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The Wall Street Journal - May 9, 2018

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WEDNESDAY, MAY 9, 2018 ~ VOL. CCLXXI NO. 108
* * * * * *
DJIA 24360.21 À 2.89 0.01%
NASDAQ 7266.90 À 0.02%
STOXX 600 390.00 À 0.1%
10-YR. TREAS. g 5/32 , yield 2.968%
OIL $69.06 g $1.67
President rejects 2015
nuclear agreement as
‘horrible’ and moves to
reinstate sanctions
Business & Finance
isney’s CEO expressed
confidence that his
company would prevail in
its bid for key assets of
21st Century Fox, despite
recent moves by Comcast to
make a competing offer. A1
Fox’s James Murdoch is
planning to strike out on his
own if the Disney deal closes.
Lachlan Murdoch is expected
to become CEO of the remaining so-called New Fox. A8
WASHINGTON—The U.S. is
exiting the Iranian nuclear accord, President Donald Trump
said Tuesday, dismantling his
predecessor’s most prominent
D
By Michael C. Bender,
Michael R. Gordon
and Rebecca Ballhaus
foreign-policy initiative and
bucking the appeals of some of
America’s closest allies.
Speaking in the Diplomatic
Room of the White House, Mr.
Trump delivered harsh words
about the 2015 deal to curb and
monitor Iran’s nuclear activity,
calling it “horrible,” “onesided” and “disastrous.” The
Facebook is overhauling
its management structure in
one of the biggest makeovers
in the company’s history. B1
The value of investments
by public pension funds declined last quarter, testing
retirement systems. B1
EURO $1.1864
YEN 109.12
Vodafone is close to announcing a $23 billion deal to
buy Liberty Global’s operations
in four European countries. B2
The Trump administration’s
decision to withdraw from the
nuclear accord with Iran
threatens to widen the gulf between the U.S. and its allies in
the Middle East and Tehran
and its backers.
Takeda reached an agreement to buy Shire in a deal
that values the European
drugmaker at $62 billion. B3
U.S. stocks recovered
from early declines to finish flat. The Dow edged up
2.89 points to 24360.21. B12
Edward Jones named
Penny Pennington as its new
head, the only woman to lead
a major U.S. brokerage. B11
Nike said five more executives have left amid an internal inquiry into complaints
about workplace issues. B5
World-Wide
The U.S. is withdrawing
from the Iran nuclear deal,
Trump said, dismantling his
predecessor’s most prominent foreign-policy initiative and bucking the appeals
of close allies. A1, A6-A7
West Virginia Attorney
General Morrisey won his
state’s GOP Senate primary, a
result welcomed by Trump
and party leaders. He will face
Manchin in November. A1
Ex-CFPB chief Cordray
captured the Ohio Democratic gubernatorial nomination. State Attorney General
DeWine won the GOP nod. A4
A company created by
Trump lawyer Cohen received
$500,000 in 2017 from an investment fund linked to a Russian oligarch. AT&T also made
payments to the firm. A1
Pompeo traveled to North
Korea ahead of planned talks
between Trump and Kim and
was expected to raise the issue
of detained Americans. A16
Kim paid a second surprise visit to China for discussions with Xi. A16
Argentina turned to the
IMF for backing as it grapples with economic woes. A16
New York’s ex-attorney
general, who stepped down
amid allegations he abused
women, had battled with
Trump and big banks. A3
By Asa Fitch in Dubai
and Laurence Norman
in Brussels
AL DRAGO/BLOOMBERG NEWS
Xiaomi is lowering its
IPO target, now aiming for
a valuation between $70
billion and $80 billion. B4
‘The Iran deal is defective at its core.’
President Trump on leaving the Iran accord. More coverage on A6-A7.
A former CIA officer
suspected of providing information to China was
charged with espionage. A5
Opinion.............. A13-15
Property Report... B6
Sports........................ A12
Technology............... B4
U.S. News............. A2-5
Weather................... A12
World News. A6-8,16
>
While Washington’s partners in Europe expressed disappointment over the decision, Israel and Saudi Arabia,
which have long opposed what
they saw as a pact that gave
too much away to Iran, ex-
pressed strong support for it.
President Donald Trump’s
move launched a new round of
high-stakes diplomacy in an
increasingly combustible region. Iran and Saudi Arabia
are already at odds militarily
in Yemen and Syria and have
vied for influence in elections
in Lebanon and Iraq.
Israel, meanwhile, has
grown increasingly bold in targeting Iranian assets in the
Syrian war, including a suspected airstrike carried out
shortly after Mr. Trump announced his decision.
In a nationally televised adPlease see DEAL page A6
Disney CEO Confident President and GOP Leaders
About Deal With Fox Notch a Win in West Virginia
BY ERICH SCHWARTZEL
Walt Disney Co. Chief Executive Robert Iger expressed confidence that his company would
prevail in its bid for key assets
of 21st Century Fox, despite recent moves by Comcast Corp. to
make a competing offer.
Appearing to brush aside reports Monday that the cable giant was preparing for a potential attempt to outbid Disney for
Fox, Mr. Iger on Tuesday said on
a conference call discussing his
company’s financial results with
Wall Street analysts that he is
“confident the assets we’re in
the process of acquiring” will
easily fit within Disney once the
deal is approved.
Whoever lands the Fox assets
stands to gain a significant advantage in a media landscape
under siege from shifting consumer habits and a need to
mount defenses against directto-consumer competitors like
Netflix Inc. Disney is hoping to
Dear Angry
New York
Subway Rider
i
Trump’s CIA nominee will
tell a Senate panel that, if
she is confirmed, the agency
won’t restart controversial
interrogation programs. A3
president said he planned to institute sanctions against Iran,
and said the U.S. would sanction any nation that helps Tehran pursue nuclear weapons, as
well as U.S. and foreign companies and banks that continue to
do business with the country.
After an 11-minute televised
speech explaining his decision,
Mr. Trump sat down at a desk
and signed an order withdrawing the U.S. from the pact as
Vice President Mike Pence,
Treasury Secretary Steven
Mnuchin and national security
adviser John Bolton looked on
from across the room.
Administration officials said
the Iran sanctions suspended
under the agreement snapped
immediately back into effect,
meaning any new contracts and
financial deals are banned.
They said businesses and banks
have either 90 or 180 days to
Please see TRUMP page A6
Move Deepens
Mideast Divide
Cord-cutting has spurred
questions about the safety of
junk bonds issued by cable,
satellite and telecom firms. B1
s Copyright 2018 Dow Jones &
Company. All Rights Reserved
GOLD $1,312.00 g $0.20
Trump Pulls U.S. Out of Iran Deal
What’s
News
CONTENTS
Banking & Finance.... B11
Business News.. B3,5
Crossword.............. A12
Heard on Street.. B13
Life & Arts......... A9-11
Markets.................... B13
HHHH $4.00
WSJ.com
i
i
Transit team
answers 2,500
tweets a day
BY MIKE VILENSKY
Every day, the frustrations
of New York City subway riders
spew out in the form of 2,500
often profanity-laced tweets directed at the Metropolitan
Transportation Authority.
“Thanks @MTA for making
sure we can’t buy metrocards
AGAIN,” wrote @itzMzLori, 31year-old beauty blogger Lori
Tenn, who found her card machine closed. “I swear I f—ing
hate y’all.”
The job of taking this vitriol—and offering measured
responses—falls to the socialmedia team behind @MTA and
@NYCTSubway. The two Twitter accounts for the agency
Please see MTA page A5
acquire Fox’s film and television
studio, cable networks and international properties.
Disney’s $52.4 billion, allstock deal, announced in December, was seen as a chance
for the world’s biggest entertainment company to become
even more dominant. Disney executives have indicated they expect the deal to close next year.
(21st Century Fox and The Wall
Street Journal publisher News
Corp share common ownership.)
Comcast may upend those
plans. The cable company is
making preparations for a possible hostile offer for the Fox assets and has lined up financing
that would enable an all-cash
bid, people close to the situation
say. Before agreeing to the Disney deal, Fox rejected an offer
from Comcast that was 16%
higher, citing regulatory hurdles.
Please see DISNEY page A8
Possible new roles for two
Murdoch brothers.................... A8
BY JANET HOOK
AND REID J. ESPTEIN
West Virginia Attorney
General Patrick Morrisey won
his state’s Republican Senate
primary Tuesday, an outcome
welcomed by President Donald
Trump and GOP leaders who
warned that a victory by at
least one of his rivals would
have hurt their chances of defeating Democratic Sen. Joe
Manchin.
Mr. Morrisey beat Rep.
Evan Jenkins and Don Blankenship, a recently imprisoned
coal magnate who peppered
his campaign with incendiary
comments about national GOP
leaders. Both of Mr. Morrisey’s
challengers conceded the race
before it was called by the Associated Press.
Mr. Manchin is counted
among the Senate Democrats’
most vulnerable incumbents,
given Mr. Trump’s wide mar-
Results
West Virginia Republican
Senate primary
As of 10:32 p.m. EST Tuesday,
94% of precincts reporting
Morrisey
35 %
Jenkins
29
Blankenship
20
Source: Associated Press
THE WALL STREET JOURNAL.
gin of victory in the state in
2016.
Mr. Trump had cautioned
West Virginia Republicans to
avoid a replay of last fall’s Alabama GOP Senate special election primary, in which Roy
Moore defeated incumbent
Sen. Luther Strange, only to
Firm Linked to Oligarch
Paid Trump Lawyer
A company created by Michael Cohen, President Donald
Trump’s personal lawyer, received $500,000 in 2017 from
an investment fund linked to a
Russian oligarch, according to
a person familiar with the
matter.
Rebecca Davis O’Brien,
Drew FitzGerald,
Michael Rothfeld
and Rebecca Ballhaus
Separately, AT&T Inc. said it
made payments to Mr. Cohen’s
company in 2017 for “insights”
into the administration at a
time when the telecommunications giant needed government
approval for an $85 billion
takeover of Time Warner Inc.
The payments were made to
Essential Consultants LLC, a
company Mr. Cohen established in Delaware that he also
used in October 2016 to make
a $130,000 payment to former
adult-film actress Stephanie
Clifford, known professionally
as Stormy Daniels, who had al-
leged she had a sexual encounter with Mr. Trump in 2006.
Messrs. Trump and Cohen
deny the encounter.
The payments were revealed in a memo released
through Twitter by Michael
Avenatti, a lawyer for Ms. Clifford.
Essential Consultants received payments in 2017 from
an investment-management
firm called Columbus Nova,
that company confirmed Tuesday. Columbus Nova’s biggest
investor is a company founded
by Russian oligarch Viktor
Vekselberg, one of the richest
men in Russia who has close
ties to the Kremlin, and Columbus Nova is run by Mr.
Vekselberg’s cousin, Andrew
Intrater.
“Neither Viktor Vekselberg
nor Renova has ever had any
contractual relationship with
Mr. Cohen or Essential Consultants,” Andrey Shtorkh, Mr.
Vekselberg’s spokesman, told
The Wall Street Journal. RenPlease see COHEN page A2
lose to Democrat Doug Jones
in the general election after it
emerged that Mr. Moore was
accused of molesting several
teenage girls when he was in
his 30s. Mr. Moore denies any
sexual misconduct.
Mr. Jones became the first
Democrat to win an Alabama
Senate seat in 25 years. That
helps explain why Mr. Trump,
in his tweet urging West Virginians to vote against Mr.
Blankenship, told them to “remember Alabama.”
The West Virginia contest
echoed Republican primaries
Tuesday in Indiana and Ohio,
which were all marked by the
candidates building their campaigns around their allegiance
to Mr. Trump.
In Indiana, Republicans
chose businessman Mike
Please see GOP page A4
Cordray to face DeWine in
Ohio gubernatorial race....... A4
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.
A2 | Wednesday, May 9, 2018
* ***
THE WALL STREET JOURNAL.
U.S. NEWS
For Unemployed, Now Is a Good Time to Get Hired
There was essentially one
job opening for every unemployed person in America in
March—making this spring an
excellent time to look for a
job, especially in the service
sector.
The number of unfilled jobs
U.S. employers had at the end
of March rose to a record high
of 6.55 million, the Labor Department said Tuesday. There
were just 6.59 million unemployed Americans that month,
creating the narrowest gap between available jobs and those
actively seeking work in nearly
two decades of record keeping.
“If you’re employed and
looking for a new opportunity,
it’s a great time to look,” said
Paul McDonald, senior executive director at staffing agency
Robert Half. “If you’re unemployed, and you have skills
that are current, this data
bodes very well for your job
search.”
The number of job openings
increased by nearly one million from a year earlier in
March. Meanwhile, the number
of unemployed who were ac-
A Worker for Every Job?
A drop in unemployment and a rise in job openings, led by business services such as accounting and
software development, created essentially one job opening for every unemployed person in March.
Unemployed and job openings:
0 thousand
Erie Priest Accused
Of Abusing 2 Boys
A Roman Catholic priest
was arrested and charged
Tuesday with sexually abusing
at least two boys during his
four decades in the Erie, Pa., diocese, and making one of them
go to confession after the alleged assaults.
State Attorney General Josh
Shapiro announced the arrest of
the 64-year-old Rev. David Poulson, of Oil City, as part of a
statewide grand jury investigation. According to court records,
Rev. Poulson is facing at least
eight charges, including indecent
assault and child endangerment
for incidents dating to 2002.
Court records didn’t list a
lawyer for Rev. Poulson, who
was held on $300,000 cash bail.
He faces a maximum of 64
years, if convicted.
—Associated Press
MICHIGAN
Site Is Searched
For Bodies of Missing
Authorities excavating woods
in southeastern Michigan for the
remains of a 12-year-old girl last
seen in 1979 also could be looking for the bodies of up to half a
dozen others who have been reported missing over the years.
Digging resumed Tuesday in
Macomb Township, about 30
miles from downtown Detroit.
The search started Monday for
the remains of Kimberly King,
50
100
150
200
Business services
Retail trade
10
Health care
Unemployed
Openings
5
Accommodation and
food services
Transportation, warehousing and utilities
Government
0
2001
’05
’10
’15
Construction
Note: Seasonally adjusted
Source: Labor Department
tively looking for a job fell by
almost 600,000, reflecting
steady hiring.
As a result, employers must
be far less choosy than they
were three or four years ago,
when the unemployment rate
was still relatively elevated,
Mr. McDonald said. In April,
the unemployment rate fell to
3.9%, the lowest rate since De-
U.S. WATCH
PENNSYLVANIA
Change in job openings in March 2018, from a year earlier:
15 million
but Warren Police Commissioner
Bill Dwyer told WJBK-TV that
there could be others buried in
the area.
In 2008, the remains of 13year-old Cindy Zarzycki were
found near the same area.
Arthur Ream was convicted
of first-degree murder in her
slaying. He later was temporarily
released from prison to lead police to the girl’s body.
—Associated Press
SEATTLE
Businesses Oppose
Tax to Aid Housing
Seattle’s latest tax proposal
to combat homelessness takes
aim at large businesses such as
Amazon.com Inc. that have
helped to drive the city’s economic boom.
But the measure has sparked
intense debate—even shouting
matches in otherwise reserved
Seattle—over who should pay to
solve the housing crisis exacerbated by that growth.
The City Council is proposing
a tax on employee hours to
raise about $75 million a year
for affordable housing and
homelessness services.
Nearly 600 large employers
making at least $20 million in
gross revenue would pay about
$500 a year per worker.
Amazon, the city’s largest
employer, would take the biggest hit. Businesses and others
say the so-called head tax is
misguided and potentially
harmful.
—Associated Press
THE WALL STREET JOURNAL.
cember 2000, the Labor Department said in a separate report last week.
“If candidates have 75 or
80% of the job description, but
they’re a good fit culturally,
employers will hire that person and find a way to train
them for the hard skills they
need,” he said.
The largest growth in job
openings over the year came
in the business-services category. There were 193,000 more
available positions in the
broad field that includes accountants, software developers, temporary staffers and
other office workers.
Openings in retail, a highturnover field, rose by
140,000—suggesting other in-
dustries might be pulling
workers from that sector. The
fast-growth health-care sector
had 139,000 more openings in
March than a year earlier.
Meanwhile, the number of
available manufacturing jobs
declined slightly from a year
earlier, and growth in the mining and construction industries was relatively slower.
While employers in those
fields say they are seeking
workers with specialized
skills, such as welders and
machine programmers, those
sectors represent a smaller
share of the economy than
they did in decades past. It’s a
concern because factory, construction and mining jobs often offer good-paying careers
to those with less than a college education.
So why can’t all unemployed Americans be slotted
into open jobs? Not all of them
have the right skills, Mr.
McDonald said. For example,
he said employers hiring for
office jobs frequently require
proficiency in spreadsheet
programs such as Microsoft
Excel. He also said employers
want to see strong writing and
communications skills because
less experienced employees
are frequently asked to lead
presentations.
Unemployed workers also
might not want the open jobs.
Almost 800,000 job openings
in March were in accommodation and food service—mainly
restaurant jobs—where the average hourly wage is less than
$15 an hour. And 723,000
openings were in retail, where
the pay is only slightly better.
Some Americans can’t justify taking a low-wage job
when they factor in costs such
as child care and transportation, and may have to forgo
certain government benefits.
Tuesday’s report showed
the rate at which Americans
quit their jobs rose to 2.3% in
March, matching the highest
level since the recession began
in 2007. That suggests Americans are growing more confident in the labor market, and
may be quitting in order to
look for better-paying work. It
could be a precursor to stronger wage increases.
Heard on the Street: Jobs
market passes milestone... B13
COHEN
Continued from Page One
ova Group is Mr. Vekselberg’s
holding company. Mr. Vekselberg and Renova were sanctioned by the U.S. in April.
Richard Owens of Latham &
Watkins, which represents Columbus Nova, said the company “is a management company solely owned and
controlled by Americans. After
Mr. Trump’s inauguration, the
firm hired Michael Cohen as a
business consultant regarding
potential sources of capital
and potential investments in
real estate and other ventures.” Mr. Owens added that
“reports today that Viktor
Vekselberg used Columbus
Nova as a conduit for payments to Michael Cohen are
false.”
Mr. Avenatti’s memo Tuesday listed several alleged financial transactions involving
Mr. Cohen and others from
late 2016 until early 2018. Mr.
Avenatti declined to comment.
Federal authorities are investigating Mr. Cohen’s business affairs, examining among
other things whether he violated any laws in his efforts to
raise cash and conceal negative information about Mr.
Trump, according to people familiar with the matter. Federal
Bureau of Investigation agents
raided Mr. Cohen’s premises
last month. Mr. Cohen declined to comment.
The Wall Street Journal
first reported on the payment
to Ms. Clifford and on Mr. Cohen’s use of Essential Consultants in January 2018.
AT&T acknowledged Tuesday evening that it had hired
Mr. Cohen’s firm.
“Essential Consultants was
one of several firms we engaged in early 2017 to provide
insights into understanding
the new administration,“ the
company said in a statement.
”They did no legal or lobbying
work for us, and the contract
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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SETH WENIG/ASSOCIATED PRESS
BY ERIC MORATH
Authorities are investigating Michael Cohen’s business affairs, and the FBI raided his premises.
ended in December 2017.”
Mr. Avenatti’s memo alleged
that AT&T made four payments to Mr. Cohen’s firm totaling $200,000 from October
2017 to January 2018. AT&T’s
monthly payments started earlier, according to a person fa-
The payments were
revealed in a memo
released by a lawyer
for Stephanie Clifford.
miliar with the matter. “Right
around [when the] inauguration is happening, we need
somebody who knows the administration,” the person said.
“How does he think? What are
their priorities?”
The Justice Department
filed an antitrust lawsuit in
November 2017 to block
AT&T’s proposed merger with
Time Warner. The two sides
have spent the past two
months battling in federal
court. The deal’s outcome is
now in the hands of a federal
judge, who is expected to rule
on June 12.
Several associates of Mr.
Vekselberg, the Russian oligarch, have made donations in
recent years to Trump-related
efforts.
Mr.
Vekselberg’s
cousin, Mr. Intrater, donated
$35,000 to a joint fund between the Trump campaign
and the Republican National
Committee in June 2017, according to Federal Election
Commission records. Mr. Intrater also donated $250,000
to Mr. Trump’s inaugural fund.
Mr. Avenatti’s memo also
alleged that Novartis AG made
several payments to Mr. Cohen
in late 2017 and early 2018 totaling $399,920. A Novartis
spokeswoman said any agreements with Mr. Cohen were
entered before the company’s
current chief executive took
over in February 2018 and
have since expired.
The memo also lists payments from Elliott Broidy, a
venture capitalist and top Republican fundraiser, to Mr. Cohen through Essential Consultants.
Those
payments
correspond with those previously reported by the Journal
relating to a $1.6 million nondisclosure agreement Mr. Cohen negotiated for Mr. Broidy
with a former Playboy model
who had alleged she became
pregnant during an affair with
the venture capitalist.
Mr. Broidy’s spokesman
said in a statement: “In legal
settlements, a client sometimes tenders their settlement
funds to a lawyer’s client trust
account and the lawyer then
forwards those funds. We look
forward to Michael Avenatti
providing context to this benign issue.”
—Joe Palazzolo, Brett
Forrest and Julie Bykowicz
contributed to this article.
CORRECTIONS AMPLIFICATIONS
Brandes Emerging Markets
Strategy had about 5% of its
equities strategy dedicated to
Argentina two years ago. A
Markets article Monday about
Argentina incorrectly said Brandes’s Argentina investments
were as of the end of 2017.
Master limited partnerships
are “pass-through entities” not
taxed at the corporate level so
long as at least 90% of their
earnings come from certain energy-related activities. The
portion of earnings passed on
to investors by MLPs is set in
the partnership agreement. An
Investing in Funds report article Monday about MLPs incorrectly said that, similar to realestate investment trusts, 90%
of earnings must be passed on
to shareholders.
There could be capitalgains taxes when money is
moved from a child’s Uniform
Gifts to Minors Act (UGMA or
UTMA) account into a “529”
college-savings plan. An In-
vesting in Funds question-andanswer article Monday about
college costs incorrectly suggested that there would be no
tax consequences.
“Extreme Ownership” by
Jocko Willink and Leif Babin
was No. 3 on the list of bestselling Hardcover Business
books for the week ended April
29. The Best-Selling Books lists
published in the Review section from Nov. 4, 2017 (the list
for the week ended Oct. 29)
through May 5 incorrectly
omitted Mr. Babin’s name.
Soichiro Fukutake is the
chairman of the Fukutake Foundation and former chairman of
Benesse Holdings Inc. The two
organizations control the museums and exhibitions at Benesse
Art Site Naoshima, which are
spread over several Japanese islands, as well as the only highend hotel on Naoshima. They
also help run the Setouchi Triennale. An article in May’s WSJ.
Magazine about Japanese art
museums incorrectly said Mr.
Fukutake is chairman of Benesse, and it incorrectly said
Benesse alone runs the Setouchi
Triennale and controls the museums, exhibitions and hotel on
Naoshima. Also, the doors in the
Inujima Seirensho Art Museum
are opened manually. The article incorrectly said the doors
opened by pressing a button.
A photo with an Off Duty article Saturday about high wine
ratings didn’t picture a bottle
of one of the wines reviewed,
the 2016 Domaine Sigalas Santorini Assyrtiko. The photo
contained a bottle of wine that
wasn’t reviewed, and the caption misidentified that bottle as
the 2016 Domaine Sigalas Santorini Assyrtiko.
Barometric pressure at
ground level typically rises
when it gets colder, though
there are exceptions. A March
20 Life & Arts article about achy
joints said barometric pressure
drops when it gets colder.
Readers can alert The Wall Street Journal to any errors in news articles by emailing wsjcontact@wsj.com or by calling
888-410-2667.
.
THE WALL STREET JOURNAL.
Wednesday, May 9, 2018 | A3
* * * * *
U.S. NEWS
BY CORINNE RAMEY
Former New York Attorney
General Eric Schneiderman took
more than 100 legal actions
against President Donald Trump
and helped wring big penalties
in the wake of the financial crisis from JPMorgan Chase & Co.,
Bank of America Corp. and
other banks that had packaged
and sold bad mortgages.
Mr. Schneiderman stepped
down Tuesday following a New
Yorker article that detailed allegations he had physically
abused four women with whom
he was romantically involved.
Mr. Schneiderman has denied
the allegations.
In New York legal circles,
some said Mr. Schneiderman’s
tenure as the state’s top lawenforcement officer left a less
pronounced mark than that of
some of his predecessors. Eliot
Spitzer, who served as the
state’s attorney general from
1999 to 2006, became known
as “the Sheriff of Wall Street”
for expanding the office’s
reach and aggressively pursuing financial cases.
Mr. Schneiderman, a Democrat and former state senator,
garnered attention for battling
with Mr. Trump, a Republican.
He sued Mr. Trump over immigration policy, environmental
regulation and census questions.
Mr. Schneiderman was a
party to the $25 million settlement of fraud claims against
Trump University, a now-defunct real-estate seminar that
had been part of Mr. Trump’s
business empire and shut
down before the president
took office. In the settlement,
Mr. Trump didn’t acknowledge
wrongdoing.
“He was battling with Trump
before Trump started his campaign,” said Jennifer Rodgers, a
former federal prosecutor and
Eric Schneiderman
‘was battling with
Trump before Trump
started his campaign.’
executive director of Columbia
Law School’s Center for the Advancement of Public Integrity.
“He has been one of the most
active and aggressive attorneys
general in pushing back against
the administration.”
Last month, Mr. Schneiderman asked state lawmakers to
expand state prosecutors’ powers to bring criminal cases
against people who have received presidential pardons.
The move came in response to
speculation of presidential par-
dons amid special counsel Robert Mueller’s investigation into
alleged Russian meddling in the
2016 presidential election.
Donald Trump Jr., the president’s eldest son, posted several critical comments about
Mr. Schneiderman on Twitter.
“Self awareness level: 0 Or
substantially less than that,”
he wrote.
New York’s attorney general’s office is regarded as
holding outsize power, both
because of its jurisdiction over
the city’s financial-services industry and due to the Martin
Act, a state law that grants the
attorney general broad investigatory and prosecutorial powers. The office is also seen as a
political launchpad and helped
propel its two previous occupants, Mr. Spitzer and New
York Gov. Andrew Cuomo, both
Democrats, to higher office.
State Democrats had viewed
Mr. Schneiderman as a possible successor to Mr. Cuomo.
While Mr. Schneiderman’s
tenure wasn’t marked by aggressive moves aimed at Wall
Street, he used his position to
exert influence on financial-services firms and in some cases
won concessions from them.
The state has gotten more than
$5 billion in cash and aid for
struggling homeowners from
settlements with big banks.
In October, Mr. Schneider-
KEVIN HAGEN FOR THE WALL STREET JOURNAL
N.Y. Official Battled
Trump, Big Banks
Democrat Eric Schneiderman stepped down as New York state attorney general on Tuesday.
man’s office indicated it was
investigating a data breach at
Deloitte LLP that the accounting firm said compromised information on a small number
of its clients. Deloitte said at
the time that the attorney
general’s office had reached
out to the firm with questions
about private information involving New York residents, a
move Deloitte said was typical
in response to publicly reported cyber incidents.
Deloitte has said the breach,
which it disclosed in September
2017, was caused by a hacker
who accessed data on a handful
of its clients via an email platform. The firm has said sensitive client data weren’t compromised and consumers weren’t
affected. A Deloitte spokesman
said Tuesday he didn’t have any
updates on the matter.
Work Keeps Going,
Acting AG Says
The current cases and investigations at the New York state
attorney general’s office are
likely to continue without major
changes under new leadership,
legal experts said Tuesday.
Barbara Underwood, the
state’s solicitor general, took
command of the office Tuesday evening after her former
boss, Eric Schneiderman, resigned following allegations
that he physically abused four
women he had dated. He has
denied the allegations.
“Our work continues without
interruption,” Ms. Underwood
said in a statement Tuesday.
The state Legislature has
the authority to appoint someone to run the office for the
remainder of Mr. Schneiderman’s term, which was to end
Dec. 31. The position is up for
election in November.
Harry Sandick, a former
federal prosecutor, said when a
new prosecutor takes over an
office, any change is typically
seen more gradually, as priorities and focuses shift over
time. Early cases announced by
a new head prosecutor tend to
be investigations that began
under the previous leadership,
he said.
“One would think that the
career lawyers in that office
would pursue their work without regards to political implications,” he said.
Flowing Lava Forces a Reckoning in Island Paradise
When Davis Dalbok bought
his property in a rural corner
of Hawaii’s Big Island 30
years ago, he said he understood the risks of living along
a volcano rift zone. So he
made a request of Pele, the
revered Hawaiian volcano
goddess, asking her to be
merciful during the inevitable
eruption.
On Monday, Mr. Dalbok, 66
years old, was hauling generators, artwork and other valuables from the property,
which he has turned into a
rental guesthouse with a
sprawling botanical garden.
The lava flow from the Kilauea volcano eruption that
began Thursday had crept
through a crack just a mile
from his home.
“I never expected this because I figured for me to be
hurt, a major event would
have to happen right above
me. Well, now it is happening
right above me,” he said.
Residents of Puna, made up
of rural communities in the
Big Island’s east, are reckoning with the gamble inherent
to living in an active volcano
zone. There is no clear sense
of how long this eruption,
which has involved a series of
earthquakes including Hawaii’s strongest in decades on
Friday, might last, or whether
neighborhoods farther from
the cracking land might soon
be in danger.
The Puna district has for
many years been the Big Island’s fastest-growing area,
and its most affordable, drawing people seeking a simple
life by black-sand shores.
Mr. Dalbok’s property is a
mile below Leilani Estates,
the neighborhood where 12
massive fissures broke the
earth and lava flows destroyed at least 35 buildings
in the area. So far no injuries
have been reported.
Mr. Dalbok is a garden designer who lives and works in
the San Francisco Bay Area.
MARIO TAMA/GETTY IMAGES
BY NOUR MALAS
Gas seeped through volcanic fissures in the Leilani Estates neighborhood of Hawaii’s Big Island on Tuesday. There isn’t any clear indication how long the eruption will last.
Homeowners Can’t
Rely on Insurance
Insurance companies don’t
provide coverage specifically
for volcanic eruptions, though
fire insurance may cover damages from homes burned
down by lava.
Homeowners in Leilani EsHe stays at his Hawaiian
home several times a year
and said he hopes to retire
there.
tates, an area on Hawaii’s Big
Island that’s been the focus
of recent volcanic activity, and
other neighborhoods designated as Zone 1, or the most
hazardous lava flow zone, often can’t get any insurance at
all, residents in the area said.
Jeffrey Wise, a home renovator who moved to Hawaii
from Ohio two years ago,
said many of his clients are
well aware of the risks.
A few years ago, another
eruption of Kilauea brought a
panic similar to the one seen
in recent days, and home
prices dipped.
“It’s incredible how quickly
people forget the risk,” said
Mr. Wise.
“When there is no activity
with the volcano, life in Puna
is ideal. It’s like paradise.”
Officials warned that fissures have cracked up and
down the rift zone and it is
hard to predict what happens
next. In recent days, lava has
burst vigorously through the
ground at times, while other
times it has slowly seeped
through the cracks. Hawaiian
civil defense authorities said
Tuesday that volcanic activity
at the fissures had subsided.
“There is really no way to
know for certain how long
this eruption might last,” said
Janet Babb, a geologist with
the U.S. Geological Survey’s
Hawaiian Volcano Observatory. “Right now it’s still a
very dynamic situation and
there is no indication it will
stop anytime soon.”
Kilauea is Hawaii’s most
active volcano and has been
erupting continually since
1983. An eruption in the same
general area in 1955 lasted 88
days, while one in the area in
1960 went on for 36 days, Ms.
Babb said. Other eruptions
lasted just a day or two.
There is no good way to anticipate the path or pace of
lava flow, which depends on
many factors, including the
force with which the lava is
erupting, she said.
“We’re spinning the big
roulette wheel and it’s just a
matter of what the lava decides to do,” said John Tarson, a lava tour guide who is
helping with community relief
efforts.
—Jim Oberman
contributed to this article.
Haspel to Say CIA Won’t Revive Old Interrogation Ways
BY BYRON TAU
AND NANCY A. YOUSSEF
President Donald Trump’s
pick to lead the Central Intelligence Agency will tell the Senate Intelligence Committee
Wednesday that if she is confirmed, the agency won’t restart interrogation programs
such as those used on detainees after the Sept. 11, 2001,
terrorist attacks, according to
her prepared testimony.
Gina Haspel, the first woman
nominated to lead the CIA, is
expected to be asked at her
confirmation hearing Wednesday about a number of contro-
versial episodes from her career at the agency, in
particular her participation in
an interrogation program that
critics say amounted to torture
as well as her role in the decision to destroy video evidence
related to the same program.
She also is likely to be asked
for more details concerning
her 33-year tenure with the
agency, much of which remains
classified.
“I understand that what
many people around the country want to know about are my
views on CIA’s former detention and interrogation program,” Ms. Haspel said in ex-
cerpts of prepared testimony
released by the CIA Tuesday. “I
have views on this issue, and I
want to be clear. Having
served in that tumultuous
time, I can offer you my personal commitment, clearly and
without reservation, that under my leadership CIA will not
restart such a detention and
interrogation program.”
The hearing is a make-orbreak moment for Ms. Haspel.
Though she is well-regarded by
many in the intelligence community, a number of senators
in both parties have expressed
concern about her record at
the CIA—particularly the inter-
rogation program, which was
put into place shortly after the
9/11 attacks.
Some legislators have been
reluctant to say whether they
will support Ms. Haspel.
“I’m going to wait and just
see what happens at the hearing,” said Sen. Susan Collins, a
Maine Republican on the panel.
“I have concerns,” said Jeff
Flake (R., Ariz.), adding that
he was looking for more information.
Even if she wins over those
Republicans, Ms. Haspel’s confirmation could be close in the
Senate, which the GOP controls 51-49.
Ms. Haspel was tapped by
Mr. Trump to succeed Mike
Pompeo, who last month was
confirmed as secretary of
state. Since Mr. Pompeo’s confirmation as secretary, Ms.
Haspel has been serving as
acting CIA director.
Officials said they were expecting questions such as: Does
she believe the U.S. should use
tactics like waterboarding or
sleep deprivation when interrogating terrorism suspects, or
was she just following orders
when a detainee in her custody
endured such treatment? How
has her position on the U.S. enhanced interrogation program
changed since 2005? And will
she allow the CIA to declassify
more documents on her career?
Another episode that is expected to be raised during the
hearing is the destruction of
92 videotaped interrogations
of two high-profile detainees,
Abu Zubaydah and Abd al-Rahim al-Nashiri. The two were
said to have been held at a CIA
“black site” in Thailand. During their interrogations, which
took place after their captures
in 2002, they were waterboarded by the CIA, a technique that simulated drowning
and that many critics say
amounts to torture.
.
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THE WALL STREET JOURNAL.
U.S. NEWS
Cordray Wins Ohio Democratic Primary
BY JANET HOOK
AND REID J. EPSTEIN
Mrs. Pelosi, who has led the
Democrats in the House since
2003, is planning to again run
for speaker should Democrats
win a net 23 seats in November, which would give them the
majority.
She said Democrats would
start with an infrastructure
package and push legislative
agenda items that have stalled
this year in Congress, such as a
fix for undocumented immigrants brought to the country
as children and a bill to expand
background checks for gun purchases. She also said Democrats need to address wage
stagnation and backed increasing the federal minimum wage.
Mrs. Pelosi also said she
wanted to roll back the tax bill
that Republicans passed last
year, which reduced the corporate tax rate to its lowest point
since 1939 and cut individual
taxes for most households this
year. "I do think we should revisit the tax legislation in a
way that we always have, in a
bipartisan, transparent way
that the result is unifying for
the country,” she said.
Republicans jumped on the
comment. Matt Gorman,
spokesman for House Republicans’ campaign arm, said he
appreciates Mrs. Pelosi’s honesty. “We told you over and
over, and now you’ve heard it
straight from Nancy Pelosi’s
mouth: If Democrats take back
the House and she’s reinstalled
as speaker, your taxes will go
up,” he said.
—Natalie Andrews
cause “races are negro, white
Caucasian, Hispanic, Asian.”
Mr. McConnell didn’t respond to the swipes from Mr.
Blankenship, but following the
election result tweeted an image of himself with the words,
“Thanks for playing, Don.”
“A lot of Republican primary voters have replaced
their anger with Obama with
anger with the mainstream
media,” said Josh Holmes, a
former top aide to Mr. McConnell who remains a close ally.
“There is a knee-jerk conservative defense of a candidate
who finds themselves in the
eye of a media firestorm. I
think that is an extremely regrettable reality.”
Mr. Blankenship spent $3.5
million of his own fortune on
the race, according to the latest Federal Election Commission reports. Mr. Jenkins spent
$1.4 million and Mr. Morrisey
$1 million, mostly from funds
they raised.
In notable GOP House primaries, Greg Pence, the older
brother of Mike Pence, won the
GOP nomination for the vice
president’s old seat in southeast Indiana.
And in North Carolina, Rep.
Robert Pittenger lost the GOP
nomination in the Charlotte
suburbs to Mark Harris, a pastor who cast himself as a better ally to Mr. Trump. Mr. Pittenger is the first incumbent
member of Congress to lose renomination in a 2018 primary.
—Kris Maher
contributed to this article.
From 2012 to 2017, Richard Cordray served as the first chairman of the Consumer Financial Protection Bureau, a consumer watchdog.
consumer agency she worked
to create. Mr. Kucinich had
support from Our Revolution,
the political organization
founded by supporters of Vermont Sen. Bernie Sanders.
But Mr. Kucinich was
dogged by a revelation that he
was paid $20,000 for a speech
by a group linked to Syrian
dictator Bashar al-Assad.
Ohio leans Republican, but
GOP
Democrats see promise in Mr.
Cordray because of his high
profile in the state and nationally. An Ohio native, Mr.
Cordray twice won statewide
office—in 2008 as Ohio attor-
Pelosi Encourages
Democrats to Run
On DACA, Wages
JEFF SWENSEN/GETTY IMAGES
Voters in Marshall County, W.Va., as well as in Indiana and Ohio,
headed to the polls Tuesday for primary elections.
Mr. Trump, before he
tweeted about the race, invited
Messrs. Jenkins and Morrisey—but not Mr. Blankenship—to an April event in the
state to tout the new tax law.
As his prospects appeared
to dim during the night, Mr.
Blankenship said he wouldn’t
try to run as a write-in candidate in the fall. “I’m 68 years
old,” he said. “I’m going to enjoy myself if I’m not successful.”
Mr. Jenkins spent his last
day before the primary at a
memorial for coal miners. Mr.
Morrisey released an online ad
warning “liberal Democrats will
easily defeat” Mr. Blankenship.
Mr. Morrisey has been West
Virginia’s attorney general
since 2012, but he also has
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worked as a Washington lobbyist and congressional aide.
Born in New York, he ran unsuccessfully for a New Jersey
House seat in 2000.
The West Virginia race was
marked by Mr. Blankenship’s
string of incendiary comments,
including calling Mr. McConnell “Cocaine Mitch” and referring to the Senate majority
leader’s in-laws as “China people.”
Mr. Blankenship, who selffunded his campaign, employed Trump-style campaign
tactics to get him to the precipice of the GOP nomination.
Mr. Blankenship served a
year in prison and remained on
probation following a conviction for violating mine-safety
standards. He was head of
WASHINGTON—House Minority Leader Nancy Pelosi said
Tuesday that she is urging
Democrats to focus on infrastructure projects, better-paying jobs and rolling back Republican tax cuts in the midterm
elections—and not to run simply as opposition to President
Donald Trump.
“It comes down to an economic message,” the California
Democrat said in an interview
hosted by Politico. “The financial instability of American families is something that needs to
be addressed.”
Massey Energy at the time of
the Upper Big Branch mining
explosion of 2010 that killed 29
people.
Mr. Blankenship deftly adopted the president’s playbook
during his campaign and, on
the eve of the primary he said
he was “Trumpier than
Trump.”
At his election night party
in Charleston, W.Va., he said he
was glad his probation was
ending Tuesday night so he
could travel freely and get back
guns he had to surrender during his probation.
Mr. Blankenship said during
an interview with Roll Call that
his comment about Mr.
McConnell’s wife, Taiwan-born
Transportation
Secretary
Elaine Chao, wasn’t racist be-
Migrant Policy on Families Defended
BY LAURA MECKLER
AND ALICIA A. CALDWELL
WASHINGTON—Homeland
Security Secretary Kirstjen
Nielsen on Tuesday defended a
new Trump administration
plan that will separate families
arriving at the nation’s southwest border, and Democrats
attacked the plan as putting
children at risk and contrary
to American values.
Ms. Nielsen told a Senate
Appropriations subcommittee
that her department would refer all illegal border crossers
for prosecution, including parents, which means separating
them from their children, who
can’t be jailed.
“We are a country of laws,”
she said.
Crossing the border without authorization is a misdemeanor for a first offense and
a felony for those previously
deported, but in the past, all
crossers haven’t been referred
for criminal prosecution.
The policy, announced on
Monday, came under sharp attack from Democrats, as well
as immigrant advocates.
“No matter what you call it,
the new policy is going to result in thousands of children,
some of them infants, being
forcibly separated from their
families,” Sen. Patrick Leahy
(D., Vt.) said at the hearing.
“My concern Ñ just that the
administration is turning its
back on immigrants. This administration is turning its
KEVIN LAMARQUE/REUTERS
Continued from Page One
Braun, a former state lawmaker, to face another endangered Democratic incumbent,
Sen. Joe Donnelly.
Rep. Jim Renacci won the
GOP nomination in Ohio to run
against Democratic Sen. Sherrod Brown. Ohio Republicans
also chose state Attorney General Mike DeWine in their contest for governor. Mr. DeWine
will face Democrat Richard
Cordray, the former head of
the Consumer Financial Protection Bureau.
On the eve of the West Virginia primary, Mr. Trump
urged Republicans in West Virginia, a state he carried by 42
percentage points, to reject Mr.
Blankenship in favor of either
Mr. Morrisey or Mr. Jenkins.
The Senate Leadership
Fund, a super PAC run by allies
of Senate Majority Leader
Mitch McConnell, spent $1.3
million attacking Mr. Blankenship during the primary contest. Mr. Blankenship said he
wouldn’t support Mr. McConnell as the party’s leader in the
Senate, and he attacked his rivals for refusing to say so as
well.
Democrats,
meanwhile,
wanted to avoid facing Mr.
Jenkins in the general election.
A super PAC linked to Senate
Democrats spent $1.2 million
attacking Mr. Jenkins during
the primary. The PAC spent
just $40,000 against Mr. Morrisey and nothing against Mr.
Blankenship.
ney general and in 2006 as
state treasurer.
He served from 2012 to
2017 as the first chairman of
the CFPB, an agency that
tightened regulation of con-
JAY LAPRETE/ASSOCIATED PRESS
Richard Cordray, the former
director of the Consumer Financial
Protection
Bureau, won the Ohio Democratic
gubernatorial primary Tuesday, beating back a challenge
from the left by former U.S.
Rep. Dennis Kucinich.
Mr. Cordray, declared the
winner by the Associated
Press, will face state Attorney General Mike DeWine in
the November general election. Mr. DeWine captured
the Republican nomination
by defeating Lt. Gov. Mary
Taylor.
The winner in the fall will
succeed term-limited John Kasich as governor of Ohio.
Mr. Cordray, who enjoyed
support from the party establishment, spent $1.7 million on his campaign, far
more than Mr. Kucinich’s
$342,000, according to the
latest Ohio campaign-finance
reports.
Both candidates carried endorsements from prominent
members of the party’s liberal
wing. Massachusetts Sen. Elizabeth Warren endorsed Mr.
Cordray, who led the federal
sumer finance, including mortgage-underwriting standards
and credit card rates and fees.
His actions drew praise from
consumer advocates and Democrats, but riled many financial companies and Republican
lawmakers.
Ohio Republicans’ nominee
also has a high profile, both in
the state and in Washington.
Mr. DeWine has served the
state as a member of its Senate and as lieutenant governor,
and in Washington as a U.S.
House member and senator.
Washington Gov. Jay Inslee,
chairman of the Democratic
Governors Association, hailed
Mr. Cordray’s victory and
noted that the governor’s office in Ohio was an important
target for the party to seize
from GOP hands in 2018—especially since the state’s governor will have great power in
redrawing congressional district maps after the 2020 census.
“Ohio is one of several major pickup opportunities for
the DGA this cycle,” Mr. Inslee
said. “The next governor will
shape critical policy for Ohio
families and will hold veto
power over the 2021 redistricting maps.”
Homeland Security chief Kirstjen Nielsen blames parents for choosing to cross the border illegally.
back on what it means to be
American.”
The new policy also faces a
number of logistical hurdles,
as it will increase demands on
prosecutors, courts, detention
facilities for adults and shelters for children.
Ms. Nielsen blamed the parents for choosing to cross the
border illegally and said she
was making a “plea” for families and others to come to the
ports of entry if they want to
request asylum.
Ms. Nielsen’s message was
at odds with administration
officials’ suggestion last
month that migrants in a caravan from Central America
were breaking the law. Presi-
‘We are a country of
laws,’ says Homeland
Security Secretary
Kirstjen Nielsen
dent Donald Trump repeatedly
castigated their mission. Most,
if not all, of them arrived at
the official San Ysidro border
crossing in San Diego and
asked for asylum—using the
process Ms. Nielsen recommended on Tuesday.
A Department of Homeland
Security spokesperson said
that all of the publicity
around the caravan encouraged the migrants to go to the
port of entry.
Prosecuting every adult border crosser is sure to swamp
an already busy federal court
system along the U.S. border
with Mexico. The U.S. Border
Patrol routinely refers tens of
thousands of criminal cases,
including for drug smuggling,
to federal prosecutors.
During the 2017 budget
year, prosecutors took on
nearly 60,000 criminal cases.
Charging every adult border
crosser that year would have
meant adding more than
161,000 cases, according to
Border Patrol statistics of arrests at the Mexican border.
.
THE WALL STREET JOURNAL.
Wednesday, May 9, 2018 | A5
* * * *
U.S. NEWS
Ex-CIA
Aide Faces
Espionage
Charge
Opioid Distributors Minimize Role
BY ARUNA VISWANATHA
BY STEPHANIE ARMOUR
AND THOMAS M. BURTON
WASHINGTON—Prescription-drug wholesalers that for
years shipped hundreds of opioid pills per person to small
towns in West Virginia mostly
denied they were a cause of
surging addiction as lawmakers grilled them on Tuesday.
Most company executives
told a House hearing that their
companies’ actions didn’t fan
the opioid epidemic in the
state. But some acknowledged
the industry shipped too many
pills and failed to identify major abuses in overprescribing.
“With the benefit of hindsight, I wish we had moved
faster and asked a different
set of questions. I am deeply
sorry we did not,” said George
Barrett, executive board chairman of Cardinal Health Inc.
Only one executive, Joseph
Mastandrea, chairman of Miami-Luken Inc., said his company had a “shared responsibility” for the opioid crisis.
The testimony marked a pivotal juncture in a yearlong bipartisan investigation by a
House Energy and Commerce
oversight panel into alleged pill
dumping in West Virginia. The
hearings came to focus on West
Virginia, which had the highest
national rate of overdose deaths
in 2016, after the Charleston
Gazette-Mail and congressional
investigators discovered massive pill use in towns there.
Lawmakers asserted that
five wholesale drug-distribution companies, in filling orders placed by pharmacies,
sent significantly more prescription opioids into small
towns in the state than residents could have safely taken.
The drugs were then diverted
or misused, leading to a surge
in overdoses, the lawmakers
said during the investigation.
The hearing represented an
ALEX BRANDON/ASSOCIATED PRESS
A former CIA officer suspected of providing information to the Chinese government that helped it identify
U.S. informants was indicted
Tuesday and charged with conspiring to commit espionage.
Jerry Chun Shing Lee, who
worked for the Central Intelligence Agency from 1994 to
2007, was arrested in January
after arriving at a New York
airport. At the time, he was
charged with unlawfully retaining classified information.
The new indictment charges
Mr. Lee with one count of conspiracy to gather or deliver national defense information to
aid the People’s Republic of
China and two counts of unlawfully retaining documents
related to the national defense.
It also provides new details of
Mr. Lee’s alleged crimes.
A lawyer for Mr. Lee, Edward
MacMahon, said he hadn’t been
given a copy of the indictment
before the Justice Department
announced it, and disputed the
government’s allegations.
Prosecutors said that Mr.
Lee was approached in April
2010 by two Chinese intelligence officers who offered to
pay him for information, and
provided him with email addresses so he could communicate covertly with them. Mr.
Lee prepared documents for
the agents and made unexplained cash deposits, the Justice Department said.
The Wall Street Journal and
others have reported U.S. officials suspected Mr. Lee had
played a key role in helping
China identify U.S. assets after
he left the CIA.
Starting around 2010,
American informants were systematically killed in what U.S.
officials described as a razing
of the U.S. intelligence network
in China, sparking a mole hunt.
Most executives tell
lawmakers they aren’t
to blame for fanning
West Virginia crisis
Drug-wholesaler executives had an opportunity to explain oversight procedures to a House panel Tuesday.
California Counties
Jump Into Litigation
As lawsuits over the opioid
crisis have spread, the country’s
most populous state has
largely stayed on the sidelines.
Now, 30 counties in California are jumping in, seeking recovery for alleged taxpayer losses
from the major makers and distributors of opioid painkillers.
The counties, largely centered
in the rural northern and central
regions of the state, are each filing lawsuits in federal court. The
actions will likely be sent to a
federal judge in Ohio, who is
overseeing hundreds of opioid
lawsuits filed across the country.
The city of Los Angeles
filed its own opioid action last
week. The state’s Santa Clara
and Orange counties also together brought one of the first
opioid actions in state court in
2014, which recently overcame
a motion to dismiss filed by
the drugmaker defendants.
California as a whole hasn’t
been as affected by the opioid
crisis as the Appalachian region
and Northeast, but many communities have still felt the burden of addiction. In 2016, some
2,030 Californians died from opioids, according to the California
Department of Public Health and
other state agencies. That translates to a rate of 4.86 deaths
per 100,000 residents statewide.
The new lawsuits name
drugmakers including Purdue
Pharma LP, Teva Pharmaceutical Industries Ltd., Johnson &
Johnson, Allergan PLC and
Endo International PLC, and
drug distributors including Cardinal Health Inc., AmerisourceBergen Corp., McKesson Corp.
and Walmart Inc.
The California lawsuits
claim the manufacturers aggressively marketed painkillers
while playing down their addictive qualities and that the distributors neglected their legal
duty to monitor and report suspicious orders. The manufacturers have repeatedly denied allegations in opioid-related suits
against them; distributors also
have denied the claims.
—Sara Randazzo
opportunity for lawmakers to
dig deeper into how opioid
pills flowed into West Virginia
while learning lessons for
other hard-hit states such as
Ohio and New Hampshire, and
sending a message to others in
the industry. For the executives, it was chance to explain
their records and describe
their oversight procedures.
Cardinal Health was among
distributors that shipped a total of 20 million hydrocodone
and oxycodone pills to Williamson, W.Va., between 2006
and 2016, when the town of
about 3,000 people had just
two operating pharmacies, according to the committee’s investigation. Cardinal’s Mr. Barrett said Tuesday that the two
pharmacies received a high
volume of opioids for longer
than they should have.
The committee has also asserted that Miami-Luken provided roughly 689 pills for ev-
ery person in Oceana, W.Va.,
which has about 1,300 residents. Miami-Luken’s Dr. Mastandrea said the company has
reduced its sales of oxycodone
by about two-thirds since
2014, beefed up oversight and
complied with Drug Enforcement Administration rules.
Wholesale distributors are
legally required to report unusually large orders to the
DEA. Lawmakers probed
whether that happened and ex-
amined whether the agency
took aggressive enough action
against the companies. The
agency has stepped up its oversight actions in recent years.
J. Christopher Smith, former president of H.D. Smith
Wholesale Drug Co., said the
company—which has been acquired by AmerisourceBergen
Corp.—had strong diversioncontrol systems and did its
best. Some executives also
said better sharing systems
with the DEA are necessary.
“At all times, H.D. Smith has
been committed to doing its
very best to balance the needs
of patients for prescription
medications with our efforts
to prevent diversion,” he said.
John Hammergren, chief executive officer of McKesson
Corp., said that in hindsight he
wished his company had
moved sooner to limit distribution to West Virginia pharmacies. Steven Collis, CEO of
AmerisourceBergen, said the
company isn’t qualified to interfere in patient-physician
medication decisions and uses
data analytics to monitor orders for suspicious activity.
Lawmakers said distributors shoulder responsibility
for not doing more to shut
down massive amounts of opioids entering the state.
“It is difficult not to be troubled by compliance efforts of
our nation’s distributors,” said
Rep. Greg Walden (R., Ore.).
The hearing is part of a
broader government effort to
scrutinize the pharmaceutical
industry’s role in an opioid epidemic that has led to more
than 100 overdose deaths each
day in the U.S.
Federal agencies, along
with dozens of states and cities, have filed or supported
lawsuits against drug makers
and distributors.
House members didn’t always receive direct answers to
their questions. When Rep. David B. McKinley (R., W.Va.)
asked
Mr.
Hammergren
whether he regretted McKesson’s role “in this scourge,”
Mr. Hammergren responded: “I
feel terrible about this crisis.”
Continued from Page One
that manages the New York
City subway, bus and commuter rail system have more
than two million often angry
followers.
“We’re New Yorkers, we
have thick skins, but we’re human,” said Molly Washam, an
even-keeled 30-year-old.
To stay calm, she said she
does yoga, and recently tried a
pottery class.
Rampant subway delays and
breakdowns in recent years are
making the work more intense.
A 2017 report by the New York
City comptroller found weekday subway delays rose 83%
between 2013 and 2016. The
agency has begun a modernization plan to make improvements, including upgrading the
signaling system and hiring
more subway workers.
New Yorkers’ response to
repairs? “Really @MTA, More
of your Bs complications,”
wrote
@MattMercadoNYC,
rider Matt Mercado, 34, of the
Bronx. “You pick Thursday
AND Friday for these ‘Required
Repairs’??!?”
“We know they might not
mean everything they’re saying,” said Sarah Meyer, the
MTA’s customer-service chief.
But, “I can’t personally change
the signaling system.”
Running social media for
any company involves responding to complaints. But
the MTA’s team is in a particularly challenging position—facing the combination of generally blunt and often foulmouthed New Yorkers; an
ailing transit system they have
little control over; and Twitter,
which doesn’t always bring out
people’s kindest sides.
“They are a pin cushion for
people to take out their anger,”
said Karen Kessler, a communications consultant and crisis
expert, “and they have limited
tools at their disposal besides
a thesaurus for 15 ways to say
‘Sorry, we’re working on it.’ ”
The social team sits in a
24/7 rail control center in
Manhattan, surrounded by
screens showing train service
information in real time.
Speakers crackle with updates
on police or fire activity, and
station managers, engineers,
technicians and other subway
staffers supplying information
JOHN MOORE/GETTY IMAGES
MTA
The subway in December. New Yorkers vent about their
commutes in 2,500 tweets a day.
are within earshot.
Steven Leonard, one of the
MTA social staffers, said he
has come to know “the regulars.” “One person [I recognize] can just tweet us
‘where’s my train,’ and I already know this person is
somewhere around Howard
Beach waiting for a northbound to Manhattan,” said the
They have limited
tools besides 15 ways
to say ‘Sorry, we’re
working on it.’
Queens resident. “You just
gotta reassure them.”
Mr. Leonard, an F-train
commuter, said he can understand where riders are coming
from when they ask what’s the
holdup. “If the train’s coming
at 8, and it’s 8:05, I won’t
stress,” the 30-year-old said.
“If it’s 8:30, I might call over
here to see what’s going on.”
The flow of tweets has ballooned since the MTA installed
wireless internet underground,
giving the city’s five million
daily subway commuters the opportunity to gripe in real-time.
And a new subject: “@MTA
WiFi sucks. Waste of money.
#rant,” reads a March 11 tweet.
When
@NYCTSubway
tweeted on Monday that N, R, Q
and W train service had resumed after a delay, a commuter
responded: “ ‘Resumed’ a phrase
which here means, ‘back from
terrible to regular old bad.’ ”
Twitter users said they
were surprised to get personalized responses. “It was generic, but at least somebody is
reading,” said Ms. Tenn, the
blogger complaining about the
card machine.
An occasional compliment
for a kind conductor or a nice
ride “definitely helps keeps us
going,” said Ms. Washam, a
Brooklyn resident. Actress Jill
Hennessy of “Law & Order”
tweeted in April about an MTA
conductor who smoothed over
“an escalating verbal altercation” on the train. “As I left for
my stop, had 2 thank him &
say ‘God bless,’” she wrote.
“Hi Jill,” Ms. Washam wrote
back. “We’re so glad to hear
this.”
The @MTA team isn’t above
feeling annoyance. “They mock
us…Once I mentioned ‘witch’
instead of switch, it just went
viral,” said Annie May Morrison, a Bronx resident. “But at
the end of the day you assist
the customers.”
She was relieved on
Wednesday because there was
“nothing outrageous or any
cursing at us,” she said. When
she checked her @replies, a
tweet read: “@MTA your app
sucks.”
“Today was a good day,” she
said, knocking on her desk.
Securing
Captain Sophie’s
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Consulting | Services | Technology
.
A6 | Wednesday, May 9, 2018
* ***
THE WALL STREET JOURNAL.
WORLD NEWS
Iran Would Face Uncertain Path to Bomb
Experts disagree on
timeline to nuclear
weapon; some note
slow past progress
TRUMP
Continued from Page One
wind down existing ties, depending on the particular type
of transaction.
While it pleased Israel and
Saudi Arabia, Mr. Trump’s decision injected a new source of
strain into tense trans-Atlantic
ties. In a strongly worded joint
statement, the leaders of Britain, France and Germany rejected the president’s conclusion, announced they were still
committed to the nuclear
agreement and urged Iran to
stay in compliance.
“This agreement remains important for our shared security,” said British Prime Minister Theresa May, French
President Emmanuel Macron
and German Chancellor Angela
Merkel, adding that they
viewed Mr. Trump’s decision
with “regret and concern.”
United Nations Secretary
General António Guterres said
he was “deeply concerned” and
called on the agreement’s other
parties—the U.K., France, Germany, Russia, China and Iran—
“to abide fully to their respective commitments.”
With the U.S. and its allies
fundamentally at odds, diplomatic efforts to constrain Iran’s
nuclear program have entered
uncharted territory, diplomats
and analysts said.
The current agreement limits Iran’s capability to enrich
uranium and has made it easier
to monitor its nuclear activities,
according to a February report
by U.S. intelligence agencies. Intelligence officials—including
then-Central
Intelligence
Agency Director Mike Pompeo
at a hearing last month preceding his confirmation as secretary of state—have concluded
that Iran has complied.
But the administration has
complained that limits on Iran’s
ability to enrich uranium are
set to ease in eight years under
the accord.
Mr. Trump also has complained that the deal resulted in
cash payments by the U.S. to
Iran, charging Tehran used the
money—proceeds of a court
settlement at an international
tribunal—to fund militant
groups and its own elite military units.
U.S. and European diplomats
have been trying for months to
negotiate a supplementary
agreement to strengthen the
nuclear deal, constrain Iran’s
ballistic-missile programs and
counter its assertive posture in
the region.
Mr. Trump and U.S. officials
say those efforts fell short, but
several European officials said
Mr. Trump’s decision to withdraw was preordained.
The White House framed
the withdrawal from the deal
as a victory for the president,
who had made a campaign
Iranian President Hassan Rouhani said the nation’s diplomats would talk with Europe, Russia and China about how to keep the nuclear deal.
if the U.S. exits the deal.
Iranian officials hope to
maintain trade with Europe—
which is mainly supportive of
the pact—and an outright return to nuclear activities
would likely stop that. Attempting to relaunch its nuclear program secretly would
slow Iran’s path significantly
and carry major risks.
Iran worked on three as-
pects of a nuclear program—
enriching uranium, obtaining
plutonium and trying to acquire the know-how to build a
nuclear weapon—before the
2015 deal, which lifted most international sanctions in exchange for strict but temporary
limits on its program. Tehran
says its nuclear program was
always for peaceful purposes.
Iran had amassed a large
stock of low-enriched uranium
and produced nuclear fuel enriched to 20% purity. That is
several steps from producing
weapons-grade uranium enriched to 90% purity. Still, U.S.
officials said in 2015 that Iran
was just two or three months
from amassing enough fuel for
a bomb.
Iran was also building a
plutonium reactor at Arak, in
DEAL
The Deal’s Impact
How it affected Iran’s nuclear program and how it may slow the country’s efforts to resume it
Uranium Enrichment
Stockpiles
Centrifuges
The deal limits the level to which
Iran is able to purify uranium.
Iran was required to reduce its
stores of enriched uranium.
Many of the machines, which
purify uranium, were mothballed.
INSTALLED BEFORE DEAL
90% Needed for
nuclear weapons
About 10,000 kg Iran had this
much before the deal took effect
About 19,000 basic IR-1 machines
300 Maximum allowable under deal
3.67% Maximum level allowed
under the deal for 15 years
About 1,000 advanced IR-2s
NOW
20% Iran had enriched to
this level prior to the deal
Maximum 6,104 IR-1 machines
109.5 Amount documented in latest
(February) inspection
Breakout Time
Estimated time it would take Iran to produce enough fissile material for a weapon
July 2015
(pre-deal)
2–3 months
Now (if deal
is scrapped)
12 months
THE WALL STREET JOURNAL.
Sources: IAEA; JCPOA text; U.S. government
Years of Pressure
Preceded Deal
July 2012 A European Union
oil embargo comes into full effect, followed by U.S. and European financial sanctions.
Trade Boost
January 2003 The International Atomic Energy Agency
begins to investigate Iran’s nuclear program. Tehran says the
program is for energy and research, not weapons.
November 2013 Negotiators
reach an interim deal that offers Iran modest sanctions relief in exchange for curtailing
the most advanced parts of its
nuclear program.
Iran’s total trade in goods
December 2006 The U.N. Security Council imposes first of
several sanctions on Iran, including a ban on nuclear-related trade.
July 2015 World powers and
Iran announce in Vienna the
completion of an agreement in
which Tehran accepts strict
limits on its nuclear activities
in exchange for the lifting of
international sanctions.
July 2010 President Barack
Obama bans transactions in
the U.S. financial system with
foreign companies that do
business with sanctioned Iranian entities.
January 2016 The Iran deal is
implemented after Tehran completes a set of actions to curtail its nuclear activities.
The 2015 nuclear deal helped
spur an increase in Iran's
trade activity.
Imports
Exports
January 2016
Iran nuclear deal
implemented
and most
sanctions lifted
$200 billion
150
100
50
0
2000
’05
’10
’15
Source: International Monetary Fund
THE WALL STREET JOURNAL.
promise to pull out.
“We’re out of the deal,” Mr.
Bolton, a fierce critic of the
pact who became the president’s national security adviser
on April 8, said several times.
By sweeping the agreement
aside, Mr. Bolton said, the administration had created a
“new reality” that would enable
the U.S. to develop a more effective strategy to frustrate
what he sees as Iran’s efforts to
destabilize the region.
Reinforcing that point, Secretary of State Pompeo said in
a statement that the U.S. would
use sanctions to isolate Iran
diplomatically and economically
while working with allies to replace the Iran accord with a
“comprehensive and lasting solution to the Iranian threat.”
But European officials said
U.S. officials have yet to explain
how they propose to restrict
and monitor Iran’s program if
the current agreement is abandoned. “Await more details on
U.S. plan,” Boris Johnson, the
British foreign secretary who
was in Washington on Monday
for talks, wrote on Twitter.
Other European officials underscored that they would resist the Trump administration’s
efforts to isolate Iran. “Let me
conclude with a message to the
Iranian citizens and leaders: Do
not let anyone dismantle this
agreement,” said Frederica
Mogherini, the European
Union’s foreign-policy chief.
That message was also
driven home when senior diplomats from the EU, France, Britain and Germany met in Brussels with Iranian Deputy
Foreign Minister Abbas Araghchi hours before Mr. Trump’s
its northwest. When completed, it could have produced
material for a couple of nuclear weapons annually, U.S.
officials say.
The International Atomic
Energy Agency concluded in
2015 that Tehran— despite denials—pursued a concerted
weaponization program until
2003 and continued some of
that work until 2009.
announcement. The bottom line
of the message the Europeans
sent, said diplomats involved,
was that Europe would seek to
deliver economic benefits and
Tehran shouldn’t walk away.
To European officials, the
writing appeared to be on the
wall when Mr. Pompeo spoke
Friday to the top diplomats
from Germany, Britain and
France. In that call, Mr. Pompeo
indicated that while he was
prepared to continue talking for
two more weeks, Mr. Trump already felt he had all the information he needed to make a decision, according to a person
briefed the discussion.
The State Department declined to comment.
—Farnaz Fassihi, Aresu
Eqbali, Laurence Norman
and Byron Tau
contributed to this article.
Continued from Page One
dress reacting to the decision,
Iranian President Hassan Rouhani said his country’s diplomats would talk with officials
in Europe, Russia and China
about ways to maintain the
deal without the U.S., which
spearheaded the agreement in
2015.
Mr. Rouhani cautioned that
the deal could collapse altogether if Iran’s economic interests weren’t served and
said he had directed his
atomic agency to be ready to
scale up the nuclear program.
In his broadcast speech,
Mr. Rouhani called Mr.
Trump’s move “psychological
war,” and said, “We won’t let
him win this war.”
Israeli Prime Minister Benjamin Netanyahu said Tuesday
the pact had done nothing to
prevent Iran’s development of
ballistic missiles capable of
reaching Israel. Mr. Trump
cited Mr. Netanyahu’s recent
disclosure of stolen Iranian
nuclear-program documents
in his speech on pulling out of
the accord.
“President Trump made a
courageous decision today, a
correct decision, and if the
nuclear agreement with Iran
had remained in place, within
a few years it would have allowed Iran to enrich enough
uranium to produce a whole
arsenal of nuclear bombs,”
Mr. Netanyahu said.
Later Tuesday, suspected
Israeli warplanes struck an
Iran-linked base south of the
Syrian capital of Damascus,
according to Syrian media. Israel is suspected of having
targeted Iranian assets in
Syria with strikes in recent
weeks, including two rounds
of suspected attacks in April
that hit bases where Iranian
forces were operating in support of Syrian President
Bashar al-Assad in the country’s seven-year-old conflict.
It wasn’t clear if Tuesday’s
strikes were linked to Mr.
Trump’s decision. Israel declined to comment.
The strikes on al-Kiswah—
about 8 miles south of Damascus—came after Israel’s military warned it was on high
alert after seeing “irregular
activity of Iranian forces” in
Syria.
The Israeli military also
said it had ordered bomb
shelters in the north of the
country to be opened in anticipation of a potential Iranian
attack.
Saudi Arabia, one of the
nuclear agreement’s most vocal critics, hailed Mr. Trump’s
decision and urged the international community to press
Tehran to stop interfering in
the Arab world.
On the streets of Tehran,
where residents were anxious
in the run-up to Mr. Trump’s
decision, people in cafes argued about the practical effect of the dispute: what it
would mean for the weakening rial.
“What’s going to happen to
the currency?” asked Hassan
Ghazi, 51 years old, a real-estate agent watching Mr. Rouhani’s speech at a fruit juice
parlor in Tehran.
European countries ex-
In Tehran, people
argued over what the
dispute will mean for
the weakening rial.
pressed concern over the U.S.
decision but turned from trying to persuade Washington
to stick with the deal to seeking to convince Tehran not to
walk away from it.
French President Emmanuel Macron said he and his
counterparts in the U.K. and
Germany would work on a
broader framework for addressing Iran’s ballistic missile development and nuclear
work after the deal’s restrictions expire—two things Mr.
Trump had complained the
existing deal didn’t address.
—Margherita Stancati in
Riyadh, Dov Lieber in Tel
Aviv and Benoit Faucon and
Aresu Eqbali in Tehran
contributed to this article.
JOHN THYS/AGENCE FRANCE-PRESSE/GETTY IMAGES
Iran could quickly ramp up
its nuclear activities now that
President Donald Trump
pulled out of the 2015 international agreement designed to
curtail them. But experts and
former officials differ over
how long Tehran would need
to build a bomb.
Some, pointing to Iran’s
slow past progress and independent analyses, believe Iran
would need several years to
produce a nuclear weapon.
Others think Tehran could
build one in little over a year.
Iranian officials have said
they could accelerate nuclear
activities and start enriching
uranium within days.
Separate from the technical
question is the political one.
U.S. officials have voiced skepticism that Iran would quickly
return to work on a bomb.
“Iran wasn’t racing to a
weapon before the deal,” Secretary of State Mike Pompeo
told lawmakers last month.
“There is no indication that
I’m aware of that if the deal
no longer existed that they
would immediately turn to
racing to create a nuclear
weapon today.”
Many observers believe Iran
has incentives not to expand
its nuclear activities or expel
international inspectors even
IRANIAN PRESIDENCY OFFICE/EPA/SHUTTERSTOCK
BY LAURENCE NORMAN
The 2015 agreement was
structured around restrictions
to ensure Iran would need at
least 12 months to gather
enough nuclear fuel for a bomb.
Most experts believe that
the accord largely ensured that
by removing roughly 98% of
Iran’s enriched uranium stockpile, mothballing two-thirds of
its uranium-spinning centrifuges, limiting research and
development, and removing
the core of the Arak reactor.
“It would take many years
for Iran to have a working nuclear arsenal,” said Daryl Kimball, executive director of the
Arms Control Association, a
Washington based group that
supports the deal.
One critic of the deal, Olli
Heinonen, a former senior
IAEA official who works for
the Foundation for Defense of
Democracies think tank, said
Iran may have gathered the
parts for more advanced centrifuges than Tehran had declared. That could speed the
production of weapons-grade
uranium and shorten the time
to build a bomb. There is no
evidence, however, that Iran
lied to the IAEA about this additional hardware.
Experts and former officials
say Iran would need at least 18
months to reconstitute the
Arak reactor, whose core was
filled with concrete as a consequence of the deal.
It is also unclear how much
Iran knows about assembling a
bomb or whether it has the
technical ability to reliably deliver a nuclear warhead with
its existing missile technology.
Iranian Foreign Minister Javad Zarif, center, attended a meeting
with EU officials at EU headquarters in Brussels in January.
.
THE WALL STREET JOURNAL.
Wednesday, May 9, 2018 | A7
NY
* *
WORLD NEWS
Companies Face Trump Rolls Dice With Iran Pullout
Risk of Sanctions
By Ian Talley in
Washington, Benoit
Faucon in Tehran and
Sarah Kent in London
Senior administration officials said economy-crippling
sanctions that persuaded Iran
to sign the 2015 nuclear accord
were immediately back in
place with the president’s decision to withdraw from the
deal.
While new contracts are
banned, companies and banks
will have 90 days or 180 days
to wind down their ties before
risking penalties, the administration said.
The sanctions cover every
major aspect of Iran’s economy, most importantly banning oil exports from the country, but also hitting the
financial sector and the automotive and aviation industries.
To enforce those sanctions,
the administration is threatening to penalize banks and companies doing business with
Iran, including in trans-Atlantic allies, if they don’t wind
down their ties by the deadline.
While European governments aren’t abandoning the
nuclear deal, any new U.S.
sanctions would likely affect
European multinationals, especially if they have big business
stateside or use the dollar or
U.S. banks in transactions.
In the U.S., Boeing Co. and
the companies that supply
parts for its planes such as
General Electric Co., are directly affected by the administration’s decision to cancel authorization of a planned
multibillion-dollar sale of air-
planes to Iran.
“Following today’s announcement, we will consult
with the U.S. government on
next steps,” Boeing said.
GE didn’t respond to a request for comment.
Europe’s Airbus SE, which
had a multibillion-dollar sale
planned, will also be affected.
“We’re carefully analyzing
the President’s announcement
and will be evaluating next
steps,” Airbus said.
Among the oil giants that
had vied for more business
with Iran are Total SA and
Royal Dutch Shell PLC. Shell
in 2016 signed a contract to
sell licenses to use its proprietary petrochemical technologies to Iranian partners.
Before Mr. Trump’s announcement, Total had said it
was hoping it could hold on to
its $1 billion deal to develop an
offshore natural-gas field despite new U.S. sanctions by
ringfencing those operations.
For instance, Total made sure
it doesn’t use U.S. software
and that no American citizens
are involved in the project, according to people familiar with
the matter.
Both Total and Shell declined to comment after the
U.S. announcement.
Saudis Vow Support
For Stability of Oil
Saudi Arabia pledged to
help stabilize oil markets in
the wake of the Trump administration’s decision to reinstate sanctions on Iran.
The country said it would
help “mitigate the impact of
any potential supply shortages”
caused by the new sanctions.
Both Saudi Arabia and the
United Arab Emirates had
previously told the U.S. they
were willing to boost exports
to meet any demand shortfall.
—Summer Said
CAPITAL JOURNAL
By Gerald F. Seib
President Donald Trump’s
decision to walk away from
the nuclear deal his predecessor negotiated with Iran
represents a giant gamble,
easily the biggest of his
presidency so far.
More precisely, the move
represents a series of gambles—bets that Iran’s leaders,
its economy
and its people, as well as
America’s allies and even
the leader of
North Korea,
will react the way the president hopes. Mr. Trump may
well win those bets, but the
dangers that would accompany a loss are quite high.
T
he core of the president’s gamble is that a
renewal of full-bore
economic sanctions on Iran
will be enough to compel its
leaders back to the table to
renegotiate the nuclear deal
completed during President
Barack Obama’s term. In
fact, Mr. Trump flatly predicted Iran’s leaders will do
exactly that.
Alternatively, his calculation appears to be that a resumption of full-bore American pressure will so disrupt
a weak Iranian economy—
reeling from rising prices, a
falling currency and a long
drought—that the result will
be growing dissatisfaction
and internal unrest that
threatens the very survival
of the regime.
Mr. Trump didn’t say he
wants his move to bring regime change in Tehran, but
with his references to the
“murderous” government
ABEDIN TAHERKENAREH/EPA/SHUTTERSTOCK
President Donald Trump on
Tuesday said the U.S. would
levy the “highest level” of
sanctions against Iran—including the punishment of Western
companies and banks if they
continue to do business with
the country—as Washington
pulled out of the Iranian nuclear accord.
The Bushehr nuclear plant in southern Iran. The country still possesses hundreds of centrifuges.
and his declaration that “the
future of Iran belongs to its
people,” he walked to the
edge of calling for it. The
risk, though, is that the Iranian people instead rally
around their government
now that it faces a renewed
threat from America.
The further gamble is that
U.S. allies in France, Britain
and Germany, who have
pleaded for a different course
from the president, will cooperate in new economic
sanctions rather than rebel
and move out to construct a
new relationship of their own
with Iran. Such European defiance could undercut the
pressure Mr. Trump is trying
to create and ultimately isolate the U.S. rather than Iran.
T
he president’s pledge
to impose sanctions on
any nation that helps
Iran targets America’s allies
as much as the regime in
Tehran, and could produce a
sanctions fight not just with
Iran, but also with allies.
In addition, Mr. Trump is
taking a chance that Iran
won’t simply respond by resuming full-bore nuclear activity, turning back on the
hundreds of centrifuges it
still possesses to produce
the enriched uranium that
the West fears would put it
on the path toward nuclearweapons capability. European leaders are urging the
Iranians to react calmly, but
hard-liners in Tehran may
instead revive actions they
never wanted to halt.
Mr. Trump is further betting that North Korean
leader Kim Jong Un, with
European defiance
could ultimately
isolate the U.S.
rather than Iran.
whom he meets in a matter
of weeks, will take away
from his announcement the
lesson the president wants—
which is that an Iran-style
deal that slows rather than
eliminates Pyongyang’s nuclear program won’t be
deemed sufficient. The risk
is that North Korea will take
away an alternative lesson,
which is that the U.S. can’t
GREATER IS
BUILDING WEALTH
THAT ENABLES
EYE-OPENING
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be counted on to live up to
deals its leaders make.
A
bove all, Mr. Trump’s
decision represents a
gamble that the heightened tensions with Iran that
now are at hand won’t escalate into conflict—with the
U.S., Israel or Saudi Arabia.
Finally, Mr. Trump is gambling that his tough line on
Iran will convince others in
the region that the U.S. will
remain adamant and unyielding in its insistence that Iran
won’t ever be allowed to possess nuclear weapons. The
president said that will help
ensure that others in the region don’t set out to acquire
nuclear weapons of their
own, and seek to beat Iran to
the punch as they do so.
The risk there, of course,
is that the reverse could
happen. Iran could now respond with a burst of new
nuclear activity, says Richard
Haass, president of the
Council on Foreign Relations,
prompting Saudi Arabia and
potentially others to break
away from the global Nuclear Nonproliferation Treaty
and begin their own march
toward nuclear arms.
.
A8 | Wednesday, May 9, 2018
* ****
WORLD WATCH
Exports Rebound
As U.S. Tariffs Loom
Exports rebounded in April, as
companies rushed to make shipments ahead of expected tariffs
brought on by trade tensions
with the U.S.
Exports jumped 12.9% from a
year earlier, after falling 2.7% in
March, the General Administration of Customs said. Imports
surged 21.5% from a year earlier,
compared with a 14.4% increase
in March. Exports and imports
beat economists’ expectations.
Trade negotiations between
the U.S. and China haven’t
yielded meaningful progress, raising the prospect both countries
will put tariffs on tens of billions
of dollars of the other’s exports.
The U.S. has threatened to impose tariffs on as much as $150
billion in imports from China; Beijing has vowed to retaliate.
—Liyan Qi
and Grace Zhu
AUSTRALIA
Ruling Conservatives
Propose Tax Cuts
CANADA
Housing Starts
Declined in April
Canadian housing starts fell in
April, the fourth monthly decline
in five months, on declines in construction for both single-detached
homes and multiunit dwellings.
Housing starts for April came
in at a seasonally adjusted annualized rate of 214,379 units, compared with 225,459 units in
March, Canada Mortgage & Housing Corp. said Tuesday. Market
expectations were for annualized
starts to reach 220,000.
Housing-starts activity “is
likely to cool over the remainder
of the year, with homebuilders’
costs rising and the housing market no longer running at such a
torrid pace,” said economists at
CBC World Markets.
April’s result marks the sixteenth time in 17 months housing
have exceeded 200,000 at a seasonally adjusted annualized rate.
—Paul Vieira
JESUS MERIDA/SOPA IMAGES/ZUMA PRESS
The conservative government
proposed tax cuts in its annual
budget as it seeks to win back
voters ahead of potential early
elections.
Prime Minister Malcolm Turnbull’s ruling center-right coalition
has trailed the center-left Labor
opposition in public-opinion polls
for more than a year. He is bet-
ting his U.S.-style tax-cut plan will
accelerate growth, rekindling support and helping heal party divisions that threaten his leadership.
The government outlined a
seven-year plan to deliver income-tax cuts, starting with
low- and middle-income earners.
Slow wage growth is eating into
Mr. Turnbull’s popularity.
The government also hopes
to cut the corporate rate to 25%
from 30% by next decade.
—Rob Taylor
and James Glynn
RELIEVED: More than 50 migrants picked up from a disabled
boat off the Mediterranean coast of Spain wait to disembark
Tuesday from a rescue vessel in the Spanish port of Malaga.
FROM PAGE ONE
DISNEY
Continued from Page One
Comcast would be more motivated to pursue a hostile bid
for the Fox assets if AT&T Inc.’s
proposed acquisition of Time
Warner Inc. survives a government antitrust suit, the people
close to the situation say. That’s
because both deals would be
“vertical” transactions that
marry content and distribution.
Still, there is no guarantee
that a favorable outcome for
AT&T-Time Warner would lead
antitrust enforcers to bless a
Comcast-Fox tie-up, as there are
some important differences between the deals. Comcast owns
a major group of media networks through its NBCUniversal
unit, unlike AT&T. And Comcast
and Fox are both major owners
of regional sports networks, so
the cable company might have
to divest itself of some of those
assets to complete a deal.
If a bidding war were to kick
off, Disney may need to increase
its offer or present a mix of cash
and stock. The company should
have no problem raising the
debt needed in such a scenario,
said Robin Diedrich, an analyst
at Edward Jones.
Though both companies have
strong credit ratings, Disney’s
balance sheet “is in a stronger
position to do that” than Comcast’s, she said.
Disney’s
second-quarter
earnings significantly beat Wall
Street expectations and showed
strong growth in the movie studio and parks divisions. Net income rose 23% to $2.94 billion.
The hit performance of “Black
Panther” and an uptick in business at Disney’s parks and resorts drove overall revenue up
9% to $14.5 billion.
Disney’s results were released after the market closed.
The stock fell slightly to $101.19
in after-hours trading.
The earnings came about one
month after the rollout of ESPN
Plus, a direct-to-consumer
sports programming service that
the company hopes will help reverse a continuing decline in traditional ESPN subscribers. A
second streaming service, focusing on Disney’s entertainment
brands like Marvel Studios, will
premiere in late 2019.
ASSOCIATED PRESS
CHINA
Disney’s parks and resorts, such as Shanghai Disney Resort’s Toy Story Land, helped lift earnings.
Possible New Roles
For Two Murdochs
James Murdoch, the 21st
Century Fox chief, plans to
strike out on his own if Fox’s
pending deal to sell much of
the company to Walt Disney
Co. closes, and Lachlan Murdoch is expected to become
CEO of the remaining so-called
New Fox, according to people
familiar with the matter.
Lachlan Murdoch, James’s
older brother, would oversee
the assets Fox isn’t selling—including the Fox broadcast network, Fox News cable channel
and Fox Sports 1.
James Murdoch would most
likely start a venture-capital
After Mr. Iger acknowledged
ESPN subscriber losses on an
earnings call in August 2015,
Wall Street has viewed the decline as an existential liability in
the company’s most valuable
business. Mr. Iger said response
to ESPN Plus has been “enthusiastic” and its conversion rates
from free trials have been “good
so far,” but he didn’t offer specifics beyond that.
In a bid to target harder-toreach younger male viewers,
Disney has lined up UFC fighting to be a cornerstone of ESPN
Plus. The deal, announced Tuesday, is for exclusive rights to
stream 15 live UFC events. The
five-year pact is valued at $750
million over the life of the deal,
according to a person familiar
with the matter.
fund to invest in digital and international media businesses,
the people said.
After Disney last December
announced an agreement to
purchase the bulk of Fox for
$52.4 billion, people close to
the deal said James Murdoch
could wind up taking a senior
position at Disney.
On an earnings call in December, CEO Robert Iger said
that James Murdoch would
help integrate the companies
“and during that period of time,
he and I will continue to discuss whether there is a role for
him here or not.” Inside Disney,
a role for him was always seen
as uncertain, according to people familiar with the matter.
In recent weeks James Murdoch has begun to tell associ-
ates that he isn’t going to Disney, according to people familiar
with the matter. A Disney
spokeswoman couldn’t immediately be reached to comment.
The decision to sell marked
the end of an era for 21st Century
Fox Executive Chairman Rupert
Murdoch and his family, who have
a 39% voting interest in Fox.
The takeover drama may not
be over. Cable giant Comcast
Corp. is making preparations to
potentially pursue a hostile, allcash bid, people familiar with the
matter say.
Lachlan Murdoch serves as
executive co-chairman of 21st
Century Fox. He is also executive co-chairman of Wall Street
Journal-parent News Corp.
—Keach Hagey
and Joe Flint
In the second quarter, the
company’s cable-networks segment, which includes ESPN, saw
operating income drop 4%, partially due to costs associated
with ESPN Plus.
Properties acquired in a potential Fox deal, such as the
company’s regional sports networks and National Geographic,
could be added to the offerings
on Disney’s streaming services,
Mr. Iger said.
Marvel Studios, along with
studio divisions Disney Animation, Pixar Animation Studios
and Lucasfilm, will play a crucial role in luring consumers to
a second Disney streaming service launching next year. Mr.
Iger said the family-entertainment service will offer a “rich
mix of beloved classics, recent
releases and new content.”
If the Fox deal were to go
through, Disney would become
the majority owner of the Hulu
streaming service and plans to
produce more original programming for the service, he added.
Disney’s strong quarter was
primarily driven by two divisions: studio entertainment
and parks and resorts.
Studio-entertainment revenue rose 21% to $2.5 billion, reflecting the company’s unprecedented, record-breaking roll at
the box office. The company has
nine of the top 10 biggest domestic box-office openings of all
time—all of which have been released in the past six years.
—Maria Armental
and Joe Flint
contributed to this article.
Join The Wall Street Journal’s editors at our breakfast series
to discuss the future with the leaders who are shaping it.
Future Of: Education
MAY 18 / N EW YO R K , NY
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THE WALL STREET JOURNAL.
.
THE WALL STREET JOURNAL.
Wednesday, May 9, 2018 | A8A
NY
* * * *
GREATER NEW YORK
Jockeying to Replace the AG Has Begun
BY MIKE VILENSKY
Eric Schneiderman’s resignation as New York attorney
general set off quick jockeying
on Tuesday for his job—one of
the most powerful positions in
the state, and a role that
wasn’t expected to change
hands this year.
The process for replacing the
two-term attorney general, who
had been expected to win reelection in November, got off to
a chaotic start: An array of New
York Democrats threw their
hats in the ring and lawmakers
competed to influence the process. The person who is named
by the state Legislature as a replacement would have to run in
November to keep the post.
Mr. Schneiderman, a Demo-
crat, resigned hours after the
New Yorker magazine published an article in which four
women accused the 63-year-old
of physically assaulting them.
Mr. Schneiderman said in a
statement that he never engaged in nonconsensual sex.
“This week should be an
important reminder of why we
need more women in leadership positions,” said Assemblywoman Nily Rozic, a
Queens Democrat.
Under state law, the New
York solicitor general, Barbara
Underwood, will serve as the
acting attorney general until
the Legislature chooses a replacement. Ms. Underwood, 73,
is New York’s first female attorney general. She has been solicitor general since January 2007.
A Georgetown University
Law School graduate, she previously worked as an assistant
prosecutor for the Brooklyn
U.S. attorney’s office and a
trial attorney for the Manhattan district attorney’s office,
OFFICE OF THE NEW YORK ATTORNEY GENERAL
An array of New York
Democrats throw their
hats in the ring to
succeed Schneiderman
New York Solicitor General
Barbara Underwood to step in.
arguing 20 cases before the
U.S. Supreme Court, according
to the attorney general’s office.
“I am honored to serve the
people of New York as acting
Attorney General,” Ms. Underwood said in a statement. She
said the office’s work “continues without interruption.”
Gov. Andrew Cuomo is
pushing New York City Public
Advocate Letitia James for attorney general, among other
contenders, according to people close to the governor. On
Tuesday, Mr. Cuomo said “a
qualified woman would be
great, especially in this time.”
Another name that has become a frequent mention in
political circles in the hours
since Mr. Schneiderman said
he would exit: Preet Bharara,
the former Manhattan U.S. attorney who prosecuted some
of Albany’s biggest public-corruption cases in recent years.
New York City Mayor Bill
de Blasio said the allegations
in the New Yorker article were
“horrifying,” but declined to
name his preferred candidate.
In Albany, legislators were
reviewing the logistical rules as
they prepare to vote on Mr.
Schneiderman’s successor.
Republicans control the
state Senate, while Democrats
run the Assembly. The Assembly Democratic caucus holds
the cards in a joint legislative
vote because they have by far
the most members of any legislative group.
Assembly Speaker Carl
Heastie, a Bronx Democrat, has
said little so far, telling reporters in Albany Tuesday that he
plans to take up the issue soon.
Ms. James, a Democrat who
won re-election as public advocate last year, is among the
candidates under discussion by
Democratic lawmakers, according to people involved in the
talks. She declined Tuesday to
say if she wanted the job.
Other Democrats have expressed interest, both as the legislative pick or in running their
own campaigns. Among them
are U.S. Rep. Kathleen Rice, the
former Nassau County district
attorney, Queens Sen. Michael
Gianaris, and former gubernatorial candidate Zephyr Teachout.
On the Republican side,
lawyer Manny Alicandro is
running for the nomination.
—Erica Orden
contributed to this article.
Early Exits
Some New York politicians
who were forced out before
the end of their term
Eliot Spitzer, former governor, resigned in 2008 after
reports surfaced that he had
hired a prostitute.
Anthony Weiner, former U.S.
congressman, resigned in
June 2011 after lewd online
exchanges became public.
Sheldon Silver, former state
assembly speaker, stepped
down in 2015 after his arrest
on federal corruption charges.
Dean Skelos, former state
Senate majority leader, resigned in 2015 after he was
arrested on federal corruption
charges.
Michael Grimm, former U.S.
congressman, stepped down
in 2015 after pleading guilty
to a tax-evasion charge.
Schneiderman Faces Investigations
SETH WENIG/ASSOCIATED PRESS
BY CORINNE RAMEY
AND MIKE VILENSKY
Nassau County District Attorney Madeline Singas was named as
a special prosecutor to investigate the former ex-attorney general.
New York Gov. Andrew
Cuomo on Tuesday appointed
Nassau County’s district attorney as a special prosecutor to
investigate assault allegations
against former state Attorney
General Eric Schneiderman.
In a letter Tuesday evening,
Mr. Cuomo said Nassau
County District Attorney Madeline Singas would have the
power to investigate and, if
warranted, prosecute Mr.
Schneiderman. Mr. Schneiderman resigned Monday night
after the New Yorker magazine reported that four women
had accused him of physically
assaulting them. Mr. Schneiderman denied the allegations
but said he couldn’t continue
to serve.
“News of former Attorney
General Eric Schneiderman’s
alleged improprieties as the
State’s chief legal officer are
grossly disturbing and must
be fully investigated,” Mr.
Cuomo, a Democrat, wrote in a
letter to Ms. Singas and Barbara Underwood, who is serving as acting attorney general.
Ms. Singas said that her office would vigorously investigate the allegations.
Earlier on Tuesday, a
spokeswoman for Suffolk
County District Attorney Tim
Sini said the office had begun
an investigation. Late Monday,
a spokesman for Manhattan
District Attorney Cyrus Vance
Jr. said that office had also
opened an investigation.
A spokesman for Mr. Schneiderman declined to comment
Tuesday on the criminal
probes.
Mr. Cuomo’s letter said that
Ms. Singas would work with
Mr. Sini regarding an incident
that allegedly occurred in the
Hamptons. It said Ms. Singas’s
investigation would replace
that of Mr. Vance’s office due
to “at a minimum, an appearance of a conflict of interest.”
The governor in March directed Mr. Schneiderman to
investigate the Manhattan district attorney’s handling of a
2015 sexual-assault allegation
against former Hollywood producer Harvey Weinstein. Mr.
Weinstein, who has denied the
allegation, didn’t face charges.
On Tuesday, in response to
Ms. Singas’s appointment, Mr.
Vance sent a letter to Mr.
Cuomo saying that “the only
potential conflict here is one
of your creation.”
New York City Mayor Bill
de Blasio, a Democrat, said
Tuesday that Mr. Schneiderman should face charges for
his alleged actions.
Inside the Special Victims Unit: Victims Tell Their Stories
By Zolan Kanno-Youngs | Photography by Caitlin Ochs
for The Wall Street Journal
In October, Alison Turkos
reported to the New York Police Department that she had
been raped on her way home
from a bar in the Crown
Heights neighborhood of
Brooklyn. In the seven months
since, she says she has struggled to get response from a
Special Victims Division detective.
“I can’t get my detective to
answer my email or return my
calls,” Ms. Turkos told a panel
of police officials and advocates in Brooklyn last month.
“How can you can tell us to report when we can’t get you to
do your jobs?”
In response, NYPD Deputy
Inspector Paul Saraceno told
Ms. Turkos to meet with him.
“None of us are coming up
here to tell you a fantasy story
that this is a perfect thing,” he
said.
The discussion came after
New York City’s Department of
Investigation in March found
that the Special Victims Division is “severely understaffed,” despite numerous requests
for
additional
personnel by Deputy Chief Michael Osgood, who oversees
the division, and recommendations from a working group
formed by the NYPD in 2010
to address issues in the unit.
That group found that some
officers treat victims in an
“insensitive manner” and are
“overly confrontational.”
Some officers refused to
take reports from victims, the
group said.
NYPD officials said they
disagree with findings in the
Department of Investigation
report and that DOI staff
didn’t speak to key members
of the top brass.
Police officials have maintained that they support victims of sex crimes and have
pledged to investigate every
allegation.
Victims say their experiences reporting to the division
highlight the problems identified in the reports. Desdemona Meck, a 30-year-old
Brooklyn resident, testified
before the City Council earlier
this year that when she reported in 2010 that two men
attempted to rape her, a detective told her she would
have to learn to be smarter in
New York City.
Katie Murrell, 25, of Brooklyn, told The Wall Street Journal that a detective’s questions in 2012 in regard to what
she was wearing and how
much she drank on the night
of her alleged rape made her
feel as if it was her fault.
The NYPD declined to comment on the accounts. Commissioner James O’Neill said
last month he disagreed with
some of the findings in the
DOI report and that the department will issue a response.
Alison Turkos, above, says she struggled to get response from the NYPD Special Victims Division in the months after she reported a
rape. Katie Murrell, below, says a detective asked her what she was wearing and how much she drank the night of her alleged rape.
He also said newly promoted Chief of Detectives Dermot Shea will do a “top-tobottom” review of the Special
Victims Division.
The report and its fallout
are happening amid the #MeToo movement, in which more
victims of sex crimes are being
encouraged to report to the
police. NYPD officials attributed the 32% increase in rape
reports so far this year compared with the same period
last year to the social movement and recent changes to
their investigative methods.
An uptick in cases over the
years hasn’t been matched by
a growth in manpower at
NYPD, according to the DOI.
The unit investigating adult
sex crimes had 74 detectives
at the end of 2017, two more
than those assigned in 2009,
despite handling 5,661 cases—
a 65% increase since 2009, according to the DOI report.
NYPD Assistant Commissioner J. Peter Donald said
there are currently 238 investigators in the Special Victims
Division, an increase from 149
Please see NYPD page A8B
CELLINI MOONPHASE
rolex
and cellini
are ® trademarks.
.
A8B | Wednesday, May 9, 2018
NY
* *
THE WALL STREET JOURNAL.
GREATER NEW YORK
MARK KAUZLARICH FOR THE WALL STREET JOURNAL (3)
In Brooklyn’s Prospect Park earlier this month, picnickers, above, enjoyed a spring day. Below, children played under a cherry blossom
tree in Maria Hernandez Park in the Bushwick section of Brooklyn. And a tree sprouted new buds along Brooklyn Bridge Boulevard.
Spring is in full bloom, and
New Yorkers are enjoying that
ever so brief window between
navigating ice-slicked sidewalks
and sweltering subways.
Blooms fleck parks with
splashes of color and trees and
bushes show off their fresh
leaves. The new leaves typically
are red or yellow, as the xanthophyll (yellow) outweighs the
chlorophyll (green), explains
Dennis Stevenson, vice president
and Cullman Curator at the New
York Botanical Garden.
“I suppose it’s like an artist’s
palette, just how much red or
purple is in there,” Dr. Stevenson
alexa
says.
Before too long, the leaves
will get the maximum amount
of chlorophyll and make that
deep green shade that lasts until Autumn.
Continued from page A8A
in 2010. He declined to say
how many investigators in the
unit specifically work on adult
sex crimes.
Michael Bock, who retired
from Special Victims last year
as a sergeant, said in an interview that most detectives,
handling more than two dozen
cases at a time, are too
swamped to conduct interviews in a way that makes victims feel comfortable.
About half of the patients
at the nonprofit Crime Victims
Treatment
Center—which
helps rape and sexual assault
victims—who report to the police have “experienced dismissiveness or lack of communication,” Christopher Bromson,
the center’s executive director,
said in an interview.
Ms. Murrell said this was evident in both of her experiences reporting rapes to the
Special Victims Division in
Brooklyn in 2012.
It was during her first encounter with the division that
Ms. Murrell said Sgt. Victor
Paribello asked about her outfit at the time of her alleged
rape and how much she drank.
Later that year, after she decided to report a separate rape
involving a co-worker, she
found herself again in an interview with Sgt. Paribello.
She told him she wanted to
report the crime but didn’t
want to pursue charges. She
said she signed two documents saying such. Sgt. Paribello, she said, then held them
in front of her and said, “Katie,
you’re a beautiful girl, make
better decisions.”
Sgt. Paribello didn’t return
requests for comment. An
NYPD spokesman declined to
comment on his behalf.
In the spring of 2015, a 41year-old woman reported to
the police that she was
drugged and raped by a former colleague after meeting
him for a drink at a Brooklyn
bar, she told the Journal. The
woman said a manager at the
bar told her that he would be
happy to provide video from
that night if she had a police
report.
When she went to the 88th
precinct to file a report, she
said, she was met with resistance.
“If you were drugged, why
do you remember so much?”
she said one officer asked.
They also asked why she
waited weeks before reporting,
she recalled.
“They made me feel like everything I did was wrong,” she
said.
When she told the officers
that she regained consciousness in a hotel in the Meatpacking District, the officers
told her it was a case for Manhattan, she said.
After calling their colleagues in Manhattan, they
told her “there’s nothing
here.” She left without filing
the report. The NYPD declined
to comment.
Ms. Turkos, 30, said that after reporting a rape last year,
she had to wait long
stretches—sometimes weeks—
to hear back from the detective assigned to her case, Maria Quinones.
CAITLIN OCHS FOR THE WSJ
NYPD
New York City Is Sporting Its Blooming Best
Desdemona
Meck says the
NYPD treated
her poorly when
she reported
an attempted
rape in 2010.
In one of her few appointments with the detective, Ms.
Turkos said she arrived at the
Brooklyn police station and
had to wait more than two
hours for the detective.
Detective Quinones referred
questions to an NYPD spokesman, who declined to comment on her behalf.
Ms. Turkos last week filed a
complaint against the detective with Deputy Inspector
Saraceno.
Ms. Turkos said she was
shocked to hear from her
newly assigned detective that
the police changed the status
of her case to “inactive,”
pending information from the
medical examiner, without
telling her.
The detective told Ms.
Turkos he plans to reopen the
case and continue working, according to Ms. Turkos.
OUT TODAY
MOTHER’S
DAY
SPECIAL
GETTY IMAGES FOR NYCWFF
FREE INSIDE THE
Gabrielle Hamilton, left, opened Prune, which serves bistro-style fare, in the East Village in 1999.
Manhattan Chef Wins a
Top James Beard Award
BY CHARLES PASSY
Gabrielle Hamilton, owner
of Prune restaurant in Manhattan’s East Village, was
named the country’s Outstanding Chef at the James Beard
Foundation Awards, held in
Chicago on Monday night.
Ms. Hamilton bested competitors from New Orleans, North
Carolina and California in winning the award, which recognizes a chef “whose career has
3NYP101
ANNA
FARIS
PAINTS
THE TOWN
set national industry standards.”
The Beard Awards are
widely considered the Oscars
of the food world.
Ms. Hamilton opened Prune
in 1999. The restaurant specializes in bistro-style fare and is
known for its straightforward
approach. A noteworthy menu
item from Prune’s past featured
Triscuit crackers with sardines.
In accepting her award, she
spoke of the challenges of running a successful restaurant, but
added: “It’s been the greatest,
greatest party. I love this work.”
Other New York chefs and
dining spots were nominated
for Beard awards, but didn’t
win. Among them is Zachary
Golper of Brooklyn’s Bien Cuit
bakery and the Soho brasserie
Balthazar, which was vying for
Outstanding Restaurant.
Missy Robbins of Brooklyn’s
Lilia restaurant was named
New York City’s best chef, a
Beard regional category.
GREATER NEW YORK WATCH
CONNECTICUT
Sandy Hook Parents’
Lawsuit Is Dismissed
A judge has cited government
immunity in dismissing a lawsuit
by the parents of two children
killed in the 2012 Newtown
school massacre against the town
and its school district over alleged
inadequate security measures.
Superior Court Judge Robin
Wilson, in a decision released
Tuesday, granted the town’s request to dismiss the lawsuit,
agreeing school officials were
immune from being sued and
the security procedures in place
were discretionary.
The shooting killed 20 first-
graders and six educators at
Sandy Hook Elementary School
on Dec. 14, 2012. Gunman Adam
Lanza, 20 years old, fatally shot
his mother before going to the
school, where he killed himself.
The parents of two first-graders killed in the shooting, Jesse
Lewis and Noah Pozner, sued
the town on several claims.
Their lawyer, Donald Papcsy, said
they would appeal the ruling.
—Associated Press
NEW YORK CITY
Potter’s Field Island
Could Become Park
A City Council member is reviving legislation that would turn
an island where a million people
are buried into a park.
Hart Island is off the coast of
the Bronx and has served as a
burial ground for New York’s
poor and nameless for more
than a century. It is maintained
by the city’s Department of Correction and prisoners bury the
dead. Families couldn't visit the
gravesites of loved ones until a
2015 lawsuit.
Council member Ydanis Rodriguez said he would revive legislation Wednesday that would
put Hart Island under the parks
department, which would maintain the island as a public park
where people can access the
gravesites.
—Associated Press
.
THE WALL STREET JOURNAL.
LIFE&ARTS
Wednesday, May 9, 2018 | A9
FAMILY LIFE
Overloaded Parents Try Mini-Dates
BY ALINA DIZIK
WHEN KÄREN HALEY sidles up
to the bar near her husband, she
asks for the bill right away and
does a mental check of the time.
There’s no room for endless banter,
dessert or even a bathroom break.
They need to go their separate
ways—one to day care and preschool, and the other to elementary school—for the 6 p.m. pickup
of their three young children.
“We have time for a beer and
30 minutes of conversation,” says
Ms. Haley, 39, an Indianapolis nonprofit executive. “It’s kind of a
ticking clock.”
Mini-dates are the more practical cousin of a Saturday night out.
But with some creative scheduling,
the quick meetup helps parents
make the most of a sitter or afterschool activities without needing
to pay extra for date night. Most
of these dates last an hour or less,
go very light on the booze and are
simple enough to tack on to a full
workday. Flexible work schedules
and restaurants opening earlier
have made it simpler to try out
this type of postwork happy-hour
alternative, parents say.
“We don’t do date nights anymore,” says Heidi Hageman, 38,
owner of a public-relations firm in
Chicago. “All we need is a cocktail
and a quick bite.”
For Ms. Hageman and Tre
Peckat, a typical mini-date includes a drink and easy-to-eat tacos near their home. Without family nearby, they feel lucky to have
an au pair who can work until 5:30
or 6 so they can fit in time alone.
They spend most weekends dining
out with their baby or cooking at
home. Since having their son 9
months ago, they have worked on
coming up with a name for the
meetups they’ve planned sporadically each month: “We might [call
them] a quickie, but obviously in a
very PG way,” Ms. Hageman says.
In some instances, tiny doses of
conversation can help avoid conflict. Having an hour-long date
leaves less time to discuss mundane matters of the home or childrearing, says Colin Freund, a biotech executive in Hoboken, N.J. He
goes on monthly dates with his
wife, Jennifer Hill. “When we go
out for a big date, conversation
turns to administrative things,”
Mr. Freund says. During a minidate, “the conversation turns a little more spontaneous.”
On days they are both in town,
Ms. Hill, who frequently commutes
to Milwaukee, and Mr. Freund, who
commutes to Amsterdam, end their
day early to fit in a mini-date. They
schedule dates midday via text or
work from the same office space, so
it’s easier to connect at day’s end.
For Ms. Hill, the best perk of going
to a nearby bar is making it back
before the bedtime and bathing
routine for their son, 3, and daughter, 5. “There’s no guilt,” she says.
Brief meetups also allow parents of multiple older children to
dip back into dating after years
away. “We are trying to steal these
little moments whenever we can,”
says Steve Cook, a restaurant business executive with four children,
ages 5 to 10. “We didn’t really
leave the house, but now we are
starting to get out a little more.”
Mr. Cook meets his wife, Shira
Rudavsky, for a post-lunch date at
2 p.m., when Ms. Rudavsky is finished teaching preschool nearby.
The hourlong midday meetup allows for a break when they are not
yet worn out. “Getting out in the
middle of the day when the sun is
out is more conducive for us,” says
Mr. Cook, who lives in Philadelphia.
Squeezing in a mini-date can be
especially beneficial for new parents, says Emily Cook, a family
and marriage therapist in
Bethesda, Md. (She isn’t related to
Mr. Cook.) Going straight from
work helps parents stay in adult
mode and not deal with switching
gears into being a parent before
going out. “It helps parents to talk
about grown-up things and not
have to switch hats before the
date,” Dr. Cook says.
At least one parent needs to
stick to a one-cocktail rule during
what can feel like “a 40-yard-dash,”
says Taylor Travaglione, a New
York-based real-estate agent and a
father of a 1½-year-old daughter.
“If one person between the two
decides to go through the three or
four drinks, then it’s the other who
is taking responsibility for that
evening,” says Mr. Travaglione
who meets his wife, Natalie, for a
mini-date once a week.
Some restaurateurs, looking to
fill the early-bird dinner slot, are
figuring out how to cater to couples interested in a quick stop. Pat
O’Malley, co-owner of the Hungry
Pigeon in Philadelphia, where Mr.
Cook and Ms. Rudavsky visit, says
he’s added what he calls an afterschool menu to bridge the gap between lunch and dinner service.
At the Open Society Public
House, a stopover for the Haleys in
the Meridian-Kessler neighborhood of Indianapolis, owner Brian
Baker has bumped up the call
times for servers to smooth out
service between 3 and 6 p.m.
CLOCKWISE FROM TOP: AJ MAST FOR THE WALL STREET JOURNAL (2); HEIDI HAGEMAN; LEO COOK
A carefree hour out on a weekday afternoon for time together can help relieve the stress of work and family schedules
With a handful of elementary
schools within walking distance of
his restaurant, Mr. Baker wanted
to cater to couples fitting in a stop
before heading home to make dinner. He launched a more formal
menu in 2017, a year after opening
the restaurant. Couples generally
have wine, salad or a pastry and
coffee. They receive their checks
right away.
Meeting at a bar or restaurant
after work creates “a little more of
a spark,” reminiscent of a couple in
their early days of dating, Dr. Cook
says. And getting to the restaurant
separately, rather than leaving the
house together, “can add a little bit
more sexual tension,” she says. She
recommends keeping topics light,
like deciding on a coming vacation,
and setting an alarm to keep from
anxiously checking the time: “The
idea is not to make these dates feel
really special.”
Kären and Tim Haley meet up for a beer at MashCraft on Delaware in
Indianapolis, above. Ms. Haley holds their son, Vaughn, after their meetup.
Shira Rudavsky and Steve Cook, above, and Tre Peckat and Heidi Hageman,
right, schedule regular workday mini-dates.
FILM
‘FAHRENHEIT 451’ REIMAGINED FOR THE DIGITAL ERA
HBO
Michael B. Jordan
stars as Montag,
a fireman, in
‘Fahrenheit 451.’
BY CARYN JAMES
TECHNOLOGY HAS caught up
with much of Ray Bradbury’s 1953
novel “Fahrenheit 451,” in which
the government burns all books to
homogenize thought. The author
foresaw people communicating
through interactive screens and
wearing “seashells,” which we now
call earbuds.
“What Bradbury didn’t know
about was the internet,” says director Ramin Bahrani. That difference gave Mr. Bahrani the contemporary slant of his film, coming
May 19 on HBO, which reimagines
Bradbury’s mind-controlled dystopia for the digital era.
“If I come to your home now
and burn all your books, you would
just chuckle and pull out a tablet
and re-download them,” Mr. Bahrani says. “But let’s say Google and
Facebook were to control all information. That becomes frightening
in a different way.”
Books are still burned in his
film, which retains the core plot of
the novel, familiar to some from
François Truffaut’s 1966 movie and
to many more from high-school
reading lists. Michael B. Jordan
plays Montag, the fireman who
now burns computers and hard
drives as well as books on paper.
Mr. Jordan, the star of “Black
Panther” as well as “Creed” and its
coming sequel, hesitated before
taking the role. “With the cultural
climate and being a black male,
playing characters that represent
so much to my community, playing
an oppressor at first glance wasn’t
sitting right with me,” he says. After discussions with the director,
he came to value the character’s
trajectory, as Montag begins to
question the morality of his job.
During preproduction, Mr. Bahrani, who is known for small independent films including “99
Homes,” noticed that members of
his design team “were struggling
to make the future. What were the
cars going to look like?” He sent
out a memo with a reminder: “The
movie is not about the future. The
Please see FAHRENHEIT page A10
.
THE WALL STREET JOURNAL.
A10 | Wednesday, May 9, 2018
LIFE & ARTS
MYRIDE | By A.J. Baime
The Ferrari a Family Found Twice
ing, “I bought the car from your
father over 40 years ago and I still
have it. I restored it. I am thinking
of selling, if you’re interested.”
The guy remembered meeting me
when I was a boy.
We struck a deal. It was not
cheap, but the owner wanted the
car to go to someone who appreciated its history, so he sold it for
under market value. In April 2017,
I got the car to my house. My father, now 93, came over. I said,
“The last time we were in this car
together, you drove. Now it’s my
turn.” We went for a drive. He was
over the moon, and so was I.
Bob Boniface, left, of Bloomfield Hills, Mich., with his 1962 Ferrari 250 GTE.
The car was originally owned by British actor Peter Sellers.
JASON KEEN FOR THE WALL STREET JOURNAL
Bob Boniface, 52, director of exterior design at General Motors’
Buick division, from Bloomfield
Hills, Mich., on his 1962 Ferrari
250 GTE, as told to A.J. Baime.
My father, Raymond, was a physician, and when I was growing up,
he owned some Ferraris. In 1973,
he bought the one pictured here
for $3,800 to use as his daily
driver. These were not expensive
cars at the time.
We knew from the registration
card that this Ferrari’s original
owner had been British actor Peter
Sellers. We later learned that the
vehicle had been delivered to Mr.
Sellers while he was on the set of
the 1963 movie “The Wrong Arm of
the Law.” The car appears in that
movie. (It was white at the time.)
The 250 GTE was the first fourseat Ferrari ever produced in any
volume. Enzo Ferrari launched his
car company in the late 1940s and
he sold a small number of street
cars to wealthy clientele to fund
his racing program. By the 1960s,
he had become the most successful
race-car builder in the world. Our
250 GTE was a window into Enzo
Ferrari’s work during his heyday.
In 1975, my father sold the car
for $4,800. He had owned it for
two years and made a thousand
dollars. He laughed all the way to
the bank.
Four years ago, my father found
the original owners’ manual in his
library. It had the registration card
with Peter Sellers’s signature on it.
He called me and said, “You’re
connected in the car world. You
should find that old Ferrari so we
can give the owner this manual, as
it is an important piece of history.”
I looked for the car for three
years. Last year, I posted a message on a Ferrari website and I received a private message back say-
Contact A.J. Baime at
Facebook.com/ajbaime.
FAHRENHEIT
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In the 1966 film of ‘Fahrenheit 451,’ Oskar
Werner, right, played Montag, and Cyril Cusack
played his boss, Capt. Beatty, a role portrayed
in the new version, below, by Michael Shannon.
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movie is about an alternate tomorrow.”
As a result, the world of his “Fahrenheit
451” has a recognizable look and feel. The
public book-burnings that Bradbury described are large-scale, live-streaming images projected onto buildings, akin to the
towering screens in Times Square. Every
home has a small, black globe-shaped device
called Yuxie, which functions as a blend of
Alexa, Siri and government surveillance.
Among the answers Yuxie gives Montag is a
bit of false history that Bradbury’s citizens
also learned: Benjamin Franklin created the
first fire department to burn books, not to
put out fires.
The screenplay, which Mr. Bahrani wrote
with Amir Naderi, enhances the character of
Montag’s mentor and boss, Capt. Beatty,
played by Michael Shannon. In this iteration,
Beatty remains authoritarian and loyal to his
job but is also a secret reader, frequently
quoting Nietzsche or Kafka. The change creates a tense father-son dynamic between the
two characters. “They are both walking contradictions,” Mr. Bahrani says. “Montag
looks up to Beatty, then starts to feel betrayed,” while Beatty admires and resents
Montag’s rebellion.
Clarisse (Sofia Boutella) is a member of
the reading underground who helps open
Montag’s eyes and takes him to visit a colony of people who have each memorized a
book to preserve it. But Montag’s wife, Millie, who in the novel and earlier movie discovers his cache of books and reports him to
the authorities, is absent from this version.
Millie, Mr. Bahrani says, is a passive character who spends her days entranced by the
giant television screens on her living-room
walls. “In 1953 that concept was so strange
and interesting,” he says, but it seemed too
obvious today. Her role was filmed and then
cut during editing. That strengthened Montag’s relationships with Beatty, Clarisse and
even Yuxie.
“One of the keys to Bradbury, as opposed
to other dystopian novelists, is he thought
that people asked for this to happen,” the director says. “They didn’t want to think. They
didn’t want to read. They wanted distraction. It’s exactly as we have it now.”
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Director Ramin Bahrani on the set of ‘Fahrenheit 451’ with Michael B. Jordan, who plays Montag.
.
THE WALL STREET JOURNAL.
Wednesday, May 9, 2018 | A11
LIFE & ARTS
TONY BARTHOLOMEW (2)
Frances Marshall, Laurence Pears,
Antony Eden, Laura Matthews and
Louise Shuttleworth, left, and Ms.
Marshall, Mr. Eden and Ms.
Shuttleworth, below, in Alan
Ayckbourn’s ‘A Brief History of Women’
THEATER REVIEW | By Terry Teachout
Dark Comedy of Manors
New York
ALAN AYCKBOURN’S 81st fulllength play recently opened off
Broadway. His 82nd full-length
play will open in England in September. Given that he is 79 years
old and shows no signs of slowing
down, I assume that he has at
least another dozen or so in him—
and that they’ll all be good. Not
only has no other English-speaking
playwright turned out more good
plays, but a significant percentage
of them are first-rate. Time was
when Mr. Ayckbourn was casually
dismissed on this side of the Atlantic as the English Neil Simon,
but in recent years he’s come to be
more properly regarded as the
English Chekhov, a master of sad
comedies that shine bright lights
into the dark recesses of the middle-class soul.
Scarborough’s Stephen Joseph
Theatre, which Mr. Ayckbourn ran
from 1972 to 2009 and where he
continues to stage his own work,
remounts one or two of his productions every couple of seasons
as part of 59E59 Theatres’ annual
“Brits Off Broadway” festival. This
time it’s Play No. 81, “A Brief History of Women,” in which he uses
the seemingly dull life of a fellow
who started out as a footman and
ended up as a hotelier as a lens
through which we view the changing place of women in 20th-century English society.
As usual with Mr. Ayckbourn, “A
Brief History of Women” arises
from an ingenious structural premise: All four scenes take place on
the ground floor of the same coun-
try house at 20-year intervals, the
first in 1925 and the last in 1985.
In the first scene, Anthony Spates
(played by Antony Eden), the only
character who appears throughout
the play, is a part-time servant to
the owners of Kirkbridge Manor,
an aristocratic couple who are on
the outs. In 1945 the manor has
been turned into a prep school
where Anthony teaches, contriving
to get himself fired for engaging in
hanky-panky with a colleague. By
1965 it’s become an arts center
that he runs—not very well, one
gathers, though he does find a
wife there—and in the last part,
the great house has been done
over as a hotel of which Anthony
is the part-time manager and
where he meets a 97-year-old
guest who once upon a time was
the unhappy lady of Kirkbridge
Manor.
Such is the stuff miniseries are
made of, but Mr. Ayckbourn doesn’t
think that way. Instead, he compresses each “episode” of his complex plot into a single scene that
plays out in something close to real
time, thereby intensifying its emotional impact. A few of the plot
lines are explicitly farce-flavored,
but shadows of melancholy are
rarely far from view, and the elegiac
reunion scene that ends the play
contains a brief speech so charged
with the truth of a lifetime’s experience that it took my breath away:
“Houses. They never forget you.
They always remember you.”
Mr. Eden grapples successfully
with an unusual acting challenge,
which is that Anthony is more a
person to whom things happen
than one who makes them happen
himself. We sympathize with him
as he struggles to make sense of
his little life, but it is the 19 other
characters with whom he interacts
throughout the 60-year span of “A
Brief History of Women” who
mainly hold our attention. These
latter roles are divvied up among
Russell Dixon (who has the funniest roles and makes the most of
them), Frances Marshall, Laura
Matthews, Laurence Pears and
Louise Shuttleworth, all of whom
shift from part to part with a magician’s skill. Mr. Ayckbourn’s direction, as always, is understated
and discreetly effective: “A Brief
History of Women” is an extremely
tricky play to stage, but you’d
never guess it from watching this
production.
Having reviewed 20 of Mr.
Ayckbourn’s plays in this space
since 2005, I’m inclined on first
viewing to think that “A Brief History of Women,” while beautifully
wrought and unexpectedly poignant, isn’t quite as memorable
as, say, “Absurd Person Singular,”
“The Norman Conquests,” “Private Fears in Public Places” or
“Time of My Life,” all of which I
rank among the very best English
plays of the postwar era. On the
other hand, I brought a guest who
had never seen any of Mr. Ayckbourn’s plays, and she found it
enthralling—as, I hasten to add,
did I. Either way, I commend “A
Brief History of Women” to your
attention: It’s by turns madly
funny and touching enough to
draw tears.
A Brief History of Women
59E59 Theaters, 59 E. 59th St.,
($70), 212-279-4200, closes May 27
Mr. Teachout, the Journal’s drama
critic, is the author, most recently,
of “Billy and Me.” Write to him at
tteachout@wsj.com
FILM REVIEW | By Joe Morgenstern
A SUMPTUOUS DRAMATIC HARVEST
red hair and a forward-looking
face—it isn’t the set of her chin
but the gleam in her eyes—she is
only a hired hand, brought in to
augment the workforce by
Hortense, the family’s matriarch.
(Hortense is played by the great
Nathalie Baye, whose daughter,
Laura Smet, plays Solange,
Hortense’s daughter.) Yet Francine
is the proto-modern woman of the
piece. She is far from the independence she yearns for, but well on
her way, despite encountering an
injustice that might wreck the life
of a less resilient woman. (The
cast includes Cyril Descours as
Georges, the sweet-spirited love of
Francine’s life.)
The director and his co-writers,
Frédérique Moreau and Marie-Julie
Maille, adapted the screenplay from
a novel by Ernest Pérochon. They
make room for the complications of
romance; for a scattering of Ameri-
MUSIC BOX FILMS (2)
PERIOD FILMS work hard to draw
us into their vanished worlds—authentic costumes and props, locations free of cellphone towers or
jet trails. In “The Guardians,” an
uncommonly beautiful drama by
Xavier Beauvois, work itself is a
strong part of the fascination.
The story unfolds at a measured
pace in France, during World War I,
on a family farm
where women are
the guardians of
the land and its
traditions, while
men are being
slaughtered in insane, incessant conflict. (A few soldiers come back
briefly on leave.)
What these women
do and how they do
it— breaking the
soil with horsedrawn wooden
plows, cutting and
baling wheat with
sickles, scythes and weathered
hands—is photographed by Caroline
Champetier as a series of vignettes
that might have been created by a
gifted painter centuries before.
That’s not the whole story, though.
The radiant center of the film, in
French with English subtitles, is a
young woman named Francine, who
is played by Iris Bry in a debut performance of remarkable purity.
From her first moments on
screen, Ms. Bry gives her character
a sense of purpose. An orphan
with quietly fierce determination,
Nathalie Baye and Cyril Descours, above, and Iris Bry, left, in Xavier Beauvois’s ‘The Guardians’
can soldiers in the area; and for the
onset of mechanization—a shiny
new McCormick baler and, after the
war, a Fordson tractor driven by
Solange—that will transform the
farm’s productivity. I’ve admired
Mr. Beauvois’s films before, espe-
cially his exquisite (and similarly
slow-paced) 2010 drama “Of Gods
and Men,” which was about eight
Christian monks menaced by Islamic terrorists in the Algeria of
the 1990s. “The Guardians,” though,
is special in a new way. Imagine de-
voting several years, as Mr. Beauvois did, to making a reflective, bucolic feature that is organized
around the themes of community
and evolving culture. It’s all too
subtle for words, but perfect for
moving pictures.
.
THE WALL STREET JOURNAL.
A12 | Wednesday, May 9, 2018
SPORTS
GOLF
Playing Through Back Pain
Tiger Woods takes ibuprofen as a form of preventive maintenance. Should casual golfers do the same?
BY BRIAN COSTA
IT WAS AS CASUAL as pulling
out a driver. As Tiger Woods stood
in the 10th tee box on the first day
of the Masters, he removed a
white bottle from his bag, poured
two white pills into his hand and
swallowed them.
“It’s called ibuprofen,” Woods
explained afterward. “My surgeon
says to take it all day.”
The mid-round medication has
become a form of preventive maintenance for Woods, who has said
he is feeling better lately than he
has in several years. And for him,
after four back surgeries, it appears to be working. His comeback
continues in this week’s Players
Championship.
But for weekend duffers with
back pain, this is one of the rare
things Woods does on the golf
course that some experts would
advise not to try to copy.
Ibuprofen, the anti-inflammatory drug found in over-the-counter pills such as Advil and Motrin,
has long been popular among athletes not merely to treat pain but
to ward it off. But several studies
have highlighted potential side effects including an increased risk of
heart attack or stroke, kidney and
gastrointestinal problems and even
lower male fertility.
Some doctors and academics argue that the widespread, casual
use of ibuprofen to pre-empt pain
is a problem to which most athletes are blind.
“Please don’t emulate this,” said
Robert Klapper, chief of orthopedic
surgery at Cedars-Sinai hospital in
Los Angeles and host of “The
Weekend Warrior” on ESPN Radio.
“You need to respect the pain, because what it’s telling you is to
stop.”
Woods, 42, is hardly the only
golfer to have taken ibuprofen or
related anti-inflammatory drugs
while on the course.
Fred Couples, the 1992 Masters
champion, has long played through
back pain. Now 58 years old, he
did so again during this year’s
Masters, where he finished tied for
38th place. Couples said he has
taken “all kinds” of pain relievers
for his back during rounds of golf
over the years, without elaborating, but has since soured on them.
“I lived on that stuff for a long
time, so I try not to take any of
it,” Couples said. “Just bear it
out—I won’t say ‘tough it out,’ because it’s not really being tough,
it’s just trying to swing—but I
don’t want to keep taking that
stuff. I don’t think it’s that good
for you.”
The body of research supporting that general idea has grown.
The U.S. Food and Drug Adminis-
The Yankees and Red Sox will
play a series in London in 2019.
BASEBALL
MLB
GOES TO
LONDON
MAJOR LEAGUE BASEBALL
will make its first foray into
Europe next season with the
biggest possible splash: by
showcasing the sport’s heavyweights.
The New York Yankees and
Boston Red Sox will play a pair
of games on June 29-30, 2019, at
London Stadium, the site of the
2012 Olympics, bringing baseball’s biggest rivalry to the
United Kingdom. MLB, which has
previously staged regular-season
contests in Puerto Rico, Mexico,
Japan and Australia, will return
to London for another series in
2020, with the participating
teams yet to be announced.
“In our ongoing efforts to
grow baseball, there is nothing
as impactful as bringing live
games and our talented players
to fans,” MLB commissioner
Rob Manfred said. “This is our
most significant endeavor ever
in Europe, and we look forward
to showcasing Major League
Baseball in one of the world’s
great cities.”
The NFL has had a foothold
in London for more than a decade, first playing there in
2007. It has returned every
year since, holding four games
there in 2017, in part with an
eye on putting a team in London on a full-time basis.
The Jacksonville Jaguars have
made London their second
home, playing a game there every year since 2013. Their owner,
Shad Khan, is currently bidding
to buy Wembley Stadium, which
would deepen the ties between
the NFL and London.
This is a major coup demonstrating, once again, that London is the sporting capital of
the world and I am excited
about a new partnership with
MLB and the long term future
of this sport in our great city,”
London Mayor Sadiq Khan said.
GETTY IMAGES (2)
BY JARED DIAMOND
Tiger Woods plays a tee shot during the final round of the 2018 Wells Fargo Championship at Quail Hollow.
tration in 2015 strengthened an
existing warning about heart attack and stroke risks from the use
of nonsteroidal anti-inflammatory
drugs, including ibuprofen.
David Nieman, a health and exercise science professor at Appalachian State University, conducted a
2006 study of ibuprofen use
among ultramarathoners, who
compete in races longer than standard 26.2-mile marathons. It found
that runners who pre-emptively
took ibuprofen not only had mild
kidney impairment—they also reported no less soreness afterward
than non-users.
In a new study this year, looking at cyclists, Nieman found that
eating bananas may be an equally
effective and safer alternative. The
study found that banana metabolites perform comparably to ibuprofen in reducing inflammation
and supporting the immune system during intense exercise.
“I don’t see any performance
advantage in ibuprofen,” he said.
“There’s just too many things
wrong with it to just be casually
recommending people to take it.”
There is hardly universal agreement. Some well-regarded back
surgeons and pain specialists con-
tinue to recommend ibuprofen as a
preventive measure for people
who either have had surgery or
suffer from chronic back pain.
Alfred Ogden, a neurosurgeon at
the Spine Center at Columbia University Medical Center, said antiinflammatories are especially useful in golf, which puts significant
stress on the spine.
‘Please don’t emulate
this,’ one surgeon says,
though others argue it is
perfectly sensible.
When asked about the potential
side effects, Ogden said, “None of
these things are surprising. Like
any medicine, they have ill effects.
Having said that, most people tolerate them pretty well. They’re effective. And those risks can be
mitigated by not taking them continuously.”
Thomas Buchheit, chief of pain
medicine at Duke University Medical Center, said he prefers that patients do not take anti-inflamma-
tories “all day,” as Woods said he
was told to do. But for a golfer
who knows that he or she is likely
to have a flare-up by the time
they’re on the back nine, he said
taking one before or during a
round is reasonable.
“It’s probably safer than being
on an opioid,” Buchheit said.
Woods would know. After his
DUI arrest last year, he was found
to have two opioid painkillers in
his system, among three other
drugs. He later checked himself
into rehab for issues related to his
use of prescription medications.
The potential risk-reward calculation is also different for him
than it is for just about everyone
else. The average recreational
golfer isn’t taking ibuprofen to extend one of the greatest careers
in the history of sports. Many
people coming off back surgery
aren’t even trying to play two
days in a row, let alone two weeks
in a row, as Woods is set to do
this week.
“It’s blasphemous to say this,”
said Klapper, the Los Angeles surgeon, “but do we treat in America
an elite athlete differently than a
weekend warrior? I’d love to say
that we don’t, but we do.”
The WSJ Daily Crossword | Edited by Mike Shenk
Weather
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
50s
60s
50s
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ancouver
Vancouver
d
Edmonton
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Winnipeg
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Helena
l
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g
Eugene
<0
40s
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Billings
i
Boise
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t
Toronto
Pierre
30s
Montreal
Ottawa
60s
A bany
Albany
b
A
g t
Augusta
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Boston
t
Mpls./St.
p s / . Paul
Buffalo
ff l 70s Hartford
80s
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k
Milwaukee
Detroit
t
Sioux
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ew Y
New
Yorkk
Cleveland
Clevel
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Chicago
Chica
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60s
Des
es Moines
80s
Salt
lt Lake
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Cit
C y
City
Philadelphia
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h d lph
hi
Reno
Ch
Cheyenne
60s
Pit
b
g
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Pittsburgh
Omaha
h
Indianapolis
di p
Sacramento
Kansas
60s Denver 80s
Washington
D.C.
h
hi
g
gton
on
D.C
D
C
Charleston
Charles
n Francisco
San
City
p
d
Springfield
Las
To
p k
Topeka
Colorado
Colorad
C
l d
Richmond
h
d
Louisville
90s
V
e
Vegas
St.. Lou
Louis
Springs
p
80s
l igh
h
Raleigh
hit
Wichita
70s
90s
Santaa FFe
Angeles
Los A
Ange
l
Nashville
h ill
Ch
Charlotte
p
Memphis
90s Memphi
C
b
Columbia
Albuquerque
Alb
q q
Phoenix
Ph
City
Oklahoma
klahoma
Cit
C
y
100s
Warm
San Diego
Atl
t
Atlanta
LLittlee Rockk
Tucson
Tuc
Birmingham
i h
Dallas
D
ll
Jackson
Jack
80s
Ft. Worth
El Paso
Cold
100s
30s
40s 70s
50s 60s
70s 80s
Anchorage
A h g
Austin
A
ti
100s
t
Houston
90s
ew Orleans
New
San
an Antonio
A t i
Orlando
l d
35
International
City
Amsterdam
Athens
Baghdad
Bangkok
Beijing
Berlin
Brussels
Buenos Aires
Dubai
Dublin
Edinburgh
Hi
74
78
87
93
83
79
75
73
108
52
57
Today
Tomorrow
Lo W Hi Lo W
50 pc 59 45 pc
63 pc 78 63 t
66 s
88 68 s
79 t
92 79 t
59 s
85 59 pc
60 t
79 51 t
48 pc 61 43 pc
64 c
68 60 r
89 s 105 81 s
40 r
57 44 c
43 r
57 40 pc
10
28
11
12
13
16
19
22
24
29
25
26
30
31
33
36
34
37
38
40
41
43
44
46
45
47
48
54
9
18
39
Rain
8
21
42
T-storms
7
23
27
55
49
50
51
56
52
53
57
Snow
58
59
60
Miami
Showers
Flurries
61
62
63
City
Frankfurt
Geneva
Havana
Hong Kong
Istanbul
Jakarta
Jerusalem
Johannesburg
London
Madrid
Manila
Melbourne
Mexico City
Milan
Moscow
Mumbai
Paris
Rio de Janeiro
Riyadh
Rome
San Juan
Seoul
Shanghai
Singapore
Sydney
Taipei City
Tokyo
Toronto
Vancouver
Warsaw
Zurich
Today
Hi Lo W
79 56 t
71 52 t
85 70 pc
81 75 c
70 59 sh
93 75 pc
71 55 s
74 48 s
67 46 pc
78 55 pc
96 81 pc
66 47 pc
75 51 pc
72 58 t
63 40 pc
93 79 pc
73 48 pc
79 69 pc
100 73 pc
71 58 pc
86 75 pc
70 49 s
73 59 s
92 80 t
78 60 s
79 69 pc
60 52 r
73 59 pc
62 47 sh
82 57 s
74 51 t
Tomorrow
Hi Lo W
64 47 t
60 48 t
86 69 t
82 77 t
70 59 t
91 76 pc
83 64 pc
75 50 s
62 45 pc
76 51 pc
95 80 t
54 45 t
77 53 pc
79 60 t
59 38 s
94 81 pc
63 43 c
81 67 s
97 75 s
71 56 pc
86 75 s
71 50 pc
73 62 pc
91 79 t
76 50 pc
82 71 pc
63 55 sh
67 38 pc
59 45 pc
82 58 t
60 47 t
FIRST THINGS | By John Guzzetta
Across
1 Gristmill turner•
6 Bond bit
10 HVAC measures
14 Amazon woman?
15 Lunar plain
16 “Heavens!”
17 New burst of
energy (after
7-Down)
19 Maggie’s big
sister
20 Mischievous
chuckle
21 Wombat’s cousin
22 ___-de-lance
23 Self-indulgent
sulk•
24 Danny’s gang in
“Grease”
27 “It’s just a
scratch!”
30 Unwrap
impatiently
32 Where the
Lumière brothers
invented the
cinematograph
33 Der ___
(Adenauer
nickname)
34 Programming
language named
for the first
programmer
35 Short notes?
36 Awards for Best
Play, etc.
38 Angelina’s “Mr.
& Mrs. Smith”
co-star
39 Mortgage abbr.
40 Free will negator
41 Cigar ender
42 Didn’t decide
44 It’s spun in a
Tibetan
monastery•
46 Hefty dairy
buy•
47 Match
48 Roll in the
pocket
49 Silk substitute
51 Presenter at
a shareholder
mtg.
54 Ravages of time
56 Unnecessary
tagalong (after
1-Across,
44-Across,
46-Across and
37-Down)
58 “___ well...”
59 About
60 Wasn’t well
61 Stir up
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Today
Tomorrow
City
Hi Lo W Hi Lo W
Anchorage
55 46 c
54 43 sh
Atlanta
84 64 s
87 66 s
Austin
87 59 pc 87 62 pc
Baltimore
78 53 s
81 58 pc
Boise
81 49 pc 71 42 pc
Boston
63 47 pc 65 54 pc
Burlington
80 56 s
73 41 sh
Charlotte
82 61 s
89 61 s
Chicago
73 57 t
71 46 pc
Cleveland
81 63 pc 71 45 sh
Dallas
89 65 pc 88 66 s
Denver
80 53 pc 86 54 s
Detroit
80 59 pc 74 45 pc
Honolulu
83 72 pc 84 72 sh
Houston
89 66 pc 87 69 pc
Indianapolis
78 61 pc 79 59 pc
Kansas City
88 63 pc 87 68 pc
Las Vegas
103 78 s
99 74 s
Little Rock
90 64 pc 90 66 pc
Los Angeles
80 60 pc 77 59 pc
Miami
84 72 pc 83 73 c
Milwaukee
69 54 t
64 41 pc
Minneapolis
70 51 sh 65 48 pc
Nashville
84 67 pc 87 64 t
New Orleans
89 64 pc 89 67 s
New York City
74 56 s
72 58 pc
Oklahoma City
90 66 s
85 68 s
6
15
20
32
Ice
Today
Tomorrow
City
Hi Lo W Hi Lo W
Omaha
82 57 pc 88 64 pc
Orlando
88 65 s
89 65 pc
Philadelphia
78 54 s
79 58 pc
Phoenix
104 76 s 106 76 s
Pittsburgh
80 63 pc 73 50 sh
Portland, Maine 63 43 pc 59 47 pc
Portland, Ore.
68 51 c
62 48 c
Sacramento
81 51 s
83 57 pc
St. Louis
87 64 t
87 68 pc
Salt Lake City
86 61 pc 78 54 pc
San Francisco
66 54 pc 68 52 pc
Santa Fe
87 50 pc 88 52 s
Seattle
65 50 sh 59 48 c
Sioux Falls
76 48 pc 66 50 r
Wash., D.C.
79 59 s
83 61 pc
5
Stationary
60s
U.S. Forecasts
4
Tampa
90s
Honolulu
3
17
70s
90s
Jacksonville
bil
Mobile
2
80s
100+
90s
90s
90s
60s
1
14
62 Clash causers
63 Competes with
the cacophony
Down
1 Loads of
housework
2 On the calm side
3 Rescuer of crash
victims
4 Start for sphere
or skeleton
5 First female
member of
Congress
Jeannette
6 Direct sales
giant
7 It helps a plane
arrive early•
8 In baroque style
9 Kind of school
10 Ravel piece
11 Neither
Republican nor
Democrat (after
23-Across and
54-Down)
12 Conversation
fillers
13 Wave blocker•
18 Act the loving
grandparent
22 Network
protector•
23 Alley targets
25 Echolocation
users
26 Quiet and
somewhat dull
27 Homer work
28 Lacking
foresight
29 Thing broken
by Deadpool
(after 13-Down,
22-Down and
51-Down)
30 Not live
31 “The Good Fight”
writer
36 They help
elephants stay
cool
37 Both hands
should be on it•
38 Thoroughly
exhausted
40 Flow into
43 Slow-moving
car
44 Pal of Piglet
45 Plane path
47 Memory units
50 Hendrix style
51 It keeps the
cytoplasm in•
52 Intuit
53 Ransom of
vehicles
54 Group of raiders•
55 Yale Bowl rooter
56 “Bah!”
57 Rush
Previous Puzzle’s Solution
T
B
S
P
H
O
E
S
T
H
I
N
R
A
G
U
E
X
I
T
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I
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N
S
S
A
A
B
S
T
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A
I
N
A
T
A
L
L
F T
E R
Z U R
E E
T R A
O
R I D
O R E
O N
U N T
F F I
O I S
S T
T R
S Y
S
H
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S
K
I
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I
A
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C I F I
A D O N
L O O T
T E
D I N G
A V O R
Y E T I
S E T
P
S Y
E S
G L O C
A D O
C K E R
D E
D
C S
S
C
H
I
S L
L I
Y
C
T L
R I
E P
K S
H
L O
OW
O S
R
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C
A
P
T
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R
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A
P
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N
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A
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A
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L
D
.
THE WALL STREET JOURNAL.
Wednesday, May 9, 2018 | A13
* *
OPINION
Why N.Y. Pols Aren’t World Class
Rear Adm.
George Tarrant: “Where
do we get
such men?
They leave
this ship and
BUSINESS
they do their
WORLD
job.
Then
By Holman W.
they
must
Jenkins, Jr.
find
this
speck
lost
somewhere on the sea. When
they find it they have to land
on its pitching deck. Where do
we get such men?”
Man
on
loudspeaker:
“Launch jets!”
—From the final scene in
the 1954 movie “The Bridges
at Toko-Ri”
Admittedly it’s only from a
deeply perverse sense of irony
that this quote, from a movie
about World War II veterans
giving up their burgeoning civilian lives to fight the Korean
War, often has come back to
me while watching the career
of New York state’s Attorney
General Eric Schneiderman.
Politicians, by definition,
spend their careers claiming
to be motivated by the higher
good, not personal ambition.
They are professional liars in
this sense. We forgive them.
We understand why it must be
so. But even by today’s lax
standards, Mr. Schneiderman
was prolific.
Where do we get such men?
His office pumped out two
or three press releases into
my inbox every day, highlighting his use of his law-enforcement powers to confront individuals or businesses that
mainly were on the wrong side
of some prevailing Manhattan
political correctness.
Facebook, fuel-economy
standards, the Russia investigation, Harvey Weinstein, anything involving EPA Administrator Scott Pruitt—there was
no subject in the news that
was so far afield from the concerns of New York law that
Mr. Schneiderman couldn’t
justify rushing out a statement or preferably announcing some sort of pseudo-action (often in the form of
“filing comments” if not an
actual lawsuit).
“A.G. Schneiderman To
Trump Administration: Don’t
Drill On Our Coast,” went one
recent press announcement,
not even bothering to state a
basis in New York law for the
attorney general’s interest in
the matter.
His short-lived case against
Exxon was a fabulous example
of his method: Adopt the
views of Manhattan liberals
who are ornamentally passionate about a subject that
they bother to know nothing
about, in this case the uncertainties inherent in climate
predictions.
File a lawsuit and then discover, by opening the first
page of any report of the Intergovernmental Panel on Climate Change, that Exxon was
right: Climate prediction is replete with uncertainties.
If Donald Trump was sent
to make our existing political
class look good by comparison,
he’s failing. His flogging of the
birther conspiracy, in retrospect, now appears merely
opportunistic, dishonest and
campy in comparison to the
Democrats’ opportunistic, dishonest and malignant flogging
of the Russia conspiracy
theory.
Abuses of law as instruments of partisan politics first
became a stock in trade of
state attorneys general 20
years ago, and nowhere more
Too much conformity
makes it easy for the
Empire State’s fakers
and role players.
enthusiastically than in New
York. Mr. Schneiderman’s efforts to ride the Russia express, though unavailing, have
included promoting a constitutionally dubious proposal to
repeal double jeopardy in New
York so the state can prosecute people who receive presidential pardons.
As with his predecessor Eliot Spitzer, the interesting
question about Mr. Schneiderman quickly became: How will
the great American experiment in self-governance, in order to remain great, bring his
cynical, demagogic career to
an end? Mr. Spitzer got as far
as the governor’s office before
succumbing to a prostitution
scandal. Mr. Schneiderman resigned Monday after allegations published in the New
Yorker magazine that he had
hit, choked and threatened
women he dated.
The New York Times noted
with understatement: “Mr.
Schneiderman was widely seen
as harboring ambitions to be
governor.” No kidding. Lachrymosely the Times editorial
page added that he would now
join a “sorry list of once-rising
stars in New York’s Democratic Party whose careers imploded amid allegations of
personal misconduct, including former Gov. Eliot Spitzer
and former Congressman Anthony Weiner.”
Unmentioned is how New
York’s one-note political culture brings exactly this result
on itself. There are no complexities, no ambiguities, no
conflicting views to consider
or conciliate. Just adopt the
catechism and go. This is the
formula for a career in New
York politics. As the paper’s
editorial page demonstrates
on a daily basis, hardly is
there even a limit on the
amount of self-righteousness
that will be tolerated as long
as you internalize the correct
checklist of things to be selfrighteous about.
It’s an environment abnormally conducive to persons
who lack real political instincts, talents and convictions, who make their way by
being more loudly conformist
than the next guy. Mr. Schneiderman tweeted Monday that,
while he never assaulted anyone, “in the privacy of intimate relationships, I have engaged in role-playing.” Where
do we get such men? Their
role-playing, paint-by-numbers political careers are a
product of New York’s warped
one-party politics.
Trump Needs to Learn How to Trust
President
Trump,
it
seems, knows
the price of
everything
and the value
POLITICS of nothing.
Earlier
this
& IDEAS
year
he
By William
claimed that
A. Galston
the U.S. gets
“practically
nothing” from the $1.2 billion it
spends annually to keep 28,500
troops in South Korea. He forgets, or perhaps he never knew,
that the U.S. waged an expensive and bloody struggle to restore the status quo ante after
Kim Il Sung’s invasion of the
south. American troops in
South Korea have maintained
peace and stability ever
since—65 years and counting.
Compared with the costs of
war, it’s a bargain.
Mr. Trump also seems not
to know that the Obama administration he despises as
weak engaged in tough negotiations with the South Korean
government that led to a substantial increase in its contribution to the annual cost of
preserving the U.S. military
presence. Seoul now pays
about half, and it also agreed
to finance nearly $11 billion in
military-related infrastructure
improvements.
Perhaps the president’s real
point is that tranquility on the
Korean Peninsula is a charitable contribution of no value to
the U.S. If so, he’s wrong:
America’s protective umbrella
over South Korea is a vital part
of a network of alliances built
to preserve American economic interests and diplomatic
standing throughout East Asia.
I doubt that even Mr. Trump
would assign these interests a
value of zero on Washington’s
balance sheet.
Behind the president’s enthusiastic acceptance of Kim
Jong Un’s invitation to meet is
his hope for a diplomatic coup,
in the form of a formal treaty
denuclearizing North Korea,
ending the Korean War, and establishing regular relations
among all parties in the region.
Here again there is a gap between means and ends. What
can serve as the guarantor of
such a treaty if not U.S. forces?
Despite decades of fulminations against the U.S., even
Pyongyang understands the
role of American troops as a
regional stabilizer. The obvious
alternative—a fully rearmed
Japan—awakens unpleasant
memories on both sides of the
38th parallel.
Mr. Trump’s myopic focus
on the modest cost of America’s overseas troop deployment is linked to a larger error—his excessive emphasis
on bilateral trade deficits.
South Korea, he insists, is
making a fortune by running a
large trade surplus. Not so: In
2017, South Korea enjoyed a
$23 billion surplus with the
U.S. in goods but an $11 billion
deficit in services, for a modest $12 billion advantage. This
amounts to less than 1% of
South Korea’s gross domestic
product—and less than 0.1% of
America’s. South Korea is
hardly getting rich at U.S. expense, and its effect on the
American economy is barely
measurable. Besides, few
economists believe that bilateral trade balances are the
right measure of relative gains
from trade.
America needs allies,
and international
relations aren’t a
zero-sum game.
The Trump administration’s National Security Strategy states that China is challenging the U.S. in an effort to
erode its security and prosperity. This is a reasonable
assessment that many China
experts are coming to share.
But the U.S. cannot counter
this threat by itself. To be
strong, America need allies,
and having allies means treating them as friends, not business competitors. Harsh language and hard bargaining
send the signal that the U.S.
regards relations with its allies as zero-sum: If they gain,
we lose.
Missing from President
Trump’s view of the world is a
conception of mutually beneficial cooperation among actors
with overlapping goals and
values. Yes, there is always an
element of competition in such
relationships as different parties strive to maximize their
share of the benefits from cooperation. But what they have
in common limits this competition. It should also restrain
any party from pushing its interests to the hilt, because at
some point the other parties
will wonder whether they
would be better off without
the constraints of the cooperative framework.
Economists have come to
understand the value of trust
in human affairs. Trust enhances cooperation by reducing transaction costs and the
price of achieving the requisite level of assurance that
agreements will be kept once
made. But as far as I can tell,
with the exception of his immediate family, President
Trump trusts no one. This is
why he demands pledges of
loyalty from his subordinates.
But in the end he can’t trust
even these pledges, because
his zero-sum worldview leads
him to believe that anyone
will betray him if the price is
right.
Well-structured alliances
strengthen the U.S. Maintaining these alliances requires a
degree of mutual trust and
reciprocal loyalty. Unless
President Trump can summon
and project these sentiments,
America First will turn into
America Alone, at great cost
to the objectives all Americans want their government
to pursue.
Start Cutting Spending—and Don’t Stop
By Mark Walker
W
ashington is more broken even than the politicians are willing to
admit. Case in point: When
President Trump submitted his
rescissions package Tuesday, its
passage in the Senate was still
in doubt.
The rescissions package is
the epilogue to March’s
spending saga, when Mr.
Trump threatened to veto the
congressional omnibus and
pledged never to sign such a
bill again. Now after the omnibus increased annual discretionary spending by $137 billion, Mr. Trump has proposed
to claw back $15.4 billion in
waste.
Rescissions aren’t merely a
Republican political maneuver against Democrats. President Clinton used the process
166 times to save more than
$3.5 billion. While effective,
the most recent package sent
by President Trump is especially innocuous, politically
speaking, clawing back unneeded, unspent funds, some
of which were appropriated
as far back as 1993.
But some powerful lawmakers have warned against rescission. One of the first was
Mr. McConnell, who told Fox
News that rescission would
jeopardize future budget negotiations with Democrats: “You
can’t make an agreement one
month and say, ‘OK, we really
didn’t mean it.’ ”
Mitch McConnell
should drop his threat
to block rescissions
affecting the omnibus.
Mr. McConnell said Tuesday
that he’d consider bringing the
president’s initial package to
the floor, since it doesn’t affect
any of the omnibus spending.
Still, it’s unclear why a Republican would fight to preserve the
dysfunctional process that led
to the disastrous omnibus. Voters continuously remind us that
Republicans should be doing
everything possible to change
the broken process.
The reality is that Republicans gave their word to the
American people to rein in outof-control spending. Apparently some Republicans prioritize promises to Democrats in
backroom deals over promises
to the American people.
In any case, it is disingenuous to insinuate congressional
Republicans or Mr. Trump are
trying to pull a fast one with
any rescissions package. A
Democrat-controlled Congress
created the expedited process
for rescissions in 1974, which
bypasses the filibuster by requiring a simple majority.
It is also worthwhile to reflect on how Congress arrived
in this position in the first
place. Last September, the
House performed its constitutional duty and passed all the
appropriations bills required
to fund fully the federal government. We sent those bills
to the Senate before the beginning of the fiscal year—
and Mr. McConnell sat on
them. This decision held vital
national-security funding hostage, and teed up the backroom process that led to the
2,232-page omnibus, which
passed less than two days after being made public.
Loaded into the whole debate about rescissions is the
notion that Congress has its
hands tied. Nobody can accuse
the Founding Fathers of being
unclear on Congress’s power of
the purse. In recent years, it has
become commonplace for members to complain about legislative items and throw up their
hands in frustration. If a law
needs to be changed or spending levels need to be changed,
Congress can do that at any
time by its own prerogative.
The package Mr. Trump
sent yesterday is good, and his
base should be encouraged in
this moment of fiscal restraint.
Hopefully, the package is the
first of many. Now, Congress
has to do its job.
Mr. Walker is chairman of
the Republican Study Committee. He represents North Carolina’s Sixth District.
BOOKSHELF | By Martin Peretz
Of Persons
And Peoples
Rooted Cosmopolitans
By James Loeffler
(Yale, 362 pages, $32.50)
F
or some 70 years, the words “human rights” have been
talismanic—a shorthand for the elusive modern dream,
that of universal recognition of the rights of persons and
minorities, rights that precede and transcend politics. But like
most talismans, its real meaning is obscured by constant use:
“Human rights” has also become a collection of attitudes and
sociological signifiers, a vague term to be dismissed by realists
and swooned over by idealists. James Loeffler’s book “Rooted
Cosmopolitans” is a bracing and nuanced attempt to correct
this—to restore a grave, complex, powerful idea by tracing it to
the people, most of them Jews, who argued it into existence.
The subject is both clear and impossibly complicated. From
1880 to 1950, peoples and individuals across the world mixed at
a density and magnitude unprecedented in human history. In
the face of this mixing and its disruptions, philosophies
developed that rejected any concept of essential human
equality; that mandated racial
and economic differences as the
determinative human distinctions; and that, when such
distinctions were applied to real
politics, killed millions. In the face
of this slaughter, an answer to the
question of why people have rights
simply by virtue of being people,
and how to secure those rights in
practice, was desperately needed.
But the philosophical questions
underlying the question—how to
define those who conceived of
themselves as both individuals and
parts of groups, and what legal and
political designations these philosophical
definitions might mandate—did not by their
nature have singular answers.
That many of the competing answers were offered by Jews
isn’t a coincidence. Sharing no state dedicated to their
interests, spread from Russia to Germany to Morocco to
America (and to China and Argentina), Jews were joined across
distances but internally distinct like no other people. Their
shared goal was to save their people, but their solutions were
shaped by the specificity of their contexts.
Yiddish Jews were one recognized minority group in the
ethnic hodgepodge of the Austro-Hungarian and Russian
empires, and the only group whose status wasn’t consonant
with a piece of land. Their philosophy defined “people” as
individuals who were also bounded by group membership.
They therefore saw a world of peoples, equal yet incommensurable, that would mix and separate—organized into states
coextensive with their heritage; committed to protecting
minorities living in the state as their own minorities would be
protected abroad; and presided over by an international body
to whom grievances could be addressed. One of these states
would be Israel, a homeland for Jews in territory sanctified for
them by heritage and history.
It is no surprise that 20th-century Jews, who
until the creation of Israel had no state dedicated
to their interests, were the fathers of human rights.
Western Jews lived in capitalist democracies defined by
immigration, assimilation and mobility of labor. To them, the
world was made up of individuals organized into states
gathered in an international community, in which global
organizations worked with powerful states to regulate a more
peaceful world. Ethnic, racial, religious, national or regional
groups seemed like handy organizing principles through which
the individual might find meaning, but irrelevant and dangerously exclusionary at the level of philosophy or politics.
The contest between these two philosophies happened over
two world wars and two postwar peaces. Mr. Loeffler, who
teaches history and Jewish studies at the University of
Virginia, is wonderfully alive to the contest’s complexity as
well as to the inventiveness of the contestants, including Jacob
Blaustein, oilman turned founder of the American Jewish
Committee; Maurice Perlzweig, founder of the World Jewish
Congress; Hersch Lauterpacht, Polish-born judge at the
Nuremberg Trials; Jacob Robinson, Lithuanian-born cofounder of the Institute for Jewish Affairs; and Peter
Benenson, British founder of Amnesty International. These
were highly educated, ambitious outsiders riding a sea of
currents and undertows, from the League of Nations to the
United Nations. Each was a passionate, sometimes vindictive
mix of beliefs that changed with circumstances.
These circumstances were raw systems of power that
decided the global order. Britain and then America and the
U.S.S.R. set the terms, and they looked askance at the Yiddish
idea of “peoples” for philosophical reasons as well as practical
ones. Britain wanted its colonies, America wanted to ignore its
“black” problem, the Soviets were against allowing any ethnic
distinctions, and the principle of self-determination for peoples
mandated against these preferences.
There was also bad history behind the decisions. Thanks to
Woodrow Wilson, the League of Nations enshrined the idea of
minority protections, but the League of Nations failed, and the
United Nations responded to this failure by eliding distinctions
between peoples rather than addressing them. Over time,
elision became neglect: Partial articulations of a world of
peoples were conflated with the very toxic particularism they
had been created to realistically combat.
Israel embodies the elision. A state of individuals that’s a
product of the world of peoples, it’s a pluralistic place often
condemned as an “identitarian” throwback because it’s a home
for the Jews. Mr. Loeffler diligently traces this widening fracture
point. He describes Hannah Arendt’s “citizen of the world” (“I
have never in my life ‘loved’ any people or collective”), the
dominant vision when it comes to cultural capital and global
power, universal yet somehow exclusionary. For the people who
lived it, a world of peoples was a brute reality and a realistic
ideal: As the novelist Herbert Gold said of Yiddish Jews
persecuted by ethnicity-averse Soviets, “They just want to go.
They see themselves as Jews and Israelis, detained in exile.”
Mr. Loeffler puts himself not on one side or the other of the
divide. What he puts himself against is elision. The question of
what rights humans should have based on their humanity is a
question of philosophy, of the way people are and how we
describe them, and so it should never be not contested. When
we stop debating and arguing, we lose the language to account
for visceral human realities and needs. That’s a dangerous
place to be in, and we may already be there.
Mr. Peretz was from 1974 through 2011 the editor in chief
of the New Republic.
.
A14 | Wednesday, May 9, 2018
* *
THE WALL STREET JOURNAL.
OPINION
P
REVIEW & OUTLOOK
LETTERS TO THE EDITOR
After Obama’s Iran Deal
Feelings Are Fine, But a Consensus Is Divine
resident Trump on Tuesday withdrew case, U.S. officials physically removed sensitive
the U.S. from the Iran nuclear deal, nuclear-weapons documents, uranium and
rightly calling it “defective at its core.” equipment from Libya.
Yet he also offered Iran a
Yet Britain, France and GerTrump can exit because many waved away Israel’s inchance to negotiate a better
deal if it truly doesn’t want a
and European
Obama never built U.S. telligence,
nuclear weapon. Mr. Trump’s
Union chief Federica Moghsupport for the pact.
challenge now is to build a
erini said the evidence doesn’t
strategy and alliances to con“put in question Iran’s complitain Iran until it accepts the
ance” with the nuclear deal.
crucial constraints that Barack Obama refused The Europeans may think they can maintain
to impose.
commercial dealings with Iran and wait out Mr.
The Obama Administration spent years ne- Trump through the 2020 election.
gotiating a lopsided pact that gave Tehran $100
This is risky because Mr. Trump said in the
billion of sanctions relief and a chance to revive next 90 to 180 days the U.S. will reimpose “the
its nuclear-weapons program after a 15-year highest level of economic sanction” on Iran’s
waiting period. Instead of cutting off “all of energy and automotive industries, ports, shipIran’s pathways to a bomb” as Mr. Obama building and more. The sanctions will cut Iran
claimed, the deal delayed the country’s entry off from the global financial system even as the
into the nuclear club and gave the mullahs cash regime faces labor strikes and political protests
to fund their Middle East adventurism.
amid a struggling economy. The country may
i
i
i
find fewer buyers for its oil exports, and the rial
Mr. Trump outlined a more realistic strat- has plunged.
egy in October, promising to work with allies
Iran may try to drive a wedge between the
to close the deal’s loopholes, address Tehran’s U.S. and Europe to keep euros flowing to Tehmissile and weapons proliferation, and “deny ran. But the U.S. has leverage. As Mr. Trump
the regime all paths to a nuclear weapon.” An said Tuesday, “Any nation that helps Iran in its
Iranian nuke would be a modest problem if quest for nuclear weapons could also be
Iran were a democracy. But the Islamic Re- strongly sanctioned by the United States.” Atpublic is no India and has a four-decade his- tempting to isolate the U.S. could present Eurotory of oppressing its own people, taking for- pean companies with an eventual choice of doeign hostages and threatening neighbors with ing business with the U.S. or Iran. The smarter
extinction.
play is for Europe to persuade Iran that to mainState Department policy chief Brian Hook tain commerce with the world it should renegospent months shuttling between European capi- tiate the pact.
i
i
i
tals to get an agreement to strengthen inspecMr. Obama issued his own broadside Tuestions of suspected nuclear sites, stop Iran from
developing ballistic missiles and eliminate the day against withdrawal, but then he made it
deal’s sunset provisions. Deal signatories China easier for Mr. Trump by never winning domesand Russia don’t share U.S. strategic goals in tic support for the deal. He refused to submit
the Mideast, but the Trump Administration’s it for Senate approval as a treaty, which would
reasonable presumption is that Britain, France have had the force of law. Mr. Trump is walking
away from Mr. Obama’s personal commitment
and Germany do.
Mr. Trump’s case for fixing the deal was bol- to Iran, not an American commitment.
But this is also a warning to Mr. Trump that
stered last week when Israeli Prime Minister
Benjamin Netanyahu revealed intelligence that his Administration has more work to do to exeIran repeatedly lied to U.N. weapons inspectors cute his Iran strategy. This means building biabout past nuclear activity. As Mr. Trump noted partisan support in Congress for sanctions; diTuesday, Tehran doesn’t allow inspectors ac- plomacy to deter Iran’s adventures in Syria and
cess to many military sites. Mr. Netanyahu also elsewhere in the Middle East; and more diplorevealed that Iran hid an extensive nuclear ar- macy with Europe to fix the nuclear deal’s fatal
chive, which would still be secret if not for Is- weaknesses.
Perhaps the best part of Mr. Trump’s remarks
raeli intelligence.
Regimes that have peaceful intentions don’t came at the end when he spoke to “the long-sufbehave this way. When South Africa decided to fering people of Iran.” He said “the people of
denuclearize in the early 1990s, President F.W. America stand with you” and made the offer of
de Klerk ordered the destruction of all sensitive better relations and a more prosperous future if
technical and policy documents and gave U.N. their leaders will shed their destructive nuclear
inspectors “anytime, anywhere” access to in- and imperial dreams. Political change in Tehran
spect nuclear facilities. In Moammar Gadhafi’s remains the best hope for a non-nuclear Iran.
I
Opportunity Knocks
t seems only yesterday the press was writ- craftsmen. But the greatest job growth in March
ing that in the near future many people came in business services, with 193,000 openwould have to seek jobs as software coders. ings. Many of these employers are looking for
Not to knock coding, but how
people with presentation skills
Job openings nearly
much more interesting a stronor the ability to navigate a
ger economy looks today.
matched the number of spreadsheet.
The Labor Department said
Increasingly, employers say
job seekers in March. that if a person is halfway preTuesday that the U.S. economy
has arrived at this remarkable
sentable, they will provide the
juncture: There were 6.59 miltraining, though that is expenlion unemployed Americans in March, and the sive. Ultimately, these skills deficiencies reflect
number of jobs waiting to be filled that month poorly on America’s schools, which often fail to
was 6.55 million. That is, there are almost as graduate students who can read or write.
many job openings as job seekers, a near match
The good news is the dynamism reflected in
not seen for many years.
the Labor report. Restaurants are looking for
The reality is more complicated but still en- workers in part because their employees are
couraging. A primary reason for unfilled jobs re- leaving for better jobs. Unemployment among
mains the problem of people with deficient or low-skilled workers is at historic lows. The curinappropriate skills. We know about the manu- rent economy is creating that most basic need:
facturers who need welders and other skilled opportunity.
E
‘I Am the Law’
ric Schneiderman’s fall from power as the law.” She adds that “if there is a sentence
New York Attorney General was so swift that sums him up, it’s that.”
on Monday evening that it’s tempting to
The same applies to Mr. Schneiderman as atbid good riddance and move
torney general, though his
Schneiderman was
on. But in resigning amid comchoice of targets typically
pelling and detailed accounts
pleased his progressive allies.
abusive in his public
in the New Yorker that he
He sat on potentially exculpaand private conduct.
abused four women, sometory evidence in his civil case
times violently, Mr. Schneideragainst Hank Greenberg, the
man said in a statement that,
former AIG CEO. Mr. Green“While these allegations are unrelated to my berg eventually settled on terms far easier than
professional conduct or the operations of the he had offered 12 years earlier.
office, they will effectively prevent me from
Mr. Schneiderman has been using the abuleading the office’s work at this time. I therefore sive Martin Act, which requires no proof of inresign my office.”
tent in civil cases, to prosecute Exxon and shut
Mr. Schneiderman surely would have been off donations to dissenters on climate change.
forced to resign if he hadn’t done so within He has sought to expose the donors of conserhours of the article’s publication. But he is vative nonprofits. He harassed four private
wrong that his private acts are unrelated to the charities to distribute money for Hurricane
way he conducted his office. In both his private Sandy relief that he then took political credit
and public life, he showed his willingness to for. Last month he even asked New York lawabuse his power.
makers to change state law so he could ignore
In private life, he did so by slapping and the American legal standard against double
choking women, according to their accounts. jeopardy and prosecute people pardoned by
Two of them bravely went on the record by President Trump.
name. Mr. Schneiderman said he “strongly”
Mr. Schneiderman’s “professional” targets
contests their claims, but in a statement to may be less sympathetic than the women he
the New Yorker before he resigned he con- abused, but the ability to prosecute is the most
ceded that “in the privacy of intimate rela- fearsome power the government has and
tionships, I have engaged in role-playing and shouldn’t be politicized no matter the target.
other consensual sexual activity. I have not One place to start protecting against abuses is
assaulted anyone.”
by repealing the Martin Act.
We suppose that depends on the meaning of
Like Eliot Spitzer before him, Mr. Schneiderthe word assault. According to Michelle Man- man’s lack of restraint in private life was all too
ning Barish, she once responded to him yanking similar to his behavior in public life. Even proher across the street by saying, “Jaywalking is gressive New Yorkers should ask whether it is
against the law.”
wise to put so much power in the hands of men
She says Mr. Schneiderman replied, “I am who are so unstable.
Rather than looking to feelings as
the basis for what now directs political discourse and social values (“It’s
the Era of Feelings, and Not Necessarily
Good Ones,” op-ed, May 5), Prof. Paula
Marantz Cohen should have touched
more on what underscores those feelings: the rejection of logical or moral
imperatives which govern decisionmaking, reason, discipline and objectivity. Without those verities, people
grow older but they remain as irresponsible as children.
Philosophical and lingual deconstruction is an attempt, conscious or
otherwise, to avoid being held to any
standard which one doesn’t want to
follow or believe in. And those who
don’t want to confront the discomfort
of denying their feelings to a more
compelling reason inevitably doom
themselves and society to disarray and
chaos, which is the slippery slope toward nihilism. Look at Hollywood, academia, rampage killers and the White
House Correspondents’ dinner.
RICHARD REAY
Riverdale, N.Y.
greased by the ease of accommodating
feelings as dispositive in human events.
We can all recognize feelings. They are
not as difficult as facts to acquire, require no study and precious little assimilation into a coherent whole. Each
feeling stands alone, each one a proud
soldier with a genuine identity all its
own. Postmodern progressivism will
defend your right to feel as you do, few
questions asked. And postmodern progressivism, the belief that there are no
longer any absolute facts or values, is
the way many of us roll these days. It
is just so, well, easy.
PAUL BLOUSTEIN
Cincinnati
I object to Ms. Cohen’s characterization of those who chose to elect President Trump as a “bloc of white working-class male voters.” This inelegant
dismissal of the diversity of the citizens
who came forward to challenge the status quo, and place this iconoclast in a
position to change the direction of the
nation, is all too close to the familiar
“basket of deplorables” used by Hillary
Clinton during the recent contest. This
Feelings began to gain currency over depiction of the electorate is another
facts some decades ago coincident with example of the identity politics that litthe idea that determinism is superior
ters our rhetorical universe.
to free will as an explanation of deciLEX SENSENBRENNER
Gerald, Mo.
sion-making. The skids were further
Maybe It’s Time to Reassess the Mudslinging
Regarding your editorial “The Wolf
Who Came as a Wolf” (April 30): I
worked as a photographer for Sybil
Graves, who organized support and
entertainment for the White House
Correspondents’ Association before
1992. She vetted the comedians’ routine to avoid a fiasco that would embarrass the attendees and the young
students receiving scholarship
awards from the president. In today’s
climate such preparation is all the
more important.
J. MURRAY TARTER
Jonesboro, Ga.
Comedian Michelle Wolf’s routine
was over-the-top vindictive, obnox-
ious and crude. Rather than demeaning President Trump, however, her
performance demeaned the press representatives who invited her. Mr.
Trump’s wily decision to spend the
evening with a friendly audience in
the swing state of Michigan lends
credence to the case that crazy Donald Trump is crazy like a fox.
BRIAN DOUGLAS
Norfolk, Va.
So the right suddenly decides to
express indignation over “locker
room talk” when it involves a liberal
woman. Color me surprised.
JUDAH DRUCK
Minneapolis
Jones Act Has Benefits, Isn’t All About Costs
Regarding Colin Grabow’s “The
Jones Act Drives America’s Finest Into
Exile” (op-ed, April 30): The Jones Act
is a cabotage rule similar to those enacted in most countries having a
coastline, including Canada, Japan,
South Korea, China, Germany and
France. Mr. Grabow claims: “The shipyard says it simply wasn’t aware of
the rule.”
The shipyard in question has been
building Jones Act vessels for more
than 40 years. No one at Dakota Creek
Industries, from the security guard to
the president, is unaware of the rule.
Mr. Grabow says the price of new
vessels encourages the use of older
ships. This is a no-brainer and a non
sequitur. The same market forces apply to any depreciable asset worldwide. He also makes the oft-repeated
claim that the Jones Act “made it difficult to ship emergency aid to Puerto
Rico.” This is simply false.
The Jones Act exists to protect our
nation’s shipbuilding industry, which is
critical to the security of this country.
Those of us in the maritime and military fields understand this very well.
CHRIS PHILIPS
Managing Editor
Fishermen’s News
Seattle
The unfortunate incident of one
ship, which could well have a waiver
remedy, doesn’t represent a solution
for all of America’s maritime needs.
Mr. Grabow conflates sea power
No Wonder Modern Sedans
Are Less and Less Popular
with warship construction only. The
security of the U.S. is bound up in all
types of ships, boats and shore establishments—and not only in building,
but repair and maintenance also.
CAPT. RAYMOND J. BROWN, USCG (RET.)
Londonderry, N.H.
Mr. Grabow suggests: “It is doubtful
that such a shipyard could be quickly
retooled in a time of war to churn out
far-larger military vessels.” This was
easily done in World War II when
ships were uncomplicated. That’s
hardly the case today. For example,
the amphibious assault ship USS
America (LHA-6) took eight years to
complete. That’s twice as long as this
nation took to fight World War II. The
idea of beginning to build ships after
World War III starts is beyond futile.
BILL GLEASON
Kentfield, Calif.
Don’t Pass Up a Summer
Job for Fear of Harassment
Regarding “Summer Jobs Stir Anxiety” (U.S. News, April 30): It isn’t
just teenage girls who are sexually
harassed at restaurant jobs. While I
was working a part-time job last year
as a high-schooler, an older male coworker groped me. My solution was a
violent elbowing, and he never bothered me again. Men can be sexually
harassed by both men and women.
Ignoring this helps no one.
RHYS LARKIN
Cedar Park, Texas
Steering girls away from restaurant
jobs assuming they may be sexual haRegarding “Sedan Weakness Dents rassed sends the wrong message and
Auto Sales” (Business & Finance, May is bad advice. Frankly, harassment can
2): Try putting three child seats in the occur anywhere. Teenagers need to
back seat of a sedan and you’ll know
advocate for themselves. Teach your
why SUVs have become so popular.
daughters to be strong.
SUE DAWSON
Most new four-door sedans are really
Hernando, Fla.
four-passenger cars with back seats
comfortable only for children and
adults 5 feet or less in height. Auto
designers don’t seem to understand
that four adults should be able to ride
comfortably in a four-door sedan.
JAY DUNTON
THE WALL STREET JOURNAL
Oakland, Calif.
Pepper ...
And Salt
CORRECTION
Robert Gates and John Brennan had
previous CIA experience before becoming director. The May 5 editorial,
“Gina Haspel’s CIA Crucible,” said she
would be the first CIA director in decades with such experience.
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.
“Your challenge is to change the
world before it changes you.”
.
THE WALL STREET JOURNAL.
Wednesday, May 9, 2018 | A15
OPINION
By Jillian Kay Melchior
‘T
he most important indication of bias is your
own feelings,” the University of Michigan
advises students. It
then urges them to report on their
peers, anonymously if they prefer,
“and to encourage others to report if
they have been the target or witness
of a bias incident.”
The Bias Response Team is there,
ready to investigate and mete out justice. More than 200 American campuses have established similar administrative offices to handle alleged acts
of “bias” that violate no law. A federal
A lawsuit challenging the
University of Michigan’s
speech police may serve
as a nationwide model.
lawsuit filed Tuesday against the University of Michigan is the first in the
nation to challenge the constitutionality of these Bias Response Teams.
The case is brought by Speech
First, a membership group primarily
made up of college students, alumni
and their families. It alleges that
Michigan’s student code and Bias Response Team violate the First Amendment by threatening to penalize
protected expression. “Even apart
from any punishments that may result
at the end of the process,” the lawsuit
argues, the team’s existence has a
chilling effect on speech. Speech First
seeks a permanent injunction prohibiting the Bias Response Team from investigating students.
University spokeswoman Kim
Broekhuizen said the Bias Response
Team has operated “for a number of
years, and we have certainly not seen
it chill speech here.” Team members
include top administrators and campus law enforcement. Despite repeated
inquiries, no one from the team was
available to answer questions.
Students found responsible for a
“bias incident” face discipline, which
ranges from training sessions to suspension or expulsion. As for what constitutes bias, that’s vague—unconstitutionally so, argues Speech First. The
existence of an offended party can be
sufficient to prove “bias.” The team
warns potential offenders that bias
“may be intentional or unintentional.”
Similarly, the student code prohibits
“harassment,” which it defines as “unwanted negative attention perceived
as intimidating, demeaning or bothersome to an individual.” Here, subjective perception serves as evidence.
What if the expression of a controversial or unpopular opinion bothers
someone? Under the University of
Michigan’s rules, “the most sensitive
student on campus effectively dictates
the terms under which others may
DAVID KLEIN
The Bias Response Team Is Watching
speak,” Speech First says. Since April
2017, students have reported more
than 150 bias incidents. These include
complaints about social-media posts,
drawings, comments, phone calls and
even “intentional item placement”—
whatever that means. The Bias Response Team has also investigated
speech or other expression even when
it occurred off-campus.
These details come from the barebones bias-incident log the university
publishes online. I wanted a deeper
look, so two years ago I requested a
year’s worth of bias reports and the
notes from any investigation or response. The university thwarted this
Why Ben Carson Is Raising Rents
The rationale for
Lyndon B. Johnson’s
“War on Poverty”
was that the government should take
a more active role
in helping people
UPWARD
MOBILITY get on their feet.
Today the federal
By Jason L.
government is more
Riley
active than ever in
this regard, but
whether its efforts are truly helping
is debatable.
Ben Carson, a former neurosurgeon who now runs the Department
of Housing and Urban Development,
or HUD, understands that often the
best way for the government to
help the poor is by getting out of
their way. In an interview Monday,
HUD’s plan would increase
the minimum to $150, but
it also includes needed
flexibility for cities.
Mr. Carson explained to me how
some of America’s federal rental-assistance programs have become barriers to upward mobility by effectively discouraging work, marriage
and other behaviors that tend to help
people advance economically.
“We have stagnation,” Mr. Carson
said. “We have people in public
housing not for a few years but for a
few generations, with no incentive to
come out.” In New York City, which
has the nation’s largest public-housing system, the average tenant has
been there for almost 20 years.
“We’re trying to get people out of
chronic poverty.”
Many of Mr. Carson’s critics are
more interested in defending a status quo that keeps poor people dependent on government aid. HUD is
urging Congress to pass legislation
allowing local public-housing authorities, among other things, to impose
work requirements and reduce red
tape. In public housing, the more
money you make, the more you pay
in rent. The incentives couldn’t be
more perverse, often leading people
to hide income or work less.
William Russell, the head of the
public-housing authority in Sarasota,
Fla., who testified before a congressional subcommittee last month, told
me that his biggest frustration is
how the system discourages families
from increasing their incomes. “I
can’t tell you how many times I’ve
had to explain to someone, who’s
gotten a job and their income has
gone up, that now their rent has to
go up,” he said. “And they don’t understand how this makes any sense.”
Mr. Russell worked at HUD during
the George W. Bush administration
and was a New York City housing official in the 1990s.
In the real world, two-parent
households have clear economic advantages, since everything from
child care to transportation to housing costs is shared. But in the world
created by federal rental-assistance
guidelines, people think differently.
In a typical scenario, Mr. Russell
told me, the significant other comes
over at night and then sneaks out
the next morning to avoid detection
by the housing officials. “That sets
up a horrible dynamic between us
and our families,” he said. “The
truth is, I want more fathers and
men to be in the community, living
there and being active in their kids’
lives and offering more stability in
general. This current policy is holding back our families.”
Mr. Carson aims to change this
dynamic. HUD’s proposals are based
on successes in places like Atlanta;
San Diego; Charlotte, N.C.; and Cambridge, Mass. Under a federal program initiated in 1996 and expanded
in 2015, around 140 of the nation’s
3,400 public-housing agencies have
gained the freedom to tailor rentalassistance policies to local needs.
Since San Diego implemented its
program under the new guidelines in
2013, tenant incomes have increased
25%, according to the city’s housing
commission. Mr. Carson wants to
give more housing authorities similar flexibility.
The most controversial part of
HUD’s proposal would raise monthly
rents for people receiving federal
housing subsidies. They would pay
35% of gross income instead of the
current 30%. The plan would also triple the minimum monthly rent for
the poorest households to $150. Naturally, liberals have pounced. Democratic Rep. Cedric Richmond of Louisiana, chairman of the Congressional
Black Caucus, called the proposal
“immoral” and “the latest example of
the Trump administration’s war on
poor people.” Calm down.
The reality is that about half of
the 4.7 million families on rental assistance would be unaffected by the
changes. The elderly and disabled are
exempt, and additional carve-outs
are available for financial hardship,
such as a death in the family or the
loss of employment. About 712,000
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households on housing subsidies
would have their monthly rents
raised to $150, according to HUD. Mr.
Carson told me that the rent increase
was necessitated by budget constraints. The last time Congress increased rents was 1981, when they
rose to 30% of income from 25% for
the same reason.
Mr. Carson said he wishes rents
didn’t have to rise but thinks the
proposal is still a net plus for participants. He also stressed that this is
the beginning of a legislative process
and that he’s open to hearing ideas
from Democrats on how to make the
housing program more effective and
sustainable.
“We’re all ears,” he said. So far,
he’s heard only jeers.
inquiry by imposing a fee of more
than $2,400 for the public records.
But the log shows that in one reported incident of verbal bias in the
classroom, the Bias Response Team
said it referred a university employee
to administrators who “shared concerns with the academic department
involved.” In several other cases, the
Bias Response Team determined that
some reported acts of verbal bias
could constitute sex discrimination
under Title IX, referring them to the
Office of Institutional Equity.
Even if the Bias Response Team
doesn’t officially discipline an alleged
bias offender, its handling of the incident can chill speech, as a recent case
at the University of Northern Colorado illustrates. Adjunct professor
Mike Jensen had asked his students
to read “The Coddling of the American Mind” by Greg Lukianoff and
Jonathan Haidt and debate controversial subjects, including gay marriage and transgender issues.
According to the team’s report, a
student who “identifies as a
transwomen [sic]” told the Bias Response Team she was “very offended
and hurt by this,” according to the bias
incident report. A university official,
Marshall Parks, warned Mr. Jensen
that if he discussed such subjects
again, he could face scrutiny by the
Equal Employment Opportunity Commission, as well as Title IX and Title
VII investigations. “So if the topic’s
worth that, it’s your call,” Mr. Parks
said. Mr. Jensen secretly recorded the
conversation. “I felt that I had no academic freedom,” he later said.
In 2016 the University of Northern
Colorado announced it would shut
down its Bias Response Team because
of free-speech concerns. But Mr. Jensen says he hasn’t been invited back to
teach since the semester when he was
reported.
Records from numerous universities show that even obviously silly or
trivial incidents are taken seriously by
Bias Response Teams. Back at Michigan, a residence hall director reported
a phallic snow sculpture as a bias incident in February 2016. The Bias Response Team was unable to identify
the artist behind this unknown work,
but “anyone who was concerned or offended by it would have been offered
support” from the office of the dean of
students,” Ms. Broekhuizen said.
One explanation for such absurdity
is that Bias Response Teams are often composed of administrators
whose jobs depend on the assumption that bias is widespread. When
the University of Michigan was hiring
a “bias incident and prevention and
response coordinator,” it sought
someone who could “enact cultural
appropriation initiatives” and “partner with other campus and divisional
social justice initiatives.” This makes
Bias Response Team members bad
cops with everything to lose, creating
a bias toward finding bias.
Students have few defenses
against this new bureaucracy. It’s
tough to hire a lawyer when you can
barely afford your textbooks. The fear
of retaliation is justified in an environment where dissent from political
correctness is often interpreted as
further evidence of bias or bigotry.
Even if a student did sue, a court
might not issue a final decision for
years. Courts have ruled that there’s
no possible future harm to someone
who’s already graduated.
But Speech First is suing on behalf
of three unnamed members, arguing
they have suffered “concrete injuries
as a direct result of the University’s
unconstitutional policies and actions.” As long as even one University
of Michigan student belongs to
Speech First, it should have standing
to sue. If it prevails in this case, it
will offer a new model for how to
take on campus censors. Until then,
the University of Michigan’s Bias Response Team is watching.
Ms. Melchior is an editorial writer
for the Journal.
.
A16 | Wednesday, May 9, 2018
* ***
THE WALL STREET JOURNAL.
WORLD NEWS
Pompeo Sets Stage for North Korea Talks
Secretary of state
plans to raise issue of
detained U.S. citizens
during his visit
Kim Visits China
For Second Time
To Meet With Xi
Secretary of State Mike
Pompeo traveled to North Korea, his second trip there in just
over a month as a planned summit between President Donald
Trump and North Korean leader
Kim Jong Un approaches.
Mr. Pompeo on Tuesday
said he would meet with North
Korean officials in an effort to
pin down key details, including
the precise location and timing
of the summit and an agenda
for the meeting. He also said
he wanted to make clear that
the U.S. goal for the outcome
was long-term disarmament.
“We will not relieve sanctions until such time as we
have achieved our objectives.
We’re not going to do this in
small increments, where the
world is coerced into relieving
economic pressures,” he told
reporters on his flight, according to remarks distributed by
the State Department.
A key issue in the presummit period is the fate of American citizens detained in North
Korea. Mr. Kim told Mr.
Pompeo in his earlier visit to
North Korea that he would
consider U.S. requests for the
release of the Americans in
advance of the summit,
planned for late May or June.
Mr. Pompeo told reporters
aboard his flight that he
planned to raise the issue of
the three detained Americans
during his trip, but had no
commitments for their release.
JU PENG/XINHUA/ASSOCIATED PRESS
By Jessica Donati
in Washington
and Jonathan Cheng
in Seoul
Chinese President Xi Jinping, right, and North Korean leader Kim Jong Un in Dalian this week.
“We’ve been asking for the
release of these detainees for
17 months,” he said, declining
to comment on whether it was
a condition for a meeting between the two leaders to take
place. “We’ll talk about it
again. It’d be a great gesture if
they’d agree to do so.”
He added it was unclear
who would meet with the U.S.
delegation on this occasion.
“We’re prepared to meet anyone who can speak on behalf
of the North Korean government and give us solid answers, so we’re prepared.”
Mr. Trump, at a White
House appearance to announce
the U.S. withdrawal from the
Iran nuclear agreement, was
asked if Mr. Pompeo would be
meeting the detained citizens
in North Korea. “We will soon
be finding out,” he replied.
Mr. Trump on Tuesday also
said the time and location for
the summit had been chosen,
although Mr. Pompeo said he
hoped to pin down a specific
BEIJING—North Korean
leader Kim Jong Un paid a second surprise visit to China to
meet his counterpart, reinforcing a recent warming of ties
ahead of his planned summit
with President Donald Trump.
Mr. Kim turned up in the
northeastern coastal city of Dalian on Monday and Tuesday for
talks with Chinese President Xi
Jinping, a follow-up to a summit
six weeks ago. The North Korean leader discussed a nuclearfree Korean Peninsula, Chinese
state media reported.
Underlining the effort to reinvigorate an alliance strained in
recent years, Chinese state television showed the two leaders,
apparently accompanied only by
their interpreters, chatting and
smiling as they strolled on the
seafront and in a nearby park in
bright sunshine.
Mr. Kim’s visit to Dalian,
about 180 miles from the North
Korean border, marked the first
time he traveled abroad by air
as leader and is part of an unusual flurry of diplomacy. Mr.
Kim isn’t known to have traveled
outside North Korea in his first
six years in power—a time in
which his government conducted
nuclear and missile tests that
raised tensions with his neighbors and the U.S. that at times
threatened to spill into conflict.
Since late March, when he
appeared in Beijing to see Mr.
Xi, the North Korean leader
met with then-Central Intelligence Agency Director Mike
Pompeo and held a summit with
South Korean President Moon
Jae-in at the demilitarized zone
that divides the two Koreas.
Among Mr. Kim’s priorities
in meeting Mr. Xi ahead of the
Trump summit, some analysts
said, are to brief the Chinese
leader on his negotiating position, to ask his advice on dealing with the U.S. and to seek
Beijing’s support for a relaxation
of United Nations sanctions.
—Chun Han Wong
location and timing questions.
A State Department official
aboard the flight told reporters the “possible meeting”
could take place in June.
There are three U.S. citizens detained in North Korea:
Kim Dong-chul, Tony Kim and
Kim Hak-song, none of whom
are related.
Kim Dong-chul, a Virginia
resident, has been held by North
Korea the longest, detained
since October 2015. In April
2016, Mr. Kim was sentenced to
10 years of hard labor for conducting “subversive plots and
espionage” against the North.
The other two men—Tony
Kim, also known as Kim Sangduk, and Kim Hak-song—were
detained in the spring of last
year. Both were affiliated with
the Pyongyang University of
Science and Technology, a
Christian-backed university in
the North Korean capital.
The release of the three detainees has been anticipated by
some experts as a thawing of
relations between Washington
and Pyongyang gained momentum in recent weeks.
Mr. Pompeo said his first
trip to North Korea, in April,
was an intelligence effort to
validate if information gathered
by South Korea on Kim Jong
Un’s intentions was accurate.
—Felicia Schwartz
in Washington
contributed to this article.
Argentina Seeks IMF Credit Line Armenia Elevates
BY RYAN DUBE
AND JULIE WERNAU
BUENOS AIRES—Argentina
turned to the International
Monetary Fund for financial
backing to help stem the peso’s
depreciation and rising discontent over high inflation and reduced government spending.
In a televised address on
Tuesday, President Mauricio
Macri said the move is aimed
at avoiding a crisis like those
that Argentina suffered in the
past. It will be the IMF’s first
financial support package for
the country since 2003.
Argentina has had a rocky
relationship with the IMF
since the country defaulted on
its foreign debt in 2001, sparking a yearslong period of financial isolation.
Some said the credit line
sends a bad message by showing that the government needs
outside help to address its economic troubles, and could add
to the country’s ballooning debt.
“It is not good for the future of Argentina,” said
Guillermo Nielsen, a former
Argentine finance minister
who led the country’s debt restructuring with the IMF at
the turn of the century. “Argentina went back into heavy
indebtedness under Mr. Macri”
and now debt-servicing payments will rise, he added.
Mr. Macri faces a growing
backlash among Argentines up-
Losing Ground
Argentine stocks are selling off and the country’s peso has rapidly
fallen against the dollar.
MSCI Argentina Index
How many Argentine pesos
one U.S. dollar buys*
4500
18 pesos
4000
20
3500
22
24
3000
J
F
M
A
M
*Axis is inverted to show the weakening peso.
Source: Thomson Reuters
set with rising living costs,
while opposition lawmakers
are looking to halt an increase
in utility prices that have hurt
small business owners. In
April, public support for Mr.
Macri fell to 46% from 66% in
October, according to a poll
conducted by the University of
San Andrés, a decline that risks
worsening with the IMF deal.
“We know what happens
when the IMF enters our
country,” said opposition lawmaker Leonardo Grosso. “The
popular movements, unions
and every Argentine with a
memory should be in the
street resisting this policy that
J
F
M
A
M
THE WALL STREET JOURNAL.
is only going to bring hunger,
unemployment and misery.”
Finance Minister Nicolás Dujovne was scheduled to travel
to Washington on Tuesday to
meet with IMF officials. He
said the government was looking to ensure stability while
supporting economic growth.
“Discussions have be initiated on how we can work together to strengthen the Argentine economy and these
will be pursued in short order,” the IMF said.
Mr. Macri, who took office
in 2015, cited complicated
global conditions, including
rising interest rates and oil
Protest Leader
prices, and the depreciation of
emerging-market currencies,
“among other variables that
we don’t manage.”
The talks come after the Argentine central bank raised interest rates three times in a
week—after lowering them at
the start of the year in an attempt to stimulate growth—
and sold $5 billion in reserves
in an effort to prop up the peso.
The peso continued sliding
early Tuesday, falling to around
23.25 pesos to the dollar before
recovering some ground after
the announcement.
The efforts to halt the depreciation of the currency come
amid investor concerns about
the central bank’s independence and government’s ability
to contain inflation, which is
above 25%. The central bank’s
target for this year is 15%.
“It’s going to be a long
tough road to regain and fully
restore policy credibility much
of which was unnecessarily
damaged,” said Patrick Esteruelas, head of research at Emso
Asset Management.
The country has a history
of fiscal mismanagement, government debt defaults and
currency depreciation. The
new administration under Mr.
Macri has worked hard to win
back foreign investors and to
encourage bank lending with
more pro-business policies.
—Santiago Pérez
contributed to this article.
BY THOMAS GROVE
had no intention of turning toward Europe at the expense of
Moscow.
“We are not Russia’s enemy
and certainly not enemies of
our own country, inclined to
take our country down the path
of adventurism,” Mr. Pashinyan
said.
The costly lessons Ukraine
learned in its revolution
YEREVAN, Armenia—The
newly elected prime minister
has
promised
sweeping
changes to the thousands of
protesters who rallied around
his bid to unseat Armenia’s entrenched political elite. But
there is one line he won’t
cross for now: his nation’s special relationship with Russia.
As demonstrators draped in
Armenian flags erupted into
applause, parliament on Tuesday chose onetime opposition
leader Nikol Pashinyan to lead
the government, peacefully
capping weeks of mass protests in the former Soviet
state.
The Kremlin has watched
neighbors like Georgia and
Ukraine push to leave its
sphere of influence, but Armenia has remained a stalwart
ally. Now, as the country long
ruled by the pro-Russia Republican Party has the chance
to open itself up to political
debate, it will have to balance
its loyalties to Moscow with
its ties to Europe.
Speaking outside a Russian
military base in April in the Armenian city of Gyumri, one of
Moscow’s few foreign military
strongholds left over from the
Soviet Union, Mr. Pashinyan
said his grass-roots movement
‘We are not
Russia’s
enemy,’ said
Nikol
Pashinyan, the
newly elected
prime minister.
against a pro-Russia president
in 2014, which sparked Russia’s annexation of Crimea and
its intervention in the country’s east, helped encourage
demonstrators to avoid both
violence and a perception by
Moscow that their protest was
anything but domestic.
After protests that closed
down roads and railways, the
Republican Party said it would
give up power and chose not
to field its own candidate. Mr.
Pashinyan, who can now form
a government, has promised to
hold elections as soon as he
can guarantee their legitimacy.
BERLIN—Elvis sang a ballad
about them. Louisiana has
whole cookbooks about them.
Berlin wants them eradicated,
ideally by hungry Germans.
The humble American red
crawfish has nested uninvited
in the city’s rivers and lakes,
and this spring, the city fathers have declared open season on the invasive species.
“They are a threat to local
shellfish, reptiles and amphibians,” said Derk Ehlert, a wildlife expert with the city’s environmental agency. “We need
to get rid of them.”
The crawfish—also known
in English as crayfish, mudbug
and crawdad and in German as
Sumpfkrebs or swamp crab—is
a freshwater cousin of the
ocean lobster and shrimp.
Berlin has awarded a license to a family-owned fishing outfit to troll local waters
and capture as many crawfish
as their nets can hold. The
family started laying traps last
week and is hoping to fish the
crustacean into oblivion by the
end of the year—and make a
profit doing it.
“There are some restaurants that are interested and I
thought I could offer crawfish
sandwiches on my fish truck,”
said Klaus Hidde, 64 years old,
the professional fisherman
who won the sole license.
Berlin’s campaign to wipe
out the creature could have a
delicious side effect, putting
such beloved Cajun dishes as
gumbo, boiled crawfish, crawfish cakes and crawfish étouffée on the menus of German
restaurants alongside mainstays like bratwurst, sauerbraten and schnitzel.
Louisiana loves the crawfish so much that it named it
the “state crustacean” in 1983.
In 1958, the crawfish’s fame
went national when Elvis sang
a song about “Mr. Crawfish,
CARSTEN KOALL/GETTY IMAGES
BY WILLIAM BOSTON
BRITTA PEDERSEN/DPA/ZUMA PRESS
Berlin Puts Out a Contract on an American Invader: the Red Crawfish
Klaus Hidde and Malte Frerichs empty traps in Berlin’s Tiergarten. Right, a captured crawfish.
fresh and ready to cook” in
the film “Kid Creole.”
According to Cajun lore,
when the Acadians (the origin
of the term Cajun) were driven
out of Canada by the British in
1759 and fled south to settle in
the Louisiana delta, lobster
skittered behind them, longing
for their French cooks. Along
the way, the tired lobster became smaller, and voilà! the
crawdad was born.
Berlin authorities don’t
share the Cajun’s love of écrevisse.
The problem is that the
crawfish carries under its shell
a fungus. It is considered a
fairly benign parasite in Amer-
ica, where native crawfish are
much more resistant to the
disease than their European
cousins are.
The fungus first arrived in
Europe in Italy in 1860, likely
with North American crawfish.
That plus the later implantation of North American species all but wiped out Euro-
pean
crawfish
species,
according to Arne Jernelöv, a
Swedish expert on invasive
species.
Mr. Ehlert acknowledges
that Berlin may, in fact, be behind the curve on the effort to
hold back the European invasion of American crawfish, but
insists the threat is still manageable and needs to be addressed.
The fish stand at Markthalle Neun, an indoor market
in Berlin’s trendy Kreuzberg
neighborhood, has expressed
interest in the new delicacy,
says Mr. Hidde, the fisherman
licensed to pursue the pest.
But for now his catch is frozen
in hopes that it can soon find
its way onto German dinner
plates.
“We won’t really know if
it’s a good business until the
end of the year,” he said. By
then, the city hopes, the crayfish will be gone from local
waters.
.
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Cord-Cutting Pain Hits Bond Investors
BY MATT WIRZ
The consumer stampede to
streaming media from traditional broadcasters is claiming
an unexpected victim: highyield bond investors.
Telecommunications, cable
and satellite companies have
borrowed hundreds of billions
of dollars in junk debt to build
networks that would allow
them to dominate their markets for decades to come.
The proliferation of inter-
net-based providers is upending that expectation, forcing
investors to question the
safety of bonds they bought
from companies such as satellite broadcaster Dish Network
Corp., cable giant Charter
Communications Inc. and
landline telecommunications
company Frontier Communications Corp.
Dish, founded by satellite
tycoon Charlie Ergen, may be
the canary in the coal mine of
the new technological land-
scape. Junk-bond investors
have lent his companies more
than $30 billion over the past
25 years, according to data
from Dealogic, bankrolling Mr.
Ergen’s construction of a satellite constellation and, more recently, his buying spree of
wireless spectrum. Now they
are dumping Dish bonds and
buying record amounts of derivatives that insure against a
default by the company, fearing that the industry’s rapid
evolution is outpacing Mr. Er-
gen’s business strategy.
Although most cable and
telecommunications
bond
prices have declined moderately, Dish bonds have lost
about one-quarter of their
value in the past year, pushing
yields above 9% from about 6%.
Higher yields for companies
rated below investment grade
concern investors because such
firms typically rely on new
bond sales to pay back debt.
Cord-cutting—as the consumer shift from cable-TV sub-
scriptions toward streaming
services is known—is particularly worrying for high-yield
bond funds because technology, media and telecommunications companies comprise
about one-quarter of the $1.25
trillion junk-bond market, according to the ICE BofAML U.S.
high-yield index.
The media component of
the index has lost about 1.33%
this year, compared with a
0.38% loss for the entire index.
“The level of cord-cutting is
PERSONAL TECHNOLOGY | By David Pierce
Outside the Google Bubble, Digital Life Is Fine
About 10
minutes after
I decided to
try temporarily removing
Google from
my life—an experiment I
hoped would illuminate how
much Alphabet’s giant dominates online existence—I
messed it all up.
I spotted a video of Donald Glover, co-star of “Solo:
A Star Wars Story,” giving a
Millennium Falcon tour. Even
on my most careful guard, I
still clicked the red play button. A few seconds in, I realized I was watching YouTube—Google’s YouTube.
Google is so woven into
the fabric of the internet it’s
all but impossible to avoid.
It’s where billions of users
find, create and store information, where they work
and distract themselves
from working. You can quit
Facebook or take a Twitter
break and barely notice, save
for an increased sense of
boredom in the Starbucks
line. Google, you’d miss.
But even more than other
companies offering free services, Google collects astounding amounts of data
about you and uses it to sell
ads. I’m happy with Google,
because there haven’t been
reports of catastrophic
breaches or data-sharing
scandals on the level of
Facebook’s Cambridge Analytica nightmare.
INSIDE
Your online life may be dominated by Google, but it
doesn’t have to be. There are free or equally priced
alternatives to all of the company’s major services.
Pretty player,
popular with film
buffs; a much
smaller library.
The Alternative
Home
Docs
Apple Photos
Amazon Echo
Dropbox Paper
Huge library of
third-party skills;
not as good with
general questions.
Much better
mobile app;
not as great
for real-time
collaboration.
Seamless integration with iPhone;
photo search not as
powerful.
The Tradeoff
YouTube TV
Chromecast
Gmail
Sheets
Searc
Search
Hulu with Live TV
Roku
Outlook
Excel Online
DuckDuckGo
Apps for every video
service; not as well
integrated with mobile
devices.
Clever AI
scheduling;
interface not as
fast or usable.
Ridiculous spreadsheeting power;
maybe too much
spread-sheeting
power?
More channels and on-demand shows;
a slightly clunkier interface.
Chrome
Firefox
Maps
Faster, better
sync between
devices; some
web apps don’t
work as well.
Doesn’t track any
data; results won’t
be personalized.
Hangouts
Signal
Apple Maps
Totally encrypted
messaging; not
integrated into
email or other apps.
Helpful Siri and app integrations; still not as good
despite improvements.
THE WALL STREET JOURNAL.
If Google springs a leak, it
could be disastrous.
That’s why I set out to
leave Google’s planet of intertwined products and services. And when I did, I was
surprised to find how many
strong alternatives had survived its gravitational pull.
Quitting Google takes
more than just typing
“bing.com.” I deleted 16 apps
from my phone, from Gmail
to Google Maps to Google
Photos. I unplugged my
Google Home, yanked the
Chromecast from the back of
my TV, and powered down
my Chromebook. Luckily I
don’t own a Nest thermostat,
or that would have become a
construction project.
I hadn’t realized how my
life had come to revolve
around Google products. To
replace them, I brought in an
Amazon Echo and a Microsoft Surface Laptop. I used
the Notion app and Dropbox
Paper for notes and documents, and switched cordcutting allegiance from YouTube TV to Sling. I deleted
the Chrome browser from
my devices, and installed
Firefox in its place.
Facebook
Shuffles
Its Top
Managers
BY DEEPA SEETHARAMAN
Photos
YouTube
Vimeo
Google Product
accelerating,” said Jared Feeney
a cable and media bond analyst
for Neuberger Berman Group,
which manages $41 billion of
high-yield bond investments.
Cable companies such as Charter can offset defecting subscribers with broadband internet sales, but the first quarter
of the year brought unexpectedly low revenue from video
subscriptions and video ad sales
across the industry, he said.
High-yield bonds and media
Please see BONDS page B2
Most Google services have
straightforward replacements: Microsoft’s free Office Online for Docs and
Sheets; Signal for Hangouts;
Evernote for Keep; and Flipboard for Google News. In
many cases you can downPlease see PIERCE page B4
Android to let users track
their app usage........................ B4
Facebook Inc. is overhauling its management
structure in one of the most
extensive corporate makeovers in its 14-year history.
In arguably the most significant move, the company put
longtime executive Chris Cox
in charge of Facebook, Instagram, WhatsApp and Messenger in an effort that will integrate
its
high-profile
acquisitions more deeply into
the larger company. Facebook’s product and engineering divisions will now be
carved up into three main divisions, including one focused
on emerging technologies,
such as blockchain, the foundation of cryptocurrencies like
bitcoin.
The executive shuffle, announced internally Tuesday,
doesn’t affect the responsibilities of Chief Operating Officer
Sheryl Sandberg, the company’s No. 2 executive. More
than a dozen executives will
change roles or take on additional responsibilities through
the restructuring, which takes
effect immediately.
A Facebook spokeswoman
confirmed the changes, which
were first reported by tech
news site Recode and go into
Please see SOCIAL page B2
Great Expectations
Average assumed rate of return ( ) and 10-year annualized
median rate of return ( ) for public pension plans
10%
8
6
4
2
STARBUCKS
WANTS BUZZ IN
THE AFTERNOON
MARKETING, B3
0
2001
’05
’10
’15
’18
PROPERTY REPORT, B6
’05
’10
’15
’18
THE WALL STREET JOURNAL.
Pension Forecasts
Rosier Than Reality
BY HEATHER GILLERS
THE PRINCE
AND THE PLAZA
MAKE A DEAL
2001
Sources: Wilshire Trust Universe Comparison Service (10-year annualized median rate
of return); Public Plans Database (average assumed rate of return)
The value of investments by
public pension funds declined
last quarter, widening the gap
between what these funds say
they will earn and what they
actually make.
Pension funds across the
U.S. each year must estimate
how much they expect to earn
on investments, a projection
that determines the amount
the government that is affiliated with the pension fund
must pay into it. Robust returns reduce the need for government support.
But forecasts don’t always
square with funds’ actual experience. Retirement plans across
the country still project their
investments will increase at a
median annual rate of 7.25%,
according to Wilshire Consulting, an adviser to pension
funds. Yearly returns on public
pension plans have returned a
median 6.79% over the past dePlease see FUNDS page B11
Innovation starts
with “yes.”
Find out why on page B5
.
B2 | Wednesday, May 9, 2018
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.
B
Bain Capital ................ B3
Banco de Sabadell......B6
Bank of East Asia .... B12
Blackstone Group ....... B6
Boeing.........................A7
C
Capital One Financial
...................................B11
Cardinal Health...........A5
Charter Communications
.....................................B1
Chevron ..................... B13
Cohu.............................B3
Comcast ......... A1,A8,B13
ConocoPhillips...........B13
Credit Suisse Group . B11
D
DDR ............................. B6
Dish Network........A2,B1
E
Edward Jones............B11
Endo International ..... A5
Exxon Mobil..............B13
F
Facebook................B1,B4
Fiat-Chrysler
Automobiles ............. B2
Ford Motor..................B2
Frontier
Communications.......B1
G
General Electric..........A7
H
Hakim Organization....B6
Hess...........................B13
Hilton Worldwide
Holdings....................B6
Hispania Activos
Inmobiliarios.............B6
Hubei Xinyan Equity
Investment
Partnership...............B3
J
JD.com.......................B12
JLL Hotels and
Hospitality Group.....B6
Johnson & Johnson....A5
L
Liberty Global ............. B2
M
Macerich......................B6
McKesson....................A5
Meliá Hotels
International.............B6
Miami-Luken...............A5
Microsoft.....................B4
N
Nestle..........................B3
Netflix.........................A1
News Corp.................B13
Nike.............................B5
Nomura Holdings......B11
Nordstrom...................B5
NXP Semiconductors..B3
Pebb Capital................B6
Purdue Pharma...........A5
Q
Qualcomm...................B3
Quest Diagnostics......B5
R
REIT Kite Realty Group
Trust..........................B6
Royal Dutch Shell.......A7
S
Sahara Group..............B6
Shire............................B3
Starbucks....................B3
T
Takeda Pharmaceutical
.....................................B3
Target..........................B5
Taubman Centers........B6
Tencent Holdings......B12
Tesla..........................B13
Teva Pharmaceutical
Industries ................. A5
Time Warner.......A8,B13
Toshiba........................B3
Total............................A7
21st Century Fox......B13
V
Valeant Pharmaceuticals
International...........B13
Valero Energy ........... B13
Visium Asset
Management...........B11
Vodafone Group..........B2
Volkswagen.................B3
W
Walmart......................A5
Walt Disney...A1,A8,B13
Wanfeng Auto Holding
Group.........................B2
White City Ventures .. B6
P
X
Pacific Investment
Management...........B11
Xcerra..........................B3
Xiaomi.........................B4
INDEX TO PEOPLE
A-B
I-J
P-R
Aaron, Tom................B11
Barrett, George .......... A5
Bartholomew, Ed......B11
Blackley, R. Scott.....B11
Braeu, Rebecca ......... B12
Iger, Robert.................A8
Janedis, John............B13
Pennington, Penny ... B11
Rosenberg, Todd.........B6
Roy, Subrata ............... B6
C
Ciccarone, Richard .... B11
Climent, Manuel.........B6
Collis, Steven..............A5
Coppola, Art................B6
Costello, Bill..............B13
Cox, Chris....................B1
D-E
Daniels, Chris..............B2
Duessel, Linda .......... B12
Ergen, Charlie ............. B1
G-H
Grede, Emma .............. B5
Hakim, Kamran...........B6
Hammergren, John.....A5
Hasan, Ibrahem...........B5
Hunker, David ........... B12
K
Kardashian, Khloé.......B5
Khan, Shahal...............B6
Koum, Jan...................B2
L
Lukes, David................B6
M
Majcher, Stan............B13
Malone, John .............. B2
Marcus, David.............B2
Mastandrea, Joseph...A5
McGillian, Gene.........B12
Miskin, Matt.............B12
Murdoch, James.........A8
Murdoch, Lachlan.......A8
Murdoch, Rupert.A8,B13
O
O'Hern, Thomas..........B6
Olivan, Javier..............B2
Orr, Michele ................ B5
S
Sample, Barry.............B5
Sandberg, Sheryl ........ B1
Schroepfer, Mike.........B2
Sink, Daniel.................B6
Smith, Tricia ............... B5
Soros, George ............. B6
Sponenberg, Tracie.....B5
T-U
Talal, al-Waleed bin....B6
Urban, Danielle...........B5
W
Waid, Robert.............B11
Warne, Kate..............B13
Weber, Christophe......B3
Williams, Basil..........B12
Winterkorn, Martin....B3
Z
Zuckerberg, Mark ....... B2
Orbital Decay
Satellite broadcaster Dish Network’s bond prices are falling amid
accelerating subscriber losses, and the cost of insuring against a
default by the company is rising.
Price of Dish bonds due 2024
Annual cost of credit-default swaps
insuring $10 million Dish bonds
105 cents on the dollar
$800,000
100
700,000
95
600,000
90
500,000
85
400,000
80
’18
Sources: FactSet (price); IHS Markit (CDS)
BONDS
Continued from the prior page
and telecommunications companies grew up together in the
1990s in a largely symbiotic relationship. Innovation and deregulation spurred the creation
of dozens of new satellite, cable
and telecom companies whose
founders turned to the nascent
junk-debt market for capital.
Some grew steadily and rewarded stock and bond investors, but many, such as WorldCom Inc. and Global Crossing
Inc., failed spectacularly in the
early 2000s, when they ran out
of money before reaching profitability and used fraudulent
accounting to mask losses.
Defaults are low right now
in telecommunications and
media bonds, and some companies that offer broadband
and wireless access actually
benefit from the move toward
streaming media.
Signs of cord-cutting trouble emerged last year when
wireline companies, including
CenturyLink Inc. and Frontier
Communications, that deliver
telecommunications over land
lines reported faster-than-expected sales declines and their
bond prices dropped.
The selling expanded to cable and satellite broadcasters
such as Charter and Dish this
year as it grew apparent that
their customers are also abandoning them sooner than expected for internet-based alternatives like Netflix Inc. and
Amazon.com Inc. Rapid change
also spurred a wave of consolidation, from AT&T Inc.’s deal
2017
BY CHRISTINA ROGERS
Ford Motor Co. expects to
lay off several thousand workers temporarily at a Michigan
factory that assembles its topselling F-150 pickup truck after a fire last week damaged
the premises of a parts supplier, people familiar with the
matter said.
The blaze, which occurred
Wednesday at a Michigan
plant operated by Meridian
Lightweight Technologies, has
already disrupted production
of Ford’s pickup trucks at a
factory in Missouri. Meridian
is an automotive-interiors supplier owned by China’s Wanfeng Auto Holding Group,
which makes components for
Ford and other car makers.
Ford’s F-150 factory in
Dearborn, Mich., is expected
to run out of Meridian-supplied parts and halt production as early as Wednesday,
the people familiar with the
matter said. They cautioned
that the situation was fluid
and final decisions on the exact timing hadn’t been made.
Ford said Monday that its
other main F-150 plant, in
Kansas City, Mo., would be
idled this week because certain parts are in short supply
SOCIAL
Continued from the prior page
effect immediately.
One former Facebook executive said the moves appeared
to be designed to surround
CEO Mark Zuckerberg with his
most trusted executives as the
company faces a range of new
challenges.
“This reads like Mark putting his people back in charge.
Virtually all of these people
are seen as people that Mark
believes are technically proficient and understand his vision,” the executive said.
The moves give additional
responsibilities to several executives who have worked
alongside Mr. Zuckerberg
since Facebook’s early days.
Last week’s fire at a plant in Michigan that supplies parts for Ford’s top-selling F-150 pickup truck.
after the fire. The two plants,
which together employ 7,600
people, could face several
weeks of down time as the
auto maker seeks ways to
make up the parts shortfall,
the people said.
The F-150 is Ford’s bestselling vehicle and generates
the bulk of its global profit. A
prolonged shutdown of the
plants could dent the company’s second-quarter revenue
and profit, said Jamie Alber-
tine, an auto analyst at Consumer Edge Research.
Mr. Albertine estimates the
two plants combined produce
some 10,000 to 15,000 F-150s a
week, citing figures from AutoData Corp. He said Ford
dealers should have a few
months of inventory in hand
to prevent shortages in showrooms, but the company would
face cost pressures from paying workers during idle time
and while ramping back up to
offset lost production.
The fire also disrupted production at a Fiat-Chrysler Automobiles minivan plant in
Windsor, Ontario, and a BMW
sport-utility factory in South
Carolina, those companies said
Monday. BMW said Tuesday
that production had resumed.
A Meridian official said the
company is “supporting its
customers.”
—Mike Colias
contributed to this article.
Mr. Cox, who joined Facebook in 2005, will run one of
the three new groups within
Facebook’s product and engineering ranks called “Family
of apps.” Mr. Cox, previously
chief product officer of the
main Facebook app, will now
oversee product decisions
made across Facebook’s services.
The company also is placing
two other longtime Facebook
executives in key positions at
WhatsApp, an encrypted-messaging app that Facebook acquired in 2014 for $22 billion,
and Instagram, the photo- and
video-sharing app that Facebook bought in 2012 for $1 billion and is now a key driver of
Facebook’s revenue growth.
Chris Daniels, a Facebook
executive who joined in 2011,
is taking over WhatsApp fol-
lowing Jan Koum’s announcement last week that he was
stepping down. Mr. Koum, a
WhatsApp co-founder, left after what people familiar with
the matter described as a dispute over plans to introduce
ads in WhatsApp and frustration about working at a large
company.
Adam Mosseri, who runs
the Facebook news feed and
joined the company nearly a
decade ago, will move to Instagram, where he will run
product.
John Hegeman, the Facebook executive who helped
create the company’s ad-auction system, will now oversee
the news feed.
Facebook also is creating a
second major division called
“New Platforms and Infra” to
be led by Mike Schroepfer,
Facebook’s chief technical officer.
This group will tackle new
technologies and products, including a new blockchain
group to be led by David Marcus, who has run the Facebook
Messenger chat app since
2014.
Within this new division,
Facebook is creating a new
product team focused on privacy that will be run by Facebook’s most senior engineering executive, Jay Parikh, who
has been at Facebook since
2009.
The third new unit is called
“Central Product Services” and
will be run by longtime
growth executive Javier Olivan. Mr. Olivan’s group will
oversee product and engineering efforts for ads, security
and growth.
Vodafone
Near Deal for
$23 Billion
BY STU WOO
300,000
2017
Ford’s Pickup Assembly Takes Hit
MATTHEW DAE SMITH/LANSING STATE JOURNAL/ASSOCIATED PRESS
A
Airbus..........................A7
Alibaba Group Holding
...................................B12
Allergan.......................A5
Alphabet ................ B1,B4
Amazon.com..........A2,B5
AmerisourceBergen....A5
Anadarko Petroleum.B13
Ant Financial Services
Group.......................B12
Apple...........................B4
Ariad Pharmaceuticals
.....................................B3
Ashkenazy Acquisition
.....................................B6
AT&T...............A8,B2,B13
’18
THE WALL STREET JOURNAL.
to buy Time Warner Inc. to
Sprint Corp. and T-Mobile US
Inc. attempting to combine for
the third time in four years.
Mr. Ergen, who still controls
Dish, has outlasted numerous
satellite rivals such as cellularphone magnate Craig McCaw
and former hedge-fund manager Philip Falcone. He foresaw the decay of satellite
video and began buying a large
patchwork of wireless network
licenses more than a decade
ago to help transition Dish to
the wireless broadband age.
A spokesman for Dish declined to comment. The company Tuesday reported a 6%
revenue drop for the first
quarter caused by loss of satellite-television customers.
Stock and debt investors
backed Mr. Ergen through the
decades in part because he perennially explored selling the
company, and its wireless licenses, to larger companies like
DirecTV, AT&T, T-Mobile US and
technology firm Amazon that
could give Dish growth and security. But as mergers sweep the
industry, Dish has been left out
and bondholders are worried
Mr. Ergen will wait too long and
run out of cash before he can realize the long-awaited merger
that will transform his company.
Some of Dish’s $16 billion of
bonds traded Tuesday at around
82 cents on the dollar, and Dish
credit-default swaps were the
most heavily traded high-yield
contract in the default derivatives market over the past three
months, a CDS trader said. The
price of insuring $10 million
Dish bonds has about doubled
this year to $692,000, according to IHS Markit.
LONDON—Vodafone Group
PLC of Britain is close to announcing a $23 billion cash
deal to buy operations in four
European countries from Liberty Global PLC, according to
people familiar with the matter.
Liberty Global, whose chairman is media mogul John Malone, is planning to sell its
businesses in Germany, Hungary, Romania and the Czech
Republic to Vodafone, the people said.
The roughly €19 billion deal
would face a possibly lengthy
European Union antitrust review, but if completed would
create one of the Continent’s
biggest telecommunications
operators, selling cable, internet, wireless and landlinephone service on a single bill.
A sale would represent the
latest in a global trend of wireless carriers acquiring cable
operations, or vice versa, to offer quad-play packages. Wireless carriers need high-speed
cable networks to quickly
transmit data to cellular towers
for 5G, the coming generation
of mobile networks.
Vodafone shares closed 1.4%
lower in London on Tuesday,
while Liberty Global shares fell
5.4% in New York.
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THE WALL STREET JOURNAL.
Wednesday, May 9, 2018 | B3
* * * * * *
BUSINESS NEWS
Starbucks Wants More P.M. Buzz
Coffee chain views
occasional afternoon
visitor as source of
future sales growth
BY PREETIKA RANA
BY JULIE JARGON
Takeda Pharmaceutical
Co. on Tuesday reached an
agreement to buy Shire PLC,
capping a monthslong battle
for control of the European
drugmaker and marking the
biggest-ever overseas acquisition by a Japanese company.
Shire’s
board
agreed
Takeda could buy the Dublinbased company for £49.01, or
$66.21, a share—$30.33 in
cash and 0.839 of a Takeda
share for each Shire share.
The deal, which requires
shareholder approval, values
Shire at $62 billion.
The acquisition would create the world’s eighth-largest
drugmaker with combined
sales of $30 billion, and bolsters Takeda Chief Executive
Christophe Weber’s mission to
gain a greater foothold in
more lucrative markets such
as the U.S. and Europe.
Takeda, Japan’s largest
drugmaker by sales, said it
would borrow cash to fund the
deal, worrying some shareholders that it was piling on
too much debt. Last year, it
borrowed money to acquire
U.S. cancer-drug company
Ariad Pharmaceuticals Inc.
for $5 billion.
The Japanese company’s
shares closed up 3.9% on the
news Tuesday. But they have
fallen more than 16% since late
March, when Takeda first expressed interest in Shire. At
the time it offered to buy the
maker of rare treatments at
£44 a share. Takeda subsequently raised its bid four
times.
Shire shares rose more than
4% Tuesday and have gained
more than 30% since late
March, further widening the
gap between the companies’
market valuations. Its market
value now exceeds Takeda’s by
almost $15 billion.
Starbucks Corp. has little
trouble getting customers in
the door for their morning
coffee. The problem is getting
them to visit in the afternoon.
Starbucks is among major
coffee chains in the U.S. that
cite the increasing importance
of attracting customers in the
hours between lunch and dinner. The chains get about 59%
of their traffic in the morning,
and while they get a smaller
amount
in
the
afternoon—23%—it is a sizable
business, according to marketresearch firm NPD Group Inc.
Starbucks doesn’t publicly
disclose its traffic by time of
day. In recent quarters, however, it began to blame slowing U.S. sales on sluggish afternoons that attract mostly
occasional customers, which it
defines as people who visit the
chain one to five times a
month.
“We know there is additional opportunity ahead to
continue growth in the morning and in the afternoon,”
Starbucks Chief Operating Officer Rosalind Brewer told investors last month. “We must
perform in both day-parts.”
Focusing on boosting traffic
to its coffee shops was an important element of the company’s decision this week to
sell most of its supermarket
packaged-coffee business to
Nestlé SA in a $7 billion deal.
As part of its emphasis on
the afternoons, the chain said
it needed to widen its attention to the occasional Starbucks drinker after having
largely focused on appealing
to the 15 million people in the
U.S. who had signed up for its
customer-loyalty program.
The chain found that the 60
million monthly visitors who
aren’t part of the loyalty program buy more items in the
VICTOR J. BLUE/BLOOMBERG NEWS
Japan’s
Takeda
Wins Fight
For Shire
The company has blamed sluggish U.S. sales in part on a failure to attract more customers beyond its busy morning hours.
afternoon than they do at
other times of the day. But
they don’t come in often
enough to boost sales.
Part of the challenge: Consumers have an increasingly
wide range of sources for their
afternoon caffeine fix, from
bottled cold brew in supermarkets and convenience
stores to iced coffee at
McDonald’s or Dunkin’ Donuts.
“The morning is a routine,
it’s a ritual,” Tony Weisman,
chief marketing officer for
Dunkin’ Donuts U.S., told investors in February, “but the
afternoon is a pit stop, either a
physical or an emotional
break.”
Starbucks sees an opportunity. Ms. Brewer, in a recent
interview, said she learned
that the chain’s occasional
customers mostly drink cold
beverages and that Starbucks
can capitalize on that.
The chain is rolling out new
cold coffee and tea drinks and
is introducing “happy hour”
promotions featuring cold beverages. It is planning an ad
Afternoon Coffee
The frequency and average check size of visits to U.S. coffee and tea
shops between 2 p.m. and 4 p.m. have been increasing since 2011.
Average check size
Customer visits
$5
900 million people
4
600
3
2
300
1
0
2011 ’12 ’13 ’14 ’15 ’16 ’17
Source: NPD Group
campaign aimed at wooing potential afternoon customers,
unusual for a company that
doesn’t do much in the way of
advertising.
Starbucks said it is trying
improve service in the afternoons, by putting more experienced baristas to work then
and training new employees in
the mornings instead. It is reducing the number of limitedtime offers to simplify after-
0
2011 ’12 ’13 ’14 ’15 ’16 ’17
THE WALL STREET JOURNAL.
noon operations so baristas
can concentrate more on providing good customer service.
Other chains also are focusing on their core business and
trying to lure in afternoon
guests.
Dunkin’ Donuts just started
testing a new afternoon snack
menu with sweet and savory
items priced at $2 each that it
says are designed to go well
with cold coffee drinks.
That chain said it, too, had
to rethink the way customers
view an afternoon caffeine
run. To differentiate the afternoon experience from what
customers get in the morning,
digital menu boards will
switch in the afternoon to feature the snack items, and employees at test stores will
change into new shirts—emblazoned with “Dunkin’ Run.”
Starbucks said it is planning
to take another look at its food
offerings. Consumer ratings
for the food trail that of fastfood chains on quality, taste,
visual appeal and portion size
for the price paid, according to
restaurant consulting firm
Technomic Inc., which surveys
approximately 56,000 fastfood visitors a year.
Aimee Truchan, a San Diego
marketing executive, said she
likes a pastry with her afternoon coffee but won’t go to a
Starbucks to get it. “I really
avoid their food because it has
the appeal of the waxy food
that comes with a toddler’s toy
kitchen,” she said.
Sale of Toshiba Chip Unit Stalls
BY TAKASHI MOCHIZUKI
AND KOSAKU NARIOKA
TOKYO—Toshiba Corp. officials have mostly given up on
an $18 billion sale of the company’s chip unit because Chinese antitrust approval is unlikely to come soon, leading
them to accelerate a review of
alternatives, people involved in
the matter said.
Toshiba reached a deal in
September to sell its NAND
flash-memory unit to a group
led by private-equity firm Bain
Capital, but the deal has been
waiting for a nod from antitrust regulators in China, one
of the unit’s top markets. Flash
memory is used widely in
smartphones and computer
servers.
Chinese authorities have
been generally uncommunicative about the status of
Toshiba’s application in recent
weeks, according to people involved in the effort. The
brushoff comes amid heightened trade tensions between
China and the U.S., home to
Bain and others in the buyer
consortium.
Chinese regulators gave an
initial pessimistic review in
April to another chip deal involving a U.S. buyer, Qualcomm
Inc.’s $44 billion purchase of
NXP Semiconductors NV.
People involved in the
Toshiba deal say that under
Chinese guidelines regulators
have until the end of May to
screen the company’s submission and that an approval is
still possible. Representatives
of Toshiba and Bain said they
are awaiting China’s decision.
On Wednesday, after initial
publication of this article,
Toshiba issued a statement
saying that it “still intends to
close the memory business
transaction as soon as possible, and has not made any alternative policy decisions.”
China’s Ministry of Commerce referred queries to the
State Administration for Market Regulation, which didn’t respond to a request to comment.
Toshiba fortified its finances
late last year by raising more
than $5 billion in capital and
faces less pressure to sell the
chip unit. “The deal is going nowhere, and the current scheme
is dead,” said a person directly
involved in Toshiba’s effort.
—Xiao Xiao
contributed to this article.
BUSINESS WATCH
Noisy attacks aren’t
hard to find…
COHU
Semiconductor Tester
To Buy Rival Xcerra
But could you catch the silent attacker lurking
beneath the surface?
CARSTEN KOALL/GETTY IMAGES
Semiconductor-testing company Cohu Inc. agreed to acquire
rival Xcerra Corp. in a cash-andstock deal valued at about $627
million. The deal came months
after Xcerra scrapped a plan to
sell itself to a Chinese company
amid national-security hurdles.
Cohu will pay Xcerra shareholders $9 a share in cash and
0.2109 of Cohu common stock
for each share, the companies
said in a joint news release
Tuesday.
Based on Monday’s closing
price of Cohu shares, the transaction values Xcerra at $13.92 a
share. Including Xcerra’s cash and
marketable securities net of the
debt on its balance sheet, the
deal has an equity valuation of
about $796 million, the companies said.
In February, Xcerra scrapped a
planned sale to Hubei Xinyan
Equity Investment Partnership,
citing difficulty in securing approval from the Committee on
Foreign Investment in the U.S. for
the $580 million deal. In August,
The Wall Street Journal reported
that Cohu had been mounting a
quiet campaign to derail the deal,
citing security concerns.
—WSJ Staff
Using artificial intelligence, Darktrace finds the quiet cyberthreats inside your organization, no matter how they got in.
Volkswagen’s Audi brand said it found illegal emissions software.
AUDI
Emissions Scandal
Still Dogs VW
Luxury-car maker Audi AG
said Tuesday it had found illegal
software that manipulates emissions in about 60,000 of its
best-selling diesel-powered vehicles mostly sold in Europe, the
latest sign that parent Volkswagen AG is still struggling to
cap an emissions-cheating scandal that has cost it billions.
The new revelation comes
about 2½ years after U.S. environmental authorities disclosed
that Volkswagen had rigged
millions of diesel engines to
cheat on emissions tests for
nearly decade. Earlier this
month, the U.S. Justice Department unsealed an indictment of
former Volkswagen Chief Executive Martin Winterkorn on
charges of fraud and conspiracy.
Mr. Winterkorn led the company
from 2007 until September
2015, when he resigned in the
wake of the revelations about
the diesel scandal.
Audi said it would propose
fixing the affected cars with a
software update.
If approved by Germany’s
KBA motor-vehicle agency, Audi
would recall all of the vehicles to
do the work.
—William Boston
From stealthy attackers and insider threats, to hacks of
connected objects or industrial networks, Darktrace detects
it and fights back in real time.
Find out how at darktrace.com
World-Leading Cyber AI
.
THE WALL STREET JOURNAL.
B4 | Wednesday, May 9, 2018
TECHNOLOGY
Continued from page B1
load your Google data using
its Takeout service, upload it
to a new app—for instance,
bringing email into Outlook—and hardly miss a
beat. iPhone users who
switch their search engine to
Bing or DuckDuckGo and use
Apple’s productivity apps
seldom encounter Google.
During my time without
Google, I missed Maps, Photos and YouTube most. Other
navigation services exist
(MapQuest lives!), but even
the latest Apple Maps can’t
beat Google Maps for traversing the real world. My
Google Photos account contains years of memories, and
Google’s smart photo search
is by far the best.
Y
OUTube is the only
game in town for internet video. (Vimeo
has interesting projects, but
it’s a handful of sand vs.
YouTube’s beach.) Without
YouTube, I’m sure I’ve
missed dozens of trailers,
music videos, late-night clips
and useful tutorials I’d have
otherwise enjoyed. That
dominance is a concern, especially when YouTube is under scrutiny for allowing—
and even recommending—
fake and heinous videos.
Avoiding Google was
hardest at work. We use
Google’s G Suite of enterprise apps, so Gmail, Google
Drive, Docs and Sheets contain the majority of my
work. I had to force Dropbox
Paper on my co-workers, and
warned them emailing me
wouldn’t do much good.
(They still emailed.)
I even encountered Google
in unexpected places, like
when I opened my to-do-list
app and realized I’d used my
Google account to log in.
As Google products have
taken over, they’ve also become more insular. Google
Search tries to answer your
questions without ever taking you to another site.
Some Google services, like
Google Earth, work only in
Chrome—though Google says
B
y almost any measure,
Google collects more
data than Facebook. I
recommend doing a thorough audit of your My Activity page, which displays everything Google watches you
do. You should also manage
data through Google’s privacy and security checkups.
On a recent day, Google
tracked me in 468 different
activities—many that had
nothing to do with Google,
except that I did them using
a Chromebook, Android
phone or Chrome browser.
I also recommend trying
more non-Google software
and services. It isn’t like
Facebook, where you have to
get all your friends to leave
with you. Download Firefox,
which has automated antitracking features. Switch to
Bing or DuckDuckGo—believe it or not, they are just
as good as Google for most
things. Take your meeting
notes in Dropbox Paper.
You don’t need to stop using Google products altogether—and as I found, you
practically can’t if you try.
But make sure you’re using
only the products you want,
and granting Google access
to your data only when
you’re getting something you
value in return.
A peek outside the
Googlesphere helped me find
some excellent alternatives—
many with more focus on
privacy—to the apps I’d used
too often by default. Going
forward, I’ll be a better citizen of the internet—not just
the one Google created.
Xiaomi Lowers IPO Target
Smartphone maker
now sees its valuation
in the offering topping
out at $80 billion
BY DAN STRUMPF
AND JULIE STEINBERG
HONG KONG—Smartphone
maker Xiaomi Corp. is aiming
for a valuation of between $70
billion and $80 billion in its
planned initial public offering,
according to people familiar
with the matter. That is lower
than the $100 billion target
previously discussed by people
familiar with its plans.
Xiaomi, whose IPO is expected to be the world’s biggest by a tech company this
year, didn’t disclose the offering size or expected valuation
in its May 3 filing announcing
the plan to list in Hong Kong.
The Chinese company still
seeks to raise at least $10 billion in the deal, according to
people familiar with the matter.
The earlier target was too
aggressive, some people familiar with the company’s plans
said, as global tech companies
have experienced share-price
declines of 10% or more from
their peaks this year.
Xiaomi, which is based in
Beijing, is the fourth-largest
FRED DUFOUR/AGENCE FRANCE-PRESSE/GETTY IMAGES
PIERCE
it’s changing that.
Chrome commands nearly
60% market share, according
to analytics company Statcounter—over four times as
large as second-place Safari.
It has outsize influence over
the future of the web. Companies such as Airbnb and
Bank of America have directed users to Chrome for
the “optimized” versions of
their sites. If you use a
Google product in another
browser, Google frequently
prompts you to download
Chrome. (Google says it is
dedicated to supporting
other browsers.)
WSJ.com/Tech
The Chinese company, one of the world’s largest phone vendors, still aims to raise at least $10 billion.
vendor of smartphones worldwide and also sells an array of
internet-connected gadgets
like rice cookers and air purifiers. It has had success in
China and its popularity is
surging in India, where it
leads the smartphone market.
It intends to enter the U.S.
market as soon as this year.
While most of its sales
come from hardware, the company aims to generate more
profits from software and services tied to its ecosystem of
connected devices, and is
pitching itself to investors as
an internet company in the
mold of Facebook Inc. or Amazon.com Inc.
The latest valuation range
“is more in line with internet
valuations,” said Mark Newman, a Hong Kong-based analyst at Sanford C. Bernstein—
comparable to those of China’s
Alibaba Group Holding Ltd.
and Tencent Holdings Ltd.—
and “still significantly higher
than hardware [company] valuations.”
Apple Inc. is the world’s
most highly valued smartphone maker, at roughly 3½
times annual sales, according
to S&P Global Market Intelligence. For Xiaomi, that multiple would produce a market
value of about $63 billion.
The company hasn’t set a
date for its offering, but people familiar with its plans say
it is likely to come in the next
couple of months, in line with
typical IPO timelines. Details
on pricing and large investors’
participation will also come
later, these people said.
Android to Let Users Track App Usage
BY DOUGLAS MACMILLAN
Google said Tuesday that
the new version of its Android
mobile operating system
would tell users how much
time they’ve spent on various
apps, joining other tech giants
addressing criticism that their
products are too addictive.
The time tracker is on a
new Android dashboard screen
that also will allow users to
set time limits on apps and
automatically turn the phone
screen gray at the time they
want to go to bed.
The features are part of a
broader initiative to help users
with their “digital well being,”
Google CEO Sundar Pichai said
during the company’s annual
developer conference in Mountain View, Calif.
“There are very real and
important questions being
raised about the impact of
these advances and the role
they’ll play in our lives,” Mr.
Pichai said.
Google, a unit of Alphabet
Inc., is the operator of the
world’s most widely used mobile operating system.
On Monday, Microsoft
Corp. CEO Satya Nadella put
privacy and responsibility at
the center of his keynote
speech at the software giant’s
annual developer conference
in Seattle. As devices reach
into homes, cars and workplaces—and as apps manage
friendships, banking, health
care and more—the tech industry needs to deepen trust,
Mr. Nadella said.
Google, Apple Inc. and
Facebook Inc. all have been
criticized for business models
that rely on hooking users on
their phones and apps for longer and longer periods.
Earlier this year, Facebook’s
Mark Zuckerberg pledged to
“fix” Facebook with several actions including “making sure
that time spent on Facebook is
time well spent.”
Apple, following pressure
from activist investors to give
parents greater control over
children’s phone use, said it
plans new features that will
make the tools it provides parents “even more robust.”
—Jay Greene
contributed to this article.
World-Class CFOs Driving the
Future of the Global Economy.
Upcoming Member Events
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June 11–12, 2018 | Washington, D.C.
WSJ editors, business leaders, policy makers and CFOs from around the
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July 26, 2018 | New York, NY
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May 24, 2018 | London
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THE WALL STREET JOURNAL.
NY
Wednesday, May 9, 2018 | B4A
We live in a
remarkable time,
when the promse
of digital technology
to genuinely improve
human lives has accelerated in unimaginable
ways. Enterprises expect
to collaborate across numerous locations and schools can
connect their students with
insights from around the world.
Healthcare providers can deliver
patient care over digital connections.
And connectivity is so intertwined that
we take it for granted, turning wonders
into daily expectations. There is an optimism
that is exciting and awe-inspiring. Digital technology
promises to make a meaningful impact on humanity.
See what’s changing. spectrumenterprise.com
©2018 Charter Communications. All Rights Reserved. Not all products, pricing and services are available
in all areas. Restrictions may apply. Subject to change without notice. All trademarks remain property
of their respective owners.
.
NY
THE WALL STREET JOURNAL.
MAKE BREAKFAST
HAPPEN
SO KIDS
CAN BE
HUNGRY
FOR
MORE
I was one of our nation’s hungry kids growing up. Today, 1 in 6 children in America
struggle with hunger. But when they get breakfast, their days are bigger and brighter.
Learning, attention, memory and mood improve. Together, we have the power to
get breakfast to kids in your neighborhood — let’s make it happen. Go to hungeris.org
and lend your time or your voice.
Viola Davis, Hunger Is Ambassador
Hunger Is® is a joint initiative of the Albertsons Companies Foundation and the
Entertainment Industry Foundation, which are 501(c)(3) charitable organizations.
Photo By: Peggy Sirota
B4B | Wednesday, May 9, 2018
.
THE WALL STREET JOURNAL.
Wednesday, May 9, 2018 | B5
* * * *
BUSINESS NEWS
BY SARA GERMANO
Nike Inc. said five more executives have left the company
amid an internal investigation
into complaints about workplace issues at the sportswear
giant.
The departures this week
include Steve Lesnard, vice
president and general manager
of global running; Tommy
Kain, director of sports marketing; Helen Kim, vice president and general manager of
Nike East, North America; Simon Pestridge, global vice
president of marketing for
performance categories, and
Ibrahem Hasan, a senior creative director.
The five Nike veterans
didn’t respond to requests to
comment. The exits bring to 11
the number of executives who
are known to have left amid
the probe. Of those, Ms. Kim is
the first woman.
With their exits, Nike has
completed the initial phase of
an internal investigation into
complaints of inappropriate
workplace behavior, according
to a person familiar with the
matter. The New York Times
earlier reported on the exits.
On March 15, Nike Chief Executive Mark Parker wrote a
memo to employees saying the
company had received complaints and initiated an investigation, and that his secondin-command, Trevor Edwards,
would resign his post as Nike
brand president immediately.
The Wall Street Journal reported in March that the company started the probe after a
group of women within the
company circulated a survey
about concerns about workplace behavior and gender imbalances in pay and promotion.
The Journal also reported
about complaints of a boys-club
culture at Nike and flaws in the
human-resources department.
Plus Sizes Find Better Retail Fit
BY SUZANNE KAPNER
Americans are getting bigger, and retailers—after years
of ignoring plus-size shoppers—are starting to notice.
Chains including Nordstrom Inc. and Target Corp.
are boosting their plus-size offerings and displaying the
clothing next to standard
sizes, breaking with a practice
of segregating larger sizes in a
separate department. The
chains are adding supersize
mannequins, and some are
showcasing plus-size models
on their websites alongside
the usual waiflike figures.
Fashion has long cultivated
a body image that was out of
alignment with most Americans. But the discrepancy is
growing, making it harder for
retailers to ignore as they confront rising competition from
Amazon.com Inc. and other
online retailers that has cut
into sales and led to the closure of hundreds of stores.
More than 70% of U.S.
adults age 20 and older were
overweight or obese as of
2014, according to government
health statistics. That compares with 67% a decade earlier. The mean waist size for
American women age 20 and
older was 38 inches, according
to the data, which equates to a
size 16 for most brands. Regular sizes typically start at 2
and run through 12 with plus
sizes starting at 14.
Men are getting bigger, too.
Target offers some Big & Tall
clothing for them next to regular sizes in select stores. And
Nordstrom is hoping to have a
bigger selection of plus sizes
for men next year. But, for the
most part, retailers are testing
these changes in their
women’s departments.
Nordstrom is adding larger
sizes from 100 brands, many
of which previously had not
made plus-size clothing, including Italian luxury brand
Gucci. The extended sizes will
be available online and in 30
stores, alongside the regularsize clothing for each brand,
and displayed on mannequins
NORDSTROM
Nike Says
Five More
Executives
Left Firm
Stores are using full-figure mannequins to show larger sizes, including a size 12 outfit at a Nordstrom’s store in downtown Seattle.
ranging in size from 2 to 18.
Target by year-end will
carry plus-size swimsuits, athletic gear and lingerie next to
regular-size items in those
categories in 300 stores, up
from about 150 stores now. It
is also expanding its existing
plus-size departments in those
300 stores. More than 1,000
locations will have mannequins spanning sizes 4 to 22.
Outdoor chain REI increased its plus-size offerings
by 50% during the past year.
Sixteen of its 153 stores now
display larger sizes next to
regular-size parkas and other
gear. “There weren’t many
outdoor brands that made
larger sizes,” said Michele Orr,
REI’s general merchandise
manager of apparel. “We had
to convince them by explaining the business opportunity.”
The moves are a departure
for an industry that plus-size
shoppers say makes them feel
like second-class citizens.
“Plus-size clothes are often
at the back of the store, the
departments
aren’t
well
stocked and the experience is
so uninviting,” said Amanda
Gilliam, a college-admissions
consultant in Somerset, N.J.
Nordstrom, Target
and other retailers
are boosting their
plus-size offerings.
“It’s very shortsighted of
brands not to make plus sizes.
They are missing out on so
many people who are prepared
to spend money.”
Some brands have shied
away from manufacturing
larger sizes because of the expense and complication of getting the clothes to fit. In standard clothing, the length and
width increase proportionally
for each successive size, according to industry executives.
In plus sizes, the width increases more than the length,
requiring manufacturers to
create new fit patterns, a
costly process. Larger sizes
also require additional fabric,
which adds another layer of
expense, though clothing producers often pass many of
these costs on to consumers.
“There are costs associated
with having extended sizes
and lots of brands just aren’t
interested,” said Emma Grede,
who with Khloé Kardashian
founded Good American, a
denim and T-shirt brand that
runs the size gamut from 00
to 24.
Nordstrom began carrying
Good American in October and
noticed that 16 and 18 were
among the best-selling sizes.
Most of the other denim
brands Nordstrom sells didn’t
make jeans in those sizes, so it
asked them to expand their
range, according to Tricia
Smith, Nordstrom’s generalmerchandise manager of
women’s apparel. Soon, it had
enlisted other brands, including Rag & Bone and Theory,
which added sizes 14 and 16.
Nordstrom is adding sizes
at the lower end too, down to
00. And like Target, it isn’t
eliminating its plus-size departments, though that is
something Ms. Smith said she
would consider if she could
get enough brands to produce
larger-size clothes.
“There is still a lot of work
to be done,” she said.
Some retailers have begun
producing the clothes themselves. Target introduced Ava
& Viv in 2015, an in-house
plus-size brand whose spring
lineup includes off-the-shoulder tops. Since then, it has increased its private-label plussize offerings by 50%,
according to a spokeswoman.
More U.S. Workers Test
Positive for Illicit Drugs
BY LAUREN WEBER
Fewer U.S. workers tested
positive for prescription
painkillers last year, but cocaine,
methamphetamine
and marijuana use surged,
according to new data from
Quest Diagnostics, one of
the largest drug-testing laboratories in the U.S.
But the share of American
workers and job applicants
testing positive for potentially illicit drugs in 2017
was 4.2%, holding steady to
the prior year, the data
show. Quest analyzed more
than 10 million urine tests
conducted on behalf of employers.
“It’s striking as we look at
all this data and see continuing increases in the use
of illicit drugs. That’s a concern for everyone,” said
Barry Sample, Quest’s senior
director for science and
technology.
The federal Drug-Free
Workplace Act of 1988 ushered in an era of job-related
drug-testing, prompting a
rapid decrease in positive
tests. Since the mid-2000s,
the positivity rate has hovered close to 4%, although it
hit a 30-year-low of 3.5% in
2012, Quest said.
Positive tests for opiates,
such as morphine and oxycodone, dropped sharply by
17% in 2017 from the year
before, likely reflecting continuing crackdowns on illegal or excessive opioid prescriptions, Mr. Sample said.
Positive tests for marijuana rose in states that
have recently legalized the
drug for medical or recreational use. In Nevada,
where voters legalized marijuana use starting in January 2017, positives were up
43% last year.
Quest data suggested a
continuing surge in methamphetamine use in the Midwest, South and parts of the
Northeast. Some states, including Nebraska and Idaho,
saw sharp increases in cocaine positives.
The Quest data combines
Drug Test Data
Share of U.S. workers testing
positive for potentially illicit
substances
15%
10
5
0
1990 ’95 2000 ’05
’10
’15
Note: Combined U.S. workforce (general and
safety-sensitive). Includes urine tests only.
Source: Quest Diagnostics Inc.
THE WALL STREET JOURNAL.
results for the general workforce along with tests of
workers in safety-sensitive
jobs, such as pilots, bus
drivers and nuclear power
plant operators, who are
subject to federally mandated testing, including random checks. In the general
workforce, 5% of tests came
back positive for an illicit
substance, up from 4.9% in
Positive tests for
opiates, such as
morphine and
oxycodone, dropped.
2016. Of people in safetysensitive roles, 2.1% tested
positive in 2017, up from 2%
the prior year.
In all, 2.6% of workers
Quest tested in the general
workforce showed positive
results for marijuana, although the company said
fewer customers are requesting the marijuana test.
While marijuana is still
an illicit substance at the
federal level, 30 states and
the District of Columbia
have adopted laws making it
legal in some form, according to the National Conference of State Legislatures.
Even in states that have
loosened or dropped restrictions on buying, selling and
using marijuana, the legal
status of the drug is in flux,
said Danielle Urban, a partner in the Denver office of
law firm Fisher Phillips LLP.
U.S. Attorney General Jeff
Sessions in January rescinded a memo from President Barack Obama’s administration
that
directed
prosecutors to make marijuana enforcement a low priority.
Employers in most states
still have a right—and a fair
amount of discretion—to
maintain a drug-free workplace. But as the legal landscape rapidly shifts and
qualified workers become
harder to find, some employers are questioning the
wisdom of rejecting employees because they may have
smoked pot.
“Does the fact that someone smokes marijuana recreationally make them a bad
employee? No,” said Tracie
Sponenberg, senior vice
president of human resources at the Granite
Group, a wholesaler of
plumbing, heating and other
supplies in New Hampshire,
where marijuana is still illegal.
The company employs
many drivers, who are required by federal law to undergo regular drug testing,
and it only tests workers
who are in those safety-sensitive roles, said Ms.
Sponenberg, who also sits
on the special-expertise
committee of the Society for
Human Resource Management.
She said a prior employer
of hers had a policy of randomly testing a sample of
workers at a warehouse that
stored pharmaceutical products. A few years ago, a
handful of employees who
were tested in one batch received marijuana positives.
The company decided not to
fire any of them.
“We would have severely
depleted our staff,” she said.
Instead, the workers were
offered a chance to take the
test a second time.
We’re saying “yes”
to the future
of energy.
Tomorrow’s next big thing is out there, an idea waiting
to be brought to life. We strive to be a partner who
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B6 | Wednesday, May 9, 2018
THE WALL STREET JOURNAL.
THE PROPERTY REPORT
Saudi Prince,
Partner Buy
Plaza Hotel
BY KEIKO MORRIS
AND CRAIG KARMIN
Real-estate investor Ashkenazy Acquisition Corp. and its
partner Saudi Prince al-Waleed bin Talal, minority owners of New York’s Plaza Hotel,
have agreed to buy full ownership in a deal that values the
property at $600 million, according to people familiar
with the matter.
The investors, who already
own a 25% stake in the 282room hotel, have exercised an
option to match a recent offer
to buy the 1907 property. The
partners have 45 days to close
the deal.
If they complete the acquisition, it would be among the
most expensive hotel sales ever
in the world on a price-perroom basis, a popular industry
metric for valuing hotel sales.
Last week, the seller, Sahara Group, a Lucknow, Indiabased conglomerate that is the
hotel’s majority owner, reached
an agreement with two other
investors—Shahal
Khan,
founder of Dubai-based White
City Ventures, and Kamran
Hakim of the Hakim Organization, a large private New York
landlord—to buy the hotel.
But Ashkenazy, a private
real-estate investment firm
based in New York, and Prince
al-Waleed had the right to
match any agreement to purchase Sahara’s majority stake.
Prince al-Waleed, who is
one of the world’s richest men,
was recently detained for
more than two months by the
Saudi government as part of a
purge of elites in what the
kingdom described as a corruption crackdown.
Sahara has long been trying
to sell the hotel. Last summer,
Sahara hired JLL Hotels and
Hospitality Group to find a
buyer and has been in negotiations with a number of parties, say people familiar with
the matter. About 50 privateequity firms, foreign governments and other investors had
expressed interest in the Plaza
Hotel last year, but a deal had
been elusive.
Sahara acquired its controlling stake in 2012 in a deal
that valued the property at
about $575 million. Since then,
Sahara founder and Chairman
Subrata Roy has faced legal
troubles.
India’s Supreme Court in
2014 sentenced Mr. Roy to jail
for failing to pay regulators
what the government said is
as much as $4 billion of what
they claim is illegal debt issued to small investors. Mr.
Roy spent two years in a New
Delhi jail on contempt charges.
Mr. Roy and Sahara have
denied the allegations and say
they have paid most of the
debt owed to investors.
The pedigreed hotel comes
with a coveted location on the
southeast end of Central Park.
Previous owners of the property
include hotelier Conrad Hilton
BY ESTHER FUNG
MICHAEL BUCHER/THE WALL STREET JOURNAL
Al-Waleed, Ashkenazy
match earlier offer
for majority stake
with $600 million deal
Retailing
REITs
Shake Up
Their Staff
The storied property has played roles in many films, including Hitchcock’s ‘North by Northwest.’
and Donald Trump, who once
compared it to the Mona Lisa.
It has been featured in novels like “The Great Gatsby”
and numerous films, including
Alfred Hitchcock’s “North by
Northwest.”
The agreement by Ashke-
nazy and Prince al-Waleed to
acquire full ownership of the
Plaza was reported earlier by
the New York Post.
Lending Venture Aids Miami’s Condo Market
BY PETER GRANT
A real-estate investment
group has rolled out a $300
million lending business targeting foreign investors who
already have made big down
payments on units in Miami
condominium projects but prefer to borrow the balance
when the units are delivered.
The group, led by investment firm Pebb Capital, of
Boca Raton, Fla., and New
York, already has done its first
deals with buyers of more
than 20 units in the Echo
Brickell, a Miami luxury tower
with 172 apartments that
opened at the end of last year.
Most of the borrowers were
investors from countries such
as Venezuela, Argentina and
Brazil who earlier had put
down at least half of their
units’ costs, said Todd Rosenberg, managing principal of
Pebb.
Florida law allows condo
developers to use down payments to finance many construction costs. Dozens of
projects have been launched
this way during the current
cycle because construction
loans from traditional lenders
have been smaller and harder
to obtain since the 2008
crash.
Many of the buyers in Miami have been from Latin and
South American countries
where political and financial
uncertainties are much greater
than in the U.S.
“People feel their money is
safe here,” Mr. Rosenberg said.
“It can be a frightening world
if you’re someone who has
been successful” in a South
American or Latin American
Group intends to
make $300 million
available for buyers
of condominiums.
country.
The venture—which also includes Yale Mortgage Funding,
a Florida mortgage broker, and
GPC Truss—initially plans to
make $300 million of loans to
such investors in Miami-area
condo projects. Eventually, the
venture hopes to expand to
other North American markets, like San Francisco, New
York and Vancouver, that also
have become popular with foreign buyers, Mr. Rosenberg
said.
Buyers could have a wide
range of reasons for opting to
borrow from the venture to
close deals rather than coming
up with cash, including foreign-currency
fluctuations
and, in the case of Chinese
buyers, government controls
on exporting capital.
The venture, named Pebb
Yale Truss Lending, will limit
its loans to 50% of a unit’s
price. Buyers will need to
come up with additional cash
as well if they put less than
50% down.
Foreign buyers have become a fixture in major markets throughout the world. Often, they don’t occupy units.
Rather they use them as a
way to preserve their wealth
and, possibly, to make some
return from rising values or
renting out their apartments.
In Miami, foreign demand
has helped fuel a condo boom.
Since 2012, 6,300 new units
have been delivered in the
downtown Miami market, according to Integra Realty Resources, a real-estate tracking
firm.
About 5,000 units are under
construction and 864 condos
are in the planning stage, Integra said.
Blackstone Is Betting Big on Spanish Hotels
MADRID—Blackstone Group
LP is seeking to become the
largest hotel owner in Spain
and double down on its multibillion-dollar bet on the country’s robust economic recovery
and booming tourism industry.
The world’s largest real-estate investor made its first major bet on Spain’s hotel sector
in October, when it acquired
Hotel Investment Partners
from Spanish lender Banco de
Sabadell SA for €630 million
($751.1 million). HI Partners
owned 14 hotels with more
than 3,700 rooms.
In April, Blackstone bought
a 16.56% stake in Spanish
property firm Hispania from
two funds run by billionaire investor George Soros, and
pledged to make a full takeover bid if more than 50% of
shareholders accept the deal.
Spanish regulators need to
approve the deal before the
New York-based firm can officially launch its bid. There is
also a possibility that other investors would then swoop in
with a counteroffer.
Hispania, Spain’s largest hotel company with 13,100
rooms, says it is looking for alternatives to the unsolicited
takeover offer. Blackstone offered €17.45 a share, valuing
Hispania at around €2 billion.
Blackstone’s move into
Spanish hospitality comes with
the bull market in commercial
SEAN GALLUP/GETTY IMAGES
BY JEANNETTE NEUMANN
Spain attracted 82 million tourists in 2017, a nearly 9% increase from the previous year.
real estate in its ninth year and
outsize returns getting trickier
for private-equity firms to deliver. Prices have hit plateaus
in most U.S. and European
markets, and rising interest
rates have lured investors out
of property and into bonds.
Blackstone’s bet indicates
executives think they can parlay their background in hotels
into greater profitability for
Hispania. Blackstone has been
a majority owner of Hilton
Worldwide Holdings Inc.
The Spanish hotel market
also is attractive to investors
partly thanks to Spain’s repu-
tation as a relatively safe vacation spot compared with other
Mediterranean countries such
as Egypt, Tunisia and Turkey.
Spain hosted 82 million tourists in 2017, a nearly 9% rise
from the prior year, according to
the country’s statistics agency.
Spain was ranked No. 3
globally behind the U.S. and
China in 2017 in terms of the
amount spent in the domestic
economy by foreign visitors,
according to the World Travel
and Tourism Council.
If Blackstone’s offer is successful, the firm would become
the largest hotel owner in
Spain, ahead of Meliá Hotels
International SA, with 11,000
rooms, said Manuel Climent,
head of JLL’s Spanish hotel
and hospitality investment division. Blackstone’s ultimate
goal for its potential Spanish
hotel portfolio would most
likely be an initial public offering, Mr. Climent said.
Still, Spanish hotel rates
could suffer if tensions cool in
other countries and competitors become more popular.
Some investors and analysts
have interpreted Mr. Soros’s
exit from Hispania as a sign the
investment cycle for hotels in
Spain is nearing its peak.
Mr. Soros was one of the
original investors in Hispania,
a Spanish real-estate investment trust created in 2014 to
capitalize on the then-nascent
Spanish economic recovery.
Shares of Hispania, whose
full name is Hispania Activos
Inmobiliarios SOCIMI SA, were
first sold to the public in 2014
at €10 a piece, compared with
around €17 at the end of
March before Blackstone announced its plans.
A spokesman for Mr. Soros’s
fund declined to comment.
Blackstone has an estimated
€18 billion invested in Spain,
more than any other European
country. Many deals have paid
off in recent years as Spain’s
economy grew faster than other
major European economies.
Blackstone was an early investor in Spain as the world recovered from the 2008 financial crisis. In July 2013, the
New York firm bought nearly
2,000 government-subsidized
rental apartments from the city
of Madrid for €125.5 million.
The EU’s executive branch
said last week it expects Spain,
the eurozone’s fourth-largest
economy, to expand at an annual
rate of 2.9% in 2018. Spain’s
economy grew 3.1% last year.
More than five million tourists visited Spain’s beaches, museums and restaurants in
March, up 9.6% from the yearearlier month, the country’s statistics institute said last week.
The relentless pounding on
the shares of retail REITs in
recent months has prompted
landlords to sell assets and
make changes to managementcompensation practices. Now
they are shuffling the employee ranks.
In recent weeks, some
prominent landlords of malls
and open-air shopping centers
have announced shake-ups in
the executive suite as well as
layoffs among rank-and-file
employees.
Santa Monica-based mall
landlord Macerich Co. said
Chairman and Chief Executive
Art Coppola, 66 years old,
would be retiring at the end of
the year and will be succeeded
by Chief Financial Officer
Thomas O’Hern, 62, in January. Macerich said it had reduced its corporate staff and
incurred severance costs of
$12.8 million in the first quarter.
“It’s good governance to
have as many independent directors as possible,” said Mr.
Coppola, when asked during
an earnings call last week why
he didn’t stay on as chairman.
Strip center REIT Kite Realty Group Trust said Executive Vice President and Chief
Financial Officer Daniel Sink,
50, will be leaving the company to pursue other opportunities on June 30.
Analysts said they had expected Mr. Sink, who has been
with the company since its
2004 initial public offering, to
remain there. Kite Realty and
Mr. Sink didn’t respond to requests for additional comment.
While the last round of
REIT layoffs in 2008 was
driven by the weak economy,
the latest upheaval appears to
be more stock-driven. The total return for retail REITs this
year is minus-11.2%, according
to Nareit, formerly the National Association of Real Estate Investment Trusts. Total
return for all equity REITs is
minus 4.75% over the same period.
Beachwood,
Ohio-based
real-estate investment trust
DDR Corp., which owns 258
retail properties across the
U.S., recently carried out a
round of layoffs that included
some senior leasing executives.
“When it comes to positions
that are no longer available at
the company, it’s really due to
size. The company has
changed dramatically in size
but not dramatically in focus.
We’re focused on a much
smaller group of assets,” said
David Lukes, DDR’s CEO, in an
earnings call last month.
DDR had 319 properties
when Mr. Lukes joined the
firm in March 2017. It has been
shrinking its portfolio for several years now, from 665 properties in 2010.
The company also changed
its leasing compensation
structure, making it more
deal-based rather than emphasizing salary.
“Culturally, the whole company is going to eat what they
kill, and that starts with the
sales side of the business,”
said Mr. Lukes.
For the past two years,
shopping-center landlords had
to contend with store closings
and retailer bankruptcies, and
shares of retail REITs suffered
greatly.
Some REITs such as Taubman Centers Inc. and Macerich also are fending off pressures from activist investors
who are agitating for broad
management changes and asset sales.
Slumping
FTSE NAREIT Equity Retail Index
400
350
300
250
200
2016
’17
Source: FactSet
THE WALL STREET JOURNAL.
’18
.
THE WALL STREET JOURNAL.
Wednesday, May 9, 2018 | B7
BIGGEST 1,000 STOCKS
WSJ.com/stocks
How to Read the Stock Tables
Footnotes:
The following explanations apply to NYSE,
s-New 52-week high.
NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low.
Market listed securities. Prices are composite dd-Indicates loss in the most recent
quotations that include primary market trades four quarters.
as well as trades reported by Nasdaq BX
FD-First day of trading.
(formerly Boston), Chicago Stock Exchange,
h-Does not meet continued listing
Cboe, NYSE National and Nasdaq ISE.
standards
The list comprises the 1,000 largest
lf-Late filing
companies based on market capitalization.
q-Temporary exemption from Nasdaq
Underlined quotations are those stocks with requirements.
t-NYSE bankruptcy
large changes in volume compared with the
v-Trading halted on primary market.
issue’s average trading volume.
vj-In bankruptcy or receivership or
Boldfaced quotations highlight those issues being reorganized under the
whose price changed by 5% or more if their
Bankruptcy Code, or securities
previous closing price was $2 or higher.
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.
Tuesday, May 8, 2018
Sym Close Chg
Stock
0.24
0.13
-0.64
0.23
-0.34
0.38
1.75
-1.01
-0.34
-0.61
-0.23
-0.19
-0.36
-0.76
3.57
0.66
0.02
0.05
0.60
-0.57
0.83
-0.02
0.37
0.06
0.56
-0.02
0.61
-0.79
-1.46
-3.46
0.96
0.43
0.39
-2.66
0.15
-3.29
2.65
-1.22
0.35
0.65
0.03
-1.28
-0.88
-0.87
Net
Sym Close Chg
Stock
0.71 AspenTech AZPN 90.33 -0.30
-0.46 AstraZeneca AZN 35.66 -0.31
-0.44 AthenaHealth ATHN152.76 6.01
0.03 Athene
ATH 46.32 -0.35
-7.75 s Atlassian
TEAM 63.18 0.57
... AtmosEnergy ATO 87.75 -1.11
0.73 Autodesk
ADSK 132.76 1.19
3.65 Autohome ATHM 98.74 1.50
-1.63 Autoliv
ALV 139.35 -0.36
-0.12 s ADP
ADP 125.77 0.20
-0.18 AutoZone AZO 655.17 6.32
0.56 Avalonbay AVB 164.47 -0.73
-1.53 Avangrid
AGR 52.62 -1.38
1.16 AveryDennison AVY 105.50 -0.15
0.25 AveXis
AVXS 217.51 0.11
0.06 AxaltaCoating AXTA 31.67 0.04
-0.20 BB&T
BBT 54.22 0.49
-1.13 BCE
BCE 41.36 -0.13
-1.79 BHPBilliton BHP 47.59 -0.26
0.21 BHPBilliton BBL 43.10 -0.03
... BOK Fin
BOKF 102.18 0.28
0.65 BP
BP 45.33 -0.36
0.43 BT Group BT 16.16 0.09
-0.08 BWX Tech BWXT 66.59 -1.11
1.04 Baidu
BIDU 263.09 9.19
0.92 BakerHughes BHGE 36.03 0.40
-2.08 Ball
BLL 38.07 -0.15
2.45 BancoBilbaoViz BBVA 7.97 -0.07
0.60 BancodeChile BCH 94.15 -2.37
-0.26 BcoSantChile BSAC 32.14 -0.30
0.28 BcoSantMex BSMX 6.98 0.18
-5.16 BancoSantander SAN 6.37 -0.02
0.54 BanColombia CIB 47.94 -0.11
0.65 BankofAmerica BAC 29.93 0.29
-0.22 BankofMontreal BMO 76.87 0.44
-0.66 BankNY Mellon BK 56.08 0.49
0.89 BkNovaScotia BNS 61.46 -0.09
0.86 BankofOzarks OZRK 47.81 0.25
-0.72 Barclays
BCS 11.38 -0.05
0.58 BarrickGold ABX 13.28 -0.08
-0.73 BaxterIntl BAX 69.45 -0.88
2.20 BectonDicknsn BDX 221.35 -3.83
BGNE 179.26 0.12
-0.20 BeiGene
WRB 75.33 0.18
0.86 Berkley
0.26 BerkHathwy B BRK.B 196.24 -0.82
0.24 BerkHathwy A BRK.A 295700100.00
6.93 BerryGlobal BERY 48.59 -0.55
BBY 75.63 0.13
0.64 BestBuy
Altaba
AABA 76.04
t AlticeUSA ATUS 16.43
Altria
MO 55.27
AlumofChina ACH 13.90
Amazon.com AMZN 1592.39
Ambev
ABEV 6.26
Amdocs
DOX 67.66
Amerco
UHAL 335.73
Ameren
AEE 56.91
AmericaMovil AMX 17.36
AmericaMovil A AMOV 17.18
AmerAirlines AAL 43.00
AEP
AEP 67.25
AmerExpress AXP 99.74
AmericanFin AFG 110.85
AmHomes4Rent AMH 20.58
AIG
AIG 53.08
AmerTowerREIT AMT 137.01
AmerWaterWorks AWK 83.01
Ameriprise AMP 134.31
AmerisourceBrgn ABC 84.69
Ametek
AME 73.45
Amgen
AMGN 168.49
Amphenol APH 85.74
AnadarkoPetrol APC 67.04
AnalogDevices ADI 91.42
Andeavor ANDV 137.55
AndeavorLog ANDX 45.30
AB InBev BUD 98.24
AnnalyCap NLY 10.20
AnteroResources AR 18.53
Anthem
ANTM 224.10
Aon
AON 140.91
Apache
APA 40.12
ApartmtInv AIV 40.99
ApolloGlbMgmt APO 30.73
Apple
AAPL 186.05
ApplMaterials AMAT 53.45
Aptargroup ATR 91.76
Aptiv
APTV 93.64
AquaAmerica WTR 34.63
Aramark
ARMK 39.25
ArcelorMittal MT 34.60
ArchCapital ACGL 79.99
ArcherDaniels ADM 43.95
Arconic
ARNC 17.80
AristaNetworks ANET 259.29
ArrowElec ARW 75.08
A B C
ABB
ABB 23.92
ADT
ADT 8.57
AES
AES 11.73
Aflac
AFL 44.82
AGNC Invt AGNC 18.80
ANGI Homesvcs ANGI 14.06
Ansys
ANSS 167.48
ASML
ASML 193.87
t AT&T
T
31.70
AbbottLabs ABT 58.71
AbbVie
ABBV 99.40
Abiomed
ABMD 347.38
Accenture ACN 151.94
ActivisionBliz ATVI 69.61
s AdobeSystems ADBE 234.56
AdvanceAuto AAP 116.80
AdvMicroDevices AMD 11.61
Aegon
AEG 7.04
AerCap
AER 54.74
Aetna
AET 170.83
AffiliatedMgrs AMG 163.28
AgilentTechs A
67.37
AgnicoEagle AEM 43.14
AirProducts APD 163.51
AkamaiTech AKAM 73.68
AlaskaAir ALK 61.63
Albemarle ALB 100.72
Alcoa
AA 53.76
AlexandriaRlEst ARE 128.34
AlexionPharm ALXN 114.95
Alibaba
BABA 196.31
AlignTech ALGN 265.46
Alkermes ALKS 44.19
Alleghany Y
573.09
Allegion
ALLE 75.89
Allergan
AGN 143.80
AllianceData ADS 201.75
AlliantEnergy LNT 41.72
AllisonTransm ALSN 42.20
Allstate
ALL 95.71
AllyFinancial ALLY 26.57
AlnylamPharm ALNY 96.14
Alphabet C GOOG 1053.91
Alphabet A GOOGL 1058.59
Net
Sym Close Chg
Stock
Net
Stock
Bio-RadLab A BIO 253.69 -1.06
Biogen
BIIB 269.73 0.03
BioMarinPharm BMRN 86.81 -0.16
BlackKnight BKI 50.45 0.85
BlackBerry BB 11.12 0.13
BlackRock BLK 519.93 -3.67
Blackstone BX 31.64 -0.24
BlockHR
HRB 27.82 0.15
bluebirdbio BLUE 172.45 -1.95
Boeing
BA 338.37 -2.06
BookingHldgs BKNG 2161.60-33.36
BoozAllen BAH 40.42 0.38
BorgWarner BWA 49.63 0.44
BostonProps BXP 122.77 -1.38
BostonSci BSX 29.83 -0.11
Braskem
BAK 24.40 0.05
BrightHorizons BFAM 98.81 -0.04
BrighthouseFin BHF 50.26 -0.04
t Bristol-Myers BMY 50.53 -0.79
BritishAmTob BTI 51.40 -1.01
Broadcom AVGO 238.85 2.88
s BroadridgeFinl BR 112.20 3.75
BrookfieldMgt BAM 39.63 -0.17
BrookfieldInfr BIP 38.90 -0.51
Brown&Brown BRO 27.40 -0.05
Brown-Forman B BF.B 55.45 -0.19
Brown-Forman A BF.A 52.70 -0.99
BuckeyePtrs BPL 39.80 0.67
Bunge
BG 69.52 0.16
BurlingtonStrs BURL 137.77 2.16
CA
CA 34.56
...
CBD Pao
CBD 20.81 -0.30
CBRE Group CBRE 46.48 0.20
CBS B
CBS 51.27 -1.15
CBS A
CBS.A 51.33 -1.28
CDK Global CDK 64.89 -0.11
CDW
CDW 76.59 0.22
CF Industries CF 37.79 0.06
CGI Group GIB 60.21 0.20
CH Robinson CHRW 83.93 1.50
CIT Group CIT 53.15 0.11
CME Group CME 158.46 -0.76
CMS Energy CMS 44.99 -1.03
CNA Fin
CNA 48.64 -0.38
CNOOC
CEO 168.57 -2.32
CPFLEnergia CPL 12.76 -0.01
CRH
CRH 36.48 0.20
CSX
CSX 60.57 0.07
CVS Health CVS 60.71 -1.04
CabotOil
COG 23.34 0.32
CadenceDesign CDNS 40.90 -0.17
CaesarsEnt CZR 11.80 -0.25
CamdenProperty CPT 86.77 -0.08
CampbellSoup CPB 41.30 0.27
CIBC
CM 87.84 -0.10
CanNtlRlwy CNI 78.82 0.17
CanNaturalRes CNQ 34.27 -0.84
CanPacRlwy CP 183.40 0.02
Canon
CAJ 34.72 0.01
CapitalOne COF 90.18 1.26
CardinalHealth CAH 52.50 -0.27
Carlisle
CSL 107.59 -0.67
Carlyle
CG 21.60 -0.40
CarMax
KMX 63.15 -1.02
Carnival
CCL 63.15 0.22
Carnival
CUK 65.08 0.46
Caterpillar CAT 149.93 0.11
CboeGlobalMkts CBOE 102.37 -0.79
New Highs and Lows | WSJ.com/newhighs
Stock
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American
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.
Tuesday, May 8, 2018
52-Wk %
Sym Hi/Lo Chg Stock
Stock
Highs
AAR
ACNB
AdobeSystems
AeroVironment
Amedisys
AmerCarMart
AmericoldRealty
AppFolio
ArborRealty
AscendisPharma
Atlassian
ADP
AxoGen
BGStaffing
B RileyFin
Balchem
Bandwidth
BankFinancial
BioLifeSols
BlinkChargingWt
BootBarn
Box
Brightcove
Bristow
BroadridgeFinl
CONSOL Energy
46.52 2.5
AIR
31.80 2.1
ACNB
235.00 1.5
ADBE
61.82 4.3
AVAV
74.16 7.8
AMED
55.00 1.7
CRMT
21.16 0.7
COLD
56.00 2.4
APPF
9.44 0.2
ABR
70.50 -3.8
ASND
63.59 0.9
TEAM
126.03 0.2
ADP
43.96 0.5
AXGN
21.26 2.1
BGSF
22.00 7.3
RILY
95.26 1.2
BCPC
37.42 3.5
BAND
17.65 0.9
BFIN
8.24 2.7
BLFS
1.50 123.8
BLNKW
20.78 0.6
BOOT
26.58 4.3
BOX
10.05 1.0
BCOV
17.57 3.5
BRS
114.19 3.5
BR
42.81 4.5
CEIX
52-Wk %
Sym Hi/Lo Chg Stock
Mutual Funds
52-Wk %
Sym Hi/Lo Chg
31.20 1.3 E*TRADE
24.66 -0.7 Ecology&Envt
35.80 6.6 eGain
10.93 0.8 8x8
56.41 0.6 EmmisComm
30.86 1.8 EnantaPharma
24.68 1.7 EnovaIntl
25.07 1.8 EnsignGroup
320.60 1.7 Espey
30.85 0.6 EstreAmbiental
107.63 0.7 Everbridge
65.16 0.8 EvercoreA
59.44 1.3 Evertec
68.19 0.4 ExpeditorsIntl
51.99 0.2 ExtraSpaceSt
52.69 4.6 F5Networks
26.25 1.4 FTI Consulting
30.58 0.7 FarmersCapBk
72.40 2.6 FederatedNatl
117.55 0.8 FiestaRestaurant
56.05 2.9 FirstBanCorp
59.08 2.5 FirstFinBncpOH
23.89 1.6 FirstFinBkshs
134.89 3.4 FlirSystems
12.45 0.8 G1Therapeutics
43.68 4.6 GWPharm
75.78 2.0 GencoShipping
9.99 0.8 GeneralFin
CTS
CTS
Curo
CURO
Carbonite
CARB
CareDx
CDNA
CarpenterTech
CRS
CenterStateBank CSFL
CharterFin
CHFN
Chegg
CHGG
Chemed
CHE
ChesapeakeLodging CHSP
CitrixSystems
CTXS
CommerceBcshrs CBSH
CommBkSys
CBU
Conmed
CNMD
CoreLogic
CLGX
CoupaSoftware COUP
CryoLife
CRY
CubeSmart
CUBE
Cubic
CUB
Cullen/Frost
CFR
Cutera
CUTR
CyberArkSoftware CYBR
DSW
DSW
DiamondbkEner FANG
DigiIntl
DGII
DocuSign
DOCU
DoverWi
DOVw
DraperOakwood DOTA
Net
Sym Close Chg
ETFC
EEI
EGAN
EGHT
EMMS
ENTA
ENVA
ENSG
ESP
ESTR
EVBG
EVR
EVTC
EXPD
EXR
FFIV
FCN
FFKT
FNHC
FRGI
FBP
FFBC
FFIN
FLIR
GTHX
GWPH
GNK
GFN
Data provided by
63.56
13.80
10.70
22.05
5.34
107.29
32.00
33.81
29.34
12.87
42.54
105.65
21.35
70.33
93.95
170.92
59.22
51.65
19.13
27.90
7.50
32.00
52.15
55.63
48.71
149.95
17.38
9.75
1.3
0.7
15.3
0.7
3.5
1.8
0.5
-1.0
1.5
1.4
4.2
1.2
0.5
8.8
0.1
0.3
1.1
1.8
4.3
12.8
0.9
1.8
1.7
1.2
5.1
-0.6
1.2
4.9
Fund
GooseheadIns
GrafTechIntl
Greenhill
Haemonetic
HamiltonLane
HealthEquity
IHSMarkit
IcahnEnterprises
InfinityPropCas
IntegerHoldings
InteractiveBrkrs
Intricon
iRadimed
JerashHldgs
Kaman
KeyTronic
Kforce
KirklandLakeGold
LGI Homes
LPL Financial
LegacyReserves
LegacyResPfdA
LifeStorage
LonestarRscs
Luminex
MYR Group
MalibuBoats
MastechDigital
Mastercard
Medpace
MesaLab
Mimecast
Misonix
MiXTelematics
NVE
Nanometrics
NatlGeneral
Net
Sym Close Chg
Stock
Celanese A CE 108.71
t Celgene
CELG 83.13
Cemex
CX
5.94
CenovusEnergy CVE 10.73
Centene
CNC 113.41
CenterPointEner CNP 26.55
CentraisElBras EBR 5.12
CenturyLink CTL 18.13
Cerner
CERN 58.76
CharterComms CHTR 271.01
CheckPoint CHKP 99.93
Chemours CC 50.58
CheniereEnergy LNG 62.60
CheniereEnerPtrs CQP 30.90
CheniereEnHldgs CQH 28.18
Chevron
CVX 126.57
ChinaEastrnAir CEA 40.92
ChinaLifeIns LFC 14.25
ChinaLodging HTHT 145.56
ChinaMobile CHL 46.89
ChinaPetrol SNP 98.16
ChinaSoAirlines ZNH 53.50
ChinaTelecom CHA 48.46
ChinaUnicom CHU 13.84
Chipotle
CMG 424.42
Chubb
CB 132.84
ChunghwaTel CHT 37.34
Church&Dwight CHD 47.73
Cigna
CI 170.70
CimarexEnergy XEC 100.06
CincinnatiFin CINF 70.18
Cintas
CTAS 176.64
CiscoSystems CSCO 45.71
Citigroup
C
71.00
CitizensFin CFG 41.32
s CitrixSystems CTXS 107.29
Clorox
CLX 118.71
Coca-Cola KO 41.81
Coca-Cola Euro CCE 38.16
t Coca-Cola Femsa KOF 60.16
Cognex
CGNX 47.02
CognizantTech CTSH 75.55
t ColgatePalm CL 62.28
ColumbiaSportswr COLM 82.43
t Comcast A CMCSA 30.59
Comerica
CMA 95.77
s CommerceBcshrs CBSH 64.83
SABESP
SBS 9.17
ConagraBrands CAG 37.40
ConchoRscs CXO 158.32
ConocoPhillips COP 67.74
ConEd
ED 76.23
ConstBrands A STZ 221.46
ContinentalRscs CLR 66.22
Cooper
COO 226.80
Copart
CPRT 53.20
Corning
GLW 26.80
CoStar
CSGP 386.53
Costco
COST 194.48
Coty
COTY 15.90
Credicorp
BAP 230.05
CreditAcceptance CACC 327.73
CreditSuisse CS 16.52
CrownCastle CCI 102.74
CrownHoldings CCK 44.18
Ctrip.com CTRP 42.67
s Cullen/Frost CFR 116.95
Cummins
CMI 145.99
52-Wk %
Sym Hi/Lo Chg Stock
GSHD
EAF
GHL
HAE
HLNE
HQY
INFO
IEP
IPCC
ITGR
IBKR
IIN
IRMD
JRSH
KAMN
KTCC
KFRC
KL
LGIH
LPLA
LGCY
LGCYP
LSI
LONE
LMNX
MYRG
MBUU
MHH
MA
MEDP
MLAB
MIME
MSON
MIXT
NVEC
NANO
NGHC
17.70
18.37
25.65
82.70
44.93
70.28
50.57
72.73
140.85
67.40
78.00
29.85
18.60
11.00
67.74
8.05
33.10
19.10
81.88
68.62
6.49
12.67
92.07
5.56
24.73
38.66
42.76
16.61
190.66
40.81
174.74
41.37
11.70
17.40
96.48
36.06
27.93
Net YTD
NAV Chg %Ret Fund
5.2
-0.3
2.4
5.8
-0.1
0.9
0.8
0.8
-0.5
-0.6
1.3
16.6
0.8
0.4
8.1
2.1
3.8
-0.3
-7.8
4.9
3.8
9.7
0.8
2.6
9.3
3.3
-1.0
3.2
0.8
2.5
0.7
2.0
15.8
1.2
2.9
2.3
3.1
Fund
Tuesday, May 8, 2018
Net YTD
Net YTD
NAV Chg %Ret Fund
A
American Century Inv
46.45 +0.13
Ultra
American Funds Cl A
33.25 +0.07
AmcpA p
AMutlA p 39.95 -0.06
BalA p
26.87 -0.04
12.49 -0.02
BondA p
CapIBA p
60.52 -0.16
CapWGrA 51.82 -0.03
57.01 +0.04
EupacA p
FdInvA p
62.46 -0.02
52.42 +0.02
GwthA p
HI TrA p
10.16 -0.01
40.16 -0.07
ICAA p
22.74 -0.04
IncoA p
N PerA p
44.79
...
48.11 +0.17
NEcoA p
NwWrldA 67.07 -0.01
57.44 +0.13
SmCpA p
12.80
...
TxExA p
45.40 -0.04
WshA p
Edgewood Growth Instituti
7.0 EdgewoodGrInst 32.41 -0.12 9.6
5.6
-1.6
-0.7
-2.4
-2.9
1.8
1.4
0.7
5.8
...
-0.2
-2.0
3.8
7.8
0.2
2.9
-0.9
-0.1
Baird Funds
10.52 -0.01
10.86 -0.01
BlackRock Funds A
GlblAlloc p 19.53 -0.03
BlackRock Funds Inst
22.39
...
EqtyDivd
GlblAlloc
19.66 -0.03
StratIncOpptyIns 9.83 -0.01
Bridge Builder Trust
NA
...
CoreBond
-2.4
-2.3
-0.9
-1.2
-0.8
-0.1
NA
D
Dimensional Fds
5GlbFxdInc 10.82 -0.01
EmgMktVa 31.39 -0.09
EmMktCorEq 22.87 -0.04
...
IntlCoreEq 14.68
20.68 -0.04
IntlVal
21.52 +0.01
IntSmCo
IntSmVa
22.95 +0.01
US CoreEq1 22.94 +0.04
US CoreEq2 21.58 +0.05
36.52 +0.27
US Small
US SmCpVal 38.49 +0.28
US TgdVal 25.12 +0.20
38.12 +0.02
USLgVa
Dodge & Cox
Balanced 103.93 -0.19
13.58 -0.02
GblStock
Income
13.43 -0.01
45.89 -0.07
Intl Stk
198.83 -0.44
Stock
DoubleLine Funds
...
CoreFxdIncmI NA
NA
...
TotRetBdI
FrankTemp/Temp Adv
GlBondAdv p 11.83 -0.01 1.0
E
B
AggBdInst
CorBdInst
Net YTD
NAV Chg %Ret
NAV Chg %Ret Fund
-0.5
0.5
-1.5
1.0
1.1
1.2
-0.1
0.9
0.3
1.8
1.5
1.1
-2.1
-1.3
-2.0
-1.5
-0.9
-0.9
NA
NA
F
Fidelity
500IdxInst
500IdxInstPrem
500IdxPrem
ExtMktIdxPrem r
IntlIdxPrem r
SAIUSLgCpIndxFd
TMktIdxF r
TMktIdxPrem
USBdIdxInstPrem
93.46 -0.02
93.45 -0.03
93.45 -0.03
63.78 +0.22
43.46 -0.04
14.36
...
76.82 +0.03
76.82 +0.03
11.20 -0.02
Fidelity Advisor I
NwInsghtI 33.09 +0.11
Fidelity Freedom
16.57
...
FF2020
14.42 +0.01
FF2025
18.12 +0.01
FF2030
...
Freedom2020 K 16.55
...
Freedom2025 K 14.39
Freedom2030 K 18.10 +0.01
...
Freedom2035 K 15.31
...
Freedom2040 K 10.76
Fidelity Invest
23.90 -0.01
Balanc
94.16 +0.19
BluCh
128.69 +0.46
Contra
128.65 +0.46
ContraK
10.16 -0.01
CpInc r
39.72 +0.03
DivIntl
193.78 +0.13
GroCo
GrowCoK 193.80 +0.12
7.68 -0.01
InvGB
10.91 -0.01
InvGrBd
54.57 +0.05
LowP r
108.21 +0.41
MagIn
118.57 +0.25
OTC
23.58 +0.03
Puritn
SrsEmrgMkt 21.05 +0.01
SrsGroCoRetail 18.11 +0.01
SrsIntlGrw 16.21 +0.02
10.69 -0.02
SrsIntlVal
TotalBond 10.34 -0.01
First Eagle Funds
58.89 +0.06
GlbA
FPA Funds
34.58 +0.06
FPACres
FrankTemp/Frank Adv
...
IncomeAdv 2.27
FrankTemp/Franklin A
7.28
...
CA TF A p
2.29
...
IncomeA p
RisDv A p 59.89 -0.06
FrankTemp/Franklin C
...
Income C t 2.32
FrankTemp/Temp A
GlBond A p 11.87 -0.02
...
Growth A p 26.93
H
Harbor Funds
CapApInst
IntlInst r
75.55 +0.27 8.8
68.22 -0.12 1.0
0.5 Harding Loevner
0.5 IntlEq
NA
... NA
0.5
2.9
0.7 Invesco Funds A
0.6 EqIncA
10.80 +0.01 -1.1
1.0
0.9
-2.5 John Hancock Class 1
I
J
LSBalncd
5.5 LSGwth
...
0.1
0.3
...
0.1
0.4
0.7
0.7
1.1
7.3
6.7
6.7
-0.1
-0.7
8.5
8.5
-2.3
-2.1
0.1
3.5
7.9
1.1
-1.7
8.9
0.4
...
-1.9
15.17
...
16.21 +0.02
John Hancock Instl
DispValMCI 23.21 +0.07
JPMorgan Funds
MdCpVal L 39.30 -0.07
JPMorgan R Class
11.25 -0.01
CoreBond
0.1
0.8
-0.4
-2.4
-2.0
L
EmgMktEq 19.23 -0.01 -3.9
Lord Abbett A
ShtDurIncmA p 4.19
... -0.1
Lord Abbett F
ShtDurIncm
4.19
... -0.1
M
Metropolitan West
TotRetBd
10.35
TotRetBdI 10.34
9.74
TRBdPlan
MFS Funds Class I
39.08
ValueI
MFS Funds Instl
IntlEq
25.64
NA
S
T
Lazard Instl
V
-0.01 -2.1
-0.01 -2.2
-0.01 -2.0
-0.01 -3.8
-0.05 0.7
O
Oakmark Funds Invest
31.51 +0.05
EqtyInc r
84.72 +0.18
Oakmark
-0.3 OakmrkInt 28.50 -0.04
Old Westbury Fds
14.57 +0.02
-0.3 LrgCpStr
Oppenheimer Y
43.34 +0.16
-1.6 DevMktY
44.21 -0.04
IntGrowY
-1.4
-1.7
-1.8 Parnassus Fds
ParnEqFd
42.63 -0.07
-1.9 PIMCO Fds Instl
12.00 -0.04
AllAsset
9.88 +0.01
0.9 ShortT
9.95 -0.01
-1.2 TotRt
-2.1
0.5
-0.2
0.8
0.9
1.4
P
0.3
-0.7
0.8
-2.3
D E F
DCT Industrial DCT 65.84
t DISH Network DISH 29.81
DTE Energy DTE 101.10
DXC Tech DXC 102.73
Danaher
DHR 99.18
Darden
DRI 92.27
DaVita
DVA 64.16
Deere
DE 142.07
DellTechs DVMT 72.01
DeltaAir
DAL 52.37
t DentsplySirona XRAY 44.47
DeutscheBank DB 13.59
DevonEnergy DVN 39.02
DexCom
DXCM 85.21
Diageo
DEO 143.90
s DiamondbkEner FANG 134.72
DigitalRealty DLR 104.54
DiscoverFinSvcs DFS 72.87
DiscoveryA DISCA 23.05
DiscoveryC DISCK 21.83
Disney
DIS 101.79
s DocuSign DOCU 43.22
DolbyLab
DLB 61.79
DollarGeneral DG 93.88
DollarTree DLTR 93.68
t DominionEner D
63.14
Domino's
DPZ 250.41
Donaldson DCI 46.57
DouglasEmmett DEI 38.52
Dover
DOV 93.74
DowDuPont DWDP 64.23
DrPepperSnap DPS 119.46
Dropbox
DBX 30.23
DukeEnergy DUK 77.88
DukeRealty DRE 28.39
ENI
E
39.00
EOG Rscs EOG 115.29
EPAM Systems EPAM 116.90
EQT
EQT 50.54
s E*TRADE ETFC 62.94
EXACT Sci EXAS 50.94
EastWestBncp EWBC 68.38
EastmanChem EMN 105.53
Eaton
ETN 74.82
EatonVance EV 55.89
eBay
EBAY 38.10
Ecolab
ECL 145.49
Ecopetrol
EC 21.56
EdisonInt
EIX 61.11
EdwardsLife EW 134.83
ElectronicArts EA 123.89
EmersonElec EMR 69.76
Enbridge
ENB 31.20
Encana
ECA 13.45
EncompassHealth EHC 63.34
EnelAmericas ENIA 10.49
EnelChile
ENIC 5.88
EnelGenChile EOCC 23.67
Energen
EGN 65.98
EnergyTransferEq ETE 16.69
EnergyTransfer ETP 18.23
Entergy
ETR 79.40
EnterpriseProd EPD 26.75
Equifax
EFX 111.26
Equinix
EQIX 388.34
EquityLife ELS 89.99
-0.50
-4.09
-3.05
1.37
-0.40
0.36
-1.86
1.85
-0.48
0.47
-2.45
-0.19
1.13
-0.38
0.29
4.48
-2.12
1.03
-0.34
-0.30
-0.69
1.91
...
-0.12
0.88
-1.94
-0.09
0.25
-0.24
1.18
-0.69
0.37
0.82
-1.62
-0.02
-0.43
1.40
-1.05
1.14
0.79
0.35
0.56
0.46
0.12
0.13
0.30
-0.30
0.14
-1.98
-1.26
-0.03
0.46
-0.36
0.32
0.19
-0.18
-0.08
0.28
2.30
0.17
0.48
-2.15
0.21
-1.74
-5.82
-0.13
2.6
-0.8
-0.7
-2.4
0.8
0.2
0.9
0.6
-2.2
-1.8
-3.1
-1.8
-0.6
-0.4
-0.2
...
0.1
0.3
0.4
0.5
0.5
-0.1
-0.6
0.3
-0.1
0.2
-5.0
0.3
-0.3
-0.2
-0.1
0.1
0.2
0.4
0.4
0.4
-0.5
0.8
-3.1
-1.8
-1.8
0.5
2.9
0.2
-2.5
0.2
0.9
-0.3
0.6
0.5
2.9
3.9
-1.2
0.5
0.5
1.0
0.8
0.8
2.6
2.6
-0.7
-2.4
-2.5
-2.4
0.8
0.2
0.2
0.9
-2.2
W
NA
Net
Sym Close Chg
Stock
EquityResdntl EQR 62.14
EssexProp ESS 241.46
EsteeLauder EL 136.20
EverestRe RE 227.17
EversourceEner ES 57.32
Exelixis
EXEL 21.67
Exelon
EXC 40.74
Expedia
EXPE 110.54
s ExpeditorsIntl EXPD 69.58
ExpressScripts ESRX 68.12
s ExtraSpaceSt EXR 93.53
ExxonMobil XOM 78.09
s F5Networks FFIV 169.63
FMC
FMC 87.39
Facebook
FB 178.92
FactSet
FDS 194.11
Fastenal
FAST 51.31
FederalRealty FRT 117.78
FedEx
FDX 241.95
Ferrari
RACE 136.77
FiatChrysler FCAU 22.69
FibriaCelulose FBR 19.21
FidNatlFin FNF 37.64
FidNatlInfo FIS 103.19
FifthThirdBncp FITB 33.10
58.com
WUBA 88.29
51job
JOBS 97.23
FirstAmerFin FAF 53.00
FirstData
FDC 19.15
FirstHorizonNatl FHN 18.72
FirstRepBank FRC 96.60
FirstSolar FSLR 67.26
FirstEnergy FE 33.24
Fiserv
FISV 70.41
FleetCorTech FLT 203.25
Flex
FLEX 14.27
s FlirSystems FLIR 55.12
Flowserve FLS 46.82
Fluor
FLR 44.67
FomentoEconMex FMX 87.91
FordMotor F
11.27
Fortinet
FTNT 56.94
Fortis
FTS 33.20
Fortive
FTV 74.25
FortBrandsHome FBHS 55.42
Franco-Nevada FNV 74.44
FranklinRscs BEN 33.31
FreeportMcM FCX 15.30
FreseniusMed FMS 50.14
52-Wk %
Sym Hi/Lo Chg Stock
Net YTD
NAV Chg %Ret
SmCapAdml 72.40 +0.27
...
... NA STBondAdml 10.23
...
STIGradeAdml 10.46
PIMCO Funds I2
NA
... NA TotBdAdml 10.39 -0.01
Income
TotIntBdIdxAdm 21.79 -0.03
PIMCO Funds Instl
NA
... NA TotIntlAdmIdx r 30.50 +0.01
IncomeFd
TotStAdml 67.08 +0.03
Price Funds
14.44 -0.01
105.63 +0.05 9.7 TxMIn r
BlChip
40.27 -0.02
32.65 -0.05 -1.7 ValAdml
EqInc
71.78 -0.01 0.5 WdsrllAdml 65.94 +0.05
EqIndex
67.25 -0.11 7.3 WellsIAdml 62.86 -0.10
Growth
71.53 -0.52 1.7 WelltnAdml 70.89 -0.14
HelSci
40.23 -0.06 9.0 WndsrAdml 78.51 +0.02
InstlCapG
18.67 +0.02 ... VANGUARD FDS
IntlStk
26.13
...
15.06 -0.02 -0.4 DivdGro
IntlValEq
...
30.83 +0.01 1.4 INSTTRF2020 22.49
MCapVal
...
MidCap
90.55 +0.41 4.1 INSTTRF2025 22.85
...
9.18 -0.01 -2.3 INSTTRF2030 23.14
N Inc
...
57.19 +0.22 8.8 INSTTRF2035 23.43
NHoriz
...
OverS SF r 11.50 +0.03 1.7 INSTTRF2040 23.71
22.59
... 0.2 INSTTRF2045 23.91 +0.01
R2020
...
17.68
... 0.5 INSTTRF2050 23.93
R2025
39.83 +0.02
R2030
26.13
... 0.8 IntlVal
LifeCon
19.78 -0.01
19.17
... 1.1
R2035
33.76
...
LifeGro
27.58
... 1.2
R2040
27.11
...
LifeMod
Value
36.42 -0.04 -2.4
26.96 +0.07
PrmcpCor
PRIMECAP Odyssey Fds
29.71 +0.11
SelValu r
AggGrowth r 48.19 +0.13 8.7
26.88 +0.02
STAR
Growth r
39.92 +0.16 7.2
...
TgtRe2015 15.28
31.95 +0.12 0.1
Stock r
TgtRe2020 31.32 -0.01
Principal Investors
...
TgtRe2025 18.48
DivIntlInst 14.00 +0.01 0.7
TgtRe2030 33.66
...
Prudential Cl Z & I
...
TgtRe2035 20.73
14.05 -0.02 -2.6
TRBdZ
TgtRe2040 35.91 +0.01
TgtRe2045 22.60 +0.01
TgtRe2050 36.36
...
Schwab Funds
13.44 -0.01
TgtRetInc
41.41 -0.01 0.5
S&P Sel
TotIntBdIxInv 10.90 -0.01
25.95 -0.04
WellsI
Welltn
41.05 -0.08
TIAA/CREF Funds
37.15 +0.02
WndsrII
10.46 -0.01 -2.4
BdIdxInst
VANGUARD INDEX FDS
EqIdxInst
19.83 +0.01 0.9
247.00 -0.06
500
... 0.9
IntlEqIdxInst 20.36
ExtndIstPl 214.57 +0.73
Tweedy Browne Fds
SmValAdml 56.87 +0.18
GblValue
29.13 -0.08 2.2
10.36 -0.01
TotBd2
18.23
...
TotIntl
67.05 +0.03
TotSt
VANGUARD ADMIRAL
VANGUARD INSTL FDS
500Adml 247.02 -0.06 0.5
34.44
...
BalInst
34.43 -0.01 -0.3
BalAdml
DevMktsIndInst 14.46 -0.01
... -0.8
CAITAdml 11.58
DevMktsInxInst 22.59 -0.02
CapOpAdml r157.24 +0.53 2.4
ExtndInst
86.95 +0.30
37.75 +0.13 -0.9
EMAdmr
GrwthInst 74.98 +0.03
EqIncAdml 75.58 -0.16 -2.5 InPrSeIn
10.27 -0.02
ExplrAdml 95.20 +0.54 7.7 InstIdx
243.80 -0.06
ExtndAdml 86.95 +0.30 2.9 InstPlus
243.82 -0.06
GNMAAdml 10.20 -0.01 -1.5 InstTStPlus 59.63 +0.03
GrwthAdml 74.97 +0.02 3.9 MidCpInst 42.50 +0.06
HlthCareAdml r 81.73 -0.36 -3.3 MidCpIstPl 209.62 +0.30
HYCorAdml r 5.74 -0.01 -1.2 SmCapInst 72.40 +0.27
InfProAd
25.22 -0.03 -1.2 SmCapIstPl 208.97 +0.77
IntlGrAdml 100.05 +0.28 4.7 STIGradeInst 10.46
...
ITBondAdml 10.90 -0.02 -3.1 TotBdInst
10.39 -0.01
ITIGradeAdml 9.38 -0.01 -2.7 TotBdInst2 10.36 -0.01
LTGradeAdml 9.73 -0.01 -7.0 TotBdInstPl 10.39 -0.01
MidCpAdml 192.41 +0.28 0.8 TotIntBdIdxInst 32.69 -0.05
MorgAdml 96.43 +0.33 6.3 TotIntlInstIdx r121.96 +0.01
... -0.7 TotItlInstPlId r121.98 +0.01
MuHYAdml 11.21
... -0.9 TotStInst
MuIntAdml 13.86
67.09 +0.03
MuLTAdml 11.40 +0.01 -1.1 ValueInst
40.27 -0.02
MuLtdAdml 10.81 +0.01 -0.1
MuShtAdml 15.69 +0.01 0.4
PrmcpAdml r137.65 +0.37 3.0 Western Asset
RealEstatAdml109.65 -0.62 -5.8 CorePlusBdI NA
...
IncomeFd
Net
Sym Close Chg
22.60 1.4 Splunk
NavigantConsult NCI
70.15 1.1 StateBankFin
NetApp
NTAP
3.65 15.8 Steris
NevsunRscs
NSU
30.21 2.6 support.com
nLIGHT
LASR
9.34 3.3 Surmodics
NoEuroOil
NRT
28.30 0.5 SynovusFin
Novocure
NVCR
76.95 -1.6 TCF Fin
NuSkinEnts
NUS
57.19 2.6 TPIComposites
Nutanix
NTNX
14.35 -0.4 TabulaRasaHlth
OFGBancorp
OFG
25.90 2.3 TactileSystems
OaktreeSpecNts24 OSLE
86.91 0.3 Talend
PTC
PTC
PaloAltoNtwks PANW 202.48 1.6 TejonRanch
29.96 -0.2 TenetHealthcare
ParkHotels
PK
12.37 1.8 TopBuild
Pearson
PSO
4.70
... TownSports
Perma-Fix
PESI
5.08 54.6 TransGlobeEner
ProPhaseLabs
PRPH
56.35 1.2 TransUnion
Q2Holdings
QTWO
66.55 0.9 Travelzoo
RLI
RLI
8.73 0.9 Trex
R1RCM
RCM
23.81 1.9 Triple-S Mgmt
Radware
RDWR
8.50 0.1 TriStateCapPfA
Rafael
RFL
31.69 -0.3 TriStateCapital
Rapid7
RPD
61.95 2.0 TurtleBeach
RealPage
RP
RegalwoodGlbUn RWGE.U 10.19 0.7 21stCenturyFoxA
36.44 -0.2 21stCenturyFoxB
RegionalMgmt RM
62.90 1.4 2U
RobertHalf
RHI
80.82 0.8 UMB Fin
RymanHospitality RHP
2.53 6.3 USA Tech
SMTC
SMTX
313.93 1.8 UltSoftware
SVB Fin
SIVB
128.96 1.4 UnionBankshares
Salesforce.com CRM
8.83 2.1 UnvlSecInstr
Seaspan
SSW
55.63 -1.0 UsanaHealth
ServiceMaster
SERV
59.38 4.0 VASCO
ShakeShack
SHAK
19.00 2.2 Visa
SimulationsPlus SLP
27.47 2.4 VaalcoEnergy
Skyline
SKY
20.98 5.8 VaronisSystems
Smartsheet
SMAR
38.30 0.1 VistraEnergyWt
SoundFinBancorp SFBC
PIMCO Funds A
Top 250 mutual-funds listings for Nasdaq-published share classes by net
assets.
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. jFootnotes e and s apply. k-Recalculated by Lipper, using updated data. pDistribution costs apply, 12b-1. r-Redemption charge may apply. s-Stock split
or dividend. t-Footnotes p and r apply. v-Footnotes x and e apply. x-Exdividend. z-Footnote x, e and s apply. NA-Not available due to incomplete
price, performance or cost data. NE-Not released by Lipper; data under
review. NN-Fund not tracked. NS-Fund didn’t exist at start of period.
0.17
-1.44
0.13
0.25
-2.08
-0.08
-0.05
-0.35
0.70
-7.09
0.46
0.16
0.11
-0.27
-0.16
1.63
0.10
0.30
1.20
-0.05
0.89
-0.43
0.07
-0.08
4.80
0.13
-0.02
0.21
-1.89
2.76
0.38
0.89
-0.02
2.50
0.25
0.71
-2.12
-0.33
0.28
-0.37
0.68
-2.31
-0.54
0.35
-1.80
1.72
0.50
0.05
0.03
3.05
0.97
-2.13
-2.34
1.56
1.23
0.76
-0.16
0.52
1.42
-0.34
1.45
2.06
0.06
0.18
-1.26
0.64
0.95
1.03
Stock
-0.36
-0.16
2.41
0.63
-1.41
-0.54
-0.56
-0.41
5.61
-1.57
0.09
0.35
0.43
-0.43
0.95
2.61
-0.09
-1.07
-1.17
-3.62
-0.15
-0.08
-0.07
0.98
0.28
-0.71
0.14
0.36
-0.04
0.21
0.69
0.11
-0.89
...
0.18
0.19
0.68
0.43
0.18
-1.04
-0.07
1.25
-0.43
0.71
0.40
0.31
-0.18
0.04
-0.04
G H I
GGP
GGP 20.05
Gallagher AJG 68.71
Gaming&Leisure GLPI 34.21
Gap
GPS 28.72
GardnerDenver GDI 31.51
Garmin
GRMN 59.58
Gartner
IT
130.53
Gazit-Globe GZT 9.48
GeneralDynamics GD 199.62
GeneralElec GE 14.27
GeneralMills GIS 42.30
GeneralMotors GM 36.33
Gentex
GNTX 22.75
GenuineParts GPC 89.78
Gerdau
GGB 4.53
Gildan
GIL 29.33
GileadSciences GILD 65.22
-0.06
-0.31
-0.43
0.37
-0.54
0.21
6.74
0.01
3.17
0.20
-0.04
-0.01
-0.04
-0.02
-0.02
0.40
0.34
52-Wk %
Sym Hi/Lo Chg Stock
SPLK
STBZ
STE
SPRT
SRDX
SNV
TCF
TPIC
TRHC
TCMD
TLND
TRC
THC
BLD
CLUB
TGA
TRU
TZOO
TREX
GTS
TSCAP
TSC
HEAR
FOXA
FOX
TWOU
UMBF
USAT
ULTI
UBSH
UUU
USNA
VDSI
V
EGY
VRNS
VST.WS.A
113.99
33.01
98.56
3.03
43.75
53.83
25.70
27.91
43.72
44.44
58.17
26.25
32.73
82.38
11.50
2.05
69.00
13.70
125.93
30.70
26.61
25.80
8.43
39.35
38.71
91.38
79.05
11.15
260.00
40.00
3.50
112.30
16.85
129.97
1.66
71.65
1.06
2.9
1.3
1.1
3.9
2.6
0.6
1.2
2.9
0.3
17.1
-1.3
0.2
-1.8
0.8
5.5
1.8
1.1
3.1
10.7
8.9
0.5
0.4
7.0
-0.1
-0.1
2.9
1.1
12.9
-0.2
2.1
8.1
0.9
2.4
0.5
31.9
1.3
-1.9
Stock
Net
Sym Close Chg
GSK
GSK 39.61
GlobalPayments GPN 113.96
GoDaddy
GDDY 65.96
Goldcorp
GG 13.49
GoldmanSachs GS 237.00
Goodyear GT 24.92
Graco
GGG 45.14
Grainger
GWW 290.07
GreatPlainsEner GXP 32.14
Grifols
GRFS 21.67
GrubHub
GRUB 102.45
GpoAvalAcc AVAL 8.50
GpoFinGalicia GGAL 46.76
GrupoTelevisa TV 17.91
Guidewire GWRE 89.23
HCA Healthcare HCA 97.40
HCP
HCP 23.52
HDFC Bank HDB 94.69
HD Supply HDS 38.96
HP
HPQ 21.96
HSBC
HSBC 48.63
Halliburton HAL 51.87
Hanesbrands HBI 16.75
HarleyDavidson HOG 40.31
Harris
HRS 153.94
HartfordFinl HIG 52.56
Hasbro
HAS 87.30
Heico A
HEI.A 74.50
Heico
HEI 91.32
Helm&Payne HP 68.48
HenrySchein HSIC 71.08
Hershey
HSY 92.15
Hess
HES 60.91
HewlettPackard HPE 17.39
Hexcel
HXL 68.44
Hill-Rom
HRC 86.52
Hilton
HLT 82.43
HollyFrontier HFC 67.10
Hologic
HOLX 36.94
HomeDepot HD 185.04
HondaMotor HMC 33.14
Honeywell HON 144.23
HormelFoods HRL 35.51
DR Horton DHI 44.92
HostHotels HST 20.03
HuanengPower HNP 26.25
Hubbell
HUBB 103.85
Humana
HUM 278.81
JBHunt
JBHT 118.81
HuntingtonBcshs HBAN 14.86
HuntingIngalls HII 221.81
Huntsman HUN 29.62
HyattHotels H
80.72
IAC/InterActive IAC 137.89
ICICI Bank IBN 9.00
IdexxLab
IDXX 204.96
s IHSMarkit INFO 50.55
ING Groep ING 16.47
Invesco
IVZ 28.14
IPG Photonics IPGP 233.97
IQVIA
IQV 98.25
s IcahnEnterprises IEP 72.39
Icon
ICLR 121.82
IDEX
IEX 136.37
IllinoisToolWks ITW 144.49
Illumina
ILMN 256.10
ImperialOil IMO 31.46
Incyte
INCY 62.87
Infosys
INFY 17.32
-0.24
0.31
-0.27
-0.03
-0.20
-0.24
0.03
0.70
-0.69
0.29
0.77
-0.15
-3.34
0.30
-0.11
-0.22
-0.26
-1.96
0.14
0.17
-0.16
-0.16
-0.09
-0.44
4.06
-0.07
-0.73
...
0.74
-0.19
-5.19
0.49
1.69
0.09
0.70
-1.00
1.08
1.50
0.02
1.48
-0.08
0.07
-0.02
-0.07
-0.09
0.22
-0.91
-4.96
0.71
0.13
5.97
0.23
1.64
2.02
0.17
-2.57
0.39
-0.15
-0.33
-0.01
0.08
0.59
0.60
0.10
-0.30
-0.79
0.15
...
-0.12
Ingersoll-Rand IR
88.08
Ingredion
INGR 111.01
Intel
INTC 53.63
s InteractiveBrkrs IBKR 77.81
ICE
ICE 70.07
InterContinentl IHG 65.48
IBM
IBM 143.00
t IntlFlavors IFF 126.49
IntlGameTech IGT 28.02
IntlPaper
IP
51.71
Interpublic IPG 23.48
Intuit
INTU 190.17
IntuitiveSurgical ISRG 462.60
InvitatHomes INVH 23.50
iQIYI
IQ
16.72
IronMountain IRM 33.49
IsraelChemicals ICL
4.47
ItauUnibanco ITUB 13.29
31.58
0.60
3.14
0.93
16.29
9.42
3.18
0.45
2.50
2.61
6.68
21.31
69.95
25.25
27.55
40.03
2.08
10.75
6.77
9.10
49.96
15.40
21.30
18.05
0.43
-1.1
-7.4
-4.8
-5.4
-2.7
6.3
-3.3
-67.3
-0.7
-0.7
2.1
-5.4
-11.3
-0.1
-1.2
-1.9
-2.7
-2.3
-0.3
...
-1.5
-2.3
-2.4
0.3
-4.3
CorpAmAirports
Cresud
CrossAmerPtrs
CytoriTherapWt
DISH Network
DentsplySirona
DixieGroup
DominionEner
DominionEnerUn
EQT Midstream
EchoStar
ElbitSystems
EnbridgeEnergy
EnbridgeEnPtrs
Entercom
EvolvingSystems
EvoquaWater
GGP PfdA
GWG
Gogo
GrayTelevision A
GreenPlainsPtrs
HainCelestial
Helios&Matheson
IRSA
IRSA Prop
IntlFlavors
Net
Sym Close Chg
Stock
Lennar A
LEN 54.43
LennoxIntl LII 203.86
LeucadiaNatl LUK 24.44
LibertyBroadbandC LBRDK 72.23
LibertyBroadbandA LBRDA 71.75
LibertyGlobal C LBTYK 31.41
LibertyGlobal A LBTYA 31.15
LibertyFormOne A FWONA 29.90
LibertyFormOne C FWONK 31.57
LibertyBraves A BATRA 22.98
LibertyBraves C BATRK 23.40
LibertySirius B LSXMB 43.08
LibertySirius C LSXMK 42.10
LibertySirius A LSXMA 42.11
LibertyProperty LPT 43.15
EliLilly
LLY 78.88
LincolnNational LNC 68.40
LiveNationEnt LYV 43.04
LloydsBanking LYG 3.56
LockheedMartin LMT 324.19
Loews
L
51.23
LogitechIntl LOGI 40.27
LogMeIn
LOGM 116.65
Lowe's
LOW 84.25
lululemon LULU 98.20
LyondellBasell LYB 104.54
0.10
1.94
-0.20
-1.21
-1.05
-0.21
-1.76
-0.42
-0.33
0.02
-0.07
-0.17
-0.45
-0.45
-0.11
0.25
-0.22
-2.03
-0.02
6.48
0.03
0.30
0.55
0.40
1.03
-0.06
-1.78
1.62
0.33
5.39
-0.13
0.19
0.53
...
-0.98 M&T Bank MTB 181.06 0.14
-0.36 MGM Resorts MGM 32.06 0.45
6.02 MKS Instrum MKSI 110.80 1.60
... MPLX
MPLX 34.67 -0.06
0.49 MSCI
MSCI 155.31 0.39
-0.61 Macerich
MAC 57.72 -0.92
0.08 Mack-Cali CLI 18.27 -0.13
0.19 Macy's
M
29.78 -0.27
-0.16 MadisonSquGarden MSG 249.38 -1.19
1.01 MagellanMid MMP 68.33 0.24
-0.19 MagnaIntl MGA 60.58 -0.23
0.06 Manpower MAN 95.98 -0.15
0.49 ManulifeFin MFC 18.87 -0.13
-0.22 MarathonOil MRO 20.44 0.67
-1.31 MarathonPetrol MPC 75.31 -1.19
-0.18 Markel
MKL 1134.83 0.20
-0.14 MarketAxess MKTX 203.30 -0.30
0.52 Marriott
MAR 139.31 2.67
0.63 Marsh&McLen MMC 81.16 -0.10
0.14 MartinMarietta MLM213.46 8.85
-0.33 MarvellTech MRVL 21.08 0.28
-0.07 Masco
MAS 38.18 -0.12
0.11 s Mastercard MA 190.53 1.43
0.28 MatchGroup MTCH 36.32 0.92
-0.06 MaximIntProducts MXIM 56.45 0.04
-0.09 McCormick MKC 104.39 0.34
-0.14 McCormickVtg MKC.V 104.96 0.59
0.46 McDonalds MCD 164.77 -0.23
-0.11 McKesson MCK 144.01 -0.27
3.22 Medtronic MDT 83.20 -1.62
3.96 MelcoResorts MLCO 31.43 -1.32
-1.11 MercadoLibre MELI 333.44 -5.87
1.38 Merck
MRK 56.76 -0.62
-0.97 MetLife
MET 46.55 -0.40
0.45 MettlerToledo MTD 546.43 -6.47
-0.24 MichaelKors KORS 61.39 -0.16
0.37 MicroFocus MFGP 17.07 -0.16
0.06 MicrochipTech MCHP 90.65 1.91
0.70 MicronTech MU 48.57 0.09
-0.08
Continued on Page B8
M N
52-Wk %
Sym Hi/Lo Chg Stock
11.94 -1.6 CampingWorld
18.58 3.1 Celgene
77.05 0.4 CentralPuerto
63.15 0.8 ChinaXDPlastics
45.29 2.0 Coca-Cola Femsa
42.72
... ColgatePalm
13.62 3.1 Comcast A
22.91 0.2 CommandSec
157.18 11.5 Volaris
55.56 0.3 Core-Mark
Lows
AT&T
T
AcastiPharma
ACST
Agenus
AGEN
AlimeraSciences ALIM
AlticeUSA
ATUS
AmerMidstreamPtrs AMID
AmiraNatureFoods ANFI
AralezPharm
ARLZ
Arcimoto
FUV
AscentCapital A ASCMA
Atento
ATTO
Baldwin&Lyons A BWINA
BancoMacro
BMA
BankofAmPfdEE BACpA
BassettFurniture BSET
BigLots
BIG
Biotime
BTX
BlueCapReins
BCRH
BlueknightEnPtrsA BKEPP
BoardwalkPipe BWP
Bristol-Myers
BMY
CSS Industries CSS
CABCO SBC Comm GYC
Caesarstone
CSTE
CamberEnergy CEI
0.69
-0.50
0.30
1.03
-0.50
0.96
-0.22
-0.40
-0.23
-0.18
-0.07
0.61
-2.80
-0.03
0.38
-0.95
-0.10
-0.03
J K L
JD.com
JD 36.94
JPMorganChase JPM 110.99
JackHenry JKHY 122.13
JacobsEngg JEC 62.10
JamesHardie JHX 17.51
JanusHenderson JHG 31.62
JazzPharma JAZZ 147.56
JetBlue
JBLU 19.25
J&J
JNJ 122.61
JohnsonControls JCI 36.29
JonesLang JLL 176.43
JuniperNetworks JNPR 25.93
KAR Auction KAR 53.77
KB Fin
KB 54.28
KKR
KKR 22.67
KLA Tencor KLAC 106.90
KT
KT 13.38
KSCitySouthern KSU 107.90
Kellogg
K
60.30
KeyCorp
KEY 19.79
KeysightTechs KEYS 52.73
KilroyRealty KRC 73.58
KimberlyClark KMB 101.85
KimcoRealty KIM 14.45
KinderMorgan KMI 16.07
Knight-Swift KNX 39.48
Kohl's
KSS 61.01
KoninklijkePhil PHG 42.00
KoreaElcPwr KEP 16.74
KraftHeinz KHC 58.76
Kroger
KR 24.09
Kyocera
KYO 61.48
LATAMAirlines LTM 14.17
L Brands
LB 33.94
t LG Display LPL 10.48
LINE
LN 37.06
LKQ
LKQ 30.53
s LPL Financial LPLA 68.51
L3 Tech
LLL 192.36
LabCpAm LH 170.00
LamResearch LRCX 194.86
LamarAdv LAMR 65.55
LambWeston LW 66.66
LasVegasSands LVS 76.64
Lazard
LAZ 54.36
Lear
LEA 191.39
Leidos
LDOS 61.53
Lennar B
LEN.B 42.77
52-Wk %
Sym Hi/Lo Chg Stock
Vonage
VG
WPX Energy
WPX
WPX Energy Pfd WPXP
WebsterFin
WBS
WesBanco
WSBC
WW Ent
WWE
Xcerra
XCRA
XeniaHotels
XHR
ZebraTech
ZBRA
Zendesk
ZEN
Net
Sym Close Chg
Stock
52-Wk %
Sym Hi/Lo Chg
22.13 -16.7 IonisPharma
CWH
82.60 -1.7 iPicEnt
CELG
11.15 -6.1 KimcoRealtyPfdM
CEPU
3.55 -3.8 KimcoRealtyPfdI
CXDC
59.82 -0.6 KimcoRealtyPfdJ
KOF
62.23 -0.9 KimcoRealtyPfdK
CL
CMCSA 30.52 -5.6 LG Display
1.75 -3.1 LSC Comm
MOC
5.48 2.1 Lannett
VLRS
17.19 -14.1 LifetimeBrands
CORE
10.34 -5.2 LomaNegra
CAAP
15.53 -4.9 MogoFinTech
CRESY
17.28 -18.1 MoneyGram
CAPL
0.01 -20.5 MudrickCapWt
CYTXW
NatlStoragePfdA
29.78 -12.1
DISH
NY CmntyBcp
44.21 -5.2
XRAY
PPDAI
2.50 -8.9
DXYN
PacGE pfI
63.00 -3.0
D
PampaEnergia
44.13 -2.2
DCUD
PepsiCo
51.90 -3.7
EQM
Petrobras
51.21 -1.5
SATS
ProtalixBio
111.30 -2.5
ESLT
RegenPharm
8.38 0.5
EEQ
RXiPharm
8.89 0.4 Sibanye-Stillwater
EEP
8.05 -18.4 Staffing360
ETM
3.21
... StellarBiotech
EVOL
18.05 -8.4 TESARO
AQUA
... TelekmIndonesia
GGPpA 24.29
7.37 1.9 Trimble
GWGH
5.05 -35.7 TurkcellIletism
GOGO
9.60 4.7 UltraparPart
GTN.A
15.65 -5.9 UnityBiotech
GPP
25.80 -4.2 UnumGroup
HAIN
1.43 -31.3 UrstadtBiddlePfdH
HMNY
18.04 -0.4 VBI Vaccines
IRS
37.86 -7.8 VictoryCapital
IRCP
125.34 -0.3 WalgreensBoots
IFF
39.07 -8.6
IONS
7.25 -1.0
IPIC
KIMpM 20.23 0.1
23.67 -0.4
KIMpI
21.23
...
KIMpJ
21.70 -0.8
KIMpK
10.38 -1.3
LPL
11.58 -0.5
LKSD
13.80 -11.2
LCI
10.00 -10.8
LCUT
16.22 -4.7
LOMA
2.42 -9.7
MOGO
7.54 -12.2
MGI
0.56
...
MUDSW
NSApA 23.57 0.4
11.48 -1.4
NYCB
6.40 -0.6
PPDF
19.07 0.1
PCGpI
46.25
-6.8
PAM
96.43 -1.5
PEP
9.34 -6.7
PZE
0.39 -3.4
PLX
284.04 -0.9
REGN
2.24 -5.3
RXII
3.00 -1.6
SBGL
1.41
...
STAF
4.20 19.0
SBOT
45.63 -1.2
TSRO
25.76 -1.8
TLK
32.01 -1.7
TRMB
7.34 -1.5
TKC
14.72 -1.3
UGP
15.78 3.7
UBX
38.05 -3.4
UNM
23.15 -1.1
UBPpH
2.82 -7.1
VBIV
10.00 -2.9
VCTR
61.56 0.1
WBA
ADVERTISEMENT
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B8 | Wednesday, May 9, 2018
THE WALL STREET JOURNAL.
NY
BIGGEST 1,000 STOCKS
WSJ.com/stocks
Net
Sym Close Chg
Stock
Continued From Page B7
Microsemi MSCC 67.43 -0.33
Microsoft MSFT 95.81 -0.41
MidAmApt MAA 92.03 -1.02
Middleby
MIDD 131.63 2.67
MitsubishiUFJ MUFG 6.53 0.04
MizuhoFin MFG 3.64 0.01
MobileTeleSys MBT 10.24 -0.14
MohawkInds MHK 213.43 -1.98
MolsonCoors B TAP 60.39 0.76
Momo
MOMO 38.23 0.20
Mondelez MDLZ 38.58 -0.11
Monsanto MON 124.93 -0.12
MonsterBev MNST 53.08 -0.23
Moody's
MCO 167.89 0.50
MorganStanley MS 53.38 0.99
Mosaic
MOS 26.10 -1.46
MotorolaSol MSI 107.84 0.53
Mylan
MYL 35.37 -0.74
NICE
NICE 96.54 0.79
NRG Energy NRG 33.90 -0.26
NVR
NVR 3089.76-18.86
NXP Semi NXPI 98.79 0.33
Nasdaq
NDAQ 88.36 -0.30
NationalGrid NGG 56.99 -0.79
NatlOilwell NOV 39.12 0.52
NatlRetailProp NNN 39.90 -0.21
NektarTherap NKTR 78.10 -0.66
s NetApp
NTAP 69.63 0.79
Netease
NTES 258.16 2.60
Netflix
NFLX 326.89 0.63
Neurocrine NBIX 83.03 -0.56
NewOrientalEduc EDU 92.25 0.58
NewResidInvt NRZ 17.85 -0.12
NewellBrands NWL 27.31 -0.27
NewmontMin NEM 39.98 0.11
NewsCorp B NWS 16.60
...
NewsCorp A NWSA 16.37 -0.02
NextEraEnergy NEE 159.91 -3.44
Nike
NKE 68.46 -0.88
NiSource
NI
25.10 -0.38
NobleEnergy NBL 33.44 0.57
Nokia
NOK 6.27 0.08
NomuraHoldings NMR 5.52 0.05
Nordson
NDSN 131.72 0.66
Nordstrom JWN 48.40 -0.12
NorfolkSouthern NSC 146.09 0.62
NorthernTrust NTRS 105.45 0.09
NorthropGrum NOC 329.27 12.14
NorwegCruise NCLH 50.65 0.34
Novartis
NVS 77.14 0.05
NovoNordisk NVO 48.36 0.53
Nucor
NUE 62.62 -0.22
s Nutanix
NTNX 57.15 1.43
Nutrien
NTR 47.65 1.41
NVIDIA
NVDA 250.40 1.72
O P Q
Stock
Net
Sym Close Chg
OGE Energy OGE 33.82
ONEOK
OKE 63.94
OReillyAuto ORLY 265.74
OccidentalPetrol OXY 78.20
OldDomFreight ODFL141.42
OldRepublic ORI 20.45
Omnicom OMC 73.87
ON Semi
ON 22.92
OpenText OTEX 36.37
Oracle
ORCL 45.94
Orange
ORAN 17.96
OrbitalATK OA 133.38
Orix
IX
92.52
OwensCorning OC 66.21
PG&E
PCG 42.77
PNC Fin
PNC 147.53
POSCO
PKX 83.62
PPG Ind
PPG 106.68
PPL
PPL 27.45
s PTC
PTC 86.79
PVH
PVH 151.71
Paccar
PCAR 64.25
PackagingCpAm PKG 113.76
PacWestBancorp PACW 53.00
PagSeguroDig PAGS 31.56
s PaloAltoNtwks PANW 201.80
s ParkHotels PK 29.80
ParkerHannifin PH 171.11
ParsleyEnergy PE 32.51
Paychex
PAYX 61.59
PaycomSoftware PAYC 108.97
PayPal
PYPL 75.72
s Pearson
PSO 12.35
PembinaPipeline PBA 34.19
Pentair
PNR 44.44
People'sUtdFin PBCT 18.47
t PepsiCo
PEP 96.79
PerkinElmer PKI 73.55
Perrigo
PRGO 74.50
PetroChina PTR 72.57
PetroleoBrasil PBR 13.87
PetroleoBrasilA PBR.A 12.86
Pfizer
PFE 34.98
PhilipMorris PM 80.81
Phillips66 PSX 116.25
PinnacleFoods PF 62.88
PinnacleWest PNW 78.30
PioneerNatRscs PXD 197.65
PlainsAllAmPipe PAA 24.54
PlainsGP
PAGP 25.25
PolarisIndustries PII 107.31
Pool
POOL 143.93
Praxair
PX 154.00
PrincipalFin PFG 57.43
Procter&Gamble PG 71.44
Progressive PGR 61.16
Prologis
PLD 65.19
Proofpoint PFPT 125.12
-0.51
-0.13
2.57
0.92
3.49
0.20
-0.18
0.06
-0.20
-0.13
...
0.01
1.01
0.82
-1.85
1.63
-1.81
0.47
-1.13
0.28
0.19
-0.25
-0.34
0.68
-0.54
3.26
-0.07
0.60
0.36
-0.41
0.65
1.05
0.22
...
0.01
...
-1.44
0.19
-2.74
0.23
-0.12
0.09
0.05
-0.70
0.84
-0.11
-1.45
1.85
0.09
-0.01
-2.61
0.21
-1.26
0.27
-0.54
0.46
-0.30
0.69
Net
Sym Close Chg
Stock
PrudentialFin PRU 100.10
Prudential PUK 51.56
PublicServiceEnt PEG 51.08
PublicStorage PSA 210.03
PulteGroup PHM 31.17
Qiagen
QGEN 34.71
Qorvo
QRVO 79.89
Qualcomm QCOM 52.86
QuestDiag DGX 99.87
QurateQVC A QRTEA 24.11
-0.40
-0.02
-0.80
0.05
0.16
0.11
0.25
-0.15
-1.23
0.07
R S
RELX
RENX 21.23
RELX
RELX 21.71
RPM
RPM 49.31
RSP Permian RSPP 50.26
RalphLauren RL 106.58
RandgoldRscs GOLD 82.49
RaymondJames RJF 91.25
Raytheon RTN 210.40
RealtyIncome O
52.46
RedHat
RHT 168.60
RegencyCtrs REG 58.09
t RegenPharm REGN 285.86
RegionsFin RF 18.97
ReinsGrp
RGA 153.74
RelianceSteel RS 91.74
RepublicSvcs RSG 67.73
ResMed
RMD 97.83
RestaurantBrands QSR 55.48
RioTinto
RIO 55.41
s RobertHalf RHI 62.76
Rockwell
ROK 175.09
RockwellCollins COL 133.30
RogersComm B RCI 46.52
Rollins
ROL 49.91
RoperTech ROP 271.70
RossStores ROST 80.84
RoyalBkCanada RY 76.35
RoyalBkScotland RBS 7.47
RoyalCaribbean RCL 104.07
RoyalDutchA RDS.A 70.03
RoyalDutchB RDS.B 73.01
RoyalGold RGLD 88.39
Ryanair
RYAAY 112.94
SAP
SAP 114.80
S&P Global SPGI 194.83
SBA Comm SBAC 157.40
SEI Investments SEIC 62.98
Sina
SINA 99.98
SINOPEC
SHI 65.67
SK Telecom SKM 23.18
SLGreenRealty SLG 100.27
SS&C Tech SSNC 49.21
s SVB Fin
SIVB 312.73
Sabre
SABR 22.67
SageTherap SAGE 157.22
s Salesforce.com CRM 128.75
0.03
0.11
0.28
1.24
0.39
1.17
0.05
5.23
-0.21
-0.16
-0.81
-2.68
0.22
0.46
0.27
-0.31
-0.02
0.96
-0.07
0.85
1.04
-0.14
-0.38
-0.16
1.08
1.40
-0.27
-0.03
-0.99
0.30
0.44
-0.63
0.60
0.81
1.45
-0.20
0.55
1.37
1.16
-0.38
-0.09
0.46
5.41
-0.47
2.46
1.78
Net
Sym Close Chg
Stock
Sanofi
SNY 38.66
SantanderCons SC 19.16
SareptaTherap SRPT 85.66
Sasol
SSL 35.61
Schlumberger SLB 69.54
SchwabC
SCHW 57.30
Seagate
STX 56.49
SealedAir SEE 44.09
SeattleGenetics SGEN 54.08
SemicondctrMfg SMI 6.67
SempraEnergy SRE 106.44
ServiceCorp SCI 36.31
s ServiceMaster SERV 54.78
ServiceNow NOW 176.03
ShawComm B SJR 19.82
SherwinWilliams SHW 377.94
ShinhanFin SHG 43.54
Shire
SHPG163.73
Shopify
SHOP 143.31
SignatureBank SBNY 129.03
SimonProperty SPG 158.75
SiriusXM
SIRI 6.63
Skyworks SWKS 96.62
SmithAO
AOS 62.98
Smith&Nephew SNN 35.62
Smucker
SJM 112.85
Snap
SNAP 10.97
SnapOn
SNA 147.90
SOQUIMICH SQM 52.85
Sony
SNE 47.39
Southern
SO 44.15
SoCopper SCCO 51.07
SouthwestAir LUV 52.33
SpectraEnerPtrs SEP 32.13
SpiritAeroSys SPR 84.96
s Splunk
SPLK 113.14
Spotify
SPOT 150.64
Sprint
S
5.15
Square
SQ 53.32
StanleyBlackDck SWK 140.85
Starbucks SBUX 57.67
StateStreet STT 99.30
Statoil
STO 25.80
SteelDynamics STLD 46.50
STMicroelec STM 23.26
Stryker
SYK 166.62
SumitomoMits SMFG 8.28
SunComms SUI 94.13
SunLifeFinancial SLF 40.82
SuncorEnergy SU 38.43
SunTrustBanks STI 67.25
Symantec SYMC 28.60
SynchronyFin SYF 33.08
Synopsys SNPS 89.05
s SynovusFin SNV 53.37
Sysco
SYY 62.74
T U V
-0.72
0.38
-4.54
-0.20
0.33
0.33
0.54
-0.03
0.03
-0.10
-4.24
-0.11
-0.57
0.01
-0.37
-0.71
0.07
2.34
4.75
-0.42
-1.02
-0.08
1.28
0.27
-0.20
0.20
0.23
1.30
-0.45
-0.05
-1.30
-0.71
0.33
0.63
1.44
3.20
0.64
-0.09
2.20
1.72
0.22
0.80
0.16
0.10
-0.51
-0.86
0.05
-0.57
-0.17
...
0.43
0.16
0.36
0.05
0.31
-0.74
Net
Sym Close Chg
Stock
TAL Education TAL 39.35
TD Ameritrade AMTD 60.62
TE Connectivity TEL 92.92
Telus
TU 35.47
Ternium
TX 39.34
TIM Part
TSU 22.04
TJX
TJX 82.58
T-MobileUS TMUS 55.58
TRowePrice TROW 114.17
TableauSftwr DATA 93.10
TaiwanSemi TSM 39.18
TakeTwoSoftware TTWO 111.30
Tapestry
TPR 45.54
TargaResources TRGP 47.40
Target
TGT 69.42
TataMotors TTM 24.71
TechnipFMC FTI 32.70
TeckRscsB TECK 25.49
TelecomArgentina TEO 24.70
TelecomItalia A TI.A 8.74
TelecomItalia TI
9.97
TeledyneTech TDY 197.01
Teleflex
TFX 267.71
Ericsson
ERIC 7.89
TelefonicaBras VIV 13.28
Telefonica TEF 9.85
t TelekmIndonesia TLK 25.98
Tenaris
TS 38.85
Teradyne
TER 36.09
Tesla
TSLA 301.97
TevaPharm TEVA 18.90
TexasInstruments TXN 105.46
Textron
TXT 64.90
ThermoFisherSci TMO 208.07
ThomsonReuters TRI 38.79
3M
MMM 201.74
Tiffany
TIF 102.41
TimeWarner TWX 92.45
Toll Bros
TOL 43.61
Torchmark TMK 85.04
Toro
TTC 59.66
TorontoDomBk TD 56.77
Total
TOT 61.67
TotalSystem TSS 87.31
ToyotaMotor TM 130.90
TractorSupply TSCO 66.48
TransCanada TRP 43.11
TransDigm TDG 331.89
s TransUnion TRU 68.56
Travelers
TRV 128.66
t Trimble
TRMB 35.03
t TurkcellIletism TKC 7.41
TurquoiseHill TRQ 2.93
s 21stCenturyFoxA FOXA 37.99
s 21stCenturyFoxB FOX 37.45
Twitter
TWTR 31.85
TylerTech TYL 223.88
TysonFoods TSN 66.66
Net
Sym Close Chg
Stock
Symbol
Company
Symbol
Payable /
Record
Foreign
Increased
FactSet Research Systems
MSA Safety
Vishay Intertech
Weyco Group
FDS
MSA
VSH
WEYS
1.3 .64 /.56
1.7 .38 /.35
1.7 .085 /.0675
2.5 .23 /.22
Q
Q
Q
Q
Jun19 /May31
Jun10 /May21
Jun28 /Jun13
Jun29 /May28
Initial
GrafTech International
EAF
.0645
Jun29 /May31
Banco Santander Pfd. 1
Banco Santander Pfd. 6
SANpI
SANpB
6.3
4.2
.40063
.2556
AFG
RILY
1.3
1.5
1.50
.04
Jun11 /May25
Jun05 /May21
Q
Q
American Financial Group
B. Riley Financial
May25 /May15
Jun05 /May21
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
S2:1: stock split and ratio; SO: spin-off.
1.47
-1.90
-1.22
0.02
-2.48
0.55
0.95
0.06
0.27
-0.15
-0.15
-0.34
1.75
Net
Sym Close Chg
Wayfair
W 84.53
Weibo
WB 127.99
WellCareHealth WCG 214.94
WellsFargo WFC 53.19
Welltower WELL 55.14
WestPharmSvcs WST 87.62
WestarEnergy WR 53.19
WestAllianceBcp WAL 60.50
WesternDigital WDC 77.73
WesternGasEquity WGP 35.08
WesternGasPtrs WES 49.88
WesternUnion WU 19.72
WestlakeChem WLK 108.50
WestpacBanking WBK 22.14
WestRock WRK 60.11
Weyerhaeuser WY 36.39
WheatonPrecMet WPM 21.44
Whirlpool WHR 153.98
Williams
WMB 26.12
WilliamsPartners WPZ 36.67
WillisTowers WLTW 153.34
Wipro
WIT 4.66
WooriBank WF 44.99
Net
Sym Close Chg
Stock
2.37 Workday
WDAY 134.79 1.66
4.63 Worldpay
WP 83.76 -0.30
-0.01 Wyndham WYN 108.46 1.54
0.53 WynnResorts WYNN 191.75 -0.16
-0.57 XPO Logistics XPO 105.46 1.16
0.01 XcelEnergy XEL 45.00 -1.13
-1.10 Xerox
XRX 28.38 -0.08
0.53 Xilinx
XLNX 67.65 0.42
-0.79 Xylem
XYL 70.85 0.83
0.31 YPF
YPF 19.31 -0.68
0.48
YY
YY 105.42 1.54
-0.06
Yandex
YNDX 33.74 -0.34
1.65
YumBrands YUM 83.51 0.40
0.14
YumChina YUMC 37.63 -0.26
0.11
-0.33 ZTO Express ZTO 17.06 0.34
0.13 ZayoGroup ZAYO 34.56 -0.12
0.58 s ZebraTech ZBRA 153.24 15.76
ZG 54.50 -1.10
-0.15 Zillow A
Z
55.10 -0.81
0.29 Zillow C
2.02 ZimmerBiomet ZBH 115.99 -1.00
-0.08 ZionsBancorp ZION 55.95 0.44
ZTS 82.00 -0.15
1.71 Zoetis
May 8, 2018
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
guide to general levels but don’t always represent actual transactions.
Inflation
—52-WEEK—
High Low
1.720 0.695
1.840 0.900
2.000 1.015
Secondary market
International rates
0.00
0.50
0.50
1.50
0.00
0.50
0.50
1.50
1.79
U.S.
1.84
0.00
0.50
0.50
1.50
0.00
0.50
0.25
1.50
2.18
0.76
U.S. government rates
Discount
2.25
2.25
2.25
1.50
Effective rate
High
Low
Bid
Offer
1.7300
1.9500
1.6500
1.6800
1.7200
1.7200
1.9500
1.6500
1.6900
1.7200
1.7300
1.9500
1.7100
1.7000
1.7200
0.8600
1.0625
0.7000
0.8200
0.8300
3.50
Euro Libor
-0.401
-0.353
-0.314
-0.243
One month
Three month
Six month
One year
-0.372
-0.328
-0.269
-0.189
One month
Three month
Six month
One year
Latest
2.27
2.22
2.75
2.31
1.04
Libor
One month
Three month
-0.401
-0.356
-0.317
-0.244
-0.397
-0.353
-0.271
-0.140
-0.420
-0.389
-0.339
-0.263
-0.371
-0.329
-0.269
-0.189
-0.366
-0.325
-0.249
-0.123
Value
Traded
-0.374
-0.332
-0.279
-0.194
52-Week
High
Low
DTCC GCF Repo Index
3.50
1.778 23.100 2.068 0.791
1.783 116.200 1.971 0.794
Treasury
MBS
Commercial paper (AA financial)
90 days
—52-WEEK—
High Low
2.52375 2.51425 2.52375 1.39906
2.77094 2.76598 2.78031 1.69511
Six month
One year
52-Week
high
low
Call money
3.50
Week
Latest ago
Euro interbank offered rate (Euribor)
4.275 3.253
4.304 3.281
Other short-term rates
Federal funds
Special
-0.80
-0.63
0.68
-0.28
-0.97
-0.36
3.30
Stock
Money Rates
Overnight repurchase
Company
Net
Sym Close Chg
Borrowing Benchmarks | WSJ.com/bonds
Dividend announcements from May 8.
Amount
Yld % New/Old Frq
Stock
W X Y Z
Dividend Changes
Payable /
Record
Net
Sym Close Chg
0.70 UBS Group UBS 15.98
... UniversalHealthB UHS 115.95 -1.43 VirtuFinancial VIRT 33.35
0.69 UDR
UDR 36.22 -0.20 t UnumGroup UNM 38.25 -1.36 VistraEnergy VST 23.17
VMW 136.50
-0.02 UGI
UGI 48.35 -0.04 VEREIT
VER 6.91 -0.08 VMware
-0.24 US Foods USFD 33.25 -0.47 VF
VFC 77.28 0.81 Vodafone VOD 28.56
-0.43 USG
USG 41.99 0.17 VICI Prop VICI 18.41 0.25 VornadoRealty VNO 69.45
0.23 UbiquitiNetworks UBNT 73.50 -0.75 s Visa
V
129.90 0.64 VoyaFinancial VOYA 52.09
0.69 UltaBeauty ULTA 249.23 -3.84 VailResorts MTN 228.55 0.31 VulcanMatls VMC 126.73
-0.96 s UltSoftware ULTI 257.62 -0.45 Vale
VALE 13.74 -0.11
0.70 t UltraparPart UGP 14.77 -0.20 ValeantPharm VRX 19.77 1.61
2.11 UnderArmour A UAA 18.32 0.45 ValeroEnergy VLO 113.19 -0.48 WABCO
WBC 130.53
0.73 UnderArmour C UA 16.51 0.26 VarianMed VAR 116.97 -0.53 WEC Energy WEC 62.13
1.10 Unilever
UN 55.71 0.61 Vectren
VVC 70.12 -0.31 WEX
WEX 170.23
0.13 Unilever
UL 54.73 0.73 Vedanta
VEDL 16.94 -0.19 W.P.Carey WPC 65.54
0.85 UnionPacific UNP 137.09 2.19 VeevaSystems VEEV 73.77 0.20 WPP
WPP 84.85
0.09 UnitedContinental UAL 67.72 0.20 Ventas
VTR 52.84 -0.51 s WPX Energy WPX 18.58
-0.28 UnitedMicro UMC 2.65 0.01 VeriSign
VRSN 122.67 0.25 Wabtec
WAB 92.08
-0.10 UPS B
UPS 111.27 -0.85 VeriskAnalytics VRSK 103.62 -0.07 t WalgreensBoots WBA 62.36
-0.53 UnitedRentals URI 159.33 -0.16 Verizon
VZ 47.02 -0.71 Walmart
WMT 85.74
-2.42 US Bancorp USB 50.33 -0.03 VertxPharm VRTX 148.27 -1.23 WasteConnections WCN 74.80
-0.16 US Steel
X
34.60 0.09 Viacom B VIAB 29.79 -0.91 WasteMgt WM 83.07
-0.21 UnitedTech UTX 121.79 0.90 Viacom A VIA 34.60 -0.65 Waters
WAT 192.27
1.79 UnitedHealth UNH 232.03 -1.75 Vipshop
VIPS 15.98 0.12 Watsco
WSO 175.80
-4.68
0.06
-0.14
-0.03
-0.47
-0.04
-0.05
-0.80
0.28
0.95
1.02
-0.91
-0.18
1.48
Week
Latest ago
0.33
March index
Chg From (%)
-0.11
0.09
Treasury bill auction
level
Feb. '18March '17
-0.40
4 weeks
1.660 1.650
0.32
U.S. consumer price index
13 weeks
1.840 1.835
-0.14
26 weeks
2.000 1.990
-0.33 All items
0.23
2.4
249.554
0.92
Core
0.32
2.1
256.610
-0.61
-0.33
Fannie Mae
...
2.78
30-year mortgage yields
Week
52-Week
0.75
Latest
High
Low
ago
30 days
4.189 4.188
-0.33
-0.62
60 days
4.218 4.217
-0.11 Prime rates
-0.01 U.S.
4.75 4.75 4.75 4.00
-0.05
Canada
3.45 3.45 3.45 2.70
-0.03
Week
Japan
1.475 1.475 1.475
1.475
0.52
Latest ago
1.74
-0.56 Policy Rates
Euro zone
Switzerland
Britain
Australia
Amount
Yld % New/Old Frq
Stock
1.92851 1.90875 1.92851 0.98856
2.35250 2.35375 2.36906 1.17172
Open Implied
Settle Change Interest Rate
DTCC GCF Repo Index Futures
Treasury May
Treasury Jun
Treasury Jly
98.208 -0.005 1155 1.793
98.045 unch. 732 1.955
97.935 unch. 464 2.065
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 March 22, 2018. Other prime rates aren’t directly comparable; lending practices vary
widely by location; Discount rate is effective March 22, 2018. 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.
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THE WALL STREET JOURNAL.
Wednesday, May 9, 2018 | B9
MARKETS DIGEST
EQUITIES
Dow Jones Industrial Average
S&P 500 Index
Last Year ago
24360.21 s 2.89, or 0.01%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio 24.05 20.48
P/E estimate *
16.02 17.78
Dividend yield
2.19
2.31
All-time high 26616.71, 01/26/18
Current divisor 0.14523396877348
Nasdaq Composite Index
Last
2671.92 t 0.71, or 0.03%
High, low, open and close for each
trading day of the past three months.
Year ago
Trailing P/E ratio * 23.49 23.76
P/E estimate *
16.82 18.44
Dividend yield
1.95
1.97
All-time high 2872.87, 01/26/18
Last Year ago
7266.90 s 1.69, or 0.02%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio * 25.06
26.09
P/E estimate *
19.96
20.97
Dividend yield
1.04
1.08
All-time high: 7588.32, 03/12/18
Session high
7500
26000
2750
7300
25200
2700
7100
24400
2650
6900
23600
2600
22800
2550
65-day moving average
Open
t
Close
2800
26800
UP
Close
t
DOWN
Session open
Session low
65-day moving average
65-day moving average
6700
6500
Bars measure the point change from session's open
22000
Feb.
Mar.
Apr.
6300
2500
May
Feb.
Mar.
Apr.
Feb.
May
Mar.
Apr.
May
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.
Major U.S. Stock-Market Indexes
High
Latest
Close
Low
Net chg
% chg
High
52-Week
Low
% chg
% chg
3-yr. ann.
YTD
Dow Jones
24412.34 24198.34 24360.21
2.89
Transportation Avg 10518.71 10358.77 10445.21
83.46
Industrial Average
698.03
Utility Average
Total Stock Market
Barron's 400
S&P
500 Index
27812.91 27610.68 27775.10
722.07
718.21
722.07
7224.70
6770.30
2676.34
16.1
-1.5
10.2
0.81 11373.38
8783.74
14.4
-1.6
6.0
774.47
647.90
-1.7
-5.5
5.4
29630.47 24391.29
757.37
624.99
11.9
12.6
0.4
1.6
7.9
8.1
683.77 -16.57 -2.37
682.62
Nasdaq Stock Market
Nasdaq Composite
7278.81
Nasdaq 100
6830.87
0.01
7266.90
6815.48
2655.20
0.04
10.50
3.18
0.44
0.02
1.69
-6.39
2671.92
-0.71
-0.09
-0.03
1915.53
974.95
1905.08
965.64
1913.91
974.77
5.99
8.28
0.31
Other Indexes
Russell 2000
1586.59
1576.89
1586.39
7.44
0.47
12522.35 12458.25 12520.24
555.99
553.51
4539.45
4488.78
Value Line
NYSE Arca Biotech
555.97
0.004
1.23
0.22
NYSE Arca Pharma
519.48
514.23
516.89
-2.36
KBW Bank
109.16
107.09
108.17
1.10
82.67
81.08
82.67
0.67
PHLX§ Gold/Silver
PHLX§ Oil Service
PHLX§ Semiconductor
Cboe Volatility
0.86
0.49
4506.88 -29.90
159.04
153.90
159.02
2.29
1318.26
15.56
1302.32
14.52
1318.02
14.71
9.55
-0.04
-0.66
-0.46
1.03
0.82
1.46
0.73
-0.27
Nasdaq PHLX
Region/Country Index
Close
EMEA
Eurozone
Belgium
Denmark
France
Germany
Israel
Italy
Netherlands
Russia
South Africa
Spain
Sweden
Switzerland
Turkey
U.K.
U.K.
Asia-Pacific
Australia
China
Hong Kong
India
Japan
Singapore
South Korea
Taiwan
Thailand
2357.03
5.3
6.6
18.7
20.0
11.5
-0.1
13.2
15.2
8.1
1995.23
979.57
1691.67
817.25
10.8
15.1
0.7
4.1
8.0
11.1
1610.71
1355.89
14.0
3.3
8.7
13637.02 11423.53
Volume, Advancers, Decliners
Company
Symbol
PFE
4,813.6
35.08
0.10
0.29
35.10
34.91
INTC
4,031.0
53.62
-0.01
-0.02
53.63
53.28
iShares MBS ETF
MBB
3,380.4 103.55
0.01
Energen Corp
EGN
3,266.3
65.98
…
unch.
65.98
65.81
Comcast Cl A
CMCSA 2,994.6
30.60
0.01
0.03
30.96
30.52
AT&T
T
2,620.6
31.71
0.01
0.03
31.73
31.64
Cisco Systems
CSCO
2,331.9
45.71
…
unch.
45.93
45.62
TRIP
568.3
46.05
7.27
18.75
46.80
38.77
Axon Enterprise
AAXN
176.6
49.78
5.13
11.49
50.29
44.02
OPKO Health
OPK
211.2
3.49
0.27
8.39
3.57
3.22
Aramark
ARMK
689.3
42.00
2.75
7.01
42.00
39.11
Twilio Cl A
TWLO
381.1
46.80
2.45
5.52
48.93
44.00
3.8
4939.86
3507.64
25.2
6.7
4.1
593.12
514.66
0.2
-5.1
-4.0
...And losers
116.52
88.87
17.0
1.4
12.9
Extreme Networks
93.26
76.42
3.1
-3.1
4.5
6.3 -10.6
23.4
4.6
Net chg
YTD
% chg
–4.45
–0.16
–0.26
–0.15
–0.04
–0.10
–1.3
–0.4
–1.1
DJ Americas
641.14
Sao Paulo Bovespa 82956.05
S&P/TSX Comp
15842.71
S&P/BMV IPC
46719.51
Santiago IPSA
4212.38
–0.26
241.62
34.08
244.81
–0.76
–0.04
–0.2
8.6
–2.3
–5.3
0.04
Stoxx Europe 600
Euro Stoxx
Bel-20
OMX Copenhagen
CAC 40
DAX
Tel Aviv
FTSE MIB
AEX
RTS Index
FTSE/JSE All-Share
IBEX 35
OMX Stockholm
Swiss Market
BIST 100
FTSE 100
FTSE 250
–0.02
390.00
0.49
394.45
–0.07
–0.26
3910.63
21.37
922.87
8.41
5521.93
–0.17
–9.49
12912.21
–0.28
–35.93
1464.42
–10.32 –0.70
24142.54 –401.72 –1.64
558.51
0.65
1142.13
–11.72 –1.02
57665.24 –215.48
–0.37
10168.10
27.20
587.91
3.53
8944.90
–0.38
–33.75
99363.79 –1502.45 –1.49
7565.75
–0.02
–1.39
20594.72
172.84
S&P/ASX 200
6091.90
Shanghai Composite 3161.50
Hang Seng
30402.81
S&P BSE Sensex
35216.32
Nikkei Stock Avg
22508.69
Straits Times
3543.17
Kospi
2449.81
TAIEX
10691.38
SET
1760.25
0.29
0.22
0.53
0.13
0.55
0.92
0.12
0.27
0.60
0.85
0.12
7.40
0.79
24.85
1.36
408.55
0.02
8.18
0.18
41.53
0.29
10.31
–0.47
–11.57
0.82
86.47
–19.55 –1.10
0.2
2.3
–1.7
–0.5
3.9
–0.04
–3.0
10.5
2.6
–1.1
–3.1
1.2
3.4
–4.7
–13.8
–1.6
–0.6
0.4
–4.4
1.6
3.4
–1.1
4.1
–0.7
0.5
0.4
Sources: SIX Financial Information; WSJ Market Data Group
EXTR
202.7
8.72
-3.03
-25.79
11.75
8.70
Applied Optoelectronics AAOI
261.5
32.25
-2.88
-8.20
35.25
30.00
Monster Beverage
MNST
498.2
50.00
-3.08
-5.80
53.71
47.50
Planet Fitness Cl A
PLNT
67.6
38.45
-2.20
-5.41
42.20
38.00
Virtu Financial
VIRT
52.6
31.60
-1.75
-5.25
33.48
31.50
Company
Symbol
ProPhase Labs
Blink Charging
Cardlytics
Impinj
Tel Instrument Elec
PRPH
Yangtze River Port
Helius Medical Techs
Care.com
Stellar Biotechnologies
scPharmaceuticals
YRIV
Tactile Systems Tech
Dean Foods
Carrizo Oil Gas
IntriCon
Misonix
TCMD
BLNK
CDLX
PI
TIK
HSDT
CRCM
SBOT
SCPH
DF
CRZO
IIN
MSON
High
52-Week
Low
% chg
54.56
54.46
28.82
28.13
27.50
5.08 1.84
33.70 1.28
20.99 11.10
60.85 9.95
6.35 2.05
122.4
-26.7
...
-55.3
-31.8
Gogo Inc.
Helios Matheson Analy
Presbia
Truett-Hurst Cl A
XTL Biopharmaceutical ADR
GOGO
5.14
10.86
18.92
6.50
15.40
1.03
1.91
3.06
1.04
2.41
25.09
21.34
19.29
19.05
18.55
25.47 2.61
20.70 6.45
20.88 12.80
10.85 4.20
18.17 8.89
-47.6
64.5
35.3
-29.7
...
Hertz Global Holdings
Entercom Commun
VivoPower International
Camping World Cl A
Veritiv Corp.
HTZ
43.23
9.75
23.82
29.10
11.70
6.31
1.41
3.42
4.15
1.60
17.09
16.91
16.76
16.63
15.84
44.44 19.85
19.98 8.14
26.66 11.10
29.85 6.05
11.70 7.05
99.4
-50.2
-0.4
223.3
9.9
Nevro
CHF Solutions
Core-Mark Holding
NF Energy Saving
Akcea Therapeutics
NVRO
63,855
58,363
57,619
57,272
53,728
BAC
Comcast Cl A
Finl Select Sector SPDR
SPDR S&P O&G Exp Prd
Blink Charging
Neovasc
CMCSA 49,991
XLF
46,813
EEM
VRX
44,375
43,449
42,060
XOP
BLNK
NVCN
-16.0
-50.2
-27.2
-24.5
483.6
29.93
266.92
14.27
46.42
19.77
0.98
...
1.42
0.56
8.87
52-Week
High
Low
33.05 22.07
286.63 235.43
29.47 12.73
52.08 39.82
24.43 10.57
71.4 30.59 -5.56
-28.2 27.64 0.69
148.5 40.67 2.06
4274.4 6.24 54.46
-43.9 0.05 3.02
44.00
30.33
41.01
33.70
1.89
30.52
22.97
28.96
1.28
0.03
U.S. consumer rates
Selected rates
A consumer rate against its
benchmark over the past year
30-year mortgage, Rate
2.00
t
1.00
0.00
MJ J A S O ND J FMAM
2017
2018
4.25%
314-384-8015
Homex Financial
Mission Viejo, CA
4.25%
800-431-6962
Institution for Savings
Newburyport, MA
4.25%
978-462-2344
LendingHome Funding Corporation
4.25%
San Francisco, CA
415-367-4333
Yield/Rate (%)
Last (l)Week ago
Federal-funds rate target
1.50-1.75 1.50-1.75
Prime rate*
4.75
4.75
Libor, 3-month
2.35
2.35
Money market, annual yield
0.41
0.45
Five-year CD, annual yield
1.68
1.68
30-year mortgage, fixed†
4.55
4.55
15-year mortgage, fixed†
4.02
4.01
Jumbo mortgages, $424,100-plus† 4.81
4.84
Five-year adj mortgage (ARM)† 4.53
4.69
New-car loan, 48-month
4.22
4.25
3-yr chg
52-Week Range (%)
Low 0 2 4 6 8 High (pct pts)
0.75 l
l
4.00
l
1.17
0.25 l
l
1.30
l
3.73
l
2.99
l
4.21
l
3.22
l
2.85
1.50
4.75
2.37
0.45
1.69
4.62
4.07
4.96
4.70
4.27
1.50
1.50
2.07
0.10
0.22
0.55
0.82
0.48
1.23
1.34
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
One year ago
1
3 6
month(s)
10
2.25
5
1.50
0
0.75
–5
0.00
1 2 3 5 710
years
maturity
Euro
Yen
WSJ Dollar index
–10
30
2017
2018
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Corporate Borrowing Rates and Yields
Yield (%)
Last Week ago
52-Week
High
Low
1424.670
2.834
2.838
2.863
1.818 –0.806 0.442
10-yr Treasury, Ryan ALM 1662.144
DJ Corporate
367.831
Aggregate, Barclays Capital 1898.050
High Yield 100, Merrill Lynch 2849.189
Fixed-Rate MBS, Barclays 1953.160
Muni Master, Merrill
517.583
2.968
3.918
3.320
6.054
3.440
2.551
2.976
3.914
3.330
6.059
3.470
2.639
3.026
3.918
3.340
6.319
3.510
2.653
2.058 –2.596 –0.462
2.879 0.341 2.258
2.380 –0.174 1.150
4.948 2.391 3.231
2.660 –0.232 0.943
1.736 1.554 2.138
767.457
6.571
6.328
6.571
5.279 –1.301 3.596
Bond total return index
Treasury, Ryan ALM
EMBI Global, J.P. Morgan
Close
-61.7
-37.8
-6.6
-20.2
-25.8
18.01
8.65
2.59
23.02
30.85
-4.15
-1.95
-0.54
-4.60
-5.90
-18.73
-18.40
-17.25
-16.65
-16.05
27.27 8.52
12.43 8.05
6.69 1.02
47.62 22.13
46.10 20.35
40.7
-15.6
-30.7
-24.6
-26.0
VRTV
CHFS
77.59 -14.67 -15.90
3.05 -0.51 -14.33
17.38 -2.86 -14.13
1.85 -0.29 -13.55
18.80 -2.87 -13.24
94.34 65.00
32.60 2.50
38.37 17.19
3.65 0.76
33.99 8.10
2.7
-78.1
-51.7
69.7
...
CORE
NFEC
AKCA
Ranked by change from 65-day average*
PowerSh S&P 500 Hi Beta
Lifetime Brands
Nevro
NuShares Enh Yield US Bd
Stellar Biotechnologies
SPHB
Gogo Inc.
FlexShs Quality Dividend
SPDR S&P 500 Growth
John Hancock Multi Finls
UBS ProShs 3x Lg Crude
GOGO
LCUT
NVRO
NUAG
SBOT
QDF
SPYG
JHMF
WTIU
Volume % chg from Latest Session
(000) 65-day avg Close % chg
52-Week
High
Low
6,351
497
4,191
211
134
2479
1782
1265
1264
1218
42.84 0.54
10.70 -10.83
77.59 -15.90
23.53 -0.01
6.50 19.05
46.04
20.20
94.34
24.87
10.85
13,767
1,181
8,534
68
112
1100
1080
997
995
952
5.06 -35.66
44.54 0.23
34.33 0.03
37.13 0.43
36.07 -0.47
14.76 5.05
47.95 39.93
35.96 28.81
39.70 30.70
37.68 9.44
US$vs,
YTDchg
Tues
in US$ per US$ (%)
35.94
10.00
65.00
23.49
4.20
Total Return (%)
52-wk
3-yr
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
US$vs,
YTDchg
Tues
in US$ per US$ (%)
Country/currency
Americas
Europe
Argentina peso
.0445 22.4755 20.8
Brazil real
.2806 3.5632 7.6
Canada dollar
.7721 1.2952 3.0
Chile peso
.001576 634.40 3.1
Ecuador US dollar
1
1 unch
Mexico peso
.0511 19.5729 –0.5
Uruguay peso
.03427 29.1800 1.3
Venezuela b. fuerte .00001469912.5051 675915.5
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
Asia-Pacific
s
10-year Treasury
note yield
First Rate Mortgage
St Louis, MO
t
t
3.00
t
15%
s
30-year fixed-rate
mortgage
Tuesday
5.05
1.43
1.86
1.32
1.55
U.S.-dollar foreign-exchange rates in late New York trading
Yen, euro vs. dollar; dollar vs.
major U.S. trading partners
3.00
14.76
38.86
7.14
2.50
4.14
Currencies
Forex Race
3.75%
3.88%
800-922-8429
CWH
Symbol
Country/currency
notes and bonds
-35.66
-31.28
-22.29
-19.81
-18.84
XTLB
VVPR
52-Week
Low
% chg
-2.81
-0.66
-0.70
-0.41
-0.45
THST
ETM
High
CURRENCIES & COMMODITIES
Compare the performance of selected
global stock indexes, bond ETFs,
currencies and commodities at
WSJ.com/TrackTheMarkets
s
4.00%
Cathay Bank
Los Angeles, CA
* 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.
5.06
1.45
2.44
1.66
1.96
LENS
Company
Track the Markets
4.55%
Bankrate.com avg†:
NYSE Arca
* Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
5,000 shares =Has traded fewer than 65 days
* Volumes of 100,000 shares or more are rounded to the nearest thousand
Benchmark
Yields
Treasury
yield
curve
and
Yield toRates
maturity of current bills,
Consumer Rates and Returns to Investor
Nasdaq
Total volume*2,010,686,417 248,157,331
Adv. volume*1,043,698,732 146,723,304
Decl. volume* 930,868,067 78,333,412
Issues traded
2,966
1,328
Advances
1,536
612
Declines
1,294
674
Unchanged
136
42
New highs
119
11
New lows
57
44
Closing tick
297
62
Closing Arms†
1.06
0.58
Block trades*
7,923
1,428
Latest Session
Close Net chg % chg
HMNY
Volume Movers
Bank of America
SPDR S&P 500
General Electric
iShares MSCI Emg Markets
Valeant Pharm Intl
GE
Symbol
1.58
2.20
4.24
3.82
0.65
Volume % chg from Latest Session
Symbol (000) 65-day avg Close % chg
SPY
Company
4.47
6.24
18.95
17.40
3.00
Most Active Stocks
Company
Total volume* 890,068,252 8,645,028
Adv. volume* 451,047,214 5,283,540
Decl. volume* 410,555,198 3,000,731
Issues traded
3,059
322
Advances
1,502
141
Declines
1,446
157
Unchanged
111
24
New highs
80
7
New lows
67
7
Closing tick
77
2
Closing Arms†
0.92
0.51
Block trades*
6,453
72
Percentage Losers
Latest Session
Close Net chg % chg
CREDIT MARKETS
Interest rate
0.01 103.55 103.54
TripAdvisor
2.8
5.2
33.2
0.06 267.18 266.33
Percentage gainers…
-2.3
6.5
0.16
Low
Intel
-1.1
29.5
47.7
After Hours
% chg
High
Pfizer
8.2
117.79
Net chg
9,032.6 267.08
6.4
1017.50
9.14
Last
SPY
503.24
165.78
Volume
(000)
SPDR S&P 500
589.69
1445.90
37.32
NYSE NYSE Amer.
Most-active issues in late trading
Percentage Gainers...
Latest
% chg
3047.55
395.47
263.89
The Global Dow
DJ Global Index
DJ Global ex U.S.
Americas
Brazil
Canada
Mexico
Chile
6011.24
5580.55
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 50,000 shares.
Sources: SIX Financial Information; WSJ Market Data Group
International Stock Indexes
World
7588.32
7131.12
2872.87
MidCap 400
SmallCap 600
NYSE Composite
26616.71 20606.93
Late Trading
Australian dollar
.7453 1.3417
China yuan
.1570 6.3707
Hong Kong dollar
.1274 7.8498
India rupee
.01489 67.174
Indonesia rupiah .0000712 14050
Japan yen
.009164 109.12
Kazakhstan tenge .003033 329.74
Macau pataca
.1236 8.0888
Malaysia ringgit
.2506 3.9910
New Zealand dollar
.6970 1.4347
Pakistan rupee
.00865 115.600
Philippines peso
.0192 51.969
Singapore dollar
.7462 1.3401
South Korea won .0009271 1078.61
Sri Lanka rupee
.0063456 157.59
Taiwan dollar
.03354 29.811
Thailand baht
.03132 31.930
Vietnam dong
.00004391 22773
Commodities
4.8
–2.0
0.5
5.2
4.2
–3.2
–0.9
0.5
–1.7
1.8
4.5
4.0
0.2
1.1
2.7
0.5
–2.0
0.3
.04640 21.554
.1593 6.2776
1.1864 .8429
.003766 265.50
.009709 103.00
.1228 8.1415
.2772 3.6080
.01582 63.214
.1134 8.8183
.9981 1.0019
.2308 4.3327
.0381 26.2405
1.3546 .7382
Middle East/Africa
Bahrain dinar
Egypt pound
Israel shekel
Kuwait dinar
Oman sul rial
Qatar rial
Saudi Arabia riyal
South Africa rand
2.6524 .3770 –0.02
.0565 17.7100 –0.3
.2764 3.6184 4.0
3.3157 .3016 0.1
2.5890 .3863 0.3
.2743 3.646 –0.1
.2666 3.7504 unch
.0796 12.5686 1.7
Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 86.59
TR/CC CRB Index
Crude oil, $ per barrel
Natural gas, $/MMBtu
Gold, $ per troy oz.
Tuesday
650.78
-3.05
202.09
69.06
2.732
1312.00
-1.55
-1.67
-0.009
-0.20
0.26 0.30
0.71
Sources: Tullett Prebon, WSJ Market Data Group
52-Week
Pricing trends on someClose
raw materials,
or commodities
Net chg % Chg
High
Low
DJ Commodity
1.3
1.2
1.2
2.5
–0.5
–0.8
3.7
9.6
7.7
2.8
14.2
–6.8
–0.2
-0.47
% Chg
YTD
% chg
658.32
532.01
18.87
4.06
-0.76 203.64
70.73
-2.36
3.63
-0.33
-0.02 1362.40
166.50
42.53
2.55
1208.60
13.99
50.52
-15.34
8.05
4.24
14.30
-7.48
0.44
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
.
THE WALL STREET JOURNAL.
B10 | Wednesday, May 9, 2018
COMMODITIES
Futures Contracts
Contract
High hilo
Low
Open
Metal & Petroleum Futures
Contract
Open
High hi lo
Low
Settle
Chg
Copper-High (CMX)-25,000 lbs.; $ per lb.
3.0580
3.0695
2.9980
3.0405 –0.0190
May
July
3.0735
3.0910
3.0140
3.0590 –0.0200
Gold (CMX)-100 troy oz.; $ per troy oz.
May
1310.10 1310.20
1308.50 1312.00 –0.20
June
1314.10 1318.50
1306.20 1313.70 –0.40
Aug
1321.10 1324.70
1312.40 1320.00 –0.40
Oct
1326.10 1330.70
1319.00 1326.30 –0.40
Dec
1333.70 1337.00
1325.10 1332.70 –0.40
Dec'19
...
...
... 1372.50 –0.40
Palladium (NYM) - 50 troy oz.; $ per troy oz.
965.60
971.00
959.00
963.40
1.30
June
Sept
964.30
966.50
956.00
960.60
1.40
Platinum (NYM)-50 troy oz.; $ per troy oz.
912.20
915.20
907.80
912.10 –1.20
July
Oct
919.20
919.40
913.00
917.00 –1.30
Silver (CMX)-5,000 troy oz.; $ per troy oz.
16.415
16.445
16.250
16.388 –0.025
May
July
16.505
16.550
16.335
16.472 –0.023
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
70.11
70.40
67.66
69.06 –1.67
June
July
70.03
70.30
67.59
68.97 –1.65
Aug
69.67
70.00
67.29
68.66 –1.60
Sept
69.21
69.52
66.82
68.19 –1.57
Dec
67.64
67.99
65.36
66.69 –1.48
Dec'19
61.08
61.33
59.09
60.33 –1.05
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
2.1732
2.1912 s
2.1087
2.1577 –.0273
June
July
2.1688
2.1827 s
2.1037
2.1504 –.0304
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
2.1246
2.1367
2.0612
2.1114 –.0226
June
July
2.1278
2.1383
2.0642
2.1135 –.0244
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
2.737
2.773
2.706
2.732 –.009
June
July
2.765
2.797
2.735
2.760 –.007
Sept
2.753
2.782
2.725
2.752 –.003
Oct
2.759
2.791
2.734
2.759 –.005
Jan'19
2.985
3.009
t
2.958
2.978 –.012
March
2.844
2.867
t
2.819
2.833 –.018
Open
interest
2,907
135,325
364
301,510
107,460
9,284
61,534
3,645
16,390
6,289
74,807
5,471
646
142,040
469,303
341,148
169,716
240,640
297,712
158,911
121,618
105,835
141,368
106,974
231,440
219,335
143,566
125,478
91,951
89,176
Settle
Open
interest
Chg
Corn (CBT)-5,000 bu.; cents per bu.
392.75
400.50
396.00
404.00
391.25
399.25
395.50
403.25
2.25
2,091
2.50 831,545
May
July
226.75
235.50
226.75
241.00
226.75
235.00
229.00
240.00
3.75
3.75
May
July
1004.25
1013.50
1011.75
1023.50
1002.25
1011.25
1011.25
1020.25
9.00
1,317
8.75 426,293
May
July
387.70
382.40
389.60
387.80
383.40
380.80
388.70
385.90
3.90
611
3.40 248,065
Soybeans (CBT)-5,000 bu.; cents per bu.
Soybean Meal (CBT)-100 tons; $ per ton.
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
30.56
30.81
May
July
30.68
31.00
30.45
30.56
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
30.49
30.69
3
4,599
–.18
768
–.18 270,195
May
July
1248.50
1279.50
1249.00
1280.50
1248.50
1270.00
1252.50
1275.50
May
July
515.50
511.00
516.50
520.25
515.50
506.75
517.75
514.50
3.75
84
3.00 238,335
July
Sept
538.50
556.75
546.50
564.75
534.50
553.00
538.25
556.50
–1.25 138,596
–1.75 49,636
May
July
619.25
610.75
619.25
617.50
619.25
607.50
619.25
614.00
Wheat (CBT)-5,000 bu.; cents per bu.
Wheat (KC)-5,000 bu.; cents per bu.
Wheat (MPLS)-5,000 bu.; cents per bu.
–.50
–1.50
137.625
143.750
138.050
143.900
135.925
141.675
Cattle-Live (CME)-40,000 lbs.; cents per lb.
105.450
104.350
June
Aug
106.925
104.800
104.600
103.300
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
14
6,337
1.00
3.00
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
May
Aug
137.725
143.725
5
31,602
.100
.025
106.300
104.475
5,202
23,155
1.125 123,535
.375 112,210
May
June
66.375
75.025
66.775
76.475
65.950
74.725
66.200
76.300
.125
2.125
2,275
84,926
May
July
605.10
587.60
610.00 s
594.60 s
598.90
583.10
602.00
592.40
–4.00
5.90
556
5,095
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
Milk (CME)-200,000 lbs., cents per lb.
Cash Prices | WSJ.com/commodities
Tuesday, May 8, 2018
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.
Tuesday
Tuesday
(U.S.$ equivalent)
Coins,wholesale $1,000 face-a
Energy
Propane,tet,Mont Belvieu-g
Butane,normal,Mont Belvieu-g
NaturalGas,HenryHub-i
NaturalGas,TranscoZone3-i
NaturalGas,TranscoZone6NY-i
NaturalGas,PanhandleEast-i
NaturalGas,Opal-i
NaturalGas,MarcellusNE PA-i
NaturalGas,HaynesvilleN.LA-i
Coal,C.Aplc.,12500Btu,1.2SO2-r,w
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w
0.8598
0.9697
2.720
2.680
2.550
1.940
1.960
1.810
2.590
60.400
12.450
*Closed
12152
Other metals
LBMA Platinum Price PM
*Closed
Platinum,Engelhard industrial
914.0
Platinum,Engelhard fabricated
1014.0
Palladium,Engelhard industrial
976.0
Palladium,Engelhard fabricated
1076.0
Aluminum, LME, $ per metric ton
*Closed
Copper,Comex spot
3.0405
Iron Ore, 62% Fe CFR China-s
n.a.
Shredded Scrap, US Midwest-s,m
n.a.
Steel, HRC USA, FOB Midwest Mill-s
n.a.
Metals
Fibers and Textiles
Gold, per troy oz
Engelhard industrial
Engelhard fabricated
Handy & Harman base
Handy & Harman fabricated
LBMA Gold Price AM
LBMA Gold Price PM
Krugerrand,wholesale-e
Maple Leaf-e
American Eagle-e
Mexican peso-e
Austria crown-e
Austria phil-e
1309.87
1408.11
1306.60
1450.32
*Closed
*Closed
1365.99
1379.12
1379.12
1591.63
1290.44
1379.12
Silver, troy oz.
Engelhard industrial
Engelhard fabricated
Handy & Harman base
Handy & Harman fabricated
LBMA spot price
16.4000
19.6800
16.4200
20.5250
*Closed
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
0.5800
0.8438
*93.25
n.a.
6.05
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, Long Grain Milled, No. 2 AR-u,w
Sorghum,(Milo) No.2 Gulf-u
SoybeanMeal,Cent IL,rail,ton48%-u
n.a.
108
3.7500
135.9
518.4
258
108
305
2.8750
25.75
7.0900
395.40
Tuesday
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
9.8150
7.6900
5.1100
5.1925
5.8975
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
203.62
185.09
1.1396
2.3025
165.00
170.25
86.00
n.a.
1.1986
1.4029
0.9150
16.35
n.a.
65.19
1.1046
1.0134
120.00
171.44
Fats and Oils
Corn oil,crude wet/dry mill-u,w
Grease,choice white,Chicago-h
Lard,Chicago-u
Soybean oil,crude;Centl IL-u
Tallow,bleach;Chicago-h
Tallow,edible,Chicago-u
29.5000
0.2400
n.a.
0.2904
0.2350
0.2900
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;
M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data as of 5/7
Source: WSJ Market Data Group
Exchange-Traded
Portfolios |
WSJ.com/ETFresearch
Largest 100 exchange-traded funds,
latest session
ETF
Tuesday, May 8, 2018
Closing Chg YTD
Symbol Price (%) (%)
AlerianMLPETF
CnsmrDiscSelSector
CnsStapleSelSector
EnSelectSectorSPDR
FinSelSectorSPDR
FT DJ Internet
HealthCareSelSect
IndSelSectorSPDR
iSh1-3YCreditBond
iSh3-7YTreasuryBd
iShCoreMSCIEAFE
iShCoreMSCIEmgMk
iShCoreMSCITotInt
iShCoreS&P500
iShCoreS&P MC
iShCoreS&P SC
iShS&PTotlUSStkMkt
iShCoreUSAggBd
iShSelectDividend
iShEdgeMSCIMinEAFE
iShEdgeMSCIMinUSA
iShEdgeMSCIUSAMom
iShFloatingRateBd
iShGoldTr
iShiBoxx$InvGrCpBd
iShiBoxx$HYCpBd
iShJPMUSDEmgBd
iShMBSETF
iShMSCI ACWI
iShMSCIBrazil
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
iShShortTreaBd
iShTIPSBondETF
iSh1-3YTreasuryBd
iSh7-10YTreasuryBd
iSh20+YTreasuryBd
iShRussellMCGrowth
PIMCOEnhShMaturity
PwrShQQQ 1
PwrShS&P500EW
PwrShSrLoanPtf
SPDR BlmBarcHYBd
SPDR Gold
SchwabIntEquity
SchwabUS BrdMkt
SchwabUS Div
SchwabUS LC
SchwabUS SC
SPDR DJIA Tr
SPDR S&PMdCpTr
SPDR S&P 500
SPDR S&P Div
TechSelectSector
VanEckGoldMiner
VangdInfoTech
VangdSC Val
VangdSC Grwth
VangdDivApp
VangdFTSEDevMk
VangdFTSE EM
VangdFTSE Europe
VangdFinls
VangdFTSEAWxUS
VangdGrowth
VangdHiDiv
VangdIntermBd
VangdIntrCorpBd
VangdLC
VangdMC
VangdMC Val
VangdRealEst
VangdS&P500
VangdST Bond
VangdSTCpBd
VangdSC
VangdTotalBd
VangdTotIntlBd
VangdTotIntlStk
VangdTotalStk
VangdTotlWrld
VangdValue
AMLP
XLY
XLP
XLE
XLF
FDN
XLV
XLI
CSJ
IEI
IEFA
IEMG
IXUS
IVV
IJH
IJR
ITOT
AGG
DVY
EFAV
USMV
MTUM
FLOT
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
SHV
TIP
SHY
IEF
TLT
IWP
MINT
QQQ
RSP
BKLN
JNK
GLD
SCHF
SCHB
SCHD
SCHX
SCHA
DIA
MDY
SPY
SDY
XLK
GDX
VGT
VBR
VBK
VIG
VEA
VWO
VGK
VFH
VEU
VUG
VYM
BIV
VCIT
VV
VO
VOE
VNQ
VOO
BSV
VCSH
VB
BND
BNDX
VXUS
VTI
VT
VTV
10.20
103.93
49.18
74.53
27.64
128.58
80.27
73.26
103.57
119.31
66.96
56.17
63.38
268.68
191.22
80.12
61.38
105.69
95.66
74.26
51.99
108.83
50.99
12.62
114.50
85.37
107.54
103.54
72.37
40.11
70.95
66.15
46.42
44.41
60.99
102.41
108.30
139.40
148.86
120.16
196.96
157.83
127.42
158.77
208.30
87.01
221.22
158.85
109.34
36.97
110.27
111.92
83.19
101.42
118.69
124.47
101.47
166.07
99.93
23.09
35.70
124.59
34.24
64.82
48.18
63.93
71.46
243.42
348.23
266.92
90.91
68.24
22.68
179.09
132.45
169.72
100.02
44.96
45.31
59.45
69.83
54.62
145.69
82.50
80.44
83.27
122.74
155.36
109.52
77.42
245.16
78.00
78.03
151.17
78.78
54.54
56.88
137.78
74.34
103.26
0.79 –5.5
5.3
–0.42
–0.41 –13.6
3.1
0.78
0.69 –1.0
0.62 17.0
–0.75 –2.9
0.71 –3.2
–0.01 –0.9
–0.08 –2.3
1.3
0.03
0.45 –1.3
0.5
0.08
–0.04 –0.1
0.8
0.31
4.3
0.86
0.4
0.03
–0.11 –3.3
–0.69 –2.9
1.8
0.22
–0.13 –1.5
5.5
0.42
0.3
0.08
0.9
...
–0.03 –5.8
–0.15 –2.2
–0.59 –7.4
–0.13 –2.9
0.4
0.04
0.02 –0.8
0.9
0.01
2.6
0.20
0.56 –1.5
2.4
–0.24
1.8
0.31
–0.57 –4.1
0.03 –2.2
3.5
–0.01
0.2
0.03
0.02 –3.4
5.5
0.46
3.5
0.50
1.3
0.50
0.4
0.07
0.1
0.11
–0.11 –2.4
2.5
0.26
4.0
0.01
–0.04 –4.3
–0.22 –2.9
0.0
–0.00
–0.18 –1.9
0.01 –0.8
–0.17 –3.9
–0.09 –6.4
3.2
0.40
0.01 –0.1
6.6
–0.10
–0.07 –1.1
0.2
0.04
–0.11 –2.8
0.8
0.02
0.5
–0.06
0.5
0.09
... –5.8
0.2
0.02
2.5
0.49
... –1.6
0.8
0.33
0.0
...
–0.15 –3.8
6.7
0.22
0.13 –2.4
8.7
0.38
0.31 –0.2
5.5
0.47
0.10 –2.0
0.2
...
0.51 –1.3
0.5
–0.08
0.71 –0.3
0.07 –0.2
3.6
0.05
–0.21 –3.7
–0.14 –4.0
–0.13 –4.7
0.1
–0.01
0.4
0.15
–0.10 –1.8
–0.50 –6.7
–0.00 –0.1
–0.05 –1.4
–0.04 –1.6
2.3
0.39
–0.08 –3.4
0.3
–0.20
0.1
0.26
0.4
0.04
0.1
0.01
–0.03 –2.9
15.37 s
15.95 s
15.31
15.78
Settle
15.24
15.78
BANKRATE.COM® MMA, Savings and CDs
May
July
2,821
2,831
2,822
2,846
2,821
2,758
–.03
.09
–76
45
–75 137,875
118.45
119.35
116.55
119.60
…
11.32
11.56
11.56
24.50
25.19
24.50
25.10
–.05
–.09
–.61
15
–.61 143,356
May
July
119.55
120.75
June
July
…
11.36
… s
11.59
July
Sept
24.50
25.19
24.50
25.19
May
July
87.69
86.12
87.69 s
86.87
86.65
85.11
85.38
85.38
May
July
165.00
164.40
165.00 s
164.85
165.00
158.80
162.50
161.40
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Cotton (ICE-US)-50,000 lbs.; cents per lb.
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Currency Futures
.9170
.9192
.9184
.9212
.9156
.9168
.9176
.9195
–1.65
15
–1.15 128,763
May
June
.7705
.7769
.7720
.7772
.7702
.7699
.7720 –.0050
111
.7724 –.0050 114,542
.24
.24 506,662
May
June
1.3561
1.3581
1.3584
1.3616
1.3495
1.3506
1.3540 –.0025
1,215
1.3559 –.0026 182,127
June
Sept
1.0001
1.0096
1.0028
1.0113
.9986
1.0070
1.0010
1.0092
May
June
July
Aug
Sept
Dec
.7514
.7516
.7507
.7505
.7518
.7533
.7520
.7528
.7522
.7540
.7531
.7538
.7442
.7434
.7440
.7504
.7443
.7533
.7449
.7449
.7450
.7452
.7455
.7463
June
Sept
.05100
.05032
.05117
.05042
t
.05057
.04986
.05074 –.00022 205,862
.05002 –.00023
1,382
May
June
1.1930
1.1957
1.1933
1.1972
t
t
1.1845
1.1872
1.1862 –.0068
2,746
1.1890 –.0069 499,575
2,817
1,756
–3.15
–3.20
15
10,350
Interest Rate Futures
British Pound (CME)-£62,500; $ per £
Average Yields of Major Banks
Australian Dollar (CME)-AUD 100,000; $ per AUD
t
t
t
t
Mexican Peso (CME)-MXN 500,000; $ per MXN
143-150 143-220
142-250 142-270
142-290
142-040
143-120
142-170
–6.0 844,560
–6.0 14,360
June
Sept
119-205 119-230
119-090 119-115
119-120
119-020
119-165
119-060
–5.5 3,687,376
–5.5 36,070
Mini DJ Industrial Average (CBT)-$5 x index
June
Sept
113-150 113-165
113-057 113-070
113-107
113-017
113-130
113-037
–3.5 3,646,764
–3.5 49,909
S&P 500 Index (CME)-$250 x index
June
Sept
106-000 106-007
105-260 105-260
105-312
105-245
105-315
105-247
–1.0 2,048,872
–1.2 20,175
98.295
98.055
98.295
98.060
–.002 208,281
–.005 330,492
92.844
92.984
–.156
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
98.295
98.060
98.298
98.065
June
93.141
93.141
t
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
1 Month Libor (CME)-$3,000,000; pts of 100%
May
June
98.0650
97.8600
98.0650
97.8600
98.0600
98.0575
29,423
…
t 97.8600 97.8575
…
Eurodollar (CME)-$1,000,000; pts of 100%
May
97.6250 97.6475
t 97.6225 97.6450 .0200
June
97.6000 97.6250
t 97.5950 97.6250 .0200
Dec
97.3350 97.3450
t 97.3250 97.3400
…
Dec'19
97.0050 97.0200
96.9900 97.0000 –.0150
2,033
787
342,397
1,697,259
2,059,338
1,984,107
Tuesday, May 8, 2018
.0005
.0004
94,122
160
–.0068
782
–.0068 156,680
–.0068
629
–.0069
234
–.0068
1,200
–.0068
424
Index Futures
June
Sept
24284
24310
24355
24363
24135
24147
24307
24319
June
Sept
2667.30
...
2674.00
2678.20
2654.00
2663.20
2670.30
2674.30
0.30
0.10
June
Sept
2668.00
2672.00
2674.25
2678.25
2652.25
2656.75
2670.25
2674.25
0.25 2,834,612
… 103,336
June
1907.80
1915.80
1901.20
1913.60
5.60
June
Sept
6817.0
6847.5
6837.5
6861.5
6771.0
6794.5
6820.5
6845.5
June
1579.50
1589.60
1575.00
1589.10
June
1477.40
1481.60
1477.30
1482.40
.40
60
June
Sept
92.56
92.11
92.51
92.07
92.96
92.51
.37
.37
34,823
1,584
Mini S&P 500 (CME)-$50 x index
6 100,237
6
2,379
Mini S&P Midcap 400 (CME)-$100 x index
Mini Nasdaq 100 (CME)-$20 x index
Mini Russell 2000 (ICE-US)-$100 x index
Mini Russell 1000 (ICE-US)-$100 x index
U.S. Dollar Index (ICE-US)-$1,000 x index
93.14 s
92.68 s
80,628
16,707
75,470
–5.5 229,033
–5.5 10,851
8.00
10,282
Source: SIX Financial Information
Bonds | WSJ.com/bonds
Tracking Bond Benchmarks
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
Total
return
close
YTD total
return (%)
Yield (%)
Latest Low High
Index
-2.4
YTD total
return (%)
Yield (%)
Latest Low High
Index
Mortgage-Backed Bloomberg Barclays
Broad Market Bloomberg Barclays
1898.05
Total
return
close
3.320 2.380 3.340
U.S. Aggregate
U.S. Corporate Indexes Bloomberg Barclays
1953.16
-1.8
Mortgage-Backed
1920.71
-1.7
Ginnie Mae (GNMA) 3.400 2.630 3.480
Fannie mae (FNMA) 3.440 2.670 3.520
3.440 2.660 3.510
2696.51
-3.6
U.S. Corporate
3.990 3.030 3.990
1145.11
-1.8
2565.45
-2.1
Intermediate
3.670 2.530 3.670
1763.26
-1.8
Freddie Mac (FHLMC) 3.460 2.680 3.530
Long term
4.650 3.990 4.650
517.58
-0.9
Muni Master
2.551 1.736 2.653
3663.64 -6.9
552.44
-2.7
Double-A-rated
3.430 2.470 3.430
360.40
-1.4
7-12 year
2.586 1.744 2.702
695.21
-3.5
Triple-B-rated
4.270 3.340 4.270
407.39
-1.1
12-22 year
2.884 2.213 3.004
394.91
-1.3
22-plus year
3.264 2.716 3.411
High Yield Bonds Merrill Lynch
416.73
-0.2
High Yield Constrained 6.295 5.373 6.417
Global Government J.P. Morgan†
Triple-C-rated
9.830 9.607 11.091
540.82
-0.6
2849.19
-0.4
High Yield 100
6.054 4.948 6.319
749.60
-0.7
Canada
2.310 1.570 2.340
376.73
-0.6
Global High Yield Constrained 5.803 4.934 5.803
373.50
0.8
EMU§
1.132 0.956 1.311
Europe High Yield Constrained 2.910 1.897 2.957
711.64
0.2
France
0.910 0.690 1.040
Germany
0.590 0.330 0.740
Japan
0.370 0.350 0.460
1.8
427.87
0.04
306.47
506.09
U.S Agency Bloomberg Barclays
Global Government 1.600 1.300 1.650
-0.3
1618.35
-1.2
U.S Agency
2.790 1.690 2.800
290.03
1452.49
-0.7
10-20 years
2.680 1.510 2.690
559.19
-0.2
Netherlands
0.690 0.460 0.830
-1.1
U.K.
1.660 1.340 1.830
0.5
3250.47
-4.0
20-plus years
3.420 2.730 3.460
920.32
2401.27
-2.5
Yankee
3.660 2.610 3.660
767.46 -5.0
Emerging Markets ** 6.571 5.279 6.571
*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
MMA
1-MO
2-MO
3-MO
6-MO
1-YR
2-YR
2.5YR
5YR
Global Government Bonds: Mapping Yields
0.16
0.30
0.07
0.07
0.07
0.08
0.18
0.19
0.25
0.26
0.46
0.48
0.62
0.67
0.59
0.65
1.11
1.18
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
-0.01
-0.01
0.00
0.00
0.00
0.00
0.01
0.00
0.00
-0.01
0.02
0.01
0.01
0.02
0.03
0.04
0.00
0.01
National average
Savings
Jumbos
Weekly change
Savings
Jumbos
t
t
Swiss Franc (CME)-CHF 125,000; $ per CHF
June
Sept
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
.0001
189
.0001 157,234
Canadian Dollar (CME)-CAD 100,000; $ per CAD
Euro (CME)-€125,000; $ per €
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
May
July
Open
interest
Chg
Japanese Yen (CME)-¥12,500,000; $ per 100¥
** EMBI Global Index
Type
Settle
May
June
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
t
Contract
High hilo
Low
Open
3,978
3,629
2,794
2,773
Coffee (ICE-US)-37,500 lbs.; cents per lb.
119.55
121.60
Open
interest
Chg
15.25
15.86
Cocoa (ICE-US)-10 metric tons; $ per ton.
May
July
Oats (CBT)-5,000 bu.; cents per bu.
Contract
High hilo
Low
Open
May
June
Agriculture Futures
WSJ.com/commodities
Consumer Savings Rates
Explanation of ratings: Safe Sound SM, (855) 733-0700, evaluates the financial condition of federally insured institutions and assigns a rank of 1,2,3,4 or 5 based on data from the fourth quarter
of 2017 from federal regulators. 5: most desirable performance; NR: institution is too new to rate,
not an indication of financial strength or weakness. Information is believed to be reliable, but not
guaranteed.
High yield savings
Bank/rank
Phone number
Minimum
Yield
(%)
$100
2.01
$1
1.80
$100
1.75
One-month CD
Bank/rank
Phone number
Minimum
Yield
(%)
Six-month CD
AloStar, a division of State Bank /5 $1,000
(877) 738-6391
CD Bank /4
$10,000
(888) 201-8185
TAB Bank /5
$1,000
(800) 837-4136
1.90
1.90
1.87
One-year CD
EH National Bank /5
$0
(888) 392-5265
M.Y. Safra Bank, FSB /NR $5,000
(212) 652-7200
VirtualBank /4
$10,000
(877) 998-2265
0.83
0.30
0.15
Two-month CD
VirtualBank /4
(877) 998-2265
Applied Bank /5
(800) 616-4605
VirtualBank /4
$10,000
(877) 998-2265
AloStar, a division of State Bank /5 $1,000
(877) 738-6391
TAB Bank /5
$1,000
(800) 837-4136
2.27
2.23
2.22
0.15
$1,000
0.05
CD Bank /4
$10,000
(888) 201-8185
First Internet Bank of Indiana /4 $1,000
(888) 873-3424
M.Y. Safra Bank, FSB /NR $5,000
(212) 652-7200
VirtualBank /4
$10,000
(877) 998-2265
M.Y. Safra Bank, FSB /NR $5,000
(212) 652-7200
Colorado Federal Savings Bank /4 $5,000
(877) 484-2372
1.56
1.55
2.01
1.40
1.40
One-month CD
M.Y. Safra Bank, FSB /NR $5,000
(212) 652-7200
First Internet Bank of Indiana /4 $1,000
(888) 873-3424
Barclays /5
$0
(888) 720-8756
0.30
0.22
VirtualBank /4
(877) 998-2265
First Internet Bank of Indiana /4
(888) 873-3424
M.Y. Safra Bank, FSB /NR
(212) 652-7200
0.05
0.01
Three-month CD
VirtualBank /4
(877) 998-2265
M.Y. Safra Bank, FSB /NR
(212) 652-7200
Colorado Federal Savings Bank /4
(877) 484-2372
1.56
1.55
M.Y. Safra Bank, FSB /NR
(212) 652-7200
First Internet Bank of Indiana /4
(888) 873-3424
EverBank /4
(855) 228-6755
1.400
1.400
l
l
France 2 -0.488 s
10 0.806 s
l
Germany 2 -0.571 s
10 0.565 s
l
l
l
Italy 2 -0.302 s
10 1.864 s
l
Japan 2 -0.132 s
10 0.049 s
l
Spain 2 -0.330 s
10 1.317 s
l
2.000
U.K. 2
4.250
10
l
l
l
0.807 s
1.446 s
l
l
2.505
2.952
2.270
2.777
1.338
2.389
2.022
2.039
1.731
2.765
2.668
2.683
-0.507
-0.506
0.759
0.732
-0.581
-0.590
0.521
Spread Under/Over U.S. Treasurys, in basis points
Latest
Prev
Year ago
-48.3
39.2
-21.5
-18.7
29.4
-0.411 -301.4
0.837
-216.0
-301.2
-174.9
-219.3
-155.2
-308.6
-200.2
0.500
-0.664 -309.7
0.420
-240.1
-243.1
-196.9
-0.327
-0.319
-0.137
-283.3
-147.5
1.769
1.784
2.242
-0.134
-0.145
-0.194
-50.6
-282.7
-110.3
-265.7
-118.3
-14.7
-263.9
-153.2
0.046
0.041
0.030
-291.7
-290.6
-235.9
-0.348
-0.339
-0.288
-285.6
-285.3
-162.6
1.271
1.220
1.578
-164.9
-168.1
-81.1
0.790
0.862
0.156
-171.9
-171.5
-118.2
1.400
1.396
1.151
-152.0
-155.2
-123.8
Source: Tullett Prebon
Corporate Debt
in that same company’s share price.
Spread*, in basis points
One-day change
Stock Performance
Close ($)
% chg
GE
SHPLN
AGN
BAC
5.300 Feb. 11, ’21
3.200 Sept. 23, ’26
3.850 June 15, ’24
2.625 Oct. 19, ’20
78
153
157
56
–9
–9
–7
–7
82
150
152
40
14.27
...
…
29.93
1.42
...
…
0.98
BAT International Finance
International Business Machines
Statoil ASA*
UBS AG
BATSLN
IBM
STLNO
UBS
2.750 June 15, ’20
3.375
Aug. 1, ’23
3.700 March 1, ’24
2.200
June 8, ’20
74
54
61
68
–7
–7
–7
–7
n.a.
65
64
71
...
143.00
...
15.98
...
–0.15
...
...
145
n.a.
n.a.
160
…
...
…
29.93
…
...
…
0.98
13
12
11
11
122
56
133
58
...
56.08
153.74
76.35
...
0.88
0.30
–0.35
Bond Price as % of face value
Current
One-day change
Last week
2.51
2.91
2.84
2.80
1.85
1.81
1.81
2.27
2.22
2.21
2.55
2.52
2.51
Maturity
Current
Last week
…And spreads that widened the most
NBCUniversal Media
PacifiCorp
PNC Financial Services
Bank of America
CMCSA
BRKHEC
PNC
BAC
4.450
3.600
3.900
4.183
Jan. 15, ’43
April 1, ’24
April 29, ’24
Nov. 25, ’27
163
65
110
156
Barclays
Bank of New York Mellon
Reinsurance Group of America
Royal Bank of Canada
BACR
BK
RGA
RY
3.684 Jan. 10, ’23
2.950 Jan. 29, ’23
3.950 Sept. 15, ’26
3.200 April 30, ’21
143
64
133
56
19
18
18
13
High-yield issues with the biggest price increases…
Issuer
Symbol
Coupon (%)
Valeant Pharma
Mallinckrodt Fin
P.F. Chang's China Bistro
Endo Finance
VRXCN
MNK
PFCB
ENDP
9.250
4.750
10.250
5.750
April 1, ’26
April 15, ’23
June 30, ’20
Jan. 15, ’22
103.500
74.625
88.000
83.875
2.00
1.75
1.25
1.00
Informatica
Frontier Communications
Sutter Health
Tenet Healthcare
INFA
FTR
SUTHEA
THC
7.125
9.000
3.695
6.875
July 15, ’23
Aug. 15, ’31
Aug. 15, ’28
Nov. 15, ’31
102.250
67.625
99.119
92.750
1.00
0.88
0.86
0.80
Maturity
Stock Performance
Close ($)
% chg
102.000
71.101
n.a.
82.500
...
…
...
…
n.a.
62.750
n.a.
94.200
...
9.78
...
31.31
...
–7.39
...
–1.76
72.000
86.000
n.a.
101.750
3.06
…
3.14
…
–8.66
…
0.64
…
95.616
n.a.
92.625
71.500
...
…
…
…
...
…
...
…
…And with the biggest price decreases
Five-year CD
1.66
0.100
2.020 t
2.751 t
Year ago
General Electric
Shire Acqstns Investments Ireland Dac*
Allergan Funding Scs*
Bank of America
Two-year CD
0.15
0.100
l
Month ago
2.52
Six-month CD
MyeBanc,ADivisionofBACFloridaBank/4
(855) 512-0989
Luana Savings Bank /5
(800) 666-2012
First Internet Bank of Indiana /4
(888) 873-3424
0.050
2.000
l
Symbol Coupon (%)
One-year CD
0.84
Two-month CD
Luana Savings Bank /5
(800) 666-2012
First Internet Bank of Indiana /4
(888) 873-3424
M.Y. Safra Bank, FSB /NR
(212) 652-7200
10
Yield (%)
3 4 Previous
2
Issuer
Five-year CD
1.60
Money market and savings account
VirtualBank /4
(877) 998-2265
Applied Bank /5
(800) 616-4605
Citizens Trust Bank /4
(404) 659-5959
Australia 2
0.000
1
2.55
High yield jumbos - Minimum is $100,000
EH National Bank /5
(888) 392-5265
M.Y. Safra Bank, FSB /NR
(212) 652-7200
USAA /NR
(800) 583-8295
4.500
0.750
0
U.S. 2 2.526 s
10 2.966 s
2.250
0.000
Latest(l)-2 -1
Investment-grade spreads that tightened the most…
Two-year CD
$10,000
Three-month CD
VirtualBank /4
(877) 998-2265
BBVA Compass /3
(800) COMPASS
Discover Bank /5
(877) 505-4051
2.375
2.750
0.500
Money market and savings account
VirtualBank /4
(877) 998-2265
DollarSavingsDirect /4
(866) 395-8693
CIT Bank /5
(855) 462-2652
Country/
Coupon (%) Maturity, in years
2.91
2.84
2.80
Notes: Accounts are federally insured up to $250,000 per person effective Oct. 3, 2008. Yields
are based on method of compounding and rate stated for the lowest required opening deposit to
earn interest. CD figures are for fixed rates only. MMA: Allows six (6) third-party transfers per
month, three (3) of which may be checks. Rates are subject to change.
Source: Bankrate.com, a publication of Bankrate, Inc., North Palm Beach, FL 33408
Internet: www.bankrate.com
6.125 Jan. 15, ’23
5.000 March 15, ’23
6.500 June 15, ’34
6.000 Nov. 15, ’22
Sanchez Energy
DISH DBS
Genworth Fincl
Sprint Communications
SN
DISH
GNW
S
WeWork
Gogo Intermediate Holdings
Noble Holding International
Ultra Resources
WEWORK 7.875
GOGO
12.500
NE
7.750
UPL
6.875
May 1, ’25
July 1, ’22
Jan. 15, ’24
April 15, ’22
66.438
83.750
76.500
99.220
93.000
109.000
94.000
70.250
–5.26
–3.00
–2.13
–2.03
–2.00
–1.50
–1.50
–1.50
...
…
…
…
*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Note: Data are for the most active issue of bonds with maturities of two years or more
Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
.
THE WALL STREET JOURNAL.
Wednesday, May 9, 2018 | B11
* * * *
BANKING & FINANCE
Capital One Unloads
Billions in Mortgages
Pennington to Head Broker
BY AUSTEN HUFFORD
AND JUSTIN BAER
Edward Jones named
Penny Pennington as its new
head, the only woman to lead
a major U.S. brokerage firm as
the industry scrambles to attract female advisers and
women’s assets.
Ms. Pennington is an 18year veteran of St. Louis-based
Edward Jones and is currently
in charge of its client strategy
group. She will succeed Jim
Weddle, effective Jan. 1, as the
privately held firm’s “managing partner,” akin to the chief
executive’s spot at other companies.
Mr. Weddle, who is retiring,
has led the firm for 13 years,
overseeing its rise to one of
the nation’s biggest wealthmanagement firms with about
$1 trillion in client assets and
more than 17,000 brokers.
By comparison, Bank of
America Corp.’s wealth unit,
which
includes
Merrill
Lynch, has about 17,000 financial advisers and $2.7
trillion in client assets. Morgan Stanley’s adviser ranks
of about 16,000 manage
about $2.4 trillion.
Ms. Pennington joins a
small cadre of female leaders
atop major wealth-management businesses. Valerie
Brown was previously CEO of
Cetera, the second-largest independent brokerage firm, and
is now executive chairman of
Board of Advisor Group Inc.,
another large independent
brokerage. Shelley O’Connor is
co-head of Morgan Stanley’s
wealth-management unit, and
advisers into full-service financial planners, as opposed
to brokers who buy and sell
stocks and bonds, while replenishing aging, mostly male
ranks. Women represent just
15.1% of financial advisers, according to research firm Cerulli Associates.
“Being a woman in this role
isn’t typical,” Ms. Pennington
said in an interview Tuesday.
“Our industry is recognizing
there’s a tremendous pool of
talent that hasn’t been tapped
as well as it could be.”
At the same time, given
that wives tend to outlive
their husbands, women are positioned to control an increasing share of a $30 trillion
wealth transfer under way as
baby boomers leave assets to
their children. Analysts estimate about 70% of the funds
changing hands over the coming decades will be controlled
by women.
Edward Jones said it is
hoping to tap that market and
many of those potential customers don’t already have advisers.
“We’re going to where the
wealth will shift,” said Monica
Giuseffi, head of diversity at
Edward Jones, in a March interview.
Ms. Giuseffi has been leading the firm’s efforts to recruit
more female advisers by hosting women-only cocktail parties across the country, concentrated in the small and
medium-size metro areas
where the firm has traditionally focused. “We are not magnetic as we are today. We are
not relatable,” she said.
Efforts to attract and promote more women are paying
off, though executives say
there is a long way to go.
Women made up about a quarter of Edward Jones’s new recruits at the end of last year,
and the firm’s top adviser in
terms of assets under management is Texas-based Jennifer
Marcontell.
Ms. Marcontell, with $1 billion in client assets, mentors
young women across the firm
and coaches male advisers
looking to better serve female
clients.
NOMURA HOLDINGS
REGULATION
VISIUM ASSET MANAGEMENT
Firm Aims to Forge
Venture in China
House Readies Vote
On Banking Measure
Hedge Fund Settles
Insider-Trading Case
Nomura Holdings Inc. is
seeking to establish a securities
business in mainland China in
which it would take a controlling
stake, the country’s securities
regulator said.
Nomura, which doesn’t have
such operations in China, is
seeking a 51% stake in a potential joint venture, a spokeswoman for the China Securities
Regulatory Commission said
Tuesday at a press conference.
The regulator will review the application, the spokeswoman said.
A Nomura spokesman confirmed that the Japanese firm
has applied to set up a joint
venture. The bank is the second
foreign financial firm to seek a
controlling stake in a Chinese
business in the wake of recently
passed rules. Swiss bank UBS
Group AG last week said that it
had applied for a controlling
stake in its existing joint venture.
—Stella Yifan Xie
The House will soon vote on
a Senate-approved bill to ease
rules for small and midsize
banks, House Speaker Paul Ryan
said, a move that would allow
the bill to clear Congress and
become law.
Passage of the measure
would mark the most significant
bipartisan overhaul of the financial rule book since Republicans
took control of Washington last
year, as well as the first major
easing of the 2010 Dodd-Frank
financial law.
The House is also expected
to advance a separate package
of deregulatory measures not included in the Senate bill, Mr.
Ryan (R., Wis.) said. It is unclear
what provisions will be included
in the bill. Tuesday’s remarks
provide further evidence GOP
leaders have accepted the political reality that any changes to
the Senate bill could upend bipartisan support for it.
—Andrew Ackerman
Hedge fund Visium Asset
Management agreed to pay
more than $10 million to settle
allegations by securities regulators that included breaking insider-trading rules when it
traded drug-company stocks
based on confidential tips from
inside the U.S. government
starting in 2011.
The settlement between the
Securities and Exchange Commission and the hedge fund is
one of the final steps in a yearslong probe into Washington’s political-intelligence industry.
On Tuesday, Visium agreed to
settle a range of SEC charges
and forfeit $4.7 million in illegal
trading profits and pay more
than $5.4 million in fines and interest. The company didn’t admit or deny the allegations. “We
are deeply disappointed that the
rogue employees and outside
forces led to Visium’s closing,” a
Visium spokesman said.
—Brody Mullins
EDWARD JONES
Capital One Financial
Corp. is selling about $17 billion of mortgages as part of its
exit from the single-family
home-lending business.
The move comes after Capital One said in November that
it would stop originating residential-mortgage loans and
home-equity lines of credit,
citing the complex and competitive nature of the business
and the interest-rate environment.
Capital One said on Tuesday it reached a deal to sell
the first- and second-lien
mortgages to DLJ Mortgage
Capital Inc., a subsidiary of
Credit Suisse Group AG.
Credit Suisse then agreed
to sell most of the mortgages
to Pacific Investment Management Co., according to
people familiar with the matter. Pimco is one of the world’s
largest managers of bonds and
other fixed-income securities.
Terms of the transactions
weren’t disclosed.
Interest rates on typical
single-family mortgages have
remained well below those
seen before the financial crisis. The 30-year fixed-rate
mortgage averaged 4.55% last
week, according to data from
Freddie Mac, marking its second consecutive week above
the 4.5% mark.
The last time average fixed
mortgage rates were above
4.5% in consecutive weeks was
January 2014. Rates averaged
above 6% from 2006 to 2008.
“We determined that our
originations business did not
have sufficient scale to be
competitive in a market where
scale really matters,” Capital
One Chief Executive Richard
Fairbank said on a call with
analysts in January.
Capital One expects to complete the deal and record a
gain on the sale in the current
quarter. The company had
about $16.63 billion of total
home loans on its books as of
March 31.
“Strong market demand enabled us to negotiate and sign
this complex transaction more
quickly than we thought possible,” Capital One financial
chief R. Scott Blackley said
Tuesday.
Capital One isn’t alone in
rethinking its home-lending
strategy.
Last month, MB Financial
Inc. said it would no longer
originate residential-mortgage
loans outside its Chicago-area
home market because of high
competition and low margins
in the sector. The Chicagobased bank said it would continue to hold residential-mortgage loans on its balance
sheet.
As a result of the sale, Capital One said it would resume
repurchasing shares of its
common stock through June
30.
The shares of Capital One
advanced $1.26, or 1.4%, to
$90.18 on Tuesday.
BY LISA BEILFUSS
Ms. Pennington will become Edward Jones’s managing partner.
Sallie Krawcheck, CEO of robo
adviser Ellevest, ran the
wealth-management
businesses at Smith Barney and
Merrill Lynch.
Mr. Weddle said he plans to
begin transitioning his role to
Ms. Pennington once her position is filled in the coming
weeks. He joined Edward
Jones in 1976 and worked as a
financial adviser before eventually being named managing
partner in 2006.
Ms. Pennington’s appointment comes at a pivotal point
for the brokerage industry.
Firms are trying to reshape
JASON LEE/REUTERS
FINANCE WATCH
The headquarters of China’s securities regulator, which is reviewing Nomura’s application.
BY GABRIEL T. RUBIN
WASHINGTON—After years
of budget pressure and escalating responsibilities, the U.S.
derivatives regulator is considering employee buyouts
and the extension of a hiring
freeze. It also is asking other
government agencies for help
with some work.
The Commodity Futures
Trading Commission’s flat
budget comes as the markets
under its jurisdiction are
growing and changing. Officials say they are worried the
commission can’t keep up with
developments such as cryptocurrencies and high-speed
trading.
Congress this fiscal year
cut the agency’s budget by $1
million to $249 million after
three consecutive years of flat
funding. The agency’s top officials are exploring how to adjust.
“In order to function moving forward, it appears that
further cuts must be made,”
Chairman J. Christopher Giancarlo, a Republican, wrote to
the agency’s staff last week,
according to a memo reviewed
by The Wall Street Journal. He
warned staff of planned cuts,
including reduced training opportunities and informationtechnology capabilities, and
fewer resources for commissioners’ offices. He also said
the agency would have to
maintain an “exceptionally low
level of hiring” and would
seek voluntary buyouts this
year.
The CFTC’s jurisdiction has
grown significantly since the
financial crisis. The 2010
Dodd-Frank Act gave the commission oversight over the
majority of the swaps market.
The growth of cryptocurrencies, some of which the
CFTC has labeled as commodities, also gave the agency responsibility over fraud and
market manipulation in some
spot markets such as bitcoin.
The agency also has jurisdiction over leveraged trading of
cryptocurrencies.
The CFTC under Republican
and Democratic leaders has
repeatedly asked for funding
increases to keep up with
market changes but has been
rebuffed by Congress. This
year Mr. Giancarlo asked for
$281.5 million.
Appropriators initially recommended an increase to
$267 million, but that request
fell victim to a policy disagreement between Republicans and Democrats, according
to people familiar with the
budget negotiations.
A House panel will begin
debating funding for the CFTC
on Wednesday as part of the
2019 appropriations process,
and lawmakers there have signaled they are willing to back
a modest increase.
Continued from page B1
cade and 6.49% over the past
20 years, according to Wilshire
Trust Universe Comparison
Service, a database.
Unlike corporations, public
pensions have wide latitude in
projecting investment returns.
In the first quarter, public
plans lost a median 0.23%, according to Wilshire TUCS. Such
a lackluster return will serve as
a reminder to the public officials who manage billions of
dollars in pensions for America’s firefighters, police and
other public workers of the
daunting shortfalls many funds
face.
“With all of the major asset
classes falling, it was pretty
tough for investors to have any
positive returns. They didn’t
have much of a chance to make
money,” said Robert J. Waid,
managing director at Wilshire
Associates.
Public retirement systems
had an average 72% of assets
they need to pay for retirement
promises in 2016, according to
the latest data available in the
Public Plans Database, which
tracks about 170 pension funds.
The figure a decade earlier was
85%.
Before the first quarter, pension plans had experienced
nine quarters of positive returns. That rise had brightened
the picture for public retirement systems and closed some
of the gap between expectations and reality.
These pension funds have
also steadily narrowed this gap
on their own. Three-quarters of
DREW ANGERER/GETTY IMAGES
Strapped CFTC FUNDS
Weighs Staff Cuts
Pension plans for police and other public-sector workers face big
shortfalls as actual returns fall behind officials’ projections.
the 129 state pension plans
monitored by the National Association of State Retirement
Administrators have reduced
their investment return assumption since fiscal year
2014.
But government officials
seeking to make their investment targets more conservative have a powerful disincentive: Assumptions of high
returns appeal to elected leaders because they reduce the
amount governments need to
set aside to cover pension
promises. For some, pensions
have already caused budget
pressure.
Companies don’t have the
same flexibility to set return
expectations on pension plans.
Pension plans sponsored by
S&P 1500 companies have an
average 87% of assets needed
to cover their pensions promises, according to consulting
firm Mercer.
California and its school districts will have to pay a projected $15 billion or more into a
state public worker pension
plan over the next 20 years after the plan, the California Public Employees’ Retirement System, in 2016 decided to reduce
its investment target to 7% from
7.5% over a three-year period.
Other governments—loath
to cut services or increase
taxes—have made a riskier
choice, putting more of their
money into riskier investments
with higher expected returns,
such as real estate, commodities, hedge funds and privateequity holdings.
These alternative investments rose to 26% of holdings
at about 150 of the biggest U.S.
funds in 2016, according to the
Public Plans Database, compared with 7% more than a decade earlier.
“They’re taking a lot [of]
risk in their plans with high allocations to equity and other
return-seeking assets,” said Ed
Bartholomew, a consultant.
“Someone is bearing that risk,
and the question should always
be ‘who is bearing that risk?’ ”
Birmingham, Ala., raised its
target rate on one of its pension funds to 7.5% from 7% in
2016 after moving some of the
money out of fixed-income investments and into stocks. The
move made the city’s annual
contribution to the Retirement
and Relief System less costly
than it otherwise would have
been.
“Why Birmingham changed
the investment rate return…is a
bit questionable,” said Richard
Ciccarone, president and chief
executive of Merritt Research
Services LLC, a research firm.
A city finance official said in
an email that the state had reduced the amount of fixed-income investments the fund was
required to hold and now “allows greater flexibility for investment management.” He
said the change was made with
the advice of an actuary and an
investment consultant.
But Tom Aaron, senior analyst at Moody’s Investors Service, said the temporary budget
relief comes at a price.
“You’re supplanting a budgetary contribution with increased risk taking. If those
[investment]
assumptions
don’t pan out, that’s going to
result in higher than expected
budgetary contributions down
the road.”
.
B12 | Wednesday, May 9, 2018
THE WALL STREET JOURNAL.
* ***
MARKETS & FINANCE
Shareholder activists
launched 106 campaigns
in Asia last year,
including Singapore.
Lackluster
Treasury
Sale Hits
Bonds
Activists Put Asia in Crosshairs
BY STEVEN RUSSOLILLO
Activist investors are finding new targets in Asia, as a
push for better corporate governance in the region makes
many large companies vulnerable to investors who agitate
for change.
A new report from JPMorgan Chase & Co. finds that
shareholder activists launched
106 campaigns in Asia last
year, with companies in Japan,
Hong Kong and Singapore experiencing the most activity.
By comparison, there were
just 10 such campaigns that
took place six years ago.
Activist investors buy
stakes in what are perceived
to be undervalued companies,
with the goal of pushing for
changes to improve a company’s value, such as buybacks
or even breakups.
Shareholder activism in
Asia should keep increasing at
a steady pace “as the practice
becomes increasingly accepted
and weaves itself into the fabric of Asian capital markets,
transitioning from a temporary to a permanent investment strategy,” David Hunker,
head of shareholder activism
defense at JPMorgan, said in
the report.
Asia now makes up 31% of
Turning Up the Heat
Activist investors are targeting companies outside the U.S., with Asia
becoming fertile ground for those agitating for change.
Shareholder activist campaigns
Percentage of 2017 Asia activist
campaigns by market
600 campaigns
Japan
32%
Hong Kong
24%
Other*
400
14%
Singapore
U.S.
10%
China
200
India
Asia
0
2011
’13
’15
South Korea
’17
8%
6%
*Includes Europe and Australia
Source: JPMorgan
THE WALL STREET JOURNAL.
all activist investment campaigns outside the U.S., with
the percentage nearly tripling
from six years ago.
A 2017 study by research
firm Activist Insight found
that activist investors successfully pushed for change in 40%
of the companies in Asia they
targeted over the past four
years, compared with a 56%
success rate in the U.S. Success was defined as a company
conceding fully or partially to
an investor’s demands.
There were 662 activism
campaigns launched around
the world last year, with 52%
of them involving companies
outside the U.S., the firm said.
It marks the first time such international campaigns exceeded those launched in the
U.S. in a given year.
Japan experienced the most
activity in Asia, accounting for
32% of that total. Corporate
governance has been a key pillar of Prime Minister Shinzo
Abe’s economic-revival pro-
U.S. crude-oil futures had volatile swings as investors anticipated
President Donald Trump’s decision on Iran.
$71 a barrel
70
Trump tweets
he will announce
Iran decision
on Tuesday.
68
Sunday
Monday
Source: FactSet
Tuesday
THE WALL STREET JOURNAL.
Prices swung widely early in day.
Oil Pares Loss on Iran-Pact Exit
BY STEPHANIE YANG
Oil prices settled lower on
Tuesday, recovering some
losses after President Donald
Trump announced his decision
to abandon the Iran nuclear
deal.
Light,
COMMODITIES sweet crude
for
June
delivery
settled down 2.4% at $69.06 a
barrel on the New York Mercantile Exchange, breaking a
four-session winning streak.
Brent, the global benchmark,
fell 1.7% to $74.85.
Prices swung wildly ahead
of Mr. Trump’s speech, in
which he said the U.S. will
withdraw from the 2015 Iran
nuclear deal and reimpose
“the highest level of economic
sanctions” against Iran.
U.S. oil futures fell as much
as 4.4% Tuesday morning on
speculation Mr. Trump could
decide to leave the deal in-
tact, and briefly returned to
above $70 during the announcement.
“He was very hawkish on
Iran in this newscast,” said
Rebecca Braeu, senior economist and strategist at BNY
Mellon Asset Management
North America. “He clearly
means business.”
Crude prices climbed to the
highest level since November
2014 on Monday, lifted by
concerns that fresh sanctions
will hurt Iranian exports and
reduce global supply. Mr.
Trump also threatened to
sanction other nations that
help Iran pursue nuclear
weapons.
“That might create some
incentive for countries not to
deal with Iran and buy their
barrels of oil,” Ms. Braeu said.
As investors have piled into
bullish bets on oil, analysts
warned of a selloff on Mr.
Trump’s official decision.
“The market had built in a
China is drafting rules to
rein in businesses offering multiple financial services after
runaway growth in recent
years has left regulators without a firm handle on risks to
the economy.
Officials at the central bank
are preparing to roll out rules
to bring risk-management and
capital-reserve requirements
for these companies in line
with those for commercial
lenders, according to people familiar with the situation.
The rules would apply to
gram, with a goal of improving
transparency. The country in
2015 introduced a corporategovernance code, calling for
companies listed on its main
stock market to have at least
two outside directors.
Hong Kong accounted for
one-fourth of the activist activity in Asia last year, with
companies in finance and
technology sectors typically
being targeted, JPMorgan
said. Campaigns in mainland
China, frequently targeted by
BY ALLISON PRANG
AND JON SINDREU
Tuesday
$69.06
69
Beijing to Tighten
Financial Controls
firms that have waded into
two or more financial sectors,
said the people, meaning they
would apply to the likes of Alibaba Group Holding Ltd.’s financial affiliate, Ant Financial
Services Group, and the financial arms of Tencent Holdings
Ltd. and JD.com Inc., among
others.
The proposed rules would
require financial conglomerates
to obtain a new license from
the central bank to engage in
different financial services, said
the people. They will likely impose firewalls between a conglomerate’s units to discourage
trading between related parties, one of the people said.
—Chao Deng
short sellers, or investors who
bet a stock’s price will fall,
made up 10% of the activity.
Despite the increase, activist investors face challenges in
Asia. A main hurdle is the
need to break down resistance
from large family-owned companies that abound in the region, as with activist hedgefund firm Elliott Management
Corp.’s long-running battle to
force change at the Hong Kong
family-owned banking company Bank of East Asia Ltd.
U.S. government bond
prices edged lower on Tuesday
after the Treasury Department’s latest auction drew soft
demand among investors.
The yield on
CREDIT
the benchmark
MARKETS 10-year Treasury note settled
at 2.968%, compared with 2.950% Monday.
Yields, which rise as bond
prices fall, have wobbled in a
relatively narrow range in recent sessions—something analysts have attributed to a lull
in trading ahead of data on
consumer prices as well as
coming sales of government
debt.
The Treasury Department
auctioned $31 billion in threeyear notes Tuesday, the latest
in a series of auctions meant
to help fund a growing federal
budget deficit.
Bond selling into the afternoon helped dull the impact of
the auction, which met relatively weak demand.
The Treasury Department
sold the three-year notes at a
high yield of 2.664%, producing a “tail” of 0.1 basis point. A
basis point is one-hundredth
of a percentage point. The tail,
the gap between the highest
yield the Treasury sold in the
auction and the highest yield
expected when the auction began, indicates investor demand
for the bonds was a touch
softer than expected.
Some investors worry that
increased supply could nudge
bond yields higher, although
others say foreign demand for
U.S. government bonds should
help to cap the rise.
AUCTION RESULTS
Here are the results of Tuesday'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.
FOUR-WEEK BILLS
$144,929,106,500
Applications
$45,000,566,500
Accepted bids
$753,386,300
" noncompetitively
$0
" foreign noncompetitively
99.870889
Auction price (rate)
(1.660%)
1.685%
Coupon equivalent
89.10%
Bids at clearing yield accepted
912796PJ2
Cusip number
The bills, dated May 10, 2018, mature on June 7, 2018.
THREE-YEAR NOTES
$92,932,775,500
Applications
$38,473,125,500
Accepted bids
$81,868,500
" noncompetitively
$100,000,000
" foreign noncompetitively
99.888266
Auction price (rate)
(2.664%)
2.625%
Interest rate
79.47%
Bids at clearing yield accepted
9128284P2
Cusip number
The notes, dated May 15, 2018, mature on May 15,
2021.
Stocks Flat as Utilities Falter
Price Swings
ESSAM AL-SUDANI/REUTERS
EDGAR SU/REUTERS
BY AKANE OTANI
nice premium on expectations
of this announcement,” said
Gene McGillian, research manager at Tradition Energy.
“Now that they’ve actually
gotten it, you’re seeing a bit
of money being scraped off
the table.”
Mr. McGillian added that
the exact impact on the oil
market will be hard to determine without more details on
the sanctions and how crude
importers such as China and
India will respond.
Since international economic sanctions on Iran were
eased more than two years
ago, Iran has been able to increase crude production and
exports by around 1 million
barrels a day, according to analysts. Estimates on the impact of new sanctions also
range as low as 300,000 barrels a day.
—Alison Sider
and Christopher Alessi
contributed to this article.
U.S. stocks recovered from
early declines to finish flat
Tuesday as President Donald
Trump said the U.S. will withdraw from the Iran nuclear
deal.
The presiTUESDAY’S
dent had long
MARKETS
criticized the
agreement,
calling it “the
worst deal ever,” and his decision was largely expected by
investors. Oil prices had run
higher in recent weeks, and
buoyed energy stocks as well,
on expectations that a withdrawal would hurt Iranian
crude exports and further reduce global supply.
Stocks have struggled to
find their footing in recent
weeks.
Earnings
season
largely topped expectations
but failed to light a spark in
the market. Geopolitical tensions, trade concerns and
worries about slowing global
growth continue to keep some
investors on the sidelines,
and the S&P 500 remains
down 7% from its January
high.
The Dow Jones Industrial
Average closed up 2.89
points, or less than 0.1%, to
24360.21. The S&P 500% fell
0.71 point, or less than 0.1%,
to 2671.92, and the Nasdaq
Composite rose 1.69 points, or
less than 0.1%, to 7266.90.
Shares of energy companies were the best performers
in the S&P 500, turning
higher after the Iran announcement and finishing up
0.8%, while utilities posted
the steepest losses, dropping
2.5%. The index’s financial,
tech and industrial sectors all
closed in positive territory.
Basil Williams, head of
portfolio management for
Paamco, said the market has
moved past the announcement regarding Iran and that
he “wouldn’t spend too much
time on” it.
“I think you have to look
through some of the noise,”
Mr. Williams said, adding Mr.
Trump’s
announcement
doesn’t necessarily mean investors need to alter their
portfolios. “He creates a lot of
noise.”
Linda Duessel, equity market strategist for Federated
Investors, said the announcement from Mr. Trump—whose
approach, she said, the market is becoming accustomed
to—was “not a surprise and
thus not market-moving.”
Ms. Duessel said she would
focus on the fact that market
multiples are “quite reasonable” and good earnings are
likely to persist.
Matt Miskin, market strategist at John Hancock Investments, called the market “directionless” and said there is
a “geopolitical fog as it relates to trade policy.”
The WSJ Dollar Index,
which tracks the dollar
against a basket of other major currencies, added 0.3%
While some investors are
concerned the Federal Reserve could overreact to
stronger consumer-price figures, which are boosted by
the rise in oil prices, and
nudge up interest rates faster
than previously expected, the
latest comments by U.S. officials suggest they would allow inflation to overshoot
their 2% target for a while.
Early Wednesday in Asia,
Japan’s Nikkei Stock Average
was down 0.3%, while Hong
Kong’s Hang Seng Index was
flat.
—Ese Erheriene
contributed to this article.
Energized
Energy stocks in the S&P 500 flipped higher after President Donald
Trump said the U.S. would withdraw from the Iranian nuclear accord.
1.0%
0.5
S&P 500 energy sector
Performance, minute by minute
0
–0.5
S&P 500
–1.0
–1.5
–2.0
9:30 10
Tuesday
Source: FactSet
11
noon
1
2
3
4
THE WALL STREET JOURNAL.
.
Wednesday, May 9, 2018 | B13
THE WALL STREET JOURNAL.
MARKETS
Energy Stocks Flip From Dud to Darling
The sector is up more Index performance, year to date
10%
than 10% in the past
month as oil prices,
8
company earnings rise 6
Feb. 8
BY MICHAEL WURSTHORN
AND AKANE OTANI
Shares of energy companies
are rallying as crude prices
hover near $70 a barrel, a major reversal for a sector that
just six weeks ago had been
among the worst-performing
groups in the stock market.
Energy stocks had fallen out
of favor after many investors
lost huge fortunes when oil
prices began skidding in 2014
from above $100 a barrel to
under $30. Even as prices
showed signs of rebounding
earlier this year, wary investors avoided the S&P 500 energy sector, which recorded its
worst three-month stretch in
three years in the first quarter.
But fears that bubbling Middle East tensions could disrupt
oil production have pushed
crude prices sharply higher in
recent weeks. Stronger balance
sheets, signs of improved profitability and a focus on boosting shareholder returns have
also helped fuel the rebound in
the energy sector.
Combined, this cast shares
of many energy companies in
a new light.
“When we use those [oil]
prices now to look at equities,
we think they are incredibly undervalued,” said Stan Majcher, a
portfolio manager with Hotchkis & Wiley, an asset manager
that oversees about $31 billion.
The result: After closing out
the first quarter as one of the
worst-performing sectors in
the S&P 500, energy shares
have risen more than 10% in
the past month to bring their
gains for the year to 3.1%. The
sector ranks as the index’s
third-best performer this year
behind technology and consumer-discretionary shares.
Petroleum refiner Valero
S&P 500 energy
Truck transport
16%
May 7
Crude settles above
$70 a barrel
Stocks enter
correction territory
4
Energy costs as a share of stronger financial footing, that
industry-wide gross output could change, he added.
S&P 500
Air transport
15
Jan. 22
Energy sector's
2018 peak
2
0
Water transport
13
–2
Rail transport
April 20
OPEC, Russia back
continued oil cuts
–4
–6
9
Transit/ground transport
–8
8
–10
Paper products
January
February
March
April
May
5
Index performance, year to date
U.S. crude futures
15%
$72 a barrel
10
68
Farms
S&P 600 energy (small cap)
S&P 400 energy (midcap)
S&P 500 energy (large cap)
4
Mining
5
4
0
64
Real estate
–5
60
3
–10
56
Warehousing/storage
–15
Jan.
Feb.
March April
May
J
F
M
A
2
M
Sources: FactSet; Goldman Sachs (energy costs)
Energy Corp., exploration and
production firm Anadarko Petroleum Corp. and fellow E&P
company Hess Corp. have all
surged more than 20% this
year, outpacing the S&P 500’s
slide of less than 0.1%.
Smaller energy equipment
and services firms, whose
shares tend to respond more
to rising oil prices, have run
up even more.
Many money managers continue to play coy with energy
stocks. Fund allocations to
shares of energy companies
tend to be smaller than that of
every other sector, with the
THE WALL STREET JOURNAL.
exception of safety bets such
as telecommunications, utilities and real estate, according
to recent Bank of America
Merrill Lynch data.
Investors’ attitudes are
changing, though, and not just
because of oil’s price. Profits
rebounded at the world’s biggest oil companies, with Exxon
Mobil Corp. and Chevron Corp.
last month posting their best
first-quarter results in years.
In all, energy firms in the
S&P 500 are on pace to report a
93% jump in earnings from a
year earlier, more than doubling
the earnings growth rate of
technology and financial companies, according to FactSet.
Among the biggest winners:
ConocoPhillips, which said in
April that its quarterly profit
jumped 52%, thanks in part to
a pickup in drilling activity.
Shares of the oil giant have
risen 23% this year.
That has led money managers such as Credit Suisse to
take a more bullish stance on
the sector. In March, the Swiss
bank told clients they should
consider boosting their allocations to energy stocks now
that valuations are at more attractive levels.
HEARD ON THE STREET
Email: heard@wsj.com
FINANCIAL ANALYSIS & COMMENTARY
Refreshing
With the unemployment rate falling,
more jobs are going unfilled.
The Beveridge Curve
4.5%
March
2018
4.0
Unemployment
falling, job
openings rising
3.5
3.0
2.5
Jobs openings rate
increased job openings
weren’t reducing unemployment as much as they used
to. One part of that was that
the housing bust made it
harder for people to move to
take jobs.
From the business side,
so-so economic growth
meant that there wasn’t
much urgency behind many
of the job openings.
Over the past several
months, however, the Beveridge curve shifted back—
March’s 4.1% unemployment
rate (and its drop to 3.9% in
April) and the 4.2% job
opening rate are about what
you would expect to see. Put
otherwise, the job openings
companies are posting now
may be a better reflection of
their labor needs than job
postings from a year ago.
So maybe they will be
more willing to pay more to
get the workers they need,
and offer a bit more training.
Less-than-perfectly-qualified
job seekers can go ahead and
apply.
—Justin Lahart
2.0
1.5
3%
Dec.
2000
Dec. 2007
Start of U.S.
recession
Unemployment
rising, job
openings falling
June 2009: End of recession
4
5
6
7
8
9
10
11
Unemployment rate
Source: U.S. Bureau of Labor Statistics
THE WALL STREET JOURNAL.
Growth Is Weakening, Trade War or No
Investors have become
used to fluctuating narratives in 2018: The U.S. and
China will or won’t go to the
barricades on trade, President Donald Trump will or
won’t exempt allies from
metal tariffs, Tesla will or
won’t run out of money.
When something really
changes, it is worth paying
attention.
Some important global
trade indicators are suddenly
pointing downward. Chinese
data for April may have
looked fine, with exports up
3.7% on the year in yuan
terms after falling 9.8% in
March. Still, that rebound
was likely thanks to the late
Lunar New Year holiday in
2018: In seasonally adjusted
terms, export volumes fell 2%
Trading Down
Change from a year earlier
U.S. consumer confidence
Chinese exports Korean exports
100%
50
0
–50
–100
2007 ’09
’11
’13
’15
’17
Source: CEIC
on the month, Capital Economics estimates—the worst
decline in nine months.
The droopy numbers have
come in just as key industrial commodities are already coming under pressure. Copper prices are off
over 6% this year. Copper’s
weakness is a sobering sign
for China and Asia in general: The region accounts for
70% of global demand for
the metal.
Key manufacturing purchasing managers’ indexes
also have started sputtering:
U.S., eurozone, Chinese, Japanese and South Korean
PMIs all appear to have
peaked between December
and February.
Slower global trade might
help head off worse tensions
between the U.S. and China.
With the growth rate in Europe, China’s largest export
market, suddenly looking
much weaker, the cost of a
big rift with the U.S. is rising. Chinese companies are
also starting to struggle at
WSJ.com/Heard
Comcast Challenges
Disney’s Fox Chase
Jobs Market Passes a Milestone
Companies say they have
jobs to fill. This time, they
may really mean it.
There was a record 6.6
million job openings at the
end of March, the Labor Department reported on Tuesday. That was enough, for
the first time in the history
of the data, to provide every
unemployed person in the
country with a job. The jobopening rate, or the number
of open jobs as a share of
employment, rose to 4.2%
from 3.9% a month earlier—
also a record.
Of course, just because
there is now a job opening
for everybody who is unemployed doesn’t mean that everybody gets a job. There are
skills mismatches and geographical mismatches.
The relationship between
the unemployment rate and
the job opening rate is
known as the Beveridge
curve: More openings mean
lower unemployment. But
from the end of the last recession until very recently,
Another factor that has
helped the energy sector is
healthier balance sheets. Companies have aggressively cut
costs, curtailed spending and,
in some cases, shut down wells
in a bid to improve cash flow.
Those efforts have paid off, as
most of the energy companies
in the S&P 500 are now generating more cash than they are
spending, according to FactSet.
“In general, there’s been apathy about investing in energy,” said Bill Costello, a
portfolio manager at Westwood Holdings Group. With
companies appearing to be on
Financial discipline is showing up in other ways. Big energy companies are moving
carefully to avoid overspending on projects now that could
prove too costly or unsustainable if oil prices move significantly lower. Companies are
opting to return some of their
extra cash to shareholders instead of plowing that money
into capital-intensive projects.
Energy companies have authorized roughly $7 billion in
share buybacks so far this
year, more than twice the
amount from the same period
a year earlier, according to
Goldman Sachs. And others,
including Exxon Mobil and
Chevron, are opting to raise
their dividends.
Chevron Chief Financial Officer Patricia Yarrington told analysts last month that dividend
growth is the company’s “No.
1” priority, followed by investing in the business and managing surplus cash.
Still, many investors are
concerned that energy’s recent
gains could be fleeting.
In the U.S., oil production
continues to grow. By some
estimates, U.S. production is
expected to overtake Russia in
five years, and some worry the
growing output from American shale producers could depress energy prices.
A strengthening U.S. dollar
has also weighed on oil and
other commodities prices,
which are priced in the U.S.
currency and become more expensive to foreign buyers when
the dollar rises. The WSJ Dollar
Index, which measures the dollar against a basket of 16 other
currencies, on Friday posted its
biggest three-week percentage
gain since the period following
the U.S. presidential election.
“The oil rally might last
longer, but I’m skeptical about
whether oil prices stay where
they are,” said Kate Warne, an
investment strategist at Edward Jones.
home: Industrial profits
grew just 3% in March, their
worst showing since December 2016.
China is unlikely to budge
on its determination to create national champions in
tech. But it might start offering more meaningful concessions on tariffs, restricted
sectors for investment, and
other trade irritants if foreign demand for its goods
wavers.
Given the extreme negotiating positions both sides
have staked out, U.S. trade
tensions with China may get
worse in the near term. But
the gathering clouds over
the global growth story
might eventually help encourage cooler heads to prevail.
—Nathaniel Taplin
Media mogul Rupert Murdoch may be in a pickle. He
was preparing to divide up
his empire, 21st Century
Fox, selling some of its most
valuable entertainment assets to Walt Disney for
$52.4 billion in stock. That
seemed to suit Mr. Murdoch
well, allowing him to retain
some of his powers at an enlarged Disney even as his
own kingdom shrinks.
Now Comcast has thrown
a wrench into his plans.
The cable company is reportedly planning to make an
11th-hour, $60 billion bid for
Fox’s assets if a federal judge
approves AT&T’s acquisition
of Time Warner. His decision is expected June 12. Unlike Disney’s bid and Comcast’s previous failed bid,
this is an all-cash offer.
That means Mr. Murdoch
wouldn’t retain any influence. A cash deal would also
be less tax-efficient for him.
Yet for other Fox shareholders, a cash offer is hard
to ignore—especially one offering a significant premium
to Disney’s. That setup suggests a battle may be brewing between the Murdochs,
who want to sell to Disney,
and the rest of the shareholders, who will have good
reason for wanting to go
with Comcast. 21st Century
Fox and Wall Street Journal
parent News Corp share
common ownership.
“The question now is
whether the minority shareholders can rally enough
votes for Comcast’s bad to
mount a serious challenge,”
says Craig Moffett, an analyst at MoffettNathanson.
The Murdochs may counter by emphasizing regulatory concerns with Comcast.
Even if the government approves AT&T’s acquisition of
Time Warner, the Justice Department could still come after Comcast. Regulators have
already suggested that they
are less than happy with the
Comcast-NBC consent decree
and could challenge the company’s structure.
Yet a Disney deal isn’t
without its own regulatory
risks. Combined, Disney and
Fox would make up over 40%
of the domestic box office.
Comcast-Fox’s share would
come to only around 24%.
In any event, Disney won’t
let Fox go without a fight.
“There’s probably no other
asset that is as strategic as
this one,” says John Janedis,
an analyst at Jefferies LLC.
—Elizabeth Winkler
OVERHEARD
Valeant Pharmaceuticals
International wants a fresh
start.
The drug company announced Tuesday it plans to
change its name to Bausch
Health this summer, as it puts
several scandals behind it.
A new name won’t be the
first time the organization has
rebranded itself. In 2010, Biovail merged with Valeant and
assumed the name of its
lesser-known partner, less than
two years after the Securities
and Exchange Commission had
charged Biovail with accounting fraud. The charges were
eventually settled.
Back in 2003, ICN Pharmaceuticals, once controlled by
Yugoslavia’s former prime minister, changed its name to
Valeant.
The future Bausch Health is
off to a good start, at least so
far.
Shares were up sharply on
Tuesday after first-quarter results pleased investors.
.
THE WALL STREET JOURNAL.
B14 | Wednesday, May 9, 2018
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