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The Wall Street Journal November 02 2017l

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Successor to Yellen is
likely to continue rate
policy but may seek
looser regulations
Business & Finance
T
he White House has
told Fed governor Powell that Trump intends to
nominate him as the next
chairman of the central
bank, succeeding Yellen. A1
The Fed left rates unchanged, but suggested it
remained on course to lift
them before year’s end. A2
By Kate Davidson,
Peter Nicholas
and David Harrison
WASHINGTON—The White
House has told Federal Reserve governor Jerome Powell
that President Donald Trump
intends to nominate him as
the next chairman of the central bank, according to a person familiar with the matter, a
move likely to combine continuity on interest-rate policy
with perhaps a lighter touch
on financial regulation.
If confirmed by the Senate,
Mr. Powell would succeed Fed
Chairwoman Janet Yellen, the
central bank’s first female
leader, whose four-year term
as Fed chief expires in early
February.
The president spoke with
Mr. Powell on Tuesday, according to people familiar with the
matter who couldn’t describe
what they discussed.
Mr. Powell’s nomination
would mark the first time in
nearly four decades that a new
president hasn’t asked the
serving Fed leader to stay on
for another term, even though
that person was nominated by
a president of a different
party. The last time a firstterm president didn’t do that
was in 1978, when President
Jimmy Carter chose G. William
Miller to succeed Arthur
Burns.
In his five years at the Fed,
Russian operatives targeted Facebook users by
race, politics, religion and interests, according to ad data
released by lawmakers. B1
Facebook said it would
sacrifice some growth to invest more in safety and security operations, as it posted
a 79% increase in profit. B3
EURO $1.1621
YEN 114.17
Sayfullo Saipov, the 29year-old Uzbek man charged
Wednesday with killing eight
people and injuring 12 others
by driving a truck down a
crowded Manhattan bike path
on Tuesday, confessed to investigators that he was inspired by Islamic State videos
he watched on his phone.
Investigators said that Mr.
Auto makers registered
strong U.S. sales for October, setting the stage for a
strong finish to 2017. B2
Uber’s effort to close a
SoftBank investment is in
danger of derailing as cofounder Kalanick tussles with
fellow board members. B1
By Melanie Grayce
West, Zolan KannoYoungs and
Rebecca Davis O’Brien
Qualcomm’s profit slid
89%, crippled by a Taiwanese fine and Apple’s withholding of patent fees. B4
The Dow rose 57.77
points to 23435.01. The
S&P 500 advanced while
the Nasdaq eased. B13
World-Wide
JANE ROSENBERG/REUTERS
Big insurers MetLife
and Allstate posted thirdquarter results that were
reduced by hurricanes. B7
Under Armour is shedding more of its senior
leadership as the firm grapples with declining sales. B3
The suspect in Tuesday’s deadly rampage, Sayfullo Saipov, appeared on Wednesday in federal court.
Republicans may seek to
repeal the ACA’s requirement
that most people have health
insurance as part of the GOP
tax-overhaul package. A4
Realtors launched a lobbying blitz to save deductions for mortgage interest
and property taxes. A4
The administration said
it is slashing a drug subsidy
Medicare pays some hospitals,
prompting the AHA and others
to threaten legal action. A3
Niger is open to allowing
U.S. drone strikes against
terror groups, its premier
said, in the wake of the killing of four U.S. soldiers. A8
Two U.S. Navy collisions
that killed 17 sailors this
year were avoidable, a pair
of reports said, citing failures in a number of areas. A8
South Korea’s president
said he opposes military action against North Korea, days
before Trump’s Asia trip. A9
Britain’s defense chief resigned after he was accused
of inappropriate conduct toward a radio presenter. A8
A U.K. panel will probe
whether a Brexit backer
broke finance rules. A8
Middle Seat........... A11
Opinion.............. A17-19
Sports........................ A16
Technology............... B4
U.S. News............. A2-7
Weather................... A12
World News....... A8-9
>
Astros Are Baseball’s Champions
Mr. Powell by Saturday, but
people familiar with the process had cautioned that he
could change his mind. The
president plans to formally announce the decision Thursday
before he leaves for a trip to
Asia on Friday.
Reached by phone Wednesday, both Mr. Powell and Ms.
Yellen declined to comment. A
Fed spokeswoman also declined to comment.
Please see FED page A2
Central bank holds rates
steady............................................ A2
LIFT-OFF: Houston celebrates after defeating the Los Angeles
Dodgers 5-1 on Wednesday, winning four of seven games and gaining
its first World Series title since the team’s founding in 1962. A16
Mère? Mutter?
Tiger Mom
Goes Global
i
i
i
New parents spark
publishing boom;
Achtung, baby
BY ELLEN GAMERMAN
Finnish children are getting
raised Dutch. Italian bambinos
are growing up like Danes.
American children may soon
get the German treatment.
And the Chinese are influencing child-rearing world-wide.
Books on foreign parenting
styles were once a U.S. publishing niche for a small group
of anxious Americans trying to
give their children an edge.
Now, there are too many Tiger-Mom varieties to count.
“The Danish Way of Parenting” says boys and girls thrive
with skolefritidsordning—a
“free-time school” where children play until dinner. Rights
Please see BOOKS page A10
LOS ANGELES—The box-office domination of the “Star
Wars” franchise has given
Walt Disney Co. unprecedented
power over the nation’s movie
theaters.
Before exhibitors can begin
screening “Star Wars: The Last
Jedi” this December, they must
first commit to a set of top-secret terms that numerous theater owners say are the most
onerous they have ever seen.
Disney will receive about 65%
of ticket revenue from the
film, a new high for a Hollywood studio. Disney is also re-
How China
Outflanked the WTO
The U.S. helped create the group to smooth
global commerce. Now it’s a battleground.
BY JACOB M. SCHLESINGER
GENEVA—Inside the cement compound housing the
World Trade Organization
lies a colorful Chinese garden
of cultivated rocks, arches
and calligraphy. The gift from
the Chinese commerce ministry symbolizes “world prosperity through cross-cultural
fertilization,” according to a
marble plaque.
It’s not the only way China
has left its mark on the institution.
Sixteen years after becoming a member, the world’s
second-largest economy is in
an increasingly tense standoff with the U.S. and Europe
that threatens to undermine
the WTO’s authority as an arbiter of global trade.
Rather than fulfilling its
Saipov told them he wanted to
adorn the rented truck he used
in the attack with ISIS flags
and also intended to continue
the carnage by driving across
the Brooklyn Bridge. The
deadly rampage followed a
blueprint provided by Islamic
State to carry out such an attack, according to officials.
Mr. Saipov, who was taken
into custody after being shot
by a New York City police officer at the scene, later told investigators “he felt good about
what he had done” and asked
to display an ISIS flag in his
hospital room, according to
the federal complaint. He said
he was motivated to commit
the attack after watching a
video in which Abu Bakr alBaghdadi, the leader of Islamic
State, questioned what Muslims in the U.S. were doing in
response to the killing of Muslims in Iraq.
The complaint accuses Mr.
Saipov of aiding the Islamic
State terror group and working with “others known and
unknown” to intentionally kill
and harm people by driving a
rented truck over cyclists and
pedestrians on the bike path.
Prosecutors provided no further details on possible accomplices, though the Federal Bureau of Investigation said it
Please see ATTACK page A6
ATTACK IN
NEW YORK
Suspect plotted assault
for weeks.......................... A6
Argentine friends’ reunion
shattered........................... A7
Disney’s Force Awakens
Against Local Movie Theaters
BY ERICH SCHWARTZEL
MATT SLOCUM/ASSOCIATED PRESS
Federal prosecutors filed
terrorism charges against
the man accused of killing
eight people in a truck attack on a New York bike
path. Officials said the suspect, a native of Uzbekistan
who came to the U.S. in
2010, was inspired by Islamic State videos. A1, A6-7
Trump called for an end
to the Diversity Visa Lottery, the program under
which the truck-attack suspect came to the U.S. A7
Mr. Powell has been a reliable
ally of Ms. Yellen and would
likely continue the Fed’s current cautious approach to reversing the central bank’s crisis-era stimulus policies as the
economy expands.
That would mean gradually
raising short-term interest
rates in quarter-percentagepoint steps through 2020
while slowly shrinking the
Fed’s $4.2 trillion portfolio of
Treasury and mortgage-backed
securities it purchased to
lower long-term rates.
Mr. Trump had settled on
Terror Charges
Are Filed Against
New York Suspect
Tesla warned of monthslong delays in the production of the Model 3. The
firm turned in its worst financial quarter ever. B1
s Copyright 2017 Dow Jones &
Company. All Rights Reserved
GOLD $1,274.10 À $7.10
Trump to Tap Powell as Fed Chief
What’s
News
CONTENTS
Business News.. B3,8
Crossword.............. A12
Heard on Street. B14
Life & Arts....... A11-15
Management.......... B6
Markets............. B13-14
HHHH $4.00
WSJ.com
THURSDAY, NOVEMBER 2, 2017 ~ VOL. CCLXX NO. 105
* * * * * *
mission of steering the Communist behemoth toward
longstanding Western trading
norms, the WTO instead
stands accused of enabling
Beijing’s state-directed mercantilism, in turn allowing
China to flood the world with
cheap exports while limiting
foreign access to its own
market.
“The WTO’s abject failure
to address emerging problems caused by unfair practices from countries like
China has put the U.S. at a
great disadvantage,” Peter
Navarro, a trade adviser to
President Donald Trump, said
in an interview. “Things have
to change.”
Such criticism has percolated over many years in the
U.S. with growing bipartisan
Please see TRADE page A10
quiring theaters to show the
movie in their largest auditorium for at least four weeks.
Ignoring the terms carries an
unusual penalty. If a theater violates any condition of the distribution agreement, Disney can
take an additional 5% cut,
bringing the studio’s total haul
to 70% of sales on a movie likely
to gross more than $500 million
at the domestic box office.
The case of “The Last Jedi”
highlights a perpetual but growing tension between the business partners that bring movies
to the public: studios and theaters. Negotiations between the
two parties have grown pitched
as Disney has become one of the
most powerful studios in Hollywood and theaters have lost leverage as box-office sales fall.
Box-office revenue is down 5%
so far this year.
The decline is accelerating
plans at other studios to narrow the theatrical window and
make movies available for
home viewing sooner. But Disney has said it wants to preserve the current model, making the studio an even more
indispensable supplier for exhibitors over the long term.
That dynamic has exhibitors
across the country resigning
Please see DISNEY page A4
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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL.
A2 | Thursday, November 2, 2017
U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip
Republican Plan: Tax People, Not Companies
For decades,
Republican tax
reform has
meant cutting
the tax rate on
America’s
highest earners. No longer.
In the bill to be unveiled
this week, House Republicans
plan to keep the top personal
rate at 39.6%, even as the
corporate rate is chopped to
20% from 35%. It is a tacit
admission of something the
rest of the world has already
concluded: It’s better to tax
people than capital.
Make no mistake: The
GOP plan, if it makes it
through Congress, will be
generous to the rich. Taxes
will be eliminated on estates
and reduced on unincorporated businesses. Moreover,
the top rate will hit fewer
people than it does now, and
while the rich will lose some
breaks, they will be the primary beneficiaries of lower
corporate taxes since they
own most of the stocks.
Yet the central mission of
tax reform is to catch up to
the rest of the world, which
has already cut tax rates on
corporations. The middleclass tax cut dear to President Donald Trump is secondary. It may also prove
short-lived if, as seems
likely, taxes get raised in
later years to cope with the
deficits this round of tax
cuts would help generate.
Republicans still want
lower taxes on the rich, but
it’s harder to show that it
matters. Back in 1980, high
personal taxes were a plausible disincentive to work. The
top rate was 70% and because brackets weren’t indexed to inflation, cost-of-living adjustments kept pushing
people into higher brackets.
Ronald Reagan fixed both,
and the top rate has seesawed ever since; down to
28% in 1988, back to 39.6%
under Bill Clinton, down to
35% under George W. Bush
and back up to 39.6% under
Barack Obama.
If the tax system has a
problem now, it lies elsewhere. Since the 1990s the
corporate rate has remained
35% in the U.S. while dropping in almost every other
advanced economy.
T
he economic rationale
for lower corporate
rates is to increase the
return on projects and thus to
stimulate hiring and investment. Countries have another
motive: to stop multinationals
from fleeing to tax havens.
Reducing the corporate
tax rate by 10 percentage
points relative to other coun-
Corporate Tax Rates Feel Tug of Gravity
Most countries, except the U.S., have cut their corporate rates since
2000, but many at the same time have raised personal rates.
Corporate rates*
Personal rates
60%
60%
Japan
50
50
40
40
France
Canada
Ireland
U.S.
Germany
U.K.
30
30
20
20
10
10
0
0
2000
’10
2000
’10
*Combined federal and subnational rates
Source: Organization for Economic Cooperation and Development
THE WALL STREET JOURNAL.
tries boosts reported profits
by anywhere from 4% to 22%,
according to a survey of research by Dhammika Dharmapala at the University of
Chicago. Most countries have
concluded “it’s impossible to
police the shifting of profits,”
says Martin Sullivan, chief
economist of the publication
Tax Analysts. “So if you set
your rate too high you’re going to lose revenue.”
People, however, are a lot
Continued from Page One
Ms. Yellen was among the
five finalists for the position,
along with Stanford University
economics professor John
Taylor, former Fed governor
Kevin Warsh and National Economic Council Director Gary
Cohn.
Mr. Taylor and Mr. Warsh
didn’t respond to requests
seeking comment Wednesday.
Mr. Cohn’s spokeswoman
didn’t immediately respond to
a request for comment.
Mr. Trump said in a video
last week that he had “somebody very specific in mind” for
the job. “It will be a person
who hopefully will do a fantastic job,” Mr. Trump said in a
video posted to Instagram,
adding, “I think everybody will
be very impressed.”
Fed officials began raising
their benchmark federal-funds
rate in December 2015 after
holding it near zero for seven
years following the financial
crisis. They voted in June to
lift rates to a range between
1% and 1.25% and in October
started the process of shrinking the Fed’s bond portfolio.
“The economy is as close to
our assigned goals as it has
been for many years,” Mr.
Powell said in June. If it continues growing as expected, “I
would view it as appropriate
to continue to gradually raise
rates.”
Officials have penciled in
one more rate increase this
year. But they indicated in
September such increases are
likely to end at a lower point
than they had previously projected—at around 2.75%—considerably lower than where officials have stopped raising
rates in the past.
Mr. Trump told The Wall
Street Journal in July, “I’d like
to see rates stay low.”
The Fed on Wednesday left
short-term interest rates unchanged, but signaled it would
consider lifting them before
year’s end amid signs the
economy is gaining momentum.
Mr. Powell has never dissented on a Fed monetary or
regulatory policy vote and in
speeches hasn’t deviated far
from the board’s consensus.
Where he could lead a shift
is on regulatory policy. He has
advocated loosening some of
the financial rules adopted by
the Fed and other agencies
since the crisis, a position that
ANDREW HARRER/BLOOMBERG NEWS
FED
In His Own Words
Jerome Powell has served as
Federal Reserve governor since
May 2012. Here are samples of
what he has said on important
policy issues along the way.
June 2013
On Volatility
“Some volatility is
unavoidable, and indeed is a
necessary part of the process
by which markets and the
economy adjust to incoming
information … I want to
emphasize the importance of
data over date … The path of
[bond] purchases is in no way
predetermined; we will monitor
economic data and adjust our
purchases as appropriate.”
June 2014
On Fed Guidance
“My view is that forward
guidance has generally been
effective in providing support for
the economy at a time when the
federal-funds rate has been
pinned at its effective lower
bound … To be sure, there have
also been times when forward
meshes with Mr. Trump’s deregulatory agenda. Mr. Powell
has suggested softening the
Volcker rule barring banks
from using their own money
to make risky bets and easing
some bank stress tests.
He also has endorsed reviewing some of the supervisory duties imposed on banks’
boards of directors to prevent
guidance and market
expectations have diverged, with
resulting spikes in volatility. Such
situations may be difficult to
avoid, given the use of new,
unconventional policy tools,
although we always try to
communicate policy as clearly as
possible.”
June 2016
On Low Rates
“I am often asked why rates
remain so low now that we are
near full employment. A big part
of the answer is that, at least for
the time being, the appropriate
level of rates is simply lower than
it was before the crisis. As a
result, policy is not as stimulative
as it might appear to be … I expect
our economy to continue to make
progress. Monetary policy will
need to remain supportive of
growth, as we work through the
challenging global environment.”
February 2015
On Fed Emergency Programs
“The evidence as of today is
very strong that the Fed’s
actions generally succeeded and
are a major reason why the U.S.
economy is now outperforming
those of other advanced nations
… Given the scale of the Fed’s
actions during the crisis, it has
been not only appropriate but
essential that these actions be
transparent to the public and
subject to close and careful
scrutiny by the Congress. And
that is exactly what happened.
So it is jarring to hear it asserted
that the Fed carries out its
duties in secret and is
unaccountable to the public and
its elected representatives. The
Federal Reserve is highly
transparent and accountable to
the public and to the Congress.”
April 2017
On Wall Street Regulation
“Some aspects of the new
regulation are proving
unnecessarily burdensome and
should be better tailored to
meet our objectives. Some
provisions may not need—may
not be needed at all, given the
broad scope of what we’ve put
in place. I will support and I do
support adjustments designed
to enhance the efficiency and
effectiveness of regulation
without sacrificing safety and
soundness or undermining
macro-prudential goals.”
them from being burdened
with “an ever-increasing
checklist.”
“More regulation is not the
best answer to every problem,” Mr. Powell said in a
speech in early October.
“To some extent he offers
Trump the best of both
worlds. You get broadly speaking continuity of Yellen’s care-
ful and relatively dovish approach to monetary policy but
with somebody who is a cardcarrying Republican and who
is significantly more inclined
to revisit some of the postcrisis regulations,” said Krishna
Guha, vice chairman at Evercore ISI and a former New
York Fed official.
Mr. Powell, a lawyer, would
less mobile than capital, so
governments tap sales, payroll and income taxes.
Ireland boasts one of the
advanced world’s lowest corporate tax rates, but its combined top income and payroll
rate rose from 43.6% in 2008
to 52% last year, while Britain’s rose from 41% to 47%,
according to the Organization for Economic Cooperation and Development.
While the Republican
plan lowers most personal
tax rates except the top one,
it isn’t clear individuals on
net would get a tax cut, because some tax breaks
would be repealed. Moreover, if they are getting a
cut, it may not last.
It’s just math. Even with
no tax cuts, the deficit will
rise from 3.6% of economic
output this year to 5.2% in
2027 as an aging population
and health costs inflate the
cost of federal entitlements
and interest rates slowly
normalize, according to the
Congressional Budget Office.
The federal debt, now 77% of
gross domestic product, will
rise to 91%. The tax plan
would add $1.5 trillion to
deficits in the coming decade, or some 0.6% a year,
not counting any impact
from higher growth or interest rates.
be the first Fed leader in three
decades without a Ph.D. in
economics. Before joining the
Fed board, Mr. Powell worked
as an investment banker in
New York City, as Treasury undersecretary for financial institutions in the George H.W.
Bush administration, as a partner at the Carlyle Group and
as a scholar at the Bipartisan
Policy Center.
That background could
serve him well, said Aaron
Klein, an economic studies fellow at the Brookings Institution and director of the Center
on Regulation and Markets.
“He would represent continuity of the Fed system and
culture but a break from the
predominance of monetary
policy as the core background
of the chair,” Mr. Klein said.
The decision marks the culmination of an unusually public and drawn-out search for
one of the top economic policy-making jobs in the world.
Mr. Trump upended the
usually staid selection process
by openly weighing the pros
and cons of various candidates
and asking lawmakers, businesspeople and media personalities for their input.
Mr. Trump has other opportunities to reshape the central
bank. Randal Quarles, his first
nominee to the Fed’s powerful
seven-member board of governors, took office in October.
Three other seats remain
open.
Ms. Yellen’s term as a Fed
governor doesn’t expire until
2024, and she hasn’t ruled out
staying on in that position after her term as chairwoman
ends. The decision would be
unusual, but not unprecedented. Fed Chairman Marriner
Eccles remained a governor for
three years after not being reappointed to the top job by
President Harry Truman.
Nominations for all board
positions, including chairman
and vice chairman, are subject
to Senate confirmation.
Mr. Powell should have little trouble winning Senate approval, but his views could
clash with those of some Republican senators who have
criticized him for supporting
the Fed’s easy-money and
postcrisis regulatory policies.
Some Republicans have
suggested he could face difficult questions. “I think we
should move in a different direction,” from current Fed policies, Sen. Pat Toomey (R., Pa.)
said last month about the possibility of a Powell nomination.
and injured pedestrians and
cyclists incorrectly listed 10
deaths for 2009.
India’s government will issue bonds valued at 1.35 trillion rupees (about $21 billion)
as part of a planned capital infusion into state-run banks
over the next two years. A
World Watch article on Oct. 25
incorrectly said the planned
issuance was valued at 1.35
billion rupees.
The name of Eyellusion, a
hologram production company,
was misspelled as Eyelussion
in an article about holograms
in entertainment in the November/December issue of The
Future of Everything maga-
Central Bank Holds
Rates Steady
The Federal Reserve left
short-term interest rates unchanged Wednesday, but suggested it remained on course
to lift them before year’s end
amid signs the economy is
gaining momentum.
Officials have penciled in
one more move for 2017 if
the economy stays on track.
The Fed has one more meeting scheduled before the end
of the year, on Dec. 12-13.
The central bank has raised
its benchmark federal-funds
rate four times since late
2015, in quarter-percentagepoint steps, to a current
range between 1% and 1.25%.
“Economic activity has
been rising at a solid rate despite hurricane-related disruptions,” the Fed said after its
two-day policy meeting.
Gross domestic product
rose at a 3% annual rate in
the third quarter, the Commerce Department said Friday.
That followed 3.1% annualized
growth in the spring, for the
best six-month stretch of
growth in three years.
Fed Chairwoman Janet
Yellen, in her most recent
public remarks, kept the door
open to another rate increase
this year, saying the “ongoing
strength of the economy will
warrant gradual increases.”
But she didn’t say when the
next move was likely.
Market expectations for a
December increase are high,
and Fed officials have done
little to dispel them. Several
analysts said the Fed included
no surprises in its statement.
—David Harrison
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NEED ASSISTANCE WITH
YOUR SUBSCRIPTION?
CORRECTIONS AMPLIFICATIONS
In 2009, 14 deaths were attributed to Islamist-motivated
terrorist attacks on U.S. soil.
In some editions Wednesday, a
chart of such deaths with a
Page One article about a
driver in New York who killed
A
dministration officials
assert the tax cuts will
spur so much growth
they will pay for themselves,
an argument largely lacking
in historical precedent. Congressional Republicans say
they’ll cut spending, especially on entitlements. Yet
they have shown little appetite to do so.
History suggests that big
tax cuts are usually followed
by tax increases. After Presidents John F. Kennedy and
Lyndon Johnson reduced
taxes in 1962 and 1964, taxes
were raised in 1966 and
1968. President Reagan enacted the largest tax cut in
history (relative to GDP) in
1981. He then signed tax increases into law in 1982,
1983 and 1984. President
George W. Bush fared better.
The tax cuts he enacted in
2001 and 2003 became permanent in 2013 except for
the top rate, which rose.
When the time comes to
raise taxes, whose will go
up? Even a Democrat in the
White House would think
twice about tampering with
the corporate rate when
business threatens to up
stakes and leave. Which
leaves personal taxes—perhaps the very ones now being cut. If you’re a beneficiary, enjoy it while you can.
zine. Also, the tour itinerary of
a hologram Ronnie James Dio
backed by his live band, the
Dio Disciples, has changed; it
will start on Dec. 6 in Bochum,
Germany, rather than Nov. 30
in Helsinki.
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THE WALL STREET JOURNAL.
Thursday, November 2, 2017 | A3
* *
U.S. NEWS
Industry funded
campaign has spent
$49.1 million to try to
defeat ballot measure
BY PETER LOFTUS
One of the fiercest battles
yet over high drug prices is
playing out in Ohio, where an
approaching ballot referendum
on price caps has unleashed
tens of millions of dollars of
television advertising and
sharp rhetoric on both sides of
the issue.
The Nov. 7 ballot measure
would require state government entities, including the
Medicaid
health-insurance
program for low-income people, to pay no more for prescription drugs than what the
U.S. Department of Veterans
Affairs pays for veterans. Under federal law, the VA buys
drugs at a mandatory 24% discount to regular prices, and
negotiates additional discounts with manufacturers.
A
drug-industry-funded
campaign against the measure
has spent $49.1 million on TV
ads and other efforts to try to
defeat it, while the main proponent has spent $14 million
this year, making this one of
the most expensive ballot campaigns in Ohio or U.S. history,
according to Josh Altic, ballot
measures project director for
political website Ballotpedia.
The campaigns have raised $75
million total, according to Ballotpedia.
“There’s a lot riding on how
the election goes in Ohio” because it could influence
whether ballot measures targeting drug prices spread to
other states, Mr. Altic said.
Supporters have proposed similar ballot measures in South
Dakota and Washington, D.C.,
for elections in 2018.
The Ohio vote could be
close. Recent polling by the pro
campaign found that 42% of
surveyed voters supported the
measure and 46% were opposed—within the poll’s margin of error—while the rest
were undecided, said Matt
Borges, consultant for the support campaign.
The Ohio proposal is the latest legislative or ballot effort
in U.S. states to target rising
drug prices, which have contributed to a doubling of U.S.
spending on prescription drugs
since 2003, according to the
Centers for Medicare and Medicaid Services.
Maryland this year enacted
a law barring steep price increases for generic drugs,
while Vermont, Nevada and
California have passed laws
requiring companies to disclose information to justify
certain price increases.
The organization that proposed the Ohio measure and
gathered enough signatures to
place it on the ballot is Los
Angeles-based AIDS Healthcare Foundation, a nonprofit
provider of medical care for
HIV and AIDS patients. The
foundation has contributed
$14 million this year to the
main group supporting the
measure, Ohio Taxpayers for
Lower Drug Prices, according
to the Ohio Secretary of
State’s office. The foundation
also proposed the California
measure that failed last year.
Supporters say the price cap
would save Ohio taxpayers
$400 million a year. Michael
OHIO TAXPAYERS FOR LOWER DRUG PRICES
In Ohio, Drugmakers Fight Price Cap
A commercial supporting an Ohio ballot proposal to control drug prices depicts the pharmaceutical industry as a bully in a boxing ring.
Weinstein, president of the
AIDS Healthcare Foundation,
said in an interview he is trying to combat “greedy pricing
by the drug companies” via a
ballot measure because “it
hasn’t really been possible to
move any significant legislation
to put a brake on the pricing.”
One ad supporting the ballot
measure features mothers discussing the sharp price in-
crease for Mylan NV’s EpiPen
emergency allergy treatment.
Mylan spokeswoman Julie
Knell said the company has
provided free EpiPens to some
Ohio schools, and its generic
medicines have saved money
in Ohio.
Sen. Bernie Sanders (I., Vt.)
appears in another ad supporting the measure, as does
Max Cleland, a former Democratic senator from Georgia
and a disabled Vietnam veteran who accuses drug companies of running false ads
against the measure.
The opposition campaign
says the proposal would cause
companies to raise drug costs
for people not covered by Ohio
government health programs to
make up for revenue lost to the
price cap. And companies would
be less willing to offer the VA
additional discounts beyond the
mandatory level if they had to
provide the same discount to
Ohio government entities, Dale
Butland, communications director for the industry-funded
campaign, Ohioans Against the
Deceptive Rx Ballot Issue, said
in an interview.
Costly Campaigns
Ballot measures in U.S. states with most combined campaign contributions since 2006
YEAR
MEASURE
DESCRIPTION
2006
California prop. 87
Impose severance tax on oil production
*AMOUNT, IN MILLIONS
2016
California prop. 61
Cap prices state pays for prescription drugs
2012
California prop. 30
Raise sales and income taxes
2008
California prop. 8
Eliminate right of same-sex couples to marry
$106.7
2016
California prop. 56
Increase tobacco tax
$106.5
2006
California prop. 86
Increase cigarette tax
2017
Ohio Issue 2
Cap prices state pays for prescription drugs
2014
California prop. 46 Increase cap on medical malpractice lawsuits
2009
Ohio amendment 3 Authorize casino construction
$72.9
2016
California prop. 52
$71.8
$156.3
$128.3
$120.5
$83.3
$75.0†
$72.9
Require voter approval of changes to hospital fee uses
*Figures are total amounts raised by campaigns for and against the ballot measure †Amount not final
Source: Ballotpedia
THE WALL STREET JOURNAL.
Hospitals to Defend Drug Subsidies
BY MELANIE EVANS
The Trump administration
said it is slashing a lucrative
pharmaceutical subsidy Medicare pays some hospitals,
prompting the American Hospital Association and other
powerful hospital groups to
threaten legal action to block
the move.
In a rule released Wednesday evening, the federal
agency that runs Medicare
said it would sharply lower
what Medicare pays for certain drugs that certain hospitals buy and administer to pa-
tients through the program.
The program, known as
340B, was created in 1992 and
was designed to help hospitals
with large numbers of uninsured patients. It has grown
rapidly in recent years.
Hospitals eligible for the
program buy drugs from pharmaceutical companies at a
steep discount, and are currently reimbursed by Medicare
at a rate that is 6% above what
the average national sale price
for that drug is. Hospitals
keep the difference, which
they use to finance operations
or expand services to patients,
the AHA has said.
But critics of the program
say the significant margin on
the drugs encourages hospitals
to overuse certain drugs or
choose high-priced options.
The White House said the
new rule would lower drug
spending next year by Medicare and its enrollees by $1.6
billion. “Medicare is taking
steps to lower the costs Medicare patients pay for certain
drugs,” said Seema Verma, administrator of the agency that
oversees Medicare.
The Chicago-based AHA,
the Association of American
Medical Colleges and America’s Essential Hospitals responded swiftly with a promise of legal action. The groups
believe the Centers for Medicare and Medicaid Services, or
CMS, “overstepped its statutory authority with this policy,” Bruce Siegel, president
and chief executive of America’s Essential Hospitals, said
in a statement.
Hospital groups also plan to
lobby Congress to halt the
new rules, Tom Nickels, executive vice president of the AHA
said, calling the new rule “illadvised and unfortunate.”
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New Therapies Mean Tough Choices
Results from clinical trials
testing two therapies to treat a
rare disease called spinal muscular atrophy illustrate a growing dilemma for families as expanding knowledge of genetics
leads to new potential treatments—and tough choices.
Families of children with
rare diseases who once had no
options must now decide
among experimental therapies
that may not offer a cure or
work at all. And going down
one path may preclude participation in later, more successful
trials or close other options;
researchers typically prefer to
study untreated children.
Two new studies, published
in the New England Journal
of Medicine, report findings
from a gene-therapy trial
sponsored by AveXis Inc., and
a trial of a so-called antisense
therapy, nusinersen, funded by
Biogen and Ionis Pharmaceuticals. The trials enrolled children with spinal muscular atrophy type 1, the most severe
and prevalent form of the motor neuron disease. Many children with SMA type 1 don’t
AMY JO PHOTOGRAPHY
BY AMY DOCKSER MARCUS
Valerie and Eric White had to choose whether to try to enroll
Henry, who is almost 2, in a gene-therapy trial or a drug study.
survive past the age of 2.
Both therapies aim to increase production of a crucial
protein necessary for the
nerve cells in the spinal cord
and brain to work, with the
aim of improving motor function and survival.
In the nusinersen study of
122 infants, a significantly
higher percentage of infants
who received the drug showed
improvement compared with
infants who didn’t. The Food
and Drug Administration approved the drug, sold as Spinraza, in December 2016. Spinraza
requires
repeated
administration via spinal tap
every four months.
In the gene-therapy trial,
which enrolled 15 infants, all
of the children were alive as of
August but the 12 children in
the highest-dose group fared
the best and achieved various
major milestones, such as sitting up, the paper reported.
AveXis is enrolling patients
in a new trial of the therapy at
16 sites in the U.S., which it
hopes will lead to FDA approval. But any child who participated in the nusinersen
trial or takes Spinraza isn’t eligible to enroll in the new
gene-therapy trial, says Sean
Nolan, president and chief executive of AveXis.
Eric and Valerie White of
Cumming, Ga., say when their
son Henry was diagnosed with
SMA in January 2016, the prospect of gene therapy was enticing, but there were no open
slots or guarantee Henry would
qualify for a future one. Enrolling in the nusinersen trial
meant a chance that Henry
would be randomly placed in a
trial arm that didn’t receive
the drug. “It was extremely unnerving,” says Mr. White.
They decided the trial was
the best option. Henry, who
will be 2 at the end of the
month, doesn’t walk and has
other issues associated with
the disease. But his parents say
he now rolls, moves his arms
and legs, “gets into trouble like
any 2-year-old” and, most important of all, is still alive.
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A4 | Thursday, November 2, 2017
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THE WALL STREET JOURNAL.
X
U.S. NEWS
Republicans Mull ACA Mandate Repeal
Some in GOP push to
rescind health law’s
insurance requirement
as part of tax overhaul
BY STEPHANIE ARMOUR
AND KRISTINA PETERSON
JOE RAEDLE/GETTY IMAGES
Republicans may seek to repeal the Affordable Care Act
requirement that most Americans must have insurance coverage or pay a fine as part of
their tax overhaul package,
part of a push to undo or delay
parts of the health law in the
aftermath of the failure of a
broader repeal effort.
President Donald Trump, in
posts on his Twitter account
Wednesday, threw his support
behind
the
proposal.
“Wouldn’t it be great to Repeal the very unfair and unpopular Individual Mandate in
ObamaCare and use those savings for further tax cuts…for
the Middle Class. The House
and Senate should consider
ASAP as the process of final
approval moves along. Push
Biggest Tax Cuts EVER,” Mr.
Trump wrote.
Republican leaders in both
chambers have been wary of
letting the political dynamics
surrounding health care interfere with passing a rewrite of
the tax code, but the president’s comments revived serious consideration of including
a repeal of the individual mandate as part of the House GOP
tax bill.
Republicans are also weighing the option of trying to include the individual mandate
in a sweeping year-end legislative package, which is increasingly likely to contain a long
list of unrelated items on Congress’ to-do list.
White House press secretary Sarah Huckabee Sanders
said Wednesday that the
White House favors repealing
the individual mandate, but
not at the expense of passing
tax legislation.
“We’re focused on pushing
People spoke with an insurance agent on Wednesday in Miami as they shopped for insurance under the Affordable Care Act.
Opioid Report Calls
For New Initiatives
WASHINGTON—The federal
government should set up drug
courts across the country, retrain medical prescribers on opioid use and reduce incentives
for doctors to offer the powerful painkillers, a high-profile
presidential commission on opioids said Wednesday.
The proposals were among
56 recommendations from the
President’s Commission on
Combating Drug Addiction and
the Opioid Crisis, headed by
New Jersey Gov. Chris Christie.
The commission also said
the government should increase
its oversight of large employers’
health plans and their compliance with requirements to treat
substance abuse as they would
other illnesses. It said the Education Department should work
with states to upgrade schools’
drug-abuse programs, and that
the federal government should
engage with states to expand
access to naloxone, an overdose-reversal drug.
The commission said questions about pain should be re-
moved from federal patient
satisfaction surveys for physicians and hospitals “so that
providers are never incentivized
for offering opioids to raise
their survey score.”
An earlier report by the
commission urged President
Donald Trump to declare the
abuse of opioids to be an emergency. Mr. Trump had initially
suggested he would declare a
national emergency, a designation that might have carried a
requirement for federal funding.
Instead, in a White House
speech pledging to fight the
“plague” of drug abuse, Mr.
Trump last week declared a
“public health emergency,” a description that doesn’t include
additional money but is aimed
at spurring federal agencies to
take steps to fight drug abuse.
Sen. Maggie Hassan, (D.N.H) said Mr. Trump should do
more to make sure more
money goes to fighting opioid
addiction.
The White House and Mr.
Christie both say they want
Congress to appropriate additional opioid funding, potentially
as part of a broad year-end
spending deal.
—Louise Radnofsky
through tax cuts,” she said.
Sen. Tom Cotton (R., Ark.)
said Wednesday that repealing
the mandate would help the
math on the tax overhaul pack-
age. “My case, which is making
a lot of headway, is this
doesn’t make the tax bill
harder to pass. It makes it easier to pass,” said Mr. Cotton.
He said he has been talking
with key members of both
chambers.
Part of the repeal’s allure is
that it could reduce the federal
deficit by about $400 billion,
according to a calculation from
the nonpartisan Congressional
Budget Office. That is because
many individuals who get in-
surance because of the mandate also get government subsidies, and if the mandate were
repealed and those people
didn’t obtain coverage, the
government would no longer
be paying for their subsidies.
It would also reduce the number of people on Medicaid.
The latest developments unfolded on the first day of this
year’s open enrollment period
for the ACA, which ends on
Dec. 15.
Consumers began signing
up for 2018 health plans at a
steady though not overwhelming clip, according to several
enrollment assisters across the
country contracted through
the ACA to help people sign up
for coverage.
In their tax overhaul, Republicans are scrambling to
find ways to pay for the cost
of lowering both individualand corporate-tax rates. Their
proposal can add no more
than $1.5 trillion over 10 years
to the federal budget deficit to
comply with Senate procedural rules.
House Republicans said repealing the individual mandate
would help with their search
for revenues to offset the cost
of the tax cuts.
“We need to have the payfors that we can get,” said Rep.
Dennis Ross (R., Fla.) But Mr.
Ross said he anticipated that
repealing the individual mandate could spark pushback
from some states.
While most Republicans in
both chambers want to repeal
the individual mandate, many
are hesitant about attaching it
to the tax bill.
“I’d like to see us repeal
the Obamacare individual
mandate. I think there’s better places to do it,” said Rep.
Tom MacArthur (R., N.J.) “I
don’t want to make this bill
more complicated than it already is.”
Mr. Trump could also opt to
end the individual mandate on
his own.
—Michelle Hackman
contributed to this article.
Realtors Launch Blitz to Save Popular Deductions
BY JULIE BYKOWICZ
Among their goals: preserving deductions for mortgage
interest and property taxes,
both of which Republican lawmakers have taken aim at as a
way to pay for lowering certain tax rates.
The Realtors recently deployed personalized digital advertisements in every district
of House Ways and Means
Committee members asking
constituents to remind the
lawmakers not to “let tax reform become a tax increase
for middle class homeowners.”
The association will expand
that effort to Senate Finance
Committee members’ states by
The long-awaited House Republican tax legislation due
out Thursday will touch off a
lobbying frenzy as industries
fight to preserve pet deductions. But the nation’s real-estate agents already are veterans of the battle.
After House Speaker Paul
Ryan (R., Wis.) warned last
year that he may not be able
to fully save tax incentives
they view as crucial to their
industry, members of the National Association of Realtors
started developing an action
plan, the group’s officials said.
the end of the week, the
group’s officials said. The 15second online clips show images of families laughing and
playing in front of tidy suburban houses.
Realtors are among the
most influential advocacy
groups because they are bipartisan, mostly single-minded
and work for a valuable nationwide voting bloc: homeowners.
Ohio Sen. Sherrod Brown, a
Democrat on the Finance Committee, said the Realtors’ lobbying effort is notable on Capitol Hill “because it’s mostly
not [from] Washington, and
come from all parts of the
country.”
“The Realtors are smallbusiness people, there are a
lot of people in both parties,
for a business group they are
pretty diverse,” Mr. Brown
said. “They have a lot of individual personal relationships
with a lot of members of Congress.”
The National Association of
Realtors has spent about $32
million on lobbying so far this
year and is routinely a topthree
federal
lobbying
spender, according to the
nonpartisan Center for Responsive Politics.
Not only does the association have 25 registered lobbyists, according to federal lobbying records, but it boasts a
membership of more than one
million, many of whom respond to the association’s calls
to action.
“With the narrow margin of
Republican control of the Senate, a group like that may have
an awful lot of leverage to
shape what happens on taxes,”
said Jim Gould, an independent tax consultant and a lobbyist for most of the past 25
years.
Helping propel the real-estate industry’s approach: The
last major tax rewrite, signed
by President Ronald Reagan in
1986, ended the ability of
home developers to deduct
real-estate losses against other
income.
The industry later argued
that that helped lead to a
cooler housing market.
“They were the ground-zero
industry attacked in 1986, and
a lot of people have long memories on that,” said Mr. Gould,
who was a Senate aide at the
time and later chief counsel
for the Senate Finance Committee.
—Natalie Andrews
contributed to this article.
FROM PAGE ONE
DISNEY
Walt Disney enjoys a dominant position in the box-office market
despite releasing fewer films than other major Hollywood studios.
WALT DISNEY MARKET SHARE
25%
20
PHOTO BY HANNAH PETERS/GETTY IMAGES FOR DISNEY
Continued from Page One
themselves to a harsh business
reality: If you want to play Disney’s blockbuster movies, get
used to Disney’s rules.
“They’re in the most powerful position any studio has
ever been in, maybe since
MGM in the 1930s,” said one
film buyer who books movies
in theaters across the country.
A Disney spokesman declined to comment on the negotiations.
The studio’s slate of surefire
hits this year has included
“Beauty and the Beast” and
“Guardians of the Galaxy Vol.
2,” with “Thor: Ragnarok”
coming this weekend.
Last year, with just 13 new
releases, Disney accounted for
26% of total domestic box office, according to Box Office
Mojo. The No. 2 studio, Time
Warner Inc.’s Warner Bros., had
a 17% market share with 23
movies. Disney is expected to
top the ranking this year, too.
Disney’s string of hits in recent years—fueled by its acquisition of Marvel Entertainment in 2009 and Lucasfilm in
2012—gives it sway over theater owners, many of whom
described the studio as exercising unrivaled control over
every detail of a film’s release.
Few operators can afford to
turn away a Disney windfall.
But some independent theaters
have decided against screening
“Last Jedi” when it is released,
Rise of the Empire
15
10
5
0
2011
2012
2013
2014
2015
2016
2017*
NUMBER OF DISNEY MOVIES RELEASED THAT YEAR
*As of October 30
‘The Last Jedi’ is already drumming up excitement among fans, like this woman in New Zealand.
Source: Box Office Mojo
saying the company’s disproportionate share of ticket sales
and four-week hold make little
economic sense—especially in
small towns.
“There’s a finite number of
moviegoers in my market, and
I can service all of them in a
couple of weeks,” said Lee
Akin, who operates a singlescreen theater in Elkader, Iowa
(population: 1,213).
If he were to sign up for the
movie under Disney’s terms,
Mr. Akin said he would be stuck
playing “Last Jedi” to nearempty auditoriums toward the
end of a monthlong run while
still giving Disney 65% of those
paltry sales. The studio is applying the 65% split across all
weeks of the film’s release,
mastime. Soon after the “Last
Jedi” opens on Dec. 15, such
movies as Sony Pictures Entertainment Inc.’s “Jumanji: Welcome to the Jungle” and Twentieth Century Fox’s “The
Greatest Showman” will begin
jockeying for screen times. Representatives for Sony and Fox
didn’t immediately respond to
request for comment. Twentieth Century Fox’s owner, 21st
Century Fox Inc., and Wall
Street Journal parent News
Corp share common ownership.
Of course, most exhibitors
make more money on concession sales than box office, and
a theater receiving 35% of
ticket sales on a hit that
grosses $700 million fares better than one receiving 50% on
rather than some studios’ practice of beginning a split at a
high figure and then lowering it
in subsequent weeks. “When
[studios] get much bigger than
the other guys, that’s when all
these wacky rules come into
place,” said Mr. Akin.
Disney’s rules on “Star
Wars” begin before tickets are
available online, with the studio outlining presale terms to
theaters in contracts that are
individually watermarked to
prevent leaks.
Most theatrical releases
send about 55% of ticket sales
back to studios, though the average split is about 60% on major hits. Disney has deals with
some exhibitors that give it less
than 65% on “Last Jedi.”
Previous “Star Wars” installments gave Disney 64% of ticket
sales and included four-week
holds, and other releases from
the studio usually require a minimum of two weeks of screenings. But Disney’s 5% penalty for
failing to meet terms on “Last
Jedi” is unusual. The charge will
be implemented for various violations, including if a theater
pulls even one “Star Wars”
screening from its schedule or
begins marketing the movie before Disney gives the go ahead,
according to theater operators.
The four-week hold in a theater’s largest auditorium, meanwhile, has frustrated distribution executives at rival studios
that also have major releases
hitting theaters around Christ-
THE WALL STREET JOURNAL.
a $200 million movie.
Disney’s terms on “Last
Jedi” kick in if the movie collects more than $500 million in
the U.S. and Canada, which boxoffice prognosticators say is a
near certainty. The studio’s first
installment of the space opera,
“The Force Awakens,” became
the highest-grossing domestic
movie of all time, collecting
$937 million in 2015.
Exhibition executives have
already promised impatient investors the movie will help balance out a summer of duds.
Adam Aron, chief executive of
No. 1 exhibitor AMC Entertainment Holdings Inc., called “Last
Jedi” a “gift from heaven” earlier this year, and major exhibitors still see it as such.
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Thursday, November 2, 2017 | A5
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THE WALL STREET JOURNAL.
TERROR IN NEW YORK CITY
Suspect Plotted for Weeks, Officials Say
In the seven years since Sayfullo Saipov left Uzbekistan for
the U.S., the 29-year-old has
lived in at least three states,
started a family and began following radical Islamic teachings, law enforcement said.
Tracking the Defendant
The suspect in the attack on lower Manhattan,
Sayfullo Saipov, is originally from Uzbekistan and
came to the U.S. in 2010 under a visa lottery
program. A look at his movements on the day of
the attack, and his ties elsewhere in the U.S.
By Joseph De Avila,
Shibani Mahtani
and Thomas
MacMillan
3 miles
NEW JERSEY
The suspect’s home in Paterson, N.J.
80
2:06 p.m.
Mr. Saipov rents a large vehicle
from Home Depot in Passaic, N.J.
Stuyvesant
High School
School bus
NEW YORK
BRONX
on
95
ds
NYPD 1st Precinct
Two officers respond,
joined by a third at the scene
95
R.
2
Hu
Attack ro
ute
West St.
1,000 feet
1
2:43 p.m.
Mr. Saipov exits the George
Washington Bridge into
NYC and drives southbound
on West Side Highway
95
MAN HATTAN
MANHATTAN
3
CCrashed truck
Cha
mb
4
ers
St.
3:04 p.m.
Mr. Saipov’s vehicle enters a
bike lane at West Street
and Houston Street
3:08 p.m.
More than a dozen 911 calls report
people down, a school bus accident
and a man with a gun
Ohio
First came to Cincinnati from Uzbekistan. Lived
in Cuyahoga Falls, where he married his wife.
N.J.
Ohio
Mo.
Missouri
Highway Patrol arrested Mr. Saipov after a
warrant was issued following his failure to
appear in court for a 2015 traffic citation.
He pleaded guilty in November 2016.
Florida
Lived in Tampa and Fort Myers.
Fla.
New Jersey
Mr. Saipov most recently lived in Paterson with his
wife and children. A neighbor had seen him park a
Home Depot truck on the street intermittently in
the past several weeks.
Sources: NYPD (attack details); public records and court filings (suspect details); Google Earth
THE WALL STREET JOURNAL.
On Tuesday afternoon, police
said Mr. Saipov rented a Home
Depot truck in New Jersey,
drove over the George Washington Bridge and then accelerated
at high speed down a Manhattan bike lane taking aim at cyclists and pedestrians. Eight
people were killed and 12 others were injured.
Law-enforcement officials
said that Mr. Saipov had
planned the deadly drive for
weeks and that he did it in the
name of Islamic State. A handwritten note in Arabic was
found near the truck stating
that Islamic State would endure
forever, police said.
Mr. Saipov, who worked in
the U.S. as a truck driver and
Uber driver after training as an
accountant in his home city of
Tashkent, Uzbekistan, had displayed few signs of his emerging radical tendencies, according to interviews with his
friends and neighbors.
Kobiljon Matkarov, 37 years
old, said he met Mr. Saipov
about five years ago in Fort Myers, Fla., where they bonded because both are from Uzbekistan.
Mr. Matkarov described Mr.
Saipov as a mild-mannered person who wasn’t violent and
didn’t speak about terrorism.
“I know him from the good
side,” Mr. Matkarov said. “I
know him as a good guy.”
Law-enforcement officials
said Wednesday Mr. Saipov had
never been the subject of investigation by the New York Police
Department or the Federal Bureau of Investigation. But it appears that he may have been
connected to individuals who
have been subjects of investigations, officials said.
Mr. Saipov’s neighbors in
Tashkent described him as a
friendly person who hadn’t expressed radicalism, according to
an official statement from the
Uzbek government.
He finished a professional
college in 2005 and studied at
the Tashkent Financial Institute
from 2005 to 2009; after graduating, he worked as an accountant at the Sayokhat Hotel in
Tashkent, the statement said.
“He was brought up in a
prosperous family,” the statement said.
Leaders of the Islamic Society of Akron and Kent, an Islamic community center and
mosque a mile from Mr.
Saipov’s former home, described him as someone who
kept to himself and wasn’t particularly social. He never asked
questions at sermons, the Islamic Society’s leadership said,
and didn’t have a fully grown
beard at daily prayers.
“No religion or community
teaches such hate and disregard
for life,” said Faheem Sheikh,
the center’s president.
Azam Haque, who has volunteered at the center, said he frequently saw Mr. Saipov at the
center’s mosque in the years he
lived in Ohio. He said he wasn’t
very social, and would “come
in, pray and dash off after that.”
Some in the area’s small but
growing Uzbek community,
though, remember him as
someone who was hotheaded.
Mr. Saipov and his family
moved into a brick building
with several apartments in Paterson, N.J., about a year ago,
said neighbor Altana Dimitrovska. He and his wife lived
with three children, two girls
and a baby boy, she said.
Mr. Saipov began plotting his
attack in recent weeks, according to a criminal complaint filed
by federal prosecutors.
He practiced making turns
with a Home Depot truck earlier in October, according to the
complaint.
Mike Kawská, 25, a food delivery man from Clifton, N.J.,
said he saw Mr. Saipov eating
at Dunkin’ Donuts and talking
to himself, distraught, in Arabic,
saying “‘I hate America, I’m fed
up with America.’ ”
In interviews with law-enforcement officials after the attack, Mr. Saipov said he felt
good about what he had done
and asked to display an Islamic
State flag in his hospital room,
according to the complaint.
Mr. Saipov acted in
the name of Islamic
State, according to
law enforcement.
When he arrived in the U.S.,
he stayed with a family in Cincinnati in a tidy brick two-story
townhouse off a busy road.
Bekhzod Abdusamatov, 22,
whose family put up Mr. Saipov,
said he was puzzled that Mr.
Saipov was accused in the attack.
“I was very, very surprised,”
Mr. Abdusamatov said.
In 2013, Mr. Saipov married
Nozima Odilova in Cuyahoga
Falls, Ohio, near Akron, according to a marriage-license certificate. Ms. Odilova couldn’t be
reached to comment.
They lived in the Water’s
Edge apartments on Americana
Drive in Cuyahoga Falls, Ohio,
where there is a sizable Uzbek
community and many, like Mr.
Saipov, are involved in the
trucking business.
First Confusion, Then Horror at Scene of the Rampage
College student Tawhid Kabir was walking a footbridge
over the West Side Highway in
Manhattan when he looked below and saw a man who appeared to be holding two guns
near a mangled truck.
“At first I thought it was a
prank,” said Mr. Kabir, a 20year-old student at the Borough of Manhattan Community College, who began
filming. “Then I heard five
gunshots.”
Mr. Kabir said when he
looked at the highway again
he saw the apparent gunman
lying on the pavement sur-
ATTACK
Continued from Page One
had located a second person of
interest related to the attack.
The FBI is interviewing Mukhammadzoir Kadirov, a 32year-old Uzbek man, according
to a senior counterterrorism
official. The official said Mr.
Kadirov is currently being
questioned by federal authorities because he is one of the
few people investigators found
to be a friend of Mr. Saipov.
When Mr. Saipov appeared
in Manhattan federal court
Wednesday evening, he was
pushed in a wheelchair,
dressed in a light gray top and
pants, with his hands and feet
shackled. Magistrate Judge
Barbara C. Moses asked Mr.
Saipov to confirm that a Russian translator was relaying
her instructions to him
through a pair of small headphones. “Yes, ma’am,” Mr.
Saipov said, in English, in a
strong clear voice. Throughout
the brief proceeding, he nodded several times, and answered aloud in English.
A court-appointed lawyer,
David Patton of the Federal
Defenders of New York, said
he wasn’t seeking to have Mr.
Saipov released on bail at this
time. He didn’t enter a plea,
and a preliminary hearing was
set for Nov. 15.
In a tweet late Wednesday,
President Donald Trump said
Mr. Saipov should get the
death penalty.
Mr. Saipov, who lives in
Paterson, N.J., had been in the
hospital since the attack, after
the New York City police officer shot him in the abdomen.
Joon Kim, acting U.S. attor-
rounded by police officers.
“I was scared so I bowed
down a little bit,” he said.
“One of the students on the
bridge started screaming, ‘Did
you see the cop just shot that
guy? Oh my God.’ ”
Similar scenes of shock and
horror took place around
lower Manhattan on Tuesday
afternoon as one of New York
City’s busiest residential and
commercial neighborhoods
was transformed by a deadly
truck attack.
Eight people died when the
truck rammed into pedestrians
and cyclists on a roughly milelong stretch of a bike path
along the Hudson River. The
driver then got out of the car
ney for the Southern District of
New York, said at a news conference Wednesday night that
Mr. Saipov told investigators he
had been planning the attack
for two months. Mr. Saipov
also admitted that he rented a
truck on Oct. 22 to practice the
turns he would make on Tuesday, authorities said.
After obtaining a search
warrant for Mr. Saipov’s cellphones, officials said, they
found that one phone had
about 90 videos related to
ISIS, including a beheading
video and a video that appears
to show ISIS fighters running
over a prisoner with a tank.
The complaint said Mr.
Saipov began plotting the attack about a year ago. Mr.
Saipov chose Halloween for
the attack because he believed
there would be more people
on the street, according to
prosecutors.
Mr. Saipov’s plan was to
use the truck to strike pedestrians near the West Side
Highway in Manhattan and
then proceed to the Brooklyn
Bridge. He “wanted to kill as
many people as he could,” the
complaint said.
Mr. Saipov—a legal permanent U.S. resident who came
to the U.S. in 2010—was interviewed by police officials
Tuesday night at Bellevue
Hospital, said John Miller, the
New York Police Department’s
deputy commissioner of intelligence and counterterrorism.
The attack is the first incident of Islamist-linked terror
on U.S. soil during Mr.
Trump’s
presidency.
Mr.
Trump, who campaigned on
promises to clamp down on
immigration from Muslim-majority nations, on Wednesday
called for an end to the visa-
with a pellet and paintball gun
before he was shot by a New
York Police Department officer, authorities said.
A dozen people were injured, including the suspect,
officials said.
Witnesses described moments of confusion after they
saw the truck and bodies or
heard shots.
When Thomas Kendrick was
jogging along his usual path
just after 3 p.m. Tuesday, he
noticed a crying girl in his peripheral vision and figured it
was a routine bike accident.
Then a woman flagged down
the 36-year-old lawyer and
told him to call the police.
“I ripped out my head-
phones and dialed 9-1-1,” Mr.
Kendrick said.
He then came across three
motionless bodies. “I said, ’If
you can hear me, help is on
the way,’ and there was no response,” he said.
Schools went into lockdown
as students called anxious parents.
Inside Stuyvesant High
School, students were told no
one could enter or exit the
school, said Tahseen Chowdhury, a 17-year-old student
there. Mr. Chowdhury said
students called their parents
to reassure them they were all
right.
At the nearby Pixel Academy, a school for young chil-
dren in the area, staff member
Ian Pearson said one of his colleagues heard there was a gunman on the loose. That building, too, went into lockdown.
The status of the people
who were injured wasn’t clear
Wednesday.
Ariel Benvenuto was in New
York with a group of 10
friends from Argentina, biking
on the path when the truck accelerated into them, Mr. Benvenuto’s wife, Cecilia Piedrabuena, told an Argentine radio
interviewer on Wednesday.
Mrs. Piedrabuena said her
husband had called her late
Tuesday to say five of his
friends were dead.
The men “were biking in
groups of two, chatting,” Mrs.
Piedrabuena said. Her husband
survived because he was at the
back of the group, close to the
flower bed in the median of
the road. The truck hit the cyclists on his right, missing him
by 20 centimeters, she said.
This was the first time the
group had traveled abroad together, and they had plans to
visit Central Park and bike
over the Brooklyn Bridge.
By Wednesday, the neighborhood had begun returning
to normal but people remained
rattled.
Mr. Kabir was back in lower
Manhattan for an 8 a.m. class,
but “there were a lot of absences today,” he said.
MARK LENNIHAN/ASSOCIATED PRESS, SHANNON STAPLETON/REUTERS (LEFT)
BY MIKE VILENSKY
AND REBECCA DAVIS O’BRIEN
Above, flowers on Wednesday
were placed for victims of the
attack on a bike path in lower
Manhattan. The Home Depot
truck used in the rampage, left,
was removed from the crime
scene by authorities.
lottery program that brought
Mr. Saipov to the U.S.
Mr. Saipov was admitted to
the U.S. through a program
that randomly awards 50,000
green cards to foreigners each
year.
The NYPD has been on
heightened alert for terrorists
using trucks since dozens
were killed in a July 2016 vehicle attack in Nice, France.
The department now regularly
uses large sand trucks to
guard parade routes and other
large gatherings. Since the
Sept. 11, 2001, attacks, there
have been 25 terrorist known
plots against the city, Mr.
Miller has said.
In Tuesday’s attack, Mr.
Miller, said the suspect rented
an inexpensive flatbed pickup
truck from a Home Depot in
northern New Jersey, just a
few miles from his home,
shortly after 2 p.m. The suspect, who worked as a driver
for Uber Technologies Inc.,
drove the truck roughly 25
miles, and a license-plate
reader recorded the vehicle
exiting from the George Wash-
ington Bridge, which spans
from New Jersey to upper
Manhattan, at 2:43 p.m.
He then drove the truck
along the West Side of Manhattan, passing multiple
densely packed tourist areas,
to a leafy patch of Manhattan
along the Hudson River.
Police say the suspect then
turned his truck onto a popular bike path, increased his
speed and rammed bicyclists
and pedestrians.
After just a few minutes,
the truck returned to the
street, striking a small school
bus with students aboard, police said. The suspect emerged
from the truck, shouted, brandished a pellet and a paint gun
and was shot and wounded by
Ryan Nash, a 28-year-old police officer.
Mr. Saipov seemed to follow the instructions laid out in
a November 2016 issue of Rumiyah Magazine, an ISIS propaganda outlet that is often
referenced by NYPD counterterrorism officials.
The excerpt, called “Just
Terror Tactics,” recommends
obtaining a “load-bearing
truck” that is “reasonably fast
in speed” and “doublewheeled, giving victims less of
a chance to escape being
crushed by the vehicle’s tires.”
The magazine also advises
against trucks with trailer
compartments, “which cause
the driver to lose control.”
Mr. Saipov, the NYPD’s Mr.
Miller said, “appears to have
followed almost exactly to a T
the instruction that ISIS put
out on social media channels.”
—Mara Gay,
Thomas MacMillan,
Mike Vilensky,
and Nicole Hong
contributed to this article.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Thursday, November 2, 2017 | A7
* * * * *
TERROR IN NEW YORK CITY
A marginal visa program
once tied to efforts to help
Irish migrants is taking center
stage in the immigration debate after the deadly terror attack in New York City, with
the president calling for the
program’s elimination.
The man accused of driving
a rented truck through a
crowd of cyclists and pedestrians emigrated from Uzbekistan in 2010 after winning the
Diversity Visa Lottery, according to the U.S. Department of
Homeland Security. The program, also known as the
green-card lottery, randomly
awards 50,000 visas annually
to foreigners around the
world.
“I’m going to ask Congress
to immediately initiate work
to get rid of this program,”
President Donald Trump said
at the White House on
Wednesday. “Diversity lottery.
Sounds nice. It’s not nice. It’s
not good. It hasn’t been good.
We’ve been against it. So we
want to immediately work
with Congress on the Diversity
Sayfullo Saipov came
from Uzbekistan in
2010 through the
diversity lottery.
Lottery Program, on terminating it, getting rid of it.”
Police in New York said officers shot Sayfullo Saipov, 29
years old, after he crashed the
rented truck into a school bus.
Eight people were killed and
about a dozen others injured
in the first deadly terror attack in New York since the
Sept. 11 attacks.
Mr. Saipov is a legal permanent resident, according to
New York City police, meaning
he would have been eligible to
apply for citizenship.
Democrats have defended
the diversity lottery as a way
to ensure that immigrants to
the U.S. come from a range of
nations, and they have argued
there is no evidence that these
immigrants are any more
likely to be criminals or terrorists than others.
Republicans have opposed
the program, arguing that it is
vulnerable to fraud, offers a
pathway for terrorists into the
U.S., and that visas should be
reserved for those bringing
needed skills.
“Those in the world who
wish us harm can easily engage in this statistical gamble
with nothing to lose,” Rep.
Bob Goodlatte (R., Va.), chairman of the House Judiciary
Committee, said Wednesday.
“Our immigration policy
should be based primarily on
our national needs, security,
and economics and not in part
on an arbitrary system.”
In 2011, Mr. Goodlatte
moved legislation to end the
program out of his committee,
but the bill was never was
considered by the full House.
This year, Mr. Trump embraced a Senate proposal to
eliminate the diversity lottery
as well as some family-based
immigration as part of an effort to reduce and overhaul legal immigration.
The program was created in
1990 as part of a broader immigration bill that had bipartisan support in the both the
House and Senate. Lottery
winners must be eligible to
come to the U.S. and have finished high school and have
two years of experience in a
job that requires two years of
training or experience. Unlike
most other immigrant visa applicants, lottery winners don’t
have to have family or employment ties to the U.S.
Just over 4,000 people
from Uzbekistan won the diversity lottery for the 2010
budget year, according to
State Department statistics.
ROSARIO, Argentina—Just
after sunset Tuesday, Cecilia
Piedrabuena got a frantic call
from her husband, saying
something terrible had happened to a group of friends
who had flown to New York to
celebrate the 30th anniversary
of their high-school graduation.
ERICA CANEPA FOR WSJ; TREVISAN FAMILY/AP (5); REUTERS (1); ALEXANDER NAESSENS (1); NEVON KIPPERMAN (1)
BY ALICIA A. CALDWELL
AND LAURA MECKLER
Attack Shatters Friends’ Reunion
By Taos Turner,
Alberto Messer
and Kate King
Her husband, Ariel Benvenuto, said that five men in the
Argentine group, all from the
city of Rosario, were among
the eight people killed Tuesday when authorities say a
driver who showed affinity
with ISIS mowed over pedestrians on a bike path in lower
Manhattan.
“It was the first time they
had traveled abroad together,”
Mrs. Piedrabuena told a local
radio station. “All 10 of them
were riding their bikes, split
into two groups, chatting with
each other along the way.”
A sixth man in the group
was injured.
Police said the others who
died were Nicholas Cleves, 22
years old of New York City;
Darren Drake, 32, of New Milford, N.J.; and Ann-Laure Decadt, 31, of Belgium, mother of
two sons, one 3 years old and
the other 3 months.
Ms. Decadt’s husband, Alexander Naessens, released a
statement saying the loss was
“unbearable and impossible to
grasp.”
Eleven other people were
injured in the attack, officials
said, and four of nine people
who remain hospitalized are in
critical but stable condition.
The driver, who law-enforcement
officials
said
shouted “God is great” in Arabic when confronted by police, was shot by an officer in
the abdomen and is in custody.
Not far from where the attack occurred, Mr. Cleves lived
with his mother in an apartment building in the West Village. He was a software engineer and analyst at Unified
Digital Group, a technology
company.
Mr. Cleves graduated last
year from Skidmore College,
where he majored in computer
science and met Bobby Carlton, who at the time ran the
A vigil on Wednesday in Rosario, Argentina, for the victims of the Manhattan terrorist attack who hailed from that city.
campus Apple store. Mr. Carlton said Mr. Cleves would eat
lunch in his office and the pair
would discuss Star Wars, bitcoins and the latest Apple
technology.
“We would nerd out together,” Mr. Carlton said. “He
was just this great guy who
was a joy to be around and a
joy to talk with.”
At Brooklyn Fare market
next to Mr. Cleves’s apartment
building, baker Diane Cohen
described Mr. Cleves as a regular. “He was an absolutely
lovely guy, charming,” she
said.
Mr. Drake was a program
manager at Moody’s Analytics
working in the World Trade
Center, according to a statement from the company.
Mr. Drake served on his
hometown’s Board of Education from 2009 to 2013, according to Superintendent of
Schools Michael Polizzi.
Michelle Ablamsky, 32,
who went to graduate school
at Fairleigh Dickinson University with Mr. Drake, said he
tended to go to bed early,
would often post Bible passages on social media, and
dead as Hernan Diego Mendoza, Diego Enrique Angelini,
Alejandro Damian Pagnucco,
Ariel Erlij and Hernan Ferruchi. The injured member of
the group, Martin Ludovico
Marro, was at Manhattan’s
Presbyterian Hospital.
Two members of the group
were already residing in the
U.S., but some couldn’t afford
to make the trip. So Mr. Erlij,
48, a successful Rosario entrepreneur and one of the big
proponents of the reunion,
covered the airfare for two of
them. Mr. Erlij was a huge fan
of local soccer club Rosario
Central and devoted father of
three boys, said Alejandro
Luca, a colleague and friend.
The high-school class was
planning to have a dinner next
week here to celebrate their
30th graduation anniversary,
Mr. Luca said.
“We usually see terrorist
attacks as something that’s
very distant, and now we lost
a friend who cannot be replaced,” said Mr. Luca.
—Santiago Pérez, Natalia
Drozdiak, Leslie Brody and
Thomas MacMillan
contributed to this article.
Victims of Tuesday’s attack, from left: Hernán Ferruchi, Alejandro
Damián Pagnucco, Ariel Erlij and Hernán Diego Mendoza
Other victims, from left: Diego Enrique Angelini, Ann-Laure
Decadt, Nicholas Cleves and Darren Drake
was studying for a second
graduate degree.
“He wouldn’t hurt a fly,”
she said.
Ms. Decadt, the woman
from Belgium, was visiting the
city with her mother and two
sisters, who were unharmed.
She was from Staden, a town
of 11,400 in Western Flanders,
Belgium, where Francesco
Vanderjeugd is mayor. “Staden
is a small community and everyone knows each other
here,” he said. “People are taking it very hard.”
The same is true is in Rosario, where flags were ordered
to be flown at half-staff to
honor the five local victims.
The Argentina Foreign Ministry identified the Argentine
Officer Praised as a Hero After Stopping Suspect
BY CHARLES PASSY
AND ZOLAN KANNO-YOUNGS
On Tuesday afternoon, Ryan
Nash, a five-year veteran of the
New York Police Department,
was responding to a call about
an emotionally disturbed person at Stuyvesant High School
in lower Manhattan.
The 28-year-old officer
learned of a much more dangerous situation on the street:
A man on the loose, yelling
and brandishing weapons, according to city officials and a
police-union representative.
Officer Nash, who is assigned
to the 1st Precinct, spotted the
man and saw people lying in the
street, police said. He then fired
multiple rounds at the man.
“Dozens more lives could
have been in danger,” New York
Police Commissioner James
O’Neill said at a news conference on Wednesday. “We owe
him a great debt of gratitude.”
Police later identified the
man as 29-year-old Sayfullo
Saipov, and said he had killed
eight people and injured 12 by
driving a rental truck down a
bike path along the Hudson
River. Mr. Saipov, who had
brandished paintball and pellet
guns after he exited the truck,
was shot in the abdomen by
FRANK ELTMAN/ASSOCIATED PRESS
Trump
Seeks End
Of Visa
Lottery
The NYPD’s Ryan Nash spoke to reporters Wednesday. He shot the suspect in Tuesday’s attack.
Officer Nash. He was taken to
a hospital and remains in police custody.
Officer Nash is being praised
for his decisive actions, which
ended a terror spree that stands
as the most deadly in New York
since the 9/11 attack on the
World Trade Center, blocks
south of Tuesday’s incident.
Officer Nash “is a hero,”
Terrorist Attacks
In U.S. After 9/11
u July 4, 2002 An Egyptian
man opens fire at the El Al Israel Airlines ticket counter at
Los Angeles International Airport, killing two people.
u July 28, 2006 A gunman kills
one and wounds five others at
Jewish Federation of Greater
Seattle.
u June 1, 2009 A U.S.-born
self-described jihad warrior
shoots two soldiers, one fatally,
outside an Army recruiting sta-
tion in Arkansas.
u Nov. 5, 2009 Army psychiatrist Maj. Nidal Malik Hasan
opens fire at Fort Hood, Texas,
killing 13 people and wounding
30 others.
u April 15, 2013 Two crude
bombs explode near the finish
line of the Boston Marathon,
Mayor Bill de Blasio said at
Wednesday’s news conference.
“He was very humble about
what he did, but what he did
was extraordinary.”
New York Gov. Andrew
Cuomo agreed. “The NYPD is
not just the leadership. It is the
men and women who are out
there every day, who are on the
first line. And I think Officer
Nash really showed how important they are and how talented
and how brave,” he said.
After Tuesday’s incident,
Officer Nash was treated at
Manhattan’s Bellevue Hospital
Center for ringing in his ears.
Late Wednesday afternoon,
Officer Nash said: “I understand the importance of yesterday’s events and the role we
killing three people and injuring
more than 175. Bomber, and
older brother, Tamerlan Tsarnaev, is killed in a shootout
with police; younger brother
Dzhokhar is later captured alive.
by a teenage neighbor who had
converted online to Islam.
u June 25, 2014 In what was
later determined to be the third
in a series of shootings, college
student Brendan Tevlin is shot
eight times while waiting at a
light. Ali Muhammad Brown, set
for trial next year in New Jersey for this killing, has also
been charged in Washington
state with the others.
u Dec. 18, 2014 John Bailey
Clarke of North Carolina is shot
u July 16, 2015 A 24-year-old
Kuwaiti-born man opens fire at
two military facilities in Tennessee, killing four Marines and a
sailor and injuring three before
dying from a gunshot wound.
u Dec. 2, 2015 Pakistani immi-
played and I am grateful for
the recognition we have received.”
Officer Nash, who lives in
Medford, N.Y., has made more
than 50 arrests during his fiveyear tenure. He graduated in
2007 from Patchogue-Medford
High School, where he was on
the cross-country team, said
Kris Zito, a teammate.
Mr. Zito, who works as a
real-estate agent on Long Island, said he wasn’t completely surprised to learn that
Officer Nash played an important role in Tuesday’s incident
because he was known in high
school for his speed and determination. “He definitely had
some willpower behind him,”
Mr. Zito recalled.
Patrick Lynch, president of
the Patrolmen’s Benevolent Association of New York, praised
Officer Nash for his actions,
along with three other officers.
He noted that John Hasiotis,
Officer Nash’s partner, secured
the scene and gathered witnesses, getting accounts that
are “critical to understanding
the event.” Michael Welsome
and Kevin McGinn, two other
officers, secured the suspect’s
weapons and ensured “the
safety of all those” in the area,
Mr. Lynch said.
grant Tashfeen Malik, who had
just pledged allegiance to the
leader of Islamic State, and her
American-born husband open
fire on an office party in San
Bernardino, Calif., killing 14 people and wounding 21.
u June 12, 2016 Omar Mateen
kills 49 people and wounds 53
more at an Orlando gay nightclub
before police fatally shoot him.
u Oct. 31, 2017 Eight people
are killed and at least a dozen
injured when a truck mows
down pedestrians and cyclists
in lower Manhattan.
—Source: Cato Institute
A8 | Thursday, November 2, 2017
* ***
THE WALL STREET JOURNAL.
WORLD NEWS
Niger to Allow U.S. to Stage Drone Strikes
Premier says inquest
seeks to determine
how deadly ambush
occurred last month
TORONTO—Niger is open to
allowing U.S. drone strikes
against terror groups, the
West African nation’s prime
minister said, days after U.S.
officials disclosed that an
armed drone had been sought,
but not sent, near where four
American soldiers were killed
in an ambush last month.
In an interview with The
Wall Street Journal on Wednesday, Brigi Rafini called the
American deaths “an accident,”
adding that U.S. forces aren’t in
the region to conduct war.
He said the government is
undertaking an inquest to find
out how the Nigerien and U.S.
forces were ambushed, but suggested informers in a local village may have tipped off suspected Islamic State fighters.
Mr. Rafini said that while jihadists don’t have bases in the
country, attackers can easily
meld into the local population.
He said it is very possible that
villagers, paid to inform on local
activities, phoned ahead to attackers when U.S. and Nigerien
forces stopped to get breakfast
and refill their canteens.
He added the inquest is also
trying to determine to what extent the village chief was complicit in the ambush. He said he
doubts anyone in the Nigerien
army acted as an informant.
Mr. Rafini said the U.S. is
JOE SKIPPER/REUTERS
BY VIPAL MONGA
AND JOE PARKINSON
An honor guard took part in a service for Army Sgt. La David Johnson, who was among four Green Berets killed in Niger last month.
operating in the country at the
Nigerien government’s request.
“Drones are among the
tools they have to use,” he
said, speaking in French during
an interview on the sidelines
of the Toronto Global Forum.
“You need to deploy them
for investigation and reconnaissance,” he said, adding his
country is open to allowing
U.S. drones for combat “if we
need them for other uses.”
U.S. military officials had
sought permission to send an
armed drone near a patrol of
Green Berets before the Oct. 4
ambush that left four American
soldiers and five Nigerien
troops dead, but the request
was blocked in a chain of approval that snakes through the
Pentagon, State Department and
the Nigerien government, officials briefed on the events said.
Questions continue to swirl
around the circumstances of the
attack, as U.S. officials have re-
peatedly modified the timeline.
It is the deadliest military
clash for Americans since President Donald Trump took office.
Sen. John McCain (R., Ariz.),
chairman of the Senate Armed
Services
Committee,
has
pressed for information, and a
public spat broke out about condolence calls Mr. Trump made
to families of the fallen soldiers.
On Wednesday, Mr. Rafini
said Niger appreciates U.S. involvement in the country, both
for security and through programs such as a $437 million
grant with the Millennium
Challenge Corp., an independent agency created by Congress. The MCC is looking to
improve access to water and
boost the country’s agriculture.
U.S. economic aid is helpful,
he said, and so is help in areas
of security, he said. “They don’t
have permission to go onto our
territory to do the work of the
Nigerien army,” he said. “But I
can tell you that we’re satisfied
with the collaboration.”
The October attacks came
after a steady stream of raids
against Nigerien forces along
the Mali border. Last month,
an additional 12 Nigerien
troops were killed by gunmen
around 50 miles from the ambush on U.S. forces. Nigerien
officials say there have been
at least 40 attacks recorded in
the region since last year.
The raids come amid an expanding regional jihadist insurgency in the poor, sparsely
populated Sahel territory south
of the Sahara, where competing Islamist franchises have
profited from centuries-old
contraband- and people-smuggling routes. For decades, this
desolate region has been so
clouded in obscure conflict and
criminal trafficking that the
U.S. and other Western powers
have been at a loss for trustworthy partners on the ground.
But localized insurgencies are
now fusing with Islamic State
and al Qaeda. Jihadists have
stepped up attacks on civilian
targets, regional forces and
United Nations peacekeepers.
Since the 1993 failure of
America’s military intervention
in Somalia, Washington has
tried to secure the Sahara from
terrorists by training and
equipping local troops and leaving them to deal with the task.
The Green Beret deaths
aren’t the first stumble: In
2013, some U.S.-equipped Malian soldiers joined al Qaeda,
and a U.S.-trained army captain, Amadou Sanogo, overthrew the Bamako government, forcing Washington to
cancel training courses.
U.K. Defense Minister Resigns After Sex Allegations
BY JENNY GROSS
AND WIKTOR SZARY
of the UK Independence Party.
The investigation comes
amid calls for scrutiny into
whether the Russian government influenced the Brexit
vote in June 2016, with Labour
lawmaker Ben Bradshaw saying in Parliament last month
that the government must reassure the public that the
funds spent on the campaign
were from permissible sources.
Under British law, companies need to be “carrying on
business” in the U.K. to make
large donations to campaigners
and political parties.
Mr. Banks, a multimillionaire, called the investigation an
attempt to discredit the referendum’s results and said allegations that Brexit was funded
by the Russian government are
“complete bollocks from beginning to end.”
LONDON—Britain’s electoral
watchdog said it was investigating whether one of the key
financial backers of the campaign to take the U.K. out of
the European Union breached
campaign-finance rules ahead
of last year’s referendum.
The Electoral Commission,
which regulates political finance in Britain, said it would
look into whether British insurance magnate Arron Banks
was the true source of millions
of pounds in donations and
loans made in his and his company’s name to Leave.EU, a
pro-Brexit group backed by Nigel Farage, the former leader
TOLGA AKMEN/AGENCE FRANCE-PRESSE/GETTY IMAGES
U.K. Defense Secretary Michael Fallon seen after attending the weekly cabinet meeting on Tuesday.
to the radio presenter at the
time and considered the matter
closed. The presenter confirmed the incident this week
but said she didn’t regard it as
“anything but mildly amusing.”
She said she doubted it was the
reason he resigned.
Dozens
of
allegations
against British politicians have
surfaced after a flood of accusations of sexual harassment
against Hollywood producer
ADVERTISEMENT
Leisure Travel
To advertise: 800-366-3975 or WSJ.com/classifieds
FRANCE
Harvey Weinstein prompted
women in the U.K. to speak out.
Another key ally of Mrs.
May, her deputy Damian Green,
was also accused this week of
making inappropriate advances
toward a woman, in this case a
political activist. Mr. Green has
denied the allegations.
Neither he, Mr. Fallon nor
any other accused lawmaker
has been charged with a crime.
Mr. Fallon’s resignation is
the latest blow to the British
leader, whose authority has already been damaged badly after she lost her party’s majority in a snap election in June.
Confidence in Mrs. May and
her Conservative Party, consumed by infighting over Britain’s approach to negotiations
on leaving the European
Union, is already low, and further fallout from the accusations could unsteady the gov-
ernment as it approaches a
critical phase in Brexit talks.
Mrs. May said in response
to Mr. Fallon’s letter that she
appreciated the “characteristically serious manner in which
you have considered your position, and the particular example you wish to set to servicemen and women and others.”
In the wake of the allegations against Mr. Weinstein—
who apologized but denied ac-
cusations of nonconsensual
sex—British media have reported on what they call a
Conservative Party “dirty dossier,” compiled by Parliament
workers. The dossier lists 36
politicians from the ruling
party, some of them sitting
ministers, and describes allegations of extramarital affairs,
harassment and sexual indiscretions. Most of the names
haven’t been made public.
Deadly Navy Collisions Were Avoidable
BY GORDON LUBOLD
AND NANCY A. YOUSSEF
WASHINGTON—Two U.S.
Navy collisions that killed 17
sailors this year were avoidable, according to a pair of reports on the accidents released
Wednesday that cited failures
in a number of areas, from
steering and navigation to what
officials describe as the culture
aboard each of the ships.
Two destroyers, the USS
John McCain and the USS
Fitzgerald, were involved in
separate wrecks. The Fitzgerald collided with a commercial
vessel in June, killing seven
sailors; the McCain collided
with a tanker in August, killing
10 sailors.
“Both of these accidents
were preventable and the respective investigations found
multiple failures by watchstanders that contributed to
the incidents,” said Chief of Naval Operations Adm. John Richardson, in a statement Wednesday. “We must do better.”
Adm. Richardson said the
Navy must learn from its
lapses, and plans to announce
CHRISTIAN SENYK/US NAVY HANDOUT/GETTY
LONDON—British Defense
Secretary Michael Fallon resigned Wednesday after he
was accused of inappropriate
conduct toward a radio presenter, becoming the first U.K.
politician to quit over allegations of sexual misconduct
sweeping through the country’s ranks of power.
In a letter published by
Prime Minister Theresa May’s
office, Mr. Fallon said his past
behavior hadn’t kept to the
ideals demanded by military
services. Mr. Fallon, who isn’t
resigning from his position as
a lawmaker, didn’t specify
what behavior had been inappropriate.
“A number of allegations
have surfaced about MPs
[members of Parliament] in
recent days, including some
about my previous conduct,”
he said. “Many of these have
been false but I accept that in
the past I have fallen below
the high standard we require
of the armed forces that I have
the honor to represent.”
Mr. Fallon’s resignation followed his apology after the tabloid The Sun published allegations this week that he touched
the knee of a female radio presenter at a dinner in 2002. His
spokesman said he apologized
Electoral Watchdog
Probes Key Funder
Of Brexit Campaign
The USS Fitzgerald in dry dock after the wreck that killed seven.
on Thursday a series of actions to improve training, protocols and cultural issues that
officials believe contributed to
the two fatal collisions.
The incidents have cost
high-ranking naval officials
their careers. In addition to removing senior officers on each
of the ships, the Navy also relieved the Seventh Fleet commander, Adm. Joseph Aucoin.
The controversy surrounding the collisions also essentially ended the career of Pacific Fleet commander, Adm.
Scott Swift, who was destined
to become the next U.S. Pacific
Command commander. But in
a rare move, Adm. Swift announced in September he was
informed he wouldn’t get the
Pacific Command assignment
and thus would seek to retire.
Adm. James Caldwell, the
head of Naval Reactors, has
been appointed to conduct an
independent review to determine whether additional disciplinary actions should be taken,
the Navy said Wednesday.
The reports issued Wednes-
day answered more of the outstanding questions about how
two modern American destroyers could collide with commercial vessels in the Pacific Ocean.
In the case of the Fitzgerald, which collided with a
29,000-ton commercial vessel,
the ACX Crystal, the Navy
found numerous failures by
the ship’s crew. These included
a failure to adhere to sound
navigation procedures or execute basic watch-standing
practices, according to the executive summary of that report. Investigators also found
the ship’s crew failed to properly use navigation tools or to
deliberately and effectively respond “when in extremis.”
On the McCain, which collided with the commercial vessel Alnic MC in August, investigators found there was a
“loss of situational awareness”
in response to mistakes made
with the ship’s steering and
propulsion system as it navigated highly trafficked waters.
Sailors assigned as watchstanders had insufficient proficiency and knowledge of the
ship’s systems, the report said.
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THE WALL STREET JOURNAL.
Thursday, November 2, 2017 | A9
* * * *
WORLD NEWS
BY EUN-YOUNG JEONG
SEOUL—South Korean companies are hopeful that signs
of improved diplomatic ties
between Seoul and Beijing
mean their long-running dispute, which is seen costing the
country’s economy billions of
dollars, is coming to an end.
China and South Korea said
Tuesday they would work to
patch up their relationship after the spat, which was
sparked around August 2016
by Seoul’s decision to install a
U.S. missile-defense system
that Beijing has said undermines its national security.
Since then, some South Korean companies—which had
grown increasingly reliant on
China—have faced an economic backlash, suffering
sales slumps, product boycotts, business suspensions
and a sudden cutoff in Chinese
tourism. South Korea’s economy is expected to take a
roughly $7.6 billion hit from
the discord this year alone, according to a forecast by the
Seoul-based Hyundai Research
Institute in May.
However, shares of some
South Korean companies affected by the dispute have recently risen, indicating investors have started to bet on a
thaw in relations between the
two countries. Last month,
Seoul and Beijing renewed a
currency-swap agreement and
their defense ministers held
bilateral talks.
Shares of cosmetics maker
Amorepacific Corp.—among
the biggest beneficiaries of a
recent boom in Chinese interest in Korean products—have
climbed 9.4% since the beginning of last week. Over that
period, shares of Asiana Airlines Inc. and Hyundai Motor
Co. gained 12.3% and 6.0%, respectively, compared with a
2.7% rise in the broader market.
During a quarterly earnings
call last week, Han Chun-soo,
executive vice president of
Hyundai affiliate Kia Motors
Corp., had an optimistic outlook for the coming months
regarding the situation in
China. “Anti-Korean sentiment
there appears to have diluted,”
Mr. Han said.
The dispute began shortly
after South Korea said that it
would proceed with the installation of the contentious Terminal High-Altitude Area Defense, or Thaad, missiledefense battery. China is
widely believed to have conducted a campaign of economic retaliation in response,
though Beijing has denied this.
—Lin Zhu in Beijing
contributed to this article.
Korean Leader Goes on Defensive
BY JONATHAN CHENG
SEOUL—South
Korea’s
leader used a closely watched
speech to oppose military action in countering North Korea,
as the U.S. builds up its forces
in the region and Donald
Trump prepares to make his
first trip to Asia as president.
In a nationally televised address on Wednesday, President
Moon Jae-in also vowed to
bolster South Korea’s military
capabilities through increased
defense spending, but said
South Korea shouldn’t develop
or possess nuclear weapons.
“Our top priority is to
maintain peace on the Korean
Peninsula,” he said. “Thus,
armed conflict must be
avoided under any circumstance. No military action on
the Korean Peninsula shall be
taken without prior consent of
the Republic of Korea,” he
said, using the formal name
for South Korea.
The address to the National
Assembly was nominally a
budget speech, but was billed
domestically as a kind of “state
of the union” address six
months after his inauguration.
In his speech, Mr. Moon
called for a peaceful resolution
to the standoff with Pyongyang over its nuclear-weapons
program, even as he announced the biggest annual increase in South Korea’s military budget in nearly a decade
and pledged to maintain the
South’s “overwhelming military superiority.”
The annual budget, which
must be approved by lawmakers, calls for a 6.9% increase in
defense spending, and a 10.5%
rise in funding for projects that
he said would aid “the enhancement of defense capabilities.”
The commitment to greater
defense spending comes after
the Moon administration, during a visit to Seoul by Defense
ED JONES, PRESS POOL
Firms Get
Lift as Ties
To Beijing
Improve
South Korean President Moon Jae-in on Wednesday said he opposes military action against North Korea.
Secretary Jim Mattis last
week, called for a speedier
handover of wartime operational command from the U.S.
South Korea has day-to-day
control of its military, but in
the event of a major conflict
on the peninsula, the top U.S.
general in South Korea would
assume operational control of
both militaries, under an
agreement in place since the
Korean War in the 1950s.
Mr. Moon and his allies regard that arrangement as an
encroachment on South Korea’s
sovereignty. It has also opened
up Seoul to charges from North
Korea that the South is a puppet state of the U.S.
Under the current agreement, the transfer of wartime
operational control has been
predicated on South Korea’s
boosting its own defense capabilities to repel a North Korean attack. The allies reaffirmed those conditions in a
joint statement on Saturday.
Mr. Moon’s remarks come
Beefing Up
South Korean President Moon Jae-in's first budget calls for the
biggest annual increase in defense spending in nearly a decade.
Defense budget
Change from previous year
50 trillion won
10%
40
8
30
6
20
4
10
2
0
2007
2018*
6.9%
0
2010
’15
’18*
*Pending legislative approval
Note: 1 trillion won=$894.1 million
Source: Ministry of National Defense
days before Mr. Trump begins
his visit to the region.
Mr. Trump will visit South
Korea on Tuesday as the second stop on a five-country
swing through Asia. He has repeatedly threatened U.S. military action against North Ko-
2007
2010
’15
’18*
THE WALL STREET JOURNAL.
rea and said recently that
attempts at negotiations with
Pyongyang were a waste of
time.
Meanwhile, for the first
time in a decade, the U.S. has
positioned three aircraft carriers in the western Pacific
Ocean, a rare clustering of
military might. U.S. defense
officials have left open the
possibility that the carrier
strike groups may stay in the
area to conduct maneuvers.
Stratfor, an Austin, Texasbased geopolitical consultancy,
told clients in a report Tuesday
that while the presence of the
three carriers doesn’t necessarily mean that the U.S. is gearing
up to start a war with North
Korea, “these developments
suggest that the United States is
preparing for a confrontation.”
North Korea, meanwhile, hit
out at Washington for deploying aircraft carriers near the
peninsula, and said U.S. pressure was ineffective.
“No matter whatever rubbish Trump may utter, that
can never take the army and
people of the DPRK by surprise,” the state-run Korean
Central News Agency said on
Wednesday, using an acronym
for the country’s formal name,
the Democratic People’s Republic of Korea.
Mr. Moon’s rejection of any
interest in developing or possessing nuclear weapons was
an implicit rebuttal to demands
from conservative opposition
lawmakers that South Korea reintroduce tactical U.S. nuclear
weapons in response to North
Korea’s rapid military advances.
Former President George
H.W. Bush withdrew Washington’s nuclear weapons from
South Korea in 1991.
Mr. Moon’s speech was also
notable for the lack of any offer to meet directly with North
Korean leader Kim Jong Un,
which has been a feature of
the South Korean leader’s previous addresses.
Mr. Moon affirmed that he
regards sanctions and pressure
primarily as a way to restart
dialogue with North Korea.
—Min Sun Lee
contributed to this article.
Xi Looks to Past in Plotting China’s Future
BY CHUN HAN WONG
BEIJING—Days into a new
leadership term, Xi Jinping
went on the road to strike
home the defining message of
his administration, that only
the Communist Party can
guarantee his “China Dream”
of national rejuvenation.
In his first public appearance
since a party congress that invested him with authority comparable with Chairman Mao Zedong, Mr. Xi took his top
lieutenants back to the party’s
roots. At a brick house in
Shanghai’s French Concession
that hosted the party’s founding congress almost a century
ago, the seven men raised and
clenched their right fists, pledging to “fight for communism”
and “never betray the party.”
The pilgrimage on Tuesday
Group’s Stephen Schwarzman.
In a speech during Tuesday’s trip, he reiterated the
defining theme of his leadership: rekindling a sense of patriotic purpose in his 89 million-member ruling party.
echoed a piece of political theater Mr. Xi led soon after taking power in late 2012, when
he toured a Beijing museum
exhibition tracing China’s recovery from foreign humiliation, and declared his goal of
steering his nation to global
prominence—a program enshrined last week in the
party’s constitution.
Mr. Xi has moved swiftly to
flex his new muscle, putting allies in key posts and leading
meetings with the party and
military elite. China’s rubberstamp parliament reviewed a
bill that would place paramilitary police forces firmly under
the control of a commission led
by Mr. Xi. He also found time
to greet American business
leaders such as Facebook Inc.’s
Mark Zuckerberg, Tim Cook of
Apple Inc. and Blackstone
The president took
lieutenants to the site
of the first Communist
Party congress.
“A Communist’s original aspirations
should
never
change,” Mr. Xi said. “Only by
remaining true to our original
aspirations, can we answer to
history and our forebears, and
win people’s hearts.”
Mr. Xi is signaling that reigniting missionary zeal among
the rank-and-file remains the
key focus for his second fiveyear term, said Wu Qiang, a
current-affairs commentator
and former politics lecturer at
Beijing’s Tsinghua University.
For the 64-year-old son of a
revolutionary leader, harking
back to the Communist Party’s
early history could also boost
his personal legitimacy. “It reinforces Xi Jinping’s image as
an heir to the revolutionary
tradition,” Mr. Wu said.
Heading a Politburo meeting
last week, Mr. Xi urged new efforts to ensure all party members study and implement his
policy program. The 25-member Politburo described him as
the party’s lingxiu, an honorific
meaning “leader” that is most
closely associated with Mao.
Many of the fresh faces on
the Politburo are seen as close
to Mr. Xi, including officials
who worked under him in local
bureaucracies. Some of them
assumed key posts as the
party’s propaganda and personnel chiefs as well as party chiefs
in Shanghai and the southern
province of Guangdong.
Last week, the official Xinhua News Agency reported
that Mr. Xi had assumed personal oversight over high-level
appointments.
At the Shanghai brick
house, Mr. Xi led his fellow
members of the Politburo
Standing Committee in reciting
the party’s oath of allegiance.
State television showed Mr. Xi
emerging from the building to
greet cheering crowds, shaking
hands amid constant chants of
“Hello, General Secretary.”
WORLD WATCH
BRAZIL
An American couple and their
two young children were found
safe Wednesday in Brazil’s Amazon, local police said, after the
barge they were traveling on
was allegedly boarded by river
pirates on Sunday, authorities
and family members said.
Brazilian authorities said the
couple, Adam and Emily Harteau,
39 and 36 years old, and their
daughters Colette, 6, and Sierra,
3, were being taken to Breves, in
the Brazilian northern state of
Para, for medical exams.
Ms. Harteau’s father, Warren
Brandle, had said earlier in a
phone interview that the couple
maintained a travel blog called
Our Open Road. They departed
California in their Volkswagen
van in October 2012 and have
been roaming Latin America
ever since.
— Paul Kiernan
and Paulo Trevisani
YEMEN
Airstrike on Hotel
Reportedly Kills 29
A suspected airstrike by the
Saudi-led coalition fighting Shiite
rebels in Yemen killed at least
29 people, including children, in
the country’s north, a Yemeni
health official said Wednesday.
Abdellah al-Ezi, head of the
health office of the northern
Saada province, said the airstrike
NAIF RAHMA/REUTERS
U.S. Family Missing
After Attack Found
A suspected airstrike by a Saudi-led coalition on a small hotel in
Saada, Yemen, killed 29 people, a local official said.
struck a small hotel in a market,
wounding 28 other people.
Saada, which borders Saudi Arabia, is a stronghold of the Iranbacked rebels, known as
Houthis. The spokesman for the
Saudi-led coalition didn’t respond
to a request to comment.
International rights groups
have accused the coalition of
bombing civilian gatherings, markets, hospitals and residential areas across Yemen since its air
campaign against the Houthis
began in March 2015.
—Associated Press
MIDDLE EAST
Russia, Iran Discuss
Energy Ties, Syria
Russian President Vladimir
Putin and Iranian leaders in Tehran agreed to boost energy ties
and discussed cooperation to
end Syria’s war, in which they
support President Bashar al-
Assad.
Mr. Putin’s visit to the Iranian
capital, his first since 2015,
comes at a time of intensifying
efforts to end the Syrian conflict. He met with Iranian President Hassan Rouhani and Supreme Leader Ayatollah Ali
Khamenei, who has final say in
matters of state. Russia and Iran
signed six preliminary agreements on energy cooperation.
—Aresu Eqbali
and Asa Fitch
OSAMA BIN LADEN
Documents Found in
2011 Raid Released
The Central Intelligence
Agency released a new tranche
of documents, videos and audio
captured during the 2011 raid
that led to the death of al
Qaeda leader Osama bin Laden,
including 228 pages from his
handwritten journal.
In all, the agency said it released 470,000 files.
Descriptions by the CIA of
the files and the documents
themselves show that the terror
leader was still engaged in al
Qaeda’s global operations while
he was isolated in his Pakistani
hideout.
The documents show that
even as the terror leader plotted
against the U.S., he seemed to
enjoy American entertainment.
Among the video selections
found in the compound were
“Little House on the Prairie,”
several National Geographic specials, and American cartoons, according to the CIA, which also
said the videos included pornography.
—Nancy A. Youssef
CANADA
Ottawa Will Accept
More Immigrants
Canada pledged to increase
annual immigration levels by
more than 10% by the end of
the decade, saying Wednesday
that the country is prepared to
take a different course from its
developed-world peers to fuel
economic growth.
Canada’s Immigration Minister Ahmed Hussen said the
country would accept 310,000
new permanent residents next
year, up from an estimated
300,000 this year. That intake is
set to gradually rise to 340,000
by 2020, or roughly 1% of the
population.
—Paul Vieira
Parents Toll-Free Helpline
1-855-DRUGFREE
(1-855-378-4373)
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THE WALL STREET JOURNAL.
A10 | Thursday, November 2, 2017
BOOKS
Continued from Page One
to the book about raising confident children have been sold
to 23 countries. It hit the bestseller list in Italy and is in its
ninth U.S. printing.
Another Nordic-loving book
claims a different secret: friluftsliv, or “open-air living,”
encouraging children to climb
trees and get dirty playing
outdoors in what SwedishAmerican author Linda Åkeson
McGurk calls their “mud
kitchen.” Her book, “There’s
No Such Thing as Bad
Weather,” was just released in
the U.S. and is bound for a
publishing house in Poland.
Apparently, no one wants to
parent like an American. Publishers can’t name a recent
U.S. hit on the subject. “I don’t
know that anyone’s written a
book about helicoptering,”
says Marnie Cochran, executive editor at Ballantine Books.
Besides, who can compete
with this Dutch title? “The
Happiest Kids in the World” is
selling in the U.S. and England. The book, which has an
American co-author, Rina Mae
Acosta, describes mellow
Dutch parents who serve their
young ones chocolate sprinkles on toast with breakfast
and allow their teenagers “romantic sleepovers” at home.
It is available in Finnish,
Italian and, for parents interested in reading about themselves, Dutch. Japanese, Korean, Thai and Chinese
editions are coming soon.
(Just don’t ask the Danes
for comment: “The Dutch children are the happiest in the
world, but the Dutch people as
adults are not the happiest—
the Danish people are constantly in the top three,” says
Jessica Joelle Alexander, coauthor of “The Danish Way of
Parenting.”)
Russian, Polish and U.K.
publishers bought the rights
to “Achtung Baby,” a book arriving in January by American
author Sara Zaske. It promotes
self-reliant German tots who
learn to wield sharp knives
and light matches.
“They are a familiar pitch—
I say, ‘All right, what country?
Got it. Send it along,’” Ms. Cochran says of such proposals,
including manuscripts she has
read on parenting in Finland
and Japan. “There are lots of
countries left in the world that
we haven’t explored, that we
can perhaps learn from or exploit.”
Author Amy Chua helped
launch the foreign-parenting
boom in 2011 with “Battle
Hymn of the Tiger Mother,”
her book about raising children with the discipline and
high expectations of Chinese
parents. It has been published
in roughly 30 languages and
inspired a TV sitcom in China.
Ms. Chua says parenting writers often send her culturally
themed pitches, including offerings from a Mormon and a
Brazilian.
“Sometimes I’m thinking,
‘Hmm, I’m curious what there
is to add,’ ” she says. She
passes on ideas to her agent.
Dallas freelance writer Kate
Desmond was inspired by
reading “The Danish Way of
Parenting” and its embrace of
unsupervised outdoor play but
worries about busy city
streets. She tries to follow the
book’s advice on avoiding ultimatums. But, she says, “just
this morning, I bribed my 3year-old to get in the car with
a piece of candy corn.”
A few years ago, Tanja
Maier tried to do for Russian
parenting what U.S. expat Pamela Druckerman did in 2012
with her best-selling book on
ROBIN VAN LONKHUIJSEN/EPA/SHUTTERSTOCK
IN DEPTH
Father and child at the Baby Museum in The Hague.
French child-rearing, “Bringing Up Bébé.” Ms. Maier
pitched a book on Moscow
mothers who zealously push
their children to succeed at
hobbies and keep them in hats
year-round to avoid a draft.
In their rejection letters,
one U.K. agent wrote, “the
Russian approach doesn’t really resonate.”
Ms. Maier did get one
bite—from the Russians. Ear-
lier this year, a Russian publisher released a translated
edition titled “Winter Hat,
Grandmother, Kefir.” The book
praises mothers who don’t let
their beauty routines slip and
raise children on porridge and
kefir, a tangy milk beverage.
“It turns out, the Russians
wanted to hear somebody saying something good about
them,” says Ms. Maier, a 41year-old Arizona native who
Continued from Page One
intensity. Now it is coming to a
head under the first American
presidency of an open freetrade skeptic, in a case just
starting to wend its way
through the Geneva process.
The issue: whether China has
graduated to a “market economy,” a change of status that
would make it considerably
harder for other nations to
block imports they believe are
improperly aided by Chinese
government distortions.
China has sued both the U.S.
and European Union demanding the change, calling it “nonnegotiable,” and Chinese officials are likely to reiterate that
demand when they talk trade
next week with President
Trump during his Beijing visit.
Steelworkers have jammed the
streets of Belgium and Germany protesting that ultimatum, while Europe’s parliament
voted 546 to 28 to fight it, one
Italian lawmaker saying acceptance “would be carrying out
the suicide of the European industry.”
‘Cataclysmic’
“This is without question
the most serious litigation
matter we have at the WTO
right now,” Robert Lighthizer,
the Trump administration’s
trade representative, told Congress in June. A China victory,
he added, “would be cataclysmic for the WTO.”
Washington’s role challenging the WTO marks a reversal
from the giddy mid-1990s heyday of globalization, and a reminder of how nationalism is
increasingly the byword in
global economic competition.
When the WTO was forged in
Morocco as a new international
trade overseer, replacing the
less-powerful General Agreement on Tariffs and Trade, the
Cold War had ended and the
U.S. saw a chance to weave
economies together around
American-style capitalism.
GATT and the WTO have,
over the past seven decades,
greased the wheels of interdependence. Under Geneva’s
guidance, tariffs have plunged
nearly 80% and trade’s share of
the global economy has more
than doubled..
The WTO’s defenders say it
still plays an important role.
Roberto Azevedo, the directorgeneral of the WTO, credits his
organization with preventing a
recurrence after the 2008 financial crisis of the trade wars
that exacerbated the Great Depression. “If we didn’t have the
WTO, we would be in much
worse shape,” Mr. Azevedo
said in an interview.
Mr. Azevedo plays down U.S.
complaints that his body isn’t
properly equipped to handle
China. “We have 164 countries,” he said. “China is one of
those countries that have their
own practices, their own methodologies. The system was designed to respond to that diversity.”
But critics say the system is
badly in need of an overhaul.
After the violent 1999 street
battles that killed the Seattle
round and the effective 2015
death of the Doha Development
Round, the world trade regime
has now gone nearly a quartercentury without a comprehensive rules upgrade—the longest
XINHUA/ZUMA PRESS
TRADE
A Chinese garden is on prominent display at the World Trade Organization’s Geneva headquarters.
World-Trade Disorganization
As China’s share of global trade has grown rapidly, nearing or eclipsing that of traditional powers...
Each nation's trade as a share of the global total
Exports
Imports
20%
20%
16
16
12
China
8
U.S.
8
4
4
0
0
1995
2000
’05
’10
’15
U.S.
12
China
1995
2000
’05
’10
’15
...the U.S. and other countries have ramped up accusations of unfair trading practices, and invoked
those allegations to block Chinese imports.
Percentage of U.S. imports from China
covered by restrictions
Imports affected by U.S. trade restrictions, in billions
10%
Antidumping
8
6
4
Antisubsidy*
2
0
China
S. Korea
Mexico
India
Japan
Canada
Germany
France
2016 estimate
2017 estimate
U.K.
1995
2000
’05
’10
’15
$0B
$10
$20
$30
$40
$50
Amid those fights, China has become a more active participant in the WTO's courts, helping feed a backlog
and aggravating strains on the system.
Active WTO disputes per year
Length of dispute process, 1995–2016
Official deadline for each step
40
Actual avg.
From request to panel
30
From panel to report
20
10
0
1995
2000
’05
’10
’15 ’17†
Appeals (2–3 mos.)
Agreed-upon time to
implement agreement
Compliance panel
From compliance
appeal to final report
0
6
months
12
18
*Countervailing duties †Through September
Sources: World Bank (exports and imports); Chad Bown, Peterson Institute for International Economics (restrictions); WTO (disputes per year);
Louise Johannesson and Petros C. Mavroidis (length of process)
THE WALL STREET JOURNAL.
such period since World War
II.
These failures have elevated
the importance of the WTO’s
judicial system, as countries
concluded their only option for
advancing their cause in Geneva was litigation, not negotiation.
At the WTO, disputes are
handled before “panels,” not
“courts,” terminology carefully
chosen in deference to homecountry political concerns
about sovereignty.
The courts are structured as
an arbitration system, with a
dispute-settlement panel and a
more powerful appellate body.
WTO officials call the process
their “crown jewel” and say
members comply with 90% of
its rulings.
One of the most active litigants has been Beijing.
China’s 2001 WTO entry was
a transformative moment. Negotiations took 15 years and included more strings and conditions than had been imposed
on any other member. The
shared, underlying assumption
was that China’s economy was
undergoing a historic transition from state-run to marketoriented, and that WTO membership would ensure, and
accelerate, that evolution.
The Chinese government
was at first shy about using
the WTO courts. But the surge
in Chinese exports following its
WTO entry, which suddenly
made it the world’s largest exporter, thrust Beijing into the
center of the legal system.
Since 2007, China has been
party to more than a quarter of
all WTO cases.
Facing such pressures, Chinese officials set about to master the process. The Chinese
offered large stipends to prominent American and European
trade-law scholars to teach
seminars in China for young
bureaucrats. They retained top
U.S. law firms. Steptoe & Johnson LLP became the go-to firm
for combating a new American
policy imposing extra-steep duties on Chinese imports aided
by allegedly illegal subsidies.
Beijing’s lawyers started
notching notable court wins
over the Americans who
shaped the system. In a series
of rulings from 2011 through
May 2017, the appellate body
concluded that Washington
had cut too many corners in
asserting that the state underwrites Chinese exports. Those
decisions, covering four dozen
industries, from off-road tires
to wind towers to, literally,
kitchen sinks, raised the bar
for U.S. policy makers trying to
block Chinese imports.
WTO defenders note the
U.S. has still won the vast majority of cases it has filed in
Geneva, and say it should be
pleased that China has chosen
to pursue its trade grievances
through global arbiters.
“Since our accession to the
WTO, China has always followed the WTO rules,” Cui
Tiankai, China’s ambassador to
the U.S., said in a recent interview with a Chinese TV station. “Sometimes we don’t
have 100% agreement with
them, but still we play by the
rules. I hope America could do
the same.”
The losses rankled the
Washington trade community.
In May 2016, aides to thenPresident Barack Obama cited
two rulings favoring China as
part of a broader list of grievances designed to block the reappointment of a South Korean
judge on the appellate body.
At a tense meeting at WTO
headquarters, the U.S. delegate
told fellow trade diplomats
that the judge, South Korean
law professor Seung Wha
Chang, had shown a pattern of
judicial overreach and suggested that he had acted as an
“independent investigator or
prosecutor” on behalf of parties such as Beijing.
It was seen as a surprisingly
hostile act in the genteel Geneva community. Mr. Chang
himself responded through an
interview with a Korean newspaper, saying he had been
made a scapegoat. He added
that the U.S. may have wanted
him removed before the trade
court heard a pending challenge to American restrictions
on South Korean washing machine exports., an insinuation
U.S. officials have rejected.
Bigger problem
The Chang tensions exposed
a bigger problem: The WTO’s
failure to complete negotiating
rounds aimed at updating rules
for 21st-century business has
forced judges to use often-outdated 1990s guidelines in settling disputes. That has fed
complaints that the WTO
courts were relying increasingly
on their own interpretations of
those rules, engaging in judicial
overreach and activism.
Since the WTO doesn’t have
detailed rules governing Chinese-type state-owned-enterprises, some observers say jurists have had to make
decisions case by case.
The Trump administration
has escalated the Obama administration’s battle over the
appellate body, blocking appointments of any new judges
and sparking fights even with
members sympathetic to the
U.S. campaign against China.
By year’s end, the seven-member appellate body will have
three vacancies, heightening
worries about its ability to
manage a mounting backlog
and a looming “tsunami of
moved to Moscow in the
1990s.
Some readers seek out
strict child-rearing like the
style described in the recently
released “Little Soldiers.” In
the book, American Lenora
Chu tells the story of enrolling
her 3-year-old son in a staterun school in China.
She describes an education
culture that can breed success
but also punishes children
through isolation and rewards
sitting still with shiny red
stars on the forehead. “The
book is about me trying to
find the middle ground as a
parent,” she says.
“Little Soldiers” is sold in
the U.K., Hungary, Russia, Australia and New Zealand. It hit
a snag in China, where a deal
was contingent on excising a
chapter
about
political
thought control in the classroom, Ms. Chu says.
Parents in China are also
conflicted about child-rearing,
Ms. Chu says. In an interview,
she describes a Chinese
woman who moved to Canada
for its carefree atmosphere
but now worries that all children do there is play outside.
The grass, Ms. Chu says in
her book, “is always greener
elsewhere.”
cases,” as one judge warned in
a recent speech. At an Aug. 31
meeting of the committee
overseeing the courts, the U.S.
said it would block any attempt to fill those slots until
its “longstanding” complaints
about the courts were addressed.
There’s no sign Mr. Trump
intends to follow through on
the idea he once floated during
the 2016 campaign of pulling
the U.S. out of the organization. But aides have said they
are exploring a number of policies that openly challenge the
WTO’s authority, reflecting
their skepticism about the
body’s ability to handle China.
A looming challenge to the
WTO is the pending case determining China’s official status in
the world trading system—
whether members are now required to treat it as a “market”
economy. The debate is complicated because there appears to
be no clear answer in WTO
rules, which some participants
say were left intentionally
vague in the agreement governing China’s entry.
Beijing reads the pact as
having automatically guaranteed it market status 15 years
after its December 2001 accession. The U.S., Europe, Japan
and others say the change was
intended to be a privilege contingent on liberalization promises Beijing has yet to keep.
China waged a
diplomatic campaign
to gain ‘market’
status; now it’s suing.
The penalty China pays for
its WTO label as a “nonmarket
economy” is high, as would be
China’s benefits for wiping it
away. The “nonmarket” designation makes it easier for trading partners to impose inflated
tariffs on goods they conclude
have been “dumped”—or sold
below “fair” value. That’s because prices and costs are seen
as so distorted in a “nonmarket economy” that other countries are given wide latitude to
determine on their own what
they consider “fair.”
A flip from “nonmarket” to
“market” would boost EU imports from China by as much
as 21%, or $84 billion, according to a 2016 study by CEPII, a
French-government affiliated
think tank on international
economics.
China has waged a diplomatic campaign asking nations
to grant it market status, winning over more than 70 countries, mainly in Africa, Latin
America and Asia. On Dec. 12,
2016—the day after the 15th
anniversary of its accession—
Beijing filed separate complaints in Geneva against the
U.S. and the EU demanding
similar treatment from them.
WTO defenders and critics
alike say the Geneva courts are
the wrong way to resolve what
are ultimately political and
economic questions.
“That gray zone is the key
point of tension,” says Chad
Bown of the pro-free-trade Peterson Institute for International Economics. “How you
deal with that is ultimately going to determine whether the
WTO system in its current
form can hang together or
not.”
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THE WALL STREET JOURNAL.
Thursday, November 2, 2017 | A10A
NY
* * * * *
GREATER NEW YORK
Terrorist Attack Won’t Disrupt Marathon
Takeover
Is Key in
Mayoral
Contest
Police will use more
sand trucks and boost
snipers, canines and
heavy-weapons teams
Security will be beefed up
but the New York City Marathon will proceed as planned
Sunday despite the terrorist
attack that killed eight people
on a bike path in lower Manhattan.
More sand trucks and
blocker vehicles will be used
than before at the marathon,
said Carlos Gomez, New York
Police Department chief of department. The police presence
will be greater, including a
doubling of rooftop snipers, as
well as increased heavy-weapons teams, canine units, and
officers in uniform and plain
clothes.
“The marathon will go on
because New York goes on,”
Gov. Andrew Cuomo said
Wednesday, a day after a pickup
truck plowed through pedestrians and cyclists on the Hudson
River bike path. “It is an impor-
An NYPD officer watched last year as New York City Marathon runners passed through Harlem.
tant event for all New Yorkers.”
The marathon course runs
through all five boroughs,
starting in Staten Island at the
Verrazano-Narrows Bridge and
snaking through Brooklyn,
Queens and the Bronx before
ending in Manhattan’s Central
Park.
More than 50,000 runners
are projected to finish the race
amid 2.5 million spectators.
The New York City Marathon is the largest in the
world, with 51,394 finishers
last year. Runners from 124
countries and all 50 states
competed.
Security at marathons has
been a heightened concern
since two bombs exploded
near the finish line of the 2013
Boston Marathon, killing three
people. One suspect died days
A New York Sanctuary, Violated by a Deadly Assault
BY JASON GAY
Those broken
bicycles were
both heartbreaking and enraging.
The reports arrived late Tuesday afternoon,
frantic but partial: An incident in lower Manhattan,
possibly road rage, possibly
not, gunfire, maybe terror,
multiple victims, several
dead, active situation, avoid
the entire area.
More became known as
darkness approached: This
was indeed a terrorist attack, it involved a vehicle,
and there were dead, pedestrians and cyclists, as many
as eight.
Photos appeared: A
smashed yellow school bus;
an intersection cordoned off
by police tape; frightened
parents hurrying children
away from the scene.
And broken bicycles—
smashed and bent in ways
that bicycles shouldn’t smash
and bend.
If you ride a bicycle in
New York City, you know this
route, the West Side bike
path, very well. It is one of
the fastest ways to get up
and down the length of Manhattan, and it’s almost always busy, sometimes comically so. A way in and out of
town, it is nothing less than
a vital artery of city life, every day of the year.
“One of the most important stretches of asphalt in
the city,” said Andrew
Crooks, the owner of NYC
Velo, a bike shop with a store
just a block from the path.
The flat, two-lane path is
a haven for runners, walkers,
strollers, skaters, bladers,
boarders—basically every act
of nonmotorized transport
ever invented.
And there are bikes. Every
day, thousands of them.
Commuters atop their own
beater bikes, or loaners from
New York’s bike-share system, Citi Bike. Recreationalists out for a gentle spin.
Racers and wannabes charging up to the George Washington Bridge and New Jersey to crush training miles.
Beginners. Retirees. Kids.
I’m one of them. I’ve rid-
NATALIE KEYSSAR FOR THE WALL STREET JOURNAL
Atlantic City residents will
go to the polls Tuesday in the
city’s first mayoral election
since Republican New Jersey
Gov. Chris Christie seized control of the financially troubled
coastal city.
The state’s intervention,
which began about a year ago,
is unpopular among local residents and officials, who say it
disenfranchises voters of their
constitutional right to elect
the people who run local government. With both major
party mayoral candidates opposed to the state’s control,
campaigning largely has focused on incumbent Mayor
Don Guardian’s record defending the city’s sovereignty and
grappling with its unprecedented financial problems.
Mr. Guardian, who took office in 2014 as the city’s first
Republican mayor in more
than 20 years, believes his
stewardship during some of
the city’s most challenging
years will win him a second
term. His opponent, Democratic City Councilman Frank
Gilliam, blames the mayor for
many of Atlantic City’s woes,
including rising property taxes.
There are no public polls of
the race. Atlantic County Executive Dennis Levinson said he
usually has a sense of which
candidate is ahead. Not this
year. “It’s really an election of
personalities with really no issues,” said Mr. Levinson, a Republican who lives in the
nearby town of Linwood.
Mr. Guardian, 64 years old,
grew up in northern New Jersey
and moved to Atlantic City in
1989, where he worked for the
Casino Reinvestment Development Authority, before running
for mayor. His ouster of incumbent Democrat Lorenzo Langford in 2013 surprised many.
In an interview, Mr. Guardian said he believes his character and record leading the
city is more important to voters than his political party. “I
think I’m going to be reelected now because I think
the vast majority of people realize I did the best with what
I had; that everything came
tumbling down because of 40
years of mismanagement in
this city,” Mr. Guardian said.
Mr. Guardian came into office
with the support of Mr. Christie,
but their relationship soured after the governor seized control
of Atlantic City. Mr. Christie,
along with Democratic Senate
President Steve Sweeney, said
the takeover was necessary to
fix financial problems and prevent the city from sliding into
bankruptcy. A spokesman for
Mr. Christie declined to comment on local elections.
Mr. Gilliam, who has been
on the city council since 2007
and owns a tutoring company,
believes bankruptcy would
have been a better option for
Atlantic City. He said the
mayor should have done more
to prevent the city’s propertytax increase. If elected, Mr.
Gilliam said he would seek to
make Atlantic City appealing
to both businesses and unions.
Mr. Guardian said Mr. Gilliam,
as a longtime city council member, could have moved to fix the
city’s budget “before I became
mayor, and that was when the
city had plenty of money.”
Third-party candidates Joseph Polillo and Henry Green
also will appear on the ballot.
RICHARD B. LEVINE/NEWSCOM/ZUMAPRESS
BY RACHEL BACHMAN
BY KATE KING
later after a firefight with police. His younger brother was
later convicted on charges related to the bombing and sentenced to death.
After the Boston Marathon
bombing, the New York City
Marathon doubled its security
budget to $1 million, added
more baggage-inspection areas
and banned backpacks, big hydration packs that some runners wore, and bulky costumes, race organizers say.
Security measures already
in place for the New York City
Marathon included bag inspections, private security and police, and a ban on drones. An
NYPD spokeswoman declined
to give the number of officers
who work the marathon.
New York Road Runners,
which operates the marathon,
postponed media events
scheduled for Wednesday but
said other events this week
would proceed as planned.
That includes Saturday’s Dash
to the Finish Line 5K, which
starts at the United Nations on
Manhattan’s east side and
ends at the marathon finish,
near Tavern on the Green on
the west side of Central Park.
New York City’s West Side bike path in 2013. Recent terrorist attacks have targeted some of the best urban public spaces in the world.
den the West Side bike
path—its proper name is the
Hudson River Greenway, but
no one really calls it that—
countless times. I’ve ridden
to work, back home late at
night, and so early on Sunday mornings that I’ve encountered folks still having
1,958
Number of bikes a day on West
Side bike path in September
their Saturdays.
Like a lot of things in the
city, the West Side path can
be hectic and maddening, but
also tranquil and surprisingly
beautiful. There are people
who adore it, and others who
vow to never ride it again. It
is unmistakably New York.
This is especially so in
2017, as the city has grown
to embrace cycling as alternative transportation and
gradually become more hospitable to the bike. There’s a
lot of work left to do on that
front—too many cyclists are
still endangered on city
streets—but the numbers are
undeniable.
From the city’s own data:
1,958 bikes a day counted on
the West Side path in September 2006 versus 6,519 in
September 2017—a more
than triple increase. The Citi
Bike station at the corner of
West and Chambers streets,
where Tuesday’s rampage
ended, is the third-most-popular bike-share station in
New York, according to the
Transportation Department.
People are riding here, everywhere, all the time. And
an impressive chunk of those
cyclists are tourists. Five
of Tuesday’s victims were
visitors from Argentina, in
town for a reunion, who’d
rented bikes as a group. Another was from Belgium.
This attack in lower Manhattan is tragic on many
levels, but one infuriating
aspect is that it happened
in a place that’s supposed
to be a refuge. This bike
path was designed to be the
rare place that’s not chaotic,
where even in busy hours it’s
possible to leave the clamor
of the city and lose yourself
in the water and the urban
landscape.
“It is as much of a sanctuary as anything else,” said
Janette Sadik-Khan, former
DOT commissioner and now
a principal at Bloomberg Associates, a global consulting
firm for mayors world-wide.
“A lot of people who don’t
feel safe cycling on city
streets feel safe there—and
that’s what makes this feel
like a violation,” she said.
I spoke to Dani Simons, a
transportation expert and a
vice president of communica-
tions of the Regional Plan
Association, a planning and
advocacy group. Ms. Simons—who used to work at
Citi Bike—told me she’d been
in Barcelona this summer
when terrorists hit that city.
Attacks, she said, have
been targeting “some of the
best public spaces in cities
around the world…the
things that make our cities
great. The fact that people
are trying to make them
places of fear is sickening
and sad.”
It is sickening and sad.
And New York is still raw,
trying to comprehend another attack that seems incomprehensible. The heartbreak will continue, as will
the anger. But I want to suggest an essential act of defiance, on the West Side of
New York City and beyond:
Ride.
Rampage may have deterred
a few bikers ........................ A10B
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THE WALL STREET JOURNAL.
* ***
GREATER NEW YORK
Broadway Is Losing Its Cachet
Rampage
May Have
Deterred a
Few Bikers
Developers are moving building entrances to nearby side streets to attract prospective residents
B
roadway is no longer
the hot address in
Tribeca: Developers
are choosing more exotic addresses on nearby side
streets for new residential
condominiums.
The latest example is 91
Leonard St., an industrialstyle tower rising on the site
of two modest Broadway office buildings. It is connected
to Leonard Street by what
had been a narrow service
corridor that snaked behind
another building.
That 30-foot-long alley—
only 8-feet-wide in places—
will now be the main lobby
entrance for 111 new condominiums under construction
in a 19-story building of
large windows and dark
terra-cotta panels. To compensate for its narrow width,
the building entrance will
soar to a 25-foot height and
be lined with brick and illuminated bronze metal columns in keeping with the industrial motif.
The new condos went on
the market last week by Toll
Brothers City Living, a division of Toll Brothers Inc., at
prices ranging from
$795,000 for studios to $10.5
million for a four-bedroom
duplex penthouse with outdoor space.
Brokers and marketers say
that an evocative address
can translate into higher
prices and faster sales.
Throughout the last century, Leonard Street—a short
narrow side street of commercial and factory lofts—
was overshadowed by some
of the taller, grander buildings on nearby Broadway.
But it is Leonard Street
that has cachet now, especially after the construction
of a jaunty 821-foot-tall residential building at 56 Leonard St., with a tower of
stacked boxes visible atop
the New York skyline. It
opened last year after a
lengthy delay following the
2008 financial crisis.
“It put Leonard Street on
the map,” said Leonard
Steinberg, president of brokerage Compass, who is listing a 53rd-floor penthouse at
56 Leonard for $32.5 million.
The name Leonard Street
is valuable because it is
widely recognizable as
Tribeca, while a building on
Broadway could be anywhere
in Manhattan.
BY PAUL BERGER
The Hudson River Park bikeway is one of the busiest bike
paths in the nation but Wednesday, a day after the deadly terror rampage, some people said
it was noticeably quiet.
“It seems like everybody’s
stayed away,” said Noah Sanni,
a cyclist who had been in the
area Tuesday an hour before a
man police identified as Sayfullo Saipov barreled into riders and pedestrians with a
rented truck, killing eight people and injuring 12 others.
Just north of Pier 40, where
several bouquets of flowers
lay against a fence, Philip
White stopped on Wednesday
to stretch following a midday
run. Mr. White, a West Village
resident, said the area was
normally busy with more
walkers, runners and cyclists.
Officials are discussing the
installation of bollards along
the West Side bike path, a
spokesman for Mayor Bill de
Blasio said Wednesday.
Manhattan
Councilman
Ydanis Rodriguez, chairman of
the city’s transportation committee, said in a statement Wednesday that he will
call for the city to expedite the
installation of the bollards and
other safety measures in areas
with high pedestrian volume.
“The city should clearly add
bike lanes to that list of public
spaces that in this day and age
must now be better fortified,”
said Paul Steely White, executive director of Transportation
Alternatives, a nonprofit advocacy group.
Although the waterfront
was quiet Wednesday, some
people were undeterred. They
included Steve Gallant, a sailor
with the Royal Canadian Navy.
“We are not going to let
this change our visit,” he said.
—Mara Gay
contributed to this article.
O
n another corner a
former office building
long known as 350
Broadway was converted to
condominiums in 2014. But
the 66 condos there use an
address of 101 Leonard St.
The building is named “The
Leonard.”
Just up the street, 361
Broadway was celebrated by
the Landmarks Preservation
Commission in a 1980 designation as one of the largest
cast-iron buildings in the
city. But when it was converted to 13 condos last year,
it was listed as 67 Franklin
St. The building is named
“Cast Iron House.”
Richard Pandiscio, a
condo marketing consultant,
said that address naming is
a fine art, long used by uptown developers and businesses who angle to be on
Fifth or Park Avenues.
“I often think of whether
homeowners are going to
feel good about saying their
address,” Mr. Pandiscio said.
“Part of it is the sound, part
of it is what they want” in
the new building.
He said that some vanity
addresses are confusing. “I
always appreciate it if an address will tell me where
something is,” he said.
David Von Spreckelsen,
president of Toll Brothers
City Living, said the original
address of 351 Broadway
didn’t tell buyers where the
building was. “When you say
Leonard Street you know
that it is Tribeca,” he said.
TOLL BROTHERS CITY LIVING
BY JOSH BARBANEL
A rendering of 91 Leonard St., a Tribeca building whose entrance is being relocated from Broadway.
A Vanity Address
Can Boost Prices
Building owners sometimes
take extreme measures to be
able to find an address with
just the right cachet.
When the medical school at
Mount Sinai constructed a 518foot tall tower on East 102nd
Street a few years ago, it won
the right to use another address, 1214 Fifth Ave., for 32
floors of rental apartments,
even though the entrance was
about 150 feet off the avenue.
In a letter to the Manhattan
borough president’s office,
which regulates local addresses,
Mount Sinai said the Fifth Avenue address would generate
higher rents, and help the medical school and hospital center
survive threatened federal bud-
get cuts.
“The marketing of a ‘Fifth
Avenue’ address will exponentially affect the leasing rate and
the overall revenue performance of this development,”
Donald Scanlon, chief financial
officer, wrote in 2011.
Recent monthly asking
apartment rents at the building,
which is managed by the Related Cos., topped $4,600 for a
one bedroom.
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THE WALL STREET JOURNAL.
LIFE&ARTS
Thursday, November 2, 2017 | A11
THE MIDDLE SEAT | By Scott McCartney
Your Guide to
Holiday Travel
This Winter
Storms have changed tourist behavior, but
bookings remains strong for the next two months
over Thanksgiving. And increased
discount airline competition is
keeping airfare about the same as
last year, or even lower in some
markets. “For Thanksgiving and
Christmas, prices seem to be holding steady,” says Dave Solomito,
vice president of North American
marketing for the online travel
agency Kayak.
The average ticket price sold for
travel within the U.S., Caribbean
and Mexico has been $480 for
Thanksgiving trips, up 1%, and
$553 for Christmas, up 3.5% compared with the same buying period
of 2016, ARC says.
Marriott, which still has nine
resorts closed in the Caribbean out
of 215 in the region, expected increased bookings in Phoenix, Orlando, Fla., and other popular inland winter hot spots. There’s
been some, Mr. King says. But the
firm has been surprised with double-digit growth at destinations
like Aruba, Grand Cayman and
some Mexican beach resorts, as
well as Hawaii.
The storms have created some
buying opportunities, though fares
to beach spots proving popular are
running more expensive than a
year ago. To remind travelers that
it wasn’t damaged by Hurricane
Irma and grab the attention of
people who had to change their
plans, Miami Beach’s Visitor and
Convention Authority has arranged
for several hotels to offer up to a
25% discount. It’s rare to see a
deal that sweet offered over the
holidays, spokeswoman Adrianne
Richardson says.
Travel companies say right after Halloween is the time people
get serious about booking trips
over Thanksgiving, Christmas and
New Year’s. Consumers have
Please see TRAVEL page A12
GETTY IMAGES/ISTOCKPHOTO (4)
HOLIDAY TRAVELERS are still
finding their beach.
After three major hurricanes
this fall, bookings are surging to
unscathed Caribbean islands for
Thanksgiving and Christmas, as
well as to Hawaii and other warmweather destinations. Those spots
will be more crowded because of
the destruction elsewhere that
have left some island resorts expecting to stay closed through
most of next year.
The number of airline tickets already sold for Jamaica jumped 17%
for Thanksgiving trips and 8% for
Christmas compared with the
same buying period last year, according to Airlines Reporting
Corp., which processes tickets for
travel agencies. The number of
passengers already ticketed for the
Cayman Islands is up 11% for
Thanksgiving and 19% for Christmas. Barbados is up 37% for
Christmas, ARC says.
Tickets sold for the U.S. Virgin
Islands, Puerto Rico, Antigua and
Barbuda, St. Maarten and Turks
and Caicos have plunged. The islands hit hard by Irma, Maria or
both continue to struggle with slow
recovery. Puerto Rico faces shortages of food, water, electricity and
housing. The U.S. Virgin Islands remain under a nighttime curfew.
Rather than abandoning the Caribbean, beach-lovers have shifted
to undamaged islands. “The hurricane season is over and they know
what’s available. I think we’re all a
bit surprised at the strength of
this region,’’ says Brian King, Marriott’s global officer for digital,
distribution, revenue management
and sales.
Overall, holiday travel looks
strong again. Airlines for America,
the industry lobbying group, forecasts a 3% increase in passengers
Miami Beach, top, launched a hotel discount promotion that is unusual because it includes Thanksgiving and Christmas
vacations. More people are booking trips to Paris, Expedia says. Phoenix and Barbados, bottom left and right, also are
seeing increased bookings for the holiday travel season as a result of disruption at other popular destinations this year.
FILM
HUMOR AND SADNESS IN THE OZARKS
FOX SEARCHLIGHT PICTURES
BY RICHARD TURNER
Woody Harrelson and Frances McDormand star in Martin McDonagh’s ‘Three Billboards Outside Ebbing, Missouri.’
ABOUT 20 MINUTES into Martin
McDonagh’s new film, Mildred,
played by Frances McDormand, delivers a tongue-lashing soliloquy to
the local priest. He has come by her
house to warn her against taking
on the powers-that-be in their
small town. Her sudden rant, invoking the history of the Crips and the
Bloods (don’t ask), tears the clergyman limb from limb—and leaves
the audience in delight, if slightly
uneasy.
For an Anglo-Irish playwright
like Mr. McDonagh, it is no big
stretch to take a swing at the
Catholic Church. “That’s what it’s
there for,” he says. “They’re been
doing it to us for years.”
That’s just one scene in “Three
Billboards Outside Ebbing, Missouri,” however, and soon he’s
moved on to something different.
Like the movie’s marketing-unfriendly title—“I like its clunkiness”—he’s the opposite of pandering: This writer/director does
what he wants.
His style is a crazy quilt of overthe-top moments, jolting from existential sadness to dopey comedy,
extreme violence to casual lunacy. A
rural cop in the film can be a bumbling yokel one minute, a vicious
racist the next, and maybe achieve
a measure of nobility later on. The
music will sway from a mournful
Irish ballad to a Townes Van Zandt
song to a Mozart piano sonata.
Mr. McDonagh’s first film,
2008’s black comedy “In Bruges,”
about two hit men in the gargoyled Belgian city, did well in Europe, but fared badly when it
played in the States. Some critics
complained they couldn’t decide
whether it was slapstick or melodrama, comedy or tragedy.
“That’s exactly what it was supposed to be—hasn’t anyone seen
Billy Wilder?” says Mr. McDonagh,
who says he reads his reviews “a
little too much,” partly because of
his background in theater, where
critics can destroy a play. “Maybe
people have forgotten, maybe
they’ve been spoon-fed—you go
with your girlfriend to see a comPlease see FILM page A12
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
A12 | Thursday, November 2, 2017
LIFE & ARTS
Expedia says demand
for tickets from the U.S.
to London, far left, is up
nearly 20% for
Thanksgiving trips. The
Westin St. John Resort
Villas in the U.S. Virgin
Islands, left, canceled all
reservations through
June 30 because of
extensive damage from
Hurricane Irma.
Hurricane Maria,
hotels that are
able to operate
Change in airline tickets for Christmas
are housing relief
sold from the U.S. to selected
workers. Two
countries, compared with 2016.
cruise ships have
39%
Jamaica
also ceased normal operations to
37
Cayman Islands
provide housing
air ticket
9
Bahamas
for relief workers.
prices are
It will be some
down around
–31
St. Maarten
time before tour10%, Expedia
–33
U.S. Virgin Islands
ism resumes,
says.
–37
Puerto Rico
travel companies
Hawaii is
Note: Tickets purchased before October 20
say.
benefiting
On the U.S. Virfrom increased Source: Airlines Reporting Corp.
THE WALL STREET JOURNAL.
gin Islands, some
airline service
resorts have defrom the West
clared themselves closed for a year
Coast to the islands, and perhaps
or more while they rebuild. Others
from people choosing to avoid Caable to operate are housing relief
ribbean beaches this year. ARC
workers at least through the end
says the number of tickets to Hoof October.
nolulu for Christmas is already up
Tourism commissioner Beverly
17%. Prices have run 5% higher
Nicholson-Doty, who has been visthan last year.
iting airline headquarters to coorOn Puerto Rico, devastated by
GETTY IMAGES (2)
Hurricane Effect
Continued from page A11
about another week to book for
Thanksgiving before prices start
spiking, according to fare-tracking
firm Hopper. For Christmas,
prices typically are lowest in
early October and start rising
slowly before big increases hit in
early December.
Hopper chief data scientist Patrick Surry says he thinks people
may be waiting longer to make
plans this year. “Uncertainty is
still out there from storms and on-
FILM
Continued from page A11
edy, and you go on your own to see
some f---ed-up dark piece.” He says
he’s found the right balance in
“Three Billboards.” He confesses
that his second film, 2012’s “Seven
Psychopaths,” about a screenwriter,
gangsters and dognappers in Hollywood, with Woody Harrelson and
Sam Rockwell—who are also in his
new film—went off-kilter.
“It’s my fault,” he says. “I didn’t
quite capture what I captured in
the first one or this. I didn’t want it
to be smartass, but it kind of was.”
But festival viewers are buying
into this one: it won the people’s
choice award at the Toronto festival. Fox Searchlight thinks that its
popular, foul-mouthed online
trailer, plus Oscar buzz for Ms.
McDormand and more, will produce an indie hit. Made with a
budget of about $15 million, the
movie opens Nov. 10.
The film begins seven months
after an unimaginable crime involving Mildred’s teenage daughter. She is furious that the investigation has cooled and the police
have no suspects. To get their attention, she rents three scruffy
billboards on a remote road and
displays a message addressed to
the police chief, William Willoughby (Mr. Harrelson). One by
one, they say, “Raped While Dying”; “And Still No Arrests?”;
“How Come, Chief Willoughby?”
She’s dour, determined and
hardly lovable. “Lots of stuff she
does is reprehensible,” says Mr.
McDonagh. But Mildred does get
their attention.
Mr. McDonagh, 47, wrote the
film with Ms. McDormand in mind.
She has said she used John Wayne
as a model for Mildred, along with
1970s blaxploitation star Pam
Grier, but without the sexuality.
“She’s brilliantly deadpan,” he
says. “She knows what’s funny, but
she doesn’t seek or need affection,
even, let alone a laugh.”
“Three Billboards,” though
filmed near Asheville, N.C., is set in
a fictional town in the Ozarks. Uneasy relations between the police
and Ebbing’s African-American residents are part of the story. Amid
the shifting moods of humor and
sadness there are bits about political correctness, the media, identity
politics. There is a car salesman, a
dwarf (Peter Dinklage) who endures
cringe-making trash talk. There is a
scorching diatribe about the Nword from Mr. Rockwell’s character.
Mr. McDonagh has no intention
of sounding preachy. He has his
opinions, but he’s interested in the
characters, not the issues: “I don’t
FOX SEARCHLIGHT PICTURES
TRAVEL
going recovery,” he says.
Some destinations have benefited from both increased airline
service and travelers displaced
from places hit hard by storms. Interest is up for holiday trips to Europe, Kayak says, with the number
of searches surging 25%.
Bookings on Expedia for a trip
from the U.S. to London over
Thanksgiving are up 20% compared with last year, with roughly
a 5% drop in the average ticket
price. That’s largely a result of
more flights across the Atlantic
creating more competition. It’s the
same story for Christmas: Paris is
almost 60% more popular, while
Writer/director Martin McDonagh on the set of ‘Three Billboards.’
think you can have a story about a
working-class woman in a southern state who’s going to war with
the cops and not address that at
least in an oblique way,” he says.
“The story isn’t about racialist issues, but it’s certainly something
she would use as a weapon.”
He says the movie is really
about people muddling along, dis-
Weather
20s 10s
30s
Vancouver
V
0s
40s
10s
Winnipeg
ip
30s
Portland
Por
P
d
Helena
40s
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<0
30s
20s
Calgary
ary
Seattle
ttl
Eugene
10s
Edmonton
d
t
Billings
20s
50s
Ottawa
Bismarckk
Boise
Pierre
P
30s
Montreal
60s
Toronto
T
Mpls./St.
Paul
p / . Pa
pls
Augusta
A
t
50s
Albany
A
bany
bany
Boston
t
Hartford
rtford
New
Yorkk
ew Y
Sioux
oux FFalls
ll
60s
Lake
Salt La
ake City
30s
40s
A h
Anchorage
Honolulu
l l
70s
U.S. Forecasts
Showers
Flurries
Ice
City
Omaha
Orlando
Philadelphia
Phoenix
Pittsburgh
Portland, Maine
Portland, Ore.
Sacramento
St. Louis
Salt Lake City
San Francisco
Santa Fe
Seattle
Sioux Falls
Wash., D.C.
Today
Hi Lo W
56 32 pc
82 63 pc
74 59 pc
82 60 pc
66 56 c
61 54 sh
53 40 r
66 51 pc
74 50 c
70 53 s
67 56 pc
65 37 s
50 39 r
48 27 pc
75 58 pc
Tomorrow
Hi Lo W
52 40 pc
82 64 pc
76 48 pc
82 62 pc
61 39 c
66 38 sh
50 38 sh
61 49 r
61 53 c
66 50 pc
64 53 r
66 40 s
46 36 sh
42 31 c
78 54 pc
International
City
Amsterdam
Athens
Baghdad
Bangkok
Beijing
Berlin
Brussels
Buenos Aires
Dubai
Dublin
Edinburgh
Today
Hi Lo W
57 44 c
66 53 s
87 61 s
89 74 pc
67 35 s
51 41 c
56 43 c
68 58 r
94 77 s
51 41 pc
49 40 pc
Tomorrow
Hi Lo W
54 45 pc
69 53 pc
85 63 s
90 71 pc
53 28 s
50 40 c
54 45 pc
76 53 pc
93 76 s
51 40 pc
50 42 pc
City
Frankfurt
Geneva
Havana
Hong Kong
Istanbul
Jakarta
Jerusalem
Johannesburg
London
Madrid
Manila
Melbourne
Mexico City
Milan
Moscow
Mumbai
Paris
Rio de Janeiro
Riyadh
Rome
San Juan
Seoul
Shanghai
Singapore
Sydney
Taipei
Tokyo
Toronto
Vancouver
Warsaw
Zurich
Today
Hi Lo W
58 42 c
61 38 pc
84 69 s
83 71 s
57 47 s
93 77 t
65 53 s
85 56 s
56 45 pc
69 49 pc
88 78 c
62 47 c
78 55 pc
59 43 pc
33 23 s
96 74 s
58 44 pc
77 66 pc
91 61 s
67 53 pc
87 77 s
66 54 c
74 51 s
87 77 t
74 63 s
84 72 pc
67 58 pc
60 49 sh
46 33 sn
52 45 r
59 39 pc
2
3
Tomorrow
Hi Lo W
54 39 s
63 43 s
83 69 s
80 69 c
61 51 pc
93 77 c
63 52 s
87 57 s
57 48 pc
67 48 pc
89 78 c
60 43 pc
79 53 pc
62 48 s
33 25 c
97 77 s
60 48 pc
83 70 s
89 63 s
68 50 pc
86 76 s
61 39 sh
72 49 s
84 79 t
82 60 pc
79 66 r
65 58 r
53 36 pc
43 27 s
51 41 c
59 38 s
4
5
14
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10
28
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50
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2 Pilates target
40
3 Prairie dog
community
47
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COLLABORATIONS | By Dan Fisher
Across
1 “Macbeth”
quintet
5 City on the Swan
Coastal Plain
10 Band whose
name is an
acronym
14 Warning to a
jaywalker
15 Daniel K. Inouye
International
Airport greeting
16 Muff
21 All at once
43 Really popular
23 Superior sort
44 Author of “The
Light in August
That Rises From
Your Feet To
Your Hair”?
25 Currency worth
100 pfennigs
26 Tribe allied with
the Fox
50 Cuzco setting
34 God of passion
52 Facility
36 Evil opponent
56 Address
aggressively
17 Author of
“Invisible
Manimal Farm”?
38 Flat fee
19 Starbucks
order
40 Grind away
20 Foreign
correspondent
48 Shingles sealer
29 Author of
“The Maltese
Pelican Brief”?
37 The Beatles’
“___ in the Life”
39 Ski lift
component
Down
1 Overlying
37
43
45
53
68 Casual refusal
32
39
44
67 Kmart’s parent
31
36
65 Well
organized
66 Works on hides
25
30
35
41
13
22
24
38
12
16
21
27
11
19
23
52
8
18
20
26
7
15
17
49 Narrow opening
61 Author of
“Heartbreak
House of the
Seven Gables”?
41 Cuzco native
63 Milliards of
years
42 Paper piece
64 Yeshiva subject
24 Lummox
26 Font feature
27 Conflict setting
28 2015 Will Smith
film
30 Not lit
31 Delay
32 Tundra’s
neighbor
4 Flight
components
33 President
nicknamed
“His Accidency”
5 Sign of sickness
35 Studs, e.g.
6 Apple of the
Giants
7 British explorer
for whom an
Antarctic sea
is named
39 Matches
45 Flesh and blood
46 Slasher film
plethora
47 Crafty
8 Grand
51 Huskies’ home
9 Like many Etsy
items
52 Coup target
10 Wake
11 Completely
forgot
12 Market
optimist
13 With
competence
18 “Metropolis”
director
22 Spillway site
60 Rush, e.g.
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
41 32 pc 40 27 s
Atlanta
75 59 pc 77 60 pc
Austin
85 68 pc 85 66 pc
Baltimore
74 55 pc 76 48 pc
Boise
54 41 c
55 35 c
Boston
69 59 c
70 46 c
Burlington
64 58 r
61 38 sh
Charlotte
76 51 pc 80 55 pc
Chicago
57 39 sh 50 42 c
Cleveland
66 55 sh 56 39 pc
Dallas
93 63 pc 89 66 s
Denver
65 35 pc 65 41 pc
Detroit
62 45 r
53 38 pc
Honolulu
87 75 s
88 75 pc
Houston
86 71 c
84 67 pc
Indianapolis
67 51 sh 59 44 c
Kansas City
63 38 pc 58 48 c
Las Vegas
76 55 s
73 55 pc
Little Rock
80 63 c
79 59 t
Los Angeles
68 57 c
67 57 c
Miami
84 71 pc 84 72 pc
Milwaukee
54 37 sh 47 42 pc
Minneapolis
41 28 c
41 33 sn
Nashville
76 63 c
74 57 sh
New Orleans
82 66 pc 81 63 pc
New York City
71 60 pc 72 49 pc
Oklahoma City
81 50 s
71 50 pc
Miami
90s
1
40s
Milwaukee
k
Detroit Buffalo
70s
Cleveland
Cleve
d
Chicago
C
h g
Des
Moines
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Cheyenne
h
Philadelphia
hil d lphi
h
80s
70s Ph
Omaha
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Pittsburgh
Pit
b
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Sacramento 50s 70s
Indianapolis
di p
50s
Kansas
50s
90s
Washington
hington
hi
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DC
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City
Springfield
p i fi ld
50s Denver
San
an Francisco
i
Topeka
Las
Charleston Richmond
Colorado
Colorad
C
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100+
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Vegas
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St.
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60s
Louisville
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50s
Raleigh
l igh
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Wichita
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Nashville
h ill Charlotte
50s
Angeles
Los A
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70s
70s
Memphis
Mem
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C l b
Columbia
Albuquerque
Alb
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Phoenix
Ph
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Warm
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San Diego
Oklahoma City Little
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Atlanta
Atl
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80s TTucson
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Birmingham
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Dallas
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Cold
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Houston
20s
Orlando
l d
New
ew Orleans
Tampa
San
Antonio
an
80s
40s
Reno
and plays, keeping them separate.
“If a story is set in a room with
four characters, it’s going to be a
play.” He says he has no interest in
making films with higher budgets
because he feels the producers
would meddle more. He was outspokenly inhospitable to studio interference on “In Bruges,” but he
says he was left alone on this one.
He wants to stay under the radar,
like the very private Ms. McDormand. He is dutifully promoting
the movie, but dreads parts of the
drill. He doesn’t want to name the
late-night talk show on which he’s
nervously waiting to appear next
week. “Don’t put it in,” he begged.
“People might actually watch it.”
He doesn’t want to be “face-famous,” even though he burst into
theatrical recognition in the U.K.
in 1996 with “The Beauty Queen of
Leenane,” first in Ireland, then
London and later Broadway. Seven
more productions, including “The
Pillow Man” and “A Behanding in
Spokane,” have followed, winning
accolades and awards.
“Hangmen,” a hit in London two
years ago, is coming to New York
next year, and he’ll spend a few
months in the city helping out. He
has written another play that
should open in London next fall.
He says he can’t reveal what it’s
about, “but it’s my most f---ed-up
play yet.”
The WSJ Daily Crossword | Edited by Mike Shenk
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
40s
covering the humanity in others
and moving past the anger. “But
it’s not an easy, ‘we-should-alllove-each-other’ type of movie.
They’re usually really bad.”
Even if “Three Billboards” wins
an audience or statuettes, Mr. McDonagh says he’ll take another
break before his next movie, and
continue to toggle between movies
dinate resumption of
flights with hotel reopening plans, says St.
Croix received less
damage than St.
Thomas and St. John.
Some major hotels
on St. Croix will reopen
to guests ahead of the holidays.
On St. Thomas, significant resorts will be closed most of next
year. “The good news is that a
year from now, we’ll have all new
product” on St. Thomas, Ms. Nicholson-Doty says. Cruise-ship visits
will resume service to the island
this year. Restaurants and shopping will be open, many beaches
look good and water has tested
safe for swimming, she says. “Nature just has a way of taking care
of itself,” she says.
Ms. Nicholson-Doty says the
tourism department is working to
set up volunteer opportunities for
visitors to participate in cleanup
and rebuilding efforts. And conditions on the islands are improving
slowly. Airports on St. Thomas and
St. Croix are operational, schools
have reopened and there are no
longer huge lines at grocery stores
and gas stations. “We are celebrating each milestone,” she says.
53 Sector
54 You might take
a shine to it
55 1986 #1 song for
Starship
57 Lunchbox staple
58 Lose it
59 Head of France
62 General
purpose?
Previous Puzzle’s Solution
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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Thursday, November 2, 2017 | A13
LIFE & ARTS
ART REVIEW
What the Nazis Took
A window into Cornelius Gurlitt’s hoard, which contained hundreds of Nazi-looted works
Bern, Switzerland, and Bonn
WHEN CORNELIUS GURLITT was
stopped on a train between Zurich
and Munich in 2010 with €9,000
($12,000), no one could have imagined that the ensuing investigation
would lead to the discovery of the
largest trove of European art since
the end of World War II.
Inside Mr. Gurlitt’s Munich
apartment and, later, his house in
Salzburg, Austria, authorities
found over 1,500 works inherited
from his father, the museum director and collector Hildebrand
Gurlitt. Because of Gurlitt père’s
well-known dealings with the Third
Reich, much of the trove is suspected of being Nazi-looted art.
Now the world gets its first
peek inside the hoard with
“Gurlitt: Status Report,” a twopronged show at the Kunstmuseum
Bern and the Bundestkunsthalle
Bonn that displays 375 works from
the trove. The exhibits assess the
findings from the point of view of
Nazi aesthetics and cultural policy,
the wartime art trade and the current state of provenance research
into Nazi-plundered works, as well
as Hildebrand Gurlitt’s fascinatingly slippery biography.
After the story broke in 2013,
Cornelius was thrust into the media spotlight. He agreed to cooperate with a task force investigating
his collection and endorsed the
Washington Principles, a set of
guidelines for restitution of art
confiscated by the Nazis. In May
2014, when he died at the age of
81, it was revealed that he had designated the Kunstmuseum Bern his
sole heir.
Mr. Gurlitt’s choice remains a
mystery. Given that this museum
has received one of the largest donations ever given to a public institution, the Swiss exhibit is
strangely anticlimactic. As curated
by Nikola Doll, Matthias Frehner,
Georg Kreis and Nina Zimmer, the
show’s theme is art that the Nazis
considered “degenerate.” With the
exception of three impressive oil
paintings, including a newly discovered self-portrait by Otto Dix,
there are only works on paper
here. This portion of the show
seems, at least partially, designed
to deflate expectations. These
graphic works constitute a representative sample of the trove:
1,246 of the 1,566 artworks that
Bern has inherited are prints,
sketches or watercolors (180 paintings and 28 sculptures number
among the rest).
Cornelius Gurlitt’s flat file cabinet, used to house (or hide) many
of the 156 works seen here, sets
the tone. The Bern exhibit is highly
didactic, focusing on the current
state of provenance research.
In 1937, the Nazis began emptying museums of 20,000 artworks
deemed to “insult German feeling,
or destroy or confuse natural form
or simply reveal an absence of adequate manual and artistic skill.” In
Bern, 76 of the displayed works
were confiscated from German museums as part of the Degenerate
Art Purge between 1937 and 1938.
An additional 38 in that show appear very likely to have also been
confiscated during that period. The
show concludes that the majority
of the art on display—among them
works by Dix, Oskar Kokoschka and
Franz Marc—was emptied from
collections and acquired by Hildebrand Gurlitt starting in 1940.
Works by Ernst Ludwig Kirchner,
Erich Heckel, Emil Nolde and Max
Beckmann—the four artists most
looted by the Nazis—figure prominently in both sections of “Gurlitt:
Status Report.”
Much of the pilfered work
wound up at auctions in order to
fund the Third Reich. Switzerland
became the stage for much of this
activity, including an infamous
auction held on June 30, 1939, by
Galerie Fischer in Lucerne. Among
the 125 lots were works by Van
Gogh, Klee and Picasso.
It isn’t known whether Gurlitt
was present that evening or
bought works there through a surrogate. One acquisition was Otto
Mueller’s oil painting “Portrait of
Maschka Mueller” (1924-25).
i
i
i
After fairy-tale Switzerland, the
nondescript urban area of Bonn’s
Museum Mile seems especially
drab. The show here, which features an additional 240 works, is
much more engaging, argumentative and, ultimately, satisfying. It is
also more visitor-friendly, with eloquent wall texts in both German
and English. (In Bern, pamphlets in
English and French will supplement the German-only text.)
The Bundeskunsthalle has a
KUNST- UND AUSSTELLUNGSHALLE DER BUNDESREPUBLIK DEUTSCHLAND GMBH (TOP LEFT); ©KUNSTMUSEUM BERN (3); GURLITT ESTATE (PHOTO)
BY A.J. GOLDMANN
Below: Ernst Ludwig Kirchner’s ‘Two Nudes on a Bed
(Two Models)’ (c. 1907/08); clockwise from top
right: Otto Dix’s ‘Rifleman From Infantry Regiment
103’ (undated); Franz Marc’s ‘Seated Horse
(Sitzendes Pferd)’ (1912); Cornelius Gurlitt’s home in
Salzburg, Austria, with works by Monet, Picasso and
Rodin visible in the background; Thomas Couture’s
‘Portrait of a Young Woman’ (1850-55)
complex story to tell, and curators
Rein Wolfs and Agniezka Lulińska
tell it with bravura. They brings together many strands of Hildebrand
Gurlitt’s biography, his family history, and the art on display, while
cogently arguing how the fate of
art in Nazi-occupied Europe is tied
to the Final Solution.
Wall text and archival materials
describe anti-Jewish decrees, the
auctioning of Jewish property and
the fates of individual Jewish collectors. Thirty lithographs by Kokoschka record the subtly changing
expressions of Kamilla Swoboda in
1920. A year later, they were issued
as a portfolio by the Viennese publisher Richard Lányi. In 1942, both
the artist’s subject and his publisher were deported to concentration camps.
When the Gurlitt story broke it
caused a media frenzy in Germany.
The value of the cache was estimated at over a €1 billion—an inflated figure—and tabloids dubbed
Hildebrand Gurlitt “Hitler’s art
dealer.” The cover of Focus, the
magazine that broke the story,
screamed “The Nazi Hoard” above
a photo of Hitler superimposed on
Marc’s “Horses in Landscape”
(1911), one of two watercolors by
that artist on display in Bern.
That kitschy cover, part of an
oversized collage, greets the visitor
to the Bundeskunsthalle. Underneath it is a suitcase from Cornelius Gurlitt’s apartment that was
found to contain over 100 works on
paper when a customs officer
opened it. This is a bit of mischievous indirection at the beginning
of a fascinating, sobering exhibit.
The story that emerges is not one
of priceless masterworks popping
out of closets. It is the story of
Hildebrand Gurlitt, a connoisseur
who became an art dealer for the
Third Reich: a man who, during the
Weimar period, championed Expressionism and the Bauhaus at
museums in Hamburg and
Zwickau; a man who attended soirees hosted by many of the Jewish
collectors whose property he later
helped to loot; a man who lent his
skill and expertise to the Commission for the Exploitation of Degenerate Art.
He was also a man who later
used his heritage—he had a Jewish
grandmother—to help clear himself of any charges of collabora-
tion. He became a museum director in Düsseldorf and spent his
final years rehabilitating modern
art in postwar Germany, organizing
many shows. At the same time, he
lied to collectors and their descendants about the whereabouts of
artwork they wanted back.
In 1938, the Leipzig music publisher Henri Hinrichsen sold Carl
Spitzweg’s “Playing the Piano” to
Gurlitt’s gallery in Hamburg for
300 Reichsmarks. A few years
later, Gurlitt flipped the drawing
for 12,000 RM to the Linz Commission, whose task was to furnish art
for the planned Führermuseum in
Hitler’s hometown of Linz, Austria.
Hinrichsen was killed in 1942 in
Auschwitz. After the war, Gurlitt
and his wife, Helene, repeatedly
denied to the publisher’s descendants that they still had the drawing. In Bonn, Spitzweg’s domestic
sketch is displayed alongside the
damning correspondence between
the Gurlitts and Hinrichsen’s family.
The first work of art on view in
Bonn is Thomas Couture’s “Portrait
of a Young Woman” (1850-55). Just
over a week ago it was established
as having once belonged to
Georges Mandel, the French Jewish
politician and resistance leader executed by the Vichy government in
1944. The Couture is only one of
numerous works snatched up from
occupied France. Many were destined for the Führermuseum, while
others Gurlitt appears to have collected for himself.
Works on paper proved especially attractive, since they were
easy to transport. In the Bonn exhibit, the range is breathtaking:
Dürer to Daumier, Seurat to Signac, Cranach to Courbet. Rounding
out the display are two additional
works from outside collections that
may have passed through Gurlitt’s
hands. The most impressive of
these include Peter Paul Rubens’s
imposing “St. Gregory With Ss.
Domitilla Maurus And Papianus”
(1606) and Hans Makart’s sensually
aesthetic “Female Falconer” (c.
1880), on loan from Munich, which
Hitler once gave Hermann Göring
as a birthday present.
A 1964 letter by Renate Gurlitt,
Cornelius’s younger sister, contains
a rare acknowledgment of her father’s tainted collection. “For us, I
sometimes think, his most personal and most valuable legacy has
turned into the darkest burden,”
she wrote her brother. “What we
have is locked away in the graphics
cabinet or kept behind pinned-up
curtains—no one sees it, no one
enjoys it.” It may have taken many
decades, but that lock has finally
sprung open.
Mr. Goldmann writes about
European arts and culture.
Gurlitt: Status Report
“Degenerate Art”—Confiscated
and Sold
Kunstmuseum Bern, through March
4, 2018
Nazi Art Theft and Its Consequences
Bundeskunsthalle, Bonn, Nov. 3March 11, 2018
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THE WALL STREET JOURNAL.
A14 | Thursday, November 2, 2017
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THE WALL STREET JOURNAL.
Thursday, November 2, 2017 | A15
A24 (2)
LIFE & ARTS
FILM REVIEW | By Joe Morgenstern
‘Lady Bird’: A Surpassing
High-School Beauty
Greta Gerwig’s debut as a writer-director follows a young woman through her senior year
GRETA GERWIG’S “Lady Bird”
has so many great zingers that it’s
hard to pick a single sample, but
here’s one for openers. The heroine of the title, captured in the
cockeyed fullness of adolescence
by Saoirse Ronan, has just finished
her driving test, and her examiner
tells her she passed. “Really?
Thanks!” Lady Bird says. “It’s not a
thanking situation,” the examiner
replies. “You either pass or you
don’t.” Ms. Gerwig’s movie is very
much a thanking situation. Once
you’ve seen it—even while you’re
watching it, with a grin stuck on
your face—you want to give thanks
for how wonderful it is, how wise
and funny and full of grace.
Maybe this shouldn’t come as a
huge surprise. Since her 2010
breakout performance as the wistful personal assistant in Noah
Baumbach’s dark comedy “Greenberg,” Ms. Gerwig has taken her
place as one of the pre-eminent
actors of our time, and good ac-
tors often make good directors. Furthermore,
she’s no stranger to the
elusive art of the screenplay, having co-written,
with Mr. Baumbach—as
well as starred in—two
of his most affecting
films, “Frances Ha” and
“Mistress America.”
Still, “Lady Bird,” the
first feature Ms. Gerwig
has written and directed
on her own, feels, quite
astonishingly, like the
work of a seasoned filmmaker, and a fearless
one. It’s conventional in
form, a loosely autobiographical
coming-of-age story that follows a
student at a Catholic high school
in Sacramento , Calif., through her
senior year, which includes the
parallel dramas of sex, parental
conflict, artistic ambition and college acceptance. But the deeper
drama of Lady Bird’s life is one of
Saoirse Ronan, above, and
Tracy Letts and Laurie
Metcalf, left, in Greta
Gerwig’s ‘Lady Bird.’
self-acceptance, while searching
out the self to accept.
She has yet to accept her given
name, Christine; Lady Bird is the
name she gave herself, she explains earnestly to her drama
teacher, Father Leviatch (Stephen
McKinley Henderson). Lady Bird’s
life is a one-for-the-seesaw state
of alternation between
asserting and deploring
herself, with dependable
help in the deploring
phase from her endlessly negative mother,
Marion, a nurse played
by Laurie Metcalf.
At this point it’s
worth noting that Ms.
Gerwig has assembled a
cast one might call
peerless, except that
several of her players are peers in
a self-effacing aristocracy of the
American stage and screen: Mr.
Henderson, who gives his small
role memorable resonance; Lois
Smith, as Sister Sarah Joan, a
kind, no-nonsense teacher who
tells Lady Bird, “You have a performative streak, I think”; Tracy
Letts, as Lady Bird’s loving, sweettempered father, Larry; and the
matchless, if not peerless, Ms.
Metcalf, whose portrayal of her
mother is heartbreaking and hilarious in equal measure.
Marion is a past mistress of
passive aggression. She can’t help
being negative because her fears
and insecurities keep her from
seeing herself as she is, a bright
woman with a good heart and a
down-turned mouth that’s frozen
in regret. Larry is putting it mildly
when he tells his daughter that
she and her mother both have
strong personalities. Their personalities are combative, complementary and mercurial. Both mother
and daughter are given to flights
of cold hostility and spasms of
melting love, and watching the
two together is a rare treat. Ms.
Ronan was extraordinary as the
ardent heroine of “Brooklyn,” so
much so that she had audiences
wondering when, if ever, she’d get
another role fully worthy of her
gifts. This is it, all of it, the tender
yearning together with the envy
and guile of a girl from the wrong
side of the tracks.
I’m using that well-worn phrase
because Lady Bird uses it to describe herself, but in a way that
combines the subtlety of Ms. Gerwig’s script with the delicacy of
Ms. Ronan’s acting. “Are you from
the neighborhood?” asks a handsome classmate. “No, I’m from the
wrong side of the tracks,” she replies with what could be a whiff of
apology or a tiny puff of pride; this
girl on the verge of adulthood may
already have begun to see herself
as a literary character, or a performative legend. I’d love to tell you
what she learns about herself in
the end, but Lady Bird’s epiphany,
at once transcendent and down to
earth, is too lovely to spoil. I’ll
simply say it’s in the same league
with—and may have been meant as
a tribute to—the enduring beauty
of Thornton Wilder’s “Our Town.”
(Like Lady Bird, Ms. Gerwig grew
up in Sacramento.)
So many movies these days
market generic characters to the
audience by giving them readily
comprehensible personality traits
that other characters comment on
just to make sure everyone understands. “Lady Bird” stakes out a
specific family, surrounds it with
concentric circles of life at a specific time (2002, less than a year
after America’s transformation),
then presents every character as a
mystery we’re free to explore on
our own. Lucas Hedges and Timothée Chalamet are, respectively,
Danny and Kyle, two loves of Lady
Bird’s life. Jordan Rodrigues is Miguel, her older brother. Beanie
Feldstein is her friend Julie, unswervingly faithful as long as she’s
allowed to be. Odeya Rush is
Jenna, a rich kid from the right
side of the tracks, at least in Lady
Bird’s estimation.
Jon Brion contributed another
of his distinctive scores. Sam Levy
did the elegantly spare cinematography. The film was edited by Nick
Houy. “I wish I could live through
something,” Lady Bird says longingly at the beginning of her story.
By the end she, and we, have lived
through a lot, and all for the good.
This is one of the most endearing
movies I’ve seen in years.
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A16 | Thursday, November 2, 2017
* *****
THE WALL STREET JOURNAL.
SPORTS
WORLD SERIES
Astros Smash Their Way to a Title
LOS ANGELES—Jeff Luhnow inherited the worst team in the majors in the autumn of 2011, tasked
with the unenviable responsibility
of fixing a broken organization
with no direction, no plan and no
answers. The Houston Astros lost
106 games the season before Luhnow arrived, saddled with a farm
system that ranked among the
league’s worst and a budget that
prevented them from spending
their way out of the abyss.
Less than six years later, those
Astros ascended to the top of the
baseball world, validating a paradigm-shifting experiment that upended the industry’s establishment. They won the World Series
for the first time in a franchise
history that dates back to 1962,
defeating the Los Angeles Dodgers
with a 5-1 victory in Game 7.
After a heavyweight slugfest
for the ages that featured a barrage of haymakers and crushing
blows on both sides through the
first six contests, Wednesday
night proceeded mostly dramafree. It wrapped up an otherwise
thrilling matchup between two
evenly matched opponents that
will still go down as one of the
most memorable World Series
ever staged.
“Our sport is loved for many
reasons,” Astros manager A.J.
Hinch said. “This World Series
will be one of them.”
The Astros once again ambushed Yu Darvish on Wednesday,
exploding for five quick runs and
knocking him out in the second
inning. Center fielder George
Springer blasted another home
run, making him the first player
ever to homer in four straight
games of the same World Series.
Los Angeles ace Clayton Kershaw threw four innings of shutout relief, redeeming himself from
his meltdown in Game 5, but it
didn’t matter. The Astros’ pitchers
somehow held the Dodgers in
check, who stranded 10 runners
on base. Charlie Morton retired
Corey Seager on a groundout to
second base for the last out,
sparking a delirious celebration.
It marked the end of a bold
journey that transformed the Astros from a perennial bottom-
ROBERT HANASHIRO/REUTERS
BY JARED DIAMOND
George Springer celebrates after hitting a home run in the second inning of Game 7 to lead the Houston Astros to a 5-1 win over the Los Angeles Dodgers.
dweller into a powerhouse, proving the efficacy of their radical
rebuilding strategy.
Plenty of executives before
Luhnow struggled with some version of the Astros’ conundrum,
but none of them ever attacked
the puzzle quite like this: Instead
of trying to improve right away,
they decided to make their roster
worse—on purpose.
They dealt away any asset with
even a modicum of value in order
to stockpile prospects. They refused to waste a single cent on
outside talent in a veiled effort to
maintain respectability. They let
themselves sink to unparalleled
depths, averaging 103 losses in
Luhnow’s first three years at the
helm, to land the coveted high
draft picks that would rescue
them. From 2011 through 2013,
Houston set an ignominious re-
cord by posting triple-digit defeats in three consecutive campaigns.
At first, Luhnow and his front
office of outsiders faced intense
scrutiny from the sport’s orthodoxy for their radical rebuilding
strategy, the criticism rolling in
swift and fierce. The concept of
intentionally “tanking” seemed to
violate the spirit of competition,
and the Astros’ near-slavish devotion to data analytics sparked
skepticism of their methods.
They didn’t care: The Astros
viewed mediocrity, not ineptitude,
as the ultimate failure, a fate that
would let them float, but not soar.
Nobody doubts the Astros anymore. They finished 2017 with a
ledger of 101-61, boasting a dynamic offense that plated more
runs than any team this decade.
Houston’s lineup blasted 15 home
runs in the World Series, with 11
of them coming off the bat of
their first four hitters: George
Springer, Alex Bregman, Jose Altuve and Carlos Correa—a group
of transcendent homegrown stars
with an average age of just 25.
In many ways, the Astros followed in the footsteps of the Chicago Cubs, who snapped their
108-year championship drought in
2016 after employing a similar
blueprint under Theo Epstein. The
Cubs ultimately used their vast financial resources to speed up the
process in a way the mid-market
Astros couldn’t, but even Houston
demonstrated a willingness to go
for it when the opportunity arose.
At the end of August, with their
first division crown since 2001 all
but settled, the Astros added the
final touch to a squad destined for
greatness. They traded three mi-
WORLD SERIES
Mark Walter, chief executive
officer of Guggenheim Partners, is
adjusting to a higher profile.
Not long after he led the purchase of the Los Angeles Dodgers
for a record $2.15 billion in 2012,
Mark Walter met with the team’s
president, Stan Kasten, to discuss
how to build a winner. Mr. Kasten
laid out two traditional strategies:
Focus on scouting and grooming
young players—a tactic that is inexpensive yet risky—or sign
proven but high-priced free
agents. “Let’s do both,” said Mr.
Walter, according to people familiar with the conversation.
Five years later, the Dodgers are
playing in the World Series for the
first time since 1988, with a $240
million roster that is the highest
payroll in baseball but also features a number of home-grown
stars. A win over the Houston Astros Wednesday night would give
the Dodgers the title Mr. Walter
promised he would deliver when
he bought the team.
An unconventional approach
and rapid results are typical for
the silver-haired 57-year-old, chief
executive officer of Guggenheim
Partners LLC, who in less than two
decades built his Chicago-based
firm into a powerhouse.
But after years operating primarily behind the scenes, the success of his team, a complicated
personal life of late, and turmoil
inside Mr. Walter’s $295 billion investment firm have forced him to
adjust to a higher profile.
“At almost any cost, he’d prefer
to be out of the limelight,” said
Tim Knowles, managing partner of
the Academy Group, a program
backed by Mr. Walter to prepare
underprivileged young people for
professional careers.
Guggenheim has endured a series of executive departures as
well as upheaval surrounding the
status of a key executive, a woman
Mr. Walter has had a personal relationship with, according to current and former employees. Earlier
this year, the U.S. Securities and
Exchange Commission also began
looking at Guggenheim’s operations, certain investments and disclosures, according to people familiar with the situation.
A spokesman for Guggenheim
and Mr. Walter has said that “if
there were a relationship, the prospect of a nonbusiness relationship
would have been fully and
promptly disclosed to the appropriate parties at Guggenheim in accordance with established processes
and procedures, which then would
have been fully implemented, to
avoid improper influence or favor.”
Guggenheim executives have
said they are cooperating with the
SEC’s examination.
There are no indications the
Guggenheim unrest will impact the
team, but for Dodgers fans the
prospect is an unsettling one. The
stormy tenure of the previous
owner, Frank McCourt, was
marred by an acrimonious divorce
that resulted in the team filing for
chapter 11 bankruptcy. Major
League Baseball said he used team
assets “to fund his lavish lifestyle.”
Mr. McCourt denied the allegations, but agreed to sell the Dodgers to Mr. Walter’s group.
A native of Cedar Rapids, Iowa,
and a graduate of Northwestern
Law School, Mr. Walter in 1996 cofounded Liberty Hampshire Co.
LLC, a company focused on socalled structured products. Hoping
to create a financial-services
power, in 2000 the founders
merged Liberty with a small group
that managed money for the storied Guggenheim family.
Mr. Walter took the helm of the
new firm, operating from his office
in Chicago, where he was a Cubs
ticket holder. As Guggenheim
made a series of insurance acquisitions and expanded into investment banking, Mr. Walter pushed
TJORDAN STRAUSS/INVISION/ASSOCIATED PRESS
TRIUMPHS ON THE
FIELD, QUESTIONS OFF
BY GREGORY ZUCKERMAN,
JUSTIN BAER AND MARGOT
PATRICK
nor-leaguers for veteran righthander Justin Verlander, agreeing
to pay him $40 million over the
next two seasons because they
knew his presence gave them
their best chance at a title.
The move worked, as the Astros on Wednesday eliminated the
Dodgers—a team with nearly double their payroll.
In the end, the Astros pounded
their way past everything the
Dodgers threw at them. And, in a
cosmic way, it felt deserved, for
reasons that went beyond sports.
When Hurricane Harvey battered
Houston at the end of August, the
Astros emerged as a welcome distraction in the wake of tragedy.
On Wednesday, in their 56th
season of existence, the Astros
honored their city the best way
they could: with their first World
Series championship.
for faster growth.
Mr. Walter added bond trader
Scott Minerd as investment chief
and recruited Alan Schwartz, a
former Bear Stearns CEO, to run
the banking unit. Current and former executives in Guggenheim’s
asset management and investment
banking businesses say they’ve
had few interactions with Mr. Walter. “Most people wouldn’t recognize Mark if they passed him walking down the hall,” says a former
executive of the investment unit.
The 2012 Dodgers purchase was
made by an entity called Guggenheim Baseball Management LLC
and was backed by Mr. Walter, Mr.
Kasten, Los Angeles Lakers great
Magic Johnson and others investors, along with funds from insurers controlled by Guggenheim.
Mr. Walter, the team’s chairman,
functions as the ownership group’s
most important voice. He is involved in the team’s day-to-day activities. “He will routinely share
his thoughts with us mid-game,
good or bad,” Mr. Kasten says.
Some at Guggenheim were lukewarm toward the Dodgers deal.
Mr. Minerd, the firm’s top execu-
tive in Southern California, was
given the chance to invest with
Mr. Walter and passed, people familiar with the matter said. Mr.
Schwartz discussed a potential investment with Mr. Walter, but no
deal materialized, two people said.
Over a year ago, Mr. Walter began spending more time in the Los
Angeles office, according to current and former executives. A
Guggenheim spokesman said Mr.
Walter began traveling to California more frequently after he
bought the Dodgers. The executives say Mr. Walter sometimes
met behind closed doors for extended periods with Alexandra
Court, a lawyer and rising star at
the firm who had climbed to become Guggenheim’s global head of
institutional distribution.
Ms. Court fired some employees
while imposing restrictions on the
contact executives could have with
clients, moves that were approved
by senior leadership but sparked
some internal complaints, according to people close to the matter.
In January, Mr. Walter co-authored
a memo to staff warning them to
follow new rules issued by Ms.
Court. He wrote that violations
would affect annual bonuses.
A Guggenheim spokesman said
the memo “did not affect morale.”
Mr. Minerd is among those at
the firm who expressed his unhappiness with Ms. Court’s growing
clout, the people said, leading to
tension with Mr. Walter. Guggenheim executives, including Mr.
Minerd, have said “the characterization that our business is in turmoil is just plain wrong.”
The unrest escalated when a Los
Angeles blog reported that a vehicle
that included Mr. Walter as a co-investor purchased a $85 million
mansion in Malibu, Calif.. That vehicle separately bought a $13 million
Pacific Palisades home that eventually was occupied by Ms. Court, according to people familiar with the
matter, though Mr. Walter was not
an investor in that property.
Ms. Court, who didn’t respond to
requests for comment, is on sabbatical from Guggenheim and negotiating a potential separation from the
firm, according to people familiar
with the matter.
—Jared Diamond contributed to
this article.
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THE WALL STREET JOURNAL.
Thursday, November 2, 2017 | A17
OPINION
Mueller Drains the Swamp
To understand
the dance of
death in Washington now between Donald
Trump, Robert
Mueller and
WONDER
the media, you
LAND
need to watch
By Daniel
the first 10
Henninger
minutes
of
“The
Wild
Bunch,” Sam Peckinpah’s classic
movie of the Old West.
It shows a trapped scorpion
struggling in the dirt as it
fights off hundreds of ants. A
group of children are watching
the scorpion fight the ants,
and sometimes they poke it
with a stick.
In Washington’s wild bunch,
the scorpion is Donald Trump
and the children delighting in
his struggle are the Washington press. Robert Mueller is
their poking stick.
No one can stop watching
this grisly movie, and that’s
too bad, because in the background something real is going
on that Americans cared about
long before Donald Trump became president.
The whole world knows that
Mr. Mueller’s special counsel’s
office announced an indictment of former Trump campaign manager Paul Manafort,
charging him with evading
taxes on payments of millions
of dollars to his lobbying firm
from the former Ukrainian
government run by Viktor
Yanukovych.
There was another, less noticed event this week, but no
one in Washington missed it,
or its significance. Within
hours of the Manafort indictment, Tony Podesta, who is
former Hillary Clinton campaign chairman John Podesta’s
brother, abruptly resigned
from the lobbying firm they
founded in 1988. OpenSecrets.org annually lists the
Podesta Group as the third- or
fourth-highest-paid lobbying
firm in Washington.
The special counsel has not
named or charged Mr. Podesta
or his firm with any violation.
But Tony Podesta resigned so
that he could address his
firm’s involvement with Mr.
Manafort’s firm while lobbying
on behalf of then-Ukraine president Viktor Yanukovych on,
for example, “the propriety of
imprisoning” his presidential
rival. Yanukovych lives in exile
in Russia now. Possibly additional cleansings will emerge
from Mr. Mueller’s shop.
While the children poke the
dirt over whether Mr. Mueller’s Manafort indictment does
or doesn’t involve Trump “collusion” with Russia, the rest of
us should see that Robert
Mueller is opening a drain on
the Swamp.
The Swamp has many
aliases—K Street, the Favor
Factory, the Beltway bandits.
And there is no fact in politics
more established than this:
The American people are disgusted with Washington, and
have been for a long time.
The indictment of Paul
Manafort reads like a Google
Maps navigation through the
Swamp. That Tony Podesta
would jump off the Swamp luxury liner called the Podesta
Group suggests the seriousness
of the threat Mr. Mueller
could pose to the Washington
economy.
Any conceivable legal exposure of Mr. Trump’s former national security adviser, Mike
Flynn, almost certainly is
about possible violations while
engaged in lobbying work,
rather than the standard collusion narrative.
The Manafort charges
are an indictment
of a Washington that
disgusts Americans.
Some caveats here.
The Swamp disgusts me,
too, but the First Amendment’s
most overlooked phrase is the
right to “petition the government for a redress of grievances.”
As the U.S. regulatory state
rose, the American left believed
that the private sector should
simply let the regulators and
their rules roll over them—“in
the public interest.”
Over time, the government
fattened, and legitimate private
petitioning turned into rentseeking protection, a booming
economy for the locals and inevitably corruption.
Messrs. Manafort and Podesta are founding fathers of the
Swamp. Now, even the holierthan-thou creators of our new
economy—Google, Facebook,
Apple—pay the Swamp big
bucks for protection.
But, some scream, Mr.
Trump, who promised in every
speech to “drain the swamp,”
hired Mr. Manafort to be his
campaign manager!!!
Yup, and here’s an educated
guess: When all this is over,
President Trump will be seen
as one of the greatest political
naïfs to come down the Beltway pike in a long time.
That doesn’t mean he can’t
do the Swamp drainage so
many voters expected of him.
Call it the Wollman Rink in reverse. The famous developer’s
job is to disassemble Washington, not make it bigger.
The largely unheralded
Trump effort to reduce regulation—in energy, the environment, land use, education, finance, telecommunications—
won’t kill the Swamp but
should shrink it.
This week, though, the
Trump administration turned
on the sump pump. That would
be the tax reform act to be released Thursday in the House.
You will read endlessly how
every provision is a mistake or
can’t happen. Translation: This
is the first serious simplification of the tax code since 1986,
and the Swamp is fighting
back.
In ’86, the Swamp was
called Gucci Gulch—the K
Street lawyers and accountants with little gold bars on
their shoes who gamed the tax
code for whoever could afford
it. They’re back to smother tax
reform in its crib.
Pick your obsession: collusion or the Swamp. In the life
of the country, getting to the
bottom of the second matters
more.
Write henninger@wsj.com.
Tweet Less, Smile More
By Karl Rove
O
ne of the striking things
about American politics
these days is the numbing pace of events.
On
Friday,
Americans
learned Special Counsel Robert
Mueller had filed the first indictments in his investigation
into Russian interference in the
2016 presidential election. On
Sunday, U.S. commandos captured one of the prime suspects
in the 2012 attack in Benghazi,
Libya. Monday saw Donald
Trump’s former campaign
chairman Paul Manafort and a
longtime associate indicted on
12 counts that included tax
fraud, money laundering and
conspiracy. It was also revealed
that Trump campaign foreignpolicy adviser and political
wannabe George Papadopoulos
had pleaded guilty to lying
about contacts with representatives of Russia.
The following day, New
York City suffered a deadly
terrorist attack committed by
an Uzbek immigrant who
pledged allegiance to ISIS. On
the legislative front, last-minute wrangling forced House
Republicans to delay by a day
the long-awaited rollout of
their tax-reform proposal.
Through this hectic period,
Americans were subjected to a
steady stream of angry presidential tweets and even an impromptu news conference that
contributed to their growing
weariness. Many Americans
desperately want less outrage
and more progress in their politics. But the constant tumult is
obscuring the reality that, in
important areas, some progress is being made.
Last week, for example, the
House passed the Senate’s
budget resolution, different in
important ways from the earlier-approved House version.
Rather than pinging versions
of the budget resolution back
and forth with the upper
chamber, GOP representatives
accepted the Senate version,
setting up the reconciliation
procedures the Senate needs
If President Trump
could control himself,
people might notice
his accomplishments.
to pass tax reform with 51
votes. Even most Freedom
Caucus members helped move
things along, apparently deciding for once not to make the
perfect the enemy of the good.
Despite Wednesday’s delay of
the tax-reform rollout, Republicans may be grasping that
maintaining control of Congress requires actually accomplishing things.
Then there’s Friday’s announcement of the second consecutive quarter of 3% annualized economic growth. After
seven years of anemic recovery, the Trump administration’s decision to ease the nation’s regulatory burden,
combined with new energy
policies and the promise of
lower corporate tax rates, has
increased confidence and contributed to a 20% jump in the
Standard & Poor’s 500 since
Election Day.
Both the capture of the
Benghazi suspect and the
Tuesday attack showed the
president is right to say America is at war with radical Islamic terrorism and to prosecute that war rather than pull
back from it. Mr. Trump has
unleashed the military against
ISIS and supports a continued
American presence in Iraq and
Afghanistan—though it would
be better if his tweeted response to the terrorist murders in New York City did not
include an attack on Sen.
Chuck Schumer.
And for now, cooler heads
have prevailed in the Trump
team’s response to the Mueller
investigation. The White House
lawyer handling the Russian investigation was correct to say,
“Nothing about recent events
or any of these actions of the
special counsel has altered the
president’s determination to
support the special counsel”
because Mr. Trump “has no
concerns in terms of any impact . . . on his campaign or on
the White House.”
Yet despite the improving
economy, the president’s job
approval rating in the Real
Clear Politics average of polls
is dismal: 39.3% favorable to
56.2% unfavorable, a net unfavorable of 16.9 points. The contrast with the country’s actual
situation suggests disapproval
of Mr. Trump often stems
more from his personal style
than from objective economic
or foreign-policy conditions.
His tweets and verbal attacks
exhaust voters and demonstrate a lack of focus on important issues, diminishing his
support.
Yet here’s something interesting: The Oct. 26 NBC News/
Wall Street Journal poll that
put Mr. Trump’s approval at
the lowest level of his presidency also found Democrats
leading Republicans on the
2018 generic congressional
vote by only 7 points, 48% to
41%. That’s below the polling
margins Democrats enjoyed in
2006 and Republicans led by
in 2010, the last two elections
when the party out of power
retook the House. The discrepancy between the president’s
17-point net unfavorable and
the GOP’s 7-point generic ballot deficit suggests that not all
the president’s disfavor rubs
off on Republicans.
Fewer tweets and a more
presidential demeanor might
give Americans some muchdesired calm and allow the
Trump administration’s often
ignored accomplishments to
shine through. In the 10th
month of his presidency, it’s
fair to ask whether Mr. Trump
can exercise even minimal selfcontrol. If he can’t, there will
be a high price to pay—for
him, and ultimately for the
party he leads.
Mr. Rove helped organize
the political-action committee
American Crossroads and is
the author of “The Triumph of
William McKinley” (Simon &
Schuster, 2015).
A ‘Teachable Moment’ on Free Speech
By Bradley A. Smith
P
resident Obama often
referred to “teachable
moments”—unplanned
opportunities to gain insight
on a problem. We had one
last month when President
Trump tweeted: “With all of
the Fake News coming out of
NBC and the Networks, at
what point is it appropriate
to challenge their License?
Bad for country!” A second
tweet declared: “Network
news has become so partisan,
distorted and fake that licenses must be challenged
and, if appropriate, revoked.
Not fair to public!”
The comments set off a
firestorm. Sen. Tom Udall (D.,
N.M.) tweeted back that “POTUS is again openly suggesting
an abuse of power.” Yet Mr.
Udall has repeatedly sponsored a constitutional amendment that would give Congress
the power to regulate political
speech. He reintroduced it this
year, making clear he wanted
to regulate speech by “Wall
Street” and “corporations.”
Responding to Mr. Trump,
the chairman of the Federal
Communications Commission,
Ajit Pai, said that “the FCC
does not have the authority to
revoke a license of a broadcast
station based on the content of
a particular newscast.”
What Democrats can
learn from Trump’s
empty FCC threat.
But that wasn’t enough for
Hawaii’s Sen. Brian Schatz,
the top Democrat on the Senate subcommittee overseeing
the FCC. He demanded that
Mr. Pai provide “a fullthroated defense of the independence of the FCC against
political interference.”
As it happens, Mr. Schatz
has supported the constitutional amendment Mr. Udall
introduced. In fact, Senate
Democrats voted unanimously
in 2014 for it. Apparently the
idea of censorship only worries them when it’s coming
from Mr. Trump.
Mr. Udall would argue his
proposal would merely limit political spending. But the Supreme Court has correctly held
that to limit what someone can
spend to exercise a right—
whether to speak, worship or
obtain an abortion—is to limit
the right itself. It is easy to
structure campaign finance
laws so as to harm your enemies and reward your friends.
With much of the news media
attacking the president 24/7, it’s
worth noting that Mr. Udall
proposes no restrictions on the
“press”—only other speakers.
So why not revoke the licenses of stations that are unfair or inaccurate in their coverage? Many Trump critics are
demanding that Facebook and
Twitter act to eliminate “fake
news” online. Why then tolerate biased reporting from
broadcasters?
The answer is that government can’t be trusted to decide
which reporting counts as fake
news. After all, one man’s “distortion” is another’s “straight
talk.” While Mr. Udall thinks
corporations are too powerful,
others might say labor unions.
The temptation will be to silence opponents. What the
government is most likely to
crack down on is news that’s
critical of the government.
That’s why we have a First
Amendment. Those who pine
for more regulation of campaign speech should take this
“teachable moment” to ponder
two questions: Does free
speech apply to all Americans,
or only to the favored few calling themselves “the press?”
And are political opponents
the only ones who cannot be
trusted with the power to censor critics?
Mr. Smith is chairman of
the Institute for Free Speech
and a former chairman of the
Federal Election Commission.
BOOKSHELF | By John F. Duffy
The Justice
On His Soapbox
Scalia Speaks
Edited by Christopher J. Scalia and Edward Whelan
(Crown Forum, 420 pages, $30)
L
awyers, professors, law students and even nonlawyers
love to read the legal opinions of Supreme Court
Justice Antonin Scalia, not only for their clarity and
precision but also for their honesty, candor and, quite often,
entertaining wit. During his tenure from September 1986 to
his death in February 2016, Scalia was also the court’s
strongest advocate for textualism and originalism, legal
principles demanding that the text and its original meaning
control the interpretation of statutes and the Constitution.
That unflagging commitment to principle, even more than
his talent for finding the right words, made Scalia one of
the greatest and most influential justices of our era.
Scalia’s brilliant writing and commitment to principle
permeate “Scalia Speaks: Reflections on Law, Faith, and
Life Well Lived,” a collection of speeches co-edited by his
son Christopher and his former law clerk Edward Whelan.
The book supplies what Scalia’s judicial opinions could not:
insight into the more
fundamental set of
principles that guided
the man’s entire life. The
speeches are divided into
six sections, only one of
which is devoted to the
law. But it is the five
other sections that are the
most illuminating. Here we
learn Scalia’s outlook on,
among other things,
character, friendship,
education, sports, political
philosophy and faith.
Scalia had a deep appreciation of moral character, a central
subject in numerous speeches. It is the
reason he considered “morality” and “moral
formation” essential to civic and higher education. It is a
lesson he drew from the Holocaust (the topic of an entire
speech): that without a firm commitment to “uncompromisable standards of human conduct,” such as the fundamental Christian teaching that “it is wrong to hate anyone,” even the “most educated, most progressive, most
cultured countries in the world” can commit unspeakable
horrors. And it is the reason why he chose George
Washington, a recurrent figure in the speeches, as his
favorite founder.
That choice may seem surprising for someone who himself prized intellect and good writing. Why not Thomas
Jefferson, the author of the Declaration of Independence
and founder of the University of Virginia, where Scalia
started his teaching career? Or James Madison, a coauthor of “The Federalist Papers” and an icon of the modern right, whose silhouette adorns the seal of the conservative Federalist Society? Or Alexander Hamilton, another
“Federalist” co-author, who has always been a hero of
Scalia’s hometown of New York City? Yet “all those wellpublished, intellectual geniuses looked up to, deferred to,
The late Antonin Scalia venerated George
Washington as his favorite founding father,
a man of ‘honor’ and ‘steady determination.’
stood in awe of, George Washington,” Scalia notes. Washington’s “honor,” “constancy” and “steady determination”
made him a “man who could be believed, trusted, counted
on.” He became the indispensable man because his very
“force of character” pulled together a bickering group of
intellectuals for a single great cause.
Underlying Scalia’s appreciation of moral character was
his faith in God. It formed an essential part of his views on
higher education and became a wellspring for his courage
to be “different” and “to go against the world.” It was even
why, in part, he liked turkey hunting, which afforded him
quiet time alone, out in the woods, where “you can pray to
the Creator.” “Scalia Speaks” may not convert many
nonbelievers, but it should at least force the worldly wise
to confront the truth that one of the great public thinkers
of our time was proud to have his “wisdom regarded as
stupidity” and to be a “fool for Christ’s sake.”
Scalia’s nonideological friendships, which some have
seen as puzzling, were another sign of his faithfulness to
greater values. His fast friendship with fellow Justice Ruth
Bader Ginsburg, despite their profound political differences, is well-known, and Justice Ginsburg provides a
heartfelt foreword to this volume of speeches. Another was
with Mary Lawton, a government lawyer virtually unknown
outside the Beltway but so personally inspiring that both
the Justice Department and the American Bar Association
now confer awards in her honor. When Scalia was
appointed to head the Office of Legal Counsel during the
Ford administration, he was warned that Lawton, then a
deputy in the office, might be “too ideological, and of the
wrong ideology.” Yet the two became friends because of
her “irrepressible” personality. She was “never a brooder,
never a mope.” Even her anger was such “an exuberant,
hearty, cheerful anger” that “it was more fun to be in the
company of an angry Mary than to be in the company of a
satisfied and contented someone else.” Those are the
words of someone who prized transcendent spirit far
above politics.
Witty writing runs throughout the book. What’s the difference between government and religion? Government’s
“responsibility is the here, not the hereafter.” What advice
did Scalia receive when he asked friends what to talk
about for his first commencement address? “They all said
to talk about . . . fifteen minutes.” And my own personal
favorite: What was the country’s favorite sport during his
youth? “Americans overwhelmingly preferred baseball, a
game in which a lot of players stand around while not
much happens, to soccer, a game in which people run back
and forth furiously while not much happens.”
This marvelous book surely will be required reading for
anyone seeking to understand the mind of this great jurist
and conservative thinker. But I would go further and say
that it should be required reading for anyone who wishes
to understand the mind of a great American, a figure so
important to our history that his passing influenced the
presidential election held months later. If “Scalia Speaks”
can be said to have one fundamental flaw—one shared
with the man’s life—it is that it ends too soon.
Mr. Duffy is a professor of law at the University of
Virginia. He once served as a law clerk to Justice Scalia.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
A18 | Thursday, November 2, 2017
OPINION
LETTERS TO THE EDITOR
Trump’s Immigration Scapegoat
Is Apple Pie About to Become Politicized, Too?
aw enforcement continues to investigate Gang of Eight bill that passed the Senate in 2013
Tuesday’s terror attack in which a 29- would have replaced the diversity lottery with
year-old from Uzbekistan used a truck to more employer-sponsored visas, but the bill
murder eight pedestrians in
stood no chance in the House.
The diversity visa
lower Manhattan. So it’s unforArkansas Senator Tom Cotton
tunate and counterproductive
proposed eliminating the
program is far from the has
that President Trump’s first inlottery as part of a bill to shrink
main terror threat.
stinct has been to politicize the
legal immigration by half.
tragedy by blaming—what
In any event, reducing imelse?—immigration.
migration or improving backThe President apparently got a scoop early ground checks wouldn’t have prevented the New
Wednesday that the alleged terrorist Sayfullo York attack or many of the other two dozen or
Saipov was admitted to the U.S. in 2010 under so Islamist-motivated attacks since 2001. Testithe State Department’s diversity visa lottery. He mony from Mr. Saipov’s former acquaintances
then shot off a barrage of tweets blasting the suggested that he didn’t come to the U.S. radicallottery, which he called a “Chuck Schumer ized and that he became emotionally disturbed
beauty,” singling out the Senate Democratic over time.
leader. “We are fighting hard for Merit Based
The Tsarnaev brothers who bombed the Bosimmigration, no more Democrat Lottery Sys- ton marathon immigrated as kids from Kyrgyztems. We must get MUCH tougher (and stan after their parents received political asysmarter),” Mr. Trump tweeted.
lum. The security guard Omar Mateen who shot
Later in the day he again attacked the visa up a night club in Orlando was American-born.
program, and in an aside lashed chained migra- So was San Bernardino shooter Syed Rizwan Fation that benefits relatives of U.S. citizens and rook, though his wife and collaborator was a legreen card holders. While we’re all for better gal immigrant.
vetting of immigrants, and monitoring of terror
Police have found evidence that Mr. Saipov
risks, the sad reality is that a radicalized U.S. cit- had some allegiance to Islamic State, and his
izen could also have committed the attack.
truck rampage followed the ISIS playbook. Yet
Congress established the diversity lottery as John Miller, the New York Police Department’s
part of the Immigration Act of 1990—which Mr. counterrorism chief, says Mr. Saipov hadn’t been
Schumer co-sponsored along with several Re- investigated by his department or the FBI. Mr.
publicans—to diversify the pool of immigrants. Miller has often told us that his nightmare cases
Chained family migration favors countries in are self-radicalized individuals who only appear
Latin America while a disproportionate number as a threat when they attack.
of Chinese and Indians have immigrated on emMore than an immigration crackdown, the
ployer-sponsored visas.
Saipov case might call for better monitoring of
Each year, 50,000 visas are awarded at ran- terror websites and groups that are more likely
dom to immigrants from countries whose admis- to be radicalized. We’re also with Mr. Trump—
sions totalled fewer than 50,000 over the pre- and Senator John McCain—in suggesting that
ceding five years. Lottery winners make up less Mr. Saipov should have been interrogated at
than 5% of the total legal immigrants. Applicants length before he was read his Miranda rights.
must have graduated from high school or have The first priority is preventing future attacks
at least two years of formal training in an occu- and breaking any terror networks.
pation. Initially, most visas went to European
Perhaps we will learn that Uzbekistan is a tercountries, but Africa has lately been soaking up ror breeding ground from which immigrants
the most.
need special vetting. But the Commander in
While it would make sense to substitute the Chief in particular should wait for answers bediversity lottery for more guest-worker visas, re- fore jumping to policy conclusions or exploiting
strictionists aren’t interested in this trade. The immigration fears.
W
High on Incentives
hatever its enjoyments, marijuana is
not typically associated with
sharper thinking. But in California,
where recreational pot was legalized last year,
citizens now have a much clearer view of the
unintended consequences that come from high
tax rates.
A new report from the global credit-rating
firm Fitch Ratings highlights the effect of California’s high taxes on the marijuana market.
The combined local and state rate on non-medical cannabis may be as high as 45% in some
places, and Fitch says this acts as an incentive
for Californians to shun legal pot dealers who
pay the tax in favor of black-market sellers who
don’t and can charge lower prices. As America’s
R
Keeping Scott Pruitt Safe
eform in Washington is always difficult,
but at the Environmental Protection
Agency it’s also dangerous. Since the
Trump Administration took office, the agency
has investigated more than 70 credible threats
against EPA staffers, with a disproportionate
number menacing Administrator Scott Pruitt
and his family. The EPA responded by beefing
up his security detail, but Mr. Pruitt’s political
opponents are now trying to hold these warranted precautions against him.
Mr. Pruitt has received more than five times
as many threats as his predecessor, Gina McCarthy. These include explicit death threats. Some
have referenced Mr. Pruitt’s home address. Federal law enforcement has determined that some
of those threatening Mr. Pruitt are likely capable
of carrying out acts of violence. EPA security has
already caught suspects prowling around the administrator’s neighborhood.
Mr. Pruitt would doubtless prefer the absence of threats to the presence of security. But
his critics have suggested he’s part of the problem. Mr. Pruitt is a “pallid, oily anti-environment corporate shill,” SFGate columnist Mark
Morford wrote last week, and “when you send
death threats to the world and all who live on
I
largest producer of marijuana, California also
risks driving business outside its own borders
to lower-taxed states.
The irony is that one argument for legalizing
pot has been to reduce illegal trafficking. But
by imposing taxes that are too high on legal
weed, politicians give pot heads an incentive to
go back on the illegal market. This will come as
no surprise to anyone who has followed the
boon to illegal smokes from high cigarette taxes
in places like New York City.
But old arguments always bear relearning,
especially in precincts where understanding
about market incentives is, well, not high. Hats
off to Fitch Ratings for making the argument
in terms even Marin County can understand.
her, the world will, quite naturally, send them
right back.”
Reps. Peter DeFazio (Ore.) and Grace Napolitano (Calif.) have called for the inspector general to launch an investigation into Mr. Pruitt’s
security measures. The expenditures “constitute potential waste or abuse of taxpayer dollars,” they wrote in an Oct. 4 letter. The duo also
claimed that “there is no apparent security
threat against the Administrator to justify such
a security detail or expenditures.”
But the EPA inspector general’s office—in
addition to the agency’s criminal enforcement
division and protective service—recommended
24/7 security for Mr. Pruitt based on the unprecedented threats. A lean team of agents
share the responsibility for safeguarding Mr.
Pruitt, and their salaries will cost taxpayers
roughly $2 million a year. The EPA’s other
safety precautions include a $15,780 upgrade
of the card-access system in EPA offices.
Mr. Pruitt didn’t invent these threats, and
Cabinet members shouldn’t have to fear violence as a price of public service. When the federal government protects Cabinet members
from those who would harm them for doing
their jobs, it is protecting American democracy.
An India Reform Milestone
ndia has moved up a remarkable 30 spots
to 100th place in the World Bank’s annual
report on the regulatory burden faced by
small companies. The country improved in six
of 10 measures in the Doing Business report,
making it one of the top five reformers this year.
Credit is due to Narendra Modi, who set the goal
of moving into the survey’s top 50 when he became Prime Minister in 2014.
A new bankruptcy law is partly responsible
for India’s higher marks, since it improves access
to credit and creates clearer rights and responsibilities. An online system for approving construction projects makes it somewhat easier to
obtain permits, although India still ranks 181st
out of 190 countries in this area. The nationwide
goods and service tax (GST) rolled out in July
isn’t reflected in this year’s score but should
boost future rankings.
India’s Doing Business score had barely improved in the previous two years, reflecting that
Mr. Modi’s war on red tape got off to a slow start.
Now the gathering pace of change sends a positive message to potential investors. The central
government is also pushing bureaucrats and local governments to streamline procedures for
business.
Oddly, the higher ranking comes as the Indian
economy is struggling. That’s due in part to last
year’s removal of 86% of the cash in circulation,
as well as poor implementation of the GST.
Growth fell to 5.7% in the second quarter, and 1.5
million jobs were lost in the first four months of
the year according to one think tank.
The slowdown is a reminder that deregulation, especially the repeal of labor laws that
make it difficult to fire workers, is also critical
to growth. Enabling entrepreneurs to start small
firms will make the Indian economic more dynamic. But Mr. Modi’s “Make in India” program
depends on manufacturers building large factories to employ the millions of young Indians
looking for jobs. Labor reform deserves the same
priority as the Doing Business ranking.
James Taranto’s “The Weekend Interview with Erica Komisar: The Politicization of Motherhood” (Oct. 28)
makes the valid point that children—
the future of the human world—
would be healthier if mothers could
choose how to raise them. High-quality, affordable day-care arrangements
are hard to find, and many mothers
must work. However, the article incorrectly implies that babies are inevitably harmed by their mothers
working.
Ms. Komisar’s “research” methods
are flawed. She thought she saw a
pattern in her practice whereby children who were doing less well had
mothers who worked, and then she
noticed the pattern more. Nobel Laureate Daniel Kahneman and Amos
Tversky called this the “confirmation
bias.” Fathers produce oxytocin at
the same levels as mothers, and oxytocin increases
bonding behaviors in fathers too, as
shown by Ruth
Feldman and
others.
The National Institute of Child
Health and
Human Development study
of early child
care, which
followed a
very large national sample
of children
from before
birth through ninth grade, laid to
rest the idea that day care is universally harmful to developing children.
Quality of care is what matters, and
family features are the strongest
predictors of child outcomes. In the
rare cases where negative outcomes
of day care were observed, they
were particular to subgroups of children and could have been caused by
other features. But as long as babies
can develop sensitively responsive
relationships—which they can do
with fathers, grandparents and even
unrelated day-care providers—very
solid research has shown that mothers can go to work without guilt.
Again, generous maternity- and
paternity-leave policies are in the interest of the next generation. But
mothers who work should not be
afraid that they are harming their
babies by doing so.
ANGELINE S. LILLARD
Charlottesville, Va.
GETTY IMAGES
L
REVIEW & OUTLOOK
I wholeheartedly agree that we
should be a more “child-centric society,” and that it’s unfathomable
why “we’re the only civilized country that doesn’t have a maternityleave policy.” But women have always worked. Unless they were
wealthy, women have been employed as cooks, cleaners and have
worked in fields for millennia. This
notion that women who are employed are somehow ruining future
generations hasn’t manifested itself
throughout time.
Even if I’m not with my child
24/7, I can assure you that I, and
every working mother I have ever
met, begins her second shift with
the child’s health and welfare as a
top priority. It’s unrealistic and reprehensible to presume because the
mom isn’t home with her child every second of every day that somehow the baby
is missing out
on becoming a
self-sufficient
little person.
Women who
carry the burden of supporting and
caring for their
family deserve
our support
and resources,
not our shaming and judgment.
PEGGY EVERTS
Oxford, Miss.
How telling
that the loudest voices from the left
are so outraged by the “science deniers” who dare to question their position on climate change, yet they
are more appalled by the “inconvenient science” that sheds new light
on the wonderful years of motherchild bonding.
EM. PROF. BARBARA DAUTRICH
American International College
Springfield, Mass.
Motherhood was never something that could be done alone, and
we need to connect parents for mutual support. We also need to provide a consistent message across
our country that shaping children
is one of the most valuable callings
a person can have—a message that
will empower not just mothers, but
teachers and child-care providers
as well.
MEGAN DAVIDSON
Sterling, Va.
Risk, Reward and the Pricing of New Drugs
Regarding Tunku Varadarajan’s
“The Weekend Interview with John C.
Martin: The Business of Saving Lives”
(Oct. 21): Mr. Varadarajan indicates
that pharmaceutical company Gilead
Sciences made scientific contributions toward the discovery of the
present curative treatment for hepatitis C. Credit really belongs to Michael
Houghton, Qui-Lim Choo, George Kuo
and Daniel Bradley who, in 1989, identified the virus and developed a diagnostic antibody test for it which
helped the screening of blood for
If 401(k)s Go, Let’s Also Get
Rid of Government Pensions
Apparently House Ways and Means
Committee Chairman Kevin Brady
and others believe the deficit is too
high because American workers are
saving too much for retirement
(“Trump, GOP Spar Over Tax Details,”
page one, Oct. 26). Who knew ensuring the country’s and citizens’ fiscal
health would be so simple to accomplish? Just discourage retirement
saving.
THOMAS G. MALKOCH
Conshohocken, Pa.
For most employees, contributing
the maximum allowed to their 401(k)
plans has been the road to secure retirements as traditional pensions
were eliminated. Thus, one has to
wonder why members of Congress,
themselves secure in generous pensions, would consider taking this tool
away from middle-class Americans in
order to reduce taxes on the wealthiest among us.
HANNA HILL
Minneapolis
Instead of reducing the amounts
that taxpayers can contribute tax-free
to their 401(k) plans, how about cutting all government (federal, state
and local) pensions and making government workers save for retirement
through 401(k)s like the rest of us?
ANTHONY BROOKS
Leesburg, Ga.
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.
transfusion and reduced the spread of
the disease.
Within a few years, startup pharmaceutical company Pharmasset Inc.
developed the first drug for hepatitis
C, Sofosbuvir, that was approved by
the FDA in 2013 and sold under the
brand name Sovaldi. Gilead bought
the small company in 2011 for about
$11 billion dollars and set the price of
the required 12-week treatment at
$80,000. The price was later lowered
to some extent because of the public
outcry. The real credit for finding the
cure for this menacing disease belongs to the talent and hard work of
the physicians and scientists working
at laboratories funded by governmental agencies like the NIH.
PROF. MOHAMMAD G. SAKLAYEN, M.D.
Wright State University
Dayton, Ohio
Unfortunately Mr. Martin perpetuates the myth that R&D budgets justify the cost of prescription drugs. No
other industry can use this logic.
Does Boeing tell airlines that it cost a
lot to develop a new airplane so it is
increasing the price by 1,000%? Perhaps it is time to uncouple pharmaceutical R&D from marketing and distribution. This would allow investors
to underwrite drug development and
let distributors bid for drugs that
they think can achieve a reasonable
rate of return.
JASON ACEVEDO, M.D.
Abilene, Texas
Pepper ...
And Salt
THE WALL STREET JOURNAL
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THE WALL STREET JOURNAL.
Thursday, November 2, 2017 | A19
OPINION
By Ruth R. Wisse
I
n the living room of our
daughter’s home hangs a 4by-6-foot Jewish flag designed by her paternal
great-grandfather, hastily
sewn from blue and white material
in his Montreal dry-goods store. In
November 1917, on receiving news
that the British government had
just given its support for the establishment of a national home for
the Jewish people in Palestine,
Nathan Black strung the flag
across his storefront and closed
for the day. “Haynt iz a yontev,”
he told his workers: “Today is a
holiday.”
‘His Majesty’s government
view with favour the
establishment in Palestine
of a national home.’
One hundred years ago on
Nov. 2, Arthur Balfour, the British
foreign secretary, sent a letter to
Lord Walter Rothschild: “His Majesty’s government view with favour
the establishment in Palestine of a
national home for the Jewish people, and will use their best endeavours to facilitate the achievement
of this object, it being clearly understood that nothing shall be
done which may prejudice the civil
and religious rights of existing
non-Jewish communities in Palestine, or the rights and political status enjoyed by Jews in any other
country.”
Known as the Balfour Declaration,
it represented a diplomatic high
point in the history of the Zionist
movement founded by Theodor
Herzl in 1897. Herzl realized that
Zionism would have trouble achieving its political objective of establishing “a home for the Jewish people in Palestine secured under
public law” without support from
one or more of the empires laying
claim to the Jewish homeland. His
attempt to win that support, cut
short by his death in 1904, was
taken over by others, such as
Chaim Weizmann and Nahum
Sokolow. The latter’s role in securing the Balfour Declaration was recently brought to light by historian
Martin Kramer. Other countries, including France and the U.S., were
involved in the discussions over the
disposition of Palestine, but the
credit for this document was Britain’s. At least on that score credit
is deserved.
The Balfour Declaration was a
landmark in the political life of
Britain no less than in the self-determination of the Jews. Brutally
expelled from England in 1290 and
formally readmitted in 1656, Jews
remained the barometer of toleration in the country’s political and
private life.
English literature served up sinister characters like Shylock and
Fagin that testify to powerful
anti-Jewish prejudice. Then, in
1876, the British novelist George
Eliot created the title character
Daniel Deronda, an Englishman
and Jew who determines to make
the Jews a landed nation again,
“giving them a national center,
such as the English have, though
they too are scattered over the
face of the globe.” The threat to
ANN RONAN PICTURES/PRINT COLLECTOR/GETTY IMAGES
When Britain Renewed the Promise to the Jews
Arthur James Balfour (1848-1930).
the Jews in Eliot’s novel comes
not from violent aggressors but
from Englishmen who cannot understand why Jews should remain
a nation. Anticipating Zionism and
the Balfour Declaration, Eliot interprets the ability of the English
to accept Jewish national rights as
the touchstone of their political
maturity.
Yet Britain went back on its
word. Attempting to appease Arab
rulers, it rewarded Arab violence in
Palestine in the 1930s by preventing
Jews from entering land promised
to them by the Bible and the British. While the British betrayal did
not directly abet Hitler’s war
against the Jews of Europe, it signaled a readiness to abandon the
Jews to their fate. It certainly
spurred the Arab war against Israel,
which began where Germany’s war
against the Jews left off. Churchill
reminded Parliament in 1939 that
the pledge of a Jewish homeland in
Palestine had been made not only
to the Jews but to the world and
that its repudiation was a confession of British weakness.
The Jews would have returned
to Zion with or without the consent
of Europe. This is the people that,
despite the murder of millions of
potential Jewish citizens, and
within Herzl’s predicted timeline of
50 years, recovered and defended
its national sovereignty in the Land
of Israel that had been under foreign domination for almost two
millennia. But most of the Arab
world rejected the very principle of
coexistence and consequently spiraled into ever-escalating intramural conflicts. For Arab nations, too,
acceptance of an autonomous Jewish presence, if and when it occurs,
will be the gauge of their political
maturity.
Meantime, in Britain’s Daily
Mail, a “proud Jewish woman and
patriotic Briton” wrote last month
that “many of this country’s
270,000-strong Jewish community
no longer feel we have a home
here.” The immediate cause of her
anguish is the emboldened antiSemitism of the Labour Party,
which traditionally included many
Jews. This coalition of grievance
endangers the democratic future of
the country.
Our family’s flag celebrated a
landmark in the restoration of Zion
but also another great nation’s
readiness to coexist with the Jews
on an equal footing. That in itself
will not bring peace to the world—
but world peace cannot come without it.
Ms. Wisse, a former professor of
Yiddish and comparative literature
at Harvard, is the author of “Jews
and Power” (Schocken, 2007).
As Terror Strikes Again, New Yorkers No Longer Wonder Why
By Matthew Hennessey
M
New York
y city got hit again Tuesday,
and nearly in the same spot
as the hit it took on a Tuesday long ago.
Eight people died when a religious fanatic from Uzbekistan allegedly turned a rented pickup truck
into a murder weapon on the Hudson River bike path, not far from
the World Trade Center complex in
lower Manhattan. The attack reminded all New Yorkers of a fear we
try hard to suppress: We are always
vulnerable. Every time we cross the
street, we are targets. We must always be on guard.
The attackers want me,
and everyone like me,
to walk around terrified.
Well, they can go to hell.
I was 19 in 1993, when a terrorist
cell under the direction of Omar Abdel Rahman, the so-called blind
sheikh, killed six people with a truck
bomb in the trade center’s parking
garage. At the time I was in acting
school miles away on East 54th
Street. As my friends and I watched
smoke-smeared people being evacuated on a television in the student
lounge, I thought to myself, “Who
would do such a thing?”
On 9/11 I was 27 and living in a
basement apartment in Queens. Like
most New Yorkers, I’d pretty much
forgotten about the 1993 attack.
Like most Americans, I was ignorant
about what we now call radical Islam. A few days earlier I’d read a
news story about the assassination
of Northern Alliance leader Ahmad
Shah Massoud in Afghanistan and
thought: I wonder what that’s
about?
That clear blue Tuesday I was
booked to fly to London for an acting gig. Along with my girlfriend, I
watched the towers fall from the departure lounge in John F. Kennedy
International Airport. As I did I said
out loud: “What is the purpose of
this?”
The flight and the acting gig
were both canceled. The engagement wasn’t: The girlfriend is now
my wife. Sixteen years later, I still
haven’t been to London.
In 2001 I was about to embark on
a life that would lead to more family
happiness and career success than I
dreamed possible. Never far from
my mind, however, are those who
died that horrible Tuesday. My story
goes on. Their stories were unfairly
cut short.
In the skies, in the Twin Towers,
at the Pentagon and in a quiet Pennsylvania field, nearly 3,000 lives
were mercilessly snuffed out that
morning. In the years since, hundreds more cops, firefighters and
other first responders have succumbed to illnesses related to the
attacks. Every September that goes
by, I do my best to remember their
sacrifice.
Eight people in New York went
out this Tuesday, never to return to
their homes or their loved ones. On
my way home to my loved ones that
night I was more alert than usual. I
noticed a few things.
“Damn, eight dead?” I overheard
a middle-aged African-American
man say into his phone as we
passed each other on a midtown
street. It reminded me of riding the
elevated subway out of Queensboro
Plaza the afternoon of 9/11, when I
heard a businessman answer his
phone by saying: “What am I doing?
I’m thinking of all my dead friends
down at Two World Trade.”
I heard some people speaking
French on Madison Avenue. “You are
visiting a city that just got attacked
by a terrorist,” I thought to myself.
They appeared unaffected. They
were on vacation, probably in deep
for a few thousand dollars (or euros). It turned out six of those killed
in the attack were tourists, five of
them Argentines in New York for a
high-school reunion.
Considerably affected myself, I
popped into a liquor store for a bottle of Irish whiskey. A wine tasting
was under way. Nobody seemed to
care that a jihadist had killed eight
people a few miles downtown. I wondered: What’s happening to us?
Minutes later I stood beneath
the big American flag above the
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Main Concourse at Grand Central
Terminal. Halloween revelers were
assembling. Some were headed to
watch the Rangers play at Madison
Square Garden. Evening commuters
often enjoy a drink or two on the
way home. More than usual seemed
to be drowning their sorrow that
night.
The NYPD, National Guard and
New York state troopers were out in
force. It put me in mind of those
post-9/11 days when you’d see soldiers with large rifles patrolling
subway platforms, a sight both comforting and disturbing.
I no longer wonder who would do
such things or what they’re all
about. I know what’s going on.
Those who plow trucks into crowds
and slaughter innocent people are
enemies of freedom. They have no
respect for human life. They aren’t
sick. They aren’t confused.
They know exactly what they are
doing and exactly what they want:
They want me, and everyone like
me, to walk around terrified that instant death is always a moment
away. And they think it’s all for the
glory of God.
Well, they can go to hell.
Mr. Hennessey is an associate
editorial features editor at the
Journal.
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Visit the installation from
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Book your visit at
ArkVCA.com
Walk-ins welcome
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Russia Ads Targeted Precise Groups
Sophisticated effort
on Facebook sought
to amplify simmering
tensions within the U.S.
Russian operatives targeted
users on Facebook Inc. by race,
religion and interests such as
gun ownership, the Confederate
flag and Ivanka Trump’s jewelry line, according to advertising data released by lawmakers
Wednesday as part of congressional investigations into Russian manipulation on social media around the U.S. election.
The ads targeted groups on
opposite sides of an issue, a
move that lawmakers said was
designed to amplify social divisions. One of the Russia-backed
pages, “Back the Badge,” for example, ran an ad in October
2016 meant to reach the wives
of police officers, sheriffs and
pages memorializing killed officers that was seen more than
1.3 million times. “Woke
Blacks,” on the other hand, promoted its page among people
who are interested in “AfricanAmerican culture” and the civilrights movement. That ad was
seen more than 750,000 times.
Both pages were created by
Russians tied to the Kremlinlinked
Internet
Research
Agency, which paid for the ads
in rubles.
Lawmakers also released the
Twitter Inc. account names for
2,752 accounts linked to the Internet Research Agency. Many
of the handles appeared to impersonate famous politicians,
political parties and news agencies, in an apparent attempt to
seem credible, such as
@_GeorgeSchultz_,
@tpartynews, @NewYorkDem and
@TheTimesOfLondn. At least
one of the accounts was created
as early as 2009 and another
was tweeting as recently as
mid-October, according to data
A selection of the ads, which touched on issues such as race, political preference, religion, gun ownership and the Confederate flag.
Pages Attracting
Facebook Viewers
u Back the Badge: Tags included state police, law enforcement. 1.3 million ad impressions
u Being Patriotic: Tags included independence, patriotism. 529,205 ad impressions.
u Blacktivist: Tags included human rights, African-American culture. 530,762 ad impressions.
analyzed by The Wall Street
Journal. Some accounts with
more than 10,000 followers
were created in late 2015 as the
presidential primaries were in
full swing.
Social media “in many ways
seem purpose-built for Russian
disinformation techniques,”
Sen. Mark Warner (D., Va.) said
during a Senate Intelligence
Committee hearing on Wednesday attended by executives
from Facebook, Twitter and Alphabet Inc.’s Google to probe
Russian manipulation. “Russian
actions are further exposing the
dark underbelly of the ecosys-
tem you have created.”
Russia has denied any interference in the U.S. election.
The new data, released by
members of the House Intelligence Committee during an afternoon hearing, show the sophistication of the Russian
effort to hit precise groups of
people to amplify specific, simmering tensions within the U.S.
Facebook, Twitter and Google
have said in congressional hearings this week that the ads and
other content by Russian-linked
accounts made up just a sliver
of election-related information
on their sites. But the ads demonstrate how the Russian effort
spread far beyond political
campaigns and across issues as
wide-ranging as immigration,
police brutality and religion,
and served to recruit new followers to their pages and encourage them to attend events.
Lawmakers expressed frustration with the tech companies
during the hearings. Sen. Dianne Feinstein (D., Calif.) criticized the companies for not
having a handle on the misuse
of their platforms, while Sen.
Please see ADS page B2
Facebook vows to sacrifice
growth for security................ B3
Kalanick Feud Threatens Uber-SoftBank Deal
BY GREG BENSINGER
Uber Technologies Inc.’s
effort to close a multibilliondollar investment by SoftBank
Group Corp. is in danger of
derailing as co-founder Travis
Kalanick tussles with fellow
board members, including
Benchmark Capital, over the
limits of his power at the ridehailing giant, people familiar
with the matter said.
Uber in recent days had
reached an agreement in principle on a deal with a group of
investors led by SoftBank that
would reshape Uber’s board
and other aspects of its corporate governance and bring on a
powerful partner in SoftBank
Chief Executive Masayoshi
Son, the people said. The deal
could be valued around $10
billion.
But Mr. Kalanick alerted fellow board members Tuesday
he wants removed from the
deal a provision that would require a majority vote on any
directors he appoints in the future, the people said. He is
also seeking a temporary stay
on a lawsuit filed by Benchmark, one of Uber’s biggest investors, over his control of two
Gold Rally Leaves Out
Retail Metal Dealers
BY STEPHANIE YANG
Gold prices are rallying, but
retail gold dealers and shops
are struggling to survive.
Businesses that sell gold
coins and other products made
from the precious metal usually thrive during years like
2017. Gold futures have gained
more than 10%, boosted by a
weaker dollar and by big investors looking for a haven
during recent geopolitical tensions surrounding North Korea
and Iran.
Yet sales this year of American Eagles, a popular gold coin
and a proxy for retail sales of
physical gold, have fallen to
their lowest levels since 2007,
according to the U.S. Mint.
The weak demand is taking
a toll on gold dealers, some of
whose sales have dropped as
much as 70% compared with
last year, according to Jeffrey
Christian, managing partner at
market-research firm CPM
Group. That is creating a difficult environment for businesses that make money selling precious metals.
“It’s been absolutely dismal,”
said Peter Thomas, senior vice
president of metals at Zaner
Tesla Rolls
Back Goal
On Sedan
Amid Loss
BY TIM HIGGINS
ANDREW HARRER/BLOOMBERG NEWS
BY GEORGIA WELLS
AND DEEPA SEETHARAMAN
See more at WSJMarkets.com
Precious Metals, a Chicago precious-metals dealer. “A lot of
guys have been really hurting.”
One reason for the declining
business is that a number of
retail buyers are turning to
cryptocurrencies like bitcoin to
store money during periods of
stress, some analysts say.
Bitcoin has “taken some of
the dedicated interest in gold
away from gold,” said Mohamed El-Erian, chief economic adviser at Allianz SE
who warned at a CME Group
event in September that cryptocurrencies could pose a longterm threat to gold.
CME Group Inc., the Chicago-based exchange operator,
said this week that it is aiming
to launch a futures contract
based on bitcoin by year-end,
which could make it as easy to
buy bitcoin futures as it is to
buy gold or oil futures.
That is raising questions
about whether this downturn in
the gold retail business could
be more serious and last longer
than previous downturns.
Philip Lally, a manufacturing engineer, is one of the investors embracing cryptocurrencies this year, helping
Please see GOLD page B2
board seats or a formal guarantee the suit will be dropped
after SoftBank completes the
investment, the people said.
While Mr. Kalanick doesn’t
have majority voting power,
other investors view his approval of any final deal with
SoftBank as essential in part
because some of the corporate-governance changes affect
him personally, the people
said.
The sides could still work
out an agreement. Mr. Kalanick
still supports the SoftBank
deal and would let stand the
majority-board-vote provision
INSIDE
SONY BRINGS
ITS DOG
TO MARKET
ROBOTICS, B4
FIVE REASONS
TO FAVOR
A ROTH 401(K)
INVESTING, B12
if Benchmark formalizes its
commitment to drop its lawsuit once the deal is concluded, according to two of the
people. Benchmark had told
board members in October it
would drop the suit after the
SoftBank deal is consummated,
triggering the corporate-governance reforms, those people
said.
But the fresh infighting
shows how Mr. Kalanick’s involvement continues to loom
over Uber four months after
Benchmark and other shareholders ousted him as CEO.
The dispute threatens to dis-
rupt a tentative stability
brought by his replacement,
Dara Khosrowshahi, after
nearly a year of turmoil.
The current dispute centers
on Mr. Kalanick’s control of
two board seats, in addition to
his own, that was granted him
in June 2016. Benchmark,
which holds a director’s seat,
in August sued to compel Mr.
Kalanick to relinquish the
seats to the board. In a surprise move the following
month, Mr. Kalanick installed
former Xerox Corp. CEO Ursula
Burns and ex-CIT Group Inc.
Please see UBER page B2
Elon Musk’s usual bravado
as the billionaire leader of
Tesla Inc. seemed to waver
on Wednesday as he warned
of monthslong delays in the
production of the Model 3
sedan and raised the possibility the electric-car company could pump the brakes
on planned growth.
The Silicon Valley auto
maker had aimed to make
5,000 Model 3 sedans a week
by the end of this year but
said it won’t reach the milestone until late in the first
quarter of next year.
Tesla also reported its
worst financial quarter ever,
posting a loss of $619 million
attributed to common shareholders in the three months
that ended on Sept. 30, compared with a rare profit of
$22 million a year ago. On an
adjusted basis, the company’s per-share loss of
$2.92 was wider than the
$2.28 consensus estimate of
analysts surveyed by Thomson Reuters.
The company attributed
the primary delay of ramping
up the Model 3, which began
production in July, to battery-pack assembly at its factory near Reno, Nev.
“The combined complexity
of module design and its automated manufacturing process has taken this line longer to ramp than expected,”
Mr. Musk said in a shareholder letter detailing the
company’s third quarter.
Mr. Musk, who on a conference call with analysts
said he was struggling with a
cold, seemed at a loss of
words when asked about
when Tesla might reach the
rate of building 10,000 Model
3s a week. After a 12-second
delay, he suggested it was
too early to say because
Tesla is still learning to build
the Model 3 and later added
the company faces a strategic choice between growth
and capital spending.
“We want to make sure we
know what to scale before
we spend money on it,” Mr.
Musk said.
His comments surprised
some
analysts.
“Quite
frankly, I think it’s really the
first time that I’ve heard you
talk about that potential
trade-off,” Toni Sacconaghi,
an analyst for Bernstein Research, told Mr. Musk.
Heard on the Street: Tesla
drives further off track .... B14
HEARD ON THE STREET | By Alex Frangos
Fortunate Son’s Bitcoin Jackpot
Say you’ve
discovered a
wad of cash in
a secondhand
coat or, more
appropriately,
a wad of virtual bitcoin on
the hard drive of a used
computer. With the virtual
currency up nearly sevenfold
against the dollar this year,
do you sell or hold?
That is essentially the situation facing Japanese everywhere-and-everything
conglomerate SoftBank
Group. Led by singularity-obsessed founder Masayoshi
Son, SoftBank struck a deal
in February to snap up asset
manager Fortress Investment Group for $3.3 billion.
Buried in the company’s assets is at least $5.9 million
of bitcoin. Mr. Son has a reputation for investing in
things that go up rapidly in
value—Chinese e-commerce
giant Alibaba Group Holding prime among them.
Being a cryptocurrency
with no official backing,
SoftBank valued the bitcoin
at zero when it ran numbers
on the deal, according to a
person familiar with the
Coin of the Realm
Return on $100 invested at start
of year, including dividends
$600
Bitcoin
500 Feb. 14
SoftBank
400 announces deal
300 to buy Fortress
200
100
0
S&P 500
2017
Sources: Coindesk (bitcoin); FactSet (index)
THE WALL STREET JOURNAL.
deal. But actually, that $5.9
million was just the value
Fortress carried on its books,
having written down its initial investment in the digital
currency following bitcoin
crashes in 2014 and 2015. As
of February, when SoftBank
agreed to buy Fortress, the
company’s bitcoin was actually valued at about $22 million, based on bitcoin’s market price and Fortress
financial filings. Softbank’s
discovery should not be surprising. Fortress co-Chairman Peter Briger is a wellknown bitcoin enthusiast, as
is former Fortress macro
fund manager Michael Novogratz.
Since announcing the
deal, bitcoin has risen 551%,
to nearly $6,600 per bitcoin,
making Fortress’s stake valued at about $142 million.
Add in the value of “bitcoin
cash,” a forked offshoot that
was distributed to bitcoin
holders in August, and the
value goes above $150 million. SoftBank’s Fortress deal
should close by the first
week in December, according
to the person familiar with
the matter, which means
SoftBank will soon have to
decide what to do with the
free money.
It won’t necessarily unload the sum immediately.
News that CME Group is
launching a tradable bitcoin
contract could drive the
price higher, especially if exchange-traded funds based
on the contract develop and
a new herd of crypto maniacs step in. Of course, with a
CME-traded contract, bitcoin
will be more easily shorted,
too. Maybe it is better for
SoftBank to take at least
some of its found bitcoin off
the table.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B2 | Thursday, November 2, 2017
INDEX TO BUSINESSES
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.
A
F
Alibaba Group Holding
.....................................B1
Allergan.....................B14
Allstate ....................... B7
Alphabet.........B1,B3,B14
A-Mark Precious Metals
.....................................B2
Amazon.com ............... B3
Anheuser-Busch InBev
.....................................B7
Apollo Global
Management...........B12
Apple .............. A9,B4,B14
Atlas Mara................B12
Atlas Merchant Capital
...................................B12
AveXis.........................A3
Facebook
.............A2,A9,B1,B3,B14
Fiat Chrysler
Automobiles ............. B2
Ford Motor..................B2
Fortress Investment
Group.........................B1
C
Canopy Growth...........B7
Carlyle Group............B12
CME Group..................B1
General Atlantic..........B2
General Electric .......... B3
General Motors...........B2
Guggenheim Partners
...................................B12
H
Haier Group.................B4
Hershey.......................B7
Honda Motor...............B2
Hudson's Bay..............B7
I
Ionis PharmaceuticalsA3
K
Mondelez International
.....................................B7
N
Neuberger Berman...B12
Next...........................B13
Nissan Motor..............B2
P
Permira......................B12
Pitney Bowes..............B3
Prudential Financial....B7
Q
Qualcomm...................B4
S
Seagate Technology....B4
Shake Shack................B7
Signa Holding..............B7
SoftBank Group..........B1
Sony.............................B4
Standard Chartered
........................... B12,B13
State Street................B2
T
Kellogg.........................B7
KKR............................B12
Kraft Heinz ................. B7
L
D-E
Lehman Brothers
Holdings..................B12
Los Angeles Dodgers
...................................A16
Dell Technologies........B6
Devon Energy............B13
Dragoneer Investment
Group.........................B2
Estée Lauder.............B13
Marathon Oil.............B13
MetLife........................B7
Molson Coors Brewing
.....................................B7
M
Tencent Holdings......B12
Tesla.....................B1,B14
Teva Pharmaceutical B14
3G Capital Partners....B7
Toyota Motor..............B2
Twitter...................B1,B3
U
Uber Technologies.B1,B2
Under Armour.............B3
United Technologies...B4
V-W
Vanguard Group........B12
Walt Disney................A1
INDEX TO PEOPLE
B
K
Pickering, Kallum......B13
Briger, Peter................B1
Burns, Ursula..............B1
Kalanick, Travis...........B1
Katimbo-Mugwanya,
David.......................B13
Kawanishi, Izumi........B4
Khosrowshahi, Dara ... B1
Raine, Mark.................B4
Roberts, Gregory N. ... B2
C
Cameron, Brian...........B8
Christian, Jeffrey........B1
D
Diamond, Robert.......B12
E
El-Erian, Mohamed.....B1
G
Gallo, Stephen .......... B13
Gamble, Al .................. B6
Gammel, Jason.........B13
I
L
Lally, Philip ................. B1
LaNeve, Mark..............B2
Jun, Jiang....................B4
S
Sacconaghi, Toni.........B1
Siegel, Bruce...............A3
Son, Masayoshi .......... B1
Strangfeld, John.........B7
M
T
Maxfield, David...........B6
McMillan, Brad..........B13
Minerd, Scott............B12
Musk, Elon...........B1,B14
Thomas, Peter ............ B1
Thooft, Nathan.........B13
N
Monthly Vehicle Sales Over the Past Year
The auto industry’s hot
streak continued in October
with car companies achieving
a far higher sales pace than
initially expected for the
month, setting the stage for a
strong finish to 2017.
Auto makers have been
banking on robust fourthquarter sales after a sluggish
summer. September’s performance—fueled by Labor Day
deals and hurricane-related replacement sales—was abnormally strong, and October’s remained near that pace,
according to preliminary estimates published Wednesday
by Autodata Corp.
Nearly all major auto makers posted considerable gains,
sending the closely watched
seasonally adjusted annual
sales rate to 18.1 million, Autodata said, outpacing the prior
October’s 17.8 million and initial analyst expectations for a
17.5 million SAAR. Full-year
auto sales through 10 months
are holding close to the pace
set a year ago.
Autodata, which excluded
BMW AG from estimates because of delays in the German
auto maker’s reporting, said
sales volume fell 1.3% in October to 1.35 million. The modest decline is seen as a positive development, however,
GM
P
Zuckerberg, Mark ....... B3
Ford
s6.4%
Toyota
s1.1%
Oct. 252,813
199,698
188,434
Honda
s0.9%
Nissan
s8.4%
153,373
127,353
123,012
because there was one less
selling day compared with October 2016 and analysts had
been expecting a bigger yearover-year decline.
Ford Motor Co. sales chief
Mark LaNeve said strong underlying economic factors—including wage growth and low
unemployment—are helping to
keep showrooms busy. Ford’s
sales volumes and profit have
been buoyed as sales of the FSeries pickup truck sizzle
amid low gasoline prices.
“Consumer confidence is
up, the stock market is up—
that really helps the psyche of
our buyers,” Mr. LaNeve said
on a conference call.
Judy Wheeler, Nissan Motor Co.’s U.S. sales chief, said
she expects auto makers will
get “extremely aggressive” in
the fourth quarter, with most
car companies’ fiscal-year calendars ending in December.
“We just need to make sure
that we properly sell down our
2017 model-year vehicles and
transition to our 2018 vehicles
as we move into the last quarter,” Ms. Wheeler said. “We
want to be as aggressive as we
can and deliver the right level
of profits to the company.”
Ford was the lone Detroit
competitor posting an October
gain, reporting a 6.4% increase
compared with the same
month in 2016, selling 199,698
light vehicles. Toyota Motor Corp., Honda Motor Co.
and Nissan also recorded yearover-year gains.
General Motors Co. and
Fiat Chrysler Automobiles
NV, however, posted declines.
GM said sales fell 2% in October to 252,813 vehicles be-
UBER
Drivers for ride-hailing firms celebrated in Brasília Tuesday night.
Brazil Delays Vote
On Ride-Hailing Bill
As originally proposed, the
bill would require drivers to
own their cars and be licensed
by local authorities, as taxis
are. The ownership requirement was later removed.
Uber said it depends on
contract workers who might
not own the vehicles.
Brazil’s Senate ended up
approving the bill, but with
changes, effectively sending it
back to the Lower House for
further debate. There is no set
date for a final vote.
—Paulo Trevisani
and Greg Bensinger
Ride-hailing services won a
temporary victory in Brazil on
Tuesday when Congress put
off a final vote on a bill increasing regulation on the industry, after intense lobbying
led by Uber Technologies Inc.
Uber told lawmakers regulation would hurt 500,000
drivers and 17 million passengers who use the app in Brazil
amid high unemployment.
ANDREW HARRER/BLOOMBERG NEWS
The Senate Intelligence Committee hearing about social media.
ahead of the 2016 U.S. presidential election, compared with
a combined $81 million in
spending from Hillary Clinton
and Donald Trump’s campaigns
prior to Election Day. Twitter
has identified $235,784 in advertising spent by Russianlinked accounts that was targeted at U.S.-based users in
2016.
Other ads appeared on Instagram, Facebook’s photo-sharing
service. Facebook has only recently started to acknowledge
the scale of Russian manipulation on Instagram. “Killary Clinton will never understand what
it feels like to lose the person
you love for the sake of your
country,” said an ad from an Instagram account called “ameri-
t13%
THE WALL STREET JOURNAL.
Z
Investors have poured more
than $8.5 billion into State
Street Corp.’s gold ETF, the
largest gold ETF, since the end
of 2015. That reversed three
years of net outflows and
marks the biggest period for
inflows since 2009, according
to FactSet.
Mr. Thomas said authorized
gold purchasers who buy directly from the U.S. Mint have
been getting hurt, too, because
of waning dealer demand.
“They end up having to stockpile coins,” he said.
In September, gold dealer
and authorized purchaser AMark Precious Metals Inc., one
of the few public companies in
the industry, reported quarterly
profits down 20% from a year
ago. The amount of gold sold in
ounces fell 59% from the same
quarter last year.
“We’re looking for ways to
just take market share and do
more business in the current
environment,” Chief Executive
Gregory N. Roberts said during
the earnings call.
He added that the company
was “looking ahead in believing that this isn’t going to last
forever,” but others sounded
more bearish on the industry’s
prospects.
FCA
Sources: the companies
ADS
Continued from the prior page
Angus King (I., Maine) said he
was disappointed the tech companies didn’t send their chief
executives.
“We’re serious about preventing abuse on our platforms,” Facebook Chief Executive Mark Zuckerberg said in a
statement as part of Facebook’s
quarterly earnings Wednesday
afternoon. “Protecting our community is more important than
maximizing our profits.”
Russian-created
posts
reached an estimated 146 million people on Facebook, including 20 million people on Instagram,
Facebook
said
Wednesday. Twitter says its users saw automated, election-related tweets from accounts tied
to Russia approximately 288
million times over slightly more
than 10 weeks between Sept. 1
and Nov. 15, 2016.
The Russian propaganda
campaign achieved such scale
at a low cost by tapping hotbutton subjects that tend to
generate a lot of engagement
on Facebook. The company’s ad
auction system favors ads that
grab users’ attention and
prompts them to click or otherwise interact with the ad.
The Russian actor behind the
“Back the Badge” page spent
just 0.14 cent, for example, for
each user its ad was intended
to reach. Facebook General
Counsel Colin Stretch said during the hearing the Russianbacked Internet Research
Agency spent $46,000 on ads
t2.2%
V
Patel, Viraj................B13
Petkevich, Danny........B4
Continued from the prior page
bitcoin prices soar to records.
While gold buyers historically
have looked to the precious
metal as a place to hide during
a market selloff, Mr. Lally said
virtual currencies are a new
“hedge against chaos.”
Waning interest in the precious metal also reflects a
surging stock market that is
outshining even gold: The S&P
500 index is up 15% and has
closed at records 50 times this
year. With returns like that,
some longtime gold bugs are
bailing on bullion.
“You can’t be parked in
gold,” said Casey Frazier, a
government administrator in
Woodstock, Conn., who used to
hold nearly one-third of his
savings in gold. He has moved
some of his money into the
booming stock market, and
now his precious-metals allocation is down to 10%.
Some small investors who
used to buy gold coins, jewelry
or watches are getting gold exposure through exchangetraded funds, which are much
easier to buy and sell.
BY ADRIENNE ROBERTS
Varga, Tamas............B13
Weiser, Brian..............B3
Wheeler, Judy.............B2
GOLD
Auto Sales Maintain Strong Run
W
Novogratz, Michael.....B1
Inch, John....................B3
J
R
BUSINESS & FINANCE
SERGIO LIMA/AGENCE FRANCE-PRESSE/GETTY IMAGES
B
Barclays.....................B12
Bayerische Motoren
Werke........................B2
Benchmark Capital ..... B1
Biogen.........................A3
Blackstone Group A9,B12
Brighthouse Financial B7
G
THE WALL STREET JOURNAL.
* ***
can.veterans.” The ad was
viewed 17,654 times.
Facebook in September identified 470 accounts linked to
the Internet Research Agency,
which operated 120 pages. It
disclosed at the time that the
accounts bought 3,000 ads during a two-year period, but it
didn’t make them public. Some
lawmakers vowed to release
them in order to make Americans more aware of the Russian
manipulation.
Some ads promoted events,
often on opposite ends of the
ideological spectrum. For example, in May 2016 the “United
Muslims of America” page coordinated a rally to support a
recently opened Islamic center
in Houston. That same day, an-
other Russia-backed Facebook
page, “Heart of Texas,” had
planned a protest of the center.
The two rallies drew dozens
of attendees and attracted local
news coverage. The cost of promoting these events on Facebook was $200, said Sen. Richard Burr (R., N.C.) during a
hearing Wednesday morning.
In July 2015, “Black Matters”
bought a news-feed ad to promote its Facebook page, which
had nearly 224,000 likes at that
point. The page targeted the ad
to users located within about
12.5 miles of three cities with
large black populations: Atlanta, Ferguson, Mo., and St.
Louis.
The ad, backed by a Facebook page called “Williams&Kalvin,” urged Facebook users to
subscribe to its channel on YouTube, a unit of Google.
Twitter initially identified
201 accounts on its site that
were related to the 470 Russiabacked accounts Facebook
found on its site. This week,
Twitter revealed the number of
Internet Research Agencylinked accounts was more than
10 times greater than its first
sweep.
Some of the Russian Twitter
accounts were active until very
recently. One, which used the
name “Chelsey Jones” and the
handle @cheelsyJoTRs, on October 14 tweeted: “BUSTED!
Two Obama ’Dreamers’ Arrested For Smuggling in Illegals!” The account had #MAGA
in its profile description.
—Douglas MacMillan,
Byron Tau, Mark Maremont
and Rob Barry
contributed to this article.
Continued from the prior page
chief John Thain in the seats
without consulting other directors.
The SoftBank consortium,
which includes Dragoneer Investment Group and privateequity firm General Atlantic,
has proposed a two-part deal,
in which it would directly invest at least $1 billion in Uber
at its last valuation of $68 billion, while also buying a much
larger stake from existing investors at a substantial discount to that valuation. SoftBank is seeking a stake of 14%
to 20% in Uber.
Uber’s board unanimously
agreed in early October to pursue the deal and to have it
trigger a series of corporategovernance changes backed by
the board, including the addition of six board seats—two of
them for SoftBank—and the
removal of enhanced voting
power for early investors including Mr. Kalanick. It was to
be a signature early victory for
Mr. Khosrowshahi, who has
been working to calm investors and directors after a series of scandals.
Mr. Kalanick is now raising
concerns in part because he
feels Benchmark is reneging
on a commitment to formalize
its intent to drop its lawsuit
against him, said two people
familiar with the matter.
Benchmark made a verbal
cause of a decline in sales of
passenger cars, reflecting a
preference for trucks and
sport-utility vehicles. Fiat
Chrysler said sales fell 13% to
153,373 vehicles, a decline
driven by a modest drop in retail sales and a reduction in
sales to fleet buyers, such as
rental-car companies.
Nissan said its sales increased 8.4% compared with
the prior October, while Toyota reported a 1.1% increase.
Both companies cited strong
sales of smaller crossover
SUVs—such as the Nissan
Rogue and Toyota RAV4—as a
reason for gains. Honda sales
rose nearly 1%, with the Civic
compact car, the auto maker’s
best-selling vehicle in October,
notching double-digit gains.
—Mike Colias
contributed to this article.
commitment to back off, but
never agreed to formalize it,
said a person familiar with the
firm’s thinking.
Board members and investors had been haggling with
the SoftBank group over the
discounted price. Talks had
centered on SoftBank offering
to buy shares from existing investors at around a $50 billion
valuation, according to the
people familiar with the matter. It couldn’t be learned what
price the two sides recently
settled on.
Mr. Kalanick has fought
Benchmark’s efforts to curtail
his control and said its lawsuit
is without merit. Benchmark
has indicated the suit would
no longer be necessary if the
governance changes are implemented as part of the SoftBank
deal. If Benchmark ultimately
pursues the suit, it is slated to
be decided by an arbitrator.
Benchmark and Mr. Kalanick have been in the middle of
much of the board infighting
over the SoftBank deal.
With a 13% stake, Benchmark’s willingness to sell some
of its shares is vital for the
deal because Mr. Kalanick has
indicated he has no plans to
unload any of his holdings.
Benchmark, whose stake is
worth around $8.4 billion, has
said it believes Uber could be
worth more than $100 billion
in the coming years.
For SoftBank, a deal with
Uber would give it a stake in
all of the largest global ridehailing firms.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Thursday, November 2, 2017 | B3
NY
* *
BUSINESS NEWS
Under Armour Shake-Up
Claims More Executives
Marketing chief and
head of women’s
business to depart
amid a sales slump
PENCER PLATT/GETTY IMAGES
BY SARA GERMANO
Executives vow more changes after the company’s first-ever sales decline as a public firm.
Under Armour Inc. is shedding more of its senior leadership, including its chief marketing officer and the head of
its women’s business, as the
sportswear company continues
to grapple with declining
sales.
Andrew Donkin, the marketing chief, and Pamela
Catlett, senior vice president
and general manager of Under
Armour’s women’s and youth
categories, are leaving the
company. A memo announcing
their departures was circulated among company leaders
Tuesday night, a person familiar with the matter said.
A spokeswoman for Under
Armour said the Baltimorebased company has “mutually
agreed to part ways” with Mr.
Donkin and Ms. Catlett, and
that they would leave later
this month.
Mr. Donkin, who joined the
company from Amazon.com
Inc. last year, declined to comment. Ms. Catlett, who previously spent more than a decade at Nike Inc. and offered
management-consulting services, didn’t immediately respond to a request for comment.
Other recent departures include the president of sport
fashion, Ben Pruess, and Kip
Fulks, who went on sabbatical
last month. Mr. Fulks was a
co-founder of Under Armour
and widely considered to be
the deputy to Chief Executive
Kevin Plank. Under Armour in
June hired Patrik Frisk as
president and chief operating
officer, who took over some of
Mr. Fulks’s responsibilities.
Mr. Frisk is shaking up the
company’s leadership team, a
person familiar with the matter said, adding that more
changes might follow.
On Tuesday, Under Armour
reported its first-ever sales
drop as a public company, and
executives pledged more
changes as they contend with
a contracting market after
years of rapid growth. Shares
of Under Armour fell 24% on
Tuesday and an additional
3.8% on Wednesday, to $12.05.
In August, Under Armour announced a round of layoffs and
restructuring.
The company is making
other changes, including getting out of wearable fitness
hardware and shifting its fashion sportswear line into running, basketball and women’s
categories, instead of operating as a stand-alone unit.
Facebook Vows to Sacrifice Growth for Secure Operations
BY DEEPA SEETHARAMAN
Facebook Inc. extended its
dominance in online advertising in the third quarter but
said it would sacrifice some
future growth to invest more
heavily in its safety and security operations to address the
growing scrutiny of its power
and influence.
The social-media giant reported a 79% jump in thirdquarter profit on Wednesday,
the same day lawmakers
grilled executives from Facebook, Twitter Inc. and Alphabet Inc.’s Google during congressional
hearings
that
focused on alleged Russian
propagandists’ activity during
the election. Facebook and
Google together capture the
bulk of the growth in digital
advertising.
Facebook plans to double
the number of employees and
contractors who handle safety
and security issues to 20,000
by the end of 2018. It is also
redoubling security-focused
engineering efforts in some areas and building new artificialintelligence systems to detect
what Chief Executive Mark
Zuckerberg described as “bad
content and bad actors.” Facebook’s 2018 expenses could
rise as much as 60% compared
with 2017.
“I am dead serious about
this,” Mr. Zuckerberg told investors. “I’ve directed our
teams to invest so much in security on top of the other investments we’re making that it
will significantly impact our
profitability going forward.”
Facebook is confronting one
of the toughest periods in its
13-year history. This week,
Facebook’s general counsel
faced a series of hostile questions from U.S. lawmakers over
its failure to detect the way
Russian propagandists used its
platform to spread divisive
content through ads, free posts
and event listings.
The grilling raises the specter of regulation and added
scrutiny, which could slow
Facebook’s growth and ability
to rapidly develop new products. The crisis also put Facebook in the awkward position
of playing down the effectiveness of the Russian ads while
touting the strength of its ad
targeting and reach to legitimate advertisers.
Advertisers, too, are wary
of Facebook’s video ad products after a series of missteps
in calculating advertising performance.
“The underlying issue is
whether Facebook can be sufficiently trusted by stakeholders,” said Pivotal Research analyst Brian Weiser. “There’s
always been this concern that
at the top of the company
they’re not taking these matters seriously enough. Lack of
trust creates friction, lack of
trust creates rules and those
rules come with costs.”
Facebook reported a thirdquarter profit of $1.59 a share,
up from 90 cents a share a
year ago. The company also
generated $10.33 billion in revenue, up from $7.01 billion in
the prior year’s quarter.
The firestorm about Russia
hasn’t hurt Facebook’s popularity. The company increased
its monthly active user base to
2.07 billion.
Its shares were down 2% in
after-hours trading. The stock
price is up more than 59% this
year through Wednesday’s
close.
Since the 2016 U.S. presidential election, Facebook has
faced immense criticism for al-
New Heights
Facebook’s quarterly revenue
$10.3B
$10 billion
8
6
4
2
0
2013 ’14
’15
’16
’17
Source: the company
THE WALL STREET JOURNAL.
lowing misinformation, propaganda and violent videos to
proliferate on its service and
shape political discourse
around the world.
Facebook reinvigorated the
debate two months ago after it
disclosed that Russian-linked
Facebook accounts bought
thousands of ads that sought to
inflame social and political tensions before and after election.
In congressional hearings
on Tuesday and Wednesday,
General Counsel Colin Stretch
faced questions that went beyond Facebook’s role in the
2016 election and touched on
its ad-targeting capabilities
and content policies.
Facebook said 146 million
users saw posts from accounts
linked to the Internet Research
Agency, a pro-Kremlin outfit
that sought to use Facebook to
amplify social divisions in the
U.S.
Heard on the Street:
Facebook lacks allies ....... B14
Pitney Bowes Explores Options
Pitney Bowes Inc. said it is
looking at strategic alternatives as the shipping-services
company struggles to expand
amid lower mail volume.
Shares fell 17% on Wednesday after Pitney Bowes reported an earnings decline for
the third quarter, missing analysts’ expectations.
Chief Executive Marc Lautenbach said, “We believe now
is the time to explore a broad
range of strategic alternatives
that may have the potential to
further unlock shareholder
value.”
Pitney Bowes said it had
hired advisers but that no deci-
GEOffers
NewLook
InsideIts
‘BlackBox’
BY MICHAEL RAPOPORT
General Electric Co. lifted
the veil slightly on a part of its
accounting that analysts have
said was too opaque, spotlighting how changes in one
group of its assets help to lift
profit.
The company provided new
details about its contract assets Monday in its latest quarterly filing with the Securities
and Exchange Commission.
These are assets based on revenue GE books on long-term
contracts before it has the
cash in hand, for things such
as servicing power plants and
building complex equipment
like gas-power systems. That
portfolio has risen 18% this
year to $29.8 billion.
The catch is that the level of
those assets relies in part
on estimates and assumptions
made by GE about how much
profit it ultimately will reap
from those contracts. Analysts
have complained they have little insight into the portfolio
and the way it contributes to
GE’s profit.
The assets are “kind of a
sions had been made and that
the exploration of alternatives
might not result in any action.
The Stamford, Conn., company also announced plans to
cut spending by $200 million
over the next two years. Costs
in the third quarter were
$767.9 million, compared with
$745.4 million last year.
Net income for the quarter
fell 12%, to $57.4 million, or 31
cents a share, from $65.5 million in the year-earlier period.
Adjusted earnings per share
were 33 cents. Analysts were
predicting 42 cents a share.
Revenue rose to $842.8 million
from $839 million last year.
The company has struggled
to stem a decline in revenue as
lower mail volume has cut into
its core business of providing
shipping and mailing services
to companies.
In the third quarter, revenue
in its digital-commerce group,
which accounts for about a
quarter of total revenue, increased 19%. But revenue in the
company’s two mailing and
shipping-services units combined was down 4.5%.
Pitney Bowes did say it expects faster revenue growth
this year because of the acquisition of Newgistics Inc., an Austin, Texas-based company that
focuses on shipping and analytics for brands and retailers. Pitney Bowes bought the company
for $475 million last month.
enjoy never-before-seen low pricing, guaranteed availability,
zero upfront commitment, and year-round service reliability.
GE’s disclosures are in line with new rules set for January on how
companies book revenue. A gas-turbine plant in South Carolina.
black box,” said John Inch, a
Deutsche Bank AG analyst who
has been critical of GE over the
quality of its earnings and disclosure.
This time around, GE said
the increase in the portfolio
boosted earnings on a pretax
basis by $649 million in the
third quarter and $1.93 billion
for the first nine months of
2017. That is equal to 44% and
51% of pretax earnings from
continuing operations for each
period, respectively.
GE laid out the numbers in a
new disclosure in its regular
footnote on the assets.
Previously, GE had reported
the earnings benefit from its
contract assets on an annual
basis. In 2016, that was a $2.2
billion contribution, or 24% of
pretax earnings from continuing operations for the year.
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GE said in its filing Monday
that the increase in value of
the contract assets over the
first nine months was largely
because of a $1.93 billion cumulative catch-up adjustment
from higher forecast revenue
and lower forecast costs on its
long-term service agreements.
GE also said the assets related
to those service agreements
had increased by an additional
$676 million because of “the
timing of revenue recognized
for work performed relative to
billings and collections.”
On GE’s long-term equipment contracts, the contract
assets increased by $1.33 billion because of revenue-timing
issues, the company said.
GE’s new disclosures are in
line with new rules that will
take effect in January on how
companies book revenue.
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THE WALL STREET JOURNAL.
B4 | Thursday, November 2, 2017
TECHNOLOGY
WSJ.com/Tech
Sony Walks Its Robot Dog Back to the Marketplace
Qualcomm Feels
Sting of Fine and
War With Apple
BY TED GREENWALD
Qualcomm Inc.’s quarterly
profit plunged 89%, crippled
by a $778 million charge related to a fine by Taiwanese
regulators and Apple Inc.’s
withholding of patent royalties
on iPhones and iPads.
The penalty imposed by
Taiwan in October was Qualcomm’s third since 2015, fallout from a wave of international regulatory challenges.
Qualcomm is appealing.
Meanwhile, Apple has withheld fees it owes for its use of
Qualcomm’s intellectual property as it battles for lower
royalty rates. The conflict has
overshadowed Qualcomm’s financial performance since Apple filed suit in January.
Qualcomm on Wednesday
reported revenue from licensing intellectual property,
which typically contributes
well more than half of Qualcomm’s pretax earnings,
dropped 36%. Sales of chips
for mobile devices rose 13%.
For the quarter ending in
December, Qualcomm forecast
adjusted per-share earnings
between 85 cents and 95 cents
on revenue between $5.5 billion and $6.3 billion.
Overall, Qualcomm reported
fourth-quarter revenue of
$5.91 billion, down 4.5% from
the same period a year earlier.
Profit was $168 million, down
from $1.6 billion.
KAZUHIRO NOGI/AGENCE FRANCE-PRESSE/GETTY IMAGES
Sony Corp. unleashed its first
puppy-shaped robot in more
than a decade, a device the
company hopes will herald its
return as an innovator after
years of cost-cutting.
The resurrection of the Aibo,
which was first launched in 1999
and discontinued in 2006, came
a day after Sony said profit for
this fiscal year would be the
highest in the Japanese company’s 71-year history.
Sony shares rose 11%
Wednesday to a nine-year-high.
The new Aibo, shown in Tokyo on Wednesday, features improved artificial-intelligence software and enhanced motors and
sensors that help the robot better resemble a real dog. The
company said each device will
develop unique behavior patterns depending on owner interactions and can work with other
internet-connected electronics.
The Aibo will be released first
in Japan and cost ¥198,000, or
roughly $1,700. New owners will
also need to pay about $25 a
month for cloud services to provide their devices with remote
updates for such things as
teaching the robot new tricks.
One optional extra is a $25
plastic bone for the dog to retrieve and carry around. Aibo
comes with a ball, which is included in the original price.
“The Aibo embodies our mission to keep stimulating people’s
curiosity and move their hearts,”
Qualcomm is the largest
provider of communications
chips for smartphones. However, its business is embattled
on several fronts. Apple and
Qualcomm are locked in a war
over royalty rates. The tussle
threatens to spill into chip
sales. Apple uses Qualcomm’s
communications chips in some
iPhones and iPads, but it has
taken steps to eliminate Qualcomm’s products from its next
generation, The Wall Street
Journal reported this week.
On its call with investors,
Qualcomm declined to discuss
any particular media reports
but said it is confident in its
modem road map, and said it
continues to work at being a
good supplier to Apple.
The company counseled investors to be patient. “It’s important to keep in mind that
litigation of this size and magnitude takes a while,” said Don
Rosenberg, chief legal officer.
A previously disclosed second licensee, which Qualcomm
hasn’t named, also has been
withholding royalty payments.
Qualcomm on Wednesday said
that disagreement began before its dispute with Apple,
and involves unrelated issues.
The San Diego, Calif., chip
maker reported per-share
earnings of 92 cents on an adjusted basis. Analysts had expected 81 cents a share on $5.8
billion in revenue, according to
a survey by Thomson Reuters.
Chief Executive Kazuo Hirai said.
Last year, Mr. Hirai said Sony
would emphasize making robots
as a way to showcase the company as an electronics and entertainment innovator.
Sony said it is confident the
new Aibo can stand out. “Aibo
created the consumer-use entertainment robot market,” said
Izumi Kawanishi, the manager of
the project. “We want to be the
one to expand it as well.”
—Takashi Mochizuki
SHENZHEN,
China—U.S.
tech giants and Chinese statebacked companies showed off
the future of policing in this
technology hub as they vie for
a slice of the world’s largest
surveillance market.
Companies from across the
globe packed one of the
world’s biggest surveillance
trade shows to demonstrate
the latest gizmos and algorithms powering the industry’s
high-tech revolution. Tools being hawked included facialrecognition cameras, software
that can read a subject’s
mood, and cameras that can
scan license plates in the dark.
The surveillance-equipment
market in China was valued at
$6.4 billion last year, according to IHS Markit. China is a
big buyer of surveillance technology as Beijing steps up its
efforts to better monitor its
1.4 billion people. That is providing a boon for equipment
makers. But it has also
sparked concern from rights
activists about how the authoritarian government is using the souped-up “Big
Brother” technology.
Seagate Technology PLC,
Qualcomm Inc. and United
Technologies Corp. were
among the foreign companies
to show their wares at the
16th China Public Security
Expo, where prospective customers included Chinese police, government officials and
businesses.
“Ninety percent of the companies here have some kind of
facial-recognition products,
and they all want to sell it to
the police,” said Jiang Jun, an
executive of CloudWalk Technology Co., a two-year-old
startup from Chongqing. A
spinoff of the Chinese Academy of Sciences, the company
counts police units in 23 prov-
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inces, as well as more than 50
banks, as customers of its facial-recognition algorithm.
Qualcomm booked rooms at
the nearby Ritz-Carlton hotel
to demonstrate its latest tech:
not-yet-released tools that,
when plugged into security
cameras, recognize not just
faces but offer a judgment on
the subject’s demeanor, such
as “calm” or “happy.” The
technology was made in partnership with Chinese facialrecognition pioneer SenseTime, the company said.
“Internet of Things is just
blowing up, and one of those
tion from China’s prolific
personal-data records, from
national identification numbers and marriage records to
Wi-Fi log-ins. “This is already
in use in Zhejiang,” Dahua’s
home province on China’s
eastern coast, a company representative said.
Most products shared a
common thread: a combination of artificial intelligence,
such as facial-recognition software, with increasingly highpowered surveillance devices.
“The purpose to come here
is to find innovation. You realize how far behind Western
countries are,” said Mark
Raine, managing director at
CCTVdirect, a U.K.-based distributor of surveillance equipment. He was watching a gadget demonstration by the
Chinese appliance maker
Haier Group. “What starts
here ends up in homes, airports and businesses back in
America,” he added.
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The Shenzhen expo. Beijing is stepping up its monitoring efforts.
key areas is cameras,” said
Danny Petkevich, productmanagement director for Qualcomm’s connected-cameras
business. “As we were looking
at the areas of growth, security cameras is obviously a big
portion of that market.”
At a booth hosted by Dahua
Technology Co., a Chinese
maker of surveillance equipment, a live camera projected
the faces of passersby on the
screens alongside text describing their gender, age range
and expression.
The demo wasn’t a hit with
everyone: It described Peng
Xue, 27 years old, as young
and sad. “My first impression
is this is an overexpose of my
information,” she said. “And it
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All Rights Reserved.
Amazon E-Reader Goes Waterproof
BY WILSON ROTHMAN
Why do
people prefer
to read actual
books, with
real pages?
The feel of
the paper? The look of the
text? Always knowing where
you are, and how much
you’ve got left? The comfort
of knowing that if a book fell
into a swimming pool, it
won’t cost hundreds to replace? Or maybe the reassuring lack of blinky notifications when you’re just trying
to lose yourself in literature?
Amazon’s newest Kindle
Oasis comes the closest to
addressing the biggest concerns of old-school book
readers. And it adds perks
that digital converts like me
appreciate. It is the best ereader ever made—and is
the first Kindle to be waterproof. But it also shows how
great are the challenges,
costs and compromises of
making literature digital.
This Oasis is the second
of its name, and like its predecessor comes with a
squarish shape, premium
body and convenient ambidextrous buttons. (Uncomfortable? Just flip it over.)
It also shares an unusually
high price tag.
At $250, the new Oasis
actually starts $40 lower
than the first one, but that’s
still twice the cost of a
good-enough-for-most-readers Kindle Paperwhite.
The new Oasis is waterproof, a request long on the
customer wish list. Amazon’s marketing often
showed people reading Kindles by the pool or at the
beach. To this day, reading
in direct sunlight is far more
pleasant on a Kindle than
on, say, an iPad. But until
now an errant splash
could’ve ruined that bliss.
T
he new Oasis also has
a slightly larger 7inch screen. The old
6-inch screen wasn’t a
pain—it felt about the size
of the mass-market paperbacks many of us spent decades consuming. But the
extra space gives the text
more breathing room, like
the fancier trade paperbacks
that would signal you
weren’t just a romance-andmystery binge-reader.
The technological upgrades
are more subtle. If you’re an
Audible subscriber or a person who hops back and forth
between text and audiobooks,
you might like the built-in audio player, which pairs with
separately sold Bluetooth
headphones or speakers.
You can choose between
8-gigabyte and 32-gigabyte
models; higher storage
would mainly benefit people
who want to store a lot of
audiobooks. A super-deluxe
$350 version connects to 4G
F. MARTIN RAMIN/THE WALL STREET JOURNAL
BY DAN STRUMPF
AND WENXIN FAN
DAN STRUMPF/THE WALL STREET JOURNAL
Surveillance Vendors Line Up to Supply China’s Police
The new Kindle Oasis: larger
screen, rugged aluminum body.
LTE wireless networks as
well as Wi-Fi.
I mostly read at night
with my iPad. I flip the
screen to black, with white
text. I bring the brightness
all the way down and read in
the darkness, until (rather
quickly) nodding off. The
Kindle Oasis has a new and,
for now, exclusive accessibility setting that lets you invert the text to a black background. But like all but the
cheapest Kindles, the Oasis
has a front-lighted screen,
which renders the effect less
potent.
Besides ditching the Itty
Bitty Book Light, there are
many reasons to embrace ebooks, on whatever device.
This past year, I’ve read
14 novels, give or take, all on
my iPad, with all notifica-
tions and other digital distractions turned off. I constantly poke at words I don’t
know, and often look up references, obscure and otherwise.
For novels and other textonly reading, I’ll never go
back to paper.
But today’s readers are divided: A late-2016 Pew Research Center study showed
that 65% of its respondents
read a printed book over the
past year, while only 28%
read a digital book.
And those who read digital copies are now less likely
to be reading them on dedicated e-readers, preferring
tablets, laptops and even
phone screens (which can reduce comprehension).
W
hile Kindles bridge
the gap between
touch screens and
physical books, they’re an
imperfect substitute for either. Kindles shouldn’t be
multitaskers like phones and
tablets. And Amazon may
never figure out how to replicate the tactile feel of turning a page of paper—though
never say never around Jeff
Bezos.
Meanwhile, there’s the
Kindle Oasis. If anything
would tempt print lovers to
go digital, this is it. But I’m
not sure the drawbacks of
printed books are great
enough to convert any more
readers.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Thursday, November 2, 2017 | B5
EMERGING MARKETS
ARE ON THE MOVE.
We see a rising middle class in Southeast Asia move from
motorcycles to cars. Frontier economies leap into the digital era,
adopting fintech faster than developed nations. Trade and travel
surge between emerging nations.
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we see new opportunities for alpha across emerging market
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Data as of 6/30/17.
© 2017 Prudential Financial, Inc. (PFI) and its related entities. PGIM Inc. is the principal asset management business of PFI. PGIM is a trading name of PGIM Inc. and its global
subsidiaries. Prudential Financial, Inc. of the United States is not affiliated with Prudential plc, which is headquartered in the United Kingdom. The PGIM logo and the Rock design are
service marks of PFI and its related entities, registered in many jurisdictions worldwide.
Alpha indicates the performance, positive or negative, of an investment when compared against an appropriate standard, typically a group of investments known as a market index.
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THE WALL STREET JOURNAL.
B6 | Thursday, November 2, 2017
MANAGEMENT
Being Fix-It
Boss to Staff
Doesn’t Work
WORKAROUND
Remote Workers
Fear They Aren’t
Treated Equally
BY JOANN S. LUBLIN
Most bosses know they
can succeed by making their
lieutenants look good. But
some well-meaning executives work too hard to fix
weak staffers, putting themselves in a messy career fix.
Overly focused on assisting underperformers—even
taking over
YOUR
subordinates’
EXECUTIVE toughest
CAREER
tasks at
times—these
fixers tend to
lose demoralized stars. Rescuers also risk being viewed
as poor judges of talent if
their remedial attempts fail.
Leaders fixated on fixing
others “feed off being a
hero,’’ said Liz Wiseman, author of “Multipliers,’’ a book
about why some leaders
drain capability from their
teams while others amplify
it.
Nearly a third of bosses
frequently jump in to rescue
people or projects, concludes
a global survey of 35,000
managers completed in July
by Wiseman Group, a leadership research-and-development firm that she runs.
The fixer-boss phenomenon likely has grown with
the wider use of smartphones because real-time updates about workplace problems offer irresistible bait,
Ms. Wiseman said.
Self-proclaimed fixer Kimberly Harris said she likes to
roll up her sleeves and help
associates solve problems.
She runs America Needs You,
a New York nonprofit that
helps first-generation college
students with mentorship
and career development.
An executive Ms. Harris
picked a few years ago performed well at first after she
took charge of a new initiative for the nonprofit.
Within months, however,
the new hire began missing
deadlines, making mistakes
and failing to pursue potential donors. “I oftentimes
would do [her] work myself,’’ Ms. Harris remembers. “I would stretch out my
workday.’’
The nonprofit leader said
she hesitated to replace the
executive because she feared
being blamed for a faulty
hire. The woman lasted a
year.
“I should have let her go
sooner,’’ Ms. Harris admitted. She said she apologized
to her top team afterward
because her delayed decision
had hurt morale.
Bosses worried about widened skill shortages often try
to fix rather than quickly fire
flawed employees. “I have
tried too long to fix a weak
performer because I overestimated the impact their departure would have on the
company,’’ said Linda Galipeau, CEO of Randstad North
America, a unit of Randstad
Holding NV, a Dutch recruitment giant.
“I have seen senior leaders lose their jobs” as a result of trying to fix weak
performers for too long, Ms.
Galipeau said.
Corporate chiefs who
move too slowly to address
performance problems can
CAITLIN OCHS FOR THE WALL STREET JOURNAL
Leaders intent on assisting weak
performers may hurt everyone
Kimberly Harris says a delayed decision to terminate an employee hurt morale at her nonprofit.
make life difficult for themselves under board pressure
for faster results, said Mike
Magsig, who leads the board
and CEO practice for recruiter DHR International.
In late 2012, Mr. Magsig
recalled, the head of a financial-services company chose
a marketing maven to command a costly, new-business
initiative. The new executive’s management team
soon complained to directors
that she was ignoring finance, operations and
equally critical areas.
“She decided to play it
safe and stuck with what she
knew,’’ said Mr. Magsig, who
was then advising the company’s board.
The chief executive sought
to rescue his recruit. He
brought in a coach, tapped a
retired company executive as
#####
C U S T O M E R R AT E D
5
her informal mentor and
gave her feedback after attending some of her staff
meetings. He also repeatedly
told fellow board members
that he needed more time to
fix things.
But after 18 months, directors ran out of patience,
according to Mr. Magsig.
They ousted the CEO—and
within two weeks, fired his
weak marketing executive as
well.
At Locals 8 Hospitality
Group, which owns 12 restaurants in four states, Chief
Executive and founder Al
Gamble learned valuable lessons from his attempted rescue of a chief operations officer. He recruited a
restaurant-industry veteran
in late 2013, hoping he could
someday promote the systems expert to president of
the Hartford, Conn., concern.
But the newcomer had a
hierarchical management
style, favoring email over
personal encounters, Mr.
Gamble said. “He struggled
to gain loyalty from all levels.” Cristina Filippo, a leadership coach whom Locals 8
had retained during this period, said she urged Mr.
Gamble to fire someone “the
first time you get that instinct.”
The Locals 8 leader said
he refused to do so with his
would-be president because
“I thought I could move him
into the right seat” through
various corrective steps.
When his efforts didn’t succeed, Mr. Gamble dismissed
the senior executive in fall
2015—about six months after
Dr. Filippo had made her
suggestion.
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Employees who work from
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THE WALL STREET JOURNAL.
Thursday, November 2, 2017 | B7
* *
EARNINGS
BY JENNIFER MALONEY
America’s most popular
type of beer is in free fall.
The big three U.S. light-lager brands—Bud Light, Coors
Light and Miller Lite—are all
losing volume as consumers
shift to craft and Mexican import beers as well as to wine
and spirits.
Molson Coors Brewing Co.,
which makes Miller Lite and
Coors Light, said Wednesday
that its U.S. sales-to-retailers
volume fell 2.9% in the third
quarter, compared with the
year-earlier period, thanks
largely to declines in the two
light-beer brands. AnheuserBusch InBev NV said last week
that Bud Light, the No. 1 U.S.
beer brand by volume, fared
even worse, losing almost a full
percentage point of market
share in the three months.
Combined, the country’s
top two brewers sold 2.6 million less barrels over that pe-
riod, according to Beer Marketer’s Insights. “That’s a
shocker,” the industry tracker
wrote Wednesday.
“I think it’s safe to say that
the industry had a tough summer,” Gavin Hattersley, chief
executive of Molson Coors’s
U.S. business unit MillerCoors,
said on a call with analysts.
The downward slide of
American lagers isn’t new. But
according to Molson Coors,
demand has been even more
sluggish than anticipated amid
a spate of hurricanes, discounted prices on spirits and
changes in consumer behavior.
“Millennials are going out
less,” Mr. Hattersley said.
Retail-store sales of Bud
Light, Coors Light and Miller
Lite are down 5.7%, 3.6% and
1.6%, respectively, this year
through Oct. 21, according to
Nielsen data compiled by Beer
Marketer’s Insights. From 2010
through 2016, overall volumes
in the light-lager category fell
14% to 65 million barrels.
The silver lining, at least
for Molson Coors, is that both
Miller Lite and Coors Light are
gaining share on market
leader Bud Light.
“We’re very pleased with
our performance with Miller
Lite, in particular,” Molson
Coors CEO Mark Hunter said.
“It’s doing well in a declining
segment.”
The company’s craft-style
Blue Moon beer is performing
well, executives said, and Molson Coors has high hopes for
Sol, a brand it acquired from
Heineken this year to get in
on the booming U.S. sales of
Mexican imports, such as Corona and Modelo, distributed
by competitor Constellation
Brands Inc.
It is too soon to say how
well Sol is doing, Mr. Hattersley
said, noting that Molson Coors
began selling it in October.
Meanwhile, Denver-based
Molson Coors has a team look-
DANIEL ACKER/BLOOMBERG NEWS
Light Beer Weighs Down
Results for Big Brewers
Miller Lite, along with Coors Light and Bud Light, is losing volume amid shifting consumer tastes.
ing at the potential impact legalized cannabis could have on
its beer sales, as well as possible opportunities for investment, Mr. Hunter said. Constellation Brands said earlier
this week that it is taking a
9.9% stake in Canadian cannabis company Canopy Growth
Corp. and plans to develop
nonalcoholic, marijuana-infused beverages.
“I think the important thing
is to make sure we don’t get
caught in some sort of adrenaline rush,” Mr. Hunter said,
noting that the beer industry
has seen “relatively healthy”
sales in Colorado since recreational marijuana use was legalized there.
Hurricane Costs Lower Results at MetLife, Allstate
BY LESLIE SCISM
Hurricanes reduced the
third-quarter results of big insurers MetLife Inc. and Allstate Corp. with their large
homeowner and car-insurance
businesses, while the rallying
stock market helped life insurers industrywide with products tied to market returns.
MetLife’s results, released after Wednesday’s closing bell,
are the first following its spinoff
in August of much of its U.S. retail life-insurance business into
a new company named Brighthouse Financial Inc.
Separation-related charges
of $1.1 billion drove the company to a quarterly loss of $87
million, versus a profit of $571
million a year earlier.
MetLife also said it would
divest itself of its remaining
19% stake in Brighthouse in
2018, a move that will return
all of the capital to shareholders. Based on Brighthouse’s
current market capitalization,
that position is valued at about
$1.4 billion. That capital return
will be in addition to the $2
billion that the board added to
its share-buyback program.
Catastrophe-modeling firms
have estimated insured losses
from hurricanes Harvey, Irma
and Maria and two earthquakes in Mexico, which also
struck during the quarter, to
total $68 billion to $148 billion
industrywide.
Allstate’s third-quarter results included $861 million of
those costs, a 79% jump from a
year earlier. The company
touted improved profit in its
auto-insurance segment and
pointed to a significant decline
in the frequency of auto accidents, which it said helped off-
set the big spike in catastrophe losses.
Harvey’s extensive flooding
meant an unusually large number of vehicles were damaged,
$861M
Catastrophe costs at Allstate in
third quarter
and those costs are covered
under many people’s car policies.
MetLife didn’t break out its
catastrophe costs but said hurricanes Harvey and Irma were
primarily responsible for a 12%
decline in operating earnings
for its property-casualty unit,
to $51 million.
During the quarter, insurers
generally benefited from the
rallying stock market. Rising
share prices help insurers that
have blocks of variable annuities on their books. Many of
these products guarantee lifetime income streams, and a
higher stock market translates
into reduced costs for insurers.
They also earn more fees from
the assets under management.
MetLife spun off much of its
variable-annuity business but
retains a block of older contracts on its books, while Prudential Financial Inc. continues as a leading seller of the
product to consumers.
Prudential Chief Executive
John Strangfeld cited “strong
earnings across segments and
record assets under management and account values” in
businesses including asset
management and annuities.
Among the results:
Prudential’s net income
surged to $2.24 billion from
$1.83 billion the year before.
Its operating income increased
to $1.32 billion, or $3.01 a
share, from $1.19 billion, or
$2.66 a share.
Operating income at Allstate jumped 24% to $587 million, or $1.60 a share, from
$474 million, or $1.26 a share,
a year earlier. That figure easily beat consensus estimates.
Revenue rose 4.8% to $9.66
billion, as property-liability insurance premiums increased
3.2% and net investment income increased 13%.
MetLife’s operating earnings
declined 14% to $1.17 billion, or
$1.09 a share, from $1.36 billion, or $1.22 a share. It was
ahead of analysts’ consensus
expectations. Premiums, fees
and other revenue increased
9.3% to $12.61 billion.
Operating earnings at
MetLife’s U.S. unit, which includes property-casualty and
some other businesses, declined 1.1% to $546 million. At
the company’s big business of
selling benefits such as life
and dental insurance to employers, earnings surged 30%.
They were down modestly in
many parts of its international
business, but Latin American
posted a 23% increase.
In its first report as a public
company, Brighthouse posted a
net loss of $943 million, or
$7.87 a share, tied to a tax expense ahead of its separation.
On an operating basis, excluding that expense, earnings
were $397 million, or $3.31 a
share. Operating earnings improved in its annuities segment but declined in the life
division.
LUCAS JACKSON/REUTERS
BUSINESS WATCH
Revenue at Shake Shack was $94.6 million, ahead of analysts’ expectations of $94.1 million.
SHAKE SHACK
Fast-Food Chain
Beats Estimates
Shake Shack Inc. shares rose
in the extended session
Wednesday after the fast-food
company’s earnings topped Wall
Street estimates.
Shake Shack shares rallied
nearly 5% to $39 after hours. The
company reported third-quarter
net income of $5 million, or 19
cents a share, compared with $3.8
million, or 15 cents a share, a year
earlier. Adjusted earnings were 17
cents a share. Revenue rose to
$94.6 million from $74.6 million in
the year-earlier period.
Analysts surveyed by FactSet
had estimated earnings of 15
cents a share on revenue of
$94.1 million.
—Wallace Witkowski
KRAFT HEINZ
Food Maker Finds
Growth Abroad
Kraft Heinz Co. reported its
first sales increase since its
namesake companies merged
two years ago, joining other food
makers that have found growth
abroad as longstanding brands
fall out of favor in the U.S.
Kraft Heinz’s quarterly revenue rose 0.7% to $6.31 billion,
despite a 0.4% decline in revenue in the U.S. On a comparable
basis, global sales increased
0.3%. Analysts had expected an
even wider increase.
Kellogg Co., Mondelez International Inc., Hershey Co. and
other food makers have reported
better-than-expected quarterly
earnings. At Kraft Heinz, some
brands are struggling, including
Planters nuts, Kraft cheese and
Maxwell House coffee. Others, like
Lunchables packed meals, posted
sales growth. Kraft Heinz is run
by executives from Brazilian firm
3G Capital Partners LP.
The company reported a 12%
rise in its third-quarter profit to
$944 million. Excluding restructuring-related costs, earnings were
unchanged at 83 cents a share,
topping analysts expectations of
82 cents, according to FactSet.
—Annie Gasparro
and Maria Armental
Whipping Up
Kraft Heinz's sales rose for the
first time in two years.
2%
3Q 2017
▲0.7%
0
–2
–4
–6
–8
–10
Change from previous year
2015 ’16
’17
Source: the company
THE WALL STREET JOURNAL.
congratul ations to the winners
HUDSON’S BAY
Signa Holding Bids
For German Chain
Hudson’s Bay Co. said it received an unsolicited offer for its
German department-store chain,
Galeria Kaufhof, from its main rival in that country, but the company said the offer was incomplete and lacked financing.
The offer from Signa Holding
GmbH, an Austrian investment
company, valued Germany’s biggest department-store operator,
along with European real-estate
assets, at roughly €3 billion
($3.5 billion), people familiar
with the matter said. HBC will
review the offer but doesn’t consider it credible, said another
person familiar with the matter.
“The company confirms that
it received today an incomplete,
nonbinding and unsolicited offer
with no evidence of financing,”
HBC said in a statement
Wednesday in response to media reports about the offer.
Signa said it would finance
the deal through a previously
completed €1 billion share offering, a €700 million bank
loan for which it has already
received a commitment, and
the assumption of about €1.34
billion in debt held by a Hudson’s Bay real-estate unit that
is part of the deal, according to
a copy of the letter sent to
Hudson’s Bay.
—Suzanne Kapner
and Zeke Turner
ARCHITECTURE
diller scofidio + renfro
ART
DESIGN
mark bradford
roman and williams
ENTERTAINMENT
reese witherspoon
FASHION
PERFORMING ARTS
raf simons
ryan heffington
TECHNOLOGY
musical.ly
issue on sale this weekend
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
B8 | Thursday, November 2, 2017
BUSINESS NEWS
Weak Revenue Imperils M.B.A. Programs
Business schools are facing
a tough business problem:
While graduate schools of
management can make money
for the institutions that house
them, their M.B.A. programs
sometimes bring in little more
than prestige.
Deans and industry watchers have been bracing for a
shakeout in
BUSINESS
business eduEDUCATION cation.
And
with Wisconsin School of
Business debating the future
of its core business degree,
administrators now wonder
whether more schools will follow the University of Iowa,
Wake Forest University and
others in ending their M.B.A.
programs.
Since the end of the recession, the number of people
willing to exit the job market
to pursue full-time master’s
degrees in business has
shrunk. While top-ranked programs with large M.B.A.
classes like University of
Pennsylvania’s
Wharton
School and Harvard Business
School continue to rake in applicants and revenue, overall
enrollment in two-year, full-
SOFIA JARAMILLO FOR THE WALL STREET JOURNAL
BY KELSEY GEE
Chip Hunter, dean of Washington State University’s Carson College, says many business schools are
under ‘a lot of pressure right now’ to decide on the future of their full-time M.B.A. programs.
time M.B.A. programs in the
U.S. fell by more than onethird from 2010 to 2016, according to a survey by the Association
to
Advance
Collegiate Schools of Business,
an accreditor.
“Every U.S. program outside
of the top 20 highest-ranked
schools is under a lot of pressure right now to decide what
to do” with full-time M.B.A.s,
said Chip Hunter, dean of
New Highs and Lows | WSJ.com/newhighs
Wednesday, November 1, 2017
Stock
52-Wk %
Sym Hi/Lo Chg Stock
FidelityNatlFin FNF
NYSE highs - 205 FirstAmerFin
FT EnhEquity
AAR
AIR
ABB
ABB
AberdeenJapanEqu JEQ
AdamsDivEquityFd ADX
Albemarle
ALB
AlexandriaRealEst ARE
Alibaba
BABA
AlleghenyTechs ATI
Allete
ALE
AmericanExpress AXP
Andeavor
ANDV
ApolloGlobalMgmt APO
Aramark
ARMK
AshlandGlobal ASH
AsiaPacificFund APB
Atento
ATTO
AveryDennison AVY
BB&T
BBT
BP Midstream BPMP
BP
BP
Ball
BLL
BeazerHomes BZH
BlkRkCapEnIncoFd CII
BlkRkRscs&Comm BCX
BlkRkSci&Tech BST
Box
BOX
BroadridgeFinl BR
Brown&Brown BRO
CF Industries CF
CNA Fin
CNA
CNH Indl
CNHI
CTS
CTS
CVR Energy
CVI
CVR Refining CVRR
Cabot
CBT
CabotOil
COG
CadenceBancorp CADE
CAE
CAE
Calpine
CPN
CanNaturalRes CNQ
Canon
CAJ
CapitalOnePfdC COFpC
CarpenterTech CRS
CenturyComm CCS
ChathamLodging CLDT
ChinaFund
CHN
ChinaLifeIns
LFC
ChoiceHotels CHH
CitigroupPfdAA CpP
CLSelPrTechGrFd STK
ConEd
ED
ConstBrands A STZ
Cummins
CMI
CurtissWright CW
Dana
DAN
Danaher
DHR
DaqoNewEnergy DQ
Deere
DE
Domtar
UFS
EMCOR
EME
Eaton
ETN
Ecopetrol
EC
EmployersHldgs EIG
EmpresaDisCom EDN
EnelAmericas ENIA
EnPro
NPO
EsteeLauder
EL
Ferrari
RACE
Ferro
FOE
41.94
26.48
9.23
15.70
142.42
125.72
188.88
26.30
80.00
96.57
109.27
33.37
44.12
69.33
14.59
12.90
107.41
49.91
18.63
41.20
43.24
21.46
16.06
9.05
26.83
22.27
86.72
50.44
38.50
55.22
13.37
27.55
30.15
12.80
64.21
28.10
24.94
18.17
15.10
35.29
37.89
26.79
51.88
29.10
22.60
21.31
17.85
70.60
28.71
23.66
86.53
219.56
181.79
119.00
31.29
93.13
40.39
134.73
48.07
81.60
82.34
11.43
48.30
45.50
11.10
84.98
124.80
121.14
24.07
5.6
0.4
0.4
0.1
1.0
1.0
0.6
-0.2
-1.3
0.3
2.8
0.2
-1.0
1.0
1.8
2.0
0.8
0.6
2.3
0.2
-0.5
1.7
0.3
1.1
-0.1
-0.6
0.6
0.5
0.2
0.6
2.9
-0.4
9.6
10.6
3.8
0.8
0.7
2.1
0.4
0.3
-0.2
...
-1.4
1.6
2.3
0.5
5.7
...
1.0
-1.1
-0.3
-1.4
-2.3
-0.3
1.3
0.7
6.7
1.0
0.1
...
1.9
2.7
0.2
3.7
0.4
-0.5
9.2
0.3
0.2
GTT Comm
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IRSA
IDEX
Ingevity
Insperity
InstalledBldg
Instructure
InterXion
JELD-WEN
JapanSmlCap
KAR Auction
Kemper
Kennametal
KeysightTechs
KoreaFund
Kraton
Kyocera
LambWeston
LazardGlblFd
LiveNationEnt
Loews
MDC Holdings
MGIC Investment
MI Homes
MadisonSquGarden
Manitowoc
MarathonPetrol
Materion
Maximus
McDonalds
MethodeElec
MettlerToledo
MicroFocus
ModineMfg
MonmouthRealEst
NewGermanyFund
NewJerseyRscs
NexaResources
NexPointCreditFd
NortelInversora
NuvDow30Dyn
Olin
OnAssignment
Oppenheimer A
OrmatTech
OwensCorning
Penumbra
FAF
FFA
GTT
GGTpE
AJG
GNRC
GPN
GDDY
GRA
GPMTw
GPK
GBX
GRUB
HF
HAE
HYH
HRS
HE
HGV
HLT
HFC
DHI
HUBS
HUN
H
IRS
IEX
NGVT
NSP
IBP
INST
INXN
JELD
JOF
KAR
KMPR
KMT
KEYS
KF
KRA
KYO
LW
LGI
LYV
L
MDC
MTG
MHO
MSG
MTW
MPC
MTRN
MMS
MCD
MEI
MTD
MFGP
MOD
MNR
GF
NJR
NEXA
NHF
NTL
DIAX
OLN
ASGN
OPY
ORA
OC
PEN
38.04
55.00
15.60
36.60
25.30
64.05
53.78
104.47
46.95
77.37
18.81
15.85
52.75
61.37
44.41
47.98
50.99
141.97
36.55
41.38
73.08
39.77
44.92
87.85
32.59
63.58
29.90
129.40
72.43
99.10
70.25
36.00
56.57
37.32
13.09
49.04
65.45
43.99
44.94
44.55
50.14
69.40
51.97
17.22
44.01
49.75
37.45
14.50
34.00
229.36
10.34
61.90
52.10
66.96
167.99
47.40
694.48
35.55
22.88
17.34
19.19
44.80
18.65
23.94
43.39
17.80
37.52
61.89
22.10
65.77
83.10
101.20
1.0
0.2
0.2
-0.4
0.5
0.4
-3.4
-1.3
0.3
0.1
1.4
2.2
-1.8
-0.3
-0.1
-1.9
7.3
-1.6
-0.9
0.2
0.2
7.3
1.2
-0.7
-0.6
0.3
-0.5
-0.1
1.6
3.6
-0.5
-0.9
4.4
-0.6
1.1
0.1
0.3
-0.7
-0.2
1.8
0.6
3.9
0.7
0.4
-3.0
0.1
0.7
-1.5
1.0
1.4
5.1
1.9
-1.7
-0.8
-0.3
-0.5
0.9
1.3
8.3
0.4
1.4
-0.8
-0.3
1.0
5.5
0.2
-0.9
-1.7
0.2
-1.1
-0.5
-0.9
52-Wk %
Sym Hi/Lo Chg
PerkinElmer
PKI
PolyOne
POL
ProPetro
PUMP
PublicServiceEnt PEG
PulteGroup
PHM
PutnmHiInco PCF
QTS Realty
QTS
QuakerChemical KWR
QuintilesIMS
Q
RH
RH
RPC
RES
Rayonier
RYN
RockwellCollins COL
Rogers
ROG
RoyalBkScotland RBS
RoyceValue
RVT
SAP
SAP
SCE II Pfd
SCEpG
SabineRoyalty SBR
Salesforce.com CRM
SantanderConUSA SC
SeabridgeGold SA
SemicondctrMfg SMI
SiteOneLandscape SITE
Square
SQ
STMicroelec
STM
Stoneridge
SRI
Systemax
SYX
TE Connectivity TEL
TPG Pace
TPGH
TRI Pointe
TPH
TableauSoftware DATA
TaiwanFund
TWN
TeledyneTech TDY
ThorIndustries THO
Toll Bros
TOL
Total
TOT
TotalSystem
TSS
TowerIntl
TOWR
ToyotaMotor TM
TrancntlRlty
TCI
TritonIntl
TRTN
TurkcellIletism TKC
TysonFoods
TSN
USG
USG
Visa
V
ValeroEnergy VLO
Valhi
VHI
Vedanta
VEDL
VersumMaterials VSM
Vishay
VSH
VishayPrecision VPG
WEX
WEX
WNS
WNS
WellCareHealth WCG
WestAllianceBcp WAL
WestRock
WRK
Weyerhaeuser WY
WilliamLyonHomes WLH
Winnebago
WGO
WW Ent
WWE
XPO Logistics XPO
Yelp
YELP
ZTO Express ZTO
73.05
46.54
16.04
50.19
30.62
9.10
59.08
158.15
109.00
92.18
25.21
30.22
136.04
154.00
7.64
16.07
116.90
25.89
42.80
103.92
17.00
13.70
8.29
64.23
37.52
24.00
22.95
32.33
93.11
9.89
17.84
81.74
21.64
171.00
138.07
46.63
56.50
72.62
31.85
124.92
30.17
41.29
9.79
73.66
35.02
111.40
80.93
4.49
21.63
42.50
22.55
24.90
125.00
38.73
203.97
57.04
61.60
36.30
29.94
49.85
26.87
70.82
48.17
17.18
-0.1
0.5
3.3
0.6
0.6
1.1
1.2
0.1
0.3
2.0
2.6
0.3
0.2
-0.1
0.3
-0.3
1.8
-0.2
0.8
-0.4
1.1
-3.3
8.4
-0.1
-1.9
0.9
-2.4
11.0
1.0
0.1
0.1
-0.4
0.8
-0.1
0.4
1.3
0.9
0.1
4.1
0.3
1.7
-0.7
4.0
0.5
0.3
1.0
2.3
-2.5
3.0
-2.2
-2.7
-0.2
-1.7
1.8
1.6
0.4
...
-0.3
5.5
1.0
-0.1
0.5
-1.5
5.8
NYSE lows - 46
AK Steel
AT&T
AdvanceAuto
AlaskaAir
AllerganPfdA
AKS
T
AAP
ALK
AGNpA
52-Wk %
Sym Hi/Lo Chg Stock
Stock
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE
MKT and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in
the latest session. % CHG-Daily percentage change from the previous trading session.
52-Wk %
Sym Hi/Lo Chg Stock
Washington State University’s
Carson College. The school
graduated its last class of fulltime M.B.A.s in August, but
still offers a part-time program.
Universities typically don’t
break out business-school revenue, but a survey of deans
conducted this year by the
London-based accreditor Association of M.B.A.s sheds light
on how the degree program
can strain an institution’s fi-
4.33
33.29
80.68
64.71
621.22
-5.2
-0.3
-1.2
-0.4
4.0
Allergan
AGN
AmericanAssets AAT
AmericanRenal ARA
BlueApron
APRN
Build-A-Bear
BBW
Celestica
CLS
CircorIntl
CIR
DeutscheMuniIncmTr KTF
Dick's
DKS
EastmanKodak KODK
EtnVncFR2022 EFL
EllingtonFin
EFC
EndeavourSilver EXK
EnvisionHlthcr EVHC
FS Investment FSIC
FivePoint
FPH
FreshDelMonte FDP
GeneralElec
GE
Intrexon
XON
KKRIncomeOppsRt KIOr
MSG Networks MSGN
NOW
DNOW
NielsenHoldings NLSN
NordicAmerTankers NAT
Owens&Minor OMI
PQ Group
PQG
PartyCity
PRTY
PenneyJC
JCP
PitneyBowes PBI
PPlus CZN-1
PIY
RR Donnelley RRD
SafetyIncome SAFE
Scana
SCG
StandardMotor SMP
TejonRanch
TRC
3D Systems
DDD
TimeInc.
TIME
TriangleCap
TCAP
UnderArmour C UA
UnderArmour A UAA
VoyaPrimeRate PPR
169.64 4.1
36.79 -0.1
11.39 -5.8
4.61 -2.1
7.65 -1.3
9.79 0.5
42.74 -2.7
11.83 -0.1
23.88 -0.3
5.05 -3.7
9.79 -0.5
15.10 0.4
1.94 -4.8
26.56 -34.2
7.75 ...
12.61 -0.3
43.02 -1.1
19.96 -0.7
15.71 -2.8
0.28 -7.1
16.95 -2.0
10.65 -10.9
36.07 -2.5
4.23 -1.6
20.03 -14.7
15.78 0.5
10.75 -1.3
2.63 -5.0
11.20 -17.0
23.36 -3.8
8.55 -4.1
17.81 0.1
42.57 -1.2
42.87 -1.6
18.59 -0.7
8.70 -23.7
11.10 -3.4
12.18 -0.5
10.91 -2.1
11.98 -3.8
5.12 -0.2
NYSE Arca highs - 310
ALPS EqSecWgh EQL
ALPSIntlDivDogs IDOG
ARKIndlInnovation ARKQ
ARKInnovationETF ARKK
ARKWebx.0ETF ARKW
AdvShNewTech FNG
AlphaCloneAltAlpha ALFA
CSOPFTSEChinaA50 AFTY
ClearSharesOCIO OCIO
ColumbiaIndiaCnsmr INCO
ColumbiaIndiaInfr INXX
ColumbiaIndiaSC SCIN
ColumbiaSustIntl ESGN
CnsmrDiscSelSector XLY
CSAxela3xLgBrent UBRT
CS FI LC Grwth FLGE
DiamondHillVal DHVW
DirexAllCapIns KNOW
DirexDevMktBl3 DZK
DirexESTOXX50Bl3x EUXL
DirexFinlBull3 FAS
DirexHmbldrBull3 NAIL
DirexJapanBl3 JPNL
DirexIndiaBull3 INDL
DirexMcBull3 MIDU
DirexS&P500Bl3 SPXL
DirexS&P500Bull2X SPUU
DirexSemiBl3 SOXL
DirexKRBull3 KORU
DirexTechBull3 TECL
Direx iBillionaire IBLN
ETFMG PrimeMob IPAY
ETFMG VideoGame GAMR
ETRACSMnthly2xLev SPLX
ETRACSMnly2xLevISE HOML
FidelityMSCICnDisc FDIS
FidelityMSCIIT FTEC
FidelityMSCIMatls FMAT
67.52
28.62
33.69
35.82
43.64
22.93
42.36
18.03
26.21
46.21
15.80
22.00
30.87
92.59
137.62
212.99
30.85
42.00
80.33
31.03
61.52
74.50
73.70
99.16
43.65
41.50
46.55
151.80
64.82
109.38
31.93
34.13
46.23
50.33
51.69
36.70
49.82
34.57
0.2
0.4
-1.3
-1.5
-0.5
-0.5
0.2
0.2
0.1
0.6
0.9
0.6
...
...
-1.3
-0.2
...
0.7
0.7
0.4
0.4
1.7
1.3
3.3
-1.0
0.5
0.5
-0.9
6.2
-0.1
-0.2
-0.4
...
1.2
2.3
0.1
-0.1
0.6
nances.
Of the 173 business school
deans and administrators
across the globe surveyed by
the association, 8% of respondents in the Americas and 25%
in Western Europe said their
universities lost money on
flagship residential programs.
Nearly all of those administrators were at public universities, and 80% said they maintained the M.B.A. because of
52-Wk %
Sym Hi/Lo Chg Stock
FidelityMomFactor FDMO
FT DJ Internet FDN
FT FinlsAlpDx FXO
FT GlbEngg
FLM
FTHorizonMgdVolDev HDMV
FT MatAlpDX FXZ
FT TechAlphaDEX FXL
FT USEquityOpp FPX
FlexGlbUpstmNatRsc GUNR
FlexShMDevMktxUS TLTD
FlexShEM FactTilt TLTE
FrankIntlOpps FLIO
GlbXFertilizersPot SOIL
GlbX GuruIndex GURU
GlbXLithium&Batt LIT
GlbXSciBetaEurope SCID
GlbXSciBetaJapan SCIJ
GlbXSciBetaUS SCIU
GSActiveBetaJapan GSJY
GSActiveBetaUSLC GSLC
GSHedgeIndVIP GVIP
GuggS&P500EWMat RTM
GuggS&P500EWTech RYT
GuggS&P500PureGr RPG
GuggS&P400PrGrwth RFG
GuggS&P400PureVal RFV
GuggInsider
NFO
GuggIntlMltAst HGI
GuggGlbTimber CUT
GuggMC Core CZA
GuggS&P500Top50 XLG
GuggS&PGlblWtr CGW
GuggS&PMC400EW EWMC
HullTacticalUS HTUS
IQ50%HdgFTSEIntl HFXI
IQ50%HdgFTSEJapan HFXJ
IQ HedMacrTrac MCRO
InspireGlblHope BLES
Inspire100ETF BIBL
iPathBloomNickelTR JJN
iPath MSCI India INP
iPathPBLivestock LSTK
iPathPBNickel NINI
iShAggrAllocation AOA
iShConsAllocat AOK
iShGrwthAllocation AOR
iShCoreMSCIEmgMk IEMG
iShMSCIIntlDev IDEV
iShCoreMSCIPacific IPAC
iShModAllocation AOM
iShCoreS&P500ETF IVV
iShCoreS&PMdCp IJH
iShS&PTotlUSStkMkt ITOT
iShCurrHdgIntlHY HHYX
iShCurrHdgNikk400 HJPX
iShCurHdgMSCIUS HAWX
iShCurrHdgMSCICda HEWC
iShCurHdgMSCIEAFE HSCZ
iShCurHdMSCIEurozn HEZU
iShCurrHdMSCIJapan HEWJ
iShCurHdgMSCISwitz HEWL
iShUSBasicMaterial IYM
iShUSFinlServices IYG
iShUS Finls
IYF
iShU.S.Technology IYW
iShEdgeMSCIIntlMom IMTM
iShEdgeMSCIIntVal IVLU
iShEdgeMSCIMinJapn JPMV
iShEdgeMSCIMultif ACWF
iShEdgeMSCIMultInt INTF
iShEdgeMSCIMlIntSC ISCF
iShEdgeMSCIMultUSA LRGF
iShEdgeMSCIUSASC SMLF
iShGlobal100 IOO
iShJPX-Nikkei400 JPXN
iShACWILowCarbon CRBN
iShMSCIAllPeruCap EPU
iShMSCI EAFE EFA
iShMSCIEmgMarkets EEM
iShMSCIEmgMktSC EEMS
iShMSCIFranceETF EWQ
30.68
108.22
30.52
58.47
33.85
42.41
51.51
66.18
32.13
68.30
58.42
29.62
10.46
28.82
40.10
28.64
32.04
30.23
33.10
51.44
52.84
108.82
143.12
104.00
150.56
65.82
60.83
17.32
31.50
65.02
184.08
35.31
62.41
28.32
21.68
22.28
26.50
27.78
25.13
15.62
86.53
47.53
21.15
54.76
35.00
45.54
56.46
57.64
59.07
38.37
260.19
184.12
59.23
27.99
30.19
27.10
26.55
30.88
31.15
33.20
27.60
100.65
124.80
115.55
162.50
30.93
26.12
67.22
30.17
28.79
31.79
30.99
39.33
91.61
64.18
115.24
42.21
70.00
46.85
51.57
31.46
-0.2
-0.1
-0.1
0.4
0.8
0.4
-0.6
0.1
0.9
0.3
0.4
0.4
1.2
-0.1
1.7
...
1.5
0.1
0.9
...
...
0.2
-0.3
-0.3
-0.6
...
-0.2
0.6
0.5
0.1
0.1
-0.3
-0.2
0.4
0.7
1.3
0.1
-0.7
-0.1
3.2
1.2
0.7
4.7
0.3
0.1
0.1
0.6
-0.1
0.8
0.2
0.2
-0.2
0.1
1.0
1.2
0.6
0.2
0.5
0.5
1.0
1.0
0.8
0.2
0.2
-0.1
0.1
0.4
0.8
0.4
0.6
0.5
0.2
-0.6
0.2
0.6
0.1
0.5
0.1
0.5
0.6
-0.1
52-Wk %
Sym Hi/Lo Chg Stock
its prestige.
Business schools at public
universities have been particularly hard-hit by the downturn
in demand, forced to provide
steep tuition discounts to attract more applicants while
facing tighter state budgets,
Carson’s Mr. Hunter said.
Many schools have rolled
out more flexible, part-time
and specialized programs.
Non-M.B.A. master’s degrees
in niche areas like data analytics now draw roughly 20% of
applications, according to the
Graduate Management Admission Council.
In 2009, Carson began
shifting more resources to its
online M.B.A. program, which
enrolled more than 500 students this year, compared with
200 five years ago.
But as universities shift
gears, some face fresh challenges, as the University of
Wisconsin, Madison, highlights.
After the school said it
was considering ending its
business school program,
alumni and students protested the proposal. The university announced last week
it would take more time to
weigh next steps. Wisconsin
School of Business officials
declined to comment on the
52-Wk %
Sym Hi/Lo Chg Stock
iShMSCIGermanyETF EWG 33.44 0.8 iShRussell1000Gwth IWF
iShMSCIGlblAgriPrd VEGI 28.97 0.3 iShRussell1000ETF IWB
46.85 0.1 iShRussell2000Gwth IWO
iShMSCIIrelandCap EIRL
59.10 0.6 iShRussell3000ETF IWV
iShMSCIJapanETF EWJ
77.26 0.4 iShRussellTop200Gr IWY
iShMSCIJapanSC SCJ
95.68 0.2 iShRussellTop200 IWL
iShMSCIKLD400Soc DSI
63.74 0.1 iShS&P100
iShMSCIKokusaiETF TOK
OEF
25.78 0.7 iShS&PMC400Growth IJK
iShMSCISingapore EWS
76.46 2.0 iShS&P500Growth IVW
iShMSCISouthKorea EWY
38.26 -0.2 iShGlobalTechETF IXN
iShMSCITaiwanCap EWT
iShMSCIUSAESGSelct SUSA 108.37 ... iShGlobalConsDiscr RXI
iShMSCIWorldETF URTH 86.25 ... iShGlobalMaterials MXI
iShMornLCGrowth JKE 152.09 0.1 iShGloblIndustrial EXI
iShMornMCGrowth JKH 196.13 -0.2 iShS&PMC400Value IJJ
130.54
143.90
183.06
153.26
70.93
59.44
114.58
210.48
148.75
154.68
104.82
68.49
90.86
155.25
-0.1
0.1
-0.8
0.1
...
0.3
0.3
-0.3
...
0.4
0.2
0.6
...
-0.1
school’s finances.
Unprofitable M.B.A. programs put B schools in a “double bind,” said Sarah Gardial,
dean of Iowa’s Tippie College
of Business. The financial burden of an unpopular M.B.A.
can stop universities from investing in new degrees that
would make money, or push it
further in the red if they do
launch new programs, she said.
Since Iowa is funded in part
with taxpayer dollars, “we
must make tough choices
about what we offer and who
we are,” she said.
Even schools that won’t be
ending their M.B.A. program
soon are still taking steps to
stem losses.
Pennsylvania State University’s Smeal College of Business cut the size of its fulltime program to 60 students
this year, from nearly 70 last
year, and is redeploying some
of its professors to a new oneyear master’s degree that associate dean Brian Cameron
said is already on track to turn
a profit in the next year.
“When almost everyone in
your program is on a fellowship or receiving aid, it becomes too expensive to be a
sustainable business model for
the school,” Mr. Cameron said.
52-Wk %
Sym Hi/Lo Chg Stock
iShNorthAmerTech IGM
iShDowJonesUS IYY
iShRussellMCGrowth IWP
HancockDevIntl JHMD
HancockMC
JHMM
JPMDivRetEurCur JPEH
JPMDivReturnEurope JPEU
JPM DivRetGlEq JPGE
JPM DivRetIntl JPIH
JPM DivRetIntlEq JPIN
KnowldgLdrDevWrld KLDW
KraneBoseraChinaA KBA
MeidellTactical MATH
NationwideMaxDivUS MXDU
168.02
129.53
117.00
30.18
33.28
29.23
61.58
61.60
30.26
59.84
32.82
34.57
32.73
25.15
-0.1
0.1
-0.3
0.3
...
0.1
-0.2
0.5
0.6
0.5
...
0.8
-0.6
0.5
52-Wk %
Sym Hi/Lo Chg Stock
NationRiskBaseIntl RBIN
NatixisSeeyondIntl MVIN
OShFTSEAsiaPacQlty OASI
OShFTSEAsiaPacQlty OAPH
OppGlbESGRevenue ESGF
PIMCO DynMultEM MFEM
PIMCO DynMultIn MFDX
PwrShDevEuroPac FXEP
PwrShDynBldg&Con PKB
PwrShDynSemicon PSI
PwrShDynLC Grwth PWB
PwrShAPac xJapan PAF
PwrShDevMkt xUS PXF
PwrShIndia
PIN
25.67
46.09
30.00
32.54
30.71
25.54
26.32
28.83
33.39
54.42
40.55
59.29
45.13
26.00
0.1
0.3
2.5
5.0
0.3
0.4
0.6
1.4
-0.1
-2.0
-0.3
1.7
0.4
1.2
52-Wk %
Sym Hi/Lo Chg
PwrShS&PEM Mom EEMO
PwrShRussMCGrw PXMG
PwrShRussTop200 EQWL
PwrShRussTop200G PXLG
PwrShS&P500HiBeta SPHB
PwrShS&P500Mom SPMO
PwrShS&P400LowVol XMLV
ProShHdgReplic HDG
ProShrUlBscMtls UYM
ProShrUltraDow30 DDM
ProShUltMSCIEAFE EFO
ProShrUltraJapan EZJ
ProShrUMdCp400 MVV
21.38
40.31
51.10
44.51
41.69
33.32
45.19
45.30
71.73
118.92
129.14
126.06
115.94
0.8
-0.6
0.2
-0.1
...
-0.1
-0.5
0.2
1.2
0.5
0.5
1.4
-0.5
Continued on Page B11
Borrowing Benchmarks | WSJ.com/bonds
Money Rates
November 1, 2017
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
guide to general levels but don’t always represent actual transactions.
Week
—52-WEEK—
Week
—52-WEEK—
Inflation
Latest ago
High Low
Latest ago
High Low
Sept. index
level
Chg From (%)
Aug. '17 Sept. '16
U.S. consumer price index
0.53
0.19
246.819
252.941
All items
Core
2.2
1.7
International rates
Latest
Week
ago
52-Week
High
Low
Prime rates
U.S.
Canada
Japan
4.25 4.25 4.25 3.50
3.20 3.20 3.20 2.70
1.475 1.475 1.475 1.475
1.020 1.005 1.300 0.240
1.130 1.105 1.180 0.350
1.260 1.245 1.260 0.500
4 weeks
13 weeks
26 weeks
0.00
0.50
0.25
1.50
Other short-term rates
0.00
0.50
0.25
1.50
Call money
1.38
0.15
Libor
Overnight repurchase
1.15
1.19
U.S.
U.S. government rates
One month
Three month
Six month
One year
3.490 3.540 3.865 3.031
3.517 3.573 3.899 3.063
0.00
0.50
0.25
1.50
Week
ago
52-Week
high
low
-0.371
-0.329
-0.276
-0.187
Latest
3.00
3.00
-0.376
-0.322
-0.212
-0.075
-0.405
-0.381
-0.322
-0.233
-0.373
-0.331
-0.274
-0.183
Value
Traded
-0.366
-0.311
-0.210
-0.069
-0.375
-0.332
-0.276
-0.187
52-Week
High
Low
1.182 31.490 1.366 0.244
1.167 109.650 1.506 0.257
Treasury
MBS
2.25
Open Implied
Settle Change Interest Rate
Commercial paper (AA financial)
One month
Three month
-0.405
-0.381
-0.321
-0.232
DTCC GCF Repo Index
3.00
90 days
-0.399
-0.378
-0.322
-0.233
Euro interbank offered rate (Euribor)
30-year mortgage yields
Latest
0.00
0.50
0.25
1.50
One month
Three month
Six month
One year
Secondary market
Policy Rates
Euro zone
Switzerland
Britain
Australia
Euro Libor
Fannie Mae
30 days
60 days
1.57979 1.56219 1.57979 1.24267
1.85594 1.84456 1.85594 1.55622
Six month
One year
Treasury bill auction
1.14
1.27
1.31
0.62
DTCC GCF Repo Index Futures
Treasury Nov
Treasury Dec
Treasury Jan
1.24333 1.23999 1.24333 0.53200
1.38483 1.37446 1.38483 0.87567
98.845 -0.005 8053 1.155
98.715 unch. 1991 1.285
98.620 0.005 450 1.380
Discount
1.75
1.75
1.00
1.1700
1.3125
1.0000
1.1600
1.1700
1.2000
1.3125
1.1600
1.1700
1.1900
0.3500
0.5625
0.2500
0.3000
0.3200
1.75
Federal funds
Effective rate
High
Low
Bid
Offer
1.1700
1.3125
1.0300
1.1600
1.1700
Notes on data:
U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
and is effective June 15, 2017. Other prime rates aren’t directly comparable; lending practices vary
widely by location; Discount rate is effective June 15, 2017. DTCC GCF Repo Index is Depository
Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in
billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Futures on the
DTCC GCF Repo Index are traded on NYSE Liffe US.
Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; SIX Financial Information;
General Electric Capital Corp.; Tullett Prebon Information, Ltd.
Dividend Changes
Dividend announcements from November 1.
Company
Symbol
Amount
Yld % New/Old Frq
Payable /
Record
Increased
American Assets Trust
BOK Financial
Carlyle Group
Eaton Vance Global Income
Eaton Vance TABS 5-to-15Y
KAR Auction Services
MKS Instruments
NexPoint Residential Tr
Oshkosh
Pacific Coast Oil Trust
STRATS Sers 2006-1 P&G
Utah Medical Products
AAT
BOKF
CG
EVGBC
EVLMC
KAR
MKSI
NXRT
OSK
ROYT
GJR
UTMD
2.8
2.1
10.1
1.9
0.5
3.0
0.7
4.0
1.1
9.2
2.2
1.4
MOS
RGR
0.4
1.6
TCGP
FXSG
IBDS
LLQD
MLQD
NUBD
5.9
.27 /.26
.45 /.44
.56 /.42
.1616 /.1561
.0395 /.035
.35 /.32
.18 /.175
.25 /.22
.24 /.21
.0126 /.00117
.0385 /.0361
.27 /.265
Q
Q
Q
M
M
Q
Q
Q
Q
M
M
Q
Dec21 /Dec07
Nov27 /Nov13
Nov16 /Nov10
Nov06 /Nov02
Nov06 /Nov02
Jan05 /Dec20
Dec08 /Nov27
Dec29 /Dec15
Nov30 /Nov16
Nov27 /Nov10
Nov15 /Nov14
Jan03 /Dec15
.025 /.15 Q
.21 /.23 Q
Dec21 /Dec07
Nov30 /Nov15
Reduced
Mosaic
Sturm Ruger
Initial
Carlyle Gp 5.875% Pfd. A
CurrencyShares SGD Trust
iSh iBonds Dec 2027 Corp
iShares 10+Y Invest Cp Bd
iShares 5-10Y Invst Cp Bd
NuShares ESG US Agg Bd
.37535
.0048
.10539
.25731
.19054
.0365
Q
Dec15 /Dec01
Nov08 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov06 /Nov02
.095
.10
.167
.07
.10
.0825
.05016
.00061
.08685
.10061
.06106
.15571
.00686
.17565
.04409
.06542
.05793
.08707
.10866
.0724
.0652
.091
.0915
.1235
.0735
.1178
.1205
.18625
.08792
.12366
.08294
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Nov15 /Nov10
Nov15 /Nov10
Nov15 /Nov10
Nov15 /Nov10
Nov15 /Nov10
Nov15 /Nov10
Nov08 /Nov02
Nov08 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov10 /Nov02
Nov10 /Nov02
Nov10 /Nov02
Nov10 /Nov02
Nov10 /Nov02
Nov10 /Nov02
Nov10 /Nov02
Nov10 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Funds and investment companies
Calamos
Calamos Conv Hi Inco Fd
Calamos Dyn Conv & Incm
Calamos Glbl Dyn Inc
Calamos Global Tot Ret Fd
Calamos Strat Fd
CurrencyShares AUD Tr
CurrencyShs CDN Dollar Tr
DBX Emerging Markets Bd
DBX High Yield Corp Bd
DBX Investment Grade Bd
Deutsche X Bar Intl Cp Bd
Deutsche X Intl Trea Bd
Flex Credit-Scored US Lg
Flex iBx 3Y Dur TIPS
FlexShares Discip Dur MBS
FlexShares iBoxx 5Y TIPS
FlexShares Ready Access
FlexShs Credit-Scored US
Gl X MSCI SuperDivi
Gl X SuperDiv EM
Gl X SuperDivid Alt
Gl X SuperDividend REIT
Gl X SuperDividend US
Gl X SuperIncome Pfd
Gl X U.S. Preferred
Global X SuperDividend
Goldman Sachs Acc Hi Yd
Goldman Sachs Trea 0-1Y
GS Access Inv Grade Cp Bd
IQ S&P Hi Yd Low Vol Bd
CHI
CHY
CCD
CHW
CGO
CSQ
FXA
FXC
EMIH
HYIH
IGIH
IFIX
IGVT
LKOR
TDTT
MBSD
TDTF
RAVI
SKOR
EFAS
SDEM
ALTY
SRET
DIV
SPFF
PFFD
SDIV
GHYB
GBIL
GIGB
HYLV
9.8
10.0
9.7
9.2
8.5
8.0
0.8
0.0
4.1
5.2
3.0
3.7
0.2
3.9
2.2
3.3
2.8
1.4
2.5
4.8
4.9
7.1
7.2
5.9
7.1
5.7
6.7
4.5
1.1
3.0
3.9
Company
Symbol
iSh 0-5Y Hi Yd Corp Bd
iSh 10-20Y Treasury Bond
iSh 7-10Y Treasury Bond
iSh AAA-A Rated Corp Bd
iSh California Muni Bd
iSh Convertible Bd
iSh Core 5-10 Year USD Bd
iSh Core Total USD Bd Mkt
iSh Core US Aggregate Bd
iSh Edge HY Defensive Bd
iSh Edge Inv Grade Enh Bd
iSh Em Mkts Corp Bd Fd
iSh ESG 1-5Y USD Cp Bd
iSh ESG USD Corp Bd
iSh Fallen Angels USD Bd
iSh Glbl Hi Corp Bd Fd
iSh iBds Mar2018 Cp xFin
iSh iBds Mar2020 Cp xFin
iSh iBds Mar2023 Cp xFin
iSh iBonds Dec 2017 Corp
iSh iBonds Dec 2018 Corp
iSh iBonds Dec 2019 Corp
iSh iBonds Dec 2020 Corp
iSh iBonds Dec 2021 Corp
iSh iBonds Dec 2021 Muni
iSh iBonds Dec 2022 Corp
iSh iBonds Dec 2022 Muni
iSh iBonds Dec 2023 Corp
iSh iBonds Dec 2023 Muni
iSh iBonds Dec 2024 Corp
iSh iBonds Dec 2025 Corp
iSh iBonds Dec 2026 Corp
iSh iBonds Mar 2018 Corp
iSh iBonds Mar 2020 Corp
iSh iBonds Mar 2023 Corp
iSh iBonds Sep 2018 Muni
iSh iBonds Sep 2019 Muni
iSh iBonds Sep 2020 Muni
iSh iBoxx $ Invt Gr Cp Bd
iSh Interm Govt/Credit Bd
iSh Intermediate Cred Bd
iSh Intl Aggregate Bd
iSh Intl Preferred Stock
iSh Liquidity Incm
iSh Natl Muni Bd
iSh New York Muni Bd
iSh Short Maturity Bd
iSh Short Maturity Mun Bd
iSh Short Treasury Bd
iSh Short-Tm Natl Muni Bd
iSh Trea Floating Rate Bd
iSh U.S. Credit Bd
iSh U.S. Treasury Bd
iSh US Fixed Incm Bal
iShares $ HY xOil & Gas
iShares 0-5Y Inv Grd Cp
iShares 0-5Y TIPS Bond
iShares 10+Y Credit Bond
SHYG
TLH
IEF
QLTA
CMF
ICVT
IMTB
IUSB
AGG
HYDB
IGEB
CEMB
SUSB
SUSC
FALN
GHYG
IBCC
IBCD
IBCE
IBDJ
IBDH
IBDK
IBDL
IBDM
IBMJ
IBDN
IBMK
IBDO
IBML
IBDP
IBDQ
IBDR
IBDB
IBDC
IBDD
IBMG
IBMH
IBMI
LQD
GVI
CIU
IAGG
IPFF
ICSH
MUB
NYF
NEAR
MEAR
SHV
SUB
TFLO
CRED
GOVT
FIBR
HYXE
SLQD
STIP
CLY
Amount
Yld % New/Old Frq
5.4
1.9
1.9
2.7
2.1
2.0
3.1
2.6
2.5
5.5
3.3
4.0
2.1
2.9
5.6
4.0
1.2
1.8
2.7
1.1
1.5
1.8
2.1
2.4
1.2
2.7
1.4
2.9
1.3
3.2
3.3
3.2
1.3
2.0
2.9
0.8
1.0
1.1
3.2
1.9
2.5
0.5
3.2
1.5
2.2
2.3
1.6
1.1
1.0
0.9
1.0
3.1
1.7
2.6
5.7
2.1
1.6
4.0
.21373
.21902
.1643
.1175
.10227
.09114
.1282
.1099
.228
.23291
.13879
.17123
.0433
.0608
.1302
.16977
.02385
.03719
.05459
.02229
.03223
.03836
.04533
.05077
.02531
.05655
.02962
.06088
.0272
.06672
.06919
.06654
.02834
.0447
.06388
.01616
.02114
.0239
.32115
.17531
.2316
.02319
.04835
.06467
.20304
.10802
.06694
.0445
.0901
.08076
.04155
.2854
.03592
.21991
.2469
.0872
.13295
.20647
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Payable /
Record
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Company
Symbol
iShares 1-3Y Credit Bond
iShares 1-3Y Treasury Bd
iShares 20+Y Treasury Bd
iShares 3-7Y Treasury Bd
iShares Agency Bond ETF
iShares CMBS ETF
iShares Core 10+Y USD Bd
iShares Core 1-5Y USD Bd
iShares Floating Rate Bd
iShares GNMA Bond ETF
iShares Govt/Credit Bond
iShares iBoxx $ HY Cp Bd
iShares JPM USD Emg Bd
iShares MBS ETF
iShares TIPS Bond ETF
iShrs Emg Mkt Hi Yd Bd Fd
Janus Henderson Short Dur
MV EM Inv Grade + BB
Neuberger Berman HYS
Neubrgr Brm Rl Est Sec Fd
NuShares Enh Yd 1-5 Y
NuShares Enh Yield US Bd
PIMCO 0-5 Hi Yd Corp
PIMCO 1-3 US Trea Idx
PIMCO 1-5 Yr US TIPS Idx
PIMCO 15+ Yr US TIPS Idx
PIMCO Active Bond ETF
PIMCO Broad U.S. TIPS Idx
PIMCO Enh Low Duration
PIMCO Enh Shrt Maturity
PIMCO Intermediate Mun Bd
PIMCO Inv Grade Corp Bd
PIMCO Short Term Mun Bd
Principal EDGE Active
Principal Spectrum Pfd
ProSh Short USD Emg Bd
ProShares HY-Interest Rt
ProShares Inv Grade Int
Schwab Intm US Trsr
Schwab Short Trm US Trsr
Schwab U.S. TIPs
Schwab US Aggregate Bond
SPDR Blackstone Sr Loan
SPDR Bloomberg 1-10Y TIPS
SPDR Bloomberg 1-3M TBill
SPDR Bloomberg Conv Secs
SPDR Bloomberg EM Loc Bd
SPDR Bloomberg HY Bd
SPDR Bloomberg Int Tr Bd
SPDR Bloomberg Interm Tr
SPDR Bloomberg Intl Cp Bd
SPDR Bloomberg Inv Grd FR
SPDR Bloomberg Mtg Bkd Bd
SPDR Bloomberg Scrd Cp Bd
SPDR Bloomberg ST HY Bd
SPDR Bloomberg ST Int Tr
SPDR Bloomberg TIPS
SPDR Citi Intl Gov Inf Bd
CSJ
SHY
TLT
IEI
AGZ
CMBS
ILTB
ISTB
FLOT
GNMA
GBF
HYG
EMB
MBB
TIP
EMHY
VNLA
IGEM
NHS
NRO
NUSA
NUAG
HYS
TUZ
STPZ
LTPZ
BOND
TIPZ
LDUR
MINT
MUNI
CORP
SMMU
YLD
PREF
EMSH
HYHG
IGHG
SCHR
SCHO
SCHP
SCHZ
SRLN
TIPX
BIL
CWB
EBND
JNK
BWX
ITE
IBND
FLRN
MBG
CBND
SJNK
BWZ
IPE
WIP
Amount
Yld % New/Old Frq
1.7
1.1
2.5
1.6
1.6
2.7
4.3
2.2
1.7
2.6
2.2
5.0
4.6
2.4
2.3
5.7
2.6
3.5
7.2
9.8
2.9
3.1
4.5
1.1
1.1
2.9
4.1
2.3
2.1
1.7
2.3
3.0
1.4
4.3
5.2
3.4
5.8
3.4
1.7
1.1
2.7
2.4
4.1
2.5
0.9
2.2
4.3
5.5
1.1
1.5
0.9
1.7
3.1
3.1
5.5
0.1
3.5
3.8
.1481
.0784
.2631
.1654
.15568
.11504
.22921
.0928
.06996
.1073
.21094
.3656
.4451
.2144
.21769
.24022
.1088
.0725
.0725
.045
.0595
.0643
.38
.047
.05
.16
.275
.11
.175
.143
.104
.268
.058
.14888
.43633
.21757
.33083
.21732
.0749
.0474
.1244
.1033
.16
.04023
.03462
.09279
.105
.16977
.02612
.07485
.02476
.04445
.06872
.0848
.12782
.00354
.16375
.17572
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Payable /
Record
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov30 /Nov15
Nov30 /Nov15
Nov06 /Nov02
Nov06 /Nov02
Nov06 /Nov02
Nov06 /Nov02
Nov06 /Nov02
Nov06 /Nov02
Nov06 /Nov02
Nov06 /Nov02
Nov06 /Nov02
Nov06 /Nov02
Nov06 /Nov02
Nov06 /Nov02
Nov06 /Nov02
Nov06 /Nov02
Nov06 /Nov02
Nov09 /Nov02
Nov09 /Nov02
Nov09 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov09 /Nov02
Nov09 /Nov02
Nov09 /Nov02
Nov09 /Nov02
Nov09 /Nov02
Nov09 /Nov02
Nov09 /Nov02
Nov09 /Nov02
Nov09 /Nov02
Nov09 /Nov02
Nov09 /Nov02
Nov09 /Nov02
Nov09 /Nov02
Nov09 /Nov02
Nov09 /Nov02
Nov09 /Nov02
Company
Symbol
SPDR Dorsey Wright Fixed
SPDR DoubleLine EM Fixed
SPDR DoubleLine Sh Dur TR
SPDR DoubleLine TR Tact
SPDR ICE BofAML Cross
SPDR Nuv S&P Hi Yd Mun Bd
SPDR Nuveen Muni Bd
SPDR Nuveen ST Muni Bd
SPDR Portfolio Agg Bd
SPDR Portfolio LT Corp Bd
SPDR Portfolio LT Trea
SPDR Portfolio ST Corp Bd
SPDR Ptf Interm Corp Bd
SPDR Shrt Term Trea
SPDR SSgA Ultra Shrt
VanEck AMT-Fr Interm Muni
VanEck AMT-Fr Lg Mun
VanEck AMT-Fr Sh Muni
VanEck Fallen Angel HY Bd
VanEck Pre-Refunded Muni
VanEck Vctr JPM EM LC Bd
VanEck Vctr Pfd Secs xFin
VanEck Vectors CEF Muni
VanEck Vectors China Bond
VanEck Vectors EM Agg Bd
VanEck Vectors EM HY Bond
VanEck Vectors Green Bd
VanEck Vectors HY Muni
VanEck Vectors Intl HY Bd
VanEck Vectors Invt Gr FR
VanEck Vectors Sh HY Muni
Vangrd Intermed-Trm Cp Bd
Vangrd Intrmd -Trm Gvt Bd
Vanguard Emg Mkts Govt Bd
Vanguard Intermed-Term Bd
Vanguard Lg-Term Govt Bd
Vanguard Long-Term Bd
Vanguard Long-Trm Crp Bd
Vanguard MBS
Vanguard Short Tm Govt Bd
Vanguard Short-Term Bond
Vanguard Shrt-Trm Crp Bnd
Vanguard Total Bond Mkt
Vanguard Total Intl Bd
Voya Prime Rate Trust
Xtrackers Muni Infra
Xtrackers USD HY Corp Bd
Amount
Yld % New/Old Frq
Payable /
Record
DWFI
EMTL
STOT
TOTL
CJNK
HYMB
TFI
SHM
SPAB
SPLB
SPTL
SPSB
SPIB
SPTS
ULST
ITM
MLN
SMB
ANGL
PRB
EMLC
PFXF
XMPT
CBON
EMAG
HYEM
GRNB
HYD
IHY
FLTR
SHYD
VCIT
VGIT
VWOB
BIV
VGLT
BLV
VCLT
VMBS
VGSH
BSV
VCSH
BND
BNDX
PPR
RVNU
HYLB
2.4
2.6
2.0
2.7
4.1
3.8
2.2
1.0
2.7
4.1
2.6
1.9
2.7
1.3
1.4
2.2
2.9
1.3
5.0
1.2
6.0
4.6
4.6
3.3
3.9
5.8
1.1
4.4
4.3
1.9
3.2
3.2
1.7
5.0
2.6
2.3
3.8
4.1
2.2
1.2
1.7
2.3
2.5
1.0
5.2
2.5
4.9
.05116
.10893
.08061
.11127
.09106
.17628
.09041
.04085
.06457
.09686
.07785
.04918
.07716
.03137
.04815
.045
.0489
.0183
.1268
.0252
.0921
.0771
.1023
.0623
.0704
.1205
.0251
.1127
.0921
.0397
.0653
.237
.09
.335
.18603
.15
.29297
.32
.097
.06
.11447
.153
.17286
.048
.022
.05654
.20622
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Nov09 /Nov02
Nov09 /Nov02
Nov09 /Nov02
Nov09 /Nov02
Nov09 /Nov02
Nov09 /Nov02
Nov09 /Nov02
Nov09 /Nov02
Nov09 /Nov02
Nov09 /Nov02
Nov09 /Nov02
Nov09 /Nov02
Nov09 /Nov02
Nov09 /Nov02
Nov09 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov07 /Nov02
Nov06 /Nov02
Nov06 /Nov02
Nov06 /Nov02
Nov06 /Nov02
Nov06 /Nov02
Nov06 /Nov02
Nov06 /Nov02
Nov06 /Nov02
Nov06 /Nov02
Nov06 /Nov02
Nov06 /Nov02
Nov06 /Nov02
Nov06 /Nov02
Nov22 /Nov10
Nov07 /Nov02
Nov07 /Nov02
ARD
BP
BVN
NOA
SANpB
TAC
2.6
5.9
0.4
1.4
4.2
2.1
Q
.14
Q
.60
.03 SA
.01557 Q
.25278 Q
.03125 Q
Nov30 /Nov16
Dec21 /Nov10
Dec07 /Nov15
Jan05 /Nov30
Dec05 /Nov20
Jan01 /Dec01
Foreign
Ardagh Group Cl A
BP ADR
Compania de Minas ADR
No Amer Engy Ptnrs
Santander Fin FR Sers 6
Transalta Corp
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
S2:1: stock split and ratio; SO: spin-off.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Thursday, November 2, 2017 | B9
MARKETS DIGEST
EQUITIES
Dow Jones Industrial Average
S&P 500 Index
Last Year ago
23435.01 s 57.77, or 0.25%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio 21.20 19.65
P/E estimate *
19.54 17.19
Dividend yield
2.19
2.62
All-time high 23441.76, 10/24/17
Nasdaq Composite Index
Last
2579.36 s 4.10, or 0.16%
High, low, open and close for each
trading day of the past three months.
Year ago
Trailing P/E ratio 24.16 24.31
P/E estimate *
19.49 18.02
Dividend yield
1.92
2.16
All-time high: 2581.07, 10/27/17
Last Year ago
6716.53 t 11.14, or 0.17%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio * 26.00
24.09
P/E estimate *
21.55
19.35
Dividend yield
1.07
1.21
All-time high: 6727.67, 10/31/17
Current divisor 0.14523396877348
23500
2570
6700
23000
2540
6600
22500
2510
6500
22000
2480
6400
21500
2450
Session high
t
DOWN
Session open
t
Close
UP
Close
Open
Session low
65-day moving average
65-day moving average
6300
65-day moving average
21000
6200
2420
Bars measure the point change from session's open
20500
July
Aug.
Sept.
6100
2390
July
Oct.
Aug.
Sept.
Aug.
July
Oct.
Sept.
Oct.
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.
Major U.S. Stock-Market Indexes
High
Latest
Close
Low
Net chg
% chg
52-Week
Low
High
% chg
% chg
3-yr. ann.
YTD
Dow Jones
Industrial Average
Transportation Avg
Utility Average
Total Stock Market
Barron's 400
23517.71 23388.91 23435.01
9840.82
9743.02
9783.81
754.94
748.04
748.95
26825.82 26651.90 26706.22
694.25
684.31
687.47
Nasdaq Stock Market
Nasdaq Composite
6759.66
Nasdaq 100
6276.66
6691.48
6224.58
0.25
23441.76 17888.28
30.5
18.6
10.5
25.34
0.26
10038.13
8025.80
21.9
8.2
3.8
754.80
625.44
14.2
13.5
7.9
26743.96 21514.15
691.56
521.59
23.5
31.2
14.7
14.3
8.3
8.6
-4.25 -0.56
18.25
-3.39
2588.40
2574.92
2579.36
MidCap 400
SmallCap 600
1845.02
917.65
1824.34
900.99
1830.10
906.42
Other Indexes
Russell 2000
1512.40
1485.13
1492.78
12414.60 12352.10 12362.89
0.001
31.6
32.2
24.8
28.5
13.2
14.5
15.2
8.5
-0.27
-5.00
-5.62 -0.62
1839.12
918.72
1476.68
703.64
23.7
28.4
10.2
8.2
8.9
10.1
-9.99 -0.67
1512.09
1156.89
28.4
10.0
8.4
0.16
21.88
4068.86
NYSE Arca Pharma
538.63
533.24
536.21
2.57
KBW Bank
102.56
101.55
0.24
PHLX§ Gold/Silver
101.69
82.60
81.13
0.08
PHLX§ Oil Service
81.28
136.65
132.64
133.52
1.14
1284.68
10.49
1260.07
9.74
1271.51
10.20
-4.10
0.02
-1.30
4085.78 -17.46
0.18
-0.24
-0.43
0.48
0.24
0.10
0.86
-0.32
0.20
Philadelphia Stock Exchange
12430.52 10289.35
19.6
11.8
4.5
545.98
455.65
18.3
6.9
3.1
4304.77
2834.14
40.5
32.9
6.8
560.52
463.78
13.6
11.4
0.4
102.23
73.36
38.3
10.8
12.1
96.72
73.03
-7.3
3.1
7.8
192.66
117.79
-10.5
802.88 56.9
9.19 -47.2
1275.61
22.51
Trading Diary
Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer.
and Nasdaq issues from 4 p.m. to 6:30 p.m. ET as reported by electronic
trading services, securities dealers and regional exchanges. Minimum
share price of $2 and minimum after-hours volume of 5,000 shares.
Volume, Advancers, Decliners
Region/Country Index
Close
Most-active issues in late trading
Company
Volume
(000)
Symbol
Net chg
16.69
1.06
1.15
DJ Americas
619.87
Sao Paulo Bovespa 73823.74
S&P/TSX Comp
16029.33
S&P/BMV IPC
48334.45
Santiago IPSA
4240.31
0.55
–484.75
3.74
–291.08
…
EMEA
Eurozone
Belgium
France
Germany
Israel
Italy
Netherlands
Russia
Spain
Sweden
Switzerland
U.K.
Stoxx Europe 600
Euro Stoxx
Bel-20
CAC 40
DAX
Tel Aviv
FTSE MIB
AEX
RTS Index
IBEX 35
SX All Share
Swiss Market
FTSE 100
396.77
400.44
4116.50
5514.29
13465.51
1442.90
22991.99
554.49
1126.43
10506.70
597.60
9267.82
7487.96
1.55
2.63
20.12
11.00
235.94
4.29
198.30
1.11
13.02
–16.80
0.44
25.64
–5.12
Asia-Pacific
Australia
China
Hong Kong
India
Japan
Singapore
South Korea
Taiwan
S&P/ASX 200
5937.80
Shanghai Composite 3395.91
Hang Seng
28594.06
S&P BSE Sensex
33600.27
Nikkei Stock Avg
22420.08
Straits Times
3391.61
Kospi
2556.47
Weighted
10806.36
28.80
2.57
348.52
387.14
408.47
17.53
33.04
12.56
After Hours
% chg
High
Latest
% chg
YTD
% chg
0.56
0.28
0.44
17.6
18.2
21.6
0.09
14.7
22.6
4.9
5.9
31.6
–0.65
0.02
–0.60
Closed
0.39
0.66
0.49
0.20
1.78
0.30
0.87
0.20
1.17
–0.16
0.07
0.28
–0.07
0.49
0.08
1.23
1.17
1.86
0.52
1.31
0.12
9.8
14.3
14.1
13.4
17.3
–1.9
19.5
14.8
–2.2
12.3
11.8
12.7
4.8
4.8
9.4
30.0
26.2
17.3
17.7
26.2
16.8
5,172.9 257.16
-0.33
4,357.3
17.66
...
unch.
17.70
17.66
iShares MSCI Emg Markets EEM
3,858.3
46.46
-0.06
-0.13
46.70
46.46
PwrShrs QQQ Tr Series 1 QQQ
2,720.1 151.66
-0.44
Finl Select Sector SPDR XLF
2,194.0
26.64
...
iShares Russell 2000 ETF IWM
2,114.2 148.05
-0.22
-0.15 150.25 147.58
General Electric
2,000.3
20.00
-0.02
-0.10
23.70
19.99
16.31
GE
-1.65 188.00 173.44
-0.13 257.57 256.97
-0.29 152.29 151.60
26.68
unch.
26.60
Percentage gainers…
Electro Scientific Inds
ESIO
261.3
21.98
5.67
34.76
23.00
Finish Line Cl A
FINL
42.9
11.45
2.32
25.41
11.45
9.12
Neurocrine Biosciences NBIX
529.6
72.50
11.57
18.99
75.00
60.93
TransAct Technologies TACT
Telekomunik Indonesia ADR TLK
16.1
11.50
1.70
17.35
11.50
10.30
50.9
34.24
4.82
16.38
34.24
29.42
...And losers
Impinj
PI
150.2
25.80
-7.00
-21.34
33.34
25.26
Allison Transmission
ALSN
220.1
36.88
-6.88
-15.72
43.76
36.88
-27.3 -18.7
Oclaro Inc
OCLR
1,091.6
6.80
-1.22
-15.21
8.03
6.75
40.3 25.7
-27.4 -10.1
FireEye
FEYE
1,564.3
14.34
-2.03
-12.40
16.92
13.60
106.9
4.79
-0.65
-11.95
5.45
4.75
Community Health Systems CYH
Company
Symbol
Altair Engineering Cl A
Xunlei ADR
CounterPath
Bill Barrett
IZEA
ALTR
Takung Art
New Age Beverages
Plantronics
Emerge Energy Services
Big 5 Sporting Goods
TKAT
TDH Holdings
Oi ADR
Calyxt
B&G Foods
Loma Negra ADR
PETZ
XNET
CPAH
BBG
IZEA
NBEV
PLT
EMES
BGFV
OIBR.C
CLXT
BGS
LOMA
High
52-Week
Low
% chg
Symbol
General Electric
Advanced Micro Devices
AK Steel
Envision Healthcare
SPDR S&P 500
GE
iShares MSCI Emg Markets
Intel
Bank of America
Weatherford International
Ford Motor
EEM
AMD
AKS
EVHC
SPY
INTC
BAC
WFT
F
40.85
29.56
22.91
21.50
18.62
...
12.10
2.99
8.24
7.85
...
3.11
1.75
2.66
1.37
...
160.5
35.3
23.3
-23.6
Envision Healthcare
China Internet Nationwide
Frontier Communications
3D Systems
Dragon Victory Intl
EVHC
3.51
2.75
52.39
8.17
7.25
0.53
0.41
7.03
1.03
0.90
17.68
17.34
15.50
14.43
14.17
10.50 2.15
7.20 1.47
58.27 41.28
24.45 5.65
20.35 6.25
-48.4
60.6
14.5
-25.6
-56.8
Qumu Corp.
Intellia Therapeutics
Nova Measuring Instr
Pitney Bowes
aTyr Pharma
QUMU
18.43
8.02
23.15
35.85
21.35
2.27
0.96
2.67
4.05
2.35
14.02
13.60
13.04
12.74
12.37
31.75 6.02
9.71 3.11
31.89 9.26
47.75 29.50
...
...
...
48.8
...
-14.7
...
Cellectis ADR
Surgery Partners
Investment Technology
Owens Minor
Tel Instrument Elec
CLLS
A consumer rate against its
benchmark over the past year
Five-year ARM, Rate
Volume % chg from Latest Session
(000) 65-day avg Close % chg
89,701
66,003
58,391
50,413
48,980
68.3
14.2
271.0
2075.0
-23.5
20.02
10.80
4.35
28.03
257.49
-0.69
-1.68
-5.23
-34.20
0.13
48,067
45,949
45,762
43,337
43,096
-0.9
91.0
-29.5
145.8
20.9
46.52
46.71
27.53
3.67
12.35
0.52
2.68
0.51
5.76
0.65
52-Week
High
Low
32.38 19.96
15.65
6.22
11.39
4.33
74.75 26.56
258.43 208.38
46.85
46.71
27.98
7.09
13.27
33.94
33.23
16.28
3.16
10.47
4.00%
3.00
2.00
t
0.00
N D J F MAM J J A S O N
2017
2.75%
724-327-0010
Florence Savings Bank
Florence, MA
2.88%
800-644-8261
Foxboro Federal Savings
Foxboro, MA
2.88%
877-369-3331
Manasquan Savings Bank
2.88%
Manasquan, NJ
732-292-8400
Somerset Savings Bank, SLA
2.88%
Bound Brook, NJ
732-560-1700
Wednesday
t
1.00
Standard Bank, PaSB
Murrysville, PA
1
3 6
month(s)
One year ago
1 2 3 5 710
years
maturity
Federal-funds rate target
1.00-1.25 1.00-1.25
Prime rate*
4.25
4.25
Libor, 3-month
1.37
1.38
Money market, annual yield
0.32
0.32
Five-year CD, annual yield
1.47
1.47
30-year mortgage, fixed†
3.95
3.93
15-year mortgage, fixed†
3.25
3.23
Jumbo mortgages, $424,100-plus† 4.28
4.33
Five-year adj mortgage (ARM)† 3.46
3.50
New-car loan, 48-month
3.02
3.01
HELOC, $30,000
5.19
5.18
3-yr chg
52-Week Range (%)
Low 0 2 4 6 8 High (pct pts)
0.25 l
l
3.50
0.88 l
0.26 l
1.19 l
l
3.61
l
2.85
l
4.23
l
3.13
l
2.85
l
4.57
1.25
4.25
1.38
0.36
1.47
4.33
3.50
4.88
4.03
3.36
5.30
1.00
1.00
1.15
-0.10
-0.06
-0.14
...
-0.04
-0.31
-0.23
0.73
10%
3.00
5
2.25
0
1.50
–5
0.75
–10
0.00
–15
30
WSJ Dollar index
s
Euro
s Yen
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
Close
Yield (%)
Last Week ago
52-Week
High
Low
Total Return (%)
52-wk
3-yr
1457.911
2.143
2.181
2.237
1.482 –1.522 1.970
10-yr Treasury, Ryan ALM 1729.628
DJ Corporate
379.751
Aggregate, Barclays Capital 1939.450
High Yield 100, Merrill Lynch
n.a.
Fixed-Rate MBS, Barclays 1984.900
Muni Master, Merrill
n.a.
2.378
3.059
2.620
n.a.
2.860
n.a.
2.444
3.079
2.650
5.130
2.930
1.953
2.609
3.390
2.790
n.a.
3.120
n.a.
1.783
2.730
2.100
n.a.
2.270
n.a.
1.605
2.973
0.835
n.a.
0.454
n.a.
805.838
5.457
5.496
6.290
5.279
6.304 5.577
Treasury, Ryan ALM
EMBI Global, J.P. Morgan
DDD
LYL
NTLA
NVMI
PBI
LIFE
SGRY
ITG
OMI
TIK
High
52-Week
Low
% chg
28.03 -14.57 -34.20
30.20 -11.20 -27.05
8.86 -3.25 -26.84
9.45 -2.93 -23.67
5.44 -1.47 -21.27
74.75 26.56
43.30 10.81
57.30 8.83
23.70 8.70
14.99 5.16
-56.7
...
-82.6
-27.7
...
2.52
25.47
25.77
11.40
4.00
-0.67
-5.65
-5.49
-2.34
-0.80
-21.03
-18.16
-17.56
-17.03
-16.67
3.28 1.80
33.34 10.83
31.69 11.83
16.60 11.20
6.50 2.10
-21.3
96.1
110.0
-21.8
53.8
29.18
7.75
20.01
20.96
2.49
-5.83
-1.50
-3.46
-3.61
-0.41
-16.65
-16.22
-14.74
-14.69
-14.00
35.07 16.09
24.05 7.10
23.96 15.04
37.02 20.03
6.25 2.40
68.5
-52.5
32.3
-36.1
-34.3
Ranked by change from 65-day average*
Company
Symbol
Envision Healthcare
John Hancock Multi Tech
iSh iBonds Dec 2023 Corp
Vanguard Russell 3000
SPDR Bloomberg TIPS
EVHC
JHMT
IBDO
VTHR
IPE
XNET
Xunlei ADR
PowerShares Dyn Software PSJ
PowerShares DWA MomentumPDP
iShs S&P GSCI Cm-Idxed Tr GSG
CFCO
CF Cl A
Country/currency
Volume % chg from Latest Session
(000) 65-day avg Close % chg
50,413
124
952
224
635
2075 28.03 -34.20
2073 40.90 -0.22
2067 25.22 -0.15
1632 118.31 0.02
1620 56.41 0.10
11,714
123
960
2,762
4,522
1379
1354
1340
1292
1140
US$vs,
YTDchg
Wed
in US$ per US$ (%)
Americas
Argentina peso
.0568 17.6100
Brazil real
.3060 3.2677
Canada dollar
.7772 1.2867
Chile peso
.001574 635.20
Colombia peso
.0003262 3065.65
Ecuador US dollar
1
1
Mexico peso
.0524 19.0724
Peru new sol
.3078 3.249
Uruguay peso
.03426 29.1900
Venezuela b. fuerte .092078 10.8604
1.809
3.961
2.396
n.a.
2.084
n.a.
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
Australian dollar
.7675 1.3029
China yuan
.1515 6.6025
Hong Kong dollar
.1282 7.8001
India rupee
.01550 64.526
Indonesia rupiah .0000737 13563
Japan yen
.008759 114.17
Kazakhstan tenge .002982 335.33
Macau pataca
.1245 8.0340
Malaysia ringgit
.2363 4.2315
New Zealand dollar
.6886 1.4522
Pakistan rupee
.00951 105.200
Philippines peso
.0194 51.486
Singapore dollar
.7348 1.3610
South Korea won .0008997 1111.54
Sri Lanka rupee
.0065083 153.65
Taiwan dollar
.03317 30.145
29.56
-1.82
-0.75
0.00
0.64
12.01
64.57
50.36
15.48
10.97
52-Week
High
Low
74.75
41.20
25.55
118.72
58.18
26.56
29.35
24.33
95.26
55.10
12.10 3.11
65.86 45.76
50.93 40.29
15.89 13.16
12.25 9.82
11.0
0.4
–4.3
–5.2
2.1
unch
–8.0
–3.1
–0.5
8.7
Track the Markets
Compare the performance of selected global stock
indexes, bond ETFs, currencies and commodities at
WSJ.com/TrackTheMarkets
–6.2
–4.9
0.6
–5.1
0.3
–2.4
0.5
1.5
–5.7
0.6
0.8
3.8
–6.0
–8.0
3.5
–7.1
US$vs,
YTDchg
Wed
in US$ per US$ (%)
Country/currency
.03018 33.140 –7.5
.00004403 22714 –0.3
Thailand baht
Vietnam dong
Europe
Czech Rep. koruna
Denmark krone
Euro area euro
Hungary forint
Iceland krona
Norway krone
Poland zloty
Russia ruble
Sweden krona
Switzerland franc
Turkey lira
Ukraine hryvnia
UK pound
.04544 22.007 –14.3
.1561 6.4048 –9.4
1.1621 .8605 –9.5
.003736 267.64 –9.1
.009400 106.38 –5.8
.1227 8.1506 –5.7
.2745 3.6431 –13.0
.01721 58.106 –5.2
.1190 8.4011 –7.8
.9968 1.0032 –1.5
.2623 3.8130 8.2
.0372 26.8800 –0.7
1.3246 .7549 –6.8
Middle East/Africa
Bahrain dinar
Egypt pound
Israel shekel
Kuwait dinar
Oman sul rial
Qatar rial
Saudi Arabia riyal
South Africa rand
2.6515 .3772 –0.01
.0567 17.6495 –2.7
.2847 3.5121 –8.7
3.3060 .3025 –1.0
2.5984 .3849 –0.03
.2612 3.829 5.2
.2666 3.7504 –0.01
.0711 14.0670 2.7
Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 87.75
0.13 0.15 –5.58
Sources: Tullett Prebon, WSJ Market Data Group
Commodities
COMMODITIES
Wednesday
52-Week
Pricing trends on someClose
raw materials,
or commodities
Net chg % Chg
High
Low
DJ Commodity
Get real-time U.S. stock quotes and track most-active
stocks, new highs/lows and mutual funds. Plus,
deeper money-flows data and email delivery of key
stock-market data. Available free at WSJMarkets.com
FTR
Latest Session
Close Net chg % chg
Asia-Pacific
2017
Corporate Borrowing Rates and Yields
Bond total return index
* 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.
U.S.-dollar foreign-exchange rates in late New York trading
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Yield/Rate (%)
Last (l)Week ago
NYSE Arca
Currencies
Yen, euro vs. dollar; dollar vs.
major U.S. trading partners
3.75%
3.46%
Nasdaq
Total volume*2,029,281,533 228,543,926
Adv. volume* 888,545,060 157,518,195
Decl. volume*1,058,304,073 60,425,984
Issues traded
3,069
1,298
Advances
1,090
776
Declines
1,837
491
Unchanged
142
31
New highs
199
310
New lows
66
49
Closing tick
238
44
Closing Arms†
0.71
0.66
Block trades*
7,210
1,219
* Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
5,000 shares =Has traded fewer than 65 days
Forex Race
notes and bonds
Bankrate.com avg†:
CIFS
Volume Movers
* Volumes of 100,000 shares or more are rounded to the nearest thousand
t
Selected rates
Symbol
5.31
2.74
0.55
1.06
0.62
s
U.S. consumer rates
Company
18.31
12.01
2.96
5.99
3.95
Most Active Stocks
Company
Total volume* 862,926,221 11,968,167
Adv. volume* 496,122,814 6,395,815
Decl. volume* 357,921,272 5,181,426
Issues traded
3,060
330
Advances
1,559
144
Declines
1,384
158
Unchanged
117
28
New highs
205
4
New lows
46
10
Closing tick
204
6
Closing Arms†
0.83
0.72
Block trades*
6,390
112
Percentage Losers
Latest Session
Close Net chg % chg
Benchmark
Yields
Treasury
yield
curve
andtoRates
Yield
maturity of current bills,
Consumer Rates and Returns to Investor
WSJ
.COM
Low
SPY
SPDR S&P 500
Energy Transfer Partners ETP
CREDIT MARKETS & CURRENCIES
Interest rate
Net chg
-3.02
FB
Sources: SIX Financial Information; WSJ Market Data Group
5-year Treasury
note yield
Last
11,385.9 179.64
Facebook Cl A
Percentage Gainers...
2976.63
385.24
260.07
The Global Dow
DJ Global Index
DJ Global ex U.S.
5-year adjustablerate mortgage
t (ARM)
NYSE NYSE Amer.
Sources: SIX Financial Information; WSJ Market Data Group
International Stock Indexes
Americas
Brazil
Canada
Mexico
Chile
5046.37
4660.46
22.9
4150.10
World
6727.67
6248.65
2085.18
NYSE Arca Biotech
540.96
-0.17
2581.07
539.38
PHLX§ Semiconductor
CBOE Volatility
-0.49
4.10
545.11
Value Line
0.07
6716.53 -11.14
0.09
6248.65
Standard & Poor's
500 Index
NYSE Composite
57.77
Late Trading
TR/CC CRB Index
Crude oil, $ per barrel
Natural gas, $/MMBtu
Gold, $ per troy oz.
603.25
2.52
187.94
54.30
2.893
1274.10
0.38
-0.08
-0.003
7.10
0.42
603.25
527.06
0.20 195.14
54.45
-0.15
3.93
-0.10
0.56 1346.00
166.50
42.53
2.56
1127.80
% Chg
13.79
YTD
% chg
6.35
1.98 -2.37
1.08
19.76
3.62 -22.31
-2.50 10.79
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
B10 | Thursday, November 2, 2017
COMMODITIES
Futures Contracts
Contract
High hilo
Low
Open
Settle
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Metal & Petroleum Futures
Contract
Open
High hi lo
Low
Settle
Chg
Copper-High (CMX)-25,000 lbs.; $ per lb.
Nov
3.1380
3.1410
3.1265
3.1330 0.0410
Dec
3.1115
3.1830
3.1075
3.1425 0.0415
Gold (CMX)-100 troy oz.; $ per troy oz.
Nov
1272.20 1274.80
1270.30 1274.10
7.10
Dec
1271.80 1281.90
1268.50 1277.30
6.80
Feb'18
1275.70 1286.00
1273.30 1281.60
6.90
April
1277.40 1289.60
1277.40 1285.50
6.90
June
1281.60 1293.20
1281.60 1289.40
6.90
Dec
1294.60 1303.80
1294.60 1301.60
6.90
Palladium (NYM) - 50 troy oz.; $ per troy oz.
Dec
978.75 1004.00
977.85
998.15 19.00
March'18 970.90 993.35 s
970.85
990.05 19.05
Platinum (NYM)-50 troy oz.; $ per troy oz.
Nov
914.40
917.20
914.00
933.00 17.20
Jan'18
920.80
939.40
919.90
936.70 17.10
Silver (CMX)-5,000 troy oz.; $ per troy oz.
Nov
16.990
17.060
16.990
17.132 0.487
Dec
16.710
17.210
16.670
17.176 0.483
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
Dec
54.65
55.22
53.89
54.30 –0.08
Jan'18
54.86
55.42
54.11
54.51 –0.08
Feb
54.96
55.52
54.22
54.62 –0.07
March
54.98
55.52
54.27
54.66 –0.06
June
54.59
55.03
53.90
54.27 –0.09
Dec
53.18
53.43
52.44
52.74 –0.26
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
Dec
1.8852
1.9030 s
1.8540
1.8625 –.0180
Jan'18
1.8872
1.9015 s
1.8554
1.8633 –.0171
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
Dec
1.7489
1.7708 s
1.7335
1.7410 .0085
Jan'18
1.7260
1.7446 s
1.7070
1.7149 .0024
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
Dec
2.906
2.929
t
2.847
2.893 –.003
Jan'18
3.034
3.055
t
2.983
3.017 –.009
Feb
3.037
3.057
t
2.991
3.024 –.006
March
3.006
3.022
t
2.960
2.992 –.008
April
2.865
2.872
2.827
2.853 –.009
May
2.854
2.860
2.818
2.841 –.010
Open
interest
March
May
14.72
14.79
14.84
14.90
14.57
14.65
14.61
14.69
March
July
27.25
27.25
27.25
27.25
27.25
27.25
27.25
27.13
Dec
March'18
68.68
68.53
69.05
68.97
68.10
68.10
68.17
68.15
151.90
155.20
152.80
156.00
151.90
151.00
152.90
152.05
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
1,624
156,161
Cotton (ICE-US)-50,000 lbs.; cents per lb.
272
376,939
93,780
16,729
14,384
10,526
–.13 420,659
–.13 134,599
.05
.08
–3.35
–2.45
176
5,781
Interest Rate Futures
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
29,263
4,703
Dec
152-120 153-100
151-310 152-240
9.0 729,381
March'18 151-070 152-040
151-030 151-190
9.0
7,574
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Dec
124-280 125-045
124-230 124-290
–1.0 3,211,532
March'18 124-165 124-240
124-125 124-185
–1.0 24,552
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
117-047 117-082
117-017 117-040
–2.0 3,034,429
Dec
March'18 116-287 117-000
116-265 116-285
–2.2 30,187
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
107-215 107-215
107-197 107-202
–1.5 1,638,617
Dec
March'18 107-162 107-162
107-150 107-150
–1.5 13,577
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
98.843
98.845
98.840
98.843
… 214,394
Nov
Jan'18
98.625
98.630
98.625
98.630
… 352,737
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Dec
100.875 101.078
100.703 100.844 –.094 28,950
1 Month Libor (CME)-$3,000,000; pts of 100%
...
...
... 98.7500
…
928
Nov
Eurodollar (CME)-$1,000,000; pts of 100%
98.5900 98.5900
98.5875 98.5875
… 97,577
Nov
Dec
98.4900 98.4900
98.4850 98.4850 –.0050 1,713,141
March'18 98.3450 98.3500
98.3350 98.3350 –.0150 1,274,941
Dec
98.0700 98.0800
98.0450 98.0550 –.0200 1,564,514
9
70,708
379
141,798
577,849
330,956
132,359
256,899
212,889
273,264
139,041
78,036
159,359
80,366
318,906
218,625
80,751
172,513
121,716
78,668
Currency Futures
Japanese Yen (CME)-¥12,500,000; $ per 100¥
Agriculture Futures
Nov
Dec
.8803
.8815
.8803
.8820
.8754
.8767
.8758 –.0043
2,674
.8771 –.0043 267,339
Nov
Dec
.7757
.7761
.7771
.7782
.7750
.7749
.7765
.7767
Nov
Dec
1.3288
1.3302
1.3311
1.3338
1.3258
1.3257
1.3254 –.0035
1,091
1.3266 –.0035 178,240
Dec
March'18
1.0055
1.0097
1.0059
1.0126
.9991
1.0064
.9994 –.0057
1.0062 –.0057
.7659
.7654
.7663
.7675
.7660
.7648
.7693
.7692
.7689
.7688
.7684
.7648
Canadian Dollar (CME)-CAD 100,000; $ per CAD
Corn (CBT)-5,000 bu.; cents per bu.
Dec
345.75
349.25
345.25
348.25
2.50 772,202
March'18 359.50 363.00
359.25
361.75
2.25 346,349
Oats (CBT)-5,000 bu.; cents per bu.
Dec
266.00
274.00
264.00
271.50
6.75
4,794
March'18 269.50 276.50
269.50
275.00
5.75
2,552
Soybeans (CBT)-5,000 bu.; cents per bu.
Nov
974.50
984.50
973.75
981.00
7.25 11,617
Jan'18
984.75
995.00
983.75
991.25
6.50 313,541
Soybean Meal (CBT)-100 tons; $ per ton.
Dec
312.00
314.80
310.80
313.60
1.80 124,106
Jan'18
314.10
316.90
312.90
315.70
1.90 96,108
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
Dec
34.69
35.05
34.64
34.90
.15 144,305
Jan'18
34.83
35.21
34.82
35.06
.14 102,332
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
Nov
1129.00 1129.00
1105.00 1120.00 –9.00
452
Jan'18
1159.50 1163.00
1134.00 1150.50 –9.00
9,017
Wheat (CBT)-5,000 bu.; cents per bu.
Dec
418.75
422.00
416.50
418.00
–.50 286,624
March'18 436.50 439.25
t 433.75
436.00
… 130,547
Wheat (KC)-5,000 bu.; cents per bu.
Dec
416.50
419.25
414.25
415.75
–.75 157,146
March'18 434.50 437.25
432.00
433.50 –1.00 89,642
Wheat (MPLS)-5,000 bu.; cents per bu.
Dec
612.75
617.00
611.50
614.00
1.25 34,793
March'18 627.50 630.75
626.00
627.75
1.00 25,917
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
Nov
159.725 160.475 s
158.675 159.700
.275
9,898
Jan'18
159.575 161.250 s
159.525 160.650 1.075 28,019
Cattle-Live (CME)-40,000 lbs.; cents per lb.
Dec
125.675 126.875 s
125.500 126.600
.975 130,801
Feb'18
129.500 130.300 s
128.900 130.050
.500 91,966
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
Dec
67.950
68.000
66.300
66.600 –1.400 105,954
Feb'18
72.750
73.300 s
71.850
72.150 –.850 60,219
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
463.90
471.30 s
461.50
466.40
8.00
1,235
Nov
Jan'18
448.00
454.00 s
446.50
453.60
9.60
4,732
Milk (CME)-200,000 lbs., cents per lb.
Nov
16.65
16.66
16.58
16.63
.05
4,644
Dec
15.90
15.95
15.79
15.89
–.09
3,995
Cocoa (ICE-US)-10 metric tons; $ per ton.
Dec
2,089
2,142
2,086
2,123
29 89,796
March'18
2,082
2,129
2,080
2,119
30 109,189
Coffee (ICE-US)-37,500 lbs.; cents per lb.
Dec
124.70
126.20
121.20
122.95 –2.15 114,662
March'18 128.30 129.65
124.80
126.45 –2.15 68,095
British Pound (CME)-£62,500; $ per £
Swiss Franc (CME)-CHF 125,000; $ per CHF
t
.0009
1,262
.0009 151,642
Australian Dollar (CME)-AUD 100,000; $ per AUD
Nov
Dec
Jan'18
Feb
March
June
.7648
.7644
.7644
.7642
.7646
.7648
.7667
.7664
.7662
.7661
.7659
.7656
Dec
.05178
.05209
March'18 .05118 .05119
Euro (CME)-€125,000; $ per €
Nov
1.1662
1.1665
Dec
1.1676
1.1686
74,509
167
.0013
1,308
.0012 128,577
.0012
619
.0012
448
.0012
741
.0012
243
Mexican Peso (CME)-MXN 500,000; $ per MXN
.05164
.05090
.05185 .00005 176,617
.05107 .00005
627
1.1614
1.1635
1.1626 –.0034
5,498
1.1647 –.0034 423,996
Mini DJ Industrial Average (CBT)-$5 x index
23464 s
23450 s
23334
23327
23320
23313
23372
23364
47 158,279
47
1,651
S&P 500 Index (CME)-$250 x index
2573.10 2585.00 s
2571.50 2574.80
2.10 58,792
Dec
March'18
... 2584.00 s
2572.50 2575.10
2.10
4,872
Mini S&P 500 (CME)-$50 x index
2572.75 2585.50 s
2571.00 2574.75
2.00 3,115,078
Dec
March'18 2573.25 2585.75 s 2571.50 2575.00
2.00 69,442
Mini S&P Midcap 400 (CME)-$100 x index
Dec
1835.80 1845.80 s
1822.80 1829.00 –4.90 91,951
Mini Nasdaq 100 (CME)-$20 x index
6249.8
6284.5 s
6223.5
6240.8
–9.0 270,162
Dec
March'18 6266.8 6297.3 s
6237.0
6253.8
–9.0
1,690
Mini Russell 2000 (ICE-US)-$100 x index
Dec
1503.00 1516.50
1483.60 1491.90 –10.90 65,237
March'18 1508.50 1508.50
1494.00 1492.90 –10.90
69
Mini Russell 1000 (ICE-US)-$100 x index
Dec
1430.00 1432.90 s
1425.40 1426.50
.60
258
U.S. Dollar Index (ICE-US)-$1,000 x index
Dec
94.42
94.76
94.40
94.71
.28 46,313
March'18
94.20
94.46
94.16
94.42
.27
2,160
Source: SIX Financial Information
Macro & Market Economics
Watching the Gauges: U.S. Supply and Demand
Expected Previous
Current change
week
Crude oil and
petroleum prod
Crude oil
excluding SPR
Gasoline
Finished gasoline
Reformulated
Conventional
Blend. components
1,266,060
Natural gas (bcf)
Kerosene-type
jet fuel
Distillates
Heating oil
Diesel
Residual fuel oil
Other oils
...
1,272 1,341
4-week
avg
1,279
5-year
avg
9,629
...
454,906
212,849
21,882
49
21,833
190,966
-1,200
...
-1,800
...
...
...
457
217
22
0
22
195
483
224
25
0
25
199
458
218
22
0
22
196
423
210
34
0
34
176
7,571
540
12
0
12
528
...
...
...
...
...
...
3,710
...
4
4
4
4
...
...
...
-2,300
...
...
...
...
Net crude, petroleum
products, incl. SPR
1,936,647
41
129
11
118
32
297
...
42
151
14
136
40
281
1,943 2,036
42
132
11
120
34
296
1,950
39
128
19
109
39
255
1,889
Weekly Demand, 000s barrels per day
Current
Total petroleum
product
Expected Previous
change
week
Year
ago
4-week
avg
5-year
avg
19,184
...
20,010
19,884
motor gasoline
Kerosene-type
9,461
...
9,314
9,183
9,348
9,109
jet fuel
Distillates
Residual fuel oil
Propane/propylene
Other oils
1,628
3,534
130
779
3,651
...
...
...
...
...
1,859
4,101
604
1,177
2,955
1,789
3,863
283
1,106
3,661
1,730
3,690
405
956
3,384
1,630
3,944
305
...
...
Year
ago
4-week
avg
9,819 10,957
...
5-year
avg
9,741
8,123 8,995
233 458
36
27
0
0
36
27
198 431
248
137
41
96
155
863
...
...
...
...
...
...
9,361
7,699
581
49
0
49
532
7,482
480
64
0
64
415
...
...
...
1,951
...
326
93
133
60
7
18
126
42
119 207
771 1,005
184
116
18
98
159
878
2,156 6,359
2,708
96
132
43
89
218
790
10.90
92.02
53.26
24.01
5.60
68.68
26.64
96.61
81.31
71.49
109.71
105.04
122.97
65.35
56.09
62.35
259.23
182.53
74.33
58.99
109.29
94.60
71.66
51.27
12.25
121.01
88.02
115.83
106.73
70.42
39.90
1.68 –13.5
0.03 13.0
3.0
0.32
0.29 19.3
–0.88 –18.3
1.13 –8.8
0.15 14.6
0.03 11.5
0.25 17.9
–0.06 14.9
1.4
0.02
0.1
–0.06
0.4
0.01
0.15 21.9
0.56 32.1
0.26 23.5
0.16 15.2
–0.24 10.4
8.1
–0.71
0.12 15.0
1.1
0.04
6.8
–0.16
–0.17 17.1
–0.10 13.4
0.33 10.6
3.3
0.16
1.7
–0.10
5.1
0.02
0.4
0.03
0.17 19.0
–0.67 19.7
4250
Natural gas,
lower 48 states
3250
t
2250
1250
Five-year average
for each week
N D J F M A M J
2016 2017
ETF
Closing Chg YTD
Symbol Price (%) (%)
EFA
SCZ
EEM
EZU
EWJ
IBB
MUB
IWF
IWB
IWD
IWO
IWM
IWN
IWV
IWR
IWS
IJK
IVW
IVE
PFF
TIP
SHY
IEF
TLT
IWP
MINT
QQQ
SPLV
BKLN
JNK
GLD
SCHF
SCHB
69.70
63.20
46.52
43.94
58.98
312.19
110.52
129.88
143.30
119.80
180.09
148.27
123.63
152.61
200.25
85.72
208.49
148.17
109.47
38.28
113.70
84.21
106.06
124.75
116.04
101.74
152.10
46.63
23.11
37.04
121.11
34.16
62.28
n.a.
71
3.1500
93.2
473.0
230
88
220
3.0150
372.00
24.00
7.6913
16.9200
20.3040
17.1000
21.3750
£12.7400
184.79
172.80
0.8481
2.2400
174.00
176.00
72.25
2344
1.2403
1.4325
0.8950
15.50
0.73
66.48
1.0665
0.9400
n.a.
165.75
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
34.5500
n.a.
0.3600
0.3353
0.2550
n.a.
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=Hurley Brokerage; I=Natural Gas Intelligence;
L=livericeindex.com; M=midday; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data
as of 10/31
Source: WSJ Market Data Group
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
3.2
YTD total
return (%)
Yield (%)
Latest Low High
Index
Mortgage-Backed Bloomberg Barclays
Broad Market Bloomberg Barclays
1939.45
Total
return
close
2.620 2.100 2.790
U.S. Aggregate
1984.90
2.2
Mortgage-Backed
1952.21
1.7
Ginnie Mae (GNMA) 2.810 2.170 3.090
2.860 2.270 3.120
3.170 2.950 3.520
1164.01
2.4
Fannie mae (FNMA) 2.880 2.300 3.120
2622.00
3.9 Intermediate
2.720 2.360 3.010
1792.63
2.5
Freddie Mac (FHLMC) 2.890 2.310 3.130
3849.27
9.5 Long term
4.140 4.110 4.710
n.a.
n.a.
Muni Master
n.a. n.a. n.a.
567.46
4.2 Double-A-rated
2.660 2.290 2.870
n.a.
n.a.
7-12 year
n.a. n.a. n.a.
3.450 3.320 3.870
n.a.
n.a.
12-22 year
n.a. n.a. n.a.
n.a.
n.a.
22-plus year
n.a. n.a. n.a.
5.6
2780.41
U.S. Corporate
6.3
718.13
Triple-B-rated
High Yield Bonds Merrill Lynch
n.a.
n.a.
High Yield Constrained n.a. n.a. n.a.
n.a.
n.a.
Triple-C-rated
n.a. n.a. n.a.
543.38
1.2
Global Government 1.440 1.080 1.560
n.a.
n.a.
High Yield 100
n.a. n.a. n.a.
755.47
0.3
Canada
2.020 1.390 2.190
n.a.
n.a.
Global High Yield Constrained n.a. n.a. n.a.
372.39
0.9
EMU§
1.047 0.826 1.363
Europe High Yield Constrained n.a. n.a. n.a.
U.S Agency Bloomberg Barclays
712.54
0.8
France
0.810 0.540 1.210
n.a.
n.a.
Global Government J.P. Morgan†
509.89
-0.9
Germany
0.430 0.170 0.620
1638.61
2.1
U.S Agency
2.000 1.330 2.010
287.65
-0.2
Japan
0.420 0.170 0.460
1465.88
1.3
10-20 years
1.830 1.140 1.840
562.54
-0.7
Netherlands
0.560 0.290 0.760
3350.39
7.2
20-plus years
2.960 2.670 3.460
914.13
U.K.
1.640 1.340 1.790
2.830 2.470 3.090
805.84
4.8 Yankee
0.1
9.0 Emerging Markets ** 5.457 5.279 6.290
† In local currency § Euro-zone bonds
Sources: Merrill Lynch; Bloomberg Barclays; J.P.Morgan
Global Government Bonds: Mapping Yields
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/
Coupon (%) Maturity, in years
1.500
2.250
Year ago
Spread Under/Over U.S. Treasurys, in basis points
Latest
Prev
Year ago
l
l
1.600
2.377
1.483
2.333
0.837
1.828
1.846 s
2.712 s
l
1.833
1.965
1.680
21.0
23.3
l
2.678
2.847
2.390
33.2
30.1
56.2
France 2 -0.590 s
10 0.630 s
l
-0.595
-0.482
-219.4
-142.7
l
0.627
0.748
-175.0
-131.6
Germany 2 -0.745 s
10 0.375 s
l
-0.750
-0.686
-234.9
-145.2
l
0.367
0.466
-201.0
-164.9
Italy 2 -0.209 t
10 1.803 t
l
-0.201
-0.123
0.034
-184.5
-180.1
-80.3
l
1.828
2.116
1.687
-57.7
-54.9
-14.2
Japan 2 -0.162 t
10 0.061 t
l
-0.160
-0.115
-0.244
-108.1
0.069
0.065
-179.7
-0.050 -231.8
-176.0
l
-230.8
-187.8
Spain 2 -0.363 s
10 1.475 s
l
-0.365
-0.323
-0.148
-199.9
-196.5
-98.5
l
1.467
1.607
1.293
-90.4
-91.0
-53.6
0.484 s
1.346 s
l
0.461
0.456
0.263
-115.2
-113.9
-57.4
l
1.334
1.362
1.179
-103.4
-104.3
-65.0
2.750
Australia 2
10
0.000
2.750
0.500
Month ago
U.S. 2 1.636 s
10 2.380 s
2.750
0.000
Yield (%)
Latest(l) 0 20 40 60 80 100 120 Previous
0.050
0.100
0.100
2.750
1.450
1.750
U.K. 2
4.250
10
-0.590 -222.6
0.512
-175.0
-0.615 -238.1
0.180 -200.5
84.3
Source: Tullett Prebon
Investment-grade spreads that tightened the most…
19,513 19,897
iShMSCI EAFE
iShMSCIEAFESC
iShMSCIEmgMarkets
iShMSCIEurozoneETF
iShMSCIJapanETF
iShNasdaqBiotech
iShNatlMuniBdETF
iShRussell1000Gwth
iShRussell1000ETF
iShRussell1000Val
iShRussell2000Gwth
iShRussell2000ETF
iShRussell2000Val
iShRussell3000ETF
iShRussellMid-Cap
iShRussellMCValue
iShS&PMC400Growth
iShS&P500Growth
iShS&P500ValueETF
iShUSPfdStk
iShTIPSBondETF
iSh1-3YTreasuryBd
iSh7-10YTreasuryBd
iSh20+YTreasuryBd
iShRussellMCGrowth
PIMCOEnhShMaturity
PwrShQQQ 1
PwrShS&P500LoVol
PwrShSrLoanPtf
SPDRBloomBarcHYBd
SPDR Gold
SchwabIntEquity
SchwabUS BrdMkt
Grains and Feeds
Silver, troy oz.
Engelhard industrial
Engelhard fabricated
Handy & Harman base
Handy & Harman fabricated
LBMA spot price
0.6100
0.6767
*79.55
n.a.
n.a.
Barley,top-quality Mnpls-u
Bran,wheat middlings, KC-u
Corn,No. 2 yellow,Cent IL-bp,u
Corn gluten feed,Midwest-u,w
Corn gluten meal,Midwest-u,w
Cottonseed meal-u,w
Hominy feed,Cent IL-u,w
Meat-bonemeal,50% pro Mnpls-u,w
Oats,No.2 milling,Mnpls-u
Rice, 5% Broken White, Thailand-l,w
Rice, Long Grain Milled, No. 2 AR-u,w
Sorghum,(Milo) No.2 Gulf-u
in that same company’s share price.
t
AMLP
XLY
XLP
DGP
DZZ
XLE
XLF
RSP
XLV
XLI
CIU
CSJ
IEI
IEFA
IEMG
IXUS
IVV
IJH
IJR
ITOT
AGG
DVY
EFAV
USMV
IAU
LQD
HYG
EMB
MBB
ACWI
EWZ
1275.81
1371.50
1277.05
1417.53
*1274.40
*1270.15
1327.87
1340.64
1340.64
1547.44
1254.52
1340.64
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
Corporate Debt
Largest 100 exchange-traded funds, latest session
AlerianMLPETF
CnsmrDiscSelSector
CnsStapleSelSector
DBGoldDoubleLgETN
DBGoldDoubleShrt
EnSelectSectorSPDR
FinSelSectorSPDR
GuggS&P500EW
HealthCareSelSect
IndSelSectorSPDR
iShIntermCredBd
iSh1-3YCreditBond
iSh3-7YTreasuryBd
iShCoreMSCIEAFEETF
iShCoreMSCIEmgMk
iShCoreMSCITotInt
iShCoreS&P500ETF
iShCoreS&PMdCp
iShCoreS&PSmCpETF
iShS&PTotlUSStkMkt
iShCoreUSAggBd
iShSelectDividend
iShEdgeMSCIMinEAFE
iShEdgeMSCIMinUSA
iShGoldTr
iShiBoxx$InvGrCpBd
iShiBoxx$HYCpBd
iShJPMUSDEmgBd
iShMBSETF
iShMSCIACWIETF
iShMSCIBrazilCap
Fibers and Textiles
Burlap,10-oz,40-inch NY yd-n,w
Cotton,1 1/16 std lw-mdMphs-u
Cotlook 'A' Index-t
Hides,hvy native steers piece fob-u
Wool,64s,staple,Terr del-u,w
Billions of cubic feet; weekly totals
250
J A S O
Exchange-Traded Portfolios | WSJ.com/ETFresearch
ETF
Metals
310.10
9.3950
7.5900
4.1550
3.4775
5.2400
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
5,500
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions.
Sources: SIX Financial Information via WSJ Market Data Group; U.S. Energy Information Administration; Dow Jones Newswires
ETF
LBMA Platinum Price PM
*915.0
Platinum,Engelhard industrial
935.0
Platinum,Engelhard fabricated
1035.0
Palladium,Engelhard industrial
1007.0
Palladium,Engelhard fabricated
1107.0
Aluminum, LME, $ per metric ton
*2140.0
Copper,Comex spot
3.1330
Iron Ore, 62% Fe CFR China-s
58.5
Shredded Scrap, US Midwest-s,w
286
Steel, HRC USA, FOB Midwest Mill-s
619
Natural gas storage
Finished
Wednesday, November 1, 2017
Closing Chg YTD
Symbol Price (%) (%)
SoybeanMeal,Cent IL,rail,ton48%-u
Soybeans,No.1 yllw IL-bp,u
Wheat,Spring14%-pro Mnpls-u
Wheat,No.2 soft red,St.Louis-bp,u
Wheat - Hard - KC (USDA) $ per bu-u
Wheat,No.1soft white,Portld,OR-u
Other metals
Gold, per troy oz
2.050
41,167
128,921
10,823
118,097
32,861
295,537
0.9573
1.0555
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
57.850
11.750
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
Wednesday
16.9400
n.a.
** EMBI Global Index
Expected Previous
Current change
week
1,194
Wednesday
(U.S.$ equivalent)
Coins,wholesale $1,000 face-a
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds
Imports, 000s barrels per day
Year
ago
Wednesday
Energy
2457.00
Inventories, imports and demand for the week ended October 27. Current figures are in thousands of barrels or
thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import
and demand data are available monthly only.
Inventories, 000s barrels
Wednesday, November 1, 2017
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
months.
U.S. Corporate Indexes Bloomberg Barclays
Index Futures
Dec
March'18
Cash Prices
2,744
1,024
–.21 106,364
–.19 85,510
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Nov
Jan'18
Open
interest
Chg
WSJ.com/commodities
0.10
0.25
0.52
0.25
0.56
–0.63
–0.03
–0.06
0.13
0.34
–0.83
–0.66
–0.44
0.07
–0.03
0.09
–0.31
0.02
0.29
–0.05
0.10
–0.01
0.06
0.45
–0.30
0.03
–0.03
0.21
–0.04
–0.08
0.36
0.23
0.08
20.7
26.8
32.9
27.0
20.7
17.6
2.2
23.8
15.1
6.9
17.0
10.0
3.9
14.8
12.0
6.6
14.4
21.7
8.0
2.9
0.5
–0.3
1.2
4.7
19.1
0.4
28.4
12.1
–1.1
1.6
10.5
23.4
15.0
SchwabUS LC
SPDR DJIA Tr
SPDR S&PMdCpTr
SPDR S&P 500
SPDR S&P Div
TechSelectSector
UtilitiesSelSector
VanEckGoldMiner
VangdInfoTech
VangdSC Val
VangdDivApp
VangdFTSEDevMk
VangdFTSE EM
VangdFTSE Europe
VangdFTSEAWxUS
VangdGrowth
VangdHlthCr
VangdHiDiv
VangdIntermBd
VangdIntrCorpBd
VangdLC
VangdMC
VangdMC Val
VangdREIT
VangdS&P500
VangdST Bond
VangdSTCpBd
VangdSC
VangdTotalBd
VangdTotIntlBd
VangdTotIntlStk
VangdTotalStk
VangdTotlWrld
VangdValue
WisdTrEuropeHdg
WisdTrJapanHdg
Closing Chg YTD
Symbol Price (%) (%)
SCHX
DIA
MDY
SPY
SDY
XLK
XLU
GDX
VGT
VBR
VIG
VEA
VWO
VGK
VEU
VUG
VHT
VYM
BIV
VCIT
VV
VO
VOE
VNQ
VOO
BSV
VCSH
VB
BND
BNDX
VXUS
VTI
VT
VTV
HEDJ
DXJ
61.54
234.19
332.74
257.49
92.45
62.96
54.81
22.48
163.17
128.59
96.75
44.28
44.74
58.54
53.87
136.58
151.08
82.68
84.35
87.73
118.29
148.95
106.57
82.60
236.54
79.55
79.83
142.95
81.65
54.88
56.02
132.44
72.37
101.95
66.70
58.67
0.20
0.24
–0.26
0.13
–0.03
0.02
–0.56
...
–0.04
–0.23
–0.03
0.23
0.25
–0.10
0.24
–0.01
–0.04
0.24
0.05
0.02
0.14
–0.12
0.07
0.49
0.17
–0.03
–0.07
–0.40
0.06
0.09
0.32
0.08
0.22
0.30
0.44
1.03
15.5
18.6
10.3
15.2
8.1
30.2
12.8
7.5
34.3
6.3
13.6
21.2
25.0
22.1
21.9
22.5
19.2
9.1
1.5
2.4
15.6
13.2
9.7
0.1
15.2
0.1
0.6
10.8
1.1
1.1
22.1
14.8
18.6
9.6
16.2
18.4
Issuer
Symbol Coupon (%)
Hercules Capital
UniCredit
Canadian Imperial Bank of Commerce
Intesa Sanpaolo
HTGC
UCGIM
CM
ISPIM
4.625
5.861
2.100
5.710
Oct. 23, ’22
June 19, ’32
Oct. 5, ’20
Jan. 15, ’26
230
237
27
221
Indiana Michigan Power
AEP
3.750
July 1, ’47
89
Maturity
Current
Spread*, in basis points
One-day change
Last week
–24
–22
–19
–15
–8
Stock Performance
Close ($)
% chg
249
280
48
256
12.49
...
88.28
...
0.16
...
0.26
...
94
74.01
–0.54
–112
–143
252
n.a.
27.53
100.92
...
...
0.51
0.31
...
...
54
n.a.
56
315.73
...
37.54
1.31
...
–0.27
…And spreads that widened the most
Bank of America
JPMorgan Chase
Teva Pharmaceutical Finance Netherlands Iii
Macy's Retail Holdings
BAC
JPM
TEVA
M
8.000
7.900
4.100
3.625
Jan. 30, ’49
April 30, ’49
Oct. 1, ’46
June 1, ’24
–63
–31
264
256
Biogen
BNP Paribas
eBay
BIIB
BNP
EBAY
3.625 Sept. 15, ’22
7.625 March 30, ’49
2.600 July 15, ’22
63
91
64
42
37
20
15
11
11
8
High-yield issues with the biggest price increases…
Bond Price as % of face value
Current
One-day change
Issuer
Symbol
Pride International
Weatherford International
Talen Energy Supply
SM Energy
ESV
WFT
TLN
SM
7.875
4.500
9.500
5.625
Aug. 15, ’40
April 15, ’22
July 15, ’22
June 1, ’25
85.500
92.813
104.050
99.500
Bristow
Denbury Resources
EP Energy
California Resources
BRS
DNR
EPENEG
CRC
6.250
5.500
9.375
8.000
Oct. 15, ’22
May 1, ’22
May 1, ’20
Dec. 15, ’22
73.500
64.938
85.625
67.688
Coupon (%)
Maturity
2.98
2.41
2.05
1.75
1.63
1.44
1.41
1.31
Last week
Stock Performance
Close ($)
% chg
82.250
91.875
98.780
n.a.
...
3.67
...
21.88
...
5.76
...
2.58
72.250
59.500
82.250
63.000
9.06
1.26
...
11.92
–4.03
2.44
...
8.07
74.875
83.375
105.000
83.750
5.44
8.86
28.03
...
–7.80
–26.84
–34.20
...
n.a.
97.500
68.500
79.000
1.31
321.08
...
...
2.34
–3.15
...
...
…And with the biggest price decreases
Community Health Systems
Frontier Communications
Envision Healthcare
Endo DAC
CYH
FTR
EVHC
ENDP
6.875
Feb. 1, ’22
11.000 Sept. 15, ’25
6.250
Dec. 1, ’24
6.000 July 15, ’23
Jones Energy Holdings
Tesla
Intelsat Luxembourg
PetSmart
JONE
TSLA
INTEL
PETM
9.250 March 15, ’23
5.300 Aug. 15, ’25
7.750
June 1, ’21
7.125 March 15, ’23
67.500 –5.75
–4.75
81.500
–2.50
100.875
–2.00
79.250
78.900
94.875
62.313
75.875
–1.60
–1.50
–1.44
–1.38
*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Note: Data are for the most active issue of bonds with maturities of two years or more
Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Thursday, November 2, 2017 | B11
BIGGEST 1,000 STOCKS
How to Read the Stock Tables
Footnotes:
s-New 52-week high.
t-New 52-week low.
dd-Indicates loss in the most recent four
quarters.
FD-First day of trading.
h-Does not meet continued listing
standards
lf-Late filing
q-Temporary exemption from Nasdaq
requirements.
t-NYSE bankruptcy
v-Trading halted on primary market.
vj-In bankruptcy or receivership or being
reorganized under the Bankruptcy Code,
or securities assumed by such companies.
The following explanations apply to NYSE, NYSE
Arca, NYSE MKT and Nasdaq Stock Market listed
securities. Prices are composite quotations that
include primary market trades as well as trades
reported by Nasdaq OMX BXSM (formerly
Boston), Chicago Stock Exchange, CBOE, National
Stock Exchange, ISE and BATS.
The list comprises the 1,000 largest companies
based on market capitalization.
Underlined quotations are those stocks with
large changes in volume compared with the
issue’s average trading volume.
Boldfaced quotations highlight those issues
whose price changed by 5% or more if their
previous closing price was $2 or higher.
Stock
s
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.
Wednesday, November 1, 2017
Stock
NYSE
s ABB
ABB 26.24
AES
AES 10.57
Aflac
AFL 84.29
t AT&T
T
33.55
AbbottLabs ABT 54.00
AbbVie
ABBV 92.44
Accenture
ACN 142.96
AcuityBrands AYI 165.72
Adient
ADNT 84.93
t AdvanceAuto AAP 80.75
AdvSemiEngg ASX
6.10
Aegon
AEG
5.95
AerCap
AER 52.86
Aetna
AET 171.80
AffiliatedMgrs AMG 186.11
AgilentTechs A
68.02
AgnicoEagle AEM 44.26
Agrium
AGU 109.51
AirProducts APD 159.92
t AlaskaAir
ALK 65.78
s Albemarle
ALB 142.33
Alcoa
AA
47.70
s AlexandriaRealEst ARE 125.21
s Alibaba
BABA 186.08
Alleghany
Y
564.57
Allegion
ALLE 82.73
t Allergan
AGN 184.58
AllianceData ADS 226.20
AllianceBernstein AB
25.90
AlliantEnergy LNT 43.07
AllisonTransm ALSN 43.76
Allstate
ALL 94.25
AllyFinancial ALLY 26.35
AlticeUSA
ATUS 24.94
Altria
MO 64.70
AlumofChina ACH 19.33
Ambev
ABEV 6.29
Ameren
AEE 61.80
AmericaMovil AMX 17.11
AmericaMovil A AMOV 17.00
AEP
AEP 74.01
s AmericanExpress AXP 95.79
AmericanFin AFG 101.81
AIG
AIG 64.66
AmerTowerREIT AMT 140.81
AmerWaterWorks AWK 87.21
Amerigas
APU 45.35
Ameriprise AMP 157.38
AmerisourceBrgn ABC 76.62
Ametek
AME 67.25
Amphenol
APH 86.87
AnadarkoPetrol APC 50.14
s Andeavor
ANDV 109.21
AB InBev
BUD 122.14
AnnalyCap
NLY 11.52
AnteroResources AR
19.68
Anthem
ANTM 209.53
Aon
AON 142.84
Apache
APA 42.23
ApartmtInv AIV 44.34
s ApolloGlobalMgmt APO 31.63
AquaAmerica WTR 35.43
s Aramark
ARMK 43.26
ArcelorMittal MT
29.43
ArcherDaniels ADM 40.62
Arconic
ARNC 25.12
AristaNetworks ANET 197.26
ArrowElec
ARW 82.15
AstraZeneca AZN 34.56
Athene
ATH 51.14
AtmosEnergy ATO 86.97
Autohome
ATHM 57.45
Autoliv
ALV 125.36
AutoZone
AZO 584.88
Avalonbay
AVB 183.40
Avangrid
AGR 51.27
s AveryDennison AVY 107.03
AxaltaCoating AXTA 33.42
s BB&T
BBT 49.55
BCE
BCE 46.25
BHPBilliton BHP 42.03
BHPBilliton BBL 37.14
s BP
BP
40.76
BRF
BRFS 13.38
BT Group
BT
17.55
BWX Tech
BWXT 60.36
BakerHughes BHGE 31.85
s Ball
BLL 42.70
BancoBilbaoViz BBVA 8.69
BancodeChile BCH 91.30
BancoMacro BMA 120.70
BcoSantChile BSAC 30.96
BancoSantander SAN
6.77
BanColombia CIB 37.74
BankofAmerica BAC 27.53
BankofMontreal BMO 76.68
BankNY Mellon BK
51.65
BkNovaScotia BNS 64.59
Barclays
BCS
9.69
Bard CR
BCR 326.78
BarrickGold ABX 14.22
BaxterIntl
BAX 64.20
0.11
-0.06
0.40
-0.10
-0.23
2.19
0.60
-1.48
0.57
-0.99
-0.06
0.08
0.22
1.77
-0.39
-0.01
-0.37
0.59
0.49
-0.25
1.44
-0.08
1.25
1.19
-1.65
-0.66
7.35
2.47
0.05
-0.19
1.27
0.39
0.22
1.26
0.48
-0.59
-0.04
-0.19
-0.01
0.14
-0.40
0.27
-3.68
0.05
-2.86
-0.55
0.10
0.84
-0.33
-0.24
-0.13
0.77
2.97
-0.64
0.06
0.28
0.32
-0.59
0.86
0.36
0.05
-0.05
-0.43
0.83
-0.25
...
-2.63
-1.44
0.06
-0.99
-0.27
-0.06
0.50
-4.62
2.07
-0.46
0.86
0.17
0.31
0.09
1.05
0.82
0.09
-0.09
0.04
0.44
0.42
-0.23
-0.05
-0.82
-5.22
-0.32
0.03
-0.01
0.14
0.07
0.20
0.07
-0.15
-0.29
-0.23
-0.27
Net
Sym Close Chg
Stock
Net
Sym Close Chg
s
s
s
s
s
s
s
s
s
s
s
BectonDickinson BDX 208.06 -0.61
Berkley
WRB 68.54 -0.04
BerkHathwy A BRK.A 280000-469.99
BerkHathwy B BRK.B 187.17 0.23
BerryGlobal BERY 59.17 -0.28
BestBuy
BBY 56.01 0.03
Bio-RadLab A BIO 217.86 -1.93
BlackKnight BKI
45.10 -0.25
BlackBerry
BB
10.78 -0.16
BlackRock
BLK 469.29 -1.54
BlackstoneGroup BX
32.89 -0.40
BoardwalkPipe BWP 14.18 0.16
Boeing
BA 258.50 0.52
BorgWarner BWA 52.70 -0.02
BostonProperties BXP 121.98 0.80
BostonScientific BSX 27.85 -0.29
Braskem
BAK 31.00 -0.97
Bristol-Myers BMY 62.16 0.50
BritishAmTob BTI
64.79 0.39
BroadridgeFinl BR
86.42 0.50
BrookfieldMgt BAM 41.53 -0.41
BrookfieldInfr BIP
42.48 0.11
Brown&Brown BRO 50.09 0.25
Brown-Forman A BF.A 56.17 -1.16
Brown-Forman B BF.B 55.43 -1.59
BuckeyePtrs BPL 53.66 0.55
Bunge
BG
69.56 0.78
BurlingtonStores BURL 95.35 1.46
CBD Pao
CBD 22.94 -0.29
CBRE Group CBG 39.25 -0.07
CBS A
CBS.A 56.93 0.02
CBS B
CBS 56.19 0.07
CF Industries CF
38.04 0.06
CGI Group
GIB
52.60 -0.54
CIT Group
CIT
46.28 -0.34
CMS Energy CMS 48.07 -0.30
CNA Fin
CNA 54.46 0.33
CNOOC
CEO 136.11 -0.59
CPFLEnergia CPL 16.77 0.02
CRH
CRH 36.79 -0.73
CVS Health CVS 69.00 0.47
CabotOil
COG 27.91 0.21
CamdenProperty CPT 91.42 0.18
CampbellSoup CPB 47.53 0.16
CIBC
CM
88.28 0.23
CanNtlRlwy CNI
80.02 -0.47
CanNaturalRes CNQ 35.02 0.12
CanPacRlwy CP 173.33 -0.11
Canon
CAJ 37.69 -0.06
CapitalOne COF 91.90 -0.28
CardinalHealth CAH 62.18 0.28
Carlisle
CSL 109.83
...
CarMax
KMX 74.46 -0.64
Carnival
CCL 64.57 -1.82
Carnival
CUK 64.99 -1.75
Caterpillar
CAT 136.29 0.49
Celanese A CE 105.36 1.05
Cemex
CX
7.96 -0.15
CenovusEnergy CVE 10.09 0.37
Centene
CNC 96.65 2.98
CenterPointEner CNP 29.71 0.13
CentraisElBras EBR 6.29 -0.42
CenturyLink CTL 17.85 -1.14
Chemours
CC
56.97 0.36
Chevron
CVX 115.90 0.01
ChinaEastrnAir CEA 26.42 0.94
ChinaLifeIns LFC 17.62 0.95
ChinaMobile CHL 50.77 0.32
ChinaPetrol SNP 73.81 0.17
ChinaSoAirlines ZNH 38.87 1.89
ChinaTelecom CHA 50.28 -0.09
ChinaUnicom CHU 14.54 0.41
Chipotle
CMG 270.20 -1.70
Chubb
CB 151.31 0.49
ChunghwaTelecom CHT 33.77 -0.25
Church&Dwight CHD 46.18 1.01
Cigna
CI
197.84 0.62
CimarexEnergy XEC 121.21 4.28
Citigroup
C
74.03 0.53
CitizensFin CFG 38.37 0.36
Clorox
CLX 128.02 1.49
Coca-Cola
KO
45.80 -0.18
Coca-Cola Euro CCE 40.40 -0.46
Coca-Cola Femsa KOF 67.50 -0.94
Colgate-Palmolive CL
70.56 0.11
ColonyNorthStar CLNS 12.34 0.06
Comerica
CMA 78.45 -0.12
SABESP
SBS
9.27 0.15
ConagraBrands CAG 34.13 -0.03
ConchoRscs CXO 140.26 6.05
ConocoPhillips COP 52.10 0.95
ConEd
ED
85.80 -0.25
ConstBrands A STZ 216.00 -3.09
ContinentalRscs CLR 41.74 1.03
Cooper
COO 233.97 -6.29
Corning
GLW 31.63 0.32
Coty
COTY 15.31 -0.09
Credicorp
BAP 208.60 -0.84
CreditSuisse CS
15.61 -0.11
CrestwoodEquity CEQP 25.20 0.20
CrownCastle CCI 105.14 -1.94
CrownHoldings CCK 60.57 0.40
Cullen/Frost CFR 98.74 0.24
Cummins
CMI 172.83 -4.05
DTE Energy DTE 110.28 -0.18
Stock
Net
Sym Close Chg
DXC Tech
DXC 91.50
s Danaher
DHR 92.91
Darden
DRI 82.08
DaVita
DVA 59.83
s Deere
DE 134.27
DellTechnologies DVMT 82.40
DelphiAutomotive DLPH 99.38
DeltaAir
DAL 50.35
DeutscheBank DB
16.56
DevonEnergy DVN 39.08
Diageo
DEO 134.43
DigitalRealty DLR 116.94
DiscoverFinSvcs DFS 66.90
Disney
DIS
99.03
DolbyLab
DLB 58.35
DollarGeneral DG
81.23
DominionEner D
80.49
Domino's
DPZ 177.25
Donaldson
DCI
47.61
DouglasEmmett DEI
39.89
Dover
DOV 94.54
DowDuPont DWDP 73.32
DrPepperSnap DPS 85.89
DrReddy'sLab RDY 35.67
DukeEnergy DUK 87.86
DukeRealty DRE 28.71
ENI
E
32.99
EOG Rscs
EOG 102.29
EQT
EQT 62.06
EQT Midstream EQM 74.10
EastmanChem EMN 90.98
s Eaton
ETN 81.51
EatonVance EV
50.67
Ecolab
ECL 131.27
s Ecopetrol
EC
11.39
EdisonInt
EIX
79.08
EdwardsLife EW 101.82
EmersonElectric EMR 64.07
EnbridgeEnPtrs EEP 15.41
Enbridge
ENB 38.32
Encana
ECA 12.13
s EnelAmericas ENIA 10.64
EnelChile
ENIC 5.63
EnelGenChile EOCC 25.46
EnergyTrfrEquity ETE 17.92
EnergyTransfer ETP 17.66
Entergy
ETR 85.67
EnterpriseProd EPD 25.02
Equifax
EFX 109.80
EquityLife
ELS 88.95
EquityResdntl EQR 67.81
EssexProp
ESS 262.53
s EsteeLauder EL
122.12
EverestRe
RE 234.79
EversourceEner ES
62.68
Exelon
EXC 40.15
ExtraSpaceSt EXR 81.60
ExxonMobil XOM 83.87
FMC
FMC 91.90
FactSet
FDS 185.39
FederalRealty FRT 121.70
FedEx
FDX 225.46
s Ferrari
RACE 120.00
FiatChrysler FCAU 17.58
FibriaCelulose FBR 16.12
s FidelityNatlFin FNF 37.78
FNFV Group FNFV 17.50
FidelityNtlInfo FIS 93.11
58.com
WUBA 67.47
s FirstAmerFin FAF 54.51
FirstData
FDC 17.34
FirstRepBank FRC 96.86
FirstEnergy FE
32.56
FleetCorTech FLT 164.31
Flowserve
FLS 43.99
Fluor
FLR 43.94
FomentoEconMex FMX 86.94
FordMotor
F
12.35
ForestCIty A FCE.A 24.96
Fortis
FTS 36.69
Fortive
FTV 72.86
FortBrandsHome FBHS 65.20
Franco-Nevada FNV 79.82
FranklinRscs BEN 42.41
Freeport-McMoRan FCX 14.38
FreseniusMed FMS 48.49
GGP
GGP 19.44
s Gallagher
AJG 63.60
Gap
GPS 25.98
Gartner
IT
125.60
Gazit-Globe GZT
9.46
GeneralDynamics GD 201.62
t GeneralElec GE
20.02
GeneralMills GIS
52.03
GeneralMotors GM
43.13
Genpact
G
30.22
GenuineParts GPC 87.43
Gerdau
GGB 3.22
Gildan
GIL 29.30
GlaxoSmithKline GSK 36.20
s GlobalPayments GPN 102.55
s GoDaddy
GDDY 46.83
Goldcorp
GG
13.17
GoldmanSachs GS 244.26
Graco
GGG 130.49
Grainger
GWW 195.58
Mutual Funds | WSJ.com/fundresearch
Explanatory Notes
Fund
Data provided by
Top 250 mutual-funds listings for Nasdaq-published share classes with net assets of
at least $500 million each. NAV is net asset value. Percentage performance figures
are total returns, assuming reinvestment of all distributions and after subtracting
annual expenses. Figures don’t reflect sales charges (“loads”) or redemption fees.
NET CHG is change in NAV from previous trading day. YTD%RET is year-to-date
return. 3-YR%RET is trailing three-year return annualized.
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply,
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not
available due to incomplete price, performance or cost data. NE-Not released by Lipper;
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period.
Fund
Wednesday, November 1, 2017
Net YTD
Net YTD
NAV Chg %Ret Fund
American Century Inv
44.68 +0.09
Ultra
American Funds Cl A
31.83 +0.07
AmcpA p
AMutlA p 41.06 +0.09
BalA p
27.48 +0.04
12.95
...
BondA p
62.84 +0.03
CapIBA p
CapWGrA 52.47 +0.21
EupacA p
57.46 +0.31
63.67 +0.08
FdInvA p
51.54 +0.11
GwthA p
10.48
...
HI TrA p
ICAA p
41.22 +0.13
IncoA p
23.47 +0.02
45.09 +0.05
N PerA p
47.53 +0.18
NEcoA p
NwWrldA
28.1 SmCpA p
TxExA p
18.6 WshA p
13.1
12.4
3.3
11.7
21.6
30.0
19.2
22.6
6.8
15.1
10.7
27.6
32.2
NAV Chg %Ret Fund
66.59 +0.30
56.50 -0.01
13.00 +0.01
45.45 +0.09
29.4
22.9
4.7
15.2
10.89
...
11.25
...
BlackRock Funds A
GlblAlloc p 20.29 +0.02
BlackRock Funds Inst
23.06 +0.06
EqtyDivd
20.42 +0.03
GlblAlloc
7.86 +0.01
HiYldBd
...
StratIncOpptyIns 9.97
Bridge Builder Trust
CoreBond
10.20 +0.01
Dimensional Fds
3.9
4.3
Baird Funds
AggBdInst
CorBdInst
11.6
5GlbFxdInc
EmgMktVa
EmMktCorEq
IntlCoreEq
IntlVal
IntSmCo
IntSmVa
US CoreEq1
US CoreEq2
US Small
US SmCpVal
US TgdVal
USLgVa
13.0
11.9
7.9
4.3 Dodge & Cox
Balanced
3.9 GblStock
Income
Net YTD
NAV Chg %Ret
11.03
...
30.51 +0.19
22.51 +0.13
14.27 +0.04
20.03 +0.09
21.56 +0.04
23.56 +0.05
22.01
...
20.90
...
36.25 -0.23
38.90 -0.17
25.06 -0.10
39.01 +0.17
2.3
29.2
31.6
24.6
22.3
26.0
24.6
15.6
13.6
7.9
4.5
5.2
12.8
109.28 +0.16 9.2
14.01 +0.06 17.6
13.83
... 4.0
New Highs and Lows | WSJ.com/newhighs
Stock
52-Wk % Stock
Sym Hi/Lo Chg SPDR MSCI exUS CWI
ProShrUltraQQQ QLD
ProShrUltraS&P SSO
ProShrUlSemi USD
ProShrUlTech ROM
ProShUltDow30 UDOW
ProShUltMC400 UMDD
ProShUltS&P500 UPRO
RenaissanceIPOETF IPO
RivFrDynUSDiv RFDA
RivFrDynUSFlex RFFC
SPDRBloomBarCvSecs CWB
SPDRGlobalDow DGT
SPDRMFSSysGrowth SYG
SPDRMFSSysValueEqu SYV
SPDRMSCIACWIIMI ACIM
SPDRMSCIDEStrat QDEU
SPDRMSCIJapanStrat QJPN
SPDRMSCIWorldStrat QWLD
SPDR NYSE Tech XNTK
SPDRPortfolioLC SPLG
SPDRS&P500Growth SPYG
SPDRPtfSC
SPSM
SPDR Ptf TSM SPTM
SPDRPtfWorldxUS SPDW
SPDRMomentumTilt MMTM
SPDR S&P500MidGr MDYG
SPDR S&P400MidVl MDYV
SPDR S&P600SCpGr SLYG
SPDRS&P500Fossil SPYX
SPDRS&PGlbNatRes GNR
SPDRSSgAGlbAll GAL
SPDRSSgAMultiAsset RLY
SchwabFundEmgLrg FNDE
SchwabFundIntLrgCo FNDF
SchwabFundIntlSmCo FNDC
SchwabIntEquity SCHF
SchwabUS BrdMkt SCHB
SchwabUS LC SCHX
SchwabUS LC Grw SCHG
SchwabUS MC SCHM
SchwabUS SC SCHA
SPDR DJIA Tr DIA
SPDR EurSTOXX FEZ
70.71
102.12
126.12
88.45
80.60
105.65
126.34
28.20
30.72
31.63
51.94
82.55
77.85
64.06
77.36
65.38
78.11
74.10
84.34
30.84
32.14
29.71
32.16
31.40
111.12
153.40
100.61
232.93
62.82
47.61
37.68
25.70
29.81
30.53
35.72
34.31
62.55
61.75
68.37
51.40
68.44
235.02
41.91
...
0.3
0.3
-0.6
0.7
-1.2
0.5
...
-0.1
0.2
0.1
0.6
-0.1
0.4
0.4
0.5
0.9
0.7
-0.2
0.1
...
-0.8
...
0.4
0.1
-0.3
-0.2
-0.5
0.1
0.9
0.2
0.5
0.6
0.5
0.3
0.2
0.1
0.2
0.1
-0.2
-0.5
0.2
0.3
SPDREmMktSmlCp EWX
SPDR S&PMdCpTr MDY
SPDR S&P 500 SPY
SPDR SP EmAsPac GMF
SPDR S&P Home XHB
SPDR IntlSC
GWX
SPDR S&P Semi XSD
TechSelectSector XLK
USAACoreInterBd UITB
USAA EM ValMom UEVM
USAA IntlVal UIVM
USAA USA SC Val USVM
USAA USA ValMom ULVM
USBrentOilFd BNO
USDieselHeatingOil UHN
US3xOilFd
USOU
VanEckAgribus MOO
VanEckGaming BJK
VanEckIndiaSC SCIF
VanEckOilRefin CRAK
VanEckSemiconduc SMH
VanEckUranium NLR
VanEckVietnam VNM
VangdExtMkt VXF
VangdMatrls VAW
VangdInfoTech VGT
VangdCnsmrDiscr VCR
VangdSC Val VBR
VangdSC Grwth VBK
VangdFTSEDevMk VEA
VangdFTSE Pac VPL
VangdFTSEAWxUS VEU
VangdGrowth VUG
VangdLC
VV
VangdMegaCap MGC
VangdMegaGrwth MGK
VangdMCGrowth VOT
VangdS&P500 VOO
VangdS&P500 Grw VOOG
VangdS&PMC400 IVOO
VangdS&P400Grwth IVOG
VangdS&P600 VIOO
VangdS&P600Grwth VIOG
VangdSC
VB
s
s
s
s
s
s
s
s
s
s
s
s
s
GreatPlainsEner GXP 32.49
GpoAvalAcciones AVAL 8.43
GpFinSantandMex BSMX 8.25
GrupoTelevisa TV
21.62
GuidewireSoftware GWRE 77.93
HCA Healthcare HCA 76.83
HCP
HCP 26.02
HDFC Bank HDB 93.30
HP
HPQ 21.47
HSBC
HSBC 48.68
Halliburton HAL 43.05
Hanesbrands HBI 22.01
HarleyDavidson HOG 47.80
Harris
HRS 137.15
HartfordFinl HIG 55.25
HealthcareAmer HTA 29.77
Heico
HEI
89.89
Heico A
HEI.A 75.30
Helmerich&Payne HP
54.59
Herbalife
HLF 70.84
Hershey
HSY 106.73
Hess
HES 44.30
HewlettPackard HPE 13.60
Hilton
HLT 72.44
HollyFrontier HFC 39.65
HomeDepot HD 165.38
HondaMotor HMC 31.87
Honeywell
HON 144.93
HormelFoods HRL 31.21
DR Horton
DHI 44.73
HostHotels HST 19.73
HuanengPower HNP 26.39
Hubbell
HUBB 126.16
Humana
HUM 255.48
HuntingtonIngalls HII 233.66
Huntsman
HUN 31.83
HyattHotels H
62.82
ICICI Bank
IBN
9.51
ING Groep
ING 18.52
Invesco
IVZ
35.76
IDEX
IEX 128.03
IllinoisToolWks ITW 155.12
Infosys
INFY 14.65
Ingersoll-Rand IR
87.53
Ingredion
INGR 127.79
ICE
ICE
66.22
InterContinentl IHG 56.13
IBM
IBM 154.03
IntlFlavors
IFF 148.32
IntlPaper
IP
57.72
Interpublic
IPG
19.45
InvitationHomes INVH 22.65
IronMountain IRM 39.81
IsraelChemicals ICL
4.18
ItauUnibanco ITUB 12.65
JPMorganChase JPM 100.92
JacobsEngineering JEC 58.29
JamesHardie JHX 15.12
JanusHenderson JHG 34.53
J&J
JNJ 139.98
JohnsonControls JCI
41.20
JonesLangLaSalle JLL 130.80
JuniperNetworks JNPR 24.86
KAR Auction KAR 47.40
KB Fin
KB
52.95
KKR
KKR 19.91
KT
KT
14.13
KSCitySouthern KSU 105.46
Kellogg
K
63.01
KeyCorp
KEY 18.28
KeysightTechs KEYS 44.57
KilroyRealty KRC 71.69
KimberlyClark KMB 112.05
KimcoRealty KIM 18.55
KinderMorgan KMI 18.13
Knight-Swift KNX 41.09
Kohl's
KSS 41.90
KoninklijkePhil PHG 41.24
KoreaElcPwr KEP 17.39
Kroger
KR
20.90
Kyocera
KYO 69.39
LATAMAirlines LTM 13.44
L Brands
LB
43.61
LG Display
LPL 13.13
LINE
LN
42.08
L3 Tech
LLL 185.55
LabCpAm
LH 151.31
LambWeston LW
51.35
LasVegasSands LVS 64.37
Lazard
LAZ 47.40
Lear
LEA 177.15
Leggett&Platt LEG 46.50
Leidos
LDOS 62.83
Lennar A
LEN 56.96
Lennar B
LEN.B 49.10
LennoxIntl
LII
189.87
LeucadiaNatl LUK 25.33
LibertyProperty LPT 43.42
EliLilly
LLY
82.89
LincolnNational LNC 75.56
LionsGate A LGF.A 29.25
LionsGate B LGF.B 27.84
LiveNationEnt LYV 42.47
LloydsBanking LYG
3.70
LockheedMartin LMT 306.60
Loews
L
49.54
Lowe's
LOW 79.92
LyondellBasell LYB 103.43
M&T Bank
MTB 167.28
MGM Resorts MGM 30.82
MPLX
MPLX 35.28
MSCI
MSCI 117.59
Macerich
MAC 54.97
MacquarieInfr MIC 70.07
Macy's
M
18.95
MagellanMid MMP 68.27
MagnaIntl
MGA 55.13
Manpower
MAN 123.84
ManulifeFin MFC 20.42
MarathonOil MRO 14.87
MarathonPetrol MPC 60.89
Markel
MKL 1080.07
Marsh&McLennan MMC 82.42
MartinMarietta MLM 217.30
Masco
MAS 39.37
Mastercard MA 148.89
McCormick MKC 99.85
46.76 +0.23 22.7
Intl Stk
202.15 +0.38 12.8
Stock
DoubleLine Funds
... 3.6
TotRetBdI 10.67
Edgewood Growth Instituti
EdgewoodGrInst 29.40 +0.05 32.4
Federated Instl
StraValDivIS 6.36 -0.01 10.7
Fidelity
500IdxInst 90.28 +0.15 17.1
500IdxInstPrem 90.27 +0.14 17.1
500IdxPrem 90.27 +0.14 17.1
ExtMktIdxPrem r 62.49 -0.23 13.9
IntlIdxPrem r 43.36 +0.08 22.8
SAIUSLgCpIndxFd 13.84 +0.02 17.1
TMktIdxF r 74.85 +0.05 16.5
TMktIdxPrem 74.84 +0.05 16.5
USBdIdxInstPrem 11.61 +0.01 3.2
Fidelity Advisor I
NwInsghtI 33.46 +0.05 25.3
Fidelity Freedom
16.73 +0.03 13.4
FF2020
FF2025
14.48 +0.03 14.4
18.13 +0.03 16.8
FF2030
Freedom2020 K 16.73 +0.03 NS
Freedom2025 K 14.48 +0.03 NS
Freedom2030 K 18.14 +0.03 NS
Freedom2035 K 15.22 +0.03 NS
Freedom2040 K 10.69 +0.02 NS
Fidelity Invest
23.67 +0.02 14.1
Balanc
87.29 -0.13 32.3
BluCh
127.05 +0.12 29.9
Contra
ContraK
127.05 +0.12 30.0
10.34
... 11.1
CpInc r
DivIntl
41.46 +0.07 24.5
181.73 -0.50 32.9
GroCo
Stock
1.4
-0.4
-0.2
1.0
-0.1
0.1
-0.1
...
-0.3
-0.1
-0.2
-0.6
0.3
...
-0.1
-0.5
0.8
-0.7
-2.5
-0.4
0.6
-0.8
0.4
-0.4
-0.3
-0.9
-0.2
-1.0
...
-0.3
-1.3
0.6
0.3
0.5
...
-0.3
0.4
-0.2
0.9
-0.4
0.8
NYSE American highs - 4
-0.1
1.9
-1.3
0.9
Stock
Net
Sym Close Chg
McCormickVtg MKC.V 100.05 0.27
s McDonalds MCD 166.37 -0.54
McKesson
MCK 139.67 1.79
Medtronic
MDT 80.31 -0.21
Merck
MRK 55.34 0.25
MetLife
MET 53.87 0.29
s MettlerToledo MTD 689.11 6.48
MichaelKors KORS 48.48 -0.33
s MicroFocus MFGP 35.38 0.45
MidAmApt MAA 103.11 0.76
MitsubishiUFJ MTU 6.80 0.01
MizuhoFin
MFG 3.68 0.01
MobileTeleSys MBT 11.04 0.43
MohawkIndustries MHK 262.45 0.69
MolsonCoors A TAP.A 85.85 1.45
MolsonCoors B TAP 81.04 0.17
Monsanto
MON 121.14 0.04
Moody's
MCO 143.49 1.08
MorganStanley MS
49.63 -0.37
Mosaic
MOS 22.64 0.30
MotorolaSolutions MSI 90.56 0.02
NRG Energy NRG 24.84 -0.16
NTTDoCoMo DCM 24.28 -0.03
NVR
NVR 3262.29 -19.08
NationalGrid NGG 60.55 -0.50
NatlOilwell
NOV 34.06 -0.13
NatlRetailProp NNN 40.24 0.06
NewOrientalEduc EDU 82.46 -0.78
NY CmntyBcp NYCB 12.49 -0.07
NewellBrands NWL 41.00 0.22
NewfieldExpln NFX 30.90 0.11
NewmontMining NEM 35.69 -0.47
NextEraEnergy NEE 153.38 -1.69
t NielsenHoldings NLSN 36.16 -0.91
Nike
NKE 55.07 0.08
NiSource
NI
26.58 0.21
NobleEnergy NBL 28.55 0.68
Nokia
NOK
4.94 0.05
NomuraHoldings NMR 5.76 0.12
Nordstrom
JWN 39.94 0.29
NorfolkSouthern NSC 131.84 0.42
NorthropGrumman NOC 294.17 -1.36
Novartis
NVS 82.77 0.19
NovoNordisk NVO 49.69 -0.10
Nucor
NUE 58.80 0.97
NuSTAREnergy NS
33.35 0.05
OGE Energy OGE 36.60 -0.24
ONEOK
OKE 54.53 0.26
OccidentalPetrol OXY 65.46 0.89
Och-Ziff
OZM 3.81 0.01
s Olin
OLN 36.20 -0.33
OmegaHealthcare OHI 28.06 -0.80
Omnicom
OMC 67.63 0.44
Oracle
ORCL 50.64 -0.26
Orange
ORAN 16.47 0.07
OrbitalATK OA 132.77 -0.16
Orix
IX
88.09 2.27
Oshkosh
OSK 87.66 -3.90
s OwensCorning OC
82.29 -0.40
PG&E
PCG 57.24 -0.53
PLDT
PHI
33.06
...
PNC Fin
PNC 136.94 0.15
POSCO
PKX 73.04 0.06
PPG Ind
PPG 115.92 -0.32
PPL
PPL 36.94 -0.62
PVH
PVH 127.91 1.10
PackagingCpAm PKG 116.57 0.30
PaloAltoNtwks PANW 143.99 -3.21
ParkHotels PK
28.93 0.14
ParkerHannifin PH 181.99 -0.62
ParsleyEnergy PE
27.09 0.49
Pearson
PSO
9.25 -0.03
PembinaPipeline PBA 33.66 0.59
Pentair
PNR 69.26 -1.20
PepsiCo
PEP 110.13 -0.10
s PerkinElmer PKI
72.27 -0.05
Perrigo
PRGO 82.55 1.56
PetroChina PTR 66.04 0.54
PetroleoBrasil PBR 10.83 0.18
PetroleoBrasilA PBR.A 10.36 0.11
Pfizer
PFE 35.26 0.20
PhilipMorris PM 103.75 -0.89
Phillips66
PSX 92.30 1.22
PinnacleFoods PF
54.62 0.20
PinnacleWest PNW 87.46 -0.25
PioneerNatRscs PXD 153.97 4.30
PlainsAllAmPipe PAA 20.60 0.63
PlainsGP
PAGP 20.72 0.32
PolarisIndustries PII 118.64 0.21
Potash
POT 19.63 0.16
Praxair
PX 147.92 1.80
PrincipalFin PFG 67.13 1.28
Procter&Gamble PG
86.89 0.55
Progressive PGR 48.80 0.15
Prologis
PLD 65.00 0.42
PrudentialFin PRU 110.58 0.12
Prudential
PUK 48.95 -0.08
s PublicServiceEnt PEG 49.51 0.31
PublicStorage PSA 206.52 -0.73
s PulteGroup PHM 30.41 0.18
QuantaServices PWR 37.34 -0.39
Qudian
QD
27.05 2.15
QuestDiag
DGX 93.10 -0.68
s QuintilesIMS Q
108.43 0.33
RELX
RENX 22.33 -0.27
RELX
RELX 23.07 -0.32
RPM
RPM 52.86 -0.47
RalphLauren RL
89.45 0.02
RaymondJames RJF 83.81 -0.97
Raytheon
RTN 180.26 0.06
RealtyIncome O
53.93 0.26
RedHat
RHT 121.26 0.43
RegencyCtrs REG 62.12 0.57
RegionsFin RF
15.56 0.08
ReinsuranceGrp RGA 150.50 1.12
RepublicServices RSG 64.55 -0.52
ResMed
RMD 85.77 1.59
RestaurantBrands QSR 64.66 0.07
RiceEnergy RICE 28.21 -0.14
RioTinto
RIO 49.03 1.10
RobertHalf RHI 51.55 -0.22
Rockwell
ROK 195.16 -5.66
s RockwellCollins COL 135.85 0.25
RogersComm B RCI
51.68 -0.22
Rollins
ROL 43.70 -0.21
RoperTech
ROP 258.21 0.04
RoyalBkCanada RY
78.31 0.16
Net YTD
NAV Chg %Ret Fund
GrowCoK 181.69 -0.49
7.93
...
InvGB
11.29 +0.01
InvGrBd
52.63 -0.11
LowP r
LowPriStkK r 52.59 -0.11
105.68 +0.08
MagIn
108.05 -0.17
OTC
23.18 +0.03
Puritn
SrsEmrgMkt 21.55 +0.20
SrsGroCoRetail 17.85 -0.05
SrsIntlGrw 16.24 +0.02
10.89 +0.03
SrsIntlVal
TotalBond 10.68 +0.01
Fidelity Selects
216.85 -2.19
First Eagle Funds
60.52 +0.05
GlbA
FPA Funds
FPACres
35.27 +0.03
FrankTemp/Frank Adv
NA
...
IncomeAdv
FrankTemp/Franklin A
7.43 -0.02
CA TF A p
Fed TF A p 11.94 -0.04
NA
...
IncomeA p
NA
...
RisDv A p
FrankTemp/Franklin C
Income C t
NA
...
FrankTemp/Temp A
NA
...
GlBond A p
NA
...
Growth A p
FrankTemp/Temp Adv
GlBondAdv p NA
...
Harbor Funds
CapApInst 75.49 +0.17
69.95 +0.05
IntlInst r
Harding Loevner
Biotech r
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk % DirexMcBear3 MIDZ
Sym Hi/Lo Chg DirexS&P500Br3 SPXS
NYSE Arca lows - 49
-0.34
0.11
-0.17
-0.27
-2.05
1.18
0.18
1.00
-0.08
-0.09
0.31
-0.49
0.46
-2.17
0.20
-0.28
-0.79
-0.80
0.28
-1.78
0.55
0.14
-0.32
0.16
2.70
-0.40
0.78
0.77
0.05
0.52
0.17
-0.21
0.34
0.13
0.83
-0.19
0.16
0.36
...
-0.03
-0.18
-1.40
-0.20
-1.07
2.44
0.12
0.54
-0.03
0.90
0.45
0.20
0.08
-0.19
0.01
-0.16
0.31
0.08
-0.27
-0.22
0.57
-0.19
1.31
0.03
0.07
0.44
-0.14
-0.26
1.24
0.48
0.03
-0.10
0.46
-0.46
0.39
0.02
-0.36
0.14
0.45
-0.23
0.20
2.59
-0.14
0.57
0.14
0.57
-1.63
-2.40
0.36
0.99
-0.14
1.56
-0.76
0.31
1.29
1.15
-1.26
0.03
0.54
0.95
-0.22
0.23
0.18
-1.31
0.01
-1.56
0.03
-0.03
-0.10
0.51
-0.53
0.02
0.23
0.37
0.52
0.19
0.46
0.58
0.56
0.32
0.65
1.15
-4.23
1.49
0.45
-0.45
0.12
0.32
Net YTD
NAV Chg %Ret Fund
14.90
33.41
DirexS&P500Br1 SPDN 31.76
38.84 0.3 VangdTotalStk VTI
133.03 0.1 DirexSemiBear3 SOXS 15.83
51.16 0.1 VangdTotlWrld VT
72.64 0.2 DirexTechBear3 TECS
7.24
335.67 -0.3 WisdTrCBOES&P500 PUTW 29.68 0.1 FrankShtDurUSGovt FTSD 96.08
258.43 0.1 WisdTrEMxSOE XSOE 30.99 0.7 Inspire100ETF BIBL
25.05
104.21 0.5 WisdTrEuropeHdgSM EUSC 31.47 0.5 NuShEnhYd1-5Y NUSA 24.94
41.59 0.2 WisdTrGlbxUSDiv DXUS 27.02 0.9 ProShShtDow30 DOG
15.77
35.79 0.1 WisdTrGlbxUSQual DNL
58.10 -0.2 ProShShtFinls SEF
12.02
71.42 -0.7 WisdTrIndiaEarn EPI
27.32 0.8 ProShShMSCI EAFE EFZ
25.83
63.33 ... WisdTrIntDivxFin DOO
43.38 0.4 ProShShtMSCI EM EUM
18.21
50.23 0.2 WisdTrIntlEquity DWM 55.23 0.1 ProShShtMC400 MYY
11.58
50.55 0.2 WisdTrIntlHdgQual IHDG
31.83 0.2 ProShShortQQQ PSQ
36.31
50.89 0.6 WisdTrIntlLC Div DOL
50.27 0.2 ProShShrtS&P500 SH
31.29
50.37 -0.5 WisdTrIntlMC Div DIM
67.94 0.2 ProshUltBlmNatGas BOIL
7.10
50.48 ... WisdTrJpnCapGds DXJC 28.67 1.1 ProShUltVIXST UVXY 14.92
16.56 -0.6 WisdTrJpnHdgQuDiv JHDG 29.13 1.1 ProShUltShtDow30 SDOW 23.02
17.91 -0.3 WisdTrJapanHdg DXJ
58.79 1.0 ProShShtMC400 SMDD 11.41
35.12 0.3 WisdTrJpnHlthCare DXJH 36.07 1.2 ProShUltProShS&P SPXU 12.69
60.65 0.2 WisdTrJapanSC DFJ
77.98 0.3 ProShUlt3xShCrude OILD
14.43
43.46 1.6 WisdTrUSMCEarn EZM
38.12 -0.5 ProShrUSBscMtls SMN
13.78
63.49 0.6 WisdTrUSTotalEarn EXT
92.11 ... ProShUltBloomCrd SCO
29.64
28.70 2.0 XtrkrsFTSEDevXus DEEF 29.48 0.3 ProShUltShDow30 DXD
9.71
102.44 -0.3 XtrkrsJpnJPXNik400 JPN
29.00 0.9 ProShrUSFnl
22.59
SKF
53.72 -0.2 XtrkrsMSCIAllChina CN
37.27 0.5 ProShrUS MSCI Jpn EWV
27.75
16.42 2.1 XtrkrsMSCIAWxUS DBAW 28.18 0.5 ProShUltMC400 MZZ
19.98
109.29 -0.3 XtrkrsMSCIAWxUSHi HDAW 26.75 0.1 ProShrUS MSCI EM EEV
8.78
134.67 0.5 XtrkrsMSCIEAFE DBEF 32.24 0.4 ProShUltShtQQQ QID
13.98
164.11 ... XtrkrsMSCIHiDiv HDEF 25.40 0.5 ProShUltShtS&P500 SDS
44.15
146.52 ... XtrkrsMSCIEM DBEM 24.38 0.5 ProShrUSSemi SSG
10.36
129.83 -0.2 XtrkrsMSCIEurope DBEU 29.11 0.2 ProShrUSTech REW
16.83
157.18 -0.4 XtrkrsMSCIEurozone DBEZ 31.50 0.6 ProShsVIXMTFut VIXM 22.87
44.48 0.2 XtrkrsMSCIGermany DBGR 29.39 1.3 ProShsVIXSTFut VIXY
27.81
71.91 0.8 XtrkrsMSCIJapan DBJP 43.67 1.0 SchwabSrtTRmUSTrsr SCHO 50.23
54.13 0.2 XtrkrsMSCISKorea DBKO 32.34 1.7 TeucriumWheatFund WEAT
6.13
137.09 ... XtrkrsRussell1000 DEUS 31.03 -0.1 UBSProSh3xInvCrd WTID 20.58
118.66 0.1
5.86
US NatGas
UNG
88.85 0.2
US3xShrtOilFd USOD 15.64
108.35 0.1
8.08
VelocityShares3xLg UGAZ
33.48 0.6 Velocity3xInvCrude DWT
125.11 -0.4 iPathS&P500VIXST VXX
18.80
18.88 0.4
237.39 0.2 PathS&P500VIXMT VXZ
133.43 ... CSAxela3xInvBrent DBRT 69.25 2.6
2.11 -5.4
124.41 -0.3 DBCommodityDblLong DYY
12.93 ... CentralSecs
130.49 -0.3 DirexDevMktBear3 DPK
26.99
CET
9.74 -1.7 Chase
137.95 -0.7 DirexEM Bear3 EDZ
121.40
CCF
13.18 -0.5 LadenburgThalmann LTS
143.62 -1.1 DirexFinlBear3 FAZ
3.08
144.41 -0.4 DirexMexicoBl3 MEXX 21.58 -1.1 NE Realty
72.70
NEN
52-Wk %
Sym Hi/Lo Chg Stock
Continued From Page B8
-0.02
0.64
-0.19
-0.91
1.39
-0.37
...
0.32
0.29
2.18
-2.58
-1.50
0.37
1.22
0.41
0.39
-0.65
-5.75
0.40
0.10
-0.95
1.01
0.23
-0.70
-0.45
0.23
0.34
2.42
-0.48
1.04
0.17
1.49
0.20
0.61
0.30
-0.87
-0.41
-0.39
0.33
-0.14
0.43
0.04
-0.26
-0.44
0.17
0.25
-0.59
0.52
1.27
0.47
0.55
0.10
10.31
-2.66
0.04
-0.06
0.01
0.52
-0.96
-4.48
1.18
-0.35
0.32
0.23
0.18
0.36
0.25
0.35
0.30
0.09
-0.47
-0.54
-0.39
-0.96
-0.08
0.85
-0.81
0.08
0.33
-0.14
0.60
-0.86
0.38
0.28
0.40
0.11
-0.02
0.27
-0.01
0.29
0.04
-1.36
-0.14
0.11
0.15
-0.23
-0.80
-0.09
-1.30
-0.23
-1.40
0.13
0.11
1.78
-1.30
-2.12
Net
Sym Close Chg
33.0
3.6
4.0
14.8
14.9
22.5
35.6
16.2
37.3
33.6
26.9
18.9
3.9
24.6
11.5
9.4
NA
4.9
2.9
NA
NA
NA
NA
NA
NA
33.3
19.8
NYSE American lows - 10
20.20 -0.9
AcmeUnited
ACU
2.40 -4.0
AsteriasBiotherap AST
0.16 -3.7
BioPharmX
BPMX
BioTimeWt
BTX.WS 0.11 -12.9
2.29 -3.7
Biotime
BTX
Cel-Sci Wt
CVM.WS 0.00 -52.5
8.84 -11.0
Cohen
COHN
1.28 -1.5
GoldStandrdVntr GSV
ParamountGoldNV PZG
1.16 -0.8
2.40 -14.0
TelInstrElec
TIK
Nasdaq highs - 199
Ansys
ANSS
ASML
ASML
Abiomed
ABMD
AdamasPharm ADMS
AdvAcceltrApp AAAP
AlignTech
ALGN
Altaba
AABA
Amerco
UHAL
AnalogDevices ADI
AndinaAcqnIIRt ANDAR
AndinaAcqnIIWt ANDAW
AndinaAcqnII ANDA
Apple
AAPL
AppliedMaterials AMAT
ArchCapitalPfdE ACGLP
Autodesk
ADSK
AxoGen
AXGN
BldrsAsia50ADS ADRA
Bio-Techne
TECH
BldrsDev100
ADRD
bluebirdbio
BLUE
BoingoWireless WIFI
Brooks Auto
BRKS
Bruker
BRKR
CabotMicro
CCMP
CadenceDesign CDNS
CboeGlobalMkts CBOE
ChemungFinl CHMG
Cimpress
CMPR
CiscoSystems CSCO
CogentComm CCOI
Copart
CPRT
138.39
182.98
194.42
27.87
81.50
244.60
71.39
400.99
92.11
1.20
1.05
10.40
169.94
57.34
25.00
126.44
21.15
34.35
132.57
23.21
161.82
23.61
34.77
31.99
98.33
43.62
113.81
48.23
110.00
34.75
54.85
36.76
-0.8
0.4
-2.1
7.9
...
-1.7
0.7
0.9
-0.3
9.4
-2.3
1.2
-1.3
-1.3
0.2
-0.1
0.2
1.4
-2.0
0.2
2.8
-0.9
-4.0
1.6
-1.0
-0.3
-0.4
0.3
0.2
1.4
-0.6
-1.2
s RoyalBkScotland RBS
7.61
RoyalCaribbean RCL 120.86
RoyalDutchA RDS.A 63.04
RoyalDutchB RDS.B 65.20
s SAP
SAP 116.27
S&P Global SPGI 156.56
SINOPECShanghai SHI
61.11
SK Telecom SKM 26.12
SLGreenRealty SLG 95.19
s Salesforce.com CRM 101.95
Sanofi
SNY 46.48
s SantanderConUSA SC
16.82
Sasol
SSL 29.81
t Scana
SCG 42.63
Schlumberger SLB 64.28
SchwabC
SCHW 44.24
ScottsMiracleGro SMG 100.10
SealedAir
SEE 43.96
s SemicondctrMfg SMI 8.23
SempraEnergy SRE 116.63
SensataTech ST
48.25
ServiceCorp SCI
35.06
ServiceMaster SERV 47.16
ServiceNow NOW 124.51
ShawComm B SJR 22.93
SherwinWilliams SHW 395.77
ShinhanFin SHG 45.24
Shopify
SHOP 96.20
SimonProperty SPG 157.09
SmithAO
AOS 59.92
Smith&Nephew SNN 36.91
Smucker
SJM 105.22
Snap
SNAP 14.51
SnapOn
SNA 158.36
SOQUIMICH SQM 61.28
Sony
SNE 43.54
Southern
SO
52.08
SoCopper
SCCO 43.00
SouthwestAirlines LUV 53.99
SpectraEnerPtrs SEP 43.67
SpectrumBrands SPB 109.84
SpiritAeroSys SPR 79.21
Sprint
S
6.46
s Square
SQ
36.47
StanleyBlackDck SWK 161.04
StateStreet STT 92.25
Statoil
STO 20.42
Steris
STE 89.25
s STMicroelec STM 23.78
Stryker
SYK 154.43
SumitomoMits SMFG 8.07
SunCommunities SUI
91.11
SunLifeFinancial SLF 38.97
SuncorEnergy SU
34.41
SunTrustBanks STI
60.53
SynchronyFin SYF 32.83
Syngenta
SYT 92.34
Sysco
SYY 55.56
TAL Education TAL 27.04
s TE Connectivity TEL 91.87
Telus
TU
36.41
Ternium
TX
29.93
TIM Part
TSU 18.36
TJX
TJX 69.72
s TableauSoftware DATA 80.76
TaiwanSemi TSM 42.10
Tapestry
TPR 40.68
TargaResources TRGP 42.01
Target
TGT 58.86
TataMotors TTM 32.99
TechnipFMC FTI 27.76
TeckRscsB
TECK 21.10
TelecomArgentina TEO 33.77
TelecomItalia TI
8.69
TelecomItalia A TI.A
7.16
s TeledyneTech TDY 169.86
Teleflex
TFX 241.71
TelefonicaBras VIV 15.41
Telefonica
TEF 10.46
TelekmIndonesia TLK 29.42
Tenaris
TS
27.37
Teradyne
TER 42.54
TevaPharm TEVA 14.02
Textron
TXT 53.40
ThermoFisherSci TMO 194.19
ThomsonReuters TRI 44.23
s ThorIndustries THO 136.82
3M
MMM 230.18
Tiffany
TIF
93.98
TimeWarner TWX 98.39
s Toll Bros
TOL 46.63
Torchmark
TMK 84.76
Toro
TTC 63.14
TorontoDomBk TD
56.87
s Total
TOT 56.22
s TotalSystem TSS 72.14
s ToyotaMotor TM 124.43
TransCanada TRP 47.98
TransDigm
TDG 280.95
TransUnion TRU 53.48
Travelers
TRV 133.47
s TurkcellIletism TKC
9.77
TurquoiseHill TRQ
3.09
Twitter
TWTR 20.61
TylerTech
TYL 175.72
s TysonFoods TSN 73.31
UBS Group UBS 16.90
UDR
UDR 39.10
UGI
UGI 47.86
US Foods
USFD 27.49
UltraparPart UGP 23.48
Unilever
UN
57.56
Unilever
UL
56.18
UnionPacific UNP 117.00
UnitedContinental UAL 58.64
UnitedMicro UMC 2.58
UPS B
UPS 117.46
UnitedRentals URI 143.67
US Bancorp USB 54.48
US Steel
X
27.30
UnitedTech UTX 120.12
UnitedHealth UNH 209.53
UniversalHealthB UHS 102.12
UnumGroup UNM 52.00
VEREIT
VER
7.87
VF
VFC 70.15
s Visa
V
111.07
Net YTD
NAV Chg %Ret Fund
IntlEq
NA
...
Invesco Funds A
11.27 +0.03
John Hancock Class 1
15.96 +0.01
LSBalncd
17.13 +0.01
LSGwth
John Hancock Instl
DispValMCI 23.97 +0.01
JPMorgan Funds
MdCpVal L 39.89 +0.01
JPMorgan R Class
11.64 +0.01
CoreBond
Lazard Instl
EmgMktEq 19.69 +0.11
Loomis Sayles Fds
14.17 +0.02
LSBondI
Lord Abbett A
...
ShtDurIncmA p NA
Lord Abbett F
ShtDurIncm
NA
...
Metropolitan West
TotRetBd
10.66
...
...
TotRetBdI 10.66
...
TRBdPlan 10.03
MFS Funds Class I
40.74 +0.05
ValueI
MFS Funds Instl
25.44 +0.01
IntlEq
Mutual Series
NA
...
GlbDiscA
Oakmark Funds Invest
33.92 +0.04
EqtyInc r
84.83 +0.12
Oakmark
OakmrkInt 29.11 +0.06
Old Westbury Fds
LrgCpStr
14.87 +0.02
Oppenheimer Y
EqIncA
52-Wk %
Sym Hi/Lo Chg Stock
Net
Sym Close Chg
Stock
22.45
13.48
23.40
22.77
25.40
68.30
28.59
18.20
56.84
182.90
266.14
29.23
32.24
35.36
44.13
51.36
61.22
25.33
27.20
27.78
34.47
38.60
43.62
49.26
27.96
12.20
58.37
59.99
63.68
20.98
20.63
42.07
73.20
31.89
27.02
60.90
64.67
65.87
28.58
18.16
16.97
60.44
7.44
38.22
21.80
20.16
23.78
VailResorts MTN 230.47
Vale
VALE 10.04
s ValeroEnergy VLO 80.71
Vantiv
VNTV 69.85
VarianMed
VAR 104.22
s Vedanta
VEDL 21.22
VeevaSystems VEEV 60.55
Ventas
VTR 63.07
Verizon
VZ
47.83
VistraEnergy VST 19.21
VMware
VMW 119.12
VornadoRealty VNO 74.60
VoyaFinancial VOYA 41.30
VulcanMaterials VMC 121.02
WABCO
WBC 147.26
WEC Energy WEC 66.95
W.P.Carey
WPC 68.23
Wabtec
WAB 76.64
Wal-Mart
WMT 87.94
WasteConnections WCN 69.87
WasteMgt
WM 81.10
Waters
WAT 198.05
Watsco
WSO 165.43
Wayfair
W
74.41
s WellCareHealth WCG 200.91
WellsFargo WFC 56.21
Welltower
HCN 67.02
WestPharmSvcs WST 100.89
WestarEnergy WR 52.85
s WestAllianceBcp WAL 56.03
WesternGasEquity WGP 38.86
WesternGasPtrs WES 47.32
WesternUnion WU 19.98
WestlakeChem WLK 85.93
WestpacBanking WBK 25.52
s WestRock
WRK 61.33
s Weyerhaeuser WY 35.81
WheatonPrecMetals WPM 20.73
Whirlpool
WHR 164.42
Williams
WMB 28.79
WilliamsPartners WPZ 37.75
Wipro
WIT
5.21
WooriBank WF
44.48
Wyndham
WYN 107.22
s XPO Logistics XPO 69.70
XcelEnergy XEL 49.23
Xerox
XRX 30.29
Xylem
XYL 66.15
YPF
YPF 24.50
YumBrands YUM 74.31
YumChina
YUMC 39.89
s ZTO Express ZTO 16.92
ZayoGroup ZAYO 35.58
ZimmerBiomet ZBH 115.09
Zoetis
ZTS 64.51
NASDAQ
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
Cerner
CERN 65.49 -2.03
CharterComms CHTR 338.22 4.05
CheckPointSftw CHKP 103.01 -14.70
ChinaLodging HTHT 127.59 -6.30
CincinnatiFin CINF 70.71 0.54
Cintas
CTAS 147.12 -1.92
CiscoSystems CSCO 34.62 0.47
CitrixSystems CTXS 82.23 -0.38
Cognex
CGNX 124.96 1.81
CognizantTech CTSH 73.54 -2.13
Coherent
COHR 256.77 -5.94
Comcast A CMCSA 36.08 0.05
CommerceBcshrs CBSH 57.78 -0.38
CommScope COMM 34.23 2.09
Copart
CPRT 35.84 -0.45
CoStarGroup CSGP 295.13 -0.62
Costco
COST 162.69 1.61
Ctrip.com
CTRP 47.55 -0.34
DISH Network DISH 48.77 0.23
DentsplySirona XRAY 61.16 0.09
DiamondbackEner FANG 109.78 2.62
DiscoveryComm B DISCB 23.55 -0.10
DiscoveryComm A DISCA 19.16 0.28
DiscoveryComm C DISCK 18.09 0.28
DollarTree
DLTR 91.12 -0.13
E*TRADE
ETFC 43.54 -0.05
EastWestBancorp EWBC 59.73 -0.11
eBay
EBAY 37.54 -0.10
ElbitSystems ESLT 147.86 -0.76
ElectronicArts EA 114.47 -5.13
Equinix
EQIX 467.06 3.56
Ericsson
ERIC 6.28 0.03
Exelixis
EXEL 24.23 -0.56
Expedia
EXPE 122.05 -2.61
ExpeditorsIntl EXPD 58.47 0.09
ExpressScripts ESRX 62.32 1.03
F5Networks FFIV 120.60 -0.67
Facebook
FB 182.66 2.60
Fastenal
FAST 46.78 -0.19
FifthThirdBncp FITB 28.96 0.06
FirstSolar
FSLR 57.21 2.39
Fiserv
FISV 125.52 -3.91
Flex
FLEX 18.03 0.23
FlirSystems FLIR 46.55 -0.27
Fortinet
FTNT 38.77 -0.64
Gaming&Leisure GLPI 36.32 -0.22
Garmin
GRMN 59.80 3.19
GileadSciences GILD 74.83 -0.13
Goodyear
GT
30.23 -0.36
Grifols
GRFS 23.20 -0.45
HD Supply
HDS 35.46 0.07
Hasbro
HAS 90.47 -2.12
HenrySchein HSIC 77.24 -1.36
Hologic
HOLX 38.20 0.35
JBHunt
JBHT 106.18 -0.21
HuntingtonBcshs HBAN 13.81 0.01
IAC/InterActive IAC 128.39 -0.66
IdexxLab
IDXX 159.24 -6.93
IHSMarkit
INFO 42.70 0.09
INC Research INCR 57.20 0.05
IPG Photonics IPGP 206.44 -6.47
IRSA Prop
IRCP 56.00
...
IcahnEnterprises IEP
55.94 0.75
Icon
ICLR 120.93 2.07
Illumina
ILMN 207.74 2.55
Incyte
INCY 107.96 -5.29
Intel
INTC 46.71 1.22
InteractiveBrkrs IBKR 53.85 -0.17
Intuit
INTU 151.36 0.34
IntuitiveSurgical ISRG 376.04 0.68
IonisPharma IONS 57.76 0.65
JD.com
JD
37.86 0.34
JackHenry
JKHY 109.76 -0.37
JazzPharma JAZZ 141.47 -0.06
JetBlue
JBLU 18.95 -0.20
KLA Tencor KLAC 105.15 -3.74
KraftHeinz
KHC 77.70 0.37
LKQ
LKQ 37.42 -0.27
LamResearch LRCX 202.92 -5.65
LamarAdvertising LAMR 69.24 -1.20
LibertyBroadbandA LBRDA 87.21 1.00
LibertyBroadbandC LBRDK 87.98 0.69
LibertyGlobal A LBTYA 31.34 0.49
LibertyGlobal B LBTYB 31.00 0.35
LibertyGlobal C LBTYK 30.29 0.40
LibertyLiLAC A LILA 22.61 0.89
LibertyLiLAC C LILAK 22.73 0.73
LibertyQVC A QVCA 22.60 -0.12
LibertyVenturesA LVNTA 56.55 -0.41
LibertyFormOne A FWONA 36.73 0.33
LibertyFormOne C FWONK 38.46 0.32
LibertyBraves A BATRA 23.05 -0.43
LibertyBraves C BATRK 23.27 -0.34
LibertySirius A LSXMA 41.60 -0.11
LibertySirius C LSXMK 41.63 -0.02
LincolnElectric LECO 91.03 -0.64
LogitechIntl LOGI 35.98 0.15
LogMeIn
LOGM 123.70 2.65
lululemon
LULU 61.49 -0.02
MKS Instrum MKSI 105.60 -3.05
MarketAxess MKTX 175.73 1.73
Marriott
MAR 120.16 0.68
MarvellTech MRVL 18.29 -0.18
Stock
Net
Sym Close Chg
MatchGroup MTCH 26.80 0.06
MaximIntProducts MXIM 52.33 -0.21
s MelcoResorts MLCO 26.52 1.24
MercadoLibre MELI 239.02 -1.29
MicrochipTech MCHP 92.99 -1.81
s MicronTech MU
44.38 0.07
Microsemi
MSCC 53.16 -0.21
Microsoft
MSFT 83.18
...
Middleby
MIDD 115.79 -0.11
Momo
MOMO 30.36 -0.11
Mondelez
MDLZ 41.27 -0.16
MonsterBeverage MNST 57.80 -0.13
Mylan
MYL 36.85 1.14
NXP Semi
NXPI 117.30 0.25
Nasdaq
NDAQ 72.41 -0.24
NatlInstruments NATI 44.99 -0.01
NetApp
NTAP 44.53 0.11
Netease
NTES 275.97 -5.95
Netflix
NFLX 198.00 1.57
NewsCorp A NWSA 13.71 0.05
NewsCorp B NWS 14.05 0.15
Nordson
NDSN 126.38 -0.31
NorthernTrust NTRS 93.41 -0.11
NorwegianCruise NCLH 54.20 -1.55
s NVIDIA
NVDA 207.20 0.39
OReillyAuto ORLY 207.56 -3.39
OldDomFreight ODFL 119.97 -1.16
s ON Semi
ON
21.17 -0.15
OpenText
OTEX 34.26 -0.72
PTC
PTC 65.81 -0.64
Paccar
PCAR 70.98 -0.75
PacWestBancorp PACW 47.54 -0.78
Paychex
PAYX 64.14 0.35
s PayPal
PYPL 72.38 -0.18
People'sUtdFin PBCT 18.53 -0.13
s PilgrimPride PPC 31.59 -0.19
Priceline
PCLN 1913.06 1.10
Qiagen
QGEN 34.26 0.40
Qorvo
QRVO 74.46 -1.35
Qualcomm
QCOM 53.46 2.45
RandgoldRscs GOLD 98.19 -0.08
RegenPharm REGN 397.00 -5.62
RossStores ROST 63.48 -0.01
Ryanair
RYAAY 113.15 1.04
SBA Comm SBAC 152.58 -4.60
SEI Investments SEIC 64.38 -0.13
Sina
SINA 113.13 5.48
SS&C Tech SSNC 39.93 -0.27
SVB Fin
SIVB 218.73 -0.55
ScrippsNetworks SNI
83.52 0.24
Seagate
STX 36.96 -0.01
SeattleGenetics SGEN 60.29 -1.02
Shire
SHPG 145.75 -1.88
SignatureBank SBNY 129.70 -0.31
SiriusXM
SIRI
5.44
...
Skyworks
SWKS 111.32 -2.54
Splunk
SPLK 66.99 -0.31
Starbucks
SBUX 55.13 0.29
SteelDynamics STLD 37.98 0.77
t Stericycle
SRCL 68.71 -2.14
Symantec
SYMC 32.16 -0.34
Synopsys
SNPS 86.12 -0.40
TD Ameritrade AMTD 49.30 -0.69
TESARO
TSRO 113.95 -1.82
T-MobileUS TMUS 59.75 -0.02
TRowePrice TROW 92.57 -0.33
s TakeTwoSoftware TTWO 110.56 -0.09
Tesla
TSLA 321.08 -10.45
TexasInstruments TXN 96.35 -0.34
TractorSupply TSCO 59.28 -0.98
Trimble
TRMB 40.37 -0.51
21stCenturyFoxA FOXA 25.98 -0.17
21stCenturyFoxB FOX 25.38 -0.07
UltaBeauty ULTA 204.83 3.04
UltimateSoftware ULTI 203.12 0.53
UniversalDisplay OLED 142.70 -3.80
VEON
VEON 3.93 0.02
VeriSign
VRSN 108.86 1.34
s VeriskAnalytics VRSK 89.88 4.83
VertxPharm VRTX 142.63 -3.60
Viacom A
VIA 30.65 0.60
Viacom B
VIAB 24.78 0.75
Vodafone
VOD 29.32 0.34
WPP
WPPGY 87.33 -0.96
WalgreensBoots WBA 67.01 0.74
Weibo
WB 96.60 3.95
WesternDigital WDC 89.24 -0.03
WillisTwrsWatson WLTW 160.91 -0.17
s Workday
WDAY 110.27 -0.72
s WynnResorts WYNN 151.55 4.06
s Xilinx
XLNX 73.04 -0.65
s Yandex
YNDX 34.03 0.20
ZebraTech
ZBRA 113.77 -2.22
Zillow A
ZG
40.53 -0.78
Zillow C
Z
40.30 -0.98
ZionsBancorp ZION 46.22 -0.24
NYSE AMER
CheniereEnergy LNG
CheniereEnerPtrs CQP
CheniereEnHldgs CQH
ImperialOil
IMO
47.55 0.81
28.20 0.21
25.38 0.34
32.23 -0.15
Performance of IPOs, most-recent listed first
% Chg From
Wed3s Offer 1st-day
close ($) price close
Company SYMBOL
IPO date/Offer price
Loma Negra
LOMA Nov. 1/$19.00
Altair Engineering
ALTR Nov. 1/$13.00
Ablynx
ABLX Oct. 25/$17.50
FAT Brands
FAT Oct. 23/$12.00
21.35
12.4
...
18.31
40.8
...
21.00
20.0
–6.7
10.75
–10.4
–5.0
RISE Edu
REDU Oct. 20/$14.50
12.92
–10.9 –22.2
Company SYMBOL
IPO date/Offer price
% Chg From
Wed3s Offer 1st-day
close ($) price close
Sea Ltd.
SE Oct. 20/$15.00
MongoDB
MDB Oct. 19/$24.00
Mosaic Acquisition
MOSC.U Oct. 19/$10.00
Qudian
QD Oct. 18/$24.00
15.43
2.9
–5.1
29.80
24.2
–7.1
10.14
1.4
–0.1
27.05
12.7
–7.3
OptiNose
OPTN Oct. 13/$16.00
19.71
23.2
3.7
Sources: WSJ Market Data Group; FactSet Research Systems
Net YTD
NAV Chg %Ret Fund
33.20
33.80
16.84
15.55
31.85
24.42
130.86
30.06
28.08
46.71
54.50
65.73
36.38
62.61
52.37
29.89
35.27
9.37
70.47
36.69
70.71
49.63
76.35
67.76
63.41
74.03
174.24
167.80
52.00
110.01
55.97
61.41
38.16
210.45
29.61
146.45
5.32
68.76
92.00
47.47
120.92
49.66
26.53
45.33
45.36
122.94
84.06
Net YTD
NAV Chg %Ret Fund
35.51 -0.13
NA Growth r
25.2 Principal Investors
DivIntlInst 13.99 +0.06
13.0 Prudential Cl Z & I
14.54 +0.01
TRBdZ
NA Schwab Funds
40.29 +0.06
NA S&P Sel
TIAA/CREF Funds
19.32 +0.01
NA EqIdxInst
IntlEqIdxInst 20.34 +0.02
NA Tweedy Browne Fds
28.46 +0.04
GblValue
NA VANGUARD ADMIRAL
500Adml 238.37 +0.38
34.05 +0.02
NA BalAdml
CAITAdml 11.80 -0.01
NA CapOpAdml r154.61 -0.07
37.14 +0.15
NA EMAdmr
NA EqIncAdml 76.27 +0.24
NA ExtndAdml 82.10 -0.29
...
NA GNMAAdml 10.51
NA GrwthAdml 70.30 +0.01
NA HlthCareAdml r 88.69 +0.01
...
NA HYCorAdml r 5.97
25.76 +0.02
NA InfProAd
NA IntlGrAdml 94.69 -0.04
...
NA ITBondAdml 11.43
...
NA ITIGradeAdml 9.82
NA LTGradeAdml 10.63 +0.02
NA MidCpAdml 184.44 -0.27
...
NA MuHYAdml 11.37
...
NA MuIntAdml 14.17
...
NA MuLTAdml 11.65
NA MuLtdAdml 10.96 -0.01
NA MuShtAdml 15.78 -0.01
NA PrmcpAdml r135.26 +0.33
REITAdml r 117.08 +0.52
52-Wk %
Sym Hi/Lo Chg Stock
GlbXSocialMedia SOCL
H&E Equipment HEES
Hardinge
HDNG
HeritageCommerce HTBK
HorizDAXGermany DAX
HorizNasd100 QYLD
IAC/InterActive IAC
ILG
ILG
IQ Chaikin US SC CSML
Intel
INTC
InteractiveBrkrs IBKR
iShAsia50ETF AIA
iShCommodSelStrat COMT
iShCoreMSCITotInt IXUS
iShCoreS&PUSGrowth IUSG
iShCurrHdMSCIGrmny HEWG
iShExponentialTech XT
iShGlbCleanEnergy ICLN
iShGlbTimber WOOD
iShIndia50ETF INDY
iShMSCIACWIETF ACWI
iShMSCIACWIexUSETF ACWX
iShMSCIACxJpn AAXJ
iShMSCIEAFEESGOpt ESGD
iShMSCIEAFESC SCZ
iShMSCIEmMkAsia EEMA
iShPHLXSemicond SOXX
iShS&PSC600Growth IJT
JunoTherap
JUNO
KLA Tencor
KLAC
KLX
KLXI
LGI Homes
LGIH
LKQ
LKQ
LamResearch LRCX
LeggMasonDev DDBI
LigandPharm LGND
LimelightNetworks LLNW
MGPIngredients MGPI
MagellanHealth MGLN
ManTechIntl
MANT
Marriott
MAR
McGrathRentCorp MGRC
MelcoResorts MLCO
MicronTech
MU
MonarchCasino MCRI
MonolithicPower MPWR
NICE
NICE
s
s
0.07
-1.11
0.65
-4.03
-0.16
1.09
0.44
-3.60
-4.03
-0.11
-0.75
9.56
8.86
0.47
-1.60
-0.73
3.53
1.02
0.20
-0.31
-2.15
-0.72
-1.79
0.32
-0.18
-0.86
1.49
-0.53
4.07
-1.17
-1.85
-0.70
3.85
-0.13
-4.62
0.55
-0.57
-1.08
0.80
-1.03
-0.28
-0.15
0.05
-0.43
-0.44
Net
Sym Close Chg
Stock
IPO Scorecard
NA
...
43.41 +0.08
IntGrowY
7.9 Parnassus Fds
44.03 +0.16
ParnEqFd
13.0 PIMCO Fds Instl
16.5 AllAsset
NA
...
NA
...
TotRt
11.6 PIMCO Funds A
NA
...
IncomeFd
9.6 PIMCO Funds D
NA
...
IncomeFd
3.6 PIMCO Funds Instl
NA
...
IncomeFd
24.0 PIMCO Funds P
IncomeP
NA
...
6.9 Price Funds
NA
...
BlChip
NA CapApp
NA
...
EqInc
NA
...
NA EqIndex
NA
...
NA
...
Growth
2.8 HelSci
NA
...
3.0 InstlCapG
NA
...
3.1 IntlStk
NA
...
NA
...
IntlValEq
13.7 MCapGro
NA
...
NA
...
MCapVal
25.6 N Horiz
NA
...
N Inc
NA
...
NA OverS SF r
NA
...
NA
...
R2020
11.5 R2025
NA
...
17.0 R2030
NA
...
28.2 R2035
NA
...
NA
...
R2040
15.9 Value
NA
...
PRIMECAP Odyssey Fds
2.4
0.5
...
0.3
0.5
-0.6
9.6
-8.8
4.0
1.4
-0.2
0.2
3.1
1.7
-0.1
0.3
0.7
-0.2
-0.4
-0.1
0.2
0.3
1.6
0.7
1.1
0.3
1.4
-0.4
-0.5
-0.5
-0.8
1.0
-0.7
-0.9
-1.3
0.2
0.4
0.2
1.2
1.3
4.9
5.6
4.3
-0.3
-0.9
0.1
0.2
1.45
0.25
1.82
-0.15
0.03
0.62
-0.39
0.32
-0.04
-0.23
-0.57
-0.26
1.14
-0.73
-0.31
-0.44
0.08
0.14
0.63
-0.80
-1.07
2.00
-1.14
4.51
3.17
0.07
0.06
-0.51
-0.63
0.23
-0.15
0.34
0.12
1.02
0.14
...
-0.10
-0.01
0.49
0.29
0.71
-0.15
0.58
0.37
0.35
-0.29
-0.02
-0.20
-0.06
-0.14
-0.46
0.93
-0.48
-6.53
0.69
AGNC Invt
AGNC 20.20
Ansys
ANSS 135.60
ASML
ASML 181.40
Abiomed
ABMD 188.89
ActivisionBliz ATVI 65.33
AdobeSystems ADBE 176.25
AkamaiTech AKAM 52.69
AlexionPharm ALXN 116.06
AlignTech
ALGN 234.95
Alkermes
ALKS 48.65
AlnylamPharm ALNY 121.09
Alphabet A GOOGL 1042.60
Alphabet C GOOG 1025.50
Altaba
AABA 70.59
Amazon.com AMZN 1103.68
Amdocs
DOX 64.37
Amerco
UHAL 396.17
AmericanAirlines AAL 47.84
Amgen
AMGN 175.42
AnalogDevices ADI 90.99
Apple
AAPL 166.89
AppliedMaterials AMAT 55.71
ArchCapital ACGL 97.85
Atlassian
TEAM 48.69
Autodesk
ADSK 124.78
ADP
ADP 115.40
Baidu
BIDU 245.43
BankofOzarks OZRK 46.09
Biogen
BIIB 315.73
BioMarinPharm BMRN 80.92
Bioverativ
BIVV 54.65
BlueBuffaloPet BUFF 28.23
bluebirdbio
BLUE 142.95
BrighthouseFin BHF 62.05
Broadcom
AVGO 259.29
CA
CA
32.93
CDK Global CDK 62.99
CDW
CDW 68.92
CH Robinson CHRW 79.33
CME Group CME 136.14
CSX
CSX 50.15
CadenceDesign CDNS 43.01
Carlyle
CG
22.10
CboeGlobalMkts CBOE 112.63
Celgene
CELG 100.53
NA DevMktY
52-Wk %
Sym Hi/Lo Chg Stock
Cresud
CRESY
DataIO
DAIO
DavisFinl
DFNL
DavisUSEquity DUSA
DavisWorldwide DWLD
Ebix
EBIX
eHealth
EHTH
ElectroScientific ESIO
FS Bancorp
FSBW
Facebook
FB
FidelityNasdComp ONEQ
FifthThirdBncp FITB
FstCmntyBcsh FCBC
FT APxJapan FPA
FT CloudComp SKYY
FT DevIntlEquity RNDM
FT DevMkts
FDT
FT DorseyDyn5 FVC
FT DorseyFoc5 FV
DorseyWrightPeople DWPP
FT NasdTechDiv TDIV
FT EuropeAlpha FEP
FTEurozoneAlpha FEUZ
FT GerAlpha
FGM
FT GlblAgri
FTAG
FT GlbNatRscs FTRI
FT JapanAlpha FJP
FT LC GrwthAlpha FTC
FT MC CoreAlpha FNX
FT MC US Equity RNMC
FT NasdCleanEdge QCLN
FT NasdGlblAuto CARZ
FT Nasd100Tech QTEC
FT NasdSemicon FTXL
FT RBA AmerInd AIRR
FT RiverFrDynAP RFAP
FT RiverFrDynDev RFDI
FT RiverFrDynEur RFEU
FT SKoreaAlpha FKO
Flex
FLEX
GDSHoldings GDS
Garmin
GRMN
GilatSatellite
GILT
GlacierBancorp GBCI
GlbXFinTech
FINX
GlbXInternetThings SNSR
GlbX Robotics&AI BOTZ
0.02
-2.91
0.01
-0.16
2.07
0.09
0.61
-0.02
-0.49
-0.39
-0.80
0.18
0.70
-0.51
0.28
-0.60
0.48
-0.27
0.64
-0.87
-0.66
-0.40
0.05
-1.86
0.09
0.62
-0.03
-3.29
1.76
0.72
-1.35
-0.83
-0.83
0.58
1.54
0.13
-0.12
0.05
0.13
0.55
-0.08
-0.89
-0.08
-0.72
-0.51
0.25
0.33
-4.08
0.21
-0.44
0.01
0.85
0.04
0.45
0.32
0.21
0.09
-0.06
-0.46
0.90
0.19
-1.08
-0.08
-0.08
-0.33
-0.23
-0.27
0.51
-0.18
0.23
0.37
0.66
1.16
0.08
0.05
-0.10
4.73
0.01
0.05
-0.62
0.12
-0.35
0.22
0.66
0.36
-2.61
0.60
-0.01
0.36
0.10
0.59
0.63
0.29
0.02
0.50
0.09
0.43
0.50
3.45
0.99
1.02
0.38
0.02
-0.01
-1.57
0.40
-0.11
0.31
...
0.21
-0.41
-0.40
-0.47
1.21
0.16
-0.02
-0.07
2.19
0.10
1.98
0.36
-0.69
-0.58
-0.04
-0.02
0.50
1.09
Net
Sym Close Chg
Stock
0.5
...
-0.2
-0.3
0.8
0.2
-0.5
-0.1
-1.0
2.7
-0.3
1.2
0.1
0.3
...
1.3
-0.2
-0.1
0.9
1.0
0.2
0.3
0.9
0.2
0.3
0.9
-0.4
-0.6
7.6
-3.4
0.8
1.7
-0.7
-2.7
0.4
-0.9
6.7
-7.4
-2.1
-1.1
0.6
9.9
4.9
0.2
1.6
-0.9
-1.5
24.0 SmCapAdml 68.51 -0.24
STBondAdml 10.43 -0.01
27.2 STIGradeAdml 10.68 -0.01
...
TotBdAdml 10.77
5.8 TotIntBdIdxAdm 21.91
...
TotIntlAdmIdx r 30.04 +0.09
17.1 TotStAdml 64.46 +0.04
14.22 +0.03
TxMIn r
16.5 ValAdml
39.76 +0.11
22.9 WdsrllAdml 69.11 +0.23
WellsIAdml 65.29 +0.12
13.7 WelltnAdml 73.85 +0.16
WndsrAdml 79.12 +0.24
17.1 VANGUARD FDS
11.1
26.21 +0.04
DivdGro
4.6
HlthCare r 210.24 +0.03
24.4
INSTTRF2020 22.53 +0.02
27.2
INSTTRF2025 22.80 +0.03
13.8
INSTTRF2030 22.99 +0.03
13.9
2.0 INSTTRF2035 23.19 +0.03
23.8 INSTTRF2040 23.38 +0.03
17.0 INSTTRF2045 23.52 +0.03
39.43 +0.17
7.1 IntlVal
33.15 +0.04
2.0 LifeGro
26.93 +0.03
LifeMod
40.6
26.83 +0.04
3.9 PrmcpCor
33.17 +0.02
4.3 SelValu r
27.18 +0.03
STAR
9.4
10.68 -0.01
14.3 STIGrade
6.6 TgtRe2015 15.92 +0.01
4.4 TgtRe2020 31.61 +0.03
5.5 TgtRe2025 18.53 +0.02
2.5 TgtRe2030 33.47 +0.03
1.3 TgtRe2035 20.56 +0.02
24.3 TgtRe2040 35.41 +0.04
2.9 TgtRe2045 22.25 +0.04
52-Wk %
Sym Hi/Lo Chg Stock
Nathan's
NATH
NationalVision EYE
NewaterTech NEWA
NuvNasd100Dyn QQQX
NVIDIA
NVDA
ON Semi
ON
Orbotech
ORBK
Overstock
OSTK
Paylocity
PCTY
PayPal
PYPL
PeapackGladFinl PGC
PennNational PENN
PilgrimPride
PPC
PinnacleEnt
PNK
PwrShDWA Mom PDP
PwrShDWANasdMom DWAQ
PwrShDWASCMom DWAS
PwrShDynConDis PEZ
PwrShDynFinl PFI
PwrShDynHlthcr PTH
PwrShDynTech PTF
PwrShFTSEIntlLow IDLB
PwrShUS1500 PRFZ
PwrShIntlBuyBack IPKW
PwrShKBW Banks KBWB
PwrShQQQ 1 QQQ
PwrShS&P SmInds PSCI
PwrShS&P InfTech PSCT
PwrShS&PSCMatls PSCM
PwrShWaterRscs PHO
ProShEquRising EQRR
ProShUltPrQQQ TQQQ
Qualys
QLYS
ROBOGlblRobotics ROBO
Radware
RDWR
Rambus
RMBS
RealPage
RP
RedRockResorts RRR
ScientificGames SGMS
SelectiveIns
SIGI
Semtech
SMTC
SiliconLab
SLAB
SilvercrestAsset SAMG
SinovacBiotech SVA
SodaStream
SODA
SterlingCnstr STRL
SunHydraulics SNHY
81.76
30.98
14.96
23.66
209.97
21.77
47.62
48.25
53.96
72.99
35.85
26.78
32.18
26.44
50.93
102.67
48.41
49.06
34.22
69.78
53.79
29.57
127.71
35.78
52.94
152.83
62.84
81.94
51.50
29.45
43.74
131.76
57.35
40.85
19.18
14.90
44.80
25.15
48.70
60.40
41.95
95.55
16.45
7.30
69.00
18.82
57.91
Net YTD
NAV Chg %Ret Fund
-1.1
5.5
5.6
-0.1
0.2
-0.7
3.9
0.5
-1.7
-0.2
0.5
-0.1
-0.6
0.1
-0.7
-1.2
-1.5
-0.1
...
-2.0
-1.7
0.3
-0.3
0.5
0.3
...
-1.0
-1.4
-0.7
0.1
0.5
-0.1
5.4
-0.4
9.1
-0.3
1.6
0.4
0.3
-1.1
-1.3
-1.3
-0.3
-0.4
4.8
0.4
...
11.9
1.4
2.2
3.3
2.0
24.3
16.5
23.5
11.8
12.0
8.1
11.6
15.2
13.6
17.0
11.9
13.4
14.7
15.9
17.3
17.8
24.2
16.0
12.6
21.0
15.3
15.6
2.2
9.7
11.9
13.3
14.6
15.9
17.2
17.8
TgtRe2050
TgtRetInc
TotIntBdIxInv
WellsI
Welltn
WndsrII
35.79 +0.05
13.58 +0.01
10.96
...
26.95 +0.05
42.76 +0.09
38.94 +0.13
VANGUARD INDEX FDS
238.34 +0.38
500
ExtndIstPl 202.61 -0.72
SmValAdml 55.24 -0.13
10.73
...
TotBd2
17.96 +0.05
TotIntl
64.44 +0.05
TotSt
VANGUARD INSTL FDS
BalInst
34.05 +0.02
DevMktsIndInst 14.24 +0.04
DevMktsInxInst 22.26 +0.06
82.10 -0.29
ExtndInst
GrwthInst 70.31 +0.01
InPrSeIn
10.49
...
235.18 +0.38
InstIdx
235.19 +0.37
InstPlus
InstTStPlus 57.82 +0.04
MidCpInst 40.74 -0.06
MidCpIstPl 200.94 -0.30
SmCapInst 68.51 -0.24
STIGradeInst 10.68 -0.01
TotBdInst
10.77
...
TotBdInst2 10.73
...
...
TotBdInstPl 10.77
...
TotIntBdIdxInst 32.88
TotIntlInstIdx r120.13 +0.36
TotItlInstPlId r120.15 +0.36
TotStInst
64.47 +0.04
39.76 +0.11
ValueInst
Western Asset
...
CorePlusBdI NA
52-Wk %
Sym Hi/Lo Chg Stock
TakeTwoSoftware TTWO
Talend
TLND
TowerSemi
TSEM
2U
TWOU
UniversalForest UFPI
UTStarcom
UTSI
VangdRuss1000 VONE
VangdRuss1000Grw VONG
VangdRuss3000 VTHR
VangdRuss2000Grw VTWG
VangdTotIntlStk VXUS
VeriskAnalytics VRSK
VicShIntlVolWtd CIL
VicShUS500EnhVol CFO
VicShUS500Vol CFA
VicShUSMultMin VSMV
VidentIntlEquityFd VIDI
ViperEnergyPtrs VNOM
WintrustFin
WTFC
WisdTrGermanyHdg DXGE
WisdTrJapanHdgSC DXJS
Workday
WDAY
WynnResorts WYNN
Xilinx
XLNX
Xunlei
XNET
Yandex
YNDX
111.11
42.50
33.36
64.23
113.70
3.21
118.75
133.88
118.72
132.55
56.29
91.34
40.11
46.85
46.86
26.19
27.98
20.06
82.16
33.02
45.25
111.94
153.56
74.11
12.10
34.83
-0.1
1.5
-0.8
-2.9
0.4
...
0.1
-0.1
...
-0.8
0.3
5.7
0.1
...
-0.2
0.2
0.8
1.5
-1.2
0.9
0.8
-0.6
2.8
-0.9
29.6
0.6
Nasdaq lows - 66
AcadiaHealthcare ACHC
Aceto
ACET
AduroBiotech ADRO
AlcentraCapital ABDC
AppliedGenetic AGTC
Astrotech
ASTC
BlackRidgeAcqn BRAC
Bojangles'
BOJA
BroadwindEnergy BWEN
BurconNutraScience BUR
Caesarstone
CSTE
CapitalaFinance CPTA
Cardtronics
CATM
Charles&Colvard CTHR
Check-Cap
CHEK
Cherokee
CHKE
ChinaJoJoDrug CJJD
Criteo
CRTO
DareBioscience DARE
29.92 -2.8
9.54 -3.3
6.01 -5.0
8.51 -5.6
3.25 4.4
2.66 -6.6
9.52 0.1
11.75 -1.2
2.64 -3.4
0.45 -9.6
25.05 -9.0
8.24 -0.4
22.20 -1.4
0.80 1.2
1.17 -4.7
2.00 -11.1
1.41 -0.7
37.50 -9.6
2.36 -0.8
Net YTD
NAV Chg %Ret
17.8
7.3
2.0
8.1
11.5
11.9
17.0
13.9
7.6
3.2
24.3
16.4
11.1
23.6
23.6
13.9
23.8
2.0
17.1
17.1
16.5
14.4
14.4
11.9
2.3
3.3
3.2
3.3
2.0
24.4
24.4
16.5
11.8
NA
52-Wk %
Sym Hi/Lo Chg
DianaContainer DCIX
DragonVictory LYL
Egalet
EGLT
ElevenBiotherap EBIO
Evogene
EVGN
FTD
FTD
Fred's
FRED
FrontierComm FTR
FrontierCommPfA FTRPR
GenMarkDiagn GNMK
GlobalEagle
ENT
Gulf Resources GURE
iShESG1-5YCpBd SUSB
iSh1-3YTreasuryBd SHY
JAKKS Pacific JAKK
JasonIndustriesWt JASNW
KayneAnAcqn KAAC
LexiconPharm LXRX
LindbladExpedWt LINDW
MeetGroup
MEET
MerrimackPharm MACK
NovelionTherap NVLN
PapaJohn's
PZZA
ParkerVision
PRKR
ProShUltraProShQQQ SQQQ
ProspectCapital PSEC
RMG Networks RMGN
SearsHoldings SHLD
SearsHoldingsWt SHLDW
SonusNetworks SONS
Stericycle
SRCL
SummerInfant SUMR
SurgeryPartners SGRY
Teligent
TLGT
Travelzoo
TZOO
trivago
TRVG
Tuniu
TOUR
VangdSTGovBd VGSH
VeecoInstr
VECO
VS2xVIXMedTerm TVIZ
VS2xVIXShortTerm TVIX
VSVIXShortTerm VIIX
VeraBradley
VRA
VistaGenTherap VTGN
Vivus
VVUS
WestmorelandCoal WLB
WheelerREITPfdB WHLRP
0.29 -6.3
5.16 -21.3
0.92 -4.2
0.69 -22.1
4.13 -0.9
10.49 -1.7
4.36 2.0
8.82 -26.8
15.51 -21.9
7.29 -2.0
2.13 -11.1
1.52 -6.5
25.08 ...
84.17 ...
2.55 -5.5
0.01 ...
9.69 0.1
9.89 -2.5
1.51 -11.9
3.34 -0.3
11.14 -4.3
4.58 -0.2
59.36 -8.5
1.39 ...
23.00 0.1
5.86 -2.0
1.18 -17.3
5.03 -6.9
0.93 -9.2
7.05 -9.0
68.38 -3.0
1.53 5.5
7.10 -16.2
5.52 -2.6
6.65 -0.7
7.23 1.2
6.71 0.3
60.50 ...
17.35 -3.3
10.53 0.7
8.14 1.1
14.15 0.3
7.03 -1.4
0.76 -9.2
0.61 -6.7
1.65 7.5
18.75 -4.8
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B12 | Thursday, November 2, 2017
THE WALL STREET JOURNAL.
BANKING & FINANCE
Why a Roth 401(k) Isn’t a Bad Option
BY ANNE TERGESEN
PERMIRA
Firm to Purchase
Duff & Phelps
Private-equity firm Permira
said it would buy corporate finance adviser Duff & Phelps for
$1.75 billion from a group that
includes Carlyle Group LP.
Duff & Phelps is known
mainly for its valuation services.
The company was a valuation
adviser to the examiner in the
bankruptcy of Lehman Brothers
Holdings Inc. It also provided
valuation advice to the U.S. Congressional Oversight Committee’s Troubled Asset Relief Program effort.
Duff & Phelps was taken private nearly five years ago for
about $665.5 million.
Besides Carlyle, the other
sellers include Neuberger Berman, the University of California’s Office of the Chief Investment Officer of the Regents and
Pictet & Cie.
Permira partner Nic Volpi said
demand for business counseling
has increased since the financial
crisis. “Duff & Phelps is uniquely
positioned to meet this demand
as one of the only firms offering
a full suite of advisory and consulting services,” Mr. Volpi said.
—Imani Moise
HONG KONG IPO
Tencent Unit Draws
Crowd of Investors
Orders for the Hong Kong
IPO of China Literature, a unit of
internet company Tencent Holdings Ltd., have topped $100 billion.
Institutional investors have
ordered more than 50 times
their allotted shares, while individual investors are oversubscribed some 620 times. The
company had expected to raise
$1.1 billion next week.
China Literature, which operates an online library and has
nearly 200 million monthly active users, makes money when
users pay to access books after
reading the first few chapters
free.
—Saumya Vaishampayan
Sen. William Roth Jr., created the Roth retirement account.
THE WALL STREET JOURNAL.
use a Roth 401(k) or individual retirement account,
rather than a traditional version of those accounts.
the same in retirement can
also benefit from a Roth—or
more specifically, from the
tax-free withdrawals they
can take from these accounts
when distributions from a
regular 401(k) or individual
retirement account would
push them into a higher tax
bracket.
At first glance, contributing the same amount to a
Roth or a regular 401(k) will
get the same result. For example, if a 30-year-old man
contributes $5,000 of pretax
3. You are at risk of paying
higher Medicare premiums
If your annual income exceeds $85,000 (for singles)
or $170,000 (for couples),
you can expect to pay surcharges—of between 40%
and 220%—on the premiums
you pay for Medicare Part B,
which pays for doctor visits
and other types of outpatient care. Surcharges are
also imposed above the same
income levels for Part D prescription-drug plans.
One way to keep a lid on
medical costs is to take steps
now to keep your modified
adjusted gross income below
the thresholds at which sur-
80%
401(k)-style plans offering
Roth contributions*
60
40
20
401(k) participants
using a Roth account†
0
2012
’13
’14
’15
*Based on Vanguard's 401(k)
record-keeping data
†When Roths are offered
Source: Vanguard Group
higher rate on their withdrawals. Contributions to
Roth IRAs, which are similar
to Roth 401(k)s, are off limits to individuals with modified adjusted gross incomes
above $133,000 a year and
couples earning more than
$196,000, but a Roth 401(k)
is open to anyone whose employer offers these accounts.
1. You expect your tax
rate to rise in retirement
The classic candidates for
a Roth are those who believe
their marginal tax rates will
be higher in retirement, a
description that fits many
younger workers. By paying
income tax on their contributions now, these workers
can avoid doing so at a
2. You expect your rate to
stay the same in retirement
Those who expect their
marginal tax rates to remain
SEC Questions Guggenheim Ties
BY JUSTIN BAER
AND MARGOT PATRICK
Guggenheim Partners LLC
received a July letter from U.S.
regulators that raised concerns
about
its
relationship
with companies connected
to former Barclays PLC Chief
Executive Bob Diamond, people
familiar with the matter said.
The letter from the U.S. Securities and Exchange Commission informed Guggenheim that
an examination found issues
with the way the company disclosed an investment in Atlas
Mara Ltd., the African banking
venture co-founded by Mr. Diamond, the people said. Mr. Diamond is currently Atlas Mara’s
executive chairman and a 2%
shareholder, according to filings.
Guggenheim, an investment
firm, bought Atlas Mara shares
and bonds on behalf of some of
its funds and investment-management clients. It advised two
of those clients, which are both
insurance companies owned by
a Guggenheim shareholder,
to invest in Mr. Diamond’s separate private-equity business,
Atlas Merchant Capital LLC,
and arranged the investments
on their behalf, according to
filings and people familiar with
the matter.
The SEC questioned why
Guggenheim didn’t deem Atlas
Mara an affiliate, said people
familiar with the letter.
The company’s investmentadviser unit, Guggenheim Partners Investment Management,
is a 7.87% shareholder in Atlas
Mara, according to a September filing by Guggenheim.
Federal securities laws place
limitations on SEC-registered
investment companies doing
business with affiliates, defined
as being at least 5%-owned by
the investment company. There
are also disclosure requirements around stock and bond
sales involving related parties.
The laws were put in place in
response to widespread selfdealing by investment firms in
the 1920s. They are meant to
guard against transactions
with affiliates that might disadvantage other clients.
Chief Investment Officer Scott Minerd has said the privately held firm is cooperating with the SEC.
Through a spokesman, Atlas
Mara, Atlas Merchant and Mr.
Diamond declined to comment.
The companies and Mr. Diamond haven’t been accused of
any wrongdoing. The focus of
the SEC examination is
Guggenheim, the people said.
There is no indication Mr. Diamond is part of any SEC review.
The July letter, which hasn’t
The SEC has asked
why Guggenheim
didn’t deem Atlas
Mara an affiliate.
previously been reported, is
part of the SEC’s renewed scrutiny of Guggenheim,
a privately held firm that manages more than $295 billion
for insurance companies, pension funds, retirees and other
investors.
The Wall Street Journal reported in September that the
SEC was looking at certain
transactions by Guggenheim,
including those with Mr. Diamond’s companies. Concerns
over whether Guggenheim had
properly disclosed the investments in companies tied to Mr.
Diamond were brought to the
regulator’s attention by a former employee, people familiar
with the matter said.
Guggenheim officials have
explained to the SEC why they
handled the transactions the
way they did, and are awaiting
a reply from the SEC, according to people familiar with the
matter.
In September, Guggenheim
Chief Investment Officer Scott
Minerd told CNBC that the SEC
had initiated an examination of
Guggenheim and said the firm
was cooperating.
The regulator’s examiners
have discussed the information
with the agency’s enforcement
staff, the Journal reported in
September. Guggenheim hasn’t
been accused of wrongdoing,
and it is unclear if the enforcement unit will pursue an investigation.
Two years ago, Guggenheim
settled SEC claims it had failed
to disclose a conflict of interest
involving a loan that one of its
executives took from a client.
That agreement required
Guggenheim, which didn’t admit or deny wrongdoing, to
hire an independent compliance consultant.
Guggenheim first bought
shares in Atlas Mara on behalf
of investment-management clients in December 2013, according to filings. Some
Guggenheim funds later bought
convertible bonds issued by Atlas Mara, according to fund filings.
Mr. Minerd, Guggenheim’s
chief investment officer, previously worked for Mr. Diamond
in the 1990s at Credit Suisse
First Boston.
In 2014 and 2015, Guggenheim Partners lined up investments for two insurance clients into Atlas Merchant
Capital’s management company
and its maiden fund. The insurers committed more than $200
million, according to filings
and people familiar with the
matter. These insurers are
owned by Sammons Enterprises Inc., a roughly 35%
shareholder of Guggenheim
Partners. Atlas Merchant Capital has reported in filings to
the SEC that substantially all of
its initial capital came from
U.S. insurance companies.
A Sammons spokesman
said he couldn’t immediately
comment.
Apollo’s Profit Surges on Investment Gains, Fees
BY CARA LOMBARDO
AND MIRIAM GOTTFRIED
Apollo Global Management
LLC’s profit more than doubled in its latest quarter,
driven by investment gains
and a significant increase in
the fees tied to the performance of its funds.
The New York private-equity firm reported profit of
$198.6 million, or $1 a share,
up from $94.6 million, or 50
cents a share, a year earlier.
Economic net income, a
closely watched measure of
unrealized investment gains,
rose to $431.6 million, or
$1.07 a share, from $230.8
million, or 58 cents a share, a
year ago. The latest result
handily topped the 61 cent average estimate of analysts in a
FactSet poll.
Apollo’s
private-equity
holdings rose 7.3% in the period, driven primarily by appreciation of the private portfolio company holdings of its
eighth flagship fund. Among
its peers, Carlyle Group LP’s
private-equity funds rose 4%
in the third quarter, and KKR
& Co.’s gained 3.9%. Blackstone Group LP’s buyout
funds appreciated 3.3% during
the period. The S&P 500 index
charges on Medicare premiums kick in. Any money you
spend from a Roth 401(k) or
IRA—or a health savings account—doesn’t count toward
your taxable income and so
it won’t cause you to pay
higher premiums.
4. You want to save more
than the pretax maximum
While the rules allow you
to put $18,000 before taxes
into a regular 401(k)—or
$24,000 if you are 50 or
older—you can put as much
as $18,000—or $24,000 if
you are 50-plus—after taxes
into a Roth 401(k).
For someone in the 28%
tax bracket, the IRS effectively has a claim on 28% of
a $18,000 contribution to a
regular 401(k). But it has no
claim on the $18,000 aftertax money in a Roth.
5. You’re investing in the
next Amazon
With a traditional 401(k)
or IRA, savers who manage
to invest early in the stock
of a future Amazon.com Inc.
receive a tax deduction when
they make the investment.
Instead, once they start
taking withdrawals, they
must pay income tax on
their megaprofits. But because payouts on Roths are
generally tax-free, those who
pick winners get to keep all
their profits—as some have
already shown.
Standard
Chartered
Unsettles
Investors
BY MARGOT PATRICK
LUCY NICHOLSON/REUTERS
FINANCE
WATCH
’16
While the number of companies
offering Roth 401(k) options has
been climbing, the number of
employees opting in has
remained stagnant.
JAMES COLBURN/GLOBE PHOTOS/ZUMA PRESS
House Republicans are expected to unveil a tax-overhaul proposal this week that
may include a provision to
cap the amount Americans
can contribute before taxes
to retirement plans, such as
401(k) plans.
With a traditional 401(k),
account holders generally
get to subtract their contributions from their income,
which reduces taxes in that
year. Instead, they must pay
ordinary income taxes on the
money when they withdraw
it, typically in retirement
when many people are in a
lower tax bracket. With a
Roth 401(k), there is no upfront tax deduction but the
money in the account grows
tax-free. Currently, about
65% of employers give 401(k)
participants the option to
use a Roth account, up from
49% in 2012 according to
Vanguard Group, a 401(k)
administrator. But only 13%
of participants currently use
the Roth.
While the details of the
tax proposal remain under
wraps, one idea Republicans
have floated would require
any contributions above a
pretax cap—$2,400 is an often mentioned limit—to go
into these Roth accounts.
Here are five situations in
which it can make sense to
income to a regular 401(k)
that earns a 7% annual return, he will have $38,061
before tax in 30 years.
After paying tax at a 28%
rate, the investor will net
$27,404—the same amount
he would amass in a Roth after paying a 28% upfront tax
on $5,000 of pretax income
and investing the remaining
$3,600 at 7% for 30 years.
But if in retirement this
person has to withdraw a
large amount from his IRA
or 401(k) for, say, a new car
or a child’s wedding, he can
take a tax-free distribution
from a Roth without inflating his taxable income and
potentially subjecting himself to a higher tax bracket.
Lagging
rose 4%.
Apollo and other privateequity firms have attracted
new assets at a faster pace in
recent years as investors seek
alternatives to pricey stocks
and bonds. The company in recent months secured $24.7 billion for its ninth flagship private-equity fund, the largest
buyout fund ever raised.
Apollo’s distributable earnings, a measure of cash profits
available for payout to shareholders, rose to 42 cents a
share from 36 cents a share in
the year-earlier period. The
firm said it would pay a 39cent dividend for the third
quarter, up from 35 cents a
year earlier.
While the value of the companies in Apollo’s eighth fund
has climbed, the firm is still in
the early stages of realizing
that value by selling assets.
Apollo reported $1.7 billion of
realizations in the quarter,
with $384 million coming
from private equity.
Apollo’s assets under management rose to $241.6 billion
from $188.6 billion at the end
of the year-ago quarter. Feegenerating assets under management rose to $166.3 billion
from $148.7 billion.
The firm is expecting fees
from its ninth buyout fund to
lift revenue. Executives said
Apollo will likely invest most
of that into its credit business, possibly by creating a
middle-market lending operation in Europe, building an asset-based financing business,
lending to insurance companies or financial institutions
or expanding its presence in
emerging markets. Apollo
may also move deeper into infrastructure and real-estate
investing.
Shares of Apollo, which are
up 68% so far this year, rose
2.3% in afternoon trading
Wednesday.
Standard Chartered PLC
shares sank Wednesday after
the bank’s quarterly report revealed drags on a turnaround
plan and as hopes dimmed for
a dividend this year.
The third-quarter results
also missed some analysts’ expectations. Revenue rose 4%
from the year-earlier period,
but so did costs, and the bank
said margins in some of its
key markets remain under
pressure.
The stock fell more than 6%
to £7.05 ($9.35) in London
trading.
The Asia-focused bank has
been exiting businesses, unloading assets and resetting
its culture after earlier rapid
growth left it with sprawling
operations and piles of bad
loans. Uncertainty around the
pace of the turnaround has
caused its share price to lag
behind rivals. Previously, some
targets set by Chief Executive
Bill Winters and Chief Financial Officer Andy Halford in
late 2015 had to be revised.
Mr. Halford on Wednesday
didn’t rule out paying a dividend this year, saying the bank
would decide at year-end.
Standard Chartered started reducing, then suspended, dividends in 2015 when it announced overhaul plans.
Mr. Halford said that the
bank is investing in technology
and automation for retail
banking, and that other spending to attract wealth-management and corporate clients
should pay off longer term.
For analysts, one sore point
in the results was a reduction
in the bank’s capital position
due to a change in the way it
calculates possible losses on
exposure to certain financial
institutions. The changes to its
risk models, which require
Standard Chartered to be more
conservative about how much
money it could lose from those
exposures, were made after
discussions with the U.K. banks
regulator. Further changes to
its models on some corporate
exposures will be made next
year, Standard Chartered said.
Capital will also be slightly
reduced from next year by a
major accounting rule change,
the bank said. Under IFRS9,
banks must continually make
provisions for expected losses
on their loans, instead of only
when there are actual or imminent losses.
Despite such headwinds,
Standard Chartered said pretax profit in the third quarter
more than doubled, to $774
million from $317 million. The
rise was mainly because of a
decrease in bad loans and
lower restructuring costs.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL.
Thursday, November 2, 2017 | B13
* * * *
MARKETS
BY GEORGI KANTCHEV
Banks raised their oil-price
forecasts for the first time in
six months in October amid
signs that production cuts by
major suppliers are helping to
rebalance
COMMODITIES the market.
A poll of
14 investment banks by The Wall Street
Journal found a consensus estimate that Brent crude, the
international benchmark, will
average $54 a barrel next year,
up $1 from the September survey. The banks expect West
Texas
Intermediate,
the
U.S. oil gauge, to average $51 a
barrel in 2018, also up a dollar
from the previous survey.
The Organization of the Petroleum Exporting Countries,
in concert with other big producers, has limited its production this year as part of a deal
to support the market.
$1
Polled analysts lifted per-barrel
price estimates by this much
OPEC and its allies are due to
meet at the end of this month
in Vienna to discuss an extension of their deal, which is due
to expire in March.
Last week, Brent crude
topped $60 a barrel for the
first time in more than two
years after Saudi Arabia and Russia expressed support for an extension of the
deal.
On Wednesday, Brent crude
settled at $60.49 a barrel,
down 0.7%, and WTI settled
at $54.30 a barrel, down 0.1%.
“Fundamentals are improving,
demand
is
robust and OPEC compliance
with cuts is high,” said Jason
Gammel, analyst at Jefferies,
one of the firms in the survey.
“We expect the group and its
non-OPEC partners to extend
production cuts through
end-2018.”
The higher-than-expected
compliance with the deal has
been a major factor behind the
upswing in prices, analysts
say. OPEC’s compliance in the
first three quarters of 2017
was close to 90%, J.P. Morgan
Chase analysts estimate, adding that Saudi Arabia was
“clearly doing whatever it
takes to balance the markets”
with a cut that was 20% above
its required target.
Escalating tensions in the
Middle East and shifting U.S.
policy toward Iran that could
interrupt the flow of crude
have also recently injected a
geopolitical
premium
to
prices, analysts say.
But the key question for
next year is the outlook for
U.S. production.
A slowdown in the pace of
growth of U.S. shale output
has supported prices in recent
months. The number of rigs
drilling for oil in the U.S., typically viewed as a proxy for activity in the sector, dropped
from a peak of 768 earlier this
year to 737 last week.
“It is not a significant reduction and its impact will not
be felt for 5-6 months but nevertheless it shows that U.S.
shale oil production might not
grow as much next year as
currently estimated,” Tamas
Varga, analyst at brokerage
PVM, wrote in a note to clients.
Some analysts, however,
say the recent price gains
would motivate U.S. shale
drillers to ramp up their activity as many players can break
even at $50 a barrel.
“At the current WTI price
of well over $50 per barrel,
one would really expect drilling activity to pick up again,”
Commerzbank wrote in a report. The bank expects
U.S. oil production to reach a
record level of over 10 million
barrels a day in the first half
of 2018.
“We believe that [oil prices]
are overheated and expect
them to correct in the short
term,” the bank said.
Further out, the banks in
the survey predict that Brent
will average $58 a barrel in
2019.
While up slightly from the
previous survey, that forecast
is still down from the $72 a
barrel in the survey from October of last year.
QILAI SHEN/BLOOMBERG NEWS
Banks Bullish on Oil
As Production Cuts
Keep Lid on Supply
Estée Lauder shares rose 9.2% Wednesday. A customer samples fragrances at Estée Lauder’s Jo Malone store in Shanghai.
Stocks Start Month Strongly
BY AMRITH RAMKUMAR
AND RIVA GOLD
The Dow Jones Industrial
Average and S&P 500 climbed
to start November after major
indexes posted a flurry of records last month.
InvesWEDNESDAY’S tors and anMARKETS
alysts have
said they
e x p e c t
earnings growth around the
world to keep supporting major indexes, which have continued to hover near all-time
highs in recent sessions.
“You’re getting a pretty
good fundamental backdrop on
the earnings front—that’s the
primary focus,” said Nathan
Thooft, senior managing director of global asset allocation at
Manulife Asset Management.
The Dow industrials rose
57.77 points, or 0.2%, to
23435.01 after the blue-chip
index posted its seventh
straight monthly gain Tuesday,
its longest streak since April
2012. The S&P 500 climbed
4.10 points, or 0.2%, to 2579.36
and the tech-heavy Nasdaq
Composite swung between
small gains and losses and
closed down 11.14 points, or
9.2%, to $122.12 after the
beauty company reported an
increase in organic sales and
raised its forecast for fiscal
year 2018.
Buoyant oil prices supported shares of energy firms,
with Devon Energy and Marathon Oil also among the
best performers in the S&P
500. The index’s energy sector rose 1.1%, with U.S. crude
oil prices near their highest
level of the year amid signs
that production cuts by major
suppliers are helping to rebalance the market.
Mr. Thooft said his firm is
more positive on the energy
sector now than it has been for
much of the year, given the
possibility of higher oil prices
in the next six months.
Stocks inched higher after
the Fed left rates unchanged as
expected but signaled it would
consider lifting them before
year-end amid signs the economy was gaining momentum.
The dollar was also slightly
higher after the Fed’s statement, which investors and analysts said offered few surprises.
“They’ve really laid the
groundwork to raise rates in
December,” said Brad McMillan, chief investment officer at
Fueled Up
Energy shares notched another
session of gains as oil prices
traded near their highest levels
of the year.
510
508
S&P 500 Energy Sector
▲1.1% Wednesday
506
504
502
500
498
496
October
Source: FactSet
THE WALL STREET JOURNAL.
0.2%, at 6716.53.
With nearly 70% of S&P
500 companies having reported results as of the market close Wednesday, roughly
three-quarters of those firms
have exceeded earnings expectations, compared with the
five-year average of 69%, according to FactSet.
Estée Lauder was among
the biggest gainers Wednesday. Shares climbed $10.31, or
Some Bank on ‘One and Done’ U.K. Rate Rise
Investors are certain the
Bank of England will raise
rates Thursday. They also
seem certain the central bank
won’t do it again for a long
time. That means there is a
potential for surprises to
shake U.K. markets.
Derivatives markets assign
an 85% probability to U.K. officials’ raising interest rates this
week for the first time in a decade. Over the past two
months, the
CURRENCIES
pound has
gained 2.5%
and 4.3%
against the U.S. dollar and the
euro, respectively, fueled by
hints from BOE officials that
monetary policy is set to be
tightened.
Likewise, yields on 10-year
U.K. government bonds in the
period have risen to 1.333%
from 1.060%.
Key for the U.K. currency
and bonds now is whether a
BOE rate rise would be read
as the start of a tightening
cycle.
“That’s the crux of the matter, is it ‘one and done’ or
there’s more to come?” said
David Katimbo-Mugwanya, a
fixed-income fund manager at
EdenTree Investment Management, who thinks the government bond market is likely to
sell off on Thursday as sterling rallies.
Some analysts warn that
market players may be getting
ahead of themselves in their
predictions. Trading in derivatives called overnight index
swaps shows investors believe
the central bank will raise its
benchmark rate from 0.25% to
0.5%—where it was before the
Brexit vote last year—and
leave it there until November
of next year.
But officials could signal
otherwise, economists said.
“There’s a real vulnerability
in the market if they indicate
the next hike might come a bit
HANNAH MCKAY/REUTERS
BY JON SINDREU
Some analysts say the Bank of England could still surprise investors with its decision on Thursday.
Raised Expectations
Market players have accepted the Bank of England will
raise rates but see them staying low for long.
Where markets believe U.K. interest rates will be in the future*
1.0%
Now
0.8
0.6
Two months ago
0.4
Where rates are
0.2
0
2017 ’18
*Based on forward overnight index swaps
Source: Bank of England
sooner, and that would be
good for sterling,” said Stephen Gallo, head of foreign-exchange strategy at BMO Financial Group.
Such a surprise could boost
the pound by between 0.7%
and 1.3% against the dollar, according to a range of estimates by economists. Yields
on 10-year government bonds
’19
THE WALL STREET JOURNAL.
could edge up, closer to the
1.5% mark.
Speculators now have a
small bet on the pound
strengthening, according to
the U.S. Commodity Futures
Trading Commission. The last
time that was the case was in
late 2015.
A rise in the pound would
dent the FTSE 100, since two-
thirds of revenue for its constituent companies comes
from outside the U.K. When
the sterling strengthens, the
conversion of such revenue
into pounds is less favorable
for U.K. companies, and investors bid down shares in response.
Viraj Patel, foreign-exchange analyst at Dutch bank
ING, deems it unlikely that
BOE officials will deliver the
dovish message that investors
expect because it might limit
their options to raise rates
sooner if necessary.
“How would the BOE even
signal a one-off rise?” Mr. Patel said. “No central bank will
do that, they want to keep it
open-ended.” He expects the
pound to hover around $1.35
at year-end.
By contrast, if policy makers shock markets by deciding
not to raise rates, sterling
could end up falling as much
as 4%, economists said. That
could send the U.K.’s flagship
stock index higher.
Jitters about the BOE’s decision underscore an important
issue for U.K. markets: Even
though most investors are very
confident that rate setters will
decide to nudge up borrowing
costs, there is a large degree of
confusion about the reason for
doing so.
Over the past few months,
the case for raising rates has
sometimes been argued in
conflicting ways by officials at
the central bank. BOE Governor Mark Carney has voiced
concern about Britain’s decision to leave the European
Union constraining the domestic supply of goods and thus
fueling inflation.
At the same time, BOE Chief
Economist Andy Haldane has
often expressed optimism
about the health of the British
economy, whose growth accelerated to 0.4% in the third
quarter, official figures showed
last week. In that scenario, interest rates could be raised
without fear of stalling out
economic expansion.
As a third possibility, recent research by the U.K. central bank suggests that sterling’s depreciation after
Brexit could have a more lasting effect than previously expected, as companies continue to pass on the cost of
higher imports to consumers
in the following months.
Some economists believe that
policy makers could be driven
to offset this effect by pushing up rates and shoring up
the pound.
Kallum Pickering, an economist at Berenberg Bank, thinks
how many members of the
BOE’s Monetary Policy Committee back a rate increase
will “matter a lot” for markets
and how they read the decision.
On average, analysts expect
seven out of nine members to
vote in favor of increasing
rates, so a larger consensus
would probably spark a reaction.
“If all MPC members back
the hike, markets will say
surely it’s not going to be one
and done,” Mr. Pickering said.
Commonwealth Financial Network. “This is a Fed that’s
fairly confident about the
economy.” The WSJ Dollar Index, which tracks the U.S. currency against a basket of 16
others, was up 0.1% Wednesday after its best month since
November 2016.
Some investors and analysts have said formal details
on the next chairman of the
Fed or on potential changes to
taxes will also be critical for
understanding the future path
of U.S. monetary policy. The
Wall Street Journal reported
after the market closed that
the White House has notified
Fed governor Jerome Powell
that President Donald Trump
intends to nominate him for
the job.
Elsewhere, the Stoxx Europe
600 advanced 0.4%. Clothing
retailer Next fell 9.1% after the
firm’s earnings, while shares of
Standard Chartered declined
6% after it reported higher
costs and lower revenue than
expected.
Japan’s Nikkei Stock Average closed up 1.9% in its biggest daily point gain since
May. Early Thursday, it was
flat, while Hong Kong’s Hang
Seng Index was down slightly.
Treasurys
Fall a Bit
After Fed
Holds Fire
BY AKANE OTANI
U.S. government bonds
stalled Wednesday after the
Federal Reserve held interest
rates steady as expected.
The yield on the benchmark 10-year U.S. Treasury
note settled at 2.378%, compared with 2.374% Tuesday.
Yields rise as
CREDIT
bond prices fall.
MARKETS
Bond yields
erased declines
from earlier in
the session after the Fed left
short-term interest rates unchanged but signaled it would
consider lifting them before
year-end.
Fed officials expect “that
economic conditions will
evolve in a manner that will
warrant gradual increases in
the federal funds rate,” the
Federal Open Market Committee’s statement said.
Heading into Wednesday,
investors and analysts had
widely expected the rate decision and said their focus
would be on any changes to
officials’ views on inflation,
which has become a subject
of debate within the central
bank in recent months.
The Fed’s preferred price
gauge, the personal-consumer
expenditures price index, has
run under the central bank’s
2% annual target for seven
months.
The tepid readings have
led some Fed officials to say
they won’t support another
rate rise before seeing evidence that inflation is picking
up—something that some analysts and investors say could
keep
Treasurys
trading
within a narrow range for
longer.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL.
B14 | Thursday, November 2, 2017
MARKETS
Venezuela in Crisis
2,500%
Venezuela’s cash-strapped government
has slashed imports in recent years.
Goods imports, by value
Investors have been bracing for a default as billions in debt comes due
$70 billion
2,000
Venezuela has the world’s highest inflation,
estimated by the International Monetary Fund to
reach 653% this year. The country has been ravaged
by shortages of food and medicine and months of
protests that have cost more than 120 lives. As
President Nicolás Maduro has consolidated power,
the opposition has been weakened and divided. But
markets are concerned that a status quo that has
rewarded risk-seeking investors can’t hold for long.
60
50
40
1,500
30
20
10
0
Annual inflation rate
Data for 2017 and 2018 are projections
1,000
2006 ’07
’08
’09
’10
’11
’12
’13
’14
’15
’16
Venezuela’s finances are somewhat a mystery
because the country releases limited data.
However, its foreign reserves have been dwindling.
500
International reserves
$35 billion
30
Projections
0
2010
’11
’12
’13
’14
’15
’16
’17
’18
25
20
15
The government and state-owned oil company
Petróleos de Venezuela SA, or PdVSA, together owe
billions of dollars in principal and interest payments in
the coming months, including $1.2 billion due Thursday.
Mr. Maduro and other Venezuelan government officials
have said they would pay off their debt, and in recent
years investors have been rewarded with some of the
best returns in emerging markets.
Venezuelan bond payments, by month due
J.P. Morgan emerging-markets bond index
10
5
0
2010
$2.0 billion
PdVSA principal
PdVSA interest
80
Venezuela principal
Venezuela interest
’12
’13
’14
’15
’16
’17†
That means Venezuela is dependent on oil exports
to make up the difference. But prices for oil have
tumbled, and production has fallen.
EMBI Global Diversified
EMBI Global Diversified, Venezuela Portion
Elecar*
’11
60
Brent crude oil price
1.5
$140 a barrel
40
120
100
20
1.0
80
0
60
0.5
40
–20
20
Monthly closes, rebased to 0
–40
0
Oct. 2017
’18
2012
’13
’14
0
’15
’16
’17
2010
’11
’12
’13
’14
’15
’16
’17
*PDVSA controls the electricity company Electricidad de Caracas, or Elecar. †Provisional as of Oct. 31
Sources: International Monetary Fund (inflation, imports); Morgan Stanley/Bloomberg (payments); Thomson Reuters (index); S&P Global Ratings, Banco de Venezuela (reserves); WSJ Market Data Group (Brent)
HEARD ON THE STREET
FINANCIAL ANALYSIS & COMMENTARY
Email: heard@wsj.com
Apple Puts Its Faith in Loyalty
Christmas may come late
for Apple this year.
The key question heading
into the company’s fiscal
fourth-quarter earnings report Thursday is just how
stretched out its highly anticipated iPhone “supercycle”
will be.
The staggered launch of
new iPhones this fall—with
the most desirable version
coming late and in short
supply—means Apple will
likely be working to fill orders well into next year.
And that’s presuming
those who want the latest
and greatest iPhone X decide
to wait it out.
Early reviews of the
iPhone X have been largely
positive. But Apple gave
most reviewers just one day
with their devices prior to
the reports. That raises the
possibility that later coverage could uncover problems,
especially with the new facial recognition feature that
has been billed as the device’s main selling point.
Wall Street, for now, is
betting that prospective buyers will stick around. The
X-Factor
Apple’s iPhone unit sales per fiscal quarter
80 million
60
40
20
Projections
0
FY2012
’13
’14
’15
Sources: the company; FactSet (projections)
iPhone X formally hits stores
on Friday, but delivery times
for preorders have been
pushed out well into next
month either because of
heavy demand or severe
shortages.
Several analysts have lowered sales forecasts for the
current quarter that ends in
December. Most of those
projections have been shifted
to the March and June periods. But Apple typically projects only one quarter at a
’16
’17
’18
THE WALL STREET JOURNAL.
time, so Thursday’s report
will likely contain little
quantitative information
about the next calendar year.
So investors who have bid
up Apple’s stock more than
45% this year will still have
to take a lot on faith after
Thursday. Apple is expected
to report only a 1% rise in
iPhone unit sales for the
September quarter, year over
year, due to weak demand
for the iPhone 8 models that
went on sale in the last week
of the quarter.
Analysts are optimistic
about the iPhone business in
the December quarter based
on an estimated revenue
gain of at least 9% year over
year, even though iPhone
unit sales are expected to
rise less than 4% in that
time. The difference would
have to be made up by
higher selling prices, specifically for the iPhone X, which
starts at about $1,000. So estimates reflect Wall Street’s
firm belief that the company
will successfully pull off the
upsell.
That’s not such a stretch,
given that Apple has a famously loyal customer base
accustomed to paying a premium. But the iPhone is still
facing a more competitive
environment, especially in
markets like China. And Apple’s stock is now fetching
nearly 16 times forward
earnings, its highest multiple
in more than six years.
To keep investors dialed
in, Apple will need to show
that its supercycle is more a
question of when than if.
—Dan Gallagher
OVERHEARD
This wasn’t what Teva
Pharmaceutical Industries
shareholders wanted to hear.
Drugmaker Allergan, the
largest owner of Teva shares,
told analysts on its call
Wednesday that it would
soon begin selling its nearly
10% stake in the generic
drugmaker and expects to
finish by the end of next
year.
That Allergan is selling
comes as no surprise; the
shocker is that it hasn’t begun yet. Teva’s stock is down
nearly 60% over the past
three months, and there was
speculation part of the reason was Allergan moving the
market. Allergan had said in
August that it wasn’t interested in owning Teva stock,
which it acquired in a deal
with Teva last year, for the
long term. Allergan is Teva’s
largest shareholder by far. No
other investor’s stake exceeds
2%.
At least Teva won’t have
to wait long to try to
brighten the mood. It is set
to report third-quarter results on Thursday.
Facebook Is Right to Invest in Cleaning Up Its Network
Facebook is still making a
lot of new friends, but the
company is learning the hard
way that there is a cost to
not having the right ones.
Both were readily apparent on Wednesday. Facebook
reported another quarter of
strong financial results just
as the company and its two
top peers were getting
grilled in Washington over
the role their platforms
played in the spread of misinformation around last
year’s contentious presidential campaign and since. It is
little surprise that Facebook
finally feels some urgency to
get ahead of the story.
Hence, Chief Executive
Mark Zuckerberg’s statement
Friend Zone
Facebook’s average monthly
active users per quarter
2.0 billion
1.5
1.0
0.5
0
2010 ’11 ’12 ’13 ’14 ’15 ’16 ’17
Source: the company
Wednesday: “Protecting our
community is more important than maximizing our
profits.” He said the company is now investing so
much in security that it will
affect future profitability.
The company said next
year’s total expenses will increase between 45% and
60%. But Facebook can afford to take the hit and do
the right thing. Operating income surged 64% year over
year, to a record $5.1 billion
in the third quarter, while
revenue jumped 47%, to
$10.3 billion. The user base
continues to expand, too.
About 66 million monthly active users were added in the
third quarter, to bring the
total to 2.07 billion. Growth
in the company’s user metrics and financial results all
exceeded Wall Street’s estimates for the quarter.
It is an awkward time for
Facebook to remind the
world of its unstoppable nature. At hearings before the
Senate Judiciary Committee
on Wednesday, executives
for Facebook, Twitter and
Google-parent Alphabet
faced harsh questions from
both sides of the aisle. Citing
misuse of the three companies’ platforms, Sen. Dianne
Feinstein (D., Calif.) told the
executives: “you have to be
the ones to do something
about this. Or we will.”
Such words, coming from
tech’s senior hometown senator, shouldn’t be taken
lightly, and Facebook may
have the most to lose. The
world’s largest social network offers a tempting target for those seeking to
spread malicious content, yet
Facebook’s financial performance still depends on maintaining the trust of its users.
Google, by contrast, is much
harder to avoid. More than
90% of the world’s internet
searches now flow through
its network.
That risk hasn’t shown up
in Facebook’s valuation,
which sits at about 32 times
forward earnings. Investors
may be justifiably impressed
that users keep signing up.
But, with a hyperpartisan
Congress united around the
need to do something, Facebook is finding that even
two billion friends aren’t
enough.
—Dan Gallagher
THE WALL STREET JOURNAL.
WSJ.com/Heard
Tesla Drives
Further Off
The Track
Tesla’s quest to live up to
sky-high expectations looks
tougher than ever.
The company reported
third-quarter sales of $3 billion and an adjusted loss of
$2.92 a share on Wednesday,
falling short of analyst estimates. This looks worse
when one considers that
profit estimates already had
dropped steadily. The consensus analyst forecast for
the third quarter called for a
profit of 80 cents a share
last June.
Tesla burned through a
record amount of cash during the period, some $1.4 billion. That is disconcerting,
but investors’ emphasis has
been on the future with this
company. Developments during the quarter make CEO
Elon Musk’s vision look more
like a pipe dream. For starters, Tesla said it would build
10% less Model S and X vehicles in the fourth quarter
than the third quarter, a
worrying sign on future demand for its more expensive,
higher margin products.
The outlook is even worse
for the Model 3, the massmarket model that Tesla has
struggled to build. It now expects to produce 5,000 a
week by the first quarter of
next year, another slippage
in its timeline. And Tesla
seemed to hint that some
equipment to produce more
Model 3s hasn’t been installed, noting “it has always
been our intention to implement that capacity addition
after we have achieved a
5,000 per week run rate.” Its
ultimate target is twice as
many.
Tesla shares are up
sharply in 2017, but all those
gains accrued early in the
year. The euphoria surrounding that rally is wearing off,
and with good reason.
—Charley Grant
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