a combination of
stronger macroeconomic fundamentals, tighter demand
and an emergent geopolitical
risk premium helped drive
prices up. Oil prices have advanced roughly 20% since September.
But now some analysts say
there are few catalysts to push
prices higher in the near term.
BY DANIEL KRUGER
U.S. government bonds
weakened Monday as investors
analyzed the potential effect
of the Republican effort to revamp taxes.
The yield on
CREDIT
the benchmark
MARKETS 10-year
U.S.
Treasury note
rose for the
fourth time in five days to
2.379%, from 2.363% Friday.
Bond yields rise as prices fall.
Bond prices slipped after
the Senate passed revisions to
the U.S. tax code Saturday and
moved one step closer to
pushing through $1.4 trillion
in tax cuts. The House and
Senate still need to reconcile
competing versions of the tax
plan, something GOP leaders
hope to do by Christmas.
Investors sold bonds as
stocks climbed, with some analysts and investors saying the
lower corporate tax rates
could lift company earnings
and boost growth, adding to
the appeal of riskier assets.
Some investors say that the
tax overhaul could help push
wages higher, fueling inflation,
which erodes the purchasing
power of bonds’ fixed payments. Analysts also expect
the overhaul to require additional government borrowing,
which could push yields higher
as the supply of bonds increases.
AUCTION RESULTS
Here are the results of Monday's Treasury auctions.
All bids are awarded at a single price at the marketclearing yield. Rates are determined by the difference
between that price and the face value.
13-WEEK AND 26-WEEK BILLS
13-Week
26-Week
$129,719,264,000 $118,851,772,700
$42,000,339,000 $36,000,284,700
$538,501,100 $427,355,700
$100,000,000 $300,000,000
99.673917
99.266944
(1.290%)
(1.450%)
1.312%
1.481%
Coupon equivalent
52.02%
5.56%
Bids at clearing yield accepted
912796NU9
912796PJ2
Cusip number
Applications
Accepted bids
" noncomp
" foreign noncomp
Auction price (rate)
Both issues are dated Dec. 7, 2017. The 13-week bills
mature on March 8, 2018; the 26-week bills mature on
June 7, 2018.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
B14 | Tuesday, December 5, 2017
MARKETS
Tax Cuts Drive Stock Rally
U.S. stocks have surged in recent sessions as lawmakers have gotten closer to passing tax cuts, with investors
preferring shares of companies they expect to benefit the most from a lower rate.
Retailing
35.0%
Telecom
33.7%
Business services
32.5%
Utilities
31.5%
Staples retailing
31.3%
Health-care equipment and services
30.2%
Materials
29.8%
Diversified financials
29.3%
Media
29.1%
Transportation
28.8%
Banks
28.6%
Food, beverage and tobacco
27.8%
Consumer services
27.5%
Household and personal products
27.0%
Capital goods
26.7%
S&P 500
26.2%
Durables and apparel
23.3%
Insurance
23.0%
Technology hardware
22.8%
Software and services
19.8%
Semiconductors
19.3%
Pharma and biotechnology
18.9%
Automobiles and components
17.1%
Energy
14.9%
REITs
3.5%
Companies with the highest and lowest effective tax rates*
25%
Dow industrials
20
S&P 500 financials
15
Dow transports
Russell 2000
10
5
0
–5
Jan.
Feb.
March
April
May
June
July
Aug.
Sept.
Oct.
TechnipFMC
Kinder Morgan
120%
100
80
Micron Technology
Lam Research
60
40
S&P 500 technology
Electronic Arts
20
0
Jan.
Feb.
March
April
May
June
July
Aug.
Sept.
Oct.
Mosaic
HIS Markit
Baxter International
Date streak ended
October 14, 1987
Streak length
715 days
293
November 14, 1991
202
44.0%
March 29, 1994
296
July 22, 1996
400
October 24, 1997
318
2.8%
May 7, 2004
261
2.3%
November 8, 2007
328
2.2%
May 19, 2010
215
August 1, 2011
225
January 31, 2014
274
December 4, 2017
363
2.1%
Electronic Arts
Dec.
44.1%
2.2%
Carnival
Nov.
January 19, 1990
43.8%
Broadcom
Dec.
Tech companies, which tend to pay a relatively low effective tax rate,
have given back some of this year’s share-price gains.
co Fo
m rp
m e
er rs
ci on
al a
us l,
e
on
44.9%
Humana
Nov.
The Dow industrials have been trading above their 200-day moving
average for 363 straight sessions, their longest such streak since 1996.
46.8%
Centene
Shares of transportation companies, small firms and financials have
jumped after lagging behind for much of the year.
ly
.
Effective tax rate by industry group*
*Based on three-year trailing dollar-weighted effective tax rate
Sources: Standard & Poor’s, Thomson Financial, FactSet, Credit Suisse (effective tax rates); FactSet (indexes, stocks, streaks)
no
n-
Creating a
legacy is hard.
Leaving one,
even harder.
We know, because we know you well.
Knowing our clients well gives us the insight to help with their wealth—and their
lives. We understand that the transfer of wealth between generations has an
enduring impact, so we look at every angle to identify the strategy that works
for today and well into the future. Find out how strong relationships lead to 95%
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